- Milcobel

Transcription

- Milcobel

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annual report 2011
Content
The Milcobel Group in 2011
5
• 1
Cooperative news
9
Key figures 2011
11
Milcobel annual report 2011
Foreword3
Industrial products and third-country export13
Consumer cheese and butter
17
Consumer milk and functional drinks
19
Ice cream
21
Cheese packaging and distribution
23
Who is who in Milcobel 2011?
24
Financial report
25
Credits45
Quality
As a cooperative, we choose to personally participate in market events because market
access is, after all, the key to our own future. In addition to the craftsmanship and passion
of the dairy farmers, this key to the future of our member farms lies, to an important extent,
in the excellence with which the companies of the Milcobel Group manage and utilise the
milk from member farms and in the strength of the market positions that are developed. The
strong tie and interaction between member farms and the cooperative company also makes
us sounder as a sector because we combine forces to face challenges. To integrate vertically in the market, with the farm as the departure point, is a stronger model than to bundle
the milk horizontally in a producers’ organisation. The first demands more commitment,
daring and entrepreneurship, the second makes sense but could also perhaps be based on
overestimated expectations caused by European institutions.
The pursuit of industrial and commercial excellence to reach a good competitive milk price
continues to be a challenge for all management and employee levels. After all, there is room
for improvement in everything, and this was no different in 2011.
For example, we experienced growing pains in the speedy evolution of our brand cheeses where it was difficult for production to follow market demand. Now that the factory in
Moorslede is operational, we are ready to continue developing outside our country’s borders
with our Belgian Brugge and beer cheeses. Our cheese packaging and distribution units are
also growing beyond our country borders. Taking over SherlockCheese in Nieuw Vennep (the
Netherlands) illustrates this.
Ysco was able to strengthen its market position as producer of brands for large retailers and
the catering sectors in a European cream and consumer ice cream sector that is experiencing a total evolution. However, a good summer is still an important condition to achieve a
good result.
The liquid dairy market and, by extension, the entire European dairy market, are under
pressure. At Inza, the challenge is, under own management or as co-packer, to find the
right mix of own milk drinks and functional food to achieve sustainable yields by using our
knowledge and technology.
Important products for the ingredient markets inside and outside Europe, such as milk
powders and mozzarella cheeses, are the cornerstones for our milk price. In 2011, a great
deal of attention was afforded to the continued expansion and development of these operations, in addition to daily care for quality and efficiency. The plans significantly determine the
investments laid down in the “Milcobel 2020” plan for the following years.
The departure point to consider Milcobel’s future is the importance of the member farms. In
our country and, by extension, in our entire working area, our members and the sector are
best served with a cooperative dairy group managed from Belgium. After good deliberations
with members, the board and management, it was decided that “Milcobel 2020” would be
pursued on own strength. Confidence and belief in one’s own “ability to do even better” is
the driving force. It is also to this end that the members are strengthening the group’s assets
by making an additional capital contribution of EUR 1.00 per 100 litres.
Employees are facing this challenge enthusiastically, each in his or her field, each in his or
her company, characterised only by an ever-increasing improved quality care in product
and trade, which is characterised by flexibility and service for the sake of the customers
and great involvement in developing the Milcobel Group as local player targeting a global
market.
Guido Veys
Chairman
The massive resistance by the Arab citizens against their regimes and the call for more
democracy and economic equality dominated 2011. Together with the bad financial and
economic situation in large parts of the euro area and the longest time ever to form a government in our own country, this was the framework within which we, as a dairy cooperative,
were compelled to operate. In contrast to many other agricultural and horticultural markets,
the dairy markets remained rather stable at what was a viable level for dairy farming in this
turbulent environment. Prices became more pressurised towards the end of the year and we
did not escape the consequences of a spluttering global economy.
• 3
Foreword
Flexibility
& Service
The Milcobel Group in 2011
After the past volatile years, 2011 passed remarkably calmly for the dairy market. Prices
remained rather stable. Valorisations in powder and cheese ran almost parallel. It was
a striking fact that butter and cream prices remained high. Consumption milk prices
continued to lag behind for the second year running. This sector continued to be a difficult
market.
Prominent events such as the Arab Spring or the tsunami with the pursuant nuclear
disaster in Japan barely influenced the dairy market. The market experienced no problems
whatsoever in absorbing increased milk production. It was only towards the end of the
year that the market weakened under the influence of the financial crisis and its pursuant
economic pessimism. Spending on consumer goods diminished, particularly in Europe,
which is the largest dairy market in the world. While the purchases during the first six
months still kept up with those of the previous year, consumers kept a tight rein on their
spending during the last quarter. At the same time, there was a clearly noticeable shift
to cheaper products, also in the dairy sector. Within this scope, it is gratifying to see that
Milcobel Group brand products evolved or at least stood their ground.
2011 provided dairy farmers with the confirmation of the improvement that had started
in 2010.
The scenarios that were created in 2010 to be able to meet the cooperative decision
of following member development in the post-quota era were converted into a strategic
“Milcobel 2020” plan. In the years to come, Milcobel will continue to be a versatile dairy
group, operating on various markets with various products.
The various components of the Milcobel Group will strengthen their market positions in the
years to come. At the same time, an ambitious investment programme is ready to keep
the factories up to date and to provide the necessary capacity to be able to valorise all the
members’ milk.
The new cheese factory in Moorslede will be put into operation in April 2012 and the factory
in Gierle will then be closed. The next site, i.e. the expansion of the cheese factory with a
new mozzarella line in Langemark, is in the pipeline. This project will provide valorisation
of extra milk into cheese.
Milk powder production facilities will be renovated and further concentrated in Kallo.
Results of the subsidiaries
In 2011, too, the industrial products and export to third countries departments (Belgomilk,
Kempico and Kemfoods) were able to contribute positively to the company result. Butter
prices, in particular, supported this. Both industrial cheese and milk powder could yield
more than the average Milcobel milk price.
The consumer cheese and butter departments (Belgomilk and Kempico) experienced a
transitional year and yielded a weaker result. There was a conscious decision not to charge
the higher milk price in the brand-product rates. Preparations to start the new cheese
factory in Moorslede brought about a twofold cost: occupation was structured with a view
to doubling production by taking over the Gierle factory production operations while these
continued working on near-full occupation.
The Brugge cheeses again increased by multiple percentage points. A number of other
brands and concepts experienced more difficult times because the market for the better
cheeses decreased due to the decline in consumer confidence pursuant to the financial
crisis. This different development goes to prove the strength of the Brugge brand even
more.
Belgomilk’s consumer butter was also able to maintain its position on the foreign market,
thanks to the Nazareth and Dixmuda brands.
As specialist of long-life consumption milk and milk drinks, 2011 was again a difficult year
for Inza. The consumption milk market continued its negative result and could not keep
up with the other products. Inza therefore once again contributed negatively to the group
result, which did, however, show an improvement during the second half of the year. Inza
secured new co-packing contracts for the next few years.
In the Netherlands, Yogho!Yogho! will be re-launched with new recipes and packaging.
This renovation will once again afford Yogho!Yogho! the position it deserves. Choco!Choco
established itself on the Belgian market.
The Ysco result suffered under the price cut. At the end of 2010, when the contracts for the
2011 season had been concluded, the market did not allow for adequate price increases to
accommodate the increased prices of raw materials. Only a good summer could have kept
Ysco out of the red. That good summer did not materialise; quite the contrary. The good
autumn of 2011 was still not able to limit the loss.
Cheese packaging and distribution by Kaasimport Jan Dupont and Camal registered
a turnover increase, despite the difficult context. The result correctly contributed towards
the group result
Group Results
More milk processed once again
In 2011, the Milcobel Group processed over 1% more milk than the year before. This rise
comes from increased milk supply by member farms that make ample use of the annual
Milcobel Group consolidated turnover rose by 8% to EUR 885 million in 2011. Increased
operations and price increases caused the increase in turnover. Powder and cheese
strongly contributed to the group result and milk price. Other operations did not score
• 5
2011 was a calm dairy year
quota expansion of 1%. The balance of sales and purchases with other industrialists fell,
with the result that the group processed 3% more milk in its dairy factories and the total
processing amounted to 1,082 billion litres in 2011.
In 2011, Milcobel continued to pave the way to sustainably realise its objectives for its
members. Milcobel has given itself the goal of guaranteeing its member dairy farmers
a sustainable sales volume of milk at a fair price. Milcobel wants to do this based on
industrial and commercial activities and with clear concern for its members. 2015, the end
of the milk quotas, is fast approaching. Then, too, Milcobel will be prepared to realise its
commitment towards its members.
Milcobel regards itself as a cluster of fine upstanding SMEs that can quickly adjust and
respond to the changes and opportunities of the markets in which they operate. The
various Milcobel Group departments are linked to one another by way of an uncomplicated
structure and common values. These values are quality (a taste you can trust), service
and flexibility (“customerthusiasm”), involvement of and with members, employees and
environment.
so well. This meant that it was only possible to make a modest milk price supplement of
EUR 0.10 per 100 litres. After this milk price supplement in the amount of EUR 1.1 million,
the group’s final consolidated result is EUR 4.4 million. The cash flow for the group amounts
to EUR 25.2 million. A dividend of 4% will be proposed at the general assembly. The
remaining result will reinforce the group’s equity.
Milk price
The paid milk price rose by 6.4% as compared to 2010. With a fat content of 42.56 grams/
litre and an protein content of 35.12 grams/litre, an average milk price of EUR 34.67 per
100 litres was paid.
Converted into standard milk in Belgium (38 g fat and 33.5 g protein per l), the average milk
price for members amounted to EUR 32.24 per 100 l or 7% more than in 2010. This means
that, save for one year (2007), the milk price is the best is has been in the last 10 years.
