Company Review:
The Caledonian Cheese
Company
A guide to your milk buyer
February 2012
The Caledonian Cheese Company
Company profile
The Caledonian Cheese Company Limited1, The Fresh Milk Company Limited and McLelland
Cheese Packing Limited are all part of the Lactalis McLelland Limited group which is itself owned
by the French dairy company Lactalis. The parent company Lactalis was the third largest dairy
company in the world according to Rabobank’s rankings2. Following its acquisitions of Puleva in
Spain (2010) and Parmalet in Italy (July 2011), however, it now claims to be the largest maker of
dairy products worldwide. Lactalis produces a wide range of dairy products and has access to all
major markets although its main product market is cheese followed by liquid milk. Its main markets
are France and Italy which account for 26% and 18% respectively of its sales revenues.
Lactalis Group has based its external growth on developing its brands and on an active policy
of acquisitions both in France and abroad. Its acquisition strategy is to involve itself with ‘high
visibility brands’ as opposed to dairy commodity products and to purchase strong local brands
to support growth. Its bid to purchase the Swedish dairy business Skånemejerier3, the second
largest dairy co-operative in Sweden, fits into this strategy and provides Lactalis with access to
Scandanavian markets and to extend the product markets it is involved with.
UK activities are consolidated through Lactalis McLelland Limited, which is involved in the
manufacture, import, sale and trade in cheese and other dairy products. Each of the group’s
subsidiaries is responsible for certain dedicated activities within the company. The Fresh Milk
Company Limited is responsible for milk procurement, The Caledonian Cheese Company Limited
is responsible for production, marketing and distribution of cheese and dairy products based in
Stranraer while packaging operations are done through McLelland Cheese Packing Limited. Its
non-manufacturing activities are centralised at its Redhill location.
As part of the Lactalis group, its UK operations benefit from the strong commercial network that
Lactalis has both in the UK and abroad, and from an important source of capital that can be used
for advertising, marketing and investments.
The majority of milk purchased within Britain is used by The Caledonian Cheese Company for
cheese production at its main factory in Stranraer, notably under the Seriously Strong brand. In
addition, it is involved in the production of territorial and goat cheeses at its Lubborn creamery in
Somerset and in a joint venture in the Orkney Cheese Company. It also owns the Rachel’s Organic
brand, which was purchased from Dean Foods in July 2010. In the branded Cheddar market, the
key competitors to Lactalis’ Seriously Strong brand are Cathedral City from Dairy Crest and Pilgrims
Choice from Adams Foods Ltd. For its own-label cheeses, it will compete with the other major
manufacturers of own-label Cheddar and territorial cheeses as well as with imported products.
1
2
3
2
As part of the research for this report, Lactalis McLelland Limited did not participate in an interview, nor provide any information
on its strategy, targets or performance. All of the information within this report has been accessed from published sources, such as
company accounts, websites and press articles unless otherwise indicated. The most recent set of accounts for Lactalis McLelland
Limited and its associated companies are for the year ending 31 December 2010 which were filed at Companies House in
September 2011.
Rabobank International. Global Dairy Top-20. June 2011. Based on valuations in Euros for the 2010 financial year.
At time of writing, the board of Skånemejerier’s council had approved the takeover although the final details had not yet been
agreed.
During 2010, the Cheddar market was significantly impacted by the high level of promotions
used to drive consumer demand. While promotional activity slowed during 2011, the continued
pressure on consumers’ budgets has meant retailers have not been receptive to price increases
and trading conditions in the Cheddar market have continued to be difficult.
Current position:
• Lactalis McLelland is one of the largest producers of Cheddar in Britain and its Seriously
Strong brand is the second largest selling Cheddar brand4.
• Difficult trading conditions during 2010 and 2011 have impacted volume and value retail
sales of its key branded products, although the drop in value was partly offset by increasing
wholesale values of Cheddar.
• The company has diversified its activities within the UK in recent years into soft cheeses and
yogurt through its acquisitions of the Lubborn Creamery (in 2009) and the Rachel’s brand (in
2010), giving the parent company a wider UK presence.
