Quarterly Report • Aug 28, 2015
Quarterly Report
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- Consolidated Accounts -
José Lourenço Abreu Teixeira – Chairman Manuel Fernando Monteiro da Silva – Deputy Chairman Jorge Manuel Coutinho Franco da Quinta – 1st Secretary Maria Olívia Almeida Madureira – 2nd Secretary
José Reis da Silva Ramos – Chairman Maria Angelina Martins Caetano Ramos – Member Salvador Acácio Martins Caetano – Member Miguel Pedro Caetano Ramos – Member Takeshi Numa – Member Rui Manuel Machado de Noronha Mendes – Member Yoichi Sato – Alternate
José Domingos da Silva Fernandes - Chairman Alberto Luis Lema Mandim – Member Filip Rachel K Soenen – Member Maria Lívia Fernandes Alves – Alternate Takao Gonno - Alternate
José Pereira Alves, Ph.D, or José Miguel Dantas Maio Marques, Ph.D, representing Pricewaterhouse Coopers & Associados - Sociedade de Revisores Oficiais de Contas, Lda. [Statutory Auditors Firm] António Joaquim Brochado Correia - Alternate Member
The following progress report has been prepared in accordance with Article 246(1) (b) of the Portuguese Securities Code. For each of the member Companies within the consolidation scope of Toyota Caetano Portugal, it contains all the main events during the period under analysis, as well as their impact upon the financial statements.
At the same time, the main expectations for the 2nd half of the current year are also presented, albeit in a summary way.
The main landmark in the first semester was the end of production of the Dyna model, and the preparations for starting the production of the Land Cruiser series 70 (LC70). During the months of January and February, the last 348 Dynas were produced for the domestic market, totalling 105,168 units produced since 1971.
In June, after an interruption for preparing the production lines, the first 23 LC70 units were manufactured, bound for South Africa. Later that month, the Quality Shipping Confirmation Meeting (SQCM) for the LC70s being manufactured at this production unit was held.
The forecast is that by the end of the year 1,250 units of this model will be manufactured exclusively for exporting.
The serial production of the LC70s represents the materialization of a project that will make this plant profitable, while keeping and even increasing the existing jobs. With the know-how acquired in 45 years of automotive assembly, and the traditional dedication of all employees involved in this project, we believe that this will be just another step to further extend Toyota's involvement in this country.
In the PPO/PDI activity (Transformed /Prepared Physical Units), there was a 78% increase over the same period last year.
| Production | 2015 (jan-Jun) | 2014 | 2013 | 2012 |
|---|---|---|---|---|
| Toyota Physical Units | 371 | 1.664 | 1.111 | 1.381 |
| Converted Physical Units | 2.223 | 3.271 | 2.339 | 2.174 |
| Total Employees | 206 | 170 | 181 | 190 |
The 1st half of 2015 showed strong recovery, with the total market going up by 31%, to a total of 116,813 units.
Such recovery is based on the positive development of both passenger cars and commercial vehicles, which have increased by 32.8% and 21.7%, respectively.
In the first half of the year, Toyota achieved total sales of 4,937 units, translating into a 35.7% increase, compared to the same period last year.
This results in a total market share of 4.2% in the first half of the year.
The brand's good performance in the first half can be explained by the following factors:
Which performance is based on the growth of the Aygo and Yaris models, which were renewed in the 2nd half of 2014, as well as due to the increased sales of hybrid vehicles.
Such recovery is due to the good performance of Hilux and Dyna, which remained atop the sales rankings for the Pickup and Chassis Cab segment, respectively.
For the second half of the year, the outlook is quite favorable, namely with the expected good performance of hybrid vehicles and of the aforementioned models - Aygo, Yaris, Hilux and Dyna -, as well as with the expected increased sales of Auris and Avensis, which were the object of strong product renewals.
The evolution of the premium market in the 1st half of 2015 was also quite positive. This market segment grew by 23%, which was, however, lower than in the total passenger market.
This reality implies a slight reduction of the premium market share in the total passenger market, which achieved to 23.3%.
The premium market keeps growing, underpinned by an increasingly extensive product offer, and by the strong commercial aggressiveness of leading premium brands.
Lexus grew by 24% over the previous year, in line with the market. As a result, its market share in the premium segment remained at 0.8%
For the 2nd half of the year, the forecast for the brand's sales is that they keep up with their favourable progress, following the release of the special series of CT200h and IS300h models, as well as the new generation of the top RX450h SUV model.
Source: ACAP
| Market | TOYOTA + BT Sales | |||||||
|---|---|---|---|---|---|---|---|---|
| 1st semester | Variation | 1st. Sem.'14 | 1st Sem.'15 | Varition | ||||
| '14 | '15 | % | Qtd . | Quota | Qtd . | Quota | % | |
| CB | 505 | 544 | 7,7% | 165 | 32,7% | 166 | 30,5% | 0,6% |
| WH | 627 | 1036 | 65,2% | 150 | 23,9% | 648 | 62,5% | 332,0% |
| TOTAL | 1132 | 1580 | 39,6% | 315 | 27,8% | 814 | 51,5% | 158,4% |
Source : ACAP
The 1st half of 2015 confirms the recovery of the upturn in economic growth, which had started to be experienced last year, although timidly.
Overall, the domestic market for cargo handling machines (CHM) grew by 39.6%, compared to the same period in 2014.
This change was embodied by the growth of the counterbalance forklifts segment by 7.7% and of warehouse equipment by 65.2%, respectively. It is noteworthy that this increase in warehouse equipment is strongly influenced by a BT Business of 349 units.
Overall, Toyota / BT sales grew by 158.4%, much more than the market, and thus Toyota + BT kept and actually enhanced its leadership position with its 51.5% market share.
This was mainly due to the materialization of a large fleet business in the Warehouse Equipment segment that significantly influenced both the market as well as BT sales.
With regards to BT Warehouse Equipment, the sales volume rose over fourfold (648 units versus 150 in the same period in 2014), thus bringing our cumulative share in June to 62.5%.
Regarding the Toyota Counterbalanced Forklifts, in the first six months of the year, 166 units were sold, representing sales growth of 0.6%, and a cumulative share of 30.5%, indicating some stability in this segment, where Toyota has remained the leader for some years already.
Thousand Euros
| Product | Sales | Var % 2015/2014 | |
|---|---|---|---|
| 1st Half-year 2014 | 1st Half-year 2015 | ||
| Parts/Accessories/Merchandising | 16.184 | 18.024 | 11,40% |
| Extracare/Total Assistance Services | 329 | 736 | 123,80% |
| Total | 16.513 | 18.760 | 13,60% |
In the first half of 2015, the Toyota After-Sales Division sold a total of 18 million euros, in parts, accessories and merchandising. This corresponds to an increase of 11.4% over the first half of 2014. The budget set for the semester was exceeded by 19.9 pp. However this growth is closely related to the sale of parts for technical campaigns in force this year.
In face of the much required full transparency with Customers / Their constant follow-up and support, the brand has led several Technical Campaigns towards preventing / repairing any and all anomalies.
Regarding the turnover of Extracare Services (Extension of Guarantees), and Total Assistance (Roadside Assistance), there was an increase of 123.8% over the first half of 2014.
Toyota's Official Assistance network is the main customer of the After-Sales Division. In the 1st half of this year, 94.3% of overall turnover, equivalent to 16.9 million euros, was intended just for this customer. This represents a 15.6% increase, compared to the figures in the same period of 2014.
This year, as a result of the ongoing technical campaigns, parts worth 2.4 million euros were sold. In the same period of 2014, the sales for technical campaigns totalled 737,000 euros.
Despite the recovery in sales of vehicles during this first half of the year, we keep feeling the influence in After-Sales business of the shrinking and ageing of the units in operation, and of the lower average mileage of vehicles.
Thus, TCAP remained committed to promoting programs that contribute towards the recovery and development of the brand's After Sales, with a special emphasis on customer retention for the Toyota workshop in order to counteract the effects of the sharp drop in the UIO´s, strongly shaken by the crisis during the last few years
Thus, we highlight some of the projects implemented:
Dissemination and training of the Active Reception Process by the network of Toyota dealers. This is a new way of working the relationship with Toyota Customers, through support and follow-up from the time of service scheduling, to reception when the car arrives, up to commercial follow-up after delivery. The aim is to optimize business opportunities through personalized and humanized customer care in which the Service Advisor seeks to sell the right product / service, to the right Customer, at the right time, and thus gain their trust and recommendation.
Boosting Toyota Support 24. This free claims management service is available to all Toyota customers, and aims at ensuring that Toyota vehicles are directed to the Toyota network in case of accident. Personalized Friendly Reports (FRs) were distributed with the Support 24 sticker, to work as effective and visible "reminders" in case of accident.
While keeping the trend recorded in the last half of 2014, the year 2015 began with signs of strong activity improvement, following the growth of the automotive market in Portugal.
Thus, the turnover of Caetano Auto in the 1st half reached 93.5 million euros, against the 78 million of the previous year, thus recording a growth of about 20% (sales and after-sales operations).
By type of operation, new vehicles grew by 535 units over the same period last year by accumulating 2,447 units; used cars also raised 469 units, recording an accumulated amount of 2,613 units sold in June 2015.
In after-sales, the growth rate in the first half compared to the same period last year was over 10%, with turnover exceeding 30 million euros.
As far as expenses are concerned, and as a result of careful management, the previous levels of expenditures were kept, and the 6.9% increase recorded in staff costs, and external supplies and services, can be explained mainly by the variable part due to increased sales.
As for depreciations, and keeping the criteria of applying the maximum rates allowed for tax purposes, this item still represents more than 1 million euros per semester, significantly influencing pre-tax profit.
Given the above, Caetano Auto recorded a positive profit before taxes at the end of the 1st half of 2015, compared to the negative results achieved in the same period of 2014. The outlook for the 2nd half of the year points towards a continued positive evolution of operations, as the result of the "normalization" of the overall car market in this country.
Activity indicators provided by the National Statistics Institute in Cape Verde point towards a slowdown of the economy's growth rate in the last few months, compared to the same period of 2014.
This slowdown in the national growth rate, according to the National Statistics Institute's analysis of the accounts, is the result of the lower Gross Value Added (GVA) in Agriculture, Trade, Real Estate and other services, as well as business and Public Administration services, and of the slowdown recorded mainly in construction activities.
Compared to the same period in 2014, Caetano Auto, CV, S.A. sold 5 units less.
As far as the models sold go, there was a sales increase of Yaris, clearly a solid investment in this African market, and a slight drop in 4WD Models (Land Cruiser and RAV4).
In turn, the gross margin improved by 2 percentage points from 18% to 20% in the 1st semester of 2015.
As concerns After Sales, there was a 4.9% decrease in turnover. The economic difficulties the country has been going through cause customers to turn to private label parts, and to directing their claims to workshops that use such private label parts.
Some measures to combat the installed crisis in the country have already been taken, namely in terms of cost reduction, and new customer retention measures have been planned, thus trying to make the company profitable at appropriate levels, which has already been achieved in the past.
Unlike the past 3 analogous periods, there was an increase in turnover.
The amount of 1.6 M Euros was achieved, which represents an increase of 5,96% compared to the previous year.
The fleet reached 1,441 units in the 1st half (+ 17.54% than in the same period last year), and has the following structure:
| • | Passenger vehicles: | 1137 uts | (78.90%) |
|---|---|---|---|
| • | Industrial equipment: | 304 uts | (21.10%) |
For the RAC segment, 250 units were acquired in June, whose impact on turnover will only be reflected in the following semester.
We have good prospects for the 2nd half, as the sale of about 465 RAC vehicles is expected, which give rise to significant Capital Gains, which will contribute positively to the bottom line of this company.
On the first half of 2015, the consolidation perimeter of Toyota Caetano Portugal Group remained unchanged against the end and the same period of 2014.
As the growth in the automotive sector has continued under the period under review, we note that Toyota brand registered a performance higher than the market, and it was thus possible to achieve a consolidated turnover of about 149 million Euros, representing a 17% gain compared to June 2014.
By pursuing a strategy of gains in market share, it was necessary to incur in some trade margin "sacrifices". However, this margin combined with an appropriated control of structure costs, and despite the sub-activity costs incurred with the implementation of the project of off-road vehicles assembly for export, at the Ovar Plant, raised the consolidated EBITDA to an amount of about 9.1 million Euros, 6% more than in the same period in 2014.
Financial results, negative 961 thousand Euros, compared to 586 thousand Euros registered in the same period in 2014, state the accrued needs in financing in which
Toyota Caetano Portugal Group incurred, in order to be possible to establish inventories capable of addressing the market growth, as well as to provide the appropriate productive investment for the new LC70 project.
From the above it was possible to ascertain a consolidated net income of 1 million Euros for the half year, 40% less than the one registered in the same period in 2014. This was mainly due to factors connected with the sub-activity experienced within the Ovar Factory Unit, with such factors being certainly eliminated after starting the assembly of the new model.
The level of financial autonomy stood at about 49%, and continues to show a perfect stability of the Group capital structure.
In order to synthesise the growth in activity and performance of Toyota Caetano Portugal Group, you can find below the table of comparative aggregates in thousand Euros:
| Jun'14 | Jun'15 | Change | |
|---|---|---|---|
| Turnover | 127.349 | 149.071 | 17,10% |
| Gross Profits | 28.612 | 27.199 | -4,90% |
| % (f) sales | 22,50% | 18,20% | |
| External Supplies and Services | 15.835 | 17.226 | 8,80% |
| % (f) sales | 12,40% | 11,60% | |
| Payroll Expenses | 18.988 | 19.593 | 3,20% |
| % (f) sales | 14,90% | 13,10% | |
| E.B.I.T.D.A. | 8.601 | 9.116 | 6,00% |
| % (f) sales | 6,80% | 6,10% | |
| Operational Income | 2.851 | 2.810 | -1,50% |
| % (f) sales | 2,20% | 1,90% | |
| Financial Results | -586 | -961 | -64,10% |
| % (f) sales | -0,50% | -0,60% | |
| Gross Cash Flow | 7.294 | 8.115 | 11,30% |
| % (f) sales | 5,70% | 5,40% | |
| Consolidated Net Profit | 1.806 | 1.084 | -40,00% |
| % (f) sales | 1,40% | 0,70% | |
| Net Financial Debt | 26.888 | 47.068 | 75,10% |
| Degree of financial Autonomy | 58,20% | 49,20% |
In accordance with the latest estimates of economic growth in Portugal, we think that it is expectable to keep the growth pace in the automotive sector, and this will provide the Group with the reinforcement of its market stability, as well as an appropriate growth of generated income.
Credit risk at Toyota Caetano, mostly results from loans on its Clients, related to operating activity.
The main objective of credit risk management at Toyota Caetano is to ensure effective collection of operating receivables from Clients in accordance with the negotiated terms and conditions.
In order to mitigate the credit risk arising from potential default of payment by Clients, the Group companies exposed to this type of risk have:
Established a specific department for analysis and follow-up of Credit Risk;
Implemented proactive credit management processes and procedures, always supported by information systems;
Hedge mechanisms (credit insurances, letters of credit, etc).
As a result of the significant proportion of variable rate debt in its Consolidated Balance Sheet, and of the consequent interest payment cash flows, Toyota Caetano is exposed to interest rate risk.
Toyota Caetano has been making use of financial derivatives to hedge, at least partially, its exposure to changes in interest rates.
As a geographically diverse Group, with subsidiaries in Cape Verde, exchange rate risk result essentially from business transactions, arising from the purchase and sale of goods and services in currencies other than the functional currency of each business.
The exchange rate risk management policy seeks to minimise volatility in investments and operations stated in foreign currency, by making the Group's income less sensitive to exchange rate fluctuations. The Group's foreign exchange risk management policy is towards case-by-case appreciation of the opportunity to cover this risk, taking particularly into account the specific circumstances of the currencies and countries in question.
Toyota Caetano has been making use of financial derivatives to hedge, at least partially, its exposure to changes in exchange rates.
Liquidity risk management at Toyota Caetano seeks to ensure that the company has the capacity to obtain the timely funding required to carry out its business activities, implement its strategy and meet its payment obligations when due, while avoiding the need to obtain such funding on unfavourable terms.
To this end, liquidity management in the Group includes the following:
a) Consistent financial planning based on forecasts of operating cash flows in accordance with different time horizons (weekly, monthly, annual and multi-annual);
b) Diversification of funding sources;
c) Diversification of maturities of issued debt in order to avoid too excessive concentration for debt payment on short periods of time;
d) Using partner Banks to open up short-term credit lines, commercial paper programmes and other types of financial operations, to ensure a balance between adequate levels of liquidity and commitment fees incurred.
Since the end of 1st semester 2015 and up to current date, no relevant facts occurred worth of being mentioned.
Pursuant to article 246 (1-c) of the Código de Valores Mobiliários (Portuguese Securities Code) we state that, to the best of our knowledge, Toyota Caetano Portugal consolidated financial statements, for the 1st half of 2015, were prepared in compliance with the applicable accounting standards, giving a true and fair view of the company's assets and liabilities, financial position and income and that the interim management report faithfully describes the information required under article 246 (2) of CVM.
