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Koike Europe B. V., Germany Branch Office

Friedberg (Hessen)

Befreiender Jahresabschluss zum Geschäftsjahr vom 01.01.2022 bis zum 31.12.2022

Koike Europe B.V.

Zanndam/Niederlande

Title of the document	Annual accounts for publication purposes 2022 of Koike Europe B.V.
Name of the legal entity	Koike Europe B.V.
Start date of the period concerning the financial statement	1 January 2022
End date of the period concerning the financial statement	31 December 2022
Financial statements adopted (Y/N)	Yes
Date of adoption of the financial statements	15 May 2023
Date of deposit	22 May 2023

INDEX

Annual report

Document and entity information

Entity information

Document information

Financial statements

Company financial statements

Balance sheet

Notes to the financial statements

General accounting principles

Balance sheet

Other notes

Signing of the financial statements

Annual report

Document and entity information

Entity information 2022

Name of the legal entity	Koike Europe B.V.
Legal form of the legal entity	Private limited liability company
Registered office of the legal entity	Zaandam
Registration number at the Chamber of Commerce	35023642
Business names	Koike Europe B.V.
Classification of the legal entity based on the legal size criteria	Small
SBI-code	Wholesale of machine tools

Street name NL	Grote Tocht
House number NL	19
Postal code NL	1507CG
Place of residence NL	Zaandam
Country name, ISO	NL

Document information 2022

Title of the document	Annual accounts for publication purposes 2022 of Koike Europe B.V.
Start date of the period concerning the financial statement	1 January 2022
End date of the period concerning the financial statement	31 December 2022
Start date of the previous period concerning the financial statement	1 January 2021
End date of the previous period concerning the financial statement	31 December 2021
Reporting period different than annual (Y/N)	No
Basis of preparation	Commercial
Presentation currency of the document	Euro
Date of preparation of the financial statements	5 April 2023
Financial statements adopted (Y/N)	Yes
Date of adoption of the financial statements	15 May 2023

Financial statements

Company financial statements

Balance sheet

	31 December 2022	31 December 2021
Balance sheet before or after appropriation of results After profit appropriation
Assets
Non-current assets
Property, plant and equipment	€ 35,354	€ 133,673
Financial assets	€ 417,613	€ 354,422
Total of non-current assets	€ 452,967	€ 488,095
Current assets
Inventories	€ 1,516,830	€ 1,968,871
Receivables	€ 1,457,561	€ 1,566,146
Cash and cash equivalents	€ 1,864,822	€ 1,586,003
Total of current assets	€ 4,839,213	€ 5,121,020
Total of assets	€ 5,292,180	€ 5,609,115
Equity and liabilities
Equity
Share capital paid called up	€ 1,498,835	€ 1,498,835
Share premium	€ 2,000,000	€ 2,000,000
Other reserves	€ -8,470,734	€ -8,500,958
Total of equity	€ -4,971,899	€ -5,002,123
Non-current liabilities	€ 7,600,000	€ 8,100,000
Current liabilities	€ 2,664,079	€2,511,238
Total of equity and liabilities	€ 5,292,180	€ 5,609,115

Notes to the financial statements

General accounting principles

Description of the accounting standards used to prepare the financial statements

The company-only financial statements are drawn up in accordance with the provisions of Title 9, Book 2 of the Dutch Civil Code and the Dutch Accounting Standards, as published by the Dutch Accounting Standards Board ('Raad voor de Jaarverslaggeving').

Assets and liabilities are generally valued at historical cost, production cost or at fair value at the time of acquisition. If no specific valuation principle has been stated, valuation is at historical cost.

Balance sheet

Receivables

Breakdown

	31 December 2022	31 December 2021
Receivables
Other receivables	€ 1,457,561	€ 1,566,146
Total of receivables	€ 1,457,561	€ 1,566,146

Share capital

Other amounts: Breakdown

	31 December 2022	31 December 2021
Share capital issued	€ 1,498,835	€ 1,498,835

Non-current liabilities

Breakdown

	31 December 2022	31 December 2021
Non-current liabilities
Other payables	€ 7,600,000	€ 8,100,000
Total of non-current liabilities	€ 7,600,000	€ 8,100,000

Textual disclosure

Disclosure of non-current liabilities

The Chiba Bank, Ltd. supplied Koike Europe B.V. with a loan in the amount of € 2,600,000. The loan is contracted for 0.5 year. The interest rate is 0.600% (2020: 0.600%) on a yearly basis. The loan expires on March 25, 2022. The loan is renewed each half year.

The Sumitomo Mitsui Trust Bank, Ltd. (London Branch) supplied Koike Europe B.V. with a loan in the amount of € 1,000,000. The loan is contracted for 0.5 year. The interest rate is 0.9% (2020: 0.9%) on a yearly basis. The loan expires on March 31, 2022. The loan is renewed each half year.

Koike Sanso Kogyo Co., Ltd., the parent company, supplied Koike Europe B.V. with a loan in the amount of € 1,500,000. The loan is contracted for 1 year. The interest rate is 0.505% (2020: 0.695%) on a yearly basis. The loan expires on March 31, 2022. The loan is renewed each year.

Koike Sanso Kogyo Co., Ltd., the parent company, supplied Koike Europe B.V. with a loan in the amount of € 1,000,000. The loan is contracted for 1 year. The interest rate is 0.517% (2020: 0.574%) on a yearly basis. The loan expires on December 20, 2022. The loan is renewed each year.

Koike Sanso Kogyo Co., Ltd. the parent company, supplied Koike Europe B.V. with a loan in the amount of € 500,000. The loan is contracted for 1 year. The interest rate is 0.517% (2020: 0.574%) on a yearly basis. The loan expires on December 20, 2022. The loan is renewed each year.

Koike Sanso Kogyo Co., Ltd. the parent company, supplied Koike Europe B.V. with a loan in the amount of € 500,000. The loan is contracted for 1 year. The interest rate is 0,505% (2020: 0.529%) on a yearly basis. The loan expires on February 20, 2022. The loan is renewed each year.

Koike Sanso Kogyo Co., Ltd. the parent company, supplied Koike Europe B.V. with a loan in the amount of € 1,000,000. The loan is contracted for 1 year, started on June 20, 2021. The interest rate is 0,507% on a yearly basis. The loan expires on June 20, 2022. The loan is renewed each year.

Guarantees

Koike Sanso Kogyo Co. Ltd., the parent company, has issued letters of guarantee to the Chiba Bank, Ltd. and Sumitomo Mitsui Trust Bank, Limited for the extended loans.

Other notes

Average number of employees

Breakdown

	2022	2021
Average number of employees over the period
Average number of employees over the period working in the Netherlands	26.1	30.7
Average number of employees over the period working outside the Netherlands	14	16.1
Total of average number of employees over the period	40.1	46.8

Signing of the financial statements 2022

Name of managing, supervisory directors and representative

Y. Niitsu

Type of director	Current managing director
Location of signing by managing and supervisory directors	Zaandam
Date of signing by managing and supervisory directors	5 April 2023
Signed by director (Y/N)	Yes

2d:T1f1f1,

Koike Europe B. V., Germany Branch Office

Friedberg (Hessen)

Befreiender Jahresabschluss gem. §325 a HGB
zum Geschäftsjahr vom 01.01.2019 bis zum 31.12.2019

Koike Europe B.V.

Zanndam/Niederlande

Title of the document	Annual accounts for publication purposes 2019 of Koike Europe B.V.
Name of the legal entity	Koike Europe B.V.
Start date of the period concerning the financial statement	1 January 2019
End date of the period concerning the financial statement	31 December 2019
Financial statements adopted (Y/N)	Yes
Date of adoption of the financial statements	20 April 2020
Date of deposit	19 May 2020

INDEX

Annual report

Document and entity information

Entity information

Document information

Management report

Financial statements

Consolidated financial statements

Consolidated balance sheet

Consolidated income statement

Consolidated cash flow statement

Notes to the consolidated financial statements

General notes

General accounting principles

Accounting principles

Balance sheet

Income statement

Other notes

Company financial statements

Balance sheet

Income statement

Notes to the financial statements

General accounting principles

Balance sheet

Income statement

Other notes

Other information

Auditor's report

Content of the auditor's report

Annual report

Document and entity information

Entity information

Name of the legal entity	Koike Europe B.V.
Legal form of the legal entity	Private limited liability company
Registered office of the legal entity	Zaandam
Registration number at the Chamber of Commerce	35023642
Business names	Koike Europe B.V.
Classification of the legal entity based on the legal size criteria	Medium
SBI-code	Wholesale of machine tools
Street name NL	Grote Tocht
House number NL	19
Postal code NL	1507CG
Place of residence NL	Zaandam
Country name, ISO	NL

Document information

Title of the document	Annual accounts for publication purposes 2019 of Koike Europe B.V.
Start date of the period concerning the financial statement	1 January 2019
End date of the period concerning the financial statement	31 December 2019
Start date of the previous period concerning the financial statement	1 January 2018
End date of the previous period concerning the financial statement	31 December 2018
Reporting period different than annual (Y/N)	No
Document relates to an individual entity or a group of entities	Consolidated and separate
Presentation currency of the document	Euro
Type of income statement	Nature of expense
Type of cash flow statement	Indirect
Date of preparation of the financial statements	20 April 2020
Financial statements adopted (Y/N)	Yes
Date of adoption of the financial statements	20 April 2020

Management report

Exemption and reference to location of availability of the management report

The management report 2019 is available for inspection at the office of the legal entity.

Financial statements

Consolidated financial statements

Consolidated balance sheet

		Current	Previous
Balance sheet before or after appropriation of results	After profit appropriation
Assets
Non-current assets
Property, plant and equipment		€ 309,641	€ 158,667
Total of non-current assets		€ 309,641	€ 158,667
Current assets
Inventories		€ 4,585,136	€ 5,066,893
Receivables		€ 2,135,187	€ 3,822,113
Cash and cash equivalents		€ 1,370,743	€ 1,035,774
Total of current assets		€ 8,091,066	€ 9,924,780
Total of assets		€ 8,400,707	€ 10,083,447
Equity and liabilities
Group equity
Equity		€ -732,963	€ 753,197
Share in group equity not accrued to legal entity		€ -33,987	€ -20,055
Total of group equity		€ -766,950	€ 733,142
Provisions		€ 59,972	€ 63,344
Non-current liabilities		€ 5,100,000	€ 5,100,000
Current liabilities		€ 4,007,685	€ 4,186,961
Total of equity and liabilities		€ 8,400,707	€ 10,083,447

Consolidated income statement

	Current	Previous
Gross operating result	€4,281,251	€ 4,949,785
Expenses of employee benefits	€ 3,760,266	€ 3,246,481
Amortisation of intangible assets and depreciation of property, plant and equipment	€ 58,323	€ 78,187
Other operating expenses	€ 1,858,020	€ 1,843,093
Total of sum of expenses	€ 5,676,609	€ 5,167,761
Total of operating result	€ -1,395,358	€ -217,976
Financial income and expenses	€ -59,197	€ -67,802
Total of result before tax	€ -1,454,555	€ -285,778
Income tax expense	€ -45,539	€ -29,490
Total of result after tax	€ -1,500,094	€ -315,268
Profit (loss) attributable to non-controlling interest not accrued to legal entity	€ 13,932	€ 1,057
Result attributable to legal entity	€ -1,486,162	€ -314,211

Consolidated cash flow statement

	Current	Previous
Operating result	€-1,395,358	€ -217,976
Adjustments for depreciation and amortisation expense	€ 57,727	€ 78,187
Increase (decrease) in provisions	€ -3,372	€ 12,327
Total of adjustments to reconcile to the operating result	€ 54,355	€ 90,514
Decrease (increase) in trade receivables	€ 1,434,990	€ -687,026
Decrease (increase) in inventories	€ 481,757	€ 497,427
Increase (decrease) in trade payables	€ -646,361	€ 47,119
Decrease (increase) in other receivables	€ 251,936	€ -231,166
Increase (decrease) in other payables	€ 467,085	€ 417,663
Total of changes in working capital	€ 1,989,407	€ 44,017
Total of cash flow from (used in) operations	€ 648,404	€ -83,445
Interest received	€ 20	€ 8
Interest paid	€ -59,217	€ -67,810
Income tax paid	€ -45,539	€ -29,490
Total of cash flows from (used in) operating activities	€ 543,668	€ -180,737
Purchase of property, plant and equipment	€ -208,701	€ -59,083
Proceeds from sales of property, plant and equipment	€0	€ 7,197
Other cash flows	€0	€ -22,710
Total of cash flow from (used in) investing activities	€ -208,701	€ -74,596
Total of net cash flows	€ 334,967	€ -255,333
Effect of exchange rate changes on cash and cash equivalents	€ 2	€ 0
Total of increase (decrease) of cash and cash equivalents	€ 334,969	€ -255,333
Cash and cash equivalents at the beginning of the period	€ 1,035,774	€ 911,154
Cash and cash equivalents at the end of the period	€ 1,370,743	€ 1,035,774

Notes to the consolidated financial statements

General notes

Description of the most important activities of the entity

The activities of Koike Europe B.V., having its legal seat at Zaandam, primarily consist of the sales and servicing of gas, plasma and laser cutting machines.

Disclosure of going concern

Due to the size of the equity as per end Koike Europe B.V. and the result over 2019 there is an uncertain element of material importance based on which there could be reasonable doubt about the continuity of the activities of Koike Europe B.V. as a whole. Another uncertain element of material importance is due to the increased intercompany receivable between Koike Europe B.V. and Koike France S.A.R.L. (95%), Marly (France).

However, based on a signed comfort letter by Koike Sanso Kogyo Co., Ltd., we believe that the going concern principle is still relevant. In this comfort letter Koike Sanso Kogyo Co., Ltd. declares its intention to provide all sufficient financial support for Koike Europe B.V. to continue business operation in 2020 and on. The accounting principles applied to the valuation of assets and liabilities and the determination of results in these financial statements are based on the assumption of continuity of the corporation.

Disclosure of group structure

Koike Europe B.V. is part of a group. The head of this group is Koike Sanso Kogyo Co. Ltd., Japan.

Disclosure of estimates

In applying the principles and policies for drawing up the financial statements, the directors of Koike Europe B.V. make different estimates and judgments that may be essential to the amounts disclosed in the financial statements. If it is necessary in order to provide the transparency required under Book 2, article 362, paragraph 1, the nature of these estimates and judgments, including related assumptions, is disclosed in the notes to the relevant financial statement item.

Disclosure of consolidation

The figures of:

―	Koike France S.A.R.L. (95%), Marly (France);
―	Koike Italia S.r.l. a Socio Unico (100%), Milan (Italy)

are fully consolidated in the accounts of Koike Europe B.V. Intercompany transactions are fully eliminated. The figures of Koike Middle East FZE are considered to be not significant.

General accounting principles

Description of the accounting standards used to prepare the financial statements

Policy of foreign currency translation and the processing of foreign currency translation differences in foreign currency transactions

Receivables, liabilities and obligations denominated in foreign currency are translated at the exchange rates prevailing as at balance sheet date.

Transactions in foreign currency during the financial year are recognized in the financial statements at the exchange rates prevailing at transaction date. The exchange differences resulting from the translation as at balance sheet date, taking into account possible hedge transactions, are recorded in the profit and loss account.

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 rate at transaction date. The exchange rate differences that arise are directly deducted from or added to group equity

Policy of operating leases

The corporation has lease contracts whereby a large part of the risks and rewards associated with ownership are not for the benefit of or incurred by the corporation. The lease contracts are recognised as operational leasing. Lease payments are recorded on a straight-line basis, taking into account reimbursements received from the lessor, in the consolidated profit and loss account for the duration of the contract.

Policy of current value of financial instruments

Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction. If no fair value can be readily and reliably established, fair value is approximated by deriving it from the fair value of components or of a comparable financial instrument, or by approximating fair value using valuation models and valuation techniques. Valuation techniques include using recent arm's length market transactions between knowledgeable, willing parties, if available, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis and/or option pricing models, making allowance for entity-specific inputs.

Accounting principles

Policy of property, plant and equipment

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.

Tangible fixed assets are capitalized 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.

Policy of financial assets

Participations, over which significant influence can be exercised, are valued according to the net asset value method. In the event that 20% or more of the voting rights can be exercised, it may be assumed that there is significant influence.

The net asset value is calculated in accordance with the accounting principles that apply for these financial statements; with regard to participations in which insufficient data is available for adopting these principles, the valuation principles of the respective participation are applied.

If the valuation of a participation based on the net asset value is negative, it will be stated at nil. If and insofar as Koike Europe B.V. can be held fully or partially liable for the debts of the participation, or has the firm intention of enabling the participation to settle its debts, a provision is recognised for this.

Newly acquired participations are initially recognised on the basis of the fair value of their identifiable assets and liabilities at the acquisition date. For subsequent valuations, the principles that apply for these financial statements are used, with the values upon their initial recognition as the basis.

The amount by which the carrying amount of the participation has changed since the previous financial statements as a result of the net result achieved by the participation is recognised in the consolidated profit and loss account.

Participations over which no significant influence can be exercised are valued at historical cost. The result represents the dividend declared in the reporting year, whereby dividend not distributed in cash is valued at fair value.

In the event of an impairment loss, valuation takes place at the recoverable amount; an impairment is recognised and charged to the consolidated profit and loss account.

Receivables recognised under financial fixed assets are initially valued at the fair value less transaction costs. These receivables are subsequently valued at amortised cost price, which is, in general, equal to the nominal value. For determining the value, any depreciation is taken into account.

Deferred tax assets are recognised for all deductible temporary differences between the value of the assets and liabilities under tax regulations on the one hand and the accounting policies used in these financial statements on the other, on the understanding that deferred tax assets are only recognised insofar as it is probable that future taxable profits will be available to offset the temporary differences and available tax losses.

The calculation of the deferred tax assets is based on the tax rates prevailing at the end of the reporting year or the rates applicable in future years, to the extent that they have already been enacted by law.

Deferred tax assets are valued at their nominal value.

Policy of inventories

Goods available for sale are valued at average purchase price or lower net realizable value. This lower net realizable value is determined by individual assessment of the inventories.

Work in progress is valued at manufacturing cost and a mark-up for expected transport/freight cost or lower net realizable value.

Policy of receivables

Receivables are initially valued at the fair value of the consideration to be received. Receivables are subsequently valued at the amortised cost price. If there is no premium or discount and there are no transaction costs, the amortised cost price equals the nominal value of the accounts receivable. If payment of the receivable is postponed under an extended payment deadline, fair value is measured on the basis of the discounted value of the expected revenues. Interest gains are recognised using the effective interest method. Provisions for bad debts are deducted from the carrying amount of the receivable.

Policy of cash and cash equivalents

Cash at banks and in hand represent cash in hand, bank balances and deposits with terms of less than twelve months. Overdrafts at banks are recognised as part of debts to lending institutions under current liabilities. Cash at banks and in hand is valued at nominal value.

Policy of share in group equity not accrued to legal entity

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 Koike Sanso Kogyo Co. Ltd., 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 to Koike Sanso Kogyo Co. Ltd., until the losses for which Koike Sanso Kogyo Co. Ltd. has assumed responsibility have been recovered.

Policy of other provisions

The company has various pension plans.

The Dutch plans are financed through contributions to pension providers such as insurance companies, industry pension funds or company pension funds. The foreign pension plans can be compared to how the Dutch pension system has been designed and functions. The pension obligations of both the Dutch and the foreign plans are valued according to the 'valuation to pension fund approach'.

This approach accounts for the contribution payable to the pension provider as an expense in the profit and loss account.

Policy of non-current liabilities

On initial recognition, current liabilities are stated at fair value and then valued at amortized costs.

Policy of current liabilities

Upon initial recognition , loans and liabilities recorded are stated at fair value and then valued at amortized cost.

Accounting principles for determining the result

The result is the difference between the realisable value of the goods/services provided and the costs and other charges during the year. The results on transactions are recognised in the year in which they are realised.

Policy of revenue recognition

Net turnover comprises the income from the supply of goods and services and realised income from construction contracts after deduction of discounts and such like and of taxes levied on the turnover.

Policy of gross operating result

The gross margin consists of the net turnover, the changes in inventory of finished goods and work in progress, capitalized production on behalf of own business, other operating income.

Net turnover represents amounts invoiced for goods and services supplied during the financial year reported on, net of discounts and value added taxes.

The cost of sales consists of the cost of goods sold and delivered, consisting of direct use of materials, direct wages and machine costs and other direct and indirect production costs that can be attributed to the production.

Applied policy of pension costs

Koike Europe B.V. has processed the pension costs in accordance with the defined contribution plan. The pension premium payable for the reporting year, under the implementation agreement of the Nationale Nederlanden, is recognized as an expense in the financial statements.

Policy of depreciation of property, plant and equipment

Tangible fixed assets are depreciated from the date of initial use over the expected future economic life of the asset, while taking into account any applicable restrictions with respect to buildings, investment property, other tangible fixed assets. Land is not depreciated.

Future depreciation is adjusted if there is a change in estimated future useful life.

Gains and losses from the occasional sale of property, plant or equipment are included in depreciation.

Policy of other operating expenses

Costs are determined on a historical basis and are attributed to the reporting year to which they relate.

Policy of financial income and expenses

Interest income and expenses are recognised on a pro rata basis, taking account of the effective interest rate of the assets and liabilities to which they relate. In accounting for interest expenses, the recognised transaction expenses for loans received are taken into consideration.

Exchange differences that arise from the settlement or translation of monetary items are recorded in the profit and loss account in the period in which they occur, unless hedge-accounting is applied.

Changes in the value of financial instruments recognised at fair value are recorded in the profit and loss account.

Policy of income tax expense

Tax on the result is calculated based on the result before tax in the consolidated profit and loss account, taking account of the losses available for set-off from previous financial years (to the extent that they have not already been included in the deferred tax assets) and exempt profit components and after the addition of non-deductible costs. Due account is also taken of changes which occur in the deferred tax assets and deferred tax liabilities in respect of changes in the applicable tax rate.

In the financial statements of group companies a tax charge is calculated on the basis of the accounting result. The corporate income tax that is due by these group companies is charged into the current accounts with Koike Europe B.V.

Policy of share in results of participating interests

The result is the amount by which the carrying amount of the participation has changed since the previous financial statements as a result of the earnings achieved by the participation to the extent that this can be attributed to Koike Europe B.V.

Policy of cash flow statement

The cash flow statement has been prepared using the indirect method. The cash items disclosed in the cash flow statement comprise cash at banks and in hand except for deposits with a maturity longer than three months. Cash flows denominated in foreign currencies have been translated at average estimated exchange rates. Exchange differences affecting cash items are shown separately in the cash flow statement. Interest paid and received, dividends received and income taxes are included in cash from operating activities. Dividends paid are recognised as cash used in financing activities. The purchase consideration paid for the acquired group corporation has been recognised as cash used in investing activities where it was settled in cash. Any cash at banks and in hand in the acquired group corporation have been deducted from the purchase consideration. Transactions not resulting in inflow or outflow of cash, including finance leases, are not recognised in the cash flow statement. Payments of finance lease instalments qualify as repayments of borrowings under cash used in financing activities and as interest paid under cash generated from operating activities.

Balance sheet

Property, plant and equipment

	Current	Previous
Other tangible assets	€ 309,641	€ 115,261
Property, plant and equipment in progress and prepayments of property, plant and equipment	€ 0	€ 43,406
Total of property, plant and equipment	€ 309,641	€ 158,667

Disclosure of property, plant and equipment

The other tangible fixed assets are depreciated by 10-20% annually. There is no residual value for transportation.

Receivables

	Current	Previous
Other receivables	€ 1,881,230	€ 3,555,659
Tax receivables	€ 225,693	€ 226,455
Receivables relating to income tax	€ 25,225	€ 33,132
Prepayments and accrued income	€ 3,039	€ 6,867
Total of receivables	€ 2,135,187	€ 3,822,113

	Current	Previous
Gross trade receivables	€ 1,599,498	€ 3,006,972
Provision bad debts on trade receivables	€ -126,254	€ -98,738
Total of net trade receivables	€ 1,473,244	€ 2,908,234

	Current	Previous
Other receivables other	€ 1,881,230	€ 3,555,659
Total of current other receivables	€ 1,881,230	€ 3,555,659

Group equity

Disclosure of group equity

The shareholders' equity is explained in the notes to the non-consolidated balance sheet. The minority interest in group company Koike France S.A.R.L. ammounts € -33,987 (2018: € -20,055).

Provisions

	Current	Previous
Other provisions	€ 59,972	€ 63,344
Total of provisions	€ 59,972	€ 63,344

Disclosure of other provisions

Other provisions as at 31 December 2019 comprise Italian leave indemnities for an amount of € 46,000 (2018: € 49,000) and a provision for risks of € 14,000 (2018: € 14,000) regarding Koike France S.A.R.L. The entire provision relates to a period of more than 5 years.

Non-current liabilities

	Current	Previous
Other payables	€ 5,100,000	€ 5,100,000
Total of non-current liabilities	€ 5,100,000	€ 5,100,000

Disclosure of non-current liabilities

The Chiba Bank, Ltd. supplied Koike Europe B.V. with a loan in the amount of € 2,600,000. The loan is contracted for 1 year. The interest rate is 0.600% (2018: 1.0010%) (on a yearly basis). The loan expires on March 27th, 2020. The loan is renewed each year.

Koike Sanso Kogyo Co. Ltd., the parent company, supplied Koike Europe B.V. with a loan in the ammount of € 1,500,000. The loan is contracted for 1 year. The interest rate is 0.832% (2018: 0.686%) (on a yearly basis). The loan expires on March 31, 2020. The loan is renewed each year.

The Sumitomo Mitsui Trust Bank, Ltd. (London Branch) supplied Koike Europe B.V. with a loan in the amount of € 1,000,000. The loan is contracted for 0.5 year. The interest rate is 0.9% (2018: 0.9%) (on a yearly basis). The loan expires on March 31th, 2020. The loan is renewed each half year.

Guarantees

Koike Sanso Kogyo Co. Ltd., the parent company, has issued letters of guarantee to the Chiba Bank, Ltd. and Sumitomo Mitsui Trust Bank, Limited for the extended loans.

Current liabilities

	Current	Previous
Payables to group companies	€ 1,566,265	€ 1,789,116
Other payables	€ 1,370,149	€ 1,509,507
Accruals and deferred income	€ 1,071,271	€ 888,338
Total of current liabilities	€ 4,007,685	€ 4,186,961

Disclosure of payables to group companies

Current accounts with group companies are not interest bearing. There have been no agreements made (in writing) in relation to the redemption of these current accounts

Disclosure of other payables

Koike Sanso Kogyo Co. Ltd., the parent company, supplied Koike Europe B.V. with a loan in the ammount of € 500,000. The loan is contracted for 1 year. The interest rate is 0.574% (on a yearly basis). The loan expires on January 31, 2020. The loan is renewed each half year. All other liabilities will be settled within one year.

Off-balance sheet commitments

Description of off-balance sheet commitments relating to guarantees

Rental obligations

Koike Europe B.V. entered into a lease agreement with Koike Sanso Kogyo Co. Ltd. regarding the office and factory building at Zaandam. The contract which ended on December 31th, 2007 is automatically renewed for the period of one year if not cancelled. The yearly rent amounts € 156,000. The contract started on October 1st, 2019 and ends at September 30th, 2020.

Koike Europe B.V. (German Branch Office) entered into a lease agreement with Almatec regarding the office at Eberstadt. The contract started on December 1, 2015 and ends at December 31, 2020. The yearly rent amounts € 44,300.

Koike France S.A.R.L. entered into a lease agreement regarding the office at Wargnies-le-Grand. The contract started on August 1, 2019 and ends at July 31, 2022. The yearly rent amounts € 11,500.

Koike Italia S.r.l. entered into a lease agreement regarding the office Via Papa Giovanni XXIII, 45, Rodano (MI). The contract started on August 1, 2011 and ends at July 31, 2023. The yearly rent amounts € 10,500.

One house is leased for a Japanese employee from April 1, 2019 for € 26,400 a year. The lease period will end on March 1, 2020.

All leasecontracts were renewed for 2020.

Disclosure of operating leases

Koike Europe B.V. leases 11 cars with ALD Automotive. The total yearly costs for 2020 amount to € 72,000. The totaly costs for contracts longer than one year and less than five years amount to € 95,000. There are no contracts with a duration longer than five years.

Koike Europe B.V. (German Branch Office) leases 7 cars. The total yearly costs for 2020 amounts to € 37,000. The totaly costs for contracts longer than one year and less than five years amount to € 42,000.

