label int64 1 1 | id stringlengths 10 12 | original_id stringlengths 8 9 | text stringlengths 347 29.5k |
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1 | 200019883_b0 | 200019883 | Brazil, Canada, China, Denmark, India, the UK and the US.
The report has been prepared in accordance with International Financial Reporting Standards (IFRS), the Danish Financial Statements Act and the additional requirements of Nasdaq Copenhagen A/S for the presentation of financial statements by listed companies. It has also been inspired by the GRI's G4 Sustainability Reporting Guidelines. See Basis of reporting in the report for more details.
Forward-looking statements This annual report contains forward-looking statements, including statements about future events, future financial performance, plans, strategies and expectations. Forward-looking statements are associated with words such as, but not limited to, "believe," "anticipate," "expect," "estimate," "intend," "plan," "project," "could," "may," "might" and other words of similar meaning.
Forward-looking statements are by their very nature associated with risks and uncertainties that may cause actual results to differ materially from expectations, both positively and negatively. The risks and uncertainties may, among other things, include unexpected developments in i) the ability to develop and market new products; ii) the demand for Novozymes' products, market-driven price decreases, industry consolidation, and launches of competing products or disruptive technologies in Novozymes' core areas; iii) the ability to protect and enforce the company's intellectual property rights; iv) significant litigation or breaches of contract; v) the materialization of the company's growth platforms, notably the opportunity for marketing biomass conversion technologies or the development of microbial solutions for broad-acre crops; vi) political conditions, such as acceptance of enzymes produced by genetically modified organisms; vii) global economic and capital market conditions, including, but not limited to, currency exchange rates (USD/DKK and EUR/DKK in particular, but not exclusively), interest rates and inflation; viii) significant price decreases for inputs and materials that compete with Novozymes' biological solutions. The company undertakes no duty to update any forward-looking statements as a result of future developments or new information.
Novozymes A/S
Accounts and performance About the report
172
Novo
zymes Explore our online report at
© Novozymes A/S, Krogshoejvej 36
report2017.novozymes.com
2880 Bagsvaerd Denmark
Novozymes A/S
173
|
1 | 200019883_b1 | 200019883 | ography Lars Just and Thorbjørn Hansen
Design & web BystedFFW
Editing & proofreading Borella projects
Reporting and audits The website contains The Novozymes Report 2017 which, pursuant to section 149 of the Danish Financial Statements Act, is an extract of the company's annual report and the financial statements of the parent company Novozymes A/S. Together, these form the company's annual report that is filed with the Danish Business Authority.
PwC has audited the consolidated financial statements, the parent company financial statements, and the environmental and social data.
PwC has also been the sustainability assurance provider, basing its assurance on the AA1000 Assurance Standard (2008).
The audit covers financial, environmental and social data. These are marked "Audited by PwC." See also the statements in the report.
PwC has not audited the sections of the report found under the headings The big picture, Our business, Governance and Sustainability. The Sustainability section includes our Communication on Progress with respect to the UN Global Compact principles, our report index based on the Global Reporting Initiative (GRI), as well as detailed sustainability data from our main activities in Argentina, Brazil, Canada, China, Denmark, India, the UK and the US.
The report has been prepared in accordance with International Financial Reporting Standards (IFRS), the Danish Financial Statements Act and the additional requirements of Nasdaq Copenhagen A/S for the presentation of financial statements by listed companies. It has also been inspired by the GRI's G4 Sustainability Reporting Guidelines. See Basis of reporting in the report for more details.
Forward-looking statements This annual report contains forward-looking statements, including statements about future events, future financial performance, plans, strategies and expectations. Forward-looking statements are associated with words such as, but not limited to, "believe," "anticipate," "expect," "estimate," "intend," "plan," "project," "could," "may," "might" and other words of similar meaning.
Forward-looking statements are by their very nature associated with risks and uncertainties that may cause actual results to differ materially from expectations, both positively and negatively. The risks and uncertainties may, among other things, include unexpected developments in i) the ability to develop and market new products; ii) the demand for Novozymes' products, market-driven price decreases, industry consolidation, and |
1 | 200020040_0 | 200020040 | Annual Report and Accounts 2018
Focusing on
our core mission
Cobham is a leading global technology and services innovator, respected for providing solutions for the most challenging problems, in space, in the air, on land and at sea.
Focusing on our core mission does not just mean on our defence, aerospace and space markets, but also means changing the way we do things. Our turnaround strategy, which enables growth, is driven by our desire to improve delivery to our customers.
The ability to consistently deliver to our customers is fundamental to what we do, which has an emphasis on keeping people alive and protecting assets in harsh or remote environments.
Because what we do is critical to our customers we understand that Every Mission Matters. This is supported by our behaviours which are to be bold, be inventive, be determined and be a team.
