4 - Refresco.de
4 - Refresco.de 4 - Refresco.de
Business review 2009 Supervisory Board report The Supervisory Board is responsible for advising and supervising the Executive Board of Refresco and overseeing the general company strategy, including the general course of affairs. In the execution of their duties the Supervisory Board is guided by the overall interest of Refresco and relevant interests of its stakeholders. A year of sustainable growth The year 2009 has been a challenging one for Refresco. Following the substantial acquisitions made in 2007, the volume grew by 8% with operational performance on target and integration of the acquired companies well on track. Although the economic downturn affected some of our Icelandic shareholders the situation has stabilized and alternatives to safeguard the continuity of the company and support further growth were evaluated. In 2009 two major strategic steps in the further development of the Group have been realized. One concerned the acquisition in the Benelux of the soft drink division of Bavaria. In Spain, a cooperation contract with Leche Pascual was agreed upon for their juice business. Both agreements were closed in April 2009. Other acquisition targets and projects have been approached and discussed in order to create further growth in 2010 and later. Supervision The Supervisory Board met frequently in 2009. The meetings covered routine operational matters and focused on levels of key resources and strategy implementation. In various meetings the Supervisory Board discussed the two intended deals and the integration of the companies within the organizational structure. The Chairman and CEO had regular contact throughout the year. In particular, upon the occurrence of the Icelandic financial crisis the Supervisory and Executive Boards held regular updates to discuss operational and financial issues. Subjects discussed during the year’s meetings included: The medium-term Buy & Build strategy Potential acquisition opportunities Senior management appointments and significant human resources matters Major capital investments Operating and financial performance of the subsidiaries Bank financing arrangements Budget for 2010 Outlook for the years thereafter Business plan 2012 Risk and control framework
Composition of the Supervisory Board In 2009 the following changes were made to the composition of Refresco’s Supervisory Board. Jan Driessens and Sigurjon Palsson resigned from the Supervisory Board and Jon Sigurdsson, Hilmar Thor Kristinsson, Aalt Dijkhuizen and Peter Paul Verhallen were appointed. Per January 2010 Frans Barel resigned. We would like to thank Frans Barel, Jan Driessens and Sigurjon Palsson for their contribution to the Board and the company. Name Date of initial appointment Marc Veen May, 2006 Thorsteinn Jonssón May, 2006 Adam Shaw October, 2007 Jon Sigurdsson April, 2009 Hilmar Thor Kristinsson August, 2009 Aalt Dijkhuizen October, 2009 Peter Paul Verhallen October, 2009 Annual Report 2009 This Annual Report and the 2009 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 Auditor’s report can be found on page 121 of this Annual Report. The Supervisory Board endorses this Annual Report and recommends that the General Meeting of Shareholders adopt the financial statements for 2009. In conclusion We are pleased with the development of the company and the strong operational performance that has been achieved, despite a turbulent year. We believe that the underlying business is good and that the performance in 2010 will exceed 2009. We would like to express our appreciation of the commitment and dedication of the Executive Board and all of Refresco’s employees Dordrecht, March 17, 2010 On behalf of the Supervisory Board, Marc Veen Chairman page _ 28 / 29
- Page 1 and 2: 2009 annual report
- Page 3 and 4: 2009 annual report
- Page 5 and 6: Contents Highlights 2009 6 Refresco
- Page 7 and 8: 2009 Our strategic achievements Str
- Page 9 and 10: Refresco at a glance
- Page 11 and 12: Our locations in europe 1 The Nethe
- Page 13 and 14: 606,001 Acquisition of Refresco by
- Page 15 and 16: ecome Europe’s No. 1 manufacturer
- Page 17 and 18: Strategic development Since its fou
- Page 19 and 20: To expand our juice business in Spa
- Page 21 and 22: 2009 revenue A focused, well-balanc
- Page 23 and 24: Risks related to price fluctuations
- Page 25 and 26: page _ 24 / 25
- Page 27: Supervisory Board The Supervisory B
- Page 31 and 32: to the British Retail Consortium (B
- Page 33 and 34: “In 2009 Refresco business units
- Page 35 and 36: “We have a continuous search for
- Page 37 and 38: in liters increased by 8% to 3.4 bi
- Page 39 and 40: high quality and on an ambitious gr
- Page 41 and 42: of its customers, no matter what co
- Page 43 and 44: 160.000 140.000 120.000 100.000 80.
- Page 45 and 46: These trends create constant demand
- Page 47 and 48: The surrounding countries, Germany
- Page 49 and 50: for retailers developing private la
- Page 51 and 52: A-brands and private label to keep
- Page 53 and 54: manufacturers taking up product dev
- Page 55 and 56: is in driving ‘values’ as well
- Page 57 and 58: How do you see the future for priva
- Page 59: enabling consumers to acquire quali
- Page 62 and 63: financial review 2009 Business is n
- Page 64 and 65: Financial review 2009 Consolidated
- Page 66 and 67: Financial review 2009 Consolidated
- Page 68 and 69: Financial review 2009 Consolidated
- Page 70 and 71: Financial review 2009 Transactions
- Page 72 and 73: Financial review 2009 2.6 Intangibl
- Page 74 and 75: Financial review 2009 to the Group,
- Page 76 and 77: Financial review 2009 if there is a
Composition of the Supervisory Board<br />
In 2009 the following changes were ma<strong>de</strong> to the composition of<br />
<strong>Refresco</strong>’s Supervisory Board. Jan Driessens and Sigurjon Palsson<br />
resigned from the Supervisory Board and Jon Sigurdsson, Hilmar<br />
Thor Kristinsson, Aalt Dijkhuizen and Peter Paul Verhallen were<br />
appointed. Per January 2010 Frans Barel resigned. We would like<br />
to thank Frans Barel, Jan Driessens and Sigurjon Palsson for their<br />
contribution to the Board and the company.<br />
Name Date of initial appointment<br />
Marc Veen May, 2006<br />
Thorsteinn Jonssón May, 2006<br />
Adam Shaw October, 2007<br />
Jon Sigurdsson April, 2009<br />
Hilmar Thor Kristinsson August, 2009<br />
Aalt Dijkhuizen October, 2009<br />
Peter Paul Verhallen October, 2009<br />
Annual Report 2009<br />
This Annual Report and the 2009 financial statements,<br />
audited by PricewaterhouseCoopers Accountants N.V., were<br />
presented to the Supervisory Board in a meeting that inclu<strong>de</strong>d<br />
representatives from PricewaterhouseCoopers Accountants N.V.<br />
Their Auditor’s report can be found on page 121 of this Annual<br />
Report. The Supervisory Board endorses this Annual Report<br />
and recommends that the General Meeting of Sharehol<strong>de</strong>rs<br />
adopt the financial statements for 2009.<br />
In conclusion<br />
We are pleased with the <strong>de</strong>velopment of the company and<br />
the strong operational performance that has been achieved,<br />
<strong>de</strong>spite a turbulent year. We believe that the un<strong>de</strong>rlying<br />
business is good and that the performance in 2010 will<br />
exceed 2009. We would like to express our appreciation<br />
of the commitment and <strong>de</strong>dication of the Executive Board<br />
and all of <strong>Refresco</strong>’s employees<br />
Dordrecht, March 17, 2010<br />
On behalf of the Supervisory Board,<br />
Marc Veen<br />
Chairman<br />
page _ 28 / 29
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