Catom Annual Report 2019 EN

2.9. Receivables Current receivables are stated at fair value upon their initial recognition and subsequently at amortised cost less any provisions deemed necessary. These provisions are determined through individual assessment of the receivables.

Where receivables involve a premium or discount and transaction costs, so that the effective interest rate is zero, the amortised cost is equal to nominal value.

2.10. Cash and cash equivalents Cash and cash equivalents are stated at nominal value.

2.11. Revaluation reserve 2.11.1. Revaluation of tangible fixed assets

If revaluations are reflected in the revaluation reserve net of the relevant (deferred) tax liabilities, the realisation of the revaluations is credited to other reserves on a net basis.

2.12. Provisions 2.12.1. General

A provision is recognised for liabilities when it is probable that they will have to be settled and the amount at which settlement will take place at the balance sheet date can be estimated reliably. The amount of the provision is determined based on the best estimate of the amounts required to settle the related liabilities and losses at the balance sheet date. Provisions are stated at nominal value, except for the provisions for other employee benefits and deferred taxes. These are stated at present value if the effect of the time value of money is material. 2.12.2. Provision for Dutch pension schemes Catom B.V. and its subsidiaries have four pension plans: three pension plans based on the career average system and one pension plan on the basis of a defined contribution scheme. The Dutch schemes are financed by contributions to pension administrators, to the company pension fund insofar as employees of petrol stations are involved, and to an insurance company for other employees who have a pension entitlement. The pension obligations are recognised as a charge in the profit and loss account based on the contributions to the pension administrator.

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