RNS Number:5065F
Greencore Group PLC
23 November 2004
GREENCORE GROUP PLC
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PRELIMINARY STATEMENT OF RESULTS
Year Ended 24 September 2004
------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- Profit before tax* up 8% to Euro73.0 million
- Headline EPS* up 6% to 32.4 cent
- 4% overall like-for-like sales growth
- Net interest down 21% to Euro32.5 million
- Net debt down Euro43 million to Euro387 million
- Successful refinancing of banking facilities following raising of $302 million
(equivalent) in US private placement
* before exceptional items and amortisation
BUSINESS HIGHLIGHTS
- Significant capital invested to add further chilled ready meal capacity and
increase automation at sandwiches, mineral water and frozen savoury products
categories.
- Disposals of UK bread business and UK sugar distribution associate further
sharpened the Group's focus on its growing convenience food activities.
- Significant raw material inflation in the UK convenience food categories
successfully offset by price increases and cost saving initiatives.
- Strong cash generation and solid profit growth achieved in the Ingredients and
Agribusiness division, with excellent operational performance.
Commenting on the results, Greencore Group Chief Executive, David Dilger, said:
"I am pleased with these results. Against the background of a difficult first
half caused by adverse raw material pricing, Greencore has demonstrated its
resilience by achieving good profit growth and cash generation in FY2004.
"I am confident that our strategy, the quality of our market positions and our
complementary growth and cash generative characteristics position us well for
further progress."
Tuesday, 23 November 2004
For further information, please contact:
David Dilger, Chief Executive Tel: +353 1 605 1002
Patrick Kennedy, Chief Financial Officer Tel: +353 1 605 1003
Billy Murphy/Trish Morrissey, Drury Communications Tel: +353 1 260 5000
Mark Garraway/Kate Pope, College Hill Tel: +44 7771 860 938
==============================================================================
SUMMARY
The year under review was one of significant progress for Greencore. Whilst
profit before tax* grew by 8% and headline earnings per share* grew by 6%, these
measures do not fully reflect the Group's achievements in the year.
In the first half, headline earnings per share* declined by 5%. In that period,
profits increased at the Ingredients and Agribusiness division and at the
Group's associate companies, and the Group's interest charge reduced by in
excess of 20%. However, these improvements were more than offset by the time
lag between an unusually high level of raw material cost increases in the
Convenience Food division and subsequent price increases and cost reduction
initiatives implemented by the Group to offset them.
In the second half, the Group performed strongly with headline earnings per
share* increasing by 15%, as:
- the Convenience Food division benefited from the implemented price increases;
- the Group continued to sharpen its focus on its convenience food activities by
the disposal of its loss-making bread business, Rathbones, and its interest in
its sugar distribution associate, James Budgett (these gave rise to a net
exceptional loss of Euro51.4 million, of which Euro13.2 million impacted net
assets);
- continuing operating profit (including share of continuing associates' profit)
increased by 5% (3% on a like-for-like basis); and
- the interest charge reduced by 21%, from Euro19.3 million in the second half of
2003 to Euro15.2 million in the second half of 2004.
Once again, the Group demonstrated its strong cash generative characteristics.
Net debt at the end of September 2004 was Euro387 million, Euro43 million below the
level of September 2003, and Euro49 million lower excluding the impact of currency
translation.
DIVIDEND
The Board intends to continue for the time being with the policy of prioritising
the reduction of the indebtedness which was assumed to finance the acquisition
of Hazlewood Foods in 2001. A final dividend of 7.58c will therefore be
declared, making a total for the year of 12.63c, which is in line with last
year's level.
Shareholders will again be offered the option of receiving dividends in the form
of cash or shares.
* before exceptional items and amortisation
STRATEGY
The Group has a well-balanced portfolio of businesses with complementary growth
and cash generative characteristics. The Ingredients and Agribusiness division
contains high quality businesses with strong market positions and excellent cash
generation capability. The Convenience Food division has exciting growth
prospects, underpinned by a continuation of the demographic factors that have
driven the increased demand for quality convenience food in the last decade.
The Convenience Food division's sales into alternative channels, most notably to
convenience stores, garage forecourts, airlines, food service companies and
other food manufacturers, continue to expand. Nonetheless, some 70% of the
division's sales are to multiple foods retailers. Whilst there are challenges
in servicing the many diverse requirements of large retailers, there are also
clear opportunities. Large retailers are the principal route to market for the
food industry in the UK and Europe and their share of the grocery market has
increased significantly over the last decade.
