Annual report - Alcopa

Annual report
2009
Alcadis Moteo EOL AlcopaimmO

A. Consolidated Financial Statements 3
1. Assets 3
2. Equity and Liabilities 4
3. Income Statement 5
4. Cash Flow Statement 6
5. Historical Data 2005 – 2009 7
6. Statement of Fixed Assets 8
B. Comments on the Consolidated Financial Statements 9
1. Formation Expenses and Intangible Assets 9
2. Consolidation differences 9
3. Tangible Assets 9
4. Financial Assets 10
5. Stocks and Contracts in Progress and Amounts Receivable within one Year 10
6. Net Working Capital 11
7. Investments and Cash at Bank and in Hand 12
8. Capital and Reserves 12
9. Minority Interests 12
10. Provisions and Deferred Taxes 13
11. Amounts Payable after one Year 13
12. Financial Debts 13
13. Trade Debts and Taxes, Remuneration and Social Security 14
14. Other Amounts Payable and Accrued Charges and Deferred Income 14
15. Operating Income 14
16. Operating Charges 15
17. Financial Income 16
18. Financial Charges 16
19. Extraordinary Income and Extraordinary Charges 17
20. Deferred Taxes and Income Taxes 17
21. Share of the Group in the Result 17
22. Cash Flow Statement : definitions 17
23. Cash Flow from Operating Activities 18
24. Cash Flow from Investment Activities 18
25. Cash Flow from Financing Activities 18
26. Change in Net Cash Flow 18
27. Consolidation Circle 18
table of content
C. Notes on the Consolidated Financial Statements 21
1. Summary of significant accounting policies 21
2. Changes in accounting policies 21
3. Exchange rates 21
4. Formation expenses 21
5. Intangible fixed assets 21
6. Consolidation differences 21
7. Tangible fixed assets 22
8. Investments in financial assets 22
9. Inventories 22
10. Receivables 23
11. Investments and deposits, cash and amounts payable 23
12. Capital and reserves 23
13. Minority interests 24
14. Receivables and payables expressed in foreign currency 24
D. Auditor’s Report on the Consolidated Finacial Statements 25
E. Financial Statements Parent Company 27
1. Assets 27
2. Equity and Liabilities 28
3. Income Statement 29
F. Comments on the Financial Statements of the Parent Company 30
1. Fixed assets 30
2. Current assets 30
3. Capital and reserves 30
4. Creditors 30
5. Income statement 30
G. Notes on the Financial Statements of the Parent Company 31

A. Consolidated Financial Statements
1. Assets
2. Equity and Liabilities
(in EUR 000) Comment Dec 2008 Dec 2009
(in EUR 000) Comment Dec 2008 Dec 2009
Fixed assets 174 513 167 017
I. Formation expenses 0 0
II. Intangible assets 1 8 984 9 111
III. Consolidation differences 2 26 954 24 470
IV. Tangible assets 3 133 476 127 155
A. Land and buildings 101 531 97 667
B. Plant, machinery and equipment 3 683 3 827
C. Furniture and vehicles 4 560 4 294
D. Leasing and other similar rights 11 695 10 552
E. Other tangible assets 11 837 10 624
F. Assets under construction and advance payments 170 190
V. Financial assets 4, 27 5 099 6 281
A. Enterprises included by the equity method 189 485
B. Other enterprises
1. Investments 1 880 3 265
2. Amounts receivable 3 029 2 531
Current assets 508 597 397 813
VI. Amounts receivable after one year 3 811 3 996
VII. Stocks and contracts in progress 5, 6 306 681 206 883
A. Stocks 306 681 206 883
B. Contracts in progress 0 0
VIII. Amounts receivable within one year 5, 6 140 808 96 545
A. Trade debtors 114 815 72 945
B. Other amounts receivable 25 993 23 600
IX. Investments 7 33 562 70 321
A. Own shares 0 3 461
B. Other investments and deposits 33 562 66 860
X. Cash at bank and in hand 7 17 905 13 498
XI. Deferred charges and accrued income 6 5 830 6 570
TOTAL ASSETS 683 110 564 830
Capital and reserves 8 286 314 285 532
I. Capital 22 000 22 000
II. Share premium account 0 0
III. Revaluation surpluses 1 1
IV. Reserves (incl. accumulated results) 229 232 226 563
V. Consolidation differences 35 856 35 856
VI. Translation differences - 826 1 068
VII. Investment grants 51 44
Minority interests 9 8 576 9 354
VIII. Minority interests 8 576 9 354
Provisions and deferred taxes 10 36 882 39 281
IX. A. Provisions 32 944 35 462
B. Deferred taxes 3 938 3 819
Creditors 351 338 230 663
X. Amounts payable after one year 11 22 248 29 627
XI. Amounts payable within one year 313 798 186 073
A. Current portion of amounts payable after one year 3 413 7 279
B. Financial debts 12
1. Credit institutions 87 402 16 250
2. Other loans 83 978 56 656
C. Trade debts 6, 13
1. Suppliers 104 744 75 007
D. Advances received on contracts in progress 6 587 666
E. Taxes, remuneration and social security 6, 13
1. Taxes 12 920 9 921
2. Remuneration and social security 9 914 10 212
F. Other amounts payable 6, 14 10 841 10 081
XII. Accrued charges and deferred income 6, 14 15 292 14 963
TOTAL LIABILITIES 683 110 564 830
CAPITAL AND RESERVES (in EUR 000)
2005
2006
246.668
255.024
2007
267.350
2008
2009
286.314
285.532
4 5

