Level 3 Online Report
| Sales Demo Account |
Your reference: |
Sample |
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Our Reference: |
299469 |
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Date Compiled: |
23/04/2003 |
In reply to your enquiry on the 23/04/03, we are pleased to supply our report
as follows:
Company Identification Details
| Subject Reported On: |
KERRY GROUP PUBLIC LIMITED COMPANY |
| Registered Number: |
111471 |
| VAT Number: |
IE47909012R |
| Trading Names: |
Kerry Foods |
| Principal Trading Address: |
Prince's Street, Tralee, Co. Kerry, |
| Telephone: |
066-7182985 |
| Fax: |
066-7182961 |
Legal details at Companies Registry Office As At 21/04/2003
| Legal Form |
Public Limited Company |
| Legal Status: |
Normal |
| Former Names:
| Kay Float Limited |
| Date of Incorporation: |
23/12/1985 |
| Registered Office: |
Prince's Street, Tralee, Co. Kerry. |
| Issued Capital |
For Cash: 12,033,645.39 |
|
For Other Consideration: 12,106,957.46 |
| Divided Into |
92,566,503EUR.13 A ORDINARY for cash. |
|
93130442EUR.13 A ORDINARY for other consideration. |
|
|
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Credit Rating
| Risk Rating: |
85 |
| Maximum Credit Limit: |
EUR6,000,000 |
Documents Lodged:
| Registered |
Effective |
Type of Document |
| 20/03/2003 |
10/01/2003 |
B5N B5 From Revenue Allotment Of Shares |
| 28/02/2003 |
29/01/2003 |
B10 Change In Directors/secretary. |
| 02/12/2002 |
01/11/2002 |
B5N B5 From Revenue Allotment Of Shares |
| 14/11/2002 |
31/10/2002 |
B10 Change In Directors/secretary. |
| 03/10/2002 |
11/09/2002 |
B5N B5 From Revenue Allotment Of Shares |
| 14/08/2002 |
19/07/2002 |
B5N B5 From Revenue Allotment Of Shares |
| 06/08/2002 |
12/06/2002 |
B5N B5 From Revenue Allotment Of Shares |
| 16/07/2002 |
12/06/2002 |
B1 Annual Return |
| 08/07/2002 |
27/05/2002 |
G1 Special Resolution Amending Memo And Arts. |
| 08/07/2002 |
27/05/2002 |
G2E Ordinary Resolution - General. |
*
indicates this document has not been processed in compiling this report.
Please note that only the ten most recent documents lodged
are shown.
Directors:
The director information contains the latest information
processed by the Companies Registry Office or, where that has been found not to
reflect the latest documents, additional processing by Experian Ireland.
| Kelly, Kevin |
64 Eglinton Road, Dublin 4 (05/06/1941) |
| Other Directorships: |
The Music Network Limited |
|
|
| Brosnan, Denis |
Croom House, Croom, Co Limerick (29/11/1944) |
| Other Directorships: |
The Leopardstown Club Limited |
| The Tipperary Race Company Public Limited Company |
| Tote Investors (Ireland), Limited |
| Navan Races Limited |
| Snowcream (Midlands) Limited |
| Athlon Golf (Ireland) Limited |
| Friends First General Insurance Company Limited |
| Kerry Parents And Friends Of The Mentally Handicapped |
| Kerrykreem Limited |
| Leading Sires (Overseas) Limited |
| Plus Others Too Numerous To Mention. |
|
| O'Connell, Patrick |
Lahern Cross, Farrencore, Co Kerry (10/06/1933) |
| Other Directorships: |
The National Dairy Council |
|
|
| Healy, Philip |
Greenville, Listowel, Co Kerry (02/02/1934) |
| Other Directorships: |
Irish Co-operative Organisation Society Limited |
|
|
| Friel, Hugh |
Currane, Tralee, Co Kerry (13/07/1944) |
| Other Directorships: |
Henry Denny & Sons (Ireland) Limited |
| Listowel Race Company Limited |
| Ballyfree Farms Limited |
| Fenit Development Co. Limited |
| Deel Vale Milk Products Limited |
| North Kerry Milk Products Limited |
