CONSOLIDATED ANNUAL ACCOUNT IN THOUSAND EURO

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1 47 9 EUR Nr. Date of the deposition No PP. B. D. CONSO 1 CONSOLIDATED ANNUAL ACCOUNT IN THOUSAND EURO NAME OF THE CONSOLIDATING ENTERPRISE OR THE CONSORTIUM (1)(2) : De Persgroep Legal form: PLC Address: Brusselsesteenweg Nr.: 347 Postal Code: 1730 City: Asse Country: Register of Legal Persons (RLP) - Office of the commercial court at: Bruxelles Internet address (3) : Company number: CONSOLIDATED ANNUAL ACCOUNTS presented to the General Meeting of 14/05/2012 concerning the financial year covering the period from 1/01/2011 till 31/12/2011 Previous period from 1/01/2010 till 31/12/2010 The amounts of the previous financial year are / are not (1) ** identical to those which have been previously published. COMPLETE LIST WITH name, first name, profession, residence-address (address, number, postal code, municipality) and position with the enterprise, OF DIRECTORS, MANAGERS AND AUDITORS Criel Ludwig Zinkvalstraat 5, 2630 Aartselaar, Title : President of the board of directors Mandate : 10/05/ /05/2014 Van Thillo Christian Olmenlaan 4, 2610 Wilrijk (Antwerpen), Title : Delegated director Mandate : 10/05/ /05/2014 Convent Christophe Kontichhof 19, 2550 Kontich, Title : Director Mandate : 10/05/ /05/2014 Enclosed to these consolidated accounts: REGARDING THE CONSOLIDATED ACCOUNTS OF A FOREIGN COMPANY: Name of the Belgian subsidiary which filed the consolidated accounts (Article 113, 2, 4 a of Company Law) Total number of pages deposited: 37 of service: 4.3, 4.4, 4.7, 4.8.1, 4.8.4, 4.16, 5, 6 Number of the pages of the standard form not deposited for not being Signature (name and position) Signature (name and position) (1) Delete where appropriate. (2) A consortium shall complete section CONSO 4.4. (3) Optional statement.

2 Nr CONSO 1 LIST OF DIRECTORS, MANAGERS AND AUDITORS (continuation of the previous page) Van Thillo Emmanuel Welvaartstraat 1, 2530 Boechout, Title : Director Mandate : 10/05/ /05/2014 Seynave Léon Zwinlaan 7, 8300 Knokke-Heist, Title : Director Mandate : 10/05/ /05/2014 Verbeeck Eric Golflei 18, 2950 Kapellen (Antw.), Title : Director Mandate : 10/05/ /05/2014 Burggraaf Jan Louis Keizersgracht 576, 1017 EM Amsterdam, Holland Title : Director Mandate : 10/05/ /05/2014 Sevinga Ieko Akkerweg 12, 3862 NP Nijkerk, Holland Title : Director Mandate : 23/12/ /05/2014 AUDITOR(S) PricewaterhouseCoopers Bedrijfsrevisoren CALL Woluwedal 18, 1932 Sint-Stevens-Woluwe, Mandate : 10/05/ /05/2014 Number of membership: B00009 Represented by: 2/37

3 Nr CONSO 1 LIST OF DIRECTORS, MANAGERS AND AUDITORS (continuation of the previous page) Dams Eddy W. Wilsonplein 5G, 9000 Gent, Commissaris Number of membership: A /37

4 Nr CONSO 2.1 CONSOLIDATED BALANCE SHEET AFTER APPROPRIATION (1) ASSETS FIXED ASSETS... Formation expenses... Notes 4.7 Codes Period Previous period 20/ Intangible fixed assets Positive consolidation differences Tangible fixed assets / Land and buildings Plant, machinery and equipment Furniture and vehicles.... Leasing and other similar rights Other tangible fixed assets Assets under construction and advance payments Financial fixed assets Companies accounted for using the equity method Participating interests Amounts receivable Other enterprises / Participating interests and shares Amounts receivable / CURRENT ASSETS... 29/ Amounts receivable after more than one year... Trade debtors... Other amounts receivable Deferred taxation Stocks and contracts in progress Stocks (2)... 30/ Raw materials and consumables... 30/ Work in progress Finished goods Goods purchased for resale Immovable property intended for sale Advance payments Contracts in progress Amounts receivable within one year... 40/ Trade debtors Other investments and deposits Current investments... 50/ Own shares Other investments and deposits... 51/ Cash at bank and in hand... 54/ Deferred charges and accrued income / TOTAL ASSETS... 20/ (1) Article 124 of the Royal Decree of January, in implementation of Company Law. (2) Items regarding stocks can be aggregated (Article 158, 1, subsection 2 of the above-mentioned Royal Decree). 4/37

5 Nr CONSO 2.2 EQUITY AND LIABILITIES EQUITY... Capital... Issued capital... Uncalled capital... Share premium account... Revaluation surpluses... Consolidated reserves... Negative consolidation differences... Investment grants... Notes Codes Period Previous period 10/ To charge positive consolidation differences Translation differences MINORITY INTERESTS Minority interests PROVISIONS, DEFERRED TAXES AND LATENT TAXATION LIABILITIES Provisions for liabilities and charges... Pensions and similar obligations / Taxation Major repairs and maintenance Other liabilities and charges / Deferred tax and latent taxation liabilities AMOUNTS PAYABLE... 17/ Amounts payable after more than one year... Financial debts / Subordinated loans Unsubordinated debentures Leasing and other similar obligations Credit institutions Other loans Trade debts Suppliers Bills of exchange payable Advances received on contracts in progress Other amounts payable / Amounts payable within one year / Current portion of amounts payable after more than one year falling due within one year... Financial debts Credit institutions /8 Other loans Trade debts Suppliers / Bills of exchange payable Advances received on contracts in progress Taxes, remuneration and social security Taxes / Remuneration and social security / Other amounts payable... 47/ Deferred charges and accrued income... TOTAL LIABILITIES /3 10/ /37

