Interim Results - 6 Months to 24 March 2000

Greencore Group PLC 30 May 2000 GREENCORE GROUP PLC INTERIM STATEMENT OF RESULTS FOR THE HALF YEAR ENDED 24 MARCH 2000 FINANCIAL HIGHLIGHTS HALF YEAR ENDED 24 MARCH 2000 * PROFIT BEFORE INTEREST AND TAX UP FROM EU41.6 MILLION (IR£32.7 MILLION) TO EU44.1 MILLION (IR£34.7 MILLION). * EARNINGS PER SHARE UP FROM 14.5C (IR11.4P) TO 14.7C (IR11.6P) * INTERIM DIVIDEND UP FROM 4.0C (IR3.15P) TO 4.38C (IR3.45P). CHAIRMAN'S STATEMENT HALF YEAR ENDED 24 MARCH 2000 RESULTS PROFIT BEFORE INTEREST AND TAXATION INCREASED BY 6% TO EU44.1M (IR£34.7M) ON SALES DOWN BY 2% AT EU420M (IR£331M) IN THE HALF-YEAR ENDED 24 MARCH 2000. BOTH SALES AND PROFITS WERE ADVERSELY IMPACTED BY A RE-ORGANISATION CARRIED OUT WITHIN OUR MALT OPERATIONS WHICH INCLUDED THE CLOSURE OF A 50,000 TONNE MALTING IN WALLINGFORD, ENGLAND. PRETAX PROFIT INCREASED FROM EU32.2M (IR£25.4M) TO EU32.5M (IR£25.6M) AND EARNINGS PER SHARE INCREASED FROM 14.5C (11.4P) TO 14.7C (11.6P). AN INTERIM DIVIDEND OF IR3.45P (4.380596C) IS TO BE PAID WHICH REPRESENTS A 9.5% INCREASE ON LAST YEAR'S INTERIM PAYMENT OF IR3.15P (3.999675C). REVIEW OF OPERATIONS SUGAR THE MAIN FACTOR AFFECTING COMPARISONS OF SALES AND PROFIT WITH THE FIRST HALF OF THE PRIOR PERIOD WAS THE TIMING OF SALES OF QUOTA SUGAR OUTSIDE IRELAND WHERE VOLUMES WERE 6,000 TONNES BELOW THE EQUIVALENT PERIOD. AS A RESULT, SALES DECREASED BY 8% FROM EU106.6M (IR£84.0M) TO EU98.1M (IR£77.3M) AND OPERATING PROFIT WAS DOWN FROM EU17.6M (IR£13.9M) TO EU15.4M (IR£12.1M). THIS TIMING FACTOR WILL REVERSE IN THE SECOND HALF-YEAR AS OUR FULL QUOTA OF SUGAR IS, AS USUAL, EXPECTED TO BE SOLD. ADDITIONALLY, THE FIRST-HALF COMPARISON WAS ADVERSELY IMPACTED BY THE REDUCTION IN SELLING PRICES AS A RESULT OF THE FINAL GREEN POUND ADJUSTMENTS FOLLOWING IRELAND'S ENTRY INTO THE EUROPEAN MONETARY UNION ON 1 JANUARY 1999 TOGETHER WITH A REDUCTION IN STORAGE REIMBURSEMENT SUPPORT FROM THE E.U. AFFECTING ALL EUROPEAN SUGAR PRODUCERS FROM THE SUMMER OF 1999. THE 1999/2000 SUGAR PRODUCTION CAMPAIGN WAS SUCCESSFUL WITH PRODUCTION OF 216,000 TONNES COMPARED TO OUR QUOTA OF 200,200 TONNES. THE ONGOING CAPITAL EXPENDITURE AND PRODUCTION EFFICIENCY IMPROVEMENT PROGRAMMES, COMBINED WITH GOOD BEET QUALITY, CONTRIBUTED TO A PRODUCTION COST WHICH WAS BELOW BUDGET BUT ABOVE LAST YEAR BECAUSE OF HIGHER WAGE AND PENSION COSTS. SALES AND PROFIT IN THE BEET PULP BY-PRODUCT OPERATIONS WERE IN LINE WITH OUR EXPECTATIONS ALTHOUGH DOWN ON THE EXCEPTIONAL LEVELS OF THE PREVIOUS HALF-YEAR WHICH HAD RESULTED FROM UNUSUALLY POOR SILAGE AND WEATHER CONDITIONS. FOOD AND INGREDIENTS SALES INCREASED FROM EU255.6M (IR£201.3M) TO EU259.4M (IR£204.3M) WHILE OPERATING PROFIT DECLINED FROM EU16.4M (IR£12.9M) TO EU15.5M (IR£12.2M). IN MALT, A RE-ORGANISATION WAS COMPLETED IN THE FIRST-HALF YEAR WHICH INVOLVED THE ESTABLISHMENT OF A COMBINED MANAGEMENT TEAM ACROSS THE BRITISH, IRISH AND BELGIAN OPERATIONS AND THE CLOSURE OF THE MALTING IN WALLINGFORD WHICH WAS POORLY LOCATED IN RELATION TO BOTH MALTING BARLEY GROWING AREAS AND CUSTOMER LOCATIONS. AS A RESULT, MALT SALES DECLINED IN COMPARISON WITH THE FIRST-HALF OF 1998/1999 BY OVER EU13M (IR£10M) IN THE HALF-YEAR AND OPERATING PROFIT BY OVER EU2.5M (IR£2M) WITH THE STRENGTH OF STERLING ALSO ADVERSELY IMPACTING MARGINS. IN BAKED