TIDMHFG
RNS Number : 7953Y
Hilton Food Group PLC
10 September 2009
Hilton Food Group plc
Interim Results for the 28 weeks to 12 July 2009
Continued volume 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 12 July 2009.
+----------------------------+---------------+--------------+--------------+
| | 28 weeks to | 28 weeks to | 52 weeks to |
| | 12 July 2009 | 13 July 2008 | 31 Dec 2008 |
| | | | |
+----------------------------+---------------+--------------+--------------+
| Turnover | GBP427.2m | GBP378.5m | GBP729.5m |
| | | | |
+----------------------------+---------------+--------------+--------------+
| Operating profit | GBP11.5m | GBP11.2m | GBP20.2m |
| | | | |
+----------------------------+---------------+--------------+--------------+
| Profit before tax | GBP10.4m | GBP9.7m | GBP17.3m |
| | | | |
+----------------------------+---------------+--------------+--------------+
| Cash generated from | GBP19.3m | GBP19.4m | GBP35.3m |
| operations | | | |
| | | | |
+----------------------------+---------------+--------------+--------------+
| Earnings per share | 10.6p | 9.5p | 16.5p |
| | | | |
+----------------------------+---------------+--------------+--------------+
| Interim dividend to be | 2.6p | 2.4p | 5.74p |
| paid in December 2008 | | | |
| | | | |
+----------------------------+---------------+--------------+--------------+
+-----+----------------------------------------------------------------------------------+
| * | Turnover growth of 13 % and volume growth of 9% |
+-----+----------------------------------------------------------------------------------+
| * | Profit before taxation 7% ahead of last year, earnings per share up 12% |
+-----+----------------------------------------------------------------------------------+
| * | Cash generated from operations of GBP19.3m, enabling continued investment |
| | in equipment and facilities |
+-----+----------------------------------------------------------------------------------+
| * | Spreadable meat products launched in Holland in late July 2009 |
+-----+----------------------------------------------------------------------------------+
| * | New bacon, sausage and gammon business in Ireland performing well |
+-----+----------------------------------------------------------------------------------+
| * | Strong trading in Central Europe, with growing customer volumes |
+-----+----------------------------------------------------------------------------------+
Commenting, Robert Watson, Chief Executive said:
"I am pleased to report that in a challenging economic environment our trading
over the first 28 weeks of 2009 has been resilient and in line with the board's
expectations.
We have continued to grow the business through new product initiatives as well
as achieving growth in new markets, such as Central Europe, whilst our modern
well invested facilities have enabled us to support our customers in our
established markets. Turnover growth has been underpinned by strong volume
growth and some positive impact from foreign currency translation."
Enquiries:
+--------------------------------------------+----------------------------------+
| Hilton Food Group - Robert Watson, Nigel | Tel: +44 (0) 1480 387 214 |
| Majewski | |
+--------------------------------------------+----------------------------------+
| Citigate Dewe Rogerson - Tom Baldock, | Tel: +44 (0) 207 638 9571 |
| Nicola Smith | |
+--------------------------------------------+----------------------------------+
Financial Review
The Group is presenting its interim results for the 28 weeks to 12 July 2009,
together with comparative information for the 28 weeks to 13 July 2008 and the
year to 31 December 2008. The interim results of the Group are prepared in
accordance with International Financial Reporting Standards (IFRS) as adopted by
the European Union (EU).
Underlying trading performance has been solid, despite economic conditions
remaining difficult across Europe, with volumes growing overall by 9%. Further
details of volume growth by segment are detailed in the Review of operations,
below.
Turnover rose by 13% to GBP427.2m, as compared to GBP378.5m in the corresponding
28 week period last year. The increase is above the level of volume gains,
helped by the favourable impact of currency translation. Raw material prices
increased slightly, but the effect on turnover was offset by a higher proportion
of lower priced mince products in the sales mix.
The operating profit margin was 2.7% (3.0% in the first 28 weeks of 2008 and
2.8% for the year to 31 December 2008). The reduction in operating profit margin
reflected the effect of consumers trading down to mince and less expensive meat
cuts in a deep recession across Europe.
Operating profit for the first 28 weeks, at GBP11.5m, was GBP0.3m (3%) ahead of
the operating profit of GBP11.2m earned in the corresponding period in 2008.
Operating profit benefited from the higher volumes, but was moderated by the
effect of continued consumer down trading noted above. The impact of currency
translation on operating profit was not material.
Net finance costs reduced by GBP0.4m to GBP1.2m, reflecting decreased borrowing
costs.
Profit before taxation was GBP10.4m (2008: GBP9.7m), reflecting the increase in
operating profit of GBP0.3m and the reduction in finance charges of GBP0.4m. The
tax charge for the period was GBP2.3m (2008: GBP2.5m), an effective underlying
rate of tax of 23% (2008: 26%), as a result of an increased proportion of the
Group's profit before taxation being earned in lower corporate tax rate
jurisdictions.
Basic earnings per share in the first 28 weeks were 10.6p (2008 9.5p) an
increase of 12%.
The Directors propose an interim dividend of 2.6 pence per share, amounting to
approximately GBP1.8 m (compared with an interim dividend of 2.4 pence per share
in 2008 amounting to GBP1.7m) to be paid on 4 December 2009, to shareholders on
the register at close of business on 6 November 2009.
The Group generated GBP19.3m of cash from operations during the period, as
compared to GBP19.4m in the corresponding period last year. This has enabled the
Group to continue to reduce the level of net debt outstanding, despite
continuing investment to improve and develop its facilities. Group borrowings,
net of cash balances of GBP22.7m, were GBP25.2m at 12 July 2009 (GBP28.6m at 31
December, 2008).
