financial report 2013...jean- françois lischetti alexandre lodez3 jean-claude meurens3 bernard...

ORES Assets scrl

FINANCIAL REPORT

2013

Name and FormORES Assets. Intermunicipal cooperation association with limited liability.

Registered OfficeAvenue Jean Monnet 2, 1348 Louvain-la-Neuve.

IncorporationIncorporated on 31 December 2013.

Articles of AssociationThe Articles of Association were published in the appendix of the Belgian Gazette of 10 January 2014 under number 0012014.

2 FINANCIAL REPORT - ORES ASSETS scrl 2013

ORES Assets scrl

2013FINANCIAL REPORT

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Table of Contents

1. MANAGEMENT BODIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 04

2. STATUTORY ACCOUNTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Directors’ Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Annual Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

Balance Sheet after Appropriation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

Income Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Assignments and Drawdowns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Social Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

Valuation Rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

2013 Profit Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

Audit Reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

Auditors’ Reports on Dividend Instalments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

College of Auditors’ Report to the Annual General Meeting . . . . . . . . . . . . . . . . . . . . . 77

Statutory Auditor’s Report to the Annual General Meeting . . . . . . . . . . . . . . . . . . . . . . . 78

Specific Report on the Equity Participation of ORES Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . 83

Appendix I, Point1 - Associates List - Updated as at 31 December 2013 . . . . . . . . 84

3. CONSOLIDATED ACCOUNTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90

Consolidated Directors’ Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90

Consolidated Annual Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94

Consolidated Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94

Consolidated Income Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96

Notes on the Consolidated Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98

Valuation Rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113

Audit Reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117

College of Auditors’ Report to the Annual General Meeting . . . . . . . . . . . . . . . . . . 117

Statutory Auditor’s Report to the Annual General Meeting . . . . . . . . . . . . . . . . . . . . 118

4. WINNING CONTRACTORS’ LIST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123


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Management Committee

Tanguy AUSPERT1 Cécile BARBEAUX Claude BULTOT Robert CAPPE

André CHABOTAUX Olivier DE RIEMAECKER Bruno DEFRASNES Valérie DEOM1

Julien GRANDJEAN Stéphane LASSEAUX Vincenzo MANISCALCO Jean-Claude NIHOUL2

Christian PIROT2 André SARENS

Board of Directors

Olivier ANSELME2

Tanguy AUSPERT1 Jean-Pierre BAILLYCécile BARBEAUX Christophe BOMBLED1 Luc BOUVEROUXClaude BULTOTJenny BURMS Robert CAPPE Philippe CARLIER1 André CHABOTAUX

Florence COLLARD1 Olivier DE RIEMAECKER Olivier DECAMPS Bruno DEFRASNES Geoffroy DELVAULX Valérie DEOM1

Philippe DETRY Roger DEWARTJacques ETIENNE1

Jean-François FAVRESSE2 Julien GRANDJEAN

Maurice JENNEQUIN1 Robert JOLY2

Stéphane LASSEAUXNicole LEBRUN2 Albert MANIQUET2 Vincenzo MANISCALCO Olivier MOINNET1 Ovide MONIN1 Jean-Claude NIHOUL Olivier PIRONChristian PIROT2

Sandrine PIRSON Julien ROSIERE2

André SARENSDominique TALLIER2 Michel THOMAS1 Valère TOUSSAINT2 Christophe TUMERELLE2

1Until 26.06.2013 2From 26.06.2013

Composition of the mixed Walloon distribution system operators bodies before the merger and the incorporation of ORES Assets scrl*

* End of all directorships as at 31/12/2013 following the merger of the inter-municipal distribution system operators.

1. Management Bodies

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IEH


Jean-Luc BORREMANS2 Katherine CHEVALIER Karine COSYNS1 Jean-Claude DEBIEVE2

Jean-Pierre DENIS2 Jean-Paul DEPLUS1 Marc FRANCHIMONTMaxime SEMPO2

Didier SMETTE1 Danièle STAQUET2 Nicolas TZANÉTATOS1 Bernard VAN DYCK2

Michaël VAN HOOLAND2

Philippe VANBEVER Daniel VANDERLICK1 Pierre VECHE1

Board of Directors

Jean-Luc BORREMANS2 Xavier ALLARD Lionel BERDOYES1 Marc BOITTE2

Katherine CHEVALIER Christine COLIN1 Karine COSYNS1 Véronique DAMEE Béatrice DEBACKER Jean-Claude DEBIEVE2 Benoît DEGHORAIN2

Jean DELESTRAIN1

Jean-Pierre DENIS2 Jean-Paul DEPLUS1 Jacques DERVAL1 Jacquy DETRAIN1 François DEVILLERS2 Léon-Henri DOEM2

Paul DUMONT1 Hervé FIEVET2 Guy FLAMENT Marc FRANCHIMONT Antonio GAVA2

Philippe GELISSEN

Maryse HOEBEKE2 Serdar KILIC1 Didier LECHAUDE Guy LELOUX Nathalie MAGHE2

Florence MONIER Ghislain MOYART1 Maxime SEMPO2 Didier SMETTE1 Gérard SPITAELS1 Danièle STAQUET Jean-Pol TOUBEAUX

Nicolas TZANÉTATOS1 Sylvain UYSTPRUYST Bernard VAN DYCK2 Michaël VAN HOOLAND2 Philippe VANBEVER Jean-Philippe VANDAMME Daniel VANDERLICK1 Pierre VECHE

1Until 25.06.20132From 25.06.2013

IGH


Pol BOUVIEZ Léon CASAERT2

Katherine CHEVALIER

Olivier DECAMPS Jean-Pierre DENIS2 Fabienne DEVILERS

Mohamed FEKRIOUI3

Jean GODIN Nicole GOISSE

Olivier MATHIEU1 Philippe VANBEVERBernard VAN DYCK1

Board of Directors

Pol BOUVIEZ Xavier ALLARD Franco BACCATI1 Grégory CARDARELLI2 Léon CASAERT2 Katherine CHEVALIER Florence COPPENOLLE Jean-Pierre CREVECOEUR Karine COSYNS2 Françoise DASPREMONT1

Olivier DECAMPS

Jean-Pierre DELPLANQUE2

Florence DEMACQ1 Jean-Pierre DENIS2 Willy DETOMBE1 Fabienne DEVILERS Maria-Mercedes DOMINGUEZ1 Laurent DOUCY Mohamed FEKRIOUI3 Antonio GAVA1 Claude GHILMOT1

Jean GODIN

Nicole GOISSE Griet HEYVAERT Vincent HOST1 Nicolas JOURET2 Jean KOBEL2 Bénédicte LEFEVRE Jean-Pierre LEPINE2 Corentin MARECHAL2 Olivier MATHIEU Fabrice MINSART1 Eric MORELLE1

Raphaël PEZZOTTI2 Daniel PREAUX2 Jean-Philippe PREUMONT2 Robert PHILIPPE1 Bruno ROSSI Jean-Jacques TAVERNINI2 Philippe VANBEVER Bernard VAN DYCK1

Marc VERSLYPE

1Until 25.06.20132From 25.06.20133From 24.01.2013

INTEREST


Reinhold ADAMS2 Arthur GENTEN2 Christoph HEEREN

Christian KRINGS3 Norbert MERTES2

André SARENS Heribert STOFFELS1

Patricia VILVOYE3

Thierry WIMMER3

Board of Directors

Reinhold ADAMS2 Otto AUDENAERD2 Jean-Marie BLAISE1

Herman CAMPO3 Laurent CRASSON2 Emil DANNEMARK1 Erwin FRANZEN2

Arthur GENTEN2 Henri GROSJEAN1 Christoph HEEREN Sébastien HOUARTErsel KAYNAK2 Alexandra KNAUF2 Christian KRINGS3

Rumold LAMBRECHTS Joseph MARAITE Norbert MERTES2 Jean OHN2 Titi OHN1 André SARENS Heribert STOFFELS1

Patricia VILVOYE3

Thierry WIMMER3

1Until 18.06.20132From 18.06.20133From 22.01.2013


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Daniel BURNOTTE Gérard COURONNE Olivier DECAMPS

Olivier DE RIEMAECKER Nathalie DEMORTIER1 Pascal DISPA

Alain GILLIS Victor PIROT1 Philippe VANBEVER

Board of Directors

Marc BEYENS Philippe BOUFFIOUX Daniel BURNOTTEGérard COURONNE Alain CUVELIER1 Olivier DEBROEK1 Olivier DECAMPS Olivier DE RIEMAECKER1 Maurice DEHU2

Annie DELMEZ1

Nathalie DEMORTIERPascal DISPA Jérôme DRUGEONPatricia DUJACQUIERE Christian FAYT2 Alain GILLISFreddy GILSON1 André GYRE2

René HAGNOUL2 Gérard HANCQ1 Jean-Christophe JAUMOTTE2 Valéry KALUT2 Léon KYQUEMBERG1 Laurent MASSON2 Roger MATAIGNE2

Pierre PINTE2 Victor PIROT

Michel PLEECK1 Annick ROSSEYAndré SARENSVincent SCOURNEAU Benoît THOREAU1 Julien TIGEL POURTOIS2 Philippe VANBEVER Olivier VANHAM Jean-Marc ZOCASTELLO2

1Until 10.06.20132From 14.06.2013

1Until 10.06.20132Until 21.06.2013

3From 10.06.2013

4From 29.04.20135Until 22.01.2013

6From 04.03.2013

7 From 04.03 to 10.06.20138Until 01.02.2013

9From 01.02 to 21.06.2013

INTERMOSANE

Board of Directors

Frédéric ARCHAMBEAU Hasan AYDIN4 Lydia BLAISE3

Robert BOTTERMAN1 Stéphane BOULANGER Valérie DEJARDIN3 Olivier DE RIEMAECKER Jean-Pol DELLICOUR Claude DESAMA

Didier d’OULTREMONT1 Fabrice DREZE2 Claude EMONTS2 Michel FLAMAXHE5

Nathalie FRISEE2 Maurice FYON1 Léon GIJSENS6

André GOFFINJean-Pierre GOFFIN2

Cédric HANNAERT Pol HEYSE2 Marie-Claire LAMBERT2

Gérard LAVAL Jean-Marie LEGROS Michel LEGROS7

Jean- François LISCHETTI Alexandre LODEZ3 Jean-Claude MEURENS3

Bernard PIRONSylvianne PORTUGAELS8 André SCHROYEN2 Jacques SERVAIS3 Roger SOBRY9 Pierre STASSART2 Jean-Pierre VAN DE WAUWER Guillaume VOISIN3 Eric WEYCKMANS

INTERLUX


André BALON1 Jean BRIOL2

Jean-François COLLIN2 Olivier DE RIEMAECKER1

Roger KIRSCH1

Christoph MOUZON1 Alain RONGVAUX1 Louis VAGUET1

Board of Directors

Jean-Pierre ALEXANDRE1 André BALONOlivier BARTHELEMY3

Jean-Jacques BOREUX4 Pierre BOUILLON1 Jean BRIOL Marcelle CHARLIER GUILLAUME1 Jean-François COLLIN3 Samuel DALAIDENNE4 Luc DARON4 Pascal DAULNE5

Olivier DE RIEMAECKEROlivier DE WULF Bruno DEFRASNES Geoffroy DELVAULX Jean-Marc DEVILLET4

Jean-Paul DONDELINGER1

Roland ENGLEBERT Alyson GILLET4 Ann GOOSSENS Françoise JEANMART4

Roger KIRSCH

Alexandre LARMOYER4

Jean-Luc MERNY Christoph MOUZON Michel NICOLAS1

Claude PAUL4 Loïc PIERRARD4 Philippe PIGNOLET1 Charles RACOT René REYTER1 Dominique ROISEUX4

Alain RONGVAUX1

Gaëtan SALPETEUR6 Olivier SCAUFLAIRE Guy SCHUSTER4

André TASSIGNY Louis VAGUET Annick VAN DEN ENDE Pierre VANDENINDEN1 Michel YANS4

1Until13.06.20132From 22.01 to 13.06.2013

3From 22.01.20134 From 13.06.2013

5From 17.09.20136Until 13.06.2013

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SIMOGEL


Marianne DELPORTEMarc D’HAENE Michel FRANCEUS1

Christian LECLERCQ Philippe VANBEVERPatrick VAN HONACKER1

Lutgart VANDEVELDE1 Philippe VERZELE Ruddy VYNCKE

Marc SIEUX

Board of Directors

Marc CASTEL2 Marianne DELPORTE Marc D’HAENE Michel FRANCEUS

Christian LECLERCQEric MAHIEU2 Philippe VANBEVER Patrick VAN HONACKER1

Lutgart VANDEVELDE1 Simon VARRASSE2

Philippe VERZELE Ruddy VYNCKE

André SARENS2

Marc SIEUX

1Until 20.06.20132From 20.06.2013

The merger of the eight Walloon mixed distribution system operators (DSO)of 31 December 2013 created ORES Assets scrl,

the bodies of which are composed as follows:

ORES Assets

Board of Directors

Cyprien DEVILERS, Chair François DESQUESNES, Deputy Chair Danièle STAQUET, Deputy Chair

The public representatives are:

Cécile BARBEAUXJean-Luc BORREMANSPol BOUVIEZClaude BULTOTRobert CAPPEJean-Claude DEBIEVEMaurice DEHUNathalie DEMORTIERJean-Pierre DENIS

Philippe EVRARDMohamed FEKRIOUILatifa GAHOUCHIAlain GILLISNicole GOISSEStéphane LASSEAUXJean-Claude MEURENSPierre NAVEZVincent PALERMO

Guy SCHUSTERMarc SIEUXHeribert STOFFELSMichel THIRYBenoît THOREAUFlorence VAN HOUTClaudy WOLF

The private representatives are:

ELECTRABEL S.A. Philippe VANBEVER Secretary: Francis GENNAUX


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ORES Hainaut Electricity

Jean-Luc BORREMANS, Chair Maxime SEMPO, Deputy Chair Michaël VAN HOOLAND, Deputy Chair

The representatives are:

Véronique DAMEEBenoît DE GHORAINFrançois DEVILLERSGuy FLAMENTJean-Pierre LEPINENathalie MAGHE

Bruno ROSSIDanièle STAQUETSylvain UYSTPRUYSTJean-Philippe VANDAMMEBernard VAN DYCKPierre VECHE

Secretary: Alain GOUTIERE, Deputized by Stéphanie RAUSSObserver: Tim KAIRET

Sector Committees

ORES Namur

Stéphane LASSEAUX, Chair Claude BULTOT, Deputy Chair André CHABOTAUX, Deputy Chair


Tanguy AUSPERTCécile BARBEAUXRobert CAPPERoger DEWARTJulien GRANDJEAN

Gwenaëlle GROVONIUSJean-Claude NIHOULValère TOUSSAINTChristophe TUMERELLE

Secretary: Stéphanie RAUSS,Deputized by Alain GOUTIERE

Remuneration Committee

Claude BULTOTCyprien DEVILERS

Alain GILLISStéphane LASSEAUX

Danièle STAQUET

Composition of the College of Auditors

Hasan AYDINPhilippe CHARLIER

Philippe DETRYDimitri LHOSTE

André SARENS

Corporate Governance Committee

Guillaume VOISIN, ChairHasan AYDIN, Deputy ChairDidier d’OULTREMONT, Deputy Chair

Jean-Pol DELLICOURAndré GOFFINEric MESTREZ

Bernard PIRONJean-Pierre VAN DE WAUWER

ORES Hainaut Gas

Pol BOUVIEZ, Chair Léon CASAERT, Deputy Chair Fabienne DEVILERS, Deputy Chair


Marc BOITTEKarine COSYNSFrédéric DE BONJean-Pierre DELPLANQUELéon-Henri DOEMLaurent DOUCY

Jean GODINDominique JADOTOlivier MATHIEUDaniel PREAUXJean-Philippe PREUMONTMarc VERSLYPE

Secretary: Alain GOUTIERE, Deputized by Stéphanie RAUSSObserver: Grégory CARDARELLI

ORES Est

Heribert STOFFELS, Chair


Otto AUDENAERDArthur GENTENChristoph HEERENJoseph MARAITE

Norbert MERTESJean OHNThierry WIMMER

Secretary: Stéphanie RAUSS, Deputized by Alain GOUTIEREObservers: Laurent CRASSON, Erwin FRANZEN, Ersel KAYNAK, Alexandra KNAUF

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ORES Luxembourg

Guy SCHUSTER, Chair Roger KIRSCH, Deputy Chair Christophe MOUZON, Deputy Chair


André BALONOlivier BARTHELEMYJean-François COLLINJean-Marc DEVILLETOlivier DULON

Alexandre LARMOYERClaude PAULCharles RACOTDominique ROISEUX

Secretary: Alain GOUTIERE,Deputized by Stéphanie RAUSSObservers: Jean-Jacques BOREUX, Michel THIRY

ORES Verviers

Guillaume VOISIN, Chair Hasan AYDIN, Deputy Chair Didier d’OULTREMONT, Deputy Chair


Jean-Pol DELLICOURAndré GOFFINEric MESTREZBernard PIRONJean-Pierre VAN DE WAUWER

Secretary: Alain GOUTIERE, Deputized by Stéphanie RAUSS

Observers: Lydia BLAISE, Jacky HERENS, Gérard LAVAL, Michel LEGROS, Jean-Claude MEURENS

ORES Brabant Wallon

Gérard COURONNE, Chair André GYRE, Deputy Chair Jean-Marc ZOCASTELLO, Deputy Chair


Daniel BURNOTTENathalie DEMORTIERPascal DISPAChristian FAYTAlain GILLIS

René HAGNOULValéry KALUTLaurent MASSONVincent SCOURNEAU

Secretary: Stéphanie RAUSS,Deputized by Alain GOUTIERE

ORES Mouscron

Marc SIEUX, Chair Marianne DELPORTE, Deputy Chair


Marc D’HAENEMichel FRANCEUSChristian LECLERCQEric MAHIEU

Philippe VERZELERuddy VYNCKE

Secretary: Stéphanie RAUSS, Deputized by Alain GOUTIEREObservers: Marc CASTEL, Simon VARRASSE


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2. Statutory Accounts Directors’ Report

Dear Sirs, Dear Madams,

In accordance with the Companies Code and our Articles of Association, we have the honour of reporting to you our management during the financial year ending 31/12/2013 and of submitting to you for your approval the annual accounts as at 31/12/2013.

PRELIMINARY COMMENTFor recall, in June 2013, the intermunicipal company Intermosane was split up; Sector 1 (the City of Liege) was absorbed by Tecteo.

Since 31 December 2013, ORES Assets is officially the distribution system operator (DSO) of the 197 communes hitherto grouped together within the former mixed Walloon intermunicipal companies - namely, Ideg, IEH, IGH, Interlux, Intermosane (formerly Sector 2), Interest, Sedilec and Simogel. At the conclusion of a merger operation, these eight DSOs have therfore joined forces in order to form the ORES Assets company, which operates under the ORES brand. In the context of this merger, these eight intermunicipal companies have been legally dissolved and have ceased to exist from 31 December 2013. We would emphasize that this merger is effective, from an accounting point of view, with retroactive

effect as from 01 January 2013. However, it should be pointed out that the distribution tariffs applied until now by these eight DSOs are unchanged: indeed, the federal legislators have adopted, on 20 December 2013, an Act which confirms the applicability of different tariffs per geographical sector. This Act was published in the Belgian Gazette on 31 December 2013. There is therefore from now on a single DSO (ORES Assets) and eight sectors corresponding exactly to the territories of the former mixed DSOs for which the going tariffs continue to apply. The table below presents, for whatever purpose it may serve, the chosen denominations for those sectors.

NEWDENOMINATION

FORMER DENOMINATION

ORES Namur IDEG

ORES Hainaut Electricity IEH

ORES Hainaut Gas IGH

ORES Est INTEREST

ORES Luxembourg INTERLUX

ORES Verviers INTERMOSANE

ORES Brabant Wallon SEDILEC

ORES Mouscron SIMOGEL

11

Comments on the annual accounts in order to provide a true presentation of the business trend and the corporate situation:

RESULTS TREND 31/12/2013 31/12/2012*

Operating income 1,022,019,193.87 892,988,360.37

Operating costs - 866,324,516.42 - 728,567,928.56

Operating Profit 155,694,677.45 164,420,431.81

Financial income 221,585.39 295,881.10

Financial charges - 67,159,840.76 - 60,951,076.28

Pre-tax result for the year 88,756,422.08 103,765,236.63

Taxes on profit - 1,366,550.00 - 1,043,198.83

Profit for the period to be appropriated

87,389,872.08 102,722,037.80

PROFIT TO BE DISTRIBUTED 78,825,380.24 93,940,490.00

PER ACTIVITY

Electricity grids management 52,638,298.16 63,100,327.13

Gas grids management 25,201,595.36 28,947,449.85

Other activities 985,486.72 1,892,713.02

PER SECTOR

Namur 12,103,202.36 13,474,866.24

Hainaut Electricity 19,451,635.03 23,864,629.51

Hainaut Gas 16,459,967.26 19,539,253.07

East 3,049,475.54 4,089,790.32

Luxembourg 10,020,206.57 11,304,621.87

Verviers 3,387,084.76 4,797,149.92

Brabant Wallon 12,356,380.63 14,642,781.22

Mouscron 1,997,428.09 2,227,397.85

(*) in order to allow a comparison between the 2013 financial data and that of the previous financial year, the 2012 has been constituted by the pure and simple addition of the results and the balance sheet of the former DSO, after deduction of the duplication between the former DSO and excluding Sector 1 of Intermosane.


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1. REMCI, COSTS AND REGULATORY ASSETS/LIABILITIES

Since the complete liberalization of the energy markets, the remuneration of the average capital invested (REMCI) in the distribution grids has been by equitable remuneration. This is established on the basis of average annual value of the Regulated Asset Base (RAB) and is calculated annually by taking account of new investments, outages and depreciation, plus the change of working capital needs.

The Royal Decree of September 2008 had defined the formula used for determining the equitable remuneration as follows:

• Case where equities represent more than 33% of the regulated assets (invested capital or RAB): (a) 33% * Average RAB * (1 + Alpha) *{(OLOn) + (RP * Beta)} +(b) (S – 33%) * Average RAB * (OLOn + 70 basic points)

• Case where equities are less than or equal to the regulated assets 33% * Average RAB * (1 + Alpha) * {(OLOn) + (RP * Beta)}

With:

• S = equities in relation to the regulated assets

• OLO n = rate of the Belgian 10-year linear bonds for the year concerned

• Beta = 0.65 in the electricity sector and 0.85 in the gas sector (as long as the DSO is not quoted on the stock exchange); this Beta factor weights the risk premium RP

• RP = risk premium for the year of exploitation concerned = 3.5 %

• (1 + Alpha) = 1.2 = illiquidity factor applied to the remuneration of equities for S <= 33%

• (a) The remuneration rate defined by the CREG for Year “N” is equal to the sum of the rate without risk (average rate of the Belgian 10-year linear bonds) and of the risk premium weighted by the Beta factor. Moreover, an illiquidity factor of 1.2 is applied to the remuneration of the equities. It should be noted that the CREG recommends a so-called solvency ratio (average equities/average regulated assets) equal to 33%; this ratio is applied to the average value of the DSO’s regulated assets in order to determine the latter’s reference equities.

• (b) If the DSO’s equities exceed the reference equities, namely 33% of the regulated assets, the surplus is remunerated by a reduced tax calculated on the basis of the formula (OLOn + 70 basic points).

With regard to the costs, distinction needs to be made between non-controllable costs and controllable costs.The non-controllable costs are those over which the DSO has no direct control; they form an integral part of the costs taken into account for the formulation of the rates.The controllable costs are those over which the DSO has direct control.The tariffs are established on the basis of the projected value of the costs as a whole.

The balances relating to the non-controllable costs but also to the variations ascribable to the difference between the real and the estimated transit volumes constitute either a receivable (regulatory credit or noted deficit), or a debt (regulatory liability or noted surplus) with regard to the customers and are transferred to the equalization accounts of the DSO’s balance sheet.

The annual difference between the real controllable costs and the estimated controllable costs is part of the DSO’s accounting result. It is fully returned to the associates if the real controllable costs are lower than the estimated controllable costs (Bonus); it is fully charged to them in the opposite case (Malus).

Notwithstanding the coming into effect of the Act of 08 January 2012 and the abrogation of the Royal Decrees of 2008, the former rate decisions as regards the distribution for the regulatory 2009-2012 period continue to apply until they come to an end or are cancelled or altered by the CREG. The principles contained in those texts have been applied in the context of the end of the 2013 financial year. The FY2012 tariffs approved by the CREG on the basis of those principles have indeed been prolonged by the latter in 2013 and 2014.

2. ANALYTICAL RESULTS

a) General comment concerning the “Grid Management” activity results for 2013

The REMCI of the whole of the ORES Assets sectors amounted, in 2013, to:

• Electricity: €55,102K v. €64,102K , I.e. –14.0% The fall of the REMCI of the electricity sectors was mainly due to the reduction of the OLO 10-year rate (which went from 2.98% to 2.43%)

• Gas: €26,831K v. €28,785K, i.e. – 6.8 % The fall of the REMCI of the gas sectors was also due to the reduction of the OLO 10-year rate but was partly compensated by a 4.5% rise of the RAB and a 3.1% rise of the average equities

The natural results of the whole of the ORES Assets sectors amounted in 2013 to:

• Electricity: €77,203K

• Gas: €35,102K

Across all sectors as a whole, the variations on controllable 2013 costs (Bonus/Malus) were favourable to the associates and amounted to:


• Gas: €899K

Some regulated liabilities were accounted for in 2013. They amounted to (see tables on Page 13):

• Electricity: (1) – (2) – (3) i.e.€18,528K (4)

• Gas: (5) – (6) – (7) i.e. €7,373K (8)

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Detail per Sector (€K)

Sector: REMCI NATURAL RESULT

BONUS / MALUS

REGULATED LIABILITIES

ELECTRICITY (3) (1) (2) (1) - (2) - (3) = (4)

Namur 9,865 18,994 517 8,612

Hainaut 20,559 23,275 912 1,804

East 3,096 4,742 -71 1,717

Luxembourg 9,120 13,492 1,108 3,264

Verviers 4,114 1,193 165 -3,086

Brabant Wallon 7,231 12,452 831 4,390

Mouscron 1,117 3,055 111 1,827

TOTAL 55,102 77,203 3,573 18,528

"€K" ELECTRICITY GAS

Regulated liabilities / Regulated assets (+)

- Financial Year 2008 11,663 7,021

- Financial Year 2009 59,882 18,746

- Financial Year 2010 - 17,323 - 8,311

- Financial Year 2011 16,491 10,831

- Financial Year 2012 2,172 11,169

- Financial Year 2013 - 18,528 - 7,373

AGGR. 2008 TO 2013 54,357 32,083

Sector: REMCI NATURAL RESULT

BONUS / MALUS

REGULATED LIABILITIES

GAS (7) (5) (6) (5) - (6) - (7) = (8)

Namur 2,213 3,459 -80 1,326

Hainaut 17,838 18,666 -13 841

Luxembourg 818 1,720 115 787

Brabant Wallon 5,032 9,845 682 4,131

Mouscron 929 1,412 195 288

TOTAL 26,830 35,102 899 7,373

The aggregation of the regulated assets and liabilities across all sectors for FY 2008 to FY 2013 is the following:


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b) Electricity (Across All Sectors)

The result of the “Grid Management” activity (€58,675K v. €67,836K) consists of:

• Income (€801,158K v. €668,473K) such as: - Invoiced transit charge: they amounted in 2013 to

€819,686K against €666,301K in 2012 and include the RTNR (non-levied transit charge)

- Regulated assets/liabilities In 2013: - €18,528K (RL) In 2012: €2,172K (RA)

• Operating costs (€742,483K v. €600,637K, up €141,846K compared to FY 2012. They consisted of controllable costs which amounted to €150,607K, an increase of €2,395K, and of non-controllable costs amounting to €591,876K, up €139,451K.

The controllable costs include the grid distribution and management costs, the infrastructure maintenance costs, and the measurement and metering activity costs.

Concerning the non-controllable costs, we would cite the following trends:

• The use of the transport grid (Elia charge), up €129,032K (impact of the renewable energy support measures the invoiced by Elia and the green certificate surcharges, as well as a slight rise in the Elia rates)

• The cost of the PSO (Public Service Obligations), up €960K

• The charge of the electricity roadway system, up €320K (following the indexing)

• The cost of the compensation of the losses, in 2013 up €5,003K

• The balance of the “rest-term” reconciliation in favour of ORES Assets for €1,422K

• Financial charges, up €3,637K (impact of the debenture interest)

• Adjustment of the Provisions for Liabilities and Charges: in 2013, closure of the litigation with Customs and Excise relating to the contribution on “Protected Regional Customers” energy, which entailed a provision write-back of €1,120K. Continuation of the constitution of so-called

2013

¤150,607K

2012

Controllable costs No-controllable costs

¤148,212K

2013

¤591,876K

2012

¤452,425K

Grid Management Activity Operating Costs

20132012

Controllable costs No-controllable costs

20132012

¤96,086K¤89,999K

¤37,285K¤41,286K

Grid Management Activity Operating Costs

environmental provisions of €794K for polluted sites and constitution of a new provision of €1,200K following a probable correction in the metering measures relating to the past that may not be in the company’s favour.

The result of the “Others” activity amounted to €858K against €1,200K in 2012.

The total 2013 result amounted to €53,497K against €64,791K in 2012, i.e. a reduction of €11,294K. The reduction of the result is explained, inter alia, by a fall of the REMCI due to the strong fall of the linear bond 10-year rate (-18.5%). it should be noted that, in 2012, a drawdown of €7,299K on the “2007” reserve had been made.

In 2013, the movements on the available reserves were €6,037K (allocations) and break down into:

• An allocation of an amount of €3,644K corresponding to the Bonus of the financial year (favourable variation on the controllable costs)

• An additional allocation in an amount of €2,393K. For recall, in 2012, an allocation of an amount of €11,545K had been made, as well as a drawdown on the “2007” reserve.

