TIDMGNC
RNS Number : 4511M
Greencore Group PLC
25 May 2010
INTERIM MANAGEMENT REPORT
for the half year ended 26 March 2010
Greencore Group plc, a leading international convenience food producer, today
announces its results for the half year ended 26 March 2010.
Highlights 1&2
Financial
* Group sales of EUR434.5m from continuing operations, an increase of 2.1%
* Group operating profit2 from continuing operations of EUR27.7m, an increase of
43%
* Group operating margin2 from continuing operations of 6.4% compared to 4.5% in
the first half of FY'09
* Adjusted EPS3 of 8.5c up 14.9% on the 7.4c recorded in the first half of FY'09
* Net exceptional gain of EUR8.5m on the disposal of discontinued Malt and Water
businesses
* 41.6% reduction, year on year, in comparable net debt to EUR194.2m from EUR332.6m
at the end of March 2009
* Retained profit of EUR25.2m compared to retained loss of EUR32.4m for the first
half of FY'09
* Interim dividend of 3.0 cent per share (interim dividend FY'09: 3.0 cent)
* Increase in net assets (total equity) of EUR27.2m, or 15.8%, compared to
position at end of FY'09
Strong performance in Convenience Foods
* Sales from continuing operations of EUR397.0m, an increase of 6.1% on the first
half of FY'09
* Operating profit2 from continuing operations of EUR25.9m, an increase of 31.8%
on the first half of FY'09
* 130 bps increase in operating margin2 from continuing operations to 6.5%
(H1'09: 5.2%)
* 27% sales growth in US compared to first half of FY'09
* Following the disposal of Malt, Convenience Foods represents in excess of 90%
of Group sales and operating profit
Portfolio change and other highlights
* Malt disposal completed for a maximum consideration of up to EUR116.25m.
EUR106.4m was received on completion on 26 March 2010 with an additional EUR5.6m
contributed by the purchasers to Malt pension scheme liabilities
* Water business disposed of for a maximum consideration of EUR17.9m of which
EUR14.1m was received on completion on 26 March 2010
* Remaining Ingredients & Property activity trading solidly but representing
less than 10% of Group sales and operating profit post the disposal of Malt
* No new restructuring items in first half or planned for remainder of FY'10
Commenting on the results, Patrick Coveney, Group chief executive, said:
"Our business is performing very strongly with operating profits up 43%, EPS up
15%, debt down by 42% and a positive outlook for the rest of the year. In the
last six months we have successfully completed the disposals of our Malt and
Water businesses and in so doing have both tightened our portfolio and
significantly strengthened our balance sheet. We have much still to do to
deliver on the potential of our business, but we go forward with a clear
strategy, a strong stable team and excellent performance momentum."
1 Continuing operations comparisons exclude disposed activities (Malt in
the Ingredients & Property division and Water in the Convenience Foods
division).
2 Before exceptional items and acquisition related amortisation.
3 Before exceptional items, pension finance items, acquisition related
amortisation, FX on inter-company and certain external loan balances and the
movement in the fair value of all derivative financial instruments and related
debt adjustments.
Presentation
A presentation of the results will be made to analysts and institutional
investors at 8.30am on Tuesday, 25 May 2010 at The Brewery, Chiswell Street,
London EC1Y 4SD.
This presentation can be accessed live through the following channels:
+----------------------+-------+-------------------+
| Webcast - details | | on |
| | | www.greencore.com |
+----------------------+-------+-------------------+
| Conference call | | |
+----------------------+-------+-------------------+
| Ireland number: | + 353 | (0) 1 4860916 |
+----------------------+-------+-------------------+
| UK number: | + 44 | (0) 20 7806 |
| | | 1968 |
+----------------------+-------+-------------------+
| Pass code: | | 1934379 |
+----------------------+-------+-------------------+
Replay of the presentation will be available on www.greencore.com. It will also
be available through a conference call replay facility which will be available
until midnight of 31st May 2010. To dial into the replay -
+----------------------+-------+-------------+
| Ireland number: | + 353 | (0) 1 |
| | | 4860902 |
+----------------------+-------+-------------+
| UK number: | + 44 | (0) 20 7111 |
| | | 1244 |
+----------------------+-------+-------------+
| Pass code: | | 1934379# |
+----------------------+-------+-------------+
For Further Information, Please Contact
+-----------------------+--------------------+------------------+
| Patrick Coveney | Chief Executive | Tel: +353 (0) 1 |
| | Officer | 605 1045 |
+-----------------------+--------------------+------------------+
| Geoff Doherty | Chief Financial | Tel: +353 (0) 1 |
| | Officer | 605 1018 |
+-----------------------+--------------------+------------------+
| Imelda Hurley | Managing Director | Tel: +353 (0) 1 |
| | - Finance | 605 1039 |
+-----------------------+--------------------+------------------+
| Billy Murphy or Anne | Drury | Tel: +353 (0) 1 |
| Marie Curran | Communications | 260 5000 |
+-----------------------+--------------------+------------------+
| Rob Greening | Powerscourt | Tel: +44 (0) 207 |
| | | 250 1446 |
+-----------------------+--------------------+------------------+
Greencore Group
* A leading international producer of convenience food
* Strong market leadership positions in the UK convenience food market across
sandwiches, chilled prepared meals, chilled soups and sauces, ambient sauces &
pickles, cakes & desserts and Yorkshire puddings
* Extending presence outside the UK with fast-growing convenience food
businesses in the US
Summary 1,2&3
Overall
The Group delivered a strong performance overall with an adjusted EPS3 of 8.5
cent, 14.9% ahead of the comparative amount for FY'09. The EUR/GBP exchange did
not impact the year on year results comparison with the average EUR/GBP rate of
0.888 similar to that in the first half of FY'09 (0.886). Group operating
profit2 from continuing operations of EUR27.7m increased by 43% with the Group
operating margin2 from continuing operations increasing by 190 bps to 6.4%. A
key highlight of the period was the disposal of the Group's Malt and Water
businesses for an aggregate maximum total consideration of EUR134.2m including
cash received on completion of EUR120.5m. The Group emerged at the end of March
2010 as a focussed, strong performing convenience foods business with 41.6% less
comparable net debt than at the end of March 2009.
Convenience Foods
Following the disposal of Malt, Convenience Foods comprises over 90% of Group
operating profit. The division recorded a very strong first half benefiting
both from positive consumer trends, with more food consumed at home, and an
improved capacity environment in the UK. Sales from continuing operations of
EUR397.0m increased by 6.1% with most category businesses experiencing a recovery
of volume compared to the first half of FY'09. Operating profit2 from
continuing operations of EUR25.9m increased by 31.8%. The Group's Water business
was disposed of during the first half of FY'10. These comparisons are against a
weak first half in FY'09 although, notably, operating profit2 in the division is
ahead by 10.2% on the first half performance of two years ago in FY'08. The
operating margin from continuing operations increased by 130 basis points,
compared to the first half of FY'09, to 6.5% reflecting the benefits of volume
growth, operating efficiency measures and productivity growth in the period.
Malt disposal
The Group's Malt business was disposed of on the last day of the period, 26
March 2010. Sales of EUR90.6m were down 19.8% on the first half of FY'09.
Operating profit2 of EUR9.6m decreased by 18.5% reflecting the impact of weaker
sales with reduced domestic and export demand for Malt.
Finance and Treasury
Following the disposal of Malt the Group's comparable net debt has reduced from
EUR283.8m at the end of FY'09 to EUR194.2m at 26 March 2010. Given the seasonal
nature of the Group's cash flows the comparison to H1'09 highlights a 41.6%
reduction in comparable net debt in that period from the EUR332.6 amount reported
at the end of March 2009. Bank interest payable of EUR13.9m increased by 12.7% on
the H1'09 charge reflecting higher interest margins following the refinancing of
the Group's syndicated bank facility in April 2009. Bank interest payable is
expected to decrease by approximately EUR3.5m before taxation in the second half
of the year, compared to H2'09, due to the significant reduction in Group net
debt and an associated reduction in fixed interest rate contracts. A net
exceptional gain of EUR8.5m was recorded on the disposal of the Group's Malt and
Water businesses. In accordance with accounting standards foreign exchange
movements previously charged to reserves have been recycled through the income
statement. The total increase in Group net assets resulting from disposals was
EUR15.8m when account is taken of these recycled foreign exchange movements of
EUR7.3m. The Group's effective tax rate for H1'10 was 18% which is modestly
higher than the 16% for FY'09. Group profit after tax was EUR25.2m in H1'10
compared to a retained loss in the same period last year of EUR32.4m.
Dividends
The Board of Directors is recommending an interim dividend of 3.0 cent per share
(2009:3.0 cent)
Outlook
Trading in Convenience Foods was very strong, albeit against a weak comparative
in the first half of FY'09. The second half of the year has started well and we
remain on track to deliver good operating profit growth in FY'10 in Convenience
Foods, albeit with the seasonally more important summer period to come and a
more demanding comparative in the second half than was the case in the first
half of the year.
Our interest expense will be lower in the second half of FY'10 as compared to
same period in FY'09 by circa EUR3.0m after tax reflecting the lower level of
Group net debt following the disposals of Malt and Water.
The combined effects, in the remaining part of FY'10, of growth in operating
profit in Convenience Foods and the reduction in the Group's interest expense is
expected to significantly offset the loss of Malt earnings following its
disposal. Taking account of all of the above, and assuming an average EUR/GBP
exchange rate in the remainder of the year in the range of 0.85 to 0.90, the
Group is on track to deliver an adjusted EPS3 of approximately 16.0 cent for the
current year.
Review of Operations
Convenience Foods
+------------------------------+----------+----------+----------+
| | H1 FY'10 | H1 FY'09 | Change |
| | EUR'm | EUR'm | |
+------------------------------+----------+----------+----------+
| Turnover - continuing* | 397.0 | 374.0 | +6.1% |
+------------------------------+----------+----------+----------+
| Operating profit2 | 25.9 | 19.6 | +31.8% |
+------------------------------+----------+----------+----------+
| Operating margin2 | 6.5% | 5.2% | |
+------------------------------+----------+----------+----------+
* excludes Water business disposed of
The Convenience Foods division had a very strong first half compared to the
first half of FY'09. Taking a two year view, and comparing against the first
half of FY'08, the division is showing profit growth of 10.2% over that period.
The convenience foods market in the UK has moved on significantly from the
uncertainty it experienced in the early part of FY'09. Consumers have adjusted
to a new economic environment with patterns such as a decline in out of home
eating benefiting the demand for our core proposition. Additionally, consumers
have responded well to new product development (NPD) initiatives with a return
of some consumers who had retreated from certain categories, such as prepared
ready meals, now attracted back to the market. The capacity environment in the
UK has improved with an overall market reduction in invested capital in chilled
food over the last eighteen months. We continue to be encouraged by the
prospects for fresh food in the US with sales in the first half increasing by
27% versus the same period last year.
UK Convenience Foods
· Food to Go
Food to Go is our largest category business comprising fresh sandwiches, salads
and sushi. We have seen a strong year on year consumer return to the food to go
fixture with 'Meal Deals' of increased importance and salads and sushi growing
significantly as an accompaniment to sandwiches. The sandwich market grew by
6.4% in the 52 weeks to 21 March 2010 with Greencore growing its volumes by 7.4%
in the same period. The significant mix change to cheaper sandwiches, which was
most pronounced in the first half of FY'09 has settled in the first half of
FY'10 with overall mix comparable to that at the beginning of FY'10. We continue
to grow the % of our volumes distributed directly to store by our food to go
distribution business. We distributed 42% of our manufactured volume direct to
store in the first half of FY'10 compared to 33% in the first half of FY'09. In
what is a fresh, short shelf life proposition the combination of our excellence
in manufacturing and our ability to distribute direct to store nationally six
days per week in the UK is unique.
· Prepared Meals
Our Prepared Meals business comprises two broad categories, chilled ready meals
(CRM) and quiche. The performance of our Prepared Meals business was
significantly ahead of the same period last year for three key reasons.
Firstly, consumers have been attracted back into the category driven by strong
NPD and promotional activity. Consumers are reducing their out of home dining
frequency and increasing food consumption at home whilst still needing
convenience. Secondly, the customers we serve are performing better than the
overall market. In partnership with our customers we have been investing in a
category rejuvenation process, for over twelve months, and are now winning share
with both existing and new customers who in turn are attracting more consumers.
The CRM market grew by 3.6% in the 52 weeks to 21 March 2010 with Greencore
growing its volumes by 9.8% in the same period. In value terms the CRM market
grew by 5.1% in the same period with Greencore growing its value by 15.5%. The
third factor is capacity. For many years the ability to earn an economic return
in the CRM category has been hampered by excess manufacturing capacity. There
have been six scale factory closures in the last two years which have gone some
way towards rebalancing supply and demand. We now earn a return on capital in
CRM much closer to our portfolio average.
