Level 3 Online Report
| Experian Ireland Ltd | Your reference: | exper01 |
| Park House | Our Reference: | 336264 |
| North Circular Road |
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| Dublin 7 |
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| | Date Compiled: | 17/09/2003 |
In reply to your enquiry on the 17/09/03, 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: | Princes Street, Tralee, Co. Kerry, |
| Telephone: | 066-7182000
|
| Fax: | 066-7182961
|
| Email: | www.kerry.ie
|
Legal details at Companies Registry Office As At 14/09/2003
| 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. |
| Next Annual Return Date: | 12/06/2004
|
| Latest Accounts at CRO: | 31/12/2002
|
| Issued Capital | For Cash: 11,569,937.00 |
| For Other Consideration: 11,641,305.00 |
| Divided Into | 92,559,503EUR.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
|
| 22/08/2003 | 01/08/2003 | B10 Change In Directors/secretary. |
| 28/07/2003 | 20/06/2003 | B5N B5 From Revenue Allotment Of Shares |
| 10/07/2003 | 10/06/2003 | B5N B5 From Revenue Allotment Of Shares |
| 02/07/2003 | 12/06/2003 | B1 Annual Return |
| 23/06/2003 | 27/05/2003 | G2E Ordinary Resolution - General. |
| 23/06/2003 | 27/05/2003 | G1P Special Resolution - General. |
| 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. |
* indicates this document has not been processed in compiling this report. Please note that only the ten most recent documents lodged are shown. Contacts:
| Hugh Friel | Managing Director |
| Denis Cregan | Deputy Managing Director |
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.
| Friel, Hugh | Gurrane, Listellick, 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 |
| Ivernia Pig Developments Limited |
| North Kerry Milk Exports Limited |
| Glenealy Farms (Turkeys) Limited |
| North Kerry Securities |
| Golden Vale Marketing Limited |
| Plus Others Too Numerous To Mention. |
|
| Foley, Cathal | Reen, Killorglin, CO.KERRY (12/04/1948) |
| Other Directorships: | None on File. |
|
| Healy, Philip | Greenville, Listowel, Co Kerry (02/02/1934) |
| Other Directorships: | Irish Co-operative Organisation Society Limited |
|
|
| McSweeney, Eugene | Mastergreeha, Kilcummin, Killarney, C (08/12/56) |
| Other Directorships: | None on File. |
|
| O'Connell, Patrick | Lahern, Farranfore, Killarney, CO.KER (10/06/1933) |
| Other Directorships: | None on File. |
|
| Mehigan, Brian | Killelton, Camp, CO.KERRY (01/07/61) |
| Other Directorships: | Blackrock Promenade Pier And Baths Company To Pro |
| North Kerry Securities |
|
|
| Dowling, Michael | 30 Palmerston Gardens, Rathgar, Dublin (23/12/1944) |
| Other Directorships: | Fairyhouse Club, Ltd. |
|
|
| Wallis, Denis | Mortalstown, Kilfinnane, CO.LIMERICK (08/03/1949) |
| Other Directorships: | None on File. |
|
| Brosnan, James Vincent | Fahavane, Kilflynn, CO.KERRY (09/04/1941) |
| Other Directorships: | None on File. |
|
| Kelly, Kevin | 64 Eglington Road, Donnybrook, Dublin (05/06/1941) |
| Other Directorships: | The Barretstown Gang Camp Fund Limited |
|
|
| Gabbett, Michael | Ballykeefe, Mungret, CO.LIMERICK (12/01/1944) |
| Other Directorships: | None on File. |
|
| Barrett, Patrick | Clooncurra, Lispole, Tralee, CO.KERRY (31/12/1943) |
| Other Directorships: | None on File. |
|
| Minogue, Patrick | Poulagour, Scariff, CO.CLARE (06/09/58) |
| Other Directorships: | None on File. |
|
| Buckley, Denis | Tullamore, Listowel, CO.KERRY (16/11/1945) |
| Other Directorships: | Iaws Group, Public Limited Company |
|
|
| McCarthy, Stan | 1301 Waterview Way, Lake, Geneva, Wis (24/09/57) |
| Other Directorships: | None on File. |
|
| McEnery, Thomas | Ballintubber, Newcastlewest, CO.LIMERI (11/04/1949) |
| Other Directorships: | None on File. |
|
| Costelloe, Walter | Springmount, Farranfore, CO.KERRY (06/09/1939) |
| Other Directorships: | None on File. |
|
| Cregan, Denis | Lisdara, Oakpark, Tralee, CO.KERRY (12/03/1946) |
| Other Directorships: | None on File. |
|
| Fitzgerald, Richard | Knockbrack, Abbeyfeale, CO.LIMERICK (02/12/1933) |
| Other Directorships: | None on File. |
|
| Friel, Hugh | Gurrane, Listellick, Tralee, CO.KERRY (13/07/1944) |
| Other Directorships: | Ivernia Pig Developments Limited |
|
|
| Griffin, Michael | Easter Cottage, 19 Albury Road, Walton (17/03/1947) |
| Other Directorships: | None on File. |
|
Interview Details
Date:- 05/09/2003
(First )
History
| Date Business Commenced: 01/01/1974
| Original Type: | Public Limited Company
|
| 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 Over 18, 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 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. Results posted for the first half of
2003 saw turnover hold steady at EUR1.8 billion, whilst operating profit
before goodwill and exceptional items rose by 4.3% to Eur 133 million. When
currency fluctuations are removed, this translates into a rise of 9.3% in
operating profits. Adjusted earnings per share were 10.3% higher at 46.1
cent.
