Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Asia-Pacific
March 2014
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Publisher
Jonathan Worrall
Director
John Pedernales
Managing Editor
Peter OShea
Research Analyst
Huong Yuli
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Copyright Statement
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Current Environment
Sector Overview
The Asian economy remained soft in the latter half of
2013, due to instability in financial markets because of the
slow recovery of the US economy and volatile commodity
prices, despite Japans economic recovery. Even the
emerging economies of India and China continued to
show only moderate growth. Despite volatile food and raw
material prices, and financial market uncertainty, the AsiaPacific food and beverage (F&B) market showed moderate
growth over the past six months, thanks to fast growing
emerging markets.
Growth was influenced by demand for healthier foods
due to increased food safety concerns, growing middle
classes, promotional campaigns and liberal regulatory
environments. Many leading companies such as Kirin
Holdings Co Ltd (TSE: 2503), Nippon Meat Packers Inc
(TSE: 2282), Nisshin Seifun Group Inc (TSE: 2002) and
Asahi Group Holdings Ltd (TSE: 2502) improved earnings
and sales. The industry remains attractive to foreign
investors seeking to expand their businesses.
Rapidly growing income levels and rising standards of
living in emerging countries, particularly China and India,
are leading to greater expenditure on food. Consumers,
particularly the younger generation, are willing to spend
more on luxury foods and try new varieties. Other
demographic changes, including a rising number of
Table 1: Leading Company Share Price Movements over the Six Months from August 8, 2013 to January 8, 2014
Company Name
Kirin Holdings Co Ltd
Asahi Group Holdings Ltd
Nippon Meat Packers Inc
Yamazaki Baking Co Ltd
Kewpie Corp
Itoham Foods
Nisshin Seifun Group Inc
Nissin Food Holdings Co Ltd
Industry Average Rise/Fall
Dow Jones Asia-Pacific F&B Index (DJAPFB)
S&P 500
Closing Price as on
August 8, 2013
1,461 (US$14.04)
2,512 (US$24.14)
1,447 (US$13.9)
1,186 (US$11.4)
1,503 (US$14.44)
423 (US$4.06)
1,039 (US$9.98)
4,000 (US$38.44)
Closing Price as on
January 8, 2014
1,469 (US$14.12)
2,918 (US$28.04)
1,862 (US$17.89)
1,062 (US$10.2)
1,447 (US$13.9)
472 (US$4.54)
1,082 (US$10.4)
4,440 (US$42.66)
173.17
1,697.48
173.36
1,837.49
% Change
0.55
16.16
28.68
10.46
3.73
11.58
4.14
11.00
7.24
0.11
8.25
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Current Environment
August 8, 2013, to January 8, 2014, rising by an average of
7.24%, than in the six months from February 1 to July 31,
2013, rising by an average of 14.62%. Share prices of AsiaPacific companies were stronger, except those of Yamazaki
Baking Co Ltd (TSE: 2212) and Kewpie Corp (TSE:
2809). The Dow Jones Asia-Pacific Food & Beverage
Index gained 0.11%, compared with the S&P 500s 8.25%
gain. The share prices of eight leading companies tracked
by Mergent rose by an average 7.24%, with expectations
for better returns in the next six months.
Nippon Meat Packers Inc was the major gainer, its share
price closing at 1,862 (US$17.89) on January 8, up
from 1,447 (US$13.9) on August 8, 2013. Asahi Group
Holdings Ltds share price rose by 16.16% to 2,918
(US$28.04), from 2,512 (US$24.14), while Itoham
Foods (TSE: 2284) rose by 11.58% to 472 (US$4.54),
from 423 (US$4.06).
Nissin Food Holdings Co Ltds (TSE: 2897) share price rose
by 11% to 4,440 (US$42.66), from 4,000 (US$38.44),
Nisshin Seifun Group Incs by 4.14% to 1,082 (US$10.4),
from 1,039 (US$9.98), while Kirin Holdings Co Ltds rose
by 0.55% to 1,469 (US$14.12), from 1,461 (US$14.04).
The worst performer was Yamazaki Baking Co Ltd, whose
share price dropped by 10.46% to 1,062 (US$10.2), from
1,186 (US$11.4), while Kewpie Corps dropped by 3.73%
to 1,447 (US$13.9), from 1,503 (US$14.44).
Leading Companies
Japanese companies continued to dominate the AsiaPacific F&B industry over the first nine months of 2013,
with most companies showing signs of recovery, thanks to
higher overseas demand. Leading brewer Kirin Holdings
Co Ltds (TSE:2503) net profit totaled 83.66 billion
(US$803.89 million), up threefold from 25.37 billion
(US$243.78 million) a year earlier. Sales grew by 4.45%
to 1,677.61 billion (US$16.12 billion), from 1,606.14
billion (US$15.43 billion) a year earlier, due to higher
demand for overseas integrated beverages. Operating
income rose 2.14% to 107.5 billion (US$1.03 billion),
from 105.25 billion (US$1.01 billion).
Kirins archrival Asahi Group Holdings Ltds (TSE:
2502) net sales increased by 10.34% to 1,257.03 billion
(US$12.08 billion), from 1,139.19 billion (US$10.95
billion) in the first nine months of 2013, with operating
income rising by 23.77% to 83.77 billion (US$804.95
million), from 67.68 billion (US$650.34 million), despite
higher sales costs and rising operating expenses. Net
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Current Environment
Mergers and Acquisitions
The latter half of 2013 was an interesting one for AsiaPacific mergers and acquisitions (M&A), particularly in
China. Some overseas companies looked for routes into
bigger local markets, with Carlsberg A/S (CSE: CARL. B)
increasing its stake in Chongqing Brewery Co Ltd (SSE:
600132) to 60%, from 29.7%, on December 5, 2013, paying
RMB2.9 billion (US$478.09 million). On December 30,
2013, Carlsberg acquired the whole Chongqing Brewery
for RMB1.56 billion (US$257.18 million), in an attempt
to strengthen its leading position in Chinas growing beer
market. The deal is waiting for approval from the Chinese
Government.
Some dairy companies in China continued to source raw
materials abroad, trying to increase customer confidence in
local products. SFL Holdings Ltd, a subsidiary of Chinese
private food conglomerate Pengxin Group Co Ltd, offered
NZ$85.7 million (US$70.67 million) for New Zealandbased dairy farm Synlait Farms. The deal, being examined
by the Government, is expected to be completed by
February 28, 2014. The acquisition will leverage Pengxin
Groups capabilities and resources in R&D, product quality
control, marketing, and greater capital access to help it
capture the emerging infant milk formula market in China.
China Mengniu Dairy Co Ltd (HKSE: 2319) acquired
infant formula producer Yashili International Holdings Ltd
(HKSE: 1230) on January 5, 2014 for RMB376.66 million
(US$62.1 million), in an attempt to improve its market
share in the emerging milk powder market and to restore
consumer confidence, affected by the melamine-tainted
milk furor in 2008.
Canada-based dairy producer Saputo Inc (TSE: SAP)
acquired Warrnambool Cheese and Butter Factory
Co (WCB), one of the Australias oldest private dairy
manufacturers, from investment company Wilson Asset
Management Ltd for more than A$515 million (US$452.17
million) on January 21, 2014. The acquisition allowed
Saputo to control WCBs cheese factory, which produces
Lion products of Kirin Holdings Co Ltd, in Allansford,
Victoria state. The deal will also leverage Saputos
capabilities and resources, and greater capital access to
help it capture the growing global dairy market.
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Industry Profile
Industry Size and Value
Due to limited opportunities for growth in North America
and Western European markets, international companies
continue to expand and invest in the Asia-Pacific, which is
highly diverse in culture, language, consumption patterns,
population, economic freedom and laws. The F&B industry
is one of the largest contributors to gross domestic product
(GDP) in many Asia-Pacific countries, with each having
distinctive strengths in different segments. China, India,
and Thailand have become rice bowls of the region, thanks
to their high production volumes and the quality of their
rice, which many Asians prefer to homegrown varieties.
Australia arguably has the most developed market,
particularly in processed meat, wine and dairy products.
Its F&B industry has an annual turnover of A$111 billion
(US$97.46 billion). High productivity, coupled with
consistently safe and high quality food has contributed
to industry growth. Free trade agreements with the US,
Malaysia, Singapore and Thailand have ensured greater
access for Australian F&B products and this has boosted
exports. Its main F&B exports include cereal products,
processed meat, beverages and dairy products.
In addition, the Governments National Food Plan,
launched on May 25, 2013, to help the industry capitalize
on growing food demand in Asia, will create new export
opportunities through strengthening trade relations with
Asian countries. The Australian industry had 225,100
employees in 2012/2013, mainly in the processed meat,
beverages, and bakery product segments, Australian
Bureau of Statistics (ABS) data shows.
