RNS Number:3008I
Glanbia PLC
05 March 2003


                                  Glanbia plc

                       Preliminary Announcement of Results

                           Year Ended 4 January 2003

Glanbia plc, the international dairy, consumer foods and nutritional products
company, announces its preliminary results for the year ended 4 January 2003.

Highlights
                                         Y/E 4 January         Y/E 29 Dec           Change
                                         2003                  2001
                                         Euro                  Euro


Group Turnover                           2,316.74m             2,625.41m            -11.8%
Operating Profit*                        91.54m                93.23m               -1.8%
Operating Margin                         3.9%                  3.6%
Profit before Tax /                      71.81m                66.60m               +7.8%
Exceptional Items

Exceptional Charge                       79.92m                5.53m

Adjusted EPS**                           17.44c                15.85c               +10.0%
FRS 3 EPS                                (10.06)c              13.71c
Net Borrowings                           176.31m               242.66m              -27.3%
Dividend                                 4.76c                 4.53c                +5.1%
Year end Net Debt / EBITDA***            1.22                  1.63

____________________________________________________________________

*Including share of operating profit of joint ventures & associates
**Before exceptional items and amortisation of goodwill
***Earnings before interest, tax, depreciation, amortisation of goodwill and
exceptional items

Summary

*    Solid performance delivered in challenging operating environment
     
*    Further growth in profits before tax and exceptional items - up 7.8%

*    Strong operating profit growth in Consumer Foods

*    Good progress achieved in development of international nutrition
     activities

*    Year-end Net Debt / EBITDA 1.22, interest cover up to 4.6 times

*    Net free cash generated of Euro66.35m

*    Glanbia well positioned for growth in nutritional ingredients and
     consumer foods

*    Exceptional costs mainly non-cash - linked to UK restructuring

"Commenting on the results, Group Managing Director, John Moloney said, "Glanbia
has delivered on its promise to shareholders to strengthen Group operational and
financial performance during 2002.

"Continued profit growth in our consumer foods and nutritional ingredients
activities boosted operating margins. Our financial position also improved
significantly. Glanbia is better focused following restructuring and a
progressive exit from non-core businesses.

"Our 2003 priority is on delivering growth in particular in cheese, nutritional
ingredients and in consumer foods with a nutritional emphasis. The Board
believes that Glanbia will continue to make good progress in 2003."

Results

(i) Profit and Loss Account

Glanbia's 2002 performance principally reflects enhanced profitability of
Consumer Foods and a satisfactory performance in USA operations and
Agribusiness, which substantially offset the impact of weak international dairy
markets on Irish dairy food ingredient operations. The results also reflect the
exit from UK consumer meats and foodservice distribution in July 2002.

Arising from these developments, Group turnover in 2002 was Euro2,316.74m (2001:
Euro2,625.41m). Operating margins improved to 3.9% (2001: 3.6%). Operating profit
(including share of operating profit of joint ventures & associates) decreased
marginally (-1.8%) to Euro91.54m (2001: Euro93.23m).

Profit before exceptional items and tax increased by 7.8% to Euro71.81m (2001:
Euro66.60m), as the Group continued to benefit from good cash management, which was
reflected in lower interest costs.

A net exceptional charge for the period of Euro79.92m arises primarily from
continued refocusing of operations around group strategy. It includes the
closure of the UK consumer meats business and the sale of the UK foodservice
distribution operation, details of which were previously announced to the market
on 13 May 2002 and 22 July 2002 respectively. Of this amount, Euro49.6m related to
the write-back through the profit and loss account of goodwill previously
written off against reserves, Euro44.07m principally related to the write-down of
assets, set off by profit realised on the sale of assets of Euro13.75m. After net
exceptional items, the Group realised a loss before tax of Euro8.11m (2001 profit
before tax Euro61.07m).

Adjusted earnings per share increased by 10.0% to 17.44c (2001: 15.85c). The
FRS3 loss per share was10.06c (2001 eps: 13.71c).

(ii) Cash Flow

Glanbia continues to benefit from strong cash flow. Net cash generated of
Euro66.35m (2001: Euro51.30m) gave rise to a 27.3% reduction in net borrowings.
Following a period of heavy investment in assets, capital expenditure declined
to Euro35.01m (2001: Euro43.72m). Depreciation in the period was Euro53.07m (2001:
Euro55.41m).

