General notes
The Company and its operations
Vos Logistics Beheer B.V. (“Vos” or the “Company”) is a
resulting from intra-group transactions that are recognized in
logistics service provider registered in Oss, the Netherlands
assets are eliminated in full. Subsidiaries are fully consolidated
that operates throughout Europe.
from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date
Company activities include transport services of packed
that such control ceases.
goods
added
Minority interests represent the portion of profit and loss and
services, forwarding, distribution services and supply chain
net assets in participating interests not held by the Group and
management.
are presented separately in the income statement and within
Vos Logistics B.V. directly holds 100% of the shares in Vos
equity in the consolidated balance sheet separately from
Logistics Beheer B.V. Vos Logistics B.V. is the ultimate parent
parent shareholders’ equity.
company of Vos Logistics Beheer B.V. and includes the
Group companies are defined as participating interests that are
financial data of Vos Logistics Beheer B.V. in its consolidated
part of the economic entity of Vos Logistics Beheer B.V., which
financial statements, copies of which are available at cost from
are directly or indirectly controlled by the Company. Control
the Trade Registry of the Chamber of Commerce. In 2019
is achieved where the Company has the power to govern the
Elephantus B.V. changed its name to Vos Logistics B.V.
financial and operating policies of an entity so as to obtain
and
bulk
goods,
warehousing,
value
benefits from its activities. Financial figures of participating
Statement of compliance
interests are included in the consolidation from the effective
The accounting policies applied relate to both the consolidated
date of acquisition or the date when control is achieved.
financial statements and the Company financial statements.
Goodwill is recognized as the difference between historical
The consolidated financial statements have been prepared on
cost and fair value of the acquired participating interests. Since
a historical cost basis, unless stated otherwise.
the financial data of Vos Logistics Beheer B.V. are included in
The consolidated financial statements are presented in euros
the Group financial statements, the Company profit and loss
and all values are rounded to the nearest thousand (€ 000)
account is presented in abbreviated form in accordance with
except when otherwise indicated. The financial statements
the exemption permitted in Section 402 of Book 2 of the Dutch
have been prepared in accordance with the statutory
Civil Code.
provisions of Part 9, Book 2, of the Dutch Civil Code and the
Mergers and acquisitions
firm pronouncements in the Guidelines for Annual Reporting in The Netherlands as issued by the Dutch Accounting Standards
Acquisitions are recognized in the financial statements
Board. The financial statements are prepared on the going
according to the purchase accounting method. This means
concern assumption.
that any assets and liabilities acquired are carried at fair value as at the acquisition date. The difference between cost and
In general, assets and liabilities (except for Group equity) are
the company’s share of the fair value of the identifiable assets
stated at the amounts in which they are acquired or incurred,
and liabilities acquired at the time of the transaction of a
or fair value. If not specifically stated otherwise, they are
participating interest is recognized as goodwill.
recognized at the amounts in which they were acquired or
Foreign currency
incurred. The balance sheet, income statement and cash flow statement include references to the notes.
Transactions in foreign currencies are initially recorded in the functional currency rate prevailing at the date of transaction.
Basis of consolidation
Monetary assets and liabilities denominated in foreign
The financial statements were prepared on March 31, 2020.
currencies are translated to the functional currency rate of
The consolidated balance sheet and the profit and loss account
the exchange ruling at the balance sheet date. All differences
comprises of the financial statements of the Company and its
are taken to profit or loss except for translation differences on
subsidiaries as reported in the chapter Principal Participating
investments. These are taken directly to equity until the disposal
interests at 31 December 2019. All intra-group transactions,
of the net investment at which time they are recognized in the
balances, income and expenses and profits and losses
profit and loss account.
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