TIDMIFR
RNS Number : 5045S
IFR Capital PLC
20 May 2009
IFR Capital plc (AIM: IFR)
20 May 2009
IFR Capital PLC
Final audited results for the financial year ended 31 December 2008
IFR Capital Plc ('IFR' or the 'Group': IFR.LN), the investment company focused
on consolidation opportunities in the European food retail sector, today is
pleased to announce its final results for the year ended 31 December 2008.
Highlights
* Growth in Turnover of 59.1 per cent. to EUR758.5 million (2007: EUR476.6 million)
* Growth in EBITDA of 43.5 per cent. to EUR57.7 million (2007: EUR40.2 million)
* Acquisition and successful integration of Hamker in 2008
* Media spending to strengthen the brands
* Progress in structural change of balance sheet
* Range of attractive investment opportunities identified
Heiner Kamps, CEO and significant shareholder of IFR, stated that he was
satisfied with the development and the progress that the Group has made so far:
"The integration of Hamker has now been successfully completed and the Group
continues to trade in line with the Board's expectations, despite difficult
commodity markets during 2008. The recent strengthening of our balance sheet via
the share exchange will allow us to pursue our stated acquisition strategy and
expedite the consolidation of the European food retail sector".
Enquiries:
+-----------------------------------------------+----------------------+
| IFR Capital PLC | |
+-----------------------------------------------+----------------------+
| Claus Schlüter (Chief Financial Officer) | +49 (0) 471 133278 |
+-----------------------------------------------+----------------------+
| | |
+-----------------------------------------------+----------------------+
| Charles Stanley Securities - NOMAD and broker | +44 (0) 20 7149 6000 |
+-----------------------------------------------+----------------------+
| Rick Thompson / Philip Davies / Ben Johnston | |
+-----------------------------------------------+----------------------+
For further information on IFR, please visit www.ifrcapital.eu
Operational review
The results for the period include contributions from NORDSEE GmbH ("NORDSEE"),
Bastian's GmbH ("Bastian's"), Homann Chilled Food GmbH & Co. KG ("HOMANN") and
Hamker Lebensmittel Beteiligungs GmbH & Co. KG ("HAMKER") since 1 February 2008.
IFR is pleased to announce it has reported sales of EUR758.5 million (2007: EUR476.6
million) and an operating EBITDA of EUR57.7 million (2007: EUR40.2 million)
representing an increase of 43.5 per cent.. The Group reported net losses of
EUR72.2 million (2007: profit EUR14.6 million) with a loss per share of EUR0.32 (2007:
profit per share EUR 0.07). The net loss reported for the year ending 31 December
2008 can be principally attributed to impairment losses of EUR42.2 million and
integration costs of EUR17.6 million which relate to previous acquisitions.
A breakdown of the Company's sales for the financial year is shown below:
+-------------------------------------------+------------------+
| | Financial Year |
| | ended 31 |
| | December 2008 |
+-------------------------------------------+------------------+
| | EUR' million |
+-------------------------------------------+------------------+
| NORDSEE | 331.1 |
+-------------------------------------------+------------------+
| HOMANN including HAMKER (since 1 February | 424.8 |
| 2008) | |
+-------------------------------------------+------------------+
| Bastian's | 2.6 |
+-------------------------------------------+------------------+
| Total sales | 758.5 |
+-------------------------------------------+------------------+
NORDSEE continues to perform at a stable EBITDA level of above EUR30 million per
annum. The Board envisages that fish raw material price increases will be
compensated by efficiency improvements and sales price adjustments. The stated
strategy to gradually redesign the NORDSEE restaurants using a maritime style
and to constantly improve product quality will be further pursued during 2009.
It is expected that HAMKER will be fully integrated into HOMANN in 2009. HOMANN
will continue to focus on the most profitable branded product categories and to
support the sales growth by media spending in 2009. The Board expects sales of
private label products to slightly decline, however, gross profit margins should
increase substantially due to price increases already realised in 2008 and
planned in 2009. On the cost side HOMANN should no longer be affected by adverse
impacts from the integration of HAMKER, high rapeseed oil prices and existing
low margin contracts with hard discounters which were acquired with HAMKER.
Necessary sales price increases have already been negotiated and synergies are
expected to materialise in 2009.
The existing Bastian's stores at Düsseldorf and Cologne are expected to generate
organic sales growth in 2009, supported by two further planned store openings
this year.
