May15 Corporate Finance - Agribusiness Menu v1.0 · · 2015-07-28Industries/Saudia Dairy &...

Deal Activity

Global Agribusiness

May 2015

Deals

1 Agribusiness News & Multiples 1

2 Markets Update 6

PageSection Overview

Table of Contents

PwC

May 2015

AgribusinessNews &Multiples

1

Global Agribusiness • Deal Activity

PwC

May 2015

Section 1 – Agribusiness News & Multiples

2Global Agribusiness • Deal Activity

DairyRed MeatPork

Transaction multiples (EV/EBITDA)

Bidder/Target 1: Pershing Square Capital/Mondelez, 2: Groupe Lactalis/Lactalis Puleva, 3:Pepsi-Cola/Wimm-Bill-Dann Food, 4: Bank Hapoalim/Parmalat, 5: Société pour leFinancement de l'Industrie Laitière/Parmalat, 6: Suntory/Cerebos Pacific, 7: SavolaGroup/Almarai , 8: Trian Fund Management/ Danone, 9: Saputo Cheese Morningstar Foods,10: Prominent Achiever / China Mengniu Dairy Co., 11: China Mengniu Dairy Co./YashiliInternational, 12: FB Participações/Vigor Alimentos, 13: Qurain PetrochemicalIndustries/Saudia Dairy & Foodstuff, 14: First Pacific & Wilmar International /GoodmanFielder, 15: Qurain Petrochemical Industries/Saudia Dairy & Foodstuff.16: QurainPetrochemical Industries/Saudia Dairy & Foodstuff.17: First Pacific Company / GoofmanFielder Ltd. 18: Warrnambool Cheese and Butter / Lion Dairy & Drinks, Everyday cheesebusiness.

Trading multiples (EV/EBITDA)

Dairy

M&A News

Egypt: Arla Foods and Eygpt’s largest dairy company,Juhayna Food Industries, have agreed to form a JV tosell Arla Products in Egypt.

Brazil: BRF have been given the final go-ahead toacquire Lactalis from Brazil’s competition authority.

Vietnam: Vinamilk is rumoured to be in talks toacquire several European dairy operations.

Management News

US: The Michigan Milk Producers Association hasappointed Josep Barenys as CFO.

Australia: Brownes’ has appointed Tony Girgis asCEO & Managing Director.

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15

Red Meat

M&A News

Denmark: Finnish meat products manufacturer Atriato acquire Aalbaek Specialiteter, one of Europe's largestmanufacturers of organic meat products.

France: German retailer Metro has placed a bid toacquire Classic Fine Foods, in a deal that is potentiallyworth US$400m.

Australia: Chongqing Hondo Agriculture Group plansto acquire US$100m of Australian cattle stations overthe next year.

Management News:

Australia: Meat & Livestock Australia are on thesearch for three new non-executive board members.

Bidder/Target 1: West Face Capital/Maple Leaf Foods, 2: Boparan Holdings/Northern Foods,3: NA/Astarta Holding, 4: Leucadia/National Beef Packing, 5: TMK Holding/ National BeefPacking, 6: NA/Zhongpin, 7: Henan Shineway/Smithfield Foods, 8: DarlingIngredients/VION Ingredients, 9: NA/People's Food Holdings, 10: SigmaAlimentos/Campofrio Food Group, 11: L Sigma Alimentos/Campofrio Food Group, 12: JBSS.A , 13: Condorcet Opportunity / Campofrio Food Group, 14: Tyson Foods / The HillshireBrands, 15: Nutresa / Aldage. 16: H. J Heinz Holding Corp / Kraft Foods Group.

Trading multiples (EV/EBITDA)Transaction multiples (EV/EBITDA)

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

Aug-10 Aug-11 Aug-12 Aug-13 Aug-14

Sources: S&P Capital IQ, Factiva, PwC research

Nestlé S.A.

Unilev er plc

Unilev er NV

Mondelez International, Inc.

Danone

Kraft Foods Group, Inc.

General Mills, Inc.

Mead Johnson Nutrition Com pany

Keurig Green Mountain, Inc.

Want Want China Holdings Ltd.

Median

Average

Associated British Foods plc


BRF S.A.

Ty son Foods, Inc.

Henan Shuanghui Inv estm ent &

Kerry Group plc

Horm el Foods Corporation

JBS S.A.

Uni-President Enterprises Corporation

Univ ersal Robina Corporation

Median

Average

Pork

M&A News

Russia: The Russian government has announced aplan to invest US$11 bn to expand domestic agriculturalindustries over the next five years, with about a third ofthis directed at meat producers.

UK: The CMA has provisionally approved Pork Farmsacquisition of savoury pastry business from KerryFoods. Bidder/Target 1:Talleys Group/ AFFCO Holdings, 2: Premium Brings Holdings /

Piller Sausages & Delicatessens, 3: Harim Holdings/ Sunjin Holdings Co. 4: LBO /Zhongpin Inc. 5: Mitsubishi Corp / Yonekyu Corp. 6: Henan Shineway IndustryGroup / Smithfield Foods Inc. 7: LBO / People’s Food Holdings Ltd. 8: SigmaAlimentos / Campofrio Food Group, SA. 9: JBS Australia Pty / P&M Smallgoods Pty

Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA)

Seaboard Corp.

