Stichting International Foundation for Animal Genetics at Veenendaal. Annual Report 2014

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1 Stichting International Foundation for Animal Genetics at Veenendaal Annual Report 2014 Vendelier 4 Postbus AP Veenendaal T: (0318) veenendaal@schuiteman.com Schuiteman & Partners Registeraccountants B.V. Veenendaal, March 26, /DvV

Veenendaal T: (0318) 618666 veenendaal@schuiteman.

2 Contents Page Audit report Scope of the engagement 2 General 2 Financial statements Balance sheet as at December 31, Statement of income and expenditure General accounting principles 6 Notes to the balance sheet as at December 31, Notes to the statement of income and expenditure Other information Other information

General accounting principles 6 Notes to the balance sheet as at December 31, 2014 8

3 The members of the board of Stichting International Foundation for Animal Genetics Jac. P. Thijsselaan EE Veenendaal Dear members of the board, We hereby send you the report regarding the financial statements for the year Scope of the engagement In accordance with your instructions we have audited the 2014 financial statements of Stichting International Foundation for Animal Genetics, Veenendaal. These financial statements are the responsibility of the board of the foundation. Our responsibility is to express an opinion on these financial statements based on our audit, in the 2014 annual accounts attached to this report. General Establishing of the foundation The foundation is established by deed of November 20, Domicile The foundation is constituted and domiciled at Veenendaal. Board The board of the foundation consists of: - E. Bailey, chair - I. Olsaker, secretary - C. Looft, treasurer Chamber of Commerce The foundation is registered in the Chamber of Commerce, number

Scope of the engagement In accordance with your instructions we have audited the 2014 financial statements of Stichting International Foundation for Animal Genetics, Veenendaal.

4 Balance sheet as at December 31, 2014 after allocation of result ASSETS FIXED ASSETS December 31, 2014 December 31, 2013 Tangible fixed assets (1) Equipment 1,254 1,604 CURRENT ASSETS Other receivables (2) Other receivables 122, ,645 Securities (3) 798, ,467 Cash and cash equivalents (4) 148,293 35,301 1,069,558 1,111,413 1,070,812 1,113,

CURRENT ASSETS Other receivables (2) Other receivables 122,678 120,645 Securities (3)

5 December 31, 2014 December 31, 2013 EQUITY AND LIABILITIES EQUITY (5) Other reserves 1,024,672 1,097,349 CURRENT LIABILITIES (6) Other liabilities 46,140 15,668 1,070,812 1,113,

6 Statement of income and expenditure 2014 Revenue Revenue (7) 120, ,800 Expenses Direct costs (8) 106,149 - Other costs Costs of the board (9) 26,351 15,386 Amortisation and depreciation General expenses (10) 100,299 15,084 Financial income and expenses (11) -40,454-34,073 86,546-3, ,695-3,491 Result -72, ,291 Result allocation Other reserves -72, ,

depreciation 350 112 General expenses (10) 100,299 15,084 Financial income and expenses (11)

7 General accounting principles GENERAL The financial statements have been prepared in accordance with Dutch Accounting Standard Board's Guideline for Annual Reporting RJK C1 for not-for-profit organisations. Valuation of assets and liabilities and determination of the result takes place under the historical cost convention, unless presented otherwise. Income and expenses are accounted for on accrual basis. Profit is only included when realized on balance sheet date. Liabilities and any losses originating before the end of the financial year are taken into account if they have become known before preparation of the financial statements. Foreign currency Functional currency Items included in the financial statements of Stichting International Foundation for Animal Genetics are valued with due regard for the currency in the economic environment in which the foundation carries out most of its activities. The financial statements are denominated in euros; this is both the functional currency and presentation currency of the foundation. Transactions, receivables and liabilities Transactions in foreign currencies are stated in the financial statements at the exchange rate of the functional currency on the transaction date. Monetary assets and liabilities in foreign currencies are converted to the closing rate of the functional currency on the balance sheet date. The translation differences resulting from settlement and conversion are credited or charged to the profit and loss account. Non-monetary assets valued at historical cost in a foreign currency are converted at the exchange rate on the transaction date. The currency of the US Dollar at December 31, 2014 is 1 EURO = 0,82638 USD. The currency of the British Pound at December 31, 2014 is 1 EURO = 1,2873 GBP. PRINCIPLES OF VALUATION OF ASSETS AND LIABILITIES Tangible fixed assets Tangible fixed assets are valued at historical cost or production cost including directly attributable costs, less straight-line depreciation based on the expected future life and impairments. Receivables Upon initial recognition the receivables on and loans to participations and other receivables are valued at fair value and then valued at amortised cost, which equals the face value, after deduction of any provisions. The fair value and amortised cost equal the face value. Any provisions for the risk of doubtful debts are deducted. These provisions are determined based on individual assessment of the receivables

Income and expenses are accounted for on accrual basis. Profit is only included when realized on balance sheet date.

