Fusionbase Logo

AgfaPhoto Finance NV GermanyLiquidiert

50672 Köln, DEU

Stammdaten

Register
Amtsgericht Köln HRB 54685
Eingetragen
8.2.2005
Branche
BeteiligungsgesellschaftenKauf und Verkauf von eigenen Gewerbegrundstücken und NichtwohngebäudenVermietung, Verpachtung von eigenen oder geleasten Gewerbegrundstücken und Nichtwohngebäuden
Gegenstand
Die Gesellschaft hat zum Ziel, jedes bewegliche oder unbewegliche wie auch immer geartete Gut auf eigene Rechnung oder auf Rechnung Dritter zu kaufen, zu verkaufen, zu vermieten oder unterzuvermieten oder in Leasing zu geben, unabhänging davon, ob Sachgarantien oder persönliche Garantien gegeben werden. Sie hat auch die Finanzierung und Refinanzierung aller beweglichen und unbeweglichen Leistungen zum Ziel und dies mit jedem Mittel und in jeder Form, unter anderem durch das Gewähren von Darlehen und Krediten mit oder ohne dingliche oder persönliche Bürgschaften. Sie kann innerhalb der Grenzen des Gesellschaftsziels in Deutschland alle beweglichen, unbeweglichen, finanziellen, industriellen, kommerziellen und bürgerlichen Leistungen erbringen. Sie kann sich durch Einlage, Übertragung, Zusammenschluss, Eintragung, Beteiligung, finanzielle Beteiligung oder auf andere Weise an allen Gesellschaftren, Unternehmen oder Leistungen beteiligen, die eingleichartiges oder verwandtes Ziel haben oder die von ihrer Natur das Ziel der Gesellschaft fördern.

Historie

Keine Bekanntmachungen für diesen Filter verfügbar

Management

NameRolle
Uwe Friedrichsen
seit 14.10.2010
Vertreter

Konzern- und Jahresabschlüsse

AgfaPhoto Finance NV Germany

Köln

Jahresabschluss zum Geschäftsjahr vom 01.01.2009 bis zum 31.12.2009

ANNUAL ACCOUNTS IN EUROS (2 decimals)

NAME: AfgaPhoto Finance

Legal form: Public Limited liability company

Address: Septestraat Nr.: 27 Box

Postal code: 2640 Municipality: Mortsel

Country: Belgium

Register of legal persons - commercial court: Antwerp

Website *:

Company number BE 0867 395 873

DATE 23.09.2004 of deposit of the memorandum of association OR of the most recent document mentioning the date of publication of the memorandum of association and of the act amending the articles of association.

ANNUAL ACCOUNTS approved by the general meeting of 20.08.2010
regarding the period from 01.01.2009 to 31.12.2009
Preceding period from 01.01.2008 to 31.12.2008

The amounts for the preceding period are identical to the ones previously published.

COMPLETE LIST with name, surnames, profession, address (street, number, postal code and municipality) and position within the company, of the DIRECTORS, BUSINESS MANAGERS AND AUDITORS

AgfaPhoto Holding GmbH Hohenzollernring 55, 50672 Cologne, Germany Director 14.04.2009 - 14.04.2015
Represented by:
Andreas Selmeczi Hessstrasse 102a, 80797 Munich, Germany
Frank Nellissen Kiefernweg 7, 50858 Cologne, Germany Managing director 14.04.2009 - 31.12.2009
Norbert Gerds Pfeilshofstrasse 25, 51377 Leverkusen, Germany Managing director 30.06.2009 - 30.06.2015
Uwe Friedrichsen Neuenkamp 13 box A, 42799 Leichlingen, Germany Managing director 01.01.2010 - 01.01.2016

Are attached to these annual accounts: Management report. Accountants report

Total number of pages deposited: 41 Numbers of sections of the standard form not deposited because they serve no useful purpose: 5.1, 5.2.1, 5.2.2, 5.2.3, 5.2.4, 5.3.1, 5.3.2, 5.3.4, 5.3.5, 5.3.6, 5.4.2, 5.4.3, 5.5.2, 5.8, 5.16, 5.17.2

 

Uwe

Marleen Mannekens, Auditor

* Optional information.
** Strike out what is not applicable.

BALANCE SHEET AFTER APPROPRIATION

ASSETS

Discl. Codes Period Preceding period
FIXED ASSETS 20/28 29,54 342,21
Formation expenses 5.1 20
Intangible fixed assets 5.2 21
Tangible fixed assets 5.3 22/27 26,39 339,06
Land and buildings 22
Plant, machinery and equipment 23
Furniture and vehicles 24 26,39 339,06
Leasing and similar rights 25
Other tangible fixed assets 26
Assets under construction and advance payments 27
Financial fixed assets 5.4/5.5.1 28 3,15 3,15
Affiliated enterprises 5.14 280/1 3,15 3,15
Participating interests 280 3,15 3,15
Amounts receivables 281
Other enterprises linked by participating interests 5.14 282/3
Participating interests 282
Amounts receivable 283
Other financial assets 284/8
Shares 284
Amounts receivable and cash guarantees 285/8
CURRENT ASSETS 29/58 29.582.371,73 31.049.832,58
Amounts receivable after more than one year 29 102.388,07 193.857,89
Trade debtors 290
Other amounts receivable 291 102.388,07 193.857,89
Stocks and contracts in progress 3
Stocks 30/36
Raw materials and consumables 30/31
Work in progress 32
Finished goods 33
Goods purchased for resale 34
Immovable property intended for sale 35
Advance payments 36
Contracts in progress 37
Amounts receivable within one year 40/41 14.133.780,67 16.760.532,33
Trade debtors 40 7.755.110,34 8.895.518,26
Other amounts receivable 41 6.378.670,33 7.865.014,07
Current investments 5.5.1/ 5.6 50/53
Own shares 50
Other investments 51/53
Cash at bank and in hand 54/58 531.843,25 613.720,69
Deferred charges and accrued income 5.6 490/1 14.814.359,74 13.481.721,67
TOTAL ASSETS 20/58 29.582.401,27 31.050.174,79

