Global Agribusiness - PwC New Zealand€¦ · · 2015-12-01Wilmar International Limited Bunge...
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Deal Activity Global Agribusiness May 2015 Deals
Transcript of Global Agribusiness - PwC New Zealand€¦ · · 2015-12-01Wilmar International Limited Bunge...
Deal Activity
Global Agribusiness
May 2015
Deals
1 Agribusiness News & Multiples 1
2 Markets Update 6
Page Section Overview
Table of Contents
PwC
May 2015
Agribusiness News & Multiples
1
Global Agribusiness • Deal Activity
PwC
May 2015
Section 1 – Agribusiness News & Multiples
2
Global Agribusiness • Deal Activity
Dairy Red Meat Pork
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 le Financement de l'Industrie Laitière/Parmalat, 6: Suntory/Cerebos Pacific, 7: Savola Group/Almarai , 8: Trian Fund Management/ Danone, 9: Saputo Cheese Morningstar Foods, 10: Prominent Achiever / China Mengniu Dairy Co., 11: China Mengniu Dairy Co./Yashili International, 12: FB Participações/Vigor Alimentos, 13: Qurain Petrochemical Industries/Saudia Dairy & Foodstuff, 14: First Pacific & Wilmar International /Goodman Fielder, 15: Qurain Petrochemical Industries/Saudia Dairy & Foodstuff.16: Qurain Petrochemical Industries/Saudia Dairy & Foodstuff.17: First Pacific Company / Goofman Fielder Ltd. 18: Warrnambool Cheese and Butter / Lion Dairy & Drinks, Everyday cheese business.
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 to sell Arla Products in Egypt.
Brazil: Brazil’s competition authority have cleared Lactalis to acquire Dairy units from BRF for US$1.8 bn.
Vietnam: Vinamilk is rumoured to be in talks to acquire several European dairy operations.
Management News
US: The Michigan Milk Producers Association has appointed Josep Barenys as CFO.
Australia: Brownes’ has appointed Tony Girgis as CEO & Managing Director.
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Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
Red Meat M&A News
Denmark: Finnish meat products manufacturer Atria to acquire Aalbaek Specialiteter, one of Europe's largest manufacturers of organic meat products.
France: German retailer Metro has placed a bid to acquire Classic Fine Foods, in a deal that is potentially worth US$400m.
Australia: Chongqing Hondo Agriculture Group plans to acquire US$100m of Australian cattle stations over the next year.
Management News:
Australia: Meat & Livestock Australia are on the search 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 Beef Packing, 6: NA/Zhongpin, 7: Henan Shineway/Smithfield Foods, 8: Darling Ingredients/VION Ingredients, 9: NA/People's Food Holdings, 10: Sigma Alimentos/Campofrio Food Group, 11: L Sigma Alimentos/Campofrio Food Group, 12: JBS S.A , 13: Condorcet Opportunity / Campofrio Food Group, 14: Tyson Foods / The Hillshire Brands, 15: Nutresa / Aldage. 16: H. J Heinz Holding Corp / Kraft Foods Group.
Trading multiples (EV/EBITDA) Transaction multiples (EV/EBITDA)
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5.0x
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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 Company
Keurig Green Mountain, Inc.
Want Want China Holdings Ltd.
Median
Average
Associated British Foods plc
Kraft Foods Group, Inc.
BRF S.A.
Ty son Foods, Inc.
Henan Shuanghui Inv estment &
Kerry Group plc
Hormel 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 a plan to invest US$11 bn to expand domestic agricultural industries over the next five years, with about a third of this directed at meat producers.
UK: The CMA has provisionally approved Pork Farms acquisition of savoury pastry business from Kerry Foods.
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 Industry Group / Smithfield Foods Inc. 7: LBO / People’s Food Holdings Ltd. 8: Sigma Alimentos / 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.
Kraft Foods Group, Inc.
Shandong Longda Meat Foodstuff Co., Ltd.
Shandong Delisi Food Co., Ltd.
SunJin Co., Ltd.
China Putian Food Holding Limited
WH Group Limited
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 5.3x
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
Poultry Grain & Beans Fruit, Vegetables & Nuts
Section 1 – Agribusiness News & Multiples
3
Global Agribusiness • Deal Activity
Grains & Beans M&A News
Switzerland: Syngenta rejected Monsanto's US$45 bn bid saying it significantly undervalued the company. If successful, Monsanto is prepared to address regulatory concerns by divesting of Syngenta’s seed business.