Greencore believes that it will continue to succeed in this environment, by
focusing not merely on what it supplies, but also how it supplies it. The Group
has a clear strategy in this regard:
- it has number one or two positions in all of the key markets which it
supplies;
- in most of its key markets, ownership is concentrated and demand is broadly in
balance with supply;
- the Group's asset base is both well invested and of significant scale, with,
on average, higher sales and lower customer concentration per facility than
almost all of its competitors;
- the Group has a balanced exposure to UK retailers with its customer profile,
in most cases, reflecting its customers' share of the UK grocery market;
- the product ranges it supplies have, with very few exceptions, higher than
average growth rates, both historically and prospectively; and
- its product range generates higher than average profitability for its
customers.
Furthermore, as a leading retailer brand supplier, Greencore is well positioned
to capitalise on the continued shift of brand equity in the food industry from
the manufacturers to the retailers.
The Group's success in the year under review in achieving price increases across
many of its categories is a testament to this strategy and the quality of these
market positions.
OUTLOOK
Further progress is anticipated in the current year.
The Convenience Food division is well positioned, relative to its competitors,
to benefit from the continuing growth in its market as a consequence of its
clear strategy.
In the Ingredients and Agribusiness division, European sugar processors are
facing increased levels of competition and impending regime reform, and
Greencore Sugar is, therefore, evaluating every alternative strategy whereby its
future profitability can be protected. Meanwhile, international malt margins
remain low relative to historic averages, whilst both the Group's sugar and malt
operations are being impacted by significantly increased fuel costs. However,
both of these businesses have well earned reputations for operational excellence
and low cost management. This culture will underpin the future of these
businesses.
Continuing to extend a culture of operational excellence and low cost across the
Group as a whole will be an important driver of profit growth. The Group has
resolved to be even more aggressive in reducing its cost base, so that all of
its businesses, both the convenience food categories and also the ingredients
and agribusiness activities, can clearly distinguish themselves as the most
cost-efficient operators in their sectors.
In summary, the environment for many of the Group's businesses remains
challenging. Nonetheless, the Group expects to offset this through the quality
of its market leading positions, the ongoing growth in its categories, a
relentless focus on the cost base and the strong cash generative nature of its
portfolio.
==============================================================================
OPERATIONAL REVIEW
Convenience Food Division**
2004 2003 Like-for-Like
Eurom Eurom Change
Turnover (Continuing Operations) 875.9 842.0 +4%
Operating Profit (Continuing Operations)* 53.7 57.0 -6%
Operating Margin 6.1% 6.8%
* before goodwill amortisation and exceptional items
The Convenience Food division recorded good topline growth in spite of poor
summer weather, and successfully implemented a substantial price increase and
cost reduction programme. However, the lag of three to four months in
recovering higher raw material costs reduced profitability by some Euro5 million,
whilst its insurance costs were significantly ahead of the previous year's
level.
In last year's preliminary results announcement, the Group indicated that raw
material cost inflation in the UK food industry was running at a higher rate
than had been experienced for a number of years. This arose because of the
simultaneous occurrence of very poor harvests arising from the exceptionally dry
summer weather in 2003, the weakening of sterling, an avian flu epidemic in
Continental Europe and increased consumer demand for protein products. These
factors led to significant inflation in a range of the key raw materials of the
Group's UK convenience food operations, including flour, egg, dairy produce,
poultry and red meat.
Input costs in the financial year were close to 5% above the levels of the
previous year on an annual spend in excess of Euro350 million. A concerted
initiative was put in place across the Group's UK convenience food activities to
recover this inflation, with a particular focus on those categories most
impacted. These included quiche, sandwiches, cakes and desserts, frozen savoury
products, ready meals and bread. Price increases with an annualised value in
excess of Euro17 million were implemented, and these, together with the cost
reduction initiatives, offset all of the cost inflation experienced to date.
As the Group has indicated before, the UK retail market is increasingly
competitive. Customers continue to seek better value, the disparity between
those outperforming and those underperforming is increasing, whilst the merger
of two of the UK's leading food retailers has led to the consolidation of their
supplier base, with those suppliers whose trade has increased typically offering
improved terms in return. However, the quality of Greencore's market positions
and its balanced exposure to UK retailers has positioned the Group well to deal
with these issues. As a result, their impact on the Group in the year has
broadly been as expected.
