5YeARS. Annual financial statements Submitted by the Board of Directors to the General Shareholders Meeting of 19 May 2010

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1 5YeARS Annual financial statements 2009 Submitted by the Board of Directors to the General Shareholders Meeting of 19 May 2010

2 Contents Introduction 03 Key figures Annual report by the Board of Directors to the General Shareholders Meeting of 19 May Company situation 06 Financial data for the financial year Balance sheet Assets 15 Liabilities 17 Notes to the balance sheet 19 Income statement Detailed income statement 26 Notes to the income statement 28 Notes to the annual financial statements Statement of formation expenses Statement of intangible fixed assets Statement of tangible fixed assets Statement of financial fixed assets Cash investments and other investments Asset adjustment accounts Statement of the capital Liability adjustment accounts Off balance sheet rights and commitments Relations with affiliated companies and companies in which the company holds participating interests Social balance sheet 38 Report of the College of auditors on the financial statements for the year ended 31 December Corporate Governance 43 2

3 Introduction Company presentation Infrabel is the manager of the Belgian railway infrastructure. The company was established on 29 October 2004 as a public limited company following the European Directives on separation of railway infrastructure management and railway transport service operation. The company s Articles of Associations were last changed on 17 December The company s registered office is located at Rue Bara 110 in 1070 Brussels. The annual accounts are prepared in accordance with the rules of Belgian accounting legislation (Belgian GAAP). Starting from 2010, The SNCB group will report in accordance with IFRS international accounting standards. In view of this transition, certain valuation rules were modified in the course of the 2009 financial year. Financial year The financial year runs from 1 January to 31 December of each year. Capital The capital consists of 16,636,068 registered shares without indication of nominal value. During the 2009 financial year, the capital was increased by 20,925, as a result of the contribution in kind by SNCB Holding of works realised on the Brussels-Luxembourg axis. This capital increase saw the issue of 26,223 new shares. In accordance with a specific programme Act, the amount of this capital increase was fully transferred to the category investment grants. The capital was also decreased with 44,050,000 in accordance with the transfer of the contribution of the SNCB Holding for financing the HSL to the category of investment grants. On , the situation of the shareholding structure is as follows: the Belgian state holds 1,064,746 shares, i.e. 6.40% of the capital; SNCB Holding holds 15,571,322 shares, i.e % of the capital. Although the Belgian State is a minority shareholder, the Articles of Association entitle it to 80% +1 votes in decisions of the company s management bodies. The annual accounts are submitted to the National Bank of Belgium. The annual report is also available on the company s website: 3

4 Key figures Investments realised in 2009 (in million ) Funding of the realised investments (in million ) 7.7 Other investment sources 23.7 High Speed Train (HST) contributions Regional Express Net Station lobbies Regional Express Net (GEN/RER) programmes 56.4 HST programmes 29.9 ETCS Capacity retention Capital Federal funding Concentration of signalling boxes 139 Capacity expansion Income statement (in million ) Operating income 1.309,26 Operating charges (1) 1.254,25 Gross operating profit (EBITDA) 55,01 Depreciation, impairments and provisions 307,18 Net operating result (EBIT) -252,16 Financial result 447,08 Non-recurring items -125,31 Overall result (EBT) 69,61 Balance sheet Infrabel s balance sheet total on amounts to 13,834,741, as compared to 13,279,198, on The balance sheet showing the amounts, by headings, of assets and of liabilities, is presented on the following pages. 4

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6 Annual report by the board of directors presented to the general shareholders meeting It is with great pleasure that the Board of Directors, in accordance with legal and statutory requirements, presents to you this report regarding the situation and the results of the company during the 2009 financial year. 1. Company situation 1.1. Important events in 2009 Although the crisis may have had somewhat less impact on Infrabel than on many other economic actors, a significant shift has occurred in the economic model since Indeed, decreased freight activity considerably curbed the income throughout the twelve months of the year, whereas 2008 saw an impact only on the last quarter. International passenger transport problems starting in the first quarter of 2009 and difficulties in national passenger transport as from the summer clearly confirm the unfavourable context. And even if the change has remained out of sight as a result of specific, extraordinary operations, it is nonetheless a real revolution. April 2009, another railway company filed a discrimination complaint against Infrabel. Infrabel was convicted by the Regulator on 4 August 2009 and filed an appeal. Important evolutions occurred in all other priorities. As regards safety, which is the key strategic priority, TBL1+ technology realised a 24.21% cover by the end of the year. In the field of investments, Belgium was the first European country to complete its border-to-border high-speed network in August 2009 saw the conclusion of the first rider to Infrabel s second management contract. Mainly financially oriented, it regulates the consequences following the important restructuring of the Railway Infrastructure Fund (RIF) on 1 January 2009 which translated into a transfer of the railway assets of this fund to Infrabel. The infringement procedure initiated by the European Commission based on the alleged failure of proper transposition of the first railroad package into Belgian law was continued in 2009: with 21 other Member States, the Belgian government received a reasoned opinion on 8 October The Government submitted its reply on 9 December It points out that Infrabel s IT systems will be subject to measures aiming at creating a logical and immaterial separation, to be implemented before 30 June Following the strike of employees of a railway company on 10 As a result the line L4 Antwerp-Dutch border, homologated on 23 December 2008, ran its first domestic trains to the Noorderkempen station. The first high-speed trains followed on 13 December The L3 line Liege-German border which was homologated on 9 June 2009 has been running commercially operated ICE trains since 14 June Besides the opening of the Liege-Guillemins station, another number of significant opening ceremonies took place in 2009, such as the reopening of the halts Brussels West and Simonis on the Brussels West Ring. This reopening constitutes an important step in the long construction process of the GEN (Regional Express Network). Tunnel boring machines for the Public-Private Partnership projects Diabolo and Liefkenshoek were installed in January and November of 2009 respectively, which shows that these projects are making good progress. 6

