CIGRE

GENERAL ASSEMBLY

22th MAY 2024

ANNUAL ACCOUNTS

as at 31st DECEMBER 2023

TO BE PRESENTED BY THE ADMINISTRATIVE COUNCIL TO THE GENERAL ASSEMBLY

1- BALANCE SHEET AND INCOME STATEMENT

CIGRE BIENNIAL PERIOD

VERIFICATION OF ACCOUNTS

2023 BALANCE SHEET

2023 INCOME STATEMENT

RECOMMENDATION ON THE 2023 RESULT

PROPOSAL OF ALLOCATION
OF THE 2023 NEGATIVE RESULT

2- APPENDICES

A- PRESENTATION AND VERIFICATION

B- REPORT OF THE STATUTORY AUDITOR

C- NOTES TO FINANCIAL STATEMENTS

D- DETAILED ACCOUNTS TABLES

BALANCE SHEET
INCOME STATEMENT

1
 1- BALANCE SHEET and INCOME STATEMENTS

CIGRE FINANCIAL BIENNIAL PERIOD

The present accounts are part of the CIGRE Association financial period 2023-2024.

All figures presented in this document are in Euros €.

To comply with French Law, yearly accounts should be approved within a 6-month period
after the closing date of accounts (30th June every year). The annual accounts as at 31st
December 2023 must be closed first by the Administrative Council. A General Assembly will
be called by correspondence on 27th May 2024 to approve the 2023 accounts. The period
for sending/receiving votes will be closed on 28th June 2024.

VERIFICATION OF ACCOUNTS

CIGRE Statutory Auditor, Jean-Jacques Julian, was appointed by the 2008 General
Assembly for a period of 6 years.

He was re-appointed by the 2014 General Assembly on 25th August for new period of 6 years
(on the basis of a call for tenders).

He was again re-appointed by the 2020 General Assembly on 30th June for a new period of 6
years (on the basis of a call for tenders).

He was required to verify accounts for the year 2023, first year of CIGRE Financial Period
2023-2024. He started his Auditing mission on 2nd November 2023, and the verification of
CIGRE accounts was completed over January, February, March, April and May 2024.

He personally ensured that all accounts are accurate and sincere and give a true and fair
view of the possessions and financial situation of the Association.

2
 2023 BALANCE SHEET

ASSETS

2023 2023 2023 2022

BALANCE SHEET: ASSETS – BILAN ACTIF GROSS DEPRECIATION NET NET

Intangible assets – Immobilisations incorporelles 1 009 399.72 597 190.44 412 209.28 269 485.68

Software – Logiciels, charte graphique et sites Internet 1 009 399.72 597 190.44 412 209.28 269 485.68

Tangible assets – Immobilisations corporelles 1 747 523.07 1 297 162.45 450 360.62 463 129.52

Land – Terrain 118 910.23 0.00 118 910.23 118 910.23

Building/premises – Constructions/bureaux 1 151 812.88 873 650.42 278 162.46 299 018.05

Other tangible assets - Autres immobilisations corporelles 476 799.96 423 512.03 53 287.93 45 201.24

Advanced payment on assets – Immobilisations en cours

0.00 0.00 0.00 0.00
Acompte sur immobilisation

Financial assets – Immobilisations financières 2 025.92 0.00 2 025.92 3 175.92

Production/stocks – Produits finis/stocks 56 880.60 0.00 56 880.60 55 617.00

Advanced payments – Acomptes versés sur commandes 79 212.00 0.00 79 212.00 0.00

Other receivables – Autres créances 48 588.04 0.00 48 588.04 230 712.30

Securities – Valeurs mobilières de placement 2 491 925.29 42 002.52 2 449 922.77 2 754 514.47

Liquid assets – Disponibilités 373 869.36 0.00 373 869.36 924 411.29

Deferred charges – Charges constatées d’avance 68 299.27 0.00 68 299.27 42 975.03

TOTAL GENERAL 5 877 723.27 1 936 355.41 3 941 367.86 4 744 021.21

3
 2023 BALANCE SHEET

LIABILITIES

2023 2023 2023 2022

BALANCE SHEET: LIABILITIES – BILAN PASSIF GROSS DEPRECIATION NET NET

Past Association Project Funds – Fonds Projets Associatifs

1 788 399.75 1 788 399.75
réalisés
Association Project Fund 2019-2020 Fonds Projets
144 903.40 144 903.40
Associatifs

Residual Reserve Fund – Fonds de Réserve Résiduel 654 555.71 -396 731.26

Real Estate Fund – Fonds Immobilier 1 189 102.33 1 189 102.33

Result Carried Forward – Résultat en instance d’affectation 0.00 -1 264 031.46

Yearly result – Résultat de l’exercice -730 366.81 2 315 318.43

Provision for risks – Provision pour risques 0.00 0.00

Liquid liabilities – Emprunts & dettes 0.00 364 000.00

Suppliers – Dettes fournisseurs 91 499.15 46 914.87

Social debts and taxes – Dettes fiscales et sociales 537 752.84 489 084.75

Assets owing – Dettes sur immobilisations 17 178.00 0.00

Other debts (NCs various credits) – Autres dettes 236 413.49 52 961.40

Deferred revenues – Produits constatés d’avance 11 930.00 14 099.00

TOTAL GENERAL 3 941 367.86 4 744 021.21

4
 2023 INCOME STATEMENT

EXPENSES

INCOME STATEMENT – COMPTE DE RESULTAT

2023 2022 2021
EXPENSES – CHARGES

Supplies and external charges – Achats et charges externes 1 239 839.56 4 112 556.90 2 047 345.69

Rates and Taxes on salaries – Impôts, taxes sur salaires 151 609.56 106 337.85 137 423.68

Staff costs – Salaires et traitements 938 257.14 915 730.20 888 129.62

Payroll taxes – Charges sociales 447 704.05 454 859.19 478 711.84

Depreciation on assets – Amortissements des immobilisations 163 512.01 154 916.94 161 801.32

Provision for risks/depreciation – Provision pour risques 0.00 0.00 0.00

Other charges – Autres charges 0.00 4.66 0.00

Financial expenses – Charges financières 64 499.69 111 318.66 44 761.42

Exceptional charges on previous year – Charges

0.00 201 453.42 0.00
exceptionnelles sur exercice antérieur
Tax on portfolio revenues – Impôts sur plus-values du
1 600.00 1 852.00 4 040.00
portefeuille

TOTAL 3 007 022.01 6 059 029.82 3 762 213.57

Positive result – Résultat positif 2 315 318.43

TOTAL EXPENSES – TOTAL CHARGES 3 007 022.01 8 374 348.25 3 762 213.57

5
 2023 INCOME STATEMENT

RECEIPTS

INCOME STATEMENT – COMPTE DE RESULTAT

2023 2022 2021
RECEIPTS – PRODUITS

Sale of services – Prestations de services 2 076 028.50 6 062 569.99 2 235 427.93

Stocks – Production stockée 1 263.60 -2 666.87 -6 073.44

Charge reinstatement – Reprise de provisions/transfert de

0.00 0.00 0.00
charges d’exploitation
Other receipts (incl.Exhibition) – Autres produits (dont
43 719.92 2 249 227.66 191 918.00
exposition)

Financial income – Revenus financiers 153 470.76 58 677.56 71 512.33

Financial income – Produits financiers 51 011.89 17 257.71 24 832.80

Charge reinstatement – Reprise de provisions 102 416.91 41 419.85 46 676.98

Exchange gains – Gain de change 41.96 0.00 2.55

Exceptional receipts – Produits exceptionnels 2 172.42 6 539.91 5 397.29

TOTAL 2 276 655.20 8 374 348.25 2 498 182.11

Negative result – Résultat négatif 730 366.81 1 264 031.46

TOTAL RECEIPTS – TOTAL PRODUITS 3 007 022.01 8 374 348.25 3 762 213.57

6
 RECOMMENDATION ON THE 2023 RESULT

2023 negative result

CIGRE 2023 negative result € -730 366.81

Administrative Council Members recommend to the General Assembly Members to add the
2023 negative result of the Association, amounting to € -730 366.81 in the accounting line
“balance carried forward”.

This negative result will be added to the 2024 result, which should be positive. The 2023-
2024 biennial result should be a positive result.

7
 2- APPENDICES

A- PRESENTATION AND VERIFICATION OF ACCOUNTS

The preceding tables of this document are due parts of the 2023 accounts:

Balance Sheet Accounts for the fiscal period 2023 were closed on 31-12-2023:
- Total: € 3 941 367.86

Income Statements are presented in the form of tables:

- Total: € 3 007 022.01

- Showing a negative result of € -730 366.81

CIGRE fiscal period covers 12 months and runs from 01-01-2023 up to 31-12-2023.

CIGRE financial period covers 24 months and runs from 01-01-2023 up to 31-12-2024.

The General Assembly will be asked to approve the 2023 CIGRE accounts before 28th June
2024.

In accordance with the Articles 12 and 13 of the Statutes, the ANNUAL ACCOUNTS will be
presented jointly by the Treasurer and the Secretary General to:

- The Steering Committee meeting from 27th to 29th May 2024: Consultation carried out by
email on 08th April 2024, closing date for consultation: 19th April 2024;

- The Administrative Council: Consultation carried out by email on 22nd April 2024, closing
date for consultation and vote: 22nd May 2024;

- The General Assembly, consultation and vote carried out by email on 27th May 2024,
closing date for consultation and vote: 28th June 2024.

The accounts being cut off at end of May 2024, Members of the Administrative Council,
during its meeting held on 24th August 2024, will only be entitled to information and questions
on the 2023 financial situation.

