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Annual Report 2004 1 Financial Highlights

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Annual Report 2004 1 Financial Highlights the science of food the science of food Kerry Group Annual Report and Accounts 2004 Kerry Group Kerry Group Annual Report and Accounts 2004 Kerry Group Prince’s Street Tralee Co. Kerry Ireland T +353 66 718 2000 F +353 66 718 2961 W www.kerrygroup.com Our Mission Kerry Group will be a major international specialist food ingredients corporation, a leading international flavour technology company and a leading supplier of added-value brands and customer branded foods to the Irish and UK markets. We will be leaders in our selected markets – excelling in product quality, technical and marketing creativity and service to our customers – through the skills and wholehearted commitment of our employees. We are committed to the highest standards of business and ethical behaviour, to fulfilling our responsibilities to the communities which we serve and to the creation of long-term value for all stakeholders on a socially and environmentally sustainable basis. 1 2004 at a Glance 2 Financial Highlights 3 Results in Brief 4 Chairman’s Statement 6 Chief Executive’s Review 14 Business Review Food Ingredients 24 Business Review Consumer Foods 32 Financial Review 34 Financial History 36 Directors and Other Information 37 Report of the Directors 47 Independent Auditors’ Report 48 Statement of Accounting Policies 50 Group Financial Statements 2004 at a Glance Group turnover exceeds Total sales growth of Acquisition programme of e4 billion 11.8% e712m Operating profit* Like-for-like sales Earnings per share* increased by 13.1% to growth of increased by 10.3% to e349m 4.2% 123.7 cent Profit after tax* Operating margin* increased by increased to 10.7% 8.5% Record free cash flow of e267m Total 2004 dividend per share up 10.7% to 14 cent * Before goodwill and exceptionals Kerry Group plc Annual Report 2004 1 Financial Highlights 4,128.7 3,754.8 3,693.4 3,002.8 2,621.9 Turnover (c million) ’00 ’01 ’02 ’03 ’04 230.7 213.8 223.1 189.4 172.7 Profit Before Taxation and Exceptional Items (c million) ’00 ’01 ’02 ’03 ’04 236.9 210.6 211.3 188.3 172.0 Cash (EBITDA*) Per Share (cent) ’00 ’01 ’02 ’03 ’04 86.7 75.8 78.2 70.6 56.1 Earnings Per Share After Intangible Amortisation and Exceptional Items (cent) ’00 ’01 ’02 ’03 ’04 123.7 112.1 101.8 87.9 79.2 Earnings Per Share Before Intangible Amortisation and Exceptional Items (cent) ’00 ’01 ’02 ’03 ’04 * Before exceptional items 2 Kerry Group plc Annual Report 2004 Results in Brief 2004 2003 em cm Turnover 4,128.7 3,693.4 EBITDA* 441.6 392.3 Profit before taxation and exceptional items 230.7 223.1 Dividends 26.2 23.6 Retained profit for the year 119.6 137.4 Purchase of fixed assets 114.3 97.7 Earnings per ordinary share (cent)** 123.7 112.1 Total dividend per share (cent) 14.0 12.65 Cash (EBITDA*) per share (cent) 236.9 211.3 * Before exceptional items ** Before intangible amortisation and exceptional items Kerry Group plc Annual Report 2004 3 Chairman’s Statement In a busy year for the Group, one which was also a year of considerable change at consumer and food industry level, I am pleased to report that Kerry delivered another strong operational and financial performance. The continuing consumer focus on balanced dietary requirements and healthy lifestyles continued to enhance demand for more varied, convenient, tasteful, nutritional food and beverage products in 2004. Against this background, the Group’s food ingredients, flavours and consumer foods businesses all performed well with sustained progress across all geographic markets. In particular in 2004, the Group invested considerable management and financial resources in the further development of its lifestyle and nutritional foods, flavours and ingredient ranges, while also extending its technology portfolio into bio-ingredients and pharma-ingredients growth sectors. Denis Buckley, Chairman 4 Kerry Group plc Annual Report 2004 Results Dividend and welcome Denis Carroll, who Group sales exceeded c4 billion for the The Board has declared a final dividend succeeded him as a non-executive first time and Group operating profit of 9.5 cent per share, an increase of Director on the Board. reached a new high of c349m. Taking 10.5% on 2003. Together with the Prospects into account major currency shifts, in interim dividend of 4.5 cent per share, The Board is confident that the particular the continued depreciation this raises the total dividend payment strategies and prospects for the Group of the U.S. dollar versus the euro, this for the year to 14 cent per share, will continue to deliver good growth result reflects a satisfactory like-for-like an increase of 10.7% on the 2003 and value for all stakeholders. Group increase in sales of 4.2% and a 7% dividend. The final dividend will be businesses are well positioned to meet like-for-like increase in operating profit paid on 27 May 2005 to shareholders evolving consumer