Van de Velde NV

Annual Report • Mar 24, 2017

40				1	EUR
Nr.	Date of the deposition	No. 0448.746.744	PP.	E.	D.			C 1.1
	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:				Gent, Division 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			26/04/2017
	concerning the financial year covering the period from		1/01/2016		till		31/12/2016
		Previous period from	1/01/2015		till		31/12/2015
	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 : 27/04/2016- 24/04/2019
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- 25/04/2018
	LAUREYS BENEDICTE
	Nelemeersstraat 72, 9830 Sint-Martens-Latem, Belgium
Title : Director
	Mandate : 25/04/2012- 25/04/2018
	Enclosed to these annual accounts:	MANAGEMENT REPORT, REPORT OF THE AUDITORS
	Total number of pages deposited: 53 Number of the pages of the standard form not deposited for not being of service: 6.1, 6.2.1, 6.2.2, 6.2.5, 6.3.4, 6.5.2, 6.8, 6.17, 6.18.2, 8, 9

Signature (name and position)

BVBA Positron

Vertegenwoordigd door E. Van Laethem

Signature (name and position)

NV Van de Velde Herman

Vertegenwoordigd door H. Van de Velde

* Optional statement.

** Delete where appropriate.

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

LAUREYS LUCAS

Heidenbergpark 20, 9830 Sint-Martens-Latem, Belgium Title : Director Mandate : 27/04/2016- 24/04/2019

4F OCLL 0478.145.266

Koningin Astridlaan 5, 9840 De Pinte, Belgium Title : Delegated director Mandate : 27/04/2016- 31/10/2016 Represented by: Van Doorselaere Ignace

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

Koningin Astridlaan 5 , 9840 De Pinte, Belgium

ERNST & YOUNG BEDRIJFSREVISOREN CALL 0437.476.235

Moutstraat 54, 9000 Gent, Belgium Title : Auditor, Number of membership : B160 Mandate : 27/04/2016- 24/04/2019 Represented by: Eelen Paul Moutstraat 54 , 9000 Gent, Belgium

Number of membership : A02213

POSITRON PLLC 0878.524.644

Sportlaan 23, 1700 Dilbeek, Belgium Title : Delegated director Mandate : 1/11/2016- 26/04/2017 Represented by: Erwin Van Laethem Sportlaan 23 , 1700 Dilbeek, Belgium

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: Marleen Vaesen 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
Formation expenses	5.1	20
Intangible fixed assets	5.2	21	3.959.221	5.297.350
Tangible fixed assets	5.3	22/27	25.547.235	20.835.568
Land and buildings		22	16.127.997	7.423.265
Plant, machinery and equipment		23	6.582.811	6.392.348
Furniture and vehicles		24	2.767.692	1.491.510
Leasing and other similar rights		25
Other tangible fixed assets		26	56.978	56.978
Assets under construction and advance payments		27	11.757	5.471.467
	5.4/
Financial fixed assets	5.5.1	28	82.258.404	76.315.822
Affiliated enterprises	5.14	280/1	67.994.119	62.051.288
Participating interests		280	67.994.119	62.029.847
Amounts receivable		281		21.441
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	242.118	242.367
Shares		284
Amounts receivable and cash guarantees		285/8	242.118	242.367
CURRENT ASSETS		29/58	81.885.442	87.362.588
Amounts receivable after more than one year		29	1.804.022	2.013.001
Trade debtors		290	141.696	241.592
Other amounts receivable		291	1.662.326	1.771.409
Stocks and contracts in progress		3	39.841.765	36.712.168
Stocks		30/36	39.841.765	36.712.168
Raw materials and consumables		30/31	10.429.679	10.540.372
Work in progress		32	9.229.876	9.224.869
Finished goods		33	19.840.169	16.670.515
Goods purchased for resale		34	342.041	276.412
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	23.593.129	18.803.777
Trade debtors		40	22.150.400	18.184.139
Other amounts receivable		41	1.442.729	619.638
Current investments		50/53	1.918.985	7.832.725
Own shares		50
Other investments and deposits		51/53	1.918.985	7.832.725
Cash at bank and in hand		54/58	11.774.544	18.478.073
Deferred charges and accrued income	5.6	490/1	2.952.997	3.522.844
TOTAL ASSETS		20/58	193.650.302	189.811.328

