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DAIRY CREST

(DCG GB0002502812 GBX)

Value 313.200

Change Today +2.70

Updated17/05 16:35

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PROFILE

Registered Number	3162897
Registered Address	Claygate House Littleworth Road Esher Surrey KT10 9PN
Phone Number	+44 (0) 1372 472200
Fax Number
Website	http://www.dairycrest.co.uk
Activities	Processes and sells milk and other dairy products
Country of Register	GB
Currency	GBX
Short Name	DAIRY CREST
First Day Traded	31/10/2003
Industrial Sector	Food Products
Number of shares	133m

Key People

Anthony Fry	Chairman
Mark Allen	Chief Executive Officer
Stephen Alexander	Non Executive Director
Richard Macdonald	Non Executive Director
Martyn Wilks	Director
Alastair Murray	Financial Director
Andrew Carr-Locke	Non Executive Director

Major Shareholders

Delta Lloyd Asset Management NV	5.02%
M&G Investment Management Ltd.	4.99%

Director Deals

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Income Statements £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/03/2007	31/03/2008	31/03/2009	31/03/2010	31/03/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Sales/Revenue	1,309.30	1,569.70	1,647.60	1,629.70	1,604.50
Cost of Goods Sold (COGS) incl. D&A	898.30	1,113.60	1,182.20	1,151.70	1,132
COGS excluding D&A	854.60	1,064.60	1,131.30	1,103.70	1,088.80
Depreciation & Amortization Expense	43.70	49	50.90	48	43.20
Depreciation	40.60	39.50	40	35.80	30.90
Amortization of Intangibles	3.10	9.50	10.90	12.20	12.30
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	411	456.10	465.40	478	472.50
Selling, General & Administrative Expense	341.30	368	379.20	386.30	374.60
Research & Development	1.50	1.70	1.80	2.20	2.60
Other Selling, General & Administrative	339.80	366.30	377.40	384.10	372
Other Operating Expense	0	0	0	0	0
Non Operating Income/Expense	16.30	24	57.80	5.90	3.60
Non-Operating Interest Income	0	0	0.60	0.20	0.20
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	10.40	28.40	19.50	-2.50	3
EBIT after Unusual Expense	0	0	0	0	0
Interest Expense	19.20	26.20	29.90	22.60	20.70
Gross Interest Expense	19.20	26.20	29.90	22.60	20.70
Interest Capitalized	0	0	0	0	0
Pretax Income	57.20	58.30	95.90	77.70	78
Income Tax	11.30	12.50	28.90	25.30	20.30
Income Tax - Current Domestic	3.50	13.20	8.50	14.10	15.20
Income Tax - Current Foreign	0	0	0	0	0
Income Tax - Deferred Domestic	7.80	-0.70	20.40	11.20	5.10
Income Tax - Deferred Foreign	0	0	0	0	0
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	0.20	0.30	-1.10	-1.50	0
Equity in Affiliates	7.40	7.70	7.30	0.10	-0.20
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	53.10	53.20	75.40	54	57.50
Extraordinaries & Discontinued Operations	-4.10	1.20	0	0	0
Extra Items & Gain/Loss Sale Of Assets	-4.10	0	0	0	0
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	0	1.20	0	0	0
Net Income After Extraordinaries	49	54.40	75.40	54	57.50
Preferred Dividends	0	0	0	0	0
Net Income available to Common	53.10	53.20	75.40	54	57.50
Operational EPS	47.06	54.82	66.46	38.88	43.92
EPS (basic)	41.70	41.10	56.80	40.60	43.20
EPS (diluted)	41.39	39.91	56.27	40.18	42.37
EBITDA	113.40	137.10	137.10	139.70	141.10
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	43.70	49	50.90	48	43.20

