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Page 1: Bottles sold (in millions) - RESILUX Governance Chapter 13 ... stocks and trade account receivables. (4) ... 0,008 % 99 % 99,992 % 99 % 1 % 1 % < 9

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187

560

705

446365 379 418

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Bottles

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w.r

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ux.c

om

2000 2001 2002 2003 2004 2005 2006 2007

Preforms sold (in millions)

Bottles sold (in millions)

annual report 2008

3168

2008

424

2008

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3500

3000

2800

2600

2400

2200

2000

1800

1600

1400

1200

1000

800

600

400

200

0

2000

Preforms

2001 2002 2003 2004 2005 2006 2007

1382

1678

18821952

1670

2067

2643

2860

1200

1000

800

600

400

200

0

187

560

705

446365 379 418

468

Bottles

ww

w.r

esil

ux.c

om2000 2001 2002 2003 2004 2005 2006 2007

Preforms sold (in millions)

Bottles sold (in millions)

annual report 2008

3168

2008

424

2008

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You get L TS of bottle from Resilux preforms

annualreport2008

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annual report 2008

Tableofcontents

Chairman’s statement 5

Resilux profile 6

Consolidated key figures 7

Shareholders and group structure 8

Resilux and the Brussels Stock Exchange 10

Financial calendar 11

Investor relations 11

Financial service provider 11

Capital - Shares - Voting rights - Shareholders - Transparency legislation 11

Corporate Governance Chapter 13

Operations 20

Production units 24

Declaration regarding the information given in the annual report for the financial year ending on December 31st, 2008 27

Annual report of the Board of Directors 27

Consolidated annual accounts 2008 44

Balance sheet 44

Income statement 45

Consolidated Cash flow Statement 46

Statement of changes in equity 47

Notes to the consolidated financial statements 47

Comments IFRS 2008 69

Auditor’s report 75

Abridged statutory annual accounts of Resilux NV 2008 78

Balance sheet 78

Profit and loss account 80

Appropriation of profit 81

Notes to the accounts 81

Cash flow statement 83

Comments 84

General information on Resilux NV 89

The annual report is available on the internet in Dutch, French and English. >>> www.resilux.com

Het jaarverslag is beschikbaar op het internet in het Nederlands, Frans en Engels. >>> www.resilux.com

Le rapport annuel est disponible sur internet en néerlandais, français et anglais. >>> www.resilux.com

The Dutch version is the official version. The French and English versions are translations with no legal force.

Resilux NV is responsible for these translations.

Table of contents
Note
Please click on a title in the table of contents to choose the requested page. Each page has a <- sign. Return to the table of contents by clicking this arrow.
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annual report 2008

Chairman’sstatement

The investment policy pursued, the prudent depreciation policy, the cash flows generated, the investment in organisation, R&D and

innovation, all form a strong basis for the continued expansion of Resilux and improvement in future outcomes.

The total amount of accumulated depreciation is already e 127.5 million. The land is still there; the buildings with the systems are

still standing and are in very good condition.

Furthermore, the debts have been reduced to e 34.3 million as a result of the strong cash flow. In 2009, efforts to further decrease

debt will continue thereby also decreasing financial burdens.

In this way, Resilux is not only in possession of modern production facilities, which can be utilised for future growth with minimal

investment, but can also strengthen its financial structure.

Moreover, current cash flows allow for investments in additional capacities and new products as well as increased performance in

the area of R&D and innovation.

Very promising products have been developed by the R&D department, particularly in the area of barrier products.

The organisation has been strengthened and will be further strengthened so that it can anticipate market needs, future growth and

the increase in technology components. The reinforcement of the middle and upper structures that has been achieved, together

with the strengthening of the sales organisation, is tangible.

The geographical configuration of the 7 Resilux factories has become an important trump card in a climate where low transport

costs are becoming more and more a factor in competitivity. To keep costs low, the distance from manufacture to client needs to

be as small as possible and this is the case for Resilux. An additional advantage of a local presence is the speed and efficiency of

the services to the clients.

The sector is in full movement. Resilux will be carefully monitoring any openings this creates in the market.

Conclusion: the business principle of “we do it faster, cheaper and better” remains a promise that is born out by the figures.

For all the above reasons, it remains an honour for me to hold the position of chairperson of the Board of Directors.

A. DE CUYPER

Chairman of the Board of Directors

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6

Since its foundation, the production of PET (polyethylene teraphthalate) packaging in the form of preforms and bottles has been

the core business of Resilux. The preforms are blown into bottles by Resilux or by the customer,

and then filled with water, soft drinks, edible oils, ketchup, detergents, milk, beer, fruit juices, etc.

Resilux is a family company by origin that became operational in June 1994. Since 1997, it has been listed on Euronext Brussels.

The company has an extensive network of sales and service offices in various countries. Alongside the main establishment in

Belgium, Resilux has a number of production units in Spain (1997), Russia (1999), Greece (2000), Switzerland (2000/2001),

Hungary (2002) and the United States (2001/2004). Resilux has various sales offices in the above countries, as well as in many

other countries on different continents.

Resilux produces preforms and bottles for many applications and in various weights, colours and forms. Preforms and bottles are

produced for both single use and multiple use. As well as for barrier-sensitive products, Resilux offers various solutions. Moreover,

the Resilux R&D centres are continually researching ways to further improve quality, to increase and develop the barrier qualities

of PET, and to renew and optimise the preform and bottle designs.

Resilux also has bottle-blowing projects at different customers. Resilux provides to the filling companies the necessary know-how

and if required the infrastructure and manpower. These activities can be located on the customer’s premises (in-house), right next

to the customer (wall-to-wall) or near to the customer (satellite).

Resilux endeavours to achieve a global spread of risk and maximum flexibility. The strong position of Resilux is the result of very

high productivity, its technological leadership whereby quality and innovation come first, and its extensive geographic distribution.

The production is highly automated and the production technology has to a large extent been optimised in-house. Part of Resilux’s

know-how is protected by patents and registered designs.

Resiluxprofile<

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annual report 2008

Consolidatedkeyfigures(1)

2008 2007 2006

IFRS IFRS IFRS

Key figures from the profit and loss account

(in thousands of Euro)

Turnover 210,170 200,806 187,452

Added value (2) 53,269 42,015 34,133

Operating cash flow - EBITDA (3) 31,772 22,745 16,381

Depreciation and operational non-cash expenses 17,913 13,412 13,569

Operating result 13,860 9,333 2,812

Financial result -6,701 -5,680 -5,197

Profit (loss) for the financial year before taxes 7,158 3,653 -2,385

Net profit (loss), group share 4,510 3,004 -2,675

Net cash flow 22,423 16,416 10,894

Recurrent operating cash flow - REBITDA 26,446 22,745 16,381

Recurrent operating result 12,995 9.333 2,812

Recurrent profit (loss) before taxes 6,293 3,653 -2,385

Recurrent net profit (loss) 4,070 3,004 -2,675

Key figures from the balance sheet (in thousands of Euro)

Equity sensu stricto 44,748 38,880 35,894

Equity sensu lato (incl. subordinated loans) 56,964 49,497 46,361

Net financial debt (4) 34,315 50,598 55,048

Balance sheet total 140,259 150,287 150,742

Key figures per share (in Euro)

Operating cash flow 16.04 11.48 8.74

Operating result 7.00 4.71 1.50

Net profit (loss), group share 2.28 1.52 -1.43

Net cash flow 11.32 8.29 5.81

Average number of shares (5) 1,980,410 1,980,410 1,874,800

Proposed gross dividend (6) 0 0 0

Proposed net dividend (6) 0 0 0

(1) audited figures, the Auditor’s report is without reservations (see report on page 75)

(2) operating revenues minus raw materials and consumables used minus services and other goods

(3) operating profit plus depreciations and amounts written off on intangible and tangible assets, plus amounts written off on

stocks and trade account receivables.

(4) financial debts minus cash at bank and in hand and investments, subordinated loans not included.

(5) based on the average number of shares during the year.

(6) the Board of Directors proposes to the General Meeting of Shareholders that no dividend is paid.

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8

Shareholdersandgroupstructure

Resilux started production of PET preforms in June 1994. Since October 3rd, 1997, Resilux has been listed on Euronext Brussels.

The price per share of the stock exchange introduction was e 30.99.

The capital of Resilux NV including share premiums amounts to e 33,839,969 on December 31st, 2008. The share capital stands

at e 17,183,856.00 and is represented by 1,980,410 shares without nominal value, each representing 1/1,980,410th of the share

capital.

On December 31st, 2008 the structure of the Resilux group (according to IFRS) was as follows:

(*) percentages calculated on the basis of the number of outstanding shares (1.980.410) and the shareholding such as it appears in the last transparency declaration

received on October 31st, 2008 following the provisions of article 29 of the Law of May 2nd, 2007 on the the disclosure of major shareholdings.

Since 2005, the Resilux group controls all its holdings. In 2008, there have been four changes in the Resilux group structure:

Resilux NV has established two 100 % Belgian subsidiaries, Eastern Investment Holding NV and Eastern Holding NV. Resilux Eurasia

Holding NV has sold its equity participation in Resilux-Volga OOO to Eastern Holding NV, and Resilux Investment OOO has obtained

an equity participation in the charter capital of Resilux Distribution OOO for an amount of 38.000.000 RUB (33.33 %)

Since 1994, Resilux has started up or acquired a number of operational activities in different countries:

1) Spain

In June 1997, the first foreign production unit called Resilux Ibérica Packaging S.A. became operational in Spain. According to IFRS,

it is a 100% daughter of Resilux Holding B.V. with a capital of e 3,005,000 as per December 31st, 2008.

2) Russia

In April 1999, the second foreign subsidiary of Resilux called Resilux Investment OOO became operational in Russia. This company

under Russian law is a subsidiary of Resilux Eurasia Holding NV and has organized the sales and purchase operations of Resilux in

Russia until 2007. Since its foundation in 2007, Resilux Distribution OOO, with a capital of RUB 76,010,000 as per December 31st,

2008 has taken over this job. The production operations are incorporated into Resilux-Volga OOO. As per December 31st, 2008

Resilux-Volga OOO is a 100% subsidiary of Eastern Holding NV with a capital of RUB 115,008,500.

TRIDEC (STAK)

RESILUX NV

Resilux Schweiz AGResilux Hungária

Kft.

Family

Immo Tradec

Belfima Invest

Tradidec

Public

Resilux InvestmentCorporation Inc.

Resilux America,LLC

Resilux Holding B.V.

Resilux EurasiaHolding NV

Eastern Holding NV

Eastern InvestmentHolding NV

Resilux HellasA.B.E.E.

Resilux IbéricaPackaging S.A.

Tradetool B.V.

Resilux DistributionOOO

Resilux InvestmentOOO

Resilux VolgaOOO

99.99991 %

33,3304096 %

66,6695027 %

100 %

100 %

99 %

30 %

100 %

100 %

70 %46,51 %

5,60 %

2,45 %

1,53 %

1,56 %

42,35 %

1 %

100 %

100 %

100 %

0,008 %

99 %

99,992 %

1 %99 %

1 %

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annual report 2008

3) Switzerland

In March 2000, Resilux NV acquired 100% of the shares of the Swiss company Altoplast-Claropac AG, a company that produces

PET preforms and bottles. In March 2001, Resilux NV acquired 100% of the shares of a second Swiss company, Femit Plastic AG, a

company that also produces PET preforms and bottles. In order to optimise synergies, the 2 companies were merged in 2004 and

became Resilux Schweiz AG. As per December 31st, 2008 this company has a capital of CHF 18,000,000.

4) Greece

In June 2000, Resilux started up a production unit in Greece, Resilux Hellas A.B.E.E. As per December 31st, 2008 this 99%

subsidiary of Resilux Holding B.V. has a capital of e 7,000,000.

5) United States

In December 2000, Resilux NV acquired - through an American holding company set up for this purpose, Resilux Investment

Corporation, Inc. - a shareholding of 16.67% in Resilux America, LLC. This company produces and commercialises PET packaging

for niche markets - such as food products, household products, cosmetics, pharmaceutical products, etc - and continues to invest

in the expansion of its preform activities.

Since January 1st, 2005, Resilux Investment Corporation, Inc. holds all shares of Resilux America, LLC. As per December 31st, 2008

this company has a capital of USD 18,050,000.

6) Hungary

In March 2002, Resilux started a new production unit in Hungary. A new company was set up for this purpose, Resilux Hungária

Packaging Kft. of which currently 70% of the shares are held by Resilux NV and 30% by Resilux Schweiz AG. As per December 31st,

2008 the capital of Resilux Hungária Packaging Kft. is HUF 880,469,531, share premiums included.

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ResiluxandtheBrusselsStockExchange

Stock exchange listing

The Resilux share is listed since October 3rd, 1997. Resilux is listed on Euronext Brussels under the code ‘RES’ with ISIN code

BE0003707214 / sector description 2723: Industrials / Containers & Packaging.

During the past 5 year, the stock price of the Resilux share on Euronext Brussels evolved as follows (in Euro):

Some key stock market figures of Resilux are given below (amounts in Euro):

Key stock market figures 2008 2007 2006 2005 2004

Average daily volume in units 1,023 1,019 1,118 738 626

Number of shares on 31.12 1,980,410 1,980,410 1,980,410 1,871,210 1,871,210

Market capitalisation at closing price 59,412,300 75,453,621 86,246,856 74,268,325 90,192,322

Turnover 9,324,703 11,915,980 11,242,097 7,821,558 9,517,368

Highest price 40.32 50.75 43.55 48.42 71.00

Lowest price 26.75 38.01 34.55 34.00 48.00

Closing price 30.00 38.10 43.55 39.69 48.20

Average price 34.97 44.39 38.96 41.13 61.29

Price/cash flow (1) 3.1 5.4 6.6 6.9 6.3

(1) Based on the average number of shares and average price during the year. The total amount of shares has remained the

same in 2008.

The Resilux share reached its highest price of e 40.32 on June 4th, 2008. The lowest share price was reached on October 17th and

was e 26.75.

In order to maintain sufficient activity involving the share, a liquidity and market activation contract was concluded with Bank

Degroof NV. This contract entered into force per April 1st, 2008.

01-10

-2004

01-0

7-2004

01-0

4-2004

01-01

-2004

01-10

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-2007

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annual report 2008

Financialcalendar

Annual financial report 2008 and other legal documents available April 30th, 2009

Interim statement May 14th, 2009

Annual Shareholders’ Meeting May 15th, 2009

Publication of the half year results for financial year 2009 and analysts meeting August 27th, 2009

Interim statement November 13th, 2009

Publication of the results for financial year 2009 and analysts meeting March 17th, 2010

Annual Shareholders’ Meeting May 21st, 2010

Investorrelations

The annual financial report is available in Dutch, French and English, available as pdf-file on the website www.resilux.com, or as a

standard hardcopy at the Company’s registered seat.

Address: Resilux NV, Damstraat 4, 9230 Wetteren (Belgium)

Telephone: (+32) 9 365 74 74, Fax: (+32) 9 365 74 75

Contact person: Dirk De Cuyper ([email protected])

Financialserviceprovider

Bank Degroof NV has been appointed for the financial servicing towards the shareholders.

Capital-Shares-Votingrights-Shareholders-Transparencylegislation

Capital - Shares - Voting rights

Following a capital increase on December 19th, 2006 the registered capital of the Company amounts to e 17,183,856 represented

by 1,980,410 shares with no nominal value, each of which represents 1/1,980,410th of the capital. All shares are fully paid and each

shares gives right to vote. As a result of the issuing of a warrant plan for the staff by the Company at the end of 2002, warrants

were allocated to the Company staff, of which an amount of 11,289 is still circulating, with an exercise price of e 65.41 per

warrant, to be exercised until October 2010.

Furthermore, Compagnie du Bois Sauvage SA, as part of the issue by the Company of a subordinated bond loan with warrants, has

subscribed to 166,665 warrants on December 19th, 2006, which can be exercised on any date until December 18th, 2011 with a

minimum of 15,000 at an exercise price of e 45.00 per warrant.

Share capital: e 17,183,856

Total amount of issued stock with voting right (nominal value): 1,980,410

Total amount of voting rights (“denominator”) - 1 vote/share: 1,980,410

Total amount of non-issued stock with voting rights (warrants)

(Compagnie du Bois Sauvage SA 166,665 + others 11,289): 177,954

Total amount of new stock with voting rights after exercising all warrants (1 vote/new share): 177,954

Total amount of stock with voting rights after exercising all warrants: 2,158,364

Total amount of voting rights after exercising all warrants - 1 vote/share: 2,158,364

Shareholders – Transparency legislation

In accordance with Article 14 of the Company’s articles of association, for the application of Articles 6 to 10 of the Law of May 2nd,

2007 on the disclosure of major shareholdings in issuers whose shares are permitted to share dealing on a regulated market and

containing divers stipulations, the applicable quotas have been set at 3%, 5%, and multiples of 5%.

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12

According to the last notification of a participation dated October 31st, 2008, received by the Company following article

29 of the Law of May 2nd, 2007 on the the disclosure of major shareholdings, as per September 1st, 2008, Tridec Stichting

Administratiekantoor (STAK) possesses 921,000 Company shares (46.51%), the De Cuyper family possesses 110,865 Company

shares (5.60%), the company NV Immo Tradec possesses 48,534 Company shares (2.45%), the company NV Belfima Invest

possesses 30,333 Company shares (1.53%) and the company NV Tradidec possesses 30,973 Company shares (1.56%).

Tridec STAK - a foundation under Dutch law which is controlled and represented by Alex De Cuyper, Peter De Cuyper and Dirk De

Cuyper -, the De Cuyper family and the companies NV Immo Tradec, NV Belfima Invest and NV Tradidec act in mutual consultation.

Together they possess 1,141,705 Company shares. This represents 57.65% of the shares, and therefore control of the Company.

All remaining Company shares (42.35 %) are owned by the public.

Since October 31st, 2008, no more notifications were received.

Shareholder Current voting % of issued Possible future % of issued

rights Company stock voting rights and currently

non-issued stock

(warrants)

Tridec Stichting administratiekantoor * 921,000 46.51% 921,000 42.67%

De Cuyper family * 110,865 5.60% 110,865 5.14%

NV Immo Tradec * 48,534 2.45% 48,534 2.25%

NV Belfima Invest * 30,333 1.53% 30,333 1.41%

NV Tradidec * 30,973 1.56% 30,973 1.43%

Public 838,705 42.35% 838,705 38.86%

Compagnie Bois Sauvage SA 166,665 7.72%

Others 11,289 0.52%

Total 1,980,410 100% 2,158,364 100%

(“denominator)”) (“fully diluted”)

* Tridec Stichting Administratiekantoor (controlled by Alex De Cuyper, Peter De Cuyper and Dirk De Cuyper) acts in mutual consultation with the De Cuyper family

and the companies NV Immo Tradec, NV Belfima Invest and NV Tradidec.

The shareholders and control structure of Resilux NV is set out in the notes on the annual account (page 81) and in the Corporate

Governance Charter of Resilux NV. Even so, this information can be retrieved on the Company’s website - heading investor relations -

General Information.

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13

annual report 2008

CorporateGovernanceChapter

Corporate Governance Charter

Resilux NV, a Belgian company listed on Euronext Brussels, complies with the nine Principles of the Belgian Corporate Governance

Code that was published in December 2004.

The Corporate Governance Charter of Resilux NV is available on the website www.resilux.com.

The Corporate Governance Charter of Resilux NV is supplemented by seven Annexes, that are part of the Charter:

Annex 1: Internal regulations of the Board of Directors

Annex 2: Policy concerning transactions and other contractual relationships between the Company, members of the Board of

Directors and members of the Executive Committee

Annex 3: Rules to prevent market abuse

Annex 4: Internal regulations of the Audit Committee

Annex 5: Internal regulations of the Remuneration and Appointment Committee

Annex 6: Internal regulations of the Executive Committee

Annex 7: Remuneration policy

As far as the Corporate Governance Chapter in this annual report is concerned, the Board of Directors of Resilux NV, in view of its

specific nature and structure, decided to depart from the following Principles of the Belgian Corporate Governance Code: numbers

7.5, 7.15, 7.16 and 7.17.

Furthermore, on January 12th, 2009 after consultation of the report from the Audit Committee as presented by the Chairman of

the Audit Committee, the Board of Directors noted that the absence of an internal auditing position within the Company is justified

in view of the size of the organisation and good operation of the existing systems and procedures for internal control and risk

management, which will be further reinforced in 2009. The further long term professionalization of these systems and procedures

will be evaluated regularly and accurately.

On March 12th, 2009, the second edition of the Belgian Corporate Governance Code (2009), which entirely replaces 2004’s version,

was published. The new Belgian Corporate Governance Code (2009) is applicable to the financial years as from January 1st, 2009.

In the course of 2009, Belgian listed companies are supposed to evaluate their corporate governance in view of the new edition

of 2009, and, if necessary, to adjust their implementation of the corporate governance principles and their Corporate Governance

Charter.

They are as well supposed to comply with the new regulations in the Corporate Governance Chapter of the annual financial report

of 2009, which will be published in 2010.

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14

The Board of Directors

Composition

The Board of Directors of Resilux NV consists of six members:

• Alex De Cuyper, Chairman and non-executive director

• Dirk De Cuyper, Managing Director

• Peter De Cuyper, Managing Director

• Lexxus BVBA represented by its permanent representative Dirk Lannoo, non-executive and independent director

(as from March 8th, 2006)

• Francis Vanderhoydonck CVBA represented by its permanent representative Francis Vanderhoydonck, non-executive

and independent director

• BVBA Guido Vanherpe represented by its permanent representative Guido Vanherpe, non-executive and

independent director

As long as Tridec Stichting Administratiekantoor has a participation of at least 35%, it has the statutory right to nominate four

directors. For the time being, Tridec Stichting Administratiekantoor hasn’t appointed a fourth director.

Alex De Cuyper set up Thovadec Plastics NV in 1961. He was director of this company until 1988. From 1974 to 1994 he was a

judge of commercial cases at Ghent Commercial Court. After having been Chief Executive Officer of Resilux NV for a number

of years, Alex De Cuyper now chairs the Board of Directors of Resilux NV. He is also director of various other companies.