• 6
Investments
Milcobel is maintaining its high investing rhythm. Group investment in fixed assets amounted
to EUR 38.4 million in 2011, an increase of EUR 8.6 million. The expansion of the cheese
factory in Moorslede absorbed by far the largest part of this amount. Further investments
were also made in other Belgomilk dairy factories. Inza took care of 12% of the investments,
Ysco paid 7% and Dupont and Camal also 7%.
about social issues and human rights. The step towards other issues of socially responsible
enterprise is small. Care for the environment is a question of sustainability of the enterprise,
society and the environment in which it must prosper. Milcobel is the founder and an active
member of the Belgian Global Compact network.
A few examples of CSR-initiatives within the Milcobel Group:
-Belgomilk and Ysco participate in the West-Flanders Corporate Sustainability Charter
through which work is being done to continually improve environmental, social and
economic performance. Other branches of the Milcobel Group also follow this initiative.
- Milcobel was a participant in and sponsor of the CSR event “Duurzaam Is Gewoon Doen!”
(Just Do Sustainable!) in Kortrijk on 31 March 2011.
-The Inza, Ysco and Belgomilk factories have joined the Benchmarking Covenant, through
which they undertake to belong to world leaders on energy efficiency. Sustainability of the
use of packaging and paper is also constantly being optimised. For example, there has
been a complete switchover to recycled paper in the Langemark and Kallo branches.
-Inza supports the “School zonder pesten” vzw (“Bully-Free School” npo) to prevent
bullying at school as part of Inza’s school action. Inza is putting fair trade chocolate milk
on the market together with Oxfam.
-The Milcobel Group car policy takes CO2 emissions into account. If RMO (“rijdende melk
ontvangst” - milk tanker) drivers behave responsibly, they are given a bonus as a reward.
- Milcobel cooperates in various projects and inter-professional deliberations on sustainable
dairy farming.
Prospects
Personnel
Milcobel wants to be a group where every employee is convinced of the objectives of the
group in general and his or her division in particular. In that way each and every person
will apply his or her talent with pleasure to achieve these objectives and will also be shown
appreciation for this. This is known as involvement by each and every person.
The long-term perspectives for dairy products, especially world-wide, are still good. The
increasing world population and rising purchasing power in developing countries will raise
dairy product consumption. In contrast to last year, the prospects for 2012 are not as rosy
in the short term. Dairy product prices are on the decline during the first months of 2012.
In particular, the butter price, which was high for a long time, has seriously lost its foothold.
The other products will follow.
The group continued its policy of open communication and deliberation by way of appropriate
official bodies, work groups and safety units. This is all with a view to a good working
atmosphere, health and safety at work and continued improvement in the quality of the
work delivered and of the final products. In particular, great progress was once again made
regarding safety at work. The encouraging policy contributed to drastically diminishing the
number of accidents.
Might the financial crisis then finally still exert some influence on the dairy markets? Weaker
consumer confidence, combined with an increase in supply, results in a buyers’ market. The
supermarkets are drawing increasingly more attention to price and are competing with one
another in that field, whereby assortment, variety and quality are pushed to the background.
The policy statement that the Works Councils had approved within the context of CLA 100
on the corporate alcohol and drug policy (resources policy) in 2010 was converted into
a practical policy, which the Works Councils also approved. The biennial CLAs on wage
development and labour organisation were concluded during the course of 2011. A plan to
allocate non-recurrent result-related benefits for labourers and employees was implemented
in application of CLA 90.
Finally, the social plan for the employees of Kempico in Gierle was also adapted to the
factory’s new closing date.
Corporate social responsibility
Milcobel pays much attention to corporate social responsibility. This is characteristic of a
cooperative enterprise such as Milcobel. The social character and solidarity are ingrained in
the origin and nature of cooperatives. It is therefore characteristic that Milcobel is concerned
The recent past has taught us that neither pessimism nor exaggerated optimism materialises.
The demand for dairy products will increase once again as soon as the economy bounces
back and confidence is restored. Dairy products form part of a healthy, balanced diet and,
in addition, a tasty cheese, a fresh milk drink or delicious ice cream is most enjoyable.
Milcobel has the right products to fulfil these needs and will continue to revamp, improve
and offer them to customers by way of an excellent service. Planned investments for the
coming years will improve products, service and cost efficiency even more. After the master
plan for consumer cheese has been developed, work will be concentrated on implementing
the strategy for the industrial products department and export to third countries. Further
synergy with Inza will be finalised for the consumer product axis.
The Milcobel Group’s management and employees will continue to develop a versatile
and sustainable cooperative dairy group. Milcobel’s sustainability is the cornerstone for
the sustainability of its members’ dairy farms and the sustainability of employment for its
employees.
Group structure
Members
cvba Kempico
cvba St. Marie
nv Fassbel
50%
geie Les From.
des Flandres (2)
50%
Prodinco
nv Kaasimport
J. Dupont
nv Cheeseline
cvba Zuivelindustrie Zandhoven (2)
cvba Inza
nv Ysco
bv Milcobel Ndl
sasu Ysco Fr
Holding
sarl BMF Lait
sasu Ysco
France
nv Bedrijvenpark 7,07%
Wingene (2)
cvba Milcobel 3F
sa Héritage
1466 (1)
sa Camal
(1) as to asset mutation
(2) not included
20%
cvba Belgomilk 50%
• 7
cvba MILCOBEL
Involvement
Cooperative news
As regards these developments, the number of member farmers fell from 3,296 in 2010
to what was still 3,096 in 2011. That is a remarkably high decrease of -6.1%, which
is, in fact, higher than the national average of -4.1%. The decrease in the number of
milk producers occurred, in particular, among Belgian members. The number of Dutch
and French milk producers, 83 and 45, respectively, is consistent. Possible explanations
for the strong decrease in the number of members may be found in the fact that the
approaching end date of the milk quotas is encouraging some to still sell their company
quota. Furthermore, Milcobel will not allow any influx of new members until further notice.
Keeping the cooperative closed remains an element of the strategy chosen for 2015 and
beyond. By doing so, Milcobel continues to aim, firstly, to offer possibility and preference
to the (additional) milk produced as a consequence of the further development of member
farms. This statement also expressly implies that Milcobel will not initiate supply control
or production management measures in respect of its members. Development of member
farms will naturally continue to be accompanied by the capital obligations related to the
quotas and/or milk delivery size. Furthermore, it is almost certain that in the years to
come, a sample prognosis will be used in which estimated and anticipated milk deliveries
must be reported in advance.
In 2011, the milk supply of member farms increased by 1.4% and amounted to a volume
of 1,113,812,623 litres. When this is combined with the decrease in the number of milk
producers, the average size of a Milcobel member farm now amounts to 359,759 litres.
Individual farm growth over the past 4 years amounts to over 20%!
Finally, it must be said that more than 91.5% of the milk supply is based on Belgian
deliveries. 5.6% comes from member farms in the Netherlands, while the French member
farms constitute 2.9% of the milk supply.
In 2011, for the 2nd consecutive year, a procedure was once again applied regarding
possible appropriation of a milk price supplement for 2010 (= EUR 0.055 per delivered
kg fat + protein). Based on a selection of proposed choices and on a voluntary basis, more
than 42% of all Milcobel members spent this milk price supplement - partly or in full - on
purchasing additional Milcobel shares. Members used a total of 41% of the entire milk
price supplement amount to reinforce own membership cooperative equity. This continues
to signify members’ great involvement and cooperative commitment.
Where previously, in 2010, procedures were implemented for milk deliveries with visible
deviations, the focus in 2011 was particularly on favourable germ count situations.
Despite the fact that the largest part of the milk supplied encounters no such problems,
it did, however, seem as though there was a need for a targeted approach of a limited
number of risk situations regarding the dairy farming company-depot trajectory. The
following monitoring procedures are implemented as soon as bacterial count results
exceed 100,000/ml, both for the dairy farm and the milk collection truckload. As a matter
of fact, such increased attention made it possible to solve a number of these types of
risks in the short term.
As regards the general quality of the milk supplied, the following results were recorded
during the course of 2011:
• 98% of the supplied milk met the germ count standard of a max. of 50,000/ml;
• 94% of the milk had a somatic cell count below 350,000/ml;
• 6% of the milk met the count standard for coli bacteria of a max. of 50/ml;
• In more than 99% of the milk delivered, it appeared that inhibitor residue could not be
shown.
On an annual basis, 79.9% of the milk collected in 2011 met the total of all quality
standards set by Milcobel. Therefore, this volume was also considered for additional
quality premiums. As a matter of fact, in 2011, this additional quality premium was also
the subject of a critical evaluation and assessment within the Council of the Cooperative.
As regards milk quality in the broader sense, it - even twice - occurred in 2011 that,
by way of the sector monitoring system Monimilk, residue from medicines that were
either forbidden or which may not be administered to dairy cows was discovered.
These incidents emphasise the fact that it makes sense to continue monitoring, that
the procedures regarding traceability within the Milcobel milk supply and processing
entities are adequately efficient and sound, but that greater watchfulness on the part
of milk producers and their accompanying veterinarians regarding this issue is required.
This gave rise to a relatively strong awareness-raising campaign within the Milcobel
communication structures regarding the need to use appropriate medicines correctly.
This is an essential form of food safety risk management.
A great deal of attention was also afforded to communication with members and committee
members in 2011: besides the magazine for members, communication is increasingly
being conducted digitally and by text messaging. To intensify this even further, there has
been a proposal to develop an interactive communication system through the Milcobel
website in the years to come. This will mean that almost all elements of the relationship
between the cooperative and its members will be at one’s fingertips and can be consulted
at any moment.
• 9
Through its cooperative functioningMilcobel continues to distinguish itself and has
transparent structures through which members can be reached for the purposes of
providing information, consultation and voicing their opinion. In addition, the member
structures have also been adjusted to the further evolutions and developments still be to
expected of the dairy farms and the Milcobel members.
