GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE … · 2018-02-26 · shower gel beer eye...
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DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOI-LETTES WATER HAIR CARE HEALTH & BEAUTY GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES LIQUORS HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VOD-KA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE ELECTRONICS FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VOD-KA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RA-ZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET FOOD & BEVERAGES SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET PERFUMES & COSMETICS SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIESAnnual Report 2016
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SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOITPHONE HAIR CARE HEALTH & BEAUTY GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIP-STICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TA-BLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES LIQUORS HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOI-LETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE ELECTRONICS FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VOD-KA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOI-LETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET FOOD & BEVERAGES SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET PERFUMES & COSMETICS SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR
SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOITPHONE HAIR CARE HEALTH & BEAUTY GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIP-STICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TA-BLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES LIQUORS HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOI-LETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE ELECTRONICS FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VOD-KA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOI-LETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET FOOD & BEVERAGES SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET PERFUMES & COSMETICS SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR
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Contents
REPORT OF THE BOARD
AT A GLANCE
REPORT OF THE SUPERVISORY BOARD
Letter of the CEO 12
Corporate profile 16
Financial condition analysed 24
Corporate governance 32
Corporate social responsibility 34
Human resources 42
Risk management and internal control 46
Key figures 4
Calendar of events 6
Letter from the Supervisory Board 60
CONSOLIDATED FINANCIAL STATEMENTS 2016
Consolidated balance sheet 64
Consolidated profit and loss account 66
Consolidated cash flow statement 67
Notes to the consolidated balance sheet and profit and loss account 68
Notes to the individual consolidated balance sheet items 74
Notes to the individual consolidated profit and loss account items 85
Report of the réviseur d’entreprises agréé 89
COMPANY FINANCIAL STATEMENTS 2016
Company balance sheet 92
Company profit and loss account 94
Comprehensive statement of changes in equity 95
Notes to the company balance sheet and profit and loss account 97
Notes to the individual balance sheet items 99
Notes to the individual profit and loss account items 102
Report of the réviseur d’entreprises agréé 104
KEY FIGURESAt a glance
(in millions of euros unless stated otherwise) 2016 2015 2014 2013 2012
PROFIT AND LOSS ACCOUNT
Turnover 1,433 1,338 1,152 1,002 903
Gross margin 201 180 158 139 140
As a % of turnover 14.0% 13.5% 13.7% 13.8% 15.5%
EBITDA 93 83 65 52 59
As a % of turnover 6.5% 6.2% 5.6% 5.2% 6.6%
EBIT 83 74 54 42 52
As a % of turnover 5.8% 5.5% 4.7% 4.2% 5.7%
Consolidated result 70 64 48 36 41
As a % of turnover 4.9% 4.8% 4.1% 3.6% 4.6%
BALANCE SHEET
Total assets 540 465 412 374 336
Current assets 481 419 362 323 279
Group equity 225 194 156 132 120
RATIOS
Turnover increase 7.1% 16.2% 15.0% 10.9% 9.5%
Result increase 9.3% 35.2% 35.7% (11.4%) 31.8%
Current assets / total assets 89.0% 90.1% 87.8% 86.4% 83.1%
Solvency 41.6% 41.8% 37.9% 35.4% 35.6%
Return on equity 31.4% 36.7% 33.0% 26.4% 38.6%
The 2016 financial data reflects the full years’ combined
financial information of B&S Holding S.àr.l. and Topbrands
Europe BV. Effective control over Topbrands Europe BV is
obtained from August 1, 2016. As such the financial
information presented above differ from those in the
Annual Accounts.
4 B&S Holding S.àr.l. Annual Report 2016 At a glance
At a glance B&S Holding S.àr.l. Annual Report 2016 5
2016
2012
2013
2014
2015
1,433
903
1,002
1,152
1,338
2016
2012
2013
2014
2015
201
140
139
158
180
2016
2012
2013
2014
2015
93
59
52
65
83
2016
2012
2013
2014
2015
70
41
36
48
64
2016
2012
2013
2014
2015
225
120
132
156
194
TURNOVER DEVELOPMENT(in millions of euros)
GROSS MARGIN DEVELOPMENT(in millions of euros)
EBITDA(in millions of euros)
CONSOLIDATED RESULT(in millions of euros)
GROUP EQUITY(in millions of euros)
€ 1,433million
7.1%2015: € 1,338 million
€ 201million
16.7%2015: € 180 million
€ 93million
12.0%2015: € 83 million
€ 70million
9.4%2015: € 64 million
€ 225million
1.6%2015: € 194 million
6 B&S Holding S.àr.l. Annual Report 2016 At a glance
FEBRUARYExtension at Arlanda Airport
Capi Stockholm opens its fourth
location at Arlanda Airport.
The new shop enables Capi to
cover the full flow in Terminal 5.
First to sell Apple releases [2]
Capi’s strong connections to
Apple distributors means the
company is the first to sell
newly-released, must-have items
such as the iPad Pro.
B&S exhibits at Gulfood Dubai
[1]
The show has a well-deserved
reputation for uncovering new
business opportunities in the
Middle East, Africa and South-
Asia. B&S is prominently present
at this show.
Ensure full compliance
The Group launched an
enhanced set of procedures and
forms to ascertain compliance
with legislation and good
business practice.
MARCHSchiphol awards Capi with the
Guest Friendliness Awards
Airside 2015 [3]
The award was given for
outstanding staff performance in
Lounge 2 during the extensive
renovation works.
B&S wins contract to supply
Holland America Group (HAG)
The strategic partnership
increases our global presence
supplying cruise vessels all over
the world. Joining forces
allowed both companies to
benefit from the logistic and
A-brand supplier synergies,
enabling a year-round, ongoing
business.
APRILB&S exhibits at MHA Orlando
We participate in the Marine
Hotel Association (MHA) trade
fair in Orlando, USA to meet
representatives and decision
makers of major cruise lines.
Expanding Autostore [4]
In 2014 HTG was one of the first
companies in Europe to
implement a fully integrated
AutoStore system. In 2016 we
expanded the system and intro-
duced further internal and
external integration of IT and
logistics data and software,
enabling us to offer a full
logistics distribution solution
platform.
MAYCapi exhibits at TFWA
Singapore
Capi introduces a brand new
stand, where we demonstrate
the latest innovations from the
Capi portfolio to visitors.
JUNEBose product launch
Bose’s leading noise-cancelling
QuietComfort 35 headphones
are already available in Capi
stores, one week before they
become available in downtown
retail outlets.
Expanding in Cruise retail
Following our ambition to
achieve a more prominent role
within the travel retail market,
B&S opens five stores on board
the newest vessel of the
Thomson Cruises family:
TUI Discovery l.
JULYExpanding Dordrecht premises
The first phase has been
finalized, which includes the
demolition of the building on
the land next to the current B&S
Logistics Center, where our
extended warehouse will be
developed.
AUGUST Opening B&S Elements
restaurants [5]
We open two restaurants for UN
peacekeeping staff at MINUSMA
HQ in Bamako. To support the
local community, a ‘local first’
policy is introduced in all stores
and restaurants to create
numerous jobs for local
members of the community.
CALENDAR OF EVENTSAt a glance
1
3
2
5
4
At a glance B&S Holding S.àr.l. Annual Report 2016 7
6 7 8
10
9
8 B&S Holding S.àr.l. Annual Report 2016 At a glance
At a glance B&S Holding S.àr.l. Annual Report 2016 9
AUGUST Acquisition Topbrands
We acquire Topbrands Europe
B.V., which is active in the sale
and distribution of cosmetics,
toiletries and household
cleaning products. The acqui-
sition is expected to achieve
further growth through signif-
icant synergy benefits.
SEPTEMBERInvesting in product
information
To provide up-to-date and
reliable product information,
we invest heavily in selecting a
future-proof product infor-
mation system that provides the
entire chain – from producer to
end consumer – with the best
possible service.
OCTOBERCapi exhibits at TFWA Cannes
[10]
The smart stand includes the
latest retail developments and
innovations that highlight Capi’s
retail experience and solutions.
B&S exhibits at SIAL Paris
The new stand design empha-
sizes the benefits of being a
one-stop shop supplier with
more than 40,000 available
products.
Second phase BiT
Following our goal of becoming
a digital supply chain leader,
we continue to enhance our
corporate IT programme,
replacing the complex back
office IT legacy systems with the
BiT ERP platform for the Group.
HTG exhibits at NEC and IAW
[7]
We exhibit at NEC Birmingham
and IAW Cologne, using a new
stand design that showcases the
company’s brand identity and
product portfolio presentation.
NOVEMBERExclusive Beat by Dr. Dre store
opening [6]
Capi opens the first Beats by
Dr. Dre pop-up store in Lounge 1
at Amsterdam Airport Schiphol,
launching the new wireless
Beats product line at Capi.
Strengthening partnership with
Thomson Cruises [9]
We strengthen our unique
partnership with Thomson
Cruises by winning the supplier
award for individual contribution.
The award was given to B&S for
delivering revenue above target
through innovation and new
product selections, challenging
current performance and driving
new ideas and incentives.
DECEMBERTwo new stores at Bremen
Airport [8]
Opening at Bremen Airport
represents an important part of
our retail development strategy.
The close partnership with
airport management resulted in
B&S acting as a valuable sparring
partner, ensuring that the new
shop concepts were integrated
seamlessly within the airport
environment.
Prolonging NATO retail
concession
The concession includes the
operation of two stores at NATO
Head Quarters JFC Brunssum
and Cisbn Eibergen and an
online store, B&S Central Portal.
Contributing towards the
education of the community
We maintain close relationships
with universities, including
Hanze University. In 2016,
commitments are made to
jointly develop and create
academic publications in the
area of international business
and integration in the master’s
program.
DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TA-BLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHO-WER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCE-RIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGE-TABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RA-ZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE
10 B&S Holding S.àr.l. Annual Report 2016
DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET 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SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TA-BLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHO-WER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCE-RIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGE-TABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RA-ZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE
1B&S Holding S.àr.l. Annual Report 2016 11
REPORT OF THE BOARD
Letter of the CEO 12
Corporate profile 16
Financial condition analysed 24
Corporate governance 32
Corporate social responsibility 34
Human resources 42
Risk management and internal control 46
12 B&S Holding S.àr.l. Annual Report 2016 Report of the Board
LETTER OF THE CEOReport of the Board
Dear fellow stakeholders,
As stated in last year’s Annual
Report the results the organi-
sation delivered in 2015 was
ahead of what we expected at
the beginning of that year.
We carried that positive feeling
with confidence into the year
2016 and looking at the financial
performance we realized the
organization delivered a top
growth and a corresponding
result. That result by itself is
attributable to a team of
dedicated directors at all our
companies, who are without a
single exception, committed to
deliver the success.
Yet 2016 was also a year marked
by a series of notable macroeco-
nomic events having an impact
on the growth we were
expecting at the beginning of
the year. Both Brexit and the
US election outcome led to
further negative currency effects
directly impacting our results.
Furthermore continuing low oil
prices put pressure on some of
the oil-exporting developing
countries in which we do
business. However, the pace in
which the UK Pound Sterling
depreciated against the Euro and
the simultaneously appreciating
US Dollar against the Euro had a
noticeable impact on our
growth and on our results.
Our ability to both cope with
and absorb these type of macro-
economic volatility is the result
of our focus on diversifying our
markets, the focusing of our
businesses on the quality rather
than the quantity of our earnings
and lastly our active prudent
currency management.
For 2016, the Group delivered
a turnover of € 1,433 million
(including full year of Topbrands
Europe), € 95 million ahead of
last year’s € 1,338 million.
During an investment rich year,
the financial performance of
2016 enabled us to retain a
strong solvency of 41.6%.
That solid base remains the
foundation for our ability to
responsibly invest in a
sustainable future.
The market conditions in Asia
and especially China, almost
changing overnight, and the
currency market developments
described above, forced us to
refocus part of our business
approach. That transition,
was completed by the turn of
the year into 2017.
Sustainably growing our business
The world around us is changing
rapidly. I am absolutely confident
that my team of directors is well
positioned to take on that
challenge. In 2016 we continued
to invest heavily in the future of
our company by taking key
decisions which will enable us to
sustainably grow our business.
We truly believe sustainability is
of great importance to the
Company to increase long-term
success. We accomplish this by
stimulating awareness
throughout the Company of
economic enhancement,
environmental responsibility and
social engagement. By doing so
it is automatically incorporated
in all our business investments.
Economic enhancement
Following a number of
regulatory changes in 2016,
we critically reviewed our
business portfolio. We focused
on developing the quality rather
than the quantity of our
earnings. That focus involved
cutting parts of the business that
made a marginal contribution to
our bottom line result.
Our clients expect and demand
that we adhere to the most
extensive and continuously
stricter compliance standards.
In 2016 we introduced stricter
customer and supplier
acceptance procedures, and set
quality standards that suppliers
and customers need to comply
with. Implementing these proce-
dures enables us to ensure that
compliance is safeguarded
along our entire supply chain,
benefiting our customers,
suppliers, the company and our
staff.
Quality of sales, a balanced growth and a sustainable profitable future
‘I am absolutely confident that my team of directors is well positioned to take on that challenge.’
Report of the Board B&S Holding S.àr.l. Annual Report 2016 13
Environmental responsibility
We continuously strive to reduce
and mitigate negative effects
from our activities while
ensuring health and safety for
our own people.
In 2016, we made the decision
to invest in an ultramodern
warehouse, that will be
constructed by our landlord next
to our current warehouse in
Dordrecht. Keeping in mind our
environmental responsibility,
the new high-tech warehouse
will be equipped with the most
up-to-date and efficient storage
systems, integrated with the
newest climate controlling
technology, robot storage
systems and warehouse
automation which will even
further empower our environ-
mental performance.
Social engagement
The Company strongly believes
we have a responsibility in giving
back to communities we work in
to build a lasting social value.
We strive to involve ourselves in
social initiatives which are
meaningful to our business by
improving people’s lives through
community and societal partici-
pation. In 2016 we have inten-
sified our initiatives with local
employment departments to
establish programs to train and
hire people with a distance to
the labour market.
Our employees’ performance,
well-being and knowledge have
a significant impact on our
company’s success.
The Company considers
education to be an important
factor for personal development.
We continue to develop our
management team by focusing
on our internal talent,
and believe that the growth of
the company means there is
enough potential for everyone
within the company to follow
their own career path. In 2016
we have expanded our intensive
training programmes
throughout the Company based
on which we offer talented
graduates to follow a range of
education courses during their
career, including management
studies, logistics training,
and language coaching.
A strong acquisition
The company’s growth strategy
is based on a combination of
organic growth and growth
through acquisitions. After
careful due diligence processes
carried out by both internal and
external experts and long and
intense discussion with share-
holders and management of
Topbrands we welcomed
Topbrands Europe BV as a new
member to B&S International.
With its robust position in the
personal care, toiletries and
household cleaning market,
Topbrands will enable us to
focus even more on these
product fields. In a way,
the addition of Topbrands is
strengthening the B&S position
throughout the entire supply
chain within these markets in
which we were already
operating. The company has a
young, dynamic, and passionate
management team and their
can-do mentality is a perfect
cultural fit with B&S. We strongly
believe in the growth and
synergy potential of this strategic
acquisition.
Innovation to keep up the pace and remain future proof
The Company continued to
enhance our corporate IT
program. In order to be able to
maintain our competitive edge
and to stay future proof we are
completely replacing one of the
pillars the company’s foundation
is built on. We are implementing
J.B. Meulman,
CEO
14 B&S Holding S.àr.l. Annual Report 2016 Report of the Board
expand our activities in the
airport retail segment,
and Capi-Lux will play a pivotal
role in helping us to achieve
those ambitions. Our focus will
be on developing an interesting
retail environment for airport
shoppers, characterized by a
varying product mix and stores
that appeal to a broad range of
customers.
Strategic priorities and outlook for 2017
We are looking ahead to the
2017 challenges, convinced that
the investments in developing
new business models, in our
supplier and customer relations,
in our people, in our infra-
structure, and in our information
technology, will enable us to
realize a solid healthy growth.
The integration and corporation
of both newly acquired and
existing companies within our
group to gain full synergy
potential is one of the priorities
for 2017. We will target at new
acquisitions if we can identify
good synergy opportunities,
and if we can identify a clear
benefit to our value chain.
We believe that the continued
investing in the company and in
our employees will proof itself
again as being one of the key
drivers of our success.
We are committed to guide the
company in that growth
process.
With personal regards,
Bert Meulman.
B&S Dordrecht
Our dedicated retail team
invested considerable time and
effort in the development of our
retail propositions, and with
track record of our retail activ-
ities, we have been able to sign
several new and renewed
contracts in the cruise, military
and airport retail industry.
In 2016, our continued focus on
developing the depth and quality
of our services and compliance
structure helped the division to
secure both existing as well as
new business. Based on our
changing wholesale business
model we are able to provide
significant added value for both
our customers and suppliers.
B&S Holland Trading Group
In 2016 B&S HTG concentrated
on increasing the quality of its
earnings, which involved
re-arranging parts of the
business. We invested heavily in
the division, introducing one of
the most up-to-date warehouses
in Europe, and rolling out
web-based back office
platforms. This will enable B&S
HTG to continue to lead from
the front in its distribution of
perfumes and cosmetics to our
broad customer base.
Royal Capi-Lux
Our Royal Capi-Lux division had
a solid year, continuing to
develop its retail propositions,
particularly in the electronics
retail market. Capi-Lux is highly
appreciated by both the airports
in which it operates retail outlets
and our clients. We aim to
a fully customized ERP system
which we are rolling out
throughout 2017 and 2018.
This new platform will be the
foundation of our wholesale-of-
the-future program. We believe
that within the near future all
parties within the entire supply
chain will be smart connected,
enabling customized and just in
time delivery. Being able to
transform available big data to
information will set the empty
canvas of an entire range of new
possibilities like demand
predicted purchases and next
level product availability.
Secondly the continued invest-
ments in our state of the art
product information
management system enables us
to maintain the highest level of
product compliance needed.
Furthermore our projected
growth, corresponding
increasing volumes combined
with our highest quality
standards set the need for the
most efficient logistics infra-
structure possible. For this
reason we have decided to
expand our robotized
warehouses. After expanding
our autostore robotized
warehouse at our B&S Holland
Trading Group division in 2016,
we will be introducing the
autostore robotized warehouse
solutions to our other divisions
as well. The will enable us to
keep up with the increasing sales
volumes at the same high speed
and B&S quality and service
standards our customers are
used to.
Report of the Board
GROWTH
‘We believe that the continued investing in the company and in our employees will proof itself again as being one of the key drivers of our success.’
Report of the Board B&S Holding S.àr.l. Annual Report 2016 15
GROWTH
Our ambition is to excel in the markets in which we operate, which is why
we are always on the look out for acquisitions that complement our core
business and fit with our internal culture. In 2016 we found just such a
company: Topbrands. With a strong position in the shampoos and
deodorants market, Topbrands is an excellent new addition to the B&S Inter-
national family. Running the company as an independent unit within the
Group will enable us to focus even more on the field of personal care
products, adding to our already strong customer offerings.
Invest in
A strong acquisition: Topbrands
16 B&S Holding S.àr.l. Annual Report 2016 Report of the Board
CORPORATE PROFILE
B&S Holding S.àr.l. (B&S) is a
globally-operating company
that focuses on the wholesale,
distribution and retail of luxury
and fast-moving consumer
products, such as liquors, food
and beverages, perfumes,
cosmetics and toiletries,
confectionary and electronics.
Our approach revolves around
the needs of our clients.
We provide best–in-class-
service at every level of the
Company and use our
knowledge and experience to
develop practical solutions to
clients’ day-to-day challenges.
Our area of expertise encom-
passes the entire supply chain.
We act as a trustworthy
partner, taking over our clients’
tasks for them and working
actively with them to achieve
their ambitions. But no matter
which service we’re providing
our goal has remained
unchanged throughout the 140
years we have been doing
business: to provide clients
with reliable, long-term
solutions, while continuing to
expand both their business and
our own.
Enterprising, resourceful and personal
At B&S these values are all
closely connected. That comes
as no surprise. We are a cohesive
group of people who share the
same defining qualities and the
same powerful ambitions. It’s
the people who are the
backbone and driving force of
our organisation. They are
generous with their talents and
their energy. In return B&S offers
them almost unlimited scope for
personal growth and devel-
opment.
Advance, expand and develop
Our long-term ambition is to
achieve sustainable devel-
opment through a combination
of organic growth and strategic
acquisitions. With 4 divisions and
over 1,200 employees working
on behalf of over 10,000 clients
we move over 40,000 different
products in 100 countries all
over the world. Market diversifi-
cation makes our company
more resistant to economic
changes. That’s B&S; rooted in
solid ground, yet always on the
lookout for unexplored horizons.
Vision, inspiration and innovation
In a constantly-changing world
we set new standards for doing
business. By merging wholesale
and retail the Company keeps
adapting the distribution
channel to meet challenges and
seize opportunities. Our ability
to adapt smartly and innovatively
has enabled us to evolve from
being a distributor to being an
integral part of the distribution
channel. We do not procras-
tinate; the pace of change is our
pace. Based on our long history
of experience and expertise and
with full awareness of our role in
society we are shaping and
determining our future.
Report of the Board
The story of our people and their power
Report of the Board B&S Holding S.àr.l. Annual Report 2016 17
sional characteristics to the job
as well as to the Company.
Additional factors are an
employee’s potential for devel-
opment and ambition to get the
job done. The Company will
continue to invest in developing
this potential.
Flexible
The Company is a
responsive organisation with
client-driven flexibility.
Its employees are used to
dealing creatively and effectively
with unusual problems,
challenges or unanticipated
opportunities and always put the
client first. A 9 to 5 mentality is
not seen within the Company.
The Group offers its clients full
support with, as a result, great
added-value.
Ambitious
‘We continuously strive for
solid growth.’ The Company
attracts bright, entrepreneurial
people who enjoy the
challenging environment of the
global marketplace and know
when and how to take
advantage of an opportunity.
As a learning organisation the
Company offers the scope for
professional and personal career
development up to the point of
being a true co-entrepreneur.
Significantly, this allows B&S to
keep up with the steadily
increasing scale of markets and
clients. In this respect the
Company’s employees really do
make the difference.
The DNA of B&S
Reliable
Clients always receive a
consistently high level of quality
and service that meets their
expectations. This reliability has
enabled B&S to build long-term
strategic relationships with its
clients. B&S’s business integrity
and transparency further
support the Company’s
reputation as a trusted and
preferred partner. A trust upheld
by our employees.
Successful
B&S is successful when it
comes to servicing its clients’
needs. It has a long and proven
track record in innovative
supply-chain management,
wholesale activities and trading.
