EXMAR NV

Annual Report • Apr 19, 2019

40					1	USD
NAT.	Date of the deposition		No. 0860.409.202	pp.	E.	D.	C 1
	ANNUAL ACCOUNTS AND OTHER DOCUMENTS TO BE DEPOSITED IN ACCORDANCE WITH THE COMPANIES CODE
IDENTIFICATION (on the date of deposition)
NAME:	EXMAR
	Legal form: PLC
Address: De Gerlachekaai							Nr.: 20
Postal Code:	2000		City: Antwerpen
Country:	Belgium
Register of Legal Persons (RLP) - Office of the Business Court at: Antwerpen, Division Antwerpen 1 Internet address :
	0860.409.202 Company number:
17/09/2018 DATE of the deposition of the partnership deed OR of the most recent document mentioning the date of publication of the partnership deed and the act changing the articles of association.
	2 ANNUAL ACCOUNTS IN USD (2 decimals)
	ANNUAL ACCOUNTS approved by by the General Meeting of 21/05/2019
concerning the financial year covering the period from 01/01/2018 till						31/12/2018
Previous period from 01/01/2017 till 31/12/2017
	3 The amounts of the previous financial year are / are not identical to those which have been previously published.

Total number of pages deposited: Number of the pages of the standard form not deposited for not being of service: 47 6.1, 6.2.1, 6.2.2, 6.2.4, 6.2.5, 6.3.1, 6.3.4, 6.3.5, 6.3.6, 6.5.2, 6.17, 6.20, 7, 8, 9, 11, 12, 13, 14, 15, 16

Signature (name and position)

Signature (name and position)

Optional statement. 1

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

³ Delete where appropriate.

LIST OF DIRECTORS, MANAGERS AND AUDITORS AND DECLARATION ABOUT SUPPLEMENTARY AUDITING OR ADJUSTMENT MISSION

LIST OF DIRECTORS, MANAGERS AND AUDITORS

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

DELBAERE MICHEL

Title : Director Mandate : 17/05/2016- 21/05/2019 Grote Heerweg 187, 8790 Waregem, Belgium

Deloitte Bedrijfsrevisoren CVBA / Deloitte Réviseurs d'Entreprises SCRL CALL 0429.053.863

Gateway building, Luchthaven Brussel Nationaal 1J, 1930 Zaventem, Belgium

Title : Auditor, Membership number : B00025

Mandate : 16/05/2017- 19/05/2020

Represented by:

• Vanhees Gert 1.
  • Luchthaven Nationaal 1 , box J, 1930 Zaventem, Belgium
  • , Membership number : A01724

SAVERYS NICOLAS

Title : Director Mandate : 15/05/2018- 18/05/2021 Kasteelstraat 22, 9250 Waasmunster, Belgium

JALCOS PLC 0477.516.746

Title : Director Mandate : 16/05/2017- 19/05/2020 Zinkvalstraat 5, 2630 Aartselaar, Belgium

SAVERYS PAULINE

Title : Director Mandate : 15/05/2018- 18/05/2021 Hoogvorstweg 30, 3080 Tervuren, Belgium

BODSON PHILIPPE

Title : Director Mandate : 15/05/2018- 18/05/2021 Avenue Molière 200, 1000 Brussel 1, Belgium

VLERICK PHILIPPE

Title : Director Mandate : 16/05/2017- 19/05/2020 Ronselaarstraat 2, 8510 Bellegem, Belgium

SAVERYS ARIANE

Title : Director Mandate : 15/05/2018- 18/05/2021 Weverstraat 80, 9250 Waasmunster, Belgium LIST OF DIRECTORS, MANAGERS AND AUDITORS (Continued from previous page)

ISMAR JENS

Title : Director Mandate : 17/05/2016- 21/05/2019 Lindeberg Veien 41, 1358 Jar, Norway

SAVERYS BARBARA

Title : Director Mandate : 15/05/2018- 18/05/2021 Heistraat 16, 9052 Zwijnaarde, Belgium

EISBRENNER KATHLEEN

Title : Director Mandate : 15/05/2018- 18/05/2021 214 Tranquil Path , 77370 The Woodlands, Texas, United States of America 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.

Yes / No Have the annual accounts been audited or adjusted by an external accountant or auditor who is not an statutory auditor ?

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-tax 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 and/or D)

^* Delete where appropriate.

^** Optional disclosure.

BALANCE SHEET AFTER APPROPRIATION

	Notes	Codes	Period	Previous period
ASSETS
FORMATION EXPENSES		20
FIXED ASSETS		21/28	619.567.960,67	674.578.757,89
Intangible fixed assets		21	141.538,54	230.695,89
Tangible fixed assets	6.3	22/27	252.900,32	336.984,93
Land and buildings		22
Plant, machinery and equipment		23	205.946,00	211.735,40
Furniture and vehicles		24	46.954,32	125.249,53
Leasing and other rights		25
Other tangible fixed assets		26
Tangible assets under construction and advance payments made		27
	6.4 /
Financial fixed assets	6.5.1	28	619.173.521,81	674.011.077,07
Affiliated enterprises	6.15	280/1	618.932.520,78	673.770.076,04
Participating interests		280	122.403.120,70	122.402.662,54
Amounts receivable		281	496.529.400,08	551.367.413,50
Other enterprises linked by participating interests	6.15	282/3	240.550,92	240.550,92
Participating interests		282	240.550,92	240.550,92
Amounts receivable		283
Other financial assets		284/8	450,11	450,11
Shares		284	80,18	80,18
Amounts receivable and cash guarantees		285/8	369,93	369,93

	Notes	Codes	Period	Previous period
CURRENT ASSETS		29/58	117.272.992,78	88.097.299,51
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		40/41	79.250.120,74	36.848.341,20
Trade debtors		40	4.057.875,56	3.388.083,75
Other amounts receivable		41	75.192.245,18	33.460.257,45
Current investments	6.5.1 / 6.6	50/53	19.587.227,66	33.827.434,97
Own shares		50	15.565.258,89	19.227.571,35
Other investments and deposits		51/53	4.021.968,77	14.599.863,62
Cash at bank and in hand		54/58	18.200.401,11	17.092.082,67
Deferred charges and accrued income	6.6	490/1	235.243,27	329.440,67
TOTAL ASSETS		20/58	736.840.953,45	762.676.057,40

