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40 1 EUR

Nr. Date of the deposition No. 0220.764.971 PP. E. D.

ANNUAL ACCOUNTS IN EURO

NAME: INTERGEM

legal form: Mission charged company

Address: Franz Courtensstraat

Postal Code: 9200 City: Dendermonde

Country: Belgium

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

Internet address ~:

C 1.1

Nr.: 11

Company number: 0220.764.971

DATE ~ 30/04/1981 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 28/06/2012

concerning the financial year covering the period from ~ 1/01/2011 t~~~ ~ 31112/2011

Previous period from 1/01/2010 t~~~ ~31/12I2010

The amounts of the previous financial year are / -2~e-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

Buyse Pieter

Leo Bruynincxstraat 18, 9200 Dendermonde, Belgium

Title :President of the board of directors

Mandate :24/06/2010

Nachtegael Mike

Mezenstraat 11, 9112 Sinaai-Waas, Belgium

Title :Vice president of the board of directors

Mandate :22/03/2007

Ernst &Young Bedrijfsrevisoren CALL 0446.334.711

De Kleetlaan 2, 1831 Diegem, Belgium

Title :Auditor, Number of membership :800160

Mandate :24/06/2010

Represented by:

De Luyck Jan

Geukenshage 30 , 1790 Affligem, Belgium

Number of membership : A00822

Enclosed to these annual accounts: MANAGEMENT REPORT, REPORT OF THE COMMISSIONERS

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

of service:

Signature Signature

(name and position) (name and position)

Optional statement.

*` Delete where appropriate.

