Ranking Brewer Market Share[%] Ranking Brewer Market Share[%]
|
|
- Miranda Baldwin
- 5 years ago
- Views:
Transcription
1 Namibia Breweries Ltd. Solidly defending the home turf 28 October 2016 A succinct presentation of Namibia Breweries Company: Namibia Breweries results for FY16 is: 1) Owing to volume migration to South Africa, NSX Ticker: NBS revenue contracted by 0.3% to N$2, m Sector: Beverages 2) Royalty income edged up 12.1% to N$88,615 Current Price: 2760 cents 3) Operating profit increased by 6.7% to N$ m Target Price: 2940 cents 4) PAT increased by 43.8% to N$ m Dividend Yield [%] 2,96 5) Finance costs increased to N$39.412m from N$8.847m mainly due to funding raised to Expected Total Return [%]: 9,48 acquire a 25% shareholding in Heineken South Africa 6) EPS increased to 180.3cps from 125.4cps. 7) HEPS fell by 0.7% to 185.7cps 8) The total dividend for the year stood at 77.0cps, thereby registering a growth of 8.5%. NB: All the monetary values are in units of 1000 DEVELOPMENTS IN THE GLOBAL BEER MARKET Beer production has witnessed a swift growth over the past few years and being the oldest consumed beverage in the world, the demand has led to a variety of offerings coming to the market. The various types of beers on offer such as light beers, premium beers, malt liquors, imported beers, popular beers, non-alcoholic beers, super-premium beers, ice beers, and malt liquors. The global beer market is segmented on the basis of: Light Beers Premium Beers Imported Beers Popular Beers SABMiller is reported to have agreed "in principle" to a 44-a-share offer by AB InBev. The Mega-Brewer, which is estimated to be worth about 70bn, will produce about 30% of the world's beer. SABMiller s global annual sales are about $26bn, while AB InBev s global revenues exceed $47bn. AB InBev's brands are largely concentrated in the Americas and Europe; SABMiller has about 40 brands in Africa. It is reported that AB InBev s appetite for SABMiller is predominantly on account of the growth of SAB Miller African brands. Table1: Ranking of The Top Ten Global Brewers By Volume Sales in 2014 Ranking Brewer Market Share[%] Ranking Brewer Market Share[%] Source: Plato Logic, NEB 1 Anheuser- Busch InBev Tsingtao Brwery Co Ltd SAB Miller Molson Coors Brewing Co Heineken NV Beinjing Yanjing Carlsberg A/S Kirin Holdings Co Ltd China Resources Enterprise Ltd Asahi Group Holdings Ltd 1.2 SINE AQUA NON EST VITA = THERE IS NO LIFE WITHOUT WATER The persistent drought over the last two years has led to a situation whereby the Central Areas of Namibia are facing severe hydrological droughts (drought in rivers, lakes and groundwater). Being the largest industrial water consumer in Windhoek, which lies in the CAN, the water-shortage situation has prompted to migrate some 320,000 hectolitres of beer volume production to the Sedibeng Brewery. The second reason why some volumes have been migrated to the Sedibeng Brewer is ensure the long term feasibility and to optimize the JV s cost structure.
2 Owing to the lack of what could be termed a meaningful solution to the water shortage problem in the CAN and given the current water usage of 4.4 litres per litre of beer, Nambrew has been prompted to sink its own boreholes and so far sunk five of those. The company has permission from the municipality to exploit the resources in two of these boreholes and hopes to get permission for the remaining three. The climate change aspect sees the Congo air-mass so much closer to our air-space more consistently during the course of the season. The same southward shift sees the sub-tropical High Pressure belt core to move from its text-book latitude as illustrated at 30S to the frequently observed track sub-tropical High Pressure belt closer to 40S. The subsequent anticyclonic flow, which is approximately 8000 feet thick, is drawn into the sub-continent and it is normally moved towards the regular heat-low pressure core, to be found over the continental western interior. This synoptic weather pattern combination is a very positive foundation from which rainy weather develops, primarily in our context. Such an input will see rainy weather matching both the broader distribution ranges, scattered and widespread, to match more frequent intensity falls in the Productive and Substantial rainfall measures. The potential for a wet season is measured based on results well above the qualifying 130%, which is above the normal benchmark. This output of the wet season is the outlook expected at this stage for the extensive summer-autumn area of Namibia opined our weatherman John Olszewski. RATIONALE FOR THE BARLEY PROJECT In the traditional sense, beer is a generic term which refers to a fermented alcoholic beverage brewed from malt and flavoured with hops. Thus, malting barley has come to be perceived as one of the principal activities in the manufacturing of beer. The amount of malted barley that Namibia Breweries currently imports from Europe is estimated at 30,000 tonnes annually. Although, the long term objective, 10-year target plan, is to plant barley on land with an extent of 12,000 hectares, the Namibia Breweries barley project is still on a small scale and presently does not justify setting a malting plant. However, the objective is, once the numbers back up the intentions, to set up a malting plant that ideally should meet Namibia Breweries needs of approximately 40,000 tonnes of malted barley. In all likelihood to avoid over-commitment, we will not be surprised if a partnership can also be forged on this project. Malting is the controlled germination of cereals, followed by a termination of this natural process by the application of heat. Further heat is then applied to kiln the grain and produce the required flavour and colour. A basic rule is that, for malt to be made, the barley must be capable of germination, so maltsters source barley with a minimum germination of 98%. To be used in the brewing industry, barley must meet the following main criteria: High germination capacity Purity (in the variety) Graded grain Low protein content There are five stages in the process of converting barley into malt: Barley grading and cleaning Steeping (24 hours) Germination (96 hours) Kilning (24 hours) Malt cleaning and grading The colour of beer (white, blond or pilsner amber, brown or lager), depends on the roasting of the malt. The more the malt is roasted, the darker the colour of the beer. The processing cycle is completed in approximately 9 days. Approximately 120 to 130kg of screened barley are necessary to obtain 100kg of malt (depending on grain quality and purity). The average ratio or rule of the thumb used is kg of screened barley to 1 kg of malt. Until the project reaches the requisite economies of scale, the locally grown barley is being blended with imported malted barley to produce the new offering, King. The offering has an alcohol content of 5.5% and its volume could go as high as 100,000 hectolitres.
