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Consolidated accounts
Annua l repor t 2001 ı SIPEF
35
ASSETSnotes
FIXED ASSETS
I. FORMATION EXPENSES 1
II. INTANGIBLE ASSETS 2
III. CONSOLIDATION DIFFERENCES 3
IV. TANGIBLE ASSETS 4
A. Land and buildings
B. Plant, machinery and equipment
C. Furniture and vehicles
D. Leasing and other similar rights
E. Other tangible assets
F. Assets under construction and advance payments
V. FINANCIAL ASSETS 5
A. Enterprises accounted for using the equity method
1. Participating interests
B. Other enterprises
1. Participating interests and shares
2. Amounts receivable
CURRENT ASSETS
VII. STOCKS AND CONTRACTS IN PROGRESS 6
A. Stocks
1. Raw materials and consumables
2. Work in progress
3. Finished goods
4. Goods purchased for resale
5. Immovable property acquired or constructed for resale
6. Advance payments
B. Contracts in progress
VIII. AMOUNTS RECEIVABLE WITHIN ONE YEAR 7
A. Trade debtors
B. Other amounts receivable
IX. INVESTMENTS 8
B. Other investments and deposits
X. CASH AT BANK AND IN HAND
XI. DEFERRED CHARGES AND ACCRUED INCOME
Balance sheet as at December 31, 2001
CONSOLIDATED ACCOUNTS
SIPEF ı Annua l repor t 2001
36
TOTAL ASSETS 127,697 125,709 114,163
1999K€
80,207
313
1,035
5,151
47,488
32,280
5,964
5,115
160
30
3,939
26,220
3,063
17,176
5,981
33,956
9,884
3,166
69
1,351
710
352
4,236
0
14,110
8,602
5,508
6,994
6,994
2,118
850
2001K€
87,107
8
690
5,411
68,813
41,485
9,069
4,357
0
5,656
8,246
12,185
4,001
3,476
4,708
40,590
11,046
3,570
55
3,537
200
836
2,848
0
14,642
6,687
7,955
10,570
10,570
2,127
2,205
2000K€
86,564
475
951
7,905
65,749
39,730
8,053
4,877
43
1,947
11,099
11,484
3,700
3,381
4,403
39,145
10,676
3,505
84
1,450
1,617
367
3,456
197
15,330
10,095
5,235
10,455
10,455
1,744
940
LIABILITIESnotes
OWN FUNDS
I. CAPITAL
A. Issued capital
473.994 ordinary shares
234.060 shares (ex.VVPR)
708.054 shares
II. SHARE PREMIUM ACCOUNT
IV. CONSOLIDATED RESERVES 9
V. CONSOLIDATION DIFFERENCES 3
VI. TRANSLATION DIFFERENCES 10
MINORITY INTERESTS 11
VIII. MINORITY INTERESTS
PROVISIONS, DEFERRED TAX AND LATENT TAXATION LIABILITIES 12
IX. A. PROVISIONS FOR LIABILITIES AND CHARGES
1. Pensions and similar obligations
4. Other liabilities and charges
B. DEFERRED TAX AND LATENT TAXATION LIABILITIES
CREDITORS
X. AMOUNTS PAYABLE AFTER ONE YEAR 13
A. Financial debts
3. Leasing and other similar obligations
4. Credit institutions
5. Other loans
B. Trade debts
1. Suppliers
D. Other amounts payable
XI. AMOUNTS PAYABLE WITHIN ONE YEAR 14
A. Current portion of amounts payable after one year
B. Financial debts
1. Credit institutions
2. Other loans
C. Trade debts
1. Suppliers
2. Bills of exchange payable
D. Advances received on contracts in progress
E. Amounts payable regarding taxes, remuneration and social security
1. Taxes
2. Remuneration and social security
F. Other amounts payable and dividends
XII. ACCRUED CHARGES AND DEFERRED INCOME
CONSOLIDATED ACCOUNTS
Annua l repor t 2001 ı SIPEF
37
2000K€
31,886
27,500
8,800
18,700
3,719
21,316
2,577
-23,226
9,696
9,696
7,621
5,122
951
4,171
2,499
76,506
24,871
46
20,769
4,056
0
0
50,113
5,121
31,757
25
3,951
337
415
558
618
7,331
1,522
1999K€
31,489
27,500
8,800
18,700
3,719
20,731
2,577
-23,038
10,038
10,038
12,371
10,812
878
9,934
1,559
60,265
13,873
11
13,332
530
0
0
43,976
6,661
20,032
36
4,964
416
356
2,619
744
8,148
2,416
2001K€
28,605
27,500
8,800
18,700
3,719
19,430
2,330
-24,374
7,481
7,481
7,776
5,859
1,186
4,673
1,917
83,835
25,473
14
22,101
882
2,273
203
56,906
13,436
32,360
26
4,325
681
196
384
706
4,792
1,456
TOTAL LIABILITIES 127,697 125,709 114,163
notes
I. OPERATING INCOME
A. Turnover 15
B. Variation in stocks of finished goods, work and
contracts in progress
C. Fixed assets - own construction
D. Other operating income
II. OPERATING CHARGES
A. Raw materials, consumables and goods for resale
1. Purchases
2. Variations in stocks
B. Services and other goods
C. Remuneration, social security costs and pensions
D. Depreciation of and other amounts writtten off formation
expenses, intangible and tangible fixed assets
E. Amounts written off stocks, contracts in
progress and trade debtors
F. Provisions for liabilities and charges
G. Other operating charges
III. OPERATING RESULT 16
IV. FINANCIAL INCOME
A. Income from financial fixed assets
Dividends
B. Income from current assets
C. Other financial income
V. FINANCIAL CHARGES
A. Interest and other debt charges
B. Amounts written off positive consolidation differences
C. Amounts written off current assets
D. Other financial charges
FINANCIAL RESULT 17
VI. RESULT ON ORDINARY ACTIVITIES BEFORE
TAXATION 17a
CONSOLIDATED ACCOUNTS
SIPEF ı Annua l repor t 2001
38
Income statement as at December 31, 2001
2000K€
107,840
104,578
-32
1,091
2,203
96,800
58,243
1,204
14,620
16,481
5,488
-216
569
411
11,040
7,995
0
871
7,124
13,731
3,564
2,494
0
7,673
-5,736
5,304
1999K€
118,917
116,452
-488
1,233
1,720
96,660
59,610
596
12,916
14,515
4,434
1,204
3,176
209
22,257
10,304
382
1,109
8,813
13,483
2,314
1,984
621
8,564
-3,179
19,078
2001K€
97,431
91,619
2,171
934
2,707
92,856
57,322
52
12,068
16,074
6,253
-117
838
366
4,575
10,058
0
1,162
8,896
16,998
4,641
2,494
-40
9,903
-6,940
-2,365
