Van de Velde NV

Annual Report • Mar 25, 2016

40					1	EUR
Nr.	Date of the deposition	No. 0448.746.744		PP.	E.	D.		C 1.1
			ANNUAL ACCOUNTS IN EURO
NAME:	VAN DE VELDE NV
	Legal form: PLC
	Address: Lageweg Nr.: 4
Postal Code: 9260 City: Wichelen
	Country: Belgium
	Register of Legal Persons (RLP) - Office of the commercial court at:			Dendermonde
	Internet address *:
							Company number:	0448.746.744
DATE	27/05/2014							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.
	ANNUAL ACCOUNTS approved by the General Meeting of				27/04/2016
	concerning the financial year covering the period from		1/01/2015			till		31/12/2015
		Previous period from	1/01/2014			till		31/12/2014
	The amounts of the previous financial year are	are not /					** identical to those which have been previously published.
	COMPLETE LIST WITH name, first name, profession, residence-address (address, number, postal code, municipality) and position with the enterprise, OF DIRECTORS, MANAGERS AND AUDITORS
	BENOIT GRAULICH OCLL	0472.527.877
	Meiskensbeekstraat 33, 1851 Humbeek, Belgium
Title : Director
	Mandate : 28/04/2010- 27/04/2016
	Represented by:
	Graulich Benoit
	Meiskensbeekstraat 33 , 1851 Humbeek, Belgium
	HERMAN VAN DE VELDE PLC	0460.768.212
	Dendermondsesteenweg 90, 9230 Wetteren, Belgium
	Title : President of the board of directors
	Mandate : 25/04/2012- 24/04/2018
	Represented by: Van de Velde Herman
	Dendermondsesteenweg 90 , 9230 Wetteren, Belgium
	Enclosed to these annual accounts:	MANAGEMENT REPORT
	Total number of pages deposited:	44						Number of the pages of the standard form not deposited for not being

of service: 5.1, 5.2.1, 5.2.4, 5.3.4, 5.5.2, 5.8, 5.13, 5.16, 5.17.2, 9

Signature (name and position)

EBVBA 4F

Vetegenw door I. Van Doorselaere Gedeleg bestuurder

Signature (name and position)

NV Van de Velde Herman

Vertegenwoordig door H. Van de Velde Bestuurder

* Optional statement.

** Delete where appropriate.

LIST OF DIRECTORS, MANAGERS AND AUDITORS (continuation of the previous page)

LAUREYS BENEDICTE

Nelemeersstraat 72, 9830 Sint-Martens-Latem, Belgium Title : Director Mandate : 25/04/2012- 24/04/2018

LAUREYS LUCAS

Heidenbergpark 20, 9830 Sint-Martens-Latem, Belgium Title : Director Mandate : 1/01/2016- 27/04/2016

4F OCLL 0478.145.266

Koningin Astridlaan 5, 9840 De Pinte, Belgium Title : Delegated director Mandate : 29/04/2010- 27/04/2016 Represented by: Van Doorselaere Ignace Koningin Astridlaan 5 , 9840 De Pinte, Belgium

DIRK GOEMINNE PLLC 0897.660.071

Oudeheerweg-Heide 77, 9250 Waasmunster, Belgium Title : Director Mandate : 27/04/2011- 26/04/2017 Represented by: Goeminne Dirk Oudeheerweg-Heide 77 , 9250 Waasmunster, Belgium

ERNST & YOUNG BEDRIJFSREVISOREN CALL 0437.476.235

Moutstraat 54, 9000 Gent, Belgium Title : Auditor, Number of membership : B160 Mandate : 24/04/2013- 27/04/2016 Represented by: Eelen Paul Moutstraat 54 , 9000 Gent, Belgium

Number of membership : A02213

LIST OF DIRECTORS, MANAGERS AND AUDITORS (continuation of the previous page)

EMETICO PLC 0849.239.552

Bosveldweg 61, 1180 Brussel 18, Belgium

Title : Director

Mandate : 24/04/2013- 24/04/2019

Represented by:

Jansen Yvan

Bosveldweg 61 , 1180 Brussel 18, Belgium

MAVAC PLLC 0824.965.994

Daalstraat 34, 1852 Beigem, Belgium Title : Director Mandate : 24/04/2013- 24/04/2019 Represented by: Vaesen Marleen Daalstraat 34 , 1852 Beigem, Belgium

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.

The annual accounts have have not * / been audited or adjusted by an external accountant or auditor who is not a 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 accountanttax 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

	Notes	Codes	Period	Previous period
ASSETS
FIXED ASSETS		20/28	102.448.740	102.022.360
Formation expenses	5.1	20
Intangible fixed assets	5.2	21	5.297.350	4.112.455
Tangible fixed assets	5.3	22/27	20.835.568	15.896.188
Land and buildings		22	7.423.265	7.521.826
Plant, machinery and equipment		23	6.392.348	5.717.157
Furniture and vehicles		24	1.491.510	1.090.313
Leasing and other similar rights		25
Other tangible fixed assets		26	56.978	56.978
Assets under construction and advance payments		27	5.471.467	1.509.914
	5.4/
Financial fixed assets	5.5.1	28	76.315.822	82.013.717
Affiliated enterprises	5.14	280/1	62.051.288	67.754.399
Participating interests		280	62.029.847	67.733.194
Amounts receivable		281	21.441	21.205
Other enterprises linked by participating interests	5.14	282/3	14.022.167	14.022.167
Participating interests		282	14.022.167	14.022.167
Amounts receivable		283
Other financial assets		284/8	242.367	237.151
Shares		284
Amounts receivable and cash guarantees		285/8	242.367	237.151
CURRENT ASSETS		29/58	87.362.588	95.443.806
Amounts receivable after more than one year		29	2.013.001	5.261.027
Trade debtors		290	241.592	2.058.586
Other amounts receivable		291	1.771.409	3.202.441
Stocks and contracts in progress		3	36.712.168	33.485.275
Stocks		30/36	36.712.168	33.485.275
Raw materials and consumables		30/31	10.540.372	9.595.095
Work in progress		32	9.224.869	8.216.416
Finished goods		33	16.670.515	15.307.306
Goods purchased for resale		34	276.412	366.458
Immovable property intended for sale		35
Advance payments		36
Contracts in progress		37
Amounts receivable within one year	5.5.1/ 5.6	40/41	18.803.777	20.494.163
Trade debtors		40	18.184.139	19.486.872
Other amounts receivable		41	619.638	1.007.291
Current investments		50/53	7.832.725	2.477.925
Own shares		50		833.053
Other investments and deposits		51/53	7.832.725	1.644.872
Cash at bank and in hand		54/58	18.478.073	31.077.952
Deferred charges and accrued income	5.6	490/1	3.522.844	2.647.464
TOTAL ASSETS		20/58	189.811.328	197.466.166

