  
		Dairy Farm's  core strategy is  to focus on  international  food retailing  and drugstore operations. 
		  
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						Highlights 
 	Improvement in operating cash flow and earnings per share
	Franklins recovery underway	
	Disposal of Simago and Nestlé Dairy Farm
	Indonesian supermarket chain interest acquired
	Sale of Somerfield stake
			 
				
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						1997 
						US$m
					 | 
					
						1996 
						US$m
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						Change 
						%
					 | 
				 
				
					| 
						Sales
					 | 
					
						6,888
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						6,968
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						-1
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						Profit after taxation, minority interests and preference dividends
					 | 
					
						116
					 | 
					
						28
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						315
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						Net profit excluding discontinued activities and exceptional items
					 | 
					
						154
					 | 
					
						138					
					 | 
					
						11
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						Capital expenditure and investments (gross)	
					 | 
					
						235	
					 | 
					
						261	
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						-10
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						Shareholders' funds
					 | 
					
						1,250	
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						1,247
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						---
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						US˘	
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						US˘	
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						%
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						Earnings per ordinary share
					 | 
					
						6.45
					 | 
					
						1.60	
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						303
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						Earnings per ordinary share excluding discontinued activities  and exceptional items
					 | 
					
						8.59
					 | 
					
						7.94
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						8
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						Cash flow per ordinary share from operating activities
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						24.10
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						16.66
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						45
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						Dividends per ordinary share
					 | 
					
						6.00
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						6.00
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						---
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						Net asset value per ordinary share
					 | 
					
						56.89
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						59.11
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						-4
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