notes
VI. RESULT ON ORDINARY ACTIVITIES BEFORE
TAXATION 17a
VII. EXTRAORDINARY INCOME
C. Adjustments to amounts written off financial
fixed assets
D. Adjustments to provisions for extraordinary
liabilities and charges
E. Gain on disposal of fixed assets
F. Other extraordinaty income
VIII. EXTRAORDINARY CHARGES
A. Extraordinary depreciation of and amounts written off
formation expenses, intangible and tangible fixed assets
B. Extraordinary amounts written off positive
consolidation differences
C. Amounts written off financial fixed assets
D. Provisions for extraordinary liabilities and charges
E. Loss on disposal of fixed assets
F. Other extraordinary charges
EXTRAORDINARY RESULTS 18
IX. RESULT FOR THE FINANCIAL PERIOD BEFORE TAXATION
X. A. TRANSFER FROM DEFERRED TAX AND LATENT
TAXATION LIABILITIES
B. TRANSFER TO DEFERRED TAX AND LATENT
TAXATION LIABILITIES
XI. INCOME TAXES 19
A. Income taxes
B. Adjustment of income taxes and
write-back of tax provisions
XII. RESULT FOR THE FINANCIAL PERIOD
XIII. SHARE IN THE RESULT OF THE ENTERPRISES ACCOUNTED
FOR USING THE EQUITY METHOD
A. Profits
B. Losses
XIV. CONSOLIDATED RESULT 20
A. Share of third parties in the result
B. Share of the group in the result
CONSOLIDATED ACCOUNTS
Annua l repor t 2001 ı SIPEF
39
2000K€
5,304
4,276
0
1,588
2,163
525
2,872
88
1,339
347
-2,514
190
3,422
1,404
6,708
0
0
-5,200
-5,444
244
1,508
315
505
-190
1,823
443
1,380
1999K€
19,078
1,619
120
0
1,128
371
1,705
41
0
268
480
106
810
-86
18,992
0
0
-8,157
-8,157
0
10,835
-11
434
-445
10,824
3,268
7,556
2001K€
-2,365
2,986
0
357
2,406
223
1,377
990
0
0
198
43
146
1,609
-756
554
-112
-2,626
-2,579
-47
-2,940
303
370
-67
-2,637
-751
-1,886
notes
CASH FLOW FROM OPERATIONS
Net consolidated profit, share of the group
Net consolidated profit, third parties interest
Share of result of the associated companies
Depreciation
Loss on disposal of fixed assets
Gain on disposal of fixed assets
Increase provisions
Other non cash result (1)
Change in net working capital
NET CASH FLOW FROM OPERATIONS
NET INVESTMENTS
Acquisitions of intangible fixed assets
Acquisitions of tangible fixed assets (2)
Acquisitions of financial fixed assets - shares
Decrease/(increase) in financial fixed assets - loans
Proceeds from sales of tangible fixed assets
Proceeds from sales of financial fixed assets
CASH FLOW FROM NET INVESTMENTS
CASH FLOW FROM OPERATIONS AFTER INVESTMENTS
NET FINANCING
Increase/(decrease) in long term borrowings (3)
Increase/(decrease) in current borrowings (3)
Last year's dividend paid during this bookyear
Dividends paid by subsidiaries to third parties
CASH FLOW FROM NET FINANCING
CHANGE IN NET CASH AND CASH EQUIVALENTS
Cash at beginning of the period
Cash at end of the period
Cash flow statement
CONSOLIDATED ACCOUNTS
SIPEF ı Annua l repor t 2001
40
Comments on the most important movements:
(1) The other non-cash movements mainly concern the capital gains made from the sale by S.A. SIPEF N.V. of shares in P.T. AGRO MUKO to P.T. TOLAN TIGA (K€ 755). In addition, the badwill in AGRICOLUX S.A. was written off on liquidation of this company (K€ 247).
(2) The investments in HARGY OIL PALMS PTY LTD, PHU BEN TEA J.V. CY and P.T. AGRO MUKO (together representing K€ 7,474 or 57% of the investments) can be considered as expansion investments. The other investments were the usual replacement investments..
(3) The net rise of K€ 7,046 in short and long-term financial debts is mainly due to the further expansion of our palm oil activities in Papua New Guinea during this period of low prices.
2000K€
1,379
443
-637
9,539
190
-2,164
-3,525
-78
-6,908
-1,761
-340
-13,576
249
-451
1,274
2,237
-10,607
-12,368
9,860
8,024
-1,731
-697
15,456
3,088
9,111
12,199
1999K€
7,556
3,268
107
8,433
106
-835
4,563
-530
914
23,582
-494
-9,352
-18,006
9,821
478
552
-17,001
6,581
-9,577
1,670
-1,580
-1,371
-10,858
-4,277
13,388
9,111
2001K€
-1,885
-751
-301
9,579
43
-1,405
155
-982
787
5,240
-26
-13,128
-352
-305
1,898
491
-11,422
-6,182
-1,874
8,920
0
-366
6,680
498
12,199
12,697
The consolidated balance sheet and income statement have numbers in a separate column referring to notes with more detailed
comments, together with the notes annexed in accordance with the law on consolidated accounts. The chronological order of the notes
has been modified so as to make them easier to read in relation to the balance sheet and income statement; however the required
numbering has been maintained throughout.
All the amounts mentioned in the notes annexed are in thousand euros, unless stated otherwise.
I. CONSOLIDATION CRITERIA AND CHANGES IN THE CONSOLIDATION SCOPE
Consolidation criteria
Full consolidation is used for subsidiaries in which the consolidating company exercises control de jure or de facto.
Proportional consolidation is used for subsidiaries managed jointly by a limited number of shareholders.
The equity method is applied to associated companies in which a significant influence is exercised over the operational policies, and
in which the shareholding calculated on the basis of the power of control is between 20% and 50%.
If one of these criteria has not been applied, an explanation is given further on in the notes.
