Assets
2.2.5.1 17. Property, plant and equipment
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A. Reconciliation of carrying amount
In thousands of euro | Land & Buildings | Plant & Machinery | Other operating assets | Assets under construction | Total |
Cost | |||||
Balance as at 1 January 2016 | 153,721 | 203,570 | 55,050 | 8,013 | 420,354 |
Acquisitions through business combinations | - | - | 104 | - | 104 |
Divestments | -121 | -905 | - | -143 | -1,169 |
Additions | 513 | 3,818 | 7,348 | 19,938 | 31,617 |
Reclassification assets under construction | 154 | 14,750 | 354 | -15,258 | - |
Reclassification | - | -21,111 | 21,111 | - | - |
Disposals | - | -3,767 | -3,134 | -139 | -7,040 |
Effect of movements in exchange rates | -9,356 | -13,986 | -1,024 | -1,028 | -25,394 |
Balance as at 31 December 2016 | 144,911 | 182,369 | 79,809 | 11,383 | 418,472 |
Balance as at 1 January 2017 | 144,911 | 182,369 | 79,809 | 11,383 | 418,472 |
Acquisitions through business combinations | - | - | 35 | - | 35 |
Divestments | - | - | - | - | - |
Additions | 4,848 | 6,826 | 6,301 | 20,253 | 38,228 |
Reclassification | 27,849 | 5,360 | -19,121 | -14,088 | - |
Reclassification from intangible assets | - | - | 413 | - | 413 |
Reclassification assets held for sale | -901 | -1,461 | - | - | -2,362 |
Disposals | -675 | -3,722 | -2,618 | -141 | -7,156 |
Effect of movements in exchange rates | -1,036 | -1,334 | -1,040 | -334 | -3,744 |
Balance as at 31 December 2017 | 174,996 | 188,038 | 63,779 | 17,073 | 443,886 |
Accumulated depreciation and impairment losses | |||||
Balance as at 1 January 2016 | -62,623 | -123,046 | -36,954 | - | -222,623 |
Acquisitions through business combinations | - | - | -65 | - | -65 |
Divestments | 73 | 528 | - | - | 601 |
Depreciation | -3,688 | -9,754 | -6,936 | - | -20,378 |
Reclassification | - | 5,735 | -5,735 | - | - |
Disposals | - | 3,585 | 1,969 | - | 5,554 |
Effect of movements in exchange rates | 5,576 | 4,924 | 2,688 | - | 13,188 |
Balance as at 31 December 2016 | -60,662 | -118,028 | -45,033 | - | -223,723 |
Balance as at 1 January 2017 | -60,662 | -118,028 | -45,033 | - | -223,723 |
Acquisitions through business combinations | - | - | - | - | - |
Divestments | - | - | - | - | - |
Depreciation | -4,791 | -9,279 | -5,290 | - | -19,360 |
Impairment | -576 | -1,359 | - | - | -1,935 |
Reclassification | -17,729 | 1,032 | 16,697 | - | - |
Reclassification from intangible assets | - | - | -279 | - | -279 |
Reclassification assets held for sale | 181 | 771 | - | - | 952 |
Disposals | 270 | 3,424 | 1,749 | - | 5,443 |
Effect of movements in exchange rates | 204 | 193 | 523 | - | 920 |
Balance as at 31 December 2017 | -83,103 | -123,246 | -31,633 | - | -237,982 |
Carrying amounts | |||||
At 1 January 2016 | 91,098 | 80,524 | 18,096 | 8,013 | 197,731 |
At 31 December 2016 | 84,249 | 64,341 | 34,776 | 11,383 | 194,749 |
At 31 December 2017 | 91,893 | 64,792 | 32,146 | 17,073 | 205,904 |
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As part of the periodic reassessment of the estimated remaining useful life of property, plant and equipment the depreciation periods and if applicable the residual value of the property, plant and equipment have been revised, as from 1 January 2017. In general, this resulted in an extension of the useful life whereby depreciation expenses based on these revised depreciation terms are €2.4 million lower compared to the depreciation terms previously used. In the Netherlands, Germany and Belgium the depreciation expenses decreased and in the United Kingdom the depreciation expenses increased.
Furthermore, as part of the periodical reassessment of property, plant and equipment, items that were incorrectly classified were corrected, which resulted in a reclassification within property, plant and equipment and between tangible and intangible assets.
