40 1 EUR
Nr. Date of the deposition No. 0215.266.160 PP. E. D.
ANNUAL ACCOUNTS IN EURO
NAME: CVBA GASELWEST
Legal form: CALL
Address: President Kennedypark
Postal Code: 8500 City: Kortrijk
Country: Belgium
Register of Legal Persons (RLP) -Office of the commercial court at: Kortrijk
Internet address *:
C 1.1
Nr.: 12
Company number: 0215.266.160
DATE ~— 13/0712011 ~ 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 22106/2012
concerning the financial year covering the period from ~ 1/01/2011 ~ till 31/12/2011
Previous period from 1/01/2010 t~~~ 31/12!2010
The amounts of the previous financial year are / -ar$ae~ "* 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
DEHAENE Luc
Veemarkt 14, 8900 leper, Belgium
Title :President of the board of directors
BATAILLE Vincent
rue de Wervicq 47, 7780 Komen-Waasten, Belgium
Title :Observer
BOSSUYT Gilbert
Edgar Tinelstraat 7, 8930 Menen, Belgium
Title :Director
BURMS Jenny
Vossenstraat 2, 9070 Destelbergen, Belgium
Title :Director
Mandate : - 30/06/2011
Enclosed to these annual accounts: MANAGEMENT REPORT
Total number of pages deposited: 39 Number of the pages of the standard form not deposited for not being
of service: 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
Signature(name and position)
Optional statement.
"` Delete where appropriate.
Signature(name and position)
~ ~ ~~ ~
Nr. 0215.266.160 C 1.1
LIST OF DIRECTORS, MANAGERS AND AUDITORS (continuation of the previous page)
DEBEERST Jaak
Meeuwenlaan 55, 8660 De Panne, Belgium
Title :Director
DEBUCK Karl
Koekuitstraat21, 8930 Menen, Belgium
Title :Director
DECALUWE Carl
Parkietenlaan 19, 8500 Kortrijk, Belgium
Title :Director
Mandate : - 1/02/2012
DE GROOF Chris
Sgt. De Bruynestraat 27, 2140 Borgerhout (Antwerpen), Belgium
Title :Director
DEJAEGHER Christof
Beluikstraat 1, 8970 Poperinge, Belgium
Title :Director
DEMEULEMEESTER Ignace
Statiestraat 10, 8570 Anzegem, Belgium
Title :Director
Mandate : - 5/04/2011
DERAEVE Dirk
Houthulstseweg 16, 8920 Langemark-Poelkapelle, Belgium
Title :Director
DE RUYCK Jacques
Tolpoortstraat 15, 9800 Deinze, Belgium
Title :Director
DESEYN Roel
't Rode Paard 44, 8510 Marke (Kortrijk), Belgium
Title :Director
Mandate :23/03/2012
2/39
Nr. 0215.266.160 C 1.1
LIST OF DIRECTORS, MANAGERS AND AUDITORS (continuation of the previous page)
EECKHOUT Eric
Spanjestraat 16, 8840 Staden, Belgium
Title :Director
GANTOIS Rita
Veurnestraat 33, 8670 Koksijde, Belgium
Title :Director
GERNIERS Victor
Varentstraat 27, 8572 Kaster, Belgium
Title :Director
GODS Johnny
Emiel Gellyncklaan 12, 8940 Wervik, Belgium
Title :Director
HEYVAERT Griet
Konijnenstraat 19, 2870 Puurs, Belgium
Title :Director
Mandate : - 30/06/2011
HOSTEKINT Michele
Jules Lagaelaan 5, 8800 Roeselare, Belgium
Title :Director
LELEU Guy
Krysantenlaan 21, 8500 Kortrijk, Belgium
Title :Director
LIPS Rik
Marktstraat 36, 8620 Nieuwpoort, Belgium
Title :Director
MARTENS Luc
Ten Hove 32, 8800 Roeselare, Belgium
Title :Director
3139
Nr. 0215.266.160 C 1.1
LIST OF DIRECTORS, MANAGERS AND AUDITORS (continuation of the previous page)
OTTE Dirk
Kruishoutemsesteenweg 199, 9750 Zingem, Belgium
Title :Director
PEETERS Frank
Mellegracht 2, 2150 Borsbeek (Antes.), Belgium
Title :Director
Mandate : - 30/06/2011
SARENS Andre
Achterdenken 6, 9255 Buggenhout, Belgium
Title :Director
SEYNAEVE Marc
Groenestraat 8, 8700 Tielt, Belgium
Title :Director
SOENS Rik
Bermkouter 4, 8791 Beveren (Leie), Belgium
Title :Director
THIENPONT Peter
Bossenaarstraat 18, 9680 Maarkedal, Belgium
Title :Director
VANDENBULCKE Pol
Weidestraat 91, 8800 Roeselare, Belgium
Title :Director
VANDENHOUCKE Joris
Muziekbosstraat 35, 9600 Ronse, Belgium
Title :Director
VANDE VELDE Lut
Kasteeldreef 21, 8730 Beernem, Belgium
Title :Director
Mandate : - 30/06/2011
4/39
Nr. 0215.266.160 C 1.1
LIST OF DIRECTORS, MANAGERS AND AUDITORS (continuation of the previous page)
VAN HOECKE Gilbert
Robert de Preesterstraat 6, 9700 Oudenaarde, Belgium
Title :Director
VANPOUCKE Daniel
Tieltstraat 104, 8760 Meulebeke, Belgium
Title :Director
VANWELDEN Claude
Bellegemstraat 124, 8550 Zwevegem, Belgium
Title :Director
VERMEERSCH Eric
Petegemstraat 57a, 9870 Zulte, Belgium
Title :Director
DEKENS Luc
c/o Brusselsesteenweg 199, 9090 Melle, Belgium
Title :Secretary
Mandate : - 25/06/2011
BRUYNEEL Bart
c/o Brusselsesteenweg 199, 9090 Melle, Belgium
Title :Secretary
Mandate :25/06/2011
VERFAILLIE Jan
Dode Mannenstraat 24, 8630 Veurne, Belgium
Title :President of the Board of Commissioners
BENOIT Wiliy
Holstraat 56, box 31, 8790 Waregem, Belgium
Title :Auditor, Number of membership : x
BRYON Franky
Menenstraat 194, 8980 Zonnebeke, Belgium
Title :Auditor, Number of membership : x
5/39
Nr. 0215.266.160 C 1.1
LIST OF DIRECTORS, MANAGERS AND AUDITORS (continuation of the previous page)
DEBELS Patrick
Wittebroodhof 32, 9052 Zwijnaarde, Belgium
Title :Auditor, Number of membership : x
DE GUSSEM Annemie
's Gravenstraat 191, box b, 9052 Zwijnaarde, Belgium
Title :Auditor, Number of membership : x
DIERICK Denis
Muntekouter 3, 9890 Gavere, Belgium
Title :Auditor, Number of membership : x
FOULON Jan
Noordstraat 2, box c, 9600 Ronse, Belgium
Titie :Auditor, Number of membership : x
GHEKIERE Guido
Beselarestraat 48, 8890 Moorslede, Belgium
Title :Auditor, Number of membership : x
ROGIERS Dirk
Kardinaal Cardijnlaan 8, 2630 Aartselaar, Belgium
Title :Auditor, Number of membership : x
SPINCEMAILLE Eliane
Vichtestraat 5, 8553 Otegem, Belgium
Title :Auditor, Number of membership : x
VAN DAMME Elisabeth
Edward Vermeulenstraat 5, 8510 Marke (Kortrijk), Belgium
Title :Auditor, Number of membership : x
VAN DE WIELE Frank
Zandputstraat 15, 8930 Menen, Belgium
Title :Auditor, Number of membership : x
6/39
Nr. 0215.266.160 C 1.1
LIST OF DIRECTORS, MANAGERS AND AUDITORS (continuation of the previous page)
VERCRUYSSE Yves
Oudstrijdersstraat 29, 8770 Ingelmunster, Belgium
Title :Auditor, Number of membership : x
HERMANS Jan
c/o Brusselsesteenweg 199, 9090 Melle, Belgium
Title :Secretary
Mandate :10/06/2011
Ernst &Young, bedrijfsrevisoren CALL 0446.334.711
Moutstraat 54, 9000 Gent, Belgium
Title : Commissaris - I.B.R.
