RNS Number : 1554D
Hilton Food Group PLC
11 September 2008
Hilton Food Group plc
Interim Results for the 28 weeks to 13 July 2008
A robust trading performance with continuing
sales and profit growth
Hilton Food Group plc, the leading specialist retail meat packing business supplying major international food retailers in Europe, is
pleased to announce its interim results for the 28 weeks to 13 July 2008.
28 weeks to 28 weeks to 52 weeks to
13 July 15 July 31 Dec 2007
2008 2007
Turnover �378.5m �305.9m �577.7m
Operating profit before significant �11.2m �9.6m �17.4m
item*
Operating profit after significant item* �11.2m �7.9m �15.7m
Profit before tax �9.7m �7.4m �13.7m
Cash generated from operating activities �19.4m �16.3m �25.4m
before significant item*
Cash generated from operating activities �19.4m �14.6m �23.6m
after significant item*
Basic earnings per share before 9.5p 9.4p 15.0p
significant item*
Basic earnings per share after 9.5p 7.0p 12.7p
significant item*
Interim Dividend to be paid in 2.4p 2.2p 7.4p
December 2008
* the significant item in 2007 relates to costs to the Group associated with the flotation of Hilton Food Group plc on the London Stock
Exchange
* Turnover growth of 24 %
* Volume growth of 10 %
* Operating profit before significant items 17 % ahead of last year
* Continued strong cash generation with cash flow from operating activities of �19.4 m
* New bacon and sausage production facility in Ireland completed and commenced production in August 2008
Commenting, Robert Watson, Chief Executive said:
"I am pleased to report that over the first 28 weeks of 2008 our trading has been robust, despite rising raw material prices and a more
difficult general trading environment across Europe.
Strong turnover growth has been underpinned by an increased level of customer promotions, the positive impact of foreign currency
translation, raw material price increases feeding through into selling prices and a solid volume performance across the territories we
serve."
Enquiries
Hilton Food Group - Robert Watson, Nigel Majewski Tel: +44 (0) 1480 387214
Citigate Dewe Rogerson - Tom Baldock, Nicola Smith Tel: +44 (0) 207 638 9571
Financial Review
The Group is presenting its interim results for the 28 weeks to 13 July 2008, with comparative information for the 28 weeks to 15 July
2007 and the year to 31 December 2007. The interim results of the Group are prepared in accordance with International Financial Reporting
Standards ("IFRS") as adopted by the EU.
Underlying trading performance has been strong, with volumes growing overall by 10%. Further details of volume growth by segment are
detailed in the Review of Operations, below.
Total Group turnover rose by 24% to �378.5million, as compared to �305.9 million in the corresponding period last year. The increase is
above the level of volume gains, with a combination of higher raw material prices feeding directly into higher selling prices and the
favourable effect of currency translation.
Gross profit margins were 13.8%, compared to 14.1% in the corresponding period last year. The operating profit margin was little changed
at 3.0% ( 2007: 3.1%).
Operating profit for the first 28 weeks, at �11.2 million, was �1.6m (17% ) ahead of the operating profit before significant items of
�9.6m (�7.9m after flotation costs of �1.7m) earned in the corresponding period in 2007. Operating profit benefited from the impact of
higher volumes together with the favourable impact of currency translation, as compared to the corresponding period last year, but was
moderated by start up and diseconomy costs in Ireland and Poland, as detailed in the Review of Operations.
Net finance costs rose from �0.5m to �1.5m. The increase comprises a full period's interest charge in the current period on the pre
flotation bank borrowings, which were put in place part way through the corresponding 28 weeks in 2007, and reflects the absence of a once
off release of provisions for interest on overseas taxation exposures credited last year.
Profit before taxation was �9.7m (2007: �7.4m), reflecting the increase in operating profit of �1.6m and the absence of the once off
flotation costs in 2007 (�1.7m), offset by the higher finance charges (�1.0m). The tax charge for the period was �2.5m, an effective
underlying rate of tax of 26% (2007: 26%).
Basic earnings per share in the first 28 weeks were 9.5p (2007 9.4p before flotation costs) an increase of 1.1%.
The Board has declared an interim dividend of 2.4 pence per share, amounting to approximately �1.7m, (2.2 pence per share in 2007
amounting to �1.5m) which will be payable on 5 December 2008, to shareholders on the register at close of business on 7 November 2008.