6 Nr CONSO 3 CONSOLIDATED INCOME STATEMENT (Analysis of operating results by type) Notes Codes Period Previous period Operating income... 70/ Turnover Increase (decrease) in stocks of finished goods, work and contracts in progress... Own construction capitalised Other operating income Operating charges... Raw materials, consumables... 60/ Purchases... Increase (Decrease) in stocks / Services and other goods Remuneration, social security costs and pensions Depreciation of and amounts written off formation expenses, intangible and tangible fixed assets Amounts written down stocks, contracts in progress and trade debtors - Appropriations (write-backs) / Provisions for risks and charges - Appropriations (uses and write-backs) / Other operating charges / Operation charges carried to assets as restructuring costs... (-) 649 Amounts written down on positive consolidation differences 9960 Operating profit (Operating loss) Financial income Income from financial fixed assets Income from current assets Other financial income / Financial charges Debt charges Amounts written down on positive consolidation differences Amounts written down on current assets except stocks, contracts in progress and trade debtors Other financial charges / Profit (loss) on ordinary activities before taxes /37

7 Nr CONSO 3 Extraordinary income... Write-back of depreciation and of amounts written down intangible and tangible fixed assets... Adjustments to amounts written off consolidation differences... Write-back of amounts written down financial fixed assets Write-back of provisions for extraordinary liabilities and charges... Gain on disposal of fixed assets... Other extraordinary income... Notes 4.14 Codes Period Previous period / Extraordinary charges Extraordinary depreciation of and extraordinary amounts written off formation expenses, intangible and tangible fixed assets Extraordinary amounts written down on positive consolidation differences Amounts written down financial fixed assets Provisions for extraordinary liabilities and charges Appropriations (uses) Loss on disposal of fixed assets Other extraordinary charges / Extraordinary charges carried to assets as restructuring costs... (-) 669 Profit (loss) for the period before taxes Transfer from postponed taxes and latent taxation liabilities Transfer to postponed taxes and latent taxation liabilities Income taxes / Income taxes / Adjustment of income taxes and write-back of tax provisions Profit (loss) for the period Share in the result of the companies accounted for using the equity method Profits Losses Consolidated profit (loss) Of which : Share of third parties Share of the group /37

8 Nr CONSO 4.1 LIST OF THE CONSOLIDATED SUBSIDIARY COMPANIES AND COMPANIES INCLUDED USING THE EQUITY METHOD NAME, full address of the REGISTERED OFFICE and for the enterprise governed by Belgian law, the COMPANY NUMBER Method used (F/P/E1/E2/E3/ E4) (1)(2) Proportion of capital held (3) (in %) Change of percentage of capital held (as compared to the previous period) (4) De Persgroep Publishing PLC Brusselsesteenweg Asse F 100,00 0,00 Eco Print Center PLC Brandstraat Lokeren F 100,00 0,00 Depefin PLC Brusselsesteenweg Asse F 100,00 0,00 Mediafin PLC Havenlaan 86c, box Brussel Data proving joint control: De oriëntatie van het beleid van deze dochteronderneming wordt gezamelijk bepaald door de (belangrijkste) aandeelhouders op basis van gelijk aandeelhoudersschap of enige aandeelhoudersovereenkomst. De Persgroep Nederland BV Jacob Bontiusplaats LL Amsterdam Holland B01 P F 50,00 0,00 58,50 0,00 (1) F. Full consolidation (2) P. Proportional consolidation (in the first column disclose data proving joint control) E1 Associated enterprise accounted for using the equity (article 134, 1st al.,3 of the Royal Decree of 30 january 2001 in implementation of Company Law) E2. method Subsidiary enterprise accounted for using the equity method over which the enterprise has a de facto control of which the inclusion in the consolidated. accounts would be incompatible with the principle of a true and fair view(article 108 jo. 110 of the aforementioned Royal Decree). E3. E4. Subsidiary enterprise accounted for using the equity method which is in liquidation, has decided to cease activities or can no longer be considered as carrying on the business (article 109 jo. 110 of the aforementioned Royal Decree) Joint subsidiary enterprise accounted for using the equity method where its activities cannot be closely integrated into the activities of the enterprise having th joint control (article 134, second al. of the aforementioned Royal Decree). If a change in the percentage of the proportion of capital held entails a change in the accounting method for inclusion in the consolidated accounts, the new method will be followed by an asterisk. (3) Proportion of capital of those enterprises being held by the enterprises included in the consolidated accounts and persons acting in their own names but on behal of these enterprises. (4) If the composition of the consolidated aggregate is characterized by a significant change of this percentage during this period, additional information is provided in section 4.5. (article 112 of the aforementioned Royal Decree). 8/37