Financial Review
Operating performance:
The Company generated revenues of EUR758.5 million for the fiscal year 2008 which
can be segmented between the following sectors and geographies:
Sector breakdown:
+---------------------------------+-------------------------+
| | Financial year ended |
| | 31 December 2008 |
+---------------------------------+-------------------------+
| | EUR' million |
+---------------------------------+-------------------------+
| Retail / Restaurants | 333.7 |
+---------------------------------+-------------------------+
| Production / Wholesale | 424.8 |
+---------------------------------+-------------------------+
| | |
+---------------------------------+-------------------------+
| TOTAL | 758.5 |
+---------------------------------+-------------------------+
Geographical breakdown:
+---------------------------------+-------------------------+
| | Financial year ended |
| | 31 December 2008 |
+---------------------------------+-------------------------+
| | EUR' million |
+---------------------------------+-------------------------+
| Germany | 647.3 |
+---------------------------------+-------------------------+
| Austria | 41.6 |
+---------------------------------+-------------------------+
| Other | 69.6 |
+---------------------------------+-------------------------+
| TOTAL | 758.5 |
+---------------------------------+-------------------------+
The reconciliation of EBITDA to consolidated profit breaks down as follows:
+-----------------------------------+----------------------+
| | Financial year ended |
| | 31 December 2008 |
+-----------------------------------+----------------------+
| | EUR' million |
+-----------------------------------+----------------------+
| EBITDA * | 57.7 |
+-----------------------------------+----------------------+
| - Depreciation and amortization | (28.7) |
+-----------------------------------+----------------------+
| EBIT * | 29.0 |
+-----------------------------------+----------------------+
| Exceptional items | |
+-----------------------------------+----------------------+
| - Integration costs | (17.6) |
+-----------------------------------+----------------------+
| - Impairment losses | (42.2) |
+-----------------------------------+----------------------+
| EBIT according to Income | (30.8) |
| Statement | |
+-----------------------------------+----------------------+
| - Net finance costs | (45.8) |
+-----------------------------------+----------------------+
| Earnings before taxes (EBT) | (76.6) |
+-----------------------------------+----------------------+
| - Income tax credit | 4.4 |
+-----------------------------------+----------------------+
| Consolidated net profit after tax | (72.1) |
| (NPAT) | |
+-----------------------------------+----------------------+
* after adjustments for exceptional items
EBITDA after adjustments for exceptional items for the year ending 31 December
2008 amounts to EUR57.7 million which is in line with management's expectation.
The EBIT after adjustments for exceptional items of EUR29.0 million has been
adjusted by exceptional items for the integration costs of the HAMKER business
of EUR17.6 million and impairment losses of EUR42.2 million, principally in relation
to HOMANN. The integration costs principally comprise redundancy payments, legal
fees and double running costs incurred with the merger of the administration,
sales force and logistic functions (transport/warehouse), as well as with the
closure of the salad factory in Lintorf, Germany.
Dividend
The Directors do not intend to recommend a dividend for this financial year and
intend to reinvest the cash generated from the Group's operations into the
further development of the business.
Current trading and Prospects
The underlying businesses of IFR, all of which operate in defensive European
markets, continue to perform well and in line with management's expectation. The
Directors' expect to take advantage of consolidation opportunities as they arise
and believe that the strengthening of the Group's balance sheet via
the transfer of preferred shares to ordinary equity will assist this strategy
and reduce future cash outflow.
Annual Report and Accounts
The Group announces that printed copies of its Annual Report and Accounts for
the year ended 31 December 2008 will posted to Shareholders later today,
together with the Notice of the Annual General Meeting ("AGM") and accompanying
Form of Proxy. An electronic copy of these documents will be available from
the Company's website at www.ifrcapital.eu as of today and is also available
free of charge for at least another month from the registered office of IFR.
The Group's Annual General Meeting will be held at the Hilton Park Hotel
Nicosia, Griva Dighenis Avenue, Nicosia, Cyprus at 10.00 am on 16 June 2009.
IFR Capital PLC
Consolidated Income Statement
for the year ended 31 December 2008
+-----------------------------------+---------+-------------------+--+------------------+
| | | 2008 | | 2007 |
+-----------------------------------+---------+-------------------+--+------------------+
| | Note | EUR'000s | | EUR'000s |
| | | | | |
+-----------------------------------+---------+-------------------+--+------------------+
| Revenue | | 758,546 | | 476,634 |
+-----------------------------------+---------+-------------------+--+------------------+
| Changes in inventories | | 423 | | (1,467) |
+-----------------------------------+---------+-------------------+--+------------------+
| Other operating income | | 29,095 | | 13,596 |
+-----------------------------------+---------+-------------------+--+------------------+
| Cost of materials | | (430,348) | | (220,812) |
+-----------------------------------+---------+-------------------+--+------------------+
| Personnel expenses | | (182,245) | | (133,698) |
+-----------------------------------+---------+-------------------+--+------------------+
| Depreciation and amortisation | | (28,729) | | (20,484) |
+-----------------------------------+---------+-------------------+--+------------------+
| Impairment losses | | (42,164) | | (1,143) |
+-----------------------------------+---------+-------------------+--+------------------+