Consolidation scope
The consolidation scope was not expanded in 2001. It was decided that the Brazilian company SENOR LTD, in which we have a
shareholding of 97.3%, should not be included in the consolidation, as the reporting is still not considered sufficiently reliable. As
regards the two other subsidiaries that are still not consolidated, namely INCASUCA C.A. and BONAL S.A., negotiations are currently
being carried out with a view to selling off both these companies.
The last tranche of the capital in AGRICOLUX S.A. was repaid to the shareholders during the first half of 2001, and so this company
disappears from the consolidation scope in 2001.
Consolidation method
Our insurance branch – BDM N.V. and ASCO N.V. – is consolidated by the equity method, despite the fact that we have a percentage
control of 50%, as proportionate consolidation would not give a true view of the group's financial position.
Notes annexed to the consolidated accounts of the SIPEF group
CONSOLIDATED ACCOUNTS
Annua l repor t 2001 ı SIPEF
41
II. LIST OF THE CONSOLIDATED ENTERPRISES AND ENTERPRISES INCLUDED USING THE EQUITY METHOD
Name Office Country % of interest
Consolidating enterprise
S.A. SIPEF N.V. Antwerpen Belgium 100.0
Subsidiaries
A. Full consolidation
South East Asia Holdings N.V. Antwerpen Belgium 49.4
Franklin Falls Timber Cy. Inc. Delaware U.S.A. 100.0
Agricolux S.A. Luxembourg Luxemburg 91.7
Jabelmalux S.A. Luxembourg Luxemburg 61.2
Sagral S.A. Luxembourg Luxemburg 70.0
P.T. Tolan Tiga Medan Indonesia 90.0
P.T. Eastern Sumatra Medan Indonesia 90.0
P.T. Timbang Deli Medan Indonesia 90.0
P.T. Bandar Sumatra Medan Indonesia 90.0
P.T. Tanah Abang Medan Indonesia 90.0
P.T. Kerasaan Medan Indonesia 54.0
P.T. Melania Jakarta Indonesia 55.1
P.T. Alicia Jakarta Indonesia 55.1
P.T. Moesi Jakarta Indonesia 55.1
Sipef-CI S.A. San Pedro Ivory Coast 70.0
Galley Reach Holdings PTY Ltd. Port Moresby Papua N.G. 100.0
Sipef Pacific Timber PTY Ltd Port Moresby Papua N.G. 75.0
B. Proportional consolidation
P.T. Agro Muko Jakarta Indonesia 37.1
Hargy Oil Palms Pty. Ltd. Bialla Papua N.G. 50.0
Phu Ben Tea J.V. Cy. Hanoi Vietnam 29.7
C. Equity method
B.D.M. N.V. Antwerpen Belgium 50.0
ASCO N.V. Antwerpen Belgium 50.0
Plantations J. EGLIN & CIE S.A. Azaguié Ivory Coast 24.4
CONSOLIDATED ACCOUNTS
SIPEF ı Annua l repor t 2001
42
III. LIST OF SUBSIDIARIES EXCLUSIVELY OR JOINTLY CONTROLLED NOT INCLUDED
Name Office Country % of interest
A. Subsidiary of minor importance (art. 107, 1° of the RD of 30 January 2001)
Horikiki Development Cy. Ltd. Honiara Solomon Islands 90.8
Agridus N.V. (in liquidation) Antwerpen Belgium 86.3
Terminal Huilier San Pedro San Pedro Ivory Coast 28.0
Sipef Guinée S.A. Conackry Guinea 80.0
B. Unavailability of information (art. 107. 3° of the RD of 30 January 2001)
Asco Life N.V. Antwerpen Belgium 25.0
Bruns ten Brink B.V. Wormer Netherland 50.0
Seringueiras do Nordeste Ltd Maranhao Brazil 97.3
C. Exclusively held with a view of subsequent resale (art. 107, 4° of the RD of 30 January 2001)
Cie. du Kasai et de l'Eq. SCARL Bandundu Congo 81.2
Cavalla Rubber Corporation Monrovia Liberia 80.0
Incasuca C.A. Caracas Venezuela 98.4
Bonal Borracha Natural S.A. Acre Brazil 71.2
Plantations de Lemera SCARL Bukavu Congo 35.0
Sograkin SPRL Kinshasa Congo 50.0
IV. ACCOUNTING POLICIES
A. CRITERIA FOR VALUATION OF THE VARIOUS ITEMS OF THE CONSOLIDATED ANNUAL ACCOUNTS
1. General principle
The accounting policies of the consolidated subsidiaries are similar to those of the consolidating company, S.A. SIPEF N.V.,
and are drawn up in the same principles of prudence.
The valuation rules are in compliance with the various Royal Decrees and Laws that pertain to the preparation of company
annual accounts.
2. Special rules
A. Balance sheet items
Formation expenses
Formation expenses are recorded at their acquisition value. Annual depreciation rates with regard to capitalised formation
expenses, capital increase expenses, and other restructuring expenses are not lower than 20%. Expenses incurred on the
issuance of a loan are spread over the lifetime of the loan.
Intangible assets
The intangible assets, which include among other things, goodwill, research and development expenses, licences etc., are
recorded at their acquisition value or cost price as long as this is neither higher than the present utility value nor the future
return. Depreciation is applied on a straight-line basis at the rate of 20% per annum. If the economic or technological
circumstances require it, this rate may be increased or reduced. Expenses relating to concessions are depreciated over the life
of the concession.
CONSOLIDATED ACCOUNTS
Annua l repor t 2001 ı SIPEF
43
Consolidation differences
The consolidation differences arise on the first inclusion in the consolidation scope and on acquisition of new shareholdings
in consolidated companies.
The positive consolidation differences are depreciated over a period of five years. Further depreciation is entered whenever the
remaining difference is no longer justified or it is not significant. Negative consolidation differences are maintained in the
consolidated balance sheet as long as the company concerned is included in the consolidation scope.
The consolidation differences are not posted to the corresponding items of the balance sheet.
Tangible assets
The tangible assets are recorded at their acquisition value, being either the purchase price or the value at which they were
brought into the books. If the present value differs from the historic value on a permanent and certain basis, a revaluation may
be undertaken and the difference in value is recorded under the “Revaluation reserves”, remaining as such until disposal of
the asset or reversal.
If the economic or technological circumstances change fundamentally, the depreciation rate may be increased or reduced.
