Edisun Power Europe : Corporate Governance Report & Financial Statements 2023

Edisun Power Europe Ltd.

Corporate Governance Report 2023 Financial Statements 2023

23

Content

• Corporate Governance Report 2023

• 04 Executive Summary

• 06 Group Structure

• 08 Shareholders

• 10 Capital Structure

• 12 Board of Directors

• 17 Management Board

• 18 Compensation and Remuneration Report

• 21 Report of the Compensation Auditors

• 23 Shareholders' Participation Rights

• 24 Auditors

• 25 Information Policy

• 25 Financial Calendar

  Financial Statements 2023

• 26 Consolidated Financial Statements

• 27 Balance Sheet

• 28 Income Statement

• 29 Cash Flow Statement

• 30 Consolidated Statement of Changes in Equity

• 31 Notes

• 57 Report of the Group Auditors

• 61 Statutory Financial Statements

• 62 Balance Sheet

• 63 Income Statement

• 64 Notes

• 72 Appropriation of Available Earnings

• 73 Report of the Statutory Auditors

All values are rounded individually.

Corporate Governance Report 2023

Edisun Power has high standards when it comes to effective Corporate Governance. This en-sures responsible and trans-parent company leadership and management and contributes to our long-term success. It is the key to meeting the demands of our various stakeholder groups, including shareholders, custom- ers, employees and the local communities in which we operate.

Corporate Governance describes how management is organized and how it operates. Ultimately, it contributes to our success by protecting the interests of our share-holders while at the same time creating value for all

1 Executive Summary

Changes in share capital

stakeholders. The Board of Directors is committed to maintaining the highest standards of integrity and transparency in the governance of the company. In this, it is guided by the Swiss Code of Best Practice and the most recent principles of Corporate Governance.

Good Corporate Governance seeks to balance entrepre-neurship, control and transparency, while promoting an efficient decision-making process within the company. The Board of Directors and the Management Board work constantly to improve the quality of Corporate Govern-ance.

Significant shareholders as of December 31

Smartenergy Invest AG Community of heirs of Nef Hans Eberhard Martin

Auditors

The auditors are appointed annually at the General As-sembly of Shareholders. The term of office is one year. BDO AG, Zurich, was first elected at the General Assem-bly of Shareholders of May 12, 2017 and Christoph Tschu-mi has been serving as lead auditor since then.

Compensation 2023 in CHF

Total compensation of the Board of Directors Total compensation of the Management Board

Approvedcompensation compensation

210 000

n.a.

Highest total compensation in CHF

Board of Directors: Horst H. Mahmoudi (Chairman of the Board and Executive Chairman)

143 517

99 500

Shareholders' participation rights

• • Each registered ordinary share bears one voting right at the General Assembly of Shareholders and entitle-ment to dividend payments.

• • Extraordinary General Assemblies are convened by the Board of Directors if shareholders, representing at least 10 % of the share capital, request such meetings.

Effective

191 033

n.a.

2023

46 324

2 Group Structure

Operational Group structure

Listed companies

The headquarter of the Edisun Power Group is in Zurich, Switzerland. Group subsidiaries operate in Switzerland, Germany, Spain, France, Italy and Portugal. Edisun Power Europe Ltd. is the parent company and has been listed on the domestic segment of the SIX Swiss Ex-change since November 4, 2013, having previously been listed on the main segment since the IPO in 2008.

Apart from Edisun Power Europe Ltd. no other compa-nies belonging to the consolidated Edisun Power Group have equity securities listed on a stock exchange.

Key data for the shares of Edisun Power Europe Ltd. as of December 31:

The following chart shows the Group's operational structure as of December 31, 2023:

Non-listed companies

The following organizational chart shows all the companies in the Edisun Power Group as of December 31, 2023:

Edisun Power Schweiz AG Edisun Power GmbH

Edisun Power Beteiligungs-UG

PV Hörselgau UG & Co. KG

PV Leipzig Alter Flughafen UG & Co. KG Edisun Power Iberia SA

Edisun Power Iberia Beta SA

Edisun Power Iberia Gamma SA

Edisun Power Iberia Delta SA

Edisun Power Iberia Epsilon SA

Salinas Energia Solar SL

Cortadeta Fotovoltaica SL

Sol de Tilla SL

Digrun Grun SL

Tenpro Renovables SL

Renovables del Condado SL

Smartenergy Sol20120014 SL

Smartenergy Sol20120016 SL ES2132 Smartenergy SLU

Envatios Fuencarral SLU

Envatios Promocion XIX SLU

Envatios Promocion XXIV SLU Edisun Power France SAS

Sainte Maxime Solaire SAS Edisun Power Italia SRL

CTG Baal SRL Smartenergy2001 SRL Smartenergy2003 SRL SmartenergyIT2104 SRL SmartenergyIT2105 SRL SmartenergyIT2106 SRL SmartenergyIT2108 SRL SmartenergyIT2109 SRL SmartenergyIT2111 SRL SmartenergyIT2113 SRL Smartenergy 1705 LDA