Three copiers are leased from Veenman from May 2, 2017 for about € 6,000 a year. This lease period will end at May 1, 2023. The totaly costs for contracts longer than one year and less than five years ammounts to € 14,000.

Income statement

Gross margin

	Current	Previous
Ratio, to what extent, net sales relative to those of the previous period is increased or decreased	-10.81 %	8.33 %

Expenses of employee benefits: breakdown

	Current	Previous
Wages	€ 2,823,778	€ 2,389,850
Social security contributions	€ 605,123	€ 562,353
Pension premiums	€ 154,800	€ 149,450
Total of pension costs	€ 154,800	€ 149,450
Other expenses of employee benefits	€ 176,565	€ 144,828
Total of expenses of employee benefits	€ 3,760,266	€ 3,246,481

Depreciation of property, plant and equipment and amortisation of intangible assets

	Current	Previous
Depreciation of property, plant and equipment	€ 58,323	€ 78,187
Total of amortisation of intangible assets and depreciation of property, plant and equipment	€ 58,323	€ 78,187

Financial income and expense

	Current	Previous
Other interest income and related income	€ 20	€ 8
Interest expenses and related expenses	€ -59,217	€ -67,810
Total of financial income and expenses	€ -59,197	€ -67,802

Income tax expense

	Current	Previous
Income tax expense from current financial year	€ 45,539	€ 29,490
Total of income tax expense	€ 45,539	€ 29,490

Other notes

Average number of employees

	Current	Previous
Average number of employees over the period working in the Netherlands	32	30
Average number of employees over the period working outside the Netherlands	26	26
Total of average number of employees over the period	58	56

	Total of average number of employees over the period
Segment 1	58

Remuneration of managing and supervisory directors

Disclosure of remuneration of managing and supervisory directors

The remuneration of directors can be reduced to one person. Based on article 2.383 lid 1 BW 2C the mention of this remuneration can be omitted.

Subsequent events

Disclosure of subsequent events

Since early 2020 the spread of the coronavirus has caused and will continue to cause significant implications to society, companies, its employees, customers and suppliers. In many parts of the world, governments have taken strong measures including quarantines, social distancing, shut-downs of non-essential services, closing schools, and commitments to provide financial support to affected businesses and individuals. As of the date of this report, the depth and length of this crisis is unknown.

In line with the recent measures taken by the government, Koike Europe BV has also communicated internal guidelines which are primarily focused on protecting its employees and to prevent spreading the virus by means of social distancing and avoiding contact with customers and suppliers.

Koike Europe B.V. is constantly monitoring the developments regarding the coronavirus and the (potential) risks the company may face as a consequence in the foreseeable future. Such risks comprise credit risk especially with customers located in countries that are in a state of lockdown. Also, installations of machines may have to be postponed and the negative impact on order intake is unknown. Therefore, as per the date of this report, it is too early to assess the magnitude of the potential impact of the coronavirus on future sales and results. The notes to the financial statements already provide disclosure on the exposure to such risks if and insofar deemed necessary.

Company financial statements

Balance sheet

		Current	Previous
Balance sheet before or after appropriation of results	After profit appropriation
Assets
Non-current assets
Property, plant and equipment		€ 239,859	€ 147,796
Financial assets		€ 222,886	€ 162,665
Total of non-current assets		€ 462,745	€ 310,461
Current assets
Inventories		€ 4,430,068	€ 4,833,406
Receivables		€ 1,979,073	€ 3,942,547
Cash and cash equivalents		€ 1,197,484	€ 801,531
Total of current assets		€ 7,606,625	€ 9,577,484
Total of assets		€ 8,069,370	€ 9,887,945
Equity and liabilities
Equity
Share capital paid called up		€ 1,498,835	€ 1,498,835
Share premium		€ 2,000,000	€ 2,000,000
Other reserves		€ -4,582,183	€ -2,724,565
Total of equity		€ -1,083,348	€ 774,270
Non-current liabilities		€ 5,100,000	€ 5,100,000
Current liabilities		€ 4,052,718	€ 4,013,675
Total of equity and liabilities		€ 8,069,370	€ 9,887,945

Income statement

	Current	Previous
Gross operating result	€ 4,083,171	€ 4,509,459
Expenses of employee benefits	€ 3,181,453	€ 2,628,627
Amortisation of intangible assets and depreciation of property, plant and equipment	€ 53,094	€ 68,628
Other operating expenses	€ 2,426,409	€ 2,098,062
Total of sum of expenses	€ 5,660,956	€ 4,795,317
Total of operating result	€ -1,577,785	€ -285,858
Financial income and expenses	€ -56,622	€ -63,596
Total of result before tax	€ -1,634,407	€ -349,454
Income tax expense	€ -18,720	€ -11,021
Share in results of participating interests	€ -204,491	€ 31,172
Total of result after tax	€ -1,857,618	€ -329,303

Notes to the financial statements

General accounting principles

Description of the accounting standards used to prepare the financial statements

For the other accounting principles, valuation principles and principles for determination of the result we refer to the notes of the consolidated financial statements.

Balance sheet

Property, plant and equipment

	Current	Previous
Other tangible assets	€ 239,859	€ 104,390
Property, plant and equipment in progress and prepayments of property, plant and equipment	€ 0	€ 43,406
Total of property, plant and equipment	€ 239,859	€ 147,796

Disclosure of other tangible assets

The other tangible fixed assets are depreciated by 10-20% annually. There is no residual value for transportation.

Financial assets

	Current	Previous
Shares, certificates of shares and other types of participating interests in group companies	€ 222,886	€ 162,665
Total of financial assets	€ 222,886	€ 162,665

Disclosure of financial assets

The amount of € 222,886 regarding the participating interests consists of the following book values:

―	€ 222,885 in Koike Italia S.r.l. a Socio Unico, Milan (Italy), 100%;
―	€ 1 in Koike France S.A.R.L., Marly (France), 95%. The actual net value as at December 31, 2019 of Koike France S.A.R.L., Marly (France), 95% is € 645,753 negative.

Legal entity names Koike France S.A.R.L.
Location of the legal entity	Marly (France)
Result according to the last available financial statements of the legal entity		€ -264,712
Legal entity names Koike Italia S.r.J. a Socio Unico
Location of the legal entity	Milan (Italy)
Result according to the last available financial statements of the legal entity		€ 60,221

Receivables

	Current	Previous
Receivables from group companies	€ 1	€ 605,918
Other receivables	€ 1,792,703	€ 3,148,119
Tax receivables	€ 186,308	€ 181,412
Receivables relating to income tax	€ 0	€ 3,077
Prepayments and accrued income	€ 61	€ 4,021
Total of receivables	€ 1,979,073	€ 3,942,547

Disclosure of receivables from group companies

Current accounts with group companies are not interest bearing. There have been no agreemtens made (in writing) in relation to the redemption of these current accounts.

For the current account Koike France S.A.R.L. an additional provision in 2019 has been formed due to uncertainty of going concern for an amount of € 378,715, which is the maximum amount, regarding the negative asset value of Koike France S.A.R.L.

	Current	Previous
Gross trade receivables	€ 1,454,937	€ 2,575,891
Provision bad debts on trade receivables	€ -55,000	€ -60,000
Total of net trade receivables	€ 1,399,937	€ 2,515,891

	Current	Previous
Other receivables other	€ 1,792,703	€ 3,148,119
Total of current other receivables	€ 1,792,703	€ 3,148,119

Equity

	Share capital paid called up member	Share premium	Other reserves	Total of equity
Equity at the beginning of the period	€ 1,498,835	€ 2,000,000	€ -2,724,565	€ 774,270
Result allocation			€ -1,857,618	€ -1,857,618
Total of movements during the period	€ 0	€ 0	€ -1,857,618	€ -1,857,618
Equity at the end of the period	€ 1,498,835	€ 2,000,000	€ -4,582,183	€ -1,083,348

Share capital

Disclosure of share capital paid called up

The authorised share capital of the company amounts to € 7,494,177 and consist of 16,515 shares. The nominal value of the shares amounts € 453.78 each. Of these shares 3,303 shares were issued and fully paid at December 31, 2019.

	Current	Previous
Share capital issued	€ 1,498,835	€ 1,498,835

Other reserves

Disclosure of other reserves

There is a difference with the consolidated shareholder's equity of -€ 316,395, which is caused by:

―	the additional provision in connection with Koike France of € 378,715;
―	the result share of third parties Koike France S.A.R.L. of -€ 33,987;
―	the elimination of the unrealized intercompany result of -€ 28,333 regarding sales to a group company in the consolidated financial statements.

There is a difference with consolidated result of -€ 371,456, which is caused by:

―	the additional provision in connection with Koike France of € 378,715;
―	the elimination effect of the unrealized intercompany result of -€ 7,259 regarding sales to a group company in the consolidated financial statements.

Appropriation of the results

Statement of the destination of the profit or the processing of the loss

The management of the company appropriated the result as following:

The loss for 2019 amounts to € 1.857.618 and is fully deducted from the other reserves.

Non-current liabilities

	Non-current liabilities Non-current other payables
Non-current liabilities at the beginning of the period	€ 5,100,000
Non-current liabilities at the end of the period	€ 5,100,000
Non-current liabitilities with a maturity exceeding one year within five years	€ 5,100,000

	Current	Previous
Other payables	€ 5,100,000	€ 5,100,000
Total of non-current liabilities	€ 5,100,000	€ 5,100,000

Disclosure of non-current liabilities

The Sumitomo Mitsui Trust Bank, Ltd. (London Branch) supplied Koike Europe B.V. with a loan in the amount of € 1,000,000. The loan is contracted for 0.5 year. The interest rate is 0.9% (2018: 0.9%) (on a yearly basis). The loan expires on March 31th, 2020. The loan is renewed each half year.

Guarantees

Koike Sanso Kogyo Co. Ltd., the parent company, has issued letters of guarantee to the Chiba Bank, Ltd. and Sumitomo Mitsui Trust Bank, Limited for the extended loans.

Current liabilities

	Current	Previous
Payables to group companies	€ 1,790,675	€ 1,838,716
Other payables	€ 1,264,447	€ 1,304,550
Accruals and deferred income	€ 997,596	€ 870,409
Total of current liabilities	€ 4,052,718	€ 4,013,675

Disclosure of current other payables

Koike Sanso Kogyo Co. Ltd., the parent company, supplied Koike Europe B.V. with a loan in the ammount of € 500,000. The loan is contracted for 1 year. The interest rate is 0.574% (on a yearly basis). The loan expires on January 31,2020. The loan is renewed each half year. All other liabilities will be settled within one year.

Income statement

Gross margin

	Current	Previous
Ratio, to what extent, net sales relative to those of the previous period is increased or decreased	-9.25 %	8.31 %

Expenses of employee benefits: breakdown

	Current	Previous
Wages	€ 2,403,533	€ 1,950,164
Social security contributions	€ 481,872	€ 423,299
Pension premiums	€ 129,940	€ 114,116
Total of pension costs	€ 129,940	€ 114,116
Other expenses of employee benefits	€ 166,108	€ 141,048
Total of expenses of employee benefits	€ 3,181,453	€ 2,628,627

Depreciation of property, plant and equipment and amortisation of intangible assets

	Current	Previous
Depreciation of property, plant and equipment	€ 53,094	€ 68,628
Total of amortisation of intangible assets and depreciation of property, plant and equipment	€ 53,094	€ 68,628

Financial income and expense

	Current	Previous
Interest expenses and related expenses	€ -56,622	€ -63,596
Total of financial income and expenses	€ -56,622	€ -63,596

Income tax expense

	Current	Previous
Income tax expense from current financial year	€ 18,720	€ 11,021
Total of income tax expense	€ 18,720	€ 11,021

Other notes

Average number of employees

	Current	Previous
Average number of employees over the period working in the Netherlands	32	30
Average number of employees over the period working outside the Netherlands	18	17
Total of average number of employees over the period	50	47

Other information

Provisions of the Articles of Association relating to profit appropriation

In Article 20 of the articles of association is determined that the net income for the year is at the disposal of the general meeting of the shareholders.

Branch offices

The Company has the following branche:

―	Koike Germany Branche Office.

Auditor's report

Content of the auditor's report

INDEPENDENT AUDITORS' REPORT

To: The shareholders of Koike Europe B.V.

A. Report on the audit of the financial statements 2019

Our opinion

We have audited the financial statements 2019 of Koike Europe B.V., based in Zaandam.

In our opinion the accompanying financial statements give a true and fair view of the financial position of Koike Europe B.V. as at 31 December 2019, and of its result for 2019 in accordance with Part 9 of Book 2 of the Dutch Civil Code.

The financial statements comprise:

1.	the consolidated and company balance sheet as at 31 December 2019;
2.	the consolidated and company profit and loss account for 2019; and
3.	the notes comprising a summary of the accounting policies and other explanatory information.

Basis for our opinion

We are independent of Koike Europe B.V. in accordance with the Wet toezicht accountantsorganisaties (Wta, Audit firms supervision act), Verordening inzake de onafhankelijkheid van accountants bij assurance-opdrachten (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant independence regulations in the Netherlands. Furthermore we have complied with the Verordening gedrags- en beroepsregels accountants (VGBA, Dutch Code of Ethics).

We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

B. Report on the other information included in the annual report

In addition to the financial statements and our auditor's report thereon, the annual report contains other information that consists of:

―	The management board's report;
―	Other information as required by Part 9 of Book 2 of the Dutch Civil Code.

Based on the following procedures performed, we conclude that the other information:

―	is consistent with the financial statements and does not contain material misstatements;
―	contains the information as required by Part 9 of Book 2 of the Dutch Civil Code.

We have read the other information. Based on our knowledge and understanding obtained through our audit of the financial statements or otherwise, we have considered whether the other information contains material misstatements.

By performing these procedures, we comply with the requirements of Part 9 of Book 2 of the Dutch Civil Code and the Dutch Standard 720. The scope of the procedures performed is substantially less than the scope of those performed in our audit of the financial statements.

Management is responsible for the preparation of the management board's report in accordance with Part 9 of Book 2 of the Dutch Civil Code and other information as required by Part 9 of Book 2 of the Dutch Civil Code.

C. Description of responsibilities regarding the financial statements

Responsibilities of the board for the financial statements

As part of the preparation of the financial statements, the board is responsible for assessing the company's ability to continue as a going concern. Based on the financial reporting framework mentioned, the board should prepare the financial statements using the going concern basis of accounting unless the board either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

The board should disclose events and circumstances that may cast significant doubt on the company's ability to continue as a going concern in the financial statements.

Our responsibilities for the audit of the financial statements

Our objective is to plan and perform the audit assignment in a manner that allows us to obtain sufficient and appropriate audit evidence for our opinion.

Our audit has been performed with a high, but not absolute, level of assurance, which means we may not detect all material errors and fraud during our audit.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial statements. The materiality affects the nature, timing and extent of our audit procedures and the evaluation of the effect of identified misstatements on our opinion.

We have exercised professional judgement and have maintained professional skepticism throughout the audit, in accordance with Dutch Standards on Auditing, ethical requirements and independence requirements. Our audit included among others:

―	Identifying and assessing the risks of material misstatements of the financial statements, whether due to fraud or error, designing and performing audit procedures responsive to those risks, and obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatements resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
―	Obtaining an understanding of internal control relevant to the audit 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 company's internal control;
―	Evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the board;
―	Concluding on the appropriateness of the board's use of the going concern basis of accounting, and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause a company to cease to continue as a going concern;
―	Evaluating the overall presentation, structure and content of the financial statements, including the disclosures; and
―	Evaluating whether the financial statements represents the underlying transactions and events free from material misstatements.

Because we are ultimately responsible for the opinion, we are also responsible for directing, supervising and performing the group audit. In this respect we have determined the nature and extent of the audit procedures to be carried out for group entities. Decisive were the size and/or the risk profile of the group entities or operations. On this basis, we selected group entities for which an audit or review had to be carried out on the complete set of financial information or specific items.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant findings in internal control that we identify during our audit.

Purmerend 20 April 2020

JAN© Accountants & Belastingadviseurs B.V.

Andrea A. van der Giezen RA RB

2e:T1df14,

Koike Europe B. V., Germany Branch Office

Friedberg (Hessen)

Befreiender Jahresabschluss gem. §325 a HGB
zum Geschäftsjahr vom 01.01.2017 bis zum 31.12.2017

Koike Europe B.V.
Zanndam/Niederlande

Title of the document	Annual accounts for publication purposes 2017 of Koike Europe B.V.
Name of the legal entity	Koike Europe B.V.
Registered office of the legal entity	Zaandam
Start date of current financial reporting period	1 January 2017
End date of current financial reporting period	31 December 2017
Date of adoption of the financial statements	27 April 2018
Date of deposit	3 December 2018

INDEX

Annual report

Document and entity information

Entity information

Document information

Management report

Financial statements

Consolidated financial statements

Consolidated balance sheet

Consolidated income statement

Consolidated cash flow statement

Notes to the consolidated financial statements

General notes

General accounting principles

Accounting principles

Balance sheet

Income statement

Other notes

Separate financial statements

Balance sheet

Income statement

Notes to the financial statements

General notes

General accounting principles

Accounting principles

Balance sheet

Income statement

Other notes

Signing of the financial statements

Other information

Auditor's report

Content of the auditor's report

Annual report

Document and entity information

Entity information

Name of the legal entity
Koike Europe B.V.
Legal form of the legal entity	Private limited liability company
Registered office of the legal entity
Zaandam
Registration number at the Chamber of Commerce	35023642
Business names
Koike Europe B.V.
Classification of the legal entity based on the legal size criteria	Medium
SBI-code	Wholesale of machine tools
Address of the legal entity
Street name NL	Grote Tocht
House number NL	19
Postal code NL	1507CG
Place of residence NL	Zaandam
Country name, ISO	NL

Document information

Title of the document	Annual accounts for publication purposes 2017 of Koike Europe B.V.
Start date of current financial reporting period	1 January 2017
End date of current financial reporting period	31 December 2017
Start date of previous financial reporting period	1 January 2016
End date of previous financial reporting period	31 December 2016
Reporting period different than annual (Y/N)	No
Document relates to an individual entity or a group of entities	Consolidated and separate
Presentation currency of the document	Euro
Type of income statement	Nature of expense
Type of cash flow statement	Indirect
Financial statements adopted (Y/N)	Yes
Date of adoption of the financial statements	27 April 2018

Management report

Exemption and reference to location of availability of the management report

The management report 2017 is available for inspection at the office of the legal entity.

Financial statements

Consolidated financial statements

Consolidated balance sheet

		Current	Previous
Balance sheet before or after appropriation of results	After profit appropriation
Total of assets
Total of non-current assets
Property, plant and equipment		€ 161,783	€ 222,434
Total of non-current assets		€ 161,783	€ 222,434
Total of current assets
Inventories		€ 5,564,320	€ 5,384,686
Receivables		€ 2,904,397	€ 2,873,735
Cash and cash equivalents		€ 911,154	€ 1,354,949
Total of current assets		€ 9,379,871	€ 9,613,370
Total of assets		€ 9,541,654	€ 9,835,804
Total of equity and liabilities
Total of group equity
Non-controlling interest		€ -18,998	€ -17,718
Equity		€ 1,067,409	€ 1,637,829
Total of group equity		€ 1,048,411	€ 1,620,111
Provisions		€ 51,017	€ 70,832
Non-current liabilities		€ 1,500,000	€ 1,500,000
Current liabilities		€ 6,942,226	€ 6,644,861
Total of equity and liabilities		€ 9,541,654	€ 9,835,804

Consolidated income statement

	Current	Previous
Gross operating result	€ 4,481,330	€ 4,208,846
Expenses of employee benefits	€ 3,145,941	€ 3,026,222
Amortisation of intangible assets and depreciation of property, plant and equipment	€ 80,776	€ 77,071
Other operating expenses	€ 1,693,890	€ 1,693,104
Total of sum of expenses	€ 4,920,607	€ 4,796,397
Total of operating result	€ -439,277	€ -587,551
Financial income and expenses	€ -73,197	€ -105,942
Total of result before tax	€ -512,474	€ -693,493
Income tax expense	€ -43,712	€ -39,426
Total of result after tax	€ -556,186	€ -732,919
Result attributable to non-controlling interest	€ 1,280	€-1,432
Net result after tax	€ -554,906	€ -734,351

Consolidated cash flow statement

	Current	Previous
Total of cash flows from (used in) operating activities
Total of cash flow from (used in) operations
Operating result	€ -439,277	€ -587,551
Total of adjustments to reconcile to the operating result
Adjustments for depreciation and amortisation expense	€ 80,776	€ 149,477
Increase (decrease) in provisions	€ -19,814	€ 15,866
Other adjustments to reconcile to the operating result	€ -58,368	€ -62,506
Total of adjustments to reconcile to the operating result	€ 2,594	€ 102,837
Total of changes in working capital
Decrease (increase) in trade receivables	€ 106,606	€ -30,686
Decrease (increase) in inventories	€ -179,634	€ 251,284
Increase (decrease) in trade payables	€ 285,588	€ 53,373
Decrease (increase) in other receivables	€ -137,268	€ 113,322
Increase (decrease) in other payables	€ 11,777	€ -727,288
Total of changes in working capital	€ 87,069	€ -339,995
Total of cash flow from (used in) operations	€ -349,614	€ -824,709
Interest received	€ 186	€ 5,397
Interest paid	€ -73,383	€ -111,339
Income tax paid	€ -43,712	€ -39,426
Total of cash flows from (used in) operating activities	€ -466,523	€ -970,077
Total of cash flow from (used in) investing activities
Purchase of group companies	€ 130,409	€ 72,041
Proceeds from sales of intangible assets	€0	€ 134
Purchase of property, plant and equipment	€ -20,125	€ -57,970
Proceeds from sales of property, plant and equipment	€ 0	€ 55,824
Total of cash flow from (used in) investing activities	€ 110,284	€ 70,029
Total of increase (decrease) of cash and cash equivalents
Total of net cash flows	€ -356,239	€ -900,048
Effect of exchange rate changes on cash and cash equivalents	€ -87,556	€ 43,237
Total of increase (decrease) of cash and cash equivalents	€ -443,795	€ -856,811
Cash and cash equivalents at the end of the period	€ 911,154	€ 1,354,949
Cash and cash equivalents at the beginning of the period	€ 1,354,949	€ 2,211,758

Notes to the consolidated financial statements

General notes

Description of the most important activities of the entity

The activities of Koike Europe B.V., having its legal seat at Zaandam, primarily consist of the sales and servicing of gas, plasma and laser cutting machines.

Description of the location of the actual activities

The actual address of Koike Europe B.V. is Grote Tocht 19, 1507 CG in Zaandam.

Disclosure of group structure

Koike Europe B.V. is part of a group. The head of this group is Koike Sanso Kogyo Ltd, Japan.

Disclosure of estimates

Disclosure of consolidation

Financial information relating to group companies and other legal entities controlled by Koike Europe B.V. or where central management is conducted, has been consolidated in the financial statements of Koike Europe B.V. The consolidated financial statements have been prepared in accordance with the accounting principles of Koike Europe B.V. The figures of: - Koike France SARL (95%), Marly - Koike Italy S.r.l. a Socio Unico (100%), Milan are fully consolidated in the accounts of Koike Europe B.V. Intercompany transactions are fully eliminated.

General accounting principles

Description of the accounting standards used to prepare the financial statements

The consolidated financial statement is drawn up in accordance with the provisions of Title 9, Book 2 of the Dutch Civil Code and the firm pronouncements in the Dutch Accounting Standards, as published by the Dutch Accounting Standards Board ('Raad voor de Jaarverslaggeving'). Assets and liabilities are generally valued at historical cost, production cost or at fair value at the time of acquisition. If no specific valuation principle has been stated, valuation is at historical cost.

Policy of foreign currency translation and the processing of foreign currency translation differences in foreign currency transactions

Receivables, liabilities and obligations denominated in foreign currency are translated at the exchange rates prevailing as at balance sheet date.

Policy of current value of financial instruments

Accounting principles

Policy of property, plant and equipment

Policy of financial assets

Where significant influence is exercised, associated 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 Koike Europe B.V.

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 if applicable less impairments in value.

Policy of inventories

Goods available for sale are valued at average purchase price or lower net realizable value. This lower net realizable value is determined by individual assessment of the inventories.

Work in progress is valued at manufacturing cost and a mark-up for expected transport/freight cost or lower net realizable value.

Policy of receivables

Upon initial recognition the receivables are valued at fair value and then valued at amortized cost. The fair value and amortized cost equal the face value. Provisions deemed necessary for possible bad debt losses are deducted. These provisions are determined by individual assessment of the receivables.

Policy of cash and cash equivalents

Cash and cash equivalents are valued at face value. If cash is not freely available this is taken into account for the valuation.

Policy of group equity

Issued share capital

The issued share capital is completely paid up.

Share premium reserve

The share premium originates from overpayments on the face value of the shares.

General reserve

Other reserves are all reserves, except the legal and statutory reserves. Other reserves can freely be distributed to the shareholders.

Policy of non-controlling interest

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 Koike Sanso Kogyo Co. Ltd, 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 to Koike Sanso Kogyo Co. Ltd, until the losses for which Koike Sanso Kogyo Co. Ltd has assumed responsibility have been recovered.

Policy of provision for disposal obligations

Provisions are measured at the best estimate of the amount that is necessary to settle the obligation as per the balance sheet date. Provisions for pension are valued on the basis of actuarial principles. The other provisions are carried at the nominal value of the expenditure that is expected to be necessary in order to settle the obligation, unless stated otherwise.

If obligations are expected to be reimbursed by a third party, such reimbursement is included as an asset in the balance sheet if it is probable that such reimbursement will be received when the obligation is settled.

Policy of other provisions

The company has various pension plans.

This approach accounts for the contribution payable to the pension provider as an expense in the profit and loss account.

Policy of non-current liabilities

On initial recognition, current liabilities are stated at fair value and then valued at amortized costs.

Policy of current liabilities

Upon initial recognition , loans and liabilities recorded are stated at fair value and then valued at amortized cost.

Accounting principles for determining the result

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 cost price of these goods is allocated to the same period.

Revenues from services are recognized 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.

Policy of gross margin

The gross margin consists of the net turnover, the changes in inventory of finished goods and work in progress, capitalized production on behalf of own business, other operating income.

Net turnover represents amounts invoiced for goods and services supplied during the financial year reported on, net of discounts and value added taxes.

Policy of other operating expenses

Costs are determined on a historical basis and are attributed to the reporting year to which they relate.

Policy of depreciation of property, plant and equipment

Future depreciation is adjusted if there is a change in estimated future useful life.

Gains and losses from the occasional sale of property, plant or equipment are included in depreciation.

Policy of financial income and expenses

Exchange differences that arise from the settlement or translation of monetary items are recorded in the profit and loss account in the period in which they occur, unless hedgeaccounting is applied.

Changes in the value of financial instruments recognised at fair value are recorded in the profit and loss account.

Policy of income tax expense

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 realization is likely.

Policy of share in results of participating interests

Where significant influence is exercised over associated companies, the share of the group in the associated companies' results is included in the profit and loss account. This result is determined on the basis of the accounting principles applied by Koike Europe B.V.

Where no significant influence is exercised, the dividend income is accounted for in the profit and loss as financial income.

Policy of cash flow statement

Balance sheet

Property, plant and equipment

	Current	Previous
Total of property, plant and equipment
Other tangible assets	€ 161,783	€ 222,434
Total of property, plant and equipment	€ 161,783	€ 222,434

Disclosure of property, plant and equipment

Depreciation percentages 10-33,33%

Receivables

	Current	Previous
Total of receivables
Receivables from group companies	€ 0	€ 2,064
Other receivables	€ 2,640,021	€ 2,730,588
Tax receivables	€ 224,846	€ 103,400
Receivables relating to income tax	€ 30,446	€ 25,976
Prepayments and accrued income	€ 9,084	€ 11,707
Total of receivables	€ 2,904,397	€ 2,873,735
	Current	Previous
Total of net trade receivables
Gross trade receivables	€ 2,305,956	€ 2,403,872
Provision bad debts on trade receivables	€ -84,272	€ -75,582
Total of net trade receivables	€2,221,684	€ 2,328,290
	Current	Previous
Total of current other receivables
Other receivable other	€ 418,337	€ 402,298
Total of current other receivables	€ 2,640,021	€ 2,730,588

Group equity

Disclosure of group equity

The shareholders' equity is explained in the notes to the non-consolidated balance sheet.