Financial assets
The financial assets are booked at their acquisition value. Expenses related to the acquisition are included in this item. They
could be subject to revaluation if the real value of these assets differs from the value in the books on a permanent and certain
basis, taking into consideration the interest of the company. The resulting difference in surplus value is recorded under
“Revaluation surpluses”, remaining there until disposal of the asset or reversal.
Financial assets – shares and loans – in foreign currencies are non-monetary items and consequently are not affected by later
exchange variances of their nominated currency.
Value adjustments are booked in the case of under-valuation or permanent depreciation based on the situation, return on
investment or prospects of the companies. The stock exchange quotation could ultimately be a valuation factor. These
adjustments are reviewed annually. The interests in enterprises accounted for using the equity method are the parent
companies’ share of the enterprise’s shareholder’s equity.
Amounts receivable after one year and amounts receivable within one year
These items are booked at their nominal value. Value adjustments are applied in case of permanent under-valuation or
devaluation such as receivables from third parties in countries with political or monetary risks, devalued currencies, or when
a debtor has become bankrupt or in case of doubt about payment at deadline.
Stocks and work / contracts in progress
Raw materials, goods and buildings intended for sale are valued at the lower of acquisition value (purchase price and additional
costs) or marketable value at the end of the financial year.
Works and contracts in progress are valued at their cost price. Value adjustments are done if their cost price plus the estimated
expenses to be made, exceeds the net sales price, or if their value in the books exceeds the sales price or the marketable value.
The above mentioned acquisition value can be described as being the individual cost of each element.
CONSOLIDATED ACCOUNTS
SIPEF ı Annua l repor t 2001
44
CONSOLIDATED ACCOUNTS
Annua l repor t 2001 ı SIPEF
45
Investments and cash
The amounts invested with financial institutions are valued at their nominal value.
Shares are valued at acquisition value. Value adjustments are booked if the realisation value at the date of the balance sheet
is lower than the acquisition value.
Provisions for liabilities and charges
At the end of each financial year, the Board of Directors examine carefully, sincerely and in good faith, the amount of provisions
to be made to cover all foreseeable Charges and Liabilities, including the country risks, covered by a general provision.
Provisions relating to previous financial years are revised regularly and taken into the results if they have become unnecessary.
Future taxation and deferred taxes
The consolidated balance sheet and income statement include the difference, arising on consolidation, between (a) the taxes
for the current and previous financial years and (b) the taxes paid or still to be paid for these years, to the extent that the
consolidating company or a consolidated company will actually incur costs as a result within the foreseeable future.
Amounts payable after one year and amounts payable within one year
These items are recorded at nominal value.
B. Rights and Commitments not accrued in the balance sheet
The rights and commitments not accrued in the balance sheet are mentioned by category in the notes, at nominal value of the
commitments of the contracts or, by default, at estimated value.
C. General principles of the evaluation of assets and liabilities expressed in foreign currencies
Conversion of assets and liabilities expressed in foreign currencies
Assets and liabilities expressed in foreign currencies are converted into € at the average monthly rate of their booking.
On the closing date of the balance sheet:
– non-monetary items of the balance sheet, such as formation expenses, intangible and tangible fixed assets, financial fixed
assets and stocks (on the assets side) and the items under own funds (on the liabilities side), are maintained at their
acquisition value expressed in €, whatever the value at balance sheet date of the currency in which the acquisition price was
paid.
– monetary items of the balance sheet, such as amounts receivable after more than a year or within one year, cash
investments, cash at bank and cash in hand, deferrals and accruals (on the assets side), provision items for liabilities and
charges, amounts payable after more than a year or within one year, and deferrals and accruals (on the liabilities side) are
evaluated at the exchange rates retained for the foreign currencies at the date of the balance sheet.
The exchange variances resulting from these evaluations are accumulated per currency. The bookkeeping of these exchange
variances is done using the method of integral accounting of the variances whereby the positive as well as the negative
variances are recorded as results.
The variances per currency are booked under other financial charges or income.
Conversion of accounts from consolidated companies expressed in foreign currency
Balance sheet items of foreign subsidiaries and associated enterprises are consolidated at the exchange rate prevailing at the
close of the financial year. This applies equally for both monetary and non-monetary items be they assets, liabilities, rights or
commitments. On the other hand, income and expenses appearing in the revenue accounts are consolidated at the average
exchange rate of the year. All the exchange variances resulting from these conversions are recorded under the “translation
differences” in the balance sheet.
In view of the current economic situation in Indonesia, characterised by sharply reduced economic activity, illiquidity, highly-
volatile foreign currency exchange and interest rates, and unstable stock markets, the Board of Directors of Sipef decided in
1998 to abandon the current rate method, for companies located in Indonesia whose financial statements are expressed in IDR.
Due to the significant and erratic fluctuations in the exchange rate, the reliability of the Group’s accounts would be
undermined. For the duration of the economic crisis in Indonesia the translation method for these companies has been
changed as follows: the assets and liabilities, income and expenditure of the Indonesian companies are translated using the
monetary/non-monetary method, extended to include the translation at historic rates of the long term loans obtained to
finance the Group’s fixed assets.
The Board believes this way of working is in compliance with the prescriptions of Art. 131 and 132 of the Royal Decree of 30
January 2001 on consolidated financial statements and likewise in compliance with Art. 115 of the Royal Decree, which states
that the consolidated financial statements must give a true and fair view of the equity, financial position and result of operations
of the Group.
The practical implications are that the historical exchange rate, hereby defined as the closing rate applicable at 31 December
1997, has been used for assets existing at December 31, 1997 and the average exchange rate of the year for other assets. The
closing rate as at December 31, 2001 is used to translate the monetary items of the balance sheet, being the current assets and
liabilities.
The Board of Directors intends to return to the closing rate method once the Indonesian inflation rate and currency have
stabilised.
The impact to the consolidated accounts as at December 31, 2001 can be summarised as follows: the negative exchange
differences are K€ 620 lower and the consolidated net result is K€ 654 lower than obtained using the closing rate method.
D. Method chosen to eliminate dealings within the group
Accounts payable or receivable between the consolidating company and companies included in the consolidation, or between
the latter, are eliminated from the consolidation, as are costs or proceeds from transactions between them.
Capital gains or losses made within the group are eliminated in proportion to the percentage stake (direct or indirect) held by
the consolidating company in each of the subsidiaries concerned.