Balance Sheet £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/03/2007	31/03/2008	31/03/2009	31/03/2010	31/03/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Cash & Short Term Investments	25.20	41.40	108.80	20.10	50.90
Cash Only	24.90	40.30	107.50	20	49.90
Short-Term Investments	0.30	1.10	1.30	0.10	1
Total Accounts Receivable	150.50	178.30	131.30	129.80	141.70
Accounts Receivables, Net	144.10	166	122.80	118.60	128.70
Accounts Receivables, Gross	144.10	166	122.80	118.60	134
Bad Debt/Doubtful Accounts	0	0	0	0	-5.30
Other Receivables	6.40	12.30	8.50	11.20	13
Inventories	147.50	159.50	197.80	153.70	164.50
Finished Goods	125.70	137.80	174.60	126.90	134.10
Work in Progress	0	0	0	0	0
Raw Materials	21.80	21.70	23.20	26.80	30.40
Progress Payments & Other	0	0	0	0	0
Other Current Assets	7.50	7.80	6.50	5.70	5.40
Prepaid Expenses	0	0	0	0	0
Miscellaneous Current Assets	7.50	7.80	6.50	5.70	5.40
Total Current Assets	330.70	387	444.40	309.30	362.50
Net Property, Plant & Equipment	329.40	327.30	292.10	271.60	284.30
Property, Plant & Equipment - Gross	497.80	525.10	501	464	495.40
Buildings	189.60	195.80	195.70	185.50	187.90
Land & Improvements	0	0	0	0	0
Machinery & Equipment	251.40	267.40	260.70	230.90	253
Construction in Progress	16.20	22.30	8.10	11.90	22.20
Leases	40.60	39.60	36.50	35.70	32.30
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	0	0	0	0	0
Accumulated Depreciation	168.40	197.80	208.90	192.40	211.10
Buildings	43.20	50	53.40	51.70	57.80
Land & Improvements	0	0	0	0	0
Machinery & Equipment	102.90	124.80	134.10	118.60	133.20
Construction in Progress	0	0	0	0	0
Leases	0	0	0	0	0
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	0	0	0	0	0
Total Investments and Advances	3.80	5.30	42.40	25.40	19
LT Investment - Affiliate Companies	3.70	5.30	2.90	0	1
Other Long-Term Investments	0.10	0	39.50	25.40	18
Long-Term Note Receivable	0	0	0	0	0
Intangible Assets	434.70	485.20	542.10	522.80	515.30
Net Goodwill	283.20	313.80	342.70	336.80	335.50
Net Other Intangibles	151.50	171.40	199.40	186	179.80
Other Assets	0	33.60	0	18.80	1.40
Deferred Charges	0	33.60	0	0	0
Tangible Other Assets	0	0	0	18.80	1.40
Total Assets	1,100.40	1,238.60	1,321.40	1,147.90	1,182.50
ST Debt & Curr. Portion LT Debt	121.70	28.90	2	2.30	68
Short Term Debt	0	1.40	0	0	0
Current Portion of Long Term Debt	121.70	27.50	2	2.30	68
Accounts Payable	70.30	92.10	99.60	97.20	137.20
Income Tax Payable	4.50	1.50	1.20	4.50	4
Other Current Liabilities	120.60	146.40	141	141.40	145.50
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	120.60	146.40	141	141.40	145.50
Total Current Liabilities	317.10	268.90	243.80	245.40	354.70
Long-Term Debt	339.70	470.40	553.40	382.90	305.30
Long-Term Debt excl. Capitalized Leases	324.20	456.60	541.60	373.40	298.20
Non-Convertible Debt	324.20	456.60	541.60	373.40	298.20
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	15.50	13.80	11.80	9.50	7.10
Provision for Risks & Charges	0.40	2	63.30	142.40	60.10
Deferred Taxes	80.60	96.10	90.80	65.80	86.30
Deferred Taxes - Credit	82.40	96.30	91.20	65.80	86.30
Deferred Taxes - Debit	-1.80	-0.20	-0.40	0	0
Accumulated Minority Interest	4	5.10	4.70	3	0
Other Liabilities	8.50	4.30	4.30	11.40	3.20
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	7.90	4	4.10	11.30	3.10
Deferred Income	0.60	0.30	0.20	0.10	0.10
Total Liabilities	748.10	841.90	956	847.90	809.60
Non-Equity Reserves	9	9	8.40	7.20	7.40
Preferred Stock (Carrying Value)	0.20	0	0	0	0
Redeemable Preferred Stock	0.20	0	0	0	0
Non-Redeemable Preferred Stock	0	0	0	0	0
Preferred Stock issues for ESOP	0	0	0	0	0
ESOP Guarantees - Preferred Stock	0	0	0	0	0
Common Equity (total)	339.10	382.60	352.30	289.80	365.50
Common Stock Par/Carry Value	33.10	33.30	33.30	33.30	33.30
Additional Paid-In Capital/Capital Surplus	66.70	70.20	70.70	70.70	70.80
Retained Earnings	236	271.70	228.70	176	253.80
ESOP Debt Guarantee	-1.20	-3.70	-1.90	-0.70	-0.60
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	4.50	11.10	21.50	10.50	8.20
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	0	0	0	0	0
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Total Shareholders' Equity	339.30	382.60	352.30	289.80	365.50
Liabilities & Shareholders' Equity	1,100.40	1,238.60	1,321.40	1,147.90	1,182.50