Provisions

	Current	Previous
Total of provisions
Other provisions	€ 51,017	€ 70,832
Total of provisions	€ 51,017	€ 70,832

Non-current liabilities

	Current	Previous
Total of non-current liabilities
Payables to credit institutions	€ 1,500,000	€ 1,500,000
Total of non-current liabilities	€ 1,500,000	€ 1,500,000

Disclosure of secured liabilities

Not applicable

	Non-current payables to credit institutions
Interest rate of non-current liabilities	1.0 %

Current liabilities

	Current	Previous
Total of current liabilities
Convertible borrowings	€ 3,600,000	€ 3,600,000
Payables to group companies	€ 1,613,852	€ 1,712,677
Other payables	€ 1,513,256	€ 1,162,642
Accruals and deferred income	€ 215,118	€ 169,542
Total of current liabilities	€ 6,942,226	€ 6,644,861

Disclosure of convertible borrowings

The MUFG Bank (Europe) N.V. supplied Koike Europe B.V. with a loan in the amount of € 2,600,000. The loan is contracted for 1 year. The interest rate is 1.0010% (on a yearly basis). The loan expires on September 25st, 2018.The loan is renewed each year. The Mizuho Bank Europe N.V. supplied Koike Europe B.V. with a loan in the amount of € 1,000,000. The loan is renewed each month. The interest rate is 1.01 % (on a yearly basis). Guarantees Koike Sango Kogyo Co. Ltd, the parent company, has issued letters of guarantee to the MUFG Bank (Europe) N.V. and Mizuho Bank Europe N.V. for the extended loans.

Disclosure of payables to group companies

Current accounts with group companies are not interest bearing. There have been no agreements made (in writing) in relation to the redemption of these current accounts.

Off-balance sheet commitments

Description of off-balance sheet commitments relating to guarantees

Rental obligations Lease office and factory building Koike Europe B.V. entered into a lease agreement with Koike Sanso Kogyo Co. Ltd. regarding the office and factory building at Zaandam. The contract which ended on December 31th, 2007 is automatically renewed for the period of one year if not cancelled. The yearly rent amounts € 156,000. The lease contract was renewed on January 1, 2017. Koike Europe B.V. (German Branch Office) entered into a lease agreement with Almatec regarding the office at Eberstadt. The contract started on December 1, 2015 and ends at December 31, 2020. The yearly rent amounts € 22,000. Koike France SARL entered into a lease agreement regarding the office at Marly.

The contract started on February 15, 2010 and ends at February 14, 2019. The yearly rent amounts € 19,000. Koike Italy SRL entered into a lease agreement regarding the office Via Papa Giovanni XXIII, 45, Rodano (MI). The contract started on August 1, 2011 and ends at July 31, 2023. The yearly rent amounts € 10,500. Four houses are leased for Japanese employees. One house is leased from August 16, 2013 for € 15,000 a year. The lease period will end on August 15, 2018. The second house is leased from March 1, 2017 for € 22,500 a year. The lease period will end on February 28st, 2018. The third house is leased from November 1, 2017 and will end on October 31, 2018. Yearly cost for this is € 24,000.

The fourth house is leased from October 1, 2017 for € 18,000 a year. The lease period will end on September 30, 2018. All leasecontracts were renewed for 2018.

Disclosure of operating leases

Operating lease commitments Koike Europe B.V. leases thirteen cars with SternLease B.V. The total yearly costs for 2018 amount to € 78,000. The totaly costs for contracts longer then one year and less then five years amount to € 76,000. There is one contract which is longer then five years. Koike Europe B.V. (German Branch Office) leases two cars, one with Toyota Fin Services and one with Ford Lease. The total yearly costs for 2018 amounts to € 11,000. The totaly costs for contracts longer than one year and less than five years amount to € 2,000. There are no contracts which are longer than five years. Three copiers are leased from Veenman from May 2, 2017 for about € 5,700 a year. This lease period will end at May 1, 2023.

Income statement

Gross margin

	Current	Previous
Ratio, to what extent, net sales relative to those of the previous period is increased or decreased	10.2 %	-10.1 %

Expenses of employee benefits: breakdown

	Current	Previous
Total of expenses of employee benefits
Wages and salaries	€ 2,445,271	€ 2,383,875
Social security contributions	€ 426,574	€ 415,006
Pension costs
Pension costs	€ 131,871	€ 108,746
Other expenses of employee benefits	€ 142,225	€ 118,595
Total of expenses of employee benefits	€ 3,145,941	€ 3,026,222

Financial income and expense

	Current	Previous
Total of financial income and expenses
Interest income and related income	€ 186	€ 5,397
Interest expenses and related expenses	€ -73,383	€ -111,339
Total of financial income and expenses	€ -73,197	€ -105,942

Income tax expense

	Current	Previous
Total of income tax expense
Income tax expense from current financial year	€ 43,651	€ 39,426
Other income tax expense	€ 61	€ 0
Total of income tax expense	€ 43,712	€ 39,426

Other notes

Average number of employees

	Current	Previous
Total of average number of employees during the period
Average number of employees employed during the financial year by the company, classified in a manner that is geared to the establishment of the company	31.5	30
Average number of employees employed by the company outside the Netherlands during the financial year	17.5	19
Total of average number of employees during the period	49	49

Remuneration of managing and supervisory directors

Disclosure of remuneration of managing and supervisory directors

The remuneration of directors can be reduced to one person. Based on article 2.383 lid 1 BW 2 c the mention of this remuneration can be omitted.

Separate financial statements

Balance sheet

		Current	Previous
Balance sheet before or after appropriation of results	After profit appropriation
Total of assets
Total of non-current assets
Property, plant and equipment		€ 149,386	€ 198,946
Financial assets		€ 130,410	€ 72,042
Total of non-current assets		€ 279,796	€ 270,988
Total of current assets
Inventories		€5,379,715	€ 5,070,773
Receivables		€3,382,125	€ 3,454,085
Cash and cash equivalents		€ 760,344	€ 1,105,027
Total of current assets		€9,522,184	€ 9,629,885
Total of assets		€9,801,980	€ 9,900,873
Total of equity and liabilities
Total of equity
Share capital		€ 1,498,835	€ 1,498,835
Share premium		€ 2,000,000	€ 2,000,000
Other reserves		€ -2,395,262	€ -1,539,871
Total of equity		€ 1,103,573	€ 1,958,964
Provisions		€ 379,958	€0
Non-current liabilities		€ 1,500,000	€ 1,500,000
Current liabilities		€ 6,818,449	€ 6,441,909
Total of equity and liabilities		€9,801,980	€ 9,900,873

Income statement

	Current	Previous
Gross operating result	€ 4,198,732	€ 3,673,573
Expenses of employee benefits	€ 2,608,649	€ 2,544,347
Amortisation of intangible assets and depreciation of property, plant and equipment	€ 68,851	€ 57,779
Other operating expenses	€ 1,969,037	€ 1,800,739
Total of sum of expenses	€ 4,646,537	€ 4,402,865
Total of operating result	€ -447,805	€ -729,292
Financial income and expenses	€ -69,457	€ -102,427
Total of result before tax	€ -517,262	€ -831,719
Income tax expense	€ -16,539	€ -6,435
Share in results of participating interests	€ -321,590	€ 61,074
Total of result after tax	€ -855,391	€ -777,080

Notes to the financial statements

General notes

Disclosure of estimates

General accounting principles

Description of the accounting standards used to prepare the financial statements

The company-only financial statement is drawn up in accordance with the provisions of Title 9, Book 2 of the Dutch Civil Code and the firm pronouncements in the Dutch Accounting Standards, as published by the Dutch Accounting Standards Board ('Raad voor de Jaarverslaggeving'). Assets and liabilities are generally valued at historical cost, production cost or at fair value at the time of acquisition. If no specific valuation principle has been stated, valuation is at historical cost. For the other accounting principles, valuation principles and principles for determination of the result we refer to the notes of the consolidated financial statements.

Accounting principles

Policy of investments in group companies

If and insofar as Koike Europe B.V. can be held fully or partially liable for the debts of the participation, or has the firm intention of enabling the participation to settle its debts, a provision is recognised for this.

Balance sheet

Property, plant and equipment

	Current	Previous
Total of property, plant and equipment

	Current	Previous
Other tangible assets	€ 149,386	€ 198,946
Total of property, plant and equipment	€ 149,386	€ 198,946

Disclosure of property, plant and equipment

Depreciation percentages 10-20%

Financial assets

		Current	Previous
Total of financial assets
Investments in participating interests in group companies		€ 130,410	€ 72,042
Total of financial assets		€ 130,410	€ 72,042
Legal entity names Koike France SARL
Location of the legal entity	Marly France
Result according to the last available financial statements of the legal entity			€ -379,958
Date of the last available financial statements of the legal entity	22 March 2018
Interest in share capital of the legal entity			95.0 %

Receivables

	Current	Previous
Total of receivables
Receivables from group companies	€ 1,029,367	€ 1,259,033
Other receivables	€2,149,872	€2,071,815
Tax receivables	€ 193,563	€ 111,489
Receivables relating to income tax	€ 3,077	€ 3,077
Prepayments and accrued income	€ 6,246	€ 8,671
Total of receivables	€3,382,125	€ 3,454,085
	Current	Previous
Total of net trade receivables
Gross trade receivables	€ 1,790,103	€ 1,686,382
Provision bad debts on trade receivables	€ -49,318	€ -8,333
Total of net trade receivables	€ 1,740,785	€ 1,678,049
	Current	Previous
Total of current other receivables
Other receivable other	€ 409,087	€ 393,766
Total of current other receivables	€2,149,872	€2,071,815

Share capital

Disclosure of share capital

There is a difference with the consolidated shareholder's equity. This difference in equity is caused by the elimination of the unrealized intercompany result of € 55,163 regarding sales to a group company in the consolidated financial statements. The authorised share capital of the company amounts to € 7,494,177 and consist of 16,515 shares. The nominal value of the shares amounts € 453,78 each.Of these shares 3,303 shares were issued and fully paid at December 31, 2017.There is a difference with the consolidated shareholder's equity. This difference in equity is caused by the elimination of the unrealized intercompany result of € 55,163 regarding sales to a group company in the consolidated financial statements.

Differences between the separate and consolidated financial statements

	Current	Previous
Equity in the separate financial statements
Difference in equity in the separate and consolidated financial statements
Provision participating interests	€ 379,958	€0

Provisions

	Current	Previous
Total of provisions
Provision participating interests	€ 379,958	€0
Total of provisions	€ 379,958	€0

Non-current liabilities

	Current	Previous
Total of non-current liabilities
Payables to credit institutions	€ 1,500,000	€ 1,500,000
Total of non-current liabilities	€ 1,500,000	€ 1,500,000

	Non-current payables to credit institutions
Interest rate of non-current liabilities	1.0 %

Current liabilities

	Current	Previous
Total of current liabilities
Convertible borrowings	€ 3,600,000	€ 3,600,000
Payables to group companies	€ 1,663,552	€ 1,752,677
Other payables	€ 1,366,177	€ 955,932
Accruals and deferred income	€ 188,720	€ 133,300
Total of current liabilities	€6,818,449	€ 6,441,909

Income statement

Gross margin

	Current	Previous
Ratio, to what extent, net sales relative to those of the previous period is increased or decreased	12.6 %	-13.1 %

Expenses of employee benefits: breakdown

	Current	Previous
Total of expenses of employee benefits
Wages and salaries	€ 2,051,820	€ 2,027,027
Social security contributions	€ 314,504	€ 312,803
Pension costs
Pension costs	€ 105,054	€ 91,920
Other expenses of employee benefits	€ 137,271	€ 112,597
Total of expenses of employee benefits	€ 2,608,649	€ 2,544,347

Financial income and expense

	Current	Previous
Total of financial income and expenses
Interest income and related income	€ 183	€ 5,389
Interest expenses and related expenses	€ -69,640	€ -107,816
Total of financial income and expenses	€ -69,457	€ -102,427

Income tax expense

	Current	Previous
Total of income tax expense
Income tax expense from current financial year	€ 16,539	€ 6,435
Total of income tax expense	€ 16,539	€ 6,435

Other notes

Average number of employees

	Current	Previous
Total of average number of employees during the period
Average number of employees employed during the financial year by the company, classified in a manner that is geared to the establishment of the company	31.5	30
Average number of employees employed by the company outside the Netherlands during the financial year	9	10
Total of average number of employees during the period	40.5	40

Remuneration of managing and supervisory directors

Description of the exemption of the publication of remuneration of managing and supervisory directors

The remuneration of directors can be reduced to one person. Based on article 2.383 lid 1 BW 2 c the mention of this remuneration can be omitted.

Subsequent events

Disclosure of subsequent events

None.

Signing of the financial statements

Managing and supervisory directors names T. Asano

Type of director	Current managing director
Location of signing by managing and supervisory directors	Zaandam
Date of signing by managing and supervisory directors	27 April 2018
Signed by director (Y/N)	Yes

(Other information)

Provisions of the Articles of Association relating to profit appropriation

In Article 20 of the articles of association is determined that the net income for the year is at the disposal of the general meeting of the shareholders.

Branch offices

The Company has the following branches: - Koike Germany Branche Office. - Koike Middle East FZE Sales Office.

Auditor's report

Content of the auditor's report

INDEPENDENT AUDITORS' REPORT

To: The shareholders of Koike Europe B.V.

A. Report on the audit of the financial statements 2017

Our opinion

We have audited the financial statements 2017 of Koike Europe B.V., based in Zaandam. In our opinion the accompanying financial statements give a true and fair view of the financial position of Koike Europe B.V. as at 31 December 2017, and of its result for 2017 in accordance with Part 9 of Book 2 of the Dutch Civil Code. The financial statements comprise: 1. the consolidated and company balance sheet as at 31 December 2017; 2. the consolidated and company profit and loss account for 2017; and 3. the notes comprising a summary of the accounting policies and other explanatory information.

Basis for our opinion

We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. Our responsibilities under those standards are further described in the 'Our responsibilities for the audit of the financial statements' section of our report. We are independent of Koike Europe B.V. in accordance with the Wet toezicht accountantsorganisaties (Wta, Audit firms supervision act), Verordening inzake de onafhankelijkheid van accountants bij assurance-opdrachten (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant independence regulations in the Netherlands. Furthermore we have complied with the Verordening gedrags- en beroepsregels accountants (VGBA, Dutch Code of Ethics). We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

B. Report on the other information included in the annual report

In addition to the financial statements and our auditor's report thereon, the annual report contains other information that consists of: - The management board's report; - Other information as required by Part 9 of Book 2 of the Dutch Civil Code. Based on the following procedures performed, we conclude that the other information: - is consistent with the financial statements and does not contain material misstatements; - contains the information as required by Part 9 of Book 2 of the Dutch Civil Code. We have read the other information. Based on our knowledge and understanding obtained through our audit of the financial statements or otherwise, we have considered whether the other information contains material misstatements. By performing these procedures, we comply with the requirements of Part 9 of Book 2 of the Dutch Civil Code and the Dutch Standard 720. The scope of the procedures performed is substantially less than the scope of those performed in our audit of the financial statements. Management is responsible for the preparation of the management board's report in accordance with Part 9 of Book 2 of the Dutch Civil Code and other information as required by Part 9 of Book 2 of the Dutch Civil Code.

C. Description of responsibilities regarding the financial statements

Responsibilities of the board for the financial statements

The board is responsible for the preparation and fair presentation of the financial statements in accordance with Part 9 of Book 2 of the Dutch Civil Code. Furthermore, the board is responsible for such internal control as the board determines is necessary to enable the preparation of the financial statements that are free from material misstatements, whether due to fraud or error. As part of the preparation of the financial statements, the board is responsible for assessing the company's ability to continue as a going concern. Based on the financial reporting framework mentioned, the board should prepare the financial statements using the going concern basis of accounting unless the board either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. The board should disclose events and circumstances that may cast significant doubt on the company's ability to continue as a going concern in the financial statements.

Our responsibilities for the audit of the financial statements

Our objective is to plan and perform the audit assignment in a manner that allows us to obtain sufficient and appropriate audit evidence for our opinion. Our audit has been performed with a high, but not absolute, level of assurance, which means we may not detect all material errors and fraud during our audit. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial statements. The materiality affects the nature, timing and extent of our audit procedures and the evaluation of the effect of identified misstatements on our opinion. We have exercised professional judgement and have maintained professional skepticism throughout the audit, in accordance with Dutch Standards on Auditing, ethical requirements and independence requirements. Our audit included among others: - Identifying and assessing the risks of material misstatements of the financial statements, whether due to fraud or error, designing and performing audit procedures responsive to those risks, and obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

The risk of not detecting a material misstatements resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control; - Obtaining an understanding of internal control relevant to the audit 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 company's internal control; - Evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the board; - Concluding on the appropriateness of the board's use of the going concern basis of accounting, and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause a company to cease to continue as a going concern; - Evaluating the overall presentation, structure and content of the financial statements, including the disclosures; and - Evaluating whether the financial statements represents the underlying transactions and events free from material misstatements. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant findings in internal control that we identify during our audit.

Purmerend 27 April 2018

JAN© Auditors & Tax advisers

Andrea A. van der Giezen, RA RB

2f:T204a3,

Koike Europe B. V., Germany Branch Office

Friedberg (Hessen)

Befreiender Jahresabschluss gem. §325 a HGB
zum Geschäftsjahr vom 01.01.2020 bis zum 31.12.2020

Koike Europe B.V.
Zanndam/Niederlande

Title of the document	Annual accounts for publication purposes 2020 of Koike Europe B.V.
Name of the legal entity	Koike Europe B.V.
Start date of the period concerning the financial statement	1 January 2020
End date of the period concerning the financial statement	31 December 2020
Financial statements adopted (Y/N)	Yes
Date of adoption of the financial statements	21 April 2021
Date of deposit	20 May 2021

INDEX

Annual report

Document and entity information

Entity information

Document information

Management report

Financial statements

Consolidated financial statements

Consolidated balance sheet

Consolidated income statement

Consolidated cash flow statement

Notes to the consolidated financial statements

General notes

General accounting principles

Accounting principles

Balance sheet

Income statement

Other notes

Company financial statements

Balance sheet

Income statement

Notes to the financial statements

General accounting principles

Balance sheet

Income statement

Other notes

Other information

Auditor's report

Content of the auditor's report

Annual report

Document and entity information

Entity information

2020

Name of the legal entity	Koike Europe B.V.
Legal form of the legal entity	Private limited liability company
Registered office of the legal entity	Zaandam
Registration number at the Chamber of Commerce	35023642
Business names	Koike Europe B.V.
Classification of the legal entity based on the legal size criteria	Medium
SBI-code	Wholesale of machine tools

2020

Street name NL	Grote Tocht
House number NL	19
Postal code NL	1507CG
Place of residence NL	Zaandam
Country name, ISO	NL

Document information

2020

Title of the document	Annual accounts for publication purposes 2020 of Koike Europe B.V.
Start date of the period concerning the financial statement	1 January 2020
End date of the period concerning the financial statement	31 December 2020
Start date of the previous period concerning the financial statement	1 January 2019
End date of the previous period concerning the financial statement	31 December 2019
Reporting period different than annual (Y/N)	Yes
Financial statement contains financial information of an individual legal entity or a group of companies	Consolidated and separate
Presentation currency of the document	Euro
Type of income statement	Nature of expense
Type of cash flow statement	Indirect
Date of preparation of the financial statements	26 March 2021
Financial statements adopted (Y/N)	Yes
Date of adoption of the financial statements	21 April 2021

Management report

2020

Exemption and reference to location of availability of the management report

The management report 2020 is available for inspection at the office of the legal entity.

Financial statements

Consolidated financial statements

Consolidated balance sheet

		31 December 2020	31 December 2019
Balance sheet before or after appropriation of results	After profit appropriation
Assets
Non-current assets
Property, plant and equipment		€ 265,450	€ 309,641
Total of non-current assets		€ 265,450	€ 309,641
Current assets
Inventories		€ 3,327,661	€ 4,705,197
Receivables		€ 1,785,065	€ 2,013,940
Cash and cash equivalents		€ 2,009,413	€ 1,370,743
Total of current assets		€ 7,122,139	€ 8,089,880
Total of assets		€ 7,387,589	€ 8,399,521
Equity and liabilities
Group equity
Equity		€ -2,320,025	€ -732,963
Share in group equity not accrued to legal entity		€ -34,821	€ -33,987
Total of group equity		€ -2,354,846	€ -766,950
Provisions		€ 70,451	€ 59,972
Non-current liabilities		€ 7,600,000	€ 5,600,000
Current liabilities		€ 2,071,984	€ 3,506,499
Total of equity and liabilities		€ 7,387,589	€ 8,399,521

Consolidated income statement

	2020	2019
Gross operating result	€ 3,564,052	€ 4,281,251
Expenses of employee benefits	€ 3,338,515	€ 3,760,266
Amortisation of intangible assets and depreciation of property, plant and equipment	€ 82,005	€ 58,323
Other operating expenses	€ 1,618,349	€ 1,858,020
Total of sum of expenses	€ 5,038,869	€ 5,676,609
Total of operating result	€ -1,474,817	€ -1,395,358
Financial income and expenses	€ -56,078	€ -59,197
Total of result before tax	€ -1,530,895	€ -1,454,555
Income tax expense	€ -56,995	€ -45,539
Total of result after tax	€ -1,587,890	€ -1,500,094
Profit (loss) attributable to non-controlling interest not accrued to legal entity	€ 834	€ 13,932
Result attributable to legal entity	€ -1,587,056	€ -1,486,162

Consolidated cash flow statement

	2020	2019
Operating result	€ -1,474,817	€ -1,395,358
Adjustments for depreciation and amortisation expense	€ 79,472	€ 57,727
Increase (decrease) in provisions	€ 10,479	€ -3,372
Total of adjustments to reconcile to the operating result	€ 89,951	€ 54,355
Decrease (increase) in trade receivables	€ 105,201	€ 1,434,992
Decrease (increase) in inventories	€ 1,377,536	€ 740,993
Increase (decrease) in trade payables	€ -291,055	€ -646,363
Decrease (increase) in other receivables	€ 123,674	€ -11,734
Increase (decrease) in other payables	€ -1,143,460	€ -28,477
Total of changes in working capital	€ 171,896	€ 1,489,411
Total of cash flow from (used in) operations	€ -1,212,970	€ 148,408
Interest received	€ 4,110	€ 20
Interest paid	€ -60,188	€ -59,217
Income tax paid	€ -56,995	€ -45,539
Total of cash flows from (used in) operating activities	€ -1,326,043	€ 43,672
Purchase of property, plant and equipment	€ -37,863	€ -208,701
Proceeds from sales of property, plant and equipment	€ 2,582	€ 0
Total of cash flow from (used in) investing activities	€ -35,281	€ -208,701
Other cash flows	€ 2,000,000	€ 0
Total of cash flow from (used in) financing activities	€ 2,000,000	€ 0
Total of net cash flows	€ 638,676	€ -165,029
Effect of exchange rate changes on cash and cash equivalents	€ -6	€ 2
Total of increase (decrease) of cash and cash equivalents	€ 638,670	€ -165,027
Cash and cash equivalents at the beginning of the period	€ 1,370,743	€ 1,035,774
Cash and cash equivalents at the end of the period	€ 2,009,413	€ 1,370,743

Notes to the consolidated financial statements

General notes

Description of the most important activities of the entity

The activities of Koike Europe B.V., having its legal seat at Zaandam, primarily consist of the sales and servicing of gas, plasma and laser cutting machines.

Going concern

Disclosure of going concern

Due to the size of the equity as per end Koike Europe B.V. and the result over 2020 there is an uncertain element of material importance based on which there could be reasonable doubt about the continuity of the activities of Koike Europe B.V. as a whole. Another uncertain element of material importance is due to the increased intercompany receivable between Koike Europe B.V. and Koike France S.A.R.L. (95%), Marly (France).

However, based on a signed comfort letter by Koike Sanso Kogyo Co., Ltd., we believe that the going concern principle is still relevant. In this comfort letter Koike Sanso Kogyo Co., Ltd. declares its intention to provide all sufficient financial support for Koike Europe B.V. to continue business operation in 2021 and on. The accounting principles applied to the valuation of assets and liabilities and the determination of results in these financial statements are based on the assumption of continuity of the corporation.

Group structure

Disclosure of group structure

Koike Europe B.V. is part of a group. The head of this group is Koike Sanso Kogyo Co., Ltd., Japan.

Estimates

Disclosure of estimates

In applying the principles and policies for drawing up the financial statements, the directors of Koike Europe B.V. make different use of estimates and judgments that may be essential to the amounts disclosed in the financial statements. If it is necessary in order to provide the transparency required under Book 2, article 362, paragraph 1, the nature of these estimates and judgments, including related assumptions, is disclosed in the notes to the relevant financial statement item.

Consolidation

Disclosure of consolidation

The figures of:

―	Koike France S.A.R.L. (95%), Marly (France);
―	Koike Italia S.r.l. a Socio Unico (100%), Milan (Italy)

are fully consolidated in the accounts of Koike Europe B.V. Intercompany transactions are fully eliminated. The figures of Koike Middle East FZE are considered to be not significant.

Description of the policies for consolidation

The accounting policies of group companies and other consolidated entities have been changed where necessary, in order to align them to the prevailing group accounting policies.

General accounting principles

Description of the accounting standards used to prepare the financial statements

The consolidated financial statements are drawn up in accordance with the provisions of Title 9, Book 2 of the Dutch Civil Code and the firm pronouncements in the Dutch Accounting Standards, as published by the Dutch Accounting Standards Board ('Raad voor de Jaarverslaggeving').

Foreign currency translation

Policy of foreign currency translation and the processing of foreign currency translation differences in foreign currency transactions

Receivables, liabilities and obligations denominated in foreign currency are translated at the exchange rates prevailing as at balance sheet date.

Leases

Policy of operating leases

Financial instruments

Policy of financial instruments

Securities included in financial and current assets are stated at fair value, if these are related to securities held for trading or if they relate to equity instruments not held for trading, as well as derivatives of which the underlying object is listed on a stock exchange. All other on-balance financial instruments are carried at (amortised) cost.

Policy of current value of financial instruments

Accounting principles

Accounting principles applied to the valuation of assets and liabilities

Policy of property, plant and equipment

Policy of financial assets

In the event of an impairment loss, valuation takes place at the recoverable amount; an impairment is recognised and charged to the consolidated profit and loss account.

Deferred tax assets are valued at their nominal value.

Policy of inventories

Goods available for sale are valued at average purchase price or lower net realizable value. This lower net realizable value is determined by individual assessment of the inventories.

Work in progress is valued at manufacturing cost and a mark-up for expected transport, freight and service cost or lower net realizable value.

Policy of receivables

Policy of cash and cash equivalents

Policy of share in group equity not accrued to legal entity

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 Koike Sanso Kogyo Co., Ltd., 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 to Koike Sanso Kogyo Co., Ltd., until the losses for which Koike Sanso Kogyo Co., Ltd. has assumed responsibility have been recovered.

Policy of provisions

Policy of non-current liabilities

On initial recognition, current liabilities are stated at fair value and then valued at amortized costs.

Policy of current liabilities

Upon initial recognition, loans and liabilities recorded are stated at fair value and then valued at amortized cost.

Accounting principles for the determination of the result

Accounting principles for determining the result

Policy of revenue recognition

Net turnover comprises the income from the supply of goods and services and realised income from construction contracts after deduction of discounts and such like and of taxes levied on the turnover.

Policy of gross operating result

The gross margin consists of the net turnover, the changes in inventory of finished goods and work in progress, capitalized production on behalf of own business, other operating income.

Net turnover represents amounts invoiced for goods and services supplied during the financial year reported on, net of discounts and value added taxes.

Applied policy of pension costs

Policy of depreciation of property, plant and equipment

Future depreciation is adjusted if there is a change in estimated future useful life.

Gains and losses from the occasional sale of property, plant or equipment are included in depreciation.

Policy of other operating expenses

Costs are determined on a historical basis and are attributed to the reporting year to which they relate.

Policy of financial income and expenses

Exchange differences that arise from the settlement or translation of monetary items are recorded in the profit and loss account in the period in which they occur, unless hedge-accounting is applied.

Changes in the value of financial instruments recognised at fair value are recorded in the profit and loss account.

Policy of income tax expense

Policy of share in results of participating interests

Accounting principles: Cash flow statement

Policy of cash flow statement

Balance sheet

Property, plant and equipment

Breakdown

	31 December 2020	31 December 2019
Other tangible assets	€ 265,450	€ 309,641
Total of property, plant and equipment	€ 265,450	€ 309,641

Textual disclosure

Disclosure of property, plant and equipment

The other tangible fixed assets are depreciated by 10-20% annually. There is no residual value for transportation.

