Level 3 Online Report

Sales Demo Account Your reference: Sample
Our Reference: 299469

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

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.

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.


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

Shanahan, Paul 12 Dorchester Road, Weybridge, Surrey, U.K.
Shareholdings: 10000  A Ordinary

Interview Details

Date:- 19/03/2003 (First )


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


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)    


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


Bank of Ireland Lower Baggot Street, Dublin.


Deloitte & Touche Deloitte & Touch House, Earlsfort Terrace, Dublin 2


Having searched our database, we found no record of a judgment registered against the subject.


There is no record of any charges registered against this subject at Companies Office.