File Name: pz nigeria plc annual report and accounts statement 2008 .zip
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Because we want to leave a legacy for the next generation that we can all be proud of. They are the attributes that describe our culture and make us 45 Results at a glance unique. How our values are realised Behaviours: To help us thrive as a business and in our of comprehensive income individual roles, our CANDO values are realised by demonstrating our behaviours. They 47 Consolidated statement of dictate the ways of working and operating that will enable us to achieve our vision.
Use the document controls located at the top of each page to navigate through the report and use the contents to jump straight to the section you require.
Search the entire document by keyword. Print a single page or whole sections. Return to the contents at the beginning of the document. We develop leading brands in selected mature and emerging markets that have potential for future growth. World class supply chain and distribution networks in Africa, Asia and Europe enable us to deliver our brands quickly and efficiently to local consumers.
Mission We are an entrepreneurial, international company, enhancing lives of consumers with quality, value and innovation. Vision We are a profitable, growing and dynamic company. We are passionate about our leading brands. We drive innovation in everything we do. We are proud of our unique culture that binds us together. We do well, we do good and we have fun! It has been particularly pleasing to see the progress of the palm oil joint venture with Wilmar with the brands Mamador and Devon King s performing well and the refinery operating close to capacity in its first full year of operation.
During the year we acquired Rafferty s Garden and sold our Polish Home Care brands as we continue to seek to focus the business on areas we perceive have high growth potential and where we can add substantial value. The acquisition of Rafferty s Garden marked our entry into the Asian Food and Nutrition category, a sector we believe is particularly exciting and where we are developing plans for further growth. Having disposed of the Polish Home Care brands we are now focussing on the Personal Care and Beauty business in that region.
Our balance sheet remains strong and we have the appetite to pursue further investment opportunities which fit our strategic aims.
Whilst trading conditions in most markets remain challenging, the Group continues to focus on a dynamic and fast brand renovation and innovation programme and successful delivery of new areas of growth such as Rafferty s Garden and the Wilmar joint venture.
These initiatives will help to offset the continuing macro challenges, including foreign exchange volatility and the reduction in profits from Poland as a result of the strategic Home Care brands sale. Our overall performance since the year end has been in line with management expectations. James has served as a Nonexecutive Director since October and has made a huge contribution to the Board and the Company over that time. We wish him all the very best for the future.
Sadly, this year has marked the death of Sir John Zochonis our former Chairman. I would also like to take this opportunity to thank all of the Group s staff for their continued hard work and dedication which continues to drive our growth. Your efforts are highly appreciated both by me and by the Board of Directors. Richard Harvey Non-executive Chairman 29 July. Sir John, great-nephew of the Group s co founder George Basil Zochonis, joined the Group in , becoming a Director in and serving as Chairman from until his retirement in During his time as Chairman, the Group s footprint in Europe, Asia and Africa was expanded including the strategically important acquisition of Cussons in Following Sir John s retirement, the Group s established footprint and strong balance sheet served as the platform for future growth resulting in the Group s entry into the FTSE in Sir John stayed very close to the business, frequently coming into the office in Manchester right up until a few weeks before his death.
He remained proud of the Group, and of its employees, and was excited for our future. Outside of work, Sir John founded the Zochonis Charitable Trust which has helped numerous charitable causes for over 35 years and received his knighthood in Sir John is sadly missed by everyone at PZ Cussons who had the privilege to know and work with him. He will be remembered for his kindness and generosity, his sharp mind, his wit and humour and for his humanity, humility and philanthropy.
Africa Africa remains the Group s largest region by revenue and in Nigeria, Africa s most populous country circa million people and our biggest single market, we operate in four categories: Personal Care, Home Care, Electricals and Food and Nutrition.
The Personal Care and Home Care businesses have established local brands with ongoing renovation programmes leading to continued maintenance and growth of our market share. The Electricals business leads the core refrigerator, freezer and washing machine market. Within the Food and Nutrition category we have two joint ventures: Nutricima, with Glanbia Plc operating predominantly in the nutritional beverage sector; and PZ Wilmar, with Wilmar International Limited operating in the manufacture and distribution of refined branded and bulk palm oil products.
