2011 - Alcopa

Our geographical footprint
Our Vision Vision Our
Our geographical footprint
“To be a major, independent and international player
at the forefront of mobility and distribution”
Europe
Table of contents
South Africa
Our Vision 3
Our History 4
Our Values 5
Main events 2011 6
Chairman’s and CEO’s statement 7
Our Business at a glance 8
Key figures 9
Alcadis 10-11
Modis 12-13
Moteo 14-15
EOL 16-17
AlcopaimmO 18-19
AlcoDev 20-21
Holding 22
Our Governance 23
2 3

Our history history Our
Our values values Our
1937 Albert Moorkens founds a company producing
and distributing motorbikes. 1958 The Group starts
to import BMW and opens a car assembly plant in
Kontich. 1960 Start of the importation and distribution
of Suzuki. 1974 Start of the importation and
distribution of Mitsubishi. 1978 The Group becomes
the first European importer of a Korean brand, Hyundai.
1981 Following the sudden death of the founder, his
6 children create the Alcopa Holding. 1985 Takeover
of the company Buro Market and creation of the office
furniture division. 1994 Development of international
activities (Switzerland, Portugal, France and South Africa).
1996 Takeover of a major part of the Renault-Vilvoorde
premises and rehabilitation of the site. 1997 Setting up
of a structured governance and appointment of a Board
of Independent Directors. 2003 Creation of Alcadis
which centralizes 4-wheel activities and takeover of the
importation of Hyundai in Switzerland. 2007 Creation
of AlcopaimmO which centralizes the various property
activities of the Group. 2008 Takeover of Brevidex
and creation of the group EOL, holding company of the
office furniture division. 2009 Creation of Moteo which
regroups and develops the 2-wheel activity in Europe and in
Africa. 2010 Creation of Modis (Moorkens Distribution),
a company focused on car retail activities. 2011 Creation
of AlcoDev, a company aiming to diversify the activities of
Alcopa through acquisitions.
Entrepreneurship
Entrepreneurship is the DNA of Alcopa, it determines
its decentralized mode of operation, the spirit of men and
women who work there and its culture of development.
Performance
Performance is a decisive input to Alcopa’s development
as an ambitious level of income will be necessary to finance
growth, spread the feeling of security among employees
and develop pride within managers and satisfaction with
shareholders.
Respect
Respect is a major component of the human dimension
of our family group. It contributes in building long-lasting
relationships with our clients, suppliers, partners and
shareholders. Showing mutual respect is also the prerequisite
for working better together.
More information: www.alcopa.com
4 5

Main events 2011
events 2011
Main
Chairman’s and
CEO’s statement statement
CEO’s
January Alcadis launches the SsangYong Korando
at the Brussels International Motor Show. February
Moteo launches Tomos France at the JPMS trade show in
Lyon. March GMAN signs an official agreement with
Citroën to distribute the brand in Antwerp. April SYM
selects Moteo as the winner of the “Best Performance Award” at
their annual event in Taipei. May First investment of AlcoDev
in the Orangemarine start-up, a company aiming to design and
distribute marine equipment. June Technibureau, the
main supplier of EOL, is taken over by the BHP/Vinco group,
together with EOL. July Second investment of AlcoDev in
Est Enchères, a car auction company. August Group
Rietje joins Modis. Rietje distributes VW, Audi and Skoda in
Kapellen and Zwijndrecht. September The new
Hyundai i40 is delivered to its first customers by Alcadis.
October Moteo launches a significant investment in
the logistic capabilities of its non-genuine P&A platform.
November Hyundai ix20 is elected Family Car of the
Year in Belgium. December Group Bruyninx joins
Modis. Bruyninx distributes Citroën, Peugeot, Fiat, Lancia,
Alfa Romeo and other brands in the Limbourg region. Third
investment of AlcoDev in Australe, a car auction company, and
creation of Carmen Auction.
2011 has been a very eventful year, both
politically and economically.
The reason is to be found in a fundamentally changing world. This level
of change typically goes hand in hand with crisis. These changes have
an impact on the economic activity, our markets, our clients and our suppliers.
Eventually resulting in changes in the way we conduct business.
In this context, our Group proves to be strong and healthy. Once more
we have achieved our budget objectives and made a satisfactory profit
this year, for which we thank our teams. The Alcopa Group is dynamic
and able to seize the opportunities that present themselves in this difficult
economic era. At the same time, we are implementing our long-term strategic
ambition: “To become a major, independent and international player
at the forefront of mobility and distribution”.
In this respect, the past year has been very busy with the creation of
many partnerships that are strengthening our position: with the Rietje
and Bruyninx Groups (Modis), SsangYong (Alcadis), our developments in
parts & accessories (Moteo), Vinco-Technibureau (EOL), the real estate
transactions which have contributed greatly to our annual result and the
first projects from AlcoDev, our diversification branch.
Regarding 2012, we will make every effort to continue the good operational
performance achieved in 2011 in spite of major uncertainties and
an extremely tough condition in our market places. We will also continue
to consolidate our group by further investing in new partnerships, both in
Belgium and abroad.
Finally, we would like to stress the importance of the Alcopa company values
which are the foundations of our overall strategy. We are convinced
that fostering entrepreneurship at all levels in the group is essential to
deliver the desired performance in a very respectful fashion with regards
to our clients, stakeholders and employees. And we would like to express
our personal gratitude and appreciation for the continued support of our
shareholders.
Dominique Moorkens,
Chairman of the Board
of Directors
François Hinfray,
CEO Alcopa
6 7

