Belysse Group NV

Report Publication Announcement • Apr 26, 2019

40 NAT.	Date of the deposition	No. 0671.974.626	1 Е. pp.	EUR D.	C 1
	ANNUAL ACCOUNTS AND OTHER DOCUMENTS TO BE DEPOSITED IN ACCORDANCE WITH THE COMPANIES CODE
IDENTIFICATION
	NAME: BALTA GROUP
Legal form: PLC Postal Code: 8710 Country: Belgium	Address: Wakkensteenweg Register of Legal Persons (RLP) - Office of the commercial court at: Gent, Division Kortrijk	City: Wielsbeke			Nr: 2
Internet address: 1
				Company number:	0671.974.626
DATE	27/06/2017 publication of the partnership deed and the act changing the articles of association.				of the deposition of the partnership deed OR of the most recent document mentioning the date of
	ANNUAL ACCOUNTS	IN EURO (2 decimals)	2
		ANNUAL ACCOUNTS approved by by the General Meeting of			28/05/2019
	concerning the financial year covering the period from		1/01/2018	till	31/12/2018
		Previous period from	1/03/2017	till	31/12/2017
	The amounts of the previous financial year are / $\text{area}$		identical to those which have been previously published.
	Total number of pages deposited: 31 of service: 6.1, 6.2.1, 6.2.2, 6.2.3, 6.2.4, 6.2.5, 6.3.1, 6.3.2, 6.3.3, 6.3.4, 6.3.5, 6.3.6, 6.4.2, 6.4.3, 6.5.2, 6.6, 6.8, 6.11, 6.12, 6.17, 6.20, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16				Number of the pages of the standard form not deposited for not being
	Signature (name and position) Ragoucy Cyrille CEO - Managing Director			Signature (name and position) Fryzuk Jeremy Director

$\overline{\mathbf{r}}$

3 Delete where appropriate.

¹ Optional statement.

² If necessary, adjust the unit and currency in which the amounts are expressed

Nr. 0671.974,626

LIST OF DIRECTORS, MANAGERS AND AUDITORS

COMPLETE LIST WITH name, first name, profession, residence-address (address, number, postal code, municipality) and position with the enterorise

RAGOUCY Cyrille

Rue de l'Assomption 77, 75016 Paris, France Title : Delegated director Mandate: 16/06/2017-27/05/2021

FRYZUK Jeremy

Plembridge Crescent 19, box a, W11 3DS Londen, United Kingdom Title : Director Mandate: 29/05/2017-27/05/2021

KOLBECK Michael

Campden Street 51, W8 7ET Londen, United Kingdom Title: Director Mandate: 1/03/2017-27/05/2021

Accelium PLLC 0675.830.177

Bijlkensveldstraat 7, 3080 Tervuren, Belgium Title : Director Mandate: 16/06/2017-27/05/2021

Represented by: 1. VANDEN ABEELE Nicolas Bijlkensveldstraat 7 . 3080 Tervuren, Belgium

HEDGER Sarah

De Walden Street 13, WIG8RW Londen, United Kingdom Title : Director Mandate: 16/06/2017-27/05/2021

STRONG Hannah Terrace Road 36, 7ES Londen, United Kingdom Title : Director Mandate: 29/05/2017-27/05/2021

LEBRETON Patrick Howitt Road 22, NW3 4LL Londen, United Kingdom Title: Director Mandate: 29/05/2017-27/05/2021

MORAR Neal Uphill Road 4, NW7 4RB Londen, United Kingdom Title : Director Mandate: 1/03/2017-27/05/2021

LIST OF DIRECTORS, MANAGERS AND AUDITORS (Continued from previous page)

GRAEUBIG Karoline

Hasiemere Road 19, box a, N21 3AB Londen, United Kingdom Title : Director Mandate: 29/05/2017-1/03/2018

Kairos Management PLLC 0649.586.234

Beukenlaan 80, 1653 Dworp, Belgium

Title : Delegated director

Mandate: 1/03/2017-26/08/2018

Represented by:

1. DEBUSSCHERE Tom Beukenlaan 80, 1653 Dworp, Belgium

PricewaterhouseCoopers Bedrijfsrevisoren 0429.501.944 Woluwedal 18, 1932 Sint-Stevens-Woluwe, Belgium Title : Auditor, Membership number : B00009 Mandate: 1/03/2017-28/05/2020 Represented by: 1. Opsomer Peter

Blue Tower 1, Sluisweg 1, box 8, 9000 Gent, Belgium Revisor, Membership number: A01838

DECLARATION ABOUT SUPPLEMENTARY AUDITING OR ADJUSTMENT MISSION

The managing board declares that the assignment neither regarding auditing nor adjusting has been given to a person who was not authorised by law pursuant to art. 34 and 37 of the Law of 22nd April 1999 concerning the auditing and tax professions.

Have the annual accounts been audited or adjusted by an external accountant or auditor who is not an statutory auditor ? $\frac{1}{100}$ No

If YES, mention here after: name, first names, profession, residence-address of each external accountant or auditor, the number of membership with the professional Institute ad hoc and the nature of this engagement:

• A. Bookkeeping of the undertaking **,
• B. Preparing the annual accounts **
• C. Auditing the annual accounts and/or
• D. Adjusting the annual accounts.