EQUITY AND LIABILITIES

Discl. Codes Period Preceding period
EQUITY (+)/(-) 10/15 - 25.708.144,71 - 22.721.719,77
Capital 5.7 10 600.000,00 600.000,00
Issued capital 100 600.000,00 600.000,00
Uncalled capital 101
Share premium account 11
Revaluation surpluses 12
Reserves 13
Legal reserve 130
Reserves not available 131
In respect own shares held 1310
Other 1311
Untaxed reserves 132
Available reserves 133
Accumulated profits (losses) (+)/(-) 14 - 26.308.144,71 - 23.321.719,77
Investment grants 15
Advance to associates on the sharing out of the assets 19
PROVISIONS AND DEFERRED TAXES 16
Provisions for liabilities and charges 160/5
Pensions and similar obligations 160
Taxation 161
Major repairs and maintenance 162
Other liabilities and charges 5.8 163/5
Deferred taxes 168
AMOUNTS PAYABLE 17/49 55.290.545,98 53.771.894,56
Amounts payable after more than one year 5.9 17 392.913,85 718.435,84
Financial debts 170/4
Subordinated loans 170
Unsubordinated debentures 171
Leasing and other similar obligations 172
Credit institutions 173
Other loans 174
Trade debts 175
Suppliers 1750
Bills of exchange payable 1751
Advances received on contracts in progress 176
Other amounts payable 178/9 392.913,85 718.435,84
Amounts payable within one year 42/48 46.889.641,49 46.045.401,63
Current portion of amounts payable after more than one year falling due within one year 5.9 42
Financial debts 43 794,25 580,76
Credit institutions 430/8 794,25 580,76
Other loans 439
Trade debts 44 1.091.744,72 988.412,14
Suppliers 440/4 1.091.744,72 988.412,14
Bills of exchange payable 441
Advances received on contracts in progress 46 245.941,77 239.065,16
Taxes, remuneration and social security 5.9 45 6.375,29 8.614,24
Taxes 450/3 2.607,21 4.818,07
Remuneration and social security 454/9 3.768,08 3.796,17
Other amounts payable 47/48 45.544.785,46 44.808.729,33
Accruals and deferred income 5.9 492/3 8.007.990,64 7.008.057,09
TOTAL LIABILITIES 10/49 29.582.401,27 31.050.174,79

INCOME STATEMENT

Discl Codes Period Preceding period
Operating income 70/74 338.186,00 356.837,99
Turnover 5.10 70 112.339,25
Stocks of finished goods and work and contracts in progress:
increase (decrease) (+)/(-) 71
Own work capitalised 72
Other operating income 5.10 74 338.186,00 244.498,74
Operating charges (+)/(-) 60/64 3.020.808,90 2.802.976,46
Raw materials, consumables 60
Purchases 600/8
Stocks: decrease (increase) (+)/(-) 609
Services and other goods 61 1.421.936,43 1.463.759,55
Remuneration, social security costs and pensions (+)/(-) 5.10 62
Depreciation of and other amounts written off formation expenses, intangible and tangible fixed assets 630 316,73 312,99
Amounts written off stocks, contracts in progress and trade debtors: Appropriations (write-backs) (+)/(-) 631/4
Provisions for liabilities and charges: Appropriations (uses and write-backs) (+)/(-) 5.10 635/7
Other operating charges 5.10 640/8 1.598.555,74 1.338.903,92
Operating charges carried to assets as restructuring costs (-) 649
Operating profit (loss) (+)/(-) 9901 - 2.682.622,90 - 2.446.138,47
Financial income 75 151.054,91 1.695.645,66
Income from financial fixed assets 750
Income from current assets 751 1.406,42 10.015,99
Other financial income 5.11 752/9 149.648,49 1.685.629,67
Financial charges (+)/(-) 5.11 65 457.034,43 492.234,83
Debt charges 650 1.365,78
Amounts written off current assets except stocks, contracts in progress and trade debtors: appropriations (write books) (+)/(-) 651
Other financial charges 652/9 457.034,43 490.869,05
Gain (loss) on ordinary activities before taxes (+)/(-) 9902 - 2.986.602,42 - 1.242.727,64
Extraordinary income 76 3.115.541,06 1.158.253,36
Write-back of depreciation and of amounts written off intangible and tangible fixed assets 760
Write-back of amounts written down financial fixed assets 761
Write-back of provisions for extraordinary liabilities and charges 762
Capital gains on disposal of fixed assets 763
Other extraordinary income 5.11 764/9 3.115.541,06 1.158.253,36
Extraordinary charges (+)/(-) 66 3.115.541,06 1.158.253,36
Extraordinary depreciation of and extraordinary amounts written off formation expenses, intangible and tangible fixed assets 660
Amounts written off financial fixed assets 661
Provisions for extraordinary liabilities and charges: appropriations (uses) (+)/(-) 662
Capital losses on disposal of fixed assets 663
Other extraordinary charges 5.11 664/8 3.115.541,06 1.158.253,36
Extraordinary charges carried to assets as restructuring costs (-) 669
Gain (loss) for the period before taxes (+)/(-) 9903 - 2.988.602,42 - 1.242.727,64
Transfer from deferred taxes 780
Transfer to deferred taxes 680
Income taxes (+)/(-) 5.12 67/77 - 2.177,48 0,38
Income taxes 670/3 0,38
Adjustment of income taxes and write-back of tax provisions 77 2.177,48
Gain (loss) of the period (+)/(-) 9904 - 2.986.424,94 - 1.242.728,02
Transfer from untaxed reserves 789
Transfer to untaxed reserves 689
Gain (loss) ot the period available for appropriation (+)/(-) 9905 - 2.986.424,94 - 1.242.728,02

APPROPRIATION ACCOUNT

Codes Period Preceding period
Profit (loss) to be appropriated (+)/(-) 9906 - 26.308.144,71 - 23.321.719,77
Gain (loss) of the period available for appropriation (+)/(-) (9905) - 2.986.424,94 - 1.242.728,02
Profit (loss) brought forward (+)/(-) 14P - 23.321.719,77 - 22.078.991,75
Withdrawals from capital and reserves 791/2
from capital and share premium account 791
from reserves 792
Transfer to capital and reserves 691/2
to capital and share premium account 591
to legal reserve 6920
to other reserves 6921
Profit (loss) to be carried forward (+)/(-) (14) - 26.308.144,71 - 23.321.719,77
Owner´s contribution in respect of losses 794
Profit to be distributed 694/6
Dividends 694
Director´s or manager´s entitlements 695
Other beneficiaries 696

FURNITURE AND VEHICLES

Codes Period Preceding period
Acquisition value at the end of the period 8193P xxxxxxxxxxxxxxx 1.251,95
Movements during the period
Acquisitions, including produced fixed assets 8163
Sales and disposals 8173
Transfers from one heading to another (+)/(-) 8183
Acquisition value at the end of the period 8193 1.251,95
Revaluation surpluses at the end of the period 8253P xxxxxxxxxxxxxxx
Movements during the period
Recorded 8213
Acquisitions from third parties 8223
Cancelled 8233
Transferred from one heading to another (+)/(-) 8243
Revaluation surpluses at the end of the period 8253
Depreciations and amounts written down at the end of the period 8323P xxxxxxxxxxxxxxx 912,89
Movements during the period
Recorded 8273 316,73
Written back 8283
Acquisitions from third parties 8293
Cancelled owing to sales and disposals 8303 4,06
Transferred from one heading to another (+)/(-) 8313
Depreciations and amounts written down at the end of the period 8323 1.225,56
Net book value at the end of the period (24) 26,39