Represented by:
De Luyck Jan
Geukenshage 30 , 1790 Affligem, Belgium
7/39
Nr. 0215.266.160 C 1.2
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 gave/ 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 accountant-
tax consultant, his number of membership with the Professional Institute of Accountants and Tax consultants and the nature of this
engagement.
Number ofNature of the
Name, first name, profession, residence-address membershipengagement
(A, B, C and/or D)
Delete where appropriate.
'~ Optional disclosure.8139
Nr. 0215.266.160 C 2.1
BALANCE SHEETNotes
ASSETS
FIXEDASSETS ......................................................................
Formation expenses ............................................................ 5.1
Intangible fixed assets ........................................................ 5.2
Tangible fixed assets ......................................................... 5.3
Land and buildings ............................................................
Plant, machinery and equipment ......................................
Furniture and vehicles .......................................................
Leasing and other similar rights ........................................
Other tangible fixed assets ................................................
Assets under construction and advance payments ............
5.4/
Financial fixed assets ......................................................... 5.5.1
Affiliated enterprises ......................................................... 5.14
Participating interests .................................................
Amounts receivable ....................................................
Other enterprises linked by participating interests ............ 5.14
Participating interests .................................................
Amounts receivable ....................................................
Other financial assets .......................................................
Shares.......................................................................
Amounts receivable and cash guarantees .................
CURRENT ASSETS ...............................................................
Amounts receivable after more than one year ....................
Tradedebtors ..................................................................
Other amounts receivable ...............................................
Stocks and contracts in progress ........................................
Stocks..............................................................................
Raw materials and consumables ...............................
Work in progress ........................................................
Finishedgoods ..........................................................
Goods purchased for resale .......................................
Immovable property intended for sale ........................
Advance payments ....................................................
Contracts in progress ........................................................
5.5.1/
Amounts receivable within one year .................................... 5.6
Tradedebtors ..................................................................
Other amounts receivable ...............................................
Current investments ..........................................................
Ownshares ......................................................................
Other investments and deposits .......................................
Cash at bank and in hand ....................................................
Deferred charges and accrued income ............................... 5.6
TOTAL ASSETS ..................................................................
Codes Period Previous period
2p/2g 1.660.835.534 1.610.677.938
20
21 7.804.810 3.939.940
22/27 1.651.869.592 1.605.576.866
22 38.586.518 38.265.785
23 1.600.974.044 1.553.418.566
24 11.249.242 12.567.780
25
26 1.059.788 1.324.735
27
28 1.161.132 1.161.132
280/1
280
281
282/3 1.161.132 1.161.132
282 1.161.132 1.161.132
283
284/8
284
285/8
Zg/5g 185.851.928 180.611.845
29 79.585
290
291 79.585
3 10.414.017 7.278.651
30/36
30/31
32
33
34
35
36
37 10.414.017 7.278.651
40/41 75.749.589 63.494.625
40 59.570.966 54.939.765
41 16.178.623 8.554.860
50/53
50
51/53
54/58 4.209 2.046.058
490/1 99.604.528 107.792.511
20/58 1.846.687.462 1.791.289.783
9/39
Nr. 0215.266.160 C 2.2
EQUITY AND LIABILITIES Notes
EQUITY.................................................................................
Capital.................................................................................. 5.7
Issuedcapital ...................................................................
Uncalledcapital ...............................................................
Share premium account .......................................................
Revaluation surpluses ........................................................
Reserves.................................................................................
Legalreserve ...................................................................
Reserves not available ...................................................
In respect of own shares held ....................................Other.........................................................................
Untaxed reserves .............................................................
Available reserves ............................................................
Accumulated profits (losses) ......................................(+)/(-)
Investment grants ...............................................................
Advance to associates on the sharingout of the assets ..................................................................
PROVISIONS AND DEFERRED TAXES ...............................
Provisions for liabilities and charges ................................
Pensions and similar obligations .......................................
Taxation...........................................................................
Major repairs and maintenance .........................................
Other liabilities and charges ............................................... 5•$
Deferredtaxes ......................................................................
AMOUNTS PAYABLE ..........................................................
Amounts payable after more than one year ........................ 5.9
Financial debts .................................................................
Subordinated loans ....................................................
Unsubordinated debentures ........................................
Leasing and other similar obligations ..........................
Credit institutions ........................................................
Otherloans ...............................................................
Tradedebts .......................................................................
Suppliers...................................................................
Bills of exchange payable ............................................
Advances received on contracts in progress ....................
Other amounts payable ....................................................
Amounts payable within one year ........................................
Current portion of amounts payable after more than oneyear falling due within one year•••~•••••••••••••••••••••••••••••••••~•••• 5'9
Financialdebts .................................................................
Credit institutions ........................................................
Otherloans ...............................................................
Tradedebts .......................................................................
Suppliers...................................................................
Bills of exchange payable ...........................................
Advances received on contracts in progress ...................
Taxes, remuneration and social security .......................... 5.9
Taxes........................................................................
Remuneration and social security ..............................
Other amounts payable ....................................................
Accrued charges and deferred income ............................... 5.9
TOTAL LIABILITIES .........................................................