Highlights of the year
Encouraging order intake, up 13% at constant currency and excluding divestments
Underlying operating profit of £196.1m after £5.5m adverse currency translation and £22.5m lost contribution from divestments
Strong performance from Mission Systems; Advanced Electronic Solutions underperformed, now planning a cost reduction with anticipated savings in 2019 of US$20m
Boeing KC-46 agreement announced on 19 February 2019. Includes non-underlying £86m dispute settlement and £74m costs to complete, with rebased schedule and Boeing payment withhold ended
Operating cash conversion adversely impacted by £103m utilisation of 2016 exceptional charges
£10.3m net cash at year end; new capital allocation policy pritoritises organic investment with net debt/EBITDA gearing ratio maintained below 1.5x
Intention to reinstate progressive dividend at 2019 interims; anticipated 1.0p in first full year
Revenue
£1,863.3m
(2017: £2,091.6m**)
Free cash flow*
£62.6m
(2017: £140.6m)
Earnings per ordinary share underlying*
5.0p
(2017: 6.2p**)
Earnings per ordinary share basic*
3.1p
(2017: 3.7p**)
* For details, refer to the Chief Financial Officer's Statement on pages 28 to 33 ** Restated for the impact of IFRS 15 |
1 | 200020040_1 | 200020040 | anticipated savings in 2019 of US$20m
Boeing KC-46 agreement announced on 19 February 2019. Includes non-underlying £86m dispute settlement and £74m costs to complete, with rebased schedule and Boeing payment withhold ended
Operating cash conversion adversely impacted by £103m utilisation of 2016 exceptional charges
£10.3m net cash at year end; new capital allocation policy pritoritises organic investment with net debt/EBITDA gearing ratio maintained below 1.5x
Intention to reinstate progressive dividend at 2019 interims; anticipated 1.0p in first full year
Revenue
£1,863.3m
(2017: £2,091.6m**)
Free cash flow*
£62.6m
(2017: £140.6m)
Earnings per ordinary share underlying*
5.0p
(2017: 6.2p**)
Earnings per ordinary share basic*
3.1p
(2017: 3.7p**)
* For details, refer to the Chief Financial Officer's Statement on pages 28 to 33 ** Restated for the impact of IFRS 15
Visit us online at www.cobham.com You can also view this Annual Report and Accounts online at www.cobhaminvestors.com
The company is registered in England and Wales under company number 00030470. The Company's registered office is Brook Road, Wimborne, Dorset, BH21 2BJ, England.
The Annual Report and Accounts contains certain forward looking statements with regard to the operations, performance and financial condition of the Group. By their nature, these statements involve uncertainty since future events and circumstances can cause results to differ from those anticipated. Nothing contained in this Annual Report and Accounts should be construed as a profit forecast.
Front cover image: Cobham provides innovative, leading edge products for commercial aircraft, including for connectivity. These are set out on pages 14-15 of this Report.
Defence Aerospace Space
86-163 50-85 02-42
Strategic Report
Group at a Glance
02
Chairman's Statement
04
Chief Executive Officer's Statement
06
Our Markets
10
Our Business Model
12
Capabilities in Action
14
Our Strategy
16
Our |
1 | 200020040_2 | 200020040 |
Visit us online at www.cobham.com You can also view this Annual Report and Accounts online at www.cobhaminvestors.com
The company is registered in England and Wales under company number 00030470. The Company's registered office is Brook Road, Wimborne, Dorset, BH21 2BJ, England.
The Annual Report and Accounts contains certain forward looking statements with regard to the operations, performance and financial condition of the Group. By their nature, these statements involve uncertainty since future events and circumstances can cause results to differ from those anticipated. Nothing contained in this Annual Report and Accounts should be construed as a profit forecast.
Front cover image: Cobham provides innovative, leading edge products for commercial aircraft, including for connectivity. These are set out on pages 14-15 of this Report.
Defence Aerospace Space
86-163 50-85 02-42
Strategic Report
Group at a Glance
02
Chairman's Statement
04
Chief Executive Officer's Statement
06
Our Markets
10
Our Business Model
12
Capabilities in Action
14
Our Strategy
16
Our Key Performance Indicators
18
Communications and Connectivity Sector 20
Mission Systems Sector
22
Advanced Electronic Solutions Sector
24
Aviation Services Sector
26
Chief Financial Officer's Statement
28
Principal Risks
34
Corporate Responsibility and Sustainability 42
Corporate Governance
Chairman's Introduction
50
Board of Directors
52
Corporate Governance Report
54
Compliance with the UK Corporate
Governance Code
55
Stakeholders
60
Nomination Committee Report
64
Audit Committee Report
66
Board Risk Committee Report
70
Directors' Remuneration Report
71
Other Statutory Information
(Directors' Report)
81
Statement of Directors' Responsibility
85
Group Financial Statements
Independent Auditors' Report
86
Group Financial Statements
94
Parent Company Financial Statements 151
Group Financial Record
162
Shareholder Information
163
Cobham plc -- Annual Report and Accounts 2018
|
1 | 200020040_3 | 200020040 | Key Performance Indicators
18
Communications and Connectivity Sector 20
Mission Systems Sector
22
Advanced Electronic Solutions Sector
24
Aviation Services Sector
26
Chief Financial Officer's Statement
28
Principal Risks
34
Corporate Responsibility and Sustainability 42
Corporate Governance
Chairman's Introduction
50
Board of Directors
52
Corporate Governance Report
54
Compliance with the UK Corporate
Governance Code
55
Stakeholders
60
Nomination Committee Report
64
Audit Committee Report
66
Board Risk Committee Report
70
Directors' Remuneration Report
71
Other Statutory Information
(Directors' Report)
81
Statement of Directors' Responsibility
85
Group Financial Statements
Independent Auditors' Report
86
Group Financial Statements
94
Parent Company Financial Statements 151
Group Financial Record
162
Shareholder Information
163
Cobham plc -- Annual Report and Accounts 2018
1
Strategic Report
Strategic Report -- Group at a Glance
Four sectors to drive our business forward
Communications and Connectivity
Provides critical and innovative technology to enable resilient connection for complex, harsh, hazardous and regulated environments, in air and space, on land and at sea, and under the ground.
