ANNUAL ACCOUNTS IN EURO - · PDF fileANNUAL ACCOUNTS IN EURO NAME: CVBA GASELWEST Legal form: ... DEMEULEMEESTER Ignace Statiestraat 10, ... BENOIT Wiliy Holstraat 56,

40 1 EUR

Nr. Date of the deposition No. 0215.266.160 PP. E. D.

ANNUAL ACCOUNTS IN EURO

NAME: CVBA GASELWEST

Legal form: CALL

Address: President Kennedypark

Postal Code: 8500 City: Kortrijk

Country: Belgium

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

Internet address *:

C 1.1

Nr.: 12

Company number: 0215.266.160

DATE ~— 13/0712011 ~ of the deposition of the partnership deed OR of the most recent document mentioning the date of

publication of the partnership deed and the act changing the articles of association.

ANNUAL ACCOUNTS approved by the General Meeting of 22106/2012

concerning the financial year covering the period from ~ 1/01/2011 ~ till 31/12/2011

Previous period from 1/01/2010 t~~~ 31/12!2010

The amounts of the previous financial year are / -ar$ae~ "* identical to those which have been previously published.

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

position with the enterprise, OF DIRECTORS, MANAGERS AND AUDITORS

DEHAENE Luc

Veemarkt 14, 8900 leper, Belgium

Title :President of the board of directors

BATAILLE Vincent

rue de Wervicq 47, 7780 Komen-Waasten, Belgium

Title :Observer

BOSSUYT Gilbert

Edgar Tinelstraat 7, 8930 Menen, Belgium

Title :Director

BURMS Jenny

Vossenstraat 2, 9070 Destelbergen, Belgium

Title :Director

Mandate : - 30/06/2011

Enclosed to these annual accounts: MANAGEMENT REPORT

Total number of pages deposited: 39 Number of the pages of the standard form not deposited for not being

of service: 5.1, 5.2.3, 5.2.4, 5.3.4, 5.3.6, 5.4.1, 5.4.3, 5.5.2, 5.16, 5.17.1, 5.17.2, 6, 9

Signature(name and position)

Optional statement.

"` Delete where appropriate.

Signature(name and position)