Capital expenditure in the period, at GBP6.9m, included investments required to
support the spreadable meat products launch in Holland, together with continuing
expenditure on efficiency improvement, equipment modernisation and upgrading
information systems across all our facilities.
Principal risks and uncertainties
The Group has in place a formal system to identify, assess and manage the impact
of risks on its business. The principal risks and uncertainties faced by the
Group, together with the Group's risk management process are detailed in the
Corporate Governance report on pages 25 to 28 of the Hilton Food Group plc
annual report and financial statements 2008. The principal risks and
uncertainties identified in this report were:
+-----+----------------------------------------------------------------------------------+
| * | The Group's growth potential is dependent on the success of its customers and |
| | the future growth of their packed meat sales |
+-----+----------------------------------------------------------------------------------+
| * | The Group is dependent on a small number of customers who exercise significant |
| | buying power and influence |
+-----+----------------------------------------------------------------------------------+
| * | 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 and feed contamination affecting livestock and media |
| | concerns can impact the Group's sales |
+-----+----------------------------------------------------------------------------------+
| * | The Group's business is dependent on the state of the economy and levels of |
| | consumer spending in the countries in which it operates |
+-----+----------------------------------------------------------------------------------+
The risks and uncertainties outlined above had no adverse impact on the results
for the 28 weeks to 12 July 2009, beyond the effects of the recession across
Europe on consumer spending patterns, as identified in this interim management
report. These risks and uncertainties are expected to remain unchanged with
respect to the last 25 weeks of the financial year, over which the macroeconomic
environment across Europe is not anticipated to show any marked improvement.
Related parties
Transactions with related parties, which comprise only purchases of raw material
meat and sales of packed retail products under normal market conditions, are
covered in note 11 to the condensed consolidated interim financial information.
The supply of packed retail products commenced in late 2008, otherwise the
nature of these transactions is unchanged from previous years.
Forward looking information
This interim management report contains certain forward looking statements.
These statements are made by the Directors in good faith based on the
information available to them at the time of their approval of this report and
such statements should be treated with caution due to the inherent
uncertainties, including both economic and business risk factors, underlying any
such forward looking information.
Review of operations
Western Europe
Operating profit of GBP10.2m (2008 GBP10.8m) on turnover of GBP396.1m (2008
GBP357.9m)
Continuing turnover and volume growth was achieved in Western Europe, with our
customers continuing to achieve organic growth. Volume growth was 5%, with
turnover growth of 11%, the latter reflecting the volume growth with some
benefit from favourable currency translation rates. This was achieved despite a
depressed 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. The supply of spreadable meat products in Holland commenced in
late July. The new Irish bacon, sausage and gammon business is making good
progress. We view product development and extending the range of products
supplied to our customers as a key strategy for continuing to drive our business
forward.
Other regions
Operating profit of GBP1.3m (2008 GBP0.4m) on turnover of GBP31.1m (2008
GBP20.6m)
In Central Europe, our business has expanded rapidly. Volumes continue to build,
with products being supplied to Tesco stores in the Czech Republic, Hungary,
Poland and Slovakia and, more recently, Rimi (a subsidiary of ICA) stores in
Latvia. Volumes supplied to Ahold stores in the Czech Republic also continue to
grow. Overall volume growth was 55%, with turnover growth of 51%. The operating
profit growth reflected both the volume gains and the absence of last year's
start up costs.
Investment in maintaining state of the art facilities
Hilton continues to invest in its facilities, both to expand its business, as
with the bacon, sausage and gammon facility in Ireland, the spreadable meats
line in Holland and the Central European expansion, and to maintain all its
facilities at a state of the art level. This ensures that we can achieve low
unit costs and competitive selling prices at high levels of production
throughput. Capital expenditure in the period was GBP6.9m (2008 GBP8.4m).
Employees
The continued progress made by the Group in the first 28 weeks of 2009 is once
again attributable to the strength of the 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 enthusiasm, expertise and commitment.
Future outlook
During the first 28 weeks of 2009 we have achieved continuing growth in our
business in spite of a depressed economic backdrop across Europe. In this
environment consumers' drive for value is expected to continue, with retailers
continuing to focus on driving sales of value lines. However, as a business with
modern, well invested and flexible facilities, a good geographic spread and an
extensive global procurement reach, the Board considers that Hilton remains well
positioned both for the current economic environment and to explore
opportunities for geographical expansion. The remainder of 2009 will inevitably
see continuing challenges, but the Board expects the Group to meet its forecasts
for the 2009 financial year.
+-------------------------------------------+--------------------------------------------+
| Gordon Summerfield CBE | Robert Watson OBE |
+-------------------------------------------+--------------------------------------------+
| Non-Executive Chairman | Chief Executive |
+-------------------------------------------+--------------------------------------------+
| 9 September 2009 | |
+-------------------------------------------+--------------------------------------------+
Statement of Director's responsibilities
The Directors confirm that, to the best of their knowledge:
+-----+-------------------------------------------------------------------------------+
| (a) | the attached condensed consolidated interim financial information has been |
| | prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted |
| | by the European Union; |
| | |
+-----+-------------------------------------------------------------------------------+
| (b) | the Financial review on pages 2 and 3 and Review of operations on page 4 |
| | which constitute the 'interim management report' 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 25 weeks of the year); and |
| | |
+-----+-------------------------------------------------------------------------------+
| (c) | the attached condensed consolidated interim financial information includes |
| | a fair review of the information required by DTR 4.2.8R (disclosure of |
| | related party transactions and any changes). |
| | |
+-----+-------------------------------------------------------------------------------+
The Directors of Hilton Food Group plc are listed in the Hilton Food Group plc
annual report and financial statements 2008 on pages 16 and 17. There have been
no changes in Directors since 31 December 2008, a list of which is maintained on
the Hilton Food Group plc website: www.hiltonfoodgroupplc.com.