Receivables

Breakdown

	31 December 2020	31 December 2019
Other receivables	€ 1,608,720	€ 1,760,044
Tax receivables	€ 0	€ 225,693
Receivables relating to income tax	€ 21,152	€ 25,225
Prepayments and accrued income	€ 155,193	€ 2,978
Total of receivables	€ 1,785,065	€ 2,013,940

Trade receivables: Breakdown

	31 December 2020	31 December 2019
Gross trade receivables	€ 1,476,102	€ 1,599,496
Provision bad debts on trade receivables	€ -108,061	€ -126,254
Total of net trade receivables	€ 1,368,041	€ 1,473,242

Other receivables: Breakdown

	31 December 2020	31 December 2019
Total of current other receivables	€ 1,608,720	€ 1,760,044

Group equity

Disclosure of group equity

The shareholders' equity is explained in the notes to the non-consolidated balance sheet. The minority interest in group company Koike France S.A.R.L. amounts € -34,821 (2019: € -33,987).

Provisions

Breakdown

	31 December 2020	31 December 2019
Other provisions	€ 70,451	€ 59,972
Total of provisions	€ 70,451	€ 59,972

Textual disclosure

Disclosure of other provisions

Other provisions as at 31 December 2020 comprise Italian leave indemnities for an amount of € 56,000 (2019: € 46,000) and a provision for risks of € 14,000 (2019: € 14,000) regarding Koike France S.A.R.L. The entire provision relates to a period of more than 5 years.

Non-current liabilities

Movement schedule

	Non-current liabilities Other payables
Non-current liabilities at the beginning of the period	€ 5,600,000
Non-current liabilities at the end of the period	€ 7,600,000
Non-current liabitilities with a maturity exceeding one year within five years	€ 7,600,000

Breakdown

	31 December 2020	31 December 2019
Other payables	€ 7,600,000	€ 5,600,000
Total of non-current liabilities	€ 7,600,000	€ 5,600,000

Textual disclosure

Disclosure of non-current liabilities

The Chiba Bank, Ltd. supplied Koike Europe B.V. with a loan in the amount of € 2,600,000. The loan is contracted for 1 year. The interest rate is 0.600% (2019: 0.600%) on a yearly basis. The loan expires on March 26, 2021. The loan is renewed each year.

Koike Sanso Kogyo Co., Ltd., the parent company, supplied Koike Europe B.V. with a loan in the amount of € 1,500,000. The loan is contracted for 1 year. The interest rate is 0.695% (2019: 0.832%) on a yearly basis. The loan expires on March 31, 2021. The loan is renewed each year.

The Sumitomo Mitsui Trust Bank, Ltd. (London Branch) supplied Koike Europe B.V. with a loan in the amount of € 1,000,000. The loan is contracted for 0.5 year. The interest rate is 0.9% (2019: 0.9%) on a yearly basis. The loan expires on March 31, 2021. The loan is renewed each half year.

Koike Sanso Kogyo Co., Ltd. the parent company, supplied Koike Europe B.V. with a loan in the amount of € 500,000. The loan is contracted for 1 year. The interest rate is 0.695% (2019: 0.574%) on a yearly basis. The loan expires on February 19, 2021. The loan is renewed until February 19, 2022.

Koike Sanso Kogyo Co., Ltd., the parent company, supplied Koike Europe B.V. with a loan in the amount of € 1,000,000. The loan is contracted for 1 year started at June 20, 2020. The interest rate is 0.91271% on a yearly basis. The loan expires on June 19, 2021. The loan is renewed each year.

Koike Sanso Kogyo Co., Ltd. the parent company, supplied Koike Europe B.V. with a loan in the amount of € 1,000,000. The loan is contracted for 1 year started at December 20, 2020. The interest rate is 0.52943% on a yearly basis. The loan expires on December 19, 2021. The loan is renewed each year.

Guarantees

Koike Sanso Kogyo Co. Ltd., the parent company, has issued letters of guarantee to the Chiba Bank, Ltd. and Sumitomo Mitsui Trust Bank, Limited for the extended loans.

Current liabilities

Breakdown

	31 December 2020	31 December 2019
Payables to group companies	€ 839,750	€ 1,566,265
Other payables	€ 682,942	€ 870,147
Accruals and deferred income	€ 549,292	€ 1,070,087
Total of current liabilities	€ 2,071,984	€ 3,506,499

Textual disclosure

Disclosure of payables to group companies

Current accounts with group companies are not interest bearing. There have been no agreements made (in writing) in relation to the redemption of these current accounts

Off-balance sheet commitments

Textual disclosure

Description of off-balance sheet commitments relating to guarantees

Rental obligations

Koike France S.A.R.L. entered into a lease agreement regarding the office at Wargnies-le-Grand. The contract started on August 1, 2019 and ends at July 31, 2022. The yearly rent amounts € 11,500.

One house is leased for a Japanese employee from April 1, 2019 for € 26,400 a year. The lease period will end on March 1, 2021.

Disclosure of operating leases

Koike Europe B.V. leases 10 cars with ALD Automotive. The total yearly costs for 2021 amount to € 71,000. The totaly costs for contracts longer than one year and less than five years amount to € 85,000. There are no contracts with a duration longer than five years.

Koike Europe B.V. (German Branch Office) leases 7 cars. The total yearly costs for 2021 amounts to € 42,000. The totaly costs for contracts longer than one year and less than five years amount to € 19,000.

Income statement

Gross margin

Ratio breakdown

	2020	2019
Ratio, to what extent, net sales relative to those of the previous period is increased or decreased	-28.62 %	-10.6 %

Expenses of employee benefits: breakdown

Breakdown

	2020	2019
Wages	€ 2,503,798	€ 2,823,778
Social security contributions	€ 555,463	€ 605,123
Pension premiums	€ 171,712	€ 154,800
Total of pension costs	€ 171,712	€ 154,800
Other expenses of employee benefits	€ 107,542	€ 176,565
Total of expenses of employee benefits	€ 3,338,515	€ 3,760,266

Depreciation of property, plant and equipment and amortisation of intangible assets

Breakdown

	2020	2019
Depreciation of property, plant and equipment	€ 82,005	€ 58,323
Total of amortisation of intangible assets and depreciation of property, plant and equipment	€ 82,005	€ 58,323

Financial income and expense

Breakdown

	2020	2019
Other interest income and related income	€ 4,110	€ 20
Interest expenses and related expenses	€ -60,188	€ -59,217
Total of financial income and expenses	€ -56,078	€ -59,197

Income tax expense

Breakdown

	31 December 2020	31 December 2019
Income tax expense from current financial year	€ 56,968	€ 45,539
Other income tax expense	€ 27	€ 0
Total of income tax expense	€ 56,995	€ 45,539

Other notes

Average number of employees

Breakdown

	2020	2019
Average number of employees over the period working in the Netherlands	30.7	32.1
Average number of employees over the period working outside the Netherlands	24	25.8
Total of average number of employees over the period	54.7	57.9

Segmentation: Specification

	Total of average number of employees over the period
Segment 1	54.7

Segmentation: Specification: Previous period

	Total of average number of employees over the period
Segment 1	57.9

Remuneration of managing and supervisory directors

Disclosure of remuneration of managing and supervisory directors

The remuneration of directors can be reduced to one person. Based on article 2.383 lid 1 BW 2C the mention of this remuneration can be omitted.

Company financial statements

Balance sheet

		31 December 2020	31 December 2019
Balance sheet before or after appropriation of results	After profit appropriation
Assets
Non-current assets
Property, plant and equipment		€ 182,868	€ 239,859
Financial assets		€ 275,916	€ 222,886
Total of non-current assets		€ 458,784	€ 462,745
Current assets
Inventories		€ 3,100,999	€ 4,550,129
Receivables		€ 1,468,463	€ 1,859,013
Cash and cash equivalents		€ 1,925,404	€ 1,197,484
Total of current assets		€ 6,494,866	€ 7,606,626
Total of assets		€ 6,953,650	€ 8,069,371
Equity and liabilities
Equity
Share capital paid called up		€ 1,498,835	€ 1,498,835
Share premium		€ 2,000,000	€ 2,000,000
Other reserves		€ -6,359,126	€ -4,582,183
Total of equity		€ -2,860,291	€ -1,083,348
Non-current liabilities		€ 7,600,000	€ 5,600,000
Current liabilities		€ 2,213,941	€ 3,552,719
Total of equity and liabilities		€ 6,953,650	€ 8,069,371

Income statement

	2020	2019
Gross operating result	€ 3,058,867	€ 4,083,171
Expenses of employee benefits	€ 2,796,287	€ 3,181,453
Amortisation of intangible assets and depreciation of property, plant and equipment	€ 69,640	€ 53,094
Other operating expenses	€ 1,930,966	€ 2,691,121
Total of sum of expenses	€ 4,796,893	€ 5,925,668
Total of operating result	€ -1,738,026	€ -1,842,497
Financial income and expenses	€ -53,362	€ -56,622
Total of result before tax	€ -1,791,388	€ -1,899,119
Income tax expense	€ -38,585	€ -18,720
Share in results of participating interests	€ 53,030	€ 60,221
Total of result after tax	€ -1,776,943	€ -1,857,618

Notes to the financial statements

General accounting principles

Description of the accounting standards used to prepare the financial statements

For the other accounting principles, valuation principles and principles for determination of the result we refer to the notes of the consolidated financial statements.

Balance sheet

Property, plant and equipment

Breakdown

	31 December 2020	31 December 2019
Other tangible assets	€ 182,868	€ 239,859
Total of property, plant and equipment	€ 182,868	€ 239,859

Textual disclosure

Disclosure of other tangible assets

The other tangible fixed assets are depreciated by 10-20% annually. There is no residual value for transportation.

Financial assets

Breakdown

	31 December 2020	31 December 2019
Shares, certificates of shares and other types of participating interests in group companies	€ 275,916	€ 222,886
Total of financial assets	€ 275,916	€ 222,886

Textual disclosure

Disclosure of financial assets

The amount of € 275,916 regarding the participating interests consists of the following book values:

―	€ 275,915 in Koike Italia S.r.l. a Socio Unico, Milan (Italy), 100%;
―	€ 1 in Koike France S.A.R.L., Marly (France), 95%. The actual net value as at December 31, 2020 of Koike France S.A.R.L., Marly (France), 95% is € 696,428 negative.

Participating interests: One-fifth interest at minimum: Specification

Legal entity names Koike Italia S.r.J. a Socio Unico

Location of the legal entity Milan (Italy)
Result according to the last available financial statements of the legal entity	€ 53,030

Receivables

Breakdown

	31 December 2020	31 December 2019
Receivables from group companies	€ 0	€ 1
Other receivables	€ 1,316,137	€ 1,671,517
Tax receivables	€ 0	€ 186,308
Prepayments and accrued income	€ 152,326	€ 1,187
Total of receivables	€ 1,468,463	€ 1,859,013

Textual disclosure

Disclosure of receivables from group companies

Current accounts with group companies are not interest bearing. There have been no agreemtens made (in writing) in relation to the redemption of these current accounts.

For the current account Koike France S.A.R.L. an additional provision in 2020 has been formed due to uncertainty of going concern for an amount of € 566,465, which is the maximum amount, regarding the negative asset value of Koike France S.A.R.L.

Trade receivables: Breakdown

	31 December 2020	31 December 2019
Gross trade receivables	€ 1,165,053	€ 1,454,935
Provision bad debts on trade receivables	€ -75,998	€ -55,000
Total of net trade receivables	€ 1,089,055	€ 1,399,935

Other receivables: Breakdown

	31 December 2020	31 December 2019
Total of current other receivables	€ 1,316,137	€ 1,671,517

Equity

Movement schedule

	Share capital paid called up member	Share premium	Other reserves	Total of equity
Equity at the beginning of the period	€ 1,498,835	€ 2,000,000	€ -4,582,183	€ -1,083,348
Result allocation			€ -1,776,943	€ -1,776,943
Total of movements during the period	€ 0	€ 0	€ -1,776,943	€ -1,776,943
Equity at the end of the period	€ 1,498,835	€ 2,000,000	€ -6,359,126	€ -2,860,291

Movement schedule: Previous period

	Share capital paid called up member	Share premium	Other reserves	Total of equity
Equity at the beginning of the period	€ 1,498,835	€ 2,000,000	€ -2,724,565	€ 774,270
Result allocation			€ -1,857,618	€ -1,857,618
Total of movements during the period	€ 0	€ 0	€ -1,857,618	€ -1,857,618
Equity at the end of the period	€ 1,498,835	€ 2,000,000	€ -4,582,183	€ -1,083,348

Share capital

Textual disclosure

Disclosure of share capital paid called up

Other amounts: Breakdown

	31 December 2020	31 December 2019
Share capital issued	€ 1,498,835	€ 1,498,835

Other reserves

Disclosure of other reserves

There is a difference with the consolidated shareholder's equity of -€ 505,445, which is caused by:

―	the additional provision in connection with Koike France of € 566,465 as outlined under disclosure note receivables from group companies;
―	the result share of third parties Koike France S.A.R.L. of -€ 34,821;
―	the elimination of the unrealized intercompany result of -€ 26,199 regarding sales to a group company in the consolidated financial statements.

There is a difference with consolidated result of € 189,887, which is caused by:

―	the additional provision in connection with Koike France of € 187,147 as outlined under disclosure note receivables from group companies;
―	the elimination effect of the unrealized intercompany result of € 2,740 regarding sales to a group company in the consolidated financial statements.

Appropriation of the results

Textual disclosure

Statement of the destination of the profit or the processing of the loss

The management of the company appropriated the result as following:

The loss for 2020 amounts to € 1,776,943 and is fully deducted from the other reserves.

Non-current liabilities

Movement schedule

	Non-current liabilities Other payables
Non-current liabilities at the beginning of the period	€ 5,600,000
Non-current liabilities at the end of the period	€ 7,600,000
Non-current liabitilities with a maturity exceeding one year within five years	€ 7,600,000

Breakdown

	31 December 2020	31 December 2019
Other payables	€ 7,600,000	€ 5,600,000
Total of non-current liabilities	€ 7,600,000	€ 5,600,000

Current liabilities

Breakdown

	31 December 2020	31 December 2019
Payables to group companies	€ 1,141,170	€ 1,790,675
Other payables	€ 545,330	€ 764,445
Accruals and deferred income	€ 527,441	€ 997,599
Total of current liabilities	€ 2,213,941	€ 3,552,719

Textual disclosure

Disclosure of payables to group companies

Current accounts with group companies are not interest bearing. There have been no agreements made (in writing) in relation to the redemption of these current accounts.

Income statement

Gross margin

Ratio breakdown

	2020	2019
Ratio, to what extent, net sales relative to those of the previous period is increased or decreased	-30.09 %	-9.25 %

Expenses of employee benefits: breakdown

Breakdown

	2020	2019
Wages	€ 2,107,210	€ 2,403,533
Social security contributions	€ 439,664	€ 481,872
Pension premiums	€ 146,374	€ 129,940
Total of pension costs	€ 146,374	€ 129,940
Other expenses of employee benefits	€ 103,039	€ 166,108
Total of expenses of employee benefits	€ 2,796,287	€ 3,181,453

Depreciation of property, plant and equipment and amortisation of intangible assets

Breakdown

	2020	2019
Depreciation of property, plant and equipment	€ 69,640	€ 53,094
Total of amortisation of intangible assets and depreciation of property, plant and equipment	€ 69,640	€ 53,094

Financial income and expense

Breakdown

	2020	2019
Other interest income and related income	€ 4,109	€ 0
Interest expenses and related expenses	€ -57,471	€ -56,622
Total of financial income and expenses	€ -53,362	€ -56,622

Income tax expense

Breakdown

	31 December 2020	31 December 2019
Income tax expense from current financial year	€ 38,585	€ 18,720
Total of income tax expense	€ 38,585	€ 18,720

Other notes

Average number of employees

Breakdown

	2020	2019
Average number of employees over the period working in the Netherlands	30.7	32.1
Average number of employees over the period working outside the Netherlands	16.1	17.9
Total of average number of employees over the period	46.8	50

Segmentation: Specification

	Total of average number of employees over the period
Segment 1	46.8

Segmentation: Specification: Previous period

	Total of average number of employees over the period
Segment 1	50

Other information

2020

Provisions of the Articles of Association relating to profit appropriation

In Article 20 of the articles of association is determined that the net income for the year is at the disposal of the general meeting of the shareholders.

Branch offices

The Company has the following branche:

―	Koike Germany Branche Office.

Auditor's report

Content of the auditor's report

INDEPENDENT AUDITORS' REPORT

A. Report on the audit of the financial statements 2020

Our opinion

We have audited the financial statements 2020 of Koike Europe B.V., based in Zaandam.

In our opinion the accompanying financial statements give a true and fair view of the financial position of Koike Europe B.V. as at 31 December 2020, and of its result for 2020 in accordance with Part 9 of Book 2 of the Dutch Civil Code.

The financial statements comprise:

1.	the consolidated and company balance sheet as at 31 December 2020;
2.	the consolidated and company profit and loss account for 2020; and
3.	the notes comprising a summary of the accounting policies and other explanatory information.

Basis for our opinion

We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

B. Report on the other information included in the annual report

In addition to the financial statements and our auditor's report thereon, the annual report contains other information that consists of:

―	The management board's report;
―	Other information as required by Part 9 of Book 2 of the Dutch Civil Code.

Based on the following procedures performed, we conclude that the other information:

―	is consistent with the financial statements and does not contain material misstatements;
―	contains the information as required by Part 9 of Book 2 of the Dutch Civil Code.

C. Description of responsibilities regarding the financial statements

Responsibilities of the board for the financial statements

The board should disclose events and circumstances that may cast significant doubt on the company's ability to continue as a going concern in the financial statements.

Our responsibilities for the audit of the financial statements

Our objective is to plan and perform the audit assignment in a manner that allows us to obtain sufficient and appropriate audit evidence for our opinion.

Our audit has been performed with a high, but not absolute, level of assurance, which means we may not detect all material errors and fraud during our audit.

―	Identifying and assessing the risks of material misstatements of the financial statements, whether due to fraud or error, designing and performing audit procedures responsive to those risks, and obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatements resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
―	Obtaining an understanding of internal control relevant to the audit 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 company's internal control;
―	Evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the board;
―	Concluding on the appropriateness of the board's use of the going concern basis of accounting, and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause a company to cease to continue as a going concern;
―	Evaluating the overall presentation, structure and content of the financial statements, including the disclosures; and
―	Evaluating whether the financial statements represents the underlying transactions and events free from material misstatements. Because we are ultimately responsible for the opinion, we are also responsible for directing, supervising and performing the group audit. In this respect we have determined the nature and extent of the audit procedures to be carried out for group entities. Decisive were the size and/or the risk profile of the group entities or operations. On this basis, we selected group entities for which an audit or review had to be carried out on the complete set of financial information or specific items.

Purmerend 21 April 2021

JAN© Accountants and Business Consultants (oude ondertekening)

Andrea A. van der Giezen RA RB

30:T1e5d2,

Koike Europe B. V., Germany Branch Office

Friedberg (Hessen)

Befreiender Jahresabschluss gem. §325 a HGB
zum Geschäftsjahr vom 01.01.2018 bis zum 31.12.2018

Koike Europe B.V.
Zanndam/Niederlande

Title of the document	Annual accounts for publication purposes 2018 of Koike Europe B.V.
Name of the legal entity	Koike Europe B.V.
Registered office of the legal entity	Zaandam
Start date of the period concerning the financial statement	1 January 2018
End date of the period concerning the financial statement	31 December 2018
Financial statements adopted (Y/N)
Date of adoption of the financial statements	7 June 2019
Date of deposit	18 June 2019

INDEX

Annual report

Document and entity information

Entity information

Document information

Management report

Financial statements

Consolidated financial statements

Consolidated balance sheet

Consolidated income statement

Consolidated cash flow statement

Notes to the consolidated financial statements

General notes

General accounting principles

Accounting principles

Balance sheet

Income statement

Other notes

Company financial statements

Balance sheet

Income statement

Notes to the financial statements

General accounting principles

Balance sheet

Income statement

Other notes

Signing of the financial statements

Other information

Auditor's report

Content of the auditor's report

Annual report

Document and entity information

Entity information

Name of the legal entity	Koike Europe B.V.
Legal form of the legal entity	Private limited liability company
Registered office of the legal entity	Zaandam
Registration number at the Chamber of Commerce	35023642
Business names	Koike Europe B.V.
Classification of the legal entity based on the legal size criteria	Medium
SBI-code	Wholesale of machine tools
Street name NL	Grote Tocht
House number NL	19
Postal code NL	1507CG
Place of residence NL	Zaandam
Country name, ISO	NL

Document information

Title of the document	Annual accounts for publication purposes 2018 of Koike Europe B.V.
Start date of current financial reporting period	1 January 2018
End date of current financial reporting period	31 December 2018
Start date of previous financial reporting period	1 January 2017
End date of previous financial reporting period	31 December 2017
Reporting period different than annual (Y/N)	No
Document relates to an individual entity or a group of entities	Consolidated and separate
Presentation currency of the document	Euro
Type of income statement	Nature of expense
Type of cash flow statement	Indirect
Financial statements adopted (Y/N)	Yes
Date of adoption of the financial statements	7 June 2019

Management report

Exemption and reference to location of availability of the management report

The management report 2018 is available for inspection at the office of the legal entity.

Financial statements

Consolidated financial statements

Consolidated balance sheet

		Current	Previous
Balance sheet before or after appropriation of results	After profit appropriation
Assets
Non-current assets
Property, plant and equipment		€ 158,667	€ 162,259
Total of non-current assets		€ 158,667	€ 162,259
Current assets
Inventories		€ 5,066,893	€ 5,564,320
Receivables		€ 3,329,562	€ 2,903,921
Cash and cash equivalents		€ 1,035,774	€ 911,154
Total of current assets		€ 9,432,229	€ 9,379,395
Total of assets		€ 9,590,896	€ 9,541,654
Equity and liabilities
Group equity
Share in group equity not accrued to legal entity		€ -20,055	€ -18,998
Equity		€ 753,197	€ 1,067,409
Total of group equity		€ 733,142	€ 1,048,411
Provisions		€ 63,344	€ 51,017
Non-current liabilities		€ 1,500,000	€ 1,500,000
Current liabilities		€ 7,294,410	€ 6,942,226
Total of equity and liabilities		€ 9,590,896	€ 9,541,654

Consolidated income statement

	Current	Previous
Gross operating result	€ 4,957,630	€ 4,496,091
Expenses of employee benefits	€ 3,882,406	€ 3,593,151
Amortisation of intangible assets and depreciation of property, plant and equipment	€ 78,187	€ 80,776
Other operating expenses	€ 1,215,013	€ 1,249,176
Total of sum of expenses	€ 5,175,606	€ 4,923,103
Total of operating result	€ -217,976	€ -427,012
Financial income and expenses	€ -67,802	€ -74,019
Total of result before tax	€ -285,778	€ -501,031
Income tax expense	€ -29,490	€ -55,155
Total of result after tax	€ -315,268	€ -556,186
Profit (loss) attributable to non-controlling interest not accrued to legal entity	€ 1,057	€ 1,280
Net result after tax	€ -314,211	€ -554,906

Consolidated cash flow statement

	Current	Previous
Operating result	€ -217,976	€ -427,012
Adjustments for depreciation and amortisation expense	€ 78,187	€ 80,776
Increase (decrease) in provisions	€ 12,327	€ -19,814
Total of adjustments to reconcile to the operating result	€ 90,514	€ 60,962
Decrease (increase) in trade receivables	€ -194,475	€ 107,082
Decrease (increase) in inventories	€ 497,427	€ -179,634
Increase (decrease) in trade payables	€ 47,119	€ 285,587
Decrease (increase) in other receivables	€ -231,166	€ -137,268
Increase (decrease) in other payables	€ 305,065	€ 11,780
Total of changes in working capital	€ 423,970	€ 87,547
Total of cash flow from (used in) operations	€ 296,508	€ -278,503
Interest received	€ 8	€ 186
Interest paid	€ -67,810	€ -74,205
Income tax paid	€ -29,490	€ -55,155
Total of cash flows from (used in) operating activities	€ 199,216	€ -407,677
Purchase of property, plant and equipment	€ -74,595	€ -20,125
Proceeds from sales of property, plant and equipment	€ 0	€ -476
Total of cash flow from (used in) investing activities	€ -74,595	€ -20,601
Total of net cash flows	€ 124,621	€ -428,278
Effect of exchange rate changes on cash and cash equivalents	€ -1	€ -15,517
Total of increase (decrease) of cash and cash equivalents	€ 124,620	€ -443,795
Cash and cash equivalents at the beginning of the period	€ 911,154	€ 1,354,949
Cash and cash equivalents at the end of the period	€ 1,035,774	€ 911,154

Notes to the consolidated financial statements

General notes

Description of the most important activities of the entity

The activities of Koike Europe B.V., having its legal seat at Zaandam, primarily consist of the sales and servicing of gas, plasma and laser cutting machines.

Disclosure of group structure

Koike Europe B.V. is part of a group. The head of this group is Koike Sanso Kogyo Co. Ltd., Japan.

Disclosure of estimates

Disclosure of consolidation

The figures of:

―	Koike France S.A.R.L. (95%), Marly (France)
―	Koike Italia S.r.l. a Socio Unico (100%), Milan (Italy)

are fully consolidated in the accounts of Koike Europe B.V. Intercompany transactions are fully eliminated.

General accounting principles

Description of the accounting standards used to prepare the financial statements

Policy of foreign currency translation and the processing of foreign currency translation differences in foreign currency transactions

Receivables, liabilities and obligations denominated in foreign currency are translated at the exchange rates prevailing as at balance sheet date.

Policy of current value of financial instruments

Accounting principles

Policy of prepayments of intangible assets

Prepayments on intangible fixed assets are at the costs incurred less the accumulated amortisation costs. Impairments expected on the balance sheet date are taken into account. An impairment occurs when the carrying amount of an asset is higher than the recoverable amount; the recoverable amount is the higher of the realisable value and the value in use.

Policy of property, plant and equipment

Policy of financial assets

In the event of an impairment loss, valuation takes place at the recoverable amount; an impairment is recognised and charged to the consolidated profit and loss account.

Deferred tax assets are valued at their nominal value.

Policy of inventories

Goods available for sale are valued at average purchase price or lower net realizable value. This lower net realizable value is determined by individual assessment of the inventories.

Work in progress is valued at manufacturing cost and a mark-up for expected transport/freight cost or lower net realizable value.

Policy of receivables

Policy of cash and cash equivalents

Policy of share in group equity not accrued to legal entity

Policy of other provisions

The company has various pension plans.

This approach accounts for the contribution payable to the pension provider as an expense in the profit and loss account.

Policy of non-current liabilities

On initial recognition, current liabilities are stated at fair value and then valued at amortized costs.

Policy of current liabilities

Upon initial recognition , loans and liabilities recorded are stated at fair value and then valued at amortized cost.

Accounting principles for determining the result

Policy of revenue recognition

Net turnover comprises the income from the supply of goods and services and realised income from construction contracts after deduction of discounts and such like and of taxes levied on the turnover.

Policy of gross operating result

The gross margin consists of the net turnover, the changes in inventory of finished goods and work in progress, capitalized production on behalf of own business, other operating income.

Net turnover represents amounts invoiced for goods and services supplied during the financial year reported on, net of discounts and value added taxes.

Policy of depreciation of property, plant and equipment

Future depreciation is adjusted if there is a change in estimated future useful life.

Gains and losses from the occasional sale of property, plant or equipment are included in depreciation.

Policy of other operating expenses

Costs are determined on a historical basis and are attributed to the reporting year to which they relate.

Policy of financial income and expenses

Exchange differences that arise from the settlement or translation of monetary items are recorded in the profit and loss account in the period in which they occur, unless hedge-accounting is applied.

Changes in the value of financial instruments recognised at fair value are recorded in the profit and loss account.

Policy of income tax expense

Policy of share in results of participating interests

Policy of cash flow statement

Balance sheet

Property, plant and equipment

	Current	Previous
Other tangible assets	€ 115,261	€ 162,259
Property. plant and equipment in progress and prepayments of property, plant and equipment	€ 43,406	€ 0
Total of property, plant and equipment	€ 158,667	€ 162,259

Disclosure of property, plant and equipment

Depreciation percentages 10%-33,3%

Inventories

Disclosure of inventories

The total provision on stock amounts € 643.415.