• Lactalis McLelland has access to resources from its global parent in terms of commercial
networks, best practice and a source of funds for investments and marketing. Its global
presence has continued to grow following acquisitions of leading dairy companies in Spain
and Italy.
• The company is mainly involved in added value dairy products, although also sells powders
derived from its cheese-making activities.
• It secures the majority of its raw milk requirements from direct suppliers.
• Centralised non-manufacturing activities to its Redhill offices in 2010, resulting in the closure
of two offices.
Future challenges and opportunities:
• The Lactalis Group’s activities are concentrated on cheese within Western Europe and it aims
to pursue acquisitions which will allow it to pursue growth in milk product markets and in the
emerging markets of Asia and Latin America.
• The UK company is reliant on the performance of Seriously Strong Cheddar and growth of
the UK branded Cheddar market.
• Further investment in marketing or product development for Seriously Strong may be
necessary to achieve brand leadership.
• The potential for increased import competition for its UK operation exists in the longer term if
Ireland is successful in its strategy to increase total milk production following the removal of
quotas.
• UK Cheese markets will remain competitive with the major retailers looking to streamline
4
Based on Kantar Worldpanel data for the 52-week period ending 2 October 2011.
3
their branded cheese category to build market share in own-label products.
• Faces the challenge of passing rising input costs on to retail customers (within the UK) during
a period of low growth and price sensitivity at consumer level.
• Increasing recruitment activities within its milk field (South-West Scotland) may increase
competition for raw milk suppliers, which may impact on milk price paid to direct suppliers.
• Has the opportunity to develop export sales of its Seriously Strong brand through the use of
other operating companies in the Lactalis group.
4
The Caledonian Cheese Company
Procurement analysis
Milk purchases
The table below gives details of Caledonian Cheese’s5 milk supply base for the 2010/11 milk year.
Direct supplies
Third party supplies
Stranraer
Lubborn
Co-operatives and
other brokers
Million litres
270
13
53
Numbers
175
11
Total
Change from
previous year
336
n.c
186
n.c.
Source: AHDB estimates
Lactalis McLelland Ltd has changed its procurement significantly since 2006 when 80% of milk
was supplied by First Milk. The strategy over recent years has been to source around 20% of milk
through brokers with the remainder coming from producers on direct supply contracts. Brokered
milk is sourced from a number of suppliers such as Milk Link, Grahams and Meadow Foods.
Given the good grazing conditions which occurred during the 2010/11 milk year, combined with
the incentives offered by the company to increase production levels, it is likely that milk deliveries
from direct suppliers increased over the period6. Assuming that producers increased production at
the national rate of 4%, total milk purchases will have been 10m litres higher from direct suppliers
to Stranraer and 1m litres more for suppliers to the Lubborn site. It is assumed that purchases from
third party suppliers will have dropped to compensate for the increase in direct supply volumes
as the Stranraer facility was operating near to full capacity in 2009/10. In the absence of an
increase in production capacity at the site, total volume requirements are unlikely to have changed
significantly.
It has been assumed that the number of producers on direct supply contracts did not change
over the period. Direct suppliers to the company were paid one of highest milk prices during the
2010/11 milk year and the company was offering bonus payments for increased production. It
is therefore unlikely that suppliers would leave under those conditions. The total number of direct
suppliers may be different to that reported as the number of new recruits or retirements is unknown.
Recruitment
The Caledonian Cheese Company has a target to increase its processing capacity at the
Stranraer factory to 390m litres of milk by 2015. This would require 70m litres (21.9%) of
additional milk, of which the majority (60m litres) is expected to come from direct suppliers. The
5
6
All milk purchases for Caledonian Cheese are now done through its procurement arm The Fresh Milk Company Limited.
Changes to milk purchases have been estimated as the company did not provide any information on volumes or producer numbers
for the 2010/11 milk year.
5
company offers bonuses for pre-agreed expansion in order to encourage increased production
from its direct suppliers.