9 Nr CONSO 4.1 LIST OF THE CONSOLIDATED SUBSIDIARY COMPANIES AND COMPANIES INCLUDED USING THE EQUITY METHOD NAME, full address of the REGISTERED OFFICE and for the enterprise governed by Belgian law, the COMPANY NUMBER Method used (F/P/E1/E2/E3/ E4) (1)(2) Proportion of capital held (3) (in %) Change of percentage of capital held (as compared to the previous period) (4) Het Parool BV Jacob Bontiusplaats PL Amsterdam Holland B01 F 62,75 0,00 AD Nieuwsmedia BV Marten Meesweg AV Rotterdam Holland B01 F 58,50 0,00 De Persgroep Distributie BV Van de Madeweg BT Amsterdam Holland B01 F 58,50 0,00 De Persgroep Printing BV Van de Madeweg BT Amsterdam Holland B01 F 58,50 0,00 De Persgroep Printing Amsterdam BV Van de Madeweg BT Amsterdam Holland B01 F 58,50 0,00 (1) F. Full consolidation (2) P. Proportional consolidation (in the first column disclose data proving joint control) E1 Associated enterprise accounted for using the equity (article 134, 1st al.,3 of the Royal Decree of 30 january 2001 in implementation of Company Law) E2. method Subsidiary enterprise accounted for using the equity method over which the enterprise has a de facto control of which the inclusion in the consolidated. accounts would be incompatible with the principle of a true and fair view(article 108 jo. 110 of the aforementioned Royal Decree). E3. E4. Subsidiary enterprise accounted for using the equity method which is in liquidation, has decided to cease activities or can no longer be considered as carrying on the business (article 109 jo. 110 of the aforementioned Royal Decree) Joint subsidiary enterprise accounted for using the equity method where its activities cannot be closely integrated into the activities of the enterprise having th joint control (article 134, second al. of the aforementioned Royal Decree). If a change in the percentage of the proportion of capital held entails a change in the accounting method for inclusion in the consolidated accounts, the new method will be followed by an asterisk. (3) Proportion of capital of those enterprises being held by the enterprises included in the consolidated accounts and persons acting in their own names but on behal of these enterprises. (4) If the composition of the consolidated aggregate is characterized by a significant change of this percentage during this period, additional information is provided in section 4.5. (article 112 of the aforementioned Royal Decree). 9/37

10 Nr CONSO 4.1 LIST OF THE CONSOLIDATED SUBSIDIARY COMPANIES AND COMPANIES INCLUDED USING THE EQUITY METHOD NAME, full address of the REGISTERED OFFICE and for the enterprise governed by Belgian law, the COMPANY NUMBER Method used (F/P/E1/E2/E3/ E4) (1)(2) Proportion of capital held (3) (in %) Change of percentage of capital held (as compared to the previous period) (4) De Persgroep Printing Den Haag BV Schelde BL Den Haag Holland B01 F 58,50 0,00 De Persgroep Printing Rotterdam BV Driemanssteenweg CA Rotterdam Holland B01 F 58,50 0,00 De Volkskrant BV Jacob Bontiusplaats LL Amsterdam Holland B01 F 58,50 0,00 Trouw BV jacob Bontiusplaats LL Amsterdam Holland B01 F 58,50 0,00 VK Banen BV Jacob Bontiusplaats LL Amsterdam Holland B01 F 58,50 0,00 (1) F. Full consolidation (2) P. Proportional consolidation (in the first column disclose data proving joint control) E1 Associated enterprise accounted for using the equity (article 134, 1st al.,3 of the Royal Decree of 30 january 2001 in implementation of Company Law) E2. method Subsidiary enterprise accounted for using the equity method over which the enterprise has a de facto control of which the inclusion in the consolidated. accounts would be incompatible with the principle of a true and fair view(article 108 jo. 110 of the aforementioned Royal Decree). E3. E4. Subsidiary enterprise accounted for using the equity method which is in liquidation, has decided to cease activities or can no longer be considered as carrying on the business (article 109 jo. 110 of the aforementioned Royal Decree) Joint subsidiary enterprise accounted for using the equity method where its activities cannot be closely integrated into the activities of the enterprise having th joint control (article 134, second al. of the aforementioned Royal Decree). If a change in the percentage of the proportion of capital held entails a change in the accounting method for inclusion in the consolidated accounts, the new method will be followed by an asterisk. (3) Proportion of capital of those enterprises being held by the enterprises included in the consolidated accounts and persons acting in their own names but on behal of these enterprises. (4) If the composition of the consolidated aggregate is characterized by a significant change of this percentage during this period, additional information is provided in section 4.5. (article 112 of the aforementioned Royal Decree). 10/37

11 Nr CONSO 4.1 LIST OF THE CONSOLIDATED SUBSIDIARY COMPANIES AND COMPANIES INCLUDED USING THE EQUITY METHOD NAME, full address of the REGISTERED OFFICE and for the enterprise governed by Belgian law, the COMPANY NUMBER Method used (F/P/E1/E2/E3/ E4) (1)(2) Proportion of capital held (3) (in %) Change of percentage of capital held (as compared to the previous period) (4) Vlaamse Media Maatschappij PLC Medialaan Vilvoorde Data proving joint control: De oriëntatie van het beleid van deze dochteronderneming wordt gezamelijk bepaald door de (belangrijkste) aandeelhouders op basis van gelijk aandeelhoudersschap of enige aandeelhoudersovereenkomst. Q Music Nederland Paul Van Vlissingenstraat 10D 1096 BK Amsterdam Holland B01 P F 50,00 0,00 100,00 0,00 Joe FM PLC Medialaan Vilvoorde Data proving joint control: De oriëntatie van het beleid van deze dochteronderneming wordt gezamelijk bepaald door de (belangrijkste) aandeelhouders op basis van gelijk aandeelhoudersschap of enige aandeelhoudersovereenkomst. Antwerpse Televisie Maatschappij PLC Rijnkaai Antwerpen Data proving joint control: De oriëntatie van het beleid van deze dochteronderneming wordt gezamelijk bepaald door de (belangrijkste) aandeelhouders op basis van gelijk aandeelhoudersschap of enige aandeelhoudersovereenkomst. P P 50,00 0,00 50,00 0,00 (1) F. Full consolidation (2) P. Proportional consolidation (in the first column disclose data proving joint control) E1 Associated enterprise accounted for using the equity (article 134, 1st al.,3 of the Royal Decree of 30 january 2001 in implementation of Company Law) E2. method Subsidiary enterprise accounted for using the equity method over which the enterprise has a de facto control of which the inclusion in the consolidated. accounts would be incompatible with the principle of a true and fair view(article 108 jo. 110 of the aforementioned Royal Decree). E3. E4. Subsidiary enterprise accounted for using the equity method which is in liquidation, has decided to cease activities or can no longer be considered as carrying on the business (article 109 jo. 110 of the aforementioned Royal Decree) Joint subsidiary enterprise accounted for using the equity method where its activities cannot be closely integrated into the activities of the enterprise having th joint control (article 134, second al. of the aforementioned Royal Decree). If a change in the percentage of the proportion of capital held entails a change in the accounting method for inclusion in the consolidated accounts, the new method will be followed by an asterisk. (3) Proportion of capital of those enterprises being held by the enterprises included in the consolidated accounts and persons acting in their own names but on behal of these enterprises. (4) If the composition of the consolidated aggregate is characterized by a significant change of this percentage during this period, additional information is provided in section 4.5. (article 112 of the aforementioned Royal Decree). 11/37