B. FUTURE TAXATION AND DEFERRED TAXES
Analysis of heading IX B. of the liabilities
Deferred taxes ( art.129 of the R.D. of 30 January 2001)For comments see the note concerning provisions.
CONSOLIDATED ACCOUNTS
SIPEF ı Annua l repor t 2001
46
Amounts
1,917
CONSOLIDATED ACCOUNTS
Annua l repor t 2001 ı SIPEF
47
V. NOTES
note 1. FORMATION EXPENSES
VII. Statement of formation expenses
Net carrying value as at the end of the preceding period
Movements during the period:
- Depreciation
- Other
Net carrying value at the end of the period
of which: expenses of formation or capital increase, loan issue
expenses, reimbursement premium and other formation costs
The main movement during the financial year was the reclassification of the capitalised costs in SIPEF-CI S.A., which are now classed
as tangible fixed assets.
note 2. INTANGIBLE ASSETS
The heading "Concessions, licenses etc.” concerns operating rights in Indonesia and Ivory Coast. The goodwill relating to valuation
of SIPEF-CI S.A. when it was privatised in 1996 was fully depreciated in 2001.
VIII. Statement of intangible assets
a) Acquisition cost
As at the end of the preceding period
Movements during the period:
- Acquisitions, including fixed assets, own production
At the end of the period
c) Depreciation and amounts written down
As at the end of the previous period
Movements during the period:
- Recorded
At the end of the period
d) Net carrying value at the end of the period (a) - (c)
Amounts
475
-21
-446
8
8
Total
1,260
26
1.286
309
286
595
691
Goodwill
206
-
206
-
206
206
0
Concessions,
patents,
licences, etc.
952
25
977
222
65
287
690
Research and
development
expenses
102
1
103
87
15
102
1
CONSOLIDATED ACCOUNTS
SIPEF ı Annua l repor t 2001
48
note 3. CONSOLIDATION DIFFERENCES
XII. Statement of consolidation differences and differences resulting from the
application of the equity method
A. Positive consolidation differences
Net carrying value at the end of the preceding period
Movements during the period:
- Write-downs
Net carrying value at the end of the period
B. Negative consolidation differences
Net carrying value at the end of the preceding period
- Write-downs
Net carrying value at the end of the period
Since the consolidation scope has not altered, no further consolidation differences were booked during the financial year, and the
only movements are for depreciation. The positive consolidation differences (in K€) arise in:
SOUTH EAST ASIA HOLDINGS N.V.
HARGY OIL PALMS PTY LTD
P.T. TOLAN TIGA GROUP
PLANTATIONS J. EGLIN & CIE. S.A.
GALLEY REACH HOLDINGS PTY LTD
PHU BEN TEA J.V. CY LTD
Total
The negative consolidation differences arise from the first consolidation of FRANKLIN FALLS TIMBER CY (K€ 880), SIPEF-CI S.A.
(K€ 1,002), P.T. BANDAR SUMATRA and P.T. TIMBANG DELI (together amounting to K€ 448). Following the liquidation of
AGRICOLUX S.A., the negative consolidation difference for this company (K€ 247) has been written off.
Total
7,905
-2,494
5,411
2,577
-247
2,330
2000
116
785
1,282
1,524
3,555
643
7,905
Differences
resulting from the
application of the
equity method
1,524
-508
1,016
-
-
0
2001
-
392
855
1,016
2,666
482
5,411
Consolidation
differences
6,381
-1,986
4,395
2,577
-247
2,330
CONSOLIDATED ACCOUNTS
Annua l repor t 2001 ı SIPEF
49
note 4. TANGIBLE FIXED ASSETS
IX. Statement of tangible fixed assets
a) Acquisition cost
As at the end of the preceding period
Movements during the period:
- Acquisitions, including fixed assets, own construction
- Sales and disposals
- Transfers from one heading to another
- Translation differences
At the end of the period
c) Depreciation and amounts written down
As at the end of the preceding period
Movements during the period:
- Recorded
- Written down after sales and disposals
- Transfers from one heading to another
- Translation differences
At the end of the period
d) Net carrying value at the end of the period (a) -(c)
Investments by the group during the year totalled K€ 13,128, an amount comparable with the previous year. Apart from the usual
replacement investments, we completed the second oil mill at P.T. AGRO MUKO and continued the expansion of HARGY OIL PALMS
PTY LTD. The second palm oil mill at HARGY OIL PALMS PTY LTD will be operational by the middle of 2002. In Vietnam, we acquired
a third tea factory together with three plantations situated around it.
The fixed assets under construction are mainly the expansions to the new planted areas for HARGY OIL PALMS PTY LTD, which will
not be included in the other headings of the tangible fixed assets until they actually enter production.
Assets under
construction
and advance
payments
11,648
4,455
-77
-5,986
-1,245
8,795
549
-
-
-
-
549
8,246
Other
tangible
assets
2,901
1,244
-670
4,091
-280
7,286
954
392
-188
504
-32
1,630
5,656
Leasing
and other
similar
rights
86
-
-3
-76
-7
0
43
-
-4
-36
-3
0
0
Furniture
and
vehicles
12,569
1,040
-274
207
-451
13,091
7,692
2,062
-257
-463
-300
8,734
4,357
Plant,
machinery
and
equipment
17,787
1,674
-481
1,302
-596
19,686
9,734
1,601
-329
-
-388
10,618
9,068
Land and
Buildings
50,862
4,715
-617
1,410
-955
55,415
11,132
2,940
-317
500
-325
13,930
41,485
note 5. FINANCIAL FIXED ASSETS
The participating interests and accounts receivable mentioned under this heading relate to companies which, for a variety of
reasons explained in the notes annexed, are not included in the consolidation scope, together with participating interests involving
a percentage of 20% or less.
X. Statement of financial fixed assets
1. PARTICIPATING INTERESTS
a) Acquisition cost
As at the end of the preceding period
Movements during the period:
- Acquisitions
- Sales and disposals
At the end of the period
c) Amounts written down
As at the end of the preceding period
Movements during the period:
- Written down after sales and disposals
At the end of the period
e) Movements in the capital and reserves of the enterprises
accounted for using the equity method
- Share in the result for the financial period
- Elimination of dividends regarding those participating interests
Net carrying value at the end of the period (a) - (c) - (e)
Enterprises accounted for using the equity method
The increase during the financial year reflects the positive contribution made by these companies to the results of the group.