	Notes	Codes	Period	Previous period
EQUITY AND LIABILITIES
EQUITY		10/15	659.229.639,35	649.049.811,77
Capital	6.7.1	10	88.811.667,00	88.811.667,00
Issued capital		100	88.811.667,00	88.811.667,00
4 Uncalled capital		101
Share premium account		11	209.901.923,77	209.901.923,77
Revaluation surpluses		12
Reserves		13	86.338.265,57	90.000.577,83
Legal reserve		130	8.881.166,70	8.881.166,70
Reserves not available		131	15.936.090,48	19.598.402,74
In respect of own shares held		1310	15.565.259,09	19.227.571,35
Others		1311	370.831,39	370.831,39
Untaxed reserves		132	61.521.008,39	61.521.008,39
Available reserves		133
Accumulated profits (losses) (+)/(-)		14	274.177.783,01	260.335.643,17
Investment grants		15
Advance to associates on the sharing 5 out of the assets		19
PROVISIONS AND DEFERRED TAXES		16	337.361,88	2.696.964,17
Provisions for liabilities and charges		160/5	337.361,88	2.696.964,17
Pensions and similar obligations		160
Taxation		161
Major repairs and maintenance		162
Environmental liabilities		163
Other risks and costs	6.8	164/5	337.361,88	2.696.964,17
Deferred taxes		168

⁴ Amount to be deducted from the issued capital.

⁵ Amount to be deducted from the other components of equity.

.........

	Notes	Codes	Period	Previous period
AMOUNTS PAYABLE		17/49	77.273.952,22	110.929.281,46
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		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	6.9	42/48	77.273.952,22	110.929.281,46
Current portion of amounts payable after more than one year falling due within one year		42
Financial debts		43
Credit institutions		430/8
Other loans		439
Trade debts		44	1.216.873,77	720.414,05
Suppliers		440/4	1.216.873,77	720.414,05
Bills of exchange payable		441
Advances received on contracts in progress		46
Taxes, remuneration and social security	6.9	45	2.066.069,10	882.233,92
Taxes		450/3	1.731.037,93	387.906,25
Remuneration and social security		454/9	335.031,17	494.327,67
Other amounts payable		47/48	73.991.009,35	109.326.633,49
Accrued charges and deferred income	6.9	492/3
TOTAL LIABILITIES		10/49	736.840.953,45	762.676.057,40

INCOME STATEMENT

	Notes	Codes	Period	Previous period
Operating income and charges		70/76A	3.846.154,16	5.667.746,55
Turnover	6.10	70	3.626.471,07	5.622.391,97
Increase (decrease) in stocks of finished goods, work and contracts in progress (+)/(-)		71
Own construction capitalised		72
Other operating income	6.10	74	219.683,09	45.354,58
Non-recurring operating income	6.12	76A
Operating charges Raw materials, consumables		60/66A 60	9.551.312,97	10.833.698,46
Purchases		600/8
Decrease (increase) in stocks (+)/(-)		609
Services and other goods		61	7.609.382,74	6.881.773,87
Remuneration, social security costs and pensions (+)/(-)	6.10	62	3.237.170,14	3.195.293,21
Depreciation of and amounts written off formation expenses, intangible and tangible fixed assets		630	362.338,17	569.177,53
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	-2.359.602,29
Other operating charges	6.10	640/8	443.078,78	187.453,85
Operation charges carried to assets as restructuring costs (-)		649
Non-recurring operating charges	6.12	66A	258.945,43
Operating profit (loss) (+)/(-)		9901	-5.705.158,81	-5.165.951,91

	Notes	Codes	Period	Previous period
Financial income		75/76B	24.787.624,78	133.306.233,92
Recurring financial income		75	24.787.624,78	38.151.524,41
Income from financial fixed assets		750	22.269.278,45	32.534.683,34
Income from current assets		751	1.812.075,25	3.169.077,42
Other financial income	6.11	752/9	706.271,08	2.447.763,65
Non-recurring financial income	6.12	76B		95.154.709,51
Financial charges	6.11	65/66B	7.606.118,70	16.772.563,98
Recurring financial charges		65	7.606.118,70	13.772.564,98
Debt charges		650	1.732.196,94	8.396.728,89
Amounts written down on current assets except
stocks, contracts in progress and trade debtors (+)/(-)		651	1.620.498,19	1.339.393,09
Other financial charges		652/9	4.253.423,57	4.036.443,00
Non recurring financial charges	6.12	66B		2.999.999,00
Profit (loss) for the period before taxes (+)/(-)		9903	11.476.347,27	111.367.718,03
Transfer from postponed taxes		780
Transfer to postponed taxes		680
Income taxes (+)/(-)	6.13	67/77	1.296.519,69	311.897,22
Income taxes		670/3	1.296.519,69	311.897,22
Adjustment of income taxes and write-back of tax provisions		77
Profit (loss) for the period (+)/(-)		9904	10.179.827,58	111.055.820,81
Transfer from untaxed reserves		789
Transfer to untaxed reserves		689
Profit (loss) for the period available for appropriation (+)/(-)		9905	10.179.827,58	111.055.820,81

APPROPRIATION ACCOUNT

Profit (loss) to be appropriated (+)/(-)	9906	270.515.470,75
Gain (loss) to be appropriated (+)/(-)	(9905)	10.179.827,58
Profit (loss) to be carried forward (+)/(-)	14P	260.335.643,17
Transfers from capital and reserves	791/2	3.662.312,26
from capital and share premium account	791
from reserves	792	3.662.312,26	2.529.401,55
Transfers to capital and reserves	691/2
to capital and share premium account	691
to the legal reserve	6920
to other reserves	6921
Profit (loss) to be carried forward (+)/(-)	(14)	274.177.783,01
Owner's contribution in respect of losses	794
Profit to be distributed	694/7
Dividends	694
Director's or managers' entitlements	695
Workers	696
Other beneficiaries	697

Codes	Period	Previous period
9906	270.515.470,75	257.806.241,62
(9905)	10.179.827,58	111.055.820,81
14P	260.335.643,17	146.750.420,81
791/2	3.662.312,26	2.529.401,55
791
792
691/2
691
6920
6921
(14)	274.177.783,01	260.335.643,17
794
694/7
694
695
696
697

	Codes	Period	Previous period
CONCESSIONS, PATENTS, LICENCES, KNOWHOW, BRANDS AND SIMILAR RIGHTS
Acquisition value at the end of the period	8052P	xxxxxxxxxxxxxxx	1.159.019,42
Movements during the period
Acquisitions, including produced fixed assets	8022	33.701,11
Sales and disposals	8032
Transfers from one heading to another (+)/(-)	8042
Acquisition value at the end of the period	8052	1.192.720,53
Depreciation and amounts written down at the end of the period	8122P	xxxxxxxxxxxxxxx	928.323,53
Movements during the period
Recorded	8072	122.858,46
Written back	8082
Acquisitions from third parties	8092
Cancelled owing to sales and disposals	8102
Transfers from one heading to another (+)/(-)	8112
Depreciation and amounts written down at the end of the period	8122	1.051.181,99
NET BOOK VALUE AT THE END OF THE PERIOD	211	141.538,54

............. .....