Dirk De Cuyper obtained marketing, distribution and technical qualifications and worked for Netstal Maschinen AG, a

producer of industrial machinery including machines for making PET preforms, amongst others as subcontractor in sales and

services for the PET department. As Managing Director, Dirk De Cuyper now is responsible for the day-to-day management of

Resilux NV..

Peter De Cuyper is Master of Law and Master of Economic Law. After having worked as in-house lawyer for an insurance

company in 1992, he became Financial Director of Resilux NV on January 1st, 1993 and held this position until October

2002. In the following years, besides his function as managing director of Resilux NV, he especially focused on the further

development of various units. As from August 2007, Peter De Cuyper again took over the function of CFO (ad interim).

Dirk Lannoo, permanent representative of Lexxus BVBA, is Master of Law. He started his career at General Motors and joined

Katoen Natie in 1986. Today, he is Vice Chairman of Katoen Natie. He is also director of Punch International, the printing and

publishing firm Lannoo, Febiac and the Flanders Institute for Logistics.

Francis Vanderhoydonck, permanent representative of Francis Vanderhoydonck CVBA, is Master of Law and Economic

Sciences and obtained an MBA from New York University. From 1986 to 1998, he worked at Generale Bank, where he held a

number of positions in the investment banking department. From 1995 to 1998, he was responsible for this department. Now,

he works with Maple Finance Group, which is specialised in the management of private equity investment funds and corporate

finance. He is also director in a number of companies.

Guido Vanherpe, permanent representative of BVBA Guido Vanherpe, has a Master degree of Economics and a Master of

Business Administration. He began his career with Proctor & Gamble Belgium. From 1989 to 1993, he worked with Unilever

Belgium (Sales & Marketing Manager, Chilled Foods Division) and then moved to the La Lorraine Bakery Group (Sales &

Marketing Manager) where he was appointed CEO in 1995. Guido Vanherpe is likewise the CEO of Vanobake Baking & Milling

Group (holding company), an independent director with Country Chef NV (ready-made meals) and member of the management

board of Saint Barbara College (Ghent - secondary school).

He also acts as chairman of the management board of the AIBI (Association Internationale de la Boulangerie Industrielle or

International Industrial Baking Association) and is a member of the board of the FGBB (Federatie van Grote Bakkerijen van

België or Federation of Large Bakeries of Belgium) and FEVIA (Federatie van de Voedingsindustrie in België or Food Industry

Federation of Belgium).

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annual report 2008

Two of the six members of the Board of Directors of Resilux NV are executive directors, namely Dirk De Cuyper and Peter De Cuyper.

They are both Managing Director.

Alex De Cuyper, Chairman of the Board of Directors, has no executive role in Resilux NV. The same applies to the three

independent - as in article 524 of the Company Code Code and in annex A of the Corporate Governance Code 2004 - directors of

Resilux NV, being:

- Lexxus BVBA represented by its permanent representative Dirk Lannoo, who - following the resignation of Dirk Van den Broeck -

was co-opted by the Board of Directors on March 8th, 2006 and was appointed independent director for a period of six years

by the General Meeting of Shareholders on May 19th, 2006;

- Francis Vanderhoydonck CVBA represented by its permanent representative Francis Vanderhoydonck, who is a member of

the Board of Directors since 1999 (albeit initially as permanent representative of ASIT CVBA) and was appointed independent

director for a period of six years by the General Meeting of Shareholders on May 19th, 2004.

- BVBA Guido Vanherpe represented by its permanent representative Guido Vanherpe who, after the resignation of Luc De Cuyper,

on November 26th was co-opted by the Board of Directors, and on May 16th, 2008 appointed by the General Meeting of

Shareholders for a period of four years.

These non-executive and independent directors are not (and have not been) employees of Resilux NV or a related company. There

is no other relationship with the company or its Directors that could jeopardise their independence as Director.

The Internal regulations of the Board of Directors are set out in Annex 1 to the Corporate Governance Charter of Resilux NV. The

Internal regulations relate amongst others to the composition, the competence and the operation of the Board of Directors.

Activities report

The Board of Directors has met eight times in 2008, six meetings took place in the registered office of the company, one during

a conference call and one by an unanimous taken written decision. Alex De Cuyper, Peter De Cuyper, Dirk De Cuyper and Francis

Vanderhoydonck attended all of the meetings. Guido Vanherpe attended seven of the eight meetings, Dirk Lannoo three of the

eight.

At the meetings of the Board of Directors, various items came up for consideration. These items included the discussion of the

financial results, audit and control (internal and external), remunerations and fees, corporate governance, the operation of the

different committees, the approval of the company’s strategy, research and development, financing and optimizing of the financial

structure, the evolution of the operations and the state of affairs in the subsidiaries, the earth quake in Patras, discussing the

budgets and the approval of new investment projects, reorganisation and changes in the group structure and the organigram and

the internal and external organisation and reinforcement of the group and of each subsidiary.

Beside these formal meetings, informal meetings were regularly held to inform and consult with the members of the Board of

Directors on the progress of specific matters, including the evolution at the subsidiaries. The executive directors report regularly

to the Chairman of the Board of Directors, who in turn informs and consults with the other directors. In this way, all directors,

including the non-executives, are closely involved in the development of, and the control over the policy of the company and the

group.

Remuneration

The total remuneration of the non-executive directors for the financial year 2008 amounts to e 54,796.

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The committees set up by the Board of Directors

1. Audit Committee

At the end of 2004 the Board of Directors of Resilux NV set up an Audit Committee, which assists the Board of Directors in its

supervisory role. The Audit Committee’s tasks relate to analysis and advice regarding internal control and risk management, internal

and external audit, and financial reporting. The decision making remains with the Board of Directors.

The Audit Committee consists of three members, who are all non-executive and independent directors, namely Francis

Vanderhoydonck CVBA represented by its permanent representative Francis Vanderhoydonck, Lexxus BVBA represented by its

permanent representative Dirk Lannoo and Guido Vanherpe BVBA, represented by its permanent representative Guido Vanherpe.

The Audit Committee met three times in 2008. Francis Vanderhoydonck and Guido Vanherpe attended each meeting. Dirk Lannoo

attended two meetings.

The Internal regulations of the Audit Committee are set out in Annex 4 to the Corporate Governance Charter of Resilux NV. The

Internal regulations relate amongst others to the composition, the competence and the operation of the Audit Committee.

2. Remuneration and Appointment Committee

At the end of 2004 the Board of Directors of Resilux NV set up a Remuneration and Appointment Committee, which assists the

Board of Directors in its tasks and responsibilities relating to, on the one hand, remuneration of directors and members of the

Executive Committee and, on the other hand, appointment of directors.

As far as remuneration is concerned, the Remuneration and Appointment Committee makes proposals on remuneration policy

and recommendations on individual remuneration of non-executive directors and members of the Executive Committee. The

decision making on the individual remuneration of directors (in their capacity of director) remains with the General Meeting of

Shareholders.

As far as appointment of directors is concerned, the Remuneration and Appointment Committee makes recommendations on

candidates to the Board of Directors, who in turn makes proposals to the General Meeting of Shareholders.

The Remuneration and Appointment Committee consists of three members, who are all non-executive and - except one (the

Chairman of the Board of Directors) - independent directors, namely Francis Vanderhoydonck CVBA represented by its permanent

representative Francis Vanderhoydonck, Lexxus BVBA represented by its permanent representative Dirk Lannoo and Alex De Cuyper.

The Remuneration and Appointment Committee met three times in 2008. Alex De Cuyper and Francis Vanderhoydonck attended

each meeting. Dirk Lannoo attended two meetings.

The Internal regulations of the Remuneration and Appointment Committee are set out in Annex 5 to the Corporate Governance

Charter of Resilux NV. The Internal regulations relate amongst others to the composition, the competence and the operation of the

Remuneration and Appointment Committee.

3. The Executive Committee

Operation and interaction Managing Directors and Executive Committee.

The Executive Committee is responsible for implementing the decisions that were taken by the Board of Directors and

for managing Resilux NV, without prejudice to the competence of the Managing Directors as to the company’s day-to-day

management.

As far as the day-to-day management of the company is concerned, Managing Director Dirk De Cuyper is in generally responsible

for production, purchase and research, development and innovation, while Managing Director Peter De Cuyper mainly takes care of

the financial part and provides support to the various subsidiaries of the Resilux group. Both Managing Directors take care of the

sales, the sales strategy and the sales organisation of the group and each individual unit.

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annual report 2008

They are jointly committed to the further development and growth of the group.

The Internal regulations of the Executive Committee are set out in Annex 6 to the Corporate Governance Charter of Resilux NV.

The Internal regulations relate amongst others to the competence, as well as to the operation and the composition of the Executive

Committee.

Organisation

The Executive Committee meets whenever the company’s interest requires a meeting to be convened. In principle, there are two

meetings per month.

Composition

The Executive Committee of Resilux NV consists of five members, amongst whom three non-members of the Board of Directors:

• Dirk De Cuyper, Managing Director and Chief Executive Officer (CEO)

• Peter De Cuyper, Managing Director

• Harry van Hassel, Marketing & Sales Director

• William Dierickx, Technical Director

• Ivan Dierickx, Production Director

Harry van Hassel has many years of experience in the European PET market. Before joining Resilux NV in 1994, he worked as

Assistant Sales Manager at Janssens Pharmaceutica (1973 to 1979), as Sales Manager at PLM Glasindustrie Dongen B.V. (1980-

1988), as Marketing and Sales Manager for Europe at PLM Strongpac (1988-1989) and as Commercial Director for Europe at

Wellstar, later Constar B.V. (1989-1993).

William Dierickx en Ivan Dierickx are technicians with many years of extensive experience in injection moulding production. From

1970 to 1990 they worked for Thovadec Plastics NV, an injection moulding company owned by the family De Cuyper. After having

worked for Plastimat NV, a PET company, they started up the operational activities at Resilux NV. Now, William and Ivan Dierickx

are responsible for all technical and production related matters at Resilux NV.

Remuneration

The members of the Executive Committee - including the Executive Directors - received a remuneration of e 1,630,492.48 in the

financial year 2008. These remunerations consist of gross salaries, fees for services and benefits in kind - as provided in a

normal remuneration package - and a one-time bonus which has been awarded on January 12th, 2009 (in accordance with article

523 of the Code of Companies) to two members of the Executive Committee - both executive directors - for their exceptional

performance in 2008 concerning the settlement of special projects and/or the follow-up and finalisation of exceptional issues

wihtin the organisation.

The members of the Executive Committee, excluding the Executive Directores, hold 1.00% of the Resilux shares. They also own

2.000 warrants in pursuance of the emmission of the warrant plan by notarial act of December 23rd, 2002.

No share options or new warrants were granted to the Executive Committee in 2008.

Contractual stipulations

In 2008 no entry or departure arrangements were agreed with the members of the Executive Committee.

The Auditor

The mandate for the supervision of the annual accounts of the company that was entrusted to Auditor Baker Tilly JWB

Bedrijfsrevisoren BVBA, Collegebaan 2D in 9090 Melle, represented by Ms Benedikt Joos has been renewed during the General

Shareholders’ Meeting of May 21st, 2007 for a period of three years.

The Auditor has issued a report without reservations on the company for the statutory and consolidated annual accounts of the

financial year ending on December 31st, 2008.

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The fees that were paid to the Auditor in 2008 are listed in the notes to the annual accounts.

Remunerations for complementary services include services of audit, tax and other services in addition to the normal audit services.

Transactions between related parties

Legal conflicts of interest

Article 523 of the Code of Companies provides for a specific procedure within the Board of Directors in the event of possible

conflicts of interest of a financial nature for one or more directors when the Board of Directors makes one or more decisions or

decides on transactions.

This procedure does not apply to decisions or transactions during the normal course of business at normal market conditions.

Likewise, it does not apply to decisions or transactions between companies where one company directly or indirectly holds at least

95% of the voting shares in the other company and transactions and decisions between companies where at least 95% of the voting

shares in both companies is directly or indirectly in the hands of another company.

Article 524ter of the Code of Companies provides for a similar procedure in the event of conflicts of interest for one or more

members of the Executive Committee.

Article 524 of the Code of Companies also provides for procedures and rules for transactions and decisions between connected

companies. In specific, these transactions must be presented to a committee of 3 independent directors. This committee is

assisted by one or more independent experts appointed by the committee. The committee must present a justified, written opinion

to the Board of Directors on a number of legally defined items. After having taken note of the report, the Board of Directors must

deliberate and vote on the proposed decision or transaction. If the Board departs from the committee’s recommendation, this

must be justified in the minutes. The Auditor evaluates the reliability of the data provided in the committee’s recommendation

and in the minutes from the Board of Directors meeting. The committee’s decision, an excerpt from the minutes of the Board of

Directors and the Auditor’s opinion are reported in the Company’s annual report.

In 2008, no procedures as described in articles 523, 524ter and 524 of the Code of Companies have been applied.

Certain other transactions or contractual relationships with Director or members of the Executive Committee

In 2008 there were no transactions or other contractual relationships between Resilux NV on the one hand and the members

of the Board of Directors or the members of the Executive Committee on the other hand that fell outside the legal provisions on

conflicts of interest.

The policy concerning transactions and other contractual relationships between Resilux NV on the one hand and the members

of the Board of Directors or the members of the Executive Committee on the other hand are set out in Annex 2 to the Corporate

Governance Charter.

Market abuse

The rules stipulated by the Board of Directors of Resilux NV to prevent market abuse, which include a code of conduct for each

member of the Board of Directors or Executive Committee, are described in Annex 3 to the Corporate Governance Charter of

Resilux NV.

In application of this code of conduct, the following reports of such share transactions by members of the executive directors were

received in 2008:

Date Sale Acquisition Number of stock

October 13th, 2008 X 500

October 20th, 2008 X 350

October 21st, 2008 X 350

October 22nd, 2008 X 350

October 23rd, 2008 X 350

October 24th, 2008 X 350

October 28th, 2008 X 500

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annual report 2008

Other transactions

For the sake of completeness, mention is made of the following transactions:

a) the participation of 33.33 % by the Russian company Resilux Investment OOO in the share capital of the Russian company

Resilux Distribution OOO on November 11th, 2008;

b) the transfer on November 27, 2008 by Resilux Eurasia Holding NV to Eastern Holding NV - both subsidiaries of Resilux NV -

of its 99,99991 % participation in the Russian company Resilux-Volga OOO.

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Operations

Production process

In addition to bottles and wide mouth jars, packaging foils and blister packs are also made from PET. Strictly speaking, these two

applications should also be included in PET packaging, but since they only constitute a minor application and do not form part of

Resilux’s operations, only the production of PET bottles will be considered here.

The production of bottles from PET plastic uses the technique of injection moulding and blowing. This can be done in one single

stage, where the plastic is injected and blown into bottles in a single production line.

There is also a two-stage process where first PET preforms are produced on a production line and then another machine blows

them into bottles.

The two-stage process yields a higher output per unit time, and enables the geographic decentralisation of preform and bottle

production. The volumes transported to bottling companies are thus lower than with fully blown bottles.

The two-stage process for producing PET bottles

PET preforms are produced in 4 steps:

1. The PET plastic (in the form of granulate) is dried to avoid moisture affecting the mechanical properties of the product;

2. The dried PET is melted in an extruder, mixed, and may also be coloured;

3. The molten PET is injected into a mould, and it then solidifies to yield a solid preform;

4. The preforms are taken out of the injection mould and after cooling stored for transport to the customer.

The market players in the PET preform and bottle sectors

Producers of PET preforms and bottles can be divided into four categories:

• Producers being part of a multinational in the packaging industry;

• Producers being part of a filling company;

• Independent producers;

• Producers being part of a PET raw material producer.

Packaging multinationals: integration of PET production

In the packaging industry there have been concentrations that have created a number of worldwide groups that produce and sell an

extensive range of packaging materials, including PET. As a result of acquisitions, these groups have their own preform and bottle

factories. In most cases the integration is only partially.

Production of PET bottles by filling companies

Some very large beverage producers make preforms and bottles themselves instead of buying them externally. Here also, the

integration is not always fully completed. It is estimated that these two first categories form approximately one third of the

European preform market.

Independent producers: small scale by nature

In Europe there are tens, and in the world hundreds, of producers of PET preforms and/or bottles. These producers often operate

regionally or nationally. In many cases they have a high degree of turnover concentration because they only supply one or two

large customers. In Europe, only a small number of producers (amongst which Resilux) have activities in different regions.

First stage

PET plastic Injection moulding PET preforms

Second stage

Blowing PET bottles

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Producers being part of a PET raw material producer

Some very large producers of PET raw materials have decided some years ago to start to produce preforms themselves. This is in

particular in Europe with the larger suppliers of PET raw materials.

PET as a packaging material - position

Convincing product characteristics

PET is an excellent material for bottles and other packaging due to a number of specific product characteristics that make it

superior to its competitors on the packaging market. By making a comparison on the basis of a number of requirements that

packaging material for drinks and food have to satisfy, PET clearly emerges as the most versatile material.

Material properties PET Glass Tins (alu.) PVC

Transparency ++ ++ - - ++

Resistance to breaking ++ - - ++ ++

Liquid barrier ++ ++ ++ ++

Gas barrier + ++ ++ +

Hot Fill (*) + ++ ++ - -

Use in microwave ovens + ++ - -

Recyclability ++ ++ ++ - -

Packaging/product interaction ++ ++ + +

Flexibility of design ++ ++ + ++

(*) important for certain products with specific shelf life requirements

Legend: ++ + - - -

excellent good average poor Source: Industry Sources

The production of PET bottles is less capital intensive than glass or cans. The transport and storage of PET is also less expensive.

The energy use is less for PET than for glass and aluminium.

A robust market share in the packaging market

PET has been used for drinks packaging since 1970, and has been growing steadily since then.

The first phase of growth: large CSD packaging

PET bottles were initially mainly used for packaging carbonated soft drinks (CSD) in sizes of 1.5 litres or more.

The growing consumption of PET in this phase was mainly at the expense of glass packaging.

The further breakthrough of PET packaging: more applications in more sizes

Technical developments in the area of product properties and better control of production processes have ensured that PET

packaging has become a viable alternative in a growing number of packaging applications. In addition to this broad wise expansion

(more applications), there has also been development in depth, towards more (smaller) sizes.

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Some of the current applications of PET packaging, divided into segments:

Carbonated Water Other drinks Edible oils Food Non-food

drinks

- Cokes - Spring water - Fruit juices - Miscellaneous - Processed food - Cosmetics

- Lemonades - Mineral water - Alcoholic drinks edible oils - Packaged fruit and - Household

- Soft drinks - Sports drinks and table oils vegetables products

- Ice teas - Ketchup, mayonnaise - Medicines

- Milk and sauces - Detergents

- Beer and wine - Dry snacks

Many new developments are taking place, in particular for barrier-sensitive products such as beer, fruit juices, milk, wine and other

alcoholic drinks. The market of milk and fruit juices experienced a quick growth in 2006, 2007 and 2008 due to a change-over

from other packaging materials to PET.

Core activities

Resilux is specialised in the production and sale of PET preforms and bottles. The use of patented production and processing

techniques guarantees filling companies an uninterrupted supply of bottles and preforms in a wide variety of sizes.

In order to optimise customer service, Resilux also organises the blowing of bottles on the customer’s premises or in the vicinity

of the customer (in-house, satellite and wall-to-wall). Here again, Resilux makes a substantial contribution to the logistics

management (just in time) of filling companies.

PET preforms

Resilux supplies a complete range of PET preforms with a wide variety of weights, colours and sizes for the most diverse

applications. Alongside the standard products, Resilux also designs and produces tailor-made models.

The preform weights vary from 15 grams to 124 grams.

With its considerable knowledge and experience in the food, cosmetics and chemical industries, Resilux is able to develop and

supply a suitable PET preform for every liquid product.

The bottles made from Resilux preforms are filled with water, carbonated soft drinks, edible oils, ketchup, detergents, milk, beer,

soft drinks, wine, juices,etc.

The preforms can be monolayer or multilayer. The multilayer preforms have several benefits for soft drinks, beer, milk and wine.

The barrier properties are greatly improved by the layer that is injected between the various PET layers. A higher barrier degree

can also be obtained in other ways (such as ‘blending’). Resilux can offer a very wide range of barrier products to its customers.

Its valuable expertise in the field of recycling enables Resilux to produce on demand preforms made from recycled material.

PET bottles

Resilux applies the most strict quality standards to its production of PET bottles for one-way or multiple use. Bottles suitable for

multiple use are somewhat heavier than the one-way bottles and are characterised by their great firmness. Refillable bottles can

be used up to 15 to 20 times. This market is however small compared to the one-way bottles.

Resilux PET bottles are used worldwide on a large scale as packaging for a variety of liquid products. There is an unlimited variety

of shapes, weights, colours and sizes of PET bottles, and there are also ‘specials’ for hot-fill liquids.

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Hot-fill is a process in which products are filled at a high temperature, whereby the product is packaged sterilised and has a longer

shelf life. It is currently possible to hot fill new types of PET bottles without the bottle losing its form or firmness as a result. Hot-fill

PET is suitable for use as packaging for products where sterilisation or pasteurisation is important, including:

• Fruit juices and fruit drinks

• Milk

• Ice tea and certain ‘new age beverages’

Blowing projects

Resilux is also specialised in blowing preforms into bottles. Thanks to its experience in the production of preforms, Resilux has

developed the knowledge and experience that is required for blowing bottles.

On demand, Resilux organises the bottle blowing in a production area of the customer (in-house) or in a separate hall right next to

the existing production facilities (wall-to-wall).

The benefits of Resilux professionals blowing the bottles are undeniable. The customer can concentrate on his core business

(production, filling and selling), and the costs of storage and transport of PET preforms and bottles are greatly reduced.

Resilux currently has three in-house blowing projects.

Research & development

As an internationally oriented and prominent market player, Resilux continually invests in new technology for producing and

processing PET preforms and bottles.

Moreover, the Resilux R&D centres continually research ways to further improve quality, to reduce the weight of the packaging of

the bottles, to increase the barrier qualities of PET, to optimise preform and bottle designs, etc. The R&D activities are carried out

in our own laboratories in Belgium, Spain and the USA, and also in the factories of fillers. This provides a better understanding

of processing in practice. Since 2004, Resilux has had 2 patented barrier articles on the market, i.e. Resimid, with its monolayer

barrier technology, and Resimax, a multilayer barrier technology.

