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Business Overview About ARYZTA ARYZTA AG Annual Report 2010 6 Annual Report and Accounts 2010 Business Overview About ARYZTA ARYZTA is a Swiss company based in Zurich, with operations in Europe, North America, South America, South East Asia, Australia and New Zealand. ARYZTA was formed in 2008 through the merger of IAWS Group plc and Hiestand Holding AG and has a primary listing on the SIX Swiss Stock Exchange (Ticker: ARYN) and a secondary listing on the Irish Stock Exchange (Ticker: YZA). The Group also holds 71.4% of Origin Enterprises plc, an agri-services business listed on AIM in London (Ticker: OGN) and the ESM in Dublin (Ticker: OIZ). Corporate Structure ARYZTA AG Food Europe Food North America Food Rest of World Origin Key Bakery Business Brands Key Bakery Business Brands Key Bakery Business Brands Origin 71.4 % Holding Hiestand La Brea Bakery Hiestand Origin Cuisine de France Otis Spunkmeyer Fresh Start Bakeries Delice de France Fresh Start Bakeries Coup de Pates – Pennant – Sweet Life Fresh Start Bakeries Great Kitchens ARYZTA AG Annual Report 2010 7 Business Overview (continued) Geographic Reach – Food Group Pro forma Revenue (Including Fresh Start Bakeries&Great Kitchens) EUR 2.4 bn Pro Forma Revenue1 (Including Fresh Start Bakeries and Great Kitchens) EUR 2.4 bn Food Europe 49% Food North America 45% Food Rest of World 6% Customer Channel Mix – Food Group Pro forma Revenue (Including Fresh Start Bakeries&Great Kitchens) EUR 2.4 bn Pro Forma Revenue1 Convenience& (Including Fresh Start Independent Retail Quick Service Restaurant Bakeries and Great Kitchens) EUR 2.4 bn 21% 28% Large Retail 25% Other Foodservice 26% Pro forma Revenue Product Mix – Food Group (Including Fresh Start Bakeries&Great Kitchens) EUR 2.4 bn Pro Forma Revenue1 Morning Goods (Including Fresh Start Bakeries and Great Kitchens) 14% EUR 2.4 bn Bread Rolls &Artisan Loaves Sweet Baked Goods 48% 16% Savoury&Other 22% 1 Pro forma TTM revenue to July 2010 (including completed acquisitions of Fresh Start Bakeries and Great Kitchens), translated at a USD-EUR rate of 1.38. ARYZTA AG Annual Report 2010 8 Business Overview Food Business – Markets Food Europe Food Europe has market positions in spe ciality baking in Switzerland, Germany, Poland, the UK, Ire land, France, Sweden and Spain. ARYZTA has a mix ture of business-to-business and consumer brands including, Hiestand, Cuisine de France, Delice de France, Coup de Pates and Fresh Start Bakeries. Pro Forma Key Figures1 Geographical Footprint (Including Fresh Start Bakeries) Revenue EBITDA EBITA Bakeries Countries € 1.2 bn € 189 m € 141 m 17 8 1 Pro forma TTM revenue, EBITDA and EBITA to July 2010 (including completed acquisition of Fresh Start Bakeries), translated at a USD-EUR rate of 1.38. ARYZTA AG Annual Report 2010 9 Business Overview Food Business – Markets Food North America Food North America has market positions in speciality baking in the United States and Canada. ARYZTA has a mix ture of business-to-business and consumer brands, including Otis Spunkmeyer, La Brea Bakery, Fresh Start Bakeries, Pennant Foods, Sweet Life and Great Kitchens. Pro Forma Key Figures1 Geographical Footprint (Including Fresh Start Bakeries and Great Kitchens) Revenue EBITDA EBITA Bakeries2 Countries € 1.1 bn € 142 m € 116 m 27 2 1 Pro forma TTM revenue, EBITDA and EBITA to July 2010 (including completed acquisitions of Fresh Start Bakeries and Great Kitchens), translated at a USD-EUR rate of 1.38. 2 Including two JV operations in California (USA) and Ontario (Canada). ARYZTA AG Annual Report 2010 10 Business Overview Food Business – Markets Food Rest of World ARYZTA has embryonic speciality bakery businesses in Japan, Malaysia, Brazil, Australia and New Zealand, with joint venture operations in Chile and Guatemala. This gives ARYZTA an excellent opportunity to understand the customer diversity and opportunities in these vast markets. Pro Forma Key Figures1 Geographical Footprint (Including Fresh Start Bakeries) Revenue EBITDA EBITA Bakeries2 Countries € 148 m € 26 m € 22 m 9 7 1 Pro forma TTM revenue, EBITDA and EBITA to July 2010 (including completed acquisition of Fresh Start Bakeries), translated at a USD-EUR rate of 1.38. 