General notes CoĂśperatie Coforta U.A. ('the Cooperative') was incorporated on 25 October 1996 and has its registered office in The Hague, the Netherlands. It is the sole shareholder of The Greenery B.V. ('the Company').
Amounts included in the notes are amounts in thousands of euros, unless stated otherwise.
1 Principal activities
has only used the accounts receivable financing
The Cooperative holds the entire share capital of The
facility, which is maximised at EUR 75 million, on the
Greenery B.V. The Greenery is a leading, international
basis of advances for trade receivables recognised by
company engaged in obtaining a full assortment of
the bank. In addition, due to the introduction of
fruit, vegetables and mushrooms from around the
supply chain finance with a major client, the use of
world and supplying these fresh to its clients every
this facility decreased in 2015.
day, all year round. Its clients are mainly wholesalers and supermarket chains in Europe and North America.
Outlook for 2016 and beyond
The company also supplies caterers and industry. The
In 2016 the operating result is expected to show
Greenery B.V. has branches in 11 countries and its
further improvement; despite the positive
policy and approach focus on market orientation, food
development of commercial and financial result, the
safety, sustainability, innovation and logistics
fall in members' volumes continues to require our
efficiency.
attention. Management expects to be able to absorb this decrease in the short term through contracted
2 Continuity
additional purchases. In addition, it focuses on the need to bind members, which is important to ensure
Developments in 2015
the long-term continuity of the company and of
The strategy towards supply chain cooperation and
CoĂśperatie Coforta.
cost-price leadership, launched in 2015, proved effective in 2015. In that year profitability levels
Management has prepared a liquidity forecast in
improved, despite the high costs associated with the
order to assess whether the company will be able to
disposal, restructuring or closure of loss-making
meet its commitments in 2016 and subsequent years.
activities. The net result for 2015 is EUR 4.1 million.
To that end, it has prepared assumptions regarding
Excluding the positive income from associates of EUR
volume and price developments, operating expenses,
11 million, the company registered a modestly
working capital and potential risks. These
positive net result from continuing operations of EUR
assumptions are updated on an ongoing basis.
1.3 million (2014 on a similar basis: â‚Ź 4 million negative).
The uncommitted accounts receivable financing facility will remain an essential source of working
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The programme launched in 2014 with a view to
capital financing. In addition, the company expects to
generating liquidity through the sale of assets and
receive income from the sale of real estate and is
thus to repay our bank loans was continued in 2015.
anticipating the further introduction of supply chain
The result was that in May 2015 all our bank credit
finance at another major client. A contract for the sale
facilities were repaid and that the company no longer
of one real estate object has already been signed;
uses the existing credit facilities, with the exception
management expects to be able to complete the
of a few bank guarantees. In consultation with the
transaction and receive the proceeds in the first
company, the banks will terminate those existing
trimester of 2016. Talks with interested parties are
facilities on 1 July 2016. Since May 2015, the company
underway on the sale of other real estate. The