BRF S.A.

Marudai Food Co., Ltd.


Shandong Longda Meat Foodstuff Co., Ltd.

Shandong Delisi Food Co., Ltd.

SunJin Co., Ltd.

China Putian Food Holding Lim ited

WH Group Lim ited

Median

Average

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

Jun-10 Jun-11 Jun-12 Jun-13 Jun-14

1Yr Lgd 1Yr Fwd

1 4.2x 1 4.3x

1 2.6x 1 3.6x

1 3 .9x 1 3.3x

1 6.4x 1 5.1 x

1 4.0x 1 2.3x

24.9x 1 5.8x

1 3 .8x 1 2.4x

1 8.7 x 1 6.4x

1 2.0x 1 1 .8x

1 5.9x 1 3.7 x

14.1x 13.6x

15.6x 13.9x

1Yr Lgd 1Yr Fwd

1 5.5x 1 5.3 x

24.9x 1 5.8x

1 3 .8x 1 1 .2x

1 1 .1 x 7 .6x

1 6.1 x 1 3 .4x

1 8.1 x 1 6.2x

1 3 .4x 1 2 .8x

8.0x 6.0x

1 2.1 x 1 0.2x

23 .6x 1 7 .6x

14.6x 13.1x

15.7x 12.6x

1Yr Lgd 1Yr Fwd

6.7 x n.a.

1 3 .8x 1 1 .2x

7 .1 x n.a.

24.9x 1 5.8x

50.8x n.a.

89.3x n.a.

1 1 .7 x n.a.

1 0.2x n.a.

6 .0x 7 .7 x

11.7x 11.2x

24.5x 11.6x

PwC

May 2015

PoultryGrain & BeansFruit, Vegetables & Nuts



Grains & Beans

M&A News

Switzerland: Syngenta rejected Monsanto's US$45 bnbid saying it significantly undervalued the company. Ifsuccessful, Monsanto is prepared to address regulatoryconcerns by divesting of Syngenta’s seed business.

UK: BP has sold its 47% stake in Vivergo Fuels toAssociated British Foods (ABF).


Bidder/Target 1: GrainCorp. / GrainCorp Malt, 2: Tradewinds Malaysia / PadiberasNasional Bhd, 3: Felda Global Ventures / Tradewinds Malaysia, 4: NA/ Kernel Holding, 5:PT Salim Ivomas Pratama / PT Perusahaan Perkebunan London Sumatra, 6: PT BakrieSumatera Plantations / Agri International Resources, 7: Vertical Capacity / IOI Corp., 8:Seaport Terminal (Johor), Acara Kreatif Sdn, Kelana Ventures/Padiberas Nasional, 9:Seaport Terminal (Johor), Acara Kreatif Sdn, Kelana Ventures / Tradewinds Malaysia , 10:Bollore/ Plantations Des Terres Rouges, 11: Seaport Terminal (Johor), Acara Kreatif Sdn,Kelana Ventures / Padiberas Nasional Bhd, 12: , PT Krishna Kapital/ PT Dharma SatyaNusantara. 13: SPC Kappa Co / Kappa Create Holdings Co. 14: Post Holdings / MOMBrands Company.

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

Oct-09 Oct-10 Oct-11 Oct-12 Oct-13 Oct-14

Archer-Daniels-Midland Company

Wilmar International Lim ited

Bunge Limited

IOI Corp.Bhd

Kuala Lumpur Kepong Berhad

Golden Agri-Resources Ltd

PT Astra Agro Lestari Tbk

First Resources Limited

Genting Plantations Berhad

KWS Saat SE

Median

Average

Poultry

M&A News

UK: BRF has entered into a JV with INVICTA FoodGroup to supply meat and poultry products in UK andNordic countries.

Management News

No relevant news.

Bidder/Target 1: Old Mutual Investment Group / Sovereign Food Investment , 2: WestFace Capital / Maple Leaf Foods, 3: EASY BIO & FarmStory / Maniker Co., 4: CherrybroCo ., 5: Sadia Alimentos / Avex S.A., 6: PT Japfa Comfeed / PT Multibreeder Adirama, 7:The Chefs' Warehouse Mid-Atlantic / Michael's Finer Meats & Seafoods, 8: Savola Group /Almarai, 9: Mitsubishi / Yonekyu, 10: Bellisio Foods / Overhill Farms.


0.0x

5.0x

10.0x

15.0x

20.0x

Feb-10 Feb-11 Feb-12 Feb-13

BRF S.A.

Ty son Foods, Inc.

Campbell Soup Company

Alm arai - Joint Stock Com pany

JBS S.A.

Uni-President Enterprises Corporation

Univ ersal Robina Corporation

Pilgrim 's Pride Corporation

Charoen Pokphand Foods Public Co. Ltd.