8
B- REPORT OF THE STATUTORY AUDITOR

9
C- NOTES TO FINANCIAL STATEMENTS

1. INTRODUCTION

2023 was a non-Session year for CIGRE and most of the expenses and receipts are specific
to that period and should not be systematically compared with those for 2021 (virtual event)
or 2022 (in-person Session).

2. HIGHLIGHTS OF THE YEAR 2023

CIGRE Central Office developed in 2023 various projects concerning IT platforms for
members and delegates:

- New developments on eCIGRE website to update the Front Office, the User Experience
and the Search Engine;

- A Working Group Management platform was developed to optimize the renewal

process for Working Group members;

- A new Session website was also implemented to meet the requirements for the 2024
Session and beyond;

- Development of a new registration platform to improve registration process for

delegates through National Committees for the 2024 Session.

The CIGRE Symposium organised in Cairns (AUS) in September 2023 was a remarkable
success, which broke all records in terms of delegates’/exhibitors’ participation and financial
results for this type of event.

2023 constitutes the finalisation and approval by the Administrative Council of the new
version of the Association's strategic plan covering the period 2023-2030.

2023 was also a time of preparation for the 2024 Session, which saw the abolition of quotas
on the number of reports per National Committee and the introduction of a particularly strict
examination process aimed at improving the quality of the papers selected.

Although negative, as in odd-numbered years without a Session, the financial results are the
best of the last ten years, thanks in particular to the increase in the number of members.

Projects and costs were reviewed to assure proper services to CIGRE members and to
assure that projects offer revenue growth to offset costs.

3. PRINCIPLES AND ACCOUNTING METHODS

The Association annual accounts are presented in Euros. They are in accordance with the
accounting principles generally accepted in France (PCG – General Accounting Plan / ANC –
Accounting Regulations Committee No. 2014-03) and for Associations, supplemented as
from 1st January 2020 by PCG – General Accounting Plan / ANC – Accounting Regulatory
Committee No. 2018-06 dated 05/12/2018 – Regulation related to the annual accounts of
non-profit-making legal persons governed by private law – Regulation approved by order of

11
26/12/2018 published in the Official Journal of 30/12/2018).

Valuation methods and rules are mainly identical to those for all previous financial periods,
according to the accounting principle of permanence of methods.

The main accounting methods used by our Association are recalled under each heading.

In 2023, a pension reform was voted and the relevant measures were enforced on 1st
September 2023.
The changes resulting from the pension reform correspond to a change of regime and not a
change of method. The accounting impacts are mentioned in section 19 of this appendix.

4. INTANGIBLE ASSETS

Software programs used to be accounted for at purchase price and depreciation was
calculated using the linear method over a 12-month period.

Since January 2017, following the French new accounting rules, the depreciation must be
done compulsorily over more than 2 years.
Hence, it was decided that software programs developed as from 2017 for CIGRE by
computer engineers would be depreciated over 2–5 years.

Before 2017, website programming costs were not accounted for in the assets; They were
recorded in the expenses.
As from January 2018, expenses related to the new CIGRE websites; such as new Session
website, Digital Electra and CSE websites, Membership Gateway platform, Video library, are
depreciated. The new accounting rules allow depreciation of websites when these are used
to generate income. Those websites are depreciated over 5 years.

The Graphic Chart and Logo type were previously depreciated in the same manner as
software.
The CIGRE Graphic Chart from 2018 is depreciated over longer periods, following the same
new rules as for software programs.
We believe the CIGRE 2024 Session Graphic Chart will generate future economic benefits;
hence it is recorded in the assets.

Following French rules, the new CIGRE Logo is not accounted for in the assets; It is
recorded in the expenses.

INTANGIBLE ASSETS 01/01/2023 INCREASES DECREASES 31/12/2023

SOFTWARE 281 810.24 15 873.68 805.20 296 878.72
GRAPHIC CHART 4 902.00 2 400.00 0.00 7 302.00
WEBSITES 457 843.20 247 375.80 0.00 705 219.00
TOTAL 744 555.44 265 649.48 805.20 1 009 399.72

The variation in cumulated depreciation can be analysed as follows:

DEPRECIATION 01/01/2023 ALLOCATIONS DECREASES 31/12/2023
SOFTWARE 255 851.04 13 119.75 805.20 268 165.59
GRAPHIC CHART 4 214.46 1 284.21 0.00 5 498.67
WEBSITES 215 004.26 108 521.92 0.00 323 526.18
TOTAL 475 069.76 122 925.88 805.20 597 190.44

12
5. FIXED ASSETS

Premises

Depreciation of Premises is calculated using the linear method, but the periods of useful life
changed in 2005:

- The former Premises Assets were depreciated over a 40-year period of useful life in
their totality;

- Since January 2005, depreciation is calculated taking into account the depreciated
cost on a number of items at end of 2004, and depreciating it on the remaining
period, except for the land asset which is no longer depreciated (cost price and not
fair value).

Premises assets variations can be analysed as follows:

PREMISES FIXED ASSETS 01/01/2023 INCREASES DECREASES 31/12/2023

TOTAL PREMISES 1 270 723.11 0.00 0.00 1 270 723.11

The variation in cumulated depreciation can be analysed as follows:

PREMISES DEPRECIATION 01/01/2023 ALLOCATIONS DECREASES 31/12/2023

TOTAL PREMISES 852 794.83 20 855.59 0.00 873 650.42

Other Fixed Assets

Other fixed assets are given at cost price. Depreciation is still calculated using the linear
method and takes into account the previous periods of useful life as follows:

- FIXTURES 5 to 10 years
- OFFICE EQUIPMENT 3 to 5 years
- FURNITURE 5 to 10 years
- HARDWARE 3 to 5 years

Variations on the other Fixed Assets can be analysed as follows:

FIXED ASSETS 01/01/2023 INCREASES DECREASES 31/12/2023

FIXTURES 286 311.76 0.00 0.00 286 311.76
OFFICE EQUIPMENT 131 467.80 27 817.23 4 633.31 154 651.72
OFFICE FURNITURE 37 184.48 0.00 1 348.00 35 836.48
TOTAL 454 964.04 27 817.23 5 981.31 476 799.96

The variation in cumulated depreciation can be analysed as follows:

DEPRECIATION 01/01/2023 ALLOCATIONS DECREASES 31/12/2023

FIXTURES 259 730.82 6 532.45 0.00 266 263.27
OFFICE EQUIPMENT 117 757.20 12 336.75 4 633.31 125 460.64
OFFICE FURNITURE 32 274.78 861.34 1 348.00 31 788.12
TOTAL 409 762.80 19 730.54 5 981.31 423 512.03

13
 Advanced payment on Assets

There was no advanced payment on assets in 2023.

6. FINANCIAL ASSETS

Variations can be analysed as follows:

FINANCIAL ASSETS 01/01/2023 INCREASES DECREASES 31/12/2023

OFFICES OWNERSHIP
3 175.92 0.00 1 150.00 2 025.92
CHARGES DEPOSIT

The deposit for ownership charges is a provision to cater for current expenses common to all
the owners in the same building (condominium) – rue d’Artois – in case of exceptional
expenses between two (2) cost periods.
There is a decrease in the office charges deposit following the waterproofing work carried
out.

7. STOCKS

Stocks are evaluated using the First In First Out cost method (FIFO).
Are valued:

- Technical Brochures for years 2021-2022-2023 printed by printers.

- For 2022 and 2023, all printed brochures in stock are valued.
- For 2021, one issue per brochure only has been valued, to take into account the
decreasing number of brochures sold when issue dates back more than 2 years.
- Valuation of publications dating further back is deemed nil, except in some cases for
“best sellers”.

- Green Books are sold since 2016:

- By CIGRE Central Office in paper format up to 2021 (it was then decided to sell
Green Books by Springer only), and
- By SPRINGER (A specialised publishing company whose services are used by
CIGRE to reach a wider audience than the CIGRE Community), in paper format
and/or by downloading an entire book or only chapters (Agreement signed on
03/12/2015 – CIGRE receives royalties on Green Books sold by SPRINGER). As
such, € 15 000 are expected for the year 2023. We will also receive € 7 500
corresponding to the Flat fee receipts for 2022 and 2023.

- Handbook: CIGRE Central Office has no printed copies of the Handbook, hence no stock
to be valued. Indeed, CIGRE Central Office does not sell any Handbook. SPRINGER only
sells Handbooks (Amendment Agreement signed on 16/04/2021 – CIGRE receives royalties
on Handbooks sold by SPRINGER). As such, € 500 are expected for the year 2023.

- 2023 Symposium Papers: There was no edition of the Symposium papers; hence no stock
to be valued.

- ELECTRA stocks are not valued any longer.

There is no selling of ELECTRA issues to non-members, and members who pay for their
membership fee late, no longer receive back issues of ELECTRA since 2011. They can
access the back issues of ELECTRA on the website.

14
 The variations in stocks can be analysed as follows:

STOCKS 31/12/2022 31/12/2023

TECHNICAL BROCHURES 0.00 0.00
GREEN BOOKS 55 617.00 56 880.60
TOTAL 55 617.00 56 880.60

Stock evolution

CIGRE Central Office no longer prints Brochures since 2020, as it is now possible for
Members to download CIGRE technical documents free of charge.
Non-Members can purchase Technical Brochures in electronic format (Previous tariff
structure reactivated since 2021).

A small increase in stocks for Green Books: One (1) new Green Book has been printed in
2023. Free copies received from Springer are for CIGRE archives.

