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Transcription

www.pwc.com
Global Agribusiness
Deal Activity
July 2016
Table of contents
Section Overview
Page
1
Agribusiness news & multiples
1
2
Food trust
6
3
Markets update
8
4
Our team
13
Agribusiness news & multiples
Global Agribusiness • Deal Activity
PwC
July 2016
1
Section 1 – Agribusiness news & multiples
Dairy
Red meat
Pork
Dairy
M&A News
US: French dairy giant Danone is to acquire US organic
food group WhiteWave in a cash deal worth $12.5bn.
Switzerland: Emmi is to acquire the remaining 40%
stake in Mittelland Molkerei AG in a cash and stock
deal.
Australia/South Korea: Taekyung Food &
Processing has proposed a strategic alliance with
Beston Global Food to distribute its food products into
the Korean market.
Pakistan: Royal FrieslandCapina is to acquire a 51%
stake in Engro Foods, Pakistan’s second largest dairy
company.
Management News
No relevant news.
Trading multiples (EV/EBITDA)
Transaction multiples (EV/EBITDA)
Median: 12.4x
30.0x
25.0x
20.0x
15.0x
10.0x
5.0x
0.0x
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
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, 19: Management / China Huishan Dairy, 20:
Centre Laboratories / Ausnutria Dairy.
Nestlé S.A.
Unilev er PLC
Unilev er N.V.
Mondelez International, Inc.
Danone
Fonterra Co-Operativ e Group Ltd.
General Mills, Inc.
Mead Johnson Nutrition Com pany
Dean Foods Com pany
Want Want China Holdings Ltd.
Median
Average
2015A
1 4 .9 x
1 8.0x
1 5.2 x
1 7 .5x
1 3 .5x
1 0.6 x
1 4 .7 x
1 6 .1 x
6 .1 x
8.4 x
14.8x
13.5x
NTM
1 4 .6 x
1 3 .6 x
1 3 .2 x
1 6 .1 x
1 2 .4 x
n.a.
1 4 .3 x
1 6 .2 x
5.4 x
8.3 x
13.6x
12.7 x
Red meat
M&A News
China: Tsing Capital is to establish a new US$1bn
Food and Agritech fund to invest in Australian food
production facilities.
Median: 9.5x
25.0x
Australia: Hancock Prospecting has acquired two
cattle stations in the Northern Territory totalling
550,000ha, adding to its growing agriculture portfolio.
Management News
Australia: The Australian Livestock Exporters’
Council (ALEC) has appointed Simon Westaway to
CEO.
Pork
M&A News
China: Aoxin Tianli is to acquire a majority stake in
Hainan Chengmai Zaohuaxiang Hog Industry in a cash
and stock deal.
Management News
No relevant news.
20.0x
15.0x
10.0x
5.0x
0.0x
Dec-10
PwC
Dec-12
Dec-13
Dec-14
Median: 7.5x
25.0x
20.0x
15.0x
10.0x
5.0x
Jul-12
Jul-13
Jul-14
2015A
1 6 .0x
2 7 .5x
1 0.0x
1 0.3 x
1 2 .9 x
1 8.1 x
1 4 .8x
6 .4 x
1 2 .0x
2 0.2 x
13.8x
14.8x
NTM
1 4 .6 x
1 6 .3 x
9 .9 x
9 .6 x
1 1 .2 x
1 6 .4 x
1 3 .3 x
5.7 x
1 0.9 x
1 7 .7 x
12.2x
12.6x
0.0x
Jul-11
Sources: S&P Capital IQ, Factiva, PwC research
Dec-11
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: ITOCHU Corporation / C. P. Pokphand Co.
17: H. J Heinz Holding Corp / Kraft Foods Group, 18. Bright Foods / Silver Fern
Farms.
Associated British Foods plc
The Kraft Heinz Com pany
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
Jul-15
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. 10: Swift Pork
(JBS) / Cargill Pork. 11: Cedrob SA / Polski Koncern, 12: JBS S.A. / Moy Park Ltd., 13:
Itoham Foods / Yonekyo Corp.
Ty son Foods, Inc.
Guangdong Wen's Foodstuffs Group
WH Group Lim ited
BRF S.A.
Seaboard Corp.
Maple Leaf Foods Inc.
Public Joint Stock Com pany
Shandong Longda Meat Foodstuff Co.,
Muy uan Foods Co., Ltd.
Marudai Food Co., Ltd.
Median
Average
2015A
1 0.3 x
2 0.8x
7 .9 x
1 0.0x
1 3 .0x
2 1 .5x
5.6 x
3 8.5x
3 4 .3 x
7 .2 x
11.7 x
16.9x
NTM
9 .6 x
1 2 .6 x
7 .0x
9 .9 x
n.a.
1 0.1 x
6 .5x
n.a.
1 0.4 x
n.a.
9.9x
9.4x
July 2016
2
Poultry
Forestry
Fruit, vegetables & nuts
Poultry
M&A News
Germany: Sprehe Gruppe acquired turkey producer
Bernard Matthews Oldenburg.
Russia: Rusgrain Holding has acquired poultry farm
Singyavinskaya, Russia’s largest producer of
commercial eggs.
Management News
No relevant news.