STATEMENT OF FINANCIAL FIXED ASSETS

Codes Period Preceding period
AFFILIATED ENTERPRISES - PARTICIPATING INTERESTS AND SHARES
Acquisition value at the end of the period 8391P xxxxxxxxxxxxxxx 618.601,15
Movements during the period
Acquisitions 8361
Sales and disposals 8371
Transfers from one heading to another (+)/(-) 8381
Acquisition value at the end of the period 8391 618.601,15
Revaluation surpluses at the end of the period 8451P xxxxxxxxxxxxxxx
Movements during the period
Recorded 8411
Acquisitions from third parties 8421
Cancelled 8431
Transferred from one heading to another (+)/(-) 8441
Revaluation surpluses at the end of the period 8451
Amounts written down at the end of the period 8521P xxxxxxxxxxxxxxx 618.598,00
Movements during the period
Recorded 8471
Written back 8481
Acquisitions from third parties 8491
Cancelled owing to sales and disposals 8501
Transferred from one heading to another (+)/(-) 8511
Amounts written down at the end of the period 8521 618.598,00
Uncalled amounts at the end of the period 8551P xxxxxxxxxxxxxxx
Movements during the period (+)/(-) 8541
Uncalled amounts at the end of the period 8551
Net book value at the end of the period (280) 3,15
AFFILIATED ENTERPRISES - AMOUNTS RECEIVABLE
NET BOOK VALUE AT THE END OF THE PERIOD 281P xxxxxxxxxxxxxxx
Movements during the period
Additions 8581
Repayments 8591
Amounts written down 8601
Amounts written back 8611
Exchange differences (+)/(-) 8621
Other movements (+)/(-) 8631
NET BOOK VALUE AT THE END OF THE PERIOD (281)
ACCUMULATED AMOUNTS WRITTEN OFF AMOUNTS RECEIVABLE AT END OF THE PERIOD 8651

PARTICIPATING INTERESTS INFORMATION

PARTICIPATING INTERESTS AND SHARES

List the enterprises in which the enterprise holds a participating interest, (recorded in the heading 280 and 282 of assets) and the other enterprises in which the enterprise holds rights (recorded in the headings 284 and 51/53 of assets) for an amount of at least 10 % of the capital issued.

NAME, full address of the REGISTERED OFFICE and for an enterprise governed by Belgian law. the COMPANY IDENTIFICATION NUMBER Rights held by Data extracted from the most recent annual accounts
directly subsidiaries
%		 Annual accounts as per Currency code Capital and reserve Net result
Number % (+) of (-) (in units)
AgfaPhoto Finance Australia Pty Ltd Burwood Highway 301, 3125 BURwood Vic. Australia 31.12.2008 AUD 212.744,00 - 113.800,00
Aandelen aan toonder 2 100,0 0,0
AgfaPhoto Solutions Av. Napoleon Bonaparte 274-6, 92506 Rueil-Malmaison, France 31.12.2008 EUR 4.433,00 - 17.321,00
Aandelen op naam 100 100,0 0,0
AgfaPhoto Italy Spa Via Grosio 10/4, 20151 Milano, Italy 31.12.2008 EUR 603.395,00 - 8.667,00
Aandelen op naam 1.000 100,0 0,0

OTHER INVESTMENTS AND DEPOSITS, ALLOCATION DEFERRED CHARGES AND ACCRUED INCOME

Codes Period Preceding period
INVESTMENTS: OTHER INVESTMENTS AND DEPOSITS
Shares 51
Book value increased with the uncalled amount 8681
Uncalled amount 8682
Fixed income securities 52
Fixed income securities issued by credit institutions 8684
Fixed term accounts with credit institutions 53
With residual term or notice of withdrawal up to one month 8686
between one month and one year 8687
over one year 8688
Other investments not mentioned above 8689
Period
DEFERRED CHARGES AND ACCRUED INCOME
Allocation of heading 490/1 of assets if the amount is significant
Over te dragen kosten 101.115,04
Toe te rekenen opbrengsten 14.713.244,07

STATEMENT OF CAPITAL AND SHAREHOLDING STRUCTURE

Codes Period Preceding period
STATEMENT OF CAPITAL
Social capital
Issued capital the end of the period 100P xxxxxxxxxxxxxxx 600.000,00
Issued capital at the end of the period (100) 600.000,00
Codes Value Number of shares
Changes during the period
Structure of the capital
Different categories of shares
Kapitaalsaandalen zonder nominate waarde 600.000,00 1.000
Registered shares 8702 xxxxxxxxxxxxxx 1.000
Shares to bearer and/or dematerialized 8703 xxxxxxxxxxxxxx
Codes Uncalled amount Capital called but not paid
Capital not paid
Uncalled capital (101) xxxxxxxxxxxxxx
Called up capital, unpaid 8712 xxxxxxxxxxxxxx
Shareholders having yet to pay up in full
Codes Period
Own shares
Held by the company itself
Amount of capital held 8721
Corresponding number of shares 8722
Held by the subsidiaries
Amount of capital held 8731
Corresponding number of shares 8732
Commitments to issue shares
Owing to the exercise of conversion rights
Amount of outstanding convertible loans 8740
Amount of capital to be subscribed 8741
Corresponding maximum number of shares to be issued 8742
Owing to the exercise of subscription rights
Number of outstanding subscription rights 8745
Amount of capital to be subscribed 8746
Corresponding maximum number of shares to be issued 8747
Authorized capital not issued 8751
Shares issued, non representing capital
Distribution
Number of shares 8761
Number of voting rights attached thereto 8762
Allocation by shareholder
Number of shares held by the company itself 8771
Number of shares held by its subsidiaries 8781

STRUCTURE OF SHAREHOLDINGS OF THE ENTERPRISE AT YEAR-END CLOSING DATE, AS IT APPEARS FROM THE STATEMENTS RECEIVED BY THE ENTERPRISE

STATEMENT OF AMOUNTS PAYABLE, ACCRUED CHARGES AND DEFERRED INCOME

Codes Period
BREAKDOWN OF AMOUNTS PAYABLE WITH AN ORIGINAL PERIOD TO MATURITY OF MORE THAN ONE YEAR, ACCORDING TO THEIR RESIDUAL TERM
Current portion of amounts payable after more than one year falling due within one year
Financial debts 8801
Subordinated loans 8811
Unsubordinated debentures 8821
Leasing and other similar obligations 8831
Credit institutions 8841
Other loans 8851
Trade debts 8861
Suppliers 8871
Bills of exchange payable 8881
Advance payments received on contract in progress 8891
Other amounts payable 8901
Total current portion of amounts payable after more than one year falling due within one year (42)
Amounts payable with a remaining term of more than one but not more than five years
Financial debts 8802
Subordinated loans 8812
Unsubordinated debentures 8822
Leasing and other similar obligations 8832
Credit institutions 8842
Other loans 8852
Trade debts 8862
Suppliers 8872
Bills of exchange payable 8852
Advance payments received on contracts in progress 8892
Other amounts payable 8902 392.913,85
Total amounts payable with a remaining term of more than one but not more than five years 8912 392.913,85
Amounts payable with a remaining term of more than five years
Financial debts 8803
Subordinated loans 8813
Unsubordinated debentures 8823
Leasing and other similar obligations 8833
Credit institutions 8843
Other loans 8853
Trade debts 8863
Suppliers 8873
Bills of exchange payable 8883
Advance payments received on contracts in progress 8893
Other amounts payable 8903
Total amounts payable with a remaining term of more than five years 8913
GUARANTEED AMOUNTS PAYABLE (included in headings 17 and 42/48 of the liabilities)
Amounts payable guaranteed by Belgian public authorities
Financial debts 8921
Subordinated loans 8931
Unsubordinated debentures 8941
Leasing and similar obligations 8951
Credit institutions 8961
Other loans 8971
Trade debts 8981
Suppliers 8991
Bills of exchange payable 9001
Advance payments received on contracts in progress 9011
Remuneration and social security 9021
Other amounts payable 9051
Total amounts payable guaranteed by Belgian public authorities 9061
Amounts payable guaranteed by real securities or irrevocably promised by the enterprise on its own assets
Financial debts 8922
Subordinated loans 8932
Unsubordinated debentures 8942
Leasing and similar obligations 8952
Credit institutions 8962
Other loans 8972
Trade debts 8982
Suppliers 8992
Bills of exchange payable 9002
Advance payments received on contracts in progress 9012
Taxes, remuneration and social security 9022
Taxes 9032
Remuneration and social security 9042
Other amounts payable 9052
Total amounts payable guaranteed by real securities or irrevocably promised by the enterprise on its own assets 9062
TAXES, REMUNERATION AND SOCIAL SECURITY
Taxes (heading 450/3 of the liabilities)
Outstanding lax debts 9072
Accruing taxes payable 9073 2.607,21
Estimated taxes payable 450
Remuneration and social security (heading 454/9 of the liabilities)
Amounts due to the National Social Security Office 9076
Other amounts payable in respect of remuneration and social security 9077 3.768,08
Period
ACCRUALS AND DEFERRED INCOME
Allocation of heading 492/3 of liabilities if the amount is significant
Toe te rekenen kosten 63.203,18
Over te dragen opbrengsten 7.909.082,66
Interne transferten 35.704,80