China is one of the worlds largest food consumers, with its
processed food market growing consistently. Since joining
the World Trade Organization (WTO) in 2001, the Chinese
Government has opened the gates wider to its enormous
market, resulting in steady growth in exports and imports.
Despite rapid economic growth, Chinas food processing
market is still under-developed, with only 30% of Chinese
food production processed, and many foreign companies
are taking advantage of the greater demand for high quality
processed food products.
Several large corporations have bought smaller
competitors to increase their market share and leverage
their capabilities and resources. The number of formula
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Industry Profile
globally, mainly for egg and dairy products, according
to the US Department of Agriculture (USDA). However,
government efforts in building dairy self-sufficiency could
reduce both imports and exports. Beer drinking has long
been part of the social and cultural life of Filipinos and the
Philippines is the third largest beer market in South East
Asia.
Asia-Pacific provides a wealth of opportunity for the F&B
industry and is poised to be one of the hottest regions for
food manufacturing in the next few years. Rising purchasing
power and demand for convenience and premium F&B
products will help stimulate the development of food
retailing and distribution in the region.
Sector Investment
Investment activity in the industry picked up throughout
2013, with some international companies increasing
production capacities and expanding production lines
to strengthen their positions in Asia-Pacific, due to its
emerging middle class and growing spending power. In
Thailand, US-based private agribusiness giant Cargill Inc
invested US$10 million to upgrade its poultry processing
facilities in Saraburi Province, expecting completion by
July 2014.
Austria-based private energy drink producer Red Bull
GmbH has obtained approval to sell its core products in
China and is setting up a small office in Shanghai. Red Bull
will conduct a market acceptance test before launching its
products in China to ensure market demand and increase
brand awareness.
The stability of Indias processed food and beverage market
has attracted multinational companies. Following CocaCola Cos (NYSE: KO) US$5 billion 2012-2020 Indian
investment plan, and as part of its plan to invest Rs330
billion (US$5.36 billion) create 8,000 jobs by 2020, Pepsi
Co (NYSE: PEP) will set up Rs12 billion (US$195 million)
beverage plant in Chittoor district, Andhra Pradesh state.
The project will be completed in three phases, the first
phase creating a daily capacity of 1.2 million liters. The
expansion will help to meet growing beverage demand
and to strengthen Pepsis position as the leading beverage
producer in South Asia.
On December 17, 2013, Coca-Cola Amatil (ASX: CCL)
re-entered the Australian beer market and introduced new
international and local brands, including its own Alehouse
brand. The company is optimistic about the beer market,
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Industry Profile
including beef, wine, fruit, and sugar, for the next 15 years
from 2015. The agreement will benefit Australian F&B
producers as their products become more competitive
compared with other countries.
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Market Outlook
Most Asian F&B industries are expected to grow at slower
pace in the first half of 2014. The Philippines rice selfsufficiency plan has been postponed due to Super Typhoon
Haiyan in November 2013. The country will increase rice
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Country Profile
Australia
Sector Overview
Australias F&B industry did relatively well over the past
six months, although competition among food makers
intensified. Most leading F&B companies experienced
higher raw material costs and a change in consumer
consumption patterns.
Growing health concerns led to lower demand for sugary
drinks. Domestic taste and preference for alcoholic
beverages has shifted from beer to wine and spirits,
Australian Bureau of Statistics (ABS) data shows. Overall
alcoholic beverage consumption has been declining over
the past few years, leading producers to increase domestic
promotion activities or seek opportunities abroad.
Industry Size and Value
The sector has expanded over the past few years and is one
of the countrys largest manufacturing industries. Higher
productivity, consistent high quality and growing demand
for premium and healthier food items, has contributed
to growth. Despite the stronger Australian dollar, the
value of F&B exports grew by 7.69% to A$20.17 billion
(US$17.71 billion) in the first nine months of 2013, from
A$18.73 billion (US$16.44 billion) a year earlier, due to
stronger demand. Imports grew by 7.55% to A$8.26 billion
(US$7.25 billion) from A$7.68 billion (US$6.74 billion),
resulting in a 7.78% rise in the trade surplus to A$11.91
billion (US$10.46 billion), from A$11.05 billion (US$9.7
billion) a year earlier.
Dairy Segment
The dairy industry is one of the leading food industries in
Australia. The ABS estimates the total value of exports of
Table 2: Australias Processed F&B Trade Statistics for the First Nine Months
Exports
Imports
Surplus
2009
A$17.13 billion
(US$15.04 billion)
A$6.89 billion
(US$6.05 billion)
A$10.24 billion
(US$8.99 billion)
2010
A$15.81 billion
(US$13.88 billion)
A$6.69 billion
(US$5.87 billion)
A$9.12 billion
(US$8 billion)
2011
A$17.91 billion
(US$15.72 billion)
A$7.15 billion
(US$6.28 billion)
A$10.76 billion
(US$9.45 billion)
2012
A$18.73 billion
(US$16.44 billion)
A$7.68 billion
(US$6.74 billion)
A$11.05 billion
(US$9.7 billion)
2013
A$20.17 billion
(US$17.71 billion)
A$8.26 billion
(US$7.25 billion)
A$11.91 billion
(US$10.46 billion)
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Leading Companies
Market Outlook
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Country Profile
China
Sector Overview
Food price inflation remained high, mainly due to higher
production costs and rising demand from domestic and
emerging markets, and intensified competition caused
some companies to withdraw from the market. On October
24, 2013, Japan-based dairy company Meiji Holdings
Co Ltd (TSE: 2269) withdrew its milk formula business
from the China market as sales dropped dramatically after
radioactive caesium was found in its products in 2011.
However, most leading F&B companies financial results
improved.
Industry Size and Value
An emerging middle class, a growing population and
rising standards of living continued to drive a huge
wave of consumer spending on F&B. According to the
National Industry Association (CNFIA) exports were
worth US$705.7 million in the first half of 2013, and
imports were worth US$271.2 million. Total F&B sales,
including processed agricultural products, foods, liquor,
beverages and fine tea, grew by 15.31%, from RMB36.9
billion (US$6.08 billion) in first half 2012 to RMB42.55
billion (US$7.01 billion). Consumption of processed
food increased the most, by 17.5%, to RMB8.42 billion
(US$1.39 billion), from RMB7.17 billion (US$1.18
billion) a year earlier.
Beer Segment
Beer production has expanded over the past few years
as it has gained popularity. Production grew by 4.32% to
44.69 billion liters in the first ten months of 2013, from
42.84 billion liters a year earlier, according to the National
Bureau of Statistics of China (NBS). Exports grew by 8%
H1 2012
23,358.87
(US$3.85 billion)
7,167.34
(US$1.18 billion)
6,375.85
(US$1.05 billion)
H1 2013
26,956.14
(US$4.44 billion)
8,421.63
(US$1.39 billion)
7,172.83
(US$1.18 billion)
Rise/Fall (%)
15.4%
17.5%
12.5%
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Country Profile
India
Sector Overview
Rising incomes, changing lifestyles and a growing
population increased demand for premium food and drinks.
Indians continued to turn to processed food, owing to
greater levels of overseas travel and the booming domestic
tourism industry, leading to rising demand for processed,
ready-to-eat and ready-to-cook food.
2011-2012
2012-2013
2013/2014
(Apr-Sept)
45.07 billion
(US$732.39 million)
50.85 billion
(US$826.31 million)
33.06 billion
(US$537.23 million)
Processed Meat
300.00 million
(US$4.88 million)
215.61 million
(US$3.5 million)
47.89 million
(US$778,213)
Dairy Products
2.89 billion
(US$46.96 million)
14.12 billion
(US$229.45 million)
13.84 billion
(US$224.9 million)
Cereals
309.11 billion
(US$5.02 billion)
530.36 billion
(US$8.62 billion)
326.51 billion
(US$5.31 billion)
300.47 billion
(US$4.88 billion)
356.97 billion
(US$5.8 billion)
133.67 billion
(US$2.17 billion)
669.54 billion
(US$10.88 billion)
954.46 billion
(US$15.51 billion)
507.12 billion
(US$8.24 billion)
Total
Source: DGCI&S
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Leading Companies
Tata Global Beverages (NSE: TATAGLOBAL)
Tata Global Beverages, formerly known as Tata Tea Ltd,
is the worlds second largest tea producer, with 3,000
employees in more than 40 countries. In the first nine
months of 2013, its net sales rose by 4.08% to Rs37.02
billion (US$601.58 million), from Rs35.57 billion
(US$578.01 million) a year earlier, due to growing demand
in domestic and international markets. The heightened
performance reflected an ongoing emphasis on higher
margin products and on boosting operating efficiencies.