Forestry
M&A News
No relevant news.
Median: 7.9x
20.0x
15.0x
10.0x
5.0x
0.0x
Apr-11
Apr-12
Apr-13
Apr-14
Apr-15
Apr-16
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. 11: QL
Resources Berhad / Lay Hong Berhad, 12: Hassad Food / A’Saffa Foods, 13: JBS S.A. /
Moy Park, 14: Charoen Pokphand Foods / CJSC Poultry, 15: Yonekyu Corp / Itoham
Foods, 16: Cranswick plc / Crown Chicken, 17: KKR & Co / PT Japfa Comfeed.
25.0x
20.0x
10.0x
No relevant news.
5.0x
0.0x
Apr-11
Apr-12
Apr-13
Apr-14
2015A
1 0.3 x
6 .4 x
1 4 .8x
1 0.0x
5.8x
1 53 .8x
5.3 x
4 .3 x
5.4 x
5.0x
6.1x
22.1x
NTM
9 .6 x
5.7 x
1 3 .3 x
9 .9 x
6 .8x
n.a.
5.6 x
6 .3 x
4 .0x
4 .7 x
6.3x
7 .3x
Median: 6.8x
15.0x
Management News
Ty son Foods, Inc.
JBS S.A.
Horm el Foods Corporation
BRF S.A.
Pilgrim 's Pride Corporation
Fujian Sunner Dev elopm ent Co., Ltd.
MHP S.A.
Industrias Bachoco S.A.B. de C.V.
Sanderson Farm s, Inc.
L.D.C. S.A.
Median
Average
Apr-15
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. 18: Keshav Kantamneni
/ Uniply Industries, 19: Management / TFS Corporation, 20: Private Investors / Hong
Wei Holdings.
West Fraser Tim ber Co. Ltd.
Canfor Corp.
Duratex SA
Deltic Tim ber 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
2015A
9 .4 x
7 .4 x
1 1 .7 x
3 5.2 x
6 .3 x
1 5.9 x
1 6 .9 x
9 .2 x
2 5.6 x
4 .5x
10.6x
14.2x
NTM
6 .2 x
5.3 x
9 .7 x
n.a.
n.a.
1 2 .5x
6 .9 x
7 .6 x
6 .8x
5.0x
6.9x
7 .5x
Fruit, vegetables & nuts
M&A News
New Zealand: China’s Golden Wing Mau has
acquired a 20% stake in T&G Global for US$28m.
UK: Florette acquired beetroot specialist Axgro Foods.
US: NewStar Fresh Foods announced it has been
bought by President and long time employee, Anthony
Vasquez.
Median: 11.9x
35
30
25
20
15
10
5
Aug-12
Management News
US: T&G Global appointed Joe Barsi to President of its
American pipfruit business.
PwC
Aug-13
Aug-14
Aug-15
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. 19: Private investor / Lontrue Co, 20: Private investor
/ Lontrue Co, 21: Private investor / Hortifruit S.A., 22: Nomad Holdings / Iglo Foods
Holdings, 23: Snyder’s-Lance / Diamond Foods.
Felda Global Ventures Holdings Berhad
Fresh Del Monte Produce Inc.
Gansu Yasheng Industrial (Group) Co.,
Hortifrut S.A.
United Plantations Bhd
Costa Group Holdings Lim ited
Hokuto Corporation
Dongfang Modern Agriculture Holding
T&G Global Lim ited
Société Internationale de Plantations
Median
Average
2015A
1 9 .6 x
1 4 .1 x
3 2 .2 x
1 6 .8x
1 2 .2 x
2 6 .5x
8.7 x
3 .1 x
1 0.3 x
1 1 .0x
13.1x
15.4x
NTM
1 5.5x
1 0.1 x
n.a.
n.a.
n.a.
1 1 .7 x
n.a.
n.a.
n.a.
1 3 .5x
12.6x
12.7 x
July 2016
3
Grains & beans
Fertiliser & agricultural chemicals
Grains & beans
M&A News
Australia: Archer Daniels Midland is to sell its 19.85%
stake in GrainCorp after its failed attempt to take it
over.
US: Monsanto turned down Bayer’s improved $64bn
acquisition offer, but said it was open to further talks
with Bayer and other parties.
35.0x
25.0x
Land O’Lakes is to acquire Ceres Inc for $17m.
10.0x
Vietnam: Bunge and Wilmar International announced
plans to form a JV with soybean producer Quang Dung
to market oils and soybean meal in Vietnam.
Management News
Australia: Australian Grain Technologies promoted
Haydn Kuchel to CEO.
Median: 11.9x
30.0x
Specialty seed producer Suba Seeds acquired
Brotherton Seed Company.
South Africa: Nutreco acquired Advit Animal
Nutrition.
20.0x
15.0x
5.0x
0.0x
Feb-11
Feb-12
Feb-13
Feb-14
Feb-15
Feb-16
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: Private investor /
Longtrue Co, 15: Post Holdings / MOM Brands Company. 16: Private investor / Longtrue
Co, 17: Sime Darby Plantation Sdn / New Britain Palm Oil Ltd, 18: Associated British
Foods / Illovo Sugar, 19: Canada Pension Plan Investment Board / Glencore, Agricultural
Products.
