Schweizerische Eidgenossenschaft Confédération suisse Confederazione Svizzera Confederaziun svizra Swiss Confederation Federal consolidated financial statements Financial report 201 2015 Published and edited by Editing Federal Finance Administration Internet: www.efv.admin.ch Distribution FOBL, Federal Publication Sales, CH-3003 Bern www.bundespublikationen.admin.ch Art. No. 601.303.15e TABLE OF CONTENTS Federal consolidated financial statements | 2015 Report on the federal consolidated financial statements Page 1 Figures overview 5 2 Summary 7 3 Annual financial statements 9 31 Statement of financial performance 9 32 Statement of financial position 10 33 Cash flow statement 11 34 Statement of net assets/equity 13 4 Notes to the annual financial statements 15 41 General principles 15 1 Basis 15 2 Accounting principles 17 3 Consolidation scope 24 4 Risk situation and risk management 25 42 Explanations concerning the consolidated financial statements 26 Items in the statement of financial performance 1 Tax revenue 26 2 Service revenue 28 3 Other revenue 29 4 Personnel expenses 30 5 Other operating expenses 31 6 Transfer expenses 32 7 Financial revenue 34 8 Financial expense 35 Items in the statement of financial position 9 Cash and cash equivalents 36 10 Receivables 37 11 Financial investments 38 12 Inventories 40 13 Prepaid expenses and accrued income 41 14 Tangible and intangible fixed assets 42 15 Loans 44 16 Financial interests 45 17 Current liabilities 47 18 Financial liabilities 48 19 Accrued expenses and deferred income 49 20 Provisions 50 21 Other liabilities 52 43 Further explanations 54 1 Segment reporting 54 2 Debt (gross and net debt) 56 3a Contingent liabilities 57 3b Further contingent liabilities 60 4 Closed pension schemes 62 TABLE OF CONTENTS Federal consolidated financial statements | 2015 Page 5 SERV liability scope 63 6 Contingent assets 64 7 Financial pledges 65 8 Related parties 66 9 Translation rates 67 10 Events after the reporting date 67 5 Relationship with federal financial statements and financial statistics 69 51 Structural differences 69 52 Overview of consolidated entities 70 53 Transfer expenses (comparison with the parent entity) 72 54 Debt (comparison with the parent entity) 73 01 FIGURES OVERVIEW restated Financial Financial Financial Financial Financial statements statements statements statements statements CHF mn 2011 2012 2013 2014 2015 Statement of financial performance Operating revenue 64 319 62 778 64 193 64 174 67 432 Operating expenses 60 727 59 930 63 022 62 197 64 586 Operating result 3 592 2 848 1 171 1 977 2 846 Financial revenue 957 440 1 325 333 665 Financial expense 3 200 3 101 2 682 2 608 2 594 Financial result -2 243 -2 661 -1 357 -2 275 -1 929 Equity interest revenue 1 256 2 228 1 457 1 700 876 Equity interest expenses 440 – 284 – 53 Equity interest result 816 2 228 1 173 1 700 823 Surplus or deficit 2 165 2 415 987 1 402 1 740 Statement of financial position Current assets 16 589 20 175 22 388 21 750 22 169 Non-current assets 81 095 82 182 82 302 84 153 83 985 Liabilities 127 980 130 210 131 678 130 796 129 314 Net assets/equity -30 296 -27 853 -26 988 -24 893 -23 160 Cash flow statement Cash flows from operating activities 3 491 4 809 6 887 5 403 9 019 Cash flows from investing activities -3 624 -2 573 -3 823 -5 100 -2 796 Cash flows from financing activities 5 1 532 -904 -2 493 -4 795 Total cash flow -128 3 768 2 160 -2 190 1 428 Debt Gross debt 108 170 109 897 109 225 106 555 101 231 Net debt 86 022 84 661 81 935 79 459 74 417 Staff Number of full-time employees (FTE) 49 907 50 686 51 954 53 220 54 538 5 O:\Div-daten\FBE\RG\Redaktion\KRB\TAB\manuell\FBE geladen\KRB-1000-01-tab-dfie 02 SUMMARY The federal consolidated financial statements provide a comprehensive picture of the financial position of “federal public services”. They give an overview of the assets, financial position and financial performance, and show the financial risks of entities and organizations which are allocated to and charged with discharging functions within the Federal Administration structure. The consolidation scope meets the minimum requirements set the Swiss Federal Institutes of Technology (ETH) Domain, the out in Article 55 paragraph 1 of the Federal Budget Act (parent fund for major railway projects (FinPT fund) and the infrastruc­ entity, separate accounts, entities of the decentralized Federal ture fund (IF) – are relatively small organizations which mainly Administration with their own accounts). It is presented in the perform services on a monopoly basis and economic and safety notes to the annual financial statements (see section 41/3). The oversight functions, and are thus less impacted by capital and differences between the consolidated financial statements and financing. What is somewhat more surprising is the fact that the the federal financial statements and the financial statistics are ETH Domain and the FinPT and IF funds only give rise to mar­ explained in section 5. ginal differences compared