	Codes	Period	Previous period
PLANT, MACHINERY AND EQUIPMENT
Acquisition value at the end of the period	8192P	xxxxxxxxxxxxxxx	934.300,10
Movements during the period
Acquisitions, including produced fixed assets	8162	158.522,95
Sales and disposals	8172
Transfers from one heading to another (+)/(-)	8182
Acquisition value at the end of the period	8192	1.092.823,05
Revaluation surpluses at the end of the period	8252P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8212
Acquisitions from third parties	8222
Cancelled	8232
Transfers from one heading to another (+)/(-)	8242
Revaluation surpluses at the end of the period	8252
Depreciation and amounts written down at the end of the period	8322P	xxxxxxxxxxxxxxx	722.564,70
Movements during the period
Recorded	8272	164.312,35
Written back	8282
Acquisitions from third parties	8292
Cancelled owing to sales and disposals	8302
Transfers from one heading to another (+)/(-)	8312
Depreciation and amounts written down at the end of the period	8322	886.877,05
NET BOOK VALUE AT THE END OF THE PERIOD	(23)	205.946,00

............. ............. .....

................................

	Codes	Period	Previous period
FURNITURE AND VEHICLES
Acquisition value at the end of the period	8193P	xxxxxxxxxxxxxxx	422.015,78
Movements during the period
Acquisitions, including produced fixed assets	8163
Sales and disposals	8173	84.180,14
Transfers from one heading to another (+)/(-)	8183
Acquisition value at the end of the period	8193	337.835,64
Revaluation surpluses at the end of the period	8253P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8213
Acquisitions from third parties	8223
Cancelled	8233
Transfers from one heading to another (+)/(-)	8243
Revaluation surpluses at the end of the period	8253
Depreciation and amounts written down at the end of the period	8323P	xxxxxxxxxxxxxxx	296.766,25
Movements during the period
Recorded	8273	75.167,36
Written back	8283
Acquisitions from third parties	8293
Cancelled owing to sales and disposals	8303	81.052,29
Transfers from one heading to another (+)/(-)	8313
Depreciation and amounts written down at the end of the period	8323	290.881,32
NET BOOK VALUE AT THE END OF THE PERIOD	(24)	46.954,32

............. ............. .....

................................

STATEMENT OF FINANCIAL FIXED ASSETS

	Codes	Period	Previous period
AFFILIATED ENTERPRISES - PARTICIPATING INTERESTS AND SHARES
Acquisition value at the end of the period	8391P	xxxxxxxxxxxxxxx	207.194.505,78
Movements during the period
Acquisitions, including produced fixed assets	8361	458,16
Sales and disposals	8371
Transfers from one heading to another (+)/(-)	8381
Acquisition value at the end of the period	8391	207.194.963,94
Revaluation surpluses at the end of the period	8451P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8411
Acquisitions from third parties	8421
Cancelled	8431
Transfers from one heading to another (+)/(-)	8441
Revaluation surpluses at the end of the period	8451
Amounts written down at the end of the period	8521P	xxxxxxxxxxxxxxx	84.594.145,17
Movements during the period
Recorded	8471
Written back	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	84.594.145,17
Uncalled amounts at the end of the period	8551P	xxxxxxxxxxxxxxx	197.698,07
Movements during the period (+)/(-)	8541
Uncalled amounts at the end of the period	8551	197.698,07
NET BOOK VALUE AT THE END OF THE PERIOD	(280)	122.403.120,70
AFFILIATED ENTERPRISES - AMOUNTS RECEIVABLE
NET BOOK VALUE AT THE END OF THE PERIOD	281P	xxxxxxxxxxxxxxx	551.367.413,50
Movements during the period
Additions	8581	59.040.196,33
Repayments	8591	134.715.495,00
Amounts written down	8601
Amounts written back	8611
Exchange differences (+)/(-)	8621
Other (+)/(-)	8631	20.837.285,25
NET BOOK VALUE AT THE END OF THE PERIOD	(281)	496.529.400,08
ACCUMULATED AMOUNTS WRITTEN OFF ON AMOUNTS RECEIVABLE AT THE END OF THE PERIOD	8651

	Codes	Period	Previous period
ENTERPRISES LINKED BY A PARTICIPATING INTEREST - PARTICIPATING INTERESTS AND SHARES
Acquisition value at the end of the period	8392P	xxxxxxxxxxxxxxx	240.550,92
Movements during the period
Acquisitions, including produced fixed assets	8362
Sales and disposals	8372
Transfers from one heading to another (+)/(-)	8382
Acquisition value at the end of the period	8392	240.550,92
Revaluation surpluses at the end of the period	8452P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8412
Acquisitions from third parties	8422
Cancelled	8432
Transfers from one heading to another (+)/(-)	8442
Revaluation surpluses at the end of the period	8452
Amounts written down at the end of the period	8522P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8472
Written back	8482
Acquisitions from third parties	8492
Cancelled owing to sales and disposals	8502
Transfers from one heading to another (+)/(-)	8512
Amounts written down at the end of the period	8522
Uncalled amounts at the end of the period	8552P	xxxxxxxxxxxxxxx
Movements during the period (+)/(-)	8542
Uncalled amounts at the end of the period	8552
NET BOOK VALUE AT THE END OF THE PERIOD	(282)	240.550,92
ENTERPRISES LINKED BY A PARTICIPATING INTEREST - AMOUNTS RECEIVABLE
NET BOOK VALUE AT THE END OF THE PERIOD	283P	xxxxxxxxxxxxxxx
Movements during the period
Additions	8582
Repayments	8592
Amounts written down	8602
Amounts written back	8612
Exchange differences (+)/(-)	8622
Other (+)/(-)	8632
NET BOOK VALUE AT THE END OF THE PERIOD	(283)
ACCUMULATED AMOUNTS WRITTEN OFF ON AMOUNTS RECEIVABLE AT THE END OF THE PERIOD	8652

