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FrieslandCampina Presentation Annual Figures 2010
 

FrieslandCampina Presentation Annual Figures 2010

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Presentation used at the publication of the annual figures 2010

Presentation used at the publication of the annual figures 2010

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    FrieslandCampina Presentation Annual Figures 2010 FrieslandCampina Presentation Annual Figures 2010 Presentation Transcript

    • Annual figures 201016 March 2011
    • The year 2010Good performance in 2010• Profit rose by 57% with 10% higher revenue• Most market shares stable or improved• Increase in volumesStrategic course has been charted• Strategy route2020: growth and value creation• Choices made in product groups and markets with growth potential• Strong foundation for further growthMerger completed successfully• Activities and processes have been integrated• Synergy benefits of more than € 175 annually already achieved in 2011
    • Considerably higher result with 10 per cent higher revenueRevenue€ million8,160 8,972 • Net revenue up 10% to € 8,972 million − Increased volume in Asia and Africa − Increased selling prices − In Europe, pressure on volume • Operating profit improved by 68% to 2009 2010 € 434 millionProfit€ million 285 • Profit up 57% to € 285 million 182 • Lower cash flow from operating activities owing to increase in working capital as a result of price rises 2009 2010
    • Revenue by business groupin millions of euros 2010 2009 movementConsumer Products Europe 3,269 3,222 2%Consumer Products International 2,277 1,893 20 %Cheese & Butter 2,355 2,195 7%Ingredients 2,062 1,505 37 %
    • Consumer Products EuropeRevenue€ million3,222 3,269 • Performance under pressure in difficult market • Market shares of most important brands are stable or have improved • Products with less sugar • Strong recovery in Russia • Margins in Germany under pressure; can’t adequately 2009 2010 pass on increase in raw material costsOperating profit€ million 170 1262009 2010
    • Consumer Products InternationalRevenue€ million • Acceleration in sales growth, particularly in Asia 2,277 1,893 • Strong rise in result, partly thanks to currency developments • Growth in infant & toddler nutrition 2009 2010 • Growth in revenue and market shares inOperating profit€ million most branded products 356 2902009 2010
    • Cheese & ButterRevenue€ million • Price recovery for most important products 2,355 2,195 • Growth in sales of branded products, particularly outside Europe • Efficiency improvement by reorganising production 2009 2010Operating profit€ million -63 -98 2009 2010
    • IngredientsRevenue€ million • Higher selling prices for all milk and whey powder, 2,062 chiefly as a result of increasing demand from Asia1,505 • Better result for standard products, such as milk powder and caseinate • Sharply improved result at Kievit owing to strong demand and high capacity utilisation2009 2010Operating profit • Domo laying foundations for further growth in€ million 99 infant & toddler nutrition -20 2009 2010
    • Revenue by business group and region 2010, in millions of euros North and South Consumer Africa and the America Products Middle East Ingredients Europe 288 The 945 3% 2,062 10% 2,391 Netherlands 21% 3,269 27% 32% Asia and Australia 1,781 8,972 20% 8,972 2,355 1,287 24% 14%Cheese & 2,277 2,380 23% Germany Butter 26% Consumer Rest of Product Europa International
    • Consolidated income statementin millions of euros 2010 2009Revenue 8,972 8,160Other operating income 20 27Operating income 8,992 8,187Cost of raw materials, consumables and goodsfor resale -5,779 -5,089Employee benefit expense -817 -817Depreciation and amortisation -210 -206Other operating expenses -1,752 -1,817Operating profit 434 258Share of profit of joint ventures and associates 13 21Finance income and costs -69 -59Profit before tax 378 220Income tax expense -93 -38Profit for the year 285 182
    • Net sales bridge from December 2009 to December 2010 173 -65 812 10% 470 -0.8%8,900 2.1%8,7008,500 213 218,300 0.3% 5.8% 8,9728,100 2.6%7,900 8,1607,7007,500 Net sales Volume Mix Price C urrency Other Net sales Dec 09 translation Dec 10
    • Sales by region in % of total net sales 2010 +7.7% +1.9% 2009€ 2,291 € 2,380 2009 € 2,248 € 2,209 2010 Amounts in million of Euros +25.0% € 1,781 +6.7% € 1,425 € 1,287 € 1,206 +12.5% 28% € 945 27% 27% € 840 26% 20% 17% +24.1% 14% 15% € 288 10% 10% € 232 3% 3% Netherlands Germany Rest of Asia / Africa and North and Europe Australia Middle East South America
    • Condensed balance sheetin millions of euros 2010 2009Total non-current assets 2,865 2,754Total current assets 2,421 2,012Total assets 5,299 4,770Group equity 2,071 39.1% 1,749 36.7%Total liabilities 3,228 3,021Total equity and liabilities 5,299 4,770
    • Ratios 2010 2009Interest coverage ratio 10.0 6.2Net debt / EBITDA 0.9 1.4Solvency 39.1% 36.7%
    • Cash flowStatement of cash flows in millions of Euros 2010 2009Profit before tax 378 220Depr., amort. and (reversal of) impairments 231 223Addition member bonds 65 31Movements in working capital -182 324Income tax paid -91 -97Movements in provisions and other items 43 75Net cash flow from operating activities 444 786Net cash used in investing activities -239 -206Net cash used in financing activities -198 -484Net cash flow 7 96
