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Name | Symbol | Market | Type |
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Hsbc Bk. 27 | LSE:73GM | London | Medium Term Loan |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
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 QRSPBUCCGBGRGUQ
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