8. ADVANCED PAYMENTS

ADVANCED PAYMENTS 31/12/2022 31/12/2023

HIRING OF THE “PAVILLONS DE
BERCY-MUSEE DES ARTS
0.00 72 174.00
FORAINS”
FOR THE 2024 SESSION COCKTAIL
HOTEL LE BRISTOL –
RESERVATION FOR THE
0.00 7 038.00
ADMINISTRATIVE COUNCIL DINNER
DURING THE 2024 SESSION
TOTAL 0.00 79 212.00

Due to the Olympic and Paralympic Games, which will be held in July and August 2024,
CIGRE Central Office made some early reservations in 2023, in order to secure the venue of
the Soirée and for the Administrative Council dinner during the 2024 Session.

15
9. SECURITIES AND LIQUID ASSETS

Securities are sold using the average cost method (FIFO).

Securities: Financial Receipts and Expenses on the portfolio

Until May 2023, the CIGRE portfolio was split between 3 different banks: HSBC, Société
Générale (SG) and Crédit du Nord (CDN), with 3 different investment policies, but also with
the aim of dividing the banking risk.

In June 2023, Crédit du Nord was absorbed by Société Générale, creating a new identity,
named SG.
This merger of the Crédit du Nord Group and Société Générale networks led to a
consolidation of accounts and services at SG, a single business centre.

These balance transfers have had no impact on the continuity of our operations.
However, we are looking for a new bank to maintain the distribution and diversity of CIGRE's
assets across 3 banking organisations.

____________________________

The level of risk allowed by the Administrative Council on investments is 10% maximum of
the total securities held by CIGRE. The table hereunder shows that the risk level taken over
in 2023 is 6.83% of the total securities (see table hereafter “CIGRE Portfolios as at 31st
December 2023).

The Central Office sub-contracted the management of part of these portfolios to:

-Société Générale Bank (SG):

Portfolio invested in trust units, bonds, blue-chip shares, and treasury bonds: all of them
were noted AA or AAA according to Standard & Poor’s Agency when purchased.

Up to end 2022, equities represented 5.34% of the SG portfolio.

In 2023, economic growth remained very moderate. However, the percentage of equities was
increased in 2023 to 6.10% (1) in view of the continued fall in inflation, which was higher than
expected at the end of the year (see table below).

-HSBC Bank:

Considering the poor performances resulting from investments deemed at no risk, managed
directly by CIGRE, it was decided to subcontract the management of a portfolio of 300 000 €
to HSBC, at end July 2015, in order for their specialists to have a more dynamic and more
profitable management. Hence 2 portfolios have been open:

- The first portfolio, HSBC Mandat Taux, is mainly invested in bonds and trust units,
deemed at nearly no risk;

- The second portfolio, HSBC Mandat Tempéré, is at higher risk (0.73%- see table
hereafter (2)), supposedly more profitable when the stock market increases.

16
 Other investments managed directly by the Central Office are 3 saving accounts
intended for Associations.
Those opened at Crédit du Nord were transferred to SG-Société Générale, following the
merger between these 2 banks. These investments are deemed at no risk.

CIGRE Portfolios as at 31st December 2023:

BANKS SECURITIES EARNINGS LOSSES DIVIDENDS Risk taking rate

HSBC bank
Medium term bank
299 950,30 0,00 0,00 0,00
investments (BMTN)
HSBC subcontracted
143 527,51 12,13 -111,89 0,00
MANDAT TAUX
HSBC subcontracted
145 914,05 1 906,88 -989,01 459,75 (2) 0,73%
MANDAT TEMPERE
Total HSBC 589 391,86 1 919,01 -1 100,90 459,75 0,73%

SG bank - SOCIETE
GENERALE
Saving accounts +
273 275,33 0,00 0,00 12 031,20
short term investments
Portfolio subcontracted 760 160,12 5 952,02 -21 396,29 3 632,41 (1) 6,10%

TOTAUX SG 1 033 435,45 5 952,02 -21 396,29 15 663,61

SG – ex CREDIT DU NORD
869 097,98 0,00 0,00 27 017,51
bank

TOTAL 2023 2 491 925,29 7 871,03 -22 497,19 43 140,87 6,83%

TOTAL 2022 2 856 930,56 7 988,23 -8 901,55 9 269,50 6,04%
TOTAL 2021 2 009 198,97 20 133,35 -3 341,58 4 699,39 8,36%
TOTAL 2020 2 583 303,01 17 341,22 -3 505,15 11 116,38 6,57%

In 2023, the saving accounts provided cash for current accounts. Some investments were
sold or reduced at a loss to increase the mandate's exposure to more sustainable
investments. Income from saving accounts helped to achieve a healthy balance.

Provisions on the portfolios as at 31st December 2023:

BANKS POTENTIAL GAINS POTENTIAL LOSSES

HSBC 12 662,41 -15 188,85
SOCIETE GENERALE 57 942,84 -26 813,67
CREDIT DU NORD 0,00 0,00
TOTAL 70 605,26 -42 002,52

A provision for potential losses on non-sold securities was made for - 42 002,52 € among
other titles reputed secure.

Non realised financial revenues on the portfolio are not accounted for (+ 70 605,26 €) as it is
not permitted under French Law to enter in the accounts any gain which is not realised
through a bank transaction.

17
CIGRE ensures that all securities purchased are at no risk except for 6.83% of the total
portfolio. These risky securities are good quality shares.

Liquid assets

Can be analysed as follows:

LIQUID ASSETS 31-12-2022 31-12-2023

HSBC 175 477,07 202 202,45
HSBC PORTFOLIO –MANDAT TAUX 783,71 399,06
HSBC PORTFOLIO –MANDAT TEMPERE 1 800,56 1 355,19
SOCIETE GENERALE – SG 255 469,48 155 360,81
SG PORTFOLIO 14 890,99 90,59
CREDIT DU NORD – CDN 475 607,82 14 054,80
PETTY CASH IN EUROS 335,46 351,94
PETTY CASH IN FOREIGN CURRENCY 46,20 54,94
TOTAL 924 411,29 373 869,36

The amount of €202,202.45 remaining on the HSBC current account as well as the amount
of €155,360.81 on the SG current account are intended to cover invoices received at the end
of December 2023, to be paid at the beginning of January 2024.

10. ACCRUED REVENUES AND DEFERRED ACCRUALS

These can be analysed as follows:

ITEMS 31/12/2022 31/12/2023

ACCRUED REVENUES (Produits A Recevoir) 23 467.68 45 541.96

DEFERRED ACCRUALS (Charges Constatées d’Avance) 42 975.03 68 299.27

Accounts receivable and debts are at less than 1 year.

The increase in Accrued Revenues is mainly due to:

- 2023 late Membership fees received,
- 2023 late revenues received from Digital Electra and eCIGRE Advertisements,
- Higher provision made for Springer concerning royalties for 2023 Green Books.

There is also an increase in Deferred Accruals:

- We received some invoices concerning websites’ hosting and maintenance at end of
December 2023 for year 2024;
- There was an Association meeting early 2024, hence more travel-related costs
received at end 2023 for year 2024;
- 2024 Session costs are higher due to the Olympic Games, hence some travel-related
expenses received at end 2023 for year 2024.

18
 11. CIGRE FUNDS

The General Assembly only is entitled to approve the creation, dissolution, increase or
decrease of the Association Funds, and to decide on the allocation of the Association results,
benefits or deficits.

As a consequence of the former Association’s status regarding taxation, the General

Assembly held on 30th June 2023 allocated the 2021-2022 biennial positive result of the
Association.

2021 ANNUAL NEGATIVE RESULT -1 264 031.46

2022 ANNUAL POSITIVE RESULT 2 315 318.43
2021-2022 BIENNIAL RESULT 1 051 286.97

The biennial result being a positive one, the decision of the 2023 General Assembly upon
recommendation of the Administrative Council, was to increase the CIGRE Residual Reserve
Fund (see table hereafter).

CIGRE Funds approved by the 2023 General Assembly

FUNDS FUNDS FUNDS FUNDS FUNDS ALLOCATION FUNDS

FUNDS
Since 2018 IN 2019 IN 2020 IN 2021 IN 2022 IN 2023 IN 2023
ASSOCIATION
PROJECT FUND
PROJECTS ALREADY
1 568 192.40 1 568 192.40 1 788 399.75 1 788 399.75 1 788 399.75 0.00 1 788 399.75
COMPLETED
(Investments since
creation of the Fund)
RESIDUAL
1 588 473.08 1 588 473.08 1 688 473.08 -396 731.26 -396 731.26 1 051 286.97 654 555.71
RESERVE FUND
PREMISES FUND 1 189 102.33 1 189 102.33 1 189 102.33 1 189 102.33 1 189 102.33 0.00 1 189 102.33
ASSOCIATION NEW
465 110.75 465 110.75 144 903.40 144 903.40 144 903.40 0.00 144 903.40
PROJECT FUND
TOTAL FUNDS 4 810 878.56 4 810 878.56 4 810 878.56 2 725 674.22 2 725 674.22 1 051 286.97 3 776 961.19

Evolution of CIGRE Funds

The Reserve Fund is composed of the cumulative profits and losses realised by CIGRE over
the past biennial periods.