Through the procurement company The Fresh Milk Company Limited, milk for Stranraer is sourced
from a radius of approximately 100 miles around the factory, which equates geographically to
all of Dumfries and Galloway and along the West Coast of Scotland as far as Kilmarnock in East
Ayrshire and Carlisle in Cumbria.
There are no minimum or maximum volume requirements for new suppliers and all farm sizes
and production profiles are considered within the defined recruitment area. The average size of
current suppliers is relatively large at 1.5m litres, although there is a wide range of farm sizes
currently supplying the Stranraer facility.
Contracts
The table below summarises the main features of the supply contracts offered by The Fresh
Milk Company Limited7 for suppliers to the Stranraer factory8. There are three contract options:
Standard, Profile and Seasonal. Which option is better will depending on the milk profile of each
producer.
Standard
Profile
Million litres
270
Producer numbers
175
Cheddar cheese and ingredients
End use
Catchment area
Seasonal
South-West Scotland and North Cumbria
(within a 100 mile radius of Stranraer)
Annual average price
2010/11*
24.18ppl
24.79ppl
24.37ppl
Annual average price
as of Sep 11*
27.49ppl
28.17ppl
27.69ppl
Reasons for price
changes
In response to price changes made by competitors – not linked to returns
from commodity markets
*Based on the DairyCo standard litre (see www.dairyco.org.uk/datum for further details).
Note: Figures relate to the milk year 2010/11.
Contracts are negotiated on a yearly basis and all producers are required to provide a 6-month
forward forecast. As the company is actively encouraging increased production from its
contracted farmers, bonus payments for meeting pre-arranged expansion plans are paid.
7
8
6
The Fresh Milk Company Limited is the procurement arm of Lactalis, and purchases all of the milk used by The Caledonian Cheese
Company Limited for use at its Stranraer and Lubborn factories.
No information was provided about the Lubborn contract. However, it concerns less than 15 farmers.
Price Review
Price changes are made as and when necessary by the company and are usually in response to
changes in the milk price made by competitors. Price setting is not linked to commodity markets
and there is no formal negotiation process in place although direct suppliers have input through
meetings between the company and a supplier group committee. Price decreases are never
introduced retrospectively although the company has occasionally paid a retrospective price
increase.
Prices paid on the Caledonian Cheese supply contracts were competitive during the 2010/11
milk year according to the DairyCo standard litre. Average prices paid by the company were
consistently above the average price paid9 on cheese contracts.
In the 2011/12 milk year, there have been three price increases totalling 2.3ppl, keeping the price
near the top of the DairyCo league table for cheese manufacturers. A further increase of 1.23ppl
was implemented effective November 2011, which makes the price paid for milk on a cheese
contract one of the highest in the industry.
Exit policy
Producers are required to give three months notice to exit and can give this at any time of the year
so that it is genuinely three months. This is shorter than what is typically required by milk buyers in
Britain and provides farmer suppliers more flexabililty to change milk buyers.
Additional benefits
To promote increased milk production, The Fresh Milk Company offers bonus payments for volume
expansion. Pre-agreed expansion qualifies for a bonus set at between +0.1ppl and +0.4ppl
depending on the level of expansion10. Direct suppliers also have access to interest free loans in
the form of an advance of up to six months against the monthly milk cheque.
There is a supplier group committee of seven elected producers who meet on a monthly basis with
Caledonian Cheese. Formal issues by suppliers are raised and discussed through this committee.
Caledonian Cheese makes a point of remaining close to its suppliers, with each producer known
and contacted on a personal basis which it states is one of the benefits of being a relatively small
business unit.
9
10
Average price paid on all cheese contracts recorded in the DairyCo league table, based on its standard litre.
For example 0.4ppl is paid out for pre-agreed expansion of 20%.
7
Highlights...
• Caledonian Cheese paid one of the highest prices on a cheese contract in 2010/11
according to the DairyCo league table.
• The company maintained its 80/20 split between contracted milk purchases and
third party purchases in 2010/11.
• There are no specific size or production profile requirements for potential suppliers,
although its milk field for the Stranrear facility is restricted to within 100 miles of
the site.
