DOCSLIB.ORG

Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report AAnnnnuuaall RReeppoorrtt at December 31, 2007 Mission The Parmalat Group is an Italian food-industry group with a multinational strategy that seeks to increase the well-being of consumers throughout the world. The ultimate purpose of the Group is to create value for its shareholders while adhering to ethical principles of business conduct, to perform a useful social function by fostering the professional development of its employees and associates, and to serve the communities in which it operates by contributing to their economic and social progress. We intend to establish Parmalat as one of the top players in the global market for functional foods with high value added, which deliver improved nutrition and wellness to consumers, and attain clear leadership in selected product categories and countries with high growth potential for the Group. Milk and dairy products and fruit beverages, foods that play an essential role in everyone’s daily diet, are key categories for the Group. Countries of Operation Direct Presence Europe Italy, Portugal, Romania and Russia Rest of the World Australia, Botswana, Canada, Colombia, Cuba, Ecuador, Mozambique, Nicaragua, Paraguay, South Africa, Swaziland, Venezuela, Zambia Presence Through Licensees Brazil, Chile, Dominican Republic, China, Mexico, Hungary, Spain, United States of America, Uruguay Contents BOARD OF DIRECTORS, BOARD OF STATUTORY AUDITORS AND INDEPENDENT AUDITORS ........ 5 FINANCIAL HIGHLIGHTS ................................................................................................................................ 7 INFORMATION ABOUT PARMALAT’S SECURITIES .................................................................................... 8 PERFORMANCE OF PARMALAT’S SHARES........................................................................................................... 8 SHAREHOLDER BASE........................................................................................................................................ 9 CHARACTERISTICS OF THE SECURITIES ........................................................................................................... 10 Shares ...................................................................................................................................................... 10 Warrants ................................................................................................................................................... 11 Global Depositary Receipts...................................................................................................................... 11 REVIEW OF OPERATING AND FINANCIAL PERFORMANCE ................................................................... 12 Parmalat Group ........................................................................................................................................ 12 Parmalat S.p.A. ........................................................................................................................................ 17 A LETTER TO SHAREHOLDERS.................................................................................................................. 21 REPORT ON OPERATIONS BY THE BOARD OF DIRECTORS.................................................................. 23 REVENUES AND PROFITABILITY ....................................................................................................................... 23 Business Units.......................................................................................................................................... 29 Italy........................................................................................................................................................................ 29 Other Countries in Europe..................................................................................................................................... 32 North America ....................................................................................................................................................... 38 Africa..................................................................................................................................................................... 41 Australia ................................................................................................................................................................ 44 Central and South America ................................................................................................................................... 46 FINANCIAL PERFORMANCE .............................................................................................................................. 55 Financial Position of the Group and Its Main Companies ........................................................................ 55 Change in Net Financial Position ............................................................................................................. 55 Government Grants and Subsidized Financing ....................................................................................... 57 Upcoming Commitments and Their Financial Coverage.......................................................................... 57 Managing Business Risks ........................................................................................................................ 57 TAX ISSUES.................................................................................................................................................... 60 RESEARCH AND DEVELOPMENT....................................................................................................................... 61 Nutraceutic Products ................................................................................................................................ 61 Probiogenomics........................................................................................................................................ 61 HUMAN RESOURCES ...................................................................................................................................... 62 Group Staffing .......................................................................................................................................... 62 Union Relations ........................................................................................................................................ 62 Management and Development of Human Resources ............................................................................ 63 Corporate Social Responsibility ............................................................................................................... 63 CORPORATE GOVERNANCE ............................................................................................................................ 64 Issuer’s Governance Structure and Profile .............................................................................................. 64 Share Capital and Shareholders .............................................................................................................. 65 Board of Directors..................................................................................................................................... 67 Handling of Corporate Information ........................................................................................................... 75 Internal Control System............................................................................................................................ 78 Guidelines for Transactions with Related Parties .................................................................................... 81 Election of Statutory Auditors ................................................................................................................... 82 Statutory Auditors..................................................................................................................................... 83 Relationship with Shareholders................................................................................................................ 84 Shareholders’ Meeting ............................................................................................................................. 85 Contents 1 KEY EVENTS OF 2007 .................................................................................................................................... 89 EVENTS OCCURRING AFTER DECEMBER 31, 2007........................................................................................... 93 BUSINESS OUTLOOK....................................................................................................................................... 94 MOTION SUBMITTED BY THE BOARD OF DIRECTORS TO THE SHAREHOLDERS’ MEETING ........... 95 PARMALAT S.P.A. ......................................................................................................................................... 97 FINANCIAL STATEMENTS AT DECEMBER 31, 2007 ............................................................................................ 99 Balance Sheet ........................................................................................................................................ 101 Income Statement .................................................................................................................................