| Other operating expenses | | (135,400) | | (95,070) |
+-----------------------------------+---------+-------------------+--+------------------+
| | | | | |
+-----------------------------------+---------+-------------------+--+------------------+
| Profit / (loss) from operations | | (30,822) | | 17,556 |
+-----------------------------------+---------+-------------------+--+------------------+
| Finance income | | 899 | | 3,436 |
+-----------------------------------+---------+-------------------+--+------------------+
| Finance costs | | (46,659) | | (22,189) |
+-----------------------------------+---------+-------------------+--+------------------+
| | | | | |
+-----------------------------------+---------+-------------------+--+------------------+
| Loss before income taxes | | (76,582) | | (1,197) |
+-----------------------------------+---------+-------------------+--+------------------+
| Income tax credit / (expense) | | 4,414 | | 15,782 |
+-----------------------------------+---------+-------------------+--+------------------+
| Profit / (loss) for the period | | (72,168) | | 14,585 |
+-----------------------------------+---------+-------------------+--+------------------+
| | | | | |
+-----------------------------------+---------+-------------------+--+------------------+
| Attributable to: | | | | |
+-----------------------------------+---------+-------------------+--+------------------+
| - Equity holders of the parent | | (72,168) | | 14,585 |
+-----------------------------------+---------+-------------------+--+------------------+
| - Minority interests | | | | |
| | | - | | - |
+-----------------------------------+---------+-------------------+--+------------------+
| | | (72,168) | | 14,585 |
+-----------------------------------+---------+-------------------+--+------------------+
| | | | | |
+-----------------------------------+---------+-------------------+--+------------------+
| Earnings / (loss) per share: | 1 | | | |
+-----------------------------------+---------+-------------------+--+------------------+
| basic/diluted for profit / (loss) | | | | |
| for the period | | | | |
+-----------------------------------+---------+-------------------+--+------------------+
| attributable to ordinary | | | | |
+-----------------------------------+---------+-------------------+--+------------------+
| equity holders of the parent | | (0.32) | | 0.07 |
+-----------------------------------+---------+-------------------+--+------------------+
IFR Capital PLC
Consolidated Balance Sheet as of 31 December 2008
+-----------------------------------+---------+--------------+--+-------------+
| | | 2008 | | 2007 |
+-----------------------------------+---------+--------------+--+-------------+
| | Note | EUR'000s | | EUR'000s |
| | | | | |
+-----------------------------------+---------+--------------+--+-------------+
| ASSETS | | | | |
| | | | | |
+-----------------------------------+---------+--------------+--+-------------+
| Non-current assets | | | | |
+-----------------------------------+---------+--------------+--+-------------+
| Property, plant and equipment | 2 | 130,390 | | 106,551 |
+-----------------------------------+---------+--------------+--+-------------+
| Intangible assets | 3 | 449,164 | | 480,933 |
+-----------------------------------+---------+--------------+--+-------------+
| Other financial assets | | 432 | | 432 |
+-----------------------------------+---------+--------------+--+-------------+
| Other assets | | 2,324 | | 2,595 |
+-----------------------------------+---------+--------------+--+-------------+
| | | 582,310 | | 590,511 |
+-----------------------------------+---------+--------------+--+-------------+
| | | | | |
+-----------------------------------+---------+--------------+--+-------------+
| Current assets | | | | |
+-----------------------------------+---------+--------------+--+-------------+
| Inventories | | 31,253 | | 19,149 |
+-----------------------------------+---------+--------------+--+-------------+
| Trade receivables | | 18,152 | | 20,170 |
+-----------------------------------+---------+--------------+--+-------------+
| Other financial assets | | 29,230 | | 17,631 |
+-----------------------------------+---------+--------------+--+-------------+
| Other assets | | 4,579 | | 1,219 |
+-----------------------------------+---------+--------------+--+-------------+
| Cash and cash equivalents | | 21,182 | | 22,455 |
+-----------------------------------+---------+--------------+--+-------------+
| | | 104,396 | | 80,624 |
+-----------------------------------+---------+--------------+--+-------------+
| | | 686,706 | | 671,135 |
+-----------------------------------+---------+--------------+--+-------------+
| EQUITY AND LIABILITIES | | | | |
| | | | | |
+-----------------------------------+---------+--------------+--+-------------+
| Equity | | | | |
+-----------------------------------+---------+--------------+--+-------------+
| Issued capital | | 2,228 | | 2,228 |
+-----------------------------------+---------+--------------+--+-------------+
| Share premium | | 213,229 | | 213,229 |
+-----------------------------------+---------+--------------+--+-------------+
| Other reserves | | 95 | | (14) |
+-----------------------------------+---------+--------------+--+-------------+
| Retained earnings / (losses) | | (53,566) | | 16,761 |
+-----------------------------------+---------+--------------+--+-------------+
| | | 161,986 | | 232,204 |
+-----------------------------------+---------+--------------+--+-------------+
| Non-current liabilities | | | | |
+-----------------------------------+---------+--------------+--+-------------+
| Interest-bearing loans and | 4 | 157,683 | | 166,301 |
| borrowings | | | | |
+-----------------------------------+---------+--------------+--+-------------+
| Pension provisions and similar | | 57,652 | | 60,488 |
| obligations | | | | |
+-----------------------------------+---------+--------------+--+-------------+
| Other provisions | | 12,335 | | 12,138 |
+-----------------------------------+---------+--------------+--+-------------+
| Other financial liabilities | | 122,729 | | 49,281 |