• The notice period for suppliers to exit their contract is three months which is one of
the lowest in the industry, providing direct suppliers more flexibility to change milk
buyers.
• The company offers added benefits such as bonuses for agreed expansion and
interest free loans.
8
The Caledonian Cheese Company
Production analysis
Product portfolio
The graph below provides a breakdown of products made at the Stranraer factory. Caledonian
Cheese did not provide updated production figures for the 2010 production year although it can
be assumed that there was no significant increase as the Stranraer facility was already working at
full capacity.
Total milk purchases 320m litres
73%
Cheese
27%
Ingredients
(powders)
10%
Other Cheddar brands
30%
Own-label Cheddar
50%
Seriously Strong Cheddar
10%
Export or food services
While no information was provided by Lactalis on its production portfolio, examination of its
annual accounts and market performance indicate that total cheese production was roughly
equivalent to the previous year.
9
The production capabilities at its main Stranraer facility are currently fully utilised, although
the company aims to improve this through continued investment. It is unknown if there will be
any accompanying increase in drying capacity which would impact on the level of powders
produced.
Production facilities
Stranraer (320m litres)
Facility type
Liquid milk
Cheese
Ingredients/other
Approximation
of milk field
Lubborn (24m litres)
Lactalis McLelland operates two processing plants in the UK located at Stranraer in Scotland
and Lubborn in England. The largest by far is the Stranraer factory which processes Cheddar
cheese and powders, with a capacity to use 320m litres of milk per annum. The Lubborn factory
has a capacity of 24m litres and produces Somerset Brie, Camembert and goats’ cheese. A
third factory in Glan yr Afon was purchased in July 2010 as a joint venture between Lactalis and
Nestlé and produces Rachel’s branded organic yogurts. This factory has a capacity of 15m litres
per year and all of the milk is sourced from milk brokers.
10
According to Caledonian Cheese, the Stranraer plant is running at full capacity at around 1m
litres/day, depending on the time of year. The plant runs at just over 1m litres/day for 8 months of
the year and just under 1m litres/day for the remaining 4 months.
During 2010, £1.4m was invested at the Stranraer factory to improve production efficiencies and
its collection facilities. This follows an investment of £1.3m in the previous year.
Markets
The majority of The Caledonian Cheese Company’s sales are of Cheddar to the GB retail market,
with around 5% sold to the foodservice industry and another 5% exported. Its powders are sold
in both domestic and export markets to the food ingredients sector.
According to Kantar Worldpanel data, the Cheddar retail market was worth in the region of £1.4
billion as of December 2011, with sales volumes up 0.6% and values up 4.7% between December
2010 and 2011. The strength of world commodity markets impacted on cheese prices, driving
prices up at both the retail and wholesale levels. Higher prices, combined with the pressure on
consumer incomes from the economic downturn, impacted on volume sales.
The branded Cheddar segment lost market share to own-label Cheddar in volume terms during
the year ending December 2011, although it gained share in terms of value. Branded Cheddar
had a 46% volume share and 44% value share, losing out on volume sales over the period but
showing growth in total sales value. Own-label Cheddar performed better during the year with
growth in both volume and value sales and finishing the year with a 54% volume share and a
56% value share of the retail Cheddar market.
Lactalis’ portfolio of branded Cheddar products, including its flagship Seriously Strong brand,
performed well in the year ending December 2011, reporting increases in both value and volume
sales according to Kantar Worldpanel data. Its premier brand, Seriously Strong, retained its
position as the second largest branded Cheddar in the GB retail market as of December 2011
and, of the three largest brands, was the only one to show year-on-year growth.
Highlights...
• Caledonian Cheese is dependent on its performance in the Cheddar market which
remained competitive during 2011. However, branded Cheddar products lost market
share to own-label Cheddar during the year.
• Seriously Strong Cheddar gained some market share during the year ending
December 2011, both in terms of value and volume sales and retained its place as
the second largest selling brand.
• Lactalis has opportunities to diversify its income streams with the acquisition of
Lubborn and Rachel’s and through developing export markets through Lactalis’
extensive international network.
