40 1 EUR - · PDF filedemeulemeester ignace 2/41. nr. 0215.266.160 c 1.1 list of directors, managers and auditors ... benoit willy 5/41. nr. 0215.266.160 c 1.1 list of directors,

COMPLETE LIST WITH name, first name, profession, residence-address (address, number, postal code, municipality) and

position with the enterprise, OF DIRECTORS, MANAGERS AND AUDITORS

NAME:

Legal form: CALL

Address: Nr.:

Postal Code: City:

Country: Belgium

Register of Legal Persons (RLP) - Office of the commercial court at:

Internet address *:

Company number: 0215.266.160

DATE 20/01/2011 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 ACCOUNT approved by the General Meeting of 24/06/2011

concerning the financial year covering the period from 1/01/2010 31/12/2010till

Previous period from 1/01/2009 31/12/2009till

The amounts of the previous financial year are

CVBA GASELWEST (vanaf 2006)

President Kennedypark

8500 Kortrijk

are not ** identical to those which have been previously published.

Nr. C 1.1Date of the deposition No. PP. E. D.

40 1 EUR

ANNUAL ACCOUNT IN EURO

0215.266.160

/

Kortrijk

12

Veemarkt 14, 8900 Ieper, Belgium

Title : President of the board of directors

DEHAENE Luc

Achterdenken 6, 9255 Buggenhout, Belgium

Title : Vice president of the board of directors

SARENS André

Rue des Jardinets 14, 7780 Komen-Waasten, Belgium

Title : Director

BAELEN Freddy

Mandate : 22/06/2007- 25/06/2010

Rue de Wervicq 47, 7780 Komen-Waasten, Belgium

Title : Waarnemer

BATAILLE Vincent

Mandate : 24/09/2010

Enclosed to these annual accounts:

Total number of pages deposited:

Signature

(name and position)

Signature

(name and position)

* Optional statement.

** Delete where appropriate.

Number of the pages of the standard form not deposited for not being

of service:

