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INVAP S.A.U. Interim / Quarterly Report 2021

Feb 25, 2021

68886_rns_2021-02-25_1f31e9b0-0da4-490f-8766-545197b1626e.pdf

Interim / Quarterly Report

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INVAP Nederland B.V.

Located Alkmaar

INTERIM FINANCIAL INFORMATION 1 July 2020 until 31 December 2020

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Compilation statement 25 February 2021

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Table of contents

Page
Accountants report
Accountant's compilation report 2
Result 3
Financial position 4
Fiscal position 6
Financial statements
Balance sheet as at 31 December 2020 8
Profit and loss account for the period 01­07­2020 until 31­12­2020 10
Notes to the financial statements 11
Notes to the balance sheet 13
Notes to the profit and loss account 17

Compilation statement 25 February 2021

1

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

Amstelveen, 25 February 2021

Dear management,

ACCOUNTANT'S COMPILATION REPORT

The interim 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 31 December 2020 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 Beconnummer 283320

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

x 1,000
Net Turnover (Commission)
Wages and salaries
Social security premiums and pensions cost
Depreciation of property, plant and equip-
ment
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		 1-7-2020/31-12-2020
€
%
925
100,0
136
14,7
20
2,2
4
0,4
59
6,4
12
1,3
23
2,5
3
0,3
26
2,8
283
30,6
642
69,4
-19
-2,1
623
67,3
-139
-15,0
484
52,3		 1-7-2019/30-6-2020
€
%
971
100,0
324
33,4
45
4,6
6
0,6
100
10,3
24
2,5
111
11,4
7
0,7
44
4,5
661
68,0
310
32,0
-
-
310
32,0
-62
-6,4
248
25,6		 Movement
€
925
136
20
4
59
12
23
3
26
283
642
-19
623
-139
484		 €
971
324
45
6
100
24
111
7
44
661
310
-
310
-62
248		 €
-46
-188
-25
-2
-41
-12
-88
-4
-18
-378
332
-19
313
-77
236

Compilation statement 25 February 2021

3

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 31 December 2020 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		 31-12-2020
€
%
28
0,3
50
0,5
-
-
110
1,0
10.140
98,2
10.328
100,0
1.141
11,0
9.187
89,0
10.328
100,0		 30-06-2020
€
28
50
-
110
10.140
10.328
1.141
9.187
10.328		 €
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 25 February 2021

4

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		 31-12-2020
€
110
10.140
10.250
-9.187
1.063
-
1.063
28
50
78
1.141
1.141		 30-06-2020
€
2.372
7.394
9.766
-9.416
350
240
590
31
36
67
657
657

Compilation statement 25 February 2021

5

INVAP Nederland B.V. at Alkmaar

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FISCAL POSITION

Calculation taxable amount

Result before taxation
Non-deductible amounts
Partially deductible amounts
Base amount
%
Canteen expenses
637
26,50
Investment agreements
Small scale investment allowance
Taxable amount
Rounding
Rounded taxable amount		 2020
€
622.483
17
168
622.668
-221
622.447
2
622.445

The corporate tax on the taxable amount is € 138.611.

Calculation corporate tax

The payable corporate income tax for the current financial year has been calculated as follows:
16,50%
of
€
200.000
25,00%
of
€
422.445
Payable corporate taxes
Profit and Loss account
In the statement of income and expenses corporate tax has been processed as follows:
Income tax expense from current financial year		 33.000
105.611
138.611
2020
€
138.611

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 25 February 2021

6

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Financial statements

Compilation statement 25 February 2021

7

INVAP Nederland B.V. at Alkmaar

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BALANCE SHEET AS AT 31 DECEMBER 2020

(Before distribution of profit)

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
Other receivables and accrued assets
6
Cash and cash equivalents
7
Total assets		 31-12-2020
€
27.901
50.248
-
110.233
10.140.360
10.328.742		 30-06-2020
€
-
-
110.233		 €
2.294.952
59.962
16.681		 €
30.826
35.500
239.549
2.371.595
7.394.184
10.071.654

Compilation statement 25 February 2021

8

INVAP Nederland B.V. at Alkmaar

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LIABILITIES
Equity
8
Issued share capital
9
General reserve
Result for the year
Short-term liabilities
Trade payables
10
Value added tax
Wage tax
Company tax
Other payables
11
Accruals and deferred income
12
Total liabilities		 31-12-2020
€
1.140.963
9.187.779
10.328.742		 30-06-2020
€
1.000
656.091
483.872
8.482.396
529.528
9.148
81.397
85.310
-		 €
1.000
407.792
248.299
8.436.129
686.026
12.022
-
53.495
226.891		 €
657.091
9.414.563
10.071.654

Compilation statement 25 February 2021

9

INVAP Nederland B.V. at Alkmaar

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PROFIT AND LOSS ACCOUNT 01­07­2020 UNTIL 31­12­2020

Net Turnover (Commission)
13
Wages and salaries
14
Social security premiums and pensions cost 15
Depreciation of property, plant and equip-
ment
16
Other staff expenses
17
Housing expenses
18
Selling expenses
19
Office expenses
20
General expenses
21
Total operating expenses
Operating result
Interest and similar expenses
22
Result before taxation
Taxation
Net result after taxation		 1-7-2020/31-12-2020
€
€
925.421
136.463
20.426
3.711
59.001
11.977
22.941
2.992
26.402
283.913
641.508
-19.025
622.483
-138.611
483.872		 1-7-2019/30-6-2020 1-7-2019/30-6-2020
€
136.463
20.426
3.711
59.001
11.977
22.941
2.992
26.402		 €
323.855
45.134
5.511
100.319
23.799
110.589
6.513
44.519		 €
970.634
660.239
310.395
-
310.395
-62.096
248.299

Compilation statement 25 February 2021

10

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 NL. 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.