A. Consolidated Financial Statements
3. Income Statement
4. Cash Flow Statement
(in EUR 000) Comment Dec 2008 Dec 2009
I. Operating income 15 1 255 139 1 059 481
A. Turnover 1 199 694 1 010 692
B. Other operating income 55 445 48 789
II. Operating charges 16 1 214 955 1 042 401
A. Raw materials, consumables and goods for resale
1. Purchases 949 918 709 919
2. Increase (-), decrease (+) in stocks - 2 811 97 078
B. Services and other goods 143 963 123 448
C. Remuneration, social security and pensions 99 345 87 856
D. Depreciation and amounts written off of tangible
and intangible assets 13 983 13 315
E. Increase (decr.) on amounts written off stocks and trade rec. 4 452 - 35
F. Increase (decr.) on provisions for liabilities and charges 106 3 792
G. Other operating charges 3 577 4 116
I. Depreciation of consolidation differences 2 421 2 912
III. Operating profit 40 184 17 079
IV. Financial income 17 18 188 9 827
A. Income from financial fixed assets 102 286
B. Income from current assets 3 578 2 165
C. Other financial income 14 508 7 376
V. Financial charges 18 30 357 14 945
A. Interest and other debt charges 14 113 6 249
D. Other financial charges 16 243 8 696
VI. Profit on ordinary activities 28 016 11 962
VII.VIII. Extraordinary income / charges 19 - 1 787 - 1 045
IX. Profit for the year before taxation 26 229 10 916
X. Deferred taxes 20 - 3 426 175
A. Transfer from deferred taxes 3 897 675
B. Transfer to deferred taxes 471 850
XI. Income taxes 20 7 392 7 102
A. Income taxes 8 441 7 432
B. Adjustment from income taxes 1 049 330
XII. Profit for the year after taxation 22 263 3 639
XIII. Share in the result of the enterprises accounted for using the
equity method 37 149
XIV. Consolidated profit for the period 22 300 3 788
A. Share of minority interests in the result 1 649 971
B. Share of the group in the result 21 20 651 2 817
(in EUR 000) Comment Dec 2008 Dec 2009
22
OPERATING ACTIVITIES 23
Share of the group in the result 20.651 2.817
Share of minority interests in the result 1.649 971
Share in the result of the enterprises accounted for using
the equity method, net of dividends received - 37 - 149
Depreciation of tangible fixed assets 12.728 12.071
Depreciation of formation expenses, intangible fixed assets
and consolidation differences 3.676 4.199
Increase (decrease) on amounts written off stocks and trade receivables 4.452 - 35
Amortisation of investment grants -3 - 7
Write-downs (write-backs) on financial fixed assets 0 0
Increase (decrease) on provisions for liabilities and charges 4.100 2.519
Increase (decrease) in deferred taxes - 1.928 - 120
(Gain) loss on disposal of fixed assets - 3.532 - 6.164
Cash flow 41.757 16.102
(Increase) decrease in net working capital requirements for operations - 7.129 114.458
Impact of changes in scope of consolidation and translation adjustments
on working capital requirements and on net cash and equivalents - 471 - 2.656
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 34.157 127.904
INVESTMENT ACTIVITIES 24
Acquisitions of formation expenses and intangible fixed assets - 719 - 1.823
Acquisition of tangible fixed assets - 26.216 - 23.691
Acquisition of subsidiaries (including consolidation differences) - 26.240 - 1.928
New loans extended 0 0
Sale of tangible fixed assets 23.319 24.071
Sale of intangible fixed assets 143
Sale of financial assets and investments 597 464
Change in consolidated fixed assets circle - 10.675 370
Impact of translation differences on fixed assets - 72
NET CASH PROVIDED BY (USED IN) INVESTMENT ACTIVITIES - 39.934 - 2.465
FINANCING ACTIVITIES 25
Capital increase 0 0
Investment grants 21 0
Net change in loans - 49.576 - 87.413
Dividends paid by the parent company to its shareholders - 6.312 - 5.481
Dividends paid by subsidiaries to the minority shareholders - 168 - 192
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES - 56.036 - 93.086
TOTAL NET CASH 26 - 61.813 32.351
Cash and equivalents at the beginning of the year 113.281 51.468
Cash and equivalents at the end of the year 51.468 83.819
INCREASE (DECREASE) IN NET CASH AND EQUIVALENTS - 61.813 32.351
6 7

A. Consolidated Financial Statements
5. Historical Data 2005 – 2009
(in EUR 000) 2005 2006 2007 2008 2009
Fixed assets 167 575 148 610 144 010 174 513 167 017
Formation expenses 102 39 0 0 0
Intangible assets 8 960 8 595 8 231 8 984 9 111
Consolidation differences 4 022 3 144 2 857 26 954 24 470
Tangible assets 143 543 132 952 128 037 133 476 127 155
Financial assets 10 948 3 880 4 885 5 099 6 281
Current assets 540 426 543 704 583 512 508 597 397 813
Amounts receivable after one year 471 221 1 534 3 811 3 996
Stocks and contracts in progress 303 136 295 087 311 026 306 681 206 883
Amounts receivable within one year 176 506 148 418 146 438 140 808 96 545
Investments 26 552 30 529 33 731 33 562 70 321
Cash at bank and in hand 23 560 61 474 79 550 17 905 13 498
Deferred charges and accrued income 10 201 7 975 11 234 5 829 6 570
TOTAL ASSETS 708 001 692 314 727 522 683 110 564 830
Capital and reserves 246 668 255 024 267 350 286 314 285 532
Capital 22 000 22 000 22 000 22 000 22 000
Share premium account 0 0 0 0 0
Revaluation surpluses 1 1 1 1 1
Reserves (incl. accumulated results) 187 045 200 367 214 891 229 232 226 563
Consolidation differences 37 479 35 856 35 856 35 856 35 856
Translation differences 106 - 3 235 -5 431 - 826 1 068
Investment grants 37 34 32 51 44
Minority interests 3 372 4 678 6 044 8 576 9 354
Provisions and deferred taxes 40 821 38 458 34 710 36 882 39 281
Creditors 417 140 394 154 419 418 351 338 230 663
Amounts payable after one year 24 154 21 164 19 366 22 248 29 627
Amounts payable within one year 371 309 356 805 383 444 313 798 186 073
Accrued charges and deferred income 21 676 16 185 16 608 15 292 14 963
TOTAL LIABILITIES 708 001 692 314 727 522 683 110 564 830
Operating income 1 185 889 1 286 860 1 291 317 1 255 139 1 059 481
Turnover 1 150 977 1 254 977 1 252 136 1 199 694 1 010 692
Other operating income 34 912 31 883 39 181 55 445 48 789
Operating charges 1 159 504 1 247 814 1 247 235 1 214 955 1 042 401
Cost of sales 912 252 1 006 083 1 013 560 947 107 806 997
Other operating charges 247 252 241 731 233 675 267 848 235 404
Operating profit 26 385 39 046 44 082 40 184 17 079
Financial income 17 686 15 029 21 246 18 188 9 827
Financial charges 24 758 25 128 31 116 30 357 14 945
Profit on ordinary activities 19 313 28 947 34 212 28 016 11 962
Extraordinary income / charges 23 031 3 581 179 - 1 787 - 1 045
Profit for the year before taxation 42 344 32 528 34 391 26 229 10 916
Income taxes and deferred taxes 11 934 11 772 12 165 3 966 7 277
Profit for the year after taxation 30 410 20 756 22 226 22 263 3 639
Share in the result of the enterprises
accounted for using the equity method - 96 - 1 701 - 47 37 149
Consolidated profit for the period 30 314 19 055 22 179 22 300 3 788
Share of minority interests in the result 651 844 1 309 1 649 971
Share of the group in the result 29 663 18 211 20 870 20 651 2 817
8 9

