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

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Financial review 2010 Total amount blocked for bank guarantees is EUR 10,793,000 (2009: EUR 10,312,000), the rest is available on demand. The term of the deposits is less than 3 months. The exposure to interest rate risk and the sensitivity analysis for financial assets and liabilities are disclosed in note 6.2. 4.8 Assets classified as held for sale Manufacturing facilities, as well as some machinery and equipment in Germany and Poland, have been classified as assets held for sale during 2009 following the decision by the management to sell these assets. As they were not sold it was decided to book them back to property, plant and equipment. During 2009, assets held for sale in France have been sold. Valuation is based on latest market information. EUR’000 2010 2009 Assets classified as held for sale as at January 1 1,782 1,238 Transfer from / (to) property, plant and equipment (1,795) 3,039 Impairment on transferred assets 0 (1,637) Assets sold 0 (863) Effect of movements in exchange rates 13 5 0 1,782 4.9 Capital and reserves A detailed overview of equity is provided in the consolidated statement of changes in equity 2010. In 2009, the Group paid a dividend of EUR 75,000 from the other reserves to Okil Holding B.V. and Godetia II B.V. In 2010 no dividends were paid. Redeemable preference shares The rights of redeemable preference shareholders are disclosed in note 3.2 to the company financial statements. 4.10 Loans and borrowings The interestbearing loans and borrowings are recognized at amortized cost. The exposure to interest rate, foreign currency and liquidity risks is disclosed in note 6.2. Noncurrent liabilities The composition as at December 31 was as follows: EUR’000 2010 2009 Syndicated and other bank loans 288,979 296,697 Subordinated bank loans 237,586 218,182 Finance lease liabilities 9,414 9,807 535,979 524,686
Current liabilities The composition as at December 31 was as follows: 2010 2009 EUR’000 note Current portion of syndicated bank loans 14,707 11,779 Current portion of finance lease liabilities 4,440 4,297 Current portion of other bank loans 535 619 Capex facility drawing 3,960 0 23,642 16,695 Bank overdrafts 4.7 866 1,365 The terms and conditions of the outstanding loans are as follows: Nominal interest Currency rate EUR’000 % Syndicated and other bank loans Syndicated bank loan International Subordinated bank loans Capex facility drawing Finance lease liabilities Bank overdrafts year of maturity Face value 2010 Carrying amount 2010 24,508 18,060 Face value 2009 Carrying amount 2009 EUR 1.9 4.3 20132015 291,770 289,903 310,962 309,095 EUR 3.6 4.0 20112012 16,500 14,318 0 0 EUR 9.9 14.1 20162017 187,380 237,586 187,380 218,182 EUR 3.5 2011 3,960 3,960 0 0 EUR Various Various 13,854 13,854 14,104 14,104 EUR 1.0 / 2.0 2011 866 866 1,365 1,365 Total interest-bearing liabilities 514,330 560,487 513,811 542,746 The bank loans are secured by the following: • • • First priority mortgage on the real estate in The Netherlands and Germany Pledge of property, plant and equipment, receivables, inventories and the shares of all group companies. Assignment of movable fixed assets and inventories, rights and claims under a Share Purchase Agreement and certain insurance policies. Regarding International bank loan; shares of all group companies are pledged. page _ 86 / 87
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annual 2010 report
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annual 2010 report
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Refresco at a glance
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Mission statement To be the Europea
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Buy & Build strategy By buying stro
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Our differentiators Our Total Portf
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18 19 20 Our locations in europe Be
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Main achievements • • • •
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hans Roelofs Aart duijzer
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Business review 2010 “A sustainab
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Business review 2010 Review 2010 Lo
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Business review 2010 2010 revenue A
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Business review 2010 People and org
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Business review 2010 Second, furthe
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Business review 2010 Outlook 2011 d
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Business review 2010 Governance Ref
Page 36 and 37: Business review 2010 Risks related
Page 38 and 39: Business review 2010 Governance Str
Page 40 and 41: Business review 2010 Supervisory Bo
Page 42 and 43: Business review 2010 7.4% to EUR 1,
Page 45 and 46: Sustainability review 2010
Page 47 and 48: Raw materials: orange juice Refresc
Page 49 and 50: Packaging materials Refresco’s ma
Page 51 and 52: PET One of Refresco’s largest sup
Page 53 and 54: Transportation Refresco constantly
Page 55: Refresco Business Units have in rec
Page 59 and 60: Contents Financial statements 60 Co
Page 61 and 62: Consolidated income statement 2010
Page 63 and 64: Consolidated cash flow statement 20
Page 65 and 66: Notes to the consolidated financial
Page 67 and 68: Hedge of a net investment in a fore
Page 69 and 70: present value of the minimum lease
Page 71 and 72: Termination benefits Termination be
Page 73 and 74: • • • • • The definition
Page 75 and 76: In respect of other monetary assets
Page 77 and 78: EUR’000 dEPRECIATION ANd IMPAIRME
Page 79 and 80: 4.2 Intangible assets The compositi
Page 81 and 82: The values assigned to the key assu
Page 83 and 84: EUR’000 Movement in temporary dif
Page 85: 4.5 Inventories The composition as
Page 89 and 90: The Group contributes to a number o
Page 91 and 92: Actuarial assumptions Principal act
Page 93 and 94: 5.3 Employee benefits expense The c
Page 95 and 96: Finance income and expense recogniz
Page 97 and 98: The acquisition had the following e
Page 99 and 100: Liquidity risk The contractual matu
Page 101 and 102: The following significant exchange
Page 103 and 104: 6.3 Operating leases Operating leas
Page 105 and 106: Other related party transactions Th
Page 107 and 108: Company income statement 2010 EUR
Page 109 and 110: Refresco Group B.V. owns the follow
Page 111 and 112: On March, 24 2010 the following sha
Page 115: Independent auditor’s report To:
Page 118 and 119: Contact REFRESCO GROuP B.V. www.ref
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