Constant attention was paid to quality monitoring of the milk deliveries during 2011.
This is done in accordance with legal obligations and internal control schemes for the
received raw milk. The internal procedures continue to be based on the greatest possible
sense of reality and may or may not be adjusted for the purposes of milk processing
requirements. Within the Milcobel Group, there is a growing tendency to opt for internal
chain deliberation on this matter. This implies that the attention for milk quality falls
squarely within the context of cooperation and deliberation between the milk supply,
logistics and processing.
The restructuring of the member circles and their committees was finalised in 2011.
During the statutory annual general meetings of the 9 member circles, the committees
were composed once again, either because they were elected or because their
appointment was reconfirmed. This allows the cooperative functioning of Milcobel to call
upon strong and democratically composed member structures that provide participatory
opportunities and create involvement. A total of no fewer than 300 members hold
committee responsibility. It is worth mentioning that 97 of these positions are held by
“young” members and, also, that 27 are female members. The Council of the Cooperative
and the Board of Directors were also adjusted in the additional committee composition
of the member circles.
Structures
COOPERATIVE STRUCTURE
Milcobel-members
9 boards of
the member circles
• 10
statutory
general assembly
council of the cooperative
5 delegates per member circle
1 1 members of the
board of directors
GROUP STRUCTURE
milk collection - holding & coordination & group services
Milcobel cvba
Consumer milk and
functional drinks
Belgomilk cvba
Kempico cvba
Ste Marie Zuivel cvba
Inza cvba
Cheese packaging and
distribution
Industrial products and
export third countrie
Kaasimport Jan Dupont nv
Camal SA
Belgomilk cvba
Ice cream
Ysco nv
Ysco France SAS
Key figures
Key figures milk flow
2011 20102009
1,113,812,623
1,098,473,243
1,067,098,628
Available total incl. third parties
1,131,500,576
1,116,910,726
1,083,480,552
49,281,594
69,901,889
68,527,451
1,082,218,982
1,047,008,837
1,014,953,101
Total sales
Available for transformation
• 11
Milk from members’ farms
2011
20102009
Average number of suppliers
3,096
3,296
3,380
1,113,812,623
1,098,473,243
1,067,098,628
Average fat content
42.56
43.00
42.81
Average protein content
35.12
35.24
34.81
Price paid for milk in millions of euro
386.18
358.07
271.06
Euro per litre
0.3467
0.3260
0.2540
Quantity of milk supplied
Key figures Milcobel Group
(in thousands of euro)
Turnover
Investments fixed assets
Result
Capital and reserves
Solvability %
Average number of employees
2011
Key figures collection of the members
20102009
884,599 819,977755,412
39,973
31,523
29,105
4,399 6,0283,231
106,894
101,885
95,539
26.7
28.0
27.8
1,951 1,9511,962
Industrial products and
export to third countries
2011 was characterised by relatively stable dairy market prices. There was a peak at the
end of 2010, which continued on through to the beginning of 2011. Prices then started
levelling out until they reached a rather stable level, albeit with a slight downward trend
towards the end of the year.
In addition, dairy markets reacted with remarkable resistance to the sometimes turbulent
developments in the world during 2011, such as the nuclear disaster in Fukushima, the
Arab Spring, the on-going financial crisis in the EU and the political indecision in the
USA, each of which caused a delay in global economic growth. The increased world-wide
milk production (in Oceania, the USA and the EU) and the fact that the increase in import
into China was lower than expected also only had a limited effect on the market prices
in 2011. At the beginning of 2011, the weakening exchange rate between the dollar
and the euro made export from Europe difficult. Towards the end of the year, the dollar
strengthened in respect of the euro, which made export from Europe relatively easier.
market price, peaked during the third quarter of 2011. There was a correction towards
the end of the year, however. A large amount of butter from New Zealand arrived on the
EU market at the end of 2011. On average, the butter price in 2011 remained 14% above
the 2010 price level.
Milk powder
Whey products
During the course of 2011, full-cream milk powder from Europe experienced adverse
conditions because prices in the southern hemisphere were considerably lower than in
the EU practically all year long. By contrast, the demand for full-cream milk powder on the
internal European food market remained high. Towards the end of the year, international
market prices started a levelling-out trend. The average market price for full-cream milk
powder in Europe was approximately 12% higher than in the previous year.
A strong demand for whey products, particularly by Southeast Asia (China), and with a
special demand for applications in baby food, led to strongly increasing market prices.
This then specifically concerns whey powder, lactose, whey-protein concentrates (WPCs),
whey-protein isolate (WPI), demineralised whey powder and whey permeate. This caused
the market price for whey powder to rise by an average of 25% in 2011 as compared to
that of 2010.
Incolac (full-cream milk powder) experienced strong double-figure turnover growth in
2011. This was due, partly, to a strong performance on the part of the Incolac core
markets and to entering promising new markets.
Baby food
The price of skimmed-milk powder from the EU was competitive on the world market in
2011. This resulted in a strong demand. Both skimmed-milk production in Europe and
export from the EU therefore also displayed a steep rise in 2011. On average, the price of
skimmed-milk powder rose by 10% in 2011 in comparison to 2010.
In 2011, Belgomilk further expanded its sales of dairy-based ingredients to the food and
drinks industries and, in particular, to the chocolate industry. Various new European top
customers came to audit the Belgomilk factories in Langemark and Kallo and gave them
a positive evaluation.
During the course of 2011, Belgomilk launched the Binco brand, which is based on
skimmed-milk powder and has vegetable-oil additives. International market demand for
Binco was substantial and the first response to the introduction was positive. With this,
Belgomilk is also taking a place in the Popularly Priced Products market.
Butter
The historically high butter prices in the EU, which rose substantially above the world
Mozzarella
Within the scope of the cooperation with Fasska, baby food continued its positive evolution.
Belgomilk also developed its own brand concept, TrueLife, in 2011, which is now ready to
be introduced in a number of selected markets.
People
Belgomilk thanks its success in 2011 first and foremost to the input of the Belgomilk
employees.. Great importance is therefore attached to human capital. Employees must
be able to identify and further evolve with Belgomilk’s essential values. These are: quality
in all operations, innovation and creativity, which lead to constant improvements and
new, better solutions, the pursuit of the achievement of excellent operations and results,
focus on customers and markets, team cooperation, communication (both internally
and externally) and sustainable entrepreneurship with due regard for the authentic
characteristics that make Belgomilk what it is. Not least is the priority that is afforded
to people’s safety. A staff survey was held in 2011 to gauge employee satisfaction
and commitment. The idea was to check how employee commitment could be further
encouraged with a view to developing the vision, mission and strategy during the years to
come. This survey clearly shows the employees’ confidence and commitment regarding
the company’s future. A plan has in the meantime been developed to further reinforce the
employees’ commitment during the coming years.
In 2011, Belgomilk started using a new packaging installation for the so-called single-loaf
mozzarella in Langemark. This packaging is much sought after in the upcoming markets
outside Europe.
• 13
Both the demand for and price level of mozzarella remained relatively stable in 2011.
When compared to 2010, the market price rose by an average of 5%.
Research and development
As regards research and development, Belgomilk provided a further incentive in 2011.
Belgomilk wants to add new properties to the products that increase its distinguishing
capacity from the competitors. In particular, this refers to properties related to nutritional
value and health as well as to properties according to which consumers assess the
products, such as taste, smell and instant properties.
Furthermore, Belgomilk is developing new and more specialised ingredients that provide
solutions for the industrial customers. In particular, this concerns the functionality that
these ingredients have in the customers’ specific applications.
Corporate social responsibility
Belgomilk consciously opts for CSR (Corporate Social Responsibility). This means that it
strives to achieve continued sustainable development.
For example, by way of its membership in Milcobel, Belgomilk participates in the United
Nations Global Compact. This constitutes an explicit expression of the fact that the
universally accepted principles of CSR are respected.
The factory in Langemark has already been in compliance with a CSR charter for a few
years. This charter gives a practical outline of the many efforts made in Langemark to
put CSR into practice. The factory in Kallo also developed a CSR charter in 2011. A CSR
policy for the whole of Belgomilk was also created in 2011. This policy lists the objectives
and operations that Belgomilk will apply in the years to come. This programme includes
matters such as operations to again give a new value to water by-product and waste flows
as drinking water. During the past years, Belgomilk has also invested in converting heating
oil into natural gas and in installing CHP (combined heat and power or cogeneration)
systems. These steps have already led to a 29% reduction of the CO2 emission in the
factories.
Prospects
During the course of 2011, Belgomilk outlined its vision, mission and strategy for the next
few years, with 2020 as the horizon. The Group Management and the Board of Directors
approved the business plan in October. According to this plan, Belgomilk will continue its
development as based on the following three cornerstones.
Belgomilk will then also target specialised dairy-based ingredients for the food and drinks
industries. This concerns the industrial B2B customers. Markets for these products lie
mainly in Europe, although there are increasingly more opportunities outside Europe.
Solution- and service-oriented work for these customers and providing technical back-up
play a crucial role in this. The Belgomilk factory in Langemark is specialised in this.
The third focus envisages targeted cost leadership in producing mozzarella for the
pizza restaurant and pizza industry segments and for instant full-cream milk powder
for international co-packers. This, too, is B2B, where offering solutions and service to
industrial customers play an important role. It is also essential to offer high and consistent
quality. Belgomilk Langemark focuses on mozzarella and Belgomilk Kallo on instant fullcream milk powder.
The strong increase in the cheese production in the Milcobel factories at Langemark and
Moorslede has caused Belgomilk to have larger amounts of whey available. Belgomilk has
made a thorough study of current market trends and the newest technologies to be able
to provide a better service to the market. Belgomilk’s first target is internal use of whey
products within the Milcobel Group (Ysco, Kallo and Inza). Because of increased whey
production, whey products, there will be a larger supply to customers outside the Group.
