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<strong>Annual</strong> report<br />
<strong>2010</strong> <strong>2010</strong>
Our geographical footprint<br />
Our Vision Vision Our<br />
Our geographical footprint<br />
“To be a major, independent and international player<br />
at the forefront of mobility and distribution”<br />
Europe<br />
Table of contents<br />
Europe<br />
South Africa<br />
Our Vision 3<br />
Our History 4<br />
Our Values 5<br />
Main events <strong>2010</strong> 6<br />
Chairman’s and CEO’s statement 7<br />
Our Business at a glance 8<br />
Key figures 9<br />
Alcadis 10-11<br />
Moorkens Distribution 12-13<br />
Moteo 14-15<br />
EOL 16-17<br />
<strong>Alcopa</strong>immO 18-19<br />
Holding 20<br />
AlcoDev 21<br />
Our Governance 23<br />
2 3
History of <strong>Alcopa</strong> <strong>Alcopa</strong> of History<br />
Values of the group group the of Values<br />
1937 Albert Moorkens founds a company producing<br />
and distributing motorbikes I 1958 The Group starts<br />
to import BMW and opens a car assembly plant in<br />
Kontich I 1960 Start of the importation and distribution<br />
of Suzuki I 1974 Start of the importation and<br />
distribution of Mitsubishi I 1978 The Group becomes<br />
the first European importer of a Korean brand, Hyundai<br />
I 1981 Following the sudden death of the founder, his<br />
6 children create the <strong>Alcopa</strong> Holding I 1985 Takeover<br />
of the company Buro Market and creation of the office<br />
furniture division I 1994 Development of international<br />
activities (Switzerland, Portugal, France and South Africa) I<br />
1996 Takeover of a major part of the Renault-Vilvoorde<br />
premises and rehabilitation of the site I 1997 Setting up<br />
of a structured governance and appointment of a Board<br />
of Independent Directors I 2003 Creation of Alcadis<br />
which centralizes 4-wheel activities and takeover of the<br />
importation of Hyundai in Switzerland. I 2007 Creation<br />
of <strong>Alcopa</strong>immO which centralizes the various property<br />
activities of the Group I 2008 Takeover of Brevidex<br />
and creation of the group EOL, holding company of the<br />
office furniture division. I 2009 Creation of Moteo which<br />
regroups and develops the 2-wheel activity in Europe and<br />
in Africa I <strong>2010</strong> Creation of Moorkens Distribution, a<br />
company focused on car retail activities I <strong>2010</strong> Creation<br />
of AlcoDev, a division aiming to diversify the activities of the<br />
Group by acquisitions.<br />
Entrepreneurship<br />
Entrepreneurship is the DNA of <strong>Alcopa</strong>, it determines<br />
its decentralized mode of operation, the spirit of men and<br />
women who work there and its culture of development.<br />
Performance<br />
Performance is a decisive input to <strong>Alcopa</strong>’s development<br />
as an ambitious level of income will be necessary to finance<br />
growth, spread the feeling of security among employees<br />
and develop pride within managers and satisfaction with<br />
shareholders.<br />
Respect<br />
Respect is a major component of the human dimension<br />
of our family group. It contributes in building long-lasting<br />
relationships with our clients, suppliers, partners and shareholders.<br />
Showing mutual respect is also the prerequisite for<br />
working better together.<br />
More information : www.alcopa.com<br />
4 5
Chairman and<br />
CEO statement<br />
Main events <strong>2010</strong><br />
events <strong>2010</strong><br />
Main<br />
Chairman’s and<br />
CEO’s statement<br />
January Alcadis launches the ix35, an innovative<br />
SUV model which achieved excellent sales performance<br />
througout <strong>2010</strong>. February GMAN acquires 100% of<br />
the garage Vanstechelman located in Deurne; enabling our<br />
subsidiary to add Toyota to its brand portfolio. March<br />
Fidenco acquires a stake in the garages Hergon (Ford)<br />
located in the east of Brussels and in Leuven. April<br />
Moteo establishes a presence in Denmark for the import<br />
and distribution of mobility and leisure products. Given<br />
its geographical location, Denmark is the ideal gateway<br />
to the Scandinavian region. May Moteo starts the<br />
distribution of Tomos in Belgium and Linhai in Germany.<br />