~ ~ ~~ ~

Nr. 0215.266.160 C 1.1

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

DEBEERST Jaak

Meeuwenlaan 55, 8660 De Panne, Belgium

Title :Director

DEBUCK Karl

Koekuitstraat21, 8930 Menen, Belgium

Title :Director

DECALUWE Carl

Parkietenlaan 19, 8500 Kortrijk, Belgium

Title :Director

Mandate : - 1/02/2012

DE GROOF Chris

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

Title :Director

DEJAEGHER Christof

Beluikstraat 1, 8970 Poperinge, Belgium

Title :Director

DEMEULEMEESTER Ignace

Statiestraat 10, 8570 Anzegem, Belgium

Title :Director

Mandate : - 5/04/2011

DERAEVE Dirk

Houthulstseweg 16, 8920 Langemark-Poelkapelle, Belgium

Title :Director

DE RUYCK Jacques

Tolpoortstraat 15, 9800 Deinze, Belgium

Title :Director

DESEYN Roel

't Rode Paard 44, 8510 Marke (Kortrijk), Belgium

Title :Director

Mandate :23/03/2012

2/39

Nr. 0215.266.160 C 1.1


EECKHOUT Eric

Spanjestraat 16, 8840 Staden, Belgium

Title :Director

GANTOIS Rita

Veurnestraat 33, 8670 Koksijde, Belgium

Title :Director

GERNIERS Victor

Varentstraat 27, 8572 Kaster, Belgium

Title :Director

GODS Johnny

Emiel Gellyncklaan 12, 8940 Wervik, Belgium

Title :Director

HEYVAERT Griet

Konijnenstraat 19, 2870 Puurs, Belgium

Title :Director

Mandate : - 30/06/2011

HOSTEKINT Michele

Jules Lagaelaan 5, 8800 Roeselare, Belgium

Title :Director

LELEU Guy

Krysantenlaan 21, 8500 Kortrijk, Belgium

Title :Director

LIPS Rik

Marktstraat 36, 8620 Nieuwpoort, Belgium

Title :Director

MARTENS Luc

Ten Hove 32, 8800 Roeselare, Belgium

Title :Director

3139

Nr. 0215.266.160 C 1.1


OTTE Dirk

Kruishoutemsesteenweg 199, 9750 Zingem, Belgium

Title :Director

PEETERS Frank

Mellegracht 2, 2150 Borsbeek (Antes.), Belgium

Title :Director

Mandate : - 30/06/2011

SARENS Andre

Achterdenken 6, 9255 Buggenhout, Belgium

Title :Director

SEYNAEVE Marc

Groenestraat 8, 8700 Tielt, Belgium

Title :Director

SOENS Rik

Bermkouter 4, 8791 Beveren (Leie), Belgium

Title :Director

THIENPONT Peter

Bossenaarstraat 18, 9680 Maarkedal, Belgium

Title :Director

VANDENBULCKE Pol

Weidestraat 91, 8800 Roeselare, Belgium

Title :Director

VANDENHOUCKE Joris

Muziekbosstraat 35, 9600 Ronse, Belgium

Title :Director

VANDE VELDE Lut

Kasteeldreef 21, 8730 Beernem, Belgium

Title :Director

Mandate : - 30/06/2011

4/39

Nr. 0215.266.160 C 1.1


VAN HOECKE Gilbert

Robert de Preesterstraat 6, 9700 Oudenaarde, Belgium

Title :Director

VANPOUCKE Daniel

Tieltstraat 104, 8760 Meulebeke, Belgium

Title :Director

VANWELDEN Claude

Bellegemstraat 124, 8550 Zwevegem, Belgium

Title :Director

VERMEERSCH Eric

Petegemstraat 57a, 9870 Zulte, Belgium

Title :Director

DEKENS Luc

c/o Brusselsesteenweg 199, 9090 Melle, Belgium

Title :Secretary

Mandate : - 25/06/2011

BRUYNEEL Bart


Title :Secretary

Mandate :25/06/2011

VERFAILLIE Jan

Dode Mannenstraat 24, 8630 Veurne, Belgium

Title :President of the Board of Commissioners

BENOIT Wiliy

Holstraat 56, box 31, 8790 Waregem, Belgium

Title :Auditor, Number of membership : x

BRYON Franky

Menenstraat 194, 8980 Zonnebeke, Belgium


5/39

Nr. 0215.266.160 C 1.1


DEBELS Patrick

Wittebroodhof 32, 9052 Zwijnaarde, Belgium


DE GUSSEM Annemie

's Gravenstraat 191, box b, 9052 Zwijnaarde, Belgium


DIERICK Denis

Muntekouter 3, 9890 Gavere, Belgium


FOULON Jan

Noordstraat 2, box c, 9600 Ronse, Belgium

Titie :Auditor, Number of membership : x

GHEKIERE Guido

Beselarestraat 48, 8890 Moorslede, Belgium


ROGIERS Dirk

Kardinaal Cardijnlaan 8, 2630 Aartselaar, Belgium


SPINCEMAILLE Eliane

Vichtestraat 5, 8553 Otegem, Belgium


VAN DAMME Elisabeth

Edward Vermeulenstraat 5, 8510 Marke (Kortrijk), Belgium


VAN DE WIELE Frank

Zandputstraat 15, 8930 Menen, Belgium


6/39

Nr. 0215.266.160 C 1.1


VERCRUYSSE Yves

Oudstrijdersstraat 29, 8770 Ingelmunster, Belgium


HERMANS Jan


Title :Secretary

Mandate :10/06/2011

Ernst &Young, bedrijfsrevisoren CALL 0446.334.711

Moutstraat 54, 9000 Gent, Belgium

Title : Commissaris - I.B.R.

Represented by:

De Luyck Jan

Geukenshage 30 , 1790 Affligem, Belgium

7/39

Nr. 0215.266.160 C 1.2

DECLARATION ABOUT SUPPLEMENTARY AUDITING OR ADJUSTMENT MISSION

The managing board declares that the assignment neither regarding auditing nor adjusting has been given to a person who was not

authorised by law pursuant to art. 34 and 37 of the Law of 22nd April 1999 concerning the auditing and tax professions.

The annual accounts gave/ have not * been audited or adjusted by an external accountant or auditor who is not a statutory auditor.

If YES, mention here after: name, first names, profession, residence-address of each external accountant or auditor, the number of

membership with the professional Institute ad hoc and the nature of this engagement:

A. Bookkeeping of the undertaking*",

B. Preparing the annual accounts "̀,

C. Auditing the annual accounts and/or

D. Adjusting the annual accounts.

If the assignment mentioned either under A or B is performed by authorised accountants or authorised accountants-tax consultants,

information will be given on: name, first names, profession and residence-address of each authorised accountant or accountant-

tax consultant, his number of membership with the Professional Institute of Accountants and Tax consultants and the nature of this

engagement.

Number ofNature of the

Name, first name, profession, residence-address membershipengagement

(A, B, C and/or D)

Delete where appropriate.

'~ Optional disclosure.8139

Nr. 0215.266.160 C 2.1

BALANCE SHEETNotes

ASSETS

FIXEDASSETS ......................................................................

Formation expenses ............................................................ 5.1

Intangible fixed assets ........................................................ 5.2

Tangible fixed assets ......................................................... 5.3

Land and buildings ............................................................

Plant, machinery and equipment ......................................

Furniture and vehicles .......................................................

Leasing and other similar rights ........................................

Other tangible fixed assets ................................................

Assets under construction and advance payments ............

5.4/

Financial fixed assets ......................................................... 5.5.1

Affiliated enterprises ......................................................... 5.14

Participating interests .................................................

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

Other enterprises linked by participating interests ............ 5.14

Participating interests .................................................

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

Other financial assets .......................................................

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

Amounts receivable and cash guarantees .................

CURRENT ASSETS ...............................................................

Amounts receivable after more than one year ....................

Tradedebtors ..................................................................

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

Stocks and contracts in progress ........................................

Stocks..............................................................................

Raw materials and consumables ...............................

Work in progress ........................................................

Finishedgoods ..........................................................

Goods purchased for resale .......................................

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

Advance payments ....................................................

Contracts in progress ........................................................

5.5.1/

Amounts receivable within one year .................................... 5.6

Tradedebtors ..................................................................

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

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

Ownshares ......................................................................

Other investments and deposits .......................................

Cash at bank and in hand ....................................................

Deferred charges and accrued income ............................... 5.6

TOTAL ASSETS ..................................................................

Codes Period Previous period

2p/2g 1.660.835.534 1.610.677.938

20

21 7.804.810 3.939.940

22/27 1.651.869.592 1.605.576.866

22 38.586.518 38.265.785

23 1.600.974.044 1.553.418.566

24 11.249.242 12.567.780

25

26 1.059.788 1.324.735

27

28 1.161.132 1.161.132

280/1

280

281

282/3 1.161.132 1.161.132

282 1.161.132 1.161.132

283

284/8

284

285/8

Zg/5g 185.851.928 180.611.845

29 79.585

290

291 79.585

3 10.414.017 7.278.651

30/36

30/31

32

33

34

35

36

37 10.414.017 7.278.651

40/41 75.749.589 63.494.625

40 59.570.966 54.939.765

41 16.178.623 8.554.860

50/53

50

51/53

54/58 4.209 2.046.058

490/1 99.604.528 107.792.511

20/58 1.846.687.462 1.791.289.783

9/39

Nr. 0215.266.160 C 2.2

EQUITY AND LIABILITIES Notes

EQUITY.................................................................................

Capital.................................................................................. 5.7

Issuedcapital ...................................................................

Uncalledcapital ...............................................................

Share premium account .......................................................

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

Reserves.................................................................................

Legalreserve ...................................................................

Reserves not available ...................................................

In respect of own shares held ....................................Other.........................................................................

Untaxed reserves .............................................................

Available reserves ............................................................

Accumulated profits (losses) ......................................(+)/(-)

Investment grants ...............................................................

Advance to associates on the sharingout of the assets ..................................................................

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

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

Pensions and similar obligations .......................................

Taxation...........................................................................

Major repairs and maintenance .........................................

Other liabilities and charges ............................................... 5•$

Deferredtaxes ......................................................................

AMOUNTS PAYABLE ..........................................................

Amounts payable after more than one year ........................ 5.9

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

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

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

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

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

Otherloans ...............................................................

Tradedebts .......................................................................

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

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

Advances received on contracts in progress ....................