| Ivernia Pig Developments Limited |
| Putaxy Limited |
| North Kerry Milk Exports Limited |
| Glenealy Farms (Turkeys) Limited |
| Plus Others Too Numerous To Mention. |
|
| Fitzgerald, Richard |
Knockbrack, Abbeyfeale, Co Limerick (02/12/1933) |
| Other Directorships: |
None on File. |
|
| Griffin, Michael |
Easter Cottage, 19 Albury Road, Walton
(17/03/1947) |
| Other Directorships: |
None on File. |
|
| Cregan, Denis |
29 Liosdara, Tralee, Co Kerry (12/03/1946) |
| Other Directorships: |
Henry Denny & Sons (Ireland) Limited |
| Ballyfree Farms Limited |
| North Kerry Milk Products Limited |
| Kerry Airport Public Limited Company |
| Ivernia Pig Developments Limited |
| North Kerry Milk Exports Limited |
| Glenealy Farms (Turkeys) Limited |
| Jynespo Limited |
| Kerry Dairies Limited |
| Kerry Milk Products Limited |
| Plus Others Too Numerous To Mention. |
|
| Mc Carthy, Stan |
1301 Waterview Way, Lake Geneva, Wisco (24/09/57) |
| Other Directorships: |
None on File. |
|
| Mehigan, Brian |
Killelton, Camp, Co Ekrry (01/07/61) |
| Other Directorships: |
Henry Denny & Sons (Ireland) Limited |
| Ballyfree Farms Limited |
| Deel Vale Milk Products Limited |
| Ivernia Pig Developments Limited |
| Putaxy Limited |
| North Kerry Milk Exports Limited |
| Glenealy Farms (Turkeys) Limited |
| Golden Vale Marketing Limited |
| Clare Dairies Limited |
| Grove Turkeys Limited |
| Plus Others Too Numerous To Mention. |
|
| Dowling, Michael Christopher |
30 Palmerston Gardens, Rathgar, Dublin
(23/12/1944) |
| Other Directorships: |
The Agricultural Trust |
| Tote Ireland Limited |
| Cork University Foundation |
| Ballyhack Enterprises Limited |
| Michael C. Dowling Consultancy Services Limited |
|
|
Shareholders:
Shanahan, Paul
12 Dorchester Road, Weybridge, Surrey, U.K.
| Shareholdings: |
10000 A Ordinary |
|
Interview Details
Date:- 19/03/2003 (First )
History
|
|
Date Business Commenced: 01/01/1974
| Kerry Co-op commenced trading in January 1974, having purchased
creameries and other assets in Co. Kerry and having amalgamated with a
number of co-operative societies in the county. In June 1986, Kerry Group
Plc acquired the undertaking property and assets of Kerry Co-op for the
consideration of 89, 999, 980 B ordinary shares. Headquartered in Tralee,
Ireland, the Group employs 17, 000 people throughout its manufacturing,
sales and technical centres in sixteen countries across Europe, the
Americas and Asia Pacific. Since 1987, the Kerry Group has embarked on a
number of acquisitions which have allowed them to enter markets in the Uk,
Us and Germany. In June 2001, Kerry Group announced a surprise IEP214
million offer for Golden Vale, an Irish registered company engaged in the
manufacture of dairy products. In late September 2001, the deal was
declared unconditional, with the agreement of over 90% of Golden Vale
shareholders. |
| Section 17 Subsidiary |
Henry Denny & Sons (Ireland) Limited |
| Snowcream (Midlands) Limited |
| Glenealy Farms (Turkeys) Limited |
| Grove Turkeys Limited |
| Kerry Farm Supplies Limited |
| Kerry Treasury Services Limited |
| Duffy Meats Limited |
| Kerry Holdings (Ireland) Limited |
| Kerry Ingredients (Dublin) Limited |
| Kerry Group Services Limited |
| Kerry Ingredients Holdings (Ireland) Limited |
| Kerrykreem Limited |
| Kerry Ingredients Trading Limited |
| Kerry Agri Business Trading Limited |
| Irish Food Ingredients (Manufacturing) Limite |
| Kerry Agri Business Holdings Limited |
| Kerry Ingredients (Ireland) Limited |
| North Kerry Creameries Limited |