EQUITY AND LIABILITIES	Notes	Codes	Period	Previous period
EQUITY		10/15	120.897.035	138.542.341
Capital	5.7	10	1.936.174	1.936.174
Issued capital		100	1.936.174	1.936.174
Uncalled capital		101
Share premium account Revaluation surpluses		11 12	743.422	743.422
Reserves		13	118.217.439	135.862.745
Legal reserve		130	193.617	193.617
Reserves not available		131		833.053
In respect of own shares held		1310		833.053
Other		1311
Untaxed reserves		132
Available reserves Accumulated profits (losses) (+)/(-)		133 14	118.023.822	134.836.075
Investment grants		15
Advance to associates on the sharing
out of the assets		19
PROVISIONS AND DEFERRED TAXES		16	739.337	782.338
Provisions for liabilities and charges		160/5	739.337	782.338
Pensions and similar obligations		160
Taxation		161
Major repairs and maintenance		162
Other liabilities and charges	5.8	163/5	739.337	782.338
Deferred taxes		168
AMOUNTS PAYABLE		17/49	68.174.956	58.141.487
Amounts payable after more than one year	5.9	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		42/48	64.869.616	54.852.710
Current portion of amounts payable after more than one year falling due within one year	5.9	42
Financial debts		43
Credit institutions		430/8
Other loans		439
Trade debts		44	20.595.922	16.817.165
Suppliers		440/4	20.595.922	16.817.165
Bills of exchange payable		441
Advances received on contracts in progress		46
Taxes, remuneration and social security	5.9	45	13.848.278	7.570.146
Taxes		450/3	10.080.545	3.917.387
Remuneration and social security		454/9	3.767.733	3.652.759
Other amounts payable		47/48	30.425.416	30.465.399
Accrued charges and deferred income	5.9	492/3	3.305.340	3.288.777
TOTAL LIABILITIES		10/49	189.811.328	197.466.166

INCOME STATEMENT

	Notes	Codes	Period	Previous period
Operating income	5.10	70/74	194.189.592	178.914.683
Turnover		70	186.056.351	175.298.449
Increase (decrease) in stocks of finished goods, work and contracts in progress (+)/(-)		71	2.278.822	-1.209.481
Own construction capitalised		72
Other operating income		74	5.854.419	4.825.715
Operating charges		60/64	153.727.409	133.560.421
Raw materials, consumables		60	39.339.515	40.296.626
Purchases		600/8	40.208.947	39.227.714
Decrease (increase) in stocks (+)/(-)		609	-869.432	1.068.912
Services and other goods		61	71.741.458	65.091.199
Remuneration, social security costs and pensions (+)/(-)	5.10	62	25.740.812	24.640.272
Depreciation of and amounts written off formation expenses, intangible and tangible fixed assets		630	4.732.129	5.598.944
Amounts written down stocks, contracts in progress and trade debtors - Appropriations (write-backs) (+)/(-)	5.10	631/4	272.001	-2.313.246
Provisions for risks and charges - Appropriations (uses and write-backs) (+)/(-)	5.10	635/7	-43.000	18.523
Other operating charges	5.10	640/8	11.944.494	228.103
Operation charges carried to assets as restructuring costs (-)		649
Operating profit (loss) (+)/(-)		9901	40.462.183	45.354.262
Financial income		75	15.173.144	94.477.962
Income from financial fixed assets		750	10.037.999	91.861.622
Income from current assets		751	156.921	332.169
Other financial income	5.11	752/9	4.978.224	2.284.171
Financial charges	5.11	65	8.061.366	5.574.942
Debt charges		650	89.493	135.136
Amounts written down on current assets except stocks, contracts in progress and trade debtors (+)/(-)		651
Other financial charges		652/9	7.971.873	5.439.806
Gain (loss) on ordinary activities before taxes (+)/(-)		9902	47.573.961	134.257.282

	Codes	Period	Previous period
Extraordinary income	76	52.557	638
Write-back of depreciation and of amounts written down intangible and tangible fixed assets	760
Write-back of amounts written down financial fixed assets	761
Write-back of provisions for extraordinary liabilities and charges	762
Gains on disposal of fixed assets	763	52.557	638
Other extraordinary income	764/9
Extraordinary charges	66	5.706.293	11.110
Extraordinary depreciation of and extraordinary amounts written off formation expenses, intangible and tangible fixed assets	660		11.110
Amounts written down financial fixed assets	661	5.703.346
Provisions for extraordinary liabilities and charges - Appropriations (uses) (+)/(-)	662
Loss on disposal of fixed assets	663	2.947
Other extraordinary charges 5.11	664/8
Extraordinary charges carried to assets as restructuring costs (-)	669
Profit (loss) for the period before taxes (+)/(-)	9903	41.920.225	134.246.810
Transfer from postponed taxes	780
Transfer to postponed taxes	680
Income taxes 5.12	67/77	12.943.602	16.105.429
Income taxes	670/3	12.943.602	16.105.429
Adjustment of income taxes and write-back of tax provisions	77
Profit (loss) for the period (+)/(-)	9904	28.976.623	118.141.381
Transfer from untaxed reserves	789
Transfer to untaxed reserves	689
Profit (loss) for the period available for appropriation (+)/(-)	9905	28.976.623	118.141.381

APPROPRIATION ACCOUNT

	Codes	Period	Previous period
Profit (loss) to be appropriated (+)/(-)	9906	28.976.623	118.141.381
Gain (loss) to be appropriated (+)/(-)	(9905)	28.976.623	118.141.381
Profit (loss) to be carried forward (+)/(-)	14P
Transfers from capital and reserves	791/2	17.645.307
from capital and share premium account	791
from reserves	792	17.645.307
Transfers to capital and reserves	691/2		71.555.586
to capital and share premium account	691
to the legal reserve	6920
to other reserves	6921		71.555.586
Profit (loss) to be carried forward (+)/(-)	(14)
Owner's contribution in respect of losses	794
Profit to be distributed	694/6	46.621.930	46.585.795
Dividends	694	46.621.930	46.585.795
Director's or manager's entitlements	695
Other beneficiaries	696

	Codes	Period	Previous period
CONCESSIONS, PATENTS, LICENCES, KNOWHOW, BRANDS AND SIMILAR RIGHTS
Acquisition value at the end of the period	8052P	xxxxxxxxxxxxxxx	27.567.205
Movements during the period
Acquisitions, including produced fixed assets	8022	721.119
Sales and disposals	8032
Transfers from one heading to another (+)/(-)	8042
Acquisition value at the end of the period	8052	28.288.324
Depreciation and amounts written down at the end of the period	8122P	xxxxxxxxxxxxxxx	23.454.751
Movements during the period
Recorded	8072	1.592.259
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	25.047.010
NET BOOK VALUE AT THE END OF THE PERIOD	211	3.241.314