+-----------------------------------+---------+--------------+--+-------------+
| Deferred tax liabilities | | 59,005 | | 59,810 |
+-----------------------------------+---------+--------------+--+-------------+
| | | 409,404 | | 348,018 |
+-----------------------------------+---------+--------------+--+-------------+
| Current liabilities | | | | |
+-----------------------------------+---------+--------------+--+-------------+
| Interest-bearing loans and | 4 | 6,819 | | 1,638 |
| borrowings | | | | |
+-----------------------------------+---------+--------------+--+-------------+
| Other provisions | | 19,644 | | 23,634 |
+-----------------------------------+---------+--------------+--+-------------+
| Trade payables | | 58,898 | | 44,054 |
+-----------------------------------+---------+--------------+--+-------------+
| Other financial liabilities | | 1,828 | | 4,468 |
+-----------------------------------+---------+--------------+--+-------------+
| Other liabilities | | 26,933 | | 16,594 |
+-----------------------------------+---------+--------------+--+-------------+
| Income tax liabilities | | 1,194 | | 525 |
+-----------------------------------+---------+--------------+--+-------------+
| | | 115,316 | | 90,913 |
+-----------------------------------+---------+--------------+--+-------------+
| Total liabilities | | 524,720 | | 438,931 |
+-----------------------------------+---------+--------------+--+-------------+
| | | | | |
+-----------------------------------+---------+--------------+--+-------------+
| TOTAL EQUITY AND LIABILITIES | | 686,706 | | 671,135 |
+-----------------------------------+---------+--------------+--+-------------+
IFR Capital PLC
Consolidated Statement of Changes in Equity
for the year ended 31 December 2008
+-------------------------------+---------+---------+----------+-----------+----------+
| | | | | Retained | |
| | | | | Earnings/ | |
| | | | | (Losses) | |
| | | | | EUR'000s | |
+-------------------------------+---------+---------+----------+ +----------+
| | Issued | Share | Other | | Total |
| | Captial | Premium | Reserves | | Equity |
| | EUR'000s | EUR'000s | EUR'000s | | EUR'000s |
| | | | | | |
+-------------------------------+ + + + + +
| | | | | | |
+-------------------------------+ + + + + +
| | | | | | |
+-------------------------------+---------+---------+----------+-----------+----------+
| As of 1 January 2007 | 1,350 | 126,324 | - | (386) | 127,288 |
+-------------------------------+---------+---------+----------+-----------+----------+
| Foreign currency translation | - | - | (14) | - | (14) |
+-------------------------------+---------+---------+----------+-----------+----------+
| Actuarial gains | - | - | - | 2,562 | 2,562 |
+-------------------------------+---------+---------+----------+-----------+----------+
| Net income and expense | | | | | |
| recognized | - | - | (14) | 2,562 | 2,548 |
| directly in equity | | | | | |
+-------------------------------+---------+---------+----------+-----------+----------+
| Consolidated profit for the | - | - | - | 14,585 | 14,585 |
| period | | | | | |
+-------------------------------+---------+---------+----------+-----------+----------+
| Total reorganised income and | | | | | |
| expense | - | - | (14) | 17,147 | 17,133 |
| for the period | | | | | |
+-------------------------------+---------+---------+----------+-----------+----------+
| Issue of share capital | 878 | 86,905 | - | - | 87,783 |
+-------------------------------+---------+---------+----------+-----------+----------+
| As of 31 December 2007 | 2,228 | 213,229 | (14) | 16,761 | 232,204 |
+-------------------------------+---------+---------+----------+-----------+----------+
| | | | | | |
+-------------------------------+---------+---------+----------+-----------+----------+
| As of 1 January 2008 | 2,228 | 213,229 | (14) | 16,761 | 232,204 |
+-------------------------------+---------+---------+----------+-----------+----------+
| Foreign currency translation | - | - | 109 | - | 109 |
+-------------------------------+---------+---------+----------+-----------+----------+
| Cashflow hedges | - | - | - | (378) | (378) |
+-------------------------------+---------+---------+----------+-----------+----------+
| Actuarial gains | - | - | - | 2,219 | 2,219 |
+-------------------------------+---------+---------+----------+-----------+----------+
| Net income and expense | | | | | |
| recognised | - | - | 109 | 1,841 | 1,950 |
| directly in equity | | | | | |
+-------------------------------+---------+---------+----------+-----------+----------+
| Consolidated profit for the | - | - | - | (72,168) | (72,168) |
| period | | | | | |
+-------------------------------+---------+---------+----------+-----------+----------+
| Total reorganised income and | | | | | |
| expense | - | - | 109 | (70,327) | (70,218) |
| for the period | | | | | |
+-------------------------------+---------+---------+----------+-----------+----------+
| As of 31 December 2008 | 2,228 | 213,229 | 95 | (53,566) | 161,986 |
+-------------------------------+---------+---------+----------+-----------+----------+
IFR Capital PLC
Consolidated Cash Flow Statement
for the year ended 31 December 2008
+-----------------------------------------------------+------+------------+--+-------------+
| | | 2008 | | 2007 |
+-----------------------------------------------------+------+------------+--+-------------+
| | Note | EUR'000s | | EUR'000s |
| | | | | |
+-----------------------------------------------------+------+------------+--+-------------+
| Cash flows from operating activities | | | | |
+-----------------------------------------------------+------+------------+--+-------------+
| Loss before income tax | | (76,582) | | (1,197) |
+-----------------------------------------------------+------+------------+--+-------------+
| Adjustments to reconcile loss before tax to net | | | | |
| cash flows | | | | |
+-----------------------------------------------------+------+------------+--+-------------+
| Non-cash | | | | |
+-----------------------------------------------------+------+------------+--+-------------+
| Depreciation and impairment of property, plant and | | | | |
| equipment | | 70,893 | | 21,627 |
