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2015-Annual-Report-Glanbia.Pdf Glanbia plc Annual Report and Accounts 2015 DELIVERING BETTER NUTRITION FOR EVERY STEP OF LIFE’S JOURNEY Glanbia plc Annual Report and Accounts 2015 HIGHLIGHTS OF 2015 Another year of DOUBLE DIGIT GROWTH Forward-Looking Statements We are pleased to report a sixth consecutive year Glanbia plc (‘the Group’) has made forward-looking of double digit growth. We achieved a reported statements in this Annual Report that are based on management’s beliefs and assumptions and growth of 29.4% in adjusted earnings per share on information currently available to management. Forward-looking statements include, but are not (10.6% increase constant currency). We also achieved limited to, information concerning the Group’s possible or assumed future results of operations, a 29.9% increase in EBITA (10.5% constant currency) business strategies, financing plans, competitive with margin expansion of 160bps (130bps constant position, potential growth opportunities, potential operating performance improvements, the effects currency) and strong operating cashflow of €281.4 of competition and the effects of future legislation or regulations. Forward-looking statements include million. We are increasing our dividend by 10% to all statements that are not historical facts and can be identified by the use of forward-looking 12.1 cent per share. The outlook is positive and terminology such as the words ‘believe,’ ‘develop,’ we are guiding 8% to 10% growth in adjusted ‘ensure,’ ‘arrive,’ ‘achieve,’ ‘anticipate,’ ‘maintain,’ ‘grow,’ ‘aim,’ ‘deliver,’ ‘sustain,’ ‘should’ or the earnings per share, constant currency, for 2016. negative of these terms or similar expressions. Forward-looking statements involve risks, uncertainties and assumptions. Actual results Reported Constant change currency change may differ materially from those expressed in these forward-looking statements. You should not place ADJUSTED EARNINGS PER SHARE undue reliance on any forward-looking statements. The risk factors included at pages 35 to 38 of this Annual Report could cause the Group’s results to differ materially from those expressed in +29.4% +10.6% forward-looking statements. There may be other 79.14c risks and uncertainties that the Group is unable to predict at this time or that the Group currently REVENUE does not expect to have a material adverse effect on its business. These forward-looking statements are made as of the date of this Annual Report. The Group expressly disclaims any obligation to €2.8bn +9.3% -3.6% update these forward-looking statements other than as required by law. EBITA The forward-looking statements in this Annual Report do not constitute reports or statements published in compliance with any of Regulations 4 to 9 and 26 of the Transparency (Directive €271.0m +29.9% +10.5% 2004/109/EC) Regulations 2007. EBITA MARGIN As an Irish incorporated Group, the Strategic report does not constitute a Strategic report for the purposes of the UK Companies Act 2006 (Strategic report and Directors’ report) Regulations 9.8% +160bps +130bps 2013 and the Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) OPERATING CASHFLOW Regulations 2013, and the Remuneration Committee report does not constitute a remuneration report for the purposes of the UK Large and Medium-sized Companies and Groups (Accounts and Reports) €281.4m +36.5% +16.6% (Amendment) Regulations. For definitions and more information on constant currency and other performance measures see the glossary on pages 170 to 172. WWW.GLANBIA.COM a global nutrition GROup OUR PURPOSE: Delivering better nutrition for every step of life’s journey. OUR VISION: To be one of the world’s top performing nutrition companies trusted to enrich lives every day. glAnbia at a GlAnce Glanbia plc is a global nutrition group, dedicated to delivering better nutrition for every step of life’s journey. We employ over 6,000 people across 32 countries and our products are sold or distributed in over 130 countries. Our major production facilities are located in Ireland, the US, the UK, Germany and China. We have four segments; Glanbia Performance Nutrition, Global Ingredients, Dairy Ireland and Joint Ventures & Associates. Our shares are listed on the Irish and London Stock Exchanges (symbol: GLB). GLANBIA PERFORMANCE GLOBAL NUTRITION INGREDIENTS Glanbia Performance Nutrition (GPN) is the number one global Global Ingredients has a portfolio focused on both dairy and performance nutrition brand portfolio comprising of Optimum non-dairy nutritional ingredients. We deliver nutritional and Nutrition, BSN, Isopure, thinkThin, Nutramino, ABB and trusource, functional ingredient solutions, and precision premixes for each with its own brand essence. Our mission is to inspire use in the nutrition-enhanced