DAIRY CREST GROUP PLC PRELIMINARY RESULTS TO 31 March 2001

1
DAIRY CREST GROUP PLCPRELIMINARY RESULTS TO 31
March 2001

• Delivering value added growth and attractive
  returns for shareholders

2
Financial Highlights

• Significant increase in financial results
• benefits of the Unigate acquisition
• further progress by brands and added value
• Adjusted operating profit up 57 to 73.8m
• Adjusted profit before tax up 29 to 57.0m
• Adjusted earnings per share up 22 to 35.4 pence
• Final dividend 9.6 pence total up over 8 to
  14.1 pence

3
Profit and Loss
4
Profit and Loss
5
Earnings and Dividends
6
Operating Results
operating profit before exceptional items and
goodwill amortisation
7
Operating Margin
operating profit before exceptional items and
goodwill amortisation
8
Acquisition proforma
The above represents the directors best
estimates as exact figures are not available.
9
Operating Cash Flow
10
Cash Flow
11
Balance Sheet
12
DAIRY CREST GROUP PLCPRELIMINARY RESULTS TO 31
March 2001

• Delivering value added growth and attractive
  returns for shareholders

13
Headlines

• Strong commercial and financial performance
• Continued branded and added value progress
• Synergy benefits being delivered in full on time
• Competitive advantage in UK dairy industry
• Management team confidence
• Opportunity for Dairy Crest value enhancement

14
Synergies

• Retail liquid milk investment
• Cheese restructuring
• Overhead reduction
• Being delivered in full and on time

15
Brand Performance

• All strengthened their position as market leading
  brands
• Clover
• Cathedral City
• Frijj
• Yoplait brands

16
Spreads
17
Spreads

• Clover outperforms
• Integration synergy benefits
• Crudgington centre of excellence
• Significant financial contribution

18
Liquid Products
19
Liquid Products

• Acquisition creates scale and efficiency
• 54m super dairies investment programme
• 15m Chadwell Heath November 2001
• 39m Severnside September 2002
• Largest most efficient UK liquid milk plants
• Genuine competitive advantage

20
Liquid Products

• Frijj strong growth enhances market position
• Organic acquisition
• Confident our business can be successfully
  managed
• to deliver long term growth and
• in time satisfactory financial returns

21
Fresh Dairy Products
22
Fresh Dairy Products

• Strong branded growth
• Demanding retailer brand sector
• Cost reduction programme implemented
• Market dynamics underpin medium term confidence

23
Household
24
Household

• Opportunity to restructure combined business
• Improved operating efficiencies
• Significant synergy benefits
• Business managed to deliver profit and cash
• to invest in added value developments

25
Ingredients
26
Ingredients

• Acquisition increases scale and efficiency
• Chard dedicated ingredients plant
• Raw milk supply
• Competitive advantage of broadly based dairy
  business

27
Cheese
28
Cheese

• Cathedral City and Davidstow strong growth
• Synergy benefits from enhanced efficiency
• Stilton 10m investment completed
• Aeron Valley acquisition
• Continuing opportunity to drive profitable growth
  
• through added value and branded strategy

29
Headlines

• Strong commercial and financial performance
• Continued branded and added value progress
• Synergy benefits being delivered in full on time
• Competitive advantage in UK dairy industry
• Management team confidence
• Opportunity for Dairy Crest value enhancement

30
DAIRY CREST GROUP PLCPRELIMINARY RESULTS TO 31
March 2001

• Delivering value added growth and attractive
  returns for shareholders