Annual report - Viscofan

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VISCOFAN ANNUAL REPORT 2006Viscofan entrenched itsleading position in theartificial casings industryand achieved 38.9% year-on-yeargrowth in revenues.This robust performance was coupled with a majoreffort to enhance Viscofan’s competitive edge:• In 2006 the move of plastics manufacturing fromGermany to the Czech Republic and Brazil wascompleted.• At Teepak, the North Kansas City, Missouri,finishing plant was closed and its capacity wasmoved to Viscofan's existing site at Montgomery,Alabama. The Miami sales office was shut down,and Naturin Canada and Teepak Canada weremerged as Viscofan Canada.• The Koteks production plant in Serbia was upgraded.• Efforts continue to enhance efficiency at theGroup's new plants and optimise synergies.• Collective bargaining agreements were concluded inSpain, the United States and Germany to bolstercompetitiveness at the various manufacturing sites.• The Group’s headcount in the casings division waslowered by 428.Despite sharply rising energy costs, which doubledyear-on-year, the 2006 EBITDA margin improved by0.9 points to become 18.7%. Excluding the effect ofconsolidation of Teepak and the higher number ofmonths for which Koteks is consolidated, the likefor-likeEBITDA margin would be seen to haveimproved 1.5 points year-on-year to 19.3%.The remeasurement from acquisition cost to fairvalue of Viscofan's acquired companies entailed amarked increase in depreciation and amortisationexpenses in the fourth quarter. However, EBIT beforeasset remeasurement was up 73.1% on 2005 to €43.7million, based on a solid operating performance.Net earnings from the casings business totalled€29.9 million (56.2% above the previous year’sfigure), and €9.7 million in the fourth quarter(+43.0% versus the fourth quarter of 2005). Likefor-like(see note 1) net earnings for 2006 grew +12.3%year-on-year.20
Performance bygeographical regionRevenues grew at double-digit rates in allgeographical regions:EuropeEurope accounts for 46% of consolidated revenue inthe casings division and is Viscofan's largest market.Revenues rose 11.6% year-on-year to €192 million.Capital expenditure in 2006 totalled €16.6 million.Staff headcount in Europe at 31 December 2006 was2,395.North AmericaNorth America doubled its contribution to theViscofan Group due to the consolidation of Teepakfrom January 2006 onwards. Revenues were €176In Europe, Viscofan has manufacturing sites in Spain(extrusion and cellulose and collagen converting),Germany (collagen extrusion), Czech Republicmillion, accounting for 42% of the total for casings.Excluding Teepak, revenue in North America was21.6% higher.(cellulose and collagen converting, plastics extrusionand converting) and Serbia (collagen extrusion andconverting).Besides performance in the marketplace, revenuesreflected a major effort in the integration of thedifferent corporate cultures, production standardsMajor organisational changes were implemented:plastics manufacturing was moved to the CzechRepublic from Germany, and machinery was movedfrom Tripasin in Sweden to Koteks in Serbia.and operating structures. Viscofan now hascellulose extrusion and converting facilities in theUnited States and Mexico, and a plastics convertingplant in Canada.RevenueMillions of euroYear-on-year change+105.1%+11.6%176172192+15.2%864249200520062005200620052006South AmericaNorth AmericaEurope21
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 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: CasingsThe casings market showed a
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
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Page 41: CellulosePlastic casingsCellulose c
Page 44 and 45: VISCOFAN 2006 ANNUAL REPORTAnnual c
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Page 53 and 54: B.1.10. Disclose, in aggregate term
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Page 59 and 60: B.1.31. Disclose any holdings of co
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Page 63 and 64: company and company directors or ex
Page 65 and 66: With regard to market risk and risk
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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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