Interim Results - Part 2

Glanbia PLC 6 September 2000 PART 2 IR£ Results for Half-Year ended 1 July 2000 Half-Year ended 1 July 2000 (Unaudited) Pre- Exceptional Total Exceptional Notes IR£'000 IR£'000 IR£'000 Turnover Continuing 981,870 981,870 operations Discontinued 0 0 operations _________ ________ _______ 1 981,870 0 981,870 ======== ======= ====== Operating Profit Continuing 19,314 19,314 operations Discontinued 0 0 operations _________ _______ _______ 1 19,314 0 19,314 Share of profits of associates 100 100 Profit/(Loss) on sale of operations 2 2,444 2,444 Profit on sale of investments 3 3,672 3,672 Reorganisation and merger costs 4 (6,572) (6,572) Interest (10,358) (10,358) ________ ________ _______ Profit/(Loss) before Taxation 9,056 (456) 8,600 Taxation (1,113) (1,113) ________ ________ _______ Profit/(Loss) after Taxation 7,943 (456) 7,487 _________ ________ Equity Minority (360) Interest Non-Equity Minority Interest (5,356) _______ Profit/(Loss) for the period 1,771 Dividends 5 (4,095) _______ (Loss absorbed)/Profit (2,324) retained ======= Earnings per share 6 0.61p ======= Adjusted Earnings per share 6 0.78p ======= IR£ Results for Half-Year ended 1 July 2000 Half-Year ended 3 July 1999 (Unaudited) Pre- Exceptional Total Exceptional Notes IR£'000 IR£'000 IR£'000 Turnover Continuing 964,265 964,265 operations Discontinued 139,091 139,091 operations _________ ________ _______ 1 1,103,356 0 1,103,356 ======== ======= ====== Operating Profit Continuing 27,374 27,374 operations Discontinued 7,321 7,321 operations _________ _______ _______ 1 34,695 0 34,695 Share of profits of associates 100 100 Profit/(Loss) on sale of operations 2 (66,595) (66,595) Profit on sale of investments 3 0 Reorganisation and merger costs 4 (6,462) (6,462) Interest (15,384) (15,384) ________ ________ _______ Profit/(Loss) before Taxation 19,411 (73,057) (53,646) Taxation (3,771) (3,771) ________ ________ _______ Profit/(Loss) after Taxation 15,640 (73,057) 57,417 _________ ________ Equity Minority (384) Interest Non-Equity Minority Interest (4,951) _______ Profit/(Loss) for the period (62,752) Dividends 5 (6,874) _______ (Loss absorbed)/Profit (69,626) retained ======= Earnings per share 6 (21.45p) ======= Adjusted Earnings per share 6 3.54p ======= IR£ Results for Half-Year ended 1 July 2000 Year ended 31 December 1999 (Audited) Pre- Exceptional Total Exceptional Notes IR£'000 IR£'000 IR£'000 Turnover Continuing 1,830,807 1,830,807 operations Discontinued 141,177 141,177 operations _________ ________ _______ 1 1,971,984 0 1,971,984 ======== ======= ====== Operating Profit Continuing 63,946 63,946 operations Discontinued 8,630 8,630 operations _________ _______ _______ 1 72,576 0 72,576 Share of profits of associates 250 250 Profit/(Loss) on sale of operations 2 (66,333) (66,333) Profit on sale of investments 3 0 Reorganisation and merger costs 4 (7,128) (7,128) Interest (26,750) (26,750) ________ ________ _______ Profit/(Loss) before Taxation 46,076 (73,461) (27,385) Taxation (9,143) 2,181 (6,962) ________ ________ _______ Profit/(Loss) after Taxation 36,933 (71,280) (34,347) _________ ________ Equity Minority Interest (699) Non-Equity Minority Interest (10,066) _______ Profit/(Loss) for the period (45,112) Dividends 5 (16,381) _______ (Loss absorbed)/Profit (61,493) retained ======= Earnings per share 6 (15.42p) ======= Adjusted Earnings per