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Treatt Annual Report 2014

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Treatt Annual Report 2014 TREATT PLC Annual Report and Financial Statements 2014 TREATT PLC TREATT Annual Report and Financial Statements 2014 a world of difference Treatt plc Northern Way, Bury St Edmunds, Suffolk, IP32 6NL UK Tel: 01284 702500 Fax: 01284 703809 www.treatt.com Email: [email protected] www.earthoil.com WHO WE ARE Treatt was founded on ingredient sourcing and risk management. Over the last 128 years, we have grown from a small merchant house trading in essential oils to become a world-leading innovative ingredient solutions provider for the flavour, fragrance and consumer goods industries, supplying customers globally. WHAT WE DO Our in-depth knowledge of flavour and fragrance ingredients provides a platform to partner with our customers and give them direct access to unique ingredient solutions not found about the elsewhere, allowing them to create signature products using Treatt’s specialties, which can set their products apart from the competition. Provenance is of increasing importance and a growing number of brands now choose to clearly communicate the source of the main ingredients on their finished products, as shoppers show a heightened interest in knowing where the food and drink they consume comes from. By sourcing raw materials sustainably, group we can ensure traceability and consistent product quality. OVERVIEW FINANCIAL STATEMENTS 01 Strategy Map 40 Group Income Statement What Makes Treatt Special 41 Group Statement of Comprehensive Income 02 Our Products 42 Group and Parent Company Statements Our Values of Changes in Equity 03 An Eye to The Future 44 Group and Parent Company Balance Sheets 04 2014 Review 45 Group and Parent Company Statement 05 Group Five Year Trading Record of Cash Flows 06 Chairman’s Statement 46 Group Reconciliation of Net Cash Flow 07 Chief Executive Officer’s Report to Movement in Net Debt 09 Financial Review 47 Notes to the Financial Statements 11 Directors’ Report 77 Notice of Annual General Meeting 16 Strategic Report 87 Financial Calendar 88 Parent Company Information and Advisers GOVERNANCE 20 Corporate Governance Statement 25 Directors’ Remuneration Report 38 Independent Auditor’s Report to the Members of Treatt plc Designed and produced by corporateprm, Edinburgh and London. www.corporateprm.co.uk Focused sales approach Market-driven Concentrated new product strategy product range development map Excellent quality Cost control and service Targeted Setting Well motivated customers and Innovation milestones and experienced segments workforce Group Growth what makes treatt special Knowledge People Tailored ingredient solutions We are experts in the field of flavour and We are proud of our people and empower Innovation is central to our success. fragrance ingredients and have a long them to make their own decisions and set Our research and development teams tradition of sourcing natural raw materials goals, in line with our strategic objective. We are well-equipped to provide our customers from all over the world. We travel the world ensure that they feel valued and recognised with the means to develop their products to build personal relationships with our for their contribution to the success of our to meet today’s increased demand from producers and farmers and so have the business and we are rewarded by their passion consumers for natural ingredients and first-hand in-depth knowledge to impart to and commitment. health-driven beverages, and to be ahead of our customers. future trends. Customer partnerships Operational excellence Customer education Treatt views its customers as true long-term Treatt has manufacturing bases in the UK, the We take pride in the knowledge that our business partners and focuses on providing USA and in Kenya, offering a geographical customers look to us because of our solutions to meet their needs in a timely spread of risk and access to world understanding of the industry and market and efficient manner. We understand that it markets and is flexible enough to adjust to conditions. We regularly hold training seminars takes a delicate balance of service, quality customers’ needs. Sharing of best practices for our customers to educate them about many and innovation to provide our customers in technical and management processes of the raw materials we use such as essential with solutions for their products to make ensures production efficiencies. oils, how they are distilled, and the challenges their brands grow and stand out in the global facing the flavour and fragrance industry. marketplace. TREATT PLC Annual Report and Financial Statements 2014 01 our products Essential oils Citrus Treattarome® Beverage specialities Derived from a variety of origins. We have always been known for Our Treattarome® products are Developed specifically for use in Using our advanced technical the quality of our citrus products 100% natural specialties produced beverage