consolidated financial statements - Lotus Bakeries

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1.2 Changes in the group structure in 2010In 2010 the following changes took place in theGroup:mERGER of Bisinvest NVThrough this merger, Lotus Bakeries NV acquiredthe entire assets and liabilities of Bisinvest NV.With the merger Lotus Bakeries acquired 470,175of its treasury shares, (i.e. the shares in LotusBakeries owned by Bisinvest). These treasuryshares were destroyed immediately after themerger. Following the merger, the net equity ofLotus Bakeries decreased by kEUR 10,242.mARGARINERIE Hinnekens NVIn July 2010 Lotus Bakeries acquired theremaining 45% of the shares of MargarinerieHinnekens NV for a total compensation ofkEUR 971.Annas-Finax-Herrljunga Sälj ABIn September 2010 Pepparkakor AB Annas soldits 33.33% stake in Annas-Finax-Herrljunga SäljAB for kSEK 83 (kEUR 9). Annas-Finax-HerrljungaSälj AB supported the sale of the pepparkakorbiscuits at points of sale in Sweden.Pepparkakshuset i Tyresö ABIn November 2010, Annas Pepparkakor HoldingAB acquired the assets of Pepparkakshuset iTyresö AB for the purchase price of kSEK 66,275(kEUR 7,226). This asset deal was included in theconsolidation on 1 December. Pepparkakshuset iTyresö AB owns the land and building whereAnnas Pepparkakor AB produces and sells itspapparkakor biscuits. Previously the building wasleased.Enkhuizer Koekfabriek BV & LotusBakeries Asia PACIFIC LimitedIn 2010 two additional companies were foundedwithin the Lotus Bakeries Group: EnkhuizerKoekfabriek BV in the Netherlands and LotusBakeries Asia Pacific Limited in Hong Kong.1.3 Legal Structure of the Lotus Bakeries Group on 31 December 2010LotusBakeries NV(BE)Lotus BakeriesGroup Services NV(BE)99.8 %CremersRibertNV(BE)InterwafflesNV(BE)MargarinerieHinnekensNV(BE)LotusLekkers NV(BE)LotusBakeriesNederlandBV (NL)LotusBakeriesGmbH(DE)LotusBakeriesInvest AG(CH)LotusBakeriesFrance SAS(FR)LotusBakeriesUK Ltd(UK)LópezMarket S.L.(ES)LotusBakeriesCZ s.r.o.(CZ)Annas-LotusBakeriesHolding AB(SE)LotusBakeriesAsia PacificPte. Ltd. (SG)LotusBakeriesAsia PacificLtd. (HK)LotusBakeries NorthAmerica CalgaryLtd.(CA)LotusBakeriesRéassurancesSA (LU)99.9 %99.9 %80 %99.9 %100 %100 %100%100 %100 %95 %100 %100 %100 %100 %100 %99.9%20 %KoninklijkePeijnenburgBV(NL)LotusBakeriesSchweiz AG(CH)LotusBakeriesNorth AmericaInc. (USA)BiscuiterieLe GlazikSAS(FR)BiscuiterieVanderSAS(FR)AnnasPepparkakorHolding AB(SE)100 %100 %100 %100 %100 %100 %WK KoekBeheerBV(NL)Peijnenburg’sKoekfabriekenBV(NL)EnkhuizerKoekfabriekBV(NL)ABAnnasPepparkakor(SE)Pepparkakshuseti TyresöAB (SE)100 %100 %100 %100 %100 %n o t e sWK KoekBakkerijBV(NL)100 %7
2. ACCOUNTING PRINCIPLES2.1 Statement of complianceThe consolidated financial statements weredrawn up in accordance with the InternationalFinancial Reporting Standards (IFRS) as ratifiedfor application within the European Union. LotusBakeries has used IFRS as its only accountingnorm since 1 January 2005. The IFRS openingbalance sheet is that dated 1 January 2004. Thefigures for the 2004 financial year were revisedfrom BGAAP (Belgian accounting standards) toIFRS. The last consolidated financial statementsunder BGAAP were for the 2004 financial yearthat ended on 31 December 2004.2.2 Basis of presentationThe consolidated financial statements arepresented in thousands of euros and present thefinancial situation as of 31 December 2010.The accounting principles were consistentlyapplied.The consolidated financial statements arepresented on the basis of the historical cost pricemethod, with the exception of the evaluation atfair value of financial derivatives and financialassets available for sale.The consolidated financial statements arepresented before allocation of the