Everywhere, at any time and in the most demanding environments, to be relied on to keep you safely connected around the world.
Mission Systems
Provides proven and trusted solutions in air-to-air refuelling, life support and weapons carriage, delivery assured performance and class leading through life costs.
Helps customers increase the safety and mission capabilities of personnel and equipment in extreme environments.
Advanced Electronic Solutions
Provides critical solutions for communications on land, at sea, and in the air and space, by moving data through off the shelf and customised products including radio frequency, microwave, and high reliability microelectronics, antenna subsystems and motion control solutions.
Cobham plc -- Annual Report and Accounts 2018
Revenue
£552.0m
(2017: £700.7m)
Underlying operating profit
£55.9m
(2017 |
1 | 200020040_b0 | 200020040 | these items. Forward looking statements are sometimes but not always identified by the use of a date in the future or such words as `anticipates', `aims', `due', `could', `may', `should', `expects', `believes', `intends', `plans', `targets', `goal', or `estimates' (or the negative thereof). By their very nature forward looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may or will occur in the future. There are various factors that could cause actual results and developments to differ materially from those expressed or implied by these forward looking statements. These factors include, but are not limited to, changes in economies, political situations and markets in which the Group operates; changes in government priorities due to programme reviews or revisions to strategic objectives; changes in regulatory or competition frameworks in which the Group operates; the impact of legal or other proceedings against or which affect the Group; changes to or delays in programmes in which the Group is involved; the completion of acquisitions and divestitures and changes in commodity prices, inflation or exchange rates. All written or verbal forward looking statements, made in this publication or made subsequently, which are attributable to Cobham or any other member of the Group or persons acting on their behalf, are expressly qualified in their entirety by the factors referred to above. Neither Cobham nor any other person intends to update these forward looking statements. No statement in this publication is intended as a profit forecast or should be interpreted to mean that underlying operating profit for the current or future financial years would necessarily be above a minimum level, or match or exceed the historical published operating profits or set a minimum level of operating profit.
164
Cobham plc -- Annual Report and Accounts 2018
Consultancy, design and production www.luminous.co.uk
Design and production www.luminous.co.uk
Cobham plc
Brook Road, Wimborne, Dorset, BH21 2BJ, UK Tel: +44 (0) 1202 882020
Find out more online Our website provides further information including shareholder services, corporate responsibility and sustainability, and more at:
Corporate responsibility and sustainability www.cobhamsustainability.com
Products and service offerings www.cobham.com
Investor information and share price performance www.cobhaminvestors.com
|
1 | 200020040_b1 | 200020040 |
Interim results
1 August 2019
Registered Office
Brook Road, Wimborne, Dorset, England BH21 2BJ Tel: +44 (0) 1202 882020 Fax: +44 (0) 1202 840523
Website: www.cobham.com Registered Number in England: 00030470
You should bear in mind that investments, both their value and the income they provide, can go down as well as up and you might not get back what you originally invested.
ShareGift
Do you have a small shareholding which is uneconomical to sell? You may want to consider donating it to ShareGift (registered charity no. 1052686), a charity that specialises in the donation of small, unwanted shareholdings to good causes. You can find out more by visiting www.sharegift.org or calling +44 (0) 20 7930 3737.
