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.
As of December 31 | 2023 | 2022 | 2021 |
Ordinary share capital (in CHF) | 31 074 630 | 31 074 630 | 31 074 630 |
Total shares | 1 035 821 | 1 035 821 | 1 035 821 |
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)
2023 | 2023 | 2022 |
Number of Shares | in % | in % |
33.1 % | 33.1 % | |
13.9 % | 14.3 % | |
9.6 % | 9.4 % |
343 000
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:
General Assembly of
Shareholders
Compensation |
Committee |
Registered office: | 8006 Zurich, Switzerland | |
Listing: | SIX Swiss Exchange | |
Valor number: | 2 473 640 | |
ISIN: | CH0024736404 | |
Ticker symbol: | ESUN | |
Management Board | Nominal value: | CHF 30.00 |
CEO, CFO (mandated) |
2023 | 2022 | 2021 | |
Market capitalization (CHF million) | 113.9 | 121.2 | 132.6 |
As a % of equity | 118.2 | 160.2 | 165.5 |
Share price (CHF) | 110.00 | 117.00 | 128.00 |
Non-listed companies
The following organizational chart shows all the companies in the Edisun Power Group as of December 31, 2023:
100 % / CH-Zurich / TCHF 100
CH
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:
Type | 2023 | 2022 |
Individual shareholders | 50 % | 50 % |
Legal entities | 36 % | 39 % |
Nominees, fiduciaries | 7% | 5% |
Not registered | 7% | 6% |
Total | 100 % | 100 % |
On December 31, the distribution of shareholders by domicile was as follows: | ||
Origin | 2023 | 2022 |
Switzerland | 90 % | 88 % |
Europe (other than Switzerland) | 3% | 6% |
Others | - | - |
Not registered | 7% | 6% |
Total | 100 % | 100 % |
Cross-shareholdings | ||
Edisun Power Europe Ltd. has no cross-shareholdings with other companies. |
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:
Changes in share capital | 2023 | 2022 | 2021 | 2020 | 2019 |
Ordinary share capital (CHF) | 31 074 630 | 31 074 630 | 31 074 630 | 31 074 630 | 31 074 630 |
Total shares | 1 035 821 | 1 035 821 | 1 035 821 | 1 035 821 | 1 035 821 |
Authorized share capital (CHF) | 15 000 000 | 15 000 000 | 15 000 000 | 15 000 000 | 4 246 290 |
Authorized shares | 500 000 | 500 000 | 500 000 | 500 000 | 141 543 |
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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.