EQUITY AND LIABILITIES	Notes	Codes	Period	Previous period
EQUITY		10/15	115.990.485	120.897.035
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		11	743.422	743.422
Revaluation surpluses Reserves		12 13	113.310.889	118.217.439
Legal reserve
Reserves not available		130 131	193.617	193.617
In respect of own shares held		1310
Other		1311
Untaxed reserves		132
Available reserves		133	113.117.272	118.023.822
Accumulated profits (losses) (+)/(-)		14
Investment grants		15
Advance to associates on the sharing out of the assets		19
PROVISIONS AND DEFERRED TAXES		16	808.337	739.337
Provisions for liabilities and charges		160/5	808.337	739.337
Pensions and similar obligations		160
Taxation		161
Major repairs and maintenance		162
Other liabilities and charges	5.8	163/5
Deferred taxes		168
AMOUNTS PAYABLE		17/49	76.851.480	68.174.956
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	73.166.849	64.869.616
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	23.223.424	20.595.922
Suppliers		440/4	23.223.424	20.595.922
Bills of exchange payable		441
Advances received on contracts in progress		46
Taxes, remuneration and social security	5.9	45	19.554.957	13.848.278
Taxes		450/3	15.494.259	10.080.545
Remuneration and social security		454/9	4.060.698	3.767.733
Other amounts payable		47/48	30.388.468	30.425.416
Accrued charges and deferred income	5.9	492/3	3.684.631	3.305.340
TOTAL LIABILITIES		10/49	193.650.302	189.811.328

INCOME STATEMENT

	Notes	Codes	Period	Previous period
Operating income	5.10	70/74
Turnover		70	190.673.290	186.056.351
Increase (decrease) in stocks of finished goods, work and contracts in progress (+)/(-)		71	3.058.913	2.278.822
Own construction capitalised		72
Other operating income		74	5.489.721	5.854.419
Operating charges		60/64
Raw materials, consumables		60	41.824.291	39.339.515
Purchases		600/8	41.326.487	40.208.947
Decrease (increase) in stocks (+)/(-)		609	497.804	-869.432
Services and other goods		61	74.831.775	71.741.458
Remuneration, social security costs and pensions (+)/(-)	5.10	62	25.800.875	25.740.812
Depreciation of and amounts written off formation expenses, intangible and tangible fixed assets		630	5.507.542	4.732.129
Amounts written down stocks, contracts in progress and trade debtors - Appropriations (write-backs) (+)/(-)	5.10	631/4	-479.141	272.001
Provisions for risks and charges - Appropriations (uses and write-backs) (+)/(-)	5.10	635/7
Other operating charges	5.10	640/8	247.747	11.944.494
Operation charges carried to assets as restructuring costs (-)		649
Operating profit (loss) (+)/(-)		9901	51.419.835	40.462.183
Financial income		75	13.318.757	15.173.144
Income from financial fixed assets		750	10.697.579	10.037.999
Income from current assets		751	84.665	156.921
Other financial income	5.11	752/9	2.536.513	4.978.224
Financial charges	5.11	65	6.632.804	8.061.366
Debt charges		650	73.226	89.493
Amounts written down on current assets except stocks, contracts in progress and trade debtors (+)/(-)		651
Other financial charges		652/9	6.559.578	7.971.873
Gain (loss) on ordinary activities before taxes (+)/(-)		9902

		Codes	Period	Previous period
Extraordinary income		76
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
Other extraordinary income		764/9
Extraordinary charges		66
Extraordinary depreciation of and extraordinary amounts written off formation expenses, intangible and tangible fixed assets		660
Amounts written down financial fixed assets		661
Provisions for extraordinary liabilities and charges - Appropriations (uses) (+)/(-)		662
Loss on disposal of fixed assets		663
Other extraordinary charges	5.11	664/8
Extraordinary charges carried to assets as restructuring costs (-)		669
Profit (loss) for the period before taxes (+)/(-)		9903	58.172.972	41.920.225
Transfer from postponed taxes		780
Transfer to postponed taxes		680
Income taxes	5.12	67/77	16.450.842	12.943.602
Income taxes		670/3	16.450.842	12.943.602
Adjustment of income taxes and write-back of tax provisions		77
Profit (loss) for the period (+)/(-)		9904	41.722.130	28.976.623
Transfer from untaxed reserves		789
Transfer to untaxed reserves		689
Profit (loss) for the period available for appropriation (+)/(-)		9905	41.722.130	28.976.623

APPROPRIATION ACCOUNT

	Codes	Period	Previous period
Profit (loss) to be appropriated (+)/(-)	9906	41.722.130	28.976.623
Gain (loss) to be appropriated (+)/(-)	(9905)	41.722.130	28.976.623
Profit (loss) to be carried forward (+)/(-)	14P
Transfers from capital and reserves	791/2	4.906.550	17.645.307
from capital and share premium account	791
from reserves	792	4.906.550	17.645.307
Transfers to capital and reserves	691/2
to capital and share premium account	691
to the legal reserve	6920
to other reserves	6921
Profit (loss) to be carried forward (+)/(-)	(14)
Owner's contribution in respect of losses	794
Profit to be distributed	694/6
Dividends	694	46.628.680	46.621.930
Director's or manager's entitlements	695
Other beneficiaries	696