19
 CIGRE Funds consists of:

- An Association Project Fund: € 144 903.40

€ -394 889.25 for the realised projects in 2017 and 2018

€ +350 000.00 for the implementation of new CIGRE projects in 2019 and 2020
€ -190 000.00 for the re-allocation of the CIGRE African Project (Agreement signed between
CIGRE and the World Bank, in order for the World Bank to support financially this Project for
Africa).
€ -100 000.00 for the re-allocation of the first CIGRE Centenary Projects
€ -220 207.35 for the realised projects in 2019 and 2020

FUND ALLOCATIONS AMOUNT

Association Project Fund in 2017 700 000.00
Projects realised in 2017 -266 894.23
Projects realised in 2018 -127 995.02
Association Project Fund in 2018 305 110.75
CIGRE African Project Reverse -190 000.00
Allocation of the 2017-2018 result 350 000.00
Association Project Fund in 2019 465 110.75
Proposed first CIGRE Centenary Projects Reverse -100 000.00
Projects realised in 2019 -88 452.66
Projects realised in 2020 -131 754.69
Association Project Fund in 2020 144 903.40

- An Association Realised Project Fund: € 1 788 399.75

€ 1 173 303.15 invested since the creation of the fund in 1994 up to 2016
€ 394 889.25 invested in 2017 and 2018 projects
€ 220 207.35 invested in 2019 and 2020 projects

REALISED PROJECT FUND AMOUNT

PROJECTS PREVIOUSLY REALISED 1 173 303.15
Projects realised in 2017 +266 894.23
Project realised in 2018 +127 995.02
PROJECTS REALISED AT END 2018 1 568 192.40
Projects realised in 2019 +88 452.66
Projects realised in 2020 +131 754.69
TOTAL PROJECTS REALISED AT END 2020 1 788 399.75

The Association Realised Project Fund represents the cumulative amounts allocated by the
General Assembly to the Association Project Fund, from the preceding biennial positive
results, in order to develop services to CIGRE members.

In 2012, the 2009-2010 biennial result was negative (€ -228 451), and deduced from the
Residual Reserve Fund upon decision of the General Assembly; hence no amount was
allocated to the Association Project Fund.

20
In 2014, the 2011-2012 biennial result was negative again (€ -549 142), and deduced
from the Residual Reserve Fund upon decision of the General Assembly. Once more, there
was no amount allocated to the Association Project Fund.

In 2021, the 2019-2020 biennial result was negative again (€ -2 085 204), and deduced
from the Residual Reserve Fund upon decision of the General Assembly. Once more, there
was no amount allocated to the Association Project Fund.

Nevertheless, all services to Members were maintained.

21
 Allocation by the 2019 General Assembly 2019 2020 2020
10 000.00 ALLOCATIONS ITEMS
to the new Association Project Fund REALISATION REALISATION BALANCE
Sander van Sluis expenses – AFUR Conference in
1 215.57
Develop and facilitate the exchange of engineering expertise Cairo, Egypt – November 2019
10 000.00
and information on African Power Grids Free registrations for the 2020 e-session at member
2 800.00 5 984.43
rate offered to WAPP/EAPP/CAPP/SAPP

Allocation by the 2019 General Assembly 2019 2020 2020

355 000.00 ALLOCATIONS ITEMS
to the new Association Project Fund REALISATION REALISATION BALANCE
“Digital Electra”: Develop a dedicated website for Electra with a new format
GAYA MANUFACTURE DIGITAL
and a new content, supported by an editorial board, 75 000.00 44 919.00 104 811.00 -74 730.00
WEBSITE DESIGNER
and by new resources (editor, brand journalist)
National Committee Funding for 2019+2020 80 000.00 CIGRE CO – 20 NC FUNDING 32 918.47 8 732.63 38 348.90
Statutory Meeting Funding for 2019+2020 20 000.00 CIGRE CO – 4 NC STATUTORY MEETINGS 9 399.62 0.00 10 600.38
Refurbishment of CIGRE on-line library “e-cigre” 60 000.00 SCFI – IT specialists 0.00 0.00 146.40
ASPIRE – Communication/Marketing consultant 0.00
CIGRE website refurbishment 80 000.00 0.00 26 206.00
SCFI – IT specialists 0.00
RICHARD AMATO – IT specialist in databases 0,00 0.00
Management tool for on-line broadcasting of Webinars and Tutorials 20 000.00 -2 643.86
GO TO WEBINAR (Channel subscriptions) 0.00 15 411.06
Membership data base refurbishment 20 000.00 0.00 0.00 20 000.00
Subtotal 355 000.00

Grand TOTAL for Allocation by the 2020 GA

365 000.00 Total for 2019+2020 realisations and balance 88 452.66 131 754.69 23 912.25
to the new Association Project Fund

Un-allocated amount 75 303.95

Total balance for 2019+2020 Association Project

144 903.40
Fund

No allocations or expense made for the Association Projects Fund in 2021 and 2022.
Figures in this table are in Euros €

22
- A Residual Reserve Fund: € 654 555.71

This Fund has decreased in the past years because of two (2) successive negative results
for the biennial periods 2009-2010 and 2011-2012.

In 2016, the biennial result for 2013-2014 being positive, the General Assembly held on 22nd
August 2016 approved an increase of the Residual Reserve Fund of € 464 656.25

In 2017, the biennial result for 2015-2016 being positive again, the General Assembly held
on 30th May 2017 approved an increase of the Residual Reserve Fund of € 381 427.11

In 2019, the biennial result for 2017-2018 being positive once again, the General Assembly
held on 28th May 2019 approved an increase of the Residual Reserve Fund of € 106 103.98
The same General Assembly also approved to reverse the amount of 190 000.00 € from the
CIGRE African Project to re-allocate it to the Reserve Residual Fund (Agreement signed
between CIGRE and the World Bank, in order for the World Bank to support financially this
Project for Africa).

In 2020, due to the reorganisation of the Paris Session related to the Centennial Celebration,
the General Assembly held on 29th May 2020 approved the re-allocation of the un-needed
€ 100 000 from the first Centenary Projects to the Residual Reserve Fund (Consultation of
the Administrative Council held by correspondence in April 2019).

In 2021, the biennial result for 2019-2020 was negative due to the Covid-19 pandemic
situation and the postponement of both 2020 and 2021 Sessions in 2022.
The General Assembly held on 30th June 2021 approved a decrease of the Residual Reserve
Fund of € -2 085 204.34

In 2023, the biennial result for 2021-2022 being positive following the good results of the
2022 Session (first in-person Session since Covid), the General Assembly held on 30th June
2023 approved an increase of the Residual Reserve Fund of € 1 051 286.97

Years Biennial result allocated by the GA Residual Reserve Fund (€)

2010 +227 642.31 1 223 879.36
2012 -228 451.17 995 429.19
2014 -549 142.45 446 285.74
2016 +464 656.25 910 941.99
2017 +381 427.11 1 292 369.10
+106 103.98 1 398 473.00
2019
+190 000.00 1 588 473.08
+100 000.00 1 688 473.08
2020
-2 085 204.34 -396 731.26
2023 +1 051 286.97 654 555.71

This Residual Reserve Fund was constituted to justify CIGRE reserves, which were kept in
order to maintain CIGRE activities in case we had to postpone or cancel a Session.

CIGRE is its own insurer and preserves a capital dedicated to its self-insurance in case of
cancellation of a CIGRE Session or Symposium. Up to now, insurance companies offer very
expensive cancellation insurances that do not cover cancellations in case of epidemics,
natural disasters, rebellions, and war… These insurances are even more expensive when
they insure acts of terrorism.

23
- A Premises Fund, equivalent to CIGRE Central Office premises located rue d’Artois in
Paris, at its purchase price, i.e., € 1 189 102.33

In CIGRE assets, the net book value of the premises amounts to € 397 072.69 at end 2023,
i.e., the net cost of the building structure plus the refurbishing work net costs since 2008,
minus the yearly depreciations since purchase of the premises.

Thus, the difference between the purchase price for the premises € 1 189 102.33 and the
total gross amount € 1 270 723.11 is due to renovations since 2008.

The value of CIGRE premises is significantly higher than the net book value, still higher than
the purchase price (gross value) shown in the assets.

12. CIGRE RESULTS

2023 RESULTS

YEAR 2023 RESULT

2023 negative result -730 366.81 €

The 2023 negative result should be allocated by the General Assembly held by
correspondence, closing date for consultation and vote: 28th June 2024.

POSSIBLE ALLOCATION OF THE 2023 RESULT

After consultation of the Steering Committee Members, the Administrative Council Members
recommend to the General Assembly Members to add the 2023 negative result of the
Association in the accounting line “balance carried forward”.

13. PROVISIONS FOR RISKS AND EXPENSES

It was not necessary to make provisions for risks and expenses in 2023.

14. OWING TO SUPPLIERS

Analysis on owing to suppliers:

OWING 31-12-2022 31-12-2023

SUPPLIERS 1 389.07 13 864.13
ONCOST SUPPLIERS 31 723.05 58 202.28
SUPPLIERS – ACCRUED INVOICES (fnp) 13 802.75 19 432.74
TOTAL 46 914.87 91 499.15

Every year, at end December, a number of invoices are received but cannot be paid before
beginning of January of the following year.
Amounts owing to suppliers do not cover periods of more than one year.
Thus, all invoices were paid over January and February 2024.

24
The increase in owing to suppliers is mainly due to the receipt at end December 2023 of a
higher number of invoices from various suppliers.

15. TAXES AND WELFARE CONTRIBUTIONS

Analysis:

ITEMS 31-12-2022 31-12-2023

HOLIDAY PAY (excluding taxes) 180 297,37 220 839,76

SOCIAL SECURITY/WELFARE CONTRIBUTIONS

308 787,38 316 913,08
(plus holiday pay taxes)
TOTAL LIABILITIES 489 084.75 537 752.84

The amount of €220 839,76 in 2023 is due to the cumulated holidays owing to the Central
Office Personnel at the end of the year. This amount is due to the impossibility for the CIGRE
Staff Members to take all of the yearly holidays during Session years.