As evidenced by the division's sales growth, demand for quality convenience food
continues to grow, although different categories had differing levels of sales
growth, driven, primarily, by the impact of summer weather and their customer
profile. Nonetheless, the division's two largest categories, sandwiches and
chilled Italian ready meals, consolidated their number one market positions in
the year. The Group has a strong track record in renewing and expanding its
product range and introduced in excess of 1,000 new or reformulated products in
the period.
A key challenge for Greencore, however, is to continue to develop additional
income streams so that, whilst it remains well positioned to capitalise on the
growth in the convenience food sales of the multiple food retailers in its
categories, it increases its presence in other channels.
Strong progress was made in this regard during the year, including:
- increased sales to the health club and convenience store sectors by the
sandwich category;
- increased sales to the food service sector by the ambient sauce category
(following investment), the cakes category and the frozen desserts category;
- increased sales to both the airline and ferry sectors by the frozen desserts
category; and
- increased sales to international branded food manufacturers by the ambient
sauce category.
The Group is confident of further increases in these channels in the current
year and, in addition, will start supplying a number of leading international
players in the fast-food sector. Sales in the Convenience Food division to
customers other than the multiple food retailers now account for close to 30% of
total continuing sales in the division.
The increasing consumer understanding of and interest in the link between food
and health also provides significant opportunities for the Group. For example,
sales of the "healthy" ranges within the sandwich category now account for 45%
of total sandwich sales, up from 25% in 2002. In addition, during the year
under review, the Group:
- developed a range of low carbohydrate products in the sandwich, quiche and
ambient sauce categories;
- developed gluten-free product ranges in both the soup and sandwich categories;
- introduced a range of low fat pizza bases; and
- sourced low sodium alternatives to many ingredients, including bacon, cheese,
bread and pickle.
Operating performance improved significantly at the pizza category during the
year. Although the financial performance of the category is still not
satisfactory, it has improved, whilst the business has some exciting sales
opportunities which should result in the recent progress continuing. Operating
performance also improved at the Group's cakes and desserts facility and that
business also has a strong pipeline of new product opportunities.
Significant capital investment was undertaken in the period, including further
capacity enhancement at two of the Group's chilled ready meal facilities, the
completion of the rebuilding of the Group's principal frozen savoury products
facility, the installation of a new high-speed, multi-range line at the Group's
mineral water category and investment in automation in the sandwich category.
**As communicated in this year's interim statement, following the disposal of
the Group's bread operations, the Board has decided to combine its remaining
Ambient Grocery activities with its Chilled and Frozen division into one
Convenience Food division.
==============================================================================
OPERATIONAL REVIEW
Ingredients and Agribusiness Division
2004 2003 Like-for-Like
Eurom Eurom Change
Turnover (Continuing Operations) 526.4 504.2 +4%
Operating Profit (Continuing Operations)* 46.6 45.0 +4%
Operating Margin 8.9% 8.9%
* before goodwill amortisation and exceptional items
The division once again performed strongly, with like-for-like sales and
operating profit growth of 4% being underpinned by excellent cash generation.
Greencore Sugar faces challenges, including impending reform of the EU sugar
regime, a slowdown in demand from certain customers as their own sales come
under pressure, and the intended closure by one of its largest customers of its
Irish operations. Furthermore, competitive activity is intensifying.
Nonetheless, the business performed satisfactorily during the year, with an
increased sugar quota of 5,290 tonnes, an excellent operating performance during
the processing campaign and an unrelenting focus on its cost base.
The EU Commission has proposed a reform of the EU sugar regime involving
significant reductions in both sugar prices and quota. These proposals will be
considered and, in all probability, materially modified during the next twelve
months.
It remains the Group's strong view that the resultant new sugar regime will
provide a framework whereby efficient European sugar processors and growers will
earn a reasonable return on the capital invested in their businesses.
Therefore, in the period between now and the implementation of reform, Irish
Sugar will do everything possible to ensure that it will survive and prosper as
an efficient EU sugar processor.
The profitability of the Group's Malt division was impacted by higher barley
prices in the UK and Ireland and by lower international malt prices. Continued
improvements in capacity utilisation, with consequent record levels of
production and sales, coupled with strong cost management, helped to counter
this. Malting margins remain under pressure as the recent reduction in barley
prices has been accompanied by further falls in malt prices. The Group has,
therefore, closed two of its smaller maltings in the UK which will increase
efficiencies and enhance the overall competitiveness of the Malt division.
Both the Group's sugar and malt operations have substantial fuel requirements,
including gas, electricity, oil, coal and coke. Higher oil prices, which have
in turn impacted the costs of most other fuels, will therefore adversely impact
the cost bases of these businesses in the current year.