applications offering expertise, we can ensure there is such as orange, lemon, lime and from fruits and vegetables. Their enhanced flavour and improved a product available to match our grapefruit, which impart a natural, true-to-character profile makes solubility and cost, amongst other customers’ specific requirements. zesty flavour and aroma to a them ideal for use in soft drinks, benefits, compared with standard number of food, drink and personal alcoholic drinks and juices. essential oils. care products. Fragrance ingredients Wellness Natural and Aroma Organic oils Chemicals Provides solutions to many allergen, Solutions for lower calorie and Our diverse product range cost and stability issues associated health-conscious products, as Our range of aroma, natural and includes 100% organically-certified with natural ingredients in fragrance formulators seek to reduce the high impact specialty chemicals ingredients for the flavour, fragrance applications such as fabric and sugar content in their products, work well in a number of flavour and and personal care industries. personal care. whilst maintaining mouthfeel and fragrance applications and offer sweetness. manufacturers a way of delivering authentic, aromatic profiles. our Motivate and engage values Do it the We are at our best when we: right way Work as an enthused Innovate team Excite customers Exemplify Are quality profitable Go the Communicate extra mile TREATT PLC 02 Annual Report and Financial Statements 2014 an eye to the future We are seeing a number of interesting trends come to the fore, with the emergence of stronger and more innovative flavour combinations such as the use of heat and spice in beverages. Treatt has been capitalising on the growth in demand for on-trend a straightforward removal of the sugar. Careful selection of alternative vegetable-based beverages with a new application for its range of ingredients or sweeteners and an understanding of how they interact with 100% natural vegetable distillates. This pairs them with herbal speciality other components in the mix is vital to produce a healthier beverage which ingredients including basil, sage and ginger to give a herbal twist or spicy still delivers the sweet flavour profile that consumers crave. The arrival kick when added to vegetable drinks. By pairing herbals with vegetable of Stevia and other natural non-nutritive sweeteners in the marketplace drinks, Treatt’s in-depth knowledge of the essential oil market has been stimulated us to take a look at how some of our products might be used used to create a new concept that will allow manufacturers to take the in combination with natural sweeteners. This resulted in the launch of vegetable-based beverages trend to the next level. The ingredients have some attractive new products, including some closely tailored to the been carefully infused to allow the respective flavour profiles to shine needs of the actual application. through the drink, while maintaining overall balance. This does not mean that it is the end of the road for sweet products though. There is even Our innovation teams will continue to work on new and exciting concepts some crossover in certain food and beverage applications, with the and products to add to Treatt’s existing portfolio, giving even greater launch of new products featuring a salty-sweet flavour profile. solutions in the future. Driven by concerns about rising obesity levels, more and more consumers are now taking a pro-active role in maintaining their health and wellbeing. Demand for low calorie, healthier beverages is increasing but creating a good-tasting, low sugar beverage requires much more than TREATT PLC Annual Report and Financial Statements 2014 03 2014 review Financial Performance Revenue Adjusted Profit Before Tax Dividends Per Share (pence) 3.84p £6.9m 3.70p £79.2m £6.4m £74.5m £6.2m £74.1m £74.0m 3.10p 2.90p £63.3m £5.1m 2.60p £4.5m 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 £79.2m £6.9m 3.84p Revenue represents the total sales of all Adjusted earnings per share shows the Dividends per share shows the total businesses in the Group, and reflects trend in profits after tax (but ignoring dividend (interim plus final) per share both underlying business growth as well exceptional items). relating to each financial year. as being impacted by movements in raw material prices. Key Performance Indicators Net Operating Margin Return on Capital Employed Average Net Debt to EBITDA 1.65 9.6% 9.4% 20.5% 9.2% 1.52 19.9% 19.4% 1.28 7.7% 7.6% 1.18 14.6% 14.4% 0.99 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 9.6% 19.9% 0.99 Net operating margin reflects the overall Return on capital employed is a measure Average net debt to EBITDA measures profitability of the business before of the Group’s profitability relative to the the debt of the Group relative to its financing costs. assets invested in the business. profitability. The lower the ratio is, the more manageable the level of debt.
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