_____________________________________________

Paid leave in the event of illness

Conformity of French labour law with European Union law

currently being amended

Under article L. 3141-5 of the Labour Code, periods during which performance of the
employment contract is suspended due to an accident at work or occupational illness, up
to a maximum uninterrupted period of one year, are taken into account for the acquisition of
paid holiday entitlement.

However, periods during which the contract is suspended due to a non-occupational

accident or illness do not give rise to holiday entitlement.

These disposals do not comply with European Union law, as interpreted by the case law of
the Court of Justice of the European Union (CJEU), which requires employees to be entitled
to four weeks' paid holiday in respect of a year's work, even if during that year they have had
periods of sick leave not attributable to their professional activity.

Several recent Court of Cassation rulings have highlighted the fact that French law does not
comply with European law.

To bring labour law into line with European Union law, the government has asked the Conseil
d'Etat to give its opinion on the bill containing various provisions for adapting to European
Union law (DDADUE) in the fields of economics, finance, ecological transition, criminal law,
social law and agriculture, which will be examined at first reading by the National Assembly
in March 2024 after being adopted by the Senate in December 2023.

In its opinion of 13 March 2024, the Conseil d'Etat pointed out that European and
international standards guarantee a right to four weeks' paid annual leave and that,

25
according to the Court of Justice of the European Union, Article 7 of Directive 2003/88/EC
concerning certain aspects of the organisation of working time does not preclude "a national
provision which, depending on the origin of the absence of the worker on sick leave, provides
for a period of paid annual leave greater than or equal to the minimum period of four weeks
guaranteed by that Directive".

The Conseil d'Etat considers that the legislator is not obliged, in order to ensure that French
law complies with the Constitution and European Union law, to give periods of absence due
to illness not attributable to professional activity the same effect in terms of acquiring holiday
entitlements as periods of actual work or periods of suspension of the employment contract
due to an accident at work or an occupational disease. The only obligation imposed on it is to
guarantee that the provisions relating to absences due to non-occupational illness do not,
because they do not allow leave entitlements to be acquired, result in an employee being
deprived of at least four weeks' annual leave.

The Conseil d'Etat reiterated that actions for payment of compensation for paid leave are
time-barred after three years, and noted that the Court of Justice of the European Union, as
part of transitional provisions for adaptation to EU law, allows time-barring or limitation
periods to run from the entry into force of new legislative provisions.

The government has tabled an amendment to bring French labour law into line with
European Union law, stipulating that employees whose contracts are suspended due to sick
leave will continue to acquire holiday entitlements regardless of the cause of the sick leave
(whether work-related or non-work-related). Employees off work due to a non-occupational
accident or illness will thus be able to acquire paid leave at the rate of two working days per
month, i.e., four weeks per year.

Although the results of the amendment are not known at the date of preparation of CIGRE's
financial statements end of March 2024, a study has been carried out by the Central Office
which shows that whatever the conclusions of the amendment, it is reasonable to assume
that they will have no impact on the presentation of the financial statements for the year
ended 31 December 2023.

16. ACCRUAL OWING

Analysis on accrual owing:

ACCRUALS 31/12/2022 31/12/2023

NATIONAL COMMITTEES – CREDITS 16 446.37 17 768.91
ACCOUNTS PAYABLE (Autres dettes/Créditeurs divers) 24 005.53 34 906.53
ACCRUED EXPENSES/LIABILITIES (Charges A Payer) 12 509.50 183 738.05
TOTAL 52 961.40 236 413.49

National Committee credits can be:

- Global sums sent by National Committees, once or twice a year, and kept in CIGRE books
in National Committees Credit Accounts for future payments;

- National Committee funding: Some National Committees who received a funding prefer that
Central Office keep their funding allowance in a credit account in order to pay for future fees.

26
National Committees then debit these credits periodically in order to settle their list of fees for
membership or registrations.

Accounts payable are “not yet identified fees” transferred for payment of registrations or
membership fees.

Accrued expenses are mainly double payments to be refunded to the National Committees
and/or suppliers (Springer). Besides, in 2023, CIGRE Central Office must also pay for half of
the deficit concerning the Muscat Symposium (Oman).

17. DEFERRED REVENUES

Analysis:

ITEM 31/12/2022 31/12/2023

DEFERRED REVENUES (Produits Constatés d’Avance) 14 099.00 11 930.00

Deferred revenues are payments of membership fees received in advance, i.e., in 2023 for
2024.

27
18. COMMITMENTS AND LIABILITIES

Off balance sheet commitments:

SUPPLIERS SERVICES AMOUNTS

2024 SESSION

* VIPARIS (owner and manager of Session premises + equipment

€ 1 604 556.00
the Palais des Congrès de Paris)
(Pro4Events) And Exhibition spaces

* Exhibition Organiser 13.50% of turnover

Practical organisation of exhibition
Pro4events 15.50% of net revenue

2026 SESSION

* VIPARIS (owner and manager of Session premises + equipment

€ 1 640 202.00
the Palais des Congrès de Paris)
(Pro4Events) And Exhibition spaces
* Exhibition Organiser 13.50% of turnover
Practical organisation of exhibition
Pro4events 15.50% of net revenue

2028 SESSION

* VIPARIS (owner and manager of Session premises + equipment

the Palais des Congrès de Paris) € 1 640 362.00
(Pro4Events) And Exhibition spaces
* Exhibition Organiser 13.50% of turnover
Practical organisation of exhibition
Pro4events 15.50% of net revenue

2030 SESSION

* VIPARIS (owner and manager of Session premises + equipment

the Palais des Congrès de Paris) € 1 640 522.00
(Pro4Events) And Exhibition spaces
* Exhibition Organiser 13.50% of turnover
Practical organisation of exhibition
Pro4events 15.50% of net revenue

ASSOCIATION

Rental of a colour photocopier

BNP – SHARP 6070 copier Per year: € 4 142.00
New contract up to 2024 renegotiated
Rental of a colour photocopier
BNP – CANON copier Per year: € 3 998.00
New contract up to 2027 renegotiated

CCLS/CM-CIC – Stamp machine Renting: New contract up to 2026 Per year: € 1 071.00

CIGRE – Phone equipment

ORANGE – Internet and phone Per year: € 3 420.00
New contract up to 2026

* Tripartite Agreements signed between CIGRE, VIPARIS-Le Palais des Congrès de Paris and Pro4events
for the 2024, 2026, 2028 and 2030 Sessions.

SUPPLIERS SERVICES AMOUNTS

STAFF

Retiring staff allowance

Management by an Insurance Company € 26 382.98
Legal bonuses

28
Upon request of the Statutory Auditor, a study on the fiscal impacts of this tripartite contract
has been done by CIGRE lawyer in 2017.

In his Conclusions, dated 6th December 2017, the Lawyer refers to the decision of the Fiscal
Authorities which granted anew the non-profit-making status to CIGRE in 2009.
As a consequence of this decision the Lawyer explains:

“As long as you do not modify the facts (Session essentially for the members of the
association, exhibiting companies illustrating the work of the congress), there is no need to
change the reasoning developed, and therefore there is no need to reinterpret the conclusion
of the Fiscal Authorities. The fiscal rescript is valid as long as the tax authorities have not
denounced it, and as long as CIGRE does not change the orientation of the congress. As a
result, CIGRE remains not subject to commercial taxes.”

19. STAFF AND SOCIAL COMMITMENTS

Central Office Staff present as at 31st December 2023

EXECUTIVES

- 1 Secretary General - 1 executive full time

- 9 Executives responsible for the main tasks of - 9 executives full time
the Central Office

EMPLOYEES

- 1 part time employee (office clerk) – permanent - 1 part time employee

contract
- 1 Employee to help in accounting entry – - 1 full time employees
permanent contract

12 persons present on 31st December 2023

TOTAL Full time equivalent persons: 11,60

29
 Fund for retirement legal bonuses:

PROVISIONS MADE IN PROVISIONS

2000 69 053,42
2010 30 044,00
2016 52 000,00
LEGAL BONUSES PAID IN BONUSES
2004 -23 883,22
2007 -26 909,34
2010 -1365,86
2011 -18 549,61
2013 -24 931,65
2019 -53 421,05 DIVIDENDS
Dividends between 2000 and 2015 17 806,28
Dividends between 2016 and 2020 5 620,18
Dividends received in 2021 352.63
Dividends received in 2022 257.80
Dividends received in 2023 *309,42 Total fund
TOTAL 2023 FUND 151 097,42 -149 060,73 24 346,31 26 383,00
st
AG2R LA MONDIALE on 31 Dec. 2023 26 382,98

*Figures provided by the Insurance Company in 2024.

In accounting terms, CIGRE decided not to retain the option to record the provision in
liabilities.

The first instalment made for payment of bonuses for Staff retiring was constituted in year
2000 through an insurance company, CNP Insurance-AG2R LA MONDIALE, amount
recorded as an expense.

A further remittance was made in 2010 to take into account the changes in Staff.

After 2 departures in 2011 and 2013, an additional remittance was necessary again to
replenish the fund, for 52 000 € according to the Insurance Company requirements. This
additional provision was paid in 2016, and was recorded as Staff expenses.

From this fund, legal bonuses were already paid to 6 staff members who retired. These
payments were refunded to CIGRE by the Insurance Company for a total amount of
149 060,73 €.

In December 2022, the last retirement has not been taken into account.

A new study was carried out in December 2023 to determine the amount of the allocations to
be paid in anticipation of future retirements. A new payment will be made in 2024.

This new study was requested in view of the fact that a Supplementary Social Security
Financing Act for 2023, which includes the pension reform coming into force on 1 September
2023, was published in the Journal Officiel on 15 April 2023.