Archer-Daniels-Midland Com pany
Wilm ar International Lim ited
Bunge Lim ited
IOI Corp.Bhd
GrainCorp. Ltd.
ShanDongDenghai Seeds Co., LTD.
PT Astra Agro Lestari Tbk
First Resources Lim ited
Genting Plantations Berhad
KWS Saat SE
Median
Average
2015A
1 1 .1 x
1 1 .2 x
8.5x
1 8.7 x
1 6 .3 x
2 3 .0x
1 2 .0x
1 0.7 x
2 6 .3 x
1 2 .9 x
12.5x
15.1x
NTM
1 0.3 x
1 2 .9 x
7 .6 x
1 7 .1 x
1 2 .8x
1 5.5x
9 .3 x
9 .4 x
1 7 .6 x
1 1 .8x
12.3x
12.4x
Hong Kong: COFCO International appointed Matt
Jansen to CEO. Jansen will continue to serve as CEO of
subsidiary COFCO Agri.
Fertiliser & agricultural chemicals
M&A News
US: Shareholders of DuPont and The Dow Chemical
Company voted to approve all proposals to complete
their merger of equals. The deal is due to close in the
second half of 2016.
25.0x
Median: 9.8x
Switzerland: Syngenta expects its takeover by
ChemChina to be completed by the end of the year.
20.0x
Spain: Brandt acquired the assets of Tratamientos
Guadalquivir, a producer and distributor of specialty
fertilisers.
10.0x
Management News
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. 21: CF Industries / GrowHow UK. 22: Dow Chemical / DuPont. 23: Compass
Minerals / Produquimica, 24: Sumitomo Chemical / Excel Crop Care.
US: AgroFresh Solutions appointed Jordi Ferre to
CEO.
15.0x
5.0x
0.0x
Apr-11
Apr-12
Apr-13
Apr-14
Apr-15
Apr-16
Monsanto Com pany
Sy ngenta AG
Potash Corporation of Saskatchewan
The Mosaic Com pany
K+ S Aktiengesellschaft
CF Industries Holdings, Inc.
Agrium Inc.
Yara International ASA
Israel Chem icals Ltd.
The Dow Chem ical Com pany
Median
Average
2015A
1 2 .8x
1 4 .6 x
7 .6 x
5.9 x
4 .7 x
6 .5x
9 .0x
5.0x
6 .9 x
9 .3 x
7 .3x
8.2x
NTM
1 4 .5x
1 4 .1 x
1 1 .8x
1 0.1 x
6 .5x
8.1 x
9 .8x
5.8x
8.2 x
8.1 x
9.0x
9.7 x
PwC
July 2016
4
Viticulture
Agricultural products & machinery
Fishery
Viticulture
M&A News
40.0x
No relevant news.
Median: 11.3x
35.0x
30.0x
25.0x
20.0x
Management News
No relevant news.
15.0x
10.0x
5.0x
0.0x
Aug-11
Aug-12
Aug-13
Aug-14
Aug-15
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/ Pincon Spirit
Ltd.
Diageo plc
Pernod-Ricard SA
Brown-Form an Corporation
Constellation Brands Inc.
Yantai Changy u Pioneer Wine
Dav ide Cam pari - Milano SpA
Treasury Wine Estates Lim ited
Anhui Kouzi Distillery Co., Ltd.
Vranken Pom m ery Monopole
Lanson-BCC
Median
Average
2015A
2 0.0x
1 4 .3 x
1 8.6 x
2 0.5x
1 3 .7 x
1 8.0x
2 4 .8x
2 2 .0x
2 3 .4 x
2 1 .6 x
20.3x
19.7 x
NTM
1 6 .4 x
1 4 .0x
1 9 .1 x
1 6 .2 x
1 3 .2 x
1 6 .3 x
1 3 .0x
n.a.
2 1 .3 x
1 8.9 x
16.3x
16.5x
Agricultural products & machinery
M&A News
Denmark: AGCO is to acquire Cimbria Holdings for
US$340m from Silverfleet Capital.
US: Agrium acquired 18 ag retail locations from Cargill
AgHorizons.
UK: Royal Reesink completed the acquisition of Lely
Holding, a turfcare activities company operating in the
UK, Ireland and Denmark.
Germany: The Big Dutchman group is to acquire PALBullermann, a leading supplier of poultry equipment,
subject to regulatory approval.
Management News
No relevant news.
Fishery
M&A News
Denmark: Bakkafrost Group is to acquire the
remaining 51% stake in P/F Faroe Farming for
US$11.2m.
Management News
UK: Pete Ward stepped down as CEO of Young’s
Seafood. Bill Showalter, CEO of Young’s parent
company, will fill the role on an interim basis.
20.0x
Median: 8.1x
15.0x
10.0x
5.0x
0.0x
Feb-12
Feb-13
Feb-14
Feb-15
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. 13: Private investors / Xinjiang Machinery Research, 14: Bain Capital /
Yukiguni Maitake Co. 15: SHV Holdings / Nutreco NV.16: Paine & Partners / Spearhead
International.