Receivables

	Current	Previous
Other receivables	€ 3,063,108	€ 2,639,545
Tax receivables	€ 226,455	€ 224,846
Receivables relating to income tax	€ 33,132	€ 30,446
Total of prepayments and accrued income	€ 6,867	€ 9,084
Total of receivables	€ 3,329,562	€ 2,903,921

	Current	Previous
Gross trade receivables	€ 2,514,421	€ 2,305,956
Provision bad debts on trade receivables	€ -98,738	€ -84,748
Total of net trade receivables	€ 2,415,683	€ 2,221,208

	Current	Previous
Total of other receivable other	€ 3,063,108	€ 2,639,545
Total of current other receivables	€ 3,063,108	€ 2,639,545

Group equity

Disclosure of group equity

The shareholders' equity is explained in the notes to the non-consolidated balance sheet.

Provisions

	Current	Previous
Total of other provisions	€ 63,344	€ 51,017
Total of provisions	€ 63,344	€ 51,017

Disclosure of provisions

Other provisions as at 31 December 2018 comprise Italian leave indemnities for an amount of € 49,000 (2017: € 37,000) and a provision for risks of € 14,000 (2017: € 14,000) regarding Koike France S.A.R.L. The entire provision relates to a period of more than 5 years.

Non-current liabilities

	Non-current payables to banks	Non-current liabilities
Non-current liabilities at the beginning of the period	€ 1,500,000	€ 1,500,000
Non-current liabilities at the end of the period	€ 1,500,000	€ 1,500,000
Non-current liabitilities with a maturity exceeding one year within five years	€ 1,500,000	€ 1,500,000

	Current	Previous
Payables to banks	€ 1,500,000	€ 1,500,000
Total of non-current liabilities	€ 1,500,000	€ 1,500,000

Disclosure of non-current liabilities

Disclosure of secured liabilities

Not applicable

	Non-current payables to banks
Interest rate of non-current liabilities	1 %

Current liabilities

	Current	Previous
Convertible borrowings	€ 3,600,000	€ 3,600,000
Payables to group companies	€ 1,789,116	€ 1,613,852
Other payables	€ 1,509,507	€ 1,442,955
Accruals and deferred income	€ 395,787	€ 285,419
Total of current liabilities	€ 7,294,410	€ 6,942,226

Disclosure of current liabilities

The MUFG Bank (Europe) N.V. supplied Koike Europe B.V. with a loan in the amount of € 2,600,000. The loan is contracted for 1 year. The interest rate is 1.0010% (2017: 1.0010%) (on a yearly basis). The loan expires on March 29th, 2019. The loan is renewed each year.

The Mizuho Bank Europe N.V. supplied Koike Europe B.V. with a loan in the amount of € 1,000,000. The loan is ended March 27th, 2018. The interest rate is 1.01% (on a yearly basis).

The Sumitomo Mitsui Trust Bank, Limited (London Branch) supplied Koike Europe B.V. with a loan in the amount of € 1,000,000. The loan is contracted for 0.5 year. The loan expires on March 29th, 2019. The loan is renewed each half year. The interest rate is 0.9% (on a yearly basis).

Guarantees

Koike Sanso Kogyo Co. Ltd., the parent company, has issued letters of guarantee to the MUFG Bank (Europe) N.V. and Sumitomo Mitsui Trust Bank, Limited for the extended loans.

Disclosure of payables to group companies

Current accounts with group companies are not interest bearing. There have been no agreemtens made (in writing) in relation to the redemption of these current accounts.

Off-balance sheet commitments

Description of off-balance sheet commitments relating to guarantees

Rental obligations

Koike France S.A.R.L. entered into a lease agreement regarding the office at Marly. The contract started on February 15, 2010 and ends at February 14, 2019. The yearly rent amounts € 19, 120.

Four houses are leased for Japanese employees. One house is leased from August 16, 2013 for € 15,000 a year. The lease period will end on August 15, 2019. The second house is leased from November 1, 2018 and will end on October 31, 2019. Yearly costs are around € 24,000. The third house is leased from March 1, 2018 for € 25,100 a year. The lease periode will end on February 2, 2019. The fourth house is leased from October 1, 2018 for € 18,000 a year. The lease period will end on September 30, 2019.

All leasecontracts were renewed for 2019.

Disclosure of operating leases

Koike Europe B.V. leases 14 cars with SternLease B.V. The total yearly costs for 2019 amount to € 84,000. The totaly costs for contracts longer then one year and less then five years amount to € 115,000. There is one contract which is longer then five years.

Koike Europe B.V. (German Branch Office) leases 2 cars, one with Toyota Fin Services and one with Ford Lease. The total yearly costs for 2019 amounts to € 11,000. The totaly costs for contracts longer then one year and less then five years amount to € 120,000. There is one contract which is longer then five years.

Three copiers are leased from Veenman from May 2, 2017 for about € 5,700 a year. This lease period will end at May 1, 2023.

Income statement

Gross margin

	Current	Previous
Ratio, to what extent, net sales relative to those of the previous period is increased or decreased	8.33 %	10.36 %

Expenses of employee benefits: breakdown

	Current	Previous
Wages	€ 3,017,930	€ 2,815,327
Pension premiums	€ 149,450	€ 138,231
Total of pension costs	€ 149,450	€ 138,231
Social security contributions	€ 562,353	€ 489,893
Other expenses of employee benefits	€ 152,673	€ 149,700
Total of expenses of employee benefits	€ 3,882,406	€ 3,593,151

Depreciation of property, plant and equipment and amortisation of intangible assets

	Current	Previous
Depreciation of property, plant and equipment	€ 78,187	€ 80,776
Total of amortisation of intangible assets and depreciation of property, plant and equipment	€ 78,187	€ 80,776

Financial income and expense

	Current	Previous
Total of other interest income and related income	€ 8	€ 186
Interest expenses and related expenses	€ -67,810	€ -74,205
Total of financial income and expenses	€ -67,802	€ -74,019

Income tax expense

	Current	Previous
Income tax expense from previous financial years	€ 13	€ 0
Income tax expense from current financial year	€ 29,477	€ 55,094
Other income tax expense	€ 0	€ 61
Total of income tax expense	€ 29,490	€ 55,155

Other notes

Average number of employees

	Current	Previous
Average number of employees over the period working in the Netherlands	31	30
Average number of employees over the period working outside the Netherlands	26	23
Total of average number of employees over the period	57	53

	Total of average number of employees over the period
Segment 1	57

Remuneration of managing and supervisory directors

Disclosure of remuneration of managing and supervisory directors

The remuneration of directors can be reduced to one person. Based on article 2.383 lid 1 BW 2C the mention of this remuneration can be omitted.

Company financial statements

Balance sheet

		Current	Previous
Balance sheet before or after appropriation of results	After profit appropriation
Assets
Non-current assets
Property, plant and equipment		€ 147,796	€ 149,386
Financial assets		€ 162,665	€ 130,410
Total of non-current assets		€ 310,461	€ 279,796
Current assets
Inventories		€ 4,833,406	€ 5,379,715
Receivables		€ 3,831,037	€ 3,382,125
Cash and cash equivalents		€ 801,531	€ 760,344
Total of current assets		€ 9,465,974	€ 9,522,184
Total of assets		€ 9,776,435	€ 9,801,980
Equity and liabilities
Equity
Share capital		€ 1,498,835	€ 1,498,835
Share premium		€ 2,000,000	€ 2,000,000
Other reserves		€ -2,724,565	€ -2,395,262
Total of equity		€ 774,270	€ 1,103,573
Provisions		€ 381,041	€ 379,958
Non-current liabilities		€ 1,500,000	€ 1,500,000
Current liabilities		€ 7,121,124	€ 6,818,449
Total of equity and liabilities		€ 9,776,435	€ 9,801,980

Income statement

	Current	Previous
Gross operating result	€ 4,509,459	€ 4,213,493
Expenses of employee benefits	€ 3,256,707	€ 3,055,859
Amortisation of intangible assets and depreciation of property, plant and equipment	€ 68,628	€ 68,851
Other operating expenses	€ 1,469,982	€ 1,524,323
Total of sum of expenses	€ 4,795,317	€ 4,649,033
Total of operating result	€ -285,858	€ -435,540
Financial income and expenses	€ -63,596	€ -70,279
Total of result before tax	€ -349,454	€ -505,819
Income tax expense	€ -11,021	€ -27,982
Share in results of participating interests	€ 31,172	€ -321,590
Total of result after tax	€ -329,303	€ -855,391

Notes to the financial statements

General accounting principles

Description of the accounting standards used to prepare the financial statements

For the other accounting principles, valuation principles and principles for determination of the result we refer to the notes of the consolidated financial statements.

Balance sheet

Property, plant and equipment

	Current	Previous
Other tangible assets	€ 104,390	€ 149,386
Property. plant and equipment in progress and prepayments of property, plant and equipment	€ 43,406	€ 0
Total of property, plant and equipment	€ 147,796	€ 149,386

Disclosure of property, plant and equipment

Depreciation percentages 10%- 20%.

Financial assets

	Current	Previous
Total of shares, certificates of shares and other types of participating interests in group companies	€ 162,665	€ 130,410
Total of financial assets	€ 162,665	€ 130,410

Legal entity names Koike France S.A.R.L.

Location of the legal entity	Marly (France)
Result according to the last available financial statements of the legal entity	€ -1,083
Equity according to the last available financial statements of the legal entity	€ -401,096
The share in the subscribed capital of each company in which he, as a partner, is fully liable to the creditors for the debts	95 %

Legal entity names Koike Italia S.r.J. a Socio Unico

Location of the legal entity	Milan (Italy)
Result according to the last available financial statements of the legal entity	€ 32,255
Equity according to the last available financial statements of the legal entity	€ 162,664
The share in the subscribed capital of each company in which he, as a partner, is fully liable to the creditors for the debts	100 %

Receivables

	Current	Previous
Receivables from group companies	€ 986,959	€ 1,029,367
Other receivables	€ 2,655,568	€ 2,149,872
Tax receivables	€ 181,412	€ 193,563
Receivables relating to income tax	€ 3,077	€ 3,077
Total of prepayments and accrued income	€ 4,021	€ 6,246
Total of receivables	€ 3,831,037	€ 3,382,125

Disclosure of receivables from group companies

An interest rate of 4% (2017: 4%) per annum applies to the average intercompany balances. In respect of repayment and securities provided, no agreements have been made.

	Current	Previous
Gross trade receivables	€ 2,083,340	€ 1,790,103
Provision bad debts on trade receivables	€ -60,000	€ -49,318
Total of net trade receivables	€ 2,023,340	€ 1,740,785

	Current	Previous
Total of other receivable other	€ 2,655,568	€ 2,149,872
Total of current other receivables	€ 2,655,568	€ 2,149,872

Equity

	Share capital	Share premium	Other reserves	Total of equity
Equity at the beginning of the period	€ 1,498,835	€ 2,000,000	€ -2,395,262	€ 1,103,573
Result allocation			€ -329,303	€ -329,303
Total of movements during the period	€ 0	€ 0	€ -329,303	€ -329,303
Equity at the end of the period	€ 1,498,835	€ 2,000,000	€ -2,724,565	€ 774,270

Share capital

Disclosure of share capital

There is a difference with the consolidated shareholder's equity.

This difference in equity is caused by the elimination of the unrealized intercompany result of € 21,061 regarding sales to a group company in the consolidated financial statements.

The authorised share capital of the company amounts to € 7,494,177 and consist of 16,515 shares. The nominal value of the shares amounts € 453,78 each.

Of these shares 3,303 shares were issued and fully paid at December 31, 2018.

Provisions

	Current	Previous
Provision participating interests	€ 381,041	€ 379,958
Total of provisions	€ 381,041	€ 379,958

Disclosure of provisions

The provision relates to the negative net asset value of Koike France S.A.R.L.

Non-current liabilities

	Current	Previous
Payables to banks	€ 1,500,000	€ 1,500,000
Total of non-current liabilities	€ 1,500,000	€ 1,500,000

Current liabilities

	Current	Previous
Convertible borrowings	€ 3,600,000	€ 3,600,000
Payables to group companies	€ 1,838,716	€ 1,663,552
Other payables	€ 1,304,550	€ 1,295,877
Accruals and deferred income	€ 377,858	€ 259,020
Total of current liabilities	€ 7,121,124	€ 6,818,449

Disclosure of payables to group companies

An interest rate of 4% (2017: 4%) per annum applies to the average intercompany balances. In respect of repayment and securities provided, no agreements have been made.

Income statement

Gross margin

	Current	Previous
Ratio, to what extent, net sales relative to those of the previous period is increased or decreased	8.31 %	12.76 %

Expenses of employee benefits: breakdown

	Current	Previous
Wages	€ 2,578,244	€ 2,421,876
Social security contributions	€ 423,299	€ 377,823
Pension premiums	€ 114,116	€ 111,414
Total of pension costs	€ 114,116	€ 111,414
Other expenses of employee benefits	€ 141,048	€ 144,746
Total of expenses of employee benefits	€ 3,256,707	€ 3,055,859

Depreciation of property, plant and equipment and amortisation of intangible assets

	Current	Previous
Depreciation of property, plant and equipment	€ 68,628	€ 68,851
Total of amortisation of intangible assets and depreciation of property, plant and equipment	€ 68,628	€ 68,851

Financial income and expense

	Current	Previous
Total of other interest income and related income	€ 0	€ 183
Interest expenses and related expenses	€ -63,596	€ -70,462
Total of financial income and expenses	€ -63,596	€ -70,279

Income tax expense

	Current	Previous
Income tax expense from current financial year	€ 11,021	€ 27,982
Total of income tax expense	€ 11,021	€ 27,982

Other notes

Average number of employees

	Current	Previous
Average number of employees over the period working in the Netherlands	31	30
Average number of employees over the period working outside the Netherlands	17	16
Total of average number of employees over the period	48	46

Subsequent events

Disclosure of subsequent events

None.

Signing of the financial statements

Other information

Managing, supervisory directors and representative names T. Asano

Type of director	Current managing director
Location of signing by managing and supervisory directors	Zaandam
Date of signing by managing and supervisory directors	29 April 2019
Signed by director (Y/N)	Yes

Provisions of the Articles of Association relating to profit appropriation

In Article 20 of the articles of association is determined that the net income for the year is at the disposal of the general meeting of the shareholders.

Branch offices

The Company has the following branches:

―	Koike Germany Branche Office.
―	Koike Middle East FZE Sales Office.

Auditor's report

Content of the auditor's report

INDEPENDENT AUDITORS' REPORT

To: The shareholders of Koike Europe B.V.

A. Report on the audit of the financial statements 2018

Our opinion

We have audited the financial statements 2018 of Koike Europe B.V., based in Zaandam.

In our opinion the accompanying financial statements give a true and fair view of the financial position of Koike Europe B.V. as at 31 December 2018, and of its result for 2018 in accordance with Part 9 of Book 2 of the Dutch Civil Code.

The financial statements comprise:

1. the consolidated and company balance sheet as at 31 December 2018;

2. the consolidated and company profit and loss account for 2018; and

3. the notes comprising a summary of the accounting policies and other explanatory information.

Basis for our opinion

We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

B. Report on the other information included in the annual report

In addition to the financial statements and our auditor's report thereon, the annual report contains other information that consists of:

―	The management board's report;
―	Other information as required by Part 9 of Book 2 of the Dutch Civil Code.

Based on the following procedures performed, we conclude that the other information:

―	is consistent with the financial statements and does not contain material misstatements;
―	contains the information as required by Part 9 of Book 2 of the Dutch Civil Code.

C. Description of responsibilities regarding the financial statements

Responsibilities of the board for the financial statements

The board should disclose events and circumstances that may cast significant doubt on the company's ability to continue as a going concern in the financial statements.

Our responsibilities for the audit of the financial statements

Our objective is to plan and perform the audit assignment in a manner that allows us to obtain sufficient and appropriate audit evidence for our opinion.

Our audit has been performed with a high, but not absolute, level of assurance, which means we may not detect all material errors and fraud during our audit.

―	Identifying and assessing the risks of material misstatements of the financial statements, whether due to fraud or error, designing and performing audit procedures responsive to those risks, and obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatements resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
―	Obtaining an understanding of internal control relevant to the audit 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 company's internal control;
―	Evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the board;
―	Concluding on the appropriateness of the board's use of the going concern basis of accounting, and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause a company to cease to continue as a going concern;
―	Evaluating the overall presentation, structure and content of the financial statements, including the disclosures; and
―	Evaluating whether the financial statements represents the underlying transactions and events free from material misstatements.

Purmerend 29 April 2019

JAN© Auditors & Tax advisers

Andrea A. van der Giezen, RA RB

31:T1e2b1,

Koike Europe B. V., Germany Branch Office

Friedberg (Hessen)

Befreiender Jahresabschluss gem. §325 a HGB
zum Geschäftsjahr vom 01.01.2016 bis zum 31.12.2016

Koike Europe B.V.

Zanndam/Niederlande

Kamer van Koophandel
KvK-nummer	35023642
Datum ontvangst	- 3 OKT 2017
Datum vaststelling	25-04-17
	2016

Klein

Trade register: Zaandam

File nr: 035.023.642

CONSOLIDATED FINANCIAL STATEMENTS FOR FILING PURPOSES FOR THE YEAR 2016

OF Koike Europe B.V.

ZAANDAM

Adopted in the general meeting of Shareholders, held on 25 APRIL 2017.

Table of contents

1. Management Board's report

1.1 Management Board's report

2. Consolidated financial statements

2.1 Consolidated balance sheet as at 31 December 2016

2.2 Consolidated statement of income and expenses for the year 2016

2.3 Consolidated cash flow statement for the year 2016

2.4 Notes to the financial statements of the consolidated annual report

2.5 Notes to the consolidated balance sheet

2.6 Notes to the consolidated statement of income and expenses

Company financial statements

Non-consolidated balance sheet as at 31 december 2016

Non-consolidated statement of income and expenses for the year 2016

Notes to the financial statements of the non-consolidated annual report

Notes to the balance sheet

Notes to the non-consolidated statement of income and expenses

Other information

Statutory provision regarding Appropriation of resultsresult

Independent auditors'report

1. MANAGEMENT BOARD'S REPORT

1.1 MANAGEMENT BOARD'S REPORT

Is available at the office of the company.

2. CONSOLIDATED FINANCIAL STATEMENTS

2.1 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2016

After result appropriation

	31 December 2016		31 December 2015
	€	€	€	€
ASSETS
FIXED ASSETS
Intangible fixed assets		-		73.771
Tangible fixed assets		222.434		296.128
		222.434		369.899
CURRENT ASSETS
Stock and work in progress		5.384.686		5.635.970
Receivables		2.873.735		2.956.371
Cash at bank and in hand		1.354.949		2.211.758
		9.613.370		10.804.099
		9.835.804		11.173.998

	31 December 2016		31 December 2015
	€	€	€	€
LIABILITIES
Group equity
Shareholders' equity	1.637.829		2.319.409
Third parties (minority interest)	-17.718		-19.151
		1.620.111		2.300.258
Provisions		70.832		54.966
Long-term liabilities		1.500.000		1.500.000
Short-term liabilities		6.644.861		7.318.774
		9.835.804		11.173.998

2.2 CONSOLIDATED STATEMENT OF INCOME AND EXPENSES FOR THE YEAR 2016

	2016		2015
	€	€	€	€
Gross margin		4.208.846		4.713.211
Wages and salaries	2.383.875		2.216.377
Social security charges	415.006		376.645
Pension contributions	108.746		91.879
Other staff expenses	118.595		79.722
Depreciation of intangible and tangible assets	77.071		96.954
Other operating expenses	1.693.104		1.626.518
Total operating expenses		4.796.397		4.488.095
Operating result		-587.551		225.116
Interest and similar income	5.397		3.686
Value changes of financial fixed assets	-		-4.946
Interest and similar expenses	-111.339		-126.391
Financial income and expense		-105.942		-127.651
Consolidated result from operational activities before taxation		-693.493		97.465
Taxation		-39.426		-62.235
		-732.919		35.230
Result third parties		-1.432		-677
Net consolidated result after taxation		-734.351		34.553

	2016		2015
	€	€	€	€
2.3 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR 2016
Cash flow from operating activities
Operating result		-587.551		225.116
Adjustments for Depreciation of intangible and tangible assets	149.477		96.954
Result from participations not through participations	-62.506		3.411
Contribution to provisions	15.866		54.966
		102.837		155.331
Changes in working capital
Movements inventories and work in progress	251.284		-65.410
Trade debtors	-30.686		254.354
Receivables from group companies	-1.256		7.970
Taxes and social security premiums	109.448		-28.489
Other receivables, prepayments and accrued income	5.130		6.278
Movements in current liabilities	-673.913		891.723
		-339.993		1.066.426
Cash flow from operating activities		-824.707		1.446.873
Other interest and similar income	5.397		3.686
Interest and similar expenses	-111.339		-126.391
Taxation	-39.426		-62.235
Corrections	-		-2
		-145.368		-184.942
Cash flow from operating activities		-970.075		1.261.931
Cash flow from operating activities
Investments in intangible assets	-		-23.236
Investments in tangible assets	-57.970		-99.990
Investments in financial fixed assets	72.041		-9.033
Disposal of intangible fixed assets	134		19.169
Desinvestments in intangible and tangible fixed assets	55.824		-
Impairment of financial fixed assets	-		4.946
Cash flow from operating activities		70.029		-108.144
Cash flow from financing activities
Others		43.237		22.578
Movements cash		-856.809		1.176.365
Turnover movement cash and cash equivalents
Balance as at beginning of financial year		2.211.758		1.035.393
Movements during financials year		-856.809		1.176.365
Balance at financial year end		1.354.949		2.211.758

2.4 NOTES TO THE FINANCIAL STATEMENTS OF THE CONSOLIDATED ANNUAL REPORT

General

The financial statements have been prepared in accordance with Chapter 9, Book 2 of the Netherlands Civil Code. Valuation of assets and liabilities and determination of the result takes place under the historical cost convention, unless presented otherwise.

Income and expenses are accounted for on accrual basis. Profit is only included when realized on balance sheet date. Liabilities and any losses originating before the end of the financial year are taken into account if they have become known before preparation of the financial statements.

Comparative figures

The classification of comparative figures for the previous financial year has only been adjusted, where applicable, for the purpose of comparison.

Activities

The activities of Koike Europe B.V., having its legal seat at Zaandam, primarly consist of the sale and servicing of gas, plasma and laser cutting machines.

Consolidation

The figures of:

―	Koike France SARL (95%), Marly
―	Koike Italy S.r.l. a Socio Unico (100%), Milan

are fully consolidated in the accounts of Koike Europe B.V. Intercompany transactions are fully eliminated.

Head of the group

The head of the group is Koike Sanso Kogyo Ltd, Japan.

Related parties

Besides Koike France SARL, Koike Europe B.V. has transactions with Koike Sanso Kogyo Co Ltd.

Japan, Koike Europe Germany Branch Office, Koike Engineering Tangshan Co Ltd, China, Koike Korea Engineering Co Ltd and Koike Aronson Inc., USA.

All related party transactions are disclosed in the notes if they are not transacted under at arm's lengt market conditions.

Estimates

Translation of foreign currency

Receivables, liabilities and obligations denominated in foreign currency are translated at the exchange rates prevailing as at balance sheet date in Euro, the financial en presentation currency of the company.

Financial instruments

Accounting policies in respect of the valuation of assets and liabilities

Intangible fixed assets

Intangible fixed assets are presented at cost less accumulated amortization and, if applicable, less impairments in value, amortization 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 amortization method are reassessed at the end of each financial year.

Tangible fixed assets

Financial fixed assets

Where no significant influence is exercised associated companies are valued at cost and if applicable less impairments in value.

Stocks

Goods available for sale are valued at average purchase price or lower net realizable value. This lower net realizable value is determined by individual assessment of the inventories.

Work in progress is valued at manufacturing cost and a mark-up for expected transport/freight cost or lower net realizable value.

Receivables

Cash at bank

Cash and cash equivalents are valued at face value. If cash is not freely available this is taken into account for the valuation.

Equity

Issued share capital

The issued share capital is completely paid up.

Share premium reserve

The share premium originates from overpayments on the face value of the shares.

General reserve

Other reserves are all reserves, except the legal and statutory reserves. Other reserves can freely be distributed to the shareholders.

Third parties (minority interest)

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 Koike Sanso Kogyo Co. Ltd, 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 to Koike Sanso Kogyo Co. Ltd, until the losses for which Koike Sanso Kogyo Co. Ltd has assumed responsibility have been recovered.

Provisions

Provisions are measured at the best estimate of the amount that is necessary to settle the obligation as per the balance sheet date. The other provisions are carried at the nominal value of the expenditure that is expected to be necessary in order to settle the obligation, unless stated otherwise.

Provision for tax liabilities

The company has various pension plans.

This approach accounts for the contribution payable to the pension provider as an expense in the profit and loss account.

Long term liabilities

Upon initial recognition, loans and liabilities recorded are stated at fair value and then valued at amortized cost.

Current liabilities

Upon initial recognition, current liabilities are stated at fair value and then valued at amortized cost.

Accounting policies in respect of result determination

General

Gross margin

The gross margin consists of the net turnover, the changes in inventory of finished goods and work in progress, capitalized production on behalf of own business, other operating income.

Net turnover represents amounts invoiced for goods and services supplied during the financial year reported on, net of discounts and value added taxes.

Depreciation and amortization

Amortisation of intangible fixed assets

Amortization of intangible fixed assets is charged as a fixed percentage of cost.

Depreciation of tangible fixed assets

Depreciation of other fixed assets 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. Book profits and losses upon disposal of a business asset are included in depreciation.

Other operating expenses

Costs are taken into account under the historical cost convention and allocated to the period concerned.

Net financial result

Exchange differences that arise from the settlement or translation of monetary items are recorded in the profit and loss account in the period in which they occur, unless hedge-accounting is applied.

Changes in the value of financial instruments recognised at fair value are recorded in the profit and loss account.

Taxation

Result from participations in group and affiliated companies

Where no significant influence is exercised, the dividend income is accounted for in the profit and loss as financial income.

Principles of the cash flow summary

The cash flow statement is prepared according to the indirect method.

The funds in the cash flow statement consist of cash and cash equivalents.

Cash equivalents can be considered to be highly liquid investments.

Cash flows in foreign currencies are translated at an estimated average rate. Exchange rate differences concerning finances are shown separately in the cash flow statement under cash flow from operating activities.

Corporate income taxes, interest paid, interest received and dividends received are presented under the cash flow from operating activities. Issuance of share capital and dividends paid are presented under the cash flow from financing activities.

The cost of group companies acquired is presented under the cash flow from investment activities, as far as payment has been made with cash and cash equivalents. The cash and cash equivalents of the group companies acquired are deducted from the purchase cost.

Transactions that do not result in exchange of cash and cash equivalents, such as financial lease, are not presented in the cash flow statement. The payment of lease terms on account of the financial lease contract is considered as an expenditure of financing activities as far as it concerns redemptions and as an expenditure of operational activities as far as it concerns interest.

2.5 NOTES TO THE CONSOLIDATED BALANCE SHEET

FIXED ASSETS

	31-12-2016	31-12-2015
	€	€
Tangible fixed assets
Buildings and land	-	42.947
Fittings & Equipment and Transportation	222.434	253.181
	222.434	296.128

Depreciation percentages:

Buildings and ground 3.33%

Fittings & Equipment 10-33.33%

Transportation 20%

CURRENT ASSETS

	31-12-2016	31-12-2015
	€	€
Receivables
Receivables from group companies	2.064	808
Other receivables, prepayments and accrued income	11.707	16.837
Taxes and social security premiums	2.859.964	2.938.726
	2.873.735	2.956.371

Group equity

The shareholders' equity is explained in the notes to the non-consolidated balance sheet.

	31-12-2016	31-12-2015
	€	€
Third parties (minority interest)
Koike France SARL	-17.718	-19.151

The shares of third parties in Koike France SARL concerns an interest of 5% of the total of shares.

	31-12-2016	31-12-2015
	€	€
Provisions
Other provisions	70.832	54.966

	31-12-2016	31-12-2015
	€	€
Long-term liabilities
Koike Sanso Kogyo Co. Ltd.	1.500.000	1.500.000

Long-term liabilities

	Balance as at 31 December 2016	Repayment due	Remaining pay-back time > 1 year	Remaining pay-back time > 5 year
	€	€	€	€
Koike Sanso Kogyo Co. Ltd.	1.500.000	-	1.500.000	-

The interest rate is 0.92714% (on a yearly basis).