Other enterprises
The investment during the year represents an 80% stake in a new project for marketing mangoes in Guinea.
The disposals (acquisition value and write-downs) represent the sale of three of our plantations in Kivu-Congo (PLANTATIONS DE
M’BAYO SCARL, PLANTATIONS D’IRABATA SCARL and CONGO THÉ MANAGEMENT SCARL). A capital gain of K€ 432 was made
from this sale.
2. AMOUNTS RECEIVABLE
Net carrying value at the end of the preceding period
Movements during the period:
- Additions
- Reimbursements
Net carrying value at the end of the period
Accumulated amounts written down at the end of the period
The financial fixed assets and amounts receivable mainly concern the long-term support provided to our subsidiaries in Brazil,
along with 50% of the intra-group loan to HARGY OIL PALMS PTY LTD after the proportionate consolidation.
CONSOLIDATED ACCOUNTS
SIPEF ı Annua l repor t 2001
50
Other
enterprises
13,206
96
-1,082
12,220
9,825
-1,081
8,744
-
-
-
3,476
Other
enterprises
4,403
471
-166
4,708
14,295
Enterprises
accounted
for using
the equity method
3,700
-
-
3,700
-
-
0
301
303
-2
4,001
note 6. STOCKS
Stocks remained at a stable level overall. However, this stability masks certain large movements.
The increase in stocks of finished goods (K€ 2,087) is mainly due to the stock of tea in PHU BEN TEA J.V. CY, which rose by
K€ 1,460 (group's share 60%). The situation arose because our main market, namely Pakistan, was completely closed to us during
the last quarter of 2001 due to the difficult international situation.
Sales of the remaining stock of tea and cinchona bark held by S.A. SIPEF N.V. led to a decrease in goods purchased for resale (down
K€ 1,417).
The lower amount of prepayments (down K€ 608) is a direct result of winding down the temporary financial support given by S.A.
SIPEF N.V. to HARGY OIL PALMS PTY LTD (50% proportionately consolidated), since this subsidiary has been able to call on
external financing.
note 7. AMOUNTS RECEIVABLE WITHIN ONE YEAR
The decrease in trade accounts receivable mainly relates to S.A. SIPEF N.V., although this is a temporary situation.
The increase in the other amounts receivable is largely due to the operating costs of PHU BEN TEA J.V. CY being financed by
SOUTH EAST ASIA HOLDINGS N.V. These advances could not be repaid, because of the poor sales during the second half of
the year.
note 8. INVESTMENTS
The cash investments are mainly deposit accounts in USD held by S.A. SIPEF N.V. to offset the USD debts of the Indonesian
subsidiaries, together with the USD deposit account held by SOUTH EAST ASIA HOLDINGS N.V. to guarantee the debts incurred
by PHU BEN TEA J.V. CY in Vietnam.
note 9. CONSOLIDATED RESERVES
XI. Statement of consolidated reserves
Consolidated reserves at the end of the previous financial period
Movements:
- Share of the group in the consolidated income
Consolidated reserves at the end of the period
note 10. TRANSLATION DIFFERENCES
The main negative translation differences arise from the Indonesian subsidiaries (K€ -20,124), our subsidiaries in Papua New
Guinea (K€ -2,949) and FRANKLIN FALLS TIMBER CY (K€ -1,865).
Due to the application of the historical rates method for our Indonesian subsidiaries since 1998, the movements in respect of these
companies are negligible.
In the past, considerable exchange rate losses had to be charged against the consolidated result, for loans in USD granted by S.A.
SIPEF N.V. to the subsidiaries HARGY OIL PALMS PTY LTD and SIPEF PACIFIC TIMBERS PTY LTD. Since a considerable proportion
of these loans can be considered as equivalent to capital (interest-free, with no fixed repayments and also no foreseeable
repayments), the translation differences on this part of the debts have been posted directly to translation differences.
CONSOLIDATED ACCOUNTS
Annua l repor t 2001 ı SIPEF
51
Amounts
21,316
-1,886
19,430
note 11. MINORITY INTERESTS
XI. bis. Statement of minority interests
At the end of the preceding period
Movements during the period:
- Translation differences
- Dividends 2001: share of third parties
- Capital reimbursement AGRICOLUX S.A.
- Acquisition shares in P.T. AGRO MUKO by minority shareholders P.T. TOLAN TIGA
- Result 2001
At the end of the period
The decrease in the share of third parties, together with the latter’s share in the result (K€ -751), is mainly due to the shares in P.T.
AGRO MUKO being acquired by the minority shareholders (10%) in P.T. TOLAN TIGA (K€ -1,057).
In addition, the third parties' share in the equity of the consolidated companies diminished as a result of a dividend payout by P.T.
KERASAAN (K€ -366) and the liquidation of AGRICOLUX S.A. (K€ -43).
note 12. PROVISIONS, DEFERRED TAX AND LATENT TAXATION LIABILITIES
The provision of K€ 5,859 for risks and charges includes a provision of K€ 1,186 to cover the future pension obligations of HARGY
OIL PALMS PTY LTD and SIPEF-CI S.A., together with a provision of K€ 4,673 for other risks and charges. The latter includes
provision of K€ 2,255 to cover "country" risks (i.e. political risks over and above the normal operating risks) in countries where
S.A. SIPEF N.V. has interests, excluding Europe and North America.
The Board of Directors has drawn up a list of criteria for evaluating these country risks. A specific cover percentage has been set for
each criterion and applied to the long-term amounts receivable in each country. The decrease in this provision by an amount of
K€ 266 during the financial year is due to the write-down of the companies in Papua New Guinea, which has resulted in a lower
outstanding risk.
This risks and costs item also includes a provision of K€ 2,311 for losses in the non-consolidated subsidiaries. The provision made
will be used at the moment when the loss is actually incurred (by carrying out the capital increase in cash, contribution of amounts
receivable, etc.).
The provision of K€ 1,917 for deferred payments and latent tax liabilities comprises latent tax liabilities caused by timing differences
for depreciation of fixed assets (Indonesian subsidiaries, HARGY OIL PALMS PTY LTD and FRANKLIN FALLS TIMBER CY, together
amounting to K€ 1,596), and on unrealised exchange rate differences in SOUTH EAST ASIA HOLDINGS N.V. (K€ 321).