| Castleisland Cattle Breeding Society Limited |
| Dawn Dairies Limited |
| Princemark Holdings Limited |
Operations
Kerry Group has been described as Ireland's leading food processing
organisation. They are engaged in the processing and distribution of consumer
food products and food ingredients. Kerry Group Plc has three principal
divisions: 1) Kerry Foods, This division is responsible for the sale &
marketing of pork and bacon products, convenience meat products and fresh dairy
products. 2) Kerry Ingredients division produce speciality food ingredients,
flavouring systems and dairy ingredients. 3) Kerry Agribusiness, is responsible
for pig breeding, cattle breeding milk assembly, farm inputs trading, and
provender feed milling. Headquartered in Tralee, Ireland, the Group employs 17,
000 people throughout its manufacturing, sales and technical centres across
Europe, North America, South America, Australia, New Zealand and Asia Pacific.
Kerry supplies over 10, 000 food and food ingredients products to customers in
more than 80 countries worldwide. The Group has manufacturing facilities in 15
different countries and international sales offices in 20 countries across the
globe.
Industry Sectors:
NACE: 15.33 Manufacture Of Vegetable & Animal
SIC: 2013 Manufacturing - Sausages and other
SIC: 2021 Manufacturing - Creamery Butter
SIC: 2022 Manufacturing - Cheese, natural a
SIC: 2026 Manufacturing - Fluid milk
Employees:
17,000 (Group)
Finances
Accounts are held on file for the subject which relate
to the financial period ending 31/12/2001 and are expressed in Eur. These
accounts have been prepared on a consolidated basis in respect of accounts filed
for the parent and contain certain Section 17 Guarantees for certain of its
subsidiaries. At the time of filing, the company showed a 15% increase in
turnover, indicating an upturn in trade during the period under scrutiny.
After-tax profits were again recorded and showed a 8% increase. Increases in
fixed assets of 63% were recorded, indicating expenditure in plant and/or
machinery. A working capital surplus was again recorded, which increased
dramatically over the period. Cash reserves decreased by 29% at balance sheet
date. Liquidity disimproved over the period and was poor. Long term liabilities
increased by 72% and comprised of deferred taxation, bank loans and other
liabilities. The net worth of the company included other reserves of EUR340.000.
The revenue reserves, at financial year end, stood at EUR412.271.000. The net
worth of the company increased by 57%.
| Financial Year End |
31/12/2001 |
31/12/2000 |
31/12/1999 |
| Expressed In |
'000 |
'000 |
'000 |
| Number of Months in Period |
12 |
12 |
12 |
| Consolidated |
YES |
YES |
YES |
| Section 17 |
YES |
YES |
NO |
| Currency |
EUR |
EUR |
EUR |
| Turnover |
3,002,781 |
2,621,913 |
2,456,352 |
| Profit Before Tax |
189,729 |
173,153 |
113,843 |
| Profit After Tax |
143,463 |
132,504 |
75,478 |
| Tangible Fixed Assets |
885,773 |
671,821 |
607,347 |
| Intangible Fixed Assets |
685,941 |
290,139 |
234,153 |
| Fixed Assets |
1,571,714 |
961,960 |
841,500 |
| Stock |
362,173 |
15,819 |
14,986 |
| Raw Materials |
|
122,226 |
116,914 |
| Finished Goods |
|
147,306 |
140,454 |
| Trade Debtors |
453,411 |
298,212 |
297,392 |
| Cash at Bank |
19,794 |
27,995 |
13,261 |
| Prepayments |
|
|
33,406 |
| Inter Company Loans |
|
1,784 |
2,178 |
| Other Debtors |
61,652 |
32,039 |
|
| Current Assets |
897,030 |
645,381 |
618,591 |
| Bank Loans |
80,903 |
44,635 |
74,823 |
| Trade Creditors |
526,477 |