2 Including two JV operations in Chile and Guatemala. ARYZTA AG Annual Report 2010 11 Business Overview Key Bakery Business Brands Hiestand Cuisine de France Delice de France Coup de Pates La Brea Bakery Hiestand offers a broad Cuisine de France offers Delice de France supplies Coup de Pates is the La Brea Bakery is widely range of innovative bak- the consumer traditional high quality continental principal brand of credited as the pioneer ery products (croissants, French breads, pastries breads, viennoiserie, sa- Groupe Hubert, a and leader of the artisan bread, rolls, pastries, and also a wide range voury and confectionery leading developer and bread movement in snacks, pretzels), and of continental-style products, including hos- distributor of bakery America. the comprehensive breads, confectionery pitality goods, primarily products to the bakery, services to actively and hot savoury items. to the foodservice and craft and foodservice La Brea Bakery offers a promote sales. Hiestand catering industry. sectors in France. wide assortment of provides added value Cuisine de France pro- rustic breads ranging for business to business vides a complete bake- The business offers pre- Groupe Hubert offers from baguettes and customers. off solution primarily mium solutions tailored its customers bread, loaves to sandwich and to the retail industry, to meet future customer viennoiserie, patisserie, dinner rolls. Through the close-knit as well as staff training and consumer needs. It traiteur and reception logistical and distribu- and category manage- is the UK’s leading pro- products. La Brea Bakery operates tion network, assurance ment to enable the vider of innovative and within the Food North is given that products timely delivery of ready- authentic continental Coup de Pates operates America market. sold to customers are to-bake products. bakery products to the within the Food Europe consistently ‘fresher foodservice trade. market. www.labreabakery.com than fresh’. Cuisine de France oper- ates within the Food Delice de France oper- www.coupdepates.fr Hiestand operates with- Europe market. ates within the Food in the Food Europe and Europe market. Food Rest of World www.cuisinedefrance.com markets. www.delicedefrance.co.uk www.hiestand.ch ARYZTA AG Annual Report 2010 12 Business Overview Key Bakery Business Brands (continued) Otis Spunkmeyer Fresh Start Bakeries Pennant Foods Sweet Life Great Kitchens Otis Spunkmeyer is a Fresh Start Bakeries (in- Pennant Foods is a lead- Sweet Life is a leading Great Kitchens is a lead- leading, premium fresh corporating Pennant ing provider of speciality innovator and manu- ing supplier of pizza baked goods brand in Foods and Sweet Life) is bakery products and facturer of sweet baked and appetisers, with a its US market categories. a global supplier of spe- solutions to the North goods, servicing the focus on the deli ciality bakery products, American quick service North American and segment of the North An iconic brand, it has with a leading position restaurant, foodservice Asian quick service American retail grocery strong recognition in the quick service and retail in-store bak- restaurant channel. channel. and awareness across a restaurant segment. ery channels. national customer Sweet Life operates Great Kitchens operates base in the foodservice Fresh Start Bakeries op- Pennant Foods operates within the Food North within the Food North and retail channels. erates within the Food within the Food North America market. America market. Europe, Food North America market. Otis Spunkmeyer oper- America and Food Rest www.sweetlifeinc.com www.gkitchens.com ates within the Food of World markets. www.pennantfoods.com North America market. www.freshstartbakeries.com www.spunkmeyer.com ARYZTA AG Annual Report 2010 13 Business Overview Origin 71.4% Holding Origin Origin markets ARYZTA AG is the majo- Origin is a leading rity shareholder (71.4%) agri-services company in Origin Enterprises focused on integrated plc, which has a listing agronomy services, feed on the AIM in London ingredients and fertili- and the ESM in Dublin zers, with operations in (AIM:OGN, ESM:OIZ). Ireland, the UK, Norway, As of 24 September 2010, Poland and Ukraine. Origin had a market capitalisation of €368m www.originenterprises.com (133m shares at €2.77), valuing ARYZTA‘s holding at circa €263m (95m shares at €2.77)..
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