7 The introduction of the modern project management principles proves an incessantly productive investment: for the second consecutive year, the realisation levels are close to 100%. Following the first update of the long term investment plan , the programme for concentration of signal cabins was adjusted, manifesting the strengths of the original plan. As for financial instruments, 2009 has mainly prepared for the launch of the SAP management system and the introduction of the IFRS standards as from 1 January scope of the current large-scale operation for connecting the Western European freight corridors. With respect to renewable energy and participations, Infrabel has in 2009 subscribed to the capital of the limited partnerships GREENSKY and SPS FIN, responsible for the construction and operation of a number of wind turbines along the L2 Louvain-Liege Line and of solar panels on art works on the L3 Line Antwerp-Dutch border. Furthermore, thanks to a number of Service Level Agreements (SLA) with SNCB Holding and SNCB, all financial intra-group relations have been laid down in contracts in December As regards the sensitive theme of punctuality, we can t but state a setback (from 94.3% to 92.9%) as a result of multiple causes with far-reaching consequences. Infrabel was very active on an international level. Furthermore, its positions are increasingly well received. For instance, following Infrabel s initiative, RNE was ordered at the High Level Infrastructure Meeting of 5 June 2009 to produce a general solution for uniform numbering of international trains and for better communication between the national traffic control centres. Infrabel also offers its expertise to the Belgian government in the 7 Annual report by the board of directors presented to the general shareholders meeting held on 19 may 2010

8 1.2. Company positioning In the scope of the policy for liberalisation of the rail transport market initiated by the European Commission in 1991, Infrabel is faced with an increasing number of players in the railroad environment Important events since the end of the financial year The accident at Buizingen on 15 February 2010, costing the lives of 18 people, has painfully marked the start of the year. Infrabel, manager of the Belgian rail infrastructure, had 8 clients on 1 January 2009: SNCB, Crossrail, SNCF-Fret, Veolia, Trainsport, ERS, ACTS and CFL Cargo. On that date, only the first six companies mentioned effectively ran trains on the network. Rotterdam Rail Feeding, DB Schenker Rail Netherlands and SNCF Fret Benelux received their safety certificates from the Secretary of State on 26 March, 27 April and 4 December respectively, thus becoming the ninth, tenth and eleventh operators. In order to meet the challenges created by market liberalisation, the Rail Access Directorate aims at building non-discriminatory quality relationships with its clients, the railroad companies. The level of the user levy ensures Infrabel of a competitive position as compared to the other infrastructure managers and competitors. Expressed in train kilometres and train paths, railway activity has decreased by 5% as a result of the international economic crisis, the consequences of which were mainly felt in the freight sector and to a lesser degree, in international passenger transport. This decline is confirmed by the new transport plan introduced in December 2009 by B-Cargo, the most important freight transport client. The income from the user levy for the infrastructure continues to show a slight increase despite the decline in the freight sector. The RIF restructuring and the fact that the annual contribution in that fund ceased to exist, considerably strengthened Infrabel s financial autonomy. The relation between infrastructure compensation and operation-allocation indeed showed a strong increase. Traditional investments are guaranteed by the public funds paid by the State, pursuant to the management contract. The conventions relative to the funding of the TGV works and to certain priority projects offer an additional guarantee level with respect to the availability of the necessary resources. Examples are the two PPP-constructions Diabolo and Liefkenshoek Rail Link and the establishment of three Special Purpose Vehicles (SPV) by SNCB Holding. The RER works are funded by RER funds, the management of which has been assigned to SNCB-Holding by the state. Safety, already a major strategic priority in the BRIO plan, has become the company s main concern - now more than ever. The urban permit for the RER works between Linkebeek and Rhode- Saint-Genèse was quashed by the Council of State on 4 February This has a huge impact on the planning of the works Circumstances that might have a marked influence on the company s development The elements that may have an important effect on Infrabel s operations most certainly include any fundamental strategy revision by its major client SNCB as a result of the economic downturn. This mainly involves the freight sector, but certainly also impacts national and international passenger transport. Following the reasoned advice from the European Commission regarding the improper transposition into Belgian law of the first railroad package, measures will be taken that will affect Infrabel s operations. The recast of the first railway package by the European Commission could, in the long run, also have repercussions for the company s business operations. 1.5 Research and development Thanks to its membership of various international organisations, Infrabel is able to use internationally developed tools with respect to research and development. In addition, Infrabel makes systematic innovation efforts in the areas that fall under its own responsibility. 1.6 Branches Besides 313 work units, Infrabel has 2 direct subsidiaries: TUC RAIL S.A. and Chantier de Créosotage de Bruxelles S.A. (Brussels Creosote Centre), active in the field of research and rail infrastructure work and in the area of creosoting respectively. Infrabel also holds a participation in the EEIG (European Economic Interest Grouping) Corridor C, in the NPO Liege CAREX and since 2009, in CVBA GREENSKY and SPS FIN. 8 Annual report by the board of directors presented to the general shareholders meeting held on 19 may 2010

