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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(16) Other investments |
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(EUR x million) |
Equity securities |
Debt securities |
Total |
|||
|
2009 |
2008 |
2009 |
2008 |
2009 |
2008 |
|
|
As at 1 January |
3.9 |
4.2 |
31.9 |
38.9 |
35.8 |
43.1 |
|
Acquisitions through business combinations |
- |
- |
- |
0.7 |
- |
0.7 |
|
Capital increase |
- |
0.1 |
- |
0.3 |
- |
0.4 |
|
Additions |
- |
- |
11.6 |
- |
11.6 |
- |
|
Transfer from/(to) other balance items |
-0.3 |
- |
0.8 |
-1.6 |
0.5 |
-1.6 |
|
Disposals/loans repaid |
-0.1 |
- |
-4.9 |
-3.6 |
-5.0 |
-3.6 |
|
Value adjustments |
- |
- |
1.0 |
-0.3 |
1.0 |
-0.3 |
|
Impairment |
- |
- |
-1.0 |
-2.2 |
-1.0 |
-2.2 |
|
Effect of movement in foreign exchange |
0.3 |
-0.4 |
0.2 |
-0.3 |
0.5 |
-0.7 |
|
As at 31 December |
3.8 |
3.9 |
39.6 |
31.9 |
43.4 |
35.8 |
|
Equity securities consist of Nutreco’s participation in several companies in which Nutreco does not have control or significant influence. The financial statements of these companies for the financial year 2009 have not been approved and received before publication of the Nutreco results. Therefore, the fair value can not be measured reliably and the participations are valued at cost. However, based on the figures for the financial year 2008, the recorded costs of these investments will approximate the fair value. |
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Breakdown of debt securities |
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|
(EUR x million) |
2009 |
2008 |
|
Loans to Dutch Nutreco Pension Fund |
12.1 |
12.1 |
|
Loan related to divestment Euribrid |
12.3 |
15.3 |
|
Loans to customers |
24.3 |
8.3 |
|
48.7 |
35.7 |
|
|
Provision |
-9.1 |
-3.8 |
|
39.6 |
31.9 |
|
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Loans to Dutch Nutreco Pension Fund
The loans to the Dutch Nutreco Pension Fund consist of a subordinated loan of EUR 7.0 million and a loan of EUR 5.1 million which have been granted by Nutreco to the Dutch Nutreco Pension Fund during 2003 and 2004. The interest rate is Euribor plus 0.5%. Repayment of the loans depends on fulfilling specific conditions by the Dutch Nutreco Pension Fund and approval by De Nederlandsche Bank.
The Dutch Nutreco Pension fund is based on contribution plans; therefore, Nutreco has no long-term obligations to compensate losses.
Loan related to divestment Euribrid
At balance sheet date a loan of EUR 13.0 million relates to Euribrid, a former investment of Nutreco divested in 2007. An interest of 5% is being charged by Nutreco. The nominal value of this loan amounts to EUR 13.6 million (2008: EUR 21.6 million) and has been discounted with a rate of 8.0%, resulting in the above amount of EUR 13.0 million (2008: EUR 19.9 million). This loan is subordinated and has been accounted for under other investments for an amount of EUR 12.3 million (2008: EUR 15.3 million) and under trade and other receivables for EUR 0.7 million (2008: EUR 4.6 million).
Loans to customers
The loans to customers are mainly related to the sale of feed. Interest is charged based on normal business conditions. The number of loans to customers increased mainly due to the transfers from short-term receivables, which was caused by the effects of the financial crisis on some of our customers. To the extent possible, loans are secured by pledges on assets such as livestock. The provision on debt securities mainly relates to loans granted to customers in the compound feed and fish feed activities.
Risks
Nutreco’s exposure to credit, currency and interest rate risks related to other investments is disclosed in note 27.
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