DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOI-LETTES WATER HAIR CARE HEALTH & BEAUTY GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES LIQUORS HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VOD-KA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE ELECTRONICS FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VOD-KA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RA-ZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET FOOD & BEVERAGES SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET PERFUMES & COSMETICS SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIESAnnual Report 2015
B&
S H
old
ing
S.à
r.l. An
nu
al R
ep
ort 2
015
SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOITPHONE HAIR CARE HEALTH & BEAUTY GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIP-STICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TA-BLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES LIQUORS HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOI-LETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE ELECTRONICS FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VOD-KA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOI-LETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET FOOD & BEVERAGES SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET PERFUMES & COSMETICS SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR
SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOITPHONE HAIR CARE HEALTH & BEAUTY GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIP-STICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TA-BLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES LIQUORS HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOI-LETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE ELECTRONICS FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VOD-KA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOI-LETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET FOOD & BEVERAGES SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET PERFUMES & COSMETICS SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR
B&S Holding S.àr.l. Annual Report 2015 1
2 B&S Holding S.àr.l. Annual Report 2015
1
3
24
5 B&S Holding S.àr.l. Annual Report 2015 3
Contents
REPORT OF THE BOARD OF MANAGERS
AT A GLANCE
REPORT OF THE SUPERVISORY BOARD
General 12
Corporate profile 14
Corporate governance 26
Corporate social responsibility 28
Human resources 36
Risk management and internal control 40
Key figures 4
Calendar of events 6
Letter from the Supervisory Board 56
FINANCIAL STATEMENTS 2015
Consolidated balance sheet 60
Consolidated profit and loss account 62
Consolidated cash flow statement 63
Comprehensive statement of changes in equity 64
Notes to the consolidated balance sheet and profit and loss account 66
Notes to the consolidated balance sheet items 72
Notes to the consolidated profit and loss account items 83
Report of the reviseur d’entreprises agree 87
COMPANY FINANCIAL STATEMENTS 2015
OTHER INFORMATION
Company balance sheet 90
Company profit and loss account 92
Notes to the Company balance sheet and profit and loss account 93
Notes to the Company balance sheet items 95
Notes to the Company profit and loss account items 98
Profit appropriation according to the Articles of Association 100
Proposed appropriation of the result for 2015 100
Profit appropriation 2014 100
Report of the reviseur d’entreprises agree 101
4 B&S Holding S.àr.l. Annual Report 2015 At a glance
KEY FIGURESAt a glance
(in millions of euros unless stated otherwise) 2015 2014 2013 2012 2011
PROFIT AND LOSS ACCOUNT
Turnover 1,338.3 1,152.2 1,002.1 903.3 825.0
Gross margin 180.3 158.1 138.7 140.1 112.0
As a % of turnover 13.5% 13.7% 13.8% 15.5% 13.6%
EBITDA 82.8 65.0 51.9 59.2 47.2
As a % of turnover 6.2% 5.6% 5.2% 6.6% 5.7%
EBIT 74.2 54.0 42.0 51.7 40.8
As a % of turnover 5.5% 4.7% 4.2% 5.7% 4.9%
Consolidated result 64.2 47.5 35.6 41.4 31.4
Third party share 4.2 1.2 0.9 1.4 1.1
60.0 46.3 34.7 40.0 30.3
As a % of turnover 4.5% 4.0% 3.5% 4.4% 3.7%
BALANCE SHEET
Total assets 464.5 411.7 374.0 335.9 277.6
Current assets 418.5 361.5 323.2 279.1 240.7
Group equity 194.4 155.8 132.4 119.7 94.8
RATIOS
Turnover increase 16.2% 15.0% 10.9% 9.5% 21.8%
Result increase 35.2% 35.7% (11.4%) 31.8% 19.8%
Current assets / total assets 90.1% 87.8% 86.4% 83.1% 86.7%
Solvency 41.8% 37.9% 35.4% 35.6% 34.1%
Return on equity 36.7% 33.0% 26.4% 38.6% 37.1%
At a glance B&S Holding S.àr.l. Annual Report 2015 5
2011
2012
2013
2014
2015
825.0
903.3
1,002.1
1,152.2
1,338.3
2011
2012
2013
2014
2015
112.0
140.1
138.7
158.1
180.3
2011
2012
2013
2014
2015
47.2
59.2
51.9
65.0
82.8
2011
2012
2013
2014
2015
30.3
40.0
34.7
46.3
60.0
2011
2012
2013
2014
2015
94.8
119.7
132.4
155.8
194.4
TURNOVER DEVELOPMENT(in millions of euros)
GROSS MARGIN DEVELOPMENT(in millions of euros)
EBITDA(in millions of euros)
CONSOLIDATED RESULT AFTER THIRD PARTY SHARE(in millions of euros)
GROUP EQUITY(in millions of euros)
€ 1,338.3million
16.2%2014: € 1,152.2 million
€ 180.3million
14.0%2014: € 158.1 million
€ 82.8million
27.4%2014: € 65.0 million
€ 60.0million
29.6%2014: € 46.3 million
€ 194.4million
24.8%2014: € 155.8 million
6 B&S Holding S.àr.l. Annual Report 2015 At a glance
FEBRUARYGulfood Trade Show 2015 [4]
B&S participates in Gulfood
Trade Show Dubai 2015, the
UAE region’s largest exhibition
in the food industry, keeping an
excellent partnership with the
top Fast Moving Consumer
Goods producers.
B&S partners with
Victoria’s Secret [2]
B&S Paul Global enters into a
distribution agreement with
Victoria’s Secret. Amongst
others B&S Shop Fly at
Eindhoven Airport and B&S
Central Store in Brunssum
become distributor of a broad
assortment of beauty products.
APRILCapi partners with SNI
Capi Global enters into a
partnership with SNI, distributor
of Clöudz travel accessories.
Capi Global becomes exclusive
distributor of Clöudz products
outside of the Americas.
Global Cruise market
meeting [3]
B&S Global Cruise Supply
participates in the Marine Hotel
Association (MHA) trade fair
in Orlando, USA and meets
representatives and decision
makers of major cruise lines.
Goodburry enters
consumer market [5]
B&S starts selling private label
Goodburry retail packages
through supermarkets and
smaller outlets across Africa.
MAYTFWA in Singapore
Capi Global is an exhibitor at the
TFWA Asia Pacific Exhibition &
Conference in Singapore.
Beautyworld Trade Fair
Middle East
HTG Health & Beauty exhibits
at the largest international trade
fair for beauty products and
wellbeing in the Middle East.
B&S in-House day [1]
B&S launches the first edition of
the B&S in-House day where
starters and students get
acquainted with career and
internship opportunities at B&S.
JUNEPresentation Apple MacBook
Capi Retail presents the new
Apple MacBook in Lounge 1 at
Amsterdam Airport Schiphol.
Apple recognises the Capi shop
as a unique platform for their
branding in a high-spending
environment.
EY World Entrepreneur
of the Year
After winning the Dutch award
‘EY Entrepreneur of the Year
2014’, B&S International
represents The Netherlands
at the ‘EY World Entrepreneur
of the Year’ event in Monaco.
Partnership European
Olympic Games Baku
B&S Bosman Global supplies
more than 180 tons of goods
to the Olympic Games in Baku,
Azerbaijan.
CALENDAR OF EVENTSAt a glance
1
2 3
54
At a glance B&S Holding S.àr.l. Annual Report 2015 7
6
7 8 10
9
8 B&S Holding S.àr.l. Annual Report 2015 At a glance
At a glance B&S Holding S.àr.l. Annual Report 2015 9
JULYNew store Johannesburg
Capi Retail reopens its new
concept store in Johannesburg
featuring its latest marketing
concepts from ‘Special Offer’
to ‘It’s Exclusive!’
AUGUSTExtension AutoStore
HTG expands AutoStore, a
completely automated storing
and picking system that works
with robots allowing the
company to store and pick
products more efficiently at
reduced costs.
SEPTEMBERNew stores Copenhagen
Airport
After being awarded the
concession, Capi Retail starts
its operations at Copenhagen
Airport with three shops totalling
more than 300 m² of retail
space. The shops are located
in Terminals 2 and 3 and the
airport as a whole serves around
25.6 million passengers annually.
Implementation first phase
corporate IT programme
B&S International implements
the first phase of BiT (B&S
International Technology
programme).
OCTOBERTFWA World Exhibition
Cannes [10]
Capi Global exhibits with a
smart stand at the TFWA World
Exhibition in Cannes, featuring
interactive presentations
projected on two large touch
screens.
New store Lounge 2
Amsterdam Airport Schiphol [7]
Capi Retail opens a new store in
Lounge 2 at Amsterdam Airport
Schiphol. Measuring almost
300 m2, the shop is one of the
largest Capi currently operates.
Anuga trade fair 2015
B&S strengthens partnerships
by participating at the world’s
leading food fair Anuga in
Cologne.
New B&S Crew Shop
Amsterdam Schiphol Airport [6]
B&S Paul Global opens a new
Crew Shop at Amsterdam
Schiphol Airport. The store is
dedicated to crew members
and offers a tailor-made multi
assortment.
DECEMBERB&S expands Dordrecht
premises [8]
Agreement has been reached
with the municipality of
Dordrecht regarding the land
next to the current B&S Logistics
Center whereby B&S may, in the
future, rent around 35,000 m2
of high-quality warehouses.
Opening UN Retail shops
in Mali [9]
In 2015 B&S Paul Global has
expanded its duty free military
retail section by becoming
exclusive operator for five duty
free military shops at the UN
peacekeeping mission in Mali
(MINUSMA).
DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TA-BLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHO-WER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCE-RIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGE-TABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RA-ZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE
10 B&S International B.V. Annual Report 2015
DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TA-BLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHO-WER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCE-RIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGE-TABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RA-ZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE
1B&S International B.V. Annual Report 2015 11
REPORT OF THE BOARD OF MANAGERS
General 12
Corporate profile 14
Corporate governance 26
Corporate social responsibility 28
Human resources 36
Risk management and internal control 40
12 B&S Holding S.àr.l. Annual Report 2015 Report of the Board of Managers
GENERALReport of the Board of Managers
B&S Holding S.àr.l. is an
investment company with
its registered office in the
Grand-Duchy of Luxembourg.
The Company invests success-
fully in companies trading in
Fast Moving Consumer Goods
in niche markets all over the
world.
Strategy
B&S Holding S.àr.l.’s strategy is
based on adding value for both
its clients and its suppliers by
enabling their interests to
converge. The Company
supplies a wide range of goods
to clients in markets which,
because of their geographical
location or other factors, are
inaccessible to most suppliers.
By balancing the needs of both
parties B&S Holding S.àr.l. adds
value to the supply chain.
Its strategy is based on three
basic aspects – the pillars of the
organisation: cost leadership,
client centricity and diversifi-
cation.
Financial performance 2015
In 2015 B&S Holding S.àr.l.
achieved an excellent financial
performance. Turnover rose by
over 16% to € 1,338 million
(2014: € 1,152 million), EBITDA
remained stable at 6.2% of total
turnover (2014: 5.6%) and the net
result exceeded the target set for
the year. In recent years the
Company has maintained its rate
of growth and substantially
improved its profitability. At the
end of 2015 the balance sheet
was in excellent shape: Working
capital was lower than in 2014
and solvency was higher at
41.8% (2014: 37.9%). On the basis
of this solid foundation the
Company has set new,
ambitious, long-term targets and
is looking forward to achieving
the next phase of growth.
Outlook
In the coming years B&S Holding
S.àr.l. will focus on broadening
its earning opportunities and
consistently generating strong
returns as the organisation is
scaled-up. We are confident
that, with the support of our
various business partners and
stakeholders, we will grow
stronger, go further and deliver
more as we continue to sharpen
our competencies.
Report of the Board of Managers B&S Holding S.àr.l. Annual Report 2015 13
The story of our people and their power ENTERPRISING
EXPANDING OUR DUTY FREE MILITARY RETAIL SECTION In 2015, B&S Paul
Global expanded its duty free military retail section, becoming the exclusive operator
of five duty free military shops at the UN peacekeeping mission in Mali. The mission
is one of 16 peacekeeping operations currently being led by the UN, and we’re proud
to be the food service suppliers for nine of them. Ensuring that military and peace-
keeping forces around the world receive supplies on time takes expertise, dedication,
experience, and risk awareness. An unrelenting focus on safety and security, combined
with zero tolerance for error, ensures that our logistical operations make our clients’
lives that little bit more comfortable.
14 B&S Holding S.àr.l. Annual Report 2015 Report of the Board of Managers
CORPORATE PROFILE
B&S Holding S.àr.l. is a globally
operating holding company
based in Luxemburg that
participates in international
trading enterprises that offer
wholesale and distribution
solutions in niche markets.
These markets include the ship
supply industry, the airline and
military catering industries and
the duty-free market.
The Company focuses on the
wholesale and distribution of
luxury and fast-moving
consumer goods (mainly
A-brands), such as liquors and
beverages, perfumes, cosmetics
and toiletries, confectionary and
electronics
Enterprising, resourceful and personal
At B&S Holding these values
are all closely connected.
That comes as no surprise.
We are a cohesive group of
people who share the same
defining qualities and the same
powerful ambitions. It’s the
people who are the backbone
and driving force of our organi-
sation. They are generous with
their talents and their energy.
In return B&S offers them almost
unlimited scope for personal
growth and development.
Advance, expand, develop
Our long-term ambition is to
achieve sustainable devel-
opment, through a combination
of organic growth and strategic
acquisitions. With 4 divisions
and over 1,100 employees we
move over 40,000 different
products in 100 countries all
over the world. Market diversifi-
cation makes our company
more resistant to economic
changes. That’s B&S: rooted in
solid ground, yet always on the
lookout for unexplored horizons.
Vision, inspiration and innovation
In a constantly-changing world
we set new standards for doing
business. By merging wholesale
and retail the Company keeps
adapting the distribution
channel to meet challenges and
seize opportunities. Our ability
to adapt smartly and innovate
has enabled us to evolve from
being a distributor to being an
integral part of the distribution
channel. We do not procras-
tinate; the pace of change is our
pace. Based on our long history
of experience and expertise and
with full awareness of our role in
society we are shaping our
future.
Report of the Board of Managers
The story of our people and their power
Report of the Board of Managers B&S Holding S.àr.l. Annual Report 2015 15
NEW PARTNERSHIPS, NEW SUCCESSES Clients work with us for many reasons.
The most important of which is that we’re much more than just a distributor;
we’re a reliable contract partner. We use our knowledge and experience to develop
practical solutions to clients’ day-to-day challenges, while developing the strategic
value we can offer their business in the future. In 2015, we helped a number of
new partners reach new consumers, including Victoria’s Secret and Clöudz travel
accessories.
The story of our people and their power RESOURCEFUL
16 B&S Holding S.àr.l. Annual Report 2015 Report of the Board of Managers
Successful
B&S is successful when it comes
to servicing its clients’ needs.
It has a long and proven track
record in innovative supply-
chain management, wholesale
activities and trading.
The Group is the result of a
blend of successful series of
acquisitions and mergers
initiated to ensure it remains at
the forefront of the competitive
global marketplace. The Group
operates successfully as a
trading company and ‘super-
wholesaler’ using its large client
base to negotiate volume agree-
ments with a variety of suppliers.
This provides great added-value
to its clients. The Company’s
success is also built on a strong
and healthy financial foundation.
Report of the Board of Managers
The DNA of B&S
Reliable
Clients always receive a consist-
ently high level of quality and
service that meets their expecta-
tions. This reliability has enabled
the Company to build long-term
strategic relationships with its
clients. B&S’ business integrity and
transparency further support the
Company’s reputation as a trusted
preferred partner, a trust repre-
sented by our employees.
This DNA is a set of
characteristics that describes
the Group’s identity as
being reliable, successful,
professional, unique, flexible,
efficient, ambitious and
personal. RELIABLE SUCCESSFUL
Report of the Board of Managers B&S Holding S.àr.l. Annual Report 2015 17
Flexible
The Company is a responsive
organisation with client-driven
flexibility. The Company is used
to dealing creatively and effec-
tively with unusual problems,
challenges or unanticipated
opportunities and always put the
client first. A nine to five
mentality is not seen within the
Company.
The Group offers its clients full
support with, as a result, great
added-value.
Ambitious
‘We continuously strive for solid
growth.’ The Company attracts
bright, entrepreneurial people
who enjoy the challenging
environment of the global
marketplace and know when
and how to take advantage of an
opportunity. As a learning organ-
isation the Company offers the
scope for professional and
personal career development up
to the point of being a true
co-entrepreneur. Significantly,
this allows B&S to keep up with
the steadily increasing scale of
markets and clients. In this
respect the Company’s
employees really do make the
difference.
Professional
The Group is a highly profes-
sional organisation with equally
high human resources
standards. Every single
prospective employee is offered
a position solely because it is
expected that he or she will
bring a unique set of profes-
sional characteristics to the job
as well as to the Company.
Additional factors are an
employee’s potential for devel-
opment and ambition to get the
job done. The Company will
continue to invest in developing
this potential.
Personal
The Company cares about
personal relationships. They
require trust, transparency and
understanding to work. Our
employees build successful
long-term partnerships with
clients and suppliers based on
these values and with two clear
goals in mind: to contribute
towards the growth of the
business and to take care of the
tasks that are not part of the
client’s core operations.
Efficient
‘Get it right the first time’ is the
Company’s credo and, to
achieve this, a goal-oriented
approach is taken. Together with
efficiency awareness this is a key
factor in the minds of the
Company’s staff. Top-level
service is coupled with constant
business process innovation and
supported by state-of-the-art
technology.
Unique
B&S is unique: in its concept, its
scope and its product-market-
combinations. Its strategy of
business diversification has
made it less sensitive to
economic changes. The size of
the combined business volume
of the Group’s divisions and
underlying business units create
a strong purchasing power and
results in excellent market
prices. This gives the Group
competitive strength.
A continuing commitment to
quality and competence has
ensured the Group’s current
prominence.
PROFESSIONAL
UNIQUE
FLEXIBLE
EFFICIENT
AMBITIOUS
PERSONAL
18 B&S Holding S.àr.l. Annual Report 2015 Report of the Board of Managers
Report of the Board of Managers
B&S Holland Trading
Group Division
The B&S Holland Trading
Group division (HTG) is
based in Delfzijl, the
Netherlands. The activities
of this division date back to
1974 when the Kamstra
Shipstores company
started duty-free
activities in the North of
the Netherlands. Today the
division comprises three
business units that
together are considered
one of the largest and
most diversified wholesale
and trading companies in
the A-brand luxury
products market.
� HTG Liquors � HTG Perfumes &
Cosmetics � HTG Health & Beauty
B&S World Supply
Division
This division is based in
Dubai, United Arab
Emirates, and focuses on
the sale and distribution of
fast-moving consumer
goods, mainly food and
beverages, in a wide range
of niche markets.
B&S Division
The B&S division is based
in Dordrecht, the Nether-
lands and comprises
several business units that
focus on the sale and
distribution of fast-moving
consumer goods, mainly
food and beverages, in a
wide range of niche
markets all over the world.
The retail business at
airports, on cruise vessels
and within UN missions is
also supported from
Dordrecht. B&S’ history
can be traced back over
140 years.
