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Total Produce Foodservice Opens in Dublin Total Produce plc Annual Report and Accounts 2015 Growing Together Total Produce plc Annual Report and Accounts 2015 Total Produce is today, at the very forefront of the global fresh produce industry. Operating primarily across Europe, North America and South America, Total Produce is involved in the growing, sourcing, importing, packaging, marketing and distribution of an extensive selection of fresh fruits, vegetables and flowers – ranging from the more familiar to the truly exotic. Local at heart, Global by nature, Total Produce offers partners and customers, the best of both worlds. Being adaptable, flexible and resourceful, we embrace change; refining our operations and evolving our services. We progress because we invest in our supply chain, foster innovation, enable integration and operate responsibly. Financial Highlights for the Year Revenue1 Adjusted EBITDA1 €3,454m €82.8m +10.4% on prior year +13.4% on prior year Adjusted EBITA1 Adjusted EPS1 €64.1m 10.58 cent +13.1% on prior year +12.0% on prior year Shareholders’ Equity Dividend per Share (Total) €238.8m 2.763 cent +10.0% on prior year +15.0% on prior year 1. Key performance indicators are defined on page 4. Forward-looking statements Any forward-looking statements made in the annual report have been made in good faith based on the information available as of the date of the report and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in this report, and the company undertakes no obligation to update any such statements whether as a result of new information, future events or otherwise. Outlined on page 39 of this report are important factors that could cause these developments or the Company’s actual results to differ materially from those expressed or implied in these forward-looking statements. I Overview II III IV In Total Produce, we are committed to bringing ever Inside greater resources, core competencies and flexibility this report into our operations across the globe to ensure that we are always best positioned to serve our customers and identify commercial opportunities that arise. Overview At a Glance 2 5 Year Financial Summary 4 Chairman’s Statement 6 Our Business Business Model 8 Investing Innovating Investing 10 Innovating 14 Total Produce operates in a vibrant, In Total Produce we believe innovation Integrating 18 dynamic, ever changing marketplace. has a pivotal role to play, both operationally, Responsible 22 Retaining a competitive advantage requires in terms of refining our route to market but not only the expertise and experience also in terms of framing perceptions of fresh required to anticipate change but the produce, inspiring consumers about all resources and commitment to invest in the things fresh and driving the underlying Operating and infrastructure needed to meet the future consumption of our products. Financial Review needs of our customer base. A central Operating Review 26 tenet of Total Produce’s strategic vision is a More information on page 14 Financial Review 28 commitment to investment in our group; in extending our reach, upgrading our facilities and technologies, embracing innovation and refining our products and services. Financial Statements Board of Directors and Secretary 36 More information on page 10 Directors’ Report 38 Corporate Governance Report 41 Audit Committee Report 45 Compensation Committee Report 46 Statement of Directors’ Responsibilities 51 Independent Auditor’s Report 52 Group Income Statement 55 Group Statement of Comprehensive Income 56 Group Balance Sheet 57 Integrating Responsible Group Statement of Changes in Equity 58 Group Statement of Cash Flows 60 “Local at heart, Global by nature” – In Total Produce, we believe that Group Reconciliation of Net Debt 61 a promise to deliver the collective commercial imperatives and corporate Significant Accounting Policies 62 resources of the wider Total Produce responsibility need not be conflicting group to local customers, is at the very aspirations. We believe that the benefits Notes to the Group Financial Statements 70 heart of our offering to our customers. of fresh produce marketing can be Company Balance Sheet 128 Integration across our family of companies collective and that a balanced supply Company Statement of Changes in Equity 129 is crucial in making this a reality. We chain can deliver equitable dividends Company Statement of Cash Flows 130 strive to embrace diversity, share core to all stakeholders. It is a philosophy Notes to the Company Financial Statements 131 competencies, diffuse expertise across enshrined in our corporate tagline Directors and Other Information 134 our operations and identify and leverage “Let’s Grow Together”, a very visible Shareholder Information 135 synergies to deliver on our commitment