Cobham plc -- Annual Report and Accounts 2018
163
Cautionary statements
This publication contains `forward looking statements' with respect to the financial condition, results of operations and business of the Cobham Group and to certain of Cobham's objectives with respect to these items. Forward looking statements are sometimes but not always identified by the use of a date in the future or such words as `anticipates', `aims', `due', `could', `may', `should', `expects', `believes', `intends', `plans', `targets', `goal', or `estimates' (or the negative thereof). By their very nature forward looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may or will occur in the future. There are various factors that could cause actual results and developments to differ materially from those expressed or implied by these forward looking statements. These factors include, but are not limited to, changes in economies, political situations and markets in which the Group operates; changes in government priorities due to programme reviews or revisions to strategic objectives; changes in regulatory or competition frameworks in which the Group operates; the impact of legal or other proceedings against or which affect the Group; changes to or delays in programmes in which the Group is involved; the completion of acquisitions and divestitures and changes in commodity prices, inflation or exchange rates. All written or verbal forward looking statements, made in this publication or made subsequently, which are attributable |
1 | 200020620_0 | 200020620 | Registre de Commerce et des Sociétés Numéro RCS : B60814 Référence de dépôt : L180045739 Déposé et enregistré le 23/03/2018
Consolidated Financial Statements as of August 31, 2017 together with
Ferrero International S.A.
Société Anonyme
Table of Contents
D
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Other Comprehensive Income
Consolidated Statement of Changes in Equity
Consolidated Cash Flow Statement
Notes to the Consolidated Financial Statements
Report of the Ré
s Agréé
Pages
3 9 11 12 13 15 16 63
Attachments:
Annex I - List of investments in consolidated companies
66
Annex II - Exchange rates used to translate financial statements prepared in currencies other
than the Euro
69
Consolidated Financial Statements as of August 31, 2017
Page 1 of 69
Index to the Notes to the Consolidated Financial Statements
1. General information 2. Basis of presentation 3. New and revised Standards IAS/IFRS 4. Consolidation principles and accounting policies 5. Critical accounting judgements and key sources of estimation uncertainty 6. Risk Management 7. Fair value and hierarchy levels 8. Business Combinations and Goodwill 9. Net sales 10. Other revenues 11. Cost of revenues 12. Taxation 13. Property, plant and equipment 14. Intangible assets 15. Biological assets 16. Non-current investments, securities and financial assets 17. Inventory 18. Trade and other commercial receivables 19. Other current receivables 20. Current financial assets, liabilities and securities 21 22. Employee benefit plans 23. Provisions 24. Banks and financial liabilities 25. Debt owed to Shareholders 26. Trade and other current payables 27. Transactions with related parties 28. Cash and cash equivalents 29. Commitments and guarantees 30. Events after the balance sheet date 31. Approval of Consolidated Financial Statements
Pages
16 16 19 22 25 28 30 32 33 33 34 35 36 39 41 41 45 45 47 48 50 51 54 55 56 59 60 61 61 62 62
Consolidated Financial Statements as of August 31, 2017
Page 2 of 69
To the Shareholders of Ferrero International S.A.
The Consolidated |
1 | 200020620_1 | 200020620 | Standards IAS/IFRS 4. Consolidation principles and accounting policies 5. Critical accounting judgements and key sources of estimation uncertainty 6. Risk Management 7. Fair value and hierarchy levels 8. Business Combinations and Goodwill 9. Net sales 10. Other revenues 11. Cost of revenues 12. Taxation 13. Property, plant and equipment 14. Intangible assets 15. Biological assets 16. Non-current investments, securities and financial assets 17. Inventory 18. Trade and other commercial receivables 19. Other current receivables 20. Current financial assets, liabilities and securities 21 22. Employee benefit plans 23. Provisions 24. Banks and financial liabilities 25. Debt owed to Shareholders 26. Trade and other current payables 27. Transactions with related parties 28. Cash and cash equivalents 29. Commitments and guarantees 30. Events after the balance sheet date 31. Approval of Consolidated Financial Statements
Pages
16 16 19 22 25 28 30 32 33 33 34 35 36 39 41 41 45 45 47 48 50 51 54 55 56 59 60 61 61 62 62
Consolidated Financial Statements as of August 31, 2017
Page 2 of 69
To the Shareholders of Ferrero International S.A.
The Consolidated Financial Statements of Ferrero International S.A. and its subsidiaries ( ed August 31, 2017 have been prepared in accordance with
. The designation of IFRS includes all en well as the interpretations issued by the International Financial Reporting Interpretations
Euro.
tements is the
Below, we have highlighted the main aspects of the macroeconomic environment, in addition to the key highlights on
Macroeconomic background
During 2016/2017, the global economy registered a continuing growth across countries, as already noticed in the second half of 2015/2016.
The economic recovery was spread and boosted thanks to an increase in investments worldwide. The global exchanges showed a significant acceleration, due to higher demand from emerging countries, after two years of weakness.
International organizations and institutions confirmed such positive trend by reviewing their expectations upward. However, uncertainties had not left the macroeconomic scenario and some factors creating such uncertainties are still persisting. Among these, the main factors are the new policies of the US government, the stable recovery of the supplies and raw materials exporting countries, the re-balance of the Chinese economy and the future relationship between the UK and the EU.
Since 2015/2016, Central banks have been supporting the global economy expansion through their
f |
1 | 200020620_2 | 200020620 | Financial Statements of Ferrero International S.A. and its subsidiaries ( ed August 31, 2017 have been prepared in accordance with
. The designation of IFRS includes all en well as the interpretations issued by the International Financial Reporting Interpretations
Euro.
tements is the
Below, we have highlighted the main aspects of the macroeconomic environment, in addition to the key highlights on
Macroeconomic background
During 2016/2017, the global economy registered a continuing growth across countries, as already noticed in the second half of 2015/2016.
