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our business at a glance Bakkavor is a leading international manufacturer of fresh prepared foods, employing over 19,000 people worldwide across 58 operating facilities. We manufacture products across 18 different categories. In our core UK market we are leaders in 13 out of the 16 chilled market categories in which we operate. Our customers include major global grocery retailers and well-known international foodservice operators and we specialise in making products for them under their respective private labels. +40 years' private label expertise over 6,000 products key figures 2012 adjusted EBITDA 1 (£m) £115 m (£108m: FREE CASH FLOW 3 (£m) £23.5m REVENUE BY DIVISION Ready meals Ready meals Ready to cook Ready meals meals 7% 2011) Ready meals Ready to cook Ready meals meals Dips Ready to cook meals 14% (£20.6m: 2011) our products United Kingdom 83% International 17% Prepared fruit Ready meals Ready to cook Ready meals meals Dips Ready to cook meals Prepared fruit Ready meals Ready to cook Ready meals meals like-for-like sales 2 (£m) £1,718m (£1,629m: Capital expenditure (£m) £32.4m (£41.8m: EMPLOYEEs BY DIVISION United Kingdom • International • Dips Ready to cook meals Ready to cook meals Ready meals & ethnic snacks •• Dips Ready to cook meals Ready to cook meals •• Pasta Dips Prepared fruit Dips •• Ethnic snacks Ready meals Dips Pasta Dips Prepared fruit 5% 2011) 22% 2011) United Kingdom 80% International 20% Ready to cook meals Soups Prepared Pasta vegetables Soups Ethnic snacks Bakery products Prepared vegetable Soups Prepared Bakery Sauces Pasta vegetables Soups products Prepared Bakery Leafy Pizza vegetables Desserts & products salads pastries Pasta Soups Prepared Bakery Sauces Sandwiches & Dips Pasta vegetables Soups products Prepared Bakery wraps Sauces Ethnic Leafy Pizza vegetables & products Stir fries snacks Prepared salads Desserts Ethnic Leafy pastries Pizza Desserts & fruit snacks salads pastries Pasta Dips Soups Prepared fruit •• Leafy salads •• Pizza •• Leafy salads Pasta Prepared vegetables Pasta & pastries • Pasta Soups Prepared Bakery Sauces •• Sandwiches & Dips Pasta vegetables Soups products Prepared Bakery wraps Sauces Fresh Sandwiches produce Ethnic Leafy Pizza vegetables Desserts & products Stir fries Smoothies wraps C snacks Prepared salads Ethnic Soups Leafy pastries Pizza Stir fries Desserts & Stir fries fruit snacks salads pastries •• • 10 countries Ready Ready Ready to meals Dips meals cook of operation meals Ready Ready to meals cook Ready meals meals page 5 Ready meals Ready to cook meals Ready meals Prepared fruit Dips Ready to cook Ethnic meals snacks Prepared fruit Pasta Ready meals Ready to cook meals Dips Dips Pasta Soups Prepared Bakery Sauces Sandwiches & Ready to Dips Pasta vegetables Soups products Prepared Bakery wraps Sauces cook vegetables products meals Bakery Prepared Ethnic Leafy Pizza Desserts & fresh prepared fruit food snackscategories salads pastries Stir fries Prepared fruit Leafy salads Ready to meals cook Pasta meals Prepared fruit Dips Prepared Ethnic We snacks fruit Pizza Prepared fruit Ethnic snacks Prepared fruit Pasta Leafy salads Ethnic snacks Ready Dips to Pasta Dips Soups Pasta Prepared Soups Prepared Bakery Bakery Sauces Sandwiches Sauces & Sandwiches & cook Soups Prepared Bakery vegetables Sauces vegetables Sandwiches products & products wraps Fresh wraps produce meals Ethnic vegetables Leafy products Pizza Desserts & wraps Stir fries Fresh produce Smoothies Convenience snacks Prepared Prepared salads Ethnic Leafy pastries Dressed Pizza Desserts & Stir fries salads Smoothies fruit snacks salads pastries also supply fresh produce in the UK vegetables •• products •• Sandwiches salads & wraps •• Fresh Sandwiches produce & wraps Fresh produce Meal Smoothies Convenience Dressings salads Pasta Soups Prepared Bakery Sauces Sandwiches & Leafy Ethnic Leafy Pizza vegetables Desserts Pizza & productsDesserts Stir fries& Smoothies Stir fries wraps Convenience SmoothiesFresh produce Convenience Dressings salads snacks Desserts & salads Stir fries pastries Smoothies pastries Convenience Dressings salads Dressings salads pastries Soups Prepared Bakery Sauces Sandwiches & Ethnic Leafy vegetables Pizza productsDesserts & Stir fries wraps SmoothiesFresh produce Convenience snacks Prepared salads Ethnic Leafy pastries Pizza Desserts & Stir fries salads Smoothies fruit snacks salads pastries Soups Prepared Bakery Sauces Sandwiches & Pizza vegetables Desserts & products Stir fries Smoothies wraps ConvenienceFresh produ Leafy Sauces pastries Pizza Desserts & Smoothies Stir fries salads Smoothies salads pastries •• • Dressings Convenience salads salads • salads •• •• Dressings Fresh produce Dressings Convenience salads Dressings
usiness segments united kingdom market leader in 13 of facilities our 16 product categories 32 * adjusted EBITDA 1 (£m) 101 11 12 £104m 4% like-for-like sales 2 (£m) 1,342 11 12 £1,416m 6% 83% of group sales * 32 facilities based in 24 locations international * adjusted EBITDA 1 (£m) 17% of group sales 7 11 12 £11m 54% canada usa europe china like-for-like sales 2 (£m) 287 11 12 £302m 5% facilities 26 south africa 1 Adjusted EBITDA: excludes restructuring costs, management charges to the Group’s parent company, asset impairments and those additional charges or credits that are one-off in nature and significance. 2 Like-for-like sales: exclude the impact of acquisitions, disposals, closures, foreign exchange translation, but include the Group’s share of revenue generated by associates. 3 Free cash flow: defined as the amount of cash generated by the business, after meeting its obligations for interest, tax and pensions, and after investments in tangible fixed assets. * International: Includes French and Spanish operations which are being sold subject to Competition Authority clearance. page 6
Page 1 and 2: Annual report AND accounts 2012
Page 3 and 4: BAKKAVOR ANNUAL REPORT AND ACCOUNTS
Page 5: welcome to our Bakkavor 'Fast Read'
Page 9 and 10: key performance indicators WE USE A
Page 11 and 12: 3 4 5 assets Our commitment to cont
Page 13 and 14: More online For more information, p
Page 15 and 16: leading customer service leading ma
Page 17 and 18: growing our product pipeline Within
Page 19 and 20: 2 6centres of excellence investing
Page 21 and 22: corporate governance how we manage
Page 23 and 24: More online For more information, p
Page 45 and 46: BAKKAVOR ANNUAL REPORT AND 2012 ACC
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BAKKAVOR ANNUAL REPORT AND ACCOUNTS
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