(iii) Financing

Glanbia's financial position has been further strengthened during the year, as
the Group benefited from improved operating performance and good cash flows.

As indicated, net bank borrowings declined to Euro176.31m (2001: Euro242.66m). The
ratio of year-end net borrowings to EBITDA (Earnings before interest, tax,
depreciation, amortisation of goodwill and exceptional items) is now 1.22 (2001:
1.63).

The interest charge for the year (including share of Joint Ventures &
associates) declined by 25.9% to Euro19.73m (2002: Euro26.63m) reflecting lower
overall borrowings and continued improvements in working capital utilisation.
Interest cover was 4.6 times compared to 3.5 times in 2001. Non equity minority
interest, which related to Preferred Securities and Preference Shares, amounted
to Euro12.62m (2001: Euro13.04m).

Equity shareholders' funds increased by 7.6% to Euro181.30m (2001: Euro168.55m),
despite the impact arising from the exit from non-core activities in 2002.

The Group has adopted FRS 19 - 'Deferred Tax' and the requirements of the
transitional provisions of FRS 17 - 'Retirement Benefits'. The Group has no
material impact from the implementation of the deferred tax accounting standard.
The adoption of FRS 17 has had no impact on the results of 2002 or prior years.
The disclosures required under FRS 17 show a net pension deficit of Euro73m as at
the Balance Sheet date, driven mainly by the continued decline in equity
investment performance. The Group is reviewing its options in relation to this
FRS 17 position.

(iv) Dividend

A final dividend of 2.80c per share is proposed (2001: 2.66c), giving a total
dividend for the year of 4.76c per share (2001: 4.53c), an increase of 5.1%.
Irish dividend withholding tax will be deducted at the standard rate where
applicable.

Review of Operations

Consumer Foods

Glanbia's Consumer Foods businesses hold key market positions principally
supplying valued-added products in the UK, Ireland and Continental Europe. This
division had a much-improved overall performance in 2002, benefiting from
enhanced operational efficiencies in key businesses, new nutritional product
introductions and the withdrawal during the year from certain under-performing
business activities. Operating profit improved significantly (+133.4%) to
Euro47.59m (2001:Euro20.39m) and operating margin also improved to 4.0% (2001: 1.5%).

Overall turnover declined to Euro1,175.11m (2001: Euro1,358.05m), as sales increases
in most business units were offset by the exit from UK consumer meats and
foodservice distribution activities as well as reduced Irish pork sales due to
the fire in the Roosky processing facility. Turnover in Ireland was Euro496.63m
(2001: Euro549.76m) and in the UK was Euro678.48m (2001: Euro808.28m).

In 2002 Consumer Foods accounted for 50.7% of the Group's turnover and 52.0% of
the Group's operating profit. The division is comprised of the following
businesses:

Glanbia Dairies is Ireland's leading supplier of branded and value-added liquid
milk products. This business had a satisfactory overall performance in a highly
competitive marketplace, benefiting from strong brand support, enhanced
operating efficiencies and continued focus on innovation and market development.
Plans are well advanced for the introduction of a new range of milk-based
nutritional and functional beverages in 2003, including Milk Plus, a new
probiotic milk drink, which was launched in February.

Glanbia Foods Ireland is the market-leading supplier of fresh dairy products,
cheeses, soups and spreads principally under the Yoplait, Avonmore and Kilmeaden
brands. This business had a strong performance during 2002 with good volume
growth and expansion into new value-added segments. This supported market share
gains in all core categories. The business is a key player in the development
and supply of functional foods to meet emerging consumer needs, including the
award-winning Yoplait Everybody probiotic yoghurt drink which performed strongly
in its launch year in a rapidly growing market segment. Further important new
nutritional product introductions are now underway.

Glanbia Foods UK is Britain's second largest producer of cheddar, stilton and
British territorial cheeses, supplying the retail and foodservice sectors. The
business performed satisfactorily in a highly competitive market, with strong
sales volumes and enhanced operating efficiencies.