3 OPERATIONAL OVERVIEW AND COMPARISON TO OUR PROJECTIONS In Table 2 and Table 3 overleaf, we show the geographic - and the customer contributions to revenue. Namibia Despite what looks like economic hard times, Namibia still remains the growth engine for beer products sales and the beer volume sales grew by 8,3%. Beer volume sales in Namibia account for 67,6% of all volumes sold by Nambrew (which is made up of beer, Fruittree, Aquasplash, RTDs, Vigo and McKane) The Namibian market is said to be growing at 4%-6% annually. Namibia Breweries believes its share of the beer market in Namibia is 85,0% Table 2: Geographic Percentage Revenue Contributions Geographic Allocation Namibia 57,5 72,4 South Africa 37,5 21,9 Rest of the world 5,0 5,7 Table 3: Customer Percentage Contributions to Revenue Customer DHN Drinks and Heineken SA 37,5 21,8 Sefalana Cash & Carry Namibia 9,1 11,4 Remaining Customers 53,4 66,8 OPERATIONAL OVERVIEW South Africa South Africa will all the more remain a crucial market for Namibia Breweries because of the vested interests that Namibia Breweries has in the country on the back of the 25% shareholding it has in Heineken South Africa. Built in 2009, the Sedibeng Brewery has a capacity of 4.5m hectolitres and is the standard-bearer for the South African operation. In FY16, Nambrews exported about 450,000 hectolitres to South Africa and that, in our opinion, represents a reduction of 42% in the volumes that normally are exported to this market. In addition to that, should the water problems in Namibia persist, the acquisition would have come at a most opportune moment, for it can be used for larger volume migrations. The partners objective is to capture further market share in South Africa by consolidating their efforts and leveraging their products. This is a tall order, but not unachievable. We also surmise that, come 2018, the South African operation will breakeven, after which Namibia Breweries will start harvesting handsome dividends from it. Table 4: Segmental Contribution to Revenue N$1000 FY14 FY15 FY16 Beer 2 105, , ,987 % Change 3,0 7,6-1,1 Other 211, , ,898 % Change -37,6-20,6 10,2 Table 5: Operating Expenses Breakdown N$1000 FY14 FY15 FY16 Raw Material & Consumables Employment Cost Admin. & Marketing Expenses Railage & Transport Repairs & Maintenance Depr. Amort & Impairments Export Market Ex-South Africa It is our considered opinion that these markets will always be peripheral and the mixed news emerging from these markets do vindicate this opinion. The current news that emerges from these markets is: Beer volumes decreased by 5% in the combined market Volume sales are reported to have doubled in Tanzania In Botswana volumes sales are said to have been flat Mozambique saw volume declines and high alcohol levies are being sighted as the reason. By 1H15, the news was that the Mozambican market had a glut of cheap imports from Europe. In FY16, the sales revenue declines from N$26,089m to N$1,741m can predominantly be ascribed to this market. The Zambian market situation is deemed to be challenging on account of currency devaluation In other markets (the UK, Germany and Australia), the strategy seems to be to leverage communities of individuals who have Table 6: Volume Contribution per category Category % Contribution Category % Contribution Namibia beer 67,6 Aquasplash 1,0 South Africa beer 20,7 RTDs 0,7 Export ex-south Africa 4,9 Vigo 0,6 Fruittree 4,0 McKane 0,5 Table 6: Percentage Volume Share Location % Volume Share Location % Volume Share Namibia 72,60 Swaziland 0,28 South Africa 22,24 Lesotho 0,10 Tanzania 2,03 Saint Helena 0,06 Botswana 1,07 Kenya 0,03 Zambia 0,83 Mauritius 0,02 Zimbabwe 0,38 Australia 0,02 Mozambique 0,29 China 0,01 visited Namibia as tourists and have thereby developed a taste for the Namibia Breweries brands or variously Namibians who have immigrated to these countries. The volumes sales in this combined market are reported to have remained flat in FY16.
