plant & equipment                                            (136)             (9)          (299) 
 Net interest expense                                          2,819           2,646          5,178 
 Net gain on non-hedging derivative 
  financial instruments                                        (575)           (743)          (566) 
 Gain reclassified to the income statement 
  on available-for-sale financial asset                      (2,455) 
  becoming an associate                                                            -              - 
 Share of profits of joint ventures 
  & associates                                               (3,231)         (2,922)        (5,001) 
 Gain on disposal of joint ventures 
  & associates                                                     -           (234)          (234) 
 Income tax paid                                             (6,267)         (3,319)       (10,829) 
 Net interest paid                                           (2,824)         (3,068)        (5,339) 
                                                      --------------  --------------  ------------- 
 Cash flows from operations before 
  working capital movements                                   20,647          25,349         45,031 
                                                      --------------  --------------  ------------- 
 Movements in working capital: 
 
   *    Movements in inventories                            (20,967)        (10,596)        (2,733) 
 
   *    Movements in trade and other receivables            (59,926)        (97,132)          3,581 
 
   *    Movement in trade and other payables                  28,368          63,448         13,596 
 Total movements in working capital                         (52,525)        (44,280)         14,444 
                                                      --------------  --------------  ------------- 
 Cash flows from operating activities                       (31,878)        (18,931)         59,475 
                                                      ==============  ==============  ============= 
 
 
 
 12.     Analysis of Net Debt and Cash and Cash Equivalents 
 
   Net debt is a non-IFRS measure which comprises bank deposits, cash 
   and cash equivalents and current and non-current interest-bearing 
   loans and borrowings. The calculation of net debt at 30 June 2014, 
   30 June 2013 and 31 December 2013 is as follows: 
 
 
                                 (Unaudited)     (Unaudited)      (Audited) 
                                30 June 2014    30 June 2013    31 Dec 2013 
                                     EUR'000         EUR'000        EUR'000 
 Current assets 
 Bank deposits                         4,700               -          4,740 
 Cash and cash equivalents            92,693          88,623        103,463 
 Current liabilities 
 Bank overdrafts                    (42,604)        (26,487)        (2,285) 
 Current bank borrowings             (1,848)         (1,111)        (1,268) 
 Current finance leases              (1,416)         (1,277)        (1,326) 
 Non-current liabilities 
 Non-current bank borrowing        (116,072)       (129,992)      (110,772) 
 Non-current finance leases          (4,503)         (3,861)        (3,539) 
                              --------------  --------------  ------------- 
 Net debt at end of period          (69,050)        (74,105)       (10,987) 
                              --------------  --------------  -------------

Reconciliation of cash and cash equivalents per balance sheet to cashflow statement

 
                                           (Unaudited)    (Unaudited)       (Audited) 
                                              6 months       6 months      Year ended 
                                            to 30 June     to 30 June     31 Dec 2013 
                                                  2014           2013 
                                               EUR'000        EUR'000         EUR'000 
 Cash and cash equivalents per balance 
  sheet                                         92,693         88,623         103,463 
 Bank overdrafts                              (42,604)       (26,487)         (2,285) 
 Cash, cash equivalents and bank 
  overdrafts per 
  Cash flow statement                           50,089         62,136         101,178 
                                         -------------  -------------  -------------- 
 
 
 13.    Post balance sheet events 
 
  Post period end the Group acquired a 45% interest in Eco Farms Investments 
   Holdings LLC ('Eco Farms'), the Californian based avocado grower, 
   marketer and distributor. The Group has options to acquire further 
   shares in Eco Farms in due course to give Total Produce a majority 
   stake. There have been no other material events subsequent to 30 June 
   2014 which would require disclosure in this report. 
 
 14.    Related party transactions balance sheet events 
 
 There have been no related party transactions or changes to related 
  party transactions other from those as described in the 2013 Annual 
  Report that materially affect the financial position or affect the 
  performance of the Group for the six month period ended 30 June 2014. 
 
 15.    Board approval 
 
 This interim results statement was approved by the Board of Directors 
  of Total Produce plc on 1 September 2014.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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