Load more

Recommended publications
  • Biological Milk Production in Azores - Bioaçores
    Business Plan: Biological Milk Production in Azores - BioAçores Filipa Maria Cabral Garcia Master in Finance Supervisor: Vasco Barroso Gonçalves Assistant Professor, Department of Finance October, 2020 Department of Finance Business Plan: Biological Milk Production in Azores - BioAçores Filipa Maria Cabral Garcia Master in Finance Supervisor: Vasco Barroso Gonçalves Assistant Professor, Department of Finance October, 2020 Business Plan: Biological Milk Production in Azores - BioAçores Filipa Maria Cabral Garcia Business Plan: Biological Milk Production in Azores - BioAçores Filipa Maria Cabral Garcia Business Plan: Biological Milk Production in Azores – BioAçores - 2020 Acknowledgements This thesis represents an important step in my life, professionally and personally, once it means the end of my academic career. Obviously, this was not an easy path, however, I learned in life that tough challenges are only given to the ones that can overcome them. None of this would be possible without the crucial help of essential people in my life. Firstly, I would like to thank to ISCTE-IUL in the person of Professor Vasco Gonçalves, for all the support during these two years. Afterwards, I must thank to my mother and sister, for all the encouragement and constant worry about myself, never letting me give up of anything. To my godfather which is always a source of wisdom and apprenticeship with whom I learn in every conversation that we have. Finally, to my father that will always be my example and to whom I devote all my achievements in life. i Business Plan: Biological Milk Production in Azores – BioAçores - 2020 Resumo De acordo com Mahatma Gandhi, 1“The Earth provides enough to satisfy every person’s need but not every person’s greed”.
    [Show full text]
  • Mestrado Integrado Em Bioengenharia Controlo Do
    Mestrado Integrado em Bioengenharia Controlo do processo de produção de leite com chocolate Dissertação de Mestrado de Maria João de Bastos Soares Sanches Pacheco Desenvolvida no âmbito da unidade curricular de Dissertação realizada em Lactogal Produtos Alimentares S.A., Unidade Fabril de Modivas Orientadora na FEUP: Prof.ª Dr.ª Olga Pastor Nunes Orientadora na Lactogal: Eng.ª Maria José Ramos Departamento de Engenharia Química junho de 2020 Controlo do processo de produção de leite com chocolate Agradecimentos A concretização deste trabalho só foi conseguida graças à participação e apoio de algumas pessoas, às quais eu gostaria de agradecer, em particular às minhas orientadoras, Prof.ª Dr.ª Olga Pastor e Eng.ª Maria José Ramos, que numa época distinta e marcada pela pandemia mundial de Covid-19 nunca deixaram de prestar apoio e transmitir ensinamentos ao longo deste projeto. Gostaria também de agradecer à Lactogal pela oportunidade de estagiar na unidade de Modivas, e a todas as pessoas que trabalharam comigo no laboratório, em especial à Sofia, por todo o auxílio e carinho dedicado, e ainda a todos aqueles com que me cruzei e que, de alguma forma, contribuíram para a realização deste projeto. É ainda de prezar toda a dedicação e empenho prestado pelos operadores do Almix nas amostragens realizadas diariamente. Aos meus colegas de Bioengenharia, em particular à Rita, ao Tiago e à Inês, fica um agradecimento especial, por todos os conselhos disponibilizados ao longo dos cinco anos desta caminhada em comum. Às minhas amigas que me acompanham desde sempre, por todo o carinho e momentos vividos.