with the parent entity financial statements. This is because the FinPT and IF funds are funded The Confederation as parent entity dominates the figures in the exclusively through the parent entity while the ETH Domain re­ consolidated financial statements (see table below). This result is ceives extensive funding from the parent entity, and the majori­ to be expected, given that the consolidated entities – except for ty of large items are netted against one another. Both funding Overview of publications on budget figures at federal level (without social insurance, cantons and communes) Financial statistics Financial statements of the state and other public sectors, consolidated State fin. statements/budget Consolidated financial statements unconsolidated Financial statements of the state as well as decentralized units of the Federal Administration Federal financial statements/Federal budget with their own accounts (not to be approved Central Federal Administration by Parliament) (corresponds to the scope of the debt brake) – Swiss Financial Market Supervisory Authority Separate accounts – Swiss Federal Nuclear Safety Inspectorate Accounts to be approved by Parliament – Swiss Federal Institute of Intellectual Property – Fund for major railway projects – Federal Audit Oversight Authority – Infrastructure fund – Swiss Export Risk Insurance – Swiss Alcohol Board – Swissmedic – Swiss Association for Hotel Credit – Swiss Federal Institutes of Technology Domain – SIFEM AG – Swiss Federal Institute for Vocational Education and Training – Federal Institute of Metrology – Swiss National Museum – Pro Helvetia – Swiss National Science Foundation – Switzerland Tourism 7 Federal consolidated financial statements | 2015 02 Summary and investments are essentially undertaken by the Federal Treas­ Restatement ury. This means that fluctuations in the entities’ liquidity can be The ETH Domain partly adjusted its accounting and valuation principles offset to some extent, thus keeping Treasury reserves low and during the year under review. These adjustments were included to a large reducing the associated costs. It also eliminates any competition extent in the 2015 consolidated financial statements (see section 41/2). In between entities on the money and capital markets. order to ensure comparability with the previous year, the figures for 2014 were also restated and the corresponding column and row headings were marked “restated”. Scale of consolidated entities - overview Surplus Net assets/ 2015 or deficit Liabilities equity Employees Entities CHF mn CHF mn CHF mn FTE Central Federal Administration (Confederation as parent) 2 025 132 770 -20 748 34 935 Decentralized Federal Administration 168 12 093 -897 19 603 Swiss Federal Institutes of Technology Domain 138 2 151 2 535 17 616 Fund for major railway projects -494 8 857 -8 807 – Infrastructure fund 193 8 1 873 – Other entities 331 1 077 3 502 1 987 Subtotal 2 193 144 863 -21 645 54 538 Consolidation entries -453 -15 549 -1 515 – Federal consolidated financial statements 1 740 129 314 -23 160 54 538 Commentary on the federal consolidated Statement of financial position financial statements The negative net assets/equity declined by 1.7 billion due to the surplus posted in the statement of financial performance. The Statement of financial performance Confederation’s net assets/equity have risen from -44.4 billion The statement of financial performance closed with a revenue to -23.2 billion since the first consolidation as of December 31, surplus of 1.7 billion, representing an increase of 0.3 billion, or 2008. Much of those gains were used for the redemption of long- 24%. The operating result (+2.8 bn) and the result from signifi­ term financial liabilities (bonds) or investment in non-current cant interests (equity interest result; +0.8 bn) contributed to the assets. surplus. The financial result (-1.9 bn) adversely affected the fi­ nancial statements like in previous years. Cash flow statement The operating result posted a year-on-year improvement of The cash inflow from operating activities amounted to 9.0 bil­ 0.9 billion, whereby the individual revenue and expense items lion, which meant that investments (net 2.8 bn) and the re­ contributed in different ways. Consequently, it was possible for demption of financial liabilities (4.8 bn) could be self-financed. the weaker result from the valuation of significant interests, The surplus of 1.4 billion flowed into cash and cash equivalents, which also amounted to 0.9 billion, to be offset. Finally, the which amounted to 11.3 billion at the end of the year. There has change of 0.3 billion in the annual surplus largely corresponded never yet been a negative cash flow from operating activities to the positive development of the financial result. since the very first federal consolidated financial statements. 8 03 ANNUAL FINANCIAL STATEMENTS 31 Statement of financial performance The statement of financial performance ended with a revenue surplus of 1.7 billion.