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Antilliaans Dagblad Vrijdag 4 augustus 2017        ADVERTENTIE                                                     13






      Consolidated Financial Highlights                   INDEPENDENT AUDITORS’ REPORT
      Consolidated Balance Sheet as per December 31, 2016
       #HVGT RTQƂV CRRTQRTKCVKQP                          TO: THE BOARD OF MANAGING DIRECTORS OF VIDANOVA
                                                          PENSION FUND FOUNDATION
       ­w}ÕÀià ˆ˜ ̅œÕÃ>˜`à Ƃ˜Ìˆi>˜ }Ո`iÀî Ƃ ÀˆÃŽÃ >Ài vœÀ ̅i  ՘`°  2016  2015
       ASSETS
       NON CURRENT ASSETS                                 OPINION
       INVESTMENTS                                        /…i  >VVœ“«>˜Þˆ˜}  Óä£È  Vœ˜Ãœˆ`>Ìi`  w˜>˜Vˆ>  …ˆ}…ˆ}…Ìà  >Ài
       Bonds and Foreign Fixed Income Instruments   Óäx]x£™    175,587
                                                          `iÀˆÛi`  vÀœ“  ̅i  >Õ`ˆÌi`  Vœ˜Ãœˆ`>Ìi`  w˜>˜Vˆ>  ÃÌ>Ìi“i˜Ìà  œv
       Shares                       225,480   255,276
       Alternative investments       4,124      {]™È{     Vidanova Pension Fund Foundation for the year ended 31 Decem-
       Loans & advances             ÎÓ{]™än    71,441     ber 2016.
       Time Deposits                204,532   203,000
                                          964,563    710,268
                                                           ˜  œÕÀ  œ«ˆ˜ˆœ˜]  ̅i  Óä£È  Vœ˜Ãœˆ`>Ìi`  w˜>˜Vˆ>  …ˆ}…ˆ}…Ìà  …>Ûi
       Investment property                32,707    32,360
                                                          been derived consistently, in all material respects, from the 2016
       +PVCPIKDNG ƂZGF CUUGVU             12,881      -
       6CPIKDNG ƂZGF CUUGVU               11,687    2,358   Vœ˜Ãœˆ`>Ìi` w˜>˜Vˆ> ÃÌ>Ìi“i˜Ìà œv 6ˆ`>˜œÛ> *i˜Ãˆœ˜  ՘`  œÕ˜-
       CURRENT ASSETS
                                                          dation.
       Loans & Advances                   ÇÈ]әÇ
       Liquid Assets                      53,654     81,717
                                                          CONSOLIDATED FINANCIAL HIGHLIGHTS
       Due from Banks                     115,787      -
       Total Fund Assets                 1,286,180    835,140   /…i Vœ˜Ãœˆ`>Ìi` w˜>˜Vˆ> …ˆ}…ˆ}…Ìà `œ ˜œÌ Vœ˜Ì>ˆ˜ > ̅i `ˆÃVœ-
                                                          sures required by the Accounting principles Generally Accepted
       PENSION CAPITAL AND LIABILITIES                    ˆ˜ ̅i  i̅iÀ>˜`ð ,i>`ˆ˜} ̅i Vœ˜Ãœˆ`>Ìi` w˜>˜Vˆ> …ˆ}…ˆ}…ÌÃ
       TECHNICAL AND OTHER DESIGNATED RESERVES
                                                          and the auditor’s report thereon is not a substitute for reading the
       Disability reserve            7,336     6,425
       Reserve for future pension increase   18,177   18,315  >Õ`ˆÌi` Vœ˜Ãœˆ`>Ìi` w˜>˜Vˆ> ÃÌ>Ìi“i˜Ìà >˜` ̅i >Õ`ˆÌœÀ½Ã Ài«œÀÌ
                                                          ̅iÀiœ˜° /…i Vœ˜Ãœˆ`>Ìi` w˜>˜Vˆ> …ˆ}…ˆ}…Ìà >˜` ̅i Vœ˜Ãœˆ`>Ì-
       Reserve for adjustment to recent mortality tables   2,861   12,665
       Investment reserve            31,744    35,622
                                                          i`  w˜>˜Vˆ>  ÃÌ>Ìi“i˜Ìà  `œ  ˜œÌ  ÀiyiVÌ  ̅i  ivviVÌà  œv  iÛi˜Ìà  ̅>Ì
       Re-insurance reserve           Ι{        364
                                                          occurred subsequent to the date of our report on the audited con-
       General Reserve DB en DC      17,044    15,860
       Total technical and other designated reserves:   77,556    89,251   ܜˆ`>Ìi` w˜>˜Vˆ> ÃÌ>Ìi“i˜Ìð
       MINORITY INTEREST THIRD PARTIES    31,415     4,803
                                                          THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS
                                                          7i  iÝiÝ«ÀiÃÃi`  >˜  ՘“œ`ˆwi`  >Õ`ˆÌ  œ«ˆ˜ˆœ˜  œ˜  ̅iÃi  Óä£È
