4 - Refresco.de

high quality and on an ambitious growth strategy
leading to a broad European presence.
product portfolio our partners can benefit from the best quality offered
Strategic focus 2010
After a string of acquisitions in the last two years and full
integration of these businesses in the Refresco organization
in 2009, we are convinced that we have firmly established a
sound platform for leadership in our industry. We are ready
for further growth, although realistically our growth pace in
2010 might be modest due to the economic situation. The
organization will be challenged to focus on organic growth, the
implementation of best practices and exploration of additional
synergies. Senior management will pay great attention to
our cost base. If we wish to lead the industry we need to
demonstrate our cost leadership in the business. Our focus
on the Buy & Build strategy remains unchanged and we even
expect to accelerate this in the coming years.
In order to compensate the negative trend in consumer
spending, cost reduction will remain high on our capital
expenditures strategy agenda for 2010. We set up a costreduction
program at the end of 2008 throughout the Holding
and all the business units in order to enhance our competitive
edge as a low-cost manufacturer and to support bottom-line
growth. A reorganization in the German business unit was
conducted to create a stable and competitive platform in the
German market. Having now created this platform we are ready
for growth in both volumes and margins. Sales contracts have
been closed for a large part and raw material positions have
been taken. We expect gross margins to stay at last year’s
levels. The number of employees will remain stable. Capital
expenditures in property, plant and equipment in 2010 will be
slightly below the amount in 2009. For the risk management
on financial instruments we refer to the notes 3 and 6.2 to the
consolidated financial statements.
As a leading company in this business we acknowledge our
responsibility to our partners and the impact we have on the
environment. Despite a tough economic forecast for 2010
we intend to pay more attention to sustainable growth and
environmental issues conjointly with our supply chain partners.
In 2010 we will increase our focus on cost effectiveness,
delivering what we’ve promised as well as sustainability.
By the end of 2010 we expect to have sharpened our profile,
which is essential in accomplishing our mission of building a
European platform of soft drink and juice manufacturers. Our
focus is on delivering high quality and on an ambitious growth
strategy leading to a broad European presence. Coupled with
a solid underlying business and a diverse product portfolio of
non-alcoholic beverages our partners can benefit from the best
quality offered against the lowest costs.
Dordrecht, March 17, 2010
Executive Board
Hans Roelofs
Chief Executive Officer
Aart Duijzer
Chief Financial Officer
against the lowest costs”
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