A. Consolidated Financial Statements
B. Comments on the Consolidated Financial
Statements
6. Statement of Fixed Assets
STATEMENT OF FORMATION EXPENSES AND INTANGIBLE FIXED ASSETS (in EUR 000)
Formation Research and Concessions, Goodwill Total
expenses development patents, licenses
a) Acquisition cost
At the end of previous year 488 2 777 8 018 9 152 20 435
Movements during the year:
Modifications consolidation circle 0
Additions 455 1 203 165 1 823
Disposals - 302 - 87 - 561 - 950
Transfers to other headings 170 100 270
Miscellaneous movements - 9 - 685 - 694
Foreign exchange differences 0
At the end of the financial year 186 3 145 8 821 8 732 20 884
b) Amounts written off
At the end of previous year 488 1 609 6 669 2 687 11 454
Movements during the year:
Modifications consolidation circle 0
Additions 591 534 162 1 287
Disposals - 302 - 50 - 455 - 807
Transfers to other headings 30 30
Miscellaneous movements - 9 - 183 - 192
Foreign exchange differences 2 2
At the end of the financial year 186 2 150 6 739 2 698 11 774
c) Net book value 31 December 2009 0 995 2 082 6 034 9 111
STATEMENT OF TANGIBLE FIXED ASSETS (in EUR 000)
Land and Plant, machinery Furniture and Other Total
buildings and equipment vehicles Tangibles
a) Acquisition cost / revaluation surpluses
At the end of previous year 163 841 17 207 19 861 32 786 233 695
Movements during the year:
Modifications consolidation circle - 905 - 171 - 45 - 1 121
Additions 9 221 2 048 2 730 9 692 23 691
Disposals - 11 989 - 2 790 - 1 699 - 8 823 - 25 301
Transfers to other headings - 481 272 - 212 151 -270
Miscellaneous movements - 458 - 485 - 488 - 1 431
Foreign exchange differences - 70 9 47 167 153
At the end of the financial year 159 159 16 575 20 197 33 485 229 416
b) Amounts written off
At the end of previous year 62 310 13 524 15 301 9 084 100 219
Movements during the year:
Modifications consolidation circle - 588 - 120 - 43 - 751
Additions 5 978 1 090 1 823 3 180 12 071
Disposals - 5 224 - 2 219 - 996 - 1 489 - 9 928
Transfers to other headings - 567 160 - 159 536 - 30
Miscellaneous movements - 299 303 - 51 648 601
Foreign exchange differences - 118 10 28 159 79
At the end of the financial year 61 492 12 748 15 903 12 118 102 261
c) Net book value 31 December 2009 97 667 3 827 4 294 21 367 127 155
In order to perform an in-depth analysis of the financial
statements of Alcopa Group the following
major changes in the consolidation perimeter have
to be taken into consideration:
• A 51 % stake in the affiliate BuroMarket was sold
and as a result the entity is consolidated by using
the equity method as from 1 January 2009 instead
of fully consolidated.
• Deconsolidation of the dormant entity Dynamic
Motors Antwerpen.
1. Formation Expenses and Intangible
Assets
Costs of research and development, concessions,
patents, licenses and goodwill are aggregated under
the heading of intangible assets. The amortizations
of the year, combined with investments (mainly in
new information technology both internally developed
and purchased from third parties), resulted in
an increase of € 126 K.
2. Consolidation differences
Consolidation differences (in € 000)
New positive consolidation differences 428
Amortisation booked for the year - 2.912
Net decrease of - 2.484
Other new consolidation differences are related to
adjustments and restatements on the goodwill of European
Office Log and Hergon Mechelen that both
took place in 2008.
3. Tangible Assets
The Real Estate in Carouge Switzerland and Gennevilliers
France was sold during the year, resulting
in a decrease of Land and Buildings with € 5,224 K.
The group further invested in the Alcovil project
(€ 4,328 K) in Vilvoorde Belgium and the head
office in Kontich (€ 2,200 K).
The remaining difference can be explained by
smaller refurbishments to existing buildings and
depreciations.
Both for the heading Plant, Machinery and Equipment
and Furniture and Vehicles the investments are
mainly replacements of existing assets.
Leasing and other similar rights primarily represent
the lease contract made up by Abelim with Dexia
Lease regarding the building of GDB International
at Strépy for an amount of € 15 million. The amount
is depreciated over a period of 15 years resulting in
a book value of € 10,058 K.
The assets presented under the heading Other
Tangible Assets mainly consist of the fleet of cars
for rental to customers. Considering the relatively
short lifecycle of these assets, both the net investments
(purchases 2009: € 9,692 K / disposals 2009:
€ 7,334 K) and depreciations are considerable.
4. Financial Assets
The increase in financial assets totalling € 1.182 K
reflects the following elements:
• Changes in investments
included by the equity method:
• Changes in non-consolidated
participating interests:
• Changes in amounts
receivable:
€ 296 K
€ 1.384 K
€ - 498 K
The change in investments accounted for under the
equity method primarily stems from BuroMarket
that changed from a fully consolidated entity to an
investment accounted for under the equity method
after a decrease in ownership from 96,6 % to
47,3 %.
Motana UK, which was accounted for under the
equity method in 2008, was liquidated in September
2009.
The other entities under the equity method are MT-
Lift, Favor Finance and Motana Deutschland.
The increase of non-consolidated participating interests
is mainly related to the acquisition of Ford
retail outlets at the end of 2009.
10 11

