4 - Refresco.de

Business review 2009
Results 2009
Refresco’s performance in 2009 was influenced by the global economic downturn which started in the second half of
2008. Although we managed to grow our business, we were limited in applying our acquisition strategy. The net result
improved with 20 million from EUR 13,783,000 negative to positive EUR 7,693,000.
The economic recession has not significantly affected
Refresco’s overall business thus far, it is still very much in
balance. We saw the largest swings in countries that are more
sensitive to recession, such as Spain and Germany. As a result
of the recession, prices of raw materials, especially packaging
materials, decreased in 2009. Also, consumer prices of end
products – especially private label – were lower in 2009.
Retailers increasingly used low value private label propositions
in their promotions with regard to consumers, as already seen
in the past few years.
In 2009 the volume in liters increased by 8% to 3.4 billion liters.
The average selling price per liter decreased substantially, mainly
due to lower priced raw materials. This caused the revenue to
stabilize at a level slightly below last year at EUR 1,139,574,000.
On a like-for-like basis excluding the acquisition of Schiffers
and the cooperation agreement with Leche Pascual in 2009 the
revenue was EUR 1,088,458,000.
“In 2009 the volume
The absolute margin as well as the relative margin per unit
has improved. Cost-reduction programs have had a very
positive impact on the performance of the Group.
Refresco seeks to maintain a healthy financial position.
The net result improved with 20 million from EUR 13,783,000
negative to positive EUR 7,693,000. At the year end of 2009 the
interest-bearing long-term and short-term loans amounted to EUR
541 million. During 2009 our EBITDA/total debt ratio remained
at an excellent level. In 2009 we were able, yet again, to realize
a significant improvement in our working capital. Consequently,
we did not have to make use of available capital expenditure
financing facilities to finance investments. The cash flow from
operating activities for the year is EUR 94,919,000. The cash
flow for the whole year was positively influenced by a working
capital project which started in April 2008. The overall liquidity
increased from EUR 33,844,000 last year to EUR 58,377,000 per
the end of 2009, due to the improved working capital during
the year. The solvability increased from 12,5% last year to
13,3% per the end of 2009.