Median: 12.2x
25.0x
20.0x
15.0x
10.0x
5.0x
0.0x
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
2015A
1 5.9 x
1 4 .0x
8.9 x
7 .9 x
1 4 .1 x
1 1 .1 x
1 1 .5x
1 6 .0x
1 5.5x
8.5x
12.7 x
12.3x
NTM
n.a.
1 6 .2 x
8.8x
1 0.1 x
1 2 .5x
1 1 .9 x
9 .3 x
9 .7 x
n.a.
7 .5x
9.9x
10.7 x
30.0x
Deere & Com pany
CNH Industrial N.V.
Kubota Corporation
AGCO Corporation
The Toro Com pany
Lindsay Corporation
Turk Traktor v e Ziraat Makineleri
First Tractor Co. Ltd.
Iseki & Co. Ltd.
Jain Irrigation Sy stem s Lim ited
Median
Average
Dec-15
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. 14: Hassad Food / A’Saffa Foods, 15: Marine Harvest / Havfisk ASA, 16:
Oceana Group / Daybrook Fisheries, 17: Private investors / Sajo Industries, 18: Private
investors / Grieg Seafood.
Charoen Pokphand Foods Public Co.
Marine Harv est ASA
PT Indofood CBP Sukses Makm ur Tbk
NH Foods Lim ited
CALBEE, Inc.
Toy o Suisan Kaisha Ltd.
Thai Union Group Public Com pany
SalMar ASA
Lerøy Seafood Group Asa
Guangdong Haid Group Co., Lim ited
Median
Average
2015A
1 6 .2 x
1 .9 x
2 1 .2 x
8.4 x
1 5.2 x
8.2 x
1 4 .4 x
1 7 .5x
1 3 .8x
1 7 .2 x
14.8x
13.4x
NTM
1 2 .7 x
8.4 x
1 8.0x
7 .8x
1 2 .6 x
7 .8x
1 1 .7 x
9 .1 x
6 .9 x
1 1 .2 x
10.2x
10.6x
PwC
July 2016
5
Food trust
PwC
July 2016
6
Section 2 – Food trust
Food trust
Food supply and integrity case study
When beef goes horse. A lesson in managing supplier risk
The rising cost of food production, coupled
with fierce competition in the retail sector,
has driven food companies to aggressively
seek cost savings and increase the
complexity of their food supply chains.
This is the backstory to the 2013 scandal
that saw horsemeat passed off as beef mince
and supplied to food producers all over
Europe – a problem that continues to afflict
the food industry today.
The scandal sparked an international
investigation, prosecutions and questions
over regulator effectiveness. There were
allegations of criminal activity and
questions about whether European
regulators are capable of coping with an
industry whose supply chain has become
more complex and international. It caused
consumers to question whether they can
trust the labels on supermarket shelves.
How did we help?
We also developed a detailed understanding
of retailers’ requirements so our client could
focus on the key drivers that were pertinent
to their relationships.
We developed a range of options for our
client, which included:
•
Risk profiling to identify and quantify
risk in their supply chain,
This is an industry where customer trust
and confidence is paramount, and a food
safety scare can soon become a high profile
and brand damaging scandal threatening a
food company’s reputation and viability.
•
Forensic investigations to identify what
may have gone wrong and why,
•
Performing controls and supplier audits
and due diligence work to provide
assurance as required,
•
Deploying risk monitoring solutions to
ensure compliance with standard, and
•
Redesigning the supply chain structure,
strategy and organisation to optimise
between cost and resilience.
Successful food companies must
demonstrate transparency and reliability by
understanding their customers’
requirements and effectively manage their
supply chain risks to reduce their exposure.
Our client, an international FMCG
company, asked us for help in
understanding the key economic, social and
environmental risks facing its food and
commodity supply chains.
This was a focus on mitigating the risks of
food fraud as much as it was assessing food
safety and quality across the supply chain.
So, how did we help and improve their
processes?
Increasingly complex and extended supply
chains bringing new and expanded risks,
such as reduced traceability and fraud,
required a new approach to supply chain
management. We supported our client by
redesigning their strategy, structure and
processes to create a robust supplier risk
framework.
PwC
July 2016
7
Markets update
PwC
July 2016
8
Section 3 – Markets update
Macroeconomic & foreign exchange data
Macroeconomic indicators
Indicator
Real GDP Growth (YoY)
Industrial Production Index (YoY)
Unem ploy m ent rate
CPI Inflation (YoY)
Producer Price Index (YoY)
Exports ($US bn)
Trade Balance ($US bn)
Australia
3 .0%
1 .9%
5.8%
1 .3 %
-1 .1 %
42 .3
-3 .7
Brazil
-5.1 %
-1 1 .7 %
1 0.9%
1 0.1 %
-8.3 %
40.6
8.4
China
6.7 %
5.9%
n/a
2 .2 %
n/a
464.1
1 2 5.7
Germany
1 .6%
2 .9%
4.3 %
0.1 %
-2 .7 %
3 3 2 .5
69.4
India
8.2 %
0.2 %
n/a
5.3 %
0.0%
64.7
-1 8.3
Japan
0.0%
-3 .2 %
3 .2 %
0.1 %
-3 .4%
1 7 0.4
3 .3
U.K.
2 .1 %
0.8%
5.1 %
0.4%
-1 .0%
1 07 .1
-50.2
U.S.
