Annual report - Viscofan

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VISCOFAN ANNUAL REPORT 2006Viscofan on the stock exchangeViscofan strives to create value for its shareholdersby improving its like-for-like performance andplaying an active role in the ongoing consolidation ofthe industry; this has been well received by themarket, and the Company share price rose 54% in2006 to €14.29. Viscofan thus went from marketcapitalisation of €445 million at the start of 2006 to€685 million at year-end 2006.In 2006, the Group rewarded its shareholders interms of dividends, an issue premium refund and aGeneral Meeting attendance bonus in the amount of€0.193 per share gross. Shareholder remunerationthus amounted to over €9 million in 2006.Improved profitability andhigher earnings continue to translate intohigher shareholder remunerationThe rise in share price and increased shareholderremuneration meant that a shareholder buyingshares at the opening of 2006 and holding them to31 December 2006 would have achieved a return of56.1% on his or her investment.2006 also saw an increase in the average dailyvolume of the amount traded on the Spanish stockexchange €1.5 million versus €1.2 million in 2005. In2006, therefore, the equivalent of 66% of theCompany’s average capitalisation was traded on themarket.The Company bolstered its investor relations unitand ran five road shows attended by themanagement team. One-to-one meetings were heldwith 75 fund managers from a range of differentcountries, and Viscofan was present at a range ofconferences and seminars hosted by the financialcommunity.DividendsIn January 2007, the Viscofan Board of Directorsresolved to declare an interim dividend out of earningsfor 2006 in the amount of €0.140 per share gross,making for a 79.5% increase on the interim divideddeclared in 2005. Moreover, the Board has proposedto the General Meeting that it approve a refund of theissue premium in the amount of €0.160 per share, anda bonus of €0.005 per share for attendance at theGeneral Meeting. Total shareholder remunerationproposed for 2006 therefore stands at €0.305 pershare, 58% up on the previous year’s figure.Shareholder remuneration accounts for 46.4% ofearnings per share generated in 2006, and fulfils theCompany’s undertaking to reward shareholders inconsonance with the improved performanceachieved in the year.The Board has also proposed to the General Meeting aresolution to redeem 662,964 treasury shares, 1.4% ofshare capital; this move will boost earnings per share.As regards major shareholders, on 31 December 2006the fund manager Bestinver Gestión, S.A., S.G.I.I.A.disclosed that across the various funds under itsmanagement it held 8.64% of Company shares.36
Share price performance in 2006170160150140ViscofanIBEX Medium Cap130IBEX 351201101009080January February March April May June July August Sept October Nov DecStock exchange highlights 2006 2006 2005 2004Listed shares 47,959,806 47,959,806 48,346,579Share capital at 31 Dec (millions of euro) 14.39 14.39 14.50Market capitalisation at year-end (millions of euro) 685.35 445.07 360.18Traded volume (cash value, millions of euro) 372.1 309.0 177.2Daily average trading volume (millions of euro) 1.5 1.2 0.7Traded shares 31,732,853 36,831,430 23,090,572Daily average of traded shares 124,932.49 146,738.76 91,994.31Share price (€)Year-end price 14.29 9.28 7.45Average 11.72 8.38 7.65High 14.71 9.97 8.29Low 9.18 7.20 7.03Year-end data 2006 2005 2004% annual change, Viscofan 54.0% 24.6% 5.7%% annual change, IGBM (Madrid all-share) 34.5% 20.6% 18.7%% annual change, IBEX 35 31.8% 18.2% 17.4%% annual change, IBEX Medium Cap 42.1% 37.1% 25.1%% annual change, IBEX Small Cap 54.4% 42.5% 22.4%% annual change, food sector 25.4% 31.5% 23.3%Earnings per share (1) 0.657 0.410 0.286Proposed dividend per share (2) 0.305 0.193 0.185Viscofan P/E ratio 21.92 22.63 25.69(1) Net earnings per share calculated by dividing net profit by the weighted average of ordinary shares in circulation in the year, excludingtreasury shares.(2) Includes interim dividend, refund of issue premium and bonus for attending the General Meeting.37
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 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: Directors' payThe articles of assoc
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
Page 79 and 80: Consolidated statements of changes
Page 81 and 82: 3.2. Comparison of informationThe c
Page 83 and 84: Potential tax benefits from tax los
Page 85 and 86: Replacements of property, plant and
Page 87 and 88: 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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