requirements and before goodwill and exceptionals. registered on the record date the Board is committed to maintaining Earnings per share before goodwill and 29 April 2005. the Group’s leadership positions in exceptionals increased by 10.3% to Board Changes food ingredients markets and to 123.7 cent. I would like to welcome Timothy G. further investment in food industry Strategic Development Horan and Desmond O’Connor who growth markets around the world. In 2004, Kerry took a number of joined the Board as non-executive To my fellow Directors, to Hugh Friel important steps in the strategic Directors in January 2004. In February, Chief Executive and our senior development of the Group. At the end we also welcomed as a non-executive management team, to all our of April, we completed the acquisition Director to the Board, the former employees, suppliers and customers, of Quest Food Ingredients, establishing United States Ambassador to Ireland, may I take this opportunity to thank a new Kerry Bio-Science division within Michael J. Sullivan. you for your sustained commitment the Group. Our strategy of adding Flor Healy joined the Board as an towards the continued successful significant bolt-on acquisitions also executive Director following the growth and development of the Group. continued with a number of retirement of Michael Griffin as an acquisitions in core areas of activity executive Director and CEO of Kerry which broadened the Group’s food Foods at the end of February 2004. ingredients and flavour development In May, three of our long serving non- technical base and also expanded Denis Buckley, Chairman executive Directors: Richard Fitzgerald, Kerry’s interests in the branded 28 February 2005 Philip Healy and Patrick O’Connell, beverage foodservice and natural retired from the Board. I would like foods sectors. In total, expenditure to pay tribute to Richard, Philip and on our 2004 acquisition programme Patrick for their outstanding individual amounted to c712m. The Group’s contributions to the Board of Kerry commitment to investment in research Group since the launch of Kerry Group and development, to maintain our as a public company in 1986. position at the forefront of development in our key industry growth sectors, also May I also thank Thomas McEnery continued with a c111m programme who retired from the Board in January completed in the year under review. 2005 for his contribution to the Group Kerry Group plc Annual Report 2004 5 Chief Executive’s Review In 2004, Kerry Group delivered another strong result in terms of strategic and operational development and success. The Group achieved strong growth organically and through its acquisition programme, contributing record free cash generation, while making a significant investment in the future growth of its core businesses. In a year marked by unparalleled attention to dietary, lifestyle, health and well-being issues, Kerry’s unrelenting focus on innovation and technical development across all strategic business units contributed strongly to the robust performance of its food ingredients and flavour technologies and to continued brand and category development in its consumer foods businesses. Hugh Friel, Chief Executive 6 Kerry Group plc Annual Report 2004 Group turnover surpassed the impacted transaction and profit items, basic FRS3 earnings per share e4 billion threshold for the first translation, while sterling cashflows was reported at 78.2 cent compared time, while further margin were impacted by the significant to 86.7 cent in 2003. depreciation of sterling versus the expansion was achieved, Business Reviews euro since 2002. Total Group turnover reflecting Kerry’s core strengths Segmental analysis of business reported at c4.13 billion reflects an – consistency of performance, performance is presented by business increase of 11.8% on the reported geographic spread and (food ingredients and consumer foods) 2003 turnover level. On a like-for-like capability of the Group to as the Group’s primary reporting basis, adjusting for acquisitions and segment. Sales performance on a successfully grow and develop the impact of foreign exchange geographical market basis by across a global platform. translation, total sales grew by 4.2% destination becomes the secondary year-on-year. Extending its record of uninterrupted reporting segment. profit growth over 19 years since the Operating profit before goodwill and Food Ingredients establishment of the Group as a public exceptionals increased by 13% to c In 2004, sales across Kerry’s food company in 1986, Kerry spent 111m c349m, reflecting like-for-like growth ingredients businesses increased by on research and development and of 7% year-on-year. c712m on the Group’s 2004 15.7% to c2.78 billion. When acquisition programme, broadening its While all divisions were actively compared to 2003, this performance leading edge technology portfolio into engaged in support of Kerry’s busiest reflects like-for-like sales growth of 5%.
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