Balansgaranties. Bart Bellen 5 oktober Minervastraat 5, 1930 Zaventem, T +32 (0) , F +32 (0) ,

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1 Balansgaranties Bart Bellen 5 oktober 2017 Minervastraat 5, 1930 Zaventem, T +32 (0) , F +32 (0) ,

2 Inhoud 1. Begrip 2. Accounts 3. Accounting standaard true and fair view 4. Aandachtspunten actief, passief, P&L 5. Wijzigingen na balansdatum 6. Kwalificaties 7. Voorbeeldclausules 2

3 1. Begrip

4 M&A Survey 4

5 Actief [31/12/20XX] Passief P&L [1/1/20XX 31/12/20XX] Vast actief Eigen vermogen Voorzieningen Vlottend actief Vreemd vermogen 5

6 Foto van het verleden business plan met toekomstige cashflows Doel: Vaste grond onder de voeten / schadevergoeding 6

7 2. Accounts

8 Accounts Gedefinieerd begrip Financiële due diligence / prijsvorming Historische jaarrekeningen Interim accounts 8

9 Enkelvoudig / geconsolideerd Audited? Goedgekeurd? 9

10 3. Accounting standaard

11 Accounting standaard Te definiëren aanknoping bij regelgevend kader België: KB 30 januari 2001 III.82 III.95 W.E.R. (Vroeger: Wet 17 juli 1975 op de boekhouding van de ondernemingen) Art W. Venn. CBN Belgian GAAP 11

12 Europees: Richtlijn 2013/34/EU omzetting: wet + KB 18 december 2015 Verordening (EG) 1606/2002 Internationaal: IFRS / IAS Nationale stelsels e.g. US GAAP, Plan Comptable Générale 12

13 True and fair view Getrouw beeld Image fidèle 13

14 foto Resultaat van toegepaste regels aanvullende / derogerende werking Materialiteit Gebaseerd op kennis / judgement Eigen finaliteit 14

15 4. Aandachtspunten actief, passief, P&L

16 Actief Passief Immateriële vaste activa Materiële vaste activa Financiële vaste activa Voorraden Vorderingen Liquide middelen EV Voorzieningen Schulden R/c Net asset guarantee Indemnity No undisclosed liabilities 16

17 5. Wijzigingen na balansdatum

18 Wijzigingen na balansdatum Accounts date >< signing / closing date Interim periode Consent matters Closing accounts 18

19 6. Kwalificaties / beperkingen

20 Kwalificaties / beperkingen Materialiteitsdrempel? Knowledge qualifier? Disclosure? De minimis, basket, cap Tijdslimieten 20

21 7. Voorbeeldclausules Examples

22 Accounts The Accounts [and Interim Accounts] [and the annual accounts of the Company of the last [*] financial years preceding the financial year covered by the Accounts] have been prepared in accordance with Belgian law and Belgian generally accepted accounting principles applied on a consistent basis with the previous annual accounts of the Company. The Accounts [and Interim Accounts] [and the annual accounts of the Company of the last [*] financial years preceding the financial year covered by the Accounts] fairly and truly reflect ( getrouw beeld / image fidèle ) the assets and liabilities, profits and losses, results and financial condition of the Company on the [Accounts Date / dates indicated]. The accounting policies and valuation rules of the Company have not been amended in the last [*] financial years (including the current financial year). The Accounts [and the annual accounts of the Company of the last [*] financial years preceding the financial year covered by the Accounts] have been duly established by the board of directors and approved by the general meeting of shareholders of the Company. The Company s statutory auditor has audited the Accounts [and the annual accounts of the Company of the last [*] financial years preceding the financial year covered by the Accounts,] and issued an audit report without reservations ( verklaring zonder voorbehoud / attestation sans réserve ) with respect to the Accounts [and the annual accounts of the Company of the last [*] financial years preceding the financial year covered by the Accounts], in accordance with applicable laws and the guidelines of the Institute of the Certified Auditors ( Instituut van de Bedrijfsrevisoren / Institut des Réviseurs d Entreprises ). The Accounts [and the annual accounts of the Company of the last [*] financial years preceding the financial year covered by the Accounts] have been duly and timely filed with the National Bank of Belgium. 22

