Attached files
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| 8-K - FORM 8-K - DARLING INGREDIENTS INC. | d680915d8k.htm |
 February 25,
2014 Exhibit
99.1
Creating sustainable food, feed and fuel
ingredients for a growing population
J.P. Morgan
Global High Yield &
Leverage Finance Conference
1 |
 1.
Company Profile
4
2.
New Business Segments
12
3.
Growth Strategy
23
4.
Financial Review
32
2
Table of Contents |
 Creating
sustainable food, feed and fuel ingredients for a growing population 3
Safe Harbor Statement
This presentation contains forward-looking statements regarding the business operations
and prospects of Darling International and industry factors affecting it. These
statements are identified by words such as “may,” “will,”
“begin,” “look forward,” “expect,” “believe,” “intend,” “anticipate,” “should,” “potential,”
“estimate,” “continue,” “momentum” and other words referring to
events that may occur in the future. These statements reflect Darling International's
current view of future events and are based on its assessment of, and are subject to, a
variety of risks and uncertainties beyond its control, including the Company’s
ability to successfully integrate and operate Rothsay and Darling Ingredients International,
disturbances in world financial, credit, commodities, stock markets and climatic conditions;
unanticipated changes in national and international regulations affecting the
Company’s products; a decline in consumer confidence and discretionary spending;
the general performance of the U.S. and global economies; global demands for
bio-fuels and grain and oilseed commodities, which have exhibited volatility, and
can impact the cost of feed for cattle, hogs and poultry, thus affecting available rendering
feedstock and selling prices for the Company’s products; risks associated with the
renewable diesel plant in Norco, Louisiana owned and operated by a joint venture
between Darling International and Valero Energy Corporation, including possible
unanticipated operating disruptions and marketing challenges; risks relating to
possible third party claims of intellectual property infringement; economic disruptions
resulting from the European debt crisis; continued or escalated conflict in the Middle East;
and the Company’s relatively high level of indebtedness, each of which could cause
actual results to differ materially from those indicated in the
forward-looking statements. Other risks and uncertainties regarding Darling
International, its business and the industry in which it operates are referenced from
time to time in the Company’s filings with the Securities and Exchange Commission.
Darling International is under no obligation to (and expressly disclaims any such
obligation to) update or alter its forward- looking statements whether as a result
of new information, future events or otherwise.
|
 4
Company Profile
From Then to Now
Company Profile
Business Segments
Growth Strategy
Financial Review |
 From... The oldest, largest and most
innovative recycling solutions
company serving the nation’s food
industry...
•
120 operating facilities across U.S.
•
Approx. 4,000 employees
•
Over $1.7 billion in revenues
Company Profile
Business Segments
Growth Strategy
Financial Review
January 2013
5 |
 6
To...
A global growth platform for the
development and production of
sustainable natural ingredients
from edible and inedible bio-nutrients,
creating a wide range of products and
customized specialty solutions
Food
Feed
Fuel
Company Profile
Business Segments
Growth Strategy
Financial Review
•
Over 200 operation facilities on 5 continents
•
Approx. 10,000 employees
•
Over $4 billion in revenues
January 2014 |
 •
Strong, market leading position to add value to animal by-products worldwide
•
Global
platform
in
the
key
growth
areas
for
expansion
into
other
