A key economic player in Wallonia
ORES is responsible for managing the electricity and gas distribution networks in over 75% of the Communes in Wallonia. The staff of ORES scrl, a subsidiary of ORES Assets scrl, is made up of some 2,400 men and women who, each day, enabled 2.8 million Walloons to benefit from basic services: access to electricity, natural gas, and communal public lighting. Every year since its creation in 2009, ORES has invested on average some 250 million euros in the distribution networks. The company generates a consolidated turnover of almost 1 billion euros.
Responsible for the operation of the distribution networks, ORES also has to search for the financing resources needed to develop its activities and make them sustainable. ORES’ financing resources are guaranteed by ORES Assets.
ORES’ statutory accounts have been drawn up according to Belgian financial reporting standards (BGAAP). Shareholdings in the companies Atrias and N-Allo are consolidated in ORES Assets with the ORES accounts in accordance with Belgian financial reporting standards and, on a voluntary basis, in accordance with IFRS standards. An analysis of the consolidated risks has also been carried out.
2016 Financial Statements
- ORES - Activity Report 2016
- ORES - Financial Report
- ORES Assets - Financial Report 2016
- Presentation - AG 22 juni 2017
Bond issue – Commercial paper
The main dates for the financial calendar of the ORES economic group are given in this table
|Publication of the annual reports||June 2017|
|Ordinary General Meetings||22 June 2017|
|Publication of the results from the first half-year||October 2017|
General meetings of shareholders
The General Meeting of Shareholders deliberates on the subjects contained in the agenda. It is called by the Board of Directors.
An Ordinary General Meeting is held every year in June. Each shareholder has the right to take part in the General Meeting and holds the same number of votes as the number of company shares that he or she possesses (1 company share = 1 vote).
Bondholders can also attend General Meetings of Shareholders with consultative votes.
The notice relating to the convening of the General Meeting of ORES scrl of 22 June 2017 is available here.
The documentation concerning the financial report, the activity report and the statutory changes of ORES can be accessed by clicking on each of these terms.
General Meetings of Bondholders
The General Meeting of Bondholders deliberates on the subjects contained in the agenda. It can or must be called by the Board of Directors.
Each bondholder has the right to take part in the General Meeting and holds the same number of votes as the amount of bonds that he or she possesses (1 bond = 1 vote).
|7/11/2013||General Meeting of Bondholders (Rents)|
Memorandum and Articles of Association
ORES and ORES Assets’ memorandum and articles of association can be consulted (in French) via the links below.
- ORES Assets SCRL - coordinated memorandum and articles of assocation as at 22 June 2017
- ORES SCRL coordinated memorandum and articles of association as at 22 June 2017
You can also consult ORES’ Governance Charter.
ORES has submitted a project to the European Investment Bank (EIB). It involves obtaining a loan to fund a significant proportion of the 2018-2022 investment programme associated with upgrading and modernising its networks over the years to come. The EIB statement regarding the consideration of this application is available here.