12 Nr CONSO 4.1 LIST OF THE CONSOLIDATED SUBSIDIARY COMPANIES AND COMPANIES INCLUDED USING THE EQUITY METHOD NAME, full address of the REGISTERED OFFICE and for the enterprise governed by Belgian law, the COMPANY NUMBER Method used (F/P/E1/E2/E3/ E4) (1)(2) Proportion of capital held (3) (in %) Change of percentage of capital held (as compared to the previous period) (4) Studio-A PLC Beringstraat Boortmeerbeek Data proving joint control: De oriëntatie van het beleid van deze dochteronderneming wordt gezamelijk bepaald door de (belangrijkste) aandeelhouders op basis van gelijk aandeelhoudersschap of enige aandeelhoudersovereenkomst. Paratel PLC Medialaan Vilvoorde Data proving joint control: De oriëntatie van het beleid van deze dochteronderneming wordt gezamelijk bepaald door de (belangrijkste) aandeelhouders op basis van gelijk aandeelhoudersschap of enige aandeelhoudersovereenkomst. Starway PLC Medialaan Vilvoorde Data proving joint control: De oriëntatie van het beleid van deze dochteronderneming wordt gezamelijk bepaald door de (belangrijkste) aandeelhouders op basis van gelijk aandeelhoudersschap of enige aandeelhoudersovereenkomst. Media Ad Infinitum PLC Medialaan Vilvoorde Data proving joint control: De oriëntatie van het beleid van deze dochteronderneming wordt gezamelijk bepaald door de (belangrijkste) aandeelhouders op basis van gelijk aandeelhoudersschap of enige aandeelhoudersovereenkomst. P P P P 50,00 0,00 50,00 0,00 50,00 0,00 50,00 50,00 (1) F. Full consolidation (2) P. Proportional consolidation (in the first column disclose data proving joint control) E1 Associated enterprise accounted for using the equity (article 134, 1st al.,3 of the Royal Decree of 30 january 2001 in implementation of Company Law) E2. method Subsidiary enterprise accounted for using the equity method over which the enterprise has a de facto control of which the inclusion in the consolidated. accounts would be incompatible with the principle of a true and fair view(article 108 jo. 110 of the aforementioned Royal Decree). E3. E4. Subsidiary enterprise accounted for using the equity method which is in liquidation, has decided to cease activities or can no longer be considered as carrying on the business (article 109 jo. 110 of the aforementioned Royal Decree) Joint subsidiary enterprise accounted for using the equity method where its activities cannot be closely integrated into the activities of the enterprise having th joint control (article 134, second al. of the aforementioned Royal Decree). If a change in the percentage of the proportion of capital held entails a change in the accounting method for inclusion in the consolidated accounts, the new method will be followed by an asterisk. (3) Proportion of capital of those enterprises being held by the enterprises included in the consolidated accounts and persons acting in their own names but on behal of these enterprises. (4) If the composition of the consolidated aggregate is characterized by a significant change of this percentage during this period, additional information is provided in section 4.5. (article 112 of the aforementioned Royal Decree). 12/37

13 Nr CONSO 4.1 LIST OF THE CONSOLIDATED SUBSIDIARY COMPANIES AND COMPANIES INCLUDED USING THE EQUITY METHOD NAME, full address of the REGISTERED OFFICE and for the enterprise governed by Belgian law, the COMPANY NUMBER Method used (F/P/E1/E2/E3/ E4) (1)(2) Proportion of capital held (3) (in %) Change of percentage of capital held (as compared to the previous period) (4) Vacature CALL Havenlaan 86C, box Brussel Data proving joint control: De oriëntatie van het beleid van deze dochteronderneming wordt gezamelijk bepaald door de (belangrijkste) aandeelhouders op basis van gelijk aandeelhoudersschap of enige aandeelhoudersovereenkomst. Jobs & Careers CALL Koningstraat Brussel Data proving joint control: De oriëntatie van het beleid van deze dochteronderneming wordt gezamelijk bepaald door de (belangrijkste) aandeelhouders op basis van gelijk aandeelhoudersschap of enige aandeelhoudersovereenkomst. Via Fred PLC Koningstraat Brussel Data proving joint control: De oriëntatie van het beleid van deze dochteronderneming wordt gezamelijk bepaald door de (belangrijkste) aandeelhouders op basis van gelijk aandeelhoudersschap of enige aandeelhoudersovereenkomst. Regionale TV Media PLC Research Park - De Haak 1731 Zellik P P P E1 50,00 0,00 32,50 0,00 50,00 0,00 33,33 0,00 (1) F. Full consolidation (2) P. Proportional consolidation (in the first column disclose data proving joint control) E1 Associated enterprise accounted for using the equity (article 134, 1st al.,3 of the Royal Decree of 30 january 2001 in implementation of Company Law) E2. method Subsidiary enterprise accounted for using the equity method over which the enterprise has a de facto control of which the inclusion in the consolidated. accounts would be incompatible with the principle of a true and fair view(article 108 jo. 110 of the aforementioned Royal Decree). E3. E4. Subsidiary enterprise accounted for using the equity method which is in liquidation, has decided to cease activities or can no longer be considered as carrying on the business (article 109 jo. 110 of the aforementioned Royal Decree) Joint subsidiary enterprise accounted for using the equity method where its activities cannot be closely integrated into the activities of the enterprise having th joint control (article 134, second al. of the aforementioned Royal Decree). If a change in the percentage of the proportion of capital held entails a change in the accounting method for inclusion in the consolidated accounts, the new method will be followed by an asterisk. (3) Proportion of capital of those enterprises being held by the enterprises included in the consolidated accounts and persons acting in their own names but on behal of these enterprises. (4) If the composition of the consolidated aggregate is characterized by a significant change of this percentage during this period, additional information is provided in section 4.5. (article 112 of the aforementioned Royal Decree). 13/37

