Batenburg

Notes to the consolidated balance sheet in € 1,000

1. Property, plant and equipment	Land and buildings	Machines and installations	Other tangible assets	Total
Value at costs	15,297	1,003	10,022	26,322
Accumulated depreciation (-)	5,242	629	6,859	12,730
Balance at 1 January 2008	10,055	374	3,163	13,592
Changes in 2008:
Investments	134	588	1,198	1,920
Disposals (-)	-	-	29	29
Depreciation (-)	790	190	1,035	2,015
Total changes 2008	-656	398	134	-124
Value at costs	15,431	1,591	10,764	27,786
Accumulated depreciation (-)	6,032	819	7,467	14,318
Balance at 31 December 2008 / 1 January 2009	9,399	772	3,297	13,468
Changes in 2009:
Investments	103	27	969	1,099
Business combinations	-	1	48	49
Disposals (-)	-57	-67	199	75
Depreciation (-)	796	239	1,145	2,180
Total changes 2009	-636	-144	-327	-1,107
Value at costs	15,455	1,670	10,996	28,121
Accumulated depreciation (-)	6,693	1,042	8,026	15,761
Balance at 31 December 2009	8,762	628	2,970	12,360
The actual value of land and buildings, based on appraisals in 2008, amounts to € 14.1 million. In 2009 no impairments losses were recognised.

2. Intangible assets	Goodwill	Customer files / contracts	Total
Value at costs	13,432	-	13,432
Accumulated amortisation (-)	1,728	-	1,728
Balance at 1 January 2008	11,704	-	11,704
Business combinations	-	100	100
Amortisation (-)	-	5	5
Total changes 2008	-	95	95
Value at costs	13,432	100	13,532
Accumulated amortisation (-)	1,728	5	1,733
Balance at 31 December 2008 / 1 January 2009	11,704	95	11,799
Business combinations	359	214	573
Amortisation (-)	-	18	18
Total changes 2009	359	196	555
Value at costs	13,791	314	14,105
Accumulated amortisation (-)	1,728	23	1,751
Balance at 31 December 2009	12,063	291	12,354

Allocation of goodwill to segments		2009	2008
Segment Installation		6,562	6,203
Segment Trade		5,501	5,501
Total		12,063	11,704
In 2009 new business combinations are Installatiebureau Meurs B.V. in Apeldoorn and the assets of vanPanhuis and OSP in Putten. This acquisitions are disclosed in the paragraph "Changes within the Company". The recoverable amount of the cash generating units is based on value in use. For the calculation expected cash flows are used from the budgets and medium-term plans over a period of four years. For the period after four years no growth rate has been applied. Expected cash flows are discounted at a discount rate of 8.7% (2008: 8.4%). The discount rate has changed as a result of the increased risk-free interest rate and an increased market risk premium. The most important assumptions on which the budget and business plans are based are order volume and margin level.

3. Inventories	2009	2008
Trade goods	11,506	13,385
Raw materials	1,820	1,922
Provision for obsolete goods and materials	-3,951	-3,780
Total	9,375	11,527

4. Work in progress	2009	2008
Cumulative incurred costs plus profit	30,224	35,172
Progress billings	32,529	37,932
Work in progress	-2,305	-2,760
Due to customers	5,807	5,852
Due from customers	3,502	3,092

5. Trade receivables	2009	2008
Trade receivables up to 3 months	20,303	26,638
Trade receivables older than 3 months	1,834	1,231
Provision for doubtful debts	-1,003	-753
Total	21,134	27,116
The average agreed term of payment amounts to approximately 30 days. Credit risks increases when trade receivables are older than 3 months. On 31 December 2009 the payment due from customers included a total of € 0.7 million which will not be paid until specific conditions are fulfilled with respect to work in progress for third parties. Movements in the allowance for doubtful debts:

	2009	2008
Balance at 1 January	753	736
Business combinations	177	-
Amounts written off during the year as uncollectible	301	154
Impairment losses recognised on receivables	374	171
Balance at 31 December	1,003	753

6. Income taxes

Income tax receivable mainly relates to the difference between income taxes due and prepaid income taxes for fiscal year 2009 and earlier.


7. Cash and cash equivalents	2009	2008
Total	16,135	5,382
At the end of 2009 an amount of € 10 million is placed in short-term deposits and interest accounts (2008: € 3.2 million).

8. Employee benefits	1 January 2009	Benefits paid	Recognised in 2009 result	Business combination	31 December 2009
Liabilities related to jubilee benefits	388	-52	68	15	419
Other pension liabilities	116	-	72	-	188
Total	504	-52	140	15	607

Most of the Dutch employees participate in an pension scheme organised by the pension fund Pensioenfonds Metaal en Techniek ("PMT"). According to IAS 19 this plan is treated as defined contribution plan, because PMT cannot provide reliable information on the individual liabilities and assets of the participants. Based on the guidelines and principles of PMT, the coverage ratio (assets divided by liabilities) amounts to 101% at the end of 2009 (31 December 2008: 87%). As a result of the low coverage ratio PMT will raise the pension premium and will not index the pension agreements as of 1 January 2010. The contribution for 2010 is fixed on 16.1%.

9. Deferred tax liabilities	2009	2008
Balance at 1 January	838	916
Changes due to differences in commercial and fiscal valuation	-133	-78
Changes due to business combinations	4	-
Balance at 31 December	709	838

Movements in deferred tax liabilities can be specified as follows:

	1 January 2009	Recognised in 2009 result	Business combination	31 December 2009
Non-current assets	646	-58	-	588
Liabilities	193	28	4	225
Receivables	-1	-103	-	-104
Total	838	-133	4	709


10. Current provisions	2009	2008
Warranty provision	1,118	1,161
Pension provision	-	21
Total	1,118	1,182

Warranty provision	2009	2008
Movements are as follows:
Balance at 1 January	1,161	1,110
Changes due to business combinations	7	-
Other changes (on balance)	-49	51
Balance at 31 December	1,119	1,161

11. Due to customers	2009	2008
Due to customers arises when costs incurred and profit of a project less provisions for costs is less than progress billing, taking into account the stage of completion of the construction contract.	5,807	5,852

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Annual report Batenburg 2009