Belgomilk hereby declares that it is open to cooperation with external parties to produce
and commercialise whey products.
Belgomilk has processed a significantly increasing amount of delivered milk during the
past few years. The investment plan that has been developed provides for an additional
capacity to be able to process the increasing milk delivery with a return on investment,
also during the next few years, and to find its way to the market with interesting dairy
products.
Belgomilk’s continued development will depend on the use of modern technology. The
new ERP system will be implemented by the end of 2014. This will enable business
processes to be monitored better and to be run more efficiently.
In October, the Board of Directors also approved the investment plan for the Belgomilk
factories, which forms part of the new business plan and is attached to it. The idea is to
continue to develop these factories into state-of-the-art factories that will be among the
largest and best in Europe in the years to come. The mozzarella factory in Langemark
will be greatly expanded. Two spray drier towers, one in Kallo and one in Langemark,
will be replaced by one large spray drier in Kallo. Installing a new spray drier in Kallo
will be accompanied by a thorough factory reorganisation with increased spray-drying
capacity. Not only does the investment plan ensure the continued development of
Belgomilk’s state-of-the-art production operations, it also guarantees the supply of the
highest quality products, produced in the most efficient manner (cost price leadership).
With this, Belgomilk is also taking the initiative towards important new job opportunities
in its factories.
• 15
Every year, the quality systems at Belgomilk are subjected to an audit by bodies such as the
BRC (British Retail Consortium) and AFS (Assured Food Standards). Once again in 2011,
these audits yielded positive results. Furthermore, a considerable number of householdname customers also audited the factories in 2011. Quality plays an extremely important
role in Belgomilk’s development. It goes without saying that food safety occupies first
place in this respect. Belgomilk is constantly improving the organisation of its production
environments according to the newest perceptions of integral management of pathogenic
micro-organisms. Furthermore, attention is afforded to parameters that consumers use to
judge products, such as taste, aroma and instant properties. The aim is to offer consistent
high quality which scores better. It is against this backdrop that Belgomilk Kallo started
using a new installation to gas milk powder within a protective atmosphere.
The first relates to international consumer market brand development. This concerns milk
powders, growth-stimulatory milk, baby food and other high-quality dairy-based products.
Nutritional aspects and health are continuously becoming more important. The brand
portfolio consists of Incolac (milk powder), Binco (based on skimmed-milk powder with
added vegetable oil) and TrueLife (baby food). These products are found especially in the
product expertise of the Belgomilk Kallo factory.
Quality
Consumer cheese
and butter
Brugge cheese is the absolute market leader in the Belgian cheese category.
A number of new developments in own brand pre-packaged cheese and in cheese
based on Belgomilk raw materials were also realised in cooperation with the packaging
department of the associate company Kaasimport Jan Dupont. In this regard, niches were
especially sought in distinctive cheese specialities in the sliced and semi-soft cheese
segments.
The successful launch of the Brugge brand in consumer butter has also confirmed the
brand’s strength and name awareness.
Starting up operations of the new maturing and brining systems at the end of 2011 has
provided the starting shot for the final trajectory in the expansion of the cheese factory in
Moorslede. Further parts will be activated in the first quarter of 2012, so that the transfer
of the production site in Gierle will be completed by the end of 2012.
This spectacular growth pattern naturally means that the cheese factories are largely
filled, so that maximum capacity limits are being reached. That is why there was a
decision to cut down on the scheduled media campaigns during the second half of 2011.
As soon as the additional capacity becomes available (mid-2012), further growth will be
targeted anew and communication will be increased once again.
This important step is a milestone in the cheese master plan of the Group’s consumer
cheese department. The new production lines will make it possible to support the
commercial development in a high-quality manner that yields even better performance.
• 17
In the light of these circumstances, one can therefore refer to the strong growth of the
“Brugge kaas” brand as an excellent achievement. It was possible to continue the steady
growth in both the traditional and retail channels. This was backed up by increased
name awareness and improved level of distribution, which meant that historically high
sales volumes were realised. “Brugge Oud”, in particular, was able to further pursue its
dominant position in its particular segment, although other variants, such as “Brugge
Blomme” and “Brugge Goud” are also able to show good growth figures. In particular,
“Brugge Kaas” is therefore also the engine behind the hard and semi-hard cheeses on
the shelves.
The effect of the economic crisis can indeed be felt very strongly in a number of export
markets and expected development has clearly been checked. Yet, a number of new
destinations could still be added to the international development of the Brugge cheeses.
Further investments in new distribution channels will put the Belgian cheese category on
the global map.
Own brands seriously thwarted the development of the many A brands in the dairy sectors
in our neighbouring countries in 2011. This is also the general trend in Belgium.
Consumption milk
and functional drinks
Traditionally, Inza is well represented in all important distribution channels, either with
products of its own brand, products of a third party with a premium brand or with a private
label. More than half of the total production is exported, both inside and outside Europe.
Wholesale, dairy wholesale and collectivities such as schools and industrial kitchens are
the traditionally important customers. Inza also works in the out-of-home market segment.
A positive change is expected to occur in 2012, due to a further shift to more specialised
products in the range. The intention is to thus reduce dependence on the highly volatile
raw materials and consumption milk markets. Important investments in infrastructure and
processing equipment are anticipated to significantly expand the volume of products with
higher added value.
Work on developing the Choco!Choco and Yogho!Yogho! brands will also continue in 2012.
Yogho!Yogho! will be re-launched and re-positioned with new recipes and packaging. This
will be accompanied with the necessary marketing efforts for further support.
Furthermore, particular attention will be afforded to continued intensive cost savings and
to improving return on investment.
2011 was once again a difficult year for consumption milk
Challenges
As was the case in 2010, the margins and yields of the consumption milk operations
remained under pressure during the course of 2011. This was mainly the result of the
relatively strong increase in the cost of raw materials such as milk, sugar and cacao. There
was also a steep rise in price of polyethylene packaging materials. These cost increases
could not or not sufficiently be charged in the sales prices. Consumption milk prices
continued to lag behind milk powder, cheese, butter fat and whey price developments.
Due to the scale, Inza is obliged to constantly expand the share of products with higher
additional value and to flexibly tap into the market circumstances that are increasingly
changing ever more rapidly. In this way dependence on the relatively large price
fluctuations for private label consumption milk has diminished.
In addition, company operations have fallen, through which the volume sold fell by
approximately 8%. This can be ascribed largely to the termination of a few contracts with
low margins.
Investment in 2011 was made mainly in further intensive process automation and in
a number of energy-saving projects. The latter resulted in a fall in the consumption of
natural gas, electricity and/or compressed air.
As far as this is concerned, innovation through research and development, not only on
new products, but also on processes, takes centre stage. In addition, increasing attention
will be paid to milk and milk drinks export outside Europe under the brand name of
Incolac. This brand has already built up a strong position in certain countries in Africa and
the Middle East and the intention is to make optimum use of that to market milk and milk
drinks. This is why important growth could already be established in 2011 as compared
to the previous year.
There is also an aim to develop cooperation further with strategic partners for specialist
products. This must result in the sustainable development of operations, with due
consideration for all stakeholders. In 2012, an important step in this regard will be taken
in the right direction by expanding our operations.
• 19
Research and development, targeted investments, a comprehensive quality policy
supported by IFS, ACS and GMP certificates, together with experienced and dedicated
employees, guarantee contemporary production apparatus and a broad range of quality
products.
Prospects for 2012
Inza is the Milcobel Group’s consumption milk division. Inza is increasingly orienting itself
towards producing and commercialising functional drinks and developing the product
range under its own brands.
Ice cream
Beautiful spring - dramatic summer
The private label share of the brand portfolio continued to rise for the eleventh year
running and now already constitutes 90% of the total volume. Co-packing - producing
under other producers’ brands - fell to 1.7%. Sales of own Ysco brands continued to fall
and now amount to only 8% of the total volume. The most important causes of this are
the substitution of the Ysco brand by the private label for certain customers and Ysco’s
strategic focus on the private label. Figures also show that the retail segment is worth over
93% of total Ysco sales; the food service share remained stable, but currently amounts to
barely 5% of the total volume.
The largest product group for Ysco, i.e. cones, again rose by almost 7%. This product
group is now worth over 35% of the total volume. Ysco therefore rightfully promotes itself
as European market leader. Scoop ice cream also grew strongly in 2011: as much as an
additional 3 million litres were sold. This increase was achieved through the incentive
of the “premium 900 ml ice cream”. The share of scoop ice cream in the total package
now amounts to 31%. Jumbo sales experienced a slight increase of one million litres
and stabilised at approximately 20% of the total volume. All other product groups had to
contend with a slight fall. Choco sticks are now good for over 6% of the volume share.
Cakes and goblets still reached a share of 2% and sorbets remained stable at 1% of the
A very difficult year
As a private-label manufacturer, Ysco finds itself on an extremely competitive market,
where overheads must be reduced to a strict minimum. From that point of view, Ysco has
made great efforts during the past few years by closing Oosterhout, selling Frigécrème,
reducing logistics costs by centralising the stock at PLE Ieper and, as of 2011, also at PLE
Argentan. In addition, production yields in Langemark and Argentan were high. Argentan,
in particular, showed a strong improvement.
There were therefore definitely adequate foundations to achieve good results, but the rise
in raw material prices seriously ruined the good news. Where these raw materials were
initially rather low in the beginning of the 2010 season, they rose steeply in the second
half of 2010. A part of the increases was naturally charged to the customers during
the contract discussions in the autumn of 2010, but no-one could suspect that certain
raw materials would increase to the historically high level after these annual contracts
had been concluded. The heaviest punch came from coconut fat, which is an ingredient
used to produce consumer ice cream and which practically tripled in price. Others that
increased sharply were dairy, packaging, flavourings and sugar.