    • Value creation for members Denmark 0.73 1.23 34.35 The Germany NetherlandsMember bonds 0.35 (27.34)* Performance 0.59 premium 32.39 33.62 Guaranteed 26.40 price Belgium (26.99)* 2009 * 2010
    • Key figures 2010 2009 movementEmployees (average number of FTEs) 19,484 20,034 -550Number of member dairy farmsat year end 14,829 15,326 -497Milk supplied by members(in millions of kilos) 8,821 8,685 +136Total milk processed (in millions of kilos) 10,266 10,755 -489
    • Asia pivotal, uncertainty high Mass imports in Supply in Europe at Russia decliningGrowth in supply in high levelUSA declining Japanese imports declining slightly Chinese imports continue to grow sharply, local production growth insufficientMore importsLatin America Imports in south-east Asia still good India and PakistanProduct growth in Brazil is opening borders forgrowing imports Imports in North Africa growing for the time being Less supply than expected from Oceania Total If the supply does not pick up further , global demand will determine price
    • Projected guaranteed price Upper end of bandwidth Lower end of bandwidth 2011-1 2011-2 2011-3 2011-4 2011-5 2011-6 2011-7 2011-8• Guaranteed price March EUR 36.00 per 100 kg• Increase in guaranteed price expected until the summer• Followed by a few months of stability• What impact will the start of the milk season in New Zealand have from the third quarter• Average guaranteed price for 2011 exceeding 2010
    • Outlook for 2011• Dynamic market and environment• Slight increase in global demand for dairy• Further growth in dairy drinks, infant & toddler nutrition• Dairy consumption is under pressure in Europe• Margins under pressure owing to rising raw material and energy costs• No firm statements about the profit for 2011
    • Strategyroute2020
    • Aspiration To help people move To be the most forward in life with attractive dairy company natural dairy nutrition for member farmersOurstrategy Value-drivers Dairy-based Infant & toddler Branded Strongholds & Foodservice beverages nutrition (B2B, B2C) cheese geographic in Europe Basic products expansion Benefit platforms Growth & Health & development Daily nutrition wellness Functionality CapabilitiesGrowth Talent Milk Business modeland value- management valorisation Innovation & cost focuscreation Foundation Goodness Chain The way we of dairy advantages Sustainability work
    • • New international design Milner • Substantial Aspiration • Frico consumer market investments in Beilen Russia and Bedum facilities help people move To To be the most forward in life with attractive dairy company natural dairy nutrition for member farmersOurstrategy Value-drivers Dairy-based Infant & toddler Branded Strongholds & Foodservice beverages nutrition (B2B, B2C) cheese geographic in Europe Basic products expansion • R&D and Marketing teams Benefit platforms • Strategy into action Growth & Health & • More focus - less projects development Daily nutrition wellness • New R&D Centre Wageningen at Functionality the end of 2012 CapabilitiesGrowth department • Special Talent Milk • Further development strategy Business modelandWorkshops: • value- management valorisation Innovation & cost focus • Sustainable procurementcreation and 450 Top 70 • Discussion with members marketers • Dairy Development Foundation Programme Goodness Chain The way we of dairy advantages Sustainability work
    • New R&D Centre in WageningenEnd 2012 350 specialists working in R&D Centre Wageningen
    • Sustainability• Fundamental global need for healthy food• Milk is one of the most nutrient-rich foods• As a leading multinational dairy business, we aim to contribute to sustainable production• We want to show leadership in the field of Corporate Social Responsibility by means of: Health & Sustainable Development of Sustainable nutritional value value chains dairy farming dairy farming Tackling nutrient More efficient use Asia, Africa Sets the standard deficiency & of natural obesity resources
    • Dairy Development Programme• Vietnam • Indonesia• Malaysia • Nigeria• Thailand
    • Dairy Development Programme• Education & training of dairy farmers• Improving water and feed quality and quantity• Improving infrastructure (refrigeration, transport)• Let local milk production grow with rising milk consumption
    • Notable launchesCampina Boerenland in the NetherlandsOrganic milk and natural ingredientsForemost TripletsSpecial milk for ages 1 – 3 years, 4 – 12 years and 13years and above. Each variety contains added nutrientswhich the user needs in his/her age categoryMilner in SpainMilner (30+) was launched nationwide in SpanishsupermarketsDomo Hyvital Casein Easy-to-Digest 90Protein that aids digestion in children
    • Our world of brandsLocations in:BelgiumGermanyFranceGreeceGreat BritainHungaryItalyThe NetherlandsAustriaRomaniaRussiaSpainSaudi ArabiaUnited Arab EmiratesGhanaNigeriaChinaPhilippinesHong KongIndonesiaMalaysiaSingaporeThailandVietnamUnited States of AmericaWorldwide Ingredients
    • Annual figures 201016 March 2011