In the United Kingdom the construction of a new production facility (Exeter) has started. This requires an investment of £10.4 million (equivalent to €11.3 million at the exchange rate of 31 December 2017), of which a factory (£9.5 million) is already in use and the remaining part has been recognised as assets under construction. Furthermore, a central office (Bury St. Edmunds) has been taken in use, which required an investment of £3.8 million (equivalent to €4.5 million at the exchange rate of 31 December 2017). The other investments 2017 relate to the Netherlands and mainly consist of a new process control system (€3.1 million), the renovation of bulk silos (€2.2 million), trucks (€7.4 million) and the replacement of a grinder (€1.0 million).
Of the 2017 additions of €38.2 million an amount of €36.6 has been paid at year end. The remaining has been recognized as a liability.
B. Impairment loss
As a result of the supply chain optimalisation in the United Kingdom a production location has been impaired by €1.9 million. There were no indicators in 2016 for impairment of property, plant and equipment.
C. Leased other operating assets
The Group leases some other operating assets under a number of finance leases. The corresponding finance lease obligations are accounted for under loans and borrowings. As at 31 December 2017, the net carrying amount of leased equipment was €101 thousand (2016: €236 thousand). The decrease of the carrying amount was caused by the fact that the leased assets has been replaced by assets owned.
2.2.5.2 18. Intangible assets and goodwill
A. Reconciliation of carrying amount
In thousands of euro | Goodwill | Customer relations | Trade and brand names | Software | Intangible assets under construction | Total |
Cost | ||||||
Balance as at 1 January 2016 | 52,862 | 38,039 | 878 | 11,244 | - | 103,023 |
Acquisitions through business combinations | 15,569 | 9,039 | - | - | - | 24,608 |
Additions | - | 500 | - | 586 | 963 | 2,049 |
Disposals | - | - | - | -30 | - | -30 |
Effect of movements in exchange rates | -3,948 | -5,124 | - | -1,401 | - | -10,473 |
Balance as at 31 December 2016 | 64,483 | 42,454 | 878 | 10,399 | 963 | 119,177 |
Balance as at 1 January 2017 | 64,483 | 42,454 | 878 | 10,399 | 963 | 119,177 |
Acquisitions through business combinations | 510 | 546 | - | - | - | 1,056 |
Additions | - | - | - | 1,403 | - | 1,403 |
Reclass (to property, plant and equipment) | - | - | - | 550 | -963 | -413 |
Reclassification assets held for sale | -228 | -252 | -9 | - | - | -489 |
Disposals | - | - | - | -78 | - | -78 |
Effect of movements in exchange rates | -836 | -1,093 | - | -299 | - | -2,228 |
Balance as at 31 December 2017 | 63,929 | 41,655 | 869 | 11,975 | - | 118,428 |
Accumulated amortisation and impairment losses | ||||||
Balance as at 1 January 2016 | - | -7,247 | -878 | -5,696 | - | -13,821 |
Amortisation | - | -3,356 | - | -2,310 | - | -5,666 |
Disposals | - | - | - | 24 | - | 24 |
Effect of movements in exchange rates | - | 1,056 | - | 1,411 | - | 2,467 |
Balance as at 31 December 2016 | - | -9,547 | -878 | -6,571 | - | -16,996 |
Balance as at 1 January 2017 | - | -9,547 | -878 | -6,571 | - | -16,996 |
Amortisation | - | -3,902 | - | -2,430 | - | -6,332 |
Reclass to property, plant and equipment | - | - | - | 279 | - | 279 |
Reclassification assets held for sale | - | 153 | 9 | - | - | 162 |
Disposals | - | - | - | 74 | - | 74 |
Effect of movements in exchange rates | - | 324 | - | 290 | - | 614 |
Balance as at 31 December 2017 | - | -12,972 | -869 | -8,358 | - | -22,199 |
Carrying amounts | ||||||
At 1 January 2016 | 52,862 | 30,792 | - | 5,548 | - | 89,202 |
At 31 December 2016 | 64,483 | 32,907 | - | 3,828 | 963 | 102,181 |
At 31 December 2017 | 63,929 | 28,683 | - | 3,617 | - | 96,229 |
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The goodwill and other changes 'acquisitions through business combinations' of €1,056 thousand relate to the acquisition of Wilde Agriculture Ltd. (2016: total of €24,608 thousand acquired intangible assets and goodwill of Vleuten-Steijn) see Note 6.
