Accounting Policies Activities
Acquisitions 2009
The activities of NEM Holding B.V., having its legal seat
NEM Energy Services B.V. acquired 100% of the shares
and is located Kanaalpark 159, Leiden, the Netherlands
in Standard Fasel B.V. from Worldwide Energy Services
and its group companies primarily consist of the engi-
B.V. (100% group company of H.T.P. Investments B.V.) as
neering and delivery of various types of Heat Recovery
per 31 December 2009 retrospectively as per 1 January
Steam Generators (HRSG’s) and the assembling, servi-
2009. Standard Fasel B.V. has utility boiler maintenance
cing, engineering and repairing of energy boilers of public
activities and sells shell type boiler solutions.
and industrial power stations and waste incineration plants.
Standard Fasel has been consolidated with the following amounts (in thousands of euros):
Group structure NEM Holding B.V. in Leiden is the head of a group of legal
entities. The ultimate parent company is H.T.P. Invest-
Assets Liabilities Total Operating Income Net profit
ments B.V., statutory seat at Goes, the Netherlands. A summary of the information required by articles 2:379 and 414 of the Netherlands Civil Code is given below:
2009
2008
10,478 2,657 19,736 2,435
7,414 2,029 16,757 1,467
NEM B.V., Leiden, the Netherlands, 100% • NEM GmbH, Oberhausen, Germany, 100%
The acquisition has been disclosed in accordance with
• HRSG Systems (Malaysia) Sdn.Bhd., Kuala Lumpur,
the “pooling of interest” method. The consolidated com-
Malaysia, 100% 28
NEM ANNUAL REPORT 2009
• Gulf Steam Generators L.L.C., Dubai, United Arab
parative figures of NEM Holding B.V. of 2008 have been adjusted as if the company was a subsidiairy in 2008.
Emirates, 100 % • NEM USA Corp., Greenville, South Carolina, USA, 100% • NEM-Al Hashemiah L.L.C., Alexandria Public Free Zone, Egypt, 80%
Furthermore NEM Energy Services B.V. acquired 100% of the shares in Powerspex Instrumentation B.V. as per 1 January 2009. The acquisition has been disclosed according to the purchase method. The company has mainly utility boiler related electrical and instrumentation
NEM Energy Services B.V., Hengelo, the Netherlands,
activities.
100% • NEM Standard Fasel Manufacturing B.V., Hengelo, the Netherlands, 100%
During the financial year 2009 NEM Energy Services B.V. established NEM Standard Fasel Tools 4 Rent B.V. as per
• Standard Fasel B.V., Utrecht, the Netherlands, 100%
24 July 2009 and Energy Staff, Resourcing & Recruiting
• NEM Standard Fasel Tools 4 Rent B.V., Hengelo,
B.V. as per 24 September 2009. Aforementioned com
the Netherlands, 100% • Powerspex Instrumentation B.V., Hengelo, the Netherlands, 100% • Energy Staff, Resourcing & Recruiting B.V., Utrecht,
panies have activities in the field of renting tools, accomplishment of toolmaintenance operations as well as the recruitment and selection of personnel on behalf of clients, temporary employment and send on secondment.
the Netherlands, 100% • Sustainable Energy Operations B.V., Hengelo,
NEM B.V. established NEM USA Corp. as per 6 June
the Netherlands, 100% (dormant company)
2009. A corporation duly organised under the laws of
• NEM Schelde Services B.V., Breda, the Netherlands, 100% (dormant company) • Standard Fasel Technical Services B.V., Utrecht,
the State of Delaware. The nature of principal business consists of service and sales of steam generating equipment, boilers and solar power systems.
the Netherlands, 100% (dormant company) • SFL Boiler Installations Sdn Bhd, Malaysia, 100% (dormant company) • NEM Energy Services Pte Ltd., Singapore, 100% has been liquidated in 2009.
Furthermore, NEM B.V. established together with Al Hashemiah Contracting Company (a joint stock company) as per 25 March 2009 NEM-Al Hashemiah L.L.C. in the Free Zone of Alexandria, Egypt. NEM B.V. legally holds an 80% participation in NEM-
Non consolidated companies:
Al Hashemiah L.L.C. However, it has been formally
• Tetratube B.V., Hengelo, the Netherlands, 50%
agreed that NEM B.V. holds 100% of the economic risks and rewards. Therefore, all risks and rewards will be recognised in the financial statements of NEM B.V. respec-