	Codes	Period	Previous period
OTHER ENTERPRISES - PARTICIPATING INTERESTS AND SHARES
Acquisition value at the end of the period	8393P	xxxxxxxxxxxxxxx	881.391,92
Movements during the period
Acquisitions, including produced fixed assets	8363
Sales and disposals	8373
Transfers from one heading to another (+)/(-)	8383
Acquisition value at the end of the period	8393	881.391,92
Revaluation surpluses at the end of the period	8453P	xxxxxxxxxxxxxxx	80,18
Movements during the period
Recorded	8413
Acquisitions from third parties	8423
Cancelled	8433
Transfers from one heading to another (+)/(-)	8443
Revaluation surpluses at the end of the period	8453	80,18
Amounts written down at the end of the period	8523P	xxxxxxxxxxxxxxx	881.391,92
Movements during the period
Recorded	8473
Written back	8483
Acquisitions from third parties	8493
Cancelled owing to sales and disposals	8503
Transfers from one heading to another (+)/(-)	8513
Amounts written down at the end of the period	8523	881.391,92
Uncalled amounts at the end of the period	8553P	xxxxxxxxxxxxxxx
Movements during the period (+)/(-)	8543
Uncalled amounts at the end of the period	8553
NET BOOK VALUE AT THE END OF THE PERIOD	(284)	80,18
OTHER ENTERPRISES - AMOUNTS RECEIVABLE
NET BOOK VALUE AT THE END OF THE PERIOD	285/8P	xxxxxxxxxxxxxxx	369,93
Movements during the period
Additions	8583
Repayments	8593
Amounts written down	8603
Amounts written back	8613
Exchange differences (+)/(-)	8623
Other (+)/(-)	8633
NET BOOK VALUE AT THE END OF THE PERIOD	(285/8)	369,93
ACCUMULATED AMOUNTS WRITTEN OFF ON AMOUNTS RECEIVABLE AT THE END OF THE PERIOD	8653

............................................

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 51/53 of assets) in the amount of at least 10% of the capital issued.

NAME, full address of the REGISTERED	Shares held by				Information from the most recent period for which annual accounts are available
OFFICE and for the enterprise governed by	directly			subsi diaries	Primary	Mone	Capital and reserves	Net result
Belgian law, the COMPANY NUMBER	Nature	Number	%	%	financial statement	tary unit	(+) of (-) (in units)
EXMAR ENERGY HONG KONG LTD ROOM 2503-05, 25TH FLOOR, HARCOURT HOUSE, NO. 39 Wanchai Hong Kong					31/12/2018	USD	23.175.410	4.711.845
EXMAR LNG HOLDING PLC De Gerlachekaai 20 2000 Antwerpen Belgium 0891.233.327	Ordinary shares		1.000 100,00	0,00	31/12/2018	USD	17.298.132	140.855
EXMAR HONG KONG Ltd Room 3206 Lippo Center, Tower II 89 Queensway Hong Kong	Ordinary shares	999	99,90	0,00	31/12/2018	HKD	358.144.966	-2.046.990
EXMAR HOLDINGS Ltd BROAD STREET 80 MONROVIA Liberia	Ordinary shares	34.749.099	99,00	0,00	31/12/2018	USD	7.364.659	-1.216.950
EXMAR LPG PLLC De Gerlachekaai 20 2000 Antwerpen Belgium 0501.532.758	Ordinary shares	600	60,00	0,00	31/12/2018	USD	139.575.639	-1.387.466
EXMAR LUX SA Rue Jean Pierre Brasseur 6 1258 B.P. 2255 Luxembourg Luxembourg	Ordinary shares	664.160	50,00	0,00	31/12/2018	EUR	1.988.109	-132.339
EXMAR MARINE PLC De Gerlachekaai 20 2000 Antwerpen Belgium 0424.355.501	Ordinary shares Ordinary shares	3.354 1	99,97 0,01	0,00 99,99	31/12/2018	USD	-5.217.420	-5.662.222

INFORMATION RELATING TO THE SHARE IN THE CAPITAL

SHARE IN THE CAPITAL AND OTHER RIGHTS IN OTHER COMPANIES

NAME, full address of the REGISTERED	Shares held by				Information from the most recent period for which annual accounts are available
OFFICE and for the enterprise governed by		directly		subsi diaries	Primary	Mone	Capital and reserves	Net result
Belgian law, the COMPANY NUMBER	Nature	Number	%	%	financial statement	tary unit	(+) of (-) (in units)
EXMAR NETHERLANDS Professional association DE HEES 9 5975 SEVENDUM Netherlands B					31/12/2018	USD	-1.191.776	4.894.933
Exmar Shipmanagement PLC De Gerlachekaai 20 2000 Antwerpen Belgium 0442.176.676	Ordinary shares	3.000.000 100,00		0,00	31/12/2018	EUR	2.596.738	498.785
EXMAR YACHTING PLC De Gerlachekaai 20 2000 Antwerpen Belgium	Ordinary shares	3.099	99,97	0,00	31/12/2018	EUR	44.098	9.711
0546.818.692 I.M.A. PLC De Gerlachekaai 20 2000 Antwerpen Belgium	Ordinary shares	1	0,01	99,99	31/12/2018	EUR	9.812.428	182.232
0404.507.915 MARPOS PLC Min. Beernaerstraat 9 8380 Zeebrugge (Brugge) Belgium	Ordinary shares	48.542	99,06	0,00	31/12/2018	EUR	644.597	97.128
0460.314.389 RESLEA PLC De Gerlachekaai 20 2000 Antwerpen Belgium	Ordinary shares	450	45,00	0,00	31/12/2018	EUR	6.580.079	752.830
0435.390.141 Exmar Shipmanagement India, Pvt.Ltd.INDIA Powai Plaza Premises CSL, Hiranandani Gardens 806 400076 Mumbai India	Ordinary shares	5.400	50,00	0,00	31/12/2018	INR	35.286.772	8.067.409
	Ordinary shares	10	0,77	99,23

INFORMATION RELATING TO THE SHARE IN THE CAPITAL

SHARE IN THE CAPITAL AND OTHER RIGHTS IN OTHER COMPANIES

NAME, full address of the REGISTERED	Shares held by			Information from the most recent period for which annual accounts are available
OFFICE and for the enterprise governed by Belgian law, the COMPANY NUMBER	Nature	directly		subsi diaries	Primary	Mone	Capital and reserves Net result
		Number	%	%	financial statement	tary unit	(+) of (-) (in units)
TRAVEL PLUS PLC Verviersstraat 2-4 2000 Antwerpen Belgium 0442.160.147 FLYING PARTNERS CALL LUCHTHAVEN ANTWERPEN B56 2100 Deurne (Antwerpen) Belgium 0445.393.811	Ordinary shares Ordinary shares	10 50	0,77 1,19	0,00 0,00	31/12/2018 31/12/2017	EUR EUR	1.459.859 50.112	273.064 7.237

