Press release

2014 Annual Results

Return to operating profitability confirmed Net income is positive

Ormes, 15 April 2015

The Supervisory Board meeting on 15 April 2015 approved the 2014 full-year financial statements.

in € million

2014

2013

Revenue

o/w Energy revenue (wind and solar)

o/w Water revenue

41.5

35.4

6.1

57.5

48.9

8.6

Other operating income

6.5

3.7

Purchases consumed

(18.5)

(36.2)

Personnel expenditure

(11.8)

(12.0)

Other operating expenditure

(9.6)

(9.4)

Taxes and duties

(0.8)

(0.8)

Depreciation, amortisation and provisions

(5.5)

(5.4)

Operating income

1.8

(2.6)

Financial income

(0.7)

(1.4)

Ordinary pre-tax income

1.1

(4.0)

Extraordinary income

7.3

0.3

Income tax

(0.7)

(0.3)

Minority interests

(0.1)

(0.2)

Net income, group share

7.6

(4.2)

*The consolidated accounts have been audited. The statutory auditors' reports are currently being drawn up.

Ongoing recovery in activity confirmed

Vergnet group posted consolidated revenues of €41.5 million for financial year 2014. Revenues from Energy accounted for €35.4 million (including €3 million linked to the final deliveries for the last stage of the Ashegoda wind farm in Ethiopia) and revenues from Water for €6.1 million, generated by subsidiary Vergnet Hydro which was removed from the group's consolidation scope from 15 August 2014.
Excluding Ashegoda, growth resumed for the group's wind and solar revenues, up 13% between
2013 and 2014.
This growth and the industrial reorganisation of the group had a positive impact on results.

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Press release

As announced, Vergnet enjoyed a return to operating profitability in 2014, posting a positive
operating income of €1.8 million compared with a loss of €2.6 million in 2013.
Consolidated extraordinary income came in at €7.3 million, comprised essentially of a capital gain
of €4.1 million on the disposal of the group's Water activities.
All told, net income for Vergnet group amounted to a positive €7.6 million, versus a loss of
€4.2 million the year before.
At 31 December 2014, equity for Vergnet SA stood at €0.7 million for a financial debt of
€6.4 million in convertible bonds and €0.7 million in bank loans. The group's net cash position at
31 December 2014 was €7.1 million.

Vergnet SA: Rebuilding of equity and early repayment of convertible bonds

Parent company Vergnet SA's target to rebuild equity at 31 December 2014 has been achieved through various operations, notably a net income of €9.6 million and the conversion into shares of
6,755,000 bonds. The group also reduced its capital by lowering its nominal share price from
€0.40 to €0.02.

Outlook for 2015: Return to growth

Backed by a renewed momentum in sales, Vergnet's strategic roadmap is now focused on 4 priority areas for development: wind, solar, hybrid solutions and solar applications.
In 2015, the group should continue to redeploy its Energy activities (wind and solar), with the commercialisation of new MP wind turbines and hybrid energy (wind and solar) solutions strengthening the group's return to profitability. New contracts signed at the end of 2014 and start of 2015 will have a gradual impact on the financial year.
These new projects and Vergnet's continued commercial success in 2015 will enable the group to progressively build up its order book and cement its lasting recovery.

Upcoming events

27 May 2015: Annual General Meeting

About Vergnet SA

The Vergnet Group specialises in generating renewable energy from wind, solar and hybrid sources. On the strength of its unique technologies, the Group developed the Hybrid Wizard, a hybrid system that coordinates, in real time, the supply of renewable energies that can be sent to the electricity grid while ensuring the operational safety and security of insular or isolated networks. The Group has installed 900 wind turbines. It operates in nearly 35 countries and has 185 employees in 8 offices. Vergnet has been listed on Alternext since 12 June 2007.

Contacts Groupe Vergnet Actifin

Corporate Secretary Analyst and Investor Relations

Henri-Luc JULIENNE Ghislaine GASPARETTO

Tel: +33 (0)2 38 52 59 92 Tel: +33 (0)1 56 88 11 11 hl.julienne@vergnet.frggasparetto@actifin.fr

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