Financial Highlights

. 2002
Eur'000		 2001
Eur'000		 Increase / (Decrease)

Turnover
(Group and Share of joint ventures)

 67,607 70,684 -4.4%

Operating Profit

 2,667 2,872 -7.1%

Profit before Taxation

 3,473 3,248 6.9%

Profit after Taxation

 2,820 2,701 4.4%

Cash Flow
(PBT + Depreciation + Amortisation)

 4,846 4,354 11.3%

Earnings Per Share (Basic)
(Euro Cents)

 28.2 27.0 4.4%

Net Asset Value per Share
(excluding Minority Interest)

 €3.44 €3.16 8.9%


Group Profit and Loss Account
for the six months ended 30 June 2002

. Six months ended 30 June 2002 (unaudited) Six months ended 30 June 2001 (unaudited) Year ended 31 December 2001 (audited)
. Euro'000 Euro'000 Euro'000
Turnover group and share of joint ventures
 67,607 70,684 139,419

Less share of joint ventures

 (11,208)

(12,593)

 (24,847)

Group turnover

 56,399 58,091 114,572
Operating profit 2,667 2,872 4,393
Profit on disposal of tangible and financial assets 671 132 686
Share of results of joint venture undertakings 403 509 558
Share of results of associated undertakings - 104 79

Income from financial assets

 485 390 846

Profit on ordinary activities before interest

 4,226 4,007 6,562
Interest receivable 13 1 14

Interest payable

     
- group (483) (418) (916)

- joint venture

 (283) (342) (586)

Profit before taxation

 3,473 3,248 5,074

Taxation

 (653) (547) (972)

Profit after taxation

 2,820 2,701 4,102
Minority interests (25) (20) (96)

Profit for the financial period

 2,795 2,681 4,006
Dividends (498) (471) (1,074)

Retained profit for the period

 2,297 2,210 2,932

Earnings per share

 28.2 c 27.0 c 40.4 c


Group Balance Sheet at 30 June 2002

. 30 June 2002 (unaudited)  30 June 2001 (unaudited) 31 December 2001 (audited)
. Euro'000 Euro'000 Euro'000

Fixed Assets
Tangible assets 21,857 19,978 21,553
Financial assets 10,644 10,938 10,102
Investment in joint venture 8 315 13
Intangible assets - goodwill 1,979 2,154 2,082
. 34,488 33,385 33,750
Current Assets
Stocks 9,638 8,415 8,760
Debtors 29,213 31,283 33,681
Cash at bank and in hand - - 683
. 38,851 39,698 43,124

Creditors - (Amounts falling due within one year)

 (29,419) (34,825) (34,990)
       

Net Current Assets

 9,432 4,873 8,134
       

Total assets less current liabilities

 43,920 38,258 41,884
       

Creditors - Amounts falling due after one year

 (7,689) (5,847) (7,808)
       

Provisions for liabilities and charges

 (649) (334) (645)
. 35,582 32,077 33,431
Capital and reserves
Called up share capital 1,304 1,274 1,304
Share premium 2,546 2,546 2,546
Revaluation reserve 312 312 312
Reserve on acquisition 293 293 293
Other reserves 189 189 189
Profit and loss account 29,544 26,712 27,419
       

Shareholders' funds - equity

 34,188 31,326 32,063
Minority interest in subsidiaries 1,394 751 1,368
. 35,582 32,077 33,431


Group Cash Flow Statement for the six months ended 30 June 2002

. Six months Six months Year ended
. 30 June 30 June 31 December
. 2002 2001 2001
. (unaudited) (unaudited) (audited)
. Euro'000 Euro'000 Euro'000
Operating activities
Operating profit 2,667 2,872 4,393
Non-cash items 1,257 1,272 2,308
Changes in working capital 978 (2,387) (2,409)

.

 4,902 1,757 4,292
Returns on investment and servicing of finance 24 (215) (347)
Taxation paid (423) (938) (970)
Capital expenditure and financial investment (net) 1,101 (2,967) (6,615)
Acquisitions (1,325) (1,158) (2,128)
Equity dividends paid (309) (102) (1,010)
Net cash inflow/(outflow) before financing 3,970 (3,623) (6,778)
Financing (10) (6) 11,400
(Increase)/Decrease in cash 3,960 (3,629) 4,622

 

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 2001.

The results for the six months ended 30 June 2002 and the six months ended 30 June 2001 are unaudited. The results for the year ended 31 December 2001 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 June 30 June 31 December
. 2002 2001 2001
. (unaudited) (unaudited) (audited)
. Euro'000 Euro'000 Euro'000
Turnover by class of business
Group turnover:
Dairy products 22,127 24,398 47,585
Farm inputs 23,447 24,516 42,724
Potatoes 4,873 4,856 14,467
Confectionery 3,524 3,446 7,684
Stevedoring 925 - 357
Miscellaneous 1,503 875 1,755
. 56,399 58,091 114,572
Share of turnover of joint venture: Mushrooms 11,208 12,593 24,847
Turnover group and share of joint ventures 67,607 70,684 139,419

 

Turnover by geographical market of destination
Group turnover:
Republic of Ireland 35,885 41,637 77,606
Northern Ireland 16,417 12,698 22,892
Great Britain 2,273 2,409 3,694
Continental Europe 951 536 3,381
Rest of World 873 811 6,999
. 56,399 58,091 114,572
Share of turnover of joint venture:
Republic of Ireland 2,366 2,281 4,522
Northern Ireland 158 197 505
Great Britain 8,684 10,115 19,820
. 11,208 12,593 24,847
Turnover: group and share of joint ventures 67,607 70,684 139,419


Earnings per share

. Six months Six months Year ended
. ended 30 June ended 30 June 31 December
. 2002 2001 2001
. (unaudited) (unaudited) (audited)
. 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) 2,795 2,681 4,006
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)

28.2 c

27.0 c

40.4 c

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