First nine months consolidated net profit rose by 48.22%
to Rs2.92 billion (US$47.45 million), from Rs1.97 billion
(US$32.01 million) a year earlier.
Britannia Industries Limited (NSE: BRITANNIA)
Britannia Industries is a leading biscuit manufacturer with
a 30% share of the Indian bakery market. Its net sales grew
by 14.91% to Rs14.03 billion (US$227.99 million) in the
first quarter ended June 30, 2013, from Rs12.21 billion
(US$198.41 million) a year earlier, while net profit leaped
by 98.6% year on year from Rs434.5 million (US$7.06
million) to Rs862.9 million (US$14.02 million), due to
innovative cost-cutting measures and effective marketing
strategies.
Market Outlook
The World Trade Organization (WTO) agreed to India
storing food for food security and fixing a MSP from
December 6, 2013. It also allowed India to grant wheat
and rice subsidies to millions residents under its new Food
Security Act, which comes into effect in April 2014. The
moves will cost the Government Rs1.25 trillion (US$20.31
billion), widening its budget deficit. Nevertheless, food
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Country Profile
Japan
Sector Overview
The F&B industry suffered over the first ten months of
2013 due to stagnant exports and a lower demand for
imported food and beverages. The environment remained
challenging, with recent false labeling on local and
imported food products, the unsolved radiation leakage
problem at the Fukushima nuclear plant, export restrictions
and rising costs of raw materials. A declining birth rate and
an ageing population resulted in a shrinking processing and
manufacturing workforce.
Rice Segment
Leading Companies
Confectionery Segment
The growing global demand for dairy products, especially
for health-oriented enriched items, suggests a promising
outlook for the segment. Trade Statistics of Japan data
shows that although volume fell, the value of dairy imports
grew by 17.48% to 131.77 billion (US$1.27 billion) in
the first 11 months of 2013, from 112.16 billion (US$1.08
billion) a year earlier, due to a depreciating yen. Demand
for products from Thailand, Denmark, Ireland, Germany,
Italy, and Finland increased. Exports grew by 31.78%
to 1.41 billion (US$13.55 million), from 1.07 billion
(US$10.28 million), thanks to higher demand from key
customers such as Taiwan, Hong Kong, and Thailand.
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Country Profile
Thailand
Sector Overview
In 2011, the average household spent 24.77% of its
income on F&B, compared with 25.96% in 2009, National
Statistical Office of Thailand (NSO) data shows. The
performances of F&B companies were affected by a
reduction in consumer spending, higher household debt
and a sluggish economy. A slowdown in F&B production,
due to drought, prolonged political protests and sharp
capital outflow, affected the industry.
Most Thais cut their spending by preparing food at home
and consuming fewer alcoholic beverages. Spending
on home cooking increased to 64.47% of average F&B
expenditure per capita per month in 2011, from 54.25%
in 2009, while spending on prepared food fell to 29.56%
from 37.53%. Many preferred to drink non-alcoholic
beverages at home, leading spending to increase to 4.33%
from 4.05%.
Industry Size and Value
F&B processing is one of Thailands largest manufacturing
industries, but imports of food, beverages and dairy
products rose by 5.49% to THB111.03 billion (US$2.46
billion) in the first nine months of 2013, from THB105.25
billion (US$2.33 billion) a year earlier, due to the stronger
baht. Food exports, which have grown at a respectable
rate over the past few years, fell by 9% to THB374.49
billion (US$8.3 billion), from THB416.12 billion
(US$9.22 billion) a year earlier, as agricultural production
slowed. Demand for sugar, processed meat and processed
crustaceans fell as the stronger baht made Thai exports less
competitive.
Although beverage exports increased by 14.77% to
THB38.47 billion (US$852.26 million), from THB33.52
billion (US$742.6 million) in first nine months of 2012,
Table 5: Thailands F&B Trade for the First Nine Months (THB billions)
2010
2011
2012
2013
Exports
337.07
(US$7.47 billion)
419.4
(US$9.29 billion)
449.55
(US$9.96 billion)
412.97
(US$9.15 billion)
Imports
67.35
(US$1.49 billion)
89.93
(US$1.99 billion)
105.25
(US$2.33 billion)
111.03
(US$2.46 billion)
Source: Customs Department of Thailand
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Country Profile
The Philippines
Sector Overview
Parts of the Philippines were devastated by Super Typhoon
Haiyan in November 2013, which badly affected many
agricultural and processed food businesses, particularly
those in marine and sugar production, which fell and food
prices increased. One third of the Philippines total rice
plantations were also affected by the disaster, according
to the United Nations Food and Agriculture Organization
(FAO). The Department of Agriculture (DA) forecast rice
production could grow at 4% for the next three years, lower
than the Governments 6% target for self-sufficiency.
