DAIRY CREST GROUP PLC

1
DAIRY CREST GROUP PLC INTERIM RESULTS TO 30
September 2001
Delivering value added growth and attractive
returns for shareholders
2
Financial Highlights

• Sales up by 24 to 692m
• Operating profit up 43 to 43.5m
• over 10 on a proforma basis from 39.3m
• Adjusted profit before tax up 39 to 33.8m
• Adjusted earnings per share up 34 to 20.6 pence
• Major capital expenditure programme
• 33m invested in first half 2001/02
• Interim dividend declared of 4.8 pence up 7

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Profit and Loss
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Earnings and Dividends
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Operating Results
6
Operating Margin
7
Operating Cash Flow
8
Cash Flow
9
Balance Sheet
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DAIRY CREST GROUP PLC INTERIM RESULTS TO 30
September 2001
Delivering value added growth and attractive
returns for shareholders
11
Headlines

• Attractive financial results
• Continued strong branded and added value progress
• Delivering synergies in full and on time
• First super dairy complete and fully operational
• Successful strategy delivering enhanced
  shareholder value

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Spreads
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Spreads

• Clover excellent performance
• Packet butter
• Crudgington synergy benefits
• Significant financial contribution

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Liquid Products
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Liquid Products

• Business transformed by acquisition and
  investment
• 54m super dairies investment programme to
  deliver
• largest most efficient UK liquid milk plants
• genuine competitive advantage
• Enhanced business profitability
• Encouraging future as premier retail milk supplier

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Fresh Dairy Products
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Fresh Dairy Products

• Yoplait brands continue strong growth
• Demanding retailer brand sector
• Basildon closure announced
• Attractive longer term returns

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Household
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Household

• Opportunity to restructure combined business
• Significant synergy benefits
• depot and rounds rationalisation
• central overhead reduction
• Key role providing cash to finance Groups growth
  aspirations

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Ingredients
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Ingredients

• Successful milk buying strategy
• Value added business sustained
• Commodity realisations

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Cheese
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Cheese

• Strategy delivers record profits
• Cathedral City continues strong volume growth
• Planning to invest for future added value growth
• Benefits from tight market

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Outlook

• Successful value added strategy continues to
  drive
• valuable growing brands
• significant synergy benefits
• material operational competitive advantage
• Gives confidence for Dairy Crest to deliver on
  market expectations for
• profitable growth
• attractive returns for shareholders

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DAIRY CREST GROUP PLC INTERIM RESULTS TO 30
September 2001
Delivering value added growth and attractive
returns for shareholders