· Grocery
Our grocery business comprises ambient cooking sauces, pickles and salad
dressings. The category recorded a strong first half benefiting fully from the
program of business simplification which was first
embarked on two years ago. In that time frame the business has eliminated a
number of loss making and uneconomic SKUs with the total SKU count at the end of
March 2010 numbering 470 compared to 1,200 in March 2008. The exit of non core
and uneconomic categories (condiments, sandwich spread, sweet spreads as well as
low margin contract packing business) was completed by the end of March 2010.
Category profitability was well ahead of last year's first half although sales
decreased by 8.7% due to the SKU rationalisation. Our market shares in the UK
private label cooking sauces and pickles markets are 64% and 53% respectively
and this, allied to our manufacturing scale (Europe's largest cooking sauce
facility), is supporting our business strongly.
· Cakes and Desserts
Our Cakes and Desserts business had a satisfactory first half in a difficult
environment. The market has been driven significantly by promotional activity
which, although driving sales growth, has impacted margins. Consumers generally
have traded down in the category and reduced their purchasing frequency of
higher tier lines.
· Chilled Sauces and Soups
The category had a very good first half with our performance in soup being a
particular highlight. An increasing number of consumers are buying into the
chilled soup category with penetration reaching 30%, a record level, boosted by
the cold winter. The chilled soup category grew by 9% in the 52 weeks to 21
March 2010 with Greencore's business growing by 26%, albeit from a small base in
the same period. Pasta sauce volumes held up well in the first half of the year
with more promotional activity than in the first half of FY'09.
· Frozen Yorkshire Puddings
Our frozen Yorkshire pudding business had a solid first half in an environment
of increased competition from the branded competitor and significant promotional
activity. A fire occurred at our manufacturing facility in Leeds in March with
the Group having adequate insurance cover in place to cover losses associated
with business interruption and to restore the plant in the coming months. The
site was back in production in April albeit with reduced capacity until the
re-fit is completed over the summer. The busiest season for Yorkshire puddings
is the winter period. The overall market is flat year on year with our
performance slightly behind this due to share gain by its principal branded
competitor.
· Foodservice Desserts - Ministry of Cake
Our Foodservice Desserts business had a solid first half with the overall market
flat year on year. Our business traded modestly ahead of this with the
Christmas market proving to be particularly buoyant. We continue to focus on
building scale trading relationships and are now the number 1 foodservice
desserts supplier to leading foodservice players such as Brakes, Greene King,
Caffé Nero and Whitbread.
International Convenience Foods
· US Convenience Foods
Our US business recorded a strong first half sales performance with underlying
sales ahead by 27% on the previous year. A key driver of growth has been food
to go volumes with our fresh manufactured sandwich offering replacing made in
store lines at our grocery retail customers. This sales momentum is encouraging
and we are confident that the ongoing investment in business and factory
processes, together with targeted operating efficiency measures, will improve
margin and returns. Sales to date in the seasonally more important second half
of the year have continued on the same trend as the first half.
· Continental Convenience Foods
Our continental convenience foods business had a good first half performance
driven in the main by a number of factory efficiency measures successfully
executed in the period. Sales have stabilised following the declines seen in
FY'09 with operating margins showing improvement as a result of the efficiency
gains.
Ingredients & Property
Ingredients & Property activity represents less than 10% of overall Group
activity following the disposal of Malt. The performance of Malt, previously
reported within this division, has been separately disclosed as a discontinued
activity. The Group's remaining Ingredients & Property activity recorded a good
first half in difficult market conditions. An operating profit was recorded of
EUR1.8m compared to a loss of EUR0.3m in H1'09 reflecting lower divisional overhead
and improved property disposal activity in H1'10.
Malt - discontinued
+------------------------------+---------+---------+---------+
| | H1 | H1 | Change |
| | FY'10 | FY'09 | |
| | EUR'm | EUR'm | |
+------------------------------+---------+---------+---------+
| Sales | 90.6 | 112.9 | -19.8% |
+------------------------------+---------+---------+---------+
| Operating profit2 | 9.6 | 11.7 | -18.5% |
+------------------------------+---------+---------+---------+
| Operating margin2 | 10.5% | 10.4% | |
+------------------------------+---------+---------+---------+
Malt was disposed of on the last day of the financial period so the results in
the table above reflect like for like half year on half year comparisons. Sales
decreased reflecting a sharp deterioration in domestic and export malt markets.
The overall malt margin was maintained in H1'10 due to carry over volumes on
long term agreement (LTA) contracts entered into in previous years. Spot malt
margins in the period were at a significant discount to LTA margins contracted
for with customers.
Financial Review1,2&3
· Overview
The EUR/GBP exchange rate did not significantly impact year on year comparisons
of the reported results in the first half of FY'10 versus the same period last
year. The average EUR/GBP exchange rate in the first half of FY'10 was 0.888
(H1'09: 0.886). Group sales from continuing operations were EUR434.5m an increase
of 2.1%. Group operating profit2 from continuing operations was EUR27.7m, an
increase of 43% on the first half FY'09. The Group operating margin on
continuing operations was 6.4% compared to 4.5% in the first half of FY'09. In
Convenience Foods sales from continuing operations were EUR397.0m, an increase of
6.1% on the first half of FY'09. Convenience Foods operating profit2 from
continuing operations was EUR25.9m an increase of 31.8% on the first half of
FY'09. The Convenience Foods operating margin from continuing operations
increased from 5.2% in H1'09 to 6.5% in H1'10. A profit of EUR7.0m before
exceptional items was recorded on discontinued operations (H1'09: of EUR9.0m).
Retained profit for the period was EUR25.2m compared to a retained loss of EUR32.4m
in the first half of FY'09.
· Financing
The Group's net finance charge in the first half of FY'10 was EUR15.0m compared to
EUR34.0m in H1'09. The change in the fair value of derivatives and related debt
adjustments was a non cash credit of EUR0.4m at the end of March 2010 compared to
a charge of EUR22.8m at the end of March 2009. The March 2009 charge reflected
the sharp decrease in interest rates in the early part of FY'09 which had a
consequential mark to market impact on the Group's fixed interest rate
contracts. Bank interest payable of EUR13.9m increased by 12.7% on the charge in
the first half of FY'09 reflecting, in the main, an increase in the interest
margin paid on our syndicated bank debt post our re-financing in April 2009.
· Taxation
The Group's effective tax rate in the first half of FY'10 was 18% which is
modestly higher than the full year percentage of 16% in FY'09. This reflects
the change in mix of Irish and overseas earnings.
· Earnings per Share
Adjusted EPS3 for the first half of FY'10 was 8.5 cent which is 1.1 cent, or
14.9%, ahead of the adjusted EPS of 7.4 cent in the first half of FY'09. This
is based on a weighted average number of ordinary shares of 204.3m in the period
(first half of FY'09: 201.5m).
· Exceptional Items
An exceptional gain of EUR8.5m was recorded in the period on the disposal of the
Group's Malt and Water businesses. Of this amount a gain of EUR14.3m was recorded
on the disposal of Malt (a surplus on disposal of EUR18.5m was recognised before
the reclassification, with no impact on net assets, to the income statement of
foreign currency translation losses of EUR4.2m previously written off to
reserves). A loss of EUR5.8m was recorded on the disposal of Water (a loss of
EUR2.7m was recognised before the reclassification, with no impact on net assets,
to the income statement of foreign currency translation losses of EUR3.1m
previously written off to reserves).
· Cash Flow and Net Debt
Comparable net debt (excluding the impact of marking to market all derivative
financial instruments and related debt) at 26 March 2010 was EUR194.2m, a decrease
of EUR89.6m, or 31.6% from the position at 25 September 2009. Comparable net debt
is EUR138.4m or 41.6%, lower than the amount of EUR332.6m outstanding at 27 March
2009. The key cash flow highlight in the period was the cash received on
completion of the Malt and Water disposals of EUR107.7m on 26 March 2010. This
amount was received after deduction of EUR12.8m in respect of working capital and
other items representing the difference between average working capital (basis
on which consideration was calculated) and the estimated position on completion.
These estimates are subject to final adjustment on the preparation of
completion accounts with any adjustment payable/receivable in the second half of
the financial year. A net cash inflow of EUR40.2m from continuing operating
activities before exceptional items was recorded compared to an inflow of EUR11.5m
in H1'09. A working capital inflow of EUR3.8m was recorded compared to an outflow
of EUR15.0m in H1'09. Net capital expenditure of EUR14.0m was recorded compared to
EUR13.1m in H1'09. The key capital item in H1'10 was the purchase of our Manton
Wood sandwich facility from its former landlord for a consideration of EUR8.3m.
Dividends paid were EUR4.6m in H1'10 compared to EUR10.7m in H1'09 reflecting a
rebasing of the dividend in FY'09.
· Dividends
Dividend policy is an annual payout ratio in the range of 40-50% of adjusted
EPS. In accordance with this policy an interim dividend of 3.0 cent per share
is proposed (FY'09 interim dividend 3.0 cent per share).
· Employee Benefits
The fair value of total plan assets relating to the Group's Defined Benefit
Pension Schemes (excluding associates) increased to EUR371.3m at March 2010 from
EUR347.1m at September 2009. The present values of the total pension liability for
these schemes increased to EUR465.2m from EUR447.0m over the same period. This is
reflected in a decrease in the net pension deficit (before related deferred tax)
to EUR93.8m at March 2010 (from a net pension deficit of EUR99.9m at September
2009). The Group has made significant progress in its efforts to reduce the
Group's pension deficit with the closure of all Group defined benefit pension
schemes to future accrual on 31 December 2009. The net pension deficit after
associated tax relief was EUR69.3m in March 2010, a 17.6% reduction on the net
deficit of EUR84.1m at the end of March 2009.
· Total Equity
Total equity at 26 March 2010 was EUR199.5m compared to EUR172.3m at 25 September
2009 due primarily to the retained profit in the period of EUR25.2m.
· Key Performance Indicators
The Group uses a set of headline key performance indicators to measure the
performance of its operations. Although separate measures, the relationship
between all four is also monitored. In addition, other performance indicators
are measured at individual business unit level.
· Return on capital employed
Capital is defined as the sum of the book value of shareholders' equity plus
comparable net debt but excluding land subject to remediation and pension scheme
assets or deficits with the returns measure expressed as operating profit2
including share of associates and operating profit from discontinued operations
calculated on a 12 month rolling basis. Return on capital employed for the year
to 26 March 2010 was 15.2%. The capital amount excludes land subject to
remediation of EUR36.1m.
· Sales Growth
Group continuing operating sales of EUR434.5m increased by 2.1% in the first half
of FY'10. In our Convenience Foods business the Group measures weekly sales
growth. In the first half of FY'10 we recorded continuing sales growth of 6.1%.
· Operating Margin
The Group's operating margin2 from continuing operations in the first half of
FY'10 was 6.4% compared to 4.5% in the first half of FY'09. In Convenience
Foods, the operating margin2 from continuing operations was 6.5% compared to
5.2% in the first half of FY'09.
· Free Cash Flow
The Group's free cash measure is net cash flow from operating activities before
exceptional items adjusted for capital expenditure (previously calculated on
replacement capital). Group free cash was an inflow of EUR11.1m in the first half
of FY'10 compared to a Group operating profit2 of EUR27.7m. The working capital
inflow in the first half of FY'10 was EUR3.8m.
Principal Risks and Uncertainties
Under the Transparency (Directive 2004/109/EC) Regulations 2007, the Group is
required to give a description of the principal risks and uncertainties it
faces. As with any large group, Greencore faces a number of risks and
uncertainties. Individual business unit management teams primarily drive the
process by which individual risks and uncertainties are identified, these teams
being best placed to identify significant and emerging risks and uncertainties
in their businesses. The key risks facing the business include the following:
· The loss of a significant manufacturing/operational site through fire,
natural catastrophe, act of vandalism or critical plant failure could
potentially have a material impact on the Group.
· The impact on our cost base of fluctuating raw material and energy
prices.
· The Group benefits from close commercial relationships with a number of
key customers. The loss of any of these key customers, or a significant
worsening in commercial terms, could result in a material impact on the Group's
results.
· As a producer of convenience foods, Greencore is subject to general
market related risks, including product contamination and general food scares.
· In common with the food industry manufacturers, unforeseen changes in
food consumption patterns or changes in government legislation regarding the
composition of food products may impact the Group.
· Financial risks associated with interest rate, foreign currency,
liquidity and credit risk.
· The Group's defined benefit pension schemes are exposed to the risk of
changes in interest rates and the market value of investments, as well as
inflation and increasing longevity of scheme members.
· A significant IT system failure could adversely impact on operations.