Funds and food aid were provided from countries around
the world to help millions of victims to build their lives.
The Government will need to allocate PHP361 billion
(US$11 billion) over the next four years to rehabilitate the
affected areas, according to the National Economic and
Development Authority (NEDA).
In the first ten months, before the typhoon, a strong export
performance by the processed F&B industry helped boost
manufacturing exports to US$36.79 billion, compared
with US$37.99 billion for the whole of 2012, Philippines
National Statistics Office (CENSUS) data shows. The
Government resumed rice exports in 2013 and plans to
introduce genetically modified rice in two to three years if
no risks are identified.
Industry Size and Value
The processed food sector is one of the Philippines biggest
industries and has seen substantial growth over the years,
thanks to government efforts in promoting F&B products
and enhancing food safety standards to international levels.
Exports rose by 21.06% to US$1.22 million in the first
ten months, from US$921.95 million a year earlier, due
largely to higher demand from Japan, the US, and China,
according to CENSUS figures.
Diary Segment
Rapid population growth, higher household incomes, and
growing demand for western-style food products have
increased demand for diary products. Consumption totaled
925.97 million kg in the first half of 2013, while the figure
for the whole of 2012 was 1.82 billion kg, the National
Dairy Authority (NDA) reported. The Government aims to
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Currency Unit
US Dollar (US$)
0.877991
1.138964
0.164859
6.065803
0.128936
7.755801
0.016250
61.537516
Japanese Yen ()
0.009609
104.072316
0.022154
45.139594
0.030465
32.824996
0.824592
1.212720
Source: Federal Reserve Bank of New York
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Key References
Global
US Department of Agriculture (USDA)
The USDA is the government agency that provides expertise, resources and information for the agricultural production
sector in the US.
http://www.usda.gov
World Trade Organization (WTO)
The global international organization dealing with the rules of trade between nations that aims to liberalize trade, negotiate
trade agreements and settle trade disputes.
http://www.wto.org
Australia
Australian Bureau of Agricultural and Resource Economics (ABARE)
A government economic research agency that provides economic analysis and forecasts to enhance the competitiveness
of the Australian agricultural, mineral, energy and forestry industries.
http://www.abare.gov.au
Australian Bureau of Statistics (ABS)
An Australian government agency responsible for collecting, collating and analyzing national statistics.
http://www.abs.gov.au
Australia Food and Grocery Council (AFGC)
AFGC is a national organization responsible for the packaged food, drink and grocery products manufacturers.
http://www.afgc.org.au
Australian Trade Commission (Austrade)
Austrade is the Australian Governments trade and investment development agency.
http://www.austrade.gov.au
Meat and Livestock Australia (MLA)
MLA is a producer-owned company that provides services to the Australian red meat industry, including to producers,
processors, exporters, live exporters and retailers.
http://www.mla.com.au
National Food Industry Council (NFIC)
A non-government agency created to drive the implementation of Australias National Food Strategy. The council is
responsible for providing strategic direction, setting priorities and encouraging competitiveness and growth by working
closely with food businesses, industry bodies and government agencies.
http://www.nfis.com.au
China
China National Food Industry Association (CNFIA)
A national industry regulatory organization that promotes the development of Chinas food industry and aims to satisfy
the needs of people in urban and rural areas.
http://www.chinafoods.com
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India
Associated Chambers by Commerce and Industry of India (ASSOCHAM)
ASSOCHAM represents the interests of various industries and trade in India and works with the Government on policy
matters; it also interacts with international organizations to promote bilateral trade for economic development.
http://www.assocham.org
India Brand Equity Foundation (IBEF)
A public-private partnership between the Ministry of Commerce and Industry, the Government of India, and the
Confederation of Indian Industry whose primary objective is to build positive economic perceptions of India globally.
http://www.ibef.org
Indian Department of Commerce
A government department under the Ministry of Commerce and Industry responsible for the countrys external trade and
all matters connected with it, including commercial relations with other countries, interstate trading, export promotional
measures and the development and regulation of export-oriented industries and commodities.