The 2013 dividends paid to the associates amounted to:

• Public Sector: €42,320K v. €49,912K in 2012

• Electrabel: €11,177K v. €14,879K in 2012

b) Gas (Across All Sectors)

The result of the “Grid Management” activity (€27,729K v. €33,484K) consists of:

• Income (€165,101K v. €160,768K) such as: - Invoiced transit charges: they amounted in 2013 to

€172,474K against €199,599K in 2012 and include the RTNR (non-levied transit charges)

- Regulated assets/liabilitiesIn 2013: - €7,373K (RL)In 2012: €11,169K (RA)

• Operating costs (€137,372K v. €127,284K), up €10,088K compared to 2012. They consisted of controllable costs amounting to €41,286K, up €4,001K, and non-controllable costs amounting to €96,086K, up €6,087K.

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Concerning the non-controllable costs, we would cite the following trends:

• The cost of the PSO (Public Service Obligations), up €5,102K

• The gas roadway system charge, down €1,085K

• Depreciation and results on installation decommissioning, up €989K

• Financial charges, up €3,225 (impact of the debenture interest)

• Provisions, down €1,331K The result of the “Others” activity amounted to €127K against €202K in 2012. The total 2013 result amounted to €25,329K against €29,149K in 2012, i.e. a reduction of €3,820K. The reduction of the result is explained by a fall of the REMCI, inter alia, due to the strong fall of the linear bond 10-year rate (-18.5%). The impact of the latter was however partially compensated by a 4.5% rise of the RAB and a 3.1% rise of the equities. It should be noted that, in 2012, a drawdown of €3,888K on the “2007” reserve had been made.

In 2013, the movements on the available reserves were €2,527 (allocations) and break down into:

• An allocation of an amount of €978K corresponding to the Bonus of the financial year (favourable variation on the controllable costs)

• An additional allocation in an amount of €1,549K

• For recall, in 2012, an allocation of an amount of €8,425K had been made, as well as a drawdown on the “2007” reserve.

The 2013 dividends paid to the associates amounted to:

• Public sector: €20,019K v. €22,420K in 2012

• Electrabel: €5,310K v. €6,729K in 2012

3. BALANCE SHEET TRENDSThe balance sheet total amounted to €3,609,138K against €3,596,925K at 31 December 2012.

a) Assets

In 2013, the expenditure relating to computing projects was activated under intangible fixed assets for an amount of €6,540K. It has been depreciated at a rate of 20% for an amount of €1,600K.

The tangible fixed assets increased by €56,981K because of investments during the financial year of €184,172K, compensated by depreciation implemented at €101,533K, installation decommissioning in an amount of €5,282K and the “depreciation” of the RAB appreciation of €20,376K.

With regard to the difference between the initial RAB (Regulated Asset Base) and the book value of the tangible fixed assets, ORES Assets has entered it, because of the specific nature of this difference, in a separate heading of the tangible fixed assets and is depreciating it at a rate of 2% per annum, in accordance with the Royal Decree of 2 September 2008.

On this subject, we refer the reader to comments appearing in the valuation rules at the end of the annual accounts.

With regard to the financial fixed assets, ORES Assets holds 2,452 shares of ORES scrl, 7 shares of Laborelec and 2,400 shares of Igretec.

Stocks and orders in progress are composed of the works in progress on behalf of private individuals and communes.Trade receivables amounted to €156,653K, a situation nearly identical to the situation at 31 December 2012. These trade receivables are composed in particular of receivables from energy suppliers in the context of the invoicing of the transit charges, as well as receivables towards the protected customers and “Supplier X”.The “Other Receivables” heading includes claims relating to the damage to the grids caused by third parties, tax (IPM) and VAT to be recovered, as well as other claims.

The equalization accounts include the remaining balance of the pensions capital remaining to be taken as a charge for an amount of €99,967K, the gas roadway system charge of €16,617K€, the regulated assets for €86,441K, as well as the RTNR (non-levied transit charge), the green certificates stock and the ENR (non-levied energy).

b) Liabilities

The subscribed capital at 31/12/2013 amounted to €771,370K.

• A Shares: €359,709K

• R Shares: €411,661KIt has increased by €6,465K following the recapitalisation of €20,290K (cash payment of €10,465K by the associates and transformation of 98,250 R shares into A shares for €9,825K) occurring at the end of 2013 in order to finance the investments of the financial year and for the reimbursement of 40,000 R shares for an amount of €4,000K.

The revaluation of the tangible fixed assets amounting to €624,456K represents the initial difference between the RAB and the book value with regard to those same fixed assets. This heading is down €20,375K following the contractual withdrawal of the appreciation applied at a rate of 2% per annum.

The reserves have increased by €28,940K, following:

• Transfer to the unavailable reserves of the depreciation of the revaluation gain for an amount of €20,375K

• Allocation to the available reserves for an amount of €8,565K

The provisions for liabilities and charges have increased from €17,618K to €18,058K in 2013, i.e. a rise of €440K. This trend is explained as follows:

• An increase of €794K of the environmental provision for “polluted sites”

• The creation of a new provision of €1,200K following a probable correction in the metering measures relating to the past that may not be in the company’s favour

• A reduction in the provision for so-called litigations of the past (displacements of installations) of €160K

• The use and the write-back of the surplus balance of the provision constituted in the context of the litigation relating to the contribution on “Protected Regional Customers” energy, i.e. €1,120K

• A write-back on the Various Litigations provision of €274K.


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The amounts payable after more than a year of €1,666,767K are at the same level as at the end of 2012. They represent the loans contracted with credit institutions (€1,284,501K) and the guarantees deposited by the development companies for repayment at a later date. It should be noted that in 2012, ORES scrl, subsidiary of the mixed DSO, had raised 539 million euros on the capital market in the form of:

• Private investments: €189,750K

• Debenture: €350,000K

The share made available to the ORES Assets sectors in 2013 by ORES scrl amounted to:

• Private investments: €189,750K

• Debenture: €190,150K

The amounts payable after more than a year falling due in the year consist of the capital of the Belfius, ING, CBC and BNP Paribas loans (€108,999K) to be repaid in 2014.

Miscellaneous Suppliers as well as Invoices to be Received constitute the main part of the trade debts. The instalments On Orders Received (€17,652K) Included the intermediate invoices addressed to protected customers and under “Supplier X” (PSO) as well as the instalments from customers for work to be carried out.

The VAT (€431K) and the advance levy on the ORES scrl current account interest (€661K) constitute the main part of the tax liabilities. The Other Debts heading (€54,765K) mainly includes the balance of the gross dividends of FY 2013 to be paid to the associates after the Annual General Meeting (€30,007K), the balance of the current account of the ORES scrl operating company (€17,368K) and the gas fund (€1,683K). The equalization accounts of the Liabilities consist mainly of the neutralisation of the differences between charges and income for the roadway system charges, the pensions charges and the Elia charge (€17,481K).

Louvain-la-Neuve, 30 April 2014

4. ADDITIONAL COMMENTS

1. Details of important events occurring after the close of the financial year “None”

2. Indications on circumstances that might have a marked influence on the company’s development “None”

3. Indications relating to research and development activities “None”

4. Indications relating to the existence of the company’s branches. “None”

5. The balance sheet reveals no deferred loss or the income statement does not reveal a financial year for two successive financial years.

6. All the information that has to be inserted into it under the terms of the present code. “None”

7. The company’s use of financial instruments. ORES Assets has a current account with the operating company in case funds are needed, so that it is not exposed to price risks, credit risks, liquidity risks or cashflow risks.In addition, ORES Assets has agreed its borrowings with great Belgian financial institutions in the respect of the public service contract procedures.

8. Risks and Uncertainties Report

Description of the measures taken with regard to the risks and uncertainties with which ORES is confronted.Since 2009, ORES has been the operator responsible for the exploitation of the electricity and natural gas distribution grids of the Walloon mixed distribution system operators (hereinafter DSO) which have organized a merger operation of fusion leading to the constitution of SDSO (single DSO) - ORES Assets - on 31 December 2013.

ORES scrl and ORES Assets constitute a coherent economic group, ORES, for which a consolidated risk and uncertainty analysis is carried out on an annual basis.

Faced with new energy challenges, ORES will have to reinforce and diversify its activities while concentrating on its core business and positioning itself strategically in order to meet the market’s current expectations.: offer new energy products and services, management of systems of electrical recharging terminals, optical fibre grids, and so on. In other words, to reinforce its DSO legitimacy its market facilitator role, and to become the reference.

Moreover, FY 2013 has been an opportunity for reflecting on the new values of ORES and on a new company culture. The main axes of this new culture, which are the promotion of proactivity, the assumption of responsibility and the updating of skills in line with the new possible roles for the DSO, seek to adapt the organisation and the staff to the new issues.

a) Statutory, Regulatory and Institutional Risks

The transposition of the European energy market directives into the Belgian laws and decrees determines the legal framework that applies to energy distribution. The directives of 13 July 2009 adopted at the European level (“Third Energy Package”) were transposed into Belgian law by the Act of 08 January 2012. A draft amendment of the decree of 12 April 2001 relating to the organisation of the regional electricity market was voted for by the Walloon Parliament in April

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2014 in order to ensure that transposition into Walloon law. Transposition into the federal law has a regulatory impact on the energy market’s organisation and operation: the Royal Decrees of 2 September 2008 on tariffs are repealed and the regulator is from now on solely competent to decide the rating methodology that can be applied to energy distribution. In the context of the Sixth reform of the State - the Act of which was voted for on 06 January 2014 - rating competence in public gas and electricity distribution will be transferred, as from 01 July 2014, from the Federal State to the federated Entities. In the Walloon Region, this will therefore be the CWaPE, the Walloon Energy Commission, which, once appointed, will see itself being entrusted with the role of regulator in relation to that competence and will have to lay down the rating methodology. In May 2013, the CWaPE anticipated this work by preparing first transitory rating methodology plans for electricity and gas, which it has submitted to the DSO and to the market players.

While waiting for this transfer, the prolongation of the 2012 tariffs for 2013 and 2014 continues to apply. ORES is consequently working with closed rate packages. The transfer of competence will enable a partial reduction of the risks and uncertainties arising from the fact that the activities of the DSO are subject to regulation at various levels of power (European, Federal and Regional).

With regard to the allocation of the 2008 and 2009 regulatory balances, as well as the size and the allocation of the 2010 to 2013 regulatory balances, no decision has yet been made. The CWaPE has however already begun to check the annual reports.

Some litigations in progress could affect the tariffs applied for the current regulatory period, whether they relate to the tariffs of the DSO or to those of the electricity-oriented transport grid manager (TSO) (which are built into the distribution rate). In 2009, the Walloon Government adopted its 2009-2014 Declaration of Regional Policy entitled “Energy Shared for a Sustainable, Human and Interdependent Society”. A section is devoted to energy, with the objective of “consuming less and developing renewable energies in a transparent and universally accessible market”. The implementation of certain aspects of this declaration and the transposition of the directives of the Third Energy Package into Walloon law will bring amendments to the regional legislation that applies to the energy market. The financing of these various political energy measures decided by the current Government is based on the direct intervention of the DSO. By way of examples:

• A new progressive, interdependent and family-oriented rating mechanism has been was decided by the Walloon Government. This mechanism has significant impacts for the DSOs, creating a new public service obligation in their regard.

• The abandonment of the green certificates mechanism in support of small-size renewable energies in favour of a subsidy (Qualiwatt) paid by the DSOs.

2014 will also see important institutional changes with, on the one hand, regional elections implying possible energy policy changes, on the other, a possible replacement of the current directors of CWaPE whose mandates have expired.

The Council of State has exempted the DSO from the majority of the constraints of the Royal Decree of 02 June 2008 concerning the minimal safety regulations of certain old electrical installations in workplaces. However, a Royal Decree of 04 December 2012 has imposed tougher constraints on them than the ones that were previously envisaged, with the same important financial consequences within the coming years. An action for annulment was brought before the Council of State on 19 February 2013 against this Royal Decree by Synergrid, the federation of electricity and natural gas grid managers, and by some DSO.

A bi-regional agreement was reached in November 2013, eventually subjecting the new DSO - ORES Assets - to the Walloon legislation relating to intermunicipal companies. It should be emphasized that although ORES Assets is bi-regional, its Articles of Association Include - to a massive extent - the provisions of the Local Democracy and Decentralisation Code. Nevertheless, this new legislative deal will generate some necessary adjustments in respect of the recently incorporated company.

As mentioned earlier, the eight Walloon mixed DSOs expedited a merger process in 2013 which resulted, on 31 December 2013, in the incorporation of ORES Assets. The installation of the structures, the bodies and the new processes require ORES’s fullest attention. For the same reason, ORES has expedited the necessary formalities relating to the incorporation of ORES Assets not only at the levels of VAT, NOSS, Customs and Excise and Inasti, but also by the cancellation of the various similar registrations of the merged Walloon mixed DSOs.

b) Operational Risks

Operating Risks

The coming into effect of the decree relating to the information, the coordination and the organisation of building sites under, on or above roadway or waterway systems, voted for by the Walloon Parliament on 30 April 2009, was envisaged for 01 January 2011 .

An amending decree was approved on 28 November 2013, envisaging, except for the installation of the Commission, the coming into effect of this decree by 31 December 2014 at the latest. This Commission, which should be constituted for mid 2014, will be indeed be competent for collaboration on the drafting of texts, and for proposing general directives and so on, which will be necessary for the approval of the Implementing Decrees expected by the end of 2014. Taking into account the potential consequences of this decree on the planning and the coordination of the work carried out by ORES (and the other ducts operators), and on the cartography, it was essential that the action be coordinated. This action led to the development of the “Walloon Charter of ducts operators for the Safety and Coordination of Building Sites in the Public Domain”, which was signed at the beginning of March 2011.

The Walloon Government Decree of 30 March 2006 relating to public service obligations provides that, in concertation with the CWaPE and the suppliers, the distribution grid managers are responsible for the design, the implementation and the operation of a common system of recharging budget meters (BM) that is valid over the whole of the territory. This system


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had to allow, at least during business hours, the recharging of the BM in each commune with effect from 01 January 2007. It was set up and is managed by ORES on the territory of the Walloon mixed DSOs: since 2007, in addition to in the ORES Reception Offices and in certain CPAS, customers could also recharge their BM cards in public phone booths. However, Belgacom having warned ORES that the current system could no longer be supported after 2013, ORES - in collaboration with all the Walloon and Flemish operators - has initiated, successfully, a project to provide for its replacement. This project has led, for Wallonia, in addition to the recharging in the Reception Offices and CPAS, to the recharging in certain shops (via the use of credit card payment terminals in many recharging points, a list of which is available on the www.ores.net website, with at least one point per commune).

Technological Risks

The rapid development of the number of decentralized electricity generating stations partially meets the ambitious objectives imposed by the European Council of March 2007 and their translation into Walloon regional policy. This development of generated renewable energy creates certain uncertainties on the specifics which the distribution grids of tomorrow will have to answer. The sources of generation move in the light of the weather conditions and induce energy flows that are superimposed on the flows resulting from “historical” generation sites. The grids are solicited differently by them, which can create a form of instability. In order to familiarise the operators with these new operating conditions, ORES has undertaken the development of computer simulation tools enabling it to reproduce the management of the average grid voltage in various generation and consumption configurations. Furthermore, a tool of this kind makes it possible to evaluate the capacity of reception from decentralized generatorsthat is still available in the grid in those various configurations. If there is one certainty in the technological challenges with which the DSOs are confronted, it is indeed that of the intelligence to be integrated into the grids, taking into account the explosion of the amount of information to be conveyed, with the prospect of a technical redefinition of the grids. Smart meters, smart grids, active participation of the customer, sometimes consuming sometimes generating, are current events that ORES is continuing to analyse by testing various concepts via projects and pilot experiments. In addition to the GREDOR project which involves the academic world and industrial and administrative grid operators, ORES has not only actively participated in the development of flexible connection contracts, but has also analyzed the impact of the coordinated action of Flexibility Service Providers eager to respond to the tertiary reserve market that Elia has launched.

The pilot experiments of installing smart meters carried out in Marche-en-Famenne and Nivelles have made it possible to specify the real performances of various communication channels with regard to the dialogue of smart meters with hubs. This practical work is prolonging a more academic reflection that is being conducted in the context of the university Chair created within the University of Mons.

To face the new risk of the communication grid being hacked, data protection studies are continuing.

Data Quality Risk

Control of the data is an important issue, in particular for satisfying the regulatory obligations, for ensuring high-performance internal control, for meeting the expectations of our recipients and for making the strategic decisions with regard to the challenges that await us for the development of our activities.

This is why a “Data Quality” programme was initiated by ORES in 2013 and will continue in 2014, with the objectives of ensuring the provision of quality data and of perpetuating the good practices on the matter, so that the quality of the data is the object of a continuous and overall attention, integrated into the company’s culture.

Blackout Risk

More and more media are echoing the possibilities of electrical blackout at the European level in the coming years. ORES is conscious of this increasing risk and has set up a project piloted by an operational manager of an operating area. He is seeking top put in place what is necessary in all fields potentially impacted by a blackout (the company’s radio grid, fuel reserves, contacts with the agents, communication with the regional crisis centre and the authorities, and so on and so forth). Studies of the internal telecommunication grid have made it possible to identify the necessary budgets for making the communication nodes reliable and the first replacements have been carried out. Other phases are envisaged and the project is still programmed to be completely finished by the end of 2014.

Shortage Risk

Beside the risk of blackout which relates to a sudden event, the risk of shortage relates to foreseeable events arising from an imbalance between the supply and the demand. A shortage is characterised by healthy grids and therefore a shorter re-establishment time than in the case of a blackout.

The increasing share taken by the generation of renewable energy is contributing to a change of the historical balance between the generation sites, which can lead to important variations of energy flow on the transport and distribution grids. Belgium is becoming structurally dependent on the imports from the adjoining countries, primarily the Netherlands and France.

Admittedly the mildness of the 2013-2014 winter reduced the concern about the consequences of a cold snap, but one like the one in 2011-2012 would have two unfortunate consequences. The first would have been a significant increase of electricity needs, the second an increase of the adjoining countries’ own needs and thus a decrease of their export capacity. If these two facts are combined with an absence of wind, and therefore a reduced or even zero wind generation, it could no longer be possible to meet the demand. These conditions can however be evaluated about a one week in advance, which makes it possible to prepare for them.

The legislators have envisaged in the technical regulation of the transport grid (supplemented by a Ministerial Decree of 2005) provisions in order to prevent a possible shortage from leading to a major incident of the blackout variety. These provisions are progressive and call initially on the reserves and some interruptible contracts that Elia has entered into

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with some from its important customers. If these measures are insufficient the Federal Energy Minister can decide to run public awareness measures in order to decrease the consumption of the citizens and industries, and even to prohibit the use of electricity for certain purposes. If those measure are still insufficient, the Minister can decide to stop the power supply of certain areas.. This is what we call offloading. The offloading plans designed at the end of 2012 in collaboration with Elia and Synergrid were refined in 2013 by additional studies seeking to provide the authorities (FPS Economy and Interior) with information that was as accurate as possible. The results of this work were presented to the Provincial Governors, enabling them to refine emergency plans in the light of their responsibilities.

Even though structural measures had been taken by the Federal authority, the grids managers remained extremely vigilant in respect of these problems.

Market Model

The Belgian market model is evolving. The TSO, the DSO, the balance manager, the producer and the supplier had traditionally well-defined roles. Various developments in recent years have lead to a reflection on this traditional market model’s trend. Initially, decentralized generation changes the role of the consumer who has became a prosumer, introduces an aggregator role into the market which incorporates the various small generators and changes the relations between the DSO and the TSO which is responsible for the management of the balance at the Belgian level, without knowing all of the decentralized generators at the DSO level. The need to be able to manage the flexibility of the decentralized generation and consumption must also be incorporated into the market model. In addition, the introduction of private grids, closed grids and direct lines requires the role of the DSO to be repositioned.

Environmental Risks

The implementation of the Decree of 05 December 2008 on soil management could justify certain spending in relation to the cleansing of certain polluted sites. In this context, ORES is taking the appropriate measures with regard to preventing soil pollution and providing information about existing pollution. Ad hoc provisions are constituted.

Legal Litigation Risks

The risk of legal litigation is inherent in the activities of ORES and ORES Assets. If necessary, adequate provisions have been or will be constituted to cover this risk.

IT Risks

Generally, the degradation or loss of databases, a failure of the budget meter recharging process or the IT systems could impair the service to the customers and obstruct the company’s proper working with negative consequences on the financial situation and the results.

In the light of the increasing IT developments on the internet, ORES is increasingly exposed to risks such viruses or hacking. The company takes appropriate measures to protect itself from them.

The gradual installation of new applications (in accordance with strategic 2012-2017 IT planning) and the replacement of ageing computer applications are exposing ORES at new IT risks, relating to the temporary unavailability of certain systems in the course of migration. Some organisational adaptations are necessary. They entail the change of certain processes which can lead to possible additional charges on the organisation with, potentially, delays in certain processing fields.. Some unexpected difficulties in the replacement of the computer application managing the logistics has increased the priority to be accorded to that replacement.

Human Resources Risks

Attracting profiles who are qualified to meet ORES needs, current and future, and keeping talent within the company are two unquestionable challenges of the coming years. The difficulty of recruiting technical profiles has brought ORES to implement an action plan (partnerships, alternation, student traineeships, and so on) seeking to reinforce its labour market visibility and reputation. Further-more, maintaining and continuously developing skills constitute for ORES essential components of its HR policy, thus offering its staff members a personal development framework and prospects for progress throughout their careers. These opportunities, allied with a strong culture and values, should avoid a brain drain towards other companies.

Furthermore, it is essential for a company to preserve the skills level of its staff, both in technical matters and in terms of its management of the context, of the work environment. This is why ORES has developed a programme oriented towards its experienced staff, a programme followed by colleagues and sanctioned by formal technical accreditation.

Safety and Well-Being Risks

The considerable amount of hiring during recent years requires the adoption and the rigorous follow-up of a new recruit training programmes, including via a “godfather” system enabling the young to discover the lie of the land accompanied by older colleagues. So that they can get to know the various equipment that is used, standard configurations have been installed in the operating and training centres; and the new recruits can visualise the equipment in them and manoeuvre it when it is not switched on. This is the context in which a “training brigade” has been set up in Aye - (Marche-en-Famenne). It enables groups of about ten technicians to be trained on technical movements and safety reflexes, mainly by being put into real situations.

Whatever the activity in the company, ORES considers that it is crucial that its staff be permanently mindful of the prevention imperatives and the compliance with the health and safety regulations in order to limit the risks of accident and incidents at the workplace. In this context, the company implements an action plan that is annually reviewed.

Internal Control Mechanism Risks

The internal processes affect the company’s results and have to be controlled. In addition to the internal control activities that are already being implemented, ORES has in 2013 continued their reinforcement on four avenues: definition of operational responsibilities, transversal definition of tasks, definition of business lines, skills and responsibilities, mitigation of identified risks and seizure of opportunities.


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c) Financial Risks

No new borrowing or bond issue was launched in 2013, the company having sufficient cash to meet its needs and those of the DSO.

Credit Risks

A commercial paper programme was initiated at the beginning of 2011 by ORES with the guarantee of the DSO for an amount of €250M and a period of 10 years duration. In addition to commercial paper with a period of less than a year, this programme has made it possible to issue, since 2012, commercial paper with periods of five to eight years.

In 2012, ORES issued a debenture in the context of the introduction of the guarantee fund contributed by the DSO in favour of ORES. The amounts obtained via the debenture and the issuance of private investments have enabled the financing needs of ORES and the DSO for the years 2012 and 2013 to be covered Two short-term credit lines, unused to date, have been subscribed by ORES for an overall amount of €100M and are available until the end of 2014.

Nevertheless, ORES will in future have to continue a financing policy that calls upon diversified capital market sources.

Interest Rate Risks

An interest rate change impacts the financial charges. In order to minimise this risk, ORES and the DSOs are applying a financing policy that seeks to achieve an optimal balance between fixed and variable interest rates. Moreover, financial hedging instruments are used to cover uncertain developments. The financing policy takes account of the different lifetimes of the borrowings and the credits. These three points (interest rate, borrowing period and use of derived hedging products) have been the subject of decisions in the competent bodies of the DSOs and of ORES which have enabled a financial policy necessary for the active management of the debt to be established

Derived instruments

With a view to controlling the rate risk, ORES and ORES Assets use derived financial instruments such as interest rate swaps (short-term rate to long-term rate), and interest rate caps.. Debt management and market data management are attentively monitored. No derived instrument is used for speculation purposes.

Fiscal Risk

The DSO, as an intermunicipal company, is subjected, on the basis of Article 180 of the Income Tax Code (ITC), to legal entity tax but not, as is the case with ORES scrl, to corporation tax. The legal entity tax mode, applicable to the gas activity, as described in Articles 220 and following of the ICT, is a more favourable mode than the corporation tax mode. Although the DSO consequently benefits profits from an exception mode, the evolution of the tax regulations or the case law in terms of the application of the taxation rules can have consequences, it being understood however that any fiscal charge is currently included in the rates.

Asset Base and Liquidity Risks

For the invoicing of the charges for use of the grids, an option exists of asking for a banking guarantee from counterparts showing insufficient solvency criteria in order to guard against the risk of insolvency

For the work carried out in the context of grid management, ORES has continued and reinforced the specific overdue debt recovery actions by awarding, in June 2011, public contracts to recovery companies.

ORES has a short-term financing capacity at its disposal, via the previously mentioned commercial paper programme and credit lines; so its liquidity risk can be considered to be virtually non-existent.

The cash management of ORES Assets is operated by ORES. This pooling enables the market, asset-structure and liquidity risks to be limited. Moreover, the ORES management bodies have decided to restrict the investment to risk-free products, such as treasury products, long-term accounts, and so on.

The DSO operates in a regulated sector; all the costs associated with the financing policy are covered by the regulatory package.

