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your GLANBIA Delivering for you Glanbia Co-operative Society Annual Review 2017
GLANBIA CO-OPERATIVE SOCIETY COUNCIL
2017 HIGHLIGHTS
MEMBERS
Contents
2017 Highlights 3
€14
per tonne
60%
Chairman’s Statement 4
grain price support
How Glanbia delivers for you 8
at harvest 2017
31.5%
Group Managing Director’s Statement 10
Ballyragget Celebrates 100 Years 12
shareholding
shareholding
Glanbia Ireland 2017 Highlights 14
Glanbia plc 2017 Highlights 18 in Glanbia Ireland
Castlelyons Celebrates 100 Years 20
€5.7 in Glanbia plc
million
Board Members 22
Retired Glanbia Council Members in 2017 24
Council Members 25 of Member Support
Regional Committee Members 28 paid in 2017
your
Member Engagement 30
National Ploughing Championships 2017 32
Summary Profit and Loss Account 34
Summary Cashflow 35
GLANBIA
Consolidated Group Income Statement 36
Consolidated Group Balance Sheet 37
Notes 38
Delivering for you in 20|7
26
13 cent
per share
cent per share
Spin-out of Share Interest (Ordinary
Dividend) for approval
5.9
at 2018 AGM
Share Interest (Special Dividend)
million
to be paid in 2018
Glanbia plc shares
to Co-op Members
in 2017
2 Glanbia Co-operative Society Limited – Annual Review 2017 Glanbia Co-operative Society Limited – Annual Review 2017 3
COUNCIL MEMBERS
GLANBIA CO-OPERATIVE SOCIETY
2,400 GLANBIA CO-OPERATIVE SOCIETY
Members
attended and voted
Chairman’s Statement at the SGM
“Glanbia Co-op is Dear Member, From a Glanbia Co-op Member This level of profitability is required to 2018 €20 million Patronage 2018 Trading Bonus Scheme
perspective, the new model created in ensure that the business can finance Support Fund
now in a very strong 2017 was a major year in your Co-op’s
2017 has a number of clear advantages: ambitious investment plans.
On 15 January 2018, we announced
development, the highlight undoubtedly The Board of Glanbia Co-op will also our new Glanbia Co-op 2018
position, with major being the formation of Glanbia Ireland • The Co-op is capitalising on key Shareholders have agreed that 50% of seek Members’ approval at the upcoming Trading Bonus Scheme. This Scheme
shareholdings in two after the Co-op acquired a 60% global nutrition trends through a annual Glanbia Ireland profit is retained SGM for the creation of a new Patronage will reward Members for their trade
shareholding in the Dairy Ireland diversified portfolio of assets in a within the business in order to drive Support Fund through the allocation of with the business that we majority
superb companies. division of Glanbia plc. range of markets; growth. The remaining 50% will be €20 million from existing Co-op cash own, Glanbia Ireland.
It is well placed to The formation of Glanbia Ireland was • Led by two excellent management
distributed to shareholders. Our Co- resources to the Fund. The Patronage For milk supplier Members of
op, as the 60% shareholder, is already Support Fund will be for the benefit of
continue to be strong, one of a series of proposals made by teams, Glanbia plc and Glanbia
benefiting from this substantial and active Members who supply to, purchase
Glanbia Co-op, the 2018 Trading
the Board which were approved by Ireland are focused on their own Bonus is potentially worth up to
progressive and in excess of 93% of the almost 2,400 ambitious growth agendas, based on
sustainable new annual income stream. from or trade with the Glanbia Group. If 0.75 cent per litre (cpl) on all milk
supportive for all Co-op Members who voted at a Special their unique capabilities, talented In January 2018, the Co-op received a approved, the nature and timing of any delivered in 2018, depending on
General Meeting (SGM) of the Co-op employees, innovation pipelines payment of €12m – its first dividend payments from this Fund will be at the the level of purchases from Glanbia
of our Members.” held in the Punchestown Event Centre and strong market positions; from Glanbia Ireland. Following the discretion of the Glanbia Co-op Board. Ireland relative to milk supplied.
on 18 May 2017. approvals obtained at Punchestown
• The Co-op now has two strong Member Supports For grain growers, a Trading Bonus
Henry Corbally on 18 May 2017, all dividends paid
This huge endorsement facilitated the and sustainable dividend income of up to €10 per tonne of grain
Group Chairman by Glanbia Ireland to the Co-op are set Dairy markets staged a welcome
creation of Glanbia Ireland in July, streams – from Glanbia plc and supplied is available for 2018, again
Glanbia Co-operative Society Limited aside for distribution to active Members. recovery during 2017 from the
combining Glanbia Ingredients Ireland, Glanbia Ireland; dependent on the level of purchases
For 2018, the primary mechanism for unsustainably low levels of 2016. As
Glanbia Consumer Products and • There is unrivalled transparency from Glanbia Ireland relative to
the distribution of this dividend is the a result, your Co-op did not make any
Glanbia Agribusiness in a joint venture – shareholders can clearly see grain supplied.
Glanbia Co-op 2018 Trading Bonus milk support payments during the year.
60% owned by the Co-op and 40% the market value of their output, Unfortunately, grain markets remained Beef, sheep and pig farmer
owned by Glanbia plc. Scheme, which we were pleased to
the financial performance of the weak in 2017. In light of the very customers of Glanbia Ireland that
announce on 15 January 2018.
Your Co-op also remains the largest business, the level of any support challenging year for our growers, on 12 are Co-op Members will also qualify
individual shareholder in Glanbia plc, payments and the annual value for a €5 to €10 per tonne Feed
Punchestown SGM October 2017 the Board announced Co-
with a valuable 31.5% shareholding. distribution from their Co-op. op support of €14 per tonne to Members Bonus as part of the Scheme.
The following Board proposals were
Your Co-op’s investments in two • Since the creation of Glanbia Ireland for green and dried grain from harvest
also overwhelmingly approved by
commercially driven, ambitious we have introduced a number of 2017. When grain supports are combined
Members at the Punchestown SGM:
organisations – Glanbia plc and commercial initiatives to bring our with bonus payments on feed and
Glanbia Ireland – generate the value Members closer to the business • Distribution by way of “Spin-out” fertiliser, the Co-op paid total supports
for subsequent distribution to as both customers and suppliers of 5.9 million shares in Glanbia to Members of €5.7 million.
Members as summarised on while also very directly supporting plc, valued over €92 million to all Payments were made from the
pages 8-9 of this report. Members through what has been a Members of the Co-op. The “Spin- Member Support Fund that was
Most importantly, this very difficult Spring for Irish farming; out” was completed on 1 September established in 2015 at our SGM in
structure ensures that 2017 and was worth approximately Gowran Racecourse.
