Final Results - Year Ended 31 December 1999

Glanbia PLC 8 March 2000 Glanbia plc Preliminary Announcement of Results Year Ended 31 December 1999 Summary - Full year results are in line with expectations and reflect disposals, trading and operational issues announced on 1 June 1999. They are as follows: - Turnover of IR£1,971.98m / Eur2,503.90m. - Operating profit of IR£72.58m / Eur92.15m - Profit before exceptional items and tax of IR£46.08m / Eur58.51m - Pre-tax loss after exceptional items of IR£27.39m/Eur34.78m - Adjusted Earnings Per Share of IR9.0p / Eur11.43c - Group Balance Sheet strengthened. Equity Shareholders Funds increased by IR£40.0m. Year end borrowings down to IR£265.08m / Eur336.58m. Debt to Capital Employed now 123%. - Strategic review completed. Glanbia's future development is to prioritise international cheese and nutrition for growth. Other businesses will be strongly managed for enhanced performance. - UK and Irish consumer foods and meat businesses re-organised on a geographic basis to enhance market focus, commercial synergies and customer relevance. - Final Dividend of IR3.25p / Eur4.126649c. Total dividend for the year is IR5.60p / Eur7.110533c, an increase of 4.7%. 'The Group has delivered results for 1999 which are in line with expectations,' said Ned Sullivan, Group Managing Director. 'This was achieved despite a difficult trading environment in some sectors, which is continuing. However, based on current market conditions, I am satisfied that we will deliver an improved performance in 2000. 'The review announced in mid 1999 has been completed and Glanbia now has a clear strategy for the future. Its development will be primarily focused on two sectors. One is cheese, where Glanbia holds strong positions in the growing food service, food processing and retail markets in the USA, EU, UK and Ireland. The other is nutrition where the Group is a leader in the development of advanced technology dairy ingredients tailored to this rapidly growing global sector. 'The Group's refocused strategy will be the basis for sustainable future growth,' he said. Highlights - IR£ Y/E 31 Dec Y/E 2 Jan Change 1999 1999 Turnover IR£1,971.98m IR£2,301.28m -14.3% Operating IR£72.58m IR£110.50m -34.3% Profit Profit before Exceptional Items and Tax IR£46.08m IR£75.36m -38.9% Exceptional IR£73.46m IR£33.14m Items Adjusted Earnings per IR9.00p IR18.50p -51.3% Share Earnings (Loss) per Share (IR15.42p) IR8.00p --- Cash Flow* IR£82.24m IR£116.95m Dividend IR5.60p IR5.35p +4.7% Capital IR£214.77m IR£170.35m +26% Employed** Net Borrowings IR£265.08m IR£301.90m -12.2% Debt / Capital Employed 123% 177% *Trading Cash Flow (PBT pre Exceptional Items +Depreciation + Grants). **Total assets less current and non current liabilities and deferred taxation. Results (i) Profit and Loss Account Glanbia plc, one of Ireland's leading international food companies, announces a 39% decrease in profit before exceptional items and tax to IR£46.08m / Eur58.51m (1998: IR£75.36 m / Eur95.69m). Operating profit decreased by 34% to IR£72.58m / Eur92.15m (1998: IR£110.50m / Eur140.31m). The operating margin was 3.7%. (1998: 4.8%). Operating profit from continuing operations declined by 28% to IR£63.95m / Eur81.19m (1998: IR£88.93m / Eur112.92m), primarily reflecting the market and operational issues announced on 1 June 1999. These more than offset a satisfactory performance in other business units. Operating profit from discontinued operations - UK liquid milk - declined to IR£8.6m / Eur10.9m, mainly due to the disposal of this business in June 1999 (1998 full year operating profit: IR£21.57m / Eur27.39m). Turnover declined to IR£1,971.98m / Eur2,503.90m (1998: IR£2,301.28m / Eur2,922.02m), mainly reflecting the impact of business disposals. The disposal in June/July of the UK liquid milk operations and the business and fixed assets of the Irish beef operations together with the other smaller disposals that occurred in the year, raised IR£128.75m / Eur163.48m in cash, net of costs. These transactions realised a gain of IR£48.75m / Eur61.90m above the value of the net assets. A