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CONSOLIDATED FINANCIALSTATEMENTS BarryCallebaut Annual Report2010/11 Effect of cash flow hedges on equity in thousands of CHF Interest rate risk Total hedging reserve as of August 31, 2009 (4,992) (4,992) Movements in the period: Gains/(losses)taken into equity (6,465) (6,465) Transfer to the Consolidated Income Statementfor the period 1,801 1,801 Income taxes 1,585 1,585 Currency translation adjustment 1,084 1,084 as of August 31, 2010 (6,987) (6,987) Movements in the period: Gains/(losses)taken into equity 11,403 11,403 Transfer to the Consolidated Income Statementfor the period 2,539 2,539 Income taxes (4,739) (4,739) Currency translation adjustment (73) (73) as of August 31, 2011 2,143 2,143 Cash flowhedges In the course of fiscal year 2010/2011, the Group has unwound its interest rate derivatives as aresult of the issuance of the EUR 250 million Senior Note in June 2011.The following table provides an overview over the periods in which the unwound interest rates derivatives are expected to impact the Consolidated Income Statement (beforetaxes). as of August 31, 2011 2010 in thousands of CHF First year Second to fifth year After five years Expected cash flows First year Second to fifth year After five years Expected cash flows Derivative financial assets 723 2,672 726 4,121 – – – – Derivative financial liabilities (525) (373) – (898) (3,035) (4,921) 555 (7,401) Total net 198 2,299 726 3,223 (3,035) (4,921) 555 (7,401) Fair value hedges Fair value hedges include forward and future contracts designated as the hedging instruments for inventories exceeding firm sales commitments as well as in relation to foreign currency risks. Until the end of fiscal year 2009/10, all financial derivatives and the hedged items were recognized at fair value. For fair value hedges, the Group recorded aloss on hedging instruments of CHF 92.8 million and again on hedged items of CHF 92.8 million in fiscal year 2009/10. Beginning from fiscal year 2010/11, financial derivatives continue to be measured at fair value, but in case of the hedged cocoa inventories the cumulative gain or loss during the hedge relationship adjusts the cost of the inventory. 96
CONSOLIDATED FINANCIALSTATEMENTS BarryCallebaut Annual Report2010/11 The fair value of hedged firm commitments is outlined in the table “Hedged firm commitments” below.The balance of these items at balance sheet date is presented under “Trade receivables and other current assets” (see note 12) and “Trade payables and other current liabilities” (see note 21), respectively. Firm sales commitments for chocolate sales are no longer fair valued in the current fiscal year due to the changes discussed in section “Changes in accounting policies” before. Hedged firm commitments as of August 31, 2011 2010 in thousands of CHF Assets Liabilities Assets Liabilities Commodity price risk (cocoa and other ingredients) – sales contracts – – 91,406 41,174 Foreign exchangerisk – 726 3,151 7,245 581 sales and purchase contracts Total fair value of hedged firm commitments 726 3,151 98,651 41,755 Other – no hedgeaccounting This position contains the fair values of derivative financial instruments of the Group’s purchasing and sourcing center and the Group’s Treasury center, which are not designated for hedge accounting. 15 Property,plantand equipment 2010/11 Land and buildings Plant and machinery Office equipment, furniture and motor vehicles Under construction Total in thousands of CHF At cost as of August 31, 2010 531,367 1,321,734 133,168 62,344 2,048,613 ChangeinGroup structure – acquisitions 6,923 4,420 – – 11,343 Additions 8,743 64,102 5,253 35,213 113,311 Disposals (163) (23,014) (1,891) (214) (25,282) Currency translation adjustments (63,596) (172,154) (14,946) (8,687) (259,383) Reclassifications from under construction 2,536 34,566 2,531 (39,633) – Reclassified to assets held forsale (172,035) (225,566) (44,691) (1,643) (443,935) Other reclassifications – 56 (56) (629) (629) as of August 31, 2011 313,775 1,004,144 79,368 46,751 1,444,038 Accumulated depreciation and impairmentlosses as of August 31, 2010 277,694 830,074 109,979 – 1,217,747 Depreciation charge 12,637 50,349 7,059 – 70,045 Impairmentlosses 384 1,153 – 436 1,973 Disposals (131) (18,972) (1,328) – (20,431) Currency translation adjustments (30,188) (96,691) (11,879) – (138,758) Reclassified to assets held forsale (116,694) (184,271) (40,983) (436) (342,384) Other reclassifications – 12 (12) – – as of August 31, 2011 143,702 581,654 62,836 – 788,192 Net as of August 31, 2011 170,073 422,490 16,532 46,751 655,846 97
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ANNUALREPORT 2010/11
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Barry Callebaut aims to significant
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KEY FIGURES BarryCallebaut Annual R
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FIVE REASONS TO INVEST IN BARRY CAL
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INTERVIEWWITH THE CHAIRMAN AND THE
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EMPLOYEES BarryCallebaut Annual Rep
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EMPLOYEES BarryCallebaut Annual Rep
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REGION EUROPE BarryCallebaut Annual
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REGION EUROPE BarryCallebaut Annual
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REGION AMERICAS BarryCallebaut Annu
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INNOVATION BarryCallebaut Annual Re
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GLOSSARY BarryCallebaut Annual Repo
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BarryCallebaut AG (head office) Wes
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