The economic recovery was spread and boosted thanks to an increase in investments worldwide. The global exchanges showed a significant acceleration, due to higher demand from emerging countries, after two years of weakness.
International organizations and institutions confirmed such positive trend by reviewing their expectations upward. However, uncertainties had not left the macroeconomic scenario and some factors creating such uncertainties are still persisting. Among these, the main factors are the new policies of the US government, the stable recovery of the supplies and raw materials exporting countries, the re-balance of the Chinese economy and the future relationship between the UK and the EU.
Since 2015/2016, Central banks have been supporting the global economy expansion through their
favorable financing conditions to make sure to reach the target of 2% inflation rate in mid-terms. The ECB further decided to go ahead with financial activities and bonds purchase until the end of the financial year.
Prices had a volatile trend due to the increase in energy prices. Inflation remained below the
of monetary accommodation is still needed for inflation to gradually reach the aimed level.
The first half of 2017 showed a highly positive trend in economic figures within the Eurozone. The GDP increased more than expected, even on second half of the year. Economic recovery affected all area, but at different pace.
Consolidated Financial Statements as of August 31, 2017
Page 3 of 69
In the second quarter, Euro continued fluctuating against USD from 1.03 EUR/USD, which is the minimum from the beginning of the year, up to 1.20 EUR/USD at the end of August, recording approximately a +15% gain.
Financial market indexes increased steadily throughout the year in advanced and emerging countries. Volatility on stock exchanges reduced. The yield on country bonds has reduced during the first half of the year, then increased again during summer period.
Commodities and raw materials had differentiated trends during the year. Industrial |
1 | 200020620_3 | 200020620 | avorable financing conditions to make sure to reach the target of 2% inflation rate in mid-terms. The ECB further decided to go ahead with financial activities and bonds purchase until the end of the financial year.
Prices had a volatile trend due to the increase in energy prices. Inflation remained below the
of monetary accommodation is still needed for inflation to gradually reach the aimed level.
The first half of 2017 showed a highly positive trend in economic figures within the Eurozone. The GDP increased more than expected, even on second half of the year. Economic recovery affected all area, but at different pace.
Consolidated Financial Statements as of August 31, 2017
Page 3 of 69
In the second quarter, Euro continued fluctuating against USD from 1.03 EUR/USD, which is the minimum from the beginning of the year, up to 1.20 EUR/USD at the end of August, recording approximately a +15% gain.
Financial market indexes increased steadily throughout the year in advanced and emerging countries. Volatility on stock exchanges reduced. The yield on country bonds has reduced during the first half of the year, then increased again during summer period.
Commodities and raw materials had differentiated trends during the year. Industrial metals market had a fast growth during recent months, while raw materials prices were stable. Oil prices fluctuated between USD 55 and USD 45 per barrel, close to upper part of quotation range.
Focusing on the confectionary industry, the fluctuating trend of the previous year was registered also during 2016/2017. The fluctuations in growth trend was due mainly to a slowdown in consumption, uncertainty in the supply chain and an intensified industry competitiveness. As noted during last year, western markets were stable, while emerging markets expanded.
Those who benefited from the growth in the industry were premium brands, mainly in western markets, because they were able to differentiate and overcome market saturation.
Regarding the supply chain, the following trends and events were noted on the commodity and supplies markets.