    [Show full text]
  • Guião De Relatório De Projecto / Estágio
    Master’s in Bioengineering Evaluation of the packaging process and fat content of UHT milk Master Dissertation of Carolina Columbano Couto Developed within the course of Dissertation held in Lactogal Produtos Alimentares S.A., Unidade Fabril de Modivas Supervisor at FEUP: Prof. Nuno Filipe Azevedo Supervisor at Lactogal: Eng. Maria José Ramos Department of Chemical Engineering th July 5 , 2021 Evaluation of the packaging process and fat content of UHT milk Acknowledgment Em primeiro lugar, gostaria de agradecer aos meus orientadores, Prof. Nuno Azevedo e Eng. Maria José, pelo seu apoio ao longo deste projeto. Estarei sempre grata pela vossa constante disponibilidade, paciência, dedicação e por todo o conhecimento transmitido. A vossa ajuda não só tornou a escrita desta dissertação possível, mas proporcionou o meu crescimento a nível pessoal e profissional. Também, gostaria de agradecer a todas as pessoas que tive o prazer de conhecer e trabalhar na Lactogal na unidade de Modivas. Às técnicas de laboratório, em especial à Paula, Sofia e Renata, por todo o carinho demonstrado e pela sua incansável ajuda. Aos meus colegas de estágio, Francisca e Luís, por partilharem esta experiência comigo, por tornarem todos os momentos de almoço, lanche e pausas mais divertidos e por fim, pela sua amizade e apoio. Aos meus pais António e Isabel, irmãos Camila, Cláudia, Carmo e Gabriel, avós Conceição, Ludovina e Manuel, por serem o meu pilar de apoio. Obrigada por serem um verdadeiro exemplo na minha vida, por me acompanharem ao longo deste percurso académico, apoiarem em todas as decisões e acreditarem em mim. Espero deixar-vos orgulhosos e alcançar metade daquilo que vocês alcançaram! Adoro-vos do fundo do coração.
    [Show full text]
  • Aicep Cmyk Alto Cor Fu
    Offi cial Visit of H.E. the Minister of Foreign Affairs of Portugal to P. R. China PORTUGUESE BUSINESS DELEGATION SHANGAI • BEIJING • HONG-KONG • MACAO 1st – 8th of July 2012 1 Portugal a reliable partner Offi cial Visit of H.E. the Minister of Foreign Affairs of Portugal to China SHANGAI • BEIJING • HONG-KONG • MACAO 1st – 8th of July 2012 Organization Renewable Energies Think Portugal to Portugal is becoming a leading country in terms of renewable energy generation capacity and development of equipment for clean energy production. 52% of total electricity generation comes already from renewable sources and the target for 2020 is 60%. Huge steps have been taken towards this goal and a wide invest, buy or live. range of business opportunities are being created right now. Portugal has a wide range of renewable and non-pollutants sources of energy such as wind, solar, Come and discover for yourself. We invite you to hydro, tide and maritime wave energies. Portugal has both the world largest Photovoltaic Central within urban environment and also the 2nd largest wind farm find new partners, to embrace the opportunities in Europe. and learn all about the advantages of this Information Technologies stimulating and innovative country From financial services, to software, hardware and telecommunications, Portuguese companies have achieved a high level of excellence and international recognition with state-of-the-art products and services. A series of innovating Pharmaceutical and biotech industry and promising companies are emerging and many International companies have Over 40 companies, most of wich created between 2001 and 2006, are attracting nearshore Shared Services Centres and R&D departments in Portugal.
    [Show full text]
  • Packaged Food in Portugal
    Ready Meals in Portugal Euromonitor International January 2009 Ready meals Portugal List of Contents and Tables PACKAGED FOOD IN PORTUGAL ...................................................................................................... 1 Executive Summary ................................................................................................................................................ 1 Packaged Food Retail Value Growth of Almost 4% in 2008 .................................................................................... 1 Impact of the Health and Wellness Trend ................................................................................................................. 1 Multinationals Continue To Dominate ...................................................................................................................... 1 Manufacturers Investing in More Convenient Selling Points .................................................................................... 1 Negative Forecast Performance................................................................................................................................ 1 Key Trends and Developments .............................................................................................................................. 1 the Portuguese Economy ........................................................................................................................................... 1 the Urbanisation Trend Continues in Portugal ........................................................................................................