• In the first quarter of 2019, farmers
your Co-op has the €6,300 for a Member with the
that trade with Glanbia Ireland will be
financial capability to average shareholding; Ordinary Share Interest
paid their 2018 Co-op Trading Bonus,
support the farming • The creation of a €40 million Member
(Dividends)
a clear and tangible benefit of the
enterprises of our new Glanbia structure where a share Support Fund. Payments from the Total ordinary share interest (dividend)
active Members of the profit made by Glanbia Ireland Fund will be in the proportion of payments authorised during 2017
in challenging will flow back to Members producing 75% patronage to active Members amounted to €3.9 million (10 cent per
times, as well the raw materials for the business. and 25% Special Dividend (share share). The Board of Glanbia Co-op will
as consistently interest) to all Members. The nature be recommending to the Co-op’s AGM a
paying a Glanbia Ireland and timing of any payments will be significant increase in the ordinary share
strong ordinary at the discretion of the Glanbia Co-op interest paid to all Members. If approved
The Glanbia Ireland business is run
share interest Board, subject to the Special Dividend by Members, the Ordinary Dividend will
on a commercial basis, with a clear
(dividend) to all element of 26 cent per Co-op share increase by 30% to 13 cent per Co-op
mandate to pay a competitive price
Members. being paid by 31 December 2018. share (ordinary dividend in 2017 was 10
for milk and grain. It is investing to
cent per share). The Co-op is committed
increase capacity in line with our The Co-op funded the acquisition of
to paying a Special Dividend to Members
Members’ growth ambitions and to add 60% of Dairy Ireland and created the
of €10 million by 31 December 2018,
2017 value to that produce for the benefit of €40 million Member Support Fund
based on the approvals obtained at
all shareholders. through the sale of 8.7 million Glanbia
€40m
the SGM held on 18 May 2017. Total
plc shares at €17.80 per share on 22
The shareholders in Glanbia Ireland Co-op dividend payments during 2018
May 2017.
– Glanbia Co-op and Glanbia plc – will amount to circa 39 cent per share,
have agreed that the business will
Member Support
assuming the relevant approvals are
have a minimum Profit-After-Tax of forthcoming on 30 May 2018.
Fund created 3.2% of annual net revenue.
4 Glanbia Co-operative Society Limited – Annual Review 2017 Glanbia Co-operative Society Limited – Annual Review 2017 5
GLANBIA CO-OPERATIVE SOCIETY GLANBIA CO-OPERATIVE
COUNCIL MEMBERS
SOCIETY
Chairman’s Statement
Revolving Share Plan In addition, the Society facilitates an on- Members at the SGM. The strong level Annual General Meeting Outlook There is no doubt that the 375,000
going process of private share transfers of engagement by Members was shown tonnes of Skim Milk Powder (SMP)
Having obtained the relevant Member The Society's AGM will be held at the A strong dairy market in 2017
among persons who satisfy the relevant by the high turnouts at information sitting in EU intervention continues to
approval at a SGM held on 14 December Newpark Hotel, Castlecomer Road, returned above average milk prices
criteria. All transactions in Society shares meetings to discuss the relevant proposals overhang dairy markets, but there are
2017, the first instalment of monies Kilkenny on 30 May 2018. The Society for our dairy farmers, with the base
require the approval of the Society at what was a busy time on farms. The some positive signs on the horizon;
payable from the 2015 Revolving Share will also hold the SGM on the day. Glanbia Ireland milk price increasing
Council. Shares can only be issued or tremendous turnout of Members on 18 global milk supply growth has slowed
Plan were paid in December 2017. from 31 cent per litre (cpl) in January
transferred to eligible persons who are May together with the overwhelming due to a combination of weather,
The total amount paid to participants Society Resources to 35 cpl from August through to
actively farming in the Glanbia catchment endorsement of all the Board’s proposals lower prices and higher costs. Chinese
amounted to €9.6 million, which included Members will be pleased to note from December. In addition to the base
area and trade milk, grain or farm inputs is in no small part due to the influence demand is strong and oil producing
the 15% increase on monies invested. the financial summary on pages 34 price, Glanbia Ireland paid a top-up of
with the Society or its subsidiaries. and efforts of individual Members countries should be in a better position
Subject to the relevant Member approvals to 37 that the Society remains in a 1cpl for all milk supplied in the first
of our representative structure. to purchase dairy products in 2018.
being obtained at a SGM to be held on 30 Board Responsibility and healthy financial position. At the end of half of the year and 1.1 cpl for all
May 2018, all remaining monies payable The Co-op also conducted a well- milk in the second half of the year. Grain markets remain in what could be
Composition attended and constructive series of
2017, the Society had cash and related
described as an extended slump, with
from this plan will be paid during 2018, balances of €138.6 million, an increase Globally these higher prices led to
amounting to €15.2 million. The Co-op is strongly represented on the regional shareholder Information excess global production preventing
of €44m on the previous year. increased milk production, with a
boards of the three key group entities; Meetings in January 2018. any meaningful increase in prices
particularly strong supply in the last
New Members the Society itself, Glanbia plc and Glanbia Conclusion for Glanbia farmers. Glanbia Ireland
Board Retirements quarter of the year. Unfortunately
Ireland. The Society Board has overall continues to work on developing
The Society has conducted a number of As you will conclude from the above, it this led to a significant reduction in
responsibility for the strategic direction At our forthcoming Society AGM on 30 niche markets for Irish grain, as
extensive Member admission processes was a very active and important year the fourth quarter in dairy product
and management of the Society and is May, Michael Keane (West Waterford) well as utilising Co-op resources
during recent years as a result of which for Glanbia Co-operative Society. I would prices, particularly in the case of
comprised of 15 Members; the Group will retire as a Director from the Board to support our Members when
the vast bulk of the milk that is supplied like to record my thanks to all involved butter which had scaled record
Managing Director and 14 Members of the Society. I would like to thank required. We also offer growers
to Glanbia Ireland is supplied by Society in making it such a successful one. price highs earlier in the year.
appointed through the representative Michael for the energy and commitment regular opportunities to avoid market
Members. In response to the formation
structure. All 14 Member nominated he brought to his role as a Director. The Having supported milk price through volatility by selling forward.