21

Annual Accounts

( €)

ASSETS Note CODES PERIOD

FIXED ASSETS 20/28 3,205,658,364.18

Incorporation Charges 5.1 20

Intangible Fixed Assets 5.2 21 6,107,431.40

Fixed assets 5.3 22/27 3,190,027,182.95

Lands and buildings 22 77,279,113.51

Installations, machines and equipment 23 3,080,459,988.44

Furniture, vehicles and equipment 24 27,670,301.44

Capital lease and similar rights 25

Other intangible fixed assets 26 4,617,779.56

Assets under construction and advance payments 27

Financial fixed assets 5.4/5.5.1 28 9,523,749.83

Affiliated companies 5.14 280/1 9,381,771.08

Participating interests 280 9,381,771.08

Receivables 281

Other companies with which there are participating interests 5.14 282/3

Participating interests 282

Receivables 283

Other financial assets 284/8 141,978.75

Shares 284 16,891.92

Other amounts receivable 285/8 125,086.83

CURRENT ASSETS 29/58 403,479,172.84

Amounts falling due after more than one year 29

Trade debtors 290

Other receivables 291

Stocks and orders in progress 3 8,334,015.43

Stocks 30/36

Procurement 30/31

Work in progress 32

Finished products 33

Goods 34

Buildings intended for sale 35

Advance payments 36

Orders in progress 37 8,334,015.43

Receivables within a year 40/41 165,556,390.03

Trade debtors 40 156,652,719.68

Other receivables 41 8,903,670.35

Deposits, securities and bonds 5.5.1/5.6 50/53

Own shares 50

Other investments 51/53

Cash and cash equivalents 54/58

Accruals and deferred income 5.6 490/1 229,588,767.38TOTAL ASSETS 20/58 3,609,137,537.02

Balance Sheet After Appropriation


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(€)

LIABILITIES Note CODES PERIOD

SHAREHOLDERS' EQUITY 10/15 1,627,338,224.92

Capital 5.7 10 771,369,671.30

Subscribed Capital 100 771,369,671.30

Capital not fully paid-up 101

Share premiums 11

Revaluation gains 12 624,455,602.87

Reserves 13 231,512,950.75

Legal reserve 130 366,819.18

Non-available reserve 131 136,571,882.63

For own shares 1310

Other 1311 136,571,882.63

Immunised reserves 132

Available reserves 133 94,574,248.94

Profit (loss) carried forward (+)/(-) 14

Capital subsidies 15

Advances to the associates on the appropriation of the net assets 19

PROVISIONS AND DEFERRED TAXES 16 18,058,094.59

Provisions for liabilities and charges 160/5 18,058,094.59

Pensions and similar obligations 160

Fiscal charges 161

Major repairs and major maintenance 162

Other liabilities and charges 5.8 163/5 18,058,094.59

Deferred taxes 168

LIABILITIES 17/49 1,963,741,217.51

Amounts payable after more than one year 5.9 17 1,666,767,341

Financial Debts 170/4 1,664,401,027.62

Subordinated borrowings 170

Non-subordinated debentures 171

Rental/leasing and similar debts 172

Credit institutions 173 1,284,501,027.62

Other borrowings 174 379,900,000.00

Trade amounts payable 175

Suppliers 1750

Bills payable 1751

Instalments received on orders 176

Other amounts payable 178/9 2,366,313.38

Amounts payable within one year 42/48 277,183,471.15

Debts at more than one year falling due in the year 5.9 42 108,999,124.92

Financial Debts 43

Credit institutions 430/8

Other borrowings 439Trade payables 44 90,501,472.54

Suppliers 440/4 90,501,472.54

Bills payable 441

Instalments received on orders 46 17,651,751.34

Fiscal, payroll and social security debts 5.9 45 5,265,952.70

Taxes 450/3 5,260,985.73

Payroll and social security 454/9 4,966.97


Accruals and deferred income 5.9 492/3 19,790,405.36

TOTAL EQUITY AND LIABILITIES 10/49 3,609,137,537.02

23

(€)

Note CODES PERIOD

Operating income 70/74 1,022,019,193.87

Turnover 5.10 70 992,056,229.59

Work-in-progress finished goods, and orders in progress Increase (decrease) (+)/(-) 71 -400,599.13

Produced fixed assets 72

Other operating income 5.10 74 30,363,563.41

Operating charges 60/64 866,324,516.42

Supplies and goods 60 11,776,966.55

Purchasing 600/8 11,776,966.55

Stocks: Decrease (increase) (+)/(-) 609

Services and other goods 61 709,081,797.40

Payroll, social security costs and pensions (+)/(-) 62 153,853.97

Depreciation and write-downs on formation expenses, tangible and intangible assets 630 123,508,426.52

Write-downs on stocks, on orders in the course of execution and on trade receivables Allocations (write-backs) (+)/(-) 631/4 7,696,454.18

Provisions for liabilities and charges:Allocations (uses and write-backs) (+)/(-) 5.10 635/7 439,748.36

Other operating charges 5.10 640/8 13,667,269.44

Running costs transferred to Assetsas reorganisation expenses (-) 649

Operating profit (loss) (+)/(-) 9901 155,694,677.45

Financial income 75 221,585.39

Income from financial assets 750

Income from current assets 751 202,883.32

Other financial income 5.11 752/9 18,702.07

Financial charges 5.11 65 67,159,840.76

Debt charges 650 67,092,534.67

Write-downs on current assets other than stocksOrders in progress and trade receivables: Allocations (write-backs) (+)/(-) 651

Other financial charges 652/9 67,306.09

Pre-tax operating result (+)/(-) 9902 88,756,422.08

Extraordinary income 76

Depreciation write-backs and write-downs on intangible and tangible fixed assets 760

Write-backs of write-downs on financial fixed assets 761

Write-backs of provisions for extraordinary liabilities and charges 762

Gains on the realisation of fixed assets 763

Other extraordinary income 5.11 764/9

Extraordinary charges 66

Extraordinary depreciation and write-downs on formation expenses, and on tangible and intangible fixed assets 660

Income Statement


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INCOME STATEMENT (Cont.) (€)

Note CODES PERIOD

Write-downs on financial fixed assets 661

Extraordinary provisions for liabilities and charges Allocations (uses) (+)/(-) 662

Write-downs on financial fixed assets 663

Other extraordinary charges 664/8

Extraordinary costs taken to Assets as reorganisation expenses (-) 669

Pre-tax profit (loss) for the year (+)/(-) 9903 88,756,422.08

Drawdowns on deferred taxes 780

Transfer to deferred taxes 680

Taxes on profit (+)/(-) 5.12 67/77 1,366,550.00

Taxes 670/3 1,367,419.63

Adjustment of taxes and release of tax provisions 77 869.63

Profit (loss) for the year (+)/(-) 9904 87,389,872.08

Drawdowns on immunised reserves 789

Transfer to immunised reserves 689

Profit (loss) for the year to be assigned (+)/(-) 9905 87,389,872.08

ALLOCATIONS AND DRAWDOWNS (€)

CODES PERIOD

Profit (loss) to be assigned (+)/(-) 9906 87,389,872.08

Profit (loss) for the year to be assigned (+)/(-) 9905 87,389,872.08

Profit (loss) brought forward from the previous year (+)/(-) 14P

Drawdowns on equities 791/2

On the capital and the share premiums 791

On the reserves 792

Appropriation to capital and reserves 691/2 8,564,491.84

On the capital and the share premiums 691

To the legal reserve 6920

To the other resaves 6921 8,564,491.84

Result to be carried forward (+)/(-) 14

Intervention of the associates in the loss 794

Profit to be distributed 694/6 78,825,380.24

Dividends 694 78,825,380.24

Directors or managers 695

Other recipients 696

25

STATEMENT OF INTANGIBLE ASSETS (€)

RESEARCH AND DEVELOPMENT EXPENSES CODES PERIOD

Acquisition value at the end of the period 8051P XXXXXXXXXX

Movements during the period:

Acquisitions, including immobilized generation 8021 7,998,969.85

Sales and disposals 8031

Transfers from one heading to another (+)/(-) 8041

Acquisition value at the end of the period 8051 7,998,969.85

Depreciation and write-downs at the end of the period 8121P XXXXXXXXXX


Enacted 8071 1,599,793.99

Written-back 8081

Acquired from third parties 8091 291,744.46

Decrease due to sales and disposals 8101


Depreciation and write-downs at the end of the period 8121 1,891,538.45

NET BOOK VALUE AT THE END OF PERIOD 210 6,107,431.40

STATEMENT OF TANGIBLE FIXED ASSETS (Cont.) (€)

LANDS AND BUILDINGSCODES PERIOD




Sales and disposals 8171 125,197.52



Gains at the end of the period 8251P XXXXXXXXXX


Enacted 8211

Acquired from third parties 8221 5,038,163.59

Cancelled 8231

Transferred from one heading to another (+)/(-) 8241

Gains at the end of the period 8251 5,038,163.59



Enacted 8271 1,895,279.81

Written-back 8281


Decrease due to sales and disposals 8301 34,360.55



NET BOOK VALUE AT THE END OF THE PERIOD 22 77,279,113.51

Notes


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INSTALLATIONS, MACHINES AND EQUIPMENTCODES PERIOD



Acquisitions, including immobilized generation 8162 4,027,798,512.28

Sales and disposals 8172 31,767,726.55


Acquisition value at the end of the period 8192 3,996,030,785.73



Enacted 8212

Acquired from third parties 8222 1,012,966,419.88

Cancelled 8232


Gains at the end of the period 8252 1,012,966,419.88



Enacted 8272 112,326,980.83

Written-back 8282


Decrease due to sales and disposals 8302 26,633,877.32


Depreciation and write-downs at the end of the period 8322 1,928,537,217.17

NET BOOK VALUE AT THE END OF THE PERIOD 23 3,080,459,988.44

(€)

FURNITURE AND ROLLING STOCKCODES PERIOD



Acquisitions, 8163 138,615,623.09






Enacted 8213


Cancelled 8233


Gains at the end of the period 8253 769,326.59



Enacted 8273 7,520,306.89

Written-back 8283


Decrease due to sales and disposals 8303 3,308,455.42




27

(€)

OTHER TANGIBLE FIXED ASSETSCODES PERIOD





Transfers from one heading to another(+)/(-) 8185




Enacted 8215

Acquired from third parties 8225

Cancelled 8235


Gains at the end of the period 8255



Enacted 8275 166,065.00

Written-back 8285


Decrease due to sales and disposals 8305





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STATEMENT OF FINANCIAL FIXED ASSETS (€)

AFFILIATED COMPANIES, PARTICIPATING INTERESTS STOCKS AND SHARESCODES PERIOD



Acquisitions 8361 9,381,771.08

Disposals and withdrawals 8371





Enacted 8411


Cancelled 8431



Write-downs at the end of the period 8521P XXXXXXXXXX


Enacted 8471

Written-back 8481


Cancelled due to disposals and withdrawals 8501


Write-downs at the end of the period 8521

Amounts not called at the end of the period 8551P XXXXXXXXXX

Movements during the period: (+)/(-)

Amounts not called at the end of the period 8551


AFFILIATED COMPANIES, AMOUNTS RECEIVABLENET BOOK VALUE AT THE END OF PERIOD 281P XXXXXXXXXX


Additions 8581

Redemptions 8591

Enacted write-downs 8601

Enacted write-backs 8611

Exchange differences (+)/(-) 8621

Other (+)/(-) 8631

NET BOOK VALUE AT THE END OF PERIOD 281

AGGREGATED WRITE-DOWNS ON RECEIVABLES AT THE END OF THE PERIOD 8651

29

(€)

OTHER COMPANIES - PARTICIPATING INTERESTS, STOCKS AND SHARESCODES PERIOD



Acquisitions 8363 16,891.92



Acquisition value at the end of the period 8393 16,891.92



Enacted 8413


Cancelled 8433



Write-downs at the end of the period 8523P XXXXXXXXXX


Enacted 8473

Written-back 8483


Cancelled due to disposals and withdrawals 8503


Write-downs at the end of the period 8523

Amounts not called at the end of the period 8553P XXXXXXXXXX

Movements during the period: (+)/(-) 8543

Amounts not called at the end of the period 8553

NET BOOK VALUE AT THE END OF THE PERIOD 284 16,891.92

OTHER COMPANIES - AMOUNTS RECEIVABLE NET BOOK VALUE AT THE END OF THE PERIOD 285/8P XXXXXXXXXX


Additions 8583 125,086.83

Redemptions 8593



Exchange differences (+)/(-) 8623

Other (+)/(-) 8633

NET BOOK VALUE AT THE END OF THE PERIOD 285/8 125,086.83

AGGREGATED WRITE-DOWNS ON RECEIVABLES AT THE END OF THE PERIOD 8653


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DENOMINATION,name, full address of the HEAD OFFICE and, for companies incorporated under belgian law, mention of the COMPANY NUMBER

CORPORATE RIGHTS HELD

DATA EXTRACTED THE LASTANNUAL ACCOUNTS AVAILABLE

DIRECTEMENTBY SUB-

SIDIARIES ANNUAL ACCOUNTS

AS AT

CURRENCY CODE

SHAREHOLD- ERS’ EQUITY NET RESULT

NUMBER % % (+) OR (-) (IN UNITS)

ORES scrlBE 0897 436 971

Avenue Jean Monnet 21348 Louvain-la-NeuveBELGIQUE

Equity Shares 2,452 99.67 31-12-2012 EUR 457,560.00 0.00

INFORMATION RELATING TO THE PARTICIPATING INTERESTS

Participating interests and corporate rights held in other companies

The following are mentioned hereafter: the companies in which the company holds a participating interest (including in Headings 280 and 282 of the Assets) as well as the other companies in which the company holds corporate rights (including in Headings 284 and 51/53 of the Assets) accounting for at least 10% of the subscribed capital.

CASHFLOW INVESTMENTS AND ASSETS EQUALIZATION ACCOUNTS

(€)

CASH INVESTMENTS - OTHER INVESTMENTSCODES PERIOD

Shares 51

Net book value inclusive non-fully paid-up amount 8681

Amount not called 8682

Bonds at fixed interest rate 52

Fixed interest securities issued by credit institutions 8684

Deposits with financial companies 53

With a residual or notice period

Of one month at most 8686

Of more than one month to a year at most 8687

Of more than a year 8688

Other cash investments not included above 8689

(€)

EQUALIZATION ACCOUNTS Breakdown of the Assets Heading 490/1 if it represents a significant amount

PERIOD

Pensions capital 99,967,368.90

Surplus/deficit 86,440,739.56

Gas roadway system dues 16,616,649.07

Unlevied energy 6,425,541.32

Unlevied transit dues 14,136,848.58

31

(€)

CODES PERIOD

Own shares

Held by the company itself

Amount of the capital held 8721

Number of corresponding shares 8722

Held by its subsidiaries

Amount of the capital held 8731

Number of corresponding shares 8732

Share Issue Commitment

Following the exercise of conversion rights

Amount of convertible borrowing in progress 8740

Amount of the capital to be subscribed 8741

Corresponding maximum number of shares to be issued 8742

Following the exercise of subscription rights

Number of subscription rights in circulation 8745

Amount of the capital to be subscribed 8746

Corresponding maximum number of shares to be issued 8747

Authorized capital not subscribed 8751

STATEMENT OF CAPITAL AND SHAREHOLDERS STRUCTURE (€)

CAPITAL STATEMENTPERIOD

Social capital:

Capital subscribed at the end of the period 100P XXXXXXXXXX

Capital subscribed at the end of the period 100 771,369,671.30

CODES AMOUNTS NUMBER OF SHARES:

Changes during the period

A Shares 359,709,071.30 45,114,017

R Shares 411,660,600.00 4,116,606

Representation of the capital

Share categories

A Shares 359,709,071.30 45,114,017

R Shares 411,660,600.00 4,116,606

Registered shares 8702 XXXXXXXXXX 49,230,623

Bearer and/or dematerialized shares 8703 XXXXXXXXXX 0

CODES AMOUNT NOT CALLED

UNPAID CALLED AMOUNT

Capital not paid up

Capital not fully paid-up 101 XXXXXXXXXX

Capital called, not paid 8712 XXXXXXXXXX

Shareholders due to pay up


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STATEMENT OF CAPITAL AND SHAREHOLDERS STRUCTURE (Cont.) (€)

CODES PERIOD

Shares not representative of the capital

Breakdown:

Number of shares 8761

Number of votes attached to them 8762

Breakdown per shareholder

Number of shares held by the company itself 8771

Number of shares held by the subsidiaries 8781

PROVISIONS FOR OTHER LIABILITIES AND CHARGES (€)

BREAKDOWN OF LIABILITIES HEADING 163/5 IF IT REPRESENTS A SIGNIFICANT AMOUNT

CODES PERIOD

“Installation Displacement” litigation cases known as of the past 8,951,773.92

Provisions for environmental cleansing operations 4,759,405.78

Public works litigations 1,467,300.75

Provision for customer reconciliation 1,200,000.00

Various litigations 1,314,488.58

CCEG provision 365,125.56

Structure of the company’s shareholding at the closing date of its accounts, such as resulting from the declarations received by the company

Public Sector A Shares ED 23,737,225 A shares GD 10,098,289

Public Sector R Shares ED 2,877,264 R Shares GD 1,239,342

Private Sector A Shares ED 7,912,405 A shares GD 3,366,098

33

STATEMENT OF LIABILITIES DEBTS AND EQUALIZATION ACCOUNTS (€)

BREAKDOWN OF THE DEBTS ORIGINALLY AT MORE THAN ONE YEAR,ACCORDING TO THEIR RESIDUAL DURATION

CODES PERIOD

Debts at more than one year falling due in the year

Financial Debts 8801 108,999,124.92




Credit institutions 8841 108,999,124.92

Other borrowings 8851

Trade payables 8861

Suppliers 8871

Bills payable 8881


Other amounts payable 8901

TOTAL DEBTS AT MORE THAN ONE YEAR FALLING DUE IN THE YEAR 42 108,999,124.92

Debts having more than a year but 5 years at most to run







Trade payables 8862

Suppliers 8872

Bills payable 8882


Other amounts payable 8902 2,366,313.38

TOTAL DEBTS HAVING MORE THAN A YEAR BUT 5 YEARS AT MOST TO RUN 8912 545,104,699.33

Debts having more than 5 years to run

Financial Debts 8803 1,121,662,641.67






Trade payables 8863

Suppliers 8873

Bills payable 8883



TOTAL DEBTS HAVING MORE THAN 5 YEARS TO RUN 8913 1,121,662,641.67


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STATEMENT OF LIABILITIES DEBTS AND EQUALIZATION ACCOUNTS (Cont.) (€)

GUARANTEED DEBTSCODES PERIOD

Debts guaranteed by the Belgian public authorities







Trade payables 8981

Suppliers 8991

Bills payable 9001


Salary and social security debts 9021


TOTAL DEBTS GUARANTEED BY THE BELGIAN PUBLIC AUTHORITIES 9061 389,252,107.18

Debts guaranteed in rem constituted or irrevocably promised on the company's assets

Financial Debts 8922




Credit institutions 8962


Trade payables 8982

Suppliers 8992

Bills payable 9002


Taxes, payroll and social security 9022

Taxes 9032

Payroll and social security 9042


TOTAL DEBTS GUARANTEED IN REM CONSTITUTED OR IRREVOCABLY PROMISED ON THE COMPANY'S ASSETS 9062

FISCAL, SALARIAL AND SOCIAL SECURITY DEBTS

Taxes

Due taxes 9072 4,811.45

Not yet due taxes 9073 5,098,092.82

Estimated taxes 450 158,081.46

Payroll and social security

Due National Social Security Office debts 9076 356.76

Other debts related to payroll and social security 9077 4,610.21

EQUALIZATION ACCOUNTS

Breakdown of the Liabilities Heading 492/3 if it represents a significant amount

Roadway system variations, Elia, pensions of the 2008 period 17,480,706.85

35

OPERATING RESULTS (€)

OPERATING INCOMECODES PERIOD

Net Turnover

Breakdown per activity category

Breakdown per geographical market

Other operating income

Operating subsidies and compensatory amounts obtained from public authorities 740

OPERATING CHARGES

Staff for whom the company has filed a DIMONA return or who are listed on the general staff register

Total number at the closure date 9086 1

Average number of staff as full time equivalents 9087 1

Number of hours actually worked 9088 2,929

Employment costs

Payroll and social benefits 620 118,767.20

Employer’s social security contributions 621 34,000.49

Employer’s extra-legal insurance premiums 622

Other personnel costs 623 1,086.28

Retirement and survival pensions 624

Provisions for pensions and similar obligations

Allocations (uses and write-backs) (+)/(-) 635

Write-downs

On stocks and orders in progress

Enacted 9110

Written-back 9111

On trade receivables

Enacted 9112 8,907,871.95

Written-back 9113 1,211,417.77

Provisions for liabilities and charges

Constitutions 9115 2,436,527.93

Uses and write-backs 9116 1,996,779.57

Other operating charges

Operations-related taxes and dues 640 27,214.80

Other 641/8 13,640,054.64

Interim staff and personnel seconded from other companies

Total number at the closure date 9096

Average number in full time equivalent 9097

Number of hours actually worked 9098

Cost for the company 617


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FINANCIAL AND EXTRAORDINARY RESULTS (€)

FINANCIAL RESULTSCODES PERIOD

Other financial income

Subsidies granted by the public authorities and entered into the income statement

Capital subsidies 9125

Interest subsidies 9126

Breakdown of the other financial income

Other financial income 18,702.07

Depreciation of the borrowing issuance charges and the redemption premiums 6501

Interim Interest taken into Assets 6503

Write-downs on current assets

Enacted 6510

Written-back 6511

Other financial charges

Amount of the discount charged to the company on the negotiation of claims 653

Provisions of a financial nature

Allocations 6560

Uses and write-backs 6561

Breakdown of the other financial charges

Other financial charges 67,306.09

(€)

EXTRAORDINARY RESULTSPERIOD

Breakdown of the other extraordinary financial income

Ventilation of the other extraordinary charges

37

TAXES AND DUES (€)

INCOME TAXCODES PERIOD

Taxes on the result of the period 9134 1,367,419.63

Taxes and deductions due or paid 9135 1,214,149.62

Surplus payments of taxes or withholding taxes taken to Assets 9136

Estimated tax supplements 9137 153,270.01

Taxes on the results of previous periods 9138

Tax supplements due or paid 9139

Tax supplements estimated or provisional 9140

Main sources of disparities between pre-tax profit, expressed in the accounts, and the estimated taxable profit

(€)

CODES PERIOD

Sources of tax latencies

Active latencies 9141

Accumulated tax losses, deductible from the later taxable profits 9142

Other active latencies

Passive latencies 9144

Breakdown of the passive latencies

(€)

VALUE ADDED TAX AND TAX CHARGED TO THIRD PARTIES

CODES PERIOD

Value added tax taken into account

At the company (deductible) 9145 208,290,592.54

By the company 9146 293,581,338.85

Retained taxes charged to third parties on wages and salaries

Payroll tax 9147 325,020.04

Advance levy on income derived from securities 9148 8,934,018.73

Incidence of the extraordinary results on the amount of the income tax for the period


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OFF-BALANCE SHEET RIGHTS AND COMMITMENTS (€)

CODES PERIOD

PERSONAL GUARANTEES CONSTITUTED OR IRREVOCABLY PROMISED BY THE COMPANY AS COLLATERAL FOR THIRD PARTY DEBTS OR COMMITMENTS

9149

Including

Commercial bills in circulation endorsed by the company 9150

Commercial bills in circulation drawn or guaranteed by the company 9151

Maximum amount to which other third-party commitments are guaranteed by the company 9153

IN REM GUARANTEES

In rem guarantees constituted or irrevocably promised by the company on its own assets as collateral for its own debts and commitments

Mortgages

Book value of the burdened buildings 9161

Registration amount 9171

Pledges on business assets - Inscription amount 9181

Pledges on other assets - Book value of the pledged assets 9191

Sureties constituted on future assets - Asset amounts in question 9201

In rem guarantees constituted or irrevocably promised by the company on its own assets as collateral for third-party debts and commitments

Mortgages

Book value of the burdened buildings 9162

Registration amount 9172

Pledges on business assets - Inscription amount 9182

Pledges on other assets - Book value of the pledged assets 9192

Sureties constituted on future assets - Asset amounts in question 9202

GOODS AND VALUES HELD BY THIRD PARTIES IN THEIR NAMESBUT AT THE COMPANY’S RISK AND PROFIT IF THEY ARE NOT INCLUDED IN THE BALANCE SHEET

IMPORTANT FIXED ASSET ACQUISITION COMMITMENTS

IMPORTANT ASSET DISPOSAL COMMITMENTS

FUTURES MARKET

Goods bought (to be received) 9213

Goods sold (to be delivered) 9214

Foreign currency bought (to be received) 9215

Foreign currency sold (to be delivered) 9216

COMMITMENTS RESULTING FROM TECHNICAL GUARANTEES ATTACHED TO PAST SALES OR SERVICES

IMPORTANT LITIGATIONS AND OTHER IMPORTANT COMMITMENTSGuarantee in favour of Customs & Excise relating to the collection of energy taxes: €16,500.00Guarantee in our favour for transit dues: €1,192,700.00 Guarantee constituted with regard to ORES in the context of the commercial paper and debenture issuance programme: €1,602,500,000.00

IF NECESSARY, BRIEF DESCRIPTION OF THE ADDITIONAL RETIREMENT OR SURVIVAL PENSION REGIME INSTITUTED FOR THE BENEFIT OF STAFF OR MANAGERS AND THE MEASURES TAKEN TO COVER THEIR COST

39

NATURE AND COMMERCIAL OBJECTIVE OF THE OPERATIONS NOT REGISTERED IN THE BALANCE SHEETProvided that the risks or the advantages arising from these operations are significant and insofar as the disclosure of the risks or advantages is necessary for the appreciation of the company’s financial situation, if applicable, the financial consequences for the company of these operations must also be mentioned.

OTHER OFF-BALANCE SHEET RIGHTS AND COMMITMENTS

(montants en €)

PENSIONS ENCUMBERING THE COMPANY ITSELFCODES PERIOD

Estimated amount of the commitments resulting from pensions already paid 9220

Bases and methods of this estimation


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RELATIONS WITH AFFILIATED COMPANIES AND COMPANIES LINKED BY VIRTUE OF A PARTICIPATING INTEREST

(€)

AFFILIATED COMPANIESCODES PERIOD

Financial fixed assets 280/1 9,381,771.08

Participating interests 280 9,381,771.08

Subordinated receivables 9271


Claims on affiliated companies 9291

At more than 1 year 9301

At 1 year at most 9311

Deposits, securities and bonds 9321

Shares 9331

Receivables 9341

Debts 9351 408,068,182.92

At more than 1 year 9361 379,900,000.00

At 1 year at most 9371 28,168,182.92

Customised and in Rem Guarantees

Constituted or irrevocably promised by the company as collateral for affiliated company debts or commitments

9381

Constituted or irrevocably promised by the company as collateral for its own debts or commitments

9391

Other significant financial commitments 9401

Financial results


Income from current assets 9431

Other financial income 9441

Debt charges 9461

Other financial charges 9471

Fixed asset disposals

Gains achieved 9481

Losses incurred 9491

COMPANIES LINKED BY VIRTUE OF A PARTICIPATING INTERESTFinancial fixed assets 282/3

Participating interests 282

Subordinated claims 9272


Receivables 9292 69,590.62


At 1 year at most 9312 69,590.62

Debts 9352 20,703,319.11


At 1 year at most 9372 20,703,319.11

(€)

TRANSACTIONS WITH RELATED PARTIES CARRIED OUT UNDER CONDITIONS OTHER THAN MARKET CONDITIONS

PERIOD

Mention of such transactions, 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 which would be necessary for obtaining a clearer understanding of the company's financial position

41

FINANCIAL RELATIONS WITH (€)

DIRECTORS AND MANAGERS, PRIVATE INDIVIDUALS OR LEGAL ENTITIES WHO OR WHICH CONTROL THE COMPANY DIRECTLY OR INDIRECTLYWITHOUT BEING RELATED TO IT OR TO OTHER COMPANIES CONTROLLED DIRECTLY OR INDIRECTLY BY THOSE PEOPLE OR ENTITIES

CODES PERIOD

Claims on the aforementioned people/entities 9500

Main conditions of the claims

Guarantees constituted in their favour 9501

Main conditions of the constituted guarantees

Other significant commitments subscribed in their favour 9502

Main conditions of the other commitmentsDirect and indirect remuneration and allotted pensions, charged to the income statement, insofar as this mention does not relate exclusively or principally to the situation of a single identifiable person

To directors and managers 9503 899,666.98

To former directors and former managers 9504

(€)

AUDITOR(S) AND ASSOCIATED PERSONSCODES PERIOD

Auditor emoluments: 9505 29,750.00Emoluments for extraordinary services or particular assignments accomplished within the company by the auditor(s)

Other certification assignments 95061

Tax consultancy assignments 95062

Other assignments apart from the auditing assignment 95063Emoluments for extraordinary services or particular assignments accomplished within the company by the associates of the auditor(s)



Other assignments apart from the auditing assignment 95083

Mentions pursuant to Article 133, Paragraph 6 of the Companies Code

DERIVED FINANCIAL INSTRUMENTS NOT VALUED AT FAIR VALUE (€)

PERIOD

ESTIMATION OF THE FAIR VALUE OF EACH CATEGORY OF DERIVED FINANCIAL INSTRUMENT NOT VALUED AT THE FAIR VALUE IN THE ACCOUNTS, WITH INDICATIONS ON THE NATURE AND THE VOLUME OF THE INSTRUMENTS

Hedge swaps (notionally €744,605,555.09) 45,694,479.78


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STATEMENT OF PEOPLE EMPLOYEDSTAFF FOR WHOM THE COMPANY HAS FILED A DIMONA RETURN OR WHO ARE LISTED ON THE GENERAL STAFF REGISTER

DURING THE PERIODCODES TOTAL 1,MEN 2. WOMEN

Average number of staff members

Full-time 1001 1 1

Part-time 1002

TOTAL AS FULL-TIME EQUIVALENTS (FTE) 1003 1 1

Number of hours actually worked

Full-time 1011 2,929 2,929

Part-time 1012

TOTAL 1013 2,929 2,929

Employment costs

Full-time 1021 153,853.97 153,853.97

Part-time 1022

TOTAL 1023 153,853.97 153,853.97

Amount of the benefits granted on top of the salaries 1033 0.00 0.00

DURING THE PREVIOUS PERIODCODES P. TOTAL 1P. MEN 2P. WOMEN

Average number of FTE staff 1003


Employment costs 1023

Amount of the benefits granted on top of the salaries 1033

Social Balance SheetNumbers of the joint committees on which the company depends:

43

STAFF FOR WHOM THE COMPANY HAS FILED A DIMONA RETURN OR WHO ARE LISTED ON THE GENERAL STAFF REGISTER (Cont.)

AT THE PERIOD’S CLOSING DATE

CODES 1. FULL-TIME 2. PART-TIME 3. TOTAL AS FULL-TIME

EQUIVALENTS

Average number of staff members 105 1 1

Per type of employment contract

Open-ended contracts 110 1 1

Fixed-period contracts 111

Contract for a specific task 112

Replacement contract 113

Per Gender and Level of Education

Men 120 1 1

Primary level 1200

Secondary level 1201

Higher non-university level 1202

University level 1203 1 1

Women 121

Primary level 1210

Secondary level 1211

Higher non-university level 1212

University level 1213

Per Business Category

Managerial staff 130 1 1

Employees 134

Workers 132

Other 133

TABLE OF STAFF MOVEMENTS DURING THE PERIOD

INCOMING


EQUIVALENTS

Number of staff members for whom the company

has filed a DIMONA return or who have been listed on the general staff register in the course of the period

205


Open-ended contract 210




INTERIM STAFF AND PERSONNEL HIRED FROM OTHER COMPANIES

DURING THE PERIOD

CODES 1. TEMPS 2. TEMPS AVAILABLE TO THE

COMPANY

Average number of people employed 150


Cost for the company 152


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INFORMATION ON STAFF TRAINING COURSES DURING THE PERIOD

Initiatives in terms of continuous formal vocational training at the employer's expense

CODES MEN CODES 2. WOMEN

Number of staff members concerned 5801 5811

Number of training hours attended 5802 5812

Net cost for the company 5803 5813

of which the gross cost directly relating to the training 58031 58131

of which paid contributions and payments to collective funds 58032 58132

of which grants and other financial benefits (to be deducted) 58033 58133

Initiatives in terms of continuous less formal vocational training at the employer's expense



Cost for the company 5823 5833

Initiatives in terms of initial vocational training at the employer's expense



Cost for the company 5843 5853

OUTGOING


EQUIVALENTS

Number of staff members whose contract end date has been registered in a DIMONA return or who have been listed on the general staff register during the period

305


Open-ended contract 310




Per end-of-contract reason

Pension 340

Unemployment with company top-up 341

Dismissal 342

Other reason 343

Including: the number of people who continue, at least part-time, with work for the company on a self-employed basis

350

45

Valuation Rules

ASSETS

I. INCORPORATION CHARGESThe incorporation charges are entered into the balance sheet’s Assets at their actual cost and are depreciated over a maximum of 5 years.

II. INTANGIBLE FIXED ASSETSThese are recorded the balance sheet’s Assets at their acquisition value and are depreciated over a period of 5 years

III. TANGIBLE FIXED ASSETS

Acquisition value

• Tangible fixed assets are booked on the Assets side of the balance sheet at their acquisition price, cost price, or contribution value.

Ancillary charges

• The ancillary charges are included in the acquisition value of the tangible fixed assets concerned. These include in particular the non-deductible VAT that burdened the investments until 30 June 1980. The ancillary charges are depreciated at the same rate as the installations to which they refer.

Third-party interventions

• Third-party interventions in the financing of the tangible fixed assets are deducted from their acquisition values. They are, moreover, deducted from the depreciation base of said installations.

Depreciation

• Depreciation is calculated on the basis of the straight-line method, the installations giving rise to depreciation are the onese existing at 31 December of the period in question.

