Jefferson Smurfit Group PLC Interim Statement for the 6 Months to June 30, 1999.DUBLIN, Ireland --(BUSINESS WIRE)--Sept. 1, 1999-- Jefferson Smurfit Group plc (NYSE NYSE See: New York Stock Exchange : JS) today announced interim results for the period ended June 30, 1999: NOTE: E = EURO DOLLAR Period in Review As a consequence of substantial structural change in the form of North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. industry consolidation, 1998 was a watershed watershed, elevation or divide separating the catchment area, or drainage basin, of one river system or group of river systems from another system or group of systems. The term is also often used synonymously with drainage basin. year for the Group. 1999 is clearly a transition year. We are emerging from a period of generally weak demand and exceptionally poor product pricing to a period of increasing strength. Pre-tax profits of E70 million and EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of 3.3 cent should represent a cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. trough Trough The stage of the economy's business cycle that marks the end of a period of declining business activity and the transition to expansion. for the Group's earnings. These figures represent a 42% and 58% decrease relative to the comparable period last year. The global containerboard con·tain·er·board n. A corrugated or solid cardboard used to make containers. industry is now experiencing a pronounced and, we believe, sustainable recovery. North American product pricing has increased twice in a period when the growth in demand, while positive, has been below historic levels. Proof positive that more rational capacity management is demonstrating the potential to return value to the industry's shareholders. Jefferson Smurfit Group The progress of SSCC SSCC Serial Shipping Container Code (EAN barcoding) SSCC Sacred Hearts of Jesus and Mary (religious order) SSCC Space Station Control Center SSCC Sulphide Stress Corrosion Cracking , the Group's 33% US owned associate, has been well documented. It is exceeding expectations and has become a model of efficient capacity management within the US industry. Our fundamental disposition is to build value and not merely to rationalize ra·tion·al·ize v. 1. To make rational. 2. To devise self-satisfying but false or inconsistent reasons for one's behavior, especially as an unconscious defense mechanism through which irrational acts or feelings are made to appear . However, without the actions that SSCC and some others have taken, the industry's prospects would not be dramatically different from before. The status quo [Latin, The existing state of things at any given date.] Status quo ante bellum means the state of things before the war. The status quo to be preserved by a preliminary injunction is the last actual, peaceable, uncontested status which preceded the pending controversy. was not an option; we needed quantum not incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. change. From a Group perspective, we are already benefiting from an increasingly favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. global pricing environment. Operations in contiguous Adjacent or touching. Contrast with fragmentation. See contiguous file. countries, Canada and Mexico, have been the most immediate beneficiaries of the improved supply and demand balance within the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Smurfit MBI MBI Management Buy-In MBI Moody Bible Institute MBI Mathematical Biosciences Institute MBI Modular Building Institute MBI Mechanical Breakdown Insurance MBI Molecular Biology Institute MBI Maslach Burnout Inventory (psychometrics) , our Canadian subsidiary, is progressing well, increasing both operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: and sales volume. European recovery, while taking longer than anticipated, should be more pronounced than originally envisaged. The conclusion of the SSCC merger will, in time, enable the broader group to resume growth in the US. North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. continues to drive world pricing for containerboard. Industry Environment Turning now to the broader industry environment, there are a number of other 'firsts', in the current cycle, which are equally encouraging and which, we believe, will contribute to a period of sustained profitability. We have seen permanent closures of high cost or inefficient capacity. This has resulted in the most benign planned capacity outlook in 40 years. There appears to be a growing recognition that greenfield Greenfield, town (1990 pop. 18,666), seat of Franklin co., NW Mass., at the confluence of the Deerfield and Green rivers, near their junction with the Connecticut; settled 