activities
•
Broadest product portfolio with unique focus on R&D/product development
•
Significant cash generation
•
INTELLECTUAL AND FINANCIAL PROWESS TO CREATE EXPANDING POSITION
SUPPORTING THE ANIMAL BY-PRODUCT/BAKERY/RESTAURANT INDUSTRIES
Our
Our
Strengths
Strengths
Today:
Today:
TRS
TRS
7
RAW MATERIAL SOURCING EXPANSION-
Wastewater value add;
Access to DAF/SPN from food processing plants diversifies commodity exposure
COMMODITY BUSINESS
Mixed meat renderer with good used cooking oil business (particularly east/west coasts)
Pre 2004
Pre 2004
VALUE ADD & REDUCTION OF COMMODITY EXPOSURE (countercyclical)
Higher value use for fats produced by Darling, should be countercyclical to fat prices
DGD
DGD
GEOGRAPHIC EXPANSION OF U.S. FOOTPRINT INTO CANADA
Increase of both rendering and biodiesel
Rothsay
Rothsay
GREW EXISTING BUSINESS ADDING PRODUCT DIVERSIFICATION;
INITIAL MOVE TO VALUE ADD AND REDUCTION OF COMMODITY EXPOSURE
Intro to frozen parts; diversified into poultry offal; incorporated value add concept for
proteins; added significant bakery by-product business; developing hexane
extraction NBP & Griffin
NBP & Griffin
2006 2010
2006 2010
GLOBAL PRESENCE/PRODUCT LINE EXPANSION INTO FOOD INGREDIENTS
Provides access to raw material sourcing in Europe/Australia/Brazil/China
(Brazil and China areas where animal slaughter will increase);
Product segment diversification: Blood/Gelatin/Casings/Specialty Products;
High added value proposition
VION
VION
Ingredients
Ingredients
2014
2014
Company Profile
Business Segments
Growth Strategy
Financial Review
The Evolution of Darling International |
 Creating
sustainable food, feed and fuel ingredients for a growing population
•
Gelatin
•
Casings
•
Functional Proteins
•
Food Grade Fats
•
Heparin
•
Proteins •
Fats
•
Bone China Bodies
•
Bakery Feeds •
Glue
•
Organic Fertilizers
•
Plasmas •
Hides
•
Biofuels
•
Green Gas
•
Green Electricity
Global footprint:
5
continents
Production facilities:
Over
200
Founded:
1882
Listed:
1994
Publicly traded:
NYSE:
DAR
Principal segments:
Three
Products:
400+
Industries served:
Food, pet food,
restaurant, feed,
pharmaceutical,
fuel, fertilizer
LTM Sept.’13 pro forma revenue:
Over $4.0
billion Employees:
Approx.
10,000
Headquarters:
Irving, Texas, USA
8
Food
Feed
Fuel
A World Leader in Bio-Nutrient Transformation
Improvement by Nature
|
 Over 200
operations on 5 continents Over 400 products sold worldwide
9
Company Profile
Business Segments
Growth Strategy
Financial Review
A World Leader in Bio-Nutrient Transformation
Improvement
by Nature |
 Pro forma LTM
Sept. 2013 Revenue LTM Sept. 2013 Revenue USA
Feed
63%
Fuel
8%
Bakery
17%
Rendering
83%
Europe
41%
USA
42%
Canada 6%
So. Amer. 4%
China 6%
Other Asia
2%
10
Food
29%
Shown with new
acquisitions by our
new business segments
Does not include
pro forma DGD
revenue
Year of Tremendous Growth
Uniquely Diversified
Company Profile
Business Segments
Growth Strategy
Financial Review
1
Includes Terra Renewal Services (“TRS”) results from August 26, 2013 through
September 28, 2013. Does not include Darling’s share of Adjusted EBITDA of
(or any potential cash distributions from) DGD 2
Q4 2012 Revenue and Adjusted EBITDA translated at period average exchange rate of
1.2837. Q1-Q3 2013 Revenue and Adjusted EBITDA translated at
period average exchange rate of 1.315.
As shown
by
country |
 Continues to
explore growth and value creation opportunities
•
Entrepreneurship
•
Transparency
•
Integrity
11
Creating sustainable food, feed and fuel ingredients for a growing population
Highly Experienced and International Executive Team
Colin T. Stevenson
EVP – Global Finance
& Admin.
Darling International
John F. Sterling
EVP – General
Counsel
Darling International
Dirk Kloosterboer
Chief Operating
Officer
Darling International
Marty W. Griffin
EVP – Chief Oper-
ating Officer, N.A.