• The depreciation tariffs to be taken into account are the following:

ELECTRICITY INSTALLATIONSDEPREC-

IATION RATE %

Industrial buildings 3

Administrative buildings 2

Cables 2

Lines 2

Stations and cabins (HV and LV equipment)

3

Connections – transformations 3

Connections - lines and cables 2

Measuring equipment 3

Electronic meters, budget meters

10

Remote control,laboratory and dispatching equipment

10

Remote transmission and optical fibres 10

Equipment and furniture 10

Rolling stock(transport of people and goods)

20

Mobile equipment 10

Administrative Equipment (IT hardware)

33

GAS INSTALLATIONSDEPREC-

IATION RATE %

Industrial Buildings 3


Pipes 2

Cabine / stations 3

Connections/branch lines 3

Measuring devices 3

Lab, dispatching equipment 10

Electronic meters, budget meters 10

Remote control, dispatching equipment, lab equipment

10



Rolling stock (transport of people and goods)

20

Mobile equipment 10

Administrative Equipment (IT hardware)

33


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Initial difference between the RAB and the book value of the tangible fixed assets

Until the end of 2002, the tangible fixed assets were developed on the Assets side of the balance sheet on the basis of the book value (i.e. acquisition value less depreciation) revalued in accordance with the exemption obtained from the Ministry of Economic Affairs on 22 November 1985.

Since the beginning of 2003, the activity of the Walloon intermunicipal mixed electricity and gas distribution managers has been re-oriented, at the pace of the liberalisation of the electricity and gas markets, essentially on the function of manager of the electricity and gas distribution grids.

With regard to the formulation of the grid utilisation rates, it is up to ORES Assets to establish a proposal which it submits, for approval, at the Electricity and Gas Regulation Commission (CREG). This tariff proposal must respect the provisions of the Royal Decrees of 2 September 2008 relating to the rules on laying down and controlling the total income and the fair profit margin, the general tariff structure, the balance between the costs and the revenue and some basic principles and procedures in terms of tariff proposals and approvals, the report and the control of the costs by the managers of the electricity and natural gas distribution grids (R.D.) in terms of tariff policy and fair profit margin. These envisage fair remuneration of the invested capital on the basis of a tariff (“WACC: weighted average cost of capital”) deducted from a theoretical structure financing structure based on one-third own funds and two-thirds third-party funds, whatever the actual capitalization of the DSO (a).

The invested capital is composed of the economic value of the regulated tangible fixed assets, plus or minus the working capital.

At the time of the determination of the initial value of the invested capital at 31/12/2001 (iRAB), the electricity distribution grid managers that had a technical inventory allowing them to justify the value of the tangible fixed assets could choose to determine the initial value of the invested capital at 31/12/2001 on the basis of the economic value of that inventory. This was the option chosen by the mixed Walloon intermunicipal companies.

The CREG requires that the RAB taken into account in order to determine the basis of the remuneration of the invested capital evolves according to the following formula:RABn = iRAB + investments n – depreciation n – outages n (b)

The CREG also requires that it be able, at any time, to reconcile the RAB introduced into the tariff proposals with the DSO’s accounting statements (c).

Meeting Constraints (a), (b) and (c) involved the accounting of the RAB and that an initial difference is produced in relation to the book value.

This initial difference which appears in the DSO’s balance sheet relates on the one hand to the right to be the sole distributor of electricity and gas for a define period and on a fixed territory and, on the other, reflects the pricing exercise of the grid concerned.

In view of the specific nature of this initial difference, the DSO had chosen to enter it under a separate heading of the tangible fixed assets and not to depreciate it nor to withdraw it.

In November 2007, agreements were reached between the DSOs and the CREG, agreements which led to a compromise and the publication of a Royal Decree in September 2008.

Article 4, §1 of the R.D. defines the initial value of the regulated assets as being the sum of the net book value of the tangible fixed assets and of the appreciation (the appreciation is the positive difference between the value of the iRAB and the initial non-depreciated acquisition value).

Article 2, Point 7 of the R.D. indicates that the costs are composed in particular of the part of the appreciation mentioned in Article 4, §1 relating to equipment put out of service in the course of the year concerned, insofar as the amounts corresponding to this part of the appreciation are put into to a reserve on the Liabilities side of the DSO’s balance sheet. The CREG checks the concordance between the evolution of this reserve and the recorded outages. The method applied by the DSO in order to determine the technical outages is certified by the auditor of the DSO concerned, the appreciation is included and reported in the costs at a rate of 2% a year during the first regulated period. At the conclusion of the third year of each regulated period, the average advanced of the outages over the four previous years is determined. This moving average is applied during the next regulated period.

Article 5, §1 of the R.D. for its part stipulates that the economic reconstruction value evolves each year from 01 January 2007 by in particular the deduction of the part of the appreciation mentioned in Article 4, §1 relating to the equipment put out of service in the course of the year concerned. This appreciation is deducted and included in the costs at a rate of 2% per annum during the first regulated period. At the conclusion of the third year of each regulated period, the advanced average is determined over the four previous years. This average is applied during the next regulated period.

These provisions came into force with effect from the 2008 FY.

Although the Royal Decrees of September 2008 have been repealed by the Act of 08 January 2012, the principles contained in those texts have been applied in the context of the closure of financial years 2012 and 2013. The 2012 tariffs having been prolonged in 2013. 2013 is indeed to be regard as a prolongation of the 2009-2012 regulated period for which the DSOs’ rates, still valid, were approved by the CREG on the basis of those principles.

IV. FINANCIAL FIXED ASSETSThe financial fixed assets are included on the Assets side of the balance sheet at their acquisition value, less the not called part.

V. RECEIVABLES AT MORE THAN A YEARThe receivables at more than a year are included on the Assets side of the balance sheet at their face value.

47

VI. STOCKS AND ORDER IN PROGRESSWork in progress is put into the Assets side of the balance sheet at its cost price. With regard to work on behalf of third parties, the expenditure and the invoices are transferred to the income statement when work is regarded as finished.

VII. RECEIVABLES WITHIN A YEARThe receivables within a year are included on the Assets side of the balance sheet at their face value.

They include the amounts to be received from the customers for energy supplies (essentially protected customers), transit dues and miscellaneous works.

They are separated from those considered to be irrecoverable including those relating to known bankruptcies. These bad debts are entirely assumed as income statement debit (Other Operating Costs II. G.). When a part is subsequently recovered, the recovered amount appears as income statement credit (Other Operating Income I.).

Receivables unpaid for more than 60 days are usually covered by write-downs.

In 2011, a public contract was launched in such way as to allow the recovery of energy supply receivable from end customers as well as claims for work. This public contract envisages a recovery rate by the beneficiary. The part of these receivables covered by a write-down is therefore calculated after deduction of the envisaged percentage of recovery.

VIII. CASHFLOW INVESTMENTSCashflow investments are accounted for in the balance sheet’s Assets at their face value.

IX. CASH AT BANK AND IN HANDCash at bank and in hand is accounted for in the balance sheet’s Assets at its face value.

X. EQUALIZATION ACCOUNTS1. The charges incurred during the financial year but ascribable

in whole or in part to one or more later financial years are evaluated by adopting a proportional rule.

2. The income or fractions of income that will be collected only during one or more later financial years but which are to be ascribed to the financial year in question are evaluated at the amount of the part relating to the financial year in question.

The equalization accounts on the Assets side mainly include expenses corresponding to pension charges liquidated in the form of capital for the benefit of the staff of the operating company (ORES scrl) previously assigned to the distribution activities on the intermunicipal companies territory.

The defrayal of these expenses by the DSO is spread out over a period not exceeding 20 years.Also appearing in the Assets’ equalization accounts is the estimated value of the transit dues relating to transported energy, but not levied at 31 December.

As the “low tension” and “low pressure” consumption by residential and business customers is read and billed only once a year, it is necessary to estimate the quantities of energy transported for those customers between the date of the last meter reading and 31 December and to determine the related transit dues. (Total quantities of energy transported during the civil period - quantities transported and invoiced during the same period) (pricing of the transit dues on the basis of the applicable tariff during the period in question).

The equalization accounts on the Assets side include possible “Regulated Assets” accounted for under the terms of the principle of the yearly recurrence of the charges and the income. These “Regulated Assets” relating to the 2008-2013 period should be recoverable via the future rates. The impact on the DSO’s results of these regulated assets will be annually and partially neutralised by an allocation of a part of the profits to the available reserves. It will, thereafter, will be taken from those available reserves to the same rate as the recovery of those “Regulated Assets” from the market.

LIABILITIES

VII. PROVISIONS FOR LIABILITIES AND CHARGES

At the close of each financial year, the Board of Directors, deciding with caution, sincerity and good faith, examines the provisions to be created to cover all expected risks or potential losses that develop over the financial year and previous financial years. The provisions relating to the latter are regularly reviewed and the Board decides their allocation or destination.

VIII. AMOUNTS PAYABLE AFTER MORE THAN ONE YEAR

Debts at more than a year are included on the Liabilities side of the balance sheet at their face value.

IX. AMOUNTS PAYABLE WITHIN A YEARDebts within a year are included on the Liabilities side of the balance sheet at their face value.

X. EQUALIZATION ACCOUNTS1. The charges or fractions of charges relating to the financial

year but which will only be paid during a later financial year are evaluated at the amount relating to the financial year.

2. The income collected during the financial year but which is ascribable in whole or in part to a later financial year is also evaluated at the amount which must be regarded as income for later financial years.

The Liabilities’ equalization accounts include possible “Regulated Liabilities” or “surpluses” accounted for according to the principle of the yearly recurrence of the charges and the income.


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These “Regulated Liabilities” relating to the 2008-2013 period should be restored to the market at the time of the next regulated period. The impact on the DSOs results of these regulated liabilities will be completely defrayed in the financial year to which it relates.

Also appearing in the Liabilities’ equalization accounts is the estimated value of the transit dues relating to transported energy, but not levied at 31 December.

As the “low tension” and “low pressure” consumption by residential and business customers is read and billed only once a year, it is necessary to estimate the quantities of energy transported for those customers between the date of the last meter reading and 31 December and to determine the related transit dues. (Total quantities of energy transported during the civil period - quantities transported and invoiced during the same period) (pricing of the transit dues on the basis of the applicable tariff during the period in question).

Additional Information In the Appendix Special Points

The allowances and attendance fees allocated with the members of the Board of Directors, the Steering Committee and the College of Auditors are charged to Account “61 - Miscellaneous Services and Goods”: consequently, heading 9147 of page 37 mentions payroll tax.

49

2013 Profit Distribution

ORES Assets across all sectors

ELECTRICITY (€)

ACTIVITIES PUBLIC AUTHORITIES ELECTRABEL TOTAL

Distribution Grid Management 41,771,272.37 10,867,025.79 52,638,298.16

Others (Supply) 549,096.90 309,367.56 858,464.46

Total Electricity 42,320,369.27 11,176,393.35 53,496,762.62

GAS (€)



Others (Supply) 87,213.21 39,809.05 127,022.26

Total Gas 20,018,831.13 5,309,786.49 25,328,617.62

TOTAL ELECTRICITY + GAS (€)



Others (Supply) 636,310.11 349,176.61 985,486.72

TOTAL ELECTRICITY + GAS 62,339,200.40 16,486,179.84 78,825,380.24

ORES Namur

ELECTRICITY (€)



Others (Supply) 60,338.26 26,062.26 86,400.52

Total Electricity 7,886,278.87 2,065,087.97 9,951,366.84

GAS (€)


Distribution Grid Management 1,657,889.46 475,859.21 2,133,748.67

Others (Supply) 10,442.24 7,644.61 18,086.85

Total GAS 1,668,331.70 483,503.82 2,151,835.52




Others (Supply) 70,780.50 33,706.87 104,487.37

Total electricity + GAS 9,554,610.57 2,548,591.79 12,103,202.36


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ORES Hainaut

ELECTRICITY (€)



Others (Supply) 313,663.00 199,900.14 513,563.14

Total electricity 15,604,539.34 3,847,095.69 19,451,635.03

GAS (€)



Others (Supply) 60,619.01 24,102.98 84,721.99

Total GAS 13,145,010.80 3,314,956.46 16,459,967.26




Others (Supply) 374,282.01 224,003.12 598,285.13


ORES Luxembourg

ELECTRICITY (€)



Others (Supply) 53,665.20 23,182.80 76,848.00


GAS (€)


Distribution Grid Management 639,291.40 178,628.12 817,919.52

Others (Supply) 3,337.54 1,901.14 5,238.68

Total GAS 642,628.94 180,529.26 823,158.20




Others (Supply) 57,002.74 25,083.94 82,086.68


ORES Est

ELECTRICITY (€)



Others (Supply) 13,473.63 10,705.97 24,179.60

Total electricity 2,282,446.30 767,029.24 3,049,475.54

51

ORES Mouscron

ELECTRICITY (€)


Distribution Grid Management 857,453.12 259,097.33 1,116,550.45

Others (Supply) 17,405.21 8,493.92 25,899.13

Total electricity 874,858.33 267,591.25 1,142,449.58

GAS (€)


Distribution Grid Management 646,954.94 195,338.60 842,293.54

Others (Supply) 8,600.90 4,084.07 12,684.97

Total GAS 655,555.84 199,422.67 854,978.51




Others (Supply) 26,006.11 12,577.99 38,584.10

Total electricity + GAS 1,530,414.17 467,013.92 1,997,428.09

ORES Brabant Wallon

ELECTRICITY (€)



Others (Supply) 60,705.87 26,293.81 86,999.68


GAS (€)



Others (Supply) 4,213.52 2,076.25 6,289.77

Total GAS 3,907,303.85 1,131,374.28 5,038,678.13




Others (Supply) 64,919.39 28,370.06 93,289.45


ORES Verviers

ELECTRICITY (€)



Others (Supply) 29,845.73 14,728.66 44,574.39

Total electricity 2,562,096.18 824,988.58 3,387,084.76


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Audit Reports

AUDITORS’ REPORTS ON DIVIDEND INSTALMENTSNote: the following original documents are communicated hereafter in French.

53

AUDITORS’ REPORTS ON DIVIDEND INSTALMENTSNote: the following original documents are communicated hereafter in French.


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77

REPORT ON THE ANNUAL ACCOUNTS FROM THE COLLEGE OF AUDITORS TO THE ANNUAL GENERAL MEETING

ORES ASSETS STATUTORY ACCOUNTS

ORES CONSOLIDATED ACCOUNTS (BGAAP Standards)

In accordance with the stipulations of the law and the Articles of Association, we have the honour of reporting to you on the fulfilment of our audit assignment relating to 2013.

The College of Auditors has verified the accountancy documents. It has also audited the various items constituting the Assets and Liabilities situation, and the Income Statements.

We have examined the statutory annual accounts of ORES Assets and the consolidated accounts of the ORES Group (BGAAP standards) as at 31 December 2013. We have obtained from ORES employees all of the explanations and information that we had requested.

We have noted that the books are kept and that the annual accounts are established in accordance with the applicable legal and regulatory provisions.

The statutory annual accounts of ORES Assets and the ORES consolidated accounts (BGAAP standards) give, in our opinion, a true impression of the asset base, the financial situation and the results of the company and the ORES Group, In the light of the legal and regulatory provisions that govern them and because the justifications given in the notes are adequate.

The directors’ report includes the information required by law and accords with the financial statements.We have not, furthermore, had cognizance of any operations concluded or decisions taken in breach of the Articles of Association or the imperative provisions of the Companies Code.

Consequently, we have the honour to proposing that you approve the annual accounts as presented to you by the Board of Directors. We have no qualification or objection to formulate in their regard.

Louvain-la-Neuve, 21 May 2014


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SREPORT ON THE ANNUAL ACCOUNTS FROM THE AUDITOR TO THE ANNUAL GENERAL MEETING

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REPORT ON THE ANNUAL ACCOUNTS FROM THE AUDITOR TO THE ANNUAL GENERAL MEETING


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SPECIFIC REPORT ON THE PARTICIPATING INTERESTS OF ORES ASSETS

In the context of the assignments that are allocated to it, the Board of Directors has examined the participating interests thatthe inter-communal holds in the capital of other companies. These participating interests, which are described hereafter, are put on to the Assets side of the balance sheet at their acquisition value, less any amounts possibly remaining to be paid up.

Participating Interest in ORES scrlORES scrl is the company which manages and exploits the electricity and natural gas distribution grids of 198 communes of Wallonia. It conducts its activities on behalf of the Walloon mixed distribution grid manager Now Assets, and of Tecteo on the territory of the downtown area of Liege. ORES scrl therefore manages, on their behalf, all of the operational activities relating to the management and the exploitation of the distribution networks in the associated communes: grid development, connection works, interventions and breakdown services, customer meter readings, public service obligations, management of communal public lighting, etc.

On 06 February 2009, the Walloon mixed Distribution Sytem Operators, IDEG, IEH, IGH, Interest, Interlux, Intermosane, Sedilec and Simogel (hereafter the DSOs) acquired the shares of the Netwal Company incorporated on 18 April 2008 but renamed ORES at the time of the acquisition. These shares were wholly owned by the Electrabel group at the time.On 03 April 2009, following the contributions from the Index’is and Igretec branches of activity, these same DSOs acquired some additional shares of ORES scrl. In total, at 31 December 2012, there were 2,460 shares which were held by the DSOs for an overall amount of €9,412,352.20.

In 2013, several sales of ORES scrl shares took place.

• On 21 June 2013, one share of ORES scrl held by Intermosane was sold to Tecteo at a price of €3,819.05. This sale fell within the context of the MoU of 05 October 2011 envisaging the splitting up of Intermosane, the sector located on the territory of the downtown of Liege being taken over by Tecteo and the exploitation of this sector by ORES scrl until 31 December 2016. In order to allow this exploitation by ORES scrl, Tecteo must indeed hold one share of it. This sale is enshrined in an agreement, which envisages in particular the restitution of this share by Tecteo to Intermosane on 01 January 2017 at a price of €3,819.05.

• On 31 December 2013, in the context of the merger of the DSOs, Ideg, IEH, Interest, Interlux, Intermosane, Sedilec and Simogel respectively sold one of their shares to Idefin, IPFH, Finest, Sofilux, Finimo, Sedifin and IEG (that is to say to the pure financing inter-municipal companies associated with the DSOs) in order to guarantee the plurality of the shareholders following the merger of the Walloon mixed DSOs which, on 31 December 2013, had become single legal entity. The seven shares concerned were sold at an overall price of €26,762.07.

The balance of the shares of ORES scrl was therefore held at 31 December 2013 by ORES Assets, born on that date from the merger of the Walloon mixed DSOs, that is to say, 2,452 shares for an overall amount of €9,381,771.08.

Participating Interest in Laborelec Laborelec is the sector’s technical skills centre that provides studies and projects, in particular for energy distribution, as well as specialist services on request.

Until 2005, Laborelec was remunerated via a contribution paid by the Distribution System Operators to Intermixt. In order to ensure the best possible match between Laborelec’s distribution studies and projects, and therefore to meet the Distribution System Operators’ specific needs, those managers decided to take a participating interest in Laborelec’s capital. Each of the electricity DSOs thus bought a Laborelec share from Electrabel at a unit price of €288.33. The seven shares were still held by ORES Assets at 31 December 2013 for a total amount of €2,018.31.

Participating Interest in IgretecIgretec, the Intercommunale pour la Gestion et la Réalisation d’Études Techniques et Économiques de la Région de Charleroi et du Sud-Hainaut, offers services to companies, administrations and citizens with regard to economic development, engineering research, energy efficiency and energy services.

The 2,400 Igretec shares held by IEH at 31 December 2012 for a value of €14,873.61 are, because of the merger, held by ORES Assets at 31 December 2013.

Specific Report


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Appendix I Point 1 ASSOCIATES’ LIST UPDATE AT 31 DECEMBER 2013

SECTOR : ASSOCIATESELECTRICITY A SHARES

GAS A SHARES

ELECTRICITY R SHARES

GAS R SHARES

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 693 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 31,275 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 IDEFIN 4,088,105 900,248 539,250 73,500

ORES Namur ELECTRABEL 1,416,058 301,265 - -

TOTAL ORES NAMUR 5,664,234 1,205,059 545,354 73,500

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GAS A SHARES


GAS R SHARES

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 - -


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GAS A SHARES


GAS R SHARES

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 6,376,578 1,384,850 977,300

ORES Hainaut IGRETEC 2 2 - -

ORES Hainaut ELECTRABEL 2,720,726 2,126,882 - -

TOTAL ORES HAINAUT 10,882,907 8,507,526 1,384,850 977,300

ORES Est AMEL 73,547 - - -

ORES Est BÜLLINGEN 77,191 - - -

ORES Est BURG-REULAND 58,829 - - -

ORES Est BÜTGENBACH 76,384 - - -

ORES Est EUPEN 306,982 - - -

ORES Est KELMIS 167,025 - - -

ORES Est LONTZEN 73,329 - - -

ORES Est MALMEDY 189,944 - - -

ORES Est PLOMBIERES 139,343 - - -

ORES Est RAEREN 149,016 - - -

ORES Est SANKT VITH 199,433 - - -

ORES Est WAIMES 102,219 - - -

ORES Est FINEST 9 - - -

ORES Est ELECTRABEL 537,750 - - -

TOTAL ORES EST 2,151,001 - - -

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 - -

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GAS R SHARES

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 3,687,148 333,577 546,150 27,225

ORES Luxembourg ELECTRABEL 1,297,052 111,211 - -

TOTAL ORES LUXEMBOURG 5,188,210 444,846 546,150 27,225

ORES Verviers AUBEL 49,688 - 1,500 -

ORES Verviers BAELEN 46,980 - 1,500 -

ORES Verviers CLAVIER 57,011 - - -

ORES Verviers DALHEM 74,633 - - -

ORES Verviers FERRIERES 58,407 - 3,664 -


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GAS A SHARES


GAS R SHARES

ORES Verviers HAMOIR 56,834 - - -

ORES Verviers HERVE 204,940 - 3,227 -

ORES Verviers LIERNEUX 44,928 - 1,000 -

ORES Verviers LIMBOURG 81,103 - - -

ORES Verviers OUFFET 34,453 - 2,175 -

ORES Verviers SPA 153,579 - - -

ORES Verviers STOUMONT 45,891 - - -

ORES Verviers THEUX 135,899 - - -

ORES Verviers THIMISTER-CLERMONT 54,760 - 3,125 -

ORES Verviers TINLOT 33,953 - - -

ORES Verviers TROIS-PONTS 37,667 - - -

ORES Verviers VERVIERS 806,660 - - -

ORES Verviers FOURONS 52,003 - - -

ORES Verviers FINIMO 9 - 16,192 -

ORES Verviers ELECTRABEL 676,466 - - -

TOTAL ORES VERVIERS 2,705,864 - 32,383 -

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 - -

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GAS A SHARES


GAS R SHARES

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 1,508,782 178,821 106,451

ORES Brabant Wallon ELECTRABEL 1,072,740 700,312 - -

TOTAL ORES BRABANT WALLON 4,290,961 2,801,246 342,782 141,754

ORES Mouscron ESTAIMPUIS 14,008 1,271 - -

ORES Mouscron MOUSCRON 2 1 - -

ORES Mouscron PECQ 7,447 1 725 -

ORES Mouscron IEG 553,383 378,009 25,020 19,563

ORES Mouscron ELECTRABEL 191,613 126,428 - -

TOTAL ORES MOUSCRON 766,453 505,710 25,745 19,563

GRAND TOTAL 31,649,630 13,464,387 2,877,264 1,239,342

TOTAL PER KIND OF SHARE 45,114,017 4,116,606


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3. Consolidated Accounts (bgaap)Directors’ Consolidated Report

Ladies and Gentlemen,

In accordance with the Companies Code and our Articles of Association, we have the honour of reporting to you on the ORES Group’s activities during the financial year ending 31/12/2013 and of submitting to your approval the annual accounts as at 31/12/2013.

The ORES Group (hereinafter referred to as the “Group”) consists, on the one hand, of ORES Assets, created from the fusion of the eight Walloon mixed electricity and gas distribution intermunicipal companies which occurred on 31 December 2013 with retroactive effect from the accountancy point of view from 01 January 2013 (hereinafter referred to as “DSOs” or ORES Assets), and on the other, the ORES limited liability cooperative company (hereinafter referred to as “ORES scrl”), of which almost all of the shares are held by the DSOs (99.7%). To that are added two companies partially held by ORES scrl: Atrias, with a 16.7% holding, and Index’is, with a 30% holding.

Because of the notable influence of ORES scrl on these two companies, the Group has decided to consolidate them by means of the equity method.

ORES Assets is a mixed intermunicipal company: it is 75% owned by the Walloon communes or the pure financing intermunicipal companies within its territory, and 25% owned by Electrabel SA.

The Group is only active in Belgium and almost exclusively in Wallonia, on the territory of the communes associated with the DSOs. The Group’s address is at the head office of ORES scrl, 2, Avenue Jean Monnet, 1348 Louvain-la Neuve, Belgium.

True presentation of the business trend, the company’s results and its situation, as well as a description of the main risks and uncertainties (on Pages 67-69).

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3. Consolidated Accounts (bgaap)Directors’ Consolidated Report

A) ELEMENTS OF THE INCOME STATEMENT AS AT 31/12/2013

Consolidated Income Statement (€K) 31/12/2013

Operating income 1,062,639

Operating costs - 905,118

OPERATING PROFIT 157,521

Financial income 3,321

Financial charges - 70,259PRE-TAX RESULT FOR THE YEAR 90,583

Taxes on profit - 4,978

CONSOLIDATED PROFIT FOR THE YEAR 85,605

The equitable remuneration of the capital means invested (REMCI) of the Group amounted, in 2013, to:


• Gas: €26,831K

The REMCI has been strongly influenced by the current weakness of the linear bond 10-year rate (down 18.5% compared to 2012).Across all sectors as a whole, the variations on controllable 2013 costs (Bonus/Malus) were favourable for the associates and amounted to:


• Gas: €898K

a) Electricity

The result of the “Grid Management” activity (€58,675K) consists of:

• Income (€801,158K) such as: - Invoiced transit charges: they amounted in 2013 to

€819,686K and include the RTNR (non-levied transit charges)

- Regulatory liabilities of €18,528KOperating charges of an amount of €742,483K. They consisted of controllable costs that amounted to €150,607K and of non-controllable costs of an amount of €591,876K.It should be noted that the result of the “Others” activity amounted to €858K in 2013.

b) Gas

The result of the “Grid Management” activity (€27,729K) consists of:

• Income (€165,101K) such as:- Invoiced transit charges: they amounted to €172,474K in

2013 and include the RTNR (non-levied transit charges) - Regulatory liabilities of an amount of €7,373K

• The operating charges (€137,372K) consisted of controllable costs that amounted to €41,286K and of non-controllable costs of an amount of €96,086K.

It should be noted that the result of the “Others” activity amounted to €127K in 2013.


They also include third-party remuneration (N-Allo, lawyers’ and Index’is fees), the payments made to Electrabel in the context of the services performed by ITS, as well as expenses relating to utilisation charges, fleet, rents and rental charges, postal expenses, entertainment expenses, training expenses, and so on.

The Group’s payroll, national insurance contributions and pensions amounted to €181,910K at the end of 2013.

With regard to the non-controllable costs (€687,962K), they consist, inter alia, of:

• The use of the transmission grid (Elia charge) (€317,137K)

• The cost of the PSO (Public Service Obligations), (€65,757K)

• The use of public roads special charge (€44,026K)

• Compensation of losses (€41,995K)

• Pension charges (€31,109K)

• The depreciation and the “depreciation” of the RAB appreciation (€121,837K)

• The financial result (excluding pensions and PSO) (€61,680k)

The financial charges of €70,259K include mainly the interest on the debenture (€14,000K), subscribed in October 2012 for an amount of €350,000K, the interest on long-term commercial papers (€6,913K) (known as private investments), subscribed in 2012 for an amount of €189,750K, the interest paid on the bank loans (€28,261K) and the swaps (€20,186K), as well as various bank charges.The financial income of €3,321K essentially consists of interest on unit trust investments or on long-term deposit accounts (€3,234K).The taxes of an amount of €4,978K represent the tax provision on the result for the period ended 2013 (€-122K), the tax on income from investments relating to the interest on investments carried out and on current accounts (€5,376K) as well as an equalization entry rom the previous financial year (€-276K).

B) ELEMENTS OF THE BALANCE SHEET AS AT 31/12/2013

The balance sheet total amounts to €3,861,381K and is composed of the following main elements:

a) Assets

The intangible fixed assets of an amount of €9,959K consist of expenditure relating to IT projects (€6,108K) and research and development expenses (€3,851K). They are depreciated at a rate of 20%.

The tangible fixed assets amounted to €3,190,027K at the end of 2013 and are composed mainly of lands and buildings (€77,279K), the distribution grid (€3,080,460K), and furniture and rolling stock (€27,670K).

With regard to the difference between the initial RAB (Regulatory Asset Base) and the book value of the tangible fixed assets (€1,018,774K at the end of 2013), the Group has booked it under a separate heading of the tangible fixed assets because of the specific nature of this difference and is depreciating it at a rate of 2% per annum, in accordance with the Royal Decree of 02 September 2008.


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The financial fixed assets of an amount of €3,768K consist mainly of:

• A participating interest in Index’ is and Atrias for a total value of €914K. These two companies are accounted for by the equity method at the end of 2013

• An associates’ advance to Index’is and Atrias of €1,675K

• A share portfolio of N-Allo for a value of €408K

• Rental guarantees for buildings rented on the Loyers, Louvain-la-Neuve and Gosselies sites (€554K)

Stocks amounted to €20,444K and are located over the entire territory of Wallonia, the essence being concentrated in the storehouse in Aye (Marche-en-Famenne). Orders in progress (€8.334K) consist of the work in progress on behalf of private individuals and communes.

Trade receivables amount to €161,987K and consist in particular of receivables from energy suppliers in the context of the invoicing of the transit charges, as well as receivables from protected customers and “Supplier X”.

The “Other Receivables” heading (€13,108K) includes mainly recoverable taxes and deductions at source (€9,749K), the claims relating to the damage to the grids caused by third parties (€1,698K), recoverable VAT (€894K) as well as other claims.

The investments, for a total amount of €201,174K, have been made in accordance with the Board of Directors’ decisions seeking to establish a prudent policy in this context. The investments in the ING, BNP Paribas, Belfius and KBC mutual funds represent an amount of €61,356K, and the long-term investments on Belfius, CBC and ING accounts represent €138,313K.

The cash at bank and in hand (€9,742K) includes the liquidities held on call accounts and social funds.