PPB Group Berhad

Median

Average


Bidder/Target 1: Eco-Trade Corp/YaSheng Group, 2: Bonduelle SA/France Champignon, 3:Inversiones Frutícolas / Copefrut, 4: ITOCHU/ Dole, Worldwide Packaged Foods and AsiaFresh Produce Businesses, 5: Dramd Participações e Administração / Rasip Agro Pastoril, 6:Golden Target Pacific / Camposol Holding, 7: Almarai / Continental Farmers Group, 8:Walden International / Le Gaga Holding, 9: D&C Group/ Camposol Holding, 10: GrupoNutresa/ Setas Colombianas, 11: D&C Group/ Camposol Holding, 12: Valles Del Sur/Hortifrut S.A., 13: Arlon Group/ Alico Inc., 14: FMR Rentas Generales/ Fruticola VicontoS.A., 15: D&C Group/ Camposol Holding, 16: Property & Building Corp./ Mehadrin, 17: NA/Hortifrut. 18: Sucocitrico Cutrale Ltda / Chiquita Brands.

Fruit, Vegetables & Nuts

M&A News

UK: The Society of Growers of Topfruit (SGT), FruitGrowers Alliance (FGA) and Norman Collett havecombined to form Avalon Produce Ltd (APL).

Belgium: The merger of Greenyard Foods, UNIVEG,and Peatinvest has been finalised, subject to regulatoryapproval. A partial private placement is possible.

Management News

Europe: Steven Libermann has been appointed asCEO of Findus Southern Europe.


0.0x

10.0x

20.0x

30.0x

40.0x

Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14

Felda Global Ventures Holdings Berhad

PT Astra Agro Lestari Tbk

KWS Saat SE

Gansu Yasheng Industrial (Group) Co.,

United Plantations Bhd

Fresh Del Monte Produce Inc.

Kulim (Malay sia) Berhad

Select Harv ests Limited

Sarawak Oil Palms Bhd

Kav eri Seed Company Limited

Median

Average

1Yr Lgd 1Yr Fwd

1 3 .8x 1 1 .2x

1 1 .1 x 7 .6x

1 2.4x 1 1 .9x

21 .6x 1 7 .0x

8.0x 6.0x

1 2.1 x 1 0.2x

23.6x 1 7 .6x

5.6x 5.3 x

1 3 .2x 1 3 .6x

56.4x 39.8x

12.8x 11.5x

17.8x 14.0x

1Yr Lgd 1Yr Fwd

1 2 .1 x 1 2 .5x

1 0.5x 1 0.1 x

1 2.2x 1 1 .6x

60.9x 22.2x

1 2.6x n.a.

8.9x 9.0x

22.3x 21 .8x

26.8x 1 0.6x

8.9x 8.0x

1 8.1 x 1 5.8x

12.4x 11.6x

19.3x 13.5x

1Yr Lgd 1Yr Fwd

1 0.1 x 9.4x

1 5.0x 1 3 .6x

1 0.4x 7 .9x

1 5.9x 1 5.6x

1 5.5x 1 4.6x

1 3 .9x 1 1 .0x

1 0.5x 1 0.1 x

9.6x 9.6x

1 4.0x 1 4.9x

1 2.2x 1 1 .6x

13.0x 11.3x

12.7x 11.9x

PwC

May 2015

Forestry & LandscapingFertiliser & Agricultural Chemicals




Bidder/Target 1: Placas do Parana /Arauco do Brasil, 2: FV S.A./Fiplasto S.A., 3:Meerwind/Rörvik Timber, 4: BC Investment management / Timber West ForestCorp, 5: LIXIL Group/Hivic Co., 6: Viking Investments Group/China Wood, 7:Viking Investments Group/China Wood, 8: Brookfield Asset Management / WesternForest Products, 9: Samling Strategic / Samling Global, 10: Samling Global / LinguiDevelopments, 11: Mill Road Capital / PRT Growing Service, 12: Rentech /FulghumFibres, 13: Weyerhaeuser / Longview Timber, 14: Boise Cascade Wood Products /Chester Wood & Moncure Plywood, 15: Louisiana-Pacific / Ainsworth Lumber, 16:Interfor / Tolleson Lumber, 17: Rentech / New England Wood.


Forestry & Landscaping

M&A News

No relevant news.

Management News

US: The Ohio Nursery and Landscape AssociationExecutive Director Kevin Thompson resigned.

The National Association of Landscape Professionalsappointed Scott Jamieson President of the Board ofDirectors.

Canada: Mark Bishop replaced Reid Carter asAcadian’s President and CEO.


Fertiliser & Agricultural Chemicals

M&A News

US: Boulevard Acquisition Corp is buying DowChemical Company’s AgroFresh unit for up toUS$860m. Dow Chemical is reportedly seeking todivest of between $7 bn and $8.5 bn in assets by mid-2016.

Alltech to acquire 100% of the outstanding stock ofRidley Inc. for US$424m. The transaction is subject toapproval by Ridley shareholders, regulatory review, andother closing conditions.

Denmark: FMC Corporation acquisition ofCheminova A/S has closed after FMC satisfied allconditions and regulatory approvals. The purchaseprice was approximately US$1.8 bn.

