2009 Annual consolidated

financial statements

Notes

BASIS OF PRESENTATION

The consolidated financial statements are drawn up in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and with the legal and administrative regulations applicable in Belgium. These standards include all new and revised standards and interpretations published by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC), insofar as they apply to the group’s activities and are effective for the financial years starting on or after 1 January 2009.

The consolidated financial statements are presented in EUR thousands, rounded to the nearest thousand. The financial years 2009 and 2008 are presented in this report. We refer to the 2007 annual report for historical financial information on the financial year 2007 and 2008.

The accounting policies have been applied consistently for all the financial years presented.

New or revised standards and interpretations effective in 2009

• IFRS 1 First-time Adoption of IFRS (revised in 2008) (effective for financial years beginning on or after 1 January 2009)

• IFRS 8 Operating Segments (effective for financial years beginning on or after 1 January 2009)

• IAS 1 Presentation of Financial Statements (effective for financial years beginning on or after 1 January 2009). This standard replaces IAS 1 Presentation of Financial Statements (revised in 2003) and amended in 2005.

• Improvements to IFRS (2007-2008) (effective for financial years beginning on or after 1 January 2009)

• Amendments to IFRS 7 Financial Instruments: Disclosure – Improving Disclosures (effective for financial years beginning on or after 1 January 2009)

• Amendments to IAS 23 Borrowing Costs (effective for financial years beginning on or after 1 January 2009)

• Amendments to IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial Statements – Puttable Financial Instruments and Obligations Arising on Liquidation (effective for financial years beginning on or after 1 January 2009)

• Amendments to IFRIC 9 Reassessment of Embedded Derivatives and IAS 39 Financial Instruments: Recognition and Measurement (effective for financial years ending on or after 30 June 2009)

New or revised standards and interpretations that are not yet effective

Several new standards, revised versions of existing standards and interpretations have not yet entered into force in 2009 but can be adopted in advance of their effective dates. Warehouses De Pauw has not yet adopted these, unless stated otherwise. The impact of their adoption – insofar as these new standards, revised versions or existing standards and interpretations are relevant to Warehouses De Pauw – on the consolidated financial statements for 2009 and the following years is presented below.

• IFRS 3 Business Combinations (effective for business combinations for which the acquisition date is on or after the beginning of the first financial year beginning on or after 1 July 2009). This standard replaces IFRS 3 Business Combinations as issued in 2004.

• IFRS 9 Financial Instruments (effective for financial years beginning on or after 1 January 2013)

• Improvements to IFRS (2008-2009) (effective for financial years beginning on or after 1 January 2010)

• Amendments to IFRS 1 First-time Adoption of IFRS – Additional Exemptions (effective for financial years beginning on or after 1 January 2010)

• Amendments to IFRS 2 Share-based Payment (amendments effective for financial years beginning on or after 1 January 2010)

• Amendments to IAS 24 Related Party Disclosures (effective for financial years beginning on or after 1 January 2011). This standard replaces IAS 24 Related Party Disclosures as issued in 2003.

• Amendments to IAS 27 Consolidated and Separate Financial Statements (amendments effective for financial years beginning on or after 1 July 2009). This standard is an amendment of IAS 27 Consolidated and Separate Financial Statements (revised in 2003).

• Amendments to IAS 32 Financial Instruments: Presentation – Classification of Rights Issues (effective for financial years beginning on or after 1 February 2010)

• IFRIC 17 Distribution of Non-Cash Assets to Owners (effective for financial years beginning on or after 1 July 2009)

• IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments (effective for financial years beginning on or after 1 July 2010)

• Amendments to IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction – Prepayments of a Minimum Funding Requirement (effective for financial years beginning on or after 1 January 2011)

The following new or revised standards and interpretations are not applicable to Warehouses De Pauw:

• Amendments to IFRS 2 Vesting Conditions and Cancellations (amendments effective for financial years beginning on or after 1 January 2009)

• Amendments to IAS 39 Financial Instruments: Recognition and Measurement – Eligible Hedged Items (effective for financial years beginning on or after 1 July 2009)

• Amendments to IFRS 1 First-time Adoption of IFRS and IAS 27 Consolidated and Separate Financial Statements (effective for financial years beginning on or after 1 January 2009)

• IFRIC 13 Customer Loyalty Programmes (effective for financial years beginning on or after 1 July 2008)

• IFRIC 15 Agreements for the Construction of Real Estate (effective for financial years beginning on or after 1 January 2009)

• IFRIC 16 Hedges of a Net Investment in a Foreign Operation (effective for financial years beginning on or after 1 October 2008)

• IFRIC 18 Transfers of Assets from Customers (effective for transfers on or after 1 July 2009)

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