If the assignment mentioned either under A or B is performed by authorised accountants or authorised accountants-tax consultants, information will be given on: name, first names, profession and residence-address of each authorised accountant or accountant-lax consultant, his number of membership with the Professional Institute of Accountants and Tax consultants and the nature of this engagement.

Name, first name, profession, residence-address	Number of membership	Nature of the engagement $(A, B, C \text{ and/or } D)$
.

Delete where appropriate.

^** Optional disclosure.

ANNUAL ACCOUNTS

BALANCE SHEET AFTER APPROPRIATION

	Notes	Codes	Period	Previous period
ASSETS
FORMATION EXPENSES	6.1	$20^{\circ}$
FIXED ASSETS And Communications and Communications and		21/28	468.927.446.90	468.927.446.90
Intangible fixed assets and consumer and community	$6.2^{\circ}$	21
Tangible fixed assets	6.3	22/27
Land and buildings		22
Plant, machinery and equipment		23
Fumilure and vehicles		24
Leasing and other rights		25
Other tangible fixed assets		26
Tangible assets under construction and advance payments made		27
Financial fixed assets	6.4/ 6.5.1	28	468,927.446,90	468.927.446,90
Affiliated enterprises	6.15	280/1	468.927.446,90	468.927.446.90
Participating interests		280	468,927,446,90	468.927.446.90
Amounts receivable		281
Other enterprises linked by participating interests	6.15	282/3
		282
Participating interests		283
Amounts receivable Other financial assets		284/8
Shares		284
Amounts receivable and cash guarantees		285/8

	Notes	Codes	Period	Previous period
CURRENT ASSETS CONTROLL CONTROL		29/58	3.207.576.76	8.034.786,50
Amounts receivable after more than one year		29
Trade debtors		290
Other amounts receivable		291
Stocks and contracts in progress		3
Stocks		30/36
Raw materials and consumables		30/31
Work in progress		32
Finished goods		33.
Goods purchased for resale		34
Immovable property intended for sale		35
Advance payments		36
Contracts in progress		37
Amounts receivable within one year communication.		40/41	3.203.720.48	7.878.941.13.
Trade debtors		40	3.127.551.34	7,878.941.13
Other amounts receivable		41	76.169.14
Current investments	6.5.11 6.6	50/53
Own shares		50
Other investments and deposits		51/53
Cash at bank and in hand manuscripture communities		54/58	3.856,28	155.845,37
Deferred charges and accrued income	6.6	490/1
TOTAL ASSETS		20/58	472.135.023.66	476.962.233.40

ł ÷

	Notes	Codes	Period	Previous period
EQUITY AND LIABILITIES
EQUITY ADDRESS CONTRACTORS AND THE CONTRACTORS OF THE CONTRACTORS OF THE CONTRACTORS OF THE CONTRACTORS OF THE CONTRACTORS OF THE CONTRACTORS OF THE CONTRACTORS OF THE CONTRACTORS OF THE CONTRACTORS OF THE CONTRACTORS OF T		10/15	471.236,706.21	471.011.432.44
Capital monocinemal experiences and construction of the company	6.7.1	10	260.589.621,00	260.589.621,00
Issued capital		100	260.589.621,00	260.589.621.00
Uncalled capital 4 manufacture continues and capital		101
Share premium account communication in the premium		11	65.660,376.00	65.660.376.00
Revaluation surpluses		12 1
Reserves		13	147.124.528,32	147.124.528.32
Legal reserve		130
Reserves not available		131
in respect of own shares held		1310
Others		1311
Untaxed reserves		132
Available reserves		133	147.124.528,32	147.124.528,32
Accumulated profits (losses)		14	$-2.137.819.11$	$-2.363.092,88$
Investment grants		15
Advance to associates on the sharing out of the assets 5		19
PROVISIONS AND DEFERRED TAXES		16
Provisions for liabilities and charges		160/5
Pensions and similar obligations		160
Taxation		161
Major repairs and maintenance		162
Environmental liabilities		163
Other risks and costs	6.8	164/5
Deferred taxes		168

$\overline{A}$ Amount to be deducted from the issued capital.

$\overline{\mathbf{5}}$ Amount to be deducted from the other components of equity.