On behalf of the Board
Robert Watson OBE
Chief Executive
+--------------------------------------------------------------------------------------------------------------------+
| Nigel Majewski |
+--------------------------------------------------------------------------------------------------------------------+
| Finance Director |
+--------------------------------------------------------------------------------------------------------------------+
9 September 2009
Income statement
+------------------------------------------------+-------+----------------+---------------+
| | | 28 weeks ended | 28 weeks |
| | | 12 July 2009 | ended |
| | | | 13 July 2008 |
+------------------------------------------------+-------+----------------+---------------+
| Continuing operations | Note | GBP'000 | GBP'000 |
+------------------------------------------------+-------+----------------+---------------+
| Revenue | 4 | 427,215 | 378,485 |
+------------------------------------------------+-------+----------------+---------------+
| Cost of sales | | (371,942) | (326,377) |
+------------------------------------------------+-------+----------------+---------------+
| Gross profit | | 55,273 | 52,108 |
+------------------------------------------------+-------+----------------+---------------+
| Distribution costs | | (4,199) | (3,841) |
+------------------------------------------------+-------+----------------+---------------+
| Administrative expenses | | (39,547) | (37,062) |
+------------------------------------------------+-------+----------------+---------------+
| Operating profit | 4 | 11,527 | 11,205 |
+------------------------------------------------+-------+----------------+---------------+
| Finance income | | 125 | 610 |
+------------------------------------------------+-------+----------------+---------------+
| Finance costs | | (1,299) | (2,135) |
+------------------------------------------------+-------+----------------+---------------+
| Finance costs - net | | (1,174) | (1,525) |
+------------------------------------------------+-------+----------------+---------------+
| Profit before income tax | | 10,353 | 9,680 |
+------------------------------------------------+-------+----------------+---------------+
| Income tax expense | 5 | (2,341) | (2,539) |
+------------------------------------------------+-------+----------------+---------------+
| Profit for the half year | | 8,012 | 7,141 |
+------------------------------------------------+-------+----------------+---------------+
| | | | |
+------------------------------------------------+-------+----------------+---------------+
| Attributable to: | | | |
+------------------------------------------------+-------+----------------+---------------+
| Equity holders of the company | | 7,395 | 6,605 |
+------------------------------------------------+-------+----------------+---------------+
| Minority interest | | 617 | 536 |
+------------------------------------------------+-------+----------------+---------------+
| | | 8,012 | 7,141 |
+------------------------------------------------+-------+----------------+---------------+
| | | | |
+------------------------------------------------+-------+----------------+---------------+
| Earnings per share for profit attributable to | | | |
| the equity holders of the company | | | |
+------------------------------------------------+-------+----------------+---------------+
| - Basic and diluted (pence) | 7 | 10.6 | 9.5 |
+------------------------------------------------+-------+----------------+---------------+
Statement of comprehensive income
+-----------------------------------------------+------+-------------------+---------------+
| | | 28 weeks ended | 28 weeks |
| | | 12 July 2009 | ended |
| | | | 13 July 2008 |
+-----------------------------------------------+------+-------------------+---------------+
| | | GBP'000 | GBP'000 |
+-----------------------------------------------+------+-------------------+---------------+
| Profit for the half year | | 8,012 | 7,141 |
+-----------------------------------------------+------+-------------------+---------------+
| Other comprehensive income | | | |
+-----------------------------------------------+------+-------------------+---------------+
| Currency translation differences | | (2,508) | 1,385 |
+-----------------------------------------------+------+-------------------+---------------+
| Adjustment in respect of employee share | | 119 | 25 |
| scheme | | | |
+-----------------------------------------------+------+-------------------+---------------+
| Other comprehensive income for the half year | | (2,389) | 1,410 |
| net of tax | | | |
+-----------------------------------------------+------+-------------------+---------------+
| Total comprehensive income for the half year | | 5,623 | 8,551 |
+-----------------------------------------------+------+-------------------+---------------+
| | | | |
+-----------------------------------------------+------+-------------------+---------------+
| Total comprehensive income attributable to: | | | |
+-----------------------------------------------+------+-------------------+---------------+
| Equity holders of the company | | 5,191 | 7,960 |
+-----------------------------------------------+------+-------------------+---------------+
| Minority interest | | 432 | 591 |
+-----------------------------------------------+------+-------------------+---------------+
| | | 5,623 | 8,551 |
+-----------------------------------------------+------+-------------------+---------------+
The notes form an integral part of this condensed consolidated interim financial
information.