| and intangible assets | | | | |
+-----------------------------------------------------+------+------------+--+-------------+
| Gain on disposals of property, plant and equipment | | (100) | | 251 |
+-----------------------------------------------------+------+------------+--+-------------+
| Movement in provisions, pensions and similar | | (12,380) | | (5,489) |
| obligations | | | | |
+-----------------------------------------------------+------+------------+--+-------------+
| Excess of acquirer's interest in the net fair value | | (8,976) | | - |
| of acquiree's | | | | |
| identifiable assets, liabilities and contingent | | | | |
| liabilities over cost | | | | |
+-----------------------------------------------------+------+------------+--+-------------+
| Working capital adjustments | | | | |
+-----------------------------------------------------+------+------------+--+-------------+
| Increase (-)/decrease (+) of trade receivables | | 20,999 | | 2,512 |
+-----------------------------------------------------+------+------------+--+-------------+
| Increase (-)/decrease (+) of inventories | | 1,422 | | (1,097) |
+-----------------------------------------------------+------+------------+--+-------------+
| Increase (-)/decrease (+) of other receivables | | (13,295) | | 211 |
+-----------------------------------------------------+------+------------+--+-------------+
| Increase (+)/decrease (-) of trade payables and | | 12,581 | | (4,198) |
| other payables | | | | |
+-----------------------------------------------------+------+------------+--+-------------+
| Interest income | | (899) | | (3,436) |
+-----------------------------------------------------+------+------------+--+-------------+
| Interest expense | | 46,659 | | 22,189 |
+-----------------------------------------------------+------+------------+--+-------------+
| Income tax paid | | (224) | | (199) |
+-----------------------------------------------------+------+------------+--+-------------+
| Cash flows from operating activities | | 40,098 | | 31,174 |
+-----------------------------------------------------+------+------------+--+-------------+
| | | | | |
+-----------------------------------------------------+------+------------+--+-------------+
| Cash flows from investing activities | | | | |
+-----------------------------------------------------+------+------------+--+-------------+
| Proceeds from disposals of property, plant and | | 5,535 | | 36 |
| equipment | | | | |
+-----------------------------------------------------+------+------------+--+-------------+
| Purchase of property, plant and equipment | | (20,840) | | (23,079) |
+-----------------------------------------------------+------+------------+--+-------------+
| Purchase of intangible assets | | (980) | | (645) |
+-----------------------------------------------------+------+------------+--+-------------+
| Acquisition of subsidiaries, net of cash acquired | | (27,949) | | (94,293) |
+-----------------------------------------------------+------+------------+--+-------------+
| Interest received | | 863 | | 3,515 |
+-----------------------------------------------------+------+------------+--+-------------+
| Cash flows from investing activities | | (43,371) | | (114,466) |
+-----------------------------------------------------+------+------------+--+-------------+
| | | | | |
+-----------------------------------------------------+------+------------+--+-------------+
| Cash flows from financing activities | | | | |
+-----------------------------------------------------+------+------------+--+-------------+
| Proceeds from the issue of shares | | - | | - |
+-----------------------------------------------------+------+------------+--+-------------+
| Proceeds from the issue of preference shares | | 50,000 | | 48,200 |
+-----------------------------------------------------+------+------------+--+-------------+
| Repayments of loans and other short or long-term | | (29,607) | | (17,521) |
| borrowings | | | | |
+-----------------------------------------------------+------+------------+--+-------------+
| Payment of finance lease liabilities | | (1,125) | | (650) |
+-----------------------------------------------------+------+------------+--+-------------+
| Interest and transaction costs paid | | (17,377) | | (25,126) |
+-----------------------------------------------------+------+------------+--+-------------+
| Cash flows from financing activities | | 1,891 | | 4,903 |
+-----------------------------------------------------+------+------------+--+-------------+
| | | | | |
+-----------------------------------------------------+------+------------+--+-------------+
| Net (decrease)/increase in cash and cash | | (1,382) | | (78,389) |
| equivalents | | | | |
+-----------------------------------------------------+------+------------+--+-------------+
| Net foreign exchange differrence | | 109 | | (14) |
+-----------------------------------------------------+------+------------+--+-------------+
| Cash and cash equivalents at 1 January 2008 | | 22,455 | | 100,858 |
+-----------------------------------------------------+------+------------+--+-------------+
| Cash and cash equivalents at 31 December 2008 | | 21,182 | | 22,455 |
+-----------------------------------------------------+------+------------+--+-------------+
IFR Capital PLC
Notes to the Consolidated Financial Statements
for the year ended 31 December 2008
1. Earnings / Loss per Share
Basic earnings/loss per share are calculated by dividing profit/loss for the
period attributable to ordinary equity holders of the parent by the weighted
average number of ordinary shares outstanding during the year.
Diluted earnings/loss per share amounts are calculated by dividing the
profit/loss attributable to ordinary equity holders of the parent by the
weighted average number of ordinary shares outstanding during the year plus the
weighted average number of ordinary shares that would be issued on the
conversion of all the dilutive potential ordinary shares into ordinary shares.
The table below shows the calculation of basic earnings/loss per share which is
identical to the diluted earnings per share.