$\Box$

$C$ 3.2

	Notes	Codes	Period	Previous period
AMOUNTS PAYABLE		17/49	898.317,45	5.950.000.96
Amounts payable after more than one year	·6.9.	17
Financial debts		170/4
Subordinated loans		170
Unsubordinated debentures		171
Leasing and other similar obligations www.www.com		172
Credit institutions		173
Other loans		174.
Trade debts		175
Suppliers		1750.
Bills of exchange payable		1751
Advances received on contracts in progress		176
Other amounts payable		178/9
Amounts payable within one year manufactured and	6.9	42/48	898.317.45	5.950.800,96
Current portion of amounts payable after more than one year failing due within one year		42
Financial debts		43
Credit institutions		430/8
Other loans		439
Trade debts		44	777.879,56	2.334.545,86
Suppliers		440/4	777.879,56	2.334.545,86
Bills of exchange payable		441
Advances received on contracts in progress		46
Taxes, remuneration and social security	6.9	45	58.937,89	206,960,83
Taxes		450/3	22.013.29	198.085.41
Remuneration and social security		454/9	36.924,60	8,875,42
Other amounts payable		47/48	61.500,00	3.409.294.27
Accrued charges and deferred income	6.9	492/3
TOTAL LIABILITIES		10/49	472,135.023,66	476.962.233,40

÷ $\ddot{\ddot{z}}$

$\overline{c4}$

INCOME STATEMENT

	Notes	Codes	Period	Previous period
Operating income and charges		70/76A	3.633.673,51	9.831.176.36
TUM TOVOT	6.10	70	3,633,673.51	9.831.176.36
increase (decrease) in stocks of finished goods, work and contracts in progress		71
Own construction capitalised		72
Other operating income	6.10	74
Non-recurring operating income manuscripture and con-	6.12	76A
Operating charges		60/66A	3.409.028,87	12.191.354.85
Raw materials, consumables		60
Purchases		600/8
Decrease (increase) in stocks		609
Services and other goods		61	3.390.223.45	12.169.257.35
Remuneration, social security costs and pensions . (+)/(-)	6.10	62
Depreciation of and amounts written off formation expenses, intangible and tangible fixed assets		630
Increase, Decrease in amounts written off stocks contracts in progress and trade debtors: Appropriations (write-backs)		631/4
Provisions for risks and charges - Appropriations (uses and write-backs)	6.10	635/8
Other operating charges	6.10	640/8	18.805.42	22.097.50
Operation charges carried to assets as restructuring COS(S		649
Non-recurring operating charges	6.12	66A
Operating profit (loss)		9901	224.644.64	$-2.360.178.49$

$\ddot{\ddot{z}}$

	Notes	Codes	Period	Previous period
Financial Income component components and components		75/768	7.760,85
Recurring financial income		75	7.760.85
income from financial fixed assets		750
Income from current assets		751
Other financial Income	6.11	752/9	7.760,85
Non-recurring financial income	6.12	76B
Financial charges	6.11	65/66B	7.131.72	2.914,39
Recurring financial charges		65	7.131.72	2.914.39
Debt charges		650
Amounts written down on current assets except stocks, contracts in progress and trade debtors		651
Other financial charges		652/9	7.131,72	2.914.39
Non recurring financial charges	6.12	66B
Profit (loss) for the period before taxes (+)/(-)		9903.	225,273,77	$-2.363.092,88$
Transfer from postponed taxes		780
Transfer to postponed taxes		680
Income taxes $\ldots$	6.13	67/77
income taxes		670/3
Adjustment of income taxes and write-back of tax provisions		77
Profit (loss) for the period $\ldots$ , $\ldots$ , $\ldots$ , $\ldots$ , $\ldots$ , $(+)$ / $($ -)		9904	225, 273, 77	-2.363.092.88
Transfer from untaxed reserves		789
Transfer to untaxed reserves		689
Profit (loss) for the period available for appropriation $\cdots$		9905	225.273.77	-2.363.092.88

$\overline{c4}$

Nr. 0671.974.626

APPROPRIATION ACCOUNT

Profit (loss) to be appropriated manufacture manufacture (+)(-) Gain (loss) to be appropriated Profit (loss) to be carried forward
Transfers from capital and reserves communication in the manuscriptum
from capital and share premium account from reserves communications in communications and community
Transfers to capital and reserves substitutional continuum continuum
to capital and share premium account
to the legal reserve
to other reserves
Profit (loss) to be carried forward
Owner's contribution in respect of losses
Profit to be distributed www.management.com/www.management.com
Dividends
Director's or managers' entitlements
Workers
Other beneficiaries

Codes	Period	Previous period
99D6	$-2.137.819.11$	-2.363.092.88
(9905)	225.273,77	$-2.363.092,88$
14P	$-2.363.092,88$
791/2		150,000,000,00
791		150.000.000,00
792
691/2		147.124.528.32
691
6920
6921		147.124.528.32
(14)	$-2.137.819,11$	$-2.363.092.88$
794
694/7		2.875.471,68
694		2.875.471.68
695
696
697