Nr. 0220.764.971 C 1.1

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

Blommaert Robert

Dijkstraat 140, 9120 Melsele, Belgium

Title :Director

Mandate :22/03/2007

Bosteels Marie-Louise

Kruisweg 6, 1790 Affligem, Belgium

Title :Director

Mandate :22/03/2007

Bressinck Saskia

Rozenstraat 17, 9150 Kruibeke, Belgium

Title :Director

Mandate :18/03/2010

Coppez Davy

Verhaegenlaan 3, 9500 Geraardsbergen, Belgium

Title :Director

Mandate :22/03/2007

Daubie Patrick

Akrenbos 1, 1547 Bever, Belgium

Title :Director

Mandate :22/03/2007

De Cuyper Jo

Donkerstraat 10, 9111 Belsele, Belgium

Title :Director

Mandate :22/03/2007

De Groof Chris

Sergeant De Bruynestraat 27, 2140 Borgerhout (Antwerpen), Belgium

Title :Director

Mandate :22/03/2007

De Meulenaere Willy

Strijpenplein 8, 9620 Zottegem, Belgium

Title : Directar

Mandate :22/03/2007

De Mezel Walter

Karnemelkstraat 18, 9551 Ressegem, Belgium

Title :Director

Mandate :24/06/2010

~-

Nr. 0220.764.971 C 1.1


De Rudder Willy

Zwanenhoekstraat 8, box 5, 9170 Sint-Gillis-Waas, Belgium

Title :Director

Mandate :22/03/2007

De Schampheleer Betty

Aststraat 36, 9472 Iddergem, Belgium

Title :Director

Mandate :22/03/2007

De Smet Jan

J. Van Gijsellaan 44, 1780 Wemmel, Belgium

Title :Director

Mandate :24/06/2010- 30/06/2011

Decorte Renaat

Hooiercelestraat 9, 9250 Waasmunster, Belgium

Title :Director

Mandate :28/05/2009

Gielens Marc

Zijpstraat 57, 9308 Gijzegem, Belgium

Title :Director

Mandate : 8!07/2010

Heirwegh Roger

Kasteeldreef 13, box 201, 9120 Beveren-Waas, Belgium

Title :Director

Mandate :22/03/2007

Hermans Geert

Otto De Maeyerstraat 10, 9255 Buggenhout, Belgium

Title :Director

Mandate :22/03/2007

Heynderickx Marc

Mgr. Stillemansstraat 25, 9100 Sint-Niklaas, Belgium

Title :Director

Mandate :22/03/2007

Heyse Arnoud

Sint-Jozefslaan 37, 9190 Stekene, Belgium

Title :Director

Mandate :17/03/2011

Nr. 0220.764.971 C 1.1


Heyvaert Griet

Konijnenstraat 19, 2870 Puurs, Belgium

Title :Director

Mandate :22/03/2007- 30/06/2011

Hollevoet Johan

Rue Bonne Esperance 18, 4500 Huy, Belgium

Title :Director

Mandate :24/06/2010- 30/06/2011

Impens Willy

Vondelen 55, 9450 Haaltert, Belgium

Title :Director

Mandate :28/05/2009

Libaut Hilaire

Cederlaan 2, 9160 Lokeren, Belgium

Title :Director

Mandate :22/03/2007

Maes Erik

Oude Molenstraat 75, 9170 Sint-Gillis-Waas, Belgium

Title :Member with an advisory vote

Mandate :22/03/2007

Merckx Freddy

Cedronbeekstraat 9, 9190 Stekene, Belgium

Title :Director

Mandate :22/03/2007- 22/02/2011

Mortier Rudy

Steenweg 57, 9570 Sint-Maria-Lierde, Belgium

Title :Director

Mandate :22/03/2007

Quintelier Paul

Baasrodestraat 25, 9280 Lebbeke, Belgium

Title :Member with an advisory vote

Mandate :17/12/2009

Sarens Andre

Achterdenken 6, box A, 9255 Buggenhout, Belgium

Title :Director

Mandate :30/06/2011

~.

Nr. 0220.764.971 C 1.1


Spitaels Eric

Schillebeekstraat 70, 9500 Geraardsbergen, Belgium

Title :Director

Mandate :22/03/2007

Stylemans Johan

Parklaan 1a, box 31, 9300 Aalst, Belgium

Title :Director

Mandate :6/09/2007

Torrekens Marc

J.B. Van Langenhaeckestraat 18, 9400 Ninove, Belgium

Title :Director

Mandate :22/03/2007

Tortelboom Wiifried

Fayte 68, 9660 Brakel, Belgium

Title :Director

Mandate :22/03/2007

Van De Keer Gaston

Dikkelindestraat 16, 9420 Erpe-Mere, Belgium

Title :Director

Mandate :22/04/2010

Van de Steen Ann

Broekveldstraat 13, 9320 Nieuwerkerken (Aalst), Belgium

Title :Director

Mandate :22/03/2007

Van Driessche Marleen

Aalstersestraat 79, box 1, 9280 Lebbeke, Belgium

Title :Director

Mandate :22/03/2007

Van Eeckhout Freddy

Leopoldstraat 173, 9400 Ninove, Belgium

Title :Director

Mandate :22/03/2007

Van Marcke Rene

Bevrijdingslaan 196, 9200 Dendermonde, Belgium

Title :Director

Mandate :18/03/2010

Nr. 0220.764.971 C 1.1


Vandenberghe Henk

Vlieguit 26, 3061 Leefdaal, Belgium

Title :Director

Mandate :24/06/2010- 30/06/2011

Verbeke Freddy

Nijverheidstraat 59, 9140 Temse, Belgium

Title :Director

Mandate :22/03/2007

Vijt Herman

Roggemanstraat 29, box a, 9220 Hamme (O.-VI.), Belgium

Title :Director

Mandate :24/06/2010

Nr. 0220.764.971 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 rave/ 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.

~.

Nr. 0220.764.971 C 2.1

BALANCE SHEETNotes

ASSETS

FIXED ASSETS ......................................................................

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

Workin 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

Trade debtors ..................................................................

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

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

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

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

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

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

TOTALASSETS ..................................................................

