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Deal Activity
Global Agribusiness
June 2015
Deals
1 Agribusiness News & Multiples 1
2 Markets Update 6
Page Section Overview
Table of Contents
PwC
June 2015
1
Global Agribusiness • Deal Activity
Agribusiness News & Multiples
PwC
June 2015
2014A 1 Yr Fwd
7 .0x n.a.
1 4.2x 1 1 .2x
7 .9x n.a.
25.5x 1 6.3x
43.8x n.a.
7 3 .7 x n.a.
1 1 .7 x n.a.
1 8.6x n.a.
5.5x 7 .2x
14.2x 11.2x
23.1x 11.6x
2014A 1 Yr Fwd
1 6.0x 1 6.0x
25.5x 1 6.3x
1 4.2x 1 1 .2x
1 1 .5x 7 .8x
1 3.9x 1 1 .5x
1 8.4x 1 6.5x
1 3.7 x 1 2.6x
7 .8x 5.6x
1 1 .9x 9.9x
22.9x 1 7 .2x
14.0x 12.1x
15.6x 12.5x
2014A 1 Yr Fwd
1 3 .6x 1 3.7 x
1 2.5x 1 3.4x
1 3.7 x 1 3 .2x
1 6.7 x 1 5.5x
1 3.6x 1 2.0x
25.5x 1 6.3x
1 3.8x 1 2.4x
1 7 .6x 1 5.4x
1 0.7 x 1 0.7 x
1 6.0x 1 4.0x
13.8x 13.6x
15.4x 13.7x
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
Belgium: Lactalis to buy Arla Food’s 49% stake in JV, Walhorn AG.
Nigeria: FrieslandCampina WAMCO acquired additional 13% stake in its Nigerian subsidiary for US$283m.
Uganda: Sameer Agriculture and Livestock acquired by Brookside Dairy, East Africa’s largest producer.
China: Bright Dairy & Food to purchase parent’s cattle breeding, raw milk operations, and stake in Tnuva Food. A private placement of US$1.45bn is sought.
Management News
Ireland: Associated Trading Co-operatives appointed John Heaphy general manager.
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
Red Meat M&A News
Sweden: KLS Ugglarpsto to acquire majority stake in slaughterhouse Dalsjofors Slakteri, subject to regulatory approval.
US: Hormel Foods to acquire Applegate Farms for US$775m in their biggest acquisition to date.
Management News
US: Hormel Foods to appoint Steven Lykken COO, and Eldon Quam CFO of Applegate farms.
Wellard Rural Exports to restructure management after CEO Fred Troncone resigns.
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. 17: ITOCHU Corporation / C. P. Pokphand Co.
Trading multiples (EV/EBITDA) Transaction multiples (EV/EBITDA)
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15
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
UK: Pork Farms get final approval from CMA for Kerry Foods takeover.
Belgium: Westvlees and Covalis to merge pork operations.
Management News
No relevant news. 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
PwC
June 2015
2014A 1 Yr Fwd
1 1 .8x 1 3.8x
9.2x 9.0x
1 2.5x 1 1 .9x
62.4x 22.7 x
1 2.9x n.a.
9.2x 9.4x
22.2x 1 5.5x
29.0x 1 1 .2x
9.0x 8.2x
1 6.3x 1 3.8x
12.7x 11.9x
19.4x 12.8x
2014A 1 Yr Fwd
1 4.2x 1 1 .2x
1 1 .5x 7 .8x
1 2.4x 1 1 .9x
21 .4x 1 7 .1 x
7 .8x 5.6x
1 1 .9x 9.9x
22.9x 1 7 .2x
5.4x 5.1 x
1 2.8x 1 4.3x
nm nm
12.4x 11.2x
13.4x 11.1x
2014A 1 Yr Fwd
9.9x 9.4x
1 4.8x 1 3.5x
1 0.4x 8.0x
1 6.0x 1 5.8x
1 5.0x 1 4.2x
1 3.3x 1 0.6x
9.2x 9.0x
9.7 x 9.6x
1 4.3x 1 5.1 x
1 2.5x 1 1 .9x
12.9x 11.2x
12.5x 11.7x
Poultry Grain & Beans Fruit, Vegetables & Nuts
Section 1 – Agribusiness News & Multiples
3
Global Agribusiness • Deal Activity
Grains & Beans M&A News
US: European commission approves Olam’s acquisition of Archer Daniels Midland’s cocoa business, a deal worth US$1.3bn.
