Annual report - Viscofan

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VISCOFAN ANNUAL REPORT 2006Research, development and innovationat the service of our customersViscofan’s products look simple and are simple touse. This belies the sophisticated technologyunderlying the manufacturing process, which only afew companies worldwide have developed.Viscofan takes the view that its leading position inthe highly competitive world market must besustained by cutting-edge efforts in research,development and innovation so that the Companycan continue to spearhead the artificial casingsindustry and create value for its stakeholders.Viscofan couples its growth as a business with thedevelopment of its innovation capability so that itcan access the best technologies available on themarket, implement them and improve on them, anddevelop its own technologies to create an enduringcompetitive edge.The complexity of Viscofan’s production process andthe sophisticated technology underlying its productsmeans that research and development units arestructured into teams that specialise on eachprocess and casing type. The average staffheadcount is 42. In addition, Viscofan is unifyingmost of these processes so as to achieve optimalsynergies across different manufacturing facilitieswhile meeting local needs.The core research and development teams are basedat the sites in Cáseda, Spain, and Weinheim,Germany. They conduct product and technologydevelopment in the fields of collagen and cellulosecasings and develop innovative products other thanmeat casings. These are the benchmark researchsites, by dint of their experience, resources and trackrecord. Fibrous and plastic casings, for their part, aredeveloped by specialised research teams in theUnited States and the Czech Republic, respectively.The product development units, especially theEuropean-based ones, transfer the technology toother Group sites to implement the stringentmanufacturing, quality control and productperformance standards that have made Viscofan anindustry leader.At present there are in progress over twentystrategic product development projects across theentire range (cellulose, collagen, fibrous and plastic)24
Today, Viscofan has twenty strategic product development project in progressacross its entire product range and diversification applications.and encompassing diversification products so as todevelop applications that equip Viscofan with theproduct range required to reinforce its presence inthe world market. Research and developmentprojects are mainly geared to:• developing new products (to broaden the productportfolio) or improve existing ones, designed formeat application in markets of strategic interest tothe Company;• new casing concepts: functional casings that gobeyond the classic "mould" concept to becomeactive containers that confer properties orfunctionalities to the meat product they contain;• adapting production processes to a wider range ofraw material qualities, thus maintaining orexceeding the quality and performance of the endproduct and thus reducing dependence on alimited number of raw material suppliers andexposure to changing market conditions;• diversification projects, based on raw materialswidely used in the Group and aimed at potentialalternative businesses, such as biomedicalapplications of collagen;• technological support to improve the Company’sexisting products and processes under Viscofan'squality standards and current laws and regulationsand to optimise production costs.The IAN Group also continued to diversify its rangeby launching new products with higher value-added,such as new recipes for refrigerated and nonrefrigeratedready-cooked meals and salads; it alsoseeks new ways to optimise production costs. IANemploys eight research and development specialists.Support from international researchcentresViscofan has a long track record of working withSpanish and international public and private researchcentres to foment specialisation and gain access tothe cutting-edge technologies it needs to carry on itsresearch and development activity. Viscofan regularlycollaborates with universities and research centres inSpain, the United States, the United Kingdom andGermany on food safety, analysis of materials,process and food-industry engineering, advancedphysical and chemical analysis and other fields.In addition, the Group has significant support inSpain from CDTI (the "centre for technical industrialdevelopment") and local government bodies.Viscofan plays an active role in the artificial casingsindustry, and is therefore involved in several industryassociations and groups that seek to cooperatetowards enhancing the industry's contribution to thecommunity. These institutions include:• Comité Internationale de la Peliculle Cellulosique(CIPCEL). Based in Brussels, CIPCEL comprises theleading producers of regenerated cellulose filmproducts.• Collagen Casing Trade Association (CCTA). Alsobased in Brussels, CCTA comprises the leadingproducers of collagen casings.• Centro Español de Plásticos (CEP). This is theSpanish association of entities relating to themanufacture and processing of plastics.• Gelatin Manufacturers of Germany (GMG). Anorganisation of German gelatin producers.25
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 and 22: CasingsThe casings market showed a
Page 23 and 24: Performance bygeographical regionRe
Page 25: Preserved vegetables (IAN Group)In
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
Page 65 and 66: With regard to market risk and risk
Page 67 and 68: Article 22(c) of the Rules and Regu
Page 69 and 70: 1.- There were approved the balance
Page 71 and 72: E. 11. Indicate if the company is a
Page 73: Viscofan’s business andfinancial
Page 77 and 78:
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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