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DAIRY CREST GROUP PLC

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Continued branded and added value progress ... Chill Chain. Milk Sourcing. Group Purchasing. Food Service. Foods Distribution. Supply Chain ... – PowerPoint PPT presentation

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Title: DAIRY CREST GROUP PLC


1
DAIRY CREST GROUP PLC INTERIM RESULTS TO 30th
September 2000
Delivering value added growth and attractive
returnsfor shareholders
2
Headlines
  • Attractive financial results
  • Continued branded and added value progress
  • Benefit of Unigate dairy and cheese acquisition
    being delivered
  • Management team commitment
  • Opportunity for Dairy Crest value appreciation

3
Financial Highlights
  • Sales up by 41 to 559 m including impact of
    acquisitions
  • Operating profit up 36 to 30.5 m excluding
    acquisitions down 1 at 22.3m
  • Adjusted profit before tax up 16 to 24.4 m
  • Adjusted earnings per share up 11 to 15.4 pence
  • Strong cash flow from operating activities of
    39.5m
  • Interim dividend declared of 4.5 pence up 8

4
Profit and Loss
5
Earnings and Dividends
6
Operating Results
7
Operating Margin
8
Operating Cash Flow
9
Cash Flow
10
Acquisition of Unigate Dairy and Cheese
11
Balance Sheet
12
Business Overview
Spreads
Liquid Products
Fresh Dairy Products
Ingredients
Household
Cheese
13
Organisation
Chief Executive John Houliston
Company Secretariat Roger Newton
Human Resources
Foods Drummond Hall
Dairies Chris Roberts
Central Services Bill Brown
Finance Ian Laurie
Business Development
Multiples Milk Household - Chill Chain Milk
Sourcing Group Purchasing Food Service
Foods Distribution Supply Chain Technical/RD
Strategy Acquisitions
Corporate Treasury/ Tax Financial Control
Integration of Business Process Systems
Peter Allanson-Bailey
Cheese Spreads/Frijj YDC Ingredients Multiple/Sal
es
Business Units
Functional Operations
14
Management Commitment
To deliver earnings growth at least in line with
market expectations
  • Continue strong value added growth to sustain
    underlying profits
  • Deliver synergy benefits in full and on time
  • c 11m for 2001/02
  • at least 25m for 2002/03

15
Business Objectives
  • Sustainable competitive advantage
  • Industry leading cost profile
  • Excellence for major customers
  • Create the leading UK retail milk business

16
Liquid Milk
17
London Super Dairy
  • 15m investment at Chadwell Heath
  • Initial capacity 380 ml pa
  • Achieve 600 ml pa with further investment
  • Completion scheduled end 2001
  • Close and dispose Westway site

18
Cheese Opportunity
  • Strong value added progress
  • Robust price premia
  • Future market growth potential
  • Optimise increased scale and efficiency

19
Cheese Operations
20
Cheese Restructuring
  • Planning optimal configuration
  • cheddar manufacturing
  • cheese prepacking
  • Initial actions
  • close Fermanagh
  • close Sturminster Newton

21
Synergies
  • Programme already being implemented
  • retail liquid milk investment
  • cheese restructuring
  • overhead reduction
  • Management commitment
  • c 11m for 2001/02
  • at least 25m for 2002/03

22
Outlook
  • Attractive financial performance
  • encouraging added value growth
  • acquisition already earnings enhancing
  • Clear strategic objectives
  • growth from brands and added value
  • establish industry leading standards of
    operational cost efficiency
  • deliver attractive earnings growth

Opportunity for greater appreciation in
shareholder value
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