Codes Period Previous period
10/15 842.007.026 926.092.062
487.654.29010 386.232.266
100 386.232.266 487.654.290
101
11
12 315.303.911 325.910.485
13 106.807.729 92.768.022
130 609.439 609.439
131 79.630.695 69.024.120
1310
1311 79.630.695 69.024.120
132
133 26.567.595 23.134.463
14 33.663.120 19.759.265
15
19
16 11.757.715 11.970.951
160/5 11.757.715 11.970.951
160
161
162
163/5 11.757.715 11.970.951
168
17/49 992.922.721 853.226.770
17 847.822.684 690.602.964
170/4 847.011.389 689.791.669
170
171
172
173 833.733.549 676.513.829
174 13.277.840 13.277.840
175
1750
1751
176
178/9 811.295 811.295
42/48 138.584.998 158.303.770
42 32.019.280 16.461.135
43 64.235.844 106.999.321
430/8
439 64.235.844 106.999.321
44 22.091.049 16.573.718
440/4 22.091.049 16.573.718
441
46 10.465.615 9.180.200
45 3.173.190 2.496.225
450/3 3.173.190 2.496.225
454/9
47/48 6.600.020 6.593.171
492/3 6.515.039 4.320.036
10/49 1.846.687.462 1.791.289.783
10/39
Nr. 0215.266.160 C 3
INCOME STATEMENTNotes
Operatingincome .................................................................. 5.10
Turnover...........................................................................
Increase (decrease) in stocks offinished goods, work and contracts in progress .........(+)/(-)
Own construction capitalised ..........................................
Other operating income .....................................................
Operatingcharges ...............................................................
Raw materials, consumables ..............................................
Purchases..................................................................
Decrease (increase) in stocks ............................(+)/(-)
Services and other goods ..................................................
Remuneration, social security costs and pensions ....(+)/(-) 5.10
Depreciation of and amounts written off formationexpenses, intangible and tangible fixed assets ...................
Amounts written down stocks, contracts in progress andtrade debtors - Appropriations (write-backs) .............(+)/(-) 5.10
Provisions for risks and charges - Appropriations (usesand write-backs) ........................................................(+)/(-) 5.10
Other operating charges .................................................... 5.10
Operation charges carried to assets as restructuringcosts............................................................................. (-)
Operating profit (loss) .................................................(+)/(-)
Financial income ...................................................................
Income from financial fixed assets ....................................
Income from current assets ..............................................
Other financial income ....................................................... 5.11
Financial charges ................................................................. 5.11
Debtcharges .....................................................................
Amounts written down on current assets exceptstocks, contracts in progress andtrade debtors .............................................................(+)/(-)
Other financial charges .......................................................
Gain (loss) on ordinary activities before taxes ........ (+)/(-)
Codes Period Previous period
70/74 472.329.382 416.248.783
70 454.234.670 399.325.420
71 3.135.365 1.839.480
72
74 14.959.347 15.083.883
60/64 369.187.398 326.273.295
60 156.742.389 122.950.662
600/8 156.742.389 122.950.662
609
61 141.767.295 135.350.579
62
630 59.552.849 57.079.317
631/4 680.704 652.862
635/7 -213.235 -137.767
640/8 10.657.396 10.377.642
649
9901 103.141.984 89.975.488
75 152.235 75.196
750
751 25.374 15.829
752/9 126.861 59.367
65 32.841.329 28.683.608
650 32.821.133 28.663.496
651
652/9 20.196 20.112
9902 70.452.890 61.367.076
11/39
Nr. 0215.266.160 C 3
Extraordinary income .............................................................
Write-back of depreciation and of amounts written downintangible and tangible fixed assets •••••••••••••••••••••••••••••••••••
Write-back of amounts written down financial fixed assets ..
Write-back of provisions for extraordinary liabilities andcharges............................................................................
Gains on disposal of fixed assets .....................................
Other extraordinary income ...............................................
Extraordinary charges ...........................................................
Extraordinary depreciation of and extraordinary amountswritten off formation expenses, intangible and tangiblefixedassets .......................................................................
Amounts written down financial fixed assets ....................
Provisions for extraordinary liabilities and charges -Appropriations (uses) ..............................................(+)/(-)
Loss on disposal of fixed assets .......................................
Other extraordinary charges ............................................. 5.11
Extraordinary charges carried to assets as restructuringcosts............................................................................(-)
Profit (loss) for the period before taxes ......................(+)/(-)
Transfer from postponed taxes ............................................
Transfer to postponed taxes .................................................
Income taxes ........................................................................... 5.12
Incometaxes .....................................................................
Adjustment of income taxes and write-back of taxprovisions ...........................................................................
Profit (loss) for the period .............................................(+)/(-)
Transfer from untaxed reserves ............................................
Transfer to untaxed reserves .................................................
Profit (loss) for the period available for appropriation (+)/(-)
Codes Period Previous period
7g 1.145.232
760 1.145.232
761
762
763
764/9
66 1.212.243
660
661
662
663
664/8 1.212.243
669
9903 70.452.890 61.300.065
780
680
67/77 797.407 906.247
670/3 797.407 906.247
77
9904 69.655.483 60.393.818
789
689
9905 69.655.483 60.393.818
12/39
Nr 0215.266.160 C 4
APPROPRIATION ACCOUNT
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 ...............................................
from reserves ..........................................................................................
Transfers to capital and reserves ..............................................................
to capital and share premium account .....................................................
tothe legal reserve ..................................................................................
to other reserves .....................................................................................
Profit (loss) to be carried forward .....................................................(+)/(-)
Owner's contribution in respect of losses ..............................................
Profit to be distributed ...............................................................................
Dividends..................................................................................................
Director's or manager's entitiements .........................................................
Other beneficiaries ..................................................................................
Codes Period Previous period
9906 89.414.748 75.508.266
(9905 69.655.483 60.393.818
14P 19.759.265 15.114.448
791/2 94.630
791
792 94.630
691 /2 3.433.132 2.165.567
691
6920
6921 3.433.132 2.165.567
(14) 33.663.120 19.759.265
794
694/6 52.318.496 53.678.064
694 52.318.496 53.678.064
695
696
13/39
Nr. 0215.266.160 C 5.2.1
STATEMENT OF INTANGIBLE FIXED ASSETS
RESEARCH AND DEVELOPMENT COSTS
Acquisition value at the end of the period ..............................................
Movements during the period
Acquisitions, including produced fixed assets .......................................Sales and disposals ..............................................................................Transfers from one heading to another ....................................... (+)/(-)
Acquisition value at the end of the period ..............................................
Depreciation and amounts written down at the end of the period .......Movements during the period
Recorded..............................................................................................Writtenback ........................................................................................Acquisitions from third parties ..............................................................Cancelled owing to sales and disposals ................................................Transfers from one heading to another ....................................... (+)/(-)
Depreciation and amounts written down at the end of the period ........
NET BOOK VALUE AT THE END OF THE PERIOD .................................