The equalization accounts (€233.282K) include the remaining balance of the pensions capital remaining to be taken as a charge for an amount of €99,967K, the gas transit system charge of €16,617K, the regulatory assets for €86,441K, as well as the RTNR (non-levied transit charge - €14,137K), and the ENR (non-levied energy €6,426K).

b) Liabilities

The subscribed capital at 31/12/2013 amounted to €771,370K and consisted of:

• A Shares: €359,709K

• R Shares: €411,661K

The revaluation of the tangible fixed assets amounting to €624,456K represents the initial difference between the RAB and the book value with regard to those same fixed assets. This gain is depreciated at a rate of 2% per annum.

The capital subsidy account in represents the subsidy received from the Walloon Region in the context of a project related to the operation of electricity distribution grids that are open to renewables.

The interest from third parties represents the share of the subsidiary ORES scrl (0.33%) sold in 2013 by ORES Assets to the pure financing intermunicipal companies and Tecteo (total sale of eight shares).

The provisions for liabilities and charges (€18,058K) consist mainly of:

• An environmental provision for “polluted sites” (€4,759K)

• A provision of €1,200K following a probable correction in the metering measurements relating to the past in the Group’s disfavour.

• A provision for so-called past litigations (installation displacements) (€8,952K)

The long-term financial debts (€1,826,617K) consist of loans contracted with credit institutions (€1,284,501K), private investments (€189,750K), the debenture (€350,000K) and the guarantees deposited by the housing estate companies that are subsequently reimbursable (€2,366K).

The amounts payable after more than a year falling due in the year consist of the capital of the Belfius, ING, CBC and BNP Paribas loans (€108,999K) to be repaid in 2014.

Suppliers as well as Invoices to be Received constitute the main part of the trade debts and do not contain any particular debts that are being disputed.

The Instalments On Orders Received (€17,652K) include the intermediate invoices addressed to protected customers and under “Supplier X” (PSO) as well as the instalments from customers for work to be carried out.

The fiscal, salarial and social security debts of an amount of €44,264K include:

• Among the fiscal debts (€6.932K): VAT to be paid on the operations of December 2013, the balance of the PAYE to be paid (tax return of December 2013) as well as the tax on the interest on the current account between ORES scrl and ORES Assets

• Among the salarial and social security debts (€6.932K): the provisions for bonuses to be paid (gratifications) and remunerations (leave not taken, overtime, attendance fees), the ONSS as well as provision for holiday pay to be paid in 2014 and various annual contributions (INAMI, ONSS)

The “Other Debts” heading (€47,173K) mainly includes the balance of the gross dividends of 2013 to be paid to the associates after the Annual General Meeting (€30,007K), the gas fund (€1,683K), as well as the balance of the current account to Tecteo (€6,251K) and to the staff (via the social funds for €2,198K).

The equalization accounts on the Liabilities side (€33,603K) consist mainly of:

• Regulatory liabilities constituted by the neutralisation of the differences between charges and income for the roadway system charges, the pension charges and the Elia charge (€17,481K).

• Provision serving to cover the annuities to be paid to employees who had worked for the mixed cable TV intermunicipal companies (€3.785K)

• An amount of €8,086K of financial charges essentially relating to our private investments and the debenture.

Louvain-la-Neuve, le 30 April 2014

9393

C) Additional information

1. Details of important events occurring after the close of the financial year.

« none »

2. Indications on circumstances that might have a marked influence on the company’s development.

« none »

3. Indications relating to research and development activities.

« none »

4. Indications relating to the existence of the company’s branches.

« none »

5. The balance sheet reveals no deferred loss or the income statement does not reveal a financial year loss for two successive financial years.

6. All the information that has to be inserted into it under the terms of the present code.

« none »

7. The company’s use of financial instruments. ORES scrl centralises the liquidities on behalf of the DSO, and has current accounts for this purpose towards the latter, which in the event of a need for funds, are consequently not exposed to price, credit, liquidity or cashflow risks.

In addition, the Group has agreed its borrowings with certain large Belgian financial institutions according to public procurement procedures.

8. Risks and Uncertainties Report

The reader is referred to the report on Pages 16 to 20 of this document.


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Consolidated Annual Accounts

(€)

ASSETS APP. CODES FINANCIAL YEAR

FIXED ASSETS 20/28 3,213,308,908.39

Incorporation expenses 4.7 20 4,199,473.61

Intangible fixed assets 4.8 21 9,958,719.84

Positive consolidation variations 4.12 9920 5,355,419.45

Fixed assets 4.9 22/27 3,190,027,182.95

Lands and buildings 22 77,279,113.51

Installations, machines and equipment 23 3,080,459,988.44

Furniture, vehicles and equipment 24 27,670,301.44

Capital lease and similar rights 25

Other intangible fixed assets 26 4,617,779.56

Assets under construction and advance payments 27

Financial fixed assets 4. 1-4 28 3,768,112.54

Companies in the equity method 4.10 9921 2,664,416.70

Participating interests 99211 989,331.70

Receivables 99212 1,675,085.00

Other companies 4.10 284/8 1,103,695.84

Participations, stocks and shares 284 424,591.92

Receivables 285/8 679,103.92

CURRENT ASSETS 29/58 648,072,031.90

Amounts falling due after more than one year 29

Trade debtors 290


Deferred taxes 292

Stocks and orders in progress 3 28,778,053.68

Stocks (2) 30/36 20,444,038.25

Procurement 30/31 20,444,038.25

Work in progress 32

Finished products 33

Merchandise 34

Buildings intended for sale 35

Advance payments 36

Orders in progress 37 8,334,015.43

Receivables within one year 40/41 175,095,690.39

Trade debtors 40 161,987,418.24

Other receivables 41 13,108,272.15

Cash deposits 50/53 201,174,027.85

Own shares 50

Other investments 51/53 201,174,027.85

Cash at bank and in hand 54/58 9,742,233.57

Equalization accounts 490/1 233,282,026.41TOTAL ASSETS 20/58 3,861,380,940.29

Consolidated Balance Sheet After Appropriation(1)

(1) Article 124 of the Royal Decree of 30 January 2001 implementing the Companies Code.(2) Possibility of regrouping stocks (Article 158, § 1, Subparagraph 2 of said Royal Decree).

9595

(€)

LIABILITIES APP. CODES FINANCIAL YEAR

SHAREHOLDERS' EQUITY 10/15 1,623,849,062.59

Capital 10 771,369,671.30

Subscribed capital 100 771,369,671.30

Capital not fully paid-up 101

Share premiums 11

Revaluation gains 12 624,455,602.87

Consolidated reserves (+)/(-) 4.11 9910 228,018,296.30

Negative consolidation variations 4.12 9911

Positive consolidation charge variations 99201

Conversion variations (+)/(-) 9912

Capital subsidies 15 5,492.12

INTEREST FROM THIRD PARTIESInterest from third parties 9913 1,505.86

PROVISIONS, DEFERRED TAXES AND FISCAL LATENCIES 16 18,058,094.59

Provisions for liabilities and charges 160/5 18,058,094.59

Pensions and similar obligations 160

Fiscal charges 161

Major repairs and major maintenance 162

Other liabilities and charges 163/5 18,058,094.59

Deferred taxes and fiscal latencies 4.6 168

LIABILITIES 17/49 2,219,472,277.25

Amounts payable after more than one year 17 1,826,617,341.00

Financial debts 170/4 1,824,251,027.62


Non-subordinated debentures 171 350,000,000.00


Credit institutions 173 1,474,251,027.62


Trade payables 175

Suppliers 1750

Bills of exchange payable 1751

Instalments on orders received 176


Amounts payable within one year 4.13 42/48 359,252,245.15

Debts at more than one year falling due in the year 42 108,999,124.92

Financial Debts 43 45,733.81

Credit institutions 430/8 45,733.81

Other borrowings 439Trade payables 44 141,118,665.42

Suppliers 440/4 141,118,665.42


Instalments on orders received 46 17,651,751.34

Taxes, payroll and social security 45 44,263,852.11

Taxes 450/3 6,931,638.78

Payroll and social security 454/9 37,332,213.33


Accruals and deferred income 492/3 33,602,691.10

TOTAL EQUITY AND LIABILITIES 10/49 3,861,380,940.29


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CONSOLIDATED INCOME STATEMENT Breakdown of the operating results according to their nature

(€)

App. CODES FINANCIAL YEAR

Sales and services 70/74 1,062,639,578.64

Turnover 4.14 70 1,020,995,025.22

Variation of manufacturing work-in-progress, end products and orders in the course of execution (reduction) (+)/(-) 71 -400,599.13

Immobilised production 72 2,918,511.04

Other operating income 74 39,126,641.51

Cost of sales and services 60/64 905,118,569.35

Supplies and goods 60 21,868,319.66

Purchasing 600/8 17,047,237.64

Variation of stocks (increase, reduction) (+)/(-) 609 4,821,082.02

Miscellaneous services and goods 61 553,640,130.02

Payroll, social security costs and pensions 4.14 62 181,909,748.01

Depreciation and write-downs of incorporation expenses, tangible and intangible assets 630 123,870,982.57

Write-downs on stocks. on orders in the course of execution and on trade receivables Allocations (write-backs) (+)/(-) 631/4 7,695,121.68

Provisions for liabilities and charges: Allocations (uses and write-backs) (+)/(-) 635/7 439,748.36

Other operating charges 640/8 13,909,379.23

Operating charges transferred to Assets as reorganisation expenses (-) 649

Depreciation on positive consolidation variations 9960 1,785,139.82

Operating profit (loss) (+)/(-) 9901 157,521,009.29

Financial income 75 3,321,244.22

Income from fixed financial assets 750

Income from current assets 751 3,233,733.79

Other financial income 752/9 87,510.43

Financial charges 65 70,259,445.39

Debt charges 650 69,981,829.47

Depreciation on positive consolidation variations 9961

Write-downs on current assets others than stocks, orders in progress and trade receivables - Allocations (write-backs) (+)/(-) 651

Other financial charges 652/9 277,615.92

Pre-tax operating profit (loss) (+)/(-) 9902 90,582,808.12

Consolidated Income Statement

9797

CONSOLIDATED INCOME STATEMENT (CONT.) (€)

APP. CODES FINANCIAL YEAR

Extraordinary income 76

Write-backs of depreciation and write-downs on intangible and tangible fixed assets 760

Write-backs of depreciation on consolidation variations 9970

Write-backs of write-downs on financial fixed assets 761

Write-backs of provisions for extraordinary liabilities and charges 762

Gains on the realisation of fixed assets 763

Other extraordinary income 4.14 764/9

Extraordinary charges 66

Extraordinary depreciation and write-downs on incorporation expenses, and on tangible and intangible fixed assets 660

Extraordinary depreciation on positive consolidation variations 9962

Write-downs on financial fixed assets 661Extraordinary provisions for liabilities and charges - Allocations (utilisations) (+)/(-) 662

Losses on financial fixed assets 663

Other extraordinary charges 4.14 664/8

Extraordinary costs transferred to Assets as reorganisation expenses (-) 669

Pre-tax profit (loss) for the financial year (+)/(-) 9903 90,582,808.12

Drawdowns on deferred taxes and fiscal latencies 780

Transfer to deferred taxes and fiscal latencies 680

Taxes on profit (+)/(-) 4.14 67/77 4,978,075.98

Taxes 670/3 5,254,034.28

Adjustment of taxes and write-backs of fiscal provisions 77 275,958.30

Profit (loss) for the year (+)/(-) 9904 85,604,732.14

Share of the result of the companies out into the equity method(+)/(-) 9975

Results as profit 99751

Results as loss 99651

Consolidated profit (loss) (+)/(-) 9976 85,604,732.14

Including:

Third-party share (+)/(-) 99761

Group share (+)/(-) 99762 85,604,732.14


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Notes on the Consolidated Accounts

NAME,Full address of the HEAD OFFICE and, for companies incorporated under Belgian law. mention of the COMPANY NUMBER

METHOD USED (G/P/E1/E2/E3/ E4) (1)(2)

FRACTION OF THE CAPITAL HELD (3) (AS %)

VARIATION OF % OF THE CAPITAL HELD

(COMPARED TO THE PREVIOUS

FINANCIAL YEAR) (4)

ORES SCRL2, Avenue Jean Monnet 1348 LOUVAIN-LA-NEUVEBelgium0897.436.971 G 99.67 0.00

INDEX’IS SCRL4, Galerie Ravenstein, Box 21000 Brussels 1Belgium0477.884.257 E1 30.00 0.00

ATRIAS SCRL4, Galerie Ravenstein, Box 21000 Brussels 1Belgium0836.258.873 E1 16.67 0.00

NAME,Full address of the HEAD OFFICE and,for companies incorporated under Belgian law. mention of the COMPANY NUMBER

FRACTION OF THE CAPITAL

HELD (1) (AS %)

INFORMATION TAKEN FROM THE LAST ANNUAL ACCOUNTS (2)

ANNUAL ACCOUNTS

AS AT

CURRENCY CODE

SHARE-HOLDERS’

EQUITYNET RESULT

(+) OR (-) (IN CURRENCIES)

N-ALLO SCRL658, Chaussée de Louvain 1030 Brussels 3Belgium0466.200.311 13.88 31/12/12 EUR 4,082,992.00 -700,095.00

(1) Fraction of the capital held by the companies included in the consolidation and those left out.(2) This information may be omitted when the company concerned is not required to make these indications public.

LIST OF CONSOLIDATED SUBSIDIARIES AND COMPANIES PUT INTO THE EQUITY METHOD

COMPANIES OTHER THAN SUBSIDIARIES AND AFFILIATED COMPANIESThe table below includes the companies, others than those referred to in the CONSO 4.1 and CONSO 4.2 statements, in which the companies included in the consolidation and those left out (in accordance with Articles 107 and 108 of the Royal Decree of 30 January 2001 implementing companies) holding, either themselves, or by a person acting in his or her name but on their behalf, a capital percentage of at least 10%. This information may be omitted when it is only of negligible interest in the light of the faithful image principle.

(1) G. Overall consolidationP. Proportional consolidation (with mention, in the first column, of the elements from which the joint management results) E1 Equity Method of an associated company (Article 134, Subparagraph 1,3° of the Royal Decree of 30 January 2001 implementing the

Companies Code) E2 Equity Method of a de facto subsidiary if its inclusion in the consolidation was contrary to the faithful image principle

(Articles 108 to 110 of said Royal Decree) E3 Equity Method of a subsidiary in liquidation, a subsidiary having renounced the continuation of its activities,

of a subsidiary without prospects for continuation of activities (Articles 109 to 110 of said Royal Decree)E4 Equity Method of a joint subsidiary whose activity is not closely involved in the activity of the company having joint control

(Article 134, Subparagraph 2 of said Royal Decree) (2) If a variation of the percentage of capital held entails a change of the method used, the new method is followed by an asterisk. (3) Fraction of the capital held in these companies by the companies included in the consolidation

and by people acting as their own name but on behalf of these companies.(4) If the composition of the consolidated whole has been, during the financial year, notably affected by variations of this percentage,

further information is provided in the CONSO 4.5 Section. (Article 112 of said Decree).

9999

STATEMENT OF INCORPORATION EXPENSES (€)

CODES FINANCIAL YEAR

Net book value at the end of the financial year 20P XXXXXXXXXX

Transfers during the financial year:

New expenses incurred 8002 4,741,279.99

Depreciation 8003 541,806.38


Other (+)/(-) 8004

Net book value at the end of the financial year (20) 4,199,473.61

Including:

Incorporation and capital increased expenses, loan issue expenses, redemption premiums and other incorporation expenses 200/2 4,199,473.61

Reorganisation expenses 204

STATEMENT OF TANGIBLE FIXED ASSETS (€)

RESEARCH AND DEVELOPMENT EXPENSES CODES FINANCIAL YEAR

Acquisition value at the end of the financial year 8051P XXXXXXXXXX


Investments 8021 12,313,556.62




Other variations (+)/(-) 99821

Acquisition value at the end of the financial year 8051 12,313,556.62

Depreciation and write-downs

At the end of the financial year 8121P XXXXXXXXXX


Additions 8071 1,962,350.04

Written-back 8081


Cancelled 8101




At the end of the financial year 8121 2,354,836.78

NET BOOK VALUE AT THE END OF FINANCIAL YEAR 210 9,958,719.84


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STATEMENT OF TANGIBLE FIXED ASSETS (€)

LANDS AND BUILDINGSCODES FINANCIAL YEAR



Investments 8161 108,880,829.22

Sales and disposals 8171 125,197.52





Gains at the end of the financial year 8251P XXXXXXXXXX


Enacted 8211


Cancelled 8231




Gains at the end of the financial year 8251 5,038,163.59

Depreciation and write-downs at the end of the financial year 8321P XXXXXXXXXX


Additions 8271 1,895,279.81

Written-back 8281


Cancelled 8301 34,360.55




Depreciation and write-downs at the end of the financial year 8321 36,514,681.78

NET BOOK VALUE AT THE END OF FINANCIAL YEAR (22) 77,279,113.51

101101


INSTALLATIONS, MACHINES AND EQUIPMENTCODES FINANCIAL YEAR



Acquisitions, including immobilised production 8162 4,027,798,512.28





Acquisition value at the end of the financial year 8192 3,996,030,785.73



Enacted 8212


Cancelled 8232




Gains at the end of the financial year 8252 1,012,966,419.88



Additions 8272 112,326,980.83

Written-back 8282


Cancelled 8302 26,633,877.32




Depreciation and write-downs at the end of the financial year 8322 1,928,537,217.17

NET BOOK VALUE AT THE END OF FINANCIAL YEAR (23) 3,080,459,988.44


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FURNITURE AND ROLLING STOCKCODES FINANCIAL YEAR



Investments 8163 138,615,623.09



Conversion variations(+)/(-) 99853

Other variations(+)/(-) 99863




Enacted 8213


Cancelled 8233

Transferred from one heading to another(+)/(-) 8243



Gains at the end of the financial year 8253 769,326.59



Additions 8273 7,520,306.89

Written-back 8283


Cancelled 8303 3,308,455.42






103103


OTHER TANGIBLE FIXED ASSETSCODES FINANCIAL YEAR



Investments 8165 8,307,086.37








Enacted 8215


Cancelled 8235




Gains at the end of the financial year 8255



Additions 8275 166,065.00

Written-back 8285


Cancelled 8305







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STATEMENT OF FINANCIAL FIXED ASSETS (€)

COMPANIES IN THE EQUITY METHOD – PARTICIPATING INTERESTSCODES FINANCIAL YEAR







Acquisition value at the end of the financial year 8391 989,331.70



Enacted 8411


Cancelled 8431




Write-downs at the end of the financial year 8521P XXXXXXXXXX


Enacted 8471

Written-back 8481


Cancelled 8501



Write-downs at the end of the financial year 8521

Amounts not called at the end of the financial year 8551P XXXXXXXXXX

Transfers during the financial year: (+)/(-) 8541

Amounts not called at the end of the financial year 8551

Variations of own capital at the end of the financial year (+)/(-) 9994P XXXXXXXXXX

Share of the financial year's result 99941

Elimination of the dividend amounts relating to those participating interests 99942

Others types of own capital variations 99943

Variations of own capital at the end of the financial year 9994

NET BOOK VALUE AT THE END OF FINANCIAL YEAR 99211 989,331.70

COMPANIES IN THE EQUITY METHOD – RECEIVABLESNET BOOK VALUE AT THE END OF FINANCIAL YEAR 99212P XXXXXXXXXX


Additions 8581 2,305,085.00

Repayments 8591 630,000.00




Other (+)/(-) 8631


AGGREGATED WRITE-DOWNS ON RECEIVABLES AT THE END OF THE FINANCIAL YEAR (8651)

105105

(€)

OTHER COMPANIES - PARTICIPATING INTERESTSCODES FINANCIAL YEAR







Acquisition value at the end of the financial year 8392 424,591.92



Enacted 8412


Cancelled 8432




Write-downs at the end of the financial year 8522P XXXXXXXXXX


Enacted 8472

Written-back 8482


Cancelled 8502



Write-downs at the end of the financial year 8522

Amounts not called at the end of the financial year 8552P XXXXXXXXXX

Transfers during the financial year: (+)/(-) 8542

Amounts not called at the end of the financial year 8552

NET BOOK VALUE AT THE END OF FINANCIAL YEAR (284) 424,591.92

OTHER COMPANIES - AMOUNTS RECEIVABLE NET BOOK VALUE AT THE END OF FINANCIAL YEAR 285/8P XXXXXXXXXX


Additions 8582 2,400,299.42

Repayments 8592 1,721,195.50




Other (+)/(-) 8632

NET BOOK VALUE AT THE END OF FINANCIAL YEAR (285/8) 679,103.92

AGGREGATED WRITE-DOWNS ON RECEIVABLES AT THE END OF THE FINANCIAL YEAR (8652)


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STATEMENT OF CONSOLIDATION AND EQUITY METHOD VARIATIONS

(€)

POSITIVE VARIATIONSCODES FINANCIAL YEAR

CONSOLIDATION



Variations due to an increase of the percentage held 99021 8,925,699.08

Variations due to a reduction of the percentage held 99031 5,818.63

Depreciation 99041 -1,785,139.82

Variations taken into the results 99051

Other variations 99061 -1,790,958.44

NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 99071 5,355,419.45

EQUITY METHOD



Variations due to an increase of the percentage held 99023

Variations due to a reduction of the percentage held 99033

Depreciation 99043


Other variations 99063

NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 99073

NEGATIVE VARIATIONSCONSOLIDATION





Depreciation 99042




EQUITY METHOD

NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 99074P XXXXXXXXXX




Depreciation 99044




STATEMENT OF THE CONSOLIDATED RESERVES (€)


Consolidated reserves at the end of the financial year 9910P XXXXXXXXXX


Group share of the consolidated result (+)/(-) 99002 228,018,296.30


Other variations(To be broken down for significant amounts not allocated to the Group share of the consolidated result)

Consolidated reserves at the end of the financial year 9910P 228,018,296.30

107107

STATEMENT OF DEBTS (€)

BREAKDOWN OF DEBTS ORIGINALLY AT MORE THAN ONE YEAR, ACCORDING TO THEIR RESIDUAL DURATION


Debts at more than one year falling due in the year







Trade payables 8861

Suppliers 8871




TOTAL DEBTS AT MORE THAN ONE YEAR FALLING DUE IN THE YEAR (42) 108,999,124.92

Debts of more than a year but with five years at most to run

Financial debts 8802 542,738,385.95






Trade payables 8862

Suppliers 8872



Other amounts payable 8902 2,366,313.38

TOTAL DEBTS OF MORE THAN A YEAR BUT WITH FIVE YEARS AT MOST TO RUN 8912 545,104,699.33

Debts having more than 5 years to run

Financial debts 8803 1,281,512,641.67


Non-subordinated debentures 8823 350,000,000.00




Trade payables 8863

Suppliers 8873




TOTAL DEBTS HAVING MORE THAN 5 YEARS TO RUN 8913 1,281,512,641.67


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STATEMENT OF DEBTS (cont.) (€)


Debts (or parts of debts) guaranteed by in rem securities constituted or irrevocably promised on the assets of the companies included in the consolidation (including in Headings 17 and 42/48 on the Liabilities side)

Financial debts 8922




Credit institutions 8962


Trade payables 8982

Suppliers 8992



Taxes, payroll and social security 9022

Taxes 9032



TOTAL DEBTS GUARANTEED BY IN REM SECURITIES CONSTITUTED OR IRREVOCABLY PROMISED ON THE ASSETS OF THE COMPANIES INCLUDED IN THE CONSOLIDATION 9062

109109

RESULTS (€)

INCOMECODES FINANCIAL YEAR

Net turnover

Breakdown per activity category

Gas and electricity grid manager 1,020,995,025.22

Breakdown per geographical market

Belgium 1,020,995,025.22

The Group's aggregated turnover in Belgium 99083 1,020,995,025.22

AVERAGE STAFF MANPOWER (IN UNITS) AND PERSONNEL COSTS

Consolidating company and subsidiaries consolidated by total integration

Average staff manpower 90901 2,418 .00

Workers 90911

Employees 90921 2,201 .00

Managerial staff 90931 217.00

Other 90941

Staff costs

Payroll and social security 99621 168,438,054.18

Pensions 99622 13,471,693.83

Average staff manpower in Belgium employed by the companies concerned 99081 2,418.00

Subsidiaries consolidated by proportional integration

Average staff manpower 90902

Workers 90912

Employees 90922

Managerial staff 90932

Other 90942

Employment costs


Pensions 99624

Average staff manpower in Belgium employed by the companies concerned 99082

EXTRAORDINARY RESULTS

Breakdown of the other extraordinary financial income

Ventilation of the other extraordinary charges

INCOME TAX

Influence of the extraordinary results on the amount of the tax on the result of the financial year and of the previous financial year


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OFF-BALANCE SHEET RIGHTS AND COMMITMENTS (€)


PERSONAL GUARANTEES CONSTITUTED OR IRREVOCABLY PROMISED BY THE COMPANIES INCLUDED IN THE CONSOLIDATION AS COLLATERAL FOR THIRD-PARTY DEBTS OR COMMITMENTS

9149

IN REM GUARANTEES CONSTITUTED OR IRREVOCABLY PROMISED BY THE COMPANIES INCLUDED IN THE CONSOLIDATION ON THEIR OWN ASSETS, AS COLLATERAL OF DEBTS AND COMMITMENTS RESPECTIVELY:

Of companies included in the consolidation 99086

Of third parties 99087

GOODS AND SECURITIES HELD BY THIRD PARTIES IN THEIR NAMESBUT AT THE COMPANY’S RISK AND BENEFIT IF THEY ARE NOT INCLUDED IN THE BALANCE SHEET

9217

IMPORTANT FIXED ASSET ACQUISITION COMMITMENTS 9218

IMPORTANT FIXED ASSET DISPOSAL COMMITMENTS 9219

RIGHTS RESULTING FROM TRANSACTIONS RELATING TO

Interest rates 99088

Exchange rates 99089

Prices of raw materials or goods 99090

Other similar transactions 99091

COMMITMENTS RESULTING FROM TRANSACTIONS RELATING TO

Interest rates 99092 744,605,555.09

Exchange rates 99093

Prices of raw materials or goods 99094

Other similar transactions 99095

COMMITMENTS RESULTING FROM TECHNICAL GUARANTEES ATTACHED TO PAST SALES OR SERVICES

IMPORTANT LITIGATIONS AND OTHER IMPORTANT COMMITMENTS

Guarantee in favour of Customs & Excise relating to the collection of energy contributions: €16,500.00

Guarantee in our favour for transit charges: €1,192,700.00

Guarantee constituted in respect of ORES in the context of the commercial paper and debenture issuance programme: €1,602,500,000.00

COMMITMENTS WITH REGARD TO RETIREMENT AND SURVIVAL PENSIONSFOR THE BENEFIT OF THE STAFF OR THE MANAGERS, CHARGED TO THECOMPANIES INCLUDED IN THE CONSOLIDATION

On the basis of the Act of 06 August 1993 relating to the pensions of appointed local administration staff, the Group has a pension commitment of €6.9 million relating to former employees of the AIE intermunicipal company taken over by Electrabel on 01 June 1991. Because of the regulated nature of our activity, it has been decided to assume the annual charge of those pensions as and when they occur.

NATURE AND COMMERCIAL OBJECTIVE OF TRANSACTIONS NOT REGISTERED IN THE BALANCE SHEET

Provided that the risks or the advantages arising from these transactions are significant and insofar as the disclosure of the risks or advantages is necessary for the appreciation of the financial situation of the companies which are integrated in the consolidation as a unit; if necessary, financial consequences of these transactions for the companies which are integrated in the consolidation as a unit must also be mentioned:

111111

RELATIONS WITH THE AFFILIATED COMPANIES AND THE COMPANIES WITH WHICH A PARTICIPATION LINK EXISTS BUT WHICH ARE NOT INCLUDED IN THE CONSOLIDATION

(€)

AFFILIATED COMPANIESCODES FINANCIAL YEAR

Financial fixed assets

Participating interests and shares 9261

Receivables 9291



Cash deposits 9321

Actions 9331

Receivables 9341

Debts 9351



Personal and in rem guarantees

Constituted or irrevocably promised by the company as collateral for affiliated company debts or commitments

9381

Other significant financial commitments 9401

Financial results


Income from current assets 9431

Other financial income 9441

Debt charges 9461

Other financial charges 9471

COMPANIES WITH A PARTICIPATING INTEREST

Financial fixed assets

Participating interests and shares 9262

Receivables 9292 45,393,567.24


At 1 year at most 9312 45,393,567.24

Debts 9352 14,215,055.34


At 1 year at most 9372 14,215,055.34

(€)

TRANSACTIONS WITH AFFILIATED PARTIES CARRIED OUT UNDER CONDITIONS OTHER THAN MARKET CONDITIONS

FINANCIAL YEAR

Mention of such transactions, excluding those 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 which would be necessary for obtaining a clearer understanding of the companies that are integrated into the consolidation as a unit:

None


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FINANCIAL RELATIONS WITH (€)

CONSOLIDATING COMPANY DIRECTORS AND MANAGERSCODES FINANCIAL YEAR

Overall amount of the remuneration allocated because of their functions in the consolidating company, its subsidiaries and its affiliated companies, including the amount of the retirement pensions allocated for this reason to former directors or managers 99097 1,638,414.53

Overall amount of the advances and loans granted by the consolidating company, by a subsidiary or by an affiliated company 99098

(€)

AUDITOR(S) AND ASSOCIATED PERSONS


Auditor emoluments:

Emoluments for the exercise of an auditor's mandate 9505 42,875.00

Emoluments for exceptional services or particular missions accomplished within the Group

Other certification assignments 95061 16,550.00



Emoluments of the persons associated with the auditor(s)

Emoluments for the exercise of an auditor's mandate 9507

Emoluments for exceptional services or particular missions accomplished within the Group




Mentions pursuant to Article 133, Paragraph 6 of the Companies Code

DERIVED FINANCIAL INSTRUMENTS NOT VALUED AT FAIR VALUE (€)

FINANCIAL YEAR

If necessary, estimate of the fair value of each category of derived financial instruments not valued at their fair value in the accounts, with indications on the nature and the volume of the instruments

Hedge swaps (notionally €744,605,555.09) 45,694,479.78

113113

Valuation Rules

ASSETS

I. INCORPORATION EXPENSESThis heading includes the expenses which are attached to the company’s incorporation, development or reorganisation, such as incorporation or capital increase expenses, and loan issue expenses.