Darling International
John Bullock
EVP – Chief Strategy
Officer
Darling International
Randall C. Stuewe
Chairman & CEO
Darling International
Company Profile
Business Segments
Growth Strategy
Financial Review |
 12
Our New Business Segments
Company Profile
Business Segments
Growth Strategy
Financial Review
Food, Feed & Fuel |
 Creating
sustainable food, feed and fuel ingredients for a growing population Renewable
Butane
Renewable
Propane
Renewable
Diesel
Green Electricity
and Gas
Biodiesel
13
Food Grade Fats
Heparin
Peptan®
Gelatin
(Pharma)
Natural
Casings
Gelatin
(Food)
Bone China
Plasma
Leather
Organic
Fertilizer
Proteins
Fats
Cookie Meal®
Pet Food
MucoPro®
Naphtha
General products
Specialty
products
Fuel
Food
Food
Pharma
Fuel
products
Generated thru
DGD production
Company Profile
Business Segments
Growth Strategy
Financial Review
Provides broad stabilized market exposure worldwide Unique Diversified
Portfolio Feed |
 Creating
sustainable food, feed and fuel ingredients for a growing population 14
Research and development are at our Company’s strategic core to achieve
product leadership by creating the highest value-add for its raw material and end
products strong
relationships
with
our
customers
by
co-development
of
specific
products
for
their
end
markets
Efforts focus on product development as well as continuous improvement of existing
products •
BP-95 is developed by Darling Ingredients International’s
R&D team and combines expertise from Sonac and
Rousselot activities
•
BP-95 is an innovative collagen protein which adds
functionality (binding water/ fat) in meat
products like hot dogs,
salami, cooked hams and luncheon meat
•
Main growth areas are the
emerging markets
•
Strengthens our portfolio of
functional proteins for the consumer
protein industry
BP-95
Innovative high functional collagen
protein developed for the consumer
protein industry
•
DAF/SPN are solid residuals
with nutritional value
that are left in the
wastewater stream
of animal processing and
industrial facilities
•
Process creates value add
products from these
recovered fats and protein
•
Water is restored at
water treatment plants
Hexane Extraction
Fat: ~10-15%
Protein: ~10-15%
Recovering protein and fat residuals
from solids in wastewater for feed
and fuel use
Research and Development
Water ~75% |
 Ingredients
for living. Darling’s food ingredients are sold to a worldwide market that
includes the pharmaceutical,
food
and
cosmetic
industries.
Rousselot
is
the
world’s
leading supplier of gelatin and collagen peptides to the food and
pharmaceutical
industries.
Peptan®
collagen
peptides
have
proven
their
health benefits in nutraceutical and nutricosmetic applications worldwide.
CTH
is a turnkey supplier of natural sausage casings on a global scale.
Hepac
delivers
heparin
to
a
global
pharmaceutical
market
serving
a
growing
population.
SONAC
Fats
holds
a
leading
position
in
Europe
in
the
production
of food grade fats and proteins.
15
Global Market
For Food Ingredients
Gelatin
Food
Grade Fats
Casings
Heparin
Our Food Ingredients
Creating sustainable food, feed and fuel ingredients for a growing population
|
 •
Food grade fats
•
Schmalz
•
Natural casings (hanks)
•
Specialty meats
•
Heparin
Products
Activities
Raw Material
Source
•
Fat
•
Bowel packages
•
Runners
•
Mucosa
Creating sustainable food, feed and fuel ingredients for a growing population
16
•
Pig skin •
Fish skin
•
Bovine hides/bones
•
Porcine bone
•
Gelatin
•
Hydrolysates
•
Collagen peptides
Company Profile
Business Segments
Growth Strategy
Financial Review
Adding Value in the Food Segment |
 Nutrients for
growth. Our feed ingredients compose the largest segment of our business, with
sales to feed and pet food manufacturers worldwide or used to produce
our own fertilizers. The Company’s DAR PRO Solutions, Rothsay and
Sonac
brands collect and transform meat and animal by-products into
protein meals, fats, minerals and tallows that are value-added nutritional
ingredients for the animal feed and pet food industries as well as bone
and blood specialty products.
Bakery
Feeds
collects
residuals
from
commercial
bakery
and
snack
producers, repurposing these materials into Cookie Meal®, a premium,
high-energy animal feed ingredient.
Nature
Safe
manufactures
a
premium
organic
fertilizer
made
from
our
protein meals; Terra Renewal reclaims the nutritional elements from
industrial wastewaters and sludge for agricultural land application.
Key Markets for
Feed Ingredients
17
Creating sustainable food, feed and fuel ingredients for a growing population
Our Food Ingredients
|
 •
Wastewater
•
Sludge material
•
Used cooking oil
•
Meat processing
or butchery
by-products
•
Expired grocery meats
Products
Activities
Raw Material
Source
•
Bones •
Fat
•
Blood •
Hair
•
Mucosa •
Hides
•
Soft byproducts
•
Deadstock
•
Residuals from
production of cereals,
breads, crackers,
cookies, etc.
