Imewo 2011 accounts

Transcription

Imewo 2011 accounts

40
Nr.
PP.
No. 0215.362.368
Date of the deposition
1
EUR
E.
D.
C 1.1
ANNUAL ACCOUNTS IN EURO
NAME: IMEWO C.V.B.A.
Legal form: CALL
Nr.: 199
Address: Brusselsesteenweg
City: Meile
Postal Code: 9090
Country: Belgium
Register of Legal Persons(RLP)-Office of the commercial court at: Gent
Internet address ": www.imewo.be
0215.362.368
Company number:
of the deposition of the partnership deed OR of the most recent document mentioning the date of
23/07/1975
DATE
publication of the partnership deed and the act changing the articles of association.
ANNUAL ACCOUNTS approved by the General Meeting of
concerning the financial year covering the period fFOm
Previous period from
25/06/2012
1/01/2011 ~
~-1/0112010
~
till
t~~~
~
3q/12/2011
31/12/2010
The amounts of the previous financial year are / -axa+ie~ ** 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
SOUGUIR Sami
Wallekensstraat 32, 9051 Sint-Denijs-Westrem, Belgium
Title : President of the board of directors
Mandate :6/11/2009
GOBEYN Anneke
Schorreweg 4, 9992 Middelburg, Belgium
Title :ice president of the board of directors
Mandate :19/03/2007
SARENS Andre
Achterdenken 6,9255 Buggenhout, Belgium
Title :Vice president of the board of directors
Mandate :17/09/2010- 30/06/2011
BOSSUYT Wouter
Legeweg 34, 8340 Damme, Belgium
Title :Director
Mandate :19/03/2007- 1/02/2011
Enclosed to these annual accounts: MANAGEMENT REPORT
Number of the pages of the standard form not deposited for not being
39
Total number of pages deposited:
5.1, 5.2.3, 5.2.4, 5.3.4, 5.3.6, 5.4.1, 5.4.3, 5.5.2, 5.16, 5.17.1, 5.17.2, 6, 9
of service:
Signature
(name and position)
Optional statement.
"' Delete where appropriate.
Signature
(name and position)
~~ ~ ~~
Nr
0215.362.368
C 1.1
LIST OF DIRECTORS, MANAGERS AND AUDITORS (continuation of the previous page)
BRAECKEVELT Lien
Moestuinstraat 5, 9000 Gent, Belgium
Title :Director
Mandate :19/03/2007
BURMS Jenny
Vossenstraat 2, 9070 Destelbergen, Belgium
Title :Director
Mandate :30/08/2006
CLAEYSSENS SABINE
Albert De Smetstraat 19, 9042 Desteldonk, Belgium
Title :Director
Mandate :6/11/2009- 23/03/2012
CLYBOUW Lionel
Kapelstraat 68, box 802,8450 Bredene, Belgium
Title :Director
Mandate :19/03/2007
CODDENS Rudy
Keuzemeers 7, 9031 Drongen, Belgium
Title :Director
Mandate :23/10/2003
CORNELIS Franky
Zonnestraat 7, 9982 Sint-Jan-In-Eremo, Belgium
Title :Director
Mandate :18/06/2001
DE BRUYN SARAH
Steenweg Asse 136, 1540 Herfelingen, Belgium
Title :Director
Mandate :21/06/2010- 30/06/2011
DE LAUSNAY Yves
Damvalleistraat 4, 9070 Destelbergen, Belgium
Title :Director
Mandate :19/03/2007
DE SMET Marc
Berkenlaan 15, 9860 Oosterzele, Belgium
Title :Director
Mandate :19/03/2007
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C 1.1
GOOSSENS Ann
Rue de Wez 10, 1315 Incourt, Belgium
Title :Director
Mandate :6/03/2009- 30/06/2011
GOK Saban
Oosteeklostraat 40, 9000 Gent, Belgium
Title :Director
Mandate :6/11/2009
HOFMAN Alfred
Fort Bedmanstraat 50, 9170 De Klinge, Belgium
Title :Director
Mandate :30/08/2006- 30/06/2011
LANNOY Danny
Graaf Jansdijk 300, 8300 Knokke-Heist, Belgium
Title :Director
Mandate :17/06/2002
MAES Dirk
Kraenepoelpad 30, 9880 Aalter, Belgium
Title :Director
Mandate :19/03/2007
MATTHYS Bruno
Sint-Denijslaan 76, 9000 Gent, Belgium
Title :Director
Mandate :6/11/2009
MEYERS Carine
Donklaan 249, box 6, 9290 Berlare, Belgium
Title :Director
Mandate :19/03/2007
MONSET Ludo
Franchommelaan 38, box 501, 8370 Blankenberge, Belgium
Title :Director
Mandate :18/06/2001
NOREILDE Stefaan
Henri de Sagherstraat 12, 9031 Drongen, Belgium
Title :Director
Mandate :6/11/2009
3/39
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C 1.1
PIERINS Philip
Astridlaan 364, 8310 Sint-Kruis(Brugge), Belgium
Title :Director
Mandate :19/03/2010
POPPE Patrick
Europalaan 225, 9240 Zele, Belgium
Title :Director
Mandate :17/06/2002
RAMOUDT Didier
Oudstationstraat 6,8400 Oostende, Belgium
Title :Director
Mandate :19/03/2007
ROESBEKE Chris
Gentstraat 28, box 01/, 9971 Lembeke, Belgium
Title :Director
Mandate :23/04/2010
SARENS Andre
Achterdenken 6, 9255 Buggenhout, Belgium
Title :Director
Mandate :30/06/2011
SCHILLEWAERT Frank
Pierlapont 66, 8210 Zedelgem, Belgium
Title :Director
Mandate : 19!09/2002
STORMS Annelies
Scheldestraat 141, 9040 Sint-Amandsberg (Gent), Belgium
Title :Director
Mandate :24/04/2009
STRUBBE Rik
Damse Vaart-Zuid 3, 8340 Damme, Belgium
Title :Director
Mandate :22/08/2002
THIENPONT Filip
Hoorndriesstraat 31, 9820 Merelbeke, Belgium
Title :Director
Mandate :19/03/2007
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0215 362 368
C 1.1
VAN NUFFEL Luc
Pinksterbloemhof 31, 8301 Heist-aan-Zee, Belgium
Title :Director
Mandate :30/03/2006- 30/06/2011
VAN PAMEL Bernard
Edgard Tinelstraat 8, 9520 Sint-Lievens-Houtem, Belgium
Title :Director
Mandate :19/03/2007
VAN WESEMAEL Mieke
Vierbunderstraat 15, 9255 Buggenhout, Belgium
Title :Director
Mandate :23/04/2010- 30/06/2011
VANDAMME Ingrid
Kustlaan 147, 8380 Zeebrugge (Brugge), Belgium
Title :Director
Mandate :25/02/2011
VANDE CAVEYE Luc
Waterstraat 28, 8020 Oostkamp, Belgium
Title :Director
Mandate :1/09/2002
VANDECASTEELEJean
Kievitstraat 16, 8400 Oostende, Belgium
Title :Director
Mandate :1/01/2004
VANDEN BERGHEbean-Pierre
Leopold I-laan 71, 8000 Brugge, Belgium
Title :Director
Mandate :19/03/2007
WALBRECHT Thierry
Fortstraat 5, 9180 Moerbeke-Waas, Belgium
Title :Director
Mandate :23/04/2007
WIJNAKKER Frank
Rietorchisstraat 8b, 9041 Oostakker, Belgium
Title :Director
Mandate :20/04/2012
5/39
Nr.