B. Comments on the Consolidated Financial
Statements
Trade Debtors (in EUR000) Stock (in EUR000)
330.000
300.000
270.000
240.000
210.000
180.000
150.000
140.000
120.000
100.000
80.0 00
60.0 00
40.0 00
20.0 00
The major part of the decrease in amounts receivable
consisted of the refund of the guarantees by the
VAT authorities of the deferred tax payments related
to import in Belgium. This decrease is in line
with the decreased import of cars.
5. Stocks and Contracts in Progress and
Amounts Receivable within one Year
Total stocks decreased significantly from
€ 306,681K in 2008 to € 206,883 K in 2009.
The stock level reductions at the 4 wheels activities
due to a more efficient stock management and
the further roll-out of a floorplan for the Belgian
wholesale activities explain the major part of this
decrease (€ - 86.463K).
The decreased stock levels for the 2-wheels and
office furniture activities are mainly caused by
the decreased activities as a result of the changed
economic climate.
The reduced stock – despite lower sales – resulted
in an increase of stock rotation to 3.9 in 2009 from
3.1 in 2008.
2005 2006 2007 2008 2009
The trade debtors showed a similar trend as the stock evolution. On top
of the trade debtor reduction due to the reduced sales, the 4 wheels-activities
benefited from the introduction of a new floorplan in Switzerland.
0
STOCK AND STOCK ROTATION
Stock
Stock rotation
TRADE DEBTORS AND DAYS SALES OUTSTANDING
6,0
5,0
4,0
3,0
2,0
1,0
0,0
40,0
35,0
30,0
25,0
20,0
15,0
10,0
5,0
0,0
Stock rotation
DSO
6. Net Working Capital
(in € ‘000) Dec 2008 Dec 2009 Variation
Stocks and contracts in progress 306 681 206 883 - 99 798
Amounts receivable within one year 140 808 96 545 - 44 263
Deferred charges and accrued income 5 830 6 570 740
Trade debts - 104 744 - 75 007 29 737
Advances received on contracts in progress - 587 -666 - 79
Taxes, remuneration and social security - 22 834 - 20 133 2 701
Other amounts payable - 10 841 - 10 081 760
Accrued charges and deferred income - 15 292 - 14 963 329
Net Working Capital 299 021 189 148 - 109 873
7. Investments and Cash at Bank
and in Hand
The strong reduction in Net Working Capital allowed
the group to improve its cash position, and as a
consequence the investments rose with € 33.298 K.
This includes the investment portfolio held by
Cedimar which increased with € 4,363 K.
In 2009 the Alcopa Group acquired 8,658 own shares
for a total amount of € 3,461K. It is the group’s
intention to resell these shares to other existing
shareholders in the near future.
8. Capital and Reserves
The equity stabilized over the last year.
Statement of reserves
(in € ‘000) Reserves Consolidation Translation Total
differences differences
At the end of previous year 229 232 35 856 - 826 264 262
Movements of the year:
- Share of the group in the result 2 817 2 817
- Dividend - 5 481 - 5 481
- Changes in consolidation circle 0
- Translation differences - 5 0 1 894 1 889
- Others 0
Total reserves at the end of the year 226 563 35 856 1 068 263 486
The share premium account and revaluation
surpluses did not change in 2009.
In difficult market conditions, the share of the group
in the result was € 2,817 K.
Considering the strong cash position of the group
and the fact that the result was impacted by additions
to the technical reserves of Cedimar for an
amount of € 2.627 K, the total dividend appropriated
to the shareholders is € 5,481 K.
Consequently, this dividend of € 6.2 per share
resulted in a payout ratio of 195 %.
The increase in translation differences as a result
of consolidating foreign companies was mainly
due to the strengthening of the South African rand
(€ 1,813 K).
9. Minority Interests
The total increase in minority interests amounting
up to € 778 K consists of:
• Share of minority interests
in the consolidated result: € 971
• Dividends paid to minority
shareholders: € - 193
10. Provisions and Deferred Taxes
Total provisions amounted to € 35,462 K and
consisted mainly of:
• Provisions for extended warranties
and buy backs:
€ 7,166 K
• Technical reserves Cedimar: € 16,977 K
• Provision for claims
against the group:
2008 2009 Variation
GMAN 1 711 2 051 340
Fidenco 4 197 4 845 647
Isuzu 690 872 182
EOL 718 402 - 316
Koch 125 136 11
Suzuki SA 1 134 1 048 - 86
Total Minorities 8 576 9 354 778
€ 2,100 K
On the one hand the group took the necessary actions
to reduce the number of outstanding buy back
obligations. On the other end, both Suzuki Belgium
and Hyundai Belgium granted extended warranty to
customers, leading to an increase of the provisions
for warranties.
The increase of the Technical Reserves of Cedimar
which was recognized in the income statement for a
total amount of € 2,627 K and was partly compensated
by the consolidated translation difference at
year-end for an amount of € 446 K.
11. Amounts Payable after one Year
Next to the lease contract made up between Abelim
and Dexia Lease for the building of GDB International
at Strépy and a loan for the financing of the
building at Moorkens Luxembourg (Autopolis) at
Bertrange, the amounts payable after one year include
the out standing balance (€ 10,000 K) on a
new long term credit facility on group level.
This new long term facility is part of the group’s
financial strategy to mitigate the credit risk.
12. Financial Debts
In 2009 the total short term financial debts decreased
to € 72,906 K compared to € 171,380 K
in 2008.
• The financial debts at credit institutions
(€ 16,250 K) consisted only for € 2,396 K (compared
to € 68,055 K in 2008) of straight loans in
Swiss francs and in euros at the Belgian coordination
center (ACC NV) and the Swiss holding company
Alparfin. The financing of the group is spread over
several banks. Other external financing was taken
up by the Fidenco group for € 6,818 K whereas the
EOL group used local credit lines up to € 4,957 K.
The remaining part comprised current account
positions and minor debts at several subsidiaries.
• The other loans mainly represent the commercial
paper issued by Alcopa Coordination Center
amounting to € 56,656 K and for which back-up facilities
exist. Alcopa guaranteed both programmes.
2005 2006 2007 2008 2009
Trade Debtors
DSO
12 13

B. Comments on the Consolidated Financial
Statements
13. Trade Debts and Taxes,
Remuneration and Social Security
As a consequence of a prudent purchase approach
in view of a tight stock management, the lower year
end purchase of goods together with the reduced
volumes, resulted in a decrease of Trade Payables
with € 29,737 K.
The taxes, remuneration and social security debts
amount to € 20,133 K compared to € 22,834 K in
2008.
14. Other Amounts Payable and Accrued
Charges and Deferred Income
Next to the dividend payable to the shareholders of
€ 5,481 K, the other amounts payable of € 10,081 K
consist of bonuses to the dealers and amounts payable
to enterprises included by the equity method.
The Deferred Income and Accrued Charges mainly
consists of the deferred realized gain on a sale
and lease back operation of the group’s building in
Strépy – Belgium. In accordance with the Belgian
Accounting Principles the realized gain is spread
over the remaining lifetime of the leased assets. As
per 31 December 2009 the balance of the deferred
realized gain is € 6,187 K.
15. Operating Income
The economic climate obviously had a strong impact
on the evolution of the group turnover, that
decreased with 15.8 %.
Despite this economic climate and the changed
market conditions in the automotive sector – where
the sale of large vehicles was replaced by smaller
units in view of the environmental concerns of the
customers – the 4-wheels activities of the group
could limit the decrease in sales to 11,4 %.
Also the 2-wheels activities faced a change in customer
behavior, with a shift from motorcycles to mopeds,
resulting in a decrease in turnover of 18 %.
The Office Furniture branch was most fiercely hit
by the economic crisis and saw its turnover decline
with more than 37 %.
The segment footprint of the group changed as follows:
Turnover by LOB 2008 Turnover by LOB 2009
1 % Alcopalmmo, 11 % EOL, 19 % Moteo,
69 % Alcopa Car Distribution
1 % Alcopalmmo, 8 % EOL, 19 % Moteo,
72 % Alcopa Car Distribution
The trend in turnover can be found in almost all the regions
where the group is operational, and as such the geographical
spread of the turnover did not significantly alter.
Turnover by country 2008 Turnover by country 2009
50 % Belgium, 4 % Netherlands, 12 % Luxemburg,
11 % France, 2 % Portugal, 15 % Switzerland,
4 % others (Europe), 2 % others
52 % Belgium, 3 % Netherlands, 13 % Luxemburg,
10 % France, 2 % Portugal, 15 % Switzerland,
4 % others (Europe), 1 % others
Other operating income mainly includes recovery of
guarantees, marketing and transport costs. The realized
gain on sale of real estate accounts for € 5,741 K.
16. Operating Charges
The gross margin (Turnover less Cost of Sales on
Turnover) can be summarized as follows:
2008 2009
Alcadis (4-wheels) 16,87 % 16,32 %
Moteo (2-wheels) 23,27 % 23,94 %
EOL (Office Furniture) 40,81 % 41,72 %
At Alcadis, the decrease in margin on cars was under
pressure, but this was partly compensated by a
stable margin on parts and accessories.
Despite the change in product mix from motorcycles
to mopeds and scooters, Moteo could improve the
gross margin. This was partly a result of the favorable
exchange rates of the JPY and USD.
The overall climate of the office furniture market
and the actions of the main competitors forced EOL
to consider price reductions. However, in order to
safeguard the gross margin, the management of
EOL decided to maintain the pricing policy. Furthermore
an increased in-house production of finished
goods resulted in an overall improvement of
the gross margin.
Taking into consideration the changes in segment
footprint the shift from business with high margins
(EOL) to the 4-wheels activities, the total gross margin
of the group decreased from 21,05 % in 2008 to
20,15 % in 2009.
The decreased activities, combined with savings in
marketing expenses allowed for changes in services
and other goods from € 143,963 K in 2008 to
€ 123,448 K.
The marketing expenses account for a large portion
(€ 30,723 K) of the services.
The reduction in headcount are reflected in the decreased
payroll expenses. The major headcount
reductions are situated at the Swiss retail activities
and at EOL.
Employees 2008 2009
Number of employees (average) 1,861 1,662
Remuneration,
social security and pensions 99,345 87,856
The depreciation of the consolidation differences
(other than attributed to assets) amounting to
€ 2,912 K consisted of:
• EOL
• Ré’Action
• Koch
• Garage De Kort
• Etn. Gonthier
• Hergon
€ 1,226 K
€ 897 K
€ 596 K
€ 137 K
€ 5 K
€ 51 K
As a result total operating profit amounted to
€ 17,079 K compared to € 40,184 K in 2007. The
operational profit margin in 2009 decreased to
1.7 % of turnover versus 3,3 % in 2008.
17. Financial Income
Lower short term interest rates and an intensified
cash management to allow a reduction in outstanding
debts, resulted in a decrease of income from
current assets.
The income related to the investment portfolio of
Cedimar account for the biggest part of the Other
Financial Income.
18. Financial Charges
The interest charges decreased by more than 55 %
as a result of the strong reduction in outstanding
financial debt and the low interest rates on the
financial markets.
These low interest charges lead to an improvement
of the group’s interest coverage ratio (Operating
Result on Net Interest Result) from 3,82 in 2008 to
4,18 in 2009. EURIBOR 1 MONTH
5,5
5,0
4,5
4,0
3,5
3,0
2,5
2,0
1,5
1,0
0,5
0,0
03/98
12/9809/9906/00
03/01
12/0109/0206/0303/0412/0409/0506/0603/0712/0709/0806/09
19. Extraordinary Income
and Extraordinary Charges
The most important extraordinary results for the
year 2009 are:
• Realized gain
on disposal of fixed assets: € 529 K
• Restructuring charges EOL: € - 620 K
• Restructuring charges Moteo: € - 621 K
• Other: € - 333 K
14 15