Our Businesses at a glance glance a at Businesses Our
Key figures figures Key
Distributes automobiles in Belgium, Switzerland,
Luxembourg, the Netherlands, Germany and
Poland.
Owns 32 car dealerships in 2 countries, selling
20 different brands.
Imports powered mobility and leisure
products into Europe and South Africa.
Designs and distributes a wide range of office
furniture and interior products across Europe.
Manages the real estate portofolio of the Group
and performs real estate development projects.
Manages the diversification strategy of the
Group, mostly through acquisitions outside our
current activities.
8 9

The long-term relationship with our customers, dealers and suppliers is the
keystone of our success. From our strong position in Belgium, the Netherlands,
Luxembourg, Poland and Switzerland, we aim to further develop our automotive
and truck distribution activities within a broader European scope.
Damien Heymans,
CEO Alcadis
Key business indicators
70
years experience
in 4 wheels
33,000+
cars sold in 2011
6
countries
250,000+
unique references
in parts
500+
active dealers
Hyundai is the 4th largest automotive
brand worldwide, and still growing
thanks to multiple model launches and
impressive image-building. Alongside a
strong SUV range, the new i-models are
now very well received in our markets
with the new i40 as key-launch in 2011.
This model will allow Hyundai to take a
major step in the expansion of its fleetbusiness.
Only one year after the revival of SsangYong,
the brand is now established in Benelux,
Poland, Switzerland and Germany, and the all
new Korando received positive feedback from
press and dealers. The focus is now on the
expansion of our dealer network and on the
improvement of image and brand awareness
to increase the market share.
In the compact car-segments, Suzuki
remains a leading company. With a clear
market-trend of downsizing, the Alto
city-car and the very popular Swift are
the perfect models to meet new market
demands. Various special series delight
the customers and make us keep the
momentum for these products which are
references in their segment.
Isuzu is amongst the biggest diesel engine,
pick-up and truck manufacturers in the
world. Its unmatched pick-up quality and
reliability again ensured Isuzu a strong
performance in 2011. The all new 2012
D-Max will offer Isuzu new exciting growth
opportunities and challenges!
Our markets
5 4
1
6
3
2
Our main subsidiaries
1 - Kontich, Belgium: Hyundai, Suzuki, SsangYong & Isuzu
2 - Zürich, Switzerland: Hyundai & SsangYong
3 - Luxembourg: Hyundai, Suzuki, SsangYong & Isuzu
4 - Warsaw, Poland: SsangYong & Isuzu
5 - Veenendaal, the Netherlands: SsangYong & Isuzu
6 - Kerpen, Germany: SsangYong
Board of Directors of Alcadis
François Hinfray, Chairman
Damien Heymans, CEO Alcadis
Didier Lucien, Board member
Paul Mariën, Board member
Dominique Moorkens, Board member
Nicolas Moorkens, Board member
Our captive leasing company
More information: www.alcadis.be
10 11