408,213 |
390,195 |
| Corporation Tax |
36,504 |
26,268 |
17,827 |
| PAYE |
|
5,662 |
5,611 |
| PRSI |
|
3,394 |
3,254 |
| Other Tax |
11,251 |
|
|
| Accruals |
|
|
65,632 |
| Proposed Dividends |
12,487 |
10,570 |
9,170 |
| Other Creditors |
|
80,176 |
|
| Other Current Liabilities |
107,957 |
530 |
|
| Current Liabilities |
775,579 |
579,448 |
566,512 |
| Working Capital |
121,451 |
65,933 |
52,079 |
| Long Term Loans |
757,815 |
461,707 |
482,970 |
| Deferred Tax |
5,080 |
3,985 |
2,405 |
| Prov's for Liab's and Charges |
|
3,001 |
20,394 |
| Other Long Term Liabilities |
136,661 |
54,186 |
60,558 |
| Long Term Liabilities |
899,556 |
522,879 |
566,327 |
| Total Net Assets |
793,609 |
505,014 |
327,252 |
| Issued Share Capital |
23,125 |
21,553 |
21,846 |
| Share Premium Account |
357,873 |
193,651 |
190,694 |
| Retained Earnings |
412,271 |
289,470 |
114,712 |
| Other Reserves |
340 |
340 |
|
| Total Shareholders Funds |
793,609 |
505,014 |
327,252 |
| Capital Adequacy Ratio |
1.02:1 |
0.87:1 |
0.58:1 |
| Cumulative Profitability Ratio |
0.06:1 |
0.19:1 |
0.08:1 |
| Current Ratio |
1.16:1 |
1.11:1 |
1.09:1 |
| Debt Ratio |
1.06:1 |
1.00:1 |
1.70:1 |
| Acid Test |
0.69:1 |
1.09:1 |
1.07:1 |
Press Cuttings
Date Published: 18/03/2003 Source:
Business & Fina
Chairman Denis Brosnan has sold more than a
quarter of his shareholding in Kerry Group. Brosnan, who is due to retire later
this year, is seen as cashing in his chips at the group he helped found. He has
raised almost 1.2m euro by selling 100, 000 shares on Thursday at 11.72 euro
each. Market sources have expressed surprise that he has made the sale at this
time, with the shares suffering from a general weakness in the market. Kerry
shares hit a high of 15.98 euro last year.
Date Published:
04/03/2003 Source: Irish Times
Kerry Group has brought
its acquisition spending to date this year to $135 million (123.7 million) with
the purchase of two Us ingredients businesses for $67 million. The food group
has acquired Guernsey Bel, a maker of ingredients for frozen desserts and other
sweet products, and Pacific Seasonings, which makes seasonings for the meat,
prepared foods and food service industries. Guernsey Bel operates from two
facilities in Chicago and in Hayward, California and provides value-added
ingredients for the ice-cream, breakfast cereal, bakery, nutritional bar and
confectionery industry. Kerry said the acquisition extended its technological
and customer base in this sector which analysts say is growing at a rate of 4 to
6 per cent. Pacific Seasonings operates from two manufacturing plants in Seattle
and Detroit. "The business will assist the further development of Kerry's
seasonings business in North America and, in particular, through its west coast
location, will provide a major boost to Kerry's business in that region of the
Us market, " Kerry's managing director Mr Hugh Friel said. The Seattle-based
operation is also organic certified, allowing Kerry to take advantage of the
increasing demand for organic products in the Us. Analysts welcomed the
acquisitions, saying both companies were a good strategic fit with Kerry's
existing North American operations and were in the higher growth areas of the
sector. Ncb estimates that the two businesses should add about 45 million to
group sales in a full year and about 0.4 cents to earnings per share while
Goodbody believes they will add 0.5 cents to Eps. Earlier this year, Kerry
acquired Sunpure, a manufacturer of natural citrus flavours and ingredients, for
$68 million.