+-------------------------------------------+------------------------+-----+----------------------+
| | 2008 | | 2007 |
+-------------------------------------------+------------------------+-----+----------------------+
| | EUR'000s | | EUR'000s |
+-------------------------------------------+------------------------+-----+----------------------+
| | | | |
+-------------------------------------------+------------------------+-----+----------------------+
| (Loss) / profit attributable to | (72,168) | | 14,585 |
| equity holders of the parent | | | |
+-------------------------------------------+------------------------+-----+----------------------+
+-------------------------------------------+-----------------------+-----+-----------------------+
| | 2008 | | 2007 |
+-------------------------------------------+-----------------------+-----+-----------------------+
| | '000s | | '000s |
+-------------------------------------------+-----------------------+-----+-----------------------+
| | | | |
+-------------------------------------------+-----------------------+-----+-----------------------+
| Weighted average number of | 222,783 | | 222,008 |
| ordinary shares for | | | |
| basic/diluted earnings/loss per | | | |
| share | | | |
+-------------------------------------------+-----------------------+-----+-----------------------+
2. Property, Plant and Equipment
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| Financial year 2008 | Land | Plant | Furniture | Prepayments | Total |
| | and | and | and | and | EUR'000s |
| | Buildings | machinery | fixtures | assets | |
| | EUR'000s | EUR'000s | EUR'000s | under | |
| | | | | construction | |
| | | | | EUR'000s | |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| | | | | | |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| Cost | | | | | |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| As of 1 January 2008 | 42,559 | 69,183 | 218,968 | 842 | 331,552 |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| Acquisitions of | 13,402 | 39,735 | 7,618 | 2,753 | 63,508 |
| subsidiaries | | | | | |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| Additions | 559 | 8,177 | 6,391 | 7,800 | 22,927 |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| Reclassifications | 2 | 702 | 7,001 | (7,705) | - |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| Disposals | (7,187) | (1,034) | (19,617) | - | (27,838) |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| As at 31 December 2008 | 49,335 | 116,763 | 220,361 | 3,690 | 390,149 |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| Accumulated depreciation | | | | | |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| As of 1 January 2008 | 11,041 | 36,267 | 177,693 | - | 225,001 |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| Acquisitions of | 2,019 | 25,963 | 6,376 | - | 34,358 |
| subsidiaries | | | | | |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| Depreciation and impairment | | | | | |
| in the | 2,496 | 7,201 | 13,141 | - | 22,838 |
| Financial year | | | | | |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| Disposals | (3,155) | (815) | (18,468) | - | (22,438) |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| As of 31 December 2008 | 12,401 | 68,616 | 178,742 | - | 259,759 |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| Carrying amounts | | | | | |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| As of 1 January 2008 | 31,518 | 32,916 | 41,275 | 842 | 106,551 |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| As of 31 December 2008 | 36,934 | 48,147 | 41,619 | 3,690 | 130,390 |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| Financial year 2007 | Land | Plant | Furniture | Prepayments | Total |
| | and | and | and | and | EUR'000s |
| | Buildings | machinery | fixtures | assets | |
| | EUR'000s | EUR'000s | EUR'000s | under | |
| | | | | construction | |
| | | | | EUR'000s | |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| | | | | | |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| Cost | | | | | |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| As of 1 January 2007 | - | - | - | - | - |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| Acquisitions of | 42,279 | 64,511 | 215,119 | 2,747 | 324,656 |
| subsidiaries | | | | | |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| Additions | 613 | 3,844 | 17,882 | 740 | 23,079 |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| Reclassifications | 217 | 1,632 | 540 | (2,645) | (256) |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| Disposals | (550) | (804) | (14,573) | - | (15,927) |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| As of 31 December 2007 | 42,559 | 69,183 | 218,968 | 842 | 331,552 |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| Accumulated depreciation | | | | | |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| As of 1 January 2007 | - | - | - | - | - |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| Acquisitions of | 10,631 | 34,088 | 178,248 | - | 222,967 |
| subsidiaries | | | | | |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| Depreciation and impairment | | | | | |
| in the | 960 | 2,976 | 13,739 | - | 17,675 |
| Financial year | | | | | |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| Disposals | (550) | (797) | (14,294) | - | (15,641) |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| As of 31 December 2007 | 11,041 | 36,267 | 177,693 | - | 225,001 |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| Carrying amounts | | | | | |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| As of 1 January 2007 | - | - | - | - | - |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
| As of 31 December 2007 | 31,518 | 32,916 | 41,275 | 842 | 106,551 |
+-----------------------------+-----------+-----------+-----------+--------------+----------+
3. Intangible Assets
+-----------------------------+----------+----------+-----------+------------+----------+
| Financial year 2008 | Goodwill | Brands | Customer | Other | Total |
| | EUR'000s | EUR'000s | base | Intangible | EUR'000s |
| | | | EUR'000s | assets | |
| | | | | EUR'000s | |
+-----------------------------+----------+----------+-----------+------------+----------+
| | | | | | |
+-----------------------------+----------+----------+-----------+------------+----------+
| Cost | | | | | |
+-----------------------------+----------+----------+-----------+------------+----------+