OPERATING RESULTS

Codes Period Preceding period
OPERATING INCOME
Net turnover
Allocation by categories of activity
Allocation into geographical markets
Other operating income
Operating subsidies and compensatory amounts received from public authorities 740
OPERATING CHARGES
Employees recorded in the personnel register
Total number at the closing date 9086
Average number of employees calculated in full-time equivalents 9087
Number of actual worked hours 9088
Personnel costs
Remuneration and direct social benefits 620
Employers' contribution for social security 621
Employers' premiums for extra statutory insurance 622
Other personnel costs (+)/(-) 623
Retirement and survivors' pensions 624
Provisions for pensions and other similar rights
Appropriations (uses and write-backs) (+)/(-) 635
Amounts written off
Stocks and contracts in progress
Recorded 9110
Written back 9111
Trade debts
Recorded 9112
Written back 9113
Provisions for liabilities and charges
Additions 9115
Uses and write-backs 9116
Other operating charges
Taxes related to operation 640 4.606,85 4.261,82
Other costs 641/8 1.593.948,89 1.334.642,10
Hired temporary staff and personnel placed at the enterprise's disposal
Total number at the closing date 9096
Average number calculated in full-time equivalents 9097 2,5 2,4
Number of actual worked hours 9098 4.934 4.691
Costs to the enterprise 617 118.418,99 112.591,46

FINANCIAL AND EXTRAORDINARY RESULTS

Codes Period Preceding period
FINANCIAL RESULTS
Other financial income
Subsidies granted by public authorities and recorded as income for the period
Capital subsidies 9125
Interest subsidies 9126
Allocation of other financial income
Gerealiseerde wisselresultaten. 92,36 1.834,59
Verwljlinteresten 73.367,53 314,97
Positieve betallngsverschillen 15,72 1.075,61
Niet-gerealiseerde wisselresultaten 76.172,86 1.682.404,50
Depreciation of loan issue expenses and reimbursement premiums 6501
Capitalized Interests 6503
Amounts written off current assets
Recorded 6510
Written back 6511
Other financial charges
Amount of the discount borne by the enterprise, as a result of negotiating amounts receivable 653
Provisions of a financial nature
Appropriations 6560
Uses and write-backs 6561
Allocation of other financial charges
Gerealiseerde wisselresultaten (+)/(-) 4,70 32.020,89
Bankkosten (+)/(-) 6.884,63 12.083,17
Negatieve betalingsverschillen (+)/(-) 1.375,92 113,31
Niet-gerealiseerde wisselresultaten (+)/(-) 448.768,98 446.651,68
Period
EXTRAORDINARY RESULTS
Allocation of other extraordinary income
Waiver Frankrijk 5.776,46
Waiver Italië 69.764,60
Contribution agreement AP holding - APF NV - APF Italië 3.040.000,00
Allocation of other extraordinary charges
Waiver Frankrijk 5.776,46
Contribution agreement AP holding - APF NV - APF Italië 3.109.764,60

INCOME TAXES AND OTHER TAXES

Codes Period
INCOME TAXES
Income taxes on the result of the period 9134
Income taxes paid and withholding taxes due or paid 9135
Excess of income tax prepayments and withholding taxes paid recorded under assets 9136
Estimated additional taxes 9137
Income taxes on the result of prior periods 9138
Additional income taxes due or paid 9139
Additional income taxes estimated or provided for 9140
In so far as taxes of the period are materially affected by differences between the profit before taxes as stated in annual accounts and the estimated taxable profit

Impact of extraordinary results on the amount of the income taxes relating to the current period

Codes Period
Status of deferred taxes
Deferred taxes representing assets 9141 26.307.107,45
Accumulated tax losses deductible from future taxable profits 9142 26.307.107,45
Other deferred taxes representing assets
Deferred taxes representing liabilities 9144
Allocation of deferred taxes representing liabilities
Codes Period Preceding period
VALUE ADDED TAXES AND OTHER TAXES BORNE BY THIRD PARTIES
Value added taxes charged
To the enterprise (deductible) 9145 40.446,87 36.634,15
By the enterprise 9146 21.228,94 46.346,83
Amounts withheld on behalf of third party
For payroll withholding taxes 9147
For withholding taxes on investment income 9148

RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET

Codes Period
PERSONAL GUARANTEES PROVIDED OR IRREVOCABLY PROMISED BY THE ENTERPRISE AS SECURITY FOR DEBTS AND COMMITMENTS OF THIRD PARTIES 9149
Of which
Bills ol exchange in circulation endorsed by the enterprise 9150
Bills of exchange in circulation drawn or guaranteed by the enterprise 9151
Maximum amount for which other debts or commitments of third parties are guaranteed by the enterprise 9153
REAL GUARANTEES
Real guarantees provided or irrevocably promised by the enterprise on its own assets as security of debts and commitments of the enterprise
Mortgages
Book value of the immovable properties mortgaged 9161
Amount of registration 9171
Pledging of goodwill - Amount of the registration 9181
Pledging of other assets - Book value of other assets pledged 9191
Guarantees provided on future assets - Amount of assets involved 9201
Real guarantees provided or irrevocably promised by the enterprise on its own assets as security of debts and commitments of third parties
Mortgages
Book value of the immovable properties mortgaged 9162
Amount of registration 9172
Pledging of goodwill - Amount of the registration 9182
Pledging of other assets - Book value of other assets pledged 9192 13.927.023,08
Guarantees provided on future assets - Amount of assets involved 9202
GOODS AND VALUES, NOT DISCLOSED IN THE BALANCE SHEET, HELD BY THIRD PARTIES IN THEIR OWN NAME BUT AT RISK TO AND FOR THE BENEFIT OF THE ENTERPRISE
SUBSTANTIAL COMMITMENTS TO ACQUIRE FIXED ASSETS
SUBSTANTIAL COMMITMENTS TO DISPOSE OF FIXED ASSETS
Opties gegeven ean derden 562.893,89
FORWARD TRANSACTIONS
Goods purchased (to be received) 9213
Goods sold (to be delivered) 9214
Currencies purchased (to be received) 9215
Currencies sold (to be delivered) 9216

