results of operations - Aboitiz

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PILMICO FOODS CORPORATION Living up to its vision to be world-class, Pilmico adheres to ISO and HACCP standards to ensure quality products and quality management systems. FOOD 44 ABOITIZ EQUITY VENTURES ANNUAL REPORT 2006
THE FOOD GROUP Gearing up for major expansions The Food Group approached 2006 as a time for consolidation and preparation for future growth. While the improvement of operational efficiencies continued as a core initiative, the group used 2006 to plan for major expansions in 2007. Foremost among these is the establishment of a feedmill at Pilmico Foods’ Iligan Milling Complex that will produce complex animal feeds from a variety of raw materials. The Fil-Am Foods plant in Capas, Tarlac currently serves the market for this type of animal feed. Pilmico expects to benefit from this project due to the operational synergies the feed milling plant will share with the flour milling infrastructure already in place. The new feedmill is targeted to be operational by the first quarter of 2008. Pilmico also plans to build two brand-new silos in its Iligan plant to increase its wheat storage capacity. This would allow larger shipments of various types of wheat to be brought in at any one time. The company intends to install a flour blending facility to further increase its operational efficiencies in producing quality flour. Flour blending is a process whereby flours of different grades are blended together to create a particular flour grade or to serve the customized requirements of industrial customers. In 2006, Fil-Am Foods expanded its hog breeding capacity at its breeder farm in Aranguren, Tarlac using modular American swine breeding equipment. The company currently grows hogs out-to-market size in a combination of rented and contract-growing “offsite” farms spread around Central Luzon. It intends to increase its owned-farm capacities with the addition of a grower-finisher farm. This new farm in Cut-Cut, Tarlac is expected to be producing prime hogs by the last quarter of 2007. The heart of a major commercial swine operation is its capacity to breed hogs. As Fil-Am Foods expands its swine operations, it needs to have a nucleus breeder farm to supply quality breeding stock to its existing main breeding farm. The company is developing a nucleus farm in Capas, Tarlac that is scheduled to come on line by the 2nd quarter of 2008. In November 2006, Pilmico divested its shares in Pilmico-Mauri Foods, Inc., which had produced yeast and other bakery ingredients. It was a 10- year joint venture with Burns Philp of Australia, whose yeast business was acquired in 2004 by Associated British Foods. The π100-million divestment will allow the Food Group to concentrate on the expansion of its core business, i.e., flour milling and animal feeds. The Food Group posted a significant growth in 2006 and is setting the groundwork for major expansions in 2007. ABOITIZ EQUITY VENTURES ANNUAL REPORT 2006 45
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Page 48 and 49: ABOITIZ TRANSPORT SYSTEM The entry
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ABOITIZ EQUITY VENTURES, INC. AND S
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