GROUPE ROMANDE ENERGIE/media/Files/... · CHF 000, unless otherwise stated 1.1.-30.06.2009 1.1.-30.06.2008 1.1.-30.06.2007 1.1.-30.06.2006 1.1.-30.06.2005 INCOME STATEMENT Continuing

GROUPEROMANDEENERGIEINTERIM REPORT JUNE 2009

Rapport Intermediaire_Juin 09_Couv_EN:Mise en page 1 31.8.2009 14:06 Page 1

CHF 000, unless otherwise stated 1.1.-30.06.2009 1.1.-30.06.2008 1.1.-30.06.2007 1.1.-30.06.2006 1.1.-30.06.2005

INCOME STATEMENT

Continuing operationsNet revenues 282 282 256 264 227 004 240 666 237 571

Gross margin 104 495 111 202 114 833 137 805 150 610

Personnel expenses 37 658 36 825 37 217 43 593 44 451

EBITDA 44 878 53 854 59 101 74 508 87 093

EBIT 20 537 32 809 38 510 52 567 66 178 Equity in net income of affiliated companies 588 744 32 517 15 806 6 735 10 654

Net income for the period 607 077 55 103 49 922 46 846 61 397

CASH FLOWNet cash provided by operating activities

183 492 12 298 16 348 7 950 65 141 Net cash provided by/(used in) investing activities ( 74 560) ( 14 479) ( 38 333) ( 48 526) 14 280 Net cash used in financing activities ( 27 450) ( 32 972) ( 52 649) ( 17 623) 14 146

OTHER DATA 30.06.2009 31.12.2008 31.12.2007 31.12.2006 31.12.2005

Shareholders’ equity attributable to parent company shareholders 1 983 013 1 805 620 1 802 675 1 404 478 1 147 680

Shareholders' equity as % of total assets 84.9 83.4 81.0 75.2 69.9

Shareholders' equity per share (in CHF) 1 801 1 640 1 638 1 276 1 043

Romande Energie share price at 30 June (in CHF) 2 045 1 980 2 085 1 668 1 170

The above financial data were prepared in accordance with the International Financial Reporting Standards (IFRS).

ROMANDE ENERGIE GROUP INTERIM CONSOLIDATED FINANCIAL STATEMENTSKey consolidated figures

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Romande Energie Group posted mixed results in the first half of 2009. While EBIT declined by 37%, mainly because of the high cost of energy purchases on the wholesale markets, net income was exceptionally strong following the transaction that preceded the creation of the Alpiq Group in January 2009. The significant decrease in EBIT was primarily due to the high cost of energy purchases on the wholesale markets. The first half of the year was also marked by an exceptional accounting operation in connection with the creation of Alpiq. The contribution of assets of EOS Holding (EOSH) under the merger of EOS and Atel led to the recognition of a book profit of some CHF 1.9 billion at EOSH. As Romande Energie Group has a shareholding of 28.72% in EOSH, equity in net income of affiliated companies rose by CHF 551 million. Net revenues up Net revenues amounted to CHF 282 million, an increase of CHF 26 million (10%) compared with the first half of 2008. This revenue growth is explained mainly by an extension of the marketing zone since Romande Energie Commerce SA commenced operations on 1 April 2008, bringing together the marketing activities of several electricity distributors in Vaud Canton. Sharp rise in energy purchases The cost of energy supplies exceeded the H1 08 figure by CHF 18.6 million. Purchasing volumes were also higher (up some 102 GWh) in order to accommodate increased sales and offset a fall of 13% in own-power generation caused by adverse weather condition. Lower gross margin Gross margin contracted by CHF 6.7 million (-6%) compared with the first half of 2008. Stable operating expenses Taking into account the various acquisitions made in 2008, personnel expenses and other operating expenses in H1 09 were perfectly in line with those in the year-earlier period. Exceptional net income Net income stood at CHF 607 million. This figure includes an exceptional gain of CHF 551 million resulting from the transaction that led to the creation of Alpiq in January 2009, following the merger of EOS and Atel. Excluding equity in net income of affiliated companies, the Group’s net earnings fell by CHF 4.3 million (-18.8%). Increase in shareholders’ equity Taking into account overall income for the period and the dividend distribution, shareholders’ equity rose by CHF 177 million to CHF 1,983 billion at 30 June 2009. Romande Energie Holding share price 1 January 2009 – 13 August 2009