Codes Period Previous period

2p/2g 773.318.739 741.578.352

20

21 4.824.926 2.428.983

22/27 767.726.120 738.381.676

22 16.674.502 15.599.965

23 744.237.056 715.239.390

24 6.107.740 6.658.793

25

26 706.822 883.528

27

28 767.693 767.693

280/1

280

281

282/3 767.693 767.693

282 767.693 767.693

283

284/8

284

285/8

2g/5g 107.787.709 104.834.768

29

290

291

3 3.048.128 2.460.342

30/36

30/31

32

33

34

35

36

37 3.048.128 2.460.342

40/41 46.434.839 34.122.429

40 36.244.221 30.160.779

41 10.190.618 3.961.650

50/53

50

51/53

54/58 1.629 1.170.908

490/1 58.303.113 67.081.089

20/58 881.106.448 846.413.120

Nr. 0220.764.971 ~ 2.2

EQUITY AND LIA~ILITIE~ Notes

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

Capital..................................................................................

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

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

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

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

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

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

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•••••••~•••••••••••••••••••••••~••~•••••••

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

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

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

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

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

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

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

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

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

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

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

5.7

5.8

5.9

5.9

5.9

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

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


10/15 364.594.752 391.562.090

10 180.013.276 215.676.465

100 180.013.276 215.676.465

101

11

12 126.232.689 130.881.721

13 42.220.531 35.699.655

130 34.871 34.871

131 25.988.783 21.339.751

1310

1311 25.988.783 21.339.751

132

133 16.196.877 14.325.033

14 16.128.256 9.304.249

15

19

16 4.012.736 4.111.173

160/5 4.012.736 4.111.173

160

161

162

163/5 4.012.736 4.111.173

168

17/49 512.498.960 450.739.857

17 426.269.102 353.356.156

170/4 426.269.102 353.356.156

170

171

172

173 417.512.382 344.599.436

174 8.756.720 8.756.720

175

1750

1751

176

178/9

42/48 78.685.490 95.003.080

42 17.643.054 10.197.737

43 41.358.693 65.617.489

430/8

439 41.358.693 65.617.489

44 8.114.549 9.733.396

440/4 8.114.549 9.733.396

441

46 6.631.517 5.332.806

45 1.973.749 944.228

450/3 1.973.749 924.147

454/9 20.081

47/48 2.963.928 3.177.424

492/3 7.544.368 2.380.621

10/49 881.106.448 846.413.120

Nr 0220.764.971 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 .....................................................

Operating charges ...............................................................

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


70/74 245.210.373 215.264.717

70 232.801.366 203.214.865

71 587.786 274.421

72

74 11.821.221 11.775.431

60/64 196.162.532 172.553.871

60 80.283.909 60.303.498

600/8 80.283.909 60.303.498

609

61 80.461.970 77.363.375

62

630 29.710.589 28.060.010

631/4 934.334 2.396.976

635/7 -98.437 -96.459

640/8 4.870.167 4.526.471

649

9901 49.047.841 42.710.846

75 87.804 37.344

750

751 11.056 1.574

752/9 76.748 35.770

65 17.057.352 14.769.372

650 17.046.860 14.758.457

651

652/9 10.492 10.915

9902 32.078.293 27.978.818

Nr. 0220.764.971 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 .............................................

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

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

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

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

5.11

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

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

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 (+)/(-)


76 162.831

760 162.831

761

762

763

764/9

66 172.383

660

661

662

663

664/8 172.383

669

9903 32.078.293 27.969.266

780

680

67/77 408.762 450.714

670/3 408.762 450.714

77

9904 31.669.531 27.518.552

789

689

9905 31.669.531 27.518.552

~I '~ ,

Nr. 0220.764.971 C 4

APPR~PRIAl°IOIV 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 ...............................................

fromresenres ..........................................................................................

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

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

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

toother reserves .....................................................................................

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

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

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

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

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

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


9906 40.973.780 34.003.623

(9905 31.669.531 27.518.552

14P 9.304.249 6.485.071

791 /2 36.129

791

7g2 36.129

691 /2 1.871.844 1.196.639

691

6920

6921 1.871.844 1.196.639

(14) 16.128.256 9.304.249

794

694/6 22.973.680 23.538.864

694 22.973.680 23.538.864

695

696

`'~ e~ <

Nr. 0220.764.971 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 .......................................

Salesand 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 ........

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


8051 xxxxxxxxxxxxxxx 3 205.807

8021 3.796.380

8031

8041

8051 7.002.187

776.8248121 xxxxxxxxxxxxxxx

8071 1.400.437

8081

8091

8101

8111

8121 2.177.261

210 4.824.926

'~ ~ .

