measure and monitor the processes and report results ... - Refresco.de

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Financial review 2010 EUR’000 December 31, 2009 Carrying amount Contractual cash flows 6 months or less 6 - 12 months 1 – 2 years 2 – 5 years > 5 years Non-derivative financial liabilities Syndicated bank loans 309,095 (428,652) (17,542) (18,218) (36,481) (217,147) (139,264) Subordinated bank loans 218,182 (582,623) (5,847) (5,847) (12,361) (41,508) (517,060) Finance lease liabilities 14,104 (15,668) (2,449) (2,449) (4,386) (5,208) (1,176) Trade and other payables 226,459 (226,459) (226,459) 0 0 0 0 Bank overdrafts 1,365 (1,365) (1,365) 0 0 0 0 derivative financial liabilities Interest rate derivatives used for hedging 769,205 (1,254,767) (253,662) (26,514) (53,228) (263,863) (657,500) Cash flow 16,281 (22,835) (4,900) (4,519) (7,876) (5,540) 0 Foreign currency risk Exposure to foreign currency risk The notional amounts of exposure to foreign currency risk were as follows: USD’000 2010 2009 Trade payables 26,533 12,443 Estimated forecast purchases 165,483 98,709 Gross exposure 192,016 111,152 Forward exchange contracts / Currency option contracts 136,850 97,165 Net exposure 55,166 13,987 The change in fair value of the financial instruments used to hedge currency risk is included in raw materials and consumables in the income statement.
The following significant exchange rates were applied during the year: Value of EUR 1 Average year-end 2010 2009 2010 2009 USD 1.32 1.40 1.34 1.44 GBP 0.86 0.89 0.86 0.89 PLN 3.99 4.33 3.97 4.10 Sensitivity analysis A 10 percent strengthening of the Euro against the USD at December 31 would have not affected equity and profit or loss significantly, as the Group hedges USD positions, except for the change in fair value of derivatives which is recognized in the income statement. This analysis assumes that all other variables, particularly interest rates, remain constant. The analysis has been performed on the same basis as for 2009. Interest rate risk Profile At the reporting date the interest rate profile of the Group’s interestbearing financial instruments was as follows: 2010 Carrying amount 2009 EUR’000 note Fixed rate instruments Noncurrent investments 4.3 1,155 1,320 Loans and borrowings 4.10 (358,854) (372,604) Interest rate swaps floating to fixed 6.2 (13,973) (16,281) (371,672) (387,565) Variable rate instruments Loans and borrowings 4.10 (201,633) (170,142) (201,633) (170,142) Sensitivity analysis for fixed rate instruments The Group does not account for any fixed rate financial assets and liabilities at fair value through profit or loss, and the Group does not designate derivatives (interest rate swaps) as hedging instruments under a fair value hedge accounting model. Therefore a change in interest rates at the reporting date would not have affected profit or loss, with the exception of the change in fair value of the Interest rate swaps. Sensitivity analysis for variable rate instruments A change of 100 basis points in interest rates at the reporting date would have changed equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The analysis is performed on the same basis as for 2009. page _ 100 / 101
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annual 2010 report
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annual 2010 report
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Refresco at a glance
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Mission statement To be the Europea
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Buy & Build strategy By buying stro
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Our differentiators Our Total Portf
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18 19 20 Our locations in europe Be
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Main achievements • • • •
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hans Roelofs Aart duijzer
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Business review 2010 “A sustainab
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Business review 2010 Review 2010 Lo
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Business review 2010 2010 revenue A
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Business review 2010 People and org
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Business review 2010 Second, furthe
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Business review 2010 Outlook 2011 d
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Business review 2010 Governance Ref
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Business review 2010 Risks related
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Business review 2010 Governance Str
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Business review 2010 Supervisory Bo
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Business review 2010 7.4% to EUR 1,
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Sustainability review 2010
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Raw materials: orange juice Refresc
Page 49 and 50: Packaging materials Refresco’s ma
Page 51 and 52: PET One of Refresco’s largest sup
Page 53 and 54: Transportation Refresco constantly
Page 55: Refresco Business Units have in rec
Page 59 and 60: Contents Financial statements 60 Co
Page 61 and 62: Consolidated income statement 2010
Page 63 and 64: Consolidated cash flow statement 20
Page 65 and 66: Notes to the consolidated financial
Page 67 and 68: Hedge of a net investment in a fore
Page 69 and 70: present value of the minimum lease
Page 71 and 72: Termination benefits Termination be
Page 73 and 74: • • • • • The definition
Page 75 and 76: In respect of other monetary assets
Page 77 and 78: EUR’000 dEPRECIATION ANd IMPAIRME
Page 79 and 80: 4.2 Intangible assets The compositi
Page 81 and 82: The values assigned to the key assu
Page 83 and 84: EUR’000 Movement in temporary dif
Page 85 and 86: 4.5 Inventories The composition as
Page 87 and 88: Current liabilities The composition
Page 89 and 90: The Group contributes to a number o
Page 91 and 92: Actuarial assumptions Principal act
Page 93 and 94: 5.3 Employee benefits expense The c
Page 95 and 96: Finance income and expense recogniz
Page 97 and 98: The acquisition had the following e
Page 99: Liquidity risk The contractual matu
Page 103 and 104: 6.3 Operating leases Operating leas
Page 105 and 106: Other related party transactions Th
Page 107 and 108: Company income statement 2010 EUR
Page 109 and 110: Refresco Group B.V. owns the follow
Page 111 and 112: On March, 24 2010 the following sha
Page 115: Independent auditor’s report To:
Page 118 and 119: Contact REFRESCO GROuP B.V. www.ref
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