Financial Results

Financial Highlights 2001

. 2001 2000
 Increase/(Decrease)
%
. EUR'000 EUR'000  

Turnover (Includes Joint Ventures)

 139,419 125,930
 10.7%
     

 
Operating Profit 4,393 3,315 32.5%
       
Profit before Tax and Exceptional Items 5,378 5,053 6.4%
       
Profit before Tax 5,074 6,215 (18.4%)
       
Profit after Tax 4,102 4,942 (17.0%)
       
Cash Flow (PBT + Depreciation + Amortisation) 7,348 7,938 (7.4%)
       
Earnings Per Share (Adjusted) 43.4c 41.7c 4.1%
       
Earnings Per Share (Basic) 40.4c 49.0c (17.6%)
       
Dividend Per Share 10.8c 10.2c 5.9%
       
Net Asset Value per Share
(Excluding Minority Interest		 €3.23 €2.94 9.9%
       

Group Profit and Loss Account for the year ended 31 December 2001

. Year ended
31 December 2001
 Year ended
31 December 2000
. EUR'000 EUR'000

Turnover

 139,419
 125,930
Less: share of Joint Ventures turnover (24,847)

(28,277)
     
Group turnover 114,572 97,653
     

Operating Profit

 4,393 3,315
Profit on disposal of tangible and financial assets 686 803
Profit on disposal of fixed assets destroyed by fire - 3,244
Share of results of Joint Venture 862 1,152
Share of Joint Venture's exceptional losses (304) (2,082)
Share of results of associated undertakings 79 42
Income from financial assets 846 834

Profit on ordinary activities before interest

 6,562 7,308
Interest receivable 14 53
Interest Payable    
-Group (916) (461)
-Joint Venture (586) (685)

Profit on ordinary shares before taxation

 5,074 6,215
Taxation (972) (1,273)

Profit on ordinary activities after taxation

 4,102 4,942
Minority interest (96) (74)

Profit for the financial year

 4,006 4,868
Dividends (1,074) (1,009)
     

Profit Retained in year

 2,932 3,859
     

Earnings per share (basic)

 40.4c 49.0c
     
Earnings per share (adjusted) 43.4c 41.7c
     

Group Balance Sheet at 31 December 2001

. 31 December 2001  31 December 2000
. EUR'000 EUR'000

Fixed Assets
Tangible assets 21,553 15,423
Financial assets 10,102 10,822
Investment in Joint Venture 13 286
Intangible assets 2,082 2,105
  33,750 28,636

Current Assets
Stocks 8,760 8,213
Debtors 33,681 29,586
Cash at bank and in hand 683 -
. 43,124 23,465
     

Creditors - Amounts falling due within one year

 (34,990) (33,641)
     

Net Current Assets

 8,134 4,158
 

Total assets less current liabilities

 41,884 32,794
.    

Creditors - Amounts falling due after one year

 (7,808) (2,576)
     

Provisions for liabilities and charges

 (645) (334)
  33,431 29,884

Capital and reserves

    
Called up share capital 1,274 1,274
Share premium 2,546 2,546
Revaluation reserve 312 312
Reserve on acquisition 293 293
Other reserves 189 189
Profit and Loss account 27,449 27,540

Shareholders' Funds - equity

 32,063 29,154
     

Minority interest in subsidiaries

 1,368 730
  33,431 29,884
     

Net Assets per share

 €3.23 €2.94

Segmental Analysis at 31 December 2000

  Year ended
31 December 2001		 Year ended
31 December 2000
By class of business: EUR'000 EUR'000

 

  
Dairy products 47,585 42,677
Farm Inputs 42,724 33,530
Potatoes 14,467 12,631
Confectionery 7,684 7,171
Sacks 1,755 1,644
Stevedoring 357 -
     
Turnover (excl. share of Joint Venture) 114,572 97,653
Share of Joint Venture:
Mushrooms and mushroom compost		 24,847 28,277
Turnover (incl. share of Joint Venture) 139,419 125,930
     

 

 Year ended
31 December 2001		 Year ended
31 December 2000
.By geographic market EUR'000 EUR'000
   
Republic of Ireland 77,606 63,276
Northern Ireland 22,892 21,483
Great Britain 3,694 3,614
Continental Europe 3,381 2,840
Rest of World 6,999 6,440
Turnover (excl. share of Joint Venture) 114,572 97,653
     
Turnover: Share of Joint Venture    
Republic of Ireland 4,522 4,406
Northern Ireland 505 900
Great Britain 19,820 22,971
  24,847 28,277
     
Turnover (incl. share of Joint Venture) 139,419 125,930

Group Cash Flow Statement for year ended 31 December 2001

 
2001
2001
2000
 2000
 
EUR'000
 EUR'000 EUR'000 EUR'000

Net cash inflow from operating activities

   4,292   3,687
         

Return on investments and servicing on finance

        
Dividends received from listed investments
-
 80
Dividends received from associate undertaking
-
 41
Property and milk quota leasing reciepts
456
   469  
Dividends paid to minority interests
(2)
   -  
Interest received
14
   14  
Interest paid
(815)
   (343)  

Net cash (outflow) / inflow from return on investments and servicing of finance

   (347)   261
         

Taxation paid

   (970)   (504)
         

Capital expenditure and financial investment

        
Sale of tangible assets
599
   2,880  
Purchase of tangible assets
(7,363)
   (3,748)  
Purchase of financial assets
-
   (187)  
Sale of financial assets
209
   2,386  
Additions to investment property
(60)
   (33)  
         

Net cash (outflow) / inflow from capital expenditure and financial investment

  (6,615)   1,298
         

Acquisitions

        
Acquisition of interest and loan stock in Carbury Mushrooms Ltd
(122)
   (547)  
Acquisition of stores from Lakeland Agricare
(65)
   (100)  
Acquisition of Wm McKinney & Sons Limited
(182)
   (241)  
Acquisition of Robert Smyth & Sons
(197)
   (499)  
Acquisition of McCorkell Holdings Limited
(547)
   -  
Acquisition of trade of Winston Patterson Limited
(1,015)
   (6,537)  
         

Net cash (outflow) / inflow from acquisitions

   (2,128)   (7,924)

Equity dividends paid

   (1,010)   (758)

Net cash (outflow) / inflow before financing

   (6,778)   (3,940)

 

        

Financing

        
Finance lease payments
(28)
   (41)  
Increase in bank loans
11,428
   -  
         
    11,400   (41)
Increase / (decrease) in cash   (4,622)   (3,981)
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