4 OUTLOOK IN OUR OPINION The Positives The potential to leverage and maximise on the synergies with Heineken South Africa. To optimally use the locally grown barley by exploring other products until the economies of scale are achieved to set up a malting plant To further strengthen the secondary product distribution channel (supermarkets, liquor stores, shebeens, pubs and other hospitality outlets) of the logistic chain so as to own the direct customer relationship The Downside to the story The impending water scarcity in the central area of Namibia (CAN) should have a huge impact on the operating expenses of any water intensive business. Until last year, FY15, Namibia Breweries used 4.8 litres of water to brew 1 litre of beer and according to the latest company reports, that ratio has gone down to 4.4:1. As we stated in FY15, although the water scarcity will also affect the competition, we are jittery about the potential social-epidemics which can be caused by concerns over water utilization for issues that affect the public at large. Now, Nambrew has to deal with the combined might of the Mega Brewer, SAB Miller-AB InBev, which is quite a challenge. INCOME STATEMENT Our revenue projections are made based on the regional revenue contributions as well as divisional contributions. In the latter case, we use Nambrew s market share and the per capita beer consumptions in Namibia and South Africa. In our projections, we have ruled out an outright price war, and assume a quasicollusion whereby Nambrew and SAB Miller-AB InBev will price their offerings by mimicking the first mover s action. Strategically, we expect the two companies to try and match each other s offerings. The water shortage problem in Namibia could not have come at a worst time. Thus, although volume migration looks to be the only strategy for business sustainability it does have the potential to erode the profitability margins. Table 5: Income Statement N$000 FY15A FY16A % Ch NEB FY17[Projections] Revenue , Sales of Goods , Royalty Income , Discount Allowed , Rent Received Operating Profit , Operating Margins (%) ,3 22 Profit Before Taxation , Net Profit , Net Profit Margins(%) ,4 17 Shares in Issue EPS(cps) 125,4 180,3-28,3 129,2 HEPS(cps) 187,1 185,7-30,2 129,6 DPS(cps) 71,0 77,0 6,2 81,8 NAVPS 505,5 609,0 18,2 719,7 ROE 26,2 32,4-10,8 28,9 VALUATIONS Last year, FY15, based on the activities that Namibia Breweries is carrying out in an effort to grow the business, we realised that there was a need to include a few more metrics. Hence, we added the EV/EBITDA and EV/Sales metrics to the arsenal that we use to value Namibia Breweries. These methodologies we use are: PE(x); Multi-stage DDM; EV/EBITDA and EV/Sales. Assigning variable weights to those, we arrived at a Blended Value of 2936cps, which we simply round off to 2940cps, the share price should vary in the range of 2852cps to 3028cps. RATIONALE FOR ADDING THE TWO EV BASED METHODOLOGIES Both metrics take into account the value and amount of debt a company has, which needs to be paid back at some point in time. A word on each one of them: EV/EBITDA This measure is not affected by changes in the capital structure, therefore when the capital structure of a company changes, it is more suitable than the P/E ratio. From its very definition one can see that this approach removes the effect of non-cash expenses such as depreciation and amortization, which is another positive aspect of this ratio. EV/Sales This metric compares the value of a company, inclusive of debt and liabilities, to the actual cash earnings exclusive of the non-cash expenses and gives the investors an idea as to how much it costs to buy the company s sales. It can also be used as gauge of how many dollars of EV are generated by one dollar of annual sales. Why we have specifically called up this measure is because of the near revolutionary developments in the global and regional Beverages Industry. Surely, the future will not be what it used to be.
5 CONCLUDING REMARKS & RECOMMENDATION Management has demonstrated business acumen and good understanding of the challenges. The acquisition of the 25% shareholding in Heineken South Africa, growing barley locally with the objective of eventually setting up a malting plant and the emphasis placed on owning the direct customer relationship are crucial strategic initiatives. What is somewhat worrying to us is the fact that the bulk of the group revenue is contributed by Namibia. As a country, Namibia has some binding constraints and unfortunately some of those are immutable and hence can handicap growth beyond a certain threshold for a beverage business. Our projected dividend gives a DY of 2.96%, while the Blended Fair Value leads to a potential share price gain of 6.52%, implying a total return of 9.48%. On the basis of the fact that GC21 has a yield of 9.22%, one would be tempted to call NBL a HOLD. However, the good quality Namibian stocks tend to trade at a premium, therefore one cannot not rule out the possibility of the share price reaching 3028cps. This publication has been issued by Namibia Equity Brokers (Pty) Limited. It is confidential and issued for the information of clients only. This document may not be reproduced in whole or in part without the direct written permission of Namibia Equity Brokers. The information contained herein has been obtained from reliable sources and persons, but accuracy, completeness or any other aspects pertaining to this document can not be guaranteed. All opinions expressed and recommendations made are subject to change without notice. No information contained herein, opinion expressed or recommendation made constitutes a representation by Namibia Equity Brokers. This document is by no means a solicitation for the purchase of securities mentioned herein; Namibia Equity Brokers will accept no responsibility whatsoever arising here from or in consequence hereof. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. The recipient of this report must make its own independent decisions regarding any securities or financial instruments. Past performance is not indicative of future results, and investors may receive less than their initial investment. The inventories of Namibia Equity Brokers (Pty) Limited and its employees may from time to time include securities mentioned herein.