2 .0%
0.2 %
5.1 %
0.4%
-0.1 %
3 52 .8
-1 82 .6
Notes: Figures are the most recently reported quarterly data, as reported by the Economist Intelligence Unit by 21 July 2016 • Current data is for 2016Q1 or 2016Q2 where
available • 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 $US at most recent conversion rates at time of writing •
Crude Oil - Brent ($ per Bbl. – ICE: ^B)
Gold ($ per troy oz. – COMEX: ^GC)
60.00
1,440.00
55.00
1,390.00
50.00
1,340.00
45.00
1,290.00
40.00
1,240.00
35.00
1,190.00
30.00
1,140.00
25.00
1,090.00
20.00
Aug-2015
Dec-2015
Apr-2016
Aug-2016
Dev el opm en t
4 4 .2 9
2 8 .5 5
5 5 .8 0
Lates t price
52-w eek low
52-w eek high
Dec-2016
- Cr u de Oil
Week-to-date
Month-to-date
Y ear-to-date
Apr-2017
Aug-2017
1 .7 5 %
-1 3 .7 0 %
1 7 .5 7 %
1,040.00
Aug-2015
Dec-2015
Lates t price
52-w eek low
52-w eek high
Apr-2016
Aug-2016
Dec-2016
Apr-2017
Dev el opm en t - Gol d
1 ,3 6 2 .7 0
Week-to-date
1 ,0 4 9 .6 0
Month-to-date
1 ,3 6 8 .2 0
Y ear-to-date
Aug-2017
0 .7 1 %
-0 .3 2 %
2 8 .5 3 %
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 – Spot rates
EUR
1 EUR
1 USD
1 BRL
1 CNY
1 GBP
0.902 4
0.2 83 4
0.1 3 56
1 .1 7 97
FX – Week-to-date % change
USD
1 .1 082
0.3 1 41
0.1 503
1 .3 07 4
BRL
3 .52 87
3 .1 841
0.47 86
4.1 62 7
CNY
7 .3 7 2 4
6.652 5
2 .0893
8.697 2
GBP
0.847 7
0.7 649
0.2 402
0.1 1 50
-
FX – Month-to-date % change
1 EUR
1 USD
1 BRL
1 CNY
1 GBP
EUR
0.83 %
2 .53 %
0.7 0%
-0.7 3 %
USD
-0.82 %
1 .69%
-0.1 3 %
-1 .54%
BRL
-2 .47 %
-1 .66%
-1 .7 8%
-3 .1 8%
1 EUR
1 USD
1 BRL
1 CNY
1 GBP
EUR
0.84%
3 .3 8%
0.69%
-0.1 5%
USD
-0.83 %
2 .52 %
-0.1 5%
-0.98%
BRL
-3 .2 7 %
-2 .46%
-2 .60%
-3 .41 %
CNY
-0.69%
0.1 5%
2 .67 %
-0.83 %
GBP
0.1 5%
0.99%
3 .53 %
0.84%
-
CNY
4.55%
2 .46%
2 7 .47 %
-9.1 6%
GBP
1 5.1 0%
1 2 .80%
40.3 3 %
1 0.09%
-
FX – Year-to-date % change
CNY
-0.69%
0.1 3 %
1 .82 %
-1 .42 %
GBP
0.7 4%
1 .57 %
3 .2 8%
1 .44%
-
1 EUR
1 USD
1 BRL
1 CNY
1 GBP
EUR
-2 .00%
2 1 .92 %
-4.3 6%
-1 3 .1 2 %
USD
2 .04%
2 4.41 %
-2 .41 %
-1 1 .3 5%
BRL
-1 7 .98%
-1 9.62 %
-2 1 .55%
-2 8.7 4%
Source: S&P Capital IQ
PwC
July 2016
9
Commodities (1/2)
Corn ($ per bu. – CBOT: ^C)
Wheat ($ per bu. – CBOT: ^W)
4.60
5.50
4.40
5.30
4.20
5.10
4.00
4.90
3.80
4.70
3.60
4.50
3.40
4.30
3.20
4.10
3.00
Aug-2015
3.90
Aug-2015
Dec-2015
Lates t price
52-w eek low
52-w eek high
Apr-2016
Aug-2016
Dec-2016
Apr-2017
Dev el opm en t - Cor n
3 .3 1
Week-to-date
3 .3 1
Month-to-date
4 .4 2
Y ear-to-date
Aug-2017
Apr-2016
Aug-2016
Dec-2016
Apr-2017
Dev el opm en t - Wh ea t
4 .0 3
Week-to-date
4 .0 1
Month-to-date
5 .2 6
Y ear-to-date
Aug-2017
-1 .0 4 %
-6 .2 8 %
-1 4 .2 3 %
Soybeans ($ per bu. – CBOT: ^S)
12.00
11.50
11.00
10.50
10.00
9.50
9.00
8.50
Dec-2015
Lates t price