Balance sheet
+--------------------------------------------+------+-------------+-------------+-------------+
| | | 12 July | 13 July | 31 December |
| | | 2009 | 2008 | 2008 |
+--------------------------------------------+------+-------------+-------------+-------------+
| |Note | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------------+------+-------------+-------------+-------------+
| Assets | | | | |
+--------------------------------------------+------+-------------+-------------+-------------+
| Non-current assets | | | | |
+--------------------------------------------+------+-------------+-------------+-------------+
| Property, plant and equipment | 8 | 47,550 | 47,151 | 51,325 |
+--------------------------------------------+------+-------------+-------------+-------------+
| Intangible assets | 8 | 2,943 | 3,910 | 3,671 |
+--------------------------------------------+------+-------------+-------------+-------------+
| Deferred income tax assets | | 461 | 1,395 | 364 |
+--------------------------------------------+------+-------------+-------------+-------------+
| | | 50,954 | 52,456 | 55,360 |
+--------------------------------------------+------+-------------+-------------+-------------+
| Current assets | | | | |
+--------------------------------------------+------+-------------+-------------+-------------+
| Inventories | | 17,640 | 14,568 | 19,015 |
+--------------------------------------------+------+-------------+-------------+-------------+
| Trade and other receivables | | 65,739 | 62,410 | 78,511 |
+--------------------------------------------+------+-------------+-------------+-------------+
| Cash and cash equivalents | | 22,676 | 22,393 | 25,785 |
+--------------------------------------------+------+-------------+-------------+-------------+
| | | 106,055 | 99,371 | 123,311 |
+--------------------------------------------+------+-------------+-------------+-------------+
| Total assets | | 157,009 | 151,827 | 178,671 |
+--------------------------------------------+------+-------------+-------------+-------------+
| | | | | |
+--------------------------------------------+------+-------------+-------------+-------------+
| Capital and reserves attributable to | | | | |
| equity holders of the Company | | | | |
+--------------------------------------------+------+-------------+-------------+-------------+
| Share capital | 10 | 6,966 | 6,966 | 6,966 |
+--------------------------------------------+------+-------------+-------------+-------------+
| Other reserves | | 1,783 | 2,251 | 3,987 |
+--------------------------------------------+------+-------------+-------------+-------------+
| Retained earnings | | 21,629 | 15,022 | 18,232 |
+--------------------------------------------+------+-------------+-------------+-------------+
| | | 30,378 | 24,239 | 29,185 |
+--------------------------------------------+------+-------------+-------------+-------------+
| Reverse acquisition reserve | | (31,700) | (31,700) | (31,700) |
+--------------------------------------------+------+-------------+-------------+-------------+
| Merger reserve | | 919 | 919 | 919 |
+--------------------------------------------+------+-------------+-------------+-------------+
| | | (403) | (6,542) | (1,596) |
+--------------------------------------------+------+-------------+-------------+-------------+
| Minority interest in equity | | 1,648 | 958 | 1,752 |
+--------------------------------------------+------+-------------+-------------+-------------+
| Total equity | | 1,245 | (5,584) | 156 |
+--------------------------------------------+------+-------------+-------------+-------------+
| Liabilities | | | | |
+--------------------------------------------+------+-------------+-------------+-------------+
| Non-current liabilities | | | | |
+--------------------------------------------+------+-------------+-------------+-------------+
| Borrowings | 9 | 39,010 | 48,497 | 45,417 |
+--------------------------------------------+------+-------------+-------------+-------------+
| Deferred income tax liabilities | | 2,030 | 1,710 | 2,186 |
+--------------------------------------------+------+-------------+-------------+-------------+
| Other non-current liabilities | | - | 56 | - |
+--------------------------------------------+------+-------------+-------------+-------------+
| | | 41,040 | 50,263 | 47,603 |
+--------------------------------------------+------+-------------+-------------+-------------+
| Current liabilities | | | | |
+--------------------------------------------+------+-------------+-------------+-------------+
| Borrowings | 9 | 8,901 | 6,846 | 8,940 |
+--------------------------------------------+------+-------------+-------------+-------------+
| Trade and other payables | | 104,819 | 98,284 | 120,869 |
+--------------------------------------------+------+-------------+-------------+-------------+
| Current income tax liabilities | | 1,004 | 2,018 | 1,103 |
+--------------------------------------------+------+-------------+-------------+-------------+
| | | 114,724 | 107,148 | 130,912 |
+--------------------------------------------+------+-------------+-------------+-------------+
| Total liabilities | | 155,764 | 157,411 | 178,515 |
+--------------------------------------------+------+-------------+-------------+-------------+
| Total equity and liabilities | | 157,009 | 151,827 | 178,671 |
+--------------------------------------------+------+-------------+-------------+-------------+
The notes form an integral part of this condensed consolidated interim financial
information.