Ysco’s objective in 2011 was to enter a positive result again after the two record years of
2010 and 2009. During the previous year, Ysco had warned about raw material volatility.
Unfortunately, this was confirmed, but despite the less favourable result in 2011, building
on the foundations continued so that a positive result will once again be registered in the
years to come.
2012, sunshine after the rain
Most annual contracts with the supermarket chains for 2012 were negotiated in the
autumn of 2011. Ysco succeeded in enforcing price increases for these new contracts,
which will naturally positively influence the result. Besides these price increases, there is
also a stable tendency for most of the raw materials. In the light of the fact that the lion’s
share of the production plants’ operations takes place during the first half of the year, this
should also have a positive effect on the result.
In addition, it is also extremely positive that Ysco was able to conclude a substantial
number of additional contracts with various retailers for 2012, so that it will almost
definitely be possible to enter a good volume profit yet again in 2012.
• 21
On the French market, Ysco recorded a slight profit after many years of loss and France
still remains Ysco’s largest market with a volume share of 23%. On its second market,
the Netherlands, Ysco achieved a growth of over one million litres and reached its highest
level ever. The Netherlands market now constitutes 18% of the sales. However, the sales
in the United Kingdom rose steeply and increased by more than 16% above those of
2010, which can be ascribed largely to the growth of the Morrisons supermarket chain.
This makes the United Kingdom the third market for Ysco, with a share of 13%. Other
large increases were recorded in Belux and export countries outside Europe. The increase
in Belux amounted to 2 million litres and is to be attributed mainly to the new introduction
of premium scoop ice cream to the two largest retailers in Belgium. The Belux is worth
10%. Growth outside Europe was mainly on the Australian market. In Scandinavia, there
was a first-time volume loss of 5%. This has caused the volume share of Scandinavia
to fall to 10%. The other markets, particularly Germany and Spain, experienced a slight
decrease and were worth 9% and 8%, respectively, of the total sales volume.
volume share. The greatest fall was once again experienced by the boxes of assortments,
where the volume was halved yet again and this now amounts to only 0.5%.
The first months of 2011 were promising for Ysco: by the end of May, its head start
had already risen to 8 million litres. However, the bad summer that followed ruined this
terribly, and at the end of August the head start had disappeared completely. Thanks to
the beautiful weather in September and structural growth in the following months, Ysco
was actually still able to close the year with a profit of 6 million litres, or more than 4%
above the 2010 figure. The turnover was 6% higher.
Cheese packaging
and distribution
Link between consumer and producer for the BENELUX
The common passion is “cheese in all its aspects”, where there is a clear focus on the
premium segment. However, the supply is differentiated and adapted to the needs of
every channel whereby - in contrast to some colleagues - the focus is on cheese. The
expertise and competence regarding cheese provide both parties with an added value
that is translated into mutually yielding turnover growth. In that sense, there is a clear
evolution towards real specialisation and supply to other wholesaler distributors (including
meat products, dairy and the hospitality industry) and franchise formulas. This focus on
The future
The year 2011 closed as had been anticipated (slight turnover growth, particularly
enhanced by the “premium segment”), but the margins were under pressure due to
stronger competition. Consolidation in the sector is continuing, the number of cheese
wholesalers, distributors and packers is gradually decreasing and our northern and
southern neighbours are actually forming conglomerates. Competition will become even
more intense during the years to come. The strong regional implant of Kaasimport Jan
Dupont in the north of Belgium, Camal in the south of Belgium and SherlockCheese in the
Netherlands will form the basis for proximity. This and the joint input of 300 passionate
employees are responsible for this highest level of service to our customers, every single
day!
• 23
cheese in all forms (bulk and packed) has led to a deep and wide range (1,000 types of
cheese and more than 2,000 references) that can be delivered within 24 hours according
to the “make to order” principle. To be able to realise this in daily practice, preferential
relationships were developed with a team of suppliers of more than 250 cheese products,
a number of whom are specialised in raw-milk cheese and/or AOC certification. In order to
optimise the delivery route for these smaller producers, platforms (“grouping”) was opted
for in France, Italy, Switzerland and Iberia.
It is the ambition of the cheese packaging and distribution units to deliver direct or
indirect to any shop where cheese is sold, from the cheese specialty business, traditional
shop (butcher, caterer and market vendor), convenience store, deli-shop, social and
commercial caterer to the retailer - and to do so within the entire Benelux territory. That
is the perspective within which one must regard the acquisition by Milcobel cvba of the
company of SherlockCheese bv established in Nieuw-Vennep (the Netherlands) in the
beginning of January 2012. This company is a specialised distributor of foreign cheeses
in the Netherlands and, in its turn, the result of a merger between two renowned cheese
wholesalers, i.e. Verbakel & Seggelink bv and Ravoska Kaasimport bv. Together with
Kaasimport Jan Dupont in Bruges and Camal in Barchon, Milcobel now has a distribution
organisation that covers the entire Benelux, whereby, on the one hand, synergies can be
realised and, on the other, adequate proximity to the customer can still be guaranteed.
Who is who
in Milcobel 2011?
• 24
Board of directors (new composition since 21/06/2011)
Veys Guido
Geelen Jean
Wittevrongel Henri
Desmet Christian
Bruurs Jan
Van Laer Luc
Coens - De Roo Greet
Vermander Geert
Wallays Jan
D’haemer Kris
Peeters Paul
Chairman
Deputy Chairman, Circle Limburg & Brabant
Circle Noord Oost-Vlaanderen
Circle Zuid Oost-Vlaanderen
Circle Noord-West Antwerpen
Circle Kempenland
Circle ‘t Brugse Ommeland
Circle Westhoek
Circle Zuid West-Vlaanderen
French-speaking Circle
External director
Audit committee
Wallays Jan
Veys Guido
Geelen Jean
D’haemer Kris
Bruurs Jan
Statutory auditors
PricewaterhouseCoopers
Represented by Lozie Filip
Managing board
Buggenhout PatricCEO
Neirynck GeertCFO
Van Gelder Luk
Industrial products and third-country export
Van Hoe Luc
Mottar Jef
Consumer milk
Huyskens Patrick
Cheese packaging and distribution
Van Nieuwenborgh Bert
Ice cream
Financial report
A. Annual accounts
1. Consolidated balance sheet after appropriation
• 26
ASSETS
Codes
PERIOD 2011
in €
165,799,176
PERIOD 2010
in €
FIXED ASSETS
20/28
147,678,904
Intangible fixed assets
21
7,428,595
6,839,754
Positive consolidation differences
9920
1,721,961
2,131,103
22/27
Tangible fixed assets
22
Land and buildings
23
Plant, machinery and equipment
24
Furniture and vehicles
25
Leasing and other similar rights
26
Other tangible fixed assets
27
Assets under construction and advance
payments
155,451,881
37,632,450
82,209,020
5,610,726
2,801,951
204,542
26,993,192
137,569,186
35,864,663
71,794,853
4,779,780
4,021,072
247,303
20,861,515
28
Financial fixed assets
9921
Companies accounted for using the equity
method
99211
Participating interests
284/8
Other enterprises
284
Participating interests and shares
285/8
Amounts receivable
1,196,739
1,031,407
1,031,407
165,332
2,790
162,542
1,138,861
999,089
999,089
139,772
2,790
136,982
CURRENT ASSETS
29/58
Amounts receivable after more than one year 29
291
Other amounts receivable
3
Stocks and contracts in progress
30/36
Stocks
Raw materials and consumables30/31
33
Finished goods
Goods purchased for resale 34
234,332,644
216,321,059
2,207,685
2,207,685
2,499,539
2,499,539
96,264,916
96,264,916
17,756,789
66,828,762
11,679,365
91,678,668
91,678,668
13,702,564
64,552,126
13,423,978
Amounts receivable within one year
Trade debtors
Other investments and deposits
40/41
40
41
133,183,303
122,387,400
10,795,903
119,645,221
111,915,864
7,729,357
Cash at bank and in hand
Deferred charges and accrued income
54/58
490/1
TOTAL ASSETS
20/58 400,131,820363,999,963
1,735,362
1,648,972
941,378
848,659
EQUITY
10/15
Capital
Issued capital
Uncalled capital
Share premium account
Consolidated reserves Translation differences
Investment grants
10
100
101
11
9910
(+)(-)
9912
(+)(-)
15
MINORITY INTERESTS
9913
16
PROVISIONS, DEFERRED TAXES AND LATENT TAXATION
LIABILITIES
Provisions for liabilities and charges
Pensions and similar obligations
Other liabilities and charges
Deferred tax and latent taxation liabilities
160/5
160
163/5
168
AMOUNTS PAYABLE
17/49
PERIOD 2011
in €
106,894,698
28,289,249
29,799,817
1,510,568
32
75,918,890
2,731
2,683,796
88,062
PERIOD 2010
in €
101,885,144
26,593,613
28,221,545
1,627,932
31
72,596,268
2,731
2,692,501
90,803
29,575,318
28,409,967
7,050,533
2,351,617
4,698,916
22,524,785
6,151,310
2,337,742
3,813,568
22,258,657
263,573,742
233,614,049
Amounts payable after more than one year 17
170/4
Financial debts
172
Leasing and other similar obligations
173
Credit institutions
178/9
Other amounts payable
92,221,728
92,212,008
2,303,815
89,908,193
9,720
73,712,836
73,699,876
3,235,265
70,464,611
12,960
42/48