52-w eek low
52-w eek high
Apr-2016
Aug-2016
Dec-2016
Apr-2017
Dev el opm en t - Oa t s
1 .8 5
Week-to-date
1 .7 8
Month-to-date
2 .4 7
Y ear-to-date
Aug-2017
8.00
Aug-2015
-6 .9 1 %
-3 .6 4 %
-1 4 .6 2 %
Soybean Meal ($ per T – CBOT: ^SM)
430.00
410.00
390.00
370.00
350.00
330.00
310.00
290.00
270.00
250.00
Aug-2015
Lates t price
52-w eek low
52-w eek high
-3 .3 2 %
-8 .0 6 %
-7 .6 4 %
Oats ($ per bu. – CBOT: ^O)
2.60
2.50
2.40
2.30
2.20
2.10
2.00
1.90
1.80
1.70
Aug-2015
Dec-2015
Dec-2015
Lates t price
52-w eek low
52-w eek high
Apr-2016
Aug-2016
Dev el opm en t
9 .5 6
8 .5 5
1 1 .7 8
Dec-2016
Apr-2017
- Soy bea n
Week-to-date
Month-to-date
Y ear-to-date
Aug-2017
-4 .6 5 %
-1 5 .3 2 %
1 0 .6 8 %
Sugar #11 ($ per lb – ICE: ^SB)
0.22
0.20
0.18
0.16
0.14
0.12
Dec-2015
Lates t price
52-w eek low
52-w eek high
Apr-2016
Aug-2016
Dev el opm en t
3 2 8 .0 0
2 6 0 .6 0
4 1 8 .3 0
Dec-2016
Apr-2017
- Soy bea n
Week-to-date
Month-to-date
Y ear-to-date
Aug-2017
-6 .2 6 %
-1 4 .6 3 %
2 3 .5 4 %
0.10
Aug-2015
Dec-2015
Lates t price
52-w eek low
52-w eek high
Apr-2016
Aug-2016
Dec-2016
Apr-2017
Dev el opm en t - Su ga r
0 .2 0
Week-to-date
0 .1 0
Month-to-date
0 .2 1
Y ear-to-date
Aug-2017
3 .4 1 %
-5 .2 0 %
2 9 .2 7 %
PwC
July 2016
10
Commodities (2/2)
Cocoa ($ per MT – ICE: ^CC)
Coffee – Columbian ($ per lb – ICE: ^KC)
3,500.00
3,400.00
3,300.00
3,200.00
3,100.00
3,000.00
2,900.00
2,800.00
2,700.00
Aug-2015
Dec-2015
Lates t price
52-w eek low
52-w eek high
Apr-2016
Aug-2016
Dec-2016
Apr-2017
Dev el opm en t - Cocoa
2 ,9 9 1 .0 0
Week-to-date
2 ,7 6 1 .0 0
Month-to-date
3 ,4 1 7 .0 0
Y ear-to-date
Aug-2017
1.55
1.50
1.45
1.40
1.35
1.30
1.25
1.20
1.15
1.10
Aug-2015
5 .5 0 %
-0 .1 3 %
-6 .8 5 %
Rice – Rough #2 ($ per cwt. – CBOT: ^RR)
Lates t price
52-w eek low
52-w eek high
0.36
13.00
0.34
12.00
0.32
11.00
0.30
10.00
0.28
Dec-2015
Lates t price
52-w eek low
52-w eek high
Apr-2016
Aug-2016
Dec-2016
Apr-2017
Dev el opm en t - Rou gh Rice
9 .3 3
Week-to-date
9 .3 3
Month-to-date
1 3 .4 0
Y ear-to-date
Aug-2017
0.26
Aug-2015
-6 .1 9 %
-1 4 .4 5 %
-2 1 .2 1 %
Crude Palm Kernel Oil ($ per MT – KLSE: ^QF)
Aug-2016
Dec-2016
Apr-2017
Dev el opm en t - Coffee
1 .4 2
Week-to-date
1 .1 2
Month-to-date
1 .5 2
Y ear-to-date
Aug-2017
-2 .8 0 %
-2 .9 4 %
1 2 .1 5 %
Dec-2015
Lates t price
52-w eek low
52-w eek high
Apr-2016
Aug-2016
Dev el opm en t
0 .3 1
0 .2 6
0 .3 5
Dec-2016
Apr-2017
- Soy bea n
Week-to-date
Month-to-date
Y ear-to-date
Aug-2017
0 .5 2 %
-3 .9 5 %
-0 .3 6 %
Milk – Class III ($ per lb – CME: ^DA)
0.18
700.00
0.17
650.00
0.16
600.00
550.00
0.15
500.00
0.14
450.00
0.13
400.00
Aug-2015
Apr-2016
Soybean Oil ($ per lb – CME: ^BO)
14.00
9.00
Aug-2015
Dec-2015
Dec-2015
Lates t price