COMMITMENTS RELATING TO TECHNICAL GUARANTEES IN RESPECT OF SALES OR SERVICES

INFORMATION CONCERNING IMPORTANT LITIGATION AND OTHER COMMITMENTS

Euler & Collateral claim

BRIEF DESCRIPTION OF SUPPLEMENT RETIREMENT OR SURVIVORS PENSION PLAN IN FAVOUR OF THE PERSONNEL OR THE EXECUTIVES OF THE ENTERPRISE AND OF THE MEASURES TAKEN BY THE ENTERPRISE TO COVER THE RESULTING CHARGES

Codes Period
PENSIONS FUNDED BY THE ENTERPRISE
Estimated amount of the commitments resulting for the enterprise from past services 9220
Methods of estimation

NATURE AND COMMERCIAL OBJECTIVE OF TRANSACTIONS NOT REFLECTED IN THE BALANCE SHEET

Provided that the risks or advantages coming from these transactions are significant and if the disclosure of the risks or advantages is necessary to appreciate the financial situation of the company; if need arises, the financial consequences of these transactions for the company have also to be mentioned

RELATIONSHIPS WITH AFFILIATED ENTERPRISES AND ENTERPRISES LINKED BY PARTICIPATING INTERESTS

Codes Period Preceding period
AFFILIATED ENTERPRISES
Financial fixed assets (280/1) 3,15 3,15
Participating interests (280) 3,15 3,15
Subordinated amounts receivable 9271
Other amounts receivable 9281
Amounts receivable from affiliated enterprises 9291
Over one year 9301
Within one year 9311
Current investments 9321
Shares 9331
Amounts receivable 9341
Amounts payable 9351 43.929.526,33 43.520.455,76
Over one year 9361 392.913,85 718.435,84
Within one year 9371 43.536.612,48 42.802.019,92
Personal and real guarantees
Provided or irrevocably promised by the enterprise as security for debts or commitments of affiliated enterprises 9381
Provided or irrevocably promised by affiliated enterprises as security for debts or commitments of the enterprise 9391 4.904.632,49 7.825.126,94
Other significant financial commitments 9401
Financial results
Income from financial fixed assets 9421
Income from current assets 9431
Other financial income 9441
Debt charges 9461
Other financial charges 9471
Disposal of fixed assets
Capital gains obtained 9481
Capital losses suffered 9491
ENTERPRISES LINKED BY PARTICIPATING INTERESTS
Financial fixed assets (282/3)
Participating interests (282)
Subordinated amounts receivable 9272
Other amounts receivable 9282
Amounts receivable 9292
Over one year 9302
Within one year 9312
Amounts payable 9352
Over one year 9362
Within one year 9372
Period
TRANSACTIONS WITH ENTERPRISES LINKED BY PARTICIPATING INTERESTS OUT OF MARKET CONDITIONS
Mention of these transactions if they are significant, including the amount of the transactions, the nature of the link, and all information about the transactions which should be necessary to get a better understanding of the situation of the enterprise
5.776,46
3.109.764,60
197.808,40

FINANCIAL RELATIONSHIPS WITH

Codes Period
DIRECTORS, MANAGERS, INDIVIDUALS OR BODIES CORPORATE WHO CONTROL THE ENTERPRISE WITHOUT BEING ASSOCIATED THEREWITH OR OTHER ENTERPRISES CONTROLLED BY THESE PERSONS
Amounts receivable from these persons 9500
Conditions on amounts receivable
Guarantees provided in their favour 9501
Main conditions of these guarantees
Other significant commitments undertaken in their favour 9502
Main conditions of the other commitments
Amount of direct and indirect remunerations and pensions, included in the income statement, as long as this disclosure does not concern exclusively or mainly, the situation of a single identifiable person
To directors and managers 9503
To former directors and former managers 9504
AUDITORS OR PEOPLE THEY ARE LINKED TO
Auditor's fees 9505 15.000,00
Fees for exceptional services or special missions executed in the company by the auditor
Other attestation missions 95061
Tax consultancy 95062
Other missions external to the audit 95063
Fees for exceptional services or special missions executed in the company by people they are linked to
Other attestation missions 95081
Tax consultancy 95082
Other missions external to the audit 95083

Mentions related to article 133, paragraph 6 from the Companies Code

INFORMATION RELATING TO CONSOLIDATED ACCOUNTS

INFORMATION TO DISCLOSE BY EACH ENTERPRISE THAT IS SUBJECT TO COMPANY LAW ON THE CONSOLIDATED ACCOUNTS OF ENTERPRISES

The company neither prepares nor publishes consolidated financial statements and a relating annual report for one of the following reasons

The enterprise and its subsidiaries on consolidated basis exceed not more than one of limits mentioned in art. 16 of Company Law

The company itself is a subsidiary of an enterprise which does prepare and publish consolidated accounts in which annual accounts of the enterprise are included

If yes, justification of the compliance with all conditions for exemption set out in art 113, par. 2 and 3 of Company Law

Name, full address of registered office and, for an enterprise governed by Belgian Law, the V. A. T or national number of the parent company preparing and publishing the consolidated accounts required

 

AgfaPhoto Holding AG
 

Hohenzollemring 55, 50672 Cologne. Germany

INFORMATION TO DISCLOSE BY THE REPORTING ENTERPRISE BEING A SUBSIDIARY OR A JOINT SUBSIDIARY

Name, full address of the registered office and, if the company is subject to Belgian law, the company identification number of the parent company (ies) and the specifications whether the parent company (ies) prepare (s) and publish (es) consolidated accounts which includes the annual accounts of the company *:

1. AgfaPhoto Holding AG Consolidating entity - Biggest grouping
Hohenzollemring 55, 50672 Cologne, Germany

If the parent company(ies) is (are) (an) enterprise(s) governed by foreign law disclose where the consolidated accounts can be obtained*:

1. AgfaPhoto Holding AG AgfaPhoto Holding AG
Hohenzollernring 55, 50672 Cologne, Germany

* Where the annual accounts of the enterprise are consolidated at different levels, the information should be given for the consolidate aggregate at the highest level or the one hand and the lowest level on the other hand of which the enterprise is a subsidiary and for which consolidated accounts are prepared and published.

