AB Mauri

August 2009
History of AB Mauri

AB Mauri manufactures yeast & bakery

ingredients in 25 countries worldwide,
with 5276 employees, and has sales
and distribution in over 40 countries.

AB Mauri was formed in November

2004 as a new operating division of
Associated British Foods plc (ABF).

ABF is a diversified international food,

ingredients and retail group with
turnover of £6.0 billion (2006) and
46,703 employees in 46 countries.
 A B Mauri around the world

Region Employees
• 5859 employees of which 95% are USA/Canada 314
based outside UK
Brazil 528
• 42 plants in 27 countries.
Hispanoamérica 1232
• Organised in six regions.
E&A 589
• Sales and distribution in 40+
S&W Asia 1334
countries.
• A number of Joint Ventures, CEAP 1917
mainly in Asia and South America. Other 71
Total 5985
Some of AB Mauri’s Brands
ABMauri

1
 ABF’s Global Reach
NETHERLANDS (3) POLAND (3) TURKEY (1) INDIA (4)
SPAIN (4) IRELAND (37) UK (208) SWITZERLAND (1)
GERMANY (2)
FRANCE (1) FINLAND (1) PAKISTAN (1) CHINA (21)
PORTUGAL (1)

THAILAND (1)
CANADA (2)

VIETNAM (1)

US (28) PHILIPPINES (2)

MEXICO (1) SRI-LANKA (1)

COLUMBIA (1) MALAYSIA (1)

ECUADOR (1) INDONESIA (2)

PERU (1) AUSTRALIA (40)

CHILE (1)

BRAZIL (2) ZAMBIA (1) SWAZILAND (1) MALAWI (2) NEW ZEALAND (11)
MOZAMBIQUE (1) TANZANIA (2)
ARGENTINA (2) SOUTH AFRICA (7)
URUGUAY (1)
Associated British Foods plc

Business overview
Global presence

Associated British Foods is a diversified international food, ingredients and

retail group with sales of £8.2 billion and 96,000 employees in 44 countries
Leading brands
Financial highlights

Worldwide revenue £8.2 billion

Adjusted operating profit £664 million
Adjusted profit before tax £632 million
Net investment on acquisitions
and capital expenditure £710 million
Net debt £791 million

All figures are for the 2007/8 financial year

Results

2007/8 2006/7
• Group revenue: £8.2 bn (up 21%) £6.8 bn
• Adjusted operating profit: £664m* (up 7%) £622m
• Adjusted profit before tax: £632m** (up 3%) £613m
• Adjusted earnings per share: 54.9p** (up 4%) 52.9p
• Dividends per share: 20.25p (up 4%) 19.5p
• Net debt: £791m £311m
• Basic earnings per share: 45.2p (down 3%) 46.7p
• Profit before tax: £527m (up 4%) £508m

* before amortisation of non-operating intangibles, profits less losses on the sale of PP&E and exceptional items
** before amortisation of non-operating intangibles, profits less losses on the sale of PP&E, profits less losses on the sale and closure of
businesses and exceptional items
Ranking

European food companies (as at 13 September 2008)

Company Country
Nestle Switzerland

Unilever Netherlands

Danone France

Cadbury UK

Associated British Foods UK

Group at a glance

Sugar & Agriculture Sugar, Europe Sugar, southern Africa

Sugar, China Agriculture

Hot beverages
Grocery Herbs and spices World foods and sugar and
sweeteners

Bread, baked goods

Meat and dairy Vegetable oils and cereals

Ingredients Yeast and bakery ingredients Speciality ingredients

Retail Primark and Penneys

Group at a glance

Grocery 2008 2007 Change

Revenue £m 3,254 2,605 +25%

Operating profit £m 194 153 +27%

Sugar & Agriculture 2008 2007 Change

Revenue £m 2,134 1,796 +19%

Operating profit £m 186 217 -14%

Ingredients 2008 2007 Change

Revenue £m 842 698 +21%
Operating profit £m 75 71 +6%

Retail 2008 2007 Change

Revenue £m 1,933 1,602 +21%
Operating profit £m 233 200 +17%
Business highlights

• Balanced diversified business with strong financial position

• Operates in the world’s food markets plus the retail fashion industry in UK,
Ireland & Spain
• Significant businesses in Europe, Americas, Africa, & Asia
• 96,000 employees operating in 44 countries
• Adjusted operating profit increased consistently over the last 5 years
• Listed on London Stock Exchange
• Controlling interest held by the Weston family
• Devolved organisation with a small central team and a performance and
results-led culture
Corporate objectives

• Twin financial goals:

- Sustainable real profits growth
- Long-term cash generation
• Focus energies on market segments where we can establish strong, sustainable
leadership positions
• Grow organically and by acquisition in complementary activities
• Achieve high levels of operating efficiency
• Operate through a focused divisional structure in which each business:
- has an influential market position
- has sufficient scale to attract highest quality management
- has differentiated features for leveraging added value
- has potential for sustained revenue and profit growth or cash flow
Ongoing developments

Acquisitions Disposals
Jordans

K R Castlemaine 2008
North China Sugar SPI Polyols

Patak’s 2007 Scandinavian distributors

Illovo
2006

Tones

AB Mauri

Littlewoods & Allders stores 2005

Billington’s
Askeys ACH speciality rice

Mazola in Mexico

G Costa 2004 GWF biscuit business

Bottled oil business from Bunge British 3rd party flour milling
Divisional overview

Grocery 2008 2007 Change

Revenue £m 3,254 2,605 +25%
Operating profit £m 194 153 +27%

Major manufacturer of branded and private label groceries

Hot beverages and sugar and sweeteners

Vegetable oils

World Foods Bread and baked goods

Meat and dairy Herbs and spices

Divisional overview

Sugar & Agriculture 2008 2007 Change

Revenue £m 2,134 1,796 +19%
Operating profit £m 186 217 -14%

Second largest world sugar producer (Europe, Africa, China)

Large agribusiness operations

Over 1 million tonnes of sugar produced in the UK

Over 200k tonnes of sugar produced in Poland

More than 750k tonnes produced in China

Africa’s largest sugar producer (1.8 million tonnes) with extensive

operations in six countries

Animal feeds and feed micro-ingredients

businesses in the UK and China
Divisional overview

Ingredients 2008 2007 Change

Revenue £m 842 698 +21%
Operating profit £m 75 71 +6%

Market leader in yeast production

Technology leader in bakery ingredients

AB Mauri operates globally in yeast and bakery ingredient production with 50

plants in 28 countries, supplying plant & artisanal bakers and the foodservice &
wholesale channels

ABF Ingredients is a group of companies focusing on high value ingredients

such as enzymes, yeast extracts, speciality lipids, emulsifiers, cereal
specialties and proteins food and non-food applications
Divisional overview

Retail 2008 2007 Change

Revenue £m 1,933 1,602 +21%
Operating profit £m 233 200 +17%

Primark - major value fashion retail group

Operates stores in UK, Ireland and Spain

Targeted at the fashion-conscious under-35s

190 stores and over 28,000 employees
Primark sells almost 1 in every 10 items of clothing purchased in the UK
UK’s second largest clothing retailer by volume (source: TNS)