www.oresassets.net ORES [email protected] Avenue JeanMonnet,2 Tel. :+32(0)78.15.78.01 1348 Louvain-la-Neuve Assets scrl Begium
Creation - Printing: www.losfeld.be • Responsible Publisher: Jean-Michel Brebant, ORES Communication Department, rue Antoine de Saint Exupery, 18 • 6041 Gosselies 2014 FINANCIAL REPORT ORES Assets scrl ORES Assets scrl FINANCIAL REPORT 2014 4. LIJST MET Name and Form ORES Assets. Intermunicipal cooperation association with limited liability. OPDRACHTNEMERS
Registered Offi ce Avenue Jean Monnet 2, 1348 Louvain-la-Neuve, Lijst met actieve contracten in 2014 Belgium.
Incorporation Incorporated on 31 December 2013. NR. OPDRACHTNEMER OMSCHRIJVING PROCEDURE
1 LITHOBETON NV Schakelapparatuur voor midden- onderhandelingsprocedure Articles of Association spannings borden en prefab cabines met bekendmaking The Articles of Association were published in the appendix of the Belgian Gazette of 10 January 2 SCHNEIDER ELECTRIC SA Schakelapparatuur voor midden- onderhandelingsprocedure 2014 under number 0012014. spannings borden en prefab cabines met bekendmaking
3 SGC Schakelapparatuur voor midden- onderhandelingsprocedure spannings borden en prefab cabines met bekendmaking
4 SIEMENS SA Schakelapparatuur voor midden- onderhandelingsprocedure spannings borden en prefab cabines met bekendmaking
5 DIVISION ANBUMA SA Verstrekking van hulpstukken van onderhandelingsprocedure smeedbaar gietijzer met een witte kern zonder bekendmaking
6 MICHAUD-EXPORT SAS Verstrekking van hulpstukken voor onderhandelingsprocedure bovengrondse, getwiste laagspannings- met bekendmaking netten BABX
2 FINANCIAL REPORT ORES Assets scrl 2014 LIJST MET OPDRACHTNEMERS 99 Table of Contents
1. MANAGING AND SUPERVISORY BODIES...... 04
2. STATUTORY ACCOUNTS...... 08
Management report...... 08
Annual accounts...... 18
Balance sheet after appropriation...... 18
Profit and Loss Account...... 20
Appropriation of profit...... 21
Appendices...... 22
Social balance sheet...... 39
Valuation rules ...... 43
Profit distribution 2014...... 46
Reports by the Auditors ...... 50
Reports of the Statutory Auditors on the interim dividends...... 50
Report of the Board of Auditors to the General Meeting...... 55
Report of the Statutory Auditor to the General Meeting...... 56
Appendix 1 point 1 – List of shareholders – updated on 31 December 2014. . . 59
3. CONSOLIDATED FINANCIAL STATEMENTS...... 65
Consolidated management report ...... 65
Consolidated annual accounts...... 71
Consolidated balance sheet...... 71
Consolidated profit and loss account ...... 73
Appendices to the consolidated accounts...... 75
Valuation rules ...... 90
Reports by the Auditors ...... 95
Report of the Board of Auditors to the General Meeting...... 95
Report of the Statutory Auditor to the General Meeting...... 98
4. LIST OF CONTRACTORS...... 99
3 1. MANAGING AND SUPERVISORY BODIES
BOARD OF DIRECTORS
Cyprien DEVILERS, Chair François DESQUESNES, Deputy Chair Danièle STAQUET, Deputy Chair
The public representatives are:
Cécile BARBEAUX Benoît DE GHORAIN 1 Nicole GOISSE Marc SIEUX Jean-Luc BORREMANS Nathalie DEMORTIER Benoît LANGENDRIES 3 Heribert STOFFELS Pol BOUVIEZ Jean-Pierre DENIS Stéphane LASSEAUX Michel THIRY Claude BULTOT Philippe EVRARD Jean-Claude MEURENS Benoît THOREAU 4 Robert CAPPE Mohamed FEKRIOUI 2 Pierre NAVEZ Florence VAN HOUT Jean-Claude DEBIEVE Latifa GAHOUCHI Vincent PALERMO Claudy WOLF Maurice DEHU Alain GILLIS Guy SCHUSTER
The private representatives are:
ELECTRABEL S A. . 1 since 26 June 2014 Philippe VANBEVER 2until 30 April 2014 3 since 5 November 2014 Secretary : Francis GENNAUX 4until 5 November 2014
4 FINANCIAL STATEMENT ORES Assets scrl 2014 REMUNERATION COMMITTEE
Claude BULTOT Alain GILLIS Danièle STAQUET Cyprien DEVILERS Stéphane LASSEAUX
COMPOSITION OF THE BOARD OF AUDITORS
Hasan AYDIN Philippe CHARLIER Dimitri LHOSTE Hadelin DE BEER DE LAER 1 Philippe DETRY 2 André SARENS 1 since 26 June 2014 2until 30 April 2014
CORPORATE GOVERNANCE COMMITTEE
Guillaume VOISIN, Chair Jean-Pol DELLICOUR Bernard PIRON Hasan AYDIN, Deputy Chair André GOFFIN Jean-Pierre VAN DE WAUWER Didier d’OULTREMONT, Deputy Chair Eric MESTREZ
SECTOR COMMITTEES
ORES NAMUR
Stéphane LASSEAUX, Chair Claude BULTOT, Deputy Chair André CHABOTAUX, Deputy Chair
The representatives are: Tanguy AUSPERT Roger DEWART Jean-Claude NIHOUL Cécile BARBEAUX Julien GRANDJEAN Valère TOUSSAINT Robert CAPPE Gwenaëlle GROVONIUS Christophe TUMERELLE
Secretary : Stéphanie RAUSS, supported by Alain GOUTIÈRE
ORES HAINAUT ÉLECTRICITÉ
Jean-Luc BORREMANS, Chair Maxime SEMPO, Deputy Chair Jean Pierre LEPINE, Deputy Chair
The representatives are: Véronique DAMEE Nathalie MAGHE Jean-Philippe VANDAMME Benoît DE GHORAIN Bruno ROSSI Michaël VAN HOOLAND François DEVILLERS Danièle STAQUET Bernard VAN DYCK Guy FLAMENT Sylvain UYSTPRUYST Pierre VECHE
Secretary: Alain GOUTIÈRE, supported by Stéphanie RAUSS and Raphaël DURANT1, d’IPFH Observers: Olivier BONTEMS1, Katherine CHEVALIER1, Caroline DECAMPS1,Tim KAIRET 1 since 24 April 2014
MANANGEMENT AND MONITORING BODIES 5 SECTOR COMMITTEES (continued)
ORES HAINAUT GAZ
Pol BOUVIEZ, Chair Léon CASAERT, Deputy Chair Fabienne DEVILERS, Deputy Chair
The representatives are: Dominique JADOT Olivier MATHIEU Marc BOITTE Léon-Henri DOEM Daniel PREAUX Karine COSYNS Laurent DOUCY Jean-Philippe PREUMONT 2 Frédéric DE BON Jean GODIN Marc VERSLYPE Jean-Pierre DELPLANQUE Philippe HEMBISE 1
Secretary: Alain GOUTIÈRE, supported by Stéphanie RAUSS and Raphaël DURANT3, d’IPFH Observers: Olivier BONTEMS3,Grégory CARDARELLI, Katherine CHEVALIER3, Caroline DECAMPS
1from 12 November 2014 2until 12 November 2014 3 since 24 April 2014 ORES EST
Heribert STOFFELS, Chair Otto AUDENAERD, Deputy Chair Christoph HEEREN, Deputy Chair
The representatives are: Arthur GENTEN Norbert MERTES Thierry WIMMER Joseph MARAITE Jean OHN
Secretary: Stéphanie RAUSS, supported by Alain GOUTIÈRE Observers: Laurent CRASSON, Erwin FRANZEN, Ersel KAYNAK, 1until 06 October 2014 Alexandra KNAUF1, Christian KRINGS2 2 since 06 October 2014
ORES LUXEMBOURG
Guy SCHUSTER, Chair Roger KIRSCH, Deputy Chair Christophe MOUZON, Deputy Chair
The representatives are: André BALON Jean-Marc DEVILLET Charles RACOT Olivier BARTHELEMY Olivier DULON Dominique ROISEUX Marcelle CHARLIER-GUILLAUME 1 Alexandre LARMOYER 2 Jean-François COLLIN Claude PAUL 1 since 06 October 2014 2until 25 February 2014 Secretary: Alain GOUTIÈRE, supported by Stéphanie RAUSS 3until 07 May 2014 Observers: Jean-Jacques BOREUX3, Jean-François GERKENS4, Michel THIRY 4 since 15 December 2014
ORES VERVIERS
Guillaume VOISIN, Chair Hasan AYDIN, Deputy Chair Didier d’OULTREMONT, Deputy Chair
The representatives are: Jean-Pol DELLICOUR Eric MESTREZ Jean-Pierre VAN DE WAUWER André GOFFIN Bernard PIRON
Secretary: Alain GOUTIÈRE, supported by Stéphanie RAUSS Observers: Lydia BLAISE1, Jacky HERENS, Gérard LAVAL, Michel LEGROS, Jean-Claude MEURENS
1until 16 December 2014
6 FINANCIAL STATEMENT ORES Assets scrl 2014 ORES BRABANT WALLON
Gérard COURONNÉ, Chair André GYRE, Deputy Chair Jean-Marc ZOCASTELLO, Deputy Chair
The representatives are: Daniel BURNOTTE Christian FAYT Valéry KALUT Nathalie DEMORTIER Alain GILLIS Laurent MASSON Pascal DISPA René HAGNOUL Vincent SCOURNEAU
Secretary: Stéphanie RAUSS, supported by Alain GOUTIÈRE
ORES MOUSCRON
Marc SIEUX, Chair Marianne DELPORTE, Deputy Chair
The representatives are: Marc D’HAENE Christian LECLERCQ Philippe VERZELE Michel FRANCEUS Eric MAHIEU Ruddy VYNCKE
Secretary: Stéphanie RAUSS, supported by Alain GOUTIÈRE Observers: Marc CASTEL, Simon VARRASSE1 1until 05 November 2014
MANANGEMENT AND MONITORING BODIES 7 2. STATUTORY ACCOUNTS Management report Dear shareholders, In accordance with the Code des sociétés [Belgian Company law] and our articles of association, we are pleased to report to you on our management during the financial year ending on 31.12.2014 and to submit the annual accounts as of 31.12.2014 for your approval. A true and accurate review on business development, profit and loss and company’s situation INTRODUCTION
Since 31 December 2013, ORES Assets scrl has been the official framework, consisting of laws, decrees, orders and decisions Distribution System Operator (DSO) of 197 municipalities until by the regulators, frames the regulated activity of ORES then affiliated within the eight former mixed intermunicipal Assets . Thus the rates invoices by our intermunicipal company distribution system operators which were Ideg, IEH, IGH, for the use of its network or for various services realised at the Interlux, Intermosane (sector 2), Interest, Sedilec and Simogel . request of network users must be approved in advance by The 2014 financial year is therefore the first full financial year the regulator and the application of these rates is inspected realised under the name of ORES Assets . afterwards . The principles and procedures for determining and inspecting the rates are provided in the regulatory framework . As an intermunicipal company taking the form of an scrl It also specifically stated the costs that may be passed on in and designated as the distribution system operator, ORES the rates and their classification, established a “cost plus” Assets is operating in a particular setting . The management system which determines the return on capital invested by of distribution networks is a regulated activity, for which a the shareholders of ORES Assets, sets the depreciation rate, monopoly is awarded for a specific period . A regulatory defines the regulatory balances and their allocation, etc
8 FINANCIAL STATEMENT ORES Assets scrl 2014 Since the full liberalisation of the energy markets, the fair The annual difference between the actual controllable costs return pays the average capital invested in the distribution and the estimated controllable costs is part of the accounting networks (REMCI) . This is established on the basis of the profit of ORES Assets . If the actual controllable costs are lower average annual value of the regulated asset base (or RAB) than the estimated controllable costs these are restored to and is calculated annually taking account of new investments, the shareholders (bonus); in the opposite case it is charged in decommissioning, amortizations, as well as changes to the full to them (malus) . working capital requirements . It is important to remember that the distribution rates The Royal Decrees of 12 September 2008, the main texts approved by the regulator and applied by the eight DSO’s constituting the regulatory pricing framework, defined the until their merger in 2013 were not modified following this formula to be used to determine fair pay as follows: merger . They continued to apply during the 2014 financial year . In fact, the federal legislator adopted a law on • In the case that the equity represents over 33% of the 20 December 2013 confirming that in the case of a merger, regulated asset base (invested capital or RAB) the different rates could continue to be applied in each (a) 33% * average RAB * (1 + alpha) *{(OLOn) + geographic area served by the former DSO’s . The single DSO’s (Rp * Beta)} + (ORES Assets) thus comprises eight sectors corresponding (b) (S – 33%) * average RAB * (OLOn + 70 basis points) exactly to the territories of the former DSO’s (ORES Namur, • In the case that the equity is less than or equal to 33% of ORES Hainaut (one electricity sector and one gas sector), the regulated assets ORES Est, ORES Verviers, ORES Luxembourg, ORES Brabant 33% * average RAB * (1 + alpha) * {(OLOn) + (Rp * Beta)} Wallon and ORES Mouscron) . With: The rates are set based on the forecast values of all the • S = equity compared to regulated asset costs . Notwithstanding the effective date of the law of 8 January 2012 and the repeal of the royal decree of 2008, • OLOn = Belgian linear 10 year bond rate for the year the old pricing decisions on distribution for the 2009-2012 concerned regulatory period remain value until they are terminated • Beta = 0 65. in the electricity sector and 0 .85 in the gas or are cancelled or amended by the regulator . Pursuant to sector (as ORES Assets is not publicly listed); this Beta articles 12bis and 12quater, § 2 of the law of 29 April 1999 factor weights the risk premium Rp as well as articles 15/5ter et 15/5 quinquies § 2 of the law of 12 April 1965, the relevant regulator, Creg, extended the • Rp = risk premium for the operating year concerned distribution network rates approved and in force for the = 3 .5% 2012 financial year for the eight former mixed DSO’s for • (1 + alpha) = 1 .2 = illiquidity factor applied to the return the 2013 and 2014 financial years . The principles stipulated on equity for S <= 33% in the law of 8 January 2012 and the royal decrees of 2008 were therefore applied in the framework of the 2013 and • (a) The pay rate defined by the regulatory for the year “n” 2014 end of the financial year . The CWaPE approved the is equal to the amount of the no-risk rate (average Belgian distribution network rates for the 2015 and 2016 financial 10 year bond rate) and the risk premium weighted by the years on 5 February 2015 based on the new pricing method beta factor . In addition, an illiquidity factor of 1 2. is applied adopted on 16 August 2014 . to the return on equity . It should be noted that the regulator recommends a solvency rate (average equity / average Also note that with regard to the allocation of the regulatory regulated assets) equal to 33%; this ratio is applied on the balances for 2008 and 2009, as well as the level and allocation average value of the resulted asset base of ORES Assets to of the regulatory balances for 2010 to 2013, the CWaPE determine its reference equity authorised 10% of the total of these balances (per sector and per energy) to be reflected in the form of an advance on the • (b) If the equity of ORES Assets exceeds the reference 2015 and 2016 rates . equity, namely 33% of the regulated asset base, the surplus is paid at a reduced rate calculated on the basis of the As mentioned at the formation of ORES Assets and as was formula (OLOn + 70 basis points) provided in its articles of association, a new “joint” sector was established in 2014 . Intended to accommodate all Regarding costs, one has to distinguish between controllable the developments previously shared by the eight DSO’s, it and non-controllable costs . includes the co-owned assets of these merged DSO’s . Non-controllable costs are those where ORES Assets does As was the case in 2013, a recapitalisation was realised by the not exercise direct control; they are an integral part of the shareholders at the end of 2014 . It will be discussed in more costs taken into account for the formulation of the rates . detail in the description of the liabilities in the analysis of the Controllable costs, on the other hand, are those over which evolution of the balance sheet . ORES Assets has direct control . It should finally be noted that the 2014 financial year is the The balances of such non-controllable costs but also the last year for which ORES Assets is subject to the tax on legal differences attributable between the actual and forecast entities . In fact, following the passing of the Programme transit volumes constitute either an asset (regulatory asset Law on 19 December 2014 by the Federal Parliament and or established deficit), or a liability (regulatory liability published in the Belgian Law Gazette of 29 December 2014, or established surplus) in relation to customers and are the intermunicipal company shall from now on be subject to transferred to the balance sheet accruals of ORES Assets . corporate tax (from the 2016 tax year - Revenues from 2015) .
STATUTORY ACCOUNTS 9 NOTES ON THE FINANCIAL STATEMENTS
(amounts in k€) EVOLUTION OF THE RESULTS 31/12/2014 31/12/2013 Operating income 1,021,554 .37 1,022,019 .19 Cost of sales and services (877,215 .35) (866,324 .52) Operating profit 144,339.02 155,694.67 Financial products 103 .89 221 .59 Financial expenses (66,040 .52) (67,159 .84) Profit for the financial year before tax 78,402.39 88,756.42 Tax on the profit (944 .34) (1,366 .55) Profit for the financial year available 77,458.05 87,389.87 for distribution Allocation to the free reserves (17,374.82) (8,564.49) PROFIT TO DISTRIBUTE 60,083.23 78,825.38
PER ACTIVITY Electricity network operator 41,598 .39 52,638 .30 Gas network operator 17,639 .31 25,201 .60 Other activities 845 .53 985 .48
BY SECTOR ORES Namur 10,000 .83 12,103 .19 ORES Hainaut Electricity 14,670 .46 19,451 .64 ORES Hainaut Gas 10,655 .39 16,459 .97 ORES Est 2,610 .47 3,049 .48 ORES Luxembourg 8,279 .36 10,020 .21 ORES Verviers 1,969 .77 3,387 .08 ORES Brabant wallon 10,002 .09 12,356 .38 ORES Mouscron 1,599 .06 1,997 .43 ORES “joint” 295 .80 -
ANALYTICAL RESULTS
Profit and Loss account items at 31/12/2014 A) GENERAL NOTE ON THE OPERATING RESULTS “NETWORK MANAGEMENT” FOR THE 2014 FINANCIAL YEAR The REMCI of all the ORES Assets sectors in 2014 amounts to: AVERAGE OLO 10 YEAR RATE (IN %) • Electricity: 46 .286 k€ v/ 55 .102 k€, or (16 .4)% • Gas: 23 .649 k€ v/ 26 .831 k€, or (11 .9) % The decrease of the REMCI in electricity and gas is mainly 4.20 due to the decrease in the 10 year average OLO price which fell from 29 .2% between 2013 and 2014 (it fell from 2 .43% to 2.98 1 .72%) . 2.43 The natural results of all the ORES Assets sectors in 2014 amount to: 1.72 • Electricity: 42 .239 k€ 2011 2012 2013 2014 • Gas: 4 .237 k€
10 FINANCIAL STATEMENT ORES Assets scrl 2014 Taking all sectors, the differences on controllable costs for 2014 The regulatory assets were booked in 2014 (see table below)) . (Bonus / Malus) are favourable to the shareholders and are: They amount to: • Electricity: 3 071. k€ • Electricity: (1) - (2) - (3), or 7 .118 k€ (4) • Gas: 3 607. k€ • Gas: (5) - (6) - (7), or 23 .019 k€ (8)
Detail per sector (in k€) - Regulatory asset = (-) ; Regulatory liability = (+)
REGULATED NATURAL BONUS/MALUS REMCI ASSETS/ Sectors RESULT LIABILITIES ELECTRICITY (1) (2) (3) (1) - (2) - (3) = (4) ORES Namur 12,041 38 8,291 3,712 ORES Hainaut 6,899 1,477 17,110 (11,688) ORES Est 3,426 (54) 2,650 830 ORES Luxembourg 14,451 1,352 7,510 5,589 ORES Verviers (2,287) (273) 3,581 (5,595) ORES Brabant Wallon 6,165 330 5,992 (157) ORES Mouscron 1,333 201 941 191 ORES “joint” 211 - 211 - TOTAL 42,239 3,071 46,286 (7,118)
NATURAL REGULATED BONUS/MALUS REMCI Sectors RESULT ASSETS/LIABILITIES GAS (5) (6) (7) (5) - (6) - (7) = (8) ORES Namur 909 303 1,994 (1,388) ORES Hainaut (2,147) 1,989 15,603 (19,739) ORES Luxembourg 1,440 93 700 647 ORES Brabant Wallon 3,734 1,045 4,431 (1,742) ORES Mouscron 216 177 836 (797) ORES “joint” 85 - 85 - TOTAL 4,237 3,607 23,649 (23,019)
Accumulated regulatory assets and liabilities for all sectors for the 2008 to 2014 financial years:
In k€ ELECTRICITY GAS
Regulated liabilities (-) / regulated assets (2008) financial year 4,878 (6,081) (2009) financial year (59,882) (18,746) (2010) financial year 17,323 8,311 (2011) financial year (16,491) (10,831) (2012) financial year (2,172) (11,169) (2013) financial year 18,528 7,373 (2014) financial year (7,118) (23,019) ACCUMULATED 2008 to 2014 (44,935) (54,162)
STATUTORY ACCOUNTS 11 B) ELECTRICITY (all sectors) C) GAS (all sectors)
The result on the “Network Operator” activity (49,357 k€ vs . The result on the “Network Operator” activity (27,255 k€ vs . 58,669 k€) comprises: 27,729 k€) comprises: • Products (802,000 k€ vs . 801,158 k€) such as: • Products (170,639 k€ vs . 165,101 k€) such as: - The transit fees invoiced: these amount to 794,882 k€ in - The transit fees invoiced: these amount to 147,621 k€ in 2014 versus 819,686 k€ in 2013 and include RTNR (transit 2014 versus 172,474 k€ in 2013 and include RTNR (transit fees not recorded) . fees not recorded) . The quantities transported and billed - Regulatory assets/liabilities: decreased by 15 .3% . In this regard it should be noted that in 2014: 7,118 k€ (Assets) there was a significant decrease in degree days in 2014 in 2013: -18,528 k€ (Liabilities) compared to 2013 (-28 %) and compared to a so-called normal year (average 30 years from 1981 to 2010) (-23 %) . • Operating costs (752,643 k€ vs . 742,483 k€) increased Clearly, in 2014 the temperatures were very mild compared by 10,160 k€ compared to the 2013 financial year . They to 2013 . comprise the controllable costs which amounted to - Regulatory assets/liabilities: 151,749 k€ an increase by 1,142 k€ and non-controllable in 2014: 23,019 k€ (Assets) costs of 600,894 k€ an increase of 9,018 k€ . in 2013: -7,373 k€ (Liabilities) The controllable costs include the costs for distribution and • Operating costs (143,384 k€ vs . 137,372 k€) increased by network management, infrastructure maintenance as well as 6,012 k€ or 4 .4 .% compared to the 2013 financial year . costs for measurement and metering operations . They comprise the controllable costs which amounted to With regard to the non-controllable costs, the following 38,827 k€ an increase by 2,459 k€ (-6 %) and non-controllable developments are given: costs of 104,557 k€ an increase of 8,471 k€ or 8 .8% . • The depreciation (20% per annum) of the premium paid in The controllable costs include the costs for distribution and 2009 in the context of the repurchase of Netwall shares in network management, infrastructure maintenance as well as Electrabel and activated in 2014 or 1,188 k€; costs for measurement and metering operations . • Use of the transmission network (Elia charge) increased by With regard to the non-controllable costs, the following 14,775 k€ or 4 .7 % (increase in Elia prices); developments are given: • The cost of PSO’s (Public Service Obligations) increased by 4,410 k€ or 9 .2 % (significant commercial bad debt on • The depreciation (20% per annum) of the premium paid in protected customers and “supplier X”) ; 2009 in the context of the repurchase of Netwall shares in Electrabel and activated in 2014 or 597 k€; • the electricity road charge is stable compared to 2013; • The cost of PSO’s (Public Service Obligations) increased • The cost for compensation of losses, decreased in 2014 by by 3,563 k€ (significant commercial bad debt on protected 8,212 k€ (combination of prices and amounts); customers and “supplier X”) ; • The adjustment of provisions for risks and charges: in 2014, • The gas road charge has increased by 2,694 k€ ; closure of several “movement of installations” cases which resulted in the reversal of the provision of 742 k€ . • Depreciation and losses on decommissioning of installations, increased by 2,498 k€; • The “Reconciliation” provision of 1,200 k€ has also been subject to a reversal of provision; • The adjustment of provisions for risks and charges: in 2014, closure of several “movement of installations” cases which • Non-capitalised pension costs decreased to 1,477 k€ . resulted in the reversal of the provision of 2,025 k€ . However, The result on “Other” activities is 753 k€ in 2014 versus 865 k€ an additional provision was made for environmental in 2013 . provisions relating to contaminated sites for 1,467 k€ . The total profit in 2014 is 50,110 k€ versus 59,534 k€ in 2013, or The result on “Other” activities is 93 k€ versus 127 k€ in 2013 . a decrease of 9,424 k€ (-15 8. %) . It should be remembered that The total profit in 2014 is 27,348 k€ versus 27,856 k€ in 2013, the decrease of the profit is mainly explained by a decrease or a decrease of 508 k€ . As for electricity, the decrease of the REMCI due to a sharp decrease in the average 10-year in the result is explained by a decrease in REMCI among OLO price (-29 .2 % compared to 2013) . other due to the sharp decline in the 10 year OLO price In the context of the allocation of the profits, appropriation of (-29 .2 %) . Its impact has however been partially offset by an the available reserves was realised to an amount of 7,759 k€ increase in the RAB and an increase in the equity that, with the and this in accordance with the dividend policy established 10 year OLO price are the two other significant parameters by ORES Assets . In 2013, the appropriation to the available involved in the calculation of the REMCI . reserves increased to 6,037 k€ . In the context of the allocation of the profits, appropriation of The 2014 dividends attributable to shareholders are as the available reserves was realised to an amount of 9,616 k€ follows: and this in accordance with the dividend policy established by ORES Assets . In 2013, the appropriation to the available • Public sector: 33,422 k€ vs . 42,320 k€ in 2013 reserves increased to 2,527 k€ . • Electrabel: 8,929 k€ vs . 11,177 k€ in 2013 The 2014 dividends attributable to shareholders are as follows: • Public sector: 14,046 k€ vs . 20,019 k€ in 2013 • Electrabel : 3,686 k€ vs . 5,310 k€ in 2013
12 FINANCIAL STATEMENT ORES Assets scrl 2014 BALANCE SHEET CHANGES TO DEVELOPMENTS ELECTRICITY COSTS (IN M€) Balance sheet items at 31 December 2014 591.9 600.9
The total balance sheet at 31 December 2014 is 3,704,225 k€ 452.4 versus 3,609,138 k€ at 31 December 2013 . A) Assets
In 2014, the premium paid in 2009 on the redemption of the Netwall shares in Electrabel or 8,926 k€ was activated in the intangible assets and amortised for the first time up to 20% 148.2 150.6 151.7 or 1,785 k€ . Along with this increase in intangible assets, we 2012 2013 2014 2012 2013 2014 have recorded a decrease in our financial holdings for the same amount . Controllable costs Non-controllable costs The tangible fixed assets increase by 79,119 k€ due to investments for the year of 209,880 k€, offset by the depreciation applied of 105,102 k€, the “decommissioning” CHANGES TO GAS COSTS (IN M€) of installations for 5,284 k€ as well as the “amortisation” of the “RAB” gain of 20,375 k€ .