EXPLANATORY DISCLOSURES

STATEMENT OF FORMATION EXPENSES

	Codes	Period	Previous period
Net book value at the end of the period	20P	xxxxxxxxxxxxxxx
Movements during the period
New expenses incurred	8002
Depreciation	8003
Other (+)/(-)	8004
Net book value at the end of the period	(20)
Of which
Formation or capital increase expenses, loan issue expenses and other formation expenses	200/2
Restructuring costs	204

STATEMENT OF INTANGIBLE FIXED ASSETS

	Codes	Period	Previous period
RESEARCH AND DEVELOPMENT COSTS
Acquisition value at the end of the period	8051P	xxxxxxxxxxxxxxx
Movements during the period
Acquisitions, including produced fixed assets	8021
Sales and disposals	8031
Transfers from one heading to another (+)/(-)	8041
Acquisition value at the end of the period	8051
Depreciation and amounts written down at the end of the period	8121P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8071
Written back	8081
Acquisitions from third parties	8091
Cancelled owing to sales and disposals	8101
Transfers from one heading to another (+)/(-)	8111
Depreciation and amounts written down at the end of the period	8121
NET BOOK VALUE AT THE END OF THE PERIOD	210

	Codes	Period	Previous period
CONCESSIONS, PATENTS, LICENCES, KNOWHOW, BRANDS AND SIMILAR RIGHTS
Acquisition value at the end of the period	8052P	xxxxxxxxxxxxxxx	28.288.324
Movements during the period
Acquisitions, including produced fixed assets	8022	645.273
Sales and disposals	8032
Transfers from one heading to another (+)/(-)	8042
Acquisition value at the end of the period	8052	28.933.597
Depreciation and amounts written down at the end of the period	8122P	xxxxxxxxxxxxxxx	25.047.010
Movements during the period
Recorded	8072	1.565.225
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	26.612.235
NET BOOK VALUE AT THE END OF THE PERIOD	211	2.321.362

	Codes	Period	Previous period
GOODWILL
Acquisition value at the end of the period	8053P	xxxxxxxxxxxxxxx	2.090.884
Movements during the period
Acquisitions, including produced fixed assets	8023
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	34.848
Movements during the period
Recorded	8073	418.177
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	453.025
NET BOOK VALUE AT THE END OF THE PERIOD	212	1.637.859

	Codes	Period	Previous period
ADVANCE PAYMENTS
Acquisition value at the end of the period	8054P	xxxxxxxxxxxxxxx
Movements during the period
Acquisitions, including produced fixed assets	8024
Sales and disposals	8034
Transfers from one heading to another (+)/(-)	8044
Acquisition value at the end of the period	8054
Depreciation and amounts written down at the end of the period	8124P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8074
Written back	8084
Acquisitions from third parties	8094
Cancelled owing to sales and disposals	8104
Transfers from one heading to another (+)/(-)	8114
Depreciation and amounts written down at the end of the period	8124
NET BOOK VALUE AT THE END OF THE PERIOD	213

STATEMENT OF TANGIBLE FIXED ASSETS

	Codes	Period	Previous period
LAND AND BUILDINGS
Acquisition value at the end of the period	8191P	xxxxxxxxxxxxxxx	21.252.774
Movements during the period
Acquisitions, including produced fixed assets	8161	4.138.064
Sales and disposals	8171
Transfers from one heading to another (+)/(-)	8181	5.459.710
Acquisition value at the end of the period	8191	30.850.548
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	13.829.509
Movements during the period
Recorded	8271	893.042
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	14.722.551
NET BOOK VALUE AT THE END OF THE PERIOD	(22)	16.127.997

	Codes	Period	Previous period
PLANT, MACHINERY AND EQUIPMENT
Acquisition value at the end of the period	8192P	xxxxxxxxxxxxxxx	29.583.846
Movements during the period
Acquisitions, including produced fixed assets	8162	2.280.159
Sales and disposals	8172	102.370
Transfers from one heading to another (+)/(-)	8182
Acquisition value at the end of the period	8192	31.761.635
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	23.191.498
Movements during the period
Recorded	8272	2.063.910
Written back	8282
Acquisitions from third parties	8292
Cancelled owing to sales and disposals	8302	76.584
Transfers from one heading to another (+)/(-)	8312
Depreciation and amounts written down at the end of the period	8322	25.178.824
NET BOOK VALUE AT THE END OF THE PERIOD	(23)	6.582.811

