Nortura Annual report 2014
About Nortura Nortura SA is Norway s leading supplier of meat and eggs. We supply the country s major brands. Nortura ensures that consumers all over the country have the same selection of quality products to choose from. The group has a turnover of NOK 22 billion. We have approx. 5 550 employees in different industries in 29 municipalities all over the country. The group is organized as a cooperative owned by approx. 18 700 Norwegian farmers. The group s purpose is to sell the members slaughtered animals, eggs, live animals and wool in the best possible manner. The group shall through its operations contribute to the members receiving the best possible financial result from their livestock production. It is sought to attain the objectives through the group s core operations which include slaughtering, cutting, processing, egg packing, sales, marketing, trade of hatching eggs, trade of live animals, trade of wool and advisory services. The group may otherwise participate in or operate enterprises that have a natural business relation to the group s core operations and which forward the group s objectives. The group shall work towards improving general terms for Norwegian meat and poultry producers. Further, the group shall contribute to develop and maintain the set of values and principles for Nortura SA. Nortura SA Postboks 360 Økern 0513 Oslo Phone: 03070 Fax: 73 56 48 00 E-mail: firmapost@nortura.no Web: www.nortura.no Director of Communication: Elin Ytterdahl Tohje Editor: Marit Sandnes Graphic design: Even Hovensjø Olsen Photo: Eva Brænd & Studio B13 2
Key figures Turnover per FTE Earnings before interest, taxes, depreciation and amortization (EBITDA) Earnings before additional payments/taxes 4,00 1000 350 3,75 800 300 3,50 600 250 3,25 400 200 3,00 200 150 Equity ratio % Net interest-bearing debt / EDITDA Compensation beyond net recording 40 3,3 510 38 3,0 470 36 2,7 430 34 2,4 390 32 2,1 350 % Figures in million NOK 2011 2012 2013 2014 Turnover 18 133 19 177 20 621 21 994 Turnover per FTE 3,29 3,49 3,65 3,94 Earnings before interest, taxes, depreciation and amortization (EBITDA) 846 873 806 976 Earnings before interest and taxes (EBIT) 328 403 328 450 Earnings before additional payments/taxes 252 339 210 314 Total assets 7 878 7 925 8 643 9 344 Equity 3 077 3 142 3 243 3 447 Net interest-bearing debt 1 659 1 921 2 433 2 606 Equity ratio % 39,1 39,7 37,5 36,9 Return on total assets % 5,4 5,8 4,5 5,7 Equity return % 8,4 10,9 6,6 9,7 Net interest-bearing debt/editda 2,0 2,2 3,0 2,7 Debt-equity ratio 1,6 1,5 1,7 1,8 Compensation beyond net recording 495 412 483 519 Slaughter volume - metric tonnes 259 185 262 090 270 472 273 136 Active owners with rights 17 756 17 757 18 208 18 689 Number of completed FTEs 5 518 5 487 5 645 5 579 Presence % 91,4 92,3 92,7 92,7 H-value 27 30 24 28 Number of injuries with sick leave 212 242 220 241 3
Group management Arne Kristian Kolberg (46) CEO Harald Ullevoldsæter (51) Nortura Control, finance & IT Egil Olsvik (57) & deputy CEO Nortura Poultry & eggs Tor Aamot (60) Nortura Human Resources Lisbeth Svendsen (50) Nortura Production Kjell S. Rakkenes (44) Nortura Marketing & communication Hans Thorn Wittussen (50) Nortura Commodity & members Torleif Bjella (58) Nortura Partner Erling Geir Iversen (50) Nortura Logistics Robert Bekkhus (36) Nortura Brand sales CEO Human Resources Control, finance & IT Marketing & communication Logistics Commodity & members Production Poultry & eggs Partner Brand sales 4
Income statement Figures in 1 000 NOK Parent company Parent company Operating Income Group 2014 Group 2013 2014 2013 Revenue 19 223 623 17 500 334 16 105 253 15 083 121 Other operating income 2 770 474 2 849 420 2 713 294 2 887 684 Total operating revenues 21 994 096 20 349 754 18 818 547 17 970 805 Operating expenses Raw materials and consumables used 15 226 796 13 810 737 12 928 143 12 079 976 Payroll expenses 3 603 723 3 607 130 3 234 417 3 283 168 Depreciation / amortization of tangible fixed assets 509 169 498 932 391 330 383 773 Depreciation / amortization of intangible assets 17 079-21 421 2 381-30 394 Other operating expenses 2 187 616 2 126 348 2 001 504 1 952 795 Total operating costs 21 544 383 20 021 727 18 557 775 17 669 317 Operating profit 449 713 328 027 260 772 301 488 Financial income and expenses Income from investment in subsidiaries 70 762 40 