Amounts payable within one year
42
Current portion of amounts payable after
more than one year falling due within one year
43
Financial debts
430/8
Credit institutions
44
Trade debts
440/4
Suppliers
45
Taxes, remuneration and social security
450/3
Taxes
454/9 Remuneration and social security
47/48
Other amounts payable
169,967,308
22,687,868
31,831,007
31,831,007
93,659,096
93,659,096
17,983,498
2,246,749
15,736,749
3,805,839
158,393,034
19,499,130
24,315,885
24,315,885
93,691,125
93,691,125
17,290,759
2,177,066
15,113,693
3,596,135
492/3
1,384,706
1,508,179
TOTAL LIABILITIES
10/49
400,131,820
363,999,963
• 27
Codes
LIABILITIES
2. Consolidated income statement
• 28
Codes
PERIOD 2011
in €
PERIOD 2010
in €
70/74
Operating income
70
Turnover
Increase (decrease) in stocks of finished goods, work and
71
contracts in progress
(+)(-)
74
Other operating income
901,236,898
884,599,138
837,609,229
819,976,626
3,375,309
13,262,451
5,393,375
12,239,228
60/64
Operating charges
60
Raw materials, consumables
600/8
Purchases
Increase (Decrease) in stocks 609
(+)(-)
61
Services and other goods
62
Remuneration, social security costs and
pensions
Depreciation of and amounts written off formation
630
expenses, intangible and tangible fixed
assets
in progress and
Amounts written down stocks, contracts
631/4
trade debtors - Appropriations (write-backs)
(+)(-)
635/7
Provisions for risks and charges - Appropriations
(+)(-)
640/8
Other operating charges
895,171,277
654,168,763
655,963,576
-1,794,813
117,205,532
98,593,771
828,331,684
600,475,833
603,215,553
-2,739,720
108,679,072
94,865,018
20,755,193
20,480,522
126,586
905,426
3,416,006
65,632
116,489
3,649,118
9901
Operating profit (Operating loss) (+)(-)
6,065,6219,277,545
75
750
751
752/9
5,151,070
932,164
757,605
3,461,301
5,633,386
423,968
1,150,585
4,058,833
65
Financial charges
650
Debt charges
9961
Amounts written down on positive consolidation
differences
652/9
Other financial charges
9902
Profit (loss) on ordinary activities before taxes
(+)(-)
8,961,415
6,607,411
426,429
1,927,575
8,018,309
7,065,707
422,971
529,631
76
763
764/9
2,621,617
2,602,379
19,238
575,459
478,557
96,902
66
Extraordinary charges
Amounts written down financial fixed661
assets
663
Loss on disposal of fixed assets
664/8
Other extraordinary charges
150,128
6
116,792
33,330
52,916
2
43,374
9,540
Financial income
Income from financial fixed assets
Income from current assets
Other financial income
Extraordinary income
Gain on disposal of fixed assets
Other extraordinary income
Profit (loss) for the period before taxes 9903
(+)(-)
2,255,2766,892,622
4,726,7657,415,165
Codes
PERIOD 2011
in €
PERIOD 2010
in €
780
Transfer from postponed taxes and latent taxation
liabilities
1,054,564
842,771
Transfer to postponed taxes and latent taxation680
liabilities
1,270,479
2,071,611
Of which:
Share of third parties
Share of the group
99761
(+)(-)
99762
(+)(-)
-2,740
4,398,851
345
6,028,592
Share in the result of the companies accounted
9975
32,318
-48,829
for using the equity method
(+)(-)
99751
32,318
Profits
99651
48,829
Losses
9976
4,396,1116,028,937
Consolidated profit (loss) (+)(-)
• 29
67/77
147,057
108,559
Income taxes
(+)(-)
670/3
147,057
133,388
Income taxes
Adjustment of income taxes and write-back of tax
77
24,779
provisions
9904
4,363,7936,077,766
Profit (loss) for the period
(+)(-)
3. Notes on the consolidated annual accounts
1. List of the consolidated subsidiary companies and companies included using the equity method
Method used
(1)
Proportion of
capital held
(2) (in %)
Change of percentage
of capital held
(as compared to
the previous period)
B.M.F. Lait sarl
Rue de la Gare 3087 - 59299 Boeschepe - Frankrijk
F
100.00
0.00
Milcobel Nederland bv
Everdenberg 15 - 4902 Oosterhout
F
100.00
0.00
Milcobel 3 F cvba
Fabriekstraat 141 - 9120 Kallo (Beveren-Waas) - België - BE 0424.899.491
F
100.00
0.00
Cheeseline nv
Lieven Bauwensstraat 9 - 8200 Sint-Andries - België - BE 0441.187.078
F
100.00
0.00
Fassbel nv
Fabriekstraat 141 - 9120 Beveren-Waas - België - BE 0476.830.917
IF
50.00
0.00
Kaasimport Dupont nv
Lieven Bauwensstraat 9 - 8200 Sint-Andries - België - BE 0405.109.216
IF
100.00
0.00
Ysco nv
F
100.00
0.00
Ysco France sas
Avenue de la 2e DB 53 - 61208 Argentan - Cedex - Frankrijk
F
100.00
0.00
Ysco holding France sasu
Rue de la Gare 3087 - 5929 Boeschepe - Frankrijk
F
100.00
0.00
Belgomilk cvba
F
99.99
0.00
ZVF Inza cvba
Wasserijstraat 5 - 2900 Schoten - België - BE 0428.890.547
F
100.00
0.00
Kempico cvba
Melkerijstraat 1 - 2275 Lille - België - BE 0431.515.287
F
99.74
0.00
99.99
0.00
• 30
NAME, full address of the REGISTERED OFFICE and for the enterprise governed by Belgian law,
the COMPANY NUMBER
Zuivelindustrie Zandhoven cvba
Wasserijstraat 5 - 2900 Schoten - België - BE 0406.045.562
F
Bedrijvenpark Wingene nv
Oude Bruggestraat 13 - 8750 Wingene - België - BE 0461.014.769
Proportion of
capital held
(2) (in %)
of capital held
(as compared to
100.00
0.00
7.77
0.00
Héritage 1466 nv
Rue de Charneux 32 - 4650 Herve - België - BE 0425.964.513
E4
20.00
20.00
St Marie cvba
Bredabaan 522 - 2990 Wuustwezel - België - BE 0403.743.989
F
100.00
100.00
(1) F Full consolidation
E4Joint subsidiary enterprise accounted for using the equity method where its activities cannot be closely integrated into the activities of the enterprise having the joint control (article 134, second al. of the aforementioned
Royal Decree).
(2)Proportion of capital of those enterprises being held by the enterprises included in the consolidated accounts and persons acting in their own names but on behal of these e nterprises.
2. List of subsidiary companies exclusively or jointly controlled not included (pursuant to article 107 of the Royal Decree of 30 january 2001
in implementation of Company Law) and associated enterprises accounted for using the equity method (in implementation of article 157
of the aforementioned Royal Decree)
the COMPANY NUMBER
Les Fromagers des Flandres GEIE
Rue de Luxembourg 15 - 59059 Roubaix cédex 1 - France
Method used
(1)
A
Proportion of
capital held
(2) (in %)
of capital held
(as compared to
50.00
0.00
(1)Reason for exclusion:
A. Subsidiary company of minor importance.
(2)Proportion of capital of those enterprises being held by both enterprises included in the consolidated accounts and persons acting in their own names but on behalf of these enterprises.
• 31
Camal nv
Route de Légipont 12 - 4671 Barchon - België - BE 0412.859.912
Method used
(1)
the COMPANY NUMBER
3. Consolidation criteria and changes in the consolidation scope
Information and the criteria governing the application of full consolidation, proportional consolidation and the equity method as well as those cases in which these criteria are departed from, and
justification for such departures (Decree of 30 january 2001 in implementation of Company Law).
• 32
The full consolidation method was applied to all companies which are controlled directly or indirectly by the consolidating company, by law or in fact, and to companies over which control is
shared. These companies have been included in the consolidated annual accounts using the full consolidation method or the equity method, according to the degree of integration into Milcobel.
The participations in af?liated companies have been valued and included in the accounts using the equity method.
4.Summary of valuation rules and methods of calculating of deferred taxes
Disclosure of the criteria governing the valuation of the various items in the consolidated annual accounts, and in particular:
- the application and adjustments of depreciation, amounts written down and provisions for liabilities and charges, and revaluations (pursuant to article 165, VI.a. of the Royal Decree of 30 january
2001 in implementation of Company Law).
- the bases of translation applied to express in the consolidated accounts items which are, or originally were, expressed in a currency other than the currency in which the consolidated accounts
are stated, and the translation in the consolidated accounts of the accounting statements of subsidiaries and associated companies governed by foreign law (by application of 165 VI.b of the
aforementioned Royal Decree).
ASSETS
IIntangible fixed assets
The establishment costs are depreciated on a straight-line basis at 20%.
Immateriële vaste activa
The acquisitions and brought in intangible fixed assets are booked on the asset side of the balance sheet at their acquisition price or brought in v alue and are depreciated on a straight-line
basis in accordance with the following percentages : min.
max.
1. Research and development costs
20
20
2. Concessions, patents, licences, brands, etc.
10
20
3. Goodwill
10
20
4. Advance payments
0
0
Consolidation differences
The consolidation differences represent the divergences between on the one hand the acquisition value and on the other the corresponding part of the equity capital on the date on which the
shares have been acquired or a nearby date close to it.
Insofar as these differences originate from an over or under valuation of specific items on the asset or liabilities side, they will be allocated to it. The remaining difference is included in the
consolidated accounts in the item “consolidation differences” on the asset or liabilities side of the balance sheet, depending on whether the acquisition value is higher or lower than the share
in the (possibly recalculated) equity capital.
Activated consolidation differences are depreciated in a straight line over a five-year period. Additional or extraordinary depreciations are applied to these differences when, as a result of
changes in economic circumstances, it is no longer justified to retain them at that particular value in the
consolidated balance sheet.
