Interim Results
Glanbia PLC
01 September 2004
2004 Interim Results
1 September 2004
GLANBIA COMPLETES REORGANISATION.
GROUP WELL POSITIONED TO DELIVER SOLID EARNINGS GROWTH.
Glanbia plc, an international Consumer Foods, Dairy Food Ingredients and
Nutritionals Group, announces its interim results for the first half of 2004.
Commenting today John Moloney, Group Managing Director, said:
'As outlined in March this year, 2004 is a year of transition for Glanbia as the
reorganised and refocused Group moves into a development and growth phase.
The Group performed broadly in line with expectations in the first half and the
results reflect a strong performance from the Food Ingredients division, offset
by difficult trading conditions in the Fresh Pork business unit of the Consumer
Foods division. Good progress was also made on sales volumes, prices and new
product launches in the developing Nutritionals business.
Going forward the Group is well positioned to deliver solid earnings growth. We
have an ongoing programme of investing for the future, combined with strong
market positions and leading brands in core operations.'
Half year ended Half year ended Full year ended
3 July 2004 5 July 2003 3 January 2004
Group Turnover €974.0m €1,050.8 m €2,041.1 m
Operating profit* €40.3 m €45.7 m €92.8 m
Operating margins* 4.1% 4.4% 4.5%
Profit before Tax ( pre exceptionals) €35.7m €37.6m €77.1 m
Profit before Tax €35.7m €10.7m (€14.9m)
Earnings per share 8.62c (0.16c) (12.01c)
Adjusted EPS** 8.65c 9.14c 19.26c
Dividend 2.16c 2.06c 5.00c
*pre exceptional items and including share of joint ventures & associates
**pre exceptional items and amortisation of goodwill
RESULTS
The first half performance is broadly on track in the context of a challenging
year in 2004. The Group's turnover declined 7.3% to €974.0 million (H1 2003:
€1,050.8 million) mainly as a result of the planned restructuring of the Group's
UK operations within the Consumer Foods division. Sales (adjusted for all
disposed businesses) increased by 9.2%, a combination of volumes and pricing and
a strong performance by the Food Ingredients division.
Operating profit, pre exceptionals and including share of joint ventures and
associates, declined by 11.8% to €40.3 million (H1 2003: €45.7 million). The
operating margin, pre exceptionals and including share of joint ventures and
associates, was 4.1% (H1 2003: 4.4%). Both measures reflect the impact of the
difficulties in the Irish pigmeat sector on the first half results.
Profit before tax increased substantially to €35.7 million (H1 2003: €10.7
million) as there were no exceptionals in the first half of 2004 compared with
€26.9 million exceptional charges in the first half of 2003.
Adjusted earnings per share amounted to 8.65c (H1 2003: 9.14c), while the
interim dividend increased by 5% to 2.16c per share (H1 2003: 2.06c).
Net debt increased by €19.8 million to €173.6 million, compared with €153.8
million at the 2003 year end. This reflects the traditional seasonality in the
underlying businesses and a somewhat higher level of capital expenditure, offset
by the proceeds of the part disposal of Glanbia Foods Ltd (the UK Cheddar cheese
operations) and good working capital management. However, net debt decreased by
€77.2 million when compared with €250.8 million at the half year 2003.
The interest charge declined substantially to €4.5 million (H1 2003: €8.2
million) due to lower financing costs as a result of lower interest rates and
the lower level of net debt. Interest cover improved to 8.9 times for the first
half 2004 compared with 5.6 times for the first half last year (FY 2003: 5.9
times).
DIVIDENDS
The Board has decided to pay an interim dividend of 2.16c per share, compared
with a 2.06c per share interim dividend in 2003. This represents an increase of
5%. Dividends will be paid on Wednesday, 6 October 2004 to shareholders on the
register as at Friday, 10 September 2004, the record date. Irish dividend
withholding tax will be deducted at the standard rate where appropriate.
GROUP REORGANISATION
The final phase of the planned restructuring of the Group's UK businesses was
completed in the first half of 2004, with the part sale of Glanbia Foods Ltd and
the related Glanbia Milk operations in the UK, and the creation of a joint
venture cheese company with Milk Link Ltd. This follows the exit from consumer
meat activities in the UK in 2002 and fresh meat activities in 2003. This has
reorganised Glanbia into cohesive business units structured around developing
the Group's strategic focus on Consumer Foods, Dairy Food Ingredients and
Nutritionals.