104.6 As for the difference between the initial RAB (Regulatory Asset Base) and the book value of the tangible fixed 96.1 90 assets, ORES Assets has booked it, due to the specific nature of this difference, in a separate section of the tangible fixed assets and amortises it at 2% per annum, in accordance with the Royal Decrees of 2 September 2008 . In this regard, we refer to the reader to the notes in the 41.3 37.3 38.8 valuation rules at the end of the financial statements . As regards the financial fixed assets, ORES Assets holds 2012 2013 2014 2012 2013 2014 2,452 shares in ORES scrl, 7 shares in Laborelec and 2,400 shares in Igretec . Controllable costs Non-controllable costs Stock and orders in progress consist of work in progress on behalf of private individuals and municipalities . The trade receivables amount to 123,961 k€, or a decrease of 32,691 k€ compared to 31 December 2013 . These trade receivables consist notably of receivables vis-a-vis energy suppliers in the framework of invoicing for transit charges (-14,918 k€), as well as receivables from protected customers and “supplier X”(-14,981 k€) . The “other receivables” section notably includes receivables relating to damage to the networks caused by third parties, receivables from the State relating to IPM (tax on legal entities) and the VAT to be recovered . The accruals include the balance of the pension capital remaining to be taken for an amount of 84,686 k€, the gas highway fee of 19,356 k€, regulatory assets of 149,221 k€, as well as the RTNR (transit fee not recorded), the stock of green certificates and the ENR (energy not recorded) .
STATUTORY ACCOUNTS 13 B) Liabilities The subscribed capital at 31 December 2014 was 787,320 k€ . Debts of over a year of 1,655,591 k€ or a decrease of 11,177 k€ . They represent the loans from credit institutions (1,108,287 k€) • A Shares: 401,936 k€ and guarantees provided by subdivision companies to be • R shares: 385,384 k€ repaid later (2,071 k€) . It should be noted that since 2012, the company ORES scrl, the subsidiary of ORES Assets, raised It increased by 15,950 k€ following the recapitalisation of capital on the market of 619,750 k€ in the form of: 42,227 k€ at the end of 2014 to finance investments for the financial year . Part of this increase was funded by the public • Private investments: 189,750 k€ shareholders through a conversion of R shares (262,768 • Bonds: 350,000 k€ R shares or 26,277 k€) . • Other type of bond loan: 80,000 k€ The revaluation of fixed assets at 604,180 k€ represents the initial difference between the RAB and the book value The share made available to ORES Assets by ORES scrl is of these assets . This section was decreased by 20,375 k€ 545,232 k€ . following the amortization of the gain implemented at a rate Debts payable after one year falling due within the year of 2% per annum . consist of the capital loans from Belfius, ING, CBC and BNP The reserves increased by 37,750 k€ as a result: Paribas (176,214 k€) to be repaid in 2015 . • Of the transfer of reserves not available for the amortisation The trade liabilities mainly comprise the various suppliers as of the gain on the revaluation of 20,375 k€ (from the “gain well as the invoices to be received . on revaluation” section) The prepayments received on orders (19,985 k€) include • For the appropriation to the available reserves, in the the intermediate billing to protected customers and to context of the allocation of the results, for 17,375 k€ “supplier X” customers (PSO), and deposits from customers for work to be done . The provisions for risks and charges fell from 18,058 k€ to 14,731 k€ in 2014 which is a decrease of 3,327 k€ . As The majority of the tax liabilities comprise the withholding a reminder, this evolution is explained as follows: tax payable on the dividends (2,272 k€) and the withholding tax on interest on the ORES scrl current account (5,355 k€) . • An increase of 1,593 k€ for the environmental provision for “contaminated sites”; The section other liabilities (20,217 k€) primarily includes the balance of the gross dividends from the 2014 financial year to • The reversal of the “Reconciliation” provision of 1,200 k€ be paid to shareholders after the Ordinary General Meeting • A decrease in the provision for disputes in the past (moving (16,281 k€), the “Energy fund” advance (502 k€) and the Gas installations) of 2,628 k€; fund (769 k€) . • Recovery of the provision of various disputes of 1,092 k€ . The liabilities and deferred income mainly comprise the regulatory liabilities (32,644 k€) and the neutralisation of differences between charges and income from the 2008 financial year for road charges, pension costs and the Elia fees (17,481 k€);
Louvain-la-Neuve, 22 April 2015
14 FINANCIAL STATEMENT ORES Assets scrl 2014 ADDITIONAL NOTES
1. Data on significant 7. The use of financial events occurring after the instruments by the company
end of the financial year ORES Assets has a current account with the operating company when in need of funds . “None” ORES Assets has concluded bank loans with major 2. Information on circumstances that Belgian financial institutions in compliance with the public could have a significant influence procurement procedures for services . on the development of the company In 2014, ORES SCRL agreed a new issue of bonds for 80 M€ . As a reminder, a commercial paper programme was “None” established in early 2011 by ORES SCRL with a guarantee for the 8 DSO’s of 250 M€ for a period of 10 years . Besides 3. Information on research and the commercial papers for a period of less than one year, development activities this programme allows the issue, since 2012 of commercial papers with a five to eight year term . “None” In 2012, ORES SCRL issued bonds as part of the introduction of the guarantee fund provided by the 8 DSO’s in favour of 4. Information on the existence of ORES . The amounts obtained through the bond issue and company branches the private investments made it possible to cover the funding needs of ORES and the 8 DSO’s for 2012 and 2013 . Two short “None” term credit lines, as yet unused were subscribed by ORES for a total of 100 M€ and are available until the end of 2014; they 5. The balance sheet does not show have just been renewed . a deferred loss or the profit and Nevertheless, in the future ORES must continue a funding loss account does not show a loss policy using diverse sources on the capital market . for the year in two consecutive A change to the interest rates has an impact on the level of the financial charges . To reduce the risk to a minimum, ORES financial years and ORES Assets apply a funding policy that seeks to achieve an optimal balance between fixed and variable interest 6. All the information that has to be rates . In addition, hedging instruments are used to cover uncertain developments . The funding policy takes account included pursuant to the current of the difference in the duration of the loans and the lifespan code of the assets . These three points (interest rate, term of the loans and use of hedging derivatives) were the subject of “None” decisions by the competent bodies of ORES Assets and the 8 DSO’s before the merger and ORES that made it possible to determine the financial policy required for active debt management . In order to control the interest rate risk, ORES and ORES Assets use hedging derivatives such as interest rate swaps (short term rates to long-term rates) as well as interest rate CAP . Debt management and market data are monitored carefully . No derivative instruments are used for speculative purposes .
STATUTORY ACCOUNTS 15 8. Risks and uncertainties with a technical perspective, a redefinition of the networks and the telecommunications strategy related to it . Smart Description of the measures taken to meet the risks and meters, smart grids, active participation of the customer who uncertainties which the company faces . is sometimes a consumer, sometimes a producer, portfolio management are all current topics that ORES continues a) Regulatory, statutory risks and to take into account by testing different concepts through uncertainties projects and pilots . These prototypes makes it possible to verify the technological performance of assets, yesterday A regulatory framework defines ORES activities . Any change ancillary to the main activity and tomorrow the core of the made by the legislature or the competent regulator may DSO business . impact ORES, to a greater or lesser extent . Since 1st July 2014, the electricity and gas pricing competence was regionalised . Risk of black-outs and shortages From now on, anything related to this falls under regional In addition, the intermittent and unpredictable nature of this authority, which strengthens the coherence between the increasing renewable energy production also contributes policy and financing through pricing . The CWaPE has become to changing the historic balance in the electricity system . the sole competent regulator for the distribution of electricity The emergence of means of generating electricity, from and gas on the territory of the Walloon municipalities . A renewables, challenges the traditional generation and may pricing method and prices were approved by this regulator result in significant variations in electricity output both on for the 2015 and 2016 financial years . They are part of the the transport networks and on the distribution networks . continuity of the framework applicable to DSO’s since 2009 . This increases the risk of the implementation of protective ORES must ensure the operational efficiency and cost control operations that may result in a blackout (total collapse in order to fist within the 2015-2016 budgets approved by the of the network) . Another risk of shortages has appeared regulator, despite the new needs for resources required for due to the unavailability of old conventional plants (lack the essential modernisation of the networks . of predictable capacity related to an imbalance between The authority to rule on the regulatory balances has also been generation and consumption) . To guarantee, or restore entrusted to the CWaPE by decree . The 2015-2016 rates have this balance, the federal authorities and the transmission a repercussion in tenths on the regulatory balances resulting system operator (TSO) Elia have established a series of from the 2018-2013 period through the rates . actions and measures, to which ORES also contributed . The The CWaPE plans to change the applicable pricing company evaluated the impact of load shedding decided method for the next regulatory period . ORES is part of this by the Authorities on the supply of power to qualified commitment, notably to allow the adaptation of the pricing priority customers by these same Authorities . ORES has also structure to the constraints and structure of the DSO’s costs, implemented information took for any customers affected to ensure sustainability and a long-term vision of the DSO’s by load shedding, introduced crisis management exercises operations . Although the change to the pricing method may and updated the ad hoc procedures . have an impact on the profitability of ORES, the obligation Risks related to data quality of the regulator and legislators to take account of the principles of the European Directives of the Third Energy The control of data is an essential challenge to meet Package limits this risk . regulatory requirements, ensuring effective internal control, to meet the expectations of our stakeholders and to make Furthermore, the Walloon Government adopted a Regional strategic decisions facing the challenges that lie ahead Policy Declaration at the beginning of each term, which includes a section on energy and gives the outline of the in the development of the DSO’s activities . Projects and energy policy . ORES strives proactively to anticipate changes programmes have been in progress in this field since 2013 . that may result, as with all other legal and regulatory Energy market model changes that may impact its business . This fits within ORES commitment to act as a market facilitator, to position itself as The development of the Belgian market model resulting a legitimate partner and recognised as the preferred partner amongst others from the increased decentralised production, for public authorities in relation to energy policy . management of flexibility or private networks may impact on the roles of the TSO, DSO, party responsible for balance, b) Operational risks producer and supplier which have until now traditionally been well-defined . ORES pays close attention to this development Risks related to the degradation of the networks and wishes, in this context, to reaffirm its role as market ORES manages the electricity and natural gas distribution facilitator for which it has been recognised as DSO since the networks to ensure their reliability . However, natural start of the liberalisation of the electricity and gas markets . phenomena and intentional or unintentional damage by third In this context, ORES participates in studies to define the parties may result in incidents and failures on these networks . interactions between the stakeholders on the market, the Insurance policies aim to cover the financial consequences roles of each party and the responsibilities related to them . of these risks . Environmental risks Technological risks The implementation of legal provisions such as the decree The rapid evolution in the number of decentralised electricity of 5 December 2008 on soil management could justify costs production facilities creates uncertainty on the specific related to the remediation of some contaminated sites . In characteristics the distribution network of tomorrow will this context, ORES takes appropriate measures in terms of have to meet . One of the technological challenges facing prevention of soil pollution and information regarding the ORES is therefore how to integrate intelligence into the existence of contamination . Ad hoc provisions have been networks, taking the explosion of the information to convey, drawn up .
16 FINANCIAL STATEMENT ORES Assets scrl 2014 Health and Safety risks of network management via the awarding of public contracts to collection companies . Regardless of the activity of a company, ORES considers it crucial that its personnel have a constant awareness of the ORES has a short-term funding capacity through the importance of prevention and compliance with health and aforementioned commercial paper programme and credit safety regulations to limit the risk of accident and incident in lines; we consider the liquidity risk of ORES as almost nil . the workplace . In this context, the company implements an Cash management makes it possible to limit market risks, the action plan that is reviewed annually . structure of property and liquidity . The management bodies Risk of legal action have implemented a prudent investment policy; based on diversification and the use of products with a limited risk (on The risk of legal actions is inherent to ORES’ activities . credit and interest rate exposure) . Finally, the pricing method Adequate provisions have been or shall be established to provides that all the costs related to the finance policy are cover this risk . covered by the regulatory package . IT and telecommunications risks Macro-economic and cyclical economic risks As a general rule, modification or loss of databases, a failure The current financial crisis could affect the demand for of computer systems, the spread of computer viruses or electricity and natural gas . In principle, this possible decrease hackers, a failure of the telecommunications network . . may in volumes is not borne by ORES . The pricing method provides hinder the smooth running of the business and service to the that any loss of subsequent results shall be included as part customer . ORES takes the necessary precautions to protect of the approval of the regulatory balances and reflected in its systems and its data, as well as their communication and principle in the prices for the following regulatory period . to prevent any intrusion in the management of its activities . d) Risks to image c) Financial risks In general, some circumstances may have a negative Credit risks influence on ORES’ image . The company is careful to avoid A commercial papers programme was established in early the proliferation of misconceptions specifically by giving 2011 by ORES scrl with a guarantee of ORES Assets scrl . Since explanations on cost control for the distribution or the various 2012, a commercial paper with a duration of five to eight years components of the customers’ invoice . was issued within this framework . In 2012, a guarantee fund was provided by ORES Assets scrl in favour of ORES scrl, the latter being responsible for finding the funding required for the activity . The amounts collected via bond issues in 2012, 2014 and 2015 and the issue of private equity can cover the financing needs of ORES . Two short term credit lines were subscribed by ORES scrl for a total amount of 100 M€ and are available until the end of 2017 . ORES pursues a financing policy using diverse sources on the capital market . Interest rate risks A change to the interest rates has an impact on the level of the financial charges . To reduce the risk to a minimum, ORES applies a funding policy that seeks to achieve an optimal balance between fixed and variable interest rates . In addition, hedging instruments are used to hedge uncertainties . The funding policy takes account of the difference in the duration of the loans and the lifespan of the assets . In order to control the interest rate risk, ORES also uses derivative financial instruments such as swaps (short- term rates to long-term rates) and interest rate CAP . Debt management and market data are monitored carefully . No derivative instruments are used for speculative purposes . Tax risk As of tax year 2016 (2015 income) ORES Assets scrl shall no longer be subject to the tax on legal entities but to corporation tax, as is already the case for ORES scrl . The pricing method provides that any tax burden is actually integrated in the rates so the impact of this imposition should be limited for ORES . Risks to property and liquidity In the context of the management of this risk, ORES is able to request a bank guarantee from counterparties for billing network usage charges, and strengthens specific debt collection actions relating to works carried out in the context
STATUTORY ACCOUNTS 17 Financial statements
BALANCE SHEET AFTER APPROPRIATION
(amounts in €) ASSETS Ann. CODES FINANCIAL YEAR PREVIOUS FINANCIAL YEAR
FIXED ASSETS 20/28 3,284,751,047.67 3,205,658,364.18 Formation costs 5.1 20 Intangible assets 5.2 21 14,996,820.33 6,107,431.40 Fixed assets 5.3 22/27 3,269,146,177.15 3,190,027,182.95 Land and buildings 22 79,701,572 .99 77,279,113 .51 Plant, machinery and equipment 23 3,158,082,797 .13 3,080,459,988 .44 Furniture and vehicles 24 26,910,092 .47 27,670,301 .44 Leasing and similar charges 25 Other fixed assets 26 4,451,714 .56 4,617,779 .56 Fixed assets in progress and advance payments 27 Financial assets 5.4/5.5.1 28 608,050.19 9,523,749.83 Affiliated companies 5.14 280/1 456,072 .00 9,381,771 .08 Holdings 280 456,072 .00 9,381,771 .08 Receivables 281 Other companies with which there is a participating relationship 5.14 282/3 Holdings 282 Receivables 283 Other financial fixed assets 284/8 151,978 .19 141,978 .75 Stocks and shares 284 16,891 .92 16,891 .92 Receivables and cash guarantees 285/8 135,086 .27 125,086 .83 CURRENT ASSETS 29/58 419,473,601.41 403,479,172.84 Amounts receivable after one year 29 Trade receivables 290 Other receivables 291 Inventories and orders in progress 3 8,626,997.23 8,334,015.43 Inventories 30/36 Supplies 30/31 Work in progress 32 Finished products 33 Goods 34 Property held for sale 35 Advance payments 36 Orders in progress 37 8,626,997 .23 8,334,015 .43 Amounts receivable within one year 40/41 135,622,760.27 165,556,390.03 Trade receivables 40 123,960,581 .35 156,652,719 68. Other receivables 41 11,662,178 .92 8,903,670 .35 Cash investments 5.5.1/5.6 50/53 Treasury shares 50 Other investments 51/53 Disposable assets 54/58 Accruals 5.6 490/1 275,223,843.91 229,588,767.38 TOTAL ASSETS 20/58 3,704,224,649.08 3,609,137,537.02
18 FINANCIAL STATEMENT ORES Assets scrl 2014 (amounts in €) LIABILITIES Ann. CODES FINANCIAL YEAR PREVIOUS FINANCIAL YEAR SHAREHOLDERS' EQUITY 10/15 1,660,663,306.57 1,627,338,224.92 Capital 5.7 10 787,319,931.79 771,369,671.30 Subscribed capital 100 787,319,931 .79 771,369,671 .30 Non-subscribed capital 101 Share premium 11 Revaluation surplus 12 604,080,124.68 624,455,602.87 Reserves 13 269,263,250.10 231,512,950.75 Legal reserve 130 366,819 .18 366,819 .18 Unavailable reserves 131 156,947,360 .82 136,571,882 .63 For treasury shares 1310 Other 1311 156,947,360 .82 136,571,882 .63 Untaxed reserves 132 Available reserves 133 111,949,070 .10 94,574,248 .94 Profit (Loss) carried forward (+)/(-) 14 Investment grants 15 Advance to the shareholders on the distribution of the net assets 19 PROVISIONS AND DEFERRED TAXATION 16 14,730,976.25 18,058,094.59 Provisions for risks and charges 160/5 14,730,976.25 18,058,094.59 Pensions and similar obligations 160 Taxes 161 Major repairs and maintenance 162 Other risks and charges 5.8 163/5 14,730,976 .25 18,058,094 .59 Deferred tax 168 DEBTS 17/49 2,028,830,366.26 1,963,741,217.51 Amounts payable after one year 5.9 17 1,655,590,510.34 1,666,767,341 Financial liabilities 170/4 1,653,519,193 .00 1,664,401,027 .62 Subordinated loans 170 Non-subordinated bond issues 171 Leasing and other similar debts 172 Credit institutions 173 1,108,287,193 .00 1,284,501,027 .62 Other borrowing 174 545,232,000 .00 379,900,000 .00 Trade liabilities 175 Suppliers 1750 Notes payable 1751 Prepayments received on orders 176 Other amounts payable 178/9 2,071,317 .34 2,366,313 .38 Amounts payable within one year 42/48 317,798,272.89 277,183,471.15 Long-term debts falling due this year 5.9 42 176,213,834 .19 108,999,124 .92 Financial liabilities 43 Credit institutions 430/8 Other borrowing 439 Trade liabilities 44 93,629,126 .65 90,501,472 .54 Suppliers 440/4 93,629,126 .65 90,501,472 .54 Notes payable 441 Prepayments received on orders 46 19,985,287 .38 17,651,751 .34 Taxes, wages and social liabilities 5.9 45 7,752,917 .93 5,265,952 .70 Taxes 450/3 7,752,917 .93 5,260,985 .73 Remuneration and social security 454/9 4,966 .97 Other amounts payable 47/48 20,217,106 .74 54,765,169 .65 Accruals 5.9 492/3 55,441,583.03 19,790,405.36 TOTAL LIABILITIES 10/49 3,704,224,649.08 3,609,137,537.02
STATUTORY ACCOUNTS 19 PROFIT AND LOSS ACCOUNT
(amounts in €) Ann. CODES FINANCIAL YEAR PREVIOUS FINANCIAL YEAR Operating income 70/74 1,021,554,368.18 1,022,019,193.87 Turnover 5.10 70 990,812,573 .28 992,056,229 .59 Work in progress, finished products and orders in progress: increase (decrease) (+)/(-) 71 292,981 .80 (400,599 13). Capitalised production 72 Other operating income 5.10 74 30,448,813 .10 30,363,563 .41 Cost of sales and services 60/64 877,215,346.73 866,324,516.42 Goods and supplies 60 9,755,293 .91 11,776,966 .55 Acquisitions 600/8 9,755,293 .91 11,776,966 .55 Stocks: decrease (increase) (+)/(-) 609 Services and other goods 61 713,171,353 .11 709,081,797 .40 Remunerations, social security and pensions (+)/(-) 5.10 62 90,310 .23 153,853 .97 Depreciation and write-downs on formation costs, on intangible and tangible assets 630 129,875,931 .05 123,508,426 .52 Amounts written off on stocks, contracts in progress and trade receivables: increase (decrease) (+)/(-) 631/4 1,083,820 .74 7,696,454 18. Provisions for extraordinary risks and charges: Appropriations (uses and write-backs) (+)/(-) 5.10 635/7 (3,327,118 .37) 439,748 .36 Other operating costs 5.10 640/8 26,565,756 .06 13,667,269 .44 Operating costs carried to assets as restructuring costs (-) 649 Operating profits (loss) (+)/(-) 9901 144,339,021.45 155,694,677.45 Financial products 75 103,889.93 221,585.39 Income from financial fixed assets 750 Income from current assets 751 90,370 .32 202,883 .32 Other financial products 5.11 752/9 13,519 .61 18,702 .07 Financial expenses 5.11 65 66,040,520.68 67,159,840.76 Debt charges 650 65,676,847 .28 67,092,534 .67 Write-downs on current assets other than stocks, orders in progress and trade debtors: increase (decrease) (+)/(-) 651 Other financial costs 652/9 363,673 .40 67,306 .09 Profit (Loss) on ordinary activities before tax (+)/(-) 9902 78,402,390.70 88,756,422.08 Extraordinary income 76 Adjustments to depreciation and to other amounts written off on intangible and tangible fixed assets 760 Adjustments to amounts written off on financial fixed assets 761 Adjustments to provisions for extraordinary risks and charges 762 Capital gains realised on fixed assets 763 Other extraordinary income 5.11 764/9
Exceptional costs 66 Exceptional depreciation and amortisation on formation costs and on intangible and tangible fixed assets 660
20 FINANCIAL STATEMENT ORES Assets scrl 2014 (amounts in €) Ann. CODES FINANCIAL YEAR PREVIOUS FINANCIAL YEAR
Write-downs on financial fixed assets 661 Provisions for exceptional risks and charges: appropriations (uses) (+)/(-) 662 Losses on the disposal of fixed assets 663 Other exceptional charges 664/8
Exceptional charges carried on the assets as restructuring costs (-) 669
Profit (Loss) for the financial year before taxation (+)/(-) 9903 78,402,390.70 88,756,422.08 Transfers from deferred taxes 780 Transfers to deferred taxes 680 Tax on the profit (+)/(-) 5.12 67/77 944,335.74 1,366,550.00 Taxes 670/3 949,430 .41 1,367,419 .63 Adjustments of taxes and write-back of tax provisions 77 5,094 .67 869 .63 Profit (Loss) for the financial year (+)/(-) 9904 77,458,054.96 87,389,872.08 Transfers from untaxed reserves 789 Transfer to untaxed reserves 689 Profit (Loss) for the financial year for appropriation (+)/(-) 9905 77,458,054.96 87,389,872.08
APPROPRIATION OF PROFIT
APPROPRIATION OF PROFIT (amounts in €) CODES FINANCIAL YEAR PREVIOUS FINANCIAL YEAR
Profit (Loss) for appropriation (+)/(-) 9906 77,458,054.96 87,389,872.08 Profit (Loss) for the financial year for appropriation (+)/(-) 9905 77,458,054 .96 87,389,872 .08 Profit (Loss) carried forward from the previous financial year (+)/(-) 14P Transfer from equity 791/2 on the capital and issue premiums 791 on the reserves 792 Transfers to equity 691/2 17,374,821.16 8,564,491.84 to capital and issue premiums 691 to the legal reserve 6920 to other reserves 6921 17,374,821 .16 8,564,491 .84 Profit (Loss) to be carried forward (+)/(-) 14 Intervention of shareholders in the loss 794 Profit to distribute 694/6 60,083,233.80 78,825,380.24 Return on capital 694 60,083,233 .80 78,825,380 .24 Directors or managers 695 Other beneficiaries 696
STATUTORY ACCOUNTS 21 APPENDICES
STATEMENT OF INTANGIBLE ASSETS (amounts in €) CODES FINANCIAL YEAR PREVIOUS RESEARCH AND DEVELOPMENT COSTS FINANCIAL YEAR
Acquisition value at the end of the financial year 8051P XXXXXXXXXX 7,998,969.85 Movements during the financial year Acquisitions, including capitalised production 8021 4,362,539 .56 Sales and disposals 8031 Transfers from one section to another (+)/(-) 8041 8,925,699 .08 Acquisition value at the end of the financial year 8051 21,287,208.49 Depreciation and reductions in value at the end of the financial year 8121P XXXXXXXXXX 1,891,538.45 Movements during the financial year Recorded 8071 4,398,849 .71 Write-back 8081 Acquired from third parties 8091 Cancelled following sales and disposals 8101 Transferred from one section to another (+)/(-) 8111 Depreciation and reductions in value at the end of the financial year 8121 6,290,388.16 NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 210 14,996,820.33
STATEMENT OF TANGIBLE FIXED ASSETS (amounts in €) CODES FINANCIAL YEAR PREVIOUS LAND AND BUILDINGS FINANCIAL YEAR
Acquisition value at the end of the financial year 8191P XXXXXXXXXX 108,755,631,7 Movements during the financial year Acquisitions, including capitalised production 8161 4,388,648 .28 Sales and disposals 8171 701 .00 Transfers from one section to another (+)/(-) 8181 Acquisition value at the end of the financial year 8191 113,143,578.98 Capital gains at the end of the financial year 8251P XXXXXXXXXX 5,038,163.59 Movements during the financial year Recorded 8211 Acquired from third parties 8221 Cancelled 8231 Transferred from one section to another (+)/(-) 8241 Capital gains at the end of the financial year 8251 5,038,163.59 Depreciation and reductions in value at the end of the financial year 8321P XXXXXXXXXX 36,514,681.78 Movements during the financial year Recorded 8271 1,965,487 .80 Write-back 8281 Acquired from third parties 8291 Cancelled following sales and disposals 8301 Transferred from one section to another (+)/(-) 8311 Depreciation and reductions in value at the end of the financial year 8321 38,480,169.58 NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 22 79,701,572.99
22 FINANCIAL STATEMENT ORES Assets scrl 2014 (amounts in €) CODES FINANCIAL YEAR PREVIOUS PLANT, MACHINERY AND EQUIPMENT FINANCIAL YEAR
Acquisition value at the end of the financial year 8192P XXXXXXXXXX 3,996,030,785.73 Movements during the financial year Acquisitions, including capitalised production 8162 199,213,613 .05 Sales and disposals 8172 35,670,389 .50 Transfers from one section to another (+)/(-) 8182 Acquisition value at the end of the financial year 8192 4,159,574,009.28 Capital gains at the end of the financial year 8252P XXXXXXXXXX 1,012,966,419.88 Movements during the financial year Recorded 8212 Acquired from third parties 8222 Cancelled 8232 Transferred from one section to another (+)/(-) 8242 Capital gains at the end of the financial year 8252 1,012,966,419.88 Depreciation and reductions in value at the end of the financial year 8322P XXXXXXXXXX 1,928,537,217.17 Movements during the financial year Recorded 8272 116,384,394 .56 Write-back 8282 Acquired from third parties 8292 Cancelled following sales and disposals 8302 30,463,979,7 Transferred from one section to another (+)/(-) 8312 Depreciation and reductions in value at the end of the financial year 8322 2,014,457,632.03 NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 23 3,158,082,797.13
(amounts in €) CODES FINANCIAL YEAR PREVIOUS FURNITURE AND VEHICLES FINANCIAL YEAR
Acquisition value at the end of the financial year 8193P XXXXXXXXXX 135,249,554.54 Movements during the financial year Acquisitions, including capitalised production 8163 6,278,583 .89 Sales and disposals 8173 5,624,127 .14 Transfers from one section to another (+)/(-) 8183 Acquisition value at the end of the financial year 8193 135,904,011.29 Capital gains at the end of the financial year 8253P XXXXXXXXXX 769,326.59 Movements during the financial year Recorded 8213 Acquired from third parties 8223 Cancelled 8233 Transferred from one section to another (+)/(-) 8243 Capital gains at the end of the financial year 8253 769,326.59 Depreciation and reductions in value at the end of the financial year 8323P XXXXXXXXXX 108,348,579.69 Movements during the financial year Recorded 8273 6,961,133 .98 Write-back 8283 Acquired from third parties 8293 Cancelled following sales and disposals 8303 5,546,468 .26 Transferred from one section to another (+)/(-) 8313 Depreciation and reductions in value at the end of the financial year 8323 109,763,245.41 NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 24 26,910,092.47
STATUTORY ACCOUNTS 23 STATEMENT OF TANGIBLE FIXED ASSETS (continued) (amounts in €) CODES FINANCIAL YEAR PREVIOUS OTHER TANGIBLE FIXED ASSETS FINANCIAL YEAR
Acquisition value at the end of the financial year 8195P XXXXXXXXXX 8,307,086.37 Movements during the financial year Acquisitions, including capitalised production 8165 Sales and disposals 8175 Transfers from one section to another (+)/(-) 8185 Acquisition value at the end of the financial year 8195 8,307,086.37 Capital gains at the end of the financial year 8255P XXXXXXXXXX Movements during the financial year Recorded 8215 Acquired from third parties 8225 Cancelled 8235 Transferred from one section to another (+)/(-) 8245 Capital gains at the end of the financial year 8255 Depreciation and reductions in value at the end of the financial year 8325P XXXXXXXXXX 3,689,306.81 Movements during the financial year Recorded 8275 166,065 .00 Write-back 8285 Acquired from third parties 8295 Cancelled following sales and disposals 8305 Transferred from one section to another (+)/(-) 8315 Depreciation and reductions in value at the end of the financial year 8325 3,855,371.81 NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 26 4,451,714.56
24 FINANCIAL STATEMENT ORES Assets scrl 2014 STATEMENT OF FINANCIAL FIXED ASSETS (amounts in €) AFFILIATED COMPANIES - PARTICIPATING INTERESTS CODES FINANCIAL YEAR PREVIOUS AND SHARES FINANCIAL YEAR
Acquisition value at the end of the financial year 8391P XXXXXXXXXX 9,381,771.08 Movements during the financial year Acquisitions 8361 Sales and disposals 8371 Transfers from one section to another (+)/(-) 8381 (8,925,699 .08) Acquisition value at the end of the financial year 8391 456,072.00 Capital gains at the end of the financial year 8451P XXXXXXXXXX Movements during the financial year Recorded 8411 Acquired from third parties 8421 Cancelled 8431 Transferred from one section to another (+)/(-) 8441 Capital gains at the end of the financial year 8451 Reductions in value at the end of the financial year 8521P XXXXXXXXXX Movements during the financial year Recorded 8471 Write-backs 8481 Acquired from third parties 8491 Cancelled following sales and disposals 8501 Transferred from one section to another (+)/(-) 8511 Reductions in value at the end of the financial year 8521 Amounts uncalled at the end of the financial year 8551P XXXXXXXXXX Movements during the financial year (+)/(-) 8541 Amounts uncalled at the end of the financial year 8551 NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 280 456,072.00 AFFILIATED COMPANIES - RECEIVABLES NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 281P XXXXXXXXXX Movements during the financial year Additions 8581 Repayments 8591 Provision for impairment of receivables 8601 Reversed value adjustments 8611 Exchange rate differences (+)/(-) 8621 Other (+)/(-) 8631 NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 281 ACCUMULATED AMOUNTS WRITTEN-DOWN ON RECEIVABLES AT THE END OF THE FINANCIAL YEAR 8651
STATUTORY ACCOUNTS 25 STATEMENT OF FINANCIAL FIXED ASSETS (continued) (amounts in €) CODES FINANCIAL YEAR PREVIOUS OTHER COMPANIES - PARTICIPATING INTERESTS AND SHARES FINANCIAL YEAR
Acquisition value at the end of the financial year 8393P XXXXXXXXXX 16,891.92 Movements during the financial year Acquisitions 8363 Sales and disposals 8373 Transfers from one section to another (+)/(-) 8383 Acquisition value at the end of the financial year 8393 16,891.92 Capital gains at the end of the financial year 8453P XXXXXXXXXX Movements during the financial year Recorded 8413 Acquired from third parties 8423 Cancelled 8433 Transferred from one section to another (+)/(-) 8443 Capital gains at the end of the financial year 8453 Reductions in value at the end of the financial year 8523P XXXXXXXXXX Movements during the financial year Recorded 8473 Write-backs 8483 Acquired from third parties 8493 Cancelled following sales and disposals 8503 Transferred from one section to another (+)/(-) 8513 Reductions in value at the end of the financial year 8523 Amounts uncalled at the end of the financial year 8553P XXXXXXXXXX Movements during the financial year (+)/(-) 8543 Amounts uncalled at the end of the financial year 8553 NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 284 16,891.92 OTHER COMPANIES - RECEIVABLES NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 285/8P XXXXXXXXXX 125,086.83 Movements during the financial year Additions 8583 9,999 .44 Repayments 8593 Provision for impairment of receivables 8603 Reversed value adjustments 8613 Exchange rate differences (+)/(-) 8623 Other (+)/(-) 8633 NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 285/8 135,086.27 ACCUMULATED AMOUNTS WRITTEN-DOWN ON RECEIVABLES AT THE END OF THE FINANCIAL YEAR 8653
26 FINANCIAL STATEMENT ORES Assets scrl 2014 INFORMATION RELATING TO SHAREHOLDINGS Shareholdings in the capital and associated rights held in other companies
Companies in which the company holds an investment (included in sections 280 and 282 of the assets) as well as the other companies in which the company holds other rights (included in sections 284 and 51/53 of the assets) representing at least 10% of the subscribed capital are stated below .