GOODS, KEARS EXPERIENCED STRONG GROWTH IN BOTH SALES AND PROFITABILITY WITH AN EXCELLENT CONTRIBUTION FROM SPECIALITY BAKED GOODS. IN PIZZA, PARAMOUNT RECORDED AN EXCELLENT INCREASE IN BOTH SALES AND PROFITABILITY DESPITE THE ADVERSE EFFECT OF STERLING ON ITS EXPORT PIZZA CRUST OPERATION. IN ORGANIC FOODS, MERIDIAN AGAIN SHOWED GOOD GROWTH ON THE PRIOR PERIOD AND WILL ALSO BENEFIT IN THE SECOND-HALF FROM THE CAPITAL EXPENDITURE PROJECTS COMPLETED IN THE FIRST-HALF YEAR. IN FLOUR, ODLUMS AGAIN SAW GOOD GROWTH IN ITS EXPORT OATMEAL AND INGREDIENT VOLUMES BUT IN, COMMON WITH ALL BRITISH AND IRISH FLOUR MILLERS, RESULTS OVERALL WERE HELD BACK BY LOW INDUSTRIAL FLOUR PRICES AND ADDITIONALLY A POOR IRISH MILLING WHEAT HARVEST IN 1999. PERFORMANCE FROM THE OTHER FOOD AND INGREDIENT BUSINESSES, PRIMARILY IN DRIED SOUPS AND SAUCES AND EDIBLE OILS, WAS SATISFACTORY. AGRIBUSINESS OPERATING PROFIT IMPROVED BY 6% FROM EU4.2M (IR£3.3M) TO EU4.4M (IR£3.5M) ON SALES 5% DOWN FROM EU65.8M (IR£51.8M) TO EU62.3M (IR£49.1M). VOLUMES IN FERTILISERS AND AGRICHEMICALS SHOWED AN IMPROVEMENT IN A GOOD START TO THE KEY SPRING SALES PERIOD. SALES AND MARGINS IN THE GRAIN ASSEMBLY OPERATION WERE DOWN IN GENERALLY WEAKER MARKETS ON THE COMPARATIVE PERIOD BUT THIS WAS MORE THAN OFFSET BY IMPROVEMENTS IN OTHER ACTIVITIES INCLUDING MOLASSES. ASSOCIATES SHARE OF PROFIT OF ASSOCIATES, NET OF SHARE OF INTEREST PAYABLE AND GOODWILL AMORTISATION BUT BEFORE EXCEPTIONAL ITEM, INCREASED FROM EU1.7M (IR£1.3M) TO EU4.9M (IR£3.8M). CONTRIBUTION FROM EACH OF THE ASSOCIATES SHOWED AN IMPROVEMENT ON THE PRIOR PERIOD. FINANCE NET INTEREST PAYABLE INCREASED FROM EU5.4M (IR£4.3M) TO EU7.3M (IR£5.7M). VIRTUALLY ALL THE GROUP'S BORROWINGS ARE IN STERLING TO HEDGE THE COST OF U.K. ACQUISITIONS AND THE INTEREST COST WAS, THEREFORE, ADVERSELY IMPACTED BY BOTH HIGHER U.K. INTEREST RATES AND THE EFFECT OF TRANSLATION CAUSED BY THE STRENGTH OF STERLING. NET DEBT INCREASED FROM EU151M (IR£119M) AT THE YEAR-END TO EU196M (IR£154M) AS A RESULT OF THE NORMAL FIRST-HALF SEASONAL WORKING CAPITAL OUTFLOW, LARGELY IN RELATION TO THE BUILD-UP OF SUGAR STOCKS ARISING FROM THE PRODUCTION CAMPAIGN. THE TAXATION CHARGE OF EU4.3M (IR£3.4M) REPRESENTED 13.2% OF PRETAX PROFIT AS COMPARED TO A CHARGE OF EU4.1M (IR£3.2M) FOR THE COMPARATIVE PERIOD (12.6% OF PRETAX PROFIT). MINORITY INTEREST DECREASED FROM EU1.1M (IR£0.9M) TO EU0.8M (IR£0.6M) AS A RESULT OF THE ACQUISITION OF THE MINORITY INTEREST IN ONE OF THE KEARS SUBSIDIARIES, ROBERTSONS, IN THE PRIOR YEAR. BASIC EARNINGS PER SHARE INCREASED FROM 14.5C (11.4P) TO 14.7C (11.6P), WHILE EARNINGS ADJUSTED TO EXCLUDE THE EXCEPTIONAL CHARGE IN THE PRIOR PERIOD AND GOODWILL AMORTISATION AMOUNTED TO 15.0C (11.8P). (1999: 15.2C (12.0P)). IMPERIAL SUGAR IN AUGUST 1996, THE GROUP ACQUIRED A 27% INTEREST IN IMPERIAL HOLLY (NOW CALLED IMPERIAL SUGAR), A MAJOR U.S. SUGAR PRODUCER. INITIAL RESULTS FROM IMPERIAL WERE ENCOURAGING. IN OCTOBER 1997, IMPERIAL ACQUIRED ANOTHER MAJOR U.S. SUGAR PRODUCER, SAVANNAH FOODS, IN A TRANSACTION WHICH SUBSTANTIALLY INCREASED THE SIZE OF IMPERIAL, WHICH BECAME THE LARGEST U.S. SUGAR PRODUCER, AND DILUTED GREENCORE'S INTEREST, WHICH IS NOW APPROXIMATELY 15%. SINCE 1998, A COMBINATION OF CIRCUMSTANCES AFFECTING THE U.S. SUGAR MARKET AS A WHOLE HAS RESULTED IN