· The value of the Group's property assets is subject to the macro-economic
environment in Ireland and the UK, the successful environmental clean up of the
brownfield sugar factory sites and the nature and timing of any zoning and
subsequent planning permission.
· The Group's Convenience Foods portfolio is second half weighted. Weather
and seasonal buying patterns impact, in particular, the demand for chilled
product categories
Further details of the principle risks and uncertainties facing the Group are
set out in the 2009 Annual Report.
· Related Party Transactions
There were no related party transactions in the half year that have materially
affected the financial position or performance of the Group in the period. In
addition, there were no changes in related party transactions from the last
annual report that could have had a material effect on the financial position or
performance of the Group in the first six months.
· Auditor Review
This half yearly financial report has not been audited or reviewed by the
auditors of the Group pursuant to the Auditing Practices board guidance on
Review of Interim Financial Information.
· Forward-Looking Statements
Certain statements made in these interim results are forward-looking statements.
Such statements are based on current expectations and are subject to a number of
risks and uncertainties that could cause actual events or results to differ
materially from the expected future events or results referred to in these
forward-looking statements.
E.F. Sullivan
Chairman
25 May 2010
RESPONSIBILITY STATEMENT
The Directors are responsible for preparing the Half Yearly Financial Report in
accordance with the Transparency (Directive 2004/109/EC) Regulations 2007, the
related Transparency Rules of the Irish Financial Services Regulatory Authority
and with IAS 34, Interim Financial Reporting as adopted by the European Union.
The Directors confirm that, to the best of their knowledge:
· the Group Condensed Financial Statements for the half year ended 26 March
2010 have been prepared in accordance with the international accounting standard
applicable to interim financial reporting adopted pursuant to the procedure
provided for under Article 6 of the Regulation (EC) No. 1606/2002 of the
European Parliament and of the Council of 19 July 2002;
· the Interim Management Report includes a fair review of the important
events that have occurred during the first six months of the financial year, and
their impact on the Group Condensed Financial Statements for the half year ended
26 March 2010, and a description of the principal risks and uncertainties for
the remaining six months;
· the Interim Management Report includes a fair review of related party
transactions that have occurred during the first six months of the current
financial year and that have materially affected the financial position or the
performance of the Group during that period, and any changes in the related
parties' transactions described in the last Annual Report that could have a
material effect on the financial position or performance of the Group in the
first six months of the current financial year.
+--------------------+-----------------------------+
| P.F. Coveney | G.P. Doherty |
+--------------------+-----------------------------+
| Chief Executive | Chief Financial Officer |
| Officer | |
| 25 May 2010 | |
+--------------------+-----------------------------+
Current Directors
+--------------------+-----------------------------+
| Mr. E.F. Sullivan | (Chairman) |
+--------------------+-----------------------------+
| Mr. P.F. Coveney | (Chief executive) |
+--------------------+-----------------------------+
| Mr. G.P. Doherty | (Chief financial officer) |
+--------------------+-----------------------------+
| Mr. A.M. Hynes | (Chief operating officer) |
+--------------------+-----------------------------+
| Ms. D.S. Walker | (Chief executive, |
| | Convenience Food, UK) |
+--------------------+-----------------------------+
| Mr. J.T. Herlihy | |
+--------------------+-----------------------------+
| Mr. P.G. Kennedy | |
+--------------------+-----------------------------+
| Mr. P.A. McCann | |
+--------------------+-----------------------------+
| Mr. E.L. Nicoli | |
+--------------------+-----------------------------+
| Mr. D.M. Simons | |
+--------------------+-----------------------------+
| Mr. D.A. Sugden | |
+--------------------+-----------------------------+
| | |
| Ms. C.M. Bergin | (Group company secretary) |
+--------------------+-----------------------------+
GROUP CONDENSED FINANCIAL STATEMENTS
GROUP CONDENSED INCOME STATEMENT
for the half year ended 26 March 2010
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| | | Half year ended 26 March | | Half year ended 27 March 2009 |
| | | 2010 | | |
+------------------+------+------------------------------------------------------------+-----+-----------------------------------------------------------------+
| | | | | | | | | * as re-presented |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-----------------------------------------------------------------+
| | | (Unaudited) | | (Unaudited) |
+------------------+------+------------------------------------------------------------+-----+-----------------------------------------------------------------+
| | Note | Pre | | Exceptional (Note 5) | | Total | | Pre | | Exceptional (Note 5) | | Total |
| | | - | | | | | | - | | | | |
| | | exceptional | | | | | | exceptional | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| | | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| Continuing | | | | | | | | | | | | |
| operations | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| Revenue | 3 | 434,491 | | - | | 434,491 | | 425,457 | | - | | 425,457 |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| Cost of sales | | (291,669) | | - | | (291,669) | | (295,914) | | (1,380) | | (297,294) |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| Gross profit | | 142,822 | | - | | 142,822 | | 129,543 | | (1,380) | | 128,163 |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| Operating costs, | | (115,158) | | - | | (115,158) | | (110,197) | | (21,131) | | (131,328) |
| net | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| Group operating | 3 | 27,664 | | - | | 27,664 | | 19,346 | | (22,511) | | (3,165) |
| profit/(loss) | | | | | | | | | | | | |
| before | | | | | | | | | | | | |
| acquisition | | | | | | | | | | | | |
| related | | | | | | | | | | | | |
| amortisation | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| Amortisation of | | (1,171) | | - | | (1,171) | | (897) | | - | | (897) |
| acquisition | | | | | | | | | | | | |
| related | | | | | | | | | | | | |
| intangibles | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| Group operating | 3 | 26,493 | | - | | 26,493 | | 18,449 | | (22,511) | | (4,062) |
| profit/(loss) | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| Finance income | 11 | 12,398 | | - | | 12,398 | | 18,273 | | - | | 18,273 |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| Finance costs | 11 | (27,423) | | - | | (27,423) | | (52,268) | | - | | (52,268) |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| Share of profit | | 338 | | - | | 338 | | 262 | | - | | 262 |
| of associates | | | | | | | | | | | | |
| after tax | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| Profit/(loss) | | 11,806 | | - | | 11,806 | | (15,284) | | (22,511) | | (37,795) |
| before taxation | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| Taxation | 6 | (2,225) | | - | | (2,225) | | (1,054) | | 2,381 | | 1,327 |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| Profit/(loss) | | 9,581 | | - | | 9,581 | | (16,338) | | (20,130) | | (36,468) |
| from continuing | | | | | | | | | | | | |
| operations | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| Profit/(loss) | 14 | 7,048 | | 8,521 | | 15,569 | | 9,006 | | (4,976) | | 4,030 |
| from | | | | | | | | | | | | |
| discontinued | | | | | | | | | | | | |
| operations | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| Profit/(loss) | | 16,629 | | 8,521 | | 25,150 | | (7,332) | | (25,106) | | (32,438) |
| for the | | | | | | | | | | | | |
| financial period | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| Attributable to: | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| Equity | | 16,129 | | 8,521 | | 24,650 | | (8,230) | | (25,106) | | (33,336) |
| shareholders | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| Minority | | 500 | | - | | 500 | | 898 | | - | | 898 |
| interests | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| | | 16,629 | | 8,521 | | 25,150 | | (7,332) | | (25,106) | | (32,438) |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| Basic | | | | | | | | | | | | |
| earnings/(loss) | | | | | | | | | | | | |
| per share (cent) | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| Continuing | | | | | | 4.5 | | | | | | (18.5) |
| operations | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| Discontinued | | | | | | 7.6 | | | | | | 1.9 |
| operations | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| | 8 | | | | | 12.1 | | | | | | (16.6) |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| Diluted | | | | | | | | | | | | |
| earnings/(loss) | | | | | | | | | | | | |
| per share (cent) | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| Continuing | | | | | | 4.4 | | | | | | (18.5) |
| operations | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| Discontinued | | | | | | 7.5 | | | | | | 1.9 |
| operations | | | | | | | | | | | | |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
| | 8 | | | | | 11.9 | | | | | | (16.6) |
+------------------+------+-------------+-----+----------------------+-----+-----------+-----+-------------+----------+----------------------+-----+-----------+
* See Note 14 - Discontinued operations and disposal of undertakings
GROUP CONDENSED BALANCE SHEET
as at 26 March 2010
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| | | | 26 March 2010 | | 27 March 2009 | | 25 |
| | | | | | | | September |
| | | | | | | | 2009 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| | | | (Unaudited) | | (Unaudited) | | (Audited) |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| ASSETS | Note | | EUR'000 | | EUR'000 | | EUR'000 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Non-current assets | | | | | | | |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Intangible assets | 9 | | 404,959 | | 410,076 | | 404,305 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Property, plant and equipment | 9 | | 213,060 | | 317,287 | | 319,233 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Investment property | 9 | | 36,140 | | 759 | | 710 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Investments in associates | | | 972 | | 1,237 | | 638 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Other receivables | | | 3,032 | | - | | - |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Derivative financial instruments | | | 22,296 | | - | | 16,358 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Deferred tax assets | | | 41,480 | | 33,428 | | 42,993 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Total non-current assets | | | 721,939 | | 762,787 | | 784,237 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| | | | | | | | |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Current assets | | | | | | | |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Inventories | | | 46,960 | | 93,591 | | 82,369 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Trade and other receivables | | | 68,394 | | 106,339 | | 95,562 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Cash and cash equivalents | 11 | | 199,105 | | 170,550 | | 43,933 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Derivative financial instruments | | | 4,751 | | - | | - |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Available for sale financial assets | | | - | | 19 | | - |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Assets held for sale | | | - | | 32,913 | | - |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Total current assets | | | 319,210 | | 403,412 | | 221,864 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Total assets | | | 1,041,149 | | 1,166,199 | | 1,006,101 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| EQUITY | | | | | | | |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Capital and reserves attributable to equity holders of the Company | | | | | | | |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Share capital | 10 | | 132,056 | | 129,641 | | 131,250 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Share premium | 10 | | 120,378 | | 118,961 | | 119,623 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Reserves | | | (57,056) | | (108,513) | | (82,156) |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| | | | 195,378 | | 140,089 | | 168,717 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Minority interest in equity | | | 4,091 | | 4,487 | | 3,591 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Total equity | | | 199,469 | | 144,576 | | 172,308 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| | | | | | | | |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| LIABILITIES | | | | | | | |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Non-current liabilities | | | | | | | |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Borrowings | 11 | | 378,033 | | 491,764 | | 343,769 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Derivative financial instruments | | | - | | 10,869 | | - |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Retirement benefit obligations | 15 | | 93,814 | | 98,366 | | 99,859 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Other payables | | | 6,525 | | 8,704 | | 6,924 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Provisions for liabilities | 12 | | 4,495 | | 11,408 | | 6,188 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Deferred tax liabilities | | | 41,803 | | 45,230 | | 47,648 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Government grants | | | 119 | | 1,166 | | 1,096 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Total non-current liabilities | | | 524,789 | | 667,507 | | 505,484 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| | | | | | | | |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Current liabilities | | | | | | | |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Borrowings | 11 | | 41,577 | | 1,099 | | 21 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Derivative financial instruments | | | 24,732 | | 31,958 | | 27,237 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Trade and other payables | | | 215,178 | | 264,740 | | 262,845 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Provisions for liabilities | 12 | | 9,867 | | 9,467 | | 11,288 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Income taxes payable | | | 25,537 | | 26,323 | | 26,918 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Liabilities held for sale | | | - | | 20,529 | | - |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Total current liabilities | | | 316,891 | | 354,116 | | 328,309 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Total liabilities | | | 841,680 | | 1,021,623 | | 833,793 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| Total equity and liabilities | | | 1,041,149 | | 1,166,199 | | 1,006,101 |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
