22 - Intangible fixed assets


The composition and movement of intangible fixed assets in the financial year 2018/2019 is as follows:

  Research and
development
costs
Total
2018 / 2019
     
Purchase value 4,372 4,372
Cumulative depreciation -804 -804
     
Book value as per 1 July 3,568 3,568
     
Investments 3,316 3,316
     
Movements 2018 / 2019 7,688 7,688
     
Purchase value 7,688 7,688
Cumulative depreciation -804 -804
     
Book value as per 30 June 6,884 6,884
     

 

23 - Tangible fixed assets


The composition and movement per category for tangible fixed assets for the year 2018/2019 is
as follows:

 

Company
buildings
and land

Operating
assets under
construction

Total
2018 / 2019

       
Purchase value 25,113 - 25,113
Cumulative depreciation -12,769 - -12,769
       
Book value as per 1 July 12,344 - 12,344
       
Investments 123 120 234
Depreciation -847 - -847
       
Balance 11,620 120 11,740
       
Purchase value 25,236 120 25,356
Cumulative depreciation -13,616 - -13,616
       
Book value as per 30 June 11,620 120 11,740
       

 

24 - Financial fixed assets

The movement per category of financial fixed assets is as follows:

  Participating
interests
in group
companies
Accounts
receivable
from bank
companies
Other
partici-
pating
interests
Receivables
from Vereniging HZPC (HZPC Association)
Deferred
tax
assets
Other
secu-rities
Other
recei-
vables
Total
2018 / 2019
                 
Book value
as per 1 July
49,916 2,814 5 249 1,783 25 385 55,177
                 
Investments / increase - - 3 - - - - 3
Result from participating interests 12,013 - - - - - - 12,013
Exchange rate fluctuations -7 - - - - - - -7
Depreciation / repayments - -1,150 - -112 -190 - -39 -1,491
Dividend -11,045 - - - - - - -11,045
Provision for participating interests -941 - - - - - - -941
               
Book value as per 30 June 49,936 1,664 8 137 1,593 25 346 53,709
                 

The receivables from group companies have a term between 3 years and 8 years. Interest is charged on the receivable. This varies from 1% to 2.5%.
 

25 - Other receivables and accrued assets

 

  30-06-2019 30-06-2018
     
Government grants to be claimed - 38
     

 

26 - Shareholders’ equity


The changes per category of shareholder equity is as follows:

Equity Issued
capital
Share
premium
reserve
Other
legal
reserves
Foreign
currency
translation
reserve
Other
reserve
Total
2018/
2019
             
Book value as of 1 July: 15,675 1,433 4,845 -597 28,922 50,278
             
Movements in financial
year 2018 / 2019
           
Dividend - - - - -6,074 -6,074
Result of financial year - - - - 9,353 9,353
Exchange rate fluctuations - - - -7 - -7
Other changes - - 3,953 - -3,953 -
             
Status as of 30 June 15,675 1,433 8,798 -604 28,248 53,550
             

Issued capital
The authorised capital on the balance sheet date amounts to EUR 50,000,000 (2017/2018 EUR 50,000,000) and consists of 2,500,000 ordinary shares with a nominal value of EUR 20 each, with 783,725 ordinary shares being issued. The value of the paid and called-up capital amounts to EUR 15,674,500 (EUR 15,674,500 at the end of 2017/2018).

Share premium reserve
The share premium concerns the income from the issuing of shares in so far as this exceeds the nominal value of the shares (above par income).

Other legal reserves
Other legal reserves consist of a legal reserve for participating interests and the legal reserve for development costs. The legal reserve for participating interests relates to companies that are valued in accordance with the equity method. The reserve concerns the difference between the participating interests’ retained profit and direct changes in equity, as determined on the basis of the parent company’s accounting policies, and the share thereof that the parent company may distribute. As to the latter share, this takes into account any profits that may not be distributable by participating interests that are Dutch limited companies based on the distribution tests to be performed by the management of those companies. The legal reserve for development costs relates to the formed reserve of the not yet written off part of the capitalized development costs. The legal reserve is determined on an individual basis.

Foreign currency translation reserve
Exchange gains and losses arising from the translation of foreign operations from functional to reporting currency are recorded in this legal reserve. In the case of the sale of a participating interest, the associated accumulated exchange differences are transferred to other reserves.

Other reserves
At the General Meeting, it will be proposed to approve the following appropriation of the 2018/2019 result after tax: declaration of a dividend of EUR 6.1 million and addition of the remaining amount of EUR 3.3 million to the other reserves. The change amounting to EUR 3,953,000 refers to the addition to the legal reserve.