	Codes	Period	Previous period
GOODWILL
Acquisition value at the end of the period	8053P	xxxxxxxxxxxxxxx
Movements during the period
Acquisitions, including produced fixed assets	8023	2.090.884
Sales and disposals	8033
Transfers from one heading to another (+)/(-)	8043
Acquisition value at the end of the period	8053	2.090.884
Depreciation and amounts written down at the end of the period	8123P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8073	34.848
Written back	8083
Acquisitions from third parties	8093
Cancelled owing to sales and disposals	8103
Transfers from one heading to another (+)/(-)	8113
Depreciation and amounts written down at the end of the period	8123	34.848
NET BOOK VALUE AT THE END OF THE PERIOD	212	2.056.036

STATEMENT OF TANGIBLE FIXED ASSETS

	Codes	Period	Previous period
LAND AND BUILDINGS
Acquisition value at the end of the period	8191P	xxxxxxxxxxxxxxx	20.426.764
Movements during the period
Acquisitions, including produced fixed assets	8161	826.010
Sales and disposals	8171
Transfers from one heading to another (+)/(-)	8181
Acquisition value at the end of the period	8191	21.252.774
Revaluation surpluses at the end of the period	8251P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8211
Acquisitions from third parties	8221
Cancelled	8231
Transfers from one heading to another (+)/(-)	8241
Revaluation surpluses at the end of the period	8251
Depreciation and amounts written down at the end of the period	8321P	xxxxxxxxxxxxxxx	12.904.938
Movements during the period
Recorded	8271	924.571
Written back	8281
Acquisitions from third parties	8291
Cancelled owing to sales and disposals	8301
Transfers from one heading to another (+)/(-)	8311
Depreciation and amounts written down at the end of the period	8321	13.829.509
NET BOOK VALUE AT THE END OF THE PERIOD	(22)	7.423.265

	Codes	Period	Previous period
PLANT, MACHINERY AND EQUIPMENT
Acquisition value at the end of the period	8192P	xxxxxxxxxxxxxxx	27.167.952
Movements during the period
Acquisitions, including produced fixed assets	8162	2.415.894
Sales and disposals	8172
Transfers from one heading to another (+)/(-)	8182
Acquisition value at the end of the period	8192	29.583.846
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	21.450.795
Movements during the period
Recorded	8272	1.740.703
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	23.191.498
NET BOOK VALUE AT THE END OF THE PERIOD	(23)	6.392.348

	Codes	Period	Previous period
FURNITURE AND VEHICLES
Acquisition value at the end of the period	8193P	xxxxxxxxxxxxxxx	3.388.336
Movements during the period
Acquisitions, including produced fixed assets	8163	867.962
Sales and disposals	8173	226.318
Transfers from one heading to another (+)/(-)	8183
Acquisition value at the end of the period	8193	4.029.980
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	2.298.023
Movements during the period
Recorded	8273	439.749
Written back	8283
Acquisitions from third parties	8293
Cancelled owing to sales and disposals	8303	199.302
Transfers from one heading to another (+)/(-)	8313
Depreciation and amounts written down at the end of the period	8323	2.538.470
NET BOOK VALUE AT THE END OF THE PERIOD	(24)	1.491.510

	Codes	Period	Previous period
OTHER TANGIBLE FIXED ASSETS
Acquisition value at the end of the period	8195P	xxxxxxxxxxxxxxx	56.978
Movements during the period
Acquisitions, including produced fixed assets	8165
Sales and disposals	8175
Transfers from one heading to another (+)/(-)	8185
Acquisition value at the end of the period	8195	56.978
Revaluation surpluses at the end of the period	8255P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8215
Acquisitions from third parties	8225
Cancelled	8235
Transfers from one heading to another (+)/(-)	8245
Revaluation surpluses at the end of the period	8255
Depreciation and amounts written down at the end of the period	8325P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8275
Written back	8285
Acquisitions from third parties	8295
Cancelled owing to sales and disposals	8305
Transfers from one heading to another (+)/(-)	8315
Depreciation and amounts written down at the end of the period	8325
NET BOOK VALUE AT THE END OF THE PERIOD	(26)	56.978

	Codes	Period	Previous period
ASSETS UNDER CONSTRUCTION AND ADVANCED PAYMENTS
Acquisition value at the end of the period	8196P	xxxxxxxxxxxxxxx	1.509.914
Movements during the period
Acquisitions, including produced fixed assets	8166	3.961.553
Sales and disposals	8176
Transfers from one heading to another (+)/(-)	8186
Acquisition value at the end of the period	8196	5.471.467
Revaluation surpluses at the end of the period	8256P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8216
Acquisitions from third parties	8226
Cancelled	8236
Transfers from one heading to another (+)/(-)	8246
Revaluation surpluses at the end of the period	8256
Depreciation and amounts written down at the end of the period	8326P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8276
Written back	8286
Acquisitions from third parties	8296
Cancelled owing to sales and disposals	8306
Transfers from one heading to another (+)/(-)	8316
Depreciation and amounts written down at the end of the period	8326
NET BOOK VALUE AT THE END OF THE PERIOD	(27)	5.471.467

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	1.024.380
Movements during the period
Acquisitions, including produced fixed assets	8361
Sales and disposals	8371
Transfers from one heading to another (+)/(-)	8381
Acquisition value at the end of the period	8391	1.024.380
Revaluation surpluses at the end of the period	8451P	xxxxxxxxxxxxxxx	67.148.000
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	67.148.000
Amounts written down at the end of the period	8521P	xxxxxxxxxxxxxxx	439.187
Movements during the period
Recorded	8471	5.703.346
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	6.142.533
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)	62.029.847
AFFILIATED ENTERPRISES - AMOUNTS RECEIVABLE
NET BOOK VALUE AT THE END OF THE PERIOD	281P	xxxxxxxxxxxxxxx	21.205
Movements during the period
Additions	8581	236
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)	21.441
ACCUMULATED AMOUNTS WRITTEN OFF ON AMOUNTS RECEIVABLE AT THE END OF THE PERIOD	8651

	Codes	Period	Previous period
OTHER ENTERPRISES LINKED BY PARTICIPATING INTERESTS - PARTICIPATING INTERESTS AND SHARES
Acquisition value at the end of the period	8392P	xxxxxxxxxxxxxxx	25.146.149
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	25.146.149
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 et the end of the period	8522P	xxxxxxxxxxxxxxx	11.123.982
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	11.123.982
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)	14.022.167
OTHER ENTERPRISES LINKED BY PARTICIPATING INTERESTS - 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
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
Revaluation surpluses at the end of the period	8453P	xxxxxxxxxxxxxxx
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
Amounts written down at the end of the period	8523P	xxxxxxxxxxxxxxx
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
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)
OTHER ENTERPRISES - AMOUNTS RECEIVABLE
NET BOOK VALUE AT THE END OF THE PERIOD	285/8P	xxxxxxxxxxxxxxx	237.151
Movements during the period
Additions	8583	5.216
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)	242.367
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 wich the enterprise holds a participating interest (recorded in the heading 28 of assets) and other enterprises in which the enterprise holds rights (recorded in the headings 28 and 50/53 of assets) in the amount of at least 10% of the capital issued.