The Group is the result of
expanding a core of historically-
developed companies through a
successful series of acquisitions
and mergers initiated to ensure it
remains at the forefront of the
competitive global marketplace.
The Group operates successfully
as a trading company and
‘super-wholesaler’ using its large
client base to negotiate volume
agreements with a variety of
suppliers. This provides great
added-value to its clients.
The Company’s success is also
built on a strong and healthy
financial foundation.
Professional
The Company is a highly
professional organisation with
equally high human resources
standards. Every single
prospective employee is offered
a position solely because it is
expected that he or she will
bring a unique set of profes-
This DNA is a set of characteristics that describes the Company’s identity as being reliable, successful,
professional, unique, flexible, efficient, ambitious and personal
Unique
B&S is unique: in its
concept, its scope and its
product-market-combinations.
Its strategy of business diversifi-
cation has made it less sensitive
to economic changes. The size
of the combined business
volume of the Group’s divisions
and underlying business units
create a strong purchasing
power and results in excellent
market prices. This gives the
Group competitive strength.
A continuing commitment to
quality and competence has
ensured the Group’s current
prominence.
Efficient
‘Get it right the first time’ is
the Company’s credo and,
to achieve this, a goal-oriented
approach is taken. Together with
efficiency awareness this is a key
factor in the minds of the
Company’s employees.
Top-level service is coupled with
constant business process
innovation and supported by
state-of-the-art technology.
Personal
The Company cares about
personal relationships.
They require trust, transparency
and understanding to work.
Our employees build successful
long-term partnerships with
clients and suppliers based on
these values and with two clear
goals in mind: to contribute
towards the expansion of the
business and to take care of the
tasks that are not part of the
client’s core operations.
RELIABLE
SUCCESSFUL
PROFESSIONAL
UNIQUE
FLEXIBLE
EFFICIENT
AMBITIOUS
PERSONAL
18 B&S Holding S.àr.l. Annual Report 2016 Report of the Board
Report of the Board
B&S Holland Trading
Group Division
The B&S Holland Trading
Group division (HTG) has
been in operation since
1974 and is based in
Delfzijl, the Netherlands.
The acquisition of
Topbrands Europe
(Topbrands) in 2016 has
further strengthened the
HTG Health & Beauty
segment. Today the
division comprises three
business units that
together are considered
one of the largest and
most diversified wholesale
and trading companies in
the A-brand luxury
products market.
▪▪ HTG Liquors▪▪ HTG Perfumes &
Cosmetics▪▪ HTG Health & Beauty
B&S World Supply
Division
This division is based in
Dubai, United Arab
Emirates and focuses on
the sale and distribution of
fast-moving consumer
goods, mainly food and
beverages, in a wide range
of niche markets.
B&S Division
The B&S division (B&S) is
based in Dordrecht,
the Netherlands and
comprises several business
units that focus on the sale
and distribution of fast-
moving consumer goods,
mainly food and
beverages, in a wide range
of niche markets all over
the world. The retail
business at airports,
on cruise vessels and
within UN missions is also
supported from Dordrecht.
B&S’ history can be traced
back over 140 years.
The B&S division is divided
into four separate
segments, as follows:
▪▪ B&S Bosman Global▪▪ B&S Köpcke Global▪▪ B&S Global Cruise Supply▪▪ B&S Paul Global
Royal Capi Lux Division
Royal Capi-Lux Holding
(Royal Capi-Lux) is a large
airport retail company
established in 1894 and
headquartered in
Hoofddorp, the Nether-
lands. Royal Capi-Lux has
shops offering a portfolio
of electronics aimed at the
demanding traveller at
airports in the Netherlands,
Germany, Denmark,
Norway, Sweden and
South Africa (Capi Retail).
Royal Capi-Lux has over 55
years of experience in
airport retailing,
both airside and landside,
and welcomes more than
18 million visitors to its
shops every year. Royal
Capi-Lux has capitalised on
its knowledge of and
expertise in the airport
retail business by setting up
a successful organisation
that supplies a range of
products to other airport
retailers (Capi Global).
Group structure
The main participation of B&S Holding S.àr.l. is in the Dutch sub-holding company B&S International B.V., which is structured into three divisions each comprising various business segments. All the divisions are based in the Netherlands. In this Annual Report the entire Group, including the divisions and the under-lying business segments as described here, is also referred to as “the Group’.
Report of the Board B&S Holding S.àr.l. Annual Report 2016 19
Electronics
The electronics assortment has
been specially selected for the
travel retail market. Cameras,
smartphones, tablets,
headphones and travel acces-
sories are just some examples
from the total range. The best
and most inspiring A-brands are
available. The Royal Capi-Lux
division has also developed its
own stylish traveller’s brand,
‘MiTone’.
Liquors
This includes all alcoholic
beverages such as rum, vodka
and whisky of many different
brands as well as all cigarettes
and cigars. Wine and beer are
not included in this product
group, they are included in the
Food & Beverages product
category.
B&S Holdings assortment includes more than 40,000 different products, which can be classified into the following product groups.
Perfumes & Cosmetics
This product group includes all
perfumes and eau de toilettes
from the best perfume houses in
the world as well as all kinds of
cosmetics, such as eye shadow,
lipstick and professional make
up. The HTG division has
developed various perfume
brands linked with trendy TV
programmes or series, such as
‘The Voice’.
Health & Beauty
This group comprises personal
care products not included in
the ‘Perfumes & Cosmetics’
category: from shampoos to
razors, and from shower gels to
skin care products, as well as
professional hair care products
and all well-known brands of
toiletries. With the acquisition of
Topbrands we are now also
offering a wide range of private
label products in this product
group.
Food & Beverages
In this product category the
Group offers clients all sorts of
food products including meat,
fish, dairy products and all kinds
of groceries from all over the
world. Every product is available
in different sizes and brands.
Clients can choose between
A-brands, secondary brands or
even B&S’ own private label,
‘GoodBurry’. Beverages include
water, juices, soft drinks, wines
and beer.
Product groups
20 B&S Holding S.àr.l. Annual Report 2016 Report of the Board
Mission
B&S wishes to be the preferred
partner of clients operating in all
the niche markets around the
globe in which there is a need for
consumer goods to be delivered
at the right place at the right time..
Vision
B&S aspires to be the most
inspiring company in the markets
it serves by offering its clients
pioneering and innovative
solutions and, by so doing, to be
the market leader in the consumer
goods wholesale industry and
duty-free retail markets.
Strategy
The Company’s strategy is based
on adding value for both its clients
and its suppliers by making their
interests converge. We deliver a
wide assortment of goods to our
clients in markets in which our
suppliers are unable to deliver.
These niche markets are often
remote and difficult to reach,
which means clients’ demands
cannot easily be met. By balancing
the needs of both parties we add
value to the chain.
Report of the Board
Mission, Vision and Strategy
SUPPLIERS CLIENTS
B&S Holdingconnects, simplifies and optimises
the supply chainAddedvalue
Addedvalue
Report of the Board B&S Holding S.àr.l. Annual Report 2016 21
Growth is the lifeblood of B&S
and the basis of its strategy.
We firmly believe that growth is
based on innovation and quality
and fuelled by entering into new
markets and by continuously
making use of new business
opportunities. Growth certainly
leads the Company further and
energizes the organisation.
The growth strategy is based on:▪▪ Organic growth combined
with growth through acquisi-
tions▪▪ Innovation
▪▪ Quality ▪▪ Diversification▪▪ Profitability▪▪ Sustainability
BALANCED GROWTH – THREE PILLAR STRATEGYInnovation and quality
Cost leadership
▪▪ Economies of scale▪▪ Increased efficiency▪▪ Innovative logistics concepts▪▪ Smart ICT solutions▪▪ Synergies between business
units
Client centricity
▪▪ Highest client service level▪▪ Anticipating clients’ needs▪▪ Tailor-made solutions▪▪ A flexible client approach▪▪ Long-term partnerships▪▪ Mutual trust
Diversification
▪▪ Different markets▪▪ Different geographical
regions▪▪ Different product groups▪▪ Clients in different sectors
B&S aims to sustain its
outstanding competitive and
leading position in its markets.
The Group strives continuously
for further improvements in
efficiency and economies of
scale in order to lower
corporate expenditure in
relation to turnover.
This is being achieved through
bulk purchasing, investments in
ultra-modern and innovative
logistic concepts and ICT
solutions, and synergy advan-
tages achieved through active
cooperation between the
Group’s business units.
Excellent added-value and
service during and between
business activities make B&S a
unique business partner.
Added-value creates a bond
between clients and suppliers
and results in long-term
relationships built on expertise
and involvement.
Sales activities are always
combined with a total service
that includes client support,
customs handling and trans-
portation. The Company
strives for partnerships and
long-term relationships with its
clients. The organisational
model is designed to be as
flexible, efficient and
responsive as possible.
B&S supplies and sources
products at a global level in
different niche markets.
This means the Company is
active in diverse markets,
product categories and regions
and also has a wide client
portfolio.
One of B&S’s strengths is its
expertise in accessing remote
areas and markets at an early
stage.
This enables our suppliers to
launch products in these
markets, which is considered
to be a strong competitive
advantage.
Balanced growth
22 B&S Holding S.àr.l. Annual Report 2016 Report of the Board
Quantitative objectives
In terms of turnover growth the
long-term guidance is an average
growth between 10% and 15% per
year. The growth is to be achieved
partly organically and partly via
complementary acquisitions.
The long-term target for EBITDA is
5% of turnover.
To optimise balance sheet ratios
the Company pursues a vigilant
strategy in respect of the use of its
working capital, the objective
being that the sum of current
assets always at least exceeds the
sum of short-term liabilities.
The Company is also committed
to further improving its financial
position with the aim of achieving
a debt position that is less than 2.5
times EBITDA.
Maintaining solvency at a level of
at least 25% of total assets is a
priority within the Company. This
is also applicable when total assets
increase as an effect of the growth
of the Company’s activities and
the occasional take-over of assets
from acquisitions.
The objective is to continue to
create shareholder value. As long
as its performance is in-line with
the above objectives the Company
generally allows for annual
transfers from its reserves in the
range of around 40% of the annual
net results.
The Company pursues a prudent
financing policy, whereby
financing arrangements are
divided over different financial
institutions. The use of credit facil-
ities is (conservatively) linked to set
ratio’s that are comfortably within
the bandwidth of covenants and
financing criteria of the financing
institutions.
Report of the Board
ACHIEVEMENTS IN 2016 VERSUS STRATEGIC OBJECTIVES
Long-term
objective
Average growth past
5 years
Average gross margin
in % of turnover
Working capital
(Current assets: short-term liabilities)
Solvency
10%-15% 12% > 1 > 25%
Achievements 2016
14.8% 14.0% 1.67 41.6%
Core objectives
W.A. Blijdorp (64)
Founder of what is known today as the B&S group of companies. Member of the Supervisory Board
since 2004.
P.N.S. Luttjehuizen (71)
After retiring from the Board of Directors of the Dutch Investment Bank (NIB), he joined the Supervisory Board
of B&S in 2002.
Report of the Board B&S Holding S.àr.l. Annual Report 2016 23
Directors and Supervisors
Supervisory Board
Board
LEGAL ADVISORS Boonk Van Leeuwen Advocaten N.V.
J.J. Schelling
CUSTOMS ADVISORS Customs Knowledge B.V.
B.J.B. Boersma
GROUP AUDITORSDeloitte Audit S.àr.l.
E.R. Termaten
TAX ADVISORSLoyens & Loeff N.V.
R.P.C. Cornelisse
Mr. J.B. Meulman (50)
Started his career at Kamstra Shipstores. Three years later becoming partner in the company. After becoming
Managing Director of the group of companies, known today as Holland Trading Group, he was appointed as
CEO of the B&S group of companies in 2004.
Mr. G. van Laar (62)
After being advisor to B&S for a number of years, he was appointed CFO in 2009. He has built a long
standing experience in various senior finance position in the industry at large. He is member of the Dutch
Institute of Chartered Accountants.
Mr. B. Schreuders (63)
After starting his career with Citco Bank & Trust, he held senior positions with a number of banks.
Before joining B&S in 2012, he was CEO of Fortis Intertrust in Geneva (CH).
Mr. J. Rotteveel (64)
Previously Managing Director of a Luxembourg based asset management firm. He joined B&S in 2016.
24 B&S Holding S.àr.l. Annual Report 2016 Report of the Board
Financial performance 2016
Turnover for the year 2016
including the full year 2016 for
Topbrands Europe BV (acquired
in 2016) amounted to € 1,433
million (2015: € 1,339 million).
Turnover in 2016 including
Topbrands as of the date of
effective control amounts to
€ 1,339 million.
In the year under review the
gross margin ended at € 186
million (2015: € 180 million),
the result of the focus on
improving the gross margin.
The increase in operating
expenses is almost completely
attributable to the acquisition of
Topbrands.
Control over operating expenses
plus the higher margin resulted
in an EBITDA of € 86 million in
2016 (2015: € 83 million). EBITDA
as a percentage of turnover
increased from 6.2% in 2015 to
6.4% in 2016. The Group’s
consolidated result after tax in
2016 amounted to € 66 million –
an € 2 million improvement
compared to 2015. This result
represents 4.9% of turnover
(2015: 4.8%).
Long-term Group development
The Group’s long-term growth
development has remained
robust. The average growth rate
over the past ten years now
stands at 14.8% (2015: 13.2%),
which is in line with the Group’s
core objectives (including the
full year 2016 for Topbrands).
FINANCIAL CONDITION ANALYSEDReport of the Board
In 2016 a sharp focus on qualitative earnings – the absolute basis for sustainable growth – enabled B&S Holding to increase its gross margin to 14.0% (2015: 13.5%).
Gert van Laar,
CFO
TURNOVER GROWTH(in millions of euros)
2007624
20161,433
2008650
2009573
2010677
2011825
2012903
20131,002
20141,152
20151,338
Report of the Board B&S Holding S.àr.l. Annual Report 2016 25
The B&S division’s overall sales
remained stable at around € 400
million. A slightly lower turnover
in the classic business segments
was offset by higher sales in the
cruise segment.
Royal Capi-Lux ended the year
with a turnover of € 92 million,
an increase of € 4 million
compared to 2015, the effect of
the succesfull strategy to open
more shops on airports.
Turnover segmentation
Segmentation by division
The Group’s activities are spread
across: B&S Holland Trading
Group, B&S, Royal Capi-Lux and
B&S World Supply.
The combined performance
(excluding eliminations) over the
past years is shown in the graph.
The financial data in this
paragraph includes the acqui-
sition of Topbrands as of the
date that effective control was
obtained (see the Notes to the
financial statements).
The turnover spread across the
divisions in 2016 and 2015 was
as follows:
B&S Holland Trading Group
focused in 2016 on improving its
gross margin. In 2016 the
division’s gross margin rose from
8.9% to 10.1%. In absolute terms
the gross margin rose from
€ 74 million to € 82 million.
The turnover slightly decreased
by 1.6% to € 817 million (2015:
€ 830 million).
SEGMENTATION BY DIVISION(In millions of euros)
2016 2015 Δ Δ%
B&S Holland Trading Group 817 830 (13) (1.6%)
B&S 399 400 (1) (0.3%)
Royal Capi-Lux 92 88 4 4.5%
B&S World Supply 62 42 20 47.6%
B&S World Supply ended the
year with a turnover of € 62
million, an increase of € 20
million compared to 2015.
The increase in turnover is
mainly the effect of new
contracts in the product group
‘Food & Beverages’.
SEGMENTATION BY PRODUCT GROUP(In millions of euros)
2016 2015 Δ Δ%
Liquors 511 558 (47) (8.4%)
Perfumes & Cosmetics 332 395 (63) (15.9%)
Food & Beverages 221 207 14 6.8%
Electronics 92 88 4 4.5%
Health & Beauty 144 64 80 125.0%
Other 39 26 13
1,339 1,338 1 0.1%
TURNOVER SEGMENTATION BY DIVISION(in millions of euros)
World Supply
CAPI
B&S
HTG
2012
2013
2014
2015
817
536
563
660
830
2016 399
339
336
351
42
84 30
78 75
92 62
400 88 42
HTG B&S Royal Capi-Lux B&S World Supply
26 B&S Holding S.àr.l. Annual Report 2016 Report of the Board
Divisional performance
The Group’s performance is
spread over the divisions with
the following key figures and
notes. The financial data in this
paragraph includes the acqui-
sition of Topbrands as of the
date that effective control was
obtained (see the Notes to the
financial statements).
B&S Holland Trading Group
The management focus was on
improving margin rather than on
increasing turnover. As a result
of this focus, the gross margin
increased by € 8 million to € 82
million (2015: € 74 million). Gross
margin as a percentage of
turnover rose from 8.9% in 2015
to 10.0% in 2016, a major
achievement in this market
segment.
Operating expenses remained
under strict control and
amounted to € 47 million in
2016 compared to € 44 million
Together the product groups
Liquors and Perfumes &
Cosmetics represented 63% of
the Group’s turnover in 2016
(2015: 73%). The turnover of the
Liquors product group
decreased by € 47 million
compared to 2015.
The decreased turnover in the
Perfumes & Cosmetics product
group (€ 69 million) was the
result of the focus on increasing
the gross margin.
As a result of the acquisition of
Topbrands, the turnover of the
product group Health & Beauty
product group increased to
€ 144 million – 11% of the
Group’s turnover.
In 2016 the turnover growth was
mostly achieved in the European
market. Compared to 2015,
the turnover increased by 8.5%
to € 764 million in 2016.
The turnover growth in the rest
of the world was spread over a
number of countries.
The non-EU region generated
43% of total turnover in 2016
(2015: 48%).
Report of the Board
SEGMENTATION BY REGION(In millions of euros)
2016 2015 Δ Δ%
The Netherlands 291 242 49 20.2%
Rest of Europe 473 462 11 2.4%
Rest of the world 575 634 (59) (9.3%)
1,339 1,338 1 0.1%
B&S HOLLAND TRADING GROUP DIVISION(In millions of euros)
2016 2015 Δ Δ%
Turnover 817 830 (13) (1.6%)
Gross margin 82 74 8 10.8%
As a % of turnover 10.0% 8.9%
EBITDA 39 32 7 21.9%
As a % of turnover 4.8% 3.9%
Total assets 306 232 74 31.9%
Solvency 38.3% 31.6% 6.7%
in 2015. The increase is the
effect of the acquisition of
Topbrands in 2016. In relation to
turnover, operating expenses
(excluding depreciation and
amortization) remained stable at
5.3% (2015: 5.1%).
Net result rose by € 4 million
to € 19 million in 2016 (2015:
€ 15 million).
Royal Capi-Lux
The increase in turnover is the
effect of the succesfull strategy
to open more shops on airports.
In 2016 Royal Capi-Lux
increased its gross margin as a
percentage of turnover to 26.1%
(2015: 22.7%). In 2016 gross
margin increased by € 4 million
to € 24 million (2015: € 20
million). Operating expenses
increased slightly by € 1 million
to € 16 million in 2016 (2015:
€ 15 million). Operating
expenses amounted to 17.2% of
turnover in 2016 (2015: 17.5%).
Report of the Board B&S Holding S.àr.l. Annual Report 2016 27
The increased turnover as well
as control over costs resulted in
an improved EBITDA of
€ 9 million in 2016 (2015:
€ 7 million). EBITDA was 9.8%
of turnover in 2016 versus 8.0%
in 2015.
The net result ended at € 6
million in 2016, an increase of
€ 2 million compared to last year
(2015: € 4 million).
The B&S division ended 2016
with a turnover of € 399 million
in 2016 (2015: € 400 million).
Business volumes and profita-
bility varied per business unit.
Gross margin as a percentage of
turnover as a result of tempo-
rarily changing market condi-
tions decreased from 15.8% in
2015 to 14.5% in 2016.
The operating expenses
amounted to € 38 million in
2016, an increase of € 2 million
compared to 2015 (€ 36 million).
In relation to turnover, operating
expenses (excluding depreci-
ation and amortization)
increased slightly to 9.5% in 2016
(2015: 8.9%).
EBITDA decreased from € 28
million in 2015 to € 20 million in
2016. EBITDA was 5.0% of
turnover in 2016 versus 7.0% in
2015.
B&S DIVISION(In millions of euros)
2016 2015 Δ Δ%
Turnover 399 400 (1) (0.3%)
Gross margin 58 63 (5) (7.9%)
As a % of turnover 14.5% 15.8%
EBITDA 20 28 (8) (28.6%)
As a % of turnover 5.0% 7.0%
Total assets 138 144 (6) (4.2%)
Solvency 42,1% 36.0% 6.1%
ROYAL CAPI-LUX DIVISION(In millions of euros)
2016 2015 Δ Δ%
Turnover 92 88 4 4.5%
Gross margin 24 20 4 20.0%
As a % of turnover 26.1% 22.7%
EBITDA 9 7 2 28.6%
As a % of turnover 9.8% 8.0%
Total assets 23 23 - 0.0%
Solvency 61.8% 64.9% (3.1%)
The result ended at € 14 million
in 2016, a decrease of € 5 million
compared to last year (2015:
€ 19 million).
B&S World Supply ended
the year with turnover of
€ 62 million, an increase of
€ 20 million compared to last
year (2015: € 42 million).
In 2016 B&S World Supply
decreased the gross margin as a
percentage of turnover, ending
at 21.0% (2015: 23.8%). The gross
margin increased by € 3 million
to € 13 million (2015: € 16
million). The operating expenses
remained stable at € 4 million
compared to 2015. Operating
expenses amounted to 6.5% of
turnover in 2016 (2015: 9.5%).
The increased turnover as well
as control over costs resulted
in an improved EBITDA of
€ 9 million in 2016 (2015:
€ 6 million). EBITDA was 14.5%
of turnover in 2016 versus 14.3%
in 2015.
28 B&S Holding S.àr.l. Annual Report 2016 Report of the Board
Current assets
Total current assets amounted to
€ 481 million at the end of 2016
compared to € 480 million in
the restated financial data for
2015. Current assets represented
89.0% of total assets (2015:
90.1%).
Inventory decreased by € 3
million to € 280 million in 2016,
around 1% lower than the total
inventory at the end of 2015.
The inventory in days increased
to 89 days (2015: 81 days).
At the end of 2016 trade debtors
remained stable at € 162 million
as a result of stringent proce-
dures to keep trade debtors
within targets set by the Board
of Directors. The payment
period of trade debtors
remained stable at 41 days at the
end of 2016 (2015: 39 days).
Group equity
The Group’s equity rose to € 225
million at the end of 2016 (2015:
€ 194 million). The Company
transferred dividend amounting
to € 44 million to the parent
company (2015: € 24 million).
