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2015 Annual Report Reaping the Rewards of Investment Annual Report 2015 SunRice Annual Report 2015 Report Annual SunRice sunrice.com.au Over the past three years, SunRice has successfully executed a strategy which has built capability and capacity for the business. As a result we are now better positioned than ever to deliver on our strategic goals and priorities. Our Goals – Maximise grower returns over the long term by optimising market, channel and varietal mix – Grow shareholder value and increase resilience of earnings by pursuing diversified and stable growth Our Priorities – Establish a secure and sustainable supply base – Expand sales of premium products and specialty rice varieties – Differentiate and build value in our consumer markets – Diversify earnings by accelerating growth of complementary businesses – Continue to pursue operational excellence 3 Contents About SunRice 6 Business Highlights 8 Chairman’s Message 10 CEO’s Message 12 SunRice Around the World 14 Our Operations 18 Our Growers 22 Our Subsidiaries 26 – Trukai Industries 28 – Riviana Foods 29 – SunFoods 30 – CopRice 31 Our Community and Environment 32 Our People and Performance 36 Board of Directors 40 Corporate Management Team 42 Subsidiary Company Heads 44 Corporate Governance Statement 45 Directors’ Report and Financial Report 54 Independent Audit Report to the Members of Ricegrowers Limited 121 Corporate Directory 123 SunRice’s Annual Report covers Ricegrowers Limited ABN 55007481156 and subsidiaries. The Report can be viewed or downloaded from SunRice’s website, www.sunrice.com.au. In this report, ‘the year’, ‘this year’, ‘2014/15’, ‘crop year 2014’, ‘C14’ all refer to the Financial Year ended 30 April 2015. The ‘2015 harvest’ refers to the rice crop grown in 2014/15 and processed in the Financial Year ended 30 April 2016. SunRice Annual Report 2015 5 About SunRice ESTABLISHED AUSTRALIAN MILLING AND USA / Canada MARKETING OPERATION AND A 65-YEAR TRACK RECORD OF DELIVERING VALUE TO LOCAL RICE GROWERS ESTABLISHED GLOBAL DISTRIBUTION PLATFORM FOR RICE PRODUCTS AND BY-PRODUCTS A WELL-DIVERSIFIED PORTFOLIO ACROSS OPERATING SEGMENTS BY END-MARKET AND GEOGRAPHY A STRONG TRACK RECORD OF INNOVATION TO ENHANCE SHAREHOLDER VALUE With a 65-year With operations across Asia-Pacific, Complementing SunRice’s Riverina the Middle East and North America rice milling and marketing operations heritage SunRice today and revenue of $1.25 billion, SunRice is a strong portfolio of subsidiary is an iconic Australian is an Australian icon with global scale businesses in Australia and offshore, and reach. including Riviana Foods, Trukai company with global With a 65-year heritage and relationships Industries, Solrice and SunFoods. scale and reach. with Australian rice growers that span In 2014, the assets of Blue Ribbon generations, the company is vertically Rice in North Queensland were also integrated, operating across the entire acquired by the SunRice Group. value chain. This includes state-of-the- SunRice’s history dates back to the art processing, packing and value establishment of a single rice mill in the adding food plants, as well as animal Riverina region of New South Wales. feeds division CopRice, dedicated rice Today our shareholders are existing and research company RRAPL and a former rice growers and employees. sophisticated local grain storage network SunRice’s dual purposes are to optimise in AGS. paddy price for our grower shareholders Today, SunRice is one of Australia’s and to optimise capital growth and largest branded food exporters, dividends for our investor shareholders. supplying diverse and nutritious Added to this is a strong commitment to products to approximately 60 countries the SunRice Group’s 2,100 employees around the globe. Through our and a passion for the regional and global successful food ingredients and communities in which we operate. foodservice divisions, we contribute For more information see: to many other globally recognised www.sunrice.com.au brands and businesses. 6 SunRice Markets SunRice International Offices / Operations Middle East Asia Pacific Australia New Zealand t uak i A ustralian Grain Stora g e SunRice Annual Report 2015 7 Business Highlights “In the three years since introducing SunRice’s Group Strategy, we’ve grown top line revenue by 24.6% and net profit after tax by 116.5% and increased payments to growers by 43.5%. It has been a dynamic and exciting period of growth and change, in which we’ve positioned SunRice and our growers and shareholders for the future.” – CEO Rob Gordon. 