The reclassification to assets held for sale relates to the announced sale of arable activities to CZAV at the end of 2017. For more information a reference is made to Note 25 and 37.
B. Amortisation
The amortisation of customer relations, trademarks and software of €6,332 thousand (2016: €5,666 thousand) is included in the depreciation, amortisation and impairment expense.
C. Impairment test
(i) Impairment testing for cash generating units containing goodwill
Annually the Group performs its goodwill impairment test in the third quarter. Moreover, the test is conducted at another time if there is a trigger for goodwill impairment. Goodwill is monitored and tested at the level of the clusters. The Group evaluates, amongst others, the relationship between the recoverable amount and the carrying amount in the evaluation of indicators of potential impairment.
Goodwill is allocated as follows to the cash generating units:
In thousands of euro | 31 December 2017 | 31 December 2016 |
The Netherlands | 34,653 | 34,881 |
Germany/Belgium | 4,017 | 4,017 |
United Kingdom | 25,259 | 25,585 |
Total | 63,929 | 64,483 |
The decrease of goodwill in the Netherlands is a result of a reclassification to assets held for sale due to the sale of the argirculture activities to CZAV in 2018, see also Note 25. The change of goodwill in the United Kingdom is caused by a change of the foreign exchange rate, partially compensated by the acquisition of Wilde agriculture Ltd.
Information about the net realisable value including the key assumptions
For the goodwill impairment test, the recoverable amount of the various cash generating units was based on its value in use, determined by discounting the future cash flows to be generated from the continuing use of the cash generating units. The fair value measurement was categorised as a Level 3 fair value based on the inputs in the valuation technique used (see Note 4).
The key assumptions used in the estimation of value in use per cash generating unit in 2017 were as follows.
In percentage | Discount rate pre-tax | Terminal value growth rate | Expected EBITDA growth rate (average of next five years) |
The Netherlands | 9.53% | 1.05% | 3.97% |
Germany/Belgium | 11.22% | 1.05% | 8.71% |
United Kingdom | 9.64% | 1.38% | 7.25% |
The key assumptions used in the estimation of value in use per cash generating unit in 2016 were as follows.
In percentage | Discount rate pre-tax | Terminal value growth rate | Expected EBITDA growth rate (average of next five years) |
The Netherlands | 10.41% | 0.75% | 2.90% |
Germany/Belgium | 12.24% | 0.75% | 8.16% |
United Kingdom | 9.74% | 1.87% | 8.07% |
The used discount rate was a pre-tax measure based on the yield of 30-year government bonds, issued by the government in the relevant market and in the same currency as the cash flows, adjusted for a risk premium to reflect both the increased risk of investing in equities generally, and the systemic risk of the specific cash generating unit.
The average EBITDA growth rates were based on expectations of future outcomes of gross profits taking into account past experience of the average growth of recent years and estimated sales volumes in tons. To estimate the forecasted gross profit, primarily an assessment has been made on margin development, and on not sales price development. The commodity price development is hard to predict, however it is charged to customers. In determining the developments in the expenses the volume, inflation and cost savings are considered. The average growth percentage in the United Kingdom decreased compared to 2016 due to an updated forecast of the market cirucmstances amongst others caused by the possible effects of the Brexit.
The value in use of the cash generating units is determined based on the budget 2017 (2016: budget 2016) and the medium term plans to 2020. For the period after 2020 a growth rate equal to the terminal value growth rate is used, which is common practice in the market.
Result of the goodwill impairment test and sensitivity analysis
The result of the goodwill impairment test of the cash-generating units in 2017 shows that the recoverable amount exceeds the carrying amount of the cash generating units, and no impairment was required (2016: ditto).
The recoverable amount exceeds the carrying amount significantly for the cash flow generating units the Netherlands and Germany/Belgium. For the cash flow generating unit United Kingdom the difference between the recoverable amount and carrying amount is €7.8 million (£7.1 million), based on an additional trigger based goodwill impairment test at year end 2017. This limited difference is mainly caused by an updated forecast of the market circumstances amongst others caused by the possible effects of the Brexit in combination with an increase in the carrying amount due to investments in tangible assets.