$ BUY STARBUCKS CORPORATION (SBUX) Rena Kaufman. Valuation Methodology. Market Data. Financial Summary (7/1/2018) Profile. Financial Analysis
STARBUCKS CORPORATION (SBUX) Market Data Market Cap (intraday): $69,991M Enterprise Value (Aug 9, 2018): $74,898M Enterprise Value/EBITDA (ttm): 14.97x Rena Kaufman $51.88 - BUY Valuation Methodology Method
More informationThe Contribution made by Beer to the European Economy. Czech Republic - January 2016
The Contribution made by Beer to the European Economy Czech Republic - January 2016 Europe Economics is registered in England No. 3477100. Registered offices at Chancery House, 53-64 Chancery Lane, London
More informationDELIVERING REFRESHING SOFT DRINKS
BEVERAGES DIVISION DELIVERING REFRESHING SOFT DRINKS Swire Beverages manufactures, markets and distributes refreshing soft drinks to consumers in Hong Kong, Taiwan, Mainland China and the USA. 46 215 PERFORMANCE
More informationThe Contribution made by Beer to the European Economy. Poland - January 2016
The Contribution made by Beer to the European Economy Poland - January 2016 Europe Economics is registered in England No. 3477100. Registered offices at Chancery House, 53-64 Chancery Lane, London WC2A
More informationWorld of sugar PAGE 54
World of sugar More than 1 countries produce sugar, about 8% of which is made from sugar cane grown primarily in the tropical and sub-tropical zones of the southern hemisphere, and the balance from sugar
More informationFor personal use only
19 October 2016 7TH ANNUAL AUSTRALIAN MICROCAP INVESTMENT CONFERENCE Please find attached an investor presentation provided by Chief Financial Officer Marcel Brandenburg at the 7th Annual Australian Microcap
More informationABN Australian Vintage Limited Full Year Result to 30 June 2018 Profit up 79% and Record Cash Flow
ABN 78 052 179 932 Company Announcements Australian Securities Exchange 29 August 2018 Key Points Australian Vintage Limited Full Year Result to 30 June 2018 Profit up 79% and Record Cash Flow Net Profit
More informationNorth America Ethyl Acetate Industry Outlook to Market Size, Company Share, Price Trends, Capacity Forecasts of All Active and Planned Plants
North America Ethyl Acetate Industry Outlook to 2016 - Market Size, Company Share, Price Trends, Capacity Forecasts of All Active and Planned Plants Reference Code: GDCH0416RDB Publication Date: October
More information2017 FINANCIAL REVIEW
2017 FINANCIAL REVIEW In addition to activity, strategy, goals, and challenges, survey respondents also provided financial information from 2014, 2015, and 2016. Select results are provided below: 2016
More informationAustralian Vintage Ltd. December 2017 Half Year Results 21 st February 2018
Australian Vintage Ltd. December 2017 Half Year Results 21 st February 2018 Australian Vintage Ltd. December 2017 Half Year Results Disclaimer The presentation has been prepared by Australian Vintage Limited
More information3. Indian Alcoholic Beverage Government Licensing and Regulations. 4. Indian Alcoholic Beverage Market Segmentation by Product, FY 2005 FY 2010
TABLE OF CONTENTS 1. Indian Alcoholic Beverages Market Introduction 2. Indian Alcoholic Beverages Market Size, FY 2005 FY 2010 3. Indian Alcoholic Beverage Government Licensing and Regulations 4. Indian
More informationTea Statistics Report 2015
Tea Statistics Report 215 Introduction This report presents the scope and scale of the UTZ tea program in 215. Throughout this report tea also includes rooibos unless otherwise specified. The statistics
More informationBrazil Milk Cow Numbers and Milk Production per Cow,
TABLE OF CONTENTS 1. Brazil 1.1. Brazil Milk Market Introduction 1.1.1. Brazil Cow Milk Market Production and Fluid Milk Consumption by Volume, 1.1.2. Brazil Milk Cow Numbers and Milk Production per Cow,
More informationHONDURAS. A Quick Scan on Improving the Economic Viability of Coffee Farming A QUICK SCAN ON IMPROVING THE ECONOMIC VIABILITY OF COFFEE FARMING
HONDURAS A Quick Scan on Improving the Economic Viability of Coffee Farming 1 OBJECTIVES OF STUDY Overall objective Identify opportunities for potential benefits to coffee farmers from improved farm profitability
More informationCoca-Cola beverages bring a refreshing taste to consumers.
Coca-Cola beverages bring a refreshing taste to consumers. BEVERAGES DIVISION DELIVERING REFRESHING SOFT DRINKS Swire Beverages manufactures, markets and distributes refreshing soft drinks to consumers
More informationMBA 503 Final Project Guidelines and Rubric
MBA 503 Final Project Guidelines and Rubric Overview There are two summative assessments for this course. For your first assessment, you will be objectively assessed by your completion of a series of MyAccountingLab
More informationFinancial Results for Fiscal Year Ending December 31, February 12, 2016 Suntory Beverage & Food Limited
2016 SUNTORY 2013 BEVERAGE SUNTORY BEVERAGE & FOOD & LIMITED. Limited. All Rights All Reserved Rights Reserved. Financial for Fiscal Year Ending December 31, 2015 February 12, 2016 Suntory Beverage & Food
More informationAngela Mariani. University of Naples Parthenope
Angela Mariani University of Naples Parthenope Workshop Mediterranean products in the global market Section 6: The global market for wine: issues and prospects p 17 June 2008 BRIEF COMMENTS ON THE FOLLOWING
More informationBoston Beer Company, Inc. SELL Price Target: $110 Key Statistics as of 04/29/2016. Thesis Points: Company Description: NYSE:SAM
Boston Beer Company, Inc. NYSE:SAM Analyst: Sector: Lionel Krupka Consumer Disc. SELL Price Target: $110 Key Statistics as of 04/29/2016 Market Price: Industry: Market Cap: 52-Week Range: Beta: $156.08
More informationWSTA Market Overview
WSTA Market Overview 2017 Contents The UK Alcohol Industry p.4 The Wine Story p.8 The Spirits Story p.12 A Reponsible Industry p.16 Taxation p.18 IWSR UK Wine and Spirits Data p.22 About the WSTA The WSTA
More informationWSTA Market Overview 2016