HIRED TEMPORARY STAFF AND PERSONNEL PLACED AT THE ENTERPRISE'S DISPOSAL

During the period Codes 1. Hired temporary staff 2. Persons placed at the enterprises disposal
Average number of persons employed 150 2,5
Number of hours actually worked 151 4.934
Costs for the enterprise 152 118.418,99

LIST OF PERSONNEL MOVEMENTS DURING THE PERIOD

ENTRIES

Codes 1. Full-Time 2. Part-time 3. Total full-time equivalents
Number of employees recorded in the personnel register during the period 205
By nature of employment contract
Contract for an indefinite period 210
Contract for a definite period 211
Contract for the execution of a specifically assigned work 212
Replacement contract 213

DEPARTURES
Codes 1. Full-time 2. Part-time 3. Total full-time equivalents
Number of employees whose contract-termination date has been entered in the personnel register during the period 305
By nature of employment contract
Contract for an indefinite period 310
Contract for a definite period 311
Contract for the execution of a specifically assigned work 312
Replacement contract 313
By reason of termination of contract
Retirement 340
Early retirement 341
Dismissal 342
Other reason 343
the number of persons who continue to render services to the enterprise at least half-time on a self-employed basis 350

VALUATION RULES

SAMENVATTING VAN DE WAARDERINGSREGELS

I. BEGINSEL

De waarderingsregels worden vastgesteld overeenkomstig de bepalingen van het koninklijk besluit van 30 januari 2001 tot uitvoering van het Wetboek van vennootschappen.

Ten behoeve van het getrouwe beeld wordt in de volgende uitzonderingsgevallen afgeweken van de bij dit besluit bepaalde waarderingsregels:

Deze afwijkingen worden als volgt verantwoord:

Deze afwijkingen beïnvloeden als volgt het vermogen, de financiële positie en het resultaat vóór belasting van de onderneming

De waarderingsregels werden ten opzichte van het vorige boekjaar qua verwoording of toepassing niet gewijzigd; zo ja, dan heeft de wijziging betrekking op heeft zij een (positieve) (negatieve) invloed op het resultaat van het boekjaar vóór belasting ten belope van EUR

De resultatenrekening (wordt) (wordt niet) op belangrijke wijze beïnvloed door opbrengsten en kosten die aan een vorig boekjaar moeten worden toegerekend; zo ja, dan hebben deze betrekking op:

De cijfers van het boekjaar zijn niet vergelijkbaar met die van het vorige boekjaar en wel om de volgende reden

(Voor de vergelijkbaarheid worden de cijfers van het vorige boekjaar op volgende punten aangepast) (Voor de vergelijking van de jaarrekeningen van beide boekjaren moet raet volgende elementen rekening worden gehouden)

Bij gebrek aan objectieve beoordelingscriteria is de waardering van de voorzienbare risico's. mogelijke verliezen en ontwaardingen waarvan hierna sprake, onvermijdelijk aleatolr

Andere inlichtingen die noodzakelijk zijn opdat de jaarrekening een getrouw beeld zou geven van het vermogen, de financiële positie en het resultaat van de onderneming:

II. BIJZONDERE REGELS

OPRICHTINGSKOSTEN

De oprichtingskosten worden onmiddellijk ten laste genomen, behoudens volgende kosten die worden geactiveerd:

De oprichtingskosten van nieuwe branches worden geactiveerd en over 3 jaar afgeschreven. De kosten van kapitaalsverhoging worden eveneens gctiveerd en over drie jaar afgeschreve

HERSTRUCTURERINGS KOSTEN

De herstructureringskosten werden (geactiveerd) (niet geactiveerd) in de loop van het boekjaar; zo ja, dan wordt dit als volgt verantwoord

IMMATERIËLE VASTE ACTIVA

Het bedrag aan immateriële vaste activa omvat voor EUR kosten van onderzoek en ontwikkeling. De afschrijvingstermijn voor deze kosten en voor de goodwill beloopt (meer) (niet meer) dan 5 jaar; indien meer dan 5 jaar wordt deze termijn als volgt verantwoord:

MATERIELE VASTE ACTIVA

In de loop van het boekjaar (werden geen) materiële vaste activa geherwaardeerd; zo ja, dan wordt deze herwaardering als volgt verantwoord:

AFSCHRIJVINGEN GEBOEKT TIJDENS HET BOEKJAAR

Leasing Methode Basis Afschrijvingspercentages
Hoofdsom Bijkomende kosten
Min. Max. Min. Max.
1. Oprichtingskosten
2. Immateriële vaste activa
3. Industriële, administratieve of commerciële gebouwen *
4. Installaties, machines en uitrusting *
5. Rollend materieel *
6. Kantoormaterieel en meubilair * L NG 20,00 - 25,00 20,00 - 25,00
7. Andere materiële vaste activa

L (lineaire)

D (degressieve)

A (andere)

NG (niet- geherwaardeerde)

G (geherwaardeerde)

* Met inbegrip van de in leasing gehouden activa; deze worden in voorkomend geval op een afzonderlijke lijn vermeld.

Overschot aan toegepaste, fiscaal aftrekbare, versnelde afschrijvingen ten opzichte van de economisch verantwoorde afschrijvingen

―

bedrag voor het boekjaar: EUR.
―

gecumuleerd bedrag voor de vaste activa verworven vanaf het boekjaar dat na 31 december 1983 begint EUR

FINANCIËLE VASTE ACTIVA

In de loop van het boekjaar (werden geen) deelnemingen geherwaardeerd; zo ja, dan wordt deze herwaardering als volgt verantwoord

VOORRADEN

Voorraden worden gewaardeerd tegen de AANSCHAFFINGSWAARDE berekend volgens de (te vermelden) methode van de gewogen gemiddelde prijzen, Fifo, Lifo, individualisering van de prijs van elk bestanddeel of tegen de lagere marktwaarde:

1.

Grond- en hulpstoffen:
2.

Goederen in bewerking - gereed product:
3.

Handelsgoederen:
4.

Onroerende goederen bestemd voor verkoop:

PRODUCTEN

- De vervaardigingsprijs van de producten (omvat) (omvat niet) de onrechtstreekse productiekosten.

- De vervaardigingsprijs van de producten waarvan de productie meer dan één jaar beslaat, (omvat) (omvat geen) financiële kosten verbonden aan de kapitalen ontleend om de productie ervan te financieren.

Bij het einde van het boekjaar bedraagt de marktwaarde van de totale voorraden ongeveer % meer dan hun boekwaarde.

(Deze inlichting is slechts vereist zo het verschil belangrijk is)

BESTELLINGEN IN UITVOERING

Bestellingen in uitvoering worden gewaardeerd (tegen vervaardigingsprijs) (tegen vervaardigingsprijs, verhoogd net een gedeelte van het resultaat naar gelang van de vordering der werken).

SCHULDEN

De passiva (bevatten) (bevatten geen) schulden op lange termijn, zonder rente of met een abnormaal lage rente; zo ja, dan wordt op deze schulden (een) (geen) disconto toegepast dat wordt geactiveerd.

VREBMDE VALUTA

De omrekening in EUR van tegoeden, schulden en verbintenissen in vreemde valuta gebeurt op volgende

grondslagen:

De omrekening gebeurt aan slotkoers.