2011/12 – 2014/15 Business Performance REVENUE NET PROFIT RETURN ON CAPITAL PADDY PRICE (BILLIONS) (AFTER TAX – MILLIONS) (RETURN ON CAPITAL EMPLOYED (PRICE AT 30 APRIL) – ROCE%****) +4I0 BASIS +$0.25B +II6.5% POINTS +43.5% $I.25 I5.8% $49.2 I4.I% $394.62 $I.I5 I3.6% $I.07 $35.8 $3I7.34 $33.5 II.7% $ .00 $22.7* I $275.00** $293.6I C11 C12 C13 C14 C11 C12 C13 C14 C11 C12 C13 C14 C11 C12 C13 C14 *** GEARING % (AT 30 APRIL) 65.9% 70% 6I.4% 60% * Includes paddy retention of $16M ($20/t) for 50% 43.6% 43.9% the year ended April 2012. Normalised net Debt/Equity 40% profit for C11 was $23M. 30% **Excludes paddy retention of $16m ($20/t) Debt/Debt+Equity for the year ended April 2012. 20% 39.7% 38.0% *** See page 5 regarding Crop Years vs 10% 30.4% 30.5% Financial Years. 0% **** See definition for ROCE on page 9 C11 C12 C13 C14 of this report. 8 2013/14 – 2014/15 Business Performance REVENUE MARKET SHARE (BILLIONS) IMPRESSIVE YEAR-ON-YEAR GROWTH IN PROFIT AND VOLUME ACROSS MOST $I.25 8.3% GLOBAL AND DOMESTIC MARKETS WAS Up 8.3% on last year and up 24.6% since 2011/12, with a compound annual growth rate of 7.6%. ACHIEVED IN 2014/15, REFLECTING OUR STRATEGIC INVESTMENTS IN BRANDS, PRODUCTS AND PARTNERSHIPS. NET PROFIT NET PROFIT ( AFTER TAX – MILLIONS) (BEFORE TAX – MILLIONS) $49.2M 46.8% $70.7M 30.7% Up 46.8% on last year and up 116.5% since 2011/12. Up 30.7% on last year and up 82.3% since 2011/12. CAPITAL INVESTMENT RETURN ON CAPITAL (MILLIONS) (RETURN ON CAPITAL EMPLOYED – ROCE%****) +I70 BASIS $38.7M I5.8% POINTS $38.7M invested in capital improvements and business Up 170 basis points on last year and up 410 basis points acquisition last year, with more than $85M invested since 2011/12. since 2011/12. DIVIDEND PER B CLASS SHARE PADDY POOL PRICE (PER TONNE) 3I.0 CENTS – FULLY FRANKED $394.62 FOR (INCLUDES 5.0 CENTS – MEDIUM GRAIN SPECIAL DIVIDEND) (REIZIQ) 34.4% Total dividend of 31.0 cents up 34.8% on last year and Up 34.4% on last year and up 43.5% since 2011/12 for up 72.2% since 2011/12. At 31.0 cents, this Medium Grain (Reiziq), representing an increase of $120M represented a dividend payout ratio of 40%. in the annual grower return. ****ROCE is measured as the ratio of Profit Before Income Tax and Interest to Net Assets excluding Cash and Borrowings. SunRice Annual Report 2015 9 Chairman’s Message It was my privilege to be appointed Supporting Riverina rice growers Chairman of SunRice during 2014/15, At 690,215 paddy tonnes, the C15 following more than a decade of harvest was significantly smaller than The new capital outstanding leadership from Gerry the annual 1.15 million tonnes of rice structure we are Lawson. It has been a year of growth we now have markets secured for. and prosperity and one in which we While global rice sourcing continues seeking grower continued to lay the foundations for to be an increasingly important and shareholder change to strengthen the company component of our business, for the future. we continued to strengthen our support feedback on is an In 2014/15, the SunRice Group of Riverina growers in 2014/15 to opportunity to achieved impressive revenue and profit maximise local production. This growth, made significant investment included independent analysis from entrench grower across our operations, products and Booth Associates that demonstrated control into the people, and had resounding success that the rice farming system continues in driving sales and profit growth across to not only be competitive with cotton future, while multiple markets. As a result we were and other summer crop-based securing our capital able to reward our growers and systems, but generates superior profit, base to build a shareholders accordingly. return on capital and cashflow and SunRice confirmed a final paddy price balance sheet advantages for most business that can to growers for Medium Grain (Reiziq) farm businesses. carry us forward of $394.62 for the C14 crop, up 34.4% Grower Services also launched on last year and up 44% since dedicated farm modelling and for generations. 2011/12. Premium prices for Koshihikari one-on-one planning to assist growers and specialty varieties reached to reduce costs and maximise yields. $524.62 for C14; a 30% uplift on last SunRice continued to assist our year, and a 48.2% increase on the growers control their cash flow by again corresponding prices paid in 2011/12. offering early access to second, third These prices reflect our commitment to and fourth payments. Riverina-grown rice and our commercial Finally, as 2014/15 ended, the Board desire to maximise production locally endorsed a comprehensive and for the benefit of SunRice, our growers innovative bank financing package and the regional communities in which called ‘GrowRice’ which will give we operate. our qualifying growers access to the Our B Class shareholders also received equivalent of $1,000 per contracted a record fully franked dividend in hectare to finance crop inputs such 2014/15 of 31 cents per B Class Share, as water, fertiliser and chemicals.
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