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Campofrio Food Group CAMPOFRIO FOOD GROUP UNAUDITED INTERIM SELECTED CONSOLIDATED FINANCIAL INFORMATION YEAR ENDED 31 TH DECEMBER 2017 TABLE OF CONTENTS INTRODUCTION .................................................................................................. 1 CONSOLIDATED INCOME STATEMENT ....................................................... 2 CONSOLIDATED STATEMENT OF FINANCIAL POSITION ....................... 3 CONSOLIDATED CASH FLOW STATEMENT ................................................ 4 MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ............................................. 9 ANNEXE A – EXPLANATION OF INCOME STATEMENT ITEMS ............ 14 ANNEXE B – FOURTH QUARTER SELECTED FINANCIAL INFORMATION .................................................................................................. 16 CONSOLIDATED INCOME STATEMENT ..................................................... 16 CONSOLIDATED CASH FLOW STATEMENT .............................................. 17 OTHER SELECTED CONSOLIDATED FINANCIAL INFORMATION ...... 18 RECENT DEVELOPMENTS ............................................................................. 19 INTRODUCTION In March 2015, CAMPOFRIO FOOD GROUP, S.A.U. (“Campofrío Food Group” or the “Company”), incorporated as a public limited company ( sociedad anónima ) under the laws of Spain, issued €500 million aggregate principal amount of its 3.375% Senior Notes due 2022 (the “Notes”) at a price of 100.000%. The Company pays interest on the Notes semi-annually on each March 15 and September 15. On February 21, 2017 and on March 23, 2017, the Company carried out two partial redemptions of the Notes amounting to €50.0 million each, at a price of 103.0% plus accrued interest. As a result, the outstanding principal amount of the Notes currently amounts to €400.0 million. Further, at any time on or after March 15, 2018, the Company may redeem all or part of the Notes by paying a specified premium to the holders. If the Company undergoes a change of control or sells certain of its assets, it may be required to make an offer to purchase the Notes. In the event of certain developments affecting taxation, the Company may redeem all, but not less than all, of the Notes. The Company may from time to time seek to retire or purchase its outstanding debt through cash purchases and/or exchanges for equity securities, in open market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will depend on prevailing market conditions, the Company’s liquidity requirements, contractual restrictions and other factors. The Notes are senior debt of Campofrío Food Group and rank pari passu in right of payment to all of Campofrío Food Group’s existing and future senior indebtedness. The Notes are guaranteed on a senior basis by certain of the Company’s subsidiaries. The Notes are admitted to listing on the Official List of the Luxembourg Stock Exchange and for trading on the Euro MTF market. The Notes and the Guarantees have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the ‘‘U.S. Securities Act’’). The Notes may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except to qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the U.S. Securities Act (‘‘Rule 144A’’) and to certain persons in offshore transactions in reliance on Regulation S under the U.S. Securities Act (‘‘Regulation S’’). You are hereby notified that sellers of the Notes may be relying on the exemption from the provisions of Section 5 of the U.S. Securities Act provided by Rule 144A. Following the issuance of the new 3.375% Notes maturing in 2022, the Company redeemed all of its outstanding 8.250% Senior Notes due 2016, including applicable premium and accrued and unpaid interest, and paid related fees and expenses in connections with the Offering. The redemption of the outstanding 8.250% Senior Notes due 2016 was executed on April 2, 2015. This Unaudited Selected Consolidated Financial Information is provided to the holders of the Notes pursuant to Section “Description of the Notes - Reports (1)” of the indenture. CONSOLIDATED INCOME STATEMENT Campofrío Food Group (In Thousands of Euros) Year ended December 31, 2017 2016 Actual % of total Actual % of total (unaudited) oper. (audited) oper. revenue revenues Operating revenues 2,001,953 98.5% 1,941,465 99.2% Net sales and services Increase in inventories 18,719 0,9% 9,559 0.5% Capitalized expenses on Company's work on assets 4,240 0.2% 1,392 0.1% Other operating revenue 7,781 0.4% 5,525 0.3% Total operating revenues 2,032,693 100.0% 1,957,941 100.0% Operating expenses Consumption of goods and other external charges (1,180,297) (58.1%) (1,086,917) (55.5%) Employee benefits expense (323,016) (15.9%) (323,463) (16.5%) Depreciation and amortization (58,914) (2.9%) (47,663) (2.4%) Changes in trade provisions (2,614) (0.1%) (1,101) (0.1%) Other operating expenses (379,603) (18.7%) (396,421) (20.2%) Total operating