non-cash write back through the profit and loss account of goodwill (IR£115.08m / Eur146.12m) previously written off to reserves resulted in a loss on the disposals of IR£66.33m / Eur84.22m. A final provision of IR£7.13m / Eur9.05m relating to post merger re-organisation costs has been made to give total exceptional items for the year of IR£73.46m / Eur93.28m. This results in a net loss before tax of IR£27.39m / Eur34.78m (1998 profit before tax: IR£42.22m / Eur53.61m). Adjusted earnings per share decreased by 51.3% to IR9.0p / Eur11.43c (1998: IR18.50p / Eur23.49c). After deducting the exceptional items, the loss per share was IR15.42p / Eur19.58c (1998 earnings: IR8.00p / Eur10.16c). Fully diluted loss per share was IR15.42 p / Eur19.58c. (ii) Cash Flow Cash flow (PBT pre Exceptional Items + Depreciation + Grants) was IR£82.24m / Eur104.42m compared with IR£116.95m / Eur148.50m in 1998. Capital expenditure amounted to IR£92.06m / Eur116.89m (1998: IR£63.69m / Eur80.87m) and included developments in food ingredients and consumer foods, merger related expenditure and Group-wide systems development. Acquisition payments, primarily the acquisition of Nimmo Quality Meats and deferred payments relating to Beni Foods, were IR£16.18m / Eur20.54m (1998: IR£10.77m / Eur13.68m). (iii) Financing The interest charge for the year declined to IR£26.75m / Eur33.97m (1998: IR£35.25m / Eur44.76m), reflecting lower interest rates and tighter cash management. Interest cover was 2.7 times. Non-equity minority interest, which relates to Preferred Securities and Preference Shares, amounted to IR£10.07m / Eur12.78m (1998: IR£9.64m / Eur12.24m). Capital employed at year end improved to IR£214.77m / Eur272.70m (1998: IR£170.35m / Eur216.30m). Net borrowings at year end were IR£265.08m / Eur336.58m (1998: IR£301.90 m / Eur383.33m). Borrowings to capital employed was 123% compared to 177% in 1998. (iv) Dividend A final dividend of IR3.25p / Eur4.126649c is proposed, giving a total dividend for the year of IR5.60p / Eur7.110533c, an increase of 4.7% on the 1998 dividend of IR5.35p / Eur6.793099c. Review of Operations Food Ingredients Food Ingredients accounted for 30.5% of Group turnover in 1999. The division comprises the USA and Irish cheese businesses and dairy ingredient operations which supply the international nutritional and food processing sectors. Turnover in 1999 declined by 4.8% to IR£600.77m / Eur762.82m (1998: IR£631.19m / Eur801.45m), mainly due to the 1998 disposal of the Wisconsin, USA businesses. Operating profit declined by 17.1% to IR£28.10m / Eur35.68m (1998: IR£33.88m / Eur43.02m) and operating margin was 4.7% (1998: 5.4%), reflecting continuing high Irish industry average milk prices and lower international market returns. Turnover in the USA was IR£255.33m / Eur324.20m (1998: IR£285.45m / Eur362.45m) and in Ireland was IR£345.44m / Eur438.62m (1998: IR£345.75m / Eur439.01m). USA Glanbia Foods operates three facilities in Idaho, USA, and is a leading supplier of American cheese for the food service, food processing and retail sectors. It is also a major producer of dairy-based ingredients for domestic and international nutrition and food processing sectors. This business performed excellently, maintaining market share, margins and profitability. Demand continued to exceed supply for advanced technology dairy proteins, where the Group has a leading position. The latest expansion phase at the Gooding cheese facility in Idaho is on target and will be fully operational by the end of the first quarter 2000. This initiative will increase Glanbia's USA cheese output by 30% and ingredient output by 21%, and will strengthen the Group's strategic position in the US cheese and dairy ingredients sectors. Advance sales commitments for the entire additional cheese capacity coming on stream have already been secured. The business successfully commissioned new plant to produce natural milk calcium and launched Xtracal which has performed strongly to-date. Thermax, a new heat stable WPC product, was also launched towards year end. Production of Provon, a high quality