9 1.7 Key indicators Infrabel uses several key indicators; this list was completed in 2006 in connection with the implementation of the BRIO strategic plan. The values mentioned below relative to the years prior to 2005 are provided on an indicative basis. The fact is that certain values apply to a reality that has changed markedly since the transition from the old to the new rail group structure. The following are key indicators for Infrabel: A B Safety - Collisions with coincidental obstacles on the main rail path Accidents at level crossings Disregarding traffic signals Punctuality of passenger trains domestic traffic: - with neutralisation 95.7% 94.8% 94.0% 93.6% 94.3% 92.9% - without neutralisation 93.2% 91.9% 90.6% 89.2% 90.2% 88.9% - Number of minutes reports attributable to Infrabel C EBITDA in million EBT (overall result) in million Cash position at 31 December in million D E F Degree of implementation of investments compared to amendments - sum of all funding resources (%) Implementation of the strategic BRIO plan Strategic priorities progressing according to plan Authorities advice re the implementation of the management contract (according to annual evaluation report) G Number of train paths (millions) Corresponding train kilometres (million) H Domestic traveller s Quality Barometer a) General satisfaction * b) Train punctuality * c) Quality of information at the stations I Staff expressed in full-time equivalents on 31 December ** * Source: SNCB ** Effect of the transfer of employees to SNCB as a result of the New Passengers operation 9 Annual report by the board of directors presented to the general shareholders meeting held on 19 may 2010

10 2. Financial data for the financial year Balance sheet The following represents the balance sheet as per compared to the situation on (in million ) ASSETS Fixed assets 11, , I. Formation expenses II. Intangible fixed assets 1, , III. Property, plant and equipment 10, , IV. Financial fixed assets Current assets 1, , V. Amounts receivable after more than one year VI. Stocks and contracts in progress VII. Amounts receivable within one year VIII. Investments IX. Cash at bank and in hand X. Accruals and deferred income Total assets 13, , LIABILITIES Equity 12, , I. Capital 1, , II. Share premium Account III. Reserves IV. Accumulated profit V. Investment grants 10, , Provisions VII. Provisions Creditors VIII. Amounts payable after more than one year IX. Amounts payable within one year X. Accruals and deferred income TOTAL LIABILITIES 13, , Annual report by the board of directors presented to the general shareholders meeting held on 19 may 2010

11 The company s balance sheet total on 31 December 2009 amounts to 13, million euros as compared to 13, million euros on 1 January The increase relates to the tangible fixed assets. During the financial year, some substantial investments were made in rail infrastructure, the main ones being: 56.4 million euros for the high-speed train programmes; 29.9 million euros for ETCS; million euros for the RER; million euros for capacity maintenance; 139 million euros for capacity expansion; million euros for concentration of the signal cabins. 120,2 million euros for means of production The current assets decreased by million. The variance relates mainly to amounts receivable within one year. The company s shareholders equity amounts to 13, million or % of the balance sheet total. 11 Annual report by the board of directors presented to the general shareholders meeting held on 19 may 2010

12 2.2. Income statement The 2009 financial year ends with a positive operating profit (EBITDA) of million euros and a positive overall result (EBT) of million euros. It can be summed up as follows: INCOME STATEMENT Operating income 1, , Turnover infrastructure fee state funding other Movements of contracts in progress Produced fixed assets Other operating income Operating Costs 1, , Raw materials, consumables and goods for resale Services and various goods 1, , payroll charges RIF indemnity other Other operating charges Gross operating profit (EBITDA) Write-offs, impairments and provisions Financial result Non-recurring items Overall result (EBT) Risk management with respect to use of financial instruments Infrabel has entrusted the day-to-day management of its cash resources to SNCB Holding, who acts as the in house bank. It looks after the cash pooling within SNCB group and, if appropriate, uses financial instruments on behalf of Infrabel. On 31 December 2009, Infrabel did not show any risks relating to the use of financial instruments. 12 Annual report by the board of directors presented to the general shareholders meeting held on 19 may 2010

13 2.4. Appropriation of the earnings The profit to be appropriated amounts to: - financial year profit 69,605, profit/loss carried forward from previous financial years 241,098, profit to be appropriated 310,704, The Board of Directors proposes the following appropriation of the earnings: - appropriation to the capital and to the premium on shares appropriation to the capital grants 200,000, funding of the legal reserve 3,480, appropriation to the available reserves carried forward to the next financial year 107,224, remuneration of the capital dividends: profit to be paid to directors profit to be paid to other beneficiaries 0.00 Total 310,704, Additional assignments of the supervisory directors During the financial year the supervisory directors, besides their usual office, have accomplished the following: report regarding the capital increase by contribution in kind of fixed assets by SNCB Holding, in the amount of 12,000 report regarding the changed objective for 14,350 report regarding the transfer of the railway assets by the Railway Infrastructure Fund, in the amount of 2, Valuation rules The valuation rules applied at the close of the annual accounts on 31 December 2009 were submitted to the Executive Committee on 23 March 2010 and to the Board of Directors on 19 April The valuation rules have been modified following the alignment with the international accounting principles I.F.R.S. The summary of the valuation rules is attached to the annual financial statements Conflict of interest No acts occurred during the previous financial year that could give rise to a conflict of interest between a director and the company as described in article 523 of the Belgian Company Code Proposed discharge from liability of the Directors and the Supervisors The Shareholders Meeting is requested to discharge the directors as well as the supervisors from liability, and to approve the annual financial statements presented to you. Drawn up in Brussels on 19 April On behalf of the Board of Directors, Christine Vanderveeren Chair of the Board of Directors Luc Lallemand CEO 13 Annual report by the board of directors presented to the general shareholders meeting held on 19 may 2010

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15 Balance sheet Assets Balance sheet financial year 2009 (in euros) ASSETS Balance sheet at Balance sheet at FIXED ASSETS 11,975,673, ,701,540, I. Formation expenses 35, II. Intangible fixed assets 1,351,378, ,342,778, Concession fee 1,305,050, ,291,313, Intangible fixed assets excl. Concession fee 46,328, ,464, III. Tangible fixed assets 10,620,952, ,355,461, A. Land and buildings 2,648,171, ,931,977, Acquisition value 3,274,648, ,527,720, Depreciations -626,476, ,743, B. Plant, machinery and equipment 4,562,323, ,204,774, Acquisition value 9,402,375, ,319,531, Depreciations -4,840,052, ,114,757, C. Furniture and rolling stock 23,937, ,514, Acquisition value 123,141, ,227, Depreciations -99,204, ,713, E. Other tangible fixed assets 213,123, , Acquisition value 264,285, ,430, Depreciations -51,162, ,163, F. Assets under construction and advance payments 3,173,397, ,198,929, Iv. Financial fixed assets 3,306, ,300, A. Affiliated companies 3,305, ,286, Participations 2,855, ,986, Brussels creosote centre 1,368, ,499, Tuc rail 1,487, ,487, Amounts receivable (woodprotect) 450, ,000 B. Enterprises linked by participating interests 3, Participations 3, Amounts receivable C. Other financial fixed assets 1, , Shares , Amounts receivable and cash guarantees

16 Balance sheet financial year 2009 (in euros) CURRENT ASSETS 1,303,525, ,133,200, V. Receivables after more than one year 7,777, ,852, A. Trade receivables 2, , B. Other receivables 7,775, ,850,000 - Historical soil contamination 7,775, ,850,000 VI. Stocks and contracts in progress 183,168, ,613, A. Stocks 179,165, ,599, Raw materials and consumables 167,423, ,152, Work in progress 11,741, ,447, Payments in advance B. Contracts in progress 4,003, ,013, VII. RECEIVABLES FALLING DUE WITHIN ONE YEAR 521,556, ,443, A. Trade receivables 147,945, ,030, B. Other receivables 373,610, ,413, Railway investment fund 180,520, Vat recoverable 34,569, ,284, State funding 154,121, ,369,000 - Other 4,399, ,759, VIII. Investments 564,987, ,257, A. Own shares B. Other investments 564,987, ,257, IX. Liquid assets 6,214, , X. Accruals and deferred income 19,819, ,788, Staff costs to be carried forward 16,779, ,839, Insurance premiums to be carried forward 452, , Other costs to be carried forward 1,277, ,213, Gains realised 1,310, , TOTAL ASSETS 13,279,198, ,834,741, Balance sheet 2009

17 2. Liabilities BALANCE SHEET FINANCIAL YEAR 2009 (in euros) Liabilities Balance sheet at Balance sheet at EQUITY 12,423,114, ,084,423, I. Capital 1,450,061,500 1,450,061,500 A. Issued capital 1,604,125,000 1,560,075,000 B. Not issued capital (-) -154,063, ,013,500 II. Share premium account 299,317, ,317, IV. Reserves 12,689, ,169, A. Legal reserve 12,689, ,169, V. Profit (loss) brought forward (-) 241,098, ,224, VI. Investment grants 10,419,947, ,211,650, PROVISIONS AND DEFERRED TAXES 94,055, ,622, VII. Provisions and deferred taxes A. Provisions for liabilities and charges 3. Major repairs and maintenance work 14,640, Painting art works 13,151, Revision heavy materials 1,489, Other liabilities and charges 79,415, ,622, Soil remediation 36,014, ,808, Move cli etterbeek 14,793, Uninsured risks on tangible and intangible assets 27,961, ,380, Cleaning up non-reusable wood waste 645, , Seniority leave 0 6,332,635 - Seniority premiums 0 1,455, Balance sheet 2009

18 DEBTS 762,028, ,694, VIII. Payables after more than one year 499, ,305, D. Other amounts payable 499, ,305, Pension acquisitions 0 21,289, Other 499, , IX. Payables falling due within one year 589,726, ,530, A. Current portion of amounts payable after one year 0 1,725, C. Trade debts 403,736, ,089, Trade creditors 403,736, ,089, D. Advances received on contracts 2,890, ,180, E. Debts with regard to taxes, remunerations and social charges 13, Taxes 4, Remunerations and social charges 8, F. Other amounts payable 183,085, , Railway investment fund 180,520, Other 2,565, , X. Accruals and deferred income 171,801, ,858, Staff costs to be assigned 55,468, ,682, Other costs to be assigned 483, , Income from infrastructure fees to be carried forward 101,257, ,528, Other income to be carried forward 14,593, ,580, TOTAL LIABILITIES 13,279,198, ,834,741, Balance sheet 2009

19 3. Notes to the balance sheet 3.1. Intangible fixed assets 3.2. Tangible fixed assets The intangible assets include: the right to operate the Belgian rail network with a book value of 1,291,313, This operating right is depreciated on a linear basis over 99 years; investments in specific IT applications developed by the SNCB Holding and other third parties. The book value of this software amounts to 51,464, In view of the alignment of the accounts with the IFRS standards, certain valuation rules were changed in the course of the financial year. This impacts the intangible fixed assets as follows: impact on the acquisition value: -60 million euros; on cumulative depreciations: -39 million euros.. See also the notes to the annual financial statements - Statement 2. Infrabel annually avails of a considerable investment budget that is largely funded by contributions from the Federal Government. The company s investments particularly relate to further expansion, modernisation and maintenance of the traditional infrastructure. Substantial amounts are invested in projects aiming at better accessibility from Brussels (RER), in projects for maintenance and extension of the infrastructure capacity, and in investment projects provided for in the BRIO II strategic plan, such as the GSM-R project, signal box concentration, the ETCS system, etc. A few large projects such as the link to the National Airport (project Diabolo) and the Liefkenshoek rail link in the harbour of Antwerp are realised via a Public-Private Partnership (PPP). The net increase of the tangible fixed assets compared to the previous financial year on 31 December amounts to 734,509, The impact on the tangible fixed assets caused by the modification of the valuation rules in view of the conversion to IFRS is as follows: impact on the acquisition value: -964 million euros; on cumulative depreciations: -939 million euros. See also the notes to the annual financial statements - Statement Balance sheet 2009

20 3.3. Financial fixed assets The company has the following participating interests in affiliated enterprises: in TUC RAIL S.A. for 1,487,361.15; in Brussels Creosote Centre for 1,499, Infrabel also has a claim amounting to 300,000 on an affiliated enterprise. It involves the long term balance on the loan supplied to Woodprotect S.A. In view of the projects regarding renewable energy, Infrabel has in 2009 subscribed to the capital of the Zeiltrein project for which the wind turbine developing company GREENSKY CVBA was established. Infrabel has a 10% participation in the company. The following diagram presents the capital structure. STATE 80% + 1 of the votes 20% - 1 of the votes B-Holding Transurb Technirail Lambert Frère Investissement 10% 25% 75% 42% 51% 49% Greensky IV-Infra TUC RAIL S.A. EESV Corridor C Chantier de créosotage de Bruxelles Claude Lambert Christiaan Lambert 50% 50% 42% 99,89% 1 share 0,055% 1 share 0,055% EESV IV-Infra/ TUC RAIL Brussels Wood Renewable Woodprotect See also the notes to the annual financial statements - Statement Balance sheet 2009