Management News

Australia: Ruralco’s Chief Executive and CFO haveboth resigned in the space of three days. Ruralco is nowlooking for their eighth CFO in nine years.

US: FMC Corp announced Jamie Gomez-Arnau as VicePresident of Agricultural Solutions in Europe, MiddleEast, and Africa.

Wayne T. Smith was announced Chairman and CEO ofBASF Corporation.

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

Aug-09 Aug-10 Aug-11 Aug-12 Aug-13


Monsanto Com pany

Sy ngenta AG

Potash Corp. of Saskatchewan, Inc.

The Mosaic Company

Saudi Arabian Fertilizer Company

CF Industries Holdings, Inc.

Agrium Inc.

Yara International ASA

Israel Chem icals Ltd.

Public Joint Stock Com pany Uralkali

Median

Average


Bidder/Target 1: Koor Industries/ADAMA , 2: CF Industries/Terra Industries, 3: ChinaNational Chemical / ADAMA, 4: Uralkali /Silvinit, 5: Sumitomo Chemical / Nufarm, 6:Mineracao Naque/ Vale Fertilizantes, 7: Menoza Trading / OJSC PhosAgro, 8: CJSCHolding / SBU Azot, 8: EuroChem/K+S Aktiengesellschaft, 10: YoungorInvestment/Kingenta Ecologic Engineering, 11: Norica /Grupa Azoty, 12: Grupa AzotySpólka Akcyjna/Zaklady Azotowe Pulawy Spolka Akcyjna, 13: ADAMA /Hubei SanondaCo., 14: Jiang Yin Hanying/Jiangsu ChengXing Phosph-Chemicals, 15: YaraInternational/OFD Holding, 16: EDAILY Co./ KG Chemical, 17: Adorabella/OJSCPhosAgro, 18: Platform Specialty Products/ Chemtura AgroSolutions, 19: YaraInternational/Galvani Indústria, Comércio E Serviços, 20: Boulevard Acquisiton /AgroFresh

West Fraser Timber Co. Ltd.

Canfor Corp.

Duratex SA

Deltic Timber Corporation

Sonae Indústria, S.G.P.S., S.A.

Stella-Jones Inc.

Interfor Corporation

Boise Cascade Com pany

Norbord, Inc.

Suzano Papel e Celulose S.A.

Median

Average

1Yr Lgd 1Yr Fwd

1 1 .1 x 9.0x

7 .9x 7 .1 x

8.4x 6.5x

1 9.4x n.a.

7 .9x n.a.

21 .1 x 1 5.2x

1 2.4x 8.8x

8.2x 7 .6x

30.2x 1 4.7 x

1 1 .6x 6.8x

11.3x 8.2x

13.8x 9.5x

1Yr Lgd 1Yr Fwd

1 3 .4x 1 2.1 x

1 5.4x 1 5.2x

1 2 .6x 1 0.3x

8.0x 7 .5x

1 4.8x 1 4.9x

9.2x 7 .9x

1 3 .4x 8.4x

8.1 x 6.1 x

9.1 x 7 .8x

9.1 x 7 .6x

10.9x 8.2x

11.3x 9.8x

PwC

May 2015

ViticultureAgricultural Products & MachineryFishery



Agricultural Products & Machinery

M&A News

Canada: Salford Group acquired Valmar Airflo Inc, amanufacturer of seeding and granular applicationequipment.

Management News

China: Noble Agri announced the appointment of MattJansen as CEO, previously at Archer Daniels Midland.

Australia: Nufarm appointed its COO and acting CEO,Greg Hunt, to Managing Director and CEO.

Netherlands: Nutreco CFO Gosse Boon has resigned,following the successful takeover bid by Dutch investorSHV Holdings.

Bidder/Target 1: Woodstream/Zareba Systems, 2: Ag Growth International/Mepu Oy, 3:Converted Organics/TerraSphere Systems, 4: Blount/SpeeCo, 5: Kubota/Kverneland ASA, 6:Paine & Partners/Eurodrip SA, 7: Seoul Moongo Co. / Daedong Industrial Co., 8: Danfoss/Sauer-Danfoss Inc., 9: NA/ China Farm Equipment, 10: Silverfleet Capital / Cimbria, 11: P&PWater Holding / Eurodrip S A, 12: MHR Fund Management / Titan International.

Trading multiples (EV/EBITDA)Transaction multiples (EV/EBITDA)

0.0x

5.0x

10.0x

15.0x

20.0x

Jan-10 Jan-11 Jan-12 Jan-13 Jan-14

Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA)Fishery

M&A News

US: Copper River Seafoods has acquired a salmonprocessing facility and associated assets in Bristol Bay,Alaska from Extreme Seafoods.