Commodity markets
Hazelnuts
In the fiscal year 2016/2017 two important events in Turkey have negatively affected the trend of the Hazelnut price. Firstly, there was a considerable decrease in hazelnut production due to bad weather conditions, affecting both the quantity (-30%) and the quality of the crops. Secondly, the political uncertainties raised during summer 2016 generated important turbulences during the following months. However, the Turkish crop in 2017 seems to be higher than previous year and the |
1 | 200020620_b0 | 200020620 | 8.551 7.465 308.664 14,617.279 4.064 72.513 121.510 1,254.822 359.372 165.693 21.125 4.760 9.175 4.298 4.528 122.695 66.063 9.629 1.534 34.040 28.955 1.100 3.820 14.788
4.082 14.394 1.518 1.956 4.084 1.473 658.313 1.091 762.473 7.230 3,417.387 27.047 7.452 0.772 2.605 8.621 7.566 312.660 15,044.354 4.291 74.180 125.758 1,295.981 363.655 160.157 19.680 4.610 9.376 4.325 4.476 122.243 75.457 9.340 1.538 36.182 27.143 1.111 3.258 16.364
4.363 20.562 1.502 1.956 3.741 1.497 655.168 1.145 744.870 7.806 3,502.000 26.101 7.438 0.920 2.893 9.253 7.415 306.630 15,782.100 4.255 75.600 130.810 1,331.220 401.600 181.495 21.084 5.051 9.279 4.258 4.592 119.094 69.124 9.482 1.609 35.871 30.517 1.183 4.106 15.457
Final exchange rates as of August 31, 2016
4.098 16.652 1.481 1.956 3.602 1.458 663.184 1.096 759.000 7.431 3,297.460 27.026 7.443 0.848 2.552 8.636 7.479 310.340 14,786.640 4.223 74.556 115.010 1,243.660 379.760 162.318 20.942 4.552 9.277 4.353 4.458 123.150 72.662 9.516 1.518 35.330 29.275 1.113 3.293 16.173
Consolidated Financial Statements as of August 31, 2017
Page 69 of 69
|
1 | 200020620_b1 | 200020620 | % 100.00%
49.90%
Consolidated Financial Statements as of August 31, 2017
Page 68 of 69
Annex II Exchange rates used to translate financial statements prepared in currencies other than the Euro
Currency
Average exchange rates Average exchange rates Final exchange rates as of August 31, 2017 as of August 31, 2016 as of August 31, 2017
Arab Emirates Dirham Argentine Peso Australian Dollar Bulgarian Lev Brazil Real Canadian Dollar CFA Francs Swiss Franc Chilean Peso
Chinese Renminbi Colombian Peso
Czech Koruna Danish Krona British Pound Georgian Lari Honk Kong Dollar Croatian Kuna Hungarian Forint Indonesian Baht Israeli Shekel Indian Rupee Japanese Yen Korean Won Kazakhstani Tenge Sri Lanka Rupee Mexican Peso Malaysian Ringgit Norwegian Krone Polish Zloty Romanian Leu Serbian Dinar Russian Ruble Swedish Krona Singapore Dollar Taiwan Dollar Ukrainian Hryvnia
US Dollar Turkish Lira South Africa Rand
4.040 17.479 1.449 1.956 3.533 1.451 660.798 1.087 726.246 7.496 3,256.130 26.747 7.438 0.869 2.714 8.551 7.465 308.664 14,617.279 4.064 72.513 121.510 1,254.822 359.372 165.693 21.125 4.760 9.175 4.298 4.528 122.695 66.063 9.629 1.534 34.040 28.955 1.100 3.820 14.788
4.082 14.394 1.518 1.956 4.084 1.473 658.313 1.091 762.473 7.230 3,417.387 27.047 7.452 0.772 2.605 8.621 7.566 312.660 15,044.354 4.291 74.180 125.758 1,295.981 363.655 160.157 19.680 4.610 9.376 4.325 4.476 122.243 75.457 9.340 1.538 36.182 27.143 1.111 3.258 16.364
4.363 20.562 1.502 1.956 3.741 1.497 655.168 1.145 744.870 7.806 3,502.000 |
1 | 200020622_0 | 200020622 | Registre de Commerce et des Sociétés
Numéro RCS : B60814 Référence de dépôt : L190032249 Déposé et enregistré le 21/02/2019
Consolidated Financial Statements as of August 31, 2018 together with
Report of the Réviseur d'Entreprises Agréé
Ferrero International S.A.
Société Anonyme
Consolidated Financial Statements as of August 31,2018
0
Table of Contents
Directors' report
Consolidated Balance Sheet
Consolidated Income Statement
Consolidated Statement of Other Comprehensive Income
Consolidated Statement of Changes in Equity
Consolidated Cash Flow Statement
Notes to the Consolidated Financial Statements
1. General information 2. Basis of presentation 3. New and revised Standards IAS/IFRS 4. Consolidation principles and accounting policies 5. Critical accounting judgements and key sources of estimation uncertainty 6. Risk Management 7. Financial Instruments 8. Business Combinations and Goodwill 9. Net sales 10. Other revenues 11. Cost of revenues 12. Taxation 13. Property, plant and equipment 14. Intangible assets 15. Bearer plants 16. Non-current investments, securities and financial assets 17. Inventory 18. Trade and other commercial receivables 19. Other current receivables 20. Current financial assets and liabilities 21. Issued capital and Shareholders' equity 22. Employee benefit plans 23. Provisions 24. Banks and financial liabilities 25. Debt owed to Shareholders 26. Trade and other current payables 27. Transactions with related parties 28. Cash and cash equivalents 29. Commitments and guarantees
Consolidated Financial Statements as of August 31, 2018
Pages
3
9
11
12
13
14
15
15 15 18 21 24 27 32 37 40 41 42 43 45 47 49 50 51 52 54 54 55 57 61 62 63 66 66 68 68
1
30. Events after the balance sheet date
69
31. Approval of Consolidated Financial Statements
69
Report of the Réviseur d'Entreprises Agréé
70
Attachments:
Annex I - List of investments in consolidated companies
73
Annex II - Exchange rates used to translate financial statements prepared in currencies
other than the Euro
76 |
1 | 200020622_1 | 200020622 | assets 15. Bearer plants 16. Non-current investments, securities and financial assets 17. Inventory 18. Trade and other commercial receivables 19. Other current receivables 20. Current financial assets and liabilities 21. Issued capital and Shareholders' equity 22. Employee benefit plans 23. Provisions 24. Banks and financial liabilities 25. Debt owed to Shareholders 26. Trade and other current payables 27. Transactions with related parties 28. Cash and cash equivalents 29. Commitments and guarantees
Consolidated Financial Statements as of August 31, 2018
Pages
3
9
11
12
13
14
15
15 15 18 21 24 27 32 37 40 41 42 43 45 47 49 50 51 52 54 54 55 57 61 62 63 66 66 68 68
1
30. Events after the balance sheet date
69
31. Approval of Consolidated Financial Statements
69
Report of the Réviseur d'Entreprises Agréé
70
Attachments:
Annex I - List of investments in consolidated companies
73
Annex II - Exchange rates used to translate financial statements prepared in currencies
other than the Euro
76
Consolidated Financial Statements as of August 31, 2018
2
DIRECTORS' REPORT
To the Shareholders of Ferrero International S.A.