       PROVISION OBLIGATIONS
       Provision Pension Obligations DB Plan  715,223  682,147   Vœ˜Ãœˆ`ˆ`>Ìi` w˜>˜Vˆ> ÃÌ>Ìi“i˜Ìà ˆ˜ œÕÀ Ài«œÀÌ `>Ìi` ™  >Þ Óä£Ç°
       Pension Capital DC Plan (Spaarkapitaal)   xÎ]™xÓ    45,638
                                          769,175              MANAGEMENT’S RESPONSIBILITY FOR THE CONSOLIDATED
                                                          FINANCIAL HIGHLIGHTS
       LOANS KFR                          3,054
                                                          Managementnt is responsible for the preparation of the consolidadat-
       LONG TERM DEBT                     3,917              i` w˜>˜Vˆ> …ˆ}…ˆ}…ˆ}…Ìà ˆ˜ >VVœÀ`>˜Vi ܈̅ ̅i >VVœÕ˜Ìˆ˜} «œˆVˆVˆiÃ
                                                          >à >««ˆi` ˆ˜ ̅i…i Óä£È Vœ˜Ãœˆ`>Ìi` w˜>˜Vˆ> ÃÌ>Ìi“i˜Ìð
       NON-CURRENT LIABILITIES
       Funds entrusted               ™Ó]ÈÇn           -
                                                          AUDITORS’ RESPONSIBILITY
       Deferred tax liability        £]™xÎ            -
                                          94,631       -  Our responsibility isis to express an opinion on whether thhese con-
       CURRENT LIABILITIES                                ܏ˆ`>Ìi` w˜>˜Vˆ> …ˆ}ˆ}…ˆ}…Ìà >Ài Vœ˜ÃˆÃÌi˜Ì] ˆ˜ > “>ÌiÀˆ>> ÀiëiVÌÃ]
       Funds entrusted              әx]{™{           -
                                                          ܈̅ ̅i >Õ`ˆÌi` Vœ˜Ã˜Ãœˆ`>Ìi` w˜>˜Vˆ> ÃÌ>Ìi“i˜Ìà L>>Ãi` œ˜ œÕÀ
       Accruals and deferred income   4,375           -
                                                          procedures, which werere conducted in accordance withth Internation-
       Due to banks                   126             -
                                          299,995         al Standard on Auditing ((ISA) 810 (Revised), Engagemment to Report
                                                          on Summary Financial Statatements.
       OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES   6,437   3,088
                                                          Curaçao, August 2, 2017
       TOTAL PENSION CAPITAL AND LIABILITIES   1,286,180    835,140
                                                          for Ernst & Young Accountanants
                                                          Signed by
                                                          E.R. Statius van Eps CPA
       %QPUQNKFCVGF 2TQƂV CPF .QUU 5VCVGOGPV HQT VJG [GCT GPFGF   C. Smorenburg RA AA
       &GEGODGT
        +P VJQWUCPFU #PVKNNGCP IWKNFGTU   2016      2015
       INCOME
       Employers' and employees' Contributions   27,494   31,624
       Investment income                  Σ]{ș
       Bank Operating Income              Óä]™™£      -
       Interest current accounts sponsors     360
       Lease Income                        £x™
       Other income                        1,130
       Total income                       81,603
       EXPENSES
       Pension payments                   24,256     22,688
       Organizational expenses            ÓÓ]™Ç™     {]™ää
       Amortization Intangible Assets      1,148       -
       Addition to bad debt provision      1,000      -
       Total Expenses                     49,383
       Minority interest                  (831)
       Net operational income before addition to provisions and tax    31,389
       ADDITIONS OF NET INCOME TO PROVISIONS
       Movements in Technical Provisions (VPV)   33,076   24,341
       Movements in Accrued Savings (Spaarkapitaal)   8,314   È]șÇ
       Redemption Pension Right DC         346         -
       Amount to be allocated to Provisions   (10,347)   (20,873)
       Income Tax Expenses                 (813)       -
       Net income after addition to provisions and tax    (11,160)   (20,873)
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