Glanbia Cheese, the Group's pizza cheese joint venture with Leprino Foods, is
Europe's leading producer of mozzarella for the pizza sector, comprising quick
service restaurants and frozen pizza manufacturers. This business had a good
performance in 2002, significantly outperforming the market which expanded by
5%. It benefited from very strong volume growth and good operational
efficiencies associated with the introduction of new processing technologies and
capacity expansion. Further significant investment is underway in this business
in 2003.

UK fresh pork operations had a satisfactory operating performance in a difficult
period for the UK pigmeat sector due to declining pig numbers in Great Britain.
In Ireland, fresh pork operations had a good performance in the context of the
major fire in the Roosky facility in May.

As previously indicated, in July 2002, Glanbia closed its UK consumer meats
business following a strategic review and sold its UK foodservice distribution
operation. Glanbia continues to be a major food supplier to the UK foodservice
sector and has grown sales of cheese and other dairy products in the second half
of 2002.

Food Ingredients

The Food Ingredients Division enjoys strategic market positions as a major dairy
processor in Ireland and the USA, supplying cheese, nutritional products and
dairy-based ingredients to markets world-wide.

A strong volume performance was achieved and good progress continued to be made
in the development of the USA whey technology-based nutrition business, which
increased sales by 17%, and US cheese volumes also grew strongly. However, weak
international dairy markets throughout 2002, which contrasted sharply with the
buoyant market conditions experienced in 2001, significantly reduced the
profitability of Irish operations.

Arising from these conditions, divisional operating profit declined to Euro30.05m
(2001: Euro59.41m). The operating margin was 3.3% (2001: 5.8%). Turnover was
reduced to Euro910.08m compared to Euro1,025.54m in 2001. In the USA, while operating
margins were maintained, turnover was reduced to Euro466.34m (2001: Euro553.80m),
reflecting a significant reduction in cheese prices during 2002. Turnover in
Ireland was Euro443.74m (2001: Euro471.74m). Overall, the division accounted for 39.3%
of the Group's turnover and 32.8% of the Group's operating profit.

In Ireland, Glanbia Ingredients is the country's largest dairy processor,
utilising over 30% of the national manufacturing milk pool. Modern large-scale
facilities in three strategic locations produce a wide portfolio of cheese,
protein, butterfat-based and formulated products and export over 95% of output
to European, North and South American, African and Asian markets. This business
performed well in volume sales of protein products, cheese, formulated products
and cream base for Baileys. However, as stated, overall results were
significantly impacted by weak international market conditions and margin
pressure arising from an imbalance between raw material costs and market
returns. Weak market conditions are persisting into 2003.

In the USA, Glanbia is a leading producer of high value-added whey-based
nutritional ingredients for domestic, Asian and European markets. It is also one
of the top producers of American cheddar-type cheese, supplying the food
service, food processing and retail sectors. The business had a satisfactory
performance in 2002, maintaining margins and delivering solid volume growth in a
year when cheese prices weakened significantly.

Good progress was made in developing the nutritional ingredients business. In
addition to a 17% increase in product sales, the Group expanded its R&D
capability with the opening of a new research centre in Twin Falls, Idaho and
commenced clinical trials of important new product formulations. SalibraTM 200,
a new bioactive whey product containing immunoglobulins and lactoferrin, was
launched in 2002 into the intestinal health market. Further capacity was also
added to ProvonTM whey protein isolates and BioferrinTM lactoferrin production
during the year. Glanbia's international nutritional ingredients activities are
now being brought to market via a separate, focused business unit established at
the end of 2002, which will drive the Group's development activities in this
important growth sector. Further information is available at
www.glanbianutritionals.com.

Since year-end Glanbia has announced a strategic joint venture with Conaprole of
Uruguay to initially establish a sales and marketing company in Mexico, serving
Central and South American markets. The new JV company will develop
opportunities in the region for dairy ingredients manufactured by Glanbia in the
EU and USA and by Conaprole in Uruguay.

Agribusiness

The Agribusiness Division is one of Ireland's leading suppliers to the
agricultural sector and plays a key role in underpinning the quality and
traceability of Glanbia's Irish dairy products. It is engaged in milk assembly
and quality management, animal feed production, the supply of farm inputs via a
comprehensive branch network, grain assembly and marketing and pig production.

