Belysse Group NV

Annual / Quarterly Financial Statement • Apr 20, 2018

40 NAT.	Date of the deposition		No. 0671.974.626	pp.	1 E.	EUR D.	C 1
	ANNUAL ACCOUNTS AND OTHER DOCUMENTS TO BE DEPOSITED IN ACCORDANCE WITH THE COMPANIES CODE
	IDENTIFICATION
NAME:	BALTA GROUP
Country:	Legal form: PLC Address: Wakkensteenweg Nr.: 2 Postal Code: 8710 City: Wielsbeke Belgium
	1 Internet address :	www.baltagroup.com	Register of Legal Persons (RLP) - Office of the commercial court at:	Gent, Division Kortrijk
							0671.974.626 Company number:
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				22/05/2018
			concerning the financial year covering the period from		1/03/2017		till 31/12/2017
			Previous period from				till
		The amounts of the previous financial year	3 are are not /				identical to those which have been previously published.
of service:	Total number of pages deposited:	27 6.12, 6.17, 6.18.2, 6.20, 7, 8, 9, 10	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, 6.9, 6.11,				Number of the pages of the standard form not deposited for not being
		Signature (name and position) Kairos Management PLLC Executive Director					Signature (name and position) Ragoucy Cyrille Chairman

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

RAGOUCY Cyrille

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

Kairos Management PLLC 0649.586.234

Beukenlaan 80, 1653 Dworp, Belgium

Title : Delegated director

Mandate : 1/03/2017- 27/05/2021

Represented by:

• DEBUSSCHERE Tom 1.
• Beukenlaan 80 , 1653 Dworp, Belgium

KOLBECK Michael

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

Accelium PLLC 0675.830.177

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

VANDEN ABEELE Nicolas Bijlkensveldstraat 7 , 3080 Tervuren, Belgium 1.

HEDGER Sarah

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

STRONG Hannah

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

FRYZUK Jeremy

Title : Director Mandate : 29/05/2017- 27/05/2021 Plembridge Crescent 19, box a, W11 3DS London, United Kingdom LIST OF DIRECTORS, MANAGERS AND AUDITORS (Continued from previous page)

LEBRETON Patrick

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

MORAR Neal

Title : Director Mandate : 1/03/2018- 27/05/2021 Uphill Road 4, NW7 4RB London, United Kingdom

GRAEUBIG Karoline

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

DESTITO Luca

Title : Director Mandate : 1/03/2017- 29/05/2017 Albert Bridge Road - Batterspark 16, SW114PY London, United Kingdom

PricewaterhouseCoopers Bedrijfsrevisoren 0429.501.944

Title : Auditor, Membership number : B00009 Woluwedal 18, 1932 Sint-Stevens-Woluwe, Belgium

Mandate : 1/03/2017- 28/05/2020

Represented by:

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

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.

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.

ANNUAL ACCOUNTS

BALANCE SHEET AFTER APPROPRIATION

	Notes	Codes	Period	Previous period
ASSETS
FORMATION EXPENSES	6.1	20
FIXED ASSETS		21/28	468.927.446,90
Intangible fixed assets	6.2	21
Tangible fixed assets	6.3	22/27
Land and buildings		22
Plant, machinery and equipment		23
Furniture and vehicles		24
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	468.927.446,90
Affiliated enterprises	6.15	280/1	468.927.446,90
Participating interests		280	468.927.446,90
Amounts receivable		281
Other enterprises linked by participating interests	6.15	282/3
Participating interests		282
Amounts receivable		283
Other financial assets		284/8
Shares		284
Amounts receivable and cash guarantees		285/8

	Notes	Codes	Period	Previous period
CURRENT ASSETS		29/58	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		40/41	7.878.941,13
Trade debtors		40	7.878.941,13
Other amounts receivable		41
Current investments	6.5.1 / 6.6	50/53
Own shares		50
Other investments and deposits		51/53
Cash at bank and in hand		54/58	155.845,37
Deferred charges and accrued income	6.6	490/1
TOTAL ASSETS		20/58	476.962.233,40

