measure and monitor the processes and report results ... - Refresco.de

Business review 2010
7.4% to EUR 1,224 billion and its volume by 12.1% to 3,804
million liters.
Stronger financial basis facilitates further growth
A capital commitment of Euro 84 million by 3i and a financing
facility of Euro 140 million provide a solid financial basis
for Refresco to actively continue execution of its Buy & Build
strategy. In 2010 the acquisition of Soft Drinks International
(SDI) in Germany was completed. SDI strengthens the company’s
position by providing access to the CSD market in
Germany, where Refresco is now able to offer a total product
portfolio. Also in 2010 Refresco acquired Spumador in Italy of
which transaction has been signed and which is currently in the
process of being closed. Spumador is a leading bottling company
in Northern Italy and will give Refresco access to the Italian
market thereby enlarging its geographic European presence.
The next financial steps
Currently the financial markets seem to offer a window of
opportunity to refinance the current credit facilities of the
Group. However there is no need for refinancing as the existing
facilities continue towards end 2014. At the time of writing,
Refresco’s refinancing possibilities in the current financial
market are being explored. Refinancing should give the
company a longer horizon, more flexibility for integration and
facilitate further growth through acquisitions.
Annual Report 2010
This Annual Report and the 2010 financial statements, audited
by PricewaterhouseCoopers Accountants N.V., were presented
to the Supervisory Board in a meeting that included representatives
from PricewaterhouseCoopers Accountants N.V. Their
independent auditor’s report can be found on page 115 of this
Annual Report. The Supervisory Board endorses this Annual
Report and recommends that the General Meeting of Shareholders
adopts the financial statements for 2010 as presented.
In conclusion
We are pleased with the development of the company and
the strong operational performance that has been achieved,
despite challenging market conditions. We believe that the
underlying business is sound and that performance in 2011
will further remain in line with expectations. We would like
to express our appreciation of the commitment and dedication
of the Executive Board and all of Refresco’s employees.
Rotterdam, March 29, 2011
On behalf of the Supervisory Board,
Marc Veen
Chairman