Notes to the company balance sheet and income statement

1. Basis of preparation

1.1. Basis of preparation of company financial statements

The company financial statements of Ordina N.V. have been prepared in accordance with the provisions of Part 9, Book 2, of the Netherlands Civil Code. In preparing these financial statements, the company availed itself of the facility offered by Section 362(8), Book 2, of the Netherlands Civil Code to use the same accounting policies (including those for the presentation of financial instruments as equity or liabilities) for the company and the consolidated financial statements.

The company financial statements of Ordina N.V. are presented in euros (EUR). Amounts are in thousands of euros, unless indicated otherwise.

1.2. Accounting policies

The accounting policies for the company financial statements are the same as for the consolidated financial statements. If no further policies are mentioned, reference is made to the accounting policies for the consolidated financial statements.

1.3. Financial assets/Investments in associates

Associates and other group companies in which Ordina N.V. exercises control or where Ordina N.V. is responsible for central management are accounted for using the equity method. The equity method is a method of accounting whereby the net assets, liabilities and provisions of the group company are measured and profit is calculated based on the accounting policies used in the consolidated financial statements.

In applying the equity method, the company makes allowance for the transitional provisions for the measurement of items and the first-time adoption of the accounting policies applied in the consolidated financial statements (the IFRS 1 adjustments).

2. Intangible assets

This item can be broken down as follows:

The disposal in 2009 relates to the transfer of the balance sheet item in question within Ordina.

3. Financial assets

This item can be broken down as follows:

The change in investments and loans and advances was caused mainly by recapitalisation within Ordina.

4. Deferred income tax assets

Deferred income tax assets can be broken down as follows:

Deferred income tax assets regarding intangible assets and property, plant and equipment relate to the temporary differences in valuation that arose due to the minimal tax depreciation period instituted in 2007. Assets are valued at fixed rates.

Tax losses are recognised if they are expected to be utilised (total at year-end 2009: approximately EUR 31.8 million; year-end 2008: approximately EUR 44.9 million). Measurement is at the fair value that will apply to future financial years. For notes to the scale and measurement of Ordina’s tax losses, see Note 19.1.

5. Other receivables

This item can be broken down as follows:

6. Equity

Movements in equity in 2008 and 2009 were as follows:

The statutory reserve relates to the carrying amount of the internally generated intangible assets (Notes 2.5.6 and 7).

Ordina N.V. did not purchase any treasury shares at year-end 2008 and 2009.

For notes to the movements in outstanding option rights in 2008 and 2009, see Note 13.2.

For notes to executive compensation, see Note 33.2.2.

7. Other payables, accruals and deferred income

This item can be summarised as follows:

Nieuwegein, the Netherlands, 1 March 2010
Management Board
R. Kasteel, CEO
J.H. den Hartog, CFO

Supervisory Board
C.J. de Swart, Chairman
E.P. de Boer
P.G. Boumeester
R.J. van de Kraats

List of subsidiaries|principal associates