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

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Financial review 2010 lease payments made under finance leases are apportioned between the finance expense and the reduction of the outstanding liability. The finance expense is allocated to each period of the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent lease payments are accounted for by revising the minimum lease payments over the remaining term of the lease when the lease adjustment is confirmed. 2.17 Finance income and expense Finance income comprises interest income on bank deposits and gains on hedging instruments that are recognized in profit or loss. Interest income is recognized in profit or loss as it accrues, using the effective interest method. Finance expense comprises interest expense on borrowings, the unwinding of discount on provisions and profit and losses on interest hedging instruments that are recognized in profit or loss. 2.18 Income tax Income tax expense comprises current and deferred tax. Income tax expense is recognized in profit or loss except to the extent that it relates to items recognized in other comprehensive income in which case the income tax expense is also recognized in other comprehensive income. Current tax is the income tax expected to be payable on the taxable profit for the year, using tax rates enacted or substantively enacted at the reporting date, together with any adjustment to tax payable in respect of previous years. Deferred tax is recognized using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. In addition, deferred tax is not recognized arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences in the reporting period they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset: • • if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity or on different taxable entities which intend to settle current tax liabilities and assets on a net basis or the tax assets and liabilities of which will be realized simultaneously. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. 2.19 New standards and interpretations not yet adopted A number of new standards, amendments to standards and interpretations are not yet effective for the year ended December 31, 2010 and have not been applied in preparing these consolidated financial statements. As of 2010 the Group has implemented revised IFRS 3. Revised IFRS 3 Business Combinations establishes a fair value measurement principle for recognizing and measuring all assets acquired and liabilities assumed, including contingent consideration, in a business combination. Revised IFRS 3 introduces the term noncontrolling interest (formerly minority interest) and permits an acquirer to recognize noncontrolling interests at its either proportionate interest in the fair value of the identifiable assets and liabilities of the acquiree or at fair value. The revised standard also modifies the definition of a business combination to focus on control, and modifies the definition of a business to clarify that it can include a set of activities and assets which, while not currently being operated as a business, is capable of operating as a business. It incorporates the following changes that are likely to be relevant to the operations of the Group:
• • • • • The definition of a business has been broadened, which is likely to result in more acquisitions being treated as business combinations. Contingent consideration will be measured at fair value, with subsequent changes therein being recognized in profit or loss. Transaction costs, other than share and debt issue costs, will be expensed as incurred. Any preexisting interest in the company acquired will be measured at fair value with the gain or loss being recognized in profit or loss. Any noncontrolling (minority) interest will be measured either at fair value or at its proportionate interest in the identifiable assets and liabilities of the company acquired, on a transactionbytransaction basis. Revised IFRS 3 has been applied prospectively and there will therefore be no impact on prior periods in the 2010 consolidated financial statements. 2.20 determination of fair values A number of the accounting policies and disclosures require the determination of fair value, for both financial and nonfinancial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the methods set out below. Where applicable further information regarding the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability. Property, plant and equipment The fair value of property, plant and equipment recognized as a result of a business combination is based on market values. The market value of property is the estimated amount for which a property would likely be exchanged on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. The market value of items of machinery & equipment and other fixed assets is based on the quoted market prices for similar items. Other intangible assets The fair value of other intangible assets is based on the discounted cash flows expected to be derived from the use and eventual sale of these assets. Inventories The fair value of inventories acquired in a business combination is determined based on the estimated selling price in the ordinary course of business less the estimated costs of completion and sale and less a reasonable profit margin based on the effort required to complete and sell the inventories. Trade and other receivables The fair value of trade and other receivables is based on the present value of future cash flows, discounted at the market rate of interest at the reporting date. Derivatives The fair value of forward currency contracts is based on their listed market price, if available. If a listed market price is not available, then fair value is estimated by discounting the difference between the contract forward price and the current forward price for the residual maturity of the contract using a riskfree interest rate (based on government bonds). The fair value of interest rate swaps is based on broker quotes. These quotes are tested for reasonableness by discounting estimated future cash flows based on the terms and maturity of each contract and using market interest rates for a similar instrument at the measurement date. Nonderivative financial liabilities Fair value for disclosure purposes is based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. In respect of the liability component of convertible notes, the market rate of interest is determined by reference to similar liabilities that do not have a conversion option. For finance leases the market rate of interest is determined by reference to similar lease agreements. page _ 72 / 73
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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
Page 22 and 23: Business review 2010 “A sustainab
Page 24 and 25: Business review 2010 Review 2010 Lo
Page 26 and 27: Business review 2010 2010 revenue A
Page 28 and 29: Business review 2010 People and org
Page 30 and 31: Business review 2010 Second, furthe
Page 32 and 33: Business review 2010 Outlook 2011 d
Page 34 and 35: Business review 2010 Governance Ref
Page 36 and 37: Business review 2010 Risks related
Page 38 and 39: Business review 2010 Governance Str
Page 40 and 41: Business review 2010 Supervisory Bo
Page 42 and 43: Business review 2010 7.4% to EUR 1,
Page 45 and 46: Sustainability review 2010
Page 47 and 48: 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: Termination benefits Termination be
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 and 100: Liquidity risk The contractual matu
Page 101 and 102: The following significant exchange
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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