DEVELOPMENT INITIATIVES
The Group's development strategy is centred on high growth areas in Consumer
Foods, Dairy Food Ingredients and the Nutritionals market. The expansion of
these areas of operation will be achieved through a programme of acquisitions,
strategic joint ventures and ongoing investment for organic growth and
operational efficiency. Continued progress was made in investing for the future
of the business during the first half of the year. The timing and phasing of
these investments are such that the benefits will begin to accrue from next year
onwards:
• The Group made a number of small acquisitions/investments in the
first half including the €1.3m equity stake in Westgate Biologicals Limited and
the €1.3m joint venture agreement with Nash's Mineral Waters.
• The US$27 million programme of ongoing investment at the Idaho
facilities including the commissioning of two new plant extensions in the first
half and the further expansion of a protein isolates plant scheduled for
operation in December this year.
• The innovation centre to be based in Kilkenny and opening later this
year, which will further enhance the Group's strong competitive advantage in the
Nutritionals market segment.
• The 50:50 joint venture with PZ Cussons plc to build a new US$20
million facility in Nigeria is progressing well and is due for commissioning
early 2005. This investment will pave the way for a new route to market for the
Irish food ingredients business.
• Construction of the new US$190 million cheese and whey products
production facility in New Mexico, through the Southwest Cheese LLC joint
venture, is on target for completion in late 2005 and once fully commissioned
the new facility will be one of the largest and most efficient plants of its
kind in the world. Annually this facility will process over 2.4 billion pounds
of milk, producing in excess of 110,000 tonnes of cheese and 7,500 tonnes of
high value-added whey proteins.
OPERATIONS REVIEW
AGRI BUSINESS
In Ireland the Agribusiness division is the key linkage between Glanbia and its
raw materials supply base and its principal activities are feed milling/
marketing, fertilizers, milk assembly, grain trading and farm input sales.
Overall the division had a satisfactory performance in the first half of the
year. While turnover was down 4.1% to €143.8 million (H1 2003: €149.9 million),
operating profits were broadly similar at €9.2 million reflecting increased
operational efficiencies in the business and the benefits of ongoing
rationalisation.
CONSUMER FOODS
The Consumer Foods division had a challenging first half as a result of the
current difficulties in the pigmeat sector. Overall turnover declined to €316.6
million (H1 2003: €472.7 million) and operating profits declined to €10.7
million (H1 2003: €22.7 million). Post the restructuring of the Group's UK
operations this division now includes the Irish consumer foods business (liquid
milk and chilled foods), Irish based fresh pork processing operations and UK
cheese joint ventures. Turnover from continuing operations amounted to €223.0
million in the first half, while operating profits from continuing operations
was €10.2 million. Discontinued operations relate to the Glanbia Foods
business, which was sold in April this year as part of the creation of the
Group's joint venture with Milk Link Ltd.
Better cost efficiencies together with a focused innovation agenda and a
reorganised Consumer Foods division underpins the inherent strength and
opportunity of this business. Glanbia is the leading supplier of branded and
value-added liquid milk products, fresh dairy products, cheeses, soups and
spreads in Ireland, a leading fresh pork and bacon processor for Irish and
International markets and the No. 1 pizza cheese supplier in Europe.
Liquid Milk and Chilled Foods
In the first half of 2004 the liquid milk and chilled foods businesses performed
satisfactorily in an environment that is increasingly competitive as a result of
new entrants, increased levels of milk imports from Northern Ireland and
aggressive competition in food retailing.
However, this was offset by the strength of the Glanbia brand portfolio -
including Yoplait, Avonmore, Premier, Snowcream and Kilmeaden - and the ongoing
development and extension of the product range to meet consumer needs for taste,
nutrition, variety and convenience. An example of this is the introduction of
new fresh flavoured milks in the first half of 2004. These products are intended
to position milk as a tasty and nutritious drink option and are aimed primarily
at encouraging children as milk drinkers. Since introduction sales have exceeded
expectations. Also during the first half a 50:50 joint venture agreement was
concluded with Nash's Mineral Waters for a cash consideration of €1.3 million.