B. Comments on the Consolidated Financial
Statements
20. Deferred Taxes and Income Taxes
Since it is the group’s policy not to recognize any
deferred tax asset related to fiscal losses carried
forward and carry backs are only applicable to a
limited number of countries in which the group operates,
the 2009 income taxes (including changes
in deferred taxes) amounted to € 7,277 K.
21. Share of the Group in the Result
The minority interests have a share of 25,6 %
(€ 971 K) in the consolidated result of € 3,788 K,
leaving a share of the group in the result of € 2,817 K.
22. Cash Flow Statement: definitions
The consolidated cash flow statement shows the
difference between actual amounts received and
amounts disbursed in the course of the financial
year, and provides a breakdown of these amounts
on the basis of operating, investment and financing
activities.
The cash flow from operating activities is calculated
on the basis of the consolidated profit for the
period (indirect method):
• by eliminating from this profit the charges and
income which do not have an impact on cash
flows, such as depreciations, provisions, writedowns,
etc. and which are linked to investment
transactions (such as the proceeds from the sale
of fixed assets);
• by taking into account the difference in operational
working capital requirements.
The difference in operational working capital requirements
represents the difference between current
assets and current liabilities, excluding investments,
cash at bank and in hand and financing,
where necessary restated to allow for the impact
of changes in the scope of consolidation and in exchange
rates.
Financing activities comprise the various changes
in loans and debts and other cash movements
pertaining to permanent funds, such as capital
increases or decreases and dividends paid either
to minority shareholders by fully consolidated
subsidiaries, or to the company’s shareholders.
23. Cash Flow from Operating Activities
The cash flow from operating activities equalled
€ 16,102 K for the group, compared to € 41,757 K
in 2008.
The strong decrease in stock together with the other
changes in working capital, provided a total cash
inflow from operating activities of € 127,904 K in
2009, compared to € 34,157 K in 2008.
24. Cash Flow from Investment Activities
The cash flow from the sale of real estate and other
assets, compensates the major part of the investments.
As a result, the investment activities led to a cash
outflow of only € 2,465 K.
25. Cash Flow from Financing Activities
The cash flow from operating activities allowed the
group to substantially reduce its outstanding interest-bearing
debt towards credit institutions.
26. Change in Net Cash
The total cash movements during the year 2009 can
be summarised as follows:
• Cash flow
provided by operating activities
• Cash flow
used in investments activities
• Cash flow
used in financing activities
Net positive cash flow
€ 127,903 K
€ - 2,466 K
€ - 93,086 K
€ 32,351 K
27. Consolidation Circle
Statement on the consolidation principles
The consolidated annual accounts are made in accordance with the Belgian statutory regulations regarding
the consolidated annual accounts (Royal Decree of January 30, 2001).
Statement on the consolidation circle: fully consolidated affiliates
The Alcopa Group consolidation circle comprises the financial statements of the following companies:
AB Design SA Genlis France 96.64
Abelim NV Kontich Belgium 100.00
Alcadis AG Dietlikon Switzerland 100.00
Alcadis Logistics & Services AG Dietlikon Switzerland 100.00
Alcadis NV Kontich Belgium 100.00
Alcopa Coordination Center NV Kontich Belgium 100.00
Alcopa Finance BV Veenendaal The Netherlands 100.00
Alparfin AG Dietlikon Switzerland 100.00
Amec NV Antwerpen Belgium 60.79
Antwerp Car Handling NV Kontich Belgium 60.00
Autopolis SA Bertrange Luxemburg 100.00
Asia Auto Import SA Kontich Belgium 100.00
Brevidex SA Rosny sous Bois France 96.64
Carrosserie Hendrickx BVBA Brecht Belgium 60.00
Cedimar AG Zurich Switzerland 99.99
Definco NV Antwerpen Belgium 30.40
Denayer NV Antwerpen Belgium 60.79
Disalco Motors France SAS St-Quentin en Yvel. France 100.00
Dynamic Motors Brussels NV St.-Pieters-Woluwe Belgium 100.00
Dynamic Motors Luxembourg SA Bertrange Luxemburg 100.00
Etablissementen Gonthier NV Kontich Belgium 60.79
Etablissementen Jef Hendrickx NV Brasschaat Belgium 60.00
ET Plus GmbH Windeck Germany 90.00
European Office Log SAS Rosny sous Bois France 96.64
Euroquad Company NV Kontich Belgium 100.00
Favor Lease NV Kontich Belgium 100.00
Fidenco NV Antwerpen Belgium 60.79
Frankonia AG Zurich Switzerland 100.00
Fraparfin SAS St-Quentin en Yvel. France 100.00
16 17