expression of our intent to conduct to provide ever better products and our business in an inclusive manner services on the ground. and more importantly one ingrained in our day to day trading practices More information on page 18 and operations. More information on page 22 Total Produce plc 1 Annual Report and Accounts 2015 Overview At a Glance Growing, sourcing, importing, packaging, marketing and distributing over 200 lines Extending our reach, of fresh produce, Total Produce’s range extends from the more familiar to the truly exotic. Serving the wholesale, foodservice and retail sectors, Total Produce is a focused on local complete fresh produce solution provider – offering a comprehensive menu of services to our customers ranging from simple service provision to complete category management. 2015 has seen Total Produce’s global infrastructure extend still further. Our physical presence across Europe, North America and South America differentiates Total Produce, positioning our operations at the very heart of the markets in which we trade and in the world’s primary production centres. People Countries 4,800+ 23 Operating facilities Cartons sold annually 120+ 325m+ * The map above is a representative depiction only. 2 Total Produce plc Annual Report and Accounts 2015 I Overview II III IV Distributing over 325 million cartons of fresh fruits and vegetables annually, the Group’s size and reach across the supply chain brings together the collective resources of a global multi-national with the market knowledge of local management; generating synergies, creating efficiencies and adding value. In customising our supply chain, we strive to translate our competitive advantages: our people, suppliers, infrastructure and our relationships – into value for our customers; delivering a superior service to them, and to the consumer produce which exceeds expectations. Total Produce plc 3 Annual Report and Accounts 2015 Overview 5 Year Financial Summary Sustained growth over the years The Group has recorded solid returns in the five year period ending 2015 with an 8.1% compounded growth rate in revenue and a 9.8% compounded growth rate in adjusted earnings per share. 2015 2014 2013 2012 2011 € € € € € Total Revenue1 3,454m 3,129m 3,175m 2,811m 2,527m Group Revenue 2,875m 2,667m 2,638m 2,432m 2,284m Adjusted EBITDA1 82.8m 73.0m 74.1m 69.5m 59.7m Adjusted EBITA1 64.1m 56.7m 58.7m 53.7m 45.0m Adjusted profit before tax1 58.0m 51.2m 52.9m 47.0 m 39.8m Profit before tax 46.8m 44.3m 48.2m 36.4m 34.4m Adjusted fully diluted earnings per share1 (cent) 10.58 9.45 9.04 8.08 7.28 Basic earnings per share (cent) 9.07 8.83 9.38 6.40 7.11 1. Key performance indicators defined Adjusted EBITA is earnings before interest, Adjusted earnings per share and Total revenue includes the Group’s tax, acquisition related intangible asset adjusted fully diluted earnings per share share of the revenue of its joint ventures amortisation charges and costs, fair value excludes acquisition related intangible asset and associates. movements on contingent consideration amortisation charges and costs, fair value and exceptional items. It also excludes the movements on contingent consideration, Adjusted EBITDA is earnings before Group’s share of these items within joint exceptional items and related tax on interest, tax, depreciation, acquisition related ventures and associates. such items. It also excludes the Group’s intangible asset amortisation charges and share of these items within joint ventures costs, fair value movements on contingent Adjusted profit before tax excludes and associates. consideration and exceptional items. It also acquisition related intangible asset excludes the Group’s share of these items amortisation charges and costs, fair value within joint ventures and associates. movements on contingent consideration and exceptional items. It also excludes the Group’s share of these items within joint ventures and associates. 4 Total Produce plc Annual Report and Accounts 2015 I Overview II III IV Revenue (€’m) Adjusted EBITA (€’m) €3,454m €64.1m CAGR2 8.1% CAGR2 9.3% 4,000 80 3,454 3,175 3,129 64.1 3,000 60 58.7 56.7 2,811 53.7 2,527 45.0 2,000 40 1,000 20 0 2011 2012 2013 2014 2015 0 2011 2012 2013 2014 2015 Adjusted EBITDA (€’m) Adjusted EPS (€ cent) €82.8m 10.58 cent CAGR2 8.5% CAGR2 9.8% 100 12 10.58 82.8 10 80 9.45 74.1 73.0 9.04 69.5 8 8.08 60 59.7 7.28 6 40 4 20 2 0 2011 2012 2013 2014 2015 0 2011 2012 2013 2014 2015 Total dividend (€ cent) 2.76 cent CAGR2 10.0% 3.0 2.76 2.5 2.40 2.27 2.08 2.0 1.89 1.5 1.0 0.5 0 2011 2012 2013 2014 2015 2. Compounded annual growth rate Total Produce plc 5 Annual Report and Accounts 2015 Overview Chairman’s Statement The fresh produce business is a significant global industry and is the largest grocery Delivering growth category.
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