Statement of changes in equity
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
| | | Attributable to equity holders of the | | | | |
| | | company | | | | |
+-------------+--------+-------------------------------------------------------+---------+----------+----------+----------+
| | Note | Share | Other | Retained | Sub | Reverse | Merger | Total | Minority | Total |
| | | capital | reserves | earnings | total | acquisition | reserve | | interest | equity |
| | | | | | | reserve | | | | |
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
| | | | | | | | | | | |
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
| Balance | | 6,966 | 896 | 12,039 | 19,901 | (31,700) | 919 | (10,880) | 367 | (10,513) |
| at 1 | | | | | | | | | | |
| January | | | | | | | | | | |
| 2008 | | | | | | | | | | |
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
| | | | | | | | | | | |
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
| Currency | | - | 1,330 | - | 1,330 | - | - | 1,330 | 55 | 1,385 |
| translation | | | | | | | | | | |
| differences | | | | | | | | | | |
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
| Profit | | - | - | 6,605 | 6,605 | - | - | 6,605 | 536 | 7,141 |
| for | | | | | | | | | | |
| the | | | | | | | | | | |
| half | | | | | | | | | | |
| year | | | | | | | | | | |
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
| Total | | - | 1,330 | 6,605 | 7,935 | - | - | 7,935 | 591 | 8,526 |
| recognised | | | | | | | | | | |
| income for | | | | | | | | | | |
| the 28 | | | | | | | | | | |
| weeks | | | | | | | | | | |
| ended 13 | | | | | | | | | | |
| July 2008 | | | | | | | | | | |
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
| | | | | | | | | | | |
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
| Adjustment | | - | 25 | - | 25 | - | - | 25 | - | 25 |
| in respect | | | | | | | | | | |
| of | | | | | | | | | | |
| employee | | | | | | | | | | |
| share | | | | | | | | | | |
| scheme | | | | | | | | | | |
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
| Dividend | 6 | - | - | (3,622) | (3,622) | - | - | (3,622) | - | (3,622) |
| paid | | | | | | | | | | |
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
| | | | | | | | | | | |
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
| Balance | | 6,966 | 2,251 | 15,022 | 24,239 | (31,700) | 919 | (6,542) | 958 | (5,584) |
| at 13 | | | | | | | | | | |
| July | | | | | | | | | | |
| 2008 | | | | | | | | | | |
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
| | | | | | | | | | | |
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
| | | | | | | | | | | |
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
| Balance | | 6,966 | 3,987 | 18,232 | 29,185 | (31,700) | 919 | (1,596) | 1,752 | 156 |
| at 1 | | | | | | | | | | |
| January | | | | | | | | | | |
| 2009 | | | | | | | | | | |
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
| | | | | | | | | | | |
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
| Currency | | - | (2,323) | - | (2,323) | - | - | (2,323) | (185) | (2,508) |
| translation | | | | | | | | | | |
| differences | | | | | | | | | | |
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
| Profit | | - | - | 7,395 | 7,395 | - | - | 7,395 | 617 | 8,012 |
| for | | | | | | | | | | |
| the | | | | | | | | | | |
| half | | | | | | | | | | |
| year | | | | | | | | | | |
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
| Total | | - | (2,323) | 7,395 | 5,072 | - | - | 5,072 | 432 | 5,504 |
| recognised | | | | | | | | | | |
| income for | | | | | | | | | | |
| the 28 | | | | | | | | | | |
| weeks | | | | | | | | | | |
| ended 12 | | | | | | | | | | |
| July 2009 | | | | | | | | | | |
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
| | | | | | | | | | | |
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
| Adjustment | | - | 119 | - | 119 | - | - | 119 | - | 119 |
| in respect | | | | | | | | | | |
| of | | | | | | | | | | |
| employee | | | | | | | | | | |
| share | | | | | | | | | | |
| scheme | | | | | | | | | | |
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
| Dividend | 6 | - | - | (3,998) | (3,998) | - | - | (3,998) | (536) | (4,534) |
| paid | | | | | | | | | | |
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
| | | | | | | | | | | |
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
| Balance | | 6,966 | 1,783 | 21,629 | 30,378 | (31,700) | 919 | (403) | 1,648 | 1,245 |
| at 12 | | | | | | | | | | |
| July | | | | | | | | | | |
| 2009 | | | | | | | | | | |
+-------------+--------+---------+----------+----------+---------+-------------+---------+----------+----------+----------+
The notes form an integral part of this condensed consolidated interim financial
information.
Cash flow statement
+------------------------+--------+---------+---------+
| | | 28 | 28 |
| | | weeks | weeks |
| | | ended | ended |
| | | 12 | 13 |
| | | July | July |
| | | 2009 | 2008 |
+------------------------+--------+---------+---------+
| | | GBP'000 | GBP'000 |
+------------------------+--------+---------+---------+
| Cash | | | |
| flows | | | |
| from | | | |
| operating | | | |
| activities | | | |
+------------------------+--------+---------+---------+
| Cash | | 19,345 | 19,366 |
| generated | | | |
| from | | | |
| operations | | | |
+------------------------+--------+---------+---------+
| Interest | | (1,299) | (3,002) |
| paid | | | |
+------------------------+--------+---------+---------+
| Income | | (2,471) | (2,585) |
| tax | | | |
| paid | | | |
+------------------------+--------+---------+---------+
| Net | | 15,575 | 13,779 |
| cash | | | |
| generated | | | |
| from | | | |
| operating | | | |
| activities | | | |
+------------------------+--------+---------+---------+
| | | | |
+------------------------+--------+---------+---------+
| Cash | | | |
| flows | | | |
| from | | | |
| investing | | | |
| activities | | | |
+------------------------+--------+---------+---------+
| Purchase | | (6,917) | (8,362) |
| of | | | |
| property, | | | |
| plant and | | | |
| equipment | | | |
+------------------------+--------+---------+---------+
| Proceeds | | 5 | 196 |
| from | | | |
| sale of | | | |
| property, | | | |
| plant and | | | |
| equipment | | | |
+------------------------+--------+---------+---------+
| Purchase | | (34) | (59) |
| of | | | |
| intangible | | | |
| assets | | | |
+------------------------+--------+---------+---------+
| Interest | | 125 | 610 |
| received | | | |
+------------------------+--------+---------+---------+
| Net | | (6,821) | (7,615) |
| cash | | | |
| used | | | |
| in | | | |
| investing | | | |
| activities | | | |
+------------------------+--------+---------+---------+
| | | | |
+------------------------+--------+---------+---------+
| Cash | | | |
| flows | | | |
| from | | | |
| financing | | | |
| activities | | | |
+------------------------+--------+---------+---------+
| Proceeds | | - | 2,440 |
| from | | | |
| borrowings | | | |
+------------------------+--------+---------+---------+
| Repayments | | (5,185) | (4,454) |
| of | | | |
| borrowings | | | |
+------------------------+--------+---------+---------+
| Dividends | | (3,998) | (3,622) |
| paid to | | | |
| company | | | |
| shareholders | | | |
+------------------------+--------+---------+---------+
| Dividends | | (536) | - |
| paid to | | | |
| minority | | | |
| interests | | | |
+------------------------+--------+---------+---------+
| Net | | (9,719) | (5,636) |
| cash | | | |
| used | | | |
| in | | | |
| financing | | | |
| activities | | | |
+------------------------+--------+---------+---------+
| | | | |
+------------------------+--------+---------+---------+
| Net | | (965) | 528 |
| (decrease)/increase in | | | |
| cash, cash equivalents | | | |
| and bank overdrafts | | | |
+------------------------+--------+---------+---------+
| Cash, | | 25,785 | 20,792 |
| cash | | | |
| equivalents | | | |
| and bank | | | |
| overdrafts | | | |
| at start of | | | |
| period | | | |
+------------------------+--------+---------+---------+
| Exchange | | (2,144) | 1,073 |
| (losses)/gains | | | |
| on cash, cash | | | |
| equivalents | | | |
| and bank | | | |
| overdrafts | | | |
+------------------------+--------+---------+---------+
| Cash, | | 22,676 | 22,393 |
| cash | | | |
| equivalents | | | |
| and bank | | | |
| overdrafts | | | |
| at end 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 a number of 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 9 September 2009.
