measure and monitor the processes and report results ... - Refresco.de
measure and monitor the processes and report results ... - Refresco.de
measure and monitor the processes and report results ... - Refresco.de
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Financial review 2010<br />
Auditor’s fees<br />
With reference to Section 2:382a(1) <strong>and</strong> (2) of <strong>the</strong> Dutch Civil Co<strong>de</strong>, <strong>the</strong> following fees for <strong>the</strong> financial year have<br />
been charged by PricewaterhouseCoopers Accountants N.V. <strong>and</strong> <strong>the</strong> PricewaterhouseCoopers network insi<strong>de</strong> <strong>and</strong><br />
outsi<strong>de</strong> <strong>the</strong> Ne<strong>the</strong>rl<strong>and</strong>s to <strong>the</strong> Company, its subsidiaries <strong>and</strong> o<strong>the</strong>r consolidated entities:<br />
EUR’000<br />
2010 2009<br />
Statutory audit of financial statements 967 925<br />
O<strong>the</strong>r auditing services 61 44<br />
Tax advisory services 457 593<br />
O<strong>the</strong>r nonaudit services 66 47<br />
Total 1,551 1,609<br />
5.6 Finance income <strong>and</strong> expense<br />
Finance income <strong>and</strong> expense recognized in <strong>the</strong> income statement<br />
The composition was as follows:<br />
EUR’000<br />
2010 2009<br />
Interest income on bank <strong>de</strong>posits 725 201<br />
Finance income 725 201<br />
Interest expense on financial liabilities <strong>measure</strong>d at amortized cost (48,665) (49,874)<br />
Cost of borrowings (892) (635)<br />
Net change in fair value of <strong>de</strong>rivatives 2,308 (5,982)<br />
Finance expense (47,249) (56,491)<br />
Net finance expense (46,524) (56,290)<br />
The cost of borrowings EUR 736,000 (2009: EUR 635,000) relates to <strong>the</strong> financing costs of <strong>the</strong> syndicated loan<br />
facility entered into in 2008, which were capitalized in <strong>the</strong> aggregate amount of EUR 6,319,000 <strong>and</strong> amortized<br />
over <strong>the</strong> terms of <strong>the</strong> loans. The cost of borrowings EUR 156,000 (2009: EUR 0) relates to <strong>the</strong> financing costs of <strong>the</strong><br />
syndicated loan facility International entered into in 2010, which were capitalized in <strong>the</strong> aggregate amount of<br />
EUR 2,338,000 <strong>and</strong> <strong>de</strong>preciated over <strong>the</strong> terms of <strong>the</strong> loans (being <strong>the</strong> syndicated B facility, ending June 2014).<br />
During financial year 2010 EUR 100,000 was paid as a result of <strong>the</strong> SDI acquisition on contract break fees for<br />
existing loan agreements.<br />
The net change in fair value of <strong>de</strong>rivatives EUR 2,308,000 positive (2009: EUR 5,982,000 negative) relates to<br />
changes in <strong>the</strong> fair value of <strong>the</strong> interest rate swaps contracts conclu<strong>de</strong>d by <strong>the</strong> Group to hedge <strong>the</strong> interest rate risk<br />
on syndicated bank loans <strong>and</strong> subordinated bank loans.