| As of 1 January 2008 | 172,525 | 227,717 | 58,614 | 32,804 | 491,660 |
+-----------------------------+----------+----------+-----------+------------+----------+
| Acquisition of subsidiaries | - | 2,900 | 12,000 | 1,938 | 16,838 |
+-----------------------------+----------+----------+-----------+------------+----------+
| Additions | - | - | - | 980 | 980 |
+-----------------------------+----------+----------+-----------+------------+----------+
| Disposals | (190) | - | - | (454) | (644) |
+-----------------------------+----------+----------+-----------+------------+----------+
| As of 31 December 2008 | 172,335 | 230,617 | 70,614 | 35,268 | 508,834 |
+-----------------------------+----------+----------+-----------+------------+----------+
| Amortisation and impairment | | | | | |
+-----------------------------+----------+----------+-----------+------------+----------+
| As of 1 January 2008 | - | - | 1,465 | 9,262 | 10,727 |
+-----------------------------+----------+----------+-----------+------------+----------+
| Acquisition of subsidiaries | - | - | - | 1,466 | 1,466 |
+-----------------------------+----------+----------+-----------+------------+----------+
| Amortisation in the | - | - | 3,848 | 3,207 | 7,055 |
| financial year | | | | | |
+-----------------------------+----------+----------+-----------+------------+----------+
| Impairment losses (**) | 41,000 | - | - | - | 41,000 |
+-----------------------------+----------+----------+-----------+------------+----------+
| Disposals | (160) | - | - | (418) | (578) |
+-----------------------------+----------+----------+-----------+------------+----------+
| As of 31 December 2008 | 40,840 | - | 5,313 | 13,517 | 59,670 |
+-----------------------------+----------+----------+-----------+------------+----------+
| Carrying amounts | | | | | |
+-----------------------------+----------+----------+-----------+------------+----------+
| As of 1 January 2008 | 172,525 | 227,717 | 57,149 | 23,542 | 480,933 |
+-----------------------------+----------+----------+-----------+------------+----------+
| As of 31 December 2008 | 131,495 | 230,617 | 65,301 | 21,751 | 449,164 |
+-----------------------------+----------+----------+-----------+------------+----------+
(**) As a result of highly competitive market conditions and the high commodity
prices impacting the cost of raw material inputs at the beginning of 2008, local
management re-evaluated the prospective growth rates of the HOMANN business in
line with IFRS accounting treatment and came to the conclusion that the
estimations, particularly expected sales growth made on acquisition are not
completely appropriate that this point in time. The Board's new assessment of
future cash flows from the HOMANN business have resulted in Impairment to
Goodwill allocated to HOMANN of EUR41.0 million.
+-----------------------------+----------+----------+-----------+------------+----------+
| Financial year 2007 | Goodwill | Brands | Customer | Other | Total |
| | EUR'000s | EUR'000s | base | Intangible | EUR'000s |
| | | | EUR'000s | assets | |
| | | | | EUR'000s | |
+-----------------------------+----------+----------+-----------+------------+----------+
| | | | | | |
+-----------------------------+----------+----------+-----------+------------+----------+
| Cost | | | | | |
+-----------------------------+----------+----------+-----------+------------+----------+
| As of 1 January 2007 | - | - | - | - | - |
+-----------------------------+----------+----------+-----------+------------+----------+
| Acquisition of subsidiaries | 172,525 | 227,717 | 58,614 | 32,052 | 490,908 |
+-----------------------------+----------+----------+-----------+------------+----------+
| Additions | - | - | - | 645 | 645 |
+-----------------------------+----------+----------+-----------+------------+----------+
| Reclassifications | - | - | - | 256 | 256 |
+-----------------------------+----------+----------+-----------+------------+----------+
| Disposals | - | - | - | (149) | (149) |
+-----------------------------+----------+----------+-----------+------------+----------+
| As of 31 December 2007 | 172,525 | 227,717 | 58,614 | 32,804 | 491,660 |
+-----------------------------+----------+----------+-----------+------------+----------+
| Amortisation and impairment | | | | | |
+-----------------------------+----------+----------+-----------+------------+----------+
| As of 1 January 2007 | - | - | - | - | - |
+-----------------------------+----------+----------+-----------+------------+----------+
| Acquisition of subsidiaries | - | - | - | 6,922 | 6,922 |
+-----------------------------+----------+----------+-----------+------------+----------+
| Amortisation in the | - | - | 1,465 | 2,487 | 3,952 |
| financial year | | | | | |
+-----------------------------+----------+----------+-----------+------------+----------+
| Disposals | - | - | - | (147) | (147) |
+-----------------------------+----------+----------+-----------+------------+----------+
| As of 31 December 2007 | - | - | 1,465 | 9,262 | 10,727 |
+-----------------------------+----------+----------+-----------+------------+----------+
| Carrying amounts | | | | | |
+-----------------------------+----------+----------+-----------+------------+----------+
| As of 1 January 2007 | - | - | - | - | - |
+-----------------------------+----------+----------+-----------+------------+----------+
| As of 31 December 2007 | 172,525 | 227,717 | 57,149 | 23,542 | 480,933 |
+-----------------------------+----------+----------+-----------+------------+----------+
4. Interest Bearing Loans and Liabilities
+----------------------------------+-----------+--------------+------------+------------+
| | | | 31 | 31 |
| | | | December | December |
| | | | 2008 | 2007 |
| | | | EUR'000s | EUR'000s |
+----------------------------------+-----------+--------------+------------+------------+
| | | | | |
+----------------------------------+-----------+--------------+------------+------------+
| Non-current | | | 157,683 | 166,301 |
+----------------------------------+-----------+--------------+------------+------------+
| Current | | | 6,819 | 1,638 |
+----------------------------------+-----------+--------------+------------+------------+
| | | | 164,502 | 167,939 |
+----------------------------------+-----------+--------------+------------+------------+
| | | | | |
+----------------------------------+-----------+--------------+------------+------------+