UNSATISFACTORY PERFORMANCE. THE FACTORS INCLUDE A REDUCTION IN REFINED SUGAR PRICES TO TEN YEAR LOWS AS A RESULT OF THE IMPACT OF CHANGES IN THE U.S. REGULATORY ENVIRONMENT AND THE CONSEQUENCES OF SIGNIFICANTLY HIGHER SUGAR BEET AND CANE PRODUCTION NOT JUSTIFIED BY INCREASES IN MARKET DEMAND FOR SUGAR. FOLLOWING A RECENT REVIEW OF GREENCORE'S STRATEGIC OBJECTIVES, IT HAS BEEN DECIDED THAT ITS SHAREHOLDING IN IMPERIAL IS NO LONGER A LONG-TERM TRADE INVESTMENT. ADDITIONALLY, THE CONDITIONS REQUIRING THE COMPANY TO ACCOUNT FOR ITS INVESTMENT AS AN ASSOCIATE WILL NOT APPLY IN THE FUTURE. THE CARRYING COST OF THE INVESTMENT AT 24 MARCH 2000, INCLUSIVE OF SHARE OF PROFIT LESS DIVIDENDS TOGETHER WITH HEDGE COST, WAS APPROXIMATELY EU28M (IR£22M). ADDITIONALLY, APPROXIMATELY EU39M (IR£31M) HAS PREVIOUSLY BEEN CHARGED AGAINST RESERVES AS GOODWILL. THE CURRENT MARKET VALUE OF THE INVESTMENT IS APPROXIMATELY EU8M (IR£6M). AN APPROPRIATE NON-CASH CHARGE WILL BE MADE IN THE FULL YEAR ACCOUNTS TO REFLECT THIS CHANGE IN ACCOUNTING TREATMENT. GREENCORE IS WORKING WITH IMPERIAL TO DEVELOP AN APPROPRIATE EXIT MECHANISM IN THE BEST INTERESTS OF BOTH GREENCORE AND IMPERIAL SHAREHOLDERS. CURRENT TRADING AND OUTLOOK TRADING IN GENERAL CONTINUES TO BE SATISFACTORY IN A TOUGH FOOD SECTOR ENVIRONMENT. RESULTS FOR THE CURRENT YEAR WILL REFLECT THE COSTS OF RE- ORGANISATION WITHIN OUR MALT OPERATIONS. THIS WILL, HOWEVER, RESULT IN A MALTING OPERATION WITH A COST BASE, PRODUCT VARIETY, QUALITY AND SERVICE WHICH WE BELIEVE IS SECOND TO NONE GLOBALLY. THERE ARE ENCOURAGING SIGNS THAT THE DIFFICULT MALT MARKETS CAUSED BY A SLOW DOWN IN DEMAND FOR MALT, PARTICULARLY IN THE KEY ASIAN AND SOUTH AMERICAN MARKETS, HAVE NOW IMPROVED AS A RESULT OF A PICK-UP IN THE ECONOMIC OUTLOOK IN ASIA AND MALTING PRODUCTION RATIONALISATION. IN THE U.K., THE PARTICULAR DIFFICULTIES CAUSED BY THE STRENGTH OF STERLING HAVE RESULTED IN A NUMBER OF INDUSTRY CAPACITY REDUCTIONS WHICH SHOULD IMPROVE THE OUTLOOK FOR OUR U.K. MALT OPERATIONS NEXT YEAR. IN CHILLED PIZZA, ORGANIC FOODS AND BAKED PRODUCTS, ENCOURAGING PROGRESS CONTINUES TO BE MADE WITH SUCCESSFUL NEW CUSTOMER AND PRODUCT INITIATIVES AND THE BENEFIT OF CAPACITY INCREASES TO COPE WITH INCREASED DEMAND STILL TO COME THROUGH. OUR AGRIBUSINESSES CONTINUE TO PERFORM WELL IN A DIFFICULT TRADING ENVIRONMENT WITH OUR FOCUS BEING ON OPTIMISING RETURNS. WE CONTINUE TO MAKE SMALL BUT STRATEGICALLY IMPORTANT BOLT-ON ACQUISITIONS AND IN RECENT WEEKS ERIN FOODS HAS COMPLETED THE ACQUISITION OF A U.K. MANUFACTURER AND PACKER OF PASTA IN SAUCE, SAVOURY RICE AND COUS-COUS, WILLIAM RODGERS, WHICH WILL COMPLEMENT ITS SOUPS AND SAUCE BUSINESS. GREENCORE'S STRONG BALANCE SHEET, CASHFLOW, MARKET POSITIONS AND OPERATIONAL STRENGTHS GIVE IT AN EXCELLENT BASE FOR THE CONTINUED DEVELOPMENT OF THE GROUP. OUR STRATEGY IS CLEARLY FOCUSED ON GENERATING SUSTAINED EARNINGS PERFORMANCE. WE WILL CONTINUE TO OPTIMISE RETURNS FROM OUR STRONG, HIGH QUALITY, CASH GENERATIVE PRIMARY BUSINESSES AND, AT THE SAME TIME, EXPLOIT THE ORGANIC GROWTH POTENTIAL OF OUR FOOD AND INGREDIENT BUSINESSES. FINALLY, WE WILL ACQUIRE BUSINESSES WHICH, WHEN COMBINED WITH OUR EXISTING OPERATIONS AND FOCUSED AND DETERMINED MANAGEMENT, HAVE THE CAPACITY TO DEVELOP STRONG MARKET POSITIONS IN THEIR SECTORS. WE ARE CONFIDENT