mainstream food and beverage consumers everywhere to achieve their performance and healthy markets, infant and clinical nutrition and functional nutrition lifestyle goals. We produce the full range of performance nutrition markets. We are also a large-scale manufacturer and marketer products with broad consumer appeal, and we are the market of American-style cheddar cheese. leader in innovation and new product development. WHERE YOU WILL FIND OUR PRODUCTS WHERE YOU WILL FIND OUR PRODUCTS Whether it’s a protein smoothie in the morning, a pre-workout Our specialised value-added protein systems and solutions and energy drink, a post-workout protein shake to repair and build precision premixes are found in everyday products such as Ready-To- muscle, or an on-the-go protein bar, professional athletes and Drink (RTD) beverages, protein-enriched bars and snacks, bakery and everyday fitness enthusiasts all over the world rely on GPN dairy products, health and wellness supplements and sports nutrition. products for their nutritional needs. Our American-style cheddar cheese is predominately used in the retail and food service channels. 32 countries 6,015 employees DAIRY JOINT VENTURES IRELAND & ASSOCIATES Dairy Ireland is comprised of two businesses. Consumer Products We have three strategic Joint Ventures & Associates: Glanbia is the leading supplier of branded consumer dairy products to Ingredients Ireland, Glanbia Cheese in the UK and Southwest the Irish market. It also produces long-life products for export. Cheese in the US. These are strategically important partnerships, Agribusiness supplies inputs to the Irish agriculture sector and not only in their own right, but also in terms of the synergies and is the leading purchaser and processor of grain and the leading growth opportunities they bring to the wholly owned Group. manufacturer of branded animal feed in Ireland. WHERE YOU WILL FIND OUR PRODUCTS WHERE YOU WILL FIND OUR PRODUCTS Our consumer product portfolio extends across a range of dairy Glanbia Ingredients Ireland (GII) is a supplier of dairy ingredients products, including standard and fortified milks, cheese, butter to key global customers including the infant formula, clinical and cream, and a range of chilled soups. We also produce long-life nutrition and food and beverage sectors. Glanbia Cheese is the liquid milk and cream for export to markets such as China, Europe #1 mozzarella producer in Europe. Cheese and dairy products and the Middle East. Agribusiness has a network of over 50 retail produced by Southwest Cheese are all commercialised by stores focused on the Irish agriculture sector. Global Ingredients. MAKING LIFE HEALTHY HEALTH AND WELLBEING Today’s consumers are increasingly aware of the importance of nutrition in improving their overall health and wellbeing. We are searching for better, healthier and smarter nutritional ingredients and solutions that fit our lifestyles. A desire for improved health and physical wellness is driving the demand for functional and nutritional foods and beverages that are high in fibre and protein or fortified with dairy and non-dairy ingredients. HOW ARE WE ADDRESSING THIS TREND? Our range of ingredients, solutions and premixes in Global Ingredients and Joint Ventures & Associates plus our branded consumer products in Glanbia Performance Nutrition and Dairy Ireland tap into the demands of health conscious consumers. We are at the forefront of the development of whey as an important protein ingredient in food and nutrition. Read more about our operations on pages 18 to 23. 88% OF CONSUMERS GLOBALLY ARE WILLING TO PAY MORE FOR HEALTHIER FOODS Source: Nielsen’s 2015 Global Health & Wellness Survey MAKING LIFE ACTIVE ACTIVE LIFESTYLES Fitness is no longer an occasional activity: it’s now a lifestyle choice. A growing focus on active lifestyles, and a greater understanding of the link between diet, exercise and health is driving strong demand for sports nutrition products in convenient formats. Active lifestyles are lived at various levels of intensity. HOW ARE WE ADDRESSING THIS TREND? Our sports nutrition products target all fitness levels; from the casual user to the high performance athlete. Our products appeal to the heightened desire for tailor-made nutritional solutions that support an active lifestyle. As a supplier of high quality ingredients, Global Ingredients enables our customers to deliver nutritional and functional products to their consumers. In our Glanbia Performance Nutrition business, our brands are market leading and inspire our consumers to achieve their fitness goals. Read more about our operations on pages 18 to 23. Millennials: THE MOST PHYSICALLY ACTIVE GENERATION – MOVING FITNESS FROM A TREND TO A TIPPING POINT Source: Generation Next Millennials
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