2006 Preliminary Results

1
2006 Preliminary Results
2
Table of Contents
Introduction to IAWS Group, plc 2 Ope
rational Highlights to 31st July
2006 3 Preliminary Results Highlights
to 31st July 2006 4 2006 Preliminary
Results Summary 5 Underlying Sales
Growth 6 Operating Profit by
Division 7 Return on
Investment 8 Free Cash Flow for
Full Year 2006 9 Key Financial
Statistics for the year ended 31/07/06
10 Group Balance Sheet as at 31st July
2006 11 5 Year Financial
Performance 12 Shareholder
Analysis August 2006 13 Total
Shareholder Return over the Last 10 Years
14 Annualised 2006 Operating Profit (incl. assoc
JV) 15 Original Businesses
16 Agri Inputs 17 Marine
Proteins 18
Shamrock Foods 19 Food -
Platform for Growth 20 Lifestyle
Food - Platform for Growth 21 Food
Highlights Europe 22 Irish
Market 23 UK
Market 24 French Market
25 Food Highlights North
America 26 US Market
27 Market Drivers Trends
28 Channels to Consumer
29 Convergence of Foodservice andRetail Share
of Total Industry 30 Consumers
31 IAWS Lifestyle
Foods 32 Business
Characteristics
33 Outlook 34 IAWS
Investor Relations Information 35
3
Introduction to IAWS Group, plc

• International Food Agri Business
• Operations in Ireland, the UK, France, Canada and
  the USA
• Record of profitable growth
• Strong cash generative business

4
Operational Highlights to 31st July 2006

• Strong underlying growth in Food
• Excellent full year contribution from Groupe
  Hubert
• Improved performance from Agri business
• Increased manufacturing capacity in La Brea
  Bakery
• 50m investment programme
• Increased shareholding in Hiestand Holding AG
• 35m - 22 to 32

5
Preliminary Results Highlights to 31st July 2006

• EPS up 13.5 to 81.60c
• Pre tax Profits up 14.6 to 123.5m
• Sales growth of 10.6 to 1.56bn
• Free cash flow up 20.5 to 100.7m
• Dividend per share up 13.5 to 13.49c
• Group net borrowings are 216.5m vs. 219.9m in
  2005
• Acquisition capex of 43.1m
• Investment capex of 67.9m
• (adjusted for intangible amortisation
  exceptional items)

6
2006 Preliminary Results Summary
2006 2005 000s 000s
Group revenue continuing operations 1,557,305
1,408,174 10.6 Group operating profit
111,815 98,548 13.5 Share of assoc.
JV 25,653 21,520 19.2 Operating profit Inc
Associates 137,468 120,068 14.5 Exceptional
Items (pre tax) 1,347 8,627 (84.4) Finance
Cost (13,929) (12,300) (13.2) Pre tax
profits 123,539 107,768 14.6 Income
Tax (18,657) (17,135) 8.9 Profit for the
financial year 99,129 94,636 4.7 Adjusted Fully
Diluted EPS (cent) 81.60c 71.89c 13.5
before intangible amortisation and exceptional
items net of interest and tax
7
Underlying Sales Growth
Group revenue 836.3m 139.1m 581.9m 1,55
7.3m Sales increase / (decrease) 13.1 31.4 3.4
10.6 Currency (0.3) (5.3) (0.4) (0.7) Acquis
itions (6.1) 0 0 (3.2) Underlying
growth 6.7 26.1 3.0 6.7
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Operating Profit by Division
2006 2005 000s 000s
Group operating profit Food
Europe 71,190 63,052 12.9 Food North
America 16,631 12,734 30.6 Total
Food 87,821 75,786 15.9 Agri
business 23,994 22,762 5.4 Total
Group 111,815 98,548 13.5 Associate JV
operating profit (net of tax) Food
Europe 9,155 6,800 34.6 Food North
America 14,793 12,598 17.4 Agri
business 1,705 2,122 (19.7) Total
Associates 25,653 21,520 19.2 Operating
profit Inc Associates JV 137,468 120,068 14.5
before intangible amortisation and exceptional
items Includes Groupe Hubert for full 12
month period in 2006
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Return on Investment
2006 2005
Food Europe 14.8 14.7 Food North
America 14.7 12.4 Total Food 14.8 14.0
Agri 16.8 18.1 GROUP 15.1 14.7
Includes investment in previously written off
goodwill of 111.2m and pension payment
10
Free Cash Flow for Full Year 2006
2006 2005 000s 000s
Cash flow from ordinary activities 139,958 123,662
Dividends received 19,118 16,018 Dividends
paid (16,036) (14,052) Working capital movement
(11,016) (3,570) Ongoing capital
expenditure (7,910) (7,363) Interest
taxation (23,463) (31,184) Disposals /
Others 4,624 17,648 Free cash 105,275 101,159 Free
cash excluding disposals 100,651 83,511
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Key Financial Statistics for the year ended
31/07/06
2006 2005 000s 000s
Capital Expenditure ongoing 7,910 7,363
New Investments
- Capital projects 67,947 43,928 -
Acquisitions 43,059 109,597 Bank Borrowing
(Net) 216,525 219,869 Interest Cover (x) 9.9 9.8
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Group Balance Sheet as at 31st July 2006
2006 2005 000s 000s
Property, plant equipment 308,388 287,578 Goodwi
ll Intangible assets 334,024 336,028 Associates
159,221 116,087 Total 801,633 739,693 Net
liabilities 320,897 356,338 Net
assets 480,736 383,355
13
5 Year Financial Performance
2002 2003 2004 2005 2006
Pre Amortisation exceptional items 2001 to
2004 are recalculated for IFRS at the same growth
rates as UK GAAP. Results for 2005 are restated
for IFRS.
14
Shareholder Analysis August 2006
Continental Europe 6
North America 31
Retail 16
UK 19
Directors 1
Ireland 27
Shares in issue 125.6 million
15
Total Shareholder Return over the Last 10 Years
401 return since 1997
Closing SharePrice 31/07/06 14.50
150 return since 1997
Closing Share Price 31/07/97 - 3.05
16
Annualised 2006 Operating Profit (incl. assoc
JV)
Agri 19
Europe 58
North America 23
17
Original Businesses

