2009 - Jaarverslag

More documents

Recommendations

Info

OTHER INFORMATIONThe effect of a general rise of one percentage point in the interest rate on the result before profit tax in 2009 isestimated at € 1.1 million (2008: – € 2.1 million).A general rise of one percentage point in the value of the euro against other currencies would have reduced theresult after profit tax by an expected € 0.2 million (2008: € 0.4 million).A general rise of one percentage point in the value of the euro against other currencies would have reduced theequity by approximately € 2.7 million (2008: € 3.1 million). The effect of a general interest rate rise of onepercentage point on the equity is estimated at € 2.7 million (2008: € 1.3 million).51.8 Estimate of fair valueDetails are given below of the main methods and assumptions used in estimating the fair value of financialinstruments.The fair value of foreign exchange forward contracts is estimated by discounting the difference between thecontractual and the current forward price for the residual term on the basis of the market interest rate.Bank statements are used to determine the fair value of interest rate swaps and interest rate caps. Thesestatements are inspected to ensure that they are reasonable with the aid of techniques based on discountedcash flows based on the conditions and terms of the contract and using market interest rates for a comparableinstrument as at the reporting date.The fair value of long-term debts is calculated on the basis of the discounted value of expected future cashflows from repayments and interest payments.The fair value of financial lease liabilities is estimated on the basis of the present value of future cash flows,discounted at the interest rate for similar lease agreements.In the case of trade debtors, other receivables, trade creditors and other short-term debts which fall due withinone year, the nominal value is deemed to reflect the fair value. The financial instruments valued on the basis offair value fall into category 2: no quoted market price in an active market, with the fair value being determinedindirectly.52 LIABILITIES NOT SHOWN IN THE BALANCE SHEETOperational lease as lesseePayments due under non-cancellable operational lease agreements are as follows:2009 2008Less than one year 6.2 5.4Between one and five years 13.8 14.5More than five years 9.3 8.629.3 28.5134Royal Ten Cate Annual Report 2009
The Group leases buildings, plant, vehicles and office equipment under operational leases. The leased buildingshave a term of ten to fifteen years. Lease payments are indexed annually. None of the lease agreements includeconditional lease payments. In principle the Group does not act as a lessor. The term of the other leaseagreements is a maximum of five years.53 INVESTMENT LIABILITIESIn 2009 the Group entered into contractual liabilities for the purchase of tangible fixed assets. The amount ofthe liabilities as at 31 December 2009, after deduction of advance payments already made during the financialyear, is € 5.3 million (2008: € 7.1 million).54 CONTINGENT LIABILITIESThe Group has received claims for damages arising from the conduct of business. With the exception of thosestated below, the claims are not deemed to be substantial and provisions have been recognised to the extentnecessary.A claim for damages has been made against Royal Ten Cate by United Fabrics NV, a company registered in theNetherlands Antilles (majority shareholder in Textielgroep Twenthe NV). The claim is based on an outsourcingand management agreement from 1998 and originally amounted to € 56 million. The claim in respect of theoutsourcing agreement has lapsed permanently as a result of a judgement by the Supreme Court in 2006. Theplaintiff was ordered to demonstrate the damage suffered in respect of the management agreement. TenCate isconfident with regard to the remainder of the proceedings.55 SUBSEQUENT EVENTSA commentary on events subsequent to the reporting date can be found on page 148.56 RELATED PARTIES56.1 Identity of related partiesRelated parties concern relationships between the Group and its operating companies, associated companiesand other participating interests, joint ventures, the TenCate pension fund and the executive and supervisorydirectors.Royal Ten Cate Annual Report 2009 135