|
| Subsidiary Companies | Henry Denny & Sons (Ireland) Limited |
| Snowcream (Midlands) Limited |
| Glenealy Farms (Turkeys) Limited |
| Golden Vale Marketing Limited |
| Grove Turkeys Limited |
| Kerry Farm Supplies Limited |
| Golden Vale Sales Limited |
| Gerdor Limited |
| Irish Cold Stores Limited |
| Kerry Treasury Services Limited |
| Duffy Meats Limited |
| Kerry Ingredients (Dublin) Limited |
| Rye Valley Foods Limited |
| Kerry Group Services Limited |
| Platters Food Company Limited |
| Kerry Ingredients Holdings (Ireland) Limited |
| Kerrykreem Limited |
| Charleville Research Limited |
| Golden Vale Investments Limited |
| Golden Vale Dairies Limited |
| Golden Vale Foods Limited |
| Golden Vale Limited |
| Golden Vale Holdings Limited |
| Kerry Agri Business Trading Limited |
| Irish Food Ingredients (Manufacturing) Limite |
| Kerry Agri Business Holdings Limited |
| Kerry Ingredients (Ireland) Limited |
| Freshways Limited |
| Castleisland Cattle Breeding Society Limited |
| Golden Vale Clare Limited |
| Golden Vale Farms Limited |
| Golden Vale Food Products Limited |
| Golden Vale Limerick Limited |
| Kerry Creameries Limited |
| Dawn Dairies Limited |
| Rye Developments Limited |
| Princemark Holdings Limited |
| Kerry Group Services International 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, responsible for the sale & marketing of pork and
bacon products, convenience meat products and fresh dairy products, 2) Kerry
Ingredients, engaged in the production of speciality food ingredients,
flavouring systems and dairy ingredients and 3) Kerry Agribusiness,
responsible for pig breeding, cattle breeding milk assembly, farm inputs
trading, and provender feed milling. Headquartered in Tralee, Ireland, the
Group employs in excess of 18, 000 staff throughout its manufacturing, sales
and technical centres across Europe, North America, South America,
Australia, New Zealand and Asia Pacific. Kerry Group supplies over 10, 000
food and food ingredients products to customers in more than 80 countries
worldwide. The Group has 130 manufacturing facilities in 15 different
countries and supplies to customers in over 100 countries throughout the
world.
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: 18,617 (Group)
Finances
This company has been classified as a large company, and the accounts filed
are in accordance with disclosure requirements, as specified in the Companies
(Amendment) Act, 1986. Accounts are held on file for the subject which relate
to the financial period ending 31/12/2002 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 25% increase
in turnover, indicating an upturn in trade during the period under scrutiny.
The company showed disimprovement from the previous period, showing a 22%
decrease in after-tax profits. A working capital surplus was recorded, but
decreased by 27% over the period. Cash reserves were up significantly at
balance sheet date. Liquidity disimproved over the period but remained fair.
