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Annual Report and Financial Statements 2014 Annual Report and Financial Statements 2014 Lakeland Dairies Co-Operative Society Limited

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Annual Report and Financial Statements 2014 Annual Report and Financial Statements 2014 Lakeland Dairies Co-Operative Society Limited Annual Report and Financial Statements 2014 Annual Report and Financial Statements 2014 Lakeland Dairies Co-operative Society Limited Highlights 2014 Turnover Percentage by Division Turnover €’000s 2014 has been a year of further growth 700,000 625,770 and development9% for Lakeland Dairies, driven by innovation, efficiency, new 600,000 15% business developments andFood a Ing focusedredients 31% 60% 545,532 approach to meeting theF oodservineeds ceof our 500,000 472,940 customers worldwide. Agri-Trading 472,222 400,000 401,006 Lakeland Dairies is creating long term value and sustainability. Utilising the high quality milk supplied by our producers, we offer a diverse portfolio of 300,000 market leading dairy ingredients and foodservice products across numerous food industry sectors. With 200,000 growing milk processing volumes, technologically advanced productionOper facilitiesating and Pr anofit excellent global logistics capability,€12.9m we are in2014 a strong position 100,000 to maximise10% international dairy market growth opportunities. All of €this11. is underpinned7m 2013 by the 0 collective strength and ambition of our co-operative 2010 2011 2012 2013 2014 dairy farmers and the skills of our people, working together to achieve continuing future success for Lakeland Dairies. Profit Before Tax €’000s Shareholders’ Funds €‘000s 10,864 10,000 10,335 Farmer 100,000 87,091 PROVENDER MILL 87,091 LOUGH8,000 EGISH 80,000 81,061 7,963 Milk Parlour 78,366 76,697 6,852 6,000 60,000 4,000 4,510 40,000 MILK COLLECTION 2,000 20,000 800m LITRES OF MILK 0 0 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 OVER 1 BILLION LITRES Killeshandra Bailieboro Newtownards Lough Egish anticipated milk intake Foodservice Powders Foodservice Powders WORLDWIDE 170 PRODUCTS Ice Cream Butter Ice Cream by 2020 UHT UHT DISTRIBUTION Casein 70 COUNTRIES Lactose Milk Sticks GLOBAL LOGISTICS Turnover Percentage by Division Turnover €’000s 700,000 9% 625,770 600,000 Food Ingredients 15% 31% 60% 545,532 Foodservice 500,000 472,940 Agri-Trading 472,222 400,000 401,006 300,000 200,000 Operating Profit €12.9m 2014 100,000 10% €11.7m 2013 Lakeland Dairies Co-operative Society Limited Annual Report and Financial Statements 2014 0 2010 2011 2012 2013 2014 Turnover Percentage by Division Turnover €’000s Turnover Percentage by Division 700,000 PrTofiturnov Beforer €’000se Tax €’000s Shareholders’ Funds €‘000s 625,770 9% 700,000 600,000 625,770 9% 10,864 Food Ingredients 10,000 15% 100,000 600,000 10,335 31% 60% 545,532 15% 87,091 Foodserviood Ingrecedients 500,000 545,532 87,091 31% 60% 8,000 472,940 80,000 81,061 AgFoodserviri-Tradingce 500,000 472,222 7,963 78,366 472,940 76,697 Agri-Trading 400,000 472,222 401,006 6,852 6,000 60,000 400,000 401,006 300,000 4,000 4,510 40,000 300,000 200,000 2,000 20,000 Operating Profit 200,000 Operating Pr2014ofit 100,000 €12.9m 0 0 10% €12.9m11.7m 20142013 100,000 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 0 10% €11.7m 2013 2010 2011 2012 2013 2014 0 2010 2011 2012 2013 2014 Profit BeforGroupe Ta Revenuesx €’000s Foodservice Food IngredientsShareholders’Agribusiness FundsShareholders' €‘000s Funds € € € € € 2014Profit Before625.7m Tax €’000s 190.3m 377.9m Shareholders’57.5m Funds €‘000s90.5m 10,864 10,000 10,335 100,000 10,864 87,091 Farmer 10,000 10,335 100,000 87,091 87,091 8,000 80,000 81,061 PROVENDER MILL 7,963 78,366 87,091 LOUGH EGISH 8,000 Milk Parlour 80,000 76,697 81,061 6,852 7,963 6,000 60,000 78,366 76,697 6,852 6,000 60,000 4,000 4,510 40,000 4,000 4,510 40,000 MILK COLLECTION 2,000 20,000 2,000 800m 20,000 LITRES OF MILK 0 0 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 0 0 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 OVER 1 BILLION LITRES Killeshandra Bailieboro Newtownards Lough Egish anticipated milk intake Foodservice Powders Foodservice Powders WORLDWIDE 170 PRODUCTS Ice Cream Butter Ice Cream by 2020 UHT UHT DISTRIBUTION Casein 70 COUNTRIES Lactose Milk Sticks GLOBAL LOGISTICS Annual Report and Financial Statements 2014 Lakeland Dairies Co-operative Society Limited "We are in a strong position to maximise international dairy market growth opportunities with blue chip customers and a diverse product portfolio" 2 Lakeland Dairies Co-operative Society Limited Annual Report and Financial Statements 2014 CONTENTS Chairman’s Review 2 Chief Executive’s Review 4 Directors and Other Information 9 Statement of Directors’ Responsibilities 12 Independent Auditor’s Report 13 Consolidated Profit and Loss Account 14 Consolidated Statement of Total Recognised Gains and Losses 14 Consolidated Balance Sheet 15 Consolidated Cash Flow Statement 16 Notes to