Vila Nova de Gaia, 27 de Agosto 2015
O Conselho de Administração
José Reis da Silva Ramos – Chairman Maria Angelina Martins Caetano Ramos Salvador Acácio Martins Caetano Miguel Pedro Caetano Ramos Takeshi Numa Rui Manuel Machado de Noronha Mendes
(Pursuant to article 447 of the Portuguese Commercial Companies Code, and according to article 9(1) (c), and of article 14(7), both from Regulation 5/2008 issued by the Securities Market Regulating Entity - CMVM)
In compliance with the provisions of article 447 of the Portuguese Commercial Companies Code, it is hereby declared that, on June 30th, 2015, the members of the Company's management and supervisory boards did not hold any of its shares or bonds.
Furthermore, it is hereby stated that the members of the Company's management and supervisory boards were not engaged, during the first semester of 2015, in any acquisitions, encumbering or disposals involving the Company's shares or bonds.
It is further stated that the company's securities held by companies in which directors and auditors hold corporate positions are as follows:
The SALVADOR CAETANO, SGPS, S.A. GROUP, of which Eng. Salvador Acácio Martins Caetano is the Chairman of the Board of Directors, Maria Angelina Martins Caetano Ramos, Ph.D is the Deputy-Chairman of the Board of Directors, and Eng. José Reis da Silva Ramos and Eng. Miguel Pedro Caetano Ramos are Members of the Board of Directors, performed no transactions and thus this company, on June 30th, 2015, held 21,288,281 shares, with a nominal value of one euro each.
The SALVADOR CAETANO FOUNDATION, of which Eng. José Reis da Silva Ramos is the Chairman of the Board of Directors, Maria Angelina Martins Caetano Ramos, Ph.D is the spouse of the Chairman of the Board of Directors, Eng. Salvador Acácio Martins Caetano and Rui Manuel Machado de Noronha Mendes, Ph.D are Members of the Board of Directors, performed no transactions and thus this company, on June 30th, 2015, held 138,832 shares, with a nominal value of one euro each.
COVIM – Sociedade Agrícola, Silvícola e Imobiliária, S.A., of which Maria Angelina Martins Caetano Ramos, Ph.D is the Chairman of the Board of Directors, Eng. José Reis da Silva Ramos is the spouse of the Chairman of the Board of Directors, performed no transactions, for which this company, on June 30th, 2015, held 393,252 shares, with a nominal value of one euro each.
COCIGA - Construções Civis de Gaia, S.A., of which Maria Angelina Martins Caetano Ramos, Ph.D is the Chairman of the Board of Directors, Eng. José Reis da Silva Ramos is the spouse of the Chairman of the Board of Directors, Maria Angelina Martins Caetano Ramos, Ph.D is the Chairman of the Board of Directors, Eng. Salvador Acácio Martins Caetanois a Member of the Board of Directors, , performed no transactions, for which this company, on June 30th, 2015, held 290 shares, with a nominal value of one euro each.
For the purpose provided in the final section of article 447(1) of the Portuguese Commercial Companies Code (companies in a control or group relationship with the company), it is hereby stated that:
• Eng José Reis da Silva Ramos, Chairman of the Board of Directors, holds:
1 This percentage includes shares held by the spouse
• Maria Angelina Martins Caetano Ramos, Ph.D,, Member of the Board of Directors, holds:
1 This percentage includes shares held by the spouse
• Eng. Salvador Acácio Martins Caetano, Member of the Board of Directors, holds:
1 This percentage includes shares held by the spouse
• Eng. Miguel Pedro Caetano Ramos, Member of the Board of Directors, holds:
In accordance with article 448(4) of the Commercial Companies Code, the following is the list of shareholders that, on June 30th, 2015, held, at least, 10%, 33% or 50% of the share capital of this company, as well as of the shareholders that have ceased to hold the aforementioned capital percentages:
| Shareholders | Shares | |||
|---|---|---|---|---|
| Holders of at least 10% | ||||
| Held 1 | Purchased | Sold | Held 2 | |
| 31.12.2014 | 2015 | 2015 | 30.06.2015 | |
| TOYOTA MOTOR EUROPE NV/SA ____________ |
9,450,000 | -- | -- | 9,450,000 |
1Share capital on 31.12.2014: € 35,000,000.00, represented by 35,000,000 shares with the nominal value of € 1.00 each. 2Share capital on 30.06.2015: € 35,000,000.00, represented by 35,000,000 shares with the nominal value of € 1.00 each.
| Shareholders Holders of at least 50% |
Shares | |||||
|---|---|---|---|---|---|---|
| Held 1 | Purchased | Sold | Held 2 | |||
| 31.12.2014 | 2015 | 2015 | 30.06.2015 | |||
| GRUPO SALVADOR CAETANO, SGPS, SA _______________ |
21,288,281 | -- | -- | 21,288,281 |
1Share capital on 31.12.2014: € 35,000,000.00, represented by 35,000,000 shares with the nominal value of € 1.00 each. 2Share capital on 30.06.2015: € 35,000,000.00, represented by 35,000,000 shares with the nominal value of € 1.00 each.
(Pursuant to Regulation 5/2008, issued by the Portuguese Securities Market Regulating Entity - CMVM)
On June 30th, 2015, the shareholders with qualified shareholdings in the company's share capital are the following:
| SHAREHOLDER | Shares | % of voting rights |
|---|---|---|
| ______________ Group Salvador Caetano - SGPS, SA |
21,288,281 | 60.824 |
| Toyota Motor Europe NV/SA | 9,450,000 | 27.000 |
| Salvador Fernandes Caetano (Heirs of) | 1,399,255 | 3.998 |
| ASSETS | Notes | 30-06-2015 | 31-12-2014 | |
|---|---|---|---|---|
| NON-CURRENT ASSETS | ||||
| Goodwill | 7 | 611.997 | 611.997 | |
| Intangible Assets | 8 | 964.100 | 654.916 | |
| Tangible Fixed Assets | 5 | 88.195.834 | 74.805.462 | |
| Investment properties | 6 | 17.109.968 | 17.345.321 | |
| Available for sale Financial Investments | 9 | 3.335.048 | 3.119.634 | |
| Deferred tax Assets | 14 | 2.837.077 | 3.179.411 | |
| Accounts Receivable | 11 | 116.239 | 108.556 | |
| Total non-current assets | 113.170.263 | 99.825.297 | ||
| CURRENT ASSETS | ||||
| Inventories | 10 | 73.698.681 | 69.990.056 | |
| Accounts Receivable | 11 | 51.949.540 | 57.493.329 | |
| Other Credits | 12 | 4.030.142 | 4.417.305 | |
| Public Entities | 20 | 2.741.837 | 997.206 | |
| Other Current Assets | 13 | 2.576.786 | 3.215.482 | |
| Cash and cash equivalents | 4 | 7.692.891 | 12.530.999 | |
| Total current assets | 142.689.877 | 148.644.377 | ||
| Total assets | 255.860.140 | 248.469.674 | ||
| SHAREHOLDERS' EQUITY & LIABILITIES | ||||
| EQUITY | ||||
| Share capital | 15 | 35.000.000 | 35.000.000 | |
| Legal Reserve | 15 | 7.498.903 | 7.498.903 | |
| Revaluation reserves | 15 | 6.195.184 | 6.195.184 | |
| Translation reserves | 15 | (1.695.238) | (1.695.238) | |
| Fair value reserves | 15 | 254.365 | 38.951 | |
| Other Reserve | 76.015.672 | 76.591.909 | ||
| Net Income | 1.059.322 | 3.973.763 | ||
| 124.328.208 | 127.603.472 | |||
| Non-controlled Interests | 16 | 1.655.917 | 1.630.768 | |
| Total equity | 125.984.125 | 129.234.240 | ||
| LIABILITIES: | ||||
| NON-CURRENT LIABILITIES | ||||
| Loans | 17 | 27.242.852 | 23.137.232 | |
| Pension Fund liabilities | 22 | 5.000.000 | 5.000.000 | |
| Provisions | 23 | 306.053 | 311.551 | |
| Deferred tax liabilities | 14 | 1.798.006 | 1.798.006 | |
| Total non-current liabilities | 34.346.911 | 30.246.789 | ||
| CURRENT LIABILITIES | ||||
| Loans | 17 | 27.518.480 | 27.768.843 | |
| Accounts Payable | 18 | 37.456.785 | 31.579.655 | |
| Other Creditors | 19 | 1.633.264 | 1.740.504 | |
| Public Entities | 20 | 10.113.449 | 10.938.452 | |
| Other current liabilities | 21 | 18.691.146 | 16.811.429 | |
| Derivative financial instruments | 24 | 115.980 | 149.762 | |
| Total current liabilities | 95.529.104 | 88.988.645 | ||
| Total liabilities | 129.876.015 | 119.235.434 | ||
| Total liabilities and shareholder' equity | 255.860.140 | 248.469.674 | ||
The notes to the financial statements integrates this statement for the period ending at 30 June 2015.
CHARTERED ACCOUNTANT BOARD OF DIRECTORS ALEXANDRA MARIA PACHECO GAMA JUNQUEIRA JOSÉ REIS DA SILVA RAMOS – President
MARIA ANGELINA MARTINS CAETANO RAMOS SALVADOR ACÁCIO MARTINS CAETANO MIGUEL PEDRO CAETANO RAMOS TAKESHI NUMA RUI MANUEL MACHADO DE NORONHA MENDES
| 01-04 a 30-06-2015 | 01-04 a 30-06-2014 | ||||
|---|---|---|---|---|---|
| Notes | 30-06-2015 | (Non Audit) | 30-06-2014 | (Non Audit) | |
| Operating Income: | |||||
| Sales | 26 | 139.374.119 | 70.240.197 | 118.070.724 | 65.131.908 |
| Service Rendered | 26 | 9.697.104 | 4.841.190 | 9.278.335 | 4.646.257 |
| Other Operating Income | 29 | 20.321.463 | 11.221.631 | 16.255.041 | 8.762.962 |
| Variation of Products | 10 | 102.121 | (1.979.281) | 1.687.497 | 1.014.949 |
| 169.494.807 | 84.323.737 | 145.291.597 | 79.556.076 | ||
| Operating expenses: | |||||
| Cost of sales | 10 | (121.974.515) | (59.543.953) | (100.425.033) | (57.527.536) |
| External Supplies and Services | 27 | (17.225.619) | (9.431.960) | (15.834.608) | (7.011.744) |
| Payroll Expenses | 28 | (19.592.549) | (9.922.958) | (18.987.907) | (9.850.159) |
| Depreciations and Amortizations | 5, 6 and 8 | (6.305.778) | (3.444.357) | (5.749.675) | (3.022.034) |
| Provisions and Impairment loss | 23 | (28.388) | (41.999) | (493.389) | (192.203) |
| Other Operating expenses | 29 | (1.558.018) | (909.654) | (949.695) | (512.768) |
| (166.684.867) | (83.294.881) | (142.440.307) | (78.116.444) | ||
| Operational Income | 2.809.940 | 1.028.856 | 2.851.290 | 1.439.632 | |
| Finance costs | 30 | (1.021.661) | (481.075) | (698.463) | (365.349) |
| Finance Income | 30 | 60.329 | 33.498 | 112.649 | 53.540 |
| Profit before taxation from continuing operations | 1.848.608 | 581.279 | 2.265.476 | 1.127.823 | |
| Income tax for the year | 25 | (764.138) | (454.478) | (459.308) | (29.333) |
| 1.084.470 | 126.801 | 1.806.168 | 1.098.490 | ||
| Net profit for the period | 1.084.470 | 126.801 | 1.806.168 | 1.098.490 | |
| Net profit for the period from continuing operations attributable to: | |||||
| Equity holders of the parent | 1.059.322 | 109.907 | 1.811.382 | 1.090.340 | |
| Minority interest | 25.148 | 16.894 | (5.214) | 8.150 | |
| 1.084.470 | 126.801 | 1.806.168 | 1.098.490 | ||
| Net profit for the period from discontinued operations attributable to: | |||||
| Equity holders of the parent | - | - | - | - | |
| Minority interest | - - |
- - |
- - |
- - |
|
| Net profit for the period attributable to: | |||||
| Equity holders of the parent | 1.059.322 | 109.907 | 1.811.382 | 1.090.340 | |
| Non-controlled interests | 25.148 1.084.470 |
16.894 126.801 |
(5.214) 1.806.168 |
8.150 1.098.490 |
|
| Earnings per share: | |||||
| from continuing operations | 36 | 0,031 | 0,004 | 0,052 | 0,031 |
| from discontinued operations | - | - | - | - | |
| Basic | 0,031 | 0,004 | 0,052 | 0,000 | |
| from continuing operations | 36 | 0,031 | 0,004 | 0,052 | 0,031 |
| from discontinued operations Diluted |
- 0,031 |
- 0,004 |
- 0,052 |
- 0,000 |
|
The notes to the financial statements integrates this statement for the period ending at 30 June 2015.
CHARTERED ACCOUNTANT BOARD OF DIRECTORS ALEXANDRA MARIA PACHECO GAMA JUNQUEIRA JOSÉ REIS DA SILVA RAMOS – President MARIA ANGELINA MARTINS CAETANO RAMOS SALVADOR ACÁCIO MARTINS CAETANO MIGUEL PEDRO CAETANO RAMOS TAKESHI NUMA RUI MANUEL MACHADO DE NORONHA MENDES
| Equ ity a ttib |
uta ble to t he ent par |
co mp any |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sha re ital cap |
Leg al Res erv es |
Rea val ion uat Res erv es |
Tra nsla tion res erv es |
Fai lue r va res erv es |
Oth er Res erv e |
Tot al res erv es |
Net fit pro |
Sub tota l |
Non lled ntro -co Inte ts res |
Tot al |
|
| Bal at 3 1 o f D mb er 2 013 anc es ece |
35. 000 .00 0 |
7.4 98. 903 |
6.1 95. 184 |
(1.6 ) 95. 238 |
260 .69 3 |
80. 429 .54 9 |
92. 689 .09 1 |
60. 656 |
127 .74 9.7 47 |
1.6 46. 250 |
129 .39 5.9 97 |
| Cha s in the riod nge pe : App lica tion of the Co lida ted Ne t In e 2 013 nso com Ava ilab le f ale Inv fair lue cha est nts or s me va nge s |
- - |
- - |
- - |
- - |
- 38. 659 |
60. 656 - |
60. 656 38. 659 |
(60 .65 6) - |
- 38. 659 |
- - |
- 38. 659 |
| Oth ers |
- - |
- - |
- - |
- - |
- 38. 659 |
4.8 11 65. 467 |
4.8 11 104 .12 6 |
- (60 .65 6) |
4.8 11 43. 470 |
(1.5 29) (1.5 29) |
3.2 82 41. 941 |
| Con sol idat ed fit f he iod net or t pro per Con sol idat ed hen sive inc com pre om e |
- | - | - | - | 38. 659 |
- | 38. 659 |
1.8 11. 382 1.8 11. 382 |
1.8 11. 382 1.8 50. 041 |
(5.2 14) (5.2 14) |
1.8 06. 168 1.8 44. 827 |
| Bal at 3 0 o f Ju 201 4 anc es ne |
35. 000 .00 0 |
7.4 98. 903 |
6.1 95. 184 |
(1.6 95. 238 ) |
299 .35 2 |
80. 495 .01 6 |
92. 793 .21 7 |
1.8 11. 382 |
129 .60 4.5 99 |
1.6 39. 507 |
131 .24 4.1 06 |
| Bal at 3 1 o f D mb er 2 014 anc es ece |
35. 000 .00 0 |
7.4 98. 903 |
6.1 95. 184 |
(1.6 95. 238 ) |
38. 951 |
76. 591 .90 9 |
88. 629 .70 9 |
3.9 73. 763 |
127 .60 3.4 72 |
1.6 30. 768 |
129 .23 4.2 40 |
| Cha s in the riod nge pe : App lica tion of the Co lida ted Ne t In e 2 014 nso com le f fair Ava ilab ale Inv est nts lue cha or s me va nge s Oth ers |
- - - - |
- - - - |
- - - - |
- - - - |
- 215 .41 4 - 215 .41 4 |
3.9 73. 763 - - 3.9 73. 763 |
3.9 73. 763 215 .41 4 - 4.1 89. 177 |
(3.9 73. 763 ) - - (3.9 73. 763 ) |
- 215 .41 4 - 215 .41 4 |
- - 1 1 |
- 215 .41 4 1 215 .41 5 |
| Con sol idat ed fit f he iod net or t pro per Tot al c hen sive inc e fo r th om pre om e y ear |
- - |
- - |
- - |
- - |
- 215 .41 4 |
- - |
- 215 .41 4 |
1.0 59. 322 1.0 59. 322 |
1.0 59. 322 1.2 74. 736 |
25. 148 25. 148 |
1.0 84. 470 1.2 99. 884 |
| Tra ctio ith ity hol der nsa ns w equ s Dis trib d d ivid end ute s |
- | - | - | - | - | (4.5 50. 000 ) |
(4.5 50. 000 ) |
- | (4.5 50. 000 ) |
- | (4.5 50. 000 ) |
| f Ju Bal at 3 0 o 201 5 anc es ne |
35. 000 .00 0 |
7.4 98. 903 |
6.1 95. 184 |
(1.6 ) 95. 238 |
254 .36 5 |
76. 015 .67 2 |
88. 268 .88 6 |
1.0 59. 322 |
124 .32 8.2 08 |
1.6 55. 917 |
125 .98 4.1 25 |
The notes to the financial statements integrates this statement for the period ending at 30 June 2015.