| | Effective | Maturity | 31 | 31 |
| | Interest | | December | December |
| | rate % | | 2008 | 2007 |
| | | | EUR'000s | EUR'000s |
+----------------------------------+-----------+--------------+------------+------------+
| | | | | |
+----------------------------------+-----------+--------------+------------+------------+
| Bank loans by ING | | | | |
+----------------------------------+-----------+--------------+------------+------------+
| Senior facility A of EUR76,600k | 1) | Dec. 20, | 69,326 | 76,600 |
| | | 2014 | | |
+----------------------------------+-----------+--------------+------------+------------+
| - interest accrued thereon | | | - | 165 |
+----------------------------------+-----------+--------------+------------+------------+
| Senior facility B of EUR38,500k | 1) | Dec. 20, | 36,754 | 38,500 |
| | | 2015 | | |
+----------------------------------+-----------+--------------+------------+------------+
| - interest accrued thereon | | | - | 88 |
+----------------------------------+-----------+--------------+------------+------------+
| Senior facility C of EUR38,000k | 1) | Dec. 20, | 36,277 | 38,000 |
| | | 2016 | | |
+----------------------------------+-----------+--------------+------------+------------+
| - interest accrued thereon | | | - | 93 |
+----------------------------------+-----------+--------------+------------+------------+
| Second lien facility D EUR21,900k | 1) | June 20, | 21,900 | 21,900 |
| | | 2017 | | |
+----------------------------------+-----------+--------------+------------+------------+
| - interest accrued thereon | | | - | 85 |
+----------------------------------+-----------+--------------+------------+------------+
| Transaction costs directly attributable to the acquisition | (4,899) | (7,492) |
| of bank loans | | |
+-------------------------------------------------------------+------------+------------+
| Other Bank loans | | | | |
+----------------------------------+-----------+--------------+------------+------------+
| DKB KFW loans | 1) | Dec. 30, | 3,068 | - |
| | | 2011 | | |
+----------------------------------+-----------+--------------+------------+------------+
| Sparkasse Osnabruck bridge loan | | | 1,925 | - |
+----------------------------------+-----------+--------------+------------+------------+
| Dresdner Bank loans | 1) | Sep. 30, | 151 | - |
| | | 2011 | | |
+----------------------------------+-----------+--------------+------------+------------+
| | | | 164,502 | 167,939 |
+----------------------------------+-----------+--------------+------------+------------+
| Thereof due for repayment within | | | | |
| one year | | | | |
+----------------------------------+-----------+--------------+------------+------------+
| Senior facility A of EUR76,600k | | | 5,340 | 3,800 |
+----------------------------------+-----------+--------------+------------+------------+
| - interest accrued thereon | | | - | 165 |
+----------------------------------+-----------+--------------+------------+------------+
| Senior facility B of EUR38,500k | | | - | - |
+----------------------------------+-----------+--------------+------------+------------+
| - interest accrued thereon | | | - | 88 |
+----------------------------------+-----------+--------------+------------+------------+
| Senior facility C of EUR38,000k | | | - | - |
+----------------------------------+-----------+--------------+------------+------------+
| - interest accrued thereon | | | - | 93 |
+----------------------------------+-----------+--------------+------------+------------+
| Second lien facility D EUR21,900k | | | - | - |
+----------------------------------+-----------+--------------+------------+------------+
| - interest accrued thereon | | | - | 85 |
+----------------------------------+-----------+--------------+------------+------------+
| Transaction costs directly attributable to the acquisition | (724) | (2,593) |
| of bank loans | | |
+-------------------------------------------------------------+------------+------------+
| Other bank loans | | | | |
+----------------------------------+-----------+--------------+------------+------------+
| DKB KFW loan | | | 236 | - |
+----------------------------------+-----------+--------------+------------+------------+
| Sparkasse Osnabruck bridge loan | | | 1,925 | - |
+----------------------------------+-----------+--------------+------------+------------+
| Dresdner Bank loans | | | 42 | - |
+----------------------------------+-----------+--------------+------------+------------+
| | | | 6,819 | 1,638 |
+----------------------------------+-----------+--------------+------------+------------+
1. The loans have various interest rates depending on maturities and rankings,
ranging from 5.22% to 10.97%
The interest rates are determined on the basis of the three-month EURIBOR plus
various margins.
About IFR Capital PLC
IFR is an acquisition platform targeting small and medium-sized businesses in
the continental European food industry, within three sub-sectors: retail (mainly
shops/restaurants), industry (wholesale and production) and distribution.
IFR's business portfolio comprises the following companies:
NORDSEE
In January 2007, IFR acquired the entire share capital of Kamps Food Retail
Investments SA, the holding company of NORDSEE GmbH ("NORDSEE"), Europe's
largest fish restaurant chain and number one non-burger fast food chain in
Germany and Austria.
Homann / Hamker
In June 2007, IFR acquired the entire share capital of Homann Chilled Food GmbH
("Homann"), a German based producer of chilled food and convenience products
whose product portfolio comprises chilled salads, dressings and sauces, chilled
convenience and fish delicacies.
In January 2008 IFR acquired the entire share capital of Hamker Lebensmittel
Beteiligungs GmbH & Co. KG ("Hamker"). Hamker, a widely known food manufacturer
located in Germany's Bad Essen and is an important player in the market for
mayonnaise, ketchup, dressings, chilled salads and margarine, both in the food
retailing and discount distribution channels.
Bastian's
In May 2007 IFR acquired Bastian's GmbH ("Bastian's"), a premium lifestyle
bakery, which offers a wide range of freshly made bread, cakes, and other bakery
products as well as a large variety of meals, snacks, coffee and teas.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR GUUGAAUPBGGB
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