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Annual Report & Accounts 2014 ANNUAL REPORT & ACCOUNTS BAKKAVOR IS A LEADING INTERNATIONAL MANUFACTURER OF FRESH PREPARED FOODS, EMPLOYING OVER 18,000 PEOPLE WORLDWIDE ACROSS 50 OPERATING FACILITIES. ar14.bakkavor.com / 1 Contents ABOUT BAKKAVOR CREATING VALUE DELIVERING GROWTH At a glance 2 Our market 8 Chief Executive’s review 19 Our products 4 Our strategy and KPIs 10 Business review – United Kingdom 20 Chairman’s address 5 Our business model 12 Business review – International 21 Principal risks 14 Financial review 23 How we create value Chief 18 product for the Executive’s categories p.4 long-term p.12 review p.19 GOVERNANCE FINANCIAL STATEMENTS Our responsibilities 28 Independent auditor’s report 39 Board of Directors 32 Consolidated income statement 40 Management Board 33 Consolidated statement of comprehensive income 41 Corporate Governance 34 Consolidated statement of financial position 42 Directors’ report 36 Consolidated statement of changes in equity 43 Consolidated statement of cash flows 44 Notes to the consolidated financial statements 45 Company income statement 82 Company statement of changes in equity 82 Company statement of financial position 83 Company statement of cash flows 84 Notes to the company financial statements 85 Company information ibc Download a copy of our Company View our brochure annual report online. online at Our Group KPIs are indicated by this icon ar14.bakkavor.com and can be found on pages 10 and 11. 2 / Bakkavor Annual Report and Accounts 2014 At a glance 2000 2000 2000 2000 WE HAVE OVER 40 YEARS’ EXPERIENCE OF DEVELOPING 120 120 50 50 60 60 INNOVATIVE, HIGH-QUALITY FRESH PREPARED 100 100 50 50 40 40 FOODS WITH LEADING GLOBAL GROCERY RETAILERS1500 1500 1500 1500 80 80 40 40 AND FOODSERVICE PROVIDERS. 30 30 1000 1000 1000 1000 60 60 30 30 20 20 40 40 20 20 500 500 500 500 10 10 KEY FACTS & FIGURES 20 20 10 10 0 0 0 0 0 0 0 0 0 0 Employ over 18,000 people with over STATUTORY SALES £m LIKE-FOR-LIKE SALES1 £m 16,000 based in the United Kingdom 119.9 119.9 109.7 109.7 Operate 50 facilities across six countries 43.7 43.7 1,650 1,693 1,650 1,6931,651 1,723 1,651 1,723 50.8 50.8 Supply over 5,500 products across 18 fresh prepared foods categories 32.3 32.3 33.3 33.3 Trade with the top global grocery retailers Specialise in private label foods 2000 2000 120 120 100 100 1500 1500 +2.6%80 80 +4.4% 1000 2013 2014 1000 2013 2014201360 2014 60 2013 20142013 2014 2013 20142013 2014 2013 20142013 2014 2013 2014 40 40 500 500 UNITED KINGDOM 20 20 0 0 0 0 KEY DEVELOPMENTS LIKE-FOR-LIKE SALES1 £m ADJUSTED EBITDA2 £m Restructured UK operations to focus on customer and category leadership 112.9 112.9 104.1 104.1 Grew sales ahead of the UK fresh 1,480 1,536 1,480 1,536 prepared foods market Received awards for product innovation, supplier excellence, health & safety and sustainability Entered four-year partnership with the Prince’s Trust +3.8% +8.5% 2013 2014 2013 2014 2013 2014 2013 2014 32 OUR CUSTOMERS facilities 20 locations ar14.bakkavor.com / 3 2000 2000 2000 2000 2000 2000 120 120 50 120 50 60 50 60 60 100 100 100 50 50 50 40 40 40 1500 1500 1500 1500 1500 1500 80 80 80 40 40 40 30 30 30 1000 1000 1000 1000 1000 60 1000 60 60 30 30 30 20 20 20 40 40 40 20 20 20 500 500 500 500 500 500 10 10 10 20 20 20 10 10 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ADJUSTED EBITDA2 £m FREE CASH FLOW3 £m CAPITAL EXPENDITURE £m 1 Like-for-like sales exclude the impact of acquisitions, disposals, closures and foreign exchange translation, but include the Group’s 119.9 119.9 119.9 share of revenue generated by 109.7 109.7 109.7 associates. 1,723 1,723 1,723 43.7 43.7 43.7 1,650 1,693 1,650 11,693,651 1,650 1,6931,651 1,651 50.8 50.8 50.8 2 Adjusted EBITDA excludes restructuring costs, royalty charges to the Group’s parent company, asset impairments and those 32.3 32.3 32.3 additional charges or credits 33.3 33.3 33.3 that are one-off in nature and significance. The 2013 results have been restated to reflect the adoption of IAS 19 (revised 2011) 200 200 8 8 120 ‘Employee120 Benefits’. This has had 2000 2000 the effect of reducing the Group’s 7 7 prior year Adjusted EBITDA by 100 £1.9 million.100 150 150 6 6 3 Free cash flow is defined as the 1500 1500 amount of cash generated by 80 the business,80 after meeting its +9.3% +35% 5 +53%5 obligations for interest, tax and pensions, and after investments 100 100 2013 2014 2013 20142013 20142013 20142013 20132014 2014 2013 20132014 20132014 2014 2013 20132014 20132014 2014 2013 20132014 2014 2013 4 2014 4 60 in tangible fixed60 assets. 1000 1000 3 3 40 40 50 50 2 2 500 500 20 20 INTERNATIONAL 1 1 0 0 0 0 0 0 0 0 KEY DEVELOPMENTS LIKE-FOR-LIKE SALES1 £m ADJUSTED EBITDA2 £m Expanded our presence in US 187 187 Expanded our customer base in Asia 171 171 7. 0 7. 