Annual Report 2003/04
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Danish Crown Marsvej 43 . DK-8900 Randers Tel. +45 89 19 19 19 . Fax +45 86 44 80 66 [email protected] www.danishcrown.dk CVR-nr. 21643939 Contents Values must permeate daily life Reports on Executive and Supervisory Boards Values and attitudes have been debated at Danish Crown in recent years. Chairman’s report 3 Executive Board’s report 4 The values that, in 2000, the Group’s leadership set out as the guidelines for management and staff in their dealings with each other, their customers, the owners Fresh meat and the surrounding world, aim at creating the public perception of Danish Crown The Pork Division 8 as one organisation irrespective of whether they communicate with, for instance, The Beef Division 12 a production plant in the Pork Department or a sales consultant in a subsidiary. Environment 14 Human Resources 16 It was crucial for Danish Crown’s leadership that the values were not just “headlines” but acted as a common link in daily life as well as guidelines on how Processing to approach any situation. Values, attitudes and behaviour, therefore, were up for Tulip Food Company 18 discussion throughout the Group. Tulip Ltd 20 Plumrose USA 22 This annual report provides a number of examples of how the values imbue daily life and illustrates how the value debate is a continuing and dynamic process Trading which will ensure that Danish Crown continues to be perceived ESS-FOOD 24 as a modern business based on a common set of values. DAT-SCHAUB International 25 Emborg Foods 26 The objective is that its stakeholders perceive Danish Crown as a company that: Other Companies ANNUAL REPORT 2003/04 FOR THE DANISH CROWN GROUP Annual report 2003/04 Leads the way • DBC 28 FOR THE DANISH CROWN GROUP Creates value • SFK Systems 29 Takes responsibility • SFK Food 30 Shows confidence and respect • DAT-Schaub a.m.b.a. 31 Consolidated and financial statements Accounting policies 34 Statement and report 38 Income statement 39 Balance sheet 40 Statement of changes in equity 42 Cash flow statement 43 Notes 44 Group structure 54 4287 omslag_konverteret.indd 2 30/11/04 10:36:46 Danish Crown Marsvej 43 . DK-8900 Randers Tel. +45 89 19 19 19 . Fax +45 86 44 80 66 [email protected] www.danishcrown.dk CVR-nr. 21643939 Contents Values must permeate daily life Reports on Executive and Supervisory Boards Values and attitudes have been debated at Danish Crown in recent years. Chairman’s report 3 Executive Board’s report 4 The values that, in 2000, the Group’s leadership set out as the guidelines for management and staff in their dealings with each other, their customers, the owners Fresh meat and the surrounding world, aim at creating the public perception of Danish Crown The Pork Division 8 as one organisation irrespective of whether they communicate with, for instance, The Beef Division 12 a production plant in the Pork Department or a sales consultant in a subsidiary. Environment 14 Human Resources 16 It was crucial for Danish Crown’s leadership that the values were not just “headlines” but acted as a common link in daily life as well as guidelines on how Processing to approach any situation. Values, attitudes and behaviour, therefore, were up for Tulip Food Company 18 discussion throughout the Group. Tulip Ltd 20 Plumrose USA 22 This annual report provides a number of examples of how the values imbue daily life and illustrates how the value debate is a continuing and dynamic process Trading which will ensure that Danish Crown continues to be perceived ESS-FOOD 24 as a modern business based on a common set of values. DAT-SCHAUB International 25 Emborg Foods 26 The objective is that its stakeholders perceive Danish Crown as a company that: Other Companies ANNUAL REPORT 2003/04 FOR THE DANISH CROWN GROUP Annual report 2003/04 Leads the way • DBC 28 FOR THE DANISH CROWN GROUP Creates value • SFK Systems 29 Takes responsibility • SFK Food 30 Shows confidence and respect • DAT-Schaub a.m.b.a. 31 Consolidated and financial statements Accounting policies 34 Statement and report 38 Income statement 39 Balance sheet 40 Statement of changes in equity 42 Cash flow statement 43 Notes 44 Group structure 54 4287 omslag_konverteret.indd 2 30/11/04 10:36:46 Attractive overall impression Right from the early planning of the new