June Hyundai is the main sponsor of the Football<br />
World Cup in South Africa, creating significant visibility<br />
for the brand in all our markets. July <strong>Alcopa</strong>immO<br />
acquires more than 60 000m2 in the former site of Renault<br />
Vilvoorde. August Hyundai cars are now distributed<br />
in Antwerpen and Brasschaat by the group Fidenco, a<br />
partner of <strong>Alcopa</strong>. September Alcadis is selected<br />
as exclusive distributor of SsangYong in 6 European<br />
countries: Belgium, The Netherlands, Luxembourg,<br />
Germany, Switzerland and Poland. October<br />
Buromarket’s remaining stake (49%) is sold to its majority<br />
shareholder. November Moteo makes a significant<br />
investment to develop the distribution of motorcycle parts<br />
and accessories. December Alcadis signs a letter<br />
of intent for the distribution of the Hyundai Commercial<br />
Vehicles product range in Poland, starting in 2011.<br />
<strong>2010</strong> has been an intense year for <strong>Alcopa</strong><br />
in many areas.<br />
First, we posted good results, significantly above our initial targets. Indeed,<br />
Alcadis (4-wheels import) and Moorkens Distribution (4-wheels retail) delivered<br />
an excellent financial performance in comparison with last year, both in terms<br />
of turnover and cost containment. We also managed to get back to profitability<br />
in our 4-wheels activities in Switzerland. On the other side, the market remains<br />
difficult in 2-wheels although Moteo resisted well, and in the Office Furniture<br />
which still suffered from a very low and tough conjuncture.<br />
Second, an ambitious growth strategy has been developed, and a fast and<br />
powerful start has been achieved in all our activities. For instance, Alcadis<br />
managed to extend its territories by getting the exclusive distribution of<br />
SsangYong in 6 European countries, enabling a diversification of our imported<br />
brands. Moorkens Distribution realized several strategic acquisitions and<br />
is actively looking to further expand its geographical footprint, in Belgium and<br />
abroad. Moteo has significantly invested to develop its parts & accessories<br />
business. <strong>Alcopa</strong>immO acquired an additional 60,000m 2 in the former site of<br />
Renault Vilvoorde. Finally, AlcoDev was created in order to further diversify the<br />
activities of the Group through external acquisitions.<br />
Third, the human competences of <strong>Alcopa</strong> have been strongly reinforced to<br />
cope with this ambitious growth plan. Over the course of <strong>2010</strong>, many new managers<br />
have joined the Group and will contribute to achieve our aims of growth<br />
and operational excellence.<br />
Regarding 2011, we will strive to confirm the good performance of <strong>2010</strong>. Particularly,<br />
Moorkens Distribution will have to perform several strategic acquisitions<br />
in Retail ; Moteo will continue to deploy its brand portfolio in existing and new<br />
geographies and further develop in the parts and accessories business ; and<br />
Alcadis will invest in the development of Asian truck-import activities. For EOL,<br />
2011 will be a crucial year with new catalogues being released which aim to<br />
enable a return to profitability in 2012.<br />
Finally, we wanted to stress the importance of the values of <strong>Alcopa</strong> which are<br />
the foundations of our overall strategy. Indeed, we are convinced that fostering<br />
entrepreneurship at all levels is essential to deliver the appropriate performance<br />
in a very respectful manner with regards to our clients, stakeholders and employees<br />
whom we thank deeply for their confidence. And we appreciate enjoying<br />
the full support of our family shareholders.<br />
Dominique Moorkens,<br />
Chairman of the Board<br />
of Directors<br />
François Hinfray,<br />
CEO <strong>Alcopa</strong><br />
6 7
Our Businesses at a glance glance a at Businesses Our<br />
Key figures figures Key<br />
100%<br />
Imports automobiles in Belgium, Switzerland,<br />
Luxembourg, The Netherlands, Germany and<br />
Poland.<br />
100%<br />
Owns 20 car Dealers in 2 countries, selling more<br />
than 15 different brands.<br />
97%<br />