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

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

Current portion of amounts payable after more than oneyear falling due within one year•••~•••••••••••••••••••••••••••••••••~•••• 5'9

Financialdebts .................................................................

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

Otherloans ...............................................................

Tradedebts .......................................................................

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

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

Advances received on contracts in progress ...................

Taxes, remuneration and social security .......................... 5.9

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

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

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

Accrued charges and deferred income ............................... 5.9

TOTAL LIABILITIES .........................................................


10/15 842.007.026 926.092.062

487.654.29010 386.232.266

100 386.232.266 487.654.290

101

11

12 315.303.911 325.910.485

13 106.807.729 92.768.022

130 609.439 609.439

131 79.630.695 69.024.120

1310

1311 79.630.695 69.024.120

132

133 26.567.595 23.134.463

14 33.663.120 19.759.265

15

19

16 11.757.715 11.970.951

160/5 11.757.715 11.970.951

160

161

162

163/5 11.757.715 11.970.951

168

17/49 992.922.721 853.226.770

17 847.822.684 690.602.964

170/4 847.011.389 689.791.669

170

171

172

173 833.733.549 676.513.829

174 13.277.840 13.277.840

175

1750

1751

176

178/9 811.295 811.295

42/48 138.584.998 158.303.770

42 32.019.280 16.461.135

43 64.235.844 106.999.321

430/8

439 64.235.844 106.999.321

44 22.091.049 16.573.718

440/4 22.091.049 16.573.718

441

46 10.465.615 9.180.200

45 3.173.190 2.496.225

450/3 3.173.190 2.496.225

454/9

47/48 6.600.020 6.593.171

492/3 6.515.039 4.320.036

10/49 1.846.687.462 1.791.289.783

10/39

Nr. 0215.266.160 C 3

INCOME STATEMENTNotes

Operatingincome .................................................................. 5.10

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

Increase (decrease) in stocks offinished goods, work and contracts in progress .........(+)/(-)

Own construction capitalised ..........................................

Other operating income .....................................................

Operatingcharges ...............................................................

Raw materials, consumables ..............................................

Purchases..................................................................

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

Services and other goods ..................................................

Remuneration, social security costs and pensions ....(+)/(-) 5.10

Depreciation of and amounts written off formationexpenses, intangible and tangible fixed assets ...................

Amounts written down stocks, contracts in progress andtrade debtors - Appropriations (write-backs) .............(+)/(-) 5.10

Provisions for risks and charges - Appropriations (usesand write-backs) ........................................................(+)/(-) 5.10

Other operating charges .................................................... 5.10

Operation charges carried to assets as restructuringcosts............................................................................. (-)

Operating profit (loss) .................................................(+)/(-)

Financial income ...................................................................

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

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

Other financial income ....................................................... 5.11

Financial charges ................................................................. 5.11

Debtcharges .....................................................................

Amounts written down on current assets exceptstocks, contracts in progress andtrade debtors .............................................................(+)/(-)

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

Gain (loss) on ordinary activities before taxes ........ (+)/(-)


70/74 472.329.382 416.248.783

70 454.234.670 399.325.420

71 3.135.365 1.839.480

72

74 14.959.347 15.083.883

60/64 369.187.398 326.273.295

60 156.742.389 122.950.662

600/8 156.742.389 122.950.662

609

61 141.767.295 135.350.579

62

630 59.552.849 57.079.317

631/4 680.704 652.862

635/7 -213.235 -137.767

640/8 10.657.396 10.377.642

649

9901 103.141.984 89.975.488

75 152.235 75.196

750

751 25.374 15.829

752/9 126.861 59.367

65 32.841.329 28.683.608

650 32.821.133 28.663.496

651

652/9 20.196 20.112

9902 70.452.890 61.367.076

11/39

Nr. 0215.266.160 C 3

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

Write-back of depreciation and of amounts written downintangible and tangible fixed assets •••••••••••••••••••••••••••••••••••

Write-back of amounts written down financial fixed assets ..

Write-back of provisions for extraordinary liabilities andcharges............................................................................

Gains on disposal of fixed assets .....................................

Other extraordinary income ...............................................

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

Extraordinary depreciation of and extraordinary amountswritten off formation expenses, intangible and tangiblefixedassets .......................................................................

Amounts written down financial fixed assets ....................

Provisions for extraordinary liabilities and charges -Appropriations (uses) ..............................................(+)/(-)

Loss on disposal of fixed assets .......................................

Other extraordinary charges ............................................. 5.11

Extraordinary charges carried to assets as restructuringcosts............................................................................(-)

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

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

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

Income taxes ........................................................................... 5.12

Incometaxes .....................................................................

Adjustment of income taxes and write-back of taxprovisions ...........................................................................

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

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

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

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


7g 1.145.232

760 1.145.232

761

762

763

764/9

66 1.212.243

660

661

662

663

664/8 1.212.243

669

9903 70.452.890 61.300.065

780

680

67/77 797.407 906.247

670/3 797.407 906.247

77

9904 69.655.483 60.393.818

789

689

9905 69.655.483 60.393.818

12/39

Nr 0215.266.160 C 4

APPROPRIATION ACCOUNT

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

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

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

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

from capital and share premium account ...............................................

from reserves ..........................................................................................

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

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

tothe legal reserve ..................................................................................

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

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

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

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

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

Director's or manager's entitiements .........................................................

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


9906 89.414.748 75.508.266

(9905 69.655.483 60.393.818

14P 19.759.265 15.114.448

791/2 94.630

791

792 94.630

691 /2 3.433.132 2.165.567

691

6920

6921 3.433.132 2.165.567

(14) 33.663.120 19.759.265

794

694/6 52.318.496 53.678.064

694 52.318.496 53.678.064

695

696

13/39

Nr. 0215.266.160 C 5.2.1

STATEMENT OF INTANGIBLE FIXED ASSETS

RESEARCH AND DEVELOPMENT COSTS

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

Movements during the period

Acquisitions, including produced fixed assets .......................................Sales and disposals ..............................................................................Transfers from one heading to another ....................................... (+)/(-)


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

Recorded..............................................................................................Writtenback ........................................................................................Acquisitions from third parties ..............................................................Cancelled owing to sales and disposals ................................................Transfers from one heading to another ....................................... (+)/(-)

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

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


8051 xxxxxxxxxxxxxxx 5.203.948

8021 6.132.075

8031

8041

8051 11.336.023

1.264.0088121 xxxxxxxxxxxxxxx

8071 2.267.205

8081

8091

8101

8111

8121 3.531.213

210 7.804.810

14/39

Nr. 0215.266.160 C 5.2.2

CONCESSIONS, PATENTS, LICENCES, KNOWHOW, BRANDSAND SIMILAR RIGHTS



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

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

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


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


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

Writtenback ........................................................................................