Nash's is a premium brand in the Irish bottled water market and this investment
will facilitate the development of the Group's value added beverage business.
With a common set of customers and distribution channels the Group has unified
the organisation structure of the liquid milk and chilled food businesses,
which, along with other planned initiatives in sales and distribution and
customer service, will strengthen the Group's position across all customer
groups and distribution channels.
Fresh Pork
Glanbia is the largest pig processor in Ireland selling fresh pork and bacon to
retailers and food processors in Ireland, Europe, the US and Asia. The business
had a difficult first half in 2004, with a substantial decline in profitability.
The pigmeat industry overall is cyclical and this has been compounded in recent
years by overcapacity and inefficiencies in production. While 2004 is expected
to be the low point of the ongoing cycle there are positive signs going forward.
The Group has made recent investments at its Roscrea and Edenderry facilities
that will provide considerable benefits in terms of scale and efficiency.
Additionally industry consolidation is creating further opportunity for better
capacity utilisation and operating efficiencies.
UK Cheese Joint Ventures
Following the restructuring of the Group's UK operations in recent years the
Group has two joint venture cheese operations, servicing the UK domestic and
European markets.
Glanbia Cheese is a joint venture with Leprino Foods, the largest pizza cheese
manufacturer in the world. It is Europe's leading producer of premium
mozzarella cheese, serving quick service restaurants and chilled and frozen
pizza manufacturers. In the first half volumes remained particularly robust with
growth in overall market share, against the backdrop of the implementation of
Mid Term Review (MTR) in EU dairy markets. In the medium term this business is
a solid platform for development, with its unique technology, premium product
and a strong set of customers, which offers good opportunity for scale in a
growth market.
In April 2004 the Group completed a joint venture agreement that included the
sale of Glanbia Foods Ltd to a new company - Cheese Company Holdings Ltd. This
is 75% owned by Milk Link Ltd and 25% by Glanbia and is the second largest
cheese processor in the UK, producing cheddar, Stilton and British territorial
cheeses. This business is a route to market for cheese produced by the Group in
Ireland.
FOOD INGREDIENTS
The Food Ingredients division performed strongly in the first half of 2004
driven by a strong US cheese market compared with the first half of 2003 and
good operational efficiencies in the Irish food ingredients businesses. This
division comprises the US and Irish dairy ingredients operations, as well as the
Group's developing Nutritionals business. Overall sales grew 19.9% to €513.5
million (H1 2003: €428.1 million) and operating profits increased 49.4% to €20.4
million (H1 2003: €13.6 million). Operating margins grew from 3.2% to 4.0% in
the period.
USA
The Group's US cheese business had a strong performance in the first half buoyed
by solid volume growth and improved market pricing for cheese. The Group is the
largest producer of barrel cheese in the US and is one of the top producers of
American type cheddar cheese, supplying the food service, food processing and
retail sectors.
As part of an ongoing programme of investment in this business an increase in
capacity at the Idaho facilities for cheese and whey products was completed in
the first half. Commissioning of these plant extensions has been successful and
the new capacity came on stream in June 2004. The benefits of this will begin
to accrue in accelerated organic growth in this business in the second half of
the year. In December 2004 a further phase of investment will add new plant for
manufacturing protein isolates, which is a core product in the Nutritionals
business.
Ireland
The Irish food ingredients business delivered a good performance in the first
half of the year with solid demand in the sector. The division also benefited
from increased operational efficiency as a result of an ongoing programme of
investment and rationalisation, which is in preparation for the shifting market
dynamics and lower prices in dairy products heralded by the MTR of the EU Common
Agricultural Policy (CAP).
On 1 July 2004 the latest round of CAP reform in the milk production sector
began. This saw institutional price cuts in a move away from producer subsidies
to direct payments (which will begin in October 2004). This will necessitate a
rebalancing between product prices and raw material prices over time.