1686, set off from Deerfield and inc. 1753. capacity expansion is no longer a capital efficient way to grow. Equally, there appears to be a recognition that the level of capital expenditure within this industry has, at times, been excessive. For the first time on record, capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. is expected to be less than depreciation. Product prices were increased in a seasonally soft period. Finally, inventories have reversed their seasonal pattern of increase through the summer months through better capacity management. This is, in effect, recovery through industry restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). , and perhaps reflects a fundamental change and not just a cyclical recovery. Assuming continued general economic growth, a resumption RESUMPTION. To reassume; to promise again; as, the resumption of payment of specie by the banks is general. It also signifies to take things back; as the government has resumed the possession of all the lands which have not been paid for according to the requisitions of the law, and the of normal demand growth from Asia and that the interest rate outlook remains favorable, we believe that this cycle has the potential to be structurally different in terms of a sustained improvement in profitability. Strategic and Financial Focus The Group has continued to sharpen sharp·en tr. & intr.v. sharp·ened, sharp·en·ing, sharp·ens To make or become sharp or sharper. sharp its product focus through the disposal of non-core assets. During the period we sold two Irish-based finance companies, Smurfit Paribas and Smurfit Finance. These transactions are a further step in the continuing process of unlocking value from non-core assets. The significant value realized from these disposals is a tribute to those who built the businesses. We would like to express our sincere gratitude for their contribution to the Group. Consistent with our focus on cash, we will continue to reduce costs and exercise restraint in our capital programs. The consequent con·se·quent adj. 1. a. Following as a natural effect, result, or conclusion: tried to prevent an oil spill and the consequent damage to wildlife. b. objective is to generate significant available cashflow to further strengthen the Group's financial position. Dividend Policy Reflecting a commitment to increase shareholder value, the Company's intention is, and has been, to pursue a prudent policy of sustainable dividend growth. Accordingly, the Board has declared a second interim dividend for 1999 of 2.35 cent per share to be paid on November 1, 1999 to shareholders on the record on October 1, 1999. This is a second interim dividend for 1999. The first interim dividend, paid on March 31, 1999, was in lieu of Instead of; in place of; in substitution of. It does not mean in addition to. a final dividend for 1998 brought forward to avail of a tax credit which was phased out in April 1999, thus maximizing the benefit to shareholders. Consistent with this policy, the second interim dividend is a nominal increase of 2% on the comparable dividend paid in October 1998. The increase should be seen in the context of the trading performance in the first six months and, thought modest, is an indication of our confidence in the increasingly favorable operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. going forward. Outlook There is increasingly less skepticism about the prospects for a sustained recovery. However, the speed of the industry's recovery has led many to raise the possibility of a further price increase in the current year. In our view this would be one increase too many. It is time to apply the lessons of 1995, when the industry pushed product prices too far, too fast. The pace of recovery was only matched by the speed of the subsequent downturn. Following a period of consolidation, the industry's current structure is increasingly supportive of a less cyclical era for product prices. Put simply, higher lows and lower highs would be equally constructive for both the industry's customers and its shareholders. Our objective is to develop innovative pricing strategies There are many ways in which the price of a product can be determined. The following are the foremost strategies that businesses are likely to use. Competition-based pricing Setting the price based upon prices of the similar competitor products. that reward the shareholder yet respect the customer. A detailed operations review follows. OPERATIONS REVIEW EUROPE Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight from the Group's European operations amounted to E1.293 billion in the first six months of 1999 against E1.371 billion in the first half of 1998. This represents a decrease of 5.7%. Profit before interest, exceptional