INVAP S.A.U. - Annual Report 2021

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INVAP Nederland B.V.

Located Alkmaar

FINANCIAL STATEMENTS 1 July 2020 until 30 June 2021

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Compilation statement 3 August 2021

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	Page
Accountants report
Accountant's compilation report	2
Result	3
Financial position	4
Fiscal position	6
Financial statements
Balance sheet as at 30 June 2021	8
Profit and loss account for the period 01072020 until 30062021	10
Notes to the financial statements	11
Notes to the balance sheet	13
Notes to the profit and loss account	16

Compilation statement 3 August 2021

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To the Board of Directors of INVAP Nederland B.V. Comeniusstraat 4 -F 1817 MS Alkmaar

Amstelveen, 3 August 2021

Dear management,

ACCOUNTANT'S COMPILATION REPORT

The financial statements of INVAP Nederland B.V., Alkmaar, have been compiled by us using the information provided by you. The financial statements comprise the balance sheet as at 30 June 2021 and the profit and loss account for the year then ended with the accompanying explanatory notes. These notes include a summary of the accounting policies which have been applied.

This compilation engagement has been performed by us in accordance with Dutch law, including the Dutch Standard 4410, 'Compilation engagements', which is applicable to accountants. The standard requires us to assist you in the preparation and presentation of the financial statements in accordance with Part 9 of Book 2 of the Dutch Civil Code. To this end we have applied our professional expertise in accounting and financial reporting.

In a compilation engagement, you are responsible for ensuring that you provide us with all relevant information and that this information is correct. Therefore, we have conducted our work, in accordance with the applicable regulations, on the assumption that you have fulfilled your responsibility. To conclude our work, we have read the financial statements as a whole to consider whether the financial statements as presented correspond with our understanding of INVAP Nederland B.V.

During this engagement we have complied with the relevant ethical requirements prescribed by the 'Verordening Gedrags- en Beroepsregels Accountants' (VGBA). You and other users of these financial statements may therefore assume that we have conducted the engagement in a professional, competent and objective manner and with due care and integrity and that we will treat all information provided to us as confidential.

We have compiled these financial statements for the management of INVAP Nederland B.V. to enable INVAP Nederland B.V. to comply with the obligation to submit the financial statements to the regulatory authority. Our compilation report is intended solely for the management of INVAP Nederland B.V. and the regulatory authority and should not be distributed to or used by other parties.

Vanhier Van Heuven Goedhartlaan 937 1181 LD Amstelveen Telephone 020 426 43 60 Fax 020 441 57 62 [email protected] www.vanhier.nl KvK Amsterdam 33208368

Our general conditions apply to the services we provide, in which a restriction of our liability is included. On your first request a copy will be sent to you free of charge. Other conditions will be explicitly rejected. Member of MSI Legal & Accounting network Worldwide. A Network of independant professional firms.

INVAP Nederland B.V. at Alkmaar

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RESULT

Analysis of the result

Analysis of the result
x 1,000 Net Turnover (Commission) Personnel expenses Depreciation of property, plant and equipment Other staff expenses Housing expenses Selling expenses Office expenses General expenses Total operating expenses Operating result Financial income and expense Result before taxation Taxation Net result after taxation	2020/2021 € % 1.703 100,0 321 18,8 7 0,4 147 8,6 24 1,4 39 2,3 6 0,4 43 2,5 587 34,4 1.116 65,6 -34 -2,0 1.082 63,6 -250 -14,7 832 48,9	2019/2020
	€ 1.703 321 7 147 24 39 6 43 587 1.116 -34 1.082 -250 832	€ 971 369 6 100 24 111 7 44 661 310 - 310 -62 248	% 100,0 38,0 0,6 10,3 2,5 11,4 0,7 4,5
			68,0
			32,0 -
			32,0 -6,4
			25,6

Compilation statement 3 August 2021

INVAP Nederland B.V. at Alkmaar

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FINANCIAL POSITION

To provide insight in the development of the financial position of the Company we provide you with the following statements. These are based on the information from the annual report. Hereafter we provide you with the balance sheet as at 30 June 2021 in an abridged form.