We aim to become a leading profitable, independant multi-brand automotive retail
group in Europe which strong image building relies on:
- Satisfied customers recommending our dealerships
- Empowered managers and efficient partners
- Respectful, challenged and motivated employees
Benoît Dejean
CFO Modis / GM Modis Belux
Key business indicators
26,000
cars sold in 2011
20
brands
represented
1,000
employees
625,000
hours worked
in our workshops
32
integrated
dealerships
Automotive Distribution, Products & Services
Fidenco is a long-standing partnership
between the family Denayer and Alcopa.
It has become in a few years of rapid
expansion the leading Ford dealer in
Belgium, serving mainly the Antwerp and
Mechelen markets. It also has flourishing
Volvo franchises and has made a
successful fresh start with the Hyundai
and Land Rover brands.
Executive Directors:
Christophe & René Denayer
GMAN. For more than 10 years, the
family Gaspar and Alcopa are working
together in developing the GMAN group.
Today, GMAN is one of the leading
historic Opel dealers in Belgium, rooted
in Antwerpen and gradually expanding
to new territories and brands, adding
recently Toyota and Citroën franchises
to its operations with a well deserved
reputation in services.
Executive Director: Alex Gaspar
Driven by its entrepreneurial spirit, the
Bruyninx Family has successfully expanded
their retail business to a leading position
in Limburg distributing a total of 9 brands.
Group Bruyninx joined Moorkens Distribution
in December 2011 aiming to urther
consolidate its operations in the frame of a
long term partnership.
Executive Directors: Ward & Pol Bruyninx
Autopolis is a unique concept in Europe,
selling and servicing more than 12 different
brands with the same dedication in a unique
and impressive facility in the outskirts of the
city of Luxembourg.
Executive Director: Ed Goedert
Rietje is one of the leading Volkswagen,
Audi and Skoda retailers in Belgium, excelling
in service quality ; Moorkens Distribution
and Rietje started their partnership in August
2011 with the ambition to export Rietje’s
operational excellence into new markets.
Executive Directors:
Erna De Jongh & Patrick van Remoortel
Our markets
FIDENCO NV
Deurne
Wilrijk
Brasschaat
Lier
Willebroek
Kontich
Mechelen
Herent
Sterrebeek
Overijse
Kapellen
Berchem
Leuven
Zaventem
GMAN
Antwerpen
Deurne
Wilrijk
Reet
Brasschaat
Mechelen
Kontich
Rietje
Kapellen
Zwijndrecht
Autopolis
Luxembourg
Ettelbruck
Bruyninx
Hasselt
Genk
Tongeren
Sint-Truiden
Bree
Board of Directors of Modis
François Hinfray, Chairman
Jean-Pierre Laurent, COO Modis
Benoit Dejean, CFO Modis / GM Modis Belux
Frédéric Heymans, Board member
Paul Mariën, Board member
Dominique Moorkens, Board member
12 13

By acting as a reliable and flexible partner to our suppliers and customers,
we aim to remain the leading independent pan-European player in powered
vehicles and parts & accessories distribution for leisure and mobility needs.
Jean-Roger de Bandt,
CEO Moteo
Key business indicators
75+
years experience
in two wheels
65,000+
vehicles distributed
each year
200+
suppliers and brands
represented
240,000+
unique parts and
accessories references
8,000+
active
dealers
Suzuki is a global powersports
company specialized in the
manufacturing of heavy
displacement motorcycles, ATV
and marine outboard engines.
Moteo was the very first importer
of Suzuki in Europe, and has
been its exclusive importer in
Belgium for more than 50 years.
Today, Moteo also represents
Suzuki in other European and
African countries.
SYM (SanYang Motor) has recently
become a world leading manufacturer
of scooters, small displacement
motorcycles and ATV.
Moteo started importing SYM vehicles
in Switzerland more than 10 years
ago. Today, SYM products are also
distributed through Moteo branches in
other European and African countries.
Peugeot is a leading European
manufacturer of scooters.
Moteo has over 30 years
experience in the import of
Peugeot scooters and currently
distributes its products in
several European countries.
Parts and Accessories
Moteo distributes a multitude
of premium and house branded
parts & accessories, acting as
a reliable partner to European
2 Wheels distribution networks.
Moteo is active in this segment
in most of its territories.
Derbi is a historical brand of
small displacement gearbox
and scooter vehicles, now part
of the Piaggio group. Moteo
distributes Derbi in several
European countries
Tomos is a leading European
manufacturer of small
displacement mopeds. Moteo
distributes Tomos products in
several European countries.
6
Our main subsidiaries
Our markets
10
7
1
5
2
4 3
9 8
1 - Kontich, Belgium & Luxembourg
2 - Lille, France
3 - Mulhouse, France
4 - Paris, France
5 - Cologne, Germany
6 - Copenhagen, Denmark
7 - Utrecht, the Netherlands
8 - Neuchâtel, Switzerland
9 - Zürich, Switzerland
10 -Aveiro, Portugal
Johannesburg, South Africa
Board of Directors of Moteo
François Hinfray, Chairman
Jean-Roger de Bandt, CEO Moteo
Frédéric Heymans, Board member
Dominique Moorkens, Board member
Other brands
More information: www.moteogroup.com
14 15