41

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

MANAGEMENT REPORT, REPORT OF THE COMMISSIONERS

Nr. 0215.266.160 C 1.1

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

Edgar Tinelstraat 7, 8930 Menen, Belgium

Title : Director

BOSSUYT Gilbert

Vossenstraat 2, 9070 Destelbergen, Belgium

Title : Director

BURMS Jenny

Sgt. De Bruynestraat 27, 2140 Borgerhout (Antwerpen), Belgium

Title : Director

DE GROOF Chris

Tolpoortstraat 15, 9800 Deinze, Belgium

Title : Director

DE RUYCK Jacques

Meeuwenlaan 55, 8660 De Panne, Belgium

Title : Director

DEBEERST Jaak

Koekuitstraat 21, 8930 Menen, Belgium

Title : Director

DEBUCK Karl

Parkietenlaan 19, 8500 Kortrijk, Belgium

Title : Director

DECALUWE Carl

Beluikstraat 1, 8970 Poperinge, Belgium

Title : Director

DEJAEGHER Christof

Statiestraat 10, 8570 Anzegem, Belgium

Title : Director

DEMEULEMEESTER Ignace

2/41

Nr. 0215.266.160 C 1.1


Houthulstseweg 16, 8920 Langemark-Poelkapelle, Belgium

Title : Director

DERAEVE Dirk

Kloosterlaan 27, 9140 Temse, Belgium

Title : Director

DUVILLERS Ivan

Mandate : 31/03/2006- 25/06/2010

Spanjestraat 16, 8840 Staden, Belgium

Title : Director

EECKHOUT Eric

Veurnestraat 33, 8670 Koksijde, Belgium

Title : Director

GANTOIS Rita

Emiel Gellyncklaan 12, 8940 Wervik, Belgium

Title : Director

GOOS Johnny

Konijnenstraat 19, 2870 Puurs, Belgium

Title : Director

HEYVAERT Griet

Jules Lagaelaan 5, 8800 Roeselare, Belgium

Title : Director

HOSTEKINT Michèle

Ruifeleinde 54, 8791 Beveren (Leie), Belgium

Title : Director

LEFEVRE Jaak

Mandate : 1/01/2002- 1/05/2010

Krysantenlaan 21, 8500 Kortrijk, Belgium

Title : Director

LELEU Guy

3/41

Nr. 0215.266.160 C 1.1


Marktstraat 36, 8620 Nieuwpoort, Belgium

Title : Director

LIPS Rik

Ten Hove 32, 8800 Roeselare, Belgium

Title : Director

MARTENS Luc

Kruishoutemsesteenweg 199, 9750 Zingem, Belgium

Title : Director

OTTE Dirk

Mellegracht 2, 2150 Borsbeek (Antw.), Belgium

Title : Director

PEETERS Frank

Mandate : 25/06/2010

Ruiseleedsesteenweg 27, 8700 Tielt, Belgium

Title : Director

SEYNAEVE Marc

Bermkouter 4, 8791 Beveren (Leie), Belgium

Title : Director

SOENS Rik

Bossenaarstraat 18, 9680 Maarkedal, Belgium

Title : Director

THIENPONT Peter

Robert de Preesterstraat 6, 9700 Oudenaarde, Belgium

Title : Director

VAN HOECKE Gilbert

Kasteeldreef 21, 8730 Beernem, Belgium

Title : Director

VANDE VELDE Lut

4/41

Nr. 0215.266.160 C 1.1


Weidestraat 91, 8800 Roeselare, Belgium

Title : Director

VANDENBULCKE Pol

Muziekbosstraat 17a, 9600 Ronse, Belgium

Title : Director

VANDENHOUCKE Joris

Tielststraat 104, 8760 Meulebeke, Belgium

Title : Director

VANPOUCKE Daniël

Pontstraat 45, 8540 Deerlijk, Belgium

Title : Director

VANROBAYS Patrick

Mandate : 21/03/2007- 25/06/2010

Bellegemstraat 124, 8550 Zwevegem, Belgium

Title : Director

VANWELDEN Claude

Petegemstraat 57a, 9870 Zulte, Belgium

Title : Director

VERMEERSCH Eric

c/o Brusselsesteenweg 199, 9090 Melle, Belgium

Title : Secretaris

DEKENS Luc

Dode Mannenstraat 24, 8630 Veurne, Belgium

Title : Voorzitter van het college van commissarissen

VERFAILLIE Jan

Holstraat 56, box 31, 8790 Waregem, Belgium

Title : Auditor, Number of membership : x

BENOIT Willy

5/41

Nr. 0215.266.160 C 1.1


Menenstraat 194, 8980 Zonnebeke, Belgium


BRYON Franky

s Gravenstraat 191, box b, 9810 Nazareth, Belgium


DE GUSSEM Annemie

Wittebroodhof 32, 9052 Zwijnaarde, Belgium


DEBELS Patrick

Muntekouter 3, 9890 Gavere, Belgium


DIERICK Denis

Noordstraat 2, box c, 9600 Ronse, Belgium


FOULON Jan

Beselarestraat 48, 8890 Moorslede, Belgium


GHEKIERE Guido

Brumierstraat 1, 8511 Aalbeke, Belgium


GHYSSEL Joost

Mandate : - 28/04/2010

Kardinaal Cardijnlaan 23, 2630 Aartselaar, Belgium


ROGIERS Dirk

Vichtestraat 5, 8553 Otegem, Belgium


SPINCEMAILLE Eliane

6/41

Nr. 0215.266.160 C 1.1


Edward Vermeulenstraat 5, 8510 Marke (Kortrijk), Belgium


VAN DAMME Elisabeth

Mandate : 22/12/2010

Tarwelaan 5, 8500 Kortrijk, Belgium


VANDENBULCKE Marie-Claire

Mandate : 25/06/2010- 11/10/2010

Zandputstraat 15, 8930 Menen, Belgium


VAN DE WIELE Frank

Oudstrijdersstraat 29, 8770 Ingelmunster, Belgium


VERCRUYSSE Yves

Mandate : 25/06/2010

Leenmolenstraat 43, 8750 Wingene, Belgium


VERMEERSCH Willy

Mandate : - 25/06/2010

Prins Boudewijnlaan 24, box d, 2550 Kontich, Belgium

Title : Commissaris - I.B.R.

Klynveld Peat Marwick Goerdeler, bedrijfsrevisoren CALL 0419.122.548

Mandate : - 25/06/2010

Represented by:

Berger Pierre P.

Louislei 69 , 2930 Brasschaat, Belgium

Moutstraat 54, 9000 Gent, Belgium

Title : Commissaris - I.B.R.

Ernst & Young, bedrijfsrevisoren CALL 0446.334.711

Mandate : 25/06/2010

Represented by:

De Luyck Jan

Geukenshage 30 , 1790 Affligem, Belgium

7/41

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 have

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:

have not */

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.

A. Bookkeeping of the undertaking**,

B. Preparing the annual accounts**,

C. Auditing the annual accounts and/or

D. Adjusting the annual accounts.

been audited or adjusted by an external accountant or auditor who is not a statutory auditor.

Number of

membership

Nature of the

engagement

(A, B, C and/or D)

Name, first name, profession, residence-address

* Delete where appropriate.

** Optional disclosure.8/41

Nr. 0215.266.160 C 2.1

Codes Period Previous period

ASSETS

Tangible fixed assets

FIXED ASSETS

Intangible fixed assets

Formation expenses

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 ............

Financial fixed assets

5.4/

Affiliated enterprises

Participating interests

Amounts receivable

Other enterprises linked by participating interests ............

Other financial assets

Shares

Amounts receivable and cash guarantees

CURRENT ASSETS

Amounts receivable after more than one year

Trade debtors

Other amounts receivable

Stocks and contracts in progress

Stocks

Raw materials and consumables

Work in progress

Finished goods

Goods purchased for resale

Immovable property intended for sale ........................

Advance payments

Contracts in progress

Amounts receivable within one year

Current investments

Own shares

Other investments and deposits

Cash at bank and in hand

Deferred charges and accrued income

TOTAL ASSETS

5.2

5.1

5.3

5.5.1

5.14

5.14

5.5.1/

5.6

5.6

......................................................................

............................................................

..................................................................

.......................................................................

.............

.........................................................

..........

...............................................................

........................

....................

....................

.......

........................................

...........................

....................................

...............................

..........................................................

........................

....................................................

..............................................

...............................

.......................................................................

.

3.939.940

1.605.576.866

38.265.785

1.553.418.566

12.567.780

1.324.735

1.610.677.938

1.161.132

1.161.132

1.161.132

180.611.845

7.278.651

7.278.651

63.494.625

54.939.765

8.554.860

2.046.058

107.792.511

1.791.289.783

1.559.100.332

892.874

1.557.046.326

38.157.409

1.504.841.386

12.457.849

1.589.682

1.161.132

1.161.132

1.161.132

152.901.709

5.439.171

5.439.171

51.108.644

49.552.301

1.556.343

2.396.374

93.957.520

1.712.002.041

20/28

20

21

22/27

22

23

24

25

26

28

27

280/1

280

281

282/3

282

283

284/8

284

285/8

29/58

29

290

291

3

30/36

30/31

32

33

34

35

36

37

40/41

40

41

50/53

50

51/53

54/58

490/1

20/58

Notes

.........................................................

...........................................................

......................................................................

...............

Participating interests

Amounts receivable

.................................................

......................................................................

......................................................................

...................................................................................

..................

.................

.................

.................

....

..................................................................

................................................

....................

..............................................................................

........................................

...............................

.................................................................................

.........................................................................................

....................................................................

.......................................

.............................................................

...........................................................................................

...............................

Trade debtors

Other amounts receivable

..................................................................

................................................

....................

......................................................................

...................................................

.......................................

....

BALANCE SHEET

Toel.

9/41

Nr. 0215.266.160 C 2.2

Codes Period Previous periodEQUITY AND LIABILITIES

Reserves

EQUITY

Share premium account

Capital

Issued capital

Uncalled capital

Legal reserve

Reserves not available

In respect of own shares held

Other

Accumulated profits (losses)

Major repairs and maintenance

Pensions and similar obligations

Taxation

Deferred taxes

Other liabilities and charges

AMOUNTS PAYABLE

Amounts payable after more than one year

Financial debts

Subordinated loans

Unsubordinated debentures

Leasing and other similar obligations

Credit institutions

Other loans

Trade debts

Suppliers

Advances received on contracts in progress

Current portion of amounts payable after more than one

year falling due within one year

Taxes

Accrued charges and deferred income

TOTAL LIABILITIES

5.7

.................................................................................

..................................................................................

............

.......................................................

...............

.................................................................................

............

......................................(+)/(-)

......................................................................

..

........................

........................

...................

Untaxed reserves

Available reserves

Investment grants

Advance to associates on the sharing

out of the assets

...............................................................

.......

..................................................................

............................PROVISIONS AND DEFERRED TAXES ...............................

...............................

...............................

.

Provisions for liabilities and charges ................................

................................

..............................

..........................................................

..........................

Bills of exchange payable

Remuneration and social security

5.9

5.8

5.9

Other amounts payable

Amounts payable within one year ........................................

...........................

Advances received on contracts in progress

Taxes, remuneration and social security

487.654.290

487.654.290

23.134.463

19.759.265

10/15

10

100

101

11

12

13

130

131

1311

1310

132

14

15

19

16

160/5

160

161

162

163/5

Revaluation surpluses ........................................................

..............

133

168

17/49

17

170/4

170

171

172

173

174

175

1750

1751

176

178/9

42/48

42

43

430/8

439

44

440/4

441

46

45 5.9

...............................

...............................

..............................................................

..........

