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Glanbia Plc 2009 Annual Report

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Glanbia Plc 2009 Annual Report Glanbia plc 2009 Annual Report Glanbia plc Glanbia plc, Glanbia House, Tel +353 56 777 2200 Kilkenny, Ireland. Fax +353 56 777 2222 www.glanbia.com 2009 Annual Report Cautionary statement The 2009 Annual Report contains forward-looking statements. These statements have been made by the Directors in good faith, based on the information available to them up to the time of their approval of this report. Due to the inherent uncertainties, including both economic and business risk factors, underlying such forward- looking information, actual results may differ materially from those expressed or implied by these forward-looking statements. The Directors undertake no obligation to update any forward- looking statements contained in this report, whether as a result of new information, future events, or otherwise. Get more online www.glanbia.com Glanbia plc 2009 Annual Report Contents 1 Overview of Glanbia Introduction 2 Financial results 3 Glanbia at a glance 4 Directors’ report: Business review Chairman’s statement 6 Group Managing Director’s review 8 International growth strategy 10 Operations review US Cheese & Global Nutritionals 14 Dairy Ireland 16 Joint Ventures & Associates 18 Finance review 22 Risk management 28 Our responsibilities 30 Our people 31 Directors’ report: Corporate governance Board of Directors 34 Statement on corporate governance 36 Statement on Directors’ remuneration 46 Other statutory information 54 Statement of Directors’ responsibilities 55 Financial statements Independent auditors’ report to the members of Glanbia plc 60 Group income statement 62 Group statement of comprehensive income 63 Group statement of changes in equity 64 Group statement of financial position 65 Group statement of cash flows 66 Company statement of financial position 67 Company statement of changes in equity 68 Company statement of comprehensive income 69 and statement of cash flows Notes to the financial statements 70 Other information Shareholders’ information 124 Five year trends 127 Index 128 2 Glanbia plc 2009 Annual Report Overview of Glanbia Glanbia plc is an international nutritional ingredients and cheese group, headquartered in Ireland. The Group’s Global Nutritionals head office and main innovation centre are also located in Ireland. Glanbia has over 4,300 employees in fifteen countries, including Joint Ventures & Associates. The Group has three business segments – US Cheese & Global Nutritionals, Dairy Ireland and Other Business. Glanbia also has three principal international joint ventures – Southwest Cheese in the USA, Glanbia Cheese in the UK and Nutricima in Nigeria – as well as a number of smaller Irish-based joint ventures and associates. Glanbia is listed on the Irish and London Stock Exchanges (Symbol: GLB). Events after the reporting period On 10 March 2010, the Group announced that Glanbia Co-operative Society Limited, its 54.6% shareholder, had expressed an interest in acquiring Glanbia’s Dairy Ireland operations (incorporating Dairy Ingredients, Consumer Products and Agribusiness), Glanbia’s Irish property business, Group Business Services and related Irish joint ventures and associates. Glanbia plc 2009 Annual Report Overview of Glanbia 3 Financial results The global economic recession led to extreme volatility in global dairy markets in the first half of the year and this had a significant impact on Glanbia’s revenue, profitability and earnings. The decline in our financial results was contained with a strong performance by Global Nutritionals, a resilient performance by US Cheese and the benefits of strategic cost reductions. Revenue (€ billion) Operating margin pre exceptional (%) 2.2 2.2 6.0 6.1 18.0% 10 basis points 5.2 1.8 Revenue declined Operating margin pre by 18.0% primarily exceptional increased as a result of a sharp 10 basis points reflecting decline in revenue in a strong performance Dairy Ireland. Revenue by Global Nutritionals. including Glanbia’s Operating margin pre share of Joint Ventures exceptional including & Associates was €2.1 share of Joint Ventures & billion (2008: €2.6 billion). Associates increased 20 basis points to 6.0% (2008: 5.8%). 2007 2008 2009 2007 2008 2009 Operating profit pre exceptional(€ million) Adjusted earnings per share (cents) 134.1 35.9 17.1% 14.4% 115.8 111.2 30.3 30.7 Operating profit pre Adjusted earnings per exceptional declined share (EPS) is calculated 17.1% driven mainly on net profit attributable by a significant loss in to the owners of the Parent Irish Dairy Ingredients. pre exceptional items and Operating profit pre amortisation of intangible exceptional including assets (net of tax). Adjusted share of Joint Ventures EPS declined by 14.4% to & Associates declined 30.68 cents per share, driven 14.9% to €128.6 million by the decline in operating (2008: €151.1 million). profit in Dairy Ireland. 