Request for a preliminary ruling from the Cour d’appel de Mons (Belgium) lodged on 12 October 2018 — Wagram Invest SA v État belge (Belgian State)

(Case C-640/18)

Language of the case: French

Referring court

Cour d’appel de Mons

Parties to the main proceedings

Appellant: Wagram Invest SA

Respondent: État belge (Belgian State)

Questions referred

Does the notion of a true and fair view under Article 2(3) of Fourth Council Directive 78/660/EEC of 25 July 1978 on the annual accounts of certain types of companies, 1 where a public limited company purchases a financial fixed asset, authorise a discount relating to a non-interest-bearing debt becoming due after one year to be entered as a charge in the profit and loss account, and the acquisition price of the fixed asset to be entered as an asset in the balance sheet after deduction of that discount, in the light of the valuation principles set out in Article 32 of that directive?

Must the expression ‘in exceptional cases’ that is a proviso for application of Article 2(5) of the Council Directive of 25 July 1978 based on Article 54(3)(g) of the [EEC] Treaty [now Article 50(2)(g) TFEU] on the annual accounts of certain types of companies and that allows application of a (different) provision of that directive to be excluded be interpreted as meaning that the provision in question can apply only on condition that it is found that compliance with the provisions of the directive, together with, where applicable, additional disclosure in the notes on the accounts in accordance with Article 2(4) of that directive, cannot adversely affect compliance with the principle that a true and fair view must be given?

Must Article 2(4) of the aforementioned directive be applied as a priority with the effect that the possibility, under Article 2(5) of that directive, of excluding application of a provision of the directive can be utilised only if additional disclosure cannot ensure effective implementation of the principle that a true and fair view must be given enshrined in Article 2(3) of that directive and, even then, only in exceptional cases?

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1     Fourth Council Directive 78/660/EEC of 25 July 1978 based on Article 54 (3) (g) of the Treaty on the annual accounts of certain types of companies (OJ 1978 L 222, p. 11).