2009 - Jaarverslag

NOTES TO THE CONSOLIDATED BALANCE SHEET39.1 Impairment and reversal of impairmentThe Group recognised no impairment of tangible fixed assets in 2009 (2008: € 0).No impairment losses were reversed during the year.39.2 Leased buildings, plant and equipmentThe Group leases buildings, plant and equipment under a number of financial leases.The net book value of these assets as at 31 December 2009 was € 5.3 million (31 December 2008: € 5.5 million).The leased buildings, plant and equipment serve as collateral for the financial lease liabilities (see note 48).39.3 CollateralAs at 31 December 2009, plant and equipment belonging to Ten Cate – Union Protective Fabrics Asia Ltd worth€ 6.0 million was encumbered as collateral for a credit facility of € 5.8 million (31 December 2008: € 0).€ 0.5 million of this credit facility was drawn as at the end of 2009.39.4 Depreciation chargeThe depreciation charge of € 33.9 million (2008: € 30.7 million) has been stated in depreciation in the statementof comprehensive income.40 INVESTMENTS IN ASSOCIATED COMPANIES AND FINANCIAL FIXED ASSETS40.1 Associated companiesOn 31 March 2009 the Group acquired 49% of the shares of TigerTurf NZ Ltd, Auckland, New Zealand, TigerTurfUK ltd, Hartlebury (United Kingdom), TigerSports Americas Inc, Austin (United States of America) and TigerTurfAustralia Pty Ltd, Campbellfield (Victoria, Australia) (hereinafter TigerTurf Group) for a cash consideration of€ 12.6 million including acquisition costs. The Group has an option to buy the other 51% of the shares in 2010and 2011, while the vendor has the option to sell the 51% of the shares to the Group. This 49% interest isstated in the financial statements as an investment in associated companies.On 29 December 2009 the Group’s interest in GreenFields was increased from 20% to 32% as a result of arestructuring of GreenFields. On the same date the Group received GreenFields preference shares in exchangefor a contribution of receivables due from GreenFields. This interest is stated in the financial statements asinvestments in associated companies.The associated companies have a value of € 18.9 million as at 31 December 2009 (31 December 2008: € 0).The associated companies item relates to the 49% interest in the shares of TigerTurf and the 32% interest inthe shares of GreenFields which the Group held on 31 December 2009.112Royal Ten Cate Annual Report 2009