| | | | | | | | |
+--------------------------------------------------------------------+----------+----------+---------------+----------+---------------+----------+-----------+
GROUP CONDENSED CASH FLOW STATEMENT
for the half year ended 26 March 2010
+-----------------------------------------+-------------+-+--------------+
| | Half | | Half |
| | year | | year |
| | ended | | ended |
| | 26 | | 27 |
| | March | | March |
| | 2010 | | 2009 |
+-----------------------------------------+-------------+-+--------------+
| | | | * As |
| | | | re-presented |
+-----------------------------------------+-------------+-+--------------+
| | (Unaudited) | | (Unaudited) |
+-----------------------------------------+-------------+-+--------------+
| | EUR'000 | | EUR'000 |
+-----------------------------------------+-------------+-+--------------+
| Profit/(loss) before taxation | 11,806 | | (37,795) |
+-----------------------------------------+-------------+-+--------------+
| Finance income | (12,398) | | (18,273) |
+-----------------------------------------+-------------+-+--------------+
| Finance costs | 27,423 | | 52,268 |
+-----------------------------------------+-------------+-+--------------+
| Share of profit of associates (after | (338) | | (262) |
| tax) | | | |
+-----------------------------------------+-------------+-+--------------+
| Exceptional charge | - | | 22,511 |
+-----------------------------------------+-------------+-+--------------+
| | | | |
+-----------------------------------------+-------------+-+--------------+
| Operating profit from continuing | 26,493 | | 18,449 |
| operations (pre-exceptional) | | | |
+-----------------------------------------+-------------+-+--------------+
| Depreciation | 9,943 | | 10,194 |
+-----------------------------------------+-------------+-+--------------+
| Amortisation of intangibles | 1,906 | | 1,347 |
+-----------------------------------------+-------------+-+--------------+
| Employee share option expense | 688 | | 306 |
+-----------------------------------------+-------------+-+--------------+
| Amortisation of government grants | (26) | | (24) |
+-----------------------------------------+-------------+-+--------------+
| Difference between pension charge and | (2,898) | | (2,490) |
| cash contributions | | | |
+-----------------------------------------+-------------+-+--------------+
| Working capital movement | 3,832 | | (15,029) |
+-----------------------------------------+-------------+-+--------------+
| Other movements | 260 | | (1,206) |
+-----------------------------------------+-------------+-+--------------+
| Net cash inflow from operating | 40,198 | | 11,547 |
| activities before exceptional items | | | |
+-----------------------------------------+-------------+-+--------------+
| Cash outflow related to exceptional | (3,834) | | (11,120) |
| items | | | |
+-----------------------------------------+-------------+-+--------------+
| Interest paid | (15,007) | | (14,815) |
+-----------------------------------------+-------------+-+--------------+
| Tax paid | (46) | | (54) |
+-----------------------------------------+-------------+-+--------------+
| Operating cash flows from discontinued | (12,202) | | (19,112) |
| operations | | | |
+-----------------------------------------+-------------+-+--------------+
| Net cash inflow/(outflow) from | 9,109 | | (33,554) |
| operating activities | | | |
+-----------------------------------------+-------------+-+--------------+
| | | | |
+-----------------------------------------+-------------+-+--------------+
| Cash flows from investing activities | | | |
+-----------------------------------------+-------------+-+--------------+
| Dividends received from associates | 17 | | 68 |
+-----------------------------------------+-------------+-+--------------+
| Purchase of property, plant and | (14,016) | | (13,132) |
| equipment and investment property | | | |
+-----------------------------------------+-------------+-+--------------+
| Purchase of intangible assets | (3) | | (4,965) |
+-----------------------------------------+-------------+-+--------------+
| Acquisition of undertakings | - | | (113) |
+-----------------------------------------+-------------+-+--------------+
| Acquisition of minority interest | - | | (1,132) |
+-----------------------------------------+-------------+-+--------------+
| Deferred and contingent consideration | - | | (560) |
| paid | | | |
+-----------------------------------------+-------------+-+--------------+
| Disposal of undertakings | 107,717 | | - |
+-----------------------------------------+-------------+-+--------------+
| Interest received | 902 | | 1,263 |
+-----------------------------------------+-------------+-+--------------+
| Government grants received | - | | 185 |
+-----------------------------------------+-------------+-+--------------+
| Cash flows from discontinued operations | (1,941) | | (6,567) |
+-----------------------------------------+-------------+-+--------------+
| Net cash inflow/(outflow) from | 92,676 | | (24,953) |
| investing activities | | | |
+-----------------------------------------+-------------+-+--------------+
| | | | |
+-----------------------------------------+-------------+-+--------------+
| Cash flows from financing activities | | | |
+-----------------------------------------+-------------+-+--------------+
| Purchase of own shares | (2,000) | | - |
+-----------------------------------------+-------------+-+--------------+
| Increase in bank borrowings | 110,000 | | 120,945 |
+-----------------------------------------+-------------+-+--------------+
| Repayment of loan notes | (50,009) | | - |
+-----------------------------------------+-------------+-+--------------+
| Decrease in finance lease liabilities | (19) | | (21) |
+-----------------------------------------+-------------+-+--------------+
| Dividends paid to equity holders of the | (4,572) | | (10,697) |
| Company | | | |
+-----------------------------------------+-------------+-+--------------+
| Net cash inflow from financing | 53,400 | | 110,227 |
| activities | | | |
+-----------------------------------------+-------------+-+--------------+
| Net increase in cash and cash | 155,185 | | 51,720 |
| equivalents | | | |
+-----------------------------------------+-------------+-+--------------+
| | | | |
+-----------------------------------------+-------------+-+--------------+
| Reconciliation of opening to closing | | | |
| cash and cash equivalents | | | |
+-----------------------------------------+-------------+-+--------------+
| Cash and cash equivalents at beginning | 43,933 | | 139,040 |
| of period | | | |
+-----------------------------------------+-------------+-+--------------+
| Translation adjustment | (13) | | (20,210) |
+-----------------------------------------+-------------+-+--------------+
| Increase in cash and cash equivalents | 155,185 | | 51,720 |
+-----------------------------------------+-------------+-+--------------+
| Cash and cash equivalents at end of | 199,105 | | 170,550 |
| period | | | |
+-----------------------------------------+-------------+-+--------------+
* See Note 14 - Discontinued operations and disposal of undertakings
GROUP CONDENSED STATEMENT OF RECOGNISED INCOME AND EXPENSE
for the half year ended 26 March 2010
+--------------------------------------+------+----------+-------------+-+-------------+
| | Note | | Half | | Half |
| | | | year | | year |
| | | | ended | | ended |
| | | | 26 | | 27 |
| | | | March | | March |
| | | | 2010 | | 2009 |
+--------------------------------------+------+----------+-------------+-+-------------+
| | | | (Unaudited) | | (Unaudited) |
+--------------------------------------+------+----------+-------------+-+-------------+
| | | | EUR'000 | | EUR'000 |
+--------------------------------------+------+----------+-------------+-+-------------+
| Items of income and expense taken | | | | | |
| directly within equity | | | | | |
+--------------------------------------+------+----------+-------------+-+-------------+
| Currency translation differences | | | 6,026 | | (4,877) |
+--------------------------------------+------+----------+-------------+-+-------------+
| Currency translation differences | 14 | | 7,232 | | - |
| recycled to Income Statement | | | | | |
+--------------------------------------+------+----------+-------------+-+-------------+
| Hedge of net investment in foreign | | | (3,805) | | (3,011) |
| currency subsidiary | | | | | |
+--------------------------------------+------+----------+-------------+-+-------------+
| Actuarial loss on Group defined | | | (1,803) | | (42,272) |
| benefit pension schemes | | | | | |
+--------------------------------------+------+----------+-------------+-+-------------+
| Deferred tax on Group defined | | | 1,931 | | 2,569 |
| benefit pension schemes | | | | | |
+--------------------------------------+------+----------+-------------+-+-------------+
| Cash flow hedges: | | | | | |
+--------------------------------------+------+----------+-------------+-+-------------+
| Gain/(loss) taken to equity | | | 61 | | (3,758) |
+--------------------------------------+------+----------+-------------+-+-------------+
| Transferred to Income Statement in | | | 1,766 | | 1,057 |
| the period | | | | | |
+--------------------------------------+------+----------+-------------+-+-------------+
| Deferred tax on cash flow hedge | | | (497) | | 756 |
+--------------------------------------+------+----------+-------------+-+-------------+
| Cash flow hedge losses recycled to | 14 | | 108 | | - |
| Income Statement | | | | | |
+--------------------------------------+------+----------+-------------+-+-------------+
| Net amount recognised directly | | | 11,019 | | (49,536) |
| within equity | | | | | |
+--------------------------------------+------+----------+-------------+-+-------------+
| Group result for the financial | | | 25,150 | | (32,438) |
| period | | | | | |
+--------------------------------------+------+----------+-------------+-+-------------+
| Total recognised income and expense | | | 36,169 | | (81,974) |
| for the financial period | | | | | |
+--------------------------------------+------+----------+-------------+-+-------------+
| | | | | | |
+--------------------------------------+------+----------+-------------+-+-------------+
| Attributable to: | | | | | |
+--------------------------------------+------+----------+-------------+-+-------------+
| Equity shareholders | | | 35,669 | | (82,872) |
+--------------------------------------+------+----------+-------------+-+-------------+
| Minority interests | | | 500 | | 898 |
+--------------------------------------+------+----------+-------------+-+-------------+
| Total recognised income and expense | | | 36,169 | | (81,974) |
| for the financial period | | | | | |
+--------------------------------------+------+----------+-------------+-+-------------+
| | | | | | |
+--------------------------------------+------+----------+-------------+-+-------------+
GROUP CONDENSED STATEMENT OF CHANGES IN EQUITY
for the half year ended 26 March 2010
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+---------+----------+----------+----------+---------+
| | Share | | Share | | Other | | Retained | | Total | | Minority | | Total |
| | capital | | premium | | reserves | | earnings | | | | interest | | equity |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+---------+----------+----------+----------+---------+
| | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+---------+----------+----------+----------+---------+
| At 25 September | 131,250 | | 119,623 | | (29,552) | | (52,604) | | 168,717 | | 3,591 | | 172,308 |
| 2009 | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+---------+----------+----------+----------+---------+
| Items of income | | | | | | | | | | | | | |
| and expense | | | | | | | | | | | | | |
| taken directly | | | | | | | | | | | | | |
| within equity | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+---------+----------+----------+----------+---------+
| Issue of shares | 806 | | 755 | | - | | - | | 1,561 | | - | | 1,561 |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+---------+----------+----------+----------+---------+
| Currency | - | | - | | 6,026 | | - | | 6,026 | | - | | 6,026 |
| translation | | | | | | | | | | | | | |
| differences | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+---------+----------+----------+----------+---------+
| Tax on | - | | - | | 14 | | - | | 14 | | - | | 14 |
| translation of | | | | | | | | | | | | | |
| cashflow hedge | | | | | | | | | | | | | |
| reserve | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+---------+----------+----------+----------+---------+
| Currency | - | | - | | 7,232 | | - | | 7,232 | | - | | 7,232 |
| translation | | | | | | | | | | | | | |
| differences | | | | | | | | | | | | | |
| recycled to | | | | | | | | | | | | | |
| Income | | | | | | | | | | | | | |
| Statement on | | | | | | | | | | | | | |
| disposal of | | | | | | | | | | | | | |
| foreign | | | | | | | | | | | | | |
| operation | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+---------+----------+----------+----------+---------+
| Net investment | - | | - | | (3,805) | | - | | (3,805) | | - | | (3,805) |
| hedge | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+---------+----------+----------+----------+---------+
| Actuarial loss | - | | - | | - | | (1,803) | | (1,803) | | - | | (1,803) |
| on Group | | | | | | | | | | | | | |
| defined benefit | | | | | | | | | | | | | |
| pension schemes | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+---------+----------+----------+----------+---------+
| Deferred tax | - | | - | | - | | 1,931 | | 1,931 | | - | | 1,931 |
| asset on Group | | | | | | | | | | | | | |
| defined benefit | | | | | | | | | | | | | |
| pension schemes | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+---------+----------+----------+----------+---------+
| Cash flow | | | | | | | | | | | | | |
| hedges | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+---------+----------+----------+----------+---------+
| fair value | - | | - | | 61 | | - | | 61 | | - | | 61 |
| gains in period | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+---------+----------+----------+----------+---------+
| tax on fair | - | | - | | (17) | | - | | (17) | | - | | (17) |