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

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


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




8022

8032

8042

8052 2.892.618


8072

8082

8092

8102

8112

8122 2.892.618

211

15/39

Nr. 0215.266.160 C 5.3.1

STATEMENT OF TANGIBLE FIXED ASSETS

LAND AND BUILDINGS




Salesand disposals ..............................................................................



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


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


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

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




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

Writtenback ........................................................................................








8161 1.130.356

8171 1.433

8181

8191 46.543.039


8211

8221

8231 595

8241 -116.581

8251 5.246.166


8271 807.596

8281

8291

8301 1

8311 -116.581

8321 13.202.687

~22~ 38.586.518

16/39

Nr. 0215.266.160 C 5.3.2

PLANT, MACHINERY AND EQUIPMENT









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


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





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

Writtenback ........................................................................................







8192 xxxxxxxxxxxxxxx 1.924.339.386

8162 109.740.780

8172 31.750.584

8182

8192 2.002.329.582


8212

8222

8232

8242 -10.479.337

8252 549.719.753


8272 52.456.828

8282

8292

8302 22.022.110

8312 -10.479.337

8322 951.075.291

~23~ 1.600.974.044

17/39

Nr 0215.266.160 C 5.3.3

FURNITURE AND VEHICLES









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


Cancelied..............................................................................................





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

Writtenback ........................................................................................








8163 2.547.859

8173 960.100

8183

8193 61.742.640

462.7858253 xxxxxxxxxxxxxxx

8213

8223

8233

8243 -10.060

8253 452.725


8273 3.756.273

8283

8293 103.976

8303 953.951

8313 -10.061

8323 50.946.123

~24~ 11.249242

18/39

Nr. 0215.266.160 C 5.3.5

OTHER TANGIBLE FIXED ASSETS




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





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


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





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

Writtenback ........................................................................................








8165

8175

8185

8195 2.649.470

8255 xxxxxxxxxxxxxxx

8215

8225

8235

8245

8255


8275 264.947

8285

8295

8305

8315

8325 1.589.682

~26~ 1.059.788

19139

Nr. 0215.266.160 C 5.4.2

OTHER ENTERPRISES LINKED BY PARTICIPATING INTERESTSPARTICIPATING INTERESTS AND SHARES









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


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



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


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

Writtenback ........................................................................................




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

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

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

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


OTHER ENTERPRISES LINKED BY PARTICIPATING INTERESTS -

AMOUNTS RECEIVABLE



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

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

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

Amountswritten back ............................................................................

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

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


ACCUMULATED AMOUNTS WRITTEN OFF ON AMOUNTSRECEIVABLE AT THE END OF THE PERIOD ••••••••~••••••••~•••••••••••••••••••••••••



8362

8372

8382

8392 1.161.132


8412

8422

8432

8442

8452


8472

8482

8492

8502

8512

8522


8542

8552

~2g2~ 1.161.132

283P xxxxxxxxxxxxxxx

8582

8592

8602

8612

8622

8632

(283)

8652

20/39

Nr. 0215.266.160 C 5.5.1

INFORMATION RELATING TO THE SHARE IN THE CAPITAL

SHARE IN THE CAPITAL AND OTHER RIGHTS IN OTHER COMPANIES

List of both enterprises in wich the enterprise holds a participating interest (recorded in the heading 28 of assets)and other enterprises in which the enterprise holds rights (recorded in the headings 28 and 50/53 of assets)in the amount of at least 10% of the capital issued.

Shares held byInformation from the most recent period for

which annual accounts are availableNAME, full address of the REGISTERED

direct) y

subsi-diaries Primary

financialstatement

Mone-taryunit

P~Ca ital and reserves Net resultOFFICE and for the enterprise governed byBelgian law, the COMPANY NUMBER

Number % %(+) or (-)

(gin monetary units)

Eandis CALL 31/12/2010 EUR 20.405 0

Brusselsesteenweg 199

9090 Melle

Belgium

0477.445.084

57830 16,60 0,00

21/39

Nr. 0215.266.160 C 5.6

OTHER IIVi/E~°TM~NI"~ ANA DEI~O~IT, DEFFERED CHARGES AND ACCRUED INCOME (ASSET)

INVESTMENTS: OTHER INVESTMENTS AND DEPOSITS

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

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

Uncalledamount ...................................................................................................

Fixed income securities ............................................................................................

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

Fixed term deposit with credit institutions .............................................................

Falling due

lessor up to one month ..................................................................................

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

overone year ..................................................................................................

Other investments not yet shown seperately .........................................................

DEFFERED CHARGES AND ACCRUED INCOME

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

Deferred charges

Accrued income


51

8681

8682

52

8684

53

8686

8687

8688

8689

Period

29.220.704

70.383.824

22/39

N r. 0215.266.160 C. 5.7

STATEMENT OF CAPITAL AND STRUCTURE OF SHAREHOLDINGS

STATEMENT OF CAPITAL

Social capital

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

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

Changes during the period:

Share capital reduction Ae

Share capital reduction Ag

Share capital increase Fe

Share capital increase Fg

Profit certificate capital increase E"e

Profit certificate capital increase E"g

Profit certificate capital increase Ee

Structure of the capitalDifferent categories of shares

Shares Ae

Shares Ag

Shares Fe

Shares Fg

Profit certificates E"e

Profit certificates E"g

Profit certificates Ee

Profit certificates Eg

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

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

Capital not paid

Uncalledcapital .......................................................................................