450/3

454/9

47/48

492/3

10/49

11.970.951

11.970.951

11.970.951

853.226.770

690.602.964

689.791.669

676.513.829

13.277.840

811.295

158.303.770

16.461.135

106.999.321

106.999.321

16.573.718

16.573.718

9.180.200

2.496.225

2.496.225

6.593.171

4.320.036

1.791.289.783 1.712.002.041

919.376.308

487.654.290

487.654.290

336.520.113

80.087.457

609.439

58.414.492

58.414.492

21.063.526

15.114.448

12.108.718

12.108.718

12.108.718

780.517.015

624.522.739

623.711.444

610.433.604

13.277.840

811.295

151.749.389

14.464.109

93.750.498

93.750.498

24.980.646

24.980.646

7.941.207

3.683.665

3.683.665

6.929.264

4.244.887

926.092.062

325.910.485

92.768.022

609.439

69.024.120

69.024.120

Notes

...................................................................

..........................................................................................

...............................

...................................................................

.............................................................................

..............................................................................

....................................

.....................

.........................................................................

.................................................................................

............................................................................................

.................................

.......................................

.......................................

...........................................................................................

............................................................

.........................................

...........................................................

...............................................

.................................................................

...........................................................

............................................................

..........................................................

..........................

............................................................................

...............................................................................

................................................................................

....................................................................

.................................................

................................................

....................

....................

............

....................................................

....................

Financial debts .................................................................

.......Credit institutions

Other loans

........................................................

...............................................................................

.........Trade debts

Suppliers

Bills of exchange payable

.......................................................................

....................................................................

.................................................

............................

Other amounts payable ....................................................

....................

..............................

..............................

.......

........................................................................

..........................

..........................

...............

...................

...................

...................

..........

5.9..........................................

10/41

Nr. 0215.266.160 C 3

INCOME STATEMENT


Operating charges

Operating income

Turnover ...........................................................................

Own construction capitalised

Other operating income

Raw materials, consumables

Purchases

Decrease (increase) in stocks ............................(+)/(-)

Services and other goods

Remuneration, social security costs and pensions ....(+)/(-)

Amounts written down stocks, contracts in progress and

trade debtors - Appropriations (write-backs) .............(+)/(-)

Other operating charges

Operation charges carried to assets as restructuring

costs ............................................................................. (-)

Operating profit (loss)

Income from financial fixed assets

Income from current assets

Financial income

Debt charges

Amounts written down on current assets except

stocks, contracts in progress and

trade debtors .............................................................(+)/(-)

Other financial charges

Gain (loss) on ordinary activities before taxes

5.10

.................................................................

..

........ (+)/(-)

Increase (decrease) in stocks of

finished goods, work and contracts in progress .........(+)/(-)

5.10

Depreciation of and amounts written off formation

expenses, intangible and tangible fixed assets ...................

5.10

Provisions for risks and charges - Appropriations (uses

and write-backs) ........................................................(+)/(-) 5.10

5.10

.................................................(+)/(-)

...................................................................

......

Other financial income 5.11

Financial charges 5.11

416.248.783

399.325.420

1.839.480

15.083.883

326.273.295

122.950.662

122.950.662

135.350.579

57.079.317

652.862

-137.767

10.377.642

89.975.488

75.196

15.829

59.367

28.683.608

20.112

61.367.076

28.663.496

345.055.524

335.135.180

-1.043.030

10.963.374

255.877.282

84.632.508

84.632.508

106.583.867

53.831.744

-407.253

-408.745

11.645.161

89.178.242

105.385

24.294

81.091

26.734.525

26.709.776

24.749

62.549.102

70/74

70

630

62

71

72

74

60/64

60

600/8

609

61

631/4

635/7

640/8

649

9901

75

750

751

752/9

65

650

651

652/9

9902

Notes

..........................................

...................................................................................

...................

.......................................................

.....................

.....................................................................

.......

.......................................................

.....................

..............................................

..............................

....................................

....................................

....

....................................................

........................

..................................................

..........................

..................................................................

..........

..............................................

..............................

...............................................................

.............

..................................................................

..........

11/41

Nr. 0215.266.160 C 3


Write-back of depreciation and of amounts written down

intangible and tangible fixed assets

Other extraordinary income

Extraordinary depreciation of and extraordinary amounts

written off formation expenses, intangible and tangible

fixed assets

Extraordinary charges carried to assets as restructuring

costs ............................................................................(-)

Amounts written down financial fixed assets

Loss on disposal of fixed assets

Other extraordinary charges

Income taxes

Adjustment of income taxes and write-back of tax

provisions

Provisions for extraordinary liabilities and charges -

Appropriations (uses) ..............................................(+)/(-)

5.11

Write-back of amounts written down financial fixed assets

Write-back of provisions for extraordinary liabilities and

charges

Gains on disposal of fixed assets

5.12

1.145.232

1.145.232

1.212.243

1.212.243

61.300.065

906.247

906.247

60.393.818

60.393.818

92.260

92.260

62.456.842

903.927

903.927

61.552.915

61.552.915

76

760

664/8

663

762

763

764/9

66

660

661

662

761

669

9905

689

780

680

67/77

670/3

77

9904

789

9903

Extraordinary income .............................................................

........

Extraordinary charges ...........................................................

...........

Profit (loss) for the period before taxes ......................(+)/(-)

Transfer from postponed taxes ............................................

.........................Transfer to postponed taxes .................................................

.....................Income taxes ...........................................................................

.

Profit (loss) for the period .............................................(+)/(-)

Transfer from untaxed reserves ............................................

..........................Transfer to untaxed reserves .................................................

.....................Profit (loss) for the period available for appropriation (+)/(-)

.....................................................................

.......

...........................................................................

.

.............................................

...............................

.......................................

.....................................

....................

....................

....................

................

.......................................................................

.....

...............................................

.............................

.....................................

.....................................

..

............................................................................

..

...................................

...................................

......

12/41

Nr. 0215.266.160 C 4


from capital and share premium account

from reserves

75.508.266

60.393.818

15.114.448

94.630

94.630

2.165.567

2.165.567

19.759.265

53.678.064

53.678.064

67.075.530

61.552.915

5.522.615

15.114.448

51.961.082

51.961.082

9906

(9905)

14P

791/2

791

792

691/2

6921

(14)

794

6920

694

696

695

694/6

691

APPROPRIATION ACCOUNT

Gain (loss) to be appropriated

.........................................................(+)/(-)Profit (loss) to be appropriated

Profit (loss) to be carried forward

Transfers from capital and reserves ..........................................................

..........................................................

................................................................................................................

.....................

to capital and share premium account .....................................................

to the legal reserve ..................................................................................

Transfers to capital and reserves ..............................................................

.......

to other reserves .....................................................................................

Profit (loss) to be carried forward .....................................................(+)/(-)

Owner's contribution in respect of losses ..............................................

.......................

Other beneficiaries ..................................................................................

Dividends ..................................................................................................

Director's or manager's entitlements .........................................................

Profit to be distributed ...............................................................................

......................