0215.362.368
C 1.1
LAUWAERT Gustaaf
Daknamstraat 66, 9160 Lokeren, Belgium
Title :Other function
Mandate :19/03/2007
MODDERIE Ludy
Viooltjeslaan 3, 1770 Liedekerke, Belgium
Mandate :8/03/2002
VANDE VELDE Andre
Kasteeldreef 18, 8730 Beernem, Belgium
Mandate :18/06/2001
DUA Vera
Lange Violettestraat 241, 9000 Gent, Belgium
Title :Member with an advisory vote
Mandate :6/19/2009- 28/06/2011
FIERENS Mike
Rozenstraat 82,9160 Lokeren, Belgium
Mandate :19/02/2007
PATAER Paui
Bressers-Blanchaertlaan 2, 9051 Sint-Denijs-Westrem, Belgium
Mandate :30/09/2011
VAN DER HOOFT Kathleen
Meerlaan 113, 8300 Knokke-Heist, Belgium
Mandate :19/03/2007
WIJNAKKER Frank
Rietorchisstraat 8b, 9041 Oostakker, Belgium
Title :Observer
Mandate :23/03/2012- 20/04/2012
VUYLSTEKE Bruno
Fazantenlaan 32, 9250 Waasmunster, Belgium
Title :Secretary
Mandate :1/09/2007
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C 1.1
0215.362.368
ERNST &YOUNG BEDRIJFSREVISOREN
CALL
0446.334.711
De keetlaan 2, 1831 Diegem, Belgium
Title :Auditor, Number of membership :600160
Mandate :21/06/2010
Represented by:
DE LUYCK Jan
Geukenshage 30 , 1790 Affligem, Belgium
Number of membership : A00822
7/39
Nr.
C 1.2
0215.362.368
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 #rave/ 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
* Delete where appropriate.
** Optional disclosure.
Number of
membership
Nature of the
engagement
(A, B, C and/or D)
8139
Nr.
C 2.1
0215.362.368
BALANCE SHEET
Notes Codes
Previous period
Period
ASSETS
2p/2g
FIXED ASSETS ......................................................................
Formation expenses ............................................................
5.1
20
Intangible fixed assets ........................................................
5.2
21
.........................................................
5.3
1.602.620.110
1.516.940.591
9.471.689
4.783.901
22/27
1.591.574.732
1.510.583.001
Land and buildings ............................................................
22
27.752.012
26.616.474
Plant, machinery and equipment ......................................
23
1.548.938.330
1.467.823.000
Furniture and vehicles .......................................................
24
13.448.113
14.348.180
Leasing and other similar rights ........................................
25
Other tangible fixed assets ................................................
26
1.436.277
1.795.347
Assets under construction and advance payments ............
27
Tangible fixed assets
Financial fixed assets .........................................................
5.4/
5.5.1
Affiliated enterprises .........................................................
5.14
28
Participating interests .................................................
Amounts receivable ....................................................
281
5.14
282/3
Participating interests .................................................
282
Amounts receivable ....................................................
283
1.573.689
1.573.689
1.573.689
1.573.689
284/8
Other financial assets .......................................................
Shares.......................................................................
284
Amounts receivable and cash guarantees .................
285/8
CURRENT ASSETS ...............................................................
2g/5g
Amounts receivable after more than one year ....................
29
Tradedebtors ..................................................................
290
Other amounts receivable ...............................................
291
3
Stocks and contracts in progress ........................................
249.534.674
248.095.489
24.769
24.769
13.403.831
8.492.201
30/36
Stocks..............................................................................
Raw materials and consumables ...............................
30/31
Work in progress ........................................................
32
Finishedgoods ..........................................................
33
Goods purchased for resale .......................................
34
Immovable property intended for sale ........................
35
Advance payments ....................................................
36
Contracts in progress ........................................................
37
Amounts receivable within one year ............................,.......
1.573.689
280/1
280
Other enterprises linked by participating interests ............
1.573.689
5.5.1
5.6
40/41
13.403.831
77.770.586
8.492.201
66.327.361
Tradedebtors ..................................................................
40
66.017.903
60.134.110
Other amounts receivable ...............................................
41
11.752.683
6.193.251
Current investments
50/53
..........................................................
Ownshares ......................................................................
50
Other investments and deposits .......................................
51/53
Cash at bank and in hand ....................................................
54/58
2.741
2.431.897
490/1
158.332.747
170.844.030
20/58
1.852.154.784
1.765.036.080
Deferred charges and accrued income ...............................
TOTAL ASSETS ..................................................................
5.6
9/39
Nr
~ 2.2
0215.362.368
EQUITY AiVD LIABILITIES
Notes Codes
10/15
EQUITY.................................................................................
Capital ..................................................................................
Issuedcapital ...................................................................
Uncalledcapital ...............................................................
Share premium account .......................................................
Revaluation surpluses ........................................................
Reserves.................................................................................
5~~
Legal reserve ...................................................................
Reserves not available ...................................................
In respect of own shares held ....................................
Other.........................................................................
10
100
101
11
12
13
130
131
1310
1311
133
14
Investment grants ...............................................................
15
Advance to associates on the sharing
outof the assets ..................................................................
PROVISIONS AND DEFERRED TAXES ...............................
424.203.167
424.203.167
479.613.984
479.613.984
219.964.818
78.202.197
227.822.013
66.553.070
25.000
43.622.151
43.622.151
25.000
35.764.957
35.764.957
34.555.046
36.502.266
30.763.113
21.514.421
19
16
4.776.017
4.977.056
160/5
4.776.017
4.977.056
Provisions for liabilities and charges ................................
Pensions and similar obligations .......................................
160
Taxation...........................................................................
161
Major repairs and maintenance .........................................
162
5•$
163/5
4.776.017
4.977.056
1.088.506.319
964.555.536
168
Deferred taxes ......................................................................
AMOUNTS PAYABLE ..........................................................
Amounts payable after more than one year ........................
Financialdebts .................................................................
Previous period
795.503.488
132
Untaxed reserves .............................................................
Available reserves ............................................................
Accumulated profits(losses) ......................................(+)/(-)
Other liabilities and charges ...............................................
Period
758.872.448
17/49
5.9
17
170/4
914.947.541
913.443.049
734.752.917
733.248.425
Subordinated loans ....................................................
170
Unsubordinated debentures ........................................
171
Leasing and other similar obligations ..........................
172
Credit institutions ........................................................
173
895.510.089
715.315.465
Otherloans ...............................................................
174
17.932.960
17.932.960
Tradedebts .......................................................................
175
Suppliers...................................................................
1750
Bills of exchange payable ............................................
