BIO,

Belgian

Investment Company for

Developing Countries celebrates its

fifth year of existence.

5 years of continuous work for a better future, in

places where that future looked uncertain. 5 years of

investing in projects to create a prospect for a better

and more bearable life. 5 years of support by providing

financial resources and technical assistance to micro,

small and medium sized companies. The coming years

will be no different. By all means and with determination

and professionalism, BIO will pursue its mission in

developing countries, to stimulate performing entre-

preneurship, sustainable development and social

balance. BIO aims to play a significant part in

the permanent fight against poverty and

indecent living conditions.

AnnuAlreporT

2 0 0 6

K E Y F I G U R E S

(AmoUntS In € )

New applications

Net commitments*

- loans

- equity

Revenues

- portfolio

- others

Profit after taxes

Operational costs / available means

2006

476.378.000

46 %

54 %

4.464.068

4.068.690

2.467.428

1, 98 %

2005

234.366.000

51 %

49 %

1.556.545

2.515.052

448.437

1, 81%

HIGHLIGHTS

- SME-Fund completely operational with an extension of its intervention capacity in local currencies.

- Additional means granted by the government to strengthen BIO’s growth on the long-term.

- Global insurance policy to cover portfolio investments against political risks.

- Establishment of a provision fund for potential short value and depreciations of portfolio investments

* Contracts signed minus reimbursements plus projects approved by BoD

P R E F A c E

Supporting small private companies in developing countries in

a socially responsible way: this is one of the corner stones of the

government’s Development Cooperation policy. It aims to encourage

economic growth and create employment by providing support to

the local entrepreneurs, thus the population.

Since its inception five years ago, BIO has not only shown its strong

expertise and fierce enthusiasm, but it has also proven it can offer

a significant added value to the local private sector in developing

countries. Economic growth, employment, commercial integration

and market expansion are essential to stimulate sustainable

development and to efficiently reduce poverty. BIO contributes to a

favourable local economic context with a permanent concern for

the ethical, social and environmental implications.

The company has now become a comprehensive, direct and active partner of entrepreneurs in a large number of emerging countries.

Through the increase of financial means that I entrusted to BIO,

the government supports this choice to provide funds to local

entrepreneurs who have little or no access to commercial banks.

This allows people with a good business sense but who are lacking

financial means and management support, to benefit from a growth

potential. And this is one of the aims of our cooperation with

developing countries…

The Minister of Development Cooperation.

t A B L E o F c o n t E n t S

Key figures 2006 Inside cover

The BIO-team 02

Who is BIO? 05

Why BIO? 08

BIO on the map 12

How does BIO work? 16

Five years of BIO 20

Financial results 2006 26

Management 34

D E V E L o Pm E n t A n D L A S t I n G S o c I A L P R o S P E R I t Y.

I t S A I m: BU I L D A S t R o n G PR I VAt E SEc to R to S t I mU L At E SUS tAI n AB L E

B I o PR oV ID E S FInAn c In G to Sm E s AnD m I c R o FInAn c In G InS t It U tI o nS In tHE S o U tH.

AnnuAlreporT

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t H E B I o t E A m

S t é P H A n E R Y E L A n D t Investment Officer

m A R I E - P A U L E c L A E S Senior Investment Officer

m o S t A F A o U E z E K H t I Manager Study Fund

P A U L G o o S S E n SManager SME Fund

c A R o L E m A m A nSenior Investment Officer

A L A I n D E m U Y t E R Manager Development Fund

H U G o B o S m A n SChief Executive Officer

D I m I t R Y V A n R A E m D o n c KInvestment Officer

S I S S I F R A n K Investment Officer

S I m o n E V E R B R A E K E nInvestment Officer

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S I S S I F R A n K Investment Officer

n A t H A L I E D E W I n D tSecretary

A n n E E m m E R E c H t S Office Manager

E m m A n U E L L E L I E S S E n SCommunications & Promotion Officer

o L I V I A B o U R D o n G E Administration & Finance Assistant

Y U m I c H A R B o n n E A ULegal Counsel

K A R I n c R E m E R SAccountant

A n n E D E m E U S EController

m I c H è L E H U S S o n Senior Controller

D I D I E R m A L E n G R E A UInvestment Officer

m I c H E L L E S P E I S E R Secretary to the Board

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c o o P E R At I o n W I t H D E V E L o P I n G c o U n t R I E S I S m U c H m o R E t H A n I n S tA L L I n G P U m P S I n t H E A F R I c A n D E S E R t

“Belgian Investment Company for Developing Countries” is the full

name of BIO.

Financial return on investment in developing countries is essential

but it is certainly not the only driving force behind BIO. The company

decisively goes for projects with an established added-value

pertaining to sustainable development.

BIO’s aim is clear: to support small and medium-sized companies by providing them with capital as well as a range of financial services.

In the majority of developing countries, these companies fail to

get appropriate financing and support. That is to say that these

companies are in need for investments which can eventually

significantly contribute to the development of local economies.

