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  • Schweizerische EidgenossenschaftConfdration suisseConfederazione SvizzeraConfederaziun svizra

    Swiss Confederation

    201

    Federal consolidated financial statementsF inancia l report

    2015

    Schweizerische EidgenossenschaftConfdration suisseConfederazione SvizzeraConfederaziun svizra

    Swiss Confederation

  • Published and edited by

    EditingFederal Finance AdministrationInternet: www.efv.admin.ch

    DistributionFOBL, Federal Publication Sales, CH-3003 Bernwww.bundespublikationen.admin.chArt. No. 601.303.15e

  • Federal consolidated financial statements | 2015Table of conTenTs

    Report on the federal consolidated financial statements Page

    1 Figures overview 5

    2 Summary 7

    3 Annualfinancialstatements 9

    31 Statementoffinancialperformance 9

    32 Statementoffinancialposition 10

    33 Cashflowstatement 11

    34 Statementofnetassets/equity 13

    4 Notestotheannualfinancialstatements 15

    41 Generalprinciples 15

    1 Basis 15

    2 Accountingprinciples 17

    3 Consolidationscope 24

    4 Risksituationandriskmanagement 25

    42 Explanationsconcerningtheconsolidatedfinancialstatements 26

    Itemsinthestatementoffinancialperformance

    1 Taxrevenue 26

    2 Servicerevenue 28

    3 Otherrevenue 29

    4 Personnelexpenses 30

    5 Otheroperatingexpenses 31

    6 Transferexpenses 32

    7 Financialrevenue 34

    8 Financialexpense 35

    Itemsinthestatementoffinancialposition

    9 Cashandcashequivalents 36

    10 Receivables 37

    11 Financialinvestments 38

    12 Inventories 40

    13 Prepaidexpensesandaccruedincome 41

    14 Tangibleandintangiblefixedassets 42

    15 Loans 44

    16 Financialinterests 45

    17 Currentliabilities 47

    18 Financialliabilities 48

    19 Accruedexpensesanddeferredincome 49

    20 Provisions 50

    21 Otherliabilities 52

    43 Furtherexplanations 54

    1 Segmentreporting 54

    2 Debt(grossandnetdebt) 56

    3a Contingentliabilities 57

    3b Furthercontingentliabilities 60

    4 Closedpensionschemes 62

  • Federal consolidated financial statements | 2015Table of conTenTs

    5 SERVliabilityscope 63

    6 Contingentassets 64

    7 Financialpledges 65

    8 Relatedparties 66

    9 Translationrates 67

    10 Eventsafterthereportingdate 67

    5 Relationshipwithfederalfinancialstatementsandfinancialstatistics 69

    51 Structuraldifferences 69

    52 Overviewofconsolidatedentities 70

    53 Transferexpenses(comparisonwiththeparententity) 72

    54 Debt(comparisonwiththeparententity) 73

    Page

  • 01 Figures overview

    5

    restatedFinancial

    statementsFinancial

    statementsFinancial

    statementsFinancial

    statementsFinancial

    statementsCHF mn 2011 2012 2013 2014 2015

    Statement of financial performance

    Operating revenue 64 319 62 778 64 193 64 174 67 432Operating 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 665Financial 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 876Equity 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 169Non-current assets 81 095 82 182 82 302 84 153 83 985Liabilities 127 980 130 210 131 678 130 796 129 314Net 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 019Cash flows from investing activities -3 624 -2 573 -3 823 -5 100 -2 796Cash 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 231Net 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

    O:\Div-daten\FBE\RG\Redaktion\KRB\TAB\manuell\FBE geladen\KRB-1000-01-tab-dfie

  • 02 Summary

    Overview of publications on budget figures at federal level(without social insurance, cantons and communes)

    Consolidated financial statementsFinancial statements of the state as well as decentralized units of the Federal Administration with their own accounts (not to be approved by Parliament)

    Swiss Financial Market Supervisory Authority

    Swiss Federal Nuclear Safety Inspectorate

    Swiss Federal Institute of Intellectual Property

    Federal Audit Oversight Authority

    Swiss Export Risk Insurance

    Swissmedic

    Swiss Association for Hotel Credit

    Financial statisticsFinancial statements of the state and other public sectors, consolidated