$\overline{c5}$

STATEMENT OF FINANCIAL FIXED ASSETS

	Codes	Period	Previous period
AFFILIATED ENTERPRISES - PARTICIPATING INTERESTS AND SHARES
Acquisition value at the end of the period communication continuum	8391P	xxxxxxxxxxxxxx	468.927.446,90
Movements during the period
Acquisitions, including produced fixed assets minimum communication	8361
Sales and disposals monoming monoming and consideration and consideration	8371
Transfers from one heading to another	5381
Acquisition value at the end of the period communication communication	8391	468.927,446,90
Revaluation surpluses at the end of the period manufacture in the manufacture	:8451F	XXXXXXXXXXXXXXX
Movements during the period
Recorded	8411
Acquisitions from third parties	8421
Cancelled promotional construction of the company of the contract of the contract of the	8431
Transfers from one heading to another	8441
Revaluation surpluses at the end of the period make manufacture in the	8451
Amounts written down at the end of the period mummunically interesting	8521P	xxxxxxxxxxxxxx
Movements during the period
Recorded	8471
Written back accommodation common construction of the common common construction	8481
Acquisitions from third parties	8491
Cancelled owing to sales and disposals	8501
Transfers from one heading to another	8511
Amounts written down at the end of the period	8521
Uncalled amounts at the end of the period	8551P	xxxxxxxxxxxxxx
Movements during the period manumulation manumulation manumul+)/(-)	8541
Uncalled amounts at the end of the period	8551
NET BOOK VALUE AT THE END OF THE PERIOD	(280)	468.927.446.90
AFFILIATED ENTERPRISES - AMOUNTS RECEIVABLE
NET BOOK VALUE AT THE END OF THE PERIOD	281P	XXXXXXXXXXXXXXX
Movements during the period
Additions	8581
Repayments	8591
Amounts written down	8601
Amounts written back	8611
Exchange differences	8621
$\Omega$ ther	8631
NET BOOK VALUE AT THE END OF THE PERIOD	(281)
ACCUMULATED AMOUNTS WRITTEN OFF ON AMOUNTS RECEIVABLE AT THE END OF THE PERIOD www.commonweat.common.	8651

INFORMATION RELATING TO THE SHARE IN THE CAPITAL

SHARE IN THE CAPITAL AND OTHER RIGHTS IN OTHER COMPANIES

List of both enterprises in which the enterprise holds a participating interest (recorded in the headings 280 and 282 of assets)
and other enterprises in which the enterprise holds rights (recorded in the headings 284 and

NAME, full address of the REGISTERED OFFICE and for the enterprise governed DY Belgian law, the COMPANY NUMBER	Shares held by				Information from the most recent period for which annual accounts are available
		directly		subsi- Idianes	Primary		Mone-Capital and reserves	Net result
	Nature	Number	%	%	financial statement	tary unit	(+) of (-) (in units)
LSF9 Balta Issuer S.à r.I Boulevard F.W. Raiffelsen 15 L-2411 Luxemburg Luxembourg	Registored shares without nominal value:	137,848.44 6	100,00	0,00	31/12/2017	EUR	289.266,325	-3.238.108

STATEMENT OF CAPITAL AND SHAREHOLDING STRUCTURE

STATEMENT OF CAPITAL	Codes	Period		Previous period
Social capital
Issued capital at the end of the period	100P	XXXXXXXXXXXXXX		260,589,621,00
Issued capital at the end of the period	(100)	260,589.621,00
	Codes	Amounts:		Number of shares
Changes during the period
Structure of the capital Different categories of shares
Shares without nominal value.		260.589.621,00		35.943.396
Registered shares	8702	XXXXXXXXXXXXXX
Shares dematerialized	8703	XXXXXXXXXXXXX		35,943.396
	Codes	Uncalled capital		Capital called, but not paid.
Capital not paid
Uncalled capital	(101)			XXXXXXXXXXXXX
Capital called, but not paid	8712	XXXXXXXXXXXXX
Shareholders having yet to pay up in full
			Codes	Period
OWN SHARES
Held by the company itself
Amount of capital held . het is the is het het het is is is is is in the indicate of the heart is distributed and the islamic complete the side of the islamic			8721
Number of shares held in communications in communications and constructions in communications			8722
Held by the subsidiaries
Amount of capital held . . 1943-1953 1943 1943 1943 1943 1953 1954 1954 1955 1967 1968 1969 1969 1969 1969 1969 1969 1979 1989 1999 1999 1999 1999 1999 199			8731
Number of shares held communication communication communication communication			8732
Commitments to issue shares
Owing to the exercise of conversion rights
Amount of outstanding convertible loans environmental convergencement constructions and converter			8740
Amount of capital to be subscribed			8741
Corresponding maximum number of shares to be issued maximum communication continuum			8742
Owing to the exercise of subscription rights
Number of outstanding subscription rights [11] maintain continuum continuum continuum continuum			8745
Amount of capital to be subscribed municipal manufacture in the continuum continuum construction			8746
Corresponding maximum number of shares to be issued may be consumed to a construct the maximum			8747

Authorized capital, not issued manufactured and communications and constructions and 8751 260.589.621,00

Nr.	0671.974.626			C6.7.1
	Shared Issued, not representing capital		Codes	Period
	Distribution
		Number of shares held incompound communication in a monoton communication of the property	8761
		Number of voting rights attached thereto communications of construction of the communication	8762
	Allocation by shareholder
		Number of shares held by the company itself	8771
		Number of shares held by its subsidairies component communication communications	8781

STRUCTURE OF SHAREHOLDINGS OF THE ENTERPRISE AT YEAR-END CLOSING DATE

as shown by the notifications received by the company in accordance with the Companies Code, Article 631 §2, final paragraph, and
Article 632 §2, final paragraph; the act of 2 May 2007 on the disclosure of major holdings,