	Notes	Codes	Period	Previous period
EQUITY AND LIABILITIES
EQUITY		10/15	471.011.432,44
Capital	6.7.1	10	260.589.621,00
Issued capital		100	260.589.621,00
4 Uncalled capital		101
Share premium account		11	65.660.376,00
Revaluation surpluses		12
Reserves		13	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
Accumulated profits (losses) (+)/(-)		14	-2.363.092,88
Investment grants		15
Advance to associates on the sharing 5 out of the assets		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

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	5.950.800,96
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		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	5.950.800,96
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	2.334.545,86
Suppliers		440/4	2.334.545,86
Bills of exchange payable		441
Advances received on contracts in progress		46
Taxes, remuneration and social security	6.9	45	206.960,83
Taxes		450/3	198.085,41
Remuneration and social security		454/9	8.875,42
Other amounts payable		47/48	3.409.294,27
Accrued charges and deferred income	6.9	492/3
TOTAL LIABILITIES		10/49	476.962.233,40

INCOME STATEMENT

	Notes	Codes	Period	Previous period
Operating income and charges		70/76A	9.831.176,36
Turnover	6.10	70	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	6.12	76A
Operating charges		60/66A	12.191.354,85
Raw materials, consumables		60
Purchases		600/8
Decrease (increase) in stocks (+)/(-)		609
Services and other goods		61	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	22.097,50
Operation charges carried to assets as restructuring costs (-)		649
Non-recurring operating charges	6.12	66A
Operating profit (loss) (+)/(-)		9901	-2.360.178,49

	Notes	Codes	Period	Previous period
Financial income		75/76B
Recurring financial income		75
Income from financial fixed assets		750
Income from current assets		751
Other financial income	6.11	752/9
Non-recurring financial income	6.12	76B
Financial charges	6.11	65/66B	2.914,39
Recurring financial charges		65	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	2.914,39
Non recurring financial charges	6.12	66B
Profit (loss) for the period before taxes (+)/(-)		9903	-2.363.092,88
Transfer from postponed taxes		780
Transfer to postponed taxes		680
Income taxes (+)/(-)	6.13	67/77
Income taxes		670/3
Adjustment of income taxes and write-back of tax provisions		77
Profit (loss) for the period (+)/(-)		9904	-2.363.092,88
Transfer from untaxed reserves		789
Transfer to untaxed reserves		689
Profit (loss) for the period available for appropriation (+)/(-)		9905	-2.363.092,88

APPROPRIATION ACCOUNT

	Codes	Period	Previous period
Profit (loss) to be appropriated (+)/(-)	9906	-2.363.092,88
Gain (loss) to be appropriated (+)/(-)	(9905)	-2.363.092,88
Profit (loss) to be carried forward (+)/(-)	14P
Transfers from capital and reserves	791/2	150.000.000,00
from capital and share premium account	791	150.000.000,00
from reserves	792
Transfers to capital and reserves	691/2	147.124.528,32
to capital and share premium account	691
to the legal reserve	6920
to other reserves	6921	147.124.528,32
Profit (loss) to be carried forward (+)/(-)	(14)	-2.363.092,88
Owner's contribution in respect of losses	794
Profit to be distributed	694/7	2.875.471,68
Dividends	694	2.875.471,68
Director's or managers' entitlements	695
Workers	696
Other beneficiaries	697

