11th FINANCIAL YEAR | 2014 – 2015

HOLDIGAZ
ANNUAL REPORT
2014-2015
ABRIDGED VERSION
11th FINANCIAL YEAR | 2014 – 2015
ABRIDGED
ANNUAL
REPORT
HOLDIGAZ
ANNUAL REPORT
2014-2015
ABRIDGED VERSION
GROUP
PRESENTATION
Holdigaz SA is a holding of companies operating in the areas of
natural gas supply, building construction technology (plumbing,
heating and ventilation) and renewable energies (biogas production, solar energy).
It includes real estate, energy trading and service subsidiaries
providing cross-sector and support activities. The Group also
holds several stakes in other companies in business-related
areas.
View from Corseaux of Vevey and Holdigaz headquarters. Photo credit: © Matthieu Gafsou
02
The Group is active throughout French-speaking Switzerland,
providing natural gas / biogas to 167 municipalities in the Cantons
of Vaud, Valais and Fribourg.
Overall, Holdigaz employs close to 450 people, including over
60 apprentices.
HOLDIGAZ
ANNUAL REPORT
2014-2015
ABRIDGED VERSION
ORGANISATION
CHART
03
HOLDIGAZ SA - Capital: CHF 20.5 m
100 %
SUBSIDIARIES
MANAGEMENT
SUPPORT
COMPANIES
NATURAL
GAS
BUILDING
TECHNOLOGY
RENEWABLE
ENERGIES
HOLDIGAZ
TRADING SA
Energy purchases/sales
Capital: CHF 0.1 m
COMPAGNIE INDUSTRIELLE
ET COMMERCIALE DU GAZ SA
Distribution
Capital: CHF 10.5 m
JOSEPH DIÉMAND SA
Plumbing
Capital: CHF 1 m
AGENA SA
Solar installations
Capital: CHF 0.2 m
HOLDIGAZ
MANAGEMENT SA
Group management
Capital: CHF 0.1 m
SOCIÉTÉ DU GAZ DE
LA PLAINE DU RHÔNE SA
Distribution
Capital: CHF 10 m
BRAUCHLI SA
Heating
Capital: CHF 1 m
SOLEIL ÉNERGIE SA
Solar technology
Capital: CHF 0.1 m
HOLDIGAZ
SERVICES SA
Service provider
Capital: CHF 0.1 m
COSVEGAZ SA
Distribution
Capital: CHF 10 m
ROOS VENTILATION SA
Ventilation and
air conditioning
Capital: CHF 0.3 m
ECORECYCLAGE SA
Organic waste composting
and methanation
Capital: CHF 5 m
HOLDIGAZ
IMMOBILIER SA
Group real estate
Capital: CHF 8 m
TAXA SA
Heating
Capital: CHF 0.3 m
NOVOGAZ SA
New technologies
Capital: CHF 1 m
HOLDINGS
GAZNAT SA
Supply and transport
GAZOBOIS SA
Wood methanation
15,6 %
50 %
PETROSVIBRI SA
Exploration of local gas
sources
34 %
GAZMOBILE SA
Gas-powered vehicles
<10 %
HOLDIGAZ
ANNUAL REPORT
2014-2015
ABRIDGED VERSION
KEY DATA
04
Established in 2005, Holdigaz SA celebrated its first 10 years
of existence with positive results. Consolidated revenue is
CHF 245.6 million, a slight decline of 2.5 % over the previous year.
Consolidated net profit was up 12.1 %, to CHF 29.3 million.
NATURAL GAS
Compagnie Industrielle et Commerciale du Gaz SA, Vevey
Société du Gaz de la Plaine du Rhône SA, Aigle
Cosvegaz SA, Cossonay
The combined effect of milder average temperatures and lower
industrial production by some customers caused gas sales to fall
4.8 % year on year to 1,501 GWh. On a more positive note, the
three distribution companies made 926 new connections, replacing other energy sources with natural gas in many cases.
Municipalities supplied with gas
167
Gas network
1'746,4 km
Natural gas/biogas sales
1'501 GWh
Natural gas fuel sales
12,4 GWh
Biogas production (three production sites)
16,8 GWh
1 GWh = 1 million kWh
Market liberalisation
Free access to the gas networks in Switzerland became a reality
in 2012, allowing industrial customers with a certain consumer
profile to choose their own supplier. Thanks to our longstanding
partnership with Gaznat SA, new commercial products, competitive contract terms and personalized customer care could
be introduced to meet our customers’ expectations. The Swiss
gas industry’s structural reorganisation process will continue in
preparation for total market liberalisation expected in 2020.
