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Glanbia Plc Annual Report20 10 Glanbia Plc Is an International Nutritional Solutions and Cheese Group, Headquartered in Ireland

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Glanbia Plc Annual Report20 10 Glanbia Plc Is an International Nutritional Solutions and Cheese Group, Headquartered in Ireland Glanbia plc Annual Report20 10 Glanbia plc is an international nutritional solutions and cheese group, headquartered in Ireland. Glanbia is listed on the Irish and London Stock Exchanges (Symbol: GLB). The Group has four segments; US Cheese & Global Nutritionals, Dairy Ireland, Joint Ventures & Associates and Other Business. Including Joint Ventures & Associates, Glanbia has over 4,300 employees worldwide and has manufacturing and processing facilities in seven countries and sales/technical support locations in 14 countries. Get more online For more information on the Group please visit our corporate website: www.glanbia.com This report is also available online: www.glanbia.com/annualreport2010 3 10 Overview Our strategy 3 How we did in 2010 10 Our strategy 4 Our performance 11 Our markets 5 Key Performance Indicators 6 Our global footprint 9 How we are structured 12 36 Group performance Divisional performance 12 Chairman’s statement 36 US Cheese & Global Nutritionals 16 Group Managing Director’s review 38 Dairy Ireland 20 Our business models 40 Joint Ventures & Associates 22 Group Finance Director’s review 27 Risk management 31 Our responsibilities 42 72 Governance Financial statements 42 Chairman’s introduction to corporate governance 74 Independent auditors’ report 44 Board of Directors and senior management 76 Group income statement 48 Applying the principles of the Combined Code 77 Group statement of comprehensive income 54 Other statutory information 78 Group statement of changes in equity 57 Committee reports 79 Group statement of financial position – Audit Committee report 80 Group statement of cash flows – Nomination Committee report 81 Company statement of financial position – Remuneration Committee report 82 Company statement of changes in equity 71 Statement of Director’s responsibilities 83 Company statement of comprehensive income and statement of cash flows 84 Notes to the financial statements Further information Other information This symbol is used throughout the 139 Shareholders’ information report. It is used to cross reference related 142 Five year trends information elsewhere within the report. 143 Index Pages 3 to 71 make up the Directors’ Report in accordance with the Companies Acts, 1963 to 2009 Glanbia had an excellent year in 2010. We achieved strong revenue and earnings growth and our 2010 performance reflects the strength and diversity of our businesses. GLANBIA PLC DIRECTORS' REPORT: HOW WE DID IN 2010 3 ANNUAL REPORT 2010 OVERVIEW OUR PERFORMANCE KEY PERFORMANCE INDICATORS GLANBIA GLOBAL FOOTPRINT HOW WE ARE STRUCTURED How we did in 2010 Our strong performance in 2010 is mainly as a result of a return to profitability in Dairy Ingredients Ireland after a first time loss in 2009and a good performance by the Global Nutritionals business which grew revenue well in excess of market growth rates. Total Group* revenue Adjusted earnings 21.4% per share 24.1% Strong top line revenue Adjusted earnings per share growth was driven by good 2009 2.1 was significantly ahead of 2009 2009 30.68 volume growth in Global and follows the strong positive Nutritionals and the positive 2010 2.6 trends in growth in revenue 2010 38.07 impact of higher US cheese and EBITA. and global dairy markets € billion cents per share during the year. Total Group* EBITA Dividend per share pre exceptional 21.6% 10% A good performance by The Board is recommending Global Nutritionals, a return to 2009 142.4 a final dividend of 4.49 cents 2009 6.84 profitability in Dairy Ingredients per share. This brings the total Ireland and the benefits of 2010 173.2 dividend for the year to 7.52 2010 7.52 significant cost rationalisation cents per share (2009: 6.84 cents in Dairy Ireland underpinned € million per share), an increase of 10%. cents per share the increase in EBITA. Total Group* EBITA Free cash flow margin pre exceptional €0.6m EBITA margin sustained during The minimal movement in free 2010. This reflects margin 2009 6.7 cash flow arose as the higher 2009 66.1 expansion in Dairy Ireland offset EBITDA in 2010 was offset by by a margin reduction in US 2010 6.7 year on year investment in 2010 65.5 Cheese & Global Nutritionals. working capital due to strong % volume growth in Global € million Nutritionals and higher global dairy and US cheese markets. * Total Group figures include share of Joint Ventures & Associates FOCUS DELIVERY MOMENTUM GLANBIA PLC DIRECTORS' REPORT: HOW WE DID IN 2010 4 ANNUAL REPORT 2010 OVERVIEW OUR PERFORMANCE KEY PERFORMANCE INDICATORS OUR GLOBAL FOOTPRINT HOW WE ARE STRUCTURED Our performance The Group achieved a first class operational performance