A reasonable change in the assumptions could result in a recoverable amount below the carrying amount of the cash flow generating unit. The key assumptions used in the goodwill impairment test of the United Kingdom and the changes to these assumptions which will result in a recoverable amount equal to the carrying amount are included in the table below:
In percentage | Discount rate pre-tax | Terminal value growth rate | Expected EBITDA growth rate (average of next five years) |
Assumptions used | 9.64% | 1.38% | 7.25% |
Change | 0.37% | -0.49% | -0.54% |
Recoverable amount equals carrying amount | 10.01% | 0.89% | 6.71% |
In 2016 a reasonable adjustment of the assumptions did not result in recoverable amounts below the carrying amounts of these cash generating units.
(ii) Impairment on intangible assets other than goodwill
During 2017 and 2016 the Group recognised no impairment on intangible assets other than goodwill.
2.2.5.3 19. Investment property
A. Reconciliation of carrying amount
In thousands of euro | 2017 | 2016 |
Balance at 1 January | 830 | 822 |
Reclassification to non-current assets held for sale | - | - |
Currency translation adjustment | - | - |
Other changes | - | 8 |
Balance as at 31 December | 830 | 830 |
Cost | 3,735 | 3,735 |
Accumulated depreciation | -2,905 | -2,905 |
Carrying amounts at 31 December | 830 | 830 |
Investment property comprises a number of Industrial properties that are no longer in use for the Group's feed activities.
B. Fair value information
The fair value of investment property was determined by external, independent property valuators, having appropriate recognised professional qualifications and experience, and taking into account sales prices which have currently been agreed upon.
The fair value measurement for investment properties was €2.1 million (31 December 2016: €2.1 million) and has been categorised as a Level 3 fair value based on the information derived from market transactions.
The following table shows the valuation technique used in measuring the fair value of investment property, as well as the significant unobservable inputs used.
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Valuation technique | ||
Type | Significant unobservable inputs | Inter-relationship between key unobservable inputs and fair value measurement |
Transaction price: |
• Condition of the investment property. |
The estimated fair value would increase (decrease) if: |
The fair value of the investment property is measured on the basis of market information available for land in comparable location and conditions. |
• Comparability of location. |
• Assessed condition of the investment property would be better (worse). |
• Assessment of collectability of receivables related to specific investment property in the Netherlands. |
• Location would be considered to be a more (less) preferred location. |
|
• Collectability of related receivable would be assessed to be better (worse). |
||
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2.2.5.4 20. Equity-accounted investees
The table below shows the amount of equity-accounted investees:
In thousands of euro | 2017 | 2016 |
Interest in joint venture | 24,018 | 21,653 |
The table below shows share of profit of equity-accounted investees, net of tax:
In thousands of euro | 2017 | 2016 |
Joint venture | 3,884 | 3,816 |
3,884 | 3,816 | |
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Joint venture
HaBeMa Futtermittel Produktions- und Umschlagsgesellschaft GmbH & Co. KG (HaBeMa) is the only joint venture in which the Group participates. HaBeMa is one of the Group’s suppliers and is principally engaged in trading of raw materials, storage and transhipment, production and delivery of compound feeds in Hamburg, Germany.
HaBeMa is structured as a separate vehicle and the Group has a residual interest in the net assets of the entity. Accordingly, the Group has classified its interest in HaBeMa as a joint venture. The Group does not have any commitments or contingent liabilities relating to HaBeMa, except for the purchase commitments of goods as part of the normal course of business. Corporate income taxes on the results of HaBeMa with regards to the residual interest of the Company are settled with the tax authorities by ForFarmers Langförden, Germany (indirect shareholder).
The results of HaBeMa are accounted for based on the equity method and are presented net of tax in the consolidated statement of profit and loss. These corporate income tax charges are deducted from the share of profit of equity-accounted investees for an amount of €907 thousand (2016: €889 thousand). Trade taxes ('Gewerbesteuer') applicable to HaBeMa are borne by the entity itself.
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The following table summarises the financial information of HaBeMa as included in its own financial statements, adjusted for differences in accounting policies. The table also reconciles the summarised financial information to the carrying amount of the Group’s interest in HaBeMa.