The Consolidated Financial Statements of Ferrero International S.A. and its subsidiaries (the "Ferrero Group" or the "Group") for the year ended August 31, 2018 have been prepared in accordance with the International Financial Reporting Standards ("IFRS") issued by International Accounting Standard Board ("IASB") and endorsed by the European Union ("EU"), and with applicable Luxembourg laws and regulations. The designation of IFRS includes all endorsed International Accounting Standards ("IAS/IFRS") as well as the interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC").
The Group's reporting currency for the presentation of the Consolidated Financial Statements is the Euro.
Below, we have highlighted the main aspects of the macroeconomic environment, in addition to the key highlights on the Group's operating performance, both past and future.
Macroeconomic background
The global economy during fiscal year 2017/2018 has shown a fluctuating trend. During the last quarter of 2017, the economic activity in most advanced economies continued the strengthen path began in the previous quarters of the year. Regardless the increase in |
1 | 200020622_2 | 200020622 |
Consolidated Financial Statements as of August 31, 2018
2
DIRECTORS' REPORT
To the Shareholders of Ferrero International S.A.
The Consolidated Financial Statements of Ferrero International S.A. and its subsidiaries (the "Ferrero Group" or the "Group") for the year ended August 31, 2018 have been prepared in accordance with the International Financial Reporting Standards ("IFRS") issued by International Accounting Standard Board ("IASB") and endorsed by the European Union ("EU"), and with applicable Luxembourg laws and regulations. The designation of IFRS includes all endorsed International Accounting Standards ("IAS/IFRS") as well as the interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC").
The Group's reporting currency for the presentation of the Consolidated Financial Statements is the Euro.
Below, we have highlighted the main aspects of the macroeconomic environment, in addition to the key highlights on the Group's operating performance, both past and future.
Macroeconomic background
The global economy during fiscal year 2017/2018 has shown a fluctuating trend. During the last quarter of 2017, the economic activity in most advanced economies continued the strengthen path began in the previous quarters of the year. Regardless the increase in risks and uncertainties, in the first half of 2018, the worldwide growth continued to expand at a stable trend.
The advances economies benefited from generous monetary policies and from the fiscal reform in the US, while in countries exporting raw materials, the economic activity boosted thanks to the increase in raw material prices, recorded also in 2017.
Overall, many factors contributed to rise riskiness on the world business outlook. These factors are the reactions on commercial relationship to the protectionist measures, either implemented or announced by the United States, the worsening of financial and economic conditions in emerging countries and the high level of uncertainty on the economic relationship between the UK and the EU.
The global economy expansion leads some central banks to continue their stabilizing monetary policies. The Governing Council of European Central Bank expects the interest rates to remain at their present levels at least through the summer of 2019.
The increase in oil price puts some pressures to the increase of the consumption inflation rate at global level. In the OCSE countries, inflation rate, excluding energy and grocery, slightly increased, confirming the soft increasing trend of the past year. The growth rate slowed in the first two quarters of 2018 but differently among the European countries.
During the period under analysis, considering an environment where investors preferred safer currencies |
1 | 200020622_3 | 200020622 | risks and uncertainties, in the first half of 2018, the worldwide growth continued to expand at a stable trend.
The advances economies benefited from generous monetary policies and from the fiscal reform in the US, while in countries exporting raw materials, the economic activity boosted thanks to the increase in raw material prices, recorded also in 2017.
Overall, many factors contributed to rise riskiness on the world business outlook. These factors are the reactions on commercial relationship to the protectionist measures, either implemented or announced by the United States, the worsening of financial and economic conditions in emerging countries and the high level of uncertainty on the economic relationship between the UK and the EU.
The global economy expansion leads some central banks to continue their stabilizing monetary policies. The Governing Council of European Central Bank expects the interest rates to remain at their present levels at least through the summer of 2019.
