NORTHERN FOODS
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE 53 WEEKS ENDED 3 APRIL 2004
 
 Before Before
 goodwill Goodwill  goodwill Goodwill
 amortisation amortisation amortisation amortisation
 and and and and
  exceptional exceptional exceptional exceptional
 items items Total items items Total
  53 weeks 53 weeks 53 weeks 52 weeks 52 weeks 52 weeks
 2004 2004 2004 2003 2003 2003
 £m  £m £m £m £m £m
Group turnover
- continuing 1,362.3 - 1,362.3 1,291.5 - 1,291.5
- acquisitions 63.7  - 63.7 - - -
Total continuing 1,426.0 - 1,426.0 1,291.5 - 1,291.5
- discontinued 116.1 - 116.1 129.7 - 129.7
Group turnover 1,542.1 - 1,542.1 1,421.2 - 1,421.2
Cost of sales (1,142.2) (1.5) (1,143.7) (1,023.3) (31.9) (1,055.2)
Gross profit 399.9 (1.5) 398.4 397.9 (31.9) 366.0
Net operating expenses (292.9) (20.5) (313.4) (282.3) (13.1)  (295.4)
Operating profit
- continuing 101.3 (17.7) 83.6 113.0 (6.5) 106.5
- acquisitions 5.1 (1.3) 3.8 - -  -
Total continuing 106.4 (19.0) 87.4 113.0 (6.5) 106.5
- discontinued 0.6 (3.0) (2.4) 2.6 (38.5) (35.9)
Operating profit 107.0 (22.0) 85.0 115.6 (45.0) 70.6
Share of associated undertakings 0.4 (0.2) 0.2 1.4 (0.7) 0.7
Profit on disposal of businesses - 11.6 11.6 - 54.0 54.0
Profit on ordinary activities before 107.4 (10.6) 96.8 117.0 8.3 125.3
interest
Net interest payable  (21.4) - (21.4) (19.5) - (19.5)
Profit on ordinary activities before 86.0 (10.6) 75.4 97.5 8.3 105.8
taxation
Taxation on profit on ordinary activities  (15.5) 5.5 (10.0) (17.9) 12.8 (5.1)
Profit on ordinary activities after 70.5 (5.1) 65.4 79.6 21.1 100.7
taxation
Equity dividends (44.6) - (44.6) (44.9) - (44.9)
Retained profit for the year 25.9 (5.1) 20.8 34.7 21.1 55.8
Basic earnings per ordinary share 13.77p  12.78p 14.81p 18.73p
Diluted earnings per ordinary share 12.56p 18.02p
Dividend per ordinary share 8.90p  8.70p
Average number of shares (million) 511.8 537.6
 
 
 
 
Analysis of earnings before interest, tax, depreciation and amortisation (EBITDA)
Operating profit before goodwill amortisation
and exceptional items 107.0 115.6
Add: associate 0.4 1.4
 depreciation  65.9 62.7
EBITDA before exceptional items 173.3 179.7
 
 
Consolidated balance sheet
AS AT 3 APRIL 2004
 
 
 
  3 April 29 March
 2004 2003
  £m £m
Fixed assets
 
Intangible fixed assets 64.3 41.4
Tangible fixed assets  672.4 670.6
Investments 4.4 21.5
  741.1 733.5
Current assets
 
Stocks 78.2 85.1
Debtors  230.0 211.6
Investments 14.9 10.6
Cash at bank and in hand 35.0  33.5
 358.1 340.8
Creditors: amounts falling due within one year 296.9 322.1
Net current assets 61.2 18.7
Total assets less current liabilities 802.3 752.2
 
Creditors: amounts falling due after more than one year
Convertible subordinated bonds 2008 90.6 90.5
Loans and other creditors 281.5  232.5
 372.1 323.0
Provisions for liabilities and charges 69.5 63.1
 
Net assets 360.7 366.1
 
 
 
Capital and reserves
Called-up share capital 127.1 130.8
Share premium account 60.0 57.4
Revaluation reserve 3.7 3.9
Capital redemption reserve 23.6 19.1
Reserve for treasury shares (10.0) -
Other reserves  6.7 6.7
Profit and loss account 149.6 148.2
Equity shareholders' funds  360.7 366.1
 
 
 
 
 
CONSOLIDATED CASH FLOW STATEMENT
FOR THE 53 WEEKS ENDED 3 APRIL 2004
 
 53 weeks 52 weeks
 2004 2003
 £m £m
Net cash inflow from operating activities 154.9 151.6
Returns on investments and servicing of finance:
Interest received 19.7  0.4
Interest paid on finance leases (0.3) (0.6)
Other interest paid (39.7) (18.4)
Net cash outflow from returns on investments and servicing of finance (20.3) (18.6)
Taxation 2.1 (9.4)
Capital expenditure and financial investment:
Purchase of tangible fixed assets (76.9) (80.0)
Sale of tangible fixed assets 1.3 3.7
Grants received 0.5 0.3
Net cash outflow from capital expenditure and financial investment (75.1) (76.0)
Acquisitions and disposals:
Cash outflow on acquisitions (32.7) (4.4)
Cash inflow on disposals 50.9 145.0
Net cash inflow from acquisitions and disposals 18.2 140.6
Equity dividends paid (44.9) (45.1)
Cash inflow before management of liquid resources and financing 34.9 143.1
Management of liquid resources:
Increase in current asset investments (4.3)  (1.5)
Financing:
New borrowings - 50.0
Revolving credit facility 70.0 (110.0)
Repayment of other borrowings (58.6) (12.1)
Capital element of finance lease rental payments (6.7) (6.4)
  4.7 (78.5)
Purchase of own shares (37.1) (55.0)
Issue of equity share capital net of costs 3.4 0.5
Net cash outflow from financing (29.0) (133.0)
Increase in cash in the year  1.6 8.6
 
 
 
 
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
FOR THE 53 WEEKS ENDED 3 APRIL 2004
 
 53 weeks 52 weeks
 2004 2003
 £m £m
Increase in cash in the year 1.6 8.6
Cash outflow from movement in liquid resources 4.3 1.5
New borrowings  - (50.0)
(Increase)/decrease in revolving credit facility (70.0) 110.0
Repayment of other borrowings  58.6 12.1
Capital element of finance lease rental payments 6.7 6.4
Changes in net debt resulting from cash flows  1.2 88.6
 
Loans acquired with subsidiary (7.4) -
Loan notes issued on acquisition of subsidiary  (2.0) -
Exchange adjustments (0.5) 1.7
Amortisation of bond and financing costs  (0.1) (0.2)
Movement in net debt in the year (8.8) 90.1
 
Net debt at start of year (323.6) (413.7)
Net debt at end of year (332.4) (323.6)
 
 
 
 
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE 53 WEEKS ENDED 3 APRIL 2004
 
 
  53 weeks 52 weeks
 2004 2003
  £m £m
Profit attributable to equity shareholders 65.4 100.7
Currency translation differences  (2.7) 12.1
Total recognised net gains for the year 62.7 112.8