21 3.4. Stocks and contracts in progress Infrabel has a total amount of 234,599, in stocks on its balance sheet, a substantial part of which involves special supplies for infrastructure, particularly rails, switches, attachment means, etc, amounting to million euros. Other articles amounting to million euros include oils, metals, electrical equipment, solid and liquid fuels, etc. Contracts in progress for third parties add up to 4 million euros. The unused stock products on the various sites alongside the tracks amount to million euros. amounts in Stocks: Special supply items for infrastructure 164,501, Deprecations on the special supply items for infrastructure -13,929, Supply items unused at work sites 40,567, Manufactures 15,447, General supply items 26,813, Special supply items for transport equipment 1,351, Solid and liquid fuels 116, Packaging to be returned 850, Deprecations on the supply items other than the special items for infrastructure -1,118, Advance payments Total stocks as at 31/12/ ,599, Contracts in progress: Manufacture price 5,154, Deprecations -1,140, Total of contracts in progress as at 31/12/2009 4,013, Amounts receivable within one year 3.6. Investments and cash at bank and in hand The amounts receivable within one year amount to 312,443, euros and consist of trade debtors at 211,030, euros and other receivables in an amount of 101,413, euros. The trade receivables on the SNCB account for million euros. These relate mainly to the invoice for the infrastructure fee over the month of February The infrastructure fees are invoiced two months in advance. The trade receivable on the RER fund for the works on the Regional Express Net amounts to million euros. Other receivables mainly refer to an outstanding claim on the State for operation and investment grants of million euros and recoverable VAT in an amount of million euros. As per 31 December 2009, Infrabel held cash amounting to 559,501, The available cash resources have been invested with the SNCB in the scope of cash pooling, as well as with financial institutions. The liquid assets movements and their method of generation and allocation can be found in the table below. The indirect method was applied for the preparation of the cash flow statement. This method reconstructs the cash flows by correcting the net profit for the activities that don t have a monetary character, such as depreciations, impairments and provisions. 21 Balance sheet 2009

22 Cash flow table 31 december 2009 Operating activities Operating profit 69,605, Items without effect on cash flow accounted for in operating profits -29,723, Depreciations on fixed assets (extraordinary return depreciations) -568,944, Impact IFRS on purchase value of fixed assets 1,025,185, Investment grants included in the result -439,858, Devaluations -9,089, Provisions for liabilities and charges -36,433, minus and plus results -582, Gross result generated from operating activities 39,881, Changes in stock -46,643, Changes in trade receivables -20,204, Changes in receivables of state funding related to exploitation 97,116, Changes in other receivables -1,217, Changes in trade debts 91,353, Changes in other debts 21,776, Changes in adjustment accounts 17,680, Changes in R/C VAT 2,284, Net result generated from operating activities 202,028, Investment activities Investments in immaterial fixed assets -45,515, Investments in material fixed assets -1,136,911, Income from the sale of fixed assets 877, Investments in financial fixed assets 137, Result generated from investment activities -1,181,411, Financing State investment grants to finance the assets 1,016,986, Changes in receivables of state funding related to investments -5,364, Changes in receivables on the GEN fund -43,940, Changes in receivables related to the railway investment fund 180,520, Changes in debts related to unused portions of investment grants -180,520, Result generated from financing activities 967,682, Decrease in financial resources and cash equivalents -11,701, Financial resources and cash equivalents at the start of the year 571,202, Financial resources and cash equivalents at the end of the year 559,501, See also the notes to the annual financial statements - Statement Balance sheet 2009

23 3.7. Equity The shareholders equity amounts to 13,084,423, This amount includes: Issued capital Uncalled capital Share premium account Legal reserve Accumulated profit Investment grants The impact on the subsidised assets caused by the modification of the valuation rules in view of the conversion to IFRS is as follows: See also the notes to the annual financial statements - Statement 7. impact on the acquisition value: -1,025 million euros; on cumulative depreciations: -978 million euros Provisions, deferred and latent taxation To cover for all important known future obligations and risks, Infrabel has included a provision in the balance sheet totalling 57,622, These provisions refer to: Remediation of contaminated soils 34,808, Provisions for cleaning up non-reusable wood waste: 645, Provision for legal disputes 14,380, Seniority leave 6,332,635 Seniority premiums 1,455, Balance sheet 2009

24 3.9. Creditors Infrabel has no financial debts as of 31 December Its activities can be characterised as a public service and are financed by public means. The short and long term debts amount to 522,836, and can be broken down as follows: Trade payables 495,089, Advance payments received 4,180, Other liabilities 23,566, The other liabilities mainly involve the long-term debt to SNCB Holding. This debt originates from the Royal Decree dated 28 December 2005 on the acquisition of the pension obligations of the SNCB Holding by the Belgian State. As foreseen by the Decree, SNCB Holding has made a one-off payment to the Belgian State, thus constituting the latter s acquisition of the SNCB Holding s obligations as regards the pensions for its statutory personnel. Article 4 of the Decree states that SNCB Holding is allowed to recuperate part of this amount from Infrabel over a period of 15 years. 24 Balance sheet 2009