Financial structure

Financial structure
x 1,000 Assets Property, plant and equipment Financial assets Construction contracts Receivables Cash and cash equivalents Liabilities Equity Short-term liabilities	30-06-2021 € % 23 0,2 15 0,1 2.110 18,5 3.401 29,9 5.834 51,3 11.383 100,0 1.489 13,1 9.894 86,9 11.383 100,0	30-06-2020
	€ 23 15 2.110 3.401 5.834 11.383 1.489 9.894 11.383	€ 31 36 240 2.372 7.394 10.073 657 9.416 10.073	% 0,3 0,4 2,4 23,5 73,4
			100,0
			6,5 93,5
			100,0

Compilation statement 3 August 2021

INVAP Nederland B.V. at Alkmaar

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Analysis of the financial position

x 1,000 Available on short term Receivables Cash and cash equivalents Short-term liabilities Liquidity surplus Construction contracts Liquidity surplus = working capital Established for the long term Property, plant and equipment Financial assets Financed with on the long term available assets Financing Equity	30-06-2021 € 3.401 5.834 9.235 -9.894 -659 2.110 1.451 23 15 38 1.489 1.489	30-06-2020
		€ 2.372 7.394
		9.766 -9.416
		350 240
		590 31 36
		67
		657
		657

Compilation statement 3 August 2021

INVAP Nederland B.V. at Alkmaar

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FISCAL POSITION

Calculation taxable amount

Result before taxation Non-deductible amounts Partially deductible amounts Taxable amount Rounding Rounded taxable amount	2020/2021
	€ 1.081.948 17 168
	1.082.133 3
	1.082.130

Calculation corporate tax

2020 184/365 x 16,50% of € 200.000 184/365 x 25,00% of € 882.130 2021 181/365 x 15,00% of € 245.000 181/365 x 25,00% of € 837.130 Payable corporate taxes	2020/2021
	€ 16.635 111.172 18.223 103.781
	249.811

Please do not hesitate to raise any queries you may have.

Yours sincerely,

Vanhier B.V.

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Marco Koot Registeraccountant

Compilation statement 3 August 2021

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Financial statements

Compilation statement 3 August 2021

INVAP Nederland B.V. at Alkmaar

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BALANCE SHEET AS AT 30 JUNE 2021

BALANCE SHEET AS AT 30 JUNE	2021
ASSETS Fixed assets Property, plant and equipment 1 Other fixed assets Financial assets Other amounts receivable 2 Current assets Construction contracts 3 Receivables Trade receivables 4 Taxes and social security charges 5 Current account shareholders 6 Other receivables and accrued assets 7 Cash and cash equivalents 8 Total assets		30-06-2021 € 22.574 15.498 2.110.277 3.400.627 5.834.384 11.383.360		30-06-2020
	€ 3.356.091 - 7.113 37.423		€ 2.294.952 59.962 - 16.681	€ 30.826 35.500 239.549 2.371.595 7.394.184
				10.071.654

Compilation statement 3 August 2021

INVAP Nederland B.V. at Alkmaar

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LIABILITIES Equity 9 Issued share capital 10 General reserve Result for the year Short-term liabilities Trade payables 11 Taxes and social security contributions 12 Other liabilities and accrued expenses 13 Total liabilities		30-06-2021 € 1.489.215 9.894.145 11.383.360		30-06-2020
	€ 1.000 656.091 832.124 6.972.845 1.021.404 1.899.896		€ 1.000 407.792 248.299 8.436.129 698.048 280.386	€ 657.091 9.414.563
				10.071.654

Compilation statement 3 August 2021

INVAP Nederland B.V. at Alkmaar

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PROFIT AND LOSS ACCOUNT 01072020 UNTIL 30062021

		2019/2020
€ 321.031 7.309 258.552	€ 368.989 5.511 285.739	€ 970.634 660.239
		310.395 -
		310.395 -62.096
		248.299

Compilation statement 3 August 2021

INVAP Nederland B.V. at Alkmaar

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NOTES TO THE FINANCIAL STATEMENTS

Entity information

Registered address and registration number trade register

The registered and actual address of INVAP Nederland B.V. is Comeniusstraat 4 -F, 1817 MS in Alkmaar Nederland. INVAP Nederland B.V. is registered at the Chamber of Commerce under number 70596859.

General notes

The most important activities of the entity

The activities of INVAP Nederland B.V. consist mainly of support activities for the own enterprise group. The activities of the group consist mainly of activities regarding engineers and other technical design and consultancy.

The location of the actual activities

The actual address of INVAP Nederland B.V. is Comeniusstraat 4 -F, 1817 MS in Alkmaar.

Disclosure of estimates

In applying the principles and policies for drawing up the financial statements, the directors of INVAP Nederland B.V. make different estimates and judgments that may be essential to the amounts disclosed in the financial statements. If it is necessary in order to provide the transparency required under Book 2, article 362, paragraph 1, the nature of these estimates and judgments, including related assumptions, is disclosed in the notes to the relevant financial statement item.

General accounting principles

The accounting standards used to prepare the financial statements

The financial statements are drawn up in accordance with the provisions of Title 9, Book 2 of the Dutch Civil Code and the Dutch Accounting Standards, as published by the Dutch Accounting Standards Board ('Raad voor de Jaarverslaggeving').

Assets and liabilities are generally valued at historical cost, production cost or at fair value at the time of acquisition. If no specific valuation principle has been stated, valuation is at historical cost.