		Shares held by		Information from the most recent period for which annual accounts are available
NAME, full address of the REGISTERED OFFICE and for the enterprise governed by Belgian law, the COMPANY NUMBER	directly		subsi diaries	Primary	Mone	Capital and reserves	Net result
	Number	%	%	financial statement	tary unit	(+) or (-) (in monetary units)
VAN DE VELDE GMBH & CO KG FC BLUMENSTRASSE 24 40212 DUSSELDORF Germany				31/12/2015	EUR	850.602	258.877
VAN DE VELDE VERWALTUNGS GMBH FC		100 100,00	0,00	31/12/2015	EUR	46.738	-2.659
BLUMENSTRASSE 24 40212 DUSSELDORF Germany
VAN DE VELDE TERMELO ES KERESKEDELMI KFT FC		1 100,00	0,00	31/12/2015	HUF	42.115.758	-440.431
SELYEM U. 4 7100 SZEKSZARD Hungary
VAN DE VELDE UK Ltd FC Mitre House Aldersgate Street 160 EC1A4DD LONDON United Kingdom		1 100,00	0,00	31/12/2015	GBP	262.831	40.941
VAN DE VELDE FRANCE SARL FC PLACE DU GENERAL DE GAULLE 16 59000 Lille France		1 100,00	0,00	31/12/2015	EUR	2.008.596	311.447
MARIE JO GMBH FC BLUMENSTRASSE 24 40212 DUSSELDORF Germany	1250000 100,00		0,00	31/12/2015	EUR	2.101.406	127.613
VAN DE VELDE IBERICA SL FC CALLE SANTA EULALIA 5 08012 BARCELONA Spain		1 100,00	0,00	31/12/2015	EUR	4.280.652	567.379
	40200 100,00		0,00

SHARE IN THE CAPITAL AND OTHER RIGHTS IN OTHER COMPANIES

		Shares held by		Information from the most recent period for which annual accounts are available
NAME, full address of the REGISTERED OFFICE and for the enterprise governed by Belgian law, the COMPANY NUMBER	directly		subsi diaries	Primary	Mone	Capital and reserves	Net result
	Number	%	%	financial statement	tary unit	(+) or (-) (in monetary units)
VAN DE VELDE NORTH AMERICA INC FC MADISON AVENUE 171 NY10016 NEW YORK United States of America				31/12/2015	USD	229.610	130.244
VAN DE VELDE FINLAND OY FC YLIOPISTONKATU 34 20100 TURKU Finland		100 100,00	0,00	31/12/2015	EUR	35.575	22.172
VAN DE VELDE DENMARK APS FC LEJRVEJ 8 6330 PADBORG Denmark		800 100,00	0,00	31/12/2015	DKK	1.718.068	239.737
TOP FORM INTERNATIONAL LIMITED 15/F. TOWER A MANULIFE FIN. CENTRE WAI YIP STR 223 , box 231 KWIN TONG, KOWLOON Hong Kong		125 100,00	0,00	31/12/2015	HKD	554.089.000	20.161.000
RIGBY & PELLER LTD FC UNIT 5, PORTAL WEST BC, 6 PORTAL WAY W3 6 RU LONDEN United Kingdom	275923544	25,66	0,00	31/12/2015	GBP	1.768.245	579.825
VAN DE VELDE CONFECTION SARL FC ROUTE DE SOUSSE 25 4020 KONDAR Tunisia	2175	87,00	0,00	31/12/2015	TND	23.937.120	23.882.120
INTIMACY MANAGEMENT COMPANY LLC FC 3980 DEKALB - TECHNOLOGY PARKWAY 760 30340 ATLANTA United States of America	5000	99,00	1,00	31/12/2015	USD	-18.534.240	-6.253.362
	1000		0,00 100,00

SHARE IN THE CAPITAL AND OTHER RIGHTS IN OTHER COMPANIES

	Shares held by			Information from the most recent period for which annual accounts are available
NAME, full address of the REGISTERED OFFICE and for the enterprise governed by Belgian law, the COMPANY NUMBER	directly		subsi diaries	Primary	Mone	Capital and reserves	Net result
	Number	% %		financial statement	tary unit	(+) or (-) (in monetary units)
VAN DE VELDE RETAIL INC FC 171 MADISON AVENUE, SUITE 201 171 NY10016 NEW YORK United States of America				31/12/2015	USD	13.970.099	753.040
VAN DE VELDE POLAND SP ZOO FC UL AL WYZWOLENIA 10 00570 WARCHAU Poland		1000 100,00	0,00	31/12/2015	PLN	318.115	-101.952
VAN DE VELDE NEDERLAND BV FC CORELLISTRAAT 27 1077 HB AMSTERDAM Netherlands		4000 100,00	0,00	31/12/2015	EUR	2.067.685	222.341
820025367B01 PRIVATE SHOP LIMITED WYLER CENTRE I - FLOOR 8 - TAI LIN PAI ROAD 202 , box 210 KWAI CHUNG Hong Kong	90000 100,00		0,00	31/12/2015	HKD	27.739.000	-9.283.000
	50	50,00	0,00

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

	Codes	Period	Previous period
INVESTMENTS: OTHER INVESTMENTS AND DEPOSITS
Shares	51
Book value increased with the uncalled amount	8681
Uncalled amount	8682
Fixed income securities	52
Fixed income securities issued by credit institutions	8684
Fixed term deposit with credit institutions	53	7.832.725	1.644.872
Falling due
less or up to one month	8686
between one month and one year	8687	7.832.725	1.644.872
over one year	8688
Other investments not yet shown seperately	8689

DEFFERED CHARGES AND ACCRUED INCOME

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

Period

STATEMENT OF CAPITAL AND STRUCTURE OF SHAREHOLDINGS

STATEMENT OF CAPITAL

Social capital

Issued capital at the end of the period
Issued capital at the end of the period

Codes	Period	Previous period
100P	XXXXXXXXXXXXXX	1.936.174
(100)	1.936.174

	Codes	Amounts	Number of shares
Changes during the period:
Structure of the capital Different categories of shares
Gewone aandelen		1.936	13.322.480
Registered shares	8702	XXXXXXXXXXXXXX	7.497.692
Bearer shares and/or dematerialized shares	8703	XXXXXXXXXXXXXX	5.824.788

	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
Number of shares held	8722
Held by the subsidiaries
Amount of capital held	8731
Number of shares held	8732
Commitments to issue shares
Following the exercising 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
Following the exercising 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	1.936.174