UK: BP has sold its 47% stake in Vivergo Fuels to Associated British Foods (ABF).
Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA)
Bidder/Target 1: GrainCorp. / GrainCorp Malt, 2: Tradewinds Malaysia / Padiberas Nasional Bhd, 3: Felda Global Ventures / Tradewinds Malaysia, 4: NA/ Kernel Holding, 5: PT Salim Ivomas Pratama / PT Perusahaan Perkebunan London Sumatra, 6: PT Bakrie Sumatera 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 Satya Nusantara. 13: SPC Kappa Co / Kappa Create Holdings Co. 14: Post Holdings / MOM Brands Company.
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Oct-09 Oct-10 Oct-11 Oct-12 Oct-13 Oct-14
Archer-Daniels-Midland Company
Wilmar International Limited
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 Food Group to supply meat and poultry products in UK and Nordic countries.
Management News
No relevant news.
Bidder/Target 1: Old Mutual Investment Group / Sovereign Food Investment , 2: West Face Capital / Maple Leaf Foods, 3: EASY BIO & FarmStory / Maniker Co., 4: Cherrybro Co ., 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.
Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA)
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BRF S.A.
Ty son Foods, Inc.
Campbell Soup Company
Almarai - Joint Stock Company
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
Trading multiples (EV/EBITDA)
Bidder/Target 1: Eco-Trade Corp/YaSheng Group, 2: Bonduelle SA/France Champignon, 3: Inversiones Frutícolas / Copefrut, 4: ITOCHU/ Dole, Worldwide Packaged Foods and Asia Fresh 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: Grupo Nutresa/ 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 Viconto S.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), Fruit Growers Alliance (FGA) and Norman Collett have combined to form Avalon Produce Ltd (APL).
Belgium: The merger of Greenyard Foods, UNIVEG, and Peatinvest has been finalised, subject to regulatory approval. A partial private placement is possible.
Management News
Europe: Steven Libermann has been appointed as CEO of Findus Southern Europe.
Transaction multiples (EV/EBITDA)
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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 5.3x
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 & Landscaping Fertiliser & Agricultural Chemicals
Section 1 – Agribusiness News & Multiples
4
Global Agribusiness • Deal Activity
Transaction multiples (EV/EBITDA)
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 Forest Corp, 5: LIXIL Group/Hivic Co., 6: Viking Investments Group/China Wood, 7: Viking Investments Group/China Wood, 8: Brookfield Asset Management / Western Forest Products, 9: Samling Strategic / Samling Global, 10: Samling Global / Lingui Developments, 11: Mill Road Capital / PRT Growing Service, 12: Rentech /Fulghum Fibres, 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.
Trading multiples (EV/EBITDA)
Forestry & Landscaping M&A News
No relevant news.
Management News
US: The Ohio Nursery and Landscape Association Executive Director Kevin Thompson resigned.
The National Association of Landscape Professionals appointed Scott Jamieson President of the Board of Directors.
Canada: Mark Bishop replaced Reid Carter as Acadian’s President and CEO.
Sources: S&P Capital IQ, Factiva, PwC research
Fertiliser & Agricultural Chemicals M&A News
US: Boulevard Acquisition Corp is buying Dow Chemical Company’s AgroFresh unit for up to US$860m. Dow Chemical is reportedly seeking to divest of between $7 bn and $8.5 bn in assets by mid-2016.
Alltech to acquire 100% of the outstanding stock of Ridley Inc. for US$424m. The transaction is subject to approval by Ridley shareholders, regulatory review, and other closing conditions.
Denmark: FMC Corporation acquisition of Cheminova A/S has closed after FMC satisfied all conditions and regulatory approvals. The purchase price was approximately US$1.8 bn.
Management News
Australia: Ruralco’s Chief Executive and CFO have both resigned in the space of three days. Ruralco is now looking for their eighth CFO in nine years.
US: FMC Corp announced Jamie Gomez-Arnau as Vice President of Agricultural Solutions in Europe, Middle East, and Africa.
Wayne T. Smith was announced Chairman and CEO of BASF Corporation.