The division performed well overall in the context of the difficult conditions
prevailing in farming in Ireland in 2002. Feed sales improved compared to 2001
and fertiliser sales were also satisfactory in the context of poor weather
conditions during the year. Further progress was also achieved in enhancing
operating efficiencies in the division. While turnover declined somewhat to
Euro231.55m (2001: Euro241.82m), operating profit improved marginally to Euro13.89m
(2001: Euro13.43m). The operating margin was 6.0%. In 2002 the division accounted
for 10.0% of the Group's turnover and 15.2% of the Group's operating profit.

Outlook

In 2003 Glanbia will focus on achieving growth in line with corporate strategy,
particularly in cheese, nutritional ingredients and consumer foods. The Board
expects that Glanbia will continue to make satisfactory progress.

Annual Report / AGM / Dividends

The Annual Report and Financial Statements will be published in April. The
Annual General Meeting will take place in the Newpark Hotel, Kilkenny on 20 May
2003.

The final dividend, if approved, will be paid on 26 May 2003 to all shareholders
on the register on 25 April 2003.


Ends

5 March 2003


Enquiries to:

          Ireland:     Michael Patten, Director of Communications, Glanbia plc.
                       Tel: +353 (0)56-72200 or +353 (0)87-2414502 (m)

                       Jim Milton, Murray Consultants
                       Tel: +353 (0)1-6326400 or +353 (0)86-2558400 (m)

          UK:          John Olsen, Hogarth Partnership
                       Tel : 020 7357 9477 or 07770272082 (m)


  Glanbia plc                                                                                                         
  Consolidated Profit and Loss Account                                                                                
  for the year ended 4 January 2003  
                                                                                 
                                                                                                                      
                                 Pre                                             Pre                                   
                         Exceptional     Exceptional           Total     Exceptional     Exceptional            Total  
                                2002            2002            2002            2001            2001             2001  
                Notes        Eur'000         Eur'000         Eur'000         Eur'000         Eur'000          Eur'000 
                                                                                                                     
                                                                                                                      
  Turnover                2,386,437                       2,386,437       2,693,940                        2,693,940  
  Less share                (69,699)                        (69,699)        (68,532)                         (68,532) 
  of turnover                                                                                                         
  of joint                                                                                                            
  venture                                                                                                             
                       --------------                  --------------  --------------                  ---------------
                                                                      
  Group           1       2,316,738                       2,316,738       2,625,408                        2,625,408  
  Turnover                                                                                                            
                       --------------                  --------------  --------------                  ---------------
                                                                    
  Cost of                (2,010,118)                     (2,010,118)     (2,296,087)                      (2,296,087) 
  Sales                                                                                                               
                       --------------                  --------------  --------------                  ---------------
                                                                    
  Gross Profit              306,620                         306,620         329,321                          329,321  
                                                                                                                      
                                                                  -                                                -  
  Distribution             (127,339)                       (127,339)       (133,154)                        (133,154) 
  costs
                                                                                                               
  Administrative            (90,693)                        (90,693)       (104,505)                        (104,505) 
  expenses                                                                                                          
                       --------------                  --------------  --------------                  ---------------
                                                                    
  Group                      88,588                          88,588          91,662                           91,662  
  Operating                                                                                                           
  Profit                                                                                                              
                                                                                                                      
  Share of                    2,947                           2,947           1,568                            1,568  
  operating                                                                                                           
  profit of                                                                                                           
  joint                                                                                                               
  ventures &                                                                                                          
  associates                                                                                                          
                       --------------                  --------------  --------------                  ---------------
                                                                    
  Operating       1          91,535                          91,535          93,230                           93,230  
  profit                                                                                                              
  including                                                                                                           
  joint                                                                                                               
  ventures &                                                                                                          
  associates                                                                                                          
                                                                                                                      
  (Loss) on       2                         (25,610)        (25,610)                         (2,046)          (2,046) 
  sale of                                                                                                             
  operations
                                                                                                          
  Profit /        3                          13,754          13,754                          (3,486)          (3,486) 
  (Loss) on                                                                                                           
  sale of                                                                                                             
  fixed assets                                                                                                        
                                                                                                                      