THAT THIS STRATEGY IS BEING SUCCESSFULLY EXECUTED. B.M. CAHILL CHAIRMAN 30 MAY 2000 CONSOLIDATED PROFIT AND LOSS ACCOUNT (EURO) HALF YEAR ENDED 24 MARCH 2000 HALF YEAR TO HALF YEAR TO FULL YEAR TO 24 MARCH 26 MARCH 24 SEPTEMBER 2000 1999 1999 NOTES (UNAUDITED) (UNAUDITED) (AUDITED) EU'000 EU'000 EU'000 TURNOVER 1 419,866 428,048 862,399 ------- ------- ------- OPERATING PROFIT BEFORE GOODWILL AMORTISATION AND EXCEPTIONAL ITEMS 1 35,278 38,208 81,943 GOODWILL AMORTISATION (354) - (267) EXCEPTIONAL ITEM 2 - - 917 ------- ------- ------- OPERATING PROFIT 34,924 38,208 82,593 SHARE OF OPERATING PROFIT OF ASSOCIATED UNDERTAKINGS BEFORE GOODWILL AND EXCEPTIONAL ITEM 9,364 5,563 12,347 GOODWILL AMORTISATION OF ASSOCIATES (170) - (283) ------- ------- ------- SHARE OF OPERATING PROFIT OF ASSOCIATED UNDERTAKINGS 9,194 5,563 12,064 SHARE OF EXCEPTIONAL ITEM - ASSOCIATES 2 - (2,202) (2,201) ------- ------- ------- PROFIT ON ORDINARY ACTIVITIES BEFORE INTEREST AND TAXATION 44,118 41,569 92,456 INTEREST RECEIVABLE AND SIMILAR INCOME 1,607 1,487 3,292 INTEREST PAYABLE AND SIMILAR CHARGES (8,862) (6,932) (14,705) SHARE ON INTEREST PAYABLE - ASSOCIATES (4,334) (3,907) (8,003) ------- ------- -------- PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 32,529 32,217 73,040 TAXATION ON PROFIT ON ORDINARY ACTIVITIES (4,296) (4,050) (6,929) ------- ------- -------- PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 28,233 28,167 66,111 MINORITY INTERESTS (770) (1,088) (2,576) ------- ------- -------- PROFIT ATTRIBUTABLE TO GROUP SHAREHOLDERS 27,463 27,079 63,535 DIVIDENDS 3 (8,186) (7,471) (22,178) ------- ------- -------- RETAINED PROFIT 19,277 19,608 41,357 ------- ------- -------- EARNINGS PER ORDINARY SHARE 4 BASIC 14.7C 14.5C 34.0C FULLY DILUTED 14.6C 14.5C 33.9C ADJUSTED EARNINGS PER ORDINARY SHARE BASIC 15.0C 15.2C 34.5C FULLY DILUTED 14.9C 15.2C 34.4C DIVIDEND PER ORDINARY SHARE 3 4.38C 4.0C 11.87C CONSOLIDATED BALANCE SHEET (EURO) AT 24 MARCH 2000 24 MARCH 26 MARCH 24 SEPTEMBER 2000 1999 1999 (UNAUDITED) (UNAUDITED) (AUDITED) EU'000 EU'000 EU'000 FIXED ASSETS INTANGIBLE ASSETS 13,921 - 14,248 TANGIBLE ASSETS 356,963 329,703 356,666 FINANCIAL ASSETS 22,552 24,247 24,426 ------- ------- ------- 393,436 353,950 395,340 ------- ------- ------- CURRENT ASSETS STOCKS 219,787 192,862 163,523 DEBTORS 154,504 156,970 137,087 CASH AND BANK BALANCES 75,438 45,890 116,140 ------- ------- ------- 449,729 395,722 416,750 CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR 240,787 245,218 231,827 ------- ------- ------- NET CURRENT ASSETS 208,942 150,504 184,923 ------- ------- ------- TOTAL ASSETS LESS CURRENT LIABILITIES 602,378 504,454 580,263 ------- ------- ------- CREDITORS AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 256,297 197,918 252,268 PROVISIONS FOR LIABILITIES AND CHARGES 36,464 18,330 35,147 DEVELOPMENT GRANTS 2,235 2,520 2,368 ------- ------- ------- 294,996 218,768 289,783 ------- ------- ------- NET ASSETS 307,382 285,686 290,480 ======= ======= ======= CAPITAL AND RESERVES CALLED UP SHARE CAPITAL 120,824 121,708 121,718 CAPITAL CONVERSION RESERVE FUND 934 - - SHARE PREMIUM ACCOUNT 84,350 84,237 84,262 PROFIT AND LOSS ACCOUNT 96,674 73,844 79,692 ------- ------- ------- SHAREHOLDERS' FUNDS - EQUITY INTERESTS 302,782 279,789 285,672 MINORITY INTERESTS - EQUITY INTERESTS 4,600 5,897 4,808 ------- ------- ------- 307,382 285,686 290,480 ======= ======= ======= CONSOLIDATED CASH FLOW STATEMENT (EURO) HALF YEAR ENDED 24 MARCH 2000 HALF YEAR TO HALF YEAR TO FULL YEAR TO 24 MARCH 26 MARCH 24 SEPTEMBER 2000 1999 1999 (UNAUDITED) (UNAUDITED) (AUDITED) EU'000 EU'000 EU'000 OPERATING ACTIVITIES OPERATING PROFIT 35,278 38,208 81,943 NON CASH ITEMS - DEPRECIATION (NET OF GRANTS) 15,285 13,782 26,854 - OTHER 2,188 1,223 (3,648) CHANGES IN WORKING CAPITAL (59,665) (48,438) (9,292) -------- -------- ------- CASH FLOW FROM OPERATING ACTIVITIES (6,914) 4,775 95,857 DIVIDENDS FROM ASSOCIATES 3,619 173 1,771 RETURNS ON INVESTMENTS AND SERVICING OF FINANCE (8,196) (4,259) (12,061) TAXATION 66 (612) (7,288) CAPITAL EXPENDITURE (NET) (13,364) (8,371) (31,596) DISPOSAL/(ACQUISITION) OF SUBSIDIARY AND ASSOCIATED UNDERTAKINGS 1,877 (72,563) (82,958) NET CASH ACQUIRED - - 333 EQUITY DIVIDENDS PAID (14,707) (13,400) (20,871) ------- ------- ------- CASH OUTFLOW BEFORE USE OF LIQUID RESOURCES AND FINANCING (37,619) (94,257) (56,813) MANAGEMENT OF LIQUID RESOURCES 32,218 43,822 (21,085) FINANCING (3,896) 51,765 75,496 ------- ------- ------- (DECREASE)/INCREASE IN CASH IN THE PERIOD (9,297) 1,330 (2,402) ======== ======== ======== (DECREASE)/INCREASE IN CASH IN THE PERIOD (9,297) 1,330 (2,402) CASH FLOW FROM MOVEMENTS IN DEBT AND LEASE FINANCING 4,930 (51,709) (75,405) CASH FLOW FROM MOVEMENTS IN LIQUID RESOURCES (32,218) (43,822) 21,085 ------- -------- ------- CHANGE IN NET DEBT RESULTING FROM CASH FLOWS (36,585) (94,201) (56,722) LOANS AND FINANCE LEASES ACQUIRED WITH SUBSIDIARIES - - (1,063) NEW FINANCE LEASES - (19) (33) LOAN NOTES ISSUED ON ACQUISITION - - (8,445) TRANSLATION DIFFERENCES (8,098) (6,961) (14,579) ------- ------- ------- MOVEMENT IN NET DEBT IN PERIOD (44,683) (101,181) (80,842) NET DEBT AT START OF PERIOD (151,170) (70,328) (70,328) --------- -------- -------- NET DEBT AT END OF PERIOD (195,853) (171,509) (151,170) ========= ======== ======== STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (EURO) HALF YEAR ENDED 24 MARCH 2000 HALF YEAR TO HALF YEAR TO FULL YEAR TO 24 MARCH 26 MARCH 24 SEPTEMBER 2000 1999 1999 (UNAUDITED) (UNAUDITED) (AUDITED) EU'000 EU'000 EU'000 PROFIT FOR PERIOD ATTRIBUTABLE TO GROUP SHAREHOLDERS 27,463 27,079 63,535 EXCHANGE ADJUSTMENTS (1,151) (1,150) (2,636) ------- ------- ------- TOTAL RECOGNISED GAINS FOR THE PERIOD 26,312 25,929 60,899 ======= ======= ======= NOTES (EURO) HALF YEAR ENDED 24 MARCH 2000 1. ANALYSIS OF RESULTS BY ACTIVITY HALF YEAR TO HALF YEAR TO FULL YEAR TO 24 MARCH 2000 26 MARCH 1999 24 SEPTEMBER 1999 TURNOVER OPERATING TURNOVER OPERATING TURNOVER OPERATING PROFIT PROFIT PROFIT EU'000 EU'000 EU'000 EU'000 EU'000 EU'000 SUGAR 98,136 15,418 106,610 17,640 193,227 36,518 FOOD AND INGREDIENTS 259,395 15,457 255,630 16,413 521,258 36,000 AGRIBUSINESS 62,335 4,403 65,808 4,155 147,914 9,425 ------- ------ ------- ------- ------- ------- 419,866 35,278 428,048 38,208 862,399 81,943 ------- ------ ------- ------- ------- ------- ASSOCIATED UNDERTAKINGS 179,044 9,364 160,919 5,563 353,143 12,347 2. THE EXCEPTIONAL CREDIT IN 1999 RELATES TO A PARTIAL ANNULMENT OF AN EU FINE IMPOSED ON IRISH SUGAR. THE SHARE OF EXCEPTIONAL CHARGE IN ASSOCIATES IN 1999 RELATES TO THE DISPOSAL OF IMPERIAL SUGAR'S 43% LIMITED PARTNERSHIP INTEREST IN PACIFIC NORTHWEST SUGAR COMPANY, A U.S. BEET SUGAR BUSINESS. 