30
This law provides for the following main measures with regard to the retirement age:

- from 1 September 2023, the legal retirement age will be gradually raised from 62 to
64, at a rate of 3 months per generation starting with those born on 1 September
1961. Thus, in 2030, the legal retirement age will be 64 for the generations born in
1968 and after;

- the length of contributions required to qualify for a full-rate pension will be increased
to 43 years in 2027;

- the maximum retirement age without a discount will remain at 67;

- the conditions for retirement under the long-career scheme have been adjusted.

The law has been supplemented by implementing decrees specifying its terms and
conditions.

CPF – Continuing Personal-Professional Education

All employees have a CPF account, which can be used from the moment they enter the
labour market until they retire, for training leading to qualifications or certification.

For full-time or part-time work, the account is topped up by €500 per year worked, up to a
maximum of €5,000. Entitlements are calculated in proportion to the time worked and are
credited within 6 months of the following year.

The account is personal and individual. It is up to the employee to manage their training
rights in their CPF account.

______________________________________________

Reminder of the system / professional interviews

a. The right to professional interviews every 2 years

Since Act no. 2014-288 of 5 March 2014 on vocational training (amended by the Act of 5
September 2018, as amended by Order no. 2019-861 of 21 August 2019 and by Act no.
2021-689 of 31 May 2021), the employer must give each employee the benefit of a
vocational interview (separate from the assessment interview) every 2 years, devoted in
particular to examining the employee's career development prospects. Employees are
informed of their right to attend these professional interviews when they are recruited.

b. Period during which the employer's failure to fulfil its obligations is

investigated

Every 6 years that an employee has been with the company, the employer must give him or
her the benefit of a "stocktaking" interview, which summarizes the employee's career path
(C. trav. art. L6315-1 II). This interview is used to check that the employee has cumulatively:

- received all the interviews to which they were entitled,

31
- attended at least one training course other than "compulsory" training (within the meaning
of article 6321-2 of the Labour Code).

The employer has no obligation towards an employee who leaves the company before the
end of the 6-year period.

As the law introduced this system in 2014, the first "stocktaking" interviews were due to be
held in 2020.

However, in the context of Covid-19 pandemic, transitional rules were provided for by law. As
a result, the companies concerned were able to benefit from several postponements of the
deadlines for professional interviews. Lastly, the "stocktaking" interviews that should have
been held between 1 January 2020 and 30 June 2021 have been postponed until 30
September 2021.

The biennial interviews, on the other hand, have not been postponed.
The Central Office has fulfilled all its obligations.

Company savings plan (PEE)

A Company savings plan was created for the Central Office Staff at the very end of 2016.
The financing of this plan is linked to a current year result better than expected, excluding
exceptional expenditure not foreseen in the budget. It is subject to an obligation to complete
predefined objectives and it is limited to 20 000 € per year.

An agreement was concluded for 3 years and ended in 2019. The last payment was made in
2020. But the agreement was not renewed in 2020 because of the pandemic.

So, in 2021 a new agreement was signed with all the staff, with new objectives, for 3 years
(2021 to 2023), and will be renewable for 3 years.

20. EXCEPTIONAL CHARGES – EXCEPTIONAL RECEIPTS

- Exceptional charges in 2023: € 0.00

There are no exceptional charges in 2023.

- Exceptional receipts in 2023: € 2 172.42

The exceptional receipts in 2023 are linked with adjustment in 2022 NC Funding.

32
21. RELATED PARTIES and SUBSIDIES

At 31st December 2023, CIGRE has a Related Party with JICABLE: Philippe Adam, Secretary
General of CIGRE is co-signer of the JICABLE Statutes, as CIGRE representative.

CIGRE receives no subsidies, neither public nor private.

22. EXCHANGE WITH OTHER ASSOCIATIONS – PARTNERSHIP

There is a partnership exchange of services between CIGRE and the following Entities:

CIRED, IEEE-PES, APUA, T&D World Magazine, Electric Energy, ETIP-SNET, INMR,
JICABLE, SEE, Think Smartgrids, Transformer Magazine.

This partnership may include:

- A strategic partnership that includes exchange of documentations, information and mutual

activities to promote the technical knowledge of each organisation,
- Reciprocal exhibition booths with some of them,
- Reciprocal advertisements,
- Reciprocal invitations of Presidents and Secretary Generals to their meetings.

23. CONSEQUENCES of the WAR in UKRAINE on CIGRE ACCOUNTS

Despite the war in Ukraine, the CIGRE Symposium organised in Cairns (AUS) in September
2023 was a remarkable success, which broke all records in terms of delegates’/exhibitors’
participation and financial results for this type of event.

Besides, the stock market has started to rise again. Indeed, there has been an increase in
the overall performance of the CIGRE portfolio in 2023.

Due to the previous pandemic situation, cash reserves have remained low for several years.
Therefore, CIGRE has contacted different banks at end of 2020 to discuss a potential loan to
cover our cash flow decrease. Indeed, and according to the banks, CIGRE could benefit
from a state-guaranteed loan (PGE – Prêt Garanti par l’Etat).
At the beginning of 2022, our cash reserves were not sufficient anymore to cover our
expenses. We therefore contracted a loan in 2022 from three (3) banks of CIGRE.

Total amount of the loan: 364k€ at 0.25% per year + insurance (1500 Euros total).

Following the Leadership Team Meeting in November 2022, decision was made to refund the
loan in full.

Deadlines for full refunds:

- March 2023 = 120k€
- May 2023 = 172k€
- June 2023 = 72k€

33
At the time of writing this document, CIGRE has fully reimbursed the loan and the related
insurance.

Nevertheless, the current financial situation does not affect the going concern basis of
CIGRE activities.

34
 D- DETAILED ACCOUNTS TABLE

BALANCE SHEET – ASSETS

2023 2023 2023 2022

BALANCE SHEET – ASSETS
GROSS DEPRECIATION NET NET
INTANGIBLE ASSETS 1 009 399.72 597 190.44 412 209.28 269 485.68
SOFTWARE PROGRAMMES 296 878.72 296 878.72 281 810.24
GRAPHIC CHART 7 302.00 7 302.00 4 902.00
WEBSITE 705 219.00 705 219.00 457 843.20
SOFTWARE DEPRECIATION 268 165.59 -268 165.59 -255 851.04
GRAPHIC CHART DEPRECIATION 5 498.67 -5 498.67 -4 214.46
WEBSITE DEPRECIATION 323 526.18 -323 526.18 -215 004.26
TANGIBLE ASSETS 1 747 523.07 1 297 162.45 450 360.62 463 129.52
LAND 118 910.23 118 910.23 118 910.23
BUILDING/PREMISES 1 151 812.88 873 650.42 278 162.46 299 018.05
STRUCTURE-PREMISES 654 006.28 654 006.28 654 006.28
WOODWORK-WATERPROOFING 114 961.43 114 961.43 114 961.43
CENTRAL HEATING 51 495.73 51 495.73 51 495.73
ELECTRICITY 45 828.69 45 828.69 45 828.69
PIPES 14 380.00 14 380.00 14 380.00
FACADE 118 910.23 118 910.23 118 910.23
ROOF 71 346.14 71 346.14 71 346.14
LIFT 35 673.07 35 673.07 35 673.07
PROJECT MANAGING 45 211.31 45 211.31 45 211.31
STRUCTURE-PREMISES DEPRECIATION 426 707.57 -426 707.57 -412 043.14
WOODWORK-WATERPROOFING DEPRECIATION 99 961.80 -99 961.80 -97 781.04
CENTRAL HEATING DEPRECIATION 41 949.37 -41 949.37 -40 894.53
ELECTRICITY DEPRECIATION 24 767.71 -24 767.71 -22 387.35
PIPES DEPRECIATION 9 123.20 -9 123.20 -8 548.00
FACADE DEPRECIATION 118 910.23 -118 910.23 -118 910.23
ROOF DEPRECIATION 71 346.14 -71 346.14 -71 346.14
LIFT DEPRECIATION 35 673.07 -35 673.07 -35 673.07
PROJECT MANAGING DEPRECIATION 45 211.33 -45 211.33 -45 211.33
OTHER TANGIBLE ASSETS 476 799.96 423 512.03 53 287.93 45 201.24
FIXTURES 286 311.76 286 311.76 286 311.76
OFFICE EQUIPEMENT 154 651.72 154 651.72 131 467.80
OFFICE FURNITURE 35 836.48 35 836.48 37 184.48
FIXTURES DEPRECIATION 266 263.27 -266 263.27 -259 730.82
OFFICE EQUIPMENT DEPRECIATION 125 460.64 -125 460.64 -117 757.20
FURNITURE DEPRECIATION 31 788.12 -31 788.12 -32 274.78
ADVANCED PAYMENTS ON ASSETS 0.00 0.00 0.00 0.00
DEPOSIT/NEW ASSETS 0.00 0.00 0.00 0.00
FINANCIAL ASSETS 2 025.92 2 025.92 3 175.92
CONDOMINIUM EXPENSES DEPOSIT 2 025.92 2 025.92 3 175.92
PRODUCTION 56 880.60 56 880.60 55 617.00
BROCHURES STOCKS 0.00 0.00 0.00
SESSIONS STOCKS 0.00 0.00 0.00
GREEN BOOK STOCKS S 56 880.60 56 880.60 55 617.00
ADVANCED PAYMENTS 79 212.00 79 212.00 0.00
ADVANCED PAYMENTS / SOIREE SESSION and
79 212.00 79 212.00 0.00
ADMINISTRATIVE COUNCIL DINNER