The depreciation of the incorporation expenses must follow the requirement of Article 59 § 1 of the Royal Decree of 30 January 2001 stipulating that incorporation expenses shall be the subject of appropriated depreciation, by annual tranches of at least 20% of the sums actually spent.

However, loan issue expenses may be depreciated over the entire period of the loan.

For what concerns us, the expenses taken into account under this heading relate to the issue costs of our debenture, and they are depreciated, as the Act proposes, over the entire period of the loan.

II. INTANGIBLE FIXED ASSETSIntangible fixed assets are immaterial means of production. They represent assets that are fixed due to the fact that the company wishes to use them as means of exploitation. They involve, in other words, a limited or unlimited capacity of exploitation. According to the Royal Decree of 30 January 2001 (Article 95, § 1), distinction must be made between:

• Research and development expenses

• Concessions, patents and licences, know-how, trademarks and other similar rights

• Goodwill

Some intangible fixed assets are accounted for if and only if it is probable that the future economic advantages ascribable to the asset will go to the company and if the cost of this asset can be reliably evaluated.

Intangible fixed assets are initially evaluated at cost. The cost of an intangible fixed asset generated in-house is equal to the sum of the expenditure incurred as from the date on which this intangible fixed asset has met the accounting criteria according to Belgian standards. The cost of an in-house generated intangible fixed asset includes all the directly ascribable costs necessary for creating, producing and preparing the fixed asset so that it can be exploited in the way that the management has envisaged.

After their initial accounting, intangible fixed assets are entered at their cost reduced by the aggregation of the depreciation and the aggregation of the losses of value. Intangible fixed assets are depreciated according to the straight-line method over the estimated period of their utility.

ORES has taken the option of entering the research and development expenses as intangible fixed assets.

The research and development expenses that could be transferred to the Assets side as intangible fixed assets are the expenses of research, manufacture and development of prototypes, products, inventions and know-how, useful for the company’s future activities.

In this context, the following expenses have been entered:

• Staff costs relating to researchers, technicians and other support staff, insofar as they are assigned to a project that meets the above definition.

• Instrument and equipment costs insofar and for as long as they are used for implementing the project. If these are not used for their full lifetime in the implementation of the project, only the depreciation costs corresponding to the project’s lifetime may then be admitted.

• The costs of contractual research and of the technical and patent-related knowledge acquired by being the subject of licences with external sources, at the market price, as well as the costs of consultancy and equivalent services used for the implementation of the project.

• Other operating costs, in particular costs of materials, supplies and similar products, directly borne because of the implementation of the project.

Intangible fixed assets coming from the research and development activity are then depreciated using the straight-line method over their entire period of utility (set at five years) and are reduced by any possible losses of value.

III. TANGIBLE FIXED ASSETS

Acquisition Value

• Tangible fixed assets are booked on the Assets side of the balance sheet at their acquisition price, cost price, or contribution value.

Ancillary Costs

• The ancillary costs are included in the acquisition value of the tangible fixed assets concerned. These include in particular the non-deductible VAT which burdened the investments up until 30 June 1980. The ancillary costs are depreciated at the same rate as the installations to which they refer.

Third-party interventions

• Third-party interventions in the financing of the tangible fixed assets are taken as deduction of the acquisition values. They are, moreover, deducted from the depreciation base of said installations.

Depreciation

• Depreciation is calculated on the basis of the straight-line method. The installations giving rise to depreciation are those existing at 31 December of the considered financial year.


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Initial difference between the RAB and the book value of the tangible fixed assetsUntil the end of 2002, the tangible fixed assets were valued on the Assets side of the balance sheet on the basis of the book value (i.e. acquisition value less depreciation) revalued in accordance with the exemption obtained from the Ministry of Economic Affairs on 22 November 1985.

Since the beginning of 2003, the activity of the mixed Walloon electricity and gas intermunicipal companies has been re-oriented, at the pace of the liberalisation of the electricity and gas markets, essentially on the function of operator of the electricity and gas distribution grids.

As regards the formulation of the tariffs for using the grids, it is up to ORES Assets to establish a proposal which it submits, for approval, to the Electricity and Gas Regulation Commission (CREG). This tariff proposal has to comply with the provisions of the Royal Decrees of 02 September 2008 relating to the rules of fixing and controlling the total income and the fair profit margin, the general rate structure, the balance between the costs and the revenues and of the basic principles and procedures of proposal and approval of the tariffs, of the reporting and the control of the costs by the electricity and natural gas distribution system operators (R.D.) in terms of the tariff policy and the fair profit margin. These envisage an

equitable remuneration of the capital invested on the basis of a tariff (“WACC: weighted average cost of capital ”) deducted from a theoretical structure financing based on one-third own funds and two-thirds third-party funds, whatever the actual capitalization of the DSO (a).

The invested capital is composed of the economic value of the regulatory tangible fixed assets, plus or minus the working capital.At the time of the determination of the initial value of the invested capital at 31/12/2001 (iRAB), the electricity distribution grid managers that had a technical inventory allowing them to justify the value of the tangible fixed assets could choose to determine the initial value of the invested capital at 31/12/2001 on the basis of the economic value of that inventory. This was the option chosen by the mixed Walloon intermunicipal companies.

The CREG requires that the RAB taken into account in order to determine the basis of the remuneration of the invested capital evolves according to the following formula:

RABn = iRAB + investments n – depreciation n – decommissions n (b)

ELECTRICITY INSTALLATIONSDEPRE-

CIATION RATE %



Cables 2

Lines 2

Stations and cabins (HV and LV equipment)

3

Connections – transformations 3

Connections - lines and cables 2

Measuring equipment 3

Electronic meters, budget meters 10

Remote control, laboratory and dispatching equipment

10



Rolling stock (transmission of people and goods)

20

Mobile equipment 10

Administrative equipment (IT hardware) 33

GAS INSTALLATIONS DEPRE-

CIATION RATE %



Pipes 2

Cabins / stations 3

Connections/branch lines 3

Measuring devices 3

Lab, dispatching equipment 10

Electronic meters, budget meters

10

Remote control, dispatching equipment, lab equipment

10



Rolling stock (transmission of people and goods)

20

Mobile equipment 10

Administrative equipment (IT hardware)

33

• The depreciation rates to be taken into account are the following:

115115

The CREG also requires that it be able, at any time, to reconcile the RAB introduced into the tariff proposals with the DSOs’ accounting statements (c).

Meeting Constraints (a), (b) and (c) involved the accounting of the RAB and that an initial difference be produced in relation to the book value.

This initial difference which appears in the DSOs’ balance sheet relates on the one hand to the right to be the sole distributor of electricity and gas for a defined period and on a fixed territory and, on the other, reflects the pricing exercise of the grid concerned.In view of the specific nature of this initial difference, the DSO had chosen to enter it under a separate heading of the tangible fixed assets and not to depreciate it nor to withdraw it.

In November 2007, agreements were reached between the DSOs and the CREG, agreements which led to a compromise and the publication of a Royal Decree in September 2008.

Article 4, §1 of the R.D. defines the initial value of the regulatory assets as being the sum of the net book value of the tangible fixed assets and of the appreciation (the appreciation is the positive difference between the value of the iRAB and the initial non-depreciated acquisition value).

Article 2 Point 7 of the R.D. indicates that the costs are composed in particular of the part of the gain referred to in Article 4, § 1, relating to the equipment put out of service during the course of the year concerned, provided the amounts corresponding to this part of the gain be taken as a reserve in the DSO’s Liabilities. The CREG controls the concordance between the evolution of this reserve and the outages recorded. The method applied by the DSO in order to determine the technical outages is certified by the auditor of DSO concerned. The gain is included and carried forward in the costs at a rate of 2% per annum during the first regulatory period. At the conclusion of the third year of each regulatory period, the advanced average of the outages over the four previous years is determined.

This moving average is applied during the next regulatory period.

Article 5, §1 of the R.D. for its part stipulates that the economic reconstruction value evolves each year from 01 January 2007 by in particular the deduction of the part of the gain referred to in Article 4, §1, relating to the equipment put out of service during the course of the year concerned. This gain is included and carried forward in the costs at a rate of 2% per annum during the first regulatory period. At the conclusion of the third year of each regulatory period, the advanced average of the outages is determined over the four previous years. This advanced average is applied during the next regulatory period.

These provisions came into force with effect from the 2008 financial year.

Although the Royal Decrees of September 2008 have been repealed by the Act of 08 January 2012, the principles contained in those texts have been applied in the context of the closure of financial years 2012 and 2013. The 2012 tariffs having been prolonged in 2013, 2013 is indeed to be regard as a prolongation of the 2009-2012 regulatory period for which the DSOs’ tariffs, still valid, were approved by the CREG on the basis of these principles.

IV. FINANCIAL FIXED ASSETSThe financial fixed assets are included on the Assets side of the balance sheet at their acquisition value, less the not called part.

At the end of each accounting period, an individual evaluation of each share portfolio is carried out in such a way as to reflect, as satisfactorily as possible, the situation, the profitability and the prospects for the company in which the participating interest or the shares are held.

V. RECEIVABLES AT MORE THAN A YEARThe receivables at more than a year are included on the Assets side of the balance sheet at their face value.

VI. STOCKS AND ORDERS IN PROGRESSThe stocks are evaluated at their weighted average price.

The work in progress is entered on the Assets side of the balance sheet at cost price. With regard to work on behalf of third parties, the expenditure and the invoicing are transferred to the income statement when the work is deemed to be finished.

VII. RECEIVABLES AT ONE YEAR AT MOST The receivables at one year at most are included on the Assets side of the balance sheet at their face value.

They include the amounts to be received from the customers for energy supplies (essentially the protected clientele), transit charges and miscellaneous works.

They are amputated from those considered as irrecoverable, including those relating to known bankruptcies. These irrecoverable receivables are entirely debited to the income statement (Other Operating Costs II.G.).

When a part is subsequently recovered, the amount that is recovered appears on the credit side of the income statement (Other Operating Income I.D.).

Receivables unpaid for more than 60 days are usually covered by write-downs.

In 2011, a public contract was launched in such a way as to allow the recovery of energy supply receivables from end customers as well as work receivables. This public contract envisages a recovery rate by the winning contractor. The share of these receivables that is covered by a write-down is therefore us calculated after deduction of the envisaged recovery percentage of recovery envisaged.

VIII. CASH DEPOSITSInvestment securities are entered on the Assets side of the balance sheet at their acquisition price, excluding ancillary costs, or at their contribution value.

At the end of the financial year, they are evaluated at the lowest of the following values: purchase price, contribution value or stock market value at the end of the financial year.


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IX. CASH AT BANK AND IN HANDCash at bank and in hand is accounted for in the balance sheet’s Assets at its face value.

X. EQUALIZATION ACCOUNTS 1. The charges incurred during the financial year but ascribable

in whole or in part to one or more later financial years are evaluated by adopting a proportional rule.

2. The income or fractions of income which will be collected only during one or more subsequent financial years but which are to be ascribed to the financial year in question are evaluated at the amount of the part relating to the financial year in question.

The equalization accounts on the Assets side mainly include expenses corresponding to pension charges liquidated in the form of capital for the benefit of the staff of the operating company (ORES scrl) previously assigned to the distribution activities on the intermunicipal company’s territory.

The defrayal of these expenses by the intermunicipal company is spread out over a period not exceeding 20 years. Also appearing in the Assets’ equalization accounts is the estimated value of the transit charges relating to transported energy, but not levied at 31 December.

As the “low voltage” and the “low pressure” consumption by residential and business customers is read and billed only once a year, it is necessary to estimate the quantities of energy transported for those customers between the date of the last meter reading and 31 December and to determine the related transit charges. (Total quantities of energy transported during the civil period - quantities transported and invoiced during the same financial year) (pricing of the transit charges on the basis of the applicable tariffs during the financial year in question).

The Liabilities’ equalization accounts include possible “Regulated Assets” accounted for according to the principle of the yearly recurrence of the charges and the income. These “Regulatory Assets” relating to the 2008-2013 financial year should be recoverable via future rates. The impact on the intermunicipal company’s results of these regulatory assets will be annually and partially neutralised by an allocation of a part of the profits to the available reserves. It will, thereafter, be drawn down from those available reserves to the same rate as the recovery of those “Regulatory Assets” from the market.

LIABILITIES

XI. PROVISIONS FOR LIABILITIES AND CHARGES

At the close of each financial year, the Board of Directors, deciding with caution, sincerity and good faith, examines the provisions to be created to cover all expected risks or potential losses that develop over the financial year and previous financial years. The provisions relating to the previous financial years are regularly reviewed and the Board of directors decides on their allocation or destination.

XII. AMOUNTS PAYABLE AFTER MORE THAN ONE YEAR

Debts payable after more than a year are included on the Liabilities side of the balance sheet at their face value.

XIII. AMOUNTS PAYABLE WITHIN ONE YEAR

Debts at one year at most are included on the Liabilities side of the balance sheet at their face value.

XIV. ACCRUALS AND DEFERRED INCOME1. The charges or fractions of charges relating to the financial

year but which will only be paid during a later financial year are evaluated at the amount relating to the financial year.

2. The income collected during the financial year but which is ascribable in whole or in part to a later financial year are also evaluated at the amount which must be regarded as income for later financial years.

The Liabilities’ equalization accounts include possible “Regulatory Liabilities” or “Surpluses” accounted for according to the principle of the yearly recurrence of the charges and the income. These “Regulatory Liabilities” relating to the 2008-2013 financial year should be restored to the market during the next regulatory financial year. The impact on the intermunicipal company’s results of these regulatory liabilities will be charged in full to the financial year to which it relates.

Also appearing in the Liabilities’ equalization accounts is the estimated value of the transit charges relating to transported energy, but not levied at 31 December.

As the “low voltage” and the “low pressure” consumption by residential and business customers is read and billed only once a year, it is necessary to estimate the quantities of energy transported for those customers between the date of the last meter reading and 31 December and to determine the related transit charges. (Total quantities of energy transported during the civil financial year - quantities transported and invoiced during the same financial year). (Pricing of the transit charges on the basis of the applicable rate during the financial year in question).

117

Audit Reports

COLLEGE OF AUDITORS’ REPORT TO THE ANNUAL GENERAL MEETING

For this document, readers are referred to the report appearing on Page 79 of this document.


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REPORT ON THE CONSOLIDATED ACCOUNTSFROM THE AUDITOR TO THE ANNUAL GENERAL MEETING


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4. Winning Contractors List2013 Active Contracts List

N°CONTRACT NUMBER COMPANY FO

RM

CONTRACT PURPOSE PROCEDURE

1 ABT13196 TECONEX SA Supply of MV cable accessories Negotiated procedure with advertising - Special sectors

2 ABT1412401 TE CONNECTIVITY SOLUTIONS

SPRL Supply of MV cable accessories Negotiated procedure with advertising - Special sectors

3 ACP0016109 VIGOTEC AKATHERM

NV Negotiated procedure with advertising - Special sectors

4 ACP0016110 EMMER SERVICE SPRL Supply of steel - PE transitions Negotiated procedure with advertising - Special sectors

5 ACP0016177 INFRATECH SA Supply of steel - PE transitions Negotiated procedure with advertising - Special sectors

6 ACP0016397 SEPPELFRICKE ARMATUREN

GMBH Supply of steel - PE transitions Negotiated procedure with advertising - Special sectors


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7 AFMWA14293 ANBUMA SA Supplies of malleable white core cast iron accessories

Negotiated procedure with advertising - Special sectors

8 AGE14291 BREPOLS NV Supply of diaries and calendars Negotiated procedure with advertising - Special sectors

9 AMR0016189 LANDIS & GYR SA Supply of remote-reading electricity meters (RREM)

Negotiated procedure based on a qualification system - Special sectors

10 AMR0016193 CONTIGEA SA Supply of remote-reading electricity meters (RREM)


11 ANB16407 BENNING BELGIUM

Supply of no-break cabinets Negotiated procedure with advertising - Special sectors

12 APE0115109 VIGOTEC AKATHERM

NV Supply of PE accessories Negotiated procedure based on a qualification system - Special sectors

13 APE0115177 INFRATECH SA Supply of PE accessories Negotiated procedure based on a qualification system - Special sectors

14 APE0115302 GEORG FISCHER NV Supply of PE accessories Negotiated procedure based on a qualification system - Special sectors




17 APE0215518 DYKA PIPE PLASTIC

SA Supply of PE accessories Negotiated procedure based on a qualification system - Special sectors




20 ARCHI17441 BUREAU D'ARCHITECTURE E VERHAEGEN

SA Appointment of a project promoter and architectural services for the construction of the new head office building of ORES scrl


21 ASRC36801 VANBREDA RISK & BENEFITS

Third-party liability insurance service





125


RM











26 ASRE36802 VANBREDA RISK & BENEFITS

Environmental risk insurance service


27 ASRE36804 VANBREDA RISK & BENEFITS

Environmental risk insurance service


28 ATA0017413 FLENZEN BUIZIEN FITTINGS (FBF)

BVBA Supply of steel pipe accessories Negotiated procedure based on a qualification system - Special sectors

29 BAANA3006A ETEC SA Low voltage and public lighting aerial work in the whole of Wallonia - Namur Region


30 BAANA3008A GENETEC SA Low voltage and public lighting aerial work in the whole of Wallonia - Namur Region


31 BAANA3010A COFELY FABRICOM INFRA SUD

SA Low voltage and public lighting aerial work in the whole of Wallonia - Namur Region


32 BAANA3012A Ets E. RONVEAUX SA Low voltage and public lighting aerial work in the whole of Wallonia - Namur Region


33 BAANA3047A SAFALEC SA Low voltage and public lighting aerial work in the whole of Wallonia - Namur Region


34 BAANA3141A K. VERSTRAETE & ZOON

NV Low voltage and public lighting aerial work in the whole of Wallonia - Namur Region


35 BAANA3164A CONSTRUCT TIME SA Low voltage and public lighting aerial work in the whole of Wallonia - Namur Region


36 BIS1412423 PENNOIT - GROOTAERT

SA Supply of nuts and bolts and screws and bolts


37 BOIWA13197 AUTOBAR BELGIUM

NV Catering & vending machine service Negotiated procedure with advertising - Special sectors

38 CBTWA14196 TECONEX SA Supply of low voltage housings Negotiated procedure with advertising - Special sectors

39 CBTWA14292 GE INDUSTRIAL BELGIUM

SPRL Supply of low voltage housings Negotiated procedure with advertising - Special sectors


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40 CCAN076389 MARI DANIEL ETS Technical masonry building works - Namur Region


41 CCAN086390 ALPES 2100 SCRL Technical masonry building works - Namur Region


42 CCANA6385 DARDENNE Jean-Phillippe

Technical masonry building works - Namur Region


43 CCANA6388 CONINCK ET FILS SA Technical masonry building works - Namur Region


44 CCANA6390 ALPES 2100 SCRL Technical masonry building works - Namur Region


45 CEB0016193 CONTIGEA SA Supply of budget electricity meters Negotiated procedure without advertising - Special sectors

46 CECWA13189 LANDIS & GYR SA Supply of configurable electronic electricity and gas metres with two-way communication, as well as support for the implementation and the use of those metres during the warranty period


47 CFG12293 ANBUMA SA Supply of pre-equipped and tested housings for the gas grid


48 CHE1412423 PENNOIT - GROOTAERT



49 CHIO112195 BAUDOIN GROUP NV Supply of chemical products Negotiated procedure with advertising - Special sectors

50 CLE25300 ASSA ABLOY NV Supply of keys, cylinders and padlocks


51 CNYL14560 EMAS SA Supply of nuts and bolts and screws and bolts


52 COAWA21088 AIB VINCOTTE Belgium

ASBL Electrical installation monitoring service (cabins, lines, gas stations, etc) and periodic inspections by an approved organisation in the Walloon provinces


53 COE0015191 ELECOM SA Supply of Class 2 electricity meters Negotiated procedure with advertising - Special sectors

54 COE0015193 CONTIGEA SA Supply of Class 2 electricity meters Negotiated procedure with advertising - Special sectors

55 COE0015322 ISKRAEMECO BENELUX

NV Supply of Class 2 electricity meters Negotiated procedure with advertising - Special sectors

56 COG16192 IMBEMA BELGIUM SA Supply of rotary gas meters with membrane and with turbine


57 COG16193 CONTIGEA SA Supply of rotary gas meters with membrane and with turbine


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58 COG16272 ELSTER SA Supply of rotary gas meters with membrane and with turbine


59 CORWA17418 POLYTEC SA Supply of rotary gas meters with membrane and with turbine

Negotiated procedure without advertising - Special sectors

60 COUWA14299 COURRIER SERVICE

SCRI Internal courier service between the various Walloon sites


61 CPENA12010 COFELY FABRICOM INFRA SUD

SA Work on electricity meters - Namur Region


62 CPENA12071 WAUTHIER CTP SA Work on electricity meters - Namur Region


63 CPENA12157 ABLEC SPRL Work on electricity meters - Namur Region


64 CPGNA12006 ETEC SA Work on gas meters - Namur Region


65 CPGNA12017 FODETRA SA Work on gas meters - Namur Region


66 CPGNA12113 CONDUITES ET CABLES ENTREPRISES

SPRL Work on gas meters - Namur Region


67 CSB1W14006 ETEC SA Telephone cable repair work in every Walloon region


68 CSB2W14006 ETEC SA Telephone cable repair work in every Walloon region


69 CSE1412423 PENNOIT - GROOTAERT



70 DAI0912288 AUBAY PROMOTIC SA Technical documentation of technical, geographical and operational applications (Contract 9 subsequent to the CACSDAIWA09) framework agreement


71 DAIWA11290 ACCENTURE SA Development and maintenance of a clientele application


72 DFC16348 VANDENTEMPEL BV Supply and installation of cable defect detection equipment


73 DFC22348 VANDENTEMPEL BV Supply and installation of cable defect detection equipment


74 DIS0114196 TECONEX SA Supply of connection circuit breakers


75 DIS0114292 GE INDUSTRIAL BELGIUM

SPRL Supply of connection circuit breakers



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76 DIS0214196 TECONEX SA Supply of connection circuit breakers


77 DIS0314292 GE INDUSTRIAL BELGIUM

SPRL Supply of connection circuit breakers


78 DPG16177 INFRATECH SA Supply and technical monitoring of portable gas detectors


79 ECENA13023 TEI SA Electrical equipment installation work in MV/LV distribution cabins - Namur Region


80 EDIWA13230 SCHNEIDER ELECTRIC

SA MV circuit breaker maintenance service


81 ELANA15095 BOIS & TRAVAUX SA Pruning services around aerial lines - Namur Region


82 ELANA15104 SATIN STEPHAN Pruning services around aerial lines - Namur Region


83 ERBNA12010 COFELY FABRICOM INFRA SUD

SA LV connection work - Namur Region


84 ERBNA12157 ABLEC SPRL LV connection work - Namur Region


85 ERBNA12006 ETEC SA LV connection work - Namur Region


86 ERSWA13212 ZENITEL BELGIUM NV Synchronized radio-communication network maintenance


87 ESANA13005 ENGEMA SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Namur Region


88 ESANA13008 GENETEC SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Namur Region


89 ESANA13017 FODETRA SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Namur Region


90 ESANA13050 SUDTRAFOR SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Namur Region


91 ESPNA13008 GENETEC SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Namur Region


92 ESPNA13014 TMS SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Namur Region


129


RM


93 ESPNA13016 TFC SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Namur Region


94 ESPNA13017 FODETRA SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Namur Region


95 ESPNA13162 HOTTON TRAVAUX

SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Namur Region


96 EXFWA14411 PETIT FREDERIC SPRL Forestry appraisal services Negotiated procedure without advertising - Special sectors

97 EXTLO01115 COFELY SERVICES SA Supply and fitting of powder extinguishers


98 EXTLO02115 COFELY SERVICES SA Supply and fitting of powder extinguishers


99 F4X415369 MERCEDES KALSCHEUER LIEGE

SA Supply of 3.5-ton 4-wheel-drive vehicles of the MMA van variety


100 FAFS15196 TECONEX SA Supply of border cabinets and auxiliary services


101 FASOU61554 VIGOTEC NV Supply and maintenance of welding machines for electroweldable polyethylene accessories


102 FCAB150256 CABLERIE D'EUPEN

SA Supply of energy and telephony cables


103 FCAB151228 B-CABLES SA Supply of energy and telephony cables


104 FCAB151477 TELEC SA Supply of energy and telephony cables


105 FCAB151825 NEXANS BENELUX SA Supply of energy and telephony cables


106 FCAB157668 GENERAL CABLE CELCAT

SA Supply of energy and telephony cables


107 FCAB158717 NKT KABELS GMBH Supply of energy and telephony cables


108 FCAG200272 ELSTER SA Supply of depressurisation and metering cabins (including buildings)



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109 FCAG204779 MEUNIER GROUP SA Supply of depressurisation and metering cabins (including buildings)


110 FCGB200368 CONTIGEA SA Supply of budget gas meters with adjustable sides


111 FDPG12109 VIGOTEC AKATHERM

NV Supply and technical monitoring of portable gas detectors


112 FELV15347 COMET SA Supply and maintenance of gondola hoists


113 FENE310371 ENI GAS & POWER SA Supply of electricity for public service obligations and own consumption in 2012 and 2013


114 FENE311589 ELECTRABEL CUSTOMER SOLUTIONS

SA Supply of gas for public service obligations and own consumption in 2012 and 2013


115 FEPE310371 ENI GAS & POWER SA Supply of electricity for compensation of losses from 2011 to 2013


116 FIEPW15320 ETILUX SA Supply of public lighting works identifiers in every Walloon province

Negotiated procedure without advertising -Traditional sectors

117 FMCNA16084 LAURENTY SA Service of maintenance of the accesses of gas, electric and telecom cabins - Namur Region


118 FMCNA16404 STIPA SPRLU Service of maintenance of the accesses of gas, electric and telecom cabins - Namur Region


119 FMT8012207 SCHNEIDER ELECTRIC

SA Supply of MV cutting equipment and prefabricated cabins


120 FMT9004898 SIEMENS SA Supply of MV cutting equipment and prefabricated cabins


121 FMT9012303 LITHOBETON NV Supply of MV cutting equipment and prefabricated cabins


122 FMT9012403 SCHNEIDER ELECTRIC ENERGY France

SA Supply of MV cutting equipment and prefabricated cabins


123 FORWA15171 FODETRA-DIERICKX

Consortium Directional drilling work Negotiated procedure with advertising - Special sectors

124 FORWA15242 GEFOR SPRL Directional drilling work Negotiated procedure with advertising - Special sectors

125 FORWA15319 FORDIBEL SPRL Directional drilling work Negotiated procedure with advertising - Special sectors

131


RM


126 FOUT100564 EMMER SERVICE SPRL Supply of tooling Negotiated procedure with advertising - Special sectors

127 FOUT100665 GALLER METALEN NV Supply of tooling Negotiated procedure with advertising - Special sectors

128 FOUT100751 TECONEX SA Supply of tooling Negotiated procedure with advertising - Special sectors

129 FOUT109841 INFRATECH SA Supply of tooling Negotiated procedure with advertising - Special sectors

130 FOUT111466 SICAME BENELUX NV Supply of tooling Negotiated procedure with advertising - Special sectors

131 FOUT113683 UFttools BVBA Supply of tooling Negotiated procedure with advertising - Special sectors

132 FOUT113684 JANSSENS NV Supply of tooling Negotiated procedure with advertising - Special sectors

133 FOUT113685 CYNERPRO NV Supply of tooling Negotiated procedure with advertising - Special sectors

134 FPE1000256 KABELWERK EUPEN AG

NV Supply of polyethylene tubes and accessories


135 FPE1000518 DYKA PIPE PLASTIC

SA Supply of polyethylene tubes and accessories


136 FRPF900751 TECONEX SA Supply of LV fuses Negotiated procedure based on a qualification system - Special sectors

137 FRPF914582 GE INDUSTRIAL BELGIUM

SPRL Supply of LV fuses Negotiated procedure based on a qualification system - Special sectors

138 FTA0115284 ATELIER DERUELLE SA Service of threading steel tubes and making gas ramps


139 FTA0215284 ATELIER DERUELLE SA Service of threading steel tubes and making gas ramps


140 FUS0014191 ELECOM SA Supply of LV fuses and MT Negotiated procedure based on a qualification system - Special sectors

141 FUS0014196 TECONEX SA Supply of LV fuses and MT Negotiated procedure based on a qualification system - Special sectors

142 FUS0017196 TECONEX SA Supply of LV fuses and MT Negotiated procedure with advertising - Special sectors

143 FUS0017292 GE INDUSTRIAL BELGIUM

SPRL Supply of LV fuses and MT Negotiated procedure with advertising - Special sectors

144 GBAAU10115 COFELY SERVICES SA Technical and cleaning management in Wallonia



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145 GBAFE10115 COFELY SERVICES SA Technical and cleaning management in Wallonia


146 GBALO08131 COFELY SERVICES SA Technical and cleaning management in Wallonia


147 GBAMU10115 COFELY SERVICES SA Technical and cleaning management in Wallonia


148 GBATA10115 COFELY SERVICES SA Technical and cleaning management in Wallonia


149 GOL1412272 ELSTER SA Supply of the material, assembly and commissioning of complete installations to ensure the remote reading of gas meters recording consumption of more than 1,000,000 m³ per annum


150 GOL1434272 ELSTER SA Supply of the material, assembly and commissioning of complete installations to ensure the remote reading of gas meters recording consumption of more than 1,000,000 m³ per annum