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Rise in share price during H1 09 Romande Energie shares closed at CHF 2,045 at 30 June 2009, compared with CHF 1,980 at 31 December 2008. Taking into account holdings of own shares, market capitalization was CHF 2.3 billion (CHF 2.2 billion six months earlier). Enterprise value down CHF 14 million Enterprise value is the total amount that shareholders and third parties have invested in the Group, less cash and cash equivalents: CHF 000 30.06.2009 31.12.2008

M arket capitalization 2 251 189 2 179 635 M inority interes ts 16 507 18 039 F inanc ial debts 36 590 39 462 less cash and cas h equivalent ( 242 676) ( 161 194)

E nterprise value 2 061 610 2 075 942 E nterprise value/E BITDA n.a . 16.00 Acquisition On 18 May 2009, Romande Energie Group acquired Tecfor SA, a company active in the field of geothermal drilling. This acquisition is in keeping with the Group’s energy efficiency strategy. By acquiring a drilling company, the Group will be able to offer a turnkey solution in the area of heat pumps. Outlook for the Group The first effects of the economic crisis were clearly apparent during the first half of the year, and the Group expects a slight contraction in the volume of kWh distributed. Between 1 September and 31 October 2009, customers consuming more than 100,000 kWh a year will again be able to exercise their right of eligibility for electricity supplies. The volumes gained or lost by Romande Energie Commerce SA will depend, among other factors, on the strategies adopted by competitors and price trends on the wholesale markets. The Group will keep its prices unchanged in 2010, even though it anticipates higher costs on the supply front. This decision reflects its desire not to aggravate the difficulties facing some of its clients in a climate marked by economic recession. Spearheaded by the Environment business unit, activities focusing on energy efficiency will be stepped up considerably in the coming months. At the same time, the Group will press ahead with its efforts to expand own-power production capacities. A large portion of the income arising from the transaction which led to the creation of Alpiq is of a purely accounting nature. All the cash received by the Group in this connection, namely CHF 114.9 million, will be invested in production units based on new renewable energy sources. With some CHF 570 million already allocated to renewable energy projects, Romande Energie is determined to play a key role in promoting these new methods of power generation and aims to produce between 250 and 300 GWh of additional green electricity by 2020-2025. Finally, the Group continues to devote great attention as well as substantial resources to maintaining and modernizing its distribution grids and enhancing its services, in order to ensure that clients enjoy the security of supply and quality of service to which they are entitled.

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CHF 000, e x ce pt e a rnings pe r sha re Note 1.1.-30.06.2008

Ne t re ve nue s from continuing ope ra tions 282 282 256 264 P urc has es of energy , goods and servic es ( 177 787) ( 145 062)

Gross m a rgin from continuing ope ra tions 104 495 111 202

P ers onnel ex penses ( 37 658) ( 36 825)

O ther operating expenses ( 21 959) ( 20 523)

Deprec iation on tangible fixed ass ets ( 22 397) ( 21 045)

Im pairm ent charge on intangible fixed ass ets ( 1 944) -

EBIT from continuing ope ra tions 20 537 32 809

Financ ial incom e 8 592 6 187

F inanc ial expenses ( 2 445) ( 6 949)

E quity in net incom e of affiliated c om panies 8 588 744 32 517

Incom e from continuing ope ra tions be fore ta x e s 615 428 64 564

Incom e tax es ( 8 351) ( 7 684)

Ne t incom e from continuing ope ra tions 607 077 56 880

Net incom e from discontinued operations - ( 1 777)

Ne t incom e for the pe riod 607 077 55 103

Attributa ble toP arent com pany shareholders 607 661 55 313

M inority interes ts ( 584) ( 210)

607 077 55 103

W eighted average num ber of s hares outs tanding 1 100 826 1 100 826

Ea rnings pe r sha re (in CHF) 552.00 50.25

The ac com pany ing notes form an integral part of the consolidated financ ial s tatem ents .