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26 Income statement Detailed income statement PROFIT AND LOSS ACCOUNT Cumul Cumul Variation I. Operating income 1,524,074, ,309,262, ,812, A. Turnover 1,213,115, ,038, ,076, Sales and services 1,213,115, ,038, ,076, State funding 433,108, ,090, ,018, Infrastructure fee 609,500, ,556, ,055, Energy for traction and buildings 108,276, ,242, ,965, Investments for third parties 30,490, ,493, ,003, Materials for third parties 1,612, , , Intra group other 7,866, ,725, ,858, Other 22,260, ,316, ,056, Assigned discounts, returned funds and rebates B. Change in stocks of goods being processed and finished product, and in the orders being processed (increase +, decrease -) -852, ,989, ,841, C. Produced fixed assets 301,499, ,435, ,935, D. Other operating income 10,311, ,798, ,487, II. OPERATING CHARGES 1,552,154, ,561,426, ,271, A. Trade goods, raw and auxiliary materials 133,374, ,277, ,096, Purchases 152,181, ,932, ,249, Changes in stock (increase -, decrease +) -18,806, ,654, ,847, B. Services and various goods 1,299,190, ,152,444, ,745, Rif indemnity 300,000, ,000, Payroll charges 668,045, ,415, ,369, Other 331,144, ,029, ,885, C. Compensations, social fees and pensions D. Depreciations and devaluations on founding expenses, immaterial and material fixed assets E. Devaluations on stocks, contracts in progress an trade debtors (additions +, deductions -) F. Provisions for liabilities and charges (additions +, expenses and deductions -) 105,106, ,141, ,034, ,024, ,741, ,765, ,896, ,221, ,118, G. Other operating charges 7,561, ,525, ,036, III. Operating profit (loss) -28,080, ,164, ,083,

27 PROFIT AND LOSS ACCOUNT Cumul Cumul Variation IV. Financial income 154,139, ,833,508, ,679,369, A. Income from financial fixed assets 35, , , B. Income from current assets 38,953, ,716, ,237, C. Other financial income 115,150, ,825,765, ,710,615, V. Financial expenses 15,661, ,386,425, ,370,764, A. Debt fees 868, ,402, , B. Devaluation of current assets other than those meant under ii.e (additions +, deductions -) 2,271, ,150, ,422, C. Other financial expenses 12,521, ,386,173, ,373,652, VI. Profit (loss) from regular business operation before taxes 110,398, ,918, ,520, VII. Non-recurring income 12,273, ,393,735, ,381,462, A. Deductions of depreciations and Devaluations on immaterial and Material fixed assets B. Deductions of devaluations of financial fixed assets C. Deductions of provisions for Extraordinary liabilities and charges 11,220, ,387,885, ,376,665, , , , D. Surplus value when fixed assets expire 662, , , E. Other extraordinary income 298, ,135, ,837, VIII. Non-recurring charges 23,912, ,519,048, ,495,136, A. Extraordinary depreciations and devaluations on founding expenses on immaterial fixed assets 23,903, ,817, ,914, B. Devaluations of financial fixed assets C. Provisions for extraordinary liabilities and charges ,787, ,787, D. Reduced value when fixed assets mature E. Other extraordinary charges 8, ,051,443, ,051,434, IX. Profit (loss) in the financial year before taxes 98,759, ,605, ,153, Income statement 2009

28 2. Notes to the income statement 2.1. Turnover The total turnover, presented opposite in detail, amounts to 962,038, The infrastructure fee amounts to million euros or 65% of the turnover. Infrabel is also responsible for the purchase and supply of electric energy on behalf of the entire SNCB group. This implies that the other SNCB group entities are invoiced both for traction energy and for energy for the buildings. The income from these activities amounted to million euros in Infrabel receives a fee from the various rail operators calculated per train kilometre for use of the Belgian rail network, both for national and international passenger transport and for freight transport. The share of passenger transport in the infrastructure fee is 95.08% compared to 4.92% for freight transport. Besides SNCB, six operators were active in the field of freight transport by rail as per The investments for third parties, equipment for third parties and the intra-group services relate to invoices to the other group entities. This intra-group income totals million euros. The invoices for investments carried out on account of three SPVs for the realisation of specific and priority investment projects amount to million euros. In addition to offering a high quality and safe railway infrastructure, maintenance of this infrastructure is included in Infrabel s public assignment. To that end, the company obtained State funding amounting to million euros, equalling 12% of the turnover. Other turnover comes to a total of million euros. A considerable part thereof is generated by scrap sales through the Purchase Department. amounts in I. Operating income A. Turnover Infrastructure fee State funding Electricity for traction and buildings Investments and equipment sales for SNCB Holding Investments and equipment sales for SNCB Other intragroup services for SNCB Holding Other intragroup services for SNCB Scrap sales Major project performance Contractual compensations Services in connection with specific investment projects (SPVs) Work of various types such as maintenance of various installations Work of various types such as welding and rail cutting Income statement 2009

29 2.2. Produced fixed assets 117,943, MATERIALS Each company has its own resources; within the framework of its economic activities, it may use them to build up tangible and intangible fixed assets. These sustainable assets, investments made with the help of internal resources, are referred to as produced fixed assets. 101,401, Internal costs The charges for works carried out under the entity s own management are neutralised by an income entry on the balance sheet, whereas the investments made are placed in the tangible or intangible fixed assets category. The charges thus leading to an income entry under the produced fixed assets category can be detailed as follows: 95,195, PERSONNEL 7,895, External costs 2.3. Financial income The financial income totals 1, million euros and mainly relates to the investment grants activated in the course of the financial year in the amount of 1, million euros. In addition, an amount of 7.72 million euros is generated from interest on investments. amounts in IV. Financial income A. Income from financial fixed assets B. Income from current assets C. Investment grants and interest subsidies D. Conversion foreign currencies Income statement 2009

