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I N T E R I M R E S U L T S 3 September 2003

I N T E R I M R E S U L T S 3 September 2003. Financial Highlights. Key Features. Improved trading pattern Good volume growth Stable first half pricing Margin improvement from productivity and plant yields Porcine casing becoming established Little impact from currency.

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I N T E R I M R E S U L T S 3 September 2003

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  1. I N T E R I M R E S U L T S 3 September 2003

  2. Financial Highlights

  3. Key Features • Improved trading pattern • Good volume growth • Stable first half pricing • Margin improvement from productivity and plant yields • Porcine casing becoming established • Little impact from currency

  4. Sales Analysis 2003Sales change vs 2002

  5. Regional sales 2003Sales change vs 2002 • Steady performance in UK / Ireland • Recovery in Germany • Strong performance in Eastern Europe and Russia • Pricing and transactional exchange

  6. Regional sales 2003Sales change vs 2002 • Market share gain in domestic US market • Strong growth in Latin America • Adverse price / mix impact • Impact of weak US$

  7. Regional sales 2003Sales change vs 2002 • Solid sales performance in Australia / New Zealand • Reduction of volumes in South East Asia • Strong recovery of volumes in Japan

  8. Regional sales 2003 Sales change vs 2002

  9. Profit and Loss

  10. Earnings and Dividend

  11. Balance Sheet

  12. Cash Flow

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