items and tax declined 33% to E77 million against E115 million in 1998. Lower operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. in Europe are attributable to a number of factors. First, there was a reduced contribution from the Group's kraftliner mills. This was due to a weaker pricing environment coupled with a five week maintenance-related shut-down and boiler boiler, device for generating steam. It consists of two principal parts: the furnace, which provides heat, usually by burning a fuel, and the boiler proper, a device in which the heat changes water into steam. rebuild at the Facture fac·ture n. The manner in which something, especially a work of art, is made: "the gummy surfaces, spectral smudges and woozy contours that . . . mill in France. A further factor impacting profitability was the disposal of Condat, the French white paper mill, in late 1998. The other significant factor affecting performance was a slow down in European industrial production in the first quarter. This trend was reversed in the second quarter. Consequently, demand for corrugated cor·ru·gate v. cor·ru·gat·ed, cor·ru·gat·ing, cor·ru·gates v.tr. To shape into folds or parallel and alternating ridges and grooves. v.intr. cases, in most of our product markets, was broadly in line with 1998 levels. In Ireland, corrugated demand declined (in line with the broader market) by 5% and experienced downward price pressure. Against that, the Group's print and carton operations performed well and other operations were in line with 1998. The UK corrugated market remained difficult in the first half of 1999 as a consequence of overcapacity o·ver·ca·pac·i·ty n. Too great a capacity for production of commodities or delivery of services in relation to actual need: the problem of overcapacity in many large industries. and generally weak demand. Corrugated demand declined 5%. Due to cost reductions, however, the overall operating result was similar to 1998. Corrugated demand in France, which is the most significant European market for the Group, declined by less than 0.5% against 1998 levels. Demand for recycled containerboard increased modestly. Prices for corrugated were broadly similar, but paper prices were lower than 1998. In overall terms, the corrugated and recycled mill operations in France experienced a small decrease in profitability. The Italian corrugated operations improved their performance from a very weak 1998 through selective volume increases, and also as a consequence of capital investment and cost reductions in recent years. Corrugated demand was in line with 1998 levels; containerboard demand declined 2%. However, product prices were, on average, lower than the comparable period last year. Spain was the exception in terms of corrugated demand which increased by 5% against 1998 levels. Recycled containerboard and sackpaper demand also increased. Overall profits for the country were lower than in 1998, primarily due to weaker than expected sack kraft prices. Netherlands corrugated profitability fell primarily as a consequence of weak demand; corrugated demand declined 3%. While European graphic board volumes increased by 4.5%, lower product prices adversely impacted profitability. Germany also experienced weak demand for both containerboard and corrugated and lower average pricing for containerboard, leading to a decline in profitability for the period. Despite higher mill shipments, profitability at Nettingsdorfer, the Austrian kraftliner mill, declined on 1998 levels due primarily to weak kraftliner pricing. The company's Italian corrugated operations had a good half year in terms of increased demand. Weaker corrugated prices reduced profitability in the Austrian corrugated operation. The European sack operations reported flat volumes but slightly lower prices in 1999 than in 1998, and recorded a small drop in profits. European Associate Companies Munksjo, a 33% owned associate, reported pre-tax profits 29% lower than the first half of 1998. The decrease was primarily due to price weakness in its pulp and paper operations. Prices improved in the latter part of the first half. Navarra, a 33% owned associate, which is a Spanish producer of MG kraft and corrugated, also reported reduced profitability as a consequence of lower average product pricing. LATIN AMERICA Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. Net sales from the Group's Latin American operations amounted to E283 million in the first six months of 1999 against E293 million in the first half of 1998. This represents a decrease of 3.4%. Profit before interest, exceptional items and tax declined 11.7% to E30 million against E34 million in 1998. Again, the performance of individual markets within the region was mixed reflecting a combination of political