	Codes	Period	Previous period
FURNITURE AND VEHICLES
Acquisition value at the end of the period	8193P	xxxxxxxxxxxxxxx	4.029.980
Movements during the period
Acquisitions, including produced fixed assets	8163	1.909.060
Sales and disposals	8173	403.470
Transfers from one heading to another (+)/(-)	8183
Acquisition value at the end of the period	8193	5.535.570
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	2.538.470
Movements during the period
Recorded	8273	567.188
Written back	8283
Acquisitions from third parties	8293
Cancelled owing to sales and disposals	8303	337.780
Transfers from one heading to another (+)/(-)	8313
Depreciation and amounts written down at the end of the period	8323	2.767.878
NET BOOK VALUE AT THE END OF THE PERIOD	(24)	2.767.692

	Codes	Period	Previous period
LEASING AND SIMILAR RIGHTS
Acquisition value at the end of the period	8194P	xxxxxxxxxxxxxxx
Movements during the period
Acquisitions, including produced fixed assets	8164
Sales and disposals	8174
Transfers from one heading to another (+)/(-)	8184
Acquisition value at the end of the period	8194
Revaluation surpluses at the end of the period	8254P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8214
Acquisitions from third parties	8224
Cancelled	8234
Transfers from one heading to another (+)/(-)	8244
Revaluation surpluses at the end of the period	8254
Depreciation and amounts written down at the end of the period	8324P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8274
Written back	8284
Acquisitions from third parties	8294
Cancelled owing to sales and disposals	8304
Transfers from one heading to another (+)/(-)	8314
Depreciation and amounts written down at the end of the period	8324
NET BOOK VALUE AT THE END OF THE PERIOD	(25)
WHEREOF
Land and buildings	250
Plant, machinery and equipment	251
Furniture and vehicles	252

	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	5.471.467
Movements during the period
Acquisitions, including produced fixed assets	8166
Sales and disposals	8176
Transfers from one heading to another (+)/(-)	8186	-5.459.710
Acquisition value at the end of the period	8196	11.757
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)	11.757

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	5.964.272
Sales and disposals	8371
Transfers from one heading to another (+)/(-)	8381
Acquisition value at the end of the period	8391	6.988.652
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	6.142.533
Movements during the period
Recorded	8471
Written back	8481
Acquisitions from third parties	8491
Cancelled owing to sales and disposals	8501
Transfers from one heading to another (+)/(-)	8511
Amounts written down at the end of the period	8521	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)	67.994.119
AFFILIATED ENTERPRISES - AMOUNTS RECEIVABLE
NET BOOK VALUE AT THE END OF THE PERIOD	281P	xxxxxxxxxxxxxxx	21.441
Movements during the period
Additions	8581
Repayments	8591	21.441
Amounts written down	8601
Amounts written back	8611
Exchange differences (+)/(-)	8621
Other (+)/(-)	8631
NET BOOK VALUE AT THE END OF THE PERIOD	(281)
ACCUMULATED AMOUNTS WRITTEN OFF ON AMOUNTS RECEIVABLE AT THE END OF THE PERIOD	8651

	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	242.367
Movements during the period
Additions	8583
Repayments	8593	249
Amounts written down	8603
Amounts written back	8613
Exchange differences (+)/(-)	8623
Other (+)/(-)	8633
NET BOOK VALUE AT THE END OF THE PERIOD	(285/8)	242.118
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	directly		subsi diaries	Primary	Mone	Capital and reserves	Net result
Belgian law, the COMPANY NUMBER	Number	%	%	financial statement	tary unit	(+) or (-) (in monetary units)
VAN DE VELDE GMBH & CO KG FC BLUMENSTRASSE 24 40212 DUSSELDORF Germany				31/12/2016	EUR	1.187.151	336.549
VAN DE VELDE VERWALTUNGS GMBH FC BLUMENSTRASSE 24 40212 DUSSELDORF Germany		100 100,00	0,00	31/12/2016	EUR	47.224	487
VAN DE VELDE TERMELO ES KERESKEDELMI KFT FC SELYEM U. 4 7100 SZEKSZARD Hungary		1 100,00	0,00	31/12/2016	HUF	42.224.370	88.613
VAN DE VELDE UK Ltd FC Cannan Place, Cannon Street 78 EC4N6AF LONDON United Kingdom		1 100,00	0,00	31/12/2016	GBP	287.367	18.027
VAN DE VELDE FRANCE SARL FC PLACE DU GENERAL DE GAULLE 16 59000 Lille France		1 100,00	0,00	31/12/2016	EUR	2.828.330	815.055
MARIE JO GMBH FC BLUMENSTRASSE 24 40212 DUSSELDORF Germany	1250000 100,00		0,00	31/12/2016	EUR	2.241.018	139.612
VAN DE VELDE IBERICA SL FC CALLE SANTA EULALIA 5 08012 BARCELONA Spain		1 100,00	0,00	31/12/2016	EUR	4.144.715	396.530
	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				31/12/2016	USD	268.434	38.824
VAN DE VELDE FINLAND OY FC YLIOPISTONKATU 34 20100 TURKU Finland		100 100,00	0,00	31/12/2016	EUR	51.381	15.431
VAN DE VELDE DENMARK APS FC LEJRVEJ 8 6330 PADBORG Denmark		800 100,00	0,00	31/12/2016	DKK	2.765.179	1.047.112
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	31/12/2016	HKD	543.413.000	2.341.000
RIGBY & PELLER LTD FC Second floor, North Row 37 W1K 6DH LONDEN United Kingdom	55178751	25,66	0,00	31/12/2016	GBP	977.270	-798.196
VAN DE VELDE CONFECTION SARL FC ROUTE DE SOUSSE 25 4020 KONDAR Tunisia	2175	87,00	0,00	31/12/2016	TND	22.379.973	22.324.973
INTIMACY MANAGEMENT COMPANY LLC FC 3980 DEKALB - TECHNOLOGY PARKWAY 760 30340 ATLANTA United States of America	5000	99,00	1,00	31/12/2016	UGX	5.130.800	17.784.434
	1000		0,00 100,00