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

Shareholders having yet to pay up in full


100P

(100)

XXXXXXXXXXXXXX

386.232.266

487.654.290

Codes Amounts Number of shares

-216.881.011

-118.308.119

114.631.373 1.809.750

62.703.760 908.544

35.856.123 566.085

19.141.517 277.352

1.434.333 41.765

95.423.531 9.093.572

43.315.724 4.542.758

114.631.373 1.809.750

62.703.760 908.544

35.856.123 566.085

19.141.517 277.352

10.682.989 311.064

4.477.250 125.842

8702 XXXXXXXXXXXXXX 17.634.967

8703 XXXXXXXXXXXXXX

CodesUncalledcapital

Capital called,but not paid

(101) XXXXXXXXXXXXXX

8712 XXXXXXXXXXXXXX

23/39

Nr. 0215.266.160 C. 5.7

STATEMENT OF CAPITAL AND STRUCTURE OF SHAREHOLDINGS

OWN SHARES

Held by the company itself

Amountof capital held ......................................................................................................................

Numberof shares held ......................................................................................................................

Held by the subsidiaries

Amountof capital held ......................................................................................................................

Numberof shares held ......................................................................................................................

Commitments to issue shares

Following the exercising of CONVERSION RIGHTS

Amount of outstanding convertible loans ........................................................................................

Amount of capital to be subscribed .................................................................................................

Corresponding maximum number of shares to be issued ..............................................................

Following the exercising of SUBSCRIPTION RIGHTS

Number of outstanding subscription rights ......................................................................................

Amount of capital to be subscribed .................................................................................................

Corresponding maximum number of shares to be issued ...............................................................

Authorized capital, not issued .................................................................................................................

Shared issued, not representing capital

Distribution

Numberof shares held ..................................................................................................................

Number of voting rights attached thereto ........................................................................................

Allocation by shareholder

Number of shares held by the company itself ................................................................................

Number of shares held by its subsidairies ......................................................................................

Codes Period

8721

8722

8731

8732

8740

8741

8742

8745

8746

8747

8751

Codes Period

8761 119

8762 119

8771

8781

24/39

Nr. 0215.266.160 C 5.8

PROVISIONS FOR OTHER LIABILITIES AND CHARGES

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

Provisions Gas-activities

Provisions Electricity-activities

Period

10.506.702

1.251.014

25/39

Nr. 0215.266.160 C 5.9

STATEMENT OF AMOUNTS PAYABLE, ACCRUED CHARGES AND DEFERRED

INCOME

ANALYSIS BY CURRENT PORTIONS OF AMOUNTS INITIALLY PAYABLE AFTER MORE

THAN ONE YEAR

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

Financialdebts ..........................................................................................................................................

Subordinatedloans .............................................................................................................................

Unsubordinateddebentures ................................................................................................................

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

Creditinstitutions ................................................................................................................................

Otherloans .........................................................................................................................................

Tradedebts ...............................................................................................................................................

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

Billsof exchange payable ....................................................................................................................

Advance payments received on contracts in progress

Otheramounts payable .............................................................................................................................

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

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

Financialdebts ..........................................................................................................................................





Otherloans .........................................................................................................................................

Tradedebts ...........................................................:...................................................................................

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

Bilisof exchange payable ....................................................................................................................



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

Amounts payable after more than one year, over five years

Financialdebts ..........................................................................................................................................


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



Otherloans .........................................................................................................................................

Tradedebts ...............................................................................................................................................

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


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


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

Codes Period

8801 32.019.280

8811

8821

8831

8841 32.019.280

8851

8861

8871

8881

8891

8901

(42) 32.019.280

8802 477.152.296

8812

8822

8832

8842 463.874.456

8852 13.277.840

8862

8872

8882

8892

8902 811.295

8912 477.963.591

8803 369.859.093

8813

8823

8833

8843 369.859.093

8853

8863

8873

8883

8893

8903

8913 369.859.093

26/39

Nr. 0215.266.160 C 5.9

AMOUNTS PAYABLE GUARANTEED (headings 17 and 42/48 of liabilities)

Amounts payable guaranteed by Belgian public authorities

Financialdebts ..........................................................................................................................................





Otherloans .........................................................................................................................................

Tradedebts ...............................................................................................................................................

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


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

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


Total amounts payable guaranteed by Belgian public authorities .............................................................

Amounts payable guaranteed by real guarantees given or irrevocably promised by the

enterprise on its own assets

Financialdebts

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

Subordinatedloans

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




Otherloans ................................................................................................:........................................

Tradedebts ...............................................................................................................................................

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



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

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

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


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

enterpriseon its own assets ..........................................................................................................................

AMOUNTS PAYABLE FOR TAXES, REMUNERATION AND SOCIAL SECURITY

Taxes (heading 450/3 of the liabilities)

Expiredtaxes payable .............................................................................................................................

Nonexpired taxes payable ........................................................................................................................

Estimatedtaxes

payable ...........................................................................................................................

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

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

Other amounts payable relating to remuneration and social security

Codes Period

8921

8931

8941

8951

8961

8971

8981

8991

9001

9011

9021

9051

9061

8922

8932

8942

8952

8962

8972

8982

8992

9002

9012

9022

9032

9042

9052

9062

9072

9073 2.065.851

450 1.107.339

9076

9077

27/39

Nr. 0215.266.160 C 5.9

ACCRUED CHARGES AND DEFERRED INCOME

Allocation of the heading 49213 of liabilities if the amount is considerable

Accrued charges

Deferred income

i Period

4.351.820

2.163.219

28139

Nr. 0215.266.160 C 5.10

OPERATING RESULTS

OPERATING INCOME

Net turnover

Broken down by categories of activity

Allocation into geographical markets

Other operating income

Total amount of subsidies and compensatory amounts obtained from publicauthorities............................................................................................................

OPERATING COSTS

Employees for whom the company has submitted a DIMONA declaration or are

recorded in the general personnel register

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

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

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

Personnel costs

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

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

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

Otherpersonnel costs ...........................................................................................

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

Provisions for pensions

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

Amounts written off

Stocks and contracts in progress

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

Writtenback ..................................................................................................

Trade debtors

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

Writtenback ..................................................................................................

Provisions for risks and charges

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

Usesand write-back ............................................................................................

Other operating charges

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

Othercharges ......................................................................................................

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

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

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

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

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


740

9086

9087

9088

620

621

622

623

624

635

9110

9111

9112 3.147.651 2.987.164

9113 2.466.947 2.334.302

9115 45.368

9116 213.235 183.135

640 365.144 147.219

641 /8 10.292.252 10.230.423

9096

9097

9098

617

29/39

Nr 0215.266.160 C 5.11

FINANCIAL AND EXTRAORDINARY RESULTS

FINANCIAL RESULTS

Other financial income

Amount of subsidies granted by public authorities, credited to income for the

period

Capitalsubsidies ...........................................................................................