Syngenta rejected a second takeover offer from Monsanto, which included a US$2bn reverse break-up fee if regulatory approval is not achieved.
German chemicals group, BASF, rumoured to be eyeing bid for Syngenta.
Zambia: Cargill completed acquisition of Zamanita, a soybean crushing and oil refining company.
Management News
Canada: Monsanto Canada appoints Michiel de Jongh General manager.
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. 15: Sime Darby Plantation Sdn / New Britain Palm Oil Ltd.
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
Oct-09 Oct-10 Oct-11 Oct-12 Oct-13 Oct-14
Archer-Daniels-Midland Company
Wilmar International 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: JBS to acquire Moy Park, one of Europe’s largest poultry processors, for US$1.5bn.
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)
0.0x
5.0x
10.0x
15.0x
20.0x
Feb-10 Feb-11 Feb-12 Feb-13
BRF S.A.
Ty son Foods, Inc.
Campbell Soup Company
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. 19: Nomad Holdings / Iglo Foods Holdings.
Fruit, Vegetables & Nuts
M&A News
US: Archer Daniels Midland acquire tree nut and seed processing assets and operations in Modesto CA.
Houweling’s Nurseries acquire CO-based Sun Valley Farms.
Belgium: Univeg and Veiling Haspengouw look to enter two JVs.
Management News
US: Raley’s Family of Fine Stores hires Keith Knopf as COO.
Transaction multiples (EV/EBITDA)
0.0x
10.0x
20.0x
30.0x
40.0x
Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14
Felda Global Ventures Holdings Berhad
PT Astra Agro Lestari Tbk
KWS Saat SE
Gansu Yasheng Industrial (Group) Co.,
United Plantations Bhd
Fresh Del Monte Produce Inc.
Kulim (Malay sia) Berhad
Select Harv ests Limited
Sarawak Oil Palms Bhd
Kav eri Seed Company Limited
Median
Average
PwC
June 2015
2014A 1 Yr Fwd
1 2.5x 1 1 .0x
1 4.6x 1 4.5x
1 1 .7 x 9.5x
7 .8x 7 .2x
1 4.9x 1 5.1 x
8.6x 7 .5x
1 3.2x 8.2x
8.3x 6.4x
8.8x 7 .8x
8.2x 6.3x
10.3x 8.0x
10.9x 9.4x
2014A 1 Yr Fwd
1 0.8x 8.7 x
8.0x 7 .5x
8.0x 6.4x
1 9.9x n.a.
8.9x n.a.
1 9.4x 1 3.9x
1 2.1 x 9.6x
8.7 x 8.3x
29.9x 1 4.5x
1 1 .9x 6.9x
11.4x 8.5x
13.8x 9.5x
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
Canada: Jemi Fibre plans to acquire L&M Wood Products. Over the last 18 month Jemi has acquired several other strategic forestry assets.
Management News
No relevant news.
Sources: S&P Capital IQ, Factiva, PwC research
Fertiliser & Agricultural Chemicals M&A News
US: Alltech completes the acquisition of Ridley Inc.
Platte River Equity acquired Profile Products, producer of soil loss solutions & accelerated seed germination products.
Russia: Potash miner Uralkali sinks US$1.12bn into 11.9% share buyback.
Management News
US: Nufarm appoints two Group Executives, Valdemar Fischer of Product and Commercial Strategy, and Brent Zacharias of Nuseed.
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
Aug-09 Aug-10 Aug-11 Aug-12 Aug-13
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
PwC
June 2015
2014A 1 Yr Fwd
1 2.8x 1 4.3x
1 0.7 x 9.5x
1 9.2x 1 4.9x
9.5x 1 0.0x
21 .8x 1 7 .8x
1 0.1 x 9.3x
1 3.8x 1 0.7 x
7 .2x 7 .0x
9.8x 7 .6x
22.6x 1 9.0x
11.8x 10.3x
13.8x 12.0x
2014A 1 Yr Fwd
1 1 .6x 20.8x
1 3.0x n.a.
1 1 .0x n.a.
6.2x 9.0x
1 2.7 x 1 0.9x
1 3.0x 9.8x
1 6.5x n.a.