3. THE INTERIM DIVIDEND OF 4.380596C PER SHARE (1999: 3.999675C) IS PAYABLE ON 24 JULY 2000 TO SHAREHOLDERS ON THE REGISTER OF MEMBERS AS AT 9 JUNE 2000. IT IS SUBJECT TO WITHHOLDING TAX ALTHOUGH CERTAIN CLASSES OF SHAREHOLDERS MAY QUALIFY FOR EXEMPTION. 4. THE CALCULATION OF EARNINGS PER SHARE IS BASED ON EARNINGS OF EU27.46M (1999: EU27.08M) AND ON 187 MILLION ORDINARY SHARES (1999: 187 MILLION) BEING THE WEIGHTED AVERAGE NUMBER OF SHARES IN ISSUE DURING THE PERIOD. THE CALCULATION OF ADJUSTED EARNINGS PER SHARE IN 2000 IS AFTER ELIMINATION OF GOODWILL AMORTISATION OF EU0.524M. THE CALCULATION OF ADJUSTED EARNINGS PER SHARE FOR THE FIRST HALF OF 1999 IS AFTER ELIMINATION OF THE SHARE OF EXCEPTIONAL CHARGE IN ASSOCIATES OF EU1.431M (AFTER TAX RELIEF OF EU0.771M). THE CALCULATIONS OF EARNINGS PER SHARE EXCLUDE 4.9M TREASURY SHARES ARISING FROM THE SHARE REPURCHASE PROGRAMME. 5. THE FIGURES FOR THE HALF-YEARS ENDED 24 MARCH 2000 AND 26 MARCH 1999 ARE UNAUDITED AND HAVE BEEN CONVERTED TO EUROS AT A RATE OF IR£ = EU0.787564. THE FIGURES FOR THE FULL YEAR ENDED 24 SEPTEMBER 1999 REPRESENT AN ABBREVIATED VERSION OF THE GROUP'S FULL ACCOUNTS FOR THE YEAR WHICH HAVE BEEN FILED WITH THE REGISTRAR OF COMPANIES AND ON WHICH THE AUDITORS GAVE AN UNQUALIFIED AUDIT REPORT, CONVERTED TO EUROS AT A RATE OF IR£ = EU0.787564. 6. THE FOREGOING ACCOUNTS ARE PREPARED ON THE BASIS OF THE ACCOUNTING POLICIES SET OUT IN THE 1999 ANNUAL REPORT. 7. THE INTERIM REPORT IS BEING SENT BY POST TO ALL REGISTERED SHAREHOLDERS. COPIES ARE ALSO AVAILABLE TO THE PUBLIC FROM THE COMPANY'S REGISTERED OFFICE AT ST. STEPHEN'S GREEN HOUSE, EARLSFORT TERRACE, DUBLIN 2 AND FROM THE REGISTRATION DEPARTMENT, BANK OF IRELAND, HUME HOUSE, BALLSBRIDGE, DUBLIN 4. CONSOLIDATED PROFIT AND LOSS ACCOUNT (IR£) HALF YEAR ENDED 24 MARCH 2000 HALF YEAR TO HALF YEAR TO FULL YEAR TO 24 MARCH 26 MARCH 24 SEPTEMBER 2000 1999 1999 NOTES (UNAUDITED) (UNAUDITED) (AUDITED) IR£'000 IR£'000 IR£'000 TURNOVER 8 330,671 337,115 679,194 ------- ------- ------- OPERATING PROFIT BEFORE GOODWILL AMORTISATION AND EXCEPTIONAL ITEMS 8 27,784 30,091 64,535 GOODWILL AMORTISATION (279) - (210) EXCEPTIONAL ITEM 9 - - 722 ------- ------- ------- OPERATING PROFIT 27,505 30,091 65,047 SHARE OF OPERATING PROFIT OF ASSOCIATED UNDERTAKINGS BEFORE GOODWILL AND EXCEPTIONAL ITEM 7,375 4,381 9,724 GOODWILL AMORTISATION OF ASSOCIATES (134) - (223) ------- ------- ------- SHARE OF OPERATING PROFIT OF ASSOCIATED UNDERTAKINGS 7,241 4,381 9,501 SHARE OF EXCEPTIONAL ITEM - ASSOCIATES 9 - (1,734) (1,734) ------- ------- ------- PROFIT ON ORDINARY ACTIVITIES BEFORE INTEREST AND TAXATION 34,746 32,738 72,814 INTEREST RECEIVABLE AND SIMILAR INCOME 1,266 1,171 2,593 INTEREST PAYABLE AND SIMILAR CHARGES (6,980) (5,459) (11,581) SHARE ON INTEREST PAYABLE - ASSOCIATES (3,413) (3,077) (6,303) ------- ------- -------- PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 25,619 25,373 57,523 TAXATION ON PROFIT ON ORDINARY ACTIVITIES (3,384) (3,190) (5,457) ------- ------- -------- PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 22,235 22,183 52,066 MINORITY INTERESTS (606) (857) (2,029) ------- ------- -------- PROFIT ATTRIBUTABLE TO GROUP