	31-12-2016	31-12-2015
	€	€
Short-term liabilities
Short term loans	3.600.000	3.600.000
Liabilities to group companies	1.712.677	2.178.300
Other liabilities and accrued expenses	1.332.184	1.540.474
	6.644.861	7.318.774

The Bank of Tokyo-Mitsubishi UFJ (Holland) N.V. supplied Koike Europe B.V. with a loan in the amount of € 2,600,000. The loan is contracted for 1 year. The interest rate is 1.0010% (on a yearly basis). The loan expires on September 25st, 2017.

The Mizuho Corporate Bank Nederland N.V. supplied Koike Europe B.V. with a loan in the amount of € 1,000,000. The loan is renewed a new each month. The interest rate is 1.01 % (on a yearly basis).

Guarantees

Koike Sango Kogyo Co. Ltd, the parent company, has issued letters of guarantee to the Bank of Tokyo-Mitsubishi (Holland) N.V.and Mizuho Corporate Bank Nederland N.V. for the extended loans.

Current accounts with group companies are not interest bearing. There have been no agreements made (in writing) in relation to the redemption of these current accounts.

Off-balance-sheet rights, obligations and arrangements

Rental obligations

Lease office and factory building

Five houses are leased for Japanese employees. One house is leased from August 16, 2013 for € 15,120 a year. The lease period will end on August 15, 2017. The second house is leased from August 1,2012 for € 18,000 a year. The lease period will end on February 28st, 2017. The third house is leased from June 1, 2015 and will end on May 31, 2017. Yearly cost for this is € 22,930. The fourth house is leased from February 17, 2015 for € 22.116 a year. The lease period will end on February 18, 2017. The fifth house is leased from October 11, 2016 for € 18.000 a year. The lease period will end on October 10, 2017.

Lease obligations

Koike Europe B.V leases thirteen cars with SternLease B.V. The total yearly costs amount to € 135,000.

Three copiers are leased from HP Financial Services from April 13, 2016 for about € 3,000 a year. These lease period will end after 36 months.

2.6 NOTES TO THE CONSOLIDATED STATEMENT OF INCOME AND EXPENSES

Net Turnover

The net sales decreased with 10% compared to last year.

Remuneration of directors

The remuneration of directors can be reduced to one person. Based on article 2.383 lid 1 BW 2 C the mention of this remuneration can be omitted.

	2016	2015
Average number of employees
Employees	42	39

	2016	2015
	€	€
Depreciation of intangible and tangible assets
Amortisation of intangible fixed assets	73.637	22.913
Depreciation of tangible fixed assets	3.434	74.041
	77.071	96.954

COMPANY FINANCIAL STATEMENTS

NON-CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2016

After result appropriation

	31-12-2016		31-12-2015
	€	€	€	€
ASSETS
FIXED ASSETS
Intangible fixed assets		-		73.475
Tangible fixed assets		198.946		257.186
Financial fixed assets		72.042		10.968
		270.988		341.629
CURRENT ASSETS
Stock and work in progress		5.070.773		5.295.379
Receivables		3.454.085		3.668.940
Cash at bank and in hand		1.105.027		2.073.846
		9.629.885		11.038.165
		9.900.873		11.379.794

	31-12-2016		31-12-2015
	€	€	€	€
LIABILITIES
Shareholders' equity
Issued share capital	1.498.835		1.498.835
Share premium reserve	2.000.000		2.000.000
Other reserves	-1.539.871		-762.791
		1.958.964		2.736.044
Long-term liabilities		1.500.000		1.500.000
Short-term liabilities		6.441.909		7.143.750
		9.900.873		11.379.794

NON-CONSOLIDATED STATEMENT OF INCOME AND EXPENSES FOR THE YEAR 2016

	2016		2015
	€	€	€	€
Gross margin		3.673.573		4.408.921
Wages and salaries	2.027.027		1.931.386
Social security charges	312.803		286.400
Pension contributions	91.920		77.321
Other staff expenses	112.597		75.837
Depreciation of intangible and tangible assets	57.779		80.707
Other operating expenses	1.800.739		1.754.533
Total operating expenses		4.402.865		4.206.184
Operating result		-729.292		202.737
Interest and similar income	5.389		3.686
Value changes of financial fixed assets	-		-4.946
Interest and similar expenses	-107.816		-122.919
Financial income and expense		-102.427		-124.179
Result from operational activities before taxation		-831.719		78.558
Taxation		-6.435		-
		-838.154		78.558
Result third parties		61.074		-4.087
Net result after taxes		-777.080		74.471

NOTES TO THE FINANCIAL STATEMENTS OF THE NON-CONSOLIDATED ANNUAL REPORT

General

The group company subsidiaries are valued at net asset value, defined according to the principles of valuation of Koike Europe B.V.

For the other accounting principles, valuation principles and principles for determination of the result we refer to the notes of the consolidated financial statements.

NOTES TO THE BALANCE SHEET

ASSETS

	31-12-2016	31-12-2015
	€	€
Tangible fixed assets
Buildings and land	-	42.947
Fittings & Equipment and Transportation	198.946	214.239
	198.946	257.186

	31-12-2016	31-12-2015
	€	€
Financial fixed assets
Participations in group companies	72.042	10.968

At 28 January 2015 Koike Europe B.V. obtained 100% of the shares of Koike Italia S.r.l. a Socio Unico. The purchase price of the participation was € 20,000.

Register of participations

	Share in issued capital in %	Shareholders' equity latest adopted accounts	Result latest adopted accounts
		€	€
Koike France SARL, Marly France	95,00	-	28.645
Koike Italia S.r.l. a Socio Unico, Rodano, Italy	100,00	-	61.074

CURRENT ASSETS

	31-12-2016	31-12-2015
	€	€
Receivables
Receivables from group companies	1.259.033	1.376.178
Other receivables, prepayments and accrued income	8.671	6.066
Taxes and social security premiums	2.186.381	2.286.696
	3.454.085	3.668.940

The current accounts with group companies are not interest bearing. There have been no agreements made (in writing) in relation to the redemption of these current accounts.

Shareholders' equity

	Issued share capital	Share premium reserve	General reserve	Currency variation	Total
	€	€	€	€	€
Balance as at 1 januari 2016	1.498.835	2.000.000	-762.482	-309	2.736.044
Appropriated of result	-	-	-777.080	-	-777.080
Balance as at 31 december 2016	1.498.835	2.000.000	-1.539.562	-309	1.958.964

There is a difference with the consolidated shareholder's equity of € -338.853. This difference in equity is caused by:

―	Elimination of the unrealized intercompany result of € 15,515 regarding sales to a group company in the consolidated financial statements;
―	Koike Europe B.V. is not accountable for the negative equity of subsidiaries of € -354.368.

Issued share capital

The authorised share capital of the company amounts to € 7,494,177 and consist of 16,515 shares. The nominal value of the shares amounts € 453,78 each.

Of these shares 3,303 shares were issued and fully paid at December 31, 2016.

	31-12-2016	31-12-2015
	€	€
Long-term liabilities
Koike Sanso Kogyo Co. Ltd.	1.500.000	1.500.000

Long-term liabilities

	Balance as at 31 december 2016	Repayment due	Remaining pay-back time > 1 year	Remaining pay-back time > 5 year	Interest percentage
	€	€	€	€	%
Koike Sanso Kogyo Co. Ltd.	1.500.000	-	1.500.000	-	0,92714

	31-12-2016	31-12-2015
	€	€
Short-term liabilities
Short term loans	3.600.000	3.600.000
Liabilities to group companies	1.752.677	2.217.200
Other liabilities and accrued expenses	1.089.232	1.326.550
	6.441.909	7.143.750

The Mizuho Corporate Bank Nederland N.V. supplied Koike Europe B.V. with a loan in the amount of € 1,000,000. The loan is renewed a new each month. The interest rate is 1.01 % (on a yearly basis).

Guarantees

Koike Sango Kogyo Co. Ltd, the parent company, has issued letters of guarantee to the Bank of Tokyo-Mitsubishi (Holland) N.V.and Mizuho Corporate Bank Nederland N.V. for the extended loans.

Current accounts with group companies are not interest bearing. There have been no agreements made (in writing) in relation to the redemption of these current accounts.

Off-balance-sheet rights, obligations and arrangements

Rental obligations

Lease office and factory building

Five houses are leased for Japanese employees. One house is leased from August 16, 2013 for € 15,120 a year. The lease period will end on August 15, 2017. The second house is leased from August 1, 2012 for € 18,000 a year. The lease period will end on February 28st, 2017. The third house is leased from June 1, 2015 and will end on May 31, 2017. Yearly cost for this is € 22,930, The fourth house is leased from February 17, 2015 for € 22.116 a year. The lease period will end on February 18, 2017. The fifth house is leased from October 11,2016 for € 18.000 a year. The lease period will end on October 10, 2017.

Lease obligations

Koike Europe B.V leases thirteen cars with SternLease B.V. The total yearly costs amount to € 135,000.

Three copiers are leased from HP Financial Services from April 13, 2016 for about € 3,000 a year. These lease period will end after 36 months.

Appropriation of result

The management of the company proposes to appropriate the result as follows:

The loss for the year 2016 in the amount of € 777.080 will be deducted from the other reserves.

This proposal needs to be determined by the General Meeting but has been processed in the annual accounts 2016 for the company.

NOTES TO THE NON-CONSOLIDATED STATEMENT OF INCOME AND EXPENSES

Net Turnover

The net sales decreased with 13.1% compared to last year.

Remuneration of directors

The remuneration of directors can be reduced to one person. Based on article 2.383 lid 1 BW 2 c the mention of this remuneration can be omitted.

	2016	2015
Average number of employees
Employees	33	29

	2016	2015
	€	€
Depreciation of intangible and tangible assets
Amortisation of intangible fixed assets	73.341	21.705
Depreciation of tangible fixed assets	-15.562	59.002
	57.779	80.707

Signed by

ZAANDAM, 13 april 2017

Koike Europe B.V.

T. Asano, Director

The original signed copy is held at the office of Koike Europe B.V. in Zaandam.

OTHER INFORMATION

Statutory provision regarding Appropriation of resultsresult

In Article 20 of the articles of association is determined that the net income for the year is at the disposal of the general meeting of the shareholders.

INDEPENDENT AUDITOR'S REPORT

To: The shareholders of Koike Europe B.V.

A. Report on the audit of the financial statements 2016 included in the financial report

OUR OPINION

We have audited the financial statements 2016 of Koike Europe B.V. based in Zaandam.

In our opinion the accompanying financial statements give a true and fair view of the financial position of Koike Europe B.V. as at 31 December 2016, and of its result for 2016 in accordance with Part 9 of Book 2 of the Dutch Civil Code.

The financial statements comprise:

1.	the consolidated and company balance sheet as at 31 December 2016
2.	the consolidated and company profit and loss account for 2016; and
3.	the notes comprising a summary of the accounting policies and other explanatory information.

BASIS FOR OUR OPINION

We are independent of Koike Europe B.V. in accordance with the Verordening inzake de onafhankelijkheid van accountants bij assurance-opdrachten (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant independence regulations in the Netherlands. Furthermore we have complied with the Verordening gedrags- en beroepsregels accountants (VGBA, Dutch Code of Ethics).

We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

B. Report on the other information included in the financial report

In addition to the financial statements and our auditor's report thereon, the financial report contains other information that consists of:

•	Management report
•	Other information as required by Part 9 of Book 2 of the Dutch Civil Code.

Based on the following procedures performed, we conclude that the other information:

•	is consistent with the financial statements and does not contain material misstatements;
•	contains the information as required by Part 9 of Book 2 of the Dutch Civil Code.

Management is responsible for preparation of other information, including the management report and the other information in accordance with Part 9 of Book 2.

C. Description of responsibilities regarding the financial statements

RESPONSIBILITIES OF MANAGEMENT FOR THE FINANCIAL STATEMENTS

Management is responsible for the preparation and fair presentation of the financial statements in accordance with Part 9 of Book 2 of the Dutch Civil Code. Furthermore, management is responsible for such internal control as management determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

As part of the preparation of the financial statements, management is responsible for assessing the company's ability to continue as a going concern. Based on the financial reporting framework mentioned, management should prepare the financial statements using the going concern basis of accounting unless management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Management should disclose events and circumstances that may cast significant doubt on the company's ability to continue as a going concern in the financial statements.

OUR RESPONSIBILITIES FOR THE AUTIDT OF THE FINANCIAL STATEMENTS

Our objective is to plan and perform the audit assignment in a manner that allows us to obtain sufficient and appropriate audit evidence for our opinion.

Our audit has been performed with a high, but not absolute, level of assurance, which means we may not detect all material errors and fraud during our audit.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The materiality affects the nature, timing and extent of our audit procedures and the evaluation of the effect of identified misstatements on our opinion.

•	Identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, designing and performing audit procedures responsive to those risks, and obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
•	Obtaining an understanding of internal control relevant to the audit 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 company's internal control;
•	Evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management;
•	Concluding on the appropriateness of management's use of the going concern basis of accounting, and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause a company to cease to continue as a going concern;
•	Evaluating the overall presentation, structure and content of the financial statements, including the disclosures; and
•	Evaluating whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Because we are ultimately responsible for the opinion, we are also responsible for directing, supervising and performing the group audit of Koike Europe B.V. In this respect we have determined the nature and extent of the audit procedures to be carried out for group entities. Decisive were the size and/or the risk profile of the group entities or operations. On this basis, we selected group entities for which an audit or review had to be carried out on the complete set of financial information or specific items.

We communicate with the parent company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant findings in internal control that we identify during our audit.

Signed by

Purmerend, 13 April, 2017

JAN© Accountants & Belastingadviseurs B.V.

Andrea van der Giezen, RA RB

32:T16727,

Koike Europe B. V., Germany Branch Office

Friedberg (Hessen)

Befreiender Jahresabschluss gem. §325 a HGB
zum Geschäftsjahr vom 01.01.2015 bis zum 31.12.2015

Koike Europa B.V.

Zaandam/Niederlande

Jahres- und Konzernabschluss zum 31.12.2015

Trade register: Zaandam

File nr: 035.023.642

Adopted in the general meeting of Shareholders, held on March 22 ^nd 2016.

Table of contents

Annual report

1.1	Annual management report

Consolidated Chamber of Commerce report

2.1	Consolidated balance sheet as at 31 December 2015

2.2	Consolidated statement of income and expenses for the year 2015

2.3	Consolidated cash flow statement for the year 2015

2.4	Notes to the financial statements of the consolidated annual report

2.5	Notes to the consolidated balance sheet

2.6	Notes to the consolidated statement of income and expenses

Chamber of commerce accounts

Non-consolidated balance sheet as at 31 december 2015

Non-consolidated statement of income and expenses for the year 2015

Notes to the financial statements of the non-consolidated annual report

Notes to the balance sheet

Notes to the non-consolidated statement of income and expenses

Other information

Statutory provision regarding resultresult

Proposal resultprocessing

Independent auditors' report

1. Annual Report

Koike Europe B.V., Zaandam

1.1 ANNUAL MANAGEMENT REPORT

Is available at the office of the company.

2. Consolidated Chamber of Commerce Report

Koike Europe B.V., Zaandam

2.1 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2015

ASSETS

	31 December 2015		31 December 2014
	€	€	€	€
FIXED ASSETS
Intangible fixed assets		73.771		92.617
Tangible fixed assets		296.128		272.322
Financial fixed asset		-		1
		369.899		364.940
CURRENT ASSETS
Stock and work in progress		5.635.970		5.570.560
Receivables		2.956.371		3.196.484
Cash at bank and in hand		2.211.758		1.035.393
		10.804.099		9.802.437
		11.173.998		10.167.377
LIABILITIES
	31 December 2015		31 December 2014
	€	€	€	€
Group equity
Shareholders' equity	2.319.409		2.260.151
Third parties	-19.151		-19.827
		2.300.258		2.240.324
Provisions		54.966		-
Long-term liabilities		1.500.000		1.500.000
Short-term liabilities		7.318.774		6.427.053
		11.173.998		10.167.377

2.2 CONSOLIDATED STATEMENT OF INCOME AND EXPENSES FOR THE YEAR 2015

	2015		2014
	€	€	€	€
Gross margin		4.713.211		3.618.246
Wages and salaries	2.216.377		2.074.223
Social security charges	376.645		347.081
Pension contributions	91.879		145.660
Other staff expenses	79.722		68.737
Depreciation of intangible and tangible assets	96.954		82.204
Other operating expenses	1.626.518		1.856.380
Total operating expenses		4.488.095		4.574.285
Operating result		225.116		-956.039
Financial income and expense		-127.651		-128.623
Consolidated result from operational activities before taxation		97.465		-1.084.662
Taxation		-62.235		-
		35.230		-1.084.662
Result third parties		-677		-1.646
Net consolidated result after taxation		34.553		-1.086.308

2.3 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR 2015

	2015		2014
	€	€	€	€
Cash flow from operating activities
Operating result		225.116		-956.039
Adjustments for
Depreciation of intangible and tangible assets	96.954		79.486
Result from participations not through participations	3.411		-1.646
Contribution to provisions	54.966		-
		155.331		77.840
Changes in working capital
Movements inventories and work in progress	-65.410		161.962
Trade debtors	254.354		-773.472
Receivables from group companies	7.970		239.525
Taxes and social security premiums	-28.489		-47.845
Other receivables, prepayments and accrued income	6.278		155.575
Movements in current liabilities	891.721		-291.590
Third parties	-		1.646
		1.066.424		-554.199
Cash flow from operating activities		1.446.871		-1.432.398
Other interest and similar income	3.686		5.721
Interest and similar expenses	-126.391		-134.344
Taxation	-62.235		-
		-184.940		-128.623
Cash flow from operating activities		1.261.931		-1.561.021
Cash flow from operating activities
Investments in intangible assets	-23.236		-71.823
Investments in tangible assets	--99.990		-100.026
Investments in financial fixed assets	-9.033		-
Disposal of intangible fixed assets	19.169		-
Desinvestments in intangible and tangible fixed assets	2.143		2.746
Impairment of financial fixed assets	4.946		-
Cash flow from operating activities		-106.001		-169.103
Cash flow from financing activities
Share premium in financial year	-		2.000.000
Others	20.435		41.552
Cash flow from financing activities		20.435		2.041.552
Movements cash		1.176.365		311.428
Turnover movement cash and cash equivalents
Balance as at beginning of financial year		1.035.393		723.965
Movements during financials year		1.176.365		311.428
Balance at financial year end		2.211.758		1.035.393

2.4 NOTES TO THE FINANCIAL STATEMENTS OF THE CONSOLIDATED ANNUAL REPORT

General

Comparative figures

The classification of comparative figures for the previous financial year has only been adjusted, where applicable, for the purpose of comparison.

Activities

The activities of Koike Europe B.V., having its legal seat at Zaandam, primarly consist of the sale and servicing of gas, plasma and laser cutting machines.

Consolidation

The figures of:

―	Koike France SARL (95%), Marly
―	Koike Italy S.r.l. a Socio Unico (100%), Milan

are fully consolidated in the accounts of Koike Europe B.V. Intercompany transactions are fully eliminated.

Head of the group

The head of the group is Koike Sanso Kogyo Ltd, Japan.

Related parties

Besides Koike France SARL, Koike Europe B.V. performs transactions with Koike Sanso Kogyo Co Ltd, Japan, Koike Engineering Germany GmbH, Koike Engineering Tangshan Co Ltd, China, Koike Korea Engineering Co Ltd and Koike Aronson Inc., USA.

Translation of foreign currency

Receivables, liabilities and obligations denominated in foreign currency are translated at the exchange rates prevailing as at balance sheet date.

Accounting policies in respect of the valuation of assets and liabilities

General

The financial statements have been prepared in accordance with Chapter 9, Book 2 of the Netherlands Civil Code. These financial statements are presented in €, the company's functional currency. Unless presented otherwise, assets and liabilities are presented at face value.

Intangible fixed assets

Intangible fixed assets are presented at cost less accumulated amortization and, if applicable, less impairments in value. amortization 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 amortization method are reassessed at the end of each financial year.

The depreciation rate is 20%.

Tangible fixed assets

Buildings and ground

Land and buildings are presented at cost less accumulated depreciation. Land is not depreciated.

Financial fixed assets

Where no significant influence is exercised associated companies are valued at cost and if applicable less impairments in value.

Stocks

Trading goods are valued at average purchased price or lower net realizable value. This lower net realizable value is determined by individual assessment of the inventories.

Work in progress is valued at manufacturing cost or lower net realizable value.

Finished goods are valued at manufacturing cost of lower net realizable value.

The net realizable value is based on an expected selling price less expenditures for completion and sales.

Accounts receivable

Cash at bank

Cash and cash equivalents are valued at face value. lt cash is not freely available this is taken into account for the valuation.

Equity

Issued share capital

The issued share capital is completely paid up.

Share premium reserve

The share premium originates from overpayments on the face value of the shares.

General reserve

Other reserves are all reserves, except the legal and statutory reserves. Other reserves can freely be distributed to the shareholders.

Third parties

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 Koike Sanso Kogyo Co. Ltd, 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 to Koike Sanso Kogyo Co. Ltd, until the losses for which Koike Sanso Kogyo Co. Ltd has assumed responsibility have been recovered.

Provisions

The company has various pension plans.

This approach accounts for the contribution payable to the pension provider as an expense in the profit and loss account.

Long term liabilities

Upon initial recognition, loans and liabilities recorded are stated at fair value and then valued at amortized cost.

Current liabilities

Upon initial recognition, current liabilities are stated at fair value and then valued at amortized cost.

Accounting policies in respect of result determination

General

Revenues from services are recognized in proportion to the services rendered, based an 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.

Gross margin

The gross margin consists of the net turnover, the changes in inventory of finished goods and work in progress, capitalized production on behalf of own business, other operating income.

Net turnover represents amounts invoiced for goods and services supplied during the financial year reported on, net of discounts and value added taxes.

Depreciation and amortization

Depreciation of intangible fixed assets

Amortization of intangible fixed assets is charged as a fixed percentage of cost.

Depreciation of tangible fixed assets

Other operating expenses

Costs are taken into account under the historical cost convention and allocated to the period concerned.

Net financial result

Interest income and expenses consist of interest received from or paid to third parties.

Taxation

Result from participations in group and affiliated companies

Where no significant influence is exercised, the dividend income is accounted for in the profit and loss as financial income.

Principles of the cash flow summary

The cash flow statement is prepared according to the indirect method.

The funds in the cash flow statement consist of cash and cash equivalents.

Cash equivalents can be considered to be highly liquid investments.

Transactions that do not result in exchange of cash and cash equivalents, such as financial lease, are not presented in the cash flow statement. The payment of lease terms an account of the financial lease contract is considered as an expenditure of financing activities as far as it concerns redemptions and as an expenditure of operational activities as far as it concerns interest.

2.5 NOTES TO THE CONSOLIDATED BALANCE SHEET

FIXED ASSETS

	31-12-2015	31-12-2014
	€	€
Tangible fixed assets
Buildings and ground	42.947	28.809
Other fixed assets	253.181	243.513
	296.128	272.322

Depreciation percentages:

Buildings and ground 3.33%

Fittings & Equipment 10-33.33%

Transportation 20%

CURRENT ASSETS

	31-12-2015	31-12-2014
	€	€
Receivables
Receivables from group companies	808	8.778
Other receivables, prepayments and accrued income	16.837	23.115
Taxes and social security premiums	2.938.726	3.164.591
	2.956.371	3.196.484

	31-12-2015	31-12-2014
	€	€
Other receivables and accrued income
Taxes and social security premiums	210.987	178.625
Other debtors	430.135	434.008
Other receivables, prepayments and accrued income	16.837	23.115
	657.959	635.748

All receivables will be setteled within one year.

Group equity

The shareholders' equity is explained in the notes to the non-consolidated balance sheet.

	31-12-2015	31-12-2014
	€	€
Third parties
Koike France SARL	-19.151	-19.827

The shares of third parties in Koike France SARL concerns an interest of 5% of the total of shares.

	31-12-2015	31-12-2014
	€	€
Long-term liabilities
Koike Sanso Kogyo Co. Ltd.	1.500.000	1.500.000

Long-term liabilities

	Balance as at 31 December 2015	Repayment due	Remaining pay-back time > 1 year	Remaining pay-back time > 5 year
	€	€	€	€
Koike Sanso Kogyo Co. Ltd.	1.500.000	-	1.500.000	-

The interest rate is 1.4693% (on a yearly basis).

	31-12-2015	31-12-2014
	€	€
Short-term liabilities
Short term loans	3.600.000	3.600.000
Liabilities to group companies	2.178.300	1.727.229
Other liabilities and accrued expenses	1.540.474	1.099.824
	7.318.774	6.427.053

The Bank of Tokyo-Mitsubishi UFJ (Holland) N.V. supplied Koike Europe B.V. with a loan in the amount of € 2,600,000. The loan is contracted for 1 year. The interest rate is 2.34% (on a yearly basis). The loan expires on September 21st, 2015.

The Mizuho Corporate Bank Nederland N.V. supplied Koike Europe B.V. with a loan in the amount of € 1,000,000. The loan is contracted a new each month. The interest rate is 1.78 % (on a yearly basis).

Guarantees

Koike Sango Kogyo Co. Ltd, the parent company, has issued letters of guarantee to the Bank of Tokyo-Mitsubishi (Holland) N.V. and Mizuho Corporate Bank Nederland N.V. for the extended loans.

Current accounts with group companies are not interest bearing. There have been no agreements made (in writing) in relation to the redemption of these current accounts.

Off-balance-sheet rights, obligations and arrangements

Rental obligations

Lease office and factory building

Koike Europe B.V. entered into a lease agreement with Koike Sanso Kogyo Co. Ltd. regarding the office and factory building at Zaandam. The contract which ended on December 31, 2007 is automatically renewed for the period of one year if not cancelled. The yearly rent amounts € 156,000. The lease contract is renewed on January 1, 2016.

Four houses are leased for Japanese employees. One house is leased from August 16, 2013 for € 15,000 a year. The lease period will end on August 15, 2016. The second house is leased from August 1, 2013 for € 17,400 a year. The lease period will end on July 31st, 2016. The third house is leased from July 1, 2013 and will end on June 30, 2015. Yearly cost for this is € 22,800. The lease period will end on June 1st, 2016. The fourth house is leased from February 17, 2015 for € 16,600 a year. The lease period will end on February 28, 2017.

Lease obligations

Koike Europe B.V leases thirteen cars with SternLease B.V. The total yearly costs amount to € 173,981.

Three copiers are leased from Veenman B.V. from October 1, 2012 for € 5,100 a year. These lease period will end on September 30th.

Bank Guarantee

Per December 31th, 2015 there are two bank guarantees for a total of € 512,189. One for Hitachi Construction Machinery for an amount of € 480,000 and one for Itileaf Malawi Ltd. for an amount of € 32,189.

2.6 NOTES TO THE CONSOLIDATED STATEMENT OF INCOME AND EXPENSES

Net Turnover

The net sales increased with 12,2% compared to last year.

Remuneration of directors

The remuneration of directors can be reduced to one person. Based on article 2.383 lid 1 BW 2 C the mention of this remuneration can be omitted.

Average number of employees

During the year 2015 the average number of employees employed by the company was 33 (2014: 28).

	2015	2014
	€	€
Depreciation of intangible and tangible assets
Depreciation of intangible fixed assets	22.913	14.604
Depreciation of tangible fixed assets	74.041	67.600
	96.954	82.204

Chamber of Commerce Accounts

Koike Europe B.V., Zaandam

NON-CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2015

After result appropriation

ASSETS

	31-12-2015		31-12-2014
	€	€	€	€
FIXED ASSETS
Intangible fixed assets		73.475		92.617
Tangible fixed assets		257.186		236.763
Financial fixed assets		10.968		2
		341.629		329.382
CURRENT ASSETS
Stock and work in progress		5.295.379		5.115.016
Receivables		3.668.940		4.121.011
Cash at bank and in hand		2.073.846		918.029
		11.038.165		10.154.056
		11.379.794		10.483.438
LIABILITIES
	31-12-2015		31-12-2014
	€	€	€	€
Shareholders' equity
Issued share capital	1.498.835		1.498.835
Share premium reserve	2.000.000		2.000.000
Other reserves	-762.791		-837.262
		2.736.044		2.661.573
Long-term liabilities		1.500.000		1.500.000
Short-term liabilities		7.143.750		6.321.865
		11.379.794		10.483.438

NON-CONSOLIDATED STATEMENT OF INCOME AND EXPENSES FOR THE YEAR 2015

	2015		2014
	€	€	€	€
Gross margin		4.408.921		3.186.569
Wages and salaries	1.931.386		1.909.353
Social security charges	286.400		293.486
Pension contributions	77.321		129.926
Other staff expenses	75.837		67.709
Depreciation of intangible and tangible
assets	80.707		73.132
Other operating expenses	1.754.533		1.679.646
Total operating expenses		4.206.184		4.153.252
Operating result		202.737		-966.683
Interest and similar income	3.686		5.721
Value changes of financial fixed assets	-4.946		-
Interest and similar expenses	-122.919		-131.911
Financial income and expense		-124.179		-126.190
Result from operational activities before taxation		78.558		-1.092.873
Taxation		-		-
		78.558		-1.092.873
Result third parties		-4.087		-
Net result after taxes		74.471		-1.092.873

NOTES TO THE FINANCIAL STATEMENTS OF THE NON-CONSOLIDATED ANNUAL REPORT

General

The group company subsidiaries are valued at net asset value, defined according to the principles of valuation of Koike Europe B.V.