Long term liabilities were recorded and comprised of provisions for
liabilities and charges, grants, bank loans and other liabilities. The
revenue reserves, at financial year end, stood at EUR418.012.000. The net
worth of the company increased by 6%.
| Financial Year End | 31/12/2002 | 31/12/2001 | 31/12/2000 |
| Expressed In | '000 | '000 | '000 |
| Number of Months in Period | 12 | 12 | 12 |
| Consolidated | YES | YES | YES |
| Section 17 | YES | YES | YES |
| Currency | EUR | EUR | EUR |
| Turnover | 3,754,808 | 3,002,781 | 2,621,913 |
| Cost of Sales | | | 2,403,530 |
| Gross Profit | | | 218,383 |
| Operating Profit | 305,410 | 260,445 | 218,383 |
| Interest Payable | 50,238 | 47,644 | 45,680 |
| Exceptional Items | -2,023 | -8,392 | -450 |
| Profit Before Tax | 159,192 | 189,729 | 173,153 |
| Tax | 55,289 | 56,595 | 40,649 |
| Profit After Tax | 103,903 | 133,134 | 132,504 |
| Dividends Paid | 6,806 | 6,004 | 5,033 |
| Proposed Dividend | 14,571 | 12,487 | 10,570 |
| Profit Retained | 82,526 | 114,643 | 116,901 |
| Tangible Fixed Assets | 870,406 | 885,773 | 671,821 |
| Intangible Fixed Assets | 765,384 | 685,941 | 290,139 |
| Fixed Assets | 1,635,790 | 1,571,714 | 961,960 |
| Stock | | | 15,819 |
| Raw Materials | 152,261 | 137,087 | 122,226 |
| Finished Goods | 192,089 | 201,438 | 147,306 |
| Work in Progress | 19,195 | 23,648 | |
| Trade Debtors | 454,713 | 448,868 | 298,212 |
| Cash at Bank | 46,584 | 19,794 | 27,995 |
| Inter Company Loans | | | 1,784 |
| Other Current Assets | 6,563 | 4,543 | |
| Other Debtors | 39,330 | 61,652 | 32,039 |
| Current Assets | 910,735 | 897,030 | 645,381 |
| Bank Loans | 161,120 | 80,903 | 44,635 |
| Trade Creditors | 485,114 | 526,477 | 408,213 |
| Corporation Tax | 34,821 | 36,504 | 26,268 |
| PAYE | 7,526 | 6,669 | 5,662 |
| PRSI | 5,110 | 4,582 | 3,394 |
| Proposed Dividends | 14,571 | 12,487 | 10,570 |
| Other Creditors | 108,710 | 105,494 | 80,176 |
| Other Current Liabilities | 4,851 | 2,463 | 530 |
| Current Liabilities | 821,823 | 775,579 | 579,448 |
| Working Capital | 88,912 | 121,451 | 65,933 |
| Long Term Loans | 649,268 | 757,815 | 461,707 |
| Deferred Tax | | | 3,985 |
| Grants | 31,469 | 36,802 | |
| Prov's for Liab's and Charges | 64,571 | 41,143 | 3,001 |
| Other Long Term Liabilities | 174,866 | 99,859 | 54,186 |
| Long Term Liabilities | 920,174 | 935,619 | 522,879 |
| Total Net Assets | 804,528 | 757,546 | 505,014 |
| Issued Share Capital | 23,202 | 23,125 | 21,553 |
| Share Premium Account | 362,974 | 357,873 | 193,651 |
| Retained Earnings | 418,012 | 376,208 | 289,470 |
| Other Reserves | 340 | 340 | 340 |
| Total Shareholders Funds | 804,528 | 757,546 | 505,014 |
| Pre-tax profit margin | 4.24 | 6.32 | 6.60 |
| Return on Assets | 0.02 | 0.04 | 0.11 |
| Asset Turnover Ratio | 1.47 | 1.22 | 1.63 |
| Current Ratio | 1.11 | 1.16 | 1.11 |
| Acid Test Ratio | 0.67 | 0.69 | 0.62 |
| Stock Turnover | 1,032.83 | 829.10 | 918.84 |
| Debtor Days | 44.20 | 54.56 | 41.51 |
| Gearing Ratio | 0.95 | 1.08 | 0.95 |
| Equity/Capital cover | 0.22 | 0.22 | 0.20 |
| Working Capital cover | 0.03 | 0.05 | 0.04 |
| Return on shareholder funds | 19.79 | 25.05 | 34.29 |
Press Cuttings
Date Published: 03/09/2003 Source: Irish Times
Kerry Group has posted solid results for the first half and has said it
anticipates meeting market expectations for the full year. The firm saw
operating profit before goodwill and exceptionals climb by 4.1 per cent to
€133 million over the first six months against a backdrop of unhelpful
currency movements in its major markets. When currency fluctuations were
stripped out, operating profit rose by 9.3 per cent. Turnover was held steady
at €1.8 billion despite negative translation effects, with like-for-like
sales growth rising from 5 per cent last year to 5.9 per cent in the first
half. Adjusted earnings per share were 10.3 per cent higher at 46.1 cents.