52-w eek low
52-w eek high
Apr-2016
Aug-2016
Dev el opm en t
6 1 9 .5 0
4 2 3 .2 5
7 0 1 .2 5
Dec-2016
- Pa l m Oil
Week-to-date
Month-to-date
Y ear-to-date
Apr-2017
Aug-2017
6 .3 5 %
3 .0 4 %
1 0 .9 2 %
0.12
Aug-2015
Dec-2015
Lates t price
52-w eek low
52-w eek high
Apr-2016
Aug-2016
Dec-2016
Apr-2017
Dev el opm en t - Mil k
0 .1 7
Week-to-date
0 .1 2
Month-to-date
0 .1 7
Y ear-to-date
Aug-2017
1 1 .3 4 %
1 2 .7 4 %
2 3 .5 6 %
PwC
July 2016
11
Equity indices
MSCI USA
MSCI Europe
2,200
1,900
1,800
1,700
1,600
1,500
1,400
1,300
1,200
1,100
1,000
Jul-2011
2,000
1,800
1,600
1,400
1,200
1,000
Jul-2011
Jul-2012
Lates t value
52-w eek low
52-w eek high
Jul-2013
Dev el opm en t
2 ,0 7 9 .1 9
1 ,7 3 4 .2 4
2 ,0 7 9 .1 9
Jul-2014
Jul-2015
- MSCI USA
Week-to-date
Month-to-date
Y ear-to-date
Jul-2016
0 .4 1 %
0 .5 4 %
6 .6 4 %
MSCI Pacific
Jul-2012
Lates t value
52-w eek low
52-w eek high
Jul-2013
Jul-2014
Jul-2015
Dev el opm en t - MSCI Eu r ope
1 ,4 5 2 .5 2
Week-to-date
1 ,3 0 5 .7 6
Month-to-date
1 ,7 0 4 .9 0
Y ear-to-date
Jul-2016
-1 .1 9 %
-0 .4 9 %
-4 .6 1 %
MSCI BRIC
2,700
370
2,500
320
2,300
270
2,100
220
1,900
1,700
170
1,500
Jul-2011
120
Jul-2011
Jul-2012
Lates t value
52-w eek low
52-w eek high
Jul-2013
Jul-2014
Jul-2015
Dev el opm en t - MSCI Pa cific
2 ,3 1 9 .9 9
Week-to-date
1 ,9 4 2 .5 4
Month-to-date
2 ,4 7 7 .4 8
Y ear-to-date
Jul-2016
280
260
240
220
200
180
160
140
120
Jul-2011
Lates t value
52-w eek low
52-w eek high
-1 .8 0 %
-1 .9 4 %
0 .2 4 %
MSCI World/Food Products (Industry Index)
Jul-2012
Jul-2013
Jul-2014
Jul-2015
Dev el opm en t - MSCI BRIC
2 4 1 .0 0
Week-to-date
1 8 5 .1 4
Month-to-date
2 5 5 .0 0
Y ear-to-date
Jul-2016
1 .4 6 %
0 .9 3 %
9 .0 5 %
MSCI World/Retailing (Industry Group Index)
350
300
250
200
150
Jul-2012
Jul-2013
Jul-2014
Jul-2015
Jul-2016
Dev el opm en t - MSCI Wor l d/Food Pr odu ct s (In du st r y In dex)
Lates t value
2 5 4 .0 8
Week-to-date
-1 .0 5 %
52-w eek low
2 1 5 .1 6
Month-to-date
-0 .7 3 %
52-w eek high
2 5 6 .7 8
Y ear-to-date
9 .3 6 %
100
Jul-2011
Jul-2012
Jul-2013
Jul-2014
Jul-2015
Jul-2016
Dev el opm en t - MSCI Wor l d/Ret a il in g (In du st r y Gr ou p In dex)
Lates t value
3 3 0 .7 2
Week-to-date
0 .0 0 %
52-w eek low
2 6 7 .3 9
Month-to-date
-0 .3 9 %
52-w eek high
3 3 2 .0 1
Y ear-to-date
4 .3 6 %
PwC
July 2016
12
Section 4 – Our team
Credentials
Vendor due diligence
for GKN identifying key
drivers of investment in
agriculture tractors and
machinery in Europe,
the US, Brazil, Russia
and China
Undertook a strategic
review;
Commodity risk
analysis;
buy-side assistance to
Shanghai Maling for
their 50% stake in SFF
Sale of 100% of equity
in Manuka Health NZ to
Pacific Equity Partners
for NZ$110m.
Bright Sugar Co. Ltd.