1751
Advances received on contracts in progress ....................
176
Other amounts payable ....................................................
178/9
1.504.492
Amounts payable within one year ........................................
42/48
157.400.530
Current portion of amounts payable after more than one
year falling due within one year•.........................................
Financial debts .................................................................
5.9
40.883.376
24.461.061
43
72.162.151
157.673.658
430/8
Otherloans ...............................................................
439
44
440/4
Suppliers...................................................................
5.9
13.470.963
45
2.166.751
2.166.751
157.673.658
14.886.443
14.886.443
47/48
5.9
10.880.216
2.086.631
2.068.460
18.171
454/9
Other amounts payable ....................................................
TOTAL LIABILITIES .........................................................
22.369.517
22.369.517
46
450/3
Remuneration and social security ..............................
Accrued charges and deferred income ...............................
72.162.151
441
Bills of exchange payable............................................
Advances received on contracts in progress ...................
Taxes, remuneration and social security ..........................
Taxes........................................................................
216.507.199
42
Credit institutions ........................................................
Tradedebts.......................................................................
1.504.492
6.347.772
6.519.190
492/3
16.158.248
13.295.420
10/49
1.852.154.784
1.765.036.080
10/39
Nr
C 3
0215.362.368
INCOME STATEMENT
Notes Codes
Operatingincome ..................................................................
5.10
Turnover...........................................................................
70/74
70
71
4.911.630
-102.885
19.108.022
16.977.901
72
74
60/64
60
Purchases ..................................................................
600/8
Decrease (increase) in stocks ............................(+)/(-)
609
Remuneration, social security costs and pensions ....(+)/(-)
5.10
Depreciation of and amounts written off formation
expenses, intangible and tangible fixed assets ...................
Amounts written down stocks, contracts in progress and
trade debtors - Appropriations (write-backs) .............(+)/(-) 5.10
Provisions for risks and charges - Appropriations (uses
and write-backs) ........................................................(+)/(-)
Other operating charges ....................................................
5.10
5.10
Operation charges carried to assets as restructuring
costs.............................................................................(-)
145.916.692
115.930.438
630
62.629.556
59.301.788
631/4
-8.791.087
1.947.510
635/7
-201.039
-176.833
23.147.769
13.528.595
62
640/8
649
9901
Financialincome ...................................................................
75
101.515.367
86.741.903
176.274
172.744
750
Income from financial fixed assets ....................................
27.858
382
5.11
752/9
148.416
172.362
5.11
65
34.822.727
29.937.139
751
Income from current assets ..............................................
Financial charges .................................................................
145.916.692
353.017.248
115.930.438
162.485.750
Operating profit(loss) .................................................(+)/(-)
Other financial income .......................................................
392.076.672
169.374.781
61
Services and other goods ..................................................
439.759.151
422.884.135
Other operating income .....................................................
Raw materials, consumables ..............................................
493.592.039
469.572.387
Increase(decrease)in stocks of
finished goods, work and contracts in progress .........(+)/(-)
Own construction capitalised ..........................................
Operating charges ...............................................................
Previous period
Period
34.822.042
29.936.517
652/9
685
622
9902
66.868.914
56.977.508
Debtcharges .....................................................................
650
Amounts written down on current assets except
stocks, contracts in progress and
trade debtors .............................................................(+)/(-)
651
Other financial charges .......................................................
Gain (loss)on ordinary activities before taxes ........(+)/(-)
11/39
Nr.
C 3
0215.362.368
Codes
Write-back of depreciation and of amounts written down
intangible and tangible fixed assets •••••••••••••••••••••••••••••••••••
Write-back of amounts written down financial fixed assets ..
760
Write-back of provisions for extraordinary liabilities and
charges............................................................................
Gains on disposal of fixed assets .....................................
762
Other extraordinary income ...............................................
764/9
209.688
761
763
221.963
66
F~ctraordinary charges ...........................................................
Extraordinary depreciation of and extraordinary amounts
written off formation expenses, intangible and tangible
fixedassets .......................................................................
660
Amounts written down financial fixed assets ....................
661
Provisions for extraordinary liabilities and charges
Appropriations(uses) ..............................................(+)/(-)
662
663
Loss on disposal of fixed assets .......................................
5.11
Extraordinary charges carried to assets as restructuring
costs............................................................................(-)
221.963
664/8
669
Profit(loss)for the period before taxes ......................(+)/(-)
9903
Transfer from postponed taxes ............................................
780
Transfer to postponed taxes .................................................
680
Income taxes ...........................................................................
209.688
76
Extraordinary income .............................................................
Other extraordinary charges .............................................
Previous period
Period
5.12
67/77
Income taxes .....................................................................
670/3
Adjustment of income taxes and write-back of tax
provisions...........................................................................
77
Profit(loss)for the period .............................................(+)/(-)
9904
Transfer from untaxed reserves ............................................
789
Transfer to untaxed reserves .................................................
689
Profit(loss)for the period available for appropriation(+)/(-)
9905
66.868.914
56.965.233
848.782
938.752
848.782
938.752
66.020.132
56.026.481
66.020.132
56.026.481
12/39
Nr.
C 4
0215.362.368
APPROPRIATION ACCOUN°~
Codes
Profit(loss)to be appropriated .........................................................(+)/(-)
Gain (loss) to be appropriated .......................................................(+)/(-)
Profit(loss) to be carried forward ...................................................(+)/(-)
Transfers from capital and reserves ..........................................................
from capital and share premium account ...............................................
fromreserves ..........................................................................................
9906
(9905
14P
21.514.421
16.124.737
216.800
791/2
791
216.800
792
to the legal reserve ..................................................................................
to other reserves .....................................................................................
6920
3.791.933
2.400.532
691
6921
Profit(loss)to be carried forward .....................................................(+)/(-)
(14)
..............................................
794
Director's or manager's entitlements .........................................................
Other beneficiaries ..................................................................................
72.151.218
56.026.481
691/2
Profit to be distributed ...............................................................................
Dividends..................................................................................................
87.534.553
Previous period
66.020.132
Transfers to capital and reseroes ..............................................................
to capital and share premium account .....................................................
Owner's contribution in respect of losses
Period
694/6
694
3.791.933
2.400.532
36.502.266
21.514.421
47.240.354
48.453.065
47.240.354
48.453.065
695
696
13139
Nr.
C 5.2.1
0215.362.368
STATEMENT OF INTANGIBLE FIXED ASSETS
Codes
Period
Previous period
RESEARCH AND DEVELOPMENT COSTS
Acquisition value at the end of the period ..............................................
8051
xxxxxxxxxxxxxxx
6.319.188
Movements during the period
7.439.531
Acquisitions, including produced fixed assets .......................................
8021
Salesand disposals ..............................................................................
8031
Transfers from one heading to another .......................................(+)/(-)
8041
8051
13.758.719
Depreciation and amounts written down at the end of the period .......
8121
xxxxxxxxxxxxxxx
1.535.286
Recorded..............................................................................................
8071
2.751.744
Writtenback ........................................................................................
8081
Acquisitions from third parties ..............................................................
8091
Cancelled owing to sales and disposals ................................................
