Mark previously chaired the Boortmalt Malting Barley Steering Group and was key to the development of the fledgling distilling malting barley supply chain a number of years ago. Mark and his brother have pioneered the use of min and strip till techniques on their farm over the last number of years.
Speaking about his priorities for the role, Mark said he and the
committee will focus on: •
Maximising the price for grain, proteins and straw from the 2018 harvest;
• Promoting native cereals and proteins to maximise their inclusion in compound feed rations and farm-to-farm sales;
• Developing an assurance scheme with co-ops and grain merchants to give greater visibility around the inclusion of native cereals and proteins in compound feed rations;
•
Revising the malting barley model to deliver greater returns for malting barley with an increased premium for distilling barley; and,
•
Examining land use opportunities for crops and crop residues to develop alternative income streams.
GLANBIA DELIVERS EIGHTH YEAR OF DOUBLE-DIGIT EARNINGS GROWTH
Glanbia plc has delivered yet another year of extremely positive business achievement.
The results’ highlights for the calendar year 2017 are as follows: • On a pro-forma basis adjusted Earnings Per Share from continuing operations was 87.11 cent, up 10.2% on prior year, constant currency (up 8.3% reported);
•
Reported profit after tax of €329.4 million up €117.3 million on prior year driven by underlying performance and the profit arising on the disposal of 60% of the Dairy Ireland segment;
•
Wholly owned revenue from continuing operations of €2,387.1 million (2016: €2,231.7 million) up 9.2% on prior year, constant currency (up 7.0% reported)
• Wholly owned EBITA from continuing operations of €283.2 million (2016: €273.3 million) up 5.8% on prior year, constant currency (up 3.6% reported)
• Glanbia Performance Nutrition delivered revenue growth of 13.7% constant currency (up 11.3% reported) with like-for-like branded sales growth of 6.3% and EBITA of €169.7 million, a 7.0% increase on prior year, constant currency (up 4.8% reported);
•
Glanbia Nutritionals delivered revenue growth of 5.4% constant currency (3.4% reported) and EBITA of €113.5 million, a 4.1%
increase on prior year, constant currency (up 2.0% reported) driven by a good performance from Nutritional Solutions; • Strong result for the year from Joint Ventures with share of profits pre-exceptionals of €42.8 million up €16.8 million (up 64.6% reported) primarily driven by higher dairy markets and volume growth;
• • •
Completion of the disposal of 60% of the Dairy Ireland segment and creation of a new joint venture, Glanbia Ireland;
Net debt reduced by €69.8 million to €367.7 million at year end 2017, net debt to EBITDA ratio of 1.07; and
Recommended final dividend of 16.09 cent per share. The 2017 full year dividend of 22.00 cent per share represents an increase of 65% on the prior year with revised dividend policy in place targeting an on-going dividend pay-out ratio of 25% to 35% of adjusted earnings per share.
ICSA WARY OF POTENTIAL MOVES TO REDUCE CAP BUDGET
Irish Cattle and Sheep Farmers’ Association (ICSA) president Patrick Kent has said he is alarmed at soundings coming from Brussels that a reduced CAP budget post-2020 could be on the cards.
“Maintaining the CAP budget has to be an absolute priority and I would urge Minister Creed, Taoiseach Varadkar and Commissioner Hogan to vigorously oppose any such move.”
A list of options set out in an EU Commission budget document published recently suggested that savings to the overall EU budget to tune of €60bn could be made if the CAP budget was reduced by 15%. This figures rises to €120bn in savings with a 30% cut to CAP spending.
Mr Kent said he was horrified that a reduced CAP budget would even be contemplated, given the challenges facing the agriculture sector.
“ICSA has been calling for an increase to the CAP budget to meet those challenges. The pressure is on with Brexit uncertainty, international trade deals and an increasing onus on farmers with regard to climate change. It is unconscionable that any cut in CAP payments could even be considered.”
IFA ENDORSES 2018 MALTING BARLEY CONTRACTS IFA deputy president Richard Kennedy has said the malting barley package negotiated with Boortmalt for 2018 is positive and includes significant new measures. These include: •
An initial fixed price offer of €167.50/t (exclusive of VAT) for contract green brewing malting barley.
FEED COMPOUNDER MARCH/APRIL 2018 PAGE 25
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68