Annual report - Viscofan

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VISCOFAN ANNUAL REPORT 20062006 highlightsJanuaryViscofan announced the acquisition of Teepak’soperations in North America, including itsmanufacturing sites in the United States andMexico and its sales networks in the Americas andthe Asia Pacific region.JulyThe Group finished moving its plastics operation fromGermany to the Czech Republic and Brazil.Viscofan opened its own sales office in China.MarchViscofan signed a range of labour agreements withthe unions at the plant in Danville, Illinois, USA.MayJosé Antonio Canales García appointed GeneralManager of the Viscofan Group.SeptemberCollective bargaining agreement signed withemployees at the plant in Cáseda, Spain.Collective bargaining agreement signed withemployees at the plant in Urdiain, Spain.The General Meeting of 22 May approved theprevious year’s accounts and enacted legally requiredamendments to the company’s articles.NovemberCompleted the move of cellulose and fibrous casingfinishing production assets from Teepak NorthAmerica LLC’s North Kansas City, Missouri, plant toViscofan USA’s facility at Montgomery, Alabama; thisinvolved the closedown of the North Kansas City site.JuneThe IAN Group’s Carretilla brand launched a newrange of ready-cooked meals.Closed Teepak North America LLC’s sales officein Miami.Completed the move of machinery to make nonediblecollagen from Tripasin, Sweden, to KoteksViscofan, Serbia.DecemberViscofan reaches agreement with Naturin employeesto enhance the competitiveness of the Germansubsidiary by lengthening the working day andachieving lower costs.8
Financial highlightsViscofan’s performanceKey financial figures 2006 2005 2004 06/05 Diff CAGR 2004-06Millions of euroRevenue 497.2 374.7 349.2 32.7% 12.5%EBITDA 83.6 57.4 45.8 45.6% 22.3%% EBITDA margin 16.8 15.3 13.1 1.5 pp 3.7 ppEBIT 46.6 26.7 16.7 74.4% 40.7%% EBIT margin 9.4 7.1 4.8 2.3 pp 4.6 ppAdjusted EBIT 53.9 26.7 16.7 101.8% 47.7%Profit before taxes 45.9 24.4 12.5 88.3% 54.3%Net profit attributable to equity holders 31.3 19.7 13.8 58.9% 31.4%Capital expenditure on property,plant and equipment 32.2 32.3 34.1 -0.3% -2.0%Shareholders’ equity 268.1 251.8 234.9 6.5% 4.5%Net debt 111.8 78.1 76.9 43.2% 13.3%Market capitalisation at year-end 685.4 445.1 360.2 54.0% 23.9%Average headcount 4,438 3,346 2,921 32.6% 15.0%Net debt/equity (%) 41.7 31.0 32.7 10.7 pp 9.00 ppROE (%) 11.7 7.8 5.9 3.9 pp 5.8 ppYear-end share price (euro) 14.3 9.3 7.5 54.0% 24.2%Earnings per share (euro) 0.657 0.410 0.286 60.2% 31.9%Dividend per share* (euro) 0.305 0.193 0.185 58.0% 18.1%(*) Includes refund of issue premium and bonus for attending the General Meeting. CAGR: Constant Annual Growth Rate497.2RevenueMillions of euro349.2349.2374.7374.7497.2EBITDAMillions of euro% EBITDA margin45.813,145.813,157.415,357.415,383.683.616,816,82004 2005 20062004 2005 20062004 2005 20062004 2005 2006Net profitMillions of euro13.813.819.719.731.331.3CapitalexpenditureMillions of euro34.134.132.332.332.232.22004 2005 20062004 2005 20062004 2005 20062004 2005 20069
Page 1: Annual Report 2006
Page 4 and 5: VISCOFAN ANNUAL REPORT 2006Letter f
Page 7 and 8: In 2006, our initiatives, results a
Page 9: Milestones of Company history1975 1
Page 13 and 14: Board of DirectorsChairmanDirectors
Page 15 and 16: Corporate strategyThe market in art
Page 17 and 18: consistent with the value our produ
Page 19 and 20: 497.220052006374.783.657.446.626.7
Page 21 and 22: CasingsThe casings market showed a
Page 23 and 24: Performance bygeographical regionRe
Page 25 and 26: Preserved vegetables (IAN Group)In
Page 27 and 28: Today, Viscofan has twenty strategi
Page 29 and 30: Workforce evolution4.2132.9863.4442
Page 31 and 32: programme of control and monitoring
Page 33 and 34: applied throughout the production p
Page 35 and 36: Registro Mercantil de Navarra (Regi
Page 37 and 38: Directors' payThe articles of assoc
Page 39 and 40: Share price performance in 20061701
Page 41: CellulosePlastic casingsCellulose c
Page 44 and 45: VISCOFAN 2006 ANNUAL REPORTAnnual c
Page 50: VISCOFAN 2006 ANNUAL REPORTAnnual c
Page 53 and 54: B.1.10. Disclose, in aggregate term
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Page 57 and 58: If applicable, name the person(s) c
Page 59 and 60: B.1.31. Disclose any holdings of co
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The Audit Committee was created und
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company and company directors or ex
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With regard to market risk and risk
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Article 22(c) of the Rules and Regu
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1.- There were approved the balance
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E. 11. Indicate if the company is a
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Viscofan’s business andfinancial
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Consolidated income statements for
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Consolidated statements of changes
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3.2. Comparison of informationThe c
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Potential tax benefits from tax los
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Replacements of property, plant and
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4.7. Leases(a) Finance leases:The G
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Derivative financial instruments ar
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Recoverable amounts are calculated
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the accrued expense, an asset is re
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Current and deferred tax is recogni
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At 31 December 2006 the Group compr
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Amounts recognised at the date of a
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8. Other Intangible AssetsDetails o
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Details of non-current deferred tax
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Spain have open to inspection by th
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(b) Merger reservesThese reserves d
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At 31 December 2006 and 2005 detail
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The Group also contracts exchange r
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Pension liabilities comprise define
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19. Trade payables, Other Payables
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Canadian Pound Czech PolishUS Dolla
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The table below shows interest accr
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The average headcount of the Group
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Details of remuneration by director
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30. Subsequent EventsOn 30 January
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The Viscofan Group ends 2006 with f
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Operations with the board of direct
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ActivityRegistered officesManufactu
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Geographical segments Europe North
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Changes inTranslationconsolidated31
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IncorporacionesTranslationconsolida
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Retained earningsLegal Special Volu
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Viscofan’s business andfinancial
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Shareholders’ Equity and Liabilit
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Income 2006 2005Operating incomeNet
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4. Significant Accounting Principle
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(h) Compensation for termination of
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5. Intangible AssetsDetails and mov
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At 31 December 2006 plant and machi
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9. DebtorsDetails at 31 December 20
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During 1999 this revaluation was in
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The Company has credit and discount
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16. Other CreditorsDetails at 31 De
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During the year deductions of Euros
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22. Information Relating to the Dir
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The legally required cash flow stat
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Furthermore, the installation of ne
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Reserves1996Special Merger Voluntar
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Sources 2006 2005Funds generated fr
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United StatesVISCOFAN USA Inc.50 Co
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www.viscofan.com
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Annual report - Viscofan

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