COMPANY NAME, COMPANY SHARES DATA EXTRACTED FROM THE LAST HELD AVAILABLE FINANCIAL STATEMENTS Complete address of the REGISTERED OFFICE BY THE STOCKHOLDERS and for companies DIRECTLY ANNUAL NET INCOME SUBSIDIARIES CURRENCY EQUITY under Belgian law, ACCOUNTS CODE state the COMPANY NUMBER CLOSED ON NUMBER % % (+) OR (-) (IN UNITS)
ORES scrl
BE 0897 436 971
Avenue Jean Monnet 2 1348 Louvain-la-Neuve BELGIUM Share capital 2,452 99 .67 31 .12 .2013 EUR 457,560.00 0.00
CASH INVESTMENTS (amounts in €) AND ACCRUED INCOME CODES FINANCIAL YEAR CASH INVESTMENTS - OTHER INVESTMENTS
Stocks and shares 51 Book value increased with uncalled amount 8681 Uncalled amount 8682 Fixed income securities 52 Fixed income securities issued by credit institutions 8684 Term deposits at credit institutions 53 With a residual term or with notice of a maximum one month 8686 of one month to a year 8687 after one year 8688 Other cash investments not included above 8689
(amounts in €) ACCRUALS FINANCIAL YEAR Breakdown of the section 490/1 of the assets if this represents a significant amount Capital pensions 84,685,567 .37 Surplus / deficit 149,220,998 .89 Gas road charge 19,355,775 .96 Energy not recorded 4,205,726 .44 Transit fees not recorded 10,264,892 .70 Deferred charges 7,490,882 .55
STATUTORY ACCOUNTS 27 STATEMENT OF THE CAPITAL AND SHAREHOLDING STRUCTURE (amounts in €) CODES FINANCIAL YEAR PREVIOUS STATEMENT OF THE CAPITAL FINANCIAL YEAR Registered capital Capital issued at the end of the financial year 100P XXXXXXXXXX 771,369,671 .30 Capital issued at the end of the financial year 100 787,319,931 .79
CODES AMOUNTS NUMBER OF SHARES Changes during the financial year A Shares 42,227,060 .49 1,699,248 00. R shares (26,276,800 .00) (262,768 00). Structure of the capital Categories of shares A Shares 401,936,131 .79 46,813,265 .00 R shares 385,383,800 .00 3,853,838 .00 Registered shares 8702 XXXXXXXXXX 50,667,103 .00 Bearer and/or dematerialised shares 8703 XXXXXXXXXX
CODES UNCALLED AMOUNT CALLED AMOUNT UNPAID Capital undischarged Non-subscribed capital 101 XXXXXXXXXX Called capital, unpaid 8712 XXXXXXXXXX Shareholders owing release
(amounts in €)
CODES FINANCIAL YEAR
Treasury shares Held by the company Amount of capital held 8721 Number of corresponding shares 8722 Held by its subsidiaries Amount of capital held 8731 Number of corresponding shares 8732 Commitment to issue shares Following the exercising of conversion rights Amount of outstanding convertible loans 8740 Amount of capital to subscribe 8741 Maximum number of corresponding shares to be issued 8742 Following the exercising of subscription rights Number of outstanding subscription rights 8745 Amount of capital to subscribe 8746 Maximum number of corresponding shares to be issued 8747 Authorised capital, not issued 8751
28 FINANCIAL STATEMENT ORES Assets scrl 2014 (amounts in €)
CODES FINANCIAL YEAR
Shares not representing capital Distribution Number of shares 8761 Number of votes attached 8762 Breakdown per shareholder Number of shares held by the company 8771 Number of shares held by the subsidiaries 8781
Shareholding structure of the company at the closing date of the accounts, as shown in the declarations received by the company
Public sector A shares ED 24,138,106 A shares GD 10,971,844 Public sector R shares ED 2,808,497 R shares GD 1,045,341 Private sector A shares ED 8,046,032 A shares GD 3,657,283
PROVISIONS FOR OTHER RISKS AND CHARGES (amounts in €) CODES FINANCIAL YEAR BREAKDOWN OF SECTION 163/5 OF LIABILITIES IF THESE REPRESENT A SINGIFICANT VALUE Past "Movement of installations" disputes 6,292,854 45. Provisions for environmental remediation 6,352,515 00. Public works litigation 1,497,778 33. Various disputes 587,828 .47
STATUTORY ACCOUNTS 29 STATEMENT OF LIABILITIES AND ACCRUED LIABILITIES (amounts in €) CODES FINANCIAL YEAR BREAKDOWN OF LIABILITIES ORIGINALLY DUE IN MORE THAN ONE YEAR, LISTED ACCORDING TO THEIR DUE DATES Long-term debts falling due this year Financial liabilities 8801 176,213,834 .19 Subordinated loans 8811 Non-subordinated bond issues 8821 Leasing and other similar debts 8831 Credit institutions 8841 176,213,834 .19 Other borrowing 8851 Trade liabilities 8861 Suppliers 8871 Notes payable 8881 Prepayments received on orders 8891 Other amounts payable 8901 LONG-TERM DEBTS FALLING DUE THIS YEAR 42 176,213,834.19 Long-term debts payable after more than one year but within a maximum of 5 years Financial liabilities 8802 511,265,044 .52 Subordinated loans 8812 Non-subordinated bond issues 8822 Leasing and other similar debts 8832 Credit institutions 8842 401,515,044 .52 Other borrowing 8852 109,750,000 .00 Trade liabilities 8862 Suppliers 8872 Notes payable 8882 Prepayments received on orders 8892 Other amounts payable 8902 2,071,317 .34 TOTAL DEBTS PAYABLE AFTER MORE THAN ONE YEAR BUT WITHIN A MAXIMUM OF 5 YEARS 8912 513,336,361.86 Long-term debts falling due after more than 5 years Financial liabilities 8803 1,142,254,148 .48 Subordinated loans 8813 Non-subordinated bond issues 8823 Leasing and other similar debts 8833 Credit institutions 8843 706,772,148 .48 Other borrowing 8853 435,482,000 .00 Trade liabilities 8863 Suppliers 8873 Notes payable 8883 Prepayments received on orders 8893 Other amounts payable 8903 TOTAL LONG-TERM DEBTS FALLING DUE AFTER MORE THAN 5 YEARS 8913 1,142,254,148.48
30 FINANCIAL STATEMENT ORES Assets scrl 2014 (amounts in €)
CODES FINANCIAL YEAR SECURED LIABILITIES Liabilities secured by the Belgian government Financial liabilities 8921 408,786,166 .30 Subordinated loans 8931 Non-subordinated bond issues 8941 Leasing and other similar debts 8951 Credit institutions 8961 408,786,166 .30 Other borrowing 8971 Trade liabilities 8981 Suppliers 8991 Notes payable 9001 Prepayments received on orders 9011 Wages and social liabilities 9021 Other amounts payable 9051 TOTAL LIABILITIES SECURED BY THE BELGIAN GOVERNMENT 9061 408,786,166.30 Liabilities secured by real sureties given or irrevocably promised on the company's assets Financial liabilities 8922 Subordinated loans 8932 Non-subordinated bond issues 8942 Leasing and other similar debts 8952 Credit institutions 8962 Other borrowing 8972 Trade liabilities 8982 Suppliers 8992 Notes payable 9002 Prepayments received on orders 9012 Taxes, wages and social liabilities 9022 Taxes 9032 Remuneration and social security 9042 Other amounts payable 9052 TOTAL LIABILITIES SECURED BY REAL SURETIES GIVEN OR IRREVOCABLY PROMISED ON THE COMPANY'S ASSETS 9062 TAX, WAGES AND SOCIAL LIABILITIES Taxes Expired tax payable 9072 Non due tax debts 9073 7,752,917 93. Estimated tax debt 450 0 Remuneration and social security Amounts due to the National Office of Social Security 9076 Other wages and social liabilities 9077
STATUTORY ACCOUNTS 31 STATEMENT OF LIABILITIES AND ACCRUED LIABILITIES (continued) (amounts in €) ACCRUALS FINANCIAL YEAR Breakdown of the section 492/3 of the liabilities if this represents a significant amount Differences on road charges, Elia, pensions from 2008 financial year 17,480,706 .85 Transit fees not recorded 3,829,011 .80 Surpluses 32,643,526 .32 Accrued charges 235,983 .89 Deferred income 1,252,354 17.
OPERATING RESULTS (amounts in €) CODES FINANCIAL YEAR PREVIOUS OPERATING INCOME FINANCIAL YEAR Net turnover Breakdown by category of activity Breakdown according to geographical market Other operating income Operating subsidies and compensatory amounts obtained from public authorities 740
OPERATING COSTS Workers for whom the company introduced a DIMONA declaration or who are registered on the General Personnel Register Total at the closing date 9086 0 1 Average number of employees in full-time equivalent employment 9087 0,5 1 Number of hours actually worked 9088 1,464 2,929 Personnel costs Remunerations and direct social benefits 620 70,506 .51 118,767 .20 Employer's social insurance contributions 621 19,017 .69 34,000 .49 Employer's premiums for extra statutory insurance 622 Other personnel costs 623 786 .03 1,086 28. Retirement and survivor's pensions 624 Provisions for pensions and similar obligations Appropriations (uses and write backs) (+)/(-) 635 Write-downs On stock and orders in progress Recorded 9110 Write-backs 9111 On Trade Debtors Recorded 9112 4,614,137 .67 8,907,871 .95 Write-backs 9113 3,530,316 .93 1,211,417 .77
32 FINANCIAL STATEMENT ORES Assets scrl 2014 (amounts in €)
CODES FINANCIAL YEAR PREVIOUS OPERATING COSTS (continued) FINANCIAL YEAR Provisions for risks and charges Increases 9115 2,374,896 .78 2,436,527 .93 Uses and write-backs 9116 5,702,015 .15 1,996,779 .57 Other operating costs Taxes relating to operations 640 27,214 .80 Other 641/8 26,565,756 .06 13,640,054 .64 Temporary personnel and persons made available to the company Total at the closing date 9096 Average number of full-time equivalent employees 9097 Number of hours actually worked 9098 Cost to the company 617
FINANCIAL AND EXTRAORDINARY INCOME (amounts in €)
CODES FINANCIAL YEAR PREVIOUS FINANCIAL RESULTS FINANCIAL YEAR Other financial products Subsidies granted by public authorities and included on the profit and loss account Investment grants 9125 Subsidies and interests 9126 Breakdown of other financial income Other financial income 13,519 .61 18,702 .07 Amortisation of loan issuing costs and repayment premiums 6501
Capitalised interim interests 6503 Write-downs on current assets Recorded 6510 Write-backs 6511 Other financial costs Amount of the discount at the company's expense on the debt negotiation 653 Financial provisions Appropriations 6560 Uses and write-backs 6561 Breakdown of other financial costs Other financial costs 363,673 .40 67,306 .09
(amounts in €) FINANCIAL YEAR EXTRAORDINARY RESULTS Breakdown of other extraordinary income Breakdown of other extraordinary costs
STATUTORY ACCOUNTS 33 TAXES (amounts in €) CODES FINANCIAL YEAR TAX ON INCOME Tax on the income for the financial year 9134 949,430.41 Taxes and withholding taxes due or paid 9135 1,271,154 .53 Surplus of the payment of tax or withholding tax booked on the assets 9136 328,290 .57 Estimated additional taxes 9137 6,566 .45 Tax on income from previous financial years 9138 Additional income taxes due or paid 9139 Estimation or provision for additional taxes 9140 Main source of disparity between the profit before tax, expressed in the accounts and the estimated taxable profit
Effect of exceptional results on the amount of tax on income for the financial year (amounts in €) CODES FINANCIAL YEAR
Sources of deferred taxes Deferred tax assets 9141 Accumulated tax losses, deductible from later taxable profits 9142 Other deferred tax assets Deferred tax liabilities 9144 Breakdown of deferred tax liabilities
(amounts in €) CODES FINANCIAL YEAR PREVIOUS VALUE ADDED TAX FINANCIAL AND TAXES PAYABLE BY THIRD PARTIES YEAR Value added tax booked on the account To the company (deductible) 9145 218,406,382 .68 208,290,592 54. By the company 9146 293,599,845 .58 293,581,338 85. Amounts retained on behalf of third parties as Payroll tax 9147 263,508 .46 325,020 04. Withholding tax 9148 9,369,587 .01 8,934,018 73.
34 FINANCIAL STATEMENT ORES Assets scrl 2014 OFF-BALANCE SHEET RIGHTS AND COMMITMENTS (amounts in €) CODES FINANCIAL YEAR PERSONAL GUARANTEES GIVEN OR IRREVOCABLY PROMISED BY THE COMPANY AS SURETY FOR THIRD PARTY DEBTS OR COMMITMENTS 9149 Of which Outstanding commercial papers endorsed by the company 9150 Outstanding commercial papers drawn or guaranteed by the company 9151 Maximum amount for which other third party commitments 9153 are guaranteed by the company REAL GUARANTEES Real guarantees given or irrevocably promised by the company on its own assets as security for the company's debts and commitments Mortgages Book value of mortgaged properties 9161 Amount of registration 9171 Pledges on goodwill - Amount of registration 9181 Pledges on other assets - Book value of pledged assets 9191 Securities on future assets - Amount of relevant assets 9201 Real guarantees given or irrevocably promised by the company on its own assets as security for third party debts and commitments Mortgages Book value of mortgaged properties 9162 Amount of registration 9172 Pledges on goodwill - Amount of registration 9182 Pledges on other assets - Book value of pledged assets 9192 Securities on future assets - Amount of relevant assets 9202 GOODS AND VALUES HELD BY THIRD PARTIES IN THEIR OWN NAMES BUT FOR THE RISK AND PROFIT OF THE COMPANY, IF NOT REFLECTED IN THE BALANCE SHEET SIGNIFICANT COMMITMENTS FOR THE ACQUISITION OF FIXED ASSETS SIGNIFICANT COMMITMENTS FOR THE DISPOSAL OF FIXED ASSETS FUTURES MARKET Goods purchased (to be received) 9213 Goods sold (to be delivered) 9214 Currency purchased (to be received) 9215 Currency sold (to be delivered) 9216 COMMITMENTS RESULTING FROM TECHNICAL GUARANTEES IN RESPECT OF SALES OR SERVICES ALREADY PERFORMED SIGNIFICANT DISPUTES AND OTHER SIGNIFICANT COMMITMENTS
Guarantee for customs and excise relating to the collection of the energy contribution: 40,818 .00 € Guarantee in our favour for transit fees: 1,962,700 .00 € Guarantee provided vis-a-vis ORES in the framework of the issue of commercial papers and bonds: 1,602,500,000 .00 € IF APPLICABLE, OUTLINE DESCRIPTION OF THE SUPPLEMENTARY RETIREMENT OR SURVIVOR'S PENSION INTRODUCED TO THE BENEFIT OF STAFF OR MANAGERS AND THE MEASURES TAKEN TO COVER THE COSTS
STATUTORY ACCOUNTS 35 OFF-BALANCE SHEET RIGHTS AND COMMITMENTS (continued) (amounts in €) CODES FINANCIAL YEAR PENSIONS WHICH ARE THE RESPONSIBILITY OF THE COMPANY
Estimated amount of commitments resulting from services already provided 9220 Basis and method of this estimate
COMMERCIAL NATURE AND PURPOSE OF OPERATIONS NOT INCLUDED IN THE BALANCE SHEET Provided that the risks or benefits resulting form such arrangements are significant and insofar as the disclosure of the risks or benefits is necessary to assess the financial situation of the company; if applicable, the financial consequences of these arrangements for the company must also be mentioned.
OFF-BALANCE SHEET RIGHTS AND COMMITMENTS
36 FINANCIAL STATEMENT ORES Assets scrl 2014 RELATIONS WITH AFFILIATED COMPANIES AND COMPANIES (amounts in €) LINKED WITH PARTICIPATING INTERESTS CODES FINANCIAL YEAR PREVIOUS AFFILIATED COMPANIES FINANCIAL YEAR Financial assets 280/1 456,072.00 9,381,771.08 Holdings 280 456,072 .00 9,381,771 08. Subordinated debt 9271 Other receivables 9281 Receivables on affiliated companies 9291 55,624.89 After one year 9301 Within one year 9311 55,624 .89
Cash investments 9321 Shares 9331 Receivables 9341 Debts 9351 556,584,693.62 408,068,182.92 After one year 9361 545,232,000 .00 379,900,000 .00 Within one year 9371 11,352,693 .62 28,168,182 92. Personal and real guarantees Given or irrevocably promised by the company 9381 1,602,500,000 .00 as surety for the debts or commitments of associated companies Given or irrevocably promised by the company 9391 as surety for the debts or commitments of affiliated companies Other significant financial commitments 9401 Financial results Income from financial fixed assets 9421 Income from current assets 9431 Other financial income 9441 Debt charges 9461 21,418,473 .83 Other financial costs 9471 Disposals of fixed assets Capital gains realised 9481 Losses realised 9491 COMPANIES LINKED WITH PARTICIPATING INTERESTS Financial assets 282/3 Holdings 282 Subordinated debt 9272 Other receivables 9282 Receivables 9292 39,511,116.91 69,590.62 After one year 9302 Within one year 9312 39,511,116 .91 69,590 62. Debts 9352 18,035,342.55 20,703,319.11 After one year 9362 Within one year 9372 18,035,342 .55 20,703,319 11.
(amounts in €) TRANSACTIONS WITH RELATED PARTIES FINANCIAL YEAR OUTSIDE OF NORMAL MARKET CONDITIONS Mentioning such transactions, if they are significant, including the amount and indication of the nature of the relationship with the related party, as well as all other information on the transactions which would be needed in order to get a better understanding of the company's financial position.
STATUTORY ACCOUNTS 37 FINANCIAL RELATIONS WITH (amounts in €) DIRECTORS AND MANAGERS, PHYSICAL OR MORAL PERSONS CODES FINANCIAL YEAR WHO DIRECTLY OR INDIRECTLY CONTROL THE COMPANY WITHOUT BEING LINKED TO IT OR OTHER COMPANIES DIRECTLY OR INDIRECTLY CONTROLLED BY SUCH PERSONS Amounts receivable from the aforementioned persons 9500 Main conditions of the receivables Guarantees provided in their favour 9501 Main conditions of the guarantees provided Other significant commitments undertaken in their favour 9502 Main conditions of the other commitments Direct and indirect remuneration and pensions attributed, charged to the profit and loss account, as long as this reference does not relate exclusively or principally to the situation of a single identifiable person To directors and managers 9503 606,687 .13 To former directors and former managers 9504
(amounts in €) THE AUDITOR(S) AND PEOPLE CODES FINANCIAL YEAR WITH WHOM HE IS (THEY ARE) LINKED Auditor(s) fees 9505 29,750.00 Fees for exceptional services or special assignments realised within the company by the auditor(s) Other auditing work 95061 3,230 00. Tax advice tasks 95062 Other external services in connection to auditing 95063 2,295 00. Fees for exceptional services or special assignments realised within the company by persons with whom the auditor(s) is (are) linked Other auditing work 95081 Tax advice tasks 95082 Other external services in connection to auditing 95083
Notices pursuant to article 133, paragraph 6 of the Companies Code
(amounts in €)
FINANCIAL YEAR DERIVATIVE FINANCIAL INSTRUMENTS NOT VALUED AT FAIR VALUE Estimate of the fair value of each category of derivative financial instruments not valued at fair value in the accounts, with indications on the nature and volume of the instruments 43,822,606.73 hedging swaps (notional amount of €597,121,052 .50)
38 FINANCIAL STATEMENT ORES Assets scrl 2014 SOCIAL BALANCE SHEET
Number of joint industrial committees which are applicable within the company:
STATEMENT OF THE PERSONNEL EMPLOYED WORKERS FOR WHOM THE COMPANY INTRODUCED A DIMONA DECLARATION OR WHO ARE REGISTERED ON THE GENERAL PERSONNEL REGISTER
CODES TOTAL 1. MEN 2. WOMEN AT THE END OF THE FINANCIAL YEAR Average number of workers Full time 1001 0.5 0.5 Part time 1002 TOTAL FULL-TIME EQUIVALENT (FTE) 1003 0.5 0.5 Number of hours actually worked Full time 1011 1,464 1,464 Part time 1012
TOTAL 1013 1,464 1,464 Personnel costs (in €) Full time 1021 90,310.23 90,310 .23 Part time 1022 TOTAL 1023 90,310.23 90,310.23 Amount of benefits granted in addition to wages 1033
AT THE END OF THE PREVIOUS FINANCIAL CODES P. TOTAL 1P. MEN 2P. WOMEN YEAR Average number of workers in FTE 1003 1 1 Number of hours actually worked 1013 2,929 2,929 Personnel costs (in €) 1023 153,853.97 153,853.97 Amount of benefits granted in addition to wages 1033 0 0
STATUTORY ACCOUNTS 39 WORKERS FOR WHOM THE COMPANY INTRODUCED A DIMONA DECLARATION OR WHO ARE REGISTERED ON THE GENERAL PERSONNEL REGISTER (continued)
CODES 1. FULL TIME 2. PART TIME 3. TOTAL FULL-TIME AT THE BALANCE SHEET DATE EQUIVALENT Average number of workers 105 By type of employment contract Permanent contract 110 Fixed term contract 111 Contract for the execution of a clearly defined 112 task Replacement contract 113 By gender and level of education Men 120 primary level 1200 secondary level 1201 non-university further education 1202 university education 1203 Women 121 primary level 1210 secondary level 1211 non-university further education 1212 university education 1213 By professional category Management personnel 130 Employees 134 Labourers 132 Other 133
TEMPORARY PERSONNEL AND PERSONS MADE AVAILABLE TO THE COMPANY
CODES 1. TEMPORARY 2. PERSONS MADE PERSONNEL AVAILABLE TO THE COMPANY AT THE END OF THE FINANCIAL YEAR Average number of persons employed 150 Number of hours actually worked 151 Cost to the company 152
40 FINANCIAL STATEMENT ORES Assets scrl 2014 TABLE OF PERSONNEL MOVEMENTS DURING THE FINANCIAL YEAR
CODES 1. FULL TIME 2. PART TIME 3. TOTAL FULL-TIME NEW STARTERS EQUIVALENT Number of workers for whom the company 205 introduced a DIMONA declaration or who are registered on the General Personnel Register during the financial year By type of employment contract Permanent contract 210 Fixed term contract 211 Contract for the execution of a clearly defined task 212 Replacement contract 213
CODES 1. FULL TIME 2. PART TIME 3. TOTAL FULL-TIME LEAVERS EQUIVALENT Number of workers for whom the contract 305 1 termination was registered in a DIMONA declaration or on the General Personnel Register during the financial year. By type of employment contract Permanent contract 310 1 Fixed term contract 311 Contract for the execution of a clearly defined task 312 Replacement contract 313 By reason for termination of contract Pension 340 1 Redundancy with company supplement 341 Dismissal 342 Other reason 343 Of which: the number of people who continue, 350 at least part-time, to work for the company independently
STATUTORY ACCOUNTS 41 INFORMATION ON THE TRAINING FOR WORKERS DURING THE FINANCIAL YEAR
CODES MEN CODES WOMEN
Initiatives for formal continuous professional development at the employer's expense Number of workers involved 5801 5811 Number of hours training followed 5802 5812 Net cost to the company 5803 5813 for which the gross cost is directly related to training 58031 58131 for which contributions were paid and payments 58032 58132 to collective funds for which grants and other financial benefits were received 58033 58133 (to be deducted) Initiatives for less formal or informal continuous professional development at the employer's expense Number of workers involved 5821 5831 Number of hours training followed 5822 5832 Net cost to the company 5823 5833 Initiatives for initial professional development at the employer's expense Number of workers involved 5841 5851 Number of hours training followed 5842 5852 Net cost to the company 5843 5853
42 FINANCIAL STATEMENT ORES Assets scrl 2014 VALUATION RULES
ASSETS Ancillary costs: • The ancillary costs are included in the acquisition value I. Formation costs of fixed assets concerned . These notably include non-deductible VAT charged to the investments until Formation costs are booked as assets on the balance sheet 30 June 1980 . The ancillary costs are amortised in step with at their acquisition price and are amortised over a maximum the facilities to which they relate . of 5 years . Third party actions: II. Intangible assets • Third party actions in the funding of tangible assets are deducted from the acquisition values thereof . They are, in They are booked on the assets of the balance sheet at their addition, deducted from the basis of amortisation of the acquisition value and are amortised over a period of 5 years . said facilities . III. Fixed assets Depreciations: Acquisition value: • The amortisations are calculated based on the linear method . The facilities leading to amortisation are those • Tangible assets are included as assets on the balance sheet existing at December 31 of the financial year concerned . at their acquisition price, production cost or contribution • The amortisation rates to be considered as as follows: value .
