Ebro Foods, S.A. Individual Annual Accounts 2019
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FINANCIAL STATEMENTS AND MANAGEMENT REPORT FOR THE YEAR ENDED DECEMBER 31, 2019 EBRO FOODS, S.A. - 1 - CONTENTS 1. Balance sheet at December 31, 2019 and 2018. 2. Income statement for the years ended December 31, 2019 and 2018. 3. Statement of recognized income and expense for the years ended December 31, 2019 and 2018. 4. Statement of total changes in equity for the years ended December 31, 2019 and 2018. 5. Statement of cash flows for the years ended December 31, 2019 and 2018. 6. Notes to the financial statements for the year ended December 31, 2019. 7. Management report for the year ended December 31, 2019. - 2 - EBRO FOODS, S.A. BALANCE SHEET AT DECEMBER 31, 2019 AND 2018 Thousands of euros ASSETS Note YE 2019 YE 2018 A) NON-CURRENT ASSETS 2,106,357 1,616,307 I. Intangible assets 5 5,994 5,847 3. Patents, licenses and trademarks 4,717 5,505 5. Software 1,277 342 II. Property, plant and equipment 6 683 939 1. Land and buildings 0 281 2. Plant and other PP&E 683 658 III. Investment properties 7 8,543 7,838 1. Land 7,276 7,276 2. Buildings 1,267 562 IV. Non-current investments in group companies and associates 8 2,064,681 1,572,215 1. Equity instruments 1,864,681 1,572,215 2. Loans to companies 8 & 17 200,000 0 V. Non-current financial assets 9 20,216 20,675 2. Loans to third parties 20,070 20,533 5. Other financial assets 146 142 VI. Deferred tax assets 15 6,240 8,793 B) CURRENT ASSETS 35,880 16,505 III. Trade and other receivables 9 & 10 13,340 13,870 1. Trade receivables 55 87 2. Trade receivables, group companies and associates 17 8,031 10,760 3. Sundry receivables 8 8 4. Receivable from employees 17 26 5. Current tax assets 15 4,439 1,992 6. Other amounts receivable from public authorities 15 790 997 IV. Current investments in group companies and associates 27 701 2. Loans to companies 17 27 701 V. Current financial assets 9 1,464 1,352 2. Loans to third parties 1,464 1,352 VI. Prepayments and accrued income 0 38 VII. Cash and cash equivalents 11 21,049 544 1. Cash 21,049 544 TOTAL ASSETS 2,142,237 1,632,812 The accompanying notes 1 to 20 are an integral part of the balance sheet at December 31, 2019. - 3 - EBRO FOODS, S.A. BALANCE SHEET AT DECEMBER 31, 2019 AND 2018 Thousands of euros LIABILITIES Note YE 2019 YE 2018 A) EQUITY 1,437,959 638,394 A.1) CAPITAL AND RESERVES 12 1,437,959 638,394 I. Capital 92,319 92,319 1. Issued capital 92,319 92,319 II. Share premium 5 5 III. Reserves 458,367 550,846 1. Legal and statutory reserves 18,464 18,464 2. Other reserves 439,903 532,382 VII. Profit/(loss) for the year 887,268 (4,776) A.2) VALUATION ADJUSTMENTS 0 0 B) NON-CURRENT LIABILITIES 543,525 895,873 I. Non-current provisions 14 17,846 18,061 1. Non-current employee benefit obligations 1,876 2,042 4. Other provisions 15,970 16,019 II. Non-current borrowings 9 213,227 225,466 1. Bonds and other marketable securities 0 0 2. Bank borrowings 13 204,865 219,585 4. Derivatives 9 8,350 2,369 5. Other financial liabilities 12 3,512 III. Non-current borrowings from group companies and associates 17 260,728 603,489 IV. Deferred tax liabilities 15 51,724 48,857 C) CURRENT LIABILITIES 160,753 98,545 III. Current borrowings: 9 143,604 88,138 2. Bank borrowings 13 143,604 88,086 5. Other financial liabilities 0 52 IV. Current borrowings from group companies and associates 17 10,298 6,330 V. Trade and other accounts payable: 9 6,851 4,077 1. Trade payables 1,740 1,048 2. Trade payables, group companies and associates 319 129 4. Employee benefits payable 3,626 2,676 6. Other payables to public authorities 15 1,166 224 TOTAL EQUITY AND LIABILITIES 2,142,237 1,632,812 The accompanying notes 1 to 20 are an integral part of the balance sheet at December 31, 2019. - 4 - EBRO FOODS, S.A. STATEMENT OF PROFIT OR LOSS FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018 Thousands of euros Note 2019 2018 CONTINUING OPERATIONS Revenue 929,269 20,207 Revenue from services rendered 3,438 3,465 Dividends from group companies and associates 8 & 17 925,803 16,711 Finance income from group companies 17 28 31 Other operating income 5,507 4,785 Ancillary and other operating income 5,507 4,785 Employee benefits expense (11,624) (9,779) Wages, salaries and similar (9,429) (8,058) Employee