301 Profit from investment in associates company 1 270 18 404 582 16 677 Other financial income 58 861 43 681 113 628 61 505 Other financial expenses 196 068 179 957 203 203 187 303 Net financial items -135 938-117 872-18 231-68 820 Profit before income tax 313 775 210 155 242 541 232 668 Taxes 71 268 84 282 60 298 79 017 Net profit for the year 242 508 125 873 182 243 153 651 Minority share of profit 22 383 22 296 The Board proposes the following allocation of net income: Parent company 2014 Parent company 2013 Allocated interest on Member Capital 28 516 25 341 Transferred to the Member Capital Account 80 000 80 000 Transfer to reserve for valuation variances -15 357-14 825 Transfer to / from other equity 89 084 63 135 Total allocated 182 243 153 651 5
Balance sheet Figures in 1 000 NOK Fixed assets Group Group Parent company Parent company Intangible assets 31.12.14 31.12.13 31.12.14 31.12.13 Deferred tax assets 160 833 186 499 85 266 117 717 Trademarks and similar rights 8 561 10 283 7 000 9 000 Goodwill 270 329 44 703 0 381 Total intangible assets 439 723 241 485 92 266 127 097 Fixed assets Buildings, land and other real estate 2 562 796 2 134 899 1 856 628 1 546 063 Machinery 784 199 716 386 571 373 461 505 Fixtures and fittings o.l. 313 728 349 202 253 649 285 439 Total fixed assets 3 660 722 3 200 487 2 681 650 2 293 007 Financial fixed assets Investments in subsidiaries 0 0 869 179 435 692 Loans to group companies 0 0 572 663 715 706 Investments in associates 198 079 140 786 190 304 133 001 Loans to associates 5 000 7 750 5 000 7 750 Investments in shares 23 635 41 294 23 594 41 254 Pension funds 755 821 619 836 738 950 610 442 Other long term debts 63 751 76 581 60 940 73 755 Total financial assets 1 046 285 886 248 2 460 631 2 017 601 Total fixed assets 5 146 731 4 328 220 5 234 546 4 437 705 Current assets Stocks Stocks 2 240 471 2 397 172 1 844 807 2 038 601 Total stocks 2 240 471 2 397 172 1 844 807 2 038 601 Short-term receivables Accounts receivable 1 122 557 1 211 230 768 122 884 988 Other current receivables 206 582 96 261 256 242 111 727 Total current receivables 1 329 139 1 307 490 1 024 364 996 715 Cash and bank deposits Cash and bank deposits 628 131 610 350 534 123 514 830 Total cash and bank deposits 628 131 610 350 534 123 514 830 Total current assets 4 197 741 4 315 012 3 403 294 3 550 146 Total assets 9 344 472 8 643 232 8 637 841 7 987 852 6
Balance sheet Figures in 1 000 NOK Equity Group Group Parent company Parent company Paid in capital 31.12.14 31.12.13 31.12.14 31.12.13 Obligatory share capital 227 304 224 652 227 304 224 652 Volunteers share capital 96 96 96 96 Total paid in capital 227 400 224 748 227 400 224 748 Retained earnings Free equity 0 0 2 459 076 2 369 840 The group's reserve 2 645 621 2 540 323 0 0 Revaluation reserve 0 0 84 897 100 254 Member capital account 444 308 369 152 444 308 369 152 Minority interests 129 958 108 932 0 0 Total retained earnings 3 219 887 3 018 407 2 988 281 2 839 246 Total equity 3 447 287 3 243 155 3 215 681 3 063 994 Long term debt Provisions for liabilities Pension obligations 50 602 81 954 47 716 76 450 Long-term financial liabilities 2 521 3 459 0 0 Provisions for liabilities 151 897 164 650 151 897 164 650 Deferred tax 37 347 7 398 0 0 Total provisions for liabilities 242 367 257 462 199 613 241 100 Other long-term debt Liabilities to credit institutions 1 217 002 1 497 433 1 194 198 1 472 647 Bond 1 725 000 935 000 1 725 000 935 000 Other long term debt 146 881 41 402 147 490 41 373 Total other long term debt 3 088 883 2 473 835 3 066 688 2 449 020 Total long term debt 3 331 250 2 731 297 3 266 301 2 690 121 Current liabilities Liabilities to credit institutions 45 014 320 198 0 200 000 Accounts payable 1 090 343 905 284 893 775 738 467 Tax payable 48 437 49 239 26 292 28 732 Official taxes and duties 188 480 233 208 167 547 203 809 Other current liabilities 1 193 662 1 160 851 1 068 245 1 062 730 Total current liabilities 2 565 935 2 668 779 2 155 859 2 233 738 Total liabilities and equity 9 344 472 8 643 232 8 637 841 7 987 852 Oslo, 11. February 2015 Sveinung Svebestad Chairman of the board Bente Roer Oddveig Gikling-Bjørnå Teig Madsen Live Major Kari Redse Håskjold Deputy Chairman Inger Lise Aarrestad Rettedal Robert Søndrål Jorunn Egeland Trond Andersen Arne Kristian Kolberg CEO Kjersti Hoff Sverre A. Lang-Ree Ken Ove Sletthaug Viggo Sennesvik 7