STATEMENT OF CAPITAL AND STRUCTURE OF SHAREHOLDINGS

	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

	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	9062
AMOUNTS PAYABLE FOR TAXES, REMUNERATION AND SOCIAL SECURITY
Taxes (heading 450/3 of the liabilities)
Expired taxes payable	9072
Non expired taxes payable	9073	520.980
Estimated taxes payable	450	9.559.565
Remuneration and social security (heading 454/9 of the liabilities)
Amount due to the National Office of Social Security	9076
Other amounts payable relating to remuneration and social security	9077	3.767.733

Nr.	0448.746.744		C 5.9
			Period
	ACCRUED CHARGES AND DEFERRED INCOME
		Allocation of the heading 492/3 of liabilities if the amount is considerable

OPERATING RESULTS

	Codes	Period	Previous period
OPERATING INCOME
Net turnover
Broken down by categories of activity
Allocation into geographical markets
Other operating income
Total amount of subsidies and compensatory amounts obtained 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	510	528
Average number of employees calculated in full-time equivalents	9087	482,2	481,6
Number of actual worked hours	9088	677.064	676.810
Personnel costs
Remuneration and direct social benefits	620	17.584.082	16.698.096
Employers' social security contributions	621	6.239.561	5.443.749
Employers' premiums for extra statutory insurances	622	852.856	806.429
Other personnel costs	623	1.064.313	1.691.998
Old-age and widows' pensions	624
Provisions for pensions
Additions (uses and write-back) (+)/(-)	635
Amounts written off
Stocks and contracts in progress
Recorded	9110	142.186
Written back	9111		2.438.644
Trade debtors
Recorded	9112	129.815	125.398
Written back	9113
Provisions for risks and charges
Additions	9115	37.000	103.212
Uses and write-back	9116	80.000	84.689
Other operating charges
Taxes related to operation	640	232.915	228.103
Other charges	641/8	11.711.579
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	22,1	23,1
Number of actual worked hours	9098	43.609	45.478
Charges to the enterprise	617	948.642	1.023.067

FINANCIAL AND EXTRAORDINARY RESULTS

	Codes	Period	Previous period
FINANCIAL RESULTS
Other financial income
Amount of subsidies granted by public authorities, credited to income for the period
Capital subsidies	9125
Interest subsidies	9126
Allocation of other financial income
Wisselresultaten		4.059	1.387
Financiële kortingen		886	876
Overige financiële opbrengsten		33	21
Amounts written down off loan issue expenses and repayment premiums	6501
Intercalary interests recorded as assets	6503
Value adjustments to current assets
Appropriations	6510
Write-backs	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
Wisselresultaten		2.620	1.106
Financiële kortingen		4.896	4.099
Overige financiële kosten		457	234

EXTRAORDINARY RESULTS

Allocation other extraordinary income

Allocation other extraordinary charges

INCOME TAXES AND OTHER TAXES

	Codes	Period
INCOME TAXE
Income taxes on the result of the current period	9134	12.943.602
Income taxes paid and withholding taxes due or paid	9135	12.936.762
Excess of income tax prepayments and withholding taxes recorded under assets	9136
Estimated additional taxes	9137	6.840
Income taxes on previous periods	9138
Taxes and withholding taxes due or paid	9139
Estimated additional taxes estimated or provided for	9140
In so far as income taxes of the current period are materially affected by differences between the profit before taxes, as stated in the annual accounts, and the estimated taxable profit

An indication of the effect of extraordinary results on the amount of income taxes relating to the current period

	Codes	Period
Status of deferred taxes
Deferred taxes representing assets	9141
Accumulated tax losses deductible from future taxable profits	9142
Other deferred taxes representing assets
Deferred taxes representing liabilities	9144
Allocation of deferred taxes representing liabilities

	Codes	Period	Previous Period
THE TOTAL AMOUNT OF VALUE ADDED TAX AND TAXES BORNE BY THIRD PARTIES
The total amount of value added tax charged
To the enterprise (deductible)	9145	19.109.236	17.261.064
By the enterprise	9146	21.385.443	19.397.286
Amounts retained on behalf of third parties for
Payroll withholding taxes	9147	3.505.998	3.367.991
Withholding taxes on investment income	9148	4.504.786	4.348.127

	Codes	Period	Previous period
AFFILIATED ENTERPRISES
Financial fixed assets	(280/1)	62.051.288	67.754.399
Investments	(280)	62.029.847	67.733.194
Amounts receivable subordinated	9271
Other amounts receivable	9281	21.441	21.205
Amounts receivable	9291	3.495.345	11.337.150
After one year	9301	1.874.443	5.025.456
Within one year	9311	1.620.902	6.311.694
Current investments	9321
Shares	9331
Amounts receivable	9341
Amounts payable	9351	18.211.737	14.962.465
After one year	9361
Within one year	9371	18.211.737	14.962.465
Personal and real guarantees
Provided or irrevocably promised by the enterprise, as security for debts or
commitments of affiliated enterprises	9381	301.838	271.404
Provided or irrevocably promised by affiliated enterprises as security for debts or commitments of the enterprise	9391
Other substancial financial commitments	9401
Financial results
Income from financial fixed assets	9421	9.396.481	91.033.563
Income from current assets	9431
Other financial income	9441
Debts charges	9461	52.666	50.638
Other financial charges	9471
Gains and losses on disposal of fixed assets
Obtained capital gains	9481
Obtained capital losses	9491
ENTERPRISES LINKED BY PARTICIPATING INTERESTS
Financial fixed assets	(282/3)	14.022.167	14.022.167
Investments	(282)	14.022.167	14.022.167
Amounts receivable subordinated	9272
Other amounts receivable	9282
Amounts receivable	9292
After one year	9302
Within one year	9312
Amounts payable	9352
After one year	9362
Within one year	9372

TRANSACTIONS WITH RELATED PARTIES OUTSIDE NORMAL MARKET CONDITIONS

Mention of such operations if they are material, stating the amount of these transactions, the nature of the relationship with the related party and other information about the transactions necessary for the understanding of the financial position of the company:

Nil

	Codes	Period
DIRECTORS AND MANAGERS, INDIVIDUALS OR BODIES CORPORATE WHO CONTROL THE ENTERPRISE WITHOUT BEING ASSOCIATED THEREWITH OR OTHER ENTERPRISES CONTROLLED BY THESE PERSONS, OTHER ENTERPRISES CONTROLLED BY THE SUB B. MENTIONED PERSONS WITHOUT BEING ASSOCIATED THEREWITH
Amounts receivable from these persons	9500
Conditions on amounts receivable
Guarantees provided in their favour	9501
Guarantees provided in their favour - Main condition
Other significant commitments undertaken in their favour	9502
Other significant commitments undertaken in their favour - Main condition
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
To former directors and former managers	9504

	Codes	Period
AUDITORS OR PEOPLE THEY ARE LINKED TO
Auditor's fees	9505	49.995
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	45.348
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

Mention related to article 133 paragraph 6 from the Companies Code

INFORMATION RELATING TO CONSOLIDATED ACCOUNTS

INFORMATION THAT MUST BE PROVIDED BY EACH COMPANY, THAT IS SUBJECT OF COMPANY LAW ON THE CONSOLIDATED ANNUAL ACCOUNTS OF ENTERPRISES

The enterprise has drawn up publiced 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 the limits mentioned in art. 16 of Company Law*

The enterprise itself is a subsidiary of an enterprise which does prepare and publish consolidated accounts, in which her yearly statement of accounts is included*

If yes, justification of the compliance with all conditions for exemption set out in art. 113 par. 2 and 3 of Company Law:

Name, full address of the registered office and, for an enterprise governed by Belgian Law, the company number of the parent company preparing and publishing the consolidated accounts required:

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**

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.