The Group’s solvency ratio was
41.6% at the end of 2016,
virtually the same as at the end
of 2015 (41.8%). The average
solvency ratio over the past five
years is over 35%, which reflects
land and property, equipment
and other fixed assets,
and non-consolidated participa-
tions.
Goodwill relates to acquisitions
in prior years. In the year under
review there were no indicators
that led to impairment testing.
As a result of the Purchase Price
Allocation of Topbrands € 6
million has been added in the
category Goodwill and € 11
million in the category Conces-
sions, contracts and Brand
names.
Investments in tangible assets
totalled around € 3 million. Royal
Capi-Lux and the B&S division
invested € 1 million in setting-up
and fitting-out new retail outlets.
The remaining € 2 million was
invested in the (scheduled)
replacement of fixed assets.
Balance sheet B&S Holding
At the end of 2016 the Group’s
total assets amounted to € 540
million, an increase of 16.1%
compared to the end of last year
(2015: € 465 million).
The increase in assets was
mainly the consequence of
the acquisition of Topbrands
(€ 64 million). For comparison
purposes the balance sheet
items as at 31 December 2015
have been adjusted to include
the balance sheet items of
Topbrands.
Fixed assets
In 2016 fixed assets decreased
by 10.2% to € 59 million as a
result of depreciations and
amortisations. These assets
include goodwill, concessions,
contracts and brand names,
Report of the Board
B&S WORLD SUPPLY DIVISION(In millions of euros)
2016 2015 Δ Δ%
Turnover 62 42 20 47.6%
Gross margin 13 10 3 30.0%
As a % of turnover 21.0% 23.8%
EBITDA 9 6 3 50.0%
As a % of turnover 14.5% 14.3%
Total assets 16 5 11 220.0%
Solvency 55.3% 39.9% 15.4%
FIXED ASSETS(in thousands of euros)
31-12-2016 31-12-2015
Adjusted
31-12-2015
Intangible fixed assets 24,434 10,698 27,897
Tntangible fixed assets 28,214 28,103 30,922
Financial fixed assets 6,645 7,181 7,181
59,293 45,982 66,000
Report of the Board B&S Holding S.àr.l. Annual Report 2016 29
Financing
The Group entered into
individual loan and credit facility
agreements with various banks.
These agreements are based
primarily on collateral on fixed
assets, inventory, receivables
and insurance policies.
Covenants for financing
generally include equity ratios,
debt service coverage ratios and
interest cover ratios, which are
reviewed, monitored and
reported periodically.
Managing working capital
remains a priority, not only at the
consolidated level but also
within the divisions.
Credit facilities amounted to
€ 332 million in the year under
review. In 2016 the Group’s net
debt amounted to € 202 million
Short-term liabilities
The short-term liabilities
decreased by 2.2% to € 288
million at the end of 2016 (2015:
€ 294 million). Trade creditors
and supplier finance arrange-
ments, decreased by € 28
million, largely due to the
seasonality of the purchases and
business volume in 2016.
Taxes and social security
charges increased from € 9
million at the end of 2015 to just
over € 13 million in 2016.
The increase in taxes was the
consequence of higher excise
duties and VAT payables, mainly
on behalf of the B&S Holland
Trading Group division.
Short-term financing from
financial increased from € 169
million in 2015 to € 187 million in
2016.
the Company’s strong long-term
capitalisation level.
Long-term liabilities
The long-term liabilities
comprise loans and financial
lease financing. To finance the
acquisition of Topbrands,
the Group received a new loan
of € 20 million of which € 3
million is presented as short-
term liability.
Loans from shareholders
decreased by € 2 million.
With the exception of the loans
from the shareholders, at the
end of 2016 the remaining
maturity of the long-term liabil-
ities was less than 5 years.
CURRENT ASSETS(in thousands of euros)
31-12-2016 31-12-2015
Adjusted
31-12-2015
Inventory 279,951 241,838 282,800
Trade receivables 162,260 143,101 161,602
Other receivables 25,769 25,438 26,753
Cash 13,214 8,166 8,466
481,194 418,543 479,621
SHORT-TERM LIABILITIES(in thousands of euros)
31-12-2016 31-12-2015
Adjusted
31-12-2015
Banks 186,935 142,036 169,418
Supplier finance 10,500 34,446 34,446
Creators 52,270 52,004 56,592
Other 38,136 28,689 34,009
287,841 257,175 294,465
PEOPLE
30 B&S Holding S.àr.l. Annual Report 2016 Report of the Board
Outlook 2017
The focus remains on further
sustainable, profitable and
predictable growth. B&S Holding
has defined a clear strategic and
long-term direction for
profitable growth. During the
coming years we will continue
to execute our plan which
combines meeting ambitious
targets with a sharp focus on
continued risk management.
Our goal for 2017 is to continue
generating solid growth. We will
maintain our focus on stabilizing
gross margin at above the
(2015: € 145 million) and
comprised all drawn bank credit
facilities. This equals the drawn
bank facilities stated in the
Group’s balance sheet.
The increase in net debt was
caused by the financing of the
acquisition of Topbrands.
Current assets remained stable
compared to the restated 2015
financial data. This increased the
operating cash flow to € 89
million in 2016 (2015: € 13
million).
Report of the Board
long-term guideline combined
with on-going cost reductions
through the implementation of
innovative processes and
efficiency programmes. Based
on the present outlook our aim
is to achieve a bottom line result
that exceeds the level of 2016.
Our solid capital structure will be
sustained through disciplined
investment decisions and
effective working capital
management. The Group does
not expect a major change in
the current workforce or finance
arrangements during 2017 and
has not planned any major
investments during 2017.
NET DEBT(In millions of euros)
2016 2015 Restated 2015 Δ
Loans from banks 20.6 5.3 6.3 15.3
Financial leasing 1.5 1.0 1.0 0.5
Repayments on long-term liabilities 6.0 4.9 4.9 1.1
Credit facilities with banks
(consolidated) 187.0 142.1 169.5 44.9
Cash and cash equivalents (13.2) (8.2) (8.5) (5.0)
201.9 145.1 173.2 56.8
GROUP EQUITY IN COMPARISON TO BANK DEBT(in millions of euros)
2010
951302011
1201492012
1321632013
1421562014
1451942015
2022252016
75122
EquityBorrowings
PEOPLEOur clients are served by our people. Without our people’s passion,
dedication and ingenuity, we wouldn’t have a business. As dedicated profes-
sionals, our people work in harmony to ensure strict deadlines are met, and
clients are satisfied, day in and day out. Because we recognise that our
employees’ careers are our future, we take career development extremely
seriously. We invest in their development from the beginning, with new
recruits following an intensive training program. Once established,
employees can follow a range of other education courses, including
language coaching, logistics training and management studies programs.
We also take on apprentices and interns across the company, and in 2016 we
intensified our collaboration with local employment departments to establish
a program to train and hire people with a distance to the labour market.
Invest in
Our greatest asset
Report of the Board B&S Holding S.àr.l. Annual Report 2016 31
32 B&S Holding S.àr.l. Annual Report 2016 Report of the Board
The desire to pursue best
practices is embedded in the
Company’s corporate
philosophy and policies. B&S
governing bodies are aware that
the environment is constantly
changing as well as of the
necessity of having consistent
internal corporate governance
principles that assist them in
carrying out their responsibil-
ities.
Corporate Governance is about
more than compliance with
rules and regulations. It is an
integral part of how the Group
chooses to do business. While
our internal control,
risk management and audit
procedures ensure that proper
controls are in place, we also
encourage our employees to
review their own and each
other’s activities and outputs.
This helps them make sure they
have acted correctly – and
confirm that correct decisions
have been made – and to
challenge each other if they
think something is the matter,
if something appears unusual or
they think there is a better way
of doing things.
In 2016 the Group decided to
increase the emphasis on
compliance by creating a
separate key function focused
specifically on compliance
matters.
An integral part of Corporate
Governance has been assigned
to the Internal Audit
Department. On behalf of the
Board of Managers the Internal
Audit Department monitors
compliance by analysing and
testing critical business
processes.
Corporate Governance structure
The Company maintains a
two-tier governance structure in
which the executive and super-
visory responsibilities are
separated. Control over the
Company through the Board of
Managers and Supervisory Board
is, to a large extent, influenced
by the ultimate shareholders.
This company acts as the
holding company, which,
through B&S International B.V.,
controls the interests of the
autonomous operating divisions:
▪▪ B&S Holland Trading Group,
Delfzijl, the Netherlands; ▪▪ B&S, Dordrecht, the Nether-
lands;▪▪ Royal Capi-Lux, Hoofddorp,
the Netherlands.
As much authority as possible is
delegated to the divisions and
their business units. Within
agreed guidelines the Group’s
staff, especially its senior
managers, enjoy a high degree
of autonomy and responsibility.
This philosophy encourages
staff to develop as experts in
their business.
Board of Managers
The Board of Managers is
responsible for the Company’s
day-to day affairs, its strategy
and the advocacy of the general
stakeholders’ interests and is
based on the creation of an
optimum span of control.
The Board of Managers is
appointed by the General
Meeting of Shareholders.
CORPORATE GOVERNANCEReport of the Board
B&S Holding S.àr.l. is a private limited liability company estab-lished under the laws of Luxembourg. The Company considers the interests of all its stakeholders, from clients and suppliers to staff and shareholders and from financiers to governmental institutions, to be important.
Report of the Board B&S Holding S.àr.l. Annual Report 2016 33
Supervisory Board
The main function of the Super-
visory Board, which is appointed
by the General Meeting of
Shareholders, is to offer the
Board of Managers general
advice for achieving its business
goals and corporate strategy.
In addition, its objective is to
safeguard and uphold the
Company’s goals and ensure the
management of the Company
will result in the achievement of
these goals. In performing their
tasks the Supervisory Board
members focus on the interests
of the Company and its
associated businesses.
The Supervisory Board carries
out its advisory task through
regular formal meetings (held at
the Company’s premises) with
the Company’s Board of
Managers. The Supervisory
Board receives information
about all relevant matters on a
regular basis, which enables the
members to carry out their
duties. Details of the compo-
sition of the Board of Managers
and the Supervisory Board have
been included in this report.
If a member of the Supervisory
Board becomes aware of any
significant (potential) conflict of
interest the member must report
this immediately to the
Chairman and provide all
relevant information. A decision
to enter into a transaction
involving such a conflict of
interest requires the approval of
the Supervisory Board.
Members of the Supervisory
Board are permitted to obtain
independent professional advice
at the expense of B&S Holding
S.àr.l.
Management Board
The Management Board of B&S
supports the Board of Directors
in its overview of operations and
implementation of the
Company’s strategy.
The Management Board consists
of the management of the three
reporting divisions and the key
corporate functions.
This ensures B&S is managed as
an integrated global business.
Shareholders
Supervisory Board
Board of Managers Management Board
HTG
Reportable segments
B&S Capi TaxLegalFinance
& Control
Key functions
HR Compliance ICTInternalAudit
34 B&S Holding S.àr.l. Annual Report 2016 Report of the Board
For us, sustainable business
means putting long-term vision
ahead of short-term profits.
This long-term vision, which is
embedded in our DNA,
goes further than any bottom
line result; it is adding value in
everything we do. It’s about our
relationship with clients and
suppliers, the wellbeing and
development of our employees,
as well as our relationship with
the environment. Developing
sustainable relationships with
our employees and clients is
already one of our core values,
but the role of sustainability will
take on even greater importance
within the business as we go
forward. This is one of the
reasons why we joined the
largest network for Corporate
Social Responsibility: the UN
Global Compact.
As a leading organisation we
show our commitment to the
ten universally accepted
principles in the areas of human
rights, labour rights,
the environment and anti-
corruption. When we develop
our business we look for
sustainable solutions.
Human Rights
We earn credibility with our
stakeholders by keeping our
promises, acting with honesty
and integrity and pursuing our
Company goals through ethical
and professional conduct.
The Company is a modern and
professional organisation that
adheres to national laws, rules
and regulations in the countries
in which it is active. All our
employees are offered the best
possible conditions.
We emphasize our endorsement
of the Universal Declaration of
Human Rights. The protection of
Human Rights is derived from
Group ethics, rules and policies
and also based on ILO and UN
Convention policies that are
applicable to and relevant for the
activities of our Company and
our industry.
The relevant procedures are
firmly embedded in the
Company’s Code of Conduct,
which is applicable for all staff
members working within our
Company. The Code of Conduct
includes policies on respecting
and supporting Human rights.
It also includes a non-discrimi-
nation clause. The Company is
never involved in any child
labour or forced labour.
Integrity
Integrity is considered to be one
of the Company’s greatest
assets. Our integrity should be
beyond all doubt and is based
on the fact that we always do
the right thing, even when doing
this does not benefit us. This is
what has earned us the
reputation we have today.
The Company recognises the
importance of providing all its
stakeholders with reliable,
honest and transparent infor-
mation, if necessary in local
languages.
The Company accepts its
responsibility for informing
CORPORATE SOCIAL RESPONSIBILITY
Report of the Board
The importance of operating a sustainable business lies in the unique concept of our Company, which is down to the drive and spirit of our people, the Company structure, and the relationship we have with our stakeholders. In the new economy it’s all about being the most adaptable business rather than the fittest.
PRINCIPLE 1 Businesses should support and respect the protection of internationally proclaimed human rights.
PRINCIPLE 2Businesses should make sure that they are not complicit in human rights abuses.
Report of the Board B&S Holding S.àr.l. Annual Report 2016 35
internal and external stake-
holders about its own financial,
operational and social practices
in a professional and transparent
manner.
The integrity of Company’s
information, reports and updates
is based on validity, accuracy,
completeness, timeliness and
clarity.
Privacy
Within the framework of appli-
cable laws and regulations the
privacy of all the Company’s
stakeholders is respected.
In conducting our business we
gather data from clients,
suppliers, competitors and other
third parties. This data is always
treated as confidential and is
only used for professional
purposes related specifically to
the Company’s business and in
accordance with the applicable
legislation.
Labour Rights
As it’s our people who make the
difference when it comes to
serving our stakeholders, human
resources are considered a
strategic factor. The Company
has set itself challenging but
realistic goals and, as a conse-
quence, human resources
management is a decisive factor
and primarily focused on
supporting the sustainable
growth of the Company through
an operational staff of talented
people.
The human resources function
within the Company is tasked
with ensuring the quality of our
human capital and has the
opportunity to help shape the
Company’s future by focusing
on the career development,
retention, work safety and well-
being of employees.
The Company offers an interna-
tional and high-quality working
environment in which perfor-
mance and world-class
leadership are promoted.
Safety, quality and personal
well-being
The Company’s employees have
the right to a healthy and safe
workplace. This is particularly
important when it comes to
working conditions in
warehouses and for operational
activities. The Company has
always invested in state-of-the-
art equipment and materials.
At the same time we do our
utmost to ensure the safety of
third parties, their goods and the
environment.
The good working conditions
and positive working atmos-
phere within our organisation
contribute towards a low
sickness rate.
We offer employees a profes-
sionally-equipped fitness area.
Under the guidance of highly
skilled instructors employees are
offered a ‘fit at work program’.
Fit employees are less likely to
become sick, have more energy
and self-confidence, take more
leadership roles, set and achieve
goals, tend to have a better
attitude and are less stressed.
Working hours
All employees have standard
working hours, based on local
regulations and industry
standards and in accordance
with the ILO conventions.
Remuneration
All employees receive fair
compensation for their work in
line with local minimum require-
ments specified by the law and
by the industry standards in
relevant countries as well as by
ILO conventions.
PRINCIPLE 3Businesses should uphold the freedom of association and the effective recog-nition of the right to collective bargaining.
PRINCIPLE 4Businesses should uphold the elimination of all forms of forced and compulsory labour.
PRINCIPLE 5Businesses should uphold the effective abolition of child labour.
PRINCIPLE 6Businesses should uphold the elimination of discrimination in respect of employment and occupation.
CSRA healthy lifestyle leads to better workplace performance. At B&S
International, we actively support employees’ goal of staying fit and
healthy. We encourage them to exercise during working hours,
provide access to a gym, and promote a range of healthy foods in
our lunchrooms, including a salad bar, fruit juices, fresh soups and
sandwiches. Studies have shown that not only does engaging in
regular physical activity raise energy levels, it also increases mental
alertness and reduces workplace stress, which enhance productivity.
And we believe this is a win-win situation.
Invest in
Sustainable employment
36 B&S Holding S.àr.l. Annual Report 2016 Report of the Board
CSRReport of the Board B&S Holding S.àr.l. Annual Report 2016 37
the Company’s procedures and
plans related to maintaining the
security and privacy of these
resources.
Investments in warehouses and
offices are executed in
accordance with the most
modern standards, which
includes trying to save energy
and use recycled material.
Continuous instructions to the
Company’s staff are raising
awareness of good garbage
handling and waste reduction
and embedding it in the
Company culture.
Food safety and transparency
The Company purchases, stores,
handles and sells large quantities
of food products. Maintaining
and observing food safety
standards and transparency
related to food products are a
priority within the Company.
All food products that enter the
logistics centres are subject to
comprehensive quality controls,
are handled with the utmost
care and are stored in climate-
controlled environments.
As one of the largest food
handlers in its markets in Europe,
the Company is playing an
active role in the trend towards
improving transparency related
to food products. This is
evidenced by a focus on the
provenance of food, which
means ensuring there is a clear
Environmental principles
The Company takes good care
of the environment by doing
more than required by local
environmental regulations.
Whenever possible practices of
reduction, reuse, recycling and
recovery are implemented to
ensure resources are utilized in
the most environmentally
prudent manner.
The Company is concerned
about the conservation of the
environment in its broadest
sense and recognises that
certain resources are finite and
must be used responsibly.
We aim to limit the use of finite
resources in all our business
ventures and, in particular,
recognise our obligation to
manage responsibly the assets
we use and occupy. To this end
we take the precautionary
approach of avoiding the use of
materials and methods that pose
environmental and health risks
whenever suitable alternatives
are available.
Safeguarding assets
Working with the most modern
and state-of-the-art equipment
ensures that the Company can
operate effectively and
comfortably. The Company
invests sustainably in state-of-
the-art Internet and Communi-
cation Technology (ICT) and has
appropriate corporate proce-
dures and contingency plans in
place.
In accordance with internal
guidelines staff are expected to
take all due care when handling
the equipment and to follow all
The Company as knowledge
centre
Employees are given consid-
erable autonomy in performing
their tasks. Although general
guidelines are established to
assist them in making decisions
and taking responsibility,
they are allowed to act as
pioneers and individual entre-
preneurs. The initiative of its staff
has enabled the Company to
explore new markets, sell new
products and pioneer new
regions. Thanks to the organisa-
tion’s horizontal and cellular
structure with short-lines of
communication, top-talent
surfaces swiftly. These are
employees who stand out
because of their individual
success in their tasks: they are
proactive, creative in searching
for solutions and they think “out
of the box’. The Company is
keen to embrace talented
employees and gently guide
their internal career devel-
opment towards filling
management positions within
the organisation. Over 87% of
the managers within the
Company have risen through the
ranks in this way.
The Company believes that
investing in its employees
encourages employee
motivation and, at the same
time, raises the level of the
professionalism of the Company
as a whole. It is also a
component of our policy that
our older and more experienced
employees are actively involved
in the on-the-job training of
starters and juniors and in this
way share their knowledge with
their colleagues.
PRINCIPLE 7Businesses should support a precautionary approach to environmental challenges.
38 B&S Holding S.àr.l. Annual Report 2016 Report of the Board
Memberships
The Company is closely involved
with different organisations in
the industry. Several of our
employees are members of
market and industry organisa-
tions, such as the National
Association of Dutch Exporters
(Fenedex), NVVS, ITCA, EVO and
other leading organisations in
the industry.
Education
The Company considers
education to be an important
factor for personal development.
The Company maintains close
relationships with Universities,
high schools and teachers in the
areas in which it is active with
the intention of contributing
towards the education of the
community and sharing
knowledge.
Our educational activities
comprise training courses,
workshops and presentations.
Dedicated learning projects are
organised in cooperation with
universities. Every semester a
number of students participate
in our internship programme or
undertake graduation assign-
ments in or based on our organ-
isation.
processing in place at the
highest level and its processes
are ISO 22000 and HACCP
(Hazard Analysis and Critical
Control points) certificated.
All compliance and safety proce-
dures are rigorously checked
with special attention being paid
to high-risk products, such as
meat and poultry.
The Company’s logistics centres
are checked by the European
Food Safety Authority on a
regular basis. Documents are
examined to ensure they
conform to the correct
standards and random product
samples are taken for laboratory
analysis.
Community
As one of the many players on
the global playing field the
Company believes in acting as a
responsible corporate citizen.
The Company supports activities
that improve the lives of people
in the communities in which our
employees live and work. These
activities may include education,
health care, community
building, infrastructure or nature
development. Employees are
encouraged to participate
actively in community
programmes. Managers are
expected to give their
employees the opportunity to
play an active role in society,
for example through community
or educational programmes,
unless participation in these
activities would create a conflict
of interest.
paper-trail from the moment a
food product enters the supply
chain to the moment it is
delivered to the client.
To improve transparency related
to products manufactured for
sale under its own GoodBurry
label the Company has further
improved the product infor-
mation on its product
packaging. The information on
GoodBurry product labels fully
complies with the most stringent
regulations for product labelling,
such as the most current EU and
UN regulations:▪▪ Addition of nutritional values▪▪ Clear declaration of ingre-
dients▪▪ Better traceability through the
addition of the EU registration
number, or EU Health mark,
and on seafood products the
FAO fishing areas. ▪▪ Better legibility through
amending the label structure.
The proper handling of food is a
key priority within the organi-
sation. The Company has a risk
management system for food
“Employees are encouraged to participate actively in community programmes.”
PRINCIPLE 9Businesses should encourage the devel-opment and diffusion of environmentally friendly technologies.
PRINCIPLE 8Businesses should undertake initiatives to promote greater environ-mental responsibility.
Report of the Board B&S Holding S.àr.l. Annual Report 2016 39
B&S issues more customs
documents than virtually any
other organisation in the Nether-
lands. As a result the Company’s
understanding of compliance
regulations is at the highest
possible level.
The Company takes pride in the
fact that it operates one of
European Union’s most exten-
sively licensed bonded
warehouses and follows
compliance processes and
procedures that are certificated
to the most stringent standards.
In order to maintain a high
standard of customs compliance
the Company uses a ‘System
Based Approach’, which ensures
that all product movements
under customs supervision are
managed by controls applied to
the Company’s management
and accounting systems on the
basis of economic operators
rather than transactions.
Known supplier recognition
The Company is officially regis-
tered as a supplier to many
United Nations organisations.
As a result of the increasing
interest regarding food safety
and complete chain trans-
parency, the UN has formulated
guidelines relating to product
and supplier specifications.
