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The current fair market value of property, plant and equipment<br />
is not materially different from the net book value.<br />
For the purpose of the acquisition of the Group by its current<br />
sharehol<strong>de</strong>rs in May 2006, a valuation was ma<strong>de</strong> by an in<strong>de</strong>pen<strong>de</strong>nt<br />
appraiser.<br />
For all acquisitions after 2006, property, plant and equipment<br />
was re-stated to fair market value based on valuation reports,<br />
and the <strong>de</strong>preciation terms have been brought in line with the<br />
company’s policies.<br />
Impairment losses<br />
In 2008 and 2009, the impairments recognized were related to<br />
property, plant and equipment in Germany, Poland and Spain.<br />
Financial leases<br />
The Group leases a warehouse and production equipment<br />
un<strong>de</strong>r a number of finance lease agreements secured on the<br />
un<strong>de</strong>rlying leased assets (see note 4.10).<br />
At December 31, 2009, the carrying amount of leased plant and<br />
machinery was EUR 14,104,000 (2008: EUR 18,329,000).<br />
Security<br />
Securities for the re<strong>de</strong>mption of amounts payable to banks<br />
have been given as follows:<br />
First priority mortgage on the real estate in<br />
The Netherlands and Germany.<br />
Pledge of all property, plant and equipment.<br />
Property, plant and equipment un<strong>de</strong>r construction<br />
Property, plant and equipment un<strong>de</strong>r construction relates<br />
mainly to expansion of production and warehouse facilities in<br />
the Netherlands, France, the UK and Germany. After construction<br />
is complete, the assets are reclassified to the applicable<br />
property, plant and equipment category.<br />
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