Total Produce Plc Half Yearly Report -12-
September 02 2014 - 2:01AM
UK Regulatory
liabilities 5,919 6,333 5,138 5,614 4,865 5,206
Derivative financial
liabilities 97 97 58 58 645 645
Contingent consideration 28,903 28,903 17,973 17,973 23,970 23,970
---------- ---------- ---------- ---------- ---------- ----------
587,400 587,321 566,205 567,052 485,986 486,038
========== ========== ========== ========== ========== ==========
The Group uses the following hierarchy for determining and disclosing
the fair value of financial instruments by valuation technique:
* Level 1: quoted (unadjusted) prices in active markets
for identical assets or liabilities;
* Level 2: other techniques for which all inputs which
have a significant effect on the recorded fair value
are observable, either directly or indirectly;
* Level 3: techniques which use inputs which have a
significant effect on the recorded fair value that
are not based on observable market data.
At 30 June 2014, 30 June 2013 and 31 December 2013 the Group recognised
and measured the following instruments at fair value:
30 June 30 June 30 June 30 June
2014 2014 2014 2014
Total Level 1 Level 2 Level 3
EUR'000 EUR'000 EUR'000 EUR'000
Assets measured at fair value
At fair value through profit or
loss
Foreign exchange contracts 303 - 303 -
Liabilities measured at fair value
At fair value through profit or
loss
Foreign exchange contracts (35) - (35) -
Contingent consideration (28,903) - - (28,903)
Designated as hedging instruments
Foreign exchange contracts (56) - (56) -
Interest rate swaps (6) - (6) -
------------------------------------------- ------------ ------------- ---------- -------------
30 June 30 June 30 June 30 June
2013 2013 2013 2013
Total Level 1 Level 2 Level 3
EUR'000 EUR'000 EUR'000 EUR'000
Assets measured at fair value
At fair value through profit or
loss
Foreign exchange contracts 72 - 72 -
Designated as hedging instruments
Foreign exchange contracts 477 - 477 -
Liabilities measured at fair value
At fair value through profit or
loss
Foreign exchange contracts (5) - (5) -
Contingent consideration (17,973) - - (17,973)
Designated as hedging instruments
Foreign exchange contracts (12) - (12) -
Interest rate swaps (41) - (41) -
------------------------------------------- ------------ ------------- ---------- -------------
31 Dec 31 Dec 31 Dec 31 Dec
2013 2013 2013 2013
Total Level 1 Level 2 Level 3
EUR'000 EUR'000 EUR'000 EUR'000
Assets measured at fair value
At fair value through profit or
loss
Foreign exchange contracts 20 - 20 -
Liabilities measured at fair value
At fair value through profit or
loss
Foreign exchange contracts (432) - (432) -
Contingent consideration (23,970) - - (23,970)
Designated as hedging instruments
Foreign exchange contracts (213) - (213) -
------------------------------------------- ------------ ------------- ---------- -------------
Additional disclosures for Level 3 fair value measurements
Contingent consideration
(Unaudited) (Unaudited) (Audited)
6 months to 6 months Year ended
30 June 2014 to 30 June 31 Dec 2013
2013
EUR'000 EUR'000 EUR'000
At beginning of period 23,970 17,121 17,121
Paid during the period (412) (1,867) (2,296)
Arising on acquisition of subsidiaries 4,314 172 2,437
Arising on acquisition of non-controlling 638 - -
interests
Fair value adjustment to contingent
consideration arising on acquisition
of associate * 417 2,610 2,610
Fair value movement resulting
in an adjustment to goodwill -
subsidiaries (625) - 3,640
Foreign exchange movements 236 (426) (443)
Included in the income statement
* Fair value remeasurements 365 363 901
At end of period 28,903 17,973 23,970
=================== ================= ==============
*An initial provisional fair value was assigned to contingent consideration
arising on the acquisition of an associate in 2013. This provisional
fair value was finalised in the current period, within twelve months
of the acquisition date, as permitted by IFRS 3 (Revised) Business
Combinations. As this adjustment was not material, the 2013 balance
sheet comparatives were not restated for this adjustment.
Additional disclosures for level 3 fair value measurements
Contingent consideration
Contingent consideration represents provision for the net present value
of the amounts expected to be payable in respect of acquisitions which
are subject to earn-out arrangements. Contingent consideration for
each individual transaction is valued internally by the Group Finance
team and updated as required at each reporting period.
11. Cash flows generated from operations
(Unaudited) (Unaudited) (Audited)
6 months 6 months Year ended
to to
30 June 2014 30 June 2013 31 Dec 2013
EUR'000 EUR'000 EUR'000
Operating activities
Profit before tax 24,171 22,868 48,235
Adjustments for non-cash items:
Depreciation of property, plant and
equipment (excl. depreciation within
joint ventures & associates) 6,730 6,548 13,170
Fair value movement on investment
property - 250 3,694
Impairment of property, plant and
equipment - - 808
Fair value movement on contingent
consideration estimates 365 363 901
Remeasurement to fair value of pre-existing
interest in acquiree - - (702)
Amortisation of intangible assets
- acquisition related 3,271 3,184 6,369
Amortisation of intangible assets
- development costs capitalised 227 217 413
Amortisation of intangible assets
- computer software 234 57 261
Amortisation of grants (143) (131) (348)
Share-based payment expense 101 199 403
Contributions to defined benefit
pension schemes (2,955) (2,711) (4,819)
Defined benefit pension scheme expense 1,315 2,154 4,053
Credit on modification to Group's
defined benefit pension arrangements - - (10,317)
Net gain on disposal of property,
Total Produce (LSE:TOT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Total Produce (LSE:TOT)
Historical Stock Chart
From Jul 2023 to Jul 2024