Imports powered mobility and leisure products<br />
into European countries and South Africa.<br />
97%<br />
Designs and distributes a wide range of office<br />
furnitures and interiors products across Europe.<br />
100%<br />
Manages the real estate portofolio of the Group<br />
and performs real estate development projects.<br />
8 9
The long-term relationship with our customers, dealers and suppliers is the<br />
keystone of our success. From our strong position in Belgium, the Netherlands,<br />
Luxembourg, Poland and Switzerland, we aim to further develop our automotive<br />
and truck distribution activities within a broader European scope.<br />
Damien Heymans,<br />
CEO Alcadis<br />
Key business indicators<br />
70<br />
years experience<br />
in 4 wheels<br />
30,000+<br />
cars<br />
sold yearly<br />
6<br />
countries<br />
250,000+<br />
unique references<br />
in parts<br />
500+<br />
active<br />
dealers<br />
Hyundai is the 4th biggest automotive<br />
brand worldwide, and still growing thanks<br />
to multiple model launches and impressive<br />
image-building.<br />
Their strong SUV heritage is now<br />
expanded via the new i-series in all major<br />
segments. On the ecological side, Hyundai<br />
is rapidly expanding its green range with<br />
the Blue Drive label that achieves world<br />
class emission performance.<br />
SsangYong: <strong>2010</strong> was marked by the<br />
remarkable revival of SsangYong. The<br />
all new Korando pushes the comeback<br />
of the brand towards a successful 2011.<br />
Promising new derivates and models<br />
are already in the pipeline.<br />
Suzuki is and will remain the specialist<br />
in the compact car-segment. The all<br />
new Swift pushes the brand to the next<br />
level, while the Alto is the reference in its<br />
segment.<br />
Isuzu. Being the pick-up specialist, Isuzu<br />
remains a stable and confident player.<br />
Offering a bold design combined with a<br />
high reliability, Isuzu succeeds in keeping<br />
a strong position in the pick-up market.<br />
On the long term side, expectations are<br />
high in regards to the collaboration with<br />
new partners.<br />
Our markets<br />
5 4<br />
1<br />
6<br />
3<br />
2<br />
Our main subsidiaries<br />
1 - Kontich, Belgium : Hyundai, Suzuki, SsangYong & Isuzu<br />
2 - Zürich, Switzerland : Hyundai & SsangYong<br />
3 - Luxembourg : Hyundai, Suzuki, SsangYong & Isuzu<br />
4 - Warsaw, Poland : SsangYong & Isuzu<br />
5 - Veenendaal, The Netherlands : SsangYong & Isuzu<br />
6 - Kerpen, Germany : SsangYong<br />
Board of Directors of Alcadis<br />
François Hinfray, Chairman<br />
Damien Heymans, CEO Alcadis<br />
Roland Chlapowski, Board member<br />
Paul Mariën, Board member<br />
Dominique Moorkens, Board member<br />
Nicolas Moorkens, Board member<br />
Our captive leasing company<br />
More information : www.alcadis.com<br />
10 11
By taking advantage of our successful experiences of partnerships, we intend<br />
to extend our unique model to become a leading force in the European retail<br />
automotive landscape.<br />
Benoît Dejean<br />
CFO Moorkens Distribution<br />
Key business indicators<br />
17,000<br />
new cars<br />
sold each year<br />
20<br />
brands<br />
represented<br />
650<br />
employees<br />
380,000<br />
hours worked<br />
in our workshops<br />
20<br />
integrated<br />
dealerships<br />
Automotive Distribution, Products & Services<br />
Fidenco has a long-standing partnership<br />
between the family Denayer and <strong>Alcopa</strong>.<br />
It has become in a few years of rapid<br />
expansion the leading Ford dealer in<br />
Belgium, serving mainly the Antwerp and<br />
Mechelen markets. It also has flourishing<br />
Volvo franchises and has made a<br />
successful fresh start with the Hyundai<br />
and Land Rover brands.<br />
Executive Directors: Christophe & René<br />
Denayer<br />
GMAN. For more than 10 years, the<br />
family Gaspar and <strong>Alcopa</strong> are working<br />
together in developing the GMAN<br />
group. Today, GMAN is one of the<br />
leading historic Opel dealers in Belgium,<br />
rooted in Antwerpen and gradually<br />
expanding to new territories and brands,<br />
adding recently a Toyota franchise to<br />
its operations with a well deserved<br />
reputation in services.<br />