1.1.-30.06.2009

R O M AN D E EN ER G IE G R O U PIN T ER IM C O N SO LID AT ED FIN AN C IAL ST AT EM EN T SC onsolidate d income state me nt (non-audite d)

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CHF 000 Note 1.1.-30.06.2008

Ne t incom e for the pe riod 607 077 55 103

Othe r incom e sta te m e nt ite m s

V aluation adjus tm ent book ed to E OS shareholders ' equity 9 ( 405 730) 126 928

( 348) -

Taxes 28 -

O ther incom e s tatem ent item s , net of tax ( 406 050) 126 928

Ove ra ll incom e for the pe riod 201 027 182 031

Attributa ble toP arent com pany shareholders 201 611 182 241

M inority interes ts ( 584) ( 210)

201 027 182 031


1.1.-30.06.2009

Fair value adjus tm ent to available-for-sale financ ial ins trum ents (net of tax )

R O M AN D E EN ER G IE G R O U PIN T ER IM C O N SO LID AT ED FIN AN C IAL ST AT EM EN T SC onsolidate d income state me nt (non-audite d)

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CHF 00 0 Note 30 .06 .2 009 31 .12 .2008

ASSETS

Current as se tsC as h a nd cas h eq u iva len ts 2 42 6 76 1 61 194 Se cu ritie s , te rm depo s its an d d e riva tive financia l in s tru m en ts 30 5 20 28 345 Trade accou n ts rece ivab le 1 51 9 73 1 70 204 Ava ilab le -fo r-s a le p rope rty 1 1 72 1 172 Oth e r cu rren t a s s e ts 37 6 64 20 634

Tota l current ass e ts 4 64 0 05 3 81 549

Non-current as se tsTang ib le fixed as s e ts 7 84 7 31 7 41 469 Inves tm en t p ro pe rty 1 2 71 1 315 In tan g ib le fixed as s e ts 17 9 29 18 100 Inves tm en ts in a ffil ia te d com pa n ie s 1 0 49 3 75 1 0 05 903 Oth e r lo ng -te rm fina ncia l as s e ts 17 6 68 15 875

Tota l non-current ass e ts 1 8 70 9 74 1 7 82 662

Tota l ass e ts 2 3 34 9 79 2 1 64 211

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilitie sTrade accou n ts payab le 10 2 63 41 757 Oth e r s ho rt-te rm liab ilities 1 14 8 78 88 876 Sh ort-te rm p o rtion o f lo ng -te rm bo rrow ings 2 62 262 C urre n t tax liab ilities 21 4 31 16 009

Sh ort-te rm p rovis ions 8 96 1 023

Tota l current lia bilities 1 47 7 30 1 47 927

Non-current lia bilitiesL ong-te rm bo rro w ings 36 3 28 39 200 D e fe rred tax l iab ilities 1 46 1 31 1 48 306 L ong -te rm p rovis ions 5 2 70 5 119

Tota l non-current liabilities 1 87 7 29 1 92 625

Tota l lia bilities 3 35 4 59 3 40 552

Equity a ttr ibuta ble to parent c om pany shareholdersSh are cap ita l 28 5 00 28 500 Add ition a l p a id -in cap ita l 13 1 11 13 111 Oth e r re s e rves ( 42 769 ) 3 63 281 R e ta ine d e a rn ings 1 9 99 4 16 1 4 15 973 Ow n s ha re s ( 15 245 ) ( 15 245 )

Tota l equity a ttr ibutable to parent com pany s hareholders 1 9 83 0 13 1 8 05 620

M inority inte re s ts in e quity 16 5 07 18 039

Tota l sha re holders ' equity 1 9 99 5 20 1 8 23 659

Tota l lia bilities and shareholders ' equity 2 3 34 9 79 2 1 64 211


R O M AN D E EN ER G IE G R O U PIN T ER IM C O N SO LID AT ED FIN AN C IAL ST AT EM EN T SC onsolidate d balance she e t (non-audite d)

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Share capita l

Additiona l pa id-in capita l

Reta ined earnings

Résulta ts accum ulés

non dis tr ibués

Ow n shares Tota l

M inority inte rests

Tota l shareholder

s ' equity

28 500 13 111 462 102 1 314 207 ( 15 245) 1 802 675 45 685 1 848 360

( 33 025) ( 33 025) ( 33 025 )( 263 ) ( 263 )