share 6 9.00p ======= IR£ Consolidated Balance Sheet 1 July 3 July 1999 31 December 2000 1999 Notes IR£'000 IR£'000 IR£'000 Net Assets Employed Fixed Assets Tangible assets 434,721 405,432 433,968 Goodwill 2,919 2,874 2,840 Financial assets 15,873 15,270 15,698 _______ ________ _______ 453,513 423,576 452,506 ________ ________ _______ Current Assets Stocks 166,086 195,360 179,175 Debtors 298,319 332,125 263,605 Cash and bank 7 14,953 45,453 92,905 balances ________ _______ ______ 479,358 572,938 535,685 ________ _______ _______ Current Liabilities Creditors 340,778 314,791 361,621 Borrowings 7 0 0 3,634 ________ _______ _______ 340,778 314,791 365,255 ________ _______ _______ Net Current 138,580 258,147 170,430 Assets ________ _______ _______ Total Assets less Current 592,093 681,723 622,936 Liabilities ________ _______ _______ Less: Non-Current Liabilities Creditors 21,511 63,825 53,821 Borrowings 7 359,584 393,581 354,349 ________ ________ ________ 381,095 457,406 408,170 ________ ________ _______ 210,998 224,317 214,766 ======= ======= ====== Capital and Reserves Called up equity share capital 8 13,822 14,626 14,626 Share premium 63,009 63,009 63,009 Merger reserve 89,111 89,111 89,111 Revenue reserves 9 (94,481) (82,855) (91,653) Capital reserve 8 2,225 1,421 1,421 _______ ________ _______ Equity Shareholders' 73,686 85,312 76,514 Funds Equity Minority 5,443 4,859 5,083 Interests Non-Equity Minority 10 110,957 111,834 110,815 Interests Capital Grants 20,912 22,312 22,354 ________ _______ _______ 210,998 224,317 214,766 ======= ======= ====== IR£ Summarised Cash Flow Statement Half-Year ended Half-Year Year ended ended 1 July 2000 3 July 1999 31 December 1999 IR£'000 IR£'000 IR£'000 Net Cash Inflow from Operating Activities: Operating profit 19,314 34,695 72,576 Reorganisation and merger costs (7,145) (18,372) (37,267) Profit on disposal of fixed assets (32) (854) (1,708) Depreciation and amortisation 20,388 18,709 37,065 Changes in working capital (53,963) (123,076) 4,278 _________ _________ ________ (21,438) (88,898) 74,944 Returns on Investments and (16,815) (20,323) (33,355) Servicing of Finance Taxation (1,337) 579 1,599 Purchase of fixed assets (net of disposals / grants) (22,676) (23,472) (69,683) Disposal of 3,704 - - investments Purchase of subsidiary (17,264) (15,251) (16,176) undertakings Disposal of subsidiary 4,800 128,226 128,752 undertakings Equity Dividends (9,507) (9,081) (15,942) Paid ________ _______ ________ Change in net debt resulting from cash (80,533) (28,220) 70,139 flows Loans acquired with - (3,114) (3,114) subsidiaries Translation 980 (14,887) (30,196) difference _______ ________ _______ Movement in net debt in the period (79,553) (46,221) 36,829 Net debt at beginning of period (265,078) (301,907) (301,907) ________ ________ ________ Net debt at end of (344,631) (348,128) (265,078) period ======= ======= ======== IR£ Notes Note 1: The analysis of turnover and operating profit by business class is as follows: Half-Year ended Half-Year ended Year ended 1 July 2000 3 July 1999 31 December 1999 Operating Operating Operating Turnover Profit Turnover Profit Turnover Profit IR£'000 IR£'000 IR£'000 IR£'000 IR£'000 IR£'000 Consumer 523,547 (978) 556,626 10,435 1,048,055 24,058 Foods Food Ingredients 345,201 12,981 291,420 9,849 600,770 28,102 Agribusiness 113,122 7,311 116,219 7,090 181,982 11,786 Discontinued