CHARTERED ACCOUNTANTALEXANDRA MARIA PACHECO GAMA JUNQUEIRA
BOARD OF DIRECTORS JOSÉ REIS DA SILVA RAMOS – President MARIA ANGELINA MARTINS CAETANO RAMOSSALVADOR ACÁCIO MARTINS CAETANOMIGUEL PEDRO CAETANO RAMOSTAKESHI NUMARUI MANUEL MACHADO DE NORONHA MENDES
| IAS/IFRS 30-06-2015 |
IAS/IFRS 30-06-2014 |
|
|---|---|---|
| Consolidated net profit for the period, including minority interest | 1.084.470 | 1.806.168 |
| Components of other consolidated comprehensive income, net of tax, that could be recycled by profit and loss: Available for sale Financial Investments fair value changes |
215.414 | 38.659 |
| Consolidated comprehensive income | 1.299.884 | 1.844.827 |
| Atributable to: Equity holders of the parent company Non-controlled interests |
1.274.736 25.148 |
1.850.041 (5.214) |
The notes to the financial statements integrates this statement for the period ending at 30 June 2015.
CHARTERED ACCOUNTANT BOARD OF DIRECTORS ALEXANDRA MARIA PACHECO GAMA JUNQUEIRA JOSE REIS DA SILVA RAMOS –President
MARIA ANGELINA MARTINS CAETANO RAMOS SALVADOR ACÁCIO MARTINS CAETANO MIGUEL PEDRO CAETANO RAMOS TAKESHI NUMA RUI MANUEL MACHADO DE NORONHA MENDES
| OPERATING ACTIVITIES | (Euros) | ||||
|---|---|---|---|---|---|
| Jun-15 | Jun-14 | ||||
| Collections from Customers | 154.504.159 | 118.023.325 | |||
| Payments to Suppliers | (138.103.169) | (112.480.616) | |||
| Payments to Employees | (14.140.904) | (16.634.313) | |||
| Operating Flow | 2.260.086 | (11.091.604) | |||
| Payments of Income Tax | (456.268) | (321.304) | |||
| Other Collections/Payments Related to Operating Activities | 11.442.906 | 7.402.022 | |||
| Cash Flow from Operating Activities | 13.246.724 | (4.010.886) | |||
| INVESTING ACTIVITIES | |||||
| Collections from: | |||||
| Investments | - | 408.453 | |||
| Tangible Fixed Assets | 1.278.352 | 1.731.188 | |||
| Subsidies | - | 4.074 | |||
| Interest and Other income | 70.626 | 46.460 | |||
| Dividends | - | 1.348.978 | - | 2.190.175 | |
| Payments to: | |||||
| Investments | (6.407) | - | |||
| Tangible Fixed Assets | (9.624.632) | (2.051.638) | |||
| Intangible Assets | (192.200) | (9.823.239) | (14.811) | (2.066.449) | |
| Cash Flow from Investment Activities | (8.474.261) | 123.726 | |||
| FINANCING ACTIVITIES | |||||
| Collections from: Loans |
- | 7.672.678 | 7.672.678 | ||
| Payments to: Loans |
(2.893.731) | (1.466.409) | |||
| Lease Down Payments | (1.134.784) | (512.642) | |||
| Interest and Other costs | (1.028.266) | (773.439) | |||
| Dividends | (4.553.790) | (9.610.571) | (6.240) | (2.758.730) | |
| Cash Flow from Financing Activities | (9.610.571) | 4.913.948 | |||
| CASH | |||||
| Cash and Cash Equivalents at Beginning of Period | 12.530.999 | 7.676.781 | |||
| Changes in perimeter | - | 63.054 | |||
| Cash and Cash Equivalents at End of Period | 7.692.891 | 8.640.515 | |||
| Net Flow in Cash Equivalents | (4.838.108) | 1.026.788 |
CHARTERED ACCOUNTANT BOARD OF DIRECTORS ALEXANDRA MARIA PACHECO GAMA JUNQUEIRA JOSE REIS DA SILVA RAMOS –President
(Amounts in Euros)
Toyota Caetano Portugal, S.A. ("Toyota Caetano" or "Company") was incorporated in 1946, has its headquarters in Vila Nova de Gaia, and is the Parent Company of a Group of companies ("Toyota Caetano Group" or "Group"), which mainly develop economic activities included in the automotive sector, namely the import, assembly and commercialization of vehicles, bus and coach industry, sale and rental of industrial equipment forklifts, sale of vehicles parts, as well as the corresponding technical assistance.
Toyota Caetano Group develops its activity mainly in Portugal and Cape Verde.
Toyota Caetano shares are listed in Euronext Lisbon since October 1987.
As of June 30, 2015, the companies included in Toyota Caetano Group, their headquarters and the abbreviations used, are mentioned in Note 3.
The attached financial statements are stated in Euros (rounding by unit), as this is the functional currency used in the economic environment where the Group operates. Foreign operations and transactions are included in the consolidated financial statements in accordance with the policy described in Note 2.3.
Interim financial statements are presented in accordance with IAS 34 – "Interim Financial Reporting".
These interim financial statements, prepared in accordance with the above mentioned framework, do not include all the required information to be included in the annual consolidated financial statements. Therefore, they should be read along with the consolidated financial statements as of December 31, 2014.
Comparative information regarding December 31, 2014, included in consolidated financial statements was audited.
The accompanying consolidated financial statements have been prepared on a going concern basis and under the historical cost convention, except for some financial instruments which are stated at fair value, from the books and accounting records of the companies included in consolidation (Note 3).
The following standards, interpretations, amendments and revisions endorsed by the European Union and mandatory in the fiscal years beginning on or after January 1, 2015, were adopted by the first time in this period:
a) Standards and interpretations that became effective as of 1 January 2015:
(i) Standards:
(i) Standards:
defined benefit plans and aims to simplify the accounting when contributions are not associated to the number of years of service. No estimated impact of the future adoption of these improvements in the financial statements of the Entity.
• IFRS 15 (new), 'Revenue from contracts with customers' (effective for annual periods beginning on or after 1 January 2017). This standard is still subject to endorsement by European Union. This new standard, applies only to contracts with customers to provide goods or services, and requires an entity to recognize revenue when the contractual obligation to deliver the goods or services is satisfied and by the amount that reflects the consideration the entity is expected to be entitled to, following a "five step approach". No estimated impact of the future adoption of these improvements in the financial statements of the Entity.
The accompanying financial statements were prepared in accordance with the accounting policies disclosed in the notes to the consolidated financial statements as of June 30, 2015.
The Group's activity is exposed to a variety of financial risks, such as market risk (including currency risk, interest rate risk and price risk), credit risk and liquidity risk. These risks arise from the unpredictability of financial markets that affect the capacity of projected cash flows and profits subject to a perspective of long term ongoing. Management seeks to minimise potential adverse effects that derive from that uncertainty in its financial performance.
The financial risks management is controlled by Toyota Caetano financial department, according to the policies established by the Group Board of Directors. The Board of Directors has established the main principles of global risk management as well as specific policies for some areas, as interest rate risk and credit risk. As mentioned above, these principles and policies are properly described in the notes to the consolidated financial statements as of December 31, 2014.
In this context, we presented below some risk indicators as of June 30, 2015, considered particularly relevant:
(i) Foreign currency risk
The Group operates internationally and has a subsidiary operating in Cape Verde. The group selects a functional currency for each subsidiary (Cape Verde Escudo, for the subsidiary Caetano Auto CV, S.A.), corresponding to the currency of the economical environment and the ones that better represents its cash flows composition. Foreign currency risk arises mainly from future commercial transactions, as a result of purchases and sales of products and services in a different currency than the functional currency used by each Company.
Foreign currency risk management policies seek to minimize the volatility of investments and transactions made in foreign currencies, aiming to reduce Group's results impact to changes in foreign exchange rates. The Group uses derivative instruments (currency forwards), as the management of foreign currency risk.
The Group foreign currency risk management hedge policies are decided casuistically, considering the foreign currency and country specific circumstances (as at June 30, 2015 and December 31, 2014 and June 30, 2014, this situation is not applicable to any of the Group Subsidiaries).
Foreign currency risk related to the foreign subsidiaries financial statements translation, also named translation risk, presents the impact on net equity of the Holding Company, due to the translation of foreign subsidiaries financial statements.
Foreign subsidiaries assets and liabilities are translated into Euros using the exchange rates at statement of financial position date, and gains and losses in the income statement are translated into Euros using the average exchange rate of the year. Resulting exchange differences are recorded in equity caption "Translation reserves".
| Assets | Liabilities | |||||
|---|---|---|---|---|---|---|
| Jun-15 | Dec-14 | Jun-14 | Jun-15 | Dec-14 | Jun-14 | |
| Cabo Verde Escudo (CVE) | 7.726.302 | 6.498.634 | 6.435.087 | 1.890.097 | 833.654 | 680.975 |
| Great Britain pounds (GBP) | 1.644 | 1.644 | 237.229 | 989 | - | - |
| Swedish kronor (SEK) | - | - | 19.932 | - | - | - |
| Japanese yen (JPY) | - | - | - | 54.270 | 777.900 | 135.863 |
| US Dollar (USD) | - | - | 201 | 293 | (163) | - |
| Danish kroner (DKK) | - | - | 248.249 | - | - | - |
The sensitivity of the Group to foreign exchange rate changes can be summarized as follows (increases/decreases):
| Jun-15 | Dec-14 | |||||
|---|---|---|---|---|---|---|
| Variation | Net Income | Equity | Net Income | Equity | ||
| Great Britain pounds (GBP) Japanese yen (JPY) US Dollar (USD) |
5% 5% 5% |
33 (2.713) (15) |
- - - |
82 (12.227) - |
- - - |
Concerning the sensitivity of variations in the exchange rate of the Cape Verde Escudo (CVE), the Group does not have associated currency risk, because the exchange rate defined does not change.
The group is exposed to the changing in raw material's prices used on production processes, namely auto parts. However, considering that the acquisition of those raw materials is not in accordance with a price quoted on an exchange market or formed on a volatile market, the price risk is not considered as being significant.
During 2015 and 2014, the Group has been exposed to the risk of variation of 'available for sale assets' prices. At June 30, 2015 and December 31, 2014 and June 30, 2014, the referred caption is composed only by shares of the closed property investment fund Cimóvel – Fundo de Investimento Imobiliário Fechado (Real Estate Investment Fund).
The Group's sensitivity to price variations in investments available for sale can be summarized as follows (increases/decreases):
| Jun-15 | Dec-14 | Jun-15 | |||||
|---|---|---|---|---|---|---|---|
| Variation | Net Income | Equity | Net Income | Equity | Net Income | Equity | |
| CIMOVEL FUND | 10% | - | 326.831 | - | 305.290 | - | 331.330 |
| CIMOVEL FUND | -10% | - | (326.831) | - | (305.290) | - | (331.330) |
Toyota Caetano debt is indexed to variable interest rates, exposing the total cost of debt to a high risk of volatility. The impact of this volatility on the Group's results and shareholders´ equity mitigated due to the effect of the following factors: (i) possible correlation between the market interest rate levels and economic growth, having a positive effect on the other lines of the Group's consolidated results (particularly operational),
thus partially offsetting the increased financial costs ("natural hedge") and (ii) the availability of consolidated liquidity or cash, also remunerated at variable rates.
Toyota Caetano Board of Directors approves the terms and conditions of the funding, analyzing the debt structure, the inherent risks and the different options available in the market, particularly considering the type of interest rates (fixed / variable) and, permanently monitoring conditions and alternatives existing in the market, and decides upon the contracting of occasional interest rate hedging derivative financial instruments.
The sensitivity analyses presented below was based on exposure to changes in interest rates for financial instruments at the statement of financial position date. For floating rate liabilities, the analysis is prepared assuming the following:
The sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some assumptions may be correlated.
| Group's sensitivity to changes in interest rates is summarized as follows (increases/decreases): | |
|---|---|
| Jun-15 | Dec-14 | Jun-14 | |||||
|---|---|---|---|---|---|---|---|
| Variation | Net Income | Equity | Net Income | Equity | Net Income | Equity | |
| Loans- Mutual Contract | 1 p.p | 69.737 | - | 78.947 | - | 88.158 | - |
| Guaranteed account | 1 p.p | 90.000 | - | 100.000 | - | 100.000 | - |
| Bank Credits | 1 p.p | 9.770 | - | 204 | - | 204 | - |
| Commercial Paper | 1 p.p | 127.000 | - | 134.000 | - | 74.000 | - |
| Long-term Bank Loan | 1 p.p | 90.000 | - | 90.000 | - | - | - |
| Total | 386.507 | - | 403.151 | - | 262.362 | - | |
| Loans- Mutual Contract | (1 p.p) | (69.737) | - | (78.947) | - | (88.158) | - |
| Guaranteed account | (1 p.p) | (90.000) | - | (100.000) | - | (100.000) | - |
| Bank Credits | (1 p.p) | (9.770) | - | (204) | - | (204) | - |
| Commercial Paper | (1 p.p) | (127.000) | - | (134.000) | - | (74.000) | - |
| Long-term Bank Loan | (1 p.p) | (90.000) | - | (90.000) | - | - | - |
| Total | (386.507) | - | (403.151) | - | (262.362) | - | |
The above analysis does not include the consideration of the hedging (swap) financial instrument agreed by the Group to face the interest rates variation.
iv) Liquidity risk
Liquidity risk is defined as the risk that the Group could not be able to settle or meet its obligations on time or at a reasonable price.
The existence of liquidity in the Group requires the definition of some parameters for the efficient and secure management of liquidity, enabling maximisation of the return obtained and minimisation of the opportunity costs relating to the liquidity, from a safety and efficient way.
Toyota Caetano Group liquidity risk management has a threefold objective:
(i) Liquidity, which is to ensure permanent access in the most efficient way to sufficient funds to cover current payments on the respective maturity dates, as well as any unexpected requests for funds;
(ii) Safety, which is the minimisation of the probability of default in the repayment of any application in funds; and
(iii) Financial Efficiency, which is ensuring that the Companies maximise the value / minimize the opportunity cost of holding excess liquidity in the short-term.
All excess liquidity is applied in short-term debt amortization, according to economic and financial reasonableness criteria.
As of 30 June, 2015 and 31 December, 2014, the Group presents a net debt of 47.068.442 Euros and 38.375.076 Euros, respectively, divided between current and non current loans (Note 17) and cash and cash equivalents (Note 4), agreed with the different financial institutions.
The main objective of the Board is to assure the continuity of the operations, providing an adequate remuneration to shareholders and the correspondent benefits to the rest of the stakeholders of the company. For the prosecution of this objective it is fundamental that a careful management of funds invested in the business is assured, trying to keep an optimal capital structure, in order to achieve the desired reduction of the cost of capital. With the purpose of maintaining an adequate capital structure, the Board can propose to the shareholders the measures considered necessary.
The company tries to maintain a level of equity considered adequate to the business characteristics, in order to assure continuity and expansion of the business. The capital structure balance is monitored through the financial leverage ratio, defined as net debt/ (net debt + equity).
| Jun-15 | Dec-14 | Jun-14 | |
|---|---|---|---|
| Debt | 54.761.333 | 50.906.075 | 35.528.366 |
| Cash and Cash Equivalents | (7.692.891) | (12.530.999) | (8.640.515) |
| Net Debt | 47.068.442 | 38.375.076 | 26.887.851 |
| Equity Leverage Ratio |
125.984.125 27,20% |
129.234.240 22,90% |
131.244.106 17,00% |
The gearing remains between acceptable levels, as established by management.
Credit risk refers to the risk that the counterpart will default on its contractual obligations resulting in financial loss to the Group.
The Group's exposure to the credit risk is mainly associated to the receivable accounts of its ordinary activities. Before accepting new clients, the company obtains information from credit rating agencies and makes internal analysis to the collection risk and contingent processes through specific credit and legal departments, attributing credit limits by client, based on the information received.
Risk management seeks to guarantee an effective collection of its credits in the terms negotiated without impact on the financial Group's health. This risk is regularly monitored, being Management's objective (i) to impose credit limits to customers, considering the number of days of sales outstanding, individually or on groups of customers, (ii) control credit levels and (iii) perform regular impairment analysis. The Group obtains credit guarantees whenever the customers' financial situation demands.
Regarding independent dealership customers, the Group requires guarantees "on first demand", that, as disclosed in the notes to the consolidated financial statements of December 31, 2014, whenever these amounts are exceeded, these customers' supplies are suspended.
The adjustments for accounts receivable are calculated considering (a) the client risk profile, (b) the average time of receipt, (c) the client financial situation. The movements of these adjustments for the periods ending at June 30, 2015 and 2014 are stated in Note 23.
At June 30, 2015, the Group considers that there is no need for additional impairment losses, besides the amounts registered on those dates and stated, briefly, in Note 23.
The amount of customers and other debtors in financial statements, which is net of impairment losses, represents the maximum exposure of the Group to credit risk.