Management News

Canada: President and COO of High Liner Foods,Keith Decker, to become CEO. Bidder/Target 1: Thai Union Frozen Products/MW Brands, 2: Boparan Holdings/Northern

Foods, 3: Corporacion Economica Damm / Pescanova, 4: Luxempart / Pescanova, 5: OrklaBrands / Rieber & Søn, 6: Tiger Brands / Oceana Group, 7: Geveran Trading Co ./ MarineHarvest ASA, 8: Profond Holding / Marine Harvest, 9: China Fishery Group / Copeinca, 10:Geveran Trading Co. / Marine Harvest, 11: RCL Foods / Foodcorp, 12: China FisheryGroup/Copeinca, 13: CFG Investment / Copeinca.

0.0x

10.0x

20.0x

30.0x

40.0x

Jul-10 Jul-11 Jul-12 Jul-13

Charoen Pokphand Foods Public Co.

Marine Harv est ASA

PT Indofood CBP Sukses Makmur Tbk

NH Foods Limited

CALBEE, Inc.

Toy o Suisan Kaisha Ltd.

Thai Union Frozen Products Public

SalMar ASA

Lerøy Seafood Group Asa

Guangdong Haid Group Co., Limited

Median

Average


Viticulture

M&A News

No relevant news.

Management News

No relevant news.


Bidder/Target 1: Advini/Laroche, 2: Nikora/JSC Teliani Valley, 3: Remgro and ZederInvestment /Capevin Holdings, 4: Kirin/Mercian, 5: SVL/Abrau-Durso, 6: Majorityshareholders/Magnotta Winery, 7: Sogrape Vinho/Bodegas Lan, 8: Tempo Beverages/BarkanWine Cellars, 9: FMR Rentas Generales/Viñedos Emiliana, 10: FMR Rentas Generales/Treasury Wine Estates, 11: Kohlberg Kravis Roberts & Co / Treasury Wine Estates, 12: Privateinvestor/ Schlumberger, 13: Private investor/ Schlumberger.

0.0x

10.0x

20.0x

30.0x

40.0x

50.0x

Sep-09 Sep-10 Sep-11 Sep-12 Sep-13

Diageo plc

Pernod-Ricard SA

Brown-Forman Corporation

Constellation Brands Inc.

Jiangsu Yanghe Brewery Joint-Stock

Dav ide Campari - Milano SpA

LT Group, Inc.

Treasury Wine Estates Limited

Distell Group Limited

Yantai Changy u Pioneer Wine Co. Ltd.

Median

Average

Deere & Company

Kubota Corporation

CNH Industrial N.V.

AGCO Corporation

The Toro Company

Turk Traktor v e Ziraat Makineleri

Daedong Industrial Co., Ltd.

Lindsay Corporation

Titan International Inc.

Jain Irrigation Sy stem s Lim ited

Median

Average

1Yr Lgd 1Yr Fwd

1 3 .2x 1 3.6x

1 0.1 x 9.0x

21 .0x 1 6.2x

9.0x 9.6x

1 9.7 x 1 6.1 x

9.9x 9.0x

1 3 .3 x 1 0.2x

7 .5x 7 .2x

9.4x 7 .2x

24.5x 20.6x

11.7x 9.9x

13.8x 11.9x

1Yr Lgd 1Yr Fwd

1 1 .8x 21 .6x

1 3.0x 1 0.7 x

1 0.9x n.a.

5.9x 8.6x

1 3.0x 1 1 .1 x

1 3.5x 1 0.3x

1 4.1 x n.a.

1 0.0x 1 1 .9x

1 7 .4x 1 1 .6x

8.6x 7 .1 x

12.4x 10.9x

11.8x 11.6x

1Yr Lgd 1Yr Fwd

1 8.0x 1 5.6x

1 7 .3x 1 4.8x

20.7 x 1 9.3x

1 7 .3x 1 5.2x

1 5.6x 1 3.2x

1 4.8x 1 3.6x

1 3.6x 9 .1 x

1 3.5x 1 1 .8x

1 8.0x 1 5.5x

22.0x 21 .2x

17.3x 15.0x

17.1x 14.9x

PwC

May 2015

MarketsUpdate


PwC

May 2015

Macroeconomic and Foreign Exchange Data

Section 2 – Markets Update

7


Source: S&P Capital IQ

FX – Spot rates FX – Week-to-date % change

Macroeconomic indicators

Notes: Data is quarterly reported data taken from the most recently available quarter • Current data is for 2014Q4 as reported by the Economist Intelligence Unit 7 May 2015 •Real GDP growth is calculated as % change year on year • CPI Inflation is calculated as % change year on year • Unemployment rate represents the actual unemployment as apercentage of the labour force • Industrial Production Index is calculated as % change year on year for the index • Producer Price Index in calculated as the % change year onyear for the index of prices faced by firms, with the exception of Brazil whose index is based on a general prices • Exports fob in $US bn • Trade balance is calculated as Exportsfob less imports cif in $US bn • Reported currencies for Exports and Trade Balances converted to $US at most recent conversion rates at time of writing •

Note: Straight line shows historical spot prices, dotted marked line shows futures prices. Price development table is based on most actively traded futures contract.