and economic factors some of which are discussed below. Mexico continues to be the Group's best performer in the region. While demand for packaging from the Group's Mexican operations was in line with 1998 levels, product pricing increased. The result was increased profitability in the Group's containerboard and boxboard box·board n. A firm cardboard used for making boxes. divisions. The Colombian economy continued to be very depressed during the first half of the year and, as a consequence, both volumes and prices for containerboard and corrugated were below 1998 levels. Demand for corrugated declined 2.5%. Resulting profitability was reduced sharply. The Venezuelan economy also declined in the first half of the year. Demand for corrugated declined by over 20%. The outcome was an overall reduction in profitability for Group's operations in Venezuela. The operations in Argentina showed very significant corrugated demand and market share growth over 1998 levels, as a result of recent investment in this market. Pricing, however, remained under downward pressure. UNITED STATES AND CANADA Net sales from the Group's subsidiaries in the US and Canada amounted to E112 million in the first six months of 1999 against E117 million in the first half of 1998. This represents a decrease of 4%. Profit before interest, exceptional items and tax from both subsidiaries and associated companies associated company associate n → Partnerfirma f associated company n → società collegata increased 23% to E70 million against E57 million in 1998. Smurfit Packaging Corporation A decline in both sales and profits for the wholly owned US operations was partly due to the sale of the linerboard lin·er·board n. A type of paperboard used in making corrugated cartons. machine in the Fernandina Beach mill to SSCC in November 1998. A further cause of the decline was a poor newsprint newsprint low grade paper used for newspapers. Old newspapers are fed to cattle as an alternative roughage and may occasionally be ingested by dogs. Significant amounts of lead are accumulated in tissues; no cases of poisoning have been recorded in cattle, though it has been market with declining prices and demand against 1998 levels. The voting and print operations also had a poorer first half than 1998. This was mainly due to 1999 not being an election year in the US, with a consequent impact on profitability. Smurfit MBI Smurfit MBI, the Canadian corrugated operation (owned 50% by Group and 50% by SSCC), was consolidated with effect from June 1, 1999. Smurfit MBI posted strong corrugated shipments in the period and continues to perform well. SSCC SSCC reported pretax losses pretax loss A loss reported before tax benefits are considered. from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of US$155 million in the first half of 1999 as against a pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern profit for JSC JSC Johnson Space Center (NASA) JSC Joint Stock Company JSC Java Studio Creator JSC Joint Steering Committee JSC Joint Standing Committee JSC Journal of Symbolic Computation JSC Joint Scientific Committee in the first half of 1998 of US$14 million. Operating profits for SSCC were US$213 million, up from US$102 million reported by JSC in the first half of 1998. The US operating environment remains buoyant Buoyant The term used to describe a commodities market where the prices generally rise with ease when there are considerable signals of strength. Notes: These types of markets can be very volatile as the prices are rapid to rise and fall with investor sentiment. and SSCC continues to exceed expectations in terms of synergies and asset sales. FINANCIAL REVIEW Overall, the first half of 1999 has been a very difficult one for the Group with profitability substantially down relative to the comparable period last year. Underlying the decline are the generally weak economic conditions which prevailed in both Europe and Latin America combined with lower average product pricing. Profit before taxation was E70 million for the half-year compared to E120 million in the six months to June 1998. The Group is reporting earnings per share of 3.3 cent compared to 7.9 cent. Group operating profit for the six months to June 1999 was E182 million compared to E197 million in the comparable period last year. Profits before interest, exceptional items and tax declined in Europe and, to a lesser extent, in Latin America. In the United States and Canada, operating profits grew as a consequence of the increased scale of SSCC, the Group's 33% owned associate and the consolidation of Smurfit MBI. These were partly offset by the sale of the No.2 machine in Fernandina in the fourth quarter of 1998. The total net interest charge was substantially higher as a result of both reduced