  Loss on         4                         (68,064)        (68,064)                                               -  
  termination                                                                                                         
  of                                                                                                                  
  operations
                                                                                                          
  Group                     (19,206)              -         (19,206)        (26,413)              -          (26,413) 
  Interest
                                                                                                            
  Share of                     (521)              -            (521)           (218)              -             (218) 
  interest of                                                                                                         
  joint                                                                                                               
  ventures and                                                                                                        
  associates                                                                                                          
                       --------------  --------------  --------------  --------------  --------------  ---------------
                                                   
  Profit /                   71,808         (79,920)         (8,112)         66,599          (5,532)          61,067  
  (loss)                                                                                                              
  before                                                                                                              
  taxation 
                                                                                                           
  Taxation                   (7,939)              -          (7,939)         (6,972)           (449)          (7,421) 
                       --------------  --------------  --------------  --------------  --------------  ---------------
                                                     
  Profit /                   63,869         (79,920)        (16,051)         59,627          (5,981)          53,646  
  (loss) after                                                                                                        
  taxation                                                                                                            
                                                                                                                      
  Equity                                                       (677)                                            (492) 
  minority                                                                                                            
  interest
                                                                                                            
  Non-equity                                                (12,619)                                         (13,042) 
  minority                                                                                                            
  interest                                                                                                            
                                                       --------------                                  ---------------
                                                                                                                  
  (Loss) /                                                  (29,347)                                          40,112  
  Profit for                                                                                                          
  the year 
                                                                                                           
  Dividends       5                                         (13,833)                                         (13,260) 
                                                       --------------                                  ---------------
                                                                                                                  
  (Loss                                                     (43,180)                                          26,852  
  absorbed) /                                                                                                         
  Profit                                                                                                              
  retained for                                                                                                        
  the year                                                                                                            
                                                       ==============                                  ===============  
                                                                                                                      
  Earnings per    6                                        (10.06)c                                           13.71c  
  share 
                                                                                                              
  Adjusted        6                                          17.44c                                           15.85c  
  earnings per                                                                                                        
  share                                                                                                               
 
 
                                                                                                             
  Glanbia plc                                                                                       
  Consolidated Balance Sheet as at 4 January 2003                                                                       
                                                                                                                   
                                                                           2002                2001 
                                                                        Eur'000             Eur'000                     
                                                                                        
  Assets employed                                                                                   
  Fixed assets                                                                                      
  Tangible assets                                                       416,826             511,720  
  Goodwill                                                                4,420               5,042  
  Financial assets:                                                                                 
  Investments in joint ventures:                                                                    
  Share of gross assets                                                  30,527              26,638  
  Share of gross liabilities                                            (17,426)            (13,859) 
                                                                ---------------     ---------------  
                                                                         13,101              12,779  
  Investments in associates                                               9,101               8,439  
  Other investments                                                      14,252              11,805  
                                                                ---------------     ---------------  
                                                                         36,454              33,023  
                                                                ---------------     ---------------  
                                                                        457,700             549,785  
                                                                ---------------     ---------------  
  Current assets                                                                                     
  Stocks                                                                180,022             218,032  
  Debtors                                                               226,838             259,875  
  Cash and bank balances                                                 90,953             123,396  
                                                                ---------------     ---------------  
                                                                        497,813             601,303  
  Creditors - amounts falling due within one year                       317,442             410,262  
                                                                ---------------     ---------------  
  Net current assets                                                    180,371             191,041  
                                                                ---------------     ---------------  
                                                                                                             
  Total assets less current liabilities                                 638,071             740,826  
                                                                                                             
  Less non-current liabilities                                                                      
  Creditors - amounts falling due after more than one year              275,407             376,757  
                                                                                                             
  Provision for liabilities and charges                                                             
  Deferred taxation                                                      23,723              21,109  
  Capital grants                                                         18,505              20,203  
                                                                ---------------     ---------------  
                                                                        320,436             322,757  
                                                                ===============     ===============  
  Capital and reserves                                                                              
  Called up equity share capital                                         17,551              17,551  
  Share premium account                                                  80,005              80,005  
  Merger reserve                                                        113,148             113,148  
  Revenue reserves                                                      (32,232)            (44,977) 
  Capital reserves                                                        2,825               2,825  
                                                                ---------------     ---------------  
  Equity shareholders' funds                                            181,297             168,552  
  Equity minority interests                                               6,983               6,428  
  Non-equity minority interests                                         132,156             147,777  
                                                                ---------------     ---------------  
                                                                        320,436             322,757  
                                                                ===============     ===============  
                                                                                                                      