Interestsubsidies ..........................................................................................

Allocation of other financial income

Various financial income

Amounts written down off loan issue expenses and repayment premiums .......

Intercalary interests recorded as assets ...............................................................

Value adjustments to current assets

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

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

Other financial charges

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

amountsreceivable ..............................................................................................

Provisions of a financial nature

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

Usesand write-backs ...........................................................................................

Allocation of other financial charges

EXTRAORDINARY RESULTS

Allocation other extraordinary income

Allocation other extraordinary charges


9125

9126

126.861 59.367

6501

6503

6510

6511

653

6560

6561

Period

30/39

Nr. 0215.266.160 C 5.12

INCOME TAXES AND OTHER TAXES

INCOME TAXE

Income taxes on the result of the current period

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

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

Estimatedadditional taxes ........................................................................................................................

Income taxes on previous periods

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

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

In so far as income taxes of the current period are materially affected by differences between theprofit before taxes, as stated in the annual accounts, and the estimated taxable profit

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

Status of deferred taxes

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

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

Other deferred taxes representing assets

Deferred taxes representing liabilities

Allocation of deferred taxes representing liabilities

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

The total amount of value added tax charged

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

Bythe enterprise ..................................................................................................

Amounts retained on behalf of third parties for

Payrollwithholding taxes ......................................................................................

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

Codes Period

9134 797.407

9135 483.606

9136

9137 313.801

9138

9139

9140

Codes Period

9141

9142

9144

Codes Period Previous Period

9145 89.287.005 79.902.337

9146 138.664.691 115.532.689

9147 61.475 68.211

9148 16.288.850 4.000.410

31/39

Nr. 0215.266.160 C 5.13

RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET

PERSONAL GUARANTEES GIVEN OR IRREVOCABLY PROMISED BY THE ENTERPRISE

AS SECURITY FOR DEBTS AND COMMITMENTS OF THIRD PARTIES ......................................

Of which

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

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

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

REAL GUARANTEES

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

debts and commitments from the enterprise

Mortgages

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

Amountof registration ..........................................................................................................................

Pledging on goodwill - amount of registration .............................................................................................

Pledging of other assets -Book value of other assets pledged ................................................................

Guarantees provided on future assets - Amount of assets involved ..........................................................

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

security of debts and commitments from third parties

Mortgages

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

Amountof registration ..........................................................................................................................

Pledging on goodwill - amount of registration .............................................................................................

Pledging of other assets -Book value of other assets pledged ................................................................

Guarantees provided on future assets - Amount of assets involved ..........................................................

GOODS AND VALUES, NOT DISCLOSED IN THE BALANCE SHEET, HELD BY THIRD

PARTIES IN THEIR OWN NAME BUT AT RISK TO AND FOR THE BENEFIT OF THEENTERPRISE

Recharges of budgetmeters -payments to be received

SUBSTANCIAL COMMITMENTS TO ACQUIRE FIXED ASSETS

Purchase of land

SUBSTANCIAL COMMITMENTS TO DISPOSE FIXED ASSETS

Sales of sites and buildings

FORWARD TRANSACTIONS

Goods purchased (to be received) ................................................................................................................

Goodssold (to be delivered) ........................................................................................................................

Currencies purchased (to be received) ........................................................................................................

Currenciessold (to be delivered) ..................................................................................................................

Code Period

9149 1.512.940

9150

9151

9153

9161

9171

9181

9191

9201

9162

9172

9182

9192

9202

17.371

1.552.434

3.231.860

9213

9214

9215

9216

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

INFORMATION CONCERNING IMPORTANT LITIGATION AND OTHER COMMITMENTS NOT MENTIONED ABOVE

1. An amount of 21,1 million €has been recognized in the off-balance sheet rights and commitments for non-recurrent expenses. In the

subsequent financial years these expenses need to be recognized as charges due to a new mechanism set up at the start of the

liberalisation of the energy market and the role of the intermunicipal company as Distribution System Operators.

2. In the framework of the Multicurrency Treasury Bill Programme to finance the working capital and the investments of the mission charged

companies, Gaselwest has given a mandate to Eandis CVBA to conclude with Dexia Bank Belgie nv (now known as Belfius Bank) on the

32/39

Nr. 0215.266.160 C 5.13

RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET

INFORMATION CONCERNING IMPORTANT LITIGATION AND OTHER COMMITMENTS NOT MENTIONED ABOVE

issuance of a Commercial Paper of Eandis ,for the account of the various Distribution System Operators, amounting to € 522.000.000,00.

All mixed Distribution System Operators jointly guarantee vis a vis each holder of a commercial paper issued by Eandis, to repay at first

demand each amount related to each commercial paper and to the global maximum amount of the commercial paper of € 522.000.000,00.

On December 2011 the amount used was € 20.000.000,00.

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

and/or rehabilitation.

A bank guarantee in favour of Customs and Levies amounting to € 22.000,00 to cover the recharge of the energy tax credited by Gaselwest

to their social customers.

4. In the framework of the short term Credit Programme in the form of a revolving credit amounting to € 500.000.000,00, of which €

175.000.000,00 was taken up by the end of 2011, by Eandis CVBA to finance the working capital and the investments of the mission charged

companies (Distribution System Operators), each Distribution System Operator acts for its share but vis a vis third parties the Distribution

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

commitments to this mandate.

5. The off-balance sheet rights and commitments mention the actualized value (€ 78.700.000,00) of future obligations to the Eandis staff

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

6. Gaselwest has entered into interest rate swaps in order to convert the variable interest rate on long-term loans into a fixed interest rate.

The notional amount, being the volume for which a swap operation has currently been applied, amounts to € 282.768.154,91. The fair value

of derivative financial instruments for covering the interest rate risk was calculated based on discounting expected future cash flows taking

into account actual market interest rates and the yield curve over the instruments remaining life cycle. The unrealized value of these

products equals € -32.442.036,98.

7. Unpaid grid fee invoices due to legal dispute with Essent: € 862.267,89.Claims due to legal dispute with Flemish region: € 252.919,29.Various claims due to legal disputes: € 2.451.605,10.

