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AB Mauri
August 2009
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History of AB Mauri
AB Mauri manufactures yeast & bakery
ingredients in 25 countries worldwide,
with 5276 employees, and has sales
and distribution in over 40 countries.
AB Mauri was formed in November
2004 as a new operating division of
Associated British Foods plc (ABF).
ABF is a diversified international food,
ingredients and retail group withturnover of 6.0 billion (2006) and
46,703 employees in 46 countries.
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A B Mauri around the world
5859 employees of which 95% arebased outside UK
42 plants in 27 countries.
Organised in six regions.
Sales and distribution in 40+countries.
A number of Joint Ventures,
mainly in Asia and South America.
Region Employees
USA/Canada 314
Brazil 528
Hispanoamrica 1232
E&A 589S&W Asia 1334
CEAP 1917
Other 71
Total 5985
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Some of AB Mauris Brands
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1
ABMauri
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BRAZIL (2)
ARGENTINA (2)
CHILE (1)
COLUMBIA (1)
ECUADOR (1)
FINLAND (1)
GERMANY (2)
INDIA (4)
INDONESIA (2)
MALAWI (2)
MALAYSIA (1)
MOZAMBIQUE (1)
NETHERLANDS (3)
NEW ZEALAND (11)
PERU (1)
PHILIPPINES (2)
POLAND (3)
PORTUGAL (1)
SOUTH AFRICA (7)
AUSTRALIA (40)
CHINA (21)
UK (208)SPAIN (4)
SWAZILAND (1)
SWITZERLAND (1)
TANZANIA (2)
THAILAND (1)
VIETNAM (1)
TURKEY (1)
URUGUAY (1)
US (28)
ZAMBIA (1)
PAKISTAN (1)
MEXICO (1)
FRANCE (1)
SRI-LANKA (1)
ABFs Global Reach
CANADA (2)
IRELAND (37)
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Business overview
Associated British Foods plc
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Associated British Foods is a diversified international food, ingredients andretail group with sales of 8.2 billion and 96,000 employees in 44 countries
Global presence
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Leading brands
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Worldwide revenue 8.2 billion
Adjusted operating profit 664 million
Adjusted profit before tax 632 million
Net investment on acquisitionsand capital expenditure 710 million
Net debt 791 million
All figures are for the 2007/8 financial year
Financial highlights
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2007/8 2006/7
Group revenue: 8.2 bn (up 21%) 6.8 bn
Adjusted operating profit: 664m* (up 7%) 622m
Adjusted profit before tax: 632m** (up 3%) 613m
Adjusted earnings per share: 54.9p** (up 4%) 52.9p
Dividends per share: 20.25p (up 4%) 19.5p
Net debt: 791m 311m
Basic earnings per share: 45.2p (down 3%) 46.7p
Profit before tax: 527m (up 4%) 508m
* before amortisation of non-operating intangibles, profits less losses on the sale of PP&E and exceptional items
** before amortisation of non-operating intangibles, profits less losses on the sale of PP&E, profits less losses on the sale and closure ofbusinesses and exceptional items
Results
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European food companies (as at 13 September 2008)
Ranking
Company CountryNestle Switzerland
Unilever Netherlands
Danone France
Cadbury UK
Associated British Foods UK
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Sugar & Agriculture
AgricultureSugar, China
Sugar, southern AfricaSugar, Europe
Grocery
Meat and dairy
Herbs and spices
Bread, baked goods
and cerealsVegetable oils
Hot beveragesand sugar and
sweetenersWorld foods
Group at a glance
IngredientsSpeciality ingredientsYeast and bakery ingredients
Retail Primark and Penneys
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Grocery 2008 2007 Change
Revenue m 3,254 2,605 +25%
Operating profit m 194 153 +27%
Sugar & Agriculture 2008 2007 Change
Revenue m 2,134 1,796 +19%
Operating profit m 186 217 -14%
Ingredients 2008 2007 Change
Revenue m 842 698 +21%
Operating profit m 75 71 +6%
Retail 2008 2007 Change
Revenue m 1,933 1,602 +21%
Operating profit m 233 200 +17%
Group at a glance
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Balanced diversified business with strong financial position
Operates in the worlds food markets plus the retail fashion industry in UK,Ireland & Spain
Significant businesses in Europe, Americas, Africa, & Asia
96,000 employees operating in 44 countries
Adjusted operating profit increased consistently over the last 5 years
Listed on London Stock Exchange Controlling interest held by the Weston family
Devolved organisation with a small central team and a performance andresults-led culture
Business highlights
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Twin financial goals:
- Sustainable real profits growth
- Long-term cash generation
Focus energies on market segments where we can establish strong, sustainableleadership positions
Grow organically and by acquisition in complementary activities
Achieve high levels of operating efficiency
Operate through a focused divisional structure in which each business:
- has an influential market position
- has sufficient scale to attract highest quality management
- has differentiated features for leveraging added value- has potential for sustained revenue and profit growth or cash flow
Corporate objectives
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Acquisitions Disposals
Bottled oil business from Bunge
G Costa
Mazola in Mexico
Askeys
Billingtons
AB Mauri
British 3rd party flour milling
GWF biscuit business
Tones
Littlewoods & Allders stores
Illovo
ACH speciality rice
Scandinavian distributors
Ongoing developments
SPI Polyols
Pataks
Jordans
2006
2005
2004
2007
2008K R Castlemaine
North China Sugar
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+27%
+25%
Change
153194Operating profit m
2,6053,254Revenue m
2008 2007Grocery
Major manufacturer of branded and private label groceries
Hot beverages and sugar and sweeteners
Vegetable oils
Herbs and spices
Divisional overview
World Foods
Meat and dairy
Bread and baked goods
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-14%
+19%
Change
217186Operating profit m
1,7962,134Revenue m
2008 2007Sugar & Agriculture
Second largest world sugar producer (Europe, Africa, China)
Large agribusiness operations
Over 1 million tonnes of sugar produced in the UK
Over 200k tonnes of sugar produced in PolandMore than 750k tonnes produced in China
Africas largest sugar producer (1.8 million tonnes) with extensiveoperations in six countries
Divisional overview
Animal feeds and feed micro-ingredientsbusinesses in the UK and China
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AB Mauri operates globally in yeast and bakery ingredient production with 50plants in 28 countries, supplying plant & artisanal bakers and the foodservice &wholesale channels
Market leader in yeast production
Technology leader in bakery ingredients
+6%
+21%
Change
7175Operating profit m
698842Revenue m
2008 2007Ingredients
Divisional overview
ABF Ingredients is a group of companies focusing on high value ingredientssuch as enzymes, yeast extracts, speciality lipids, emulsifiers, cerealspecialties and proteins food and non-food applications
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+17%
+21%
Change
200233Operating profit m
1,6021,933Revenue m
2008 2007Retail
Primark - major value fashion retail group
Operates stores in UK, Ireland and Spain
Targeted at the fashion-conscious under-35s190 stores and over 28,000 employees
Primark sells almost 1 in every 10 items of clothing purchased in the UK
UKs second largest clothing retailer by volume (source: TNS)
Divisional overview