INFORMATION RELATING TO THE SHARE IN THE CAPITAL

SHARE IN THE CAPITAL AND OTHER RIGHTS IN OTHER COMPANIES

NAME, full address of the REGISTERED	Shares held by		Information from the most recent period for which annual accounts are available
OFFICE and for the enterprise governed by Belgian law, the COMPANY NUMBER	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				31/12/2016	USD	9.492.864	-23.281.504
VAN DE VELDE POLAND SP ZOO FC UL AL WYZWOLENIA 10 00570 WARCHAU Poland		1000 100,00	0,00	31/12/2016	NOK	260.346	-57.769
VAN DE VELDE NEDERLAND BV FC CORELLISTRAAT 27		4000 100,00	0,00	31/12/2016	EUR	2.233.164	228.532
1077 HB AMSTERDAM Netherlands 820025367B01	90000 100,00		0,00
PRIVATE SHOP LIMITED WYLER CENTRE I - FLOOR 8 - TAI LIN PAI ROAD 202 , box 210 KWAI CHUNG Hong Kong				31/12/2016	HKD	15.433.000	-11.979.000
	3500000	50,00	0,00

COMPANIES TO WHICH THE ENTERPRISE IS UNLIMITED LIABLE AS A QUALIFIED PARTNER OR MEMBER

The annual accounts of any enterprise to which the enterprise is unlimited liable will be added to the present accounts and published jointly. Departure from that requirement will be mentioned in the second column referring to the appropiate code (A, B, C or D), explained hereafter.

The annual accounts of the enterprise:

• A. will be published through a deposition in the National Bank of Belgium;
• B. will be published effectively in another member state of the EC pursuant to the directive 68/151/EEG;
• C. will be fully or proportionally consolidated in the consolidated annual statements of the enterprise which is prepared, audited and published pursuant to the provision of Company Law on the consolidated annual accounts of enterprises;

D. concern a common law company, a temporary company or an internal company.

NAME, full address of the REGISTERED OFFICE, LEGAL FORM and for the enterprise governed by Belgian law, COMPANY NUMBER	Code, if any

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	1.918.985	7.832.725
Falling due
less or up to one month	8686
between one month and one year	8687	1.918.985	7.832.725
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		1.936.174	13.322.480
Registered shares	8702	XXXXXXXXXXXXXX	7.502.693
Bearer shares and/or dematerialized shares	8703	XXXXXXXXXXXXXX	5.819.787

	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

STRUCTURE OF SHAREHOLDINGS OF THE ENTERPRISE AS AT THE ANNUAL BALANCING OF THE BOOKS, AS IT APPEARS FROM THE STATEMENT RECEIVED BY THE ENTERPRISE

noemer	deelneming Van de Velde Holding aandelen		13.556.710
7.996.000	58.98% warrants	14.002	0	- totaal
13.570.712	7.996.000	58.92%

PROVISIONS FOR OTHER LIABILITIES AND CHARGES

ALLOCATION OF THE HEADING 163/5 OF LIABILITIES IF THE AMOUNT IS CONSIDERABLE

Period

	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	638.809
Estimated taxes payable	450	14.855.450
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	4.060.698