Structure of shareholders based on the declarations received in the period up to December 31, 2018

Structure of shareholders $ E$ thousand	At IPO		Current		Upon vesting of the MIP* shares
	iNumber	196	lNumber	1%	INumber	IX.
lLSF9 Balta Holdco S.à r.l.	20.303.957	56.50%	19.856.416		155.20% 119.408.879	154.00%
Management	1273.637	10.80%	397.414	1.10%	633.592	1.80%
Public	15.365.802	142,80%	15.689.566	43.70%	15.900.925	144.20%
	35.943.396	100%	35.943.396	100%	35.943.396	1100%

*MIP = Management Incentive Plan

STATEMENT OF AMOUNTS PAYABLE, ACCRUED CHARGES AND DEFERRED INCOME

	Codes	Period
BREAKDOWN OF AMOUNTS PAYABLE WITH AN ORIGINAL PERIOD TO MATURITY OF MORE THAN ONE YEAR, ACCORDING TO THEIR RESIDUAL TERM
Current portion of amounts payable after more than one year falling due within one year
Financial debts	8801
Subordinaled loans	8611
Unsubordinated debentures with an anti-communication of the continuum communication of	8821
Leasing and other similar obligations management and construction and constructions	8831
Credit institutions	8841
Other loans manufacture in communication in the international communication in the international content	8851
Trade debis	8861
Suppliers	8871
Bills of exchange payable	8881
Advance payments received on contracts in progress	8891
Other amounts payable maintenancement and concernancement and concernance in the concernance	8901
Total amounts payable after more than one year, not more than one year manufactured manufacture	(42)
Amounts payable after more than one year, between one and five years
Financial debts	8802
Subordinated Joans	8612
Unsubordinated debentures	8822
Leasing and other similar obligations	8832
Credit institutions	8842
Olher loans and the commutation of the commutation of the commutation of the commutation of the commutation of	8852
Trade debts mannouannessen monumentale minimisere en monumentale commencementale	8862
Suppliers	8872
Bills of exchange payable announcement construction community and construction of exchange payable	8882
Advance payments received on contracts in progress	8892
Other amounts payable www.communication.com/communication.com/communication.com/communication	8902
Total amounts payable after more than one year, between one and five years mummummum	8912
Amounts payable after more than one year, over five years
Financial debts	8803
Subordinated loans	8813
Unsubordinated debentures	8823
Leasing and other similar obligations	8833
Credit institutions and communications construction and construction and communications and construction	8843
Other loans manimum and an equipment of the community of the local production of the loan of the community of the loan of the community of the loan of the community of the community of the community of the community of the	8853
Trade debts	8863
Suppliers	8873
Bills of exchange payable	8883
Advance payments received on contracts in progress	8893
Other amounts payable successive consequences consequences are approximately consequences in	8903
Total amounts payable after more than one year, over five years	8913

	Codes	Period
AMOUNTS PAYABLE GUARANTEED (headings 17 and 42/48 of liabilities)
Amounts payable guaranteed by Belgian public authorities
Financial debts ………………………………………………………………………………………………	8921
Subordinated loans	8931
Unsubordinated debentures	8941
Leasing and other similar obligations	8951
Credit institutions ………………………………………………………………………………………………	8961
Other loans	8971
Trade debts	8981
Suppliers	8991
Bills of exchange payable	9001
Advance payments received on contracts in progress	9011
Remuneration and social security	9021
Other amounts payable	9051
Total amounts payable guaranteed by Belgian public authorities www.manuteum.manuteum.com	9061
Amounts payable guaranteed by real guarantees given or Irrevocably promised by the enterprise on its own assets
Financial debts ………………………………………………………………………………………………	8922
Subordinated loans	8932
Unsubordinated debentures	8942
Leasing and other similar obligations	8952
Credit institutions ………………………………………………………………………………………………	8962
Other loans	8972
Trade debts ………………………………………………………………………………………………	8982
Suppliers	8992
Bills of exchange payable	9002
Advance payments received on contracts in progress	9012
Taxes, remuneration and social security (i.e. m. m. m. m. m. m. m. m. m. m. m. m. m.	9022
Taxes	9032
Remuneration and social security	9042
Other amounts payable	9052
Total amounts payable guaranteed by real guarantees given or irrevocably promised by the enterprise on its own assets consumer and consumer and consumer and consumer and consumer	9062

	Codes	Period
AMOUNTS PAYABLE FOR TAXES, REMUNERATION AND SOCIAL SECURITY
Taxes (headings 450/3 and 178/9 of the liabilities)
Expired taxes payable	9072
Non expired taxes payable	9073	22.013.29
Estimated taxes payable	450
Remuneration and social security (headings 454/9 and 178/9 of the liabilities)
Amount due to the National Office of Social Security (manumental manumental construction manumental	9076
Other amounts payable relating to remuneration and social security	9077	36.924.60

٦

Ť, ÷.