14 Nr CONSO 4.1 LIST OF THE CONSOLIDATED SUBSIDIARY COMPANIES AND COMPANIES INCLUDED USING THE EQUITY METHOD NAME, full address of the REGISTERED OFFICE and for the enterprise governed by Belgian law, the COMPANY NUMBER Method used (F/P/E1/E2/E3/ E4) (1)(2) Proportion of capital held (3) (in %) Change of percentage of capital held (as compared to the previous period) (4) Reprocopy CALL Paepsemlaan 22, box Brussel E1 35,71 0,00 Mediargus PLC Pelletierstraat Brussel E1 35,71 0,00 Vlaamse Dagbladpers CALL Paepsemlaan 22, box Brussel E1 31,25 0,00 Holding Echos PLC P* havenlaan 86c, box Brussel Data proving joint control: De oriëntatie van het beleid van deze dochteronderneming wordt gezamelijk bepaald door de (belangrijkste) aandeelhouders op basis van gelijk aandeelhoudersschap of enige aandeelhoudersovereenkomst. 25,00 25,00 (1) F. Full consolidation (2) P. Proportional consolidation (in the first column disclose data proving joint control) E1 Associated enterprise accounted for using the equity (article 134, 1st al.,3 of the Royal Decree of 30 january 2001 in implementation of Company Law) E2. method Subsidiary enterprise accounted for using the equity method over which the enterprise has a de facto control of which the inclusion in the consolidated. accounts would be incompatible with the principle of a true and fair view(article 108 jo. 110 of the aforementioned Royal Decree). E3. E4. Subsidiary enterprise accounted for using the equity method which is in liquidation, has decided to cease activities or can no longer be considered as carrying on the business (article 109 jo. 110 of the aforementioned Royal Decree) Joint subsidiary enterprise accounted for using the equity method where its activities cannot be closely integrated into the activities of the enterprise having th joint control (article 134, second al. of the aforementioned Royal Decree). If a change in the percentage of the proportion of capital held entails a change in the accounting method for inclusion in the consolidated accounts, the new method will be followed by an asterisk. (3) Proportion of capital of those enterprises being held by the enterprises included in the consolidated accounts and persons acting in their own names but on behal of these enterprises. (4) If the composition of the consolidated aggregate is characterized by a significant change of this percentage during this period, additional information is provided in section 4.5. (article 112 of the aforementioned Royal Decree). 14/37

15 Nr CONSO 4.2 LIST OF SUBSIDIARY COMPANIES EXCLUSIVELY OR JOINTLY CONTROLLED NOT INCLUDED (pursuant to article 107 of the Royal Decree of 30 january 2001 in implementation of Company Law) AND ASSOCIATED ENTERPRISES ACCOUNTED FOR USING THE EQUITY METHOD (in implementation of article 157 of the aforementioned Royal Decree). NAME, full address of REGISTERED OFFICE and for enterprises governed by Belgian law, the COMPANY NUMBER Reason for exclusion (A, B, C, D or E)(1) Share in the capital (2) (in %) Change in percentage of capital held (as compared to the previous period) (3) Algemeen Dagblad Carribean BV... Netherlands Antilles A 58,50 0,00 Adventure Holding BV Hogehilweg CC Amsterdam Holland A 19,49 0,00 (1) Reason for exclusion : (2) A. Subsidiary company of minor importance B. Serious long-term restrictions that substantially hinder the effective exercising of the power of control over the subsidiary company by the latter of or the use of its assets C. Information necessary for inclusion in the consolidated accounts cannot be obtained without disproportionate expense or undue delay D. Shares in the subsidiary company are held exclusively with a view of subsequent resale E. Associated company whose inclusion of the equity method is not material for the purpose of providing a true and fair view In case of mandatory or facultative exclusion in the consolidation scope detailed information shall be provided in section 4.5. Proportion of capital of those enterprises being held by both enterprises included in the consolidated accounts and persons acting in their own names but on behalf of these enterprises. (3) If the composition of the consolidated aggregate is characterized by a significant change of this percentage during this period, additional information are provided in section 4.5. (article 112 of the aforementioned Royal Decree). 15/37

