Background
Financial statement

Other information

Other information


Result appropriation by virtue of the Articles of Association
On the basis of article 27 of the Articles of Association of HZPC Holland B.V., a portion of the company’s annual profits, to be determined by the Board of Directors with the approval of the Supervisory Board, can be added to the reserves. The remaining profit is available for disposal at the discretion of the General Meeting of Shareholders.

Proposal for result
The General Meeting of Shareholders will be asked to approve the following appropriation of the 2015/2016 result after taxation: an amount of EUR 2,491,114 to be added to the other reserves and the remaining amount of EUR 4,506,419 to be paid out as dividend. Per share certificate EUR 5.75 is available. This proposal is processed in the balance sheet under the current liabilities.

A percentage of the company’s profit to be determined by the Executive Board with the approval of the Supervisory Board can be added to the reserves while the undischarged losses of previous years are deducted along with the taxes which are or will be charged on the basis of the profit, which may be established by means of an estimate if necessary. The remaining profit is available for disposal at the discretion of the General Meeting of Shareholders. The company can only make payouts of profit available for paying out to the shareholders and any other parties which may be thus entitled to the extent that the shareholders’ equity is greater than the paid and called-up part of the capital augmented with the reserves which must be maintained by law or by way of statutes.

Subsequent events
No events have occurred following the balance sheet date with significant financial consequences.

The original financial statements were drafted in Dutch. This document is an English translation of the original. In the case of any discrepancies between the English and the Dutch text, the latter will prevail.

Independent auditor’s report


To: the Board of Directors, Supervisory Board and Shareholders of HZPC Holland B.V.

Report on the financial statements
We have audited the accompanying financial statements for the year ended on 30 June 2016 of HZPC Holland B.V., Joure, as included in this report on pages 28 to 65, which comprise the consolidated and company balance sheet as at 30 June 2016, the consolidated and company profit and loss account for the year then ended and the notes, comprising a summary of the accounting policies and other explanatory information.

The directors’s responsibility
The directors are responsible for the preparation and fair presentation of these financial statements and for the preparation of the annual report, both in accordance with Part 9 of Book 2 of the Netherlands Civil Code. Furthermore, the directors are responsible for such internal control as they determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion
In our opinion, the financial statements give a true and fair view of the financial position of HZPC Holland B.V. as at 30 June 2016 and of its result for the year then ended in accordance with Part 9 of Book 2 of the Netherlands Civil Code.

Report on other legal and regulatory requirements
Pursuant to the legal requirements under Section 2:393 sub 5 at e and f of the Netherlands Civil Code, we have no deficiencies to report as a result of our examination whether the annual report, to the extent we can assess, has been prepared in accordance with Part 9 of Book 2 of this Code, and whether the information as required under Section 2:392 sub 1 at b – h has been annexed. Further, we report that the annual report, to the extent we can assess, is consistent with the financial statements as required by Section 2:391 sub 4 of the Netherlands Civil Code.

Groningen, October 6, 2016

KPMG Accountants N.V.

R.W. van Dijk RA