Carbery Group delivers increases in profits and earnings

Carbery Group has reported an increase to €25m in its 2015 operating profits, up from €18.3m in 2014, plus a 33% rise in earnings before interest, depreciation, tax and amortisation to shareholders on a turnover of €349.5m.

The group’s year-end net debt was reduced 20% to €27.8m in 2015 (2013: €34.5m).

The year’s figures also included an exceptional credit of €6m from the sale of Carbery’s 50% stake in the Nutrifont joint venture in Brazil. The company says it remains acquisitive.

“We have two main goals: to deliver a strong performance for our shareholders and to deliver a competitive milk price for our farmer suppliers,” said Carbery CEO Dan MacSweeney.

“Our plan is to grow the business in Ballineen, and to deliver a strong portfolio of value-added products across our businesses.”

The group’s four co-ops delivered the leading milk price in 2015, consistently 1-2cpl ahead of the other Irish processors. They are currently paying around 26cpl.

The group’s 86 million shares are valued at around €3.08 each, up from €2.21.

At this valuation, the business would have a net equity value of around €250-260m; the gross value would be around €350 to €400m.

The group, which processes milk from four West Cork-based co-ops, reported a 13% rise in milk supply in the 2015 calendar year to 450 million litres. For the full year post-quota to the end of March 2016 milk supplies were up 18%.

In terms of remuneration, the 2015 accounts shows the group’s 14 senior executives shared €2.69m in salaries, with performance-related payments of €1.18m, plus employer social insurance, pensions and other benefits.

This translates into an average pay package of almost €300,000 per executive.

“A good number of these executives, including the top paid executives in the group, are not working for our Irish business and are not part of our Irish operations,” the company stated.

“They are senior international executives employed by our flavours business Synergy in markets like north America.”


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