Codes Period Previous period
8051 xxxxxxxxxxxxxxx 5.203.948
8021 6.132.075
8031
8041
8051 11.336.023
1.264.0088121 xxxxxxxxxxxxxxx
8071 2.267.205
8081
8091
8101
8111
8121 3.531.213
210 7.804.810
14/39
Nr. 0215.266.160 C 5.2.2
CONCESSIONS, PATENTS, LICENCES, KNOWHOW, BRANDSAND SIMILAR RIGHTS
Acquisition value at the end of the period ..............................................
Movements during the period
Acquisitions, including produced fixed assets .......................................
Sales and disposals ..............................................................................
Transfers from one heading to another ....................................... (+)/(-)
Acquisition value at the end of the period ..............................................
Depreciation and amounts written down at the end of the period .......
Movements during the period
Recorded..............................................................................................
Writtenback ........................................................................................
Acquisitions from third parties ..............................................................
Cancelled owing to sales and disposals ................................................
Transfers from one heading to another ....................................... (+)/(-)
Depreciation and amounts written down at the end of the period ........
NET BOOK VALUE AT THE END OF THE PERIOD .................................
Codes Period Previous period
8052 xxxxxxxxxxxxxxx 2.892.618
8022
8032
8042
8052 2.892.618
2.892.6188122 xxxxxxxxxxxxxxx
8072
8082
8092
8102
8112
8122 2.892.618
211
15/39
Nr. 0215.266.160 C 5.3.1
STATEMENT OF TANGIBLE FIXED ASSETS
LAND AND BUILDINGS
Acquisition value at the end of the period ..............................................
Movements during the period
Acquisitions, including produced fixed assets .......................................
Salesand disposals ..............................................................................
Transfers from one heading to another ....................................... (+)/(-)
Acquisition value at the end of the period ..............................................
Revaluation surpluses at the end of the period .....................................
Movements during the period
Recorded..............................................................................................
Acquisitions from third parties ..............................................................
Cancelled..............................................................................................
Transfers from one heading to another ........................................(+)/(-)
Revaluation surpluses at the end of the period .....................................
Depreciation and amounts written down at the end of the period .......
Movements during the period
Recorded..............................................................................................
Writtenback ........................................................................................
Acquisitions from third parties ..............................................................
Cancelled owing to sales and disposals ................................................
Transfers from one heading to another ........................................(+)/(-)
Depreciation and amounts written down at the end of the period .......
NET BOOK VALUE AT THE END OF THE PERIOD .................................
Codes Period Previous period
8191 xxxxxxxxxxxxxxx 45.414.116
8161 1.130.356
8171 1.433
8181
8191 46.543.039
5.363.3428251 xxxxxxxxxxxxxxx
8211
8221
8231 595
8241 -116.581
8251 5.246.166
8321 xxxxxxxxxxxxxxx 12.511.673
8271 807.596
8281
8291
8301 1
8311 -116.581
8321 13.202.687
~22~ 38.586.518
16/39
Nr. 0215.266.160 C 5.3.2
PLANT, MACHINERY AND EQUIPMENT
Acquisition value at the end of the period ..............................................
Movements during the period
Acquisitions, including produced fixed assets .......................................
Salesand disposals ..............................................................................
Transfers from one heading to another ....................................... (+)/(-)
Acquisition value at the end of the period ..............................................
Revaluation surpluses at the end of the period .....................................
Movements during the period
Recorded..............................................................................................
Acquisitions from third parties ..............................................................
Cancelled..............................................................................................
Transfers from one heading to another ........................................(+)/(-)
Revaluation surpluses at the end of the period .....................................
Depreciation and amounts written down at the end of the period .......
Movements during the period
Recorded..............................................................................................
Writtenback ........................................................................................
Acquisitions from third parties ..............................................................
Cancelled owing to sales and disposals ................................................
Transfers from one heading to another ........................................(+)/(-)
Depreciation and amounts written down at the end of the period .......
NET BOOK VALUE AT THE END OF THE PERIOD .................................
Codes Period Previous period
8192 xxxxxxxxxxxxxxx 1.924.339.386
8162 109.740.780
8172 31.750.584
8182
8192 2.002.329.582
560.199.0908252 xxxxxxxxxxxxxxx
8212
8222
8232
8242 -10.479.337
8252 549.719.753
8322 xxxxxxxxxxxxxxx 931.119.910
8272 52.456.828
8282
8292
8302 22.022.110
8312 -10.479.337
8322 951.075.291
~23~ 1.600.974.044
17/39
Nr 0215.266.160 C 5.3.3
FURNITURE AND VEHICLES
Acquisition value at the end of the period ..............................................
Movements during the period
Acquisitions, including produced fixed assets .......................................
Salesand disposals ..............................................................................
Transfers from one heading to another ....................................... (+)/(-)
Acquisition value at the end of the period ..............................................
Revaluation surpluses at the end of the period .....................................
Movements during the period
Recorded..............................................................................................
Acquisitions from third parties ..............................................................
Cancelied..............................................................................................
Transfers from one heading to another ........................................(+)/(-)
Revaluation surpluses at the end of the period .....................................
Depreciation and amounts written down at the end of the period .......
Movements during the period
Recorded..............................................................................................
Writtenback ........................................................................................
Acquisitions from third parties ..............................................................
Cancelled owing to sales and disposals ................................................
Transfers from one heading to another ........................................(+)/(-)
Depreciation and amounts written down at the end of the period .......
NET BOOK VALUE AT THE END OF THE PERIOD .................................
Codes Period Previous period
8193 xxxxxxxxxxxxxxx 60.154.881
8163 2.547.859
8173 960.100
8183
8193 61.742.640
462.7858253 xxxxxxxxxxxxxxx
8213
8223
8233
8243 -10.060
8253 452.725
8323 xxxxxxxxxxxxxxx 48.049.886
8273 3.756.273
8283
8293 103.976
8303 953.951
8313 -10.061
8323 50.946.123
~24~ 11.249242
18/39
Nr. 0215.266.160 C 5.3.5
OTHER TANGIBLE FIXED ASSETS
Acquisition value at the end of the period ..............................................
Movements during the period
Acquisitions, including produced fixed assets .......................................
Sales and disposals ..............................................................................
Transfers from one heading to another ....................................... (+)/(-)
Acquisition value at the end of the period ..............................................
Revaluation surpluses at the end of the period .....................................
Movements during the period
Recorded..............................................................................................
Acquisitions from third parties ..............................................................
Cancelled..............................................................................................
Transfers from one heading to another ........................................(+)/(-)
Revaluation surpluses at the end of the period .....................................
Depreciation and amounts written down at the end of the period .......
Movements during the period
Recorded..............................................................................................
Writtenback ........................................................................................
Acquisitions from third parties ..............................................................
Cancelled owing to sales and disposals ................................................
Transfers from one heading to another ........................................(+)/(-)
Depreciation and amounts written down at the end of the period .......
NET BOOK VALUE AT THE END OF THE PERIOD .................................