Cash flow continues to be strong, with the Group generating �19.4 cash from operating activities during the period as compared to �16.3m
in the corresponding period last year (�14.6m after flotation costs of �1.7m). This has enabled the group to continue to reduce the level of
net debt outstanding, despite the investment in the new bacon and sausage production facility in Ireland. Group borrowings, net of cash
balances of �22.4 m, were �33.0m at 13 July 2008 (�36.2m at 31 December 2007).
Capital expenditure in the period was �8.4m with the principal areas of expenditure being the new bacon and sausage facility in Ireland,
which came on stream in August 2008, and continuing expenditure on efficiency improvement, upgrading information systems and routine
refurbishment across all our facilities.
Principal risks and uncertainties
The Group has a formal system to identify, assess and manage the impact of risks on its business. The more significant risks and
uncertainties faced by the Group, together with the Group's risk management process are detailed in the Corporate Governance report on pages
22 to 25 of the Hilton Food Group plc annual report and financial statements 2007. The principal risks and uncertainties itemised in this
report were:
* The Group is dependent on a small number of customers who exercise significant buying power and influence
* The Group's potential for growth is dependent on the brands of its customers and the future growth of their packed meat sales
* The Group's business is reliant on a number of key personnel and its ability to manage growth successfully
* The Group's business is dependent on maintaining a wide and flexible global meat supply base
* Outbreaks of disease affecting livestock and media concerns can impact the Group's sales
The risks and uncertainties outlined above have had no impact on the results for the 28 weeks to 13 July 2008 and remain unchanged with
respect to the last 24 weeks of the financial year, despite the worsening macroeconomic environment across Europe.
Related parties
Transactions with related parties, which comprise only purchases of raw material meat, are covered in note 11 to the condensed
consolidated interim financial information. The nature of these transactions are unchanged from previous years.
Review of Operations
Western Europe
Operating profit of �10.8 m ( 2007 �9.1m ) on turnover of �357.9m ( 2007 �293.4m)
Continued progress was made across our Western European operations in the UK, Ireland, Holland and Sweden with our customers continuing
to achieve organic growth. Volume growth was 8%, with turnover growth of 22%, the latter reflecting both higher raw material prices and
favourable currency translation rates into sterling. This was achieved despite an increasingly challenging macroeconomic environment, which
has resulted in consumers trading down in relation to their meat purchases, to mince and less expensive meat cuts, but has not, to date, had
any material effect on overall volumes of meat sold by our customers. Operating profit growth was moderated by start up costs incurred in
relation to the new bacon and sausage production facility in Ireland, which started production in August 2008.
Other regions
Operating profit of �0.4m ( 2007 �0.5m ) on turnover of �20.6m ( 2007 �12.5m)
In Central Europe, our trial to supply Tesco stores from our plant in Tychy continues to progress. Volumes have started to build, with
red meat products now being supplied to Tesco stores in the Czech Republic, Hungary, Poland and Slovakia. Volumes supplied to Ahold stores
in the Czech Republic remain encouraging. Overall volume growth was 34%, with turnover growth of 65% reflecting the progressive impact of
the Tesco trial, higher raw material prices and favourable currency translation rates into sterling. Operating profit for the period was
impacted by the inevitable start up and diseconomy costs involved in starting deliveries to four new customer channels, initially, in each
case, at low volume levels.
Investment in capacity expansion and efficiency
Hilton continues to invest in its facilities both to expand its business, as with the new sausage and bacon facility in Ireland, and to
ensure it keeps all its facilities well-invested at all times, so that it can achieve low unit costs and competitive selling prices at high
levels of production throughput. Capital expenditure in the period was �8.4m ( 2007 �6.9m ).
Employees
The progress made by the Group in the first 28 weeks of 2008 is attributable to the strength of the dedicated workforces and management
teams we have in place in each country and, on behalf of the Board, we would like to thank them for their continuing commitment, enthusiasm
and expertise.
Outlook
We have achieved robust growth across our business in spite of a worsening macroeconomic climate in Europe. We expect consumers'
increasing drive for value to continue and potentially accelerate. As a business with modern well invested and flexible facilities, a good
geographic spread and extensive global procurement reach, Hilton is considered by the Board to be well positioned for the current economic
environment. The last 24 weeks of 2008 will inevitably see continuing challenges, but the Board expects the Group to meet market forecasts
for the 2008 financial year.