benefits (1,194) (1,126) Termination benefits (155) 0 Provisions (846) (595) Other operating expenses (13,844) (8,782) External services (12,877) (8,208) Taxes other than income tax (950) (394) Other operating expenses 14 (17) (180) Depreciation and amortization 5, 6 & 7 (1,370) (1,239) Impairment of and gains/(losses) on disposal of fixed assets 922 38 Gains/(losses) on disposals 5 & 7 922 38 OPERATING PROFIT/(LOSS) 908,86 5,230 Finance income 1,020 884 From marketable securities and other financial instruments: Third parties 1,020 884 Finance costs (17,508) (13,429) Borrowings from group companies and associates 17 (12,952) (7,704) Third-party borrowings (4,556) (5,725) Change in fair value of financial instruments (5,981) 90 Held-for-trading portfolio and other securities 9 (5,981) 90 Net exchange gains/(losses) 9 (1,541) (255) Impairment of and gains/(losses) on disposal of financial assets 1,363 (1) Impairment and write-downs 8 (8,017) (1) Gains/(losses) on disposals 9 9,380 0 NET FINANCE COST (22,647) (12,711) PROFIT/(LOSS) BEFORE TAX 886,213 (7,481) Income tax 15 1,055 2,705 PROFIT/(LOSS) FOR THE YEAR FROM CONTINUING OPERATIONS 887,268 (4,776) DISCONTINUED OPERATIONS Profit/(loss) for the year from discontinued operations, net of income tax 0 0 PROFIT/(LOSS) FOR THE YEAR 887,268 (4,776) The accompanying notes 1 to 20 are an integral part of the income statement for the year ended December 31, 2019. - 5 - EBRO FOODS, S.A. STATEMENT OF RECOGNIZED INCOME AND EXPENSES FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018 Thousands of euros Note 2019 2018 A) Profit as per statement of profit or loss 887,268 (4,776) Income and expense recognized directly in equity I. Measurement of financial instruments 1. Available-for-sale financial assets 9 0 0 2. Other income/expense II. Cash flow hedges III. Grants, donations and bequests received IV. Actuarial gains and losses and other adjustments V. Tax effect 0 0 B) Total income and expense recognized directly in equity 0 0 Amounts reclassified to profit or loss VI. Measurement of financial instruments 1. Available-for-sale financial assets 9 0 0 2. Other income/expense VII. Cash flow hedges VIII. Grants, donations and bequests received IX. Tax effect 0 0 C) Total amounts reclassified to profit or loss 0 0 TOTAL RECOGNIZED INCOME AND EXPENSE (A + B + C) 887,268 (4,776) The accompanying notes 1 to 20 are an integral part of the statement of recognized income and expense for the year ended December 31, 2019. - 6 - EBRO FOODS, S.A. STATEMENT OF TOTAL CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018 Grants, donations and Share Own Retained Profit/(loss) Interim Other equity Valuation bequests Thousands of euros Capital premium Reserves shares earnings for the year dividend instruments adj. received TOTAL OPENING BALANCE AT DEC. 31, 2017 92,319 5 580,455 0 0 58,101 0 0 0 0 730,880 I. Restatements for changes in accounting criteria 0 II. Restatements for prior-year errors 0 RESTATED BALANCE AT JAN. 1, 2018 92,319 5 580,455 0 0 58,101 0 0 0 0 730,880 I. Total recognized income and expense (4,776) 0 (4,776) II. Transactions with shareholders and owners: 0 0 (87,710) 0 0 0 0 0 0 0 (87,710) - Dividend distribution (87,704) (87,704) - Transactions with own shares (net) (6) (6) - Other transactions with shareholders 0 III. Other changes in equity 58,101 (58,101) 0 CLOSING BALANCE AT DEC. 31, 2018 92,319 5 550,846 0 0 4,776 0 0 0 0 638,394 I. Restatements for changes in accounting criteria 0 II. Restatements for prior-year errors 0 RESTATED BALANCE AT JAN. 1, 2019 92,319 5 550,846 0 0 4,776 0 0 0 0 638,394 I. Total recognized income and expense 887,268 0 887,268 II. Transactions with shareholders and owners: 0 0 (87,705) 0 0 0 0 0 0 0 (87,705) - Dividend distribution (87,703) (87,703) - Transactions with own shares (net) (2) (2) - Other transactions with shareholders 0 0 III. Other changes in equity (4,774) 4,776 2 CLOSING BALANCE AT DEC. 31, 2019 92,319 5 458,367 0 0 887,268 0 0 0 0 1,437,959 The accompanying notes 1 to 20 are an integral part of the statement of total changes in equity for the year ended December 31, 2019. - 7 - EBRO FOODS, S.A. STATEMENT OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018 Thousands of euros Note 2019 2018 NET CASH FLOWS FROM OPERATING ACTIVITIES 281,898 17,490 1.