11
The Caledonian Cheese Company
Financial analysis
Headline figures
This section looks at the financial performance of Lactalis McLelland Limited as a whole and will
therefore include activities such as the import and sales of continental cheese. Despite this, the
majority of its turnover and profits are generated by UK activities and by the performance of
Caledonian Cheese.
Headline financial figures and ratios have been calculated from the most recent full set of
accounts for Lactalis McLelland Limited. Operating profits do not include gains or losses from
exceptional items, or profits or losses from associated undertakings. The definitions of the financial
figures and ratios are available in the Appendix at the end of the report.
Operating profit...
Profit before tax...
7.0%
5.7%
8.8%
£3.1 million
£38.6 million
£5.5 million
year end 31/12/10
Total equity...
year end 31/12/10
year end 31/12/10
Cash flow...
Cash in: £1.9m
Cash out:£4.0m investments
£6.4m finance
£8.5m
from previous year
• Operating profit for the year ending 31 December 2010 decreased 7.0% from £5.9 million
in previous year.
• While turnover increased sufficiently to cover increasing costs of sales, additional costs
associated with the centralisation of non-manufacturing activities and losses in The
Caledonian Cheese Company Limited impacted on total group profits.
• Pre-tax profits were 5.7% up on the previous year level, due to a combination of lower
financing costs and increased profits from associated businesses.
• Total equity (including pension scheme liabilities) fell by 8.8% compared to last year,
resulting from reduced reserves and increases in borrowings from group undertakings.
12
• Although current assets increased year-on-year, an increase of £44m in long term
borrowings from related companies more than compensated for the £25m reduction in shortterm borrowings.
• Total equity was also impacted by a dividend payout of £2.5 million in 2010. No dividends
had been paid in 2009.
• Cash from operating activities in 2010 was down from £21.8million, a decrease of 92%.
• The reduction in cash from operating activities was mainly due to the increase in stocks (up
£6.9 million), the increase in debtors (up £7.1 million), and a reduction in creditors (down
£7.8 million).
• The payment of £2.5m in dividends on the previous year’s profits also impacted cash flow.
Financial Ratios
Profitability ratios
Gross margin 15.9%
• Gross profit margin
up from 14.9% in
previous year.
• This ratio is
comparable to other
processors with a
similar production
profile.
• Production efficiencies
may have helped to
reduce the impact of
rising costs of raw
materials.
Pre-tax profit
margin 1.7%
• The pre-tax profit
margin ratio has not
changed from 2009
results.
• Indicates that UK
operations did not
generate high returns
during the year,
impacted by the
difficulty in passing
on rising costs to
customers.
• The low net margin
percentage is not
of concern as the
company holds large
reserves and has the
support of its parent
company.
Return on capital
employed (ROCE)
5.2%
• The return on capital
employed has
decreased from the
previous year (9.1%)
as a result of an
increase in long-term
borrowings.
• This ratio shows that
profitability for the
UK division of Lactalis
has declined from the
previous year.
13
Debt ratios
Quick ratio 0.76
Current ratio 2.42
Gearing 63.4%
• The quick ratio has
increased from last
year (0.44) due to the
high value of cheese
stocks.
• The current ratio is
higher than last year
(1.52), impacted by
an increase in the
value of stocks.
• Gearing has
increased significantly
from 34.3% in 2009.
• The ratio indicates
that in the absence
of stocks, short-term
debt obligations
would not be fully met
from available liquid
assets.
• Ratio shows a healthy
liquidity position
when cheese stocks
are included in
current assets.
• Gearing is at a
higher level due to
the large increase in
long-term debt.
• It must be considered
that the majority of
the company’s longterm debt is owed to
group undertakings,
rather than
commercial loans.
Efficiency ratios
Debtor days 49.2
Creditor days 25.2
• This stood at 44.2
days in 2009,
indicating an increase
in trade debt relative
to turnover.
• Creditor days
increased compared
to the previous
year’s figure of 22.0
(not accounting for
amounts owed to
group undertakings
or accruals).
• Trade debt will have
been impacted by
increased wholesale
prices for cheese.
• The ratio is similar
to other companies
within the industry.
