REG - Hilton Food Grp Plc - Interim results for the 28 weeks to 16 July 2017 <Origin Href="QuoteRef">HFG.L</Origin> - Part 2

Hilton FoodAnnouncement

12/09/2017 07:05

- Part 2: For the preceding part double click  ID:nRSL4140Qa 

       (7,075)         (14,870)        
 Closing amount                                             21,494          34,637          26,976          
                                                                                                              
 11 Ordinary shares                                                                                           
                                                            Number of       Ordinary                          
                                                            shares          shares          Total             
                                                            (thousands)     £'000           £'000             
 At 1 January 2016                                          72,863          7,286           7,286             
 Issue of new shares on exercise of employee share options  307             31              31                
 At 17 July 2016                                            73,170          7,317           7,317             
                                                                                                              
 At 2 January 2017                                          73,552          7,355           7,355             
 Issue of new shares on exercise of employee share options  438             44              44                
 At 16 July 2017                                            73,990          7,399           7,399             
                                                                                                                    
 
 
12 Related party transactions 
 
The Directors do not consider there to be one ultimate controlling party. The
companies noted below are all deemed to be related parties by way of common
Directors. 
 
Transactions between related parties on an arm's length basis were as
follows: 
 
                                                      28 weeks ended  28 weeks ended  52 weeks ended  
                                                      16 July         17 July         1 January       
                                                      2017            2016            2017            
                                                      £'000           £'000           £'000           
 Hilton Food Solutions Limited - Sales                4,746           -               5,564           
 Woolworths Limited and subsidiaries -                                                                
 Recharge of joint venture costs                      304             907             1,010           
 Sohi Meat Solutions Distribuicao de Carnes SA -                                                      
 Recharge of joint venture costs                      113             -               -               
                                                                                                      
 Amounts owing from related parties were as follows:  
                                                      16 July         17 July         1 January       
                                                      2017            2016            2017            
                                                      £'000           £'000           £'000           
 Hilton Food Solutions Limited                        1,934           -               978             
 Woolworths Limited and subsidiaries                  339             436             69              
 Sohi Meat Solutions Distribuicao de Carnes SA        113             -               -               
 
 
13 Financial instruments 
 
The fair value of the financial assets and liabilities approximate to their
carrying amounts 
 
Independent review report 
 
Independent review report to Hilton Food Group plc 
 
Report on the condensed consolidated interim financial statements 
 
Our conclusion 
 
We have reviewed Hilton Food Group plc's condensed consolidated interim
financial statements (the "interim financial statements") in the half year
report of Hilton Food Group plc for the 28 week period ended 16 July 2017.
Based on our review, nothing has come to our attention that causes us to
believe that the interim financial statements are not prepared, in all
material respects, in accordance with International Accounting Standard 34,
'Interim Financial Reporting', as adopted by the European Union and the
Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's
Financial Conduct Authority. 
 
What we have reviewed 
 
The interim financial statements comprise: 
 
 ·  the Balance sheet as at 16 July 2017;                                                 
 ·  the Income statement and Statement of comprehensive income for the period then ended  
 ·  the Cash flow statement for the period then ended;                                    
 ·  the Statement of changes in equity for the period then ended; and                     
 ·  the explanatory notes to the interim financial statements.                            
 
 
The interim financial statements included in the half year report have been
prepared in accordance with International Accounting Standard 34, 'Interim
Financial Reporting', as adopted by the European Union and the Disclosure
Guidance and Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority. 
 
As disclosed in note 2 to the interim financial statements, the financial
reporting framework that has been applied in the preparation of the full
annual financial statements of the Group is applicable law and International
Financial Reporting Standards (IFRSs) as adopted by the European Union. 
 
Responsibilities for the interim financial statements and the review 
 
Our responsibilities and those of the Directors 
 
The half year report, including the interim financial statements, is the
responsibility of, and has been approved by, the Directors. The Directors are
responsible for preparing the half year report in accordance with the
Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's
Financial Conduct Authority. 
 
Our responsibility is to express a conclusion on the interim financial
statements in the half year report based on our review. This report, including
the conclusion, has been prepared for and only for the Company for the purpose
of complying with the Disclosure Guidance and Transparency Rules sourcebook of
the United Kingdom's Financial Conduct Authority and for no other purpose.  We
do not, in giving this conclusion, 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. 
 
What a review of condensed consolidated financial statements involves 
 
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. 
 
We have read the other information contained in the interim results and
considered whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed consolidated interim
financial statements. 
 
PricewaterhouseCoopers LLP 
 
Chartered Accountants 
 
Belfast 
 
11 September 2017 
 
The maintenance and integrity of the Hilton Food Group 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 financial
statements since they were initially presented on the website. Legislation in
the United Kingdom governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions. 
 
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