Nutreco
- Consolidated income statement
- Consolidated statement of comprehensive income
- Consolidated balance sheet
- Statement of changes in equity
- Consolidated cash flow statement
- Notes to the consolidated financial statements
- (1) Accounting policies used for the consolidated financial statements of Nutreco Holding N.V.
- (2) Reconciliation consolidated income statement
- (3) Operating segments
- (4) Discontinued operations and divestments
- (5) Assets and liabilities held for sale
- (6) Acquisitions
- (7) Other operating income
- (8) Personnel costs
- (9) Other operating expenses
- (10) Net financing costs
- (11) Income tax expense
- (12) Earnings per share
- (13) Property, plant and equipment
- (14) Intangible assets
- (15) Investments in associates
- (16) Other investments
- (17) Deferred tax assets and liabilities
- (18) Inventories
- (19) Biological assets
- (20) Trade and other receivables
- (21) Cash and cash equivalents
- (22) Equity attributable to the equity holders of the parent
- (23) Interest-bearing borrowings
- (24) Employee benefits
- (25) Provisions
- (26) Trade and other payables
- (27) Financial instruments and risk management
- (28) Contingent assets and liabilities
- (29) Related party transactions
- (30) Subsequent events
- (31) Accounting estimates and judgements
- (32) Notes to the consolidated cash flow statement
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10) Net financing costs
Recognised in income statement |
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(EUR x million) |
2009 |
2008 |
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Interest on deposits |
0.3 |
0.6 |
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Other interest income |
5.6 |
5.7 |
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Financial income |
5.9 |
6.3 |
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Interest expense on syndicated loan |
-13.8 |
-16.8 |
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Interest expense on private placement |
-11.9 |
-6.7 |
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Dividend expense on cumulative preference shares |
-3.6 |
-4.5 |
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Interest expense on short-term loans and bank overdrafts |
-4.3 |
-6.4 |
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Other expenses |
-4.7 |
-3.7 |
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Financial expenses |
-38.3 |
-38.1 |
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Foreign exchange gains/(losses) |
0.8 |
0.6 |
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Foreign exchange result |
0.8 |
0.6 |
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Net financing costs |
-31.6 |
-31.2 |
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Financial income decreased to EUR 5.9 million (2008: EUR 6.3 million), mainly due to lower short-term interest rates.
Financial expenses increased slightly to EUR 38.3 million (2008: EUR 38.1 million), mainly due to the issuance of a private placement and the refinancing of the syndicated loan. The increasing effect of the refinancing on interest expense on the syndicated loan and private placement is partly mitigated by a lower usage of the syndicated loan facility. Interest margin, commitment fees and arrangement fees have increased significantly due to the credit crisis. Arrangement fees are amortised over the life of the facility and included in other expenses. The dividend on preference shares decreased to EUR 3.6 million (2008: EUR 4.0 million) due to the full year effect of the repurchase of part of the shares for EUR 13.6 million in 2008. The 2008 amount includes the termination costs of EUR 0.5 million on 20% of the cumulative preference shares which were repaid and withdrawn in 2008.
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