operations 0 0 139,091 7,321 141,177 8,630 ________ _______ _______ _______ _______ _______ 981,870 19,314 1,103,356 34,695 1,971,984 72,576 ======= ======= ======= ====== ======= ====== Note 2: Profit on sale of Lamb Beef Total operations: IR£'000 IR£'000 IR£'000 Profit on disposal of net assets 1,604 300 1,904 Goodwill on acquisition transferred to profit and loss 540 0 540 account ______ _______ ______ 2,144 300 2,444 ====== ====== ====== Note 3: 1 July 2000 3 July 1999 31 December 1999 Profit on sale of IR£'000 IR£'000 IR£'000 investments: Arising on disposal of quoted 3,672 0 0 investments ======= ====== ====== Note 4: Reorganisation and 1 July 2000 3 July 1999 31 December merger costs: 1999 IR£'000 IR£'000 IR£'000 Additional merger milk commitment (6,572) 0 0 arising in period Decrease in fixed asset write-down 0 5,532 6,064 Redundancy costs 0 (10,777) (11,809) Other reorganisation 0 (1,217) (1,383) costs ______ _______ ________ (6,572) (6,462) (7,128) ====== ====== ======= Note 5: Dividends: 1 July 2000 3 July 31 December 1999 1999 Dividends paid / proposed Per share (pence) 1.40 2.35 5.60 ______ ______ _______ Total dividend 4,095 6,874 16,381 (IR£'000) ______ ______ _______ Note 6: Earnings per share: 1 July 2000 3 July 1999 31 December 1999 Profit/(Loss) after taxation and minority interest 1,771 (62,752) (45,112) (IR£'000) _______ _______ _______ Weighted average number of ordinary shares in issue 292.514 292.514 292.514 (million) _______ _______ _______ Earnings per share 0.61 (21.45) (15.42) (IRp) Adjustments: Goodwill 0.02 0.02 0.05 amortisation Profit / Loss on sale of (2.10) 22.76 22.10 operations/investments Reorganisation and merger costs 2.25 2.21 2.27 _______ _______ ______ Adjusted earnings per share (IRp) 0.78 3.54 9.00 ====== ====== ====== Note 7: Group net 1 July 2000 3 July 1999 31 December borrowings 1999 comprise: IR£'000 IR£'000 IR£'000 Borrowings due within one year 0 0 3,634 Borrowings due after one year 359,584 393,581 354,349 Less: Cash and bank (14,953) (45,453) (92,905) balances _______ _______ _______ 344,631 348,128 265,078 ====== ====== ====== Note 8: The renominalisation of the Company's share capital from IR£0.05 to Eur0.06 has resulted in a transfer from Called Up Equity Share Capital to Capital Reserve of IR£803,291 (Eur1,019,969). Note 9: Revenue Currency reserves: Profit Translation Goodwill Retained Reserve Reserve Total IR£'000 IR£'000 IR£'000 IR£'000 At 31 December 32,548 (24,575) (99,626) (91,653) 1999 Profit retained / (2,324) (2,324) (Loss absorbed) Goodwill on disposal (540) (540) Currency translation difference on foreign currency net ______ (360) 396 36 investments ______ ______ ______ At 1 July 2000 30,224 (24,935) (99,770) (94,481) ====== ======= ====== ======= Note 10: Non Equity minority interests include US$100 million 7.99% cumulative guaranteed preferred securities issued by a subsidiary in 1996 (net of issue costs), together with IR£39.4 million cumulative redeemable preference shares issued by a subsidiary in 1993 and 1995. Note 11: The figures for the half-years ended 1 July 2000 and 3 July 1999 are unaudited. The figures for the full year ended 31 December 1999 represent an abbreviated version of the Group's financial statements for the year, which received an unqualified audit report and have been filed with the Registrar of Companies. Euro Results for Half-Year