This condensed consolidated interim financial information does not comprise
statutory accounts within the meaning of Section 434 of the Companies Act 2006.
Statutory accounts for the year ended 31 December 2008 were approved by the
Board of Directors on 30 March 2009 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 498
of the Companies Act 2006.
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
12 July 2009 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 2008
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 2008, 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 2009.
IAS 1 (revised), 'Presentation of financial statements'. The Group has elected
to present two statements: an income statement and a statement of comprehensive
income. The interim financial statements have been prepared under the revised
disclosure requirements.
IFRS 8, 'Operating segments'. 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. There has been no
change to the number of reportable segments presented. Operating segments are
reported in a manner consistent with the internal reporting provided to the
chief operating decision-maker. The chief operating decision-maker has been
identified as the Group's Executive Directors.
The following new standards, amendments to standards or interpretations are
mandatory for the first time for the financial year beginning 1 January 2009,
but are not currently relevant for the Group..
IFRIC 13, 'Customer loyalty programmes relating to IAS 18, Revenue'.
IFRIC 14, 'IAS 19 - The limit on a defined benefit asset, minimum funding
requirements and their interaction'.
IFRIC 15, 'Agreements for the construction of real estates'.
IFRIC 16, 'Hedges of a net investment in a foreign operation'.
Amendment to IAS 32, 'Financial instruments: Presentation', and IAS 1,
'Presentation of financial statements' on 'Puttable financial instruments and
obligations arising on liquidation'.
Amendment to IFRS 2, 'Share based payments' on 'Vesting conditions and
cancellations'.
Amendment to IAS 39, 'Financial instruments: Recognition and measurement', and
IFRS 7, 'Financial instruments: Disclosures', on the 'Reclassification of
financial assets' (*).
Amendment to IFRS 7, 'Financial instruments: Disclosures' (*).
Amendment to IFRIC 9 and IAS 39 regarding embedded derivatives (*).
IAS 23 (revised), 'Borrowing costs'.
The following new standards, amendments to standards and interpretations have
been issued but are not effective for the financial year beginning 1 January
2009 and have not been early adopted:
IAS 27 (revised), 'Consolidated and separate financial statements' (effective 1
July 2009) and IFRS 3 (revised), 'Business combinations' (effective 1 July
2009). The amendment to IAS 27 concerns accounting for transactions with
non-controlling interests. IFRS 3 (revised) concerns accounting for
acquisitions. The Group will apply these revised standards prospectively to
transactions with non-controlling interests and business combinations from 1
January 2010.
Amendment to IAS 39 'Financial instruments' on 'Eligible hedged items',
effective for annual periods beginning on or after 1 July 2009 (*).
Amendment to IFRS 2 ' Share based payments' on 'Group cash settled share based
payments transactions' effective for annual periods beginning on or after 1
January 2010 (*).
IFRIC 12, 'Service concession arrangements', effective for annual periods
beginning on or after 30 March 2009. This is not currently applicable for the
Group as it does not have any service concession arrangements.
IFRIC 17, 'Distributions of non-cash assets to owners', effective for annual
periods beginning on or after 1 July 2009. This is not currently applicable for
the Group as it has not made any non-cash distributions (*).
IFRIC 18, 'Transfer of assets from customers', effective for transfer of assets
received on or after 1 July 2009. This is not relevant to the Group as it has
not received any assets from customers (*).