(Amounts in Euros)
Exchange rates used in the conversion of foreign affiliated companies, as of June 30, 2015 and December 31, 2014 were as follows:
| 30-06-2015 | |||||
|---|---|---|---|---|---|
| Currency | Final Exchange Rate for Jun-15 |
Average Exchange Rate for Jun-15 |
Exchange Rate at the Date of Incorporation |
Final Exchange rate for 2014 |
|
| Caetano Auto CV, S.A. | CVE | 0,009069 | 0,009069 | 0,009069 | 0,009069 |
| Captions | Balance Sheet except Shareholders |
Income Statement | Share Capital | Retained Earnings |
| Currency | 31-12-2014 Final Exchange Rate for Dec-14 |
Average Exchange Rate for Dec-14 |
Exchange Rate at the Date of Incorporation |
Final Exchange rate for 2013 |
|
|---|---|---|---|---|---|
| Caetano Auto CV, S.A. | CVE | 0,009069 | 0,009069 | 0,009069 | 0,009069 |
| Captions | Balance Sheet except Shareholders |
Income Statement | Share Capital | Retained Earnings |
The affiliated companies included in consolidation by the full consolidation method and share of capital held as of June 30, 2015 and December 31, 2014, are as follows:
| Companies | Effective Percentage Held |
||
|---|---|---|---|
| Jun-15 | Dec-14 | ||
| Toyota Caetano Portugal, SA | Parent Company | ||
| Saltano - Investimentos e Gestão (SGPS), SA | 99,98% | 99,98% | |
| Caetano Auto CV, SA | 81,24% | 81,24% | |
| Caetano Renting, SA | 99,98% | 99,98% | |
| Caetano - Auto, SA | 98,40% | 98,40% |
These subsidiaries were included in the consolidated financial statements using the full consolidation method, as established in IAS 27 – "Consolidated and Separate Financial Statements" (subsidiary control through the major voting rights or other method, being owner of the company's share capital).
(Amounts in Euros)
As of June 30, 2015, December 31, 2014 and June 30, 2014 cash and cash equivalents detail was the following:
| Jun-15 | Dec-14 | Jun-14 | |
|---|---|---|---|
| Cash | 354.689 | 99.349 | 115.781 |
| Bank Deposits | 7.337.067 | 12.427.086 | 8.524.158 |
| Cash equivalents | 1.135 | 4.564 | 576 |
| 7.692.891 | 12.530.999 | 8.640.515 | |
The Company and its affiliates have available credit facilities as of June 30, 2015 amounting to approximately 51 Million Euros (of which have been utilized 39 Million Euros), which can be used in future operational activities and to fulfil financial commitments. There are no restrictions on the use of these facilities. This amount is invested in different financial institutions, with no excessive concentration in any of them.
During the six month period ended as of June 30, 2015 and 2014, the movement in tangible fixed assets, as well as in the respective accumulated depreciation and accumulated impairment losses, was as follows:
| 30-06-2015 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Land | Buildings and Other Constructions |
Machinery and Equipment |
Transport Equipment |
Administrative Equipment |
Other Fixed Assets |
Tangible assets in Progress |
Total | |
| Gross Assets: | ||||||||
| Opening Balances | 16.746.095 | 93.363.990 | 58.647.320 | 45.865.853 | 7.649.868 | 4.266.949 | 69.000 | 226.609.075 |
| Additions | 37.978 | 94.417 | 1.664.406 | 20.804.887 | 74.558 | 22.265 | 1.083.967 | 23.782.478 |
| Disposals and Write-offs | - | (1.491.839) | - | (7.378.767) | - | - | - | (8.870.606) |
| Transfer | - | (8.774) | - | - | - | - | - | (8.774) |
| Ending Balances | 16.784.073 | 91.957.794 | 60.311.726 | 59.291.973 | 7.724.426 | 4.289.214 | 1.152.967 | 241.512.173 |
| Accumulated Depreciation and Impairment losses: |
||||||||
| Opening Balances | - | 59.461.724 | 54.104.202 | 26.833.929 | 7.396.976 | 4.006.782 | - | 151.803.613 |
| Depreciations | - | 1.189.541 | 621.303 | 3.936.437 | 55.100 | 42.195 | - | 5.844.576 |
| Disposals and Write-offs | - | (1.491.839) | - | (2.843.102) | - | - | - | (4.334.941) |
| Transfer | - | 3.043 | (77) | - | 125 | - | - | 3.091 |
| Ending Balances | - | 59.162.469 | 54.725.428 | 27.927.264 | 7.452.201 | 4.048.977 | - | 153.316.339 |
| Net Tangible Assets | 16.784.073 | 32.795.325 | 5.586.298 | 31.364.709 | 272.225 | 240.237 | 1.152.967 | 88.195.834 |
(Amounts in Euros)
| 30-06-2014 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Land | Buildings and Other Constructions |
Machinery and Equipment |
Transport Equipment |
Administrative Equipment |
Other Fixed Assets |
Tangible assets in Progress |
Total | |
| Gross Assets: | ||||||||
| Opening Balances | 16.867.925 | 91.144.133 | 57.516.232 | 43.398.838 | 7.546.027 | 4.167.209 | 2.379.299 | 223.019.663 |
| Additions | - | 264.675 | 59.463 | 15.357.802 | 33.105 | 33.069 | 1.383.992 | 17.132.106 |
| Disposals and Write-offs | - | (440.860) | (2.805) | (8.282.527) | - | - | - | (8.726.192) |
| Transfer | (121.830) | (925.388) | 223.343 | - | - | - | (328.775) | (1.152.650) |
| Ending Balances | 16.746.095 | 90.042.560 | 57.796.233 | 50.474.113 | 7.579.132 | 4.200.278 | 3.434.516 | 230.272.927 |
| Accumulated Depreciation and Impairment losses: |
||||||||
| Opening Balances | - | 58.171.836 | 53.041.445 | 26.102.086 | 7.275.882 | 3.858.400 | - | 148.449.649 |
| Depreciations | - | 1.156.703 | 518.943 | 3.575.999 | 56.064 | 72.964 | - | 5.380.673 |
| Disposals and Write-offs | - | (435.569) | 104 | (2.727.223) | 9 | - | - | (3.162.679) |
| Transfer | - | (671.740) | - | - | - | - | - | (671.740) |
| Ending Balances | - | 58.221.230 | 53.560.492 | 26.950.862 | 7.331.955 | 3.931.364 | - | 149.995.903 |
| Net Tangible Assets | 16.746.095 | 31.821.330 | 4.235.741 | 23.523.251 | 247.177 | 268.914 | 3.434.516 | 80.277.024 |
The movements registered in item "Transport Equipment" mainly refer to vehicles and forklifts that are being used by the Group as well as being rented, under operating lease, to clients.
As of December 31, 2014, the group has hired a specialized independent entity in order to determine the fair value of some of their Fixed Tangible Assets for which, according to internal and external factors, exhibit impairments signs.
At June 30, 2015 the caption tangible assets in progress is mainly associated with works of the project LC70.
Management believes that a possible change (within a scenario of normal) in the main assumptions used in calculating the fair value will not result in impairment losses, apart from the loss already registered.
As of June 30, 2015 and December 31, 2014, the assets acquired through financial leases are presented as follows:
| Jun-15 | |||
|---|---|---|---|
| Gross Value | Accumulated Depreciations |
Net Value | |
| Fixed Tangible Assets | 21.068.190 | 3.614.726 | 17.453.464 |
| Dec-14 | |||
|---|---|---|---|
| Gross Value | Accumulated Depreciations |
Net Value | |
| Fixed Tangible Assets | 13.839.809 | 2.629.702 | 11.210.107 |
(Amounts in Euros)
As of June 30, 2015, December 31, 2014 and June 30, 2014, the caption "Investment properties" refers to real estate assets held to obtain gains through its rental or for capital gain purposes. These real estate assets are recorded at acquisition cost.
Rentals related to "Investment properties" are recorded in the caption "Other Operating Income" and amounted to 1.351.497 Euros as the six month period ended as of June 30, 2015 (1.501.319 Euros as of June 30, 2014) (note 29).
Additionally, in according with appraisals reported to December 31, 2014, the fair value of those investment properties amounts to, approximately, 54 million Euros.
Management believes that a possible change (within a scenario of normal) in the main assumptions used in calculating the fair value will not result in impairment losses, beyond from losses recognized in previous years.
The real estate assets recorded in the caption "Investment properties" as of June 30, 2015 and December 31, 2014 is made up as follows:
| Jun-15 | Dec-14 | |||||
|---|---|---|---|---|---|---|
| Location | Appraisal | Net accounting value |
Fair Value | Appraisal | Net accounting value |
Fair Value |
| Vila Nova de Gaia - Av. da República | internal | 88.494 | 1.192.400 | internal | 109.975 | 1.192.400 |
| Braga - Av. da Liberdade | internal | 705 | 1.355.000 | internal | 805 | 1.355.000 |
| Porto - Rua do Campo Alegre | internal/external | 966.417 | 2.876.500 | internal/external | 999.865 | 2.876.500 |
| Viseu - Teivas | external | 2.704.702 | 2.232.970 | external | 2.362.971 | 2.232.970 |
| Óbidos - Casal do Lameiro | internal | 59.981 | 1.400.000 | internal | 60.404 | 1.400.000 |
| Castro Daire - Av. João Rodrigues Cabrilho | internal | 27.656 | 58.000 | internal | 28.206 | 58.000 |
| Caldas da Rainha - Rua Dr. Miguel Bombarda | internal | 17.531 | 85.000 | internal | 17.531 | 85.000 |
| Viseu - Quinta do Cano | internal | 1.397.596 | 1.609.000 | internal | 1.773.883 | 1.609.000 |
| Amadora - Rua Elias Garcia | internal/external | 189.664 | 149.000 | internal/external | 191.393 | 149.000 |
| Portalegre - Zona Industrial | internal | 196.670 | 173.000 | internal | 199.241 | 173.000 |
| Portimão - Cabeço do Mocho | internal | 424.782 | 410.000 | internal | 424.782 | 410.000 |
| Vila Real de Santo António - Rua de Angola | internal | 26.780 | 83.000 | internal | 27.497 | 83.000 |
| Rio Maior | internal | 107.000 | 107.000 | internal | 107.000 | 107.000 |
| S João de Lourosa - Viseu | internal | 45.190 | 487.030 | internal | 45.190 | 487.030 |
| Vila Nova de Gaia - Avª Vasco da Gama (edifícios A e B) | external | 1.612.963 | 9.048.000 | external | 1.626.278 | 9.048.000 |
| Vila Nova de Gaia - Avª Vasco da Gama (edifícios G) | internal | 1.095.519 | 6.003.000 | internal | 1.146.993 | 6.003.000 |
| Carregado - Quinta da Boa Água / Quinta do Peixoto | internal | 5.962.473 | 23.828.000 | internal | 6.002.898 | 23.828.000 |
| Lisboa - Av. Infante Santo | internal | 1.214.674 | 1.247.000 | internal | 1.229.368 | 1.247.000 |
| Vila Nova de Gaia - Rua das Pereira | internal | 595.034 | 802.000 | internal | 614.811 | 802.000 |
| Leiria - Azóia | external | 355.125 | 797.000 | external | 355.125 | 797.000 |
| Others | - | 21.012 | - | 21.105 | - | |
| 17.109.968 | 53.942.900 | 17.345.321 | 53.942.900 |
The investment properties fair value disclosed in December 31, 2014 was determined by property valuation by independents appraisers (Market Method, Cost Method, Return Method and Use Method models).
Additionally, as a result of all internal assessments prepared by the Company at December 31, 2014 for the remaining properties and given the generalized inexistence of major works in 2014, the inexistence of relevant claims in 2014 and the inexistence of properties in areas of accelerated degradation, the Management believes will not have been significant changes to the fair value of these buildings in 2014, believing they are still valid and current values of the last external evaluation carried out in 2013 and 2012.
A of June 30, 2015 the values of the evaluation will be published at December 31, 2014 on the grounds that, given the generalized inexistence of major works in 2015, the inexistence of relevant claims in 2015 and the inexistence
of properties in areas of accelerated degradation there will be no significant change to the fair value of these properties.
The movement in the caption "Investment properties" as of June 30, 2015 and 2014 was as follows:
| 30-06-2015 | |||||||
|---|---|---|---|---|---|---|---|
| Gross Assets | Land | Buildings | Total | ||||
| Opening Balances | 9.985.217 | 36.926.900 | 46.912.117 | ||||
| Additions | - | 45.360 | 45.360 | ||||
| Disposals | - | (669.169) | (669.169) | ||||
| Transfer | - | (62.012) | (62.012) | ||||
| Ending Balances | 9.985.217 | 36.241.079 | 46.226.296 | ||||
| Accumulated Depreciation | Land | Buildings | Total |
|---|---|---|---|
| Opening Balances | - | 29.566.796 | 29.566.796 |
| Additions | - | 280.715 | 280.715 |
| Disposals | - | (669.169) | (669.169) |
| Transfer | - | (62.014) | (62.014) |
| Ending Balances | - | 29.116.328 | 29.116.328 |
30-06-2014 Gross Assets Land Buildings Total Opening Balances 9.879.302 34.996.495 44.875.797 Transfer 121.830 1.030.819 1.152.648 Disposals - (48.471) (48.471) Ending Balances 10.001.131 35.978.843 45.979.974
| Accumulated Depreciation | Land | Buildings | Total |
|---|---|---|---|
| Opening Balances | - | 28.373.070 | 28.373.070 |
| Additions | - | 286.839 | 286.839 |
| Disposals | - | (48.471) | (48.471) |
| Transfer | - | 671.740 | 671.740 |
| Ending Balances | - | 29.283.178 | 29.283.178 |
The transfer occurred in 2014 due to the reclassification of tangible assets to investment properties, that are leased.
At June 30, 2015 and 2014 there were not any movements in item "Goodwill".
The item "Goodwill" is totally related to the amount calculated in the acquisition of the affiliate Movicargo whose business was transferred to the parent Toyota Caetano Portugal, S.A.
The Goodwill is not depreciated. Impairment tests are made annually to the Goodwill. At June 30, 2015 there are no signs of impairment, so it was not necessary to carry out impairment tests.