interest income, primarily from the Group's increased investment in SSCC following the merger of JSC and Stone Container Corporation and the substantial increase in the interest charge arising in SSCC itself. With operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. in certain countries not resulting in corresponding tax credits, the overall tax rate for the Group and its associates was artificially high at 45% compared to 27% in the six months to June 1998. The combination of substantially reduced pre-exceptional earnings and the higher effective tax rate is reflected in the decline in the pre-exceptional EPS for the half-year from 8.0 cent to 1.0 cent. Exceptional items for the first half were E32 million, principally in respect of the gains arising on the disposal of non-core businesses. The following table sets out summary cash flows for the first half of 1999 and 1998. Group net debt at June 30, 1999 was E1,134 million, giving a net debt to equity ratio The debt to equity ratio (D/E) is a financial ratio indicating the relative proportion of equity and debt used to finance a company's assets. It is equal to total debt divided by shareholders' equity. of 52% (net debt to total capitalization Total capitalization The total long-term debt and all types of equity of a company that constitutes its capital structure. total capitalization See capitalization. 34%) at the end of June. Group net debt has increased by E146 million since the year-end. The major inflows for the period consisted of E42 million from operations, E46 million from disposals and E102 million from depreciation. The significant outflows for the period consisted of E86 million of capital expenditure (net of sales of fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → ), taxation of E48 million and dividend payments of E47 million. The consolidation of Smurfit MBI for the first time resulted in additional acquired debt of E51 million. Unrealized currency translation adjustments for the period increased our debt by E105 million and arose chiefly on our US Dollar and Sterling debt following the significant weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. of the
euro since the year end.-0- Summary Cash Flows 1999 1998 E Million E Million Profit before taxation - subsidiaries only 81 93 Exceptional items (32) (5) Depreciation net of government grants 102 91 Working capital change (7) (55) Capital expenditure (92) (98) Sales of fixed assets 6 7 Tax paid (48) (9) Other 4 (8) Free cash flow 14 16 Investments (3) (23) Sale of businesses and investments 46 24 Dividends (47) (42) Net cash inflow/(outflow) 10 (25) Debt acquired (51) 9 Currency translation adjustments (105) (36) Increase in net borrowing (146) (52) Free cash flow - cent per share 1.3 1.4 -0- Year 2000 Upgrade plans are being implemented to deal with all known Year 2000 compliance issues. Some system enhancement projects have been accelerated in order to replace existing systems that could not have been brought into compliance by the end of the year. For systems stated to be Year 2000 compliant a. 1. (Computers) having dates fully and properly represented, and not susceptible to failure due to the year 2000 bug. we are close to completing the process of exhaustive testing (programming) exhaustive testing - Executing a program with all possible combinations of inputs or values for program variables. to verify compliance in an operational environment. All Year 2000 programs will be complete by the end of the third quarter of 1999. Up to the millennium changeover (programming) changeover - The time when a new system has been tested successfully and replaces the old system. date, management will focus on the authentication (1) Verifying the integrity of a transmitted message. See message integrity, e-mail authentication and MAC. (2) Verifying the identity of a user logging into a network. of compliance plans, the additional evaluation of compliance programs of customers and mission critical suppliers, the completion of contingency plans A plan involving suitable backups, immediate actions and longer term measures for responding to computer emergencies such as attacks or accidental disasters. Contingency plans are part of business resumption planning. and communication with other interested parties. Jefferson Smurfit Group ADRs, each equal to ten ordinary shares, trade on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors JS. Jefferson Smurfit Group ordinary shares trade in Dublin and London, and information can be accessed on Bloomberg under the symbols SMFT SMFT Semi-trailer Mounted Fabric Tank SMFT So Much For That .ID and SMFT.LN respectively and on Reuters under SMFT.I and SMFT.L. Additional information is available on Jefferson Smurfit Group's home page: http://www.smurfit.ie (Tables to Follow) -0-