of Glanbia Ireland, eligible grain growers
directors also serve on the Board Board vacancy arising will be filled by the latter part of 2017, Glanbia
who supply Glanbia Ireland will be Our grain and dairy farmer Members
of Glanbia Ireland together with six Gerard O’Brien, and I would like to wish Ireland continued to provide support
provided with an opportunity to apply for are now supplying their output to
nominees from Glanbia plc and three Ger every success in his new role. into 2018 albeit that milk prices
Society membership during 2018, with Glanbia Ireland, a strong business
executive directors. Under current were reduced somewhat to reflect
the option of deferred payment terms. which is majority owned by Glanbia
agreements the composition of the Centenary Celebrations lower market returns. As a Co-op
Henry Corbally Members and I believe that this can and
Share Ownership Board of Glanbia plc will reduce from we are committed to supporting our
Well supported events took place in Group Chairman should be a source of great confidence
10 nominees from the Society to eight farmer Members. The Board will
In recent years the Society has conducted Castlelyons and Ballyragget during for them. Glanbia Ireland is investing
in 2018, seven in 2020 with a further continue to monitor developments
various voluntary programmes to the year to mark the centenary of the to increase processing capacity and
reduction to six nominees in 2022. This closely and act accordingly in the
encourage share ownership among foundation of local creameries in 1917. create value for our farmers.
reflects the reduction in the Society’s best interests of our Members.
currently active farmers while offering Such events are important occasions where Your Co-op is now in a very strong
shareholding in Glanbia plc from 54.4%
retired Members an opportunity to we recognise and celebrate the heritage In recent weeks we have announced
in 2012 to its current level of 31.5%. position, with significant shareholdings
the availability of our Glanbia
100
realise value from their shareholding. of our Co-op and acknowledge the great in two strong and growing companies.
contribution of those who went before us. Advance Payment (GAP) Scheme,
The Board plans to conduct a voluntary Representative Structure Importantly, we now also have two
share trading programme during 2018 Glanbia today is the result of huge work which will offer interest-free
sources of annual dividend income. This
The Members of our representative by countless agricultural communities who cashflow support to our dairy
at which shares can transfer from
years
means that Glanbia Co-op is well placed
structure played a pivotal role in the came together to form co-ops to process farmer Members on a
retired Members to active farmers to continue to be strong, progressive
development of the far reaching set of and market their farm produce. voluntary basis.
at a fixed price of €5 per share. and supportive for our Members.
proposals which were approved by
Ballyragget and Castlelyons
Co-ops celebrated their
centenaries in 2017
Co-op Members gather for SGM, Punchestown May 2017
6 Glanbia Co-operative Society Limited – Annual Review 2017 Glanbia Co-operative Society Limited – Annual Review 2017 7
GLANBIA
COUNCIL MEMBERS
CO-OPERATIVE SOCIETY GLANBIA CO-OPERATIVE
COUNCIL MEMBERS
SOCIETY
Revolving
How Glanbia has delivered €100m Share Plans
for our farmer Members of flexible €12m €11m
Trading bonus return
in the past five years: Spin-outs
scheme
competitively priced loans
for Glanbia members
Glanbia plc shares worth
€511m*
*Based on a Glanbia plc closing
€89m
share price of €14.00 on
30 April 2018
milk, grain & farm
€38m
your
Inputs Support Total Share
Interest payments
to Members of
Interest-free cashflow
support available
€31m
GLANBIA
Autumn on Milk
(€1.25 per
Feed Bonus Co-op share)
€24 per tonne on dairy
& €20 per tonne on
Beef/Sheep feed
Delivering for you
(including €10/t Volatility
from Co-op) 2013–2018 Management
Strong position in
annual Milk
Global leader in
Price Review Fixed Milk Price
Schemes
Five-year Milk &
35% supply
growth €50 Feed Loyalty Scheme
20cpl
World first volatility
post quota per tonne management Scheme
for lost milk
Investment of €359m to Fodder Scheme in
with €30 per tonne
process all growth milk – April 2018 bonus on all
no contributions from Storm dairy feed
required Emma
Glanbia Advantage = Competitive Milk / Grain Price + Direct Price Support (if required) + Share Interest + Share-spin-out
8 Glanbia Co-operative Society Limited – Annual Review 2017 Glanbia Co-operative Society Limited – Annual Review 2017 9
GLANBIA CO-OPERATIVE SOCIETY GLANBIA CO-OPERATIVE
COUNCIL MEMBERS
SOCIETY
Glanbia Ireland Dividend 2018 €60 million package of cash flow
Group Managing Glanbia Ireland was formed on 2 July support for Members
Director’s Statement
2017. As announced at the time of
Support for our active Members is a key pillar of Glanbia Co-op’s
its formation, Glanbia Ireland has a
strategy. Given the weak outlook for dairy markets in 2018, on May 1st
minimum annual profit retention target
the Board announced a series of proposals designed to increase cash flow
of Profit After Tax (PAT) of 3.2% of net
to our Members by up to €60 million. The measures include proposals to
revenues. It has also been agreed that
Dear Member, Since 2013, Glanbia Co-op has distributed Glanbia plc Dividend Glanbia Ireland will each year pay its
increase the ordinary share interest (Co-op dividend) by 30% and a new
approximately €650 million of value Patronage Support Fund of €20 million for active Members as well as the
2017 was a transformative year for From the Co-op perspective, it is shareholders (Co-op and plc) a dividend
to Members through a combination of launch of the 2018 Glanbia Advance Payment Scheme.
Glanbia Co-operative Society, with important to note the announcement by equivalent to 50% of PAT. The new
Glanbia plc share spin-outs, patronage
the acquisition of 60% of the Dairy Glanbia plc on 21 February 2018 that, Glanbia Ireland business successfully Members of Glanbia Co-op will vote on the proposals related to the Co-op
support and share interest (dividends).
Ireland assets from Glanbia plc and the recognising the strength of its balance met its targets for 2017 and paid a dividend and the Patronage Support Fund at the upcoming Annual General
subsequent formation of an exciting new sheet and growth prospects, it has dividend of €12 million to the Society Meeting (AGM) and Special General Meeting (SGM) on 30 May 2018.