Consumption of PET

The success of PET packaging is illustrated by the impressive growth figures for the consumption of PET, which has grown annually

since 1991. In 2007, approximately 3.3 million tonnes of PET were consumed for drink purposes in Europe.

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Productionunits

BELGIUM, Wetteren - Resilux NV

In addition to the statutory seat, Wetteren is also the largest production location for one-way, multiple use, and multilayer PET

preforms. Resilux NV has 15 production lines at the end of 2008, with a combined annual capacity of around 1,200 million

preforms. The production capacity in Wetteren is used for supplying preforms to the North-West of Europe, as well as for export

outside Europe. The Belgian establishment specialises in developing new technologies, such as different applications to increase

the barrier characteristics. These products can be delivered worldwide.

SPAIN, Higuera la Real - Resilux Ibérica Packaging S.A.

This production unit, located in the south of Spain between Sevilla and Badajoz, has 8 production lines with a total annual capacity

of around 700 million preforms. The clientele is growing steadily. The majority of the products are supplied in Spain and Portugal.

Moreover, product applications have also increased greatly. Alongside preforms for waters, soft drinks and edible oils, preforms

are also produced for filling with fruit juices. As from November 2007, this Spanish entity has 2 blowing lines.

GREECE, Patras - Resilux Hellas A.B.E.E.

The Greek production unit is located in Patras, a medium sized port city around 200 km to the west of Athens. This establishment

was set up in the middle of 2000 and has 5 injection moulding lines at the end of 2008, with a total annual production capacity of

around 600 million preforms. The preforms (for water and carbonated soft drinks) are mainly intended for the Greek market. From

here, exports can also go to parts of Central Europe, North Africa and the Black Sea regions. The Greek entity currently also has 2

blowing lines.

RUSSIA, Kostroma - Resilux-Volga OOO

Resilux currently produces in Russia using 6 production lines with a capacity of around 450 million preforms. The factory is located

in Kostroma, around 350 km to the north east of Moscow. The preforms are used for making bottles for water, fruit juices and beer

and are sold exclusively in the Russian Federation.

SWITZERLAND, Bilten and GERMANY - Resilux Schweiz AG

Resilux Schweiz AG comprises all operations in Switzerland and Germany. Besides the preform activities, Resilux Schweiz AG

also has important blowing activities. This entity currently has 8 injection moulding machines and various blowing lines in Bilten.

Besides this, Resilux Schweiz AG also has 2 in-house projects in Switzerland and 1 in-house project in Germany.

USA, Pendergrass, Atlanta - Resilux America, LLC

In December 2004, Resilux Investment Corporation, Inc. acquired all shares of Resilux America, LLC. Previously, this corporation

was a joint venture, set up in 2000, together with American partner, Summit International, LLC, specialised in the design and

development of PET packaging. In addition to the further development of new PET packaging, PET containers and preforms for

niche markets are produced and commercialised. This mainly concerns non-season-related markets with a high added value, such

as food products, household products, cosmetics, personal hygiene, pharmaceutical products and specialities.

HUNGARY, Tuszér - Resilux Hungária Packaging Kft.

In the establishment in Hungary, which became operational in March 2001, 6 injection moulding machines are used for production

at the end of 2008. The total capacity is 480 million preforms. The customers are located in Central Europe.

Sales network

In addition to its various production facilities, Resilux has an extensive network of sales offices and agencies, spread across

different continents. This local presence enables to monitor developments on the different markets from very close by and to meet

the needs of customers quickly and efficiently.

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annual report 2008

7

1

2

983

4

86

5

Overview of production units:

1. Belgium - Wetteren

2. Spain - Higuera la Real

3. Switzerland - Bilten

4. Greece - Patras

5. Russia - Kostroma

6. Hungary - Tuszér

7. USA - Atlanta, Georgia

In-house projects:

8. Switzerland - Sion

- Bischofzell

9. Germany - Gerolstein

Productionunits

Atlanta

Wetteren

Bilten

Bischofzell

Sion

Gerolstein

Tuszér

Patras

Kostroma

Higuera la Real

Productionunits

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annual report 2008

Article 12 of the Royal Decree of November 14th, 2007 on the obligations of issuers of financial instruments admitted to trading on a

regulated market.

The undersigned declare that:

- the annual accounts, which are in line with the standards applicable for annual accounts, give a true and fair view of the

capital, the financial situation and the results of the issuer and the consolidated companies;

- the annual report gives a true and fair view of the development and the results of the company and of the position of the

company and the consolidated companies, as well as a description of the main risks and uncertainties they are faced with.

Dirk De Cuyper Peter De Cuyper

Managing Director Managing Director

CFO ad interim

AnnualreportoftheBoardofDirectors

1. Introduction

During 2008 Resilux has known a further increase of the sold volumes and the results based upon the efforts of the previous years

in marketing, sales organization and in the general strengthening of the organization.

Resilux combined this volume increase with further use of economies of scale and optimal utilization of the existing infrastructure.

Resilux realised this growth despite poor weather conditions in most sales areas and despite an earthquake just before the season

in the immediate neighbourhood of the Greek production unit.

The net financial debts have been further reduced in a way that at the end of 2008, the balance sheet of Resilux shows a solid

financial structure.

Furthermore Resilux has increased the technology component and has further strengthened the organization.

The financial and economic situation has no immediate noticeable impact on the sales and the results of the group.

2. Consolidation base

In 2008, two 100 % subsidiaries of Resilux NV were established in Belgium, Eastern Investment Holding NV and Eastern Holding

NV. Since their foundation, these companies are included in the consolidation base following the method of full consolidation.

3. IFRS

Since 2004 Resilux reports in accordance with the International Financial Reporting Standards set up by IASB, so that the different

data over the exercises in this annual report are always established according to the IFRS rules.

4. Operating results

In 2008 Resilux has continued to improve operating results. Thanks to the combination of increased sales volumes, improved

margins, economies of scale and optimal use of the existing infrastructure.

As part of its balance sheet management, Resilux has further reduced the net financial debts.

DeclarationregardingtheinformationgivenintheannualreportforthefinancialyearendingonDecember31st,2008

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28

Sold preforms and bottles

The number of preforms sold rose during the financial year 2008 by 10.8% to 3,168 million pieces compared to 2,860 million pieces

in 2007. The increase was the highest during the first half year (+14.1% compared to an increase of 7.0% in the second half of the

year).

The increase in sales of preforms was high in the United States where there is an increased interest for supplying preforms.

Also the sales of performs in Russia, Eastern-Europe, Spain and Scandinavia showed a substantial increase.

The number of bottles sold decreased by 9.4% to 424 million bottles. This decrease occurred mainly in Germany. Greece and

America showed an increased sales of bottles by respectively 14.4% and 3.0%.

Preforms & bottles sold (in millions of pieces)

(1) As from 2005, the volumes of the production unit in the United States were incorporated.

Spain and Portugal (20%) Spain and Portugal (20%) Spain and Portugal (18%)

Eastern-Europe (14%) Eastern-Europe (14%) Eastern-Europe (14%)

Germany (12%) Germany (14%) Germany (10%)

Greece and Cyprus (10%) Greece and Cyprus (11%) Greece and Cyprus (14%)

Russia (8%) Russia (6%) Russia (11%)

France (6%) France (7%) France (8%)

Scandinavia (6%) Scandinavia (5%) Scandinavia (5%)

United States (5%) United States (3%) United States (1%)

Benelux (4%) Benelux (5%) Benelux (4%)

United Kingdom (3%) United Kingdom (5%) United Kingdom (6%)

Switzerland (3%) Switzerland (3%) Switzerland (6%)

Others (9%) Others (7%) Others (3%)

Preforms sold per country:

in 2008 in 2007 in 2006

2000

Preforms

Bottles

2001 2002 2003 2004 2005 2006 2007

1382

187

1678

560

1882

705

1952

446

1670

365

2067

379

2643

418

2860

468

3168

424

3500

3000

2800

2600

2400

2200

2000

1800

1600

1400

1200

1000

800

600

400

200

0

2008

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annual report 2008

Bottles sold per country:

in 2008 in 2007 in 2006

Switzerland (50%) Switzerland (46%) Switzerland (54%)

Germany (21%) Germany (27%) Germany (23%)

United States 19%) United States (17%) United States (17%)

Greece (9%) Greece (7%) Greece (6%)

Others (1%) Others (3%) Others (0%)

Belgium (31%) Belgium (34%) Belgium (33%)

Spain ( 21%) Spain ( 21%) Spain (19%)

Switzerland (11%) Switzerland (11%) Switzerland (10%)

Greece(11%) Greece (14%) Greece (14%)

Hungary (11%) Hungary (11%) Hungary(12%)

Russia (8%) Russia (6%) Russia (11%)

United States (7%) United States (3%) United States (1%)

Carbonated Carbonated Carbonated

drinks (38%) drinks (36%) drinks (44%)

Water (27%) Water (30%) Water (32%)

Fruit juices (12%) Fruit juices (13%) Fruit juices (7%)

Beer (9%) Beer (9%) Beer (8%)

Oil (5%) Oil (5%) Oil (5%)

Milk (5%) Milk (3%) Milk (2%)

Detergent (3%) Detergent (3%) Detergent (1%)

Ketchup (1%) Ketchup (1%) Ketchup (1%)

Sales per type of preform:

in 2008 in 2007 in 2006

Preforms sold per production unit:

in 2008 in 2007 in 2006

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30

The increase of sold quantities is due to the continuous growth of the market of PET packaging as a result of a competitive

advantage compared to other packaging technologies regarding energy and raw material consumption.

The high increase in price and the limited offer of glass in 2008 made customers who traditionally filled in glass switch to PET

packaging and also increased the interest of markets where PET packaging is not used yet, to switch to PET packaging.

Furthermore, the increase is also the result of the implementation of the new sales strategy of Resilux whereby the geographical

spread within Europe remains an important factor. The qualitative and quantitative strengthening of the sales organisation

remained, also in 2008, a priority that contributed to the growth.

The climate had an effect on the volumes sold in the second half of the year. The weather during the summer months in North and

Western Europe was bad. Also Russia has known abnormal poor weather conditions. There have been several strikes in the south of

Europe in the ports and the transportation sector. As already mentioned an earthquake occurred in Greece in June 2008.

The sales of barrier products showed a small decrease. The sale of own blends did show a further growth.

The decrease of the volumes of plain water has been compensated by a strong increase of carbonated drinks and applications for

milk and beer.

Raw Materials

PCI Benelux (Euro per ton)1

1. Own calculations based on data from PCI (PET Packaging, Resin & Recycling) Ltd. The ‘PCI’ is a publication that is used as a market price indicator for the PET

raw material.

It is well known that Resilux and other preform suppliers pass on fluctuations in raw material prices to their customers at the

applicable market rates. Preform producers generally build up their stocks for the peak period, in order to prepare for the summer

season when volumes are the highest. This means that they buy and process raw materials before the summer season.

Resilux wants in the coming years to further limit its dependence on seasonal activities. Furthermore, the company has a strict

policy regarding the inventories.

During 2008 the prices of raw materials have shown a slight increase towards the summer season with a peak in July. After the

summer the prices have shown a sharp decrease. Beginning of 2009, the prices stabilised again. Seen from a medium term

perspective, prices in 2008 were, as for most other raw material prices, relatively high.

The increase is nevertheless less strong than for other raw materials. The PET prices for the last years are still substantially below

the record prices during the years 1994 and 1995.

Turnover

Following the increase in volumes, the turnover increased in 2008 with respect to the previous financial year by 4.7% to

e 210.2 million. In 2007, the turnover rose by 7.1% with respect to 2006. However, turnover is not a good parameter due to

fluctuations in PET prices being passed on to customers.

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31

annual report 2008

Effect of the earthquake

In June 2008 an earthquake occurred in Greece. The production unit of Resilux was damaged. The production was temporarily

stopped but Resilux managed to restart the operational activities quickly, however with some limitations. In the mean time,

the damage file at the insurance company has been settled entirely. All costs and compensations regarding the earthquake are

considered as non recurrent.

The total consolidated figures include the following non recurrent items : added value and operational cashflow e 5.3 million,

operating result e 0.9 million and result after taxes e 0.4 million.

Added Value

The added value rose in 2008 by 26.8% to e 53.3 million or a total increase of e 11.3 million.

Added value (in millions of Euro)

Operational cash costs

Total other goods and services increased during 2008 by 8.5%. This increase is mainly explained by higher costs due to the

earthquake in Greece and increased variable costs. The strongest increase was the increase of the energy costs owing to high

prices on the one hand and increased consumption on the other hand.

The total staff costs increased because of salary indexations and additional hiring to strengthen the organization in order to be

able to fill the needs of the market, to fill in future growth and to increase the technology component of the group.

Consolidated operating cash flow (EBITDA)

As a result, the consolidated operational cash flow rose by 39.7% to e 31.8 million. Excluding the effect of the earthquake, the

operational cashflow increased by 16.3% to e 26.4 million.

Operating cash flow over time (in millions of Euro)

55

50

45

40

35

30

25

20

15

10

5

0

2000BelgianStandards

2001BelgianStandards

2002BelgianStandards

2003BelgianStandards

2004BelgianStandards

2004IFRS

2005IFRS

2006IFRS

2007IFRS

27.6

34.7

40.9

34.5

31.6 30.9

28.1

34.1

42.0

2008IFRS

53.5

35

30

25

20

15

10

5

0

2000BelgianStandards

2001BelgianStandards

2002BelgianStandards

2003BelgianStandards

2004BelgianStandards

2004IFRS

2005IFRS

2006IFRS

2007IFRS

18.721.6

24.4

19.617.5

14.2

11.8

16.4

22.7

2008IFRS

31.8

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Consolidated operating cash flow (EBITDA) 2008 2007 Change 2008 as a % of the total

(in thousands of Euro)

Resilux NV 5,892 5,572 5.7% 18.5%

Resilux Ibérica Packaging S.A. 3,674 3,839 -4.3% 11.6%

Resilux Russia (*) -313 -653 n.s.(***) -1.0%

Resilux Hellas A.B.E.E. 8,067 2,012 300.9% 25.4%

Resilux Schweiz AG 11,409 11,084 2.9% 35.9%

Resilux America (**) 1,115 392 184.4% 3.5%

Resilux Hungária Packaging Kft. 2,573 2,193 17.3% 8.1%

EBITDA before consolidation adjustment and Holdings 32,417 24,439 32.6% 102.0%

Consolidation adjustment and Holdings -645 -1,694 n.s. -2.0%

EBITDA after consolidation adjustment and Holdings 31,772 22,745 39.7% 100.0%

(*) Resilux Investment OOO + Resilux-Volga OOO + Resilux Distribution OOO

(**) Resilux Investment Corporation, Inc. + Resilux America, LLC

(***) non significant

In comparison with 2007 the increase in EBITDA for 2008 was the highest in Greece, the United States and Hungary.

The American activities have shown a clear improvement of the results during 2008. Especially the increased sale of performs has

contributed to higher operational cashflows.

The Hungarian activities have shown an increase in Ebitda of 17.3%. Resilux Hungary is one of the main players in the barrier

business in Central Europe. These barrier performs are supplied to breweries.

The Russian activities knew a weak 2006 and 2007. During 2007 a new sales organisation and new sales strategy were

implemented together with other operational measures. This has only improved the results during the second half year of 2008.

The operational non-cash costs increased by e 4.5 million. The major part of this increase is due to extra write offs as a result of

the earthquake in Greece.

Investments

The investments over the last few years are as follows (in thousands of Euro):

Investments in the last financial years (in thousands of Euro) 2008 2007 2006

Investments in intangible fixed assets 84 140 284

Investments in tangible fixed assets 7,263 5,058 18,467

Investments in financial fixed assets 0 0 0

Disinvestments -865 -455 - 1,772

Total investments 6,482 4,744 16,979

In 2008 net investments, disinvestments included, amounted to e 6.5 million. The most important capital expenditures were

an extra preform line in Spain, an extension of the buildings in Hungary and a number of new moulds. The most important net

investments are realised in Hungary (e 2.0 million), Spain (e 1.3 million) and Belgium (e 1.2 million).

Operating Result

The operating result was positive in 2008 at e 13.9 million, an increase compared with the operating result of e 9.3 million in 2007,

this means an improvement of e 4.6 million.

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annual report 2008

The breakdown of the operating result per group entity is as follows:

Consolidated operating profit (EBIT) 2008 2007 Change 2008 as a % of the total

(in thousands of Euro)

Resilux NV -598 1,772 -133.7% -4.3%

Resilux Ibérica Packaging S.A. 1,769 2,302 -23.2% 12.8%

Resilux Russia (*) -803 -1,357 n.s. (***) -5.8%

Resilux Hellas A.B.E.E. 2,307 624 269.7% 16.6%

Resilux Schweiz AG 8,295 7.593 9.2% 59.8%

Resilux America (**) -389 -1,178 n.s. -2.8%

Resilux Hungária Packaging Kft. 1,042 960 8.4% 7.5%

Operating profit before consolidation adjustment and Holdings 11,623 10,716 8.5% 83.9%

Consolidation adjustment and Holdings 2,237 -1,383 n.s. 16.1%

Operating profit after consolidation adjustment and Holdings 13,860 9,333 48.5% 100%

(*) Resilux Investment OOO + Resilux-Volga OOO

(**) Resilux Investment Corporation, Inc + Resilux America, LLC

(***) non significant

The negative operating result of Resilux NV can be explained by a write off on the shares of Resilux Eurasia Holding NV by e 2.7

million. This write off is reversed in consolidation and has no impact on the consolidated operating result of Resilux.

5. Financial results

Net financial costs

The net financial charges increased by e 1.0 million to a total amount of e 6.7 million. Despite the decrease of the net financial

debt and the interest rates, net interest charges remain stable. This can be explained by the fact that the financial items include

costs regarding the exit of the Belgische Maatschappij voor Internationale Investering (BMI) in 2009. In addition, the foreign

exchange results were negative for e 1.6 million. During the previous year, these were close to zero.

Profit

A profit before taxes of e 7.2 million was thus realised in 2008, compared with a profit of e 3.7 million in 2007. Taxes amounted to

e 2.7 million compared to e 0.7 million in 2007. After taxes, the group realised a profit of e 4.5 million compared with a profit of

e 3.0 million in 2007.

Net Cash flow

In 2008, the net cash flow increased by 36.6% to e 22.4 million.

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Net cash flow (in millions of Euro)

Net financial debt

Resilux reduced its net financial debts in 2008 with e 16.3 million. The net financial debts amounted to e 34.3 million at

December 31st, 2008, compared with e 50.6 million at the end of 2007 and e 55.0 million at the end of 2006. The working capital

(inventories plus trade receivables minus trade payables) increased with e 6.8 million due to a combination of decreased trade

payables and a decrease of inventories.

A further reduction in the net financial debts remains an important goal.

6. Risk management and internal control

Concerning the description of the major risks and uncertainties the company can be confronted with, the exposure to risks arising

from foreign currencies, interest rates, raw material prices, and creditworthiness are a consequence of the normal operations of

the group. It is the aim of the group to manage each one of these risks.

Exchange rate risks

With regard to exchange rates, Resilux has a policy of passive hedging per production unit. This means that the net flows per

exchange rate are calculated for each production unit, and if necessary derivatives are used. The most important currencies of the

group are the Euro, the American dollar, the Swiss franc, the Hungarian forint, and the Russian rouble.

Purchases and sales are mainly in Euro of USD or the equivalent of Euro and USD.

The exchange rate risk as a result of the translation of assets and liabilities of foreign subsidiaries to Euro is not covered.

According to the riskmanagement policy of the group, generally between 75% and 100% of all transactions is covered.

The hedgings do not always happen immediately for 100% but can also be made gradually for a longer period.

An increase or decrease of the RUB and USD can have an impact on the contribution of the results of on the one hand the Russian

activities and on the other hand the Amerian activities. The total contribution of these two units is rather limited sofar but it is the

intention that this contribution will increase substantially during the coming years.

24

22

20

18

16

14

12

10

8

6

4

2

0

2000BelgianStandards

2001BelgianStandards

2002BelgianStandards

2003BelgianStandards

2004BelgianStandards

2004IFRS

2005IFRS

2006IFRS

2007IFRS

14.915.4

16.7 16.6

14.3

10.4

9.2

10.9

16.4

2008IFRS

22.4

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annual report 2008

Interest rate risks

The long term financial borrowings are at variable interest rates and are at this point in time only partly covered by interest caps.

The short term borrowings are untill now only covered to a limited extent.

It is the intention to cover during 2009 50% to 75% of the interest risks of the total borrowings.

Purchase of raw materials and risk of inventories

As well known, Resilux and other preform suppliers pass on fluctuations in raw material prices to their customers at the applicable

market rates. There is thus mainly a timing risk between purchase and sale.

The company tries to reduce this risk by limiting its dependence on the seasonal activities. Also a more restrictive policy regarding

inventories of finished goods is implemented.

Furthermore, the increase of the added value products leads to a decreased sensitivity of changes in prices of raw material.

Credit risk

Resilux has a firm policy on credit risk. Resilux manages its credit risks through customer diversification, by working within set

credit limits and periods, and by screening the creditworthiness of the parties it deals with. These risks are also mainly covered by

credit insurance.

Seasonality

Resilux continues to work on reducing the dependence on the seasons by the geographical spread of the sales and production

units and by using minimum volumes throughout the year in the contracts and by limiting the part of the seasonal packaging.

Capital structure

Resilux is aiming at keeping the ratio between net financial debt and operational cashflow at a level that can be considered by

the financial markets as healthier than normal. During 2008 Resilux is meeting largely the covenants of the external financing

agreements.

Furthermore, on January 12th, 2009, after consultation of the report from the Audit Committee as presented by the Chairman of

the Audit Committee, the Board of Directors noted that the absence of an internal auditing position within the Company is justified

in view of the size of the organisation and good operation of the existing systems and procedures for internal control and risk

management, which will be further reinforced in 2009. The further long term professionalization of these systems and procedures

will be evaluated regularly and accurately.