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.

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

Compilation statement 25 February 2021

11

INVAP Nederland B.V. at Alkmaar

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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 25 February 2021

12

INVAP Nederland B.V. at Alkmaar

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NOTES TO THE BALANCE SHEET

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
Balance movements
Balance as at 31 December 2020
Cost or manufacturing price
Accumulated depreciation
Book value as at 31 December 2020
Financial assets
2 Other amounts receivable
Other amounts receivable
Current assets
3 Construction contracts
Project costs realised and profit attributed
Receivables
4 Trade receivables
Trade debtors
5 Taxes and social security charges
Company tax		 31-12-2020
€
50.248
-
-
-		 Other fixed
assets
€
36.537
-5.711
30.826
786
-3.711
-2.925
37.323
-9.422
27.901
30-06-2020
€
35.500
239.549
2.294.952
59.962

Compilation statement 25 February 2021

13

INVAP Nederland B.V. at Alkmaar

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6 Other receivables and accrued assets
Guarantee deposit
Other receivables
Credit invoices to receive
Salary costs
7 Cash and cash equivalents
Cash
ING Bank N.V., current account		 31-12-2020
€
15.667
1.360
73.262
19.944
110.233
74
10.140.286
10.140.360		 30-06-2020
€
15.667
1.014
-
-
16.681
54
7.394.130
7.394.184

Compilation statement 25 February 2021

14

INVAP Nederland B.V. at Alkmaar

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8 Equity

8 Equity
Balance as at 1 July 2020
Distribution of results
Result for the year
Balance as at 31 December 2020		 Issued share
capital		 General reser-
ve		 Result for the
year		 Total
€
1.000
-
-		 €
407.792
248.299
-		 €
248.299
-248.299
483.872		 €
657.091
-
483.872
1.000 656.091 483.872 1.140.963

9 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

10 Trade payables
Trade creditors
11 Other payables
Salary costs
Holiday coupons
Current account shareholder
Sales invoices to be credited
Audit, consultancy and other costs
Current account shareholder
INVAP S.E.
12 Accruals and deferred income
Purchase invoices to be received		 31-12-2020
€
8.482.396
-
14.471
42.448
18.959
9.432
85.310
42.448
-		 30-06-2020
€
8.436.129
6.324
2.714
42.448
-
2.009
53.495
42.448
226.891

Compilation statement 25 February 2021

15

INVAP Nederland B.V. at Alkmaar

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Off-balance-sheet rights, obligations and arrangements

Disclosure of off-balance sheet commitments

For renting the office is a rental agreement. The rental obligation for the coming year is € 23.404. This is an agreement for an indefinite period.

For the employees there are the following rental agreements:

  • € 24.480 per year, remaining duration of 1 years and 4 months.

  • € 22.472 per year, remaining duration of 2 months.

  • € 18.300 per year, remaining duration of 4 months.

  • € 25.800 per year, remaining duration is flexible continuity without a contract.

Compilation statement 25 February 2021

16

INVAP Nederland B.V. at Alkmaar

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NOTES TO THE PROFIT AND LOSS ACCOUNT

1-7-2020 / 31- 1-7-2019 / 30-
12-2020 6-2020
€ €
13 Net Turnover (Commission)
Total revenue 5.609.263 16.599.286
Total operation expenses -4.683.842 -15.628.652
925.421 970.634
14 Wages and salaries
Salary costs 136.463 323.855
Average number of employees
During the period 1 July 2020 until 31 December 2020, the average number of employees calculated on a full-
time-equivalent basis was 4,27.
1-7-2020 / 31-12-2020
Number
Average number of employees 4,27
1-7-2020 / 31- 1-7-2019 / 30-
12-2020 6-2020
€ €
15 Social security premiums and pensions cost
Social security charges 20.426 45.134
16 Depreciation of property, plant and equipment
Other fixed assets 3.711 5.511
17 Other staff expenses
Other staff expenses 11.161 2.430
Expenses according to 30% facility 28.644 70.700
Fee Board of Directors 18.558 21.812
Staff lunch 638 5.377
59.001 100.319
18 Housing expenses
Rental expenses 11.702 23.043
Cleaning expenses 275 756
11.977 23.799
19 Selling expenses
Business gifts 898 19
Travelling and hotel expenses - 56.215
Car expenses 22.043 54.355
22.941 110.589

Compilation statement 25 February 2021

17

INVAP Nederland B.V. at Alkmaar

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20 Office expenses
Office supplies
Telephone and fax expenses
Other office expenses
21 General expenses
Subscriptions
Insurance premium
Accountancy and consultancy costs
Bank expenses
Fine and increases of taxes and social insurance premiums
Other general expenses
22 Interest and similar expenses
Other interest expenses
Alkmaar, 25 February 2021
INVAP Nederland B.V.		 1-7-2020 / 31-
12-2020
€
560
1.773
659
2.992
241
856
24.620
669
17
-1
26.402
19.025		 1-7-2019 / 30-
6-2020
€
862
3.726
1.925
6.513
1.464
549
37.852
4.685
-
-31
44.519
-

Director Director T.E. Calderon J.P. Boogaard

Compilation statement 25 February 2021

18

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