35
 2023 2023 2023 2022
BALANCE SHEET – ASSETS
GROSS DEPRECIATION NET NET
RECEIVABLES 48 588.04 48 588.04 230 712.30
USERS/PUBLICATIONS 0.00 0.00 2 331.67
P4E-EXPENSES/RECEIPTS 0.00 0.00 203 288.11
ADVERTISEMENTS ON eCIGRE WEBSITE 2 000.00 2 000.00 0.00
OTHER RECEIVABLES 46 588.04 46 588.04 25 092.52
SALARIES IN ADVANCE 0.00 0.00 0.00
SOCIAL ENTITIES RECEIVABLES 1 046.08 1 046.08 1 624.84
ACCRUED ASSETS 45 541.96 45 541.96 23 467.68
SYSTEM SUSPENSE ACCOUNT 0.00 0.00 0.00
SECURITIES 2 491 925.29 42 002.52 2 449 922.77 2 754 514.47
SG SHARES (Formerly SOCIETE GENERALE) 83 683.27 83 683.27 84 321.04
HSBC SHARES-BONDS 18 279.31 18 279.31 20 082.69
SG PORTFOLIO BONDS
15 618.02 15 618.02 15 618.02
(Formerly SOCIETE GENERALE)
SG BMTN/BOND CERTIFICATE
150 000.00 150 000.00 150 000.00
(Formerly CREDIT DU NORD)
SG SAVINGS ACCOUNT (Formerly CREDIT DU NORD) 719 097.19 719 097.19 793 220.30
SG FREE OF TAX SAVINGS ACCOUNT – LIVRET A
77 670.87 77 670.87 75 470.78
(Formerly SOCIETE GENERALE)
TAXABLE SAVINGS ACCOUNT – SG CPT S/LIVRET
195 604.46 195 604.46 485 773.35
(Formerly SOCIETE GENERALE)
HSBC TRUST UNIT – HSBC SICAV 90 263.71 90 263.71 84 341.37
SG PORTFOLIO TRUST UNIT – SG PTF SICAV
3 019.98 3 019.98 11 446.54
(Formerly SOCIETE GENERALE)
HSBC MUTUAL FUNDS – HSBC FCP 480 848.78 480 848.78 485 792.57
SG MUTUAL FUNDS
657 839.70 657 839.70 650 864.72
(Formerly SOCIETE GENERALE)
PROVISION / SHARES DEPRECIATION 0.00 15 802.24 -15 802.24 -23 032.07
PROVISION / BONDS DEPRECIATION 0.00 4 218.02 -4 218.02 -3 418.02
PROVISION / TRUST UNITS DEPRECIATION 0.00 21 982.26 -21 982.26 -75 966.82
LIQUID ASSETS 373 869.36 0.00 373 869.36 924 411.29
HSBC 2020 CURRENT ACCOUNT 202 202.45 202 202.45 175 477.07
HSBC PORTFOLIO MANDAT TAUX 399.06 399.06 783.71
HSBC PORTFOLIO MANDAT TEMPERE 1 355.19 1 355.19 1 800.56
SG CURRENT ACCOUNT
155 360.81 155 360.81 255 469.48
(Formerly SOCIETE GENERALE)
SG PORTFOLIO (Formerly SOCIETE GENERALE) 90.59 90.59 14 890.99
SG CURRENT ACCOUNT
14 054.80 14 054.80 475 607.82
(Formerly CREDIT DU NORD)
PETTY CASH IN EUROS 351.52 351.52 335.46
PETTY CASH IN FOREIGN CURRENCY 54.94 54.94 46.20
DEFFERED CHARGES 68 299.27 68 299.27 42 975.03
DEFERRED CHARGES 68 299.27 68 299.27 42 975.03
TOTAL 5 877 723.27 1 936 355.41 3 941 367.86 4 744 021.21

36
 BALANCE SHEET – LIABILITIES

2023 2023 2023 2022

BALANCE SHEET – LIABILITIES
GROSS DEPRECIATION NET NET
PROJECT FUNDS 1 933 303.15 669 271.69
NEW ASSOCIATION PROJECT FUNDS 144 903.40 144 903.40
REALISED PROJECT FUNDS 1 788 399.75 1 788 399.75
RESULT CARRIED FORWARD 0.00 -1 264 031.46
CIGRE FUNDS 1 843 658.04 792 371.07
RESIDUAL RESERVE FUNDS 654 555.71 -396 731.26
REAL ESTATE FUNDS 1 189 102.33 1 189 102.33
YEARLY RESULT -730 366.81 2 315 318.43
LIQUID LIABILITIES 0.00 364 000.00
BANK LOAN 0.00 364 000.00
SUPPLIERS 91 499.15 46 914.87
SUPPLIERS 13 864.13 1 389.07
ONCOSTS 58 202.28 31 723.05
ACCRUED INVOICES 19 432.74 13 802.75
SOCIAL AND FISCAL TAXES OWING 537 752.84 489 084.75
SOCIAL AND FISCAL TAXES OWING 537 752.84 489 084.75
ASSET SUPPLIERS OWING 17 178.00 0.00
ASSET SUPPLIERS 17 178.00 0.00
OTHER DEBTS 236 413.49 52 961.40
USERS/PUBLICATIONS 0.00 0.00
PCO/P4E-VCS21 0.00 0.00
MEMBERSHIP FEES 31 582.53 19 714.53
SESSION REGISTRATION FEES 3 324.00 4 291.00
ACCOUNTS PAYABLE 0.00 0.00
NATIONAL COMMITTEE CREDITS 17 768.91 16 446.37
ACCRUED LIABILITIES 183 738.05 12 509.50
DEFERRED REVENUES 11 930.00 14 099.00
DEFERRED REVENUES 11 930.00 14 099.00
TOTAL 3 941 367.86 4 744 021.21

37
 INCOME STATEMENT – EXPENSES

2023 2022 2021

INCOME STATEMENT – EXPENSES
RESULTS RESULTS RESULTS
SUPPLIES AND EXTERNAL CHARGES 1 239 839.56 4 112 556.90 2 047 345.69
ELECTRICITY 7 191.76 3 400.38 3 551.53
SUPPLIES SMALL EQUIPMENT 539.04 1 149.62 1 851.67
OFFICE SUPPLIES 1 395.45 739.89 1 894.83
ASSOCIATION VARIOUS PRINTING/EDITING 1 166.18 3 774.97 1 770.47
DIGITISATION OLD SESSION PROCEEDINGS/PROJECT 0.00 0.00 19 919.52
SESSION VARIOUS PRINTING/EDITING 4 067.19 21 475.15 14 738.00
SYMPOSIUM A VARIOUS PRINTING/EDITING 0.00 0.00 0.00
SYMPOSIUM B VARIOUS PRINTING/EDITING 0.00 0.00 0.00
CSE – CIGRE SCIENCE AND ENGINEERING COSTS 0.00 0.00 4 475.00
SESSION PAPERS PRINTING/EDITING 0.00 0.00 0.00
SESSION FORWARDING EXPENSES 0.00 0.00 0.00
SESSION VARIOUS SUPPLIES 0.00 79 057.70 0.00
ASSOCIATION VARIOUS SUPPLIES 3 570.00 0.00 0.00
IT CURRENT EXPENSES 552 097.26 504 978.49 451 469.23
DIGITALISED SESSION 0.00 0.00 380 751.68
COMMUNICATION/MEDIA ASSOCIATION 849.88 3 213.88 54 389.38
BRAND AND COMMUNICATION PROJECT 216 483.74 253 939.50 221 939.60
BRAND/COMM. PROJECT OTHER EXPENSES 64 135.30 55 600.61 37 979.34
BRAND/COMMUNICATION PROJECT-COPY EDITOR 6 000.00 0.00 0.00
COMMUNICATION/MEDIA SESSION 10 926.00 80 342.88 0.00
COMMUNICATION/MEDIA SYMPOSIUM A 5 166.08 0.00 0.00
SESSION PATRONAGE 0.00 1 475.00 10 400.00
SESSION PREMISES 0.00 1 653 677.40 421 513.05
ASSOCIATION MACHINE RENTING 10 283.25 8 385.15 18 257.60
SESSION MACHINE RENTING 0.00 282 693.79 13 487.50
HOUSING EXPENSES 22 912.22 12 686.36 14 469.88
CLEANING EXPENSES 12 470.40 12 470.40 13 509.60
REPAIRS 0.00 0.00 480.00
MAINTENANCE CONTRACTS 8 316.15 5 725.11 11 382.08
ASSOCIATION INSURANCE 8 798.04 8 107.20 8 391.49
SESSION INSURANCE 6 090.21 5 617.14 12 577.10
TRAINING COURSES 3 304.26 873.56 8 820.00
ASSOCIATION TEMPORARY STAFF 49 435.98 47 777.83 94 161.51
SESSION TEMPORARY STAFF 0.00 172 596.68 38 721.75
FEES 27 331.20 33 526.00 28 718.70
ELECTRA TRANSLATIONS 13 201.00 14 032.00 15 471.00
EXHIBITION EXPENSES 0.00 120.00 480.00
GIFTS / CIGRE AWARDS 331.90 1 238.40 874.80
GRATUITIES 0.00 260.00 200.00

