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Total Produce Plc Annual Report and Accounts 2018

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Total Produce Plc Annual Report and Accounts 2018 Total Produce plc Produce Total Annual Report and Accounts 2018 and Accounts Annual Report Total Produce plc Annual Report and Accounts 2018 Total Produce is at the forefront of the global fresh produce industry. Operating primarily across Europe, North America and South America, Total Produce is involved in the growing, sourcing, importing, packaging, marketing and distribution of an extensive selection of fresh fruits, vegetables and flowers – ranging from the familiar to the truly exotic. Financial Highlights Including Dole Revenue1 Adjusted EBITDA1 €5,043m €133.3m +17.7% on prior year +27.6% on prior year Adjusted EBITA1 Adjusted EPS1 €98.0m 10.51 cent +17.3% on prior year (22.0%) on prior year Shareholders’ Equity Dividend per Share (Total) €433.1m 3.4269 cent +66.7% on prior year +2.5% on prior year Excluding Dole Revenue1 Adjusted EBITDA1 €4,354m €110.4m +1.6% on prior year +5.7% on prior year +3.8% on constant currency +8.9% on constant currency Adjusted EBITA1 Adjusted EPS1 €87.7m 13.50 cent +5.0% on prior year +0.1% on prior year +8.6% on constant currency +2.7% on constant currency 1 Key performance indicators are defined on page 20. Total Produce plc Annual Report and Accounts 2018 1. Strategic Report 2. 3. Strategic Report Financial Statements Where We Operate 2 Statement of Directors’ Responsibilities 69 History and Growth 4 Independent Auditor’s Report 70 Chairman’s Statement 6 Group Income Statement 75 Our Strategy and Business Model 8 Group Statement of Comprehensive Income 76 Delivering the Best of Both Worlds 10 Group Balance Sheet 77 Investment in Dole Food Company 12 Group Statement of Changes in Equity 78 Our Supply Chain and Product Portfolio 18 Group Statement of Cash Flows 80 Financial Growth 20 Group Reconciliation of Net Debt 81 Risks and Risk Management 22 Notes to the Group Financial Statements 82 Responsible Business Report 26 Company Balance Sheet 163 Chief Executive’s Review 34 Company Statement of Changes in Equity 164 Financial Review 38 Company Statement of Cash Flows 165 Notes to the Company Financial Statements 166 Directors and Other Information 169 Governance Shareholder Information 170 Board of Directors and Secretary 48 Directors’ Report 50 Corporate Governance Report 54 Audit Committee Report 61 Compensation Committee Report 63 1 Total Produce plc Annual Report and Accounts 2018 Strategic Report Where we operate A business with global presence 36 Number of facilities in North America Total Produce is the world’s premier fresh produce provider. Local at heart, 58 Number of facilities global by nature, our operations extend in Central America across 30 countries, while serving many more. Our international reach brings flexibility to our supply chain, synergies and efficiencies to our operations, broadens our core competencies and 35 Number of facilities capacities and enriches cultural in South America diversity within our organisation. For our customers our physical presence across the world differentiates Total Produce, positioning our operations at the very heart of the markets in which we trade and in the world’s primary production centres. Serving the wholesale, foodservice and retail sectors, Total Produce is a complete fresh produce solution provider – offering a comprehensive range of services to our customers ranging from simple service provision to complete category management. 2 Total Produce plc Annual Report and Accounts 2018 1. Strategic Report 2. 3. 112 Number of facilities in Europe 9 Number of facilities in Rest of the world Total Produce facilities Dole primary facilities The map above is a representative depiction only and also does not include Dole farming interests. 3 Total Produce plc Annual Report and Accounts 2018 Strategic Report History and growth Our journey over the years Over a century and a half of trading, Total Produce has evolved into one of the world’s premier fresh produce providers extending our reach, broadening our offering and delivering to consumers the cream of the crop from close to home and across the globe. 2006 TOTAL PRODUCE IS BORN On December 30, 2006 Total Produce Plc was born. Listed on the London AIM and Dublin ESM Stock Exchanges, Total Produce’s remit was clearly defined as the sourcing, distribution and marketing of the complete portfolio of local and globally produced fruits and vegetables to retail, wholesale and foodservice customers across the globe. 