Codes Period Previous period
8195 xxxxxxxxxxxxxxx 2.649.470
8165
8175
8185
8195 2.649.470
8255 xxxxxxxxxxxxxxx
8215
8225
8235
8245
8255
8325 xxxxxxxxxxxxxxx 1.324.735
8275 264.947
8285
8295
8305
8315
8325 1.589.682
~26~ 1.059.788
19139
Nr. 0215.266.160 C 5.4.2
OTHER ENTERPRISES LINKED BY PARTICIPATING INTERESTSPARTICIPATING INTERESTS AND SHARES
Acquisition value at the end of the period ..............................................
Movements during the period
Acquisitions, including produced fixed assets .......................................
Salesand disposals ..............................................................................
Transfers from one heading to another ....................................... (+)/(-)
Acquisition value at the end of the period ..............................................
Revaluation surpluses at the end of the period .....................................
Movements during the period
Recorded..............................................................................................
Acquisitions from third parties ..............................................................
Cancelled..............................................................................................
Transfers from one heading to another ........................................(+)/(-)
Revaluation surpluses at the end of the period .....................................
Amounts written down et the end of the period .....................................
Movements during the period
Recorded..............................................................................................
Writtenback ........................................................................................
Acquisitions from third parties ..............................................................
Cancelled owing to sales and disposals ................................................
Transfers from one heading to another ........................................(+)/(-)
Amounts written down at the end of the period .....................................
Uncalled amounts at the end of the period .............................................
Movements during the period .........................................................(+)/(-)
Uncalled amounts at the end of the period .............................................
NET BOOK VALUE AT THE END OF THE PERIOD .................................
OTHER ENTERPRISES LINKED BY PARTICIPATING INTERESTS -
AMOUNTS RECEIVABLE
NET BOOK VALUE AT THE END OF THE PERIOD .................................
Movements during the period
Additions...............................................................................................
Repayments..........................................................................................
Amounts written down ...........................................................................
Amountswritten back ............................................................................
Exchange differences ..................................................................(+)/(-)
Other...........................................................................................(+)/(-)
NET BOOK VALUE AT THE END OF THE PERIOD .................................
ACCUMULATED AMOUNTS WRITTEN OFF ON AMOUNTSRECEIVABLE AT THE END OF THE PERIOD ••••••••~••••••••~•••••••••••••••••••••••••
Codes Period Previous period
8392 xxxxxxxxxxxxxxx 1.161.132
8362
8372
8382
8392 1.161.132
8452 xxxxxxxxxxxxxxx
8412
8422
8432
8442
8452
8522 xxxxxxxxxxxxxxx
8472
8482
8492
8502
8512
8522
8552 xxxxxxxxxxxxxxx
8542
8552
~2g2~ 1.161.132
283P xxxxxxxxxxxxxxx
8582
8592
8602
8612
8622
8632
(283)
8652
20/39
Nr. 0215.266.160 C 5.5.1
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 byInformation from the most recent period for
which annual accounts are availableNAME, full address of the REGISTERED
direct) y
subsi-diaries Primary
financialstatement
Mone-taryunit
P~Ca ital and reserves Net resultOFFICE and for the enterprise governed byBelgian law, the COMPANY NUMBER
Number % %(+) or (-)
(gin monetary units)
Eandis CALL 31/12/2010 EUR 20.405 0
Brusselsesteenweg 199
9090 Melle
Belgium
0477.445.084
57830 16,60 0,00
21/39
Nr. 0215.266.160 C 5.6
OTHER IIVi/E~°TM~NI"~ ANA DEI~O~IT, DEFFERED CHARGES AND ACCRUED INCOME (ASSET)
INVESTMENTS: OTHER INVESTMENTS AND DEPOSITS
Shares.......................................................................................................................
Book value increased with the uncalled amount ....................................................
Uncalledamount ...................................................................................................
Fixed income securities ............................................................................................
Fixed income securities issued by credit institutions .............................................
Fixed term deposit with credit institutions .............................................................
Falling due
lessor up to one month ..................................................................................
between one month and one year ...................................................................
overone year ..................................................................................................
Other investments not yet shown seperately .........................................................
DEFFERED CHARGES AND ACCRUED INCOME
Allocation of heading 490/1 of assets if the amount is significant.
Deferred charges
Accrued income
Codes Period Previous period
51
8681
8682
52
8684
53
8686
8687
8688
8689
Period
29.220.704
70.383.824
22/39
N r. 0215.266.160 C. 5.7
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 ....................................................
Changes during the period:
Share capital reduction Ae
Share capital reduction Ag
Share capital increase Fe
Share capital increase Fg
Profit certificate capital increase E"e
Profit certificate capital increase E"g
Profit certificate capital increase Ee
Structure of the capitalDifferent categories of shares
Shares Ae
Shares Ag
Shares Fe
Shares Fg
Profit certificates E"e
Profit certificates E"g
Profit certificates Ee
Profit certificates Eg
Registered shares ..................................................................................................
Bearer shares and/or dematerialized shares ..........................................................
Capital not paid
Uncalledcapital .......................................................................................
Capital called, but not paid .....................................................................,
Shareholders having yet to pay up in full
Codes Period Previous period
100P
(100)
XXXXXXXXXXXXXX
386.232.266
487.654.290
Codes Amounts Number of shares
-216.881.011
-118.308.119
114.631.373 1.809.750
62.703.760 908.544
35.856.123 566.085
19.141.517 277.352
1.434.333 41.765
95.423.531 9.093.572
43.315.724 4.542.758
114.631.373 1.809.750
62.703.760 908.544
35.856.123 566.085
19.141.517 277.352
10.682.989 311.064
4.477.250 125.842
8702 XXXXXXXXXXXXXX 17.634.967
8703 XXXXXXXXXXXXXX
CodesUncalledcapital
Capital called,but not paid
(101) XXXXXXXXXXXXXX
8712 XXXXXXXXXXXXXX
23/39
Nr. 0215.266.160 C. 5.7
STATEMENT OF CAPITAL AND STRUCTURE OF SHAREHOLDINGS
OWN SHARES
Held by the company itself
Amountof capital held ......................................................................................................................
Numberof shares held ......................................................................................................................
Held by the subsidiaries
Amountof capital held ......................................................................................................................
Numberof shares held ......................................................................................................................
Commitments to issue shares
Following the exercising of CONVERSION RIGHTS
Amount of outstanding convertible loans ........................................................................................
Amount of capital to be subscribed .................................................................................................
Corresponding maximum number of shares to be issued ..............................................................
Following the exercising of SUBSCRIPTION RIGHTS
Number of outstanding subscription rights ......................................................................................
Amount of capital to be subscribed .................................................................................................
Corresponding maximum number of shares to be issued ...............................................................
Authorized capital, not issued .................................................................................................................
Shared issued, not representing capital
Distribution
Numberof shares held ..................................................................................................................
Number of voting rights attached thereto ........................................................................................