The Group's agribusinesses benefited in the year under review from increased
grain prices and good margin management.
ASSOCIATES
Share of profit of associates, net of share of interest, increased from Euro5.5
million to Euro5.6 million. Following the disposal in the year of its stake in
James Budgett, the Group's three principal associates are Odlums, Yeast Products
and United Molasses.
FINANCIAL REVIEW
Net debt at 24 September 2004 was Euro387.4 million, a reduction of Euro42.6 million
from the September 2003 figure, and Euro486 million below the March 2001 figure,
which was the first reporting date after the Hazlewood acquisition.
The net debt reduction in the last twelve months reflects the successful focus
on cash generation across the Group, the disposals of Rathbones and the stake in
James Budgett, offset by Euro5.9 million as a result of the negative translation
movement on the sterling element of the Group's indebtedness.
Following the significant ongoing improvement in the Group's credit profile
since the acquisition of Hazlewood, a private placement of US$302 million
(equivalent) in senior notes was completed in October 2003. This was followed
by a successful refinancing of the Group's remaining bank indebtedness.
A net exceptional loss of Euro51.4 million was recorded in the year, net of tax;
Euro38.2 million of this exceptional loss relates to the re-instatement and
subsequent write-off of goodwill previously written off to reserves and,
therefore, does not impact the Group's net asset position. The net exceptional
loss was made up of a loss of Euro54.4 million on the disposal of Rathbones, less a
profit of Euro2.5 million on the disposal of the stake in James Budgett, less a tax
credit of Euro0.5 million.
Capital expenditure of Euro52.2 million was incurred in the period, whilst the
depreciation charge was Euro43.4 million. Over the last three years, the Group has
had an average ratio of capital expenditure to depreciation of 1.02 times. The
tax charge of Euro9.9 million on ordinary activities equates to an effective rate
of 14%, up from 13% in the prior year.
Note
Like-for-like calculations (a) use constant exchange rates for comparisons (the
impact of which was negligible in the year under review), and (b) exclude
discontinued operations
==============================================================================
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Year ended 24 September 2004
==============================================================================
2004 2003
Notes Before Total Restated
exceptional Exceptional
items and items and
amortisation amortisation
Euro'000 Euro'000 Euro'000 Euro'000
Turnover
Continuing operations 1 1,402,311 - 1,402,311 1,346,234
Discontinued operations 1 44,180 44,180 127,075
-
-------------- -------------- -------------- --------------
1,446,491 - 1,446,491 1,473,309
======== ======== ======== ========
Operating profit before goodwill
amortisation
Continuing operations 1 100,309 - 100,309 102,079
Discontinued operations 1 -418 - 418 1,436
-------------- -------------- -------------- --------------
99,891 - 99,891 103,515
Goodwill amortisation - -20,994 -20,994 -21,425
Exceptional items 2 - - - -4,667
-------------- -------------- -------------- --------------
Operating profit
Continuing operations 100,309 -20,562 79,747 76,852
Discontinued operations -418 -432 -850 571
-------------- -------------- -------------- --------------
99,891 -20,994 78,897 77,423
Share of operating profit of
associated
undertakings 6,016 - 6,016 5,804
-------------- -------------- -------------- --------------
105,907 -20,994 84,913 83,227
-------------- -------------- -------------- --------------
Exceptional items 2
Disposal of interest in
subsidiary and associate
- Book value in excess of - -13,760 -13,760 -
proceeds
- Goodwill previously - -38,197 -38,197 -
written-off to reserves
-------------- -------------- -------------- --------------
- -51,957 -51,957 -
Loss on sale/termination of - - - -288
operations
Profit on disposal of fixed - - - 3,583
assets
-------------- -------------- -------------- --------------
- -51,957 -51,957 3,295
-------------- -------------- -------------- --------------
Profit/(loss) on ordinary
activities before
interest and taxation 105,907 -72,951 32,956 86,522
Net interest payable -32,540 - -32,540 -41,250
Amortisation of issue costs of - -5,909 -5,909 -5,324
finance facility
Share of interest payable - -384 - -384 -307
associates
-------------- -------------- -------------- --------------
Profit/(loss) on ordinary 72,983 -78,860 -5,877 39,641
activities before taxation
Taxation -9,922 539 -9,383 -6,832
-------------- -------------- -------------- --------------
Profit/(loss) on ordinary 63,061 -78,321 -15,260 32,809
activities after taxation