Active Member Support
entity, Glanbia Ireland. materially increased its 2017 dividend in January 2018. At our Punchestown
The Co-op paid a total of €5.7 million and revised its on-going target dividend SGM in 2017, Members also approved Ordinary Share Interest Glanbia Advance Payment
Your Co-op now has two significant in direct cash patronage support to pay-out ratio to between 25% and 35% of the proposal that 100% of the Co-op (Dividend) Scheme
assets and associated dividend Members for activity in 2017. This annual adjusted Earnings Per Share. dividends received from Glanbia Ireland The Board of Glanbia Co-op will be The Board has also decided to make
income streams: consisted of grain, feed and fertiliser
This brings the total Glanbia plc would be ring fenced for active farmers. recommending to the Co-op’s AGM the Glanbia Advance Payment (GAP)
• A 60% majority shareholding in bonus payments.
dividend for 2017 to 22.00 cent per a significant increase in the Co-op Scheme available to milk supplier
Glanbia Ireland, a large scale, growing In order to be in a position to support 2018 Trading Bonus Scheme
share, a 65% increase on the 13.31 cent share interest paid to all Members. Members this year, to a value of
enterprise comprising Glanbia Members during future periods of per share received in the prior year. Aligned with the receipt of the above If approved by Members the share €38 million. This innovative Scheme
Ingredients Ireland, Glanbia Consumer market volatility, the Board last year The Society holds 93.3 million shares dividend, on 15 January 2018 Glanbia Co- interest paid will increase by 30% operated very successfully in
Products and Glanbia Agribusiness; proposed the establishment of a €40 in Glanbia plc, resulting in dividend op announced a new 2018 Trading Bonus to 13 cent per Glanbia Co-op share 2016, with interest-free cashflow
• A 31.5% shareholding in Glanbia plc, million Member Support Fund. This income of over €14 million for 2017. Scheme that will reward farmer Members (ordinary share interest paid in support advanced to Members on
the global nutrition group. was endorsed by 93% of the almost of the Co-op for purchases made from the 2017 was 10 cent per share). a voluntary basis when milk prices
2,400 Co-op Members that attended Individual farmer Members of the Society
business that they own, Glanbia Ireland. were below certain thresholds and
Value Distribution our Special General Meeting (SGM) that have retained some or all of their €20 million Patronage
The Board believes that it is an equitable repaid to the Society once farm gate
in Punchestown on 18 May 2017. Glanbia plc shares from previous spin- Support Fund
Value distribution is a core element of and transparent means of returning a prices recovered to an agreed level.
outs will also be significant beneficiaries
Glanbia Co-operative Society’s strategy. The €40 million required for the Fund share of Glanbia Ireland profit to our The Board of Glanbia Co-op will For 2018, the GAP Milk Scheme
of this change in dividend policy.
In 2017, the Co-op transferred, via was subsequently raised by Glanbia active farmers. It is aligned with a key also seek Members’ approval at will make a maximum of 2 cent per
Share Spin Out, 2% of Glanbia plc’s Co-op through the placement of 8.7 co-operative principle, in that it benefits the upcoming SGM for the creation litre available to Members in any
issued share capital (approximately 5.9 million ordinary shares in Glanbia plc, Members in proportion to the business of a new Patronage Support Fund month that the base Glanbia Ireland
million Glanbia plc shares), to all existing in a transaction that also financed the they conduct with their Co-op. While the through the allocation of €20 milk price is below 30 cent per litre
Members of the Society. Based on the acquisition of 60% of Dairy Ireland. matter will be reviewed after the operation million to the Fund from the Co-op’s (cpl) (including VAT). Repayments
Glanbia plc closing price of €15.71 at of the 2018 Scheme, the Board believes existing cash resources. will be triggered when the Glanbia
On completion of both the placement
the time of the spin-out’s completion on that the Trading Bonus Scheme provides Ireland base milk price exceeds 31
and the “spin-out”, Glanbia Co-op’s The Patronage Support Fund will be
1 September 2017, this was worth over an appropriate structure and framework cpl (including VAT). If not returned
holding in Glanbia plc was 31.5% for the benefit of active Members
€92 million, or €6,300 for a Member for the future distribution of a significant earlier by virtue of market price
of the issued share capital. who supply to, purchase from or
with the average shareholding. portion of the annual dividend income to movements, all monies advanced in
trade with the Glanbia Group. If
be received from Glanbia Ireland. 2018 to participating suppliers will
approved, the nature and timing of
any payments from this Fund will be recovered between January and
Strong and Progressive Co-op December 2020.
be at the discretion of the Board of
Glanbia Co-op Society now holds Glanbia Co-op. The 2018 GAP Milk scheme will
The Glanbia Model significant investments in two ambitious utilise a portion of the €100
growth platforms, Glanbia Ireland When combined with the €40m
Member Support Fund approved at million raised in June 2016, when
and Glanbia plc, with a strong mix the Society issued a five-year
of diversified assets. These assets last year’s Punchestown SGM, this
DIVIDEND Exchangeable Bond.
2017: DIVIDEND underpin the core strategy of Glanbia proposed new Fund will, subject to
€14m €12m* Co-op which is value creation for Member approval, ensure that the
its membership. Furthermore the Co-op is in a very strong position
to support Members in periods
31.5% 60%
CO-OPERATIVE
SOCIETY significant annual income stream from
OWNERSHIP OWNERSHIP these investments places the Co-op in a of market weakness.
€60m
strong position to pay a strong dividend
to all Members, and drive innovative
mechanisms in support of the farming
enterprises of our active Members,
Cashflow Support
PLC
particularly in challenging periods. Since 2013,
Glanbia Co-op has
40%
for Members
OWNERSHIP
distributed in excess of
*Dividend income on 2017 profits was paid in early 2018 Siobhán Talbot
Group Managing Director
€650m
10 Glanbia Co-operative Society Limited – Annual Review 2017
To Members Glanbia Co-operative Society Limited – Annual Review 2017 11
GLANBIA CO-OPERATIVE SOCIETY GLANBIA CO-OPERATIVE SOCIETY
Ballyragget BALLYRAGGET
5 – Paudie Brennan, Tommy Walsh, Jimmy Staunton.
Celebrates 100 Years CO-OPERATIVE
6 – Jimmy Skehan with his grandson Cathal Skehan
enjoy the celebrations.
SOCIETY 7 – Paudie Brennan, Nicky Brennan and Liam
Geoghegan (Glanbia Ballyragget Branch Manager).
The Glanbia agribusiness branch in 8 – Sean Atkinson, Sales Development Manager,
Ballyragget, Co. Kilkenny celebrated the Glanbia Ireland.
100th Anniversary of the Ballyragget
Co-operative Society on 11 August in 2017.
5
The current staff of the branch were joined by a large crowd
of shareholders, customers, former employees and suppliers,
to celebrate the important milestone and learn about the
history of the site. The branch continues to play a proud
role in supporting local farmers and the community.
1 2 6
7 8
1 – Eleanor Bergin, John Bergin,
Liam Phelan (Glanbia Ireland) and
Pat Fitzpatrick.
2 – Noel Phelan, James Phelan
(Donoughmore), James Phelan
(Bridge Street).
3 – Catherine O’Hara looking at
old photos of times gone by.
4 – John Staunton and Pat Millea.