The B&S division is divided
into four separate
segments, as follows:
� B&S Bosman Global � B&S Köpcke Global � B&S Global Cruise Supply � B&S Paul Global
Royal Capi Lux Division
Royal Capi-Lux Holding
(Royal Capi-Lux) is a large
airport retail company
established in 1894 and
headquartered in
Hoofddorp, the Nether-
lands. Royal Capi-Lux has
retail shops at airports in
the Netherlands, Germany,
Denmark, Norway, Sweden
and South Africa, offering a
portfolio of electronics
aimed at the demanding
traveller.
Royal Capi-Lux has over
55 years of experience
in airport retailing, both
airside and landside, and
welcomes more than
18 million visitors to its
shops every year.
Capi-Lux has capitalised
on its knowledge of and
expertise in the airport
retail business by setting up
a successful organisation
(Capi Global) that supplies
a range of products to
other airport retailers.
Group structure
The main participation of B&S Holding is in the Dutch sub-holding company B&S International B.V., which is structured into three divisions each comprising various business segments. All the divisions are based in the Netherlands. In this Annual Report the entire Group, including the divisions and the underlying business segments as described here, is also referred to as ‘the Group’.
Report of the Board of Managers B&S Holding S.àr.l. Annual Report 2015 19
Electronics
The electronics assortment has
been specially selected for the
travel retail market. Cameras,
smartphones, tablets,
headphones and travel acces-
sories are just some examples
from the total range. The best
and most inspiring A-brands are
available. The Royal Capi-Lux
division has also developed its
own stylish travellers brand,
‘MiTone’.
Liquors
This includes all alcoholic
beverages such as rum, vodka
and whisky of many different
brands as well as all cigarettes
and cigars. Wine and beer are
not included in this product
group, they are included in the
Food & Beverages product
category.
B&S Holdings’ range includes more than 40,000 different products, which can be classified into the following product groups.
Perfumes & Cosmetics
This product group includes all
perfumes and eau de toilettes
from the best perfume houses in
the world as well as all kinds of
cosmetics, such as eye shadow,
lipstick and professional make
up. The HTG division has
developed various perfume
brands linked with trendy TV
programmes or series, such as
‘The Voice’’
Health & Beauty
This group comprises personal
care products not included in
the ‘Perfumes & Cosmetics’
category: from shampoos to
razors, and from shower gels to
skin care products, as well as
professional hair care products
and all well-known brands of
toiletries
Food & Beverages
In this product category the
Group offers clients all sorts of
food products including meat,
fish, dairy products and all kinds
of groceries from all over the
world. Every product is available
in different sizes and brands.
Clients can choose between
A-brands, secondary brands or
even B&S’ own private label,
‘GoodBurry’.
Beverages include water, juices,
soft drinks, wines and beer.
Product groups
20 B&S Holding S.àr.l. Annual Report 2015 Report of the Board of Managers
Mission
B&S Holding is the preferred
partner for all niche markets
around the globe that need
consumer goods delivered at the
right place at the right time.
Vision
B&S Holding’s vision is to be the
most inspiring company in the
markets it serves by offering its
clients pioneering and innovative
solutions and, by so doing, to be
the market leader in the consumer
goods wholesale industry and
duty-free retail markets.
Strategy
The Company’s strategy is based
on adding value for both its clients
and its suppliers by making their
interests converge. We deliver a
wide assortment of goods to our
clients in markets in which our
suppliers are unable to deliver.
These niche markets are often
remote and difficult to reach,
which means clients’ demands
cannot easily be met. By balancing
the needs of both parties we add
value to the chain. Our strategy is
based on three basic aspects, the
pillars of our organisation.
Report of the Board of Managers
Mission, Vision and Strategy
SUPPLIERS CLIENTS
B&S Holdingconnects, simplifies and optimises
the supply chainAddedvalue
Addedvalue
Report of the Board of Managers B&S Holding S.àr.l. Annual Report 2015 21
Growth is the lifeblood of B&S
International and the primary
pillar of its strategy. We firmly
believe that growth is based
on innovation and quality and
fuelled by entering into new
markets and by continuously
making use of new business
opportunities. Growth certainly
leads the Company further and
energises the organisation.
The growth strategy is based on: � Organic growth combined
with growth through
acquisitions
� Innovation � Quality growth � Diversified growth � Profitable growth � Sustainable growth
BALANCED GROWTH – THREE PILLAR STRATEGYInnovation and quality
Cost leadership
� Economies of scale � Increasing efficiency � Innovative logistics concepts � Smart ICT solutions � Synergies between business
units
Client centricity
� Highest client service level � Anticipating clients’ needs � Tailor made solutions � A flexible client approach � Long-term partnerships � Mutual trust
Diversification
� Different markets � Different regions in the world � Different product groups � Clients in different sectors
B&S Holding aims to sustain its
outstanding competitive and
leading position in its markets.
The Group strives continuously
for further improvements in
efficiency and economies of
scale in order to lower
corporate expenditure in
relation to turnover.
This is being achieved through
bulk purchasing and invest-
ments in ultra-modern and
innovative logistic concepts
and ICT solutions and through
synergy advantages achieved
through the active cooperation
of the various business units
within the Group.
Excellent added-value and
service during and between
business activities makes B&S
Holding a unique business
partner. Added-value forms
the bond between clients
and suppliers and creates
long-term relationships built
on expertise and involvement.
Sales activities are always
combined with a complete
service that includes client
support, customs handling and
transportation. The Company
strives for partnerships and
long-term relationships with
its clients. The organisational
model is designed to be as
flexible, efficient and
responsive as possible.
B&S Holding supplies and
sources products at a global
level in different niche markets.
This means the Company is
well diversified in markets,
products and regions and also
has a wide client portfolio.
One of B&S Holding’s strengths
is its expertise in accessing
remote areas and markets at an
early stage.
This enables our suppliers
to launch products in these
markets, which is considered a
strong competitive advantage.
Balanced growth
22 B&S Holding S.àr.l. Annual Report 2015 Report of the Board of Managers
Quantitative objectives
In terms of turnover growth the
long-term guidance is an average
growth between 10% and 15% per
year. The growth is to be achieved
partly organically and partly via
complementary acquisitions.
The long-term target for EBITDA is
5% of turnover.
To optimise balance sheet ratios
the Company pursues a vigilant
strategy in respect of the use of its
working capital, the objective
being that the sum of current
assets always at least exceeds the
sum of short-term liabilities.
The Company is also committed
to further improving its financial
position with the aim of achieving
a debt position that is less than 2.5
times EBITDA.
Maintaining solvency at a level of
at least 25% of total assets is a
priority within the Company. This
is also applicable when total assets
increase as an effect of the growth
of the Company’s activities and
the occasional take-over of assets
from acquisitions.
The objective is to continue to
create shareholder value. As long
as its performance is in-line with
the above objectives the Company
generally allows for annual
transfers from its reserves in the
range of around 40% of the annual
net results.
The Company pursues a prudent
financing policy, whereby
financing arrangements are
divided over different financial
institutions. The use of credit facil-
ities is (conservatively) linked to set
ratio’s that are comfortably within
the bandwidth of covenants and
financing criteria of the financing
institutions.
Report of the Board of Managers
ACHIEVEMENTS IN 2015 VERSUS STRATEGIC OBJECTIVES
Long-term
objective
Average growth past
5 years
Average gross margin
in % of turnover
Working capital
(Current assets : short-term liabilities)
Solvency
10%-15% 12% > 1 > 25%
Achievements 2015
12.9% 13.5% 1.63 41.8%
Core objectives
Report of the Board of Managers B&S Holding S.àr.l. Annual Report 2015 23
NEW CORPORATE IT PROGRAMME During 2015, we began implementing
the first phase of an ambitious new corporate IT programme. Called BiT
(B&S International Technology programme). The programme’s aim is to ensure
we lead from the front, enabling us to continue playing an active role in the
convergence of the supply chain between wholesalers, distributors and retailers.
Achieving this requires investing in innovative technologies, helping us keep pace
of rapidly changing business environments. Introducing innovative new processes
boost efficiency and cost reduction, which we are already utilising for key clients
such as Bol.com and Amazon.
The story of our people and their power VISION
24 B&S Holding S.àr.l. Annual Report 2015 Report of the Board of Managers
Directors and Supervisors
Report of the Board of Managers
Board of Managers Supervisory Board
J.B. Meulman, CEO W.A. Blijdorp
G. van Laar, CFO P.N.S. Luttjehuizen
B.L.M. Schreuders
Lebaras Holding S.àr.l.
J.B. Meulman
B.L.M. Schreuders
Andreas Management
Services S.àr.l.
B.L.M. Schreuders
GROUP AUDITORS TAX ADVISORSDeloitte Accountants B.V.
E.R. Termaten
Loyens & Loeff N.V.
R.P.C. Cornelisse
LEGAL ADVISORS CUSTOMS ADVISORSBoonk Van Leeuwen
Advocaten N.V.
J.J. Schelling
Customs Knowledge B.V.
B.J.B. Boersma
Report of the Board of Managers B&S Holding S.àr.l. Annual Report 2015 25
ALWAYS DEVELOPING Our people are our greatest asset, and we believe that
investing in their careers from the very start not only makes our company stronger,
it creates a more motivated, better-qualified workforce. During the year we launched
the first edition of the B&S in-House day, which helps students and new entrants
to the job market get acquainted with the full range of career and internship
opportunities available across the Company. For those who go on to have a career
at B&S, this will be the first of many moments where we invest in their personal
development.
The story of our people and their power PERSONAL
26 B&S Holding S.àr.l. Annual Report 2015 Report of the Board of Managers
“An integral part of Corporate Governance has been assigned to the Internal Audit Department.”
The desire to pursue best
practices is embedded in the
Company’s corporate
philosophy and policies. B&S
governing bodies are aware that
the environment is constantly
changing as well as of the
necessity of having consistent
Corporate Governance guide-
lines that assist them in carrying
out their responsibilities.
Corporate Governance is about
more than compliance with
rules and regulations. It is an
integral part of how the Group
chooses to do business.
While our internal control,
risk management and audit
procedures ensure that proper
controls are in place, we also
encourage our employees to
review their own and each
other’s activities and outputs.
This helps them make sure they
have acted correctly – and
confirm that correct decisions
have been made – and to
challenge each other if they
think something is the matter,
if something appears unusual or
they think there is a better way
of doing things.
An integral part of Corporate
Governance has been assigned
to the Internal Audit
Department. On behalf of the
Board of Managers the Internal
Audit Department monitors
compliance by analysing and
testing critical business
processes.
Corporate Governance structure
The Company maintains a
two-tier governance structure
in which the executive and
supervisory responsibilities are
separated. Control over the
Company through the Board of
Managers and Supervisory Board
is, to a large extent, influenced
by the ultimate shareholders.
This company acts as the
holding company, which,
through B&S International B.V.,
controls the interests of the
autonomous operating divisions:
� B&S Holland Trading Group,
Delfzijl, the Netherlands; � B&S, Dordrecht, the Nether-
lands; � Royal Capi-Lux, Hoofddorp,
the Netherlands.
As much authority as possible is
delegated to the divisions and
their business units. Within
agreed guidelines the Group’s
staff, especially its senior
managers, enjoy a high degree
of autonomy and responsibility.
This philosophy encourages
staff to develop as experts in
their business.
Board of Managers
The Board of Managers is
responsible for formulating the
Company’s strategy, taking into
account the interests of all its
stakeholders, and for the
Company’s day-to-day opera-
tions. The Board of Managers is
appointed by the General
Meeting of Shareholders and is
based on the creation of an
optimum span of control.
CORPORATE GOVERNANCEReport of the Board of Managers
B&S Holding S.àr.l. is a private limited liability company established under the laws of Luxembourg. The Company considers the interests of all its stakeholders, from clients and suppliers to staff and shareholders and from financiers to governmental institutions, to be important.
Report of the Board of Managers B&S Holding S.àr.l. Annual Report 2015 27
Supervisory Board
The main function of the Super-
visory Board, which is appointed
by the General Meeting of
Shareholders, is to offer the
Board of Managers general
advice for achieving its business
goals and corporate strategy.
In addition, its objective is to
safeguard and uphold the
Company’s goals and ensure the
management of the Company
will result in the achievement of
these goals. In performing their
tasks the Supervisory Board
members focus on the interests
of the Company and its
associated businesses.
The Supervisory Board carries
out its advisory task through
regular formal meetings (held at
the Company’s premises) with
the Company’s Board of
Managers. The Supervisory
Board receives information
about all relevant matters on a
regular basis, which enables the
members to carry out their
duties. Details of the compo-
sition of the Board of Managers
and the Supervisory Board have
been included in this report.
If a member of the Supervisory
Board becomes aware of any
significant (potential) conflict of
interest the member must report
this immediately to the
Chairman and provide all
relevant information. A decision
to enter into a transaction
involving such a conflict of
interest requires the approval of
the Supervisory Board.
Members of the Supervisory
Board are permitted to obtain
independent professional advice
at the expense of B&S Holding
S.àr.l.
Management Board
The Management Board of B&S
Holding supports the Board of
Directors in its overview of
operations and implementation
of the Company’s strategy.
The Management Board consists
of the management of the three
reporting divisions and the key
corporate functions.
This ensures B&S Holding is
managed as an integrated global
business.
Shareholders
Supervisory Board
Board of Managers Management Board
HTG
Reportable segments
B&S Capi LegalFinance & Control
Key functions
Tax HR ICT InternalAudit
28 B&S Holding S.àr.l. Annual Report 2015 Report of the Board of Managers
For us, sustainable business
means putting long-term vision
ahead of short-term profits.
This long-term vision, which is
embedded in our DNA, goes
further than any bottom line
result; it is adding value in every-
thing we do. It’s about our
relationship with clients and
suppliers, the wellbeing and
development of our employees,
as well as our relationship with
the environment. Developing
sustainable relationships with
our employees and clients is
already one of our core values,
but the role of sustainability will
take on even greater importance
within the business as we go
forward. This is one of the
reasons why we joined the
largest network for Corporate
Social Responsibility: the
UN Global Compact.
As a leading organisation we
show our commitment to the
ten universally accepted
principles in the areas of
human rights, labour rights,
the environment and anti-
corruption. When we develop
our business we look for
sustainable solutions.
Human Rights
We earn credibility with our
stakeholders by keeping our
promises, acting with honesty
and integrity and pursuing our
Company goals through ethical
and professional conduct.
The Company is a modern and
professional organisation that
adheres to national laws, rules
and regulations in the countries
in which it is active. All our
employees are offered the
best possible conditions. We
emphasise our endorsement
of the Universal Declaration of
Human Rights. The protection
of Human Rights is derived from
Group ethics, rules and policies
and also based on ILO and UN
Convention policies that are
applicable to and relevant for the
activities of our Company and
our industry.
The relevant procedures are
firmly embedded in the
Company’s Code of Conduct,
which is applicable for all
employees working within our
Company. The Code of Conduct
includes policies on respecting
and supporting Human rights.
It also includes a non-discrimi-
nation clause. The Company is
never involved in any child
labour or forced labour.
Integrity
Integrity is considered to be
one of the Company’s greatest
assets. Our integrity should be
beyond all doubt and is based
on the fact that we always
do the right thing, even when
doing this does not benefit us.
This is what has earned us
the reputation we have today.
The Company recognises the
importance of providing all its
stakeholders with reliable,
honest and transparent infor-
mation, if necessary in local
languages.
CORPORATE SOCIAL RESPONSIBILITY
Report of the Board of Managers
The importance of operating a sustainable business lies in the unique concept of our Company, which is down to the drive and spirit of our people, the Company structure, and the relationship we have with our stakeholders. In the new economy it’s all about being the most adaptable business rather than the fittest.
PRINCIPLE 1 Businesses should support and respect the protection of internationally proclaimed human rights.
PRINCIPLE 2Businesses should make sure that they are not complicit in human rights abuses.
Report of the Board of Managers B&S Holding S.àr.l. Annual Report 2015 29
The Company accepts its
responsibility for informing
internal and external stake-
holders about its own financial,
operational and social practices
in a professional and transparent
manner. The integrity of
Company’s information, reports
and updates is based on validity,
accuracy, completeness,
timeliness and clarity.
Privacy
Within the framework of appli-
cable laws and regulations the
privacy of all the Company’s
stakeholders is respected.
In conducting our business
we gather data from clients,
suppliers, competitors and other
third parties. This data is always
treated as confidential and is
only used for professional
purposes related specifically to
the Company’s business and in
accordance with the applicable
legislation.
Labour Rights
As it’s our people who make
the difference when it comes
to serving our stakeholders,
human resources are considered
a strategic factor. The Company
has set itself challenging but
realistic goals and, as a conse-
quence, human resources
management is a decisive
factor and primarily focused
on supporting the sustainable
growth of the Company through
an operational staff of talented
people.
The human resources function
within the Company is tasked
with ensuring the quality of our
human capital and has the
opportunity to help shape the
Company’s future by focusing
on the career development,
retention, work safety and
well-being of employees.
The Company offers an interna-
tional and high-quality working
environment in which perfor-
mance and world-class
leadership are promoted.
Safety, quality and personal
well-being
The Company’s employees have
the right to a healthy and safe
workplace. This is particularly
important when it comes to
working conditions in
warehouses and for operational
activities. The Company has
always invested in state-of-the-
art equipment and materials.
At the same time we do our
utmost to ensure the safety of
third parties, their goods and
the environment.
The good working conditions
and positive working atmos-
phere within our organisation
contribute towards a low
sickness rate (2015: approxi-
mately 2.2%, 2014: 1.7%).
We offer employees a profes-
sionally-equipped fitness area.
Under the guidance of highly
skilled instructors employees
are offered a ‘fit at work
programme’. Fit employees are
less likely to become sick, have
more energy and self-confi-
dence, take more leadership
roles, set and achieve goals,
tend to have a better attitude
and are less stressed.
Working hours
All employees have standard
working hours, based on local
regulations and industry
standards and in accordance
with the ILO conventions.
Remuneration
All employees receive fair
compensation for their work
in line with local minimum
requirements specified by
the law and by the industry
standards in relevant countries
as well as by ILO conventions.
PRINCIPLE 3Businesses should uphold the freedom of association and the effective recog-nition of the right to collective bargaining.
PRINCIPLE 4Businesses should uphold the elimination of all forms of forced and compulsory labour.
PRINCIPLE 5Businesses should uphold the effective abolition of child labour.
PRINCIPLE 6Businesses should uphold the elimination of discrimination in respect of employment and occupation.
30 B&S Holding S.àr.l. Annual Report 2015 Report of the Board of Managers
NEVER STOP PROGRESSING In 2015, B&S Paul Global opened a new crew shop
at Amsterdam Schiphol Airport. Created exclusively for flight crew members, the
store offers a tailor-made multi assortment of goods and gifts, from jewellery and
watches, perfumes and cosmetics, to liquor and tobacco and an extensive range of
souvenirs, electronics, sunglasses and confectionary items. The store was extensively
re-designed, resulting in an open, attractive area characterised by transparency,
highlighting our understanding of the airport’s vision.
The story of our people and their power ADVANCE
Report of the Board of Managers B&S Holding S.àr.l. Annual Report 2015 31
all the Company’s procedures
and plans related to maintaining
the security and privacy of these
resources.
Investments in warehouses
and offices are executed in
accordance with the most
modern standards, which
includes trying to save energy
and use recycled material.
Continuous instructions to the
Company’s employees are
raising awareness of good
garbage handling and waste
reduction and embedding it
in the Company culture.