OTHER INVESTMENTS AND DEPOSIT, DEFFERED CHARGES AND ACCRUED INCOME (ASSETS)

	Codes	Period	Previous period
INVESTMENTS: OTHER INVESTMENTS AND DEPOSITS
Shares and current investments other than fixed income investments	51	4.021.968,77	4.576.653,76
Shares - Book value increased with the uncalled amount	8681	4.021.968,77	4.576.653,76
Shares - Uncalled amount	8682
Precious metals and works of art	8683
Fixed income securities	52
Fixed income securities issued by credit institutions	8684
Fixed term accounts with credit institutions	53
With residual term or notice of withdrawal
up to one month	8686
between one month and one year	8687
over one year	8688
Other investments not mentioned above	8689		10.023.209,86

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

DEFFERED CHARGES AND ACCRUED INCOME

Allocation of heading 490/1 of assets if the amount is significant.

................

Deferred charges (general ) 169.883,30 ICT material in stock 58.161,13

Interest receivable (banks) 7.198,84

Period

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	88.811.667,00
Issued capital at the end of the period	(100)	88.811.667,00
	Codes	Amounts	Number of shares
Changes during the period
Structure of the capital Different categories of shares
Shares without nominal value		88.811.667,00	59.500.000
Registered shares	8702	XXXXXXXXXXXXXX	8.573.932
Shares dematerialized	8703	XXXXXXXXXXXXXX	50.926.068

	Codes	Uncalled capital	Capital called, but not paid
Capital not paid
Uncalled capital	(101)		XXXXXXXXXXXXXX
Capital called, but not paid	8712	XXXXXXXXXXXXXX
Shareholders having yet to pay up in full

	Codes	Period
OWN SHARES
Held by the company itself
Amount of capital held	8721	3.393.147,51
Number of shares held	8722	2.273.263
Held by the subsidiaries
Amount of capital held	8731
Number of shares held	8732
Commitments to issue shares
Owing to the exercise of conversion rights
Amount of outstanding convertible loans	8740
Amount of capital to be subscribed	8741
Corresponding maximum number of shares to be issued	8742
Owing to the exercise of subscription rights
Number of outstanding subscription rights	8745
Amount of capital to be subscribed	8746
Corresponding maximum number of shares to be issued	8747
Authorized capital, not issued	8751	12.000.000,00

	Codes	Period
Shared issued, not representing capital
Distribution
Number of shares held	8761
Number of voting rights attached thereto	8762
Allocation by shareholder
Number of shares held by the company itself	8771
Number of shares held by its subsidairies	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 and Article 632 §2; the act of 2 May 2007 on the disclosure of major holdings, Article 14, paragraph four; and the Royal Decree of 21 August 2008 comprising further rules on certain multilateral trading facilities, Article 5.

PROVISIONS FOR OTHER LIABILITIES AND CHARGES

USD

ANALYSIS OF THE HEADING 164/5 OF LIABILITIES IF THE AMOUNT IS SIGNIFICANT

Period Provision other liabilities 337.361,88

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
Subordinated loans	8811
Unsubordinated debentures	8821
Leasing and other similar obligations	8831
Credit institutions	8841
Other loans	8851
Trade debts	8861
Suppliers	8871
Bills of exchange payable	8881
Advance payments received on contracts in progress	8891
Other amounts payable	8901
Total amounts payable after more than one year, not more than one year	(42)
Amounts payable after more than one year, between one and five years
Financial debts	8802
Subordinated loans	8812
Unsubordinated debentures	8822
Leasing and other similar obligations	8832
Credit institutions	8842
Other loans	8852
Trade debts	8862
Suppliers	8872
Bills of exchange payable	8882
Advance payments received on contracts in progress	8892
Other amounts payable	8902
Total amounts payable after more than one year, between one and five years	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	8843
Other loans	8853
Trade debts	8863
Suppliers	8873
Bills of exchange payable	8883
Advance payments received on contracts in progress	8893
Other amounts payable	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	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	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

	Codes	Period
AMOUNTS PAYABLE FOR TAXES, REMUNERATION AND SOCIAL SECURITY
(headings 450/3 and 178/9 of the liabilities) Taxes
Expired taxes payable	9072
Non expired taxes payable	9073	329.894,86
Estimated taxes payable	450	1.401.143,07
Remuneration and social security (headings 454/9 and 178/9 of the liabilities)
Amount due to the National Office of Social Security	9076
Other amounts payable relating to remuneration and social security	9077	335.031,17

Nr.	0860.409.202	USD	C 6.9
-----	--------------	-----	-------

ACCRUED CHARGES AND DEFERRED INCOME

Allocation of heading 492/3 of liabilities if the amount is significant

Period

OPERATING RESULTS

	Codes	Period	Previous period
OPERATING INCOME
Net turnover
Broken down by categories of activity
Allocation 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	25	28
Average number of employees calculated in full-time equivalents	9087	26,8	26,6
Number of actual worked hours	9088	39.447	42.845
Personnel costs
Remuneration and direct social benefits	620	2.030.771,14	2.139.849,22
Employers' social security contributions	621	575.095,74	526.112,81
Employers' premiums for extra statutory insurances	622	373.693,03	305.244,70
Other personnel costs	623	257.610,23	224.086,48
Old-age and widows' pensions	624

	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	2.359.602,29
Other operating charges
Taxes related to operation	640	440.804,60	115.199,20
Other charges	641/8	2.274,18	72.254,65
Hired temporary staff and persons placed at the enterprise's disposal
Total number at the closing date	9096
Average number calculated as full-time equivalents	9097
Number of actual worked hours	9098
Charges to the enterprise	617		97,36

	Nr.	0860.409.202	USD	C 6.11
--	-----	--------------	-----	--------

USD

FINANCIAL RESULTS

	Codes	Period	Previous period
RECURRING FINANCIAL INCOME
Other financial income
Subsidies granted by public authorities and recorded as income for the period
Capital subsidies	9125
Interest subsidies	9126
Allocation of other financial income
Conversion differences		687.540,52	2.356.443,91
Miscellaneous financial income		18.730,56	44.257,73
Capital gain realization current assets			47.062,01
RECURRING FINANCIAL CHARGES
Depreciation of loan issue expenses	6501
Capitalized Interests	6503
Amounts written off current assets
Recorded	6510	1.620.498,19	1.339.393,09
Written back	6511
Other financial charges
Amount of the discount borne by the enterprise, as a result of negotiating amounts receivable	653
Provisions of a financial nature
Appropriations	6560
Uses and write-backs	6561
Allocation of other financial charges
Charges trading account		22.470,72	15.166,40
Miscellaneous financial costs and bankcharges		2.708.434,04	2.480.103,28
Conversion differences		1.522.518,81	1.541.173,32