  Glanbia plc                                                                                                         
  Summary Cash Flow Statement                                                                                         
  for the year ended 4 January 2003                                                                                   
                                                                                                                      
                                                 2002                2002                    2001                2001  
                                              Eur'000             Eur'000                 Eur'000             Eur'000  
                                                                                                                      
  Group operating profit                                           88,588                                      91,662  
  Reorganisation and merger costs                                    (775)                                    (10,244) 
  (Profit) / loss on sale of                                         (885)                                        644  
  fixed assets                                                                                                        
  Depreciation                                                     53,072                                      55,409  
  Grants amortised                                                 (1,670)                                     (2,081) 
  Working capital (increase) /                                   ( 12,085)                                     27,214 
  decrease                                                                                                            
  Goodwill amortisation                                               313                                         272 
                                                          ---------------                             ---------------  
  Net cash inflow from operating                                 126,558                                      162,876  
  activities                                                                                                          
                                                                                                                      
  Returns on investments &                                                                                            
  servicing of finance                                                                                                
  Interest Paid                              (20,236)                                    (23,474)                     
  Dividends paid to minority                 (11,813)            (32,049)                (12,277)            (35,751) 
  interest                                                                                                            
                                     ---------------                             ---------------                      
                                                                                                                      
  Taxation                                                        (4,990)                                     (2,057) 
                                                                                                                      
  Capital expenditure and                                                                                             
  financial investment                                                                                                
  Purchase of fixed assets (net              (35,007)                                    (43,722)                     
  of grants received)                                                                                                 
  Disposal of fixed assets                     6,377                                       3,283                      
  Disposal of investments (net of             10,705             (17,925)                  1,763             (38,676) 
  purchases)                                                                                                          
                                     ---------------                             ---------------                      
                                                                                                                      
  Acquisitions and disposals                                                                                          
  Purchase of subsidiary                        (677)                                    (24,244)                     
  undertakings                                                                                                        
  Disposal of subsidiary                       1,184                                       7,799                      
  undertakings                                                                                                        
  Termination of operation                    (8,648)             (8,141)                      -             (16,445) 
                                     ---------------                             ---------------                      
                                                                                                                      
  Equity dividends paid                                          (13,533)                                    (12,887) 
                                                         ---------------                             ---------------  
  Change in net debt resulting                                    49,920                                      57,060  
  from cash flows                                                                                                     
                                                                                                                      
  Currency translation impact                                     16,431                                      (5,761) 
                                                         ---------------                             ---------------  
  Decrease in net borrowings                                      66,351                                      51,299  
                                                         ===============                             ===============  
 
                                                                                                                      
  Glanbia plc                                                                                                         
  Notes to the Financial Statements                                                                                   
                                                                                                                      
  1. Segmental analysis                                                                                               
                                                                                            2002                2001  
                                                                                          Eur'000             Eur'000 
  Analysis by class of business                                                                                       
  Turnover                                                                                                            
  Consumer Foods                                                                       1,175,114           1,358,049  
  Food Ingredients                                                                       910,075           1,025,541  
  Agribusiness                                                                           231,549             241,818  
                                                                                 ---------------     ---------------  
                                                                                       2,316,738           2,625,408  
                                                                                 ===============     ===============  
  Operating profit                                                                                                    
  (including share of profits of                                                                                      
  joint venture and associates)                                                                                       
  Consumer Foods                                                                          47,590              20,390  
  Food Ingredients                                                                        30,051              59,415  
  Agribusiness                                                                            13,894              13,425  
                                                                                 ---------------     ---------------  
                                                                                          91,535              93,230 
                                                                                 ===============     ===============  
  GEOGRAPHICAL SEGMENTS                                                                                               
  Turnover by market destination                                                                                      
  Ireland                                                                                837,533             792,824  
  UK / rest of Europe                                                                    885,703           1,117,329  
  USA / other                                                                            593,502             715,255  
                                                                                 ---------------     ---------------  
                                                                                       2,316,738           2,625,408 
                                                                                 ===============     ===============  
  2. Loss on sale of operations                                                                                       
                                              Foodservice               Farms               Other               Total 
                                                  Eur'000             Eur'000             Eur'000             Eur'000 
                                                                                                                      