WSTA Market Overview 2016 Contents The UK Alcohol Industry, p.4 The Wine Story, p.8 The Spirits Story, p.12 A responsible industry, p.16 Taxation, p.18 IWSR UK wine and spirits data, p.22 About the WSTA
More informationFor personal use only
ABNN 78 052 179 932 Company Announcements Australian Securities Exchange 24 February 2016 Australian Vintage Half Year Result to 31 December 20155 Branded Sales Dry Profit up by 80% % Key Points Net Profit
More informationSeeka Limited. Retail Investors March 2019
Seeka Limited Retail Investors March 2019 Orchard-to-market excellence Seeka is an international fresh produce business In Australia Grow, process and market - Kiwifruit - Nashi pears - European pears
More informationDuke Investment Club. Austin Lu, Seamus FitzPatrick, Zhou Fang, Vikas Kottamasu, Sachin Mitra, Tim Evans. Boston Beer Co. (SAM)
Duke Investment Club Austin Lu, Seamus FitzPatrick, Zhou Fang, Vikas Kottamasu, Sachin Mitra, Tim Evans Boston Beer Co. (SAM) 1 Investment Thesis Recommendation: SELL Current Share Price: $159.87 (as of
More informationGrape Growers of Ontario Developing key measures to critically look at the grape and wine industry
Grape Growers of Ontario Developing key measures to critically look at the grape and wine industry March 2012 Background and scope of the project Background The Grape Growers of Ontario GGO is looking
More informationACOS ETHIOPIA CASE STUDY
OUR HISTORY It was only 2005 when Acos Ethiopia came to light from a pioneering idea of forward thinking people, the Pedon family. Ethiopia then was an even more challenging environment than it is now,
More informationPreliminary unaudited financial results for the full year ended 30 June Amount for this reporting period
Marlborough Wine Estates Group Limited Results for Announcement to the Market Preliminary unaudited financial results for the full year ended 30 June 2017 Reporting Period 1st July to 30th June 2017 Previous
More informationOntario Wine and Grape Industry Performance Study
Ontario Wine and Grape Industry Performance Study 2015 Performed by VQA Ontario and Deloitte on behalf of the Ontario wine and grape industry March 2016 FINANCIAL INFORMATION I II 2015 ONTARIO WINE AND
More informationYum! Brands Drive Profitable International Expansion. Graham Allan YRI President
Yum! Brands Drive Profitable International Expansion Graham Allan YRI President Yum! International Division Agenda... 2006 Results/2007 Outlook Building Our Global Brands Future Growth Another Strong Year
More informationICC September 2018 Original: English. Emerging coffee markets: South and East Asia
ICC 122-6 7 September 2018 Original: English E International Coffee Council 122 st Session 17 21 September 2018 London, UK Emerging coffee markets: South and East Asia Background 1. In accordance with
More informationETHIOPIA. A Quick Scan on Improving the Economic Viability of Coffee Farming A QUICK SCAN ON IMPROVING THE ECONOMIC VIABILITY OF COFFEE FARMING
ETHIOPIA A Quick Scan on Improving the Economic Viability of Coffee Farming 1 OBJECTIVES OF STUDY Overall objective Identify opportunities for potential benefits to coffee farmers from improved farm profitability
More informationOUR POTENTIAL. Business Update MAY 2017
OUR POTENTIAL Business Update MAY 2017 Disclaimer This presentation may contain forward-looking statements and projections. There can be no certainty of outcome in relation to the matters to which the
More informationCCL Products (India) Ltd.
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 s. CCL Products (India) Ltd.. February 6, 2017 BSE Code: 519600 NSE Code: CCL Reuters Code: CCLP.NS Bloomberg
More informationOntario Wine and Grape Industry Performance Study
Ontario Wine and Grape Industry Performance Study 2016 Performed by VQA Ontario and Deloitte on behalf of the Ontario wine and grape industry March 2017 FINANCIAL INFORMATION I II 2016 ONTARIO WINE AND
More informationCompany Presentation. Opportunity Day 3Q2013 December, 2013
Company Presentation Opportunity Day 3Q2013 December, 2013 Company Presentation Opportunity Day 3Q2013 December, 2013 Disclaimer Copyright 2013 MK Restaurant Group Public Company Limited. All rights reserved.
More informationSTATE OF THE VITIVINICULTURE WORLD MARKET
STATE OF THE VITIVINICULTURE WORLD MARKET April 2018 1 Table of contents 1. VITICULTURAL PRODUCTION POTENTIAL 3 2. WINE PRODUCTION 5 3. WINE CONSUMPTION 7 4. INTERNATIONAL TRADE 9 Abbreviations: kha: thousands
More informationREMARKS BY PAUL BULCKE, GROUP CHIEF EXECUTIVE OFFICER, NESTLÉ S.A. MEDIA CONFERENCE, NAIROBI, FRIDAY, JULY 2, 2010
REMARKS BY PAUL BULCKE, GROUP CHIEF EXECUTIVE OFFICER, NESTLÉ S.A. MEDIA CONFERENCE, NAIROBI, FRIDAY, JULY 2, 2010 Disclaimer This speech might not reflect absolutely all exact words spoken. This speech
More informationPeet's Coffee & Tea, Inc. Reports 62% Increase in Second Quarter 2008 Diluted Earnings Per Share
Peet's Coffee & Tea, Inc. Reports 62% Increase in Second Quarter 2008 Diluted Earnings Per Share EMERYVILLE, Calif., July 31, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Peet's Coffee & Tea,
More informationGermany is the largest importer of cheese and UK and Italy are the second- and third-largest importers.
EXTRACTSFROMTHEREPORT 1.Introduction 1.1. Background The cheese market has been one of the most dynamic food segments in the last 20 year with steady growth in production, consumption and international
More informationRaymond James 33 rd Annual Institutional Investors Conference March 5, DineEquity, Inc. All rights reserved.
Raymond James 33 rd Annual Institutional Investors Conference March 5, 2012 Forward-Looking Information Statements contained in this presentation may constitute forward-looking statements within the meaning
More informationGlobal barley marketing issues. John Stuart 25 February 2013
Global barley marketing issues John Stuart 25 February 2013 Key messages to think about 1. Do you have the right product for the right market? 2. Are all businesses in your supply chain profitable? 3.