16 Nr CONSO 4.5 CONSOLIDATION CRITERIA AND CHANGES IN THE CONSOLIDATION SCOPE Information and the criteria governing the application of full consolidation, proportional consolidation and the equity method as well as those cases in which these criteria are departed from, and justification for such departures (Pursuant to Article 165, I. of the Royal Decree of 30 january 2001 in implementation of Company Law). Geldt voor de moedermaatschappij en haar dochterondernemingen waarover zij de exclusieve controle bezit, d.w.z. de controle die zij alleen of met een van haar dochterondernemingen uitoefent t.o.v. de betrokken onderneming. Deze controle vloeit voort uit : - het bezit van de meerderheid van de stemrechten verbonden aan de aandelen van een onderneming; - het recht de meerderheid van de bestuurders of zaakvoerders te benoemen of te ontslaan; - het beschikken krachtens de statuten van de betrokken onderneming of krachtens hiermee gesloten overeenkomsten over een controlebevoegdheid; - het beschikken over de meerderheid van de stemrechten verbonden aan het totaal van de aandelen van een onderneming op grond van een overeenkomst met andere vennoten van de betreffende onderneming. Geldt ten aanzien van geassocieerde ondernemingen, d.i. elke andere onderneming dan een dochterof een gemeenschappelijke dochteronderneming waarin een in de consolidatie opgenomen onderneming een deelneming bezit en waarin zij een invloed van betekenis uitoefent op de oriëntatie van het beleid (Deelneming van 20%). Information which makes a comparison meaningfull with the consolidated annual accounts of the previous financial period in case the composition of the consolidated aggregate in the course of the current financial period has changed significantly (Pursuant to Article 112 of aforementioned Royal Decree). De Persgroep NV heeft op 9 juli 2009 een meerderheidsbelang verworven in PcM Holding BV (thans de Persgroep Nederland BV) : middels het onderschrijven van een kapitaalverhoging van EUR 130 miljoen verwierf De Persgroep 58,5 % van PcM's aandelenkapitaal, terwijl de bestaande aandelen - toebehorende aan drie Stichtingen - omgezet werden in preferent aandelenkapitaal met een nominale waarde van EUR 92,2 miljoen. Hierop is de Persgroep Nederland een preferent dividend van 4,5 % verschuldigd, zij het pas vanaf boekjaar 2014 en slechts voor zover in het betrokken boekjaar voldoende winst werd geboekt. Op deze preferente aandelen beschikken de Stichtingen over een verkooprecht jegens de Persgroep Nederland, uitoefenbaar vanaf 1 januari 2014 aan de nominale waarde, doch slechts voor zover en in de mate dat er winst is gereserveerd in de 'Reserve Inkoop Preferente aandelen'. Aan deze reserve worden de winsten van de Persgroep Nederland van de boekjaren 2010 tot 2013 voor de volle 100 % toegewezen, en vervolgens ten belope van 50 %, en dit totdat het nominaal bedrag van het preferent aandelenkapitaal, zijnde EUR 92,2 miljoen, bereikt zal zijn. Per 31 december 2011 bedraagt de reserve 2.9 miljoen. De Persgroep Nederland beschikt op zijn beurt over een aankooprecht op ong. 70 % van de preferente aandelen, tevens uitoefenbaar vanaf 1 januari 2014 aan nominale waarde. In 2009 is er, conform artikel 29 van het KB van , omwille van het getrouw beeld geoordeeld dat voormelde acquisitie het best werd verwerkt in de consolidatie naar analogie met IFRS 3R volgens de 'full goodwill' methode. Dit gaf aanleiding tot een voorlopige goodwill allocatie van EUR 235,9 miljoen en minderheidsbelangen van EUR 92,2 miljoen. Tijdens het boekjaar 2010 is er overgegaan tot de finale bepaling van de acquisitiegoodwill door rekening te houden (i) met de definitieve vastlegging van de belangen van derden als een 'de facto' rentedragende schuld, (ii) met een aangepaste inschatting van de actieve belastinglatenties en (iii) met een exacte bepaling van de pre-acquisitieresultaten op basis van afloopcontrole op voorzieningen en (iv) met de definitief gerealiseerde resultaten op de verkoop van NRC Media en PcM Algemene Uitgeverijen. Deze definitieve toewijzingen leidden tot een goodwill per 1 juli 2009 van EUR 215,5 miljoen en een belang van derden aan actuele waarde van EUR 80,8 miljoen per 31 december Inderdaad, gelet op de restricties verbonden aan de opeisbaarheid van het preferent aandelenkapitaal, wordt deze 'de facto' schuld verder getoond onder 'Belangen van derden', zij het aan contante waarde met een actualisatievoet van 4,5 %. Het belang van derden evolueert als volgt door oprenting : EUR 84,5 miljoen per 31 december 2011, EUR 88,3 miljoen per 31 december 2012 en EUR 92,2 miljoen per 31 december De oprenting wordt getoond onder de financiële kosten. De belangen van derden zullen derhalve niet meer in plus of min evolueren met de resultaten van de Persgroep Nederland BV. Bij de finale bepaling van de goodwill is besloten om de geschatte levensduur ervan te brengen van 20 jaar op 10 jaar gezien het snel evoluerende medialandschap. Ultimo 2011 dient de goodwill op de acquisitie van de Persgroep Nederland dus nog over 7,5 jaar te worden afgeschreven. 16/37