( 14 159) 14 159 - - -

N e t incom e fo r the pe riod 55 313 55 313 ( 210 ) 55 103

126 928 - 126 928 - 126 928

28 500 13 111 574 871 1 350 654 ( 15 245) 1 951 891 45 212 1 997 103

Ba lance a t 1 January 2009 28 500 13 111 363 281 1 415 973 ( 15 245) 1 805 620 18 039 1 823 659

Change in shareholders ' equity from

1 January to 30 June 2009

( 24 218) ( 24 218) ( 24 218 )

( 263 ) ( 263 )

- ( 685 ) ( 685 )

607 661 607 661 ( 584 ) 607 077

( 406 050) - ( 406 050) - ( 406 050 )

28 500 13 111 ( 42 769) 1 999 416 ( 15 245) 1 983 013 16 507 1 999 520

The acc om pany ing notes form an integral part of the c onsolidated financ ial s tatem ents .

Other incom e s ta tem en t item s

D ividend pa id to pa ren t com pany s ha reho lde rs (C H F 30 pe r s hare )

D ividend pa id to non -con tro lling in te res ts

D ividend pa id to non -con tro lling in te res ts

Balance a t 1 January 2008

Equity of pa rent com pany shareholders

CHF 000

Balance a t 30 June 2009

C hange in s cope o f cons o lida tion

D ividend pa id to pa ren t com pany s ha reho lde rs (C H F 22 pe r s hare , s ee no te 6 )

Balance a t 30 June 2008

C hange in s cope o f cons o lida tion

Other incom e s ta tem en t item s

N e t incom e fo r the pe riod

Change in shareholders ' equity from 1 January to 30 June 2008

R O M AND E EN ERG IE G R O U PIN T ER IM CO NSO LID AT ED FIN ANC IAL ST AT EM EN T SC onsolidate d state me nt of change s in share holde rs' e quity (non-audite d)

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CHF 000 1.1.-30.06.2009 1.1.-30.06.2008

607 077 56 670

( 420 243) ( 6 764)

186 834 49 906

( 3 342) ( 37 608)

Ne t ca sh provide d by ope ra ting a ctivitie s in continuing ope ra tions 183 492 12 298

Ne t ca sh use d in inve sting a ctivitie s in continuing ope ra tions ( 74 560) ( 14 479)

Ne t ca sh use d in fina ncing a ctivitie s in continuing ope ra tions ( 27 450) ( 32 972)

Ca sh flow s from discontinue d ope ra tions - 254

Ne t incre a se /(de cre a se ) in ca sh a nd ca sh e quiva le nts 81 482 ( 34 899)

Cash and cash equivalents in continuing operations at beginning of period 161 194 202 991

Ca sh a nd ca sh e quiva le nts in continuing ope ra tions a t e nd of pe riod 242 676 168 092

The accom pany ing notes form an integral part of the consolidated financ ial s tatem ents .

Ne t incom e from continuing ope ra tions a ttributa ble to pa re nt com pa ny sha re holde rs

Ca sh flow s be fore cha nge in w orking ca pita l a nd provisions (ca sh) from continuing ope ra tions

Non-ca sh ite m s in continuing ope ra tions

Cha nge in curre nt a sse ts a nd othe r ca sh flow s from continuing ope ra tions

R O M AN D E EN ER G IE G R O U PIN T ER IM C O N SO LID AT ED FIN AN C IAL ST AT EM EN T SC onde nse d consolidate d cash flow state me nt (non-audite d)

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ROMANDE ENERGIE GROUP – INTERIM CONSOLIDATED FINANCIAL STATEMENTS Notes to the interim consolidated financial statements