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
Verkoop van dameslingerie en gerelateerde diensten		190.673.290	186.056.351
Allocation into geographical markets
Eurozone		139.297.537	133.132.875
Niet-eurozone		51.375.753	52.923.476
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	524	510
Average number of employees calculated in full-time equivalents	9087	478,7	482,2
Number of actual worked hours	9088	672.606	677.064
Personnel costs
Remuneration and direct social benefits	620	17.843.466	17.584.082
Employers' social security contributions	621	5.868.957	6.239.561
Employers' premiums for extra statutory insurances	622	624.088	852.856
Other personnel costs	623	1.464.364	1.064.313
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	568.488
Trade debtors
Recorded	9112	89.347	129.815
Written back	9113
Provisions for risks and charges
Additions	9115	76.000	37.000
Uses and write-back	9116	7.000	80.000
Other operating charges
Taxes related to operation	640	231.929	232.915
Other charges	641/8	15.818	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	24,0	22,1
Number of actual worked hours	9098	47.411	43.609
Charges to the enterprise	617	1.101.001	948.642

36/53

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		1.587.776	4.058.629
Financiële kortingen		948.737	886.431
Overige financiële opbrengsten			33.164
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		927.603	2.619.555
Financiële kortingen		5.012.289	4.895.630
Overige financiële kosten		619.686	456.689

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	16.450.842
Income taxes paid and withholding taxes due or paid	9135	7.513.996
Excess of income tax prepayments and withholding taxes recorded under assets	9136
Estimated additional taxes	9137	8.936.846
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
9141
9142
9144

	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	20.601.098	19.109.236
By the enterprise	9146	22.725.818	21.385.443
Amounts retained on behalf of third parties for
Payroll withholding taxes	9147	3.525.588	3.505.998
Withholding taxes on investment income	9148	5.045.638	4.504.786

RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET

	Code	Period
PERSONAL GUARANTEES GIVEN OR IRREVOCABLY PROMISED BY THE ENTERPRISE AS SECURITY FOR DEBTS AND COMMITMENTS OF THIRD PARTIES	9149
Of which
Bills of exchange in circulation endorsed by the enterprise	9150
Bills of exchange in circulation drawn or guaranteed by the enterprise	9151
Maximum amount for which other debts or commitments of third parties are guaranteed by the enterprise	9153
REAL GUARANTEES
Real guarantees given or irrevocably promised by the enterprise on its own assets as a security of debts and commitments from the enterprise
Mortgages
Book value of the immovable proporties mortgaged	9161
Amount of registration	9171
Pledging on goodwill - amount of registration	9181
Pledging of other assets - Book value of other assets pledged	9191
Guarantees provided on future assets - Amount of assets involved	9201
Real guarantees given or irrevocably promised by the enterprise on its own assets as a security of debts and commitments from third parties
Mortgages
Book value of the immovable proporties mortgaged	9162
Amount of registration	9172
Pledging on goodwill - amount of registration	9182
Pledging of other assets - Book value of other assets pledged	9192
Guarantees provided on future assets - Amount of assets involved	9202
GOODS AND VALUES, NOT DISCLOSED IN THE BALANCE SHEET, HELD BY THIRD PARTIES IN THEIR OWN NAME BUT AT RISK TO AND FOR THE BENEFIT OF THE ENTERPRISE
SUBSTANCIAL COMMITMENTS TO ACQUIRE FIXED ASSETS
SUBSTANCIAL COMMITMENTS TO DISPOSE FIXED ASSETS
FORWARD TRANSACTIONS
Goods purchased (to be received)	9213
Goods sold (to be delivered)	9214
Currencies purchased (to be received)	9215
Currencies sold (to be delivered)	9216

INFORMATION RELATING TO TECHNICAL GUARANTEES, IN RESPECT OF SALES OR SERVICES

INFORMATION CONCERNING IMPORTANT LITIGATION AND OTHER COMMITMENTS NOT MENTIONED ABOVE

IF THEREIS A SUPPLEMENTARY RETIREMENTS OR SURVIVOR'S PENSION PLAN IN FAVOUR OF THE PERSONNEL OR THE EXECUTIVES OF THE ENTERPRISE, A BRIEF DESCRIPTION OF SUCH PLAN OF THE MEASURES TAKEN BY THE ENTERPRISE TO COVER THE RESULTING CHARGES

Van de Velde heeft vijf toegezegde pensioenregelingen in België. Deze plannen worden op gecumuleerde basis hieronder toegelicht, daar deze zich situeren in eenzelfde geografische locatie en dezelfde karakteristieken en risicokenmerken vertonen. De pensioenregeling in België is onderhevig aan de Belgische wetgeving en betreft een groepsverzekering met rendementswaarborg (Tak21). Het plan wordt beheerd door een externe verzekeringsmaatschappij. Bij wet zijn de gestorte bijdragen door werkgever/werknemer onderworpen aan een minimum gewaarborgd rendement van 3,25%/3,75% op de reserves opgebouwd tot 31 december 2015 en 1,75% op

