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Green Earth Group NV Audit Report / Information 2009

Mar 18, 2010

Audit Report / Information

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( x € 1,000)	2009	2008	index

Income	415,387	447,547	93
Costs of raw materials and consumables	-189,618	-202,867	93
Costs of work contracted out and other external costs	-33,194	-31,747	105
Value-added	192,575	212,933	90
Other revenue	522	266	196
	193,097	213,199	91
Personnel expenses	-122,301	-123,153	99
Depreciations tangible fixed assets	-30,076	-31,661	95
Impairments	-143	254
Other operating costs	-52,479	-51,875	101
Reorganisation costs	-21,119	-933
Operating result	-33,021	5,831
Financing income	171	518
Financing costs	-3,848	-4,861
Result before taxation	-36,698	1,488
Income tax	9,236	-202
Result after taxation	-27,462	1,286

Attributed to: Shareholders Roto Smeets Group NV	-27,317	1,354
Minority shares	-145	-68
	-27,462	1,286
Key figures
Average number of outstanding ordinary shares	3,290,275	3,290,275
Attributed to shareholders Roto Smeets Group NV:
Earnings per share	-8.30	0.41
Value-added in % of income	46.4	47.6

( x € 1,000)	2009	2008

ASSETS
Fixed assets Tangible fixed assets	166,634	178,558
Associated companies and joint-ventures	–	–
Financial fixed assets	5,951	1,157
	172,585	179,715

Current assets
Stocks	9,070	12,285
Trade receivables	62,362	70,953
Other receivables and prepayments	7,388	17,507
Financial derivatives Cash and cash equivalents	- 1,220	87 1,558
	80,040	102,390
Assets classified as held for sale	9,243	6,525
	89,283	108,915

Total assets	261,868	288,630
EQUITY AND LIABILITIES
Shareholders' equity attributed to shareholders
Roto Smeets Group NV

Capital issued	16,451	16,451
Share premium	12,833	12,833
Retained earnings	73,997	101,314
Other reserves	(600)	(426)
	102,681	130,172
Minority interests	-	247
Total shareholders' equity	102,681	130,419

Long-term liabilities
Deferred tax liability	-	1,726
Provisions	12,268	14,305
Interest-bearing loans:
Loans	-	10,500
Lease liabilities	23,471 35,739	27,239 53,770
Current liabilities
Trade debts and other liabilities	59,562	56,811
Finance companies	22,934	25,988
Interest-bearing loans	19,171	9,494
Income tax payable	2,980	4,977
Financial derivatives	587	-
Provisions	18,214	7,171
	123,448	104,441

Total liabilities	159,187	158,211
Total equity and liabilities	261,868	288,630

Cash flow from operating activities Net result -27,462 1,286 Depreciation and exceptional impairments 30,219 31,407 Profit on sale of assets held for sale -49 – Other non-cash items 8,372 2,124 Changes in Stocks 3,215 -3,731 Trade receivables 9,500 7,778 Other receivables and prepayments 10,206 1,658 Trade and other payables 12,386 -19,636 Deferred taxation -6,607 -502 Provisions -10,710 -7,572 Cash flow from operating activities 29,070 12,812 Cash flow from investing activities Investments in tangible fixed assets -24,404 -24,959 Divestments in tangible fixed assets 796 1,935 Result on sale assets held for sale* 1,742 – Repayments on loans 86 943 -21,780 -22,081 Cash flow from financing activities Withdrawn risk-bearing loans 4,960 13,990 Repayments risk-bearing loans -9,551 -13,436 Finance companies -3,054 14,184 Dividend – -5,785 -7,645 8,953 Effect of changes in exchange rates 17 -35 Net change in cash and cash equivalents -338 -351 Cash and cash equivalents at beginning of year 1,558 1,909 Cash and cash equivalents at end of year 1,220 1,558	( x € 1,000)	2009	2008

*)Sale assets Breda

	issued capital	share premium	retained earnings	other reserves	total	minority interests	total equity
( x € 1,000)
Balance as at January 1, 2009	16,451	12,833	101,314	-426	130,172	247	130,419
Result after taxes			-27,317		-27,317	-145	-27,462
Unrealised results after taxes Total realised and unrealised				-174	-174	-102	-276
results after taxes	0	0	-27,317	-174	-27,491	-247	-27,738
Balance as at December 31, 2009	16,451	12,833	73,997	-600	102,681	0	102,681

	issued capital	share premium	retained earnings	other reserves	total	minority interests	total equity
( x € 1,000)
Balance as at January 1, 2008	16,451	12,833	105,745	-89	134,940	288	135,228
Result after taxes Unrealised results after taxes Total realised and unrealised			1,354	-337	1,354 -337	-68 27	1,286 -310
results after taxes Dividend payements	0	0	1,354 -5,785	-337	1,017 -5,785	-41	976 -5,785
	0	0	-4,431	-337	-4,768	-41	-4,809
Balance as at December 31, 2008	16,451	12,833	101,314	-426	130,172	247	130,419

( x € 1,000)	Print Productions	Marketing Communications	eliminations	consolidated
Revenue Intersegment revenue	398,623 0	16,764 0	0 0	415,387 0
Total revenue	398,623	16,764	0	415,387
Segment net result	-28,063	601	0	-27,462
Assets and liabilities Segment assets Assets classified as held for sale Unallocated assets Total assets	242,855	4,593	-233	247,215 9,243 5,410 261,868
Segment liabilities Unallocated liabilities Total liabilities	96,648	1,651	-233	98,066 61,121 159,187
Other information Capital expenditure tangible fixed assets Depreciation including exceptional impairments	24,313 30,092	91 127		24,404 30,219

( x € 1,000)	Print	Marketing	eliminations	consolidated
	Productions	Communications
Revenue	429,059	18,488	0	447,547
Intersegment revenue		3	-3	0
Total revenue	429,059	18,491	-3	447,547
Segment net result	-669	1,955		1,286
Assets and liabilities Segment assets Assets classified as held for sale Unallocated assets Total assets	267,403	4,839	-250	271,992 6,525 10,113 288,630
Segment liabilities Unallocated liabilities Total liabilities	92,876	1,724	-250	94,350 63,861 158,211
Other information Capital expenditure tangible fixed assets Depreciation including exceptional impairments	24,838 31,240	121 167		24,959 31,407