14
• Including accruals,
the figure rises to
42.5 (38.1 in 2009),
which remains in
line with industry
averages.
Return on total
assets 3.5
• The return on total
assets has dropped
from 4.1 in the
previous year.
• Indicates that for
every £1 invested
by the company, it
generated £3.50 of
operating revenues in
the financial year.
• The company’s
tangible assets have
not changed year-onyear, while increases
in current assets are
linked to the higher
value of stocks and
trade debt.
Highlights...
• Ratios suggest that profitability has declined. The company’s financial success for the
2010 financial year is likely to have been affected by the challenging conditions in
the Cheddar market.
• Debt levels have increased to support the company’s investments although the
majority of debt is within the Lactalis Group.
• Operating from within a large international dairy business allows the UK enterprise
to continue to invest in production efficiencies and marketing in order to maintain its
competitiveness through challenging economic conditions.
• Stock values and trade debtors both increased in the year in line with higher
wholesale prices for Cheddar. The higher stock value may also be an indication that
stock levels have increased.
15
Annex 1 - Financial ratio calculations.
Financial headline
figures and ratios Calculation
Interpretation
Operating Profit
Turnover less cost
of sales (including
overhead costs). NOT
including exceptional or
non-recurring items.
Profit after cost of
sales and overhead
expenses (not including
exceptional items) but
before interest and tax.
Indicates the efficiency to which
a company generates profits from
operating activities.
Pre-tax Profit
Profit before tax.
Profit after all costs,
including finance costs,
exceptional and nonrecurring items, but
before taxes and not
accounting for actuarial
gains/losses from
pensions.
The profits available to be disbursed
to shareholders or added to reserves
(before tax).
Total Equity/
Member Reserves
Issued capital plus
reserves and revenue
reserves.
Shareholders or
members’ funds.
Needs to be examined in light of the
direction of change over the past two
to three years.
Gross margin
(Gross profit* (Turnover
less cost of sales)/
Turnover) x 100
Shows how much it
costs to get goods and
services ready for sale.
Indicates the amount of money the
company has available for overheads
from its turnover.
Pre-tax profit
margin
(Pre-tax Profit/Turnover)
x 100
Shows how efficient
the company is at
generating profits from
sales.
Indicates the amount of money the
company has available for purposes
of taxes and dividends, and also for
re-investing in the company.
Return on capital
employed (ROCE)
Operating profit
(as above)/Capital
Employed (equity** plus
long term loans)
Measures performance
as a whole, taking into
account all sources of
funding.
Considered a good measure of
efficiency.
Quick Ratio
(Current Assets –
Inventories)/Current
Liabilities
Similar to Current Ratio
but with stocks removed
(stocks are traditionally
less liquid).
As per Current Ratio. Can vary due to
nature of inventories as some are more
available for sale than other (i.e. butter
v. Cheese).
Current Ratio
Current Assets/Current
Liabilities
Indication of business
liquidity.
Values greater than one indicate
sufficient liquidity to meet current
liabilities. Large businesses can operate
at lower levels than smaller businesses.
Gearing
Long term loans/Capital
Employed (equity** plus
long term loans)
Debtor Days
Trade Receivables x
365/Turnover
Measures how long, on
average, it takes for the
company to collect its
debts.
Generally should be lower than
creditor days. If it is rising, raises
questions about the company’s ability
to collect money and may induce cash
flow problems.
Creditor Days
Trade Payables x 365/
Cost of Sales
Measures how long,
on average, it takes for
the company to pay its
creditors.
Generally should be higher than debtor
days.
Return on total
assets
Operating profit x 100/
Fixed assets + Current
assets
Measures how efficient
the company is at
generating revenues
from its assets.
If there is a large gap between Return
on assets and Return on capital
employed, this can indicate that assets
are run down. Should be assessed in
terms of how it has changed over time;
should be increasing as assets should
not be held if they do not generate
revenue. New assets will cause ratio to
fluctuate.
* Not including distribution and administration costs
**For co-operatives, equity is equivalent to member reserves
16
Description
17
18
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19
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