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15.0x
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25.0x
Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14
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5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
Aug-09 Aug-10 Aug-11 Aug-12 Aug-13
Transaction multiples (EV/EBITDA)
Monsanto Company
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 Chemicals Ltd.
Public Joint Stock Company Uralkali
Median
Average
Trading multiples (EV/EBITDA)
Bidder/Target 1: Koor Industries/ADAMA , 2: CF Industries/Terra Industries, 3: China National Chemical / ADAMA, 4: Uralkali /Silvinit, 5: Sumitomo Chemical / Nufarm, 6: Mineracao Naque/ Vale Fertilizantes, 7: Menoza Trading / OJSC PhosAgro, 8: CJSC Holding / SBU Azot, 8: EuroChem/K+S Aktiengesellschaft, 10: Youngor Investment/Kingenta Ecologic Engineering, 11: Norica /Grupa Azoty, 12: Grupa Azoty Spólka Akcyjna/Zaklady Azotowe Pulawy Spolka Akcyjna, 13: ADAMA /Hubei Sanonda Co., 14: Jiang Yin Hanying/Jiangsu ChengXing Phosph-Chemicals, 15: Yara International/OFD Holding, 16: EDAILY Co./ KG Chemical, 17: Adorabella/OJSC PhosAgro, 18: Platform Specialty Products/ Chemtura AgroSolutions, 19: Yara International/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 Company
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
Viticulture Agricultural Products & Machinery Fishery
Section 1 – Agribusiness News & Multiples
5
Global Agribusiness • Deal Activity
Agricultural Products & Machinery M&A News
Canada: Salford Group acquired Valmar Airflo Inc, a manufacturer of seeding and granular application equipment.
Management News
China: Noble Agri announced the appointment of Matt Jansen 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 investor SHV 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&P Water Holding / Eurodrip S A, 12: MHR Fund Management / Titan International.
Trading multiples (EV/EBITDA) Transaction multiples (EV/EBITDA)
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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 salmon processing 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: Orkla Brands / Rieber & Søn, 6: Tiger Brands / Oceana Group, 7: Geveran Trading Co ./ Marine Harvest ASA, 8: Profond Holding / Marine Harvest, 9: China Fishery Group / Copeinca, 10: Geveran Trading Co. / Marine Harvest, 11: RCL Foods / Foodcorp, 12: China Fishery Group/Copeinca, 13: CFG Investment / Copeinca.
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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
Sources: S&P Capital IQ, Factiva, PwC research
Viticulture M&A News
No relevant news.
Management News
No relevant news.
Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA)
Bidder/Target 1: Advini/Laroche, 2: Nikora/JSC Teliani Valley, 3: Remgro and Zeder Investment /Capevin Holdings, 4: Kirin/Mercian, 5: SVL/Abrau-Durso, 6: Majority shareholders/Magnotta Winery, 7: Sogrape Vinho/Bodegas Lan, 8: Tempo Beverages/Barkan Wine Cellars, 9: FMR Rentas Generales/Viñedos Emiliana, 10: FMR Rentas Generales/ Treasury Wine Estates, 11: Kohlberg Kravis Roberts & Co / Treasury Wine Estates, 12: Private investor/ Schlumberger, 13: Private investor/ Schlumberger.
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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 stems Limited
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 3.3x 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
Markets Update
6
Global Agribusiness • Deal Activity
PwC
May 2015
Macroeconomic and Foreign Exchange Data
Section 2 – Markets Update
7
Global Agribusiness • Deal Activity
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 a percentage 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 on year 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 Exports fob less imports cif in $US bn • Reported currencies for Exports and Trade Balances converted to $US at most recent conversion rates at time of writing •
Note: Straight line shows historical spot prices, dotted marked line shows futures prices. Price development table is based on most actively traded futures contract.