Food safety and transparency
The Company purchases, stores,
handles and sells large quantities
of food products. Maintaining
and observing food safety
standards and transparency
related to food products are
a priority within the Company.
All food products that enter the
logistics centres are subject to
comprehensive quality controls,
are handled with the utmost
care and are stored in climate-
controlled environments.
As one of the largest food
handlers in its markets in Europe,
the Company is playing an
active role in the trend towards
improving transparency related
to food products. This is
evidenced by a focus on the
provenance of food, which
means ensuring there is a clear
Environmental principles
The Company takes good care
of the environment by doing
more than required by local
environmental regulations.
Whenever possible practices of
reduction, reuse, recycling and
recovery are implemented to
ensure resources are utilised in
the most environmentally
prudent manner.
The Company is concerned
about the conservation of the
environment in its broadest
sense and recognises that
certain resources are finite and
must be used responsibly.
We aim to limit the use of finite
resources in all our business
ventures and, in particular,
recognise our obligation to
manage responsibly the assets
we use and occupy. To this end
we take the precautionary
approach of avoiding the use of
materials and methods that pose
environmental and health risks
whenever suitable alternatives
are available.
Safeguarding assets
Working with the most modern
and state-of-the-art equipment
ensures that the Company
can operate effectively and
comfortably. The Company
invests sustainably in state-of-
the-art Internet and Communi-
cation Technology (ICT) and
has appropriate corporate
procedures and contingency
plans in place. In accordance
with internal guidelines
employees are expected to
take all due care when handling
the equipment and to follow
The Company as knowledge
centre
Employees are given consid-
erable autonomy in performing
their tasks. Although general
guidelines are established to
assist them in making decisions
and taking responsibility, they
are allowed to act as pioneers
and individual entrepreneurs.
The initiative of its employees
has enabled the Company to
explore new markets, sell new
products and pioneer new
regions. Thanks to the organisa-
tion’s horizontal and cellular
structure with short-lines of
communication, top-talent
surfaces swiftly. These are
employees who stand out
because of their individual
success in their tasks: they are
proactive, creative in searching
for solutions and they think ‘out
of the box’. The Company is
keen to embrace talented
employees and gently guide
their internal career devel-
opment towards filling
management positions within
the organisation. Over 87% of
the managers within the
Company have risen through
the ranks in this way.
The Company believes that
investing in its employees
encourages employee
motivation and, at the same
time, raises the level of the
professionalism of the Company
as a whole. It is also a
component of our policy that
our older and more experienced
employees are actively involved
in the on-the-job training of
starters and juniors and in this
way share their knowledge with
their colleagues.
PRINCIPLE 7Businesses should support a precautionary approach to environmental challenges.
32 B&S Holding S.àr.l. Annual Report 2015 Report of the Board of Managers
Memberships
The Company is closely involved
with different organisations in
the industry. Several of our
employees are members of
market and industry organisa-
tions, such as the National
Association of Dutch Exporters
(Fenedex), NVVS, ITCA, EVO and
other leading organisations in
the industry.
Education
The Company considers
education to be an important
factor for personal development.
The Company maintains close
relationships with Universities,
high schools and teachers in the
areas in which it is active with
the intention of contributing
towards the education of the
community and sharing
knowledge.
Our educational activities
comprise training courses,
workshops and presentations.
Dedicated learning projects are
organised in cooperation with
universities. Every semester a
number of students participate
in our internship programme
or undertake graduation assign-
ments in or based on our
organisation.
processing in place at the
highest level and its processes
are ISO 22000 and HACCP
(Hazard Analysis and Critical
Control points) certificated.
All compliance and safety proce-
dures are rigorously checked
with special attention being paid
to high-risk products, such as
meat and poultry.
The Company’s logistics centres
are checked by the European
Food Safety Authority on a
regular basis. Documents are
examined to ensure they
conform to the correct
standards and random product
samples are taken for laboratory
analysis.
Community
As one of the many players on
the global playing field the
Company believes in acting as
a responsible corporate citizen.
The Company supports activities
that improve the lives of people
in the communities in which our
employees live and work. These
activities may include education,
health care, community
building, infrastructure or nature
development. Employees are
encouraged to participate
actively in community
programmes. Managers are
expected to give their
employees the opportunity to
play an active role in society, for
example through community or
educational programmes, unless
participation in these activities
would create a conflict of
interest.
paper-trail from the moment a
food product enters the supply
chain to the moment it is
delivered to the client.
To improve transparency related
to products manufactured for
sale under its own GoodBurry
label the Company has further
improved the product infor-
mation on its product
packaging. The information on
GoodBurry product labels fully
complies with the most stringent
regulations for product labelling,
such as the most current EU
and UN regulations: � Addition of nutritional values � Clear declaration of ingre-
dients � Better traceability through the
addition of the EU registration
number, or EU Health mark,
and on seafood products the
FAO fishing areas. � Better legibility through
amending the label structure.
The proper handling of food is
a key priority within the organi-
sation. The Company has a risk
management system for food
“The Company considers education to be an important factor for personal development.”
PRINCIPLE 9Businesses should encourage the devel-opment and diffusion of environmentally friendly technologies.
PRINCIPLE 8Businesses should undertake initiatives to promote greater environ-mental responsibility.
Report of the Board of Managers B&S Holding S.àr.l. Annual Report 2015 33
B&S Holding issues more
customs documents than
virtually any other organisation
in the Netherlands. As a result
the Company’s understanding
of compliance regulations is at
the highest possible level.
The Company takes pride in
the fact that it operates one
of European Union’s most
extensively licensed bonded
warehouses and follows
compliance processes and
procedures that are certificated
to the most stringent standards.
In order to maintain a high
standard of customs compliance
the Company uses a ‘System
Based Approach’, which ensures
that all product movements
under customs supervision are
managed by controls applied to
the Company’s management
and accounting systems on the
basis of economic operators
rather than transactions.
Known supplier recognition
The Company is officially regis-
tered as a supplier to many
United Nations organisations.
As a result of the increasing
interest regarding food safety
and complete chain trans-
parency, the UN has formulated
guidelines relating to product
and supplier specifications.
To optimise these procedures
and ensure a transparent supply
chain of goods the Company
has set-up a UN project team of
specialists from purchasing,
sales and logistics.
Legal compliance
The integrity of the Company is
beyond all doubt. In view of the
Company’s important social
role it is imperative that all its
employees comply with the
legislation and regulations of the
countries in which the Company
is active and also comply with
the values and standards that
apply within the Company and
which have been laid down in
the Corporate Code of Conduct.
The Company values integrity
and honesty in relationships with
stakeholders. The Company also
expect integrity and reliability
from its business partners,
including clients and suppliers.
The Company operates
worldwide, sometimes in
remote areas and in developing
countries. The relationship with
all stakeholders is important for
the way the Company operates.
The Company abides by local
legislation, industry standards,
ILO and UN conventions and
other statutory requirements
and supports the principles of
free enterprise and fair compe-
tition.
Customs compliance
All the operating divisions within
the Company that deal with
customs affairs are AEO
(Authorised Economic Operator)
certificated.
This certificated status makes us
a trusted party that is extremely
well equipped to clear goods
through customs in an
expedient manner so they reach
clients faster.
Charity
The Company is open to
providing funds for charities,
but has chosen to do this in a
focused way by sponsoring local
projects and charity initiatives.
Food donations
The Company trades in food
and consumer products and
holds sizeable levels of own
stock in its warehouses.
Food products that are nearing
the expiry date are regularly
offered to general food associa-
tions or Food Banks (i.e.
The European Federation of
Food Banks). Although these
products have lost their
commercial value they can often
provide a welcome supple-
mentary source of food for
people with fewer resources.
Anticorruption
The Company has a long history
of diverse activities dating back
more than a century.
The Company is justifiably proud
of its background. It has evolved
over time and has made us the
professional Company that we
are today. The way we do
business – our Corporate Code
of Conduct – has evolved in
parallel with our development.
It is a sustainable and strong
pillar through which the
Company has earned the trust
of its business partners.
PRINCIPLE 10Businesses should work against corruption in all its forms, including extortion and bribery.
34 B&S Holding S.àr.l. Annual Report 2015 Report of the Board of Managers
and the data of all relations is
updated annually.
In order to avoid corruption,
bribery, fraud and other
unethical behaviour, the
relations and their Ultimate
Beneficiary Owner(s) are
checked with the OFAC and the
EU Sanctions list. Throughout
the Company there is extensive
knowledge of the content and
impact of the Foreign Corrupt
Practices Act (FCPA).
Know Your Customer
The Company has intensified
its activities aimed at gaining a
better understanding of its
customers and suppliers and
sophisticated CSR software filled
with all kind of client details is in
place. As the Company works
with a large number of business-
to-business clients and suppliers
there was a need to analyse the
availability of complete infor-
mation per relation.
The Know Your Customer
procedure includes the inputting
of all the relevant data (name,
address, e-mail address, website,
VAT number, bank account
number, etc.). The procedure is
applicable for all new relations
The Royal Capi-Lux division
operates retail outlets at a
number of airports.
At Amsterdam Schiphol airport
the division runs a total of 6
shops divided over landside and
airside. As far as the products
sold in the shops are concerned,
mainly a variety of electronic
items, Royal Capi-Lux has been
recognised by the Dutch
Government (Royal
Marechaussee) as a ‘Known
Supplier of Inflight Supplies’.
This status implies that the
security measures taken by
Royal Capi-Lux are approved by
the Government and comply
with National and European
legislation.
United Nations global compact We’re shaping a sustainable future, and you need to be a part of it.
Report of the Board of Managers B&S Holding S.àr.l. Annual Report 2015 35
The story of our people and their power EXPAND
NEW PREMISES Agreement has been reached with the municipality of Dordrecht
regarding the land next to the current B&S Logistics Center whereby B&S may, in the
future, rent around 35,000 m2 of high-quality warehouses.
36 B&S Holding S.àr.l. Annual Report 2015 Report of the Board of Managers
commitment to our employees
is the key to stimulating their
motivation and dedication to
give of their best. That is why a
key aim of our HRM policies is to
develop employees’ talents,
both in their current jobs and in
their further careers.
B&S Holding is keen to embrace
talented employees and gently
guide their internal career devel-
opment towards filling
management positions within
our organisation. 87% of the
managers within B&S Holding
have risen through the ranks in
this way. They were able to rise
through the ranks as we
continue to invest in talented
people.
Employee benefits and recognition
The Company encourages an
environment of development
and empowerment, enabling
staff members to contribute
their skills and talents towards
sustaining high performance
and achieving rewards and
recognition. The Company
recognises that competitive
remuneration, recognition of
good performance and
motivating work opportunities
are key to attracting and
The Company believes that its
employees are one of its most
valuable assets. Our employees
play a pivotal role in realizing the
strategic goals and ensuring all
its products and services are
delivered at a consistently high
quality within the framework of
a customer-focused culture.
To keep pace with this dynamic
development, continuous
learning and upgrading of skills
and qualifications are of the
utmost importance.
A motivated and committed
workforce is a precondition for
sustained business success.
That is the reason for continuous
investment in our employees.
The Company enables its
employees to achieve this
through substantial investments
in training and further education
as well as talent and
management development.
A challenging working environment
The Company continuously
invests in being a good
employer with a high-quality
working environment in which
performance is stimulated.
We believe that our
HUMAN RESOURCESReport of the Board of Managers
One key factor that has contributed towards the success of our organisation is the dedication, creativity and passion of our employees. Their efforts and expertise, combined with their interaction, determines the growth of our Company.
2015 1,2572014 1,226
2015 362014 35
Permanent 59%Temporary 41%
2015 8.22014 7.9
AVERAGE NUMBER OF EMPLOYEES
AVERAGE AGE OF EMPLOYEES
PERMANENT / TEMPORARY EMPLOYEES
AVERAGE EMPLOYEE RETENTION
2015
2015
2015
2015
Report of the Board of Managers B&S Holding S.àr.l. Annual Report 2015 37
“ Our ambition is to be a leading company that the most talented people are proud to work for and are eager to join”
retaining talented staff. These
areas reflect some of the main
elements of our employment
proposition.
Traineeships for starters /
young professionals
All new employees participate in
a traineeship by following a
combination of on-line and
in-class courses. The trainee
program comprises many
modules covering a variety of
subjects, including the
Company’s history and
background, its corporate
strategy and objectives and its
main policies and general guide-
lines. Practical subjects relate to
commercial aspects, logistics,
customs affairs, IT solutions and
finance. These courses also
provide new entrants with an
insight into the opportunities
and personal development
possibilities.
Training program for specific
skills
Apart from the training
programme for new staff, the
organisation offers a wide range
of more dedicated training
programmes. This varies from
on the job training, language
courses, logistics courses and
external symposiums were
employees learn from external
specialists and professors in their
own field of expertise.
The Company is focused on
taking further steps in the area of
leadership development.
The basis that has been laid in
the past few years, for example
by setting up an own B&S
Academy, will be used to further
shape the skills needed for new,
value-driven leadership and
incorporate these in leadership
training courses.
Employees with proven potential
are offered to the possibility to
invest in their studies at the
highest possible university level.
Reward package and
recognition
The Company’s Compensation
and Benefits Policy is designed
to attract, motivate and retain
the high-quality talent within the
organisation and deliver the
Company’s strategy.
The Company strives to attract
the best talent in the wholesale
industry.
Our employment conditions,
supported by our human
resource policies, comply with
all legislative and government
policy requirements and reflect
significant work done during the
year to ensure compliance with
changes in relevant legislation.
As a Company, we offer a
non-cash benefits package to
staff in the various business units
and disciplines, which is among
the best in the industry.
Incentive programs have been
designed to cascade company
objectives down to individual
levels and rewards.
Recruitment
Graduate focus
We can only maintain and
reinforce our competitive edge
by attracting talented people.
Towards this end we use
different methods to recruit
employees with the right skills.
Our recruitment activities are
aimed primarily at people with a
higher education.
This is the reason why graduates
are the Company’s largest single
recruitment intake each year.
The graduate development
program is open to university
students completing their final
year of study and graduates who
have obtained a degree within
the last five years.
Equal opportunities
The Company’s employment
policy follows the principles of
equal opportunity, thereby
preventing any discrimination on
the basis of sex, age, race,
religion, political or trade union
affiliations, nationality or
disability. Salary scales are in line
with a competency matrix and
take into account qualifications
and professional experience.
The Company considers this to
be an attractive component of
its recruitment strategy.
38 B&S Holding S.àr.l. Annual Report 2015 Report of the Board of Managers
Workforce specified by
retention
Capable and skilled employees
are vital to achieving the
Company’s business objectives.
Because we recognise the high
cost of recruitment and the
importance of retaining
knowledge and experience,
many of our human resource
policies are aimed at staff
retention.
Nearly 70% of our employees
have been with the Company for
more than three years.
Workforce specified by age
The Company is a dynamic
enterprise with highly motivated
employees. In 2015 the average
age of the Group’s staff was 36
years (2014: 35 years).
Workforce specified by
education
As the Company is expanding,
the aim is to increase the share
of highly educated employees.
The percentage of employees
who have had a higher
education or received a
university degree has risen over
the past three years from 40% in
2012 to 54% in 2015.
The Company is also involved
as a social partner in order to
enhance employment opportu-
nities for (young) people with
disabilities. In 2015 the Holland
Trading Group division created
and filled 6 positions. Additional
opportunities will be developed
in 2016.
Human resources statistics
Changes in workforce and
personnel composition
The average number of staff
employed by the Company
during 2015 was 1,257 (2014:
1,226). In 2015 144 employees
were employed outside of the
Netherlands (2014: 122).
2015 2014
B&S Holland Trading Group 238 199
B&S 278 293
Royal Capi-Lux 182 170
B&S World Supply 29 27
Other 17 10
744 699
Temporary staff 513 527
1,257 1,226
20-25
26-30
31-35
36-40
41-45
46-50
> 50
14%
27%
15%
13%
11%
8%
12%
WORKFORCE SPECIFIED BY AGE
0-5
6-10
11-15
16-20
21-25
> 25
48%
22%
12%
6%
4%
8%
WORKFORCE SPECIFIED BY RETENTION
Report of the Board of Managers B&S Holding S.àr.l. Annual Report 2015 39
The story of our people and their power INSPIRATION
NEW MARKETS, NEW OPPORTUNITIES GoodBurry is our own value brand,
representing reliability, professionalism, and good quality at a fair price. With an
assortment that contains more than 150 different products, which is growing all the
time, only goods that meet our quality standards are selected. In 2015, we began
focussing on GoodBurry retail packages through supermarkets and smaller outlets
across Africa. From Congo-Brazzaville to Sierra Leone, supermarkets across the
continent are now offering their customers reliability, professionalism, and good
quality at a fair price through the GoodBurry brand.
40 B&S Holding S.àr.l. Annual Report 2015 Report of the Board of Managers
“The corporate policy is to safeguard the Company’s continuity while maintaining a balance between risk appetite and financial returns.”
RISK MANAGEMENT AND INTERNAL CONTROL
Risk management and internal
control form an integral part of
the Company’s day-to-day
business operations.
The corporate strategy is
focussed on seizing entrepre-
neurial opportunities while, at
the same time, managing risks
effectively.
The corporate policy is to
safeguard the Company’s conti-
nuity while maintaining a
balance between risk appetite
and financial returns.
The Board of Managers has
overall responsibility for the
establishment and oversight of
the Group’s risk management
framework.
The Company’s risk profile is
regularly reviewed by the Board
of Managers and is discussed
with the Supervisory Board.
In 2015 the Company further
enhanced its risk management
framework.
In line with the Company’s
commitment to deliver
sustainable value to its share-
holders, the objective of the
COSO Enterprise Risk
Management Framework is to
provide guidance to the business
units in implementing a compre-
hensive and consistent approach
to identifying and managing the
risks that they face.
The Enterprise Risk Management
Framework applies to the
actions of all the Group’s
employees and is implemented
in each operating unit. Within
this framework, critical and
major risks of the Group and the
operating units are identified and
assessed to determine the
appropriate type of risk
management plans to be imple-
mented and which are to be
monitored at the Group level as
well as by each individual
business unit.
As a result the Company’s risk
profile has been divided into the
following risk categories:
� Strategic risks � Operational risks � Legal compliance risks � Financial and reporting risks
Strategic risks are the risks that
can prevent the Company from
achieving its strategic ambition.
Operational risks are closely
related to the business opera-
tions. Legal compliance risks
relate to risks arising from
changes in regulations and
applicable laws. The Financial
and reporting risks are limited
to financial matters and trans-
parent reporting, both internally
and externally. Particular risks
can fall into more than one
category or have overlapping
determinants.
This risk management frame-
work is firmly embedded in
the Company guidelines and
policies and supports the
achievement of the Company’s
strategic, operational and
financial targets while complying
with legislation and regulations.
The Company’s risk opinion is
determined by the likelihood of
the risk occurring and its
potential impact on the
achievement of the Company’s
strategy.
The table on page 42 and 43
shows a brief summary of the
main risks that the Board of
Managers has identified. These
risks and the measures that have
been taken to mitigate these
risks are described in more detail
on the subsequent pages.