Glanbia has already undertaken a number of initiatives to offset the impact of
these changes including better operational efficiency focused on scale and
competitiveness and investing in sourcing alternative and new routes to market
and new market segments. Notwithstanding the inevitable pressures from MTR and
macro inflationary pressures, such as oil prices, a dynamic and competitive milk
processing industry in Ireland offers good potential for efficient milk
producers and processors alike and Glanbia's businesses, with leading market
positions, are well positioned in this context.
Nutritionals
The principal driver for the development of the food industry is the requirement
to meet the growing consumer demand for products that satisfy their need for
health and wellness, as well as convenience and value. This is across a range
of products for general food, sport or medical needs and the primary quotient is
meeting consumers' nutritional expectation.
Glanbia's leading technologies and capability in formulating whey proteins and
focusing on their efficacy for health and wellness applications is the basis for
the development of the Nutritionals business. The Group is opening a new
innovation centre to be located in Ireland later this year and this centre of
excellence will complement existing R&D facilities in the US. This enhanced
capability is aimed at developing tailored products/solutions for food
manufacturers through food and beverage applications and leverages the
scientific knowledge and leading technologies already within the Group. The
Nutritionals division will operate on a Group-wide and global basis.
Good progress was made in the first half with a number of new product launches
in the EU and the US that are part of an overall pipeline of new products in the
area. In addition the business made a small strategic investment of a 28%
equity stake in Westgate Biologicals Limited for a cash consideration of €1.3
million. Westgate, based in Ireland, holds patented technology based on the
production and medical use of an anti-microbial substance, which is obtained
from a dairy source. There is ongoing opportunity to develop the Nutritionals
business through acquisition, which will enhance the Group's capability in key
areas such as formulation, packaging, marketing and distribution.
OUTLOOK
Glanbia had a satisfactory first half with good performances from the Group's
strategic growth platforms within Consumer Foods, Dairy Food Ingredients and
Nutritionals. Based on current trading conditions the Group expects earnings
per share for the full year will be in line with market expectations. Going
forward Glanbia is well positioned to deliver solid earnings growth.
Ends
For further information, contact:
Glanbia plc
Geraldine Kearney, Group Director of Communications, Glanbia plc
( +353 56 777 2200 (office) or +353 87 231 9430 (mobile)
Hogarth Partnership
John Olsen / Tom Leatherbarrow
( +44 207 357 9477
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Half year ended 3 July 2004 Half year ended 5 July 2003 Year ended 3 January 2004
Pre Pre Pre
Except- Except- Except- Except- Except- Except-
ional ional Total ional ional Total ional ional Total
Notes €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000
Turnover
Continuing 919,753 - 919,753 904,736 - 904,736 1,724,790 - 1,724,790
operations
Discontinued 93,600 - 93,600 178,587 - 178,587 384,970 - 384,970
operations
Less share (39,341) - (39,341) (32,553) - (32,553) (68,687) - (68,687)
of turnover
of joint
venture
-------- -------- --------- ----------- --------- --------- ----------- ------- ----------
Group 1 974,012 - 974,012 1,050,770 - 1,050,770 2,041,073 - 2,041,073
turnover
-------- -------- --------- ----------- --------- --------- ----------- ------- ----------
Operating
profit
Continuing 39,740 - 39,740 46,664 (9,505) 37,159 88,472 (16,451) 72,021
operations
Discontinued 429 - 429 (1,238) - (1,238) 3,397 - 3,397
operations
-------- -------- --------- ----------- --------- --------- ----------- ------- ----------
Group 4(a) 40,169 - 40,169 45,426 (9,505) 35,921 91,869 (16,451) 75,418
operating
profit
Share of 108 - 108 301 - 301 916 - 916
operating
profit of
joint
venture &
associates
