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 The maximum exposure to credit risk for trade and other receivables at the reporting date by geographic region was as follows: EUR’000 Carrying amount 2010 2009 Eurozone countries (EUR) 202,201 161,337 United Kingdom (GBP) 8,221 7,675 Poland (PLN) 13,650 7,665 Ageing and impairment losses The ageing of trade and other receivables at the reporting date was as follows: EUR’000 224,072 176,677 2010 2009 Gross Impairment Gross Impairment Not past due 199,930 0 156,962 0 Past due 0 30 days 19,770 0 15,993 0 Past due 31 60 days 1,963 0 2,074 0 Past due more than 60 days 3,836 1,427 2,964 1,316 225,499 1,427 177,993 1,316 The movements in the impairment loss in respect of trade and other receivables during the year were as follows: EUR’000 2010 2009 January 1 1,316 1,730 Impairment loss recognized 441 167 Acquisitions 204 0 Release of provision (367) (238) Written off (180) (350) Effect of movements in exchange rates 13 7 december 31 1,427 1,316 The Group determines impairment losses on the basis of specific estimates of losses incurred in respect of trade and other receivables. Based on historic default rates, the Group believes that no impairment loss has occurred in respect of trade receivables not past due or past due by up to 60 days.
Liquidity risk The contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements, are as shown in the following table. Insofar as these cash flows depend on future floating interest rates, the level of which was unknown on the balance sheet date, these cash flows have been estimated on the basis of rates prevailing on the balance sheet date. EUR’000 December 31, 2010 Carrying amount Contractual cash flows 6 months or less 6 - 12 months 1 – 2 years 2 – 5 years > 5 years Non-derivative financial liabilities Syndicated bank loans Syndicated 289,902 (377,756) (17,045) (17,837) (36,428) (306,446) 0 bank loans International 14,318 (16,500) (5,625) (3,625) (7,250) 0 0 Subordinated bank loans 237,586 (570,930) (6,181) (6,181) (13,101) (43,835) (501,632) Capex facility drawing 3,960 (3,960) (3,960) 0 0 0 0 Finance lease liabilities 13,854 (14,689) (2,393) (2,393) (2,854) (6,619) (430) Trade and other payables 271,738 (271,738) (271,738) 0 0 0 0 Bank overdrafts 866 (866) (866) 0 0 0 0 derivative financial liabilities Interest rate swaps used for hedging 832,224 (1,256,439) (307,808) (30,036) (59,633) (356,900) (502,062) Cash flow 13,973 (15,633) (3,483) (3,087) (5,035) (4,028) 0 page _ 98 / 99
- Page 47 and 48: Raw materials: orange juice Refresc
- Page 49 and 50: Packaging materials Refresco’s ma
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- 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
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- Page 65 and 66: Notes to the consolidated financial
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- Page 107 and 108: Company income statement 2010 EUR
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- Page 111 and 112: On March, 24 2010 the following sha
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Financial review 2010<br />
The maximum exposure to credit risk for tra<strong>de</strong> <strong>and</strong> o<strong>the</strong>r receivables at <strong>the</strong> <strong>report</strong>ing date by geographic region<br />
was as follows:<br />
EUR’000<br />
Carrying amount<br />
2010 2009<br />
Eurozone countries (EUR) 202,201 161,337<br />
United Kingdom (GBP) 8,221 7,675<br />
Pol<strong>and</strong> (PLN) 13,650 7,665<br />
Ageing <strong>and</strong> impairment losses<br />
The ageing of tra<strong>de</strong> <strong>and</strong> o<strong>the</strong>r receivables at <strong>the</strong> <strong>report</strong>ing date was as follows:<br />
EUR’000<br />
224,072 176,677<br />
2010 2009<br />
Gross Impairment Gross Impairment<br />
Not past due 199,930 0 156,962 0<br />
Past due 0 30 days 19,770 0 15,993 0<br />
Past due 31 60 days 1,963 0 2,074 0<br />
Past due more than 60 days 3,836 1,427 2,964 1,316<br />
225,499 1,427 177,993 1,316<br />
The movements in <strong>the</strong> impairment loss in respect of tra<strong>de</strong> <strong>and</strong> o<strong>the</strong>r receivables during <strong>the</strong> year were as follows:<br />
EUR’000<br />
2010 2009<br />
January 1 1,316 1,730<br />
Impairment loss recognized 441 167<br />
Acquisitions 204 0<br />
Release of provision (367) (238)<br />
Written off (180) (350)<br />
Effect of movements in exchange rates 13 7<br />
<strong>de</strong>cember 31 1,427 1,316<br />
The Group <strong>de</strong>termines impairment losses on <strong>the</strong> basis of specific estimates of losses incurred in respect of tra<strong>de</strong><br />
<strong>and</strong> o<strong>the</strong>r receivables. Based on historic <strong>de</strong>fault rates, <strong>the</strong> Group believes that no impairment loss has occurred in<br />
respect of tra<strong>de</strong> receivables not past due or past due by up to 60 days.
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