More informationThe report covers supply and demand trends for sugar in South Africa
THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: GAIN Report
More informationMexico Milk Cow Numbers and Milk Production per Cow,
TABLE OF CONTENTS 1. Mexico 1.1. Mexico Milk Market Introduction 1.1.1. Dairy Market Structure and Supply Chain in Mexico 1.1.2. Mexico Cow Milk Market Production and Fluid Milk Consumption by Volume,
More informationFoodservice EUROPE. 10 countries analyzed: AUSTRIA BELGIUM FRANCE GERMANY ITALY NETHERLANDS PORTUGAL SPAIN SWITZERLAND UK
Foodservice EUROPE MARKET INSIGHTS & CHALLENGES 2015 2016 2017 2020 Innovative European Foodservice Experts 18, avenue Marcel Anthonioz BP 28 01220 Divonne-les-Bains - France 10 countries analyzed: AUSTRIA
More informationME.A Newsletter August
2014 August Asia is Big Beer Far East as World s Dominant Beer Producer Asian breweries can be expected to grow further and strengthen their global position as beer production in Asia is driven by dynamically
More informationREGULATION 4064/89 MERGER PROCEDURE
EN Case No IV/M.557 - Alfred C. Toepfer / Champagne Céréales Only the English text is available and authentic. REGULATION (EEC)No 4064/89 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 06/04/1995
More informationColombia Cow Milk Market Production and Fluid Milk Consumption by Volume,
TABLE OF CONTENTS 1. Colombia 1.1. Colombia Milk Market Introduction 1.1.1. Colombia Cow Milk Market Production and Fluid Milk Consumption by Volume, 2007-2015 1.1.2. Colombia Milk Cow Numbers and Milk
More informationOutlook for Global Recovered Paper Markets. Global OCC Market. Global ONP Market RISI. Hannah Zhao, Economist, Recovered Paper October 2012
Outlook for Global Recovered Paper Markets Hannah Zhao, Economist, Recovered Paper October 212 Global OCC Market $28 $24 $2 $16 US$ per Tonne % 6 55 5 $12 $8 US West Export (FAS) N. German Export (FAS)
More informationSTATE OF THE VITIVINICULTURE WORLD MARKET
STATE OF THE VITIVINICULTURE WORLD MARKET April 2015 1 Table of contents 1. 2014 VITIVINICULTURAL PRODUCTION POTENTIAL 3 2. WINE PRODUCTION 5 3. WINE CONSUMPTION 7 4. INTERNATIONAL TRADE 9 Abbreviations:
More informationCosta Rica: In Depth Coffee Report: COFFEE INDUSTRY STRUCTURE
Costa Rica: In Depth Coffee Report: COFFEE INDUSTRY STRUCTURE COSTA RICA COFFEE INDUSTRY STRUCTURE 1 The Costa Rican Coffee Supply Chain Unlike most countries, in Costa Rica farmers don t process their
More informationOPPORTUNITIES FOR SRI LANKAN ELECTRONIC PRINTED CIRCUITS IN TURKEY. Prepared by:
OPPORTUNITIES FOR SRI LANKAN ELECTRONIC PRINTED CIRCUITS IN TURKEY Prepared by: Embassy of Sri Lanka Turkey December 2017 Table of Content 1.Summary... 3 2.Market Description... 3 3.Position of Sri Lankan
More informationLebanon s Balance of Trade: H Update
BLOMINVEST BANK. Yearly Evolution of Trade Deficit by H1 August 18, 2017 Contact Information Research Assistant: Dina Antonios Dina.antonios@blominvestbank.com Head of Research: Marwan Mikhael marwan.mikhael@blominvestbank.com
More informationUruguay Cow Milk Market Production and Fluid Milk Consumption by Volume,
TABLE OF CONTENTS 1. Uruguay 1.1. Uruguay Milk Market Introduction 1.1.1. Uruguay Cow Milk Market Production and Fluid Milk Consumption by Volume, 1.1.2. Uruguay Milk Cow Numbers and Milk Production per
More informationEMBARGO TO ON FRIDAY 16 SEPTEMBER. Scotch Whisky Association. Exports of Scotch Whisky; Year to end of June 2016 (2016 H1)
EMBARGO TO 00.01 ON FRIDAY 16 SEPTEMBER Scotch Whisky Association Exports of Scotch Whisky; Year to end of June 2016 (2016 H1) VOLUME UP 3.1% to 531 MILLION bottles VALUE DOWN SLIGHTLY BY 1.0% TO 1.70
More informationTable grape. Horticulture trade intelligence. Quarter 1: January to March 2017
Horticulture trade intelligence A custom report compiled for Hort Innovation by Euromonitor International Table grape Quarter 1: January to March 217 Horticulture trade intelligence: Table grape: 217:
More informationDECEMBER 2015 HALF YEAR RESULTS BRANDED SALES DRIVES PROFIT UP BY 80% 24 th February 2016
DECEMBER 2015 HALF YEAR RESULTS BRANDED SALES DRIVES PROFIT UP BY 80% 24 th February 2016 Disclaimer The information in this presentation is general advice, given in good faith and derived from sources
More informationThree-month sales. April 19, 2018 Nestlé three-month sales 2018
Three-month sales 1 Disclaimer This presentation contains forward looking statements which reflect Management s current views and estimates. The forward looking statements involve certain risks and uncertainties
More informationPress release Vevey, October 18, Nestlé reports nine-month sales for 2018
Press release Vevey, October 18, 2018 Follow today's event live 14:00 CEST Investor call audio webcast Full details: https://www.nestle.com/media/mediaeventscalendar/allevents/2018-nine-month-sales Nestlé
More informationHow we re making a difference revitalizing the Malawian tea industry for workers to earn living wages. How we re making a difference - Malawi
How we re making a difference revitalizing the Malawian tea industry for workers to earn living wages How we re making a difference - Malawi 1 The Malawi Tea 2020 program, launched in September 2015, aims