Stocks
- Raw materials: acquisition value according to weighted average price or lower market value on balance sheet date for solid and liquid dairy produce and for ice cream activities
- Consumables and goods purchased for resale:
•acquisition value according to weighted average price or lower market value on balance sheet date for solid and liquid dairy produce and for ice cream activities;
•acquisition value according to FIFO method or lower market value on balance sheet date for liquid dairy produce;
•acquisition value according to the weighted average price, FIFO method or individualisation of the price of each component for the cheese distribution and this depending on the nature
of the product. The acquisition value may not exceed the market value on the balance sheet date;
- Finished goods: valuation at manufacture price or market value, if this is lower on the balance sheet date;
•In addition to the purchasing cost of raw materials, consumer goods and consumables, the manufacture price includes production costs that are directly accountable to individual
products or product groups.
Accounts receivable within one year
Accounts receivable are included at nominal value. Write downs are booked to these accounts receivable when their collectibility is in doubt.
Tangible fixed assets
Tangible fixed assets are booked to the asset side of the balance sheet at their acquisition price (incl. additional costs) or their brought in value.
Depreciations are booked according to the straight-line method (pro rata temporis) over the economic life.
The depreciation percentages are as follows:
min.
max.
1. Industrial, administrative and commercial buildings
3
10
2. Plant, machinery and equipment
5
25
3. Vehicles
10
25
4. Office equipment and furniture
10
33
5. Other tangible fixed assets
3
20
6. Assets under construction and advance payments
0
0
7. Leasing and similar rights: according to the category to which the asset belongs
• 33
Negative consolidation differences are booked to the liabilities side. They only benefit the consolidated profit & loss account to cover operational losses incurred for reasons existing at the time
of the acquisition (overcapacity, staffing levels too high) and within a limited period of time. They are booked to code 9960 ‘Amounts written down on positive consolidation differences’.
IPLCestments
Shares and fixed income securities: acquisition value.
Credit balances at financial institutions: nominal value.
Cash at bank and in hand
Valuation at nominal value.
LIABILITIES
Consolidated reserves
The group reserves include the reserves and results carried forward of the consolidated company, raised with the share of the group in the results, after deduction of dividends, of the full and
proportionally consolidated companies and the companies to which the equity method has been applied.
• 34
IPLCestment grants
IPLCestment grants are valued at nominal value after deduction of deferred taxes.
Provisions for risks and costs
The Board of Directors decides, on the basis of a prudent evaluation, which provisions should be made to cover the cost of early retirement, major repairs and maintenance, settlement of claims,
supplied guarantees, hedge risks and possible other risks and costs that are probable or certain on the balance sheet date, but the extent of which is not yet known.
Deferred tax and latent liabilities
Deferred tax and latent liabilities are booked:
- To the differences resulting from the application of the valuation rules of the Group with respect to the statutory valuation rules of the Group c ompanies,
- To the temporary differences between accounting and tax results,
- To the granted not yet depreciated iPLCestment grants and untaxed gains values included in the company’s equity capital.
Amounts payable after one year and within one year
Amounts payable are booked at their nominal value.
Revenue and costs are allocated to the period to which they apply.
Foreign currency
Foreign currency receivables and payables are valued at the exchange rate applicable on the balance sheet date. Negative exchange rate differences are booked in results. Positive exchange
rate differences are booked to transitory accounts on the liabilities side.
Future taxation and deferred taxes
Analysis of Heading 168 of the liabilities
Future taxation (Pursuant to article 76 of the Royal Decree of 30 january 2001 in implementation of Company Law)
Deferred taxes (Pursuant to article 129 of aforementioned Royal Decree)
(code 168)
22,524,785
524,095
22,000,690
5.Statement of intangible fixed assets
Acquisition value at the end of the previous period
GOODWILL
(code 212)
ADVANCE PAYMENTS
(code 213)
8,292,894
7,652,847
1,347,200
1,609,479
(+)/(-)
(+)(-)
Acquisition value at the end of the period
8,676
1,733,410
-1,733,410
139,975
7,652,847
3,796,751
6,656,435
949,010
8,676
211,603
Depreciation and amounts written down at the end of the period
4,737,085
6,868,038
NET BOOK VALUE AT THE END OF THE PERIOD
5,280,543
784,809
1,363,244
LAND AND
BUILDINGS
(code 22)
PLANT, MACHINERY
AND EQUIPMENT
(code 23)
Depreciation and amounts written down at the end of the previous period
Movements during the period
Recorded
Cancelled
1,363,244
• 35
10,017,628
6.Statement of tangible fixed assets
73,896,698
267,855,774
84,622
1,967,185
5,103,680
1,413,692
4,745,366
2,377,864
19,760,354
626
75,704,123
289,984,256
38,032,034
196,060,922
Recorded
Cancelled
Other movements
3,040,114
1,706,292
-1,294,183
14,066,266
2,352,578
626
38,071,673
207,775,236
37,632,450
82,209,020
Acquisitions, including produced fixed assets
Sales and disposals
Transfers from one heading to another Other movements
(+)(-)
(+)(-)
(+)(-)
Sales and disposals
Transfers from one heading to another Other movements CONCESSIONS, PATENTS,
LICENCES, KNOWHOW,
BRANDS AND SIMILAR
RIGHTS (code 211)
• 36
Sales and disposals
Transfers from one heading to another Other movements (+)/(-)
(+)(-)
FURNITURE AND
VEHICLES
(code 24)
LEASING AND
SIMILAR RIGHTS
(code 25)
20,317,427
9,899,709
571,733
1,766,146
1,648,427
-627
20,770,814
9,899,709
15,537,647
5,878,637
1,226,318
1,603,250
-627
1,219,121
15,160,088
7,097,758
5,610,726
2,801,951
Recorded
Cancelled
Other movements
OF WICH::
Plant, machinery and equipment
2,801,951
OTHER TANGIBLE
FIXED ASSETS
(code 26)
ASSETS UNDER CONSTRUCTION
AND ADVANCED PAYMENTS
(code 27)
749,290
20,861,515
1
32,962,217
178,105
-26,512,460
-139,975
749,291
26,993,192
501,987
Sales and disposals
Transfers from one heading to another (+)(-)
Other movements(+)(-)
Recorded
544,749
204,542
42,762
26,993,192
7.Statement of financial fixed assets
PARTICIPATING INTERESTS
OTHER
ENTERPRISES
(code 282)
1,041,228
2,791
1,041,228
2,791
Revaluation surpluses at the end of the previous period
0
Recorded
Cancelled
6
6
Amounts written down at the end of the period
0
Movements in the capital and reserves of the enterprises at the end of the period
AMOUNTS RECEIVABLE
Net book value at the end of the previous period
Additions
Repayments
(+)(-)
-42,139
32,318
• 37
Movements in the capital and reserves of the enterprises at the end of the previous period Share in the result for the financial period
-9,821
1,031,407
2,791
OTHER
ENTERPRISES
(code 283)
136,982
25,600
40
162,542
ENTERPRISES
ACCOUNTED FOR
USING THE EQUITY
METHOD
(code 280)
8.Statement of consolidated reserves
(code 9910)
Consolidated reserves
72,596,268
Consolidated reserves at the end of the previous period
Movements during the period:
Shares of the group in the consolidated income Other movements Dividends
4,398,851
-1,076,229
-1,076,229
(+)(-)
(+)(-)
75,918,890
Consolidated reserves at the end of the previous period
POSITIVE DIFFERENCES CONSOLIDATION
(code 9920)
• 38
Net book value at the end of the previous period
2,131,103
9.Statement of consolidation differences and differences resulting from the application of the equity method
Movements during the period:
Arising from an increase of the percentage held
Write-downs
17,287
-426,429
1,721,961
Net book value at the end of the period
10.Statement of amounts payable
DEBTS
within one year
(code 42)
between one and
five years
(code 17)
over five years
(code 17)
Financial debts
Leasing and other similar obligations
Credit institutions
Other loans
22,687,868
931,450
21,756,418
73,654,395
2,258,815
71,395,580
9,720
18,557,613
45,000
18,512,613
Total
22,687,868
73,664,115
18,557,613
ANALYSIS OF THE AMOUNTS ORIGINALLY PAYABLE AFTER ONE YEAR
ACCORDING TO THEIR RESIDUAL TERM
11.Results
OPERATING INCOME
Aggregate turnover of the group in Belgium
AVERAGE NUMBER OF PERSONS EMPLOYED AND PERSONNEL CHARGE
Average number of persons employed
Workers
Employees
Management personnel
Personnel costs
Remuneration, social security costs
Pensions
430,948,848
PERIOD 2011
PERIOD 2010
418,317,161
PERIOD 2010
1,951
1,499
431
21
1,951
1,512
418
21
98,269,516
324,255
94,535,240
329,778
1,772
1,695
12.Rights and commitments not reflected in the balance sheet
PERIOD 2011
Substancial commitments to acquire fixed assets
12,380,000
Commitments from transactions to exchange rates
25,225,850
Information concerning important litigation and other commitments
- All engagements of the Milcobel Group by the banks have been honoured.
- The allocated CO² emission rights to the Milcobel Group for 2008-2012 have been swapped from EUA certificates to CER certificates.
- An engagement for a minimum turnover of 5,255 K euro for external storage.
- Long term agreement of 9 years with the obligation to buy Alpla bottles, although with a possibility to stop the agreement - 1,755 K euro per year for the next 6 years.
- A long term contract to buy ingredients for an amount of 2,086 K euro..
Commitments with respect to retirement and survivors’ pensions in favour of their personnel or executives, at the expense of the enterprises included in the consolidation
The company has contracted a group insurance policy for its employees and managers with a Belgian insurance company.
The costs are partially supported by the company and partially by the concerned person.