B. Comments on the Consolidated Financial
Statements
Garage De Kort NV Brasschaat Belgium 60.79
Garage Ed. Roofthooft NV Willebroek Belgium 60.79
Gaspar Motors Antwerpen NV Kontich Belgium 60.00
GDB Central Europe SA Strépy Belgium 49.29
GDB International SA Strépy Belgium 96.64
GDB Nederland BV Veenendaal The Netherlands 96.64
GDB SAS Gennevilliers France 96.64
GDB UK LTD London United Kingdom 96.64
Grandjean Diffusion SA Colombier Switzerland 100.00
Groupe Tertia Service SA Rosny sous Bois France 96.64
Halle Motors NV Halle Belgium 100.00
Henvas NV Brasschaat Belgium 60.00
Hergon Mechelen NV Mechelen Belgium 60.79
Hyundai Suisse AG Dietlikon Switzerland 100.00
Immo Ares AG Dietlikon Switzerland 100.00
Immobiliën Moorkens NV Kontich Belgium 100.00
Isuzu Benelux NV Kontich Belgium 80.00
Koch Zweirad Vertrieb GmbH Windeck Germany 90.00
Korean Motor Company NV Kontich Belgium 100.00
Libramont Motors SA Kontich Belgium 100.00
Lorimob SA Stiring Wendel France 96.64
Marlot SA Genlis France 96.64
Moorkens Brussels Car Distr. NV Groot-Bijgaarden Belgium 100.00
Moorkens Car Distr. North NV Kontich Belgium 100.00
Moorkens Car Distr. South NV Kontich Belgium 100.00
Moorkens Car Division NV Kontich Belgium 100.00
Moorkens Diffusion NV Vilvoorde Belgium 100.00
Moorkens Gent NV Kontich Belgium 100.00
Moorkens Handling NV Kontich Belgium 100.00
Moorkens Luxembourg SA Bertrange Luxemburg 100.00
Moorkens Proj. Pologne Sp. z o.o. Warszawa Poland 100.00
Moorkens Truck Division NV Kontich Belgium 100.00
Motana (Suisse) SA Colombier Switzerland 100.00
Motana Belgium NV Kontich Belgium 100.00
Motana France SAS St-Quentin en Yvel. France 100.00
Motana Nederland BV Veenendaal The Netherlands 100.00
Motana South Africa LTD Potchefstroom South Africa 100.00
Moteo NV Kontich Belgium 100.00
Motocisa SA Aveiro Portugal 100.00
Office Log SA Rosny sous Bois France 96.64
Permeke Motors NV Antwerpen Belgium 60.79
Ré’Action SAS Lompret France 100.00
Red Moto SA Aveiro Portugal 100.00
Scancar NV Antwerpen Belgium 60.79
Sedia France SA Rosny sous Bois France 96.64
SsangYong Schweiz AG Dietlikon Switzerland 100.00
Suzuki Belgium NV Kontich Belgium 100.00
Suzuki South Africa LTD Potchefstroom South Africa 87.17
Swiss Car Finance AG Dietlikon Switzerland 100.00
Vanderhulst Belgium NV Kontich Belgium 100.00
Vanderhulst Nederland BV Veenendaal The Netherlands 100.00
Veículos Casal SA Aveiro Portugal 100.00
Statement on the consolidation circle: affiliates on which the equity method is used
Name Registered office Country %Participation
Buro Market NV antwerpen Belgium 47.35
Favor Finance NV turnhout Belgium 49.00
Motana Deutschland Gmbh frechen Germany 100.00
MT-Lift NV Kontich Belgium 60.00
Application of articles 108 §2, 110 and 134 of the Royal Decree of 30/01/01 on consolidated financial statements.
Statement on the consolidation circle: not consolidated affiliates
Name Registered office Country %Participation
Hergon Leuven NV leuven Belgium 15.81
Moorkens Antwerpen NV antwerpen Belgium 51.00
Oka sa charleroi Belgium 25.00
RV Motors sa nivelles Belgium 51.00
Sud Motors NV champion Belgium 25.01
Suzuki South Africa Auto LTD Potchefstroom South Africa 15.09
Van de Ven NV Kappelen Belgium 60.79
These companies are not consolidated based on article 107 of the Royal Decree of 30/01/01 on consolidated financial statements.
18 19

C. Notes on the Consolidated Financial
Statements
1. Summary of significant
accounting policies
The consolidated financial statements have been
prepared in accordance with Belgian generally
accepted accounting principles. Acquisitions are
accounted for using the book value method by netting
the acquisition cost and the pro-rata share of
stockholders’ equity of the subsidiary at the time
of its acquisition or when it is first included in the
consolidation.
2. Changes in accounting policies
Compared to last year, there were no changes in
accounting policies.
3. Exchange rates
Assets and liabilities are translated into euros at
the closing rate on the balance sheet date. The income
statement is translated using average annual
rates. Foreign exchange rate differences resulting
from the translation of net assets at exchange rates
differing from those applicable at the end of the
preceding year are recorded as a separate component
of stockholders’ equity.
Currency Closing rate Average rate
31/12/2009 2009
(1 € =) (1 € =)
6. Consolidation differences
When a company is consolidated for the first time,
a difference arises between the cost of the shares
acquired and the related share in the company’s
equity. This difference is usually attributable to unrealised
gains or losses on the assets and liabilities
of the acquired company, or to the expected future
profitability of the investment. The differences attributable
to assets and liabilities are imputed to the
relevant items of the balance sheet, and amortised,
written down or written back in the income statement
according to the rules applying to these items.
Any residual intangible difference is recorded on
the consolidated balance sheet as “Consolidation
Differences” and is amortised over a period, which
is defined by the Board of Directors to be in accordance
with the useful or legal life, which can range
from 5 to 20 years.
7. Tangible fixed assets
are capitalised at cost and depreciated over their expected useful life, according to the following
schedule.
Land
Regime Min. Max.
none
Buildings linear 2.5 % 10 %
Furniture and office equipment Linear 10 % 50 %
Installations, machinery linear 10 % 25 %
Rebuilding linear 10 % 20 %
Vehicles linear 20 % 33.33 %
Other tangible fixed assets Linear 33.33 % 100 %
Parking lot linear 20 %
Rented assets linear as of the initial renting month 20 % 33.33 %
Rented cars
linear over the contract term,
less the estimated residual value 20 % 33.33 %
Computer software linear 33.33 % 50 %
Fixed assets under construction
and advance payments linear 0 % 5 %
Leasing and other similar rights Linear over the contract term
The tangible fixed assets are subject to some complementary or extraordinary depreciation when, for
reasons of change or modification in the economical or technological circumstances, their book value
surpasses the company’s useful value.
CHF 1.483600 1.507633
GBP 0.888100 0.889979
PLN 4.104500 4.346925
ZAR 10.666000 11.520642
4. Formation expenses
are capitalised at their acquisition cost and
are amortised on a straight-line basis over 1 to
5 years.
5. Intangible fixed assets
are valued at their acquisition cost and are
amortised.
20 21