More informationEcobank s pan-african footprint. Africa-Asia trade flows
Ecobank s pan-african footprint Africa-Asia trade flows Ghana, Côte d Ivoire and Nigeria: The changing face of West African cocoa Dr Edward George Head of Group Research, Ecobank Lagos, February 3rd 2016
More informationINVESTOR PRESENTATION. Post FY2017 Volume Announcement
v INVESTOR PRESENTATION Post FY2017 Volume Announcement FORWARD-LOOKING STATEMENTS This presentation may contain certain forward-looking statements concerning our future performance and should be considered
More informationProfit before tax of US$764 million (US$712 million before exceptionals and profit on
42 XII. Anexos Anexo 1 Relevantes Anuales Total lager beer volumes up 10% to 53 million hectolitres Profit before tax of US$764 million (US$712 million before exceptionals and profit on sale of subsidiary
More informationOverview of the Manganese Industry
39th Annual Conference Istanbul, Turkey 2013 Overview of the Manganese Industry International Manganese Institute Alberto Saavedra Market Research Manager June, 2013 Introduction Global Production Supply,
More informationQUARTELY MAIZE MARKET ANALYSIS & OUTLOOK BULLETIN 1 OF 2015
QUARTELY MAIZE MARKET ANALYSIS & OUTLOOK BULLETIN 1 OF 2015 INTRODUCTION The following discussion is a review of the maize market environment. The analysis is updated on a quarterly 1 basis and the interval
More informationConsistently higher production and more exportable supplies from Thailand are major factors in the decline in world rice prices in 2014 and continued
Rice Consistently higher production and more exportable supplies from Thailand are major factors in the decline in world rice prices in 2014 and continued lower levels over the next ten years. Part of
More informationReinforcement of Full-line Beverage Service Business. May 25, 2015 Suntory Beverage & Food Limited
Reinforcement of Full-line Beverage Service Business May 25, 2015 Suntory Beverage & Food Limited Background of Basic Agreement Group s Philosophy Management Principles Suntory Beverage & Food Limited
More informationJ / A V 9 / N O.
July/Aug 2003 Volume 9 / NO. 7 See Story on Page 4 Implications for California Walnut Producers By Mechel S. Paggi, Ph.D. Global production of walnuts is forecast to be up 3 percent in 2002/03 reaching
More informationM03/330/S(2) ECONOMICS STANDARD LEVEL PAPER 2. Wednesday 7 May 2003 (morning) 2 hours INSTRUCTIONS TO CANDIDATES
c PROGRAMA IB DIPLOMA PROGRAMME PROGRAMME DU DIPLÔME DU BI DEL DIPLOMA DEL BI M03/330/S(2) ECONOMICS STANDARD LEVEL PAPER 2 Wednesday 7 May 2003 (morning) 2 hours INSTRUCTIONS TO CANDIDATES! Do not open
More informationBy Type Still, Sparkling, Spring. By Volume- Liters Consumed. By Region - North America, Europe, Asia Pacific, Latin America and Middle East
Global Bottled Water Market (Value, Volume): Analysis By Type (Still, Sparkling, Spring), By Region, By Country: Opportunities and Forecast (2018-2023) By Type Still, Sparkling, Spring By Volume- Liters
More informationStrengthening our coffee leadership
Strengthening our coffee leadership Nestlé enters agreement for the perpetual global licensing rights of Starbucks consumer and foodservice products May 7, 2018 Mark Schneider François-Xavier Roger Chief
More informationFairtrade. What it has to offer and how we can use it
Fairtrade What it has to offer and how we can use it Alternative approach to conventional trade that provides social and economic development opportunities and benefits to: Producers, Suppliers & Consumers
More informationONE YEAR ANNUAL RESULTS FONTERRA FONTERRA CO-OPERAT CO-OPERA IVE GROUP LTD
ONE YEAR. 2012 ANNUAL RESULTS FONTERRA CO-OPERATIVE GROUP LTD 1 SIR HENRY VAN DER HEYDEN CHAIRMAN FONTERRA CO-OPERATIVE GROUP LTD 2 OVERVIEW Highlights Business performance Update on strategy Questions
More informationStrong Holiday Performance Drives 5% Global Comp Growth, Global Traffic Increases 2%
Starbucks Delivers Record Q1 Revenue and EPS Strong Holiday Performance Drives 5% Global Comp Growth, Global Traffic Increases 2% Revenues rise 13% to a record $4.8 billion; EPS of $1.30 includes a gain
More informationCompany name (YUM) Analyst: Roman Sandoval, Niklas Podhraski, Akash Patel Spring Recommendation: Don t Buy Target Price until (12/27/2016): $95
Recommendation: Don t Buy Target Price until (12/27/2016): $95 1. Reasons for the Recommendation One of the most important reasons why we don t want to buy Yum is the growth prospects of the company in
More informationThe supply and demand for oilseeds in South Africa
THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: GAIN Report
More informationValue increase in the alcohol market
Value increase in the alcohol market Warsaw, June 2018 Get to know AMBRA AMBRA Group is a leading manufacturer, importer and distributor of wines and other alcohol beverages in the Central-Eastern Europe.
More informationSunflower seed COMMODITY PROFILE
Contents 1. Description of the industry............................ 1 2. Marketing structure................................. 3 3. Strategic challenges................................ 6 4. Other information..................................
