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Kerry Group Annual Report 2019

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Kerry Group Annual Report 2019 KERRY GROUP ANNUAL REPORT 2019 Kerry Group is the global leader in taste and nutrition serving the food, beverage and pharmaceutical industries, and is a leader in its consumer foods categories in the chilled cabinet. CONTENTS STRATEGIC REPORT DIRECTORS’ REPORT 5 2019 Results Financial Highlights 90 Board of Directors 6 Our Purpose 92 Report of the Directors 8 Kerry Group at a Glance Governance Report 12 Chairman’s Statement 98 Corporate Governance Report 14 Chief Executive Officer’s Review 107 Audit Committee Report 18 Our People 112 Nomination Committee Report 24 Our Business Model 116 Remuneration Committee Report 26 Our Markets 28 Strategy & Financial Targets 31 Strategic Advantage FINANCIAL STATEMENTS 32 Financial Key 140 Independent Auditors’ Report Performance Indicators 146 Financial Statements 34 Financial Review 154 Notes to the Financial Statements 42 Business Review: Taste & Nutrition 47 Business Review: Consumer Foods SUPPLEMENTARY INFORMATION 49 Sustainability Review 73 Risk Report 216 Financial Definitions ii Kerry Group Annual Report 2019 Kerry Group Annual Report 2019 1 Kerry Group is the global leader in taste and nutrition serving the food, beverage and pharmaceutical industries, and is a leader in its consumer foods categories in the chilled cabinet. Kerry Group Annual Report 2019 1 2 Kerry Group Annual Report 2019 STRATEGIC REPORT STRATEGIC Kerry Group Annual Report 2019 3 STRATEGIC REPORT 2019 RESULTS 4 Kerry Group Annual Report 2019 STRATEGIC REPORT 2019 RESULTS FINANCIAL HIGHLIGHTS Group Volume Growth1 Continued delivery Revenue of and strategic development €7.2bn +2.8% 2018: €6.6 billion 2018: +3.5% > Strong overall revenue Trading Profit Group Trading growth resulting in up 12.1% Margin¹ Expansion record Group revenue > Good margin expansion €903m +30bps achieved in the year 2018: €806 million (up 3.1%) 2018: Maintained > Taste & Nutrition made Net Cash from Free Cash Flow1 significant progress Operating Activities of of across its strategic priorities (74% cash conversion) €764m €515m > Consumer Foods 2018: €651 million 2018: €447 million (72% cash conversion) division delivered a solid underlying Basic EPS Adjusted EPS Growth performance in a 1 up 4.7% in Constant Currency subdued marketplace > The Board recommends 320.4cent +8.3% a final dividend of 55.1 2018: 305.9 cent (down 8.3%) 2018: +8.6% cent per share Total Dividend per Share Return on Average Capital up 12.0% to Employed1 of 78.6 cent 11.8% 2018: 70.2 cent (up 12.0%) 2018: 12.0% Total Shareholder Return of 29.3% 2018: (6.8%) 1 See Financial Key Performance Indicators section pages 32-33 and the Supplementary Information section page 216 for definitions, calculations and reconciliations of Alternative Performance Measures. Kerry Group Annual Report 2019 5 STRATEGIC REPORT OUR PURPOSE Our Purpose As the world leader in taste and nutrition, our Purpose is to Inspire Food and Nourish Life. Our Purpose is central to The Kerry Way and serves as our guiding light on our journey to make it easier and more valuable for customers to do business with us, as we seek to make a greater, more lasting difference in the world by inspiring innovative, natural and sustainable taste and nutrition solutions for consumers, customers, the industry and the world. Inspire Food · Nourish Life puts food, drink and wellbeing front and centre. Food matters. It brings people together; across cultures, countries and generations. Food is heritage, happiness and health. Food is family and friends. Food is life. 6 Kerry Group Annual Report 2019 Inspiring Food is about Nourishing Life is about Innovation Sustainability It is about co-creating better tasting, It is about adding value to aspects of life better performing and better-for-you including the safety of our people and consumer focused solutions for the the safety and quality of our products food and beverage industry with our which nourish the lives of millions of customers and partners. Solutions that people around the world every day. are enabled by world class science and differentiated through our leading Taste Nourishing life also means something and Nutrition, Wellness and Functionality broader, encouraging the professional foundational technologies. Innovative growth of our people, supporting our solutions that inspire new growth for teams and their overall wellbeing and customers and a sustainable food future contributing to our communities and the for all. environment. Through our Values, voice and visibility we can strive to solve the bigger sustainability challenges facing the world. Our Values The Group’s Values of Courage, Ownership, Inclusiveness, Open-mindedness and Enterprising Spirit are also a central element of The Kerry Way and underpin our Purpose. Further details of our Values are outlined in Our People on page 19. Kerry Group Annual Report 2019 7 STRATEGIC REPORT KERRY GROUP AT A GLANCE Our Mission Statement About Us Since our modest beginnings in 1972, in a greenfield site in Listowel, Co. Kerry, Ireland we have grown from strength to Kerry