THE IRISH Dairy Board (IDB) recorded what it deemed “a satisfactory year” in 2009 which saw its turnover fall by 12.8 per cent to €1.82 billion from just over €2 billion in the previous year.

This, it said, reflected the lower value of dairy product sales and the reduced sales volumes achieved by the US distribution business during the year.

An Bord Bainne turned in a profit for 2009 of €37.7 million as a result of improved performance by its commercial and food ingredients business. It was also helped by the more positive trading environment of the second half of last year which helped the consumer foods division increase both volumes and margins.

The IDB, producer of Kerrygold, managed to increase its net assets by €25.6 million to €384 million which it said would increase its expansion capability for the future. The company has made no acquisitions in the past seven years.

The newly appointed chief executive, Kevin Lane, said a new three year syndicated-funding agreement for €250 million was secured involving six banks.

This, he said, would provide a stable financial base for the dairy board in what was likely to be a difficult credit environment in the medium term.

The accounts showed €7.5 million, in the form of redeemable loan stock, was paid to members and a year-end cash bonus of €6 million was declared.

This combined payout, totalling € 13.5 million, was a 21 per cent increase over that paid in 2008. It also allocated a further € 6 million to the annual bonus fund for member co-operatives, which can be redeemed from 2014 onward.