expenses (1,944,444) (95.7%) (1,855,565) (94.8%) Impairment of non - current assets (4,995) (0.2%) (9,151) (0.5%) Other income and expenses 26,922 1.3% - 0.00% Operating profit 110,176 5.4% 93,225 4.8% Financial expenses, net (26,796) (1.3%) (25,493) (1.3%) Other results 778 0.0% 2,616 0.1% Profit (loss) before tax 84,158 4.1% 70,348 3.6% Income taxes (15,897) (0.8%) (14,736) (0.8%) Profit for the period from continuing operations 68,261 3.4% 55,612 2.8% Profit for the period 68,261 3.4% 55,612 2.8% Non-controlling interests - - - - Attributable to equity holders of the parent company 68,261 3.4% 55,612 2.8% The accompanying notes are an integral part of this consolidated financial information. CONSOLIDATED STATEMENT OF FINANCIAL POSITION Campofrío Food Group (In Thousands of Euros) Consolidated statement of financial position at, Dec 31, 2017 Dec 31, 2016 Actual Actual (unaudited) (audited) ASSETS Property, plant and equipment 772,411 736,281 Goodwill 552,788 450,986 Other intangible assets 254,870 263,373 Non-current financial assets 667 520 Investments accounted for under the equity method 1,960 32,777 Deferred tax assets 97,541 100,524 Total non-current assets 1,680,237 1,584,461 Biological Assets 1,721 1,836 Inventories 349,232 344,197 Trade and other receivables 131,116 195,338 Other current financial assets 16,731 390 Other current assets 8,266 7,756 Cash and cash equivalents 212,659 337,700 Total current assets 719,725 887,217 Assets classified as held for sale and discontinued - - operations TOTAL ASSETS 2,399,962 2,471,678 EQUITY AND LIABILITES Equity attributable to equity holders of the parent 880,572 836,329 Equity 880,572 836,329 Debentures 396,108 494,083 Interest-bearing loans and borrowings - - Other financial liabilities 11,255 12,512 Debts with group and associated companies 103,000 - Deferred tax liabilities 125,640 132,883 Other non-current liabilities 148 147 Provisions 31,137 43,621 Total non-current liabilities 667,288 683,246 Debentures 3,938 4,922 Interest-bearing loans and borrowings 53 62 Trade and other payables 734,253 757,321 Other financial liabilities 2,116 1,879 Interest with group and associated companies 812 - Creditor for income tax 2,830 6,865 Provisions 13,656 9,178 Other current liabilities 94,444 171,876 Total current liabilities 852,102 952,103 Liabilities associated to operations on sale or - - discontinued TOTAL EQUITY AND LIABILITIES 2,399,962 2,471,678 The accompanying notes are an integral part of this consolidated financial information. CONSOLIDATED CASH FLOW STATEMENT Campofrío Food Group (In Thousands of Euros ) Year ended December 31, 2017 2016 Actual Actual (unaudited) (audited) Operating flows before changes in working capital 142,382 147,385 Changes in working capital (2,030) 13,101 Cash flows from operating activities 140,352 160,486 Net interest payments (19,902) (19,703) Provision and pensions payment (8,760) (11,165) Income tax paid (15,369) (10,034) Other collection and payments 1,073 1,988 Net cash flows from operating activities 97,394 121,572 Investments in property, plant and equipment (145,226) (110,131) Other cash flows from investing operations, net 157 710 Investments in group companies (43,535) - Net cash flows from investing activities (188,604) (109,421) Changes in financial assets and liabilities (36,831) (6,397) Debt with associated company 103,000 - Repayments of bank debt - - Repayments of debentures and bonds (100,000) - Net cash flows from financing activities (33,831) (6,397) Net increase/(decrease) in cash and cash equivalents (125,041) 5,754 Cash and cash equivalents at beginning of period 337,700 331,946 Cash and cash equivalents at end of period 212,659 337,700 The accompanying notes are an integral part of this consolidated financial information. OTHER SELECTED CONSOLIDATED FINANCIAL INFORMATION Campofrío Food Group (In Thousands of Euros ) Conciliation from Profit for the period to EBITDA Reported Year ended December 31, 2017 2016 Actual Actual (unaudited) (audited) Profit for the period attributable to equity holders of the parent 68,261 55,612 company Profit (loss) after tax for the period from discontinued operations - - Income taxes 15,897 14,736 Other results (778) (2,616) Financial expenses, net 26,796 25,493 Impairment of assets 4,995 9,151 Depreciation and amortization 58,914 47,663 EBITDA Reported 174,085 150,039 The accompanying notes are an integral part of this consolidated financial information. EXPLANATORY NOTES TO THE UNAUDITED INTERIM SELECTED CONSOLIDATED FINANCIAL INFORMATION Corporate Information Campofrío Food Group, S.A.U. (the “Company”), with registered office at Avda. de Europa, Parque Empresarial La Moraleja in Alcobendas (Madrid), was incorporated as a private limited company in Spain on September 1, 1944, under the registered name Conservera Campofrío, S.A. On September 5, 1996, the Company’s name was changed to Campofrío Alimentación, S.A.
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