SOCIAL REPORT

Numbers of joint industrial committees which are competent for the enterprise: 109 215

STATEMENT OF THE PERSONS EMPLOYED

EMPLOYEES FOR WHOM THE COMPANY HAS SUBMITTED A DIMONA DECLARATION OR ARE RECORDED IN THE GENERAL PERSONNEL REGISTER

During the period	Codes	Total	1. Men	2. Women
Average number of employees
Full-time	1001	358,8	62,3	296,5
Part-time	1002	164,5	8,4	156,1
Total of full-time equivalents (FTE)	1003	482,2	67,3	414,9
Number of hours actually worked
Full-time	1011	502.869	99.117	403.752
Part-time	1012	174.195	7.637	166.558
Total	1013	677.064	106.754	570.310
Personnel costs
Full-time	1021	19.547.537	5.045.369	14.502.168
Part-time	1022	6.193.275	480.853	5.712.422
Total	1023	25.740.812	5.526.222	20.214.590
Advantages in addition to wages	1033

During the previous period	Codes	P. Total	1P. Men	2P. Women
Average number of employees	1003	481,6	66,0	415,6
Number of hours actually worked	1013	676.810	102.912	573.898
Personnel costs	1023	24.640.272	5.421.910	19.218.362
Advantages in addition to wages	1033

At the closing date of the period	Codes	1. Full-time	2. Part-time	3. Total in full-time equivalents
Number of employees	105	350	160	469,3
By nature of the employment contract
Contract for an indefinite period	110	347	160	466,3
Contract for a definite period	111	3		3,0
Contract for the execution of a specifically assigned work	112
Replacement contract	113
According to the gender and by level of education Male	120	62	9	67,0
primary education 1200
secondary education	1201	30	2	31,5
higher education (non-university)	1202	21	6	24,3
university education	1203	11	1	11,2
Female	121	288	151	402,3
primary education	1210	10	17	21,6
secondary education	1211	170	98	243,7
higher education (non-university)	1212	62	27	83,7
university education	1213	46	9	53,3
By professional category
Management staff	130	7	1	7,2
Employees	134	134	49	171,6
Workers	132	209	110	290,5
Other	133

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

During the period	Codes	1. Temporary personnel	2. Persons placed at the disposal of the enterprise
Average number of employees	150	22,1
Number of hours actually worked	151	43.609
Charges of the enterprise	152	948.642

TABLE OF PERSONNEL CHANGES DURING THE PERIOD

ENTRIES	Codes	1. Full-time	2. Part-time	3. Total in full-time equivalents
The number of employees for whom the company has submitted a DIMONA declaration or are recorded in the personnel register during the financial year in the general personnel register	205	37	3	38,7
By nature of the employment contract
Contract for an indefinite period	210	28	2	29,0
Contract for a definite period	211	9	1	9,7
Contract for the execution of a specifically assigned work	212
Replacement contract	213

DEPARTURES	Codes	1. Full-time	2. Part-time	3. Total in full-time equivalents
The number of employees with a in the DIMONA declaration indicated or in the general personnel register listed date of termination of the contract during the financial year	305	41	15	52,6
By nature of the employment contract
Contract for an indefinite period	310	32	14	42,9
Contract for a definite period	311	9	1	9,7
Contract for the execution of a specifically assigned work	312
Replacement contract	313
According to the reason for termination of the employment contract
Retirement	340	1		1,0
Unemployment with company allowance	341	1	8	7,0
Dismissal	342	5	1	5,8
Other reason	343	34	6	38,8
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 WITH REGARD TO TRAINING RECEIVED BY EMPLOYEES DURING THE PERIOD

Total number of official advanced professional training projects at company expense	Codes	Male	Codes	Female
Number of participating employees	5801	47	5811	146
Number of training hours	5802	841	5812	4.342
Costs for the company	5803	101.386	5813	328.082
of which gross costs directly linked to the training	58031	103.062	58131	325.516
of which paid contributions and deposits in collective funds	58032	23.311	58132	66.818
of which received subsidies (to be deducted)	58033	24.987	58133	64.252
Total number of less official and unofficial advance professional training projects at company expense
Number of participating employees	5821	9	5831	29
Number of training hours	5822	2.040	5832	5.361
Costs for the company	5823	62.038	5833	161.074
Total number of initial professional training projects at company expense
Number of participating employees	5841		5851
Number of training hours	5842		5852
Costs for the company	5843		5853

VALUATION RULES

I. Principle

The valuation rules are determined according to the provisions of chapter II of the Royal Decree of 30 January 2001 in implementation of Company Law.

In respect of the requirement of a true and fair view the valuation rules of this Decree shall be deviated from in the following exceptional cases:

Niet van toepassing

Reasons for the deviation:

Niet van toepassing

The effects of the deviation on assets and liabilities, financial position and the result before taxation of the enterprise are as follows:

Niet van toepassing

The valuation rules are (changed) (not changed) in wording and application as compared to the preceding financial period; if so, the change related to:

and has a EUR. (positive) (negative) effect on the result for the financial period before taxation to the amount of

(is) the material effect results from: significantly effected by income or charges relating to a previous financial period; if so, The income statement (is not)

The figures of the financial period are not comparable with those of the preceding financial period for the following reason:

(To compare the annual accounts of both financial periods involved following information should be taken into account): (In order to maintain comparability the figures of the preceding financial period are adjusted regarding to following reasons)

In absence of objective standards of appraisal following valuation of foreseeable liabilities, contingent losses and diminuations in value is inevitably uncertain:

Other information necessary to give a true and fair view of the enterprise's liabilities, financial position and result:

2. Fixed assets

Formation expenses:

Formation expenses are charged against income except for following costs capitalised:

Reorganization costs:

The reorganization costs are (capitalised) (not capitalised) during the financial period; if so, this is justified as follows:

Intangible fixed assets:

The amount of intangible assets includes EUR research and development costs. Depreciation of these costs and the depreciations for goodwill are charged over a period of (more than) (not more than) 5 years; if more than 5 years the period involved is justified as follows :