C. Notes on the Consolidated Financial
Statements
8. Investments in financial assets
Affiliates to which the equity method is applied are
valued at equity according to book value.
Other financial assets are valued at their acquisition
cost and depreciated in case of lasting
decrease in value.
In any case, the minimum general reserves to be
recorded are defined as follows:
- 25 % applied to receivables for which the due date has
expired more than 90 days and less than 180 days
- 50 % applied to receivables for which the due date has
expired more than 180 days and less than 270 days
9. Inventories
Inventories are valued at purchase price ex-suppliers,
plus transport costs, insurance costs and
charges. The conversion of foreign currencies is
effected at the exchange rate on the date of invoice.
Spare parts are mainly valued at the moving average
acquisition cost; vehicles are valued on an
individual basis. Spare parts and office furniture
are depreciated using a mathematical model that,
based on the sales of the last six or twelve months,
calculates depreciation in accordance with expected
future sales in comparison with the available
stock. The cars used as company cars are depreciated
monthly on a straight-line basis over a
36-month period. If necessary, stocks are valued at
lower market prices. Immovable property acquired
or constructed for resale is not depreciated.
- 75 % applied to receivables for which the due date has
expired more than 270 days and less than 360 days
- 100 % applied to receivables for which the due date has
expired more than 360 days
Receivables covered by a guarantee are excluded
from the calculation of the minimum general reserve.
Other valuations can be exceptionally applied,
based on a written justification of this valuation, to
be approved by the Advisory Board.
11. Investments and deposits,
cash and amounts payable
are also recorded at nominal value.
12. Capital and reserves
The translation differences are the result of the difference
between the average rate for the year and
the closing rate applied to the income statements of
the foreign subsidiary companies, as well as to the
differences between last year’s closing rate and this
year’s closing rate of the foreign affiliates. Capital
and reserves are represented after appropriation of
the result. The declared dividends are imputed to
other amounts payable.
14. Receivables and payables
expressed in foreign currency
are converted into euros at the closing rate of the
period.
Unrealised exchange gains are included in the
deferred income.
10. Receivables
Receivables are recorded at nominal value and are
written down in cases where the amounts appear to
be totally or partially irrecoverable.
Moreover, non-individualized allowances must be
recorded when the company’s past activity has revealed
that there are recurring risks on the receivables.
The estimation must be based on an appropriate
method and be sufficiently accurate. This is
the case for a statistical calculation relating to all
receivables of the same nature and on which the
risk of non-recoverability would be about the same,
based for example, on an analysis of losses on receivables
incurred in the past in relation to the age
of receivables compared with their maturity.
This heading comprises:
• the issued capital of the parent company
• the share premiums of the parent company
• the revaluation surpluses
• the reserves
• the consolidation differences
• the translation differences
• the investment grants.
13. Minority interests
represent the interest of third parties in fully consolidated
subsidiaries.
They essentially represent the minority interests
in AB Design, Amec, Antwerp Car Handling,
Brévidex, Carrosserie Hendrickx, Cedimar, Definco,
Denayer, Etn. Gonthier, Etn. Jef Hendrickx,
ET Plus GmbH, European Office Log, Fidenco,
Garage De Kort, Garage Ed. Roofthooft, Gaspar
Motors Ant werpen, GDB Central Europe, GDB
International, GDB Nederland, GDB SAS, GDB
UK Ltd, GTS, Henvas, Hergon Mechelen, Isuzu
Benelux, Koch Zweirad Vertrieb GmbH, Lorimob
SA, Marlot SA, Office Log SA, Permeke Motors,
Scancar, Suzuki South Africa, Sedia France SA.
22 23

D. Auditor’s Report on the Consolidated
FinaNcial Statements
STATUTORY AUDITOR’S REPORT TO THE GENERAL MEETING OF
SHAREHOLDERS OF ALCOPA N.V. ON THE CONSOLIDATED FINAN-
CIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
To the shareholders
As required by law and the company’s articles of
association, we are pleased to report to you on the
audit assignment which you have entrusted to us.
This report includes our opinion on the consolidated
financial statements together with the required
additional comment.
Unqualified audit opinion on
the consolidated financial statements
We have audited the accompanying consolidated financial
statements of Alcopa NV (“the company”)
and its subsidiaries (jointly “the group”) for the
year ended 31 December 2009, prepared in accordance
with accounting principles applicable in
Belgium, which show total consolidated assets of
564,830 (000) EUR and a consolidated profit for
the year (group share) of 2,817 (000) EUR.
The financial statements of several significant entities
included in the consolidation scope which
represent total assets of 96,141 (000) EUR and a
total loss (group share) of 3,006 (000) EUR have
been audited by other auditors. Our opinion on the
accompanying consolidated financial statements,
insofar as it relates to the amounts contributed by
those entities, is based upon the reports of those
other auditors.
The board of directors of the company is responsible
for the preparation of the consolidated
financial statements. This responsibility includes
among other things: designing, implementing
and maintaining internal control relevant to the
preparation and fair presentation of consolidated
financial statements that are free from material misstatement,
whether due to fraud or error, selecting
and applying appropriate accounting policies, and
making accounting estimates that are reasonable in
the circumstances.
Our responsibility is to express an opinion on these
consolidated financial statements based on our
audit. We conducted our audit in accordance with
legal requirements and auditing standards applicable
in Belgium, as issued by the “Institut des Réviseurs
d’Entreprises/Instituut van de Bedrijfsrevisoren”.
Those standards require that we plan and
perform the audit to obtain reasonable assurance
whether the consolidated financial statements are
free from material misstatement.
In accordance with these standards, we have performed
procedures to obtain audit evidence about the
amounts and disclosures in the consolidated financial
statements. The procedures selected depend on
our judgment, 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, we have considered
internal control relevant to the group’s preparation
and fair presentation of the consolidated financial
statements in order to design audit procedures that
are appropriate in the circumstances but not for the
purpose of expressing an opinion on the effectiveness
of the group’s internal control. We have assessed
the basis of the accounting policies used, the
reasonableness of accounting estimates made by
the company and the presentation of the consolidated
financial statements, taken as a whole.
Finally, the board of directors and responsible officers
of the company have replied to all our requests
for explanations and information. We believe that
the audit evidence that we have obtained provides
a reasonable basis for our opinion.
In our opinion, the consolidated financial statements
as of 31 December 2009 give a true and fair
view of the group’s assets, liabilities, financial position
and results, in accordance with accounting
principles applicable in Belgium.
Additional comment
The preparation and the assessment of the information
that should be included in the directors’ report
on the consolidated financial statements are the
responsibility of the board of directors.
Our responsibility is to include in our report the following
additional comment which does not change
the scope of our audit opinion on the consolidated
financial statements:
• The directors’ report on the consolidated financial
statements includes the information required
by law and is in agreement with the consolidated
financial statements. However, we are unable
to express an opinion on the description of the
principal risks and uncertainties confronting the
group, or on the status, future evolution, or significant
influence of certain factors on its future
development. We can, nevertheless, confirm that
the information given is not in obvious contradiction
with any information obtained in the
context of our appointment.
Diegem, 31 March 2010
The statutory auditor
DELOITTE Bedrijfsrevisoren
Reviseurs d’Entreprises
BV o.v.v.e. CVBA / SC s.f.d. SCRL
Represented by Didier Boon
24 25

