EBRO FOODS 2015
• RICE (No.1 worldwide) CORE • PASTA (No. 2 globally) BUSINESSES • SAUCES (No. 1 in France)
OTHER • Ready-to-Serve Meals BUSINESSES • Pasta & fresh potato (new • Fresh dishes categories) ¿Who are we?
Ebro Foods is world leader of the rice sector and second pasta manufacturer in the world. It is present in more than 52 countries, with 23 subsidiaries in Europe, America, Asia and Africa.
It is the first group in the Spanish food sector in terms of turnover, profit, market capitalization and international presence.
Ebro is a brand company with more than 70 leading brands.
Focuses in the specializing in the production and marketing of high value added products and meal solutions.
Within its core businesses, rice and pasta, Ebro develops its business model using the different technologies available: dry, fresh, pre-cooked and frozen.
It has also broadened out into the segments of sauces, ready meals and fresh potato, etc.
The company is listed on the electronic continuous trading market of the Madrid, Barcelona, Bilbao and Valencia stock exchanges.
INTERNATIONAL EVOLUTION PROCESS
TOTAL INVESTMENT: € 2.412 MILLION EBRO’S GROWTH MODEL
Our growth strategy is a continuous f low, in which:
* We operate in categories that we control, expanding geographically with a global ambition. * We compete in commodity markets requiring a high level of innovation and efficient raw material management. *This pushes us to develop new products and even enter new categories.
OUR COMPANIES The company develops its international businesses through the following companies : COMPANY COUNTRY BUSINESS AREA American Rice Inc. USA Rice Arrozeiras Mundiarroz, S.A. Portugal Rice Boost Nutrition, C.V. Belgium Rice Bosto Panzani Benelux, N.V.. Belgium Rice and pasta Ebro India, Privated Ltd. India Rice Ebrofrost Holding GmbH Germany Rice and pasta Euryza GmbH Germany Rice Herba Bangkok Thailand Rice Herba Egypt, Ricemills. Ltd. Egypt Rice Herba Puerto Rico, LLC Puerto Rico Rice Herba Ricemills, S.L.U. Spain Rice Herba Ricemills Romania, S.R.L. Romania Rice Lassie, B.V. Netherlands Rice Lustucru Frais, S.A.S France Rice and pasta Mundi Riso, S.R.L. Italy Rice Mundi Riz, S.A. Morocco Rice Panzani, S.A.S. France Rice and pasta Riceland Magyarorzag, KFT Hungary Rice Riviana Foods Inc. USA Rice Stevens&Brotherton Herba Foods, Ltd. United Kingdom Rice
COMPANY COUNTRY BUSINESS AREA Bosto Panzani Benelux, S.A. Belgium Rice and pasta Catelli Foods Corporation Canada Rice Ebrofrost Holding GmbH Germany Rice and pasta Lustucru Frais, S.A.S France Pasta New World Pasta USA Pasta Panzani, S.A.S. France Pasta Pasticio Lucio Garofalo, Spa Italy Pasta WORKFORCE
Total workforce: 4,957
Breakdown by geographical areas
North America 1675
Europe 2759
Central America 8
Asia 148
Africa 367
0 500 1000 1500 2000 2500 3000 CONSOLIDATED FINANCIAL HIGHLIGHTS AND NET DEBT 2014
EUR THOUSAND 2014 Sales 2,120,722 EUR THOUSAND 2014 Advertising 72,414 Net Debt 405,617 EBITDA 287,251 Average Debt 333,178 EBITDA Margin 13.5% Equity 1,855,110 EBIT 227,242 Leverage DN 21.9% Operating profit 224,877 Leverage AD 18% Profit before tax 223,249 x EBITDA (DN) 1.4 Net profit from continuing x EBITDA (AD) 1.2 operations 156,967 Net profit 151,638 ROCE 16.7% EVOLUTION OF SALES GENERATED IN SPAIN vs INTERNATIONAL MARKET SALES IN 2000 SALES IN 2007 9%