SHAREHOLDERS 21,629 21,326 50,037 DIVIDENDS 10 (6,447) (5,884) (17,467) ------- ------- -------- RETAINED PROFIT 15,182 15,442 32,570 ------- ------- -------- EARNINGS PER ORDINARY SHARE 11 BASIC 11.6P 11.4P 26.8P FULLY DILUTED 11.5P 11.4P 26.7P ADJUSTED EARNINGS PER ORDINARY SHARE BASIC 11.8P 12.OP 27.2P FULLY DILUTED 11.7P 12.OP 27.1P DIVIDEND PER ORDINARY SHARE 10 3.45P 3.15P 9.35P CONSOLIDATED BALANCE SHEET (IR£) AT 24 MARCH 2000 24 MARCH 26 MARCH 24 SEPTEMBER 2000 1999 1999 (UNAUDITED) (UNAUDITED) (AUDITED) IR£'000 IR£'000 IR£'000 FIXED ASSETS INTANGIBLE ASSETS 10,964 - 11,221 TANGIBLE ASSETS 281,131 259,662 280,897 FINANCIAL ASSETS 17,761 19,096 19,237 ------- ------- ------- 309,856 278,758 311,355 ------- ------- ------- CURRENT ASSETS STOCKS 173,096 151,891 128,783 DEBTORS 121,682 123,624 107.965 CASH AND BANK BALANCES 59,412 36,141 91,468 ------- ------- ------- 354,190 311,656 328,216 CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR 189,635 193,124 182,576 ------- ------- ------- NET CURRENT ASSETS 164,555 118,532 145,640 ------- ------- ------- TOTAL ASSETS LESS CURRENT LIABILITIES 474,411 397,290 456,995 ------- ------- ------- CREDITORS AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 201,850 155,873 198,677 PROVISIONS FOR LIABILITIES AND CHARGES 28,718 14,436 27,681 DEVELOPMENT GRANTS 1,760 1,985 1,865 ------- ------- ------- 232,328 172.294 228,223 ------- ------- ------- NET ASSETS 242,083 224,996 228,772 ======= ======= ======= CAPITAL AND RESERVES CALLED UP SHARE CAPITAL 95,157 95,853 95,861 CAPITAL CONVERSION RESERVE FUND 735 - - SHARE PREMIUM ACCOUNT 66,431 66,342 66,362 PROFIT AND LOSS ACCOUNT 76,137 58,157 62,762 ------- ------- ------- SHAREHOLDERS' FUNDS - EQUITY INTERESTS 238,460 220,352 224,985 MINORITY INTERESTS - EQUITY INTERESTS 3,623 4,644 3,787 ------- ------- ------- 242,083 224,996 228,772 ======= ======= ======= CONSOLIDATED CASH FLOW STATEMENT (IR£) HALF YEAR ENDED 24 MARCH 2000 HALF YEAR TO HALF YEAR TO FULL YEAR TO 24 MARCH 26 MARCH 24 SEPTEMBER 2000 1999 1999 (UNAUDITED) (UNAUDITED) (AUDITED) IR£'000 IR£'000 IR£'000 OPERATING ACTIVITIES OPERATING PROFIT 27,784 30,091 64,535 NON CASH ITEMS - DEPRECIATION (NET OF GRANTS) 12,038 10,854 21,149 - OTHER 1,723 963 (2,873) CHANGES IN WORKING CAPITAL (46,990) (38,148) (7,318) -------- -------- ------- CASH FLOW FROM OPERATING ACTIVITIES (5,445) 3,760 75,493 DIVIDENDS FROM ASSOCIATES 2,850 136 1,395 RETURNS ON INVESTMENTS AND SERVICING OF FINANCE (6,455) (3,354) (9,499) TAXATION 52 (482) (5,739) CAPITAL EXPENDITURE (NET) (10,524) (6,593) (24,884) DISPOSAL/(ACQUISITION) OF SUBSIDIARY AND ASSOCIATED UNDERTAKINGS 1,478 (57,148) (65,335) NET CASH ACQUIRED - - 262 EQUITY DIVIDENDS PAID (11,583) (10,553) (16,437) ------- ------- ------- CASH OUTFLOW BEFORE USE OF LIQUID RESOURCES AND FINANCING (29,627) (74,234) (44,744) MANAGEMENT OF LIQUID RESOURCES 25,374 34,513 (16,606) FINANCING (3,069) 40,768 59,458 ------- ------- ------- (DECREASE)/INCREASE IN CASH IN THE PERIOD (7,322) 1,047 (1,892) ======== ======= ======= (DECREASE)/INCREASE IN CASH IN THE PERIOD (7,322) 1,047 (1,892) CASH FLOW FROM MOVEMENTS IN DEBT AND LEASE FINANCING 3,883 (40,724) (59,386) CASH FLOW FROM MOVEMENTS IN LIQUID RESOURCES (25,374) (34,513) 16,606 ------- -------- ------- CHANGE IN NET DEBT RESULTING FROM