3 4
12 Glanbia Co-operative Society Limited – Annual Review 2017 Glanbia Co-operative Society Limited – Annual Review 2017 13
GLANBIA IRELAND
74% COUNCIL
GLANBIAMEMBERS
IRELAND
of suppliers
increased their milk
Glanbia Ireland supply in 2017
2017 Highlights
The formation of Glanbia ingredients and the Agri sales confidence for the future. Since 2013 the completed on time and on budget. The strong business model and cash Our Footprint
teams to share their strengths business has invested €359 million, has The facility was commissioned early flow generation of the Glanbia Ireland
Ireland on 2 July 2017 and ideas for the future. consistently paid a strong competitive in 2017 and had a very successful business will allow it to fund the
53 Glanbia Agri Branches
saw the creation of A new exciting strategy for Glanbia
milk price on the annual audited KPMG season, producing over 30,000 tonnes required processing capacity expansion
Milk Price Review and increased its of high quality cheddar cheese for Irish without the requirement for supplier 3 Feed Mills
one of Ireland’s largest Ireland has been approved by the Board.
EBIT (Earnings before Interest and Tax) and international markets. Minister contributions in this growth phase.
It is built on the theme of expansion
agrifood companies. in terms of processing capacity and
from €38 million in 2012 to €61 million for Agriculture, Food & the Marine 5 JVs and Associates
in 2017. The business now processes Michael Creed TD visited the plant Business Performance
The strategic theme since its formation geographical footprint. Importantly it 4 Manufacturing Milk Plants
60% more milk than in 2012 and is on 8 March 2018 and performed the
has been growth. The business is is also built on a foundation for value Ingredients (Ballyragget, Belview,
investing to provide processing capacity official re-opening ceremony. On the Virginia, Wexford)
quite unique in that both dairy and creation through internationalisation
expansion for a further 30% more milk same date, the Government confirmed Glanbia Ireland’s ingredients business
grain products can be produced from and development of more consumer
growth between 2017 and 2020. Enterprise Ireland support towards recorded sales of over €1.1 billion in 3 Liquid Milk Plants, a cheese
Glanbia Ireland inputs all the way markets and brands where we believe packing partner and a soup
Glanbia Ireland’s plans to invest over 2017, an increase of 34% on 2016.
from animal genetics to the consumer we can excel. Glanbia Ireland has a very plant in Kilkenny
Milk Supply €160 million at its Belview, Co Kilkenny Sales volume growth accounted for
shelf or doorstep. In a world where broad range of processing platforms
plant. This investment will result in 9% of this increase, with 25% arising
and products with superb facilities to Glanbia Ireland milk suppliers took 5 Distribution Centres
discerning consumers wish to make from price inflation in 2017. From an
advantage of the generally favourable new activities at the Belview facility,
conscientious decisions about the produce high specification products.
including the installation of a third operational perspective, the business Headquarters in Kilkenny and
products they purchase, how they are weather conditions and improved
A new leadership team has been performed strongly during 2017 and Consumer Products office in Dublin
dairy market returns in 2017 by dryer and other processing equipment
produced, how the animals and the appointed for Glanbia Ireland who processed a record 2.57 billion litres
delivering 9% more milk compared which will have the capability to
land are treated and how the farmer is have considerable experience from of milk, an increase of 7% over 2016.
to the previous year. Supply growth produce infant formula products
supported, Glanbia Ireland stands apart. their previous roles in the individual The volume of whey processed was
was widely dispersed, with 74% of our destined for global export markets.
The excellence of our dairy, ruminant businesses of Ingredients, Consumer up almost 9% on the previous year.
farms increasing their milk supply. Investment in expanding whey
and agronomy teams allied to the end- Foods and Agribusiness. Some new
protein processing capability was Consumer Products
to-end traceability systems and highest leaders are also joining the organisation. Processing Investments also undertaken in Ballyragget and Glanbia Ireland owns Ireland’s leading
food safety standards are being moulded The team is both ambitious and
Glanbia Ireland invested over €359 will deliver additional output in dairy brand, Avonmore, and continued
with a growing R&D and marketing force capable with a collective vision for
million in milk processing assets 2018. The Milk Protein Concentrate investment was made to support
to create an exciting the future of Glanbia Ireland. The
between 2013 and 2017 in order (MPC) plant in Virginia also saw a the Value Added Milk lines
future for the team has a clear focus on three
to cater for milk supply growth capability enhancement with further such as SuperMilk, Mooju and
business. There fundamental performance factors:
and an increase in value added capital investment in 2017. Protein Milk. Sales in 2017
has been great
1. Process our suppliers’ growing production capabilities. The flagship
excitement were close to €300 million,
milk volumes Belview, Co. Kilkenny plant opened
and ambition and the year saw the best ever
2. Pay a competitive, market-led at the end of March 2015 to coincide performance in Value Added
in bringing
milk and grain price with the end of the quota era. The Milks, with sales growth of
together the
facility had an excellent year in almost 7%. It was also the best
skills of the
3. Achieve a minimum Profit after 2017, processing 529 million litres ever year for Christmas Cream
consumer
Tax margin of 3.2% of milk, 15% more than in 2016. sales and the Avonmore butter
brand experts
with the The achievement of these objectives In February 2016, Glanbia Ireland brand experienced strong growth after
technical will place Glanbia Ireland in a position announced a major expansion at its being repositioned in the market.
JV
to compete with the leading dairy and Wexford cheese plant. The €35 million
agrifood companies globally. The track investment programme, which doubled
record of Glanbia Ingredients Ireland peak milk processing capacity at the JV
in achieving these objectives since plant, got under way at the end of JV
2013 provides a strong degree of the 2016 production season and was
JV
Pictured at the official re-opening of the
Glanbia Ireland Wexford Cheese plant on 8
March 2018 were Orla Battersby, Enterprise
Ireland’s Divisional Manager for Food, Michael
Creed, Minister for Agriculture, Food & the
Marine and Jim Bergin, Chief Executive,
2.6bn
Glanbia Ireland.
litres of milk
Jim Bergin
CEO, Glanbia Ireland
14 Glanbia Co-operative Society Limited – Annual Review 2017 processed in 2017 Glanbia Co-operative Society Limited – Annual Review 2017 15
GLANBIA IRELAND
190,000 GLANBIA IRELAND
tonnes of green grain
intake for 2017
Glanbia Ireland Harvest
2017 Highlights
Agribusiness Balance Sheet Market Performance KPMG Milk Price Review Storm Impacts Glanbia Connect
The Agribusiness division also delivered Glanbia Ireland’s balance sheet as Markets have been negatively affected The best independent measure of milk Storm Ophelia in October 2017 Following significant investment,
a good performance in 2017 with sales at the end of 2017 shows a strong by increased milk volumes supplied price in Ireland is the annual KPMG Irish disrupted Glanbia Ireland milk Glanbia Connect is now Ireland’s
of over €350 million and particularly financial position, with total equity globally in recent years, especially in Farmers Journal Milk Price Review, collection. Many farms remained biggest and best online farm store.
