Cargill Incorporated - 2nd Qtr & Intm. Results, etc
26 Enero 1998 - 9:37AM
UK Regulatory
RNS No 1273p
CARGILL INCORPORATED
13th January 1998
CARGILL, INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
NOVEMBER 30, 1997 AND 1996
(IN MILLIONS)
(UNAUDITED)
AT NOVEMBER 30
ASSETS 1997 1996
CURRENT ASSETS
CASH AND CASH EQUIVALENTS $ 528 $ 771
TRADING SECURITIES 5,500 5,940
ACCOUNTS RECEIVABLE, NOTES
RECEIVABLE AND ACCRUED INCOME, NET 4,824 5,130
INVENTORIES 5,856 5,276
OTHER CURRENT ASSETS 1,375 1,074
TOTAL CURRENT ASSETS 18,083 18,191
OTHER ASSETS
MISCELLANEOUS RECEIVABLES
AND ASSETS 1,445 1,167
PROPERTY
OWNED PROPERTY, PLANT
AND EQUIPMENT 11,362 10,589
PROPERTY UNDER CAPITAL LEASES 254 266
CONSTRUCTION IN PROGRESS 927 825
12,543 11,680
LESS ACCUMULATED DEPRECIATION
AND AMORTIZATION 6,808 6,503
NET PROPERTY 5,735 5,177
TOTAL ASSETS $ 25,263 $ 24,535
AT NOVEMBER 30
1997 1996
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES
SHORT-TERM DEBT $ 6,642 $ 8,268
SECURITIES SOLD WITH AGREEMENT
TO REPURCHASE 1,028 549
ACCOUNTS PAYABLE AND ACCURRED
EXPENSES 6,201 5,464
ACCRUED INCOME TAXES 287 357
TOTAL CURRENT LIABILITIES 14,158 14,638
OTHER LIABILITIES
LONG-TERM DEBT 2,486 1,574
OBLIGATIONS UNDER
CAPITAL LEASES 142 156
GUARANTEE OF ESOP DEBT 602 627
DEFERRED INCOME TAXES 383 259
OTHER DEFERRED LIABILITIES 415 418
TOTAL LIABILITIES 18,186 17,672
PREFERRED STOCK OF
SUBSIDIARIES 61 60
MINORITY INTERESTS
IN SUBSIDIARIES 404 398
STOCKHOLDERS' EQUITY
PREFERRED STOCK 10 10
MANAGEMENT STOCK, AT PAR VALUE 1 1
COMMON STOCK 2 2
ADDITIONAL PAID-IN CAPITAL 47 45
RETAINED EARNINGS 7,170 6,895
UNEARNED ESOP COMPENSATION (533) (573)
ACCUMULATED TRANSLATION
ADJUSTMENT (85) 26
MINIMUM PENSION LIABILITY
ADJUSTMENT - (1)
TOTAL STOCKHOLDERS' EQUITY 6,612 6,405
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 25,263 $ 24,535
Certain 1996 balance sheet accounts have been reclassified to conform with the
current year presentation. The Consolidated Balance Sheet has been prepared from
the books and records of the Company including interim estimates that have
been subjected to external audit verification. In my opinion, the Consolidated
Balance Sheet is fairly stated and in conformity with generally accepted
accounting principles.
CARGILL, INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS
Six Months Ended November 30, 1997 and 1996
(In Millions)
(Unaudited)
Six Months Ended
11/30/97 11/30/96
CONSOLIDATED STATEMENT OF EARNINGS
Sales and other revenues $ 25,733 27,532
Cost of sales and other revenues 23,553 25,172
Gross Profit 2,180 2,360
Expenses:
Selling, general and administrative expenses 1,063 1,029
Depreciation and amortization of property 351 331
Interest on long-term debt 87 63
Interest on short-term debt 315 258
Other (income)/expense (40) (15)
Earnings of consolidated companies before
income taxes 404 694
Income tax expense 137 193
Earnings of consolidated companies 267 501
Add equity in net earnings (losses) of
nonconsolidated companies (125) 15
Deduct dividends paid on preferred
stock of subsidiaries (1) (1)
Deduct minority interests in net earnings
of consolidated subsidiaries (17) (29)
NET EARNINGS $ 124 486
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
Retained earnings at beginning of period $ 7,135 6,487
Net earnings for period 124 486
Add/(deduct):
Cash Dividends (86) (81)
Tax benefit on ESOP dividends 10 9
Redemption of ESOP common shares (13) (6)
RETAINED EARNINGS AT END OF PERIOD $ 7,170 6,895
Certain 1996 earnings and retained earnings accounts have been reclassified to
conform with the current year presentation. The Consolidated Statements of
Earnings and Retained Earnings have been prepared from the books and records of
the Company including interim estimates that have not been subjected to external
audit verification. In my opinion, the Consolidated Statements of Earnings and
Retained Earnings are fairly stated and in conformity with generally accepted
accounting principles.
CARGILL, INCORPORATED
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Six Months Ended November 30, 1997 Compared with Six Months Ended November 30,
1996
Net earnings of $124 million for the first six months ended November 30, 1997
were 75 percent below the level of $486 million for the comparable period in
fiscal 1997.
The net earnings contribution of the Commodity Trading and Processing segment in
the first six months of fiscal 1998 was down 45 percent from that in the
comparable period in fiscal 1997. Processing industry overcapacity and
uncertainty in various commodity markets negatively impacted a number of the
Company's commodity trading and processing businesses. North American corn
milling operations suffered from these market dynamics, and from high raw
material costs. North American and European oilseed processing experienced
record low oilseed stocks early on, but an ample new soybean crop, along with
very strong demand, sharply improved the earnings contributions of these
businesses compared to those in the previous year's fiscal six-month period.
The Company's North American flour milling business increased its net earnings
contribution over that of the first half of fiscal 1997; however, margins in
Latin American dry milling operations suffered from a severe market share battle
in Argentina. The Company's North American beef processing business increased
its contribution to net earnings due to ample cattle supplies and strong sales.
The contribution of the phosphate fertilizer production business was strong
although lower than the level of the prior year's comparable period. The
worldwide seed business suffered a loss as Argentina and Brazil shifted planting
away from hybrid corn. Competition for remaining acres significantly reduced
margins. The worldwide juice business decreased its net earnings contribution as
high fruit prices and an oversupply of worldwide juice stocks squeezed margins,
Net earnings of the salt business, boosted by a gain on the sale of land in
California, exceeded those of the first six months of fiscal 1997. Grain
merchandising performance was significantly below that of the prior year's
comparable period due to shifts in market fundamentals and to reduced handling
income resulting from undersupply of grain in the market. Results in the coffee
trading business fell below those of the prior year's first half. Cotton more
than doubled its earnings contribution over the first six months of fiscal 1997
due to both good trading performance and strong results from its Zimbabwe cotton
ginning operations. Sugar trading surpassed its prior year's first half results
by strengthening its origination and marketing capabilities.
The Industrial segment's contribution to net earnings increased by 18 percent
over its level in the first six months of fiscal 1997. Healthy demand for
finished steel, driven by the strong US economy, led to increased net earnings
contributions by the Company's established steel minimills. The negative effect
of start-up costs began to diminish at the Company's new mills in Arizona and
Ohio. The Company's wire production business posted a modest net earnings
increase over that in the first half of fiscal 1997. Ferrous trading achieved
high volume, but declining selling prices affected margins.
END
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