2007 2008 2009 2007 2008 2009 Profit before tax pre exceptional(€ million) Dividend per share (cents) 120.3 6.8 6.5 19.0% 6.1 5.0% 99.5 97.4 Profit before tax pre The Board is recommending exceptional including a final dividend of 3.95 Joint Ventures & cents per share (2008: Associates declined final dividend 3.76 cents 19.0% to €97.4 million per share), an increase (2008: €120.3 million) of 5.0%. This brings the reflecting the effect that total dividend for the year volatility in global dairy to 6.84 cents per share markets had on the (2008: 6.51 cents per Group’s performance share), representing a total 2007 2008 2009 during 2009. 2007 2008 2009 increase of 5.0% for the year. 4 Glanbia plc 2009 Annual Report Overview of Glanbia Glanbia at a glance In 2009, Glanbia continued to serve domestic and international customers with innovative, science-based nutritional ingredients, cheese and dairy products. A new customer lead research facility was opened in the USA in 2009, to complement the activities of the Group’s main innovation centre based in Ireland. Key Customer service office Group headquarters Innovation centre Manufacturing site US regional head office US Cheese & Global Nutritionals Locations UK Glanbia Performance Nutrition, located in Middlesborough, manufactures high protein bars, beverages and ready to mix Australia Glanbia Nutritionals has a customer service office in Sydney. ingredients for the sports performance market. Belgium Glanbia Nutritionals has a customer service office in Brussels. Uruguay Glanbia Nutritionals has a customer service office Brazil Glanbia Nutritionals has a customer service office in Curitiba. in Montevideo. Canada Glanbia Nutritionals (Canada), North America’s USA largest processor of speciality-flaxseed ingredients, is based California Glanbia Nutritionals (NA), (formerly Seltzer), in Angusville, Manitoba. located in Carlsbad, manufactures micronutrient premixes and sells nutritional ingredients. China Glanbia Nutritionals has a premix manufacturing facility in Suzhou. Glanbia also has a customer service office in Shanghai. Florida Optimum Nutrition manufactures a complete range of tablet/capsule nutritional supplements at its Sunrise facility. Germany Glanbia Nutritionals Deutschland produces customised micro-nutrient premixes at its facility in Orsingen-Nenzingen. Idaho Glanbia Foods has two cheese processing plants in Gooding and Twin Falls and two whey processing plants in Gooding and Indonesia Glanbia Nutritionals has a customer service office in Jakarta. Richfield. The US Innovation Centre is located in Twin Falls. Ireland Global Nutritionals headquarters and the Group’s main Illinois Glanbia’s US regional head office is situated in Evanston. innovation centre are located in Kilkenny. Optimum Nutrition has two manufacturing facilities in Aurora. Malaysia Glanbia Nutritionals has a customer service office Missouri Glanbia Nutritionals (NA) has opened a new in Kuala Lumpur. manufacturing facility in Springfield. Mexico Glanbia Nutritionals has a customer service office and South Carolina Optimum Nutrition manufactures a complete blending operation in Mexico. range of nutritional beverage products at its Walterboro facility. Singapore Glanbia Nutritionals has a customer service office Wisconsin Glanbia Nutritionals Ingredient Technologies is situated in Singapore. in Madison, and has a customer service office in Monroe. Glanbia plc 2009 Annual Report Overview of Glanbia 5 Dairy Ireland Joint Ventures & Associates Locations Locations Ireland Irish operations include Dairy Ingredients Ireland, Consumer USA Southwest Cheese, located in Clovis, New Mexico, is one of Products and Agribusiness. Dairy Ingredients Ireland has two the largest natural cheese and high protein whey processing plants manufacturing facilities producing cheese and a range of food in the world. It is a 50:50 joint venture between Glanbia and The ingredients. Consumer Products has ten locations producing Greater Southwest Agency. a range of branded milk, fresh dairy products, natural cheeses, Nigeria Nutricima, located near Lagos, supplies reconstituted butters, spreads and fresh soups. Agribusiness has 53 locations and evaporated milk, milk powder and UHT flavoured milk products to is the Group’s key linkage with its farmer supply base. the Nigerian market. It is a 50:50 joint venture with PZ Cussons plc. UK Glanbia Cheese has processing facilities in Northern Ireland and Wales manufacturing mozzarella cheese. It is a 51:49 joint venture with Leprino Foods Company, USA. 2009 key figures for total Groupincluding Joint Ventures & Associates 5.3 billion 223,000 15 litres of milk processed tonnes of dairy-based food ingredients countries 440,000 manufactured
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