| value gains | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+---------+----------+----------+----------+---------+
| transfers to | - | | - | | 1,766 | | - | | 1,766 | | - | | 1,766 |
| Income | | | | | | | | | | | | | |
| Statement | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+---------+----------+----------+----------+---------+
| tax on | - | | - | | (494) | | - | | (494) | | - | | (494) |
| transfers to | | | | | | | | | | | | | |
| Income | | | | | | | | | | | | | |
| Statement | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+---------+----------+----------+----------+---------+
| recycled to | - | | - | | 108 | | - | | 108 | | - | | 108 |
| Income | | | | | | | | | | | | | |
| Statement on | | | | | | | | | | | | | |
| disposal of | | | | | | | | | | | | | |
| operation | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+---------+----------+----------+----------+---------+
| Profit for the | - | | - | | - | | 24,650 | | 24,650 | | 500 | | 25,150 |
| financial | | | | | | | | | | | | | |
| period | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+---------+----------+----------+----------+---------+
| Shares acquired | - | | - | | (2,000) | | - | | (2,000) | | - | | (2,000) |
| by Deferred | | | | | | | | | | | | | |
| Share Awards | | | | | | | | | | | | | |
| Trust | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+---------+----------+----------+----------+---------+
| Employee share | - | | - | | 688 | | - | | 688 | | - | | 688 |
| option expense | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+---------+----------+----------+----------+---------+
| Dividends | - | | - | | - | | (9,257) | | (9,257) | | - | | (9,257) |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+---------+----------+----------+----------+---------+
| At 26 March | 132,056 | | 120,378 | | (19,973) | | (37,083) | | 195,378 | | 4,091 | | 199,469 |
| 2010 | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+---------+----------+----------+----------+---------+
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| | Share | | Share | | Other | | Retained | | Total | | Minority | | Total |
| | capital | | premium | | reserves | | earnings | | | | interest | | equity |
| | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| At 26 September | 129,641 | | 118,961 | | (4,417) | | (4,947) | | 239,238 | | 4,816 | | 244,054 |
| 2008 | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Items of income | | | | | | | | | | | | | |
| and expense | | | | | | | | | | | | | |
| taken directly | | | | | | | | | | | | | |
| within equity | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Currency | - | | - | | (4,877) | | - | | (4,877) | | - | | (4,877) |
| translation | | | | | | | | | | | | | |
| differences | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Net investment | - | | - | | (3,011) | | - | | (3,011) | | - | | (3,011) |
| hedge | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Actuarial loss | - | | - | | - | | (42,272) | | (42,272) | | - | | (42,272) |
| on Group | | | | | | | | | | | | | |
| defined benefit | | | | | | | | | | | | | |
| pension schemes | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Deferred tax | - | | - | | - | | 2,569 | | 2,569 | | - | | 2,569 |
| asset on Group | | | | | | | | | | | | | |
| defined benefit | | | | | | | | | | | | | |
| pension schemes | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Cash flow | | | | | | | | | | | | | |
| hedges | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| fair value | - | | - | | (3,758) | | - | | (3,758) | | - | | (3,758) |
| losses in | | | | | | | | | | | | | |
| period | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| tax on fair | - | | - | | 1,052 | | - | | 1,052 | | - | | 1,052 |
| value losses | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| transfers to | - | | - | | 1,057 | | - | | 1,057 | | - | | 1,057 |
| Income | | | | | | | | | | | | | |
| Statement | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| tax on | - | | - | | (296) | | - | | (296) | | - | | (296) |
| transfers to | | | | | | | | | | | | | |
| Income | | | | | | | | | | | | | |
| Statement | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Loss for the | - | | - | | - | | (33,336) | | (33,336) | | 898 | | (32,438) |
| financial | | | | | | | | | | | | | |
| period | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Employee share | - | | - | | 306 | | - | | 306 | | - | | 306 |
| option expense | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Dividends | - | | - | | - | | (16,583) | | (16,583) | | - | | (16,583) |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| Acquisition of | - | | - | | - | | - | | - | | (1,227) | | (1,227) |
| minority | | | | | | | | | | | | | |
| interests | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
| At 27 March | 129,641 | | 118,961 | | (13,944) | | (94,569) | | 140,089 | | 4,487 | | 144,576 |
| 2009 | | | | | | | | | | | | | |
+-----------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+----------+----------+----------+----------+
GROUP CONDENSED STATEMENT OF CHANGES IN EQUITY
for the half year ended 26 March 2010 continued
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+-------------+-+--+----------+----------+----------+
| Other Reserves | | | Share | | Own | | Capital | | Hedging | | Foreign | | Other reserves |
| | | | options | | shares | | conversion | | reserve | | currency | | |
| | | | | | | | reserve | | | | translation | | |
| | | | | | | | fund | | | | reserve | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+-------------+----+--------------------------------+
| | | | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| At 25 September | | | 1,757 | | (21,443) | | 934 | | (1,385) | | (9,415) | | (29,552) | |
| 2009 | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| Items of income | | | | | | | | | | | | | | |
| and expense | | | | | | | | | | | | | | |
| taken directly | | | | | | | | | | | | | | |
| within equity | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| Currency | | | - | | - | | - | | (53) | | 6,079 | | 6,026 | |
| translation | | | | | | | | | | | | | | |
| differences | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| Tax on | | | - | | - | | - | | 14 | | - | | 14 | |
| translation of | | | | | | | | | | | | | | |
| cashflow hedge | | | | | | | | | | | | | | |
| reserve | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| Currency | | | - | | - | | - | | - | | 7,232 | | 7,232 | |
| translation | | | | | | | | | | | | | | |
| differences | | | | | | | | | | | | | | |
| recycled to | | | | | | | | | | | | | | |
| income statement | | | | | | | | | | | | | | |
| on disposal of | | | | | | | | | | | | | | |
| foreign | | | | | | | | | | | | | | |
| operation | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| Net investment | | | - | | - | | - | | - | | (3,805) | | (3,805) | |
| hedge | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| Cash flow hedges | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| fair value | | | - | | - | | - | | 61 | | - | | 61 | |
| gains in period | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| tax on fair | | | - | | - | | - | | (17) | | - | | (17) | |
| value gains | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| transfers to | | | - | | - | | - | | 1,766 | | - | | 1,766 | |
| Income Statement | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| tax on | | | - | | - | | - | | (494) | | - | | (494) | |
| transfers to | | | | | | | | | | | | | | |
| Income | | | | | | | | | | | | | | |
| Statement | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| recycled to | | | - | | - | | - | | 108 | | - | | 108 | |
| Income Statement | | | | | | | | | | | | | | |
| on disposal of | | | | | | | | | | | | | | |
| operation | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| Shares acquired | | | - | | (2,000) | | - | | - | | - | | (2,000) | |
| by Deferred | | | | | | | | | | | | | | |
| Share Awards | | | | | | | | | | | | | | |
| Trust | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| Employee share | | | 688 | | - | | - | | - | | - | | 688 | |
| option expense | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| At 26 March 2010 | | | 2,445 | | (23,443) | | 934 | | - | | 91 | | (19,973) | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| | | | Share | | Own | | Capital | | Hedging | | Foreign | | Other | |
| | | | options | | shares | | conversion | | reserve | | currency | | reserves | |
| | | | | | | | reserve | | | | translation | | | |
| | | | | | | | fund | | | | reserve | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| | | | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| At 26 September | | | 982 | | (407) | | 934 | | (1,550) | | (4,376) | | (4,417) | |
| 2008 | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| Items of income | | | | | | | | | | | | | | |
| and expense | | | | | | | | | | | | | | |
| taken directly | | | | | | | | | | | | | | |
| within equity | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| Currency | | | - | | - | | - | | - | | (4,877) | | (4,877) | |
| translation | | | | | | | | | | | | | | |
| differences | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| Net investment | | | - | | - | | - | | - | | (3,011) | | (3,011) | |
| hedge | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| Cash flow hedges | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| fair value | | | - | | - | | - | | (3,758) | | - | | (3,758) | |
| losses in period | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| tax on fair | | | - | | - | | - | | 1,052 | | - | | 1,052 | |
| value losses | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| transfers to | | | - | | - | | - | | 1,057 | | - | | 1,057 | |
| Income Statement | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| tax on | | | - | | - | | - | | (296) | | - | | (296) | |
| transfers to | | | | | | | | | | | | | | |
| Income | | | | | | | | | | | | | | |
| Statement | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| Employee share | | | 158 | | 148 | | - | | - | | - | | 306 | |
| option expense | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| At 27 March 2009 | | | 1,140 | | (259) | | 934 | | (3,495) | | (12,264) | | (13,944) | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+---------------+-------------+----------+----------+
| | | | | | | | | | | | | | | | | |
+------------------+----+----------+---------+----------+----------+----------+------------+----------+---------+----------+-------------+-+--+----------+----------+----------+
NOTES TO THE GROUP CONDENSED FINANCIAL STATEMENTS
For the half year ended 26 March 2010
1. Basis of Preparation
The Group Condensed Financial Statements have been prepared in accordance with
the Transparency (Directive 2004/109/EC) Regulations 2007, the related
Transparency Rules of the Irish Financial Services Authority and with IAS 34
Interim Financial Reporting as adopted by the European Union.
These Condensed Financial Statements do not comprise statutory accounts within
the meaning of Section 19 of the Companies (Amendment) Act 1986. The Group
condensed financial information for the year ended 25 September 2009 represents
an abbreviated version of the Group Financial Statements for that year. Those
financial statements, upon which the auditors issued an unqualified audit
report, have been filed with the Registrar of Companies.
2. Accounting Policies
IFRS 8 Operating Segments has been applied for the first time in identifying the
Group's reportable segments in the preparation of the Group Condensed Financial
Statements. This has resulted in a change to the reportable segments presented
by the Group as set out in Note 3.
The amendment to IAS 40 Investment Property (resulting from the 2008 Annual
Improvements to IFRSs) has been applied for the first time in the preparation of
the Group Condensed Financial Statements for the period ended 26 March 2010.
This amendment changed the scope of the standard to include property being
constructed or developed for future use as investment property. As a result,
the Group's land subject to remediation has been reclassified to investment
property as set out in Note 9.
All other accounting policies and methods of computation adopted in the
preparation of the Group Condensed Financial Statements are consistent with
those applied in the Annual Report for the financial year ended 25 September
2009 and are as set out in those financial statements.
The adoption of the other new standards and interpretations (as set out in the
2009 Annual Report) that became effective for the Group's financial statements
for the year ended 24 September 2010 did not have any significant impact on the
Group Condensed Financial Statements.
3. Segment Information
On adoption of IFRS 8, the Group identified three reportable segments: (i)
Convenience Foods, (ii) Ingredients & Property and (iii) Malt. In the Annual
Report for the year ended 25 September 2009, the Group presented two primary
business segments: (i) Convenience Foods and (ii) Ingredients & Related
Property. These reportable segments align with the Group's internal financial
reporting system and the manner in which the Chief Operating Decision Maker
assesses performance and allocates the Group's resources. The Group is organised
around different product portfolios.
The Convenience Foods reportable segment is the aggregation of two operating
segments, Convenience Foods UK and Convenience Foods USA & the Continent
("International Convenience Foods"). This segment derives its revenue from the
production and sale of convenience food.
Ingredients & Property represents the aggregation of 'all other segments' as
allowed under IFRS 8 (IFRS 8 sets out that where the external revenue of
reportable segments exceeds 75% of the total Group revenue, then it is
permissible to aggregate all other segments into one reportable segment). The
Ingredients & Property reportable segment derives its revenue from the
distribution of vegetable oils, molasses and the management of the Group's
surplus property assets.
The Malt reportable segment represents the manufacture and sale of malt. This
business was discontinued during the period. Further details are set out in Note
14.
The Chief Operating Decision Maker monitors the operating results of segments
separately in order to allocate resources between segments and to assess
performance. Segment performance is predominantly evaluated based on operating
profit before exceptionals and acquisition related amortisation. Net finance
costs and income tax are managed on a centralised basis, therefore, these items
are not allocated between operating segments for the purposes of the information
presented to the Chief Operating Decision Maker and are accordingly omitted from
the segmental information below. Intersegment revenue is not material.
Comparatives have been restated for the half year ended 27 March 2009 and for
the year ended 25 September 2009.