Gordon Summerfield CBE Robert Watson OBE
Chairman Chief Executive
11 September 2008
Statement of Directors' Responsibilities
The directors confirm that, to the best of their knowledge, the attached condensed consolidated interim financial information has been
prepared in accordance with IAS 34 as adopted by the European Union and that the Financial Review on pages 3 to 4 and Review of Operations
on page 5 include a fair review of the information required by DTR 4.2.7R ( indication of important events during the first 28 weeks and
description of principal risks and uncertainties for the remaining 24 weeks of the year ) and DTR 4.2.8R ( disclosure of related parties and
changes therein ).
The directors of Hilton Food Group plc are listed in the Hilton Food Group plc annual report and financial statements 2007 on page 17.
There have been no changes in directors since 31 December 2007, a list of which is also maintained on the Hilton Food Group plc website:
www.hiltonfoodgroupplc.com.
On behalf of the Board Robert Watson OBE Nigel Majewski
Chief Executive Finance Director
Consolidated income statement
28 weeks 28 weeks
ended ended
13 July 15 July
2008 2007
Continuing operations Note �'000 �'000
Revenue 4 378,485 305,852
Cost of sales (326,377) (262,604)
Gross profit 52,108 43,248
Distribution costs (3,841) (3,359)
Administrative expenses (37,062) (30,291)
Restructuring and flotation costs - (1,687)
Operating profit 4 11,205 7,911
Finance income 610 220
Finance costs (2,135) (749)
Finance costs - net (1,525) (529)
Profit before income tax 9,680 7,382
Income tax expense 5 (2,539) (2,157)
Profit for the half year 7,141 5,225
Attributable to:
Equity holders of the company 6,605 4,874
Minority interest 536 351
7,141 5,225
Earnings per share for profit attributable to
the equity holders of the company
- Basic and diluted (pence) 7 9.5 7.0
The notes form an integral part of this condensed consolidated interim financial information.
Consolidated balance sheet
13 July 15 July 31 December
2008 2007 2007
Note �'000 �'000 �'000
Assets
Non-current assets
Property, plant and equipment 8 47,151 43,609 42,286
Intangible assets 8 3,910 4,242 3,987
Deferred income tax assets 1,395 1,274 1,273
52,456 49,125 47,546
Current assets
Inventories 14,568 9,776 9,654
Trade and other receivables 62,410 46,780 50,993
Cash and cash equivalents 22,393 18,373 20,792
99,371 74,929 81,439
Total assets 151,827 124,054 128,985
Capital and reserves attributable to
equity holders of the Group
Share capital 10 6,966 6,966 6,966
Other reserves 2,251 (77) 896
Retained earnings 15,022 9,625 12,039
24,239 16,514 19,901
Reverse acquisition reserve (31,700) (31,700) (31,700)
Merger reserve 919 919 919
(6,542) (14,267) (10,880)
Minority interest in equity 958 454 367
Total equity (5,584) (13,813) (10,513)
Liabilities
Non-current liabilities
Borrowings 9 48,497 48,517 50,302
Deferred income tax liabilities 1,710 1,244 1,580
Other non-current liabilities 56 1,248 264
50,263 51,009 52,146
Current liabilities
Borrowings 9 6,846 7,459 6,682
Trade and other payables 98,284 77,131 78,856
Current income tax liabilities 2,018 2,268 1,814
107,148 86,858 87,352
Total liabilities 157,411 137,867 139,498
Total equity and liabilities 151,827 124,054 128,985
The notes form an integral part of this condensed consolidated interim financial information.