7. Research and development

Resilux spends more and more resources on research and development and patents and licences both on the level of production

processes as on the level of finished goods.

The budget 2009 includes an amount of e 1.8 million for research and development and innovation.

The proportion of the production technology designed in-house is maximized in order to create competitive advantages. Some of it

is protected by patents and licences. Considerable efforts are made to further enhance technological leadership within the sector.

Quality improvements, cost efficiency and less waste during production remain important topics.

Increased investments are made in lower energy consumption, less production waste, increased output per square metre,

automation and decrease of packaging and logistic costs.

Regarding the development of new products and applications, Resilux is very much focused on a decrease of the weight of the

preforms and on a development of perform designs for applications which sofar have not been used on an industrial scale. Also the

development of preforms with barrier, improving the barrier qualities of PET and the development of new production technologies

remain important topics for Resilux.

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The costs of own research and development are not registered as assets.

In total, 16 employees of the Resilux group in 2008 mainly worked on a number of research and development projects. This figure

is unchanged compared to 2007. Since 2007, cooperation with universities and independent research centers has increased.

In the coming years, Resilux wants to increase the technology component as well in the production process as in the finished

product.

8. Environment

Resilux produces preforms made of PET (polyethylene teraphthalate). PET is quite easy to recycle. It can be recycled mechanically

or chemically. PET is mainly reused as a fibre for clothing and synthetic fabrics, foils and packaging, and to an increasing extent in

the production of PET bottles. Resilux has mastered the technique of ‘bottle-to-bottle’ recycling, which means that a new bottle

can be produced out of a used one.

PET is the most environmentally-friendly product of all packaging on the market for one-way packaging. Scientific studies have

shown that PET packaging is more environmentally friendly than glass, for example. The environmental costs of production

process, transport, cleaning, etc, all have to be taken into account, and they make the environmental assessment of PET very

favourable.

In addition, within the Resilux group, considerable emphasis is placed on energy-saving processes and procedures.

During 2009 an amount of e 0.5 million will be invested in energy saving and environmental measurements.

The strategy consists of continuous technological innovation, so that Resilux can respond to changing customer requirements and

environmental legislation. In addition to user-friendliness, PET packaging also guarantees optimum food safety.

9. Personnel and organisation

The workforce consisted of 450 people on December 31st, 2008, compared to 410 people on December 31st, 2007 and 420 people

in 2006.

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annual report 2008

The employees are distributed over the various production units as follows:

Number of employees on:

December 31st, 2008 December 31st, 2007 December 31st, 2006

Belgium (95) Belgium (90) Belgium (89)

Russia (60) Russia (56) Russia (47)

Spain (48) Spain (46) Spain (43)

Greece (48) Greece (39) Greece (44)

Switzerland (79) Switzerland (82) Switzerland (93)

Hungary (42) Hungary (39) Hungary (36)

America (78) America (58) America (68)

The average workforce expressed in full-time equivalents was 428 in 2008, compared to 407 in 2007 and 399 in 2006.

10. Warrants

On December 20th, 2002, the Board of Directors approved a warrant plan in the framework of the authorised capital, whereby

18,670 warrants were created by notarial deed on December 23rd, 2002.

The objectives of this plan are:

(I) to create a long term incentive for employees and consultants of the company and related companies who can make an

important contribution to the success and growth of the company.

(II) to enable the company to attract skilled and experienced employees and external consultants.

(III) to create a common interest between the beneficiaries of the warrants and the shareholders of the company, that is aimed at

increasing the value of the shares of the company in order to foster employee confidence and motivation in the long term, and

to increase group profitability.

Based on this warrant plan, 11.470 warrant were allocated to the Company staff with an exercise price of e 65,41 per warrant.

Each warrant awards the right to one share. This plan is prolonged by three years according to article 47 §4 of the Law of March

26th, 1999, as introduced by article 407 of the Program Law of December 24th, 2002. This implies that the plan can be exercised

until 2010. At the end of 2008, 181 warrants under this plan have been cancelled due to staff departures, so that 11.289 warrants

remain to be exercised.

On December 19th, 2006, the Extraordinary Shareholders’ Meeting of Resilux NV decided to issue a subordinated bond with

warrants for a rounded amount of e 7.5 million and, consecutively, to issue 166,665 warrants, subscribed by Compagnie du Bois

Sauvage SA. This bond carries an interest rate of 7% on annual base and is payable in three equal parts: one third after three years,

one third after five years and one third after seven years. The warrants can be exercised at any time during a period of five years as

from the issue, with a minimum of 15,000 pieces and at an exercise price of e 45 per warrant.

If all warrants would be exercised, the capital would be diluted by 8.98% and the financial dilution would be equal to the difference

between the exercise price and the share price at the time of exercising.

11. Important recent developments

The actual financial and economic environment can have an impact on the needs of the customers.

Resilux has the technology to supply all known applications of PET preforms and PET bottles. This enables Resilux to adapt quickly

to the ever changing requirements of consumers and also to any changes in law.

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38

Resilux has modern production facilities, where growth can be realised with limited capital expenditures. Resilux also has a solid

financial structure. The current cash flows allow Resilux to invest in additional capacity and new products and to increase the

efforts on the level of R & D and innovation.

As a result, Resilux is well positioned to anticipate in the current financial and economic market and the possible changing needs

of the consumer.

A first package of capital expenditures for e 8.0 million is being implemented. This includes extension of capacity in Russia,

Hungary and the United States.

In the current market, special attention is paid to the follow up of customer receivables, to a selective investment policy, to a

further strengthening of marketing and sales and to a strengthening of the organization in order to support future growth and to

increase the technology component by research and development and innovation.

Resilux expects positive results for 2009.

12. Information regarding article 34 of the Royal Decree of November 14th, 2007 concerning the obligations of the issuers of

financial instruments, admitted for transaction on a market that is in accordance with the regulations (for conversion of the

Take-over guidelines)

a) On December 31st, 2008, the share capital of the Company amounts to e 17,183,856.00 represented by 1,980,410 shares with

no nominal value, each of which represents 1/1,980,410th of the capital. All shares are fully paid and each share gives right to

vote.

As a result of the issue by the Company of a warrant plan for the staff, a total of 11.470 warrants are allocated to the Company

staff, of which, on the account closing date, there are still 11.289 warrants with an exercise price of e 65,41 per warrant, which

can be exercised until October 2010.

Furthermore, Compagnie du Bois Sauvage SA, as part of the issue by the Company of a subordinated bond loan with warrants,

has subscribed to 166,665 warrants on December 19th, 2006, which can be exercised on any date until December 18th, 2011,

with a minimum of 15,000 at an exercise price of e 45.00 per warrant.

Based on the last transparency notification, as received on October 31st, 2008, the shareholders’ structure on

December 31st, 2008 is as follows:

Shareholder Current voting % of issued Possible future % of issued and

rights Company stock voting rights currently non-

issued stock

(warrants)

Tridec Stichting Administratiekantoor * 921,000 46.51% 921,000 42.67%

De Cuyper family * 110,865 5.60% 110,865 5.14%

NV Immo Tradec * 48,534 2.45% 48,534 2.25%

NV Belfima Invest * 30,333 1.53% 30,333 1.41%

NV Tradidec * 30,973 1.56% 30,973 1.43%

Public 838,705 42.35% 838,705 38.86%

Compagnie du Bois Sauvage SA 166,665 7.72%

Others 11,289 0.52%

Total 1,980,410 100% 2,158,364 100%

(“denominator”) (“fully diluted”)

* Tridec Stichting Administratiekantoor (controlled by Alex De Cuyper, Peter De Cuyper and Dirk De Cuyper) acts in mutual consultation with the De Cuyper family

and the companies NV Immo Tradec, NV Belfima Invest and NV Tradidec.

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39

annual report 2008

b) There are no legal or statutory limits for transfer of shares for the shares emitted by the Company, nor for exercising the right

to vote.

c) As long as Tridec Stichting Administratiekantoor has a participation of at least 35%, it has the statutory right to nominate four

directors. For the time being, Tridec Stichting Administratiekantoor hasn’t appointed a fourth director.

d) The members of the Board of Directors are nominated by the Shareholders’ Meeting.

According to article 16 of the Company’s articles, the remaining Directors can temporarily fill in a vacancy for Director in case

there is one. In that case, the Shareholders’ Meeting will proceed to a final appointment during their next meeting.

According to article 15 of the Company’s articles, the Board of Directors can have a maximum of seven members and, as

already mentioned above, as long as Stichting Administratiekantoor Tridec holds at least 35% of the shares of the company, it

has the right to nominate four candidates for an appointment as Director.

Other Directors will be nominated by the Remuneration and Appointment Committee, taking into account the needs of the

Company and in accordance with the selection criteria and appointment procedure set up by the Board of Directors.

For the composition of the Board of Directors, the necessary diversity and complimentarity in the matter of skills, practice and

knowledge is taken into account.

The members of the Board of Directors are each time nominated for a maximum period of four years.

e) The Shareholders’ Meeting can deliberate and vote for changes of articles, considering the conditions imposed by articles 540,

543, 558, 559 and according to the Companies Code.

f) The following rules are set up in reference to the competences of the administrative board regarding emitting and purchase of

its own shares:

Temporary provisions - Authorised capital

For a period of five years, starting from the publication of the decision of the Shareholders’ Meeting of the nineteenth of May

two thousand and six in the Annexes to the Belgian Bulletin, the Board of Directors is authorised to increase the share capital

in one or more instalments to the amount of sixteen million two hundred and thirty six thousand Euro (e 16,236,000.00).

The capital may be increased by cash or non-cash contributions, and by conversion of reserves subject to observance of the

requirements of article 603 and onwards of the Companies Code.

In addition to the issue of ordinary shares, capital increases decided upon by the Board of Directors may also be realised

through the issue of preference shares, shares without voting rights, shares and/or warrants in the favour of employees, and

convertible bonds and/or bonds with warrants.

The Board of Directors is authorised to restrict or cancel the preferential rights in the interests of the company, when the

capital increase is within the bounds of the authorised capital.

The Board of Directors is authorised to restrict or cancel the preferential rights in the favour of one or more specific persons,

even if they are not employees of the company or its subsidiaries.

The Shareholders’ Meeting has expressly authorised the Board of Directors to increase the subscribed capital in one or more

instalments, as of the date of the company being notified by the Banking, Finance and Insurance Commission of a public

takeover bid on the company shares, by cash contribution with the cancellation or restriction of the pre-emptive rights of

the existing shareholders, or by contribution in kind in accordance with article 607 of the Companies Code. This authority is

granted for a period of three years, starting from the publication of the decision of the Shareholders’ Meeting of the nineteenth

of May two thousand and six in the Annexes to the Belgian Bulletin, and may be renewed.

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In the event of a capital increase being made by cash subscription with a share issue premium, the Board of Directors shall

have the authority to stipulate that the issue premium be booked to the ‘share issue premium’ reserve that is unavailable for

distribution, which shall constitute a guarantee to third parties to the same extent as the share capital, and which may only be

used in accordance with the conditions set by the coordinated laws on commercial companies for amendments to the articles

of association, without prejudice to the possibility of a capital conversion by the Board of Directors.

The Board of Directors has the authority to amend the articles of association of the company in accordance with the capital

increase that is decided upon within the scope of its authority.

Temporary provisions - Purchase of own shares

The Board of Directors is authorised to acquire or alienate the company’s own shares or participating bonds in accordance

with the legal requirements, if the acquisition or alienation is necessary to avoid impending serious harm for the company. This

authorisation applies for a period of three years, starting from the publication of the decision of the Shareholders’ Meeting

of the nineteenth of May two thousand and six in the Annexes to the Belgian Bulletin, published on the twelfth of June two

thousand and six.

By virtue of article 620 of the Companies Code, the Board of Directors is authorised to acquire or alienate the maximum

allowed number of own shares or participating bonds by purchase or exchange, at a price equal to the quoted price of these

shares on a Belgian stock exchange at the time of this acquisition or alienation, all in accordance with articles 620 to 625 of

the Companies Code.

The authorisation to acquire applied for a period of eighteen months, starting from the publication of the decision of the

Shareholders’ Meeting of the sixteenth of May two thousand and eight in the Annexes to the Belgian Bulletin (published on the

sixth of June two thousand and eight). Insofar allowed by the law (and in particular by article 622 of the Companies Code), the

authorisation to alienate shall apply without time limits as of the date of this instrument.

Article 11 - Preferential right

In the event of a capital increase being realised in a way other than by contribution in kind or merger, and without prejudice

to a decision of the Shareholders’ Meeting or Board of Directors to the contrary, the new shares shall first be offered in

preference to the shareholders in proportion to the share capital represented by their shares.

The preferential right may be exercised for a period of at least 15 days starting from the day of the subscription being opened.

The subscription price and the period within which the preferential right may be exercised shall be determined by the

Shareholders’ Meeting or, when an increase is decided upon in accordance with article 603 of the Companies Code, by the

Board of Directors.

If a share is encumbered with usufruct, the preferential right shall be given to the owner of the share without usufruct. For

shares pledged as security, the preferential right shall exclusively go to the owner-pledger.

g) There are no other share plans for employees for which the right for control is not directly executed by the employees.

h) The Company has no knowledge of agreements of shareholders which could lead to a limitation of transfer of share and/or

exercising the right to vote.

i) There are no important agreements of which the Company is part and that start, change of finish in case there is a change of

control of the Company as a result of a public offer for take-over, or the consequences of it.

j) There are no agreements between the Company and the Directors or employees which provide for a remuneration in case the

Directors resign or are being discharged without a valid reason, or when the employment of the employees is finished as a

result of a public offer for take-over.

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annual report 2008

13. Notification on the exemption of the offer duty (Article 74 Law of April 1st, 2007)

Pursuant to article 74 §7 of the Law dated April 1st, 2007 on public takeover bids, the Company has duly received the following

notification of exemption from the offer duty dated February 14th, 2008 as sent on behalf of the parties below acting by mutual

agreement.

In this respect, the company did not receive any additional notifications.

Identity of the persons who, as of September 1st, 2007,

held, by mutual consultation, more than Identity of the

30% of the voting shares in RESILUX NV final controller Number of shares %

1. STAK TRIDEC - 921,000 46.51%

Houtsnip 17, 3766 VD Soest, Nederland

STAK TRIDEC 921,000 46.51%

2. Belfima Invest NV Peter De Cuyper 30,333

BE 0466 014 328 p.a. Damstraat 4

9230 Wetteren

3. Peter De Cuyper - 33,105

p.a. Damstraat 4

9230 Wetteren

Peter De Cuyper 63,438 3.203%

4. Tradidec NV Dirk De Cuyper 30,973

BE 0464 996 422 p.a. Damstraat 4

9230 Wetteren

5. Dirk De Cuyper - 31,760

p.a. Damstraat 4

9230 Wetteren

Dirk De Cuyper 62,733 3.168%

6. Immo Tradec NV Tradec Invest NV 48,534

BE 0439 777 214 BE 0453 976 133

Tradec Invest NV 48,534 2.45%

7. Others (natural persons < 3%) - 46,000

Others 46,000 2.323%

Total 57.65%

The scheme of mutual consultation and the corresponding control chain according to the terms of the Law of April 1st, 2007 on

public take-over bids is available on the website at www.resilux.com (Investor Relations - General Information).

14. Tax dispute in Russia

In 2006, the Board of Directors reported that the Russian subsidiary Resilux Investment OOO was engaged in a VAT dispute

amounting to e 4.5 million with the Russian tax authorities.

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As to this dispute, the court ruling in cassation decided at the end of 2007 to revoke the earlier decisions on the merits - in

particular the rejection of the claim of the Russian tax authorities in first instance and in appeal - and to refer the case back to

first instance. In the course of 2008, the case was settled again by the court in first instance, the court in appeal and the court in

cassation, whereby the claim of the Russian tax authorities was rejected each time.

After the account closing date, on February 13th 2009, the Russian tax authorities have exhausted their final legal remedy, and

introduced a claim before the Russian Supreme Court, who first declared the claim admissible but finally, on March 11nd, 2009,

decided that the claim was unfounded.

15. Outlook, expectations and significant events since the year end

Resilux expects positive results for 2009. Despite the current problem on the financial markets and the weakening of the economy,

Resilux is well positioned : Resilux has not only modern production facilities, where growth can be realised with limited capital

expenditures but also a solid financial structure. The current cash flows allow Resilux to invest in additional capacity and new

products and to increase the efforts on the level of R&D and innovation. No additional external financing is required for this.

A first package of capital expenditures for e 8.0 million is being implemented. This includes extension of capacity in Russia,

Hungary and the United States.

Resilux also continues to develop the technology of the products and the processes, such as those for products that require a

higher barrier content.

The reduction in the net financial debt will continue.

Resilux continues to have a strong belief in the enormous potential of PET preforms and bottles over the next years.

The growth prospects for the PET packaging market remain good, and the expectations are that the market will continue to grow

over the next 3 to 7 years. In Northwest Europe, the growth will mainly come from new product applications, such as fruit juices

and milk, and less from water and soft drinks. In Central and Eastern Europe, the growth expectations are higher than in Northwest

Europe, both for existing and new product applications.

Since the end of the financial year, no other important events have occurred of a nature to significantly influence the results of the

company.

16.Appropriation of results

The Board of Directors of Resilux NV proposes to the Shareholders’ Meeting to pay no dividend for the financial year 2008.

The proposed appropriation of the results is as follows (in thousands of Euro, Resilux NV statutory accounts):

Profit of the financial year to be appropriated 2,620

Profit brought forward from the previous financial year 1,303

Balance of profit to be appropriated 3,923

Substraction to the available reserves -196

Profit to be carried forward 3,727

The consolidated reserves (IFRS) can then be shown as follows (in thousands of Euro):

Consolidated reserves

Reserves carried forward on December 31st, 2007 4,866

Consolidated profit for the financial year 4,510

Unrealised result on hedging contracts included in equity 2

Total consolidated reserves on December 31st, 2008 9,378

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Balance sheet 44

Income statement 45

Cash flow statement 46

Statement of changes in equity 47

Notes to the consolidated financial statements 47

Comments IFRS 2008 69

Auditor’s report 75

Balancesheet (in thousands of Euro)

Notes 31.12.2008 31.12.2007 31.12.2006

IFRS IFRS IFRS

Non-current assets 63,602 72,527 82,446

Property, plant & equipment 4 47,465 55,856 65,896

Intangible assets 5 209 288 345

Goodwill 6 13,685 13,685 13,685

Other financial assets 7 17 17 17

Deferred tax 8 1,867 2,416 2,244

Non-current receivables 359 265 259

Current assets 76,657 77,760 68,296

Inventories 10 32,810 37,458 31,922

Trade receivables 9 27,812 27,076 24,570

Other current assets 9 3,905 5,752 3,885

Cash and cash equivalents 11 12,130 7,474 7,919

TOTAL ASSETS 140,259 150,287 150,742

Equity 12 44,748 38,880 35,894

Non-current liabilities 34,154 39,611 28,663

Subordinated loans 13 9,038 10,617 10,467

Interest-bearing borrowings 13 21,994 26,597 15,736

Provisions 15 1,260 780 588

Deferred tax 8 1,862 1,617 1,872

Current liabilities 61,357 71,796 86,185

Subordinated loans 13 3,179 0 0

Interest-bearing borrowings 13 24,452 31,475 47,231

Trade payables 14 24,749 35,429 34,550

Income tax payables 1,469 777 259

Other amounts payables 14 7,508 4,115 4,145

TOTAL LIABILITIES 140,259 150,287 150,742

Consolidatedannualaccounts2008<

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annual report 2008

Incomestatement (in thousands of Euro)

Notes 2008 2007 2006

IFRS IFRS IFRS

Operating revenues 216,430 200,314 189,552

Turnover 210,170 200,806 187,452

Changes in inventories finished goods -3,655 -1,445 984

Other operating income 16 9,915 953 1,116

Operating expenses 202,570 190,981 186,740

Raw materials and consumables used 132,419 129,964 127,346

Services and other goods 30,741 28,336 28,073

Remuneration, social security charges and pensions 17 18,687 16,672 16,649

Depreciation and amortisation expense 17,913 13,412 13,569

Other operating expenses 16 2,810 2,597 1,103

Operating result 13,860 9,333 2,812

Net finance result 18 -6,701 -5,680 -5,197

Result before taxes 7,159 3,653 -2,385

Income taxes 19 -2,649 -649 -290

Net result 4,510 3,004 -2,675

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ConsolidatedCashflowStatement(in thousands of Euro)

2008 2007 2006

Cash flow from operating activities

Operating result 13,860 9,333 2,812

Depreciation and amortization 17,913 13,412 13,569

Gain on disposal fixed assets -62 -192 -154

Gross operating cash flow 31,711 22,553 16,227

Changes in trade receivables -1,128 -3,046 206

Changes in inventory 5,175 -5,814 3,057

Changes in trade payables -11,256 1,552 -450

Other changes in net working capital 4,603 -426 1,778

Change in net working capital -2,606 -7,734 4,591

Net operating cash flow 29,105 14,819 20,818

Interest income / (expense) -6,701 -5,680 -5,197

Income taxes paid -1,047 -650 -642

Cash flow from operating activities 21,357 8,489 14,979

Cash flow from investing activities

Purchase of tangible and intangible fixed assets -7,347 -6,790 -19,287

Receipt of government grants 0 1,592 315

Proceeds on disposals of tangible and intangible fixed assets 927 647 1,994

Cash flow from investing activities -6,420 -4,551 -16,978

Cash flow from financing activities

Dividends paid 0 0 0

Net capital increase including warrants 0 0 5,301

Proceeds from (+), payments (-) of subordinated loans 1,645 272 8,617

Proceeds from (+), payments (-) of long-term liabilities -5,326 11,124 -2,724

Proceeds from (+), payments (-) of short-term liabilities -6,685 -15,647 -7,031

Cash flow from financing activities -10,366 -4,251 4,163

Net increase / decrease in cash and cash equivalents 4,571 -313 2,164

Effect of exchange rate changes on cash and cash equivalents 85 -132 -77

Cash and cash equivalents at January 1st 7,474 7,919 5,832

Cash and cash equivalents at December 31st 12,130 7,474 7,919

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annual report 2008

Statementofchangesinequity(in thousands of Euro)

2008 2007 2006

Equity at the beginning of the period 38,880 35,894 32,617

Result of the period 4,510 3,004 -2,675

Capital strengthening 0 0 5,301

Dividends 0 0 0

Change in cumulative translation adjustment 1,356 38 651

Other adjustments 2 -56 0

Equity at the end of the period 44,748 38,880 35,894

Notestotheconsolidatedfinancialstatements

1. Accounting principles 48

2. Consolidated companies 53

3. Segment reporting 54

4. Property, plant and equipment 55

5. Intangible assets 56

6. Goodwill 56

7. Other financial assets 57

8. Deferred tax assets - deferred tax liabilities 58

9. Trade receivables and other assets 59

10. Inventories 60

11. Cash and cash equivalents 60

12. Equity 60

13. Interest-bearing loans and borrowings 61

14. Trade payables and other liabilities 62

15. Provisions 62

16. Other operating income (expense) 63

17. Employee benefits expense 64

18. Finance income (expense) 64

19. Income taxes 65

20. Derivative financial instruments 65

21. Operating leases 66

22. Key figures per share 67

23. Rights and commitments not reflected in the balance sheet 67

24. Related party transactions 67

25. Auditor and related persons 68

26. Events subsequent to the balance sheet date 68

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1.Accountingprinciples

1. Statement of compliance and basis of presentation

The consolidated financial statements of Resilux Group have been prepared in accordance with International Financial Reporting

Standards (IFRS), which comprise standards and interpretations approved by the IASB, and International Accounting Standards

(IAS’s) and SIC interpretations approved by the IASC that remain in effect, all of which has been approved by the European Union

up to December 31st, 2008. The Company has opted not to apply early application of standards and interpretations issued up to

December 31st, 2008 but with an effective date after December 31st, 2008.