17 Nr CONSO 4.6 SUMMARY OF VALUATION RULES AND METHODS OF CALCULATING OF DEFERRED TAXES Disclosure of the criteria governing the valuation of the various items in the consolidated annual accounts, and in particular : the application and adjustments of depreciation, amounts written down and provisions for liabilities and charges, and revaluations (pursuant to article 165, VI.a. of the Royal Decree of 30 january 2001 in implementation of Company Law) the bases of translation applied to express in the consolidated accounts items which are, or originally were, expressed in a currency other than the currency in which the consolidated accounts are stated, and the translation in the consolidated accounts of the accounting statements of subsidiaries and associated enterprises governed by foreign law (pursuant to Article 165, VI.b. of the aforementioned Royal Decree) A. Aktief 1. Oprichtingskosten De oprichtingskosten worden geactiveerd en voor 100 % ten laste van het bedrijfsresultaat genomen in het boekjaar waarin ze werden besteed. Herstructureringskosten worden alleen dan onder de activa opgenomen, wanneer het gaat om welbepaalde kosten die verband houden met een ingrijpende wijziging in de structuur of de organisatie van de ondernemingen en wanneer die kosten ertoe strekken een gunstige en duurzame invloed te hebben op de rendabiliteit van de ondernemingen. Zij worden lineair afgeschreven over een periode van 5 jaar. 2. Immateriële vaste activa De immateriële vaste activa worden gewaardeerd tegen hun aanschaffingswaarde. Titels worden niet gewaardeerd, tenzij bij aankoop van derden. De kosten van onderzoek en ontwikkeling en de intra-groep aangekochte goodwill worden volledig ten laste van het bedrijfsresultaat genomen. Goodwill kan enkel gehandhaafd worden op de balans indien er een return voorzien is op de onderliggende activiteiten. Afschrijving : 5-20 jaar Software wordt lineair afgeschreven over 3 jaar. 3. Consolidatieverschillen De consolidatiegoodwill bestaat enerzijds uit de positieve verschillen ontstaan bij de toepassing van de integrale consolidatiemethode en anderzijds uit de positieve verschillen na toepassing van de vermogensmutatiemethode. De positieve consolidatieverschillen worden lineair afgeschreven over een periode van 5, 10 of 20 jaar afhankelijk van de sector waarin de deelneming zich situeert. 4. Materiele vaste activa De materiele vaste activa worden gewaardeerd tegen hun aanschaffingswaarde, dit is de inkoopprijs inbegrepen bijkomende kosten), hun kostprijs of hun inbrengwaarde. Volgende afschrijvingsperiodes worden toegepast : - Terreinen : op terreinen wordt niet afgeschreven - Gebouwen : jaar, - Vruchtgebruik : lineair over de looptijd van de desbetreffende overeenkomst. - Installaties machines en uitrusting : 4-15 jaar - Andere bedrijfsmiddelen 2-10 jaar - Vooruitbetalingen op vaste activa en activa in aanbouw : Hogervermelde afschrijvingsmethodes en -percentages worden toegepast naargelang de aard van de desbetreffende activa. 5. Financiële vaste activa Niet geconsolideerde deelnemingen worden gewaardeerd tegen de aanschaffingsprijs of aan een verminderde waarde wanneer de toestand van deze ondernemingen deze waardevermindering noodzakelijk maakt. Vorderingen en borgtochten worden geboekt aan nominale waarde. Waardeverminderingen worden toegepast in geval van onzekerheid over de gehele of gedeeltelijke terugbetaling. 6. Voorraden Grondstoffen en hulpstoffen, worden gewaardeerd op basis van de gewogen gemiddelde kostprijs. Handelsgoederen worden gewaardeerd tegen de aanschaffingsprijs of de vervaardigingsprijs. Indien de realisatiewaarde op balansdatum lager is, wordt een waardevermindering geboekt. De niet uitgezonden uitzendrechten van films en andere producties worden in de balans opgenomen onder "voorraden" tegen hun aanschaffingswaarde. 7. Vorderingen Vorderingen worden in de balans opgenomen voor hun nominale waarde. Er worden waardeverminderingen toegepast zo er voor het geheel of een gedeelte van een vordering onzekerheid bestaat over de betaling hiervan op de vervaldag. 17/37

18 Nr CONSO 4.6 SUMMARY OF VALUATION RULES AND METHODS OF CALCULATING OF DEFERRED TAXES Vorderingen in vreemde deviezen worden omgerekend naar Euro aan de koers geldig op balansdatum. 8. Geldbeleggingen Geldbeleggingen worden geboekt aan nominale waarde. De rekeningen in vreemde deviezen worden omgerekend naar Euro aan de koers geldig op balansdatum. 9. Liquide middelen De beschikbare waarden worden gewaardeerd tegen nominale waarde. De rekeningen in vreemde deviezen worden omgerekend naar Euro aan de koers geldig op balansdatum. B. Passief 1. Kapitaalsubsidies De kapitaalsubsidies worden in de balans opgenomen voor hun nominale waarde bij de toekenning voor de bevoegde instantie. Zij worden geleidelijk in het resultaat opgenomen als financiële opbrengst volgens hetzelfde ritme als de afschrijvingen op de materiele vaste activa waarop ze betrekking hebben. 2. Schulden De schulden worden in de balans opgenomen voor hun nominale waarde. Schulden in vreemde deviezen worden omgerekend naar Euro aan de koers geldig op balansdatum. 3. Kosten voor klein en groot onderhoud en herstellingen. De kosten voor klein onderhoud en herstellingen worden geboekt in het boekjaar waarin ze worden uitgevoerd. Jaarlijks wordt een voorziening gevormd ten laste van de bedrijfsresultaat met het oog op grote herstellings- en onderhoudswerken. 4. Pensioenverplichtingen Pensioenverplichtingen worden voorzien op basis van een actuariele berekening conform de 'projected unit of credit method'. Met betrekking tot de 'defined benefit' plannen die in voege zijn bij de Nederlandse dochterondernemingen en die ondergebracht zijn bij sectorpensioenfondsen, wordt geen netto verplichting berekend. Dit is in overeenstemming met de Nederlandse richtlijnen (RJ271) en IAS 19 inzake sectorpensioenfondsen. Deze plannen worden boekhoudkundig als 'defined contribution' plannen verwerkt. 5. Negatieve consolidatieverschillen Negatieve consolidatieverschillen worden opgenomen op de daarvoor voorziene post in het eigen vermogen Dit consolidatieverschil wordt a rato van de verliezen in resultaat genomen wanneer deze oorspronkelijk geboekt werden ten gevolge van verwachte ongunstige resultaten van de betrokken dochteronderneming. De in resultaatname wordt geboekt in min van de afschrijvingen op de positieve consolidatieverschil Future taxation and deferred taxes Codes Period Analysis of Heading 168 of the liabilities Future taxation (Pursuant to article 76 of the Royal Decree of 30 january 2001 in implementation of Company Law) Deferred taxes (Pursuant to article 129 of aforementioned Royal Decree) Detailed explanation on the methods applied in determining deferred taxes (deferral method, liability method,...) In overeenstemming met artikel 129 van het kb van 30 januari 2001 worden passieve belastingslatenties enkel geboekt wanneer hieruit binnen afzienbare toekomst kosten zullen voortvloeien. Actieve belastingslatenties worden enkel erkend en geboekt in het kader van toewijzing van acquisitiegoodwill. 18/37

