Financial Highlights
- Irish Dairy Board (IDB) sales up 6% in 2010 to €1.9bn.
- Record sales of Kerrygold with branded sales up by 18% in value and 7% in volume.
- Operating surplus pre amortisation (ebita) for the year of €26.9m.
- Payout to members of €11.7m (€7.7m redeemable loan stock and €4m year end cash bonus) and a further €2m has been allocated to the annual bonus fund.
- Net Assets up €18.5m to €402.9m at the year end.
- 40% reduction in pension deficit to €6.9m
Other Highlights
- Significant progress in right sizing the business and driving operational efficiencies:
- Lean manufacturing programme commenced across our European operations.
- British Consumer Foods businesses consolidated under Adams Foods Ltd.
- Re-organisation of DPI Specialty Foods (US).
- Investment in growth:
- Product launches Kerrygold Extra (Germany) and BeoMilk (in Africa).
- €19.8m invested in capital development programme.
- Market recognition:
- ‘Exporter of the Year 2010' (Ireland), ‘Gold Medal Award’ (World Cheese championship, U.S.A) and three awards for Kerrygold Extra in Germany.
- Strategic review process is now completed and the repositioning of the IDB has begun.
Income Statement
| Income Statement (€ ,000) | 2010 | 2009 | 2008 |
| Sales | 1,927,525 | 1,822,753 | 2,090,495 |
| Earnings before Interest,Tax and Amortisation |
26,889 | 40,237 | 26,843 |
| EBITA Margin (%) |
1.4% | 2.2% | 1.3% |
Financial Position
| Financial Position (€ ,000) | 2010 | 2009 | 2008 |
| Cash | 17,417 | 57,714 | 4,717 |
| Bank borrowings | 140,759 | 83,912 | 212,083 |
| Net Debt | 123,342 | 26,198 | 207,366 |
| Members Funds at year end | 403,021 | 384,465 | 358,606 |
| Net Debt as % of members funds | 30.6% | 6.8% | 57.8% |
Members Funds
| Members Funds (€ ,000) | 2010 | 2009 | 2008 |
| Members funds at year end | 403,021 | 384,465 | 358,606 |
Personnel
| Personnel | 2010 | 2009 | 2008 |
| Average numbers employeed | 3,733 | 3,820 | 4,095 |
Sales Analysis - By Activity
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Sales Analysis - By Destination
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