8101
8111
Depreciation and amounts written down at the end of the period ........
8121
4.287.030
NET BOOK VALUE AT THE END OF THE PERIOD .................................
210
9.471.689
14/39
Nr.
C 5.2.2
0215.362.368
Codes
Period
Previous period
CONCESSIONS,PATENTS, LICENCES, KNOWHOW,BRANDS
AND SIMILAR RIGHTS
8052
xxxxxxxxxxxxxxx
3.416.813
8022
8032
8042
8052
3.416.813
8122
xxxxxxxxxxxxxxx
3.416.813
Recorded..............................................................................................
8072
Writtenback ........................................................................................
8082
8092
8102
8112
Depreciation and amounts written down at the end of the period ........
8122
211
3.416.813
15/39
Nr.
C 5.3.1
0215.362.368
STATEMENT OF TANGIBLE FIXED ASSETS
Codes
Previous period
Period
LAND AND BUILDINGS
8191
xxxxxxxxxxxxxxx
8161
1.914.664
8171
285
8181
8191
46.759.996
Revaluation surpluses at the end of the period .....................................
8251
xxxxxxxxxxxxxxx
44.845.617
593.579
Recorded..............................................................................................
8211
8221
Cancelled..............................................................................................
8231
46
Transfers from one heading to another ........................................(+)/(-)
8241
-12.909
8251
580.924
8321
xxxxxxxxxxxxxxx
Recorded..............................................................................................
8271
778.795
18.823.022
Writtenback ........................................................................................
8281
8291
8301
8311
-12.909
8321
19.588.908
~22~
27.752.012
16/39
Nr.
C 5.3.2
0215.362.368
Codes
Period
Previous period
PLANT, MACHINERY AND EQUIPMENT
8192
xxxxxxxxxxxxxxx
8162
146.480.866
8172
33.664.122
8182
8192
2.134.790.171
8252
xxxxxxxxxxxxxxx
2.021.973.427
433.846.368
Recorded..............................................................................................
8212
8222
Cancelled..............................................................................................
8242
8252
426.013.346
8322
xxxxxxxxxxxxxxx
8232
-7.833.022
987.996.795
Recorded..............................................................................................
8272
Writtenback ........................................................................................
8282
53.955.144
8292
8302
22.253.730
8312
-7.833.022
8322
1.011.865.187
(23)
1.548.938.330
17139
Nr.
C 5.3.3
0215.362.368
Codes
Previous period
Period
FURNITURE AND VEHICLES
8193
xxxxxxxxxxxxxxx
Sales and disposals ..............................................................................
8163
4.060.868
8173
1.073.555
8183
8193
96.791.888
8253
xxxxxxxxxxxxxxx
93.804.575
515.929
Recorded..............................................................................................
8213
8223
8233
Cancelled..............................................................................................
8243
8253
504.713
8323
xxxxxxxxxxxxxxx
Recorded..............................................................................................
Writtenback ........................................................................................
8273
4.784.803
8293
151.640
8303
1.049.064
8313
-11.216
8323
83.848.488
(24)
13.448.113
-11.216
79.972.325
8283
18/39
Nr
C 5.3.5
0215.362.368
Codes
Period
Previous period
OTHER TANGIBLE FIXED ASSETS
8195
xxxxxxxxxxxxxxx
3.590.694
8165
8175
8195
3.590.694
8255
xxxxxxxxxxxxxxx
8185
Recorded..............................................................................................
8215
Cancelled..............................................................................................
8225
8235
8245
8255
8325
xxxxxxxxxxxxxxx
1.795.347
359.070
Recorded..............................................................................................
8275
Writtenback ........................................................................................
8285
8295
8315
8325
2.154.417
~26~
1.436.277
8305
19/39
Nr
C 5.4.2
0215.362.368
Codes
Period
Previous period
OTHER ENTERPRISES LINKED BY PARTICIPATING INTERESTS
PARTICIPATING INTERESTS AND SHARES
8392
xxxxxxxxxxxxxxx
1.573.689
8362
8372
8392
1.573.689
8452
xxxxxxxxxxxxxxx
8382
Recorded..............................................................................................
8412
8422
Cancelled..............................................................................................
8432
8442
8452
Amounts written down et the end of the period .....................................
8522
xxxxxxxxxxxxxxx
Recorded..............................................................................................
8472
Writtenback ........................................................................................
8482
8492
8502
8512
Amounts written down at the end of the period .....................................
8522
Uncalled amounts at the end of the period .............................................
8552
Movements during the period .........................................................(+)/(-)
8542
Uncalled amounts at the end of the period .............................................
8552
~2g2~
xxxxxxxxxxxxxxx
1.573.689
OTHER ENTERPRISES LINKED BY PARTICIPATING INTERESTS AMOUNTS RECEIVABLE
283P
xxxxxxxxxxxxxxx
Additions...............................................................................................
8582
Repayments..........................................................................................
8592
Amountswritten down ...........................................................................
8602
Amountswritten back ............................................................................
8612
Exchange differences ..................................................................(+)/(-)
8622
Other...........................................................................................(+)/(-)
8632
(283)
ACCUMULATED AMOUNTS WRITTEN OFF ON AMOUNTS
RECEIVABLE AT THE END OF THE PERIOD•••••••••••••••••••~•••••••~•••••••••••••••
8652
20/39
Nr
C 5.5.1
0215.362.368
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.
Information from the most recent period for
which annual accounts are available
Shares held by
subsidiaries
Number
%
y
direct)
%
NAME,full address of the REGISTERED
OFFICE and for the enterprise governed by
Belgian law, the COMPANY NUMBER
Primary
financial
statement
31/12/2010
Eandis CVBA CALL
Brusselsesteenweg 199
9090 Melle
Belgium
0477.445.084
78105 22,42
Net result
Mone- Capital and reserves
tary
(+)or(-)
unit
(in monetary units)
EUR
20.405
0
0,00
21/39
Nr.
C 5.6
0215.362.368
OTHER INVESTMENTS AND DEPOSIT, DEFFERED CHA~G~~ AND ACCRUED INCOME(ASSETS)
Codes
Period
Previous period
INVESTMENTS: OTHER INVESTMENTS AND DEPOSITS
Shares.......................................................................................................................
51
Book value increased with the uncalled amount ....................................................
8681
Uncalledamount ...................................................................................................
8682
Fixed income securities ............................................................................................
Fixed income securities issued by credit institutions .............................................
Fixed term deposit with credit institutions .............................................................
52
8684
53
Falling due
lessor up to one month ..................................................................................
8686
between one month and one year ...................................................................
8687
year ..................................................................................................
8688
Other investments not yet shown seperately .........................................................
8689
overone
Period
DEFFERED CHARGES AND ACCRUED INCOME
Allocation of heading 490/1 of assets if the amount is significant.
Deferred charges
63.885.367
Accrued income
94.447.381
22/39
Nr.
C. 5.7
0215.362.368
STATEMENT OF CAPITAL AND STRUCTURE OF SHAREHOLDINGS
Codes
Period
Issued capital at the end of the period ....................................................