noteworthy was the sales growth of attributable to shareholders standing relation to the protein element of the where processors are assessed on the without electricity for an extended The site has a vastly improved design
24% in dairy feed. An Autumn Feed at €384 million. At 30 December 2017, litre of milk where market supports actual price paid for manufacturing period, forcing some herds to once with thousands of new products
campaign offering a dairy feed bonus Glanbia Ireland had net debt of €287 by the European Commission in 2015 milk over the full calendar year. The a day milking or in extreme cases, and additional features. Farmers
of €24 per tonne (including €10 from million, an increase of €84 million on and 2016 have resulted in a build-up 2016 KPMG result published on 8 early dry off. More recently, in March can now check stock levels in any
Glanbia Co-op) delivered strong sales the position at the end of previous year. of almost 375,000 tonnes of skim milk July 2017 demonstrated Glanbia’s 2018, Storm Emma caused significant of our 53 Glanbia branches, while
growth as dairy herds capitalised on The principal reasons for the increase powder in intervention stores which position as a strong, competitive disruption to Glanbia Ireland suppliers goods in the branch can be reserved
a good base milk price and the high in net debt are the capital investment continue to overhang the market. The payer for milk in Ireland. It is expected and customers. On 3 March, Glanbia for collection and payment in store.
constituents of late lactation milk. In of €67 million in processing assets, and butterfat element of the litre has seen that the average milk price paid announced that it would pay 20 In addition, bulk feed can now be
2017, Glanbia Ireland attracted over the acquisition of the working capital a strong increase in demand with prices by GIanbia for manufacturing milk cent per litre (including VAT) on milk ordered online 24 hours per day.
500 new beef and dairy customers. of the Agribusiness and Consumer rising particularly in the summer of during 2017 will once again compare volumes that were lost due to the
Products business during the year. In 2017. However, towards the end of favourably with peers in the 2017 impact of Storm Emma (in the event Visit www.GlanbiaConnect.com
Glanbia Ireland is Ireland’s largest buyer
conjunction with the acquisition at the the year prices of butterfat trended KPMG Milk Price Review which that a farm insurance policy does
and user of native Irish grains, with
start of July, Glanbia Ireland amended significantly downwards with demand will be published in mid-2018. not cover such losses).
total annual purchases of approximately
and extended its banking facilities reacting to the relatively high prices. However, a magnificent
250,000 tonnes. Harvest 2017 green
grain intake was almost 190,000 tonnes.
and currently has bank borrowing Sustainable Dairying effort by Glanbia Ireland
Dairy demand is generally stable in
facilities of over €550 million available suppliers, hauliers and
The Glanbia Ireland grain strategy for a markets such as China and South East The Sustainable Dairy Assurance
to fund ongoing investment. staff ensured that the vast
number of years has been to move as Asia. Similar to 2016, demand in the Scheme (SDAS) audit which takes place
much grain as possible out of commodity every 18 months is the mechanism majority of available milk
Middle East and Africa was subdued,
markets and into premium niche used as evidence-based proof to was collected in the days
partially impacted by low oil prices
categories. Almost 40% of total intake support Glanbia Ireland’s Origin immediately after the
and weak currencies against the US
now attracts some level of premium or Green sustainability claims. Almost Status Red Storm event.
dollar although this situation has
bonus; this is worth approximately €2 begun to reverse in recent months. all Glanbia Ireland milk suppliers are
million in total to growers compared now fully SDAS certified. Participation
Milk price increased steadily from May
to the equivalent non-contracted in the Open Source® Programme and
to August 2017 and was at a reasonably
grains. This is a far higher proportion certification to the SDAS standard is
good level for the latter months.
of overall grain contracted than compulsory and is a requirement of
Glanbia Ireland was in a position to
any other buyer in the country. the 2018 Glanbia Ireland Purchasing,
make a top-up payment of 1 cent per
Quality and Safety Policy.
litre (“cpl”) relating to milk supplies in
respect of the first six months which
was paid to suppliers in September,
24%
and this was followed by a further
top-up payment of 1.1 cpl in respect of
supplies made during the second half
of the year, paid in January 2018.
Presenting a cheque for €10,000 to Breast
Cancer Ireland are Henry Corbally, Glanbia
growth
Chairman, Adelle Reilly, Breast Cancer
Ireland, Margaret Hoctor, Kilmullen Farm,
Co. Wicklow who won a #pinkbales photo
competition, and James Byrne, Marketing
In November 2017, the Glanbia MilkFlex Fund Manager Glanbia Agribusiness. The €10,000
received a major Award at the 2017 European was raised through Glanbia’s #PinkBales
Awards for Co-operative Innovation, presented campaign which included the sale of a
by COGECA, the association of European agri special limited edition pink silage wrap in dairy feed sales
co-operatives, in Brussels. Pictured receiving through Glanbia branches. in 2017
the award alongside the other winners
are Henry Corbally, Chairman of Glanbia,
Martin Keane, Vice-Chairman of Glanbia and
Sean Molloy, Director of Strategy & Supply
Development at Glanbia Ireland.
Padraig and Geraldine O'Scanaill, Swords,
Co Dublin, pictured having received their
award for the lowest SCC milk supplied to
Glanbia, at the 2017 AHI CellCheck Milking
for Quality Awards.
16 Glanbia Co-operative Society Limited – Annual Review 2017 Glanbia Co-operative Society Limited – Annual Review 2017 17
Total
GLANBIA PLC GLANBIA PLC
Glanbia plc €3.9bn Over recent years Glanbia plc has
restructured and reshaped its
challenged by the dynamics in the US
market, notably around some supply
2017 Highlights organisation into a global nutritional
business which is well positioned to
and demand imbalances in particular
cheese formats. GN’s strong customer
benefit from the consumer megatrends relationships helped mitigate the
around health and wellbeing. Glanbia impact of these challenges.
