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

Financial
2010 was a successful year in the sense that we managed to
grow our business organically and that we were also able
to execute our acquisition strategy. Revenue rose by 7.4%
compared to last year to a level of EUR 1,224 billion. In 2010
volume in liters increased by 12.1% to 3.8 billion liters. On a
like­for­like basis, excluding the acquisition of Soft Drinks International
in 2010, revenue reached EUR 1,182 billion, up 3.7%,
and volume in liters increased by 5.3% to 3.6 billion liters.
The relative difference in increase between revenue and volume
is caused by lower average selling (and purchase prices) for
juices and stronger volume growth in the lower value categories
like CSDs and water. All in all, the average selling price
per liter fell by 6.4%.
In both absolute and relative terms, the margin per unit was
slightly lower in 2010. The year had two distinctly different halves.
Margins were in line with expectations during the first half of
the year, when our key raw materials and packaging materials
were still favorably priced. In the last six months of the year,
margins came under pressure, and they gradually deteriorated
towards the end of 2010. Strong price increases of raw materials
and packaging materials that have been introduced since the
summer of 2010 are gradually being passed on to customers.
Operating profit fell from EUR 67.6 million to EUR 61.2 million.
The decline was entirely attributable to costs related to the
acquisition of Soft Drinks International and Spumador and
the capital injection by 3i. Normalized EBITDA climbed by
EUR 4.0 million to EUR 125 million, and total net profit edged
up by EUR 1.2 million to EUR 8.8 million.
The strong increase in input costs and the acquisition of
Soft Drinks International only marginally increased demand
for working capital throughout the company. At year­end 2010
interest­bearing long­term and short­term loans amounted to
EUR 544 million; still an increase of EUR 0.6 million versus
last year.
After deduction of investments and tax paid the cashflow on peritive,
corresponding with the increase in overall liquidity increased
from EUR 59.7 million last year to EUR 75.1 million at year­end 2010.
Consequently net debt did not increase despite the acquisition
of Soft Drinks International. This acquisition was almost
completely financed by the capital injection. During 2010 our
EBITDA/total debt ratio as agreed with our banks remained at
an excellent level. We made use of available capital expenditure
financing facilities, worth EUR 3.9 million, to finance
investments. Solvability rose from 13.3% last year to 16.3% at
year­end 2010, mainly due to a capital increase.
Investments in 2010
Refresco’s investments in 2010 were slightly above the 2009
level. In total EUR 44.1 million was invested at the 21 production
sites. Part of the total investments was spent on the expansion
of capacity in Iberia, France and Finland. All these investments
should be seen as the fundament for further organic growth in
2011. The remainder was spent on replacement projects, refurbishing
and modernizing our manufacturing setup to the required
standards. Capex projects with clear cost advantages were ranked
as top of the list throughout 2010. We do expect the level of
investment in 2011 to be slightly below the 2010 level.
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