Tangible fixed assets:

During the financial period the tangible assets (are) (are not) revalued; if so, the revaluation if justified are as follows:

VALUATION RULES

Depreciation recorded during the financial period:

	Method	Basis	Depreciation rate
Assets	S (straightline) R (reducing balance) O (other)	NR (not revalued) R (revalued)	Principal costs Min. - Max.	Ancillary costs Min. - Max.
1. Formation expenses
2. Intangible fixed assets
Software	S		20,00 - 20,00	20,00 - 20,00
Merken	S		20,00 - 20,00	20,00 - 20,00
3. Buildings*
Industriële gebouwen	R		5,00 - 5,00	5,00 - 5,00
Commerciële gebouwen	R		3,03 - 3,03	3,03 - 3,03
Isolatie gebouwen	R		10,00 - 10,00	10,00 - 10,00
4. Plant, machinery and equipments *
	R		10,00 - 20,00	10,00 - 20,00
5. Vehicles*
	S		20,00 - 20,00	20,00 - 20,00
6. Office furniture *
	R		10,00 - 20,00	10,00 - 20,00
7. Other tangible fixed assets

* Including leased assets wich should be disclosed on a separate line.

Tax deductible accelerated depreciation in excess of depreciation based on economic circumstances:

• amount for the financial period: EUR.

• cumulative amount regarding tangible assets acquired as of the financial period beginning after December 31, 1983:

Financial fixed assets:

During the financial period investments (are) (are not) revalued; if so, the revaluation is justified as follows:

3. Current assets

Inventories:

Inventories are valued at acquisition cost (to be disclosed) method, Fifo, Lifo, by identifying individually the price of each element or by the lower market value determined according to the method of the weighted average price

1. Raw materials and consumables:

Methode van de standaardprijs. Om rekening te houden met de evolutie v/d marktwaarde v/d voorraad worden er waardeverminderingen toegepast

1. Work in progress - finished goods:

Vervaardigingsprijs die tevens de indirecte productieprijs omvat Om rekening te houden met de evolutie v/d marktwaarde v/d vr worden er wvm toegepast

1. Goods purchased for resale:

2. Immovable property intended for sale:

Products:

• costs that are only indirectly attributable to the product. - Production costs (include) (do not include)
• Production costs of stock and work in progress the production of which exceeds more than one year on capital borrowed to finance the production. (includes) (does not include)

Stocks total valued at market value amount to % of its book value at the end of the financial period.

(This information is only required in the event of a substantial difference).

EUR.

VALUATION RULES

Contracts in progress:

Contracts in progress are valued (at production cost)

(at production cost increased by a portion of the profit according to the state of completion of the contract).

4. Liabilities

Debts:

(has) (has not) been recognised and capitalised. Liabilities (include) (do not include) long-term debts, bearing no interests or at an unusual low interest; if so, a discount

Foreign currencies:

Debts, liabilities and commitments denominated in foreign currencies are translated in EUR using following criteria: Volgens de officiële middenkoers genoteerd op de beurs van Brussel op afsluitdatum.

Exchange differences have been disclosed in the annual accounts as follows:

Positieve omrekeningsverschillen worden via overlopende rekeningen verwerkt; negatieve worden in het resultaat opgenomen.

Leasing agreements:

Concerning the rights to use property not capitalised (art. 102, § 1 of the Royal Decree of 30 January 2001 in implementation of consideration and rental relating to the financial period if the leased immovable property, amount to: Company Law), EUR.

MANAGEMENT REPORT

Statutair jaarverslag Van de Velde NV Boekjaar 1/1/2015 - 31/12/2015

Het statutair jaarverslag is opgesteld in overeenstemming met artikel 96 van het Wetboek Vennootschapsrecht.

1. Commentaar op de jaarrekening

De jaarrekening vertoont een balanstotaal van 189.811 duizend euro en een winst over het boekjaar na belastingen van 28.976 duizend euro.

2. Belangrijke gebeurtenissen na jaareinde

Na balansdatum hebben zich geen gebeurtenissen voorgedaan die op de toestand van de vennootschap een belangrijke invloed hebben gehad.

3. Verwachte ontwikkelingen

Hierbij verwijzen wij naar de rubriek 'Vooruitzichten 2016' in het hoofdstuk 'Het jaar 2015'.

4. Onderzoek en ontwikkeling

Van de Velde beschikt over een ontwerpafdeling waarin tevens een cel actief is met betrekking tot 'onderzoek en ontwikkeling'. De ontwerpafdeling is verantwoordelijk voor de lancering van nieuwe collecties terwijl de cel 'onderzoek en ontwikkeling' alsook de ontwerpafdeling onderzoek verrichten naar nieuwe materialen, nieuwe productietechnieken, nieuwe producten, enzovoort.

5. Bijkomende opdrachten van de commissaris

De Algemene Vergadering van 24 april 2013 van Van de Velde NV heeft Ernst & Young Bedrijfsrevisoren BCVBA, Moutstraat 54, 9000 Gent, vertegenwoordigd door Paul Eelen, benoemd tot commissaris. Het mandaat loopt tot de jaarvergadering van 2016.

De jaarlijkse vergoeding die in 2015 aan de commissaris voor de controleopdrachten van de enkelvoudige en geconsolideerde jaarrekening van Van de Velde NV werd toegekend, bedraagt 49.995 euro (exclusief BTW). De totale kosten voor 2015 voor de controle van de jaarrekeningen van alle vennootschappen van de Groep Van de Velde NV bedragen 187.064 euro (exclusief BTW en inclusief de hierboven reeds vermelde 49.995 euro).

In overeenstemming met artikel 134 van het Wetboek Vennootschapsrecht deelt Van de Velde mee dat de vergoeding verstrekt aan de commissaris voor uitzonderlijke en bijzondere opdrachten en aan de personen met wie de commissaris beroepshalve in samenwerkingsverband staat 79.365 euro (exclusief BTW) bedraagt, en dit in verband met belastingadvies- en compliance-opdrachten.

1. Beschrijving van de risico's en onzekerheden

De volgende risico's werden op groepsniveau bekeken en waar nodig werden de nodige dekkingen of preventieve maatregelen genomen: -Valutarisico;

-Kredietrisico;

-Liquiditeits- en kasstroomrisico;

-Risico op onderbrekingen in de 'supply chain';

-Risico op overgewaardeerde voorraden;

-Productrisico;

-Risico's verbonden aan naleving en regelgeving;

-Andere operationele risico's.

1. Inkoop van eigen aandelen

Eind 2014 had Van de Velde NV 26.000 eigen aandelen in bezit voor een totaal bedrag van 833 duizend euro.

