4 - Refresco.de

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Financial review 2009 concentration of credit risk. In order to reduce the exposure to credit risk, the Group carries out ongoing credit evaluations of the financial position of customers but generally does not require collateral. Use is made of a combination of independent ratings and risk controls to assess the credit quality of the customer, taking into account its financial position, past experience and other factors. Sales are subject to payment conditions which are common practice in each country. The banks and financial institutions used as counterparty for holding cash and cash equivalents and deposits and in derivative transactions can be classified as high credit quality financial institutions (minimal: A rating). The Group has policies that limit the amount of credit exposure to individual financial institutions. Management believes that the likelihood of losses arising from credit risk is remote particularly in the light of the diversification of activities. 3.3 Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The approach of the Group to managing liquidity risk is to ensure, as far as possible, that it always has sufficient liquidity to meet its liabilities when due, under both normal and more extreme conditions, without incurring unacceptable losses or risking damage to the reputation of the Group. The Group has a clear focus on financing long-term growth as well as current operations. Strong cost and cash management and controls over working capital and capital expenditure proposals are in place to ensure effective and efficient allocation of financial resources. 3.4 Market risk Currency risk The Group is exposed to currency risk mainly on purchases denominated in USD. At any point in time the Group hedges 80 to 100 percent of its estimated foreign currency exposure on forecasted purchases for the following 12 months. The Group uses currency option contracts and forward exchange contracts to hedge its currency risks, most of which have a maturity date of less than one year from the reporting date. Where necessary, forward exchange contracts are rolled over on maturity. In respect of other monetary assets and liabilities denominated in foreign currencies, the Group ensures that its net exposure is kept to an acceptable level by buying or selling foreign currencies at spot rates, as necessary, to address short-term imbalances. The Group’s investment in its UK subsidiaries is hedged by a GBP secured bank loan, which mitigates the currency risk arising from the subsidiary’s net assets. The investments in other subsidiaries are not hedged. Interest rate risk The Group is exposed to interest rate risk on interest-bearing long-term and current liabilities. The Group is exposed to the effects of variable interest rates on receivables and liabilities. On fixed interest receivables and liabilities, it is exposed to market value fluctuations. For certain long-term interest liabilities to financial institutions, the Group has entered into interest rate swap agreements through which the Group effectively pays at fixed interest rates for certain long-term interest liabilities. 3.5 Capital management There were no changes in the approach of the Group to capital management during the year. The policy is to maintain a sufficient capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Executive Board monitors the capital employed, which consists of the capital in property, plant and equipment, as well the net working capital. Furthermore, the Group monitors its cash positions, both actual and forecasted, on a monthly basis. Neither the Company nor any of its subsidiaries are subject to externally imposed capital requirements.
4 Notes to the consolidated balance sheet 4.1 Property, plant and equipment The composition and changes were as follows: EUR’000 COST note Land and buildings Machinery and equipment Other fixed assets Under construction Total January 1, 2008 180,190 186,543 7,104 8,109 381,946 Additions 6,281 23,370 886 5,421 35,958 Acquisitions through business combinations 5,009 4,800 0 0 9,809 Transfer to assets held for sale 4.8 (863) 0 0 0 (863) Disposals 0 (5,140) (798) (361) (6,299) Effect of movements in exchange rates (1,774) (3,525) (161) (258) (5,718) December 31, 2008 188,843 206,048 7,031 12,911 414,833 January 1, 2009 188,843 206,048 7,031 12,911 414,833 Additions 2,259 22,819 3,296 17,813 46,187 Acquisitions through business combinations 6.1 11,574 10,390 0 191 22,155 Transfer to assets held for sale 4.8 (4,820) 0 0 0 (4,820) Disposals (1,683) (23,710) (1,030) (1,833) (28,256) Effect of movements in exchange rates 347 778 56 15 1,196 December 31, 2009 196,520 216,325 9,353 29,097 451,295 page _ 78 / 79
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2009 annual report
Page 3 and 4:
2009 annual report
Page 5 and 6:
Contents Highlights 2009 6 Refresco
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2009 Our strategic achievements Str
Page 9 and 10:
Refresco at a glance
Page 11 and 12:
Our locations in europe 1 The Nethe
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606,001 Acquisition of Refresco by
Page 15 and 16:
ecome Europe’s No. 1 manufacturer
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Strategic development Since its fou
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To expand our juice business in Spa
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2009 revenue A focused, well-balanc
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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 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 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
Page 118: Financial review 2009 Other informa
Page 123 and 124: Ten years Refresco EUR ‘000 INCOM
Page 125: Colophon This Annual Report is a pu
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