    [Show full text]
  • Portugal Profile
    Portugal Business opportunities Country profile Reliance Restricted 10 March 2017 1 In this report Page Highlights 4 Overview of Portugal's economy 6 ► Geographic and demographic analysis 7 ► Macroeconomic profile 9 ► Market trends and growth prospects 13 Energy and Renewables 16 ► Market specifics, figures and key trends 17 ► Historic evolution and forecasted growth 18 ► Value chain and main players 20 ► Imports, exports and trade balance 21 ► Key players 22 ► M&A activity in Portugal 23 ► What can India gain? 24 Agriculture and Agro-foods 25 ► Market specifics, overview, size and value 26 ► Exports, imports and trade balance 27 ► Key success factors 28 ► Key players 30 ► M&A activity in Portugal 31 ► What can India gain? 32 Defense 33 ► Industry and main KPI’s 34 ► Innovation and technology 35 ► Key players 37 ► What can India gain? 38 Tourism and Hospitality 39 ► Market specifics, indicators and impacts 40 ► Market segments and main KPI’s 41 ► Key success factors 42 ► Key players 44 ► M&A activity in Portugal 47 ► What can India gain? 48 2 In this report Page Infrastructure and Construction 49 ► Market specifics, size and value 50 ► Roads and ports concession model 51 ► Expectations for the future 52 ► Key players 53 ► M&A activity in Portugal 54 ► What can India gain? 55 Water and Waste management 56 ► Water, waste and distribution 57 ► Solid waste management and recycling 58 ► SWM market value, trade balance and strategic guidelines 60 ► Key players 61 ► M&A activity in Portugal 62 ► What can India gain? 63 Investor’s guide and Business
    [Show full text]
  • 2015, Ano Da Liberalização Do the Dairy Sector: 2015 the Liberalization Mercado Europeu
    Quem somos e para onde vamos 2 Who we are now and where we aim to go 2 A Marca 6 The Brand 6 Todo o prazer, nenhuma culpa 7 All of the pleasure, none of the guilt 7 Visão, Missão e Filosofia da MARCA 8 Vision, Mission and Philosophy 8 Mercados De Atuação 9 Target Markets 9 Euro-Região: Norte de Portugal - Galiza 10 Euro-Region: North of Portugal-Galiza 10 Sub-Região: Minho-Lima 12 Sub-Region: Minho-Lima 12 Braga: Cidade Tecnológica 14 Braga: Technological City 15 Descobrir Vila Verde 18 Discovering Vila Verde 19 Fileira do leite: 2015, ano da liberalização do The Dairy Sector: 2015 the liberalization mercado europeu. Ameaça ou Oportunidade? 20 of the European Market, Threat or Opportunity? 21 Os Gelados e as Matérias-primas 22 The Ice Creams and the Raw Material 22 Os Gelados no setor Agroalimentar: indústria, The Ice Creams within the Agro-food Sector: consumo e tendências 26 Industry, Consumers and Market Trends 27 Gelado Colorido: De Portugal para o Mundo 30 Gelado Colorido: From Portugal to the World 31 Sustentabilidade 32 Sustainability 32 Participação em feiras internacionais 34 Participation on international fairs 34 Parcerias 36 Partnerships 36 QUEM SOMOS E PARA ONDE VAMOS WHO WE ARE NOW AND WHERE WE AIM TO GO 2 Situada no concelho de Vila Verde, dis- Located in Vila Verde, district of Braga, trito de Braga, a Gelado Colorido possui Gelado Colorido has a fully automated uma unidade fabril, totalmente auto- plant, for the production of ice cream matizada, para produção de gelados and sorbets.