• No. 1 or No. 2 market positions
• Stable predictable demand
• Bulk handling, manufacturing logistics
  expertise
• Substantial barriers to entry
• Highly cash generative
• Strategically located strong asset base
• Excellent focused management resource

18
Agri Inputs

• Leading blender and distributor of fertiliser
• Leading importer of feed ingredients
• Strategically located facilities
• Stable livestock numbers in Ireland -
  underpinning demand
• Emerging Biofuel Industry underpinning fertiliser
  consumption in UK
• Proactive in Industry consolidation
• Satisfactory performance in period

19
Marine Proteins

• Largest producer of fish meal and fish oil in UK
  and Ireland
• Strategically located facilities close to major
  fisheries Aberdeen, Killybegs, Grimsby and
  Shetland Islands
• Valuable protein source for inclusion in
  aquaculture and livestock diets
• Satisfactory performance in the period
• Plans for increased investment

20
Shamrock Foods

• Importer and distributor of ambient fast moving
  consumer foods
• Shamrock and Roma are leading brands in
  homebaking, snacking and Italian categories
• Continued new product development to drive growth
  in Shamrock and Roma brands
• Shamrock Distribution - leading provider of third
  party agency services to major food brands
• Satisfactory performance in the period

21
Food - Platform for Growth

• Strategic repositioning over 8 years
• 792m investment in the Food Division since 1998
• Food represented 79 of Operating Profit (excl.
  associates JV) in Full Year 2006
• Supplying over 60,000 outlets in Ireland, the UK,
  France North America
• Repositioned into niche growing food sectors
• Geographic customer diversity
• Developing a core management capability

22
Lifestyle Food - Platform for Growth
Financial Year

• Investment Highlights
• Cuisine de France 1998
• Delice de France 1999
• Pierres 2000
• La Brea 2001
• Tim Hortons JV 2001
• Stake in Hiestand (22) 2003
• Carroll Cuisine Group 2004
• Groupe Hubert 2005
• Stake in Hiestand (32) 2006

23
Food Highlights Europe

• 13.1 Sales growth
• 12.9 Profit growth
• 8.3m invested in new Carroll Cuisine RD,
  manufacturing distribution facility
• Integrated business in the UK - implementation
  of the Food Group ERP
• First full year Groupe Hubert
• Increased investment in Hiestand to 32

24
Irish Market

• Predominantly Retail concept
• Modern Convenience - Showcase model
• Attracts Food to Go consumers
• Multiple day parts location
• Well executed concept
• Favourable economic conditions
• Competitive retail market
• Product logistics sophistication

25
UK Market

• Retail
• Challenge create modern convenience format
• Intense competition for High st. locations
• Foodservice
• Dynamic foodservice sector
• Competing for consumers
• Growing consumer sophistication
• Flexibility required to service customers

26
French Market

• Boulangerie dominates bakery market
• Increasing Food to Go offering
• Worlds most discerning consumer
• Extensive product development
• Exclusive manufacturing network
• Unique logistics network

27
Food Highlights North America

• 26.1 underlying Sales growth
• 30.6 Profit growth
• Increased manufacturing capacity in La Brea
  Bakery
• 50m investment programme
• Always Fresh concept in Tim Hortons fully
  rolled out
• Favourable currency translation impact

28
US Market

• La Brea Bakery No. 1 Artisan bread brand
• Natural, additive free, healthy product
• Unrivalled production facilities capabilities
• Unique bakery technology
• Premium breads exciting sandwiches

AC Nielsen
29
Market Drivers Trends

• Bread Market to remain constant
• EU par baked category to grow to 19 from 15 by
  2010
• Fresh displacing long-Iife
• Par bake displacing scratch
• Natural Growth for par baking
• Gira 2005

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Channels to Consumer

• Caterers require convenient solution
• Lower staff cost
• Less time to bake
• Minimise product waste
• Differentiated menus
• Retailers require profitable concepts
• Appealing to consumer
• Space profitability
• Differentiated offerings
• Foodservice within retail

31
Convergence of Foodservice and Retail Share of
Total Industry (1)
Underlying demographic trends in the U.S.,
including more demand for convenience foods due
to shifts in lifestyle, are driving foodservice
growth
(1) Source Technomic Inc., 2005.
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Consumers

• Demand for fresh
• Premium quality
• Choice
• Healthy options
• Indulgent treats
• Uncompromising
• Great expectations

33
IAWS Lifestyle Foods

• Positioned to service niche market
• Branded concepts
• Extensive product offering
• unique production network
• Unrivalled logistics network
• Telesales support
• Baking academy training support
• Committed, Passionate, Innovative people

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Business Characteristics

• Premium offerings
• Attractive margin
• Return on Investment
• Unique model
• Added value convenience
• Cash generative
• Multiple channel solution
• Potential for growth in all markets

35
Outlook

• Developing Intellectual Property in key growth
  markets
• Repositioned into niche
• Quality, Service Convenience
• Excellent customer partnership model
• Continued strong free cash flow generation
• Increasingly competitive landscape
• Investment opportunities - new and organic
• Shareholder Value focus

36
IAWS Investor Relations would be happy to
facilitate any further information requests.
Contact name Marion Caulwell Phone [phone]
1311 Fax [phone] E-mail investorrelatio
ns_at_iaws.ie Website www.iaws.com/investor