100P
XXXXXXXXXXXXXX
Issued capital at the end of the period ....................................................
(100)
424.203.167
Previous period
STATEMENT OF CAPITAL
Social capital
Codes
Amounts
479.613.984
Number of shares
Changes during the period:
Share capital reduction Ae
-110.777.109
Share capital reduction Ag
-95.570.605
Share capital increase Fe
77.543.989
1.682.592
Share capital increase Fg
62.283.166
376.990
Share capital increase E"g
4.616.256
74.990
Share capital increase Ee
6.493.486
209.532
Shares Ae
149.946.179
8.412.993
Shares Ag
91.873.764
5.058.950
Structure of the capital
Different categories of shares
Shares Fe
77.543.988
1.682.592
Shares Fg
62.283.166
1.011.787
Shares E"g
4.616.256
74.990
Shares Ee
23.971.566
773.513
shares Eg
13.968.248
376.990
shares E"e
Registeredshares..................................................................................................
8702
XXXXXXXXXXXXXX
Bearer shares and/or dematerialized shares..........................................................
8703
XXXXXXXXXXXXXX
Codes
Uncalled
~pital
Capital cared,
but not paid
Capital not paid
Uncalledcapital .......................................................................................
(101)
Capital called, but not paid ......................................................................
8712
XXXXXXXXXXXXXX
XXXXXXXXXXXXXX
Shareholders having yet to pay up in full
23139
Nr.
C. 5.7
0215.362.368
STATEMENT OF CAPITAL AND STRUCTURE OF SHAREHOLDINGS
Codes
Period
OWN SHARES
Held by the company itself
......................................................................................................................
8721
Numberof shares held ......................................................................................................................
8722
Amountof capital held
Held by the subsidiaries
......................................................................................................................
8731
Numberof shares held ......................................................................................................................
8732
Amountof capital held
Commitments to issue shares
Following the exercising of CONVERSION RIGHTS
Amount of outstanding convertible loans ........................................................................................
Amount of capital to be subscribed .................................................................................................
8741
..............................................................
8742
Number of outstanding subscription rights .....................................................................................
Amount of capital to be subscribed .................................................................................................
8745
Corresponding maximum number of shares to be issued ...............................................................
8747
Authorized capital, not issued .................................................................................................................
8751
Corresponding maximum number of shares to be issued
8740
Following the exercising of SUBSCRIPTION RIGHTS
8746
Codes
Period
Shared issued, not representing capital
Distribution
..................................................................................................................
Number of voting rights attached thereto ........................................................................................
Numberof shares held
8761
87
8762
Allocation by shareholder
Number of shares held by the company itself .................................................................................
Number of shares held by its subsidairies ......................................................................................
8771
8781
73/39
Nr
0215.362.368
C 5.8
PROVISIONS FOR OTHER LIABILITIES AND CHARGES
Period
ALLOCATION OF THE HEADING 163/5 OF LIABILITIES IF THE AMOUNT IS CONSIDERABLE
Rehabilitation of gassites
2.836.016
Conversion dual hourly rate counters / budgetmeters
1.940.001
25!39
Nr.
C 5.9
0215.362.368
STATEMENT OF AMOUNTS PAYABLE, ACCRUED CHARGES AND DEFERRED
INCOME
Codes
Period
ANALYSIS BY CURRENT PORTIONS OF AMOUNTS INITIALLY PAYABLE AFTER MORE
THAN ONE YEAR
Amounts payable after more than one year, not more than one year
Financialdebts ..........................................................................................................................................
Subordinatedloans .............................................................................................................................
8801
Unsubordinateddebentures ................................................................................................................
8821
Leasing and other similar obligations ..................................................................................................
8831
Creditinstitutions ................................................................................................................................
8841
Otherloans .........................................................................................................................................
Tradedebts ...............................................................................................................................................
8861
Suppliers.............................................................................................................................................
8871
Billsof exchange payable ....................................................................................................................
8881
Advance payments received on contracts in progress
Otheramounts payable .............................................................................................................................
8891
40.883.376
8811
40.883.376
8851
8901
40.883.376
Total amounts payable after more than one year, not more than one year ...............................................
(42)
Amounts payable after more than one year, between one and five years
Financialdebts ..........................................................................................................................................
8802
8812
Unsubordinated debentures ................................................................................................................
8822
8832
8842
440.537.164
Otherloans .........................................................................................................................................
Tradedebts ...............................................................................................................................................
8852
17.932.960
Suppliers.............................................................................................................................................
8872
8882
8892
8902
1.504.492
Total amounts payable after more than one year, between one and five years ......................................
8912
459.974.616
Amounts payable after more than one year, over five years
Financialdebts ..........................................................................................................................................
8803
8813
8823
8833
8862
8843
Otherloans .........................................................................................................................................
Tradedebts ...............................................................................................................................................
8853
Suppliers.............................................................................................................................................
8873
Bilisof exchange payable ....................................................................................................................
8883
Advance payments received on contracts in progress ...............................................................................
8893
Total amounts payable after more than one year, over five years .............................................................
458.470.124
454.972.925
454.972.925
8863
8903
8913
454.972.925
26139
Nr.
C 5.9
0215.362.368
Codes
Period
AMOUNTS PAYABLE GUARANTEED (headings 17 and 42/48 ofliabilities)
Amounts payable guaranteed by Belgian public authorities
Financialdebts ..........................................................................................................................................
8921
8941
Leasing and other similar obligations .....................................................:............................................
8951
Otherloans .........................................................................................................................................
8971
Tradedebts ...............................................................................................................................................
Suppliers.............................................................................................................................................
8981
Advance payments received on contracts in progress ...............................................................................
9001
Remuneration and social security ..............................................................................................................
9021
Total amounts payable guaranteed by Belgian public authorities .............................................................
8931
8961
8991
9011
9051
9061
Amounts payable guaranteed by real guarantees given or irrevocably promised by the
enterprise on its own assets
Financialdebts ...............................................................................................:..........................................
8922
8942
8952
Otherloans .........................................................................................................................................
8972
8932
8962
Tradedebts ...............................................................................................................................................
Suppliers.............................................................................................................................................
8982
9002
Taxes, remuneration and social security ...................................................................................................
9012
Taxes..................................................................................................................................................
9032
Remuneration and social security .......................................................................................................
9042
Total amounts payable guaranteed by real guarantees given or irrevocably promised by the
enterpriseon its own assets..........................................................................................................................
8992
9022
9052
9062
AMOUNTS PAYABLE FOR TAXES, REMUNERATION AND SOCIAL SECURITY
Taxes (heading 450/3 of the liabilities)
9072
Expiredtaxes payable .............................................................................................................................
Nonexpired taxes payable ........................................................................................................................
9073
Estimatedtaxes payable ...........................................................................................................................
450
Remuneration and social security (heading 454/9 of the liabilities)
Amount due to the National Once of Social Security ...............................................................................
Other amounts payable relating to remuneration and social security
1.508.292
658.459
9076
9077
27/39
Nr.