To optimise these procedures
and ensure a transparent supply
chain of goods the Company
has set-up a UN project team of
specialists from purchasing,
sales and logistics.
Legal compliance
The integrity of the Company is
beyond all doubt. In view of the
Company’s important social role
it is imperative that all its
employees comply with the
legislation and regulations of the
countries in which the Company
is active and also comply with
the values and standards that
apply within the Company and
which have been laid down in
the Corporate Code of Conduct.
The Company values integrity
and honesty in relationships with
stakeholders. The Company also
expect integrity and reliability
from its business partners,
including clients and suppliers.
The Company operates
worldwide, sometimes in
remote areas and in developing
countries. The relationship with
all stakeholders is important for
the way the Company operates.
The Company abides by local
legislation, industry standards,
ILO and UN conventions and
other statutory requirements
and supports the principles of
free enterprise and fair compe-
tition.
Customs compliance
All the operating divisions within
the Company that deal with
customs affairs are AEO
(Authorized Economic Operator)
certificated.
This certificated status makes us
a trusted party that is extremely
well equipped to clear goods
through customs in an
expedient manner so they reach
clients faster.
Charity
The Company is open to
providing funds for charities,
but has chosen to do this in a
focused way by sponsoring local
projects and charity initiatives.
Food donations
The Company trades in food
and consumer products and
holds sizeable levels of own
stock in its warehouses.
Food products that are nearing
the expiry date are regularly
offered to general food associa-
tions or Food Banks (i.e.
The European Federation of
Food Banks). Although these
products have lost their
commercial value they can often
provide a welcome supple-
mentary source of food for
people with fewer resources.
Anticorruption
The Company has a long history
of diverse activities dating back
more than a century.
The Company is justifiably proud
of its background. It has evolved
over time and has made us the
professional Company that we
are today. The way we do
business - our Corporate Code
of Conduct - has evolved in
parallel with our development.
It is a sustainable and strong
pillar through which the
Company has earned the trust
of its business partners.
PRINCIPLE 10Businesses should work against corruption in all its forms, including extortion and bribery.
COMPLIANCE
40 B&S Holding S.àr.l. Annual Report 2016 Report of the Board
originally intended for all new
relations, now serves as an
on-going monitoring process of
customers and suppliers.
In order to avoid corruption,
bribery, fraud and other
unethical behaviour, the new
relations and their Ultimate
Beneficiary Owner(s) are
checked with the OFAC and the
EU Sanctions list. Throughout
the Company there is extensive
knowledge of the content and
impact of the Foreign Corrupt
Practices Act (FCPA).
Know Your Customer
The Company has intensified its
activities aimed at gaining a
better understanding of its
customers and suppliers and
sophisticated CSR software filled
with all kind of client details is in
place. As the Company works
with a large number of business-
to-business clients and suppliers
there was a need to analyse the
availability of complete infor-
mation per relation.
The Know Your Business
Relation procedure includes the
inputting of all the relevant
customer data (name, address,
e-mail address, website,
VAT number, bank account
number, etc.). The procedure,
The Royal Capi-Lux division
operates retail outlets at a
number of airports.
At Amsterdam Schiphol Airport
the division runs a total of 6
shops divided over landside and
airside. As far as the products
sold in the shops are concerned,
mainly a variety of electronic
items, Royal Capi-Lux has been
recognised by the Dutch
Government (Royal
Marechaussee) as a ‘Known
Supplier of Inflight Supplies’.
This status implies that the
security measures taken by
Royal Capi-Lux are approved by
the Government and comply
with National and European
legislation.
United Nations global compact We’re shaping a sustainable future, and you need to be a part of it.
Ensuring full compliance at all stages of the business process is vital to
safeguard and increase our profitability. It’s also what our clients expect
from us. They demand that we apply the toughest criteria across all
compliance areas, from food safety through to customs clearance. And we
operate strict internal policies and guidelines relating to business agreements
with new clients, and the setting of payment terms and credit risk
management. While developing sustainable relationships with our stake-
holders is already one of our core values, the role of sustainability will take
on even greater importance within business as we go forward. In 2016, for
example, we introduced the Know Your Relation (KYR) procedure, which will
help us ensure that corruption, bribery, fraud and other unethical
behaviors are not issues when we carry out our day-to-day business.
The importance of compliance
COMPLIANCEInvest in
Report of the Board B&S Holding S.àr.l. Annual Report 2016 41
42 B&S Holding S.àr.l. Annual Report 2016 Report of the Board
commitment to our employees
is the key to stimulating their
motivation and dedication to
give of their best. That is why a
key aim of our HRM policies is to
develop employees’ talents,
both in their current jobs and in
their further careers.
B&S is keen to embrace talented
employees and gently guide
their internal career devel-
opment towards filling
management positions within
our organisation. 87% of the
managers within B&S have risen
through the ranks in this way.
They were able to rise through
the ranks as we continue to
invest in talented people.
Employee benefits and recognition
The Company encourages an
environment of development
and empowerment, enabling
staff members to contribute
their skills and talents towards
sustaining high performance
and achieving rewards and
recognition. The Company
recognises that competitive
remuneration, recognition of
good performance and
motivating work opportunities
are key to attracting and
retaining talented staff. These
The Company believes that its
employees are one of its most
valuable assets. Our employees
play a pivotal role in realizing the
strategic goals and ensuring all
its products and services are
delivered at a consistently high
quality within the framework of
a customer-focused culture.
To keep pace with this dynamic
development, continuous
learning and upgrading of skills
and qualifications are of the
utmost importance.
A motivated and committed
workforce is a precondition for
sustained business success.
That is the reason for continuous
investment in our employees.
The Company enables its
employees to achieve this
through substantial investments
in training and further education
as well as talent and
management development.
A challenging working environment
The Company continuously
invests in being a good
employer with a high-quality
working environment in which
performance is stimulated.
We believe that our
HUMAN RESOURCESReport of the Board
One key factor that has contributed towards the success of our organisation is the dedication, creativity and passion of our employees. Their efforts and expertise, combined with their interaction, determines the growth of our Company.
2016 1,4192015 1,257
2016 372015 36
Permanent 62%Temporary 38%
2016 8.92015 8.2
AVERAGE NUMBER OF STAFF
AVERAGE STAFF AGE IN YEARS
PERMANENT / TEMPORARY STAFF
AVERAGE STAFF RETENTION IN YEARS
2016
2016
2016
2016
Report of the Board B&S Holding S.àr.l. Annual Report 2016 43
“ The Company is focused on taking further steps in the area of leadership development.”
areas reflect some of the main
elements of our employment
proposition.
Traineeships for starters /
young professionals
All new employees participate in
a traineeship by following a
combination of on-line and
in-class courses. The trainee
program comprises many
modules covering a variety of
subjects, including the
Company’s history and
background, its corporate
strategy and objectives and its
main policies and general guide-
lines. Practical subjects relate to
commercial aspects, logistics,
customs affairs, IT solutions and
finance. These courses also
provide new entrants with an
insight into the opportunities
and personal development
possibilities.
Training program for specific
skills
Apart from the training
programme for new staff,
the organisation offers a wide
range of more dedicated training
programmes. This varies from
on the job training, language
courses, logistics courses and
external symposiums were
employees learn from external
specialists and professors in their
own field of expertise.
The Company is focused on
taking further steps in the area of
leadership development.
The basis that has been laid in
the past few years, for example
by setting up an own B&S
Academy, will be used to further
shape the skills needed for new,
value-driven leadership and
incorporate these in leadership
training courses.
Employees with proven potential
are offered to the possibility to
invest in their studies at the
highest possible university level.
Reward package and
recognition
The Company’s Compensation
and Benefits Policy is designed
to attract, motivate and retain
the high-quality talent within the
organisation and deliver the
Company’s strategy.
The Company strives to attract
the best talent in the wholesale
industry.
Our employment conditions,
supported by our human
resource policies, comply with
all legislative and government
policy requirements and reflect
significant work done during the
year to ensure compliance with
changes in relevant legislation.
As a Company, we offer a
non-cash benefits package to
staff in the various business units
and disciplines, which is among
the best in the industry.
Incentive programs have been
designed to cascade company
objectives down to individual
levels and rewards.
RecruitmentGraduate focus
We can only maintain and
reinforce our competitive edge
by attracting talented people.
Towards this end we use
different methods to recruit
employees with the right skills.
Our recruitment activities are
aimed primarily at people with a
higher education.
This is the reason why graduates
are the Company’s largest single
recruitment intake each year.
The graduate development
program is open to university
students completing their final
year of study and graduates who
have obtained a degree within
the last five years.
Equal opportunities
The Company s employment
policy follows the principles of
equal opportunity, thereby
preventing any discrimination on
the basis of sex, age, race,
religion, political or trade union
affiliations, nationality or
disability. Salary scales are in line
with a competency matrix and
take into account qualifications
and professional experience.
The Company considers this to
be an attractive component of
its recruitment strategy.
44 B&S Holding S.àr.l. Annual Report 2016 Report of the Board
Workforce specified by
retention
Capable and skilled employees
are vital to achieving the
Company’s business objectives.
Because we recognise the high
cost of recruitment and the
importance of retaining
knowledge and experience,
many of our human resource
policies are aimed at staff
retention.
Near 70% of the employees is
over three years with the
Company. People who have
proven in the initial years of their
employment with the Company
that there is a match between
their ambition and the objectives
of the Company remain longer
with the Company.
Workforce specified by age
The Company is a dynamic
enterprise with highly motivated
employees. In 2016 the average
age of the Group’s staff was 37
years (2015: 36 years).
Workforce specified by
education
As the Company is growing,
the Company aims to increase
the share of highly educated
employees. The percentage of
employees who have had a
higher education or received a
university degree has risen over
the past three years from 40% in
2012 to 46% in 2016.
The Company is also involved as
a social partner in order to
enhance employment opportu-
nities for (young) people with
disabilities. The Holland Trading
Group division created and filled
6 positions.
Human resources statistics
Changes in workforce and
personnel composition
The average number of staff
employed by the Company
during 2016 was 1,419 (2015:
1,257). In 2016 228 employees
were employed outside of the
Netherlands (2015: 144).
2016 2015
B&S Holland Trading Group 354 238
B&S 276 278
Royal Capi-Lux 188 182
B&S World Supply 40 29
Other 28 17
886 744
Temporary staff 533 513
1,419 1,257
20-25
26-30
31-35
36-40
41-45
46-50
> 50
14%
27%
15%
13%
11%
8%
12%
WORKFORCE SPECIFIED BY AGE
0-5
6-10
11-15
16-20
21-25
> 25
48%
22%
12%
6%
4%
8%
WORKFORCE SPECIFIED BY RETENTION
FACILITIES
Report of the Board B&S Holding S.àr.l. Annual Report 2016 45
FACILITIESInvest in
We are a company of strong ambitions. We want
to grow sustainably, ensuring we provide our
customers with the excellent service they have
come to expect. To help keep pace with this growth,
in 2016 we developed a new, high-tech warehouse
adjacent to our current facility in Dordrecht.
Equipped with the most up-to-date and efficient
storage systems, the new warehouse will allow us
to serve both our wholesale and retail businesses
from under one roof. But growth doesn’t only
mean focusing on how we can better serve our
customers. It also means looking at how we can
impact the local community. Which is why we
expect to create over a considerable amount of new
positions when the warehouse is fully operational.
Taking warehousing to the next level
46 B&S Holding S.àr.l. Annual Report 2016 Report of the Board
“This risk management framework is firmly embedded in the Company guidelines and policies.”
RISK MANAGEMENT AND INTERNAL CONTROL
Risk management and internal
control form an integral part of
the Company’s day-to-day
business operations.
The corporate strategy is
focussed on seizing entrepre-
neurial opportunities while, at
the same time, managing risks
effectively.
The corporate policy is to
safeguard the Company’s conti-
nuity while maintaining a
balance between risk appetite
and financial returns.
The Board of Managers has
overall responsibility for the
establishment and oversight of
the Group’s risk management
framework.
The Company’s risk profile is
regularly reviewed by the Board
of Managers and is discussed
with the Supervisory Board.
In line with the Company’s
commitment to deliver
sustainable value to its share-
holders, the objective of the
COSO Enterprise Risk
Management Framework is to
provide guidance to the business
units in implementing a compre-
hensive and consistent approach
to identifying and managing the
risks that they face.
The Enterprise Risk Management
Framework applies to the
actions of all the Group’s
employees and is implemented
in each operating unit. Within
this framework, critical and
major risks of the Group and the
operating units are identified and
assessed to determine the
appropriate type of risk
management plans to be imple-
mented and which are to be
monitored at the Group level as
well as by each individual
business unit.
As a result the Company’s risk
profile has been divided into the
following risk categories:
▪▪ Strategic risks▪▪ Operational risks▪▪ Legal compliance risks ▪▪ Financial and reporting risks
Strategic risks are the risks that
can prevent the Company from
achieving its strategic ambition.
Operational risks are closely
related to the business opera-
tions. Legal compliance risks
relate to risks arising from
changes in regulations and
applicable laws. The Financial
and reporting risks are limited
to financial matters and trans-
parent reporting, both internally
and externally. Particular risks
can fall into more than one
category or have overlapping
determinants.
This risk management
framework is firmly embedded
in the Company guidelines and
policies and supports the
achievement of the Company’s
strategic, operational and
financial targets while complying
with legislation and regulations.
The Company’s risk opinion is
determined by the likelihood of
the risk occurring and its
potential impact on the
achievement of the Company’s
strategy.
The table on page 48 shows a
brief summary of the main risks
that the Board of Managers has
identified. These risks and the
measures that have been taken
to mitigate these risks are
described in more detail on the
subsequent pages.
Although the Board of Managers
believes that the risks and uncer-
tainties described in the next few
pages are the most material
risks, other risks might be
present. When deciding whether
the Company will be exposed to
certain risks these risks are
valued on the basis of the
balance of the potential risks and
returns. The Company then
assesses the extent to which
these risks are mitigated by
current internal control proce-
dures and whether additional
internal controls procedures are
necessary. The Company only
accepts risks that, based on this
assessment, are well balanced
and, to an acceptable extent,
controllable. All the risks
mentioned in the Risks
management summary are risks
the Company is prepared to
take.
Report of the Board
Report of the Board B&S Holding S.àr.l. Annual Report 2016 47
Sensitivity analysis and
benchmarking
Throughout the year the Board
of Managers, senior managers,
financial controllers, internal
compliance officers and risk
officers carry out self-
assessment tests. These are
combined with various external
audits in relation to the defined
key risk areas. For several risks
the Company is used to go
through various sorts of sensi-
tivity analysis.
Carrying out a sensitivity analysis
of key risk areas enables the
approximate exposure in the
event that certain specified
parameters were to be met
under a specific set of assump-
tions to be estimated. The range
of changes chosen reflects the
changes which, in the
Company’s view, are reasonably
possible during a one-year
period
The scenarios that are tested
relate to, but are not limited to,
rapid changes in market condi-
tions, changes in gross margin,
increases in interest rate and
currency fluctuations.
The effects on the Company’s
net result, cash flow and equity
are analysed. These scenarios
do not reflect any action the
Board of Managers could take
which might mitigate the effects.
In 2016, although the outcome
of these tests revealed some
negative effects on the
Company’s overall financial
standing, they also showed that
the Company remains within its
long-term targets and financial
guidance. This demonstrates
that the Company has adequate
buffers for dealing with
substantial effects of potential
risks.
As a Company that holds
sizeable levels of inventory with
a certain volatility during the
year, we also carry out critical
stress tests on the theoretical
financial boundaries of inventory
positions versus equity,
covenants and working capital
financing.
In addition to the sensitive
analysis the Company also
applies benchmark assignments
within the organisation.
A benchmark analysis involves
comparing various metrics with
the averages of peer organisa-
tions and best practices for
individual business segments
within the Group. These
benchmark analyses are
supporting strategic decisions,
but also provide forward-looking
insight.
The results of control self-
assessments, audits, scenarios
and benchmarks are reported
frequently and discussed with
and between the Board of
Managers and the Supervisory
Board.
The outcome is further used for
internal staff training and for
improving the risk awareness
within the organization amongst
staff members.
The management of the
company believes that the
internal risk management and
control systems provided a
reasonable assurance that the
financial statements do not
contain any errors of material
importance and that these
systems worked properly during
the year. In 2016 none of the
stated risks and uncertainties in
this paragraph did materially
influence the company.
48 B&S Holding S.àr.l. Annual Report 2016 Report of the Board
RISK TYPE POSSIBLE RISK LIKELI-HOOD
IMPACT MITIGATION BY
Strategic risks
Balanced growth Imbalance in growth and organi-sation demands
• • Defined priorities.
Changes in economic market conditions
• • Diversification across markets, products, regions and clients.
Cost leadership Erosion of gross margin due to competition
• • Economies of scale, innovation and synergies.
Client centricity Loss of clients
• •
Service excellence, flexibility, reliability and trust, combined with long-term partnerships and contracts.
Dependency on clients • • Wide client portfolio. Dependence on largest client is low.
Diversification Turnover volatility • • Diversification across markets, products, regions and clients.
Seasonality effects • • Diversification across markets, products, regions and clients.
Local competition • • Group purchasing power.Market risks • • Diversification across markets.Product group risks • • Diversification across product
groups.Economical downturn • • Diversification across regions.
Operational risks
Staff shortage/ surplus Difficulty in attracting and retaining staff
• •Balance remuneration package and excellent development opportunities.
Surplus of staff due to market conditions
• • Downsizing of temporary staff.
Product risks Quality risks, loss of quality certificates
• • Strict control and regulations combined with external audits.
Reputation risks • • Strict control and regulations combined with external audits.
Product life-cycles • • Keeping inventory levels low and keen pricing strategy.
Customs risks Claims and fines• •
AEO status with long professional track record. Annual audits by external parties and insured.
ICT security risks Failure and breaches • • Strict procedures and annual EDP auditing.
Concession risks Losing contracts• •
Extensive relation management and compliance to current contracts.
Insurance Claims • • Group coverage for indemnity and liability.
Risk management summary
Report of the Board B&S Holding S.àr.l. Annual Report 2016 49
RISK TYPE POSSIBLE RISK LIKELI-HOOD
IMPACT MITIGATION BY
Legal complicance risks
Changing legislations Operational and financial effects • • Active dialogue with legislators and support of local experts.
Financial and reporting risks
Inventory risks Overdue inventory, write-offs • • Quality control and inventory rotation.
Merger and acquisition risks
Financial and integration risks • • Careful due diligence and checks on synergy and integration.
Investments risks Financial return and functionality • • Strict procedures.Loss of value • • Regular impairment tests, strategy
to add value.Financing risks Dependency on banks
• •
Financing by different financial institutions and maintaining excellent relationships with financiers.
Credit risks Non or late payment • • Debtor risk procedures and external insurance.
Interest risks Increase of interest costs • • Floating interest or use of financial instruments.
Currency risks Transaction effects • • The main currency is euro. Natural hedging for other currencies.
Financial instruments Speculation and financial effects • • Strict procedures and professional external advice.
Tax risks Non-compliance
• •
A strong track record, timely and adequate reporting, effective tax framework, policies and systems in place, combined with professional advice from external experts.
Reporting risks Reliable financial reporting both internal and external • •
Strict procedures, state of the art reporting software and internal control.
Control deficiencies • • Strict procedures and compliance.
• Low risk • Medium low risk • Medium high risk • High risk
50 B&S Holding S.àr.l. Annual Report 2016 Report of the Board
offer them tailor-made solutions
in combination with excellent
services. Constantly using our
knowledge and experience leads
to long-term trust and reliability.
Our strategy for client centricity
is to focus on constantly
improving these fundamental
elements in our relationships
with our clients. We are also
willing to make substantial
investments in long-term
partnerships.
As a result, client relationships
often have a long-term
character and client retention is
high, while our client
dependence is considered low
due to our extensive and diverse
client portfolio.
Diversification
The Company’s business model
is based on diversification in
markets, geographic regions,
product groups and client
portfolio.
This wide diversification gives
the Company a unique set of
characteristics, which makes it
less cyclical and less vulnerable
to turnover volatility or season-
ality effects.
As a result of the Company’s
diversification, competition risks
at a Group level are deemed to
be limited. At the same time,
each division may have to deal
with local competition at a
business unit level and within
specific markets, or regions.
With the support of the strong
purchasing power of the Group
as a whole and by pursuing cost
effectiveness, local entities and
in different markets. Due to the
economies of scale resulting
from bulk purchasing the
Company is able to pass on
benefits to clients while
maintaining a sharp eye on its
own gross margin development.
In this respect, the Company has
a long-term and proven track
record.
Cost leadership is also based on
continuous innovation and keen
investments, the implemen-
tation of stringent efficiency
programmes and smart ICT
solutions.
These aspects enable costs to
be controlled effectively.
Client centricity
The Company’s business
success is based on providing its
clients with excellent service at
all levels. The service package
includes the day-to-day ability to
provide clients with tailor made
solutions, combined with flexi-
bility and a choice from a wide
range of products from
A-brands through to the
Company’s own value brands.
To maintain the valued partner-
ships with clients we build on
long-term partnerships and
rewarding relationships by
adding strategic value to our
client’s business and by taking
over tasks that are not their core
business.
We maintain long-term partner-
ships with clients by under-
standing their needs and the
needs of their customers. In this
way we acquire a profound
knowledge of their business
requirements and are able to
Strategic risks
As formulated in the Company’s
strategy, for many years a
balanced average compound
annual growth rate with double
digits has been achieved.
The average growth over the
past 10 years is now 14.8%.
While pursuing a double-digit
growth strategy the Company is
faced with the risk of keeping
growth in balance with organisa-
tional requirements. The quality
of growth does, therefore,
always have priority as growth
must remain sustainable,
manageable and well under
control.
Challenging economic market
conditions could also have an
adverse effect on the Company’s
growth strategy. This is to a great
extent mitigated by diversifi-
cation in markets, product
groups, regions and client
portfolio.
In the past the Company has
proved it is able to manage
double-digit average growth
while simultaneously paying
attention to adjusting the organi-
sation accordingly and coping
with challenging market condi-
tions.
Cost leadership
The long-term objective for the
gross margin development is set
at a minimum of 12% of
turnover.
The Company’s cost leadership
is based on the Group’s
powerful global sourcing ability
Report of the Board B&S Holding S.àr.l. Annual Report 2016 51
“Although consumer spending declines rapidly in times of economic crisis, spending on basic consumables remains relatively stable.”
instance, downsize its temporary
staff.
Product risks
The Company trades in a very
diverse assortment of mainly
consumer products that
includes not only A-brands and
private labels but also countless
other articles. There is no
dependency on a particular type
of article or product.
In addition, the consumer
products traded by the
Company are generally seen as
basic consumer goods.
Although consumer spending
declines rapidly in times of
economic crisis, spending on
basic consumables remains
relatively stable.
The Group trades and sells
various consumer products
under a private label. These
products range from dry and
canned food to technology
products and limited brands of
perfume.
All the private label (GoodBurry)
food products are produced in
factories that are either audited
or certificated by European
authorities or national food
safety authorities.
Although regulations concerning
and controls of food products
Clients in different sectors
Clients are at the heart of our
organisation. Service levels,
client satisfaction and service
excellence are key priorities.
As stated under “Client
centricity’, dependency on
individual clients is limited due
to the successful long-term
partnerships and contracting
and is further mitigated by
having a wide client portfolio
spread over different markets
and regions.
Operational risks
Staff shortage and surplus
The Company is a fast growing
company. To facilitate growth,
the Company needs talented
staff and may be dependent on
its ability to attract and retain
employees. As a Company with
worldwide activities and as a
leading company in various
niche markets we face the possi-
bility of our employees being
recruited by our competitors or
stakeholders.
This risk is mitigated by
recruiting employees to cover
both business growth and
fluctuations in employee
composition. To retain staff we
offer a balanced remuneration
package and a stimulating
workplace with good opportu-
nities for personal development.
Should a business segment be
confronted with a sudden
surplus in staff, for example due
to unexpected and rapidly
deteriorating market conditions,
the Company will, in the first
Group business units can stay
comfortably ahead of the
competition.
Market risks
As far as the market diversifi-
cation is concerned, the Group
has spread its risks over various
niche markets all over the world.
The niche markets the Company
supplies include industrial
catering, the cruise industry,
airlines and airports, retail,
military catering and the oil, gas
& mining sector as well as
humanitarian organisations.
The Group’s wide diversification
over various markets makes it
less vulnerable to declines in
specific market segments.
Product group risks
The Company’s broad offering
of more than 40,000 products is
divided over a number of
product groups: Liquors &
Tobacco, Perfumes &
Cosmetics, Food & Beverages,
Electronics and Health & Beauty.
As a result the Company is not
dependent on a single product
category and hence is less
vulnerable to turnover volatility.
Regional risk
The Group operates at a global
level and its companies are
active in many regions of the
world. The geographical risk is,
therefore, well spread over the
globe and hence deemed to be
limited. Nevertheless a specific
country can have an economic
recession and can have some
effect on our business,
but because of the regional
spread, this risk will be limited.
The world is changing rapidly. And so are we. As part of our strategy to
become a digital supply chain leader, in 2016 we continued to invest heavily
in B&S International Technology (BiT), our corporate digitizing program. Our
first major step was replacing the complex back office IT legacy systems at
B&S Holland Trading Group (B&S HTG) with a new, state-of-the art BiT ERP
platform. This will enable B&S HTG to continue to lead from the front in its
distribution of perfumes and cosmetics to our broad customer base. At the
same time, we began working on a project called BiT Product Information
Management, which will help us provide customers with seamless
purchasing across channels. The result? An IT backbone ready for the future.
SYSTEMSInvest in
Investing in tomorrow
52 B&S Holding S.àr.l. Annual Report 2016 Report of the Board
SYSTEMS
Report of the Board B&S Holding S.àr.l. Annual Report 2016 53
ICT security risks
Information communications
technology has always been an
important driver for
improvement and innovation in
our organisation. Our stake-
holders continue to expect
more and more proactive digital
information sharing and
communication related to
business affairs. This ranges
from easy online ordering
systems for our clients,
automatic customs and tax
reporting, financial consolidation
and reporting and many other IT
and communication tools.
One consequence of the
expanding IT landscape is that
the Company is more
dependent on its IT systems and
more susceptible to potential
cyber threats. This makes us
more vulnerable to risks from IT
security failures.
To mitigate this risk the ICT infra-
structure is designed to support
the needs of a decentralised
organisation in an efficient,
reliable and secure manner.
The objective is to ensure conti-
nuity of information systems and
the confidentiality, privacy and
integrity of confidential and
sensitive information.
The ICT systems and procedures
are checked yearly by external
experts.
Concession risks
The Company has signed
several concession contracts
whereby turnover is dependent
on the existence of these
contracts. The risk of losing
contracts is mitigated by
extensive relation management.
In some instances these
particular activities could lead to
external claims or fines for
external parties.
As the Group has a long and
proven track record with regard
to dealing with customs affairs,
claims and fines are limited and
considered as extraordinary
events.
In order to mitigate the risks
from customs activities, the
Company has its own expanding
customs departments staffed by
well-trained experts who deal
with all sorts of customs matters
on a daily basis. These experts
are in close contact with
customs authorities and follow
on-going training courses to
keep up to date with customs
legislation and developments.
The Group is certificated as an
Authorised Economic Operator
by the customs authorities.
Each year, the processes are
audited internally and periodi-
cally audited externally.
A potential risk would be to have
this certification revoked due to
bad performance. The Company
aims to mitigate this risk by
following strict policies and
performing crosschecks on
compliance.
The Company is also insured
against the risks related to its
customs activities and adequate
customs guarantees have been
issued for its activities.
The financial consequences of
calamities related to customs
are, therefore, covered as far as
possible.
are stringent, selling food
products brings with it general
risks relating to the quality of the
food products and any potential
negative effect on the health of
consumers.
As is the case with all other
(purchased) food products the
primary responsibility,
and therefore risk, lies with the
producer. This means that if an
incident occurs we might have
to take action to avoid any
damage to our reputation.
Within the Royal Capi-Lux
division, various technology
products are sold under private
label (MiTone) directly to
consumers.
For these products,
the Company generally has to
take the risk of short product
life-cycles due to on-going
technological developments
into consideration. Products can
easily become dated. This risk is
being mitigated by keeping
inventory levels relatively low
and by adjusting prices as appro-
priate.
Customs risks
The trading in consumer
products all over the world goes
hand-in-hand with the profes-
sional handling of customs
declarations for clients and
suppliers. Local customs author-
ities also demand immediate
and flawless reporting of
imported and exported goods
and payment of relevant duties.
In addition, the Company has its
own warehouses for storing
both bonded and free goods.
54 B&S Holding S.àr.l. Annual Report 2016 Report of the Board
Merger and acquisition risks
The Company’s growth is based
on a combination of organic
growth and growth from acqui-
sitions. Acquisitions are
preceded by careful due
diligence processes carried out
by both internal and external
experts to ensure the candi-
date’s overall financial and
operational quality. The Board of
Managers also carries out a
thorough due diligence to
ascertain whether an acquisition
will provide adequate financial
returns and whether it will
contribute towards the Group’s
synergy and integration
demands.
The financial, integration and
other risks are considered
greater that those associated
with organic growth, but are
mitigated by applying stringent
due diligence and integration
measures. By procedural
mandate the added-value and
cash flow contributions of intan-
gible assets is tested regularly
and impairment is applied if
deemed necessary.
In accordance with good
Corporate Governance,
when sizeable investments and
acquisitions are involved the
Group’s Board of Managers
consults with the Supervisory
Board in advance.
Inventory risks
As an international trading
company it is deemed necessary
to hold substantial inventory
positions as this is vital for our
business. The overall inventory
quality and inventory rotation is
that this can change abruptly.
Since governmental decisions
and other regulations are unpre-
dictable they can affect our
business.
When such cases occur we
strive to adjust to the new rules
and regulations in the best way
and as far as possible while at
the same time considering our
own long-term interests and
objectives. If deemed necessary
we rely on the services of local
professional experts for desig-
nated compliance areas.
Financial and reporting risks
Investment risks
Regular investment programmes
are planned and presented inter-
nally by the divisions, mainly
during the annual budget cycle.
As well as analysing the budget,
the Board of Managers evaluates
the investment programmes in
terms of the return on
investment, functionality and
size in relation to financing
capabilities and ratios.
Depending on market circum-
stances, cash flow develop-
ments and outlooks related to
capitalised goodwill on acquired
businesses and/or intangible
rights, it may be necessary to
apply write-offs on intangible
assets, which would have a
negative impact on net results
and equity.
In addition, the Company has a
long track record of compliance
with all the terms of the
contracts and has also spread
the risk over various contracts to
ensure the termination of any
one of the contracts will have in
a low financial impact.
Insurance
B&S is insured against a number
of risks. Risks related to profes-
sional indemnity and general
liabilities are covered at Group
level. If the coverage is deemed
insufficient appropriate provi-
sions are recognised in the
financial statements.
Legal compliance
Our company operates
worldwide, sometimes in
remote areas and in developing
countries. Operating in many
jurisdictions means we are
confronted with complex legis-
lation and regulatory demands,
particularly in emerging markets
where legal systems are in
varying stages of development.
In addition to regulations set by
national and local governmental
authorities we have to comply
with the principles of the UN
Global Compact, local laws,
food safety regulations, human
rights, safety and many other
regulations.
The stance and decision-making
processes of governmental insti-
tutions are important for the way
we operate. Obviously we
comply with all relevant legis-
lation, but we are also aware
Report of the Board B&S Holding S.àr.l. Annual Report 2016 55
bility of working capital to
finance new trading transac-
tions. A tight control of working
capital also helps towards
reducing interest charges.
Both short and long-term
financing arrangements are
discussed and negotiated exclu-
sively at corporate level by the
Board of Managers. By making
optimum use of the knowledge
and expertise from different
banks, the Group is financed by
a number of different financial
institutions. This also means the
Group is not dependent on one
bank.
Maintaining excellent relation-
ships with its financiers and
continuing to fulfil financing
criteria is enabling the Group to
continue its balanced and
healthy growth.
Currency risks
Most of the Company’s turnover
is in Euros, which is the Group’s
functional currency. Other
currencies used for trading are
the US Dollar, the British Pound
and the Japanese Yen.
The main currency risks arise
when selling and purchasing in
the US Dollar and, to some
extent, when selling in the British
Pound. Basically, the Group
The rigid handling of new client
acceptance and payment
control means the Company’s
debtor risk is fairly limited and
well under control. The average
outstanding debt period is less
than 60 days, which is within the
limits set by management and
acceptable for global trading.
As a result of our stringent
debtor policies, debtor write-offs
are limited.
As a result of the wide variety
in the client portfolio,
the dependency on clients
is limited.
Management acknowledges that
general client payment
behaviour has been adversely
affected by the deteriorating
creditworthiness of clients and
the decline of overall liquidity of
the Group during the economic
crisis. This is especially relevant
in respect of the insurance
companies that have
downgraded limits on clients.
It is certainly putting extra
pressure on accurately dealing
with credit risks.
Financing risks
The Group’s trading activities are
financed on the basis of short-
term credit facilities.
The business units have their
own working capital financing.
This fits within the Group’s
policy of autonomy at the
business unit level. Conse-
quently, the business unit’s
management is triggered to
maintain a better control over
inventory and debtor positions
as this could reduce the availa-
well within the boundaries set by
management.
The quality control on inven-
tories is the responsibility of a
dedicated inventory
management department.
This department controls and
checks inventory positions,
quality, rotation, shelf life and
the level of returned and out of
date products.
Inherent to the Company’s
long-term growth, inventory
positions generally rise at a
similar rate to growth.
Credit risk
As the Company trades with a
large number of clients around
the world, strict internal policies
and guidelines have been
drawn-up regarding business
agreements with new clients as
well as the setting of payment
terms and credit risk
management.
The Corporate rule is that trade
transactions must be secured,
either by payment up front or by
a secured payment instrument
(guarantee or letter of credit).
Before doing business with new
clients their creditworthiness is
checked by the internal credit
risk department.
The internal credit risk
department also monitors
outstanding payments on a daily
basis using an automated and
sophisticated credit risk
monitoring system. This process
meets the requirements
specified by the insurance i
nstitutions.
“As a result of the wide variety in the client portfolio, the dependency on clients is limited.”
56 B&S Holding S.àr.l. Annual Report 2016 Report of the Board
We are used to taking a
pro-active and transparent
approach when it comes to tax
matters and have regular
meetings with tax authorities to
discuss duties, customs,
corporate income tax and VAT.
In addition to having a strong
internal competence,
the Company is advised on tax
planning and compliance
matters by professional tax
experts active in different tax
disciplines.
Internal control risks and
reporting
All the divisions and business
units are subject to general
policies and procedures that
ensure the Company has good
control over the identification of
risks and the implementation of
measures to mitigate risks.
The information and communi-
cation guidelines in respect of
internal control measures,
control systems and risk
management (see below),
are implemented at all organisa-
tional levels within the Group.
Monitoring the adequacy and
effectiveness of internal risk
management and control
systems is an on-going
improvement process instigated
by the Company’s Board of
Managers.
Over the years, The Company
has proven to have an effective
control structure.
A number of controls are
automated and embedded in
Company policies.
Apart from limited financial lease
facilities with a fixed interest rate,
loans and credit facilities carry a
floating interest rate based on
EURIBOR plus a margin.
Financial instruments
The Group occasionally uses
derivative financial instruments
exclusively to hedge exchange
and interest rate positions with
currency and interest rate swaps,
and thereby reduce the related
risks.
The strategy relating to hedge
exchange and interest rate risks
is set by the Board of Managers.
The Company refrains from any
speculation. Derivative transac-
tions are subject to continuous
risk management procedures.
Trading, settlement and control
functions are strictly separated.
Derivative financial contracts are
only entered into with banks that
have a good credit rating.
In addition the Company is
advised by external parties
before entering into a derivative
financial contract.
Tax risks
The Company operates in many
countries in the world and has to
manage compliance within a
variety of legislations,
also including tax laws.
Over time the organisation has
developed a strong tax track
record that is firmly based on a
timely and adequate tax
reporting, tax procedures and
systems. The Company has and
effective global tax framework in
place combined with transfer
pricing policies and underlying
documentation.
deals with risks from trading in
non-Euro currencies by
matching incoming and
outgoing cash flows as closely
as possible in the same
currency.
Extraordinary currency positions
and risks are dealt with at the
division level by dedicated
treasury departments that
monitor the cash flows of each
division on a daily basis.
To mitigate the risk from
currency transactions the
treasury department uses
hedging instruments (spot and
forward contracts and currency
swaps) when appropriate and on
a case-by-case basis.
Most of the Group entities are
based in the Euro zone the
balance sheets and profit and
loss accounts are in Euros.
The balance sheet positions and
profit and loss accounts of
Group companies outside the
Euro zone, including in Dubai
and Afghanistan, are also stated
in Euros.
Interest risks
The Group’s financing is
centralised at the division and
business unit level. Tangible
assets (land & property,
equipment and other tangible
fixed assets) are financed with
long-term financing and leasing.
“Over the years, The Company has proven to have an effective control structure.’
Report of the Board B&S Holding S.àr.l. Annual Report 2016 57
Responsibility of the Board of Managers
The financial statements give a
true and fair view of the position
as at the balance sheet date and
the business development
during the financial year of B&S
Holding S.àr.l. and the Group
companies for which the
financial information is recog-
nised in its financial statements.
The major risks to which the
Company is exposed are
described in this Annual Report.
Larochette, G.D. Luxembourg,
17 February 2017
Board of Managers
Lebaras Holding S.àr.l.
Represented by
J.B. Meulman, CEO
B.L.M. Schreuders
G. van Laar, CFO
B.L.M. Schreuders
J. Rotteveel
A total package is sent to the
Board of Managers. Integrated
data concerning the financial
performance of the Group and
its divisions is also distributed to
shareholders, the Supervisory
Board and direct financial stake-
holders.
The content of the financial data
enables the Board of Managers
to control the Group effectively
and accurately.
Statement of risk control
Risk management and internal
control form an integral part of
the way the Company is
managed. The Board of
Managers firmly believes that the
measures related to risk
management in the different
risks areas, combined with the
financial control over the
Company, mean the Company
is well under control in all
material aspects.
The most important policies and
procedures are as follows:▪▪ An annual budget cycle, which
includes financial and
non-financial data, followed by
regular evaluations of devia-
tions;▪▪ A monthly financial reporting
cycle;▪▪ Accounting manuals with
valuation principles and
accounting standards;▪▪ ‘Plug and play’ procedures for
newly acquired businesses
describing standard proce-
dures and corporate systems;▪▪ Policies with regard to
financing and cash
management;▪▪ Procedures related to various
operational activities such as
customs, trading, logistics and
sales;▪▪ Transfer pricing guidelines;▪▪ Specific risk management
procedures (inventory,
currency rate risks, credit risks
etc.).
All standardised financial data is
prepared by the financial depart-
ments of every division and sent
on a regular and timely basis to
the centralised financial control
department where the data is
checked, analysed and consoli-
dated into concise management
information for the divisional
managers.
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SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TA-BLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHO-WER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCE-RIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGE-TABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RA-ZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE
58 B&S Holding S.àr.l. Annual Report 2016
DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TA-BLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHO-WER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCE-RIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGE-TABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RA-ZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE
2B&S Holding S.àr.l. Annual Report 2016 59
REPORT OF THE SUPERVISORY BOARD
Letter from the Supervisory Board 60
60 B&S Holding S.àr.l. Annual Report 2016 Report of the Supervisory Board
“Our responsibility is to supervise the Board of Managers and the general affairs of the Company and its affiliated companies.”
Financial statements 2016
It is our pleasure to present the
2016 Annual Report as prepared
by the Board of Managers of
B&S Holding S.àr.l. and incorpo-
rating the financial statements.
The Annual Report was prepared
in accordance with Title 9 Book
2 of the Dutch Civil Code.
Deloitte’s unqualified audit
opinion is included in the
additional information appended
to the financial statements.
The Supervisory Board
discussed the financial state-
ments at the annual meeting
with the auditors, after which we
signed the financial statements
to comply with the Board’s legal
obligation. We recommend that
the General Meeting of Share-
holders approves and adopts the
Annual Report and the appropri-
ation of the net result for 2016.
We further propose that the
shareholders discharge the
Board of Managers for its
management and the Super-
visory Board for its supervision in
2016.
Board composition and meetings 2016
The Supervisory Board
comprises Mr. P.N.S. Luttje-
huizen (Chairman, appointed in
2001) and Mr. W.A. Blijdorp
(appointed in 2004). The Super-
visory Board notes that its
composition is in line with the
profile of the Supervisory Board.
Each member has a specific field
of complementary expertise.
The members of the Supervisory
Board have full and free access
to the Company’s Board of
Managers and, if necessary and
appropriate, to independent
advisors. During the past year
the Supervisory Board met four
times with the Company’s Board
of Managers, during regularly
planned meetings. In addition,
the members of the Supervisory
Board held several informal
consultations with the Board of
Managers in order to remain
fully informed regarding the
business.
The role of the Supervisory
Board differs from the role of the
Board of Managers. Our respon-
sibility is to supervise the Board
of Managers and the general
affairs of the Company and its
affiliated companies. We also
assist the Board of Managers
with general advice. During the
year under review the Super-
visory Board performed its
duties on an ongoing basis in
accordance with applicable laws
and regulations as stipulated in
the Company’s Articles of
Association.
Agenda and supervision topics
In line with its reporting obliga-
tions, the Board of Managers
provided us with regular, timely,
comprehensive written reports
and presentations about all
developments of material
importance for the company.
The reports and presentations
covered, in particular the
company’s profitability, current
business developments and
operations of material impor-
tance. We were, therefore, in a
position to carry out a critical
analysis, discuss resolution
proposals with our Board and
put forward questions and
suggestions. The Supervisory
Board thoroughly discussed and
reviewed all reports and
documents that were submitted
to it. We were also directly
involved by the Board of
Managers in all fundamental
Company decisions. Whenever
relevant and necessary,
we provided our advice.
The main topics in 2016 were
the long term strategy, financing,
LETTER FROM THE SUPERVISORY BOARD
Report of the Supervisory Board
Report of the Supervisory Board B&S Holding S.àr.l. Annual Report 2016 61
The last meeting of the year was
held in November 2016. During
this meeting the general topics
were discussed and, as is
customary, the budget for 2017
was presented, discussed and
approved.
Remuneration
The remuneration of the Super-
visory Board in 2016 is stated in
the financial statements and
comprised a fixed annual fee
amounting to a total of € 15,000.
This is similar to previous year.
Advice for 2017
The Supervisory Board feels
comfortable with the long-term
growth plan for the organization
as set out by the Board of
Managers. We have confidence
in the way in which the
Managers will continue to shape
the Company as it grows.
We believe that the company is
well investing in its future.
With regard to the latter, as a
Supervisory Board we are eager
to continue our role of advisors
to the Board of Managers. It is
our duty to guide the Company
and to watch over the quality of
growth and Board of Manager’s
control over growth. The Super-
visory Board would like to
express its sincere appreciation
to the Board of Managers and all
the Group’s employees for their
efforts and for the corre-
sponding results.
Larochette, G.D. Luxembourg,
17 February 2017
Supervisory Board
W.A. Blijdorp
P.N.S. Luttjehuizen
ICT, compliance, future housing
and the acquisition of Topbrands
Europe B.V., Together with the
Board of Managers the Super-
visory Board discussed these
topics. We also discussed the
Company’s risk management
policy and compliance
standards.
The Supervisory Board critically
assessed acquisitions that had
been integrated in the previous
years, their alignment within the
Group and related management
affairs. Particular attention was
paid to any requirements for
impairments and the financial
return from the individual acqui-
sitions. The Supervisory Board
concluded that past acquisitions
are well aligned and provide
adequate returns, well within the
requirements specified for
acquisitions. No impairments
were considered necessary.
During the financial year 2016
potential acquisitions were
discussed. The Supervisory
Board approved the sole
proposal put forward by the
Board of Managers and as such
the acquisition of Topbrands
Europe BV has been approved.
DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TA-BLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHO-WER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCE-RIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGE-TABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RA-ZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE
62 B&S Holding S.àr.l. Annual Report 2016 Financial Statements 2016
DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TA-BLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHO-WER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCE-RIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGE-TABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RA-ZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE
3Financial Statements 2016 B&S Holding S.àr.l. Annual Report 2016 63
CONSOLIDATED FINANCIAL STATEMENTS 2016
Consolidated balance sheet 64
Consolidated profit and loss account 66
Consolidated cash flow statement 67
Notes to the consolidated balance sheet
and profit and loss account 68
Notes to the individual consolidated
balance sheet items 74
Notes to the individual consolidated
profit and loss account items 85
Report of the réviseur d’entreprises agréé 89
64 B&S Holding S.àr.l. Annual Report 2016 Financial Statements 2016
Assets(In thousands of euros, before appropriation of result)
Note 31/12/2016 31/12/2015
Fixed assets
Intangible fixed assets 1
Goodwill 11,272 7,205
Concessions & Brand names 13,162 3,493
24,434 10,698
Tangible fixed assets
Land & Property 16,203 17,679
Equipment 6,811 7,137
Other tangible fixed assets 5,200 3,287
28,214 28,103
Financial fixed assets
Participations 1,172 981
Other financial fixed assets 5,450 6,200
Deferred taxation 23 -
6,645 7,181
Total fixed assets 59,293 45,982
Current assets 2
Inventory 279,951 241,838
Receivables
Trade debtors 162,260 143,101
Receivables on participations 338 471
Affiliated companies 8,156 12,493
Tax receivables 5,754 4,995
Other receivables and accrued income 11,521 7,479
188,029 168,539
Cash and cash equivalents 13,214 8,166
Total current assets 481,194 418,543
Total assets 540,487 464,525
Financial Statements 2016CONSOLIDATED BALANCE SHEET
Financial Statements 2016 B&S Holding S.àr.l. Annual Report 2016 65
Equity, provisions and liabilities
Note 31/12/2016 31/12/2015
Group equity 3
Legal entity share in Group equity 192,436 178,780
Third-party share in Group equity 32,532 15,578
224,968 194,358
Provisions 4
Deferred taxation 1,141 1,121
Other provisions 1,003 583
2,144 1,704
Long-term liabilities 5
Loans from banks 20,550 5,295
Loans from minority shareholders 2,625 4,125
Financial lease 1,534 1,008
Other long-term liabilities 825 860
25,534 11,288
Short-term liabilities 6
Banks 186,935 142,036
Repayments on long-term liabilities 6,025 4,941
Supplier finance arrangements 10,500 34,446
Trade creditors 52,270 52,004
Taxes and social security charges 13,716 9,415
Other liabilities and accrued expenses 18,395 14,333
287,841 257,175
Total equity, provisions and liabilities 540,487 464,525
66 B&S Holding S.àr.l. Annual Report 2016 Financial Statements 2016
(In thousands of euros)
Note 2016 2015
Turnover 1 1,339,489 1,338,293
Purchase value 2 1,153,256 1,157,959
Gross margin 186,233 180,334
Wages and salaries 3 61,592 57,099
Depreciation and amortisation of fixed assets 4 9,525 8,588
Other operating expenses 5 38,514 40,474
Total operating expenses 109,631 106,161
Operating result 76,602 74,173
Financial income and expenses 6 (3,481) (3,113)
Result of participations 7 198 233
Result for taxation 73,319 71,293
Taxation on the result 8 7,444 7,132
Consolidated result after taxation 65,875 64,161
Result attributable to:
Profit rights 2,623 2,037
Third-party share in the result 5,862 4,161
Total third-party interest 9 8,485 6,198
Ordinary shareholders 57,390 57,963
Group result 65,875 64,161
Financial Statements 2016CONSOLIDATED PROFIT AND LOSS ACCOUNT
Financial Statements 2016 B&S Holding S.àr.l. Annual Report 2016 67
(In thousands of euros)
2016 2015
Received from debtors 1,338,157 1,315,356
Paid to creditors and employees (1,249,645) (1,301,968)
Cash flow from business activities 88,512 13,388
Interest paid (3,640) (3,039)
Corporate income taxes paid (7,710) (4,399)
Dividend received 140 229
(11,210) (7,209)
Cash flow from operating activities 77,302 6,179
Investments in acquired companies (30,390) -
Investments in tangible fixed assets (3,270) (5,082)
Investments in intangible fixed assets - 100
Repayments on loans issued 900 2,420
Disposals of participations - 16
Cash flow from investing activities (32,760) (2,546)
Repayments on loans from banks (4,939) (6,044)
Repayments on loans from shareholders (4,000) (350)
Repayments on financial lease (521) (433)
New lease received 1,165 -
New loans received from banks 20,000 1,000
Paid to profit share certificates (1,500) (800)
New loans received from shareholders 2,500 3,200
Reserves transferred to shareholders (43,525) (23,500)
Reserves transferred to minority shareholders (2,545) (1,140)
Changes in Supplier finance arrangements (23,946) 15,791
Changes in banks 17,517 8,632
Cash flow from financing activities (39,794) (3,644)
Net cash flow 4,748 (11)
Cash and cash equivalents:
Balance as at 1 January 8,166 7,878
Balance from change in consolidation - 299
Balance from acquired companies 300 -
Movement 4,748 (11)
Balance as at 31 December 13,214 8,166
Financial Statements 2016CONSOLIDATED CASH FLOW STATEMENT
68 B&S Holding S.àr.l. Annual Report 2016 Financial Statements 2016
General
B&S Holding S.àr.l. was incorporated in G.D.
Luxembourg on December 13, 2007 as a Société à
Responsabilité Limitée, with a registered address at
18 Place Bleech, Larochette, G.D. Luxembourg.
The Company is registered with the Chamber of
Commerce under number B135944.
In accordance with its Articles of Incorporation,
the object of the Company is the acquisition of
and the participation in other companies, among
others companies that are active in international
(wholesale) trading in consumer goods and food.
Group structure
B&S Holding S.à r.l., G.D. Luxembourg, is an
ultimate holding company that holds amongst
others a 100% participation in the capital of World
Supply Holding Ltd., Malta and a 100% participation
in the capital of B&S Investments B.V., Delfzijl in
The Netherlands, which is the head of an
international conglomerate of relative independent
but interlinked companies.
A full list of Group companies and other
participations required under article 338 of Law of
10th August 1915 on commercial companies, has
been filed with the Chamber of Commerce in
Luxembourg.
New participations
During the financial year the Company
incorporated the following companies:
Company % Date
TCC Services B.V.,
the Netherlands
100% 07-03-2016
Shop & Fly Bremen GmbH,
Germany
100% 22-06-2016
World Supply Services AG,
Swiss
100% 25-01-2016
JTG Trading Hong Kong Ltd,
Hong Kong
77.5% 13-09-2016
Norano Europe, Ireland 100% 06-10-2016
Topbrands Investments B.V.,
the Netherlands
100% 03-08-2016
Hong Kong Glory Trade Ltd.,
Hong Kong
100% 12-09-2016
These companies are consolidated as of the date
of incorporation.
Liquidated participations
During the financial year the Company liquidated
its interest in the following company:
Company % Date
Liro SA, Luxembourg 100% 01-06-2016
Acquisition
During the financial year the Company liquidated
its interest in the following company:
Company % Date
Topbrands Europe B.V.,
the Netherlands
51% 01-08-2016
This participation is consolidated as of the date of
taking over control, which is 1 August 2016.
The acquisition is accounted for using the
purchase accounting method. The purchase price
amounted to € 30,390,000.
Change in consolidation
At 16 February 2016 the Company purchased the
remaining 50% of the shares of Emporium Handels
& Vertriebs GmbH, Germany for the amount of
€ 975,000. As from that date Emporium Handels &
Vertriebs GmbH is 100% consolidated.
The acquisition is accounted for using the
“Economic Entity Concept’. The difference
between purchase price and the minority share in
the assets and liabilities amount to € 811,313 is
recorded in the equity.
Principles of consolidation
The consolidated financial statements of the
Company incorporate the financial information of
the Group companies. The financial information of
the Group companies is fully incorporated into the
consolidated financial statements with the
exclusion of intercompany relationships and
transactions.
Financial Statements 2016NOTES TO THE CONSOLIDATED BALANCE SHEET AND PROFIT AND LOSS ACCOUNT
Financial Statements 2016 B&S Holding S.àr.l. Annual Report 2016 69
Third-party shares in the capital and result of
Group companies are stated separately in the
consolidated financial statements
The results of newly acquired Group companies
are consolidated from the date of acquisition.
The assets, provisions and liabilities of acquired
Group companies are valued at the fair value on
the date of acquisition. Goodwill paid is capitalised
and amortised over the economic lifetime.
The result of divested participations is included in
the consolidation until the moment of divestment.
General accounting principles
As of 2012, the consolidated financial statements
have been prepared in accordance with Title 9
Book 2 of the Dutch Civil Code, as approved by the
Luxembourg Ministry of Justice. The particular
differences and reclassifications in equity and net
result between Dutch GAAP and Luxembourg
GAAP are presented in the notes of the Group’s
financial statement and on page 95.
The Company’s financial statements are prepared
in accordance with legal and regulatory
requirements in Luxembourg (Lux GAAP).
The consolidated financial statements are prepared
on the basis of the historical cost, unless stated
otherwise.
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 the 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.
Translation of foreign currency
Assets and liabilities stated in foreign currencies are
translated at the exchange rate prevailing on the
balance sheet date. The exchange differences
resulting from the translation as at balance sheet
date, are recorded in the profit and loss account.
In the profit and loss account foreign currencies
are translated at the exchange rate prevailing at the
moment of settlement.
Foreign group companies and non-consolidated
associated companies outside the Netherlands
qualify as carrying on of business operations in a
foreign country, with a functional currency
different from that of the company. For the
translation of the financial statements of these
foreign entities the balance sheet items are
translated at the exchange rate as at balance sheet
date and the profit and loss account items at the
exchange rate at transaction date. The exchange
rate differences that arise are directly deducted
from or added to group equity and recognized in
the translation differences reserve. This likewise
applies to the translation differences on loans that
form part of the net investment in the business
operations abroad.
If business operations in a foreign country with a
different functional currency than that of the
company are disposed of, the cumulative
translation differences are recognized in the profit
and loss account as part of the result from the
disposal of the business operations abroad.
Principles of financial instruments
Financial instruments comprise primary financial
instruments, such as receivables and payables, and
financial derivatives.
The notes to specific balance sheet items disclose
the fair value of the related instruments if this
deviates from the carrying amount. If the financial
instrument is not recorded in the balance sheet the
information regarding the fair value is disclosed in
the notes to the ‘Contingent assets and liabilities’.
For the principles of primary financial instruments
please see the recognition per balance sheet item.
Derivative financial instruments
Upon initial recognition, financial derivatives are
recognised at fair value and then revalued at fair
value as at balance sheet date. The profit or loss
from the revaluation to fair value as at balance
sheet date is recognized directly in the profit and
loss account. If, however, financial derivatives are
eligible for hedge accounting, and hedge
accounting is applied, recognition of this profit or
loss depends on the nature of the hedge.
70 B&S Holding S.àr.l. Annual Report 2016 Financial Statements 2016
Costs for the maintenance of tangible fixed assets
are accounted for in the profit and loss account in
the accounting period in which they are incurred.
Tangible fixed assets are capitalised if the
economic ownership held by the company, and its
group companies, is governed by a financial lease
agreement. The commitment arising from the
financial lease agreement is accounted for as a
liability. The interest included in the future lease
instalments is charged to the result over the term
of the financial lease agreement.
Financial fixed assets
Where significant influence is exercised, associated
companies in non-consolidated group companies
are valued under the net asset value method, but
not lower than a nil value. This net asset value is
based on the same accounting principles as
applied by the parent company.
Associated companies with a negative net equity
value are valued at nil. If the company fully or
partly guarantees the liabilities of the associated
company concerned, or has the effective
obligation respectively to enable the associated
company to pay its (share of the) liabilities, a
provision is formed. Upon determining this
provision, provisions for doubtful debts already
deducted from receivables from the associated
company are taken into account.
Where no significant influence is exercised
associated companies are valued at cost and less
impairments in value, if applicable.
Other financial fixed assets
Upon initial recognition the receivables on and
loans to associated companies and other
receivables are valued at fair value and then valued
at amortised cost, which equals the face value,
after deduction of any provisons.
Deferred taxation
Deferred taxes are taken into account for tax losses
carried forward if and insofar as it is expected that
these can be offset within the specified period
according to the regulations of the relevant
jurisdiction. The valuation of the deferred taxes is
based on the normal tax rates applicable in the
country where the company is established.
Provisions for taxes are only deducted from
deferred taxes if the position can be deducted with
the same fiscal entity and reflects the same
maturity.
The Company applies hedge accounting based on
individual documentation per individual hedge
relationship. The Company documents how the
hedge relations suit the risk management goals,
the hedge strategy and the expectation in respect
of the hedge’s effectiveness.
Cost price hedge accounting
The effective part of financial derivatives that have
been assigned for cost price hedge accounting is
valued at cost. By comparing the critical
comparative features of the hedge instrument with
the critical features of the hedged position on
every balance sheet date, it is determined whether
there is an indication for ineffectiveness. In the
event the critical features of the hedge instrument
and the critical features of the hedged position are
not equal, this is an indication that the cost price
hedge contains an ineffective part. In that case a
quantitative ineffectiveness measurement is carried
out by comparing the cumulative change of the
fair value of the hedge instrument with the
cumulative change of the fair value of the hedged
position since the designation of the hedge
relationship. Ineffectiveness is recognized in the
profit and loss account if and insofar as the
quantitative ineffectiveness measurement shows a
(cumulative) loss.
Principles of valuation of assets and liabilities
Intangible fixed assets
Intangible fixed assets are presented at cost less
accumulated amortisation and, if applicable, less
impairments in value. Amortisation is charged as a
fixed percentage of cost, as specified in more
detail in the notes to the balance sheet. The useful
life and the amortisation method are reassessed at
the end of each financial year.
Tangible fixed assets
Tangible fixed assets are presented at cost less
accumulated depreciation and, if applicable, less
impairments in value. Depreciation is based on the
estimated useful life and calculated as a fixed
percentage of cost, taking into account any
residual value. Depreciation is provided from the
date an asset comes into use. Land is not
depreciated.
Financial Statements 2016 B&S Holding S.àr.l. Annual Report 2016 71
over 2016 (2015: € 2,188,000). The Group operates
various pension schemes. These schemes are
financed through payments to insurance
companies, industry branch pension funds or the
Company pension fund.
Company pension scheme
Pursuant to the Dutch pension system this plan is
financed by contributions to the company pension
fund called Stichting Pensioenfonds B&S.
Participation in this pension fund has been made
obligatory for the applicable B&S companies in
each individual labour agreement of employees of
these applicable B&S companies. This collective
plan is a conditional defined contribution plan.
The accrual of the intended pension entitlements
is always fully funded in the related calendar year
through contribution payments. The pension plan
is a conditional career average plan including – for
both active and inactive participants (sleepers and
retired persons) – conditional granting of
supplements. The granting of supplements
depends on the investment return. The capital
available for the purchase of a pension equals the
investment value as at pension date. The return on
the contribution payments has not been
guaranteed.
The conditional annual accrual of the pension
entitlements amounts to 1.875% of the pensionable
salary that is based on the gross wage net of a
deductible (of € 14,574). The pensionable salary is
capped (at € 100,000). The annual employer-paid
contribution is 22.0% of which 7.0% is contributed
by the employee. The contribution is a fixed
percentage of the pensionable salary and cannot
be changed by the board of the pension fund.
The company pension fund, respectively, has
stated that the funding ratio is 98.9% at
31 December 2016 (2015: 97.0%). Based on the
administrative regulations the group has no other
obligation than the annual contribution payments.
The company pension fund has issued a recovery
plan on 1 July 2015 because the funding ratio was
below the required level set by the authorities.
The result of the recovery plan is that during 2016
the annual employer contribution is raised by 1% to
improve the funding ratio of the pension fund.
This additional measurement was approved by the
authorities on 21 November 2016. Each year the
recovery plan will be evaluated.
Inventory
Inventory is valued at the lower of cost price or net
realisable value, in accordance with the FIFO
system. The lower net realisable value is
determined by individual assessments of the
inventories. The cost price is increased by the
directly related purchasing costs. Net realisable
value is based on estimated selling price, less any
future cost to be incurred for completion and
disposal.
Receivables
Receivables are initially recorded at fair value.
Subsequent valuation is at amortised cost less any
provision deemed necessary. The fair value and
amortised cost equal the face value. This provision
is based on the estimated risk of the inability to
recover the individual debts.
Cash
The cash is valued at face value. If cash equivalents
are not freely disposable, then this has been taken
into account upon valuation.
Third-party share in Group equity
The share of third parties in the group equity
concerns the minority interest of third parties in
the shareholders’ equity of consolidated
companies. In the profit and loss account the
share of third parties in the result of consolidated
companies is deducted from the group result.
If the losses attributable to the minority interest of
third parties exceed the minority interest of third
parties in the shareholders’ equity of the
consolidated companies, the difference – as well
as any further losses – will be fully charged to
B&S Holding S.àr.l., unless and insofar as the
minority shareholder is committed to assume
responsibility for those losses and is able to do so.
If the consolidated companies once again
generate profit, these profits will fully be debited
B&S Holding S.àr.l., until the losses for which
B&S Holding S.àr.l. has assumed responsibility have
been recovered.
Pension schemes
The charge for the year has been included under
the heading personnel expenses in the profit and
loss account. As at 31 December 2016, there are
no obligations for which a pension provision has
been included, as was the case as at 31 December
2015. The pension contribution charged to the
profit and loss account amounts to € 2,668,000
72 B&S Holding S.àr.l. Annual Report 2016 Financial Statements 2016
The annual accrual of the pension entitlements
amounts to 1.75% of the pensionable salary that is
based on the gross wage net of a deductible (of
€ 12,866). The pensionable salary is capped (at
€ 52,763). The annual employer-paid contribution
is 19.4% of which 5.119% is contributed by the
employee. Based on the funding ratio and
expected returns the board of the industry pension
fund sets the contribution every year.
The related industry pension fund or company
pension fund, respectively, has stated that the
funding ratio is 107.0% in 2016 (2015: 106.1%).
Based on the administrative regulations the group
has no obligation to make additional contributions
in the event of a deficit other than through higher
future contributions.
Other
The pension obligations are valued according to
the ‘valuation to pension fund approach’.
This approach recognises the contribution payable
to the pension provider as an expense in the profit
and loss account. In some foreign countries in
which the Group is present, there are
governmental pension regulations for which
pension premiums are paid. Based on the nature of
these regulations no valuation is necessary.
Deferred taxation
For amounts of taxation payable in the future, due
to differences between the valuation principles in
the annual report and the valuation for taxation
purposes of the appropriate balance sheet items, a
provision has been formed for the aggregate of
these differences, multiplied by the expected rate
of taxation. These provisions are reduced by
amounts of taxation recoverable in the future in
respect of the carry-forward of unused tax losses,
to the extent that it is probable that future tax
profits will be available for settlement.
Other provisions
Unless stated otherwise the other provisions are
valued at the face value of the expenditures that
are expected to be necessary for settling the
related obligations.
Long-term and short-term liabilities
Upon initial recognition, the loans and liabilities
recorded are stated at fair value and then valued at
amortised cost.
Industry pension schemes –
‘Bedrijfstakpensioenfonds Dranken’
Pursuant to the Dutch pension system this plan is
financed by contributions to an industry pension
fund. Participation in the industry pension fund has
been made obligatory in the collective labour
agreement applicable to Anker Amsterdam Spirits
BV and Square Dranken Nederland BV.
The related accrued entitlements are always fully
financed in the related calendar year through – at
least – cost effective contribution payments.
The pension plan is a career average plan including
– for both active and inactive participants (sleepers
and retired persons) – conditional granting of
supplements. The granting of supplements
depends on it the investment return.
The annual accrual of the pension entitlements
amounts to 1.75% of the pensionable salary that is
based on the gross wage net of a deductible (of
€ 19,978). The pensionable salary is capped (at
€ 52,763). The annual employer-paid contribution
is 26.90% of which 9.76% is contributed by the
employee. Based on the funding ratio and
expected returns the board of the industry pension
fund sets the contribution every year.
The related industry pension fund or company
pension fund, respectively, has stated that the
funding ratio is 111.0% in 2016 (2015: 109.4%).
Based on the administrative regulations the group
has no obligation to make additional contributions
in the event of a deficit other than through higher
future contributions.
Industry pension schemes –
‘Bedrijfstakpensioenfonds voor de detailhandel’
Pursuant to the Dutch pension system this plan is
financed by contributions to an industry pension
fund. Participation in the industry pension fund has
been made obligatory in the collective labour
agreement applicable to Koninklijke Capi-Lux
Holding BV.
The related accrued entitlements are always fully
financed in the related calendar year through – at
least – cost effective contribution payments.
The pension plan is a career average plan including
– for both active and inactive participants (sleepers
and retired persons) – conditional granting of
supplements. The granting of supplements
depends on it the investment return.
Financial Statements 2016 B&S Holding S.àr.l. Annual Report 2016 73
consolidated profit and loss account. This result is
determined on the basis of the accounting
principles applied by the parent company. Where
no significant influence is exercised, the dividend
income is accounted for in the profit and loss as
financial income.
Principles for preparation of the consolidated cash flow statement
The cash flow statement is prepared in accordance
with the direct method.
The cash and cash equivalents included in the
cash flow statement comprise the balance of liquid
assets. Cash flow in foreign currencies is translated
at an estimated average exchange rate.
Corporate income tax, received and paid interest
and received dividends are included as cash flow
from operating activities. Share issues and paid-out
dividends are included as cash flow from financing
activities.
Transactions that do not involve the exchange of
cash or cash equivalents, including financial leases,
are not included in the cash flow statement. Lease
instalment payments resulting from financial lease
contracts are included as a financing activity
expense insofar as they relate to repayments and
as an operating activity expense insofar as they
relate to interest payments.
The acquisition price of acquired Group
companies is included under cash flow from
investment activities insofar as payment took place
in cash or cash equivalents.
Principles for the determination of the result
Turnover
Turnover includes income from goods and
services supplied to third parties during the
financial year less V.A.T. and includes excise
invoiced attributable to the turnover.
Revenues ensuing from the sale of goods are
accounted for when all major entitlements to
economic benefits as well as all major risks have
transferred to the buyer. The purchase value of
these goods is allocated to the same period.
Revenues from services are recognised in
proportion to the services rendered, based on the
cost incurred in respect of the services performed
up to balance sheet date, in proportion to the
estimated costs of the aggregate services to be
performed. The cost price of these services is
allocated to the same period.
Purchase value
This includes the total purchase value of the goods
and services, the external costs directly attributable
to the turnover and the exchange rate differences
attributable to the purchase value and exchange
rate differences between the moment of invoicing
and payment of the turnover.
Gross margin
This comprises the turnover less the purchase
value.
Wages and salaries
This comprises the costs of personnel employed
with the Company including social charges,
pension costs and other direct costs direct
attributable to these employees and also includes
the cost of temporary personnel.
Taxation on the result
Corporate income tax is calculated at the
applicable rate on the result for the financial year,
taking into account permanent differences
between profit calculated according to the
financial statements and profit calculated for
taxation purposes, and with which deferred tax
assets (if applicable) are only valued insofar as their
realisation is likely.