Nr. 0220.764.971 C 5.2.2

CONCESSIONS, PATENTS, LICENCES, KNOWHOW, BRANDSAND SIMILAR RIGHTS









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

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




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



8052 xxxxxxxxxxxxxxx 1.757.568

8022

8032

8042

8052 1.757.568

1.757.5688122 xxxxxxxxxxxxxxx

8072

8082

8092

8102

8112

8122 1.757.568

211

~~.

Nr. 0220.764.971 C 5.3.1

STATEMENT OF TANGIBLE FIXED ASSETS

LAND AND BUILDINGS







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


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


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

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




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

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








8161 1.385.479

8171 1.239

8181

8191 18.773.836


8211

8221

8231 489

8241 -42.013

8251 1.890.582


8271 309.214

8281

8291

8301

8311 -42.013

8321 3.989.916

~22~ 16.674.502

'~I J`°'

Nr. 0220.764.971 C 5.3.2

PLANT, MACHINERY AND EQUIPMENT




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





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


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





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

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








8162 59.418.355

8172 14.399.161

8182

8192 962.705.807


8212

8222

8232

8242 -4.600.830

8252 276.519.490


8272 25.777.437

8282

8292

8302 9.755.909

8312 -4.600.830

8322 494.988.241

~23~ 744.237.056

7~~

Nr. 0220.764.971 C 5.3.3

FURNITURE AND VEHICLES




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





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


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





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

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








8163 1.561.836

8173 232.552

8183

8193 26.314.888

262.2558253 xxxxxxxxxxxxxxx

8213

8223

8233

8243 -5.701

8253 256.554

8323 xxxx~cxxxxxxxxx 18.589.066

8273 2.046.795

8283

8293 61.688

8303 228.146

8313 -5.701

8323 20.463.702

(24~ 6.107.740

~~.

Nr 0220.764.971 C 5.3.5

OTHER TANGIBLE FIXED ASSETS




Salesand disposais ..............................................................................





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


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





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

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








8165

8175

8185

8195 1.767.056

8255 xxxxxxxxxxxxxxx

8215

8225

8235

8245

8255

8325 xxxxxxxxxxxxxxx 883.528

8275 176.706

8285

8295

8305

8315

8325 1.060.234

~26~ 706.822

Nr. 0220.764.971 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..........................................................................................

Amountswritten down ...........................................................................

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

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

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


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


8392 xxxxxxxxxxxxxxx 767.693

8362

8372

8382

8392 767.693


8412

8422

8432

8442

8452


8472

8482

8492

8502

8512

8522


8542

8552

~2g2~ 767.693

283P xxxxxxxxxxxxxxx

8582

8592

8602

8612

8622

8632

(283)

8652

Nr. 0220.764.971 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 REGISTEREDOFFICE and for the enterprise governed by

Belgian law, the COMPANY NUMBERdirect)

Ysubsi-diaries Primary

financialstatement

Mone-taryunit

P~Ca ital and reserves Net result

Number % %(+) or (-)

()n monetary units)

Eandis CVBA CALL 31/12/2010 EUR 20.405 0

Brusselsesteenweg 199

9090 Melle

Belgium

0477.445.084

38139 10,95 0,00

Nr. 0220.764.971 C 5.6

OTHER INVE~TMENT~ ~►ND DEPOSIT, DEFFERED CHARGES AiVD ACCRUED INCOME (ASS€TS)

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

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

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

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

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

DEFFERED CHARGES AND ACCRUEDINCOME

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

25.928.304

32.374.809

~~.

Nr. 0220.764.971 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

Share capital increase E"e

Share capital increase E"g

Structure of the capitalDifferent categories of shares

Shares Ae

Shares Ag

Shares Fe

Shares Fg

Shares E"e

Shares E"g

Shares Ee

Shares Eg

Registeredshares ..................................................................................................