specialised whey protein, was expanded to meet market demand, following additional investment during the year. Ireland Glanbia Ingredients is Ireland's largest dairy processor, utilising over 30% of the national manufacturing milk pool. Modern facilities at Ballyragget, Virginia and Kilmeaden export over 95% of output to European, North and South American, African and Asian markets. This business was profitable in 1999. However, the general market environment for internationally traded products was difficult and, combined with high relative industry average milk prices, resulted in reduced margins. The business had an excellent operational performance, completing the re- organisation programme on target. Ballyragget is now one of Europe's largest multi-product dairy facilities. Increased volumes of formulated milk products, new applications for the confectionery and nutrition sectors as well as added value whey products all assisted performance. A new long-term contract as exclusive supplier to Baileys Irish Cream was also completed. Consumer Foods During 1999 business units in the former consumer foods and meat divisions were re-organised on a geographic basis to enhance market focus, commercial synergies and customer relevance. Consumer Foods now consists of businesses engaged in the processing and marketing of dairy and meat products primarily through retail and food service channels. It accounted for 60.3% of Group turnover in 1999 and includes the branded dairy businesses and meat operations in Ireland, all dairy, meat and food service activities in the UK and the pizza cheese joint venture in Belgium. This division experienced a reduction in turnover and profits in 1999. This was primarily due to the disposal of UK liquid milk operations in June 1999 and a delay (with associated cost overruns) in completing the Irish liquid milk reorganisation, which more than offset an improved performance by the Irish and UK pork businesses. Turnover declined by 20.4% to IR£1,189.23m / Eur1,510.01m (1998: IR£1,493.40m / Eur1,896.23m). Operating profit was down by 50.03% to IR£32.69m / Eur41.51m compared to IR£65.41m / Eur83.05m in 1998. Operating margin of 2.8% was achieved (1998: 4.4%). Turnover in the UK and Belgium was IR£757.72m / Eur962.11m (1998: IR£982.75m / Eur1,247.84m) and in Ireland was IR£431.51m / Eur547.91m (1998: IR£510.66 / Eur648.41m). United Kingdom In the UK consumer foods now comprises cheese, fresh pork, cooked meats and food service operations, having disposed of the liquid milk business in June 1999. Glanbia Cheese is the largest supplier of functional pizza cheese in the European Union. This business had a very strong year, building its leadership position in the growing EU market. Output of the Magheralin plant expanded considerably following the transfer of activities from the Whitchurch facility, which was closed. This business is also the largest producer of cheddar and territorial cheeses in the UK, serving primarily the retail sector. This sector had a challenging 1999 as competition intensified. Glanbia's fresh pork business supplies the UK retail sector, further processors and a European customer base. This business performed very well, growing market share and strengthening retail relationships in highly competitive market conditions. It improved profitability compared to 1998 due to the further development of value added BBQ / convenience products, supply chain initiatives and the acquisition of Nimmo Quality Meats in March 1999, which provided opportunities for further operational efficiencies. The UK sliced cooked meats business had a very strong performance in the first half of the year, however, higher raw material costs in the second half impacted results for the full year. Nonetheless it had a good year relative to the sector generally with new premium products driving retail business gains in 1999. Performance in the food service business was below expectations for the full year, arising from the re-organisation of complex supply chain logistics associated with commissioning the new distribution centre at Tamworth in