Five years of continuous work in these investment projects. Five

years of unchanging commitment during which BIO’s staff has been

supporting local entrepreneurs in a financially responsible way.

“When people think of cooperation with developing countries,

they only see development aid. They only think of pumps that are

installed somewhere in the African desert. Those pumps are use-

ful and important but that is not BIO’s mission. Our projects must

in the first place offer added value to the countries or regions in-

volved. This means we can ensure a financial future for the local

entrepreneurs and hopefully for a large proportion of the local

population. In addition to the economic and financial aspects, we

also deem the social, ethical and environmental issues as essential,”

says Didier Malengreau, responsible for BIO’s investments in Asia.

5

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• BIO is a limited company under public law. The shares are equally

divided between the Belgian State, represented by the Minister

of Development Cooperation, and the Belgian Corporation for

International Investment/BMI.

• The Board of Directors has twelve members, of whom eight are

appointed by the federal government. The Investment Commit-

tee includes five members: four directors and the CEO.

• The investment funds come from the federal budget for

Development Cooperation.

• BIO is bound by an investment charter and has concluded agree-

ments with the Belgian State for the good management of the

funds entrusted to it.

European cooperation

BIO is an active partner within European Development Finance

Institutions (EDFI) and European Financing Partners (EFP).

EDFI is a group of 15 European institutions for bilateral development

financing and was established in 1992. The main objective is to

promote cooperation between the members and to strengthen

their relationship with the European Union and in particular with

the European Commission as well as with the European Investment

Bank.

EFP, a joint initiative of the European Investment Bank and ten

members of EDFI was launched in 2004. EFP has funds worth

e175 million (e100 million from the Investment bank and e75 million

from contributing partners). These funds are utilized to promote

financing of SME projects in the ACP-countries.

“ B I O s e l e c t s p r o j e c t s w i t h a n i m p a c t o n s u s t a i n a b l e d e v e l o p m e n t . ”

M a r k L a m b r e c h t s , C h a i r m a n

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B I o I S E n t E R I n G A F I E L D U S UA L LY F o R S A K E n B Y c o m m E R c I A L B A n K S A n D I n V E S t o R S A n D S E L E c t S P R o J E c t S W H I c H c A n c o n t R I B U t E t o S o c I A L A n D E c o n o m I c G R o W t H . t H E U Lt I m At E A I m I S P o V E R t Y R E D U c t I o n I n D E V E L o P I n G c o U n t R I E S .

BIO invests directly in local SMEs, through its SME Fund. However,

the analysis of such investments requires a lot of time as BIO always

endeavours to assessing a project on site and to meeting the local

entrepreneurs “on the shop floor”. The number of projects which can

be implemented as a result is (too) limited compared to the applica-

tions that reach BIO each year.

That is why BIO also invests, by way of its Development fund, in finan-

cial institutions such as banks, investment funds, leasing companies

and microfinancing structures. These institutions are close to the

local entrepreneur and apply the same criteria and values as BIO.

BIO targets micro, small and medium-sized companies …

BIO consequently differentiates itself from other development

financiers by purposely targeting micro, small and medium-sized

private companies. In most of developing countries, these companies

are a majority. Almost all of them face a major problem: scarce

access to financing on the medium and long term. Investing in

these companies consequently answers an essential need and can

also have a favourable influence on the development of local

economies.

… new and existing companies

BIO invests in both new and existing companies that are in need for

expansion financing. BIO’s investment policy is unbound. This means

that the local company has no obligation to work with a Belgian

partner.

BIO provides tailor-made financial solutions at market conditions.

…and the poorest countries.

In addition to financial criteria such as corporate governance and a healthy financial situation, BIO

considers social, ethical and environmental criteria to be equally important in the selection of projects.

BIO targets the poorest countries that are classified by the OECD as:

• the least developed countries,

• countries with a low income,

• countries with an average income, lower segment.

BIO has three funds available, financed by the Belgian State, that must comply with the following

criteria:

• The Development Fund and Local Currency Fund: minimum 70% of the funds must be invested

in intermediary structures (banks, investment funds, etc.) primarily aimed at the least developed

countries/LDC and with an emphasis on the partner countries of the Belgian Development

Cooperation;

• SME-Fund: exclusively investments in the form of loans of up to e700 000 with an investment effort

of 2/3 aimed at the partner countries of the Belgian Development Cooperation;

• BIO also manages two lines of subsidy on behalf of the Belgian State: a Technical Assistance Facility

and a Study Fund.

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t H E S U c c E S S o F m I c R o F I n A n c I n G

Private individuals and small independents in developing countries

usually approach commercial banks in vain. The latter consider

these customers as poor borrowers who can rarely or never give any

guarantee. Microfinancing focuses on this target group.

The system proves that less fortunate people are credit-worthy.

Worldwide, 97% of the customers pay back their microcredit in

time, which closely matches the performance of commercial banks.