IF THEREIS A SUPPLEMENTARY RETIREMENTS OR SURVIVOR'S PENSION PLAN IN FAVOUR OF THE PERSONNEL

OR THE EXECUTIVES OF THE ENTERPRISE, A BRIEF DESCRIPTION OF SUCH PLAN OF THE MEASURES TAKEN BY

THE ENTERPRISE TO COVER THE RESULTING CHARGES

Code Period

PENSIONS FUNDED BY THE ENTERPRISE

Estimated amount of the commitments resulting for the enterprise from past services ......................... 9220

Methods of estimation

NATURE AND BUSINESS PURPOSE OFOFF-BALANCE SHEET ARRANGEMENTS

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

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

mentioned too:

33/39

Nr. 0215.266.160 C 5.14

RELATIONSHIPS WITH AFFILIATED ENTERPRISES AND ENTERPRISES LINKED BY PARTICIPATING

INTERESTS

AFFILIATED ENTERPRISES

Financialfixed assets ................................................................................................

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

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

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

Amountsreceivable ...................................................................................................

Afterone year .........................................................................................................

Within one year

Currentinvestments ..................................................................................................

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

Amountsreceivable ................................................................................................

Amountspayabie .......................................................................................................

Afterone year .........................................................................................................

Withinone year ......................................................................................................

Personal and real guarantees

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

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

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

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

Other substantial financial commitments ...............................................................

Financial results

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

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

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

Debtscharges .......................................................................................................

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

Gains and losses on disposal of fixed assets

Obtainedcapital gains ...........................................................................................

Obtained capital losses ..........................................................................................

ENTERPRISES LINKED BY PARTICIPATING INTERESTS

Financial fixed assets ................................................................................................

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

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

Otheramounts receivable ......................................................................................

Amountsreceivable ...................................................................................................

Afterone year .........................................................................................................

Within one year

Amountspayable .......................................................................................................

Afterone year .........................................................................................................

Withinone year ......................................................................................................


(280/1)

(280)

9271

9281

9291

9301

9311

9321

9331

9341

9351

9361

9371

9381

9391

9401

9421

9431

9441

9461

9471

9481

9491

(282/3) 1.161.132 1.161.132

(282) 1.161.132 1.161.132

9272

9282

g2g2 586

9302

9312 586

9352 231.552.622 163.129.573

9362 159.446.360 53.111.360

9372 72.106.262 110.018.213

34/39

Nr. 0215.266.160 C 5.14

RELATIONSHIPS WITH AFFILIATED ENTERPRISES AND ENTERPRISES LINKED BY PARTICIPATINGINTERESTS

~ Period ~

TRANSACTIONS WITH RELATED PARTIES OUTSIDE NORMAL MARKET CONDITIONS

Mention of such operations if they are material, stating the amount of these transactions, the nature of therelationship with the related party and other information about the transactions necessary for theunderstanding of the financial position of the company:

Additional information

The Board of Directors determines that there are no objective or legal criteria to clearly define what is meant with transactions abovenormal market conditions as described in the Royal Decree of August 10, 2009.Therefore the Board of Directors has opted to disclose all substantial transactions with related parties in the notes. This approach is inline with the international practice where all transactions with related parties need to be disclosed in the financial statements.

Herewith an overview of all substantial transactions with related parties:

A) recharge of distribution grid revenue € 21.089.494,32B) interests on cash pool activities € 796.494,75C) recharge of management invoices from Eandis to Gaselwest € 248.944.407,36D) purchase of netgrid losses € 11.278.595,74E) purchase of energy for supply to social customers € 2.468.279,34F) green certificates sales € 3.187.100,70

35/39

Nr. 0215.266.160 C 5.15

FINANCIAL RELATIONSHIPS WITH

DIRECTORS AND MANAGERS, INDIVIDUALS OR BODIES CORPORATE WHO CONTROLTHE ENTERPRISE WITHOUT BEING ASSOCIATED THEREWITH OR OTHER ENTERPRISESCONTROLLED BY THESE PERSONS, OTHER ENTERPRISES CONTROLLED BY THE SUBB. MENTIONED PERSONS WITHOUT BEING ASSOCIATED THEREWITH

Amounts receivable from these persons

Conditions on amounts receivable

Guarantees provided in their favour

Guarantees provided in their favour -Main condition

Other significant commitments undertaken in their favour

Other significant commitments undertaken in their favour -Main condition

Amount of direct and indirect remunerations and pensions, included in the income statement, aslong as this disclosure does not concern exclusively or mainly, the situation of a single identifiableperson

Todirectors and managers .......................................................................................................................

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

AUDITORS OR PEOPLE THEY ARE LINKED TO

Auditor's fees ...............................................................................................................................................

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

Other attestation missions .......................................................................................................................

Taxconsultancy .......................................................................................................................................

Other missions external to the audit .........................................................................................................

Fees for exceptional services or special missions executed in the company by peoplethey are linked to

Otherattestation missions .......................................................................................................................

Taxconsultancy .......................................................................................................................................

Other missions external to the audit .........................................................................................................

Mention related to article 133 paragraph 6 from the Companies Code

Codes Period

9500

9501

9502

9503 148.984

9504

Codes Period

9505 8.034

95061 1.674

95062

95063

95081

95082

95083

36139

Nr. 0215.266.160 ~ ~

VALUATION RULESValuation rules

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

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

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

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

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

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

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

TANGIBLE FIXED ASSETS"Acquisition valuesInvestments are recognized at acquisition cost or cost price, including all attributable costs. The interventions of third parties in the

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

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

letter 25 April 2003).This category also includes the surplus value stemming from the valuation at economic reconstruction value according to the guidelines of

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

These revaluation surpluses are monitored by an annual control calculation.

" DepreciationsThe net acquisition value is depreciated according to the linear method.The following depreciation rates are used:2%cables, lines, pipes and administrative buildings3%cabins, stations, substations, connections and metering equipment10% teleread meters and budget meters, optical fibres and teletransmission, central remote control, telecontrol and dispatching, CHP

installations, lab equipment, tools and office furniture, other tangible fixed assets20%vehicles33% IT hardwareLand is not depreciated.All infrastructure elements owned on 31 December, irrespective of their date of acquisition, are depreciated for a full financial year.

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

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

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

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

income statement.

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

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

For other financial assets, the same rules apply.

STOCKS AND CONTRACTS IN PROGRESSContracts in progress are valued at cost price. The cost price includes all expenditures directly related to specific projects and an

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

capacity.