C 5.9
0215.362.368
~
Period
~
ACCRUED CHARGES AND DEFERRED INCOME
Allocation of the heading 49213 of liabilities if the amount is considerable
Accrued charges
10.120.090
Deferred income
6.038.157
28/39
Nr
C 5.10
0215.362.368
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
9086
Total number at the closing date ...........................................................................
Average number of employees calculated in full-time equivalents .........................
9087
Number of actual worked hours .............................................................................
9088
Personnel costs
Remuneration and direct social benefits ...............................................................
620
Employers' social security contributions ................................................................
Employers' premiums for extra statutory insurances .............................................
621
Otherpersonnel costs ...........................................................................................
623
Old-age and widows' pensions ..............................................................................
624
622
Provisions for pensions
Additions(uses and write back) .................................................................(+)/(-)
635
Amounts written off
Stocks and contracts in progress
Recorded.......................................................................................................
9110
Writtenback ..................................................................................................
9111
Trade debtors
Recorded.......................................................................................................
9112
4.310.349
4.958.124
Writtenback ..................................................................................................
9113
13.101.436
3.010.614
176.833
Provisions for risks and charges
Additions..............................................................................................................
9115
Usesand write-back ............................................................................................
9116
201.039
640
645.975
391.186
22.501.794
13.137.409
Other operating charges
Taxesrelated to operation ...................................................................................
Othercharges ......................................................................................................
641/8
Hired temporary staff and persons placed at the enterprise's disposal
9096
Total number at the closing date ..........................................................................
Average number calculated as full-time equivalents ............................................
9097
Number of actual worked hours ...........................................................................
9098
Charges to the enterprise ....................................................................................
617
29/39
Nr.
C 5.11
0215.362.368
FINANCIAL AND EXTRAORDINARY RESULTS
Codes
Previous period
Period
FINANCIAL RESULTS
Other financial income
Amount of subsidies granted by public authorities, credited to income for the
period
Capitalsubsidies ...........................................................................................
9125
Interest subsidies ..........................................................................................
9126
Allocation of other financial income
Various financial income
Amounts written down off loan issue expenses and repayment premiums .......
6501
Intercalary interests recorded as assets ...............................................................
6503
148.416
172.363
685
622
Value adjustments to current assets
Appropriations......................................................................................................
Write-backs .........................................................................................................
6510
6511
Other financial charges
Amount of the discount borne by the enterprise, as a result of negotiating
amountsreceivable ..............................................................................................
653
Provisions of a financial nature
Appropriations......................................................................................................
Uses and write-backs ...........................................................................................
6560
6561
Allocation of other financial charges
Various financial charges
Period
EXTRAORDINARY RESULTS
Allocation other extraordinary income
Allocation other extraordinary charges
30139
Nr
C 5.12
0215.362.368
INCOME TAXES AND OTHER TAXES
Codes
Period
INCOME TARE
9134
848.782
Income taxes paid and withholding taxes due or paid ...............................................................................
9135
584.268
Excess of income tax prepayments and withholding taxes recorded under assets ....................................
Estimatedadditional taxes ........................................................................................................................
9136
Income taxes on the result of the current period
9137
264.514
9138
Income taxes on previous periods
9139
Taxes and withholding taxes due or paid ...................................................................................................
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
9141
Deferred taxes representing assets .
9142
Accumulated tax losses deductible from future taxable profits ............................................................
Other deferred taxes representing assets
9144
Deferred taxes representing liabilities
Allocation of deferred taxes representing liabilities
Codes
Previous Period
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
102.463.759
90.452.855
Bythe enterprise ..................................................................................................
9146
150.425.854
128.280.363
Amounts retained on behalf of third parties for
Payroll withholding taxes ......................................................................................
Withholding taxes on investment income .............................................................
9147
25.503
29.836
9148
3.355.571
3.519.278
31139
Nr.
C 5.13
0215.362.368
RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET
Code
PERSONAL GUARANTEES GIVEN OR IRREVOCABLY PROMISED BY THE ENTERPRISE
AS SECURITY FOR DEBTS AND COMMITMENTS OF THIRD PARTIES ......................................
9149
Period
1.582.024
Of which
Bills of exchange in circulation endorsed by the enterprise .......................................................................
Bills of exchange in circulation drawn or guaranteed by the enterprise ......................................................
Maximum amount for which other debts or commitments of third parties are guaranteed by the
enterprise..................................................................................................................................................
9150
9151
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 .............................................................................
Amountof registration ..........................................................................................................................
9161
Pledging on goodwill - amount of registration .............................................................................................
9181
Pledging of other assets -Book value of other assets pledged ................................................................
Guarantees provided on future assets - Amount of assets involved ..........................................................
9191
9171
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 .............................................................................
Amountof registration ..........................................................................................................................
9162
Pledging on goodwill - amount of registration .............................................................................................
Pledging of other assets -Book value of other assets pledged ................................................................
9182
Guarantees provided on future assets - Amount of assets involved ..........................................................
9202
9172
9192
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
34.772
Recharges of budgetmeters
SUBSTANCIAL COMMITMENTS TO ACQUIRE FIXED ASSETS
298.986
Purchase engagements
SUBSTANCIAL COMMITMENTS TO DISPOSE FIXED ASSETS
424.707
Sales engagements
FORWARD TRANSACTIONS
Goodspurchased (to be received) ................................................................................................................
Goodssold (to be delivered) ........................................................................................................................
9213
Currencies purchased (to be received) ........................................................................................................
Currencies sold (to be delivered) ..................................................................................................................
9215
9214
9216
INFORMATION RELATING TO TECHNICAL GUARANTEES,IN RESPECT OF SALES OR SERVICES
INFORMATION CONCERNING IMPORTANT LITIGATION AND OTHER COMMITMENTS NOT MENTIONED ABOVE
1) An amount of € 25.812.373,64 has been recognized in the off-balance sheet rights and commitments for non-recurrent expenses. In the
subsequent financial years these expenses need to be recognized as charges due to a new mechanism set up at the start of the
liberalisation of the energy market and the role of the intermunicipal company as Distribution System Operators.
2) In the framework of the Multicurrency Treasury Bill Programme to finance the working capital and the investments of the mission charged
companies, Imewo has given a mandate to Eandis CVBA to conclude with Dexia Bank Belgie nv (now known as Belfius Bank) on the
32/39
Nr
C 5.13
0215.362.368
RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET
INFORMATION CONCERNING IMPORTANT LITIGATION AND OTHER COMMITMENTS NOT MENTIONED ABOVE
a
issuance of a Commercial Paper of Eandis ,for the account of the various Distribution System Operators, amounting to € 522.000.000,00.
All mixed Distribution System Operators jointly guarantee vis vis each holder of a commercial paper issued by Eandis, to repay at first
demand each amount related to each commercial paper and to the global maximum amount of the commercial paper of € 522.000.000,00.
On December 2011 the amount used was € 20.000.000,00.
a
a
3) In the framework of the short term Credit Programme in the form of a revolving credit amounting to € 500.000.000,00, of which €
175.000.000,00 was taken up by the end of 2011, by Eandis CVBA to finance the working capital and the investments of the mission charged
companies (Distribution System Operators), each Distribution System Operator acts for its share but vis vis third parties the Distribution
System Operators are jointly responsible. The Distribution System Operators are severally responsible vis vis each other for the payment
commitments to this mandate.