INCOME AND CHARGE OF EXCEPTIONAL SIZE OR INCIDENCE

	Codes	Period	Previous period
NON-RECURRING INCOME	76		95.154.709,51
Non-recurring operating income	(76A)
Write-back of depreciation and of amounts written off intangible and tangible fixed assets	760
Write-back of provisions for extraordinary operating liabilities and charges	7620
Capital gains on disposal of intangible and tangible fixed asset	7630
Other non-recurring operating income	764/8
Non-recurring financial income	(76B)		95.154.709,51
Write-back of amounts written down financial fixed assets	761
Write-back of provisions for extraordinary financial liabilities and charges	7621
Capital gains on disposal of financial fixed assets	7631		70.654.709,51
Other non-recurring financial income	769		24.500.000,00
NON-RECURRING EXPENSES	66	258.945,43	2.999.999,00
Non-recurring operating charges	(66A)	258.945,43
Non-recurring depreciation of and amounts written off formation expenses, intangible and tangible fixed assets	660
Provisions for extraordinary operating liabilities and charges: Appropriations (uses) (+)/(-)	6620
Capital losses on disposal of intangible and tangible fixed assets	6630
Other non-recurring operating charges	664/7	258.945,43
Non-recurring operating charges carried to assets as restructuring costs (-)	6690
Non-recurring financial charges	(66B)		2.999.999,00
Amounts written off financial fixed assets	661		2.999.999,00
Provisions for extraordinary financial liabilities and charges - Appropriations (uses) (+)/(-)	6621
Capital losses on disposal of financial fixed assets	6631
Other non-recurring financial charges	668
Non-recurring financial charges carried to assets as restructuring costs (-)	6691

INCOME TAXES AND OTHER TAXES

	Codes	Period
INCOME TAXES
Income taxes on the result of the period	9134	1.296.519,69
Income taxes paid and withholding taxes due or paid	9135	1.296.519,69
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	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
Legal exemptions		-10.454.859,02
Non-deductible expenses		3.014.041,24

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

Period

	Codes	Period
Status of deferred taxes
Deferred taxes representing assets	9141	27.697.302,92
Accumulated tax losses deductible from future taxable profits	9142	19.690.698,27
Other deferred taxes representing assets
Miscellaneous		8.006.604,65
Passieve latenties	9144	78.484.749,53
Allocation of deferred taxes representing liabilities

	Codes	Period	Previous period
VALUE ADDED TAXES AND OTHER TAXES BORNE BY THIRD PARTIES
Value added taxes charged
To the enterprise (deductible)	9145	712.797,45	455.300,98
By the enterprise	9146	897.958,14	564.522,73
Amounts withheld on behalf of third party
For payroll withholding taxes	9147	1.422.991,27	1.250.297,89
For withholding taxes on investment income	9148

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	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	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
Guarantees provided on future assets - Amount of assets involved	9201
Real guarantees provided or irrevocably promised by the enterprise on its own assets as security of debts and commitments of third parties
Mortgages
Book value of the immovable properties mortgaged	9162
Amount of registration	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	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)	9213
Goods sold (to be delivered)	9214
Currencies purchased (to be received)	9215
Currencies sold (to be delivered)	9216

Nr.	0860.409.202	USD	C 6.14

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

Measures taken by the enterprise to cover the resulting charges

PENSIONS FUNDED BY THE ENTERPRISE

Methods of estimation

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	Period

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 Period

Period

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)

Exmar NV guarantees certain operational and financial obligations of its subsidiaries and joint ventures.

The main guarantees relate to the financial guarantees provided on the outstanding financial debts of subsidiaries and joint ventures.

These financial debts mainly relate to the issued senior unsecured bonds by Exmar Netherlands BV in 2014 & 2015, the ship financing loans of our joint ventures and the ship financing loans in respect of the pressurized fleet and Tango FLNG.

In case of default under the terms and conditions of the outstanding debt by any of the subsidiaries and joint ventures, the lenders can call on the guarantee provided by Exmar NV.

At year-end 2018 this guarantee amounts to USD 710.632.000. In addition, Exmar nv guarantees the capital commitments of equity accounted investees.

Per end of 2018, these capital commitments amount to USD 0 (2017: 51.539.000).These capital commitments mainly relate to the midsize fleet under construction (LPG segment).

RELATIONSHIPS WITH AFFILIATED ENTERPRISES, ASSOCIATED ENTERPRISES AND OTHERS ENTERPRISES LINKED BY PARTICIPATING INTERESTS

USD

	Codes	Period	Previous period
AFFILIATED ENTERPRISES
Financial fixed assets	(280/1)	618.932.520,78	673.770.076,04
Participating interests	(280)	122.403.120,70	122.402.662,54
Subordinated amounts receivable	9271
Other amounts receivable	9281	496.529.400,08	551.367.413,50
Amounts receivable	9291	78.551.613,95	8.128.127,34
Over one year	9301
Within one year	9311	78.551.613,95	8.128.127,34
Current investments	9321
Shares	9331
Amounts receivable	9341
Amounts payable	9351	72.887.083,65	108.179.454,83
Over one year	9361
Within one year	9371	72.887.083,65	108.179.454,83
Personal and real guarantees
Provided or irrevocably promised by the enterprise as security for debts or commitments of affiliated enterprises	9381	710.632.000,00	507.511.000,00
Provided or irrevocably promised by affiliated enterprises as security for debts or commitments of the enterprise	9391
Other significant financial commitments	9401
Financial results
Income from financial fixed assets	9421	22.269.278,45	14.434.770,08
Income from current assets	9431	1.566.120,53	994.083,09
Other financial income	9441
Debt charges	9461	1.579.369,66	481.618,00
Other financial charges	9471
Disposal of fixed assets
Capital gains obtained	9481
Capital losses suffered	9491

RELATIONSHIPS WITH AFFILIATED ENTERPRISES, ASSOCIATED ENTERPRISES AND OTHERS ENTERPRISES LINKED BY PARTICIPATING INTERESTS