Cash Flow £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/03/2007	31/03/2008	31/03/2009	31/03/2010	31/03/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Net Income before Extraordinaries	66.90	66	103.20	77.80	77.80
Depreciation, Depletion & Amortization	43.70	49	50.90	48	43.20
Depreciation and Depletion	40.60	39.50	40	35.80	30.90
Amortization of Intangible Assets	3.10	9.50	10.90	12.20	12.30
Deferred Taxes & Investment Tax Credit	0	0	0	0	0
Deferred Taxes	0	0	0	0	0
Investment Tax Credit	0	0	0	0	0
Other Funds	-26.10	-21.50	-80.70	-38.10	-40.50
Funds from Operations	84.50	93.50	73.40	87.70	80.50
Extraordinaries	0	0	0	0	0
Changes in Working Capital	-2.80	-7.40	19.10	25.70	11.70
Receivables	17.10	-27.40	49.30	-3.40	-14.30
Inventories	2.90	-9.30	-38.30	28.90	-10.80
Accounts Payable	-22.80	29.30	8.10	0.20	36.80
Income Taxes Payable	0	0	0	0	0
Other Accruals	0	0	0	0	0
Other Assets/Liabilities	0	0	0	0	0
Net Operating Cash Flow	81.70	86.10	92.50	113.40	92.20
Capital Expenditures	37.40	34.50	49.30	26.90	49.30
Capital Expenditures (Fixed Assets)	37.40	34.50	49.30	26.90	49.30
Capital Expenditures (Other Assets)	0	0	0	0	0
Net Assets from Acquisitions	-293.30	-5.70	-1.30	-1.90	-0.10
Sale of Fixed Assets & Businesses	68	13.20	25.60	11.40	6.50
Purchase/Sale of Investments	0	0.90	59.90	1.20	0
Purchase of Investments	0	-2.10	0	0	0
Sale/Maturity of Investments	0	3	59.90	1.20	0
Other Uses	0	0	0	0	0
Other Sources	1.10	0.50	0	0	0.80
Net Investing Cash Flow	-261.60	-25.60	34.90	-16.20	-42.10
Cash Dividends Paid - Total	-27.70	-30.80	-32.30	-24.30	-25.40
Common Dividends	-27.70	-30.80	-32.30	-24.30	-25.40
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	39.70	0.30	0	0	-0.10
Repurchase of Common & Preferred Stk.	0	-0.20	0	0	-0.20
Sale of Common & Preferred Stock	39.70	0.50	0	0	0.10
Proceeds from Stock Options	39.70	0	0	0	0.10
Other Proceeds from Sale of Stock	0	0.50	0	0	0
Issuance/Reduction of Debt, Net	178.40	-7.70	-28.60	-152.60	-2.20
Change in Current Debt	0	1.40	-1.40	0	0
Change in Long-Term Debt	178.40	-9.10	-27.20	-152.60	-2.20
Issuance of Long-Term Debt	343	111.90	132.90	0	0
Reduction in Long-Term Debt	-164.60	-121	-160.10	-152.60	-2.20
Other Funds	0	-7.80	0	0	0
Other Uses	0	-7.80	0	0	0
Other Sources	0	0	0	0	0
Net Financing Cash Flow	190.40	-46	-60.90	-176.90	-27.70
Exchange Rate Effect	0	0.90	0.70	-0.30	0
Miscellaneous Funds	0.00	0.00	0.00	-0.00	-0.00
Net Change in Cash	10.50	15.40	67.20	-80	22.40
Free Cash Flow	16.60	20.80	10.90	62.20	17.50