(*) not yet endorsed by the EU
4.Segmental information
+----------+---------+-----------+
| | Total | Operating |
| | Segment | profit/ |
| | revenue | segment |
| | | result |
+----------+---------+-----------+
| | GBP'000 | GBP'000 |
+----------+---------+-----------+
| 28 | | |
| weeks | | |
| ended 12 | | |
| July | | |
| 2009 | | |
+----------+---------+-----------+
| Western | 396,093 | 10,223 |
| Europe | | |
+----------+---------+-----------+
| Other | 31,122 | 1,304 |
+----------+---------+-----------+
| Total | 427,215 | 11,527 |
+----------+---------+-----------+
| | | |
+----------+---------+-----------+
| 28 | | |
| weeks | | |
| ended | | |
| 13 | | |
| July | | |
| 2008 | | |
+----------+---------+-----------+
| Western | 357,876 | 10,797 |
| Europe | | |
+----------+---------+-----------+
| Other | 20,609 | 408 |
+----------+---------+-----------+
| Total | 378,485 | 11,205 |
+----------+---------+-----------+
+----------+---------+---------+----------+
| | 12 | 13 | 31 |
| | July | July | December |
| | 2009 | 2008 | 2008 |
+----------+---------+---------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------+---------+---------+----------+
| Total | | | |
| assets | | | |
+----------+---------+---------+----------+
| Western | 140,977 | 133,740 | 161,917 |
| Europe | | | |
+----------+---------+---------+----------+
| Other | 15,571 | 16,692 | 16,390 |
+----------+---------+---------+----------+
| Total | 156,548 | 150,432 | 178,307 |
| segment | | | |
| assets | | | |
+----------+---------+---------+----------+
| Deferred | 461 | 1,395 | 364 |
| income | | | |
| tax | | | |
| assets | | | |
+----------+---------+---------+----------+
| Total | 157,009 | 151,827 | 178,671 |
| assets | | | |
| per | | | |
| balance | | | |
| sheet | | | |
+----------+---------+---------+----------+
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 2009 is
22.6%. The estimated tax rate for the 28 weeks ended 13 July 2008 was 26.2%.
6. Dividends
+-----------+---------+---------+
| | 28 | 28 |
| | weeks | weeks |
| | ended | ended |
| | 12 | 13 |
| | July | July |
| | 2009 | 2008 |
+-----------+---------+---------+
| | GBP'000 | GBP'000 |
+-----------+---------+---------+
| Final | 3,998 | 3,622 |
| dividend | | |
| paid | | |
| 5.74p | | |
| (2008: | | |
| 5.2p) | | |
| per | | |
| ordinary | | |
| share | | |
+-----------+---------+---------+
| Total | 3,998 | 3,622 |
| dividends | | |
| paid | | |
+-----------+---------+---------+
The Directors propose an interim dividend of 2.6 pence per share to be paid on 4
December 2009 to shareholders who are on the register at 6 November 2009. This
interim dividend, amounting to GBP1.8m 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 2009.
Since incorporation the Company has declared and paid dividends
totalling GBP10.8m out of distributable reserves. The Companies Act 2006 (and
previously 1985) requires public companies where necessary to prepare and file
relevant accounts with the Registrar of Companies. However it has come to the
attention of the Directors that the Company did not fully comply with these
requirements resulting in a technical infringement of the Companies Act. In
order to address this situation a special resolution will be proposed at the
Company's 2010 Annual General Meeting.
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 | 28 |
| | weeks | weeks |
| | ended | ended |
| | 12 | 13 |
| | July | July |
| | 2009 | 2008 |
+--------------+--------+--------+
| Profit | 7,395 | 6,605 |
| attributable | | |
| to equity | | |
| holders of | | |
| the company | | |
| (GBP'000) | | |
+--------------+--------+--------+
| Weighted | 69,657 | 69,657 |
| average | | |
| number | | |
| of | | |
| ordinary | | |
| shares | | |
| in issue | | |
| (thousands) | | |
+--------------+--------+--------+
| Basic | 10.6 | 9.5 |
| and | | |
| diluted | | |
| earnings | | |
| per | | |
| share | | |
| (pence) | | |
+--------------+--------+--------+
8. Property, plant and equipment and intangible assets
+------------------------------------------------------------+-------------+--------------+
| | Property, | Intangible |
| | plant and | assets |
| | equipment | |
+------------------------------------------------------------+-------------+--------------+
| | GBP'000 | GBP'000 |
+------------------------------------------------------------+-------------+--------------+
| 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 |
+------------------------------------------------------------+-------------+--------------+
| | | |
+------------------------------------------------------------+-------------+--------------+
| 28 weeks ended 12 July 2009 | | |
+------------------------------------------------------------+-------------+--------------+
| Opening net book amount as at 1 January 2009 | 51,325 | 3,671 |
+------------------------------------------------------------+-------------+--------------+
| Exchange adjustments | (3,867) | (296) |
+------------------------------------------------------------+-------------+--------------+
| Additions | 6,917 | 34 |
+------------------------------------------------------------+-------------+--------------+
| Disposals | (5) | - |
+------------------------------------------------------------+-------------+--------------+
| Depreciation and amortisation | (6,820) | (466) |
+------------------------------------------------------------+-------------+--------------+
| Closing net book amount as at 12 July 2009 | 47,550 | 2,943 |
+------------------------------------------------------------+-------------+--------------+
Additions comprise investment in expansion and new products together
with continuing expenditure on efficiency improvement, equipment modernisation
and upgrading information systems across all facilities.