1 0.4x 1 2.8x
1 6.6x 1 1 .1 x
8.8x 7 .3x
12.2x 10.9x
12.0x 11.6x
2014A 1 Yr Fwd
1 8.9x 1 6.4x
1 6.8x 1 4.4x
21 .6x 1 9.5x
1 7 .3x 1 5.3x
1 6.6x 1 3.9x
1 4.9x 1 3.6x
1 4.4x 9.9x
1 3.4x 1 1 .7 x
1 6.9x 1 4.6x
21 .1 x 1 9.0x
16.9x 14.5x
17.2x 14.8x
Viticulture Agricultural Products & Machinery Fishery
Section 1 – Agribusiness News & Multiples
5
Global Agribusiness • Deal Activity
Agricultural Products & Machinery M&A News
Australia: Webster Ltd to acquire remaining shares in land and water company Tandou, reportedly worth US$85m.
US: Topcon Positioning acquired Norac Systems in its third agriculture-related purchase in 9 months.
CHS Inc. acquired Patriot Renewable Fuels ethanol plant in Annawan ILL.
Canada: WhiteWave Foods acquired plant-based nutrition company Vega for US$550m.
Turkey: Cargill to acquire majority stake in animal feed company Ekol Gida.
Management News
China: Agria Corp appoint Brent de Jong Executive Director to the Board.
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: Bain Capital / Yukiguni Maitake Co. 14: SHV Holdings / Nutreco NV.
Trading multiples (EV/EBITDA) Transaction multiples (EV/EBITDA)
0.0x
5.0x
10.0x
15.0x
20.0x
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA) Fishery M&A News
Chile: Marine Harvest and AquaChile terminate proposed merger.
Australia: Tassal Group are in the process of acquiring De Costi Seafoods.
Victorian Government to privatise the Port of Melbourne under 50 year lease, worth US$4.6bn.
US: Oceana Group to acquire Daybrook Fisheries for consideration of US$382m.
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: Marine Harvest / Havfisk ASA.
0.0x
10.0x
20.0x
30.0x
40.0x
Jul-10 Jul-11 Jul-12 Jul-13 Jul-14
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.
0.0x
10.0x
20.0x
30.0x
40.0x
50.0x
Sep-09 Sep-10 Sep-11 Sep-12 Sep-13
Diageo plc
Pernod-Ricard SA
Brown-Forman Corporation
Constellation Brands Inc.
Jiangsu Yanghe Brewery Joint-Stock
Dav ide Campari - Milano SpA
LT Group, Inc.
Treasury Wine Estates Limited
Distell Group Limited
Yantai Changy u Pioneer Wine Co. Ltd.
Median
Average
Deere & Company
Kubota Corporation
CNH Industrial N.V.
AGCO Corporation
The Toro Company
Turk Traktor v e Ziraat Makineleri
Daedong Industrial Co., Ltd.
Lindsay Corporation
Titan International Inc.
Jain Irrigation Sy stems Limited
Median
Average
PwC
June 2015
6
Global Agribusiness • Deal Activity
Markets Update
PwC
June 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: Figures are the most recently reported quarterly data, as reported by the Economist Intelligence Unit by 12 June 2015 • Current data is for 2015Q1, with the exception of Australia and Germany which are for 2014Q4 • 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 $US at most recent conversion rates at time of writing •
Note: Straight line shows historical spot prices, dotted marked line shows futures prices. Price development table is based on most actively traded futures contract.
FX – Year-to-date % change FX – Month-to-date % change
EUR USD BRL CNY INR
1 EUR - -2.00% -0.7 2% -2.03% -2.24%
1 USD 2.04% - 1 .31 % -0.02% -0.24%
1 BRL 0.7 3% -1 .29% - -1 .32% -1 .53%
1 CNY 2.07 % 0.02% 1 .33% - -0.22%
1 INR 2.29% 0.24% 1 .56% 0.22% -
40.00
50.00
60.00
70.00
80.00
90.00
100.00
110.00
120.00
Jun-2014 Oct-2014 Feb-2015 Jun-2015 Oct-2015 Feb-2016 Jun-2016