Accounting principles

Property, plant and equipment

Other tangible fixed assets are valued at historical cost or production cost including directly attributable costs, less straight-line depreciation based on the expected future life and impairments.

Financial assets

Receivables recognised under financial fixed assets are initially valued at the fair value less transaction cost (if material). These receivables are subsequently valued at amortised cost price, which is, in general, equal to the nominal value. For determining the value, any depreciation is taken into account.

Construction contracts

Construction contracts commissioned by third parties comprises the balance of project costs realised, profit attributed, and if applicable, recognised losses and instalments already invoiced. Construction contracts are separately presented in the balance sheet under current assets. If it shows a credit balance, this will be presented under current liabilities.

Receivables

Receivables are initially valued at the fair value of the consideration to be received, including transaction costs if material. Receivables are subsequently valued at the amortised cost price. If there is no premium or discount and there are no transaction costs, the amortised cost price equals the nominal value of the accounts receivable. Provisions for bad debts are deducted from the carrying amount of the receivable.

Compilation statement 3 August 2021

INVAP Nederland B.V. at Alkmaar

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Cash and cash equivalents

Cash at banks and in hand represent cash in hand, bank balances and deposits with terms of less than twelve months. Overdrafts at banks are recognised as part of debts to lending institutions under current liabilities. Cash at banks and in hand is valued at nominal value.

Current liabilities

On initial recognition current liabilities are recognised at fair value. After initial recognition current liabilities are recognised at the amortised cost price, being the amount received taking into account premiums or discounts and minus transaction costs. This is usually the nominal value.

Accounting principles for determining the result

The result is the difference between the realisable value of the goods/services provided and the costs and other charges during the year. The results on transactions are recognised in the year in which they are realised.

Revenue recognition

Net turnover comprises the income from the supply of goods and services and realised income from construction contracts after deduction of discounts and such like and of taxes levied on the turnover.

Wages

The benefits payable to personnel are recorded in the profit and loss account on the basis of the employment conditions.

Other operating expenses

Costs are determined on a historical basis and are attributed to the reporting year to which they relate.

Income tax expense

Tax on the result is calculated based on the result before tax in the profit and loss account, taking account of the losses available for set-off from previous financial years and exempt profit components and after the addition of non-deductible costs. Due account is also taken of changes which occur in the deferred tax assets and deferred tax liabilities in respect of changes in the applicable tax rate.

Compilation statement 3 August 2021

INVAP Nederland B.V. at Alkmaar

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NOTES TO THE BALANCE SHEET

Fixed assets

1 Property, plant and equipment

Balance as at 1 July 2020 Cost or manufacturing price Accumulated depreciation Book value as at 1 July 2020 Movements Additions Depreciation Disposals Balance movements Balance as at 30 June 2021 Cost or manufacturing price Accumulated depreciation Book value as at 30 June 2021 Financial assets 2 Other amounts receivable Other amounts receivable Current assets 3 Construction contracts Accumulated project revenues of construction contracts Receivables 4 Trade receivables Trade debtors 5 Taxes and social security charges Company tax	30-06-2021 € 15.498 2.110.277 3.356.091 -	Other fixed assets
		€ 36.537 -5.711
		30.826
		785 -7.309 -1.728
		-8.252
		34.969 -12.395
		22.574
		30-06-2020
		€ 35.500
		239.549
		2.294.952
		59.962

Compilation statement 3 August 2021

INVAP Nederland B.V. at Alkmaar

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6 Current account shareholders INVAP S.E. 7 Other receivables and accrued assets Guarantee deposit Other receivables Salary costs 8 Cash and cash equivalents Cash ING Bank N.V., current account	30-06-2021 € 7.113 14.267 5.818 17.338 37.423 74 5.834.310 5.834.384	30-06-2020
		€ -
		15.667 1.014 -
		16.681
		54 7.394.130
		7.394.184

9 Equity

	Issued share	General reser-	Result for the	Total
	capital	ve	year
	€	€	€	€
	1.000	407.792	248.299	657.091
Balance as at 1 July 2020
Distribution of results	-	248.299	-248.299	-
Result for the year	-	-	832.124	832.124
Balance as at 30 June 2021	1.000	656.091	832.124	1.489.215

10 Issued share capital

The capital of the company consists of shares with a nominal value of € 1 per share. At incorporation, the issued capital of the company equals € 1.000 and is divided into 1.000 shares of € 1. The issued shares have been paid in cash at 3 April 2018.