HCMI - SGPS SA

Central Fotovoltaica da Mina LDA

Smartenergy 1706 SA

Ignichoice Renewable Energy SA Smartenergy 1808 LDA

100 % / DE-Sigmaringen / TEUR 750

100 % / DE-Sigmaringen / TEUR 1

100 % / DE-Sigmaringen / TEUR 16

100 % / DE-Sigmaringen / TEUR 400

100 % / ES-Madrid / TEUR 61

100 % / ES-Madrid / TEUR 61

100 % / ES-Madrid / TEUR 61

100 % / ES-Madrid / TEUR 61

100 % / ES-Madrid / TEUR 61

100 % / ES-Madrid / TEUR 20

100 % / ES-Madrid / TEUR 3

100 % / ES-Madrid / TEUR 3

100 % / ES-Madrid / TEUR 1491

100 % / ES-Madrid / TEUR 3

100 % / ES-Madrid / TEUR 750

100 % / ES-Madrid / TEUR 3

100 % / ES-Madrid / TEUR 3

100 % ES-Madrid / TEUR 3

100 % ES-Madrid / TEUR 3

100 % ES-Madrid / TEUR 3

100 % ES-Madrid / TEUR 3

100 % / FR-Lyon / TEUR 2800

100 % / FR-Lyon / TEUR 50

100 % / IT-Andriano / TEUR 10

100 % / IT-Andriano / TEUR 30

100 % / IT-Milano / TEUR 10

100 % / IT-Milano / TEUR 10

100 % / IT-Milano / TEUR 10

100 % / IT-Milano / TEUR 10

100 % / IT-Milano / TEUR 10

100 % / IT-Milano / TEUR 10

100 % / IT-Milano / TEUR 10

100 % / IT-Milano / TEUR 10

100 % / IT-Milano / TEUR 10

100 % / PT-Lisbon / EUR 100

100 % / PT-Lisbon / TEUR 50

100 % / PT-Lisbon / TEUR 1

100 % / PT-Lisbon / TEUR 50

100 % / PT-Lisbon / TEUR 1000

100 % / PT-Lisbon / EUR 100

DEESFRITPT

3 Shareholders

Registered shareholders

As of December 31, the holdings of registered shareholders were distributed as follows:

Number of shares held

1 - 100

101 - 1 000

1001 - 10 000

10 001 - 100 000

100 001 - 1 000 000

Total registered shareholders

Significant shareholders / Groups of shareholders

As of December 31, the significant shareholders and their holdings were as follows:

Smartenergy Invest AG Community of heirs of Nef Hans Eberhard Martin

Registered shareholders with holdings of less than 3 % Not registered

Total shares

The above table shows the closing balances of the hold-ings of the significant shareholders as of December 31, 2023. All shareholder notifications from 2023 or the pre-vious years can be accessed on the SIX Swiss Exchange website under the following link:www.ser-ag.com/en/resources/notifications-market-participants/significant-shareholders.html

2023 shares

343 000

143 517

99 500

378 646

71 158

1 035 821

2023 2022

668 661

437 51 5 2

1 163

2023 % of total

33.1 % 13.9 % 9.6 % 36.5% 6.9 %

100.0 %

452 54 3 2

1 172

2022 % of total

33.1 % 14.3 % 9.4 % 33.1% 6.0 %

100.0 %

Shareholder structure

On December 31, the distribution of shareholders by type was as follows:

10

4 Capital Structure

On December 31, 2023, the capital of Edisun Power Europe Ltd. was as follows:

Ordinary share capital (CHF) Total shares

31 074 630 1 035 821

Authorized share capital

The General Assembly of Shareholders held April 22, 2022, approved the creation of authorized share capital of 500 000 registered shares with a par value of CHF 30.00 per share. The Board of Directors decides on the conditions of the capital increase. According to the Gen-eral Assembly of Shareholders of April 22, 2022, the sub-scription rights of shareholders might only be limited for the acquisitions of companies, parts of companies or

Changes in share capital

equity stakes, for the financing of investment projects, for a quick and flexible equity raising through a share placement, which would be difficult or result in consid-erably worse conditions if the subscription rights were preserved, or for employee benefit programs.

The authorization granted to the Board of Directors to in-crease the company's share capital with the authorized share capital created has not been used in 2023 and ex-pires on April 21, 2024.

As of December 31, the capital of Edisun Power Europe Ltd. comprises the following:

Attachments

• Original Link
• Original Document
• Permalink

Disclaimer

Edisun Power Europe AG published this content on 26 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 March 2024 06:39:08 UTC.