slaugh- terhouse in Horsens, due regard was paid to the fact that the building would be highly visible. Architects were contracted to the project from the very first day in order that the architecture, interior We take responsibility design and colour as well as choice of material would ensure an attractive overall impression of a – by paying due regard to large, industrial building within a rural landscape. nature and the environment GROUP FINANCIAL HIGHLIGHTS Direct Direct DKK million 1999/00 2000/01 2001/02 2002/03 2003/04 Turnover and balance sheet total, DKK million ownership ownership Company name share % Company name share % Income statement Turnover Balance Turnover 36,896.4 40,154.5 42,866.9 40,367.7 44,369.8 6 DAT-Schaub a.m.b.a. Denmark 94.4 OTHER SUBSIDIARIES: Operating profit 1,455.4 1,781.9 1,517.4 1,542.9 1,657.1 ������ Net financials -387.9 -437.5 -329.3 -262.2 -353.0 Oriental Sino Limited Hong Kong 45.0 Danish Crown USA Inc. USA 100.0 Profit for the year 987.1 1,270.2 1,168.0 1,214.2 1,260.8 ������ ����� Yancheng Lianyi Casing Products Co. Ltd. China 33.0 Plumrose USA Inc. USA 100.0 Balance sheet ������ ����� DAT-Schaub Holding A/S Denmark 100.0 Sunhill Food of Vermont Inc. USA 100.0 ����� Balance sheet total 14,492.9 16,517.7 16,610.2 17,720.8 22,276.0 DAT-Schaub (PORTO) S.A. Portugal 100.0 Foodane USA Inc. USA 100.0 Investment in property, plant ������ ����� and equipment 837.3 945.9 1,242.6 2,296.1 3,709.1 KHi Tripas Lda. ����� Portugal 100.0 Danish Crown GmbH Germany 100.0 Subordinated loan 0.0 0.0 0.0 0.0 1,000.0 ����� ������ DAT-Schaub USA Inc. USA 100.0 Oldenburger Convenience GmbH Germany 100.0 Equity 1,849.2 2,195.2 2,383.2 2,442.6 2,583.9 ����� 50.000 99/00 00/01 01/02 02/03 03/04 Solvency ratio in % *) 12.8% 13.3% 14.3% 13.8% 16.1% ���� DAT-Schaub France S.A. France 100.0 Danish Crown Schlachtzentrum Nordfriesland GmbH Germany 100.0 ����� 40.000 Cash flow Profit for the year and equity, DKK million � Soussana S.A. France 100.0 Foodane Japan Ltd. Japan 100.0 Cash flows from operating Argental s.a.r.l.����� France 100.0 Danish Crown S.A. Switzerland 100.0 and investment activity 946.4 1,323.2 1,193.2 466.2 -3,169.1 Profit for the year Equity 30.000 Alandal S.A. � Portugal 100.0 Danish Crown/Beef Division S.A. Switzerland 100.0 Employees ����� Boyauderie du Poitou S.A. France 100.0 Danish20.000 Bacon Company plc. UK 100.0 Average number of full-time employees 19,449 19,215 23,162 23,053 23,948 ����� Cima S.A. Spain 100.0 Q.A. Meat Ltd. UK 90.0 10.000 ����� Trissal S.A. Portugal 50.0 DAK AO Russia 100.0 Supplementary payments, DKK/kilo ���� Supplementary payments, pigs 0.75 0.90 0.70 0.70 0.70 ����� Aktieselskabet DAT-Schaub Danmark Denmark 100.0 Steff-France S.A. France 100.0 Supplementary payments, sows 0.35 0.50 0.50 0.55 0.60 ���� Supplementary payments, cattle 0.65 0.60 0.75 0.65 0.80 ����� Arne B. Corneliussen AS Norway 100.0 Carnes Danesas S.A. Spain 100.0 ��� ���� Ørako AS Norway 100.0 Danish Crown España S.A. Spain 100.0 Million kilos delivered by members 99/00 00/01 01/02 02/03 03/04 ���� Oy DAT-Schaub Finland Holding Ab Finland 100.0 Scan-Hide A.m.b.a. Denmark 69.4 10 18 11 Pigs 1,163.8 1,214.3 1,508.1 1,518.7 1,573.4 19 16 9 13 6 3 Sows 55.5 59.4 74.4 75.1 79.0 ���� ����� 14 7 Oy DAT-Schaub Finland Ab Finland 100.0 Dansk Hesteslagteri A/S Denmark 75.0 23 12 Cattle 73.5 75.8 76.1 73.4 75.1 Solvency in % 4 ��� DAT-Schaub Eesti OÛ Estonia 80.0 6 Friland A/S����� Denmark 100.0 17 2 1 8 5 Number of members Solvency 21 20 � DAT-Schaub AB Sweden 100.0 Friland Food AB Sweden 100.0 22 15 Number of members 21,958 20,525 22,734 19,799 18,253 ����� �� DAT-Schaub (DEUTSCHLAND) GmbH Germany 100.0 6 ESS-FOOD S.A. France 100.0 ����� The comparative figures for 1999/00-2000/01 have not been restated. �� Gerhard Küpers GmbH Germany 100.0 Desfis S.A. France 100.0 ����� *) Calculated on the basis of subordinated loan and equity �� DIF Organgveredlung Gerhard Küpers GmbH & Co. KG Germany 100.0 6 SCI E.F. Immobilier Orléans France 100.0 �� �� CKW Pharma-Extrakt GmbH & Co. KG Germany 50.0 SCI RP Bernay��� France 85.0 �� �� CKW Pharma-Extrakt Beteil.- u. Verwaltungsges. GmbH Germany 50.0 6 Globe Meat Holland B.V. Holland 100.0 �� EFS Gerhard Küpers GmbH & Co. KG Germany 100.0 Pelco B.V. Holland 100.0 �� B E 99/00 00/01 01/02 02/03 03/04 ESS-FOOD Benelux B.V.