In Ghana and Kenya our established businesses and brands are well placed to benefit from anticipated future growth in these countries and the wider region. Asia The Asian markets in which we operate provide a naturally balanced geographic portfolio, containing both mature and emerging markets with excellent opportunity for growth. Indonesia is the fourth most populous country in the world with a population of circa million and the largest economy in South East Asia.
Our Cussons Baby brand is the market leader and our distribution network also enables our other Personal Care brands to be delivered to consumers throughout the region. Australia represents a more mature market where we have leading positions in the Home Care category through our dish and fabric care products, a growing Personal Care business and an established Food and Nutrition business through the Rafferty s Garden baby food brand.
Our businesses in Thailand and the Middle East are smaller and less well established but have good growth potential. Europe Our business in Europe comprises a broad range of categories and markets. Poland s revenue is generated by the Personal Care business through replicating the innovation from the UK.
The Food and Nutrition category is represented in Greece by Minerva and associated brands. The Beauty division is a global business based in London which markets and sells Sanctuary, St. Tropez, Charles Worthington and Fudge brands. Revenue: Africa Our strategic pillars are the key enablers to deliver this model. Selected categories We operate in selected categories where our brands have a strategic advantage and which offer profitable growth opportunities. We win through understanding local consumer needs, being first to market and being unconstrained by big company bureaucracy.
Continuous and faster innovation will ensure our brands occupy leading positions in these categories. Progress and priorities We continue to renovate and innovate our brands and products across our portfolio to differentiate our offering in the competitive markets in which we operate. Highlights include the UK relaunch of Imperial Leather across three new tiers see page 16 , the Australian laundry brand Radiant s new range of products see page 14 and several new Beauty division product launches see page As stated in our previous report we are continuing to leverage our brands globally.
This year we have seen: Original Source successfully expand further in Australia, Poland and Indonesia; Cussons Baby s continued growth in Nigeria and Carex s further development into Indonesia and Africa. Our priorities for next year are to continue with our brand innovation and renovation strategy and to look for further opportunities within our selected categories. Selected geographies We operate in specific geographies through our own infrastructure or in partnership.
In these geographies we will tailor our channel approach for each category. Progress and priorities A number of geographies we operate in have high growth potential. During the year we have made significant investments in Nigeria through our joint ventures with Wilmar see page 13 and Haier see page In the Asia region we purchased Rafferty s Garden, an Australian Food and Nutrition brand, and it is expected to be launched outside of Australia before the end of the calendar year. In addition both the Asia and Africa regions have seen continued investment in both global, regional and local brands.
Our priorities for next year are to continue the investment in high-growth regions and to look for further international expansion opportunities. We deliver innovative products from various sources to our customers quickly and efficiently. Progress and priorities The initial phase of the supply chain optimisation project has been completed in the current year.
The project has both increased the flexibility and reduced the overhead footprint of our manufacturing facilities within our supply chain. During this process additional supply chain opportunities were identified including; the optimisation of our route to market in key emerging markets and a new enhanced manufacturing facility for Electricals in Nigeria.
Our CAN DO culture is the unifying strength that binds together our diverse businesses around the world. We are responsible, demanding and have a sense of fun! Progress and priorities CAN DO continues to be at the heart of our business, demonstrated day in and day out through the passion and commitment of our employees.
Our Group structure and systems project is challenging our people across all our geographies to change the way we work to enable faster and more efficient decision making to deliver brands and products to market. Continuous development of our people is a key factor in our growth. This has been evidenced during the year through the development of a bespoke PZ Cussons commercial capability curriculum in addition to over Nigerian managers attending soft skills and behaviour workshops.
We will continue to recruit the best CAN DO people and support them to achievement through living our values. It is this CAN DO culture that we believe is the unifying strength that binds together our diverse businesses around the world. Courage We challenge convention, ourselves and each other. We have the strength, willingness and determination to initiate, make things happen and to carry them through.
