AGM Statement
May 27 2003 - 10:39AM
UK Regulatory
RNS Number:5635L
Kerry Group PLC
27 May 2003
Press Announcement
Updating Statement : Annual General Meeting : Kerry Group plc
27 May 2003
Kerry the global food ingredients, flavours and consumer foods group, today
stated that the Group expects a good outturn for the full year and announced the
successful placement of US$650 million Senior Notes with U.S. institutional
investors.
Speaking at the Group's Annual General Meeting, Hugh Friel, Managing Director
said that, notwithstanding currency fluctuations, Group prospects for the year
are good, with the expected outturn for the full year in line with market
forecasts. He added that Group sales are substantially in the currency of the
country of origin and that balances remaining after netting are hedged using
foreign exchange spot and forward contracts.
Mr. Friel also confirmed the successful placement of US$650 million Senior Notes
with U.S. institutional investors. The average maturity of the new debt raised
is over ten years. Mr. Friel stated that the placement, which lengthens the
Group's debt maturity profile, takes advantage of keen investor appetite for
investment grade corporate issues. Proceeds have been used to repay existing
Group debt.
Notes for Editors:
Kerry Group is the leading global application specific food ingredients
corporation, a growing international flavour technology company and the leading
supplier of added-value brands and customer branded chilled foods to the Irish
and UK markets.
In the financial year-ended 31 December 2002, total Group turnover grew by 25%
to Euro3.8 billion. Group operating profit before goodwill and exceptionals
increased by 17% to Euro305 million and adjusted earnings per share increased by
15.8% to 101.8 cent. Approximately 37% of Group turnover originated in Ireland,
34% in the rest of Europe, 25% in the Americas and 4% in Asia Pacific.
To date in 2003, Kerry has concluded three strategic acquisitions for a total
consideration of US$135 million, comprising;
- SunPure, a leading manufacturer of natural citrus flavours and ingredients,
located in Florida at the centre of the North American citrus industry,
- Guernsey Bel, a leading provider of value-added ingredients and inclusions
technology for the premium ice-cream, breakfast cereal, bakery, nutritional
bar and confectionery industries in the USA,
- Pacific Seasonings, a leading manufacturer of seasonings and spices for the
meat, prepared foods, organic foods and snack food industries in the USA.
ends
For further information please contact: Telephone: + 353 66 7182304
Frank Hayes, Fax: + 353 66 7182972
Director of Corporate Affairs, Email: corpaffairs@kerry.ie
Kerry Group plc. Website: www.kerrygroup.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGMPUUMWAUPWGCM