compensated. Ireland has been singled out for €1.05bn in Brexit Support Aid, and Minister McConalogue and his department officials will have to fight for some of those funds to be directed towards the tillage sector.” Mr Carberry said, given the sharp increase in fertiliser prices, the
choice to move to organic farming might be more appealing for many tillage farmers. He concluded: “The Organics’ Scheme will open for applications
in March, and although places in the scheme are limited, I would urge farmers to give it some consideration. Equally, farmers could consider sowing beans to minimise their use of fertiliser. These options will only be useful for some tillage farmers, however, and a significant number are going to need help.”
GLANBIA PLC PUBLISHES ITS PROVISIONAL RESULTS FOR 2020 Glanbia plc has announced its preliminary results for the 2020 financial year ended 2 January 2021. The highlights are as follows: • Group navigated COVID-19 well, with the business portfolio delivering a resilient performance in 2020 • Solid top line with revenue of €3,823.1 million (2019: €3,875.7 million), up 0.6% constant currency on prior year (down 1.4% reported). Like-for-like* revenue grew 1.8% constant currency on prior year • Strong operating cash flow of €334.8 million (2019: €279.9 million); 122.4% cash conversion rate • Robust performance from Glanbia Nutritionals, which drove like- for-like revenue growth of 10% constant currency on prior year • Glanbia Performance Nutrition impacted by COVID-19 restrictions, in particular in Q2, delivered like-for-like revenue decline of 13.3% constant currency • Joint Ventures delivered a strong performance, with a reported share of profits up €13.0 million to €61.6 million • Adjusted earnings per share (“EPS”) of 73.78 cent (2019: 88.10 cent) was down 14.9% constant currency (down 16.3% reported) • Profit after tax of €143.8 million (2019: €180.2 million); exceptional items after tax of €31.5 million (2019: €34.6 million) • Group in a strong financial position, with net debt reduced by €120.4 million versus the prior year to €493.9 million; Net debt to adjusted EBITDA ratio of 1.7 times • Share buyback programme of up to €50 million successfully launched in Q4 2020 and ongoing in 2021 • Total dividend maintained at 2019 levels, representing a payout
ratio of 36.1% ahead of the target range of 25–35% due to strong cash flow. Recommended final dividend per share of 15.94 cent, total 2020 dividend 26.62 cent
Commenting on the report, Siobhán Talbot, group managing
director, said: “I am exceptionally proud of how our people responded to the many challenges of COVID-19. Throughout the pandemic, we lived our purpose and our values, delivering essential, nutritious food during the most challenging of circumstances and proving the resilience of our business. “We delivered on our priorities of protecting our people, continuing
the supply of food and maintaining our strong financial position. We kept our operations running safely with the aid of enhanced health and safety measures. Our business portfolio delivered a robust operating performance supported by our swift and decisive actions, which resulted in improving trends across the Group in the second half of the year.” She continued: “Our focused approach to liquidity resulted in
cash conversion of over 122%, and our financial position has improved materially, with net debt reducing by over €120 million during the course of 2020. “In 2020, like-for-like, wholly owned revenues grew by 1.8%, on a
constant currency basis. GN delivered a good performance versus prior year as the majority of its end-market demand was sustained throughout 2020, and it continued to execute its strategic growth agenda.”
NEW ENVIRONMENTAL FEED IMPACT MODEL LAUNCHED BY ALLTECH Alltech E-CO2 has developed the Feeds EA™ model to help feed manufacturers and producers globally measure and lower the carbon footprint of their feed. Feeds EA™ measures the environmental impact of feed production
at the feed mill level by assessing the impact of existing compounds or blends. This is determined by calculating greenhouse gas emissions from production, cultivation, processing, energy utilisation and transportation in the manufacturing of the feed. Feeds EA™ can calculate emissions from a database of more than 300 ingredients, including raw materials, soya products, by-products and additives. “Optimising the sustainability of feed production provides a huge
opportunity for the whole supply chain,” said Ben Braou, business general manager for Alltech E-CO2. “By utilising Feeds EA™, feed manufacturers are provided with
the means to further enhance their product range and sustainability credentials through supplying feed with a lower environmental impact.”
Feed has the potential to influence up to 80% of a farm’s carbon
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Alltech.com/ireland AlltechNaturally @Alltech Sarney | Summerhill Road | Dunboyne | Co. Meath FEED COMPOUNDER MARCH/APRIL 2021 PAGE 29
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