Nr. 0671.974.626	C 6.9
ACCRUED CHARGES AND DEFERRED INCOME	Period
Allocation of heading 492/3 of liabilities if the amount is significant

$\frac{1}{4}$ $\ddot{\phantom{a}}$

OPERATING RESULTS

VELIVITING NLOVETV	Codes	Period	Previous period
OPERATING INCOME
Net turnover
Broken down by categories of activity
Affocation into geographical markets
Other operating income
Operating subsidies and compensatory amounts received from public authorities	740
OPERATING COSTS
Employees for whom the company has submitted a DIMONA declaration or are recorded in the general personnel register
Total number at the closing date	9086
Average number of employees calculated in full-time equivalents	9087
Number of actual worked hours.	9088
Personnel costs
Remuneration and direct social benefits	620
Employers' social security contributions manufactured contractors and	621
Employers' premiums for extra statutory insurances	622
Other personnel costs	623
Old-age and widows' pensions successive construction and continuously	624

0671.974.626 $\sqrt{Nr}$

	Codes	Period	Previous period
Provisions for pensions
Additions (uses and write-back)	635
Amounts written off
Stocks and contracts in progress
Recorded	9110
Written back	9111
Trade debtors
Recorded	9112
Written back	9113
Provisions for risks and charges
Additions	9115
Uses and write-back	9116
Other operating charges
Taxes related to operation	640	347.50	347,50
Other charges	641/8	18.457,92	21.750.00
Hired temporary staff and persons placed at the enterprise's disposal
Total number at the closing date communication of communications of	9096
Average number calculated as full-time equivalents	9097
Number of actual worked hours	9098
Charges to the enterprise measurements and consumer and consumer	617

INCOME TAXES AND OTHER TAXES

	Codes	Period
INCOME TAXES
Income taxes on the result of the period	9134
Income taxes paid and withholding taxes due or paid	9135
Excess of income tax prepayments and withholding taxes paid recorded under assets	9136
Estimated additional taxes	9137
Income taxes on the result of prior periods	9138
Additional income taxes due or paid	9139
Additional income taxes estimated or provided for numeron manufacture continuum manufacture	9140
In so far as taxes of the period are materially affected by differences between the profit before taxes as stated in annual accounts and the estimated taxable profit
Use loss carried forward		225.650,54
Non deductible expenses		.376.77
		Period

Impact of non recurring results on the amount of the income taxes relating to the current period

	Codes	Period
Status of deferred taxes
Deferred taxes representing assets	9141	2.131.566,02
Accumulated tax losses deductible from future taxable profits	9142	2.131.566.02
Passieve fatenties procedure communication continued to the continuum continuum construction of the continuum of	9144
Allocation of deferred taxes representing liabilities

Codes	Period	Previous period
9145	598.914.79	764.708,24
9146	661.350.02	957.502.41
9147	132.240.53	39,684.58
9148	339.807,53

RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET

	Codes	Period
PERSONAL GUARANTEES PROVIDED OR IRREVOCABLY PROMISED BY THE ENTERPRISE AS SECURITY FOR DEBTS AND COMMITMENTS OF THIRD PARTIES And Commitment Commitment	9149
Of which
Bills of exchange in circulation endorsed by the enterprise	9150
Bills of exchange in circulation drawn or guaranteed by the enterprise	9151
Maximum amount for which other debts or commitments of third parties are guaranteed by the enterprise annonnammannon anno anno anno anno anno	9153
REAL GUARANTEES
Real guarantees provided or irrevocably promised by the enterprise on its own assets as security of debts and commitments of the enterprise
Mortgages
Book value of the immovable properties mortgaged	9161
Amount of registration	.9171
Pledging of goodwill - Amount of the registration	9181
Pledging of other assets - Book value of other assets pledged	9191	468,927,446,90
Guarantees provided on tuture assets - Amount of assets involved	9201
Real guarantees provided or irrevocably promised by the enterprise on its own assats as security of debts and commitments of third parties
Mortgages
Book value of the immovable properties mortgaged	9162
Amount of registration communication in the constitution of the communication of the contractor of the	9172
Pledging of goodwill - Amount of the registration	9182
Pledging of other assets - Book value of other assets pledged	9192
Guarantees provided on future assets - Amount of assets involved manuscription in the component	9202

	Codes	Period
GOODS AND VALUES, NOT DISCLOSED IN THE BALANCE SHEET, HELD BY THIRD PARTIES IN THEIR OWN NAME BUT AT RISK TO AND FOR THE BENEFIT OF THE ENTERPRISE
SUBSTANTIAL COMMITMENTS TO ACQUIRE FIXED ASSETS
SUBSTANTIAL COMMITMENTS TO DISPOSE OF FIXED ASSETS
FORWARD TRANSACTIONS
Goods purchased (to be received) manuature communications and constructions of the community	9213
Goods sold (to be delivered) magazinaminaminaminaminaminaminaminaminaminam	9214
Currencies purchased (to be received)	9215
Currencles sold (to be delivered)	9216

RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET

COMMITMENTS RELATING TO TECHNICAL GUARANTEES IN RESPECT OF SALES OR SERVICES

AMOUNT, NATURE AND FORM CONCERNING LITIGATION AND OTHER IMPORTANT COMMITMENTS

SUPPLEMENT RETIREMENTS OR SURVIVORS PENSION PLANS IN FAVOUR OF THE PERSONNEL OR THE EXECUTIVES OF THE ENTERPRISE

Brief description

0671,974,626

Nr.