.......................................................(+)/(-)

...................................................(+)/(-)

13/41

Nr. 0215.266.160 C 5.2.1


RESEARCH AND DEVELOPMENT COSTS

xxxxxxxxxxxxxxx

xxxxxxxxxxxxxxx

STATEMENT OF INTANGIBLE FIXED ASSETS

1.116.093

4.087.855

5.203.948

223.218

1.040.790

1.264.008

3.939.940

8031

8041

8051

8121P

8071

8051P

8021

8091

8101

8081

8121

210

8111

Acquisitions, including produced fixed assets .......................................

Acquisition value at the end of the period

Movements during the period

Transfers from one heading to another ....................................... (+)/(-)

Sales and disposals ..............................................................................

..............................................

........................

Acquisition value at the end of the period ..............................................

........................

Recorded ..............................................................................................

Depreciation and amounts written down at the end of the period .......

.......

.......

.......

.......

.......

.......

.......

.......

.......

Written back ........................................................................................

Acquisitions from third parties ..............................................................

Cancelled owing to sales and disposals ................................................

Depreciation and amounts written down at the end of the period ........

........

........

........

........

........

........

........

........

........

........

...

NET BOOK VALUE AT THE END OF THE PERIOD .................................

.................................

....



14/41

Nr. 0215.266.160 C 5.2.2


CONCESSIONS, PATENTS, LICENCES, KNOWHOW, BRANDS AND SIMILAR RIGHTS

xxxxxxxxxxxxxxx

xxxxxxxxxxxxxxx

2.892.618

2.892.618

2.892.618

2.892.618

8032

8042

8052

8122P

8072

8052P

8022

8092

8102

8082

8122

211

8112






..............................................

........................

Acquisition value at the end of the period ..............................................

........................

Recorded ..............................................................................................

Depreciation and amounts written down at the end of the period .......

.......

.......

.......

.......

.......

.......

.......

.......

.......


Depreciation and amounts written down at the end of the period ........

........

........

........

........

........

........

........

........

........

........

...


.................................

....



Written back ........................................................................................


15/41

Nr. 0215.266.160 C 5.3.1




STATEMENT OF TANGIBLE FIXED ASSETS

..............................................

........................

xxxxxxxxxxxxxxx

..............................................

........................

Depreciation and amounts written down at the end of the period

.....................................

.................................

Cancelled ..............................................................................................

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

xxxxxxxxxxxxxxx

LAND AND BUILDINGS

Revaluation surpluses at the end of the period


Revaluation surpluses at the end of the period .....................................

.................................

xxxxxxxxxxxxxxx

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

44.495.920

5.483.573

928.975

10.780

45.414.115

3.637

-116.594

5.363.342

806.185

1

-116.595

12.511.672

38.265.785

11.822.083

8171

8181

8191

8251P

8211

8191P

8161

8231

8241

8221

8321P

8271

8251

8281

8301

8311

8291

8321

(22)


Recorded ..............................................................................................

Transfers from one heading to another ........................................(+)/(-)





Recorded ..............................................................................................




.................................

....


Written back ........................................................................................



16/41

Nr. 0215.266.160 C 5.3.2


xxxxxxxxxxxxxxx

xxxxxxxxxxxxxxx

PLANT, MACHINERY AND EQUIPMENT

xxxxxxxxxxxxxxx

1.826.889.449

106.562.451

26.968.470

17.855.956

1.924.339.386

570.678.428

-10.479.337

560.199.091

50.841.754

1.145.232

18.679.721

7.376.619

931.119.911

1.553.418.566

892.726.491

8172

8182

8192

8252P

8212

8192P

8162

8232

8242

8222

8322P

8272

8252

8282

8302

8312

8292

8322

(23)



..............................................

........................

..............................................

........................


.....................................

.................................

Cancelled ..............................................................................................

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......




.................................

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......


Recorded ..............................................................................................






Recorded ..............................................................................................




.................................

....


Written back ........................................................................................



17/41

Nr. 0215.266.160 C 5.3.3


xxxxxxxxxxxxxxx

xxxxxxxxxxxxxxx

FURNITURE AND VEHICLES

xxxxxxxxxxxxxxx

49.193.776

472.846

4.242.295

1.121.421

7.840.231

-10.061

462.785

4.125.641

37.208.773

1.114.699

7.830.171

48.049.886

12.567.780

8173

8183

8193

8253P

8213

8193P

8163

8233

8243

8223

8323P

8273

8253

8283

8303

8313

8293

8323

(24)

60.154.881



..............................................

........................

..............................................

........................


.....................................

.................................

Cancelled ..............................................................................................

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......




.................................

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......


Recorded ..............................................................................................






Recorded ..............................................................................................




.................................

....


Written back ........................................................................................



18/41

Nr. 0215.266.160 C 5.3.5


xxxxxxxxxxxxxxx

xxxxxxxxxxxxxxx

OTHER TANGIBLE FIXED ASSETS

xxxxxxxxxxxxxxx

2.649.470

2.649.470

1.059.788

264.947

1.324.735

1.324.735

8175

8185

8195

8255P

8215

8195P

8165

8235

8245

8225

8325P

8275

8255

8285

8305

8315

8295

8325

(26)



..............................................

........................

..............................................

........................


.....................................

.................................

Cancelled ..............................................................................................

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......




.................................

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......


Recorded ..............................................................................................






Recorded ..............................................................................................




.................................

....


Written back ........................................................................................



19/41

Nr. 0215.266.160 C 5.4.2


xxxxxxxxxxxxxxx

xxxxxxxxxxxxxxx

OTHER ENTERPRISES LINKED BY PARTICIPATING INTERESTS -PARTICIPATING INTERESTS AND SHARES

xxxxxxxxxxxxxxx

xxxxxxxxxxxxxxx

xxxxxxxxxxxxxxx

1.161.132

1.161.132

1.161.132

8372

8382

8392

8452P

8412

8392P

8362

8432

8442

8422

8522P

8472

8452

8482

8502

8512

8492

8522

8552P

8542

8582

8602

8612

8592

8622

8632

8552

(282)

283P

(283)

8652

Amounts written down et the end of the period .....................................

.....................................

.................

.....................................

.....................................

.................Uncalled amounts at the end of the period .............................................

.............................................

.Movements during the period .........................................................(+)/(-)


.................................

.........................

Additions ...............................................................................................

Repayments ..........................................................................................

Amounts written down ...........................................................................

Amounts written back ............................................................................

Exchange differences ..................................................................(+)/(-)

Other ...........................................................................................(+)/(-)

ACCUMULATED AMOUNTS WRITTEN OFF ON AMOUNTS

RECEIVABLE AT THE END OF THE PERIOD ...........................................

...........................................

.....



Cancelled ..............................................................................................




.................................

Recorded ..............................................................................................






..............................................

........................



Recorded ..............................................................................................


Amounts written down at the end of the period

Uncalled amounts at the end of the period .............................................

.............................................

.


.................................

