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External Auditor

The external audit of Recticel SA/NV’s company and consolidated annual accounts has been entrusted by the Annual General Meeting of 2013 to the limited liability cooperative company “DELOITTE Bedrijfsrevisoren”, represented by Mr. Kurt DEHOORNE and/or Mr. Joël BREHMEN.


The Auditor conducts its audits in accordance with the standards of the Belgian Institute of Company Auditors and delivers a report, which confirms if the company’s annual accounts and the consolidated financial statements of the company reflect a true and fair view of the assets, financial condition and results of the company. The Audit committee investigates and discusses these bi-annual reports in the presence of the Auditor, and afterwards also with the Board of Directors.


The Auditor’s remuneration on the audit of Recticel NV’s company and consolidated account and the consolidated financial statements intended in article 134, §1 of the Companies Code, amounts to EUR 958,000 for 2015.


Apart from this remuneration the Auditor also invoiced EUR 227,000 for additional audits. The details of these compensations are included in the explanatory notes on VOL 5.17.2. in the statutory annual account.


The global amount of the Auditor’s remunerations for additional services to the Recticel Group amounts to EUR 570,000 and EUR 45,000 for other consulting assignments. This global amount comprises the sum of EUR 298,000 for additional tax, legal and corporate finance assignments. As the total remuneration for the services offered by the Auditor amount to EUR 1,528,000 at Group level, the one-to-one limit intended in article 133 of the Belgian Companies Code on consolidated level has not been exceeded.


Details on these compensations are included in the explanatory notes in the financial part of the Consolidated Annual report.


The Auditor's mandate was renewed in 2013 and will end after the upcoming Ordinary General meeting of 2016. The Board of Directors unanimously approved to propose to the Ordinary General meeting of 31 May 2016 to renew DELOITTE’s mandate, represented by Mr. Kurt DEHOORNE for a term of three years, expiring at the end of the 2019 General Meeting.