Share in result of non-consolidated companies
Where significant influence is exercised over
associated companies, the group’s share in the
associated companies’ results is included in the
74 B&S Holding S.àr.l. Annual Report 2016 Financial Statements 2016
1 Fixed assets
Intangible fixed assets
The intangible fixed assets comprise the goodwill paid when participations and activities are acquired and
other intangible fixed assets. Movements during 2016 can be summarized as follows:
Goodwill Concession, Contracts &
Brand names
Total
Balance as at 1 January:
Acquisition costs 29,979 7,603 37,582
Accumulated amortisation (22,774) (4,110) (26,884)
7,205 3,493 10,698
Movements:
Purchase Price Allocation 6,102 11,097 17,199
Amortisation (2,035) (1,428) (3,463)
4,067 9,669 13,736
Balance as at 31 December:
Acquisition costs 28,549 18,734 47,283
Accumulated amortisation (17,277) (5,572) (22,849)
11,272 13,162 24,434
Applied amortisation % 12.5%–20% 10%-33%
Intangible fixed assets are amortised over its useful economic life, defined at the moment of acquisition.
The useful economic lifetime of the goodwill recorded is based on the period which has been considered
to determine the acquisition price, which was more than 5 years.
Impairment testing
The carrying amounts of intangible assets are reviewed on each reporting date to determine whether
there is an indication of impairment. If such an indication exists the recoverable amount of the asset is
estimated based on management’s assumptions of revenue growth and the development of operating
margins and cash flows, assessed using external data.
As the projected annual cash flows for the coming years exceed the carrying value of goodwill
substantially, no impairment was considered necessary in 2016.
Financial Statements 2016NOTES TO THE INDIVIDUAL CONSOLIDATED BALANCE SHEET ITEMS
Financial Statements 2016 B&S Holding S.àr.l. Annual Report 2016 75
Tangible fixed assets
The movements during 2016 can be summarized as follows:
Land & property Equipment Other tangible fixed assets
Total
Balance as at 1 January:
Acquisition costs 40,444 19,011 13,595 73,050
Accumulated depreciations (22,765) (11,874) (10,308) (44,947)
17,679 7,137 3,287 28,103
Movements:
Investments 53 702 2,645 3,400
Consolidation - 1,706 1,113 2,819
Disposals 2 (13) (35) (46)
Depreciations (1,531) (2,721) (1,810) (6,062)
(1,476) (326) 1,913 111
Balance as at 31 December:
Acquisition costs 40,501 21,738 18,489 80,728
Accumulated depreciations (24,298) (14,927) (13,289) (52,514)
16,203 6,811 5,200 28,214
Applied depreciation 0%-5% 12.5%-20% 20%
Tangible fixed assets include items that are financed by financial leasing. The book value of these items as
at 31 December 2016 amounted to € 1,380,000 (31 December 2015: € 774,000). The group does not hold
legal title of these assets.
Financial fixed assets
31/12/2016 31/12/2015
Participations 1,172 981
Other financial fixed assets 5,450 6,200
Capitalised deferred taxes 23 –
6,645 7,181
Participations
The item ‘Participations’ includes the following companies and the respective interest held:
31/12/2016 31/12/2015
Comptoir & Clos Sas, Limonest, France 50% 50%
Capi-Lux South Africa (PTY) Ltd., Johannesburg, South-Africa 50% 50%
76 B&S Holding S.àr.l. Annual Report 2016 Financial Statements 2016
The movements can be summarized as follows:
2016 2015
Balance as at 1 January 981 1,106
Consolidation - (17)
Share in the result for the financial year 198 233
Exchange rate result 134 (112)
Other changes (1) -
Reserves transferred from participations (140) (229)
Balance as at 31 December 1,172 981
Other financial fixed assets
The movements can be summarized as follows:
2016 2015
Balance as at 1 January 6,600 8,770
New loans granted - 7,170
Repayments (900) (9,340)
5,700 6,600
Reclassification to 'Current assets' (250) (400)
Balance as at 31 December 5,450 6,200
The item ‘Other financial fixed assets’ consists out of the following loans:◾◾ In 2015 the Group granted two loans to a related party for the original amount of € 8,470,000. These
loans are provided to a company where the ultimate shareholders have a significant influence.
No securities have been provided. The applicable interest rate is 10%. The loan will be repaid in total
within six years. In 2016 € 750,000 of the outstanding amount has been repaid. One loan has a
remaining maturity of less than one year for the amount of € 250,000 (2015: € 250,000).
Capitalised deferred taxes
The item ‘Capitalised deferred taxes’ relates to past tax losses carried forward of Group companies.
The movements can be summarised as follows:
2016 2015
Balance as at 1 January 282 415
Transfer to/from profit and loss account (228) (133)
54 282
Reclassification to 'Provisions' (31) (282)
Balance as at 31 December 23 -
Financial Statements 2016 B&S Holding S.àr.l. Annual Report 2016 77
2 Current assets
Inventory
31/12/2016 31/12/2015
Value of trade goods 265,280 224,523
Provision for obsolescent inventory (5,828) (4,650)
Prepayments on trade inventory 20,499 21,965
279,951 241,838
The carrying amount of inventory that are valued at lower net realizable value amounts to € 25,824,000
(2015: € 26,897,000). The amount of the write-down during 2016 amounts to € 4,274,000
(2015: € 4,250,000) and has been recognized in profit and loss account as a loss.
Receivables
31/12/2016 31/12/2015
Trade debtors 163,886 144,031
Provision for trade debtors (1,626) (930)
Receivables on participations 338 471
Affiliated companies 8,156 12,493
Tax receivables 5,754 4,995
Other receivables and accrued income 11,521 7,479
188,029 168,539
The maturity period of all receivables is less than one year. A provision for doubtful debts was formed
during the financial year amounting to € 692,000 (2015: € 467,000) that was charged to the profit and
loss account.
78 B&S Holding S.àr.l. Annual Report 2016 Financial Statements 2016
3 Group equity
For the details of the shareholders’ equity see the notes to the Company balance sheet.
The differences and reclassification in equity between Dutch GAAP and Luxembourg GAAP can be
presented as follows:
31/12/2016 31/12/2015
Legal entity share in Group Equity (Dutch GAAP) 192,436 178,780
Deferred taxation – 1,121
Shareholders' Equity (Luxembourg GAAP) 192,436 179,901
The differences and reclassification in Company’s net result between Dutch GAAP and Luxembourg GAAP
can be presented as follows:
31/12/2016 31/12/2015
Consolidated net result (Dutch GAAP) 57,390 57,963
Deferred taxation (1,121) (335)
Company net result (Luxembourg GAAP) 56,269 57,628
Up and to 31 December 2015 deferred tax assets are not being recognized in the Company’s Balance
sheet under Luxembourg GAAP. Changes during the year in these balance sheet items are recorded in the
profit and loss account, according to Luxembourg GAAP.
Third-party share in Group equity
This concerns the third-party share in the following companies:
31/12/2016 31/12/2015
J.T.G. Holding B.V., Dordrecht, the Netherlands 49% 49%
Emporium Handels & Vertriebs GmbH, Erlensee, Germany - 50%
Parfumtrend GmbH, Rodenbach, Germany 50% 50%
J.T.G. WWL S.àr.l., Larochette, G.D. Luxembourg 49% 49%
Topbrands Europe B.V., Utrecht, the Netherlands 49% -
Profit rights:
B&S Investments B.V., Delfzijl, the Netherlands 100% 100%
The movements can be summarized as follows:
2016 2015
Balance as at 1 January 15,578 11,303
Profit rights 2,623 2,037
Reserves transferred to minority shareholders (2,545) (1,140)
Reserves transferred to profit right certificates (1,500) (800)
Economic Entity Concept changes (164) -
Consolidation 12,676 17
Third-party share in the result 5,862 4,161
Other changes 2 -
Balance as at 31 December 32,532 15,578
Financial Statements 2016 B&S Holding S.àr.l. Annual Report 2016 79
4 Provisions 31/12/2016 31/12/2015
Deferred taxation 1,141 1,121
Pension provisions 35 36
Other provisions 968 547
2,144 1,704
Deferred taxation
The movements can be summarized as follows:
2016 2015
Balance as at 1 January 1,403 1,871
Consolidation 106 -
Transfer to 'Short term liabilities' (399) (468)
1,110 1,403
Reclassification from 'Capitalised deffered taxes' 31 (282)
Balance as at 31 December 1,141 1,121
As at 31 December 2016 the amount of ‘Deferred taxation’ falling due within one year was € 280,000
(31 December 2015: € 204,000).
Pension provision
The provision for pension obligations consists of a provision for pensions of former personnel that have
taken effect and are valued at the discounted value with the application of an actuarial rate of interest of
4%. The maturity of the provision is less than 5 years. The movements can be summarized as follows:
2016 2015
Balance as at 1 January 36 38
Transfer to/from profit and loss account (1) (2)
Balance as at 31 December 35 36
Other provisions
The ‘Other provisions’ concerns possible claims. The maturity of the provision is less than 5 years.
The movements can be summarized as follows:
2016 2015
Balance as at 1 January 547 193
Transfer to/from profit and loss account 421 354
Balance as at 31 December 968 547
80 B&S Holding S.àr.l. Annual Report 2016 Financial Statements 2016
5 Long-term liabilities 31/12/2016 31/12/2015
Loans from banks 20,550 5,295
Loans from minority shareholders 2,625 4,125
Financial lease 1,534 1,008
Other long-term liabilities 825 860
25,534 11,288
Loans from banks
The ‘Loans from banks’ comprised a number of loans with the following details and modalities:
Loan 1 Loan 2 Loan 3 Loan 4 Loan 5 Loan 6 Loan 7 Total
Balance as at
1 January 120 371 5,175 750 3,450 - - 9,866
New Loans
received - - - - - 20,000 - 20,000
Consolidation - - - - - - 750 750
Repayments - (371) (3,450) (200) (550) - (100) (4,671)
120 - 1,725 550 2,900 20,000 650 25,945
Under short-
term liabilities (120) - (1,725) (200) (550) (2,800) - (5,395)
Balance as at
31 December - - - 350 2,350 17,200 650 20,550
Original loan
amount 120 2,475 17,250 8,250 20,000 1,000
Interest rate base fixed
3 month
Euribor
3 month
Euribor
3 month
Euribor
3 month
Euribor fixed
Interest rate/
margin 10% +1.25% +1.25% +1.25% +2.00% +2.95%
Security none (1) (1) (2) (1) none(1) Pledge on shares of the specific involded company have been provided.
(2) This item relates to a mortgage loan with real estate as underlying security.
Movements in the ‘Loans from banks’ can be specified as follows:
2016 2015
Balance as at 1 January 9,866 14,921
New loans received 20,000 -
Consolidation 1,018 -
Repayments (4,939) (5,055)
25,945 9,866
Reclassification to ‘Short-term liabilities’ (5,395) (4,571)
Balance as at 31 December 20,550 5,295
Financial Statements 2016 B&S Holding S.àr.l. Annual Report 2016 81
Loans from minority shareholders
The item ‘Loans from minority shareholders’ consists out of the following loans:◾◾ A loan for the original amount of € 4,000,000. The applicable interest rate is 4%. The loan repaid in full
during 2016.◾◾ A loan for the original amount of € 125,000. The applicable interest rate is 4%. No repayments are
agreed upon. The current outstanding amount equals the original amount. No securities have been
provided.◾◾ A loan for the original amount of € 2,500,000. The applicable interest rate is 5%. Repayment is in full as
at 31 December 2018. The current outstanding amount equals the original amount. No securities have
been provided.
The movements can be summarized as follows:
2016 2015
Balance as at 1 January 4,125 1,150
Consolidation - 125
New loans received 2,500 4,000
Repayments (4,000) (1,150)
Balance as at 31 December 2,625 4,125
Financial lease
The movements of the ‘Financial lease’ can be summarized as follows:
2016 2015
Balance as at 1 January 1,343 1,666
New financial lease 1,295 -
Consolidation 12 -
Repayments (521) (323)
2,129 1,343
Reclassification to ‘Short-term liabilities’ (595) (335)
Balance as at 31 December 1,534 1,008
The interest rate on the financial lease is 3.2%.
The book value of the leased material as at 31 December 2016 amounted to € 1,380,000 (31 December
2015: € 774,000).
82 B&S Holding S.àr.l. Annual Report 2016 Financial Statements 2016
Other long-term liabilities
The movements of the ‘Other long-term liabilities’ can be summarized as follows:
2016 2015
Balance as at 1 January 895 929
Transfer to Profit & Loss account (35) (34)
860 895
Reclassification to ‘Short-term liabilities’ (35) (35)
Balance as at 31 December 825 860
The ‘Other long-term liabilities’ comprise of an ‘InvesteringsPremieRegeling (IPR)’ subsidy with an original
amount of € 1,264,000, which is being reduced with € 35,000 per year.
The maturity and related value of the long-term liabilities as per 31 December 2016 is as follows:
< 1 year 1 < > 5 years > 5 years Total
Loans from banks 5,395 20,400 150 25,945
Loans from minority shareholders - - 2,625 2,625
Financial lease 595 1,534 - 2,129
Other long-term liabilities 35 140 685 860
6,025 22,074 3,460 31,559
6 Short-term liabilities
The ‘Short-term liabilities’ can be specified as follows:
31/12/2016 31/12/2015
Banks 186,935 142,036
Repayments on long-term liabilities 6,025 4,941
Supplier finance arrangements 10,500 34,446
Trade creditors 52,270 52,004
Taxes and social security charges 13,716 9,415
Other liabilities and accrued expenses 18,395 14,333
287,841 257,175
The maturity period of the ‘Short-term liabilities’ is less than one year.
Financial Statements 2016 B&S Holding S.àr.l. Annual Report 2016 83
Banks
The modalities on credit facilities provided by banks can be specified as follows:
31/12/2016 31/12/2015
Total level of credit facilities granted to the Company and subsidiaries 332,374 270,491
Average margin on interest rate (1 month Euribor) 1.36% 1.47%
Average liquidity margin N/A N/A
The following securities have been provided:◾◾ Pledge on fixed assets, inventory and receivables;◾◾ Pledge on transport, credit, and storage and fire/damage insurance.
The Company entered into derivative financial instruments with various financial institutes relating to
interest rate swaps.
The following derivative financial positions were held by the company as per 31 December 2016:
Transaction value
Fair value
Interest rate swap 50,000 (1,110)
The interest rate swap, swapping the 1 month euribor interest for a fixed interest of 0.485%, is closed for
the period August 2014 up until August 2019.
Repayments on long-term liabilities
The ‘Repayments on long-term liabilities’ comprise the repayments on ‘Long-term liabilities’ due in the
preceding year.
Supplier finance arrangements
Supplier finance arrangement is a liability towards a company owned by a financial institution who
facilitates the purchasing of a part of the inventory. This company is receiving a predetermined
remuneration for facilitating the purchases under the agreement with this company. This company is the
legal owner of the purchased inventory. In order to minimize the remuneration, B&S Holland Trading
Group B.V. guaranteed that any inventory older than 180 days will be purchased from this company by
B&S Holland Trading Group B.V. or (one) of its subsidiaries. In order to properly reflect that undertaking,
B&S Holding S.àr.l., the economical ownership of the inventory and the related liability as ‘Inventory’ and
‘supplier finance arrangements’.
Taxes and social security charges
31/12/2016 31/12/2015
Corporate income tax 3,698 4,874
V.A.T. 6,323 3,383
Duties 2,339 351
Social security and income taxes 1,356 807
13,716 9,415
Other liabilities and accrued expenses
The item ‘Other liabilities and accrued expenses’ includes pension charges amounting to € 192,000 as at
31 December 2016 (31 December 2015: € 33,000).
84 B&S Holding S.àr.l. Annual Report 2016 Financial Statements 2016
Contingent assets and liabilities
Guarantees
31/12/2016 31/12/2015
Total maximum level of guarantee facility granted to the Group 26,000 26,000
Issued guarantees in relation to import duties 9,095 8,680
Issued guarantees in relation to rental agreements 1,119 1,656
Other issued guarantees 2,325 10,269
12,539 20,605
Operational leases
This concerns operational leases on vehicles with leasing companies.
31/12/2016 31/12/2015
Annual obligations 587 578
The maturity and related value of outstanding operational leases is as follows:
< 1 year 1 < > 5 years > 5 years Total
Operational leases 587 562 - 1,149
Rental agreements
The Group has entered into the long-term rental agreements.
Apart from the rental agreement for the office in G.D. Luxembourg, the annual rental charges are adjusted
for indexation each year.
The maturity and related value of outstanding rental agreements is as follows:
< 1 year 1 < > 5 years > 5 years Total
Rental agreements 6,970 24,206 1,786 32,962
Concession fee
The Group has entered into long-term concession agreements. The maturity of these agreements is
between 1 and 7 years. The amounts involved are based on the turnover of the particular agreement.
Financial Statements 2016 B&S Holding S.àr.l. Annual Report 2016 85
1 Turnover
The distribution of turnover over the divisions can be specified as follows:
2016 2015
B&S Holland Trading Group 817,466 829,835
B&S 398,592 399,565
Royal Capi-Lux 91,630 87,547
B&S World Supply 61,978 42,478
Elimination (30,177) (21,132)
1,339,489 1,338,293
The distribution of turnover over the product groups can be specified as follows:
2016 2015
Liquors & Tobacco 511,201 557,556
Perfumes & Cosmetics 331,571 394,721
Food & Beverages 220,850 206,512
Electronics 92,022 88,111
Health & Beauty 143,560 64,173
Other 40,285 27,220
1,339,489 1,338,293
The distribution of turnover over the geographical regions can be specified as follows:
2016 2015
The Netherlands 290,828 241,819
Rest of Europe 473,509 462,572
Rest of the world 575,152 633,902
1,339,489 1,338,293
2 Purchase value2016 2015
Purchase value of turnover 1,068,908 1,085,504
Exchange rates differences 2,625 6,707
Other external costs related to turnover 81,723 65,748
1,153,256 1,157,959
Financial Statements 2016NOTES TO THE INDIVIDUAL CONSOLIDATED PROFIT AND LOSS ACCOUNT ITEMS
86 B&S Holding S.àr.l. Annual Report 2016 Financial Statements 2016
3 Wages and salaries
The distribution of wages and salaries can be specified as follows:
2016 2015
Salary costs 35,897 32,914
Social security charges 5,130 4,566
Pension costs 2,668 2,188
Other personnel costs 3,309 2,962
47,004 42,630
Temporary staff 14,588 14,469
61,592 57,099
Staff
The average number of staff employed by the Company during 2016 was 886 (2015: 744). In 2016 228
employees were employed outside of the Netherlands (2015: 144).
2016 2015
B&S Holland Trading Group 354 238
B&S 276 278
Royal Capi-Lux 188 182
B&S World Supply 40 29
Other 28 17
886 744
4 Depreciation and amortisation of fixed assets 2016 2015
Amortisation costs intangible fixed assets 3,463 3,066
Depreciation costs tangible fixed assets 6,062 5,522
9,525 8,588
5 Other operating expenses 2016 2015
Premises 10,931 10,358
Personnel related costs 4,949 4,774
Overhead expenses 3,462 4,139
External advice 5,800 5,347
ICT expenses 7,237 6,289
Other operating expenses 6,135 9,567
38,514 40,474
Financial Statements 2016 B&S Holding S.àr.l. Annual Report 2016 87
The costs of Deloitte Accountants B.V., the Netherlands and Deloitte Audit S.àr.l., G.D. Luxembourg which
is directly attributable to the financial year to the Group are incorporated in the ‘External advisory’ and
specified as follows:
2016 2015
Audit assignments for Annual Reports 800 525
Other audit assignments 25 -
Other advisory 25 25
850 550
Transactions with affiliated parties
2016 2015
Premises rented from affiliated companies 4,825 4,513
6 Financial income and expenses
The distribution of ‘Financial income and expenses’ can be specified as follows:
2016 2015
Interest related to bank facilities 3,481 3,929
Interest received from Group companies – (816)
3,481 3,113
7 Result of participations 2016 2015
Share in the result of non-consolidated participations 198 233
198 233
8 Taxation on the result
The effective tax rate for 2016 of 10.2% (2015: 10.0%) stated in the profit and loss account deviates from the
nominal rate of 25% applicable in the Netherlands due to the use of fiscal facilities, corrections related to
preceding years and deviating tax percentages being applicable to a number of foreign Group companies.
88 B&S Holding S.àr.l. Annual Report 2016 Financial Statements 2016
9 Third-party share in the result
This concerns the third-party share in the following companies:
31/12/2016 31/12/2015
J.T.G. Holding B.V., Dordrecht, the Netherlands 49% 49%
Emporium Handels & Vertriebs GmbH, Erlensee, Germany - 50%
Parfumtrend GmbH, Rodenbach, Germany 50% 50%
J.T.G. WWL S.àr.l., Larochette, G.D. Luxembourg 49% 49%
Topbrands Europe B.V., Utrecht, the Netherlands 49% -
Profit rights:
B&S Investments B.V., Delfzijl, the Netherlands 100% 100%
Financial Statements 2016 B&S Holding S.àr.l. Annual Report 2016 89
Report on the consolidated financial statements
We have audited the accompanying consolidated
financial statements of B&S Holding S.à r.l. (page
64 – 88 Annual Report 2016), which comprise
the consolidated balance sheet as at December
31, 2016, and the consolidated profit and loss
account, comprehensive statement of changes
in equity and the consolidated statement of cash
flow for the year then ended, and a summary of
significant accounting policies and other
explanatory information.
Responsibility of the Board of Managers for the
consolidated financial statements
The Board of Managers is responsible for the
preparation and fair presentation of these
consolidated financial statements in accordance
with Generally Accepted Accounting Standards
in the Netherlands relating to the preparation of
the consolidated financial statements, and for
such internal control the Board of Managers
determines is necessary to enable the
preparation of consolidated financial statements
that are free from material misstatement,
whether due to fraud or error.
Responsibility of the réviseur d’entreprises
agréé
Our responsibility is to express an opinion on
these consolidated financial statements based
on our audit. We conducted our audit in
accordance with International Standards on
Auditing as adopted for Luxembourg by the
Commission de Surveillance du Secteur
Financier. Those standards require that we
comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance
whether the consolidated financial statements
are free from material misstatement.
An audit involves performing procedures to
obtain audit evidence about the amounts and
disclosures in the consolidated financial
statements. The procedures selected depend on
the réviseur d’entreprises agréé ‘s judgement,
including the assessment of the risks of material
misstatement of the consolidated financial
statements, whether due to fraud or error.
In making those risk assessments, the réviseur
d’entreprises agréé considers internal control
relevant to the entity’s preparation and fair
presentation of the consolidated 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 entity’s internal control.
