Total Produce Plc Half Yearly Report -7-
September 02 2014 - 2:01AM
UK Regulatory
Payments of contingent consideration (412) (1,867) (2,296)
Payments of deferred consideration (806) - -
Acquisition of property, plant & equipment (5,508) (5,621) (13,392)
Expenditure on computer software (720) (243) (1,265)
Research and development expenditure
capitalised (86) (80) (165)
Proceeds from disposal of property,
plant & equipment 361 157 609
Loans advanced to joint ventures &
associates (101) - (210)
Dividends received from joint ventures
& associates 4,254 3,652 4,056
Proceeds from disposal of joint ventures
& associates - 21,677 21,677
Government grants received 110 131 153
-------------- -------------- ---------------
Net cash flows from investing activities (13,227) 4,870 (5,481)
============== ============== ===============
Financing activities
Drawdown of borrowings 8,526 - 11,048
Repayment of borrowings (4,153) (18,100) (47,577)
Decrease/(increase) in bank deposits 40 3,799 (941)
Decrease in cash held in escrow - 11,360 11,360
Capital element of finance lease repayments (713) (655) (1,315)
Proceeds from the issue of share capital 621 - -
Dividends paid to equity holders of
the parent (5,495) (4,988) (6,999)
Acquisition of non-controlling interests (981) - (422)
Capital contribution by non-controlling
interests 55 - 15
Dividends paid to non-controlling interests (3,705) (3,421) (5,579)
-------------- -------------- ---------------
Net cash flows from financing activities (5,805) (12,005) (40,410)
============== ============== ===============
Net (decrease)/increase in cash, cash
equivalents & overdrafts (50,910) (26,066) 13,584
Cash, cash equivalents and & overdrafts
at start of period 101,178 88,960 88,960
Net foreign exchange difference (179) (758) (1,366)
-------------- -------------- ---------------
Cash, cash equivalents & overdrafts
at end of
the period (Note 12) 50,089 62,136 101,178
============== ============== ===============
Total Produce plc
Condensed Summary Group Reconciliation of Net Debt
for the half year ended 30 June 2014
(Unaudited) (Unaudited) (Audited)
6 months 6 months Year ended
to to
30 June 2014 30 June 31 Dec 2013
2013
EUR'000 EUR'000 EUR'000
Net (decrease)/increase in cash, cash
equivalents & overdrafts (50,910) (26,066) 13,584
Repayment of borrowings 4,153 18,100 47,577
Drawdown of borrowings (8,526) - (11,048)
(Decrease)/increase in bank deposits (40) (3,799) 941
Decrease in cash held in escrow - (11,360) (11,360)
Borrowings arising on acquisition (1,620) - -
Finance leases arising on acquisition (1,766) - -
Capital element of finance lease repayments 713 655 1,315
Other movements on finance leases (151) (761) (1,187)
Foreign exchange movement 84 2,153 2,218
-------------- ------------ -------------
Movement in net debt (58,063) (21,078) 42,040
Net debt at beginning of the period (10,987) (53,027) (53,027)
-------------- ------------ -------------
Net debt at end of the period (Note
12) (69,050) (74,105) (10,987)
============== ============ =============
Total Produce plc
Notes to the Interim Results for the half year ended 30 June 2014
1. Basis of preparation
The condensed consolidated interim financial statements of Total
Produce plc as at and for the six months ended 30 June 2014 have
been prepared in accordance with the recognition and measurement
requirements of IAS 34 Interim Financial Reporting, as adopted by
the EU. The accounting policies and methods of computation adopted
in the preparation of the financial information are consistent with
those set out in the Group's consolidated financial statements for
the year ended 31 December 2013, with the exception of those disclosed
below, which were prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the EU.
The interim financial information for both the six months ended
30 June 2014 and the comparative six months ended 30 June 2013 is
unaudited. The financial information for the year ended 31 December
2013 represents an abbreviated version of the Group's statutory
financial statements for that year. Those statutory financial statements
contained an unqualified audit report and have been filed with the
Registrar of Companies.
The preparation of interim financial statements requires management
to make judgments, estimates and assumptions that affect the application
of accounting policies and the reported amounts of assets and liabilities,
income and expense. Actual results may differ from these estimates.
In preparing these condensed consolidated interim financial statements,
the significant judgments made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty
were the same as those applied to the consolidated financial statements
as at and for the year ended 31 December 2013.
The financial information is presented in Euro, rounded to the nearest
thousand. These condensed consolidated interim financial statements
were approved by the Board of Directors on 1 September 2014.
Changes in accounting policy
The following are the new standards and amendments that are effective
for the Group's financial year ending on 31 December 2014 and that
had no significant impact on the results and financial position
of the Group for the period ended 30 June 2014.
* IFRS 10: Consolidated Financial Statements
* IFRS 11: Joint Arrangements
* IFRS 12: Disclosure of Interests in Other Entities
* IAS 28: Investments in Associates and Joint Ventures
(2011)
* IAS 32: Financial Instruments: Presentation
* IAS 39 (Amendment): Novation of Derivatives and
Continuation of Hedge Accounting
* IFRIC 21: Levies
IFRS 13 Fair Value Measurement
IFRS 13 establishes a single framework for measuring fair value
and making disclosures about fair value measurements when such measurements
are required or permitted by other IFRSs. It unifies the definition
of fair value as the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. It replaces and expands
the disclosure requirements in other IFRSs, including IFRS 7. As
a result the Group included additional disclosures in this regard
in its 2013 Annual Report.
As a result of the application of IFRS 13, the Group has amended
the presentation and classification of fair value movements on contingent
consideration. Under the provisions of IFRS 13, all fair value movements
on each item measured at fair value must be presented as a single
line item on the Group income statement.
The Group has elected to present fair value movements on the remeasurement
of contingent consideration within other operating income/(expense).
In the six month period ended 30 June 2013, the Group presented
interest charges on unwinding the net present value of contingent
consideration within financial expense and revisions to contingent
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