For the other accounting principles, valuation principles and principles for determination of the result we refer to the notes of the consolidated financial statements.

NOTES TO THE BALANCE SHEET

ASSETS

	31-12-2015	31-12-2014
	€	€
Tangible fixed assets
Buildings and ground	42.947	28.809
Other fixed assets	214.239	207.954
	257.186	236.763

	31-12-2015	31-12-2014
	€	€
Financial fixed assets
Participations in group companies	10.968	2

At 28 January 2015 Koike Europe B.V. obtained 100% of the shares of Kalke Italia S.r.l. a Socio Unico. The purchase price of the participation was 20,000.

Register of participations

	Share in issued capital	Shareholders' equity latest adopted accounts	Result latest adopted accounts
	in %	€	€
Koike France SARL, Marly France	95,00	-383.013	13.530
Koike Engineering Germany GmbH, Friedberg Germany	-	-	1
Koike Italia S.r.l. a Socio Unico, Rodano Italy, 100%	100,00	10.967	-4.087

CURRENT ASSETS

	31-12-2015	31-12-2014
	€	€
Receivables
Receivables from group companies	1.376.178	1.813.349
Other receivables, prepayments and accrued income	6.066	23.115
Taxes and social security premiums	2.286.696	2.284.547
	3.668.940	4.121.011

The current accounts with group companies are not interest bearing. There have been no agreements made (in writing) in relation to the redemption of these current accounts.

Shareholders' equity

	Issued share capital	Share premium reserve	General reserve	Currency variation	Total
	€	€	€	€	€
Balance as at 1 januari 2015	1.498.835	2.000.000	-836.953	-309	2.661.573
Appropriated of result	-	-	74.471	-	74.471
Balance as at 31 december 2015	1.498.835	2.000.000	-762.482	-309	2.736.044

There is a difference with the consolidated shareholder's equity of € -435,786. This difference in equity is caused by:

―	Elimination of the unrealized intercompany result of € -52,773 regarding sales to a group company in the consolidated financial statements;
―	Koike Europe B.V. is not accountable for the negative equity of subsidiaries of € -383,013.

Issued share capital

The authorised share capital of the company amounts to € 7,494,177 and consist of 16,515 shares. The nominal value of the shares amounts € 453,78 each.

Of these shares 3,303 shares were issued and fully paid at December 31, 2015.

	31-12-2015	31-12-2014
	€	€
Long-term liabilities
Koike Sanso Kogyo Co. Ltd.	1.500.000	1.500.000

Long-term liabilities

	Balance as at 31 december 2015	Repayment due	Remaining pay-back time > 1 year	Remaining pay-back time > 5 year	Interest percentage
	€	€	€	€	%
Koike Sanso Kogyo Co. Ltd.	1.500.000	-	- 1.500.000	-	1,4693

	31-12-2015	31-12-2014
	€	€
Short-term liabilities
Short term loans	3.600.000	3.600.000
Liabilities to group companies	2.217.200	1.727.229
Other liabilities and accrued expenses	1.326.550	994.636
	7.143.750	6.321.865

Guarantees

Koike Sango Kogyo Co. Ltd, the parent company, has issued letters of guarantee to the Bank of Tokyo-Mitsubishi (Holland) N.V. and Mizuho Corporate Bank Nederland N.V. for the extended loans.

Current accounts with group companies are not interest bearing. There have been no agreements made (in writing) in relation to the redemption of these current accounts.

Off-balance-sheet rights, obligations and arrangements

Rental obligations

Lease office and factory building

Koike Europe B.V. entered into a lease agreement with Koike Sanso Kogyo Co. Ltd. regarding the office and factory building at Zaandam. The contract which ended on December 31th, 2007 is automatically renewed for the period of one year if not cancelled. The yearly rent amounts 156,000. The lease contract is renewed on January 1, 2016.

Four houses are leased for Japanese employees. One house is leased from August 16th, 2013 for 15,000 a year. The lease period will end on August 15th, 2016. The second house is leased from August 1, 2013 for 17,400 a year. The lease period will end on July 31th, 2016. The third house is leased from June 1, 2015 for € 22,800 a year. The lease period will end on June 1, 2016. The fourth house is leased from February 17th, 2015 for 16,600 a year. The lease period will end on February 28th, 2017.

Lease obligations

Koike Europe B.V leases thirteen cars with SternLease B.V. The total yearly costs amount to 130,000.

Three copiers are leased from Veenman B.V. from October 1, 2012 for 5,100 a year. These lease period will end on September 30th.

Bank Guarantee

Per December 31th, 2015 there are two bank guarantees for a total of 512,189. One for Hitachi Construction Machinery for an amount of € 480,000 and one for Itileaf Malawi Ltd. for an amount of 32,189.

NOTES TO THE NON-CONSOLIDATED STATEMENT OF INCOME AND EXPENSES

Net Turnover

Sales increased with 11.7% compared to last year.

Remuneration of directors

The remuneration of directors can be reduced to one person. Based on article 2.383 lid 1 BW 2 c the mention of this remuneration can be omitted.

	2015	2014
Average number of employees
Nederland	29	28

During the year 2015 the average number of employees employed by the company was 29 (2014 : 28).

	2015	2014
	€	€
Depreciation of intangible and tangible assets
Depreciation of intangible fixed assets	21.705	14.604
Depreciation of tangible fixed assets	59.002	58.528
	80.707	73.132

ZAANDAM, 18 maart 2016

Koike Europe B.V.

T. Asano, Director

The original signed copy is held at the office of Koike Europe B.V. in Zaandam.

Other Information

Koike Europe B.V., Zaandam

Statutory provision regarding resultresult

In Article 20 of the articles of association is determined that the net income for the year is at the disposal of the general meeting of the shareholders.

Proposal resultprocessing

The management of the company proposes to appropriate the result as follows:

The appropriation of profit for the year 2015 in the amount of € 74.471 will be added to in full to the other reserves.

This proposal needs to be determined by the General Meeting, but has already been processed in anticipation in the annual accounts 2015 for the company.

INDEPENDENT AUDITORS' REPORT

To: The Shareholders

Report on the financial statements

We have audited the accompanying financial statements 2015 of Koike Europe B.V., Zaandam, which comprise the balance sheet as at 31 december 2015, the consolidated and company statement of income and expenses for the year 2015 for the year then ended and the notes, comprising a summary of the accounting policies and other explanatory information.

Management's responsibility

Management is responsible for the preparation and fair presentation of these Financial statements , and for the preparation of the annual management report, both in accordance with Part 9 of Book 2 of the Dutch Civil Code. Furthermore management is responsible for such internal control as it determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the 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 management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion with respect to the financial statements

In our opinion, the financial statements give a true and fair view of the financial position of Koike Europe B.V. as at 31 december 2015 and of its result for the year then ended in accordance with Part 9 of Book 2 of the Dutch Civil Code.

Report an other legal and regulatory requirements

Pursuant to the legal requirement under article 2:393 paragraph 5 at e and f of the Netherlands Civil Code, we have no deficiencies to report as a result of our examination whether the annual management report, to the extent we can assess, has been prepared in accordance with Chapter 9 of Book 2 of this Code, and whether the information as required under article 2:392 paragraph 1 at b-h has been annexed. Further we report that the annual management report, to the extent we can assess, is consistent with the financial statements as required by article 2:391 paragraph 4 of the Netherlands Civil Code.

Purmerend, 18 March 2016

w.s. Andrea A. van der Giezen RA RB

33:T12ad4,

Koike Europe B. V., Germany Branch Office

Friedberg (Hessen)

Befreiender Jahresabschluss gem. §325 a HGB
zum Geschäftsjahr vom 01.01.2014 bis zum 31.12.2014

Koike Europe B.V.

Zaandam/Niederlande

Jahres- und Konzernabschluss zum 31.12.2014

Trade register: Zaandam

File nr: 035.023.642

REPORT REGARDING THE CONSOLIDATED FINANCIAL STATEMENTS
FOR FILING PURPOSES FOR THE YEAR 2014 OF KOIKE EUROPE B.V., ZAANDAM

Adopted in the general meeting of Shareholders, held an 23 April 2015.

Table of contents

Annual report

1.1	Annual management report

Consolidated Chamber of Commerce report

2.1	Consolidated balance sheet as at 31 December 2014
2.2	Consolidated statement of income and expenses for the year 2014
2.3	Consolidated cash flow statement for the year 2014
2.4	Notes to the financial statements of the consolidated annual report
2.5	Notes to the consolidated balance sheet
2.6	Notes to the consolidated statement of income and expenses

Chamber of commerce accounts

	Non-consolidated balance sheet as at 31 december 2014
	Non-consolidated statement of income and expenses for the year 2014
	Notes to the financial statements of the non-consolidated annual report
	Notes to the balance sheet
	Notes to the non-consolidated statement of income and expenses

Other information

	Statutory provision regarding resultresult
	Resultprocessing
	Independent auditors' report

1. ANNUAL REPORT

1.1 ANNUAL MANAGEMENT REPORT

The annual report is available at the company's offices.

2. CONSOLIDATED CHAMBER OF COMMERCE REPORT

2.1 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2014

After result appropriation

ASSETS

	31 December 2014		31 December 2013
	€	€	€	€
FIXED ASSETS
Intangible fixed assets		92.617		35.398
Tangible fixed assets		272.322		239.924
Financial fixed assets		1		1
		364.940		275.323
CURRENT ASSETS
Stock and work in progress		5.570.560		5.732.522
Receivables		3.177.260		2.767.933
Cash at bank and in hand		1.035.393		723.965
		9.783.213		9.224.420
		10.148.153		9.499.743
LIABILITIES
	31 December 2014		31 December 2013
	€	€	€	€
Group equity
Shareholders' equity	2.260.151		1.304.863
Third parties	-19.827		-21.437
		2.240.324		1.283.426
Long-term liabilities		1.500.000		1.500.000
Short-term liabilities		6.407.829		6.716.317
		10.148.153		9.499.743

2.2 CONSOLIDATED STATEMENT OF INCOME AND EXPENSES FOR THE YEAR 2014

	2014		2013
	€	€	€	€
Gross margin		3.618.246		2.177.043
Wages and salaries	2.074.223		1.770.415
Social security charges	347.081		297.728
Pension contributions	145.660		126.905
Other stall expenses	60.499		74.375
Depreciation of intangible and tangible assets	82.204		60.354
Other operating expenses	1.864.618		1.132.481
Total operating expenses		4.574.285		3.462.258
Operating result		-956.039		-1.285.215
Financial income and expense		-128.623		-112.910
Consolidated result from operational activities before taxation		-1.084.662		-1.398.125
Taxation		-		-
		-1.084.662		-1.398.125
Result third parties		-1.646		-1.768
Net consolidated result alter taxation		-1.086.308		-1.399.893

2.3 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR 2014

Cash flow from operating activities
Operating result		-956.039		-1.285.215
Adjustments for
Depreciation of intangible and tangible assets	79.486		61.939
Result from participations not through participations	-1.646		-1.768
		77.840		60.171
Changes in working capital
Movements inventories and work in progress	161.962		329.504
Trade debtors	-773.472		378.268
Receivables from group companies	239.525		-33.691
Other receivables	-47.845		30.747
Other receivables, prepayments and accrued income	172.465		-197.802
Movements in current liabilities	-308.488		-1.216.367
Third parties	1.646		-1.768
		-554.207		-711.109
Cash flow from operating activities		-1.432.406		-1.936.153
Other interest and similar income	5.721		17.006
Interest and similar expenses	-134.344		-129.916
		-128.623		--112.910
Cash flow from operating activities		-1.561.029		-2.049.063
Cash flow from operating activities
Investments in intangible assets	-71.823		--14.040
Investments in tangible assets	-100.026		-20.831
Desinvestments in intangible and tangible fixed assets	2.746		4.193
Cash flow from operating activities		-169.103		-30.678
Cash flow from financing activities
Share premium in financial year	2.000.000		-
Others	41.560		-
Cash flow from financing activities		2.041.560		-
Movements cash		311.428		-2.079.741

Turnover movement cash and cash equivalents

Turnover movement cash and cash equivalents
Balance as at beginning of financial year	723.965	2.803.706
Movements during financials year	311.428	-2.079.741
Balance at financial year end	1.035.393	723.965

2.4 NOTES TO THE FINANCIAL STATEMENTS OF THE CONSOLIDATED ANNUAL REPORT

General

Activities

The activities of Koike Europe B.V., having its legal seat at Zaandam, primarly consist of the sale and servicing of gas, plasma and laser cutting machines.

Continuity

Taken into account the financial position of the company at 2014 and the result for the year 2014 is the continuation of the company uncertain.

These financial statements have been prepared based on going concern basis. The going concern basis of presentation assumes that the company will continue its operations for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business.

Management is of the opinion, that the company's shareholders or other group companies will give the necessary financial support in case the assumption above mentioned is not realized. Consequently the company has applied accounting principles based on going concern.

Consolidation

The figures of:

―	Koike France SARL (95%), Marly are fully consolidated in the accountants of Koike Europe B.V.

Intercompany transactions are fully eliminated.

Head of the group

The head of the group is Koike Sanso Kogyo Ltd, Japan.

Related parties

Besides Koike France SARL, Koike Europe B.V. performs transactions with Koike Sanso Kogyo Co Ltd, Japan, Koike Engeneering Germany GmbH, Koike Engineering Tangshan Co Ltd, China, Koike Korea Engineering Co Ltd and Koike Aronson Inc., USA.

Translation of foreign currency

Receivables, liabilities and obligations denominated in foreign currency are translated at the exchange rates prevailing as at balance sheet date.

Foreign group companies and non-consolidated associated companies outside the Netherlands qualify as carrying an 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 rate at transaction date. The exchange rate differences that arise are directly deducted from or added to group equity.

Accounting policies in respect of the valuation of assets and liabilities

General

Intangible fixed assets

The following depreciation rates are used:

	Buildings and land 3,33%
	Fittings and equipment 10% - 33,33%
	Transport 20%

Tangible fixed assets

The following depreciations terms are used. Building and land 3,33%. Fittings and equipment 10 33,33%. Transport 20%.

Financial fixed assets

Where no significant influence is exercised associated companies are valued at cost and if applicable less impairments in value.

Stocks

Trading goods are valued at average purchased price or lower net realizable value. This lower net realizable value is determined by individual assessment of the inventories.

Work in progress is valued at manufacturing cost or lower net realizable value.

Finished goods are valued at manufacturing cost of lower net realizable value.

The net realizable value is based on an expected selling price less expenditures for completion and sales.

Accounts receivable

Cash at bank

Cash and cash equivalents are valued at face value. If cash is not freely available this is taken into account for the valuation.

Accounting policies in respect of result determination

General

The profit to be allocated to the work in progress on construction contracts is determined on the basis of costs incurred for the work as at balance sheet date, in proportion to the aggregate costs expected to be spent on the work. The net realizable value is based on an expected sales price net of costs to be incurred for completion and sales.

Net turnover

Net turnover represents amounts invoiced for goods and services supplied during the financial year reported on, net of discounts and value added taxes.

Revenues from services are recognized in proportion to the services rendered. The cost price of these services is allocated to the same period.

Cost of sales

Depreciation and amortization

Depreciation of intangible fixed assets

Amortization of intangible fixed assets is charged as a fixed percentage of cost.

Depreciation of tangible fixed assets

Other operating expenses

Costs are taken into account under the historical cost convention and allocated to the period concerned.

Net financial result

Interest income and expenses consist of interest received from or paid to third parties.

Taxation

Corporate income tax is calculated at the applicable rate an 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 realization is likely.

Result from participations in group and affiliated companies

Where significant influence is exercised over associated companies, the share of the group in the associated companies' results is included in the profit and loss account. This result is determined an the basis of the accounting principles applied by Koike Europe B.V..

Where no significant influence is exercised, the dividend income is accounted for in the profit and loss as financial income.

Principles of the cash flow summary

The cash flow statement is prepared according to the indirect method.

The funds in the cash flow statement consist of cash and cash equivalents.

Cash equivalents can be considered to be highly liquid investments.

2.5 NOTES TO THE CONSOLIDATED BALANCE SHEET

	31-12-2014	31-12-2013
	€	€
Tangible fixed assets
Buildings and ground	28.809	30.441
Other fixed assets	243.513	209.483
	272.322	239.924
	31-12-2014	31-12-2013
	€	€
Financial fixed assets
Participations in group companies	1	1

Because Koike Europe B.V. is not accountable for the negative equity of subsidiaries the subsidiary Koike Engineering Germany GmbH, Friedberg Germany is valued at € 1.

	31-12-2014	31-12-2013
	€	€
Receivables
Receivables from group companies	8.778	248.303
Other receivables, prepayments and accrued income	3.891	16.599
Other receivables	3.164.591	2.503.031
	3.177.260	2.767.933

The other receivables are all expected to be received within one year.

Group equity

The shareholders' equity is explained in the notes to the non-consolidated balance sheet.

	31-12-2014	31-12-2013
	€	€
Third parties
Koike France SARL	-19.827	-21.437

The shares of third parties in Koike France SARL concerns an interest of 5% of the total of shares.

Long-term liabilities

	Balance as at 31 December 2014	Repayment due	Remaining pay-back time > 1 year	Remaining pay-back time > 5 year
	€	€	€	€
Koike Sanso Kogyo Co. Ltd.	1.500.000	-	1.500.000	-

The interest rate is 1.4693% (on a yearly basis).

	31-12-2014	31-12-2013
	€	€
Short-term liabilities
Convertible Ioans	3.600.000	3.600.000
Liabilities to group companies	1.727.229	2.125.209
Other liabilities and accrued expenses	1.080.600	991.108
	6.407.829	6.716.317

The Bank of Tokyo-Mitsubishi UFJ (Holland) N.V. supplied Koike Europe B.V. with a loan in the amount of 2,600,000. The loan is contracted for 1 year. The interest rate is 2.34% (on a yearly basis). The loan expires on September 21st, 2015.

Guarantees

Koike Sango Kogyo Co. Ltd, the parent company, has issued letters of guarantee to the Bank of TokyoMitsubishi (Holland) N.V.and Mizuho Corporate Bank Nederland N.V. for the extended loans.

Current accounts with group companies are not interest bearing. There have been no agreements made (in writing) in relation to the redemption of these current accounts.

Off-balance-sheet rights, obligations and arrangements

Rental obligations

Lease office and factory building

Koike Europe B.V. entered into a lease agreement with Koike Sanso Kogyo Co. Ltd. regarding the office and factory building at Zaandam. The contract which ended an December 31, 2007 is automatically renewed for the period of one year if not cancelled. The yearly rent amounts 156,000. The lease contract is renewed an January 1, 2015.

Three houses are leased for Japanese employees. One house is leased from August 16, 2013 for E 15,000 a year. The lease period will end an August 15, 2015. The second house is leased from August 1, 2013 for 17,400 a year. The lease period will end an July 31st, 2015. The third house is leased from July 1, 2013 and will end an June 30, 2015. Yearly cost for this is 27,060.

Lease obligations

Koike Europe B.V leases twelve cars with SternLease B.V, one car with Adelphi and one with ALD Automotive. The total yearly costs amount to 126,718.

Three copiers are leased from Veenman B.V.

2.6 NOTES TO THE CONSOLIDATED STATEMENT OF INCOME AND EXPENSES

Net Turnover

The net sales increased with 29,2% compared to last year.

Remuneration of directors

The remuneration of directors can be reduced to one person. Based an article 2.383 lid 1 BW 2 c the mention of this remuneration can be omitted.

Average number of employees

During the year 2014 the average number of employees employed by the company was 33 (2013: 29).

	2014	2013
	€	€
Depreciation of intangible and tangible assets
Depreciation of intangible fixed assets	14.604	7.812
Depreciation of tangible fixed assets	67.600	52.542
	82.204	60.354
	2014	2013
	€	€
Other operating expenses
Housing expenses	282.111	272.024
Operating and machine expenses	51.126	62.478
Selling expenses	755.924	379.223
Car expenses	233.778	196.256
Office expenses	271.391	226.882
General expenses	270.288	-4.382
	1.864.618	1.132.481
	2014	2013
	€	€
Financial income and expense
Other interest and similar income	5.721	17.006
Interest and similar expenses	-134.344	-129.916
	-128.623	-112.910

CHAMBER OF COMMERCE ACCOUNTS

NON-CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2014

After result appropriation

ASSETS

	31-12-2014		31-12-2013
	€	€	€	€
ASSETS
FIXED ASSETS
Intangible fixed assets		92.617		35.398
Tangible fixed assets		236.763		232.576
Financial fixed assets		2		2
		329.382		267.976
CURRENT ASSETS
Stock and work in progress		5.115.016		5.273.413
Receivables		4.101.787		3.685.052
Cash at bank and in hand		918.029		666.575
		10.134.832		9.625.040
		10.464.214		9.893.016
LIABILITIES
	31-12-2014		31-12-2013
	€	€	€	€
LIABILITIES
Shareholders' equity
Issued share capital	1.498.835		1.498.835
Share premium reserve	2.000.000		-
Other reserves	-837.262		255.611
		2.661.573		1.754.446
Long-term liabilities		1.500.000		1.500.000
Short-term liabilities		6.302.641		6.638.570
		10.464.214		9.893.016

	2014		2013
	€	€	€	€
Net Turnover	12.356.165		9.487.387
Cost of sales	-9.169.596		-7.714.742
Gross margin		3.186.569		1.772.645
Wages and salaries	1.909.353		1.594.709
Social security charges	293.486		239.181
Pension contributions	129.926		110.425
Other stall expenses	59.702		73.920
Depreciation of intangible and tangible assets	73.132		54.313
Other operating expenses	1.687.653		961.003
Total operating expenses		4.153.252		3.033.551
Operating result		-966.683		-1.260.906
Other interest and similar income	5.721		17.006
Interest and similar expenses	-131.911		-127.041
Financial income and expense		-126.190		-110.035
Result from operational activities before taxation		-1.092.873		-1.370.941
Taxation		-		-
Net result alter taxation		-1.092.873		-1.370.941

NOTES TO THE FINANCIAL STATEMENTS OF THE NON-CONSOLIDATED ANNUAL REPORT

General

Subsidiaries

The group company subsidiaries are valued at net asset value, defined according to the principles of valuation of Koike Europe B.V.

For the other accounting principles, valuation principles and principles for determination of the result we refer to the notes of the consolidated financial statements.

NOTES TO THE BALANCE SHEET

	31-12-2014	31-12-2013
	€	€
Financial fixed assets
Participations in group companies	2	2

Register of Participations

	Share in issued capital
	in %
Koike France SARL, Marly France	95,00
Koike Engineering Germany GmbH, Friedberg Germany	29,88

Because Koike Europe B.V. is not accountable for the negative equity the subsidiary is valued at € 1.

Receivables

The current accounts with group companies are not interest bearing. There have been no agreements made (in writing) in relation to the redemption of these current accounts.

Shareholders' equity

The authorised share capital of the company amounts to € 7,494,177 and consist of 16,515 shares. The nominal value of the shares amounts 453,78 each.

Of these shares 3,303 shares were issued and fully paid at December 31, 2014.

	Issued share capital	Share premium reserve	General reserve	Currency variation	Total
	€	€	€	€	€
Balance as at 1 januari 2014	1.498.835	-	255.920	-309	1.754.446
Appropriated of result	-	-	-1.092.873	-	-1.092.873
Addition in financial year	-	2.000.000	-	-	2.000.000
Balance as at 31 december 2014	1.498.835	2.000.000	-836.953	-309	2.661.573

There is a difference with the consolidated shareholder's equity of -401,422. This difference in equity is caused by:

―	Elimination of the unrealized intercompany result of € -24,708 regarding sales to a group company in the consolidated financial statements;
―	Koike Europe B.V. is not accountable for the negative equity of subsidiaries of € -376,714.

NOTES TO THE NON-CONSOLIDATED STATEMENT OF INCOME AND EXPENSES

Net Turnover

The net sales increased with 29,2% compared to last year.

Average number of employees

In accordance with the previous year there are no employees.

ZAANDAM, 23 april 2015

Koike Europe B.V.

was signed T. Asano, Director

The original signed copy is held at the office of Koike Europe B.V. in Zaandam.

OTHER INFORMATION

Statutory provision regarding resultresult

In Article 20 of the articles of association is determined that the net income for the year is at the disposal of the general meeting of the shareholders.

Resultprocessing

The management of the company proposes to appropriate the result as follows:

The loss for the year 2014 in the amount of € 1.092.873 will be deducted from in full to the other reserves.

This proposal needs to be determined by the General Meeting, but has already been processed in anticipation in the annual accounts 2014 for the company.

INDEPENDENT AUDITORS' REPORT

To: General Meeting of Shareholders of Koike Europe B.V.

Report on the financial statements

We have audited the accompanying financial statements 2014 of Koike Europe B.V., Zaandam, which comprise the balance sheet as at 31 December 2014, the consolidated and company statement of income and expenses for the year then ended and the notes, comprising a summary of the accounting policies and other explanatory information.

Management% responsibility

Management is responsible for the preparation and fair presentation of these Financial statements and for the preparation of the management board report, both in accordance with Part 9 of Book 2 of the Dutch Civil Code. Furthermore management is responsible for such internal control as it determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's responsibility

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. in making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the 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 management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion with respect tot the financial statements

In our opinion, the financial statements give a true and fair view of the financial position of Koike Europe B.V. as at 31 December 2014 and of its result for the year then ended in accordance with Part 9 of Book 2 of the Dutch Civil Code.

Reipert cn other legal and regulatory requirements

Pursuant to the legal requirement under article 2:393 paragraph 5 at e and f of the Netherlands Civil Code, we have no deficiencies to report as a result of our examination whether the management board report, to the extent we can assess, has been prepared in accordance with Chapter 9 of Book 2 of this Code, and whether the information as required under article 2:392 paragraph 1 at b-h has been annexed. Further we report that the management board report, to the extent we can assess, is consistent with the financial statements as required by article 2:391 paragraph 4 of the Netherlands Civil Code.

Purmerend, April 23, 2015

Was Signed: Andrea A. van der Giezen RA RB

34:T1d700,

Koike Europe B. V., Germany Branch Office

Friedberg (Hessen)

Befreiender Jahresabschluss gem. §325 a HGB
zum Geschäftsjahr vom 01.01.2021 bis zum 31.12.2021

Koike Europe B.V.