Although the Board of Directors
believes that the risks and uncer-
tainties described in the next few
pages are the most material
risks, other risks might be
present. When deciding whether
the Company will be exposed to
certain risks these risks are
valued on the basis of the
balance of the potential risks and
returns. The Company then
assesses the extent to which
these risks are mitigated by
current internal control proce-
dures and whether additional
internal controls procedures are
necessary. The Company only
accepts risks that, based on this
assessment, are well balanced
and, to an acceptable extent,
controllable. All the risks
mentioned in the Risks
management summary are risks
Report of the Board of Managers
Report of the Board of Managers B&S Holding S.àr.l. Annual Report 2015 41
the Company is prepared to
take.
Sensitivity analysis and
benchmarking
Throughout the year the Board
of Managers, senior managers,
financial controllers, internal
compliance officers and risk
officers carry out self-
assessment tests. These are
combined with various external
audits in relation to the defined
key risk areas. For several risks
the Company is used to go
through various sorts of sensi-
tivity analysis.
Carrying out a sensitivity analysis
of key risk areas enables the
approximate exposure in the
event that certain specified
parameters were to be met
under a specific set of assump-
tions to be estimated. The range
of changes chosen reflects the
changes which, in the
Company’s view, are reasonably
possible during a one-year
period.
The scenarios that are tested
relate to, but are ot limited to,
rapid changes in market condi-
tions, changes in gross margin,
increases in interest rate and
currency fluctuations.
The effects on the Company’s
net result, cash flow and equity
are analysed. These scenarios
do not reflect any action the
Board of Managers could take
which might mitigate the effects.
In 2015, although the outcome
of these tests revealed some
negative effects on the
Company’s overall financial
standing, they also showed that
the Company remains within its
long-term targets and financial
guidance. This demonstrates
that the Company has adequate
buffers for dealing with
substantial effects of potential
risks.
As a Company that holds
sizeable levels of inventory with
a certain volatility during the
year, we also carry out critical
stress tests on the theoretical
financial boundaries of inventory
positions versus equity,
covenants and working capital
financing.
In addition to the sensitivity
analysis the Company also
carries out benchmarking
assignments within the organi-
sation. A benchmark analysis
involves comparing various
metrics with the averages of
peer organisations and best
practices for individual business
segments within the Group.
These benchmark analyses are
supporting strategic decisions,
but also provide forward-looking
insight.
The results of control self-
assessments, audits, scenarios
and benchmarks are reported
frequently and discussed with
and between the Board of
Managers and the Supervisory
Board.
The outcomes are also used for
internal employee training and
for improving risk awareness
within the organisation.
The Company’s management
believes that the internal risk
management and control
systems provide a reasonable
assurance that the financial
statements do not contain any
errors of material importance
and that these systems worked
properly during the year. In 2015
none of the stated risks and
uncertainties in this paragraph
had a material influence on
the company.
42 B&S Holding S.àr.l. Annual Report 2015 Report of the Board of Managers
RISK TYPE POSSIBLE RISK LIKELI-HOOD
IMPACT MITIGATION BY
Strategic risks
Balanced growth Imbalance in growth and organi-sation demands
• • Defined priorities.
Changes in economic market conditions
• • Diversification across markets, products, regions and clients.
Cost leadership Erosion of gross margin due to competition
• • Economies of scale, innovation and synergies.
Client centricity Loss of clients
• •
Service excellence, flexibility, reliability and trust, combined with long-term partnerships and contracts.
Dependency on clients • • Wide client portfolio. Dependence on largest client is low.
Diversification Turnover volatility • • Diversification across markets, products, regions and clients.
Seasonality effects • • Diversification across markets, products, regions and clients.
Local competition • • Group purchasing power.Market risks • • Diversification across markets.Product group risks • • Diversification across product
groups.Economical downturn • • Diversification across regions.
Operational risks
Staff shortage/ surplus Difficulty in attracting and retaining employees • •
Balanced remuneration package, stimulating workplace and excellent development opportu-nities.
Surplus of employees due to market conditions
• • Downsizing of temporary employees.
Product risks Quality risks, loss of quality certificates
• • Strict control and regulations combined with external audits.
Reputation risk • • Strict control and regulations combined with external audits.
Product life-cycles • • Keeping inventory levels low and keen pricing strategy.
Customs risks Claims and fines• •
AEO status with long professional track record. Annual audits by external parties and insured.
ICT security risks Failure and breaches • • Strict procedures and annual EDP auditing.
Concession risks Losing contracts• •
Extensive relation management and compliance to current contracts.
Insurance Claims • • Group coverage for indemnity and liability.
Risk management summary
Report of the Board of Managers B&S Holding S.àr.l. Annual Report 2015 43
RISK TYPE POSSIBLE RISK LIKELI-HOOD
IMPACT MITIGATION BY
Legal complicance risks
Changing legislations Operational and financial effects • • Active dialogue with legislators and support of local experts.
Financial and reporting risks
Inventory risks Overdue inventory, write-offs • • Quality control and inventory rotation.
Merger and acquisition risks
Financial and integration risks • • Careful due diligence and checks on synergy and integration.
Investments risks Financial return and functionality • • Strict procedures.Loss of value • • Regular impairment tests, strategy
to add value.Financing risks Dependency on banks
• •
Financing by different financial institutions and maintaining excellent relationships with financiers.
Credit risks Non or late payment • • Floating interest or use of financial instruments.
Interest risks Increase of interest costs • • Floating interest or use of financial instruments.
Currency risks Transaction effects • • The main currency is Euro. Natural hedging for other currencies.
Financial instruments Speculation and financial effects • • Strict procedures and professional external advice.
Tax risks Non-compliance
• •
A strong track record, timely and adequate reporting, effective tax framework, policies and systems in place, combined with professional advice from external experts.
Reporting risks Reliable financial reporting both internal and external • •
Strict procedures, state-of-the-art reporting software and internal control.
Control deficiencies • • Strict procedures and compliance.
• Low risk • Medium low risk • Medium high risk • High risk
44 B&S Holding S.àr.l. Annual Report 2015 Report of the Board of Managers
solutions in combination with
excellent services. Constantly
using our knowledge and
experience leads to long-term
trust and reliability.
Our strategy for client centricity
is to focus on constantly
improving these fundamental
elements in our relationships
with our clients. We are also
willing to make substantial
investments in long-term
partnerships.
As a result, client relationships
often have a long-term
character and client retention is
high, while our client
dependence is considered low
due to our extensive and diverse
client portfolio.
Diversification
The Company’s business model
is based on diversification in
markets, geographic regions,
product groups and client
portfolio.
This wide diversification gives
the Company a unique set of
characteristics, which makes it
less cyclical and less vulnerable
to turnover volatility or season-
ality effects.
As a result of the Company’s
diversification, competition risks
at a Group level are deemed to
be limited. At the same time,
each division may have to deal
with local competition at a
business unit level and within
specific markets, or regions.
With the support of the strong
purchasing power of the Group
as a whole and by pursuing cost
effectiveness, local entities and
in different markets. Due to the
economies of scale resulting
from bulk purchasing the
Company is able to pass on
benefits to clients while
maintaining a sharp eye on its
own gross margin development.
In this respect, the Company has
a long-term and proven track
record.
Cost leadership is also based on
continuous innovation and keen
investments, the implemen-
tation of stringent efficiency
programmes and smart ICT
solutions. These aspects enable
costs to be controlled effec-
tively.
Client centricity
The Company’s business
success is based on providing its
clients with excellent service at
all levels. The service package
includes the day-to-day ability to
provide clients with tailor made
solutions, combined with flexi-
bility and a choice from a wide
range of products from
A-brands through to the
Company’s own value brands.
To maintain the valued partner-
ships with clients we build on
long-term partnerships and
rewarding relationships by
adding strategic value to our
client’s business and by taking
over tasks that are not their core
business. We maintain long-term
partnerships with clients by
understanding their needs and
the needs of their customers.
In this way we acquire a
profound knowledge of their
business requirements and are
able to offer them tailor-made
Strategic risks
As formulated in the Company’s
strategy, for many years a
balanced average compound
annual growth rate with double
digits has been achieved.
The average growth over the
past 10 years is now over 11%.
While pursuing a double-digit
growth strategy the Company is
faced with the risk of keeping
growth in balance with organisa-
tional requirements. The quality
of growth does, therefore,
always have priority as growth
must remain sustainable,
manageable and well under
control.
Challenging economic market
condition could also have an
adverse effect on the Company’s
growth strategy. This is to a great
extent mitigated by diversifi-
cation in markets, product
groups, regions and client
portfolio.
In the past the Company has
proved it is able to manage
double-digit average growth
while simultaneously paying
attention to adjusting the organi-
sation accordingly and coping
with challenging market condi-
tions.
Cost leadership
The long-term objective for the
gross margin development is set
at a minimum of 12% of
turnover.
The Company’s cost leadership
is based on the Group’s
powerful global sourcing ability
Report of the Board of Managers B&S Holding S.àr.l. Annual Report 2015 45
“Our strategy for client centricity is to focus on constantly improving these fundamental elements in our relationships with our clients.”
deteriorating market conditions,
the Company will, in the first
instance, downsize its temporary
employees.
Product risks
The Company trades in a very
diverse assortment of mainly
consumer products that
includes not only A-brands and
private labels but also countless
other articles. There is no
dependency on a particular type
of article or product.
In addition, the consumer
products traded by the
Company are generally seen as
basic consumer goods.
Although consumer spending
declines rapidly in times of
economic crisis, spending on
basic consumables remains
relatively stable.
The Group trades and sells
various consumer products
under a private label. These
products range from dry and
canned food to technology
products and limited brands of
perfume.
All the private label (GoodBurry)
food products are produced in
factories that are either audited
or certificated by European
authorities or national food
safety authorities.
Clients in different sectors
Clients are at the heart of our
organisation. Service levels,
client satisfaction and service
excellence are key priorities.
As stated under “Client
centricity”, dependency on
individual clients is limited due
to the successful long-term
partnerships and contracting
and is further mitigated by
having a wide client portfolio
spread over different markets
and regions.
Operational risks
Employee shortage and surplus
The Company is a fast growing
company. To facilitate growth,
the Company needs talented
employees and may be
dependent on its ability to
attract and retain employees.
As a Company with worldwide
activities and as a leading
company in various niche
markets we face the possibility
of our employees being
recruited by our competitors or
stakeholders.
This risk is mitigated by
recruiting employees to cover
both business growth and
fluctuations in employee
composition. To retain
employees we offer a balanced
remuneration package and a
stimulating workplace with good
opportunities for personal devel-
opment.
Should a business segment be
confronted with a sudden
surplus in staff, for example due
to unexpected and rapidly
Group business units can stay
comfortably ahead of the
competition.
Market risks
As far as the market diversifi-
cation is concerned, the Group
has spread its risks over various
niche markets all over the world.
The niche markets the Company
supplies include industrial
catering, the cruise industry,
airlines and airports, retail,
military catering and the oil, gas
& mining sector as well as
humanitarian organisations.
The Group’s wide diversification
over various markets makes it
less vulnerable to declines in
specific market segments.
Product group risks
The Company’s broad offering
of more than 40,000 products
is divided over a number of
product groups: Liquors,
Perfumes & Cosmetics, Food &
Beverages, Electronics and
Health & Beauty. As a result the
Company is not dependent on
a single product category and
hence is less vulnerable to
turnover volatility.
Regional risk
The Group operates at a global
level and its companies are
active in many regions of the
world. The geographical risk is,
therefore, well spread over the
globe and hence deemed to be
limited. Nevertheless the
economic recession appears to
have had some effect on every
economy and will, therefore,
have a general effect on all
business.
46 B&S Holding S.àr.l. Annual Report 2015 Report of the Board of Managers
The story of our people and their power DEVELOP
NEW CONCEPTS, NEW STORES During the year Royal Capi-Lux, our airport
retail specialist, opened new stores at Copenhagen Airport. Serving 25.6 million
passengers annually, the airport is an important hub for Northern Europe, and the
addition of these new retail outlets will add to its goal of offering travellers the best
travel experience from the moment they arrive at the airport, to the moment they
depart.
Report of the Board of Managers B&S Holding S.àr.l. Annual Report 2015 47
ICT security risks
Information Communications
Technology (ICT) has always
been an important driver for
improvement and innovation in
our organisation. Our stake-
holders continue to expect
more and more proactive digital
information sharing and
communication related to
business affairs. This ranges
from easy online ordering
systems for our clients,
automatic customs and tax
reporting, financial consolidation
and reporting and many other IT
and communication tools.
One consequence of the
expanding IT landscape is that
the Company is more
dependent on its IT systems and
more susceptible to potential
cyber threats. This makes us
more vulnerable to risks from IT
security failures.
To mitigate this risk the ICT infra-
structure is designed to support
the needs of a decentralised
organisation in an efficient,
reliable and secure manner.
The objective is to ensure conti-
nuity of information systems and
the confidentiality, privacy and
integrity of confidential and
sensitive information.
The ICT systems and procedures
are checked annually by external
experts.
Concession risks
The Company has signed
several concession contracts
whereby turnover is dependent
on the existence of these
contracts. The risk of losing
contracts is mitigated by
extensive relation management.
own warehouses for storing
both bonded and free goods.
In some instances these
particular activities could lead to
external claims or fines for
external parties.
As the Group has a long and
proven track record with regard
to dealing with customs affairs,
claims and fines are limited and
considered as extraordinary
events.
In order to mitigate the risks
from customs activities, the
Company has its own expanding
customs departments staffed by
well-trained experts who deal
with all sorts of customs matters
on a daily basis. These experts
are in close contact with
customs authorities and follow
on-going training courses to
keep up to date with customs
legislation and developments.
The Group is certificated as an
Authorised Economic Operator
by the customs authorities.
Each year, the processes are
audited. A potential risk would
be to have this certification
revoked due to bad perfor-
mance. The Company aims to
mitigate this risk by following
strict policies and performing
crosschecks on compliance.
The Company is also insured
against the risks related to its
customs activities and adequate
customs guarantees have been
issued for its activities.
The financial consequences of
calamities related to customs
are, therefore, covered as far as
possible.
Although regulations concerning
and controls of food products
are stringent, selling food
products brings with it general
risks relating to the quality of the
food products and any potential
negative effect on the health of
consumers.
As is the case with all other
(purchased) food products the
primary responsibility, and
therefore risk, lies with the
producer. This means that if an
incident occurs we might have
to take action to avoid any
damage to our reputation.
Within the Royal Capi-Lux
division, various technology
products are sold under private
label (MiTone) directly to
consumers.
For these products, the
Company generally has to take
the risk of short product life-
cycles due to on-going techno-
logical developments into
consideration. Products can
easily become dated. This risk is
being mitigated by keeping
inventory levels relatively low
and by adjusting prices as appro-
priate.
Customs risks
The trading in consumer
products all over the world goes
hand-in-hand with the profes-
sional handling of customs
declarations for clients and
suppliers. Local customs author-
ities also demand immediate
and flawless reporting of
imported and exported goods
and payment of relevant duties.
In addition, the Company has its
48 B&S Holding S.àr.l. Annual Report 2015 Report of the Board of Managers
Merger and acquisition risks
The Company’s growth is based
on a combination of organic
growth and growth from acqui-
sitions. Acquisitions are
preceded by careful due
diligence processes carried out
by both internal and external
experts to ensure the candi-
date’s overall financial and
operational quality. The Board of
Managers also carries out a
thorough due diligence to
ascertain whether an acquisition
will provide adequate financial
returns and whether it will
contribute towards the Group’s
synergy and integration
demands.
The financial, integration and
other risks are considered
greater that those associated
with organic growth, but are
mitigated by applying stringent
due diligence and integration
measures. By procedural
mandate the added-value and
cash flow contributions of intan-
gible assets is tested regularly
and impairment is applied if
deemed necessary.
In accordance with good
Corporate Governance, when
sizeable investments and acqui-
sitions are involved the Group’s
Board of Managers consults with
the Supervisory Board in
advance.
Inventory risks
As an international trading
company holding substantial
inventory positions is deemed
necessary as this is vital for our
business. The overall inventory
quality and inventory rotation is
lation, but we are also aware
that this can change abruptly.
Since governmental decisions
and other regulations are unpre-
dictable they can affect our
business.
When such cases occur we
strive to adjust to the new rules
and regulations in the best way
and as far as possible while at
the same time considering our
own long-term interests and
objectives. If deemed necessary
we rely on the services of local
professional experts for desig-
nated compliance areas.
Financial and reporting risks
Investment risks
Regular investment programmes
are planned and presented inter-
nally by the divisions, mainly
during the annual budget cycle.
As well as analysing the budget,
the Board of Managers evaluates
the investment programmes in
terms of the return on
investment, functionality and
size in relation to financing
capabilities and ratios.
Depending on market circum-
stances, cash flow develop-
ments and outlooks related to
capitalised goodwill on acquired
businesses and/or intangible
rights, it may be necessary to
apply write-offs on intangible
assets, which would have a
negative impact on net results
and equity.
In addition, the Company has a
long track record of compliance
with all the terms of the
contracts and has also spread
the risk over various contracts to
ensure the termination of any
one of the contracts will have in
a low financial impact.
Insurance
The Company is insured against
a number of risks. Risks related
to professional indemnity and
general liabilities are covered at
the Group level.
If the coverage is deemed insuf-
ficient appropriate provisions are
recognised in the financial state-
ments.
Legal compliance
Our company operates
worldwide, sometimes in
remote areas and in developing
countries. Operating in many
jurisdictions means we are
confronted with complex legis-
lation and regulatory demands,
particularly in emerging markets
where legal systems are in
varying stages of development.
In addition to regulations set by
national and local governmental
authorities we have to comply
with the principles of the UN
Global Compact, local laws,
food safety regulations, human
rights, safety and many other
regulations.
The stance and decision-making
processes of governmental insti-
tutions are important for the way
we operate. Obviously we
comply with all relevant legis-
Report of the Board of Managers B&S Holding S.àr.l. Annual Report 2015 49
Credit risk
As the Company trades with a
large number of clients around
the world, strict internal policies
and guidelines have been
drawn-up regarding business
agreements with new clients as
well as the setting of payment
terms and credit risk
management.
The Corporate rule is that all
trade transactions must be
secured, either by payment up
front or by a secured payment
instrument (guarantee or letter
of credit).
Before doing business with new
clients their creditworthiness is
checked by the internal credit
risk department.
The internal credit risk
department also monitors
outstanding payments on a daily
basis using an automated and
sophisticated credit risk
monitoring system. This process
meets the requirements
specified by the insurance insti-
tutions.
The rigid handling of new client
acceptance and payment
control means the Company’s
debtor risk is fairly limited and
well under control. The average
outstanding debt period is less
than 60 days, which is within the
limits set by management and
acceptable for global trading.
As a result of our stringent
debtor policies, debtor write-offs
are limited.
As a result of the wide variety in
the client portfolio, the
dependency on clients is limited.
well within the boundaries set by
management.
The quality control on inven-
tories is the responsibility of a
dedicated inventory
management department.
This department controls and
checks inventory positions,
quality, rotation, shelf life and
the level of returned and out of
date products.
Inherent to the Company’s
long-term growth, inventory
positions generally rise at a
similar rate to growth.
NEVER STOP INNOVATING Effective supply chain
management takes more than
just being able to manage and
coordinate the distribution of
goods from point A to point B.
It also involves using sophisti-
cated warehousing, to
optimise accuracy and
efficiency. In 2015, we
expanded AutoStore in our
HTG warehouse, giving us
even greater access to one of
the most innovative storing
systems ever produced.