Analysis Data

	2007	2008	2009	2010	2011
Fiscal Year End	2007-03-31	2008-03-31	2009-03-31	2010-03-31	2011-03-31
Valuation
Market Capitalisation	882.10	624.02	350.82	495.48	478.97
Price/Earnings	15.98	11.41	4.63	9.16	8.32
Price/Sales	0.65	0.40	0.21	0.30	0.30
Price/Book Value	2.60	1.63	1.00	1.71	1.31
Price/Cash Flow	10.47	7.26	3.81	4.41	5.29
Enterprise Value/EBIT	18.59	12.35	9.33	9.46	8.27
Enterprise Value/EBITDA	11.42	7.94	5.86	6.21	5.74
Enterprise Value/Sales	0.99	0.69	0.49	0.53	0.50
Total Debt/Enterprise Value	0.36	0.46	0.69	0.44	0.46
Total Debt/EBITDA	4.07	3.64	4.05	2.76	2.65
EPS (basic)	41.70	41.10	56.80	40.60	43.20
EPS (diluted) as stated	41.39	39.91	56.27	40.18	42.37
Profitability
Gross Margin (%)	31.39	29.06	28.25	29.33	29.45
Operating Margin (%)	5.32	5.61	5.23	5.63	6.10
Pretax Margin (%)	4.37	3.71	5.82	4.77	4.86
Net Margin (%)	4.06	3.39	4.58	3.31	3.58
Return on Assets (%)	5.46	4.55	5.89	4.37	4.93
Return on Equity (%)	18.11	14.74	20.52	16.82	17.55
Return on Avg. Total Capital (%)	7.91	6.32	8.43	6.82	8.13
Return on Avg. Invested Capital (%)	9.00	6.95	8.57	6.84	8.56
Efficiency
Revenue/Employee	0.16	0.19	0.20	0.22	0.25
Receivables Turnover	9.18	9.55	10.64	12.48	11.82
Days of Sales Outstanding (DSO) (%)	39.78	38.23	34.29	29.24	30.88
Inventory Turnover	5.28	7.25	6.62	6.55	7.12
Days of Inventory on Hand (DIO)	69.10	50.31	55.16	55.70	51.30
Total Asset Turnover	1.35	1.34	1.29	1.32	1.38
Working Capital Turnover	96.27	13.29	8.21	25.50	205.71
Liquidity
Current Ratio	1.04	1.44	1.82	1.26	1.02
Quick Ratio	0.58	0.85	1.01	0.63	0.56
Capital Structure
Debt-to-Total Equity (%)	135.99	130.50	157.65	132.92	102.13
Debt-to-Total Capital (%)	57.62	56.62	61.19	57.07	50.53
Debt-to-Total Assets (%)	41.93	40.31	42.03	33.56	31.57
Interest Coverage	3.63	3.36	2.88	4.06	4.73

Market data

Name	Latest	Var
FTSE 100	5,338.38(c)	-1.24%
FTSE 250	10,592.94(c)	-0.77%
DOW INDUSTRIALS	12,490.89	-0.85%
HONG KONG HANG SENG INDIC	19,200.93	+0.00%
Nikkei 225	8,876.59(c)	+0.00%

Name	Latest	Var
RANDGOLD RES.	4,855.00(c)	+4.63%
ICAP	342.00(c)	+1.63%
NATIONAL GRID	675.00(c)	+1.43%
ANTOFAGASTA	1,026.00(c)	+1.38%
CENTRICA	311.90(c)	+1.10%

Name	Latest	Var
INTL. CONS. AIR GRP	143.50(c)	-6.02%
AVIVA	267.70(c)	-4.70%
GKN	184.30(c)	-4.21%
HARGREAVES LANS	480.70(c)	-4.15%
MAN GROUP	78.55(c)	-4.09%

Buys

Name	Latest	Var
AVIVA	267.70(c)	-4.70%
LAMPRELL	128.50(c)	+1.18%
RED EMPEROR RES	18.00(c)	-41.46%
LLOYDS GRP.	27.65(c)	-3.56%
RANGE RES.	7.25(c)	-16.47%

Sells

Name	Latest	Var
RED EMPEROR RES	18.00(c)	-41.46%
RANGE RES.	7.25(c)	-16.47%
BP	396.65(c)	-0.75%
AVIVA	267.70(c)	-4.70%
VODAFONE GRP.	165.90(c)	-1.19%

Selftrade is a trading name and Selftrade® a registered trademark of Talos Securities Limited, which is authorised and regulated by the Financial Services Authority (FSA Register number 208271) and is a member of the London Stock Exchange and PLUS Markets. Talos Securities Ltd is incorporated in England and Wales (Registration No. 4196325, Registered Address: Boatman's House, 2 Selsdon Way, London E14 9LA). VAT No. 629 2807 22.

Data: include Bondscape, Dow Jones, Factset, FTSE, Morningstar. Conditions may apply.

DAIRY CREST

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

Analysis Data

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