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2011-2012-Uk.Pdf 2011/12 DANISH CROWN GROUP ANNUAL REPORT 2011/12 CONTENTS MANAGemeNT’S CONSOLIDATED FINANCIAL STATEMENTS REVIEW AND FINANCIAL STATEMENTS Management’s statement Group business areas 5 and auditors’ report 20-21 Management’s review 6-7 Income statement 23 Statement of comprehensive Group financial highlights 8 income 23 Financial review 9 Balance sheet 24-25 Group business areas 10-12 Statement of changes in equity 26 Risk management 13 Cash flow statement 27 Corporate responsibility 14-17 Notes – group 28-59 Corporate governance 18 Management 19 PARENT Income statement 61 Balance sheet 62-63 Statement of changes in equity 65 Notes – parent 66-69 GROUP STRUctURE Group structure 70-71 | 3 4 | GROUP BUSINESS AREAS Danish Crown group CEO Kjeld Johannesen Revenue (DKKm) EBIT (DKKm) EBIT in % Employees 56,462 2,005 3.6 23,582 Share of revenue Share of EBIT DC Pork Slaughtering activities and sale of pork-related raw materials and by-products CEO DC Pork Kjeld Johannesen Revenue (DKKm) EBIT (DKKm) EBIT in % Employees 32,977 1,201 3.6 9,178 DC Beef Slaughtering activities and sale of beef-related raw materials and by-products CEO DC Beef Lorenz Hansen Revenue (DKKm) EBIT (DKKm) EBIT in % Employees 4,309 127 3.0 777 DC Foods Processing activities and sale of processed meat products CEO DC Foods Flemming Enevoldsen Revenue (DKKm) EBIT (DKKm) EBIT in % Employees 20,358 773 3.8 13,307 GROUP BUSINESS AREAS GROUP | 5 MANAGEMENT’S REVIEW A year characterised by positive price developments and stability in the Danish Crown group DKKm Therefore, we are very pleased that we have been able to Other business areas Financial highlights for increase revenue by 9 per cent, while at the same time The ESS-FOOD group is an important player in the Danish Crown 2011/12 2010/11 maintaining earnings at a reasonable level, although not quite international meat sector and has realised revenue growth of Revenue 56,462 51,754 on a par with last year. DC Foods’ ability to contribute more more than 20 per cent this year, partly due to growing sales Operating profit 2,005 2,029 than a third of the group’s operating profits in a financial year to China and Africa. ESS-FOOD is currently spearheading the where the earnings margin is under pressure clearly illustrates Danish Crown group’s activities in the growing Chinese market. Net profit for the year 1,732 1,762 the division’s potential. The Danish Crown group therefore Total assets 25,522 23,935 maintains its strategy of increasing the activities in this part Several changes have taken place in the Danish Crown group’s of the value chain. associates this year. The activities in the DAKA company Equity 5,797 5,391 – whose purpose is to add value to the large volumes of Supplies from members, million kg 1,373 1,450 Sokołów in Poland has taken its earnings to a new record by-products from companies and suppliers – have thus been level, while earnings have been stable in Tulip Ltd. ­Earnings transferred to a new limited company with the international Supplementary payments, DKKm 1,274 1,394 margins were under greater pressure in Plumrose and by-product group Saria as the principal shareholder. Danish No. of cooperative members 9,031 9,577 Tulip Food Company. Crown is looking forward to developing a strong and rewarding No. of employees, end of year 23,582 23,576 cooperation with Saria in the coming years. During the year, DC Foods has focused on handling the changed market conditions in time and in cooperation with customers The cold-storage company Agri-Norcold also has a new Danish Crown has grown by 25 per cent in and suppliers. However, the division has also been involved principal shareholder in the form of Frode Laursen Gruppen. the past two years in several investment projects – not least in the US where We look forward to working with this company, which has Danish Crown’s consolidated revenue was DKK 56.5 billion in ­Plumrose has established a state-of-the-art cold cuts factory, strong competences within logistics. the financial year 2011/12, which is 9 per cent higher than which will begin operations early in the new financial year. in the previous financial year. This means that over the past The activities in the associates SPF Danmark and Hatting-KS two years, revenue has grown by no less than 25 per cent – a DC Fresh Meat continued during the year with stable results, with the latter development realised during an international economic crisis This sector accounts for 57 per cent of the group’s revenue, company having been expanded with the acquisition of a and a decline in the supply of Danish animals for slaughter. to which should also be added intercompany deliveries to both company in Germany. DC Foods and ESS-FOOD. There