The consolidated financial statements are presented in thousands of Euro and have been prepared under the historical cost basis,

and modified for the revaluation of land and buildings, derivative financial instruments and financial assets and liabilities at fair

value.

The accounting policies have been applied consistently with the previous year.

The consolidated financial statements are prepared as of and for the period ending December 31st, 2008.

The statements are presented before the effect of the profit appropriation of the parent company to the General Meeting of

Shareholders.

In 2008 the functional currency of the annual accounts of the Russian subsidiaries has been changed from USD to RUB.

The functional currency has been adapted to the changed economic circumstances within the Russian Federation where most of

the prices of goods and services are handled in Russian roubles.

The company has used the term as defined in ‘IAS 21-15 : Net investment in a foreign activity’ for a number of new monetary items

in the Russian companies of the group.

2. Principles of consolidation

General

The consolidated financial statements comprise the financial statements of Resilux NV and its subsidiaries, drawn up to December

31st of each year.

Subsidiaries

The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control is

transferred to the group and cease to be consolidated from the date on which control is transferred out of the group. Control

exists when Resilux has the power to govern the financial and operating policies of an entity so as to obtain benefits from its

activities.

Acquisitions of subsidiaries are accounted at cost price for using the purchase method of accounting, in accordance with IAS

22 ‘Business Combinations’ for business combinations of which the contract has been set up before March 31st, 2004 and in

accordance with IFRS 3 ‘Business Combinations’ for business combinations agreed on or after that date.

A list of the company’s subsidiaries is set out in note 2. ‘Consolidated companies’ on December 31st, 2008.

3. Foreign currency translation

a) Functional and presentation currency

Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary

economic environment in which the entity operates (the functional currency).

The consolidated financial statements are presented in Euro, which is the company’s functional and reporting currency.

b) Transactions and balances

Transactions in foreign currencies are recorded at the rates of exchange prevailing at the date of transaction or at the end of

the month before the date of the transaction. At the end of the accounting period the unsettled balances on foreign currency

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annual report 2008

receivables and liabilities are valued at the rates of exchange prevailing at the end of the accounting period. Foreign exchange

gains and losses are recognized in the income statement within the period they occur.

c) Financial statements of foreign operations

The company’s foreign operations are considered as foreign entities. Accordingly, assets and liabilities are translated to Euro

at the foreign exchange rates prevailing at the balance sheet date. Income statements of foreign entities are translated to

Euro at average exchange rates for the period ended. The components of shareholders’ equity are translated at historical

rates. Exchange differences arising from the transaction of shareholders’ equity to Euro at year-end exchange rates are

taken to ‘Translation reserves’ in Capital and Reserves. On disposal of foreign entities accumulated exchange differences are

recognized in the income statement as part of the gain or loss on the sale.

4. Goodwill

Goodwill represents the excess of the cost of the acquisition over the fair value of the company’s share of identifiable net assets

and contingent liabilities of the acquired subsidiary at the date of acquisition. For business combinations for which the agreement

date is on or before March 31st, 2004, goodwill is amortized using the straight-line method over its expected useful life, which is

estimated on 10 years. Goodwill arising on acquisitions agreed on or after March 31st, 2004, is not amortized but is subject to an

impairment test on an annual basis or whenever there is an indicator that the unit to which the goodwill has been allocated, may

be impaired.

In accordance with the transitional provisions of IFRS 3, amortization on previously recognized goodwill is discontinued from 2004

onwards.

Goodwill is expressed in the currency of the subsidiary to which it relates and is translated to Euro using the year-end exchange rate.

Goodwill is stated at cost less accumulated amortization and impairment losses.

5. Intangible assets

Intangible assets acquired separately are capitalized at cost. After initial recognition, intangible assets are measured at cost less

accumulated amortization and any accumulated impairment losses.

(refer accounting policy 14)

Intangible assets acquired as part of a business combination are capitalized at fair value separately from goodwill if the fair value

can be measured reliably on initial recognition. Intangible assets are amortized on a straight-line basis not exceeding 5 years.

6. Research and development costs

Research costs, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are expensed

as incurred. Expenditure on development activities whereby research findings are applied to a plan or design for the production

of new or substantially improved materials, devices, products, processes and technologies prior to commercial production or use,

are capitalized to the extent that it is expected that such assets will generate future economic benefits and the other recognition

criteria of IFRS are met. Capitalized development costs are amortized on systematic bases over the period of expected future

sales from the related project. The carrying value of development costs is reviewed for impairment annually when the asset is not

yet in use, and otherwise when events or changes in circumstances indicate that the carrying value may not be recoverable. (refer

accounting policy 14)

7. Licenses, patents and similar rights

Expenditures on acquired licenses, patents and similar rights are capitalized and are amortized using the straight-line method over

the contractual period, if any.

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8. Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses (see accounting

principle 14). Land is not depreciated. Costs include purchase price (less any discounts and rebates), import duties, non refundable

taxes and any directly attributable costs of bringing the asset to its working condition. Directly attributable costs include, e.g.

initial delivery, handling and installation costs and the estimated cost of dismantling and removing the asset and restoring the site.

The cost of a self constructed asset is determined using the same principles as for an acquired asset. Subsequent expenditure

related to on an item of property, plant and equipment is capitalized when it is probable that it will result in additional future

benefits, in excess of the originally assessed standard of performance of the existing asset, and the expenditure can be measured

reliably. All other subsequent expenditure is expensed as incurred.

Depreciation is calculated from the date the asset is available for use on a straight-line basis over the estimated useful lives of the

assets as follows:

Buildings 5 to 20 years

Production machinery 5 to 10 years

Moulds 3 to 5 years

Peripheral equipment 5 to 10 years

Material for quality control 5 years

Auxiliary equipment 10 years

Silo installation 5 to 10 years

Fire-protection 10 years

Furniture 10 years

Office machinery 5 years

Computer equipment 3 years

Vehicles production years

Cars 4 years

Other tangible fixed assets underlying asset

Assets under construction no depreciation applied

Assets direct related to a contract are depreciated in accordance to the specifications stipulated in the related contract.

9. Leases

Finance leases, which effectively transfer to the group substantially all risks and benefits incidental to ownership of the leased

item, are capitalized at the inception of the lease at the fair value of the leased property or if lower at net present value of the

minimum lease payments. Lease payments are apportioned between the finance charges and reduction of the lease liability so

as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly against

income.

Capitalized leased assets are depreciated over the useful life as mentioned under ‘property, plant and equipment’

Leases, where the lesser effectively retains substantially all the risks and benefits of ownership over the lease term, are classified

as operating leases. Lease payments under an operating lease are recognized as an expense in the income statement on a

straight-line basis over the lease term.

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annual report 2008

10. Investments

All investments are initially recognized at cost, being the fair value of the consideration given and including acquisition charges

associated with the investment (see accounting principle 14).

11. Inventories

Inventories are valued at the lower of cost and net realizable value. Cost is determined by the weighted average method.

Raw materials and consumables : cost of purchase on a weighted average base

Finished goods and work-in-progress : cost of direct materials, labor and a proportion of manufacturing overhead

based on normal operating capacity.

Trade goods : cost of purchase

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the

estimated costs necessary to make the sale.

12. Trade and other receivables

Trade debtors and other amounts receivable are shown on the balance sheet at cost less an allowance for doubtful debts. At the

balance sheet date, an estimate is made of the bad debts based on the total outstanding amounts. Bad debts are written off during

the period in which they are identified.

13. Cash and cash equivalents

Cash consists of cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily

convertible to known amounts of cash, have original maturities of three months or less and are subject to insignificant risk of

change in value.

14. Impairment of assets

The carrying amounts of the company’s assets, other than inventories and deferred tax assets are reviewed for impairment when

events or changes in circumstances indicate the carrying value may not be recoverable. If any such indication exists and where

the carrying amount exceeds the estimated recoverable amount, the assets or cash-generating units are written down to their

recoverable amount. The recoverable amount of the assets is the greater of net selling price and value in use.

The value in use is determined by the estimated future cash flows expected to arise from the continuing use of the asset and

from its disposal at the end of its useful life. The future cash flows are discounted to their present value using a discount rate that

reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not

generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset

belongs. Impairment losses are recognized in the income statement.

An impairment loss recognized in prior periods for an asset other than goodwill shall be reversed if, if and only if, there has been a

change in the estimates used to determine the assets recoverable amount since the last impairment loss was recognized.

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15. Provisions

Provisions are recognized when the company has a present obligation (legal or factual) as a result of past events and when it is

probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate

of the amount of the obligation can be made. If the effect of the time value of money is material, provisions are determined by

discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money

and, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the

passage of time is recognized as an interest expense.

16. Interest-bearing loans and borrowings

All loans and borrowings are initially recognized at cost, being the fair value of the consideration received net of issue costs

associated with the borrowing. After initial recognition, interest-bearing loans and borrowings, are subsequently measured at

amortised cost using the effective interest method. Amortized cost is calculated by taking into account any issue costs, and any

discount or premium on settlement.

17. Trade and other payables

Trade and other payables are stated at cost.

18. Employee benefits

Employee benefits are recognized as an expense when the company consumes the economic benefit arising for service provided

by an employee in exchange for employee benefit, and as a liability when an employee has provided service in exchange for

employee benefits to be paid in the future.

Obligations for the defined contribution plan are recognized as an expense in the income statement as incurred.

19. Revenue recognition

Revenue is recognized when it is probable that the economic benefits will flow to the company and the revenue can be reliably

measured. Revenue from sales of goods is recognized when the significant risks and rewards of ownership of the goods have

passed to the buyer and the amount of revenue can be measured reliably.

20. Government grants

Government grants are recognized when there is reasonable assurance that the grant will be received and all attaching conditions

will be complied with. When the grants relates to an expense item, it is recognized as income over the periods necessary to match

the grant on a systematic basis to the costs that it is intended to compensate.

Where the grant relates to an asset, the fair value is deducted from the carrying amount of the asset. The grant is recognized as

income over the life of the depreciable asset by way of reduced depreciation charge.

21. Derivative financial instruments

Derivative financial instruments are recognized initially at cost. Subsequent to initial recognition, derivative financial instruments

are stated at fair value. The fair values of derivative interest contracts are estimated by discounting expected future cash flows

using current market interest rates and yield curve over the remaining term of the instrument. The fair value of forward exchange

contracts is their market price at the balance sheet date.

Derivative financial instruments that are either hedging instruments not designated or not qualified as hedges are carried at fair

value with changes in value in the income statement.

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annual report 2008

Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognized asset or liability,

a firm commitment or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial

instrument is recognized directly in equity.

22. Income taxes

Income tax includes the taxes on the profit or loss for the year and the deferred taxes. Income tax is recognized in the income

statement except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the balance sheet date, and

any adjustment to tax payable in respect of previous years.

Deferred income tax is provided, using the liability method, for all temporary differences at the balance sheet date between the

tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Deferred tax assets are recognized for all deductible temporary differences, carry-forward of unused tax credits and unused tax

losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences,

carry-forward of unused tax credits and tax losses can be utilized.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is

realized or the liability is settled, based on tax rates and tax laws that have been enacted or substantially enacted at the balance

sheet date.

2.Consolidatedcompanies

List of consolidated companies on December 31st, 2008:

Resilux NV Damstraat 4, 9230 Wetteren, RPR Dendermonde BE 0447.354.397 Belgium 100%

Resilux Eurasia Holding NV Damstraat 4, 9230 Wetteren, RPR Dendermonde BE 0464.476.976 Belgium 100%

Eastern Holding NV Reukenwegel 40, 9070 Destelbergen, RPR Gent BE 0897.458.153 Belgium 100%

Eastern Investment Holding NV Damstraat 4, 9230 Wetteren, RPR Dendermonde BE 0897.468.051 Belgium 100%

Resilux Holding B.V. Strawinskylaan 3105, 1077 ZX Amsterdam Netherlands 100%

Tradetool B.V. Strawinskylaan 3105, 1077 ZX Amsterdam Netherlands 100%

Resilux Ibérica Packaging S.A. Ctra. Nacional 435, KM 99, 06350 Higuera La Real Spain 100%

Resilux Investment OOO Plesheeva Street 14a, 127560 Moscow Russia (Federation) 100%

Resilux-Volga OOO Bazovaya Street 12, 156000 Kostroma Russia (Federation) 100%

Resilux Distribution OOO Sokolnicheskaya Square 4A, 107113 Moscow Russia (Federation) 100%

Resilux Schweiz AG Industrie Ost, 8865 Bilten Switzerland 100%

Resilux Hellas A.B.E.E. Manaki 9, 13122 Ilion Athens Greece 100%

Resilux Investment Corporation, Inc. Orange Street, City of Wilmington 1209, USA 100%

County of New Castle - Delaware 19801

Resilux America, LLC John Brooks Road 265, USA 100%

Pendergrass, Georgia 30567

Resilux Hungária Packaging Kft. Aradi u. 8 5th floor/c 8/10, 1062 Budapest Hungary 100%

In 2008, the consolidation perimeter has been extended with two new Belgian companies: Eastern Investment Holding NV and

Eastern Holding NV.

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A segment is a distinguishable component of the company that is engaged in providing products or services within a particular

economic environment and that is subject to risks and returns that are different from those of segments operating in other

economic environments.

Segment information is presented in respect of the company’s geographical segments based on production units.

The segment reporting is in accordance with the management reporting.

No additional segmentation has been made because the different activities are related to each other.

2008

Turnover EBIT EBITDA Total Total Additions Depreciations

assets liabilities property, plant property, plant

& equipment & equipment

Belgium (*) 77,015 -598 5,892 103,579 58,778 1,344 3,551

Spain 35,380 1,769 3,674 19,018 12,630 1,519 1,498

Russia 15,813 -803 -313 9,019 7,553 190 456

Greece (**) 12,961 2,307 8,067 13,491 6,772 999 1,233

Switzerland 51,918 8,295 11,409 39,947 12,708 1,057 3,037

USA 19,564 -389 1,115 10,502 18,186 682 1,125

Hungary 28,501 1,042 2,573 10,661 7,270 2,062 1,237

Holdings (***) 699 -2,247 -58 34,403 10,193 2 0

Consolidation (****) -31,681 4,484 -587 -100,361 -38,579 -592 -194

Total 210,170 13,860 31,772 140,259 95,511 7,263 11,943

(*) In Resilux NV in Belgium an additional amount of e 2,686 has been written off on the shares of Resilux Eurasia Holding NV.

(**) In Resilux Hellas A.B.E.E. an additional amount of e 4,462 has been written off on the fixed assets due to an impairment after the earthquake.

(***) In Resilux Eurasia Holding NV an additional amount of e 2,191 has been written off on the shares of the Russian subsidiary Resilux Investment

OOO.

(****) Both amounts written off on the shares of subsidiaries are reversed in the consolidation so consolidated there is no effect.

2007

Turnover EBIT EBITDA Total Total Additions Depreciations

assets liabilities property, plant property, plant

& equipment & equipment

Belgium 70,990 1,772 5,572 103,805 60,315 2,307 4,305

Spain 34,974 2,302 3,839 23,273 17,108 1,006 1,385

Russia 11,209 -1,357 -654 8,007 3,121 224 704

Greece 16,329 624 2,012 12,362 10,100 258 1,369

Switzerland 53,586 7,592 11,084 38,731 15,715 647 3,417

USA 15,464 -1,178 393 9,772 19,862 212 1,303

Hungary 24,077 960 2,193 12,392 9,072 565 1,245

Holdings 214 -84 -84 23,210 7,477 0 0

Consolidation -26,037 -1,298 -1,610 -81,265 -31,363 -161 -311

Total 200,806 9,333 22,745 150,287 111,407 5,058 13,417

3.Segmentreporting(in thousands of Euro)

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annual report 2008

Land and Plant and Furniture Leased Other Assets Total

buildings equipment and fixed tangible under

vehicles assets assets construction

At December 31st 2007

Cost or valuation 41,681 100,092 4,178 18,814 1,936 284 166,985

Accumulated depreciation -15,637 -77,956 -3,455 -13,283 -798 0 -111,129

Net book amount 26,044 22,136 723 5,531 1,138 284 55,856

Year ended December 31st 2008

Opening net book amount 26,044 22,136 723 5,531 1,138 284 55,856

- Additions 140 4,687 260 74 276 1,826 7,263

- Transfers 3 1,606 95 -1,243 -292 -169 0

- Disposals -3 -861 -1 0 0 0 -865

- Impairment -1,540 -2,904 -18 0 0 0 -4,462

- Depreciation charge for the year -2,456 -7,695 -409 -1,078 -308 0 -11,946

Exchange adjustment (+)(-) 1,110 421 17 100 -15 -14 1,619

Closing net book amount 23,298 17,390 667 3,384 799 1,927 47,465

At December 31st 2008

Cost or valuation 42,931 105,945 4,549 17,745 1,905 1,927 175,002

Accumulated depreciation -19,633 -88,555 -3,882 -14,361 -1,106 0 -127,537

Net book amount 23,298 17,390 667 3,384 799 1,927 47,465

Resilux didn’t receive any capital grants in 2008.

Regarding rights and commitments not reflected in the balance sheet we refer to note 23.

Resilux has decided to include certain land and buildings in the opening balance sheet at fair value, being the estimated actual

cost price.

An impairment of e 4,462 was recorded during 2008 on buildings, installation, machinery, equipment and material pursuant to an

earthquake in June 2008 in the immediate neighborhood of our Greek production unit, where those assets were damaged.

The realizable value of the asset is the value in use of the asset, for which the calculation was based on a prudent estimation of the

remaining lifetime.

The financial lease agreements are mainly assets in production machines and equipment.

4.Property,plantandequipment(in thousands of Euro)

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5.Intangibleassets(in thousands of Euro)

Patents and licences Other (*) Total

At December 31st 2007

Cost or valuation 671 1,185 1,856

Accumulated depreciation -519 -1,049 -1,568

Net book amount 152 136 288

Year ended December 31st 2008

Opening net book amount 152 136 288

- Additions 54 30 84

- Transfers 0 0 0

- Disposals 0 0 0

- Impairment 0 0 0

- Depreciation charge for the year -46 -118 -164

Exchange adjustment (+)(-) 0 1 1

Closing net book amount 160 49 209

At December 31st 2008

Cost or valuation 725 1,216 1,941

Accumulated depreciation -565 -1,167 -1,732

Net book amount 160 49 209

(*) Other intangibles include capitalised software

The costs for research and development, which are not capitalised in 2008, amount to e 312.

6.Goodwill(in thousands of Euro)

2008 2007

At cost

On January 1st 2008 13,685 13,685

On December 31st 2008 13,685 13,685

Impairment

On January 1st 2008 0 0

Impairment 0 0

On December 31st 2008 0 0

Net book value

On January 1st 2008 13,685 13,685

On December 31st 2008 13,685 13,685

Goodwill is the difference between the acquisition price of the shareholding and the value of the net assets acquired, revalued

according to the consolidated accounting policies of Resilux.

At the set up of the opening balance by January 1st 2004 the transitional measure mentioned in IFRS 1 has been used.

The amount of e 13.7 million refers to the Swiss activities.

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annual report 2008

7.Otherfinancialassets(in thousands of Euro)

2008 2007

Other financial assets 17 17

17 17

The carrying amounts of the above financial assets are classified as follows:

2008 2007

Held for trading 17 17

Designated at fair value on initial recognition 0 0

17 17

The financial fixed assets are valued at original procurement price.

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Assets Liabilities Net Income statement

2008 2007 2008 2007 2008 2007 2008 2007

Non-current assets

Other assets (*) 26 20 0 0 26 20 6 -40

Property, plant and equipment 687 850 2,909 3,295 -2,222 -2,445 223 379

Intangible assets 56 64 0 3 56 61 -5 31

Non-current receivables 4 0 0 0 4 0 4 0

Current assets

Inventories 47 126 54 27 -7 99 -107 44

Trade receivables 24 77 116 93 -92 -16 -76 -285

Other current assets 0 0 84 17 -84 -17 -67 -150

Equity

Non-current liabilities

Interestbearing loans

and borrowings 0 140 0 1 0 139 -140 4

Non-current trade

and other payables 0 0 0 0 0 0 0 0

Provisions 88 0 0 0 88 0 88 0

Current liabilities

Interestbearing loans

and borrowings 0 0 0 0 0 0 0 0

Trade payables 2 0 28 8 -26 -8 -17 46

Other amounts payables 195 51 83 207 112 -157 268 419

Deferred tax on

temporary differences 1,129 1,328 3,274 3,651 -2,145 -2,324 177 448

Tax values on deferred taxation 169 78 199 97 -30 -19 -11 127

Tax values on losses 2,180 3,141 0 0 2,180 3,141 -961 -149

Exchange adjustments 0 0 0 0 0 0 -34 93

Gross tax assets / liabilities 3,478 4,547 3,473 3,748 5 798 -829 519

Netting per entity -1,611 -2,131 -1,611 -2,131 0 0 0 0

Net tax assets / liabilities 1,867 2,416 1,862 1,617 0 0 0 0

On losses carried forward for an amount of e 15,990, the group decided to be prudent and not to register any deferred taxes on

this amount.