Executive Director: Alex Gaspar<br />
Autopolis is a unique concept in Europe,<br />
selling and servicing more than 12<br />
different brands with the same dedication<br />
to each one of them in an unique and<br />
impressive facility in the outskirts of the<br />
city of Luxembourg.<br />
Executive Director: Ed Goedert<br />
Our markets<br />
FIDENCO NV<br />
Deurne<br />
Wilrijk<br />
Brasschaat<br />
Lier<br />
Willebroek<br />
Kontich<br />
Mechelen<br />
Herent<br />
Sterrebeek<br />
Overijse<br />
Kapellen<br />
Berchem<br />
GMAN<br />
Antwerpen<br />
Deurne<br />
Mortsel<br />
Wilrijk<br />
Reet<br />
Brasschaat<br />
Mechelen<br />
Kontich<br />
Autopolis<br />
Luxembourg<br />
Ettelbruck<br />
Board of Directors of Moorkens Distribution<br />
François Hinfray, Chairman<br />
Benoit Dejean, CFO Moorkens Distribution<br />
Damien Heymans, Board member<br />
Paul Mariën, Board member<br />
Dominique Moorkens, Board member<br />
12 13
By acting as a reliable and flexible partner to our suppliers and customers,<br />
we aim to remain the leading independent pan-European player in powered<br />
vehicles and parts & accessories distribution for leisure and mobility needs.<br />
Jean-Roger de Bandt,<br />
CEO Moteo<br />
Key business indicators<br />
70+<br />
years experience<br />
in two wheels<br />
80,000+<br />
vehicles distributed<br />
each year<br />
200+<br />
suppliers and brands<br />
represented<br />
230,000+<br />
Parts & Accessories<br />
references<br />
8,000+<br />
active<br />
dealers<br />
Suzuki is a global<br />
powersports company<br />
specialized in the<br />
manufacturing of heavy<br />
displacement motorcycles,<br />
ATV and marine outboard<br />
engines. Moteo was the<br />
very first importer of Suzuki<br />
in Europe, and has been<br />
its exclusive importer in<br />
Belgium for more than 50<br />
years. Today, Moteo also<br />
represents Suzuki in other<br />
European and African<br />
countries.<br />
SYM (SanYang Motor) has<br />
recently become a world leading<br />
manufacturer of scooters, small<br />
displacement motorcycles and<br />
ATV.<br />
Moteo started importing SYM<br />
vehicles in Switzerland more<br />
than 10 years ago. Today, SYM<br />
products are also distributed<br />
through Moteo branches in other<br />
European and African countries.<br />
Peugeot is a leading<br />
European manufacturer of<br />
scooters.<br />
Moteo has over 30 years<br />
experience in the import<br />
of Peugeot scooters<br />
and currently distributes<br />
its products in several<br />
European countries.<br />
Spare parts and<br />
accessories<br />
Moteo distributes a multitude<br />
of premium and house branded<br />
parts & accessories, acting as<br />
a reliable partner to European<br />
2 Wheels distribution networks.<br />
Moteo is active in this segment<br />
in most of its territories.<br />
Derbi is a historical brand of<br />
small displacement gearbox<br />
and scooter vehicles, now<br />
part of the Piaggio group.<br />
Moteo distributes Derbi in<br />
several European countries<br />
Tomos is a leading European<br />
manufacturer of small<br />
displacement mopeds. Moteo<br />
distributes Tomos products in<br />
several European countries.<br />
6<br />
Our main subsidiaries<br />
Our markets<br />
10<br />
7<br />
1<br />
5<br />
2<br />
4 3 9<br />
8<br />
1 - Kontich, Belgium & Luxembourg<br />
2 - Lille, France<br />
3 - Mulhouse, France<br />
4 - Paris, France<br />
5 - Cologne, Germany<br />
6 - Copenhagen, Denmark<br />
7 - Utrecht, The Netherlands<br />
8 - Neuchâtel, Switzerland<br />
9 - Zürich, Switzerland<br />
10 -Aveiro, Portugal<br />
Johannesburg, South Africa<br />
Board of Directors of Moteo<br />
François Hinfray, Chairman<br />
Jean-Roger de Bandt, CEO Moteo<br />
Frédéric Heymans, Board member<br />
Olivier Kauffmann, Board member<br />
Dominique Moorkens, Board member<br />
Other brands<br />
More information : www.moteogroup.com<br />
14 15
Our target is to be a leading European office furniture operator working<br />
closely with the manufacturers. As such, we focus our efforts in combining<br />
innovation, close customer and supplier relationship, measured sustainability<br />
and operational excellence.<br />
Emmanuel Corron,<br />
PDG EOL<br />
Key business indicators<br />
