Stichting Fred M. van Eck Support Foundation for the Principia Corporation

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1 Stichting Fred M. van Eck Support Foundation for the Principia Corporation FINANCIAL STATEMENTS April 1, March 31, Balance sheet 2. Statement of income and expenses 3a. Accounting principles 3b. Notes to the balance sheet 3c. Notes to the statement of income and expenses Page :01

2 1. BALANCE SHEET (* Eur 1.000) March 31, 2018 March 31, 2017 FINANCIAL FIXED ASSETS Participation Cordstrap BV Participation Corest CV Participation Corest Management BV Loans to third parties CURRENT ASSETS Receivables Loans to related entities Other receivables and accrued items Cash and equivalents EUR deposit accounts EUR current accounts Page :01

3 March 31, 2018 March 31, 2017 Equity Statutory capital 0 0 Reserves Short term liabilities Page :01

4 2. STATEMENT OF INCOME AND EXPENSES ( * Eur 1,000) Apr 1, 2017 / Apr 1, 2016 / March 31, 2018 March 31, 2017 Income Interest on cash and equivalents 0 0 Interest on capital account Corest CV Interest on loans to participations 0 1 Results of participations Total income Expenses Donations to Principia Auditors fees 0-30 Paid interest 2 5 Other Balance of income and expenses Page :01

5 3a. ACCOUNTING PRINCIPLES FOREIGN CURRENCIES Assets and liabilities of foreign subsidiaries are translated at year-end rates of exchange and revenues and expenses are translated at the rate of exchange at the moment of transaction. Gains and losses resulting from translation are accumulated as a separate component of shareholders' equity. Gains and losses resulting from foreign currency transactions and from the translation into local currency of assets and liabilities denominated in foreign currency, are included in the income statement. ACCOUNTING PRINCIPLES FOR THE VALUATION OF ASSETS AND LIABILITIES Assets and liabilities unless otherwise indicated, assets and liabilities are stated at face value, net of depreciations. Buildings are depreciated on a straight line basis over 30 years. Assets and liabilities in other currencies than Euro are translated against the rate of exchange of the date of the balance sheet. Participations Participating interests where substantial influence is exercised over the business and financial policy are valued to the equity method on the basis of net asset value. ACCOUNTING PRINCIPLES FOR THE RECOGNITION OF INCOME AND EXPENSES Statement of income and expenses Income and expenses are stated at their face value. Income and expenses in other currencies than Euro are translated against the rate of exchange at the moment of transaction. The use of estimates During the preparation of the financial statements, management must, in accordance with the general principles, make certain estimates and assumptions that co-determine the stated amount. The actual result may deviate from these estimates. Average number of employees During the reporting year the foundation employed 0 employees (last year : 0). Page :01

6 3b. NOTES TO THE BALANCE SHEET Participation Cordstrap BV This concerns a % stake in the shares of Cordstrap BV, located in The Netherlands. This stake is valued at the pro rata portion of the net asset value (equity) according to the financial statements of Cordstrap BV. Movement of the value (* 1,000) during the reporting period was as follows; Balance as at April 1, Stake in the result for the year Dividends received Balance as at March 31, Equity value per March 31, 2018 according annual report Cordstrap BV 100% value of the shares % thereof ( shares of 303,030) Participation Corest CV This concerns an % stake in a partnership called Corest CV. This partnership has been established for the purpose of developing a building for Cordstrap BV. The movement of this item was as follows: Balance as at April 1, Interest credited to capital account 59 Capital distributions Stake in the result for the year Balance as at March 31, Participation Corest Management BV This concerns an 85.07% stake in Corest Management BV. Corest Management BV holds a stake of 1% in the partnership Corest CV and acts as managing partner in Corest CV. The movement of this item was as follows: Balance as at April 1, Stake in the result for the year Balance as at March 31, Loans to third parties This concerns loans issued to Cordstrap staff members. On these loans, an interest of 1-month Euribor is charged annually. As a security, the depository receipts on Cordstrap shares have been pledged to the Stichting. Page :01

7 Loans to related entities This concerns loans issued for the short term financing of working capital of the following entities: Corest Management BV Balance as at April 1, Interest Repayment Balance as per March 31, Repayment of this loan takes place over 10 years of which 3 years are remaining. The current portion of the repayment is Eur 13,000. On these loans an interest of 1-month Euribor + 1% is applicable. Cash and equivalents This concerns a credit balance on current accounts and deposit accounts. All balances are directly available. Statutory capital The stichting has no statutory capital. Reserves Movement was as follows: Balance as at April 1, Result reporting period Balance as at March 31, Short term liabilities This can be specified as follows: Accruals for rent Accrual for audit Page :01

8 3c. NOTES TO THE STATEMENT OF INCOME AND EXPENSES Result of participations This can be speficied as follows; Cordstrap BV Result Movement of translation Corest CV Result Corest Management BV Result Page :01

Stichting Fred M. van Eck Support Foundation for the Principia Corporation

Stichting Fred M. van Eck Support Foundation for the Principia Corporation FINANCIAL STATEMENTS April 1, 2016 - March 31, 2017 1. Balance sheet 2. Statement of income and expenses 3a. Accounting principles