Measures taken by the enterprise to cover the resulting charges

	Code	Period
PENSIONS FUNDED BY THE ENTERPRISE Estimated amount of the commitments resulting from past services manumental commitment Methods of estimation	9220
		Period
NATURE AND FINANCIAL IMPACT OF SIGNIFICANT EVENTS AFTER THE CLOSING DATE NOT INCLUDED IN THE BALANCE SHEET OR THE INCOME STATEMENT
		Period
COMMITMENTS TO PURCHASE OR SALE AVAILABLE TO THE COMPANY AS ISSUER OF OPTIONS FOR SALE OR PURCHASE
		Period
NATURE AND COMMERCIAL OBJECTIVE OF TRANSACTIONS NOT REFLECTED IN THE BALANCE SHEET
Provided that the risks or advantages coming from these transactions are significant and if the disclosure of the risks or advantages is necessary to appreciate the financial situation of the company

$C_6.14$

Period
٠

$\sqrt{\frac{C}{C}}$

Nr. 0671.974.626

$C6.14$

RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET

OTHER RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET (including those which can not be quantified)

	Period	٠
		ï	٠

	Codes	Period	Previous period
AFFILIATED ENTERPRISES
Financial fixed assets	(280/1)	468.927.446.90	468.927.446.90
Participating interests and communications in the communication of the community	(280)	466.927.446,90	468.927.446,90
Subordinated amounts receivable	9271
Other amounts receivable	9281
Amounts receivable	9291	3.127.551,34	7.878.941.13
Over one year	9301
Within one year	9311	3.127.551,34	7.878.941,13
Current Investments	9321
$\mathsf{Shares}$	9331
Amounts receivable	9341
Amounts payable ,	9351	111.158.26	1.386.721,85
Over one year	9361
Within one year	9371	111.158.26	1.386.721.85
Personal and real guarantees
Provided or irrevocably promised by the enterprise as security for debts or commitments of affiliated enterprises	9381	468.927.446,90	468.927.446.90
Provided or irrevocably promised by affiliated enterprises as security for debts or commitments of the enterprise	9391
Other significant financial commitments
Financial results
Income from financial fixed assets	9421
income from current assets	9431
Other financial income	9441
Debt charges	9461
Other financial charges manumeral communication communications and	9471
Disposal of fixed assets
Capital gains obtained communications are communicated in products	9481
Capital losses suffered communications are consuming and consumer	9491

Null

÷.

	Codes	Period	Previous period
ASSOCIATED ENTERPRISES
Financial fixed assets communication in communication and contract the	9253
Participating interests communications communications and community	9263
Subordinated amounts receivable	9273
Other amounts receivable	9283
Amounts receivable manufactured and communications are an analyzed	9293
Over one year	9303
Within one year	9313
Amounts payable	9353
Over one year	9363
Within one year	9373
Personal and real guarantees
Provided or krevocably promised by the enterprise as security for debts or commitments of associated enterprises	9383
Provided or irrevocably promised by associated enterprises as security for debts or commitments of the enterprise	9393
Other significant financial commitments	9403
OTHER ENTERPRISES LINKED BY PARTICIPATING INTERESTS
Financial fixed assets	9252
Participating interests	9262
Subordinated amounts receivable	9272
Other amounts receivable manufactured component communications.	9282
Amounts receivable procedures and construction of the contractor of the Amount of the Amount of the Amount of	9292
Over one year	9302
Within one year	9312
Amounts payable minimum manufacture communication and continues	9352
Over one year	9362
Within one year	9372

TRANSACTIONS WITH ENTERPRISES LINKED BY PARTICIPATING INTERESTS OUT OF MARKET CONDITIONS

Mention of these transactions if they are significant, including the amount of the transactions, the nature of the link, and all information about the transactions which should be necessary to get a better understanding of

Period

Nr. 0671,974.626

FINANCIAL RELATIONSHIPS WITH

ENTERPRISES CONTROLLED BY THESE PERSONS
Amounts receivable from these persons recommendational construction of the contract construction	9500
Conditions on amounts receivable, rate, duration, possibly reimbursed amounts, canceled amounts or renounced amounts
Guarantees provided in their favour communication and construction and construction and	9501
Other significant commitments undertaken in their favour commission commission consumers	9502
Amount of direct and indirect remunerations and pensions, included in the income statement, as long as this disclosure does not concern exclusively or mainly, the situation of a single identifiable person
To directors and managers	9503	992.512.42
To former directors and former managers	9504

	Codes	Period
AUDITORS OR PEOPLE THEY ARE LINKED TO
Auditor's fees	9505.	44,680,00
Fees for exceptional services or special missions executed in the company by the auditor
Other attestation missions	95061
Tax.consultancy	95062
Other missions external to the audit	95063
Fees for exceptional services or special missions executed in the company by people they are linked to
Other attestation missions ********	95081
Tax consultancy concommunication and consumer the consumer and consumer and consumer that	95082
Other missions external to the audit	95083

Mentions related to article 133, paragraph 6 from the Companies Code

The audit committee of Balta Group NV approved the Auditor's fees paid for other attestation missions and other missions external to the audit for the entire Balta Group.