30<br />
years of experience<br />
in Office Furniture<br />
520,000<br />
catalogues and<br />
795 000 flyers<br />
released<br />
80,000<br />
unique<br />
references<br />
2,000<br />
active dealers<br />
100%<br />
alignment with<br />
ecological<br />
REACH label<br />
GDB Design is a network of professional<br />
interiors specialists. Benefiting from a<br />
powerful marketing support, GDB Design<br />
proposes a range of high value conceptual<br />
products and turnkey solutions delivered<br />
in a very competitive offer. Ergonomics is<br />
one of the products’ main development<br />
axes, together with the search for<br />
the user’s best possible comfort. The<br />
elegance and shape is also an essential<br />
parameter in the design of the products.<br />
Burodial is the network for multiproduct<br />
specialists and furniture<br />
resellers.<br />
Burodial proposes a complete and<br />
coherent furniture range targeting<br />
the core office furniture market. Very<br />
competitive pricing and the quality of<br />
the products and services provide a<br />
superior quality price ratio.<br />
Referencia and Office Live form the same<br />
distribution network. The Referencia brand<br />
is present exclusively on the French and<br />
Swiss markets. The Office Live brand is<br />
present in the rest of Europe. Referencia/<br />
Office Live proposes core office furniture<br />
products through a network of general<br />
office product resellers.<br />
Our markets<br />
4 5<br />
3<br />
6<br />
2 1<br />
7<br />
Our main subsidiaries<br />
1 - Rosny sous Bois, France<br />
2 - Gennevilliers, France<br />
3 - Strépy, Belgium<br />
4 - London, England<br />
5 - Veenendal , The Netherlands<br />
6 - Stiring Wendel, France<br />
7 - Genlis, France<br />
Supervisory Board of Eol<br />
François Hinfray, President<br />
Emmanuel Corron, PDG EOL<br />
Emmanuel Bonnaud, Member<br />
Paul Mariën, Member<br />
Pierre Moorkens, Member<br />
Benoît Stoop, Member<br />
More information : www.eol-group.net<br />
16 17
We focus our development activities towards flexible and creative real estate<br />
projects within the industrial, logistical and commercial field. At the same time,<br />
we dynamically manage the real estate portfolio of the group, both on the<br />
commercial and technical side.<br />
Matthijs de Wit,<br />
General Manager <strong>Alcopa</strong>ImmO<br />
Key business indicators<br />
44<br />
locations in<br />
5 countries<br />
638,000<br />
m 2 of land<br />
415,000<br />
m 2 of buildings<br />
250,000<br />
m 2 of warehouses<br />
6<br />
countries<br />
Vilvoorde: the former site of the<br />
Renault Vilvoorde factory is located<br />
in the North of Brussels and is<br />
currently in development. Our current<br />
tenants are active in the automotive,<br />
logistical and office furniture industry.<br />
Several areas of the sites are still in<br />
development, with ambitious plans<br />
in the pipeline. The site stretches to<br />
1.3km, and represents more than<br />
200.000m 2 at the entrance of Brussels,<br />
actively managed by <strong>Alcopa</strong>immO.<br />
Zaventem Airport Ring Center:<br />
Located along the Brussels, a few<br />
hundred meters of Brussels Airport,<br />
the Zaventem Airport Ring Center<br />
consists of 16 semi-industrial units.<br />
This exceptional location enables our<br />
tenants to enjoy flexible stocking units<br />
close close to important circulation<br />
areas.<br />
Kontich: Ideally located along the<br />
E19, between Brussels and Antwerp,<br />
<strong>Alcopa</strong>immO owns within the industrial<br />
area of Satenrozen 10.000m 2 of<br />
ground, together with multiple office<br />
buildings and a large warehouse.<br />
GMAN Antwerpen: The historical<br />
garage of GMAN, located in Antwerp<br />
has been completely renovated in<br />
<strong>2010</strong>. <strong>Alcopa</strong>immO coordinated the<br />
development of the site, by leveraging<br />
its extensive expertise in Automotive<br />
retail acquired along the years.<br />
Our markets<br />
12 3<br />
4 5<br />
6<br />
Our main subsidiaries<br />
1 - Kontich, Belgium<br />
2 - Vilvoorde, Belgium<br />
3 - Bertrange/Strassen, Luxembourg<br />
4 - Mulhouse, France<br />
5 - Dietlikon, Switzerland<br />
6 - Warsaw, Poland<br />