IF THEREIS A SUPPLEMENTARY RETIREMENTS OR SURVIVOR'S PENSION PLAN IN FAVOUR OF THE PERSONNEL OR THE EXECUTIVES OF THE ENTERPRISE, A BRIEF DESCRIPTION OF SUCH PLAN OF THE MEASURES TAKEN BY THE ENTERPRISE TO COVER THE RESULTING CHARGES

de stortingen vanaf 1 januari 2016. Het minimum rendement wordt gewaarborgd door de werkgever.

De pensioenregeling in België is gefinancierd. Indien de fondsbeleggingen lager zijn dan de wettelijk bepaalde minimumgarantie, dient de werkgever een bijkomende bijdrage te storten in het plan.

In 2016 werd voor het eerst een actuariële berekening gemaakt van deze pensioenverplichting. De verplichting voor Van de Velde met betrekking tot de Belgische pensioenregelingen bedraagt 445.103 €. De verplichting is gelijk aan de som van de contante waarde van de bruto verplichtingen uit hoofde van toegezegde pensioenrechten (inclusief de verschuldigde belastingen over bijdragen die verband houden met pensioenkosten) per balansdatum, verminderd met de marktwaarde van de fondsbeleggingen. Deze bruto verplichting werd door een onafhankelijke actuaris op actuariële wijze berekend aan de hand van de 'projected- unit-credit' methode. Dit type waardering zal in de toekomst op jaarlijkse basis herhaald worden.

De contante waarde van pensioenverplichtingen hangt af van een aantal factoren die actuarieel worden bepaald op basis van een aantal veronderstellingen. De veronderstellingen die zijn gebruikt bij het berekenen van de netto kosten (inkomsten) uit hoofde van pensioenen omvatten de verdisconteringsvoet. Veranderingen in deze veronderstellingen hebben invloed op de boekwaarde van de pensioenverplichtingen.

Het bedrijf bepaalt de gepaste verdisconteringsvoet op het einde van elk jaar. Dit is de rentevoet die gehanteerd dient te worden om de contante waarde van de geschatte toekomstige kasstromen vereist om de pensioenverplichtingen te voldoen te bepalen. Bij het bepalen van de geschikte verdisconteringsvoet neemt het bedrijf de rentevoet van hoogwaardige bedrijfsobligaties uitgedrukt in de valuta waarin de pensioenen zullen worden betaald en met een looptijd die vergelijkbaar is met die van de overeenkomstige pensioenverplichting. Andere belangrijke veronderstellingen voor pensioenverplichtingen, zoals de verwachte jaarlijkse groeivoet van salarissen en uitkeringen, zijn deels gebaseerd op de huidige marktomstandigheden.

De voornaamste actuariële veronderstellingen gebruikt in de waardering van de pensioenplannen worden weergegeven in onderstaande tabel:

Jaarlijkse loonsverhogingen (exclusief inflatie)1% Jaarlijkse inflatie 2% Jaarlijkse verdisconteringsvoet 1,8% Pensioenleeftijd in jaren 65 Totaal aantal leden 659 Gemiddelde leeftijd in jaren 42 Geschatte duratie in jaren 19

Een analyse van de verwachte looptijd van de niet verdisconteerde pensioen beloningen wordt weergegeven in onderstaande tabel: Verwachte uitkeringen

Binnen 12 maanden (boekjaar eindigend 31 december 2017)54 Tussen 2 en 5 jaar800 Tussen 5 jaar en 10 jaar1.016 Totale verwachte uitkeringen1.870

	Code	Period
PENSIONS FUNDED BY THE ENTERPRISE
Estimated amount of the commitments resulting for the enterprise from past services	9220

Methods of estimation

......................... .. NATURE AND BUSINESS PURPOSE OF OFF-BALANCE SHEET ARRANGEMENTS

Provided the risks or benefits arising from such arrangements are material and where the disclosure of such risks or benefits is necessary for assessing the financial position of the company; if required, the financial impact of these arrangements have to be mentioned too:

OTHER RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE

	Codes	Period	Previous period
AFFILIATED ENTERPRISES
Financial fixed assets	(280/1)	67.994.119	62.051.288
Investments	(280)	67.994.119	62.029.847
Amounts receivable subordinated	9271
Other amounts receivable	9281		21.441
Amounts receivable	9291	6.702.858	3.495.345
After one year	9301	1.662.326	1.874.443
Within one year	9311	5.040.532	1.620.902
Current investments	9321
Shares	9331
Amounts receivable	9341
Amounts payable	9351	21.473.746	18.211.737
After one year	9361
Within one year	9371	21.473.746	18.211.737
Personal and real guarantees
Provided or irrevocably promised by the enterprise, as security for debts or commitments of affiliated enterprises	9381	2.484.149	2.276.769
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	10.050.756	9.396.481
Income from current assets	9431
Other financial income	9441
Debts charges	9461	23.942	52.666
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)
Investments	(282)
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	57.500
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	25.722
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

FAIR VALUE OF FINANCIAL DERIVATIVES NOT MEASURED AT FAIR VALUE WITH INDICATION ABOUT THE NATURE AND THE VOLUME OF THE INSTRUMENTS

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.

FINANCIAL RELATIONSHIPS OF THE GROUP LED BY THE COMPANY IN BELGIUM WITH THE AUDITOR(S) OR PEOPLE HE (THEY) IS (ARE) LINKED TO

	Codes	Period
Mentions related to article 134, paragraphs 4 and 5 from the Companies Law
Auditor's fees for carrying out an auditor's mandate on the level of the group led by the company that publishes the information	9507
Fees for exceptional services or special missions executed in this group by the auditor(s)
Other attestation missions	95071
Tax consultancy	95072
Other missions external to the audit	95073
Fees for the people they are linked to the auditor(s) for carrying out an auditor's mandate on the level of the group led by the company that publishes the information	9509
Fees for exceptional services or special missions executed in this group by the people they are linked to the auditor(s)
Other attestation missions	95091
Tax consultancy	95092
Other missions external to the audit	95093

Mention related to article 133, paragraph 6 from the Companies Law

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	360,2	61,2	299,0
Part-time	1002	158,9	10,2	148,7
Total of full-time equivalents (FTE)	1003	478,7	67,5	411,2
Number of hours actually worked
Full-time	1011	510.282	101.165	409.117
Part-time	1012	162.324	8.222	154.102
Total	1013	672.606	109.387	563.219
Personnel costs
Full-time	1021	19.633.655	4.939.568	14.694.087
Part-time	1022	6.167.220	517.949	5.649.271
Total	1023	25.800.875	5.457.517	20.343.358
Advantages in addition to wages	1033

During the previous period	Codes	P. Total	1P. Men	2P. Women
Average number of employees	1003	482,2	67,3	414,9
Number of hours actually worked	1013	677.064	106.754	570.310
Personnel costs	1023	25.740.812	5.526.222	20.214.590
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	366	158	483,6
By nature of the employment contract
Contract for an indefinite period	110	360	158	477,6
Contract for a definite period	111	6		6,0
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	10	68,2
primary education 1200
secondary education	1201	32	3	34,3
higher education (non-university)	1202	20	5	23,1
university education	1203	10	2	10,8
Female	121	304	148	415,4
primary education	1210	10	16	21,1
secondary education	1211	180	94	249,8
higher education (non-university)	1212	61	28	83,4
university education	1213	53	10	61,1
By professional category
Management staff	130	4		4,0
Employees	134	141	50	178,8
Workers	132	221	108	300,8
Other	133

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

Codes During the period		1. Temporary personnel	2. Persons placed at the disposal of the enterprise
Average number of employees	150	24,0
Number of hours actually worked	151	47.411
Charges of the enterprise	152	1.101.001

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	58	2	58,8
By nature of the employment contract
Contract for an indefinite period	210	45	2	45,8
Contract for a definite period	211	13		13,0
Contract for the execution of a specifically assigned work	212
Replacement contract	213

DEPARTURES	1. Full-time Codes		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	35	11	42,3
By nature of the employment contract
Contract for an indefinite period	310	25	11	32,3
Contract for a definite period	311	10		10,0
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
Unemployment with company allowance	341		1	0,5
Dismissal	342	4	3	6,4
Other reason	343	31	7	35,4
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	58	5811	236
Number of training hours	5802	834	5812	5.342
Costs for the company	5803	79.228	5813	366.997
of which gross costs directly linked to the training	58031	63.936	58131	294.439
of which paid contributions and deposits in collective funds	58032	15.292	58132	72.558
of which received subsidies (to be deducted)	58033		58133
Total number of less official and unofficial advance professional training projects at company expense
Number of participating employees	5821	9	5831	48
Number of training hours	5822	2.040	5832	11.171
Costs for the company	5823	62.342	5833	291.872
Total number of initial professional training projects at company expense
Number of participating employees	5841		5851	3
Number of training hours	5842		5852	19.815
Costs for the company	5843		5853	19.385

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, Company Law),

amount to: EUR.

Nr.	0448.746.744		C 10
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ADDITIONAL INFORMATION