Annual Report 2009 - Dairygold

Dairygold Co-Operative Society Limited Annual Report and Accounts 2009
The Balance Sheet of the Society
strengthened in 2009 with shareholders
funds increasing by €14.8 million to
€220.1 million. The increase was driven
primarily by a retained profit for the
year of €8.1 million, an increase in the
pension asset of €7.4 million, the positive
impact of currency movements on net
investment of €2.6 million, a reduction in
share of associates reserve movements
of €2.1 million and shares redeemed of
€1.3 million.
» Fixed assets of €209.0 million
comprising tangible assets,
intangible assets and financial
assets, increased by €1.6 million,
from €207.4 million as a result of:
» investments of €19.3 million in
capital expenditure, acquisitions
and shares and the impact of
positive currency movements
of €1.2 million, which was
offset by:
» depreciation and amortisation
charges of €16.0 million and
a reduction in the share of
associates net assets of
€2.9 million.
» Net current assets less creditors
falling due after more than one year,
of €8.3 million were up €4.8 million
on 2008, explained by:
» a €12.3 million reduction
in stocks to €73.1 million,
reflecting lower prices and a
reduction in stock volumes.
» an increase in debtors of €2.6
million to €99.0 million.
» a reduction in total creditors
of €24.3 million, incorporating
a reduction in capital accruals
and trade creditors.
» an increase in net debt of €9.7
million, required to meet the
financing needs of the business.
» The net pension asset increased
by €7.4 million, resulting primarily
from gains of €5.3 million arising
from the withdrawal of Reox
Holdings plc as a participating
employer from the pension schemes
and an increase in the value of the
scheme’s assets over liabilities of
€2.2 million.
» The capital grants’ liability of €6.3
million was in line with 2008, as
the grants received during the
year of €0.8 million equalled the
amortisation credit for the year. The
deferred tax liability decreased by
€1.3 million reflecting the deferred
tax assets acquired during the year
as part of the acquisition activity.
» The share capital decreased by €0.4
million to €98.6 million reflecting
the shares redeemed and cancelled
of €1.4m offset by shares issued of
€1.0m.
» The revenue reserves increased
by €16.3 million to €113.4 million,
resulting primarily from the
increase in the net pension asset of
€7.4 million, the positive currency
movements of €2.6 million, a
reduction in share of associates’
reserves of €2.1 million and the
retained profit for the year of €8.1
million.
Scientist Haiyan Yu - working in
Dairygold’s Innovation Centre
16