8 Securities Listed securities that are held for trading are carried at current value (fair value). The fair value of listed securities is the same as the market price. Fair value gains of securities measured at fair value are directly recognised in the profit and loss account. Fair value losses of securities measured at fair value are also directly recognised in the profit and loss account. Transaction costs directly attributable to the acquisition of securities are directly recognised in the profit and loss account. PRINCIPLES FOR THE DETERMINATION OF THE RESULT General The result is the difference between the realisable value of the services provided and the costs and other charges during the year. The results on transactions are recognised in the year in which they are realised. Financial income and expenses Interest income and expenses are recognised on a pro rata basis, taking account of the effective interest rate of the assets and liabilities to which they relate. Changes in the value of financial instruments recognised at fair value are recorded in the profit and loss account

Fair value losses of securities measured at fair value are also directly recognised in the profit and loss account.

9 Notes to the balance sheet as at December 31, 2014 ASSETS FIXED ASSETS 1. Tangible fixed assets Equipment Book value as at January 1, 2014 Purchase price 1,762 Cumulative depreciation and impairment ,604 Movement Depreciation -350 Book value as at December 31, 2014 Purchase price 1,762 Cumulative depreciation and impairment -508 Book value as at December 31, ,254 Depreciation rates Equipment 20 % CURRENT ASSETS 2. Other receivables Other receivables 12/31/ /31/2013 Royalties 120, ,800 Prepaid costs Taxes 2,227 1, , ,

Movement Depreciation -350 Book value as at December 31, 2014 Purchase price 1,762 Cumulative depreciation and impairment -508 Book value as at

10 12/31/ /31/ Securities Securities 798, , Cash and cash equivalents Deutsche Bank 2,182 34,669 Berenberg Bank 144,817 - Cash euro Cash foreign currency ,293 35,301 EQUITY AND LIABILITIES 5. EQUITY Other reserves 1,024,672 1,097,349 Other reserves Book value as at January 1 1,097, ,058 Result allocation -72, ,291 Book value as at December 31 1,024,672 1,097, CURRENT LIABILITIES 12/31/ /31/2013 Other liabilities Current account ISAG 42,486 11,293 Other accruals Audit costs 3,654 4,

11 Notes to the statement of income and expenditure Revenue Royalties Journal 120, , Direct costs Conference Conference China , Costs of the board Costs of the board 26,351 15,386 Costs of the board Remuneration board members 1,500 1,500 Travel and stay expenses 24,851 13,886 Other operating expenses 10. General expenses ,351 15,386 Audit costs 4,464 5,384 Consultancy fees 1, Insurance DNA comparison tests 29,598 1,045 FASS costs 2,704 1,181 Donation ISAG 60,000 6,000 Other general expenses Financial income and expenses 100,299 15,084 Income from securities 52,860 44,831 Interest and similar expenses -12,406-10,758 Income from securities 40,454 34,073 Dividend 16,838 19,826 Movement of value of securities 36,022 25,005 Interest and similar expenses 52,860 44,831 Interest 198 1,206 Bank charges 12,208 9,552 12,406 10,

General expenses 2014 2013 26,351 15,386 Audit costs 4,464 5,384 Consultancy fees 1,796 281 Insurance 769 769 DNA comparison tests 29,598 1,045 FASS costs 2,704 1,181 Donation ISAG 60,000 6,000 Other

12 Signing by the board for agreement Veenendaal, March 26, 2015 E. Bailey I. Olsaker C. Looft

13 Other information Independent auditor's report Reference is made to the auditor's report as included hereinafter. Events after balance sheet date There have been no material post balance sheet events which could require disclosure or adjustment to the financial statements

Events after balance sheet date There have been no material post

Unaudited financial report for the. sixt-month period ended 30 June 2015. Deutsche Bahn Finance B.V. Amsterdam

Unaudited financial report for the sixt-month period ended 30 June 2015 Deutsche Bahn Finance B.V. Table of contents Annual report of the directors 3 Balance sheet as at 30 June 2015 4 Profit and loss