Microfinancing Institutions provide not only credit, but also a whole

range of financial services such as savings accounts. By granting loans

to their clients, they allow them to build up capital, which will be

mainly spent on education, health, housing,… If the disadvantaged

have a stronger financial position, they are also less dependent on

exploitation for example by profiteers. They can stand more

securely on their own two feet which gradually shifts social power

relations. Microfinancing therefore truly activates the process of

‘empowerment’.

In other words it is no coincidence that Muhammad Yunus, the founder

of microcredit, was awarded the Nobel Peace Prize in 2006. The

Bengalese economist and banker was praised for ”his efforts to make

economic and social developments possible from the down up”.

Yet microfinancing is no miracle. It does not solve everything but

does create opportunities. As a result more can be done to fulfil these

opportunities in the most efficient way. That is why microfinancing

cannot be considered separately from other development activities.

BIO has become the main Belgian investor in micro-financing

institutions. BIO implements strict ethical standards when it assesses

a microfinancing institution: a loan provided by these of institutions

means a debt to the creditor, who must be able to reimburse that

debt. BIO only invests in institutions that provide loans on the basis of

the solvency of the borrower.

Latin AmericaBOLIvIA

ECUADOR

PERU

NICARAgUA

CENTRAL AMERICA

Multiregional 24% Africa 32%

Asia 21%Latin America 23% Equity 36%

Loans 64%

Geographic spread

Multiregional

Equity 85%

Loans 15%

Latin AmericaBOLIvIA

ECUADOR

PERU

NICARAgUA

CENTRAL AMERICA

AsiaCAMBODIA

INDIA

vIETNAM

SRI LANKA

AfricaANgOLA

BENIN

TANzANIA

MOROCCO

EASTERN-AFRICA

MAURITANIA

BURKINA FASO

RWANDA

NIgERIA

SENEgAL

CAMEROON

MALI

RDC

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“ E a c h r e g i o n r e q u i r e s a s p e c i f i c s t r a t e g i c p l a n . ”

M a r k L a m b r e c h t s , C h a i r m a n

Equity 51%

Loans 49%

Equity 41%

Loans 59%

I n V E S t m E n t P o R t F o L I o A S o F � � D E c E m B E R 2 0 0 6 * ( A m o U n t S I n € )

A F R I c A ( � 2 % ) - t o t A L I n V E S t m E n t S : � 2 . 4 6 2 . 2 6 �

AfriCap

NovoBanco

PADME

AfricInvest

European Financing Partners

European Financing Partners II

African Financial Holding

zenufa Laboratories Tanzania

Capital North Africa venture Fund

groFin

Mauritanie leasing

Burkina Bail

Magreb Private Equity Fund II

REIC (outstanding balance)

ProCredit Bank Congo

Access Bank

ART

Secosen

Parquet Cam

CEB La Meublerie

Moablaou

Avifarm

Africa

Angola

Benin

Africa

Africa

Africa

Africa

Tanzania

Morocco

Eastern Africa

Mauritania

Burkina Faso

Africa

Rwanda

RDC

Nigeria

Senegal

Senegal

Cameroon

Cameroon

Burkina Faso

Mali

Investment fund MFI

MFI

MFI

Investment fund SME

Co-operating facility

Co-operating facility

Financial services

Pharmaceutical company

Investment fund SME

Investment fund SME

Leasing of equipment

Leasing

Investment fund SME

Investment fund SME

Investment fund SME

SME financing

Mechanical maintenance

Production of drinking water

in plastic bags

Woodprocessing

Woodprocessing

Egg farm

Chicken Farm

P R o J E c t coUntRY/REGIon A c t I V I t Y E Q U I t Y L o A n

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

A S I A ( 2 � % ) - t o t A L I n V E S t m E n t S : 2 2 . � 6 6 . � 6 �

Cambodian Entrepreneur Building

Prasac

Mekong

Mekong II

SREI

QUIPO (IIEL)

BTS

Lanka Orix

grand Place vietnam

Cambodia

Cambodia

Asia

Asia

India

India

India

Sri Lanka

vietnam

MFI

MFI

Investment fund SME

Investment fund SME

Leasing company

Equipment rental

Investment fund SME

Leasing company

Production of chocolate

P R o J E c t coUntRY/REGIon A c t I V I t Y E Q U I t Y L o A n

X

X

X

X

X

X

X

X

X

X

* Projects signed and BoD approved MFI = Microfinancing Institution

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� 5TOTAL: 102.554.747

L A t I n A m E R I c A ( 2 � % ) - t o t A L I n V E S t m E n t S : 2 � . � 4 5 . 2 5 2

Banco Los Andes (Caja)

Banco Solidario

Banco Procredit (SFE)

CASEIF II

Edyficar

Edyficar II

Financiera Procredit (Confia)