-------- -------- --------- ----------- --------- --------- ----------- ------- ----------
Operating 1 40,277 - 40,277 45,727 (9,505) 36,222 92,785 (16,451) 76,334
profit
including
joint
venture &
associates
Loss on 2 - - - - (7,038) (7,038) - (9,827) (9,827)
termination
of
operations
Loss on 3 - - - - (21,902) (21,902) - (28,190) (28,190)
sale of
operations
Profit on 4(b) - - - - 11,595 11,595 - 11,594 11,594
sale of
investments/
fixed assets
Provision 5 - - - - - - - (49,146) (49,146)
for loss on
sale of
operation
Net 6 (4,168) - (4,168) (7,949) - (7,949) (15,023) - (15,023)
interest
Share of (360) - (360) (217) - (217) (627) - (627)
interest of
joint
venture and
associates
-------- -------- --------- ----------- --------- --------- ----------- ------- ----------
Profit/ 35,749 - 35,749 37,561 (26,850) 10,711 77,135 (92,020) (14,885)
(loss)
before
taxation
Taxation (4,795) - (4,795) (5,055) - (5,055) (10,272) 1,546 (8,726)
-------- -------- --------- ----------- --------- --------- ----------- ------- ----------
Profit/ 30,954 - 30,954 32,506 (26,850) 5,656 66,863 (90,474) (23,611)
(loss)
after
taxation
-------- -------- ----------- --------- ----------- -------
Equity (315) (450) (251)
minority
interest
Non-equity (5,602) (5,679) (11,005)
minority
interest
--------- --------- ----------
Profit/ 25,037 (473) (34,867)
(loss) for
the period
Dividends 7 (6,274) (5,980) (14,515)
--------- --------- ----------
Profit 18,763 (6,453) (49,382)
retained/
(loss
absorbed)
for the
period
========= ========= =========
Earnings 8 8.62c (0.16c) (12.01c)
per share
Adjusted 8 8.65c 9.14c 19.26c
earnings per
share
CONSOLIDATED BALANCE SHEET
3 July 5 July 3 January
Notes 2004 2003 2004
€'000 €'000 €'000
Fixed assets
Tangible assets 315,394 372,308 363,641
Goodwill 2,416 2,681 2,466
Financial assets 62,622 36,510 38,454
----------------------- ----------------------- -----------------------
380,432 411,499 404,561
----------------------- ----------------------- -----------------------
Current assets
Stocks 121,009 208,217 202,736
Debtors 9 360,697 326,168 210,402
Cash and bank balances 10 38,364 28,799 59,775
----------------------- ----------------------- -----------------------
520,070 563,184 472,913
----------------------- ----------------------- -----------------------
Current liabilities
Creditors 309,208 324,549 305,530
Borrowings 10 527 64,750 43,221
----------------------- ----------------------- -----------------------
309,735 389,299 348,751
----------------------- ----------------------- -----------------------
Net current assets 210,335 173,885 124,162
----------------------- ----------------------- -----------------------
Total assets less current 590,767 585,384 528,723
liabilities
----------------------- ----------------------- -----------------------
Less non-current liabilities
Creditors 44,341 31,306 40,890
Borrowings 10 211,388 214,804 170,351
Capital grants 15,732 17,331 16,611
----------------------- ----------------------- -----------------------
271,461 263,441 227,852
----------------------- ----------------------- -----------------------
319,306 321,943 300,871
======================= ======================= =======================
Capital and reserves
Called up equity share capital 17,559 17,551 17,551
Share premium account 80,212 80,005 80,005
Merger reserve 113,148 113,148 113,148
Revenue reserves 11 (19,726) (20,838) (34,088)
Capital reserves 2,825 2,825 2,825
----------------------- ----------------------- -----------------------
Equity shareholders' funds 194,018 192,691 179,441
Equity minority interests 5,986 5,970 5,671
Non-equity minority interests 12 119,302 123,282 115,759
----------------------- ----------------------- -----------------------
319,306 321,943 300,871
======================= ======================= =======================
SUMMARISED CASH FLOW STATEMENT
Half year ended Half year ended Year ended
3 July 5 July 3 January
2004 2003 2004
€'000 €'000 €'000
Net cash inflow from operating activities
Operating profit before exceptional items 40,169 45,426 91,869
Reorganisation costs (432) (194) (338)
Profit on disposal of fixed assets (57) (18) (415)
Depreciation and amortisation 17,196 22,326 36,979
Changes in working capital (88,843) (118,201) (33,588)
--------- -------- --------
(31,967) (50,661) 94,507
