
Annual Report
2014/2015


The year 2014/15 will be remembered as an exceptional and challenging one. Despite lower European demand for seed potatoes, HZPC has maintained its market position in Europe and secured competitive prices for our growers. Outside Europe we have, as hoped, been able to achieve good exports. ‘Growing with our potatoes’ is our fundament.

- 4.1 Consolidated balance sheet
- 4.2 Consolidated profit and loss statement
- 4.3 Consolidated cash flow statement
- 4.4 Notes to the consolidated financial statement 2014/2015
- 4.5 Notes to the consolidated balance sheet
- 4.6 Notes to the consolidated profit and loss statement
- 4.7 Seperate company balance sheet
- 4.8 Seperate profit and loss statement
- 4.9 Notes to the seperate company financial statement
- 4.10 Notes to the seperate company balance sheet
- 4.11 Other explanatory notes
Market Developments

Creating Value
x 1 million euro | 2010/11 | 2011/12 | 2012/13 | 2013/14 | 2014/15 |
---|---|---|---|---|---|
Results | |||||
Net turnover | 283.9 | 229.2 | 280.0 | 282.7 | 241.6 |
Gross margin | 43.2 | 39.1 | 45.8 | 47.5 | 41.3 |
Result after tax | 8.6 | 4.4 | 1.0 | 9.2 | 4.5 |
Depreciation tangible fixed assets | 2.1 | 2.2 | 2.4 | 2.6 | 2.7 |
Investments in tangible fixed assets | 1.0 | 2.9 | 2.1 | 2.8 | 3.4 |
Balance sheet | |||||
Group equity | 37.1 | 38.6 | 38.8 | 42.3 | 44.0 |
Cash flow from operating activities | 3.4 | 0.5 | 12.3 | 18.6 | 5.8 |
Cash and cash equivalents | 20.6 | 12.4 | 17.8 | 32.9 | 27.6 |
Growers depositis | 20.0 | 16.6 | 20.8 | 23.8 | 20.9 |
Total assets | 79.8 | 82.9 | 91.1 | 96.4 | 94.1 |
Group equity as % of total assets |
46.5% |
46.6% |
42.6% |
43.9% |
46.8% |
Operations
The HZPC group has an international market leading position in potato breeding, seed potato trading, and product and variety concepts. The team consists of more than 300 employees in over 10 countries. HZPC potato varieties and seed potatoes allow potato growers worldwide to achieve a sustainable, healthy growth that respects people and the environment. Our breeders develop potato varieties optimally suited to local growing conditions. With HZPC varieties, local potato growers can respond dynamically to the needs of their markets and market segments such as manufacturing, retail and the consumer market.
To really know our various geographic markets, and to serve them and analyse trends, we have divided our organisation into the five sectors that we identify in the market:
Retail Fresh Sector
At HZPC we look beyond the next link in the value chain. This year the Retail Fresh sector has a prominent position in our annual report. The Retail Fresh team operates in a rapidly developing, highly diverse, multicultural world market...
Traditional Sector
In the Traditional segment, the markets where potatoes occur in their freshest form, HZPC is world market leader. Our ambition is to maintain this position over the coming years and expand where possible. Both the breeding licences for protected varieties and trade continue...
French Fries Sector
The global French Fries market is being boosted by the upcoming and growing economies. Customers include Quick Service Restaurant (QSR) chains like KFC and McDonald’s. The QSR chains play a decisive role in the value chain. The French Fries market is growing strongly in Asia, ...
Crisps Sector
HZPC’s sector Crisps serves the global crisp market and works closely with manufacturers and seed potato buyers, collaborating to create added value within the chain. Last year, the trend towards diversification in tastes and types...
Peeled Sector
HZPC’s sector Peeled supplies seed potatoes for locally grown, peeled and packed potatoes. Our customers are mainly supermarket chains, food companies and catering companies who buy the peeled potatoes, packaged under their own brand, from peeling companies. HZPC works with professional peeling companies in Germany...
Production & Logistics
In an increasingly competitive market, the focus for Production & Logistics remains on the growing of good quality seed potatoes and providing a reliable service to our direct and indirect customer, the ware potato grower.

Research & Development
Breeding techniques are rapidly evolving.
This is necessary to keep pace with
global human and societal developments.
The capabilities and know-how of HZPC R&D
in Metslawier are highly specialised,
and we apply them consciously and responsibly.
We are furthering fundamental scientific
knowledge and working on the application
of new plant breeding techniques such as...
HRM | Employee and Talent Development
Number of employees in FTE (left) and workforce composition in %

Risk management
Doing business inherently involves taking risks. By taking balanced risks we strive to continuously build on being a financially sound and sustainable Company. Risk management is therefore an important element of our corporate governance and strategy development.
External risks Internal risksCorporate Governance
HZPC Holland B.V. is a two-tier board company with an Executive Board and an independent Supervisory Board. The Supervisory Board appoints the members of the Executive Board.
HZPC’s Executive Board consists of Gerard Backx (Chief Executive Officer and statutory executive), Herman D. Heijtmeijer (acting Chief Finance Officer) and Herman Verveld (Chief Commercial Officer).
Corporate Governance2010/11 | 2011/12 | 2012/13 | 2013/14 | 2014/15 | |
---|---|---|---|---|---|
Profit per share certificate (x EUR 1) | € 10.94 | € 5.67 | € 1.30 | € 11.74 | € 5.73 |
Dividend per share certificate (x EUR 1) | € 7.00 | € 3.75 | € 1.00 | € 7.50 | € 3.75 |
Dividend as % of the net result | 64% | 66% | 77% | 64% | 65% |
Share certificate price as per June 30 (x EUR 1) |
€ 53.20 | € 64.35 | € 77.90 | € 93.50 | € 113.15 |
Return on shares (x EUR 1) | € 16.20 | € 14.90 | € 14.55 | € 23.10 | € 23.40 |
Total shareholders return in % of share certificate price (as per June 30 of previous year) |
36.8% | 28.0% | 22.6% | 29.7% | 25.0% |