FX – Year-to-date % changeFX – Month-to-date % change

EUR USD BRL CNY INR

1 EUR - -2.22% -1 .45% -2.1 9% -2.04%

1 USD 2.27 % - 0.7 9% 0.03% 0.1 8%

1 BRL 1 .47 % -0.7 8% - -0.7 5% -0.60%

1 CNY 2.24% -0.03% 0.7 6% - 0.1 5%

1 INR 2.09% -0.1 8% 0.61 % -0.1 5% -

40.00

50.00

60.00

70.00

80.00

90.00

100.00

110.00

120.00

Apr-2014 Aug-2014 Dec-2014 Apr-2015 Aug-2015 Dec-2015 Apr-2016

EUR USD BRL CNY INR

1 EUR - 1 .1 096 3.3669 6.8838 7 0.7 906

1 USD 0.901 3 - 3 .0344 6.2040 63.8000

1 BRL 0.297 0 0.3296 - 2.0446 21 .0256

1 CNY 0.1 453 0.1 61 2 0.4891 - 1 0.2837

1 INR 0.01 41 0.01 57 0.047 6 0.097 2 -

EUR USD BRL CNY INR

1 EUR - -0.89% -0.20% -0.86% -0.64%

1 USD 0.90% - 0.69% 0.03% 0.25%

1 BRL 0.20% -0.69% - -0.66% -0.44%

1 CNY 0.87 % -0.03% 0.66% - 0.22%

1 INR 0.64% -0.25% 0.44% -0.22% -

EUR USD BRL CNY INR

1 EUR - -8.33% 4.65% -8.30% -7 .48%

1 USD 9.09% - 1 4.1 6% 0.03% 0.93%

1 BRL -4.44% -1 2.40% - -1 2.38% -1 1 .59%

1 CNY 9.06% -0.03% 1 4.1 2% - 0.89%

1 INR 8.09% -0.92% 1 3.1 1 % -0.88% -

Crude Oil - Brent ($ per Bbl. – ICE: ^B) Gold ($ per troy oz. – COMEX: ^GC)

Indicator Australia Brazil China Germany India Japan U.S.

Real GDP Growth (YoY) 2.5% -0.3% 7 .3% 0.7 % 7 .7 % -0.7 % 2.4%

CPI Inflation (YoY) 1 .7 % 6.5% 1 .6% 0.4% 4.0% 2.5% 1 .2%

Unem ploy ment rate 1 .2% 4.6% n/a 4.9% n/a 3.5% 5.7 %

Industrial Production Index (YoY) 3.3% -3.8% 7 .6% 0.8% 1 .9% -1 .4% 4.5%

Producer Price Index (YoY) 2.5% 3.7 % n/a -0.3% 0.3 % 2.4% 1 .3%

Exports ($US bn) 52.0 51 .5 646.1 31 9.6 7 8.0 1 63 407 .6

Trade Balance ($US bn) 1 .1 3.3- 1 50.0 66.2 3 4.2- 1 9- 1 81 .4-

1,100.00

1,150.00

1,200.00

1,250.00

1,300.00

1,350.00

1,400.00

May-2014 Sep-2014 Jan-2015 May-2015 Sep-2015 Jan-2016 May-2016

Latest price 1 ,2 0 6 .7 0 Week-to-date -0 .9 4 %

52-w eek low 1 ,3 3 9 .2 0 Month-to-date 2 .0 6 %

52-w eek high 1 ,1 4 2 .6 0 Year-to-date 1 .9 1 %

Dev elopm en t - Gold

Latest price 6 5 .0 3 Week-to-date -2 .5 0 %

52-w eek low 4 6 .4 0 Month-to-date -2 .6 2 %

52-w eek high 1 1 5 .7 1 Year-to-date 1 1 .7 2 %

Dev elopm ent - Cru de Oil

PwC

May 2015

Commodities (1/2)


8


Corn ($ per bu. – CBOT: ^C)

Oats ($ per bu. – CBOT: ^O)

Soybean Meal ($ per T – CBOT: ^SM)

Wheat ($ per bu. – CBOT: ^W)

Soybeans ($ per bu. – CBOT: ^S)

Sugar #11 ($ per lb – ICE: ^SB)



3.00

3.50

4.00

4.50

5.00

May-2014 Sep-2014 Jan-2015 May-2015 Sep-2015 Jan-2016 May-20164.00

4.50

5.00

5.50

6.00

6.50

7.00


2.00

2.20

2.40

2.60

2.80

3.00

3.20

3.40

3.60

3.80


10.00

11.00

12.00

13.00

14.00

15.00

16.00


Latest price 9 .4 6 Week-to-date -1 .1 5 %


52-w eek high 9 .1 0 Y ear-to-date -7 .5 4 %

Dev elopm ent - Soy bea n

290.00

340.00

390.00

440.00

490.00

540.00


Latest price 3 07 .1 0 Week-to-date 1 .5 5 %

52-w eek low 5 0 6 .00 Month-to-date -2 .8 5 %

52-w eek high 2 9 8 .6 0 Y ear-to-date -1 1 .6 5 %


0.11

0.12

0.13

0.14

0.15

0.16

0.17

0.18

0.19

0.20


Latest price 0 .1 3 Week-to-date -0.7 7 %

52-w eek low 0 .1 9 Month-to-date -2 .4 3 %

52-w eek high 0 .1 2 Y ear-to-date -1 1 .4 3 %

Dev elopm ent - Su ga r

Latest price 5 .1 3 Week-to-date -0.2 2 %

52-w eek low 4 .6 0 Month-to-date 8 .2 3 %


Dev elopm ent - Wh eat


52-w eek low 3 .1 8 Month-to-date -1 .6 7 %

52-w eek high 4 .8 2 Y ear-to-date -9 .3 2 %

Dev elopm ent - Corn

Latest price 2 .4 8 Week-to-date 5 .3 6 %



Dev elopm ent - Oat s

PwC

May 2015

Commodities (2/2)


