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Securing Our Future Annual Report 2016

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Securing our Future Annual Report 2016 NOTE: Image is to be re-shot in studio with brighter lighting Guiseppe Napoli and son Max, Leeton rice growers CONTENTS SunRice Overview 02 Our Growers 18 About SunRice 04 Our Operations 22 SunRice Brands 06 Our Businesses 26 Group Highlights 08 Trukai Industries 28 Business Highlights 10 Riviana Foods 29 Chairman’s Message 12 SunFoods 30 CEO’s Message 14 CopRice 31 SunRice Around the World 16 People and Culture 32 SunRice is equipping the company for the future, enabling opportunities to invest for growth and building a global food business of significant scale to benefit all growers, shareholders and our people. SunRice is securing the future of rice for generations to come. Community and Environment 36 Directors’ Report and Our Community 38 Financial Report 57 Environment and Sustainability 40 Independent Audit Report to the Members of Ricegrowers Limited 130 Our People Corporate Directory 132 Board of Directors 42 SunRice’s Annual Report covers Ricegrowers Limited Corporate Management Team 44 ABN 55007481156 and subsidiaries. The Report can be viewed or downloaded from SunRice’s website, www.sunrice.com.au. In this Subsidiary Company Heads 46 Report, ‘the year’, ‘this year; ‘FY16’, ‘crop year 2015’, ‘C15’ all refer to the Financial Year ended 30 April 2016. The ‘2016 harvest’ refers to the rice crop grown in FY16 and processed in the Corporate Governance Statement 47 Financial Year ended 30 April 2017. 1 SUNRICE OVERVIEW SunRice is one of Australia’s largest When combined, SunRice’s Rice Pool MISSION branded food exporters, with over Business and its Profit Businesses 30 major recognised brands in deliver complementary benefits to With our roots in Australia’s approximately 48 countries around both sets of shareholders, which food bowl, we are trusted to the world. include profitable participation in transform nature’s goodness and maintenance of world markets; into healthy, enjoyable and From its foundations as a rice processor increased business scale to maintain nutritious foods that meet the and marketer 66 years ago, today the efficient utilisation of the business’s needs of discerning consumers SunRice Group comprises 10 businesses, storage and processing assets; shared representing a diverse portfolio united around the world. investment in SunRice brands; and by the Group’s mission to transform providing SunRice with the necessary nature’s goodness into healthy, critical mass to successfully compete in VALUES enjoyable and nutritious foods that today’s dynamic business environment. meet the needs of discerning consumers Community, Dynamic, Integrity, around the world. SunRice has successfully transitioned Collaborative, Innovative. from a production-led processor to a With FY16 revenue of $1.3 billion and market-driven food company over the more than 2,100 staff, the SunRice past decade. The Group has a long STRATEGIC GOALS Group has operations and assets across track record in innovation and capability; Australia, New Zealand, the Middle East, expertise in commercialising value- 1. Substantially increase the United States, Papua New Guinea, added products and launching them in annual revenue within the Pacific Islands (including Solomon high-growth global markets; and making the next 10 years. Islands) and Asia. strategic investments in brands, operations This includes: and relationships outside Australia. 2. Maximise Paddy Price – SunRice’s Riverina-based Rice Pool by optimising market, The Company is now well-positioned Business, which operates the Paddy to seek further growth and is focused channel and varietal mix. Pool and delivers benefits to Growers on securing the future for SunRice for and A Class Shareholders in the form generations to come. 3 Achieve top quartile, of Paddy Prices; and year-on-year profitability. – SunRice’s Profit Businesses, 4. Grow Shareholder value which deliver benefits to SunRice’s and increase resilience B Class Shareholders in the form on earnings by pursuing of participation in capital growth diversified and stable growth. and dividends. 5. Maintain or improve Return on Capital Employed (ROCE). 2 OUR STRATEGIC PRIORITIES 01. 02. Establish a Secure Premiumise and Sustainable Commodity Supply Base Markets 03. 04. Differentiate and Build Build Presence Value in Domestic in High-Growth Consumer Markets Consumer Markets 05. 