During the six month period ended as of June 30, 2015 and 2014, the movement in intangible assets, as well as in the respective accumulated depreciation and accumulated impairment losses, was as follows:
| 30-06-2015 | ||||||
|---|---|---|---|---|---|---|
| Research and Development Expenses |
Industrial Property |
Goodwill | Computer Programs |
Intangible assets in progress |
Total | |
| Gross Assets: | ||||||
| Opening Balances | - | 259.977 | 81.485 | 1.985.411 | 24.202 | 2.351.075 |
| Additions | 471.104 | - | - | 18.567 | - | 489.671 |
| Ending Balances | 471.104 | 259.977 | 81.485 | 2.003.978 | - | 2.840.746 |
| Accumulated Depreciation and Impairment losses: |
||||||
| Opening Balances | - | 144.391 | 81.485 | 1.470.283 | - | 1.696.159 |
| Depreciations | 78.517 | 9.568 | - | 92.402 | - | 180.487 |
| Ending Balances | 78.517 | 153.959 | 81.485 | 1.562.685 | - | 1.876.646 |
| Net Intangible Assets | 392.587 | 106.018 | - | 441.293 | 24.202 | 964.100 |
| 30-06-2014 | |||||||
|---|---|---|---|---|---|---|---|
| Industrial Property |
Goodwill | Computer Programs |
Intangible assets in progress |
Total | |||
| Gross Assets: | |||||||
| Opening Balances | 140.816 | 81.485 | 1.868.422 | 12.374 | 2.103.097 | ||
| Additions | - | - | - | 14.811 | 14.811 | ||
| Transfer and Write-offs | - | - | - | (6.187) | (6.187) | ||
| Ending Balances | 140.816 | 81.485 | 1.868.422 | 20.998 | 2.111.721 | ||
| Accumulated Depreciation and Impairment losses: |
|||||||
| Opening Balances | 117.328 | 81.485 | 1.320.209 | - | 1.519.022 | ||
| Depreciations | 11.648 | - | 70.515 | - | 82.163 | ||
| Transfer and Write-offs | (196) | - | (3) | - | (199) | ||
| Ending Balances | 128.780 | 81.485 | 1.390.721 | - | 1.600.986 | ||
| Net Intangible Assets | 12.036 | - | 477.701 | 20.998 | 510.735 | ||
(Amounts in Euros)
During the period ended as of June 30, 2015, and December 31, 2014 and June 30, 2014 the movements in item "Investments available for sale" were as follows:
| Non-current assets | |||
|---|---|---|---|
| Jun-15 | Dec-14 | Jun-14 | |
| Available for sale Investments | |||
| Fair value at January 1 | 3.119.634 | 3.341.376 | 3.341.376 |
| Increase/(decrease) in fair value | 215.414 | (221.742) | 38.659 |
| Fair value at the date of reference | 3.335.048 | 3.119.634 | 3.380.035 |
As of June 30, 2015, the available for sale Investments break down as follows:
Additionally, the impact in equity and impairment losses during the six month period ended as of June 30, 2015 and 2014 from recording "Investments held for sale" at fair value can be summarized as follows:
| Jun-15 | Jun-14 | |
|---|---|---|
| Increase in fair value | 215.414 | 38.659 |
| 215.414 | 38.659 |
As of June 30, 2015, December 31, 2014 and June 30, 2014, this caption breakdown is as follows:
| Jun-15 | Dec-14 | Jun-14 | |
|---|---|---|---|
| Raw and subsidiary Materials | 7.684.910 | 3.938.945 | 4.186.945 |
| Production in Process | 1.211.575 | 1.058.306 | 928.698 |
| Finished and semi-finished Products | 5.655.385 | 5.503.201 | 1.987.870 |
| Merchandise | 61.023.112 | 61.390.733 | 43.731.718 |
| 75.574.982 | 71.891.185 | 50.835.231 | |
| Accumulated impairment losses in inventories (Note 23) | (1.876.301) | (1.901.129) | (1.630.284) |
| 73.698.681 | 69.990.056 | 49.204.947 | |
During the six month period ended as of June 30, 2015 and 2014, cost of sales was as follows:
| Jun-15 | Jun-14 | |||||
|---|---|---|---|---|---|---|
| Merchandise | Raw and subsidiary Materials |
Total | Merchandise | Raw and subsidiary Materials |
Total | |
| Opening Balances | 61.390.733 | 3.938.945 | 65.329.678 | 40.766.744 | 2.634.224 | 43.400.968 |
| Net Purchases | 115.296.452 | 10.056.407 | 125.352.859 | 91.958.334 | 12.984.394 | 104.942.728 |
| Ending Balances | (61.023.112) | (7.684.910) | (68.708.022) | (43.731.718) | (4.186.945) | (47.918.663) |
| Total | 115.664.073 | 6.310.442 | 121.974.515 | 88.993.360 | 11.431.673 | 100.425.033 |
During the six month period ended as of June 30, 2015 and 2014, the variation in production was computed as follows:
| Finished and semi-finished products | ||||
|---|---|---|---|---|
| Jun-15 | Jun-14 | |||
| Ending Balances | 6.866.960 | 2.916.568 | ||
| Inventories adjustments | (203.332) | - | ||
| Opening Balances | (6.561.507) | (1.229.071) | ||
| Total | 102.121 | 1.687.497 | ||
As of June 30, 2015, December 31, 2014 and June 30, 2014, the detail of this caption was as follows:
| CURRENT ASSETS | NON-CURRENT ASSETS | |||||
|---|---|---|---|---|---|---|
| Jun-15 | Dec-14 | Jun-14 | Jun-15 | Dec-14 | Jun-14 | |
| Customers, current accounts | 51.941.935 | 57.485.724 | 52.072.881 | 116.239 | 108.556 | 531.917 |
| Doubtful Accounts Receivable | 10.345.503 | 10.346.220 | 10.822.022 | - | - | - |
| 62.287.438 | 67.831.944 | 62.894.903 | 116.239 | 108.556 | 531.917 | |
| Accumulated impairment losses in accounts Receivable (Note 23) |
(10.337.898) | (10.338.615) | (10.593.294) | - | - | - |
| 51.949.540 | 57.493.329 | 52.301.609 | 116.239 | 108.556 | 531.917 | |
Accounts receivable from customers recorded as non current assets corresponds to the customers of the affiliated company Caetano-Auto, S.A. and Toyota Caetano Portugal, S.A. that are being paid under formal agreements (whose terms of payment may vary between 1 to 7 years, and which bear interests).
Group exposure to credit risk is mainly related to trade receivables resulting from its operational activity. Before accepting new customers, the Group contacts credit rating agencies and performs internal analysis of credit risk, through specific credit control, collection and legal service departments, and assigns credit limits by customer, based on the gathered information.
(Amounts in Euros)
Debt maturity without recognition of losses by impairment
| 30-06-2015 | ||||||
|---|---|---|---|---|---|---|
| - 60 days | 60-90 days | 90-120 days | + 120 days | Total | ||
| Accounts receivable | 28.629.977 | 1.861.824 | 1.478.031 | 13.711.847 | 45.681.679 | |
| Employees | 12.288 | - | - | 167.343 | 179.631 | |
| Independent Dealers | 5.818.991 | 223.851 | - | 154.022 | 6.196.864 | |
| Total | 34.461.256 | 2.085.675 | 1.478.031 | 14.033.212 | 52.058.174 | |
| 31-12-2014 | |||||
|---|---|---|---|---|---|
| - 60 days | 60-90 days | 90-120 days | + 120 days | Total | |
| Accounts receivable | 33.872.390 | 1.984.371 | 869.256 | 14.534.454 | 51.260.471 |
| Employees | 108 | - | - | 170.679 | 170.787 |
| Independent Dealers | 5.643.983 | 247.642 | 132.215 | 139.182 | 6.163.022 |
| Total | 39.516.481 | 2.232.013 | 1.001.471 | 14.844.315 | 57.594.280 |
| 30-06-2015 | ||||||||
|---|---|---|---|---|---|---|---|---|
| - 60 days | 60-90 days | 90-120 days | + 120 days | Total | ||||
| Doubtful Accounts Receivable | 883 | 2.169 | 508 | 10.341.943 | 10.345.503 | |||
| Total | 883 | 2.169 | 508 | 10.341.943 | 10.345.503 | |||
| 31-12-2014 | |||||||
|---|---|---|---|---|---|---|---|
| - 60 days | 60-90 days | 90-120 days | + 120 days | Total | |||
| Doubtful Accounts Receivable | - | - | - | 10.346.220 | 10.346.220 | ||
| Total | - | - | - | 10.346.220 | 10.346.220 | ||
The amounts presented in the consolidated Statement of financial position are net of accumulated impairment losses to doubtful accounts receivable estimated by the Group, in accordance with its experience based on its evaluation of the economic environment at the statement of financial position date. Credit risk concentration is limited, because the customers' basis is wider and not relational. Thus, the Board of Directors understands that the accounting values of accounts receivable are similar to their respective fair value.
As of June 30, 2015, December 31, 2014 and June 30, 2014, the detail of this caption was as follows:
| Current Assets | ||||
|---|---|---|---|---|
| Jun-15 | Dec-14 | Jun-14 | ||
| Down Payments to Suppliers | 2.049.848 | 1.058.748 | 554.639 | |
| Other debtors | 1.980.294 | 3.358.557 | 5.839.613 | |
| 4.030.142 | 4.417.305 | 6.394.252 | ||
This caption includes, as of June 30, 2015, the amount of, approximately, 800.000 Euros (800.000 Euros as of December 31, 2014) to be received from Salvador Caetano Auto Africa, SGPS, S.A..
It is noted that this amount also includes an account receivable in the amount of 885.000 Euros from the related party Fundação Salvador Caetano (863.000 Euros on December 31, 2014).
As of June 30, 2015, December 31, 2014 and June 30, 2014, the detail of this caption was as follows:
| Jun-15 | Dec-14 | Jun-14 | |
|---|---|---|---|
| Accrued Income | |||
| Commissions | 355.643 | 198.065 | 155.434 |
| Rappel | 314.589 | 765.551 | 489.336 |
| Warranty claims | 235.607 | 186.682 | 199.370 |
| Fleet programs and Bonus suppliers | 231.036 | 978.000 | 281.257 |
| Assignment of staff | 30.110 | 33.979 | 29.686 |
| Interest | 12.209 | 16.097 | 153.211 |
| Fee's | - | 49.287 | - |
| Others | 709.868 | 581.519 | 267.896 |
| 1.889.062 | 2.809.180 | 1.576.190 | |
| Deferred Expenses | |||
| Insurance | 231.854 | 108.271 | 343.273 |
| Rentals | 22.305 | 113.472 | 90.519 |
| Interest | 4.515 | 10.923 | 10.943 |
| Professional Services | - | - | 96.290 |
| Charges on bank guarantees | - | - | 772 |
| Others | 429.050 | 173.636 | 290.634 |
| 687.724 | 406.302 | 832.431 | |
| Total | 2.576.786 | 3.215.482 | 2.408.622 |
(Amounts in Euros)
The detail of deferred tax assets and liabilities recorded in the accompanying consolidated financial statements as of June 30, 2015 and 2014 is as follows:
| 30-06-2015 | |||
|---|---|---|---|
| Dec-14 | Profit and Loss Impact |
Jun-15 | |
| Deferred tax assets: | |||
| Provisions not accepted for tax purpose | 372.370 | - | 372.370 |
| Tax losses | 1.248.074 | (164.295) | 1.083.779 |
| Pension Fund liabilities | 1.100.000 | - | 1.100.000 |
| Write-off of tangible assets/inventories | 410.521 | (160.318) | 250.203 |
| Derivative financial instruments valuation | 48.447 | (17.722) | 30.725 |
| 3.179.412 | (342.335) | 2.837.077 | |
| Deferred tax liabilities: | |||
| Depreciation as a result of legal and free revaluation of fixed assets | (703.938) | - | (703.938) |
| Effect of the reinvestments of the surplus in fixed assets sales | (190.200) | - | (190.200) |
| Tax gains according to n.º 7 Artº7 30/G 2000 Portuguese Law | (5.136) | - | (5.136) |
| Fair value of fixed assets | (898.732) | - | (898.732) |
| (1.798.006) | - | (1.798.006) | |
| Net effect ( Note 25 ) | (342.335) |
| Dec-13 | Profit and Loss Impact |
Jun-14 | |
|---|---|---|---|
| Deferred tax assets: | |||
| Provisions not accepted for tax purpose | 447.049 | - | 447.049 |
| Tax losses | 1.758.647 | - | 1.758.647 |
| Write-off of tangible assets | 615.369 | (329.097) | 286.272 |
| Write-off of deferred costs | 6.793 | - | 6.793 |
| Derivative financial instruments valuation | 44.033 | 11.700 | 55.733 |
| 2.871.892 | (317.397) | 2.554.495 | |
| Deferred tax liabilities: | |||
| Depreciation as a result of legal and free revaluation of fixed assets | (902.133) | - | (902.133) |
| Effect of the reinvestments of the surplus in fixed assets sales | (233.602) | - | (233.602) |
| Future costs that will not be accepted fiscally | (44.077) | - | (44.077) |
| Tax gains according to n.º 7 Artº7 30/G 2000 Portuguese Law | (11.299) | - | (11.299) |
| Fair value of fixed assets | (898.732) | - | (898.732) |
| (2.089.843) | - | (2.089.843) | |
| Net effect ( Note 25 ) | (317.397) |
(Amounts in Euros)
In accordance with the applicable legislation in Portugal, tax losses can be carried forward for the following periods:
In June 30, 2015 (date of the latest tax returns delivered), the companies of the Group reported the following tax losses, for which tax deferred assets have been recognized:
| Jun-15 | |||
|---|---|---|---|
| With Latest date of utilization: | Tax Losses | Deferred tax Assets |
Expiry date |
| At 2012 - Consolidated Tax Toyota Caetano Portugal At 2013 |
5.107.331 | 1.072.539 | 2017 |
| - Consolidated Tax Toyota Caetano Portugal | 53.524 | 11.240 | 2018 |
| 5.160.855 | 1.083.779 |
From January, 2012 (inclusive), the deduction of tax losses carried forward, established in previous years or in progress (includes all reported losses identified in i), ii) and iii)) is limited to 75% of the taxable profit assessed in the relevant fiscal year and from 2014 (inclusive) is limited to 70% of taxable income in each year. This situation requires the annual evaluation of the amount of deferred tax can be recovered within the time indicated above.
As of June 30, 2015 and 2014 tax rates used to compute current and deferred tax assets and liabilities were as follows:
| Tax rates | ||||
|---|---|---|---|---|
| Jun-15 | Jun-14 | |||
| Country of origin of affiliate: | ||||
| Portugal | 22,5% - 21% | 24,5% - 23% | ||
| Cape Verde | 25,5% | 25,5% |
Toyota Caetano Group companies with head office in Portugal are taxed according to the Corporate Income Tax (CIT) in accordance with the Special Taxation Regimen for Groups of Companies ("Regime Especial de Tributação de Grupos de Sociedades - RETGS") as established by articles 69 and 70 of the CIT.
In accordance with the applicable legislation, the income tax returns of Toyota Caetano and other Group companies with headquarters in Portugal are subject to review and correction by the tax authorities for a 4-year period. Therefore, the tax declarations since the year of 2011 and 2014 are still subject to review. Statements regarding the Social Security may be revised over a period of five years. The Board of Directors believe that the corrections that may arise from such reviews/inspections will not have a significant impact in the accompanying consolidated financial statements.
Under the terms of article 88 of the Corporate Income Tax Code, the companies with headquarters in Portugal are additionally subject to an income tax over a set of expenses at the rates foreseen in the above mentioned article.
(Amounts in Euros)
As of June 30, 2015, the Company's share capital, fully subscribed and paid for, consisted of 35.000.000 bearer shares, with a nominal value of 1 Euro each.
The entities with over 20% of subscribed capital are as follows:
| - Grupo Salvador Caetano SGPS, S.A. | 60,82% |
|---|---|
| - Toyota Motor Europe NV/SA | 27,00% |
According to the General shareholders meeting deliberation, as of April 30, 2015, was paid to shareholders a dividend of 0,08 Euros per share (2.8 million Euros) and an additional distribution of 1.750.000 Euros from retained earnings and free reserves.
Commercial legislation establishes that at least 5% of the net profit of each year must be appropriated to a legal reserve until this reserve equals the statutory minimum requirement of 20% of the share capital. This reserve is not available for distribution, except in case of dissolution of the Company, but may be used in share capital increases or used to absorb accumulated losses once other reserves have been exhausted.
The revaluation reserves cannot be distributed to the share holders, except if they are completely depreciated and if the respective assets that were revaluated have been alienated.
The translation reserves reflect the currency variations during the passage of the financial statements of affiliated companies in a currency other than Euro and cannot be distributed or used to absorb losses.
The fair value reserves reflect the fair value variations of the investments available for sale and cannot be distributed or used to absorb losses.
According to the Portuguese law, the amount of distributable reserves is determined according to the individual financial statements of Toyota Caetano Portugal, presented according to the Normas Contabilísticas e de Relato Financeiro (NCRF, Portuguese GAAP).
Referring to reserves with free reserves, making them distributable according to the commercial legislation in force.
Movements in this caption during the period ended as of June 30, 2015, December 31, 2014 and June 30, 2014 were as follows:
| Jun-15 | Dec-14 | Jun-14 | |
|---|---|---|---|
| Opening Balances as of January 1 Others |
1.630.768 1 |
1.646.250 (1.970) |
1.646.250 (1.529) |
| Net profit attributable to Non-controlled Interest | 25.148 | (13.512) | (5.214) |
| 1.655.917 | 1.630.768 | 1.639.507 | |
The decomposition of the mentioned value by subsidiary company is as follows:
| Subsidiary | % INC | Non Controlled Interests |
Net Income attributable to Non Controlled Interests |
|---|---|---|---|
| Saltano - Investimentos e Gestão (SGPS), SA | 0,02% | 4.037 | - |
| Caetano Auto CV, SA | 18,76% | 1.096.721 | 26.100 |
| Caetano Renting, SA | 0,02% | 491 | (28) |
| Caetano - Auto, SA | 1,60% | 554.668 | (924) |
| 1.655.917 | 25.148 | ||
The resume of financial information related to each subsidiary that is consolidated is presented below:
| Caption | Caetano Auto | Caetano Renting | Saltano | Caetano Auto CV |
|---|---|---|---|---|
| Non Current Assets | 51.477.096 | 14.959.102 | 21.842.210 | 1.471.798 |
| Current Assets | 54.814.512 | 4.286.118 | 2.054.788 | 6.254.504 |
| Total Assets | 106.291.608 | 19.245.220 | 23.896.998 | 7.726.302 |
| Non Current Liabilities | 4.683.608 | 200.014 | - | - |
| Current Liabilities | 64.773.780 | 16.461.021 | 3.581.418 | 1.930.217 |
| Equity | 36.834.220 | 2.584.185 | 20.315.580 | 5.796.085 |
| Revenues | 93.575.899 | 1.651.506 | - | 3.735.905 |
| Operating Results | 382.879 | (149.733) | (1.539) | 135.161 |
| Financial Results | (122.471) | (682) | - | (4.056) |
| Taxes | (99.248) | - | - | - |
| Net Income | 161.160 | (150.415) | (1.539) | 131.105 |
As of June 30, 2015, December 31, 2014 and June 30, 2014 the caption "Loans" was as follows:
| Jun-15 | Dec-14 | Jun-14 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Current | Non-Current | Total | Current | Non-Current | Total | Current | Non-Current | Total | |
| Bank Loan | 23.542.105 | 14.131.579 | 37.673.684 | 25.242.105 | 15.052.632 | 40.294.737 | 19.242.105 | 6.973.683 | 26.215.788 |
| Finance Leases | 2.999.335 | 13.111.273 | 16.110.608 | 1.507.723 | 8.084.600 | 9.592.323 | 1.603.046 | 7.143.804 | 8.746.850 |
| Bank Overdrafts | 977.040 | - | 977.040 | 746.337 | - | 746.337 | 20.372 | - | 20.372 |
| Other Loans | - | - | - | 272.678 | - | 272.678 | 545.356 | - | 545.356 |
| 27.518.480 | 27.242.852 | 54.761.332 | 27.768.843 | 23.137.232 | 50.906.075 | 21.410.879 | 14.117.487 | 35.528.366 | |
As of June 30, 2015 and December 31, 2014, the detail of bank loans, overdrafts, others loans and Commercial Paper Programs, as well as its conditions, were as follows:
| 30-06-2015 | |||||
|---|---|---|---|---|---|
| Description/Beneficiary Company | Used Amount | Limit | Beginning Date |
Date Limit |
|
| Non-current | |||||
| Loan – mutual contract | |||||
| Toyota Caetano Portugal | 5.131.579 | 5.131.579 | 22-06-2012 | 5 years | |
| Toyota Caetano Portugal | 9.000.000 | 9.000.000 | 15-10-2014 | 3 years | |
| 14.131.579 | 14.131.579 | ||||
| Current | |||||
| Bank Loan | 9.000.000 | 9.000.000 | |||
| Loan – mutual contract | 1.842.105 | 1.842.105 | 22-06-2012 | ||
| Bank Overdrafts | 977.040 | 7.500.000 | |||
| Confirming | - | 5.000.000 | |||
| Commercial Paper: | |||||
| Toyota Caetano Portugal | 9.200.000 | 9.200.000 | 27-11-2012 | 5 years | |
| Toyota Caetano Portugal | 3.500.000 | 3.500.000 | 26-11-2012 | 5 years | |
| 24.519.145 | 37.042.105 | ||||
| 38.650.724 | 51.173.684 | ||||
| 31-12-2014 | ||||
|---|---|---|---|---|
| Description/Beneficiary Company | Used Amount | Limit | Beginning Date |
Date-Limit |
| Non-current | ||||
| Loan – mutual contract | ||||
| Toyota Caetano Portugal | 6.052.632 | 6.052.632 | 22-06-2012 | 5 years |
| Toyota Caetano Portugal | 9.000.000 | 9.000.000 | 15-10-2014 | 3 years |
| 15.052.632 | 15.052.632 | |||
| Current | ||||
| Bank Loan | 10.000.000 | 10.000.000 | ||
| Loan - mutual contract | 1.842.105 | 1.842.105 | 22-06-2012 | |
| Bank Overdrafts | 746.337 | 7.500.000 | ||
| Refundable subsidies | 272.678 | 272.678 | 30-01-2009 | 6 years |
| Confirming | - | 5.000.000 | ||
| Commercial Paper: | ||||
| Toyota Caetano Portugal | 9.200.000 | 9.200.000 | 27-11-2012 | 5 years |
| Toyota Caetano Portugal | 4.200.000 | 4.200.000 | 26-11-2012 | 5 years |
| 26.261.120 | 38.014.783 | |||
| 41.313.752 | 53.067.415 | |||
Next, we present below the debt amount outstanding, for which there have been granted mortgages (note 35):
Loan - mutual contract: 6.973.684.
