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Fresh prepared foods:1 People want to spend less time cooking andpreparing food. Fresh prepared foods can help themachieve this. The average total time spent cookingand preparing the main meal of the day in the UK is19 minutes and 55% of main meals are prepared in30 minutes or less (see below).10 reasons to continueinvesting in this market2 Only 27% of people claim to cook at least one mealfrom scratch during the week. Assembly cookingis becoming more popular with people using freshprepared foods such as fresh pasta and pasta sauces(page 20).3 Our retail customers believe that the fresh preparedfoods sector represents the best future salesopportunity in their convenience stores, where thechilled and fresh foods category is already worth£24 billion (page 30).4 For every £1 spent on food, 20 pence is spent inconvenience stores where sales are set to grow 53%by 2010. The percentage of space dedicated to freshprepared foods in convenience stores is higher thanin the average supermarket (page 30).5 Pleasure is a key consumer trend and people areplacing an increasing importance on treatingthemselves to high-quality food and drink. In 2005,premium fresh prepared foods ranges grew 16%(page 31).6 People are less inclined to cook from scratch if theyare cooking for themselves. In the UK 51% of all mealseaten at home are now eaten alone (page 17). Inaddition, people rarely eat three fixed meals a day andinstead base meals around their lifestyles. The varietyof fresh prepared foods offers quick and easy solutions.7 Health is high up on the agenda. Over 20% ofconsumers believe the most important reason forfollowing a healthy diet is to live a long life (page23).But healthy eating needs to be convenient – ‘health onthe go’ meals are set to grow 15% by 2009, accordingto Datamonitor.R e a s o n s t o i n v e s tLess than half an hour 29%Time spent preparingand cooking the main mealMore than an hour 10%8 Per shopping trip, people spend more on the typesof fresh prepared foods that Bakkavör Group makesthan on any other food category (page 17).9 The top seven retailers in the UK hold over 90%share of the fresh prepared foods market. We supplyall of them (page 29).Half an hour 26%Source: IGDAn hour 20%More than half an hour/less than an hour 15%10 In the market sectors in which we operate, 94% ofproducts are sold under retailer brands – our areaof expertise in the UK. The chilled food category isthe fastest-growing own label category – up 18%between 2000 and 2005 – and this trend is set tocontinue (page 31).16
60%50%40%30%20%10%0%Percentage ofmeals eaten alone1994 2005Source: TNS Family Food PanelBakkavör market sectorsMore spent per shopping trip on ourproducts than any other food categorySoft drinksConfectioneryCheeseFruitVegetablesBiscuitsMilkMorning goodsBreadSpend per trip £0.951.121.501.87Source: TNS, 52 weeks ending 22 May 20052.392.362.342.342.563.280.0 0.5 1.0 1.5 2.0 2.5 3.0 3.517
Page 2: Pre-tax profit*EquityAssetsWorking
Page 6 and 7: Lýdur Gudmundsson, Chief Executive
Page 8: By 2002 we were running operations
Page 11 and 12: O u r c u s t o m e r sAs a result
Page 13 and 14: Our marketsThe majority of the Grou
Page 15 and 16: Our fresh prepared products can be
Page 17 and 18: P a s t aWe specialise in making un
Page 19: W r a p sWraps are Mexican tortilla
Page 23 and 24: 19UK market
Page 25 and 26: Their eating habits are governed by
Page 27 and 28: HealthAccording to TNS Family Food
Page 29 and 30: UK demographic trendsAn ageing popu
Page 31 and 32: Housing marketThe UK’s most valua
Page 33 and 34: The UK food retail market has under
Page 35: Retailer brandsUK retailers have a
Page 38: At Bakkavör we believe innovation
Page 41: What is the secret of success in ne
Page 44 and 45: AprilAt the beginning of the month,
Page 46 and 47: Sidi ChouikhiTechnical ManagerCentr
Page 48 and 49: Five year summaryProfit and loss ac
Page 50 and 51: 2 0 0 6 o u t l o o kManagement wil
Page 52 and 53: D i v i d e n d sThe Group is curre
Page 54 and 55: Net cash provided by operating acti
Page 56 and 57: Maturities of debtGBP millions50045
Page 58 and 59: United KingdomO v e r v i e wMost o
Page 60 and 61: H o t - e a t i n g p r o d u c t o
Page 62 and 63: Ágúst GudmundssonExecutive Chairm
Page 64 and 65: The strategy of Bakkavör Group is
Page 67 and 68: Kal RaiQuality Assurance ManagerBak
Page 69 and 70: Board meeting attendanceBoard membe
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Compensation CommitteeThe powers an
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ComplianceIn accordance with the Ru
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Sibu SivagaranHygiene Manager (Even
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Compensation overview (GBP '000)Boa
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We promote an active health and saf
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Our environmentWe recognise that ou
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81Our shareholders
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Dividends and dividend policyBakkav
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G r o u p w e b s i t eIn addition
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Endorsement by the Board of Directo
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Consolidated Balance Sheet at 31 De
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Consolidated Cash Flow Statement fo
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Business combinationsThe Consolidat
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Derivative financial instrumentsThe
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InventoriesInventories are stated a
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5. Business and geographical segmen
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11. Goodwill and other intangible a
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17. Deferred income tax asset and l
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23. Acquisition of Geest Plc.The fo
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25. PensionThe Company operates a n
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27. Related party transactionsThe f
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Balance Sheet 31 December 2004, cha
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HedgingReducing exposure to risk of
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Corporate informationBakkavör Grou
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