    [Show full text]
  • Financial Needs in the Agriculture and Agri-Food Sectors in Portugal
    Financial needs in the agriculture and agri-food sectors in Portugal June 2020 Financial needs in agriculture and agri-food sectors in Portugal DISCLAIMER This document has been produced with the financial assistance of the European Union. The views expressed herein can in no way be taken to reflect the official opinion of the European Union or the European Investment Bank. Sole responsibility for the views, interpretations or conclusions contained in this document lies with the authors. No representation or warranty express or implied is given and no liability or responsibility is or will be accepted by the European Commission or the European Investment Bank or by the managing authorities of ESI Funds Programmes in relation to the accuracy or completeness of the information contained in this document and any such liability or responsibility is expressly excluded. For the avoidance of doubt, this document is provided for information only. Financial data given in this document has not been audited, the business plans examined for the selected case studies have not been checked and the financial model used for simulations has not been audited. The case studies and financial simulations are purely for theoretical and explanatory illustration purposes. The case projects can in no way be taken to reflect projects that will actually be financed using financial Instruments. Neither the European Commission nor the European Investment Bank gives any undertaking to provide any additional information on this document or correct any inaccuracies contained therein. This document has been prepared with the support of a consortium of Ecorys and Frankfurt School of Finance & Management gGmbH.
    [Show full text]
  • Joana Margarida Bento Cordeiro IMPLEMENTAÇÃO DE LEAN
    Universidade de Aveiro Departamento de Economia, Gestão, Engenharia Ano 2020 Industrial e Turismo Joana Margarida IMPLEMENTAÇÃO DE LEAN MANUFACTURING Bento Cordeiro NOS PROCESSOS DE ENCHIMENTO E DISTRIBUIÇÃO NA LACTOGAL, PRODUTOS ALIMENTARES LEAN MANUFACTURING IMPLEMENTATION IN FILLING AND DISTRIBUTION PROCESS IN LACTOGAL, PRODUTOS ALIMENTARES Universidade de Aveiro Departamento de Economia, Gestão, Engenharia Ano 2020 Industrial e Turismo Joana Margarida IMPLEMENTAÇÃO DE LEAN MANUFACTURING NOS Bento Cordeiro PROCESSOS DE ENCHIMENTO E DISTRIBUIÇÃO NA LACTOGAL, PRODUTOS ALIMENTARES LEAN MANUFACTURING IMPLEMENTATION IN FILLING AND DISTRIBUTION PROCESS IN LACTOGAL, PRODUTOS ALIMENTARES Relatório de Projeto apresentado à Universidade de Aveiro para cumprimento dos requisitos necessários à obtenção do grau de Mestre em Engenharia e Gestão Industrial, realizado sob a orientação científica da Prof. Doutora Ana Maria Pinto de Moura, Professora Auxiliar do Departamento de Economia, Gestão, Engenharia Industrial e Turismo da Universidade de Aveiro. o júri presidente Prof.ª Doutora Ana Raquel Reis Couto Xambre Professora Auxiliar da Universidade de Aveiro Prof. Doutor Telmo Miguel Pires Pinto Professor Auxiliar da Universidade de Coimbra Prof.ª Doutor Ana Maria Pinto de Moura (Orientador) Professor Auxiliar da Universidade de Aveiro agradecimentos O meu primeiro agradecimento é dado à minha orientadora, a Prof.ª Doutora Ana Moura, por todo o apoio e acompanhamento prestado durante a realização deste trabalho. E também ao longo destes 5 anos, por sempre reconhecer o trabalho dos seus alunos e os encorajar a trabalhar para conseguir algo mais. O meu muito obrigado! Agradeço também a todas as pessoas da Lactogal que estiveram comigo, facilitando o acesso aos dados deste trabalho. Ao meu orientador, Eng.