Commercial Paper: 9.200.000.
Interests relating to the above mentioned bank loans are indexed to Euribor interest rates, increased with a spread that varies from 1,75 to 3,75 bps.
(Amounts in Euros)
With the closure of the project application n.º 00/07099 of the program SIME A of AICEP (Agência para o Investimento e Comércio Externo de Portugal, E.P.) was granted a refundable incentive have been already full amortized.
The item "Leasings" (current and non-current) is related to the purchase of facilities and equipment. The detail of this caption, as well as the reimbursement plan can be summarized as follows:
| Medium-and long-term | ||||||||
|---|---|---|---|---|---|---|---|---|
| Contract | Leasings | Short-term | 2017 | 2018 | 2019 | > 2020 | TOTAL | TOTAL |
| 2028278 | Commercial facilities | |||||||
| Capital | 95.360 | 96.077 | 96.800 | 97.529 | 266.719 | 557.125 | 652.485 | |
| Interests | 4.566 | 3.849 | 3.126 | 2.397 | 2.769 | 12.141 | 16.707 | |
| 559769 | Commercial facilities | |||||||
| Capital | 61.574 | 61.883 | 62.193 | 62.505 | 649.090 | 835.671 | 897.245 | |
| Interests | 4.345 | 4.037 | 3.415 | 3.415 | 15.966 | 26.833 | 31.178 | |
| 626064 | Commercial facilities | |||||||
| Capital | 152.440 | 157.861 | 163.476 | 169.290 | 984.595 | 1.475.222 | 1.627.662 | |
| Interests | 53.936 | 48.515 | 42.900 | 37.086 | 90.585 | 219.086 | 273.022 | |
| Various | Industrial Equipment | |||||||
| Capital | 2.689.961 | 1.389.968 | 2.561.604 | 2.448.309 | 3.843.374 | 10.243.255 | 12.933.216 | |
| Interests | 329.890 | 260.588 | 182.927 | 106.752 | 41.784 | 592.051 | 921.941 | |
| Total Capital | 2.999.335 | 1.705.789 | 2.884.073 | 2.777.633 | 5.743.778 | 13.111.273 | 16.110.608 | |
| Total Interests | 392.737 | 316.989 | 232.368 | 149.650 | 151.104 | 850.111 | 1.242.848 |
The maturities of existing loans at June 30, 2015 can be summarized as follows:
| 2016 | 2017 | 2018 | 2019 | > 2020 | Total | |
|---|---|---|---|---|---|---|
| Loan – mutual contract | 1.842.105 | 3.842.105 | 3.842.105 | 6.447.369 | - | 15.973.684 |
| Bank Overdrafts | 977.040 | - | - | - | - | 977.040 |
| Paper Commercial | 12.700.000 | - | - | - | - | 12.700.000 |
| Bank Loan | 9.000.000 | - | - | - | - | 9.000.000 |
| Finance Leases | 2.999.335 | 1.705.789 | 2.884.073 | 2.777.633 | 5.743.778 | 16.110.608 |
| Total loans | 27.518.480 | 5.547.894 | 6.726.178 | 9.225.002 | 5.743.778 | 54.761.332 |
As of June 30, 2015, December 31, 2014 and June 30, 2014 this caption was composed of current accounts with suppliers, which end at short term.
The Group, relating to financial risk management, has implemented policies to ensure that all liabilities are paid for within the defined payment period.
As of June 30, 2015, December 31, 2014 and June 30, 2014 the detail of other creditors was as follows:
| Current Liabilities | |||||
|---|---|---|---|---|---|
| Jun-15 | Dec-14 | Jun-14 | |||
| Shareholders | 12.045 | 12.740 | 12.761 | ||
| Advance payments from customers | 948.683 | 1.094.051 | 592.111 | ||
| Other Creditors | 672.536 | 633.713 | 563.311 | ||
| 1.633.264 | 1.740.504 | 1.168.183 | |||
As of June 30, 2015, December 31, 2014 and June 30, 2014 the caption public entities can be summarized as follows:
| Current Assets | |||
|---|---|---|---|
| Jun-15 | Dec-14 | Jun-14 | |
| Public Entities Income Tax (estimated tax) Income Tax (recover tax, advance tax pay and RETGS) Value Added Taxes |
- 1.393.300 1.348.537 |
588.928 408.278 - |
(240.091) 1.132.371 1.031.240 |
| 2.741.837 | 997.206 | 1.923.520 | |
| Current Liabilities | |||||
|---|---|---|---|---|---|
| Public Entities | Jun-15 | Dec-14 | Jun-14 | ||
| Income Taxes withheld | 428.313 | 354.852 | 391.952 | ||
| Value Added Taxes | 6.193.267 | 7.476.294 | 5.674.371 | ||
| Income Tax (estimated tax) (Note 25) | 238.704 | - | - | ||
| Vehicles Tax | 2.033.735 | 2.209.294 | - | ||
| Custom Duties | 144.301 | 71.802 | - | ||
| Employee's social contributions | 799.031 | 621.468 | 739.143 | ||
| Others | 276.098 | 204.742 | 263.359 | ||
| 10.113.449 | 10.938.452 | 7.068.825 | |||
(Amounts in Euros)
As of June 30, 2015, December 31, 2014 and June 30, 2014 the caption "Other Current Liabilities" was as follows:
| Jun-15 | Dec-14 | Jun-14 | |
|---|---|---|---|
| Accrued Cost | |||
| Vacation pay and bonus | 6.689.841 | 4.823.433 | 6.940.841 |
| Specialization cost assigned to vehicles sold | 2.361.556 | 1.794.121 | 1.451.194 |
| Rappel charges attributable to fleet managers | 1.986.618 | 1.467.198 | 1.038.004 |
| Advertising Campaigns | 1.112.499 | 2.327.476 | 994.031 |
| Supply costs | 578.773 | 599.283 | 490.778 |
| Accrual for Vehicles Tax | 414.422 | 481.714 | 320.307 |
| Insurance | 387.254 | 277.140 | 424.314 |
| Commission | 324.974 | 334.601 | 639.919 |
| Interest | 239.768 | 248.128 | 200.382 |
| Specialized work | 232.538 | - | 44.087 |
| Advance External Supplies and Services | 211.372 | 429.715 | 493.031 |
| Municipal Property Tax | 143.106 | 119.129 | 96.562 |
| Warranty claims | 130.685 | - | 236.052 |
| Rents | 79.199 | - | 183.703 |
| Royalties | - | 115.434 | 107.264 |
| Others | 456.265 | 1.056.519 | 1.175.627 |
| 15.348.870 | 14.073.891 | 14.836.098 | |
| Deferred Income | |||
| Vehicle maintenance contracts | 2.176.496 | 1.115.374 | 1.078.237 |
| Publicity recuperation | 589.166 | 641.414 | 895.177 |
| Subsidy granted | 513.581 | 517.655 | 521.728 |
| Interest Charged to Customers | 8.749 | 6.994 | - |
| Others | 54.284 | 456.101 | 67.225 |
| 3.342.276 | 2.737.538 | 2.562.367 | |
| Total | 18.691.146 | 16.811.429 | 17.398.465 |
Toyota Caetano (together with other associated and related companies) incorporated, by public deed dated December 29, 1988, the Salvador Caetano Pension Fund, which was subsequently updated in January 2, 1994, in December 29, 1995 and in December 23, 2002.
As of June 30, 2015, the following companies of Toyota Caetano Group were associates of the Salvador Caetano Pension Fund:
The Pension Fund was set up to, while Toyota Caetano Group maintains the decision to make contributions to the referred fund, provide employees (beneficiaries), at their retirement date, the right to a pension complement, which is not subject to update and is based on a percentage of the salary, among other conditions.
A request was made as of December 19, 2006 to the fund manager of the Salvador Caetano Pension Fund (GNB-Sociedade Gestora de Fundo de Pensões.), to act near the "ISP - Instituto de Seguros de Portugal" and take the necessary measures to change the defined benefit plan into a defined contribution plan, among other changes.
Following the above mentioned, a dossier was sent on December 18, 2007 to Instituto de Seguros de Portugal containing the proposals to change the "Constitutive Contract" of Salvador Caetano Pension Fund, as well as the minute of approval of these changes by the Pensions Fund Advisory Committee, and requesting, with effects as from January 1, 2008, the approval of these changes.
The proposal for changing the pension complement, dully approved by the Pension Funds Advisory Committee ("Comissão de Acompanhamento do Fundo de Pensões"), includes the maintenance of a defined benefit plan for the current retired workers and ex-employees with acquired rights, as well as for all the current employees with more than 50 years and more than 15 years of service completed until January 1, 2008. A new group will be created to which all current employees with less than 50 years and/or less than 15 years of service will be transferred.
At December 29, 2008 Toyota Caetano Portugal, S.A. received a letter from ISP - Instituto de Seguros de Portugal (Portuguese Insurance Institute) with the approval of the pretended alterations and entering into force starting from January 1, 2008. ISP determined in the referred approval that the employees associated to the Salvador Caetano Pension Fund who at January 1, 2008 had achieved 15 years of service and had ages inferior to 50 years (and that shall integrate a Defined Contribution Plan) have the right to an individual "initial capital" according to the new Plan, determined according to the actuarial responsibilities as at December 31, 2007 and based on the presumptions and criteria used on that year.
The actuarial presumptions used at 2014 by the fund manager include the "Current Unit Credit" calculation method, the Mortality Table and disability TV 73/77 and SuisseRe 2001, respectively, as well as well as salary increase rate, pensions increase rate and discount rate of 0%, 0% and 2,5%, respectively. To this date were used the assumptions as December 31, 2014.
At December 31, 2014 the Group's responsibilities to the defined benefit plan and the assets of the Fund allocated can be summarized as follows:
| Defined benefit plan | 2014 |
|---|---|
| Responsibility amount | 33.574.520 |
| Fund Amount | 29.075.997 |
The net liability of Toyota Caetano Portugal Group evidenced above is guaranteed by a provision recorded in the amount of about 5 million euros, reflected in the balance sheet under "Pension Fund Liabilities".
(Amounts in Euros)
Movements in provisions and accumulated impairment losses over the six month period ended as of June 30, 2015, and June 30, 2014 were as follows:
| 30-06-2015 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Opening Balances |
Increases | Disposals and Other |
Other regularizations |
Ending Balances |
||||
| Accumulated impairment losses in investments Accumulated impairment losses in accounts Receivable (Note 11) Accumulated impairment losses in inventories (Note 10) Provisions |
1.781.995 10.338.615 1.901.129 311.551 |
- - - 53.216 |
- - (24.828) - |
- (717) - (58.714) |
1.781.995 10.337.898 1.876.301 306.053 |
| 30-06-2014 | ||||||
|---|---|---|---|---|---|---|
| Opening Balances |
Increases | Disposals and Other |
Changes in Perimeter |
Other regularizations |
Ending Balances |
|
| Accumulated impairment losses in investments Accumulated impairment losses in accounts Receivable (Note 11) Accumulated impairment losses in inventories (Note 10) Provisions |
1.781.995 10.634.355 1.336.902 323.422 |
- 159.041 293.383 41.514 |
- (548) - - |
- (200.102) - - |
- (1) (54.224) |
1.781.995 548 10.593.294 1.630.284 310.712 |
As of June 30, 2015, December 31, 2014 and June 30, 2014, the caption "Provisions" has the following breakdown:
| Jun-15 | Dec-14 | Jun-14 | |
|---|---|---|---|
| Warranty provision | 106.039 | 111.537 | 110.698 |
| Litigations in progress | 200.014 | 200.014 | 200.014 |
| 306.053 | 311.551 | 310.712 | |
The derivative financial instruments used by the group as of June 30, 2015 were as follows:
Although these derivatives (two interest rate swap contracts) were contracted for interest rate hedging purposes as well as funding cost optimization, they haven't been designated for hedge accounting. The fair value of these derivative financial instruments as of June 30, 2015 was negative on 115.980 Euros (163.674 Euros negative as of June 30, 2014) and comprises a total exposure of 9,7 million Euros since December 22, 2014 for a period of four years, counting from June 26, 2012.
These derivatives' valuations were provided as of June 30, 2015 by the bank with whom they were contracted, taking into account future cash flows and risk estimates (level 2 fair value hierarchy as set out in paragraph 27-A of IFRS7 - measurement inputs based on assumptions indirectly observable in the market).
The main characteristics of this contract can be summarized as follows:
| Fair Value | ||||||
|---|---|---|---|---|---|---|
| Derivate financial instrument | Swap rate | Rate receivable | Type | Jun-15 | Dec-14 | Changes in financial statement |
| Swap BBVA | 1,1000% | Euribor 3M | Negotiation | (115.980) | (149.762) | (33.782) |
| (115.980) | (149.762) | (33.782) | ||||
It is the intention of Toyota Caetano Group to hold these instruments until their maturities, so this form of assessment reflects the best estimate of present value of future cash flows to be generated by such instruments.