the second half of 1999. Ireland Glanbia is the largest liquid milk supplier in Ireland and, as already announced, this business encountered major delays and cost overruns in completing the re-organisation of the business in 1999. Operations have now been consolidated into three processing facilities and a new distribution network. The chilled foods business is market leader in a number of categories including yoghurt, fromage frais, cheese and fresh soups. A satisfactory profit performance was achieved in 1999, with continued brand and range development. Profitability in the Irish pork business recovered from the extremely disappointing performance in 1998, but remained somewhat below expectations. Weak international market demand, combined with over supply in Europe and the USA, continued to impact market prices. Nonetheless the business successfully expanded relationships with European food processors and re-entered the Japanese market. The operations also benefited from improved plant efficiencies, rationalisation of retail distribution operations and growth in retail market share. The Irish sheepmeat business achieved a satisfactory performance despite difficult market conditions due to oversupply in export markets and weak by- product prices. Agribusiness The Agribusiness Division is Glanbia's primary link with its farmer supply base in Ireland. It is engaged in milk assembly, animal feed production, the supply of farm inputs via a comprehensive branch network, grain assembly and marketing and pig production. It accounted for 9.2% of Group turnover in 1999. The division performed very well again in 1999 as a result of efficiency gains, despite the difficult conditions that prevailed in the farming sector generally in 1999. Turnover was IR£181.98m / Eur231.07m (1998: IR£176.68m / Eur224.34 m) and operating profit was IR£11.79m / Eur14.97 m (1998: IR£11.21m / Eur14.23m) Despite competitive pressures, the business enhanced market share, particularly in feed and fertilisers, and completed its rationalisation programme. The investment in the malting joint venture has enhanced the division's value added position and market reach in the cereals sector. Business Strategy Glanbia has completed a full strategic review, which has identified important growth opportunities. Future development will be primarily focused on the growing international cheese and nutrition sectors where the Group has significant strengths. Glanbia is one of the largest cheese producers in the world with a wide product offering and is particularly well positioned in food service, food processing and retail markets in the USA and EU. The Group is also a leader in the development of advanced technology dairy ingredients tailored to the rapidly growing nutrition sector, which comprises foods consumed for specific nutritional characteristics (fortified foods, dietary supplements, adult/infant nutrition, sports nutrition etc). Other business units within the portfolio will be strongly managed for enhanced performance, increased market share and customer relevance, particularly consumer dairy and meat businesses. Outlook The Board is confident that an improved outcome for 2000 will be achieved based on current market conditions. The Group has commenced implementation of the strategy to position Glanbia as a significant international player in its chosen sectors, which will benefit shareholders through clarity of focus and renewed growth in profits and earnings. Annual Report / AGM / Dividends The Annual Report and Financial Statements will be published in April. The Annual General Meeting will take place in the Newpark Hotel, Kilkenny on 11 May 2000. The final dividend, if approved, will be paid on 18 May 2000 to all shareholders on the register on 25 April 2000. Enquiries to: Michael Patten, Head of Corporate Communications Glanbia plc. Tel: 056-72200 or 087-2414502 Jim Milton, Murray Consultants Tel: 01-6326400 or 086-2558400 Glanbia plc Consolidated Profit and Loss Account (Irish Pounds) for the Year ended 31 December 1999 Pre- Exceptional Total Exceptional 1999 1999 1999 IR£'000 