38
 2023 2022 2021
INCOME STATEMENT – EXPENSES
RESULTS RESULTS RESULTS
ASSOCIATION TRAVEL EXPENSES 12 358.31 1 303.29 168.94
SECRETARY GENERAL TRAVEL EXPENSES 36 375.38 18 890.41 2 070.29
PRESIDENT AND CEO TRAVEL EXPENSES 57 458.45 24 456.26 11 725.96
SESSION CENTRAL OFFICE ACCOMMODATION 0.00 0.00 1 148.80
SESSION COMPANIONS PROGRAMME 0.00 13 466.25 0.00
RECEPTIONS/SECRETARY GENERAL EXPENSES 856.90 433.50 0.00
RECEPTIONS/SESSION EXPENSES 0.00 69 652.70 40 836.50
RECEPTIONS/ASSOCIATION EXPENSES 2 794.81 91 299.40 1 746.83
OPENING CEREMONY 0.00 108 101.43 0.00
SOIREE SESSION 0.00 425 749.74 0.00
FORWARDING EXPENSES 2 262.76 6 084.14 15 876.13
INTERNET/PHONE EXPENSES 13 341.47 12 596.79 13 965.23
STRIPE CHARGES 913.19 794.34 88.30
SOCIETE GENERALE BANK CHARGES 6 405.43 7 570.14 6 561.06
HSBC BANK CHARGES 6 058.98 5 830.24 4 650.36
CREDIT NORD BANK CHARGES 1 748.57 21 462.80 5 355.85
CDN BANK CHARGES ON EMPLOYEE SAVINGS PLAN 0.00 320.95 327.01
GENERAL ASSEMBLY COST 8 826.00 8 023.20 16 046.40
SUBSCRIPTIONS 6 406.95 5 823.21 5 838.97
NATIONAL COMMITTEES FUNDING 45 559.25 5 983.55 14 292.75
CIGRE AFRICAN PROJECT 2 410.62 15 779.47 0.00
RATES AND TAXES ON SALARIES 151 609.56 106 337.85 137 423.68
TAX ON SALARIES 88 988.00 52 179.46 109 579.92
TAX ON/FOR TRAINING COURSES 4 717.80 4 828.30 5 774.76
TAX ON TRANSPORT 25 304.76 25 897.09 0.00
MUNICIPAL RATES 25 833.00 16 947.00 15 679.00
TAX ON OFFICES IN PARIS REGION 6 766.00 6 486.00 6 390.00
SALARIES AND STAFF COSTS 938 257.14 915 730.20 888 129.62
ASSOCIATION SALARIES 853 514.40 820 777.44 857 619.51
PREVIOUS YEAR ASSOCIATION SALARIES 0.00 -1 695.04 0.00
HOLIDAY PAY 40 542.39 23 036.64 20 701.11
PURCHASING POWER BONUS 17 370.31 17 370.31 0.00
TRANSPORT PART PAYMENT 6 370.80 5 504.40 3 139.50
OTHER INDEMNITIES/PART-TIME WORK
0.00 0.00 20.00
ALLOWANCE
RETIREMENT ALLOWANCE 0.00 47 796.45 0.00
TELEWORKING COMPENSATION 3 760.00 3 120.00 4 332.50
EMPLOYEE SAVINGS PLAN 16 879.24 0.00 2 317.00
BENEFITS IN KIND -180.00 -180.00 0.00
PAYROLL TAXES and OTHER SOCIAL CHARGES 447 704.05 454 859.19 478 711.84

39
 2023 2022 2021
INCOME STATEMENT – EXPENSES
RESULTS RESULTS RESULTS
DEPRECIATION ON ASSETS 163 512.01 154 916.94 161 801.32
INTANGIBLE ASSETS DEPRECIATION 122 925.88 111 685.81 102 728.49
TANGIBLE ASSETS DEPRECIATION 40 586.13 43 231.13 59 072.83
PROVISION / RISKS AND CHARGES 0.00 0.00 0.00
LOSSES ON IRRECOVERABLE RECEIVABLES 0.00 0.00 0.00
OTHER CHARGES 0.00 4.66 0.00
FINANCIAL EXPENSES 64 499.69 111 318.66 44 761.42
PROVISION ON SECURITIES 42 002.52 102 416.91 41 419.85
ROUNDING FIGURES CHARGE 0.00 0.00 0.00
LOSS ON CHANGE 0.00 0.21 0.00
CHARGES ON SECURITIES 22 497.17 8 901.54 3 341.57
EXCEPTIONAL CHARGES 0.00 201 453.42 0.00
EXCEPTIONAL CHARGES ON PREVIOUS YEAR 0.00 201 453.42 0.00
INCOME TAX 1 600.00 1 852.00 4 040.00
TOTAL CHARGES 3 007 022.01 6 059 029.82 3 762 213.57
POSITIVE RESULT 2 315 318.43
TOTAL GENERAL – EXPENSES 3 007 022.01 8 374 348.25 3 762 213.57

40
 INCOME STATEMENT – RECEIPTS

2023 2022 2021

INCOME STATEMENT – RECEIPTS
RESULTS RESULTS RESULTS
SOLD PRODUCTION 2 076 028.50 6 062 569.99 2 235 427.93
MEMBERSHIP FEES 1 797 766.00 1 561 458.00 1 435 672.00
TECHNICAL BROCHURES AND GREEN BOOKS 67 544.74 45 823.00 259 300.03
ADVERTISING IN ELECTRA 60 623.27 69 949.94 49 974.90
ADVERTISING ON eCIGRE 25 431.66 5 000.00 0.00
PAYBACK FROM B-NETWORK/SESSION
0.00 6 441.05 0.00
ACCOMMODATION
SESSION REGISTRATIONS 967.00 4 325 445.00 480 659.00
PREVIOUS YEAR SESSION REGISTRATIONS 0.00 1 296.00 0.00
SESSION COMPANIONS REGISTRATIONS 0.00 41 434.00 -178.00
SYMPOSIUM A REGISTRATIONS -90 000.00 0.00 10 000.00
SYMPOSIUM B REGISTRATIONS 213 695.83 5 723.00 0.00
STOCKED PRODUCTION 1 263.60 -2 666.87 -6 073.44
VARIATION TECHNICAL BROCHURES STOCK 0.00 -1 443.07 -5 185.04
VARIATION GREEN BOOKS STOCK 1 263.60 -1 223.80 -888.40
PROVISION ADJUSTMENT 0.00 0.00 0.00
ADJUSTMENT/DEPRECIATION FOR GREEN BOOKS 0.00 0.00 0.00
ADJUSTMENT/PROVISION FOR RISKS AND CHARGES 0.00 0.00 0.00
ADJUSTMENT/PROVISION FOR NC FUNDING 0.00 0.00 0.00
OPERATING LOAD TRANSFER 0.00 0.00 0.00
OTHER RECEIPTS 43 719.92 2 249 227.66 191 918.00
MISCELLANEOUS RECEIPTS 3.25 109.47 0.00
BANK CHARGES PARTICIPATION 130.01 85.09 68.00
NATIONAL COMMITTEES SESSION ROOMS 0.00 0.00 0.00
SESSION EXHIBITION/e-SESSION and VIRTUAL
43 586.66 2 249 033.10 191 850.00
SESSION ADS
FINANCIAL RECEIPTS 153 470.76 58 677.56 71 512.33
PORTFOLIO REVENUES 43 140.87 9 269.50 4 699.39
HSBC REVENUES 459.75 444.44 462.29
SG SECURITIE REVENUES
3 632.41 3 388.50 2 700.33
(Formerly SOCIETE GENERALE)
SG BONDS REVENUE CURRENT ACCOUNT – SG CPT
9 831.11 1 706.07 0.00
CRT OBLIG (Formerly SOCIETE GENERALE)
SG SAVINGS ACCOUNT REVENUES
2 200.09 900.68 581.41
(Formerly SOCIETE GENERALE)
CDN BMTN/BONDS CERTICATES REVENUES 27 017.51 2 829.81 955.36
SG DEPOSIT ACCOUNT REVENUES – SG CAT
0.00 0.00 0.00
(Formerly SOCIETE GENERALE)
INTERESTS RECEIVABLE – COUPONS COURUS 0.00 0.00 0.00
ROUNDING CONVERSION PRODUCT 0.00 0.00 0.00
ADJUSTMENT ON FINANCIAL REVENUES 102 416.91 41 419.85 46 676.98
EXCHANGE GAINS 41.96 0.00 2.55
NET INCOME ON SOLD SECURITIES 7 871.02 7 988.21 20 133.41
HSBC NET INCOME ON SHARES 1 097.36 166.87 2 778.59

41
 2023 2022 2021
INCOME STATEMENT – RECEIPTS
RESULTS RESULTS RESULTS
HSBC MUTUAL FUNDS NET INCOME – HSBC
650.20 666.85 661.19
PRODUIT NET SUR FCP
HSBC TRUST UNIT INCOME – HSBC PRODUIT NET
171.45 0.00 632.88
SUR SICAV
SG TRUST UNIT NET INCOME – SG PRODUIT NET
0.00 0.00 3 573.74
SUR SICAV
SG BONDS NET INCOME 0.00 0.00 0.00
SG SHARES NET INCOME – SG PRODUIT NET SUR
1 603.80 3 493.73 2 242.67
ACTIONS
SG MUTUAL FUNDS NET INCOME – SG PRODUIT
4 348.21 3 660.76 10 244.34
NET SUR FCP
EXCEPT. RECEIPTS ON PREVIOUS YEARS 2 172.42 6 539.91 5 397.29
TOTAL RECEIPTS 2 276 655.20 8 374 348.25 2 498 182.11
LOSS 730 366.81 1 264 031.46
TOTAL GENERAL – RECEIPTS 3 007 022.01 8 374 348.25 3 762 213.57
BIENNIAL RESULTS 1 051 286.97

Yellow: Session figures

Pink: Symposium A figures
Violet: Symposium B figures

****************************

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