are several explanations for the significant growth. Danish Crown’s capital base Firstly, over a number of years, Danish Crown has succeeded DC Pork The process of exploring new opportunities in order to increase in increasing its international activities faster than the decline International demand for Danish pork has rarely been stronger Danish Crown’s equity continued during the year in cooperation in the supply of Danish animals for slaughter. Secondly, the than in the past financial year. It is therefore a great shame – with the company’s Board of Representatives. The timing of Danish Crown group has very broad market access – also to not least for Danish society and for our cooperative members specific steps in this area will depend on internal as well as non-European markets, which have been less affected by – that the framework conditions for pig farming in Denmark external factors. the economic challenges. Thirdly, despite the economic crisis, are still deteriorating, resulting in a further decline in pig the Danish Crown group has succeeded in raising the prices production in the past year. However, DC Pork is able to handle However, the Danish Crown group’s status as a solid of its products for the benefit of the company’s cooperative the situation by quickly and effectively adapting Danish investment objective is clearly confirmed by the company’s members and suppliers who, after several years of crisis, have production capacity – this year by closing the slaughterhouse financing terms, for example the highly successful issue of achieved a more sustainable income-expense ratio in spite of in Esbjerg – but also by stepping up the purchase of raw corporate bonds in the Danish market which was completed considerable increases, especially in feed prices. materials from our neighbouring countries, including Germany shortly after the end of the financial year. and Sweden. Growth was not achieved at the expense of earnings. In Danish Crown’s owners have also proved willing to strengthen fact, with a consolidated profit of DKK 1.7 billion, the Danish DC Pork thus realised growth in both revenue and results for the group’s capital base as it is proposed to transfer DKK 417 Crown group largely succeeded in maintaining the record-level the financial year. The company AD T-Schaub makes a very million from the net profit for the year to equity. earn ings of the previous year. The fact that the profit has not significant contribution to DC Pork’s results and has managed grown at the same pace as revenue is mainly attributable to to maintain very high earnings this year, while also strength- In addition, Danish Crown has increased its focus on the capital the development in raw material prices. Despite a declining ening its position as a global leader by acquiring an additional tied up in the group in general, including its net working supply of Danish animals for slaughter, Danish Crown has company in the US after the end of the financial year. capital. Despite a continued high level of investments in the been able to pay farmers, in Denmark alone, DKK 1 billion financial year, the group’s net debt remained unchanged, if extra this year via the raw material prices, which represents In most countries, earnings in this market segment have been disregard ing the effect of foreign exchange rates. a strong contribution to stabilising the development in under pressure in the past year, which also affected DC Pork’s Danish meat production. This development has benefited activities in Germany and Sweden. However, these activities Danish Crown and society both pig and cattle-producing members. Furthermore, it is are seeing ongoing growth thanks to dedicated local efforts, The Danish Crown group’s most significant contributions recommended that a total of DKK 1.27 billion be paid to the investments and the implementation of best practice. to society in the countries in which we operate are employ- cooperative members in the form of supplementary payments ment, the creation of demand for raw materials and ancillary – DKK 0.90 per kg for pigs, DKK 0.80 kg per kg for sows and DC Beef materials – not least from farmers – as well as the sale of DKK 1.50 per kg for calves and cattle. A higher market share within slaughterings in Denmark has safe, high-quality food products to international consumers. minimised the effect of the decline in Danish cattle production. DC Foods – a robust processing division Improved earnings were realised for both suppliers and the At the end of the year, the group had approx. 23,600 The processing area is of great strategic importance to the company, which now enjoys a very strong position as regards employ ees, of whom 8,700 work in Denmark.
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