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+----------+----+----------+----------+---------+----------+-----------+----------+-+-+-----------+
| | Convenience Foods | | Ingredients & | | Greencore Malt (discontinued) | | Total |
| | | | Property | | | | |
+----------------+-------------------------------+----------+------------------------------+----------+-----------------------------------------------+----------+--------------------------------------+
| | Half | | Half | | Half | | Half | | Half | | Half | | Half | | Half |
| | year | | year | | year | | year | | year | | year | | year | | year |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+---------------+----------+--------------------+----------+----------------------+---+-----------+
| | 2010 | | 2009 | | 2010 | | 2009 | | 2010 | | 2009 | | 2010 | | 2009 |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+---------------+----------+--------------------+----------+----------------------+---+-----------+
| | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+---------------+----------+--------------------+----------+----------------------+---+-----------+
| Total revenue | 406,967 | | 385,831 | | 37,481 | | 51,420 | | 90,581 | | 112,909 | | 535,029 | | 550,160 |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+---------------+----------+--------------------+----------+----------------------+---+-----------+
| Less: Revenue | (9,957) | | (11,794) | | - | | - | | (90,581) | | (112,909) | | (100,538) | | (124,703) |
| from | | | | | | | | | | | | | | | |
| discontinued | | | | | | | | | | | | | | | |
| operations | | | | | | | | | | | | | | | |
| (Note 14) | | | | | | | | | | | | | | | |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+---------------+----------+--------------------+----------+----------------------+---+-----------+
| Revenue - | 397,010 | | 374,037 | | 37,481 | | 51,420 | | - | | - | | 434,491 | | 425,457 |
| continuing | | | | | | | | | | | | | | | |
| operations | | | | | | | | | | | | | | | |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+---------------+----------+--------------------+----------+----------------------+---+-----------+
| | | | | | | | | | | | | | | | |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+---------------+----------+--------------------+----------+----------------------+---+-----------+
| Total | 24,528 | | 19,554 | | 1,792 | | (290) | | 9,550 | | 11,715 | | 35,870 | | 30,979 |
| operating | | | | | | | | | | | | | | | |
| profit/(loss) | | | | | | | | | | | | | | | |
| before | | | | | | | | | | | | | | | |
| exceptional | | | | | | | | | | | | | | | |
| items and | | | | | | | | | | | | | | | |
| acquisition | | | | | | | | | | | | | | | |
| related | | | | | | | | | | | | | | | |
| amortisation | | | | | | | | | | | | | | | |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+---------------+----------+--------------------+----------+----------------------+---+-----------+
| Less: | 1,344 | | 82 | | - | | - | | (9,550) | | (11,715) | | (8,206) | | (11,633) |
| Operating | | | | | | | | | | | | | | | |
| loss/(profit) | | | | | | | | | | | | | | | |
| from | | | | | | | | | | | | | | | |
| discontinued | | | | | | | | | | | | | | | |
| operations | | | | | | | | | | | | | | | |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+---------------+----------+--------------------+----------+----------------------+---+-----------+
| Group | 25,872 | | 19,636 | | 1,792 | | (290) | | - | | - | | 27,664 | | 19,346 |
| operating | | | | | | | | | | | | | | | |
| profit/(loss) | | | | | | | | | | | | | | | |
| before | | | | | | | | | | | | | | | |
| exceptional | | | | | | | | | | | | | | | |
| items and | | | | | | | | | | | | | | | |
| acquisition | | | | | | | | | | | | | | | |
| related | | | | | | | | | | | | | | | |
| amortisation - | | | | | | | | | | | | | | | |
| continuing | | | | | | | | | | | | | | | |
| operations | | | | | | | | | | | | | | | |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+---------------+----------+--------------------+----------+----------------------+---+-----------+
| Amortisation | (1,171) | | (897) | | - | | - | | - | | - | | (1,171) | | (897) |
| of acquisition | | | | | | | | | | | | | | | |
| related | | | | | | | | | | | | | | | |
| intangible | | | | | | | | | | | | | | | |
| assets | | | | | | | | | | | | | | | |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+---------------+----------+--------------------+----------+----------------------+---+-----------+
| Exceptional | - | | (10,223) | | - | | (12,288) | | - | | - | | - | | (22,511) |
| items | | | | | | | | | | | | | | | |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+---------------+----------+--------------------+----------+----------------------+---+-----------+
| Group | 24,701 | | 8,516 | | 1,792 | | (12,578) | | - | | - | | 26,493 | | (4,062) |
| operating | | | | | | | | | | | | | | | |
| profit/(loss) | | | | | | | | | | | | | | | |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+---------------+----------+--------------------+----------+----------------------+---+-----------+
| Finance income | | | | | | | | | | | | | 12,398 | | 18,273 |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+---------------+----------+--------------------+----------+----------------------+---+-----------+
| Finance costs | | | | | | | | | | | | | (27,423) | | (52,268) |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+---------------+----------+--------------------+----------+----------------------+---+-----------+
| Share of | - | | - | | 338 | | 262 | | - | | - | | 338 | | 262 |
| profit of | | | | | | | | | | | | | | | |
| associates | | | | | | | | | | | | | | | |
| after tax | | | | | | | | | | | | | | | |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+---------------+----------+--------------------+----------+----------------------+---+-----------+
| Profit/(loss) | | | | | | | | | | | | | 11,806 | | (37,795) |
| before | | | | | | | | | | | | | | | |
| taxation | | | | | | | | | | | | | | | |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+---------------+----------+--------------------+----------+----------------------+---+-----------+
| | | | | | | | | | | | | | | | |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+---------------+----------+--------------------+----------+----------------------+---+-----------+
| | Convenience Foods | | Ingredients & | | Greencore Malt (discontinued) | | Total |
| | | | Property | | | | |
+----------------+-------------------------------+----------+------------------------------+----------+-----------------------------------------------+----------+--------------------------------------+
| | 26 | | 25 | | 26 | | 25 | | 26 Mar | | 25 | | 26 | | 25 Sep |
| | Mar | | Sep | | Mar | | Sep | | | | Sep | | Mar | | |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+--------------------------+----------+---------+----------+-----------+------------+-------------+
| | 2010 | | 2009 | | 2010 | | 2009 | | 2010 | | 2009 | | 2010 | | 2009 |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+--------------------------+----------+---------+----------+-----------+------------+-------------+
| | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 | | EUR'000 |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+--------------------------+----------+---------+----------+-----------+------------+-------------+
| Segment assets | | | | | | | | | | | | | | | |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+--------------------------+----------+---------+----------+-----------+------------+-------------+
| Assets | 717,240 | | 718,798 | | 55,305 | | 55,166 | | - | | 128,215 | | 772,545 | | 902,179 |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+--------------------------+----------+---------+----------+-----------+------------+-------------+
| Investments in | - | | - | | 972 | | 638 | | - | | - | | 972 | | 638 |
| associates | | | | | | | | | | | | | | | |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+--------------------------+----------+---------+----------+-----------+------------+-------------+
| Total assets | 717,240 | | 718,798 | | 56,277 | | 55,804 | | - | | 128,215 | | 773,517 | | 902,817 |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+--------------------------+----------+---------+----------+-----------+------------+-------------+
| | | | | | | | | | | | | | | | |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+--------------------------+----------+---------+----------+-----------+------------+-------------+
| Reconciliation to Total Assets as reported in the Group Condensed Balance Sheet | | | | | | |
+--------------------------------------------------------------------------------------------------------------------------------+----------+---------+----------+-----------+------------+-------------+
| Deferred tax | | | | | | | | | | | | | 41,480 | | 42,993 |
| assets | | | | | | | | | | | | | | | |
+----------------+---------+----------+----------+----------+--------+----------+---------------------+----------+---------------+----------+---------+----------+-----------+------------+-------------+
| Cash and cash | | | | | | | | | | | | | 199,105 | | 43,933 |
| equivalents | | | | | | | | | | | | | | | |
+----------------+---------+----------+----------+----------+--------+----------+---------------------+----------+---------------+----------+---------+----------+-----------+------------+-------------+
| Derivative financial | | | | | | | | | | | | 27,047 | | 16,358 |
| instruments | | | | | | | | | | | | | | |
+--------------------------+----------+----------+----------+--------+----------+---------------------+----------+---------------+----------+---------+----------+-----------+------------+-------------+
| Total assets as reported in the Group Condensed Balance Sheet | | | | 1,041,149 | | 1,006,101 |
+--------------------------------------------------------------------------------------------------------------------------------+----------+---------+----------+-----------+------------+-------------+
| | | | | | | | | | | | | | | | | | | | |
+----------------+---------+----------+----------+----------+--------+----------+----------+----------+----------+----+----------+----------+---------+----------+-----------+----------+-+-+-----------+
On 26 March 2010, the Group completed the disposal of its Malt business
("Greencore Malt") and bottled water business ("Greencore Water"). In accordance
with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the
operations of Greencore Malt and Greencore Water are considered to be
discontinued.
The Group exited its Frozen Desserts business and disposed of its grain trading
business during the period ended 27 March 2009. Neither of these businesses
were classified as a discontinued operation as they did not represent a separate
major line of business or geographical area of operation in accordance with IFRS
5 Non-current Assets held for Sale and Discontinued Operations.
4. Seasonality
The Group's convenience foods portfolio is second half weighted. This weighting
is primarily driven by weather and seasonal buying patterns impacting, in
particular, the demand for chilled product categories.
5. Exceptional Items
+------------------------------------------------+-----+---------+----------+--------------+
| | | Half | | Half |
| | | year | | year |
+------------------------------------------------+-----+---------+----------+--------------+
| | | 2010 | | 2009 |
+------------------------------------------------+-----+---------+----------+--------------+
| | | EUR'000 | | EUR'000 |
+------------------------------------------------+-----+---------+----------+--------------+
| Continuing operations | | | | * as |
| | | | | re-presented |
+------------------------------------------------+-----+---------+----------+--------------+
| Convenience Foods | (a) | - | | (10,223) |
+------------------------------------------------+-----+---------+----------+--------------+
| Ingredients & Property | (b) | - | | (12,288) |
+------------------------------------------------+-----+---------+----------+--------------+
| | | - | | (22,511) |
+------------------------------------------------+-----+---------+----------+--------------+
| Tax on exceptional items | | - | | 2,381 |
+------------------------------------------------+-----+---------+----------+--------------+
| Total continuing operations | | - | | (20,130) |
+------------------------------------------------+-----+---------+----------+--------------+
| | | | | |
+------------------------------------------------+-----+---------+----------+--------------+
| Discontinued operations | | | | |
+------------------------------------------------+-----+---------+----------+--------------+
| Greencore Malt | (c) | 14,342 | | (1,226) |
+------------------------------------------------+-----+---------+----------+--------------+
| Greencore Water | (d) | (5,821) | | - |
+------------------------------------------------+-----+---------+----------+--------------+
| Exit from sugar processing | (e) | - | | 46 |
+------------------------------------------------+-----+---------+----------+--------------+
| Legal settlement | (f) | - | | (3,796) |
+------------------------------------------------+-----+---------+----------+--------------+
| Total discontinued operations | | 8,521 | | (4,976) |
+------------------------------------------------+-----+---------+----------+--------------+
| Total exceptional items | | 8,521 | | (25,106) |
+------------------------------------------------+-----+---------+----------+--------------+
(a) Convenience Foods
During the prior period, the Group finalised its strategic review of the Frozen
Desserts category. It was concluded that it should exit from its frozen desserts
business, due to its tertiary market position, by closing its remaining
facility. The Group also finalised its business restructuring program resulting
in head count reductions at business units. The total cost of this
restructuring, which comprised principally asset write offs and redundancy
costs, was EUR10.2 million.
(b) Ingredients & Property
During the prior period, the Group determined that it would either close or sell
off its grain trading business at Drummonds. As a result of this decision,
provisions of EUR12.3 million were recognised to write assets down to fair value
less costs to sell. The underlying assets of the Group's grain trading business
were reclassified as held for sale during the period ended 27 March 2009. The
Group disposed of Drummonds on 25 June 2009.
(c) Greencore Malt
The Group completed the disposal of the Malt businesses on 26 March 2010. A
profit on disposal of EUR14.3 million was recognised in the Income Statement. This
includes the recycle of EUR4.1 million of cumulative foreign currency translation
losses and EUR0.1 million cash flow hedge losses, both of which were previously
recognised in equity. The net impact on the Group's equity on 26 March 2010 was
an increase of EUR18.5 million.
During the prior period, the Group was in the process of negotiating an
insurance settlement in relation to an incident at its malting facility at
Ghlin, Belgium in 2008. A gain of EUR2.7 million (EUR1.8 million net of tax) was
recognised in respect of the estimated settlement amount. Additionally, the
Group took a charge of EUR3.0 million related to grain/barley stocks associated
with the poor harvest quality arising as a result of the extreme adverse 2008
weather conditions experienced during the harvest period.
(d) Greencore Water
The Group completed the disposal of its bottled water business on 26 March 2010.
A loss on disposal of EUR5.8 million was recognised in the income statement. This
includes the recycle of EUR3.1 million cumulative foreign currency translation
losses, previously recognised in equity. The net impact on the Group's equity on
26 March 2010 was a reduction of EUR2.7 million.
(e) Exit from sugar processing
The Group exited its sugar processing business in 2006. The Group continues to
sell off assets and remediate the former sugar processing sites. In the prior
period, a net gain arose on the reversal of impairment of assets.
(f) Legal settlement
During the prior period, the Group settled an outstanding claim dating back to
its Sugar activities and recognised an exceptional charge of EUR3.8 million
related to both settlement and legal costs.
* See Note 14 - Discontinued operations and disposal of undertakings
6. Taxation
Interim period tax is accrued using the tax rate that is estimated to be
applicable to expected total annual earnings, that is the estimated average
annual effective income tax rate applied to the taxable income of the interim
period.
7. Dividends Paid and Proposed
A dividend of 4.50 cent per share was approved at the Annual General Meeting on
11 February 2010 as a final dividend in respect of the year ended 25 September
2009 and a total of EUR7.9 million was paid on 1 April 2010 to those shareholders
that did not avail of the Group scrip dividend scheme.
An interim dividend of 3.00 cent (2009: 3.00 cent) per share is payable on 29
September 2010 to the shareholders on the Register of Members as of 4 June 2010.
The ordinary shares will be quoted ex-dividend from 2 June 2010. The dividend
will be subject to dividend withholding tax, although certain classes of
shareholders may qualify for exemption.