AutoStore works with robots,
which move over a grid on
tracks to deliver warehoused
goods to integrated picking
stations. The system is
completely automated, and
space requirements are up to
60 percent lower than
conventional systems.
The story of our people and their power INNOVATION
50 B&S Holding S.àr.l. Annual Report 2015 Report of the Board of Managers
“As a result of the wide variety in the client portfolio, the dependency on clients is limited.”
swaps) when appropriate and on
a case-by-case basis.
Most of the Group entities are
based in the Euro zone the
balance sheets and profit and
loss accounts are in Euros.
The balance sheet positions and
profit and loss accounts of
Group companies outside the
Euro zone, including in Dubai
and Afghanistan, are also stated
in Euros.
Interest risks
The Group’s financing is
centralised at the division and
business unit level. Tangible
assets (land & property,
equipment and other tangible
fixed assets) are financed with
long-term financing and leasing.
Apart from limited financial lease
facilities with a fixed interest rate,
loans and credit facilities carry a
floating interest rate based on
EURIBOR plus a margin.
Financial Instruments
The Group occasionally uses
derivative financial instruments
exclusively to hedge exchange
and interest rate positions with
currency and interest rate swaps,
and thereby reduce the related
risks.
The strategy relating to hedge
exchange and interest rate risks
is set by the Board of Managers.
The Company refrains from any
speculation. Derivative transac-
tions are subject to continuous
risk management procedures.
Trading, settlement and control
functions are strictly separated.
Derivative financial contracts are
only entered into with banks that
sively at corporate level by the
Board of Managers. By making
optimum use of the knowledge
and expertise from different
banks, the Group is financed by
a number of different financial
institutions. This also means the
Group is not dependent on one
bank.
Maintaining excellent relation-
ships with its financiers and
continuing to fulfill financing
criteria is enabling the Group to
continue its balanced and
healthy growth.
Currency risks
As most of the Company’s
turnover is in Euros, which is the
Group’s functional currency.
Other currencies used for
trading are the US Dollar, the
British Pound and the Japanese
Yen.
The main currency risks arise
when selling and purchasing in
the US Dollar and, to some
extent, when selling in the British
Pound. Basically, the Group
deals with risks from trading in
non-Euro currencies by
matching incoming and
outgoing cash flows as closely
as possible in the same
currency.
Extraordinary currency positions
and risks are dealt with at the
division level by dedicated
treasury departments that
monitor the cash flows of each
division on a daily basis.
To mitigate the risk from
currency transactions the
treasury department uses
hedging instruments (spot and
forward contracts and currency
Management acknowledges that
general client payment
behaviour has been adversely
affected by the deteriorating
creditworthiness of clients and
the decline of overall liquidity of
the Group during the economic
crisis. This is especially relevant
in respect of the insurance
companies that have
downgraded limits on clients.
It is certainly putting extra
pressure on accurately dealing
with credit risks.
Financing risks
The Group’s trading activities
are financed on the basis of
short-term credit facilities.
The business units have their
own working capital financing.
This fits within the Group’s
policy of autonomy at the
business unit level. Conse-
quently, the business unit’s
management is triggered to
maintain a better control over
inventory and debtor positions
as this could reduce the availa-
bility of working capital to
finance new trading transac-
tions. A tight control of working
capital also helps towards
reducing interest charges.
Both short and long-term
financing arrangements are
discussed and negotiated exclu-
Report of the Board of Managers B&S Holding S.àr.l. Annual Report 2015 51
All standardised financial data is
prepared by the financial depart-
ments of every division and sent
on a regular and timely basis to
the centralised financial control
department where the data is
checked, analysed and consoli-
dated into concise management
information for the divisional
managers.
A total package is sent to the
Board of Managers. Integrated
data concerning the financial
performance of the Group and
its divisions is also distributed to
shareholders, the Supervisory
Board and direct financial stake-
holders.
The content of the financial data
enables the Board of Managers
to control the Group effectively
and accurately.
Statement of risk control
Risk management and internal
control form an integral part of
the Company’s management
policy. The Board of Managers
firmly believes that the measures
related to risk management in
the different risks areas,
combined with the financial
control over the Company,
mean the Company is well
under control in all material
aspects.
control systems and risk
management (see below), are
implemented at all organisa-
tional levels within the Group.
Monitoring the adequacy and
effectiveness of internal risk
management and control
systems is an on-going
improvement process instigated
by the Company’s Board of
Managers.
Over the years, the Company
has proven to have an effective
control structure. A number of
controls are automated and
embedded in Company policies.
The most important policies and
procedures are as follows:
� An annual budget cycle, which
includes financial and
non-financial data, followed by
regular evaluations of devia-
tions; � A monthly financial reporting
cycle; � Accounting manuals with
valuation principles and
accounting standards; � ‘Plug and play’ procedures for
newly acquired businesses
describing standard proce-
dures and corporate systems; � Policies with regard to
financing and cash
management; � Procedures related to various
operational activities such as
customs, trading, logistics and
sales; � Transfer pricing guidelines; � Specific risk management
procedures (inventory,
currency rate risks, credit risks
etc.)
have a good credit rating and
after the advice of external
parties has been sought.
Tax risks
The Company operates in many
countries in the world and has to
manage compliance within a
variety of legislations, also
including tax laws. Over time the
organisation has developed a
strong tax track record that is
firmly based on a timely and
adequate tax reporting, tax
procedures and systems.
The Company has an effective
global tax framework in place
combined with transfer pricing
policies and underlying
documentation.
We are used to taking a
pro-active and transparent
approach when it comes to tax
matters and have regular
meetings with tax authorities to
discuss duties, customs,
corporate income tax and VAT.
In addition to having a strong
internal competence, the
Company is advised on tax
planning and compliance
matters by professional tax
experts active in different tax
disciplines.
Internal control risks and
reporting
All the divisions and business
units are subject to general
policies and procedures that
ensure the Company has good
control over the identification of
risks and the implementation of
measures to mitigate risks.
The information and communi-
cation guidelines in respect of
internal control measures,
52 B&S Holding S.àr.l. Annual Report 2015 Report of the Board of Managers
Responsibility of the Board of
Managers
The financial statements give a
true and fair view of the position
as at the balance sheet date and
the business development
during the financial year of
B&S Holding S.àr.l. and the
Group companies for which the
financial information is recog-
nised in its financial statements.
The major risks to which the
Company is exposed are
described in this Annual Report.
Larochette, G.D. Luxembourg,
15 March 2016
Board of Managers
G. van Laar, CFO
B.L.M. Schreuders
Lebaras Holding S.àr.l.
Represented by
J.B. Meulman, CEO
B.L.M. Schreuders
Andreas Capital Suxeskey S.A.
Represented by
B.L.M. Schreuders
Report of the Board of Managers B&S Holding S.àr.l. Annual Report 2015 53
DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TA-BLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHO-WER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCE-RIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGE-TABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RA-ZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE
54 B&S Holding S.àr.l. Annual Report 2015 Report of the Board of Managers
DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TA-BLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHO-WER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCE-RIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGE-TABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RA-ZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE
2Report of the Supervisory Board B&S Holding S.àr.l. Annual Report 2015 55
REPORT OF THE SUPERVISORY BOARD
Letter from the Supervisory Board 56
56 B&S Holding S.àr.l. Annual Report 2015 Report of the Supervisory Board
“We have confidence in the way in which the Managers will continue to reshape the Company as it grows.”
Financial statements 2015
It is our pleasure to present the
2015 Annual Report as prepared
by the Board of Managers of
B&S Holding S.àr.l. and incorpo-
rating the financial statements.
The Supervisory Board
discussed the financial state-
ments at the annual meeting
with the auditors, after which we
signed the financial statements
to comply with the Board’s legal
obligation.
We recommend that the
General Meeting of Share-
holders approves and adopts the
Annual Report and the appropri-
ation of the net result for 2015.
We further propose that the
shareholders discharge to the
Board of Managers for its
management and the Super-
visory Board for its supervision in
2015.
Financial performance 2015
The Company can look back at
another successful year, with
new record levels of turnover
and good bottom line results.
As has been the case in previous
years, the Board of Managers
and the employees performed
well during 2015 and we would
like to express our great appreci-
ation for that.
Board composition and meetings 2015
The Supervisory Board
comprises Mr. P.N.S. Luttje-
huizen (Chairman, appointed in
2001) and Mr. W.A. Blijdorp
(appointed in 2004). The Super-
visory Board notes that its
composition is in line with the
profile of the Supervisory Board.
Each member has a specific field
of complementary expertise.
The members of the Supervisory
Board have full and free access
to the Company’s Board of
Managers and, if necessary and
appropriate, to independent
advisors.
During the past year the Super-
visory Board met four times with
the Company’s Board of
Managers, during regularly
planned meetings. In addition,
the members of the Supervisory
Board held several informal
consultations with the Board of
Managers in order to remain
fully informed regarding the
business. No members were
absent during the formal
meetings.
The role of the Supervisory
Board differs from the role of the
Board of Managers. Our respon-
sibility is to supervise the Board
of Managers and the general
affairs of the Company and its
affiliated companies. We also
assist the Board of Managers
with general advice. During the
year under review the Super-
visory Board performed its
duties on an ongoing basis in
accordance with applicable laws
and regulations as stipulated in
the Company’s Articles of
Association.
Agenda and supervision topics
The Board of Managers regularly
provided us with detailed reports
for the preparation of our
meetings. We were, therefore, in
a position to carry out a critical
analysis, discuss resolution
proposals with our Board and
put forward questions and
suggestions.
We were also directly involved
by the Board of Managers in all
fundamental Company
decisions. Whenever relevant
and necessary, we provided our
advice.
LETTER FROM THE SUPERVISORY BOARD
Report of the Supervisory Board
Report of the Supervisory Board B&S Holding S.àr.l. Annual Report 2015 57
The last meeting of the year was
held in November 2015. During
this meeting the general topics
were discussed and, as is
customary, the budget for 2016
was presented, discussed and
approved.
Remuneration
The remuneration of the Super-
visory Board in 2015 is stated in
the financial statements and
comprises a fixed annual fee
amounting to a total of € 15,000
similar as in previous year.
Advice for 2016
The Supervisory Board feels
comfortable with the long-term
execution of a more ambitious
growth plan for the organisation
as set out by the Board of
Managers. We have confidence
in the way in which the
Managers will continue to
reshape the Company as it
grows.
With regard to the growth plans,
as a Supervisory Board we are
eager to continue our role of
advisors to the Board of
Managers. It is our duty to guide
the Company and to watch over
the quality of growth and Board
of Manager’s control over
growth. We will further
safeguard the Company’s stance
of keeping a conservative policy
relating to the balance sheet
structure and the effects of
growth on solvency.
The Supervisory Board would
like to express its sincere appre-
ciation to the Board of Managers
and all the Group’s employees
for their efforts and for the
corresponding results.
Delfzijl, 15 March 2016
Supervisory Board
W.A. Blijdorp
P.N.S. Luttjehuizen
The main topic during 2015 was
the long-term strategy. Together
with the Board of Directors the
Supervisory Board discussed the
way the Group can be financed
in the future and future invest-
ments in talented employees
and ICT. The Company’s
continued growth makes the
management of all kinds of risk
more important. For this reason,
during 2015 the Supervisory
Board approved the setting up of
the internal audit department.
Other topics discussed during
the formal Supervisory Board
meetings included annual and
interim results, finance matters,
major investments, ICT affairs
and business planning. We also
discussed the Company’s risk
situation, risk management and
compliance.
The Supervisory Board critically
assessed acquisitions that had
been integrated in the previous
years, their alignment within the
Group and related management
affairs. Particular attention was
paid to any requirements for
impairments and the financial
return from the individual acqui-
sitions. The Supervisory Board
concluded that past acquisitions
are well aligned and provide
adequate returns, well within the
requirements specified for
acquisitions. No impairments
were considered necessary.
During the financial year several
potential acquisitions are passed.
The Board of Managers decided,
on the basis of risk arguments,
to reject these acquisitions.
DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TA-BLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHO-WER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCE-RIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGE-TABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RA-ZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE
58 B&S Holding S.àr.l. Annual Report 2015 Financial Statements 2015
DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TA-BLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHO-WER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCE-RIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGE-TABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RA-ZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE
3Financial Statements 2015 B&S Holding S.àr.l. Annual Report 2015 59
CONSOLIDATED FINANCIAL STATEMENTS 2015
Consolidated balance sheet 60
Consolidated profit and loss account 62
Consolidated cash flow statement 63
Comprehensive statement of
changes in equity 64
Notes to the consolidated balance sheet
and profit and loss account 66
Notes to the consolidated balance sheet items 72
Notes to the consolidated profit and
loss account items 83
60 B&S Holding S.àr.l. Annual Report 2015 Financial Statements 2015
Assets(In thousands of euros, before appropriation of result)
Note 31/12/2015 31/12/2014
Fixed assets 1
Intangible fixed assets
Goodwill 7,205 9,424
Concessions & Brand names 3,493 4,440
10,698 13,864
Tangible fixed assets
Land & Property 17,679 19,152
Equipment 7,137 6,168
Other tangible fixed assets 3,287 3,349
28,103 28,669
Financial fixed assets
Participations 981 1,106
Other financial fixed assets 6,200 6,545
7,181 7,651
Total fixed assets 45,982 50,184
Current assets 2
Inventory 241,838 199,708
Receivables
Trade debtors 143,101 127,613
Receivables on participations 471 4,385
Affiliated companies 12,493 5,927
Tax receivables 4,995 4,883
Other receivables and accrued income 7,479 9,011
168,539 151,819
Cash and cash equivalents 8,166 7,878
Total current assets 418,543 359,405
Total assets 464,525 409,589
Financial Statements 2015CONSOLIDATED BALANCE SHEET
Financial Statements 2015 B&S Holding S.àr.l. Annual Report 2015 61
Equity, provisions and liabilities
Note 31/12/2015 31/12/2014
Group equity 3
Legal entity share in Group equity 178,780 144,530
Third-party share in Group equity 15,578 11,303
194,358 155,833
Provisions 4
Deferred taxation 1,121 1,456
Other provisions 583 231
1,704 1,687
Long-term liabilities 5
Loans from banks 5,295 9,866
Loans from minority shareholders 4,125 1,150
Financial lease 1,008 1,342
Other long-term liabilities 860 894
11,288 13,252
Short-term liabilities 6
Banks 142,036 133,404
Repayments on long-term liabilities 4,941 5,414
Supplier finance arrangements 34,446 18,655
Trade creditors 52,004 54,721
Taxes and social security charges 9,415 13,675
Other liabilities and accrued expenses 14,333 12,948
257,175 238,817
Total equity, provisions and liabilities 464,525 409,589
62 B&S Holding S.àr.l. Annual Report 2015 Financial Statements 2015
(In thousands of euros)
Note 2015 2014
Turnover 1 1,338,293 1,152,166
Purchase value 2 1,157,959 994,103
Gross margin 180,334 158,063
Wages and salaries 3 57,099 54,071
Depreciation and amortisation of fixed assets 4 8,588 11,046
Other operating expenses 5 40,474 38,978
Total operating expenses 106,161 104,095
Operating result 74,173 53,968
Financial income and expenses 6 (3,113) (2,431)
Result of participations 7 233 412
Result for taxation 71,293 51,949
Taxation on the result 8 7,132 4,435
Consolidated result after taxation 64,161 47,514
Result attributable to:
Profit rights 2,037 1,212
Third-party share in the result 4,161 1,194
Total third-party interest 9 6,198 2,406
Ordinary shareholders 57,963 45,108
Group result 64,161 47,514
Financial Statements 2015CONSOLIDATED PROFIT AND LOSS ACCOUNT
Financial Statements 2015 B&S Holding S.àr.l. Annual Report 2015 63
(In thousands of euros)
2015 2014
Received from debtors 1,315,356 1,141,016
Paid to creditors and employees (1,301,968) (1,087,173)
Cash flow from business activities 13,388 53,843
Interest paid (3,039) (2,505)
Corporate income taxes paid (4,399) (4,486)
Dividend received 229 220
(7,209) (6,771)
Cash flow from operating activities 6,179 47,072
Investments in tangible fixed assets (5,082) (3,256)
Investments in intangible fixed assets 100 (1,053)
Loans issued to affiliates - (8,470)
Repayments on loans issued 2,420 -
Disposals of participations 16 16
Cash flow from investing activities (2,546) (12,763)
Repayments on loans from banks (6,044) (5,025)
Repayments on loans from shareholders (350) -
Repayments on financial lease (433) (54)
New loans received from banks 1,000 1,000
Paid to profit share certificates (800) (1,921)
New loans received from shareholders 3,200 800
Reserves transferred to shareholders (23,500) (20,999)
Reserves transferred to minority shareholders (1,140) (784)
Changes in Supplier finance arrangements 15,791 9,351
Changes in banks 8,632 (20,695)
Cash flow from financing activities (3,644) (38,327)
Net cash flow (11) (4,018)
Cash and cash equivalents:
Balance as at 1 January 7,878 11,896
Balance from change in consolidation 299 -
Movement (11) (4,018)
Balance as at 31 December 8,166 7,878
Financial Statements 2015CONSOLIDATED CASH FLOW STATEMENT
64 B&S Holding S.àr.l. Annual Report 2015 Financial Statements 2015
(In thousands of euros)
Share capital
Legal reserve
Other reserves
Results Legal entity share
Balance as at 1 January 2014 5,238 69,659 14,382 32,989 122,268
Reserves transferred to:
Parent company - - (20,999) - (20,999)
Minority shareholders - - - - -
Profit share certificates - - - - -
Other transactions:
Result preceding financial year - - 32,989 (32,989) -
Profit rights - - - - -
Divested participations - - - - -
Exchange rate translation adjustment - - (335) - (335)
Transfer to/from Legal reserve - (24,083) 24,083 - -
Result current financial year - 28,488 (28,488) 45,052 45,052
Deferred taxation - - - - -
Other changes - - - - -
Balance as at 31 December 2014 5,238 74,064 21,632 45,052 145,986
Reserves transferred to:
Parent company - - (23,500) - (23,500)
Minority shareholders - - - - -
Profit share certificates - - - - -
Other transactions:
Result preceding financial year - - 45,052 (45,052) -
Profit rights - - - - -
Exchange rate translation adjustment - - (208) - (208)
Transfer to/from Legal reserve - (9,445) 9,445 - -
Result current financial year - 29,815 (29,815) 57,628 57,628
Deferred taxation - - - - -
Other changes - - (5) - (5)
Balance as at 31 December 2015 5,238 94,434 22,601 57,628 179,901
Financial Statements 2015COMPREHENSIVE STATEMENT OF CHANGES IN EQUITY
Financial Statements 2015 B&S Holding S.àr.l. Annual Report 2015 65
(In thousands of euros)
Legal entity share
Gaap adjust-ments
NL-LUX
Share-holders’
equity
Minority equity
Total
Balance as at 1 January 2014 122,268 (1,512) 120,756 11,602 132,358
Reserves transferred to:
Parent company (20,999) - (20,999) - (20,999)
Minority shareholders - - - (784) (784)
Profit share certificates - - - (1,921) (1,921)
Other transactions:
Result preceding financial year - - - - -
Profit rights - - - 1,212 1,212
Divested participations - - - - -
Exchange rate translation adjustment (335) - (335) - (335)
Transfer to/from Legal reserve - - - - -
Result current financial year 45,052 56 45,108 1,194 46,302
Deferred taxation - - - - -
Other changes - - - - -
Balance as at 31 December 2014 145,986 (1,456) 144,530 11,303 155,833
Reserves transferred to:
Parent company (23,500) – (23,500) - (23,500)
Minority shareholders - – - (1,140) (1,140)
Profit share certificates - – - (800) (800)
Other transactions:
Result preceding financial year - – - - -
Profit rights - – - 2,037 2,037
Exchange rate translation adjustment (208) – (208) - (208)
Transfer to/from Legal reserve - – - - -
Result current financial year 57,628 335 57,963 4,161 62,124
Deferred taxation - – - - -
Other changes (5) - (5) 17 12
Balance as at 31 December 2015 179,901 (1,121) 178,780 15,578 194,358
66 B&S Holding S.àr.l. Annual Report 2015 Financial Statements 2015
General
B&S Holding S.àr.l. was incorporated in G.D.