0 Continued improvement in margins 5.6 5.6 18 5 +9.5% +25% facilities countries 2013 2014 2013 2014 2013 2014 2013 2014 OUR CUSTOMERS ® Belgium China Italy US Spain 4 / Bakkavor Annual Report and Accounts 2014 Our products SANDWICHES PREPARED FRUIT DRESSED SALADS & SANDWICH WRAPS & MEAL SALADS PREPARED VEGETABLES LEAFY SALADS FRUIT JUICES & SMOOTHIES PIZZA SPECIALITY BREAD SOUPS & BAKERY PRODUCTS READY MEALS DIPS PASTA SAUCES DESSERTS READY TO COOK MEALS & PASTRIES FRESH PRODUCE DRESSINGS STIR FRY ar14.bakkavor.com / 5 Chairman’s address FINANCIAL PERFORMANCE Over the past two years, we have exited a I AM PLEASED TO REPORT This has been another successful year for the number of non-core businesses so that we ANOTHER SUCCESSFUL YEAR Group with our UK market share growing for can focus resource on growing our presence the third consecutive year and our International in the US and Asia. In 2014, we disposed FOR BAKKAVOR, CONTINUING business making excellent progress. of Spring Valley Foods, our South African OUR STRATEGY OF LEADERSHIP prepared fruit business. We also sold 40% of Statutory sales increased by 2.6% with our Italian pizza manufacturing business to its IN INNOVATION AND CLOSE like-for-like revenues up 4.4%. Sales growth, senior management. This transaction, which PARTNERING WITH OUR combined with the benefits of restructuring includes a three-year option for management activity in our UK business, led to an increase CUSTOMERS. to purchase the remaining 60% of the business, of 9.3% in Adjusted EBITDA to £119.9 million, aligns the long-term interest of all parties. giving an Adjusted EBITDA margin improvement of 50 basis points to 7.1%. Once again, the PEOPLE Group focused on cash conversion generating Once again, I would like to thank all our £43.7 million of free cash from operating employees for their hard work. The growth activities despite a significant increase in we have experienced throughout 2014 has capital expenditure. Net debt decreased by been driven by their passion and loyalty £48.1 million to £471.7 million which together to our business. We will continue to place with our strong delivery in EBITDA led to great emphasis on investing in long-term Net Debt: EBITDA leverage of 3.9 times, opportunities so they can grow their careers down from 4.7 times last year. within the business. STRATEGIC DEVELOPMENTS LYDUR GUDMUNDSSON OUTLOOK GROUP CHAIRMAN In the UK, we reorganised our operational In a tough trading environment with low structure to further strengthen our customer market growth, the Group has made good relationships and build on our leading progress, increasing revenues, market share, category positions. These changes have margins and cash generation. Whilst the results simplified our business structure and reduced to date are encouraging, the unprecedented our cost base, enabling us to fund investments changes in the UK grocery market mean that in marketing, innovation and new technologies we expect these challenging trading conditions to drive growth and manufacturing efficiencies. to persist. Our strategic priorities of targeted The benefits of these actions are already being capital investments, close partnering with evidenced through market share gains and our customers, technical excellence and improved margins. outstanding product innovation have proved In our International business, we remain successful and will remain our focus in 2015. well placed to benefit from growth in the fresh prepared food markets, particularly in the US and Asia. In January 2015, we were delighted to complete our first acquisition in seven years, of B. Robert’s Foods, a private label fresh prepared food manufacturer based in Charlotte, North Carolina. The acquisition Lydur Gudmundsson reinforces our commitment to seeking Group Chairman growth opportunities within the US market 11 February 2015 +4.4% and complements our existing operations Like-for-like sales1 in California and Pennsylvania. 1 Like-for-like sales exclude the impact of acquisitions, disposals, closures and foreign exchange translation, but include the Group’s share of revenue generated by associates. WAITROSE GOOD TO GO WHEATBERRY, KALE & FETA SALAD PREPARED AT WINGLAND FOODS IN SUTTON BRIDGE, LINCOLNSHIRE 1 Creating value > 8 / Bakkavor Annual Report and Accounts 2014 Our market RESPONDING TO £9.6bn MARKET TRENDS UK fresh prepared foods market size 1 BAKKAVOR INNOVATION 2014 Healthy and tasty meal ranges to help people hit ‘five a day’ and calorie targets Traditional cream cakes +18% with a contemporary twist Exclusive, chef-inspired ranges annual growth in UK online sales of fresh and Recipes with ‘on-trend’ flavours and chilled foods 1 ingredients such as chipotle, beetroot, salted caramel, quinoa, kale and Middle Eastern spices Snacking pizzas and dips, and party foods
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