    [Show full text]
  • Recovery and Application of Whey Proteins in Conventional and Nonconventional Food Systems
    Recovery and application of whey proteins in conventional and nonconventional food systems Dissertation submitted to the Faculty of Science and Technology, University of Coimbra, to the Degree of Doctor in Philosophy (PhD) in Chemical Engineering, specialization in Chemical Processes Marta Helena Fernandes Henriques 2012 Work financially supported by under the program Bolsas de Doutoramento (SFRH/ BD/ 36645/ 2007) Dedico este trabalho aos meus pais: Maria Helena Fernandes e Luis Henriques Obrigada por tudo… Abstract Whey is the liquid that separates from the curd during cheese or casein manufacture. It is the main by-product of the cheese industry (≈9 L of whey per 1 kg of cheese), representing a serious environmental problem (BOD = 35-45 g/L). Its disposal or waste management involves high investments and operational costs that provide no profits for the cheese producers. However, whey is an important source of proteins with a high functional, nutritional and biological value, thus justifying its commercial use. Conventional practices for the valorisation of whey comprise the manufacture of dried products such as whey powder, whey protein concentrate (WPC) and isolate (WPI) and lactose, using concentration processes such as reverse osmosis and evaporation, or ultrafiltration followed by spray-drying of the retentates and/or permeates. However, the high costs associated with the dehydration step mean that these technologies cannot be used in the medium/small scale industries which represent 79% of the dairy sector in Portugal and a significant volume of the business (37%). This thesis focuses on the development of innovative solutions for the valorisation of whey, in particular whey proteins, in medium/small scale cheese production.
    [Show full text]
  • RSCAS 2016/20 European Networking and Training for National Competition Enforcers Entrance for Judges 2014
    RSCAS 2016/20 Robert Schuman Centre for Advanced Studies European Networking and Training for National Competition Enforcers (ENTraNCE) European Networking and Training for National Competition Enforcers ENTraNCE for Judges 2014 Selected Case Notes Edited by Pier Luigi Parcu and Giorgio Monti European University Institute Robert Schuman Centre for Advanced Studies European Networking and Training for National Competition Enforcers (ENTraNCE) European Networking and Training for National Competition Enforcers ENTraNCE for Judges 2014 Selected Case Notes Edited by Pier Luigi Parcu and Giorgio Monti EUI Working Paper RSCAS 2016/20 This text may be downloaded only for personal research purposes. Additional reproduction for other purposes, whether in hard copies or electronically, requires the consent of the author(s), editor(s). If cited or quoted, reference should be made to the full name of the author(s), editor(s), the title, the working paper, or other series, the year and the publisher. ISSN 1028-3625 © Edited by Pier Luigi Parcu and Giorgio Monti, 2016 Printed in Italy, March 2016 European University Institute Badia Fiesolana I – 50014 San Domenico di Fiesole (FI) Italy www.eui.eu/RSCAS/Publications/ www.eui.eu cadmus.eui.eu Robert Schuman Centre for Advanced Studies The Robert Schuman Centre for Advanced Studies (RSCAS), created in 1992 and directed by Professor Brigid Laffan, aims to develop inter-disciplinary and comparative research on the major issues facing the process of European integration, European societies and Europe’s place in 21st century global politics. The Centre is home to a large post-doctoral programme and hosts major research programmes, projects and data sets, in addition to a range of working groups and ad hoc initiatives.
    [Show full text]
  • QUEIJO SALOIO the Woman Who Stared at Goats
    QUEIJO SALOIO The woman who stared at goats Clara Moura Guedes, member of the board of directors and managing director, had completely revolutionized the organization’s activity at Queijo Saloio. After an initial proposal for a one year contract, Clara ended up falling in love with the company and the cheese industry. Sixteen years later, she still had some more tricks under her sleeve to improve the business. Queijo Saloio went from a small family owned company to leader in the cheese specialties segment and third largest organization in the Portuguese cheese market. A strategy of constant product innovation and brand enforcement was at the basis of this success, reaching 26 million Euros in sales in 2008. ___________________________________________________________________ X prepared this case under the supervision of Y, in partial fulfillment of the Dissertation requirements for the degree of MSc in Business Administration, at Z, in January 2012, as a basis for class discussion rather than to illustrate either effective or ineffective handling of a management situation. This case study was prepared by João Perry da Câmara and Nuno Magalhães Guedes. Queijo Saloio: The Woman Who Stared at Goats Then, in 2011, several issues worried Clara. Among them, was the fact that Portugal was suffering from the European debt crisis and it was expected a decrease in consumption. In addition, its largest clients, retail companies, had become extremely price sensitive - in part due to the concentration process that the distribution industry had gone through during the last decade -, and were progressively focusing on private labels. Such situation had clear consequences on the decrease of sales witnessed during these 3 years.
    [Show full text]