EUR USD BRL CNY INR
1 EUR - 1 .1 1 86 3.4559 6.9428 7 1 .1 505
1 USD 0.8940 - 3.0894 6.2065 63.6050
1 BRL 0.2894 0.3237 - 2.0090 20.5881
1 CNY 0.1 440 0.1 61 1 0.497 8 - 1 0.2481
1 INR 0.01 41 0.01 57 0.0486 0.097 6 -
EUR USD BRL CNY INR
1 EUR - 1 .92% -1 .1 8% 2.06% 1 .58%
1 USD -1 .89% - -3.04% 0.1 3% -0.34%
1 BRL 1 .1 9% 3.1 4% - 3.27 % 2.7 9%
1 CNY -2.01 % -0.1 3% -3.1 7 % - -0.47 %
1 INR -1 .56% 0.34% -2.7 1 % 0.47 % -
EUR USD BRL CNY INR
1 EUR - -7 .58% 7 .41 % -7 .52% -7 .01 %
1 USD 8.21 % - 1 6.23% 0.07 % 0.62%
1 BRL -6.90% -1 3.96% - -1 3.90% -1 3.43%
1 CNY 8.1 3% -0.07 % 1 6.1 5% - 0.54%
1 INR 7 .54% -0.61 % 1 5.52% -0.54% -
Crude Oil - Brent ($ per Bbl. – ICE: ^B) Gold ($ per troy oz. – COMEX: ^GC)
1,140.00
1,190.00
1,240.00
1,290.00
1,340.00
1,390.00
Jun-2014 Oct-2014 Feb-2015 Jun-2015 Oct-2015 Feb-2016 Jun-2016
Latest price 1 ,1 7 2 .9 0 Week-to-date -0.3 3 %
52-w eek low 1 ,1 4 2 .6 0 Month-to-date -2 .5 8 %
52-w eek high 1 ,3 3 9 .2 0 Year-to-date -0.9 5 %
Dev elopm ent - Gold
Latest price 6 4 .1 6 Week-to-date -1 .2 8 %
52-w eek low 4 6 .4 0 Month-to-date -2 .9 9 %
52-w eek high 1 1 4 .1 9 Year-to-date 1 0.2 2 %
Dev elopm ent - Cru de Oil
Indicator Australia Brazil China Germany India Japan U.S.
Real GDP Growth (YoY) 2.5% -1 .2% 7 .0% 0.7 % 7 .7 % -1 .4% 2.7 %
CPI Inflation (YoY) 1 .7 % 7 .7 % 1 .4% 0.4% 5.3% 2.3% -0.1 %
Unemploy ment rate 6.2% 5.8% n/a 4.9% n/a 3.5% 5.6%
Industrial Production Index (YoY) 3.3% -6.0% 6.4% 0.8% 3.2% -2.2% 3.4%
Producer Price Index (YoY) 2.5% 3.8% n/a -0.3% -2.8% 0.6% -0.5%
Exports ($US bn) 52.0 42.8 51 3.8 31 9.6 7 0.1 1 54 37 8.4
Trade Balance ($US bn) 1 .1 5.6- 1 23.5 66.2 26.0- 1 1 .1- 1 85.8-
PwC
June 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
3.20
3.40
3.60
3.80
4.00
4.20
4.40
4.60
Jun-2014 Oct-2014 Feb-2015 Jun-2015 Oct-2015 Feb-2016 Jun-20164.00
4.50
5.00
5.50
6.00
6.50
7.00
Jun-2014 Oct-2014 Feb-2015 Jun-2015 Oct-2015 Feb-2016 Jun-2016
2.00
2.20
2.40
2.60
2.80
3.00
3.20
3.40
3.60
3.80
Jun-2014 Oct-2014 Feb-2015 Jun-2015 Oct-2015 Feb-2016 Jun-20168.00
9.00
10.00
11.00
12.00
13.00
14.00
15.00
Jun-2014 Oct-2014 Feb-2015 Jun-2015 Oct-2015 Feb-2016 Jun-2016
Latest price 9 .8 1 Week-to-date 1 .2 8 %
52-w eek low 9 .1 0 Month-to-date 6 .2 0%
52-w eek high 1 4 .1 5 Year-to-date -4 .09 %
Dev elopm ent - Soy bean
250.00
300.00
350.00
400.00
450.00
500.00
Jun-2014 Oct-2014 Feb-2015 Jun-2015 Oct-2015 Feb-2016 Jun-2016
Latest price 3 2 2 .5 0 Week-to-date -0.3 7 %
52-w eek low 2 9 6 .6 0 Month-to-date 6 .02 %
52-w eek high 4 4 7 .2 0 Year-to-date -7 .2 2 %
Dev elopm ent - Soy bean
0.10
0.12
0.14
0.16
0.18
0.20
Jun-2014 Oct-2014 Feb-2015 Jun-2015 Oct-2015 Feb-2016 Jun-2016
Latest price 0.1 2 Week-to-date 2 .1 2 %
52-w eek low 0.1 2 Month-to-date -2 .3 6 %
52-w eek high 0.1 9 Year-to-date -1 7 .2 2 %
Dev elopm ent - Su gar
Latest price 5 .2 3 Week-to-date 6 .08 %
52-w eek low 4 .6 0 Month-to-date 9 .6 7 %
52-w eek high 6 .7 7 Year-to-date -1 1 .2 4 %
Dev elopm ent - Wh eat
Latest price 3 .7 1 Week-to-date 3 .3 8 %
52-w eek low 3 .1 8 Month-to-date 5 .6 9 %
52-w eek high 4 .4 7 Year-to-date -6 .4 9 %
Dev elopm ent - Corn
Latest price 2 .6 9 Week-to-date -0.05 %
52-w eek low 2 .3 0 Month-to-date 1 0.3 2 %
52-w eek high 3 .6 0 Year-to-date -1 1 .9 1 %
Dev elopm ent - Oat s
PwC
June 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.
