Cargill Incorporated - 1st Quarter Results
October 15 1997 - 11:27AM
UK Regulatory
RNS No 2132j
CARGILL INCORPORATED
10th October 1997
RE: Cargill, Incorporated U.S.$1,000,000,000 Euro Medium Term Note
Program
In connection with the above-referenced program, the unaudited financial
statements of Cargill, Incorporated and Consolidated Subsidiaries for the first
quarter ending August 31, 1997, along with Management's Discussion and Analysis
of Financial Condition and Results of Operations.
CARGILL INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
AUGUST 31, 1997 AND 1996
(In Millions)
(Unaudited)
AT AUGUST 31
ASSETS 1997 1996
CURRENT ASSETS
Cash and cash equivalents $ 635 765
Trading securities 5,696 5,131
Accounts receivable, notes
receivable, and accrued income, net 5,029 4,591
Inventories 5,055 4,853
Other current assets 1,487 1,106
Total current assets 17,902 16,446
Other Assets
Miscellaneous receivables and
assets 1,378 1,105
Property
Owned property, plant & equipment 11,160 10,475
Property under capital leases 264 266
Construction in progress 869 695
12,293 11,435
Less accumulated depreciation &
amortization 6,666 6,395
Net Property 5,627 5,041
Total Assets $ 24,907 22,592
AT AUGUST 31
Liabilities and Stockholders' Equity 1997 1996
CURRENT LIABILITIES
Short-term debt $ 7,419 7,926
Securities sold with agreement to
repurchase 909 221
Accounts payable and accrued expenses 5,360 4,653
Accrued income taxes 194 351
Total Current Liabilities 13,882 13,151
Other Liabilities
Long-term debt 2,450 1,400
Obligations under capital leases 151 156
Guarantee of ESOP debt 602 627
Deferred income taxes 367 251
Other deferred liabilities 398 422
Total Liabilities 17,850 16,007
Preferred Stock of Subsidiaries 61 60
Minority Interests in Subsidiaries 393 385
Stockholders' Equity
Preferred stock 10 10
Management stock, at current book value 192 184
Retiree stock, at current book value 2 --
Common stock 2 2
Additional paid-in capital 22 23
Retained earnings 7,013 6,469
Unearned ESOP compensation (543) (583)
Accumulated translation adjustment (95) 36
Minimum pension liability adjustment -- (1)
Total Stockholders' Equity 6,603 6,140
Total Liabilities and
Stockholders' Equity $ 24,907 22,592
The Consolidated Balance Sheet has 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 Balance Sheet is fairly
stated and in conformity with generally accepted accounting principles.
CONSOLIDATED STATEMENT OF EARNINGS AND RETAINED EARNINGS
Three Months Ended August 31, 1997 and 1996
(In Millions)
(Unaudited)
Three Months Ended
8/31/97 8/31/96
CONSOLIDATED STATEMENT OF EARNINGS
Sales and other revenues $ 13,323 13,637
Cost of sales and other revenues 12,247 12,505
Gross Profit 1,076 1,132
Expenses:
Selling, general and administrative expenses 527 505
Depreciation and amortization of property 171 164
Interest on long-term debt 40 33
Interest on short-term debt 178 139
Other (income)/expense (20) (8)
Earnings of consolidated companies before income taxes 180 299
Income tax expense 67 116
Earnings of consolidated companies 113 183
Add equity in net earnings (losses) of
nonconsolidated companies (17) 6
Deduct minority interests in net earnings of
consolidated subsidiaries (3) (10)
Net Earnings $ 93 179
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
Retained earnings at beginning of period $ 6,964 6,331
Net earnings for period 93 179
Add/(deduct):
Cast Dividends (43) (41)
Appropriation from current year earnings for net
increase in management stock book value (1) (4)
Tax benefit on ESOP dividends 5 5
Redemption of ESOP common and management shares (5) (1)
Retained Earnings At End of Period $ 7,013 6,469
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.
END
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