151 GRBNA12006 ETEC SA Gas connection work - Namur Region


152 GRBNA12017 FODETRA SA Gas connection work - Namur Region


153 GRBNA12156 FJC-METUBEL SA Gas connection work - Namur Region


154 GSAWA17089 CONTROLE INDUSTRIEL BELGE

ASBL Branch sites management service by an external technical control service


155 HAANA13141 K. VERSTRAETE & ZOON

NV Aerial MV Work- 6kV to 15kV - Namur Region


156 HAANA13314 R.E.F.E. Consortium Aerial MV Work- 6kV to 15kV - Namur Region


157 HY1LO09208 INITIAL TEXTILES SA Sanitary appliances - carpets…Loyers Finances


158 HY2LO09208 INITIAL TEXTILES SA Sanitary appliances - carpets…Loyers Finances


159 ICD0311228 ELECTRO ENGINEERING JANSEN

SPRL Supply of indicators of fault current to be installed on MV grid (6 Kv to 15 Kv)


133


RM


160 ICD0411230 SCHNEIDER ELECTRIC

SA Supply of indicators of fault current to be installed on MV grid (6 Kv to 15 Kv)


161 ICD0611230 SCHNEIDER ELECTRIC

SA Supply of indicators of fault current to be installed on MV grid (6 Kv to 15 Kv)


162 INFWA09219 IRIS CLEANING SERVICES

SA PC maintenance service Negotiated procedure without advertising - Special sectors

163 INO0115177 INFRATECH SA Supply of stainless steel products, protections of stainless steel strips, base plates and specific tools


164 INO0215315 SADINTER-SOGECOMEX

NV Supply of protection sheaths for aerial-underground assents


165 ITC17412 SWISTEC GMBH Supply and commissioning of centralises remote control injections


166 ITC17431 SWISTEC GMBH Supply and commissioning of centralises remote control injections


167 LAANA3008A GENETEC SA Low voltage and public lighting aerial work - Namur Region


168 LAANA3345A VEKAN SA Low voltage and public lighting aerial work - Namur Region


169 LAM0015342 PHILIPS BELGIUM SA Supply of public lighting bulbs Restricted invitation to tender - Traditional sectors

170 LAXNA6008 GENETEC SA Preventive and curative public lighting maintenance work - Namur Region

Restricted invitation to tender - Traditional sectors

171 LAXNA6010 COFELY FABRICOM INFRA SUD

SA Preventive and curative public lighting maintenance work - Namur Region


172 MDIWA12268 BELGACOM SA Mobile devices (Reinforced PCs) Negotiated procedure with advertising - Special sectors

173 NBR17425 AUTOMATION SA Supply of no-break Negotiated procedure with advertising - Special sectors

174 NETLO08203 EUROCLEAN SA Cleaning Service Loyers Finances Negotiated procedure without advertising - Special sectors

175 NETNA08203 EUROCLEAN SA Cleaning Service Loyers HR Negotiated procedure without advertising - Special sectors

176 PCE0116199 Etablissements BOUTON

SPRL Supply of electricity cabinet doors and other metalwork elements


177 PCE0216199 Etablissements BOUTON

SPRL Supply of electricity cabinet doors and other metalwork elements



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178 PICBW09506 PRINTOMAT SCRL Supply and placement of lettering on vehicles


179 POT0013210 BELGIAN POLES MANUFACTURERS

Consortium Supply of pre-stressed concrete poles


180 RCPWA19353 ATOS Belgium SA Services of deployment and support for a solution for energy payments and for recharging prepaid energy meter cards


181 RCPWA19367 ATOS WORLDLINE (BANKSYS)

SA Services of deployment and support for a solution for energy payments and for recharging prepaid energy meter cards


182 RCPWAL2353 ATOS BELGIUM SA Services of deployment and support for a solution for energy payments and for recharging prepaid energy meter cards


183 RCPWAL2367 ATOS WORLDLINE (BANKSYS)

SA Services of deployment and support for a solution for energy payments and for recharging prepaid energy meter cards


184 REG0115177 INFRATECH SA Supply of regulators and peak suppressors


185 REG0215192 IMBEMA BELGIUM SA Supply of regulators and peak suppressors


186 REG0315192 IMBEMA BELGIUM SA Supply of regulators and peak suppressors


187 REI1501188 IURIS-LINK CVBA Arrears recovery services Negotiated procedure with advertising - Special sectors

188 REI1502187 CONTENTIA SA Arrears recovery services Negotiated procedure with advertising - Special sectors







195 REI1509188 IURIS-LINK CVBA Arrears recovery services Negotiated procedure with advertising - Special sectors

135


RM


196 REPNA11006 ETEC SA Public lighting census work (generalized visits) - Namur Region


197 REPNA11008 GENETEC SA Public lighting census work (generalized visits) - Namur Region


198 REPNA11010 COFELY FABRICOM INFRA SUD

SA Public lighting census work (generalized visits) - Namur Region


199 REPNA11164 CONSTRUCT TIME SA Public lighting census work (generalized visits) - Namur Region


200 REPNA2010 COFELY FABRICOM INFRA SUD

SA Public lighting census work (generalized visits) - Namur Region


201 REPNA2071 WAUTHIER CTP SA Public lighting census work (generalized visits) - Namur Region


202 RTC0112308 WOODWARD KEMPEN

GMBH Supply of protection relays Negotiated procedure based on a qualification system - Special sectors

203 RTC0212224 SIEMENS SA Supply of protection relays Negotiated procedure based on a qualification system - Special sectors

204 RTC0513189 LANDIS & GYR SA Supply of centralised remote control receivers


205 SGBAMO7115 COFELY SERVICES SA Technical and cleaning management in Wallonia


206 SGBANA7115 COFELY SERVICES SA Technical and cleaning management in Wallonia


207 SGBAST3115 COFELY SERVICES SA Technical and cleaning management in Wallonia


208 SLGENA2148 GROUP V.D.R.T. SA Generator rental service - Namur Region


209 TAC0017354 BG PIPE SA Steel pipe supply Negotiated procedure based on a qualification system - Special sectors

210 TAC0017355 INDUTUBE SA Steel pipe supply Negotiated procedure based on a qualification system - Special sectors

211 TAC0017356 SOCOTUB SARL Steel pipe supply Negotiated procedure based on a qualification system - Special sectors

212 TBT0015191 ELECOM SA Supply of LV cabinets, LV panels and minor bars


213 TBT0015194 JEAN MULLER GMBH Supply of LV cabinets, LV panels and minor bars



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214 TBT0015196 TECONEX SA Supply of LV cabinets, LV panels and minor bars


215 TBT0015292 GE INDUSTRIAL BELGIUM

SPRL Supply of LV cabinets, LV panels and minor bars


216 TELWA16268 BELGACOM SA Fixed and mobile communication services


217 THR17196 TECONEX SA Supply of heat-shrinkable components for LV cable accessories and anti-fauna protection


218 THR17285 EMAS SA Supply of heat-shrinkable components for LV cable accessories and anti-fauna protection


219 THR17421 TE CONNECTIVITY SOLUTIONS

SPRL Supply of heat-shrinkable components for LV cable accessories and anti-fauna protection


220 TIFI14103 ATELIER DERUELLE SA Supply of nuts and bolts and screws and bolts


221 TOPWA14161 H&H SA Planimetric topography service Negotiated procedure with advertising - Special sectors

222 TOPWA14317 GEOCAD SPRL Planimetric topography service Negotiated procedure with advertising - Special sectors

223 TOPWA14318 GRD CONSULT SPRL Planimetric topography service Negotiated procedure with advertising - Special sectors

224 TPE0115177 INFRATECH SA PE pipe supply Negotiated procedure based on a qualification system - Special sectors

225 TPE0115256 CABLERIE D'EUPEN

SA PE pipe supply Negotiated procedure based on a qualification system - Special sectors

226 TPE0215256 CABLERIE D'EUPEN


227 TPE0215518 DYKA PIPE PLASTIC


228 TPE0315177 INFRATECH SA PE pipe supply Negotiated procedure based on a qualification system - Special sectors

229 TPE0315518 DYKA PIPE PLASTIC


230 TRA0014215 IEO TRANS-FORMATOREN

BV Distribution transformer supply Negotiated procedure based on a qualification system - Special sectors

137


RM


231 TRA0014224 SIEMENS SA Distribution transformer supply Negotiated procedure based on a qualification system - Special sectors

232 TRA0014247 CG POWER SYSTEMS BELGIUM

NV Distribution transformer supply Negotiated procedure based on a qualification system - Special sectors

233 TRA0014248 ABB SA Distribution transformer supply Negotiated procedure based on a qualification system - Special sectors

234 TRA0014249 FRANCE TRANSFO SAS Distribution transformer supply Negotiated procedure based on a qualification system - Special sectors

235 TRA0014250 SADINTER NV Distribution transformer supply Negotiated procedure based on a qualification system - Special sectors

236 TRA0017215 IEO TRANS-FORMATOREN

BV Distribution transformer supply Negotiated procedure based on a qualification system - Special sectors

237 TRA0017224 SIEMENS SA Distribution transformer supply Negotiated procedure based on a qualification system - Special sectors

238 TRA0017247 CG POWER SYSTEMS BELGIUM

NV Distribution transformer supply Negotiated procedure based on a qualification system - Special sectors

239 TRA0017248 ABB SA Distribution transformer supply Negotiated procedure based on a qualification system - Special sectors

240 TRA0017250 SADINTER NV Distribution transformer supply Negotiated procedure based on a qualification system - Special sectors

241 TRA0017417 FRANCE TRANSFO SAS Distribution transformer supply Negotiated procedure based on a qualification system - Special sectors

242 TRP14177 INFRATECH SA Supply of cast iron or synthetic traps


243 VAC13110 EMMER SERVICE SPRL Supply of steel taps for gas grids Negotiated procedure based on a qualification system - Special sectors

244 VAC13280 SODECO VALVES BELGIUM

NV Supply of steel taps for gas grids Negotiated procedure based on a qualification system - Special sectors

245 VCG0016109 VIGOTEC AKATHERM

NV Supply of gas meter taps Negotiated procedure based on a qualification system - Special sectors

246 VCG0016397 SEPPELFRICKE ARMATUREN

GMBH Supply of gas meter taps Negotiated procedure based on a qualification system - Special sectors


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247 VCG0016398 INOFER PRODUCTIONS

SPRL Supply of gas meter taps Negotiated procedure based on a qualification system - Special sectors

248 VDI13938 LAMBERT & CO SA Supply of vehicles for laboratory equipment


249 VEHB601659 AXUS BELGIUM SA Management service for utility vehicle fleets


250 VEHE601659 AXUS BELGIUM SA Management service for utility vehicle fleets


251 VEHF601659 AXUS BELGIUM SA Management service for utility vehicle fleets


252 VEHL601659 AXUS BELGIUM SA Management service for utility vehicle fleets


253 VEHM601659 AXUS BELGIUM SA Management service for utility vehicle fleets


254 VEHN601659 AXUS BELGIUM SA Management service for utility vehicle fleets


255 VEHS601659 AXUS BELGIUM SA Management service for utility vehicle fleets


256 VEHT601659 AXUS BELGIUM SA Management service for utility vehicle fleets


257 VEHV601659 AXUS BELGIUM SA Management service for utility vehicle fleets


258 VEHX601659 AXUS BELGIUM SA Management service for utility vehicle fleets


259 VEHY601659 AXUS BELGIUM SA Management service for utility vehicle fleets


260 VIS1412423 PENNOIT - GROOTAERT



261 VPE0014109 VIGOTEC AKATHERM

NV Supply of polyethylene taps Negotiated procedure based on a qualification system - Special sectors

262 VPE0014177 INFRATECH SA Supply of polyethylene taps Negotiated procedure based on a qualification system - Special sectors

263 VPE0014302 GEORG FISCHER NV Supply of polyethylene taps Negotiated procedure based on a qualification system - Special sectors

264 VUT15333 PEUGEOT Belgique Luxembourg

SA Supply of utility vehicles whose maximum permissible weight is less than or equal to 3.5 T


265 VUT15334 FIAT GROUP AUTOMOBILES BELGIUM

SA Supply of utility vehicles whose maximum permissible weight is less than or equal to 3.5 T


139


RM


266 WSNETCHR6784 ISS SA Fermette cleaning service Negotiated procedure without advertising - Special sectors

267 XGBCHR3115 COFELY SERVICES SA Technical and cleaning management in Wallonia


268 XGBCHR3116 ISS SA Technical and cleaning management in Wallonia


269 XGBMAR3115 COFELY SERVICES SA Technical and cleaning management in Wallonia


270 XGBMOR3115 COFELY SERVICES SA Technical and cleaning management in Wallonia


271 XGBMOR6784 IRIS CLEANING SERVICES

SA Technical and cleaning management in Wallonia


272 XGBVER4115 COFELY SERVICES SA Technical and cleaning management in Wallonia


273 XRBNA12006 ETEC SA LV + gas connection work - Namur Region


274 XRBNA12171 FODETRA-DIERICKX

Consortium LV + gas connection work - Namur Region


275 XSANA3009A JEROUVILLE SA Work of laying buried pipes (cables and conduits) > 200 metres - Namur Region


276 XSANA3014A TMS SA Work of laying buried pipes (cables and conduits) > 200 metres - Namur Region


277 XSANA3017A FODETRA SA Work of laying buried pipes (cables and conduits) > 200 metres- Namur Region


278 XSANA3064A HYDROGaz SA Work of laying buried pipes (cables and conduits) > 200 metres - Namur Region


279 XSANA3113A CONDUITES ET CABLES ENTREPRISES

SPRL Work of laying buried pipes (cables and conduits) > 200 metres - Namur Region


280 XSANA3162A HOTTON TRAVAUX

SA Work of laying buried pipes (cables and conduits) > 200 metres - Namur Region


281 XSANA3337A A.G.E.C. CONSTRUCT

SPRL Work of laying buried pipes ( cables and conduits) > 200 metres - Namur Region



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282 XSBNA12006 ETEC SA Defects and leaks + Laying of pipes <= 200 metres in the Namur Region


283 XSBNA12010 COFELY FABRICOM INFRA SUD

SA Defects and leaks + Laying of pipes <= 200 metres in the Namur Region


284 XSBNA12016 TFC SA Defects and leaks + Laying of pipes <= 200 metres in the Namur Region


285 XSBNA12064 HYDROGaz SA Defects and leaks + Laying of pipes <= 200 metres in the Namur Region


286 XSBNA12156 FJC-METUBEL SA Defects and leaks + Laying of pipes <= 200 metres in the Namur Region


287 XSPNA3014P TMS SA Work of laying buried pipes (cables and conduits) <= 200 metres


288 XSPNA3017P FODETRA SA Work of laying buried pipes (cables and conduits) <= 200 metres


289 XSPNA3337P A.G.E.C. CONSTRUCT

SPRL Work of laying buried pipes (cables and conduits) <= 200 metres


290 BAACH3006A ETEC SA Low voltage and public lighting aerial work in the whole of Wallonia - Charleroi Region


291 BAACH3010A COFELY FABRICOM INFRA SUD

SA Low voltage and public lighting aerial work in the whole of Wallonia - Charleroi Region


292 BAACH3047A SAFALEC SA Low voltage and public lighting aerial work in the whole of Wallonia - Charleroi Region


293 BAACH3164A CONSTRUCT TIME SA Low voltage and public lighting aerial work in the whole of Wallonia - Charleroi Region


294 BAACH3344A INT (INDUSTRIE NOUVELLES TECHNOLOGIES)

SA Low voltage and public lighting aerial work in the whole of Wallonia - Charleroi Region


295 BAAMO3006A ETEC SA Low voltage and public lighting aerial work in the whole of Wallonia - La Louvière/Mons Region


296 BAAMO3010A COFELY FABRICOM INFRA SUD

SA Low voltage and public lighting aerial work in the whole of Wallonia - La Louvière/Mons Region


297 BAAMO3164A CONSTRUCT TIME SA Low voltage and public lighting aerial work in the whole of Wallonia - La Louvière/Mons Region


298 BAATA3010A COFELY FABRICOM INFRA SUD

SA Low voltage and public lighting aerial work in the whole of Wallonia - Tournai Region


141


RM


299 BAATA3023A TEI SA Low voltage and public lighting aerial work in the whole of Wallonia - Tournai Region


300 BAATA3054A VANO-ELECTRO SA Low voltage and public lighting aerial work in the whole of Wallonia - Tournai Region


301 BAATA3164A CONSTRUCT TIME SA Low voltage and public lighting aerial work in the whole of Wallonia - Tournai Region


302 CCACH6221 AQUAENERGIA SA Technical masonry building works - Charleroi Region


303 CCACH6387 SK HOME CONSTRUCT

SPRL Technical masonry building works - Charleroi Region


304 CCACH6388 CONINCK ET FILS SA Technical masonry building works - Charleroi Region


305 CCACH6389 MARI DANIEL ETS Technical masonry building works - Charleroi Region


306 CCAM046390 ALPES 2100 SCRL Technical masonry building works - La Louvière/Mons Region






309 CCAT016390 ALPES 2100 SCRL Technical masonry building works - Wallonia Picardy Region






312 CONLZ15447 INTERCONSTRUCT - STRABAG

Consortium Design & Build contract for an administrative building in Leuze


313 CPECH12164 CONSTRUCT TIME SA Work on electricity meters - Charleroi Region


314 CPEMO12023 TEI SA Work on electricity meters - La Louvière/Mons Region


315 CPEMO12041 LITHOBETON NV Work on electricity meters - La Louvière/Mons Region


316 CPEMO12164 CONSTRUCT TIME SA Work on electricity meters - La Louvière/Mons Region


317 CPEMO12168 CLE SPRL Work on electricity meters - La Louvière/Mons Region


318 CPETM12023 TEI SA Work on electricity meters - Wallonia Picardy Region



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319 CPETM12164 CONSTRUCT TIME SA Work on electricity meters - Wallonia Picardy Region


320 ECECH13023 TEI SA Electrical equipment installation work in MV/LV distribution cabins - Charleroi Region


321 ECECH13079 TASIAUX SA Electrical equipment installation work in MV/LV distribution cabins - Charleroi Region


322 ECEMO13023 TEI SA Electrical equipment installation work in MV/LV distribution cabins - La Louvière/Mons Region


323 ECETM13023 TEI SA Electrical equipment installation work in MV/LV distribution cabins - Wallonia Picardy Region


324 ECPCH3010P COFELY FABRICOM INFRA SUD

SA Work of laying buried cables and/or sheaths for optical fibres with section lengths less than or equal to 200 metres in the Charleroi Region in the context of the WQESAWA qualification system


325 ECPMO3051P TRAVOCO SA Work of laying buried cables and/or sheaths for optical fibres with section lengths less than or equal to 200 metres in the La Louvière/Mons Region in the context of the WQESAWA qualification system


326 ECPTA3046P PLATTEAU CONDUITES

SA Work of laying buried cables and/or sheaths for optical fibres with section lengths less than or equal to 200 metres in the Tournai Region in the context of the WQESAWA qualification system


327 ELAHT15095 BOIS & TRAVAUX SA Pruning services around aerial lines - Hainaut Region


328 ERBCH12006 ETEC SA LV connection work - Charleroi Region


329 ERBCH12157 ABLEC SPRL LV connection work - Charleroi Region


330 ERBMO12006 ETEC SA LV connection work - La Louvière/Mons Region


331 ERBMO12041 LITHOBETON NV LV connection work - La Louvière/Mons Region


332 ERBMO12168 CLE SPRL LV connection work - La Louvière/Mons Region


333 ERBTM12010 COFELY FABRICOM INFRA SUD

SA LV connection work - Wallonia Picardy Region


143


RM


334 ERBTM12035 Ets DEMOL SPRL LV connection work - Wallonia Picardy Region


335 ES1TO3050A SUDTRAFOR SA Work of laying buried cables and/or sheaths for optical fibres for the Tourpes wind turbine park in the context of the WQESAWA qualification system


336 ES2TO3050A SUDTRAFOR SA Work of laying buried cables and/or sheaths for optical fibres for the Tourpes wind turbine park in the context of the WQESAWA qualification system


337 ESACH13006 ETEC SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Charleroi Region


338 ESACH13010 COFELY FABRICOM INFRA SUD

SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Charleroi Region


339 ESACH13014 TMS SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Charleroi Region


340 ESACH13015 CAPPAL SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Charleroi Region


341 ESACH13025 ETWAL SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Charleroi Region


342 ESACH13028 COLLIGNON ENG SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Charleroi Region


343 ESACH13037 ECODI SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Charleroi Region


344 ESAMO13017 FODETRA SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - La Louvière/Mons Region


345 ESAMO13032 CARRIERES ET TERRASSEMENTS

SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - La Louvière/Mons Region


346 ESAMO13037 ECODI SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - La Louvière/Mons Region


347 ESAMO13046 PLATTEAU CONDUITES

SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - La Louvière/Mons Region


348 ESAMO13051 TRAVOCO SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - La Louvière/Mons Region



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349 ESAMO13064 HYDROGaz SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - La Louvière/Mons Region


350 ESATA13017 FODETRA SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Tournai Region


351 ESATA13032 CARRIERES ET TERRASSEMENTS

SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Tournai Region


352 ESATA13046 PLATTEAU CONDUITES

SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Tournai Region


353 ESATA13051 TRAVOCO SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Tournai Region


354 ESPCH13017 FODETRA SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Charleroi Region


355 ESPCH13025 ETWAL SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Charleroi Region


356 ESPCH13174 ELECTRO-MONTAGE

SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Charleroi Region


357 ESPMO13032 CARRIERES ET TERRASSEMENTS

SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - La Louvière/Mons Region


358 ESPMO13174 ELECTRO-MONTAGE

SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - La Louvière/Mons Region


359 ESPTA13051 TRAVOCO SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Tournai Region


360 ESPTA13174 ELECTRO-MONTAGE

SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Tournai Region


361 FEPE301616 ELECTRABEL SA Supply of electricity for compensation of losses from 2011 to 2013


362 FENE311657 EDF LUMINUS SA Supply of gas for public service obligations and own consumption in 2012 and 2013


363 FMCCH16084 LAURENTY SA Maintenance service of the accesses of gas, electric and telecom cabins - Charleroi Region


145


RM


364 FMCCH16404 STIPA SPRLU Maintenance service of the accesses of gas, electric and telecom cabins - Charleroi Region


365 FMCMO16404 STIPA SPRLU Maintenance service of the accesses of gas, electric and telecom cabins - La Louvière/Mons Region


366 FMCTA16403 GALAND ETIENNE Maintenance service of the accesses of gas, electric and telecom cabins - Tournai Region


367 FMCTA16404 STIPA SPRLU Maintenance service of the accesses of gas, electric and telecom cabins - Tournai Region


368 HAAMO12006 ETEC SA Aerial MV Work- 6kV to 15kV - La Louvière/Mons Region


369 HAAOU13054 VANO-ELECTRO SA Aerial MV Work- 6kV to 15kV - Charleroi, Wallonia Picardy and Walloon Brabant Regions


370 HAAOU13314 R.E.F.E. Consortium Aerial MV Work- 6kV to 15kV - Charleroi, Wallonia Picardy and Walloon Brabant Regions


371 LAACH3006A ETEC SA Low voltage and public lighting aerial work - Charleroi Region


372 LAAMO3006A ETEC SA Low voltage and public lighting aerial work - La Louvière/Mons Region


373 LAATA3023A TEI SA Low voltage and public lighting aerial work - Tournai Region


374 LAATA3054A VANO-ELECTRO SA Low voltage and public lighting aerial work - Tournai Region


375 LAXHT6006 ETEC SA Preventive and curative public lighting maintenance work - Charleroi, La Louvière/Mons and Tournai Regions


376 LAXHT6008 GENETEC SA Preventive and curative public lighting maintenance work - Charleroi, La Louvière/Mons and Tournai Regions


377 LAXHT6023 TEI SA Preventive and curative public lighting maintenance work - Charleroi, La Louvière/Mons and Tournai Regions


378 MOPMO294 ALGECO SA Prefabricated module rental services for office use on the Strèpy-Bracquegnies site



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379 PODBAL13415 PAUL MATHIEU SA Construction work of a building of the station moved to Ath


380 SLGECH2148 GROUP V.D.R.T. SA Generator rental service - Charleroi Region


381 SLGEMO2148 GROUP V.D.R.T. SA Generator rental service - La Louvière/Mons Region


382 SLGETM2149 DUTRY POWER NV Generator rental service - Wallonia Picardy Region


383 TPOAN5023 TEI SA Work for the installation of electrical equipment in the HV station in the town of Antoing on the basis of the WQPOWA15 qualification system


384 TPOAT3077 HEINEN SA Work for the installation of electrical equipment in the HV "Balette" station of Ath (Commune of Ath) on the basis of the WQPOWA15 qualification system


385 TPOFO2022 NIZET ENTREPRISE SA Work for the installation of electrical equipment in the HV station of Fontaine-L'Evêque) on the basis of the WQPOWA15 qualification system


386 TPOFO3023 TEI SA Work for the installation of electrical equipment in the HV station of Fontaine-L'Evêque) on the basis of the WQPOWA15 qualification system


387 TPOMI5022 NIZET ENTREPRISE SA Work for the installation of electrical equipment in the HV station of Maisières (Commune of Mons) on the basis of the WQPOWA15 qualification system


388 TPOMS3022 NIZET ENTREPRISE SA Work for the installation of electrical equipment in the HV station of Montignies on the basis of the WQPOWA15 qualification system


389 TPOOB3007 COFELY FABRICOM

SA Work for the installation of electrical equipment in the HV station of Obourg (Commune of Mons) on the basis of the WQPOWA15 qualification system


390 VPL0114303 RENAULT V.I. BELGIQUE

SA Supply of utility vehicles whose maximum permissible weight is more than 3.5 T


391 VPL0214301 IVECO BELGIUM SA Supply of utility vehicles whose maximum permissible weight is more than 3.5 T


147


RM


392 XCPMO3017P FODETRA SA Work of laying gas or mixed station conduits (gas conduits or gas conduits and electric cables and/or sheaths for optical fibres) with section lengths < or = 200 metres in the La Louvière - Mons region on the basis of the WQXSAWA


393 XCPMO3032P CARRIERES ET TERRASSEMENTS

SA Work of laying gas or mixed station conduits (gas conduits or gas conduits and electric cables and/or sheaths for optical fibres) with section lengths < or = 200 metres in the La Louvière - Mons region on the basis of the WQXSAWA


394 XRBCH12007 COFELY FABRICOM

SA LV + gas connection work - Charleroi Region


395 XRBCH12010 COFELY FABRICOM INFRA SUD

SA LV + gas connection work - Charleroi Region


396 XRBCH12156 FJC-METUBEL SA LV + gas connection work - Charleroi Region


397 XRBCH12171 FODETRA-DIERICKX

Consortium LV + gas connection work - Charleroi Region


398 XRBMO12010 COFELY FABRICOM INFRA SUD

SA LV + gas connection work - La Louvière/Mons Region


399 XRBMO12156 FJC-METUBEL SA LV + gas connection work - La Louvière/Mons Region


400 XRBTM12034 TRAXECO SA LV + gas connection work - Wallonia Picardy Region


401 XRBTM12035 Ets DEMOL SPRL LV + gas connection work - Wallonia Picardy Region


402 XRBTM12156 FJC-METUBEL SA LV + gas connection work- Wallonia Picardy Region


403 XRBTM12171 FODETRA-DIERICKX

Consortium LV + gas connection work - Wallonia Picardy Region


404 XSACH3006A ETEC SA Work of laying buried pipes (cables and conduits) > 200 metres - Charleroi Region


405 XSACH3010A COFELY FABRICOM INFRA SUD

SA Work of laying buried pipes (cables and conduits) > 200 metres - Charleroi Region


406 XSACH3014A TMS SA Work of laying buried pipes (cables and conduits) > 200 metres - Charleroi Region



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407 XSACH3015A CAPPAL SA Work of laying buried pipes (cables and conduits) > 200 metres - Charleroi Region


408 XSACH3017A FODETRA SA Work of laying buried pipes (cables and conduits) > 200 metres - Charleroi Region


409 XSACH3039A GREBAT SA Work of laying buried pipes (cables and conduits) > 200 metres - Charleroi Region


410 XSACH3113A CONDUITES ET CABLES ENTREPRISES

SPRL Work of laying buried pipes (cables and conduits) > 200 metres - Charleroi Region


411 XSACH3162A HOTTON TRAVAUX

SA Work of laying buried pipes (cables and conduits) > 200 metres - Charleroi Region


412 XSACH3221A AQUAENERGIA SA Work of laying buried pipes (cables and conduits) > 200 metres - Charleroi Region


413 XSAMO3006A ETEC SA Work of laying buried pipes (cables and conduits) > 200 metres - La Louvière/Mons Region


414 XSAMO3015A CAPPAL SA Work of laying buried pipes (cables and conduits) > 200 metres - La Louvière/Mons Region


415 XSAMO3017A FODETRA SA Work of laying buried pipes (cables and conduits) > 200 metres - La Louvière/Mons Region


416 XSAMO3032A CARRIERES ET TERRASSEMENTS

SA Work of laying buried pipes (cables and conduits) > 200 metres - La Louvière/Mons Region


417 XSAMO3046A PLATTEAU CONDUITES



418 XSAMO3051A TRAVOCO SA Work of laying buried pipes (cables and conduits) > 200 metres - La Louvière/Mons Region


419 XSAMO3162A HOTTON TRAVAUX



420 XSATA3017A FODETRA SA Work of laying buried pipes (cables and conduits) > 200 metres - Tournai Region


149


RM


421 XSATA3032A CARRIERES ET TERRASSEMENTS

SA Work of laying buried pipes (cables and conduits) > 200 metres - Tournai Region


422 XSATA3046A PLATTEAU CONDUITES

SA Work of laying buried pipes (cables and conduits) > 200 metres - Tournai Region