In thousands of euro | 31 December 2017 | 31 December 2016 | |
Percentage ownership of shares interest | 50% | 50% | |
Non-current assets | 45,838 | 40,546 | |
Cash and cash equivalents | 203 | 2,376 | |
Other current assets | 26,302 | 21,207 | |
Current assets | 26,505 | 23,583 | |
Loans and borrowings | -4,679 | -5,730 | |
Other non-current liabilities | -8,823 | -9,424 | |
Non-current liabilities | -13,502 | -15,154 | |
Loans and borrowings | -6,744 | -1,282 | |
Other current liabilities | -4,061 | -4,387 | |
Current liabilities | -10,805 | -5,669 | |
Net assets (100%) | 48,036 | 43,306 | |
Group's share of net assets (50%) | 24,018 | 21,653 | |
Carrying amount of interest in joint venture | 24,018 | 21,653 | |
In thousands of euro | Note | 31 December 2017 | 31 December 2016 |
Revenue | 176,721 | 155,877 | |
Depreciation and amortisation | -4,112 | -4,009 | |
Net finance costs | -226 | -812 | |
Income tax expense | -1,870 | -1,818 | |
Profit (100%) | 9,581 | 9,410 | |
Other comprehensive income (100%) | 10 | -2 | |
Profit and total comprehensive income (100%) | 9,591 | 9,408 | |
Profit (50%) | 4,791 | 4,705 | |
Group’s share of tax expense of equity-accounted investee | 16G | -907 | -889 |
Group’s share of profit, net of tax | 3,884 | 3,816 | |
Other comprehensive income, net of tax (50%) | 26D | 5 | -1 |
Group’s share of profit and total comprehensive income, net of tax | 3,889 | 3,815 | |
Dividends received by the Group | 2,431 | 2,766 | |
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2.2.5.5 21. Trade and other receivables
In thousands of euro | Note | 31 December 2017 | 31 December 2016 |
Trade receivables | 178,724 | 183,457 | |
Related party receivable | 36 | 3,297 | 4,226 |
Loans to employees | 289 | 409 | |
Other investments | 28 | 28 | |
Taxes (other than income taxes) and social securities | 4,690 | 4,982 | |
Forward exchange contracts used for hedging (derivatives) | 31D | - | 36 |
Fuel swaps used for hedging (derivatives) | 31D | - | 115 |
Prepayments | 3,117 | 5,288 | |
Other receivables and accrued income | 27,323 | 26,147 | |
Total | 217,468 | 224,688 | |
Non-current | 9,298 | 10,952 | |
Current | 208,170 | 213,736 | |
Total | 217,468 | 224,688 | |
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The non-current trade and other receivables consist of:
- Receivables that will be due after one year, that are largely interest-bearing and mainly include loans to customers for which, if possible, securities were provided in the form of feed equivalents, participation accounts and real estate.
- Loans to employees, of which the level of interest is equal to the interest on Dutch state loans and at least equal to the interest referred to in Article 59 of the Wages & Salaries Tax Implementing Regulation 2001. The repayment of the loans is a minimum of 7.5% per annum of the principal amount starting from 2015. As a collateral with respect to repayment, a lien was established on the depositary receipts purchased with the loan amount, the market value of which per balance sheet date exceeds the balance of the loans. These loans have been provided as part of the participation plan 2007-2009. No new loans will be provided to employees.
Information about the Group’s exposure to credit and market risks, and impairment losses for trade and other receivables, is included in Note 31.
2.2.5.6 22. Inventories
In thousands of euro | 31 December 2017 | 31 December 2016 |
Raw materials | 54,193 | 53,546 |
Finished products | 10,327 | 9,241 |
Other inventories | 7,490 | 7,237 |
Total | 72,010 | 70,024 |
The increase in inventories is mainly caused by Cluster the Netherlands.
Other inventories include trading inventories which are part of the Group’s Total Feed business, and include, amongst others, fertilizers and seeds.
In 2017, an amount of €40 thousand was added to the provision of inventories (2016: €35 thousand).
For important purchase commitments reference is made to the explanation of the commitments and contingencies under Note 35.
2.2.5.7 23. Biological Assets
A. Reconciliation of carrying amount
In thousands of euro | 2017 | 2016 |
Balance at 1 January | 5,117 | 6,096 |
Purchases of livestock, feed and nurture | 29,991 | 34,222 |
Sales of livestock | -32,787 | -37,449 |
Change in fair value | 2,393 | 2,248 |
Balance as at 31 December | 4,714 | 5,117 |
As at balance sheet date the poultry livestock comprises of 934,732 animals (2016: 1,144,592 animals) with a value of €4.7 million (2016: €5.1 million). The poultry livestock relate to hens and a number of roosters, reared to an age ranging between 16 and 20 weeks, which are sold to hatcheries. The entire inventory is a current balance.
