Annual report - Alcopa

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