GAS DEPRECIATION ELECTRICITY DEPRECIATION INSTALLATIONS RATE IN % INSTALLATIONS RATE IN %
Industrial buildings 3 Industrial buildings 3 Administrative buildings 2 Administrative buildings 2 Pipes 2 Cables 2 Cabins / substations 3 Lines 2 Substations and cabins (HV and LV Connections / Branching 3 3 equipment) Measuring equipment 3 Connections - transformers 3 Lab, dispatching equipment 10 Connections - lines and cables 2 Electronic meters, budget meters 10 Measuring equipment 3 Remote control, dispatching 10 Electronic meters, budget meters 10 equipment, lab equipment Remote control, 10 Teletransmission and fibre optics 10 lab and dispatching equipment Tools and equipment 10 Teletransmission and fibre optics 10 Vehicles Tools and equipment 10 20 (transport of people and goods) Vehicles (transport of people and goods) 20 Rolling stock 10 Rolling stock 10 Administrative equipment Administrative equipment 33 33 (IT equipment) (IT equipment)
Initial difference between the RAB and the book In relation to the formulation of network usage rates, ORES value of tangible assets: Assets is responsible for preparing a proposal which it submits to the regulator for approval . For previous financial years and Until the end of 2002, the tangible fixed assets valued as up to and including 2014, this pricing proposal must respect assets on the balance sheet based on the book value (or the the provisions of the Royal Decrees (hereafter R .D .) of 2 acquisition value less the amortisation fund) were revalued in September 2008 relating to the rules for fixing and control of accordance with the derogation obtained from the Ministry the total income and the fair profit margin, the general pricing of Economic Affairs on 22 November 1985 . structure, the balance between costs and receipts and the Since the beginning of 2003, the activity of the Walloon mixed basic principles and procedures in relation to the proposal intermunicipal electricity and gas distribution operators as and approval of rates, reporting and cost control of the refocused, at the pace of liberalisation of the electricity and electricity and gas distribution system operators in relation gas market, mainly in relation to the function of the electricity to the pricing policy and fair profit margin . These provide a and gas distribution system operator (DSO) . remuneration of the capital invested on the basis of a rate
STATUTORY ACCOUNTS 43 (“WACC: weighted average cost of capital”) deducted from Article 5, §1st of the R .D . stipulates that the value of economic a theoretical funding structure based on 1/3 of equity and reconstruction changes each year since 1st January 2007 2/3 of third party capital and whatever the actual financial notably by including the deduction of the part of the structure of the DSO (a) . capital gain referred to in article 4, §1st, relating to the decommissioned equipment during the course of the year The capital invested consists of the economic value of concerned . The capital gain is adjusted and deferred in the tangible assets, regulated, increased or deducted from the costs at a rate of 2% per annum during the first regulatory working capital . period . At the end of the third year of each regulatory period, When determining the initial value of the capital invested as at the average advance of decommissioning is determined over 31 .12 .2001 (iRAB) for electricity and at 31 .12 .2002 for gas, the the 4 previous years . This average advance is applied during electricity and gas distribution network operators that have a the next regulatory period . technical inventory available allowing justification of the value These provisions came into effect as from the pricing for the of tangible fixed assets may choose to determine the initial value of the capital invested at 31 .12 .2001/31 .12 .2002 based 2008 financial year . on the economic value of this inventory . This was the option Although the Royal Decrees of September 2008 were repealed chosen by the Walloon mixed intermunicipal companies . by the law of 8 January 2012, the principles contained in these The regulator requires that the RAB taken into consideration texts were applied in the context of the close of the 2013 and to determine the basis of a return on capital invested evolves 2014 financial years . The 2012 rates were extended in 2013 according to the following formula: and 2014, these two financial years are in fact considered as an extension of the 2009-2012 regulatory period for which the RABn = iRAB + investments n – amortisations n – DSO’s rates, still valid, were approved by the CREG on the decommissioning n (b) basis of these principles . The regulator also requires the power, at any time, to reconcile the RAB introduced in the pricing proposals with V. Financial assets the accounting statements of the DSO’s (c) . The financial fixed assets are included in the assets on the Meeting the constraints (a), (b) and (c) implies booking the balance sheet at their acquisition value, less the uncalled part . RAB and an initial difference is clear in relation to the book value . V. Amounts receivable after one year
This initial difference that appears on the DSO balance sheet Amounts receivable after one year are included in the balance is on the one hand linked to the right to be the exclusive sheet assets at their nominal value . electricity and gas distributor for a defined period and on a fixed territory and on the other hand reflects the valuation of VI. Inventories and orders in progress the network concerned . Given the specific nature of this initial difference, the DSO‘s The works in progress are included in the balance sheet at chose to book it in a separate section of tangible fixed assets their cost price . Regarding the work on behalf of third parties, and not to depreciate or deallocate it . the costs and billings are transferred to the profit and loss account when the works are considered finished . In November 2007, agreements were made between the DSO’s and the CREG, agreements that resulted in a transaction and publication of a Royal Decree in September VII. Amounts receivable within one year 2008 . Amounts receivable due within one year are included in the Article 4, §1st of the R .D . sets the initial value of the regulated balance sheet assets at their nominal value . asset as the sum of the net book value of tangible assets and They include receivables from customers for energy supplies the capital gain (the capital gain is the positive difference (mainly protected customers), transit fees and miscellaneous between the value of the iRAB and the original unamortised work . acquisition value). They are cut from those considered as unrecoverable bad Article 2 point 7° of the R .D . indicates that the costs mainly debt including those relating to known bankruptcies . These include the part of the capital gain stipulated in article 4, bad debts are included in full on the liabilities on the profit § 1st, for equipment decommissioned during the course of the and loss account (other operating charges II.G.). year, provided that the amount corresponding to that part of If a part is subsequently recovered, the amount recovered will the capital gain be booked on a reserve in the DSO liabilities . be shown on the assets side of the profit and loss account The CREG controls the correlation between the evolution of (other operating income I.D.). Outstanding receivables over this reserve and the decommissioning of registered services . 60 days are generally covered by write-downs . The method applied by the DSO to determine the technical decommissioning is certified by the auditor of the DSO In 2011, a public procurement procedure was started in concerned . The capital gain is adjusted and deferred in the order to allow the recovery of receivables for the supply of costs at a rate of 2% per annum during the first regulatory energy to end customers as well as receivables for works . This period . At the end of the third year of each regulatory period, procurement anticipates a collection rate by the successful the average advance of decommissioning is determined over tendering party . The share of these receivables covered by the 4 previous years . This moving average is applied during a write-down is calculated net of the expected recovery the next regulatory period . percentage .
44 FINANCIAL STATEMENT ORES Assets scrl 2014 LIABILITIES
VIII. Cash investments VII. Provisions for risks and charges The cash investments are booked on the assets of the balance At the end of each financial year, the Board of Directors, sheet at their nominal value . acting prudently, sincerely and in good faith, examines the provisions to be made to cover all the anticipated risks or IX. Disposable assets potential losses arising during the financial year and previous The securities available are booked on the assets of the financial years . The provisions relating to the previous balance sheet at their nominal value . financial years are regularly reviewed and the Board of Directors decides on their allocation or destination . X. Accruals VIII. Amounts payable after one year 1. The costs incurred during the financial year but attributable in whole or in part to one or more subsequent financial Amounts payable after one year are included in the balance years are evaluated by adopting a proportional rule . sheet liabilities at their nominal value . 2. The income or part of the income which will only be IX. Amounts payable within one year collected during the course of one or more subsequent financial years but which are revenues from the year in Amounts payable within one year are included in the balance question are evaluated at the amount of the share relating sheet liabilities at their nominal value . to the financial year concerned . The asset accruals mainly include the costs relating to the X. Accruals pension charges previously paid in the form of capital to 1. The charges or parts of charges relating to the financial the benefit of the personnel of the operating company year but which are only paid during a subsequent financial (ORES scrl) allocated to the distribution activities on the year are valued at the amount relating to the financial year territory of the intermunicipal company . The inclusion of these costs by the intermunicipal company is 2. Income received during the financial year but which are spread over a period not exceeding 20 years . attributable in whole or in part to a subsequent financial year are also valued at an amount that has to be considered The estimated value of the transit fees on energy transport as income for subsequent years but not raised as of 31 December is also booked in the accounts on the accruals . The accrual of the liabilities include any “regulatory liabilities” booked under the annuality principle of expenses and income . As the “low voltage” and “low pressure” consumption for These “regulatory liabilities” for the 2008-2014 period must be residential and professional customers is only recorded once recoverable through future pricing . The impact on the results a year, an estimate has to be made of the quantities of energy of these regulatory liabilities on the intermunicipal companies transported for these customers between the date of the last will be covered in full in the financial year to which it relates . meter reading and 31 December and to determine the transit fees relating thereto . The estimated value of the transit fees on energy transported (total amount of energy transported during the civil year – but not raised as of 31 December is also booked in the quantities transported and billed during the same financial liabilities accruals account . year) (valuation of the transit fees based on the applicable As the “low voltage” and “low pressure” consumption for rates during the financial year concerned) residential and professional customers is only recorded once The accrual of the assets include any “regulatory assets” a year, an estimate has to be made of the quantities of energy booked under the annuality principle of expenses and income . transported for these customers between the date of the last These “regulatory assets” for the 2008-2014 period must be meter reading and 31 December and to determine the transit recoverable through future pricing . The impact on the results fees relating thereto . of the intermunicipal companies of these regulatory assets (total amount of energy transported during the civil year – will be partially offset annually by an allocation of a part of quantities transported and billed during the same financial the profits to the available reserves . It will, subsequently, be year) (valuation of the transit fees based on the applicable taken from the available reserves in pace with the recovery of rates during the financial year concerned) these “regulatory assets” from the market . ORES ASSETS - ADDITIONAL INFORMATION TO THE APPENDIX SPECIAL POINTS (additional information): The intermunicipal company does not have its own staff . The allowances and attendance fees allocated to member of the Board of Directors, the Management Committee and the Board of Auditors are attributed to “61 – Other goods and services”; consequently, section 9147 on page C5 12 states the payroll tax withholdings . These financial statements are subject to an administrative supervision procedure .
STATUTORY ACCOUNTS 45 Profit distribution 2014
ORES Assets all sectors
ELECTRICITY (amounts in €)
ACTIVITIES PUBLIC AUTHORITIES ELECTRABEL TOTAL Distribution network operation 32,943,001 .79 8,655,385 .38 41,598,387 .17 Supply 479,148 .22 273,611 .75 752,759 .97 Total electricity 33,422,150.01 8,928,997.13 42,351,147.14
GAS
ACTIVITIES PUBLIC AUTHORITIES ELECTRABEL TOTAL Distribution network operation 13,980,781 .24 3,658,533 .73 17,639,314 .97 Supply 64,797 .23 27,974 .46 92,771 .69 Total gas 14,045,578.47 3,686,508.19 17,732,086.66
TOTAL ELECTRICITY + GAS
ACTIVITIES PUBLIC AUTHORITIES ELECTRABEL TOTAL Distribution network operation 46,923,783 .03 12,313,919 .11 59,237,702 .14 Supply 543,945 .45 301,586 .21 845,531 .66 Total electricity + gas 47,467,728.48 12,615,505.32 60,083,233.80
ORES ASSETS Namur sector ELECTRICITY
ACTIVITIES PUBLIC AUTHORITIES ELECTRABEL TOTAL Distribution network operation 6,548,474 .56 1,742,029 .94 8,290,504 50. Supply 39,472 .69 17,049 .68 56,522 .37 Total electricity 6,587,947.25 1,759,079.62 8,347,026.87
GAS
ACTIVITIES PUBLIC AUTHORITIES ELECTRABEL TOTAL Distribution network operation 1,276,160 .47 365,978 .76 1,642,139 23. Supply 7,456 .56 4,211 .45 11,668 .01 Total gas 1,283,617.03 370,190.21 1,653,807.24
TOTAL ELECTRICITY + GAS
ACTIVITIES PUBLIC AUTHORITIES ELECTRABEL TOTAL Distribution network operation 7,824,635 .03 2,108,008 .70 9,932,643 73. Supply 46,929 .25 21,261 .13 68,190 .38 Total electricity + gas 7,871,564.28 2,129,269.83 10,000,834.11
46 FINANCIAL STATEMENT ORES Assets scrl 2014 ORES ASSETS Hainaut sectors ELECTRICITY (amounts in €)
ACTIVITIES PUBLIC AUTHORITIES ELECTRABEL TOTAL Distribution network operation 11,480,802 .14 2,707,597 .18 14,188,399 .32 Supply 294,423 .45 187,638 .59 482,062 .04 Total electricity 11,775,225.59 2,895,235.77 14,670,461.36 GAS
ACTIVITIES PUBLIC AUTHORITIES ELECTRABEL TOTAL Distribution network operation 8,532,885 .03 2,054,369 .81 10,587,254 .84 Supply 48,750 .84 19,384 .03 68,134 .87 Total gas 8,581,635.87 2,073,753.84 10,655,389.71 TOTAL ELECTRICITY + GAS
ACTIVITIES PUBLIC AUTHORITIES ELECTRABEL TOTAL Distribution network operation 20,013,687 .17 4,761,966 .99 24,775,654 .16 Supply 343,174 .29 207,022 .62 550,196 .91 Total electricity + gas 20,356,861.46 4,968,989.61 25,325,851.07
ORES ASSETS Est sector ELECTRICITY
ACTIVITIES PUBLIC AUTHORITIES ELECTRABEL TOTAL Distribution network operation 1,946,720 .17 648,906 .32 2,595,626 .49 Supply 8,272 .75 6,573 .41 14,846 .16 Total electricity 1,954,992.92 655,479.73 2,610,472.65
ORES ASSETS Luxembourg sector ELECTRICITY
ACTIVITIES PUBLIC AUTHORITIES ELECTRABEL TOTAL Distribution network operation 5,963,434 .48 1,546,373 .19 7,509,807 .67 Supply 45,094 .97 19,480 .53 64,575 .50 Total electricity 6,008,529.45 1,565,853.72 7,574,383.17
GAS
ACTIVITIES PUBLIC AUTHORITIES ELECTRABEL TOTAL Distribution network operation 541,706 .88 158,563 .72 700,270 .60 Supply 3,001 .15 1,709 .57 4,710 .72 Total gas 544,708.03 160,273.29 704,981.32 TOTAL ELECTRICITY + GAS
ACTIVITIES PUBLIC AUTHORITIES ELECTRABEL TOTAL Distribution network operation 6,505,141 .36 1,704,936 .91 8,210,078 .27 Supply 48,096 .12 21,190 .10 69,286 .22 Total electricity + gas 6,553,237.48 1,726,127.01 8,279,364.49
STATUTORY ACCOUNTS 47 ORES ASSETS Verviers sector ELECTRICITY (amounts in €)
ACTIVITIES PUBLIC AUTHORITIES ELECTRABEL TOTAL Distribution network operation 1,451,468 .20 457,648 .43 1,909,116 .63 Supply 40,610 .81 20,041 .15 60,651 .96 Total electricity 1,492,079.01 477,689.58 1,969,768.59
ORES ASSETS Brabant wallon sector ELECTRICITY (amounts in €)
ACTIVITIES PUBLIC AUTHORITIES ELECTRABEL TOTAL Distribution network operation 4,672,493 .66 1,280,436 .45 5,952,930 .11 Supply 39,974 .14 17,314 .19 57,288 .33 Total electricity 4,712,467.80 1,297,750.64 6,010,218.44
GAS (amounts in €)
ACTIVITIES PUBLIC AUTHORITIES ELECTRABEL TOTAL Distribution network operation 3,078,855 .25 911,709 .15 3,990,564 .40 Supply 874 .28 430 .82 1,305 .10 Total gas 3,079,729.53 912,139.97 3,991,869.50
TOTAL ELECTRICITY + GAS (amounts in €)
ACTIVITIES PUBLIC AUTHORITIES ELECTRABEL TOTAL Distribution network operation 7,751,348 .91 2,192,145 .60 9,943,494 .51 Supply 40,848 .42 17,745 .01 58,593 .43 Total electricity + gas 7,792,197.33 2,209,890.61 10,002,087.94
ORES ASSETS Mouscron sector ELECTRICITY (amounts in €)
ACTIVITIES PUBLIC AUTHORITIES ELECTRABEL TOTAL Distribution network operation 721,420 .21 219,664 .41 941,084 .62 Supply 11,299 .41 5,514 .20 16,813 .61 Total electricity 732,719.62 225,178.61 957,898.23
GAS (amounts in €)
ACTIVITIES PUBLIC AUTHORITIES ELECTRABEL TOTAL Distribution network operation 487,513 .23 146,692 .16 634,205 .39 Supply 4,714 .40 2,238 .59 6,952 .99 Total gas 492,227.63 148,930.75 641,158.38
TOTAL ELECTRICITY + GAS (amounts in €)
ACTIVITIES PUBLIC AUTHORITIES ELECTRABEL TOTAL Distribution network operation 1,208,933 .44 366,356 .57 1,575,290 .01 Supply 16,013 .81 7,752 .79 23,766 .60 Total electricity + gas 1,224,947.25 374,109.36 1,599,056.61
48 FINANCIAL STATEMENT ORES Assets scrl 2014 ORES ASSETS Joint sector ELECTRICITY (amounts in €)
ACTIVITIES PUBLIC AUTHORITIES ELECTRABEL TOTAL Distribution network operation 158,188 .37 52,729 .46 210,917 .83 Supply 0 .00 0 .00 0 .00 Total electricity 158,188.37 52,729.46 210,917.83
GAS (amounts in €)
ACTIVITIES PUBLIC AUTHORITIES ELECTRABEL TOTAL Distribution network operation 63,660 .38 21,220 .13 84,880 .51 Supply 0 .00 0 .00 0 .00 Total gas 63,660.38 21,220.13 84,880.51
TOTAL ELECTRICITY + GAS (amounts in €)
ACTIVITIES PUBLIC AUTHORITIES ELECTRABEL TOTAL Distribution network operation 221,848 .75 73,949 .59 295,798 .34 Supply 0 .00 0 .00 0 .00 Total electricity + gas 221,848.75 73,949.59 295,798.34
STATUTORY ACCOUNTS 49 Reports by the Auditors
50 FINANCIAL STATEMENT ORES Assets scrl 2014 STATUTORY ACCOUNTS 51 52 FINANCIAL STATEMENT ORES Assets scrl 2014 STATUTORY ACCOUNTS 53 54 FINANCIAL STATEMENT ORES Assets scrl 2014 STATUTORY ACCOUNTS 55 56 FINANCIAL STATEMENT ORES Assets scrl 2014 STATUTORY ACCOUNTS 57 58 FINANCIAL STATEMENT ORES Assets scrl 2014 Appendix 1 point 1
LIST OF SHAREHOLDERS UPDATED TO 31 DECEMBER 2014
A SHARES A SHARES R SHARES R SHARES INDUSTRY SHAREHOLDERS ELECTRICITY GAS ELECTRICITY GAS ORES Namur AISEAU-PRESLES 1 - - - ORES Namur ANHEE 29 1 4 - ORES Namur ASSESSE 19 1 - - ORES Namur BEAURAING 96 1 - - ORES Namur BIEVRE 1,295 1 - - ORES Namur CERFONTAINE 5 1 - - ORES Namur CINEY 177 1 - - ORES Namur COUVIN 2,770 1 - - ORES Namur DINANT 12 1 - - ORES Namur DOISCHE 4 1 1 - ORES Namur EGHEZEE 6,026 1 1,091 - ORES Namur FERNELMONT 6 1 - - ORES Namur FLOREFFE 6 1 1 - ORES Namur FLORENNES 38 1 7 - ORES Namur FOSSES-LA-VILLE 8 1 - - ORES Namur GEDINNE 13 1 3 - ORES Namur GEMBLOUX 17 2,130 - - ORES Namur GERPINNES 5,337 - 966 - ORES Namur GESVES 104 1 19 - ORES Namur HAMOIS 6 1 1 - ORES Namur HASTIERE 6 1 1 - ORES Namur HAVELANGE 158 1 29 - ORES Namur HOUYET 5 1 - - ORES Namur JEMEPPE-SUR-SAMBRE 8,103 1 1,466 - ORES Namur LA BRUYERE 6 1 1 - ORES Namur LES BONS VILLERS 7 - - - ORES Namur METTET 18 1 3 - ORES Namur NAMUR 15,820 1,238 - - ORES Namur ONHAYE 4 1 - - ORES Namur PHILIPPEVILLE 21 1 - - ORES Namur PROFONDEVILLE 9 1 2 - ORES Namur ROCHEFORT 20,850 1 - - ORES Namur SAMBREVILLE 59,246 1 1,500 - ORES Namur SOMBREFFE 7 1 1 - ORES Namur SOMME-LEUZE 16 1 - - ORES Namur VIROINVAL 6,967 1 - - ORES Namur VRESSE 45 1 8 - ORES Namur WALCOURT 14 1 - - ORES Namur YVOIR 21,859 145 1,000 - ORES Namur I D E F I N 4,122,890 952,160 539,250 73,500 ORES Namur ELECTRABEL 1,424,006 318,569 - - ORES NAMUR TOTAL 5,696,026 1,274,275 545,354 73,500
STATUTORY ACCOUNTS 59 A SHARES A SHARES R SHARES R SHARES INDUSTRY SHAREHOLDERS ELECTRICITY GAS ELECTRICITY GAS
ORES Hainaut AISEAU-PRESLES 42 12 - - ORES Hainaut ANDERLUES 57 34 - - ORES Hainaut ANTOING 1 1 - - ORES Hainaut ATH 1 66 - - ORES Hainaut BELOEIL 1 1 - - ORES Hainaut BERNISSART 1 1 - - ORES Hainaut BINCHE 167 104 - - ORES Hainaut BOUSSU 128 148 - - ORES Hainaut BRAINE-LE-COMTE - 62 - - ORES Hainaut BRUGELETTE 1 1 - - ORES Hainaut BRUNEHAUT 1 - - - ORES Hainaut CELLES 1 - - - ORES Hainaut CHAPELLE-LEZ-HERLAIMONT 80 70 - - ORES Hainaut CHARLEROI 1,416 1,023 - - ORES Hainaut CHATELET 186 194 - - ORES Hainaut CHIEVRES 1 1 - - ORES Hainaut COLFONTAINE 136 104 - - ORES Hainaut COURCELLES 282 124 - - ORES Hainaut DOUR 107 66 - - ORES Hainaut ELLEZELLES 1 1 - - ORES Hainaut ENGHIEN 1 1 - - ORES Hainaut ERQUELINNES 51 25 - - ORES Hainaut ESTINNES 33 1 - - ORES Hainaut FARCIENNES 1 11 - - ORES Hainaut FLEURUS 1 1 - - ORES Hainaut FLOBECQ 1 1 - - ORES Hainaut FONTAINE-L'EVEQUE 110 55 - - ORES Hainaut FRAMERIES 137 119 - - ORES Hainaut FRASNES-LEZ-ANVAING 1 1 - - ORES Hainaut GERPINNES - 8 - - ORES Hainaut HAM-SUR-HEUR/NALINNES 60 17 - - ORES Hainaut HENSIES 26 1 - - ORES Hainaut HONNELLES 32 - - - ORES Hainaut JURBISE 1 1 - - ORES Hainaut LA LOUVIERE 382 429 - - ORES Hainaut LE ROEULX 38 28 - - ORES Hainaut LENS 1 1 - - ORES Hainaut LES-BONS-VILLERS - 1 - - ORES Hainaut LESSINES 1 1 - - ORES Hainaut LEUZE-EN-HAINAUT 1 1 - - ORES Hainaut LOBBES 27 1 - - ORES Hainaut MANAGE 104 133 - - ORES Hainaut MERBES-LE-CHÂTEAU 21 9 - -
60 FINANCIAL STATEMENT ORES Assets scrl 2014 A SHARES A SHARES R SHARES R SHARES INDUSTRY SHAREHOLDERS ELECTRICITY GAS ELECTRICITY GAS
ORES Hainaut MONS 589 708 - - ORES Hainaut MONTIGNY-LE-TILLEUL 97 23 - - ORES Hainaut MORLANWELZ 88 90 - - ORES Hainaut PERUWELZ 1 1 - - ORES Hainaut PONT-A-CELLES 141 17 - - ORES Hainaut QUAREGNON 120 152 - - ORES Hainaut QUEVY 41 3 - - ORES Hainaut QUIEVRAIN 43 40 - - ORES Hainaut SAINT-GHISLAIN 134 57 - - ORES Hainaut SENEFFE 64 22 - - ORES Hainaut SILLY 1 1 - - ORES Hainaut SOIGNIES 17 86 - - ORES Hainaut THUIN 69 4 - - ORES Hainaut TOURNAI 1 1 - - ORES Hainaut IPFH 8,157,133 6,949,707 1,352,354 818,010 ORES Hainaut IGRETEC 2 2 - - ORES Hainaut ELECTRABEL 2,720,726 2,317,925 - - ORES HAINAUT TOTAL 10,882,907 9,271,698 1,352,354 818,010
ORES Est AMEL 74,657 - - - ORES Est BÜLLINGEN 78,421 - - - ORES Est BURG-REULAND 59,750 - - - ORES Est BÜTGENBACH 77,576 - - - ORES Est EUPEN 311,561 - - - ORES Est KELMIS 169,504 - - - ORES Est LONTZEN 74,473 - - - ORES Est MALMEDY 192,897 - - - ORES Est PLOMBIERES 141,481 - - - ORES Est RAEREN 151,260 - - - ORES Est SANKT VITH 201,639 - - - ORES Est WAIMES 103,867 - - - ORES Est FINEST 9 - - - ORES Est ELECTRABEL 545,698 - - - ORES EST TOTAL 2,182,793 0 0 0
ORES Luxembourg ARLON 573 13 - - ORES Luxembourg ATTERT 21 1 - - ORES Luxembourg AUBANGE 200,262 2 - - ORES Luxembourg BASTOGNE 205 1 - - ORES Luxembourg BERTOGNE 11 1 - - ORES Luxembourg BERTRIX 87 1 - - ORES Luxembourg BOUILLON 80 1 - - ORES Luxembourg CHINY 43 1 - - ORES Luxembourg DAVERDISSE 11 1 - -
STATUTORY ACCOUNTS 61 A SHARES A SHARES R SHARES R SHARES INDUSTRY SHAREHOLDERS ELECTRICITY GAS ELECTRICITY GAS
ORES Luxembourg DURBUY 101 1 - - ORES Luxembourg EREZEE 16 1 - - ORES Luxembourg ETALLE 39 1 - - ORES Luxembourg FAUVILLERS 11 1 - - ORES Luxembourg FLORENVILLE 74 1 - - ORES Luxembourg GOUVY 32 1 - - ORES Luxembourg HABAY 77 1 - - ORES Luxembourg HERBEUMONT 11 1 - - ORES Luxembourg HOTTON 53 1 - - ORES Luxembourg HOUFFALIZE 45 1 - - ORES Luxembourg LA ROCHE-EN-ARDENNE 57 1 - - ORES Luxembourg LEGLISE 17 1 - - ORES Luxembourg LIBIN 32 1 - - ORES Luxembourg LIBRAMONT-CHEVIGNY 112 1 - - ORES Luxembourg MANHAY 19 1 - - ORES Luxembourg MARCHE-EN-FAMENNE 260 1 - - ORES Luxembourg MARTELANGE 21 1 - - ORES Luxembourg MEIX-DEVANT-VIRTON 26 1 - - ORES Luxembourg MESSANCY 65 2 - - ORES Luxembourg MUSSON 40 1 - - ORES Luxembourg NASSOGNE 425 1 - - ORES Luxembourg NEUFCHATEAU 61 1 - - ORES Luxembourg PALISEUL 54 1 - - ORES Luxembourg RENDEUX 21 1 - - ORES Luxembourg ROUVROY 18 1 - - ORES Luxembourg SAINTE-ODE 17 1 - - ORES Luxembourg SAINT-HUBERT 567 1 - - ORES Luxembourg SAINT-LEGER 31 1 - - ORES Luxembourg TELLIN 22 1 - - ORES Luxembourg TENNEVILLE 25 1 - - ORES Luxembourg TINTIGNY 31 1 - - ORES Luxembourg VAUX-SUR-SURE 22 1 - - ORES Luxembourg VIELSALM 82 1 - - ORES Luxembourg VIRTON 201 1 - - ORES Luxembourg WELLIN 32 1 - - ORES Luxembourg SOFILUX 3,702,844 358,930 533,643 20,407 ORES Luxembourg ELECTRABEL 1,302,284 119,662 - -