IR£'000 IR£'000 TURNOVER Continuing Operations 1,830,807 1,830,807 Discontinued Operations 141,177 141,177 _________ _________ 1,971,984 1,971,984 Cost of Sales (1,680,121) (1,680,121) __________ _________ GROSS PROFIT 291,863 291,863 Distribution Costs (139,676) (139,676) Administrative Expenses (79,611) (79,611) __________ _________ OPERATING PROFIT* 72,576 72,576 Share of profits of associated companies 250 250 Reorganisation and merger (7,128) (7,128) costs Loss on sale of (66,333) (66,333) operations Interest (26,750) (26,750) _________ _________ _________ PROFIT/(LOSS) BEFORE 46,076 (73,461) (27,385) TAXATION Taxation (9,143) 2,181 (6,962) _________ _________ _________ PROFIT/(LOSS) AFTER 36,933 (71,280) (34,347) TAXATION ========= ======== Equity minority interest (699) Non-equity minority (10,066) interest ________ PROFIT/(LOSS) FOR THE (45,112) YEAR Dividends (16,381) ________ PROFIT RETAINED / LOSS ABSORBED FOR THE YEAR (61,493) ======== EARNINGS PER SHARE (15.42)p ======== FULLY DILUTED EARNINGS (15.42)p PER SHARE ======== ADJUSTED EARNINGS PER 9.00p SHARE ======== *OPERATING PROFIT: Continuing Operations 63,946 - 63,946 Discontinued Operations 8,630 - 8,630 _________ ________ ________ 72,576 72,576 ======== ======== ======== Glanbia plc Consolidated Profit and Loss Account (Irish Pounds) for the Year ended 2 January 1999 Pre- Exceptional Total Exceptional 1998 1998 1998 IR£'000 IR£'000 IR£'000 TURNOVER Continuing Operations 1,962,080 1,962,080 Discontinued Operations 339,202 339,202 _________ _________ 2,301,282 2,301,282 Cost of Sales (1,943,058) (1,943,058) __________ _________ GROSS PROFIT 358,224 358,224 Distribution Costs (162,014) (162,014) Administrative Expenses (85,709) (85,709) __________ _________ OPERATING PROFIT* 110,501 110,501 Share of profits of 112 112 associated companies Reorganisation and merger (9,459) (9,459) costs Loss on sale of (23,685) (23,685) operations Interest (35,251) (35,251) _________ _________ _________ PROFIT/(LOSS) BEFORE 75,362 (33,144) 42,218 TAXATION Taxation (11,098) 2,500 (8,598) _________ _________ _________ PROFIT/(LOSS) AFTER 64,264 (30,644) 33,620 TAXATION ========= ======== Equity minority interest (617) Non-equity minority (9,643) interest ________ PROFIT/(LOSS) FOR THE 23,360 YEAR Dividends (15,650) ________ PROFIT RETAINED / LOSS ABSORBED FOR THE YEAR 7,710 ======== EARNINGS PER SHARE 8.00p ======== FULLY DILUTED EARNINGS 7.97p PER SHARE ======== ADJUSTED EARNINGS PER 18.50p SHARE ======== *OPERATING PROFIT: Continuing Operations 88,934 - 88,934 Discontinued Operations 21,567 - 21,567 _______ ________ ________ 110,501 110,501 ======= ======== ======= Glanbia plc Consolidated Balance Sheet (Irish Pounds) as at 31 December 1999 1999 1998 IR£'000 IR£'000 ASSETS EMPLOYED FIXED ASSETS Tangible Assets 433,968 440,465 Goodwill 2,840 2,742 Financial Assets 15,698 15,248 _________ ________ 452,506 458,455 _________ ________ CURRENT ASSETS Stocks 179,175 190,626 Debtors 263,605 252,880 Cash and Bank Balances 92,905 133,578 ________ ________ 535,685 577,084 CREDITORS (amounts falling due within one year) 365,255 384,856 ________ ________ NET CURRENT ASSETS 170,430 192,228 ________ ________ TOTAL ASSETS LESS CURRENT LIABILITIES 622,936 650,683 LESS: CREDITORS (amounts falling due after more 395,333 475,926 than one year) PROVISION FOR LIABILITIES AND CHARGES 12,837 4,412 - Deferred Taxation ________ ________ 214,766 170,345 ======== ======== CAPITAL AND RESERVES Called Up equity share 14,626 14,626 capital Share premium account 63,009 63,009 Merger reserve 89,111 89,111 Revenue reserves - (91,653) (131,659) profit retained Capital reserves 1,421 1,421 ________ _________ EQUITY SHAREHOLDERS 76,514 36,508 FUNDS EQUITY MINORITY 5,083 4,475 INTERESTS NON EQUITY MINORITY 110,815 102,075 INTERESTS CAPITAL GRANTS 22,354 27,287 _________ ________ 214,766 170,345 ========= ======== Glanbia plc Summary Cash Flow Statement (Irish Pounds) for the Year ended 31 December 1999 1999 1998 IR£'000 IR£'000 Profit before tax and 46,076 75,362 exceptionals Less non-cash profits (1,810) (1,040) Depreciation 39,310 44,075 