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SHAPING UP ASA EUROPEAN BUSINESSMcBRIDE IS THE LEADING SUPPLIER OF PRIVATE LABELHOUSEHOLD AND PERSONAL CARE PRODUCTS FOR EUROPE’SLARGEST AND MOST SUCCESSFUL RETAILERS.THE COMPANY IS STRUCTURED TO GIVE ITS CUSTOMERSA COMPLETE PRIVATE LABEL SERVICE THAT INCLUDESMARKETING AND CATEGORY DEVELOPMENT, PRODUCTAND PACKAGING DESIGN, LOGISTICS AND SUPPLY CHAINMANAGEMENT AND FAST RESPONSES TO MARKET NEEDSWITH MANUFACTURING CENTRES IN SIX COUNTRIESACROSS EUROPE.McBRIDE DIFFERENTIATES ITSELF FROM COMPETITORSIN THE MARKETS WHERE IT OPERATES BY ITS INTEGRATEDAPPROACH, THEREBY REDUCING THE RISKS OF DOINGBUSINESS FOR ITS CUSTOMERS AND OF INVESTMENTFOR ITS SHAREHOLDERS.McBRIDE IS AN ORGANISATION FOCUSED ON TOTALCUSTOMER SERVICE. IT ABIDES BY THE HIGH PROFESSIONALAND ETHICAL STANDARDS EXPECTED OF A BUSINESS THATOVER THE LAST DECADE HAS CONSISTENTLY ADAPTED ITSELFTO THE DYNAMICS OF A HIGHLY COMPETITIVE MARKETWHILE PROFITABLY SUPPLYING SOME OF THE WORLD’SMOST POWERFUL AND DEMANDING RETAILERS.Contents01 Driving the business forward02 Financial and commercial highlights04 Company overview06 Chairman’s statement08 Chief Executive’s review13 Finance Director’s report16 Directors18 McBride UK, Continental Europeand International24 Directors’ report37 Independent Auditors’ report38 Consolidated profit and loss account39 Balance sheet40 Consolidated cash flow statement40 Reconciliation of net cash flowto movement in net debt41 Consolidated statement of totalrecognised gains and losses41 Reconciliation of movements inshareholders’ funds42 Notes to the financial statements58 Five-year financial summary58 Financial calendar59 Group directory/advisorsMcBride plc Annual Report 2004
DRIVING THE BUSINESS FORWARDOur strategy for profitable growth and cashgeneration is based on a commitment toimproving our services for leading retailersin all major European markets.Success has been achieved by strategicfocus on five key areas:>Ensuring we are in the markets wherewe will achieve the greatest returns –protecting our leadership in the UK,targeting growth sectors in Western andCentral Europe, and supporting majorcustomers as they expand in the newmember states of Europe and theemerging markets of Eastern Europe>Maximising the effective use of existingassets through improved asset utilisation,yields and productivity to produce highervolumes from the asset base>Applying new technology and technicalinnovation to keep ahead in productdevelopment, speed to market and flexible,responsive customer service>Ensuring strong and consistent financialdisciplines throughout the business toimprove returns on capital to maximisecash generation>From the innovation of new productsthrough the protection of our naturalenvironment via prudent use of resourcesand waste minimisation, to the welfare anddevelopment of our greatest asset – ourpeople – we are committed to sustainabledevelopmentThe European Private Label market isa competitive but growing market whichprovides opportunities for organic andacquisition growth. This environment,combined with management focus on costefficiency, productivity, cash managementand higher returns on capital, give McBridecontinued scope to improve totalshareholder return.Turnover (£m)(prior years restated)Operating profit (£m)(pre goodwill amortisation and exceptional items)600500400300200100040482.2 483.835467.5 486.8 501.3 30 32.531.135.12526.123.8201510501999-00 2000-01 2001-02 2002-03 2003-041999-00 2000-01 2001-02 2002-03 2003-04Dividend per share – pence per shareEarnings per share – pence per share(pre goodwill amortisation and exceptional items)543214.62.0 2.12.94.015129639.37.47.811.013.501999-00 2000-01 2001-02 2002-03 2003-0401999-00 2000-01 2001-02 2002-03 2003-04McBride plc Annual Report 2004 01
Page 1: DELIVERINGGROWTHIN EUROPEANNUALREPO
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Page 9 and 10: APLMcBRIDE ACQUIRES EQUITYSHAREHOLD
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Page 21 and 22: 07Reducing costsA new co-managed in
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Page 41 and 42: BALANCE SHEETat 30 June 2004Restate
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19 Called up share capitalGroup2004
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24 Pension schemes continuedFRS 17
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26 Reconciliation of operating prof
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31 Financial instruments continuedF
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GROUP DIRECTORY/ADVISORSGroup Direc
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Designed and produced by College De
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