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Primark Hits Oxford Street Page 12 Annual Report and Accounts 2007 INVESTING IN SUGAR GROWTH Page 8 Primark Creating a BUILDING hits Oxford world foods LOCAL Street group RELATIONSHIPS Page 12 Page 17 Page 18 PAGE 21 WorldReginfo - b64152ee-3d4c-44f4-8373-5d707f59ae06 04 02 08 Chairman’s Key activities statement this year INVESTING IN SUGAR 02 GROWTH 24 Corporate Group at a glance citizenship Associated British Foods is a diversified international food, ingredients and retail group with global sales of £6.8bn, and 85,000 employees in 43 countries. Our aim is to achieve strong, sustainable leadership positions in markets that offer potential for profitable growth. We look to achieve this through a combination of growth of existing businesses, acquisition of complementary new businesses and achievement of high levels of operating efficiency. WorldReginfo - b64152ee-3d4c-44f4-8373-5d707f59ae06 Contents 06 BUILDING LOCAL 18 RELATIONSHIPS Operating review 21 12 Primark Creating hits a world Oxford foods group Street 2 Group at a glance Financial highlights 2007 4 Chairman’s statement Group revenue up 13% to £6.8bn 6 Operating review 22 Financial review Adjusted operating profit up 11% to £622m* 24 Corporate citizenship Adjusted profit before tax up 10% to £613m** 28 Board of directors 30 Directors’ report Adjusted earnings per share up 4% to 52.9p** 32 Corporate governance Dividends per share up 4% to 19.5p 40 Remuneration report 46 Directors’ responsibilities Net investment in capital expenditure and acquisitions of £489m 47 Independent auditors’ report Net debt of £311m 48 Financial statements 52 Significant accounting policies Operating profit up 28% to £556m, profit before tax up 21% to £508m 58 Notes to the financial statements and basic earnings per share up 23% to 46.7p 94 Company financial statements 100 Progress report Operational highlights 2007 IBC Company directory Acquisition of the Patak’s brand Opening of 32 Primark stores Start of production at UK’s first bioethanol plant *before amortisation of non-operating intangibles, profits less losses on the sale of PP&E and exceptional items **before amortisation of non-operating intangibles, profits less losses on sale of PP&E, profits less losses on the sale and closure of businesses and exceptional items WorldReginfo - b64152ee-3d4c-44f4-8373-5d707f59ae06 Associated British Foods Annual Report and Accounts 2007 01 Group at a glance The group operates through strategic business Sugar & Agriculture segments: Sugar & Agriculture; Retail; Grocery and Ingredients. Revenue £1,838m (2006 – £1,294m) Adjusted operating profit £217m (2006 – £130m) % of total revenue 27% (2006 – 22%) Our presence worldwide Highlights around the world Africa Sugar, Europe UK & Europe Illovo’s sugar cane business is undergoing British Sugar’s UK beet sugar factories produce Two major acquisitions in Grocery this year: major development. Irrigation and processing over 1 million tonnes of sugar annually. Two beet we acquired Patak’s, a leading brand in capacity in Zambia is being expanded and sugar factories are operated in Poland producing Indian cuisine which has grown strongly in Swaziland a major dam project will increase 200,000 tonnes of sugar annually. in the UK and established a wide international the amount of irrigated land for cane growing. presence, and a 20% stake in Jordans, Sugar, China the successful leading breakfast cereal China We have majority interests in four cane sugar and cereal bar business. A new sugar beet joint venture, called Bo Tian, factories in Guangxi Province and four beet has been initiated with Hebei Tian Lu Sugar sugar operations in the north east of the The UK’s first bioethanol plant has started Group, based in the north east of China. country. Continuous investment has raised production at British Sugar’s Wissington factory It comprises four beet sugar factories annual sugar production to 650,000 tonnes. in Norfolk. A full-scale bioethanol plant, using and a significant increase in production wheat as a feedstock, is being built near Hull, is planned through capital investment and Sugar, Southern Africa as a joint venture between BP, DuPont and knowledge transfer. Illovo is Africa’s largest sugar producer with British Sugar. agricultural and production facilities in six countries. Annual sugar output is 1.9 million Primark has expanded its floorspace to tonnes produced from 5.5 million tonnes of 4.8m sq ft and opened a further 32 stores, sugar cane. including a major, flagship outlet in Oxford Street in London. Agriculture AB Agri sells animal feeds and feed micro- ingredients to farmers and purchases grain and oilseeds from them. It has facilities in the UK and China and markets products in over 40 countries worldwide. WorldReginfo - b64152ee-3d4c-44f4-8373-5d707f59ae06 02 Associated British Foods Annual Report and Accounts 2007 Retail Grocery Ingredients Revenue £1,602m Revenue £2,605m Revenue £728m (2006 – £1,309m) (2006 – £2,578m) (2006 – £683m) Adjusted operating profit £200m Adjusted operating profit £153m Adjusted operating profit £75m (2006 – £185m) (2006 – £182m) (2006 – £79m) % of total