•
Packaging materials
•
Used cooking oil
•
Yellow Grease
•
Fats and tallow
•
Protein meals
•
Pet food
•
Fats, protein meals, tallow
•
Fertilizer •
Prepared hides
•
Bone ash, glue, chips
•
Pet food
•
Plasma
•
Land applied organic fertilizer
•
Residuals for our extraction
facility
•
Cookie Meal®, a high-energy
ingredient for animal feed
18
Company Profile
Business Segments
Growth Strategy
Financial Review
Adding Value in the Feed Segment |
 Energy for
today’s world. For the past two decades, Darling has led the way in biofuel
innovation and
development.
Diamond
Green
Diesel
1
,
a
partnership
with
Valero
Energy
Corp.,
is
the
Company’s
most
innovative
and
largest-scale
effort
to
meet the growing demand for renewable energy. Located in Norco, LA,
the facility recycles animal fats and used cooking oils into 137
million
gallons per year (or 9,300 barrels per day) of renewable diesel.
Our
Bio-G
3000,
Rothsay
Biodiesel
and
Ecoson
brands
also
produce
biofuels, green electricity and gas, biophosphate and other green energy
from organic residuals, manure, animal by-products, fats and cooking oils.
Europe
Ecoson
Current Markets for
Fuel Ingredients
North America
Diamond Green Diesel
Bio G-3000
Rothsay Biodiesel
19
Creating
sustainable
food,
feed
and
fuel
ingredients
for
a
growing
population
1
DGD is not included in the Fuel
segment for SEC reporting
Our Fuel Ingredients |
 Creating
sustainable food, feed and fuel ingredients for a growing population
•
Fallen stock
•
By-product residuals
•
Organic Sludges •
C1 Fat
•
Drain fat •
Manure
•
Catering remains
•
Used cooking oil
•
Greases and fats
•
Animal fats
•
Refined fats •
Green gas
•
Green electricity
•
Biophosphate
•
Animal fats
•
Fats & meals for industrial
energy production
•
Biodiesel
•
Renewable diesel
Products
Activities
Raw Material
Source
•
Biodiesel
•
Renewable diesel
•
Animal fats
•
Specialty methyl-esters
•
Solvents, glycerides
Creating sustainable food, feed and fuel ingredients for a growing population
20
Company Profile
Business Segments
Growth Strategy
Financial Review
Adding Value in the Fuel Segment |
 Creating
sustainable food, feed and fuel ingredients for a growing population Leader in Biofuel
Innovation Pioneering in 1998
Began the first continuous-
running bio-diesel plant in
the U.S. utilizing used
cooking oils and animal fats,
located in Butler, KY
Innovating in 2013
–
Startup of
the nation’s largest animal fat-to-
renewable diesel facility;
Diamond Green Diesel is designed
to produce 9,300 barrels of
renewable diesel per day
First in Canada-
2001
The first commercial facility in Canada,
located near Montreal, Quebec,
producing premium biodiesel from
used cooking oils and animal fats
Note: Our Ecoson
and Rendac
brands also provide biofuel and
green energy to segments of the European market
21
Company Profile
Business Segments
Growth Strategy
Financial Review |
 $445
million
joint
venture
between
Valero
Energy
Corporation
and
Darling
International
to
fulfill
nearly 15% of the national biomass-based diesel
mandate (under RFS2)
Most economical feedstock available –
1.135 billion lbs annually
A low
cost
producer
of
biomass-based
diesel
to the U.S. market
Annual production of 137 million gallons
(or 9,300 barrels/day)
Advantage
of
multiple
synergies
due
to
location
next
to
Valero’s
St.
Charles
refinery
–
Valero
markets
the
renewable
diesel,
distributing
via
pipeline
using
its
distribution
network
Renewable
butane,
renewable
propane
and
NAPTHA
are
valuable
co-products
of
DGD
process
22
Company Profile
Business Segments
Growth Strategy
Financial Review
What is Diamond Green Diesel?
Located in Norco, LA, U.S.A.
next to Valero’s St. Charles Refinery
Creating sustainable food, feed and fuel ingredients for a growing population
|
 23
How We Will Grow and
Sustain Our Business
Growth Strategy
Company Profile
Business Segments
Growth Strategy
Financial Review |
 24
Strong growth
in world
population...
...and more wealth
created in key
growth areas (Asia
and Latin America)...