Zanndam/Niederlande

	31-12-2021	31-12-2020
	€	€
Annual report
Document and entity information
Entity information
Name of the legal entity	Koike Europe B.V.
Legal form of the legal entity	Besloten vennootschap met beperkte aansprakelijkheid
Registered office of the legal entity	Zaandam
Registration number at the Chamber of Commerce	35023642
Business names	Koike Europe B.V.
Classification of the legal entity based on the legal size criteria	Middelgroot
SBI-code	4662
Street name NL	Grote Tocht
House number NL	19
Postal code NL	1507CG
Place of residence NL	Zaandam
Country name, ISO	NL
Document information
Title of the document	Annual accounts for publication purposes 2021 of Koike Europe B.V.
Start date of the period concerning the financial statement	2021-01-01
End date of the period concerning the financial statement	2021-12-31
Start date of the previous period concerning the financial statement	2020-01-01
End date of the previous period concerning the financial statement	2020-12-31
Reporting period different than annual (Y/N)	Nee
Financial statement contains financial information of an individual legal entity or a group of companies	Geconsolideerd en enkelvoudig
Presentation currency of the document	EUR
Type of income statement	Categoriaal
Type of cash flow statement	Indirect
Date of preparation of the financial statements	2022-04-22
Financial statements adopted (Y/N)	Ja
Date of adoption of the financial statements	2022-04-22
Email address	secretariaat@jan.nl
Management report
General information
The management report 2021 is available for inspection at the office of the legal entity.
Financial statements
Consolidated financial statements
Consolidated balance sheet
Balance sheet before or after appropriation of results	Na
Property, plant and equipment	204.637	265.450

Total of non-current assets	204.637	265.450
Inventories	2.216.218	3.327.661
Receivables	1.817.243	1.791.787
Cash and cash equivalents	1.781.503	2.009.412
Total of current assets	5.814.964	7.128.860
Total of assets	6.019.601	7.394.310
Equity	-4.342.302	-2.320.025
Share in group equity not accrued to legal entity	-28.699	-34.821
Total of group equity	-4.371.001	-2.354.846
Provisions	43.587	70.451
Non-current liabilities	8.100.000	7.600.000
Current liabilities	2.247.015	2.078.705
Total of equity and liabilities	6.019.601	7.394.310
Consolidated income statement
Gross operating result	2.290.608	3.518.866
Expenses of employee benefits	2.706.960	3.338.515
Amortisation of intangible assets and depreciation of property, plant and equipment	69.296	82.005
Other operating expenses	1.427.907	1.573.190
Total of sum of expenses	4.204.163	4.993.710
Total of operating result	-1.913.555	-1.474.844
Financial income and expenses	-66.021	-56.078
Total of result before tax	-1.979.576	-1.530.922
Income tax expense	36.580	56.968
Total of result after tax	-2.016.156	-1.587.890
Profit (loss) attributable to non-controlling interest not accrued to legal entity	-6.123	834
Net result after tax attributable to the legal entity	-2.022.279	-1.587.056
Consolidated cash flow statement
Operating result	-1.913.555	-1.474.844
Adjustments for depreciation and amortisation expense	71.983	79.472
Increase (decrease) in provisions	-12.732	10.479
Other adjustments to reconcile to the operating result	-14.131	-
Total of adjustments to reconcile to the operating result	45.120	89.951
Decrease (increase) in trade receivables	166.957	105.201
Decrease (increase) in inventories	1.111.443	1.377.536
Increase (decrease) in trade payables	-89.410	-297.356
Decrease (increase) in other receivables	-192.413	116.952
Increase (decrease) in other payables	257.720	-1.130.435
Total of changes in working capital	1.254.297	171.898
Total of cash flow from (used in) operations	-614.138	-1.212.995
Interest received	8.241	4.762
Interest paid	74.262	60.840
Income tax paid	36.580	56.968
Total of cash flows from (used in) operating activities	-716.739	-1.326.041
Purchase of property, plant and equipment	11.378	37.863
Proceeds from sales of property, plant and equipment	208	2.582
Total of cash flow from (used in) investing activities	-11.170	-35.281
Other cash flows	500.000	2.000.000
Total of cash flow from (used in) financing activities	500.000	2.000.000
Total of net cash flows	-227.909	638.678
Effect of exchange rate changes on cash and cash equivalents	-	-7
Total of increase (decrease) of cash and cash equivalents	-227.909	638.671
Cash and cash equivalents at the beginning of the period	2.009.412	1.370.743
Cash and cash equivalents at the end of the period	1.781.503	2.009.412

Notes to the consolidated financial statements

General notes

Description of the most important activities of the entity

The activities of Koike Europe B.V., having its legal seat at Zaandam, primarily consist of the sales and servicing of gas, plasma and laser cutting machines.

Going concern

Disclosure of going concern

Due to the size of the equity as per end Koike Europe B.V. and the result over 2021 there is an uncertain element of material importance based on which there could be reasonable doubt about the continuity of the activities of Koike Europe B.V. as a whole. Another uncertain element of material importance is due to the increased intercompany receivable between Koike Europe B.V. and Koike France S.A.R.L. (95%), Marly (France).

However, based on a signed comfort letter by Koike Sanso Kogyo Co., Ltd., we believe that the going concern principle is still relevant. In this comfort letter Koike Sanso Kogyo Co., Ltd. declares its intention to provide all sufficient financial support for Koike Europe B.V. to continue business operation in 2022 and on. The accounting principles applied to the valuation of assets and liabilities and the determination of results in these financial statements are based on the assumption of continuity of the corporation.

Group structure

Disclosure of group structure

Koike Europe B.V. is part of a group. The head of this group is Koike Sanso Kogyo Co., Ltd., Japan.

Estimates

Disclosure of estimates

Consolidation

Disclosure of consolidation

The figures of:

―	Koike France S.A.R.L (95%), Marly (France);
―	Koike Italia S.r.l. a Socio Unico (100%), Milan (Italy)

are fully consolidated in the accounts of Koike Europe B.V. Intercompany transactions are fully eliminated. The figures of Koike Middle East FZE are considered to be not significant.

Description of the policies for consolidation

The accounting policies of group companies and other consolidated entities have been changed where necessary, in order to align them to the prevailing group accounting policies.

General accounting principles

Description of the accounting standards used to prepare the financial statements

Foreign currency translation

Policy of foreign currency translation and the processing of foreign currency translation differences in foreign currency transactions

Receivables, liabilities and obligations denominated in foreign currency are translated at the exchange rates prevailing as at balance sheet date.

Leases

Policy of operating leases

Financial instruments

Policy of financial instruments

Accounting principles

Accounting principles applied to the valuation of assets and liabilities

Policy of property, plant and equipment

Policy of financial assets

In the event of an impairment loss, valuation takes place at the recoverable amount; an impairment is recognised and charged to the consolidated profit and loss account.

Deferred tax assets are valued at their nominal value.

Policy of inventories

Goods available for sale are valued at average purchase price or lower net realizable value. This lower net realizable value is determined by individual assessment of the inventories.

Work in progress is valued at manufacturing cost and a mark-up for expected transport, freight and service cost or lower net realizable value.

Policy of receivables

Policy of cash and cash equivalents

Policy of share in group equity not accrued to legal entity

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 Koike Sanso Kogyo Co., Ltd., 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 to Koike Sanso Kogyo Co., Ltd., until the losses for which Koike Sanso Kogyo Co., Ltd. has assumed responsibility have been recovered.

Policy of provisions

Policy of current liabilities

Upon initial recognition, loans and liabilities recorded are stated at fair value and then valued at amortized cost.

Accounting principles for the determination of the result

Accounting principles for determining the result

Policy of revenue recognition

Net turnover comprises the income from the supply of goods and services and realised income from construction contracts after deduction of discounts and such like and of taxes levied on the turnover.

Policy of gross operating result

The gross margin consists of the net turnover, the changes in inventory of finished goods and work in progress, capitalized production on behalf of own business, other operating income.

Net turnover represents amounts invoiced for goods and services supplied during the financial year reported on, net of discounts and value added taxes.

Applied policy of pension costs

Policy of depreciation of property, plant and equipment

Future depreciation is adjusted if there is a change in estimated future useful life.

Gains and losses from the occasional sale of property, plant or equipment are included in depreciation.

Policy of other operating expenses

Costs are determined on a historical basis and are attributed to the reporting year to which they relate.

Policy of financial income and expenses

Exchange differences that arise from the settlement or translation of monetary items are recorded in the profit and loss account in the period in which they occur, unless hedge-accounting is applied.

Changes in the value of financial instruments recognised at fair value are recorded in the profit and loss account.

Policy of income tax expense

Tax on the result is calculated based on the result before tax in the consolidated profit and loss account, taking account of the losses available for set-off from previous financial years (to the extent that they have not already been included in the deferred tax assets) and exempt profit components and after the addition of nondeductible costs. Due account is also taken of changes which occur in the deferred tax assets and deferred tax liabilities in respect of changes in the applicable tax rate. In the financial statements of group companies a tax charge is calculated on the basis of the accounting result.

Policy of share in results of participating interests

Accounting principles: Cash flow statement

Policy of cash flow statement

Balance sheet

Property, plant and equipment

Breakdown

Other tangible assets	204.637	265.450
Total of property, plant and equipment	204.637	265.450

Textual disclosure

Disclosure of property, plant and equipment

The other tangible fixed assets are depreciated by 10-20% annually. There is no residual value for transportation.

Receivables

Breakdown

Other receivables other	1.266.946	1.608.720
Total of other receivables	1.266.946	1.608.720
Tax receivables	17.590	6.722
Receivables relating to income tax	9.492	21.152
Other accrued income	523.215	155.193
Total of prepayments and accrued income	523.215	155.193
Total of receivables	1.817.243	1.791.787
Trade receivables: Breakdown
Gross trade receivables	1.326.480	1.476.102
Provision bad debts on trade receivables	125.396	108.061
Total of net trade receivables	1.201.084	1.368.041
Group equity
Disclosure of group equity
The shareholders' equity is explained in the notes to the non-consolidated balance sheet. The minority interest in group company Koike France S.A.R.L. amounts € -28,699 (2020: € -34,821).
Provisions
Breakdown
Other provisions	43.587	70.451
Total of provisions	43.587	70.451
Textual disclosure
Disclosure of provisions
Other provisions as at 31 December 2021 comprise Italian leave indemnities for an amount of € 43,587 (2020: € 56,320) and in 2020 a provision for risks of € 14,000. The entire provision relates to a period of more than 5 years.
Total of provisions	43.587	70.451
Non-current liabilities
Movement schedule
Non-current liabilities: Movement schedule
Non-current liabilities	PayablesOtherNoncurrentMember
Non-current liabilities at the beginning of the period		7.600.000
Non-current liabilities at the end of the period		8.100.000
Non-current liabitilities with a maturity exceeding one year within five years		8.100.000
Non-current liabilities	LiabilitiesNoncurrentMember
Non-current liabilities at the beginning of the period		7.600.000
Non-current liabilities at the end of the period		8.100.000
Non-current liabitilities with a maturity exceeding one year within five years		8.100.000
Breakdown
Other payables	8.100.000	7.600.000
Total of non-current liabilities	8.100.000	7.600.000

Textual disclosure

Disclosure of non-current liabilities

Guarantees

Koike Sanso Kogyo Co. Ltd., the parent company, has issued letters of guarantee to the Chiba Bank, Ltd. and Sumitomo Mitsui Trust Bank, Limited for the extended loans.

Current liabilities

Breakdown

Payables to group companies	1.266.977	839.750
Other payables	427.224	651.700
Accruals and deferred income	552.814	587.255
Total of current liabilities	2.247.015	2.078.705

Textual disclosure

Disclosure of payables to group companies

Current accounts with group companies are not interest bearing. There have been no agreements made (in writing) in relation to the redemption of these current accounts

Off-balance sheet commitments

Textual disclosure

Description of the financial consequences of the contingent arrangements

Rental obligations

Koike France S.A.R.L. entered into a lease agreement regarding the office at Wargnies-le-Grand. The contract started on August 1, 2019 and ends at July 31, 2022. The yearly rent amounts € 8,000.

Description of off-balance sheet commitments relating to guarantees

Bank facility

A bank facility (9.24.11.143) for a total maxium amount of € 250.000 has been provided by ING Bank N.V.

Disclosure of operating leases

Koike Europe B.V. leases 6 cars with ALD Automotive. The total yearly costs for 2022 amount to € 43,000. The totaly costs for contracts longer than one year and less than five years amount to € 73,000. There are no contracts with a duration longer than five years.

Koike Europe B.V. (German Branch Office) leases 5 cars. The total yearly costs for 2022 amounts to € 17,000. The totaly costs for contracts longer than one year and less than five years amount to € 3,000.

Koike France S.A.R.L leases 2 cars. The total yearly costs for 2022 amounts to € 11,500. The totaly costs for contracts longer than one year and less than five years amount to € 12,000.

Income statement

Gross margin

Ratio breakdown

Ratio, to what extent, net sales relative to those of the previous period is increased or decreased

(0,1863)

(0,2890)

Expenses of employee benefits: breakdown

Breakdown

Wages	2.039.277	2.503.798
Social security contributions	451.359	555.463
Pension premiums	129.688	171.712
Total of pension costs	129.688	171.712
Other expenses of employee benefits	86.636	107.542
Total of expenses of employee benefits	2.706.960	3.338.515

Depreciation of property, plant and equipment and amortisation of intangible assets

Breakdown

Depreciation of property, plant and equipment	69.296	82.005
Total of amortisation of intangible assets and depreciation of property, plant and equipment	69.296	82.005

Changes in the value of non-current assets

Financial income and expense

Breakdown

Other interest income and related income	8.241	4.762
Interest expenses and related expenses	74.262	60.840
Total of balance financial income and expenses	-66.021	-56.078

Income tax expense

Breakdown

Income tax expense from current financial year	36.580	56.968
Total of income tax expense	36.580	56.968
Effective tax rate	(0,0180)	(0,0370)
Applicable tax rate	0,2500	0,2500

Other notes

Average number of employees

Breakdown

Average number of employees over the period working in the Netherlands	26,10	30,70
Average number of employees over the period working outside the Netherlands	20,90	20,90
Total of average number of employees over the period	47,00	51,60

Remuneration of managing and supervisory directors

Disclosure of remuneration of managing and supervisory directors

The renumeration of directors can be reduced to one person. Based on article 2:383 lid 1-2C Dutch Civil Code the mention of this renumeration is therfore omitted.

Subsequent events

Disclosure of subsequent events

On 24 February 2022, Russian troops started invading Ukraine. In response, multiple jurisdictions have imposed economic sanctions on Russia and Belarus. In line with these sanctions, Koike Europe BV has suspended all business activities with Russia and Belarus until further notice. The adverse financial impact on net turnover in 2022 is expected to approximate EUR 0.6 million.

Company financial statements

Balance sheet

Balance sheet before or after appropriation of results	Na
Property, plant and equipment		133.673	182.868
Financial assets		354.422	275.916
Total of non-current assets		488.095	458.784
Inventories		1.968.871	3.100.999
Receivables		1.566.146	1.468.464
Cash and cash equivalents		1.586.003	1.925.403
Total of current assets		5.121.020	6.494.866
Total of assets		5.609.115	6.953.650
Share capital paid called up		1.498.835	1.498.835
Share premium		2.000.000	2.000.000
Other reserves		-8.500.958	-6.359.126
Total of equity		-5.002.123	-2.860.291
Non-current liabilities		8.100.000	7.600.000
Current liabilities		2.511.238	2.213.941
Total of equity and liabilities		5.609.115	6.953.650
Income statement
Gross operating result		1.750.496	3.058.867
Expenses of employee benefits		2.208.782	2.796.287
Amortisation of intangible assets and depreciation of property, plant and equipment		56.898	69.640
Other operating expenses		1.629.395	1.930.966
Total of sum of expenses		3.895.075	4.796.893
Total of operating result		-2.144.579	-1.738.026
Financial income and expenses		-62.915	-53.362
Total of result before tax		-2.207.494	-1.791.388
Income tax expense		12.844	38.585
Share in results of participating interests		78.506	53.030
Total of result after tax		-2.141.832	-1.776.943

Notes to the financial statements

General accounting principles

Description of the accounting standards used to prepare the financial statements

For the other accounting principles, valuation principles and principles for determination of the result we refer to the notes of the consolidated financial statements.

Balance sheet

Property, plant and equipment

Breakdown

Other tangible assets	133.673	182.868
Total of property, plant and equipment	133.673	182.868

Textual disclosure

Disclosure of other tangible assets

The other tangible fixed assets are depreciated by 10-20% annually. There is no residual value for transportation.

Financial assets

Breakdown

Shares, certificates of shares and other types of participating interests in group companies	354.422	275.916
Total of financial assets	354.422	275.916

Textual disclosure

Disclosure of financial assets

The amount of € 354,422 regarding the participating interests consists of the following book values:

―	€ 254,421 in Koike Italia S.r.l. a Socio Unico, Milan (Italy), 100%;
―	€ 1 in Koike France S.A.R.L., Marly (France), 95%. The actual net value as at December 31, 2021 of Koike France S.A.R.L, Marly (France), 95% is € 573,975 negative.

Participating interests: One-fifth interest at minimum: Specification

Financial assets: Participating interests: One-fifth interest at minimum: Specification

Legal entity names	Koike Italia S.r.J. a Socio Unico
Location of the legal entity	Milan (Italy)
Result according to the last available financial statements of the legal entity		78.506

Receivables

Breakdown

Receivables from group companies	1	1
Other receivables other	1.031.681	1.316.137
Total of other receivables	1.031.681	1.316.137
Tax receivables	12.358	-
Other accrued income	522.106	152.326
Total of prepayments and accrued income	522.106	152.326
Total of receivables	1.566.146	1.468.464

Textual disclosure

Disclosure of receivables from group companies

Current accounts with group companies are not interest bearing. There have been no agreemtens made (in writing) in relation to the redemption of these current accounts.

For the current account Koike France S.A.R.L. an additional provision in 2021 has been formed due to uncertainty of going concern for an amount of € 710,551, which is the maximum amount, regarding the negative asset value of Koike France S.A.R.L.

Trade receivables: Breakdown

Gross trade receivables	1.071.312	1.165.053
Provision bad debts on trade receivables	90.001	75.998
Total of net trade receivables	981.311	1.089.055

Equity

Movement schedule

Equity: Statement of changes

Classes of equity	ShareCapitalPaidCalledUpMember
Equity at the beginning of the period		1.498.835
Total of movements during the period		-
Equity at the end of the period		1.498.835
Classes of equity	SharePremiumMember
Equity at the beginning of the period		2.000.000
Total of movements during the period		-
Equity at the end of the period		2.000.000
Classes of equity	ReservesOtherMember
Equity at the beginning of the period		-6.359.126
Total of movements during the period		-2.141.832
Result allocation		-2.141.832
Equity at the end of the period		-8.500.958
Classes of equity	EquityMember
Equity at the beginning of the period		-2.860.291
Total of movements during the period		-2.141.832
Result allocation		-2.141.832
Equity at the end of the period		-5.002.123

Movement schedule: Previous period

Equity: Statement of changes

Classes of equity	ShareCapitalPaidCalledUpMember
Equity at the beginning of the period		1.498.835
Total of movements during the period		-
Equity at the end of the period		1.498.835
Classes of equity	SharePremiumMember
Equity at the beginning of the period		2.000.000
Total of movements during the period		-
Equity at the end of the period		2.000.000
Classes of equity	ReservesOtherMember
Equity at the beginning of the period		-4.582.183
Total of movements during the period		-1.776.943
Result allocation		-1.776.943
Equity at the end of the period		-6.359.126
Classes of equity	EquityMember
Equity at the beginning of the period		-1.083.348
Total of movements during the period		-1.776.943
Result allocation		-1.776.943
Equity at the end of the period		-2.860.291

Share capital

Textual disclosure

Disclosure of share capital paid called up

Other amounts: Breakdown

Share capital issued

1.498.835

Other reserves

Disclosure of other reserves

There is a difference with the consolidated shareholder's equity of -€ 631,122, which is caused by:

―	the additional provision in connection with Koike France of € 710,551 as outlined under disclosure note receivables from group companies;
―	the result share of third parties Koike France S.A.R.L. of -€ 28,699;
―	the elimination of the unrealized intercompany result of -€ 50,729 regarding sales to a group company in the consolidated financial statements.

There is a difference with consolidated result of € 125,677, which is caused by:

―	the additional provision in connection with Koike France of € 144,689 as outlined under disclosure note receivables from group companies;
―	the elimination effect of the unrealized intercompany result of € -25,133 regarding sales to a group company in the consolidated financial statements;
―	the mutation of third parties Koike France S.A.R.L. of € 6,123.

Appropriation of the results

Textual disclosure

Statement of the destination of the profit or the processing of the loss

The management of the company appropriated the result as following: the loss for 2021 is fully deducted from the other reserves.

Non-current liabilities

Movement schedule

Non-current liabilities: Movement schedule

Non-current liabilities	PayablesOtherNoncurrentMember
Non-current liabilities at the beginning of the period		7.600.000
Non-current liabilities at the end of the period		8.100.000
Non-current liabitilities with a maturity exceeding one year within five years		8.100.000
Non-current liabilities	LiabilitiesNoncurrentMember
Non-current liabilities at the beginning of the period		7.600.000
Non-current liabilities at the end of the period		8.100.000
Non-current liabitilities with a maturity exceeding one year within five years		8.100.000
Breakdown
Other payables	8.100.000	7.600.000
Total of non-current liabilities	8.100.000	7.600.000

Textual disclosure

Disclosure of non-current liabilities

Guarantees

Koike Sanso Kogyo Co. Ltd., the parent company, has issued letters of guarantee to the Chiba Bank, Ltd. and Sumitomo Mitsui Trust Bank, Limited for the extended loans.

Current liabilities

Breakdown

Payables to group companies	1.658.109	1.141.170
Other payables	341.712	545.330
Accruals and deferred income	511.417	527.441
Total of current liabilities	2.511.238	2.213.941

Textual disclosure

Disclosure of payables to group companies

Current accounts with group companies are not interest bearing. There have been no agreements made (in writing) in relation to the redemption of these current accounts.

Income statement

Gross margin

Ratio breakdown

Ratio, to what extent, net sales relative to those of the previous period is increased or decreased

(0,2246)

(0,3009)

Expenses of employee benefits: breakdown

Breakdown

Wages	1.671.620	2.107.210
Social security contributions	347.203	439.664
Pension premiums	107.897	146.374
Total of pension costs	107.897	146.374
Other expenses of employee benefits	82.062	103.039
Total of expenses of employee benefits	2.208.782	2.796.287

Depreciation of property, plant and equipment and amortisation of intangible assets

Breakdown

Depreciation of property, plant and equipment	56.898	69.640
Total of amortisation of intangible assets and depreciation of property, plant and equipment	56.898	69.640

Changes in the value of non-current assets

Financial income and expense

Breakdown

Other interest income and related income	8.241	4.762
Interest expenses and related expenses	71.156	58.124
Total of balance financial income and expenses	-62.915	-53.362

Income tax expense

Breakdown

Income tax expense from current financial year	12.844	38.585
Total of income tax expense	12.844	38.585
Effective tax rate	(0,0006)	(0,0215)
Applicable tax rate	0,2500	0,2500

Other notes

Average number of employees

Breakdown

Average number of employees over the period working in the Netherlands	26,10	30,70
Average number of employees over the period working outside the Netherlands	14,00	16,10
Total of average number of employees over the period	40,10	46,80

Signing of the financial statements

Name of managing, supervisory directors and representative	Y. Niitsu
Type of director	Bestuurder (huidiq)
Location of signing by managing and supervisory directors	Zaandam
Date of signing by managing and supervisory directors	2022-04-22
Signed by director (Y/N)	Ja

Other information

Provisions of the Articles of Association relating to profit appropriation

In Article 20 of the articles of association is determined that the net income for the year is at the disposal of the general meeting of the shareholders.

Branch offices

The Company has the following branch:

―	Koike Germany Branch Office.

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Koike Europe B. V., Germany Branch Office

Friedberg (Hessen)

Befreiender Jahresabschluss zum Geschäftsjahr vom 01.01.2022 bis zum 31.12.2022

Koike Europe B.V.

Zanndam/Niederlande

Koike Europe B. V., Germany Branch Office

Friedberg (Hessen)

Befreiender Jahresabschluss gem. §325 a HGB zum Geschäftsjahr vom 01.01.2019 bis zum 31.12.2019

Koike Europe B.V.

Zanndam/Niederlande

Koike Europe B. V., Germany Branch Office

Friedberg (Hessen)

Befreiender Jahresabschluss gem. §325 a HGB zum Geschäftsjahr vom 01.01.2017 bis zum 31.12.2017

Koike Europe B.V. Zanndam/Niederlande

Koike Europe B. V., Germany Branch Office

Friedberg (Hessen)

Befreiender Jahresabschluss gem. §325 a HGB zum Geschäftsjahr vom 01.01.2020 bis zum 31.12.2020

Koike Europe B.V. Zanndam/Niederlande

Balance sheet

Balance sheet

Balance sheet

INDEPENDENT AUDITORS' REPORT

Koike Europe B. V., Germany Branch Office

Friedberg (Hessen)

Befreiender Jahresabschluss gem. §325 a HGB zum Geschäftsjahr vom 01.01.2018 bis zum 31.12.2018

Koike Europe B.V. Zanndam/Niederlande

Koike Europe B. V., Germany Branch Office

Friedberg (Hessen)

Befreiender Jahresabschluss gem. §325 a HGB zum Geschäftsjahr vom 01.01.2016 bis zum 31.12.2016

Koike Europe B.V.

Zanndam/Niederlande

CONSOLIDATED FINANCIAL STATEMENTS FOR FILING PURPOSES FOR THE YEAR 2016

OF Koike Europe B.V.

ZAANDAM

1. MANAGEMENT BOARD'S REPORT

2. CONSOLIDATED FINANCIAL STATEMENTS

COMPANY FINANCIAL STATEMENTS

OTHER INFORMATION

OUR OPINION

BASIS FOR OUR OPINION

RESPONSIBILITIES OF MANAGEMENT FOR THE FINANCIAL STATEMENTS

OUR RESPONSIBILITIES FOR THE AUTIDT OF THE FINANCIAL STATEMENTS

Koike Europe B. V., Germany Branch Office

Friedberg (Hessen)

Befreiender Jahresabschluss gem. §325 a HGB zum Geschäftsjahr vom 01.01.2015 bis zum 31.12.2015

Koike Europa B.V.

Zaandam/Niederlande

Jahres- und Konzernabschluss zum 31.12.2015

1. Annual Report

Koike Europe B.V., Zaandam

1.1 ANNUAL MANAGEMENT REPORT

2. Consolidated Chamber of Commerce Report

Koike Europe B.V., Zaandam

2.1 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2015

2.2 CONSOLIDATED STATEMENT OF INCOME AND EXPENSES FOR THE YEAR 2015

2.3 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR 2015

2.4 NOTES TO THE FINANCIAL STATEMENTS OF THE CONSOLIDATED ANNUAL REPORT

2.5 NOTES TO THE CONSOLIDATED BALANCE SHEET

2.6 NOTES TO THE CONSOLIDATED STATEMENT OF INCOME AND EXPENSES

Chamber of Commerce Accounts

Koike Europe B.V., Zaandam

NON-CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2015

NON-CONSOLIDATED STATEMENT OF INCOME AND EXPENSES FOR THE YEAR 2015

NOTES TO THE FINANCIAL STATEMENTS OF THE NON-CONSOLIDATED ANNUAL REPORT

NOTES TO THE BALANCE SHEET

NOTES TO THE NON-CONSOLIDATED STATEMENT OF INCOME AND EXPENSES

Other Information

Koike Europe B.V., Zaandam

INDEPENDENT AUDITORS' REPORT

Report on the financial statements

Report an other legal and regulatory requirements

Koike Europe B. V., Germany Branch Office

Friedberg (Hessen)

Befreiender Jahresabschluss gem. §325 a HGB zum Geschäftsjahr vom 01.01.2014 bis zum 31.12.2014

Koike Europe B.V.

Zaandam/Niederlande

Jahres- und Konzernabschluss zum 31.12.2014

REPORT REGARDING THE CONSOLIDATED FINANCIAL STATEMENTS FOR FILING PURPOSES FOR THE YEAR 2014 OF KOIKE EUROPE B.V., ZAANDAM

1. ANNUAL REPORT

2. CONSOLIDATED CHAMBER OF COMMERCE REPORT

Befreiender Jahresabschluss gem. §325 a HGB
zum Geschäftsjahr vom 01.01.2019 bis zum 31.12.2019

Befreiender Jahresabschluss gem. §325 a HGB
zum Geschäftsjahr vom 01.01.2017 bis zum 31.12.2017

Koike Europe B.V.
Zanndam/Niederlande

Befreiender Jahresabschluss gem. §325 a HGB
zum Geschäftsjahr vom 01.01.2020 bis zum 31.12.2020

Koike Europe B.V.
Zanndam/Niederlande

Befreiender Jahresabschluss gem. §325 a HGB
zum Geschäftsjahr vom 01.01.2018 bis zum 31.12.2018

Koike Europe B.V.
Zanndam/Niederlande

Befreiender Jahresabschluss gem. §325 a HGB
zum Geschäftsjahr vom 01.01.2016 bis zum 31.12.2016

Befreiender Jahresabschluss gem. §325 a HGB
zum Geschäftsjahr vom 01.01.2015 bis zum 31.12.2015

Befreiender Jahresabschluss gem. §325 a HGB
zum Geschäftsjahr vom 01.01.2014 bis zum 31.12.2014

REPORT REGARDING THE CONSOLIDATED FINANCIAL STATEMENTS
FOR FILING PURPOSES FOR THE YEAR 2014 OF KOIKE EUROPE B.V., ZAANDAM

Befreiender Jahresabschluss gem. §325 a HGB
zum Geschäftsjahr vom 01.01.2021 bis zum 31.12.2021