B. Measurement of fair values
Fair value hierarchy
The fair value measurement for the roosters and hens is based on the full production costs plus a proportional share of the margin to be realised at sale. No active market with quoted market prices exists for these hens and therefore, the Executive Committee considers the most recent market transaction price to be the most reliable estimate for fair value resulting in a fair value hierarchy Level 3.
Level 3 fair values
The following table shows a breakdown of the total gains (losses) recognised in cost of raw materials and consumables in respect of Level 3 fair values (livestock). The non-realised part of the adjustment in fair value is part of the revaluation of the biological assets at the balance date.
In thousands of euro | 2017 | 2016 |
Amounts recognised in statement of profit or loss | ||
Change in fair value (realised) | 2,388 | 2,297 |
Change in fair value (unrealised) | 5 | -49 |
Total | 2,393 | 2,248 |
Amounts recognised in statement of financial position | ||
Change in fair value (unrealised) | 184 | 179 |
Valuation techniques and significant unobservable inputs
The following table shows the valuation techniques used in measuring Level 3 fair values, as well as the significant unobservable inputs used.
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Type | Valuation technique | Significant unobservable inputs | Inter-relationship between key unobservable inputs and fair value measurement |
Livestock | Cost technique and transaction price. | Estimated reference price is based on most recent market transactions | The estimated fair value would increase (decrease) if: |
Livestock comprises roosters and hens | The fair value of the hens and roosters is measured on the basis of production costs plus a proportional share of the margin to be realised at sale. | Proportional margin is allocated to the different phases of growth cycle on the basis of a percentage of completion method (0% - 91%), failure rate incl. mortality (4.0%) | · the number of animals were higher (lower) |
· the percentage of completion were higher (lower) | |||
· the failure rate including mortality was lower (higher) | |||
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C. Risk management of biological assets
The Group is exposed to the following risks relating to its livestock.
Regulatory and environmental risks
The Group is subject to laws and regulations in various countries in which it operates. The Group has established environmental policies and procedures aimed at compliance with local environmental and other laws.
Supply and demand risk
The Group is exposed to risks arising from fluctuations in the price and sales volume of poultry livestock. The Executive Committee performs regular industry trend analyses for hens and rooster volumes and pricing.
Risks related to animal diseases
The Group is exposed to the regular risks relating agricultural activities, amongst others risks related to diseases. The Group follows the developments in the market closely and adjusts its policy where required.
2.2.5.8 24. Cash and cash equivalents
The outstanding deposits are saving accounts which can be withdrawn immediately without cost. As such the Group considered these to be part of cash and cash equivalents.
The cash and cash equivalents are at the free disposal of the Group. The increase of the cash and cash equivalents is mainly explained by the realised EBITDA and movements in working capital, partly compensated by the purchase of own shares, an additional contribution to the BOCM PAULS Ltd. (United Kingdom) pension plan, investments in assets and paid dividend.
In thousands of euro | 31 December 2017 | 31 December 2016 |
Deposits | 23,003 | 43,073 |
Current bank accounts(1) | 138,294 | 109,781 |
Cash and cash equivalents in the statement of financial position | 161,297 | 152,854 |
Bank overdrafts(1) | -49,690 | -45,535 |
Cash and cash equivalents in the statement of cash flows | 111,607 | 107,319 |
2.2.5.9 25. Assets held for sale
Reconciliation of carrying amount | ||
In thousands of euro | 2017 | 2016 |
Balance at 1 January | - | 4,579 |
Reclassification from property, plant and equipment | 1,410 | - |
Reclassification from intangible assets | 327 | - |
Disposal | - | -4,579 |
Currency translation adjustment | - | - |
Balance as at 31 December | 1,737 | - |
As a result of the announced strategic partnership between ForFarmers the Netherlands and Baks transportation vehicles are reclassified from property, plant and equipment to assets held for sale. Furthermore, at the end of 2017 ForFarmers announced the sale of its agriculture activities to CZAV resulting in a storage facility, customer relationships and goodwill classified as assets held for sale. For more information a reference is made to Note 37.
In 2016, the land site Oss was sold for €5.6 million. Due to €0.1 million disposal costs this results in a gain of €0.9 million that has been recognised as other operating income in the statement of profit or loss, see Note 10.