...exponentially
increases
the
demand
for
food,
feed
and
fuel...
thus increasing the need for our
innovative ingredients and
customized services which provide
a sustainable means of meeting the
world’s consumption needs
Our growth is a response to our growing world |
 Darling
targets employing capital at a 15% or higher rate while maintaining a conservative
balance sheet Strengthen Current Position
Capture Growth Opportunities
•
Operational excellence:
-
Optimizing integration of global supply chains
-
Consolidation and realignment across brands of
current raw materials, products and services
-
Use advanced and sustainable technology
•
Product
innovation:
Continue
to
research
and
evaluate new ideas and uses for our raw materials
and develop new products & applications (R&D)
•
Customer intimacy:
Build strong customer loyalty
with increased products and services
•
Greenfield:
Expand our operation facilities in new
growing markets through our global platforms
•
Acquisitions:
Strategically grow our business
through acquisitions in growing and fragmented
areas
•
Expansions:
Expansions
of
our
existing
operating
facilities
25
Company Profile
Business Segments
Growth Strategy
Financial Review
Darling’s growth strategy is centered on…
…while holding to our core values:
Entrepreneurship, Transparency and Integrity |
 Success
is consistently
providing
maximum value
to the supply
chain
Creating sustainable food, feed and fuel ingredients for a growing population
26
Company Profile
Business Segments
Growth Strategy
Financial Review
How we accomplish our growth goals… |
 •
Expansion of blood plants in US/Canada
•
Grow hemoglobin/plasma business
Diamond Green Diesel –
Norco, LA
•
Renewable diesel expansion
27
•
Grow the used cooking oil/
restaurant services and
Terra Renewal Services
•
Optimize finished product
margins
•
Potential investment in new
bone facilities
•
Continued USA expansion
of gelatin business
North America
Capture Growth Opportunities
Rothsay –
Canada
Sonac –
Upper Midwest
Rousselot |
 28
Current Terra Renewal operations
Capture Growth Opportunities
North America
Company Profile
Business Segments
Growth Strategy
Financial Review
Combine Synergies:
•
Solid and semi-solid residuals from
Terra’s processing will be further refined
through our Hexane extraction process
Hexane Extraction
Currently operating one
plant in Hampton, FL What is
it?
•
Protein and fat recovery
process from industrial
residuals
•
Discovering additional
value and products
•
Restoring water stream to
water treatment plants
Growth Opportunities
•
Explore new extraction
plant
construction Terra Renewal
Permitted and active for land
application in blue states What is
it?
•
Repurposing nutrient-rich
industrial residuals into
eco-friendly fertilizer
•
Professional service and
equipment
•
250,000 acres permitted
•
Environmentally sound
Growth Opportunities
•
Grow wastewater
solids recovery
•
Expand across
USA & Canada
•
Bundle services
with key customers
|
 Rousselot
- Brazil
•
Continue to expand gelatin
•
Grow the Peptan®
brand
29
Sonac
•
Explore animal
by-product processing
opportunities
Capture Growth Opportunities
South America |
 30
Capture Growth Opportunities
Europe
Sonac
•
Capture animal by-product
processing opportunities in
South and East Europe
Ecoson
-
Son, Netherlands
•
Expand biophosphate production |
 Sonac
- China
•
Blood expansion
•
Explore animal
by-product
processing
opportunities
Rousselot -
China
•
Gelatin expansion
31
Growth Opportunities
China |
 32
Financials
Company Profile
Business Segments
Growth Strategy
Financial Review |
 Note:
The
LTM
Sep-13
period
includes
TRS
results
from
August
26,
2013
through
September
28,
2013;
for
a
reconciliation
to
LTM
figures,
please
see
page
39
Net Sales ($ millions)
Adjusted EBITDA ($ millions)
Capital Expenditures ($ millions)
Adjusted
EBITDA
–
Capital
Expenditures
($
millions)
33
$1,797
$1,701
$1,720
2011
2012
LTM Sep-13
$393
$317
$290
2011
2012
LTM Sep-13
$60
$115
$117
2011
2012
LTM Sep-13
$333
$202
$173
2011
2012
LTM Sep-13
Creating sustainable food, feed and fuel ingredients for a growing population
Historical
Darling
Operating
Performance |
 Rothsay ($ in millions) VION ($ in millions)
34
Net
Revenue
Operating
Income
plus D&A
$227
$236
2012
LTM Sep-13
$2,088
$2,185
2012
LTM Sep-13
$87
$85
2012
LTM Sep-13
$251
$265
2012
LTM Sep-13
Creating sustainable food, feed and fuel ingredients for a growing population
Historical Rothsay and VION Operating Performance
Company Profile
Business Segments
Growth Strategy
Financial Review |
 Net Sales ($ in millions) Pro Forma Adjusted EBITDA ($ in
millions) $653
$647
$4,141
2012
LTM Sep. 13
35
Darling
VION Rothsay
1701
1720
2088
2185
227
236
0
500
1000
1500
2000
2500
3000
3500
4000
4500
2012
LTM Sept. 13
Company Profile
Business Segments
Growth Strategy
Financial Review
$4,017
Note: The 2012 and LTM Sep-13 periods do not include financial impact of
Diamond Green Diesel or TRS (other than in the LTM Sep-13 period which includes TRS results from August 26, 2013
through
September
28,
2013;
for
a
reconciliation
to
LTM
figures,
please
see
page
39).