9


Cocoa ($ per MT – ICE: ^CC)

Rice – Rough #2 ($ per cwt. – CBOT: ^RR)

Crude Palm Kernel Oil ($ per MT – KLSE: ^QF)

Coffee – Columbian ($ per lb – ICE: ^KC)

Soybean Oil ($ per lb – CBOT: ^BO)

Milk – Class III ($ per lb – CME: ^DA)



2,660.00

2,760.00

2,860.00

2,960.00

3,060.00

3,160.00

3,260.00

3,360.00

3,460.00


Latest price 3 ,1 4 5 .00 Week-to-date 2 .9 1 %

52-w eek low 3 ,3 7 1 .00 Month-to-date 6 .8 6 %

52-w eek high 2 ,6 7 2 .00 Y ear-to-date 8 .0 8 %

Dev elopm ent - Cocoa

9.00

10.00

11.00

12.00

13.00

14.00

15.00

16.00


0.31

0.33

0.35

0.37

0.39

0.41

0.43


Latest price 0.3 2 Week-to-date -3 .1 9 %


52-w eek high 0.3 0 Y ear-to-date 0.1 2 %


570.00

620.00

670.00

720.00

770.00

820.00


0.16

0.18

0.20

0.22

0.24

0.26


1.00

1.20

1.40

1.60

1.80

2.00

2.20

2.40





Dev elopm ent - Coffee




Dev elopm ent - Rou gh Rice

Latest price 6 0 3 .00 Week-to-date -0.9 4 %

52-w eek low 7 9 4 .5 0 Month-to-date 3 .7 4 %

52-w eek high 5 7 2 .7 5 Y ear-to-date -7 .9 7 %

Dev elopm ent - Palm Oil


52-w eek low 0.2 5 Month-to-date 1 .7 9 %

52-w eek high 0 .1 5 Y ear-to-date 3 .7 7 %

Dev elopm ent - Milk

PwC

May 2015

Equity Indices


10


MSCI USA

MSCI Pacific

MSCI World/Food Products (Industry Index)

MSCI Europe

MSCI BRIC

MSCI World/Retailing (Industry Group Index)


0

500

1,000

1,500

2,000

2,500

May-2010 May-2011 May-2012 May-2013 May-20140

500

1,000

1,500

2,000


0

500

1,000

1,500

2,000

2,500

3,000


50

100

150

200

250

300

350

400


0

50

100

150

200

250


50

100

150

200

250

300

350


Latest value 2 8 5 .7 0 Week-to-date 1 .4 9 %

52-w eek low 2 2 7 .06 Month-to-date -0 .9 4 %

52-w eek high 2 9 1 .02 Year-to-date 6 .7 6 %

Dev elopm ent - MSCI World/Ret ailing (Indu st ry Grou p Index)

Latest value 2 ,03 7 .4 9 Week-to-date 0.2 6 %

52-w eek low 1 ,7 7 8 .6 6 Month-to-date 0.9 2 %

52-w eek high 2 ,04 1 .7 3 Year-to-date 3 .7 0%

Dev elopm ent - MSCI USA

Latest value 1 ,7 3 7 .1 5 Week-to-date -0 .8 9 %

52-w eek low 1 ,5 2 5 .06 Month-to-date 1 .2 7 %

52-w eek high 1 ,8 4 5 .7 3 Year-to-date 8 .02 %

Dev elopm en t - MSCI Eu rope

Latest value 2 ,5 5 8 .5 2 Week-to-date -0.4 5 %

52-w eek low 2 ,2 3 4 .5 1 Month-to-date 0.9 4 %

52-w eek high 2 ,6 2 4 .6 4 Year-to-date 1 1 .02 %

Dev elopm en t - MSCI Pa cific

Latest value 3 01 .09 Week-to-date -0 .9 7 %

52-w eek low 2 4 4 .9 0 Month-to-date -1 .00%

52-w eek high 3 09 .9 1 Year-to-date 1 4 .9 1 %

Dev elopm ent - MSCI BRIC

Latest value 2 3 3 .2 3 Week-to-date -0.6 9 %

52-w eek low 2 02 .7 5 Month-to-date 0.3 9 %

52-w eek high 2 3 5 .2 8 Year-to-date 6 .6 4 %

Dev elopm en t - MSCI World/Food Produ ct s (Indu st ry In dex)

PwC

May 2015



Credentials

Advisor to InnerMongolia Yili IndustrialGroup investigations of

NZ dairy processingopportunities including

full due diligence.