http://commerce.nic.in
Ministry of Food Processing Industries (MOFPI)
The main central agency of the Government responsible for developing a strong and vibrant food processing sector,
with a view to creating job opportunities, particularly in rural areas. It enables farmers to reap the benefits from modern
technology, create surpluses for export and stimulate demand for processed food.
http://www.mofpi.nic.in
Food Safety and Standards Authority of India (SFFAI)
Founded in 2006, SFFAI is a national authority responsible for matters concerning the food safety. It aims to regulate
manufacture, storage, distribution channels and import, and ensure availability of safe and wholesome food for human
consumption.
http://www.fssai.gov.in
Japan
Japan External Trade Organization (JETRO)
A government related organization that works to promote mutually beneficial trade and investment between Japan and
the rest of the world.
http://www.jetro.go.jp
Ministry of Agriculture, Forestry and Fisheries (MAFF)
A government body that undertakes administration related to agricultural, forestry and fisheries products.
http://www.maff.go.jp/eindex.html
Ministry of Finance (MOF)
The Ministry of Finance is responsible for implementing Japans fiscal and monetary policies.
http://www.mof.go.jp/english
Economic and Social Research Institute (ESRI)
An institution created to execute research programs covering economic policy issues as well as social policy issues.
http://www.esri.cao.go.jp/index-e.html
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Thailand
Ministry of Commerce (MOC)
Founded in 1892, MOC is responsible for matters concerning the countrys external trade that includes interstate trading,
export promotional measures and the development and regulation of export-oriented industries and commodities.
http://www.moc.go.th
Department of Foreign Trade (MFA)
A government agency under the Ministry of Foreign Affairs and Trade that formulates policy recommendations and action
plans on issues related to foreign trade and marketing and, in the process, provides strategic directions and measures to
promote exports.
http://www.mfa.go.th
National Economic and Social Economic Development Board (NESDB)
A central planning agency that undertakes studies on Thailands economy and draws up plans for its development. The
agency was established under the recommendation of the World Bank in 1959.
http://www.nesdb.go.th
National Food Institute (NFI)
A non-profit and independent network organization of the Ministry of Industry. Its goal is to promote and develop the
Thai food industry to enhance its efficiency and global competitiveness.
http://www.nfi.or.th
National Innovation Agency (NIA)
Founded in 2003, NIA is a national organization responsible for matters concerning the innovation process. Its goal is to
encourage economic restructuring and social development as well as promoting national competitiveness.
http://www.nia.or.th
Thai Food Processors Association (TFPA)
Established in 1970, TFPA is a private non-profit organization that responsible for the food processing industry in
Thailand.
http://www.tfpa.or.th
The Philippines
Center for International Trade Expositions and Missions (CITEM)
CITEM is the export promotions arm of the Philippine Department of Trade and Industry (DTI).
Department of Trade and Industry (DTI)
A government agency formed in 1898 to serve as the primary coordinator for the facilitation and promotion of trade,
industry and investment activities.
http://www.dti.gov.ph
National Statistical Coordination Board (NSCB)
The countrys policy-making and coordinating body on statistical matters.
http://www.nscb.gov.ph
National Statistics Office (NSO)
NSO is the major statistical agency responsible in collecting, compiling and publishing all censuses on population,
agriculture, commerce and industry.