Date Published: 28/02/2003 Source:
Irish Times
Hugh Friel was in at the ground floor and he tells
Jane O'Sullivan, Markets Correspondent, he's not leaving any time soon. Come
April 1st, Mr Hugh Friel, managing director of Kerry Group, will have been 31
years with the company. Not surprisingly for a person who has spent such a long
time with one firm, Mr Friel is a man who takes the long view. "I am a great
believer in measurement over time rather than taking a snapshot in any given
month, " he says, adding that his focus is always on the next five-year rolling
period. So what plans has Mr Friel for Kerry Group over the next five years?
Having taken over the running of the company from Mr Denis Brosnan last January,
Mr Friel shows little inclination to depart from the growth strategy that has
served Kerry so well over the past three decades. Under his stewardship, the
company plans to continue the acquisition drive that has taken it from small
regional creamery to multibillion euro corporation. Much of the focus will be on
further expanding its ingredients and flavours divisions, the high-margin
businesses that have allowed Kerry to maintain its track record of double-digit
earnings growth in recent years. "Our European and American operations now have
operating profits of more than 100 million. We have two big businesses in
America and Europe but we have got to build the southern American part of our
American business and Asia Pacific." He concedes, however, that opportunities in
Asia are not as plentiful as in other parts of the world. The company's strategy
in the past has been to start selling in an area and, over time, look for
opportunities to acquire. Where they don't arise, it has then looked at building
greenfield sites, a pattern it may adopt in Asia, where it is keen to penetrate
markets like China, Japan and Korea. Mr Friel also plans to expand the flavours
business, making Kerry a top industry player. "We are in the Uk, Italy,
Australia, the Us and Canada. We have geographic spread but not the scale I
would like. It may take time but we will get there. We are always prepared to
take the long view." It's unlikely, however, that Mr Friel imagined, when he
joined North Kerry Milk Products in 1972, that he would one day head a
multinational business with operations on four continents. Having worked for
Mobil Oil in London and Erin Foods in the Republic, he answered an advertisement
seeking a chief accountant at the small casein plant in Listowel. Kerry's deputy
managing director, Mr Denis Cregan, began as head of production on the same day.
At the time, the company had just one employee, Mr Denis Brosnan, and was run
from a caravan in Listowel as its plant was only partly constructed. "Ten of us
joined Denis that day. There was no room to meet in the caravan so we adjourned
to the Listowel Arms Hotel for a brief introduction, then it was back to work
and we've been working since, " Mr Friel says. "We were a bunch of young people
with plenty of enthusiasm and what we lacked in experience we made up for in
other qualities." Recruiting highly motivated young people to its 18, 500-strong
workforce is something on which Mr Friel remains keen. He describes the
company's graduate recruitment programme, which draws from colleges in 20
countries, as "one of my pet hobbies". "We invest a lot of time in young people,
" he says, describing Kerry as a "very exciting organisation" with a "can-do
culture". As a result of the "talent" within the company, he has no concerns
about who will take over at the helm when he and Mr Cregan, both in their late
50s, eventually follow Mr Brosnan into retirement. "I will be here for quite a
number of years, " says the quietly spoken 58-year old, who originally hails
from Fanad in Co Donegal. "But succession planning is no major problem from a
Kerry point of view. There is a lot of talent through this organisation, a lot
of capability, " he says. Once described as having a lower public profile than
Howard Hughes, Mr Friel is known to have been a good youth soccer player and
played minor Gaelic football for Donegal "a very long time ago". These days,
however, he is more closely associated with the Kerry football team, which takes
the field emblazoned with the Kerry Group logo. It is a relationship Mr Friel
describes as "good for them and good for us". A keen sailor in his spare time,
he takes part in Cork Week and weekend regattas as well as sailing locally in
Tralee. Indeed, Kerry Group was among those involved in the rescue package for
the Jeanie Johnston replica Famine ship, which last week set out on her maiden
transatlantic voyage. "The project needed a little shove and a push. We helped
take it across the starting line and now they're away, " Mr Friel says.