Returns on investments and servicing (11,397) (15,258) (28,306)
of finance
Taxation (1,100) (3,174) (9,816)
Purchase of fixed assets (net of (24,006) (17,442) (39,107)
disposals/grants)
Purchase of investments (24,336) - (2,410)
Fire insurance proceeds (net of - 7,628 7,332
redundancy and other costs)
Termination of operations - - (1,851)
Disposal of subsidiary undertakings 90,642 - 795
Minority interest acquired - (100) (100)
Share capital issued 215 - -
Equity dividends paid (8,535) (8,100) (14,080)
--------- -------- --------
Change in net debt resulting from cash (10,484) (87,107) 6,964
flows
Translation difference (9,270) 12,660 15,547
--------- -------- --------
Movement in net debt in the period (19,754) (74,447) 22,511
Net debt at beginning of period (153,797) (176,308) (176,308)
--------- -------- --------
Net debt at end of period (173,551) (250,755) (153,797)
========= ======== ========
NOTES TO THE FINANCIAL STATEMENT
1. SEGMENTAL ANALYSIS
Half year ended Half year ended Year ended
3 July 5 July 3 January
2004 2003 2004
€'000 €'000 €'000
Turnover by business class
Agribusiness 143,828 149,970 234,452
Consumer Foods 316,642 472,661 900,411
Food Ingredients 513,542 428,139 906,210
------------------- --------------------- ---------------------
974,012 1,050,770 2,041,073
=================== ===================== =====================
Half year ended Half year ended Year ended
3 July 5 July 3 January
2004 2003 2004
€'000 €'000 €'000
Operating profit by business
class
Agribusiness 9,236 9,350 14,247
Consumer Foods 10,666 22,743 44,773
Food Ingredients 20,375 13,634 33,765
------------------- --------------------- ---------------------
40,277 45,727 92,785
=================== ===================== =====================
The turnover and operating profits arising from discontinued operations relates to the sale by the Group of a 75%
interest in its UK hard cheese business (Glanbia Foods Ltd) which was announced on 23 February 2004 and completed on 7th
April 2004, and which formed part of Consumer Foods.
2. LOSS ON TERMINATION OF OPERATIONS
Half year ended Half year ended Year ended
3 July 5 July 3 January
2004 2003 2004
€'000 €'000 €'000
Loss arising on termination of - (5,757) (8,578)
operations
Goodwill written off on termination - (1,281) (1,249)
------------------- --------------------- ---------------------
- (7,038) (9,827)
=================== ===================== =====================
The loss on termination in 2003 arose from the closure of the Group's UK fresh meats operations at Drongan and
Gainsborough.
3. LOSS ON SALE OF OPERATIONS
Half year ended Half year ended Year ended
3 July 5 July 3 January
2004 2003 2004
€'000 €'000 €'000
Loss on disposal of asset - (10,731) (16,920)
Goodwill write-back to profit and - (11,171) (11,171)
loss account on sale
Goodwill written off on sale - - (99)
--------------------- --------------------- ---------------------
- (21,902) (28,190)
===================== ====================== =====================
The loss on sale in 2003 arose mainly from the Group's sale of its UK fresh meats operation at West Brom. In 2003 the
Group also sold a pig farm and recognised an additional loss representing increased pension obligations to former
employees of the UK Dairies operation which was disposed of in a prior period.
4. EXCEPTIONAL ITEMS
Half year ended Half year ended Year ended
3 July 5 July 3 January
2004 2003 2004
€'000 €'000 €'000
(a) Redundancy cost arising from fire - (9,505) (9,505)
at Roosky plant
Restructuring cost associated
with EU Commission's Mid Term Review of
Common Agricultural Policy - - (6,946)
------------- ------------- -------------
- (9,505) (16,451)
============= ============= =============
(b) Profit on disposal of Roosky - 11,595 11,594
plant
============= ============= =============
The profit on disposal of Roosky plant arises from the excess of insurance proceeds received over the net book value of
assets destroyed by fire at the pigmeat processing plant in Roosky, Ireland on 8 May 2002.
The directors took the decision not to reinstate the processing plant at Roosky but rather to restore the lost capacity
at its two remaining pig processing plants, with the result that a redundancy cost of €9,505k was incurred in 2003.
