ANNUAL REPORT 2014 BLOKKER HOLDING
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Notes to the company balance sheet

AS AT 24 JANUARY 2015




‘Intangible assets’ mainly relate to software/licenses and websites.

An interest rate of 5% is calculated on long-term receivables from group companies/associates (2013: 5%). The other receivables, in the amount of approximately EUR 0.7 million, have a maturity of less than one year.

SHAREHOLDERS’ EQUITY
The authorised capital on the balance sheet date totals EUR 100,000,000 and is divided into 90,000,000 shares, each with a nominal value of EUR 1, and 10,000,000 Class P shares, each with a nominal value of EUR 1. Of these shares, 22,500,000 ordinary shares and 2,500,000 Class P shares have been issued and paid-up.

The changes in shareholders’ equity are as follows:

The company’s total loss (profit/loss after tax and direct movements in capital) is EUR 19.6 million (2013/14: EUR 60.7 million).

The balance of the translation difference foreign associates is approximately EUR 0.7 million (2013/14: EUR 1.7 million).

PROVISIONS

The provisions almost exclusively concern deferred tax liabilities; EUR 2.8 million of these provisions are short term in nature, with the remaining portion expected to be of a long-term nature. 

NON-CURRENT LIABILITIES
The bulk of the non-current liabilities has a term of up to five years. Of the total non-current liabilities, EUR 164.3 million (2013/14: EUR 165.9 million) relates to group companies at interest rates ranging from 1.0% to 2.2%.

The remaining debts concern debts to affiliated companies. The interest rate is fixed on a quarterly basis and comprises the average of the three-month and twelve-month Euribor rates at the start of each quarter (average for 2014/15: 0.33%; 2013/14: 0.375%). 

No collateral has been provided for these liabilities.

INFORMATION NOT SHOWN IN BALANCE SHEET
Liability disclosures have been submitted for virtually all Dutch companies, on the basis of which Blokker Holding B.V. is liable for the payables arising from legal acts of these group companies. In this respect, the provisions of Section 2:403(1) of the Dutch Civil Code apply to the consolidated group companies.

The company and the various group companies form a Dutch tax entity for the purposes of corporation tax and VAT and are therefore jointly and severally liable for the tax liabilities of these tax entities.

RENT AND LEASE COMMITMENTS
An amount of approximately EUR 665,000 (2013/14: EUR nil) is payable in relation to long-term leasing contracts and leases. Contracts expire each year, and a number of contracts in effect at the balance sheet date have a remaining term of one to five years (total lease amount: approximately EUR 1.6 million).

BANK GUARANTEES AND LETTERS OF CREDIT
An amount of approximately EUR 2.4 million has been frozen in the bank accounts (2013: EUR 0) in connection with bank guarantees and letters of credit. 

AVERAGE NUMBER OF EMPLOYEES
An average of 61 people were employed by the company during the year under review (2013/14: 42 people).

Amsterdam, 13 May 2015

sgd.
Board of Directors
R.E. Palmer, Chairman
L.M. de Kool, Deputy Chairman     
J.W. Visser, CFO     
T. Smit 


Supervisory Board
P.C. Klaver, Chairman
A. Blokker
Mw. M.J. Poots-Bijl
H.Th.E.M. Rottinghuis
A.J.L. Slippens