Annual report - Viscofan

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VISCOFAN ANNUAL REPORT 2006Viscofan: cutting-edge quality in artificial casingsThe world leader in the manufacture and sale of artificial casingfor meat products, using proprietary technology.The only artificial casings manufacturer to make all productfamilies: cellulose, collagen, fibrous and plastic.Over 2,600 customers, distributorships in more than 100countries across five continents and manufacturing sites in Europe,North America and Latin America.Leading Spanish distributor of canned whiteasparagus – we export to over 17 countries through the IAN Group,a preserved vegetable manufacturer and distributor.Viscofan has listed on the Madrid stock exchange sinceNovember 1986.Today, Viscofan operates casing manufacturing sites in Brazil, Czech Republic,Germany, Mexico, Serbia, Spain, and United States, and preservedvegetables plants working under IAN Group labels in China and Spain.2006 was a year of integrating acquired companies withthe Viscofan Group. The Group made a record profit of €31.3 million,58.9% up on 2005.Viscofan on the Internetwww.viscofan.com6
Milestones of Company history1975 1976 1977 1978 1979 1980 1981 1982 1983 19841985Viscofan founded1986 1987 1988 1989 1990 1991 1992 1993 1994 1995Viscofan listedon the stockexchangeViscofan acquiredIAN GroupViscofan acquiredNaturin GmbH(Germany)Incorporation ofViscofan do BrasilOpened salesoffices in Russiaand Asia, andestablishedfoothold in theUnited StatesAcquired Gamex in theCzech Republic1996 1997 1998 1999 2000 2001 2002 2003 20042005New sales officein ThailandCreatedViscofan PolandAcquiredKoteksprodukt AD(Serbia)Started up Viscofan Mexico2006Acquired Teepak7
Page 1: Annual Report 2006
Page 4 and 5: VISCOFAN ANNUAL REPORT 2006Letter f
Page 7: In 2006, our initiatives, results a
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 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
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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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