Total Produce Plc Half Yearly Report -10-
September 02 2014 - 1:01AM
UK Regulatory
(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
Profit attributable to equity holders
of the parent 15,621 13,306 30,936
=============== ============= ==============
'000 '000 '000
Shares in issue at beginning of period 351,887 351,887 351,887
New shares issued (weighted average) 331 - -
Effect of treasury shares held (22,000) (22,000) (22,000)
--------------- ------------- --------------
Weighted average number of shares
at end of period 330,218 329,887 329,887
--------------- ------------- --------------
Basic earnings per share - cent 4.73 4.03 9.38
=============== ============= ==============
Diluted earnings per share
Diluted earnings per share is calculated by dividing the profit per
share attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding after adjustment for the effects
of all ordinary shares and options with a dilutive effect.
(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
Profit attributable to equity holders
of the parent 15,621 13,306 30,936
=============== ============= ==============
'000 '000 '000
Weighted average number of shares
at end of period 330,218 329,887 329,887
Effect of share options with a dilutive
effect 1,889 - 460
--------------- ------------- --------------
Weighted average number of shares
at end of period (diluted) 332,107 329,887 330,347
--------------- ------------- --------------
Diluted earnings per share - cent 4.70 4.03 9.36
=============== ============= ==============
The average market value of the Company's shares for the purpose of
calculating the dilutive effect of share options was based on the
quoted market prices for the year during which the options were outstanding.
Adjusted fully diluted earnings per share
Management believe that adjusted fully diluted earnings per share
as set out below provides a fair reflection of the underlying trading
performance of the Group after eliminating the impact of acquisition
related intangible asset amortisation charges and costs, property
revaluations and exceptional items and the related tax on these items.
Adjusted fully diluted earnings per share is calculated by dividing
the adjusted profit per share attributable to ordinary shareholders
(as calculated below) by the weighted average number of ordinary shares
outstanding after adjustments for the effects of all ordinary shares
with a dilutive effect.
(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
Profit attributable to equity holders
of the parent 15,621 13,306 30,936
Adjustments:
Exceptional items - net of tax (Note
5) (2,455) (47) (6,168)
Amortisation of acquisition related
intangible assets within subsidiaries 3,271 3,184 6,369
Group share of joint ventures & associates
acquisition related intangible asset
amortisation charges 753 708 1,593
Acquisition related costs within
subsidiaries 147 68 87
Tax effect of amortisation of intangible
assets (802) (851) (2,007)
Non-controlling interests share of
exceptional items, acquisition related
intangible asset amortisation charges
and costs and related tax (406) (387) (1,835)
--------------- ------------- --------------
Adjusted fully diluted earnings 16,129 15,981 28,975
--------------- ------------- --------------
'000 '000 '000
Weighted average number of shares
at end
of period (diluted) 332,107 329,887 330,347
Adjusted fully diluted earnings per
share - cent 4.86 4.84 8.77
=============== ============= ==============
7. Employee benefits
(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
Net liability at beginning of period (4,658) (28,324) (28,324)
Net interest expense and current
service cost recognised in the
income statement (1,315) (2,154) (4,053)
Past service credit arising on
modification to Group's defined
benefit pension arrangements recognised
in the income statement - - 10,317
Employer contributions to schemes 2,955 2,711 4,819
Remeasurement (losses)/gains recognised
in other comprehensive income (17,508) (3,726) 12,164
Translation adjustment (121) 455 419
------------- ------------- --------------
Net liability at end of period (20,647) (31,038) (4,658)
Net related deferred tax asset 3,252 4,465 715
------------- ------------- --------------
Net liability after tax at end
of the period (17,395) (26,573) (3,943)
============= ============= ==============
The table above summarises the movements in the net liability of
the Group's various defined benefit pension schemes in Ireland, the
UK and Continental Europe in accordance with IAS 19 Employee Benefits
(2011).
The Group's balance sheet at 30 June 2014 reflects pension liabilities
of EUR20.6m in respect of schemes in deficit, resulting in a net
deficit of EUR17.4m after deferred tax.
The current and past service costs and the net finance expense on
the net scheme liabilities are charged to the income statement. Remeasurement
gains and losses are recognised in other comprehensive income.
In determining the valuation of pension obligations, consultation
with independent actuaries is required. The estimation of employee
benefit obligations requires the determination of appropriate assumptions
such as discount rates, inflations rates and mortality rates.
The discount rates used in measuring the pension liability decreased
significantly in the period. The discount rate in Ireland and the
Eurozone decreased to 3.00% (31 December 2013: 3.90% and 30 June
2013: 3.70%) and in the UK decreased to 4.30% (31 December 2013:
4.60% and 30 June 2013: 4.60%). The long term Eurozone inflation
rate used in measuring the Irish and Eurozone liability decreased
to 1.70% (31 December 2013: 1.85% and 30 June 2013 1.85%). The UK
inflation rate assumption was 3.30% (31 December 2013: 3.30% and
30 June 2013: 3.00%).
The increase in the net liability during the period was due to the
above mentioned decreases in discount rates which results in an increase
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