FX – Year-to-date % change FX – Month-to-date % change
EUR USD BRL CNY INR
1 EUR - -1 .87 % 2.04% -1 .89% -1 .67 %
1 USD 1 .91 % - 3.99% -0.01 % 0.21 %
1 BRL -2.00% -3.83% - -3.85% -3.63%
1 CNY 1 .92% 0.01 % 4.00% - 0.23%
1 INR 1 .69% -0.21 % 3.7 7 % -0.23% -
40.00
50.00
60.00
70.00
80.00
90.00
100.00
110.00
120.00
Apr-2014 Aug-2014 Dec-2014 Apr-2015 Aug-2015 Dec-2015 Apr-2016
EUR USD BRL CNY INR
1 EUR - 1 .0888 3.4356 6.7 539 69.61 1 9
1 USD 0.91 85 - 3.1 554 6.2031 63.9350
1 BRL 0.291 1 0.31 69 - 1 .9659 20.2621
1 CNY 0.1 481 0.1 61 2 0.5087 - 1 0.3069
1 INR 0.01 44 0.01 56 0.0494 0.097 0 -
EUR USD BRL CNY INR
1 EUR - -2.7 4% 1 .83% -2.7 3% -2.29%
1 USD 2.82% - 4.7 1 % 0.01 % 0.46%
1 BRL -1 .80% -4.49% - -4.48% -4.05%
1 CNY 2.81 % -0.01 % 4.69% - 0.45%
1 INR 2.35% -0.46% 4.22% -0.45% -
EUR USD BRL CNY INR
1 EUR - -1 0.05% 6.7 8% -1 0.03% -9.03%
1 USD 1 1 .1 7 % - 1 8.7 1 % 0.02% 1 .1 4%
1 BRL -6.35% -1 5.7 6% - -1 5.7 5% -1 4.80%
1 CNY 1 1 .1 5% -0.02% 1 8.69% - 1 .1 2%
1 INR 9.92% -1 .1 3% 1 7 .38% -1 .1 1 % -
Crude Oil - Brent ($ 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%
Unemploy 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 34.2- 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 06 .7 0 Week-to-date 1 .2 0%
52-w eek low 1 ,1 4 2 .6 0 Month-to-date 2 .06 %
52-w eek high 1 ,3 3 9 .2 0 Year-to-date 1 .9 1 %
Dev elopm ent - Gold
Latest price 6 5 .03 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)
Section 2 – Markets Update
8
Global Agribusiness • Deal Activity
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)
Source: S&P Capital IQ
Note: Straight line shows historical spot prices, dotted marked line shows futures prices. Price development table is based on most actively traded futures contract.
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
May-2014 Sep-2014 Jan-2015 May-2015 Sep-2015 Jan-2016 May-2016
2.00
2.20
2.40
2.60
2.80
3.00
3.20
3.40
3.60
3.80
May-2014 Sep-2014 Jan-2015 May-2015 Sep-2015 Jan-2016 May-20169.00
10.00
11.00
12.00
13.00
14.00
15.00
16.00
May-2014 Sep-2014 Jan-2015 May-2015 Sep-2015 Jan-2016 May-2016
Latest price 9 .4 6 Week-to-date -0.9 6 %
52-w eek low 9 .1 0 Month-to-date -3 .06 %
52-w eek high 1 5 .1 8 Year-to-date -7 .5 4 %
Dev elopm ent - Soy bean
290.00
340.00
390.00
440.00
490.00
540.00
May-2014 Sep-2014 Jan-2015 May-2015 Sep-2015 Jan-2016 May-2016
Latest price 3 07 .1 0 Week-to-date 1 .2 2 %
52-w eek low 2 9 8 .6 0 Month-to-date -2 .8 5 %
52-w eek high 5 06 .00 Year-to-date -1 1 .6 5 %
Dev elopm ent - Soy bean
0.11
0.12
0.13
0.14
0.15
0.16
0.17
0.18
0.19
0.20
May-2014 Sep-2014 Jan-2015 May-2015 Sep-2015 Jan-2016 May-2016
Latest price 0.1 3 Week-to-date -5 .3 0%
52-w eek low 0.1 2 Month-to-date -2 .4 3 %
52-w eek high 0.1 9 Year-to-date -1 1 .4 3 %
Dev elopm ent - Su gar
Latest price 5 .1 3 Week-to-date -0.2 2 %
52-w eek low 4 .6 0 Month-to-date 8 .2 3 %
52-w eek high 6 .7 7 Year-to-date -1 2 .9 6 %
Dev elopm ent - Wh eat
Latest price 3 .6 0 Week-to-date -2 .1 7 %
52-w eek low 3 .1 8 Month-to-date -1 .6 7 %
52-w eek high 4 .8 2 Year-to-date -9 .3 2 %
Dev elopm ent - Corn
Latest price 2 .4 8 Week-to-date 5 .3 6 %
52-w eek low 2 .3 0 Month-to-date 1 .5 9 %
52-w eek high 3 .7 1 Year-to-date -1 8 .2 5 %
Dev elopm ent - Oat s
PwC
May 2015
Commodities (2/2)
Section 2 – Markets Update
9
Global Agribusiness • Deal Activity
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)
Source: S&P Capital IQ
Note: Straight line shows historical spot prices, dotted marked line shows futures prices. Price development table is based on most actively traded futures contract.