ORES LUXEMBOURG TOTAL 5,209,138 478,650 533,643 20,407 ORES Verviers AUBEL 50,731 - 1,500 - ORES Verviers BAELEN 47,969 - 1,500 - ORES Verviers CLAVIER 58,023 - - - ORES Verviers DALHEM 76,260 - - - ORES Verviers FERRIERES 59,603 - 3,664 -
62 FINANCIAL STATEMENT ORES Assets scrl 2014 A SHARES A SHARES R SHARES R SHARES INDUSTRY SHAREHOLDERS ELECTRICITY GAS ELECTRICITY GAS
ORES Verviers HAMOIR 57,843 - - - ORES Verviers HERVE 209,016 - 3,227 - ORES Verviers LIERNEUX 45,852 - 1,000 - ORES Verviers LIMBOURG 82,505 - - - ORES Verviers OUFFET 35,119 - 2,175 - ORES Verviers SPA 156,626 - - - ORES Verviers STOUMONT 46,808 - - - ORES Verviers THEUX 138,692 - - - ORES Verviers THIMISTER-CLERMONT 55,954 - 3,125 - ORES Verviers TINLOT 34,525 - - - ORES Verviers TROIS-PONTS 38,422 - - - ORES Verviers VERVIERS 821,347 - - - ORES Verviers VOEREN 53,028 - - - ORES Verviers FINIMO 9 - 2,221 - ORES Verviers ELECTRABEL 689,444 - - - ORES VERVIERS TOTAL 2,757,776 0 18,412 0 ORES Brabant wallon BEAUVECHAIN 124,990 221 5,475 25 ORES Brabant wallon BRAINE L'ALLEUD 223,217 85,036 54,325 9,724 ORES Brabant wallon BRAINE-LE-CHÂTEAU 57,906 2,043 7,217 161 ORES Brabant wallon BRAINE-LE-COMTE 115,834 - - - ORES Brabant wallon CHASTRE - 5,782 - - ORES Brabant wallon CHAUMONT-GISTOUX 45,201 5,229 - - ORES Brabant wallon COURT-ST-ETIENNE 52,082 9,655 6,491 760 ORES Brabant wallon ECAUSSINNES 58,383 13,588 14,209 1,553 ORES Brabant wallon GENAPPE 96,064 1,037 50 37 ORES Brabant wallon GREZ-DOICEAU 70,489 2,270 - - ORES Brabant wallon HELECINE 6,986 980 - - ORES Brabant wallon INCOURT - 36 - 3 ORES Brabant wallon ITTRE 42,997 1,442 5,359 114 ORES Brabant wallon JODOIGNE 72,188 1,079 - - ORES Brabant wallon LA HULPE 64,684 23,890 8,062 1,882 ORES Brabant wallon LASNE 94,627 3,053 11,794 241 ORES Brabant wallon LINCENT 15,300 62 3,723 7 ORES Brabant wallon MONT-ST-GUIBERT 38,401 12,736 - - ORES Brabant wallon NIVELLES 293,308 85,871 36,558 6,714 ORES Brabant wallon ORP-JAUCHE 47,630 621 - - ORES Brabant wallon OTTIGNIES 194,064 111,668 5,000 5,000 ORES Brabant wallon PERWEZ - 4,150 - - ORES Brabant wallon RAMILLIES 36,846 - - - ORES Brabant wallon REBECQ 64,069 9,598 - - ORES Brabant wallon RIXENSART 175,324 55,397 3,036 1,972 ORES Brabant wallon TUBIZE 174,549 28,454 1 1 ORES Brabant wallon WALHAIN 43,726 1,951 - -
STATUTORY ACCOUNTS 63 A SHARES A SHARES R SHARES R SHARES INDUSTRY SHAREHOLDERS ELECTRICITY GAS ELECTRICITY GAS
ORES Brabant wallon WATERLOO 215,044 65,769 2,661 2,341 ORES Brabant wallon WAVRE - 60,534 - 4,768 ORES Brabant wallon SEDIFIN 794,312 1,601,740 169,028 78,558 ORES Brabant wallon ELECTRABEL 1,072,740 731,298 - - ORES BRABANT WALLON TOTAL 4,290,961 2,925,190 332,989 113,861
ORES Mouscron ESTAIMPUIS 14,008 1,271 - - ORES Mouscron MOUSCRON 2 1 - - ORES Mouscron PECQ 7,447 1 725 - ORES Mouscron IEG 553,383 403,965 25,020 19,563 ORES Mouscron ELECTRABEL 191,613 135,080 - - ORES MOUSCRON TOTAL 766,453 540,318 25,745 19,563
ORES Joint I D E F I N 53,442 8,964 - -
ORES Joint IPFH 130,770 67,866 - -
ORES Joint AMEL 612 - - -
ORES Joint BÜLLINGEN 678 - - -
ORES Joint BURG-REULAND 507 - - -
ORES Joint BÜTGENBACH 657 - - -
ORES Joint EUPEN 2,523 - - -
ORES Joint KELMIS 1,366 - - -
ORES Joint LONTZEN 630 - - -
ORES Joint MALMEDY 1,627 - - -
ORES Joint PLOMBIERES 1,178 - - -
ORES Joint RAEREN 1,236 - - -
ORES Joint SANKT VITH 1,215 - - -
ORES Joint WAIMES 908 - - -
ORES Joint SOFILUX 34,635 2,085 - -
ORES Joint FINIMO 18,315 - - -
ORES Joint VOEREN 495 - - -
ORES Joint SEDIFIN 39,411 19,287 - -
ORES Joint IEG 8,358 6,045 - -
ORES Joint ELECTRABEL 99,521 34,749 - - ORES JOINT TOTAL 398,084 138,996 0 0
GENERAL TOTAL 32,184,138 14,629,127 2,808,497 1,045,341
TOTAL PER TYPE OF SHARE 46,813,265 3,853,838
64 FINANCIAL STATEMENT ORES Assets scrl 2014 3. CONSOLIDATED FINANCIAL STATEMENTS (BGAAP) Management report Dear shareholders, In accordance with the Belgian Company Code and our articles of association, we are pleased to report to you on our management during the financial year ending on 31.12.2014 and to submit the annual accounts as of 31.12.2014 for your approval.
1. A true and accurate review of the development of the business, the results and situation of the Group
CONSOLIDATED FINANCIAL STATEMENTS 65 A. PRELIMINARY NOTE
The ORES group (called the “Group” hereinafter) comprises The rates are set based on the forecast values of all the on the one hand ORES Assets, created from the merger costs . Notwithstanding the effective date of the law of of eight mixed Walloon inter-municipal companies for 8 January 2012 and the repeal of the royal decree of 2008, gas and electricity distribution on 31 December 2013 the old pricing decisions on distribution for the 2009-2012 with retroactive effect from an accounting standpoint to regulatory period remain value until they are terminated 1st January 2013 (called “DSO” or ORES Assets hereinafter), or are cancelled or amended by the regulator . Pursuant to and on the other hand the cooperative limited liability company articles 12bis and 12quater, § 2 of the law of 29 April 1999 ORES (called “ORES scrl” hereinafter), the shares of which as well as articles 15/5ter et 15/5 quinquies § 2 of the law are almost entirely held by the DSO (99 .7%) . of 12 April 1965, the relevant regulator, Creg, extended TWO companies should also be added to this partially the distribution network rates approved and in force for owned by the company ORES scrl: Atrias, with a holding of the 2012 financial year for the eight former mixed DSO’s for 16 .7%, and Index’is, with a holding of 30% . the 2013 and 2014 financial years . The principles stipulated in the law of 8 January 2012 and the royal decrees of 2008 were Due to the significant influence of ORES scrl on these two therefore applied in the framework of the 2013 and 2014 end companies, the group has decided to consolidate them of the financial year . The CWaPE approved the distribution under the equity method . network rates for the 2015 and 2016 financial years on ORES Assets is a mixed inter-municipal company: it is 5 February 2015 based on the new pricing method adopted 75% owned by the municipalities or pure inter-municipal on 16 August 2014 . financing companies of the Walloon territory it covers and Also note that with regard to the allocation of the regulatory 25% by Electrabel SA . balances for 2008 and 2009, as well as the level and The Group is solely active in Belgium and almost exclusively allocation of the regulatory balances for 2010 to 2013, the in Wallonia, on the territory of the municipalities involved in CWaPE authorised 10% of the total of these balances (per the DSO . The Group’s address is at the registered office of sector and per energy) to be reflected in the form of an ORES scrl, avenue Jean Monnet, 2, 1348 Louvain-la-Neuve advance on the 2015 and 2016 rates . (Belgium) . It should finally be noted that the 2014 financial year is the It is important to remember that the distribution rates last year for which ORES Assets is subject to the tax on legal approved by the regulator and applied by the eight DSO entities . In fact, following the passing of the Programme until their merger in 2013 were not modified following Law on 19 December 2014 by the Federal Parliament and this transaction . They continued to apply during the 2014 published in the Belgian Law Gazette of 29 December 2014, financial year . In fact, the federal legislator adopted a law on the inter-municipal company shall from now on be subject to 20 December 2013 confirming that in the case of a merger, corporate tax (as from the 2016 tax year - Income from 2015) . the different rates could continue to be applied in each geographic area served by the former DSO’s . The single DSO (ORES Assets) thus comprises eight sectors corresponding exactly to the territories of the former DSO’s (ORES Namur, ORES Hainaut (one electricity sector and one gas sector), ORES Est, ORES Verviers, ORES Luxembourg, ORES Brabant Wallon and ORES Mouscron) .
66 FINANCIAL STATEMENT ORES Assets scrl 2014 B. NOTES ON THE FINANCIAL STATEMENTS IN ORDER TO PRESENT A TRUE AND FAIR DEVELOPMENT OF THE BUSINESS AND THE COMPANY’S SITUATION
A) PROFIT AND LOSS ACCOUNT ITEMS AT 31/12/2014
CONSOLIDATED PROFIT AND LOSS ACCOUNT (in K€) 31/12/2014 31/12/2013
Operating income 1,057,098 1,062,639
Cost of sales and services (908,458) (905,118)
OPERATING PROFIT 148,640 157,521 Financial products 1,882 3,321 Financial expenses (67,819) (70,259) PROFIT FOR THE FINANCIAL YEAR BEFORE TAX 82,703 90,583
Tax on the profit (5,245) (4,978)
CONSOLIDATED PROFIT FOR THE FINANCIAL YEAR 77,458 85,605
In 2015 the Group’s result totalled: The result on “Other” activities is 753 k€ in 2014 versus 865 k€ • Electricity: 50,110 k€ v/ 59,534 k€, or - 15 .8 % in 2013 . • Gas: 27,348 k€ v/ 27,856 k€, or - 1 .8 % ➜ The result of the “Gas Network Operator” activity (27,255 k€ v/ 27,729 k€) comprises: The lower result in electricity and gas is mainly due to the decrease in the 10 year average OLO price which fell from • Products (170,639 k€ b/ 165,101 k€) such as: 29 .2% between 2013 and 2014 (it fell from 2 .43% to 1 .72%) . - The transit fees invoiced: these amount to Taking all sectors, the differences on manageable costs for 2014 147,621 k€ in 2014 versus 172,474 k€ in 2013 and (Bonus / Malus) are favourable to the shareholders and are: include RTNR (transit fees not raised) . • Electricity: 3,071 k€ - Regulatory assets/liabilities: in 2014: 23,019 k€ (Assets) • Gas: 3,607 k€ in 2013: - 7,373 k€ (Liabilities) ➜ The result of the “Electricity Network Operator” activity The amounts transported and billed are down this (49,357 k€ v/ 58,675 k€) comprises: year, by 15 .3% . Note in this regard a significant decrease in • Products (802,000 k€ b/ 801,158 k€) such as: degree days in 2014 compared to 2013 ((28)%) due to very - The transit fees invoiced: these amount to 794,882 k€ in 2014 versus 819,686 k€ in 2013 and mild temperatures recorded in 2014 compared to 2013 . include RTNR (transit fees not raised) . • Operating costs (143,384 k€ v/ 137,372 k€) increased - Regulatory assets/liabilities: by 6,012 k€ or 4 .4% compared to the 2013 financial in 2014: 7,118 k€ (Assets) year . They comprise the controllable costs which in 2013: (-18,528) k€ (Liabilities) The significant decrease of the transit fees amounted to 38,827 k€ a decrease of 2,459 k€ ((6)%) and ((24,804) k€) is due on the one hand to a decrease in non-controllable costs of 104,557 k€ an increase of 8,471 k€ the quantities transported by 4 61%. compared to 2013 or 8 .8% These costs are detailed below . and on the other hand, by a fall in the average price invoiced by kWh of 1 .58% . The result on “Other” activities is 93 k€ in 2014 versus 127 k€ in 2013 . • Operating costs (752,643 k€ v/ 742,483 k€) increased by 10,160 k€ compared to the 2013 financial year . They The controllable costs (190,576 k€ v/191,893) include the costs comprise the controllable costs which amounted to for distribution and network management, infrastructure 151,749 k€, an increase by 1,136 k€, and non-controllable costs of 600,894 k€, an increase of 9,024 k€ . These costs maintenance as well as costs for measurement and metering are detailed below . operations .
CONSOLIDATED FINANCIAL STATEMENTS 67 It also includes third-party payments (fees for N-ALLO, B) BALANCE SHEET ITEMS AT 31.12.2014 lawyers, Index’is), the fees paid to Electrabel in the framework of IT service provided, as well as costs relating to user charges, The total assets amount to 3,880,871 k€ compared to 3,861,381 k€ cartage, rents and leasing charges, postage, representation, in 2013 and consist of the following main elements: training, . . Assets The remuneration, social security and pensions for the Group Intangible assets of 13,987 k€ (v/ 9,959 k€ at the end of are relatively stable and amount to 182,725 k€ in 2014 versus 2013) consist of expenditure on IT projects and research and 181,910 k€ at the end of 2013 . development costs . They are amortized at a rate of 20% . With regard to the non-controllable costs of 705,451 k€ The tangible fixed assets are 3,269,146 k€ in 2014 compared (687,962 k€ in 2013, or +17,489 k€), the following developments to 3,190,027 k€ at the end of 2013 . The increase of 79,119 k€ is should be noted: generated by investments for the year of 209,880 k€, offset by • Use of the transport network (Elia charge) increased by the depreciation applied of 105,102 k€, the “decommissioning” 14,775 k€ or 4 .7% (increase in Elia prices and regional and of installations for 5,284 k€ as well as the “amortisation” of the federal surcharges); “RAB” gain of 20,375 k€ . • The cost of PSOs (Public Service Obligations) increased Regarding the “RAB” gain, this consists of the difference by 7,973 k€ or 12 1%. (significant commercial bad debt on between the initial RAB (Regulatory Asset Base) and the protected customers and “supplier X”) ; book value of the fixed assets . The Group has booked it in a separate section of the fixed assets due to the specific nature • The cost for compensation of losses, decreased in 2014 of this difference and amortises it at a rate of 2% per annum, by 8,212 k€ (lower prices combined with a reduction in the in accordance with the Royal Decree of 2 December 2008 . quantities purchased); The financial assets of 5,129 k€ (v/ 3,768 k€ at the end of 2013) • The adjustment of the provisions for risks and charges consist mainly of: decreased by 3,327 k€ on the one hand following the closure of several litigation cases in the Group’s favour (-4,920 k€) • A participation in Index’is and in Atrias for a total value of compensated by an increase in environmental provisions 989 k€ . These two companies are included under the equity for contaminated sites for an amount of 1,593 k€; method; • The gas road charge fee has increased by 2,694 k€; • An advance to shareholders at Index’is and Atrias of 2,672 k€; • Depreciation and losses on decommissioning of installations, increased by 2,498 k€ . • A portfolio of securities at N-Allo of 824 k€, an increase of 416 k€ following a capital increase at N-Allo in which ORES The financial charges of 67,819 k€ (v/ 70,259 k€ in 2013) scrl took part in 2014; consist primarily of interests on bonds (15,359 k€), subscribed in October 2012 for 350,000 k€ and in July 2014 for 80,000 k€, • Rent guarantees for leased buildings, including the site at the interest on long-term treasury notes (6,913 k€) (called Loyers and Gosselies for 626 k€ . private investments), subscribed in 2012 for 189,750 k€, the Inventory and contracts in progress of 32,716 k€ consisting interest paid on bank loans (25,928 k€) and swaps (18,330 k€), of goods (24,089 k€) as well as works in progress on behalf of as well as various bank charges . Their downward trend is private individuals and municipalities (8,627 k€) . mainly due to lower interest rates and the repayment of some debt maturities . The trade receivables amount to 128,901 k€ (v/ 161,987 k€ at the end of 2013) and consist in particular of receivables The financial income of 1,882 k€ (v/ 3,321 k€ in 2013) mainly vis-a-vis energy suppliers in the framework of the invoicing of consists of interests on investments in mutual funds or on transit fees, as well as receivables from protected customers term deposits (1,797 k€) . Their downward trend is also related and “supplier X” . These receivables have decreased by to low market rates . 20% ((-33,086) k€), primarily due to a reduction in turnover Taxes of 5,245 k€ (v/ 4,978 k€) represent the fiscal provision observed in 2014 as well as a greater level of bad debt in on the results from the 2014 financial year (-1,036 k€), the 2014 ((-17,105) k€ v/ (-4,957) k€ in 2013) related to protected withholding tax on investments realised and on current customers . accounts (5,903 k€) as well as a regularisation of the previous The “other receivables” section (16,189 k€) primarily financial year (378 k€) . includes taxes and prepayments to be recovered (10,165 k€), receivables relating to damage to the network caused by third parties (2,800 k€), VAT to be recovered (2,248 k€) . Investments, for a total of 117,237 k€ (v/ 201,174 k€ at the end of 2013), were realised in accordance with decisions of the Board of Directors to establish a prudent policy in this context . Investments in ING, BNPP, Belfius and KBC mutual funds represent 36,704 k€, term investments on the Belfius, CBC and ING account represent 79,106 k€ . The balance is represented by the greenshoe option on the ING mutual funds (1,426 k€) . The downward trend observed in 2014 is mainly due
68 FINANCIAL STATEMENT ORES Assets scrl 2014 to the fact that the Group has largely drawn from the cash The long term financial debt (1,730,109 k€ v/ 1,826,617 k€ generated by the bond issue negotiated in October 2012 . at the end of 2013) consist of loans agreed with credit institutions (1,108,287 k€) (repayment of a part there The available values (12,190 k€), include the cash held in of for the basis for the decrease of this section in 2014), current accounts and social funds . private investments (189,750 k€), bonds (430,000 k€) and Accruals (277,504 k€ v/233,282 k€) comprise the balance of guarantees deposited by the subdivision companies to be capital pensions remaining to be taken of 84,686 k€, the gas repaid later (2,071 k€) . It should be noted that in July 2014, highway fee of 19,356 k€, regulatory assets of 149,221 k€ the group issued a new bond of an amount of 80,000 k€ for a (which are the main cause of the increase in this item), as well period of 30 years . as the RTNR (transit fee not recorded– 10,265 k€) and the Debts payable after one year falling due within the year consist ENR (energy not recorded – 4,206 k€) . of the capital loans from Belfius, ING, CBC and BNP Paribas Liabilities (176,214 k€) to be repaid in 2015 . Suppliers and invoices to be received (133,607 k€ v/ 141,119 k€ The subscribed capital as of 31 .12 .2014 is 787,320 k€ and at the end of 2013) constitute the bulk of the trade debts and consists of: do not include any specific disputed debts . • A Shares: 401,936 k€ The payments received on orders (19,985 k€) include the • R shares: 385,384 k€ intermediate billing to protected customers and to “supplier X” customers (PSO), and deposits from customers for work It increased by 15,950 k€ following the recapitalisation of to be done . 42,227 k€ at the end of 2014 to finance investments for the financial year . Part of this increase was funded by the public Tax, payroll and social liabilities of 48,177 k€ (v/44,264 k€ at shareholders through a conversion of R shares (262,768 R the end of 2013) include: shares or 26,277 k€) . • The tax liabilities include (9,671 k€): the VAT to pay on The revaluation of fixed assets at 604,180 k€ represents the December 2014 operations, the balance of the payroll the initial difference between the RAB and the book value tax due (declaration of December 2014) as well as the of these assets . This section was decreased by 20,375 k€ withholding tax on interests on the current account between following the amortization of the gain implemented at a rate ORES scrl and ORES Assets . of 2% per annum . • The remuneration and social security liabilities (38,506 k€) The consolidated reserved increased by 37,750 k€ as a result: include: provisions for incentives to be paid (bonuses) and remunerations (holiday not taken, overtime, attendance • The transfer of reserves not available for the amortisation of fees), the Social Security as well as the provision for the gain on the revaluation of 20,375 k€ (from the “gain on holiday pay to be paid in 2015 and various annual revaluation” section) contributions(Inami, Social Security) . • For the allocation to the available reserves, in the context of The “other liabilities” section (31,500 k€), a decrease of the allocation of the results, for 17,375 k€ 15,673 k€, mainly includes the balance of gross dividends for The capital subsidy account (38 k€ at the end of 2014) the 2014 financial year payable to the shareholders after the represents the subsidy received by the Walloon Region in the Ordinary General Meeting (16,281 k€), the gas fund (769 k€), context of a management project for open and renewable as well as the current account balance to Tecteo/RESA electrical distribution networks . (6,218 k€) and to the personnel (via the social fund of 2,979 k€) . The significant decrease is due to the balance of The interests of third parties representing the share of the gross dividends for the financial year of 30,007 k€ in 2013 ORES scrl subsidiary (0 .32%) sold in 2013 by ORES Assets to the versus 16,281 k€ at the end of 2014 . pure inter-municipal financing companies and to RESA (total sale of 8 company shares) . The liabilities and deferred income (69,341 k€ v/ 33,603 k€) mainly comprise: The provisions for risks and charges fell from 18,058 k€ to 14,731 k€ in 2014 which is a decrease of 3,327 k€ . This • Regulatory liabilities (32,644 k€) and the neutralisation of evolution is explained as follows: differences between charges and products from the 2008 financial year for road charges, pension costs and the • An increase of 1,593 k€ for the environmental provision for Elia fees (17,481 k€); “contaminated sites”; • The provision to cover the annuities payable to • The reversal of the provision, established in 2013, of 1,200 k€ representatives who worked for the mixed inter-municipal following a correction of the counting measures in the past cable-TV companies (3,028 k€) to the detriment of the Group . This dispute was settled in 2014 . • 9,406 k€ of financial charges primarily related to our private equity and debenture loans . • A decrease in the provision for disputes in the past (moving installations) of 2,628 k€; • Recovery of the provision of various disputes of 1,092 k€ .
CONSOLIDATED FINANCIAL STATEMENTS 69 C. RISKS AND UNCERTAINTIES 8. The use of financial The reader is forwarded to the report stated on pp. 16 and instruments by the company 17 of this document. In 2014, ORES scrl agreed a new issue of bonds for 80 M€ . As a reminder, a commercial paper programme was 2. Data on significant established in early 2011 by ORES scrl with a guarantee from events occurring after the the 8 DSO’s of 250 M€ for a period of 10 years . Besides the commercial papers for a period of less than one year, this end of the financial year programme allows the issue, since 2012 of commercial “None” papers with a five to eight year term . In 2012, ORES scrl issued bonds as part of the 3. Information on circumstances that introduction of the guarantee fund provided by the 8 DSO’s in favour of ORES scrl . The amounts obtained could have a significant influence through the bond issue and the private investments made on the development of the it possible to cover the funding needs of ORES scrl and the company 8 DSO’s for 2012 and 2013 . Two short term credit lines, as yet unused were subscribed by ORES scrl for a total of 100 M€ “None” and are available under the end of 2014; they have just been renewed . 4. Information on research and Nevertheless, in the future ORES scrl must continue a funding development activities policy using diverse sources on the capital market . A change to the interest rates has an impact on the level The development of techniques in the network operation of the financial charges . To reduce the risk to a minimum, field, “smart” meters and other developments show ORES scrl and ORES Assets apply a funding policy that seeks that significant “research and development” costs are to achieve an optimal balance between fixed and variable generated and it is likely that they will be spread across interest rates . In addition, hedging instruments are used to longer periods than previously . cover uncertain developments . The funding policy takes In this context, ORES scrl has therefore opted to proceed account of the difference in the duration of the loans and the or to be able to proceed in the future to the activation lifespan of the assets . These three points (interest rate, term of personnel costs relating to researchers, technicians of the loans and use of hedging derivatives) were the subject and other support staff insofar as they are required for of decisions by the competent bodies of ORES Assets and the realisation of a project qualifying as “research and the 8 DSO’s before the merger and ORES scrl that made it development” . possible to determine the financial policy required for active debt management . 5. Information on the existence of In order to control the interest rate risk, ORES scrl and ORES company branches Assets use hedging derivatives such as interest rate swaps (short term rates to long-term rates) as well as interest rate “None” CAP . Debt management and market data are monitored carefully . No derivative instruments are used for speculative 6. The balance sheet does not show purposes . a deferred loss or the profit and ORES scrl centralises liquidities on behalf of the DSO, and loss account does not show a loss as such has a current account with the latter, which in case for the year in two consecutive of funding need, does not have any price risk, credit risk, liquidity risk or cash flow risk . financial years 7. All the information that have to be included under the Company Code
“None”
(1) Article 124 of the Royal Decree of 30 January 2001 relating to the implementation of the Company Code. (2) Inventory consolidation available (article 158, § 1, paragraph 2 of the aforementioned Royal Decree).