06. Diversify Earnings by Accelerating Operational Excellence Growth of Complementary and through Efficiency Subsidiary Businesses and Innovation 3 ABOUT SUNRICE Asia USA / Canada 7 Middle East 5 11 8 Pacific 4 2 6 10 9 1 3 Australia New Zealand SunRice Markets 1 5 9 SunRice International SunRice Aqaba Processing Co. Rice Research Australia Offices / Operations Registered Head Office (APC) Pty Ltd (RRAPL) Leeton, NSW, Australia Aqaba Port, Jordan Jerilderie, NSW Australia Corporate Office Sydney, NSW, Australia 2 6 10 Solrice CopRice Australian Grain Storage Solomon Islands NSW and VIC, Australia (AGS) NSW and VIC, Australia 3 7 11 Riviana Foods SunFoods SunRice Scoresby, VIC, Australia California, USA Dubai Office 4 8 Trukai Ricegrowers Singapore Papua New Guinea Singapore Office 4 SunRice Annual Report 2016 Fast Facts 5 FAST FACTS $1.3BN $892M $474M* GROUP REVENUE REVENUE REVENUE (FY16) Attributable to Attributable to Rice Profit Businesses (FY16) Pool Business (FY16) 4 10 244,184 INTERNATIONAL BUSINESSES C16 TONNES HARVESTED OPERATIONS $52M 20% 37.5% NET PROFIT SHARE OF THE GLOBAL DIVIDEND PAYOUT AFTER TAX (UP 5.8%) JAPONICA TRADE RATIO (FY16) 904 55.8M A CLASS SHARES ON ISSUE B CLASS SHARES ON ISSUE *Rice Pool revenue includes intercompany sales 5 SUNRICE BRANDS 30+ 700+ 48 MAJOR BRANDS PRODUCTS EXPORT MARKETS 6 SunRice Annual Report 2016 SunRice Brands SunRice’s diverse product portfolio includes branded gourmet food; pet food and stockfeed manufacturing; value-added products such as rice flour, rice cakes and rice meals; and sourcing and trading of non-Australian rice. SUNRICE BRANDS COMPANY BRANDS 7 GROUP HIGHLIGHTS GROUP REVENUE ($1.3BN) UP1.9% 1.4 1.3 1.2 BN $ 1.27BN 1.1 $ 1.25 $ 1.15BN 1.0 $ 1.07BN 0.9 $ 1.0BN 0.8 0.7 0.6 FY12 FY13 FY14 FY15 FY16 NET PROFIT NET PROFIT BEFORE TAX AFTER TAX $73M $52M UP 3.6% ON LAST YEAR UP 5.8% ON LAST YEAR 8 DIVIDEND PER B CLASS SHARE PADDY PRICE (Price at 30 April) KOSHIHIKARI 33 CENTS $533.60 UP 6.5% ON LAST YEAR $403.60 REIZIQ CAPITAL INVESTMENT RETURN ON CAPITAL (Return on Capital Employed – ROCE) $24M 15.1% vs. 15.8% year-on-year GEARING % (at 30 April) 65.9% 6I.4% 70% 46.6% 60% 43.6% 43.9% 50% 40% Debt/Equity 30% 39.7% Debt/Debt+Equity 20% 38.0% 30.4% 30.5% 31.8% 10% 0% FY12 FY13 FY14 FY15 FY16 2.3% UPLIFT IN C15 PADDY PRICE YEAR-ON-YEAR 9 BUSINESS HIGHLIGHTS BY SEGMENT The SunRice Group includes the Rice Pool Business, the returns of which are aligned to growers and A Class Shareholders, and the Profit Businesses, which are aligned to B Class Investor Shareholders. RICE POOL BUSINESS *Aligned to Growers and A Class Shareholders PROFIT BUSINESSES The milling, marketing and distribution International Rice of Riverina Rice through intermediaries The marketing and distribution of rice from to consumers and directly to food service all other sources through intermediaries to and processing customers, where the consumers, food services and processing supply of Australian rice is a key driver customers, where the economics of the of the economics of the business. business reflects profit generated as a result of managing supply and demand. REVENUE (A$M) REVENUE (A$M) +17.5% +3.8% +4.4% -17.6% -6.5% +10.4% +8.5% +13.4% +8.0% 551 576 531 514 474 476 452 420 351 387 155 146 148 149 131 131 105 139 110 125 71 78 80 89 98 FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 Rice Pool Business’s revenue is presented before inter segment elimination. Growth Rate PADDY PRICE PAYMENTS (A$M) NPBT (A$M)1 344 339 306 288 38 36 208 28 27 22 19 14 13 14 13 12 2 4 4 3 1 10 10 9 9 9 10 1 7 7 5 FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 All net proceeds of the Rice Pool Business are paid out in the form of Paddy Prices. NET ASSETS (A$M)2 NET ASSETS (A$M)2 124 235 234 100 96* 187 199 198 73 69 62 61 65 62 62 59 55 49 43 42 49 35 38 38 35 35 28 27 28 27 FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 BRANDS 10 SunRice Annual Report 2016 Business Highlights *Aligned to B Class Shareholder Rice Food Riviana Foods CopRice Asset Finance The marketing and distribution The importation, manufacture, The manufacture, distribution and Includes charges for funding, of rice-based products which distribution and sales of consumer sales of pet food and stock feed access and use of manufacturing, incorporate additional value in their food products to intermediaries. products through intermediaries to storage and brands, primarily by transformation process (including consumers and primary producers. the Rice Pool Business. Also rice cakes, rice flour and microwave includes insurance activities. rice, microwave meals). +1.9% +8.7% +3.2% +11.6% +18.0% +1.9% +1.2% +4.8% -3.7% -6.9% +28.7% +12.1% +13.4% +5.3% 0% Note: Asset Finance does 576 551 not generate revenues 531 514 474 476 452 420 351 387 155 146 148 149 131 131 105 139 110 125 71 78 80 89 98 FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 Rice Pool Business’s revenue is presented before inter segment elimination.
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