Minority interests -1,598 - -1,598 -1,298
-------------- -------------- -------------- --------------
Profit/(loss) attributable to 61,463 -78,321 -16,858 31,511
Group shareholders
Dividends 3 -24,204 - -24,204 -23,864
-------------- -------------- -------------- --------------
Retained (loss)/profit 37,259 -78,321 -41,062 7,647
======== ======== ======== ========
Adjusted earnings per ordinary 4 32.4c 30.6c
share
Basic (loss)/earnings per 4 -8.9c 16.7c
ordinary share
Diluted (loss)/earnings per 4 -8.8c 16.6c
ordinary share
==============================================================================
CONSOLIDATED BALANCE SHEET
24 September 2004
==============================================================================
2004 2003
Euro'000 Euro'000
Fixed assets
Intangible assets 336,865 370,348
Tangible assets 541,786 557,633
Financial assets 12,409 16,141
-------------- --------------
891,060 944,122
-------------- --------------
Current assets
Stocks 141,279 137,424
Debtors 130,771 123,062
Cash and bank balances 86,278 103,494
-------------- --------------
358,328 363,980
-------------- --------------
Creditors
Amounts falling due within one year
- bank debt 363 358,796
- other 410,579 408,974
-------------- --------------
410,942 767,770
-------------- --------------
Net current liabilities -52,614 -403,790
-------------- --------------
Total assets less current liabilities 838,446 540,332
-------------- --------------
Creditors
Amounts falling due after more than one year
- bank debt 473,305 174,747
- other 19,861 24,055
Provisions for liabilities and charges 46,142 40,874
Development grants 1,634 1,510
-------------- --------------
540,942 241,186
-------------- --------------
Net assets 297,504 299,146
-------------- --------------
Capital and reserves
Called up share capital 123,647 122,103
Capital conversion reserve fund 934 934
Share premium account 92,459 87,370
Profit and loss account/other reserves 75,945 83,084
-------------- --------------
Shareholders' funds - equity interests 292,985 293,491
Minority interests - equity interests 4,519 5,655
-------------- --------------
297,504 299,146
======== ========
==============================================================================
CONSOLIDATED CASH FLOW STATEMENT
Year ended 24 September 2004
==============================================================================
2004 2003
Euro'000 Euro'000
Operating activities
Operating profit 78,897 77,423
Non cash items
- depreciation 43,435 46,227
- amortisation 20,043 20,021
Other -8,526 -5,976
Changes in working capital -7,638 40,421
-------------- --------------
Cashflow from operating activities 126,211 178,116
Dividends from associates 7,254 5,323
Returns on investments and servicing of finance -41,490 -34,951
Taxation 2,670 4,119
Purchase of tangible fixed assets -52,216 -51,570
Disposal of tangible fixed assets 903 12,762
Disposal of subsidiary and associated undertakings 22,413 -
Equity dividends paid -18,572 -13,739
-------------- --------------
Cashflow before financing 47,173 100,060
Increase in share capital 1,341 259
Finance leases - -457
Translation differences -5,855 33,262
-------------- --------------
Movement in net debt in year 42,659 133,124
Net debt at start of year -430,049 -563,173
-------------- --------------
Net debt at end of year -387,390 -430,049
-------------- --------------
==============================================================================
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Year ended 24 September 2004
==============================================================================
(Loss)/profit for year attributable to Group -16,858 31,511
shareholders
Exchange adjustments -6,229 11,902
-------------- --------------
Total recognised (losses)/gains for the year -23,087 43,413
-------------- --------------
==============================================================================
NOTES TO THE FINANCIAL STATEMENTS
Year ended 24 September 2004
==============================================================================
1. Analysis of Results
2004 2003
Restated
Turnover Operating Turnover Operating
profit profit
Pre goodwill Post goodwill Pre goodwill Post goodwill
& exceptional & exceptional & exceptional & exceptional
Euro'000 Euro'000 Euro'000 Euro'000 Euro'000 Euro'000
BY ACTIVITY
Continuing operations
Ingredients and Agribusiness 526,420 46,645 46,624 504,222 45,041 45,020
Convenience Food 875,891 53,664 33,123 842,012 57,038 31,832
-------------- -------------- -------------- -------------- -------------- --------------
1,402,311 100,309 79,747 1,346,234 102,079 76,852
-------------- -------------- -------------- -------------- -------------- --------------
Discontinued operations
Ingredients and Agribusiness 1,146 - - 3,410 - -
Convenience Food 43,034 -418 -850 123,665 1,436 571