4)Imewo has entered into interest rate swaps in order to convert the variable interest rate on long-term loans into a fixed interest rate. The
notional amount, being the volume for which a swap operation has currently been applied, amounts to € 263.781.652,00. The fair value of
derivative financial instruments for covering the interest rate risk was calculated based on discounting expected future cash flows taking into
account actual market interest rates and the yield curve over the instruments remaining life cycle. The unrealized value of these products
equals € -34.605.547,42.
5)A bank guarantee has been offered in favour of Havenbedrijf Gent GAB amounting to € 7.142,04 for various concessions.
6)A bank guarantee in favour of Customs and Levies amounting to € 25.000,00 to cover the recharge of the energy tax credited by Imewo to
their social customers.
7) The off-balance sheet rights and commitments mention the actualized value (€ 136.785.900,00) of future obligations to the Eandis staff
(RPR 0477 445 084 Gent).
8) Various claims due to legal disputes: € 3.789.871,33.
Unpaid grid fee invoices due to legal dispute with Essent: € 437.238,67.
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
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 OFOFF-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 toa
33/39
Nr
C 5.14
0215 362 368
RELATIONSHIPS WITH AFFILIATED ENTERPRISES AND ENTERPRISES LINKED BY PARTICIPATING
INTERESTS
Codes
Period
Previous period
AFFILIATED ENTERPRISES
Financialfixed assets ................................................................................................
Investments............................................................................................................
(280/1)
(280)
Amounts receivable subordinated ...........................................................................
Other amounts receivable ......................................................................................
9271
Amountsreceivable ...................................................................................................
Afterone year .........................................................................................................
9291
Within one year
9281
9301
9311
Currentinvestments ..................................................................................................
Shares....................................................................................................................
9321
Amountsreceivable ................................................................................................
9341
Amountspayable .......................................................................................................
Afterone year .........................................................................................................
9351
Withinone year ......................................................................................................
9371
9331
9361
Personal and real guarantees
Provided or irrevocably promised by the enterprise, as security for debts or
commitments of affiliated enterprises .....................................................................
Provided or irrevocably promised by affiliated enterprises as security for debts or
commitments of the enterprise ...............................................................................
Other substantial financial commitments ...............................................................
9381
9391
9401
Financial results
Income from financial fixed assets .........................................................................
Incomefrom current assets ...................................................................................
9421
Other financial income ...........................................................................................
Debtscharges .......................................................................................................
9441
Otherfinancial charges .........................................................................................
9471
Gains and losses on disposal of fixed assets
Obtainedcapital gains ...........................................................................................
9481
Obtainedcapital losses ..........................................................................................
9491
9431
9461
ENTERPRISES LINKED BY PARTICIPATING INTERESTS
Financialfixed assets ................................................................................................
Investments............................................................................................................
(282/3)
1.573.689
1.573.689
(282)
1.573.689
1.573.689
9352
282.905.828
229.835.806
9362
206.790.840
71.731.840
76.114.988
158.103.966
Amounts receivable subordinated ...........................................................................
Other amounts receivable ......................................................................................
9272
Amountsreceivable ...................................................................................................
Afterone year .........................................................................................................
9292
Within one year
Amountspayabie .......................................................................................................
Afterone year .........................................................................................................
Withinone year ......................................................................................................
9282
9302
9312
9372
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C 5.14
RELATIONSHIPS WITH AFFILIATED ENTERPRISES AND ENTERPRISES LINKED BY PARTICIPATING
INTERESTS
Period
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:
Additional information
The Board of Directors determines that there are no objective or legal criteria to clearly define what is meant with transactions above
normal market conditions as described in the Royal Decree of August 10, 2009.
Therefore the Board of Directors has opted to disclose all substantial transactions with related parties in the notes. This approach is in
line with the international practice where all transactions with related parties need to be disclosed in the financial statements.
Herewith an overview of all substantial transactions with related parties:
A) recharge of distribution grid revenue € 2.800.975,26
B) interests on cash pool activities € 1.321.795,75
C) recharge of management invoices from Eandis to Imewo € 300.967.313,31
D) purchase of netgrid losses € 10.913.678,97
E) purchase of energy for supply to social customers € 3.244.947,21
F) green certificates sales € 2.341.684,80
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C 5.15
0215.362.368
FINANCIAL RELATIONSHIPS WITH
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
Todirectors and managers .......................................................................................................................
To former directors and former managers ...............................................................................................
9503
66.584
9504
Codes
Period
AUDITORS OR PEOPLE THEY ARE LINKED TO
Auditor's fees
...............................................................................................................................................
9505
8.034
95061
1.674
Fees for exceptional services or special missions executed in the company by the auditor
Otherattestation missions .......................................................................................................................
Taxconsultancy .......................................................................................................................................
95062
Other missions external to the audit .........................................................................................................
95063
Fees for exceptional services or special missions executed in the company by people
they are linked to
Otherattestation missions .......................................................................................................................
Taxconsultancy .......................................................................................................................................
95081
Other missions external to the audit .........................................................................................................
95083
95082
Mention related to article 133 paragraph 6from the Companies Code
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~ 7 _ __
VALUATION RULES
Valuation rules
GENERAL
For the activities regulated by the CREG the guidelines are applied as mentioned in the Royal Decree of 2 September 2008 concerning
the rules regarding the determination and monitoring of the total income and fair profit margin, the general tariff structure, the balance
between costs and revenues and the basic principles and procedures relating to the proposal and approval of the tariffs, of reporting and
cost control by the operators of distribution networks for electricity and gas.
ASSETS
FORMATION EXPENSES
All formation expenses are immediately charged to the profit or loss of the financial year.
INTANGIBLE FIXED ASSETS
The research and development costs that are expected to have a return over a period longer than the current financial year are valued at
cost and are amortized over a period of five years according to the straight-line method.
TANGIBLE FIXED ASSETS
"Acquisition values
Investments are recognized at acquisition cost or cost price, including all attributable costs. The interventions of third parties in the
financing of tangible fixed assets are deducted from the corresponding acquisition cost.
" Revaluation surpluses
The revaluation according to the instructions issued by the supervisory authority was used for the last time in financial year 2002(circular
letter 25 April 2003).
This category also includes the surplus value stemming from the valuation at economic reconstruction value according to the guidelines of
the CREG,agreed in the final settlement with the CREG on October 1, 2007.
These revaluation surpluses are monitored by an annual control calculation.
" Depreciations
The net acquisition value is depreciated according to the linear method.
The following depreciation rates are used:
2°/a cables, lines, pipes and administrative buildings
3%cabins, stations, substations, connections and metering equipment
10% teleread meters and budget meters, optical fibres and teletransmission, central remote control, telecontrol and dispatching, CHP
installations, lab equipment, tools and office furniture, other tangible fixed assets
20%vehicles
33% IT hardware
Land is not depreciated.
All infrastructure elements owned on 31 December, irrespective of their date of acquisition, are depreciated for a full financial year.