2017 has been a busy and Investing for Growth Strategic Acquisitions and plc is now an organisation with Looking Forward
The Nutritional Solutions component
Roadmap
successful year for Glanbia 2017 also marked a further evolution of leading nutritional market positions,
continued to perform well, with In 2018 Glanbia plc will invest in
our strategic journey with a reshaping In 2017 Glanbia plc evolved the Group market leading performance nutrition further building the consumer brand
plc, with all divisions of the organisation in Ireland and the portfolio further through the strategic brands, global reach and a strong
increased pricing and volumes and
franchise in GPN, the solutions
GN had growth in both the dairy and
of the Group delivering exciting acquisitions to the portfolio acquisitions of Amazing Grass and Body balance sheet. The Group continues
non-dairy based nutrition systems. capability in GN and across the Group
in Europe and North America. Group & Fit and further advanced discussions to focus on growth and has set out will continue to support innovation,
growth. We are pleased revenue from continuing operations plus to form a new Joint Venture in the a refreshed three-year strategy that
A number of GN’s customers are
talent development and systems
expanding globally and GN is very
that our growth momentum discontinued operations was €2.8 billion, US to build a large-scale cheese and reaffirms ‘better nutrition’ at its core.
pleased to partner with them on this infrastructure recognising the need
wholly-owned (pre-exceptional items). whey facility. In addition, a particular Glanbia’s refreshed strategy focuses for new skills and capabilities in
continued, delivering an Total Group Revenue was €3.9 billion. on three strategic pillars: protecting
journey. GN’s focus is on innovation
an increasingly digital age. These
highlight in 2017, was the creation and being a partner of choice for its
eighth year of double- Total Group EBITA was €358 million and of Glanbia Ireland – a Joint Venture and growing our core; selectively
growing customer base. investments will enable further
growth in pro-forma adjusted Earnings build and scale beyond the core; and unlocking of the Group’s growth
digit earnings growth. that now encompasses all of Glanbia’s
embed enablers across the business.
Per Share was 8.3% (10.2% growth primary dairy and agribusiness Joint Ventures potential. As a Group with great
constant currency). activities in Ireland. These strategic pillars have been people, strong financial capability and
translated into strategic priorities, Glanbia plc’s Joint Ventures are at the
strong ambition to continue to deliver
leveraging the current strengths with forefront of global dairy markets and
better nutrition to our customers and
a deliberate emphasis on investment therefore performance improves when
consumers, Glanbia plc is well placed
to drive top line volume momentum global dairy markets are relatively
for future growth.
in Glanbia Performance Nutrition stronger, as they were in 2017. This
(GPN) and Glanbia Nutritionals (GN) improved performance was broad
Glanbia Performance Nutrition Glanbia Nutritionals augmented by selective M&A. based across the Joint Ventures.
Glanbia Cheese has a very strong
€1.1bn Revenue €1.3bn Revenue commercial position in mozzarella
Glanbia Performance Nutrition
Glanbia Performance Nutrition is the global leader in Glanbia Nutritionals is a global provider of innovative cheese in Europe and continued to
GPN had another good year in 2017.
the performance nutrition business. It has a portfolio nutritional and functional solutions. Through its extensive grow its relevance in that space.
For GPN, the overall story was one of
of eight brands ranging in appeal from consumers portfolio of ingredients and capabilities, it provides Southwest Cheese is closely aligned
driving top line volume growth through
looking for performance nutrition to those seeking a wide range of science-led solutions to its global to our US Cheese and whey strategy
innovation. Overall, on a constant
on-the-go snacks and beverages to support a customers. It is also the #1 producer and marketer in GN and the business continued
currency basis branded revenue
healthy lifestyle. of American-style cheddar cheese. to develop strongly with the 25%
grew 15.2% for the year. Like-for-like
capacity expansion, on schedule and
branded revenue growth was 6.3%
on budget, for delivery in Quarter 2
with like-for-like volume growth of
2018. As announced previously, the
8.0%. Having invested in recent years
Group's discussions in relation to a
to build the position of our brands and
further Joint Venture in Michigan
in-market capability outside North
are progressing well. It continues to
America, there was strong revenue
plan for this new cheese and whey
growth in 2017 across key geographies
facility to be commissioned in 2020.
such as EMEA, Asia and Oceania.
Finally, the newly established Glanbia
In early 2017, a new GPN R&D Ireland is strategically well placed to
Innovation Centre was opened in execute growth that will benefit all
Chicago. The Chicago innovation shareholders. A significant element
centre brings the total number of of primary dairy activity is now
2
global R&D innovation centres to conducted with very good
Strategic Joint Ventures four, greatly enhancing the Group’s partners in the Joint Venture
ability to develop, commercialise, and operations. The model of
€1.5bn* Revenue
scale-up new products with speed wholly-owned businesses
Strategic
and effectiveness. Innovation remains across the ingredient
Glanbia Ireland Glanbia Cheese Southwest Cheese
a key driver of growth for GPN. solutions and branded
Glanbia Ireland is the largest Irish-based Glanbia Cheese is the largest mozzarella Southwest Cheese, based in the US, is a
acquisitions in 2017
performance nutrition
integrated dairy, agri-food and nutrition producer in Europe and is a 51:49 50:50 cheese and whey manufacturing Glanbia Nutritionals space complemented by
business. Established in July 2017, joint venture between Glanbia plc joint venture, between Glanbia plc
Overall GN had a good year driven by strong Joint Ventures in
Glanbia Ireland is a 40:60 joint venture and Leprino Foods Company, and the Greater Southwest Agency,
strong momentum in the Nutritional primary dairy processing is
between Glanbia plc and Glanbia a US company. a grouping of US Co-operatives. Amazing Grass
Solutions component of the business a model that Glanbia believes
Co-operative Society Limited.
which saw revenue volume growth will continue to deliver for all Body & Fit
of 7.2% on a constant currency basis. shareholders.
Cheese performance was somewhat
*Plc share of Strategic Joint Ventures revenue plus discontinued operations.
18 Glanbia Co-operative Society Limited – Annual Review 2017 Glanbia Co-operative Society Limited – Annual Review 2017 19GLANBIA CO-OPERATIVE SOCIETY COUNCIL MEMBERS
Castlelyons CASTLELYONS
Celebrates 100 Years CO-OPERATIVE
SOCIETY
On 16 June 2017 the community of
Castlelyons and Glanbia celebrated the
100th anniversary of the establishment
of the Castlelyons Co-operative.
The Co-operative was among the first to be established in
Ireland and was one of the most significant in Munster in
its early years. Over the last 100 years, the Co-operative
has remained the cornerstone of the local community.
1 – Front (L-R) Marie Murphy, Minister for 4
Agriculture, Food & the Marine Michael
Creed, James Murphy. Back (L-R) Patsy
Ahern, Glanbia Board Member, Henry
Corbally, Glanbia Chairman, David Murphy,
Castlelyons Regional Advisory Chairman.
2 – (L-R) Patsy Ahern, Glanbia Board
Member, Minister for Agriculture,
Food & the Marine Michael Creed,
Siobhán Talbot, Glanbia Group MD,
Henry Corbally, Glanbia Chairman.
3 – Siobhán Talbot, Glanbia Group MD,
talking with Mrs. Moore, Ballincurrig.
