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Notes to the parent company
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Notes to the parent company financial statement

PRINCIPLES FOR VALUATION AND DETERMINATION OF RESULTS

General

The parent company financial statements are part of the 2013/2014 financial statements of the group.

Insofar as items from the balance sheet and the profit and loss account from the parent company are not explained in more detail below, reference is made to the notes to the consolidated balance sheet and profit and loss account.

The figures for 2012/2013 have been re-classified, where necessary, in order to make comparison with 2013/2014 possible.

Financial instruments

In the parent company financial statements, financial instruments are presented on the basis of their legal form.

Accounting policy

The principles used for the valuation of assets and liabilities and the determination of results are the same as those used for the consolidated balance sheet and profit and loss account, with the exception of the following principles:

Share of results from participating interests

The share in the results of companies in which participating interests are held represents the share of the company in the results of these holdings. Results on transactions, for which a transfer of assets and liabilities has been effected between the company and its holdings and between holdings themselves, are not booked insofar as these can be considered as not yet realised.

Fiscal unity

The companies that comprise the fiscal unity are listed below:

Stet Holland B.V.
Bonna Terra B.V.
Zos B.V.
Zos Wehe B.V.
Partcipatie Maatschappij Buitenland B.V.

HZPC Holland B.V. is jointly and severally liable for the payment of corporation tax for these participating interests.

Share of results from participating interests

This concerns the share of the company in the results of its participating interests, of which EUR 4,854,000 (2012/13: EUR 4,621,000) relates to group companies.

Group companies

The receivables and debts relating to group companies concern short-term commercial transactions and are not interest-bearing.

1. Tangible fixed assets

           
x EUR 1.000          
 
Summary of composition and movements
           
  Buildings
and land
Machinery and installations Other fixed operating
assets
Total 2013/14 Total 2012/13
           
Opening balance 7,282 4,108 54 11,444 11,838
Investments 1,091 1,207 - 2,298 1,251
Closing balance
 
8,373
 
5,315
 
54
 
13,742
 
13,089
 
Depreciation -712 -1,078 -23 -1,813 -1,645
Closing balance 7,661 4,237 31 11,929 11,444
Acquisition value as of 1 July 17,144 11,180 157 28,481 26,183
Cumulative depreciation -9,483 -6,943 -126 -16,552 -14,739
Closing balance 7,661 4,237 31 11,929 11,444
           

 

2. Financial fixed assets

Summary of composition and movements Scroll to the right >>
               
  Participating interests in group companies Loans to group companies Loans to participants and participating interests Other securities Deferred tax assets Other receivables Total 2013/14
               
Book value
as of 1 July
21,232 2,882 188 34 1,723 66 26,125
               
Investments/additions    - - 90 - -55 - 35
Share of results from participating interests 5,134 - - - - - 5,134
Dividend payments/repayments -727 -18 -76 - - -13 -834
Revaluation - - - - - 12 12
Currency differences 142 - - - - - 142
Other movements - - - - - -13 -13
Movements 4,549 -18 14 - -55 -14 4,476
               
Book value as
of 30 June
25,781 2,864 202 34 1,668 52 30,601
               

Participating interests in group companies

The participating interests that are presented under the consolidation principles are accounted for under participating interests in group companies.

Loans to group companies

This concerns a loan to HZPC Kantaperuna Oy at an interest rate of 4%. EUR 0.9 million of this loan is receivable before 30 June 2016. The remainder of the loan matures on 30 June 2020.

Deferred tax assets

The deferred tax asset has arisen because of valuation differences in tangible fixed assets and receivables. The difference between the calculated  tax payable or receivable (on book basis) and the actual tax payable or receivable in the future (on tax basis) is recorded as a deferred tax asset of liability.

3. Capital and reserves

Paid and called-up capital
The authorised capital on the balance sheet date amounts to EUR 50,000,000 and consists of 2,500,000 ordinary shares with a nominal value of EUR 20. Of these shares, 783,725 have been issued and paid up.

The value of the paid and called-up capital amounts to EUR 15,674,500.

Summary of composition and movements
             
  Paid and
called up capital
Share
premium reserve
Legal reserves Currency translation
reserve
Retained earnings Total
2013/14
             
Book value as of 1 July 15,675 1,433 1,964 -126 19,873 38,819
             
Dividend payment - - - - -5,878 -5,878
Transfers - - 276 - -276 -
Results for the financial year - - - - 9,199 9,199
Currency diferences - - - 142 - 142
             
Book value as of 30 June 15,675 1,433 2,240 16 22,918 42,282
             

The legal reserve is formed for a loan granted to Vereniging HZPC (HZPC Association), which has used this money to facilitate the purchase of certificates of shares in HZPC Holland B.V. by members of the Association retained profits from the non-consolidated participating interests.

Other explanatory notes

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 expense and risk of the growers. These positions are valued daily at the 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.
x EUR 1    
     
Remuneration Management Board and Supervisory Board 2013/14 2012/13
     
Charged to the financial year: Supervisory Board 71,000 74,000
     

A statement of the remuneration of the management has been omitted, pursuant to the provisions of Section 383 of Book 2, Title 9 of the Dutch Civil Code.

x EUR 1    
     
Auditor's fee 2013/14 2012/13
     
Audit of the annual accounts for the Netherlands (KPMG accountants N.V.) 65,000 65,000
Audit of the foreign annual accounts (KPMG accountants) 58,773 40,375
Audit of the annual accounts for previous financial year - 10,000
Tax-related activities 17,066 15,738
Non-audit services 80,500 27,694
     
Total auditor's fee 221,339 158,807

Joure, 16 October 2014

Board of directors,

G.F.J. Backx, Chief Executive Officer
H.D. Heijtmeijer, Chief Financial Officer
H. Verveld, Chief Commercial Director

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 balance sheet 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 Other information read this chapter

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