4 - Refresco.de
4 - Refresco.de 4 - Refresco.de
Financial review 2009 Consolidated statement of changes in equity 2009 EUR’000 Issued share capital Share premium Translation reserve Other reserves Profit / (loss) for the year Total equity January 1, 2008 3,351 101,649 2,676 (2,388) (26,946) 78,342 Effect of adoption of IFRS January 1, 2008 based on IFRS 0 0 0 954 0 954 3,351 101,649 2,676 (1,434) (26,946) 79,296 Issue of ordinary shares 2,086 54,957 0 0 0 57,043 Profit appropriation 2007 0 0 0 (26,946) 26,946 0 Net recognized income and expense 0 0 (5,955) 0 (5,955) Profit / (loss) 0 0 0 0 (13,783) (13,783) December 31, 2008 5,437 156,606 (3,279) (28,380) (13,783) 116,601 January 1, 2009 5,437 156,606 (3,279) (28,380) (13,783) 116,601 Profit appropriation 2008 0 0 0 (13,783) 13,783 0 Dividends to equity holders 0 (75) 0 0 0 (75) Net recognized income and expense 0 0 1,299 0 1,299 Profit / (loss) 0 0 0 0 7,693 7,693 December 31, 2009 5,437 156,531 (1,980) (42,163) 7,693 125,518
Notes to the consolidated financial statements 1 General 1. 1 Reporting entity Refresco Holding B.V. (a private company with limited liability) is domiciled in the Netherlands, with its registered office at Stationsweg 4, 3311 JW Dordrecht. The consolidated financial statements of Refresco Holding B.V. (‘Refresco’ or the ‘Company’) as at and for the year ended December 31, 2009 comprise the financial statements of the Company and its subsidiaries (together referred to as the ‘Group’ and individually as ‘Group entities’). The activities of the Group consist of the manufacture of private label and own brands of fruit juices and soft drinks. Furthermore the Group operates as a contract manufacturer for brands. Sales are made both domestically and abroad, the European Union being the most important market. 1.2 Basis of preparation Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. These are the Group’s first consolidated financial statements under IFRS, and IFRS 1 has been applied. An explanation of how the adoption of IFRS has affected the reported balance sheet and income statement of the Group is provided in note 6.8. The consolidated financial statements were authorized for issue by the Executive Board on March 17, 2010 and will be submitted for adoption to the Annual General Meeting of Shareholders on March 17, 2010. Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for derivative financial instruments which are measured at fair value. Functional and presentation currency These consolidated financial statements are presented in Euros, which is the Company’s functional currency. All financial information presented in Euros has been rounded to the nearest thousand, unless stated otherwise. Use of estimates and judgements The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any subsequent periods affected. Information is provided in the following notes regarding the areas of estimation and critical judgment used in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements: Note 2.19: Determination of fair values Note 3: Financial risk management Note 4.2: Intangible assets Note 4.4: Deferred tax assets and liabilities Note 4.11: Employee benefits provision Note 4.12: Other provisions 2 Significant accounting policies The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements, and have been applied consistently by Group entities. 2.1 Basis of consolidation Subsidiaries Subsidiaries are entities controlled by the Group. Control exists when the Group has the power to govern the financial and operating policies of an entity so as to benefit from its activities. In assessing control, potential voting rights that currently are exercisable are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. The accounting policies of subsidiaries have been changed where necessary to align them with the policies adopted by the Group. page _ 68 / 69
- 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 and 28: Supervisory Board The Supervisory B
- Page 29 and 30: Composition of the Supervisory Boar
- 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 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
- Page 78 and 79: Financial review 2009 concentration
- Page 80 and 81: Financial review 2009 EUR’000 DEP
- Page 82 and 83: Financial review 2009 4.2 Intangibl
- Page 84 and 85: Financial review 2009 4.3 Other inv
- Page 86 and 87: Financial review 2009 Tax losses ca
- Page 88 and 89: Financial review 2009 Non-current l
- Page 90 and 91: Financial review 2009 4.11 Employee
- Page 92 and 93: Financial review 2009 Expenses reco
- Page 94 and 95: Financial review 2009 5 Notes to th
- Page 96 and 97: Financial review 2009 5.6 Finance i
- Page 98 and 99: Financial review 2009 The major ite
- Page 100 and 101: Financial review 2009 Ageing and im
- Page 102 and 103: Financial review 2009 Foreign curre
- Page 104 and 105: Financial review 2009 EUR’000 Dec
- Page 106 and 107: Financial review 2009 6.5 Contingen
- Page 108 and 109: Financial review 2009 EUR’000 Rec
- Page 110 and 111: Financial review 2009 EUR’000 Rec
- Page 112 and 113: Financial review 2009 Company balan
- Page 114 and 115: Financial review 2009 Notes to the
- Page 116 and 117: Financial review 2009 3.2 Sharehold
Financial review 2009<br />
Consolidated statement of changes in equity 2009<br />
EUR’000<br />
Issued<br />
share<br />
capital<br />
Share<br />
premium<br />
Translation<br />
reserve<br />
Other<br />
reserves<br />
Profit /<br />
(loss) for<br />
the year<br />
Total<br />
equity<br />
January 1, 2008 3,351 101,649 2,676 (2,388) (26,946) 78,342<br />
Effect of adoption<br />
of IFRS<br />
January 1, 2008<br />
based on IFRS<br />
0 0 0 954 0 954<br />
3,351 101,649 2,676 (1,434) (26,946) 79,296<br />
Issue of ordinary<br />
shares<br />
2,086 54,957 0 0 0 57,043<br />
Profit appropriation<br />
2007<br />
0 0 0 (26,946) 26,946 0<br />
Net recognized income<br />
and expense<br />
0 0 (5,955) 0 (5,955)<br />
Profit / (loss) 0 0 0 0 (13,783) (13,783)<br />
December 31, 2008 5,437 156,606 (3,279) (28,380) (13,783) 116,601<br />
January 1, 2009 5,437 156,606 (3,279) (28,380) (13,783) 116,601<br />
Profit appropriation<br />
2008<br />
0 0 0 (13,783) 13,783 0<br />
Divi<strong>de</strong>nds to equity<br />
hol<strong>de</strong>rs<br />
0 (75) 0 0 0 (75)<br />
Net recognized income<br />
and expense<br />
0 0 1,299 0 1,299<br />
Profit / (loss) 0 0 0 0 7,693 7,693<br />
December 31, 2009 5,437 156,531 (1,980) (42,163) 7,693 125,518
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