Consolidated statement of changes in equity
Attributable to equity holders of the company
Reverse
Note Share Other Retained Sub Acquisit Merger Total Minority Total
capit reser earnings total ion reserv interest equity
al ves reserve e
�'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000
Balance at 1 January 2007 200 (102) 29,451 29,549 - - 29,549 1,288 30,837
Currency translation - 25 - 25 - - 25 3 28
differences
Profit for the half year - - 4,874 4,874 - - 4,874 351 5,225
Total recognised income and
expense for the 28 weeks ended - 25 4,874 4,899 - - 4,899 354 5,253
15 July 2007
Dividend paid 6 - - (24,700) (24,700) - - (24,700) (1,039) (25,739)
Reverse acquisition of Hilton 6,700 - - 6,700 (31,700) - (25,000) - (25,000)
Foods Limited
Acquisition of minority 66 - - 66 - 919 985 (149) 836
shareholding
Balance at 15 July 2007 6,966 (77) 9,625 16,514 (31,700) 919 (14,267) 454 (13,813)
Balance at 1 January 2008 6,966 896 12,039 19,901 (31,700) 919 (10,880) 367 (10,513)
Currency translation - 1,330 - 1,330 - - 1,330 55 1,385
differences
Profit for the half year - - 6,605 6,605 - - 6,605 536 7,141
Total recognised income and - 1,330 6,605 7,935 - - 7,935 591 8,526
expense for the 28 weeks ended
13 July 2008
Adjustment in respect of - 25 - 25 - - 25 - 25
employee share scheme
Dividend paid 6 - - (3,622) (3,622) - - (3,622) - (3,622)
Balance at 13 July 2008 6,966 2,251 15,022 24,239 (31,700) 919 (6,542) 958 (5,584)
The notes form an integral part of this condensed consolidated interim financial information.
Consolidated cash flow statement
28 weeks 28 weeks
ended ended
13 July 15 July
2008 2007
�'000 �'000
Cash flows from operating activities
Cash generated from operations 19,366 14,608
Interest paid (3,002) (1,116)
Income tax paid (2,585) (1,643)
Net cash generated from operating activities 13,779 11,849
Cash flows from investing activities
Purchase of property, plant and equipment (8,362) (6,854)
Proceeds from sale of property, plant and equipment 196 1,948
Government grant received - 32
Purchases of intangible assets (59) (130)
Interest received 610 220
Net cash used in investing activities (7,615) (4,784)
Cash flows from financing activities
Proceeds from borrowings 2,440 47,500
Repayments of borrowings (4,454) (5,630)
Dividends paid to company shareholders (3,622) (24,700)
Dividends paid to minority interests - (1,039)
Reverse acquisition of Hilton Foods Limited - (25,000)
Net cash used in financing activities (5,636) (8,869)
Net increase/(decrease) in cash, cash equivalents
and bank overdrafts 528 (1,804)
Cash, cash equivalents and bank overdrafts at start 20,792 20,133
of period
Exchange gains on cash, cash equivalents and bank 1,073 44
overdrafts
Cash, cash equivalents and bank overdrafts at end 22,393 18,373
of period
The notes form an integral part of this condensed consolidated interim financial information.
Notes to the interim financial information
1. General Information
Hilton Food Group plc ("the Company") and its subsidiaries (together "the Group") is a specialist retail meat packing business supplying
major international food retailers in five European countries.
The Company is a public limited liability company incorporated and domiciled in the UK. The address of the registered office is 2-8 The
Interchange, Latham Road, Huntingdon, Cambridgeshire PE29 6YE. The registered number of the Company is 6165540.
The Company has its primary listing on the London Stock Exchange.
This condensed consolidated interim financial information was approved for issue on 11 September 2008.
This condensed consolidated interim financial information does not comprise statutory accounts within the meaning of Section 240 of the
Companies Act 1985. Statutory accounts for the year ended 31 December 2007 were approved by the Board of Directors on 14 April 2008 and
delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter
paragraph and did not contain any statement under Section 237 of the Companies Act 1985.
This condensed consolidated interim financial information has been reviewed, not audited.
2. Basis of preparation
This condensed consolidated interim financial information for the 28 weeks ended 13 July 2008 has been prepared in accordance with the
Disclosure and Transparency Rules of the Financial Services Authority and with IAS 34, 'Interim financial reporting' as adopted by the
European Union. The condensed consolidated interim financial information should be read in conjunction with the annual report and financial
statements for the year ended 31 December 2007 which have been prepared in accordance with IFRS as adopted by the European Union.
3. Accounting Policies
Except as described below, the accounting policies applied are consistent with those of the annual report and financial statements for
the year ended 31 December 2007, as described in those annual financial statements.
Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.
The following new standards, amendments to standards or interpretations are mandatory for the first time for the financial year
beginning 1 January 2008, but are not currently relevant for the Group.
IFRIC 11, 'IFRS 2 - Group and treasury share transactions'.
IFRIC 12, 'Service concession arrangements'.