23 The Accounts, (i) do not overstate the value of the assets nor understate the liabilities of the Company as at the dates at which they were drawn up, (ii) do not overstate the profits or understate the losses of the Company in respect of the period to which they relate; and (iii) show a true and fair view of the financial and trading position of Company on the dates indicated. The inventories of the Company included in the Accounts [and the Interim Accounts] do not contain any obsolete or damaged items. They have been sold since the Accounts Date, or can be sold in the ordinary course of business of the Company, at the prices currently applied by the Company [(as set out in the price list attached as Annex [*])] and, in any case, at prices that are at least equal to the respective book value of each inventory item, as set out in the Accounts [and the Interim Accounts]. The quantity of each item of inventory is not excessive and is sufficient for the continued conduct of the business of the Company after the Accounts Date [and the Interim Accounts Date], provided that the Company s operations are continued in substantially the same manner as conducted on the date of the Agreement. All doubtful accounts receivable ( dubieuze schuldvorderingen / créances douteuses ) have been fully written off in the Accounts [and Interim Accounts] in accordance with applicable law and Belgian generally accepted accounting principles and all remaining accounts receivable included in the Accounts [and Interim Accounts] have been collected since the Accounts Date[, or can be collected,] on their respective due date, without any special collection measures being required (and in any event without judicial intervention), for an amount that is not less than their respective book value as shown in the Accounts [and Interim Accounts]. 23

24 All provisions listed in the Accounts (including the provisions for the Tax) cover all duties, losses or costs for which they have been made. The Company has no other obligations (conditional or not) to pay, to do or to refrain than those listed in the Accounts [as required by applicable Law or the applicable accounting rules,] the Accounts contain adequate provisions for all actual or contingent liabilities of the Company, including or deferred Taxes and existing or threatened litigation. The Company does not have any liability (whether present or future) in respect of any guarantee, indemnity in relation to obligations of a Third Party or joint liability, other than mentioned in the Accounts. The Accounts [and the Interim Accounts] fully and accurately reflect (i) all transactions between the Company, on the one hand, and the Seller or any of the Seller s Affiliates, on the other hand, and (ii) any amount due to the Company by, or due by the Company to, the Seller (or any of the Seller s Affiliates) as at the Accounts Date[, respectively, the Interim Accounts Date]. The results shown in the Accounts have not been affected by any extraordinary, exceptional or non-recurring item or by any other circumstance making such results unusually high. 24

25 Absence of undisclosed liabilities The Company does not have any undertaking, debt or liability of any nature whatsoever (actual or contingent), except for: undertakings, debts and liabilities in respect of which an adequate and comprehensive provision has been made in the Accounts [or the Interim Accounts]; and undertakings, debt and liabilities incurred within the scope of daily management since the [Accounts Date / date of the Interim Accounts], provided that such undertakings, debts and liabilities do not amount to more than EUR [*] per item and EUR [*] in aggregate. 25

Net asset guarantee De Vennootschap heeft [mits toepassing van de geldende boekhoudwetgeving en- reglementering en de algemeen aanvaarde boekhoudprincipes] [toegepast op consistente wijze met het

26 Net asset guarantee De Vennootschap heeft [mits toepassing van de geldende boekhoudwetgeving en- reglementering en de algemeen aanvaarde boekhoudprincipes] [toegepast op consistente wijze met het verleden] op [datum] een netto-actief (zoals gedefinieerd in artikel 617 W. Venn.) van minstens [*] EUR. [Als Bijlage [*] wordt ter illustratie van de berekeningsmethode de indicatieve berekening gehecht van de netto-actief van de Vennootschap op basis van voorlopige cijfers per [datum] (met voorlopig detail van de post bestellingen in uitvoering per [datum]).] 26

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