The income tax for the six month period ended as of June 30, 2015 and 2014 was as follows:
| Jun-15 | Jun-14 | |
|---|---|---|
| Insufficient taxes estimation | 183.099 | 1.429 |
| Excess taxes estimation | - | (24.652) |
| Current taxes estimation (Note 20) | 238.704 | 240.091 |
| RETGS | - | (74.957) |
| Deferred income taxes (Note 14) | 342.335 | (317.397) |
| 764.138 | 459.308 | |
The detail of sales and services rendered by geographic markets, during the six month periods ended as of June 30, 2015 and 2014, was as follows:
| Jun-15 | Jun-14 | |||
|---|---|---|---|---|
| Market | Amount | % | Amount | % |
| National | 144.713.400 | 97,07% | 115.202.165 | 90,01% |
| African Countries with Official Portuguese Language | 4.095.427 | 2,75% | 5.568.397 | 4,36% |
| United Kingdom | 119.382 | 0,08% | 49.468 | 0,06% |
| Spain | 22.738 | 0,02% | 27.543 | 0,22% |
| Belgium | 16.560 | 0,01% | 6.244.826 | 4,82% |
| Germany | 3.570 | 0,00% | 364 | 0,14% |
| Others | 100.146 | 0,07% | 256.296 | 0,39% |
| 149.071.223 | 100,00% | 127.349.059 | 100,00% | |
Additionally, sales and services rendered by activity were as follows:
| Jun-15 | Jun-14 | |||
|---|---|---|---|---|
| Activity | Amount | % | Amount | % |
| Vehicles | 115.438.763 | 77,44% | 95.366.293 | 74,89% |
| Spare Parts | 22.837.056 | 15,32% | 22.504.876 | 17,67% |
| Repairs and after sales services | 8.808.910 | 5,91% | 7.511.985 | 5,90% |
| Others | 1.986.494 | 1,33% | 1.965.905 | 1,54% |
| 149.071.223 | 100,00% | 127.349.059 | 100,00% | |
The caption "External supplies and services" was as follows:
| Jun-15 | Jun-14 | |
|---|---|---|
| Subcontracts | 992.244 | 918.219 |
| Specialized Services | 6.689.633 | 6.378.057 |
| Professional Services | 2.508.946 | 2.183.727 |
| Advertising | 2.824.629 | 2.928.070 |
| Vigilance and Security | 200.499 | 230.110 |
| Professional Fees | 385.525 | 382.883 |
| Commissions | 95.161 | 69.343 |
| Repairs and Maintenance | 674.873 | 583.924 |
| Materials | 350.446 | 276.423 |
| Utilities | 1.454.229 | 1.478.828 |
| Travel and transportation | 1.140.335 | 984.391 |
| Traveling expenses | 628.175 | 530.020 |
| Personnel transportation | 48.703 | 46.130 |
| Transportation of materials | 463.457 | 408.241 |
| Other supplies | 6.598.732 | 5.798.690 |
| Rent | 1.330.495 | 1.400.300 |
| Communication | 319.535 | 400.725 |
| Insurance | 601.903 | 550.117 |
| Royalties | 80.130 | 171.187 |
| Notaries | 16.095 | 15.847 |
| Cleaning and comfort | 293.848 | 273.816 |
| Others Services | 3.956.726 | 2.986.698 |
| 17.225.619 | 15.834.608 | |
Payroll expenses are decomposed as follows:
| Jun-15 | Jun-14 | |
|---|---|---|
| Payroll Management | 235.930 | 235.930 |
| Payroll Personnel | 13.067.801 | 13.115.035 |
| Benefits Plan | 880.929 | 888.934 |
| Termination Indemnities | 75.408 | 113.774 |
| Social Security Contribution | 3.427.979 | 2.986.177 |
| Workmen´s Insurance | 187.225 | 202.502 |
| Others | 1.717.277 | 1.445.555 |
| 19.592.549 | 18.987.907 | |
The remuneration of members of the board of Toyota Caetano Portugal, S.A. in the six months ended as of June 30, 2015 and 2014 were as follows:
| Board Members | Jun-15 | Jun-14 |
|---|---|---|
| Board of Directors Fixed remunerations |
235.930 | 235.930 |
During the six month period ended as of June 30, 2015 and 2014, the average number of personnel was as follows:
| Personnel | Jun-15 | Jun-14 |
|---|---|---|
| Employees | 1.077 | 1.052 |
| Workers | 456 | 420 |
| 1.533 | 1.472 | |
(Amounts in Euros)
As of June 30, 2015 and 2014, the caption "Other operating income" and "Other operating expenses" were as follows:
| Other operating income | Jun-15 | Jun-14 |
|---|---|---|
| Lease Equipment | 5.514.469 | 4.770.457 |
| Guarantees recovered (Toyota) | 4.279.153 | 2.757.071 |
| Commissions | 1.628.021 | 999.351 |
| Work for the Company | 1.552.178 | 1.080.280 |
| Rents charged (Note 6) | 1.351.497 | 1.501.319 |
| Subsidies | 1.222.865 | 1.166.201 |
| Services provided | 1.045.483 | 810.914 |
| Advertising expenses and sales promotion recovered | 845.378 | 1.014.484 |
| Rents expenses recovered | 489.799 | 183.355 |
| Transport expenses recovered | 229.175 | 183.823 |
| Gains in the disposal Tangible Fixed Assets | 113.516 | 685.029 |
| Materials | 26.807 | 5.075 |
| Others | 2.023.122 | 1.097.683 |
| 20.321.463 | 16.255.041 | |
| Other operating expenses | Jun-14 | Jun-14 |
|---|---|---|
| Taxes | 661.269 | 433.826 |
| Bad debts | 895 | 573 |
| Losses in Inventories | 14.679 | (6.549) |
| Prompt payment discounts granted | 8.878 | 4.348 |
| Losses in other investments | 6.406 | 11.047 |
| Losses in other non-financial investments | 2.833 | 767 |
| Corrections to previous years | 54.622 | 28.323 |
| Donations | 730 | 2.293 |
| Subscriptions | 9.820 | 10.122 |
| Fines and penalties | 80.494 | 29.430 |
| Others | 717.392 | 435.515 |
| 1.558.018 | 949.695 | |
Consolidated net financial results as of June 30, 2015 and 2014 were as follows:
| Expenses and Losses | Jun-15 | Jun-14 |
|---|---|---|
| Interest | 814.942 | 526.019 |
| Other Financial Expenses | 206.719 | 172.444 |
| 1.021.661 | 698.463 | |
(Amounts in Euros)
| Income and Gains | Jun-15 | Jun-14 |
|---|---|---|
| Interest | 26.547 | 112.649 |
| Other Financial Income | 33.782 | - |
| 60.329 | 112.649 | |
We summarize in the table below a resume of financial instruments of Toyota Caetano Group as of June 30, 2015, December 31, 2014 and June 30, 2014:
| Financial Assets | Financial Liabilities | |||||||
|---|---|---|---|---|---|---|---|---|
| Jun-15 | Dec-14 | Jun-14 | Jun-15 | Dec-14 | Jun-14 | |||
| Derivate Financial Instruments | - | - | - | 115.980 | 149.762 | 163.674 | ||
| Available for sale Assets | 3.335.048 | 3.119.634 | 3.380.035 | - | - | - | ||
| Accounts Receivable | 52.065.779 | 57.601.885 | 52.833.526 | - | - | - | ||
| Other credits - Current | 4.030.142 | 4.417.305 | 6.394.252 | - | - | - | ||
| Public Entities | 2.741.837 | 997.206 | 1.923.520 | - | - | - | ||
| Loans | - | - | - | 54.761.332 | 50.906.075 | 35.528.366 | ||
| Other Creditors | - | - | - | 1.633.264 | 1.740.504 | 1.168.183 | ||
| Public Entities | - | - | - | 10.113.449 | 10.938.452 | 7.068.825 | ||
| Accounts Payable | - | - | - | 37.456.785 | 31.579.655 | 30.464.290 | ||
| Cash and Cash Equivalents | 7.692.891 | 12.530.999 | 8.640.515 | - | - | - | ||
| 69.865.697 | 78.667.029 | 73.171.848 | 104.080.810 | 95.314.448 | 74.393.338 | |||
| Financial Assets | Financial Liabilities | ||||||
|---|---|---|---|---|---|---|---|
| Jun-15 Dec-14 Jun-14 Jun-15 Dec-14 |
Jun-14 | ||||||
| Derivate Financial Instruments | - | - | - | (115.980) | (149.762) | (163.674) | |
| Available for sale Assets | 3.335.048 | 3.119.634 | 3.380.035 | - | - | - | |
| 3.335.048 | 3.119.634 | 3.380.035 | (115.980) | (149.762) | (163.674) | ||
| Available for sale Assets | Derivate Financial Instruments | Level | |||
|---|---|---|---|---|---|
| At fair value | At cost | Cash Flow Hedge Negotiation Accounting |
|||
| Cimóvel Fund | 3.268.312 | - | - | - | 1) |
| Others | - | 66.736 | - | - | 3) |
| Interest rate swap | - | - | - | (115.980) | 2) |
According to the paragraph 27-A of IFRS 7, we provide below, the disclosure of classification and measurement of financial instruments' fair value, by hierarchy level:
Impact on the Income Statement and Other Comprehensive Income
| Impact on equity | Impact on Income | |||||
|---|---|---|---|---|---|---|
| Jun-15 | Dec-14 | Jun-14 | Jun-15 | Dec-14 | Jun-14 | |
| Derivate Financial Instruments | - | - | - | (33.782) | 30.240 | 44.152 |
| Available for sale Assets | 215.414 | (221.742) | 38.659 | - | - | - |
| 215.414 | (221.742) | 38.659 | (33.782) | 30.240 | 44.152 | |
During the six month period ended as of June 30, 2015 the minimum payments for operational leases amounted to approximately 6.7 million Euros (7.9 million Euros in 2014). Of that amount, 1.9 million relate to payments with maturity of one year, 4.8 million relate to payments to occur in the period between two to five years and 0.01 million relate to payments of maturity of more than five years.
| Minimum payments of operational lease | Jun-15 | Dec-14 |
|---|---|---|
| Not more than one year | 1.883.929 | 2.102.409 |
| More than one year and no more than five | 4.820.806 | 4.657.637 |
| More than five years | 9.751 | 1.177.016 |
| 6.714.486 | 7.937.062 | |
Balances and transactions between the Parent Company and its affiliates, which are related entities to the Parent Company, were eliminated in the consolidation process, so they will not be disclosed in this Note. Balances and transactions details between the Group and the related parties can be summarized as follows:
| Comercial Debts | Products | Fixed assets | Services | Others | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Company | Receivable | payable | Sales | Purchases | Purchases | Disposals | Rendered | Obtained | Costs | Income |
| AMORIM BRITO & SARDINHA, LDA | 465 | - | - | - | - | - | - | - | - | 378 |
| ATLÂNTICA - COMPANHIA PORTUGUESA DE PESCA, S.A. | 5.111 | - | - | - | - | - | - | - | - | - |
| AUTO PARTNER IMOBILIARIA, SA | - | 17.224 | - | 6.378 | - | - | - | 142.467 | - | 82.157 |
| BAVIERA - COMÉRCIO DE AUTOMÓVEIS, SA | 679.830 | 206.887 | 1.711.694 | 213.331 | - | - | 1.047 | 153.611 | 157.848 | 271.421 |
| CABO VERDE RENT-A-CAR, LDA | 79.961 | 1.726 | 58.706 | 4.421 | - | - | 3.146 | 59.069 | - | - |
| CAETANO ACTIVE (SUL),LDA | 30 | (7.185) | 492 | 13.685 | - | - | 474 | (5.151) | - | 259 |
| CAETANO AERONAUTIC, S.A. | 140.291 | - | 64.331 | - | - | - | 10.709 | - | - | 63.376 |
| CAETANO CITY E ACTIVE (NORTE), SA | 27.721 | 9.592 | 22.516 | 23.550 | - | - | 7.828 | 748 | - | 12.689 |
| CAETANO DRIVE,SPORT E URBAN , SA | 362.578 | 304.021 | 25.397 | 11.154 | 559.227 | 640.196 | 79.012 | 145.892 | - | 128.651 |
| CAETANO EQUIPAMENTOS | - | - | - | - | - | - | - | - | - | 138 |
| CAETANO FORMULA ,SA | 103.240 | 197.594 | 8.212 | 190.746 | - | 5.551 | 23.719 | 4.093 | - | 67.650 |
| CAETANO FÓRMULA EAST ÁFRICA SA | 218 | - | - | - | - | - | - | - | - | 177 |
| CAETANO FÓRMULA MOÇAMBIQUE | - | - | - | - | - | - | - | - | - | 156 |
| CAETANO FÓRMULA WEST ÁFRICA, S.A | 65 | - | - | - | - | - | - | - | - | 195 |
| CAETANO MOTORS, SA | 28.164 | 36.112 | (2.028) | 113 | - | - | 6.499 | 19.853 | - | 85.184 |
| CAETANO MOVE AFRICA | 21 | - | - | - | - | - | - | - | - | 17 |
| CAETANO ONE CV, LDA. | 58.905 | (634.830) | 8.241 | - | - | - | 2.784 | 81 | - | 12.597 |
| CAETANO PARTS,LDA | 115.150 | 1.181.846 | 818.448 | 3.165.520 | (9.250) | - | 1.772 | 3.968 | - | 99.105 |
| CAETANO POWER , SA | 181.416 | 29.807 | (128) | 34.014 | 928.429 | 1.064.033 | 28.013 | 968 | - | 84.864 |
| CAETANO RETAIL , SGPS, S.A. | 17.248 | 2.894 | (275) | - | - | - | - | 3.437 | - | 35.844 |
| CAETANO STAR, SA | 37.622 | 51.169 | 8.821 | 55.468 | - | - | 4.567 | 25.238 | - | 4.701 |
| CAETANO TECHNIK, SA | 47.810 | 30.653 | (4.676) | 9.295 | 17.732 | 12.179 | (2.366) | - | - | 2.725 |
| CAETANOBUS-FABRICAÇÃO DE CARROÇARIAS SA | 10.145.267 | 65.093 | 47.436 | 22.900 | 1.951 | - | 14.198 | 46.785 | 1.500 | 1.537.570 |
| CAETSU PUBLICIDADE,SA | 8.949 | 791.527 | 24.905 | 645 | - | - | 16.298 | 1.326.589 | - | 1.430 |
| CARPLUS-COMÉRCIO DE AUTOMÓVEIS, SA | 112.447 | 555 | 34.490 | - | 15.610 | 14.926 | 74.612 | (4.188) | - | 106.585 |
| CENTRAL SOLAR DE CASTANHOS,SA | - | - | - | - | - | - | - | - | - | 151 |
| COCIGA - CONSTRUÇÕES CIVIS DE GAIA, SA | 6.507 | 177.022 | - | - | 827.067 | - | - | 36.079 | - | 2.896 |
| FINLOG - ALUGUER E COMÉRCIO AUTO, SA | 207.316 | 126.151 | 328.122 | 62.184 | - | - | 99.193 | 539.990 | 28.614 | 9.508 |
| FUNDAÇÃO SALVADOR CAETANO | 885.845 | - | - | - | - | - | - | - | - | - |
| GRUPO SALVADOR CAETANO,SGPS, SA | 39.507 | - | - | - | - | - | - | - | - | - |
| GUERIN RENT A CAR,SL (SOCIEDAD UNIPERSONAL) | - | - | - | - | - | - | - | 50 | - | 14.838 |
| GUÉRIN-RENT-A-CAR(DOIS),LDA | 32.449 | 2.910 | - | - | - | - | 105.126 | 2.257 | - | 12.862 |
| IBERICAR AUTO NIPON,SL | 15.525 | 24.897 | - | 24.897 | - | - | - | - | - | - |
| ISLAND RENT, ALUGUER DE AUTOMÓVEIS, S.A. | 437 | - | - | - | - | - | - | - | - | 4.206 |
| LAVORAUTO-ADMINISTRAÇÃO E CONSULTORIA DE EMPRESAS,SA | - | 152.550 | - | - | - | - | - | 15.299 | - | - |
| LIDERA SOLUCIONES, S.L. | - | 2.960 | - | - | - | - | - | 15.141 | - | - |
| LUSILECTRA - VEÍCULOS E EQUIPAMENTOS, SA | 159.102 | 576.956 | 178.198 | 40.146 | - | - | 31.972 | 175.099 | 431 | 36.630 |
| LUSO ASSISTÊNCIA-GESTÃO DE ACIDENTES , SA | 277 | - | - | - | - | - | - | - | - | 3.338 |
| MDS AUTO- MEDIAÇÃO DE SEGUROS, SA | (2.047) | 13.049 | 501 | - | - | - | 169 | - | 15.635 | 87.382 |
| MOVICARGO - MOVIMENTAÇÃO INDUSTRIAL, LDA | 144.772 | - | 1.255.577 | - | - | - | 2.607 | 26.863 | 222.920 | 2.109 |
| PLATINIUM V.H. - IMPORTAÇÃO DE AUTOMÓVEIS, S.A. | 10.979 | - | - | - | - | - | - | - | - | 17.852 |
| PORTIANGA - COMÉRCIO INTERNACIONAL E PARTICIPAÇÕES, SA | 225.666 | (3.783) | 1.962 | - | - | - | 18.565 | - | - | 23.949 |
| RARCON - ARQUITECTURA E CONSULTADORIA, SA | 22 | 22.119 | - | - | - | - | - | 76.020 | - | 302 |
| RIGOR - CONSULTORIA E GESTÃO, SA | 60.969 | 841.872 | 150 | - | - | - | 57.657 | 1.880.492 | 2.829 | 202.891 |
| ROBERT HUDSON ,LTD | 26.357 | - | 27.140 | - | - | - | - | - | - | 2.819 |
| SALVADOR CAETANO AUTO AFRICA, SGPS,SA | - | (811.923) | - | - | - | - | - | - | - | - |
| SALVADOR CAETANO EQUIPAMENTOS SA | 299 | - | 238 | - | - | - | - | - | - | 6 |
| SEARAS MORENAS, LDA | 21 | - | - | - | - | - | - | - | - | 17 |
| SIMOGA - SOC. IMOBILIÁRIA DE GAIA, SA | 1.036 | - | - | - | - | - | - | - | - | - |
| SOL GREEN WATT,SL | 63 | - | - | - | - | - | 557 | - | - | 121 |
| SPRAMO - PUBLICIDADE & IMAGEM, S.A. | - | 681 | - | - | - | - | - | - | - | - |
| TURISPAIVA - SOCIEDADE TURÍSTICA PAIVENSE, LDA. | 236 | - | - | - | - | - | - | - | - | 770 |
| VAS AFRICA (SGPS), SA | 503 | - | - | - | - | - | - | - | - | 546 |
| VAS CABO VERDE,SOCIEDADE UNIPESSOAL,SA | 9.296 | 393 | 10.284 | 2.152 | 12.167 | - | 71.497 | - | - | - |
| 13.977.646 | 3.410.539 | 4.628.754 | 3.880.599 | 2.352.933 | 1.736.885 | 659.655 | 4.690.750 | 429.777 | 3.021.062 |
Goods and services purchased and sales to related parties were made at market prices.