Accountability We are all champions of our Company. We take personal responsibility for achieving our objectives. We do what we say we shall do. We do what is right, not merely what is expected. We act with openness, integrity and trust. We ask for help, admit to our mistakes and put things right. Drive We are relentless in our pursuit of success.
Together we approach each day with the energy, passion and persistence to exceed expectations. Oneness We are all PZ Cussons people. We treat each other with respect regardless of status. We act professionally and together we celebrate our success with understated pride. We are quiet achievers. Networking We are one Company across all functions and geographies. We work towards a common goal through co-operation and teamwork. The CSR report also includes our diversity and human rights disclosures.
Whilst trading conditions continue to be tough in most markets, the Group s speed to market with brand innovation and renovation, as well as a continuing focus on improving margins, has enabled another year of profitable growth to be delivered. Within Africa, Nigeria continues to be the largest market with the majority of revenue and operating profit coming from that geography.
Operating profit growth was achieved in the year despite the significant ongoing disruption in the north of the country and generally low levels of liquidity in the market. With the new PZ Wilmar joint venture fully up and running, the Group now benefits from significant category diversification with a spread of businesses across Personal Care, Home Care, Electricals and now two joint ventures in the Food and Nutrition category.
Underlying performance in Asia has been strong although the weakening in the Australian Dollar and Indonesian Rupiah has impacted results in Sterling. Regional results are ahead of the prior year as a result of the Rafferty s Garden acquisition which contributed circa In Europe, a strong performance, in particular from the Washing and Bathing division, resulted in higher operating profits versus the prior year.
The sale of the Polish Home Care brands resulted in revenue from that market being 24 million lower than the previous year, whilst profits were at a similar level as a result of a strong performance pre disposal.
Mission We are an international, entrepreneurial conglomerate operating locally to enhance the lives of all consumers through quality, value and innovation, day after day. Vision We shall profitably grow our business, strengthening our product portfolio, enhancing the lives of our employees, consumers and all other stakeholders, by living and breathing our shared values, everyday. They were into the business of exporting palm products, ground-nuts, hide-skin and timber to Europe and importing European textiles and food stuffs. A new era started in when the company invested in the equity of a soap manufacturing company - P. This became one of the companys principal activities. In , Mr.
40 Notes to the Consolidated Financial Statements HEREBY GIVEN that the 65 Annual General Meeting of PZ Cussons Nigeria Plc will be held at Transcorp.
Embed Size px x x x x Mission We are an international, entrepreneurial conglomerate operating locally to enhance the lives of all consumers through quality, value and innovation, day after day. Vision We shall profitably grow our business, strengthening our product portfolio, enhancing the lives of our employees, consumers and all other stakeholders, by living and breathing our shared values, everyday. They were into the business of exporting palm products, ground-nuts, hide-skin and timber to Europe and importing European textiles and food stuffs. A new era started in when the company invested in the equity of a soap manufacturing company - P.
Use the document controls located at the top of each page to navigate through the report and use the contents to jump straight to the section you require. Search the entire document by keyword. Print a single page or whole sections. Return to the contents at the beginning of the document. We develop leading brands in selected mature and emerging markets that have potential for future growth.
FMN has been listed on the Nigerian Stock Exchange since With a broad ownership base of approximately 67, shareholders, it is constantly ranked amongst the top 25 companies in terms of market capitalization. In the Company successfully completed a N5. It was a year which experienced severe food crisis on a global scale in which basic prices of staples such as wheat, maize and even agricultural inputs like fertilizers were seriously on the increase.
Vision and Mission StatementVisionTo be the leader in thedelivery of sustainableengineering and constructionsolutions that meetour customers' needs. MissionSeen as an automatic choice forprojects requiring innovation,initiative, teamwork andmanagerial skills.
Это и был Санта-Крус, квартал, в котором находится второй по величине собор в мире, а также живут самые старинные и благочестивые католические семьи Севильи. Беккер пересек мощенную камнем площадь. Единственный выстрел, к счастью, прозвучал слишком поздно. Беккер на своем мотоцикле скрылся в узком проходе Каллита-де-ля-Вирген. ГЛАВА 88 Фара веспы отбрасывала контрастные тени на стены по обе стороны от узкой дорожки.
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