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

180.013.276

215.676.465

Codes Amounts Number of shares

-71.716.385

-47.161.036

45.678.888 921.625

30.421.293 518.675

4.522.579 91.246

2.591.472 44.184

59.137.169 4.608.136

32.421.473 2.593.434

45.678.888 921.625

30.421.293 518.675

4.522.579 91.246

2.591.472 44.184

3.068.408 108.057

2.171.994 70.781

8702 XXXXXXXXXXXXXX 8.956.138

8703 XXXXXXXXXXXXXX

CodesUncalled~pital

Capital called,but not paid

(101) XXXXXXXXXXXXXX

8712 XXXXXXXXXXXXXX

~~

Nr. 0220.764.971 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 ..............................................................

Authorizedcapital, 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 48

8762

8771

8781

Nr. 0220.764.971 C 5.8

PROVISIONS FOR OTHER LIABILITIES AND CHARGES

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

Electricity

Gas

Period

1.029.188

2.983.548

~~

Nr. 0220.764.971 C 5.9

STATEMENT OF AMOUNTS PAYABLE, ACCRUED CHARGES AND DEFERREDINCOME

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

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 ..........................................................................................................................................Subordinatedloans .............................................................................................................................Unsubordinated debentures ................................................................................................................Leasing and other similar obligations ..................................................................................................Creditinstitutions ................................................................................................................................Otherloans .........................................................................................................................................

Tradedebts ...............................................................................................................................................Suppliers.............................................................................................................................................Billsof 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 ..........................................................................................................................................Subordinatedloans .............................................................................................................................Unsubordinateddebentures ................................................................................................................

Leasing and other similar obligations ..................................................................................................Creditinstitutions ................................................................................................................................Otherloans .........................................................................................................................................

Tradedebts ...............................................................................................................................................Suppliers.............................................................................................................................................


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

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

Codes Period

8801 17.643.054

8811

8821

8831

8841 17.643.054

8851

8861

8871

8881

8891

8901

(42) 17.643.054

8802 231.328.056

8812

8822

8832

8842 222.571.336

8852 8.756.720

8862

8872

8882

8892

8902

8912 231.328.056

8803 194.941.046

8813

8823

8833

8843 194.941.046

8853

8863

8873

8883

8893

8903

8913 194.941.046

Nr. 0220.764.971 C 5.9

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

Amounts payable guaranteed by Belgian public authorities

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

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

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

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

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

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

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

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

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

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 1.108.287

450 865.462

9076

9077

Nr. 0220.764.971 C 5.9

ACCRUED CHARGES AND DEFERRED INCOME

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

Accrued charges

Deferred income

Period

2.526.947

5.017.421

~~

Nr. 0220.764.971 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 .............................................

Other personnel 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 2.238.701 2.823.809

9113 1.304.367 426.833

9115

9116 98.437 96.459

640 161.859 92.271

641/8 4.708.308 4.434.200

9096

9097

9098

617

Nr. 0220.764.971 C 5.11

FINANCIAL AND EXTRAORDINARY RESULTS

FINANCIAL RESULTS

Other financial income

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

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

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

Allocation of other financial income

Financial discount on cash payments

Divers

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 negotiatingamounts receivable ..............................................................................................

Provisions of a financial nature

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

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

Allocation of other financial charges

EXTRAORDINARY RESULTS

Allocation other extraordinary income

Allocation other extraordinary charges


9125

9126

76.736 35.321

11 448

6501

6503

6510

6511

653

6560

6561

Period

Nr. 0220.764.971 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 408.762

9135 241.702

9136

9137 167.060

9138

9139

9140

Codes Period

9141

9142

9144

Codes Period Previous Period

9145 51.904.414 42.231.039

9146 77.971.791 61.261.861

9147 35.165 27.085

9148 9.560.295 1.764.016

Nr. 0220.764.971 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

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

Biils 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 properties 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 ..........................................................

Reai 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 properties 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 THIRDPARTIES 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

SUBSTANCIAL COMMITMENTS TO DISPOSE FIXED ASSETS

FORWARD TRANSACTIONS

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

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

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

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

Code Period

9149 819.028

9150

9151

9153

9161

9171

9181

9191

9201

9162

9172

9182

9192

9202

12.242

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

An amount of € 13.044.950,75 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 setup at the start of the

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

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

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

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

Nr. 0220.764.971 C 5.13

RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET

INFORMATION CONCERNING IMPORTANT LITIGATION AND OTHER COMMITMENTS NOT MENTIONED ABOVE

December 2011 the amount used was € 20.000.000,00.