Grants amortised (2,393) (2,600) Grants received 1,053 1,152 ________ ________ Trading Cash Flow 82,236 116,949 Working Capital 7,438 27,452 Decrease Divestment receipts 128,752 41,458 Share capital issued - 836 _______ ________ Total Cash Inflow 218,426 186,695 Less Expenditure: Capital Expenditure (net of disposals) 70,736 61,033 Tax (refund) / payment (1,599) 5,098 Dividends paid - Equity 15,942 14,887 Dividends paid - Minority Interest 9,765 9,432 Merger Cash Costs 37,267 59,584 Acquisition payments 16,176 10,774 Loans acquired with subsidiaries 3,114 - Bank balances in - 1,013 divestments ________ _______ Net Inflow of Funds 67,025 24,874 Currency translation (30,196) 10,929 impact _________ ________ Decrease in Borrowings 36,829 35,803 ========= ======== Glanbia plc Segmental Analysis (Irish Pounds) for the Year ended 31 December 1999 1999 1998 IR£m IR£m CLASS OF BUSINESS Turnover Consumer Foods 1,189.2 1,493.4 Food Ingredients 600.8 631.2 Agribusiness 182.0 176.7 ________ _________ 1,972.0 2,301.3 ======== ======== Operating Profit Consumer Foods 32.7 65.4 Food Ingredients 28.1 33.9 Agribusiness 11.8 11.2 _______ _______ 72.6 110.5 ======= ======= GEOGRAPHICAL SEGEMENTS Turnover by Market Destination Ireland 586.8 607.9 UK / Rest of Europe 969.8 1,224.6 USA / Other 415.4 468.8 _______ ________ 1,972.0 2,301.3 ======= ======== Glanbia plc Earnings per Ordinary Share (Irish Pounds) for the Year ended 31 December 1999 1999 1998 IR£'000 IR£'000 (Loss) / Profit after taxation and minority (45,112) 23,360 interest Weighed average number of ordinary shares in 292,514,184 292,030,796 issue IRpence IRpence Earnings per share (15.42) 8.00 ========== ========== Adjustments: Goodwill amortisation 0.05 0.01 Loss on sale of 22.10 8.11 operations Reorganisation and 2.27 2.38 merger costs __________ __________ Adjusted Earnings per 9.00 18.50 Share ========== ========== Fully Diluted Earnings (15.42) 7.97 per Share ========== ========== Glanbia plc Consolidated Profit and Loss Account (Euros) for the Year ended 31 December 1999 Pre- Exceptional Total Exceptional 1999 1999 1999 Eur'000 Eur'000 Eur'000 TURNOVER Continuing Operations 2,324,645 2,324,645 Discontinued Operations 179,258 179,258 __________ __________ 2,503,903 2,503,903 Cost of Sales (2,133,314) (2,133,314) __________ _________ GROSS PROFIT 370,590 370,590 Distribution Costs (177,352) (177,352) Administrative Expenses (101,085) (101,085) __________ _________ OPERATING PROFIT* 92,153 92,153 Share of profits of 317 317 associated companies Reorganisation and merger (9,051) (9,051) costs Loss on sale of (84,226) (84,226) operations Interest (33,965) (33,965) _________ ________ _________ PROFIT/(LOSS) BEFORE 58,504 (93,276) (34,772) TAXATION Taxation (11,609) 2,769 (8,840) _________ _________ _________ PROFIT/(LOSS) AFTER 46,895 (90,507) (43,612) TAXATION ========= ======== Equity minority interest (888) Non-equity minority (12,781) interest ________ PROFIT/(LOSS) FOR THE (57,280) YEAR Dividends (20,800) ________ PROFIT RETAINED / LOSS ABSORBED FOR THE YEAR (78,080) ======== EARNINGS PER SHARE (19.58)c ======== FULLY DILUTED EARNINGS (19.58)c PER SHARE ======== ADJUSTED EARNINGS PER 11.43c SHARE ======== *OPERATING PROFIT: Continuing Operations 81,195 - 81,195 Discontinued Operations 10,958 - 10,958 ________ _______ ________ 92,153 92,153 ======= ======= ======== Glanbia plc Consolidated Profit and Loss Account (Euros) for the Year ended 2 January 1999 Pre- Exceptional Total Exceptional 1998 1998 1998 Eur'000 Eur'000 Eur'000 TURNOVER Continuing Operations 2,491,328 2,491,328 Discontinued Operations 430,698 430,698 _________ _________ 2,922,025 2,922,025 Cost of Sales (2,467,175) (2,467,175) __________ _________ GROSS PROFIT 454,851 454,851 Distribution Costs (205,715) (205,715) Administrative Expenses (108,828) (108,828) __________ _________ OPERATING PROFIT* 140,307 140,307 Share of profits of associated companies 142 142 Reorganisation and merger (12,010) (12,010) costs Loss on sale of (30,074) (30,074) operations Interest (44,760) (44,760) _________ _________ _________ PROFIT/(LOSS) BEFORE 95,690 (42,084) 53,606 TAXATION Taxation (14,092) 3,174 (10,917) _________ _________ _________ PROFIT/(LOSS) AFTER 81,598 (38,910) 42,689 TAXATION ========= ======== Equity minority interest (783) Non-equity minority (12,244) interest ________ PROFIT/(LOSS) FOR THE 29,661 YEAR Dividends (19,871) ________ PROFIT RETAINED / LOSS ABSORBED FOR THE YEAR 9,790 ======== EARNINGS PER SHARE 10.16c ======== FULLY DILUTED EARNINGS 10.12c PER SHARE ======== ADJUSTED EARNINGS PER 23.49c SHARE ======== *OPERATING PROFIT: Continuing Operations 112,923 - 112,923 Discontinued Operations 27,384 - 27,384 ________ ________ ________ 140,307 140,307 ======== ======== Glanbia plc Consolidated Balance Sheet (Euros) as at 31 December 1999 1999 1998 Eur'000 Eur'000 ASSETS EMPLOYED FIXED ASSETS Tangible Assets 551,026 559,275 Goodwill 3,606 3,482 Financial Assets 19,932 19,361 _________ ________ 574,564 582,118 _________ ________ CURRENT ASSETS Stocks 227,505 242,045 Debtors 334,709 321,091 Cash and Bank Balances 117,965 169,609 ________ ________ 680,180 732,746 CREDITORS (amounts falling due within one 463,778 488,666 year) ________ ________ NET CURRENT ASSETS 216,401 244,079 ________ ________ TOTAL ASSETS LESS CURRENT LIABILITIES 790,966 826,197 LESS: CREDITORS (amounts falling due after more 501,969 604,301 than one year) PROVISION FOR LIABILITIES AND CHARGES 16,300 5,602 - Deferred Taxation ________ ________ 272,697 216,294 ======== ======== CAPITAL AND RESERVES Called Up equity share 18,571 18,571 capital Share premium account 80,005 80,005 Merger reserve 113,148 113,148 Revenue reserves - (116,375) (167,172) profit retained Capital reserves 1,804 1,804 ________ _________ EQUITY SHAREHOLDERS 97,153 46,356 FUNDS EQUITY MINORITY 6,454 5,682 INTERESTS NON EQUITY MINORITY INTERESTS 140,706 129,609 CAPITAL GRANTS 28,384 34,647 _________ ________ 272,697 216,294 ========= ======== Glanbia plc Summary Cash Flow Statement (Euros) for the Year ended 31 December 1999 1999 1998 Eur'000 Eur'000 Profit before tax and 58,504 95,690 exceptionals Less non-cash profits (2,298) (1,321) Depreciation 49,913 55,964 Grants amortised (3,038) (3,301) Grants received 1,337 1,463 ________ ________ Trading Cash Flow 104,418 148,495 Working Capital 9,444 34,857 Decrease Divestment receipts 163,481 52,641 Share capital issued - 1,062 _______ ________ Total Cash Inflow 277,344 237,054 Less Expenditure: Capital Expenditure (net of disposals) 89,816 77,496 Tax (refund) / payment (2,030) 6,473 Dividends paid - Equity 20,242 18,903 Dividends paid - 12,399 11,976 Minority Interest Merger Cash Costs 47,319 76,656 Acquisition payments 20,539 13,680 Loans acquired with 3,954 - subsidiaries Bank balances in - 1,286 divestments ________ _______ Net Inflow of Funds 85,104 31,583 Currency translation (38,341) 13,877 impact _________ ________ Decrease in Borrowings 46,763 45,460 ========= ======== Glanbia plc Segmental Analysis (Euros) for the Year ended 31 December 1999 1999 1998 Eur(m) Eur(m) CLASS OF BUSINESS Turnover Consumer Foods 1,510.0 1,896.2 Food Ingredients 762.9 801.5 Agribusiness 231.1 224.4 ________ _________ 2,503.9 2,922.0 ======== ======== Operating Profit Consumer Foods 41.5 83.0 Food Ingredients 35.7 43.0 Agribusiness 15.0 14.2 _______ _______ 92.2 140.3 ======= ======= GEOGRAPHICAL SEGEMENTS Turnover by Market Destination Ireland 745.1 771.9 UK / Rest of Europe 1,231.4 1,554.9 USA / Other 527.4 595.3 _______ ________ 2,503.9 2,922.0 ======= ======== Glanbia plc Earnings per Ordinary Share (Euros) for the Year ended 31 December 1999 1999 1998 Eur'000 Eur'000 (Loss) / Profit after taxation and minority (57,280) 29,661 interest Weighed average number of ordinary shares in 292,514,184 292,030,796 issue Eur Cents Eur Cents Earnings per share (19.58) 10.16 ========== ========== Adjustments: Goodwill amortisation 0.06 0.01 Loss on sale of 28.06 10.30 operations Reorganisation and 2.88 3.02 merger costs __________ __________ Adjusted Earnings per 11.42 23.49 Share ========== ========== Fully Diluted Earnings (19.58) 10.12 per Share ========== ==========

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