Short-term liabilities

11 Trade payables Trade creditors 12 Taxes and social security contributions Value added tax Wage tax Company tax	30-06-2021 € 6.972.845 815.076 13.718 192.610 1.021.404	30-06-2020
		€ 8.436.129
		686.026 12.022 -
		698.048

Compilation statement 3 August 2021

INVAP Nederland B.V. at Alkmaar

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13 Other liabilities and accrued expenses Current account shareholder Holiday coupons Audit, consultancy and other costs Salary costs Purchase invoices to be received	30-06-2021 € - 2.829 8.392 - 1.888.675 1.899.896	30-06-2020
		€ 42.448 2.714 2.009 6.324 226.891
		280.386

Off-balance-sheet rights, obligations and arrangements

Disclosure of off-balance sheet commitments

There is a rental agreement for the rental of the office. The rental obligation for the coming year is € 23.769. This is an agreement for an indefinite period.

For the employees there are the following rental agreements:

€ 24.945 per year, remaining duration of 10 months.
€ 22.472 per year, remaining duration continues for an indefinite period of time.
€ 19.800 per year, remaining duration of 1 year and 10 months.
€ 25.800 per year, remaining duration is flexible continuity without a contract.

Compilation statement 3 August 2021

INVAP Nederland B.V. at Alkmaar

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NOTES TO THE PROFIT AND LOSS ACCOUNT

	2020/2021 € 14 Net Turnover (Commission) Total revenue 12.915.942 Total operation expenses -11.212.721 1.703.221 15 Personnel expenses Wages and salaries 280.773 Social security premiums and pensions cost 40.258 321.031 Wages and salaries Salary costs 280.773 Average number of employees During the period 1 July 2020 until 30 June 2021, the average number of employees calculated on a equivalent basis was 4,6. 2020 / 2021 Average number of employees 2019 / 2020 Average number of employees 2020/2021 € Social security premiums and pensions cost Social security charges 40.258 16 Depreciation of property, plant and equipment Other fixed assets 7.309 17 Other operating expenses Other staff expenses 146.699 Housing expenses 23.947 Selling expenses 38.873 Office expenses 5.519 General expenses 43.514 258.552	2019/2020
		€ 16.599.286 -15.628.652
		970.634
		323.855 45.134
		368.989
		323.855
		full-time- Number
		4,60 Number
		4,27 2019/2020
		€ 45.134
		5.511
		100.319 23.799 110.589 6.513 44.519
		285.739

Compilation statement 3 August 2021

INVAP Nederland B.V. at Alkmaar

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	Other staff expenses Study Other staff expenses Expenses according to 30% facility Fee Board of Directors Staff lunch Housing expenses Rental expenses Cleaning expenses Selling expenses Business gifts Travelling and hotel expenses Car expenses Office expenses Office supplies Telephone and fax expenses Other office expenses General expenses Subscriptions Insurance premium Accountancy and consultancy costs Bank expenses Fine and increases of taxes and social insurance premiums Other general expenses 18 Interest and similar expenses Other interest expenses	2020/2021 € 33.000 26.001 55.775 31.285 638 146.699 23.495 452 23.947 971 - 37.902 38.873 560 3.508 1.451 5.519 934 1.895 40.123 1.216 17 -671 43.514 34.381	2019/2020
			€ - 2.430 70.700 21.812 5.377
			100.319
			23.043 756
			23.799
			19 56.215 54.355
			110.589
			862 3.726 1.925
			6.513
			1.464 549 37.852 4.685 - -31
			44.519
			-

Alkmaar,

INVAP Nederland B.V.

Director T.E. Calderon

Director J.P. Boogaard

Compilation statement 3 August 2021

AI assistant

INVAP S.A.U. — Annual Report 2021

68886_rns_2021-09-08_75f3c21f-024a-47ca-b83f-dfd40d2704e6.pdf

INVAP Nederland B.V.

Table of contents

ACCOUNTANT'S COMPILATION REPORT

RESULT

Analysis of the result

FINANCIAL POSITION

Financial structure

Analysis of the financial position

FISCAL POSITION

Calculation taxable amount

Calculation corporate tax

Financial statements

BALANCE SHEET AS AT 30 JUNE 2021

PROFIT AND LOSS ACCOUNT 01­07­2020 UNTIL 30­06­2021

NOTES TO THE FINANCIAL STATEMENTS

Entity information

Registered address and registration number trade register

General notes

The most important activities of the entity

The location of the actual activities

Disclosure of estimates

General accounting principles

The accounting standards used to prepare the financial statements

Accounting principles

Property, plant and equipment

Financial assets

Construction contracts

Receivables

Cash and cash equivalents

Current liabilities

Accounting principles for determining the result

Revenue recognition

Wages

Other operating expenses

Income tax expense

NOTES TO THE BALANCE SHEET

Fixed assets

1 Property, plant and equipment

9 Equity

10 Issued share capital

Short-term liabilities

Off-balance-sheet rights, obligations and arrangements

Disclosure of off-balance sheet commitments

NOTES TO THE PROFIT AND LOSS ACCOUNT

More from INVAP S.A.U.

INVAP S.A.U. Annual Report 2021

PROFIT AND LOSS ACCOUNT 01072020 UNTIL 30062021