The off-balance sheet rights and commitments mention the actualized value (€ 45.416.300,00) of future obligations to the Eandis staff

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

The off-balance sheet rights and commitments mention the obligation of soil rehabilitation for the field situated in Aalst,

Dendermondsesteenweg which was sold to the city of Aalst (€ 650.000,00).

A bank guarantee has been offered in favour of OVAM amounting to € 1.960.000,00 as assurance for the accomplishment of soil analysis

and/or rehabilitation.

A bank guarantee in favour of Customs and Levies amounting to € 30.000,00 to cover the recharge of the energy tax credited by Intergem to

their social customers.

Bank guarantees received from energy suppliers amount to € 62.000,00.

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

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

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

commitments to this mandate.

Unpaid grid fee bills due to a legal dispute with Essent for an amount of € 219.198,33.

Claims due to legal dispute with NMBS: € 138.121,56.

Claims due to legal dispute with Flemish region: € 65.857,27.

Various claims due to legal disputes: € 546.161,92.

Intergem 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

€ 135.042.290,44. 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 € -15.354.063,95.

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

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 OF OFF-BALANCE SHEET ARRANGEMENTS

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

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

mentioned too:

Nr. 0220.764.971 C 5.14

RELATIONSHIPS WITH AFFILIATED ENTERPRISES AND ENTERPRISES LINKED BY PARTICIPATINGINTERESTS

AFFILIATED ENTERPRISES

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

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

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

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

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

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

Within one year

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

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

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

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

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

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

Personal and real guarantees

Provided or irrevocably promised by the enterprise, as security for debts orcommitments of affiliated enterprises .....................................................................

Provided or irrevocably promised by affiliated enterprises as security for debts orcommitments of the enterprise ...............................................................................

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

Financial results

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

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

Otherfinancial 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 ...........................................................................

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

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

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) 767.693 767.693

(282) 767.693 767.693

9272

9282

9292

9302

9312

9352 129.540.551 101.753.037

9362 86.467.880 35.026.880

9372 43.072.671 66.726.157

~~

Nr. 0220.764.971 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 iline 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: € 2.629.074,35B) interests on cash pool activities: € 575.477,13C) recharge of management invoices from Eandis to Intergem: € 132.719.522,78D) purchase of netgrid losses: € 6.699.817,61E) purchase of energy for supply to social customers: € 1.737.583,66F) green certificates sales: € 1.651.516,50

Nr. 0220.764.971 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

Otherattestation 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 74.616

9504

Codes Period

9505 8.034

95061 1.674

95062

95063

95081

95082

95083

~~

Nr. 0220.764.971 ~ ~

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 setup 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. This additional provision is used in function of

the realization of receipts of these accounts receivable or is used for the final write-off thereof.

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Nr. 0220.764.971 C 7

VALUATION RULES

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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Nr. 0220.764.971 rC 8

MANAGEMENT REPORT

ADMINISTRATION REPORT - INTERGEM.

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 forIntergem in additional increases of the manageable charges compared to the initial budget, approved by the CREG, of 5,98 per cent for theactivity electricity and 4,93 per cent for the activity gas. Partly due to these increases a bonus could be realized of € 3.011.653,55 for theactivity electricity and of € 1.330.098,91 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 reduced by € 1.381.364,64. For the activity gas the income was also reduced by € 3.566.695,13.These amounts will alsobe settled 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 (+ € 762.647,35for electricity and + € 486.402,79 for gas) compared to those proposed in the budget.

Thus the 2011 result in the network activities equal the calculated fair remuneration of € 15.893.000,24 for electricity and € 11.420.902,90for 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.

In this way, an amount of € 1.871.843,86 (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 € 6.810.131,27. The profit from the non-regulated activities (twinactivities: € 13.875,82) 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 mission charged company relating to the financial year 2011.

The Board of Directors,19 April 2012.

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