Findesa

Confianza

TransAndean

Alterfin

Banco Interfin

CAREC

Emprede

Bolivia

Ecuador

Ecuador

Central America

Peru

Peru

Nicaragua

Nicaragua

Peru

Latin America

Latin America

Central America

Latin America

Ecuador

MFI

MFI

MFI

Investment fund SME

MFI

MFI

MFI

MFI

MFI

Investment fund SME

Investment company

MFI & Fair Trade

Investment fund SME

Investment fund SME

Fish processing

P R o J E c t coUntRY/REGIon A c t I V I t Y E Q U I t Y L o A n

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

m U L t I R E G I o n A L ( 2 4 % ) - t o t A L I n V E S t m E n t S : 2 4 . 5 8 0 . 4 6 6

Acción

ProCredit Holding (IMI)

ShoreCap

global Microfinance Facility

Impulse

Multiregional

Multiregional

Multiregional

Multiregional

Multiregional

Investment company MFI

Investment company MFI

Investment company MFI

Investment facility MFI

Investment fund MFI

P R o J E c t coUntRY/REGIon A c t I V I t Y E Q U I t Y L o A n

X

X

X

X

X

“ B I o m U S t Ac t A S A c AtA LY S t B Y S U P P o R t I n G P R o J E c t S F o R W H I c H t H E P R I VAt E m A R K E t I S n o t c o m P L E t E LY R E A DY. B I o m U S t P L AY A t R E n D S E t t I n G R o L E .”

H U G O B O S M A N S , C E O

Money... and a lot more

The funds made available by the federal government to BIO must be

used in an optimal way. Therefore, BIO carries out a thorough analysis

for every investment project to determine whether it meets the

development criteria. Each project must eventually be consistent with

BIO’s objectives.

BIO has a large range of instruments, which cover the entire investment

cycle of a private company and can be made available to the local

entrepreneur.

• Subsidies for studies

A healthy economy can only rely on a dynamic and growing private

sector. Unfortunately many small companies fail to be successful.

By carefully assessing a plan or project, entrepreneurs can also

significantly increase their chances of succeeding. Therefore it is

also recommended to carry out a technical and financial feasibility

analysis, both for newly created businesses and for companies with

an expansion strategy. This investigation is an important tool in asses-

sing the management team, the market situation and the financial

viability of the investments.

“Our Study Fund helps entrepreneurs who want to carry out a fea-

sibility analysis. With this fund, we support up to half of the total costs

with a maximum of e100 000 per project,” says Mostafa Ouezekhti,

Manager of the Study Fund.

“Each project that I receive is very specific. That makes it tough on the

one hand but also very interesting. Each time, I learn something new.

I still remember my first case. It came from a rose grower in Uganda.

He wanted to grow 1 000 types of roses at high altitude. After having

spent time with him, I learned so much that I have now become a bit

of a rose expert myself.”

Mostafa Ouezekhti is a fiery advocate of his projects. “Whether it is a

fish farm in Senegal, organic chicken in Cameroon or ecotourism in

Rwanda, I will stand up for them all with the same dedication.”

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• Long-term financing

BIO’s Development Fund provides equity, quasi-equity and loans with amounts ranging from

e700 000 to e5 million per project. The financing is also possible in the local currency. This Fund supports

financial institutions (e.g. banks, leasing companies, microfinancing institutions) and investment funds.

It also provides direct investments to medium-sized companies that offer a clear growth potential.

Sissi Frank is one of the Investment Officers. She is responsible for projects in Latin America. “It is my duty to

investigate the investment opportunities. We get requests through various channels: colleagues from other

DFIs (Development Finance Institutions), financial partners or, increasingly, directly from entrepreneurs

we meet during our trips relating to different projects.”

• Support of SMEs

The SME Fund exclusively provides direct financing to SMEs. These companies are the main source of

employment both in developed and emerging countries. Moreover, they ensure a regular economic growth

and social stability.

By providing direct loans of up to e700 000, BIO lowers the threshold and allows SMEs in developing

countries to attract appropriate financing.

The SME Fund evaluates expansion plans and new projects based on a solid business plan. The Fund focuses

on SMEs with an annual turnover lower than e40 million. It’s a deliberate choice as it allows BIO to be a

major partner in financing their growth and strengthening their position.

“Direct investments allow us to decide ourselves which sectors we want to support. As we have personal contacts with the entrepreneurs, we get a better sense of what is happening on the market in which we invest”, Paul Goossens, Manager of the SME Fund

emphasises.

The majority of SME projects are located in Africa as well as in the farming sector and light industry.

“A typical example is a project in Senegal, where we invest in a new company that sells mineral water in

bags. This has proven to be a very interesting market at a local level.”

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• Technical assistance

Finally BIO also supports technical assistance. Technical assistance is

a powerful tool to achieve the objectives of the companies in which

BIO invests. BIO provides financial support by means of grants, to

give them a chance to significantly develop their capacity and to

expand the know-how and skills of their staff. This way they must be

able to face major challenges such as a continuous improvement of

profitability, introduction of processes in order to attain a more efficient

way or working, development of new products and technologies

and expansion of the service package. BIO is a major partner for all

companies involved, as it provides not only financial investments, but

also financial support for technical and business solutions, seminars

and training programmes and management development.