CONSOLIDATED ACCOUNTS
SIPEF ı Annua l repor t 2001
52
Amounts
9,696
2
-366
-43
-1,057
-751
7,481
note 13. AMOUNTS PAYABLE AFTER ONE YEAR
The decrease in financial debts payable after one year in S.A. SIPEF N.V. and SIPEF-CI S.A. (together amounting to K€ 11,311) is
more than offset by an increase in HARGY OIL PALMS PTY LTD (K€ 6,250) and in our Indonesian subsidiaries (K€ 5,913). The
various movements reflect our policy of optimising our debt position. The new loans in HARGY OIL PALMS PTY LTD represent
loans in EUR obtained from the investment banks SBI (Belgium) and DEG (Germany), and are repayable from 2005 to 2008. The
new loans in our Indonesian subsidiaries are USD loans obtained from a local bank, repayable from 2002 to 2005. This
rearrangement of debt should give the group the flexibility to bring the investments over the past years up to full yield and reducing
the long-term debt position.
The decrease in other loans payable after one year mainly represents a roll-over towards financial debts payable after one year within
HARGY OIL PALMS PTY LTD (K€ 3,000).
The trade debts payable after one year represent an extension of payment until 2003, obtained by HARGY OIL PALMS PTY LTD for
building a new palm oil mill.
XIII. Statement of amounts payable
A. Analysis of the amounts originally payable
after one year according to their residual term
Financial debts
3. Leasing and other similar obligations
4. Credit institutions
5. Other loans
Trade debts
1. Suppliers
Other amounts payable
Total
With regard to the financial debts with a remaining period of less than one year (K€ 13,436), it should be noted that a significant
proportion of this debt, relating to S.A. SIPEF N.V. (K€ 5,948), was converted in March 2002 into a long-term loan repayable in five
years.
note 14. AMOUNTS PAYABLE WITHIN ONE YEAR
The increase of K€ 6,793 in amounts payable within one year is mainly due to the rise in the net financial position (in particular the
current portion of debts payable after one year).
The net financial position (financial debts payable after one year and payable within the year – cash investments and liquid assets)
has risen by K€ 6,547. This increase was necessary to finance the extension of our palm oil activities in Papua New Guinea during
this period of low prices.
CONSOLIDATED ACCOUNTS
Annua l repor t 2001 ı SIPEF
53
> 5 year
-
8,787
-
-
-
8,787
Residual term
between 1 and
5 year
14
13,314
882
2,273
203
16,686
< 1 year
32
13,404
-
-
-
13,436
note 15. RESULTS
The turnover is made up as follows:
Sales of commodities
Commissions on sales and others
Fees and entitlements
Total
XIV. A. Data relating to the result of the period and the preceding period
Turnover per product
- Palmoil, kernels
- Rubber
- Tea
- Pineapples
- Bananas
- Various fruit
- Cocoa
- Coffee
- Various
- Real Estate
Total turnover for the period
Turnover by geographical origin
- Indonesia
- Papua New Guinea
- Ivory Coast
- Congo
- Vietnam
- Europe
- Others
Total turnover for the period
note 16. OPERATING RESULTS
Palm oil prices fell to their lowest level in 16 years. Rubber prices reached a 30-year low, as a result of the contraction in demand caused
by the slowdown in the world economy. Tea prices for their part were negatively influenced by good harvests, especially in Kenya,
together with the events of 11 September, which seriously disrupted trade with Pakistan and other Middle Eastern countries.
While we managed to raise our productivity, the historically low prices of all our main trading products weighed on the operating results,
which nevertheless remained positive. In view of the continuing losses made by INCASUCA C.A. in Venezuela and BONAL S.A. in Brazil,
these two companies ceased their activities, and the intention is to eventually sell them off.
CONSOLIDATED ACCOUNTS
SIPEF ı Annua l repor t 2001
54
1999
115,631
596
225
116,452
2000
66,961
7,134
9,436
3,093
10,196
1,579
1,016
90
4,957
116
104,578
40,987
26,271
27,790
1,773
4,552
242
2,963
104,578
%
60.5
6.9
6.4
2.2
13.4
4.0
1.4
0.0
5.3
0.0
100.0
37.4
20.3
30.1
2.6
3.1
0.8
5.6
100.0
2000
103,614
315
649
104,578
%
64.0
6.8
9.0
3.0
9.7
1.5
1.0
0.1
4.7
0.1
100.0
39.2
25.1
26.6
1.7
4.4
0.2
2.8
100.0
2001
90,634
104
881
91,619
2001
55,428
6,320
5,826
2,014
12,243
3,641
1,289
28
4,830
0
91,619
34,288
18,592
27,570
2,410
2,820
775
5,164
91,619
XIV. B. Average number of persons employed and personnel charges
1. Fully consolidated enterprises
Average number of persons employed
Personnel charges
- Remunerations and social charges
- Pensions
Average number of persons employed in Belgium by
enterprises of the Group
2. Proportionally consolidated enterprises
Average number of persons employed
Personnel charges
- Remunerations and social charges
note 17. FINANCIAL RESULTS
The financial results reflect the interest on the loans necessary to finance the extension of our palm oil activities in Papua New
Guinea during this period of low prices. These loans are denominated in EUR or USD, and resulted in unrealised translation losses
due to the weakening of the local currency. On the other hand, a weak local currency is generally good for our activities, since the
selling prices are mostly in USD.
note 17a. RESULT ON ORDINARY ACTIVITIES BEFORE TAXATION
As a result of the lower operating and financial results (which in turn were due to historically low selling prices and continuing
expansion), the pre-tax result from normal operations has become negative.
note 18. EXTRAORDINARY RESULTS
The extraordinary income represents the proceeds from the sale of a property in Brussels (K€ 778) and the greater part of our
assets in Kivu-Congo (K€ 520). An additional extraordinary result was made by the sale of part of the stake held by S.A. SIPEF N.V. in
P.T. AGRO MUKO to its subsidiary P.T. TOLAN TIGA (K€ 755), and by the write-off of the badwill in AGRICOLUX S.A. when the
latter company was liquidated (K€ 247).
On the costs side, SIPEF PACIFIC TIMBERS PTY LTD carried out an additional depreciation in order to bring its assets into line with
the estimated sale value (K€ 986).