De resultaten uit de omrekening van vreemde valuta zijn als volgt in de jaarrekening verwerkt:

LEASINGOVEREENKOMSTEN

Wat de niet-geactiveerde gebruiksrechten uit leasingovereenkomsten betreft (artikel 102, § 1 van het koninklijk besluit van 30 januari tot uitvoering van het Wetboek van vennootschappen), beliepen de vergoedingen en huurgelden die betrekking hebben op het boekjaar voor leasing van onroerende goederen: EUR.

EIGEN VERMOGEN

De niet-gerealiseerde wisselkoersverschillen op het eigen vermogen naar aanleiding van het hanteren van de methode van de slotkoers bij het opnemen van de rekeningen van de buitenlandse bijkantoren hebben een negatief effect op het resultaat van 2009 ten bedrage van 327.167,77 €. In 2008 bedroeg deze impact 1.304.552,35 € (positief).

ANNUAL REPORT OF THE BOARD OF DIRECTORS

Gentlemen, In accordance with the legal and statutory provisions, it is our privilege to report to you on the operations of our company during the past financial year and to submit to you for approval the accounts, closed on December 31, 2009.

1. Comments on the annual accounts

The annual accounts of the financial year closed on December 31, 2009 show the following situation:

* Operating income EUR 338.186,00
* Operating charges (-) EUR (3.020.808,90)
* Financial income EUR 151.054,91
* Financial charges (-) FUR (457.034,43)
* Extraordinary income EUR 3.115.541,06
* Extraordinary charges (-) EUR (3.115.541,06)
* Taxes EUR 2.177,48

The turnover amounted to 112,339.25 EUR on December 31, 2008, whilst it is non-existent on December 31, 2009. This is mainly due to the termination of invoicing in 2009 because life-times of contracts have expired.

The company booked however "other operating income" amounting to 338,186.00 EUR on December 31, 2009, resulting from surplus values on terminated contracts (instead of 244,498.74 EUR on December 31, 2008). This increase is due to a higher number of terminated contracts.

The operating charges amounted to 2,802,976.46 EUR on December 31, 2008, whilst they amount to 3,020,808.90 EUR on December 31, 2009. This increase is due to higher other consulting costs (+60,821.39 EUR) and increased less-value terminations of contracts (+306,499.75 EUR) while lawyer fees (-34,811.00 EUR) and services provided by Agfa Finance in the framework of the "Collection & Service Agreement" (-32,013.45 EUR) decreased.

The financial income has decreased considerably from 1,695,645.66 EUR to 151,054.91 EUR and this, mainly due to decreased unrealized exchange rate gains amounting to -1,606,231.64 EUR generated by the use of the "closing exchange rate method" when taking up the branches in the financial statements.

The significant increase of the extraordinary income and (he extraordinary charges is mainly due to a contribution agreement between AgfaPhoto Holding, AgfaPhoto Finance NV and AgfaPhoto Finance Italy amounting to 3,040,000.00 EUR issued for Italy.

After taking into account the financial result, the extraordinary result and the income taxes, the company has booked a loss for the period amounting to 2,986,424.94 EUR in comparison to a loss amounting to 1,242,728.02 EUR for the previous financial year.

We propose the following appropriation:

* Loss for the period available for appropriation (-) EUR (2.986.424,94)
* Loss brought forward (-) EUR (23.321.719,77)
* Loss to be appropriated (-) EUR (26.308.144,71)
* Loss to be carried forward (-) EUR (26.308.144,71)

2. Main risks and uncertainties

We do not anticipate important risks or uncertainties which could significantly influence our company, except for the following:

•

The company is involved in an important number of legal proceedings in which payment of unsettled leasing debts are being claimed. At the closing date of the financial year, it is impossible to estimate the outcome of these legal actions.
•

The company is also involved in legal proceedings to recover losses on the leasing portfolio for an amount of 5,3 Mio EUR. At the closing date of the financial year, it is impossible to estimate the outcome of these legal actions as to the amounts to be recovered. As a result, the accounts do not include any amounts that might be recovered through these proceedings.

3. Article 96,6° Companies Code

We take note of article 96, 6° Companies Code:

"In case the balance sheet shows a loss carried forward or if the income statement results in a loss of the year for two consecutive years, justification of the application of the accounting policies in the assumption of going concern ".

The balance sheet as at December 31, 2009, shows a loss carried forward of 26,308,144.71 EUR. Consequently, art. 96, 6° Companies Code is applicable.

After deliberation, the board of directors decides that the principle of application of the continuity accounting rules can be maintained as:

•

AgfaPhoto Holding GmbH, the credit granter of AgfaPhoto Finance NV, agreed, for the future, not to call in any of the debts except if the funds being currently withheld on the collection and collateral accounts of Agfa Finance in favour of Agfa-Gevaert are released.
•

If past leasing receipts appear to be insufficient AgfaPhoto Holding GmbH represents and undertakes to use its influence that payment obligations to third parties can be fulfilled.
•

AgfaPhoto Holding will issue a waiver to AgfaPhoto Finance NV for all uncollected debts, if necessary.

4. Important events after the closing of the financial year

The following special events have occurred after the closing of the financial year:

•

the branch office in Poland has been closed with effect as from 14 May 2010;
•

the release of 8 million EUR of the collection & collateral accounts.

5. Circumstances that can influence the development of the company

- As already mentioned in prior year, the collectability situation on the leasing portfolio has been severely impacted by the doubtful going concern situation or the insolvency of the local sales organizations of the AgfaPhoto GmbH Group. The company will continue all financial and legal efforts in order to maximize the financial results.

- The Euler-claim, in which AgfaPhoto Finance NV is claimant versus Agfa Finance NV, requiring damage compensation for breach of contractual duties arising out of the Servicing and Collection Agency Agreement.

- The collateral-claim, in which AgfaPhoto Finance NV is claimant versus Agfa Gevaert NV & Co KG, requiring release of certain collaterals.

As far as we know and subject to the preceding paragraph, there are no other specific circumstances that would influence the development of the company.

6. Research and development

During the past financial year, the company has not been involved in any research and development.

7. Indications of the existence of a branch office of the company

The company has the following branch offices in the following countries:

•

Finland, AgfaPhoto Finance Finland, Suomalaistentie 7, 02271 Espoo.
•

Germany, AgfaPhoto Finance Germany, Im MediaPark 5, 50670 Köln.
•

Spain, AgfaPhoto Finance Spain, CI. Casanova 98, 08011 Barcelona.
•

UK, AgfaPhoto Finance UK, 27, Great West Road, Brentford - Middlesex TW8 9AX.
•

Japan, AgfaPhoto Finance Japan, 8-1, Higashiyama 3-chome Meguro-ku, Tokyo.

The branch offices situated in Switzerland and in The Netherlands have been closed with effect as from December 31, 2009. The branch office in Poland has been closed with effect as from 14 May 2010.

8. Communication concerning the use of financial instruments as long as it is important for the development of the assets, liabilities, financial situation and losses or profits

The company does not use any such financial instruments.

9. Conflict of interests - article 523 of the Companies Code

Not applicable.

The Companies Code does not require that any specific data be included in the present management report.

We hope that you will approve the annual accounts as they are presented to you and that you will release the directors and the statutory auditor from any personal liability for acts committed by them in their official capacity.