ended 1 July 2000 Half-Year ended 1 July 2000 (Unaudited) Pre- Exceptional Total Exceptional Notes Eur'000 Eur'000 Eur'000 Turnover Continuing 1,246,718 1,246,718 operations Discontinued operations 0 ________ 0 _________ _______ 1 1,246,718 0 1,246,718 ======== ======= ====== Operating Profit Continuing 24,524 24,524 operations Discontinued operations 0 0 _________ _______ _______ 1 24,524 0 24,524 Share of profits of associates 127 127 Profit/(Loss) on sale of 2 3,103 3,103 operations Profit on sale of investments 3 4,662 4,662 Reorganisation and merger costs 4 (8,345) (8,345) Interest (13,152) (13,152) ________ ________ _______ Profit/(Loss) before Taxation 11,499 (580) 10,919 Taxation (1,413) (1,413) ________ ________ _______ Profit/(Loss) after Taxation 10,086 (580) 9,506 _________ ________ Equity Minority Interest (457) Non-Equity Minority (6,801) Interest _______ Profit/(Loss) for the period 2,248 Dividends 5 (5,200) _______ (Loss absorbed)/Profit (2,952) retained ======= Earnings per 6 0.77c share ======= Adjusted 6 0.99c Earnings per ======= share EURO Results for Half-Year ended 1 July 2000 Half-Year ended 3 July 1999 (Unaudited) Pre- Exceptional Total Exceptional Notes Eur'000 Eur'000 Eur'000 Turnover Continuing 1,224,364 1,224,364 operations Discontinued 176,609 176,609 operations _________ ________ _______ 1 1,400,973 0 1,400,973 ======== ======= ====== Operating Profit Continuing 34,758 34,758 operations Discontinued 9,296 9,296 operations _________ _______ _______ 1 44,054 0 44,054 Share of profits of associates 127 127 Profit/(Loss) on sale of operations 2 (84,558) (84,558) Profit on sale of investments 3 0 0 Reorganisation and merger costs 4 (8,205) (8,205) Interest (19,534) (19,534) ________ ________ _______ Profit/(Loss) before Taxation 24,647 (92,763) (68,116) Taxation (4,788) (4,788) ________ ________ _______ Profit/(Loss) after Taxation 19,859 (92,763) (72,904) _________ ________ Equity Minority (488) Interest Non-Equity Minority Interest (6,286) _______ Profit/(Loss) for the period (79,678) Dividends 5 (8,728) _______ (Loss absorbed)/Profit (88,406) retained ======= Earnings per share 6 (27.24c) ======= Adjusted Earnings 6 per share 4.50c ======= EURO Results for Half-Year ended 1 July 2000 Year ended 31 December 1999 (Audited) Pre- Exceptional Total Exceptional Notes Eur'000 Eur'000 Eur'000 Turnover Continuing operations 2,324,645 2,324,645 Discontinued 79,258 179,258 operations _________ ________ ______ 1 2,503,903 0 2,503,903 ======== ======= ====== Operating Profit Continuing 81,195 81,195 operations Discontinued 10,958 10,958 operations _________ _______ ______ _ 1 92,153 0 92,153 Share of profits of associates 316 316 Profit/(Loss) on sale of 2 (84,225) (84,22 operations 5) Profit on sale of investments 3 0 0 Reorganisation and merger costs 4 (9,051) (9,051) Interest (33,965) (33,965) ________ ________ ______ Profit/(Loss) before Taxation 58,504 (93,276) (34,772) Taxation (11,609) 2,769 (8,840) ________ ________ ______ Profit/(Loss) after Taxation 46,895 (90,507) (43,612) _________ ________ Equity Minority Interest (887) Non-Equity Minority Interest (12,781) ______ Profit/(Loss) for the period (57,280) Dividends 5 (20,800) ______ (Loss absorbed)/Profit (78,080) retained ====== Earnings per 6 (19.58c) share ====== Adjusted Earnings 6 per share 11.43c ====== EURO Consolidated Balance Sheet 1 July 3 July 