Jefferson Smurfit Group plc
Summary Group Profit and Loss Account
6 Months to 6 Months to 12 Months to
Jun 30, 1999 Jun 30,1998 Dec 31,1998
E 000 E 000 E 000
Unaudited Unaudited Audited
Turnover - continuing 1,688,399 1,781,140 3,666,850
Cost of sales 1,246,769 1,276,456 2,645,977
Impairment of fixed
assets - - 67,754
Gross profit 441,630 504,684 953,119
Net operating expenses 343,248 381,818 776,141
Reorganization and
restructuring costs - - 24,425
Operating profit
- continuing 98,382 122,866 152,553
Share of associates'
operating profit 78,476 82,741 134,599
Share of associates'
exceptional items 5,085 (9,101) (101,004)
Group operating profit 181,943 196,506 186,148
Profit on business
disposals 31,532 5,283 200,890
Group net interest (49,306) (35,432) (81,678)
Share of associates' net
interest (94,055) (46,058) (88,209)
Total net interest (143,361) (81,490) (169,887)
Profit before taxation 70,114 120,299 217,151
Taxation
Group 32,131 21,602 65,011
Share of associates (439) 10,295 (25,509)
31,692 31,897 39,502
Profit after taxation 38,422 88,402 177,649
Equity minority interests 2,603 2,612 7,084
Profit for the financial
period 35,819 85,790 170,565
Dividends (including
Preference) 66,245 65,718 65,720
Retained profits E(30,426) E20,072 E104,845
Earnings per ordinary
share - Basic and
Diluted 3.3c 7.9c 15.7c
Earnings per ordinary share
Before exceptional items -
Basic and Diluted 1.0c 8.0c 12.9c
Jefferson Smurfit Group plc
Segmental Analyses
Sales - third party
6 Months to 6 Months to 12 Months to
Jun 30, 1999 Jun 30, 1998 Dec 31, 1998
E 000 % E 000 % E 000 %
Europe 1,293,493 76.6 1,370,751 77.0 2,884,461 78.7
United States and
Canada 111,515 6.6 116,873 6.6 226,901 6.2
Latin America 283,391 16.8 293,516 16.4 555,488 15.1
E1,688,399 100.0 E1,781,140 100.0 E3,666,850 100.0
Associates third party
sales E3,526,719 E1,946,215 E3,648,443
Share of
associates E1,195,809 E832,162 E1,592,705
Sales - Group and third party
6 Months to 6 Months to 12 Months to
Jun 30, 1999 Jun 30, 1998 Dec 31, 1998
E000 % E000 % E000 %
Europe 1,632,096 74.4 1,732,466 74.4 3,609,058 76.0
United States and
Canada 111,513 5.1 121,302 5.2 237,014 5.0
Latin America 449,221 20.5 475,860 20.4 899,499 19.0
E2,192,830 100.0 E2,329,628 100.0 E4,745,571 100.0
Profit before interest, exceptional items and taxation
6 Months to 6 Months to 12 Months to
Jun 30, 1999 Jun 30, 1998 Dec 31, 1998
E 000 % E 000 % E 000 %
Europe 77,420 43.8 115,220 56.0 234,357 61.8
United States and
Canada 69,404 39.2 56,357 27.4 92,665 24.4
Latin America 30,034 17.0 34,030 16.6 52,309 13.8
Profit before
interest, exceptional
Items and
taxation 176,858 100.0 205,607 100.0 379,331 100.0
Group net
interest (49,306) (35,432) (81,678)
Share of associates'
net interest (94,055) (46,058) (88,209)
Profit before
exceptional items 33,497 124,117 209,444
Exceptional Items
Profit on business
disposals 31,532 5,283 200,890
Impairment of fixed
assets - - (67,754)
Reorganization and
restructuring costs - - (24,425)
Share of associates'
Exceptional items 5,085 (9,101) (101,004)
Profit before
taxation E70,114 E120,299 E217,151
Jefferson Smurfit Group plc
Summary Group Balance Sheet as at
Jun 30, 1999 Jun 30, 1998 Dec 31,1998
E 000 E 000 E 000
Unaudited Unaudited Audited
Assets Employed
Fixed Assets
Intangible Assets 87,743 - 11,853
Tangible assets 2,129,636 2,073,576 2,004,026
Financial assets 1,278,635 806,055 1,310,095
3,496,014 2,879,631 3,325,974
Current Assets
Stocks 348,278 329,046 334,581
Debtors 920,641 842,142 741,495
Cash and short term
investments 455,704 1,098,648 1,029,243
1,724,623 2,269,836 2,105,319
Creditors (amounts falling due
Within one year) 1,234,564 1,296,726 1,198,859
Net current assets 490,059 973,110 906,460
Total assets less current
liabilities E3,986,073 E3,852,741 E4,232,434
Financed by
Creditors (amounts falling due
After more than
one year) 1,381,737 1,495,886 1,758,609
Government grants 11,249 11,354 10,468
Provisions for liabilities
and charges 228,483 202,622 226,300
1,621,469 1,709,862 1,995,377
Capital and Reserves
Called up share
capital 351,481 351,248 351,415
Share premium 98,853 98,105 98,595
Revaluation reserve 10,579 10,579 10,579
Other reserves 1,015 1,015 1,016
Profit and loss account 1,717,960 1,574,723 1,634,479
Group shareholders' funds
(equity interests) 2,179,888 2,035,670 2,096,084
Minority interests
(equity interests) 184,716 107,209 140,973
2,364,604 2,142,879 2,237,057
E3,986,073 E3,852,741 E4,232,434
These financial statements do not constitute full accounts and
except where indicated are unaudited. Full accounts for the year
ended December 31, 1998, which received an unqualified audit report,
have been filed with the Irish Registrar of Companies.
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