Total Produce Plc Half Yearly Report -13-
02 September 2014 - 4:01PM
UK Regulatory
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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