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Notes to the interim consolidated financial statements NOTE 1 GENERAL INFORMATION Romande Energie Holding SA, a holding company incorporated in Switzerland with its registered office in Morges, is the direct or indirect owner of all the companies which belong to Romande Energie Group (the Group). Its principal activity consists of holding and managing investments in subsidiaries. The interim consolidated financial statements at 30 June 2009 were approved by the Board of Directors of Romande Energie Holding SA on 31 August 2009. NOTE 2 BUSINESS ACTIVITIES AND ACCOUNTING POLICIES Romande Energie Group is an integrated utility group whose core business is the marketing, distribution and production of electricity. The Group’s consolidated financial statements for 2008 were prepared in accordance with the International Financial Reporting Standards (IFRS) and the IFRIC Interpretations (International Financial Reporting Interpretation Committee). The interim statements at 30 June 2009 have been prepared in compliance with the same standards and in accordance with IAS 34, except as regards impacts arising from the adoption of the following standards: IFRS 8 – Operating Segments The Group has defined its reporting segments following the entry into force of the new Electricity Supply Act (see note 5). The introduction of this note has no effect on the Group’s earnings shown in the income statement. IAS 1 – Presentation of Financial Statements (Revision) This revised standard has brought in new terminology as well as a certain number of changes to the presentation of financial statements and notes. However, the application of this standard does not have any impact on the Group’s retained earnings or overall income. The interim consolidated financial statements have not been audited.

NOTE 3 ACCOUNTING AND VALUATION PRINCIPLES These interim financial statements and the comparative figures for the year-earlier period have been prepared in accordance with the same consolidation, accounting and valuation principles used for the 2008 consolidated financial statements. A detailed description of these principles can be found in the notes to the consolidated financial statements in the 2008 Financial Review, which can also be accessed on the internet at www.romande-energie.ch NOTE 4 CORPORATE ACQUISITIONS On 18 May 2009, the Group acquired all the shares of Tecfor SA for a total amount of CHF 3.1 million. This company, which operates mainly in the field of geothermal drilling, is located at Troistorrents in the Canton of Valais and has a share capital of CHF 560,000. Tecfor has been fully consolidated since the date of its acquisition. The goodwill recognized on that date was justified on the basis of future cash flows which the company was expected to generate over a period of five years.

http://www.romande-energie.ch/


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Owing to uncertainties regarding the amount of these cash flows, this acquisition was initially accounted for using provisional values. Any fair value adjustments to be made to assets, liabilities and contingent liabilities, if any, will be implemented within 12 months of the date of acquisition.

Fair value B ook valueCHF 000 CHF 000

Cas h and cas h equivalents 111 111 Clients 269 259 O the c urrent assets 79 79 Tangible fixed ass ets 1 761 1 433

Total assets 2 220 1 882

S uppliers 211 211 O ther c urrent liabilit ies 993 993 Non-current liabilit ies 359 359

Deferred taxes 73 - Total liabilit ies 1 636 1 563

Faire value of net as sets 584

Goodwill aris ing from the ac quis it ion 2 516

Total acquis it ion cos t 3 100

CHF 000

Cas h acquired upon purc hase 111

Cas h pay m ent ( 1 550)Net c ah outflow ( 1 439)

The fair value of identifiable as sets of Tec for S A on the date of cons olidation was as follows

The cost of this acquisition comprises cash payments of CHF 1.5 million and non-discounted future payments of CHF 1.6 million. The operation has had no material impact on the income statement, as the date of consolidation is close to the date on which the financial statements were drawn up. Revenues resulting from Tecfor’s activities would have amounted to CHF 1.2 million in the first half of 2009 if the company had been consolidated at the beginning of the year. Its net income for the same period would have been below CHF 100,000. In 2008, the Group purchased all the share capital of HC SA. The total amount of the transaction fixed at the time was CHF 3.5 million. This price included payments that were to be made later if certain objectives were achieved. As these objectives were not met, the price was reduced to CHF 2.6 million. The goodwill of CHF 2.7 million calculated in 2008 was therefore adjusted downwards to CHF 1.9 million. This goodwill was attributed to the synergies and future cash flows expected. In view of the current economic situation, the Group is rather pessimistic about the scale of such cash flows. As the inflows projected over


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the next five years no longer justify the value of the goodwill, the Group has booked an impairment charge on the total amount recognized, i.e. CHF 1.9 million. On 30 April 2009, the Group acquired a further 200 shares of Société de Distribution Electrique de Champéry SA (SDEC), increasing its stake in this company from 94.55% to 99.55%. The net amount paid was CHF 413,000. The price of CHF 2,065 per share is the same as that agreed at the time of the acquisition in 2008 and corresponds to the fair value of the shares. NOTE 5 SEGMENT REPORTING Operating segments are determined on the basis of the business units which are required to submit regular reports to Group management. The Group is currently organized into the following three main business units:

- Marketing - Distribution - Environment

These units are managed as distinct entities even though they all engage in energy-related activities. The Marketing business unit is responsible for electricity sales, ancillary services (invoicing, call centre, etc.) as well as products and services embracing all client categories, such as energy audits and public lighting systems. The Group obtains part of its electricity supplies through the Environment business unit, while the remainder is secured by long-term contracts with third parties and by forward and spot purchases on the European Electricity Exchange (EEX). Virtually all the activities of the Marketing business unit are concentrated within Romande Energie Commerce SA, a subsidiary in which the Group has a shareholding of 67.5%. The main task of the Distribution business unit is to ensure high-quality power transmission, in accordance with the legal requirements. For this purpose, it is entrusted with the maintenance and development of the electricity distribution grid. Most of the unit’s activities are subject to regulation. Basically, its revenues consist of the remuneration received for making the grid available to end-clients and resellers. This remuneration is governed by the provisions of the Electricity Supply Act. The principal objectives of the Environment business unit are to generate hydraulic energy and develop activities focusing on new renewable energy sources and energy efficiency. Transactions between business units are carried out at a price close to market prices. The same accounting principles are applied in all the business units. The Group conducts its activities exclusively in Switzerland. There is no single client that accounts for over 10% of its revenues. Operating assets of each business unit consist primarily of tangible fixed assets, trade accounts receivable and other receivables. Operating liabilities mainly comprise trade accounts payable and other payables. Liabilities which are not attributable to an operating segment include, in particular, deferred tax liabilities and current tax debts. Corporate Expenses shown under “Corporate” refer to costs incurred in connection with the activities of the Group’s head office. Income and expenditure that cannot be allocated to a specific business unit are also booked under this heading. Assets and liabilities mostly comprise cash and cash equivalents, investments in affiliated companies and financial debts.


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Reporting by opera ting segm ent for 2009

Net revenues from third pa rties 151 541 118 737 1 337 10 667 282 282

N et revenues from o the r un its 13 901 1 855 18 793 ( 34 549) -

Net revenues of bus iness units 165 442 120 592 20 130 ( 23 882) 282 282

EBITDA ( 4 412 ) 33 568 13 006 2 716 44 878

D eprecia tion on tang ib le fixed as s e ts - ( 16 946) ( 2 791) ( 2 660) ( 22 397 )

Im pa irm en t cha rge on in tang ib le fixed as s e ts - - - ( 1 944) ( 1 944 )

EBIT from continuing ope ra tions ( 4 412 ) 16 622 10 215 ( 1 888) 20 537

Financia l in com e 8 592

Financia l expens es ( 2 445 )

Equ ity in ne t incom e o f a ffil ia ted com pan ies 588 744 588 744

Incom e from continuing ope ra tions be fore ta x e s 586 856 615 428

Ope ra ting a sse ts 65 448 595 255 157 136 1 417 703 2 235 542

Asse ts una ttributa ble to a se gm e nt 99 437

Tota l a sse ts 65 448 595 255 157 136 1 417 703 2 334 979

Ope ra ting lia bilitie s 68 870 44 525 10 253 1 493 125 141

L ia bilitie s una ttributa ble to a se gm e nt 210 318

Tota l lia bilitie s 68 870 44 525 10 253 1 493 335 459

Inve stm e ntsTang ib le fixed as s e ts 500 42 510 18 550 3 546 65 106

In tang ib le fixed as s e ts and goodw ill 2 516 2 516

Tota l inve stm e nts 500 42 510 18 550 6 062 67 622

C orpora te (incl.

e lim ina tions )To ta lCHF 000 Marke ting D is tribu tion Environm ent


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Reporting by opera ting segm ent for 2008