70 FINANCIAL STATEMENT ORES Assets scrl 2014 Consolidated financial statements
CONSOLIDATED BALANCE SHEET AFTER APPROPRIATION(1)
(amounts in €) ASSETS Ann. CODES FINANCIAL YEAR PREVIOUS FINANCIAL YEAR
FIXED ASSETS 20/28 3,296,133,107.63 3,213,308,908.39 Formation costs 4.7 20 4,300,384.36 4,199,473.61 Intangible assets 4.8 21 13,987,233.48 9,958,719.84 Positive consolidation differences 4.12 9920 3,570,279.63 5,355,419.45 Fixed assets 4.9 22/27 3,269,146,177.15 3,190,027,182.95 Land and buildings 22 79,701,572 .99 77,279,113 .51 Plant, machinery and equipment 23 3,158,082,797 .13 3,080,459,988 .44 Furniture and vehicles 24 26,910,092 .47 27,670,301 .44 Leasing and similar charges 25 Other fixed assets 26 4,451,714 .56 4,617,779 .56 Fixed assets in progress and advance payments 27 Financial assets 4. 1(4) 28 5,129,033.01 3,768,112.54 Equity accounted companies 4.10 9921 3,661,248 .70 2,664,416 .70 Holdings 99211 989,331 .70 989,331 .70 Receivables 99212 2,671,917 .00 1,675,085 .00 Other companies 4.10 284/8 1,467,784 .31 1,103,695 .84 Participating interests and shares 284 841,108 .18 424,591 .92 Receivables 285/8 626,676 .13 679,103 .92 CURRENT ASSETS 29/58 584,738,169.41 648,072,031.90 Amounts receivable after one year 29 Trade receivables 290 Other receivables 291 Deferred tax 292 Inventories and orders in progress 3 32,715,703.19 28,778,053.68 Inventory (2) 30/36 24,088,705 .96 20,444,038 .25 Supplies 30/31 24,088,705 .96 20,444,038 .25 Work in progress 32 Finished products 33 Goods 34 Property held for sale 35 Advance payments 36 Orders in progress 37 8,626,997 .23 8,334,015 .43 Amounts receivable within one year 40/41 145,090,504.80 175,095,690.39 Trade receivables 40 128,901,077 .57 161,987,418 .24 Other receivables 41 16,189,427 .23 13,108,272 .15 Cash investments 50/53 117,237,254.45 201,174,027.85 Treasury shares 50 Other investments 51/53 117,237,254 .45 201,174,027 .85 Disposable assets 54/58 12,190,254.37 9,742,233.57 Accruals 490/1 277,504,452.60 233,282,026.41 TOTAL ASSETS 20/58 3,880,871,277.04 3,861,380,940.29
CONSOLIDATED FINANCIAL STATEMENTS 71 (amounts in €) LIABILITIES Ann. CODES FINANCIAL YEAR PREVIOUS FINANCIAL YEAR SHAREHOLDERS' EQUITY 10/15 1,657,206,480.86 1,623,849,062.59 Capital 10 787,319,931.79 771,369,671.30 Subscribed capital 100 787,319,931 .79 771,369,671 .30 Non-subscribed capital stock 101 Share premium 11 Revaluation surplus 12 604,080,124.68 624,455,602.87 Consolidated reserves (+)/(-) 4.11 9910 265,768,491.82 228,018,296.30 Negative consolidation differences 4.12 9911 Allocations for positive consolidation differences 99201 Conversion differences (+)/(-) 9912 Investment grants 15 37,932.57 5,492.12 MINORITY INTERESTS Minority interests 9913 1,609.67 1,505.86 PROVISIONS AND DEFERRED TAXES 16 14,730,976.25 18,058,094.59 Provisions for risks and charges 160/5 14,730,976.25 18,058,094.59 Pensions and similar obligations 160 Taxes 161 Major repairs and maintenance 162 Other risks and charges 163/5 14,730,976 .25 18,058,094 .59 Deferred tax liabilities 4.6 168 DEBTS 17/49 2,208,932,210.26 2,219,472,277.25 Amounts payable after one year 4.13 17 1,730,108,510.34 1,826,617,341.00 Financial liabilities 170/4 1,728,037,193 .00 1,824,251,027 62. Subordinated loans 170 Non-subordinated bond issues 171 430,000,000 .00 350,000,000 .00 Leasing and other similar debts 172 Debts to credit institutions 173 1,298,037,193 .00 1,474,251,027 62. Other borrowing 174 Trade liabilities 175 Suppliers 1750 Notes payable 1751 Prepayments received on orders 176 Other debts 178/9 2,071,317 .34 2,366,313 .38 Amounts payable within one year 4.13 42/48 409,482,671.66 359,252,245.15 Long-term debts falling due this year 42 176,213,834 .19 108,999,124 .92 Financial liabilities 43 45,733 .81 Debts to credit institutions 430/8 45,733 .81 Other borrowing 439 Trade liabilities 44 133,606,974 .84 141,118,665 .42 Suppliers 440/4 133,606,974 .84 141,118,665 .42 Notes payable 441 Prepayments received on orders 46 19,985,287 .38 17,651,751 .34 Taxes, wages and social liabilities 45 48,176,604 .81 44,263,852 .11 Tax 450/3 9,670,092 .71 6,931,638 .78 Remuneration and social security 454/9 38,506,512 .10 37,332,213 .33 Other amounts payable 47/48 31,499,970 .44 47,173,117 .55 Accruals 492/3 69,341,028.26 33,602,691.10 TOTAL LIABILITIES 10/49 3,880,871,277.04 3,861,380,940.29
72 FINANCIAL STATEMENT ORES Assets scrl 2014 CONSOLIDATED PROFIT AND LOSS ACCOUNT
CONSOLIDATED PROFIT AND LOSS ACCOUNT (amounts in €)
Breakdown of the operating results according to type Ann. CODES FINANCIAL YEAR PREVIOUS FINANCIAL YEAR Operating income 70/74 1,057,098,133.63 1,062,639,578.64 Turnover 4.14 70 1,014,476,044 .71 1,020,995,025 .22 Change to work in progress, finished products and orders in progress (reduced) (+)/(-) 71 292,981 .80 (400,599 .13) Capitalised production 72 3,525,008 .59 2,918,511 .04 Other operating income 74 38,804,098 .53 39,126,641 .51 Cost of sales and services 60/64 908,361,478.21 905,118,569.35 Goods and supplies 60 15,270,608 .61 21,868,319 .66 Acquisitions 600/8 18,915,276 .32 17,047,237 .64 Change in inventories (increase, decrease) (+)/(-) 609 (3,644,667 .71) 4,821,082 02. Services and other goods 61 554,743,832 .57 553,640,130 .02 Remunerations, social security and pensions 4.14 62 182,724,854 .91 181,909,748 .01 Depreciation and write-downs on formation costs, on intangible and tangible assets 630 129,239,069 .23 123,870,982 .57 Amounts written off on stocks, contracts in progress and trade receivables: increase (decrease) (+)/(-) 631/4 1,083,820 .74 7,695,121 .68 Provisions for risks and charges: charges (utilisation and write backs) (+)/(-) 635/7 (3,327,118 .37) 439,748 .36 Other operating costs 640/8 26,841,270 .70 13,909,379 .23 Operating costs carried to assets as restructuring costs (-) 649 Depreciation of goodwill 9960 1,785,139.82 1,785,139.82 Operating profits (loss) (+)/(-) 9901 148,736,655.42 157,521,009.29 Financial products 75 1,881,955.89 3,321,244.22 Income from financial fixed assets 750 Income from current assets 751 1,797,328 .36 3,233,733 .79 Other financial products 752/9 84,627 .53 87,510 .43 Financial expenses 65 67,818,586.73 70,259,445.39 Debt charges 650 67,265,883 .72 69,981,829 .47 Depreciation of goodwill 9961 Write-downs on current assets other than inventories, orders in progress and trade receivables - Appropriations (write-backs) (+)/(-) 651 Other financial costs 652/9 552,703 .01 277,615 .92 Profit (Loss) on ordinary activities before tax (+)/(-) 9902 82,800,024.58 90,582,808.12
CONSOLIDATED FINANCIAL STATEMENTS 73 CONSOLIDATED PROFIT AND LOSS (amounts in €) ACCOUNT (CONTINUED) Ann. CODES FINANCIAL YEAR PREVIOUS FINANCIAL YEAR Extraordinary income 76 Adjustments to depreciation and to other amounts written off on intangible and tangible fixed assets 760 Adjustments to depreciation of consolidation differences 9970 Adjustments to amounts written off on financial fixed assets 761 Adjustments to provisions for extraordinary risks and charges 762 Capital gains realised on fixed assets 763 Other extraordinary income 4.14 764/9 Exceptional costs 66 97,046.62 Exceptional depreciation and amortisation on formation costs and intangible and tangible fixed assets 660 97,046 .62 Exceptional depreciation of goodwill 9962 Write-downs on financial fixed assets 661 Provisions for extraordinary risks and charges Appropriations (uses) (+)/(-) 662 Losses on the disposal of fixed assets 663 Other exceptional charges 4.14 664/8 Exceptional charges carried on the assets as restructuring costs (-) 669 Profit (Loss) for the financial year before taxation (+)/(-) 9903 82,702,977.96 90,582,808.12 Transfers from deferred taxes and latent taxation liabilities 780 Transfer to deferred taxes and latent taxation liabilities 680 Tax on the profit (+)/(-) 4.14 67/77 5,244,923.02 4,978,075.98 Taxes 670/3 5,250,017 .69 5,254,034 .28 Adjustments of taxes and write-back of tax provisions 77 5,094 .67 275,958 .30 Profit (Loss) for the financial year (+)/(-) 9904 77,458,054.94 85,604,732.14 Share in the result of companies at equity (+)/(-) 9975 Profits 99751 Loss 99651 Consolidated profit (loss) (+)/(-) 9976 77,458,054.94 85,604,732.14 Of which: Minority interests (+)/(-) 99761 Group (+)/(-) 99762 77,458,054.94 85,604,732.14
74 FINANCIAL STATEMENT ORES Assets scrl 2014 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
LIST OF CONSOLIDATED SUBSIDIARIES AND COMPANIES INCLUDED ACCORDING TO THE EQUITY METHOD
COMPANY NAME, VARIATION OF % OF Complete address of the REGISTERED OFFICE METHOD USED PROPORTION OF CAPITAL CAPITAL HELD (COMPARED (G/P/E1/E2/E3/ E4) (1)(2) HELD (3) (IN %) TO THE PREVIOUS and for companies under Belgian law, FINANCIAL YEAR) (4) state the COMPANY NUMBER ORES SCRL Avenue Jean Monnet 2 1348 Louvain-la-Neuve Belgium 0897.436.971 G 99 .68 0 .00 INDEX’IS SCRL Galerie Ravenstein 4, boîte 2 1000 Brussels 1 Belgium 0477.884.257 E1 30 .00 0 .00 ATRIAS SCRL Galerie Ravenstein 4, boîte 2 1000 Brussels 1 Belgium 0836.258.873 E1 16 .67 0 .00
(1) G. Full Consolidation P. Proportional consolidation (with reference, in the first column, of elements illustrating the joint management) E1 Use of the equity method for an associated company (article 134, paragraph 1st, 3° of the Royal Decree of 30 January 2001 relating to the implementation of the Companies Code) E2 Use of the equity method for a de facto subsidiary if its inclusion in the consolidation would be contrary to the principle of fair representation (article 108 jo.110 of the aforementioned Royal Decree) E3 Use of the equity method of a subsidiary in liquidation, of a subsidiary having declared it will cease operation, of a subsidiary with no prospect of continuing its operations (article 109 jo. 110 of the aforementioned Royal Decree) E4 Use of the equity method for a joint subsidiary whose activity is not closely integrated into the activities of the company with joint control (article 134, paragraph 2 of the aforementioned Royal Decree) (2) If a change in the percentage of the capital held causes a change to the method used, the new method must be followed by an asterisk. (3) Proportion of the capital held in these companies by the companies included in the consolidation and by persons acting in their own name but on the behalf of these companies. (4) If the composition of the consolidated entity has, during the financial year, been significantly affected by variations in this percentage, additional information must be provided in section CONSO 4.5. (article 112 of the aforementioned decree).
COMPANIES OTHER THAN SUBSIDIARIES AND ASSOCIATED COMPANIES
The companies listed below, other than those referred to in the statements CONSO 4 .1 and CONSO 4 .2, in which the companies included in the consolidation and those excluded (under article 107 and 108 of the Royal Decree of 30 January 2001 on the implementation of the Companies Code) hold at least 10% of the capital, either themselves or through a person acting in his own name but on their behalf . This information may be omitted if it is of negligible interest with respect to the principle of fair presentation .
COMPANY NAME, INFORMATION INCLUDED IN THE LAST ANNUAL ACCOUNTS (2) Complete address of the REGISTERED OFFICE PROPORTION and for companies OF CAPITAL STOCKHOLDERS NET under Belgian law, HELD (1) (IN %) ANNUAL CURRENCY EQUITY INCOME state the COMPANY NUMBER ACCOUNTS CODE CLOSED ON (+) OR (-) (IN CURRENCY)
N-ALLO SCRL Chaussée de Louvain 658 1030 Brussels 3 Belgium 0466.200.311 13 88. 31/12/13 EUR 3,459,961 (557,502)
(1) Proportion of capital held by the companies included in the consolidation and those excluded. (2) This information may be omitted if the company concerned is not obliged to public this information
CONSOLIDATED FINANCIAL STATEMENTS 75 STATEMENT OF FORMATION EXPENSES (amounts in €) CODES FINANCIAL YEAR PREVIOUS FINANCIAL YEAR
Net book value at the end of the financial year 20P XXXXXXXXXX 4,199,473.61 Movements during the financial year New expenses incurred 8002 653,285 .28 Depreciations 8003 552,374 .53 Conversion differences (+)/(-) 9980 Other (+)/(-) 8004 Net book value at the end of the financial year (20) 4,300,384.36 Of which: Costs for formation and capital increase, loan issues, reimbursement premium and other formation costs 200/2 4,300,384 .36 Restructuring costs 204
STATEMENT OF INTANGIBLE ASSETS (amounts in €) CODES FINANCIAL YEAR PREVIOUS RESEARCH AND DEVELOPMENT COSTS FINANCIAL YEAR Acquisition value at the end of the financial year 8051P XXXXXXXXXX 12,313,556.62 Movements during the financial year Acquisitions, including capitalised production 8021 7,887,548 .15 Sales and disposals 8031 104,205 .73 Transfers from one section to another (+)/(-) 8041 Conversion differences (+)/(-) 99811 Other changes (+)/(-) 99821 Acquisition value at the end of the financial year 8051 20,096,899.04 Depreciations and amortisations At the end of the financial year 8121P XXXXXXXXXX 2,354,836.78 Movements during the financial year Recorded 8071 3,859,034 .51 Write-back 8081 Acquired from third parties 8091 Cancelled 8101 104,205 .73 Transferred from one section to another (+)/(-) 8111 Conversion differences (+)/(-) 99831 Other changes (+)/(-) 99841 At the end of the financial year 8121 6,109,665 .56 NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 210 13,987,233.48
76 FINANCIAL STATEMENT ORES Assets scrl 2014 STATEMENT OF TANGIBLE CAPITAL ASSETS (amounts in €)
CODES FINANCIAL YEAR PREVIOUS LAND AND BUILDINGS FINANCIAL YEAR Acquisition value at the end of the financial year 8191P XXXXXXXXXX 108,755,631.70 Movements during the financial year Acquisitions, including capitalised production 8161 4,388,648 .28 Sales and disposals 8171 701 .00 Transfers from one section to another (+)/(-) 8181 Conversion differences (+)/(-) 99851 Other changes (+)/(-) 99861 Acquisition value at the end of the financial year 8191 113,143,578.98 Capital gains at the end of the financial year 8251P XXXXXXXXXX 5,038,163.59 Movements during the financial year Recorded 8211 Acquired from third parties 8221 Cancelled 8231 Transferred from one section to another (+)/(-) 8241 Conversion differences (+)/(-) 99871 Other changes (+)/(-) 99881 Capital gains at the end of the financial year 8251 5,038,163.59 Depreciation and reductions in value at the end of the financial year 8321P XXXXXXXXXX 36,514,681.78 Movements during the financial year Recorded 8271 1,965,487 .80 Write-back 8281 Acquired from third parties 8291 Cancelled 8301 Transferred from one section to another (+)/(-) 8311 Conversion differences (+)/(-) 99891 Other changes (+)/(-) 99901 Depreciation and reductions in value at the end of the financial year 8321 38,480,169.58 NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR (22) 79,701,572.99
CONSOLIDATED FINANCIAL STATEMENTS 77 STATEMENT OF TANGIBLE FIXED ASSETS (CONTINUED) (amounts in €) CODES FINANCIAL YEAR PREVIOUS PLANT, MACHINERY AND EQUIPMENT FINANCIAL YEAR Acquisition value at the end of the financial year 8192P XXXXXXXXXX 3,996,030,785.73 Movements during the financial year Acquisitions, including capitalised production 8162 199,213,613 .05 Sales and disposals 8172 35,670,389 .50 Transfers from one section to another (+)/(-) 8182 Conversion differences (+)/(-) 99852 Other changes (+)/(-) 99862 Acquisition value at the end of the financial year 8192 4,159,574,009.28 Capital gains at the end of the financial year 8252P XXXXXXXXXX 1,012,966,419.88 Movements during the financial year Recorded 8212 Acquired from third parties 8222 Cancelled 8232 Transferred from one section to another (+)/(-) 8242 Conversion differences (+)/(-) 99872 Other changes (+)/(-) 99882 Capital gains at the end of the financial year 8252 1,012,966,419.88 Depreciation and reductions in value at the end of the financial year 8322P XXXXXXXXXX 1,928,537,217.17 Movements during the financial year Recorded 8272 116,384,394 .56 Write-back 8282 Acquired from third parties 8292 Cancelled 8302 30,463,979 .70 Transferred from one section to another (+)/(-) 8312 Conversion differences (+)/(-) 99892 Other changes (+)/(-) 99902 Depreciation and reductions in value at the end of the financial year 8322 2,014,457,632.03 NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR (23) 3,158,082,797.13
78 FINANCIAL STATEMENT ORES Assets scrl 2014 STATEMENT OF TANGIBLE FIXED ASSETS (CONTINUED) (amounts in €) CODES FINANCIAL YEAR PREVIOUS FURNITURE AND VEHICLES FINANCIAL YEAR Acquisition value at the end of the financial year 8193P XXXXXXXXXX 135,249,554.54 Movements during the financial year Acquisitions, including capitalised production 8163 6,278,583 .89 Sales and disposals 8173 5,624,127 .14 Transfers from one section to another (+)/(-) 8183 Conversion differences (+)/(-) 99853 Other changes (+)/(-) 99863 Acquisition value at the end of the financial year 8193 135,904,011.29 Capital gains at the end of the financial year 8253P XXXXXXXXXX 769,326.59 Movements during the financial year Recorded 8213 Acquired from third parties 8223 Cancelled 8233 Transferred from one section to another (+)/(-) 8243 Conversion differences (+)/(-) 99873 Other changes (+)/(-) 99883 Capital gains at the end of the financial year 8253 769,326.59 Depreciation and reductions in value at the end of the financial year 8323P XXXXXXXXXX 108,348,579.69 Movements during the financial year Recorded 8273 6,961,133 .98 Write-back 8283 Acquired from third parties 8293 Cancelled 8303 5,546,468 .26 Transferred from one section to another (+)/(-) 8313 Conversion differences (+)/(-) 99893 Other changes (+)/(-) 99903 Depreciation and reductions in value at the end of the financial year 8323 109,763,245.41 NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR (24) 26,910,092.47
CONSOLIDATED FINANCIAL STATEMENTS 79 (amounts in €) CODES FINANCIAL YEAR PREVIOUS OTHER TANGIBLE FIXED ASSETS FINANCIAL YEAR Acquisition value at the end of the financial year 8195P XXXXXXXXXX 8,307,086.37 Movements during the financial year Acquisitions, including capitalised production 8165 Sales and disposals 8175 Transfers from one section to another (+)/(-) 8185 Conversion differences (+)/(-) 99855 Other changes (+)/(-) 99865 Acquisition value at the end of the financial year 8195 8,307,086.37 Capital gains at the end of the financial year 8255P XXXXXXXXXX Movements during the financial year Recorded 8215 Acquired from third parties 8225 Cancelled 8235 Transferred from one section to another (+)/(-) 8245 Conversion differences (+)/(-) 99875 Other changes (+)/(-) 99885 Capital gains at the end of the financial year 8255 Depreciation and reductions in value at the end of the financial year 8325P XXXXXXXXXX 3,689,306.81 Movements during the financial year Recorded 8275 166,065 .00 Write-back 8285 Acquired from third parties 8295 Cancelled 8305 Transferred from one section to another (+)/(-) 8315 Conversion differences (+)/(-) 99895 Other changes (+)/(-) 99905 Depreciation and reductions in value at the end of the financial year 8325 3,855,371.81 NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR (26) 4,451,714.56
80 FINANCIAL STATEMENT ORES Assets scrl 2014 STATEMENT OF FINANCIAL FIXED ASSETS (amounts in €) CODES FINANCIAL YEAR PREVIOUS EQUITY-ACCOUNTED COMPANIES - SHAREHOLDINGS FINANCIAL YEAR Acquisition value at the end of the financial year 8391P XXXXXXXXXX 989,331.70 Movements during the financial year Acquisitions 8361 Sales and disposals 8371 Transfers from one section to another (+)/(-) 8381 Conversion differences (+)/(-) 99911 Acquisition value at the end of the financial year 8391 989,331.70 Capital gains at the end of the financial year 8451P XXXXXXXXXX Movements during the financial year Recorded 8411 Acquired from third parties 8421 Cancelled 8431 Conversion differences (+)/(-) 99921 Transferred from one section to another (+)/(-) 8441 Capital gains at the end of the financial year 8451 Reductions in value at the end of the financial year 8521P XXXXXXXXXX Movements during the financial year Recorded 8471 Write-backs 8481 Acquired from third parties 8491 Cancelled 8501 Conversion differences (+)/(-) 99931 Transferred from one section to another (+)/(-) 8511 Reductions in value at the end of the financial year 8521 Amounts uncalled at the end of the financial year 8551P XXXXXXXXXX Movements during the financial year (+)/(-) 8541 Amounts uncalled at the end of the financial year 8551 Changes in equity at the end of the financial year (+)/(-) 9994P XXXXXXXXXX Share in the result for the financial year 99941 Eliminations of dividends on these holdings 99942 Other types of movements in equity 99943 Changes in equity at the end of the financial year 9994 NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 99211 989,331.70 EQUITY-ACCOUNTED COMPANIES - RECEIVABLES NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 99212P XXXXXXXXXX 1,675,085.00 Movements during the financial year Additions 8581 1,446,832 .00 Repayments 8591 450,000 .00 Provision for impairment of receivables 8601 Reversed value adjustments 8611 Conversion differences (+)/(-) 99951 Other (+)/(-) 8631 NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR (99212) 2,671,917.00 ACCUMULATED AMOUNTS WRITTEN-DOWN ON RECEIVABLES AT THE END OF THE FINANCIAL YEAR (8651)
CONSOLIDATED FINANCIAL STATEMENTS 81 (amounts in €) CODES FINANCIAL YEAR PREVIOUS OTHER COMPANIES - HOLDINGS FINANCIAL YEAR Acquisition value at the end of the financial year 8392P XXXXXXXXXX 424,591.92 Movements during the financial year Acquisitions 8362 416,516 .26 Sales and disposals 8372 Transfers from one section to another (+)/(-) 8382 Conversion differences (+)/(-) 99912 Acquisition value at the end of the financial year 8392 841,108.18 Capital gains at the end of the financial year 8452P XXXXXXXXXX Movements during the financial year Recorded 8412 Acquired from third parties 8422 Cancelled 8432 Conversion differences (+)/(-) 99922 Transferred from one section to another (+)/(-) 8442 Capital gains at the end of the financial year 8452 Reductions in value at the end of the financial year 8522P XXXXXXXXXX Movements during the financial year Recorded 8472 Write-backs 8482 Acquired from third parties 8492 Cancelled 8502 Conversion differences (+)/(-) 99932 Transferred from one section to another (+)/(-) 8512 Reductions in value at the end of the financial year 8522 Amounts uncalled at the end of the financial year 8552P XXXXXXXXXX Movements during the financial year (+)/(-) 8542 Amounts uncalled at the end of the financial year 8552 NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR (284) 841,108.18 OTHER COMPANIES - RECEIVABLES NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 285/8P XXXXXXXXXX 679,103.92 Movements during the financial year Additions 8582 9,999 .44 Repayments 8592 62,427 .23 Provision for impairment of receivables 8602 Reversed value adjustments 8612 Conversion differences (+)/(-) 99952 Other (+)/(-) 8632 NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR (285/8) 626,676.13 ACCUMULATED AMOUNTS WRITTEN-DOWN ON RECEIVABLES AT THE END OF THE FINANCIAL YEAR (8652)
82 FINANCIAL STATEMENT ORES Assets scrl 2014 STATEMENT OF THE CONSOLIDATED RESERVES (amounts in €) CODES FINANCIAL YEAR PREVIOUS FINANCIAL YEAR Consolidated reserves at the end of the financial year 9910P XXXXXXXXXX 228,018,296.30 Movements during the financial year: Share of the group in the consolidated income (+)/(-) 99002 37,750,195 .52 Other changes (+)/(-) 99003 Other changes (for significant amounts not attributed, allocation to the share of the group in the consolidated income) Consolidated reserves at the end of the financial year 9910P 265,768,491.82
STATEMENT OF CONSOLIDATION (amounts in €) AND EQUITY METHOD DIFFERENCES CODES FINANCIAL YEAR PREVIOUS POSITIVE DIFFERENCES FINANCIAL YEAR CONSOLIDATION Net book value at the end of the financial year 99071P XXXXXXXXXX 5,355,419.45 Movements during the financial year Variations due to an increase in the percentage held 99021 Variations due to an decrease in the percentage held 99031 Depreciations 99041 (1,785,139 .82) Differences included in the results 99051 Other changes 99061 NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 99071 3,570,279.63 EQUITY METHOD Net book value at the end of the financial year 99073P XXXXXXXXXX Movements during the financial year Variations due to an increase in the percentage held 99023 Variations due to an decrease in the percentage held 99033 Depreciations 99043 Differences included in the results 99053 Other changes 99063 NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 99073 XXXXXXXXXX NEGATIVE DIFFERENCES CONSOLIDATION Net book value at the end of the financial year 99072P XXXXXXXXXX Movements during the financial year Variations due to an increase in the percentage held 99022 Variations due to an decrease in the percentage held 99032 Depreciations 99042 Differences included in the results 99052 Other changes 99062 NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 99072 XXXXXXXXXX EQUITY METHOD NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 99074P XXXXXXXXXX Movements during the financial year Variations due to an increase in the percentage held 99024 Variations due to an decrease in the percentage held 99034 Depreciations 99044 Differences included in the results 99054 Other changes 99064 NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 99074
CONSOLIDATED FINANCIAL STATEMENTS 83 STATEMENT OF LIABILITIES (amounts in €)
CODES FINANCIAL YEAR BREAKDOWN OF LIABILITIES ORIGINALLY DUE IN MORE THAN ONE YEAR, LISTED ACCORDING TO THEIR DUE DATES Long-term debts falling due this year Financial liabilities 8801 176,213,834 .19 Subordinated loans 8811 Non-subordinated bond issues 8821 Leasing and other similar debts 8831 Credit institutions 8841 176,213,834 .19 Other borrowing 8851 Trade liabilities 8861 Suppliers 8871 Notes payable 8881 Prepayments received on orders 8891 Other amounts payable 8901 LONG-TERM DEBTS FALLING DUE THIS YEAR (42) 176,213,834.19 Long-term debts payable after more than one year but within a maximum of 5 years Financial liabilities 8802 511,265,044 .52 Subordinated loans 8812 Non-subordinated bond issues 8822 Leasing and other similar debts 8832 Credit institutions 8842 511,265,044 .52 Other borrowing 8852 Trade liabilities 8862 Suppliers 8872 Notes payable 8882 Prepayments received on orders 8892 Other amounts payable 8902 2,071,317 .34 TOTAL DEBTS PAYABLE AFTER MORE THAN ONE YEAR BUT WITHIN A MAXIMUM OF 5 YEARS 8912 513,336,361.86 Long-term debts falling due after more than 5 years Financial liabilities 8803 1,216,772,148 40. Subordinated loans 8813 Non-subordinated bond issues 8823 430,000,000 .00 Leasing and other similar debts 8833 Credit institutions 8843 786,772,148 .48 Other borrowing 8853 Trade liabilities 8863 Suppliers 8873 Notes payable 8883 Prepayments received on orders 8893 Other amounts payable 8903 TOTAL LONG-TERM DEBTS FALLING DUE AFTER MORE THAN 5 YEARS 8913 1,216,772,148.48
84 FINANCIAL STATEMENT ORES Assets scrl 2014 STATEMENT OF LIABILITIES (CONTINUED) (amounts in €)
CODES FINANCIAL YEAR
Amounts payable, or a portion thereof, which are guaranteed by real sureties given or irrevocably promised on the assets of companies included in the consolidation (included in sections 17 and 42/48 of the liabilities) Financial liabilities 8922 Subordinated loans 8932 Non-subordinated bond issues 8942 Leasing and other similar debts 8952 Debts to credit institutions 8962 Other borrowing 8972 Trade liabilities 8982 Suppliers 8992 Notes payable 9002 Prepayments received on orders 9012 Taxes, wages and social liabilities 9022 Taxes 9032 Remuneration and social security 9042 Other amounts payable 9052 TOTAL AMOUNTS PAYABLE GUARANTEED BY REAL SURETIES OR IRREVOCABLY PROMISED ON THE ASSETS OF THE COMPANIES INCLUDED IN THE CONSOLIDATION 9062
CONSOLIDATED FINANCIAL STATEMENTS 85 RESULTS (amounts in €) OPERATING INCOME CODES FINANCIAL YEAR PREVIOUS FINANCIAL YEAR Net turnover Breakdown by category of activity Gas and electricity network operator 1,014,476,044 .71 1,020,995,025 .22 Breakdown according to geographical market Belgium 1,014,476,044 .71 1,020,995,025 .22