parentcompany’s result, as proposed to the GeneralMeeting of Shareholders and approved by theBoard of Directors on 11 February 2011 forpublication.Recent IFRS pronouncementsThe following new standards, amendments tostandards and interpretations are mandatory forthe first time for the Group’s accounting periodbeginning 1 January 2010:--IFRS 3 (revised), ‘Business combinations’. Thenew requirements are applicable to businesscombinations for which the acquisition date ison or after the beginning of the first annualperiod beginning on or after 1 July 2009;--IAS 27 (revised), ‘Consolidated and separatefinancial statements’ (effective 1 July 2009).The following new standards, amendments tostandards and interpretations are mandatory forthe first time for the Group’s accounting periodbeginning 1 January 2010, but are not currentlyrelevant to the Group:--Amendments to IAS 39, ‘Financial instruments:Recognition and measurement’ oneligible hedged items (effective 1 July 2009);--Amendments to IFRS 2, ‘Group cash-settledshare-based payment transactions’ (effective1 January 2010);--Amendments to IFRS 1, ‘Additional exemptionsfor first-time adopters’ (effective1 January 2010);--Amendments to IFRS 1, ‘First-time adoptionof IFRSs’;--IFRIC 12, ‘Service concession arrangements’(effective 30 March 2009);--IFRIC 15, ‘Agreements for the construction ofreal estates’ (effective 1 January 2010);--IFRIC 16, ‘Hedges of a net investment in aforeign operation’ (effective 1 July 2009);--IFRIC 17, ‘Distributions of non-cash assets toowners’ (effective 1 July 2009);--IFRIC 18, ‘Transfers of assets from customers’(effective 31 October 2009);--‘Improvements to IFRSs’ (2009).New Standards, amendments to existingstandards and interpretations that have beenissued by the IASB and endorsed by the EU andare mandatory for the Group’s accounting periodsbeginning on or after 1 January 2011 or laterperiods and which the Group has not earlyadopted, are:--Amendment to IAS 32, ‘Classification ofrights issues’ (effective 1 February 2010);--IAS 24 (revised), ‘Related party disclosures’(effective 1 January 2011);--Amendments to IFRIC 14, ‘Pre-payments of aminimum funding requirement’ (effective1 January 2011);--IFRIC 19, ‘Extinguishing financial liabilities withEquity Instruments’(effective 1 July 2010);--Amendments to IFRS 1 providing a limitedexemption from comparative IFRS 7 disclosuresfor first-time adopters(effective 1 July 2010).New standards, amendments to existingstandards and interpretations that have beenissued by the IASB but that are not yet endorsedby the EU, are:--IFRS 9, ‘Financial instruments’(effective 1 January 2013);--Amendments to IFRS 7, ‘Financial instruments:disclosures’ (effective 1July 2011);n o t e s8
Page 5 and 6: Consolidatedstatement ofchanges in
Page 7: Notes to theconsolidatedfinancial s
Page 11 and 12: 2.5 Foreign currenciesThe Group’s
Page 13 and 14: Reversal of impairmentsImpairments
Page 15 and 16: 2.20 RevenuesRevenues are included
Page 17 and 18: 3. SEGmENT REPORTINGby GEOGRAPHICAL
Page 19 and 20: 4. OTHER OPERATING INCOme AND CHARG
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Page 24 and 25: 13. DEFERRED TAxES14. DIVIDENDSNo d
Page 26 and 27: 20. INTEREST-BEARING LIABILITIES21.
Page 29 and 30: The share options and warrants outs
Page 31 and 32: 28. INVESTmENTS IN ASSOCIATED COmPA
Page 33 and 34: 3. Raw materials contractsRaw mater
Page 35 and 36: 6. Liquidity riskGiven the signific
Page 37 and 38: Statutory Auditor’s Reportto the
Page 39 and 40: Five-yearfinancial summarylotus bak
Page 41 and 42: aBRidged statutoryFinancial stateme
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consolidated financial statements - Lotus Bakeries

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