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Annual Report 2006

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Annual Report 2006 ÌÀ>ÃvÀ}E GLANBIA PLC ANNUAL REPORT 2006 Õ>Ê,i«ÀÌÊÓääÈ Glanbia plc, Glanbia House, Kilkenny, Ireland. Tel. +353 56 777 2200 Fax. +353 56 777 2222 www.glanbia.com GLANBIA PLC ANNUAL REPORT 2006 Glanbia plc is a leading international dairy foods and nutritional ingredients Group, headquartered in Ireland. The Group is successfully developing a strategic international presence, which today represents nearly 40% of revenue. At the same time, the Group continues to consistently improve the cost base, productivity and long-term sustainability of the Irish operations. Combined these give Glanbia a strong platform from which to continue to grow and develop. Contents Performance Highlights 1 Our Business 2 Chairman’s Statement 4 Group Managing Director’s Review 6 Our Strategy Explained 10 Business Review 12 Consumer Foods 12 Agribusiness and Property 16 Food Ingredients and Nutritionals 18 Nutritionals 21 Joint Ventures and Associates 24 Corporate Social Responsibility 27 Finance Review 30 Board of Directors 32 Management 34 Report of the Directors 35 Corporate Governance 38 Financial Statements 46 design.ie source www. GLANBIA PLC ANNUAL REPORT 2006 1 Performance Highlights Revenue billion Operating profi t million Profi t before tax million (Pre-exceptional) €2.1 ***€88.4 €74.4 €1.9 €85.6 €71.5 * Including share of results of joint ventures and associates Operating margin Adjusted earnings Dividend per share (Pre-exceptional) per share 4.6% 22.6 cent 5.8 cent • 2006 was a good year for Glanbia. Results were in line with expectations, despite a particularly tough fi rst half in Ireland. • Glanbia completed a major nutritionals acquisition and commissioned a world-class dairy processing plant, both in the USA. • Key fi nancial performance indicators are trending positive and international operations and joint ventures are progressing well. • As to the future, Glanbia is on target to deliver double digit earnings growth in 2007 and the outlook is for sustained high growth. 2 GLANBIA PLC ANNUAL REPORT 2006 Our Business ,iÛiÕi %£°ÊL Glanbia is organised into three divisions and has Ón¯ operations in Ireland, Europe and the USA, with xn¯ international joint ventures in the UK, USA and Nigeria. £{¯ 2006 revenue amounted to €1.9 billion and was €2.1 billion, including the Group’s share of joint ventures "«iÀ>Ì}Ê*ÀvÌÊ %nx°ÈÊ and associates, with approximately 40% generated by international operations. Ó¯ xÓ¯ " -1 ,Ê"" - £¯ , 1- --ÊEÊ*,"* ,/9 "" Ê , /-ÊEÊ 1/,/" - IRELAND Consumer Foods Agribusiness & Property Food Ingredients Ireland Leading brands & market positions Key linkage to farmer supply base Largest dairy processor in Ireland Business Review Page 12 Business Review Page 16 Business Review Page 18 Locations: 10 facilities in Locations: Agribusiness: 61 Locations: Two manufacturing Ireland. locations nation-wide. facilities located at Virginia, County Cavan and Ballyragget, County Kilkenny. Description: The key business Description: Agribusiness is Description: This business unit is dairy-based consumer the Group’s key linkage with unit processes one-third of the foods. The second business it’s large farmer supply base. total milk pool in Ireland and is the processing of pigs and Property is newly formed and markets over 190,000 tonnes of the manufacture of pigmeat is focused on maximising the dairy products and ingredients products. value of the Group’s property on a business-to-business basis portfolio. worldwide. Products: Branded liquid milk, Products: feed, fertilisers, farm Products: Butters, acid and dairy products, cheeses and inputs and the CountryLife rennet casein, cheese, milk fresh soups; fresh pork and retail range. powders, cream mixes and bacon products. other whey protein ingredients. Market positions: Brands: Gain Feeds, Market positions: No. 1 liquid milk IFI fertilisers, CountryLife. No. 1 dairy processor No. 1 cream brand No. 1 cheese processor No. 1 pigmeat processor. No. 1 casein producer in Europe. Brands: Avonmore, Yoplait, Nash’s, CMP, Snowcream, Premier, Kilmeaden. GLANBIA PLC ANNUAL REPORT 2006 3 TOTAL GROUP (including joint ventures) 4,481 employees 5,312 milk suppliers 4.73 billion litres of milk processed 370,000 tonnes of cheese produced 210,000 tonnes of food ingredients manufactured INTERNATIONAL Food Ingredients USA Nutritionals Joint Ventures Large scale, modern plants Science based innovation Key element of growth strategy Business Review Page 20 Business Review Page 21 Business Review Page 24 Locations: Three processing Locations: Global operations Locations: UK, USA and plants in Idaho, which is the include Ireland, UK, Germany, Nigeria. fourth largest and fastest USA, South America and China. growing milk state in the USA. Description: This business unit Description: This new Description: The Group is a leading manufacturer of business focuses on providing currently has three key cheese and whey-based food science based nutritional International joint ventures. ingredients. The