• Evaluation system

BIO is working on a new evaluation system to assess not only the return

on investment of a project, but also its development impact. The study

involves several indicators and aims to give an actual representation

of all aspects of the project.

These assessments are essential as BIO applies strict business standards

such as risk management, but also regards corporate governance,

social ethics and environmental issues as crucial elements.

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F I V E Y E A R S o F B I o : A S t E A D Y G R o W t H

BIO commenced in 2002 and has recently completed its fifth year of

activity. A short overview:

During the first year of activity, BIO took a careful start. In that year

it received 46 investment applications, which resulted in five signed

contracts.

Over the next four years BIO set greater steps. Thanks to its growing

reputation, the number of investment applications increased. In

2006 it received no less than 226 applications. Thirteen contracts

were actually signed and 8 cases were approved by the Board of

Directors.

In the first five years BIO received a total of 607 requests for investments, resulting in 46 signed contracts, with an investment portfolio of almost e110 million.

B I o W E I G H S I t U P

The decision-making process at BIO proceeds through various

phases.

• EachapplicationreachingBIOissubjecttoafirstinternal

screening.

• In the event of a positive assessment, a so-called ‘admission

approval’ is put in writing, and subsequently submitted to

the Investment Committee.

• When the Investment Committee gives a green light, an

‘investment analysis’ is presented to the Board of Directors

who approves or rejects the project.

• After approval by the Board of Directors, the contract is

negotiated and (usually also) signed, although certain

circumstances, such as political unrest, may result in

the agreement not being signed or a project not being

implemented.

5 YE

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“ E a c h a p p l i c a t i o n i s s u b j e c t t o a n i n - d e p t h s c r e e n i n g . ”

M a r k L a m b r e c h t s , C h a i r m a n

2 �

While the projects were mainly located in Latin America in the first year, a balanced spread over the various continents appeared over the last five years.

approved projects

signed contracts

Africa (%)

Latin America (%)

Asia (%)

Multiregional (%)

2002 2003 2004 2005 2006 Totaal

8 5 88 1015 1411 98 4653

Graph 1: evolution of approved projects and signed contracs

Graph 2: evolution of geographic spread 2002-2006

BIO had 46 projects running in 2006, while 53 had already received approval form the Board of Di-rectors.

2002 2003 2004 2005 2006

4 36 2733 30 28 1923 33 28 2019 36 24 2119 32 23 2421

10

20

30

40

50

60

8 5 88 1015 1411 98 4653

10

20

30

40

50

60

If we look at the geographic spread (graph 2), we see a relatively balanced distribution between

the various continents. Whilst in 2002 only 4% of the projects were located in Africa, this figure

rose to 32% in 2006. 36% of the projects were to be found in Latin America in the first year, where

as today this is 23%.

In 2006 there was also a balance between loans and equity with respect to the various forms of

financing (graph 3). If we consider the target groups (graph 4) then it appears that the number

of projects with SMEs has grown.

During the first year of activity, subscriptions to capital were more important than loans.

The number of projects involving SMEs increased significantly in 2006.

Graph3:evolutionofdifferenttypesoffinancing

Loans (%)

Equity (%)

Graph 4: evolution of target groups

SME (%)

Microfinancing (%)

2 �

2002 2003 2004 2005 2006

2002 2003 2004 2005 2006

64 57 44 43 54

41 35 43 44 36

36 43 56 57 46

59 65 57 56 64

10

20

30

40

50

60

70

80

10

20

30

40

50

60

70

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“ I n 2 0 0 6 , B I O r e c e i v e d 2 2 6 i n v e s t m e n t a p p l i c a t i o n s . ”

M a r k L a m b r e c h t s , C h a i r m a n

2 5

B A L A n c E S H E E t

A S S E t S (Amountsin€) 2 0 0 6 2 0 0 5

FIXED ASSETS 58.332.470 56.928.882

Formation expenses 52.342 100.041

Intangible assets 23.465 29.321

Tangible assets 310.267 259.764

Furniture and vehicles 169.024 142.567

Leasing and similar rights 12.530 17.947

Other tangible assets 128.712 99.249

Financial assets 57.946.396 56.539.755

Participating interests in affiliated enterprises - 656.946

Participating interests in other enterprises 27.356.753 24.598.781

Amounts receivable and cash guarantees 30.589.643 31.284.028

CURRENT ASSETS 94.766.098 73.853.718

Amounts receivable within one year 2.213.659 1.000.314

Investments 91.143.724 71.799.732

Cash at bank and in hand 299.056 153.943

Deferred charges and accrued income 1.109.659 899.728

TOTAL ASSETS 153.098.568 130.782.600

L I A B I L I t I E S (Amountsin€) 2 0 0 6 2 0 0 5

CAPITAL AND RESERvES 147.857.841 128.599.238

Capital 4.957.873 4.957.873

Reserves 14.862.191 123.613.811

Legal reserve 495.787 495.787

Reserves not available for distribution 141.366.404 123.118.023

Profit carried forward** 1.037.777 27.554

CREDITORS 5.240.727 2.183.362

Amounts payable after more than one year 5.721 12.120

Amounts payable within one year 1.792.863 417.456

Current portion of amounts payable

after more than one year 6.392 6.753

Trade debts 59.460 181.510

Taxes, remuneration and social security 269.804 229.193

Other amounts payable* 1.457.206 -

Accrued charges and deferred income 3.442.143 1.753.786

TOTAL LIABILITIES 153.098.568 130.782.599

* Subject to approval by the General Assembly on 10/05/07

2 �

n o t E S t o B A L A n c E S H E E t

Formation expensesIn addition to the notary fees, preliminary

expenses related to the setting up of BIO, the

establishment of the Local Currency Fund and the

SME-Fund, the increase of the financial resources

of the Development Fund, were capitalised.

Formation expenses are depreciated on a straight

line basis over 5 years

Intangible assetsExpenses relating to the purchase of software,

amounting to at least e1,250, are capitalised and

depreciated on a straight line basis over 3 years

from the date of acquisition.

Tangible assetsThis item relates to office furniture, computers and

other office equipment and the furnishing of the

rented facilities. Amounts are capitalised as from

e1,250, depreciation is on a straight line basis

from the month of acquisition over 10 years for

the office furniture, over 3 years for the computer

equipment and pro rata to the remaining term of

the lease agreement.

Financial assetsThis item relates to the investments, irrespective

of their percentage, as described in BIO’s mission

statement. Unallocated cash remains under

investment and/or cash at hand and in bank. The

equity participations and shares are stated at

acquisition cost. Incidental expenses relating to

the acquisition are charged to the financial year

during which they were incurred. With regard

to the unlisted shares, a decrease in value is

applied in the event of capital loss or long-term

depreciation.

These assets will remain valued at a historical

exchange rate. The Board of Directors will

determine case by case from when reductions in

value are lasting and lead to the booking of an

actual short value or reduction in value.

Receivables are valued at nominal value.

Additional costs relating to the acquisition are

charged to the financial year during which they

were incurred. Depreciation takes place if there is

uncertainty as to reimbursement of all or part of

the amount receivable on the due date.

This year, a general provision has been established

for expected short value and reduction in value,

which represents 1,5% of the outstanding

amounts of the Development Fund and the Local

Currency Fund, plus 10% of the outstanding

amounts of the SME Fund. This percentage will

be adapted annually according to the portfolio

turnover and each actual reduction in value will

be compensated by the provision. This provision

will be limited to a maximum of 3% of the

outstanding amounts of the Development Fund

and the Local Currency Fund at the end of each

fiscal year.

If the exchange risk and the currency risk are

covered by a financial instrument that meets the

hedging criteria on an ongoing basis, in terms of

maturity, interest and currency, valuation of the

financial instrument follows the valuation rules

for the underlying asset.

BIO’s liabilities at the end of the fiscal year are

converted at the closing rate of the financial year

and referred off-balance sheet. The submission of

a letter of intent to a potential customer implies

the off-balance sheet registration of the amounts

committed.

The interest and currency risk related to 9 loans

amounting to a total of $16.3 million was covered

by an interest and currency swap (CCIRS/Cross

Currency Interest Rate Swap), converting the

counter value of the future instalments and

interest payments into EUR loans at fixed interest.

Three loans for a total amount of $1,8 million were

covered by 3 future currency contracts.

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2006

Amounts receivable within one yearThese amounts mainly refer to the subsidy granted

according to the administration agreement dated

21 December 2006 (e2.000.000).

A provision for reduction in value has been

created to cover an outstanding claim of $53.087

or e44.080,75 resulting from a transfer of shares

to Rwandan Entreprise Investment Company.

Cash at bank and in handThis item includes unallocated cash of which BIO

disposes to implement its corporate mission.

Deposits and long-term accounts with credit

institutions and cash at hand are valued at par.

No value adjustments were applied.

Deferred charges and accrued incomeThis item includes deferred costs (e89.682),

accrued income (e947.977) and positive

conversion variances e72.000. Deferred costs

of e89.682 mainly consist of rent, insurance,

subscriptions, travel expenses and legal fees. The

fees of outside lawyers used in obtaining projects

in portfolio are spread over the duration of the

project or over 10 years, in case of participations

that may remain in the portfolio for an indefinite

period. They are recorded in the deferred

charges line. Accrued income of e947.977 mainly

consists of accrued interest, not overdue on

loans granted. The positive conversion rates to

an amount of e72.000 contain the difference in

rate between the cash rate and cover rate. These

conversion rates are spread over the duration of

the instrument used and the loans.