the Financial Statements 17 1 Annual Report and Financial Statements 2014 Lakeland Dairies Co-operative Society Limited Chairman’s Review 2014 has been a year of further significant progress for Lakeland Dairies underpinned by a strong business performance where the Society has reported very satisfactory results for the year. Alo Duffy Chairman 2 Lakeland Dairies Co-operative Society Limited Annual Report and Financial Statements 2014 The dairy sector continues to make a major With world class processing plants, we are able to contribution to economic growth north and south. process all of the milk that our producers will send Through that contribution, it has a big influence to us into an array of excellent dairy products. Our on community wellbeing and on the quality of increasing milk intake will also be supplemented by rural living standards. We’re proud to support new milk producer entrants and conversions from dairy farming communities through our operations other sectors to dairy farming, all of whom will be including investments in our dairy processing welcome. infrastructure on a cross border basis. I thank the Vice-Chairman, Board, Regional EU milk quotas have been abolished in the current Committees, all Members and Milk Producers year. This is a major change in the international dairy of Lakeland Dairies for your great support for landscape. It alters competitive conditions among Lakeland Dairies. On behalf of the Board I thank the dairy producing countries of the world with our management team, headed by Michael Hanley, producers and the dairy industry gradually adapting and all staff throughout the organisation for to this new market dynamic. their dedication to the business. I welcome new Board member Anthony Leddy and I very warmly The Board of Lakeland Dairies is focused on the acknowledge the outstanding contribution of our creation of a positive and sustainable future for our former Chairman Padraig Young who retired from milk producers. This includes ongoing investments the Board during the year. in modern and streamlined plants which guarantee flexibility to meet global market needs. Based on the Together, we can be pleased when we look back strategic preparations that we have made, I’m really at the achievements of our co-operative for over confident that our milk producers will benefit from a century and in particular over the past 25 years expansion opportunities in the future. since we formed Lakeland Dairies. Overall, our continuing investments signal our commitment All of the building blocks have been put in place to to the future of co-operative dairy farming in this ensure that we’ll continue to operate on the most northern region of the island. That’s a future worth efficient basis possible. We’re going to grow our investing in! business while paying the highest possible milk price in line with market conditions. We’re also supporting Your co-operative has built a roadmap for further producers with research based information through progress and innovation where Lakeland Dairies is the Lakeland Dairies Teagasc Joint Programme. This a driver of rural economic development and dairy is focused on milk protein content, grass utilisation industry growth across fifteen counties north and and herd fertility and it is backed up by our expert south. We can now look forward with confidence farm advisory and livestock nutrition services. to the further success of our co-operative as we continue to build our future together. Our mainly pasture based production system gives us many advantages in serving world markets. Maximising grass and silage based feeding, as part of overall production efficiency, can enhance returns Alo Duffy for milk producers. It also helps the positioning Chairman of our products where they originate from milk produced on high quality farms in a natural and green environment. Ultimately, it’s the global food companies and consumers worldwide who are influenced by these factors and if we can continue to supply the products that they want to buy from us then our expansion will continue to be successful. 3 Annual Report and Financial Statements 2014 Lakeland Dairies Co-operative Society Limited Chief Executive’s Review I’m pleased to report another positive year of growth and development following from a strong trading performance with higher processing volumes and consistently strong demand for our dairy products. Michael G. Hanley Group Chief Executive 4 Lakeland Dairies Co-operative Society Limited Annual Report and Financial Statements 2014 Group revenues increased by 15% to €625.7m yielding a 10% growth in operating profit to €12.9m and profit before tax of €10.9m. Set against the increasingly difficult market conditions of 2014, these are a robust set of results where the Co-operative also paid a competitive milk price throughout the year. The Society closed its financial year with shareholders' funds of €90.5m and a strong balance sheet as outlined on page 15.
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