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
May-2014 Sep-2014 Jan-2015 May-2015 Sep-2015 Jan-2016 May-2016
Latest price 3 ,1 4 5 .00 Week-to-date 2 .9 1 %
52-w eek low 2 ,6 7 2 .00 Month-to-date 6 .8 6 %
52-w eek high 3 ,3 7 1 .00 Year-to-date 8 .08 %
Dev elopm ent - Cocoa
9.00
10.00
11.00
12.00
13.00
14.00
15.00
16.00
May-2014 Sep-2014 Jan-2015 May-2015 Sep-2015 Jan-2016 May-20160.29
0.31
0.33
0.35
0.37
0.39
0.41
0.43
May-2014 Sep-2014 Jan-2015 May-2015 Sep-2015 Jan-2016 May-2016
Latest price 0.3 2 Week-to-date -3 .1 9 %
52-w eek low 0.3 0 Month-to-date 1 .6 7 %
52-w eek high 0.4 1 Year-to-date 0.1 2 %
Dev elopm ent - Soy bean
570.00
620.00
670.00
720.00
770.00
820.00
May-2014 Sep-2014 Jan-2015 May-2015 Sep-2015 Jan-2016 May-20160.14
0.16
0.18
0.20
0.22
0.24
0.26
May-2014 Sep-2014 Jan-2015 May-2015 Sep-2015 Jan-2016 May-2016
1.00
1.20
1.40
1.60
1.80
2.00
2.20
2.40
May-2014 Sep-2014 Jan-2015 May-2015 Sep-2015 Jan-2016 May-2016
Latest price 1 .4 0 Week-to-date 3 .2 1 %
52-w eek low 1 .3 0 Month-to-date 1 .7 5 %
52-w eek high 2 .2 2 Year-to-date -1 6 .06 %
Dev elopm ent - Coffee
Latest price 9 .6 5 Week-to-date 2 .1 7 %
52-w eek low 9 .4 5 Month-to-date -3 .7 9 %
52-w eek high 1 5 .3 2 Year-to-date -1 7 .8 7 %
Dev elopm ent - Rou gh Rice
Latest price 6 03 .00 Week-to-date -1 .1 1 %
52-w eek low 5 7 2 .7 5 Month-to-date 3 .7 4 %
52-w eek high 7 9 4 .5 0 Year-to-date -7 .9 7 %
Dev elopm ent - Palm Oil
Latest price 0.1 7 Week-to-date -1 .5 5 %
52-w eek low 0.1 5 Month-to-date 1 .7 9 %
52-w eek high 0.2 5 Year-to-date 3 .7 7 %
Dev elopm ent - Milk
PwC
May 2015
Equity Indices
Section 2 – Markets Update
10
Global Agribusiness • Deal Activity
MSCI USA
MSCI Pacific
MSCI World/Food Products (Industry Index)
MSCI Europe
MSCI BRIC
MSCI World/Retailing (Industry Group Index)
Source: S&P Capital IQ
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
May-2010 May-2011 May-2012 May-2013 May-2014
0
500
1,000
1,500
2,000
2,500
3,000
May-2010 May-2011 May-2012 May-2013 May-20140
50
100
150
200
250
300
350
400
May-2010 May-2011 May-2012 May-2013 May-2014
0
50
100
150
200
250
May-2010 May-2011 May-2012 May-2013 May-20140
50
100
150
200
250
300
350
May-2010 May-2011 May-2012 May-2013 May-2014
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 ent - 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 ent - MSCI Pacific
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 ent - MSCI World/Food Produ ct s (Indu st ry Index)
PwC
May 2015
Section 2 – Markets Update
11
Global Agribusiness • Deal Activity
Credentials
Advisor to Inner Mongolia Yili Industrial Group investigations of
NZ dairy processing opportunities including
full due diligence.