Proposal for result appropriation
The General Meeting of Shareholders will be asked to approve the following appropriation of the 2018/2019 result after taxation: an amount of EUR 3,279,000 to be added to the other reserves and the remaining amount of EUR 6,074,000 to be paid out as dividend. Per share certificate EUR 7.75 is available. This proposal is recorded in the balance sheet under the current liabilities.

 

27 - Provisions

Provisions for participations
The following overview shows the changes in 2018/2019:

  Total
2018/2019
Total
2017/2018
     
Status as of 1 July 1,495 -
Additions - 1,495
Withdrawals -941 -
     
Status as of 30 June  554 1,495

The provision relates to participations with a negative net equity value.
 

Other provisions
The following overview shows the changes in 2018/2019:

  Total
2018/2019
Total
2017/2018
     
Status as of 1 July 16 14
Additions 1 2
     
Status as of 30 June  17 16

The provision for long-service liabilities is calculated on the basis of a 4% discount rate and taking the expected turnover in personnel into account.
 

28 - Taxes and contributions

 

  30-06-2019 30-06-2018
     
Corporate income tax to be paid 829 -
Payroll tax and social insurances 35 54
     
  846 54

 

29 - Other debts and accrued liabilities

  30-06-2019 30-06-2018
     
Wages and salaries to be paid 498 320
Pension contributions 18 14
Provision lawsuits 67 517
Other amounts 341 217
     
  924 1,068

 

30 - Share in result in participating interests after tax

This relates to the share in result the company has in participating interests of which EUR 12,740,000 (2017/2018: EUR 8,956,000) relates to group companies. The other part concerns results in minority interests amounting to EUR 727,000 negative.
 

31 - Other income and expenses after tax

The other after-tax result concerns the regular costs for conducting holding activities.
These costs encompass personnel costs, other corporate costs, including legal costs, depreciation and interest assets/liabilities.

Wages and salaries 30-06-2019 30-06-2018
     
Gross staff wages 1,054 761
Employer’s social security contributions for staff 40 44
Pension premium 81 74
     
  1,175 879
     

 

Specific details for number of FTEs 30-06-2019 30-06-2018
     
Management en administration 4 4
     

At HZPC Holding B.V. there were an average of 4 FTE in service, all working in the Netherlands (previous financial year 4 FTE).
 

Other explanatory notes

Financial instruments
In the normal course of business, the company uses financial instruments that expose the company to market, currency, interest rate, credit and liquidity risks. To manage these risks, the company has developed a policy, including the establishment of a system of credit limits and procedures to reduce the risks of unpredictable adverse developments in financial markets and thus the financial performance of the company.

Credit risk
The company incurs credit risk on loans and receivables recorded under financial fixed assets, other receivables and cash.

Liquidity risk
The Company monitors its liquidity position through successive liquidity budgets.
The management will ensure that sufficient liquidity is available to meet the obligations.

Interest risk
The Company incurs interest on interest bearing assets and liabilities. Both of these receivables and payables have agreed on variable rate interest rate agreements, which means that the Company is exposed to future cash flows. In order to limit the interest risk on the credit facility, a rent cap has been agreed as a mitigating measure.

Off-balance sheet assets and liabilities
The company has liabilities under operating leases and rent for an amount of EUR 83,000. Of this amount, EUR 37,000 has a term of less than one year. The remaining amount concerns an obligation for less than five years. The debt for rental and lease in accounting year 2018/2019 amounted to EUR 51,000.

Tax entity
Together with its subsidiaries within the Netherlands, the company forms a tax entity for corporate income tax purposes and value-added tax. The standard conditions stipulate that each of the companies is liable for the tax payable by all companies belonging to the tax entity. The fiscal entity does not differ from the fiscal entity in the consolidated financial statement.

Remuneration of managing and supervisory directors
A statement of the remuneration of the management has been omitted, pursuant to the provisions of Section 383 article 1 of Book 2 of the Dutch Civil Code, final sentence of the Dutch Civil Code. The remuneration of Supervisory Board members amounts to EUR 86,000 (2017/2018: EUR 72,000).


Joure, 3 October 2019

The Executive Board:
G.F.J. Backx (CEO), Managing Director
H. Verveld (CCO)
J.L. van Vilsteren (CFO)

The Supervisory Board:
M.J. Ubbens, Chairman
C.J. Biemond
I. Frovola
M. Kester
W. Sinnema