IFRIC 14, 'IAS19 - the limit on a defined benefit asset, minimum funding requirements and their interaction'.
The following new standards, amendments to standards and interpretations have been issued but are not effective for the financial year
beginning 1 January 2008 and have not been early adopted:
IFRS 8, 'Operating segments', effective for annual periods beginning on or after 1 January 2009. IFRS 8 replaces IAS 14, 'Segment
reporting', and requires a 'management approach' under which segment information is presented on the same basis as that used for internal
reporting purposes. The expected impact is being assessed in detail by management in advance of future implementation.
IAS 23 (amendment), 'Borrowing costs' effective for annual periods beginning on or after 1 January 2009. The Group currently have no
such qualifying assets.
IFRS 2 (amendment), 'Share-based payment' effective for annual periods beginning on or after 1 January 2009. Management is assessing the
impact of changes to vesting conditions and cancellations.
IFRS 3 (amendment), 'Business combinations' and consequential amendments to IAS 27, 'Consolidated and separate financial statements',
IAS 28, 'Investments in associates' and IAS 31, 'Interests in joint ventures', effective prospectively to business combinations for which
the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 July 2009. Management is
assessing the impact of the new requirements regarding acquisition accounting and consolidation. The Group does not have any associates or
joint ventures.
IAS 1 (amendment), 'Financial instruments: presentation', and consequential amendments to IAS 1, 'Preparation of financial statements',
effective for annual periods beginning on or after 1 January 2009. This not relevant to the Group, as the Group does not have any puttable
instruments.
IFRIC 13, 'Customer loyalty programmes', effective for annual periods beginning on or after 1 July 2008. The Group currently have no
customer loyalty programmes.
4. Segmental information
Operating
Total profit/
Segment segment
revenue result
�'000 �'000
28 weeks ended 13 July 2008
Western Europe 357,876 10,797
Other 20,609 408
Total 378,485 11,205
28 weeks ended 15 July 2007
Western Europe 293,335 9,132
Other 12,517 466
Unallocated - (1,687)
Total 305,852 7,911
There are no significant seasonal fluctuations.
5. Income tax expense
Income tax expense is recognised based on management's best estimate of the weighted average annual income tax rate expected for the
full financial year. The estimated average annual tax rate used for the year to 31 December 2008 is 26.2%. The estimated tax rate for the 28
weeks ended 15 July 2007 was 29.2% which included the impact of restructuring and flotation and other non-recurring items for which taxation
relief was not assumed.
6. Dividends
28 weeks 28 weeks
ended ended
13 July 15 July
2008 2007
�'000 �'000
Final dividend paid 5.2p per ordinary share 3,622 -
Other dividend paid 35.5p per ordinary share - 24,700
Total dividends paid 3,622 24,700
The directors propose an interim dividend of 2.4 pence per share payable on 5 December 2008 to shareholders who are on the register at 7
November 2008. This interim dividend, amounting to �1.7m has not been recognised as a liability in this interim financial information. It
will be recognised in shareholders' equity in the year to 31 December 2008.
7. Earnings per share
Basic and diluted earnings per share are calculated by dividing the profit attributable to equity holders of the company by the weighted
average number of ordinary shares in issue during the year.
28 weeks 28 weeks
ended ended
13 July 15 July
2008 2007
Profit attributable to equity holders of the company 6,605 4,874
(�'000)
Weighted average number of ordinary shares in issue 69,657 69,657
(thousands)
Basic and diluted earnings per share (pence) 9.5 7.0
Basic and diluted earnings per share before
restructuring and flotation costs (pence) 9.5 9.4
8. Property, plant and equipment and intangible assets
Property, Intangible
plant and assets
equipment
�'000 �'000
28 weeks ended 15 July 2007
Opening net book amount as at 1 January 2007 43,576 3,947
Exchange adjustments 76 19
Additions 6,855 964
Disposals (1,948) -
Depreciation and amortisation (4,950) (688)
Closing net book amount as at 15 July 2007 43,609 4,242
28 weeks ended 13 July 2008
Opening net book amount as at 1 January 2008 42,286 3,987
Exchange adjustments 2,701 347
Additions 8,362 59
Disposals (89) -
Depreciation and amortisation (6,109) (483)
Closing net book amount as at 13 July 2008 47,151 3,910
Additions comprise a facility extension in Ireland and continuing expenditure on efficiency improvement, upgrading information systems
and routine refurbishment across all facilities.