31 December 2000 1999 1999 Notes Eur'000 Eur'000 Eur'000 Net Assets Employed Fixed Assets Tangible assets 551,982 514,794 551,026 Goodwill 3,706 3,649 3,606 Financial assets 20,155 19,389 19,932 _______ ________ _______ 575,843 537,832 574,564 ________ ________ _______ Current Assets Stocks 210,886 248,056 227,505 Debtors 378,787 421,712 334,709 Cash and bank 7 18,986 57,713 117,966 balances ________ _______ ______ 608,659 727,481 680,180 ________ _______ _______ Current Liabilities Creditors 432,700 399,702 459,163 Borrowings 7 0 0 4,615 ________ _______ _______ 432,700 399,702 463,778 ________ _______ _______ Net Current Assets 175,959 327,779 216,402 ________ _______ _______ Total Assets less Current Liabilities 751,802 865,611 790,966 ________ _______ _______ Less: Non-Current Liabilities Creditors 27,313 81,041 68,338 Borrowings 7 456,577 499,745 449,931 ________ ________ ________ 483,890 580,786 518,269 ________ ________ _______ 267,912 284,825 272,697 ======= ======= ====== Capital and Reserves Called up equity share capital 8 17,551 18,571 18,571 Share premium 80,005 80,005 80,005 Merger reserve 113,148 113,148 113,148 Revenue reserves 9 (119,966) (105,203) (116,375) Capital reserve 8 2,824 1,804 1,804 _______ ________ _______ Equity Shareholders' Funds 93,562 108,325 97,153 Equity Minority 6,911 6,170 6,454 Interests Non-Equity Minority Interests 10 140,886 142,000 140,706 Capital Grants 26,553 28,330 28,384 ________ _______ _______ 267,912 284,825 272,697 ======= ======= ====== EURO Summarised Cash Flow Statement Half-Year Half-Year Year ended ended ended 1 July 2000 3 July 1999 31 December 1999 Eur'000 Eur'000 Eur'000 Net Cash Inflow from Operating Activities: Operating profit 24,524 44,054 92,153 Reorganisation and merger costs (9,072) (23,328) (47,319) Profit on disposal of fixed assets (41) (1,084) (2,169) Depreciation and amortisation 25,887 23,756 47,063 Changes in working capital (68,519) (156,275) 5,431 _________ _________ ________ (27,221) (112,877) 95,159 Returns on Investments and Servicing of Finance (21,351) (25,805) (42,352) Taxation (1,698) 735 2,030 Purchase of fixed assets (net of disposals / grants) (28,793) (29,803) (88,479) Disposal of investments 4,703 - - Purchase of subsidiary (21,921) (19,365) (20,539) undertakings Disposal of subsidiary undertakings 6,095 162,813 163,481 Equity Dividends (12,071) (11,530) (20,242) Paid ________ _______ ________ Change in net debt resulting from cash (102,257) (35,832) 89,058 flows Loans acquired with subsidiaries - (3,954) (3,954) Translation 1,246 (18,903) (38,341) difference _______ ________ _______ Movement in net debt in the period (101,011) (58,689) 46,763 Net debt at beginning of period (336,580) (383,343) (383,343) ________ ________ ________ Net debt at end of (437,591) (442,032) (336,580) period ======= ======= ======== EURO Notes Note 1: The analysis of turnover and operating profit by business class is as follows: Half-Year ended Half-Year ended Year ended 1 July 2000 3 July 1999 31 December 1999 Operating Operating Operating Turnover Profit Turnover Profit Turnover Profit Eur'000 Eur'000 Eur'000 Eur'000 Eur'000 Eur'000 Consumer Foods 664,768 (1,242) 706,769 13,250 1,330,755 30,547 Food Ingredients 438,315 16,483 370,027 12,505 762,821 35,682 Agribusiness 143,635 9,283 147,568 9,003 231,069 14,966 Discontinued operations 0 0 176,609 9,296 179,258 