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Financial review 2010
Auditor’s fees
With reference to Section 2:382a(1) and (2) of the Dutch Civil Code, the following fees for the financial year have
been charged by PricewaterhouseCoopers Accountants N.V. and the PricewaterhouseCoopers network inside and
outside the Netherlands to the Company, its subsidiaries and other consolidated entities:
EUR’000
2010 2009
Statutory audit of financial statements 967 925
Other auditing services 61 44
Tax advisory services 457 593
Other non­audit services 66 47
Total 1,551 1,609
5.6 Finance income and expense
Finance income and expense recognized in the income statement
The composition was as follows:
EUR’000
2010 2009
Interest income on bank deposits 725 201
Finance income 725 201
Interest expense on financial liabilities measured at amortized cost (48,665) (49,874)
Cost of borrowings (892) (635)
Net change in fair value of derivatives 2,308 (5,982)
Finance expense (47,249) (56,491)
Net finance expense (46,524) (56,290)
The cost of borrowings EUR 736,000 (2009: EUR 635,000) relates to the financing costs of the syndicated loan
facility entered into in 2008, which were capitalized in the aggregate amount of EUR 6,319,000 and amortized
over the terms of the loans. The cost of borrowings EUR 156,000 (2009: EUR 0) relates to the financing costs of the
syndicated loan facility International entered into in 2010, which were capitalized in the aggregate amount of
EUR 2,338,000 and depreciated over the terms of the loans (being the syndicated B facility, ending June 2014).
During financial year 2010 EUR 100,000 was paid as a result of the SDI acquisition on contract break fees for
existing loan agreements.
The net change in fair value of derivatives EUR 2,308,000 positive (2009: EUR 5,982,000 negative) relates to
changes in the fair value of the interest rate swaps contracts concluded by the Group to hedge the interest rate risk
on syndicated bank loans and subordinated bank loans.