In overeenstemming met artikel 620 van het Wetboek Vennootschapsrecht heeft de Buitengewone Algemene Vergadering van 30 april 2014 aan de Raad van Bestuur de machtiging verleend om over te gaan tot de inkoop van eigen aandelen. In 2015 werden 7.000 eigen aandelen ingekocht.

Tijdens 2015 werden in het kader van het optieplan 33.000 opties uitgeoefend en eenzelfde aantal eigen aandelen werden ter beschikking gesteld van de optiehouders.

Eind 2015 heeft Van de Velde NV geen eigen aandelen in bezit.

	2015	2014
Aandelenkapitaal	1.936	1.936
Eigen aandelen in de entiteit	0	-833
Uitgiftepremies	743	743

8. Belangenconflicten

In 2015 dienden zich binnen de Raad van Bestuur geen belangenconflicten aan in de zin van artikel 523 van het Wetboek Vennootschapsrecht.

1. EBVBA Benoit Graulich, vast vertegenwoordigd door Benoit Graulich, werd voor het eerst benoemd als bestuurder op de jaarvergadering van 2007 en maakt als onafhankelijk bestuurder in de zin van artikel 526 ter van het Wetboek Vennootschapsrecht deel uit van het Auditcomité. Benoit Graulich, die heden vennoot is bij Bencis Capital Partners en voordien onder meer werkzaam was bij Ernst & Young als vennoot en bij Price Waterhouse als supervisor in het fiscaal departement, beschikt over de nodige kennis inzake boekhouding en audit.

10. Bijkantoren

Op 19 juli 2011 heeft Van de Velde een bijkantoor opgericht in Zweden (organisatienummer 516407-5078) met de naam "Van de Velde

MANAGEMENT REPORT

NV Belgium Filial Sweden".

1. Opsomming in het kader van artikel 34 van het KB van 14 november 2007 betreffende de verplichtingen van emittenten van financiële instrumenten die zijn toegelaten tot de verhandeling op een gereglementeerde markt

-43,73% van de aandelen van Van de Velde NV is geplaatst bij het publiek. De andere aandelen zijn in het bezit van Van de Velde Holding NV, die de belangen groepeert van de families Laureys en Van de Velde. Er bestaan geen verschillende soorten aandelen. -Er bestaan geen wettelijke of statutaire beperkingen van overdracht van effecten.

-Houders van effecten waaraan bijzondere zeggenschap is verbonden: een meerderheid van de bestuurders in Van de Velde NV wordt benoemd uit de kandidaten voorgedragen door de Van de Velde Holding NV zolang deze - direct of indirect - ten minste 35% van de aandelen van de vennootschap bezit.

-Er bestaan geen aandelenplannen voor werknemers waarvan de zeggenschapsrechten niet rechtstreeks door de werknemers worden uitgeoefend.

-Er bestaan geen wettelijke of statutaire beperkingen van de uitoefening van het stemrecht.

-Van de Velde NV heeft geen kennis van enige aandeelhoudersovereenkomsten.

-Behoudens het hierboven vermelde feit dat een meerderheid van de bestuurders in Van de Velde NV wordt benoemd uit de kandidaten voorgedragen door de Van de Velde Holding NV zolang deze - direct of indirect - ten minste 35% van de aandelen van de vennootschap bezit, bestaan er geen regels voor de benoeming of de vervanging van de leden van het bestuursorgaan of statutaire beperkingen van de uitoefening van het stemrecht.

-De bevoegdheid van het bestuursorgaan wat de mogelijkheid tot uitgifte van aandelen betreft: de Raad van Bestuur is bevoegd om gedurende een periode van vijf jaar te rekenen vanaf de bekendmaking in de Bijlagen bij het Belgisch Staatsblad (21 mei 2012), het geplaatst kapitaal in een of meerdere malen te verhogen met een bedrag van 1.936.173,73 euro, onder de voorwaarden die zijn vastgelegd in de statuten.

-De bevoegdheid van het bestuursorgaan wat de mogelijkheid tot inkoop van aandelen betreft: zie hierboven punt 7.

-Er bestaan geen belangrijke overeenkomsten waarbij Van de Velde NV partij is en die in werking treden, wijzigingen ondergaan of aflopen in geval van een wijziging van zeggenschap over de emittent na een openbaar bod.

-Tussen de emittent en zijn bestuurders en/of werknemers werden er geen overeenkomsten gesloten die in een vergoeding voorzien wanneer naar aanleiding van een openbaar bod de samenwerking wordt beëindigd.

12. Verklaring inzake deugdelijk bestuur

We verwijzen naar hoofdstuk 3 van de jaarbrochure voor de verklaring inzake deugdelijk bestuur.

13. Remuneratieverslag

Het remuneratieverslag geeft op een transparante manier het verloningsbeleid van Van de Velde voor haar bestuurders en leden van het Directiecomité weer, conform de Corporate Governance Wet van 6 april 2010 en de Belgische Corporate Governance Code. We verwijzen naar de verklaring inzake deugdelijk bestuur in de jaarbrochure.

14. Voorstel tot winstverdeling

De Raad van Bestuur stelt aan de Algemene Vergadering der Aandeelhouders voor om een brutodividend van 3,5000 euro per aandeel uit te betalen. Na betaling van roerende voorheffing blijft een nettodividend over van 2,5820 euro per aandeel. Hiervan is reeds een brutodividend van 1,3500 euro per aandeel (nettodividend van 1,0125 euro per aandeel) uitgekeerd als interimdividend in november 2015. Na goedkeuring door de Algemene Vergadering zal het finale dividend van 2,1500 euro per aandeel (of 1,5695 euro netto per aandeel) betaalbaar worden gesteld vanaf 4 mei 2016.

Voorgestelde winstverdeling in duizend euro:

Te bestemmen winst Onttrekking van het eigen vermogen	28.976 17.646
Brutodividend van 3,50 euro per aandeel aan 13.322.480 aandelen
	46.622
-waarvan 1,35 euro per aandeel aan interimdividend uitbetaald in november 2015
	-17.979
-waarvan 2,15 euro per aandeel als finaal dividend	28.643

1. In 2015 heeft Van de Velde NV de aandelen aan toonder verkocht waarvan de rechthebbenden zich niet hadden bekendgemaakt op de dag van de verkoop. De vennootschap heeft hierbij alle bepalingen van artikel 11 van de wet van 14 december 2015 nageleefd. In het kader van de dematerialisatie van effecten aan toonder heeft de commissaris conform artikel 11 van de wet van 14 december 2005 een verslag opgemaakt aan het bestuursorgaan. Dit verslag zal conform ditzelfde artikel worden overgemaakt aan de 'Deposito- en Consignatiekas'.

23/02/2016 23/02/2016 Herman Van de Velde NV EBVBA 4F Vertegenwoordigd door Vertegenwoordigd door Herman Van de Velde Ignace Van Doorselaere Voorzitter / Bestuurder Gedelegeerd bestuurder

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