.........................


.................................

.........................


OTHER ENTERPRISES LINKED BY PARTICIPATING INTERESTS -

AMOUNTS RECEIVABLE

..............................................

.............................................................

.................................

Written back ........................................................................................



20/41

Nr. 0215.266.160 C 5.5.1

SHARE IN THE CAPITAL AND OTHER RIGHTS IN OTHER COMPANIES

INFORMATION RELATING TO THE SHARE IN THE CAPITAL

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.

NAME, full address of the REGISTERED

OFFICE and for the enterprise governed by

Belgian law, the COMPANY NUMBER

Shares held by

directlysubsi-

diaries

Number % %

Information from the most recent period for

which annual accounts are available

Primary

financial

statement

Mone-

tary

unit

Capital and reserves Net result

(+) or (-)

(in monetary units)

Eandis CALL 31/12/2009 EUR

Brusselsesteenweg 199

9090 Melle

Belgium

0477.445.084

20.405 0

57830 16,60 0,00

21/41

Nr. 0215.266.160 C 5.6

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


Book value increased with the uncalled amount ....................................................

Falling due

Shares

Fixed income securities

Fixed income securities issued by credit institutions .............................................

INVESTMENTS: OTHER INVESTMENTS AND DEPOSITS

Uncalled amount ...................................................................................................

Fixed term deposit with credit institutions

less or up to one month ..................................................................................

over one year ..................................................................................................

between one month and one year ...................................................................

Other investments not yet shown seperately

8681

8682

52

8684

51

53

8686

8687

8688

8689

.......................................................................................................................

..........

............................................................................................

........................

.............................................................

.......................................................

.........................................................

.........................................................

..

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

DEFFERED CHARGES AND ACCRUED INCOME

Period

Deferred charges 32.342.990

Accrued income 75.449.521

22/41

Nr. 0215.266.160 C. 5.7

STATEMENT OF CAPITAL AND STRUCTURE OF SHAREHOLDINGS

STATEMENT OF CAPITAL

Social capital

100P

(100)

XXXXXXXXXXXXXX 487.654.290

487.654.290


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

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

Codes Amounts Number of shares

Changes during the period:

Structure of the capital

Different categories of shares

473.928.385 13.636.330Shares A (Electricity and gas)

13.725.905 395.141Profit certificates E (Electricity and Gas)

8702

8703

XXXXXXXXXXXXXX 14.031.471

XXXXXXXXXXXXXX

Registered shares..................................................................................................

Bearer shares and/or dematerialized shares..........................................................

Capital not paid

CodesUncalled

capital

Capital called,

but not paid

(101)

8712

XXXXXXXXXXXXXX

XXXXXXXXXXXXXX

Uncalled capital .......................................................................................

Capital called, but not paid ......................................................................

Shareholders having yet to pay up in full

PeriodCodes

8722

8731

8732

8721

8741

8740

8742

8746

8745

8747

8751

OWN SHARES

Held by the company itself

Amount of capital held

Number of shares held

Held by the subsidiaries

Amount of capital 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

......................................................................................................................

.......................

......................................................................................................................

.......................

......................................................................................................................

.......................

......................................................................................................................

.......................

........................................................................................

......................................................................................................................................................

..........................................................................................................

..............................................................

.................

......................................................................................

........................................................................................................................................................

...........................................................................................................

...............................................................

................................................................................................................................

............................

23/41

Nr. 0215.266.160 C. 5.7

STATEMENT OF CAPITAL AND STRUCTURE OF SHAREHOLDINGS

PeriodCodes

8762

8771

8781

8761 119

119

Shared issued, not representing capital

Distribution


Number of voting rights attached thereto

Allocation by shareholder

Number of shares held by the company itself

Number of shares held by its subsidairies

..................................................................................................................

...................................................................................................................

.....................................................

.................................................................................

..................................................................................................................................................

.......................................................

24/41

Nr. 0215.266.160 C 5.8

PROVISIONS FOR OTHER LIABILITIES AND CHARGES

Period

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

........................................

........................................

........................................

........................................

.

Provisions Electricity-activities 1.383.710

Provisions Gas-activities 10.587.241

25/41

Nr. 0215.266.160 C 5.9

Codes Period

STATEMENT OF AMOUNTS PAYABLE, ACCRUED CHARGES AND DEFERREDINCOME

Leasing and other similar obligations ..................................................................................................

Advance payments received on contracts in progress

...............................................................................

Other loans .........................................................................................................................................

Suppliers .............................................................................................................................................

Bills of exchange payable ....................................................................................................................

Total amounts payable after more than one year, not more than one year

Trade debts ...............................................................................................................................................

.

Amounts payable after more than one year, between one and five years

Financial debts ..........................................................................................................................................

Subordinated loans .............................................................................................................................

Unsubordinated debentures ................................................................................................................

...............................................

......................

Total amounts payable after more than one year, between one and five years

Amounts payable after more than one year, over five years

ANALYSIS BY CURRENT PORTIONS OF AMOUNTS INITIALLY PAYABLE AFTER MORETHAN ONE YEAR

Amounts payable after more than one year, not more than one year

Credit institutions ................................................................................................................................

Other amounts payable .............................................................................................................................

......................................

......................................

......................................

......................................

..........

Total amounts payable after more than one year, over five years .............................................................

.............................................................

............................

16.461.135

16.461.135

16.461.135

279.343.216

266.065.376

13.277.840

811.295

280.154.511

410.448.453

410.448.453

410.448.453

8811

8821

8831

8841

8801

8851

8861

8871

8881

8891

(42)

8901

8802

8812

8822

8832

8842

8852

8862

8872

8882

8892

8902

8912

8803

8813

8823

8833

8843

8853

8863

8873

8883

8893

8903

8913



...............................................................................

Other loans .........................................................................................................................................

Suppliers .............................................................................................................................................


Trade debts ...............................................................................................................................................

.

Financial debts ..........................................................................................................................................






Advance payments received on contracts in progress ...............................................................................

Other loans .........................................................................................................................................

Suppliers .............................................................................................................................................


Trade debts ...............................................................................................................................................

.

Financial debts ..........................................................................................................................................





26/41

Nr. 0215.266.160 C 5.9

Codes Period

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

.............................................................

........

Taxes

AMOUNTS PAYABLE GUARANTEED

Amounts payable guaranteed by Belgian public authorities

(headings 17 and 42/48 of liabilities)

Remuneration and social security ..............................................................................................................

Total amounts payable guaranteed by real guarantees given or irrevocably promised by the

enterprise on its own assets...........................................................................................................................

..

AMOUNTS PAYABLE FOR TAXES, REMUNERATION AND SOCIAL SECURITY

(heading 450/3 of the liabilities)

Expired taxes payable .............................................................................................................................

Non expired taxes payable ........................................................................................................................

Estimated taxes payable ...........................................................................................................................

Remuneration and social security (heading 454/9 of the liabilities)

due to the National Office of Social Security ...............................................................................