The liability in respect of this interim dividend is not recognised in the
balance sheet of the Group for the half year ended 26 March 2010 because the
interim dividend had not been approved at the balance sheet date (but was
subsequently declared by the Directors of the Company).
8. Earnings per Ordinary Share
Basic earnings/(loss) per ordinary share
Basic earnings/(loss) per ordinary share is calculated by dividing the
profit/(loss) attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the period, excluding ordinary
shares purchased by the Company and held as treasury shares and shares held in
trust in respect of the Deferred Bonus Awards Scheme. The adjusted figures for
basic and diluted earnings per ordinary share are after the elimination of
exceptional items, the effect of foreign exchange (FX) on inter-company balances
and external loans where hedge accounting is not applied, the movement in the
fair value of all derivative financial instruments and related debt adjustments,
the amortisation of acquisition related intangible assets and the effect of
pension financing.
+-----------------------------------------------+---------+----------+--------------+
| | Half | | Half |
| | year | | year |
| | 2010 | | 2009 |
+-----------------------------------------------+---------+----------+--------------+
| | | | *as |
| | | | re-presented |
+-----------------------------------------------+---------+----------+--------------+
| | EUR'000 | | EUR'000 |
+-----------------------------------------------+---------+----------+--------------+
| Profit/(loss) attributable to equity holders | 24,650 | | (33,336) |
| of the Company | | | |
+-----------------------------------------------+---------+----------+--------------+
| Exceptional items (post tax) | (8,521) | | 25,106 |
+-----------------------------------------------+---------+----------+--------------+
| Fair value of derivative financial | (363) | | 22,821 |
| instruments and related debt adjustments | | | |
+-----------------------------------------------+---------+----------+--------------+
| FX on inter-company balances and external | | | |
| loans where hedge accounting is not applied | 1,257 | | (641) |
+-----------------------------------------------+---------+----------+--------------+
| Amortisation of acquisition related | 1,171 | | 897 |
| intangible assets | | | |
+-----------------------------------------------+---------+----------+--------------+
| Pension financing | 84 | | (618) |
+-----------------------------------------------+---------+----------+--------------+
| Tax effect of pension financing and | | | |
| amortisation of acquisition related | (664) | | (186) |
| intangibles | | | |
+-----------------------------------------------+---------+----------+--------------+
| Fair value of derivative financial | | | |
| instruments and related debt adjustments and | (345) | | 766 |
| pension financing included in discontinued | | | |
| operations | | | |
+-----------------------------------------------+---------+----------+--------------+
| Numerator for adjusted earnings per share | 17,269 | | 14,809 |
| calculation | | | |
+-----------------------------------------------+---------+----------+--------------+
| Result for the period from discontinued | (7,048) | | (9,006) |
| operations - pre-exceptional | | | |
+-----------------------------------------------+---------+----------+--------------+
| Fair value of derivative financial | | | |
| instruments and related debt adjustments and | 345 | | (766) |
| pension financing included in discontinued | | | |
| operations | | | |
+-----------------------------------------------+---------+----------+--------------+
| Numerator for continuing adjusted earnings | 10,566 | | 5,037 |
| per share calculation | | | |
+-----------------------------------------------+---------+----------+--------------+
| | | | |
+-----------------------------------------------+---------+----------+--------------+
| Numerator for discontinued basic EPS | | | |
+-----------------------------------------------+---------+----------+--------------+
| Discontinued profit for the year | 15,569 | | 4,030 |
+-----------------------------------------------+---------+----------+--------------+
| | | | |
+-----------------------------------------------+---------+----------+--------------+
| Numerator for discontinued adjusted EPS | | | |
+-----------------------------------------------+---------+----------+--------------+
| Result for the period from discontinued | 7,048 | | 9,006 |
| operations - pre-exceptional | | | |
+-----------------------------------------------+---------+----------+--------------+
| Fair value of derivative financial | (345) | | 766 |
| instruments and related debt adjustments and | | | |
| pension financing included in discontinued | | | |
| operations | | | |
+-----------------------------------------------+---------+----------+--------------+
| Numerator for discontinued adjusted EPS | 6,703 | | 9,772 |
+-----------------------------------------------+---------+----------+--------------+
| | | | |
+-----------------------------------------------+---------+----------+--------------+
| | Half | | Half |
| | year | | year |
| | 2010 | | 2009 |
| | | | *as |
| | | | re-presented |
+-----------------------------------------------+---------+----------+--------------+
| | cent | | cent |
+-----------------------------------------------+---------+----------+--------------+
| Basic earnings/(loss) per ordinary share | | | |
+-----------------------------------------------+---------+----------+--------------+
| Continuing operations | 4.5 | | (18.5) |
+-----------------------------------------------+---------+----------+--------------+
| Discontinued operations | 7.6 | | 1.9 |
+-----------------------------------------------+---------+----------+--------------+
| | 12.1 | | (16.6) |
+-----------------------------------------------+---------+----------+--------------+
| | | | |
+-----------------------------------------------+---------+----------+--------------+
| Adjusted basic earnings per ordinary share | 8.5 | | 7.4 |
+-----------------------------------------------+---------+----------+--------------+
| | | | |
+-----------------------------------------------+---------+----------+--------------+
| Continuing adjusted earnings per ordinary | 5.2 | | 2.5 |
| share | | | |
+-----------------------------------------------+---------+----------+--------------+
| | | | |
+-----------------------------------------------+---------+----------+--------------+
| Discontinued adjusted earnings per ordinary | 3.3 | | 4.9 |
| share | | | |
+-----------------------------------------------+---------+----------+--------------+
| | | | |
+-----------------------------------------------+---------+----------+--------------+
| | Half | | Half |
| | year | | year |
| | 2010 | | 2009 |
+-----------------------------------------------+---------+----------+--------------+
| Denominator for earnings per share and | | | |
| adjusted earnings per share calculation | | | |
+-----------------------------------------------+---------+----------+--------------+
| Shares in issue at the beginning of the year | 208,333 | | 205,779 |
| (thousands) | | | |
+-----------------------------------------------+---------+----------+--------------+
| Treasury shares (thousands) | (3,905) | | (3,905) |
+-----------------------------------------------+---------+----------+--------------+
| Shares held by Trust (thousands) | (1,384) | | (393) |
+-----------------------------------------------+---------+----------+--------------+
| Effect of shares issued in period (thousands) | 1,244 | | - |
+-----------------------------------------------+---------+----------+--------------+
| Weighted average number of ordinary shares in | 204,288 | | 201,481 |
| issue during the period (thousands) | | | |
+-----------------------------------------------+---------+----------+--------------+
Diluted earnings/(loss) per ordinary share
Diluted earnings/(loss) per ordinary share is calculated by adjusting the
weighted average number of ordinary shares outstanding to assume conversion of
all dilutive potential ordinary shares. Employee share options, which are
performance based, are treated as contingently issuable shares, because their
issue is contingent upon satisfaction of specified performance conditions in
addition to the passage of time. These contingently issuable ordinary shares are
excluded from the computation of diluted earnings per ordinary share where the
conditions governing exercisability have not been satisfied as at the end of the
reporting period. Options over 4,818,180 (2009: 7,047,963) shares were excluded
from the diluted EPS calculation as they were either anti-dilutive or
contingently issuable ordinary shares which had not satisfied the performance
conditions attaching at the end of the reporting period.
+-------------------------------------------------+------+----------+--------------+
| | Half | | Half |
| | year | | year |
| | 2010 | | 2009 |
| | | | *as |
| | | | re-presented |
+-------------------------------------------------+------+----------+--------------+
| | cent | | cent |
+-------------------------------------------------+------+----------+--------------+
| Diluted earnings/(loss) per ordinary share | | | |
+-------------------------------------------------+------+----------+--------------+
| Continuing operations | 4.4 | | (18.5) |
+-------------------------------------------------+------+----------+--------------+
| Discontinued operations | 7.5 | | 1.9 |
+-------------------------------------------------+------+----------+--------------+
| | 11.9 | | (16.6) |
+-------------------------------------------------+------+----------+--------------+
| | | | |
+-------------------------------------------------+------+----------+--------------+
| Adjusted diluted earnings per ordinary share | 8.4 | | 7.3 |
+-------------------------------------------------+------+----------+--------------+
| | | | |
+-------------------------------------------------+------+----------+--------------+
| Adjusted continuing diluted earnings per | 5.1 | | 2.5 |
| ordinary share | | | |
+-------------------------------------------------+------+----------+--------------+
| | | | |
+-------------------------------------------------+------+----------+--------------+
| Adjusted discontinued diluted earnings per | 3.3 | | 4.8 |
| share | | | |
+-------------------------------------------------+------+----------+--------------+
The reconciliation of the weighted average number of ordinary shares used for
the purposes of calculating the diluted earning per share amounts is as follows:
+-------------------------------------------------+---------+----------+---------+
| | Half | | Half |
| | year | | year |
| | 2010 | | 2009 |
+-------------------------------------------------+---------+----------+---------+
| Weighted average number of ordinary shares in | 204,288 | | 201,481 |
| issue during the period (thousands) | | | |
+-------------------------------------------------+---------+----------+---------+
| Dilutive effect of share options (thousands) | 2,202 | | 452 |
+-------------------------------------------------+---------+----------+---------+
| Weighted average number of ordinary shares for | 206,490 | | 201,933 |
| diluted earnings per share (thousands) | | | |
+-------------------------------------------------+---------+----------+---------+
*see note 14 - Discontinued operations and disposal of undertakings
9. Intangible Assets, Property, Plant and Equipment, Investment Property,
Capital Expenditure and Commitments
During the six month period to 26 March 2010, the Group made approximately EUR15.9
million (2009: EUR24.7 million) of additions to property, plant and equipment,
investment property and intangible assets. The Group also disposed of certain
assets (excluding the disposal of undertakings) with a carrying amount of EUR0.7
million (2009: EUR3.1 million) for proceeds of EUR2.5 million (2009: EUR1.1 million).
At 26 March 2010, the Group had entered into contractual commitments for the
acquisition of property, plant and equipment amounting to EUR3.2 million (2009:
EUR4.2 million).
On adoption at the beginning of the period of the amendments to IAS 40
Investment Property resulting from the 2008 Annual Improvements to IFRSs as
described in Note 2, the Group's land assets under remediation, totalling EUR35.4
million, were transferred from property, plant and equipment to investment
property. In accordance with the transitional provisions of the amendments to
IAS 40 the Group has applied the amendment prospectively and has not restated
the comparatives.
10. Equity Share Capital
Issued capital as at 26 March 2010 amounted to EUR132.1 million (25 September
2009: EUR131.3 million) of which EUR2.5 million (2009: EUR2.5 million) is attributable
to treasury shares. During the six month period to 26 March 2010, 1,278,995
(2009: nil) shares were issued in respect of the Group scrip dividend scheme.
Pursuant to the Deferred Bonus Plan, 1,462,214 shares (2009: nil) were purchased
by the Trustees of the Plan during the period ended 26 March 2010 at a cost of
EUR2.0 million. The nominal value of these shares, on which dividends have not
been waived by the Trustees of the Plan, was EUR0.9 million at 26 March 2010.
There were 925,000 (2009: 1,690,000) share options granted under the executive
share option scheme and no shares granted under the share save schemes.
11. Components of Net Debt and Financing
During the period the Group maintained its existing bank facilities. The cash
flows from financing activities are set out in the Group Condensed Cash Flow
Statement.
