Annual report & review 2006 - Shopic.com

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Musgrave at a glance What is the Musgrave Group We partner entrepreneurial food retailers and foodservice professionals in Ireland, Great Britain and Spain. The company was founded in Cork in 1876 by brothers Thomas and Stuart Musgrave, and is now Ireland’s biggest food and grocery distributor. In Great Britain, we completed the acquisition of Budgens convenience stores in 2002 and bought the Londis franchise in 2004. We now serve more than 3,000 stores in Ireland, Great Britain and Spain. How many stores are associated with the Musgrave brands Republic Of Ireland Northern Ireland Great Britain Spain SuperValu 180 38 – 18 Centra 407 83 – – Budgens – – 182 – Londis – – 1917 – Daybreak 94 – – – DayToday 66 106 – – Dialprix – – – 53 How do we work with retailers We believe local retailers are the lifeblood of their communities. This is why more than 27 years ago we established the SuperValu and Centra brands, with the aim of securing a competitive independent retail sector throughout urban and rural Ireland. Our success is based on an innovative retail model which we’ve refined through experience and by listening to our retailers and their customers. Our approach is to equip independent retailers associated with our brands with the sales, marketing, IT, finance and logistical expertise that come with the most advanced retail business practice. We also leverage our scale to help them compete on quality and price and we work with local suppliers to satisfy a growing demand for fresh, locally sourced products. What’s different about the independent retailers who work with us Our retailers are independent, as almost all the outlets that carry our brands are owned by progressive entrepreneurs living and working in the communities in which they operate. These are businesses committed to excellent customer service and run by people who thrive on innovation. Owners and their staff work hard to ensure their stores thrive through excellence – from staff training to strong lines in fresh, local produce; superb in‐store experience to high standards of hygiene. How many people are employed by Musgrave and its retailers The Musgrave Group and its retailers have more than 44,000 employees. Together in the Republic of Ireland we are the country’s second largest employer, with more than 24,000 employees. Musgrave Group Plc Annual Report & Review 2006
Musgrave at a glance hoW Do We SouRCe pRoDuCe We’re committed to providing consumers with the local, fresh, quality produce they want. In SuperValu and Centra in Ireland, 75 per cent of the produce we sell in our stores is either produced or manufactured in Ireland. We also support a wide range of local suppliers at community level. Our strategy is to replicate this model wherever possible with our Budgens and Londis stores in Great Britain, and in Spain. WhaT’S ouR poSITIoN oN The eNVIRoNMeNTaL IMpaCT oF ouR BuSINeSS We are proud of our reputation for transparency on environmental issues. We believe we have an obligation to our stakeholders to report and account for our environmental and social performance. Our award-winning environmental and Social Accountability reports, which are independently verified by specialist third-parties, are public testimony to our environmental convictions and are a comprehensive record of our performance. They are available at www.musgrave.ie. 2006 FINaNCIaL hIGhLIGhTS 2006 2005 2004 2003 2002 Sales to Retailer €m 4,593.5 4,393.6 3,761.8 3,341.1 2,775.1 profit Before Tax €m 81.0 70.9 67.3 58.3 56.7 profit After Tax €m 60.7 54.3 50.3 41.9 38.9 Net Debt €m 186.3 325.7 375.7 383.8 457.9 Dividend per Share cent 26.1 24.9 23.0 20.0 18.2 Shareholders’ Funds €m 308.7 242.3 215.7 229.3 216.6 Group Turnover (€ billions) Profit before tax (€ millions) Net debt (€ millions) 4.39 4.59 457.9 3.34 3.76 67.3 70.9 81.0 383.8 375.7 325.7 2.78 56.7 58.3 186.3 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 n Group turnover of €4,593.5 million, up 4.5% n Profit before taxation of €81 million, up 14.2% n Net debt reduced by €139.4 million to €186.3 million n Retail Partner Sales of €6.7 billion up 6.9% n Dividend per share increased by 5% to 26.1 cent 5 MuSGRAVe GROup pLC aNNuaL RepoRT & ReVIeW 2006
Page 1 and 2: Annual report & review 2006
Page 3: Musgrave at a glance 4 Our Chairman
Page 7 and 8: Our Chairman’s statement WoRkING
Page 9 and 10: Interview with our Group CEO Making
Page 11 and 12: Interview with our Group CEO orderi
Page 13 and 14: Interview with our Group CEO exciti
Page 15 and 16: Review of 2006 This is a year in wh
Page 17 and 18: Our business is all about respondin
Page 19 and 20: Review of 2006 Our innovative Marke
Page 21 and 22: Review of 2006 Our business in Grea
Page 23 and 24: Different & better - retailers & lo
Page 29 and 30: Budgens Virginia Quay Providing a h
Page 33 and 34: Different & better - consumers & co
Page 39 and 40: to meet international best practice
Page 41 and 42: Musgrave Group head office, Cork 41
Page 43 and 44: Responsibility charitable support A
Page 45 and 46: accordance with management’s auth
Page 47 and 48: Our board of directors peter Musgra
Page 49 and 50: Results Turnover amounted to €4,5
Page 51 and 52: Finance review Taxation The effecti
Page 53 and 54: Summary financial statements CONSOL
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Summary financial statements Notes
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Summary financial statements 5 Taxa
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Summary financial statements 10 Ban
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Summary financial statements 15 Rec
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Summary financial statements Analys
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Summary financial statements Moveme
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