Aggregate turnover of the group in Belgium 99083 1,014,476,044.71 1,020,995,025.22 THE AVERAGE NUMBER OF STAFF (IN UNITS) AND PERSONNEL COSTS Consolidated parent company and fully consolidated subsidiaries Average number of employees 90901 2,388 2,418 Labourers 90911 Employees 90921 2,158 2,201 Management personnel 90931 230 217 Other 90941 Personnel costs Remuneration and social security 99621 171,110,861 .52 168,438,054 .18 Pensions 99622 11,613,993 .39 13,471,693 .83 Average number of personnel employed in Belgium by the companied concerned 99081 2,388 2,418 Proportionately consolidated subsidiaries Average number of employees 90902 Labourers 90912 Employees 90922 Management personnel 90932 Other 90942 Personnel costs Remuneration and social security 99623 Pensions 99624 Average number of personnel employed in Belgium by the companied concerned 99082 EXTRAORDINARY RESULTS Breakdown of other extraordinary income Breakdown of other extraordinary costs Loss on decommissioning a research and development project 97,046.62 0.00 TAX ON INCOME Effect of extraordinary results on the amount of income tax for the financial year and the previous financial year
86 FINANCIAL STATEMENT ORES Assets scrl 2014 OFF-BALANCE SHEET RIGHTS AND COMMITMENTS (amounts in €)
CODES FINANCIAL YEAR PERSONAL GUARANTEES, GIVEN OR IRREVOCABLY PROMISED BY THE 9149 COMPANIES INCLUDED IN THE CONSOLIDATION AS SURETY FOR THIRD PARTY DEBTS OR UNDERTAKINGS REAL GUARANTEES GIVEN OR IRREVOCABLY PROMISED BY THE COMPANIES INCLUDED IN THE CONSOLIDATION ON THEIR EQUITY AS SURETY FOR DEBTS AND UNDERTAKINGS RESPECTIVELY: by companies included in the consolidation 99086 by third parties 99087 GOODS AND TITLES HELD BY THIRD PARTIES IN THEIR OWN NAMES BUT 9217 AT THE RISK AND BENEFIT OF THE COMPANIES INCLUDED IN THE CONSOLIDATION, IF NOT REFLECTED IN THE BALANCE SHEET SIGNIFICANT COMMITMENTS FOR THE ACQUISITION OF FIXED ASSETS 9218 SIGNIFICANT COMMITMENTS FOR THE DISPOSAL OF FIXED ASSETS 9219 RIGHTS RESULTING FROM OPERATIONS RELATING: to interest rates 99088 to exchange rates 99089 to the price of raw materials or goods 99090 other similar transactions 99091 COMMITMENTS RESULTING FROM OPERATIONS RELATING: to interest rates 99092 597,121,052 .50 to exchange rates 99093 to the price of raw materials or goods 99094 other similar transactions 99095 COMMITMENTS RESULTING FROM TECHNICAL GUARANTEES IN RESPECT OF SALES OR SERVICES ALREADY PERFORMED SIGNIFICANT LITIGATION AND OTHER SIGNIFICANT COMMITMENTS
Guarantee for customs and excise relating to the collection of the energy contribution: 40,818 .00 EUR Guarantee in our favour for transit fees: 1,962,700 .00 EUR COMMITMENTS WITH REGARD TO RETIREMENT AND SURVIVOR'S PENSIONS FOR THE PERSONNEL OR EXECUTIVES, AT THE EXPENSE OF THE COMPANIES INCLUDED IN THE CONSOLIDATION Based on the law of 06 August 1993 on pensions for staff employed with local government, the group has a pension commitment of 7 .8 Million EUR relating to former staff of the Intermunicipal company AIE taken by Electrabel on 1st June 1991 . Due to the regulated nature of our business, the decision was taken to include the annual cost of these pensions insofar as they occur . COMMERCIAL NATURE AND PURPOSE OF OPERATIONS NOT INCLUDED IN THE BALANCE SHEET Provided that the risks or benefits arising from such operations are significant and insofar as the disclosure of the risks or benefits is necessary for assessing the financial position of the companies included in the consolidation as a whole; if applicable, the financial consequences of these operations for companies included in the consolidation as a whole must also be mentioned: None
CONSOLIDATED FINANCIAL STATEMENTS 87 RELATIONS WITH AFFILIATED COMPANIES AND COMPANIES WITH (amounts in €) WHICH THERE IS A PARTICPATION ASSOCIATION WHICH ARE NOT INCLUDED IN THE CONSOLIDATION CODES FINANCIAL YEAR PREVIOUS AFFILIATED COMPANIES FINANCIAL YEAR Financial assets Interests and shares 9261 Receivables 9291 After one year 9301 Within one year 9311 Cash investments 9321 Shares 9331 Receivables 9341 Debts 9351 After one year 9361 Within one year 9371 Personal and real guarantees Given or irrevocably promised by the company 9381 as surety for the debts or commitments of associated companies Other significant financial commitments 9401 Financial results Income from financial fixed assets 9421 Income from current assets 9431 Other financial products 9441 Debt charges 9461 Other financial costs 9471 COMPANIES WITH A PARTICIPATION LINK Financial assets Interests and shares 9262 824,216 .26 Receivables 9292 39,938,237.96 45,393,567.24 After one year 9302 Within one year 9312 39,938,237 .96 45,393,567 .24 Debts 9352 20,093,135.69 14,215,055.34 After one year 9362 Within one year 9372 20,093,135 .69 14,215,055 .34
(amounts in €)
FINANCIAL YEAR TRANSACTIONS WITH RELATED PARTIES OUTSIDE OF NORMAL MARKET CONDITIONS Mention of such transactions, with the exception of transactions within the group, if they are significant, including the amount and indication of the nature of the relationship with the related party as well as any other information on the transactions that would be required to get a better understanding of the financial position of the companies included in the consolidation as a whole: None
88 FINANCIAL STATEMENT ORES Assets scrl 2014 DERIVATIVE FINANCIAL INSTRUMENTS NOT VALUED AT FAIR VALUE (amounts in €)
FINANCIAL YEAR
If applicable, estimate of the fair value of each category of derivative financial instruments not valued at fair value in the accounts, with indications on the nature and volume of the instruments Hedging swaps (notional amount of €597,121,052.50) 43,822,606 .73
FINANCIAL RELATIONS WITH (amounts in €) CODES FINANCIAL YEAR DIRECTORS AND MANAGERS OF THE CONSOLIDATING COMPANY Total amount of remunerations granted in respect of their responsibilities in the consolidating company, its subsidiaries and affiliated companies, including the amount for retirement pensions granted in this respect to former directors or managers 99097 1,312,077 .32 Total amount of advances and loans granted by the consolidating company, by a subsidiary or by an associated company 99098
(amounts in €)
CODES FINANCIAL YEAR THE AUDITOR(S) AND PEOPLE WITH WHOM HE IS (THEY ARE) LINKED Auditor(s) fees Fees for the auditor's mandate for the financial year 9505 41,657 .00 Fees for exceptional services or specific assignments performed within the group Other auditing work 95061 6,561 .00 Tax advice tasks 95062 Other external services in connection to auditing 95063 10,795 .00 Fees for people with whom the auditor(s) is associated (are associated) Fees for the auditor's mandate for the financial year 9507 Fees for exceptional services or specific assignments performed within the group
Other auditing work 95081
Tax advice tasks 95082
Other external services in connection to auditing 95083
Notices pursuant to article 133, paragraph 6 of the Company Code
CONSOLIDATED FINANCIAL STATEMENTS 89 VALUATION RULES
A. CONSOLIDATION PRINCIPLES The difference resulting from this compensation is imputed insofar as possible to the elements of the assets The eight mixed inter-municipal companies were merged and liabilities in the consolidated accounts, which have a on 31 December 2013 with retroactive effect to 1 January value above or below their book value in the accounts of the 2013 and resulted in the creation of ORES Assets scrl (called subsidiary . “DSO” hereinafter or ORES Assets) . ORES Assets is therefore a The remaining difference, after this operation, is included gas and electricity distribution system operator (called in the consolidated balance sheet under the section DSO hereinafter) in Wallonia that on 31 December 2014 “Consolidation differences” , in the assets if positive, in the had exclusive control of its only subsidiary ORES scrl liabilities if negative . (called ORES scrl hereinafter) . For the preparation of the consolidated financial statements of the Group, ORES Assets The goodwill consolidation and negative goodwill cannot be has fully consolidated its subsidiary . offset, unless they are associated with the same subsidiary, in the latter case, they must be compensated . The consolidated financial statements of the Group include all the financial statements of the entities it controls Negative goodwill may be recorded on the consolidated (its subsidiaries) . The concept of control is defined as profit and loss account . However, when a negative being the power to govern the financial and operational consolidation difference corresponds at the relevant date of policies of an entity in order to obtain benefits from its a forecast of a weakness of future results of the subsidiary activities . The evaluation of the type of control is established concerned or the costs it incurs, it is booked on the on a case by case basis in accordance with the law of 7 May consolidated profit and loss account insofar as and at the 1999 of the Company Code . time that this forecast is occurs . Subsidiaries are entities controlled by the Group and A positive consolidation difference established in the are fully consolidated once the existence of control has been consolidated Group accounts as of 31 December 2012, established and until this control ends . comes from the difference between the price paid by ORES Assets to acquire its subsidiary ORES scrl and the book Intragroup balance and transactions, as well as any equity value of the subsidiary at its first consolidation in 2012 . profits resulting from intragroup transactions, are wholly It is amortised linearly over 5 years . eliminated in the consolidation process for the preparation of the consolidated financial statements . 2. Equity accounted companies
1. The consolidation difference Affiliated companies are companies in which the Group has a significant influence but does not have control . They are When the parent company incorporates a subsidiary for consolidated according to the equity method from the date the first time in its consolidated accounts, the equity of the on which the significant influence is established and until this subsidiary included in the consolidation is: influence ends . a) UP to the proportion of its equity represented by its When a holding is based on the equity method, it is shares and the shares held by the parent company and the included on the consolidated balance sheet to the amount subsidiaries included in the consolidation, offset by the book corresponding to the proportion of the equity of the value of these shares and the shares in the accounts of the company concerned, including the result for the financial parent company and the subsidiaries holding them, and year, represented by this holding . b) UP to the proportion of its equity represented by its shares and the shares held by persons other than the parent company and the subsidiaries included in the consolidation, included in the liabilities of the consolidated balance sheet under the section “Minority interests” .
ASSETS
I. Formation costs
The costs related to the formation, development or of at least 20% of the amounts actually spent . In any event, restructuring of the company are included in this section amortisation of loan issuing costs may be spread over the such as the costs of incorporation or capital increase, loan entire life of the loan . issuing costs . As concerns us, the costs charged under this section related The amortisation of the formation costs must follow the to the costs for issuing our bonds, they are amortised, as prescriptions of § 1st of article 59 of the Royal Decree of proposed by the law, over the entire duration of the loan . 30 January 2001 stipulating that the formation costs are subject to the appropriate amortisations in annual segments
90 FINANCIAL STATEMENT ORES Assets scrl 2014 II. Intangible assets III. Fixed assets
Intangible assets are intangible production . They represent Acquisition value fixed assets that the company wants to use as operational • Tangible assets are included on the balance sheet at their means . In other words they involve an operational capacity acquisition price, production cost or contribution value . for a limited or an unlimited duration . According to the Royal Decree of 30 January 2001 (art . 95, § 1st), a distinction must be Ancillary costs made between: • The ancillary costs are included in the acquisition value • Research and development expenses of fixed assets concerned . These notably include non-deductible VAT charged to the investments until • Concessions, patents and licences, knowhow, 30 June 1980 . The ancillary costs trademarks and other similar rights are amortised in step with the facilities to which they relate . • Goodwill Third party actions Intangible assets are booked if and only if it is probable that • Third party actions in the funding of tangible assets are future economic benefits attributable to the asset will flow to deducted from the acquisition values thereof . They are, in the company and if the cost of this asset may be measured addition, deducted from the basis of amortisation of the reliably . said facilities . Intangible assets are initially measured at cost . The cost Depreciations of internally generated intangible asset is the sum of expenditure incurred from the date when the intangible asset • The amortisations are calculated based on the linear met the recognition criteria according to Belgian GAAP . The method . The facilities leading to amortisation are those cost of an internally generated intangible asset comprises existing at December 31 of the financial year concerned . all directly attributable costs needed to create, produce and The amortisation rates to be considered as as follows: prepare the asset so that it can be operated in the manner intended by the management . ELECTRICITY DEPRECIATION After initial booking, the intangible assets are booked at INSTALLATIONS RATE IN % cost less the accumulated depreciation and accumulated impairment losses . The intangible assets are amortised Industrial buildings 3 according to the linear method on the useful life of the asset . Administrative buildings 2 The ORES group has taken the option to proceed to the activation of research and development costs under the Cables 2 intangible assets . Lines 2 The costs of research and development that may be capitalised Substations and cabins (HV and LV under intangible assets are costs for research, production 3 and development of prototypes, products, inventions and equipment) know-how, useful for future company operations . Connections - transformers 3
In this context, the personnel costs relating to researchers, Connections - lines and cables 2 technicians and other support staff, are activated insofar as they are used in the realisation of a project that meets the Measuring equipment 3 definition above . Electronic meters, budget meters 10 Intangible assets resulting from the research and development Remote control, lab and dispatching costs activity is then amortised linearly over its useful life (set 10 at 5 years) and reduced by any impairment losses . equipment Teletransmission and fibre optics 10
Tools and equipment 10
Vehicles 20 (transport of people and goods)
Rolling stock 10
Administrative equipment 33 (IT equipment)
CONSOLIDATED FINANCIAL STATEMENTS 91 When determining the initial value of the capital GAS DEPRECIATION INSTALLATIONS RATE IN % invested as at 31 .12 .2001 (iRAB), the electricity distribution network operators that have a technical Industrial buildings 3 inventory available allowing justification of the value of tangible fixed assets may choose to determine the initial Administrative buildings 2 value of the capital invested at 31 .12 .2001 based on the Pipes 2 economic value of this inventory . This was the option chosen by the Walloon mixed inter-municipal companies . Cabins / substations 3 The CREG requires that the RAB taken into consideration to Connections / Branching 3 determine the basis of a return on capital invested evolves according to the following formula: Measuring equipment 3 RABn = iRAB + investments n – amortisations n – Lab, dispatching equipment 10 decommissioning n (b) Electronic meters, The CREG also required the power, at any time, 10 budget meters to reconcile the RAB introduced in the pricing proposals with the accounting statements of the DSO’s (c) . Remote control, dispatching 10 equipment, lab equipment Meeting the constraints (a), (b) and (c) implies booking the RAB and an initial difference is clear in relation to the book value . Teletransmission and fibre optics 10 This initial difference that appears on the DSO balance sheet Tools and equipment 10 is on the one hand linked to the right to be the exclusive electricity and gas distributor for a defined period and on a Vehicles 20 fixed territory and on the other hand reflects the valuation of (transport of people and goods) the network concerned . Rolling stock 10 Given the specific nature of this initial difference, the DSO Administrative equipment chose to book it in a separate section of tangible fixed assets 33 (IT equipment) and not to depreciate or deallocate it . In November 2007, agreements were made between the DSO’s and the CREG, agreements that resulted in a transaction and publication of a Royal Decree in September Initial difference between the RAB and the book 2008 . value of tangible assets Article 4, §1st of the R .D . sets the initial value of the regulated Until the end of 2002, the tangible fixed assets were asset as the sum of the net book value of tangible assets and valued at the balance sheet based on the book value (or the the capital gain (the capital gain is the positive difference acquisition value less the amortisation fund) were revalued between the value of the iRAB and the original unamortised in accordance with the derogation obtained from the acquisition value) . Ministry of Economic Affairs on 22 November 1985 . Article 2 point 7° of the R .D . indicates that the costs mainly Since the beginning of 2003, the activity of the Walloon mixed include the part of the capital gain stipulated in article 4, inter-municipal electricity and gas distribution operators as § 1st, for equipment decommissioned during the course of the refocused, at the pace of liberalisation of the electricity and year, provided that the amount corresponding to that part of gas market, mainly in relation to the function of the electricity the capital gain be booked on a reserve in the DSO liabilities . and gas distribution system operator . The CREG controls the correlation between the evolution of With regard to the development of network usage rates, this reserve and the decommissioning of registered services . ORES Assets is responsible for establishing a proposal The method applied by the DSO to determine the technical which it submits, for approval, to the Commission for decommissioning is certified by the auditor of the DSO Regulation of Electricity and Gas (CREG) . This pricing concerned . proposal must respect the provisions of Royal Decree The capital gain is adjusted and deferred in the costs at of 2 September 2008 relating to the rules for fixing and a rate of 2% per annum during the first regulatory period . control of the total income and the fair profit margin, the At the end of the third year of each regulatory period, the general pricing structure, the balance between costs and average advance of decommissioning is determined over the receipts and the basic principles and procedures in relation 4 previous years . This moving average is applied during the to to the proposal and approval of rates, reporting and next regulatory period . cost control of the electricity and gas distribution network st operators (R .A ). in relation to the pricing policy and fair profit Article 5, §1 of the R .D . stipulates that the value of economic st margin . These provide a fair return on the invested capital reconstruction changes each year since 1 January 2007 notably based on a rate (“WACC: weighted average cost of capital”) by including the deduction of the part of the capital gain referred to in article 4, §1st, relating to the decommissioned deducted from a theoretical funding structure based on 1/3 equipment during the course of the year concerned . This of equity and 2/3 of third party capital and whatever the capital gain is deducted and adjusted in the costs at a rate actual financial structure of the DSO (a) . of 2% per year in the first regulatory period . At the end of the The capital invested consists of the economic value of third year of each regulatory period, the average advanced is tangible assets, regulated, increased or deducted from the determined over the 4 previous years . This average advanced working capital . is applied during the next regulatory period .
92 FINANCIAL STATEMENT ORES Assets scrl 2014 These provisions came into effect as from the pricing for the VIII. CASH INVESTMENTS 2008 financial year . Investment securities are included as assets on the balance Although the Royal Decrees of September 2008 were repealed sheet at their acquisition price, excluding ancillary costs or at by the law of 8 January 2012, the principles contained in these their contribution value . texts were applied in the context of the close of the 2013 and 2014 financial years . The 2012 rates were extended in 2013 At the end of the financial year, they are valued at the lower and 2014, these two financial years are in fact considered as of the following values: purchase price or contribution value an extension of the 2009-2012 regulatory period for which the or market value at the end of the financial year . DSO’s rates, still valid, were approved by the CREG on the basis of these principles . IX. SECURITIES AVAILABLE IV. FINANCIAL FIXED ASSETS The securities available are booked on the assets of the balance sheet at their nominal value . The financial fixed assets are included in the assets on the balance sheet at their acquisition value, less the uncalled X. ACCRUALS part . 1 . The costs incurred during the financial year but attributable At the end of each financial year, an individual evaluation in whole or in part to one or more subsequent financial years of each security portfolio is done to reflect the situation, are evaluated by adopting a proportional rule . profitability and prospects of the company in which the 2 . The income or part of the income which will only be participation or shares are held, as satisfactorily as possible . collected during the course of one or more subsequent V. RECEIVABLES AFTER ONE YEAR financial years but which are revenues from the year in question are evaluated at the amount of the share relating to Amounts receivable after one year are included in the balance the financial year concerned . sheet assets at their nominal value . The asset accruals mainly include the costs relating to the VI. INVENTORIES AND ORDERS IN pension charges previously paid in the form of capital to the benefit of the personnel of the operating company PROGRESS (ORES scrl) allocated to the distribution activities on the Inventories are values at the weighted average price . territory of the inter-municipal company . The works in progress are included in the balance sheet at The inclusion of these costs by the inter-municipal company their cost price . Regarding the work on behalf of third parties, is spread over a period not exceeding 20 years . the costs and billings are transferred to the profit and loss The estimated value of the transit fees on energy transport account when the works are considered finished . but not raised as of 31 December is also booked in the accounts on the accruals . VII. RECEIVABLES WITHIN ONE YEAR “Low voltage” and “low pressure” consumption for Amounts receivable due within one year are included in the residential and professional customers is only recorded once balance sheet assets at their nominal value . a year, so the quantities of energy transported for these They include receivables from customers for energy supplies customers between the date of the last recording of the (mainly protected customers), transit fees and miscellaneous meters and 31 December and the transit fees relating to them work . have to be estimated (total quantities of energy transported during the civil year - quantities transported and billed during They are cut from those considered as unrecoverable bad the same financial year - valuation of transit fees based on debt including those relating to known bankruptcies . These the applicable rates during the course of the financial year bad debts are included in full on the liabilities on the profit concerned) . and loss account (other operating charges II .G .) . If a part is subsequently recovered, the amoutn recovered will be The accrual of the assets include any “regulatory assets” shown on the assets side of the profit and loss account (other booked under the annuality principle of expenses and income . operating income I .D .) . These “regulatory assets” for the 2008-2014 period must be recoverable through future pricing . The impact on the results Outstanding receivables over 60 days are generally covered of the inter-municipal companies of these regulatory assets by write-downs . In 2011, a public procurement procedure was will be partially offset annually by an allocation of a part of started in order to allow the recovery of receivables for the the profits to the available reserves . It will, subsequently, be supply of energy to end customers as well as receivables for taken from the available reserves in pace with the recovery of works . This procurement anticipates a collection rate by the these “regulatory assets” from the market . successful tendering party . The share of these receivables covered by a write-down is calculated net of the expected recovery percentage .
CONSOLIDATED FINANCIAL STATEMENTS 93 LIABILITIES
XI. UNTAXED RESERVES XV. ACCRUALS
Capital gains and profits for which the immunity is subject to 1. The charges or parts of charges relating to the financial them being held in the company’s assets are booked under year but which are only paid during a subsequent financial this section . year are valued at the amount relating to the financial year . XII. PROVISIONS FOR RISKS 2. Income received during the financial year but which are attributable in whole or in part to a subsequent financial AND CHARGES year are also valued at an amount that has to be considered At the end of each financial year, the Board of Directors, as income for subsequent years . acting prudently, sincerely and in good faith, examines the The accrual of the liabilities include any “regulatory provisions to be made to cover all the anticipated risks or liabilities” booked under the annuality principle of expenses potential losses arising during the financial year and previous and income . These “regulatory liabilities” relating to the financial years . The provisions relating to the previous 2008-2014 period must be returned to the market during the financial years are regularly reviewed and the Board of next regulatory period . The impact on the results of these Directors decides on their allocation or destination . regulatory liabilities on the inter-municipal companies will be covered in full in the financial year to which it relates . XIII. AMOUNTS PAYABLE AFTER ONE YEAR The estimated value of the transit fees on energy transported but not raised as of 31 December is also booked in the Amounts payable after one year are included in the balance liabilities accruals account . sheet liabilities at their nominal value . “Low voltage” and “low pressure” consumption for XIV. AMOUNTS PAYABLE WITHIN ONE residential and professional customers is only recorded once a year, so the quantities of energy transported for these YEAR customers between the date of the last recording of the meters and 31 December and the transit fees relating to them Amounts payable within one year are included in the balance have to be estimated (total quantities of energy transported sheet liabilities at their nominal value . during the civil year - quantities transported and billed during the same financial year) (valuation of transit fees based on the applicable rates during the course of the financial year concerned) .
94 FINANCIAL STATEMENT ORES Assets scrl 2014 Reports by the Auditors
Report of the Board of Auditors to the General Meeting
The reader is forwarded to the report stated on page 55 of this document.