More informationThe supply and demand for oilseeds in South Africa
THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: GAIN Report
More informationPrivate Equity Investments
Overview for Private Equity Investments Strategic capital and expertise for the wine industry Prepared: September 2011 Copyright 2010 Bacchus Capital Management In classical mythology, Bacchus is the god
More informationInvestor Presentation 2014 (Herfy)
Investor Presentation 2014 (Herfy) 1 Disclaimer This document has been prepared by Herfy ( the Company ) solely for presentation purposes. The information contained in this document has not been independently
More informationOutlook for FCOJ in 2019/20
December 2018 Outlook for FCOJ in 2019/20 The Orange Juice Market Moves Towards Balance RaboResearch Food & Agribusiness far.rabobank.com Andrés Padilla Senior Analyst Beverages +55 11 5503 7000 Contents
More informationAn Examination of operating costs within a state s restaurant industry
University of Nevada, Las Vegas Digital Scholarship@UNLV Caesars Hospitality Research Summit Emerging Issues and Trends in Hospitality and Tourism Research 2010 Jun 8th, 12:00 AM - Jun 10th, 12:00 AM An
More information1
1 Introduction In his 213 budget, the then chancellor George Osborne abolished the beer duty escalator which increased beer duty by 2 per cent above the rate of inflation. A 1p cut in duty was also announced.
More informationQUARTERLY REVIEW OF THE PERFORMANCE OF THE DAIRY INDUSTRY 1
QUARTERLY REVIEW OF THE PERFORMANCE OF THE DAIRY INDUSTRY 1 The information in this document is from sources deemed to be correct. Milk SA, the MPO and SAMPRO are not responsible for the results of any
More informationTop 10 financial planning mistakes
2017 Annual TWGAA Conference Top 10 financial planning mistakes Presented by: Amanda Sims, Associate, Silicon Valley Bank # 10 Improper sourcing strategies 2015 Annual Wine Conditions Survey 21 February
More informationNAMC Presentation 8 MARCH Sharron Marco-Thyse Chairperson
NAMC Presentation 8 MARCH 2012 Sharron Marco-Thyse Chairperson 1 The wine industry contributes some R163 billion a year to South Africa s GDP An additional R4.2 billion is generated annually through wine
More informationC O R P O R AT E S T R AT E G Y U P D AT E. October, 2018
C O R P O R AT E S T R AT E G Y U P D AT E October, 2018 FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements, that should be considered as good faith estimates. Such statements
More informationTeam Harvard Ecureuils Harvard University
Case Question Team Harvard Ecureuils Harvard University Maxence BODDAERT Jonathan XU Jules THIERY Princeton University Graduate Consulting Club Case Competition 2016 Goals of this presentation Provide
More informationBusiness Update DECEMBER 2018
Business Update DECEMBER 2018 Disclaimer This presentation may contain forward-looking statements and projections. There can be no certainty of outcome in relation to the matters to which the forward-looking
More informationCraft Brewer Definition
Craft Brewer Definition Craft Brewer: An American craft brewer is small, independent and traditional. Small = Annual production of beer less than 6 million barrels. Beer production is attributed to a brewer
More informationStarbucks BRAZIL. Presentation Outline
Starbucks BRAZIL Prepared by: Aminata Ouattara Daniele Albagli Melissa Butz Matvey Kostromichev Presentation Outline Introduction Mission & Objectives PESTEL Analysis PORTER Analysis SWOT Analysis Capabilities
More informationSupply & Demand for Lake County Wine Grapes. Christian Miller Lake County MOMENTUM April 13, 2015
Supply & Demand for Lake County Wine Grapes Christian Miller Lake County MOMENTUM April 13, 2015 About Full Glass Research Provider of economic, market & industry research to food & drink companies and
More informationOptimism paired with results Winery Benchmarking Publication date: May 2017
Optimism paired with results Winery Benchmarking 0 Publication date: May 0 Contents Welcome Executive Summary Results - Profitability Results - Financial position Results - Vineyards Results - Ratios 0
More informationWP Board 1035/07. 3 August 2007 Original: English. Projects/Common Fund
WP Board 1035/07 International Coffee Organization Organización Internacional del Café Organização Internacional do Café Organisation Internationale du Café 3 August 2007 Original: English Projects/Common
More informationVegetable Spotlight Broccoli
Vegetable Spotlight Broccoli Summary Broccoli is Australia s 10 th largest vegetable crop in terms of value, accounting for 3.4% of total vegetable production with a gross value of $101.2 million in 2008/09.
More informationThe state of the European GI wines sector: a comparative analysis of performance
The state of the European GI wines sector: a comparative analysis of performance Special Report November 2017 1. Overview of a growing global wine market Wine is one of the most globalised products. The
More informationFACTORS DETERMINING UNITED STATES IMPORTS OF COFFEE
12 November 1953 FACTORS DETERMINING UNITED STATES IMPORTS OF COFFEE The present paper is the first in a series which will offer analyses of the factors that account for the imports into the United States
More informationUnilever and tea sustainability. The World of Tea
Unilever and tea sustainability Michiel Leijnse, Global Brand Development Manager Lipton This presentation may contain forward-looking statements, including 'forward-looking statements' within the meaning
More informationOIV Revised Proposal for the Harmonized System 2017 Edition
OIV Revised Proposal for the Harmonized System 2017 Edition TABLE OF CONTENTS 1. Preamble... 3 2. Proposal to amend subheading 2204.29 of the Harmonized System (HS)... 4 3. Bag-in-box containers: a growing
More informationCROWDFUNDING PITCH DECK 2017
CROWDFUNDING PITCH DECK 2017 BACK A WINNER www.ascotbrewing.co.uk Investments of this nature carry risks to your capital. Please invest aware. EXECUTIVE SUMMARY Ascot Brewing Company, a successful brewery
More information