Of this amount e 769 can be carried forward unlimited in time and e 15,221 can be carried forward for a period between

10 to 20 years.

(*) The deferred taxes related to assets which are not capitalised in the consolidated balance sheet.

8.Deferredtaxassets-deferredtaxliabilities(in thousands of Euro)

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annual report 2008

9.Tradereceivablesandotherassets(in thousands of Euro)

2008 2007

Trade receivables - gross 29,479 27,807

Less : provision for impairment of receivables -1,667 -731

Trade receivables - net 27,812 27,076

Resilux Hungária has concluded a factoring agreement with Raiffeisenbank. The outstanding balance per December 31st, 2008 is

521 million HUF (e 1,954). This agreement is considered ‘off-balance’.

VAT receivables 1,209 1,696

Prepaid taxes 63 170

Fair value financial instruments (note 20) 0 390

Other receivables 940 1,483

Accruals/deferrals 1,693 2,013

Other assets 3,905 5,752

Trade receivables are non-interest bearing and have a payment term of 60-105 days.

As per December 31st, 2008, the trade receivables, with a nominal value of e 1,667 (2007: e 731), were impaired and a provision

for those was made.

Movement in the provision for impairment of trade receivables is as follows:

2008 2007

As per January 1st 731 810

Charges on current period 1,023 415

Amounts written down 42 11

Reversal unused amounts -120 -502

Currency translations -9 -3

As per December 31st 1,667 731

The ageing analyses of trade receivables is as follows:

net book value not due due on reporting date

overdue overdue overdue overdue

less then between 31 between 61 more then

30 days and 60 days and 90 days 90 days

2008 27,812 19,370 4,210 1,645 590 1,997

2007 27,807 19,258 4,307 992 474 2,776

The Company is in possession of a personal guarantee for receivables, amounting to e 336, those are included in the receivables

overdue more then 90 days.

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2008 2007

Raw materials 13,294 13,663

Work-in-progress 0 0

Trade goods 328 1,185

Prepayments 1,779 2,415

Finished goods

At cost 18,152 20,612

Write-down -742 -417

Total inventories 32,811 37,458

11.Cashandcashequivalents(in thousands of Euro)

2008 2007

Cash at bank and in hand 11,718 7,473

Deposits 412 1

12,130 7,474

12.Equity(in thousands of Euro)

Amount Capital Share Revaluation- Other Currency Total

shares premium surpluses reserves translation

At January 1st 2008 1,980,410 17,184 16,656 2,371 2,495 174 38,880

Capital increase Resilux NV 0 0 0 0 0 0 0

Profits (losses) not inserted into

profit and loss account 0 0 0 0 0 394 394

Consolidated results of book year 0 0 0 0 4,510 0 4,510

Unrealised results on hedging 0 0 0 0 2 0 2

Foreign currency translation 0 0 0 0 0 962 962

At December 31st 2008 1,980,410 17,184 16,656 2,371 7,007 1,530 44,748

All shares are fully paid. The share capital is represented by 1,980,410 shares without nominal value, each representing

1/1,980,410th of the share capital.

As a result of the issuing of a warrant plan at the end of 2002, warrants were allocated to the Company staff of which, on account

closing date, an amount of 11,289 is still circulating with an exercise price of e 65.41 per warrant, to be exercised until October

2010.

On December 19th 2006, the Extraordinary General Meeting of Resilux NV decided to issue a bond with warrants for an amount of

e 7.5 million and, consecutively, to issue 166,665 warrants, subscribed by Compagnie du Bois Sauvage SA.

The warrants can be exercised on any date until December 18th, 2011, with a minimum number of 15,000 at an exercise price of

e 45 per warrant.

10.Inventories(in thousands of Euro)

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annual report 2008

13.Interest-bearingloansandborrowings(in thousands of Euro)

Subordinated loans 2008 2007

Non-current subordinated loans 9,038 10,617

Current subordinated loans 3,179 0

12,217 10,617

Analyses of the subordinated loans as interest rate:

- fixed (3% - 7%) 10,217

- Euribor + 5% 2,000

12,217

The subordinated loans can be summarised as follows (in thousands of Euro):

1. The subordinated loans provided by the Belgische Maatschappij voor Internationale Investering NV (BMI-SBI):

In 2008, the loan agreements between BMI-SBI, Resilux America and Resilux Hungária were rescheduled.

- The loan contract, with extended final date, between BMI-SBI and Resilux America for an amount of e 1,100 stipulates that

BMI-SBI has an option to convert the convertible loan into 1,421 capital shares of Resilux America (this is 14.21% of the current

number of shares) between July 2006 and January 2013, and also that Resilux has an option to purchase the shares at a price

stipulated in the contract, two years after the conversion and in any case no later than January 2013.

- In accordance with the rescheduling of the loan agreements BMI-SBI has granted to Resilux America an additional subordinated

loan of e 1,435.

- The loan contract, with the changed exercise period, between BMI-SBI and Resilux Hungária for an amount of e 745 stipulates

that BMI-SBI has an option to convert the subordinated convertable loan into 20% of the share capital of Resilux Hungária

between January 2009 and June 30th, 2009 and also that Resilux has an option to purchase the shares at a price stipulated in the

contract, between January 2009 and June 30th, 2009.

2. In 2006, Resilux NV has issued a subordinated bond in favor of Compagnie du Bois Sauvage SA for a rounded amount of e 7,500

which carries 166,665 warrants. In accordance to IAS 32, this bond has been divided in two parts: a part of long term liabilities

and a part of equity. The transaction costs have been deducted from this loan in accordance to IAS 32. The part of long term

liabilities has been adapted to the present value of the future cashflows.

3. In 2006, Resilux Ibérica has received an additional amount of e 2,000 through Sofiex, a Spanish investment company. In

accordance with IAS 32, this credit facility has been considered a subordinated loan.

2008 2007

Non-current liabilities

Non-current financial debts 21,180 24,239

Finance lease liabilities 814 2,358

21,994 26,597

Current liabilities

Current financial debts 7,831 4,413

Finance lease liabilities 1,148 1,831

Financial debts less then one year 15,473 25,231

24,452 31,475

6 months 6-12 1-5 over Total

or less months years 5 years

At December 31st 2008

Financial debts 3,841 3,990 15,936 5,244 29,011

Finance lease liabilities 652 496 814 0 1,962

Total long term financial debts 4,493 4,486 16,750 5,244 30,973

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Analyses of long-term financial

debts as to currencies: Analysis of long-term financial debts as to interest rate:

2008 2008

EUR 16,583 - fixed (3,44% - 8,97%) 1,892

USD 5,823 - variable 16,000

CHF 7,185 - variable, limited by cap agreements (Note 20) 13,081

HUF 1,382 30,973

30,973

Analysis of financial debt

less than one year as to currencies: 2008

EUR 14,472

USD 0

CHF 0

HUF 1,001

15,473

For short-term debts, the carrying amount reported in the balance sheet approximates fair value, considering their short maturity.

Note 23 includes information relating to rights and commitments not reflected in the balance sheet.

14.Tradepayablesandotherliabilities(in thousands of Euro)

Current trade and other payables 2008 2007

Trade payables 24,749 35,429

Other payables 3,692 1,982

Derivatives (note 20) 108 3

Accrued expenses 3,709 2,130

32,258 39,544

Trade payables per December 31st, 2008 are expected to be paid in the first quarter of 2009. Other short term debts per

December 31st, 2008 are payables in 2009.

15.Provisions(in thousands of Euro)

Onerous Legal Pension & Profit-sharing Total

contract claims similar rights & bonuses

At December 31st 2007 330 289 53 108 780

Additional provisions 691 0 0 0 691

Unused amounts reversed 0 -73 0 0 -73

Used during year -42 0 -4 -108 -154

Exchange adjustments 16 0 0 0 16

At December 31st 2008 995 216 49 0 1,260

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annual report 2008

Onerous contract

In 2008, a provision has been made for costs to be made relating to the earthquake in the immediate neighbourhood of the Greek

production unit.

Pensions and similar rights

The supplementary pension plan for employees in general consists of defined contribution arrangements.

The costs of the premiums paid are entered in the profit and loss account under remuneration, labour-related contributions and

pensions. In a number of specific cases, the pension plan is considered to be a defined benefit plan type for which a provision is

made. It involves the following: Early retirement pensions (Belgium) 18

Specific labour-related liabilities (Greece) 35

The early retirement pension is entered in the costs as a provision in the period in which the early retirement contract is drawn

up.

Profitsharing and bonuses

The provision relates to employees of the Spanish entities.

Contingent liabilities

As to the dispute with the Russian subsidiary Resilux Investment OOO and the Russian tax authorities, the court ruling in cassation

decided at the end of 2007 to revoke the earlier decisions - in particular the rejection of the claim of the Russian tax authorities in

first instance and in appeal - and to refer the case back to first instance.

After the account closing date, on February 13th 2009, the Russian tax authorities have exhausted their final legal remedy, and

introduced a claim before the Russian Supreme Court, who first declared the claim admissible but finally, on March 11th 2009

decided that the claim was unfounded.

16.Otheroperatingincome(expense)(in thousands of Euro)

Other operating income 2008 2007

Insurance reimbursement 9,249 15

Gains on disposal fixed assets 208 224

Other operating income 458 714

9,915 953

Other operating expenses 2008 2007

Adjustments provision exceptional liabilities and charges 146 0

Provision exceptional liabilities & charges -73 17

Loss on trade receivables 687 656

Loss on disposal of fixed assets 146 31

Other operating expenses 1,904 1,893

2,810 2,597

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17.Employeebenefitexpense(in thousands of Euro)

2008 2007

Wages and salaries 13,691 12,778

Social security costs 2,545 2,331

Pension costs - defined contribution plans 746 705

Other personel expenses 1,705 858

Total personnel charges 18,687 16,672

Gemiddeld personeelsbestand 428 407

Workers 250 221

Employees 178 186

18.Financeincome(expense)(in thousands of Euro)

2008 2007

Interest income 668 152

Net foreign exchange results 13,123 4,880

Fair value financial instruments (note 20) 0 41

Other finance income 530 230

14,321 5,303

Interest expenses 5,839 5,365

Net foreign exchange results 14,713 5,001

Fair value financial instruments (note 20) 0 0

Other finance expenses 470 617

21,022 10,983

Finance income - expenses (net) -6,701 -5,680

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annual report 2008

19.Incometaxes(in thousands of Euro)

2008 2007

Current income taxes -1,820 -1,168

Deferred income taxes -829 519

-2,649 -649

2008 2007

Operating result 13,859 9,333

Finance income/expense (net) -6,701 -5,680

Current income before taxes 7,158 3,653

Income taxes -2,649 -649

Average real rate 37.01% 17.77%

Current income before taxes 7,158 3,653

Theoretical tax rate (tax rate mother company) 33.99% 33.99%

Theoretical taxes related to current income before taxes -2,433 -1,242

Non-deductible expenses -550 -716

Tax deduction for capital expenditures 21 2

Effect on the difference between real and theoretical tax rate 1,733 1,192

Modification of tax rate -515 111

Use of tax assets, not recognised in prior years 126 476

Deferred tax assets, not recognised in current year -523 -389

Tax adjustments related to prior periods -387 162

Non-deductible items -119 -259

Fiscal exemptions -2 14

Income taxes -2,649 -649

20.Derivativefinancialinstruments

Foreign currency risk

With regard to exchange rates, Resilux has a policy of passive hedging per production unit.

This means that the net exchange rate flows are charged to each production unit and if necessary derivatives are used for this

purpose. The group’s most important currencies are the Euro, the American dollar, the Swiss franc, the Hungarian forint, and the

Russian rouble. In accordance with the accounting policies, the balances of foreign-currency creditors and debtors are converted

at the exchange rate applicable on that date. Financial derivatives to cover the net exchange rate flows are valued at their market

value. Exchange rate results on creditors and debtors and changes to the market value of the financial instrument are entered in

the results for the period in which they occcur.

The results of one financial instrument concerns one particular transaction and are immediately recognized in equity.

Resilux entered into the following forward exchange contracts on 31/12/2008:

purchases 5,554,924 USD e 4,157,835

sales 2,835,255 USD e 2,061,282

sales 1,150,000 CHF e 781,889

sales 3,553,231 CHF e 2,300,000

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66

Estimated sensitivity to currency fluctuations (in thousands of Euro)

The results of the company are reported in Euro, which means that the financial positions of foreign currencies are recalculated to

the Euro. The used foreign currencies for recalculations are USD, RUB, CHF and HUF. Only an increase or a decrease of the RUB or

the USD can have an impact on the results. A decrease of 10% of the conversion rate towards the used rate for 2008 would have

an affect on the operational result as follows: for the USD +35, for the RUB -73.

Interest rate risk

With regard to covering interest rate risks, the objective is to achieve a balance between the volatility of the financial results and

the loan costs

The following contracts were entered into to cover the aformentioned risks (in thousands of Euro):

• Cap contracts for e 13,081 at 3 till 5 year at a maximum interest rate of 5.50%.

• A total amount of $ 2,015 was covered by an interest rate swap contract at 3 and 5 years at a maximum interest rate of 3% and

2.35%.

The aforementioned contracts are treated in the financial statements as trading instruments and are consequently valued at

market value. The changes to the financial instruments are entered in the profit and loss account. See note 9 and 14 for the

valuation of these financial instruments.

Price risk

As is well known, Resilux and other preform suppliers pass on fluctuations in raw material prices to their customers at the

applicable market rates. There is thus largely a timing risk here between purchase and sale.

Credit risk

The company has a number of corporate policy provisions for the credit risk relating to trade debtors. Ways in which Resilux

manages its credit risks include customer diversification, by strictly monitoring credit limits and periods, and by continuously

screening the creditworthiness of the parties with which it deals. Furthermore, the credit risk for most of the clients is covered by

a credit insurance.

21.Operatingleases(in thousands of Euro)

2008 2007

Non-cancellable operating leases are payable as follows:

Less than one year 2,276 2,358

Between one and five years 3,612 4,895

More than five years 0 0

5,888 7,253

Expenses in income statement 2,551 2,890

Non-cancellable operating leases mainly relate to leases of factory facilities, offices, production machinery and equipment during

the current year, e 2,551 was recognized as an expense in the income statement in respect of operating leases of factory facilities,

offices, production machinery and equipment (2006: e 2,890).

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annual report 2008

22.Keyfigurespershare(in Euro)

2008 2007

based on the average

amount of shares

Operating cash flow 16.04 11.48

Operating result 7.00 4.71

Net profit (loss), group share 2.28 1.52

Net cash flow 11.71 8.29

Number of shares 1,980,410 1,980,410

a. There are 11,289 subscription rights in circulation.

b. Besides, Compagnie du Bois Sauvage SA has acquired 166,665 warrants exercisable at a price of e 45 per warrant in the

framework of the issue of a subordinated bond with warrants in December 2006. The exercise period runs till December 18th,

2011.

None of the subscription rights have been included in the calculation because the exercise price is above the average market price.

23.Rightsandcommitmentsnotreflectedinthebalancesheet (in thousands of Euro)

Resilux has provided the following collateral to guarantee debts:

Subscription amount of the collateral: 51,878

Outstanding debt for which collateral has been provided: 37,823

Net book value of the assets for which collateral has been provided: 27,428

In addition, Resilux has signed private powers of attorney for granting a subscription to the business of e 32,968 in principal and

e 3,297 in charges, in the favour of a number of financial institutions.

Concerning the personal guarantees in favour of the companies within the group, we refer tot the statutory annual accounts of

Resilux SA.

24.Relatedpartytransactions

The members of the Executive Committee - including the Executive Directors - received a remuneration of e 1,630,492 in the

financial year 2008. These remunerations consist of gross salaries, fees for services and benefits in kind as it is provided in the

usual remuneration package. The members of the Executive Committee, excluding the Executive Director, hold 1.00% of the

Resilux shares. They also own 2,000 warrants from previous mentioned warrant plans.

The remuneration for the independent Directors in the financial year 2008 was e 54,796.

The Russian daughter company Resilux Investment OOO took a participation of 33.33% in Resilux Distribution OOO on November

11th, 2008.

Resilux Eurasia Holding NV, a Belgian daughter company, has sold her participation of the Russian daughter company Resilux-Volga

to her sister company Eastern Holding NV on November 27th, 2008.

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25.Auditorandrelatedpersons(in thousands of Euro)

Fee for the auditor Baker Tilly JWB Bedrijfsrevisoren for all companies:

Within the group 69

Fee for exceptional services of special assignments performed within the company by the Auditor:

Other controlling services 1

Tax advice services 4

Other services beyond the Auditor’s activities 2

26.Eventssubsequenttothebalancesheetdate

Since the end of the financial year, no other important events have occurred of a nature to influence the results of the company

significantly.

Note 15 describes the evolution concerning the tax dispute with the Russian tax autorities.

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annual report 2008

Assets (in thousands of Euro)

Tangible fixed assets (e 47,465)

During the financial year, an additional net amount of e 6.4 million was invested in tangible fixed assets, mainly to expand and

optimise the production capacity and to make it more flexible. The major investments are an extra production line in Spain, an

extension of the buildings in Hungary and a number of moulds. This amount is the difference between e 7.3 million of investments

and e 0.9 million disinvestments. The net investment in 2007 was e 4.6 million.

The depreciation on tangible fixed assets was e 11.9 million and mainly related to production technology, including leased fixed

assets. An extra impairment cost of e 4.5 million is booked on the fixed assets in Greece after the damage of the earthquake of

June 2008.

Intangible fixed assets (e 209)

Intangible fixed assets mainly consist of externally procured development technology, as well as patents and licences for preforms.

Goodwill (e 13,685)

Goodwill is the difference between the purchase price of the shareholding and the value of the net assets acquired, revalued

according to the consolidated accounting policies of Resilux. The amount of e 13.7 million entirely relates to the Swiss operations.

Deferred taxes (e 1,867)

Deferred taxes are calculated on temporary differences between the book value of the assets and liabilities in the balance sheet

and their tax value. The deferred tax is booked to the asset or liability according to the net position per fiscal unit. Deferred

taxation on assets mainly comes from different depreciation rates for tangible fixed assets, and tax losses that can be carried

forward.

Stocks (e 32,810)

The total stock (including advance payments) decreased by e 4.5 million or 12.5% with respect to the previous financial year. The

total stock of raw materials (including advance payments) decreased by e 1.0 million and the stocks of finished products and trade

goods decreased by e 3.5 million.

Trade debtors (e 27,812)

Trade debtors increased with respect to the previous year by 2.7% or e 0.7 million.The increase can be explainded by an increase

of the turnover. The average number of trade debtor days for the group remained more or less constant.

Other assets (e 3,905)

The main items under other assets are VAT to be claimed back, grants to be received and costs to be carried forward.

Cash at bank and in hand (e 12,130)

For an explanation of the change in the cash at bank and in hand and short term investments, please refer to the source and

application of funds statement on page 46 of this annual report.

Liabilities (in thousands of Euro)

Capital (e 17,184) / Share premium (e 16,656)

The share capital is e 17.2 million, represented by 1,980,410 shares without nominal value. The capital is fully paid-up.

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The history of the capital is as follows:

Date Type of operation Amount of the capital (in Euro) Number of shares

05/05/1992 Formation 123,947 500

02/11/1993 Capital increase 545,366 2,200

27/06/1995 Capital increase 3,197,826 3,642

16/06/1997 Capital increase 4,268,726 4,362

04/09/1997 Shares split by 325 4,268,726 1,417,650

03/10/1997 Capital increase / stock exchange entry 15,423,935 1,777,650

24/12/1998 Capital increase 16,235,717 1,871,210

19/11/1999 Capital increase 16,236,000 1,871,210

19/12/2006 Capital increase 17,183,856 1,980,410

Consolidated reserves (e 9,378)

The consolidated reserves on December 31st, 2008 were as follows:

Reserves carried forward on December 31st, 2007 4,866

Consolidated profit for the financial year 4,510

Unrealised result on hedging contracts included in equity 2

Total consolidated reserves on December 31st, 2008 9,378

Exchange rate differences (e 1,530)

The effect of the conversion of foreign shareholdings in the consolidation to Euro had a positive effect of e 1.4 millon on the

capital and reserves. The exchange rate differences on December 31st, 2007 were e 0.1 million

Subordinated loans long term (e 9,038) and short term (e 3,179)

The total amount of subordinated loans rose by e 1.6 million. The Belgische Maatschappij voor Internationale Investering NV

provided an extra loan for the amount of e 1.4 million to the production unit in the United States and there was an adjustment to

the present value for e 0.2 milliion of the subordinated loan of Compagnie du Bois Sauvage SA.

Interest-bearing financial liabilities long term (e 21,994) and short term (e 24,452)

The long term financial liabilities decreased by e 4.6 million with respect to 2007. The short term debts (including the current

portion of debts payable after one year) fell by e 7.0 million

For a further explanation of the change in the debts, we refer to the source and application of funds statement on page 46 of this

report.

Current assets less current liabilities changed favourably to e 15.3 million. This was mainly the result of a decrease of interest-

bearing borrowings and a decrease of the trade payables.

Provisions (e 1,260)

The increase with e 0.5 million is mainly due to a provision made as a result of the earthquake in Greece.

Deferred taxes (e 1,862)

Deferred taxes are calculated on temporary differences between the book value of the assets and liabilities in the balance sheet

and their tax value. The deferred tax is booked to the asset or liability according to the net position per fiscal unit. Deferred

taxation on assets mainly comes from different depreciation rates for tangible fixed assets, and tax losses that can be carried

forward.

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annual report 2008

Trade creditors (e 24,749)

Trade creditors decreased by e 10.7 million or 34.0% compared to the previous year.