Our target is to be a leading European office furniture operator working
closely with the manufacturers. As such, we focus our efforts in combining
innovation, close customer and supplier relationship, measured sustainability
and operational excellence.
Emmanuel Corron,
PDG EOL
Key business indicators
1
new concept entirely
dedicated to projects
380,000
catalogues printed
3
new catalogues
released in 2012
2,000
active dealers
100%
alignment with ecological
REACH label
GDB Design is a network of professional
interiors specialists. Benefiting from a
powerful marketing support, GDB Design
proposes a range of high value conceptual
products and turnkey solutions delivered
in a very competitive offer. Ergonomics is
one of the products’ main development
axes, together with the search for
the user’s best possible comfort. The
elegance and shape are also essential
parameters in the design of the products.
Burodial is the network for multi- product
specialists and furniture resellers.
Burodial proposes a complete and coherent
furniture range targeting the core office furniture
market. Very competitive pricing and the quality
of the products and services provide a superior
quality price ratio.
Referencia and Office Live form the same
distribution network. The Referencia brand
is present exclusively on the French and
Swiss markets. The Office Live brand is
present in the rest of Europe. Referencia/
Office Live proposes core office furniture
products through a network of general
office product resellers.
Enspiro is a concept fully dedicated to projects.
It allows all types of office furniture businesses
and professionals (space planners, architects,
interior designers...) to design or create
personalized, user-friendly and lasting
workspaces. Enspiro promotes values of
innovation, flexibility and drive for a better
job satisfaction and well-being. Enspiro relies
on experienced and responsive consultants,
powerful and flexible design tools and modern
production tools. “With Enspiro, you imagine…
we make it happen!”
Our markets
4 5
3
8
6
2 1
7
Our main subsidiaries
1 - Rosny sous Bois, France
2 - Gennevilliers, France
3 - Strépy, Belgium
4 - London, England
5 - Utrecht, the Netherlands
6 - Stiring Wendel, France
7 - Genlis, France
8 - Eu, France
Supervisory Board of EOL
François Hinfray, President
Emmanuel Corron, PDG EOL
Emmanuel Bonnaud, Member
Frédéric Heymans, Member
Paul Mariën, Member
Benoît Stoop, Member
More information: www.eol-group.net
16 17

Our experience focus on flexible and creative real estate projects within the
industrial, logistical and commercial field. At the same time, we dynamically
manage the real estate portfolio of the group, both on the commercial and
technical side.
Matthijs de Wit,
CEO AlcopaimmO
Key business indicators
6
countries
38
locations
640,000
m 2 of land
380,000
m 2 of buildings
240,000
m 2 of warehouses
The former site of the Renault Vilvoorde
factory is located in the North of Brussels
and is currently in development.
Our current tenants are active in the
automotive, logistical and office furniture
industry. Several areas of the site are still
in development, with ambitious plans in
the pipeline. The site stretches for 1.3km,
and represents more than 200.000m 2
at the entrance of Brussels, actively
managed by AlcopaimmO.
AlcopaimmO is working on the development of several
housing projects, especially in Brussels, Antwerp and
Luxembourg. Sustainability is a very important issue for
us and we tend to realize projects in accordance with
the most demanding environmental regulations. We do
also believe in architectural quality and are therefore
working on the projects with local and international
architects which have proved their ability to produce
good architecture.
Ideally located along the E19, between
Brussels and Antwerp, AlcopaimmO
owns within the industrial area of
Satenrozen, in Kontich, 10.000m 2 of
ground, together with multiple office
buildings and a large warehouse.
Several renovation works have been
finalized during the last few months,
including the GMAN and Moorkens
Charleroi garages. AlcopaimmO has
acquired along the years a lot of
experience in refurbishing old buildings
and particularly in the automotive and
in the industrial sector.
Our markets
6
Our main subsidiaries
Board of Directors of AlcopaimmO
12 3
4 5
1 - Kontich, Belgium
2 - Vilvoorde, Belgium
3 - Bertrange/Strassen, Luxembourg
4 - Mulhouse, France
5 - Dietlikon, Switzerland
6 - Warsaw, Poland
François Hinfray, Chairman
Matthijs de Wit, CEO AlcopaimmO
Paul Mariën, Board member
Philippe Moorkens, Board member
Lionel Wauters, Board member
More information: www.alcopaimmo.be
18 19