CONSOLIDATED ACCOUNTS 95 Report of the Statutory Auditor to the General Meeting
96 FINANCIAL STATEMENT ORES Assets scrl 2014 Report of the Statutory Auditor to the General Meeting
CONSOLIDATED ACCOUNTS 97 98 FINANCIAL STATEMENT ORES Assets scrl 2014 4. LIST OF CONTRACTORS List of active contracts in 2014
N° CONTRACTOR DESCRIPTION PROCEDURE
1 LITHOBETON NV Medium voltage switchgear negotiated procedure with publicity and prefabricated cabins
2 SCHNEIDER ELECTRIC SA Medium voltage switchgear negotiated procedure with publicity and prefabricated cabins
3 SGC Medium voltage switchgear negotiated procedure with publicity and prefabricated cabins
4 SIEMENS SA Medium voltage switchgear negotiated procedure with publicity and prefabricated cabins
5 DIVISION ANBUMA SA Supply of white heart malleable negotiated procedure without fittings publicity
6 MICHAUD-EXPORT SAS Supply of fittings for twisted BAXB low negotiated procedure with publicity voltage overhead networks
7 SADINTER-SOGECOMEX SA Supply of fittings for twisted BAXB low negotiated procedure with publicity voltage overhead networks
LIST OF CONTRACTORS 99 N° CONTRACTOR DESCRIPTION PROCEDURE
8 SICAME BENELUX SA Supply of fittings for twisted BAXB low negotiated procedure with publicity voltage overhead networks
9 TPIM SA Supply of fittings for twisted BAXB low negotiated procedure with publicity voltage overhead networks
10 Tyco Electronics Raychem N .V . Supply of fittings for twisted BAXB low negotiated procedure with publicity voltage overhead networks
11 VOLTACOM SPRL Supply of fittings for twisted BAXB low negotiated procedure with publicity voltage overhead networks
12 INFRATECH NV Supply of fibre optic cables negotiated procedure without publicity
13 NUSSBAUMER SA Supply of low voltage shunt clamps negotiated procedure without and shunt rings publicity
14 CDEL Supply of light fittings in the request for tenders open context of the replacement programme for devices equipped with high pressure mercury lamps - Stocl Series 1
15 PHILIPS BELGIUM Supply of light fittings in the request for tenders open context of the replacement programme for devices equipped with high pressure mercury lamps - Stocl Series 1
16 SCHREDER Supply of light fittings in the request for tenders open context of the replacement programme for devices equipped with high pressure mercury lamps - Stocl Series 1
17 ZG LIGHTING Supply of light fittings in the request for tenders open context of the replacement programme for devices equipped with high pressure mercury lamps - Stocl Series 1
18 GEORG FISCHER NV Supply of polyethylene valves negotiated procedure with publicity
19 INFRATECH NV Supply of polyethylene valves negotiated procedure with publicity
20 VIGOTEC AKATHERM SA Supply of polyethylene valves negotiated procedure with publicity
21 EMMER SERVICE SPRL Supply of ribbon and tape (adhesive, negotiated procedure with publicity protection, signage, insulation)
22 TPIM SA Supply of ribbon and tape (adhesive, negotiated procedure with publicity protection, signage, insulation)
23 CEBEO SA Supply of ribbon and tape (adhesive, negotiated procedure with publicity protection, signage, insulation)
24 EDF LUMINUS SA Supply of electricity and gas negotiated procedure with publicity for compensation of losses, OSP and own needs in 2016 and 2017
25 ELECTRABEL CUSTOMER Supply of electricity and gas negotiated procedure with publicity SOLUTIONS SA for compensation of losses, OSP and own needs in 2016 and 2017
100 FINANCIAL STATEMENT ORES Assets scrl 2014 N° CONTRACTOR DESCRIPTION PROCEDURE
26 ELECTRABEL SA Supply of electricity and gas negotiated procedure with publicity for compensation of losses, OSP and own needs in 2016 and 2017
27 AEG BELGIUM Supply of portable and mobile radio negotiated procedure without equipment publicity
28 SAIT ZENITEL BELGIUM NV Supply of portable and mobile radio negotiated procedure without equipment publicity
29 ELECTRO ENGINEERING Supply of fault current indicators negotiated procedure with publicity JANSEN SPRL
30 TECHNO SPECIALS S .A . Supply of fault current indicators negotiated procedure with publicity
31 TECONEX Supply of fault current indicators negotiated procedure with publicity
32 ENERSOL sprl Supply and installation of photovoltaic negotiated procedure with publicity panels on the sites in Louvain-la-Neuve, Namur, Frameries and Strépy-Bracquegnies
33 SAGEMCOM Supply of electrical Smart Meters negotiated procedure without G3 PLC publicity
34 TECONEX MV and LV fuses negotiated procedure with publicity
35 ELECOM SA MV and LV fuses negotiated procedure with publicity
36 JEAN MULLER MV and LV fuses negotiated procedure with publicity
37 GE INDUSTRIAL BELGIUM Contract to supply mains circuit negotiated procedure with publicity SPRL breakers
38 TECONEX Contract to supply mains circuit negotiated procedure with publicity breakers
39 COGENTECH Contract to supply, install and maintain negotiated procedure without cogeneration or micro-generation plants publicity - Lot 2 (Installation of a cogeneration plan on the ORES site in Strépy- Bracquegnies PCQ)
40 CARRIERES ET Contract for the installation of cables negotiated procedure with publicity TERRASSEMENTS S A. . and/or fibre optic ducts in Mouscron based on the WQESAWA qualification system (specific site)
41 PLATTEAU CONDUITES S .A . Contract for the installation of cables negotiated procedure with publicity and/or fibre optic ducts in Mouscron based on the WQESAWA qualification system (specific site)
42 TEI S .A . Contract for installation work of electrical negotiated procedure with publicity equipment in the HV plants of Louvain- la-Neuve, Waterloo and Court-Saint- Etienne based on the qualification system WQPOWA15
LIST OF CONTRACTORS 101 N° CONTRACTOR DESCRIPTION PROCEDURE
43 CEGELEC SA Contract for installation work of electrical negotiated procedure with publicity (Industry/Infra south) equipment in the HV plants of Louvain- la-Neuve, Waterloo and Court-Saint- Etienne based on the qualification system WQPOWA15
44 NIZET ENTREPRISE SA Contract for installation work of electrical negotiated procedure with publicity equipment in the HV plants of Louvain- la-Neuve, Waterloo and Court-Saint- Etienne based on the qualification system WQPOWA15
45 COFELY FABRICOM S .A . Contract for installation work of electrical negotiated procedure with publicity equipment in the HV/MV plants of Saint-Mard and La Croyère based on the qualification system WQPOWA15
46 ETABLISSEMENTS Contract for installation work of electrical negotiated procedure with publicity A . HEINEN SA equipment in the HV/MV plants of Saint-Mard and La Croyère based on the qualification system WQPOWA15
47 NIZET ENTREPRISE SA Contract for installation work of electrical negotiated procedure with publicity equipment in the HV plants of Marche- Les-Dames based on the qualification system WQPOWA15
48 CEGELEC SA Contract for installation work of electrical negotiated procedure with publicity (Industry/Infra south) equipment in the HV/MV plants of Ghlin
49 COFELY FABRICOM S .A . Contract for installation work of electrical negotiated procedure with publicity equipment in the plants of Bascoup, Butgenbach and Les Isnes
50 ETS E . RONVEAUX SA Contract for installation work of electrical negotiated procedure with publicity equipment in the plants of Bascoup, Butgenbach and Les Isnes
51 ETABLISSEMENTS Contract for installation work of electrical negotiated procedure with publicity A . HEINEN SA equipment in the HV/MV plants of Petit Rechain and Aubange
52 ETS E . RONVEAUX SA Contract for installation work of electrical negotiated procedure with publicity equipment in the HV/MV plants of Petit Rechain and Aubange
53 VD CABLING S A. . Contract for works on the electric meters negotiated procedure with publicity in the regions of Charleroi, Walloon Picardy and Luxembourg based on the qualification system WQCPEWA
54 CLE S .P .R .L . Contract for works on the electric meters negotiated procedure with publicity in the regions of La Louvière/Mons, Charleroi, Brabant Wallon, Namur and the district of Verviers based on the qualification system WQCPEWA
55 VD CABLING S A. . Contract for works on the electric meters negotiated procedure with publicity in the regions of La Louvière/Mons, Charleroi, Brabant Wallon, Namur and the district of Verviers based on the qualification system WQCPEWA
102 FINANCIAL STATEMENT ORES Assets scrl 2014 N° CONTRACTOR DESCRIPTION PROCEDURE
56 COFELY FABRICOM Contract for works on the gas meters in negotiated procedure with publicity INFRA SUD S A. . the regions of Charleroi, La Louvière/ Mons, Walloon Picardy, Brabant Wallon and Namur based on the qualification system WQCPGWA
57 FODETRA S .A . Contract for works on the gas meters in negotiated procedure with publicity the regions of Charleroi, La Louvière/ Mons, Walloon Picardy, Brabant Wallon and Namur based on the qualification system WQCPGWA
58 CONDUITES ET CABLES Contract for works on the gas meters in negotiated procedure with publicity ENTREPRISES S .P .R .L . the regions of Charleroi, La Louvière/ Mons, Walloon Picardy, Brabant Wallon and Namur based on the qualification system WQCPGWA
59 ETWAL S .A . Contract for works on the gas meters in negotiated procedure with publicity the regions of Charleroi, La Louvière/ Mons, Walloon Picardy, Brabant Wallon and Namur based on the qualification system WQCPGWA
60 FJC-METUBEL S .A . Contract for works on the gas meters in negotiated procedure with publicity the regions of Charleroi, La Louvière/ Mons, Walloon Picardy, Brabant Wallon and Namur based on the qualification system WQCPGWA
61 ETEC S .A . Contract for works on the gas meters in negotiated procedure with publicity the regions of Charleroi, La Louvière/ Mons, Walloon Picardy, Brabant Wallon and Namur based on the qualification system WQCPGWA
62 TMS S .A . Contract for works on the gas meters in negotiated procedure with publicity the regions of Charleroi, La Louvière/ Mons, Walloon Picardy, Brabant Wallon and Namur based on the qualification system WQCPGWA
63 BELGIAN POLES Concrete posts negotiated procedure with publicity MANUFACTURERS ASS MOM
64 PIERRE DUQUESNE Preventive maintenance service on the negotiated procedure without around the cabins publicity
65 ETHIAS sa civil liability insurance services for negotiated procedure without company executives and representatives: publicity GRDU + ORES scrl
66 MARSH sa Brokerage services with a view to the negotiated procedure without placement and monitoring of All risk publicity site insurance policies and CL Decennial including technical inspection
67 BELGEO SA Planimetric topography based on negotiated procedure with publicity the Waltopo format
68 GEOTOP SA Planimetric topography based on negotiated procedure with publicity the Waltopo format
69 TECCON SPRL Planimetric topography based on negotiated procedure with publicity the Waltopo format
LIST OF CONTRACTORS 103 N° CONTRACTOR DESCRIPTION PROCEDURE
70 ALPES 2100 SCRL Civil engineering works for the negotiated procedure with publicity construction of TCC premises in Aubange and Maisières - Lot 1 (Construction of the Aubange plant)
71 GREBAT SA Contract for the installation of cables negotiated procedure with publicity and/or fibre optic ducts in Erbisoeul based on the WQESAWA qualification system (specific site)
72 ROGER GEHLEN SA Contract for the installation of cables negotiated procedure with publicity and/or fibre optic ducts in Virton based on the WQESAWA qualification system (specific site)
73 CAPPAL SA Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of Charleroi, Walloon Picardy and Luxembourg based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - CHARLEROI
74 COFELY FABRICOM Works laying underground cables and/ negotiated procedure with publicity INFRA SUD S .A . or fibre optic ducts in the regions of Charleroi, Walloon Picardy and Luxembourg based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - CHARLEROI
75 COLLIGNON ENG . SA Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of Charleroi, Walloon Picardy and Luxembourg based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - CHARLEROI
76 ETEC S .A . Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of Charleroi, Walloon Picardy and Luxembourg based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - CHARLEROI
77 LEXAR TECHNICS SA Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of Charleroi, Walloon Picardy and Luxembourg based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - CHARLEROI
78 ENGEMA SA Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of Charleroi, Walloon Picardy and Luxembourg based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - LUXEMBOURG
104 FINANCIAL STATEMENT ORES Assets scrl 2014 N° CONTRACTOR DESCRIPTION PROCEDURE
79 ENTREPRISE BONIVER S A. . Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of Charleroi, Walloon Picardy and Luxembourg based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - LUXEMBOURG
80 ENTREPRISE DEVRESSE SA Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of Charleroi, Walloon Picardy and Luxembourg based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - LUXEMBOURG
81 SUDTRAFOR S .A . Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of Charleroi, Walloon Picardy and Luxembourg based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - LUXEMBOURG
82 TRTC BONFOND & FILS- Works laying underground cables and/ negotiated procedure with publicity LEJEUNE & FILS Association or fibre optic ducts in the regions Momentanée of Charleroi, Walloon Picardy and Luxembourg based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - LUXEMBOURG
83 ELECTROMONTAGE S A. . Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of Charleroi, Walloon Picardy and Luxembourg based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - WALLOON PICARDY
84 PLATTEAU CONDUITES S .A . Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of Charleroi, Walloon Picardy and Luxembourg based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - WALLOON PICARDY
85 TRAVOCO SA Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of Charleroi, Walloon Picardy and Luxembourg based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - WALLOON PICARDY
86 A G. .E .C CONSTRUCT SPRL Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of La Louvière/Mons, Namur, Brabant Wallon and Verviers/Eupen-Malmedy based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - NAMUR
LIST OF CONTRACTORS 105 N° CONTRACTOR DESCRIPTION PROCEDURE
87 COFELY FABRICOM INFRA Works laying underground cables and/ negotiated procedure with publicity SUD S .A . or fibre optic ducts in the regions of La Louvière/Mons, Namur, Brabant Wallon and Verviers/Eupen-Malmedy based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - BRABANT WALLON
88 ELECTROMONTAGE S A. . Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of La Louvière/Mons, Namur, Brabant Wallon and Verviers/Eupen-Malmedy based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - LA LOUVIERE/MONS
89 ENGEMA SA Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of La Louvière/Mons, Namur, Brabant Wallon and Verviers/Eupen-Malmedy based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - NAMUR
90 ENTREPRISE BONIVER S .A . Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of La Louvière/Mons, Namur, Brabant Wallon and Verviers/Eupen-Malmedy based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - VERVIERS/EUPEN- MALMEDY
91 ENTREPRISES WILKIN SA Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of La Louvière/Mons, Namur, Brabant Wallon and Verviers/Eupen-Malmedy based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - VERVIERS/EUPEN- MALMEDY
92 ETABLISSEMENTS Works laying underground cables and/ negotiated procedure with publicity DEMOL S P. .R .L . or fibre optic ducts in the regions of La Louvière/Mons, Namur, Brabant Wallon and Verviers/Eupen-Malmedy based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - BRABANT WALLON
93 ETEC S .A . Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of La Louvière/Mons, Namur, Brabant Wallon and Verviers/Eupen-Malmedy based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - BRABANT WALLON
94 ETS E . RONVEAUX SA Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of La Louvière/Mons, Namur, Brabant Wallon and Verviers/Eupen-Malmedy based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - NAMUR
106 FINANCIAL STATEMENT ORES Assets scrl 2014 N° CONTRACTOR DESCRIPTION PROCEDURE
95 FODETRA S A. . Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of La Louvière/Mons, Namur, Brabant Wallon and Verviers/Eupen-Malmedy based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - BRABANT WALLON
96 FODETRA S .A . Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of La Louvière/Mons, Namur, Brabant Wallon and Verviers/Eupen-Malmedy based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - NAMUR
97 GENETEC SA Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of La Louvière/Mons, Namur, Brabant Wallon and Verviers/Eupen-Malmedy based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - NAMUR
98 HOTTON TRAVAUX S .A . Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of La Louvière/Mons, Namur, Brabant Wallon and Verviers/Eupen-Malmedy based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - NAMUR
99 LEXAR TECHNICS SA Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of La Louvière/Mons, Namur, Brabant Wallon and Verviers/Eupen-Malmedy based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - LA LOUVIERE/MONS
100 NELLES FRERES S .A . Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of La Louvière/Mons, Namur, Brabant Wallon and Verviers/Eupen-Malmedy based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - VERVIERS/EUPEN- MALMEDY
101 PLATTEAU CONDUITES S .A . Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of La Louvière/Mons, Namur, Brabant Wallon and Verviers/Eupen-Malmedy based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - LA LOUVIERE/MONS
102 RENE LEJEUNE ET FILS S A. . Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of La Louvière/Mons, Namur, Brabant Wallon and Verviers/Eupen-Malmedy based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - VERVIERS/EUPEN- MALMEDY
LIST OF CONTRACTORS 107 N° CONTRACTOR DESCRIPTION PROCEDURE
103 ROGER GEHLEN SA Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of La Louvière/Mons, Namur, Brabant Wallon and Verviers/Eupen-Malmedy based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - VERVIERS/EUPEN- MALMEDY
104 SUDTRAFOR S .A . Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of La Louvière/Mons, Namur, Brabant Wallon and Verviers/Eupen-Malmedy based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - NAMUR
105 TMS S .A . Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of La Louvière/Mons, Namur, Brabant Wallon and Verviers/Eupen-Malmedy based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - NAMUR
106 TRAVOCO SA Works laying underground cables and/ negotiated procedure with publicity or fibre optic ducts in the regions of La Louvière/Mons, Namur, Brabant Wallon and Verviers/Eupen-Malmedy based on the WQESAWA qualification system - Laying underground cables and/or fibre optic ducts - LA LOUVIERE/MONS
107 FJC-METUBEL S .A . Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/or fibre optic ducts) in the regions of Charleroi, Walloon Picardy and Luxembourg
108 TMS S .A . Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/or fibre optic ducts) in the regions of Charleroi, Walloon Picardy and Luxembourg
109 AQUAENERGIA S A. . Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/or fibre optic ducts) in the regions of Charleroi, Walloon Picardy and Luxembourg
110 CARRIERES Works laying PE gas pipelines or mixed negotiated procedure with publicity ET TERRASSEMENTS S .A . installations (PE gas pipelines or PE gas pipelines and electric cables and/or fibre optic ducts) in the regions of Charleroi, Walloon Picardy and Luxembourg
111 COLLIGNON ENG . SA Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/or fibre optic ducts) in the regions of Charleroi, Walloon Picardy and Luxembourg
108 FINANCIAL STATEMENT ORES Assets scrl 2014 N° CONTRACTOR DESCRIPTION PROCEDURE
112 ENTREPRISE DEVRESSE SA Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/or fibre optic ducts) in the regions of Charleroi, Walloon Picardy and Luxembourg
113 ENTREPRISE JEROUVILLE SA Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/or fibre optic ducts) in the regions of Charleroi, Walloon Picardy and Luxembourg
114 ETEC S .A . Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/or fibre optic ducts) in the regions of Charleroi, Walloon Picardy and Luxembourg
115 FODETRA S .A . Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/or fibre optic ducts) in the regions of Charleroi, Walloon Picardy and Luxembourg
116 GREBAT SA Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/or fibre optic ducts) in the regions of Charleroi, Walloon Picardy and Luxembourg
117 HOTTON TRAVAUX S .A . Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/or fibre optic ducts) in the regions of Charleroi, Walloon Picardy and Luxembourg
118 HYDROGAZ S A. . Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/or fibre optic ducts) in the regions of Charleroi, Walloon Picardy and Luxembourg
119 PLATTEAU CONDUITES S .A . Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/or fibre optic ducts) in the regions of Charleroi, Walloon Picardy and Luxembourg
120 SUDTRAFOR S .A . Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/or fibre optic ducts) in the regions of Charleroi, Walloon Picardy and Luxembourg
121 TRAVOCO SA Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/or fibre optic ducts) in the regions of Charleroi, Walloon Picardy and Luxembourg
122 VEREECKE NV Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/or fibre optic ducts) in the regions of Charleroi, Walloon Picardy and Luxembourg
LIST OF CONTRACTORS 109 N° CONTRACTOR DESCRIPTION PROCEDURE
123 CAPPAL SA Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/ or fibre optic ducts) in the regions of La Louvière-Mons, Brabant Wallon and Namur
124 COFELY FABRICOM INFRA Works laying PE gas pipelines or mixed negotiated procedure with publicity SUD S .A . installations (PE gas pipelines or PE gas pipelines and electric cables and/ or fibre optic ducts) in the regions of La Louvière-Mons, Brabant Wallon and Namur
125 ETEC S .A . Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/ or fibre optic ducts) in the regions of La Louvière-Mons, Brabant Wallon and Namur
126 HOTTAT & DELVAUX B .V .B .A . Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/ or fibre optic ducts) in the regions of La Louvière-Mons, Brabant Wallon and Namur
127 APK INFRA N .V . Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/ or fibre optic ducts) in the regions of La Louvière-Mons, Brabant Wallon and Namur
128 CAPPAL SA Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/ or fibre optic ducts) in the regions of La Louvière-Mons, Brabant Wallon and Namur
129 CARRIERES ET Works laying PE gas pipelines or mixed negotiated procedure with publicity TERRASSEMENTS S A. . installations (PE gas pipelines or PE gas pipelines and electric cables and/ or fibre optic ducts) in the regions of La Louvière-Mons, Brabant Wallon and Namur
130 CONDUITES Works laying PE gas pipelines or mixed negotiated procedure with publicity ET CABLES ENTREPRISES installations (PE gas pipelines or PE S P. .R L. . gas pipelines and electric cables and/ or fibre optic ducts) in the regions of La Louvière-Mons, Brabant Wallon and Namur
131 ELECTROMONTAGE S A. . Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/ or fibre optic ducts) in the regions of La Louvière-Mons, Brabant Wallon and Namur
110 FINANCIAL STATEMENT ORES Assets scrl 2014 N° CONTRACTOR DESCRIPTION PROCEDURE
132 ETABLISSEMENTS Works laying PE gas pipelines or mixed negotiated procedure with publicity DEMOL S .P .R .L . installations (PE gas pipelines or PE gas pipelines and electric cables and/ or fibre optic ducts) in the regions of La Louvière-Mons, Brabant Wallon and Namur
133 ETWAL S .A . Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/ or fibre optic ducts) in the regions of La Louvière-Mons, Brabant Wallon and Namur
134 FJC-METUBEL S .A . Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/ or fibre optic ducts) in the regions of La Louvière-Mons, Brabant Wallon and Namur
135 FODETRA S .A . Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/ or fibre optic ducts) in the regions of La Louvière-Mons, Brabant Wallon and Namur
136 HYDROGAZ S A. . Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/ or fibre optic ducts) in the regions of La Louvière-Mons, Brabant Wallon and Namur
137 PLATTEAU CONDUITES S .A . Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/ or fibre optic ducts) in the regions of La Louvière-Mons, Brabant Wallon and Namur
138 TRAVOCO SA Works laying PE gas pipelines or mixed negotiated procedure with publicity installations (PE gas pipelines or PE gas pipelines and electric cables and/ or fibre optic ducts) in the regions of La Louvière-Mons, Brabant Wallon and Namur
139 VERBRAEKEN Works laying PE gas pipelines or mixed negotiated procedure with publicity CONSTRUCTION S .A . installations (PE gas pipelines or PE gas pipelines and electric cables and/ or fibre optic ducts) in the regions of La Louvière-Mons, Brabant Wallon and Namur
140 FODETRA S .A . Works laying mixed installations (steel negotiated procedure with publicity gas pipelines and electric cables and fibre optic ducts) in Vielsalm based on the WQXSAWA qualification system (specific site) .
141 ETEC S .A . Works replacing lighting with high restricted request for tenders pressure mercury lamps
LIST OF CONTRACTORS 111 N° CONTRACTOR DESCRIPTION PROCEDURE
142 INDUSTRIE NOUVELLES Works replacing lighting with high restricted request for tenders TECHNOLOGIES SA pressure mercury lamps
143 TEI S .A . Works replacing lighting with high restricted request for tenders pressure mercury lamps
144 VEKAN SA Works replacing lighting with high restricted request for tenders pressure mercury lamps
145 CEGELEC INFRA Works replacing lighting with high pressure restricted request for tenders TECHNICS S .A . mercury lamps in the regions of Brabant Wallon, Liège, Luxembourg and Namur
146 COFELY FABRICOM INFRA Works on the low voltage overhead negotiated procedure with publicity SUD S .A . network and public street lighting in the region of Liège
147 ENTREPRISE Works on the low voltage overhead negotiated procedure with publicity ANDRE LEMAIRE S .A . network and public street lighting in the region of Liège
148 ETABLISSEMENTS Works on the low voltage overhead negotiated procedure with publicity JACOBS SA network and public street lighting in the region of Liège
149 COFELY FABRICOM Works on the low voltage overhead negotiated procedure with publicity INFRA SUD S .A . network and public street lighting in the regions of Charleroi and Walloon Picardy based on the WQBLAAWA qualification system
150 TEI S .A . Works on the low voltage overhead network negotiated procedure with publicity and public street lighting in the regions of Charleroi and Walloon Picardy based on the WQBLAAWA qualification system
151 CONSTRUCT TIME S .A . Works on the low voltage overhead negotiated procedure with publicity network and public street lighting in the regions of Charleroi and Walloon Picardy based on the WQBLAAWA qualification system
152 ETEC S .A . Works on the low voltage overhead negotiated procedure with publicity network and public street lighting in the regions of Charleroi and Walloon Picardy based on the WQBLAAWA qualification system
153 VANO-ELECTRO S .A . Works on the low voltage overhead negotiated procedure with publicity network and public street lighting in the regions of Charleroi and Walloon Picardy based on the WQBLAAWA qualification system
154 CONSTRUCT TIME S .A . Works on the low voltage overhead negotiated procedure with publicity network and public street lighting in the regions of La Louvière/Mons and Luxembourg based on the WQBLAAWA qualification system
155 ETEC S .A . Works on the low voltage overhead negotiated procedure with publicity network and public street lighting in the regions of La Louvière/Mons and Luxembourg based on the WQBLAAWA qualification system
112 FINANCIAL STATEMENT ORES Assets scrl 2014 N° CONTRACTOR DESCRIPTION PROCEDURE
156 COFELY FABRICOM Works on the low voltage overhead negotiated procedure with publicity INFRA SUD S A. . network and public street lighting in the regions of La Louvière/Mons and Luxembourg based on the WQBLAAWA qualification system
157 ENGEMA SA Works on the low voltage overhead negotiated procedure with publicity network and public street lighting in the regions of La Louvière/Mons and Luxembourg based on the WQBLAAWA qualification system
158 ETS E . RONVEAUX SA Works on the low voltage overhead negotiated procedure with publicity network and public street lighting in the regions of La Louvière/Mons and Luxembourg based on the WQBLAAWA qualification system
159 GENETEC SA Works on the low voltage overhead negotiated procedure with publicity network and public street lighting in the regions of La Louvière/Mons and Luxembourg based on the WQBLAAWA qualification system
160 COFELY FABRICOM Works on the low voltage overhead negotiated procedure with publicity INFRA SUD S .A . network and public street lighting in the regions of Brabant Wallon and Namur based on the WQBLAAWA qualification system
161 CONSTRUCT TIME S .A . Works on the low voltage overhead negotiated procedure with publicity network and public street lighting in the regions of Brabant Wallon and Namur based on the WQBLAAWA qualification system
162 ETEC S .A . Works on the low voltage overhead negotiated procedure with publicity network and public street lighting in the regions of Brabant Wallon and Namur based on the WQBLAAWA qualification system
163 ETS E . RONVEAUX SA Works on the low voltage overhead negotiated procedure with publicity network and public street lighting in the regions of Brabant Wallon and Namur based on the WQBLAAWA qualification system
164 GENETEC SA Works on the low voltage overhead negotiated procedure with publicity network and public street lighting in the regions of Brabant Wallon and Namur based on the WQBLAAWA qualification system
165 INDUSTRIE Works on the low voltage overhead negotiated procedure with publicity NOUVELLES network and public street lighting in the TECHNOLOGIES SA regions of Brabant Wallon and Namur based on the WQBLAAWA qualification system
166 SAFALEC SA Works on the low voltage overhead negotiated procedure with publicity network and public street lighting in the regions of Brabant Wallon and Namur based on the WQBLAAWA qualification system
LIST OF CONTRACTORS 113 LIST OF CONTRACTORS 114 www.oresassets.net ORES [email protected] Avenue JeanMonnet,2 Tel. :+32(0)78.15.78.01 1348 Louvain-la-Neuve Assets scrl Begium
Creation - Printing: www.losfeld.be • Responsible Publisher: Jean-Michel Brebant, ORES Communication Department, rue Antoine de Saint Exupery, 18 • 6041 Gosselies 2014 FINANCIAL REPORT ORES Assets scrl