	Codes	Period	Previous period
ASSOCIATED ENTERPRISES
Financial fixed assets	9253
Participating interests	9263
Subordinated amounts receivable	9273
Other amounts receivable	9283
Amounts receivable	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 irrevocably 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	240.550,92	240.550,92
Participating interests	9262	240.550,92	240.550,92
Subordinated amounts receivable	9272
Other amounts receivable	9282
Amounts receivable	9292
Over one year	9302
Within one year	9312
Amounts payable	9352
Over one year	9362
Within one year	9372

TRANSACTIONS WITH ENTERPRISES LINKED BY PARTICIPATING INTERESTS OUT OF MARKET CONDITIONS

Null

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 the situation of the company

Period

	Codes	Period
DIRECTORS, MANAGERS, INDIVIDUALS OR BODIES CORPORATE WHO CONTROL THE ENTERPRISE WITHOUT BEING ASSOCIATED THEREWITH OR OTHER ENTERPRISES CONTROLLED BY THESE PERSONS
Amounts receivable from these persons	9500
Conditions on amounts receivable, rate, duration, possibly reimbursed amounts, canceled amounts or renounced amounts
Guarantees provided in their favour	9501
Other significant commitments undertaken in their favour	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	3.357.646,18
To former directors and former managers	9504

	Codes	Period
AUDITORS OR PEOPLE THEY ARE LINKED TO
Auditor's fees	9505	111.000,00
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	95082
Other missions external to the audit	95083

Mentions related to article 134 from the Companies Code

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 obligation for the following reason*

The enterprise and its subsidiaries on consolidated basis exceed not more than one of limits mentioned in art. 16 of Company Law*

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. 110 of Company 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*

INFORMATION TO DISCLOSE BY THE REPORTING ENTERPRISE BEING A SUBSIDIARY OR A JOINT SUBSIDIARY

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**

Saverex NV

De Gerlachekaai 20

2000 Antwerpen, Belgium

0436.287.291

The enterprise draws up consolidated annual accounts data for the major part of the enterprise

If the parent company(ies) 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

Period
384.000,00
3.000,00
11.636,18
89.000,00

Mentions related to article 134 from the Companies Code

VALUATION RULES

VALUATION RULES

1) Formation expenses

Formation expenses and expenses related to capital increase are capitalised and depreciated in the year the expenses occur.

USD

2) Intangible assets

Intangible assets are recorded at acquisition cost and depreciated over 5 year maximum. Software is depreciated over a 3 year period. 3) Tangible assets

Tangible assets are recorded at acquisition cost, supplementary expenses included. The interest charges on funds employed during the construction of important investments are capitalised and depreciated over the useful life of the asset.

The tangible assets are depreciated on a straight line basis, based on policies set in relation to the expected economic life of the assets, without taking into account any residual value, namely yearly:

Buildings 3%

Leasing 3%

Machinery and equipment 20%

Furniture 10%

Cars 20%

Plane 10% Data processing material 33%

4) Financial assets

Shares are valued at their acquisition cost. The additional expenses relating to their acquisition are not recorded as an asset but are recorded under the heading 'Other financial charges' in the financial year during which they occur. Financial assets are impaired when the estimated value of the shares is lower than the book value and if the thus determined loss has a permanent character. The estimated value of each share is determined at the end of each financial year by means of a single criterion or several criteria. For investments quoted on the stock exchange, the quotation is taken into account. For investments not quoted on the stock exchange the latest balance sheet is taken into consideration, unless more significant data are available.

The receivables classified as financial asset are valued at the nominal value. Impairments are recorded when the collectability of receivables is uncertain.

5) Amounts receivable within one year

The amounts receivable are stated in the balance sheet at their nominal value. Impairments are recorded when the collectability of receivables is uncertain.

6) Investments

The investments, including own shares, are valued at acquisition cost and the cash deposits at bank at nominal value. The additional costs, relating to their acquisition are not recorded as an asset but are recorded under the heading 'Other financial charges' in the financial year during which they are incurred. The investments are impaired if the realisable value is lower than their book value. For investments quoted on the stock exchange, the quotation is taken into account. For investments not quoted on the stock exchange the latest balance sheet is taken into consideration, unless more significant data are available. 7) Cash

Cash at bank and in hand are valued at nominal value. Cash is impaired if the realisable value is lower than the book value.

8) Provisions for liabilities and charges

Provisions are made systematically for periodical vessel surveys, costs of dry-docking, onerous contracts, settlement of claims, pending claims and other operating risks.

9) Amounts payable after one year and amounts payable within one year

These are recorded in the balance sheet at nominal value.

10) Operating result

Income and charges are recorded in the related accounting period, not considering the moment the costs are paid or the revenue is collected. Profit or loss resulting from the sale of fixed assets is recorded under the heading 'Other operating income or charges'. 11) Foreign currency conversion

Non-monetary assets (foundation expenses, fixed assets and stock) are recorded for their value in the accounting currency at standard rate (monthly rate) except when foreign currencies were bought in cash or on credit, in which case the rate actually paid is applied. At balance sheet date, the non-monetary assets are recorded at historical rate (rate at which the assets were originally recorded). Incoming invoices are booked at the monthly standard rate of the date of registration. The effected payments are booked at the same rate, except when foreign currencies were bought in cash, in which case the rate actually paid is applied. The outgoing invoices are booked at monthly standard rate of the day of issue. Possible conversion differences on receipt of payment follow the main amount. Monetary assets/liabilities (receivables after and within one year, investments, accrued accounts, liabilities after and within one year and provisions) are recorded at the closing rate at year end. Negative conversion differences are recorded within other financial expenses and positive conversion differences are not transferred to the income statement but are recorded as accrued expenses. 12) Financial instruments (derivatives)

Premiums received or paid are included in the income statement as financial cost/income. At the end of the financial year, all on-going financial operations are individually evaluated at their market value and in case a loss is expected, the loss is accrued for. In case, based on the market value, a positive result is expected, the income is not recorded but is included in the notes to the financial statements, within "Rights and commitments not reflected in the balance sheet".

13) Going concern

The financial statements have been prepared on a going concern basis. In making this assessment, the Board of Directors has made the following assumption:

Exmar NV is the parent company of the group and thus guarantees direct & indirect the current ongoing financial and operational obligations of his subsidiaries. Therefor the going concern of Exmar NV depends of the following;

* The Company reached an agreement in principle with Bank of China, financing TANGO FLNG under a Loan Facility, to partially release cash currently trapped in a Debt Service Reserve Account to secure the Loan Facility. Following the execution of this agreement in principle, approximately USD 40 million restricted cash is expected to become available in May 2019 (ie after the collection of the first hire payment from YPF is expected) and an additional USD 13 million of restricted cash is expected to become available after one year of operations of TANGO FLNG. The documentation is being prepared and will be executed once the final approval of the China Export and Credit Insurance Corporation, Sinosure has been obtained.