Sell Side advice toRavensdown

on divestment of 100%of western Australian

operation to LouisDreyfus Commodities.

PwC advised on the saleof a cornerstone

shareholding in DHL,one of New Zealand’slargest Dairy Farming

Businesses.

Buy side advisory onacquisition of Coop

Farms estate for£249m in one of thelargest land sales in

Britain of circa 40,000acres.

Buy-side financial duediligence on Cardinal

Foods on behalf ofLantmännen ek för.

Disposal of majoritystake in QinYuan

Bakery to EQT GreaterChina II Fund

Sell-side advisory

Bright Sugar Co. Ltd.Acquisition of 60%

stake in Yunnan YinMore Sugar Co. Ltd.

Buy-side advisory

Guan Sheng YuanDisposal of sharesto CITIC Capital

Holdings Ltd.

Sell-side advisory

Sale of

toKoch Fertiliser

Sell-side advisory

Sale of

SellerAdvised by

Advisor to HoogwegtGroep on the

acquisition of 60% ofthe shares in Meelunie

from Coöperatie AVEBE

Advisor toFrieslandCampina on

the sale of itsElsterwerda plant based

in Germany toOdenwald Fruechte

Due diligence advisor toMcCain in the

acquisition of Lutosa

Debt advisor tomanagement of

Heiploeg on its capitalstructure

Total debt€130m

Buy-side due diligence(financial, tax, pensionand IT), tax structuringand indicative valuation

advice on the mergerwith MUH

Financial Advisory

to

PwC

May 2015


12


PwC is a leading global M&A advisor with a stronginternational network

At any given time PwC has approximately 450 live sale mandates. Globally, we advise on over 350 dealsper year.

PwC Ranking FY’14

• Global buyouts: 1st

• Global M&A: 2nd

• Europe M&A: 1st

• European buyouts: 1st

• Asia-Pacific (excl. Japan): 1st

• South Korea M&A: 1st

• Denmark M&A: 1st

• Finland M&A: 1st

• Sweden M&A: 1st

• Nordic group M&A: 1st• Iberian M&A: 1st

• Australasia M&A: 2nd

Source: MergerMarket M&A Trend Report 2014

Volume

1 PwC 135

2 125

3 Deloitte 91

4 Morgan Stanley 89

5 Goldman Sachs 88

Rank Advisor

Asia-Pacific

Volume

1 Goldman Sachs 378

2 PwC 365

3 KPMG 324

4 Morgan Stanley 285

5 JPMorgan 275

Rank Advisor

Global

KPMG

Volume

1 Goldman Sachs 287

2 JP Morgan 202

3 Morgan Stanley 198

4 Barclays 171

5 Bank of America Merrill Lynch 163

Rank Advisor

Americas

Volume

1 PwC 243

2 Rothschild 213

3 KPMG 212

4 Deloitte 175

5 EY 174

Rank Advisor

Europe

PwC

May 2015

Agribusiness Network


13


Global CF LeaderCornelis Smaal+31 88 792 [email protected] Tomatis+ 54 11 4850 [email protected] Barrichi+ 54 341 446 [email protected] Heraghty+61 282 661 [email protected] Rezende+55 11 3674 [email protected] Barbosa+55 16 2133 [email protected] Coco+55 19 [email protected] Robidoux204 926 [email protected] Oldfield+44 (0) 771 [email protected] Lyn+86 10 6533 [email protected] Wong+86 21 2323 [email protected] Pelle+ 33 (0) 299 231 [email protected]

GermanyNorbert Niedenhof+49 (0) 541 3304 [email protected] Kakra+91 124 [email protected] VS+91 124 [email protected] Satar+62 21 5289 [email protected] Maher+353 (0) 1 792 [email protected] J Wyborn+81 33 546 [email protected] Iwashima+81 3 6266 [email protected] Webster+966 11 211 0400 (Ext. 1555)[email protected] Jansze+31 (0) 88 792 [email protected] Emanuels+31 6 2042 [email protected] ZealandCraig Armitage+64 3 374 [email protected] Hoult+64 9 355 [email protected]

Michael O’Connor+64 3 374 [email protected] McMenamin+64 3 374 [email protected] Scurtescu+40 21 22 53 [email protected] Skinner+65 9823 [email protected] AfricaFrans Weilbach+27 (21) 815 [email protected] Gustafsson+46 709 294 [email protected]. Martin Frey+41 58 792 15 [email protected] Volkova+38 (0) 56 733 [email protected] James+44 (0) 7803 [email protected] Sengbusch44 (0) 7725 [email protected] Johnson+1 612 596 [email protected] Gaffney+1 216 875 [email protected]

May15 Corporate Finance - Agribusiness Menu v1.0 · · 2015-07-28Industries/Saudia Dairy &...

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Transcript of May15 Corporate Finance - Agribusiness Menu v1.0 · · 2015-07-28Industries/Saudia Dairy &...