423 XSATA3051A TRAVOCO SA Work of laying buried pipes (cables and conduits) > 200 metres - Tournai Region


424 XSBCH12017 FODETRA SA Defects and leaks + Laying of pipes <= 200 metres in the Charleroi Region


425 XSBCH12064 HYDROGaz SA Defects and leaks + Laying of pipes <= 200 metres in the Charleroi Region


426 XSBCH12156 FJC-METUBEL SA Defects and leaks + Laying of pipes <= 200 metres in the Charleroi Region


427 XSBEH12006 ETEC SA Defects and leaks + Laying of pipes <= 200 metres in the Charleroi Region


428 XSBEH12025 ETWAL SA Defects and leaks + Laying of pipes <= 200 metres in the Charleroi Region


429 XSBMO11015 CAPPAL SA Defects and leaks + Laying of pipes <= 200 metres in the La Louvière/Mons Region


430 XSBMO11017 FODETRA SA Defects and leaks + Laying of pipes <= 200 metres in the La Louvière/Mons Region


431 XSBMO11156 FJC-METUBEL SA Defects and leaks + Laying of pipes <= 200 metres in the La Louvière/Mons Region


432 XSBTA11034 TRAXECO SA Defects and leaks + Laying of pipes <= 200 metres in the Wallonia Picardy Region


433 XSPCH3006P ETEC SA Work of laying buried pipes (cables and conduits) <= 200 metres - Charleroi Region


434 XSPCH3010P COFELY FABRICOM INFRA SUD

SA Work of laying buried pipes (cables and conduits) <= 200 metres - Charleroi Region


435 XSPCH3014P TMS SA Work of laying buried pipes (cables and conduits) <= 200 metres - Charleroi Region



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436 XSPCH3017P FODETRA SA Work of laying buried pipes (cables and conduits) <= 200 metres - Charleroi Region


437 XSPCH3025P ETWAL SA Work of laying buried pipes (cables and conduits) <= 200 metres - Charleroi Region


438 XSPCH3039P GREBAT SA Work of laying buried pipes (cables and conduits) <= 200 metres - Charleroi Region


439 XSPCH3113P CONDUITES ET CABLES ENTREPRISES

SPRL Work of laying buried pipes (cables and conduits) <= 200 metres - Charleroi Region


440 XSPCH3162P HOTTON TRAVAUX

SA Work of laying buried pipes (cables and conduits) <= 200 metres - Charleroi Region


441 XSPCH3221P AQUAENERGIA SA Work of laying buried pipes (cables and conduits) <= 200 metres - Charleroi Region


442 XSPMO3025P ETWAL SA Work of laying buried pipes (cables and conduits) <= 200 metres - La Louvière/Mons Region


443 XSPMO3046P PLATTEAU CONDUITES

SA Work of laying buried pipes (cables and conduits) <= 200 metres - La Louvière/Mons Region


444 XSPMO3051P TRAVOCO SA Work of laying buried pipes (cables and conduits) <= 200 metres - La Louvière/Mons Region


445 XSPMO3174P ELECTRO-MONTAGE

SA Work of laying buried pipes (cables and conduits) <= 200 metres - - La Louvière/Mons Region


446 XSPTA3051P TRAVOCO SA Work of laying buried pipes (cables and conduits) <= 200 metres - Tournai Region


447 CPGCH12006 ETEC SA Work on gas meters - Charleroi Region


448 CPGCH12010 COFELY FABRICOM INFRA SUD

SA Work on gas meters - Charleroi Region


449 CPGCH12017 FODETRA SA Work on gas meters - Charleroi Region


450 CPGCH12025 ETWAL SA Work on gas meters - Charleroi Region


151


RM


451 CPGCH12113 CONDUITES ET CABLES ENTREPRISES

SPRL Work on gas meters - Charleroi Region


452 CPGMO12006 ETEC SA Work on gas meters - La Louvière/Mons Region


453 CPGMO12010 COFELY FABRICOM INFRA SUD

SA Work on gas meters - La Louvière/Mons Region


454 CPGMO12017 FODETRA SA Work on gas meters - La Louvière/Mons Region


455 CPGMO12025 ETWAL SA Work on gas meters - La Louvière/Mons Region


456 CPGMO12032 CARRIERES ET TERRASSEMENTS

SA Work on gas meters - La Louvière/Mons Region


457 CPGMO12035 Ets DEMOL SPRL Work on gas meters - La Louvière/Mons Region


458 CPGMO12113 CONDUITES ET CABLES ENTREPRISES

SPRL Work on gas meters - La Louvière/Mons Region


459 CPGTM12017 FODETRA SA Work on gas meters - Wallonia Picardy Region


460 CPGTM12034 TRAXECO SA Work on gas meters - Wallonia Picardy Region


461 CPGTM12035 Ets DEMOL SPRL Work on gas meters - Wallonia Picardy Region


462 CPGTM12156 FJC-METUBEL SA Work on gas meters - Wallonia Picardy Region


463 GRBCH12006 ETEC SA Gas connection work - Charleroi Region


464 GRBCH12007 COFELY FABRICOM

SA Gas connection work - Charleroi Region


465 GRBCH12010 COFELY FABRICOM INFRA SUD

SA Gas connection work - Charleroi Region


466 GRBCH12017 FODETRA SA Gas connection work - Charleroi Region


467 GRBCH12025 ETWAL SA Gas connection work - Charleroi Region


468 GRBCH12156 FJC-METUBEL SA Gas connection work - Charleroi Region


469 GRBCH12323 SODRAEP SA Gas connection work - Charleroi Region



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470 GRBMO12010 COFELY FABRICOM INFRA SUD

SA Gas connection work - La Louvière/Mons Region


471 GRBMO12017 FODETRA SA Gas connection work - La Louvière/Mons Region


472 GRBMO12025 ETWAL SA Gas connection work - La Louvière/Mons Region


473 GRBMO12032 CARRIERES ET TERRASSEMENTS

SA Gas connection work - La Louvière/Mons Region


474 GRBMO12113 CONDUITES ET CABLES ENTREPRISES

SPRL Gas connection work - La Louvière/Mons Region


475 GRBMO12156 FJC-METUBEL SA Gas connection work - La Louvière/Mons Region


476 GRBTM12010 COFELY FABRICOM INFRA SUD

SA Gas connection work - Wallonia Picardy Region


477 GRBTM12034 TRAXECO SA Gas connection work - Wallonia Picardy Region


478 GRBTM12035 Ets DEMOL SPRL Gas connection work - Wallonia Picardy Region


479 GRBTM12156 FJC-METUBEL SA Gas connection work - Wallonia Picardy Region


480 XSAHT14032 CARRIERES ET TERRASSEMENTS

SA Gas pipe extension work in the La Louvière / Mons, Tournai and Charleroi Regions


481 BAAEM3010A COFELY FABRICOM INFRA SUD

SA Low voltage and public lighting aerial work in the whole of Wallonia - Eupen-Malmedy District


482 BAAEM3140A LEMAIRE ANDRE SA Low voltage and public lighting aerial work in the whole of Wallonia - Eupen-Malmedy District


483 BAAEM3344A INT (INDUSTRIE NOUVELLES TECHNOLOGIES)

SA Low voltage and public lighting aerial work in the whole of Wallonia - Eupen-Malmedy District


484 CCAEM6221 AQUAENERGIA SA Technical masonry building works - Eupen-Malmedy District


485 CCAEM6383 BOUWERKEN DE RAEDT NV - SERCK NV

Consortium Technical masonry building works - Eupen-Malmedy District


486 CCAEM6386 PAGNOULLE GEORGES CONSTRUCTIONS

SPRL Technical masonry building works - Eupen-Malmedy District


487 CPEEM12140 LEMAIRE ANDRE SA Work on electricity meters - Eupen-Malmedy District


153


RM


488 ECELG13073 Ets VERHULST SPRL Electrical equipment installation work in MV/LV distribution cabins - Liege Region


489 ELALG15104 SATIN STEPHAN Pruning services around aerial lines - Liege Region


490 ELALG15267 KRINKELS SA Pruning services around aerial lines - Liege Region


491 ELALG15309 S.F.R. SA Pruning services around aerial lines - Liege Region


492 ERBEM12010 COFELY FABRICOM INFRA SUD

SA LV connection work - Eupen - Malmedy District


493 ERBEM12140 LEMAIRE ANDRE SA LV connection work - Eupen - Malmedy District


494 ESAEM13038 ROGER GEHLEN SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Eupen-Malmedy District


495 ESAEM13040 LEJEUNE & FILS SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Eupen-Malmedy District


496 ESAEM13045 NELLES FRERES SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Eupen-Malmedy District


497 ESPEM13038 ROGER GEHLEN SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Eupen-Malmedy District


498 ESPEM13040 LEJEUNE & FILS SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Eupen-Malmedy District


499 ESPEM13045 NELLES FRERES SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Eupen-Malmedy District


500 ESPEM13074 CROSSET LEON (ETS)

SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Eupen-Malmedy District


501 FMCEM16084 LAURENTY SA Maintenance service of the accesses of gas, electric and telecom cabins - Eupen-Malmedy District


502 HAALG13007 COFELY FABRICOM

SA Aerial MV Work- 6kV to 15kV - Liege Region



4. W

INN

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CO

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RM


503 HAALG13314 R.E.F.E. Consortium Aerial MV Work- 6kV to 15kV - Liege Region


504 LAAEM3140A LEMAIRE ANDRE SA Low voltage and public lighting aerial work - Eupen - Malmedy District


505 REPEM11154 Ets JACOBS SA Public lighting census work (generalized visits) - Eupen - Malmedy District


506 REPEM2140 LEMAIRE ANDRE SA Public lighting census work (generalized visits) - Eupen - Malmedy District


507 REPEM2338 YVAN PAQUE-VSE Consortium Public lighting census work (generalized visits) - Eupen - Malmedy District


508 SLGELG2180 DUTRY POWER LUX

SA Generator rental service - Liege Region


509 TPOBE3007 COFELY FABRICOM

SA Work for the installation of electrical equipment in the HV station in the town of Bévercé on the basis of the WQPOWA15 qualification system


510 XSBEM12038 ROGER GEHLEN SA Defects and leaks + Laying of pipes <= 200 metres in the Liege Region


511 XSBEM12140 LEMAIRE ANDRE SA Defects and leaks + Laying of pipes <= 200 metres in the Liege Region


512 BAALX3005A ENGEMA SA Low voltage and public lighting aerial work in the whole of Wallonia - Luxembourg Region


513 BAALX3008A GENETEC SA Low voltage and public lighting aerial work in the whole of Wallonia - Luxembourg Region


514 BAALX3012A Ets E. RONVEAUX SA Low voltage and public lighting aerial work in the whole of Wallonia - Luxembourg Region


515 CCAX116432 THIRY Alain Technical masonry building works - Luxembourg Region


516 CCAX126390 ALPES 2100 SCRL Technical masonry building works - Luxembourg Region


517 CCAX136390 ALPES 2100 SCRL Technical masonry building works - Luxembourg Region


518 CPELX12010 COFELY FABRICOM INFRA SUD

SA Travaux sur compteurs électriques - région du Luxembourg


519 ECELX13073 Ets VERHULST SPRL Electrical equipment installation work in MV/LV distribution cabins - Luxembourg Region


155


RM


520 ECELX13077 HEINEN SA Electrical equipment installation work in MV/LV distribution cabins - Luxembourg Region


521 ELALX15100 LA LORRAINE SCRL Pruning services around aerial lines - Luxembourg Region


522 ELALX15104 SATIN STEPHAN Pruning services around aerial lines - Luxembourg Region


523 ELALX15267 KRINKELS SA Pruning services around aerial lines - Luxembourg Region


524 ELALX15309 S.F.R. SA Pruning services around aerial lines - Luxembourg Region


525 ERBLX12010 COFELY FABRICOM INFRA SUD

SA LV connection work - Luxembourg Region


526 ERBLX12140 LEMAIRE ANDRE SA LV connection work - Luxembourg Region


527 ESALX13005 ENGEMA SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Luxembourg Region


528 ESALX13028 COLLIGNON ENG SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Luxembourg Region


529 ESALX13040 LEJEUNE & FILS SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Luxembourg Region


530 ESALX13050 SUDTRAFOR SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Luxembourg Region


531 ESALX13081 TRTC BONFOND FILS

SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Luxembourg Region


532 ESALX13152 DEVRESSE SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Luxembourg Region


533 ESALXS3028 COLLIGNON ENG SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Luxembourg Region


534 ESPLX13005 ENGEMA SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Luxembourg Region



4. W

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ING

CO

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RM


535 ESPLX13028 COLLIGNON ENG SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Luxembourg Region


536 ESPLX13040 LEJEUNE & FILS SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Luxembourg Region


537 ESPLX13050 SUDTRAFOR SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Luxembourg Region


538 ESPLX13152 DEVRESSE SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Luxembourg Region


539 FMCLX16084 LAURENTY SA Maintenance service of the accesses of gas, electric and telecom cabins - Luxembourg Region


540 HAALX13314 R.E.F.E. Consortium Aerial MV Work- 6kV to 15kV - Luxembourg Region


541 LAALX3010A COFELY FABRICOM INFRA SUD

SA Low voltage and public lighting aerial work - Luxembourg Region


542 REPLX11008 GENETEC SA Public lighting census work (generalized visits) - Luxembourg Region


543 REPLX11010 COFELY FABRICOM INFRA SUD

SA Public lighting census work (generalized visits) - Luxembourg Region


544 REPLX11154 Ets JACOBS SA Public lighting census work (generalized visits) - Luxembourg Region


545 SLGELX2180 DUTRY POWER LUX

SA Generator rental services - Luxembourg Region


546 XRBLX12010 COFELY FABRICOM INFRA SUD

SA LV + gas connection work - Luxembourg Region


547 XSALX3009A JEROUVILLE SA Work of laying buried pipes (cables and conduits) > 200 metres - Luxembourg Region


548 XSALX3017A FODETRA SA Work of laying buried pipes (cables and conduits) > 200 metres - Luxembourg Region


157


RM


549 XSALX3050A SUDTRAFOR SA Work of laying buried pipes (cables and conduits) > 200 metres - Luxembourg Region


550 XSALX3162A HOTTON TRAVAUX

SA Work of laying buried pipes (cables and conduits) > 200 metres - Luxembourg Region


551 XSBLX12026 PAQUE YVAN SA Defects and leaks + Laying of pipes <= 200 metres in the Luxembourg Region


552 XSBLX12028 COLLIGNON ENG SA Defects and leaks + Laying of pipes <= 200 metres in the Luxembourg Region


553 XSPLX3009P JEROUVILLE SA Work of laying buried pipes (cables and conduits) <= 200 metres - Luxembourg Region


554 XSPLX3028P COLLIGNON ENG SA Work of laying buried pipes (cables and conduits) <= 200 metres - Luxembourg Region


555 XSPLX3152P DEVRESSE SA Work of laying buried pipes (cables and conduits) <= 200 metres - Luxembourg Region


556 BAALG3010A COFELY FABRICOM INFRA SUD

SA Low voltage and public lighting aerial work in the whole of Wallonia - Liege District


557 BAALG3026A PAQUE YVAN SA Low voltage and public lighting aerial work in the whole of Wallonia - Liege District


558 BAALG3154A Ets JACOBS SA Low voltage and public lighting aerial work in the whole of Wallonia - Liege District


559 BAAVE3010A COFELY FABRICOM INFRA SUD

SA Low voltage and public lighting aerial work in the whole of Wallonia - Verviers District


560 BAAVE3154A Ets JACOBS SA Low voltage and public lighting aerial work in the whole of Wallonia - Verviers District


561 BCAVE3154A Ets JACOBS SA Low voltage and public lighting aerial work in the whole of Wallonia - Verviers District


562 CCAV096386 PAGNOULLE GEORGES CONSTRUCTIONS

SPRL Technical masonry building works - Verviers District


563 CCAV106390 ALPES 2100 SCRL Technical masonry building works - Verviers District



4. W

INN

ING

CO

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RM


564 CPEVE12010 COFELY FABRICOM INFRA SUD

SA Work on electricity meters - Liege-Verviers District


565 CPEVE12140 LEMAIRE ANDRE SA Work on electricity meters - Liege-Verviers District


566 ERBVE12010 COFELY FABRICOM INFRA SUD

SA LV connection work - Liege-Verviers District


567 ERBVE12140 LEMAIRE ANDRE SA LV connection work - Liege-Verviers District


568 ESALG13076 WILKIN SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Liege District


569 ESALG13081 TRTC BONFOND FILS

SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Liege District


570 ESAVE13040 LEJEUNE & FILS SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Verviers District


571 ESAVE13162 HOTTON TRAVAUX

SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Verviers District


572 ESPLG13076 WILKIN SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Liege District


573 ESPLG13081 TRTC BONFOND FILS

SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Liege District


574 ESPVE13040 LEJEUNE & FILS SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Verviers District


575 ESPVE13074 CROSSET LEON (ETS)

SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Verviers District


576 ESPVE13076 WILKIN SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Verviers District


577 FMCLV16084 LAURENTY SA Maintenance service of the accesses of gas, electric and telecom cabins - Liege-Verviers District


578 LAALG3026A PAQUE YVAN SA Low voltage and public lighting aerial work - Liege District


579 LAAVE3154A Ets JACOBS SA Low voltage and public lighting aerial work - Verviers District


159


RM


580 LAXLG6026 PAQUE YVAN SA Preventive and curative public lighting maintenance work - Liege Region


581 REPLG11010 COFELY FABRICOM INFRA SUD

SA Public lighting census work (generalized visits) - Liege - Verviers District


582 REPLG11154 Ets JACOBS SA Public lighting census work (generalized visits) - Liege - Verviers District


583 REPLG2154 Ets JACOBS SA Public lighting census work (generalized visits) - Liege - Verviers District


584 REPLG2338 YVAN PAQUE-VSE Consortium Public lighting census work (generalized visits) - Liege - Verviers District


585 XSBLG12081 TRTC BONFOND FILS

SA Defects and leaks + Laying of pipes <= 200 metres in the Liege Region


586 XSBLG12154 Ets JACOBS SA Defects and leaks + Laying of pipes <= 200 metres in the Liege Region


587 XSBVE12076 WILKIN SA Defects and leaks + Laying of pipes <= 200 metres in the Verviers District


588 BAABW3006A ETEC SA Low voltage and public lighting aerial work in the whole of Wallonia - Walloon Brabant Region


589 BAABW3007A COFELY FABRICOM

SA Low voltage and public lighting aerial work in the whole of Wallonia - Walloon Brabant Region


590 BAABW3008A GENETEC SA Low voltage and public lighting aerial work in the whole of Wallonia - Walloon Brabant Region


591 BAABW3010A COFELY FABRICOM INFRA SUD

SA Low voltage and public lighting aerial work in the whole of Wallonia - Walloon Brabant Region


592 BAABW3141A K. VERSTRAETE & ZOON

NV Low voltage and public lighting aerial work in the whole of Wallonia - Walloon Brabant Region


593 BAABW3164A CONSTRUCT TIME SA Low voltage and public lighting aerial work in the whole of Wallonia - Walloon Brabant Region


594 CCABW6221 AQUAENERGIA SA Technical masonry building works - Walloon Brabant Region


595 CCABW6387 SK HOME CONSTRUCT

SPRL Technical masonry building works - Walloon Brabant Region


596 CCABW6388 CONINCK ET FILS SA Technical masonry building works - Walloon Brabant Region



4. W

INN

ING

CO

NT

RA

CT

OR

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RM


597 CCABW6390 ALPES 2100 SCRL Technical masonry building works Walloon Brabant Region


598 CPEBW12006 ETEC SA Work on electricity meters - Walloon Brabant Region


599 CPEBW12010 COFELY FABRICOM INFRA SUD

SA Work on electricity meters - Walloon Brabant Region


600 CPEBW12071 WAUTHIER CTP SA Work on electricity meters - Walloon Brabant Region


601 CPEBW12164 CONSTRUCT TIME SA Work on electricity meters - Walloon Brabant Region


602 CPECH12157 ABLEC SPRL Work on electricity meters - Charleroi Region


603 CPGBW12006 ETEC SA Work on gas meters - Walloon Brabant Region


604 CPGBW12010 COFELY FABRICOM INFRA SUD

SA Work on gas meters - Walloon Brabant Region


605 CPGBW12017 FODETRA SA Work on gas meters - Walloon Brabant Region


606 ECEBW13023 TEI SA Electrical equipment installation work in MV/LV distribution cabins - Walloon Brabant Region


607 ELABW15095 BOIS & TRAVAUX SA Pruning services around aerial lines - Walloon Brabant Region


608 ELABW15316 ARBOTAILLE SA Pruning services around aerial lines - Walloon Brabant Region


609 ERBBW12006 ETEC SA LV connection work - Walloon Brabant Region


610 ERBBW12010 COFELY FABRICOM INFRA SUD

SA LV connection work - Walloon Brabant Region


611 ERBBW12035 Ets DEMOL SPRL LV connection work - Walloon Brabant Region


612 ESABW13006 ETEC SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Walloon Brabant Region


613 ESABW13010 COFELY FABRICOM INFRA SUD

SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Walloon Brabant Region


614 ESABW13015 CAPPAL SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Walloon Brabant Region


161


RM


615 ESABW13017 FODETRA SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Walloon Brabant Region


616 ESABW13035 Ets DEMOL SPRL Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Walloon Brabant Region


617 ESABW13049 VERBRAEKEN CONSTRUCTION

SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Walloon Brabant Region


618 ESPBW13006 ETEC SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Walloon Brabant Region


619 ESPBW13010 COFELY FABRICOM INFRA SUD

SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Walloon Brabant Region


620 ESPBW13015 CAPPAL SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Walloon Brabant Region


621 ESPBW13017 FODETRA SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Walloon Brabant Region


622 ESPBW13035 Ets DEMOL SPRL Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Walloon Brabant Region


623 ESPBW13158 HOTTAT & DELVAUX

BVBA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Walloon Brabant Region


624 ESPBW13162 HOTTON TRAVAUX

SA Work of laying buried cables and/or sheaths for optical fibres <= 200 metres - Walloon Brabant Region


625 FMCBW16084 LAURENTY SA Maintenance service of the accesses of gas, electric and telecom cabins - Walloon Brabant Region


626 FMCBW16404 STIPA SPRLU Maintenance service of the accesses of gas, electric and telecom cabins - Walloon Brabant Region



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627 FRES711733 ZENITEL BELGIUM NV Supply, installation and maintenance of a synchronous radio-communication network in the Walloon Brabant Region


628 GRBBW12017 FODETRA SA Gas connection work - Walloon Brabant Region


629 GRBBW12035 Ets DEMOL SPRL Gas connection work - Walloon Brabant Region


630 GRBBW12156 FJC-METUBEL SA Gas connection work - Walloon Brabant Region


631 LAABW3006A ETEC SA Low voltage and public lighting aerial work - Walloon Brabant Region


632 LAABW3008A GENETEC SA Low voltage and public lighting aerial work - Walloon Brabant Region


633 LAABW3035A Ets DEMOL SPRL Low voltage and public lighting aerial work - Walloon Brabant Region


634 LAABW3071A WAUTHIER CTP SA Low voltage and public lighting aerial work - Walloon Brabant Region


635 LAABW3345A VEKAN SA Low voltage and public lighting aerial work - Walloon Brabant Region


636 LAABW3349A FODETRA-VERBRAEKEN CONSTRUCTION

Consortium Low voltage and public lighting aerial work - Walloon Brabant Region


637 LAXBW6006 ETEC SA Preventive and curative public lighting maintenance work - Walloon Brabant Region


638 LAXBW6010 COFELY FABRICOM INFRA SUD

SA Preventive and curative public lighting maintenance work - Walloon Brabant Region


639 LAXBW6035 Ets DEMOL SPRL Preventive and curative public lighting maintenance work - Walloon Brabant Region


640 LAXBW6071 WAUTHIER CTP SA Preventive and curative public lighting maintenance work - Walloon Brabant Region


641 REPBW11006 ETEC SA Public lighting census work (generalized visits) - Walloon Brabant Region


642 REPBW11010 COFELY FABRICOM INFRA SUD

SA Public lighting census work (generalized visits) - Walloon Brabant Region


163


RM


643 REPBW11071 WAUTHIER CTP SA Public lighting census work (generalized visits) - Walloon Brabant Region


644 REPBW11164 CONSTRUCT TIME SA Public lighting census work (generalized visits) - Walloon Brabant Region


645 REPBW2010 COFELY FABRICOM INFRA SUD

SA Public lighting census work (generalized visits) - Walloon Brabant Region


646 REPBW2035 Ets DEMOL SPRL Public lighting census work (generalized visits) - Walloon Brabant Region


647 REPBW2071 WAUTHIER CTP SA Public lighting census work (generalized visits) - Walloon Brabant Region


648 SLGEBW2148 GROUP V.D.R.T. SA Generator rental service - Walloon Brabant Region


649 XRABW12221 AQUAENERGIA SA Work of replacement of steel, eternit or cast iron conduits by PE conduits, including connections and cable laying (sections ranging between 200 and 1,500 metres) - Walloon Brabant Region


650 XRABW3010A COFELY FABRICOM INFRA SUD

SA Work of replacement of steel, eternit or cast iron conduits by PE conduits, including connections and cable laying in the Walloon Brabant Region


651 XRABW3015A CAPPAL SA Work of replacement of steel, eternit or cast iron conduits by PE conduits, including connections and cable laying in the Walloon Brabant Region


652 XRABW3017A FODETRA SA Work of replacement of steel, eternit or cast iron conduits by PE conduits, including connections and cable laying in the Walloon Brabant Region


653 XRABW3158A HOTTAT & DELVAUX

BVBA Work of replacement of steel, eternit or cast iron conduits by PE conduits, including connections and cable laying in the Walloon Brabant Region


654 XRABW3221A AQUAENERGIA SA Work of replacement of steel, eternit or cast iron conduits by PE or steel conduits, including connections and cable laying in the Walloon Brabant Region


655 XRBBW12006 ETEC SA LV + gas connection work - Walloon Brabant Region



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656 XRBBW12010 COFELY FABRICOM INFRA SUD

SA LV + gas connection work - Walloon Brabant Region


657 XRBBW12035 Ets DEMOL SPRL LV + gas connection work - Walloon Brabant Region


658 XRBBW12156 FJC-METUBEL SA LV + gas connection work - Walloon Brabant Region


659 XRBBW12171 FODETRA-DIERICKX

Consortium LV + gas connection work - Walloon Brabant Region


660 XSABW3006A ETEC SA Work of laying buried pipes (cables and conduits) > 200 metres - Walloon Brabant Region


661 XSABW3010A COFELY FABRICOM INFRA SUD

SA Work of laying buried pipes (cables and conduits) > 200 metres - Walloon Brabant Region


662 XSABW3015A CAPPAL SA Work of laying buried pipes (cables and conduits) > 200 metres - Walloon Brabant Region


663 XSABW3017A FODETRA SA Work of laying buried pipes (cables and conduits) > 200 metres - Walloon Brabant Region


664 XSABW3025A ETWAL SA Work of laying buried pipes (cables and conduits) > 200 metres - Walloon Brabant Region


665 XSABW3035A Ets DEMOL SPRL Work of laying buried pipes (cables and conduits) > 200 metres - Walloon Brabant Region


666 XSABW3049A VERBRAEKEN CONSTRUCTION



667 XSABW3162A HOTTON TRAVAUX



668 XSBBW12017 FODETRA SA Defects and leaks + Laying of pipes <= 200 metres in the Walloon Brabant Region


669 XSBBW12035 Ets DEMOL SPRL Defects and leaks + Laying of pipes <= 200 metres in the Walloon Brabant Region


165


RM


670 XSBBW12156 FJC-METUBEL SA Defects and leaks + Laying of pipes <= 200 metres in the Walloon Brabant Region


671 XSBEW12006 ETEC SA Defects and leaks + Laying of pipes <= 200 metres in the Walloon Brabant Region


672 XSPBW3006P ETEC SA Work of laying buried pipes (cables and conduits) <= 200 metres - Walloon Brabant Region


673 XSPBW3010P COFELY FABRICOM INFRA SUD

SA Work of laying buried pipes (cables and conduits) <= 200 metres - Walloon Brabant Region


674 XSPBW3017P FODETRA SA Work of laying buried pipes (cables and conduits) <= 200 metres - Walloon Brabant Region


675 XSPBW3035P Ets DEMOL SPRL Work of laying buried pipes (cables and conduits) <= 200 metres - Walloon Brabant Region


676 XSPBW3039P GREBAT SA Work of laying buried pipes (cables and conduits) <= 200 metres - Walloon Brabant Region


677 XSPBW3156P FJC-METUBEL SA Work of laying buried pipes (cables and conduits) <= 200 metres - Walloon Brabant Region


678 XSPBW3158P HOTTAT & DELVAUX

BVBA Work of laying buried pipes (cables and conduits) <= 200 metres - Walloon Brabant Region


679 BAAMU3023A TEI SA Low voltage and public lighting aerial work in the whole of Wallonia - Entity of Mouscron


680 BAAMU3054A VANO-ELECTRO SA Low voltage and public lighting aerial work in the whole of Wallonia - Entity of Mouscron


681 ESAMU13051 TRAVOCO SA Work of laying buried cables and/or sheaths for optical fibres > 200 metres - Entity of Mouscron


682 ESPMU13051 TRAVOCO SA Work of laying buried cables and/or ducts for optical fibres <= 200 metres - Entity of Mouscron



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683 FMCMU16403 GALAND ETIENNE Maintenance service of the accesses of gas, electric and telecom cabins - La Louvière/Mons Region


684 FMCMU16404 STIPA SPRLU Maintenance service of the accesses of gas, electric and telecom cabins - Entity of Mouscron


685 LAAMU3023A TEI SA Low voltage and public lighting aerial work - Entity of Mouscron


686 LAAMU3054A VANO-ELECTRO SA Low voltage and public lighting aerial work - Entity of Mouscron


687 LAXMU6023 TEI SA Preventive and curative public lighting maintenance work - Entity of Mouscron


688 REPMU11010 COFELY FABRICOM INFRA SUD

SA Public lighting census work (generalized visits) - Entity of Mouscron


689 REPMU11023 TEI SA Public lighting census work (generalized visits) - Entity of Mouscron


690 XSAMU3051A TRAVOCO SA Work of laying buried pipes (cables and conduits) > 200 metres - Entity of Mouscron


691 XSBMU11034 TRAXECO SA Defects and leaks + Laying of pipes <= 200 metres in the La Louvière/Mons Region


692 XSPMU3051P TRAVOCO SA Work of laying buried pipes (cables and conduits) <= 200 metres - Entity of Mouscron


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ORES Assets scrlAvenue Jean Monnet, 2 - 1348 Louvain-la-Neuve - Belgium

e-mail: [email protected]

www.ores.net

financial report 2013...jean- françois lischetti alexandre lodez3 jean-claude meurens3 bernard...

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