(Amounts in Euros)
The main information relating to the business segments existing on June 30, 2015 and 2014, is as follows:
| 30- 06- 201 |
5 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TIO NA NA L |
FO | |||||||||||||||
| Ve hic les |
Ind ust rial Eq uip nt me |
Oth ers |
Ve | hic les Ind |
ust rial Eq uip me |
nt | Re val mo s |
Co lida ted nso |
||||||||
| Ind ust ry |
Co ial mm erc |
Se rvic es |
Re l nta |
Ma chi nes |
Se rvic es |
Re l nta |
Ind ust ry |
Co ial mm erc |
Ma chi nes |
Se rvic es |
Re l nta |
|||||
| PR OF IT |
||||||||||||||||
| Ext al s ale ern s |
7.5 30. 475 |
180 .85 1.1 06 |
7.7 65. 607 |
2.8 80. 909 |
12. 203 .20 3 |
1.0 36. 853 |
6.0 16. 131 |
- | 222 .60 0 |
7.3 77. 449 |
49. 936 |
4.6 16 |
8.8 20 |
( 3) 71. 359 .01 |
154 .58 8.6 92 |
|
| Inc om e |
||||||||||||||||
| Op tion al i era nco me |
( 2.2 53. 483 ) |
1.7 20. 280 |
31. 560 |
( 106 .08 0) |
331 .03 9 |
807 .50 2 |
1.0 27. 676 |
( 1.5 20) |
( 36. 968 ) |
423 .05 9 |
5.7 04 |
3.5 92 |
4.9 37 |
852 .64 2 |
2.8 09. 940 |
|
| Fin ial inc anc om e |
( ) 30. 491 |
( 1) 320 .20 |
( ) 10. 095 |
237 | ( ) 13. 952 |
( 02) 4.4 |
( 7) 568 .73 |
( 6) |
( ) 828 |
( ) 12. 643 |
( ) 156 |
( 20) |
( 38) |
- | ( 2) 961 .33 |
|
| Ne t In ith ntro lled com e w non -co inte ts res |
( 2.2 83. 974 ) |
1.0 55. 261 |
13. 284 |
( 105 .84 3) |
315 .24 0 |
798 .42 3 |
456 .00 8 |
( 1.5 31) |
( 37. 796 ) |
406 .29 6 |
5.5 16 |
3.5 51 |
4.8 70 |
430 .01 7 |
1.0 59. 322 |
|
| Oth Inf atio er orm n |
||||||||||||||||
| Tot al c olid d a ate ts ons sse |
37. 418 .18 4 |
255 .28 6.8 28 |
8.7 58. 337 |
13. 542 .31 6 |
8.6 36. 052 |
2.1 14. 116 |
31. 736 .32 0 |
23. 902 .27 2 |
- | 10. 437 .27 5 |
- | - | - | ( 135 .97 1.5 60) |
255 .86 0.1 40 |
|
| Tot al c olid ate d li abi litie ons s |
7.4 27. 213 |
145 .91 5.4 02 |
5.7 22. 125 |
11. 723 .89 8 |
1.0 41. 307 |
278 .95 2 |
22. 013 .99 1 |
3.5 84. 864 |
- | 3.7 01. 389 |
- | - | - | ( 6) 71. 533 .12 |
129 .87 6.0 15 |
|
| Ca ital Ex p pen ses |
3.2 64. 784 |
1.8 22. 537 |
155 .31 1 |
7.2 93. 455 |
954 .65 2 |
24. 784 |
7.7 05. 970 |
94 | - | 85. 561 |
- | - | - | ( 1.5 82. 529 ) |
19. 724 .61 9 |
|
| De cia tion pre |
432 .93 0 |
1.7 39. 612 |
95. 605 |
1.3 52. 363 |
38. 875 |
33. 414 |
2.1 46. 247 |
58 | - | 100 .77 8 |
- | - | - | 85. 181 |
6.0 25. 063 |
|
(Amounts in Euros)
| 30- 06- 201 |
4 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| NA TIO NA L |
FO | RE IGN |
|||||||||||||||
| Ve hic les |
Ind rial Eq uip ust nt me |
Oth ers |
Ve | hic les Ind |
rial Eq uip ust nt me |
Re val mo s |
Co | lida ted nso |
|||||||||
| Ind ust ry |
Co ial mm erc |
Se rvic es |
Re l nta |
Ma chi nes |
Se rvic es |
Re l nta |
Ind ust ry |
Co ial mm erc |
Ma chi nes |
Se rvic es |
Re l nta |
||||||
| PR OF IT |
|||||||||||||||||
| Ext al s ale ern s |
5.1 54. 470 |
151 .79 7.9 27 |
7.4 95. 094 |
3.1 35. 827 |
4.4 75. 831 |
984 .34 6 |
5.2 33. 223 |
- | 6.5 66. 397 |
8.0 54. 499 |
24. 500 |
4.1 43 |
4.0 80 |
( 60. 807 .82 1) |
132 .12 2.5 16 |
||
| Inc om e |
|||||||||||||||||
| Op tion al i era nco me |
( .69 0) 555 |
1.3 29. 844 |
( 31. 296 ) |
( 135 .39 6) |
480 .59 4 |
612 .22 8 |
462 .74 7 |
( 2.2 48) |
( 750 .37 9) |
148 .53 8 |
( 1.0 51) |
3.1 03 |
243 | 1.2 90. 053 |
2.8 51. 290 |
||
| Fin ial inc anc om e |
1.2 89 |
( 100 .92 3) |
( 4.9 86) |
( 70. 834 ) |
( 381 .24 0) |
124 | ( 29. 493 ) |
69 | 2.4 60 |
( 2.2 38) |
( 44) |
- | 2 | - | ( 585 .81 4) |
||
| Ne t In ith lled ntro com e w non -co inte ts res |
( 1) 554 .40 |
1.0 16. 119 |
( ) 49. 407 |
( 1) 206 .23 |
99. 354 |
612 .35 2 |
433 .25 4 |
( 79) 2.1 |
( 8) 747 .91 |
143 .21 1 |
( 95) 1.0 |
3.1 04 |
245 | 1.0 59. 761 |
1.8 06. 168 |
||
| Oth Inf atio er orm n |
|||||||||||||||||
| Tot al c olid d a ate ts ons sse |
45. 639 .88 2 |
208 .71 5.9 86 |
10. 141 .78 2 |
11. 247 .05 0 |
8.6 35. 731 |
.60 8 775 |
43. 027 .15 8 |
23. 544 .95 1 |
- | 8.7 80. 905 |
- | - | - | ( 135 .08 7.3 38) |
225 .43 6.4 64 |
||
| Tot al c olid d li abi litie ate ons s |
17. 046 .66 4 |
104 .86 7.3 79 |
6.6 74. 711 |
9.7 82. 758 |
3.2 25. 477 |
289 .69 2 |
18. 435 .88 1 |
3.5 44. 227 |
- | 2.2 11. 123 |
- | - | - | ( 71. 885 .55 4) |
94. 192 .35 8 |
||
| Ca ital Ex p pen ses |
1.6 08. 251 |
1.4 29. 786 |
58. 450 |
5.9 21. 587 |
51. 531 |
32. 306 |
2.0 57. 489 |
- | - | 2.7 78 |
- | - | - | ( 65. 671 ) |
11. 096 .50 6 |
||
| De cia tion pre |
564 .58 0 |
1.8 63. 229 |
121 .78 1 |
1.2 55. 445 |
42. 942 |
26. 921 |
1.7 62. 499 |
- | - | 104 .70 4 |
- | - | - | 7.5 73 |
5.7 49. 675 |
||
The line "Turnover" includes Sales, Service Rendered and the amount of about 5.517.469 Euros (4.773.457 Euros as of June 30, 2014) related to equipment rentals accounted in Other Operating Income (Note 29).
The column "Eliminations" mainly includes the elimination of transactions between Group companies included in consolidation, mainly belonging to Vehicles segment.
(Amounts in Euros)
As of June 30, 2015, December 31, 2014 and June 30, 2014, Toyota Caetano Group had assumed the following financial commitments:
| Commitments | Jun-15 | Dec-14 | Jun-14 |
|---|---|---|---|
| Credits | 173.620 | 110.504 | 203.597 |
| Guarantees of Imports | 6.805.563 | 7.511.119 | 2.500.000 |
| 6.979.183 | 7.621.623 | 2.703.597 | |
The amounts presented on December 31, 2014, concerning "Guarantees of Imports", the amount of 4 million euros refers to the security given to the ATA remaining in June 3, 2015.
Following loans contracted in 2012, amounting to 29,9 million Euros lying to amortize approximately 16,2 million Euros (see note 17), the Group granted the respective financial institutions real guarantees for mortgages on properties valued at the time of contraction of such funding, approximately 37,8 million Euros.
Regarding the tax inspection to the years 2003 and 2004, the additional assessments related with Corporate Income Tax already paid and recognized as expenses in previous years were claimed, amounting to 725.542 Euros, as the Company understands that there are legal reasons for this procedure. During the year of 2010 it has been recovered approximately 218.000 Euros related with this judicial process.
The Company records in its assets, under the State Public Sector, the interest amount paid to the tax authorities in the amount of 24.041 Euros, which does not agree that the undue understand and, therefore, carried out the necessary judicial review, from the Administrative and Fiscal Court of Oporto.
The Board of Directors and its legal advisors believe that the arguments presented by a former agent, who claims compensation for the termination of the agency contract, is not in accordance with applicable law and thereby no losses will result to the company, so it was not recorded any provision in the financial statements. The referred agency contract termination was due to breach of contractual obligation.
As of January 2011, the court judgement was concluded with favourable decision to the Group. However, in 2011 the referred former agent made an appeal in order to reopen the case, pending further decision. During 2012, were presented claims and counter-claims of appeal to the Supreme Court.
In 2014, the company was notified of the decision of the Supreme Court having to pay compensation for indirect damage and personal injuries. At this compensation will be deducted amounts receivable and the related interest on a case brought by the company against the agent.
It is conviction of the board that no responsibilities will result for the Group from the end of this process.
(Amounts in Euros)
The Group adopts the necessary measures relating to the environment, aiming to fulfil current applicable legislation.
The Toyota Caetano Group Board of Directors does not estimate that there are risks related to the environmental protection and improvement, not having received any infraction related to this matter during the first half of 2015.
In September 2000, the European Commission approved a Directive regarding end-of-life vehicles and the responsibility of Producers/Distributors for dismantling and recycling them.
Producers/Distributors will have to support at least a significant part of the cost of the dismantling of vehicles that went to the market after July 1, 2002, as well as in relation to vehicles produced before this date, but presented as of January 1, 2007.
This legislation will impact Toyota vehicles sold in Portugal. Toyota Caetano and Toyota are closely monitoring the development of Portuguese National Legislation in order to access the impact of these operations in its financial statements.
It is our conviction, in accordance with studies performed on the Portuguese market, and taking in consideration the possible usage of the vehicles parts resulting from the dismantlement, that the effective impact of this legislation in the Company accounts will be reduced or nil.
Meanwhile, and according to the legislation in force (Dec. /Law 196/2003), the Company signed a contract with "ValorCar – Sociedade de Gestão de Veículos em Fim de Vida, Lda" - a licensed entity for the management of an integrated system of VLF- the transfer of the liabilities in this process.
The earnings per share for the six month period ended as of June 30, 2015 and 2014 were computed based on the following amounts:
| Jun-15 | Jun-14 | |
|---|---|---|
| Net Income | ||
| Basic | 1.084.470 | 1.806.168 |
| Diluted | 1.084.470 | 1.806.168 |
| Number of shares | 35.000.000 | 35.000.000 |
| Earnings per share (basic and diluted) | 0,031 | 0,052 |
During the six month period ended as of June 30, 2015 and Jun 30, 2014 there were no changes in the number of shares outstanding.
(Amounts in Euros)
The consolidated financial statements were approved by the Board of Directors on August 27th, 2015.
These financial statements are a translation of financial statements originally issued in Portuguese language in accordance with IFRS. In the event of discrepancies, the Portuguese language version prevails.
MARIA ANGELINA MARTINS CAETANO RAMOS SALVADOR ACÁCIO MARTINS CAETANO MIGUEL PEDRO CAETANO RAMOS TAKESHI NUMA RUI MANUEL MACHADO DE NORONHA MENDES
In accordance with the terms of item g) of Article 420.º of the Companies Code and of the Articles of Association, it competes us to appreciate the report of the management performed and proceed to the general appraisal of the documents and statement of consolidated accounts of TOYOTA CAETANO PORTUGAL, SA, referring to the first semester of 2015 and which were presented to us by the Board of Directors.
In accordance with the assignments conferred to us, during this exercise we proceeded to the follow-up of the evolution of the social business with the frequency and to the extend considered advisable, to the general analysis of the financial procedures and the confirmation by sampling of the respective files.
We have no knowledge of any situation which didn't respect the articles of association and the legal terms applicable.
We analysed the limited revision Report elaborated by the registered auditor in CMVM (Comissão Mercado Valores Mobiliários) under number 9077, with which we agree.
Thus,
All members of the Board of Auditors of the TOYOTA CAETANO PORTUGAL, SA under the terms of item c) of number 1 of Article 246.º of the Exchange Stock Code, hereby confirm, as far as it is our knowledge, that the information provided in item a) of the above referred article was elaborated according to accounting rules applicable, evidencing a correct and clear image of the assets and liabilities, of the financial highlights and results of Group TOYOTA CAETANO PORTUGAL, SA and that the report of the management clearly shows the business evolution, the performance and the position of the Group, evidencing as well a description of the mains risks and incertitude's to be faced.
In these terms, we believe that the Financial Statements referring to the period ending at 30th June 2015 accurately reflect the result of all operations developed in that same period by the Group Toyota Caetano Portugal, S.A.
Vila Nova de Gaia, 27th August 2015
José Domingos da Silva Fernandes - President Alberto Luis Lema Mandim Filip Rachel k Soenen
1 In accordance with the Portuguese Securities Market Code (CVM), we present our limited review report on the consolidated financial information for the six-month period ended (30 June 2015 of Toyota Caetano Portugal, S.A. included in the consolidated Directors' Report, consolidated statement of financial position (which shows total assets of Euro 255,860,140 and total shareholders' equity of Euro 125,984,125, including non-controlling interests of Euro 1,655,917 and a net profit of Euro 1,059,322), consolidated income statement by nature, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the period then ended, and the corresponding notes to the accounts.
2 The amounts in the consolidated financial statements, as well as those in the additional financial information, are derived from the respective accounting records.
3 It is the responsibility of the Board of Directors: (a) to prepare consolidated financial information which present fairly, in all material respects, the financial position of the companies included in the consolidation, the consolidated results and the consolidated comprehensive income of their operations, the changes in consolidated equity and the consolidated cash flows; (b) to prepare historical financial information in accordance with International Accounting Standard 34 – Interim Financial Reporting as adopted by the European Union and which is complete, true, up-to-date, clear, objective and lawful as required by the CVM; (c) to adopt appropriate accounting policies and criteria; (d) to maintain appropriate systems of internal control; and (e) to disclose any significant matters which have influenced the activity, financial position or results.
4 Our responsibility is to verify the financial information included in the documents referred to above, namely as to whether it is complete, true, up-to-date, clear, objective and lawful, as required by the CVM, for the purpose of issuing an independent and professional report based on our work. Scope
5 Our work was performed with the objective of obtaining moderate assurance about whether the financial information referred to above is free from material misstatement. Our work was performed in accordance with the Standards and Technical Recommendations issued by the Institute of Statutory Auditors, planned according to that objective, and consisted, primarily, in enquiries and analytical procedures, to review: (i) the reliability of the assertions included in the financial information; (ii) the appropriateness and consistency of the accounting principles used, as applicable; (iii) the applicability, or not, of the going concern basis of accounting; (iv) the presentation of the financial information; (v) as to whether the consolidated financial information is complete, true, up-to-date, clear, objective and lawful.
6 Our work also covered the verification that the consolidated financial information included in the consolidated Directors' Report is consistent with the remaining documents referred to above.
7 We believe that the work performed provides a reasonable basis for the issue of this limited review report on the half year information.
8 Based on the work, which was performed with the objective of obtaining a moderate level of assurance, nothing has come to our attention that leads us to conclude that the consolidated financial information for the six-month period ended 30 June 2015 contain material misstatements that affect its conformity with International Accounting Standard 34 – Interim Financial Reporting as adopted by the European Union and that it is not complete, true, up-to-date, clear, objective and lawful.
9 Based on the work, nothing has come to our attention that leads us to believe that the consolidated financial information included in the consolidated Directors' Report is not consistent with the consolidated financial information for the period.
August 27, 2015
PricewaterhouseCoopers & Associados - Sociedade de Revisores Oficiais de Contas, Lda. Registered in the Comissão do Mercado de Valores Mobiliários with no. 9077 represented by:
José Pereira Alves, R.O.C.
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