1. Adoption of 2015 Financial Accounts & CFO Update ref. GA(16)020
David Wrathmall, CFO
16th June 2016 General Assembly

2. Overview & decision to adopt accounts
External Audit: Ernst & Young Feb-Mar 2016
Results presented to ARAC - 31st March
EY attended ARAC
ARAC Chair recommended to Board the approval and signing of the accounts
Accounts signed-off by Board on 12th April 2016
Accounts presented to GA for adoption

3. Note from Accounts, page 10
Consolidated GÉANT Association Accounts = GÉANT Vereniging (NL) + GEANT Limited (UK)
Note from Accounts, page 10

4. Summary Income & Expenditure
→ Appendix 1

5. Summary of Income
→ Appendix 2
→ Appendix 3
→ Appendix 4

6. Summary of Expenditure
→ Appendix 5
→ Appendix 6
Note ‘Rounding’
Bud €42,071k vs Act €37,034k
= €5,037k = €5.0M

7. Expenditure – 2015 key variances

8. Future Subscription* €13.8M Rebate funds €7.7M
Balance Sheet
Cash –
Working Capital €7.2M
Future Subscription* €13.8M
Rebate funds €7.7M
Project (incl. DEVCO) Funds €14.2M
Total €42.9M
Reserves –
General €7.3M
Sec General €0.3M
Future Subscription* €13.8M
Total €21.4M
* = “deferred revenues”

9. Reserves
General reserves €7.3M = working capital (incl. suppliers, payroll etc.)
Expenditure €37M per annum ≈ €3M per month
≈ 2.5 months trading requirements
Future Subscription Reserve = Deferred Revenues €13.7M
For future network investments & smooth out cost-shared subscription spikes
define plans for network post-2019
2018 DF re-procurement > , network traffic growth & EOSC investment
Current thinking - no plans to re-fresh IP/MPLS & transmission equip’t in one
“big-bang” like (+€25M) → Incremental investments instead

10. Decision to Adopt Accounts
Members requested to
adopt 2015 Accounts

11. Any Questions ?

12. Appendices (to accompany 2015 accounts)
Future Subscription Reserve (Deferred Revenue)
Other GÉANT Income
DEVCO Income
Other Income
Network Costs
Manpower Costs
Contractor Cost

13. Appendix 1 – Future Subscription Reserve (Deferred Revenue)
+ €2.85M from I&E statement

14. Appendix 2 – Other GÉANT (Project) Income

15. Appendix 3 – DEVCO Income

16. Appendix 4 – Other Income

17. Appendix 5 – network costs

18. Appendix 6 – Manpower (employee) Costs
2014 v 2015 actuals
Increase of €1.1M
[€7.9M v €9.0M] due to:-
a. x/rate €0.8M
b. headcount/cost increases €0.3M
2015 Bud v Actual
Increase of €0.5M
[€8.5M v €9.0M]due to:-
a. x/rate €0.4M
b. headcount/cost increases €0.1M

19. Appendix 7 – Contractor Costs

20. Any Questions ?