19 Nr CONSO Codes Period Previous period CONCESSIONS, PATENTS, LICENCES, KNOWHOW, BRANDS AND SIMILAR RIGHTS Acquisition value at the end of the period P Acquisitions, including produced fixed assets Sales and disposals Transfers from one heading to another Translation differences Other movements Acquisition value at the end of the period Depreciation and amounts written down at the end of the period P Recorded Written back Acquisitions from third parties Cancelled Transfers from one heading to another Translation differences Other movements Depreciation and amounts written down at the end of the period... NET BOOK VALUE AT THE END OF THE PERIOD /37

20 Nr CONSO Codes Period Previous period GOODWILL Acquisition value at the end of the period P Acquisitions, including produced fixed assets Sales and disposals Transfers from one heading to another Translation differences Other movements Acquisition value at the end of the period Depreciation and amounts written down at the end of the period P 897 Recorded Written back Acquisitions from third parties Cancelled Transfers from one heading to another Translation differences Other movements Depreciation and amounts written down at the end of the period NET BOOK VALUE AT THE END OF THE PERIOD /37

21 Nr CONSO STATEMENT OF TANGIBLE FIXED ASSETS Codes Period Previous period LAND AND BUILDINGS Acquisition value at the end of the period P Acquisitions, including produced fixed assets Sales and disposals Transfers from one heading to another Translation differences Other movements Acquisition value at the end of the period Revaluation surpluses at the end of the period P 800 Recorded Acquisitions from third parties Cancelled Transfers from one heading to another Translation differences Other movements Revaluation surpluses at the end of the period Depreciation and amounts written down at the end of the period P Recorded Written back Acquisitions from third parties Cancelled Transfers from one heading to another Translation differences Other movements Depreciation and amounts written down at the end of the period NET BOOK VALUE AT THE END OF THE PERIOD... (22) /37

22 Nr CONSO Codes Period Previous period PLANT, MACHINERY AND EQUIPMENT Acquisition value at the end of the period P Acquisitions, including produced fixed assets Sales and disposals Transfers from one heading to another... (-)/(+) Translation differences... (-)/(+) Other movements... (-)/(+) Acquisition value at the end of the period Revaluation surpluses at the end of the period P 504 Recorded Acquisitions from third parties Cancelled Transfers from one heading to another... (-)/(+) 8242 Translation differences... (-)/(+) Other movements... (-)/(+) Revaluation surpluses at the end of the period Depreciation and amounts written down at the end of the period P Recorded Written back Acquisitions from third parties Cancelled Transfers from one heading to another... (-)/(+) Translation differences... (-)/(+) Other movements... (-)/(+) Depreciation and amounts written down at the end of the period NET BOOK VALUE AT THE END OF THE PERIOD... (23) /37

23 Nr CONSO Codes Period Previous period FURNITURE AND VEHICLES Acquisition value at the end of the period P Acquisitions, including produced fixed assets Sales and disposals Transfers from one heading to another... (-)/(+) Translation differences... (-)/(+) Other movements... (-)/(+) Acquisition value at the end of the period Revaluation surpluses at the end of the period P 47 Recorded Acquisitions from third parties Cancelled Transfers from one heading to another... (-)/(+) 8243 Translation differences... (-)/(+) Other movements... (-)/(+) Revaluation surpluses at the end of the period Depreciation and amounts written down at the end of the period P Recorded Written back Acquisitions from third parties Cancelled Transfers from one heading to another... (-)/(+) Translation differences... (-)/(+) Other movements... (-)/(+) Depreciation and amounts written down at the end of the period NET BOOK VALUE AT THE END OF THE PERIOD... (24) /37

24 Nr CONSO Codes Period Previous period LEASING AND SIMILAR RIGHTS Acquisition value at the end of the period P Acquisitions, including produced fixed assets Sales and disposals Transfers from one heading to another Translation differences Other movements Acquisition value at the end of the period Revaluation surpluses at the end of the period P Recorded Acquisitions from third parties Cancelled Transfers from one heading to another Translation differences Other movements Revaluation surpluses at the end of the period Depreciation and amounts written down at the end of the period P Recorded Written back Acquisitions from third parties Cancelled Transfers from one heading to another Translation differences Other movements Depreciation and amounts written down at the end of the period NET BOOK VALUE AT THE END OF THE PERIOD... (25) 321 OF WICH : Land and buildings Plant, machinery and equipment Furniture and vehicles /37