in 2010. Key achievements for the year include the 40% expansion of Southwest Cheese in the USA and the major planned refurbishment of the Twin Falls cheese plant in Idaho; both delivered on time and on budget. In addition, strategic cost management programmes delivered targeted cost savings, process re-engineering and productivity benefits. Total Group revenue € billion Group EBITA pre exceptional € million US Cheese & Global Nutritionals US Cheese & Global Nutritionals 40% 60% Dairy Ireland Dairy Ireland 44% 28% Joint Ventures & Associates Joint Ventures & Associates 16% 12% Total: €2.6 billion Total: €173.2 million US Cheese & Global Nutritionals Dairy Ireland Joint Ventures & Associates US Cheese is one of the leading producers Dairy Ireland links the Group’s Glanbia has three principal of American-style cheddar cheese for relationship with its Irish farmer supplier international joint ventures – Southwest the US and export markets from its large base. Agribusiness produces and Cheese in the USA, Glanbia Cheese in scale manufacturing facilities in Idaho. supplies inputs to farmers who produce the UK and Nutricima in Nigeria – as Global Nutritionals operates from facilities the key raw material for both Dairy well as a number of smaller Irish based in the USA, Canada, EU and Asia and Ingredients Ireland and Consumer joint ventures and associates. incorporates the Group’s three nutritionals Products. Dairy Ireland has well invested businesses – Ingredient Technologies, facilities serving global and local markets. Customised Premix Solutions and Performance Nutrition. €1 billion revenue €1.1 billion revenue €417 million revenue €104.5 million EBITA €47.9 million EBITA €21.6 million EBITA 10.2% EBITA margin 4.2% EBITA margin 5.2% EBITA margin 1,570 employees 1,682 employees 1,002 employees 13 manufacturing/processing locations 8 manufacturing/processing locations 6 manufacturing/processing locations 2010 performance 36 2010 performance 38 2010 performance 40 and 2011 outlook and 2011 outlook Business model 20 Business model 21 FOCUS DELIVERY MOMENTUM GLANBIA PLC DIRECTORS' REPORT: HOW WE DID IN 2010 5 ANNUAL REPORT 2010 OVERVIEW OUR PERFORMANCE KEY PERFORMANCE INDICATORS OUR GLOBAL FOOTPRINT HOW WE ARE STRUCTURED Key Performance Indicators We use a large number of performance indicators to measure financial and operational activity across the Group. These are monitored on a daily, weekly or monthly basis as appropriate. Detailed management reports for each division are reviewed monthly by the Board. We have six Key Performance Indicators (KPIs) which we use to measure the financial health of the business over the longer-term and to monitor progress in achieving our strategic priorities. Total Group revenue Adjusted earnings per share 2011 outlook € billion cents per share The Group is well positioned for 2011. Our current expectation is that the 2006 2.1 2006 23.89 trading environment will be broadly positive. Global dairy markets are 2007 2.6 2007 30.25 expected to remain firm, underpinned 2008 2.6 2008 35.86 by robust demand, particularly from Asia, and demand-led growth in key 2009 2.1 2009 30.68 nutritional sectors. In January 2011 we acquired the Bio-Engineered 2010 2.6 2010 38.07 Supplements and Nutrition (BSN) business, a leading US sports nutrition business which is an excellent strategic fit with our Performance Nutrition Total Group EBITA Free cash flow business. For 2011, given our strong € million € million market positions and growing portfolio, we 2006 95.5 2006 24.3 are forecasting 11% to 13% growth in 2007 128.6 2007 50.5 adjusted earnings per share, on a constant 2008 159.5 2008 75.8 currency basis. 2009 142.5 2009 66.1 2010 173.2 2010 65.5 Total Group EBITA margin ROCE % % 2006 4.5 2006 12.5 2007 5.0 2007 15.5 2008 6.1 2008 15.3 2009 6.7 2009 11.2 2010 6.7 2010 12.9 FOCUS DELIVERY MOMENTUM GLANBIA PLC DIRECTORS' REPORT: HOW WE DID IN 2010 6 ANNUAL REPORT 2010 OVERVIEW OUR PERFORMANCE KEY PERFORMANCE INDICATORS OUR GLOBAL FOOTPRINT HOW WE ARE STRUCTURED Our global footprint We have a strong global presence in key food markets and sectors around the world. The Group has manufacturing operations in seven countries, sales and technical support locations in 14 countries and our products are sold to over 130 countries worldwide. North America Leading American-style cheddar cheese business (including 50:50 joint venture) Leading US sports nutrition business Global supplier of whey protein isolates Global supplier of micronutrient premixes and solutions Largest North American processor of speciality flaxseed ingredients US innovation centre and customer collaboration centre 12 manufacturing/processing locations 6 sales and technical support locations 1 innovation and customer collaboration centre 120+ export/distribution markets 1,527 employees South America Key export markets and opportunity: • Performance Nutrition products • US Cheese products • Dairy
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