An audit also includes evaluating the
appropriateness of accounting policies used and
the reasonableness of accounting estimates made
by the Board of Managers, as well as evaluating the
overall presentation of the consolidated 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 consolidated financial
statements give a true and fair view of the
consolidated financial position of B&S Holding
S.àr.l. as of December 31, 2016, and of its financial
performance and its consolidated cash flows for
the year then ended in accordance with the
Generally Accepted Accounting Standards in the
Netherlands relating to the preparation of the
consolidated financial statements.
Other information
The Board of Managers is responsible for the other
information. The other information comprises the
information included in the consolidated
management report but does not include the
consolidated financial statements and our report
of Réviseur d’Entreprises Agréé thereon.
Our opinion on the consolidated financial
statements does not cover the other information
and we do not express any form of assurance
conclusion thereon.
REPORT OF THE REVISEUR D’ENTREPRISES AGREE
Financial Statements 2016
90 B&S Holding S.àr.l. Annual Report 2016 Financial Statements 2016
In connection with our audit of the consolidated
financial statements, our responsibility is to read
the other information and, in doing so, consider
whether the other information is materially
inconsistent with the consolidated financial
statements or our knowledge obtained in the audit
or otherwise appears to be materially misstated.
If, based on the work we have performed,
we conclude that there is a material misstatement
of this other information, we are required to report
this fact. We have nothing to report in this regard.
Report on other legal and regulatory requirements
The consolidated management report is consistent
with the consolidated financial statements and has
been prepared in accordance with the applicable
legal requirements.
For Deloitte Audit, Cabinet de révision agréé
Eddy Termaten, Réviseur d’entreprises agréé
Partner
February 17, 2017
Financial Statements 2016 B&S Holding S.àr.l. Annual Report 2016 91
DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAM-POO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TA-BLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHO-WER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCE-RIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGE-TABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RA-ZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CA-MERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMART-PHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHA-DOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WA-TER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE
4COMPANY FINANCIAL STATEMENTS 2016
Company balance sheet 92
Company profit and loss account 94
Comprehensive statement of changes
in equity 95
Notes to the company balance sheet
and profit and loss account 97
Notes to the individual balance
sheet items 99
Notes to the individual profit and
loss account items 102
Report of the réviseur d’entreprises agréé 104
92 B&S Holding S.àr.l. Annual Report 2016 Financial Statements 2016
Assets(In thousands of euros, before appropriation of result)
Note 31/12/2016 31/12/2015
Subscribed capital unpaid - -
I. Subscribed capital non called - -
II. Subscribed capital called but unpaid - -
Formation expenses 109 70
Fixed assets 1 171,809 141,195
III. Financial fixed assets 171,809 141,195
1. Shares in affiliated undertakings 171,809 140,945
6. Other loans - 250
Actif circulant 2 31,888 44,879
I. Stocks
3. Finished goods and merchandise - -
II. Debtors
1. Receivables resulting from sales and from the
provision of services
a) becoming due and payable within one year - 3
2. Amount owed by affiliated undertakings
a) becoming due and payable within one year
3. Amounts owed by undertakings with which
theundertaking is linked by virtue of participating
interest
a) becoming due and payable within one year 22,124 33,023
4. Other receivables
a) becoming due and payable within one year 9,426 11,545
IV. Cash at bank, cash in postel cheque accounts,
cheques and cash in hand 338 308
Deferred charges - -
Balance sheet total (assets) 203,697 186,074
Company Financial Statements 2016COMPANY BALANCE SHEET
Financial Statements 2016 B&S Holding S.àr.l. Annual Report 2016 93
Capital, reserves and liabilities
Note 31/12/2016 31/12/2015
Capital and reserves 3 192,436 179,901
I. Subscribed capital 5,238 5,238
IV. Reserves
1. Legal reserve 125,449 93,910
V. Results brought forward 49,005 46,625
VI. Results for the financial year 56,269 57,628
VII. Interim dividends (43,525) (23,500)
VIII. Capital investments subsidies
Provisions - -
1. Provisions for pensions and similar obligations - -
2. Provisions for taxations - -
3. Other provisions - -
Creditors 4 11,261 6,173
4. Amounts due to trade creditors
a) becoming due and payable within one year - -
6. Amounts owed to affiliated undertakings
a) becoming due and payable within one year 11,149 5,859
8. Other creditors
a) Tax debts 83 -
b) Social security debts 2 1
c) Other debts
i) becoming due and payable within one year 27 313
Deferred charges - -
Balance sheet total (capital, reserves and liabilities) 203,697 186,074
94 B&S Holding S.àr.l. Annual Report 2016 Financial Statements 2016
(In thousands of euros)
Note 2016 2015
Net turnover 1 27,113 29,975
b) Other external charges 86 65
Staff costs 2 109 70
a) Wages and salaries 97 62
b) Social security costs 12 8
ii) other social security costs 12 8
Other operating expenses 3 2,428 2,865
Income from participating interest 31,212 29,815
a) from affiliated undertakings 31,212 29,815
Other interest receivables 808 931
a) from affiliated undertakings 599 861
b) other interest and financial income 209 70
Tax on results 4 241 93
Results after taxation 56,269 57,628
Results for the financial year 56,269 57,628
Company Financial Statements 2016COMPANY PROFIT AND LOSS ACCOUNT
Financial Statements 2016 B&S Holding S.àr.l. Annual Report 2016 95
(In thousands of euros)
The comprehensive statement of changes in equity consist of the changes in equity according to
Luxembourg GAAP and reconciled to the consolidated equity according to Dutch GAAP.
Share capital
Legal reserve
Other reserves
Results Legal entity share
Balance as at 1 January 2015 5,238 74,064 21,632 45,052 145,986
Reserves transferred to:
Shareholders - - (23,500) - (23,500)
Minority shareholders - - - - -
Profit share certificates - - - - -
Other transactions:
Result preceding financial year - - 45,052 (45,052) -
Profit rights - - - - -
Divested participations - - - - -
Exchange rate translation - - (208) - (208)
Transfer to/from Legal reserve - (9,445) 9,445 - -
Result current financial year - 29,815 (29,815) 57,628 57,628
Deferred taxation - - - - -
Other changes - - (5) - (5)
Balance as at 31 December 2015 5,238 94,434 22,601 57,628 179,901
Reserves transferred to:
Shareholders - - (43,525) - (43,525)
Minority shareholders - - - - -
Profit share certificates - - - - -
Other transactions:
Result preceding financial year - - 57,628 (57,628) -
Profit rights - - - - -
Exchange rate translation - - 600 - 600
Transfer to/from Legal reserve - (197) 197 - -
Result current financial year - 31,212 (31,212) 56,269 56,269
Economic Entity Concept changes - - (811) - (811)
Deferred taxation - - - - -
Other changes - - 2 - 2
Balance as at 31 December 2016 5,238 125,449 5,480 56,269 192,436
Company Financial Statements 2016COMPREHENSIVE STATEMENT OF CHANGES IN EQUITY
96 B&S Holding S.àr.l. Annual Report 2016 Financial Statements 2016
Legal entity share
GAAP adjustments
NL-LUX
Share-holders’
equity
Minory equity
Total
Balance as at 1 January 2015 145,986 (1,456) 144,530 11,303 155,833
Reserves transferred to:
Shareholders (23,500) - (23,500) - (23,500)
Minority shareholders - - - (1,140) (1,140)
Profit share certificates - - - (800) (800)
Other transactions:
Result preceding financial year - - - - -
Profit rights - - - 2,037 2,037
Divested participations - - - - -
Exchange rate translation (208) - (208) - (208)
Transfer to/from Legal reserve - - - - -
Result current financial year 57,628 335 57,963 4,161 62,124
Deferred taxation - - - - -
Other changes (5) - (5) 17 12
Balance as at 31 December 2015 179,901 (1,121) 178,780 15,578 194,358
Reserves transferred to:
Shareholders (43,525) – (43,525) - (43,525)
Minority shareholders - – - (2,545) (2,545)
Profit share certificates - – - (1,500) (1,500)
Other transactions:
Result preceding financial year - – - - -
Consolidation - – - 12,676 12,676
Profit rights - – - 2,037 2,037
Exchange rate translation 600 – 600 - 600
Transfer to/from Legal reserve - – - - -
Result current financial year 56,269 1,121 57,390 6,448 63,838
Economic Entity Concept changes (811) – (811) (164) (975)
Deferred taxation - – - - -
Other changes 2 - 2 2 4
Balance as at 31 December 2016 192,436 - 192,436 32,532 224,968
Financial Statements 2016 B&S Holding S.àr.l. Annual Report 2016 97
General
The financial statements are prepared in accordance with legal and regulatory requirements in
Luxembourg (Lux GAAP). In order to improve the financial information, the presentation of the Company’s
balance sheet and profit and loss account slightly deviates from previous years, which has no impact on
the true and fair view of the financial position of the Company.
The financial statements are prepared on the basis of the historical costs, unless stated otherwise. Assets
and liabilities are stated at nominal value.
Expenses and income are attributed to the year to which they relate. Profits are only recognized to the
extent to which they have been realized on the balance sheet date.
Liabilities and possible losses originating before the end of the financial year are taken into account if they
were known before the financial statements were prepared.
Principles of valuation of assets and liabilities
Receivables and short-term liabilities
The Company’s receivables and short-term liabilities are initially stated at fair value. Subsequent
measurements are at amortized costs less provision for impairment.
Short-term liabilities
Upon initial recognition, the loans and liabilities recorded are stated at fair value and then valued at
amortised cost.
Principles for the determination of the net result
Turnover
Turnover includes income from management services supplied to Group companies during the financial
year less V.A.T. and exchange rate differences attributable to the turnover.
Operating expenses
Operating expenses and contingent rentals are recognized as an expense in the period in which they are
occurred.
Foreign currencies
The financial statements of the Company are presented in the currency of the primary economic
environment in which the entity operates (its functional currency). For the purpose of the financial
statements, the results and financial positions are expressed in euros, which is the functional currency of
the Company and the presentation currency for the financial statements. In preparing the financial
statements, transactions in currencies other than the entity’s functional currency (foreign currencies) are
recorded at the rates of exchange prevailing at the dates of the transactions.
Company Financial Statements 2016NOTES TO THE COMPANY BALANCE SHEET AND PROFIT AND LOSS ACCOUNT
98 B&S Holding S.àr.l. Annual Report 2016 Financial Statements 2016
At each balance sheet date, monetary items denominated in foreign currencies are retranslated at the
rates prevailing at the balance sheet date. Non-monetary items carried at fair value that are denominated
in foreign currencies are retranslated at the rates prevailing at the date when the fair value was
determined. Non-monetary items that are measured in terms of historical cost in foreign currency are not
retranslated.
For the purpose of presenting financial statements, the assets and liabilities of the Company’s foreign
operations are expressed in euros using exchange rates prevailing at the balance sheet date.
Income and expense items are translated at the average exchange rates for the period, unless exchange
rates fluctuated significantly during that period, in which case the exchange rates at the dates of the
transactions are used.
Exchange differences arising, if any, are classified as equity and recognized in the Group’s foreign
currency translation reserve. Such exchange differences are recognized in profit or loss in the period in
which the foreign operation is disposed of.
Taxation on the result
Corporate income tax is calculated at the applicable rate on the result for the financial year, taking into
account permanent differences between profit calculated according to the financial statements and profit
calculated for taxation purposes, and with which deferred tax assets (if applicable) are only valued insofar
as their realisation is likely.
Principles of valuation of assets and liabilities
Financial fixed assets
Participation in Group companies and other participations are valued using the equity movement method
insofar as this value is not less than nil. The equity movement method is based on the net asset value,
which is determined on the basis of the accounting principles applied by the parent company.
With the incorporation of B&S Holding S.à r.l., the participating interest in B&S Investments B.V.,
the Netherlands has not been valued at acquisition costs per the date of December 13, 2007, but at the
amount corresponding to the proportion of net equity of B&S Investments B.V., the Netherlands
attributable to B&S Holding S.à r.l. as per article 58 of the law of 19 December 2002.
Principles for the determination of the result
Share in result of affiliated companies
Where significant influence is exercised over participations, the Group’s share in the participations’ results
is included in the profit and loss account.
This result is determined on the basis of the accounting principles applied by the Company.
Financial Statements 2016 B&S Holding S.àr.l. Annual Report 2016 99
1 Fixed assets
Financial fixed assets
31/12/2016 31/12/2015
Participation in Group companies 171,809 140,945
Other financial fixed assets - 250
171,809 141,195
Participation in Group companies
As described in the accounting policies the participation in Group companies are accounted for on the
proportionate net equity base.
The movements can be summarised as follows:
2016 2015
Balance as at 1 January 140,945 120,287
Reserves transferred from Group companies (197) (9,445)
Economic Entity Concept changes (811) -
Acquisition of participations - 103
Result for the financial year 31,212 29,815
Valuation of participations 660 186
Other changes - (1)
Balance as at 31 December 171,809 140,945
Other financial fixed assets
The movements can be summarised as follows:
2016 2015
Balance as at 1 January 250 8,470
Repayments - (8,220)
250 250
Reclassification to 'Current assets' (250) -
Balance as at 31 December - 250
In 2014, the Company granted a loan to a related party, with the following modalities:
31/12/2016
Loan amount 250
Interest rate 10
Repayments per year None
Securities None
Maturity < 1 year 250
Maturity 1 <> 5 years –
Company Financial Statements 2016NOTES TO THE INDIVIDUAL BALANCE SHEET ITEMS
100 B&S Holding S.àr.l. Annual Report 2016 Financial Statements 2016
2 Current assets
Receivables
31/12/2016 31/12/2015
Trade debtors - 3
Receivables from subsidiaries 22,124 33,023
Receivables from affiliated companies 250 250
Receivables from participants 8,156 10,743
Tax receivables 889 498
Other receivables and accrued income 131 54
31,550 44,571
The item ‘Receivables from affiliated companies’ comprise of receivable amounts with respect to services
for affiliated companies. The position is accepted by both the Company and the affiliated companies
based on a short-term basis.
None of the receivables are past due at the balance sheet date. No provisions for impairment have been
recorded.
3 Shareholders’ equity
The changes and specification in equity are given below per equity item.
Issued share capital
The Company’s corporate capital is fixed at € 5,237,875 divided into 209,515 shares, each in a registered
form with a par value of € 25, all subscribed and fully paid up. During both 2016 and 2015 no adjustments
were made.
Legal reserves
This concerns the legal reserve following the valuation at equity value of the subsidiaries of the Company
and the legal reserve of 10% of the outstanding share capital.
31/12/2016 31/12/2015
Legal reserve 10% share capital 524 524
Legal reserve subsidiaries 124,925 93,910
125,449 94,434
There are no movements in the ‘Legal reserve 10% share capital’ for both 2015 and 2016.
The movements in the ‘Legal reserve subsidiaries’ is as follows:
2016 2015
Balance as at 1 January 93,910 73,540
Transfer to Other reserves (197) (9,445)
Results financial year 31,212 29,815
Balance as at 31 December 124,925 93,910
Financial Statements 2016 B&S Holding S.àr.l. Annual Report 2016 101
Other reserves
2016 2015
Balance as at 1 January 22,601 21,632
Profit distribution prior financial year 26,416 15,237
Economic Entity Concept changes (811) -
Reserves transferred to parent company (43,525) (23,500)
Exchange rate translation adjustments 600 (208)
Transfer from Legal reserves 197 9,445
Other changes 2 (5)
Balance as at 31 December 5,480 22,601
4 Short-term liabilities
The ‘Short-term liabilities’ can be specified as follows:
31/12/2016 31/12/2015
Becoming due and payable < 1 year
Group companies 11,149 5,859
Taxes and social security charges 85 1
Other liabilities and accrued expenses 27 313
11,261 6,173
Contingent assets and liabilities
Rental agreements
The Company makes use of an office in Larochette with a rental term of 1 year. The rental agreement is
renewed every year automatically with one year. Rental costs are € 12,000 per year.
Guarantees
The Company issued a bank guarantee of € 50,000 towards a foreign credit institution and a guarantee of
€ 1,000,000 towards a credit insurance company.
102 B&S Holding S.àr.l. Annual Report 2016 Financial Statements 2016
1 Turnover
The net turnover in 2016 comprises of management services to Group companies for a total of
€ 27.1 million (2015: € 30.0 million).
2 Wages and salaries
In 2016, the Company employed two staff members (2015: 1).
3 Other operating expenses 2016 2015
Premises 14 15
Personnel related costs 147 148
Overhead expenses 2,489 2,173
Other operating expenses (222) 529
2,428 2,865
The overhead expenses consist of fees charged by the shareholders.
4 Taxation
The taxation can be summarised as follows:
2016 2015
Result for taxation 56,510 57,721
No income tax applicable:
Result of participations (31,212) (29,815)
Turnover to Group companies (27,113) (29,975)
(1,815) (2,069)
Tax charge during financial year 241 93
241 93
Company Financial Statements 2016NOTES TO THE INDIVIDUAL PROFIT AND LOSS ACCOUNT ITEMS
Financial Statements 2016 B&S Holding S.àr.l. Annual Report 2016 103
Other notes
Remuneration of members of the Board of Directors and Supervisory Board
The remuneration of members of the Board of Directors and Supervisory Board charged to the Group
result amounted to:
2016 2015
Board of Managers 3,349 2,731
Supervisory Board 198 184
3,547 2,915
Profit appropriation according to the Articles of Association
The Articles of Incorporation, as stipulated in Articles 19 and 20, can be summarised as follows:
The Company may make distributions from the distributable profit to the shareholders, only insofar as its
equity exceeds the capital increased by the reserves that must be maintained by law.
Profit will be distributed after adoption of the annual accounts evidencing that such distribution is
permitted.
When calculating the appropriation of the profit, the shares held by the Company in its own capital will
not be counted, unless those shares are encumbered with a pledge and the pledgee is entitled to the
profit.
A distribution can be made only by resolution of the General Meeting.
The Company may make interim distributions only if the requirements stated here have been met.
Proposed appropriation of the result for 2016
An amount of € 43,525,000 has been distributed during the year as interim dividend and the remaining
amount of € 12,744,000 will be added to the reserves. This proposed appropriation has not been
accounted for in the annual accounts. The financial statements do not yet reflect this proposal.
Profit appropriation 2015
The 2015 financial statements were approved during the General Meeting on 18 March 2016. The General
Meeting approved the proposed profit appropriation.
Larochette, G.D. Luxembourg, 17 February 2017
Board of Managers
Lebaras Holding S.àr.l.
Represented by
J.B. Meulman, CEO
B.L.M. Schreuders
G. van Laar, CFO
B.L.M. Schreuders
J. Rotteveel
Supervisory Board
W.A. Blijdorp
P.N.S. Luttjehuizen
104 B&S Holding S.àr.l. Annual Report 2016 Financial Statements 2016
Report on the annual accounts
We have audited the accompanying annual
accounts of B&S Holding S.à r.l. (page 92-103
Annual Report 2016), which comprise the balance
sheet as at December 31, 2016 and the profit and
loss account for the year then ended, and a
summary of significant accounting policies and
other explanatory information.
Responsibility of the Board of Managers for the
annual accounts
The Board of Managers is responsible for the
preparation and fair presentation of these annual
accounts in accordance with Luxembourg legal
and regulatory requirements relating to the
preparation of the annual accounts, and for such
internal control as the Board of Managers
determines is necessary to enable the preparation
of annual accounts that are free from material
misstatement, whether due to fraud or error.
Responsibility of the Réviseur d’Entreprises
Agréé
Our responsibility is to express an opinion on these
annual accounts based on our audit.
We conducted our audit in accordance with
International Standards on Auditing as adopted for
Luxembourg by the Commission de Surveillance
du Secteur Financier. Those standards require that
we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance
whether the annual accounts are free from
material misstatement.
An audit involves performing procedures to obtain
audit evidence about the amounts and disclosures
in the annual accounts. The procedures selected
depend on the Réviseur d’Entreprises Agréé’s
judgement, including the assessment of the risks
of material misstatement of the annual accounts,
whether due to fraud or error. ln making those risk
assessments, the Réviseur d’Entreprises Agréé
considers internal control relevant to the entity’s
preparation and fair presentation of the annual
accounts 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 entity’s internal control.
An audit also includes evaluating the
appropriateness of accounting policies used and
the reasonableness of accounting estimates made
by the Board of Managers, as well as evaluating the
overall presentation of the annual accounts.
We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
ln our opinion, the annual accounts give a true and
fair view of, the financial position of B&S Holding
S.à r.l. as at December 31, 2016, and of the results
of its operations for the year then ended in
accordance with Luxembourg legal and regulatory
requirements relating to the preparation of the
annual accounts.
Other information
The Board of Managers is responsible for the other
information. The other information comprises the
information included in the management report
but does not include the annual accounts and our
report of Réviseur d’Entreprises Agréé thereon.
Our opinion on the annual accounts does not
cover the other information and we do not express
any form of assurance conclusion thereon.
ln connection with our audit of the annual
accounts, our responsibility is to read the other
information and, in doing so, consider whether the
other information is materially inconsistent with
the annual accounts or our knowledge obtained in
the audit or otherwise appears to be materially
misstated. If, based on the work we have
performed, we conclude that there is a material
misstatement of this other information, we are
required to report this fact. We have nothing to
report in this regard.
REPORT OF THE REVISEUR D’ENTREPRISES AGREE
Financial Statements 2016 B&S Holding S.àr.l. Annual Report 2016 105
Report on other legal and regulatory requirements
The management report is consistent with the
annual accounts and has been prepared in
accordance with the applicable legal requirements.
For Deloitte Audit, Cabinet de révision agréé
Eddy R. Termaten, Réviseur d’Entreprises Agréé
Partner
February 17, 2017
106 B&S Holding S.àr.l. Annual Report 2016 Financial Statements 2016
Financial Statements 2016 B&S Holding S.àr.l. Annual Report 2016 107
108 B&S Holding S.àr.l. Annual Report 2016 Financial Statements 2016
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SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR
SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOITPHONE HAIR CARE HEALTH & BEAUTY GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIP-STICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TA-BLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES LIQUORS HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOI-LETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE ELECTRONICS FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VOD-KA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOI-LETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET FOOD & BEVERAGES SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET PERFUMES & COSMETICS SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR
DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOI-LETTES WATER HAIR CARE HEALTH & BEAUTY GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES LIQUORS HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VOD-KA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE ELECTRONICS FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VOD-KA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RA-ZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET FOOD & BEVERAGES SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET PERFUMES & COSMETICS SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTP-HONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHO-NE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIES DAIRY VODKA WATER JUICE FISH SOFT DRINK LIPSTICK WHISKY MEAT SMARTPHONE RAZOR SHOWER GEL BEER EYE SHADOW CAMERA VEGETABLE TABLET SKIN CARE RUM HEADPHONE FRUIT SHAMPOO WINE EAU DE TOILETTES HAIR CARE GROCERIESAnnual Report 2016
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