Luxembourg on December 13, 2007 as a Société à
Responsabilité Limitée, with a registered address at
18 Place Bleech, Larochette, G.D. Luxembourg.
The Company is registered with the Chamber of
Commerce under number B135944.
In accordance with its Articles of Incorporation,
the object of the Company is the acquisition of
and the participation in other companies, among
others companies that are active in international
(wholesale) trading in consumer goods and food.
Group structure
B&S Holding S.à r.l., G.D. Luxembourg, is an
ultimate holding company that holds amongst
others a 100% participation in the capital of World
Supply Holding Ltd., Malta and a 100% participation
in the capital of B&S Investments B.V., Delfzijl in
The Netherlands, which is the head of an
international conglomerate of relative independent
but interlinked companies.
A full list of Group companies and other
participations required under article 338 of Law of
10th August 1915 on commercial companies, has
been filed with the Chamber of Commerce in
Luxembourg.
New participations
During the financial year the Company
incorporated the following companies:
Company % Date
Capi-Lux Denmark A/S,
Denmark
100% 12-05-2015
Checkpoint Trading BV,
the Netherlands
100% 18-12-2015
FCT International Purchase
BV, the Netherlands
100% 18-12-2015
Capi-Lux Munchen GmbH,
Germany
100% 18-12-2015
Capi-Lux Frankfurt GmbH,
Germany
100% 18-12-2015
Worldwide Trade Solutions
DMCC, UAE
100% 11-10-2015
Worldwide Coverage
Trade DMCC, UAE
100% 11-10-2015
Worldwide Retail
Holding ltd., Malta
100% 25-05-2015
Worldwide Retail ltd., Malta 100% 25-05-2015
These companies are fully consolidated as of the
date of incorporation.
Liquidated participations
During the financial year the Company liquidated
its interest in the following companies:
Company % Date
Global Cruise Supply
Holding B.V.,
the Netherlands
100% 03-08-2015
TLE BV, the Netherlands 100% 31-08-2015
Global Food Solutions BV,
the Netherlands
100% 01-04-2015
Brandhouse International
BV, the Netherlands
100% 30-03-2015
Sea & Sky Holding BV,
the Netherlands
51% 26-10-2015
Financial Statements 2015NOTES TO THE CONSOLIDATED BALANCE SHEET AND PROFIT AND LOSS ACCOUNT
Financial Statements 2015 B&S Holding S.àr.l. Annual Report 2015 67
Principles of consolidation
The consolidated financial statements of the
Company incorporate the financial information of
the Group companies. The financial information of
the Group companies is fully incorporated into the
consolidated financial statements with the
exclusion of intercompany relationships and
transactions.
Third-party shares in the capital and result of
Group companies are stated separately in the
consolidated financial statements.
The results of newly acquired Group companies
are consolidated from the date of acquisition.
The assets, provisions and liabilities of acquired
Group companies are valued at the fair value on
the date of acquisition. Goodwill paid is capitalised
and amortised over the economic lifetime.
The result of divested participations is included in
the consolidation until the moment of divestment.
General accounting principles
As of 2012, the financial statements have been
prepared in accordance with Title 9 Book 2 of the
Dutch Civil Code, as approved by the Luxembourg
Ministry of Justice, with letter dated 25 September
2012. The particular differences and
reclassifications in equity and net result between
Dutch GAAP and Luxembourg GAAP are presented
in the notes of the Group’s financial statement.
The Company’s financial statements are prepared
in accordance with legal and regulatory
requirements in Luxembourg (Lux GAAP).
The consolidated financial statements are prepared
on the basis of the historical cost, unless stated
otherwise.
Valuation of assets and liabilities and determination
of the result takes place under the historical cost
convention, unless presented otherwise.
Income and expenses are accounted for on
accrual basis. Profit is only included when realized
on the balance sheet date. Liabilities and any losses
originating before the end of the financial year are
taken into account if they have become known
before preparation of the financial statements.
Translation of foreign currency
Assets and liabilities stated in foreign currencies are
translated at the exchange rate prevailing on the
balance sheet date. The exchange differences
resulting from the translation as at balance sheet
date, are recorded in the profit and loss account.
In the profit and loss account foreign currencies
are translated at the exchange rate prevailing at the
moment of settlement.
Foreign group companies and non-consolidated
associated companies outside the Netherlands
qualify as carrying on of business operations in a
foreign country, with a functional currency
different from that of the company. For the
translation of the financial statements of these
foreign entities the balance sheet items are
translated at the exchange rate as at balance sheet
date and the profit and loss account items at the
exchange rate at transaction date. The exchange
rate differences that arise are directly deducted
from or added to group equity and recognised in
the translation differences reserve. This likewise
applies to the translation differences on loans that
form part of the net investment in the business
operations abroad.
If business operations in a foreign country with a
different functional currency than that of the
company are disposed of, the cumulative
translation differences are recognised in the profit
and loss account as part of the result from the
disposal of the business operations abroad.
Principles of financial instruments
Financial instruments comprise primary financial
instruments, such as receivables and payables, and
financial derivatives.
The notes to specific balance sheet items disclose
the fair value of the related instruments if this
deviates from the carrying amount. If the financial
instrument is not recorded in the balance sheet the
information regarding the fair value is disclosed in
the notes to the ‘Contingent assets and liabilities’.
For the principles of primary financial instruments
please see the recognition per balance sheet item.
68 B&S Holding S.àr.l. Annual Report 2015 Financial Statements 2015
Tangible fixed assets
Tangible fixed assets are presented at cost less
accumulated depreciation and, if applicable, less
impairments in value. Depreciation is based on the
estimated useful life and calculated as a fixed
percentage of cost, taking into account any
residual value. Depreciation is provided from the
date an asset comes into use. Land is not
depreciated.
Costs for the maintenance of tangible fixed assets
are accounted for in the profit and loss account in
the accounting period in which they are incurred.
Tangible fixed assets are capitalised if the
economic ownership held by the company, and its
group companies, is governed by a financial lease
agreement. The commitment arising from the
financial lease agreement is accounted for as a
liability. The interest included in the future lease
instalments is charged to the result over the term
of the financial lease agreement.
Financial fixed assets
Where significant influence is exercised, associated
companies in non-consolidated group companies
are valued under the net asset value method, but
not lower than a nil value. This net asset value is
based on the same accounting principles as
applied by the parent company.
Associated companies with a negative net equity
value are valued at nil. If the company fully or
partly guarantees the liabilities of the associated
company concerned, or has the effective
obligation respectively to enable the associated
company to pay its (share of the) liabilities, a
provision is formed. Upon determining this
provision, provisions for doubtful debts already
deducted from receivables from the associated
company are taken into account.
Where no significant influence is exercised
associated companies are valued at cost and less
impairments in value, if applicable.
Other financial fixed assets
Upon initial recognition the receivables on and
loans to associated companies and other
receivables are valued at fair value and then valued
at amortised cost, which equals the face value,
after deduction of any provisons.
Derivative financial instruments
Upon initial recognition, financial derivatives are
recognised at fair value and then revalued at fair
value as at balance sheet date. The profit or loss
from the revaluation to fair value as at balance
sheet date is recognised directly in the profit and
loss account. If, however, financial derivatives are
eligible for hedge accounting, and hedge
accounting is applied, recognition of this profit or
loss depends on the nature of the hedge.
The Company applies hedge accounting based on
individual documentation per individual hedge
relationship. The Company documents how the
hedge relations suit the risk management goals,
the hedge strategy and the expectation in respect
of the hedge’s effectiveness.
Cost price hedge accounting
The effective part of financial derivatives that have
been assigned for cost price hedge accounting is
valued at cost. By comparing the critical
comparative features of the hedge instrument with
the critical features of the hedged position on
every balance sheet date, it is determined whether
there is an indication for ineffectiveness. In the
event the critical features of the hedge instrument
and the critical features of the hedged position are
not equal, this is an indication that the cost price
hedge contains an ineffective part. In that case a
quantitative ineffectiveness measurement is carried
out by comparing the cumulative change of the
fair value of the hedge instrument with the
cumulative change of the fair value of the hedged
position since the designation of the hedge
relationship. Ineffectiveness is recognised in the
profit and loss account if and insofar as the
quantitative ineffectiveness measurement shows a
(cumulative) loss.
Principles of valuation of assets and liabilities
Intangible fixed assets
Intangible fixed assets are presented at cost less
accumulated amortisation and, if applicable, less
impairments in value. Amortisation is charged as a
fixed percentage of cost, as specified in more
detail in the notes to the balance sheet. The useful
life and the amortisation method are reassessed at
the end of each financial year.
Financial Statements 2015 B&S Holding S.àr.l. Annual Report 2015 69
generate profit, these profits will fully be debited
B&S Holding S.àr.l., until the losses for which
B&S Holding S.àr.l. has assumed responsibility have
been recovered.
Pension schemes
The charge for the year has been included under
the heading personnel expenses in the profit and
loss account. As at 31 December 2015, there are
no obligations for which a pension provision has
been included, as was the case as at 31 December
2014. The pension contribution charged to the
profit and loss account amounts to € 2,188,000
over 2015 (2014: € 2,024,000). The Group operates
various pension schemes. These schemes are
financed through payments to insurance
companies, industry branch pension funds or the
Company pension fund.
Company pension scheme
Pursuant to the Dutch pension system this plan is
financed by contributions to the company pension
fund called Stichting Pensioenfonds B&S.
Participation in this pension fund has been made
obligatory for the applicable B&S companies in
each individual labour agreement of employees of
these applicable B&S companies. This collective
plan is a conditional defined contribution plan.
The accrual of the intended pension entitlements
is always fully funded in the related calendar year
through contribution payments. The pension plan
is a conditional career average plan including - for
both active and inactive participants (sleepers and
retired persons) - conditional granting of
supplements. The granting of supplements
depends on the investment return. The capital
available for the purchase of a pension equals the
investment value as at pension date. The return on
the contribution payments has not been
guaranteed.
The conditional annual accrual of the pension
entitlements amounts to 1.875% of the pensionable
salary that is based on the gross wage net of a
deductible (of € 14,574). The pensionable salary is
capped (at € 100,000). The annual employer-paid
contribution is 21.0% of which 7.0% is contributed
by the employee. The contribution is a fixed
percentage of the pensionable salary and cannot
be changed by the board of the pension fund.
Deferred taxation
Deferred taxes are taken into account for tax losses
carried forward if and insofar as it is expected that
these can be offset within the specified period
according to the regulations of the relevant
jurisdiction. The valuation of the deferred taxes is
based on the normal tax rates applicable in the
country where the company is established.
Provisions for taxes are only deducted from
deferred taxes if the position can be deducted with
the same fiscal entity and reflects the same
maturity.
Inventory
Inventory is valued at the lower of cost price or net
realisable value, in accordance with the FIFO
system. The lower net realisable value is
determined by individual assessments of the
inventories. The cost price is increased by the
directly related purchasing costs. Net realisable
value is based on estimated selling price, less any
future cost to be incurred for completion and
disposal.
Receivables
Receivables are initially recorded at fair value.
Subsequent valuation is at amortised cost less any
provision deemed necessary. The fair value and
amortised cost equal the face value. This provision
is based on the estimated risk of the inability to
recover the individual debts.
Cash
The cash is valued at face value. If cash equivalents
are not freely disposable, then this has been taken
into account upon valuation.
Third-party share in Group equity
The share of third parties in the group equity
concerns the minority interest of third parties in
the shareholders’ equity of consolidated
companies. In the profit and loss account the
share of third parties in the result of consolidated
companies is deducted from the group result.
If the losses attributable to the minority interest of
third parties exceed the minority interest of third
parties in the shareholders’ equity of the
consolidated companies, the difference – as well
as any further losses – will be fully charged to
B&S Holding S.àr.l., unless and insofar as the
minority shareholder is committed to assume
responsibility for those losses and is able to do so.
If the consolidated companies once again
70 B&S Holding S.àr.l. Annual Report 2015 Financial Statements 2015
Industry pension schemes –
‘Bedrijfstakpensioenfonds voor de detailhandel’
Pursuant to the Dutch pension system this plan is
financed by contributions to an industry pension
fund. Participation in the industry pension fund has
been made obligatory in the collective labour
agreement applicable to Koninklijke Capi-Lux
Holding BV.
The related accrued entitlements are always fully
financed in the related calendar year through – at
least - cost effective contribution payments.
The pension plan is a career average plan including
- for both active and inactive participants (sleepers
and retired persons) - conditional granting of
supplements. The granting of supplements
depends on it the investment return.
The annual accrual of the pension entitlements
amounts to 1.75% of the pensionable salary that is
based on the gross wage net of a deductible (of
€ 12,564). The pensionable salary is capped (at
€ 51,976). The annual employer-paid contribution is
19.4% of which 5.119% is contributed by the
employee. Based on the funding ratio and
expected returns the board of the industry pension
fund sets the contribution every year.
The related industry pension fund or company
pension fund, respectively, has stated that the
funding ratio is 106.1% in 2015. Based on the
administrative regulations the group has no
obligation to make additional contributions in the
event of a deficit other than through higher future
contributions.
Other
The pension obligations are valued according to
the ‘valuation to pension fund approach’.
This approach recognises the contribution payable
to the pension provider as an expense in the profit
and loss account. In some foreign countries in
which the Group is present, there are
governmental pension regulations for which
pension premiums are paid. Based on the nature of
these regulations no valuation is necessary.
Deferred taxation
For amounts of taxation payable in the future, due
to differences between the valuation principles in
the annual report and the valuation for taxation
purposes of the appropriate balance sheet items, a
provision has been formed for the aggregate of
these differences, multiplied by the current rate of
The company pension fund, respectively, has
stated that the funding ratio is 97.0% at
31 December 2015. Based on the administrative
regulations the group has no other obligation than
the annual contribution payments.
The company pension fund has issued a recovery
plan on 1 July 2015 because the funding ratio was
below the required level set by the authorities.
The result of the recovery plan is that no additional
measures have to be taken to improve the funding
ratio of the pension fund.
This recovery plan was approved by the authorities
on 21 August 2015. Each year the recovery plan
will be evaluated.
Industry pension schemes –
‘Bedrijfstakpensioenfonds Dranken’
Pursuant to the Dutch pension system this plan is
financed by contributions to an industry pension
fund. Participation in the industry pension fund has
been made obligatory in the collective labour
agreement applicable to Anker Amsterdam Spirits
BV and Square Dranken Nederland BV.
The related accrued entitlements are always fully
financed in the related calendar year through – at
least - cost effective contribution payments.
The pension plan is a career average plan including
- for both active and inactive participants (sleepers
and retired persons) - conditional granting of
supplements. The granting of supplements
depends on it the investment return.
The annual accrual of the pension entitlements
amounts to 1.75% of the pensionable salary that is
based on the gross wage net of a deductible (of
€ 19,890). The pensionable salary is capped (at
€ 88,576). The annual employer-paid contribution
is 23.45% of which 8.51% is contributed by the
employee. Based on the funding ratio and
expected returns the board of the industry pension
fund sets the contribution every year.
The related industry pension fund or company
pension fund, respectively, has stated that the
funding ratio is 109.4% in 2015. Based on the
administrative regulations the group has no
obligation to make additional contributions in the
event of a deficit other than through higher future
contributions.
Financial Statements 2015 B&S Holding S.àr.l. Annual Report 2015 71
Taxation on the result
Corporate income tax is calculated at the
applicable rate on the result for the financial year,
taking into account permanent differences
between profit calculated according to the
financial statements and profit calculated for
taxation purposes, and with which deferred tax
assets (if applicable) are only valued insofar as their
realisation is likely.
Share in result of non-consolidated companies
Where significant influence is exercised over
associated companies, the group’s share in the
associated companies’ results is included in the
consolidated profit and loss account. This result is
determined on the basis of the accounting
principles applied by the parent company. Where
no significant influence is exercised, the dividend
income is accounted for in the profit and loss as
financial income.
Principles for preparation of the consolidated cash flow statement
The cash flow statement is prepared in accordance
with the direct method.
The cash and cash equivalents included in the
cash flow statement comprise the balance of liquid
assets. Cash flow in foreign currencies is translated
at an estimated average exchange rate. Corporate
income tax, received and paid interest and
received dividends are included as cash flow from
operating activities. Share issues and paid-out
dividends are included as cash flow from financing
activities. Transactions that do not involve the
exchange of cash or cash equivalents, including
financial leases, are not included in the cash flow
statement. Lease instalment payments resulting
from financial lease contracts are included as a
financing activity expense insofar as they relate to
repayments and as an operating activity expense
insofar as they relate to interest payments.
The acquisition price of acquired Group
companies is included under cash flow from
investment activities insofar as payment took place
in cash or cash equivalents.
taxation. These provisions are reduced by amounts
of taxation recoverable in the future in respect of
the carry-forward of unused tax losses, to the
extent that it is probable that future tax profits will
be available for settlement.
Other provisions
Unless stated otherwise the other provisions are
valued at the face value of the expenditures that
are expected to be necessary for settling the
related obligations.
Long-term and short-term liabilities
Upon initial recognition, the loans and liabilities
recorded are stated at fair value and then valued at
amortised cost.
Principles for the determination of the result
Turnover
Turnover includes income from goods and
services supplied to third parties during the
financial year less V.A.T. and includes excise
invoiced attributable to the turnover.
Revenues ensuing from the sale of goods are
accounted for when all major entitlements to
economic benefits as well as all major risks have
transferred to the buyer. The purchase value of
these goods is allocated to the same period.
Purchase value
This includes the total purchase value of the goods
and services, the external costs directly attributable
to the turnover and the exchange rate differences
attributable to the purchase value and exchange
rate differences between the moment of invoicing
and payment of the turnover.
Gross margin
This comprises the turnover less the purchase
value.
Wages and salaries
This comprises the costs of personnel employed
with the Company including social charges,
pension costs and other direct costs direct
attributable to these employees and also includes
the cost of temporary personnel.
72 B&S Holding S.àr.l. Annual Report 2015 Financial Statements 2015
1 Fixed assets
Intangible fixed assets
The intangible fixed assets comprise the goodwill paid when participations and activities are acquired and
other intangible fixed assets. Movements during 2015 can be summarised as follows:
Goodwill Concession & Brand names
Total
Balance as at 1 January:
Acquisition costs 29,979 6,701 36,680
Accumulated amortisation (20,555) (2,261) (22,816)
9,424 4,440 13,864
Movements:
Investments - (100) (100)
Amortisation (2,219) (847) (3,066)
(2,219) (947) (3,166)
Balance as at 31 December:
Acquisition costs 29,979 7,603 37,582
Accumulated amortisation (22,774) (4,110) (26,884)
7,205 3,493 10,698
Applied amortisation % 12.5% - 20% 10%-33%
Intangible fixed assets are amortised over its useful economic life, defined at the moment of acquisition.