Acquisition of 60%
stake in Yunnan Yin
More Sugar Co. Ltd
Sell-side advisory
Buy-side advisory
Advisor to management
on the sale of Provimi to
Cargill
Sell-side advisory
Advisor to management
of Heiploeg on its
capital structure
Total debt 130m
Financial advisory
PwC
Financial advisor to Oji
Holdings and
Innovation Network on
their US$890m
acquisition of Carter
Holt Harvey
Buy-side advisory
Advisor on acquisition
of Coop Farms estate
for £249m in one of the
largest land sales in
Britain
Buy-side advisory
Financial due diligence
for GrainCorp for their
acquisition of Allied
Mills
Lead advisory for
Marlborough Lines in
their acquisition of 80%
of Yealands Estate
Advised DLG on
acquisition of 43% stake
in Team
Financial advisory
Buy-side advisory
Buy-side advisory
Commercial due
diligence of Cimbria,
manufacturer of grain
handling and seed
processing equipment
on behalf of Silverfleet
Capital
Commercial due
diligence of Haarslev,
one of the leading
global meat rendering
machinery suppliers
Financial and due
diligence services on a
transaction for
Syngenta
Assisted KS Oils raise
second round
US$110m of Private
Equity funds
Financial Advisory
Financial Advisory
July 2016
13
PwC was the number one global M&A advisor for
2015, achieved through a strong international
network
PwC currently has approximately 480 live sale mandates and we advise on average over 300 deals
globally per year
2015
Global
Rank Advisor
1 PwC
2 Goldman Sachs
3 Morgan Stanley
4 KPMG
5 JP Morgan
Americas
Deal Count
Rank Advisor
1 Goldman Sachs
253
2 Morgan Stanley
210
3 JP Morgan
198
4 Bank of America Merrill Lynch
171
15 PwC
96
Deal Count
389
349
329
323
303
Asia-Pacific
Rank Advisor
1 PwC
2 Morgan Stanley
3 KPMG
4 EY
5 Nomura
Deal Count
132
117
113
86
83
Europe
Rank Advisor
1 PwC
2 Rothschild
3 KPMG
4 EY
5 Deloitte
Deal Count
262
242
205
196
175
Source: MergerMarket M&A Trend Report 2015
PwC M&A Ranking 2015
• Global: 1st
• Global buyouts 1st
• Europe: 1st
• European buyouts: 1st
• Iberia: 1st
• Nordics: 1st
• Asia-Pacific (excl. Japan): 1st
• South Korea: 1st
PwC
July 2016
14
Agribusiness network
Global Agribusiness Deals report
Elisha Nuttall
E: [email protected]
Global CF leader
Denmark
New Zealand
Stuart Mckee
T: +44 20 7213 4321
Thomas Krantz
T: +45 3 945 3140
Craig Armitage
T: +64 (3) 374 3052
Argentina
France
Mariano Tomatis
T: +54 11 4850 4757
Yves Pelle
T: +33 (0) 299 231 705
Justin Liddell
T: +64 (9) 355 8330
Australia
Germany
Craig Heraghty
T: +61 282 661 458
Norbert Niedenhof
T: +49 (0) 541 330 4330
Ryan Jordan
T: +61 732 575 641
India
Brazil
Ajay Kakra
T: +91 124 330 6029
Ana Malvestio
T: +55 16 3516 6624
Sunjay VS
T: +91 124 330 6171
Alessandro Ribeiro
Indonesia
T: +55 11 3674 2651
Rizal Satar
T: +62 21 5289 0350
Daniela Coco
T: +55 19 3794 5321
Luiz Barbosa
T: +55 16 3516 6694
Canada
Clinton L. Roberts
T: +1 403 509 7307
CEE
Stephen Oldfield
T: +44 (0) 771 038 8792
China
Frank Lyn
T: +86 10 6533 2388
Gabriel Wong
T: +86 21 2323 2609
PwC
Ireland
Jimmy Maher
T: +353 (0) 1 792 6326
Japan
Matthew J Wyborn
T: +81 (3) 3546 8570
Taizo Iwashima
T: +81 (3) 6266 5572
MENA
Mark Webster
T: +966 (11) 211 0400 (Ext. 1555)
Netherland
Ruud Kok
T: +31 (0) 88792 6382
Guido Emanuels
T: +31 (6) 2042 0533
Romania
Anca Scurtescu
T: +40 21 22 53 871
Singapore
Richard Skinner
T: +65 9823 3771
South Africa
Frans Weilbach
T: +27 (21) 815 3204
Switzerland
Dr. Martin Frey
T: +41 58 792 15 37
Ukraine
Olena Volkova
T: +38 (0) 56 733 5010
UK
Mark James
T: +44 (0) 7803 858721
Thomas Sengbusch
T: +44 (0) 7725 069448
USA
Thomas Johnson
T: +1 612 596 4846
Christopher Nolan
T: +1 646 4717387
Sean Gaffney
T: +1 216 875 3275
July 2016
15
Food Supply & Integrity Services team
Global Leader
Craig Armitage
Australia
Clare Power
Andrew Wilson
Christopher Daniell
Gerd Bovensiepen
Marcus Messerschmidt
India
Ashok Varma
Ajay Kakra
Italy
Rick Crethar
Gianluca Sacchi
Belgium
Japan
Marc Daelman
Kazu Miyamura
Yogesh Nayak
Yukinori Morishita
Brazil
Yoshiaki Yoneyama
Ana Malvestio
Malaysia
Daniela Coco
Josephine Phan
China
Khoon Yean Soo Hoo
Shirley Xie
Netherlands
Janice Lee
Catherine Barie
Michelle Meng
France
Baptisete Bannier
Kader Garnier
Sabine Durand-Hayes
Hans Schoolderman
Onno Nillesen
Tom Berendsen
New Zealand
Bruce Baillie
Mark Bramley
Scott Mitchell
Germany
Richard Polson
Hendrik Fink
Norway
Barbara Johanna Wieler
PwC
Per Røhnebæk
Qatar
Michael Ferguson
Russia
Tim Clough
Singapore
Julia Leong
Desiree Beeren
Richard Skinner
Switzerland
Michael Ruble
Turkey
Tumin Gultekin
Taiwan
Paul Liu
Garry King
United Kingdom
Marco Amitrano
Fran Marwood
Madeleine Thompson
United States
Sally Bernstein
Kelvin Harris
Thomas Johnson
Don Reed
Vietnam
Xavier Potier
July 2016
16

anhui crown petrochemical young

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