5. PROVISION FOR LOSS ON SALE OF OPERATION
Half year ended Half year ended Year ended
3 July 5 July 3 January
2004 2003 2004
€'000 €'000 €'000
Loss on disposal of asset - - (18,629)
Goodwill write-back to profit and loss - - (30,517)
account on sale
--------------------- --------------------- ---------------------
- - (49,146)
===================== ===================== =====================
The provision in 2003 arose from the sale by the Group of a 75% interest in its UK hard cheese business (Glanbia Foods
Ltd) which was announced on 23 February 2004 and completed on 7 April 2004.
6. NET INTEREST
Half year ended Half year ended Year ended
3 July 5 July 3 January
2004 2003 2004
€'000 €'000 €'000
Loans and overdrafts :
Repayable within five years (1,760) (4,145) (7,362)
Repayable after five years (2,241) - -
Senior notes (929) (3,868) (7,735)
Finance leases (110) (75) (149)
Bank interest receivable 132 139 223
Loan note interest receivable 740 - -
--------------------- --------------------- ---------------------
(4,168) (7,949) (15,023)
===================== ===================== =====================
7. DIVIDENDS
Half year ended Half year ended Year ended
3 July 5 July 3 January
2004 2003 2004
Dividends paid / proposed per 2.16 2.06 5.00
share (cent)
============= ============ =============
Total dividend (€'000) 6,274 5,980 14,515
============= ============ =============
8. EARNINGS PER ORDINARY SHARE
Half year ended Half year ended Year ended
3 July 5 July 3 January
2004 2003 2004
€'000 €'000 €'000
Profit after taxation and 25,037 (473) (34,867)
minority interest
============= ============ =============
Weighted average number of
ordinary shares in issue (million) 290.477 290.292 290.303
============= ============ =============
Earnings per share (cent) 8.62c (0.16c) (12.01c)
============= ============ =============
Adjustments:
Goodwill amortisation 0.03c 0.05c 0.10c
Loss on sale of operations / - 9.25c 31.17c
investments
-------------- ------------ ------------
Adjusted earnings per share 8.65c 9.14c 19.26c
============== ============ =============
9. DEBTORS
Half year ended Half year ended Year ended
3 July 5 July 3 January
2004 2003 2004
€'000 €'000 €'000
Amounts falling due within one
year
- Trade debtors 216,366 216,917 148,349
- Amounts due by joint venture 385 4,333 9,043
- Other debtors and prepayments 86,283 85,033 38,928
Amounts falling due after one year
- Pension prepayments /surplus 5,424 19,885 14,082
- Loan note 52,239 - -
--------------------- --------------------- ---------------------
360,697 326,168 210,402
===================== ===================== =====================
10. GROUP BORROWINGS
Half year ended Half year ended Year ended
3 July 5 July 3 January
2004 2003 2004
€'000 €'000 €'000
Borrowings due within one 527 64,750 43,221
year
Borrowings due after one 211,388 214,804 170,351
year
Less:
Cash and bank balances (38,364) (28,799) (59,775)
------------- ------------ ------------
Net borrowings 173,551 250,755 153,797
============= ============ ============
11. REVENUE RESERVES
Currency
Profit Translation Goodwill
Retained Reserve Reserve Total
€'000 €'000 €'000 €'000
At 3 January 2004 26,244 (26,970) (33,362) (34,088)
Profit retained 18,763 18,763
Currency translation (4,074) (327) (4,401)
difference on
foreign currency net
investments
------------- ------------- ------------ -------------
At 3 July 2004 45,007 (31,044) (33,689) (19,726)
============= ============= ============ =============
12. NON-EQUITY MINORITY INTERESTS
Non-equity minority interests include $100 million 7.99% cumulative preferred securities issued by a subsidiary in 1996
and €38.2 million (IR£30.1 million) cumulative redeemable preference shares issued by a subsidiary in 1993 and 1995,
both net of unamortised issue costs.
13. OTHER
The figures for the half-years ended 3 July 2004 and 5 July 2003 are unaudited. The figures for the full year ended 3
January 2004 represent an abbreviated version of the Group's financial statements for the year, which received an
unqualified audit report.
This information is provided by RNS
The company news service from the London Stock Exchange
Friday, 22nd November 2024
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