Taxes (e 1,469)

In 2008 this section consisted mainly of income tax payable in Spain, Switzerland and Greece. In 2007 this item was e 0.8 million.

Other liabilities (e 7,508)

This section contains debts relating to remuneration and labour-related contributions, and also accrued costs and interest, and

income to be carried forward.

Profit and loss account (in thousands of Euro)

Operating income (e 216,430)

The operating income rose by 8.0% compared to the previous financial year. The turnover in 2008 was higher than the previous

financial year (4.7%). The total number of preforms and bottles sold rose over the financial year 2008 by 8.0%.

The change in stocks of finished products in 2008 was e -3.7 million. In the financial year 2007, there was an decrease in stocks of

finished products of e 1.4 million.

For further information, we refer to the operations report earlier in this report, where we mention that added value is a better

parameter for Resilux as a result of fluctuations in prices being passed on to the customer.

The other operating income of e 9.9 million includes for the major part a compensation received for the damages due to the

earthquake in Greece.

Operating charges (e 202,570)

The increase compared to the previous financial year was e 11.6 million. The total cost of goods purchased for resale, raw

materials and consumables rose by e 2.4 million. This increase is mainly the result of higher volumes produced.

The total operating cash costs rose by e 4.6 million. Services and other goods rose by e 2.4 million. This increase includes a

number of extra costs as a result of the earthquake in Greece. Furthermore, there is an increase of the variable costs like

energy and transportation because of the high prices and an increase of the produced volumes. Personnel costs increased by

e 2.0 million due to indexation of salaries and wages and additional personnel to strengthen the organization.

The depreciation and other amounts written off increased by e 4.5 million compared to 2007. This is entirely due to the extra

write offs as a result of the earthquake in Greece.

Net financial charges (e -6,701)

The net financial charges increased by e 1.0 million compared to 2007. Despite the decrease of the interest rates of some

currencies and despite the decrease of average debts, interest charges remain more or less unchanged. This is the result of the

financial costs related to the exit of the Belgische Maatschappij voor Internationale Investering NV out of Resilux in Hungary. The

net exchange rate results were negative for e 1.6 million compared to a negative amount of e 0.1 in 2007.

Taxes (e -2,649)

The taxes can be broken down into income tax to be paid (e -1.7 million) and the movement in deferred taxes (e -1.0 million).

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Cash flow statement (in thousands of Euro)

The cash flow statement has been drafted after the conversion of the balance sheet per December 31st, 2007 at closing rate per

December 31st, 2008. The cash flow statement shows that the gross operating cash flow (after adjustments for non-cash flows

and the gains realised on fixed assets) during the financial year was e 31.7 million, compared to e 22.6 million in 2007. The total

working capital increased by e 2.6 million. This was the result of the decrease in stocks

(e 5.2 million), the increase in trade debtors (e 1.1 million), the decrease in trade creditors (e 11.3 million) and the decrease in

other working capital (e 4.6 million). This brings the net operating cash flow to e 29.1 million. In the previous financial year, the

total working capital increased by e 7.7 million and the net operating cash flow was e 14.8 million.

After deducting the net financial charges (e -6.7 million) and the taxes paid (e -1.0 million), the total cash flow from operations was

e 21.3 million, compared to e 8.5 million in 2007.

The financial resources requirement for investment operations was e 6,4 million. This is a combination of gross investments

(e 7.3 million) and proceeds from the sale of tangible fixed assets (e 0.9 million). In 2007, an amount of e 4.6 million was required.

During 2008 the net cash flow from financing activities was e -10.4 milliion compared to e -4.3 million in 2007.

On balance, during the financial year there was an increase in cash at bank and in hand of e 4.6 million, compared to a decrease

of e 0.3 million in 2007.

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annual report 2008

Auditor’sreportto the General Meeting of Shareholders of Resilux NV on the consolidated financial statements for the year ended December 31st, 2008

In accordance with the legal requirements, we report to you on the performance of the mandate of statutory auditor, which has been

entrusted to us. This report contains our opinion on the true and fair view of the consolidated financial statements as well as the required

additional statements.

Unqualified audit opinion on the consolidated financial statements, emphasis of matter

We have audited the consolidated financial statements of Resilux NV (“the Company”) and the subsidiaries (together: “the Group”),

prepared in accordance with International Financial Reporting Standards as adopted by the European Union. The consolidated financial

statements include the consolidated balance sheet per December 31st, 2008, the consolidated income statement, the consolidated

cash flow statement and the consolidated statement of changes in equity closed at that date, including the accounting principles for the

preparation of the financial statements and other notes. The total consolidated balance sheet shows a total of e 140,259,159.60 and a

consolidated profit for the period of e 4,509,573.89. The financial statements of foreign subsidiaries, as mentioned in note 2, have been

audited by other auditors and their reports were transmitted to us. Our opinion is based on the reports of the other auditors.

Management is responsible for the preparation and the fair presentation of these consolidated financial statements. This responsibility

includes: designing, implementing and maintaining internal control relevant to the preparation of consolidated financial statements that

are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting principles and making

accounting estimates that are reasonable in the circumstances.

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit

in accordance with the legal requirements and the Auditing Standards applicable in Belgium, as issued by the Institute of Registered

Auditors.Those standards require that we plan and perform the audit to obtain reasonable assurance whether the consolidated financial

statements are free from material misstatement, whether due to fraud or error. In accordance with the above-mentioned auditing

standards, we considered the group’s accounting system, as well as its internal control procedures for the preparation and the true and

fair view of the consolidated financial statements, in order to design audit procedures that are appropriate. These audit procedures do not

aim to express an opinion on the effectiveness of the internal control procedures.

We have obtained from management and the company’s officials, the explanations and information necessary for executing our audit

procedures. We performed audit procedures to confirm the information and have examined, on a test basis, the evidence supporting the

amounts included in the consolidated financial statements. We have assessed the appropriateness of the accounting policies and

consolidation principles, the reasonableness of the significant accounting estimates made by the Group, as well as the overall

presentation of the consolidated financial statements. We believe that these procedures provide a reasonable basis for our opinion.

In our opinion the consolidated financial statements for the year ended December 31st, 2008 give a true and fair view of the Group’s

assets and liabilities, its financial position, the results of its operations and cash flows in accordance with International Financial

Reporting Standards as adopted by the European Union and in accordance with the legal and administrative regulations applicable in

Belgium.

Additional statement

The preparation of the consolidated Director’s report and its content are the responsibility of management.

Our responsibility is to supplement our report with the following additional statement which does not modify our audit opinion on the

consolidated financial statements:

• The consolidated Director’s report includes the information required by law and is consistent with the consolidated financial

statements. We are, however, unable to comment on the description of the principal risks and uncertainties which the consolidated

group is facing, and of its financial situation, its foreseeable evolution or the significant influence of certain facts on its future

development. We can nevertheless confirm that the matters disclosed do not present any obvious inconsistencies with the information

that we became aware of during the performance of our mandate.

Melle, April 21st, 2009

BVBA Baker Tilly JWB Bedrijfsrevisoren

Statutory Auditor represented by

Benedikt Joos

Auditor

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AbridgedstatutoryannualaccountsofResiluxNV2008

The statutory annual accounts of the Resilux NV company are presented in an abridged form. In accordance with the Royal Decree

of January 30th, 2001 in execution of the Companies Act, these annual accounts, the annual report and the report of the Auditor

are submitted to the National Bank of Belgium.

The Auditor has issued a report without reservations.

The full version of the statutory annual account, as well as the accompanying reports, are available on the Company’s website as

from April 30th, 2009. On request, a copy of these documents can be obtained free of charge at the Company’s registered seat.

Balance sheet after appropriation of profit

Assets (in thousands of Euro) 2008 2007 2006

FIXED ASSETS 59,487 52,546 46,458

II. Intangible fixed assets 354 420 391

III. Tangible fixed assets 6,530 8,255 9,618

A. Land and buildings 3,411 3,855 4,398

B. Installations, machinery and equipment 1,563 1,775 1,495

C. Furniture and vehicles 231 200 309

D. Leasing and other similar rights 1,141 2,090 2,668

E. Other tangible assets payments 135 335 685

F. Assets under construction and advance payments 49 0 63

IV. Financial fixed assets 52,603 43,871 36,449

A. Affiliated enterprises 52,380 43,651 36,230

1. Shareholdings 52,380 43,651 36,230

B. Companies with which there is a shareholding relationship 17 17 17

1. Shareholdings 17 17 17

C. Other financial fixed assets 206 203 202

2. Accounts receivable and cash guarantees 206 203 202

CURRENT ASSETS 37,191 43,043 41,347

V. Accounts receivable after more than one year 2,887 251 1.514

B. Other accounts receivable 2,887 251 1,514

VI. Stocks and contracts in progress 10,671 11,669 10,985

A. Stocks 10,671 11,669 10,985

1. Raw materials and consumables 3,038 2,546 3,021

3. Finished goods 5,587 7,449 7,439

4. Goods purchased for resale 403 449 525

6. Advance payments 1,643 1,225 0

VII. Accounts receivable within one year 22,489 28,385 26,271

A. Trade debtors 9,580 10,817 10,216

B. Other accounts receivable 12,909 17,568 16,055

IX. Cash at bank and in hand 790 2.289 2,018

X. Accrued charges and deferred income 354 449 559

TOTAL ASSETS 96,678 95,589 87,805

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annual report 2008

Liabilities (in thousands of Euro) 2008 2007 2006

CAPITALANDRESERVES 38,511 35,706 32,476

I. Capital 17,184 17,184 17,184

A. Issued capital 17,184 17,184 17,184

II. Share premium account 16,656 16,656 16,656

IV. Reserves 892 503 646

A. Legal reserve 603 407 339

C. Untaxed reserve 289 96 307

D. Reserve available for distribution 3,727 0 0

V. Profit/(loss) brought forward 3,727 1,303 -2,078

VI. Investment grants 52 60 68

PROVISIONS AND DEFERRED TAXES 486 385 529

VII. A. Provision for liabilities and charges 312 307 337

1. Pensions and similar obligations 14 18 66

4. Other liabilities and charges 298 289 271

B. Deferred taxes 174 78 192

CREDITORS 57,681 59,498 54,800

VIII. Accounts payable after one year 18,381 24,510 11,560

A. Financial debts 18,381 24,510 11,560

1. Subordinated loans 5,000 7,500 7,500

3. Leasing and other similar obligations 355 1,113 1,756

4. Credit institutions 13,026 15,897 2,304

IX. Accounts payable within one year 39,195 34,772 42,663

A. Current portion of accounts payable after one year 6,329 4,374 3,279

B. Financial debts 10,153 13,048 22,901

1. Credit institutions 10,153 13,048 22,901

C. Trade creditors 13,621 16,512 10,713

1. Suppliers 13,621 16,512 10,713

D. Advances received on contracts in progress 4,651 0 0

E. Taxes, remuneration and social security 1,035 726 739

1. Taxes 183 162 160

2. Remuneration and social security 852 564 579

F. Other accounts payable 3,406 112 5,031

X. Accrued charges and deferred income 105 216 577

TOTAL LIABILITIES 96,678 95,589 87,805

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Profitandlossaccount(presentationinverticalform)(in thousands of Euro)

2008 2007 2006

I. Operating income 75,422 70,754 58,359

A. Turnover 77,015 70,990 58,746

B. Change in stock of finished goods and goods in progress -1,798 -404 -498

D. Other operating income 205 168 111

II. Operating charges -73,183 -68,844 -56,955

A. Goods for resale, raw materials and consumables 53,481 51,167 38,921

1. Purchases 53,952 50,619 39,412

2. Change in stocks (-/+) -471 548 -491

B. Services and other goods 9,830 9,016 9,701

C. Remuneration, social security charges and pensions 5,879 5,296 4,827

D. Depreciation and amounts written off formation expenses,

Intangible and tangible fixed assets 3,293 3,740 3,553

E. Amounts written off stocks and trade creditors 112 -632 -200

F. Provisions for liabilities and charges -4 -48 -5

G. Other operating charges 592 305 158

III. Operating profit 2,239 1,910 1,404

IV. Financial income 11,244 6,441 2,022

A. Income from financial fixed assets 5,194 2,636 235

B. Income from current assets 769 1,250 1,099

C. Other financial income 5,281 2,555 688

V. Financial charges -8,491 -5,801 -3,477

A. Interest and other debt charges 3,723 2,940 2,494

C. Other financial charges 4,768 2,861 983

VI. Profit/(loss) from ordinary operations before taxes 4,992 2,550 -51

VII. Extraordinary income 599 881 363

B. Adjustments to amounts written off financial fixed assets 0 0 0

D. Gains on the disposal of fixed assets 599 881 363

E. Other extraordinary income 0 0 0

VIII. Extraordinary charges -2,676 -175 -32

A. Extraordinary depreciation and amounts written

off formation expenses,

Intangible and tangible fixed assets 63 153 0

B. Amounts written off financial fixed assets 2,686 1 6

C. Provisions for extraordinary liabilities and charges -73 17 -11

D. Losses on the disposal of fixed assets 0 4 20

E. Other extraordinary charges 0 0 17

IX. Profit/(loss) for the financial year before taxes 2,915 3,256 280

IX. bis A. Transfer from deferred taxes 42 113 116

IX. bis B. Transfer to deferred taxes -137 0 0

X. Taxes -7 -131 -153

A. Taxes 7 131 153

XI. Profit/(loss) for the financial year 2,813 3,238 243

XII. Substraction to untaxed reserves 73 212 215

Transfer to untaxed reserves -266 0 0

XIII. Profit/(loss) for the financial year to be appropriated 2,620 3,450 458

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annual report 2008

Appropriationofprofit(in thousands of Euro)

2008 2007 2006

A. Balance of profit to be appropriated 3,923 1,372 0

Balance of loss to be appropriated 0 0 -3,543

1. Profit for the financial year to be appropriated 2,620 3,450 458

Loss for the financial year to be appropriated 0 0 0

2. Profit/(loss) brought forward from the previous financial year 1,303 -2,078 -4,001

B. Subtracting from capital

2. From reserves 0 0 1,465

C. Addition to capital and reserves 196 69 0

2. To the legal reserve 196 69 0

D. Profit/(loss) to be carried forward 3,727 1,303 -2,078

F. Profit to be distributed 0 0 0

1. Dividends 0 0 0

Notestotheaccounts

VIII. Statement of capital (in thousands of Euro)

Amounts Number of shares

A. Capital

1. Issued capital (heading I.A. of liabilities)

- At the end of the preceding period 17,184

- At the end of the period 17,184

2. Structure of the capital

2.1 Different categories of shares

Shares without face value 17,184 1,980,410

that each represent 1/1,980,410th of the capital

2.2 Registered shares - bearer shares/dematerialised

Registered 774

Bearer/dematerialised 1,979,636

amount of capital number of shares

D. Commitments to issue shares

2. Following the exercise of subscription rights

- Number of outstanding subscription rights 177,954

- Amounts of capital to be issued 1,545

- Maximum number of shares to be issued 177,954

E. Amount of authorised capital, not issued 16,236

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G. Shareholder structure of the company at the year end, as shown by the notifications that the company has received:

Notifications in accordance with the transparency legislation (Law of May 2nd, 2007 on the the disclosure of major

shareholdings in issuers whose shares are admitted to trading on a regulated market and laying down miscellaneous

provisions).

Overview of reported participations:

Date Who Number Number

of shares % (1) of shares % (2)

31/10/2008 Tridec Stichting Administratiekantoor under Dutch law,

Houtsnip 17, 3766 VD Soest, The Netherlands

Controlled by Alex, Peter and Dirk De Cuyper

Acting in mutual consultation with the De Cuyper family,

NV Immo Tradec, NV Belfima Invest and NV Tradidec 921,000 (46.51%) 921,000 (42.67%)

31/10/2008 Family De Cuyper - Notifier: Peter De Cuyper,

Acting in mutual consultation with Tridec Stichting

Administratiekantoor, NV Immo Tradec, NV Belfima

Invest and NV Tradidec 110,865 (5.60%) 110,865 (5.14%)

31/10/2008 NV Immo Tradec - BE 0439 777 214

Acting in mutual consultation with Tridec Stichting

Administratiekantoor, Family De Cuyper, NV Belfima

Invest and NV Tradidec 48,534 (2.45%) 48,534 (2.25%)

NV Belfima Invest - BE 0466 014 328

Acting in mutual consultation with Tridec Stichting

Administratiekantoor, Family De Cuyper, NV Immo

Tradec and NV Tradidec 30,333 (1.53%) 30,333 (1.41%)

NV Tradidec - BE 0464 996 422

Acting in mutual consultation with Tridec Stichting

Administratiekantoor, Family De Cuyper, NV Belfimat

Invest NV Immo Tradec 30,973 (1.56%) 30,973 (1.43%)

(1) % calculated based on the total existing numbers of shares (1,980,410)

(2) % calculated based on a “fully diluted” basis (2,158,364)

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annual report 2008

Cashflowstatement(in thousands of Euro)

I. Cash flow from operations 2008 2007 2006

Profit for the financial year 2,813 3,238 244

Adjustments for non-cash items

Amounts written off financial fixed assets 0 0 0

Share of grants in the profit -8 -8 -11

Transfer from deferred taxes 95 -113 -116

Depreciation of intangible fixed assets 324 269 287

Depreciation of tangible fixed assets 3,033 3,624 3,266

Devaluation of current assets 112 -631 -200

Provision for extraordinary liabilities and charges 5 -31 -16

Losses on the disposal of fixed assets 0 4 20

Total adjustments for non-cash items 3,561 3,114 3,229

Profit after adjustment for non-cash items 6,374 6,352 3,473

Changes to the working capital

(Increase)/Decrease in stocks 909 -273 -169

(Increase)/Decrease in trade debtors 1,213 -379 -2,527

(Increase)/Decrease in other debtors 2,023 -251 165

(Increase)/Decrease in cash guarantees -4 0 76

(Increase)/Decrease in deferred charges and accrued income 95 110 -220

Increase/(Decrease) in trade creditors -2,891 5,799 2,737

Increase/(Decrease) in advance payments received 4,651 0 0

Increase/(Decrease) in social security and tax debts 309 -13 -137

Increase/(Decrease) in other debts 3,294 -4,919 -3,622

Increase/(Decrease) in accrued charges and deferred income -111 -362 -37

Total changes to the working capital 9,488 -288 -3,732

Total cash flow from operating activities 15,862 6,064 -260

II. Cash flow from investment activities

Investments in intangible fixed assets -257 -298 -269

Investments in tangible fixed assets -1,345 -2,307 -3,543

Disinvestments in intangible fixed assets 37 42 412

Disinvestments in tangible fixed assets 0 0 18

Total cash flow from investment activities -1,565 -2,563 -3,381

III. Cash flow from financial activities

Capital increase 0 0 4,500

Increased shareholding -8,729 -7,422 -4,220

Liquidation of leasing debts -1,329 -1,747 -1,601

Liquidation of investment credits -2,891 -5,051 -2,859

Increase in leasing debts 47 1,040 1,711

Increase in investment credits 0 19,804 91

Mutation in straight loans -2,927 -9,854 -1,525

Increase in miscellaneous loans 33 0 117

Increase other loans 0 0 7,500

Total cash flow from financial activities -15,796 -3,230 3,713

NET CASH INCREASE/(CASH DECREASE) -1,499 271 72

Cash at bank and in hand and investments end previous financial year 2,289 2,018 1,946

Cash at bank and in hand and investments end financial year 790 2,289 2,018

CHANGE IN CASH AT BANK AND IN HAND -1,499 271 72

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Comments

Assets (in thousands of Euro)

Intangible fixed assets (e 354)

Intangible fixed assets mainly consist of externally procured development technology, as well as patents and licences for preforms.

Tangible fixed assets (e 6,530)

An amount of e 1.6 million was invested during 2008, primarily in moulds and peripheral equipment.

Financial fixed assets (e 52,603)

There have been capital increases in Resilux Investment Corporation, Inc by e 3.2 million and Resilux Holding B.V. by e 8.1 million.

The value of the shares in Resilux Eurasia Holding NV has decreased by e 2.6 million after a reduction in value.

Stocks (e 10,671)

The inventory of finished goods has been further decreased by e 1.9 million. The inventories of raw materials and prepayments

increased by e 0.9 million

Accounts receivable aftermore than one year (e 2,887)

This consists of a transfer of a part of the short term receivable (Resilux America, LLC and Resilux Investment Corporation, Inc.) to

long term.

Trade debtors (e 9,580)

Good credit management and a diversification of clients remain a point of attention. Despite an increase of the turnover, trade

debtors decreased by e 1.2 million.

Other debtors (e 12,909)

This consists of the receivables on Resilux America, LLC et Resilux Investment Corporation, Inc. (e 8.1 million), Resilux Holding

B.V. (e 0.8 million) and Eastern Holding NV (e 3.6 million). In this section are also included a VAT-receivable and miscellaneous

receivables (e 0.5 million).

Cash at bank and in hand and investments (e 790)

For an explanation of the change in cash at bank and in hand and short term investments, we refer to the cash flow statement on

page 83 of this annual report.

Liabilities (in thousands of Euro)

Capital (e 17,184)/Share premium (e 16,656)

The history of the capital is as follows:

Date Type of operation Amount of the capital (in Euro) Number of shares

05/05/1992 Formation 123,947 500

02/11/1993 Capital increase 545,366 2,200

27/06/1995 Capital increase 3,197,826 3,642

16/06/1997 Capital increase 4,268,726 4,362

04/09/1997 Shares split by 325 4,268,726 1,417,650

03/10/1997 Capital increase/stock exchange entry 15,423,935 1,777,650

24/12/1998 Capital increase 16,235,717 1,871,210

19/11/1999 Capital increase 16,236,000 1,871,210

19/12/2006 Capital increase 17,183,856 1,980,410

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annual report 2008

Legal reserve (e 603)

This has been built up in accordance with the legal requirements.

Tax-free reserve (e 289)

The reinvestment as a result of the application of spreading of the gains realised in relation to deferred taxes resulted in a transfer

from this item of e 0.2 million.

Profits brought forward (e 3,727)

In its meeting of April 3rd, 2009, the Board of Directors proposes to the General Meeting of Shareholders that no dividend would be

paid for the financial year 2008. The profit of the year is brought forward to the next accounting year.