Net revenues from third parties 129 808 117 562 1 559 7 335 256 264

N et revenues from o the r un its 8 671 1 526 24 014 ( 34 211) -

Ne t revenues of bus iness units 138 479 119 088 25 573 ( 26 876) 256 264

EBITDA ( 14 620) 45 844 16 855 5 775 53 854

D eprecia tion on tang ib le fixed as s e ts ( 9 ) ( 15 201) ( 2 723 ) ( 3 112) ( 21 045 )

EBIT from continuing ope ra tions ( 14 629) 30 643 14 132 2 663 32 809

Financia l in com e 6 187

Financia l expens es ( 6 949 )

Equ ity in ne t incom e o f a ffi lia ted com pan ies 32 517 32 517

Résulta t ne t du Groupe 35 180 64 564

Ope ra ting a sse ts 70 352 586 253 121 304 1 474 136 2 252 045

Asse ts una ttributa ble to a se gm e nt 103 018

Tota l a sse ts 70 352 586 253 121 304 1 474 136 2 355 063

Ope ra ting lia bilitie s 20 288 69 964 19 496 1 326 111 074

L ia bilitie s una ttributa ble to a se gm e nt 246 886

Tota l lia bilitie s 20 288 69 964 19 496 1 326 357 960

Inve stm e ntsTang ib le fixed as s e ts 500 25 120 2 500 1 523 29 643

In tang ib le fixed as s e ts and goodw ill 2 823 2 823

Tota l inve stm e nts 500 25 120 2 500 4 346 32 466

C orpora te (incl.

e lim ina tions )To ta lCHF 000 Marke ting D is tribu tion Environm ent


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CHF 000 30.06.2009 30.06.2008

NOTE 6 DIV IDENDS P AID

Dividend on ordinary shares

Divide nd pa id for 2008: CHF 22 (2007: CHF 30) 24 218 33 025

The dividend for 2008 was approved by the General M eeting of S hareholders on 15 M ay 2009

NOTE 7 PRINCIPAL EXCHANGE RATES

1 euro 1.527 1.628

1 euro 1.506 1.612

Exchange rates used at 30 June

Average m onthly exchange rates used for the consolidated incom e and cash flow s tatem ents

NOTE 8 EQUITY IN NET INCOME OF AFFILIATED COMPANIES This position was significantly influenced by the merger of Atel and EOS. Under the merger agreement, all the operating assets held by EOS SA, which was wholly owned by EOS Holding SA, were valued at fair value. Consequently, EOS Holding was able to book additional income of CHF 1,919 million. As Romande Energie Group has a stake of 28.7% in EOS Holding, this valuation adjustment had an impact of CHF 551 million on the Group’s income statement. In its annual report for 2008, the Group had announced that this transaction would result in a one-off profit of CHF 462 million. This was a provisional calculation, based on estimates made at the time. The final allocation of the costs arising from the merger of these two companies will be made by the end of 2009. NOTE 9 VALUATION ADJUSTMENT BOOKED TO SHAREHOLDERS’ EQUITY OF EOS HOLDING This valuation adjustment in the amount of CHF 406 million results from the accounting treatment applied to financial instruments following the merger of Atel and EOS. During previous financial years, changes in the fair value of Atel Holding shares were recognized in the accounts of EOS Holding under shareholders’ equity. Now that the investment in Alpiq is consolidated using the equity method, the historical acquisition cost has been reconstructed by cancelling the adjustments entered under shareholders’ equity. This English translation is based on the French original. In case of doubt the original French text shall prevail.

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Shareholder information Stock exchange listing The shares of Romande Energie Holding SA are listed on SIX Swiss Exchange (ISN code CH 0025607331, valor number 2.560.733). Head office Romande Energie Holding SA Rue de Lausanne 53 1110 Morges Switzerland Investor relations René Lauckner Tel +41 21 802 95 24 Fax +41 21 802 95 18 e-mail: [email protected] Key dates 30 March 2010 Publication of full-year 2009 results 21 may 2010 Annual General Meeting in Montreux

mailto:[email protected]

Documents

GROUPE ROMANDE ENERGIE/media/Files/... · CHF 000, unless otherwise stated 1.1.-30.06.2009 1.1.-30.06.2008 1.1.-30.06.2007 1.1.-30.06.2006 1.1.-30.06.2005 INCOME STATEMENT Continuing