revenue 24% % of total revenue 38% % of total revenue 11% (2006 – 22%) (2006 – 44%) (2006 – 12%) Primark Hot beverages and sugar and sweeteners Yeast and bakery ingredients Primark is a major value retail group employing Twinings and Ovaltine comprise our global AB Mauri operates globally in yeast and over 22,500 people. It operates stores in the hot beverages business. We are market leaders bakery ingredient production with 50 plants UK, Ireland and Spain. in UK sugar with Silver Spoon and Billington’s. in 28 countries, supplying plant and artisanal bakers and the foodservice and wholesale Targeted at the fashion conscious under 35s, Vegetable oils channels. It is the technology leader in Primark offers customers high-quality In the US, Mazola is the leader in premium bread improvers, dough conditioners and merchandise at value for money prices, backed corn oil. In Mexico, Capullo leads the premium bakery mixes. by its service promise. Primark prides itself on canola oil sector. its loyal customer base. Speciality ingredients Bread and baked goods ABF Ingredients focuses on high value Buying and merchandising teams in Reading In the UK and Australia we produce leading ingredients for food and non-food applications. (UK) and Dublin (Republic of Ireland) travel bakery brands, Kingsmill, Ryvita, Tip Top and It is an international supplier to plant and internationally to source and buy up to the Noble Rise. artisanal bakers and the foodservice and minute fashion items that best reflect each wholesale channels. season’s key fashion trends. World foods World foods comprises our authentic pan-Asian The group has strong market positions in Primark’s range of departments includes food brands, Patak’s and Blue Dragon. cereal specialities, emulsifiers, enzymes, womenswear, lingerie, childrenswear, menswear, esters, extruded ingredients, lactose, lipids, footwear, accessories, hosiery and homeware. Herbs and spices powders, flours, yeast extracts and whey/milk We are a leading US producer of herbs and protein concentrates. spices through the Tone’s, Spice Islands and Durkee brands. Meat and dairy In Australia we supply sausages, hams, salami and dairy products under strong regional brands. WorldReginfo - b64152ee-3d4c-44f4-8373-5d707f59ae06 Associated British Foods Annual Report and Accounts 2007 03 Chairman’s statement 85,000 employees worldwide operating across 43 countries over 200 manufacturing locations earnings per share, which reflect much higher The continued development of the group’s minority interests, rose by 4% to 52.9p. businesses and the associated investment Our sugar activities have been transformed will result in further progress in 2008. and now extend across nine countries in three continents. Further investment has been authorised to upgrade and extend our facilities. In Europe we have improved processing efficiency, positioning the business to meet the challenges of the revised EU sugar regime. In southern Africa we are excited by the development potential of Illovo and new investment is being made to increase capacity The group has made good progress in the and extend the range of its operations. In China past year and these results reflect the benefit additions have been made to our cane sugar of recent major investment. They include a capacity in the south and we are investing for contribution from our 51% investment in Illovo the first time in the beet sugar industry in the Sugar for the first time, and reflect the rapid north east. We are committed to developing roll-out of new Primark stores largely driven by our EU sales by harnessing the quota and the conversion of the former Littlewoods stores. tariff free trading available from 2009/10 to These results have been achieved in the face the Least Developed Countries. Illovo processes of a weak US dollar and extremely sharp cost cane sugar in four of these countries. increases in some key commodities. Profit from our sugar business benefited Revenue was 13% ahead at £6.8bn. Adjusted from Illovo’s contribution which exceeded operating profit increased by 11% and our expectations. The acquisition was earnings adjusted profit before tax by 10%. Adjusted enhancing in its first year. While profit pressure WorldReginfo - b64152ee-3d4c-44f4-8373-5d707f59ae06 04 Associated British Foods Annual Report and Accounts 2007 from sugar regime reform continued in Europe, encouraging that performance at Penneys Mike Alexander has also indicated that he will an excellent result was achieved in China. in Ireland has been excellent. not seek reappointment at the annual general meeting after nearly six years as a director. At the beginning of this year it became clear We are pursuing further opportunities to expand Mike’s quick, clear thinking and wide operational that the voluntary renunciation of sugar quota selling space in our established markets in the experience have been of great value to the was going to fall substantially short of the UK and Ireland, but this is likely to be at a less Board over a period of major development target set by the European Commission to rapid rate than in the last two years.
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