Other amounts payable relating to remuneration and social security

.........................................................

2.121.677

374.548

8931

8941

8951

8961

8921

8971

8981

8991

9001

9011

9051

9021

9061

8922

8932

8942

8952

8962

8972

8982

8992

9002

9022

9062

9012

9072

9073

450

9076

9077

9052

Taxes ..................................................................................................................................................

Remuneration and social security ....................................................................................................... 9042

9032



Advance payments received on contracts in progress ...............................................................................

Other loans .........................................................................................................................................

Suppliers .............................................................................................................................................


Trade debts ...............................................................................................................................................

.

Financial debts ..........................................................................................................................................





Taxes, remuneration and social security ...................................................................................................



...............................................................................

Other loans .........................................................................................................................................

Suppliers .............................................................................................................................................


Trade debts ...............................................................................................................................................

.

Financial debts ..........................................................................................................................................




Amount

27/41

Nr. 0215.266.160 C 5.9

Allocation of the heading 492/3 of liabilities if the amount is considerable

ACCRUED CHARGES AND DEFERRED INCOME

Period

Accrued charges 2.105.644

Deferred income 2.214.393

28/41

Nr. 0215.266.160 C 5.10

OPERATING RESULTS


OPERATING INCOME

Net turnover

Broken down by categories of activity

Allocation into geographical markets

Total amount of subsidies and compensatory amounts obtained from public

authorities ............................................................................................................ 740

Other operating income

OPERATING COSTS

9087

9086

9088

Employees recorded in the personnel register

Total number at the closing date ...........................................................................

Average number of employees calculated in full-time equivalents .........................

Number of actual worked hours .............................................................................

620

621

622

623

624

Remuneration and direct social benefits ...............................................................

Employers' social security contributions ................................................................

Personnel costs

Employers' premiums for extra statutory insurances .............................................

Other personnel costs ...........................................................................................

Old-age and widows' pensions ..............................................................................

Additions (uses and write-back) ................................................................. (+)/(-)

Stocks and contracts in progress

Provisions for pensions

Recorded .......................................................................................................

Written back ..................................................................................................

Amounts written off

Trade debtors

1.637.2802.987.164

2.334.302 2.044.533

635

9110

9111

9112

9113

Recorded .......................................................................................................

Written back ..................................................................................................

Other charges ......................................................................................................

Provisions for risks and charges

Additions ..............................................................................................................

Uses and write-back ............................................................................................

Other operating charges

Taxes related to operation ...................................................................................

45.368

183.135 408.745

147.219

10.230.423

668.519

10.976.642

9115

9116

640

641/8

Hired temporary staff and persons placed at the enterprise's disposal

Charges to the enterprise ....................................................................................

9096

9097

9098

617

Total number at the closing date ..........................................................................

Average number calculated as full-time equivalents ............................................

Number of actual worked hours ...........................................................................

29/41

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

Capital subsidies ...........................................................................................

Interest subsidies .......................................................................................... 9126

9125

Allocation of other financial income

Various financial income 59.367 81.091

Amounts written down off loan issue expenses and repayment premiums

Value adjustments to current assets

Amount of the discount borne by the enterprise, as a result of negotiating

amounts receivable ..............................................................................................

Appropriations ......................................................................................................

Uses and write-backs ...........................................................................................

Provisions of a financial nature

Other financial charges

Appropriations ......................................................................................................

Write-backs .........................................................................................................

Interests recorded as assets 6503

6501

6511

6510

6561

6560

653

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.......

.....

..................................................................................

........

Allocation of other financial charges

Period

EXTRAORDINARY RESULTS

Allocation other extraordinary income

Allocation other extraordinary charges

Correction on disposals 2009 - decision by the CREG 1.212.243

30/41

Nr. 0215.266.160 C 5.12

INCOME TAXES AND OTHER TAXES

PeriodCodes

INCOME TAXE

Income taxes on the result of the current period

Income taxes paid and withholding taxes due or paid ...............................................................................

Income taxes on previous periods

Taxes and withholding taxes due or paid ...................................................................................................

Excess of income tax prepayments and withholding taxes recorded under assets ....................................

Estimated additional taxes ........................................................................................................................

Estimated additional taxes estimated or provided for ................................................................................

906.247

531.699

374.548

9135

9134

9137

9136

9139

9138

9140

In so far as income taxes of the current period are materially affected by differences between the

profit before taxes, as stated in the annual accounts, and the estimated taxable profit

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

current period

PeriodCodes

Status of deferred taxes

Deferred taxes representing assets ...........................................................................................................

Accumulated tax losses deductible from future taxable profits ............................................................ 9142

9141

Other deferred taxes representing assets

9144Deferred taxes representing liabilities

........................................................................................................Allocation of deferred taxes representing liabilities

Codes Period Previous Period

THE TOTAL AMOUNT OF VALUE ADDED TAX AND TAXES BORNE BY THIRD

PARTIES

The total amount of value added tax charged

To the enterprise (deductible) ..............................................................................

By the enterprise ..................................................................................................

Amounts retained on behalf of third parties for

Payroll withholding taxes ......................................................................................

Withholding taxes on investment income .............................................................

79.902.337

115.532.689

76.396.432

107.980.900

68.211

4.000.410 3.836.133

69.792

9146

9145

9148

9147

31/41

Nr. 0215.266.160 C 5.13

RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET

Code Period

Bills of exchange in circulation drawn or guaranteed by the enterprise ......................................................

Maximum amount for which other debts or commitments of third parties are guaranteed by the

enterprise ..................................................................................................................................................

1.512.940

9150

9149

9153

9151

9161

9191

9171

9201

9181

9162

9172

9192

9182

9202

PERSONAL GUARANTEES GIVEN OR IRREVOCABLY PROMISED BY THE ENTERPRISEAS SECURITY FOR DEBTS AND COMMITMENTS OF THIRD PARTIES

Of which

Bills of exchange in circulation endorsed by the enterprise .......................................................................

......................................

......................................

......................................

......................................

............

Real guarantees given or irrevocably promised by the enterprise on its own assets as a security of

debts and commitments from the enterprise

Amount of registration ..........................................................................................................................

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 .............................................................................

REAL GUARANTEES

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

Mortgages

Book value of the immovable proporties mortgaged .............................................................................

Amount of 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 THIRDPARTIES IN THEIR OWN NAME BUT AT RISK TO AND FOR THE BENEFIT OF THEENTERPRISE

Recharges of budgetmeters - payments to be received 21.019

SUBSTANCIAL COMMITMENTS TO ACQUIRE FIXED ASSETS

Purchase of land 218.105

SUBSTANCIAL COMMITMENTS TO DISPOSE FIXED ASSETS

Sale of sites and buildings 3.231.860

FORWARD TRANSACTIONS

Goods purchased (to be received)

Goods sold (to be delivered)

Currencies sold (to be delivered)

Currencies purchased (to be received)

9213

9216

9214

9215

................................................................................................................