The useful economic lifetime of the goodwill recorded is based on the period which has been considered
to determine the acquisition price, which was more than 5 years.
Impairment testing
The carrying amounts of intangible assets are reviewed on each reporting date to determine whether
there is an indication of impairment. If such an indication exists the recoverable amount of the asset is
estimated based on management’s assumptions of revenue growth and the development of operating
margins and cash flows, assessed using external data.
As the projected annual cash flows for the coming years exceed the carrying value of goodwill
substantially, no impairment was considered necessary in 2015.
Financial Statements 2015NOTES TO THE CONSOLIDATED BALANCE SHEET ITEMS
Financial Statements 2015 B&S Holding S.àr.l. Annual Report 2015 73
Tangible fixed assets
The movements during 2015 can be summarised as follows:
Land & property Equipment Other tangible fixed assets
Total
Balance as at 1 January:
Acquisition costs 40,735 15,943 13,037 69,715
Accumulated depreciations (21,583) (9,775) (9,688) (41,046)
19,152 6,168 3,349 28,669
Movements:
Investments 356 3,324 1,502 5,182
Consolidation 44 - 16 60
Disposals (5) (178) (103) (286)
Depreciations (1,868) (2,177) (1,477) (5,522)
(1,473) 969 (62) (566)
Balance as at 31 December:
Acquisition costs 40,444 19,011 13,595 73,050
Accumulated depreciations (22,765) (11,874) (10,308) (44,947)
17,679 7,137 3,287 28,103
Applied depreciation % 0%-5% 12.5%-20% 20%
Tangible fixed assets include items that are financed by financial leasing. The book value of these items as
at 31 December 2015 amounted to € 774,000 (31 December 2014: € 1,118,000). The group does not hold
legal title of these assets.
Financial fixed assets
31/12/2015 31/12/2014
Participations 981 1,106
Other financial fixed assets 6,200 6,545
7,181 7,651
Participations
The item ‘Participations’ includes the following companies and the respective interest held:
31/12/2015 31/12/2014
Comptoir & Clos Sas, Limonest, France 50% 50%
Emporium Handels & Vertriebs GmbH, Erlensee, Germany - 50%
Parfumtrend GmbH, Rodenbach, Germany - 50%
Capi-Lux South Africa (PTY) Ltd., Johannesburg, South-Africa 50% 50%
74 B&S Holding S.àr.l. Annual Report 2015 Financial Statements 2015
The movements can be summarised as follows:
2015 2014
Balance as at 1 January 1,106 891
Consolidation (17) -
Share in the result for the financial year 233 412
Exchange rate result (112) -
Other changes - 23
Reserves transferred from participations (229) (220)
Balance as at 31 December 981 1,106
Other financial fixed assets
The movements can be summarised as follows:
2015 2014
Balance as at 1 January 8,770 450
New loans granted 7,170 8,470
Repayments (9,340) (150)
6,600 8,770
Reclassification to ‘Current assets’ (400) (2,225)
Balance as at 31 December 6,200 6,545
In 2011, the Company granted a loan to a third party, with the following modalities:
31/12/2015 31/12/2014
Loan amount 750 750
Interest rate 7% 7%
Repayments per year 150 150
Securities
Shares
Guarantees
Shares
Guarantees
Maturity < 1 year 150 150
Maturity 1 <> 5 years - 150
The Group granted 2 loans to a related party, with the following modalities:
31/12/2015
Loan amount 8,470
Interest rate 10
Repayments per year 1,600
Securities None
Maturity < 1 year 1,600
Maturity 1 <> 5 years 6,200
These loans are provided to a company where the ultimate shareholders have a significant influence.
Financial Statements 2015 B&S Holding S.àr.l. Annual Report 2015 75
Capitalised deferred taxes
The item ‘Capitalised deferred taxes’ relates to past tax losses carried forward of Group companies.
The movements can be summarised as follows:
2015 2014
Balance as at 1 January 415 520
Transfer to/from profit and loss account (133) (105)
282 415
Reclassification to ‘Provisions’ (282) (415)
Balance as at 31 December - -
2 Current assets
Inventory
31/12/2015 31/12/2014
Value of trade goods 224,523 185,406
Provision for obsolescent inventory (4,650) (4,317)
Prepayments on trade inventory 21,965 18,619
241,838 199,708
The carrying amount of inventory that are valued at lower net realizable value amounts to € 26,897,000
(2014: € 23,106,000). The amount of the write-down during 2015 amounts to € 4,250,000 (2014:
€ 3,850,000) and has been recognised in profit and loss account as a loss.
Receivables
31/12/2015 31/12/2014
Trade debtors 144,031 129,531
Provision for trade debtors (930) (1,918)
Receivables on participations 471 4,385
Affiliated companies 12,493 5,927
Tax receivables 4,995 4,883
Other receivables and accrued income 7,479 9,011
168,539 151,819
The maturity period of all receivables is less than one year. A provision for doubtful debts was formed
during the financial year amounting to € 467,000 that was charged to the profit and loss account.
76 B&S Holding S.àr.l. Annual Report 2015 Financial Statements 2015
3 Group equity
For the details of the shareholders’ equity see the notes to the Company balance sheet.
The differences and reclassification in equity between Dutch GAAP and Luxembourg GAAP can be
presented as follows:
31/12/2015 31/12/2014
Legal entity share in Group Equity (Dutch GAAP) 178,780 144,530
Deferred taxation 1,121 1,456
Shareholders’ Equity (Luxembourg GAAP) 179,901 145,986
The differences and reclassification in Company’s net result between Dutch GAAP and Luxembourg GAAP
can be presented as follows:
31/12/2015 31/12/2014
Consolidated net result (Dutch GAAP) 57,963 45,108
Deferred taxation (335) (56)
Company net result (Luxembourg GAAP) 57,628 45,052
Deferred tax assets are not being recognised in the Company’s Balance sheet under Luxembourg GAAP.
Changes during the year in these balance sheet items are recorded in the profit and loss account,
according to Luxembourg GAAP.
Third-party share in Group equity
This concerns the third-party share in the following companies:
31/12/2015 31/12/2014
J.T.G. Holding B.V., Dordrecht, the Netherlands 49% 49%
Sea & Sky Holding B.V., Dordrecht, the Netherlands 49% 49%
Emporium Handels & Vertriebs GmbH, Erlensee, Germany 50% -
Parfumtrend GmbH, Rodenbach, Germany 50% -
J.T.G. WWL S.àr.l., Larochette, G.D. Luxembourg 49% 49%
Profit rights:
B&S Investments B.V., Delfzijl, the Netherlands 100% 100%
The movements can be summarised as follows:
2015 2014
Balance as at 1 January 11,303 11,602
Profit rights 2,037 1,212
Reserves transferred to minority shareholders (1,140) (784)
Reserves transferred to profit right certificates (800) (1,921)
Consolidation 17 -
Third-party share in the result 4,161 1,194
Balance as at 31 December 15,578 11,303
Financial Statements 2015 B&S Holding S.àr.l. Annual Report 2015 77
4 Provisions 31/12/2015 31/12/2014
Deferred taxation 1,121 1,456
Pension provisions 36 38
Other provisions 547 193
1,704 1,687
Deferred taxation
The movements can be summarised as follows:
2015 2014
Balance as at 1 January 1,871 2,032
Transfer to ‘Short term liabilities’ (468) (161)
1,403 1,871
Reclassification from ‘Capitalised deffered taxes’ (282) (415)
Balance as at 31 December 1,121 1,456
As at 31 December 2015 the amount of ‘Deferred taxation’ falling due within one year was € 204,000
(31 December 2014: € 262,000).
Pension provision
The provision for pension obligations consists of a provision for pensions of former personnel that have
taken effect and are valued at the discounted value with the application of an actuarial rate of interest of
4%. The maturity of the provision is less than 5 years. The movements can be summarised as follows:
2015 2014
Balance as at 1 January 38 40
Transfer to/from profit and loss account (2) (2)
Balance as at 31 December 36 38
Other provisions
The ‘Other provisions’ concerns possible claims. The maturity of the provision is less than 5 years.
The movements can be summarised as follows:
2015 2014
Balance as at 1 January 193 566
Payments during financial year - (101)
Reclassification to Short-term liabilities - (342)
Transfer to/from profit and loss account 354 70
Balance as at 31 December 547 193
78 B&S Holding S.àr.l. Annual Report 2015 Financial Statements 2015
5 Long-term liabilities 31/12/2015 31/12/2014
Loans from banks 5,295 9,866
Loans from minority shareholders 4,125 1,150
Financial lease 1,008 1,342
Other long-term liabilities 860 894
11,288 13,252
Loans from banks
The ‘Loans from banks’ comprised a number of loans with the following details and modalities:
Loan 1 Loan 2 Loan 3 Loan 4 Loan 5 Loan 6 Total
Balance as at
1 January 120 360 866 8,625 950 4,000 14,921
Repayments - (360) (495) (3,450) (200) (550) (5,055)
120 - 371 5,175 750 3,450 9,866
Under short-
term liabilities - - (371) (3,450) (200) (550) (4,571)
Balance as at
31 December 120 - - 1,725 550 2,900 5,295
Original loan
amount 120 2,400 2,475 17,250 1,000 8,250
Interest rate
base fixed
3 month
Euribor
3 month
Euribor
3 month
Euribor
3 month
Euribor
3 month
Euribor
Interest rate/
margin 10% + 1.25% + 1.25% + 1.25% + 1.25% + 1.25%
Security none (1) (1) (1) none (2)
(1) Pledge on shares of the specific involded company have been provided.
(2) This item relates to a mortgage loan with real estate as underlying security.
Movements in the ‘Loans from banks’ can be specified as follows:
2015 2014
Balance as at 1 January 14,921 18,946
New Loans received - 1,000
Repayments (5,055) (5,025)
9,866 14,921
Reclassification to ‘Short-term liabilities’ (4,571) (5,055)
Balance as at 31 December 5,295 9,866
Financial Statements 2015 B&S Holding S.àr.l. Annual Report 2015 79
Loans from minority shareholders
The modalities of the ‘Loans from minority shareholders’ are as follows:
31/12/2015 31/12/2014
Loan 1:
Loan amount 350 350
Interest rate 4% 10%
Repayments 350 none
Securities none none
Loan 2:
Loan amount 4,000 800
Interest rate 4% 4%
Repayments none none
Securities none none
Loan 3:
Loan amount 125 -
Interest rate 4% -
Repayments none -
Securities none -
The movements can be summarised as follows:
2015 2014
Balance as at 1 January 1,150 350
Consolidation 125 -
New Loans received 4,000 800
Repayments (1,150) -
Balance as at 31 December 4,125 1,150
Financial lease
The movements of the ‘Financial lease’ can be summarised as follows:
2015 2014
Balance as at 1 January 1,666 1,620
New financial lease - 100
Repayments (323) (54)
1,343 1,666
Reclassification to ‘Short-term liabilities’ (335) (324)
Balance as at 31 December 1,008 1,342
The interest rate on the financial lease is 3.2%.
The book value of the leased material as at 31 December 2015 amounted to € 774,000 (31 December
2014: € 1,118,000).
80 B&S Holding S.àr.l. Annual Report 2015 Financial Statements 2015
Other long-term liabilities
The movements of the ‘Other long-term liabilities’ can be summarised as follows:
2015 2014
Balance as at 1 January 929 964
Transfer to Profit & Loss account (34) (35)
895 929
Reclassification to ‘Short-term liabilities’ (35) (35)
Balance as at 31 December 860 894
The ‘Other long-term liabilities’ comprise of an “InvesteringsPremieRegeling (IPR)” subsidy with an original
amount of € 1,264,000, which is being reduced with € 35,000 per year.
The maturity and related value of the long-term liabilities as per 31 December 2015 is as follows:
< 1 year 1 <> 5 years > 5 years Total
Loans from banks 4,571 4,595 700 9,866
Loans from minority
shareholders - - 4,125 4,125
Financial lease 335 1,008 - 1,343
Other long-term liabilities 35 140 720 895
4,941 5,743 5,545 16,229
6 Short-term liabilities
The ‘Short-term liabilities’ can be specified as follows:
31/12/2015 31/12/2014
Banks 142,036 133,404
Repayments on long-term liabilities 4,941 5,414
Supplier finance arrangements 34,446 18,655
Trade creditors 52,004 54,721
Taxes and social security charges 9,415 13,675
Other liabilities and accrued expenses 14,333 12,948
257,175 238,817
The maturity period of the ‘Short-term liabilities’ is less than one year.
Financial Statements 2015 B&S Holding S.àr.l. Annual Report 2015 81
Banks
The modalities on credit facilities provided by banks can be specified as follows:
31/12/2015 31/12/2014
Total level of credit facilities granted to the Company and subsidiaries 270,491 214,807
Average margin on interest rate (1 month Euribor) 1.47% 1.54%
Average liquidity margin NA NA
The following securities have been provided:◾◾ Pledge on fixed assets, inventory and receivables;◾◾ Pledge on transport, credit, and storage and fire/damage insurance;
The Company entered into derivative financial instruments with various financial institutes relating to
forward currency contracts and interest rate swaps.
The following derivative financial positions were held by the company as per 31 December 2015:
Transaction value
Fair value
Forward currency contract (GBP) 3,250 228
Forward currency contract (ZAR) 13,194 (16)
Interest rate swap 50,000 (1,098)
The transaction values indicated as forward currency contracts are in foreign currency. The maturity of
the forward currency contracts are less than one year. The interest rate swap, swapping the 1 month
euribor interest for a fixed interest of 0.485%, is closed for the period August 2014 up until August 2019.
Repayments on long-term liabilities
The ‘Repayments on long-term liabilities’ comprise the repayments on ‘Long-term liabilities’ due in the
preceding year.
Supplier finance arrangements
Supplier finance arrangement is a liability towards a company owned by a financial institution who
facilitates the purchasing of a part of the inventory. This company is receiving a predetermined
remuneration for facilitating the purchases under the agreement with this company. This company is the
legal owner of the purchased inventory. In order to minimize the remuneration, B&S Holland Trading
Group B.V. guaranteed that any inventory older than 180 days will be purchased from this company by
B&S Holland Trading Group B.V. or (one) of its subsidiaries. In order to properly reflect that undertaking,
B&S Holding S.àr.l., the economical ownership of the inventory and the related liability as ‘Inventory’ and
‘supplier finance arrangements’. The amount which relates to supplier finance arrangements was in the
annual report of 2014 recognised as Trade creditors.
Taxes and social security charges
31/12/2015 31/12/2014
Corporate income tax 4,874 1,554
V.A.T. 3,383 4,295
Duties 351 6,715
Social security and income taxes 807 1,111
9,415 13,675
82 B&S Holding S.àr.l. Annual Report 2015 Financial Statements 2015
Other liabilities and accrued expenses
The item ‘Other liabilities and accrued expenses’ includes pension charges amounting to € 33,000 as at
31 December 2015 (31 December 2014: € 39,000).
Contingent assets and liabilities
Guarantees
31/12/2015 31/12/2014
Total maximum level of guarantee facility granted to the Group 26,000 32,000
Issued guarantees in relation to import duties 8,680 10,413
Issued guarantees in relation to rental agreements 1,656 797
Other issued guarantees 10,269 14,090
20,605 25,300
The Group issued a guarantee towards the Dutch Customs Authority of € 2,684,000.
Operational leases
This concerns operational leases on vehicles with leasing companies.
31/12/2015 31/12/2014
Annual obligations 578 595
The maturity and related value of outstanding operational leases is as follows:
< 1 year 1 < > 5 years > 5 years Total
Operational leases 578 764 - 1,342
Rental agreements
The Group has entered into the long-term rental agreements.
Apart from the rental agreement for the office in G.D. Luxembourg, the annual rental charges are adjusted
for indexation each year.
The maturity and related value of outstanding rental agreements is as follows:
< 1 year 1 < > 5 years > 5 years Total
Rental agreements 4,993 18,827 7,587 31,407
Concession fee
The Group has entered into long-term concession agreements. The maturity of these agreements is
between 1 and 8 years. The amounts involved are based on the turnover of the particular agreement.
Financial Statements 2015 B&S Holding S.àr.l. Annual Report 2015 83
1 Turnover
The distribution of turnover over the divisions can be specified as follows:
2015 2014
B&S Holland Trading Group 829,835 659,517
B&S 399,565 350,606
Royal Capi-Lux 87,547 78,209
B&S World Supply 42,478 74,918
Elimination (21,132) (11,084)
1,338,293 1,152,166
The distribution of turnover over the product groups can be specified as follows:
2015 2014
Liquors & Tobacco 560,427 454,627
Perfumes & Cosmetics 396,174 301,061
Food & Beverages 206,512 230,276
Electronics 88,111 80,931
Health & Beauty 67,220 58,963
Other 19,849 26,308
1,338,293 1,152,166
The distribution of turnover over the geographical regions can be specified as follows:
2015 2014
The Netherlands 241,819 225,568
Rest of Europe 462,572 409,857
Rest of the world 633,902 516,741
1,338,293 1,152,166
2 Purchase value2015 2014
Purchase value of turnover 1,085,504 905,784
Exchange rates differences 6,707 9,973
Other external costs related to turnover 65,748 78,346
1,157,959 994,103
Financial Statements 2015NOTES TO THE CONSOLIDATED PROFIT AND LOSS ACCOUNT ITEMS
84 B&S Holding S.àr.l. Annual Report 2015 Financial Statements 2015
3 Wages and salaries
The distribution of wages and salaries can be specified as follows:
2015 2014
Salary costs 32,914 29,647
Social security charges 4,566 4,651
Pension costs 2,188 2,024
Other personnel costs 2,962 2,872
42,630 39,194
Temporary staff 14,469 14,877
57,099 54,071
Staff
The average number of staff employed by the Company during 2015 was 744 (2014: 699).
2015 2014
B&S Holland Trading Group 238 199
B&S 278 293
Royal Capi-Lux 182 170
B&S World Supply 29 27
Other 17 10
744 699
4 Depreciation and amortisation of fixed assets 2015 2014
Amortisation costs intangible fixed assets 3,066 4,121
Depreciation costs tangible fixed assets 5,522 6,925
8,588 11,046
5 Other operating expenses 2015 2014
Premises 10,358 10,672
Personnel related costs 4,774 4,617
Overhead expenses 4,139 7,043
External advice 5,347 5,463
ICT expenses 6,289 5,760
Other operating expenses 9,567 5,423
40,474 38,978
Financial Statements 2015 B&S Holding S.àr.l. Annual Report 2015 85
The costs of Deloitte Accountants B.V., the Netherlands and Deloitte Audit S.àr.l., G.D. Luxembourg which
is directly attributable to the financial year to the Group are incorporated in the ‘External advisory’ and
specified as follows:
2015 2014
Audit assignments for Annual Reports 525 323
Other audit assignments - 25
Other advisory 25 25
550 373
Transactions with affiliated parties
2015 2014
Premises rented from affiliated companies 4,513 5,040
6 Financial income and expenses
The distribution of ‘Financial income and expenses’ can be specified as follows:
2015 2014
Interest related to bank facilities 3,929 3,222
Interest received from Group companies (816) (791)
3,113 2,431
7 Result of participations 2015 2014
Share in the result of non-consolidated participations 233 412
233 412
8 Taxation on the result
The effective tax rate for 2015 of 10.0% (2014: 8.5%) stated in the profit and loss account deviates from the
nominal rate of 25% applicable in the Netherlands due to the use of fiscal facilities, corrections related to
preceding years and deviating tax percentages being applicable to a number of foreign Group companies.
