Financial Highlights

. 2001
Eur'000		 2000
Eur'000		 Increase

Turnover
(Group and Share of joint ventures)

 70,684 64,899 8.9%

Operating Profit

 2,872 2,048 40.2%

Profit before Tax

 3,248 2,884 12.6%

Profit after Tax

 2,701 2,440 10.7%

Cash Flow
(profit before tax plus depreciation)

 4,354 3,732 16.7%

Earnings Per Share
(Basic - Euro Cents)

 27.0 24.4 10.7%

Net Asset Value per Share
(excluding Minority Interest)

 €3.16 €2.77 14.1%


Group Profit and Loss Account
for the six months ended 30 June 2001

. Six months ended 30 June 2001 (unaudited) Six months ended 30 June 2000 (unaudited) Year ended 31 December 2000 (unaudited)
. Euro'000 Euro'000 Euro'000
Turnover group and share of joint ventures
 70,684 64,899 125,930

Less share of joint ventures

 (12,593)

(15,453)

 (28,277)

Group turnover

 58,091 49,446 97,653
Operating profit 2,872 2,048 3,315
Profit on disposal of tangible and financial assets 132 109 4,048
Share of results of joint venture undertakings 509 739 1,152
Share of joint venture undertakings - - (2,083)
Share of results of associated undertakings 104 70 42

Income from financial assets

 390 460 834
Profit on ordinary activities before interest 4,007 3,426 7,308
Interest receivable 1 4 53

Interest payable - group

 (418) (207) (461)

- joint venture

 (342) (339) (686)
Profit before tax 3,248 2,884 6,214

Taxation

 (547) (444) (1,274)
Profit after taxation 2,701 2,440 4,940
Minority interests (20) (20) (74)
Profit for the financial period 2,681 2,420 4,866
Dividends (471) (441) (1,009)

Retained profit for the period

 2,210 1,979 3,857
Earnings per share 27.0 c 24.4 c 49.0 c


Group Balance Sheet at 30 June 2001

. 30 June 2001 (unaudited)  30 June 2000 (unaudited) 31 December 2000 (unaudited)
. Euro'000 Euro'000 Euro'000

Fixed Assets
Tangible assets 19,978 9,806 15,423
Financial assets 10,938 11,541 10,822
Investment in joint venture 315 2,546 286
Intangible assets - negative goodwill 2,154 (85) 2,105
. 33,385 23,808 28,636
Current Assets
Stocks 8,415 7,477 8,213
Debtors 31,283 24,427 29,586
Cash at bank and in hand 0 5 0
. 39,698 31,909 37,799
Creditors - (Amounts falling due within one year) (34,825) (24,191) (33,640)
Net Current Assets 4,873 7,718 4,159
Total assets less current liabilities 38,258 31,526 32,795
Creditors - Amounts falling due after one year (5,847) (3,295) (2,576)
Provisions for liabilities and charges (334) (74) (334)
. 32,077 28,157 29,885
Capital and reserves
Called up share capital 1,274 1,274 1,274
Share premium 2,546 2,546 2,546
Revaluation reserve 312 312 312
Reserve on acquisition 293 480 293
Other reserves 189 189 189
Profit and loss account 26,712 22,661 24,540
Shareholders funds - equity 31,326 27,462 29,154
Minority interest in subsidiaries 751 695 731
. 32,077 28,157 29,885


Group Cash Flow Statement for the six months ended 30 June 2001

. Six months Six months Year ended
. 30 June 30 June 31 December
. 2001 2000 2000
. (unaudited) (unaudited) (audited)
. Euro'000 Euro'000 Euro'000
Operating activities
Operating profit 2,872 2,048 3,315
Non-cash items 1,272 994 1,864
Changes in working capital (2,387) 2,002 (1,492)

.

 1,757 5,044 3,687
Returns on investment and servicing of finance (215) (80) 260
Taxation paid (938) (458) (504)
Capital expenditure and financial investment (net) (2,967) (1,800) 1,298
Acquisitions (1,158) (481) (7,924)`
Equity dividends paid (102) 0 (758)
Net cash inflow/(outflow) financing (3,623) 2,255 (3,941)
Financing (6) (22) (41)
Increase/(decrease) in cash (3,629) 2,203 (3,982)

 

Notes to the Interim Results for the six months ended 30 June 2001

Basic of preparation
The interim results have been prepared by applying the accounting policies described on pages 20 and 21 of the Group's audited financial statements for the year ended 31 December 2000.

The results for the six months ended 30 June 2001 and the six months ended 30 June 2000 are unaudited. The results for the year ended 31 December 2000 represent an abbreviated version of the Group's full accounts for that period on which the auditors gave an unqualified report.

Segmental analysis

.Six months Six months Year ended
. 30 June30 June31 December
. 2001 2000 2000
. (unaudited)(unaudited)(unaudited)
. Euro'000 Euro'000 Euro'000
Turnover by class of business
Group turnover
Dairy products 24,398 20,224 42,677
Farm inputs 24,516 20,825 33,530
Potatoes 4,856 4,397 12,631
Confectionery 3,446 3,247 7,171
Sacks 875 753 1,644
. 58,091 49,446 97,653
Share of turnover of joint venture: Mushrooms 12,593 15,453 28,277
Turnover group and share of joint ventures 70,684 64,899 125,930

 

Turnover by geographical market of destination
Republic of Ireland 41,637 30,199 63,276
Northern Ireland 12,698 15,373 21,483
Great Britain 2,409 2,315 3,614
Continental Europe 536 329 2,840
Rest of World 811 1,230 6,440
. 58,091 49,446 97,653
Share of turnover of joint venture:
Republic of Ireland 2,281 2,333 4,406
Northern Ireland 197 199 900
Great Britain 10,115 12,921 22,971
. 12,593 15,453 28,277
Turnover group and share of joint ventures 70,684 64,899 125,930


Earnings per share

. Six months Six months Year ended
. ended 30 June ended 30 June 31 December
. 2001 2000 2000
. (unaudited) (unaudited) (unaudited)
. Euro'000 Euro'000 Euro'000

The computation of earnings
per share (basic) is set out below:

Numerator Profit for the financial period (Euro'000) 2,681 2,420 4,866
Denominator Weighted average number of
ordinary shares in issue for the period		 10,034,990 10,034,990 10,034,990
Average number of treasury
shares		 (107,828) (107,828) (107,828)
Denominator for earnings per share 9,927,162 9,927,162 9,927,162

Earnings per ordinary share (basic)

27.0 c

24.4 c

49.0 c

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