The increase in oil price puts some pressures to the increase of the consumption inflation rate at global level. In the OCSE countries, inflation rate, excluding energy and grocery, slightly increased, confirming the soft increasing trend of the past year. The growth rate slowed in the first two quarters of 2018 but differently among the European countries.
During the period under analysis, considering an environment where investors preferred safer currencies to invest in and considering that currencies in emerging economies depreciated, the Euro currency slightly strengthened compared to the US Dollar, the British Pound, the Turkish Lira and the Russian Ruble, which depreciated.
Consolidated Financial Statements as of August 31, 2018
3
Commodity markets
Commodity markets had different trends, based on the cluster.
Hazelnuts
During the commercial year different trends in the two main markets, Turkey and Italy, affected the overall situation. In Turkey, the hazelnut prices continued to decrease throughout the year. A plentiful crop of desirable quality was the key driver behind this trend. Rising political and economic turmoil during the summer of 2018 generated uncertainty, but not impacting the 2018 crop price. In Italy, adverse weather conditions negatively influenced crop quality parameters and therefore the quantities available. In general, the hazelnut price remained relatively low and stable compared to the previous year.
Cocoa
Cocoa beans market showed a significant price volatility during the fiscal year, driven by speculative activities. Cocoa beans production slowed down comparing with previous year of 2% while consumptions increased by 4%.
Milk and dairy products
Milk market continued to show contrasting trends according to the |
1 | 200020622_b0 | 200020622 | 0.885 2.982 9.334 7.449 314.726 16,447.359 4.221 78.618 131.520 1,306.641 398.102 185.842 22.551 4.814 9.568 4.242 4.640 118.473 71.458 10.054 1.600 35.662 31.927 1.192 4.995 15.445
4.040 17.479 1.449 1.956 3.533 1.451 660.798 1.087 726.246 7.496 3,256.130 26.747 7.438 0.869 2.714 8.551 7.465 308.664 14,617.279 4.064 72.513 121.510 1,254.822 359.372 165.693 21.125 4.760 9.175 4.298 4.528 122.695 66.063 9.629 1.534 34.040 28.955 1.100 3.820 14.788
4.259 42.822 1.613 1.956 4.859 1.519 655.957 1.128 791.110 7.966 3,563.000 25.735 7.456 0.897 2.982 9.145 7.438 326.250 17,230.000 4.199 82.725 129.050 1,301.910 421.480 187.156 22.363 4.797 9.715 4.291 4.644 118.231 79.097 10.621 1.597 35.895 32.750 1.165 7.639 17.173
4.363 20.562 1.502 1.956 3.741 1.497 655.168 1.145 744.870 7.806 3,502.000 26.101 7.438 0.920 2.893 9.253 7.415 306.630 15,782.100 4.255 75.600 130.810 1,331.220 401.600 181.495 21.084 5.051 9.279 4.258 4.592 119.094 69.124 9.482 1.609 35.871 30.517 1.183 4.106 15.457
Consolidated Financial Statements as of August 31, 2018
76
|
1 | 200020622_b1 | 200020622 | 's entities during fiscal year 2017/2018
Consolidated Financial Statements as of August 31, 2018
75
Annex II Exchange rates used to translate financial statements prepared in currencies other than the Euro
Currency
Average exchange rates Average exchange rates Final exchange rates Final exchange rates as of August 31, 2018 as of August 31, 2017 as of August 31, 2018 as of August 31, 2017
Arab Emirates Dirham Argentine Peso Australian Dollar Bulgarian Lev Brazil Real Canadian Dollar CFA Francs Swiss Franc Chilean Peso
Chinese Renminbi Colombian Peso
Czech Koruna Danish Krona British Pound Georgian Lari Honk Kong Dollar Croatian Kuna Hungarian Forint Indonesian Baht Israeli Shekel Indian Rupee Japanese Yen Korean Won Kazakhstani Tenge Sri Lanka Rupee Mexican Peso Malaysian Ringgit Norwegian Krone Polish Zloty Romanian Leu Serbian Dinar Russian Ruble Swedish Krona Singapore Dollar Taiwan Dollar Ukrainian Hryvnia
US Dollar Turkish Lira South Africa Rand
4.378 25.633 1.555 1.956 4.093 1.522 661.221 1.163 745.930 7.768 3,459.240 25.631 7.447 0.885 2.982 9.334 7.449 314.726 16,447.359 4.221 78.618 131.520 1,306.641 398.102 185.842 22.551 4.814 9.568 4.242 4.640 118.473 71.458 10.054 1.600 35.662 31.927 1.192 4.995 15.445
4.040 17.479 1.449 1.956 3.533 1.451 660.798 1.087 726.246 7.496 3,256.130 26.747 7.438 0.869 2.714 8.551 7.465 308.664 14,617.279 4.064 72.513 121.510 1,254.822 359.372 165.693 21.125 4.760 9.175 4.298 4.528 122.695 66.063 9.629 1.534 34.040 28.955 1.100 3.820 14.788
4.259 42.822 1.613 1.956 4.859 1.519 655.957 1.128 791. |
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