30 2.4. Raw materials and consumables The raw materials and consumables amount to million euros and include purchases of specific supplies for infrastructure in an amount of million euros. Purchases of general supplies add up to million euros. amounts in II. Operating charges A. Raw materials, consumables and goods for resale Purchases Tracks Ballast bed Sleepers Attachment equipment Items for overhead wiring Other specific railway equipment Other supply items Changes in stock Changes in stocks specific infrastructure Changes in stocks of other supply items Services and various goods Services and various goods amount to 1, million euros. Details are shown in the opposite table. amounts in II. Operating charges B. Services and various goods 1,152,444, Payroll charges 713,415, Electricity 154,073, Maintenance infrastructure 92,875, Investments for third parties 11,805, SNCB Holding intragroup services 88,077, SNCB intragroup services 7,895, Other charges 84,303, Within the SNCB Group, Infrabel is charged with the coordination of electrical energy purchases for the entire group. These purchases involve both required traction energy and energy for buildings. The respective amounts of the purchased electrical energy total million euros for traction energy and million for energy for buildings. 30 Income statement 2009

31 All Infrabel personnel (12,365 on a full-time equivalent basis as per ) is seconded by SNCB Holding. The charges connected with said staff are invoiced by SNCB Holding on a monthly basis. For 2009 these charges amount to million euros, equivalent to 62% of the costs connected with services and various goods. The graph below shows the evolution during the financial year in Full-time Equivalents. 12,400 12,350 12,300 12,250 12,200 12,150 12,100 12,050 12,204 12,217 12,189 12,198 12,201 12,191 12,187 12,188 12,271 12,301 12,321 12,365 J F M A M J J A S O N D 2.6. Depreciations, impairments and provisions for liabilities and charges The depreciations are entered on a monthly basis and commence on the first day of the month following that in which the asset can be activated, all in accordance with the approved valuation rules. The depreciation on tangible and intangible fixed assets is largely compensated by the depreciation of the connected investment grants. The latter are entered as financial income. amounts in II. Operating charges 1,561,426, D. Depreciation of and other amounts written off formation expenses, on intangible and tangible fixed assets 359,141, formation expenses 35, concession fee 13,737, other intangible fixed assets (mainly software) 5,555, tangible fixed assets 339,812, e. Amounts written off stocks, contracts in progress and trade debtors -7,741, F. Provisions for liabilities and charges -44,221, Income statement 2009

32 04 32

33 Notes to the financial statements 1. Statement of formation expenses amounts in Net book value at end of previous financial year 35, Mutations during the financial year: Depreciations -35, Net book value at end of financial year 0.00 Of which: Formation or capital increase expenses, charges on borrowings, backwardations and other formation expenses Statement of intangible fixed assets amounts in Concessions, patents, licences, etc. A. Acquisition value At the end of the previous financial year 1,438,988, Mutations during the financial year: Acquisitions, including own construction 45,515, Transfers and disposals -73,785, Transfers from one heading to another 746, At the end of the financial year 1,411,464, B. Depreciation and write-downs At the end of the previous financial year 87,609, Mutations during the financial year: Entered in the balance sheet 32,962, Deducted -39,407, Transfers and disposals -13,186, Transfers from one heading to another 708, At the end of the financial year 68,686, C. Net book value at the end of the financial year 1,342,778,

34 3. Statement of tangible fixed assets amounts in Lands and buildings Plant, machinery and equipment Furniture and rolling stock A. Acquisition value At the end of the previous financial year 3,274,648, ,402,375, ,141, Mutations during the financial year: Acquisitions, including own construction 6,106, ,779, , Transfers and disposals -272,537, ,799, ,881, Transfers from one heading to another 519,503, ,176, ,788, At the end of the financial year 3,527,720, ,319,531, ,227, C. Depreciations and write-downs At the end of the previous financial year 626,476, ,840,052, ,204, Mutations during the financial year: Entered in the balance sheet 124,446, ,638, ,078, Deducted -141,780, ,200,776, ,710, Transfers and disposals -16,220, ,756, ,060, Transfers from one heading to another 2,821, ,400, , At the end of the financial year 595,743, ,114,757, ,713, D. Net book value at the end of the financial year 2,931,977, ,204,774, ,514, amounts in A. Acquisition value Other tangible fixed assets Assets under construction and advance payments At the end of the previous financial year 264,285, ,173,397, Mutations during the financial year: Acquisitions, including own construction 8,511, ,114,844, Transfers and disposals -1,464, Transfers from one heading to another -166,902, ,089,312, At the end of the financial year 104,430, ,198,929, C. Depreciations and write-downs At the end of the previous financial year 51,162, Mutations during the financial year: Entered in the balance sheet 55,797, Deducted Transfers and disposals -1,464, Transfers from one heading to another -1,331, At the end of the financial year 104,163, D. Net book value at the end of the financial year 266, ,198,929, Note: The value of tangible fixed assets has been revised during the financial year 2009 in consequence of the transformation of the bookkeeping towards IFRS standards. 34 Notes to the financial statements

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