................................................................................................................................................................

........................................................................................................................................

..................................................................................................................................................................

......................................

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 20,3 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

associations, Gaselwest has given a mandate to Eandis CVBA to conclude with Dexia Bank België nv on the issuance of a Commercial

32/41

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

Paper of Eandis , for the account of the various Distribution System Operators, amounting to 522.000.000,00 EUR. All mixed Distribution

System Operators jointly guarantee vis à 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. On December 2010 the amount used was

53.500.000 EUR.

3. A bank guarantee has been offered in favour of OVAM amounting to 3.920.000,00 EUR as assurance for the accomplishment of soil

analysis and/or rehabilitation

A bank guarantee has been offered in favour of the CREG amounting to 1.500,00 EUR to cover for the charges of the federal contribution

credited by Gaselwest to their social customers.

A bank guarantee in favour of Customs and Levies amounting to 22.000 EUR 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 EUR, of which

250.000.000,00 EUR was taken up by the end of 2010, by Eandis CVBA to finance the working capital and the investments of the mission

charged associations (Distribution System Operators), each Distribution System Operator acts for its share but vis à vis third parties the

Distribution System Operators are jointly responsible. The Distribution System Operators are severally responsible vis à vis each other for the

payment commitments to this mandate.

5. The off-balance sheet rights and commitments mention the actualized value (75,6 million EUR) of future obligations to the Eandis staff

(concerning pensions, reimbursement of healthcare costs, tariff benefits, jubilee bonuses).

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

PENSIONS FUNDED BY THE ENTERPRISE

Estimated amount of the commitments resulting for the enterprise from past services

PeriodCode

9220.........................

.........................

.........................

.........................

.........................

.........................

..

Methods of estimation

NATURE AND BUSINESS PURPOSE OF OFF-BALANCE SHEET ARRANGEMENTS

Provided the risks or benefits arising from such arrangements are material and where the disclosure of such risks or benefits is

necessary for assessing the financial position of the company; if required, the financial impact of these arrangements have to be

mentioned too:

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RELATIONSHIPS WITH AFFILIATED ENTERPRISES AND ENTERPRISES LINKED BY PARTICIPATINGINTERESTS


AFFILIATED ENTERPRISES

Investments ............................................................................................................

ENTERPRISES LINKED BY PARTICIPATING INTERESTS

Provided or irrevocably promised by affiliated enterprises as security for debts or

commitments of the enterprise ...............................................................................

Amounts receivable subordinated ...........................................................................

................................................................................................

.......................


Other amounts receivable ......................................................................................

Amounts receivable ...................................................................................................

............................After one year .........................................................................................................

Within one year

........................................................................................................Current investments

Shares ....................................................................................................................

..................................................................................................

.............................

Amounts receivable ................................................................................................

Amounts payable .......................................................................................................

........................

Personal and real guarantees

Provided or irrevocably promised by the enterprise, as security for debts or

commitments of affiliated enterprises .....................................................................

Other substancial financial commitments ...............................................................

...............................................................

.Financial results

Income from financial fixed assets .........................................................................

......................................................Income from current assets ...................................................................................

............................................Other financial income ...........................................................................................

....................................Debts charges .......................................................................................................

........................Other financial charges .........................................................................................

......................................

1.161.132

586

586

163.129.573

53.111.360

110.018.213

1.161.132

98.865.109

98.865.109

1.161.132 1.161.132

Gains and losses on disposal of fixed assets

Obtained capital gains

Obtained capital losses

...........................................................................................

..............................................................................................................................

.....................................

(280/1)

(280)

9271

9281

9291

9301

9311

9321

9331

9351

9341

9361

9371

9381

9391

9401

9421

9431

9441

9461

9471

9481

9491

9362

9372

(282)

9272

9282

9292

9302

9352

(282/3)

9312

After one year .........................................................................................................

Within one year ......................................................................................................

Investments ............................................................................................................

Amounts receivable subordinated ...........................................................................


Other amounts receivable ......................................................................................

Amounts receivable

After one year .........................................................................................................

Within one year

........................................................................................................Amounts payable

After one year .........................................................................................................

Within one year ......................................................................................................

................................................................................................

...................................................................................................

.......................................................................................................

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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 the

relationship with the related party and other information about the transactions necessary for the

understanding of the financial position of the company:

Look at C 10

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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

PeriodCodes

Amounts receivable from these persons 9500

Conditions on amounts receivable

Guarantees provided in their favour 9501

Guarantees provided in their favour - Main condition

Other significant commitments undertaken in their favour 9502

Other significant commitments undertaken in their favour - Main condition

Amount of direct and indirect remunerations and pensions, included in the income statement, as

long as this disclosure does not concern exclusively or mainly, the situation of a single identifiable

person

To directors and managers .......................................................................................................................

To former directors and former managers ...............................................................................................

172.157

9504

9503

Codes Period

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

Tax consultancy

Other missions external to the audit

7.800

5.625

9505

95061

95062

95063

...............................................................................................................................................

......................................

.......................................................................................................................

......................................................................................................................................................................................

........................................................................................................................................

.............................................................

Fees for exceptional services or special missions executed in the company by people

they are linked to

95081

95082

95083

Other attestation missions

Tax consultancy

Other missions external to the audit

.......................................................................................................................

......................................................................................................................................................................................

........................................................................................................................................

.............................................................

Mention related to article 133 paragraph 6 from the Companies Code

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Nr. 0215.266.160 C 7

VALUATION RULESValuation rules

GENERAL

For the activities regulated by the CREG the guidelines are applied as mentioned in the Royal Decree of 2 September 2008 concerning

the rules regarding the determination and monitoring of the total income and fair profit margin, the general tariff structure, the balance

between costs and revenues and the basic principles and procedures relating to the proposal and approval of the tariffs, of reporting and

cost control by the operators of distribution networks for electricity and gas.

ASSETS

FORMATION EXPENSES

All formation expenses are immediately charged to the profit or loss of the financial year.

INTANGIBLE FIXED ASSETS

The research and development costs that are expected to have a return over a period longer than the current financial year are valued at

cost and are amortized over a period of five years according to the straight-line method.

TANGIBLE FIXED ASSETS

"Acquisition values

Investments are recognized at acquisition cost or cost price, including all attributable costs. The interventions of third parties in the

financing of tangible fixed assets are deducted from the corresponding acquisition cost.

"Revaluation surpluses

The revaluation according to the instructions issued by the supervisory authority was used for the last time in financial year 2002 (circular

letter 25 April 2003).

This category also includes the surplus value stemming from the valuation at economic reconstruction value according to the guidelines of

the CREG, agreed in the final settlement with the CREG on October 1, 2007.

These revaluation surpluses are monitored by an annual control calculation.

"Depreciations

The net acquisition value is depreciated according to the linear method.