E. Financial Statements Parent Company
1. Assets
2. Equity and Liabilities
(in € ‘000) Comment Dec 2008 Dec 2009
(in € ‘000) Comment Dec 2008 Dec 2009
Fixed assets 1 332 287 454 512
I. Formation expenses 0 0
II. Intangible assets 339 235
III. Tangible assets 7 918 7 129
A. Land and buildings 7 882 7 097
B. Plant, machinery and equipment 5 2
C. Furniture and vehicles 9 14
D. Leasing and other similar rights 0 0
E. Other tangible assets 21 15
F. Assets under construction and advance payments 0 0
IV. Financial assets 324 030 447 148
Current assets 2 5 126 8 746
V. Amounts receivable after one year 0 0
VI. Stocks and contracts in progress 0 0
A. Stocks 0 0
B. Immovable property acquired or contructed for resale 0 0
VII. Amounts receivable within one year 4 701 3 494
A. Trade debtors 1 176 631
B. Other amounts receivable 3 524 2 863
VIII. Investments 0 3 462
IX. Cash at bank and in hand 190 1 494
X. Deferred charges and accrued income 235 296
TOTAL ASSETS 337 413 463 257
Capital and reserves 3 250 633 281 270
I. Capital 22 000 22 000
II. Share premium account 0 0
III. Revaluation surpluses 0 0
IV. Reserves 153 141 153 141
V. Accumulated results 75 492 106 128
VI. Investment grants 0 0
Provisions and deferred taxes 2 281 1 691
VII. Provisions and deferred taxes 2 281 1 691
Creditors 4 84 499 180 297
VIII. Amounts payable after one year 11 0
IX. Amounts payable within one year 84 491 180 286
A. Current portion of amounts payable after one year 0 0
B. Financial debts
1. Credit institutions 0 0
2. Other loans 77 000 173 000
C. Trade debts
1. Suppliers 686 1 409
D. Advances received on contracts in progress 0 0
E. Taxes, remuneration and social security
1. Taxes 7 0
2. Remuneration and social security 92 71
F. Other amounts payable 6 695 5 807
X. Accrued charges and deferred income 8 10
TOTAL LIABILITIES 337 413 463 257
FINANCIAL ASSETS (in EUR 000)
CAPITAL AND RESERVES (in EUR 000)
2005
2006
294.331
325.843
2005
2006
251.942
274.918
2007
334.857
2007
262.643
2008
324.030
2008
250.633
2009
447.148
2009
281.270
26 27

E. Financial Statements Parent Company
F. Comments on the Financial Statements
of the Parent Company
3. Income Statement
(in EUR 000) Comment Dec 2008 Dec 2009
I. Operating income 5 5 174 5 838
A. Turnover 2 752 2 686
B. Other operating income 2 422 3 152
II. Operating charges 5 3 789 4 738
A. Raw materials, consumables and goods for resale
1. Purchases 0 0
2. Increase (-), decrease (+) in stocks 0 0
B. Services and other goods 2 019 2 181
C. Remuneration, social security and pensions 570 642
D. Depreciation, amounts written off and provisions for liabilities and charges 355 934
E. Other operating charges 844 981
III. Operating profit 1 385 1 100
IV. Financial income 5 1 632 32 766
V. Financial charges 5 599 3 120
VI. Profit on ordinary activities - 2 582 30 746
VII. Extraordinary income 5 0 5 375
VIII. Extraordinary charges 3 115 0
IX. Profit for the year before taxation - 5 697 36 121
X. Income taxes 0 3
XI. Profit for the year after taxation - 5 697 36 118
1. Fixed assets
Tangible fixed assets decreased with € 789 K mainly
as result of further refurbishments at the site in
Vilvoorde € 540 K in combination with € 1,300 K
depreciations.
The capital increases at the affiliates ACC (€ 31,750 K),
Alcadis (€ 54,893 K) and Moteo (€ 37,946 K) were
the main drivers for the increase of the financial
assets.
The amounts receivable from affiliated companies
remained stable.
2. Current assets
Investments in own shares € 3,462 K are responsible
for the increase in current assets.
3. Capital and reserves
The capital and reserves of Alcopa increased
with € 30,637 K due to the profit of the year of
€ 36,118 K and because of the appropriation of a
dividend to the shareholders of € 5,481 K.
4. Creditors
The aforementioned capital increases at ACC, Alcadis
and Moteo resulted in an increase of the funding
from € 77,000 K to € 173,000 K.
5. Income statement
Higher other operating income offset by higher services
and goods resulted in a stable operating result
compared to 2008,
The financial income amounted to € 32,766 K due
to the dividend from ACC to Alcopa. Despite the
increased outstanding loans the lower average interest
rates resulted in a decrease of the financial
charges of € 2,284 K.
The extraordinary income for 2009 consisted of the
reversal amounts written off on investements for
€ 3,002 K and gains on the sale of the investment in
Moorkens Luxembourg to Abelim € 2,359 K.
All of this resulted in a profit of the year after
taxation of € 36,118 K.
APPROPRIATION ACCOUNT (in EUR 000) Dec 2008 Dec 2009
A. Profit (loss) to be appropriated 81 805 111 610
1. Profit (loss) for the financial year - 5 697 36 118
2. Profit brought forward 87 501 75 492
C. Appropriation to equity 0 0
3. Transfer to other reserves 0 0
D. Profit (loss) to be carried forward - 75 492 - 106 129
1. Profit to be carried forward 75 492 106 129
F. Profit to be distributed - 6 312 - 5 481
1. Remuneration of capital 6 312 5 481
28 29

G. Notes on the Financial Statements of
the Parent Company
Summary of significant accounting
policies
The annual accounts of Alcopa NV are drawn up in
accordance with the Belgian statutory regulations.
In accordance with the law on commercial companies,
the annual accounts of Alcopa NV, together
with the directors’ report and the statutory auditor’s
report have been deposited with the National
Bank of Belgium.
These documents may also be obtained on demand
from:
Alcopa NV
p.a. Satenrozen
Kartuizersweg 3
2550 Kontich (Belgium)
The statutory auditor issued an unqualified opinion
in respect of the annual accounts of Alcopa NV.
Formation expenses
Formation expenses are expended in the financial
period during which they are incurred.
Receivables
Receivables are recorded at nominal value and are
written down in cases where the amounts appear to
be totally or partially irrecoverable.
Receivables and payables expressed in foreign
currency are converted into € at the closing rate
of the period.
Unrealised conversion losses are recorded in the
income statement.
contact
Paul Mariën
CFO
Alcopa n v
Pierstraat 231
B-2550 Kontich
tel.: +32 3 450 03 11
fax: +32 3 450 03 14
Tangible fixed assets
Tangible fixed assets are capitalised at cost and depreciated
over their expected useful life, according
to the following schedule:
Buildings 5 %
Furniture and office equipment 20 % - 33.3 %
Installations, machinery 20 %
Rebuilding 10 %
Vehicles 20 %
Computer software 20 % - 33.3 %
Investments in financial assets
Financial assets are valued at their acquisition
cost and depreciated in case of lasting decrease in
value.
30 31

www.alcopa.com