Kerry managing director Mr Hugh Friel was "very pleased with the result",
defining the first six months as the most difficult period seen by the company
for more than 10 years. He said the group was confident of a "good out-turn
for the full year in line with market forecasts". The company spent €125
million on three Us acquisitions in the first half, and Mr Friel identified a
"busy pipeline" of further purchases, particularly in ingredients and
flavours in the Us. "We have a lot of capacity to fund acquisitions from debt,
" he said, emphasising that small and medium purchases were more probable
than major deals. Kerry has spent €1.2 billion on acquisitions over the past
three years and is a leading global player in ingredients and flavours.
Analysts welcomed the interim numbers, which came in towards the top end of
forecasts, particularly within Kerry's Asian business, which recorded
operating profit of €5.4 million, up 34.8 per cent on a constant currency
basis. Like-for-like growth dropped back to 3 per cent in the Americas partly
due to the cost of expansion in the region, while profits grew by 15 per cent
and 10.9 per cent in the Republic and the rest of Europe respectively.
Goodbody analyst Mr Liam Igoe said Kerry's first-half performance had been
"very decent", particularly when placed against currency pressures and a
sluggish market background. Mr Igoe is confident that Kerry will meet his full
year targets, noting that risks to this are on the upside. Ms Niamh Brodie of
Merrion Stockbrokers said she would look at upgrading her forecasts slightly,
highlighting progress on margins as a particular bonus in the numbers. The
company increased its operating margin from 7.1 to 7.4 per cent before
goodwill and exceptionals. Pre-tax profits were 52 per cent higher at €87.2
million, but the result would have been more or less flat in the absence of
an exceptional charge taken last year. The company will award an interim
dividend of 4.05 cents, up 11 per cent on last year. Kerry's shares closed 10
cents lower at €14.50 last night as the stock gave up gains recorded in the
run-up to the interim numbers.
Date Published: 06/08/2003 Source: Business & Fina
Denis Brosnan has stepped down as chairman of Kerry Group after almost three
decades of involvement with the agri-food company. He will be succeeded by
Denis Buckley, who has been a non-executive director since 1986. Brosnan was
chief executive of Kerry Co-operative Creameries since its establishment in
1974 until 1986, when he then became managing director of Kerry Group when it
became a publicly listed company. The highly respected businessman took over
as chairman in 2001, handing over the reins of the E3.8bn business to Hugh
Friel. Brosnan, who signalled in February his intention to step down this
year, officially retired last Friday following a meeting of the board of
directors. His successor said Brosnan's "unwavering leadership and strategic
vision" was the driving force behind the development of Kerry into a leading
international food ingredients, flavours and consumer foods enterprise. "His
nurturing of management capability across the Kerry organisation positions the
group well to continue to enhance its leadership in Kerry's chosen markets, "
he added.
Date Published: 28/05/2003 Source: Irish Independe
Kerry Group yesterday played down the impact of the rising euro on its
business, claiming that most of its exposure to foreign currencies was
hedged. Speaking at the group's agm in Tralee yesterday, managing director
Hugh Friel said "notwithstanding currency fluctuations, group prospects for
the year are good, with the expected outturn for the full year in line with
market forecasts. Kerry Group sales are mainly conducted in the currency of
the country in which the businesses are located, while any balances are
hedged using foreign exchange spot and forward contracts. Figures from last
year's results show that the bulk of Kerry Group sales were in Europe, with
approximately 37pc originating in Ireland, 34pc in the rest of Europe, 25pc
in the Americas and 4pc in Asia Pacific. Mr Friel also confirmed the
successful placement of US$650m Senior Notes with Us institutional investors.
The average maturity of the new debt raised is over ten years. Mr Friel
stated that the placement takes advantage of keen investor appetite for
investment grade corporate issues. Proceeds of the bond issue have been used
to repay existing group debt. Last year Kerry Group reported turnover up by
25pc to €3.8bn and operating profit before goodwill and exceptionals up 17pc
to €305m.
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.
There are 56 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.