Numbers
may
not
add
to
total
due
to
rounding.
Pro Forma Operating Performance
Creating sustainable food, feed and fuel ingredients for a growing population
|
 36
Appendix
Company Profile
Business Segments
Growth Strategy
Financial Review |
 (mm in
USD) Annual
Nine Months Ended September
LTM
2011
2012
2012
2013
Sep-2013
Net Sales
$
1,797
$
1,701
$
1,277
$
1,295
$
1,720
Adjusted EBITDA
$
393
$
317
$
245
$
218
$
290
Capital Expenditures
$
60
$
115
$
84
$
86
$
117
(mm in USD)
Annual
Nine Months Ended September
LTM
2012
2012
2013
Sep-2013
Operating Income
$
167
$
126
$
142
$
183
Plus: Depreciation and Amortization
$
84
$
58
$
55
$
82
Operating Income plus Depreciation and Amortization
$
251
$
183
$
197
$
265
(mm in USD)
Annual
Nine Months Ended September
LTM
2011
2012
2012
2013
Sep-2013
Net Revenues
$
223
$
227
$
172
$
181
$
236
Net Revenues less Direct Costs and Operating Expenses
$
87
$
73
$
58
$
57
$
72
Plus: Depreciation
$
12
$
14
$
10
$
10
$
13
Operating Income plus Depreciation
$
99
$
87
$
68
$
66
$
85
Reconciliation of Non-GAAP Items
Rothsay
Darling
VION
Creating sustainable food, feed and fuel ingredients for a growing population
37
Company Profile
Business Segments
Growth Strategy
Financial Review |
 Darling
FYE
2005
Darling
FYE
2006
Darling
FYE
2007
Darling
FYE
2008
Darling
FYE
2009
Darling
FYE
2010
Darling
FYE
2011
Darling
FYE
2012
Pro Forma Combined
FYE 2012
Pro Forma Combined
LTM Sep-13
Net Income
$8
$5
$46
$55
$42
$44
$169
$131
$183
$182
Depreciation
15
21
23
24
25
32
79
85
243
245
Goodwill impairment
0
0
0
16
0
0
0
0
0
0
Acquisition costs
0
0
0
0
0
0
0
0
0
1
Interest expense
6
7
5
3
3
9
37
24
125
125
Income tax expense
3
2
29
35
25
26
103
76
99
99
Other, net
(0)
5
1
(0)
1
3
3
(2)
(10)
(8)
Equity in net (income)/loss
of unconsolidated subsidiary
Non-controlling interest
0
0
0
0
0
0
0
0
9
10
Adjusted EBITDA - Pro Forma
$32
$40
$104
$133
$96
$114
$393
$317
$653
$647
(8)
0
0
0
0
0
0
2
3
3
Adjusted EBITDA Reconciliation
Pro Forma Adjusted EBITDA
Reconciliation
1
($ millions)
Historical Adjusted EBITDA Reconciliation
($ millions)
Creating sustainable food, feed and fuel ingredients for a growing population
38
Company Profile
Business Segments
Growth Strategy
Financial Review
Source: Management
1
Amounts for Rothsay and VION represent their historical results after giving effect to the pro
forma adjustments to such amounts reflected in the unaudited pro forma condensed consolidated
financial information of Darling International Inc.
|
 Creating
sustainable food, feed and fuel ingredients for a growing population
39 |