4 - Refresco.de

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.
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