Sell Side advice to Ravensdown
on divestment of 100% of western Australian
operation to Louis Dreyfus Commodities.
PwC advised on the sale of a cornerstone
shareholding in DHL, one of New Zealand’s largest Dairy Farming
Businesses.
Buy side advisory on acquisition of Coop
Farms estate for £249m in one of the largest land sales in
Britain of circa 40,000 acres.
Buy-side financial due diligence on Cardinal
Foods on behalf of Lantmännen ek för.
Disposal of majority stake in QinYuan
Bakery to EQT Greater China II Fund
Sell-side advisory
Bright Sugar Co. Ltd. Acquisition of 60%
stake in Yunnan Yin More Sugar Co. Ltd.
Buy-side advisory
Guan Sheng Yuan Disposal of shares to CITIC Capital
Holdings Ltd.
Sell-side advisory
Sale of
to Koch Fertiliser
Sell-side advisory
Sale of
Seller Advised by
Advisor to Hoogwegt Groep on the
acquisition of 60% of the shares in Meelunie
from Coöperatie AVEBE
Advisor to FrieslandCampina on
the sale of its Elsterwerda plant based
in Germany to Odenwald Fruechte
Due diligence advisor to McCain in the
acquisition of Lutosa
Debt advisor to management of
Heiploeg on its capital structure
Total debt
€130m
Buy-side due diligence (financial, tax, pension and IT), tax structuring and indicative valuation
advice on the merger with MUH
Financial Advisory
to
PwC
May 2015
Section 2 – Markets Update
12
Global Agribusiness • Deal Activity
PwC is a leading global M&A advisor with a strong international network
At any given time PwC has approximately 450 live sale mandates. Globally, we advise on over 350 deals per 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
Section 2 – Markets Update
13
Global Agribusiness • Deal Activity
Global CF Leader Cornelis Smaal +31 88 792 6431 [email protected] Argentina Mariano Tomatis +54 11 4850 4757 [email protected] Gustavo Barrichi +54 341 446 8000 [email protected] Australia Craig Heraghty +61 282 661 458 [email protected] Brazil Ana Malvestio +55 16 2133 6624
[email protected] Jose Rezende +55 11 3674 2279 [email protected] Daniela Coco +55 19 3794 5400 [email protected] Canada Clinton L. Roberts +1 403 509 7307 [email protected] CEE Stephen Oldfield +44 (0) 771 038 8792 [email protected] China Frank Lyn +86 10 6533 2388 [email protected] Gabriel Wong +86 21 2323 2609 [email protected] Denmark Thomas Krantz +45 3 945 3140 [email protected]
France Yves Pelle +33 (0) 299 231 705 [email protected] Germany Norbert Niedenhof +49 (0) 541 330 4330 [email protected] India Ajay Kakra +91 124 330 6029 [email protected] Sunjay VS +91 124 330 6171 [email protected] Indonesia Rizal Satar +62 21 5289 0350 [email protected] Ireland Jimmy Maher +353 (0) 1 792 6326 [email protected] Japan Matthew J Wyborn +81 (3) 3546 8570 [email protected] Taizo Iwashima +81 (3) 6266 5572 [email protected] MENA Mark Webster +966 (11) 211 0400 (Ext. 1555) [email protected] Netherland Ruud Kok +31 (0) 88792 6382 [email protected] Guido Emanuels +31 (6) 2042 0533 [email protected] New Zealand Craig Armitage +64 (3) 374 3052 [email protected]
Regan Hoult +64 (9) 355 8177 [email protected] Peter McMenamin +64 (3) 374 3011 [email protected] Romania Anca Scurtescu +40 21 22 53 871 [email protected] Singapore Richard Skinner +65 9823 3771 [email protected] South Africa Frans Weilbach +27 (21) 815 3204 [email protected] Sweden Marie Gustafsson +46 709 294 190 [email protected] Switzerland Dr. Martin Frey +41 58 792 15 37 [email protected] Ukraine Olena Volkova +38 (0) 56 733 5010 [email protected] UK Mark James +44 (0) 7803 858721 [email protected] Thomas Sengbusch +44 (0) 7725 069448 [email protected] USA Thomas Johnson +1 612 596 4846 [email protected] Sean Gaffney +1 216 875 3275 [email protected]