CASH FLOWS (28,813) (74,190) (44,672) LOANS AND FINANCE LEASES ACQUIRED WITH SUBSIDIARIES - - (837) NEW FINANCE LEASES - (15) (26) LOAN NOTES ISSUED ON ACQUISITION - - (6,651) TRANSLATION DIFFERENCES (6,379) (5,482) (11,482) ------- ------- ------- MOVEMENT IN NET DEBT IN PERIOD (35,192) (79,687) (63,668) NET DEBT AT START OF PERIOD (119,055) (55,387) (55,387) --------- -------- -------- NET DEBT AT END OF PERIOD (154,247) (135,074) (119,055) ========= ======== ======== STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (IR£) HALF YEAR ENDED 24 MARCH 2000 HALF YEAR TO HALF YEAR TO FULL YEAR TO 24 MARCH 26 MARCH 24 SEPTEMBER 2000 1999 1999 (UNAUDITED) (UNAUDITED) (AUDITED) IR£'000 IR£'000 IR£'000 PROFIT FOR PERIOD ATTRIBUTABLE TO GROUP SHAREHOLDERS 21,629 21,326 50,037 EXCHANGE ADJUSTMENTS (907) (906) (2,076) ------- ------- ------- TOTAL RECOGNISED GAINS FOR THE PERIOD 20,722 20,420 47,961 ======= ======= ======= NOTES (IR£) HALF YEAR ENDED 24 MARCH 2000 8. ANALYSIS OF RESULTS BY ACTIVITY HALF YEAR TO HALF YEAR TO FULL YEAR TO 24 MARCH 2000 26 MARCH 1999 24 SEPTEMBER 1999 TURNOVER OPERATING TURNOVER OPERATING TURNOVER OPERATING PROFIT PROFIT PROFIT IR£'000 IR£'000 IR£'000 IR£'000 IR£'000 IR£'000 SUGAR 77,288 12,143 83,962 13,893 152,178 28,760 FOOD AND INGREDIENTS 204,290 12,173 201,325 12,926 410,524 28,352 AGRIBUSINESS 49,093 3,468 51,828 3,272 116,492 7,423 ------- ------ ------- ------- ------- ------- 330,671 27,784 337,115 30,091 679,194 64,535 ------- ------ ------- ------- ------- ------- ASSOCIATED UNDERTAKINGS 141,009 7,375 126,734 4,381 278,123 9,724 9. THE EXCEPTIONAL CREDIT IN 1999 RELATES TO A PARTIAL ANNULMENT OF AN EU FINE IMPOSED ON IRISH SUGAR. THE SHARE OF EXCEPTIONAL CHARGE IN ASSOCIATES IN 1999 RELATES TO THE DISPOSAL OF IMPERIAL SUGAR'S 43% LIMITED PARTNERSHIP INTEREST IN PACIFIC NORTHWEST SUGAR COMPANY, A U.S. BEET SUGAR BUSINESS. 10. THE INTERIM DIVIDEND OF IR3.45P PER SHARE (1999: IR3.15P) IS PAYABLE ON 24 JULY 2000 TO SHAREHOLDERS ON THE REGISTER OF MEMBERS AS AT 9 JUNE 2000. IT IS SUBJECT TO WITHHOLDING TAX ALTHOUGH CERTAIN CLASSES OF SHAREHOLDERS MAY QUALIFY FOR EXEMPTION. 11. THE CALCULATION OF EARNINGS PER SHARE IS BASED ON EARNINGS OF IR£21.63M (1999: IR£21.33M) AND ON 187 MILLION ORDINARY SHARES (1999: 187 MILLION) BEING THE WEIGHTED AVERAGE NUMBER OF SHARES IN ISSUE DURING THE PERIOD. THE CALCULATION OF ADJUSTED EARNINGS PER SHARE IN 2000 IS AFTER ELIMINATION OF GOODWILL AMORTISATION OF IR£0.413M. THE CALCULATION OF ADJUSTED EARNINGS PER SHARE FOR THE FIRST HALF OF 1999 IS AFTER ELIMINATION OF THE SHARE OF EXCEPTIONAL CHARGE IN ASSOCIATES OF IR£1.127M (AFTER TAX RELIEF OF IR£0.607M). THE CALCULATIONS OF EARNINGS PER SHARE EXCLUDE 4.9M TREASURY SHARES ARISING FROM THE SHARE REPURCHASE PROGRAMME. 12. THE FIGURES FOR THE HALF-YEARS ENDED 24 MARCH 2000 AND 26 MARCH 1999 ARE UNAUDITED. THE FIGURES FOR THE FULL YEAR ENDED 24 SEPTEMBER 1999 REPRESENT AN ABBREVIATED VERSION OF THE GROUP'S FULL ACCOUNTS FOR THE YEAR WHICH HAVE BEEN FILED WITH THE REGISTRAR OF COMPANIES AND ON WHICH THE AUDITORS GAVE AN UNQUALIFIED ANNUAL REPORT. 13. THE FOREGOING ACCOUNTS ARE PREPARED ON THE BASIS OF THE ACCOUNTING POLICIES SET OUT IN THE 1999 ANNUAL REPORT.

Companies

Greencore Group (CDI) (GNC)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today