Background
Annual accounts

Notes to the consolidated
balance sheet


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Notes to the consolidated balance sheet

1. Intangible fixed assets

     
x EUR 1,000    
     
The following overview shows the composition and movements in intangible fixed assets.    
  2013/14 2012/13
     
Goodwill paid 2,936 390
Cumulative depreciation -665 -78
Book value as of 1 July
 
2,271
 
312
 
Investments 80 2,546
Disposals -99 -
Depreciation -705 -587
Movements -724 1,959
     
Acquisition value 2,917 2,936
Cumulative depreciation -1,370 -665
Book value as of 30 June 1,547 2,271
     

 

2. Tangible fixed assets

 
x EUR 1,000
 
The following overview shows the composition and movements in tangible fixed assets.
  Buildings and land Machinery and installations Other fixed assets Total
2013/14
Total
2012/13
           
Opening balance 9,952 5,670 550 16,172 16,434
Investments 1,148 1,462 174 2,784 2,134
  11,100 7,132 724 18,956 18,568
Disposals - - -25 -25 -11
  11,100 7,132 699 18,931 18,557
Depreciation -904 -1,461 -185 -2,550 -2,385
Closing balance 10,196 5,671 514 16,381 16,172
           
Acquisition value as of 30 June 29,508 18,051 2,322 49,881 47,119
Cumulative depreciation -19,312 -12,380 -1,808 -33,500 -30,947
Closing balance 10,196 5,671 514 16,381 16,172
           

 

3. Financial fixed assets

             
x EUR 1,000            
             
The following overview shows the composition and movements in tangible fixed assets.
  partici-pating interests Loans to
participants
and participating interests
Others securities Deferred tax assets Other recei-vables Total
2013/14
             
Book value as
of 1 July
1,889 188 34 1,723 80 3,914
             
Investments/additions - 90 - -55 -1 34
Disposals - - - - - -
Share of results from participating interests 280 - - - - 280
Divident payments/
repayments
-111 -76 - - -13 -200
Revaluation - - - - 12 12
Exchange rate differences 45 - - - - 45
Other movements - - - - -13 -13
             
Movements 2013/14 214 14 - -55 -15 158
             
Book value as
of 30 June
2,103 202 34 1,688 65 4,072

 

Participating interests
The minority participations that are presented under the consolidation principles are accounted for under participating interests.

Deferred tax assets
The deferred taxes asset has arisen because of valuation differences in tangible fixed assets and receivables. The difference between the thus calculated tax and the owed tax or claimable tax in the future is expressed as a asset or a provision for deferred taxes.

4. Trade and other receivables

The amounts in the other receivables/accrued income have a term of less than 1 year.

Trade receivables
The debtors’ balance is presented after deduction of the provision for possible irrecoverability. On the basis of individual assessments, the management has decreased the provision for doubtful debtors at the end of the financial year to 16.6 million euros (previous financial year: 17.4 million euros).

     
Other receivables and accrued income 30-06-2014 30-06-2013
     
Other receivables 2,021 1,393
Accrued income 2,364 2,565
  4,385 3,958
     

5. Cash and cash equivalent

The liquid assets include demand deposits amounting to 12.5 million euros (immediately claimable). All other liquid assets are also immediately claimable.

6. Group equity

For an explanation of the group equity, reference is made to the notes on equity in the parent financial statement. The share of third parties in the group equity is zero.

7. Provisions

The pension provision comprises the liabilities with respect to pension plans and comparable liabilities.

     
Pensions 30-06-2014 30-06-2013
     
Opening balance 1 July 534 584
Additions 88 105
Withdrawals -271 -155
Closing balance 30 June 351 534
     

The entire amount is long-term.

     
Other provisions 30-06-2014 30-06-2013
     
Opening balance 1 July 331 324
Additions: movements 12 7
Closing balance 30 June 343 331
     

The provision for anniversary liabilities is calculated on the basis of a 4% discount rate and taking the expected turnover in personnel into account. Of this amount EUR 30,000 is short-term.

8. Current liabilities

Grower deposits
The grower deposits has a long-term character, but has been classified under current liabilities because it is immediately withdrawable by the members. Interest is paid (monthly) on the grower deposits. At the end of the financial year, the interest rate amounts at 1.5%.

     
Other debts and accrued liabilities 30-06-2014 30-06-2013
     
Other debts 6,933 6,478
Accrued liabilities 824 1,152
  7,757 7,630
     

Financial instruments

During the normal course of business, the company uses various financial instruments that expose it to market, currency, interest, cash flow, credit and liquidity risks. To control these risks, the company has instituted a policy including a code of conduct and procedures that are intended to limit the risks of unpredictable adverse developments in the financial markets and thus for the financial performance of the company.

Credit risk

The principal credit risk for the company is irrecoverable bad debts.

Currency risk

As a result of its international activities, the company exposed to currency risk from the debts and receivables listed on the balance sheet, from net investments in foreign companies and from future transactions, particularly those in American dollars and the pound sterling. The company also invoices licence fees in South African Rands; due to the uncertainty around the actual date of receipt, these receivables are not hedged. Further invoices issued by the company are in euros, so the risk is contained.

Liquidity risk

The company monitors its cash position by using successive liquidity budgets. The management ensures that the cash position is sufficient to meet the company's financial obligation towards creditors.

OFF-BALANCE SHEET LIABILITIES

These concern:

  • Obligations with respect to operational lease liabilities and rental for an amount of EUR 1.3 million. EUR 0.7 of this amount has a term of less than 1 year.
     
  • To cover for commercial transactions in ware potatoes for the coming harvest year, HZPC Holland B.V. takes positions in the potato futures market for the for the expense and risk of the growers. These positions are valued daily at fair value. Any results on the outstanding positions at the end of the financial year are accounted for in the financial year to which the harvest is related. No contracts were unsettled on the balance sheet date.
     
  • In April 2014, HZPC Holland and the Agribusiness division of the Indian company Mahindra & Mahindra Ltd. agreed to set up a joint venture with a view to establishing and developing the trade in seed both within and outside India. Mahindra's contribution will be its seed activities and HZPC will contribute knowledge and expertise. Early in the 2014/15 financial year, HZPC Holland B.V. will take a 40% interest in the joint venture in India via its holding in Participatie Maatschappij Buitenland B.V.. The investment involved is EUR 1.3 million.

 

Other chapters

Our Annual Report read this chapter Overview and Strategy read this chapter Management (operational) read this chapter Corporate Management read this chapter Annual Account of HZPC Holland B.V. Table of content of Annual Account read this chapter Consolidated balance sheet read this chapter Consolidated profit and loss account read this chapter Consolidated cash-flow statement read this chapter Notes to the consolidated financial statements read this chapter Notes to the consolidated profit and loss account read this chapter Parent company balance sheet read this chapter Parent company profit and loss account read this chapter Notes to the parent company financial statements read this chapter Other information read this chapter

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