86 B&S Holding S.àr.l. Annual Report 2015 Financial Statements 2015
9 Third-party share in the result
This concerns the third-party share in the following companies:
31/12/2015 31/12/2014
J.T.G. Holding B.V., Dordrecht, the Netherlands 49% 49%
Sea & Sky Holding B.V., Dordrecht, the Netherlands 49% 49%
Emporium Handels & vertrieb GmbH, Erlensee, Germany 50% -
Parfumtrend GmbH, Rodenbach, Germany 50% -
J.T.G. WWL S.àr.l., Larochette, G.D. Luxembourg 49% 49%
Profit rights:
B&S Investments B.V., Delfzijl, the Netherlands 100% 100%
Financial Statements 2015 B&S Holding S.àr.l. Annual Report 2015 87
Report on the consolidated financial statements
We have audited the accompanying consolidated
financial statements of B&S Holding S.à r.l.,
which comprise the consolidated balance sheet
as at December 31, 2015, the consolidated profit
and loss account and the consolidated cash flow
statement for the year then ended, and a
summary of significant accounting policies and
other explanatory information.
Board of Managers responsibility for the
consolidated financial statements
The Board of Managers is responsible for the
preparation and fair presentation of these
consolidated financial statements in accordance
with Generally Accepted Accounting Standards
in the Netherlands relating to the preparation of
the consolidated financial statements, and for
such internal control as the Board of Managers
determines is necessary to enable the
preparation of consolidated financial statements
that are free from material misstatement,
whether due to fraud or error.
Responsibility of the réviseur d’entreprises
agréé
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 as adopted for Luxembourg by the
Commission de Surveillance du Secteur
Financier. Those standards require that we
comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance
whether the consolidated financial statements
are free from material misstatement.
An audit involves performing procedures to
obtain audit evidence about the amounts and
disclosures in the consolidated financial
statements. The procedures selected depend on
the réviseur d’entreprises agréé ‘s judgement,
including the assessment of the risks of material
misstatement of the consolidated financial
statements, whether due to fraud or error.
In making those risk assessments, the réviseur
d’entreprises agréé considers internal control
relevant to the entity’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 entity’s internal control.
An audit also includes evaluating the
appropriateness of accounting policies used and
the reasonableness of accounting estimates made
by the Board of Managers, as well as evaluating the
overall presentation of the consolidated financial
statements.
We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion, the consolidated financial
statements give a true and fair view of the
consolidated financial position of B&S Holding S.à
r.l. as of December 31, 2015, and of the
consolidated results of its operations for the year
then ended in accordance with the Generally
Accepted Accounting Standards in the Netherlands
relating to the preparation of the consolidated
financial statements.
Report on other legal and regulatory requirements
The management report, which is the
responsibility of the Board of Managers, is
consistent with the consolidated financial
statements.
For Deloitte Audit, Cabinet de révision agréé
Eddy Termaten, Réviseur d’entreprises agréé
Partner
March 15, 2016
REPORT OF THE REVISEUR D’ENTREPRISES AGREE
Financial Statements 2015
88 B&S Holding S.àr.l. Annual Report 2015 Financial Statements 2015
DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TA-BLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHO-WER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCE-RIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGE-TABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RA-ZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE
Financial Statements 2015 B&S Holding S.àr.l. Annual Report 2015 89
DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TA-BLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHO-WER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCE-RIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGE-TABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RA-ZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE
4COMPANY FINANCIAL STATEMENTS 2015
Company balance sheet 90
Company profit and loss account 92
Notes to the company balance sheet
and profit and loss account 93
Notes to the company
balance sheet items 95
Notes to the company profit and loss
account items 98
90 B&S Holding S.àr.l. Annual Report 2015 Financial Statements 2015
Assets(In thousands of euros, before appropriation of result)
Note 31/12/2015 31/12/2014
Fixed assets 1
Financial fixed assets 141,195 126,682
Total fixed assets 141,195 126,682
Current assets 2
Receivables 38,712 18,678
Cash and cash equivalents 308 659
Total current assets 39,020 19,337
Total assets 180,215 146,019
Company Financial Statements 2015COMPANY BALANCE SHEET
Financial Statements 2015 B&S Holding S.àr.l. Annual Report 2015 91
Equity and liabilities
Note 31/12/2015 31/12/2014
Shareholders’ equity 3
Issued share capital 5,238 5,238
Legal reserves 94,434 74,064
Other reserves 22,601 21,632
Result for the financial year 57,628 45,052
179,901 145,986
Short-term liabilities 4 314 33
Total equity and liabilities 180,215 146,019
92 B&S Holding S.àr.l. Annual Report 2015 Financial Statements 2015
(In thousands of euros)
Note 2015 2014
Turnover 1 29,975 18,455
Purchase value 65 4
Gross margin 29,910 18,451
Wages and salaries 2 70 74
Other operating expenses 3 2,865 2,399
Total operating expenses 2,935 2,473
Operating result 26,975 15,978
Financial income and expenses 931 586
Result of participations 29,815 28,488
Result for taxation 57,721 45,052
Taxation (93) -
Result of legal entity 57,628 45,052
Company Financial Statements 2015COMPANY PROFIT AND LOSS ACCOUNT
Financial Statements 2015 B&S Holding S.àr.l. Annual Report 2015 93
General
The financial statements are prepared in accordance with legal and regulatory requirements in
Luxembourg (Lux GAAP). In order to improve the financial information, the presentation of the Company’s
balance sheet and profit and loss account slightly deviates from previous years, which has no impact on
the true and fair view of the financial position of the Company.
The financial statements are prepared on the basis of the historical costs, unless stated otherwise. Assets
and liabilities are stated at nominal value.
Expenses and income are attributed to the year to which they relate. Profits are only recognised to the
extent to which they have been realized on the balance sheet date.
Liabilities and possible losses originating before the end of the financial year are taken into account if they
were known before the financial statements were prepared.
Principles of valuation of assets and liabilities
Receivables and short-term liabilities
The Company’s receivables and short-term liabilities are initially stated at fair value. Subsequent
measurements are at amortized costs less provision for impairment.
Short-term liabilities
Upon initial recognition, the loans and liabilities recorded are stated at fair value and then valued at
amortised cost.
Principles for the determination of the net result
Turnover
Turnover includes income from management services supplied to Group companies during the financial
year less V.A.T. and exchange rate differences attributable to the turnover.
Operating expenses
Operating expenses and contingent rentals are recognised as an expense in the period in which they are
occurred.
Foreign currencies
The financial statements of the Company are presented in the currency of the primary economic
environment in which the entity operates (its functional currency). For the purpose of the financial
statements, the results and financial positions are expressed in euro’s, which is the functional currency of
the Company and the presentation currency for the financial statements. In preparing the financial
statements, transactions in currencies other than the entity’s functional currency (foreign currencies) are
recorded at the rates of exchange prevailing at the dates of the transactions.
Company Financial Statements 2015NOTES TO THE COMPANY BALANCE SHEET AND PROFIT AND LOSS ACCOUNT
94 B&S Holding S.àr.l. Annual Report 2015 Financial Statements 2015
At each balance sheet date, monetary items denominated in foreign currencies are retranslated at the
rates prevailing at the balance sheet date. Non-monetary items carried at fair value that are denominated
in foreign currencies are retranslated at the rates prevailing at the date when the fair value was
determined. Non-monetary items that are measured in terms of historical cost in foreign currency are not
retranslated.
For the purpose of presenting financial statements, the assets and liabilities of the Company’s foreign
operations are expressed in euros using exchange rates prevailing at the balance sheet date.
Income and expense items are translated at the average exchange rates for the period, unless exchange
rates fluctuated significantly during that period, in which case the exchange rates at the dates of the
transactions are used.
Exchange differences arising, if any, are classified as equity and recognised in the Group’s foreign currency
translation reserve. Such exchange differences are recognised in profit or loss in the period in which the
foreign operation is disposed of.
Taxation on the result
Corporate income tax is calculated at the applicable rate on the result for the financial year, taking into
account permanent differences between profit calculated according to the financial statements and profit
calculated for taxation purposes, and with which deferred tax assets (if applicable) are only valued insofar
as their realisation is likely.
Principles of valuation of assets and liabilities
Financial fixed assets
Participation in Group companies and other participations are valued using the equity movement method
insofar as this value is not less than nil. The equity movement method is based on the net asset value,
which is determined on the basis of the accounting principles applied by the parent company.
With the incorporation of B&S Holding S.à r.l., the participating interest in B&S Investments B.V.,
the Netherlands has not been valued at acquisition costs per the date of December 13, 2007, but at
the amount corresponding to the proportion of net equity of B&S Investments B.V., the Netherlands
attributable to B&S Holding S.à r.l. as per article 58 of the law of 19 December 2002.
Principles for the determination of the result
Share in result of affiliated companies
Where significant influence is exercised over participations, the Group’s share in the participations’ results
is included in the profit and loss account.
This result is determined on the basis of the accounting principles applied by the Company.
Financial Statements 2015 B&S Holding S.àr.l. Annual Report 2015 95
1 Fixed assets
Financial fixed assets
31/12/2015 31/12/2014
Participation in Group companies 140,945 120,287
Other financial fixed assets 250 6,395
141,195 126,682
Participation in Group companies
As described in the accounting policies the participation in Group companies are accounted for on the
proportionate net equity base.
The movements can be summarised as follows:
2015 2014
Balance as at 1 January 120,287 115,595
Reserves transferred from Group companies (9,445) (24,083)
Acquisition of participations 103 32
Result for the financial year 29,815 28,488
Valuation of participations 186 256
Other changes (1) (1)
Balance as at 31 December 140,945 120,287
Other financial fixed assets
The movements can be summarised as follows:
2015 2014
Balance as at 1 January 8,470 -
New loans granted - 8,470
Repayments (8,220) -
250 8,470
Reclassification to ‘Current assets’ - (2,075)
Balance as at 31 December 250 6,395
In 2014, the Company granted a loan to a related party, with the following modalities:
31/12/2015
Loan amount 250
Interest rate 10
Repayments per year None
Securities None
Maturity 1 <> 5 years 250
Company Financial Statements 2015NOTES TO THE COMPANY BALANCE SHEET ITEMS
96 B&S Holding S.àr.l. Annual Report 2015 Financial Statements 2015
2 Current assets
Receivables
31/12/2015 31/12/2014
Trade debtors 3 -
Receivables from subsidiaries 27,164 4,792
Receivables from affiliated companies 250 5,927
Receivables from participants 10,743 -
Tax receivables 498 128
Other receivables and accrued income 54 7,831
38,712 18,678
The item ‘Receivables from affiliated companies’ comprise of receivable amounts with respect to services
for affiliated companies. The position is accepted by both the Company and the affiliated companies
based on a short-term basis.
None of the receivables are past due at the balance sheet date. No provisions for impairment have been
recorded.
3 Shareholders’ equity
The changes and specification in equity are given below per equity item.
Issued share capital
The Company’s corporate capital is fixed at € 5,237,875 divided into 209,515 shares, each in a registered
form with a par value of € 25, all subscribed and fully paid up. During both 2015 and 2014 no adjustments
were made.
Legal reserves
This concerns the legal reserve following the valuation at equity value of the subsidiaries of the Company
and the legal reserve of 10% of the outstanding share capital.
31/12/2015 31/12/2014
Legal reserve 10% share capital 524 524
Legal reserve subsidiaries 93,910 73,540
94,434 74,064
There are no movements in the ‘Legal reserve 10% share capital’ for both 2014 and 2015.
The movements in the ‘Legal reserve subsidiaries is as follows:
2015 2014
Balance as at 1 January 73,540 69,135
Transfer to Other reserves (9,445) (24,083)
Results financial year 29,815 28,488
Balance as at 31 December 93,910 73,540
Financial Statements 2015 B&S Holding S.àr.l. Annual Report 2015 97
Other reserves
2015 2014
Balance as at 1 January 21,632 14,382
Profit distribution prior financial year 15,237 4,501
Reserves transferred to parent company (23,500) (20,999)
Exchange rate translation adjustments (208) (335)
Transfer from Legal reserves 9,445 24,083
Other changes (5) -
Balance as at 31 December 22,601 21,632
4 Short-term liabilities
The ‘Short-term liabilities’ can be specified as follows:
31/12/2015 31/12/2014
Becoming due and payable < 1 year
Trade creditors - 6
Taxes and social security charges 1 1
Other liabilities and accrued expenses 313 26
314 33
Contingent assets and liabilities
Rental agreements
The Company makes use of an office in Larochette with a term of one year. The rental agreement, with
rental costs of € 12,000 per year. The rental agreement is renewed every year automatically with one year.
Guarantees
The Company issued a bank guarantee towards a foreign credit institution of € 50,000 and a guarantee
towards a credit insurance company of € 1,000,000.
98 B&S Holding S.àr.l. Annual Report 2015 Financial Statements 2015
1 Turnover
The net turnover in 2015 comprises of management services to Group companies for a total of
€ 30.0 million (2014: € 18.5 million).
2 Wages and salaries
In 2015, the Company employed one staff member (2014: 2).
3 Other operating expenses 2015 2014
Premises 15 16
Personnel related costs 148 237
Overhead expenses 2,173 1,922
Other operating expenses 529 224
2,865 2,399
The overhead expenses of fees charged by the shareholders.
Other notes
Remuneration of members of the Board of Directors and Supervisory Board
The remuneration of members of the Board of Directors and Supervisory Board charged to the Group
result amounted to:
2015 2014
Board of Managers 2,731 2,726
Supervisory Board 184 202
2,915 2,928
Larochette, G.D. Luxembourg, 15 March 2016
Board of Managers
G. van Laar, CFO
B.L.M. Schreuders
Lebaras Holding S.àr.l.
Represented by
J.B. Meulman, CEO
B.L.M. Schreuders
Andreas Capital Suxeskey S.A.
Represented by B.L.M. Schreuders
Company Financial Statements 2015NOTES TO THE COMPANY PROFIT AND LOSS ACCOUNT ITEMS
Supervisory Board
W.A. Blijdorp
P.N.S. Luttjehuizen
Financial Statements 2015 B&S Holding S.àr.l. Annual Report 2015 99
DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TA-BLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHO-WER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCE-RIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGE-TABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RA-ZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE
5OTHER INFORMATION
Profit appropriation according to the
Articles of Association 100
Proposed appropriation of the result
for 2015 100
Profit appropriation 2014 100
Report of the reviseur d’entreprises agree 101
100 B&S Holding S.àr.l. Annual Report 2015 Financial Statements 2015
Profit appropriation according to the Articles of Association
The Articles of Incorporation, as stipulated in
Articles 19 and 20, can be summarised as follows:
The Company may make distributions from the
distributable profit to the shareholders, only insofar
as its equity exceeds the capital increased by the
reserves that must be maintained by law.
Profit will be distributed after adoption of the
annual accounts evidencing that such distribution
is permitted.
When calculating the appropriation of the profit,
the shares held by the Company in its own capital
will not be counted, unless those shares are
encumbered with a pledge and the pledgee is
entitled to the profit.
A distribution can be made only by resolution of
the General Meeting.
The Company may make interim distributions only
if the requirements stated here have been met.
Proposed appropriation of the result for 2015
An amount of € 23,500,000 has been distributed
during the year as interim dividend and the
remaining amount of € 34,128,000 will be added
to the reserves. This proposed appropriation has
not been accounted for in the annual accounts.
The financial statements do not yet reflect this
proposal.
Profit appropriation 2014
The 2014 financial statements were approved
during the General Meeting on 18 February 2015.
The General Meeting approved the proposed profit
appropriation.
Other information
Financial Statements 2015 B&S Holding S.àr.l. Annual Report 2015 101
Report on the annual accounts
We have audited the accompanying annual
accounts of B&S Holding S.à r.1., which comprise
the balance sheet as at December 31, 2015 and the
profit and loss account for the year then ended,
and a summary of significant accounting policies
and other explanatory information.
Board of Managers responsibility for the annual
accounts
The Board of Managers is responsible for the
preparation and fair presentation of these annual
accounts in accordance with the Luxembourg
legal and regulatory requirements relating to the
preparation of the annual accounts, and for such
internal control as the Board of Managers
determines is necessary to enable the preparation
of annual accounts that are free from material
misstatement, whether due to fraud or error.
Responsibility of the réviseur d’entreprises agréé
Our responsibility is to express an opinion on these
annual accounts based on our audit.
We conducted our audit in accordance with
International Standards on Auditing as adopted for
Luxembourg by the Commission de Surveillance
du Secteur Financier. Those standards require that
we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance
whether the annual accounts are free from
material misstatement.
An audit involves performing procedures to obtain
audit evidence about the amounts and disclosures
in the annual accounts. The procedures selected
depend on the réviseur d’entreprises agréé ‘s
judgement, including the assessment of the risks
of material misstatement of the annual accounts,
whether due to fraud or error. In making those risk
assessments, the réviseur d’entreprises agréé
considers internal control relevant to the entity’s
preparation and fair presentation of the annual
accounts 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 entity’s internal control.
An audit also includes evaluating the
appropriateness of accounting policies used and
the reasonableness of accounting estimates made
by the Board of Managers, as well as evaluating the
overall presentation of the annual accounts.
We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion, the annual accounts give a true and
fair view of the financial position of B&S Holding
S.à r.l. as of December 31, 2015, and of the results
of its operations for the year then ended in
accordance with the Luxembourg legal and
regulatory requirements relating to the preparation
of the annual accounts.
Report on other legal and regulatory requirements
The management report, which is the
responsibility of the Board of Managers, is
consistent with the annual accounts.
For Deloitte Audit, Cabinet de révision agréé
Eddy Termaten, Réviseur d’entreprises agréé
Partner
March 15, 2016
Other informationREPORT OF THE REVISEUR D’ENTREPRISES AGREE
102 B&S Holding S.àr.l. Annual Report 2015 Financial Statements 2015
Financial Statements 2015 B&S Holding S.àr.l. Annual Report 2015 103
104 B&S Holding S.àr.l. Annual Report 2015 Financial Statements 2015
SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOITPHONE HAIR CARE HEALTH & BEAUTY GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIP-STICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TA-BLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES LIQUORS HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOI-LETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE ELECTRONICS FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VOD-KA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOI-LETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET FOOD & BEVERAGES SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET PERFUMES & COSMETICS SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR
SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOITPHONE HAIR CARE HEALTH & BEAUTY GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIP-STICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TA-BLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES LIQUORS HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOI-LETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE ELECTRONICS FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VOD-KA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOI-LETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET FOOD & BEVERAGES SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET PERFUMES & COSMETICS SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR
DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOI-LETTES WATER HAIR CARE HEALTH & BEAUTY GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES LIQUORS HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VOD-KA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE ELECTRONICS FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VOD-KA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RA-ZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET FOOD & BEVERAGES SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET PERFUMES & COSMETICS SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIESAnnual Report 2015
B&
S H
old
ing
S.à
r.l. An
nu
al R
ep
ort 2
015