Allocation by shareholder
Number of shares held by the company itself ................................................................................
Number of shares held by its subsidairies ......................................................................................
Codes Period
8721
8722
8731
8732
8740
8741
8742
8745
8746
8747
8751
Codes Period
8761 119
8762 119
8771
8781
24/39
Nr. 0215.266.160 C 5.8
PROVISIONS FOR OTHER LIABILITIES AND CHARGES
ALLOCATION OF THE HEADING 163/5 OF LIABILITIES IF THE AMOUNT IS CONSIDERABLE
Provisions Gas-activities
Provisions Electricity-activities
Period
10.506.702
1.251.014
25/39
Nr. 0215.266.160 C 5.9
STATEMENT OF AMOUNTS PAYABLE, ACCRUED CHARGES AND DEFERRED
INCOME
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 .............................................................................................................................
Unsubordinateddebentures ................................................................................................................
Leasing and other similar obligations ..................................................................................................
Creditinstitutions ................................................................................................................................
Otherloans .........................................................................................................................................
Tradedebts ...............................................................................................................................................
Suppliers.............................................................................................................................................
Billsof exchange payable ....................................................................................................................
Advance payments received on contracts in progress
Otheramounts payable .............................................................................................................................
Total amounts payable after more than one year, not more than one year ...............................................
Amounts payable after more than one year, between one and five years
Financialdebts ..........................................................................................................................................
Subordinatedloans .............................................................................................................................
Unsubordinateddebentures ................................................................................................................
Leasing and other similar obligations ..................................................................................................
Creditinstitutions ................................................................................................................................
Otherloans .........................................................................................................................................
Tradedebts ...........................................................:...................................................................................
Suppliers.............................................................................................................................................
Bilisof exchange payable ....................................................................................................................
Advance payments received on contracts in progress
Otheramounts payable .............................................................................................................................
Total amounts payable after more than one year, between one and five years ......................................
Amounts payable after more than one year, over five years
Financialdebts ..........................................................................................................................................
Subordinatedloans .............................................................................................................................
Unsubordinated debentures ................................................................................................................
Leasing and other similar obligations ..................................................................................................
Creditinstitutions ................................................................................................................................
Otherloans .........................................................................................................................................
Tradedebts ...............................................................................................................................................
Suppliers.............................................................................................................................................
Billsof exchange payable ....................................................................................................................
Advance payments received on contracts in progress ...............................................................................
Otheramounts payable .............................................................................................................................
Total amounts payable after more than one year, over five years .............................................................
Codes Period
8801 32.019.280
8811
8821
8831
8841 32.019.280
8851
8861
8871
8881
8891
8901
(42) 32.019.280
8802 477.152.296
8812
8822
8832
8842 463.874.456
8852 13.277.840
8862
8872
8882
8892
8902 811.295
8912 477.963.591
8803 369.859.093
8813
8823
8833
8843 369.859.093
8853
8863
8873
8883
8893
8903
8913 369.859.093
26/39
Nr. 0215.266.160 C 5.9
AMOUNTS PAYABLE GUARANTEED (headings 17 and 42/48 of liabilities)
Amounts payable guaranteed by Belgian public authorities
Financialdebts ..........................................................................................................................................
Subordinatedloans .............................................................................................................................
Unsubordinateddebentures ................................................................................................................
Leasing and other similar obligations ..................................................................................................
Creditinstitutions ................................................................................................................................
Otherloans .........................................................................................................................................
Tradedebts ...............................................................................................................................................
Suppliers.............................................................................................................................................
Billsof exchange payable ....................................................................................................................
Advance payments received on contracts in progress ..............................:................................................
Remuneration and social security ..............................................................................................................
Otheramounts payable .............................................................................................................................
Total amounts payable guaranteed by Belgian public authorities .............................................................
Amounts payable guaranteed by real guarantees given or irrevocably promised by the
enterprise on its own assets
Financialdebts
..........................................................................................................................................
Subordinatedloans
.............................................................................................................................
Unsubordinateddebentures ................................................................................................................
Leasing and other similar obligations ..................................................................................................
Creditinstitutions ................................................................................................................................
Otherloans ................................................................................................:........................................
Tradedebts ...............................................................................................................................................
Suppliers.............................................................................................................................................
Billsof exchange payable ....................................................................................................................
Advance payments received on contracts in progress
Taxes, remuneration and social security ...................................................................................................
Taxes..................................................................................................................................................
Remuneration and social security .......................................................................................................
Otheramounts payable .............................................................................................................................
Total amounts payable guaranteed by real guarantees given or irrevocably promised by the
enterpriseon its own assets ..........................................................................................................................
AMOUNTS PAYABLE FOR TAXES, REMUNERATION AND SOCIAL SECURITY
Taxes (heading 450/3 of the liabilities)
Expiredtaxes payable .............................................................................................................................
Nonexpired taxes payable ........................................................................................................................
Estimatedtaxes
payable ...........................................................................................................................
Remuneration and social security (heading 454/9 of the liabilities)
Amount due to the National Office of Social Security ...............................................................................
Other amounts payable relating to remuneration and social security
Codes Period
8921
8931
8941
8951
8961
8971
8981
8991
9001
9011
9021
9051
9061
8922
8932
8942
8952
8962
8972
8982
8992
9002
9012
9022
9032
9042
9052
9062
9072
9073 2.065.851
450 1.107.339
9076
9077
27/39
Nr. 0215.266.160 C 5.9
ACCRUED CHARGES AND DEFERRED INCOME
Allocation of the heading 49213 of liabilities if the amount is considerable
Accrued charges
Deferred income
i Period
4.351.820
2.163.219
28139
Nr. 0215.266.160 C 5.10
OPERATING RESULTS
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 publicauthorities............................................................................................................
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 ...........................................................................
Average number of employees calculated in full-time equivalents .........................
Number of actual worked hours .............................................................................
Personnel costs
Remuneration and direct social benefits ...............................................................
Employers' social security contributions ................................................................
Employers' premiums for extra statutory insurances .............................................
Otherpersonnel costs ...........................................................................................
Old-age and widows' pensions ..............................................................................
Provisions for pensions
Additions (uses and write-back) ................................................................. (+)/(-)
Amounts written off
Stocks and contracts in progress
Recorded.......................................................................................................
Writtenback ..................................................................................................
Trade debtors
Recorded.......................................................................................................
Writtenback ..................................................................................................
Provisions for risks and charges
Additions..............................................................................................................
Usesand write-back ............................................................................................
Other operating charges
Taxes related to operation ...................................................................................
Othercharges ......................................................................................................
Hired temporary staff and persons placed at the enterprise's disposal
Total number at the closing date ..........................................................................
Average number calculated as full-time equivalents ............................................
Number of actual worked hours ...........................................................................
Charges to the enterprise ....................................................................................