" Disposals
If an asset is disposed of, its net carrying amount is written off. In the case of a sale, the related remaining revaluation value is also taken
into account.
The remaining revaluation value is depreciated at 2% per year. Every four years these amounts will be checked with the actual revaluation
value and if necessary, the currently applied rate will be adjusted.
FINANCIAL FIXED ASSETS
The participating interest and the amounts receivable are recorded at acquisition value. The additional costs are charged directly to the
income statement.
Write-downs are recorded and charged to the income statement when an impairment occurs, taking into account equity, profitability and
future prospects of the company concerned.
Write-back of amounts written down is recorded in the income statement when the developments of the company concerned so justify.
For other financial assets, the same rules apply.
STOCKS AND CONTRACTS IN PROGRESS
Contracts in progress are valued at cost price. The cost price includes all expenditures directly related to specific projects and an
allocation of fixed and variable indirect costs associated with the contract activities of the Eandis Group based on normal operating
capacity.
AMOUNTS RECEIVABLE
Receivables are recorded at their nominal value. Amounts are written down when there is uncertainty about the collectability of the
receivable and after comparison with the realization value.
If a receivable is expected to be no longer collectible or if the collection costs exceed the amount of the receivable, the receivable is
derecognized utilizing the provision set up for that purpose.
The rebated VAT is recuperated if the necessary attestations can be obtained.
In the framework of the full liberalization of the Flemish energy market on 1 July 2003, a provision for all doubtful debts was recorded for
all accounts receivable older than six months on 31 December 2003 with regard to debtors. This additional provision is used in function of
the realization of receipts of these accounts receivable or is used for the final write-off thereof.
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~ ~
VALUATION RULES
The receivables related to works completed and services delivered, with the exception of claims for damages which are managed by the
Legal Department and the accounts receivable from associated municipalities, expired for more than six months, are considered to be
doubtful. A write down of 100 per cent(excluding VAT)is carried out for this purpose.
The receivables from energy supplies within the framework of the distribution system operators' social public service obligations(SODV)
have been recognized in the balance sheet at nominal value. The receivables from final invoices are considered to be doubtful if they
have remained unpaid after expiry date in the following cases: bankruptcy, judicial settlement and judicial procedure. For these
receivables a provision of 100 per cent(excluding VAT)is recognized for receivables below the limit amount to be fixed by the Board of
Directors and for 80 per cent(excluding VAT)for all other cases.
For all other expired SODV receivables a provision is recorded for 100 per cent of the unpaid amount(excluding VAT)if they are older
than one year and have not been integrated into an agreed upon payment plan; these accounts receivable are thus considered to be
doubtful.
CASH AT BANK AND IN HAND
Cash includes cash and bank balances (current and deposit accounts).
DEFERRED CHARGES AND ACCRUED INCOME
Charges incurred during the financial year or prior financial years and which belong to one or more future years, are valued at the pro rata
amount relating to future years.
The share of the income for which recovery will occur only during one or more future financial years, are valued at the amount that relates
to the current financial year.
LIABILITIES
PROVISIONS FOR LIABILITIES AND CHARGES
Provisions for liabilities and charges are recognized on the balance sheet date based on the best estimate of the expected charges and
expenses.
AMOUNTS PAYABLE
The amounts payable are valued at nominal value.
Taxes, remuneration and social security provisions are determined by evaluating the most likely debt.
ACCRUED CHARGES AND DEFERRED INCOME
The accrued charges and deferred income are valued at the amounts related to the closed or to the future financial year respectively.
CHANGES OF THE VALUATION MODALITIES
None.
CHANGES IN THE PRESENTATION
None.
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C 8
MANAGEMENT REPORT
ADMINISTRATION REPORT - IMEWO.
Ladies and Gentlemen,
Herewith you find the annual accounts relating to the financial year 2011 which comprise the balance sheet, the income statement, the
appropriation accounts and the notes, including the valuation rules and some additional information.
Furthermore, we also inform you of the accounting decisions to which we would like to add the following elements.
In relation to the determination of the transfers within the framework of the balances between the actual and the budgeted charges and
income which have to be reported to the CREG according to article 27, §1, 5° of the Royal Decree of 2 September 2008 it has to be
mentioned that the 2011 budgeted manageable charges have been adjusted to the inflation evolution, as was also the case in 2010, based
upon the evolution of the parameters Ps (evolution of wages) and Pm (costs of materials). These adjustments to inflation resulted for
Imewo in additional increases of the manageable charges compared to the initial budget, approved by the CREG, of 5,60 per cent for the
activity electricity and 5.25 per cent for the activity gas. Partly due to these increases a bonus could be realized of € 6.925.321,77 for the
activity electricity and of € 2.723.445,73 for the activity gas.
As to the non-manageable charges and income and based upon the budget, previously approved by the CREG,the income for the activity
electricity was increased by € 19.076.209,43. For the activity gas the income was reduced by € 5.933.691,16.
These amounts will also be settled in the tariff, that for the next tariff period will be submitted for approval.
All the transferred balances and the calculations still need to be finally approved by the CREG,after a review of our report on the fiscal
year 2011. The CREG's review might possibly give rise to additional differences which will then have to be incorporated in the results of
next year's accounts.
At this moment we have not yet received a final decision by the CREG on our report on the 2010 accounts.
As to the tariffs, it has to be mentioned that an interim tariff increase, approved by the CREG, has been applied since 1 April 2011, due to
the sharp rise of the costs for the green power certificates and the RUE subsidies (Rational Use of Energy measures). In this way a
sudden and sharp rise of the distribution grid tariffs at the start of the next regulatory tariff period can be avoided. In view of the current
discussion on the approval procedure for our tariffs (the possible transfer of regulation from the federal to the regional authorities) an
application to prolong the 2012 tariffs for the years 2013-2014 has been filed.
As already applied in the previous years, the fair remuneration 2011 was calculated on the basis of the 2011 fair value of the regulated
assets(Regulated Asset Base), the equity and the 10 year OLO reference interest rate. Consequently, due to a rise of the interest rates in
particular (the budgeted 4,62 per cent actually amounted to 4,90448 per cent) have led to a rise of the fair remuneration (+ € 2.721.526,52
for electricity and + € 1.092.629,02 for gas) compared to those proposed in the budget.
Thus the 2011 result in the network activities equal the calculated fair remuneration of € 32.161.331,53 for electricity and € 23.789.528,58
for gas, increased with the aforementioned bonuses for 2011.
In the profit appropriation the principle was upheld that each municipality receives at least the dividend amount that was communicated in
the scope of its budget increased with the deserved compensation for additional subscription to E-shares.
In this way, an amount of € 3.791.932,69 (amount equal to the indexation of the budgeted manageable charges) could be added to the
available reserves and the item 'retained profit could be increased with € 14.567.340,48. The profit from the non-regulated activities (twin
activities: € 420.505,13) is added to the retained profits as well.
Apart from the above, we do not have any knowledge of facts and/or events which might occur and which might have a material impact on
the result or the balance sheet of our mission charged company relating to the financial year 2011.
The Board of Directors,
20 April 2012.
39/39

Imewo 2011 accounts

Transcription

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