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Financial Analysis Of Greencore

3309 words - 13 pages

Greencore.COMPANY OVERVIEWGreencore is a supplier of a variety of foods. It provides convenience foods,ingredients, and a number of agricultural products. The company is headquartered in Dublin, Ireland.For fiscal 2003, Greencore generated revenues of 1.4 billion compared with the previous year's revenues of 1.5 billion. The company reported a profit after taxation of 31.5 million for 2003 compared with a profit after taxation of 10.1 million in 2002.The origins of Greencore Group stem from the Irish Sugar Company and in the first stage of its existence the Group was largely focused on the processing and supply of ingredients on an international basis. As part of its involvement in helping to improve crop yields, the Group also developed into the agribusiness sector although more recently it has disposed of some of these businesses.The Group has strong market positions in sugar and malt together with associate companies involved in flour milling and other ingredients, which provide strong, cash generative support for the Group´s more recent development into convenience foods. Greencore Group plc is a major international manufacturer and supplier of food ingredients and prepared foods. Our manufacturing sites are located in Ireland, Great Britain, The Netherlands, Belgium and Germany, and employ over 9,000 people. Greencore Group Companies supply the majority of UK retailers and many in Continental Europe in addition to manufacturing and food service customers.A programme of ongoing investment means that Greencore Group have facilities, which are amongst the most advanced in the food industry. In the last three years the company have invested 25m in Sandwiches, 15m in Quiche and 20m in Cakes & Desserts and are currently commissioning it's latest 19.5m investment in Chilled Meals. These `Centres of Excellence` provide working environments, which are second-to-none, whilst ensuring that Greencore remain responsive to the changing needs of its customers and the dynamics of the marketplace.HistoryFloatation (IPO) by the Irish government in 1991 by sale of 55% of company at 1.46. Government sold a balance of holding in 1992 and 1993. Now 100% free float.Development2004Greencore merges its Chilled Foods and Ambient and Frozen foods division to become greencore convenience foods and disposes of UK bread activities through the sale of Rathbones Bakeries.2002Completed the disposal of non-core businesses within the Hazelwood companies as well as Erin Foods and William Rodgers (dried soups and sauces) and grassland (Fertilisers). Raised total proceeds of 126m from disposals from the year.2001Raised proceeds of 104m from disposal of non-core businesses within the Hazelwood companies, as well as James Daly (Fats and margarine) and surplus properties. Acquired Hazelwood Foods plc (convenience foods) for 443m together with borrowings acquired of 227m.2000Acquired the Roberts Group Ltd (frozen savouries and desserts) for E30m and William...

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