ReservesThe development certificates are included in

unavailable reserves. Depreciation and capital

losses are directly charged to these certificates

without having to proceed to a modification of

the articles of association. At the end of 2002

€62,070 was charged to the certificates. The result

of the fiscal year 2004 was allotted to the legal

reserve, bringing it up to e74,905. Of the 2005

result (e448,437), e420,882 was allotted to the

legal reserve, which reached its limit of 10% of

the capital. The balance has been transferred

to the next fiscal year. The result of fiscal year

2006 (e2.467.428,48) has been partly allocated

to BIO’s personnel (e80.000) by means of profit

participation and paid as dividend (e1.377.205,71).

The balance will be transferred to the next fiscal

year.

Amounts payable after more than one yearThis column lists the lease due for

telecommunication means. Remaining term to

maturity is less than 5 years. The outstanding debt

resulting from a leasing agreement is calculated

every year in line with the capital value listed in

the contract and the instalments to be paid in

later fiscal years.

Amounts payable within one yearLease debt for telecommunication means,

falling due in the fiscal year, are listed in this

column. Commercial debts comprise e44.228 of

outstanding invoices and e15.232 of receivable

invoices. Tax debt includes preliminary

corporation tax (not due yet) of e64.062. Debts

relating to remunerations and social security

concern the provision for statutory holiday pay

and a wage balance of December 2006 amount

to a grand total of e269.804.

The remaining debts amounting to e1.457.206

relate to the due profit participation and dividend

payment consequent to the distribution of profits

for 2006.

Deferred charges and accrued incomeThis column includes costs to be charged

amounting to e699.782. This is mainly the

provision for interest incurred and not due to

the CCIRS contracts amounting to e326.351

and a subsidy of e373.431 granted by contract.

The accrued income amounts to e2.742.361,

including TA and Study Fund subsidies, which will

be granted in later fiscal years.

F I x E D A S S E t S

D I S B U R S E D D I S B U R S E DI n U S D I n R K H R F c F A E U R o E U R o E Q U I V .

SIgNED PROjECTS 30.500.788 3.300.000 2.328.092.000 738.132.487 32.588.087 58.885.844

equity participations

investment funds 10.435.325 0 - 0 4.718.503 13.253.418

equity participations 716.670 3.300.000 2.328.092.000 0 13.444 570 14.519.936

loans investment

funds 4.781.066 0 - 0 75.015 3.789.527

loans 14.567.727 0 - 738.132.487 14.350.000 27.322.963

TOTAL PROjECTS

2006 30.500.788 3.300.000 2.328.092.000 738.132.487 32.588.087 58.885.844

o F F - B A L A n c E

c o m m I t t E D c o m m I t t E DI n U S D I n R K H R F c F A E U R o E U R o E Q U I V .

SIgNED PROjECTS 19.314.675 0 0 0 18.073.949 32.702.884

equity participations

investment funds 11.814.675 0 - 0 9.281.497 18.229.932

Equity particpations 0 0 - 0 4.986.730 4.986.730

loans investment funds 0 0 - 0 2.705.702 2.705.702

loans 7.500.000 0 - 0 1.100.020 6.780.520

BoD APPROvED

PROjECTS 12.300.000 0 0 0 1.650.000 10.966.020

equity participations

investment funds 300.000 0 - 0 0 227.220

loans investment

funds 5.000.000 0 - 0 - 3.787.000

loans 7.000.000 0 - 0 1.650.000 6.951.800

TOTAL PROjECTS

2006 31.614.675 0 0 0 19.723.949 43.668.904

2 �

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n o t E S t o I n c o m E S t A t E m E n t

Operating incomeOther operating income incorporates the

e611.596 subsidy related to the TA and the Study

Fund, various fees for e29.116 and a re-invoicing

of costs amounting to e105.858.

Operating chargesThe column “miscellaneous goods and services”

includes general operating costs such as rent and

related charges, insurance, office supplies, mem-

bership fees and documentation, remuneration

costs, fees, travel expenses, promotion costs. In

2006 these charges amounted to e1.671.033. Re-

muneration, social security contributions, staff

insurance and extra legal benefits amounted

to e1.429.295. Depreciation on tangible assets

amounted to e123.229 and reduction in value on

receivables amounted to e44.081.

Other operating charges of e523.325 relate to

e470.444 approved subsidy for TA and Study

Fund, various taxes and levies (e35.582) and

reimbursable expenses (e17.299).