10,958 _______ _______ _______ _______ _______ _______ 1,246,718 24,524 1,400,973 44,054 2,503,903 92,153 ======= ====== ====== ======= ======= ======= Note 2: Profit on sale of Lamb Beef Total operations: Eur'000 Eur'000 Eur'000 Profit on disposal of net assets 2,037 381 2,418 Goodwill on acquisition transferred to profit and loss account 685 0 685 ______ _______ ______ 2,722 381 3,103 ====== ====== ====== Note 3: 1 July 2000 3 July 1999 31 December 1999 Profit on sale of Eur'000 Eur'000 Eur'000 investments: Arising on disposal of quoted 4,662 0 0 investments ======= ====== ====== Note 4: Reorganisation 1 July 2000 3 July 1999 31 December and merger 1999 costs: Eur'000 Eur'000 Eur'000 Additional merger milk commitment arising in period (8,345) 0 0 Decrease in fixed asset write-down 0 7,024 7,700 Redundancy costs 0 (13,684) (14,995) Other reorganisation costs 0 (1,545) (1,756) ______ _______ ________ (8,345) (8,205) (9,051) ====== ====== ======= Note 5: Dividends: 1 July 2000 3 July 1999 31 December 1999 Dividends paid / proposed Per share (cents) 1.78 2.98 7.11 ______ ______ _______ Total dividend 5,200 8,728 20,800 (Eur'000) ______ ______ _______ Note 6: Earnings per 1 July 2000 3 July 1999 31 December share: 1999 Profit/(Loss) after taxation and minority interest 2,248 (79,678) (57,280) (Eur'000) _______ _______ _______ Weighted average number of ordinary shares in issue 292.514 292.514 292.514 (million) _______ _______ _______ Earnings per share (cents) 0.77 (27.24) (19.58) Adjustments: Goodwill amortisation 0.03 0.03 0.06 Profit / Loss on sale of operations/investments (2.66) 28.90 28.07 Reorganisation and merger costs 2.85 2.81 2.88 _______ _______ ______ Adjusted earnings per share (cents) 0.99 4.50 11.43 ====== ====== ====== Note 7: Group net 1 July 2000 3 July 1999 31 December borrowings 1999 comprise: Eur'000 Eur'000 Eur'000 Borrowings due within one year 0 0 4,615 Borrowings due after one year 456,577 499,745 449,931 Less: Cash and bank (18,986) (57,713) (117,966) balances _______ _______ _______ 437,591 442,032 336,580 ====== ====== ====== Note 8: The renominalisation of the Company's share capital from IR£0.05 to Eur0.06 has resulted in a transfer from Called Up Equity Share Capital to Capital Reserve of Eur1,019,969. Note 9: Revenue Currency reserves: Profit Translation Goodwill Retained Reserve Reserve Total Eur'000 Eur'000 Eur'000 Eur'000 At 31 December 1999 41,328 (31,204) (126,499) (116,375) Profit retained / (Loss absorbed) (2,952) (2,952) Goodwill on disposal (685) (685) Currency translation difference on foreign currency net investments (457) 503 46 ______ ______ ______ ______ At 1 July 2000 38,376 (31,661) (126,681) (119,966) ====== ======= ====== ======= Note 10: Non Equity minority interests include US$100 million 7.99% cumulative guaranteed preferred securities issued by a subsidiary in 1996 (net of issue costs), together with Eur50.03million (IR£39.4 million) cumulative redeemable preference shares issued by a subsidiary in 1993 and 1995. Note 11: The figures for the half-years ended 1 July 2000 and 3 July 1999 are unaudited. The figures for the full year ended 31 December 1999 represent an abbreviated version of the Group's financial statements for the year, which received an unqualified audit report and have been filed with the Registrar of Companies.

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