2,500.00
2,700.00
2,900.00
3,100.00
3,300.00
3,500.00
Jun-2014 Oct-2014 Feb-2015 Jun-2015 Oct-2015 Feb-2016 Jun-2016
Latest price 3 ,2 8 2 .00 Week-to-date 0.9 0%
52-w eek low 2 ,6 7 2 .00 Month-to-date 3 .1 1 %
52-w eek high 3 ,3 7 1 .00 Year-to-date 1 1 .7 2 %
Dev elopm ent - Cocoa
8.00
9.00
10.00
11.00
12.00
13.00
14.00
Jun-2014 Oct-2014 Feb-2015 Jun-2015 Oct-2015 Feb-2016 Jun-20160.25
0.27
0.29
0.31
0.33
0.35
0.37
0.39
0.41
0.43
Jun-2014 Oct-2014 Feb-2015 Jun-2015 Oct-2015 Feb-2016 Jun-2016
Latest price 0.3 3 Week-to-date -0.09 %
52-w eek low 0.3 0 Month-to-date 3 .7 3 %
52-w eek high 0.4 1 Year-to-date 2 .1 2 %
Dev elopm ent - Soy bean
500.00
550.00
600.00
650.00
700.00
750.00
800.00
Jun-2014 Oct-2014 Feb-2015 Jun-2015 Oct-2015 Feb-2016 Jun-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
Jun-2014 Oct-2014 Feb-2015 Jun-2015 Oct-2015 Feb-2016 Jun-2016
Latest price 1 .3 5 Week-to-date 4 .4 0%
52-w eek low 1 .2 4 Month-to-date 6 .4 2 %
52-w eek high 2 .2 2 Year-to-date -1 8 .9 1 %
Dev elopm ent - Coffee
Latest price 1 0.4 0 Week-to-date -1 .2 7 %
52-w eek low 9 .4 2 Month-to-date 2 .6 5 %
52-w eek high 1 3 .7 0 Year-to-date -1 7 .6 2 %
Dev elopm ent - Rou gh Rice
Latest price 6 01 .7 5 Week-to-date -1 .1 5 %
52-w eek low 5 7 2 .7 5 Month-to-date 1 .2 2 %
52-w eek high 7 7 4 .2 5 Year-to-date -8 .1 6 %
Dev elopm ent - Palm Oil
Latest price 0.1 7 Week-to-date -0.1 2 %
52-w eek low 0.1 5 Month-to-date 1 .5 8 %
52-w eek high 0.2 5 Year-to-date 5 .1 5 %
Dev elopm ent - Milk
PwC
June 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
500
700
900
1,100
1,300
1,500
1,700
1,900
2,100
2,300
Jun-2010 Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015500
700
900
1,100
1,300
1,500
1,700
1,900
2,100
Jun-2010 Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015
1,500
1,700
1,900
2,100
2,300
2,500
2,700
Jun-2010 Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015
200
250
300
350
400
Jun-2010 Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015
100
120
140
160
180
200
220
240
260
Jun-2010 Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015100
150
200
250
300
350
Jun-2010 Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015
Latest value 3 02 .06 Week-to-date 2 .7 9 %
52-w eek low 2 3 2 .6 9 Month-to-date 3 .02 %
52-w eek high 3 02 .06 Year-to-date 1 2 .8 7 %
Dev elopm ent - MSCI World/Ret ailing (Indu st ry Grou p Index)
Latest value 2 ,03 7 .1 0 Week-to-date 1 .3 4 %
52-w eek low 1 ,7 7 8 .6 6 Month-to-date 0.6 8 %
52-w eek high 2 ,04 1 .7 3 Year-to-date 3 .6 8 %
Dev elopm ent - MSCI USA
Latest value 1 ,7 2 2 .6 6 Week-to-date 3 .01 %
52-w eek low 1 ,5 2 5 .06 Month-to-date 2 .2 0%
52-w eek high 1 ,8 4 5 .7 3 Year-to-date 7 .1 2 %
Dev elopm ent - MSCI Eu rope
Latest value 2 ,5 3 8 .9 9 Week-to-date 1 .9 9 %
52-w eek low 2 ,2 3 4 .5 1 Month-to-date 0.1 9 %
52-w eek high 2 ,6 2 4 .6 4 Year-to-date 1 0.1 8 %