Date Published: 15/10/2002 Source: Irish Independe
Kerry Foods is to throw a major promotional push behind a new snack box
offering in the stg£3bn British lunchbox market. The new snack combines the best
of existing Kerry Group snack offerings into a new product, and is being
launched with the Attack-a-snack brand name. According to the latest edition of
Marketing, the UK advertising trade magazine, Kerry has mapped out a strategy to
secure a major slice of the estimated stg£3bn UK lunchbox market with its new
product. The campaign reportedly includes an advertising spend of up to stg£5m
over the coming year. The attractive feature of the lunchbox segment is that it
enjoys relatively high 10pc growth rates, far higher than most of the rest of
the mature grocery sector. Kerry entered the snack market in the UK through its
acquisition of Golden Vale last year. Its Cheesestrings product that has been a
great success forms the basis of the new Attack-a-snack as it will consist of
three meat offering together with a single cheesestring. The new snack also
incorporates tortilla wraps produced by Rye Valley Foods, another business
picked up through the Golden Vale acquisition.
Date Published:
04/09/2002 Source: Irish Independe
Last year's
acquisition of Golden Vale helped to bolster Kerry yesterday as the country's
largest food group reported a 5pc rise in pre-tax profits to 81.1m for the half
year to the end of June. Commenting on the performance, group managing director
Hugh Friel said: "Our food ingredients, flavours, consumer foods and foodservice
operations continue to grow and develop in line with Group projections and we
expect a good outturn for the full year." The company said it incurred
restructuring costs of 25.5m but despite this it has decided to raise the
interim dividend 12.3pc to 3.65 a share. The restructuring charge was roughly
half the amount the company had set aside for the year for the integration of
Golden Vale and other acquisitions. One definite impact of the Golden Vale deal
came on the margin front as the operating margin decreased from 8.1pc in the
first half of 2001 to 7.1pc in the latest half year. Mr Friel explained that
margins in the dairy sector were hit by weakness in the international market,
but the development of business in the quick-service restaurant sector "proved
satisfactory" Kerry has hitched its food ingredients business to convenience
food businesses. Analysts said the results were in line with expectations, and
although Kerry stock fell sharply in Dublin yesterday down 46 cents to 14.90
this was blamed on the poor state of international markets rather than any
disappointment with the Kerry figures. Sales in Ireland almost doubled to
627.1m, boosted in large part by the acquisition of Golden Vale. Operating
profit for the Irish business increased from 18.9m to 26.9m while the other
European operations saw an increase in sales of 10.5pc to 628.3m and an 8.7pc
rise in operating profits to 43.9m. The Irish result was helped by a strong
performance in pre-packed sliced meats, rashers, cheese and cheese-snacks, Kerry
said. Sales in American markets, north and south, increased by 22pc to 473.5m
and operating profits increased by 18.1pc to 52.8m. While Kerry said the 2001
acquisition programme contributed to this strong performance, it maintains that
organic growth in its core businesses was satisfactory. The Asia Pacific market
was also described as satisfactory with Australia showing a good recovery.
Overall sales were up by 9.9pc to 70.9m and operating profits increased by
13.4pc to 4.4m. Adjusted profit after tax and exceptional items increased by
23.4pc to 77.4m which, allowing for the increased number of shares in issue,
means earnings per share were up 14.8pc to 41.8 cents. But allowing for the
proposed new accountancy reporting standard, Frs 3 earnings per share decreased
by 36.5pc to 20.2 cent.
There are 53 press cuttings in total. Only the first 5 are shown
Bankers
| Bank of Ireland |
Lower Baggot Street, Dublin. |
Auditors
| Deloitte & Touche |
Deloitte & Touch House, Earlsfort Terrace, Dublin 2 |
|
Judgments
Having searched our database, we found no record of a judgment registered
against the subject.
Charges
There is no record of any charges registered against this subject at
Companies Office.