Financial incomeThe income from BIO’s core activity in 2006

consists of the returns on loans granted, amoun-

ting to e2.322.588 and dividends amounting to

e215.004. Income from the deposit of unalloca-

ted cash of which BIO disposes to implement its

corporate mission amounted to e3.306.851. The

income from CCIRS is included under this hea-

ding. Other financial income (e15.269) mainly

relates to differences

Financial chargesThe “interest payable and similar charges”

column includes the interest on the leasing

contracts and the CCIRS, for a total amount of

e1.142.519. Other financial charges refer to the

I n c o m E S t A t E m E n t

(Amountsin€) 2 0 0 6 2 0 0 5

INCOME 8.532.758 4.071.598

Income from financial fixed assets 2.537.593 1.556.545

Income from current assets 3.306.851 1.930.182

Other financial income 15.269 11.307

Other operating income 746.570 573.563

Exceptional income 1.926.475

CHARgES 6.065.330 3.623.161

Services and other goods 1.671.033 1.501.118

Remuneration, social security costs and pensions 1.429.295 945.504

Depreciation 123.229 120.369

Short value 44.081

Other operating charges 523.325 279.270

Financial charges 1.219.686 559.195

Extraordinary charges 1.025.705

Taxes 28.976 217.705

PROFIT FOR THE PERIOD 2.467.428 448.437

c A S H F L o W

(Amountsin€) 2 0 0 6 2 0 0 5

OPERATINg RESULT / EBIT -4.070.098 -2.272.698

Adjustment Depreciation, decrease in value -129.647 -120.369Provisions 2.990.644 436.264

OPERATINg CASH FLOW -1.209.101 -1.956.802 Current debts & receivables (net) 185.783 -822.871

CASH FLOW FROM WORKINg CAPITAL CHANgES -1.023.318 -2.779.673

Acquisition of financial assets -2.493.730 -25.676.217Acquisition of tangible and intangible assets -126.593 -124.528

CASH FLOW FROM INvESTMENT ACTIvITIES -3.643.641 -28 580 418 Income from current assets 3.306.851 1.930.182Income from financial fixed assets 2.537.593 1;556.545Other financial income 15.269 11.307Other financial charges -1.219.686 -559.195Plusvalue 1.926.475 -Taxes -218.532 -184.721

NET FINANCIAL INCOME 6.347.970 2.754.118

FREE CASH FLOW 2.704.329 -25.826.300

Increase/decrease of longterm financial debts -6.399 3.633Increase/decrease of capital 0 0Development certificates 16.791.176 35.895.000

PROCEEDS FROM FINANCINg 16.784.777 35.898.633

NET FLOW OF FUNDS 19.489.105 10.072.333

NET vARIATION IN DEPOSITS AND CASH 19.489.105 10.072.333

interests on receivables amounting to e17.142,

the results of exchange rates amounting to

e36.505 and e23.520 of banking costs relating

to payments for projects, guarantees and the

use of financial systems.

Income taxesThis column contains foreign taxation on 2006

revenues as well as taxes on the 2004 and 2005

results.

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R E V I S o R R E P o R t

� �

R E P o R t o F t H E c o U R t o F A U D I t

HRH Prince Philip is Honorary Chairman of BIO

Mark Lambrechts

Board Member of Companies

Philippe Wilmès

Chairman, Belgian Corporation for International Investment/BMI-SBI

Prof. Em., UCL

Extraordinary Prof., Institute for Business Administration and Management, UCL

Marc Cogen

Prof. of International Law, University of ghent

Marcel Colla

Honorary Senator,

Member of the Executive Board of the World Health Organisation

Bernard de Gerlache de Gomery

Chairman of the Chamber of Commerce C.B.L.-A.C.P

Board Member of Companies

Jean-Pierre Smit

Deputy Manager, International Relations Department, AgORIA

Walter Stevens

Deputy Manager, Strategic Cell of the Minister of Foreign Affairs

Florence Thys

Advisor Institute Emile vandervelde/IEv

Martine Van Dooren

Director general, Directorate-general for Development Cooperation

Damien Van Eyll

Institutional Reforms Department,

Strategic Cell of the Deputy Prime Minister and Minister of Finance

Michel Van Hecke

vice-Chairman, Belgian Corporation for International Investment/BMI-SBI

Prof. Em. Economics, University of Antwerp

Johan Van Wassenhove

Chief Executive, Officer Denys SA

b o a r d o f d i r e c t o r s

Chairman

Vice-Chairman

Members

� 5

Philippe Wilmès

Hugo Bosmans

Marc Cogen

Marcel Colla

Florence Thys

Jozef Beckers

Counsellor

Frank Blomme

Inspector of Finance

Luc Langouche

Secretary general, Iles de Paix

Luc Van Coppenolle

Deloitte, Company Revisors / SC s.f.d. SCRL

b e l g i a n c o u r t o f a u d i t

i n v e s t m e n t c o m m i t t e e

g o v e r n m e n t c o m m i s s i o n e r s

a u d i t o r s

Chairman

Members

BoAR

D

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no

tES

A v e n u e d e T e r v u r e n l A A n 1 8 8 A - b 4

1 1 5 0 b r u s s e l s - b e l g i u m

T e l . : + 3 2 ( 0 ) 2 7 7 8 9 9 9 9

F A x : + 3 2 ( 0 ) 2 7 7 8 9 9 9 0

w w w . b - i - o . b e

d e s i g n & p r o d u c T i o n :

w w w . T h e c r e w c o m m u n i c A T i o n . c o m