More information : www.alcopaimmo.be<br />
18 19
Finance<br />
Since its creation, <strong>Alcopa</strong> has never made<br />
an annual loss. This achievement, together<br />
with our extremely solid balance sheet,<br />
has enabled <strong>Alcopa</strong> to build a very solid<br />
reputation across the financial industry in<br />
Belgium and abroad.<br />
Paul Mariën,<br />
CFO <strong>Alcopa</strong><br />
Key business indicators<br />
10%<br />
turnover growth<br />
in <strong>2010</strong><br />
1,5<br />
Net Debt/EBITDA<br />
ratio<br />
AlcoDev contributes to keep <strong>Alcopa</strong> at the forefront of its existing businesses<br />
and to develop new activities into adjacent markets in order to fuel additional<br />
growth opportunities for the group.<br />
Nicolas De Ridder,<br />
Chief Business Development Officer<br />
3 areas of focus Objectives<br />
Human<br />
Resources<br />
People will make the difference in realizing<br />
our ambitious growth strategy. All our<br />
competitive advantage resides in people<br />
and their competences, as the nature of<br />
our businesses is creating value through<br />
relationships and service. We will therefore<br />
continuously invest in acquiring top market<br />
competences and the right entrepreneurial<br />
spirits.<br />
Steven Vinken,<br />
HR Manager <strong>Alcopa</strong><br />
Key business indicators<br />
7<br />
new divisions<br />
launched in <strong>2010</strong><br />
11<br />
countries,<br />
with regular job<br />
opportunities<br />
1<br />
Explore the future<br />
development around<br />
mobility and<br />
distribution<br />
2<br />
Initiate the launch of<br />
new activities within the<br />
group through external<br />
acquisitions<br />
Be at the forefront of<br />
our existing activities<br />
Contribute to group<br />
profit while diversifying<br />
overall risk<br />
Audit<br />
<strong>Alcopa</strong> group has a strong interest in<br />
good corporate governance and solid risk<br />
management, the internal audit function<br />
is deeply engaged in supporting both<br />
through a risk based audit process.<br />
Key business indicators<br />
15+<br />
Audits performed<br />
every year<br />
2<br />
fully dedicated<br />
Audit professionals<br />
3<br />
Act as an incubator for<br />
high potential projects<br />
for family members or<br />
employees<br />
Foster entrepreneurship,<br />
a core value of <strong>Alcopa</strong><br />
Pieter Peremans,<br />
Internal Audit Manager<br />
Investment Committee<br />
François Hinfray, President<br />
Nicolas De Ridder, Member<br />
Damien Heymans, Member<br />
Paul Mariën, Member<br />
Axel Moorkens, Member<br />
Dominique Moorkens, Member<br />
20 21
Governance Governance<br />
Thanks Thanks<br />
Board of Directors<br />
We cannot end this report without thanking very warmly our colleagues and their<br />
families, as well as our suppliers and partners. Their trust and support at all times<br />
have been precious in this particularly unstable environment. They have shown a<br />
capacity to adapt to exceptional market circumstances, which has enabled our<br />
group to overcome the crisis. We wish to assure of our highest respect not only<br />
those who have been following us for a long time, but of course also those who<br />
have recently joined us. All contribute to the strengthening of our group and allow<br />
it to look forward to the future with optimism.<br />
First row from left to right : Dominique Moorkens, Chaiman I Pierre-Alain De Smedt, Board member I<br />
Second row from left to right : Benoît Stoop, Board member I Bruno Colmant, Board member I Axel<br />
Moorkens, Board member I Philippe Vlerick, Board member I François Hinfray, C.E.O. <strong>Alcopa</strong><br />
Board of the Family Shareholding<br />
Useful contact information<br />
First row from left to right : Philippe Moorkens, Member I Lionel Wauters, Member I<br />
Second row from left to right : Dominique Moorkens, Chaiman I Jean-Albert Moorkens, Member I<br />
Frédéric Heymans, Member I Axel Moorkens, Member I Pierre Moorkens, Member I<br />
<strong>Alcopa</strong> nv<br />
Pierstraat 231<br />
B-2550 Kontich<br />
T +32 3 450 03 11<br />
F +32 3 450 03 14<br />
VAT BE 421.837.162<br />
www.alcopa.com<br />
22 23
More information : www.alcopa.com