Page 1 and 2:
Royal Ten CateAnnual Report 2009Con
Page 3 and 4:
COMMERCIAL OVERVIEWas at 1 January
Page 5 and 6:
Annual Report 2009Royal Ten CatePro
Page 7:
Financial highlights inmillions of
Page 10 and 11:
Corporate technology3D weavingThe T
Page 12 and 13:
Vision, mission, strategy and objec
Page 14 and 15:
TenCate technology overviewEND-USER
Page 16 and 17:
The TenCate shareLISTINGThe TenCate
Page 18 and 19:
ConnectedTenCate is a producer of m
Page 20 and 21:
Report of the Supervisory BoardANNU
Page 22 and 23:
REPORT OF THE SUPERVISORY BOARD◾
Page 24 and 25:
ADVANCED ARMOURIn Europe demand has
Page 26 and 27:
The Boards (as at 1 January 2010)EX
Page 28 and 29:
PROTECTIVE FABRICSIn 2009 TenCate P
Page 30 and 31:
REPORT OF THE EXECUTIVE BOARDAnalys
Page 32 and 33:
REPORT OF THE EXECUTIVE BOARDOPERAT
Page 34 and 35:
REPORT OF THE EXECUTIVE BOARDPOST B
Page 36 and 37:
PROTECTIVE FABRICSProtective clothi
Page 38 and 39:
REPORT OF THE EXECUTIVE BOARD > Adv
Page 40 and 41:
REPORT OF THE EXECUTIVE BOARD > Adv
Page 42 and 43:
AEROSPACE COMPOSITESIn March 2009 A
Page 44 and 45:
ADVANCED ARMOURPeace operations are
Page 46 and 47:
GEOSYNTHETICSIn 2009 TenCate Geosyn
Page 48 and 49:
REPORT OF THE EXECUTIVE BOARD > Geo
Page 50 and 51:
Page 52 and 53:
Page 54 and 55:
innovative inkjet solutionsAs globa
Page 56 and 57:
REPORT OF THE EXECUTIVE BOARD > Oth
Page 58 and 59:
GEOSYNTHETICSTenCate GeoDetect ® i
Page 60 and 61:
Corporate informationCORPORATE GOVE
Page 62 and 63:
CORPORATE INFORMATIONSWOT ANALYSIST
Page 64 and 65:
GRASSThe 100th Cruyff Court was ope
Page 66 and 67:
CORPORATE INFORMATIONbodies, in par
Page 68 and 69:
CORPORATE INFORMATIONWith regard to
Page 70 and 71:
CORPORATE INFORMATIONCentral manage
Page 72 and 73:
CORPORATE INFORMATIONthe reduction
Page 74 and 75:
CORPORATE INFORMATIONSAFETYOur empl
Page 76 and 77:
CORPORATE INFORMATIONResearch and d
Page 78 and 79:
CORPORATE INFORMATIONSUSTAINABILITY
Page 80 and 81:
SPACE COMPOSITESGalileo is the firs
Page 82 and 83:
Corporate communicationIn October 2
Page 84 and 85:
24 Share capital 10125 Pension liab
Page 86 and 87:
Consolidated statement of comprehen
Page 88 and 89: Consolidated balance sheetin millio
Page 90 and 91: Consolidated cash flow statementFor
Page 92 and 93: Consolidated statement of changes i
Page 94 and 95: Notes to the consolidated financial
Page 96 and 97: NOTES TO THE CONSOLIDATED FINANCIAL
Page 108 and 109: Notes to the statement of comprehen
Page 110 and 111: NOTES TO THE STATEMENT OF COMPREHEN
Page 112 and 113: NOTES TO THE STATEMENT OF COMPREHEN
Page 114 and 115: NOTES TO THE CONSOLIDATED BALANCE S
Page 132 and 133: OTHER INFORMATIONThe term of the fi
Page 134 and 135: OTHER INFORMATION51.3 Interest rate
Page 136 and 137: OTHER INFORMATION51.5 Hedge account
Page 140 and 141: OTHER INFORMATION56.2 Directors’
Page 142 and 143: Company financial statements58 COMP
Page 144 and 145: NOTES TO THE COMPANY FINANCIAL STAT
Page 150 and 151: Other informationTo the General Mee
Page 152 and 153: OTHER INFORMATIONSUBSEQUENT EVENTSA
Page 154 and 155: Ten-year summaryIn millions of euro
Page 156 and 157: 152 Royal Ten Cate Annual Report 20
Page 158 and 159: OTHER ACTIVITIESNON-CONSOLIDATED CO
Page 160: Royal Ten Cateinvestor relations &
show all

2009 - Jaarverslag

Create successful ePaper yourself

Delete template?

Save as template?