Codes Period Previous period
740
9086
9087
9088
620
621
622
623
624
635
9110
9111
9112 3.147.651 2.987.164
9113 2.466.947 2.334.302
9115 45.368
9116 213.235 183.135
640 365.144 147.219
641 /8 10.292.252 10.230.423
9096
9097
9098
617
29/39
Nr 0215.266.160 C 5.11
FINANCIAL AND EXTRAORDINARY RESULTS
FINANCIAL RESULTS
Other financial income
Amount of subsidies granted by public authorities, credited to income for the
period
Capitalsubsidies ...........................................................................................
Interestsubsidies ..........................................................................................
Allocation of other financial income
Various financial income
Amounts written down off loan issue expenses and repayment premiums .......
Intercalary interests recorded as assets ...............................................................
Value adjustments to current assets
Appropriations......................................................................................................
Write-backs .........................................................................................................
Other financial charges
Amount of the discount borne by the enterprise, as a result of negotiating
amountsreceivable ..............................................................................................
Provisions of a financial nature
Appropriations......................................................................................................
Usesand write-backs ...........................................................................................
Allocation of other financial charges
EXTRAORDINARY RESULTS
Allocation other extraordinary income
Allocation other extraordinary charges
Codes Period Previous period
9125
9126
126.861 59.367
6501
6503
6510
6511
653
6560
6561
Period
30/39
Nr. 0215.266.160 C 5.12
INCOME TAXES AND OTHER TAXES
INCOME TAXE
Income taxes on the result of the current period
Income taxes paid and withholding taxes due or paid ...............................................................................
Excess of income tax prepayments and withholding taxes recorded under assets ....................................
Estimatedadditional taxes ........................................................................................................................
Income taxes on previous periods
Taxes and withholding taxes due or paid ..........................:........................................................................
Estimated additional taxes estimated or provided for ................................................................................
In so far as income taxes of the current period are materially affected by differences between theprofit 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 thecurrent period
Status of deferred taxes
Deferred taxes representing assets .........
Accumulated tax losses deductible from future taxable profits ............................................................
Other deferred taxes representing assets
Deferred taxes representing liabilities
Allocation of deferred taxes representing liabilities
THE TOTAL AMOUNT OF VALUE ADDED TAX AND TAXES BORNE BY THIRDPARTIES
The total amount of value added tax charged
To the enterprise (deductible) ..............................................................................
Bythe enterprise ..................................................................................................
Amounts retained on behalf of third parties for
Payrollwithholding taxes ......................................................................................
Withholding taxes on investment income .............................................................
Codes Period
9134 797.407
9135 483.606
9136
9137 313.801
9138
9139
9140
Codes Period
9141
9142
9144
Codes Period Previous Period
9145 89.287.005 79.902.337
9146 138.664.691 115.532.689
9147 61.475 68.211
9148 16.288.850 4.000.410
31/39
Nr. 0215.266.160 C 5.13
RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET
PERSONAL GUARANTEES GIVEN OR IRREVOCABLY PROMISED BY THE ENTERPRISE
AS SECURITY FOR DEBTS AND COMMITMENTS OF THIRD PARTIES ......................................
Of which
Bilis 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 theenterprise..................................................................................................................................................
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 ..........................................................................................................................
Pledging on goodwill - amount of registration .............................................................................................
Pledging of other assets -Book value of other assets pledged ................................................................
Guarantees provided on future assets - Amount of assets involved ..........................................................
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 ..........................................................................................................................
Pledging on goodwill - amount of registration .............................................................................................
Pledging of other assets -Book value of other assets pledged ................................................................
Guarantees provided on future assets - Amount of assets involved ..........................................................
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 THEENTERPRISE
Recharges of budgetmeters -payments to be received
SUBSTANCIAL COMMITMENTS TO ACQUIRE FIXED ASSETS
Purchase of land
SUBSTANCIAL COMMITMENTS TO DISPOSE FIXED ASSETS
Sales of sites and buildings
FORWARD TRANSACTIONS
Goods purchased (to be received) ................................................................................................................
Goodssold (to be delivered) ........................................................................................................................
Currencies purchased (to be received) ........................................................................................................
Currenciessold (to be delivered) ..................................................................................................................
Code Period
9149 1.512.940
9150
9151
9153
9161
9171
9181
9191
9201
9162
9172
9182
9192
9202
17.371
1.552.434
3.231.860
9213
9214
9215
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 21,1 million €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, Gaselwest has given a mandate to Eandis CVBA to conclude with Dexia Bank Belgie nv (now known as Belfius Bank) on the
32/39
Nr. 0215.266.160 C 5.13
RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET
INFORMATION CONCERNING IMPORTANT LITIGATION AND OTHER COMMITMENTS NOT MENTIONED ABOVE
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 a 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.
3. A bank guarantee has been offered in favour of OVAM amounting to € 3.920.000,00 as assurance for the accomplishment of soil analysis
and/or rehabilitation.
A bank guarantee in favour of Customs and Levies amounting to € 22.000,00 to cover the recharge of the energy tax credited by Gaselwest
to their social customers.
4. 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 a vis third parties the Distribution
System Operators are jointly responsible. The Distribution System Operators are severally responsible vis a vis each other for the payment
commitments to this mandate.
5. The off-balance sheet rights and commitments mention the actualized value (€ 78.700.000,00) of future obligations to the Eandis staff
(concerning pensions, reimbursement of healthcare costs, tariff benefits, jubilee bonuses).
6. Gaselwest 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 € 282.768.154,91. 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 € -32.442.036,98.
7. Unpaid grid fee invoices due to legal dispute with Essent: € 862.267,89.Claims due to legal dispute with Flemish region: € 252.919,29.Various claims due to legal disputes: € 2.451.605,10.
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 too:
33/39
Nr. 0215.266.160 C 5.14
RELATIONSHIPS WITH AFFILIATED ENTERPRISES AND ENTERPRISES LINKED BY PARTICIPATING
INTERESTS
AFFILIATED ENTERPRISES
Financialfixed assets ................................................................................................
Investments............................................................................................................
Amounts receivable subordinated ...........................................................................
Other amounts receivable ......................................................................................
Amountsreceivable ...................................................................................................
Afterone year .........................................................................................................
Within one year
Currentinvestments ..................................................................................................
Shares....................................................................................................................
Amountsreceivable ................................................................................................
Amountspayabie .......................................................................................................
Afterone year .........................................................................................................
Withinone year ......................................................................................................
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 ...............................................................
Financial results
Income from financial fixed assets .........................................................................
Income from current assets ...................................................................................
Other financial income ...........................................................................................
Debtscharges .......................................................................................................
Other financial charges .........................................................................................
Gains and losses on disposal of fixed assets
Obtainedcapital gains ...........................................................................................
Obtained capital losses ..........................................................................................
ENTERPRISES LINKED BY PARTICIPATING INTERESTS
Financial fixed assets ................................................................................................