http://www.census.gov.ph
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Company
Country
Ticker
Exchange
Primary SIC
Japan
2503
TSE
2082
2084
2085
2086
5143
2834
Japan
2085
2084
2082
2086
2087
5812
Japan
5202
TSE
2082
2085
2086
2834
4214
4213
Japan
2212
TSE
2051
2099
5411
5812
6411
3556
Japan
2282
TSE
2011
2013
2015
211
251
2038
Japan
2264
TSE
2026
2024
2023
4212
4213
4225
Kewpie Corp
Japan
2809
TSE
2035
2032
2033
2099
4212
4222
Japan
2002
TSE
2041
2045
2048
2099
2899
1541
Japan
2284
TSE
2013
2011
2015
2038
2099
7363
Japan
2897
TSE
2099
2098
2038
2034
6531
7992
EBITDA - FYE - 1
EBITDA - FYE - 2
EBITDA - FYE - 3
$25,382,424,150
$26,771,721,841
$26,774,292,529
N/A
N/A
N/A
$21,497,462,893
$23,295,889,991
$21,421,049,478
N/A
N/A
N/A
$18,333,729,061
$18,901,656,899
$18,311,691,214
N/A
N/A
N/A
$11,047,333,927
$12,053,680,326
$11,411,975,398
N/A
N/A
N/A
$10,913,395,061
$12,407,428,500
$11,959,663,012
$510,140,154
$621,722,147
$654,127,285
$6,307,900,285
$7,049,829,329
$7,040,738,384
N/A
N/A
N/A
Kewpie Corp
$6,109,700,058
$6,238,703,756
$5,617,493,977
N/A
N/A
N/A
$4,860,756,907
$5,387,807,553
$5,122,254,043
N/A
N/A
N/A
$4,682,156,639
$5,454,075,819
$5,506,680,323
N/A
N/A
N/A
$4,084,290,133
$4,640,656,010
$4,527,808,054
N/A
N/A
N/A
EPS - FYE - 1
EPS - FYE - 2
EPS - FYE - 3
Company
Company
Other SICs
$652,482,151
$95,714,177
$140,079,901
$0.68
$0.10
$0.15
$425,301,144
$809,105,912
$492,099,193
$0.62
$1.19
$0.72
$663,918,411
$711,918,612
$652,575,141
$1.43
$1.53
$1.40
$125,276,387
$103,674,206
$156,431,162
$0.57
$0.47
$0.71
$175,612,750
$142,081,796
$202,049,322
$0.85
$0.67
$0.95
$53,519,263
$56,174,425
$74,438,588
$0.21
$0.22
$0.30
Kewpie Corp
$148,702,514
$121,186,822
$126,575,792
$0.99
$0.80
$0.83
$146,046,985
$162,452,340
$171,327,102
$0.59
$0.65
$0.69
$44,225,946
$25,112,698
$5,772,493
$0.19
$0.10
$0.02
$201,177,374
$225,989,905
$250,656,610
$1.83
$2.05
$2.27
$9,166,353,672
$9,795,771,644
$8,938,927,073
$8,923,579,876
$10,783,332,097
$7,164,925,894
$8,745,905,682
$9,979,627,634
$7,595,234,533
$5,695,489,508
$6,961,083,930
$5,808,127,757
$6,144,069,536
$5,907,258,822
$5,176,465,018
$2,479,241,765
$2,589,748,842
$2,620,664,559
$2,628,319,504
$2,635,183,032
$2,511,983,997
$662,095,576
$611,061,430
$797,191,595
$3,573,467,118
$3,955,469,442
$3,832,584,969
$708,980,861
$878,834,731
$1,062,863,246
$1,358,766,174
$1,499,423,149
$1,253,790,255
$747,818,604
$1,016,381,613
$1,063,092,696
Kewpie Corp
$1,609,292,457
$1,424,987,220
$1,432,836,052
$130,651,570
$14,915,893
$24,425,442
$2,330,968,770
$2,601,821,850
$2,357,435,316
$34,217,759
$25,807,564
$1,751,070
$1,281,453,458
$1,348,966,390
$1,446,432,105
$283,483,513
$206,594,612
$253,506,627
$1,564,947,641
$1,850,683,972
Company
$1,740,479,021
$81,217,829
$156,771,506
$156,750,954
Date FYE - 1
Date FYE - 2
Date FYE - 3
5.75
2.57
31-Dec-2012
31-Dec-2011
31-Dec-2010
6.99
1.98
31-Dec-2012
31-Dec-2011
31-Dec-2010
8.30
3.62
31-Dec-2012
31-Dec-2011
31-Dec-2010
4.64
1.13
31-Dec-2012
31-Dec-2011
31-Dec-2010
5.61
1.61
31-Mar-2013
31-Mar-2012
31-Mar-2011
4.43
0.85
31-Mar-2013
31-Mar-2012
31-Mar-2011
Kewpie Corp
7.09
2.43
30-Nov-2012
30-Nov-2011
30-Nov-2010
4.89
3.00
31-Mar-2013
31-Mar-2012
31-Mar-2011
3.66
0.94
31-Mar-2013
31-Mar-2012
31-Mar-2011
6.09
4.93
31-Mar-2013
31-Mar-2012
31-Mar-2011
Company
Definitions
- Total Revenue = All revenues, including net sales, operating revenues, interest income, royalties, excise taxes etc.
- Long Term Debt = Debt due to be paid at a date more than one year in the future.
- Return on Equity = The companys earnings divided by its equity (book value).
- EPS Cont Operations = Earnings Per Share as reported by company excluding extraordinary items.
- Total Current Assets = All assets expected to be realized within the next year, includes cash, accounts receivable and inventories.
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