INFORMATION RELATING TO CONSOLIDATED ACCOUNTS

INFORMATION TO DISCLOSE BY EACH ENTERPRISE THAT IS SUBJECT TO COMPANY LAW ON THE CONSOLIDATED ACCOUNTS OF ENTERPRISES

The enterprise has drawn up published a consolidated annual statement of accounts and a management report*

The enterprise has not published a consolidated annual statement of accounts and a management report, since it is exempt for this cobligation for the following reason

-The enterprise and its suberdiaries on consolidated basis exceed not more than one of limits mentioned in art 46 of Company Lawt

The enterprise only has subsidiaries which, considering the assessment of the consolidated assets, consolidated financial position or consolidated results, individual or together, are of a negligible size* (Art. 410 of Gempany Law)

The enterprise itself is a subsidiary of an enterprise which does prepare and publish consolidated accounts in which annual accounts -of the enterprise are included*

Name, full address of the registered office and, for an enterprise governed by Belgian Law, the company number of the parent company(ies) and the specification whether the parent company(ies) prepare(s) and publish(es) consolidated annual accounts in which the annual accounts of the enterprise are included**

If the parent company(les) is (are) (an) enterprise(s) governed by foreign law disclose where the consolidated accounts can be obtained**

Delete where no appropriate.

Where the accounts of the enterprise are consolidated at different levels, the information should be given for the consolidated aggregate at the highest level on the one hand and the lowest level on the other hand of which the enterprise is a subsidiary and for which consolidated accounts are prepared and published.

FINANCIAL RELATIONSHIPS OF THE GROUP LED BY THE ENTERPRISE IN BELGIUM WITH AUDITORS OR WITH PEOPLE THEY ARE LINKED TO

	Codes	Period
Mentions related to article 134, paragraphs 4 and 5 from the Companies Code
Auditor's fees according to a mandate at the group level led by the company publishing the information tikkooneesistavaleen myös keskosaan osa loon ta elemeet teritoota maalinet teritoota maalineet teritoota element	9507	270,810,00
Fees for exceptional services or special missions executed in these group by the auditor
Other attestation missions $\label{prop:main} In particular, there exists a nontrivial property is a nontrivial property, and we have a nontrivial property is a nontrivial property.$	95071	39.638.00
Tax consultancy equipments requirements and consumer the consumer consumer and consultance	95072
Other missions external to the audit manufacture extensive continuous construction of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the cont	95073
Fees to people auditors are linked to according to the mandate at the group level led by the company publishing the information communication in the communication in the communication of the community of	9509
Fees for exceptional services or special missions executed in the group by people they are linked to
Other attestation missions communication communication construction communication	95091
Tax.consultancy ;	95092
Other missions external to the audit communication communications are communicated in the contractors.	95093

Mentions related to article 133, paragraph 6 from the Companies Code

$\mathbf{r}$

VALUATION RULES

In accordance with the Royal resolution of the Belgian Company code of art, 28§1, the following valuation rules were applied which are approved by the Board of Directors:

Formation and restructuring expenses: the formation and restructuring expenses are immediately recognized in the Income statement.

Financial fixed assets: are valued at historical cost. Revaluations are only booked when they are sustainable and fixed, Impairment losses are only recognized in the event of sustainable losses or depreciation, justified by the condition, profitability and the future outlook of the company in which the participations or the shares are held.

Debts and receivables: valued at nominal value taking into account the possible collectability of the receivables. At the end of the financial year, debts and receivables are revaluated using the exchange rates as published by the European Central Bank (ECB). The negative exchange rate differences are recognized in the income statement Provision for doubtful debtors take into account the amounts covered by the credit insurance. Doubtful receivables which are not insured. are depreciated in function of the recoverability of the debt.

Grants and other compensating amounts: are included in the income statement at the moment the related costs are recognized in the income statement.

Provisions for ilabilities and charges: are set up to cover losses or charges that are probable or certain at the balance sheet date but for which the amount is not vet certain.

Accrued and deferred charges and accrued and deferred income: valued at nominal value to ascertain a correct recognition in the income statement in the correct financial year.

In the case the balance shows a loss carried forward or the income statement of the financial year and the income statement of the previous year shows a loss in two consecutive periods, in accordance with article 96, §1, 6° of the Belgian Companies Code, the annual report contains a justification of the application of the valuation rules under going concern.

The Company incurred a number of one-off costs which related to the formation of the Company and the IPO. These one-off costs have been financed with cash received from the capital increase. The remaining portion of the capital increase received in cash was used to berform a capital increase in LSF9 Balta Issuer S.à r.f.

The Board proposes to apply the valuation rules under going concern.