AlcoDev contributes to keep Alcopa at the forefront of its existing businesses
and to develop new activities into adjacent markets in order to fuel additional
growth opportunities for the group.
Nicolas De Ridder,
Managing Director AlcoDev
Key business indicators
3
investments in 2011
100+
potential deals
studied
150
contacts in
the M&A industy
6,500+
references in marine
equipment
20,000+
cars sold in auction
CARMEN
AUCTION
Carmen Auction is a second-hand car auction company based
in France. The company was created after the acquisition of Est
Enchères and Australe by AlcoDev in 2011. The goal of Carmen
Auction is to provide is to provide to our customers and partners a
global, transparent and efficient solution to buy and sell cars. This
will be achieved by taking advantage of the synergies between both
companies and by optimizing the processes across the different
operational sites (Nancy, Sainte Geneviève, Meaux and Nuits- Saint-
Georges). In 2011, Carmen Auction sold more than 20,000 cars in
auction, being one of the leaders in the French market.
Executive director: Jean-François Maréchal
www.carmenauction.fr
3 areas of focus Objectives
1
Initiate the launch of
new activities within the
group through external
acquisitions
2
Contribute to group
profit while diversifying
overall risk
Based in La Ciotat, Orangemarine distributes marine equipment
from the most important players in this sector (more than 6000
references in stock). The company also distributes marine products
of its own Orangemarine brand which are designed in-house
within their prototyping workshop. Orangemarine aims to guide its
customers towards the best product quality, at a very competitive
price. Orangemarine currently focuses on the French market, but
ambitions to become the European leader in this field. AlcoDev
owns a minority share in Orangemarine since June 2011.
Executive directors:
Olivier Kauffmann, Eric Verdevoye and Grégory Florin
www.orange-marine.com
Our main subsidiaries
Explore the future
development around
mobility and
distribution
3
Act as an incubator for
high potential projects
for family members or
employees
Be at the forefront of
our existing activities
Foster entrepreneurship,
a core value of Alcopa
Our markets
5
6 2 3
4
1
1 - La Ciotat (Orangemarine), France
2 - Meaux (Carmen Auction), France
3 - Nancy (Carmen Auction), France
4 - Nuit-Saint-George (Carmen Auction), France
5 - Sainte-Geneviève (Carmen Auction), France
6 - Paris (Carmen Auction), France
Board of Directors of AlcoDev
François Hinfray, Chairman
Nicolas De Ridder, Managing Director AlcoDev
Damien Heymans, Board member
Paul Mariën, Board Member
Axel Moorkens, Board Member
Dominique Moorkens, Board Member
20 21

Holding Holding
Governance Governance
Finance
Since its creation, Alcopa has never made
an annual loss. This achievement, together
with our extremely sound balance sheet,
has enabled Alcopa to build a very solid
reputation across the financial industry in
Belgium and abroad.
Key business indicators
16%
turnover growth
in 2011
1,8
Net Debt / EBITDA
ratio
Board of Directors
Paul Mariën,
CFO Alcopa
Human
Resources
As our accelerated growth ambitions are
becoming reality, we are determined to
continue to invest in the development of our
staff and the attraction of entrepreneurial
professionals. Our continuous drive towards
increased performance and effectiveness
will remain of key importance.
Key business indicators
6
companies acquired
in 2011
500+
new colleagues
in 2011
Dominique Moorkens
Chairman
Bruno
Colmant
Pierre Alain
De Smedt
Michel
Eeckhout
Frédéric
Heymans
Board of Family Shareholding
François
Hinfray
Axel
Moorkens
Benoît
Stoop
Steven Vinken,
HR Manager Alcopa
Audit
Alcopa group has a strong interest in
good corporate governance and solid risk
management. The internal audit function
is deeply engaged in supporting both
through a risk based audit process.
Pieter Peremans,
Internal Audit Manager
Key business indicators
20
audits
3
auditors
Frédéric Heymans
Chairman
Axel
Moorkens
Dominique
Moorkens
Nicolas
Moorkens
Thanks
Pénélope
Moorkens
Philippe
Moorkens
Lionel
Wauters
IT
The ICT function is evolving to prepare
itself for future growth by providing a very
cost efficient, reliable and flexible service.
We are building common standards and
services where possible and supporting
the individual business needs when
required..
Daniel Lambrechts,
CTO Alcopa
Key business indicators
100+
legal entities serviced
in 10 countries
50+
projects in different
stages of development
We cannot end this report without a very warm “Thank You” to our colleagues and their families, as well as
our suppliers and partners. Their trust and support at all times has been crucial in this particularly difficult
economic climate. They have shown a capacity to adapt to exceptional market circumstances, which has
enabled our group to deal with the current downturn. We wish to express our highest respect to all people
who have been with us for a long time as well as those who only recently joined. All people involved have
contributed greatly to the strengthening of our group, enabling it to look forward to the future with confidence.
Alcopa nv – Pierstraat 231 – B-2550 Kontich
T +32 3 450 03 11 • F +32 3 450 03 14 • VAT BE 421.837.162
www.alcopa.com
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