Gas prices
The long-lasting and substantial drop in crude oil prices which
serve as a reference for gas pricing in long-term gas supply
contracts (80 % of total volume imported by our supplier Gaznat)
produced its effects in the last quarter of the financial year. Consequently, the Group’s distribution companies decided to reduce
the energy component of their rates by an average of 10 % as per
April 1st, 2015.
Compressed natural gas as fuel (CNG)
In Switzerland, 140 public gas stations distribute CNG. Of these,
11 are located in the territory covered by Holdigaz. Public transportation facilities (VMCV at Clarens) and individual installations
for collective or private use round out the supply facilities available to the public.
Participation in Petrosvibri SA’s gas exploration activities
During the period under review, Petrosvibri SA developed an exploration program in addition to the Noville drilling site in 2010.
As soon as the required permissions are obtained, these new explorations will help determine whether any natural gas exploitation is technically and economically feasible.
HOLDIGAZ
ANNUAL REPORT
2014-2015
ABRIDGED VERSION
05
RENEWABLE ENERGY SOURCES
Ecorecyclage SA, Lavigny
Agena SA, Moudon
The Group continued its policy of developing renewable energy
sources during the past year, investing heavily in the Lavigny site
to improve the use of raw biogas from organic waste in the form
of biomethane and power. In solar energy, the Group promoted
the installation of gas boilers paired with photovoltaic panels on
the territory supplied by its gas companies.
BUILDING TECHNOLOGY
Joseph Diémand SA, Lausanne and Vevey
Brauchli SA, Lausanne and Vevey
Roos Ventilation SA, Vevey
Taxa SA, Forel (Lavaux)
In the past year, the economic environment continued to be glo–
bally favourable for the construction sector with interest rates
remaining very low and the population growing in the Canton of
Vaud. However, a growth slowdown was observed on the real estate sector with signs of market saturation and declining prices.
Two Ecorecyclage buildings in Lavigny covered with photovoltaic solar panels installed
by Agena. Photo credit: © Matthieu Gafsou
Group companies saw positive results, though with differences
between individual companies. Overall, consolidated revenue
equals CHF 53.2m, representing 21.7 % of group sales.
Beginning December 2015, the new building at Forel (Lavaux),
which is almost complete, will accommodate all of our plumbing, heating and ventilation companies with 274 employees. In the
long term, we will be able to combine mainly administrative and
other services while allowing each company to retain operational
autonomy and trade specificities.
The new building accommodating the employees of J. Diémand, Brauchli, Roos
Ventilation and Taxa is 120 m long and covers an area of over 5,600 m2.
Photo credit: © Sandra Culand
HOLDIGAZ
ANNUAL REPORT
2014-2015
ABRIDGED VERSION
FINANCIAL FIGURES
KEY RATIOS
HOLDIGAZ GROUP
FINANCIAL DATA
Gas sales
01.04.2014 to
31.03.2015
06
Variation
%
CHF
01.04.2013 to
31.03.2014
CHF
169’925’755
- 1,8
172’956’033
8’958’028
- 9,9
9’942’340
Building technology revenue
53’272’175
- 4,1
55’562’568
Renewable energy revenue
13’425’151
1,0
13’294’645
245’581’109
- 2,5
251’755’586
69’169’107
10,7
62’459’411
- 32’974’572
- 3,8
- 34’261’074
Operating result (EBIT)
36’194’535
28,3
28’198’337
Other revenue and expenses
- 6’889’667
234,4
- 2’060’254
Net profit
29’304’868
12,1
26’138’083
Revenue from other gas sector services
Total revenue
Operating profit (EBITDA)
Depreciation and provisions
Current assets
164’559’260
144’487’573
Non current assets
172’920’259
166’166’927
52’863’703
53’500’877
Provisions
124’623’128
110’629’194
Total equity (before profit distribution)
159’992’688
146’524’429
Balance sheet total
337’479’519
310’654’500
Total liabilities
HOLDIGAZ SA Avenue Général-Guisan 28, CH–1800 Vevey Phone +41 21 925 87 87 Fax +41 21 925 87 88 [email protected] www.holdigaz.ch