Investments............................................................................................................
Amounts receivable subordinated ...........................................................................
Otheramounts receivable ......................................................................................
Amountsreceivable ...................................................................................................
Afterone year .........................................................................................................
Within one year
Amountspayable .......................................................................................................
Afterone year .........................................................................................................
Withinone year ......................................................................................................
Codes Period Previous period
(280/1)
(280)
9271
9281
9291
9301
9311
9321
9331
9341
9351
9361
9371
9381
9391
9401
9421
9431
9441
9461
9471
9481
9491
(282/3) 1.161.132 1.161.132
(282) 1.161.132 1.161.132
9272
9282
g2g2 586
9302
9312 586
9352 231.552.622 163.129.573
9362 159.446.360 53.111.360
9372 72.106.262 110.018.213
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RELATIONSHIPS WITH AFFILIATED ENTERPRISES AND ENTERPRISES LINKED BY PARTICIPATINGINTERESTS
~ 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 therelationship with the related party and other information about the transactions necessary for theunderstanding 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 abovenormal 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 inline 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 € 21.089.494,32B) interests on cash pool activities € 796.494,75C) recharge of management invoices from Eandis to Gaselwest € 248.944.407,36D) purchase of netgrid losses € 11.278.595,74E) purchase of energy for supply to social customers € 2.468.279,34F) green certificates sales € 3.187.100,70
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FINANCIAL RELATIONSHIPS WITH
DIRECTORS AND MANAGERS, INDIVIDUALS OR BODIES CORPORATE WHO CONTROLTHE ENTERPRISE WITHOUT BEING ASSOCIATED THEREWITH OR OTHER ENTERPRISESCONTROLLED BY THESE PERSONS, OTHER ENTERPRISES CONTROLLED BY THE SUBB. MENTIONED PERSONS WITHOUT BEING ASSOCIATED THEREWITH
Amounts receivable from these persons
Conditions on amounts receivable
Guarantees provided in their favour
Guarantees provided in their favour -Main condition
Other significant commitments undertaken in their favour
Other significant commitments undertaken in their favour -Main condition
Amount of direct and indirect remunerations and pensions, included in the income statement, aslong as this disclosure does not concern exclusively or mainly, the situation of a single identifiableperson
Todirectors and managers .......................................................................................................................
To former directors and former managers ...............................................................................................
AUDITORS OR PEOPLE THEY ARE LINKED TO
Auditor's fees ...............................................................................................................................................
Fees for exceptional services or special missions executed in the company by the auditor
Other attestation missions .......................................................................................................................
Taxconsultancy .......................................................................................................................................
Other missions external to the audit .........................................................................................................
Fees for exceptional services or special missions executed in the company by peoplethey are linked to
Otherattestation missions .......................................................................................................................
Taxconsultancy .......................................................................................................................................
Other missions external to the audit .........................................................................................................
Mention related to article 133 paragraph 6 from the Companies Code
Codes Period
9500
9501
9502
9503 148.984
9504
Codes Period
9505 8.034
95061 1.674
95062
95063
95081
95082
95083
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VALUATION RULESValuation rules
GENERALFor 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.
ASSETSFORMATION EXPENSESAll formation expenses are immediately charged to the profit or loss of the financial year.
INTANGIBLE FIXED ASSETSThe 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 valuesInvestments 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 surplusesThe 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.
" DepreciationsThe net acquisition value is depreciated according to the linear method.The following depreciation rates are used:2%cables, lines, pipes and administrative buildings3%cabins, stations, substations, connections and metering equipment10% 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 assets20%vehicles33% IT hardwareLand is not depreciated.All infrastructure elements owned on 31 December, irrespective of their date of acquisition, are depreciated for a full financial year.
" DisposalsIf 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 ASSETSThe 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 PROGRESSContracts 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 RECEIVABLEReceivables 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 related 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.ln the framework of the full liberalization in the
Walloon Region as per 1 January 2007, a provision for non-collectability was formed for all receivables in this customer segment as well.
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VALUATION RULESThis additional provision is used in function of the realization of receipts of these accounts receivable or is used for the final write-off
thereof.
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 HANDCash includes cash and bank balances (current and deposit accounts).
DEFERRED CHARGES AND ACCRUED INCOMECharges 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.
LIABILITIESPROVISIONS FOR LIABILITIES AND CHARGESProvisions for liabilities and charges are recognized on the balance sheet date based on the best estimate of the expected charges and
expenses.
AMOUNTS PAYABLEThe 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 INCOMEThe 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 MODALITIESNone.
CHANGES IN THE PRESENTATIONNone.
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MANAGEMENT REPORT
ADMINISTRATION REPORT - GASELWEST
Ladies and Gentlemen,
Herewith you find the annual accounts relating to the financial year 2011 which comprise the balance sheet, the income statement, theappropriation 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 andincome 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 bementioned that the 2011 budgeted manageable charges have been adjusted to the inflation evolution, as was also the case in 2010, basedupon the evolution of the parameters Ps (evolution of wages) and Pm (costs of materials). These adjustments to inflation resulted forGaselwest in additional increases of the manageable charges compared to the initial budget, approved by the CREG, of 5,50 per cent forthe activity electricity and 5,22 per cent for the activity gas. Partly due to these increases a bonus could be realized of € 6.633.532,93 forthe activity electricity and of € 1.752.377,04 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 activityelectricity was increased by € 16.037.869,91. For the activity gas the income was reduced by € 783.579,94.These amounts will also besettled 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 fiscalyear 2011. The CREG's review might possibly give rise to additional differences which will then have to be incorporated in the results ofnext 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 tothe sharp rise of the costs for the green power certificates and the RUE subsidies (Rational Use of Energy measures). In this way asudden and sharp rise of the distribution grid tariffs at the start of the next regulatory tariff period can be avoided. In view of the currentdiscussion on the approval procedure for our tariffs (the possible transfer of regulation from the federal to the regional authorities) anapplication 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 regulatedassets (Regulated Asset Base), the equity and the 10 year OLO reference interest rate. Consequently, due to a rise of the interest rates inparticular (the budgeted 4,62 per cent actually amounted to 4,90448 per cent) have led to a rise of the fair remuneration (+ € 1.350.710,67for electricity and + € 421.125,08 for gas) compared to those proposed in the budget.
Thus the 2011 result in the network activities equal the calculated fair remuneration of € 38.800.071,52 for electricity and € 22.214.724,50for 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 inthe scope of its budget increased with the deserved compensation for additional subscription to E-profit certificates.In this way, an amount of € 3.433.132,50 (amount equal to the indexation of the budgeted manageable charges) could be added to theavailable reserves and the item 'retained profit could be increased with € 13.649.077,97. The profit from the non-regulated activities (twinactivities: € 254.776,52) 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 onthe result or the balance sheet of our cooperative association with limited liability relating to the financial year 2011.
The Board of Directors,20 April 2012.
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