operations solutions in areas such as Glanbia Cheese in the UK, process 1.7 billion litres of milk sports & performance, weight Southwest Cheese in the USA per annum. management, health & wellness and Nutricima in Nigeria. and infant nutrition. Products: American-style Products: Whey protein Products: Pizza cheese for the cheddar cheese and whey isolates and other whey UK and European markets. products. powders, lactose, calcium, Cheese and whey products in lactoferrin, vitamin & mineral the USA. Milk and milk powder premixes. in Nigeria. Market positions: Market positions: Market positions: No. 1 American-style cheddar No. 1 supplier of customised No. 1 pizza cheese supplier in No. 2 whey protein nutrient premixes Europe. No. 3 lactose. Leading global supplier of advanced technology whey proteins and fractions. Brands: Provon, Thermax, Avonlac, Prolibra, Bioferrin, Salibra, Barfl ex, Barpro, Bartex, Barmax. 4 GLANBIA PLC ANNUAL REPORT 2006 Chairman’s Statement 2006 was a good year for the Group. Our results were in line with market expectations and taking our share of the revenue of our joint ventures and associates into account, we delivered top line revenue growth of 8% to €2.1 billion in 2006 (excluding joint ventures and associates revenue increased by 1% to €1.9 billion). This 2006 performance was against a background of a particularly tough fi rst half and ongoing challenges in Ireland. A solid operating performance, the €66.4 million (2005:€61.1 million). changing mix of business and the benefi ts Net exceptionals for the year amounted of prior year rationalisation initiatives to €0.1 million (2005: €3.4 million). In improved profi tability and margins. 2006 exceptional costs associated with Operating profi t pre-exceptional was up the closure of the Pigmeat cannery 6% to €85.6 million (2005: €80.9 million) operations in Ireland and the disposal of and the operating margin pre-exceptional the remaining 25% interest in the Cheese increased 20 basis points to 4.6% (2005: Company Holdings Limited were offset by 4.4%). exceptional tax credits relating to former UK operations. Earnings per share grew Net fi nancing costs pre-exceptional 14% to 22.5 cent (2005: 19.7 cent), while increased by €0.9 million to €14.0 adjusted earnings per share increased 8% million (2005: €13.1 million). This refl ects to 22.6 cent (2005: 20.9 cent). an increase in average debt in the year primarily driven by the acquisition of Business environment Seltzer, a leading USA nutritional solutions The EU dairy sector is in its fourth and business in the second half. fi nal year of the implementation of the Mid-Term Review (MTR) of the Common The Group’s share of results of joint Agriculture Policy. Managing a reduced ventures and associates, post interest and level of EU support to the dairy industry tax, increased to €2.8 million in 2006 (2005: was challenging in 2006, however world €0.9 million). This result primarily refl ects market conditions improved in the latter the improved performance in Glanbia part of the year. Glanbia will continue to Cheese, the Group’s UK joint venture respond to this changing environment, with Leprino Foods and a small fi rst time seeking out new opportunities to offset contribution from Southwest Cheese in the the challenges that have come from the USA. implementation of the MTR in a globalising dairy market. It is becoming increasingly Profi t before tax pre-exceptional, including apparent that Glanbia is well positioned share of joint ventures and associates, to supply the improvement in world increased 8% to €74.4 million (2005:€68.7 market conditions in light of its signifi cant million). 2006 pre-exceptional tax charge production platforms in Europe and the was €8.0 million (2005: €7.6 million). Profi t USA. after tax pre-exceptional increased 9% to GLANBIA PLC ANNUAL REPORT 2006 5 Changing EU policy, the potential evolution Corporate and Social Responsibility of the WTO driven trade liberalisation and Glanbia has a long and proud heritage of changing supply and demand dynamics, social and community involvement and as means that global dairy markets are in the organisation has evolved, so too has 8% top line transition. Global markets are reasonably our Corporate and Social Responsibility fi rm at present and the outlook is currently Programme. In the last four years we positive for 2007. While this is a challenging have adopted an integrated programme growth time for the industry and for farmers, there that underpins our commitment to key is a sense of optimism with commercial stakeholders through four key pillars: farmers taking a positive, long term Community, Workplace, Environment and including joint ventures view supported by an ongoing Glanbia Marketplace. The programme respects response to changes in the market place. all stakeholders, encourages our role in building strong communities, guides Global demand for dairy products is our sustainable engagement with the 9% increase expected to grow at close to 2% per environment and ensures we deliver the annum.
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