2007 A NEW CHAPTER OF GROWTH From inception, Total Produce continued 1850s to replicate the formula for growth that OUR ROOTS had already proven so successful. From humble acorns, mighty oaks January 2007 saw the acquisition of a grow. Total Produce can trace its 1986 100% holding in Redbridge, a leading origins right back to 1850s Ireland INTERNATIONALISATION fresh produce marketer in the United with the establishment of a modest A twenty year period of intensive Kingdom. Redbridge ultimately would fruit and vegetable wholesale business, internationalisation began with the acquisition merge with Total Produce’s existing UK Charles McCann’s Fruit & Vegetable of Fyffes in 1986, with further investments infrastructure to create Total Produce UK. Market in the North East. following in fresh produce businesses in the UK, the Netherlands, Spain, Italy, Denmark, 2008-2012 1958 Sweden, the Czech Republic and Slovakia. BACK TO THE LOCAL NETHERLANDS CONSOLIDATION In 2008 Total Produce invested again in The late 1950s ushered in a the Netherlands, partnering Haluco B.V. sustained period of growth and and Nedalpac B.V. businesses expansion as the McCann specialising in local Dutch production, wholesale business merged specifically salad products, which they with similar fresh produce market across Northern Europe. In businesses across Ireland 2012 Total Produce’s Dutch presence becoming first, United Fruit was augmented further still with an Importers and later, Fruit Importers investment in Frankort & Koning, a large of Ireland (FII), Ireland’s largest importer of tropical fruits and distributor fresh produce provider. of local produce. 1850 1980s 2000s 4 Total Produce plc Annual Report and Accounts 2018 1. Strategic Report 2. 3. Acquisitions over the years 2013 GOING GLOBAL: NORTH AMERICA EXPANSION 2017 January 2013 saw the Total Produce 2015 BACK TO THE Group make its first foray into the North FURTHER INVESTMENT GOLDEN STATE American marketplace with an investment IN NORTH AMERICA In November 2017 Total Produce in the Oppenheimer Group (‘Oppy’) AND NEW INVESTMENT invested in Californian based fresh headquartered in Vancouver. Oppy is a IN SOUTH AMERICA produce company, The Fresh leading fresh produce provider across In February 2015, Total Produce announced Connection, a year-round distributor Canada and the United States, marketing an investment in Gambles, one of Eastern and exporter of a wide range of fresh a broad range of locally produced and Canada’s premier produce companies. Offering fruits and vegetables to customers in imported products. a wide range of fresh, local and imported more than 35 countries. produce to the retail, wholesale and food- services sectors, Gambles operates out of the Ontario Food Terminal and a state-of-the-art 2018 65,000 sq ft distribution facility in Toronto. DOLE FOOD COMPANY 2015 would also see the acquisition of JOINS THE TOTAL Argofruta in Brazil. Headquartered in PRODUCE FAMILY Petrolina, Argofruta grows and exports In July 2018 Total Produce limes, mangoes, ginger and grapes. completed an investment of a 45% equity stake in Dole Food Company (‘Dole’). A brand of global renown, 2016 Dole is one of the world’s largest EXPANSION fresh produce companies and a 2014 IN NORTH AND PRODUCT producer and marketer of premium SOUTH AMERICA quality fresh fruit and vegetables. SPECIALISATION In February 2016 Total Produce’s North Augmenting an already extensive The investment in Oppy in 2013 American footprint was extended further portfolio of exceptional fresh was followed with an investment still with the acquisition of an equity stake produce companies across North in Californian based Eco Farms, in Progressive Produce in Los Angeles. America, the transaction brings a primary producer and importer Progressive Produce markets a wide together two of the world’s leading of organic avocados and citrus. range of fresh, domestic, local and fresh produce companies. imported produce. Later in 2016, Total Produce would invest further in primary production in South America with the completion of the acquisition of a stake in El Parque in Chile, a primary producer of avocados, citrus and grapes. 2010s 2015 2017 5 Total Produce plc Annual Report and Accounts 2018 Strategic Report Chairman’s Statement Continued growth in 2018 and completion of the transformational Dole transaction “We are pleased to report that the Group has continued to grow in 2018 and completed the transformational agreement to acquire a 45% interest in the iconic Dole Food Company creating the world’s largest fresh produce group.” 6 Total Produce plc Annual Report and Accounts 2018 1. Strategic Report 2. 3. STRATEGIC DEVELOPMENTS SUMMARY OF FINANCIAL the highest standards of corporate The 2018 financial year was a significant PERFORMANCE IN 2018 governance and that it is accountable to its year for Total Produce in advancing our The reported results for year ended shareholders in this regard. The Board has key strategic priorities. 31 December 2018 include the Group’s 45% adopted the Quoted Companies Alliance share of Dole for the last five months of the (QCA) Corporate Governance Code, issued Investment in Dole Food Company year from the date of completion. The Dole in April 2018. Full details of our approach to and Share Placing business is seasonal with the greater share of governance are set out in the Corporate As announced on 1 February 2018, the its earnings in the first half of the financial year. Governance Report on pages 54 to 60. Group entered an agreement to acquire a For the five month period, the Group’s 45% 45% stake in Dole Food Company (‘Dole’) share of revenue was €692m, adjusted EBITA BREXIT for $300m with options to further increase was €10.3m and after tax losses were €6.4m.
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