  (Loss) / profit on disposal of net             (13,874)               (685)                862             (13,697) 
  assets                                                                                                              
  Goodwill write-back to profit and              (10,614)             (1,299)                  -             (11,913) 
  loss account on disposal                                                                                            
                                         ---------------     ---------------     ---------------     ---------------  
                                                 (24,488)             (1,984)                862             (25,610) 
                                         ===============     ===============     ===============     ===============  
                                                                                                                      
  3. Profit / (Loss) on sale of fixed  assets                                                2002                2001  
                                                                                          Eur'000             Eur'000 
  On disposal of quoted investments                                                       13,396                   -  
  Profit / (Loss) on disposal of                                                             358              (3,486) 
  tangible assets                                                                                                     
                                                                                 ---------------     ---------------  
                                                                                          13,754              (3,486) 
                                                                                 ===============     ===============  
                                                                                                                      
  4. Loss on termination of                                                                                           
  operations                                                                                                          
                                                                                            2002                2001  
                                                                                          Eur'000             Eur'000 
  Loss arising on termination of                                                         (30,370)                  -  
  operations                                                                                                          
  Goodwill write-back to profit and                                                      (37,694)                  -  
  loss account on termination                                                                                         
                                                                                 ---------------     ---------------  
                                                                                         (68,064)                  -  
                                                                                 ===============     ===============  
 
                                                                                                                  
  5. Dividends                                                                      2002                2001  
                                                                                                                  
  Interim dividend paid per share (cent)                                            1.96                1.87  
  Final dividend proposed per share (cent)                                          2.80                2.66  
                                                                         ---------------     ---------------  
                                                                                    4.76                4.53 
                                                                         ===============     ===============  
                                                                                                                  
  Total dividend (EUR'000)                                                        13,833              13,260  
                                                                         ===============     ===============  
                                                                                                                  
  6. Earnings per ordinary share                                                    2002                2001  
                                                                                 Eur'000             Eur'000 
                                                                                                                  
  (Loss) / Profit after taxation and minority interest                           (29,347)             40,112  
                                                                         ===============     ===============  
  Weighted average number of ordinary                                                                         
  shares in issue                                                            291,702,675         292,514,184 
                                                                         ===============     ===============  
                                                                                                                  
  Weighted average number of ordinary shares in issue on the                                                  
  conversion of the dilutive potential ordinary shares into                                                   
  ordinary shares                                                            292,210,407         292,514,184 
                                                                         ===============     ===============  
                                                                                                                  
                                                                                                                  
                                                                                    cent                cent 
                                                                                                                  
  Earnings per share                                                              (10.06)              13.71 
                                                                         ===============     ===============  
  Adjustments:                                                                                                
  Goodwill amortisation                                                             0.11                0.09  
  Loss on sale of operations                                                        8.78                0.86  
  (Profit) / Loss on sale of fixed assets                                          (4.72)               1.19  
  Loss on termination of operations                                                23.33                   -  
                                                                         ---------------     ---------------  
  Adjusted earnings per share                                                      17.44               15.85 
                                                                         ===============     ===============  
                                                                                                                  
  Fully diluted earnings per share                                                (10.04)              13.71 
                                                                         ===============     ===============  
                                                                                                                  
                                                                                    2002                2001  
  7. Group Borrowings                                                            Eur'000             Eur'000 
                                                                                                                  
  Borrowings due with one year                                                     1,117               1,006  
  Borrowings due after one year                                                  266,144             365,049  
  Less:                                                                                                       
  Cash and bank balances                                                         (90,953)           (123,396) 
                                                                         ---------------     ---------------  
  Net borrowings                                                                 176,308             242,659 
                                                                          ===============     ===============  



               This information is provided by RNS
            The company news service from the London Stock Exchange
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