USD

* The Company agreed on a non-binding Term Sheet for the financing of the FSRU barge (chartered out to Gunvor) with China State Shipbuilding Corporation ("CSSC"). The FSRU barge is currently not pledged to any financings. The Company and CSSC Leasing have agreed to work towards a long term (10 years) sale and lease-back structure with drawdown of a first tranche of approximately USD 80 million net assumed in May 2019. A second tranche of approximately USD 40 million net is assumed to become available for drawdown in October 2019 (i.e. once the FSRU barge is expected to be operationally accepted by Gunvor). The total of this financing is still conditional, amongst others to final credit committee approval of CSSC but the Company is confident that such approval will be obtained in a reasonable timeframe. Gunvor has continued to pay full hire under the Time Charter Party.

* The Company is looking to refinance, partly or fully, its existing bond (approximately USD 121.4m) which is falling due on July 7, 2019. The Company believes that there is appetite for such refinancing, however no commitments have been made. DNB Markets, Nordea and Pareto Securities have been mandated in relation to a bond issue which may follow.

* In light of its ongoing operational challenges and the resulting pressure on its financial position, the Company is closely monitoring its compliance with the financial covenants. The Company has met all its financial covenants as at December 31th 2018 and the next testing date with respect to the financial position as at the end of June 2019 is in September 2019. Meeting the financial covenants at June 2019 is depending upon the successful implementation of some of the measures mentioned above. In the event of a breach of covenants the Company will request and is assuming it will be able to obtain a waiver from the relevant lenders.

The Board is confident that management will be able to timely and successfully implement these plans and therefore it has an appropriate basis for the use of the going concern assumption. In the event the above assumptions are not timely met, there is a material uncertainty whether the Company will have sufficient liquidities to fulfil its obligations for the period of at least 12 months from the date of authorising these financial statements.

SOCIAL BALANCE SHEET

Number of joint industrial committee:

STATEMENT OF THE PERSONS EMPLOYED

EMPLOYEES FOR WHOM THE ENTERPRISE SUBMITTED A DIMONA DECLARATION OR WHO ARE RECORDED IN THE GENERAL PERSONNEL REGISTER

During the current period	Codes	Total	1. Men	2. Women
Average number of employees
Full-time	1001	24,8	15,5	9,3
Part-time	1002	2,7		2,7
Total in full-time equivalents	1003	26,8	15,5	11,3
Number of hours actually worked
Full-time	1011	37.327	23.518	13.809
Part-time	1012	2.120		2.120
Total	1013	39.447	23.518	15.929
Personnel costs
Full-time	1021	3.082.407,31	2.003.701,61	1.078.705,70
Part-time	1022	154.762,83		154.762,83
Total	1023	3.237.170,14	2.003.701,61	1.233.468,53
Advantages in addition to wages	1033

During the preceding period	Codes	P. Total	1P. Men	2P. Women
Average number of employees in FTE Number of hours actually worked Personnel costs Advantages in addition to wages	1003 1013 1023 1033	26,6 42.845 3.195.293,21	15,9 26.046 2.183.919,92	10,7 16.799 1.011.373,29

	Codes	1. Full-time	2. Part-time	3. Total full-time equivalents
At the closing date of the period
Number of employees	105	22	3	24,2
By nature of the employment contract
Contract for an indefinite period	110	22	3	24,2
Contract for a definite period	111
Contract for the execution of a specifically assigned work	112
Replacement contract	113
According to gender and study level
Men	120	13		13,0
primary education	1200
secondary education	1201	4		4,0
higher non-university education	1202	5		5,0
university education	1203	4		4,0
Women	121	9	3	11,2
primary education	1210
secondary education	1211	2		2,0
higher non-university education	1212	7	2	8,4
university education	1213		1	0,8
By professional category
Management staff	130
Employees	134	21	3	23,2
Workers	132
Others	133	1		1,0

HIRED TEMPORARY STAFF AND PERSONNEL PLACED AT THE ENTERPRISE'S DISPOSAL

During the period	Codes	1. Hired temporary staff	2. Persons placed at the enterprise's disposal
Average number of persons employed	150
Number of hours actually worked	151
Costs for the enterprise	152

LIST OF PERSONNEL MOVEMENTS DURING THE PERIOD

ENTRIES	Codes	1. Full-time	2. Part-time	3. Total full-time equivalents
Number of employees for whom the entreprise submitted a DIMONA declaration or who have been recorded in the general personnel register during the financial year	205
By nature of employment contract
Contract for an indefinite period	210
Contract for a definite period	211
Contract for the execution of a specifically assigned work	212
Replacement contract	213

DEPARTURES	Codes	1. Full-time	2. Part-time	3. Total full-time equivalents
Number of employees whose contract-termination date has been entered in DIMONA declaration or in the general personnel register during the financial year	305	3		3,0
By nature of employment contract
Contract for an indefinite period	310	3		3,0
Contract for a definite period	311
Contract for the execution of a specifically assigned work	312
Replacement contract	313
By reason of termination of contract
Retirement	340	1		1,0
Unemployment with extra allowance from enterprise	341
Dismissal	342
Other reason	343	2		2,0
Of which the number of persons who continue to render services to the enterprise at least half-time on a self-employed basis	350

INFORMATION ON TRAINING PROVIDED TO EMPLOYEES DURING THE PERIOD

Total of initiatives of formal professional training at the expense of the employer	Codes	Men	Codes	Women
Number of employees involved	5801	3	5811	4
Number of actual training hours	5802	19	5812	53
Net costs for the enterprise	5803	2.447,00	5813	7.110,00
of which gross costs directly linked to training	58031	2.447,00	58131	7.110,00
of which fees paid and paiments to collective funds	58032		58132
of which grants and other financial advantages received (to deduct)	58033		58133
Total of initiatives of less formal or informal professional training at the expense of the employer Number of employees involved Number of actual training hours Net costs for the enterprise	5821 5822 5823		5831 5832 5833
Total of initiatives of initial professional training at the expense of the employer Number of employees involved	5841		5851
Number of actual training hours	5842		5852
Net costs for the enterprise	5843		5853