Milling & Baking News - December 9, 2014 - (Page 18)

Financial Results ADM growth plans include Wild and Brazilian oilseeds CHICAGO - Growing sales in its new Wild Flavors and Specialty Ingredients business unit, expanding oilseeds processing in Brazil and saving costs through operational initiatives are some of the ways Archer Daniels Midland Co. expects to grow its business. The Chicago-based company outlined a strategy to grow returns and economic value added (E.V.A.) during an investors' day Dec. 3. ADM completed its acquisition of Wild Flavors GmbH on Oct. 1. Wild Flavors then became part of a new ADM business unit: Wild Flavors and Specialty Ingredients. ADM on Dec. 3 said it has a goal of growing sales in the business unit to $10 billion from $2.5 billion. In oilseeds processing in Brazil, ADM plans to expand its origination network in the country's northern frontier region, where soybean production is projected to continue growing at a 20% compound annual growth rate through 2017. ADM said its corn processing business has just begun to expand its geographic footprint outside the United States. The sweeteners and starches group will continue to expand the range of higher-margin products it generates from raw material streams. The agricultural services business unit plans to expand its crop origination volumes outside the United States and has a goal of doubling handling volumes worldwide. Research and development leaders said a range of operational and process improvement initiatives companywide should yield $350 million in incremental cost savings by 2019. ADM will maintain a balanced approach to capital allocation, said Ray Young, senior vice-president and chief financial officer. The company will reinvest about 30% to 40% of future operating cash flows in value-generating Input costs, plant start-up costs hinder Weston Foods TORONTO - Higher commodity costs, other input costs and plant start-up costs led to a 3% decrease in adjusted EBITDA for Weston Foods in the third quarter ended Oct. 4. Adjusted EBITDA of C$102 million ($90.2 million) compared with C$105 million in the previous year 's third quarter. Non-adjusted EBITDA was C$72 million in the third quarter, which compared with C$106 million in the previous year 's third quarter. Contributing to the decrease were an insured inventory loss of C$11 million due to a weather event, a multi-employer pension plan settlement payment of C$8 million and a fair value loss on commodity derivatives of C$9 million. Sales of C$574 million ($508 million) were up 2.1% from C$562 million in the third quarter of the previous year. Foreign currency translation had a positive impact of 2.1%. "Our outlook for Weston Foods is a slight decline in adjusted operating income in the fourth quarter when compared to the same period in 2013, and before including the 18 / December 9, 2014 Milling & Baking News impact of the 53rd week," said Pavi Binning, president of Toronto-based George Weston Ltd., in a Nov. 18 earnings call. "Over the last six months I've had the opportunity to 'While the traditional bakery market continues to be challenging, there are areas of growth available to us.' - Pavi Binning, George Weston Ltd. take a close look at the North American bakery landscape and our position within it. "We are currently developing strategic plans to position the business for growth over the medium to long term. While the traditional bakery market continues to be challenging, there are areas capital projects while the remaining 60% to 70% will go to growth initiatives, including mergers and acquisitions and/or return of capital to shareholders. Mr. Young indicated dividend payout ratio ranges will increase to a medium-term range of 30% to 40% of earnings from the historic range of 20% to 25% of earnings. "Over the past few years, we've been working to grow ADM's earnings power and create greater value for our customers and our shareholders," said Patricia Woertz, chairman and chief executive officer. "We've made significant progress toward operational excellence. We've developed and implemented an aggressive strategy for growth. We've put the company in a very strong position financially, and we have strengthened and developed the organization. Today, our company is exceptionally well-positioned with an excellent team managing the business and strong trends supporting our continued growth." MBN of growth available to us. We will provide some more color on our plans when we report our quarter four results early next year." He added start-up problems at an Ontario bakery are easing. "One of the things that is important to bear in mind, when you start up a new bakery, and it has new equipment, there is depreciation cost, which is higher if the old assets have been fully written off, but certainly the situation is improving," Mr. Binning said. For the 40 weeks ended Oct. 4, adjusted EBITDA was C$237 million for Weston Foods, which was down from C$255 million in the same time period of the previous year. Nonadjusted EBITDA was C$210 million, down from C$249 million, and sales were C$1,454 million, up from C$1,399 million. Companywide in the third quarter, Toronto-based George Weston Ltd. recorded adjusted EBITDA of $1,101 million, up from C$741 million, non-adjusted EBITDA of C$936 million, up from C$735 million, and sales of C$13,974 million, up from C$10,377 million, Excluding the sales from the recently acquired Shoppers Drug Mart, third-quarter sales were C$10,587 million. MBN bakingbusiness.com / world-grain.com http://www.bakingbusiness.com http://www.world-grain.com

Table of Contents for the Digital Edition of Milling & Baking News - December 9, 2014

Milling & Baking News - December 9, 2014
January-September flour output sets new record, rises 0.9%
Consumer Reports casts doubts on merits of gluten-free diet
Late News - Reading to double facility’s size
Table of Contents
News Comment - Finally, commodity relief for grain-based foods
Editorial - India agreement offers hope for W.T.O.
Late News
Luna shifting line of bars to gluten-free ingredients
Business - Fire damages Canada Bread baking plant in Ontario
Girl Scout Cookies enter digital age
Sosland Publishing relocating company headquarters
Cargill reaches settlement, to change labels in Truvia case
C.H. Robinson to acquire Freightquote for $365 million
Financial Results - Campbell Soup baking unit profits strong; U.S. business soft
Charges bog down Post profit; adjusted EBITDA up sharply
Aryzta revenue in North America grows through acquisitions
ADM growth plans include Wild and Brazilian oilseeds
Input costs, plant start-up costs hinder Weston Foods
People - Mayo Schmidt to join Louis Dreyfus as c.e.o.
George Deese to retire as executive chairman at Flowers
Ready-to-eat Cereal Update - Cereal makers seek fresh start
Regulatory Affairs - Air emission calculation for particulate matter: Flour
Industry Activities - Wild, wild East: NAMA given ‘tour’ of Southeast Asia milling industry
AIB names new director of food safety services innovation
Nutrition and Health - USA Rice Federation disputes latest arsenic report
Supplier Innovations
Ingredient Market Trends - Grain volume requirements for Canadian railroads extended
Ingredient Week
Classifieds
Marketplace Business Network
Ad Index
Archive

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