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

receivable and after comparison with the realization value.If a receivable is expected to be no longer collectible or if the collection costs exceed the amount of the receivable, the receivable is

derecognized utilizing the provision set up for that purpose.The related VAT is recuperated if the necessary attestations can be obtained.

In the framework of the full liberalization of the Flemish energy market on 1 July 2003, a provision for all doubtful debts was recorded for

all accounts receivable older than six months on 31 December 2003 with regard to debtors.ln the framework of the full liberalization in the

Walloon Region as per 1 January 2007, a provision for non-collectability was formed for all receivables in this customer segment as well.

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VALUATION RULESThis additional provision is used in function of the realization of receipts of these accounts receivable or is used for the final write-off

thereof.

The receivables related to works completed and services delivered, with the exception of claims for damages which are managed by the

legal Department and the accounts receivable from associated municipalities, expired for more than six months, are considered to be

doubtful. A write down of 100 per cent (excluding VAT) is carried out for this purpose.

The receivables from energy supplies within the framework of the distribution system operators' social public service obligations (SODV)

have been recognized in the balance sheet at nominal value. The receivables from final invoices are considered to be doubtful if they

have remained unpaid after expiry date in the following cases: bankruptcy, judicial settlement and judicial procedure. For these

receivables a provision of 100 per cent (excluding VAT) is recognized for receivables below the limit amount to be fixed by the Board of

Directors and for 80 per cent (excluding VAT) for all other cases.For all other expired SODV receivables a provision is recorded for 100 per cent of the unpaid amount (excluding VAT) if they are older

than one year and have not been integrated into an agreed upon payment plan; these accounts receivable are thus considered to be

doubtful.

CASH AT BANK AND IN HANDCash includes cash and bank balances (current and deposit accounts).

DEFERRED CHARGES AND ACCRUED INCOMECharges incurred during the financial year or prior financial years and which belong to one or more future years, are valued at the pro rata

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

to the current financial year.

LIABILITIESPROVISIONS FOR LIABILITIES AND CHARGESProvisions for liabilities and charges are recognized on the balance sheet date based on the best estimate of the expected charges and

expenses.

AMOUNTS PAYABLEThe amounts payable are valued at nominal value.Taxes, remuneration and social security provisions are determined by evaluating the most likely debt.

ACCRUED CHARGES AND DEFERRED INCOMEThe accrued charges and deferred income are valued at the amounts related to the closed or to the future financial year respectively.

CHANGES OF THE VALUATION MODALITIESNone.

CHANGES IN THE PRESENTATIONNone.

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MANAGEMENT REPORT

ADMINISTRATION REPORT - GASELWEST

Ladies and Gentlemen,

Herewith you find the annual accounts relating to the financial year 2011 which comprise the balance sheet, the income statement, theappropriation accounts and the notes, including the valuation rules and some additional information.

Furthermore, we also inform you of the accounting decisions to which we would like to add the following elements.

In relation to the determination of the transfers within the framework of the balances between the actual and the budgeted charges andincome which have to be reported to the CREG according to article 27, §1, 5° of the Royal Decree of 2 September 2008 it has to bementioned that the 2011 budgeted manageable charges have been adjusted to the inflation evolution, as was also the case in 2010, basedupon the evolution of the parameters Ps (evolution of wages) and Pm (costs of materials). These adjustments to inflation resulted forGaselwest in additional increases of the manageable charges compared to the initial budget, approved by the CREG, of 5,50 per cent forthe activity electricity and 5,22 per cent for the activity gas. Partly due to these increases a bonus could be realized of € 6.633.532,93 forthe activity electricity and of € 1.752.377,04 for the activity gas.

As to the non-manageable charges and income and based upon the budget, previously approved by the CREG, the income for the activityelectricity was increased by € 16.037.869,91. For the activity gas the income was reduced by € 783.579,94.These amounts will also besettled in the tariff, that for the next tariff period will be submitted for approval.

All the transferred balances and the calculations still need to be finally approved by the CREG, after a review of our report on the fiscalyear 2011. The CREG's review might possibly give rise to additional differences which will then have to be incorporated in the results ofnext year's accounts.

At this moment we have not yet received a final decision by the CREG on our report on the 2010 accounts.

As to the tariffs, it has to be mentioned that an interim tariff increase, approved by the CREG, has been applied since 1 April 2011, due tothe sharp rise of the costs for the green power certificates and the RUE subsidies (Rational Use of Energy measures). In this way asudden and sharp rise of the distribution grid tariffs at the start of the next regulatory tariff period can be avoided. In view of the currentdiscussion on the approval procedure for our tariffs (the possible transfer of regulation from the federal to the regional authorities) anapplication to prolong the 2012 tariffs for the years 2013-2014 has been filed.

As already applied in the previous years, the fair remuneration 2011 was calculated on the basis of the 2011 fair value of the regulatedassets (Regulated Asset Base), the equity and the 10 year OLO reference interest rate. Consequently, due to a rise of the interest rates inparticular (the budgeted 4,62 per cent actually amounted to 4,90448 per cent) have led to a rise of the fair remuneration (+ € 1.350.710,67for electricity and + € 421.125,08 for gas) compared to those proposed in the budget.

Thus the 2011 result in the network activities equal the calculated fair remuneration of € 38.800.071,52 for electricity and € 22.214.724,50for gas, increased with the aforementioned bonuses for 2011.

In the profit appropriation the principle was upheld that each municipality receives at least the dividend amount that was communicated inthe scope of its budget increased with the deserved compensation for additional subscription to E-profit certificates.In this way, an amount of € 3.433.132,50 (amount equal to the indexation of the budgeted manageable charges) could be added to theavailable reserves and the item 'retained profit could be increased with € 13.649.077,97. The profit from the non-regulated activities (twinactivities: € 254.776,52) is added to the retained profits as well.

Apart from the above, we do not have any knowledge of facts and/or events which might occur and which might have a material impact onthe result or the balance sheet of our cooperative association with limited liability relating to the financial year 2011.

The Board of Directors,20 April 2012.

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Documents

ANNUAL ACCOUNTS IN EURO - · PDF fileANNUAL ACCOUNTS IN EURO NAME: CVBA GASELWEST Legal form: ... DEMEULEMEESTER Ignace Statiestraat 10, ... BENOIT Wiliy Holstraat 56,