Financial Results

Group Profit and Loss Account for the year ended 31 December 2000

. 2000
Total 		1999
Total
. IR£'000 IR£'000

Turnover: group and share of joint ventures

 99,178
78,742
Less: share of joint ventures (22,270)

(7,726)
     
Group turnover 76,908 71,016
Cost of Sales (66,182) (61,473)

Gross Profit

 10,726 9,543
Distribution costs (3,992) (3,872)
Administration expenses (3,627) (2,844)
Other operating income/(costs) (496) (593)

Operating Profit

 2,611 2,234
Profit on disposal of fixed assets 176 271
Profit on disposal of fixed assets destroyed by fire 2,555 -
Profit on disposal of invertments 457 80
Share of results of joint venture 907 477
Share of joint venture's loss on termination of subsidiary (1,640) -
Share of results of associated undertakings 33 70
Income from financial assets 657 593

Profit on ordinary acrivities before interest

 5,756 3,725
Interest recievable 42 29
Interest Payable    
-Group (363) (137)
-Joint Venture (540) (159)

Profit on ordinary shares before taxation

 4,895 3,458
Taxation (1,003) (496)

Profit on ordinary activities after taxation

 3,892 2,962
Minority interest (58) (52)

Profit for the financial year

 3,834 2,910
Dividends: Paid (348) (298)
               : Proposed (447) (394)
     

Profit Retained in year

 3,039 2,218
     

Earnings per share

    
-basic IR38.6p IR29.3p
-diluted IR38.3p IR29.1p

Excluding exceptional items in 2000

    
-basic IR32.8p IR29.3p
-diluted IR32.6p IR29.1p
     

On behalf of the board:

    
Lexie Tinney
Chairman
  
John Keon
Managing Director
  
     

Group Balance Sheet at 31 December 2000

. 2000  1999
. IR£'000 IR£'000

Fixed Assets
Tangible assets 12,147 7,676
Financial assets 8,523 9,104
Investment in joint venture    
-Share of gross assets 12,234 14,602
-Share of gross liabilities (12,009) (12,982)
Intangible assets 1,658 (101)
  22,553 18,299

Current Assets
Stocks 6,468 5,732
Debtors 23,301 17,733
Cash at bank and in hand - -
. 29,769 23,465

Creditors: (Amounts falling due within one year)

 (26,494) (18,888)
     

Net Current Assets

 3,275 4,577
     

Total assets less current liabilities

 25,828 22,876
.    

Creditors: (Amounts falling due after one year)

 (2,029) (2,220)
     

Provisions for liabilities and charges

 (263) (58)
  23,536 20,598

Capital and reserves

    
Called up share capital 1,003 1,003
Share premium 2,005 2,005
Revaluation reserve 246 246
Reserve on acquisition 231 378
Other reserves 149 149
Profit and Loss account 19,327 16,286
     

Shareholders' Funds - equity

 22,961 20,067
     

Minority interest in subsidiaries

 575 531
  23,536 20,598

On behalf of the board:

    
Lexie Tinney
Chairman
  
John Keon
Managing Director
  
     

Company Balance Sheet at 31 December 2000

. 2000 1999
. IR£'000 IR£'000

Fixed assets

  
Tangible assets 1,223 1,134
Financial assets 11,876 12,667
  13,099 13,801

Current Assets

  
Stocks 2,870 2,757
Debtors 10,585 8,914
Cash at bank and in hand 460 3
  13,915 11,674

Creditors: (Amounts falling due within one year)

 (21,102) (18,180)
   

Net current liabilities

 (7,187) (6,506)
   

Total assets less current liabilities

 5,912 7,295
   

Creditors: (Amounts falling due after one year)

 (1,453) (1,630)
   

Provision for liabilities and charges

 (40) (30)
  4,419 5,635
   
   

Capital and Reserves

  
Called up share capital 1,003 1,003
Share premium 2,005 2,005
Revaluation reserve 122 122
Other reserves 149 149
Profit and Loss account 1,140 2,356
   

Shareholders fund equity

  
  4,419 5,635
     

On behalf of the board:

    
Lexie Tinney
Chairman
  
John Keon
Managing Director
  
     

 

Group Cash Flow Statement for year ended 31 December 2000

 
                 2000
           1999
 
IR£'000
 IR£'000 IR£'000 IR£'000

Net cash inflow from operating activities

   2,904   2,693
         

Return on investments and servicing of finance

        
Dividends recieved from listed investments
63
 100
Dividends recieved from associate undertaking
32
 85
Property and milk quota leasing reciepts
369
   529  
Interest recieved
11
   29  
Interest paid
(270)
   (91)  

Net cash inflow from returns on investments and servicing of finance

   205   652
         

Taxation paid

   (397)   (296)
         

Capital expenditure and financial investment

        
Sale of tangible assets
2,268
   1,218  
Purchase of tangible assets
(2,952)
   (1,763)  
Purchase of financial assets
(147)
   (404)  
Sale of financial assets
1,879
   80  
Additions to investment property
(26)
   (60)  
         

Net cash outflow from capital expenditure and financial investment

  1,022   (929)
         

Acquisitions

        
Acquisition of interest and loan stock in Carbury Mushrooms ltd
(431)
   (3,628)  
Acquisition of stores from Lakeland Agricare
(79)
   (861)  
Acquisition of Wm McKinney & Sons Ltd
(190)
   (1,453)  
Acquisition of Robert Smyth & Sons
(393)
   -  
Acquisition of trade of Winston Patterson Ltd
(5,148)
   -  
         

Net cash outflow from acquisitions

   (6,241)   (5,952)

Equity dividends paid

   (597)   (596)

Net cash outflow before financing

   (3,104)   (4,428)

 

        

Financing

        
Finance lease payments
(32)
   (39)  
         

Net cash outflow from financing

   (32)   (39)
         

Decrease in cash

   (3,136)   (4,467)
         
         
         
         
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