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ANNUAL REPORT 2016 Prince's Street KERRY GROUP Tralee ANNUAL REPORT 2016 Co

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ANNUAL REPORT 2016 Prince's Street KERRY GROUP Tralee ANNUAL REPORT 2016 Co KERRY GROUP GROUP KERRY Prince's Street KERRY GROUP Tralee ANNUAL REPORT 2016 Co. Kerry — Ireland T: +353 66 718 2000 2016 REPORT ANNUAL F: +353 66 718 2961 www.kerrygroup.com Global leader in Taste & Nutrition KERRY GROUP Prince's Street Tralee Co. Kerry Ireland T: +353 66 718 2000 F: +353 66 718 2961 www.kerrygroup.com Kerry Group is global leader in Taste and Nutrition serving the food, beverage and pharmaceutical industries, and a leading supplier of added value brands and customer branded foods to the Irish, UK and selected international markets. With revenues of circa €6 billion, the Group employs some 23,000 people and serves a global customer base in over 140 countries. The Group is headquartered in Tralee, Ireland and is listed on the Irish Stock Exchange (KYGa.I) and London Stock Exchange (KYGa.L). DOWNLOAD Download our Investor App at kerrygroup.com READ MORE INNOVATION & COLLABORATION Taste & Nutrition Discovery facility page 35 SUSTAINABILITY COMMUNITY pages 42-59 pages 56-59 CONTENTS — STRATEGIC REPORT Highlights of the Year – 2016 Results 3 Kerry Group at a Glance 4 Chairman’s Statement 8 Chief Executive’s Review 10 Our Business Model 14 Our Markets 15 Our Strategy 16 Our People 20 Group Key Performance Indicators 22 Financial Review 24 Business Review: Taste & Nutrition 33 Business Review: Consumer Foods 39 READ MORE CONSUMER-LED SOLUTIONS Business Reviews pages 33-41 Sustainability Review 42 Risk Report 60 DIRECTORS' REPORT Board of Directors 70 Report of the Directors 72 Corporate Governance Report 78 Audit Committee Report 83 Nomination Committee Report 88 Remuneration Committee Report 92 FINANCIAL STATEMENTS Independent Auditors’ Report 112 Group Financial Statements 118 Notes to the Financial Statements 126 SUPPLEMENTARY INFORMATION READ MORE EXPERTISE & MARKET INSIGHT Our Strategy pages 16-18 Financial Definitions 184 Authentic Taste Natural Extracts CMYK 85.45.80.50 CMYK 48.4.90.3 CMYK 0.35.90.0 CMYK 0.0.30.85 RGB 32.72.50 RGB 151.187.59 RGB 249.177.34 RGB 73.72.57 HEX 204832 HEX 97bb3b HEX f9b122 HEX 494839 Pantone 357U Pantone 382U Pantone 129U Pantone 440U 2 | KERRY GROUP | ANNUAL REPORT 2016 STRATEGIC REPORT HIGHLIGHTS OF THE YEAR 2016 RESULTS — Continuing to grow and deliver compelling consumer propositions GROUP REVENUE OF VOLUME GROWTH* OF €6.1 billion +3.6% NET CASH FROM OPERATING ACTIVITIES OF FREE CASH FLOW* OF €683 million €570 million TRADING PROFIT UP 7.1% MARGIN IMPROVEMENT* OF €750 million 70 bps BASIC EPS UP 1.4% ADJUSTED EPS* UP 7.1% TO 302.9 cent 323.4 cent TOTAL DIVIDEND PER SHARE UP 12.0% TO RETURN ON AVERAGE CAPITAL EMPLOYED* OF 56.0 cent 12.9% A strong financial and business development Kerry Foods portfolio performs well in a performance by Group businesses. changing consumer foods marketplace. Businesses acquired in 2015 were successfully The Board recommends a final dividend of 39.2 integrated providing a strong platform for cent per share (an increase of 12% on the final 2015 international market development. dividend) payable on 19 May 2017 to shareholders registered on the record date 28 April 2017. Record free cash flow. Kerry’s Taste & Nutrition Technologies and READ MORE Details of the Group’s business performance Systems continue to drive a strong pipeline in 2016 are presented in the Chief Executive’s Review pages 10-13 and in the Business Reviews pages 33-41 of innovation. * See Group Key Performance Indicators section pages 22-23 and the Supplementary Information section page 184 for definitions, calculations and reconciliations of Alternative Performance Measures. 2 | KERRY GROUP | ANNUAL REPORT 2016 3 | KERRY GROUP | ANNUAL REPORT 2016 STRATEGIC REPORT KERRY GROUP AT A GLANCE — Delivering taste and nutrition to millions of people around the world every day Operations in 28 countries 23,000 Employees 140 15,000 Sales in over Products 140 countries 4 | KERRY GROUP | ANNUAL REPORT 2016 800+ R&D Scientists 130 Manufacturing locations OUR MISSION STATEMENT ABOUT US Kerry Group will be: Kerry Group has a well established Strategy – world leader in Taste and Nutrition for Growth embracing Kerry’s global Taste serving the food, beverage and & Nutrition business and Kerry Foods’ – pharmaceutical industries, and consumer foods business. – a leading supplier of added value brands READ MORE Our Business Model page 14 Our Strategy pages 16-18 and customer branded foods to the Irish, UK and selected international markets. Kerry Taste & Nutrition has successfully grown and developed to become the largest and most Through the skills and wholehearted commitment technologically advanced developer and provider of our employees, we will be leaders in our markets – of taste and