+-------------------------------------------------+-----------+----------+--------------+
| | 26 | | 27 |
| | March | | March |
| | 2010 | | 2009 |
+-------------------------------------------------+-----------+----------+--------------+
| | EUR'000 | | EUR'000 |
+-------------------------------------------------+-----------+----------+--------------+
| Net Debt | | | |
+-------------------------------------------------+-----------+----------+--------------+
| Current assets | | | |
+-------------------------------------------------+-----------+----------+--------------+
| Cash and cash equivalents | 199,105 | | 170,550 |
+-------------------------------------------------+-----------+----------+--------------+
| Current liabilities | | | |
+-------------------------------------------------+-----------+----------+--------------+
| Borrowings before fair value adjustment | (36,857) | | (1,099) |
+-------------------------------------------------+-----------+----------+--------------+
| Non-current liabilities | | | |
+-------------------------------------------------+-----------+----------+--------------+
| Borrowings before fair value adjustment | (356,466) | | (502,053) |
+-------------------------------------------------+-----------+----------+--------------+
| Comparable net debt | (194,218) | | (332,602) |
+-------------------------------------------------+-----------+----------+--------------+
| Borrowings - fair value adjustment | (26,287) | | 10,289 |
+-------------------------------------------------+-----------+----------+--------------+
| Cross-currency interest rate swaps - fair value | 27,047 | | (10,869) |
| hedges | | | |
+-------------------------------------------------+-----------+----------+--------------+
| Group net debt | (193,458) | | (333,182) |
+-------------------------------------------------+-----------+----------+--------------+
| | | | |
+-------------------------------------------------+-----------+----------+--------------+
| | Half | | Half |
| | year | | year |
| | 2010 | | 2009 |
+-------------------------------------------------+-----------+----------+--------------+
| | | | * as |
| | | | re-presented |
+-------------------------------------------------+-----------+----------+--------------+
| Net Finance Costs | EUR'000 | | EUR'000 |
+-------------------------------------------------+-----------+----------+--------------+
| Net finance costs on interest bearing cash and | (13,877) | | (12,315) |
| cash equivalents and borrowings | | | |
+-------------------------------------------------+-----------+----------+--------------+
| Net pension financing (charge)/credit | (84) | | 618 |
+-------------------------------------------------+-----------+----------+--------------+
| Change in fair value of derivatives and related | 363 | | (22,821) |
| debt adjustments | | | |
+-------------------------------------------------+-----------+----------+--------------+
| Foreign exchange on inter-company balances & | (1,257) | | 641 |
| external loans where hedge accounting is not | | | |
| applied | | | |
+-------------------------------------------------+-----------+----------+--------------+
| Unwind of present value discount on non-current | (170) | | (118) |
| payables | | | |
+-------------------------------------------------+-----------+----------+--------------+
| | (15,025) | | (33,995) |
+-------------------------------------------------+-----------+----------+--------------+
| Analysed as: | | | |
+-------------------------------------------------+-----------+----------+--------------+
| Finance income | 12,398 | | 18,273 |
+-------------------------------------------------+-----------+----------+--------------+
| Finance costs | (27,423) | | (52,268) |
+-------------------------------------------------+-----------+----------+--------------+
| | (15,025) | | (33,995) |
+-------------------------------------------------+-----------+----------+--------------+
* See Note 14 - Discontinued operations and disposal of undertakings
Comparable net debt is a non-IFRS measure used by the Group as a key performance
indicator.
The change in fair value of derivatives and related debt adjustments in the
prior period reflects the significant reduction in interest rates in that period
and the consequential impact of this on the Group's interest rate swaps.
12. Provisions for Liabilities
+-------------------------------------------------+--------+----------+---------+
| | | | Half |
| | | | year |
+-------------------------------------------------+--------+----------+---------+
| | | | 2010 |
+-------------------------------------------------+--------+----------+---------+
| | | | EUR'000 |
+-------------------------------------------------+--------+----------+---------+
| Six months ended 26 March 2010 | | | |
+-------------------------------------------------+--------+----------+---------+
| At beginning of period | | | 17,476 |
+-------------------------------------------------+--------+----------+---------+
| Utilised in period | | | (3,361) |
+-------------------------------------------------+--------+----------+---------+
| Created in period | | | - |
+-------------------------------------------------+--------+----------+---------+
| Currency translation differences | | | 153 |
+-------------------------------------------------+--------+----------+---------+
| Unwind discount | | | 94 |
+-------------------------------------------------+--------+----------+---------+
| At end of period | | | 14,362 |
+-------------------------------------------------+--------+----------+---------+
| | 26 | | 25 |
| | Mar | | Sept |
| | 2010 | | 2009 |
+-------------------------------------------------+--------+----------+---------+
| Analysed as: | EUR'000 | | EUR'000 |
+-------------------------------------------------+--------+----------+---------+
| | | | |
+-------------------------------------------------+--------+----------+---------+
| Non-current liabilities | 4,495 | | 6,188 |
+-------------------------------------------------+--------+----------+---------+
| Current liabilities | 9,867 | | 11,288 |
+-------------------------------------------------+--------+----------+---------+
| | 14,362 | | 17,476 |
+-------------------------------------------------+--------+----------+---------+
Provisions for liabilities are comprised of environmental and restructuring,
deferred contingent consideration and other provisions.
Environmental and restructuring
Environmental obligations and related costs arise primarily from the Group's
discontinued sugar processing operations and have been established to cover
either a statutory or constructive obligation of the Group to carry out remedial
works. Related restructuring provisions relate to irrevocable commitments in
respect of programmes commenced and committed to in the Ingredients & Property
segment, primarily related to the exit from sugar processing. Substantially all
costs will have been incurred by September 2010.
Deferred contingent consideration
Deferred contingent consideration represents the estimated amount payable in
respect of certain acquisitions and is dependent on the results of those
acquisitions for specified periods.
Other
Other provisions primarily consists of a) provisions for leasehold dilapidations
in respect of certain leases, relating to the estimated cost of reinstating
leasehold premises to their original condition at the time of the inception of
the lease as provided for in the lease agreement, and b) provision for onerous
contractual obligations for properties held under operating lease. It is
anticipated that these will be payable within five years.
13. Contingencies
Various subsidiaries of the Group continue to be subject to legal proceedings.
Provisions for anticipated settlement costs and associated expenses arising from
legal and other disputes are made where a reliable estimate can be made of the
probable outcome of the proceedings.
The Group has provided security to the Government of Ireland for the purpose of
facilitating the receipt of restructuring aid as provided for in Commission
Regulation (EC) No 968/2006. The security is in the form of a bank guarantee and
amounts to EUR9.4 million (26 September 2009: EUR9.4 million). The guarantee becomes
payable if the Group does not complete its commitments under its restructuring
plan, at which time, that part of the aid granted in respect of the commitment
concerned can be recovered from the Group. The Group continues to perform its
commitments under its restructuring plan and accordingly, in the opinion of the
Directors, the likelihood of repayment of any restructuring aid received is
considered to be remote therefore no provision has been recognised in the Group
Condensed Financial Statements in respect of this guarantee.
As part of the agreement to dispose of Greencore Malt, the Group provided a bank
guarantee to Axéréal Union de Coopératives Agricoles for an amount of EUR10.0
million to guarantee the performance by the Group of any payment obligations in
respect of breach of warranty, indemnity or covenant under the disposal
agreement in respect of any claim made by Axéréal Union de Coopératives
Agricoles up to 26 March 2012.
14. Discontinued Operations and Disposal of Undertakings
On 26 March 2010, the Group completed the disposal of its Malt business
("Greencore Malt") and bottled water business ("Greencore Water"). In accordance
with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the
operations of Greencore Malt and Greencore Water are considered to be
discontinued. Comparatives have been re-presented to reflect discontinued
operations. In March 2006, the Group announced its intention to exit sugar
processing entirely.
The revenue and results of the above mentioned discontinued operations were as
follows:
+--------------------------------------------------+----------+----------+----------+
| | Half | | Half |
| | year | | year |
| | 2010 | | 2009 |
+--------------------------------------------------+----------+----------+----------+
| | EUR'000 | | EUR'000 |
+--------------------------------------------------+----------+----------+----------+
| | | | |
+--------------------------------------------------+----------+----------+----------+
| Revenue | 100,538 | | 124,703 |
+--------------------------------------------------+----------+----------+----------+
| Cost of sales | (74,253) | | (96,693) |
+--------------------------------------------------+----------+----------+----------+
| Operating costs, net | (18,079) | | (16,377) |
+--------------------------------------------------+----------+----------+----------+
| Operating profit | 8,206 | | 11,633 |
+--------------------------------------------------+----------+----------+----------+
| Finance income and costs (net) | 297 | | (793) |
+--------------------------------------------------+----------+----------+----------+
| Profit before taxation and exceptional items | 8,503 | | 10,840 |
+--------------------------------------------------+----------+----------+----------+
| Taxation on profit before exceptional items | (1,455) | | (1,834) |
+--------------------------------------------------+----------+----------+----------+
| Profit from operations before exceptional items | 7,048 | | 9,006 |
+--------------------------------------------------+----------+----------+----------+
| Exceptional items (Note 5) | 8,521 | | (4,976) |
+--------------------------------------------------+----------+----------+----------+
| Profit from discontinued operations | 15,569 | | 4,030 |
+--------------------------------------------------+----------+----------+----------+
During the period, there were operating cash out flows of EUR12.2 million (2009:
EUR19.1 million) and cash out flows from investing activities of EUR1.9 million
(2009: EUR6.6 million) from discontinued operations. The operating profit from
discontinued operations was adjusted for the effects of depreciation of EUR3.1
million (2009: EUR3.3 million), the difference between the pension charge and
pension cash contributions of EUR0.3 million (2009: EUR1.0 million), a working
capital decrease of EUR28.8 million (2009: EUR32.7 million) and an in flow in
respect of exceptional items of EUR5.6 million (2009: out flow of EUR0.3 million).
The cash out flows from investing activities are in respect of the acquisition
of property, plant and equipment.
The cumulative effect of the disposal of Greencore Malt and Greencore Water on
the financial position of the Group was a profit on disposal of EUR8.5 million
after the recycling of foreign currency and cash flow hedge reserves of EUR7.3
million. The related net cash inflow included in the cash flow statement
totalled EUR107.7 million. The net impact on the Group's equity on 26 March 2010
was an increase of EUR15.8 million.
The consideration for the disposal of Greencore Malt is subject to adjustment by
reference to post closing adjustment statement in respect of working capital,
net debt and pension deficit funding. The process for the agreement of the post
closing adjustment statement has not concluded at the date of approval of the
Group Condensed Financial Statements. The profit on disposal is based on Group
management's estimate of the final consideration.
15. Retirement Benefit Schemes
In consultation with the independent actuaries to the schemes, the valuation of
the pension obligations have been updated to reflect current market discount
rates, rates of increase in salaries, pension payments and inflation, current
market values of investments and actual investment returns.
The principal actuarial assumptions are as follows:
+---------------------------------------------+-------------+----------+-------------+
| | 26 Mar | | 25 Sept |
| | 2010 | | 2009 |
+---------------------------------------------+-------------+----------+-------------+
| Rate of increase in pensionable salaries | 2.00%-3.00% | | 2.00%-3.00% |
+---------------------------------------------+-------------+----------+-------------+
| Rate of increase in pension payment | 0%-3.35% | | 0%-3.00% |
+---------------------------------------------+-------------+----------+-------------+
| Discount rate | 5.50%-5.60% | | 5.60%-6.00% |
+---------------------------------------------+-------------+----------+-------------+
| Inflation rate | 2.00%-3.35% | | 2.00%-3.00% |
+---------------------------------------------+-------------+----------+-------------+
| | | | |
+---------------------------------------------+-------------+----------+-------------+
| The financial position of the schemes was | | | |
| as follows: | | | |
+---------------------------------------------+-------------+----------+-------------+
| | | | 26 Mar |
| | | | 2010 |
+---------------------------------------------+-------------+----------+-------------+
| | | | EUR'000 |
+---------------------------------------------+-------------+----------+-------------+
| Total market value of assets | | | 371,336 |
+---------------------------------------------+-------------+----------+-------------+
| Present value of scheme liabilities | | | (465,150) |
+---------------------------------------------+-------------+----------+-------------+
| Net deficit in schemes | | | (93,814) |
+---------------------------------------------+-------------+----------+-------------+
| Deferred tax asset | | | 24,547 |
+---------------------------------------------+-------------+----------+-------------+
| Net liability at 26 March 2010 | | | (69,267) |
+---------------------------------------------+-------------+----------+-------------+
| | | | 25 Sept |
| | | | 2009 |
+---------------------------------------------+-------------+----------+-------------+
| | | | EUR'000 |
+---------------------------------------------+-------------+----------+-------------+
| Total market value of assets | | | 347,145 |
+---------------------------------------------+-------------+----------+-------------+
| Present value of scheme liabilities | | | (447,004) |
+---------------------------------------------+-------------+----------+-------------+
| Net deficit in schemes | | | (99,859) |
+---------------------------------------------+-------------+----------+-------------+
| Deferred tax asset | | | 24,312 |
+---------------------------------------------+-------------+----------+-------------+
| Net liability at 25 September 2009 | | | (75,547) |
+---------------------------------------------+-------------+----------+-------------+
16. Subsequent Events
On 8 April 2010, the Group repaid EUR80.0 million of bank borrowings. There have
been no other significant events affecting the Group since the period end.
17. Purchase of Minority Interest
During the prior period, the Group bought minority interest shareholdings in two
of its subsidiaries, Trilby Trading Limited and Encore Knockmore Limited. The
total cash consideration for the shares was EUR1.1 million with an additional
deferred contingent element payable depending on future business performance.
The difference between the book value of the share of net assets acquired at
acquisition and the consideration was recorded as an adjustment to goodwill.
18. Information
Copies of the Group Condensed Financial Statements for the half year ended 26
March 2010 are available for download from the Group's website at
www.greencore.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BUGDURDDBGGS
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