4 - Refresco.de

Financial review 2009
The major item in the effective tax rate reconciliation relates to the favorable outcome of discussions with the
Dutch tax authorities. This has resulted in the release of an over-provision relating to prior years. Furthermore,
the effective tax rate has been affected by the non-recognition of losses in both Poland and the UK and by a
combination of non-deductible expenses and non-taxable income.
6 Supplementary Information
6.1 Acquisition of subsidiaries and non-controlling interests
On April 18, 2009, the Group agreed to purchase 100% of the share capital of Schiffers B.V. for EUR 18.8 million in
cash. Schiffers B.V. manufactures carbonated soft drinks for the private label market and also acts as a contract
manufacturer. For the period from acquisition to December 31, 2009 the subsidiary contributed an operating profit
of EUR 1,265,000. If the acquisition had taken place on January 1, 2009, management estimates that Schiffers B.V.
would have contributed revenue of EUR 50.3 million and operating profit of EUR 1.6 million. In determining these
amounts, management has assumed that the fair value adjustments that arose on the date of acquisition would
have been the same if the acquisition had taken place on January 1, 2009.
The acquisition had the following effect on the assets and liabilities on acquisition date:
Pre-acquisition
carrying
amount
Fair value
adjustments
Recognized
values on
acquisition
EUR’000
Property, plant and equipment
note
4.1 5,079 7,411 12,490
Intangible assets 4.2 60 0 60
Inventories 5,400 1,171 6,571
Trade and other receivables 627 0 627
Cash and cash equivalents 7,914 0 7,914
Deferred tax liabilities 4.4 0 (1,595) (1,595)
Trade and other payables (6,547) (2,099) (8,646)
Net identifiable assets and liabilities 12,533 4,888 17,421
Goodwill on acquisition 4.1 1,423
Consideration paid, satisfied in cash 18,844
Cash acquired (7,914)
Net cash outflow 10,930