The following depreciation rates are used:

2%cables, lines, pipes and administrative buildings

3%cabins, stations, substations, connections and metering equipment

10%teleread meters and budget meters, optical fibres and teletransmission, central remote control, telecontrol and dispatching, CHP

installations, lab equipment, tools and office furniture, other tangible fixed assets

20%vehicles

33%IT hardware

Land is not depreciated.

All infrastructure elements owned on 31 December, irrespective of their date of acquisition, are depreciated for a full financial year.

"Disposals

If an asset is disposed of, its net carrying amount is written off. In the case of a sale, the related remaining revaluation value is also taken

into account.

The remaining revaluation value is depreciated at 2% per year. Every four years these amounts will be checked with the actual revaluation

value and if necessary, the currently applied rate will be adjusted.

FINANCIAL FIXED ASSETS

The participating interest and the amounts receivable are recorded at acquisition value. The additional costs are charged directly to the

income statement.

Write-downs are recorded and charged to the income statement when an impairment occurs, taking into account equity, profitability and

future prospects of the company concerned.

Write-back of amounts written down is recorded in the income statement when the developments of the company concerned so justify.

For other financial assets, the same rules apply.

STOCKS AND CONTRACTS IN PROGRESS

Contracts in progress are valued at cost price. The cost price includes all expenditures directly related to specific projects and an

allocation of fixed and variable indirect costs associated with the contract activities of the Eandis Group based on normal operating

capacity.

AMOUNTS RECEIVABLE

Receivables are recorded at their nominal value. Amounts are written down when there is uncertainty about the collectability of the

receivable and after comparison with the realization value.

If a receivable is expected to be no longer collectible or if the collection costs exceed the amount of the receivable, the receivable is

derecognized utilizing the provision set up for that purpose.

The 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.In 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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Nr. 0215.266.160 C 7

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 HAND

Cash includes cash and bank balances (current and deposit accounts).

DEFERRED CHARGES AND ACCRUED INCOME

Charges incurred during the financial year or prior financial years and which belong to one or more future years, are valued at the pro rata

amount relating to future years.

The share of the income for which recovery will occur only during one or more future financial years, are valued at the amount that relates

to the current financial year.

LIABILITIES

PROVISIONS FOR LIABILITIES AND CHARGES

Provisions for liabilities and charges are recognized on the balance sheet date based on the best estimate of the expected charges and

expenses.

AMOUNTS PAYABLE

The amounts payable are valued at nominal value.

Taxes, remuneration and social security provisions are determined by evaluating the most likely debt.

ACCRUED CHARGES AND DEFERRED INCOME

The accrued charges and deferred income are valued at the amounts related to the closed or to the future financial year respectively.

CHANGES OF THE VALUATION MODALITIES

None.

CHANGES IN THE PRESENTATION

None.

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MANAGEMENT REPORT

ADMINISTRATION REPORT - GASELWEST 2010

Ladies and Gentlemen,

Herewith you find the annual accounts relating to the financial year 2010 which comprise the balance sheet, the profit and loss statement,

the distribution of earnings and the comments, 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 costs and

revenues which have to be reported to the CREG according to article 27, §1, 5° of the Royal Decree of 2 September 2008 in table 22 of the

reporting model, it has to be mentioned that as from the financial year 2010 the budgeted manageable costs have been adjusted to the

inflation evolution for the first time, based upon the evolution of the parameters Ps (evolution of wages) and Pm (costs of materials).

These adjustments to inflation resulted for Gaselwest in additional increases of the manageable costs compared to the initial budget,

approved by the CREG, of 3,55 per cent for the activity electricity and 3,32 per cent for the activity gas. Partly due to these increases a

bonus could be realized of EUR 4.265.811,51 for electricity and of EUR 1.339.999,09 for gas.

As to the non-manageable costs and income and based upon budget for the activity electricity previously approved by the CREG, an

amount of EUR 28.027.571,90 of costs was transferred to the next tariff period, for the activity gas an amount of EUR 187.943,90 of

income was transferred to the next tariff period.

As was the case for 2009, the fair remuneration 2010 was calculated using the fair value 2010 of the regulated assets (regulated asset

base value), the equity value and the OLO 10 year interest rate. Due to the sharp decline of interest rates (the budgeted 4,62 per cent

actually turned out to be only 4,14 per cent), these calculations have resulted in a decrease of the fair remunerations (EUR 2.576.786,77

for electricity and EUR 1.299.550,54 for gas).

Of course, all these transferred balances and calculations still have to obtain final approval by the CREG, after an evaluation of our

reporting on the financial year 2010. The evaluation by the CREG might give rise to additional differences which then have to be introduced

into next financial year's income statement.

In fixing the final 2010 result, the costs related to the financial year 2009 for electricity, rejected by the CREG following their evaluation of

the disposals processed during the financial year 2009, were also taken into account. Thus a final amount of EUR 1.867,33 for electricity

was put at the expense of the shareholders and an amount of EUR 65.143,44 was temporarily (there is a possibility of recuperation if

certain conditions are met) was transferred to the accrual accounts pending a final decision by the CREG on their initial remark about the

processing of the disposals.

So it can be stated that the result for 2010 is equal to the fair remunerations (EUR 34.325.085,62 for electricity and EUR 20.131.649,45 for

gas) calculated on the basis of the average regulated asset base values, the average equity and the actual OLO 10 year interest rate for

the financial year 2010, increased with the aforementioned bonuses for 2010 and decreased with the expenses definitively and

provisionally rejected by the CREG, as mentioned in the previous paragraph.

As to the remuneration of the Profit Certificates E, an individualized reduction of the reserves attributable to the A shares has been carried

out in order to be able to attribute a dividend to the Profit Certificates E conforming to the amounts previously put forward for introduction

into the municipal budgets.

Apart from the above, we do not have any knowledge of facts and/or events which might occur and which might have a material impact on

the result or the balance sheet of our mission entrusted company relating to the financial year 2010.

The Board of Directors,

8 April 2011

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Nr. 0215.266.160 C 10

ADDITIONAL INFORMATION

The Board of Directors determines that there are no objective or legal criteria to clearly define what is meant with transactions above

normal market conditions as described in the Royal Decree of August 10, 2009.

Therefore the Board of Directors has opted to disclose all substantial transactions with related parties in the notes. This approach is in line

with the international practice where all transactions with related parties need to be disclosed in the financial statements.

Herewith an overview of all substantial transactions with related parties:

A) recharge of distribution grid revenue 19.905.723,39 EUR

B) interests on cash pool activities 282.946,21 EUR

C) recharge of management invoices from Eandis to Gaselwest 235.438.738,89 EUR

D) purchase of netgrid losses 12.648.483,40 EUR

E) purchase of energy for supply to social customers 12.429,79 EUR

F) green certificates sales 1.033.900,00 EUR

41/41

Documents

40 1 EUR - · PDF filedemeulemeester ignace 2/41. nr. 0215.266.160 c 1.1 list of directors, managers and auditors ... benoit willy 5/41. nr. 0215.266.160 c 1.1 list of directors,