Group will be: strength to become a leading player in the global food and beverage industry, with current annual sales of €7.2 billion. > the world leader in Taste and Nutrition serving the food, beverage and This journey has been one of dynamic growth and pharmaceutical industries, and strategic acquisition, guided by our in-depth understanding of international market dynamics, insights into consumer > a leader in its categories in the trends, shifting taste preferences and evolving nutritional chilled cabinet primarily in the Irish requirements. and UK markets. As an organisation, we never stand still and are clear with our colleagues, customers and stakeholders; who we are, Through the skills and wholehearted what we do, how we do it, where we are going and why we commitment of our employees, we will matter – we call this The Kerry Way. be leaders in our markets – excelling in product quality, technical and marketing Kerry Taste & Nutrition is the global leader in the creativity and service to our customers. development of taste and nutrition solutions for the food, beverage and pharmaceutical markets. Its broad technology We are committed to the highest standards foundation, customer-centric business model, and industry- of business and ethical behaviour, to fulfilling leading integrated solutions capability makes Kerry the our responsibilities to the communities co-creation partner of choice. which we serve and to the creation of long term value for all stakeholders on a socially Kerry Foods, the Group’s Consumer Foods division, has and environmentally sustainable basis. grown its presence with retail partners primarily in the Irish and UK markets. It is a leader in its categories in the chilled cabinet. Group Revenue Group Trading Profit by Division by Division bn 82% Taste & Nutrition m €7.2 €903 90% Taste & Nutrition 18% Consumer Foods Revenue Trading Profit 10% Consumer Foods 8 Kerry Group Annual Report 2019 26,000+ Employees 151 Manufacturing locations globally 32 Countries with manufacturing facilities 150+ Sales in 150+ countries 90% Employee participation in The Kerry Way workshop Kerry Group Annual Report 2019 9 STRATEGIC REPORT KERRY GROUP AT A GLANCE Where we operate 18,000+ €291.4m Products Investment in R&D + Our Markets pages 26-27 Taste & Nutrition Business Review pages 42-46 23% 1,000+ Consumer Foods Business Review Reduction in R&D pages 47-48 carbon intensity Scientists Taste & Nutrition Revenue by Region At Kerry Taste & Nutrition, we understand consumers want to consume food and beverage products that meet their individual taste preferences, nutrition and wellness requirements, while enhancing their lives and contributing to a more sustainable world. Customers 54% Americas including global, regional and local manufacturers, retailers bn 24% Europe and foodservice providers all continue to re-evaluate the €6.0 22% APMEA recipes, processes and the ingredients they use in the development of their products. In a highly fragmented market, Kerry has the broadest range of taste, nutrition and functional ingredient technologies and solutions capability available to re-formulate existing products and create new products across all food and beverage end use markets. Revenue by End Use Market (EUM) In Kerry, we Inspire Food and Nourish Life through the passion, commitment and work of our global team of expert food scientists, chefs, baristas, brewers, mixologists, bakers and nutritionists. Our leading business model, unique taste and nutrition positioning and leading 70% Food integrated solutions capabilities differentiate Kerry as the 25% Beverage co-creation partner of choice for the food, beverage and €6.0bn 5% Pharma pharma industry. We know success requires an ability to stay ahead of ever-changing consumer demand. We partner with our customers to deliver products that will delight and nourish their consumers across the globe. 10 Kerry Group Annual Report 2019 Global Headquarters Global and Regional Technology & nnovation Centres Manufacturing Plants Sales Offices Note reland & K: 3 manufacturing plants, sales offices Consumer Foods Kerry’s Consumer Foods division is a leader in its categories in the chilled cabinet primarily in the Irish and UK markets. Kerry Foods has many strong and well loved brands including Dairygold, Richmond, Fridge Raiders, Cheestrings and Denny. These brands can be found in kitchens, supermarkets, service stations, convenience stores and entertainment venues the length and breadth of Ireland and the UK. In addition to these brands, Kerry Foods manufactures customer branded products, which can be found in leading supermarkets in Ireland and the UK. Key to the success of Kerry Foods is its ability to focus on best positioning its offering in the changing marketplace to drive further growth. + Our Business Model pages 24-25 Strategy & Financial Targets pages 28-30 Kerry Group Annual Report 2019 11 STRATEGIC REPORT CHAIRMAN’S STATEMENT Kerry’s strategic positioning and leading business model continue to be key drivers of growth In June, the Group opened a new facility in Tumkur, India, which will serve our rapidly expanding South West Asia market.
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