Dev elopm ent - MSCI Pacific
Latest value 2 8 7 .7 5 Week-to-date 2 .5 8 %
52-w eek low 2 4 4 .9 0 Month-to-date -1 .6 7 %
52-w eek high 3 09 .9 1 Year-to-date 9 .8 2 %
Dev elopm ent - MSCI BRIC
Latest value 2 3 2 .05 Week-to-date 1 .9 9 %
52-w eek low 2 02 .7 5 Month-to-date 0.6 5 %
52-w eek high 2 3 5 .2 8 Year-to-date 6 .1 0%
Dev elopm ent - MSCI World/Food Produ ct s (Indu st ry Index)
PwC
June 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
June 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
June 2015
Section 2 – Markets Update
13
Global Agribusiness • Deal Activity
Global CF Leader
Cornelis Smaal T: +31 88 792 6431 E: [email protected]
Argentina
Mariano Tomatis T: +54 11 4850 4757 E: [email protected]
Gustavo Barrichi T: +54 341 446 8000 E: [email protected]
Australia
Craig Heraghty T: +61 282 661 458 E: [email protected]
Brazil
Ana Malvestio T: +55 16 2133 6624 E: [email protected]
Jose Rezende T: +55 11 3674 2279 E: [email protected]
Daniela Coco T: +55 19 3794 5400 E: [email protected]
Canada
Clinton L. Roberts T: +1 403 509 7307 E: [email protected]
CEE
Stephen Oldfield T: +44 (0) 771 038 8792 E: [email protected]
China
Frank Lyn T: +86 10 6533 2388 E: [email protected]
Gabriel Wong T: +86 21 2323 2609 E: [email protected]
Denmark
Thomas Krantz T: +45 3 945 3140 E: [email protected]
France
Yves Pelle T: +33 (0) 299 231 705 E: [email protected]
Germany
Norbert Niedenhof T: +49 (0) 541 330 4330 E: [email protected]
India
Ajay Kakra T: +91 124 330 6029 E: [email protected]
Sunjay VS T: +91 124 330 6171 E: [email protected]
Indonesia
Rizal Satar T: +62 21 5289 0350 E: [email protected]
Ireland
Jimmy Maher T: +353 (0) 1 792 6326 E: [email protected]
Japan
Matthew J Wyborn T: +81 (3) 3546 8570 E: [email protected]
Taizo Iwashima T: +81 (3) 6266 5572 E: [email protected]
MENA
Mark Webster T: +966 (11) 211 0400 (Ext. 1555) E: [email protected]
Netherland
Ruud Kok T: +31 (0) 88792 6382 E: [email protected]
Guido Emanuels T: +31 (6) 2042 0533 E: [email protected]
New Zealand
Craig Armitage T: +64 (3) 374 3052 E: [email protected]
Regan Hoult T: +64 (9) 355 8177 E: [email protected]
Michael O’Connor T: +64 (3) 374 3056 E: [email protected]
Romania
Anca Scurtescu T: +40 21 22 53 871 E: [email protected]
Singapore
Richard Skinner T: +65 9823 3771 E: [email protected]
South Africa
Frans Weilbach T: +27 (21) 815 3204 E: [email protected]
Sweden
Marie Gustafsson T: +46 709 294 190 E: [email protected]
Switzerland
Dr. Martin Frey T: +41 58 792 15 37 E: [email protected]
Ukraine
Olena Volkova T: +38 (0) 56 733 5010 E: [email protected]
UK
Mark James T: +44 (0) 7803 858721 E: [email protected]
Thomas Sengbusch T: +44 (0) 7725 069448 E: [email protected]
USA
Thomas Johnson T: +1 612 596 4846 E: [email protected]
Sean Gaffney T: +1 216 875 3275 E: [email protected]
Agribusiness Network