1 5 6
4 – The official opening of the Garden Centre by
members of the O’Donnell family. Front: Maureen
Spillane with her brothers (left) Fr. Nelius O'Donnell
and (right) Monsignor Fr. James O’Donnell. Back
(L-R) Joe Barry, Glanbia Operations Manager, Patsy
Ahern, Glanbia Board Member, Eileen Palmer
Horticulturist, Glanbia Castlelyons Branch, David
Murphy, Castlelyons Regional Advisory Chairman,
and Henry Corbally, Glanbia Chairman.
5 – Minister for Agriculture, Food & the Marine
Michael Creed, Siobhán Talbot, Glanbia Group MD,
Henry Corbally, Glanbia Chairman, and Minister
of State at the Dept. of Justice and Equality
David Stanton.
6 – A section of the large crowd who attended the
Castlelyons centenary celebrations.
7 – A number of guests reminisce of times past
while looking at old creamery photos on the
2 3 7 display boards.
20 Glanbia Co-operative Society Limited – Annual Review 2017 Glanbia Co-operative Society Limited – Annual Review 2017 21SOCIETY
COUNCIL GOVERNANCE
MEMBERS SOCIETY
COUNCIL
GOVERNANCE
MEMBERS
Board Members
John Murphy Eamonn McEnteggart Siobhán Talbot Martin Keane Jer Doheny John Murphy
was appointed to the Board on 2 June was appointed to the Board on 2 June was appointed as Group Managing Director Vice-Chairman, was appointed to the Board was appointed to the Board on 29 May 2012. was appointed Vice-Chairman on 2 June
2017. He farms at High Down Hill, 2017. He farms at Castlering, Knockbridge, of Glanbia plc on 12 November 2013, on 24 May 2006. Martin has completed the Jer has completed the University College 2017. He was appointed to the Board on
Newcastle, Co. Dublin. Dundalk, Co. Louth. having been appointed Group Managing ICOS Co-operative Leadership Programme. Cork Diploma in Corporate Direction. He 29 June 2010. He is Vice Chairman of
Director Designate on 1 June 2013. She was Martin is President of Irish Co-operative farms at Upper Tullaroan, Co. Kilkenny. the National Dairy Council Board. He has
Patsy Ahern Patrick Whyte previously Group Finance Director and her Organisation Society Limited and a Director completed the University College Cork
was appointed to the Board on 12 June was appointed to the Board on 2 June role encompassed responsibility for Group of Ornua Co-operative Limited. He farms Patrick Murphy Diploma in Corporate Direction. He farms at
2015. He farms at Sheanmore, Ballyduff 2017. He farms at Ballystanley, Roscrea, strategic planning. She has held a number of at Brockery, Errill, Portlaoise, Co. Laois. was appointed to the Board on 26 May Ballinacoola, Craanford, Gorey, Co. Wexford.
Upper, Co. Waterford. Co. Tipperary. senior positions since she joined the Group 2011. Patrick is a Director of Farmer Business
in 1992 and joined the Board in 2009. She is Henry Corbally Developments plc. He farms at Smithstown, Michael Keane
Michael Horan Vincent Gorman also a director of the Irish Business Employers’ was appointed Group Chairman on 12 June Maddoxtown, Co. Kilkenny. was re-appointed to the Board on 29 June
was appointed as Group Secretary on 9 was appointed to the Board on 27 June 2013. Confederation (IBEC). 2015. Henry was appointed to the Board on 9 2010. He farms at Foxhall, Ballinamona,
June 2005, having previously held the He farms at Ballindrum, Athy, Co. Kildare. June 1999. Henry holds a certificate of merit Tom Grant Ardmore, Co. Waterford.
position of Group Financial Controller in Corporate Governance from University was appointed to the Board on 15 December
since June 2002. He joined the Glanbia Eamon Power College Cork. He is a former Vice-Chairman 2015. He farms at Killerk, Lisronagh, Clonmel, Brendan Hayes
Group in 1998 as Financial Controller of was re-appointed to the Board on 26 May of the National Dairy Council. He farms at Co. Tipperary. was re-appointed to the Board on 30 May
the Fresh Pork business in Ireland. 2011. Eamon has completed the University Keenaghan, Kilmainhamwood, Kells, Co. Meath. 2014. He has completed the University College
College Cork Diploma in Corporate Direction. Cork Diploma in Corporate Direction. He farms
He farms at Fethard on Sea, New Ross, at Ballyquinn, Carrick on Suir, Co. Waterford.
Co. Wexford.
22 Glanbia Co-operative Society Limited – Annual Review 2017 Glanbia Co-operative Society Limited – Annual Review 2017 23SOCIETY GOVERNANCE SOCIETY GOVERNANCE
Retired Glanbia Council Council Members
Members in 2017
“Six of our Council Members retired in the 1. BARROWVALE 2. DONAGHMORE / MONASTEREVIN
period under review. I would like to sincerely
thank Pat Kiely, Noel Looby, Michael Walsh,
Matt Merrick, Pat Hogan and Pat Barron for
their commitment to the Society over the
course of their tenure. I am very grateful for
their valued contribution to the Council.
I would also like to welcome our new Council
Members and wish them every success for
the future.”
Henry Corbally,
Chairman Glanbia Co-operative Society.
1
(Left to right) John Ryan, Cathal Moran, Michael Purcell, (Left to right) Derek Tierney, Michael McEvoy, Kevin Flynn,
1 – Pat Kiely, Noel Looby, Michael Walsh, Vincent Gorman, Bernard Dunne, Laurence Hannon, John Talbot, Martin Keane, James Mahon, John Murphy,
Siobhán Talbot, Henry Corbally, Matt William Barrett, Seamus O’Shea. Paul Ennis, Shane O’Loughlin.
Merrick, Pat Hogan, Pat Barron.
2 – Henry Corbally, Pat Hogan and his
wife Kay, Edel Corbally.
3 – Henry Corbally, Matt Merrick and his
wife Catherine, Edel Corbally.
3. NORTH WEXFORD / EAST WICKLOW 4. SOUTH TIPPERARY
4 – Henry Corbally, Pat Barron and his
2 3 wife Mary, Edel Corbally.
5 – Henry Corbally, Pat Kiely and his
wife Miriam, Edel Corbally.
6 – Henry Corbally, Noel Looby and his
wife Marian, Edel Corbally.
7 – Henry Corbally, Michael Walsh and
his wife Noreen, Edel Corbally.
8 – Jacinta Power, Executive Assistant
Glanbia and Edel Corbally.
4 5
(Left to right) Partick Darcy, Gerard Lyons, Declan O’Neill, (Left to right) Daniel Norton, William Carroll, David Kennedy,
John Murphy, Roger Boyd, Christopher Hill, Albert Evans, Denis Corcoran, Daniel Butler, Thomas Grant.
John Byrne.
6 7 8
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