Investment grants (e 52)

The change to investment grants is explained by taking the investment grants to the profit and loss.

Deferred taxes (e 174)

For the change in deferred taxes, we also refer to the system of spreading the taxation (see tax-free reserves section)

Financial debts long term (e 18,381) and short term (e 10,153)

Current portion of debts payable after one year (e 6,329)

The net financial debt decreased by e 5.6 million compared to last year. We refer to the cash flow statement on page 83 of this

annual report.

Trade creditors (e 13,621)

The total amount of trade creditors decreased by e 2.9 million.

Debts relating to taxes, remuneration and labour-related contributions (e 1,035)

Profitandlossaccount(in thousands of Euro)

Operating income (e 75,422)

Turnover (e 77,015)

The increase of the sales volumes by 5% explains the increase of the total turnover by e 4.7 million.

Other operating income (e 205)

This item largely consists of small items such as personel compensation costs, claims and other various proceeds.

Operating charges (e 73,183)

These charges rose by e 4.4 million. An increase of sales volumes (see turnover) resulted in higher consumption of raw materials

by e 2.4 million. Despites an increase of the variable costs like electricity and transportation, the services and other goods

increased by only e 0.8 million.

Wages increased by e 0.6 million, mainly due to wage adjustments and indexations but also due to further expansion of the sales

team and internal organisation.

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Financial income (e 11,244) / Financial charges (e 8,491)

The financial result shows a profit of e 2.7 million.

This is completely due to proceeds from dividends from subsidiaries.

Extraordinary income (e 599)

An amount of e 0.6 million was booked as capital gains after sale of fixed assets.

Extraordinary costs (e 2,676)

This item includes an decrease in value of the shares of Resilux Eurasia Holding NV for e 2.6 million.

Cash flow statement

The cash flow from operational activities amounted to e 15.9 million. This amount is mainly composed by the profits of the current

year and the adjustments related to non-cash items. This increase has been largely neutralised by funds from investment activities

for an amount of e 1.6 million but also by funds from financing activities for an amount of e 15.8 million.

Other information regarding the statutory company of Resilux NV

The accounting policies, as well as the full reports of the Board of Directors of Resilux NV, and the report of the Auditor, can be

obtained on request and free of charge at the registered seat of the company.

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annual report 2008

GeneralinformationonResiluxNV

1. GENERAL INFORMATION

1.1. Name

RESILUX NV

1.2. Registered office

Damstraat 4 - 9230 Wetteren - Belgium

1.3 Company number

RPR Dendermonde

VAT BE 0447.354.397

1.4. Incorporation, amendments to the articles of association, duration

The company was incorporated on May 5th, 1992, according to a deed published in the Annexes to the Belgian Bulletin of May

28th, 1992 under number 920528-59.

The articles of association have been amended on a number of occasions, and the last time by the Extraordinary General

Meeting of May 16th, 2008.

The company has been incorporated for a period of indefinite duration.

1.5. Legal form

Resilux is a limited liability company (société anonyme/naamloze vennootschap) incorporated under Belgian law.

1.6. Financial year

The financial year commences on January 1st and ends on December 31st of each year, and for the first time as of 2001. The

financial year used to be over a period from July 1st to June 30th of each year. As an exception, the 1999/2000 financial year

was extended by six months.

1.7. Audit of the annual accounts

The annual accounts of Resilux NV are audited by the Auditor Baker Tilly JWB Bedrijfsrevisoren, Collegebaan 2 D in 9090 Melle

represented by Ms Benedikt Joos. This mandate has been renewed at the Annual Shareholders’ Meeting of May 21st, 2007 for

a period of 3 years.

For the statutory and consolidated annual accounts of the financial year ending on December 31st, 2008, the Auditor has

issued a report without reservations on the company.

1.8. Consultation of company documents

The Company’s statutory and consolidated annual accounts and the accompanying reports are deposited with the National

Bank of Belgium.

According to the articles 535 and 553 of the Company Code, the annual accounts and accompanying reports are sent out

each year free of charge to shareholders on a nominal basis, to the Directors and to the Auditor, as well as to those who have

complied with all formalities to be admitted to the Annual Shareholders’ Meeting, as required by the articles of association, no

later than 7 days before this general meeting.

As from 15 days before the Annual Shareholders’ Meeting, every shareholder or owner of warrants, after submitting his stock,

can consult these documents at the Company’s registered seat, and can obtain a copy free of charge.

Furthermore, as from 15 days before the Annual Shareholders’ Meeting, every shareholder or owner of warrants can consult

the following documents at the Company’s registered seat:

1° the list of shareholders whose shares are not fully paid up, with reference to the amount of their shares and their place of

residence;

2° the list of public funds, shares, bonds and other stock of companies who are part of the portfolio;

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The annual financial report with the abridged statutory and consolidated annual accounts, the reports from the Board of

Directors and Auditor regarding the consolidated annual accounts for the financial years 2004 to 2008 can be consulted in

Dutch, English and French on the Company’s website (www.resilux.com) and are on request also available in hardcopy. Only

the Dutch version of the annual report is legally valid. The versions in other languages are translations of the original Dutch

version.

Even so, the full version of the approved statutory annual account, with the accompanying signed reports from the Board of

Directors and the Auditor regarding the financial years 2004 to 2008 are published on the Company’s website.

Any interested party can register free of charge to receive emails with press releases and the compulsory financial

information, which is also available on the Company’s website.

The convocation for the Anual Shareholders’ Meeting/Extraordinary Anual Shareholders’ Meeting is published in the financial

press and the Belgian Bulletin, and is also available on the website, as are the respective power of attorney forms,

- if appropriate - the draft adjustment of the articles of association, and the signed minutes from the last Anual Shareholders’

Meeting held.

Decisions regarding the appointment and dismissal of members of the Board of Directors as well as other decisions or reports

that must be published by law are published in the Annexes to the Belgian Bulletin and are also announced on the Company’s

website if necessary.

The Company statutes and special reports required by the Code of Companies are available for consultation at the office of

the clerk of the Commercial Court of Dendermonde, at the headquarters of the Company and can be found on the Company’s

website.

The Corporate Governance Charter can be consulted on the Company’s website.

2. EXCERPTS FROM THE ARTICLES OF ASSOCIATION

2.1. Objects of the company

Article 2 - Objects

The objects of the company are, on its own behalf and on behalf of third parties or together with third parties, itself or through

the mediation of any natural or juristic person in Belgium or abroad:

1. To perform all operations with regard to the trade, import and export, purchase and sale, demonstration, leasing,

representation, agency business:

• Relating to plastics, finished products and related articles, the production or recycling of them in wholesale and

retail, and thus all operations in this respect without restriction. This description comprises production by means of

all existing technologies, such as injection, extrusion, blow moulding, thermoforming, welding, and others, as well as

the formulation or purchase of all forms of plastics, raw materials, semi-finished and finished products, moulds, or

other technical peripheral equipment, as well as accepting agencies in this respect, and likewise the marketing and

sale of all these products.

• Relating to all machines used for the plastics processing industry, spare parts and accessories, including the

self-construction of these machines, moulds, technical peripheral equipment, and also all forms of services to the

plastics processing industry, including training, repair, renovation, installation and consulting.

2. Filing patents on its own inventions or on improvements to existing systems, granting licence agreements.

3. Performing all management assignments, taking on appointments and positions that are directly or indirectly related to

the company objects or which could contribute to the realisation of its objects.

It may also perform all commercial, industrial, financial, real or personal operations that could be directly or indirectly

necessary or useful for the realisation of its objects.

The company may by contribution, merger, subscription, purchase of shares, or in any other way, become involved in all

businesses that have similar or related objects or for which the objectives are of importance to the realisation of its corporate

objects.

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2.2. Capital

Article 5 - Share capital

The share capital is set at e 17,183,856.00 represented by 1,980,410 shares without nominal value, each representing

1/1,980,410th of the share capital.

Article 6 - Change of the subscribed capital

The share capital may not be increased or decreased, except on the decision of the General Meeting of Shareholders,

deliberating according to the conditions required for an amendment to the articles of association.

A capital decrease may only be decided on by the General Meeting in accordance with the requirements of articles 612, 613

and 614 of the Companies Code.

Article 7 - Authorised capital

In accordance with article 603 of the Companies Code, the Board of Directors may be authorised to increase the share capital in

one or more instalments. The capital may be increased by cash or non-cash contributions, and by conversion of reserves subject

to observance of the requirements of article 603 and onwards of the Companies Code. In addition to the issue of ordinary shares,

capital increases decided on by the Board of Directors may also be realised by the issue of preference shares, shares without

voting rights, shares in the favour of employees, and convertible bonds and warrants.

The Board of Directors shall be authorised to restrict or cancel the pre-emptive rights in the interests of the company, when the

capital increase is within the bounds of the authorised capital.

The Board of Directors shall be authorised to restrict or cancel the pre-emptive rights in the favour of one or more specific

persons, even if they are not employees of the company or its subsidiaries.

The General Meeting has expressly granted the authority to the Board of Directors to increase the subscribed capital one or

more times, as of the date of the company being notified by the Banking and Finance Commission of a public takeover bid on the

company shares, by cash contribution with the cancellation or restriction of the pre-emptive rights of the existing shareholders,

or by contribution in kind in accordance with article 607 of the Companies Code. In the event of a capital increase by cash

subscription with an issue premium, the Board of Directors is authorised to stipulate that the issue premium is booked to the

‘share issue premiums’ reserve, which shall be unavailable for distribution and shall constitute a guarantee for third parties to the

same extent as the share capital, and which may only be used in accordance with the conditions set by the Companies Code for

amendments to the articles of association, without prejudice to the possibility for the Board of Directors to convert it to capital.

The Board of Directors shall have the authority to amend the articles of association of the company in accordance with the capital

increase that is decided upon within the scope of its authority.

Article 8 - Nominal shares - Bearer shares - Dematerialised shares

Shares not paid in full are nominal.

Shares paid in full and other company shares are bearer, nominal or dematerialised shares within the limits defined by

applicable laws.

Holders of bearer shares can, at any time and at their own cost, request conversion of said shares either to nominal shares or

dematerialised shares (as of 1st January 2008).

Holders of nominal shares paid in full can, at any time and at their own cost, request conversion of said shares either to bearer

shares (up to 31st December 2007) or dematerialised shares (as of 1st January 2008).

Holders of dematerialised shares can, at any time and at their own cost, request conversion to nominal shares.

Dematerialised shares are represented by an entry, under the owner’s or holder’s name, on an account with a recognised

account holder or payment institution.

A register is kept at company headquarters for each category of nominal shares, in accordance with article 463 of the Code of

Companies. Each shareholder can consult the register concerning their own shares.

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Article 8bis - Shares - Dematerialisation

Bearer shares issued by the company and appearing on a securities account as of 1st January 2008 shall, as from that date,

legally exist in dematerialised form. Starting on January 1st, 2008, other bearer shares shall then also be legally dematerialised

as they are registered on a securities account.

Bearer shares issued by the company and which are not registered on a securities account as of December 31st, 2013 shall be

legally converted to dematerialised shares on that date.

The Board of Directors is granted the authority, within the limits defined by applicable laws, to define the terms for conversion

of former bearer shares to dematerialised shares or nominal shares and for conversion of nominal shares to dematerialised

shares or vice versa, as well as to take all necessary action for the practical completion of said conversions.

Article 11 - Preferential right

In the event of a capital increase being realised in a way other than by contribution in kind or merger, and without prejudice to

a decision of the General Meeting or Board of Directors to the contrary, the new shares shall first be offered in preference to

the shareholders in proportion to the share capital represented by their shares.

The preferential right may be exercised for a period of at least 15 days starting from the day of the subscription being opened.

The subscription price and the period within which the preferential right may be exercised shall be determined by the General

Meeting or, when an increase is decided upon in accordance with article 603 of the Companies Code, by the Board of Directors.

If a share is encumbered with usufruct, the preferential right shall be given to the owner of the share without usufruct. For

shares pledged as security, the preferential right shall exclusively go to the owner-pledger.

If the General Meeting decides to ask for a share issue premium, it shall be fully paid upon subscription and shall be booked

to a reserve unavailable for distribution, which may only be reduced or eliminated by a decision of the General Meeting or the

Board of Directors, taken in the way required for an amendment to the articles of association. The share issue premium shall

constitute a guarantee for third parties to the same extent as the share capital.

2.3. Management

Article 14 - Transparency declaration

For the application of articles 1 to 4 of the Act of March 2nd, 1989 on the publication of large shareholdings in companies

listed on the stock exchange, and the regulation of public acquisition bids, the applicable quota are set at 3% and 5%, or a

multiple of 5%.

2.4. Management and Supervision

Article 15 - Right of nomination

The company shall be managed by a Board of Directors of at least three and a maximum of seven members, who need not be

shareholders, appointed by the General Meeting of Shareholders and who may be suspended or dismissed at any time by this

General Meeting.

Four Directors shall be appointed from among the candidates nominated by Tridec Stichting Administratiekantoor, insofar that

it, and all entities it directly or indirectly controls (as defined in chapter III, part I, IV.A of the appendix to the Royal Decree

of 8 October 1976 on the annual accounts of companies), holds at least 35% of the shares of the company at the time of the

nomination of the candidate-directors and at the time of their appointment by the General Meeting.

Article 23bis

In accordance with article 524bis of the Companies Code, the Board of Directors may transfer management powers to an

executive committee, without this transfer being able to relate to the general policy of the company or to any acts reserved for

the Board of Directors on the grounds of other provisions of the law.

The conditions for the appointment of members of the executive committee, their dismissal, their remuneration, the duration

of their assignment, and the procedures of the executive committee shall be determined by the Board of Directors.

The Board of Directors shall be responsible for supervising that committee.

A member of the executive committee, who has a direct or indirect material interest that is in conflict with a decision or

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annual report 2008

operation that is the responsibility of the committee, shall inform the other members of this before the committee deliberates.

Moreover the requirements of article 524ter of the Companies Code must be taken into consideration.

2.5. General Meeting

Article 29 - Meeting

The annual meeting shall be held each year on the third Friday of May at 15:00, at the registered office or at another place

designated in the notice of meeting, in order to hear the reading of the annual report and the audit report drawn up by the

Board of Directors and Auditors respectively, to approve the annual accounts, to appoint the directors and Auditors, and in

general to deliberate on all items on the agenda.

In case this day is a public holiday or an intermediate day following a public holiday, the meeting shall be held on the next

working day.

An extraordinary General Meeting may be convened each time that the interests of the company so require, and must be

convened each time shareholders who together represent one fifth of the share capital so request.

After approval of the annual accounts, the meeting shall decide in a special vote whether or not to grant discharge to the

Directors and Auditors.

Article 31 - Conditions for admission

Registered shareholders must inform the Board of Directors at least three working days before the meeting of their intention

to attend the meeting, if the Board so requires in the notice of meeting.

At least three working days before the meeting, the bearer shareholders must deposit their securities at the registered office

or the places stated in the notice of meeting. They shall be admitted to the General Meeting on presentation of the proof of

deposition.

The owners of dematerialised securities must within the same period, present a certificate produced by the recognised

account holder or liquidation institution, to the institutions specified by the Board of Directors, showing the non-availability of

these shares to the General Meeting.

Bond holders may attend the General Meeting subject to observance of the admission conditions for shareholders.

Article 32 - Representation by proxy

Without prejudice to articles 536 and 547 onwards of the Companies Code, each shareholder may appoint a proxy by letter,

telegram, telex, facsimile, or in another way, to represent him at the General Meeting without departing from the authority of

the Board of Directors to stipulate the form of the proxy letters in the notice of meeting.

The proxy letters must be submitted to the registered office at least five days before the meeting.

Article 33 - Organisation

Every General Meeting shall be chaired by the Chairman of the Board of Directors or, in his absence, by a Chief Executive or, in

his absence, by the oldest director.

The Chairman shall appoint the secretary who need not be a shareholder or director.

If the number of shareholders so allows, the meeting shall elect two tellers. The Directors present shall complete the

committee.

Article 35 - Number of votes - Exercise of the voting right

Each share gives the right to one vote.

The voting rights attached to shares indivisibly may only be exercised by the person designated by all co-owners. The voting

right attached to a share encumbered with usufruct shall go to the usufructuary. The voting rights attached to a share pledged

as security shall go to the owner-pledger.

Holders of bonds may attend the General Meeting, but only in an advisory capacity.

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Voting by correspondence is not allowed.

In accordance with article 541 of the Companies Code, the voting right on non-fully paid shares shall be suspended when the

requested payments have become payable and have not been paid.

2.6. Appropriation of profit

Article 41 - Payment

The credit balance of the accounts, after deduction of all costs and charges of any nature, depreciation and tax and other

provisions shall form the net profit. From this profit shall first be deducted:

- 5% to set up a legal reserve until this reserve is equal to one tenth of the share capital.

- The balance shall be at the disposal of the General Meeting who shall decide on its appropriation, on the understanding

that no dividends may be paid out, nor may directors fees be paid out, when the assets, as shown by the balance sheet

and reduced by the provisions and debts, is less than or would become less than the sum of the paid-up capital plus the

reserves, all in accordance with article 617 of the Companies Code.

- The authority is granted to the Board of Directors to pay out an interim dividend against the result of the financial year,

under its own responsibility, subject to that stipulated in article 618 of the Companies Code.

Article 42 - Payment of dividends

The dividends shall be paid annually at the place and time stipulated by the General Meeting or the Board of Directors.

2.7. Winding up - Liquidation

Article 43 - Early winding up

In accordance with articles 535, 634, 645 and 646 and onwards of the Companies Code the company may be wound up early

upon the decision of the General Meeting, deliberating as for an amendment to the articles of association.

Article 44 - Liquidation

In the event of the company being wound up, the General Meeting shall appoint one or more liquidators and shall stipulate

their authority and remuneration.

In the absence of such an appointment, the liquidation shall be done jointly by the Board of Directors acting as a liquidation

committee.

Except in the event of a decision to the contrary, the liquidators shall act jointly and have the most extensive powers in

accordance with articles 186, 187, 188 and 190 to 195 inclusive of the Companies Code.

Article 45 - Distribution

After payment of all debts, charges and costs of the company, the net assets shall first be used to refund, in cash or in kind,

the paid-up and not yet refunded amount of the shares.

Any surplus shall be allocated in equal parts to the shares.

If the net proceeds are not sufficient to refund all shares, the liquidators shall pay in preference the shares that have been

paid up to a greater extent until they are on an equal footing with the shares that have been paid up to a lesser extent, or they

shall make an additional call for capital to the charge of these last-mentioned.

2.8. Temporary provisions

Authorised capital

For a period of five years, starting from the publication of the decision of the General Meeting of the nineteenth of May two

thousand and six in the Annexes to the Belgian Bulletin, the Board of Directors shall be authorised to increase the share

capital in one or more instalments to the amount of sixteen million two hundred and thirty six thousand Euro

(e 16,236,000.00).

The capital may be increased by cash or non-cash contributions, and by conversion of reserves subject to observance of the

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95

annual report 2008

requirements of article 603 and onwards of the Companies Code.

In addition to the issue of ordinary shares, capital increases decided upon by the Board of Directors may also be realised

through the issue of preference shares, shares without voting rights, shares and/or warrants in the favour of employees, and

convertible bonds and/ or bonds with warrants.

The Board of Directors shall be authorised to restrict or cancel the preferential rights in the interests of the company, when

the capital increase is within the bounds of the authorised capital.

The Board of Directors shall be authorised to restrict or cancel the preferential rights in the favour of one or more specific

persons, even if they are not employees of the company or its subsidiaries.

The General Meeting has expressly authorised the Board of Directors to increase the subscribed capital in one or more

instalments, as of the date of the company being notified by the Banking, Finance and Insurance Commission of a public

takeover bid on the company shares, by cash contribution with the cancellation or restriction of the pre-emptive rights of

the existing shareholders, or by contribution in kind in accordance with article 607 of the Companies Code. This authority is

granted for a period of three years, starting from the publication of the decision of the General Meeting of the nineteenth of

May two thousand and six in the Annexes to the Belgian Bulletin, and may be renewed.

In the event of a capital increase being made by cash subscription with a share issue premium, the Board of Directors shall

have the authority to stipulate that the issue premium be booked to the ‘share issue premium’ reserve that is unavailable for

distribution, which shall constitute a guarantee to third parties to the same extent as the share capital, and which may only be

used in accordance with the conditions set by the coordinated laws on commercial companies for amendments to the articles

of association, without prejudice to the possibility of a capital conversion by the Board of Directors.

The Board of Directors shall have the authority to amend the articles of association of the company in accordance with the

capital increase that is decided upon within the scope of its authority.

Purchase of own shares

The Board of Directors is authorised to acquire or alienate the company’s own shares or participating bonds in accordance

with the legal requirements, if the acquisition or alienation is necessary to avoid impending serious harm for the company.

This authorisation applies for a period of three years, starting from the publication of the decision of the General Meeting

of the nineteenth of May two thousand and six in the Annexes to the Belgian Bulletin, published on the twelfth of June two

thousand and six.

By virtue of article 620 of the Companies Code, the Board of Directors is authorised to acquire or alienate the maximum

allowed number of own shares or participating bonds by purchase or exchange, at a price equal to the quoted price of these

shares on a Belgian stock exchange at the time of this acquisition or alienation, all in accordance with articles 620 to 625 of

the Companies Code.

The authorisation to acquire applies for a period of eighteen months, starting from the publication of the decision of the

General Meeting of the sixteenth of May two thousand and eight in the Annexes to the Belgian Bulletin on the sixth of June two

thousand and eight. Insofar allowed by the law (and in particular by article 622 of the Companies Code), the authorisation to

alienate shall apply without time limits as of the date of this instrument.

The articles 8, 8bis, 14 and the Temporary Provisions of the articles of association are the subject of the Extraordinary

General Meeting of May 15th, 2009.

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www.resilux.com

You get L TS of bottle from Resilux preforms

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This annual report has been printed on recycled paper.

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www.resilux.comColophon

Design & photography : TVC reclamebureau bv - Dongen, the Netherlands

Printing : Lannoo printers - Tielt, Belgium

This annual report has been printed on recycled paper.