9. Borrowings
28 weeks 28 weeks Year
ended ended ended
13 July 15 July 31
2008 2007 December
2007
�'000 �'000 �'000
Current 6,846 7,459 6,682
Non-current 48,497 48,517 50,302
Total borrowings 55,343 55,976 56,984
Movements in borrowings is analysed as follows:
28 weeks 28 weeks Year
ended ended ended
13 July 15 July 31
2008 2007 December
2007
�'000 �'000 �'000
Opening amount 56,984 16,261 16,261
Exchange adjustments 1,240 76 1,479
New borrowings 2,440 47,500 48,413
Repayment of borrowings (5,321) (7,861) (9,169)
Closing amount 55,343 55,976 56,984
10. Share capital
Number of Ordinary Ordinary Ordinary Total
Shares Shares Shares Shares
(thousands) 'A' 'B'
�'000 �'000 �'000 �'000
Opening balance 1 January 2007 200 100 100 - 200
Equity shares issued 69,657 - - 6,966 6,966
Reverse acquisition of shares (200) (100) (100) - (200)
in Hilton Foods Limited
At 15 July 2007 69,657 - - 6,966 6,966
Opening balance 1 January 2008 69,657 - - 6,966 6,966
and at 13 July 2008
11. Related party transactions
The companies noted below are all deemed to be related parties by way of common Directors.
The following purchases were made on an arm's length basis from related parties:
28 weeks 28 weeks Year
ended ended ended
13 July 15 July 31
2008 2007 December
2007
�'000 �'000 �'000
Hilton Meats (International) Limited 37,696 30,172 70,097
Romford Wholesale Meats Limited 23,909 18,154 42,311
RWM Dorset Limited 14,041 5,536 16,678
Foyle Food Group Limited 20,212 18,959 35,384
Amounts owing to related parties were as follows:
13 July 15 July 31 December
2008 2007 2007
�'000 �'000 �'000
Hilton Meats (International) Limited 4,264 4,688 3,908
Romford Wholesale Meats Limited 2,540 3,223 2,458
RWM Dorset Limited 1,591 829 1,412
Foyle Food Group Limited 2,757 3,126 3,301
The ultimate shareholders of all the above companies have an interest in the share capital of the Company.
Auditors' review report
Independent review report to Hilton Food Group plc
Introduction
We have been instructed by the company to review the condensed consolidated interim financial information in the interim financial
report for the 28 weeks ended 13 July 2008 which comprises the consolidated income statement, the consolidated balance sheet, the
consolidated statement of changes in equity, the consolidated cash flow statement and related notes. We have read the other information
contained in the interim financial report and considered whether it contains any apparent misstatements or material inconsistencies with the
information in the condensed consolidated interim financial information.
Directors' responsibilities
The interim financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for
preparing the interim financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services
Authority.
As disclosed in note 2, the annual financial statements of the group are prepared in accordance with IFRS as adopted by the European
Union. The condensed consolidated interim financial information included in this interim financial report has been prepared in accordance
with the International Accounting Standard 34, 'Interim financial reporting' as adopted by the European Union.
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed consolidated interim financial information in the interim
financial report based on our review. This report, including the conclusion, has been prepared for and only for the company and the purpose
of the Disclosure and Transparency Rules of the Financial Services Authority and for no other purpose. We do not, in producing this report,
accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come
save where expressly agreed by our prior consent in writing.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim
Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United
Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for producing financial
and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted
in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we
would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated interim financial
information in the interim financial report for the 28 weeks ended 13 July 2008 is not prepared, in all material respects, in accordance
with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's
Financial Services Authority.
PricewaterhouseCoopers LLP
Chartered Accountants
Belfast
11 September 2008
Notes:
(a) The maintenance and integrity of the Hilton Food Group plc web site is
the responsibility of the directors; the work carried out by the
auditors does not involve consideration of these matters and,
accordingly, the auditors accept no responsibility for any changes that
may have occurred to the interim financial report since it was initially
presented on the web site.
(b) Legislation in the United Kingdom governing the preparation and
dissemination of financial information may differ from legislation in
other jurisdictions
This information is provided by RNS
The company news service from the London Stock Exchange
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