• 39
Average number of persons employed in Belgium by the enterprises concerned
PERIOD 2011
13.Relationships with affiliated enterprises and enterprises linked by participating interests but not included in the consolidation
AFFILIATED ENTERPRISES
Financial fixed assets
Participating interests and shares
Transactions with related parties outside normal market conditions
PERIOD 2011
PERIOD 2010
1,031,407
999,089
nihil
nihil
14.Financial relationships with
• 40
DIRECTORS OR MANAGERS OF THE CONSOLIDATION ENTERPRISE
Total amount of remuneration granted in respect of their responsibilities in the consolidation enterprise,
its subsidiary companies and its affiliated companies, including the amounts in respect of retirement pensions
granted to former directors or managers
AUDITORS OR PEOPLE THEY ARE LINKED TO
PERIOD 2011
1,226,385
PERIOD 2011
Fees for auditor’s mandate
Fees for auditor’s mandat
Fees for exceptional services or special missions executed in the group by the auditor
Other attestation missions
121,000
10,034
Fees for people linked to the audito
Fees for auditor’s mandate
Fees for exceptional services or special missions executed in the group by the people they are linked to the auditor
Other missions external to the audit
17,000
59,569
4. Consolidated Annual Accounts 2011
In accordance with legal and statutory obligations, we are delighted to report the consolidated annual accounts of Milcobel cvba as on December 31, 2011..
ASSETS
II. Intangible fixed assets (7,428,595 euros)
These concern mainly investments in software (6.6 million euros) and the acquisition of the “Nazareth” and “Sint-Maarten” brands.
V. Financial fixed assets (1.196.739 euros)
Companies with a participating interest (1,031,407 euros) are related to CVBA Zandhoven, NV Bedrijvenpark Wingene and Héritage 1466 SA.
VII. Stock (96,264,915 euros)
Stock represents 24% of the balance sheet total. Compared to last year the stock has increased by 5%, mainly because of price effects
LIABILITIES
IX. Provisions and deferred taxation (29,575,318 euros)
The item deferred taxation (22,524,784 euros) is mainly due to the difference between the business economic and fiscal valuation of tangible fixed assets.
X. Debts over more than one year (2,221,728 euros)
The financial debts (92,212,008 euros) mainly relate to fixed credits entered into with various banks. In 2011, 41.2 million euros of loans were taken out and 19.5 million euros of loans repaid.
XI. Financial debts over maximum 1 year (31,831,006 euros)
The financial debts have increased with 7.5 million euros because of an increasing need for working capital.
The investments for the financial year amount to 38.3 million euros and can be split as follows:
General: 2,0 million euros
Butter, powder and chees: 26,2 million euros
Consumer milk: 4,7 million euros
Ice cream: 2,6 million euros
Cheese: 2,8 million euros
• 41
III. Tangible fixed assets (155,451,880 euros)
RESULTS
I. & II. Operating results
Sales achieved in the year 2011 amount to 885 million euros.
The turnover can be split as follows:
- 550 million realised from dairy activities.
- 188 million realised from ice cream activities.
- 147 million from distribution and packaging activities for the cheese trade.
IV. & V. Financial results
Compared to last year, the financial results were positively influenced by a realized surplus value in the participation in cvba Melkerij van Loenhout and a dividend received from the participation in
Héritage 1466 SA.
VII. & VIII. Exceptional results
• 42
The exceptional results and costs mainly relate to the surplus or undervalue realised from the tangible fixed assets.
Events after balance sheet date
No significant events occurred after the balance sheet date that would profoundly affect future activities.
Financial tools
The exchange risk for significant sales contracts agreed in foreign currency is covered by currency contracts.
A great deal of the short-term interest bearing debts are covered by interest covers aiming at reducing the impact of interest variations.
Most of the long-term interest bearing debts are covered at fixed interest rates.
Prospects
Market conditions are unfavourable because of the decreasing prices.
Research and development
Existing research and development activities are continued in the various divisions.
Risks and uncertainties
In addition to general business risks, the Milcobel group is facing risks specifically associated with a dairy business. Calamities could be the cause of serious disruption in milk supplies and the production and sales process. This risk is limited by the introduction of a quality assurance system (DQA).
The dairy market is known for heavy fluctuating market prices for commodity products.
Kallo, 27 March 2012
G. Veys
President
J. Geelen
Vice-President
5. Statutory auditor’s report
Statutory auditor’s report to the general members’ meeting on the consolidated accounts of the company milcobel cvba as of and for the year ended 31 december 2011.
As required by law and the company’s articles of association, we report to you in the context of our appointment as the company’s statutory auditor. This report includes our opinion on the consolidated
accounts and the required additional disclosure.
Unqualified opinion on the consolidated accounts
We have audited the consolidated accounts of Milcobel CVBA and its subsidiaries (the “Group”) as of and for the year ended 31 December 2011, prepared in accordance with the financial-reporting
framework applicable in Belgium, and which show a consolidated balance-sheet total of EUR (‘000) 400.132 and a consolidated profit for the year 2011 (group share) of EUR (‘000) 4.399.
The company’s board of directors is responsible for the preparation of the consolidated accounts. This responsibility includes: designing, implementing and maintaining internal control relevant to the
preparation and fair presentation of consolidated accounts that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making
accounting estimates that are reasonable in the circumstances.
In our opinion, the consolidated accounts give a true and fair view of the Group’s net worth and financial position as of 31 December 2011 and of its results and cash flows for the year then ended in
accordance with the financial-reporting framework applicable in Belgium.
Additional remark
The company’s board of directors is responsible for the preparation and content of the management report on the consolidated accounts.
Our responsibility is to include in our report the following additional remark, which does not have any effect on our opinion on the consolidated accounts:
- The management report on the consolidated accounts deals with the information required by the law and is consistent with the consolidated accounts. However, we are not in a position to
express an opinion on the description of the principal risks and uncertainties facing the companies included in the consolidation, the state of their affairs, their forecast development or the
significant influence of certain events on their future development. Nevertheless, we can confirm that the information provided is not in obvious contradiction with the information we have
acquired in the context of our appointment.
Antwerp, 26 April 2012
The statutory auditor
PwC Reviseurs d’Entreprises / Bedrijfsrevisoren
Represented by Filip Lozie - Bedrijfsrevisor
In accordance with the auditing standards referred to above, we have carried out procedures to obtain audit evidence about the amounts and disclosures in the consolidated accounts. The selection
of these procedures is a matter for our judgment, as is the assessment of the risk that the consolidated accounts contain material misstatements, whether due to fraud or error. In making those risk
assessments, we have considered the Group’s internal control relating to the preparation and fair presentation of the consolidated accounts, in order to design audit procedures that were appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. We have also evaluated the appropriateness of the accounting policies used and
the reasonableness of accounting estimates made by management, as well as the presentation of the consolidated accounts taken as a whole. Finally, we have obtained from the board of directors and
Group officials the explanations and information necessary for our audit. We believe that the audit evidence we have obtained provides a reasonable basis for our opinion.
• 43
Our responsibility is to express an opinion on these consolidated accounts based on our audit. We conducted our audit in accordance with the legal requirements applicable in Belgium and with Belgian
auditing standards, as issued by the “Institut des Réviseurs d’Entreprises/Instituut der Bedrijfsrevisoren”. Those auditing standards require that we plan and perform the audit to obtain reasonable
assurance about whether the consolidated accounts are free of material misstatement.
B. Consolidated cash flow statement
PERIOD 2011
PERIOD 2010
• 44
A. OPERATING ACTIVITIES
consolidated result, share of group
third party share
depreciation of fixed assets
provisions
depreciation of positive consolidation differences
deferred taxes
4,399
-3
20,755
899
426
266
6,029
0
20,481
156
423
1,294
= cash flow
movement in stocks
movement in trade accounts receivable
movement in other accounts receivable
movement in trade debts
movement in other debts
movement in accrued and deferred accounts
26,742
28,383
-4,586
-10,472
-3,067
-32
902
-216
-8,133
-6,378
2,208
-2,845
82
346
= movement in requirement for working capital
-17,471
-14,720
9,271
13,663
-1,609
-38,364
-32
627
0
-26
-17
120
-1,771
-29,357
0
193
1,037
58
0
0
-39,301
-29,840
41,200
-19,499
-3
292
1,687
-1,076
0
25,997
-16,821
-3
781
1,321
-1,004
342
22,601
10,613
-7,429
-5,564
-22,667
-17,103
-30,096
-22,667
NET CASH FLOW FROM OPERATING ACTIVITIES
B. INVESTMENT ACTIVITIES
additions of intangible fixed assets
additions of tangible fixed assets
additions of financial fixed assets
reclassifications of tangible assets
reclassifications of financial fixed assets
movements in financial fixed assets
increase positive consolidation differences
movements in the consolidated circle
NET CASH FLOW FROM INVESTMENT ACTIVITIES
C. FINANCING ACTIVITIES
increase of long-term financial debts
repayment of long-term debts
movement in other long-term debts
movement in other long-term receivables
movement in shareholders’ equity
paid dividends
movement in the consolidated circle
NET CASH FLOW FROM FINANCING ACTIVITIES
= NET CASH (A+B+C)
+ OPENING CASH
= CLOSING CASH (*)
(*) cash = ‘deposits’ + ‘cash at bank’ + ‘short-term financial debts to credit institutions’
Credits
Editors: E. Leloup - P. Buggenhout - R. Op de Beeck - K. Vertenten
Production: E. Leloup
Concept and realisation: www.crea.be
Photography: Studio DSP
Secretariat: R. Op de Beeck - Tel. +32 (0)3 730 18 00
Responsible publisher: P. Buggenhout
annual report 2011

- Milcobel

Transcription

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banana bread - Weston Milling

White Mountain Creamery The Fisher Cheese Company Timeline

You deserve