Annual report - Viscofan

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VISCOFAN ANNUAL REPORT 2006Viscofan and business performance in 2006In 2006 the Viscofan Group undertook a majorprocess of integration and restructuring of thebusinesses it acquired over the past few years. Thekey acquisition was the takeover early in the year ofTeepak’s manufacturing sites in the United Statesand Mexico and its sales offices for the Americas andthe Asia Pacific region.shortened the period of "teething difficulties"normally associated with this kind of operations.The restructuring and improvement efforts of 2006enabled us to achieve, just twelve months after thelatest acquisitions, earnings per share 59% abovelast year's figure.The purchase of Teepak was a milestone for theViscofan Group. The move entrenched Viscofan’sleadership in the artificial casings market, bolstered itsinternational presence and made it the onlymanufacturer to make all commercially availablecasing families: cellulose, collagen, fibrous and plastic.Viscofan, in the awareness of the competitiveadvantages of its new size, sped up the process ofrestructuring and integrating the acquired plantsinto the Group. A swift, efficient integration driveThe changes included efficiency upgrades at theUnited States and Mexico plants, improvement workat the Serbian site and the completion of the moveof plastics manufacturing from Germany to theCzech Republic and Brazil.Alongside these developments, the Companycontinued to optimise the management of its othersubsidiaries: they faced a major challenge in theform of rising energy costs, which drove up directproduction costs.12
Corporate strategyThe market in artificial casings for meat products stilldisplays solid growth expectatives. Emerging dietarytrends combine new products such as chicken, fishand even vegetable sausages with the developmentof Western eating habits, where ready-cookedmeals and fast-food chains remain strongly on theincrease. Natural casings continue increasingly to bereplaced by collagen casings. Some studies suggestthat the natural casing market doubles the size ofthe collagen market.Artificial casings are replacing natural casingsbecause they provide better hygiene control,quality, uniformity and productivity. The trendtowards replacement is not limited to countrieswhere production processes are highly automated:it is happening even faster in countries in theprocess of upgrading their production capabilities(chiefly Latin America, Eastern Europe and Asia).The Viscofan Group has taken on a new dimensionin the manufactured casings industry after takingThe manufactured casings marketgrew faster in 2006, particularly dueto the replacement of naturalcasings with collagen products.over one of its main competitors in the celluloseand fibrous casings segment. Its new size, besideshigher turnover, means a broad-ranging customerbase, an extensive sales network, a new productiontechnology (fibrous casings) and farther-reachinggeographical exposure through manufacturingsites in strategic markets.Against this backdrop, the Group has decided toimplement a new strategy to create value byenhancing profitability and optimising cashgeneration. Viscofan’s strategy for the comingyears rests on five core concepts: “consolidation”,“globalisation”, “service”, “efficiency” and “R&D&I”(research, development and innovation).ConsolidationResearch,developmentand innovationGlobalisationEfficiencyServiceV A L U E C R E A T I O N13
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 and 10: Milestones of Company history1975 1
Page 11 and 12: Financial highlightsViscofan’s pe
Page 13: Board of DirectorsChairmanDirectors
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
Page 55 and 56: B.1.16. Indicate whether the role o
Page 57 and 58: If applicable, name the person(s) c
Page 59 and 60: B.1.31. Disclose any holdings of co
Page 61 and 62: The Audit Committee was created und
Page 63 and 64: 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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