nutrition solutions in the world. excelling in product quality, technical and marketing Kerry has strong customer alliances with leading creativity and service to our customers. global, regional and local food, beverage and pharmaceutical companies. We are committed to the highest standards of READ MORE Our Business Review – Taste & Nutrition pages 33-38 business and ethical behaviour, to fulfilling our responsibilities to the communities which we Kerry Foods, the Group’s consumer foods division, serve and to the creation of long-term value for has also established strong strategic and commercial all stakeholders on a socially and environmentally alliances with its retail partners in the Irish, UK and sustainable basis. selected international markets. The division’s brands READ MORE Sustainability Review pages 42-59 are household names in their respective markets including category leading brands such as Richmond, Wall’s, Mattessons, Denny, Shaws, Cheestrings, Dairygold and LowLow to name but a few. Kerry Foods is also a leading provider of customer branded chilled foods. READ MORE Our Business Review – Consumer Foods pages 39-41 5 | KERRY GROUP | ANNUAL REPORT 2016 STRATEGIC REPORT STRATEGIC REPORT KERRY GROUP AT A GLANCE KERRY GROUP AT A GLANCE — — WHERE WE OPERATE Global Headquarters Global and Regional Technology & Innovation Centres Manufacturing Plants Sales Offices Group HQ Naas Shanghai Singapore Beloit San Juan del Rio €6.1 bn €750m Campinas REVENUE TRADING PROFIT 79% Taste & Nutrition 86% Taste & Nutrition 21% Consumer Foods 14% Consumer Foods 6 | KERRY GROUP | ANNUAL REPORT 2016 STRATEGIC REPORT KERRY GROUP AT A GLANCE — Taste & Nutrition REGION Everyday millions of people throughout the world consume Americas food or beverage products incorporating Kerry’s Taste & EMEA Nutrition technologies or systems. €4.9 bn Asia-Pacific REVENUE Developed Kerry Taste & Nutrition is the largest and broadest industry Developing innovation and solutions provider in the fragmented $70 billion global ingredients and flavours market. We are a ‘B2B’ (Business to Business) taste, nutrition and functional ingredients solutions provider to all sectors of the food, beverage TECHNOLOGY and pharmaceutical markets, including retail and foodservice Savoury & Dairy Science end-use-market categories served by our customers. Kerry’s market Beverage Science leading insight and innovation, food and beverage heritage, science Pharma & Functional and technology, and applications/culinary excellence, provides the Cereal & Sweet Science foresight and technology to deliver products that nourish and Regional Ingredients delight consumers throughout the world. END USE MARKET #1 #1 #1 Beverage Prepared Technology & Meats Meals & Side Taste & Market Innovation Centre Nutrition Positions Dairy Dishes Network Bakery Savoury Soups, Snacks Sauces Pharma & Dressings Cereal & Bars Ice-cream Confectionery READ MORE Our Business Review – Taste & Nutrition pages 33-38 & Desserts Appetisers Other Consumer Foods Kerry Foods is a market leading supplier of added-value branded and customer branded chilled food products to the Irish, UK and selected international markets. Our consumer food products are marketed €1.3 bn REVENUE directly through multiple retailers, convenience stores and through e-commerce channels in our selected markets. Kerry Foods portfolio of consumer branded products includes over 20 high profile brands across three major market sectors; Meat Products, Meal Solutions REGION PRODUCT and Dairy Products. The portfolio includes; GB Meat Products In Ireland: Denny, Galtee, Shaws, Dairygold, Cheestrings, Ireland Meal Solutions Charleville, LowLow Rest of Europe Dairy Products In the UK: Richmond, Wall’s, Mattessons, LowLow, Pure, Cheestrings International: Cheestrings The division is also a leading producer of retail private label products including chilled and frozen meals, cooked meats, cheese and dairy CHANNEL products. It has also broadened its ‘hot-to-go’ offerings and channel Brand distribution in the ‘out-of-home’ sector. Private Label READ MORE Our Business Review – Consumer Foods pages 39-41 STRATEGIC REPORT CHAIRMAN'S STATEMENT — Leading the way in taste and nutrition technology SHAREHOLDER ANALYSIS 28% Retail 14% Kerry Co-operative 58% Institutions 21% North America 16% UK 12% Europe (excluding UK and Ireland) %5 Rest of World 4% Ireland Michael Dowling, Chairman While economic conditions were less than Closer to home, the Group’s consumer foods business in Europe buoyant in many of our markets, I am pleased is well placed to cope with market uncertainty arising from the UK to report that the Group continued to grow electorate vote to leave the European Union, and is well focused to meet consumer requirements for nutritional, convenient ‘better- and develop satisfactorily in 2016. for-you’, dairy, meat, prepared meals and ‘free-from’
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