Joint statutory auditors’ report to the general meeting of shareholders of exmarnv on the consolidated financial statements for the year ended 31 December 2006.
In accordance with legal and statutory requirements, we report to you on the performance of the audit assignment which has been entrusted to us. This report includes our opinion on the consolidated financial statements together with the required additional comment.
Unqualified audit opinion on the consolidated financial statements
We have audited the consolidated financial statements
of exmarnv ('the Company') and its subsidiaries (jointly 'the
Group'), prepared in accordance with International Financial Reporting Standards, as adopted by the European Union, and with the legal and regulatory requirements applicable in Belgium. These consolidated accounts comprise the consolidated balance sheet as of 31 December 2006 and the consolidated statements of income, changes in equity and cash flows for the year then ended, as well as the summary of significant accounting policies and the other explanatory notes. The total of the consolidated balance sheet amounts to K$ 1.298.787 and the consolidated income statement shows a profit for the year (Group share) of K$ 76.328.
The board of directors of the company is responsible for the preparation of the consolidated financial statements. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing, legal requirements and auditing standards applicable in Belgium, as issued by the 'Institut des Reviseurs d’Entreprises/ Instituut der Bedrijfsrevisoren'. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement.
In accordance with these standards, we have performed procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements.
internal control relevant to the company’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. We have also evaluated the appropriateness of the accounting policies used, the reasonableness of accounting estimates made by the company and the presentation of the consolida- ted financial statements, taken as a whole. Finally, we have obtained from management and responsible officers of the company the explanations and information necessary for our audit. We believe that the audit evidence we have obtained provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements give a true and fair view of the Group’s net worth and financial position as of 31 December 2006 and of its results and cash flows for the year then ended in accordance with International Financial Reporting Standards, as adopted by the European Union, and with the legal and regulatory requirements applicable in Belgium.
Additional comment
The preparation of the management report and its content, as well as the Company's compliance with the Company Code and their bylaws are the responsibility of the board of directors.
Our responsibility is to supplement our report with the following additional comment, which does not modify our audit opinion on the financial statements:
• The management report on the consolidated financial statements includes the information required by law and is consistent with the consolidated financial statements. We are, however, unable to comment on the description of the principal risks and uncertainties which the Group is facing, and on its financial situation, its foreseeable evolution or the significant influence of certain facts on its future develop- ment. We can nevertheless confirm that the matters disclosed do not present any obvious inconsistencies with the information that we became aware of during the performance of our mandate.
Antwerp, 23 March 2007
Helga Platteau Klynveld Peat Marwick Goerdeler Réviseurs d’Entreprises Réviseurs d’Entreprises
Statutory auditor Statutory auditor represented by represented by
report of the statutory auditors
financial report
2. statutory accounts
31/12/2006 31/12/2005
fixed assets (in thousands of usd)
331,776 157,304
II Intangible assets 0 22
III Property, plant and equipment 188 200
IV Financial assets 331,588 157,082
current assets (in thousands of usd)
227,403 180,936
V Amounts receivable after one year 102,621 43,734
VI Stocks 0 0
VII Amounts receivable within one year 81,355 64,552
VIII Investments 30,437 46,295
IX Cash and cash equivalents 12,769 25,900
X Accrued income and deferred charges 221 455
Total assets 559,179 338,240
a s s e t s
31/12/2006 31/12/2005
equity (in thousands of usd)
255,883 173,250
I Capital 53,287 48,519
II Share premium account 97,806 6,260
IV Reserves 82,895 73,689
V Retained earnings 21,895 44,782
provisions and deferred taxes (in thousands of usd)
6,701 20,309
VII Provisions and deferred taxes 6,701 20,309
creditors (in thousands of usd)
296,595 144,681
VIII Amounts payable after one year 99,917 39,840
IX Amounts payable within one year 195,347 103,106
X Accrued charges and deferred income 1,331 1,735
Total equity and liabilities 559,179 338,240
e q u i t y a n d l i a b i l i t i e s
The annual accounts of exmarnv are provided hereafter in summarised form. In accordance with the code of companies, the annual accounts of exmarnv, together with the annual report and the statutory auditor’s report have been lodged with the National Bank of Belgium.
In their report, the statutory auditors did not express any reservations in respect of the annual accounts of exmarnv.
01/01/2006 - 01/01/2005 -
31/12/2006 31/12/2005
(in thousands of usd)
I Operating income 2,592 3,116
II Operating expenses 7,596 -7,329
III Operating result 10,188 -4,212
IV Financial income 42,127 37,164
V Financial expenses -14,514 -5,109
VI Results from ordinary activities before tax 37,801 27,842
VII Extraordinary income 269 13,008
VIII Extraordinary expenses 0 -30
IX Result for the year befor taxes 38,070 40,820
XI Income taxes 0 1
XII Result for the period 38,070 40,821
01/01/2006 - 01/01/2005 -
31/12/2006 31/12/2005
(in thousands of usd)
A Result to be appropriated 82,852 114,462
B Transfer from capital and reserves -27,568 -40,757
C Transfer to capital and reserves -477 -1,259
D Result to be carried forward -21,895 -44,782
E Intervention of partners in the loss 0 0
F Distribution of result -32,912 -27,664
8
nv exmar
De Gerlachekaai 20 2000 Antwerp Tel.: +32(0)3 247 56 11 Fax: +32(0)3 247 56 01Business registration number: 0860 409 202 rprAntwerp Website: www.exmar.be
E-mail: [email protected]
contact
• All press releases by exmarcan be consulted on the website: www.exmar.be
• Questions can be asked by telephone on number +32(0)3 247 56 11 or by e-mail to [email protected], to the attention of Patrick De Brabandere or Peter Verstuyft. • In case you wish to receive our annual report in the future,
please mail: [email protected] financial service
Fortis Bank, kbc Bank and Petercam
Dit jaarverslag is ook beschikbaar in het Nederlands. Ce rapport annuel est aussi disponible en français.
The Dutch version of this annual report must be considered to be the official version.
Concept and realisation: www.dmsgroup.eu
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