Done on:

 

August 11. 2010

AgfaPhoto Holding GmbH,
represented by its permanent representative

Uwe FRIEDRICHSEN, The board of directors

Mr Andreas SELMECZI, The board of directors

Grant Thornton

Statutory auditor's report to the general meeting of shareholders of AgfaPhoto Finance NV on the financial statements for the year ended December 31, 2009

In accordance with the legal and statutory requirements, we report to you on the performance of the mandate of statutory auditor, which has been entrusted to us. This report contains our opinion on the true and fair view of the financial statements as well as the required additional statements.

Qualified audit opinion on the financial statements, with an explanatory paragraph

We have audited the financial statements for the year ended 31 December 2009, prepared in accordance with the financial reporting framework applicable in Belgium, which show a balance sheet total of € 29.582.401.27 and a loss for the year of € 2.986.424,94.

Management is responsible for the preparation and the fair presentation of these financial statements. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of 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 financial statements based on our audit. We conducted our audit in accordance with the legal requirements and the Auditing Standards applicable in Belgium, as issued by the Institute of Registered Auditors (Institut des Reviseurs d'Entreprises / Institut der Bedrijfsrevisoren). Those standards require that we plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free from material misstatement, as to whether due to fraud or error.

In accordance with the above-mentioned auditing standards, we considered the company's accounting system, as well as its internal control procedures. We have obtained from management and the company's officials, the explanations and information necessary for executing our audit procedures. We have examined, on a test basis, the evidence supporting the amounts included in the financial statements. We have assessed the appropriateness of accounting policies and the reasonableness of the significant accounting estimates made by the company as well as the overall financial statement presentation. We believe that these procedures provide a reasonable basis for our opinion.

The balance at 31 December 2008 includes a significant uncertainty on the collectability of leasing receivables for an amount of approximately 10,4 Million Euro, resulting from possible insolvencies of clients and litigations which are related to the bankruptcy of AgfaPhoto GmbH, which resulted in an unilateral termination of a number of service contracts related to the equipments, object to the leasing contracts. As described in the annual report of the Board of Directors, the collectability of the leasing receivables would normally be contractually guaranteed by the individual sales organisations of the AgfaPhoto GmbH group. Due to the bankruptcy of AgfaPhoto GmbH, which has been declared on 1 October 2005, a significant part of the individual sales organisations also filed for bankruptcy or are in a situation where there is serious concern on the ability to continue the activities under a perspective of 'going concern' as they are both financially and operationally dependant on their parent company. Eventhough AgfaPhoto Finance NV does not have any direct financial liens to these sales organisations of which AgfaPhoto GmbH is the parent company, there is significant doubt and uncertainty whether these financial guarantees will or can be realized as a result of aforementioned problems. Eventhough the company could decide to sell the leased equipment in absence of the realisation of the guarantees given by AgfaPhoto GmbH group, it is highly probable that the market value of these equipments is significantly lower than the book value of the remaining lease receivables, mainly as a result of technological evolution. As a result we issue a qualification on the valuation of these lease receivables, which will be dependent upon their effective realisation in the light of the above.

In our opinion, except for the effect of the matter described in the preceding paragraph, the financial statements for the year ended 31 December 2009 give a true and fair view of the company's assets and liabilities, its financial position and the results of its operations in accordance with the financial reporting framework applicable in Belgium.

Notwithstanding the accumulated significant losses that were incurred by the Company to date, the accompanying financial statements have been prepared from a going concern perspective. This assumption is justified to the extent that the company can benefit from continued financial support of its shareholders or other sources of financing. The Board of Directors has indicated in its annual report that the parent company, as most significant credit granter of use company, has agreed to only call in the short term debts to the extent that there are sufficient cash resources at hand. Besides that, the Board of Directors is convinced that all other debts can be paid by the incoming leasing receipts.

This assumption is valid to the extent that the company can further rely on the financial support of her shareholders or can rely on other financing sources.

Without devaluing the above mentioned qualified audit opinion, we would like to draw the attention to the annual report in which the Board of Directors, according to legal obligations, justifies the application of the valuation rules from a going-concern perspective.

Additional statements

The preparation of the Director's report and its content, as well as the Company's compliance with me Company Code and its bylaws are the responsibility of management.

Our responsibility is to supplement our report with the following additional statements which do not modify our audit opinion on the financial statements:

• The Director's report includes the information required by law and is consistent with the financial statements. We are, however, unable to comment on the description of the principal risks and uncertainties which the company is facing, and on its financial situation, its foreseeable evolution or the significant influence of certain facts on its future development We can nevertheless confirm that the matters disclosed do not present any obvious inconsistencies with the information that we became aware of during the performance of our mandate.

• Without prejudice to Formal aspects of minor importance, the accounting records were maintained in accordance with the legal and regulatory requirements applicable in Belgium.

• There are no transactions undertaken or decisions taken in violation of the company's statutes or the Company Code that we have to report to you, with the exception of the fact that the annual accounts dated 31 December 2009 are not submitted for approval in the General Assembly of Shareholders on the statutory date, nor within 6 months after the closing of the financial year. Furthermore the annual accounts will not be deposited at the National Bank within 7 months after the closing of the financial year. In accordance with this the annual report and the annual accounts were not submitted to in a timely manner by the Board of Directors. The appropriation of results proposed to the general meeting complies with the legal and statutory provisions.

• The net assets have decreased below half of the issued capital. We would like to draw attention to the fact that as a consequence the Board of Directors has to put the question of the possible dissolution to the General Assembly as determined by article 633 of the Belgian Company Law and has to justify the proposed measures. The concerning report of the Board of Directors is drawn up on August 11, 2010 and will be submitted to the General Assembly which is scheduled on August 20, 2010. As the net assets have decreased below a quarter of the issued capital, the dissolution will take place upon approval by a quarter of the votes issued at the General Assembly. In addition, as the net assets have decreased below the legally required capital, article 634 of the Belgian Company law is of application as well. As a result, every interested party can demand the dissolution of the company at court. In this case the court can grant the company a period to regularize her present situation.

 

Groot-Bijgaardeen, August 12. 2010

Grant Thorton Lippens & Rabaey BVCV
Statutory Auditor

Marleen Mannekens, Audit Partner

Nachrichten & Medien

Insolvenzbekanntmachungen

Aktuelle Insolvenzverfahren

Prüfen, ob Insolvenzverfahren für dieses Unternehmen vorliegen

Handelsregister Dokumente

Gesellschafterliste
Aktueller Abdruck
Chronologischer Abdruck

Organisationen an dieser Adresse

100 nahegelegene Organisationen

Liste von Unternehmen und Organisationen an oder in der Nähe dieser Geschäftsadresse. Die Daten umfassen Firmennamen, Adressen, Registrierungsdetails und Branchenklassifikationen.
Die Informationen auf dieser Seite stammen aus öffentlichen Quellen, offiziellen Registern oder werden von Drittanbietern bereitgestellt. Fusionbase übernimmt keine Garantie für die Richtigkeit, Vollständigkeit oder Aktualität der Daten. Melde dich bei Fragen oder Anregungen über unser Kontaktformular.