XIV. C. Extraordinary results
1. Other extraordinary income
- Result ASCO N.V. previous bookyears
- Others
2. Other extraordinary costs
- Settlement Tradevco
- Others
CONSOLIDATED ACCOUNTS
Annua l repor t 2001 ı SIPEF
55
Preceding period
347
178
2,785
637
Period
-
223
-
146
Preceding period
not available
14,271
9
31
not available
2,201
Period
not available
13,881
9
31
not available
2,184
note 19. INCOME TAXES
The breakdown of taxes is as follows:
Group companies in profit
Group companies in loss
Total
The taxes were mainly paid in Indonesia, where the tax rate is 30%.
XIV. D. Income taxes
1. Difference between the tax charged in the consolidated income statement for the period
and the preceding periods and the amounts of tax paid or payable in respect of those
periods, provided that this difference is material for the purposes of future taxation
note 20. CONSOLIDATED RESULT
The share of third parties in the results amounts to K€ -751, located in Indonesia (K€ 703), Europe (K€ 72), Ivory Coast (K€ -890),
Vietnam (K€ -256) and Papua New Guinea (K€ -380).
The companies accounted for by the equity method made a positive contribution of K€ 303. Our insurance division (BDM N.V. and
ASCO N.V.) performed well in operational terms. However, the increased financial charges (higher debt costs resulting from an
acquisition by BDM N.V., together with significant unrealised capital losses on the ASCO N.V. securities portfolio) had a negative
impact on the net result. The profit made by BDM N.V. (K€ 235) and ASCO N.V. (K€ 135) was partly offset by the loss in
PLANTATIONS J. EGLIN and CIE S.A. (K€ -67).
To arrive at the group's share of the net result, the following items have been added to the S.A. SIPEF N.V. result:
Results S.A. SIPEF N.V.
Results consolidated subsidiaries (full and proportionate)
Share in the results of associated companies
Write down of consolidation differences
Elimination of gross dividends (P.T. KERASAAN and B.D.M. N.V.)
Liquidation AGRICOLUX S.A.
Sale shares P.T. AGRO MUKO to FRANKLIN FALLS TIMBER CY
Sale shares P.T. AGRO MUKO to P.T. TOLAN TIGA
Consolidated capital gain sale shares P.T. AGRO MUKO to P.T. TOLAN TIGA (10% minority shareholders)
Elimination amounts written off financial fixed assets SIPEF PACIFIC TIMBERS PTY LTD
Elimination amounts written off financial fixed assets GALLEY REACH HOLDINGS PTY LTD
Change evaluation rules Indonesia (historical exchange rate instead of closing rate)
Conversion differences long term loans
Write back profit on stocks PHU BEN TEA J.V. CY
Changes evaluation rules SOUTH EAST ASIA HOLDINGS N.V.
Total consolidated result
Minority interests
Net profit, share of the Group
CONSOLIDATED ACCOUNTS
SIPEF ı Annua l repor t 2001
56
Period
6,114
-9
303
-2,494
-432
-195
-3,067
-9,873
755
2,550
3,583
-778
863
55
-11
-2,636
-751
-1,885
Average %
33%
5%
Preceding period
-19
Taxes
2,552
-368
2,184
Period
442
Depreciation
goodwill
294
2,200
2,494
Current result
before tax
7,475
-9,839
-2,364
Taxable
7,769
-7,639
130
note 21. RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET
XV. Rights and commitments not reflected in the balance sheet
1. Amount of personal guarantees, given or irrevocably
promised by the enterprises included in the consolidation,
as security for third parties' debts or commitments
XVI. Relationships with affiliated enterprises and
enterprises linked by participating interests
but not included in the consolidation
1. Financial fixed assets
Participating interests and shares
Amounts receivable
2. Amounts receivable
Within one year
4. Amounts payable
Within one year
5. Personal and real guarantees
given or irrevocably promised, as security of debts or
commitments of affiliated enterprises
7. Financial results
Income from current assets
XVII. Financial relationships with directors or managers of the consolidation enterprise
A. Total amount of remuneration granted in respect of their
responsibilities in the consolidation enterprise, its subsidiaries
and its affiliated enterprises, including the amounts in respect
of retirement pensions granted to former directors or managers
CONSOLIDATED ACCOUNTS
Annua l repor t 2001 ı SIPEF
57
Preceding period
600
Preceding period
1
-
-
-
-
-
Period
353
Period
-
Period
-
-
-
-
-
-
Preceding period
2,953
3,219
308
267
600
13
Period
3,049
3,538
460
704
-
-
Affiliated Enterprises linked with
enterprises participating interests
Statutory auditor’s report on the consolidated financial statements for the year ended December 31, 2001 to the shareholders’ meeting of the company S.A. SIPEF N.V.
To the Shareholders,
In accordance with legal and statutory requirements, we are pleased to report to you on our audit assignment which you have entrusted
to us.
We have audited the consolidated financial statements as of and for the year ended December 31, 2001 which have been prepared under
the responsibility of the Board of Directors and which show a balance sheet total of € 127,697,287 and an income statement resulting
in a consolidated loss for the year of € -1,885,422. We have also examined the consolidated Directors' report.
Unqualified audit opinion on the financial statements
We conducted our audit in accordance with the standards of the “Institut des Reviseurs d’Entreprises/Instituut der Bedrijfsrevisoren”.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial
statements are free of material misstatement taking into account the legal and statutory requirements applicable to consolidated
financial statements in Belgium.
In accordance with these standards, we considered the group's administrative and accounting organization of your company as well
as its internal control procedures. We have obtained explanations and information required for our audit. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes
assessing accounting policies used, the basis for consolidation and significant estimates made by management, as well as evaluating
the overall consolidated financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements give a fair and true view of the group’s assets, liabilities, consolidated financial
position as of December 31, 2001 and the consolidated results of its operations for the year then ended, and the information given in
the notes to the consolidated financial statements is adequate.
Additional certifications (and information)
The consolidated directors’ report contains the information required by the Companies Code and is consistent with the consolidated
financial statements.
Brussels, April 9, 2002
The Statutory Auditor,
DELOITTE & TOUCHE
Réviseurs d’Entreprises SC s.f.d. SCRL
Represented by
P. MAEYAERT
M. VAN TRIER
Statutory Auditor’s report
CONSOLIDATED ACCOUNTS
SIPEF ı Annua l repor t 2001
58
CONSOLIDATED ACCOUNTS
Annua l repor t 2001 ı SIPEF
59
SIPEF ■ Annua l repor t 2001
60
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