-------------- -------------- -------------- -------------- -------------- --------------
44,180 -418 -850 127,075 1,436 571
-------------- -------------- -------------- -------------- -------------- --------------
Total 1,446,491 99,891 78,897 1,473,309 103,515 77,423
-------------- -------------- -------------- -------------- -------------- --------------
BY GEOGRAPHICAL MARKET
Results by origin
Continuing operations
UK and rest of world 1,058,186 67,578 47,037 1,021,658 71,175 45,969
Republic of Ireland 344,125 32,731 32,710 324,576 30,904 30,883
-------------- -------------- -------------- -------------- -------------- --------------
1,402,311 100,309 79,747 1,346,234 102,079 76,852
-------------- -------------- -------------- -------------- -------------- --------------
Discontinued operations
UK and rest of world 43,034 -418 -850 123,665 1,436 571
Republic of Ireland 1,146 - - 3,410 - -
-------------- -------------- -------------- -------------- -------------- --------------
44,180 -418 -850 127,075 1,436 571
-------------- -------------- -------------- -------------- -------------- --------------
Total 1,446,491 99,891 78,897 1,473,309 103,515 77,423
-------------- -------------- -------------- -------------- -------------- --------------
Turnover by destination
Continuing operations
UK and rest of world 1,070,236 1,048,057
Republic of Ireland 332,075 298,177
-------------- --------------
1,402,311 1,346,234
-------------- --------------
Discontinued operations
UK and rest of world 43,034 123,665
Republic of Ireland 1,146 3,410
-------------- --------------
44,180 127,075
-------------- --------------
Total 1,446,491 1,473,309
-------------- --------------
The comparative amounts have been restated to reflect discontinued activities.
2. Exceptional Items
The current year exceptional loss represents an aggregate loss on the disposal
of the Group's former subsidiary, Rathbones Bakeries Limited, and former
associate, James Budgett Sugars Limited. A net loss of Euro13.76 million was
recorded on the write off of the excess of book value of assets over disposal
proceeds. In addition, goodwill of Euro38.20 million, previously written off to
reserves, was re-instated and written off through the profit and loss account.
The exceptional charge in the prior year reflects commissioning costs of Euro4.67
million, a loss of Euro0.29 million on the sale or termination of certain Group
operations and a net gain of Euro3.58 million on the excess of insurance proceeds
received over book value in respect of fixed assets destroyed by fire.
A net tax credit of Euro0.54 million (2003: credit of Euro1.98 million) was recorded
on exceptional items.
3. Dividends
The proposed final dividend per share of 7.58c (2003: 7.58c) is payable on 30
March 2005 to shareholders on the Register of Members at 3 December 2004. An
interim dividend of 5.05c (2003: 5.05c) was paid on 30 September 2004.
4. Earnings per Share
The calculation of adjusted earnings per share is after elimination of the
exceptional loss of Euro51.42 million (after tax relief: Euro0.54 million), goodwill
amortisation of Euro21.0 million (tax relief: nil) and amortisation of acquisition
finance facility costs of Euro5.91 million (tax relief: nil). The calculation of
adjusted earnings per share in 2003 is after elimination of an exceptional
credit of Euro0.61 million (after tax relief: Euro1.98 million), goodwill amortisation
of Euro21.43 million (after tax relief: nil) and amortisation of acquisition
finance facility costs of Euro5.32 million (after tax relief: nil). The
calculation of basic earnings per share is based on a loss of Euro16.86 million
(2003: profit of Euro31.51 million). Both the calculation of adjusted EPS and
basic EPS are based on 189.97 million ordinary shares (2003: 188.6 million),
being the weighted average number of ordinary shares in issue during the period.
The diluted earnings per share has been calculated on the basis of 191.4
million ordinary shares (2003: 189.5 million) and this reflects the effect of
all dilutive potential shares in issue. The calculations of earnings per share
exclude 4.2 million treasury shares (2003: 4.9 million) arising from the share
repurchase programme.
5. Accounting Policies
The foregoing accounts are prepared on the basis of the accounting policies set
out in the 2003 annual report.
The annual report and accounts will be circulated to shareholders on 10 January
2005, prior to the Annual General Meeting to be held on 10 February 2005 in the
Berkeley Court hotel, Ballsbridge, Dublin 4.
By order of the Board, C.M. Bergin, Company Secretary, 23 November 2004.
Greencore Group plc, St Stephen's Green House, Earlsfort Terrace, Dublin 2.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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