9. Borrowings
+-------------+--------+---------+---------+----------+
| | | 28 | 28 | Year |
| | | weeks | weeks | ended |
| | | ended | ended | 31 |
| | | 12 | 13 | December |
| | | July | July | 2008 |
| | | 2009 | 2008 | |
+-------------+--------+---------+---------+----------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-------------+--------+---------+---------+----------+
| Current | | 8,901 | 6,846 | 8,940 |
+-------------+--------+---------+---------+----------+
| Non-current | | 39,010 | 48,497 | 45,417 |
+-------------+--------+---------+---------+----------+
| Total | | 47,911 | 55,343 | 54,357 |
| borrowings | | | | |
+-------------+--------+---------+---------+----------+
Movements in borrowings is analysed as follows:
+-----------------------------------------+------+-------------+-------------+--------------+
| | | 28 weeks | 28 weeks | Year |
| | | ended | ended | ended |
| | | 12 July | 13 July | 31 December |
| | | 2009 | 2008 | |
| | | | | 2008 |
+-----------------------------------------+------+-------------+-------------+--------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------------+------+-------------+-------------+--------------+
| Opening amount | | 54,357 | 56,984 | 56,984 |
+-----------------------------------------+------+-------------+-------------+--------------+
| Exchange adjustments | | (1,261) | 1,240 | 1,637 |
+-----------------------------------------+------+-------------+-------------+--------------+
| New borrowings | | - | 2,440 | 2,915 |
+-----------------------------------------+------+-------------+-------------+--------------+
| Repayment of borrowings | | (5,185) | (5,321) | (7,179) |
+-----------------------------------------+------+-------------+-------------+--------------+
| Closing amount | | 47,911 | 55,343 | 54,357 |
+-----------------------------------------+------+-------------+-------------+--------------+
10. Share capital
+---------+-------------+----------+---------+
| | Number | Ordinary | Total |
| | of | shares | |
| | shares | | |
+---------+-------------+----------+---------+
| | (thousands) | GBP'000 | GBP'000 |
+---------+-------------+----------+---------+
| | | | |
+---------+-------------+----------+---------+
| Opening | 69,657 | 6,966 | 6,966 |
| balance | | | |
| 1 | | | |
| January | | | |
| 2008 | | | |
| and at | | | |
| 13 July | | | |
| 2008 | | | |
+---------+-------------+----------+---------+
| | | | |
+---------+-------------+----------+---------+
| Opening | 69,657 | 6,966 | 6,966 |
| balance | | | |
| 1 | | | |
| January | | | |
| 2009 | | | |
| and at | | | |
| 12 July | | | |
| 2009 | | | |
+---------+-------------+----------+---------+
11. Related party transactions
The companies noted below are all deemed to be related parties by way of common
Directors.
The following sales and purchases were made on an arm's length basis from
related parties:
+-----------------+---------+---------+----------+
| | 28 | 28 | Year |
| | weeks | weeks | ended |
| | ended | ended | 31 |
| | 12 | 13 | December |
| | July | July | 2008 |
| | 2009 | 2008 | |
+-----------------+---------+---------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+-----------------+---------+---------+----------+
| Hilton | 6,423 | - | 642 |
| Meats | | | |
| (International) | | | |
| Limited - sales | | | |
+-----------------+---------+---------+----------+
| Hilton | 41,537 | 37,696 | 73,281 |
| Meats | | | |
| (International) | | | |
| Limited - | | | |
| purchases | | | |
+-----------------+---------+---------+----------+
| Romford | 23,143 | 23,909 | 44,344 |
| Wholesale | | | |
| Meats | | | |
| Limited - | | | |
| purchases | | | |
+-----------------+---------+---------+----------+
| RWM | 11,701 | 14,041 | 24,218 |
| Dorset | | | |
| Limited | | | |
| - | | | |
| purchases | | | |
+-----------------+---------+---------+----------+
| Foyle | 21,422 | 20,212 | 36,413 |
| Food | | | |
| Group | | | |
| Limited | | | |
| - | | | |
| purchases | | | |
+-----------------+---------+---------+----------+
Amounts owing to and from related parties were as follows:
+-----------------+---------+---------+----------+
| | 12 | 13 | 31 |
| | July | July | December |
| | 2009 | 2008 | 2008 |
+-----------------+---------+---------+----------+
| | GBP'000 | GBP'000 | GBP'000 |
+-----------------+---------+---------+----------+
| Amounts | | | |
| owing | | | |
| to | | | |
| related | | | |
| parties | | | |
+-----------------+---------+---------+----------+
| Hilton | 4,510 | 4,264 | 6,735 |
| Meats | | | |
| (International) | | | |
| Limited | | | |
+-----------------+---------+---------+----------+
| Romford | 3,251 | 2,540 | 4,259 |
| Wholesale | | | |
| Meats | | | |
| Limited | | | |
+-----------------+---------+---------+----------+
| RWM | 1,729 | 1,591 | 1,139 |
| Dorset | | | |
| Limited | | | |
+-----------------+---------+---------+----------+
| Foyle | 2,941 | 2,757 | 3,624 |
| Food | | | |
| Group | | | |
| Limited | | | |
+-----------------+---------+---------+----------+
| | | | |
+-----------------+---------+---------+----------+
| Amounts | | | |
| owing | | | |
| from | | | |
| related | | | |
| parties | | | |
+-----------------+---------+---------+----------+
| Hilton | 2,209 | - | 642 |
| Meats | | | |
| (International) | | | |
| Limited | | | |
+-----------------+---------+---------+----------+
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 engaged by the Company to review the condensed consolidated interim
financial information in the half year financial report for the 28 weeks ended
12 July 2009 which comprises the income statement, the statement of
comprehensive income, the balance sheet, the statement of changes in equity, the
cash flow statement and related notes. We have read the other information
contained in the half year 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 half year financial report is the responsibility of, and has been approved
by, the Directors. The Directors are responsible for preparing the half
year 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 IFRSs as adopted by the European Union. The
condensed consolidated interim financial information included in this half
year financial report has been prepared in accordance with 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 half year 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
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 half
year financial report for the 28 weeks ended 12 July 2009 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
9 September 2009
The maintenance and integrity of the Hilton Food Group plc website 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 website. 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
END
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