    State fin. statements/budgetunconsolidated

    Federal financial statements/Federal budget Central Federal Administration (corresponds to the scope of the debt brake)

    Separate accounts Accounts to be approved by Parliament

    Fund for major railway projects

    Infrastructure fund

    Swiss Alcohol Board

    Swiss Federal Institute for Vocational Education and Training

    Swiss National Museum

    Switzerland Tourism

    Pro Helvetia

    SIFEM AG

    Swiss National Science Foundation

    Federal Institute of Metrology

    Swiss Federal Institutes of Technology Domain

    7

    Thefederalconsolidatedfinancialstatementsprovideacomprehensivepictureofthefinancialpositionoffederalpublicservices.Theygiveanoverviewoftheassets,financialpositionandfinancial performance,andshowthefinancialrisksofentitiesandorganizationswhichareallocatedtoandchargedwithdischargingfunctionswithintheFederalAdministrationstructure.

    The consolidation scope meets the minimum requirements set out in Article 55 paragraph 1 of the Federal Budget Act (parent entity, separate accounts, entities of the decentralized Federal Administration with their own accounts). It is presented in the notes to the annual financial statements (see section 41/3). The differences between the consolidated financial statements and the federal financial statements and the financial statistics are explained in section 5.

    The Confederation as parent entity dominates the figures in the consolidated financial statements (see table below). This result is to be expected, given that the consolidated entities except for

    the Swiss Federal Institutes of Technology (ETH) Domain, the fund for major railway projects (FinPT fund) and the infrastructure fund (IF) are relatively small organizations which mainly perform services on a monopoly basis and economic and safety oversight functions, and are thus less impacted by capital and financing. What is somewhat more surprising is the fact that the ETH Domain and the FinPT and IF funds only give rise to marginal differences compared with the parent entity financial statements. This is because the FinPT and IF funds are funded exclusively through the parent entity while the ETH Domain receives extensive funding from the parent entity, and the majority of large items are netted against one another. Both funding

  • Federal consolidated financial statements | 201502 Summary

    8

    and investments are essentially undertaken by the Federal Treasury. This means that fluctuations in the entities liquidity can be offset to some extent, thus keeping Treasury reserves low and reducing the associated costs. It also eliminates any competition between entities on the money and capital markets.

    Restatement

    TheETHDomainpartlyadjusteditsaccountingandvaluationprinciples

    duringtheyearunderreview.Theseadjustmentswereincludedtoalarge

    extentinthe2015consolidatedfinancialstatements(seesection41/2).In

    ordertoensurecomparabilitywiththepreviousyear,thefiguresfor2014

    werealsorestatedandthecorrespondingcolumnandrowheadingswere

    markedrestated.

    Surplus or deficit Liabilities

    Net assets/equity Employees

    CHF mn CHF mn CHF mn FTE

    2 025 132 770 -20 748 34 935

    168 12 093 -897 19 603Swiss Federal Institutes of Technology Domain 138 2 151 2 535 17 616Fund for major railway projects -494 8 857 -8 807 Infrastructure fund 193 8 1 873 Other entities 331 1 077 3 502 1 987

    2 193 144 863 -21 645 54 538-453 -15 549 -1 515

    1 740 129 314 -23 160 54 538

    Scale of consolidated entities - overview

    Decentralized Federal Administration

    SubtotalConsolidation entries

    Federal consolidated financial statements

    2015Entities

    Central Federal Administration (Confederation as parent)

    Commentary on the federal consolidated financial statements

    Statement of financial performanceThe statement of financial performance closed with a revenue surplus of 1.7billion, representing an increase of 0.3billion, or 24%. The operating result (+2.8bn) and the result from significant interests (equity interest result; +0.8bn) contributed to the surplus. The financial result (-1.9 bn) adversely affected the financial statements like in previous years.

    The operating result posted a year-on-year improvement of 0.9billion, whereby the individual revenue and expense items contributed in different ways. Consequently, it was possible for the weaker result from the valuation of significant interests, which also amounted to 0.9 billion, to be offset. Finally, the change of 0.3billion in the annual surplus largely corresponded to the positive development of the financial result.

    Statement of financial positionThe negative net assets/equity declined by 1.7billion due to the surplus posted in the statement of financia

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