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
Movements during the period
Acquisitions, including produced fixed assets	8361	468.927.446,90
Sales and disposals	8371
Transfers from one heading to another (+)/(-)	8381
Acquisition value at the end of the period	8391	468.927.446,90
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
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
Uncalled amounts at the end of the period	8551P	xxxxxxxxxxxxxxx
Movements during the period (+)/(-)	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
Other (+)/(-)	8631
NET BOOK VALUE AT THE END OF THE PERIOD	(281)
ACCUMULATED AMOUNTS WRITTEN OFF ON AMOUNTS RECEIVABLE AT THE END OF THE PERIOD	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 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)
LSF9 Balta Issuer S.à r.l Rue Guillaume Kroll 5 L-1882 Luxemburg Luxembourg	Registered shares without nominal value	137.848.44 6	100,00	0,00	31/12/2016	EUR	600.601	-149.659

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
Issued capital at the end of the period	(100)	260.589.621,00
	Codes	Amounts	Number of shares
Changes during the period
Formation		61.500,00	61.500
Capital increase by contribution in kind		331.250.000,00	25.000.000
Capital reduction		-61.500,00	-61.500
Capital increase in cash		79.339.621,00	10.943.396
Capital decrease conversion to available reserves		-150.000.000,00
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	XXXXXXXXXXXXXX	35.943.396

Capital not paid
Uncalled capital
Capital called, but not paid
Shareholders having yet to pay up in full

Codes	Uncalled capital	Capital called, but not paid
(101) 8712	XXXXXXXXXXXXXX	XXXXXXXXXXXXXX

	Codes	Period
OWN SHARES
Held by the company itself
Amount of capital held	8721
Number of shares held	8722
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	260.589.621,00

	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, final paragraph, and Article 632 §2, final paragraph; 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.

Structure of shareholders
	% of share capital	Number of shares
LSF9 Balta Holdco S.à r.l.	56,49%	20.303.957
Tocqueville Finance SA	6.64%	2.387.964
Free-float	36,87%	13.251.475
	100.00%	35.943.396

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
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	621
Employers' premiums for extra statutory insurances	622
Other personnel costs	623
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
Other operating charges
Taxes related to operation	640	347,50
Other charges	641/8	21.750,00
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

INCOME TAXES AND OTHER TAXES

INCOME TAXES

Income taxes on the result of the period
Income taxes paid and withholding taxes due or paid
Excess of income tax prepayments and withholding taxes paid recorded under assets
Estimated additional taxes
Income taxes on the result of prior periods
Additional income taxes due or paid
Additional income taxes estimated or provided for

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

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

Period

2.357.216,56

Codes Period

9142 2.357.216,56

Status of deferred taxes
Deferred taxes representing assets
Accumulated tax losses deductible from future taxable profits

Passieve latenties .............................................................................................................................. 9144

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	764.708,24
By the enterprise	9146	957.502,41
Amounts withheld on behalf of third party
For payroll withholding taxes	9147	39.684,58
For withholding taxes on investment income	9148

Codes Period

9135 9134

9137 9136

9139 9138

9140

9141

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	468.927.446,90
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

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

Estimated amount of the commitments resulting from past services 9220
Methods of estimation
	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

Period

Code 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)

	Codes	Period	Previous period
AFFILIATED ENTERPRISES
Financial fixed assets	(280/1)	468.927.446,90
Participating interests	(280)	468.927.446,90
Subordinated amounts receivable	9271
Other amounts receivable	9281
Amounts receivable	9291	7.878.941,13
Over one year	9301
Within one year	9311	7.878.941,13
Current investments	9321
Shares	9331
Amounts receivable	9341
Amounts payable	9351	1.386.721,85
Over one year	9361
Within one year	9371	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
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
Income from current assets	9431
Other financial income	9441
Debt charges	9461
Other financial charges	9471
Disposal of fixed assets
Capital gains obtained	9481
Capital losses suffered	9491

Null

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
Participating interests	9262
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

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

FINANCIAL RELATIONSHIPS WITH

	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	708.584,00
To former directors and former managers	9504

	Codes	Period
AUDITORS OR PEOPLE THEY ARE LINKED TO
Auditor's fees	9505	44.000,00
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 133, paragraph 6 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*

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(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.

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 liabilities 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 yet 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.