Business review 2009 Results 2009 <strong>Refresco</strong>’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 <strong>Refresco</strong>’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, <strong>de</strong>creased 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 <strong>de</strong>creased 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. <strong>Refresco</strong> 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 <strong>de</strong>bt 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.
in liters increased by 8% to 3.4 billion liters” page _ 36 / 37