measure and monitor the processes and report results ... - Refresco.de
measure and monitor the processes and report results ... - Refresco.de measure and monitor the processes and report results ... - Refresco.de
Financial review 2010 EUR’000 December 31, 2010 100 basis points increase Profit / (loss) Equity 100 basis points decrease 100 basis points increase 100 basis points decrease Variable rate instruments (5,458) 5,458 (5,458) 5,458 Net Interest rate swaps floating to fixed 6,281 (6,281) 6,281 (6,281) Total 823 (823) 823 (823) Variable rate instruments (5,458) 5,458 (5,458) 5,458 % not hedged by interest rate swaps 36.8% 36.8% 36.8% 36.8% Cash flow sensitivity (net) (2,008) 2,008 (2,008) 2,008 EUR’000 December 31, 2009 100 basis points increase Profit / (loss) Equity 100 basis points decrease 100 basis points increase 100 basis points decrease Variable rate instruments (5,273) 5,273 (5,273) 5,273 Net Interest rate swaps floating to fixed 8 500 (8,500) 8,500 (8,500) Total 3,227 (3,227) 3,227 (3,227) Variable rate instruments (5,273) 5,273 (5,273) 5,273 % not hedged by interest rate swaps 32.0% 32.0% 32.0% 32.0% Cash flow sensitivity (net) (1,687) 1,687 (1,687) 1,687 Fair values The fair values of financial assets and liabilities approximate the carrying amounts. Interest rates used for determining fair value The interest rates used to discount estimated cash flows, where applicable, are based on the government yield curve at the reporting date plus an adequate spread and were as follows: % 2010 2009 Derivatives 2.8% 2.0% Finance leases 5.3% 5.0%
6.3 Operating leases Operating lease and rentals as at December 31 are payable as follows: EUR’000 2010 2009 Less than one year 27,294 21,440 Between one and five years 58,394 46,213 More than five years 15,396 4,254 101,084 71,907 The Group leases buildings, equipment and cars. During 2010, EUR 23,688,000 was recognized as expense in the income statement in respect of operating leases and rentals (2009: EUR 20,016,000). 6.4 Purchase and investment commitments The composition as at December 31 was as follows: EUR’000 Total Less than 1 year 1-5 years More than 5 years Total 2009 Property, plant & equipment ordered 16,285 15,985 300 0 7,334 Raw material purchase contracts 230,000 230,000 0 0 146,145 6.5 Contingencies 246,285 245,985 300 0 153,479 The group companies are jointly and individually liable vis à vis the syndicate of banks. Banks have issued guarantees to suppliers and customs on behalf of the Group in the aggregate amount of EUR 10,793,000 (2009: EUR 10,312,000). The Company forms a fiscal unity for income tax purposes with Refresco International B.V., SDI Onroerend Goed B.V. and SDI International B.V. The company also forms a fiscal unity for VAT purposes with Refresco International B.V. In accordance with the standard conditions, the Company and the subsidiaries that are part of the fiscal unity are jointly and individually liable for taxation payable by the fiscal unity. Some claims have been filed against the Group. Based on legal advice, the Executive Board does not expect that the outcome of these claims will have a material effect on the financial position of the Group. 6.6 Related parties Shareholder structure The Company’s shareholders are Ferskur Holding 1 B.V., 3i Group Plc, 3i Growth 0810 LP, 3i Growth (Europe) 0810 LP, Okil Holding B.V., Godetia II B.V. The ultimate shareholders of Ferskur Holding 1 B.V. are Kaupthing Bank HF, Vifilfell HF and Stodir HF. page _ 102 / 103
- Page 51 and 52: PET One of Refresco’s largest sup
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- Page 109 and 110: Refresco Group B.V. owns the follow
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6.3 Operating leases<br />
Operating lease <strong>and</strong> rentals as at December 31 are payable as follows:<br />
EUR’000<br />
2010 2009<br />
Less than one year 27,294 21,440<br />
Between one <strong>and</strong> five years 58,394 46,213<br />
More than five years 15,396 4,254<br />
101,084 71,907<br />
The Group leases buildings, equipment <strong>and</strong> cars. During 2010, EUR 23,688,000 was recognized as expense<br />
in <strong>the</strong> income statement in respect of operating leases <strong>and</strong> rentals (2009: EUR 20,016,000).<br />
6.4 Purchase <strong>and</strong> investment commitments<br />
The composition as at December 31 was as follows:<br />
EUR’000<br />
Total<br />
Less than<br />
1 year 1-5 years<br />
More than<br />
5 years Total 2009<br />
Property, plant & equipment or<strong>de</strong>red 16,285 15,985 300 0 7,334<br />
Raw material purchase contracts 230,000 230,000 0 0 146,145<br />
6.5 Contingencies<br />
246,285 245,985 300 0 153,479<br />
The group companies are jointly <strong>and</strong> individually liable vis à vis <strong>the</strong> syndicate of banks. Banks have issued guarantees<br />
to suppliers <strong>and</strong> customs on behalf of <strong>the</strong> Group in <strong>the</strong> aggregate amount of EUR 10,793,000 (2009: EUR 10,312,000).<br />
The Company forms a fiscal unity for income tax purposes with <strong>Refresco</strong> International B.V., SDI Onroerend Goed B.V.<br />
<strong>and</strong> SDI International B.V. The company also forms a fiscal unity for VAT purposes with <strong>Refresco</strong> International B.V.<br />
In accordance with <strong>the</strong> st<strong>and</strong>ard conditions, <strong>the</strong> Company <strong>and</strong> <strong>the</strong> subsidiaries that are part of <strong>the</strong> fiscal unity are<br />
jointly <strong>and</strong> individually liable for taxation payable by <strong>the</strong> fiscal unity.<br />
Some claims have been filed against <strong>the</strong> Group. Based on legal advice, <strong>the</strong> Executive Board does not expect that<br />
<strong>the</strong> outcome of <strong>the</strong>se claims will have a material effect on <strong>the</strong> financial position of <strong>the</strong> Group.<br />
6.6 Related parties<br />
Sharehol<strong>de</strong>r structure<br />
The Company’s sharehol<strong>de</strong>rs are Ferskur Holding 1 B.V., 3i Group Plc, 3i Growth 0810 LP, 3i Growth<br />
(Europe) 0810 LP, Okil Holding B.V., Go<strong>de</strong>tia II B.V. The ultimate sharehol<strong>de</strong>rs of Ferskur Holding 1 B.V. are<br />
Kaupthing Bank HF, Vifilfell HF <strong>and</strong> Stodir HF.<br />
page _ 102 / 103
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