55% 45% SPAIN SPAIN
INTERNATIONAL INTERNATIONAL MARKET MARKET
91% SALES IN 2014 7%
SPAIN
INTERNATIONAL MARKET
93% EVOLUTION OF EBITDA GENERATED IN SPAIN vs INTERNATIONAL MARKET EBITDA IN 2000 EBITDA IN 2007 7%
56% 44% SPAIN SPAIN
INTERNATIONAL INTERNATIONAL MARKET MARKET
93%
EBITDA IN 2014 7,2%
SPAIN
INTERNATIONAL MARKET
92,8% SALES BY DIVISIONS & GEOGRAPHICAL AREAS 2014
SALES BY DIVISIONS SALES BY GEOGRAPHICAL AREAS 2% 3% 1% RICE PASTA 7%
46% 46%
54% 40%
EUROPE NORTH AMERICA SPAIN AFRICA MIDDLE EAST OTHERS EBITDA BY DIVISIONS & GEOGRAPHICAL AREAS 2014
EBITDA BY DIVISIONS EBITDA BY GEOGRAPHICAL AREAS 0,4 % RICE PASTA 7,2 % 0,7 %
50%
46,5 %
50% 45,2 %
EUROPE NORTH AMERICA SPAIN AFRICA ASIA RICE
This is the business area in which the Group is world leader. The business began in Spain back in 1950 and as from 1986 it began its international expansion by purchasing leading brands and companies in Europe, USA and Canada. Now also present in Africa and Asia, the division has an extensive portfolio of leading brands and products. This division accounts for 54% of Ebro’s total EBITDA. RICE, INTERNATIONAL PRESENCE UNITED KINGDOM AUSTRIA BELGUIM * Liverpool CZECH REP. * Merksem * Cambiridge ESTONIA * Schoten FINLAND SPAIN FRANCE DENMARK HUNGARY * Orbaek * San Juan de Aznalfarache (Seville) ICELAND * Coria del Río (Seville) LITHUANIA GERMANY * Isla Mayor (Seville) POLAND * Offingen * La Rinconada (Seville) ROMANIA * Jerez de la Frontera (Cadiz) SLOVAKIA ITALIY * Silla (Valencia) SWITZERLAND * Vercelli * Algemesí (Valencia) UKRAINE * L´Aldea (Tarragona) NETHERLAND * Wormer PORTUGAL * Coruche
CANADA
EUROPE UNITED STATES * Alvin (Texas) * Carlisle (Arkansas) * Brinkley (Arkansas) * Clearbrook (Minnesota) * Freepoort (Texas) * Memphis (Tennessee)
MEXICO BAHAMAS AMERICA BERMUDA BELIZE CURAÇAO HAITI JAMAICA PANAMA ASIA PUERTO RICO SURINAME ST. LUCIA ST. MARTIN US VIRGIN ISLANDS AFRICA PERU URUGUAY CHILE ANGOLA JORDAN ALGERIA KUWAIT IVORY COAST ISRAEL LYBIA SAUDI ARABIA MOZAMBIQUE SYRIA SENEGAL UNITED ARAB EMIRATES SUDAN YEMEN
EGYPT * Heliopolis INDIA * Haryana
COMMERCIAL PRESENCE MOROCCO INDUSTRIAL PRESENCE * Larache THAILAND List of production plants * * Bangkok
RICE/ BRANDS IN AMERICA
BAHAMAS CURACAO JAMAICA ST MARTIN Blue Ribbon® Blue Ribbon® Blue Ribbon® Mahatma® Mahatma® Mahatma® Mahatma® ------
------ST LUCIA HAITI MEXICO Mahatma® BELICE Blue Ribbon® SOS® Minute®
Mahatma® Mahatma® ------
------SURINAME PANAMA Minute® BERMUDA UNITED STATES Blue Ribbon® Mahatma® Mahatma® Carolina® Adolphus® ------Blue Ribbon® Minute® ------Carolina® URUGUAY ------Comet® PERU Minute® Gourmet House® Mahatma® Success Rice® Minute® CANADA Mahatma® ------Minute® Minute® ------RiceSelect® US VIRGIN ------River® PUERTO RICO ISLANDS Success Rice® Cinta Azul® Mahatma® El Mago® Sello Rojo ® CHILE Watermaid® Mahatma® Wonder® Minute® Sello Rojo® ------SOS® ------
RICE/ BRANDS IN EUROPE
GERMANY CZECH SPAIN FRANCE LITHUANIA UNITED UKRAINE Oryza® REPUBLIC Arroz Lustucru® Bosto® KINGDOM Bosto® Reis-Fit® SOS® Rocío® Taureau Ailé® Oryza® Chinatown® Oryza® Brillante® Double Phoenix® ------La Cigala® ------Gourmet House® ------La Fallera® Peacock® AUSTRIA DENMARK Panzani® NETHERLANDS POLAND Success® Königs® Oryza® SOS® Lassie® SOS® Sunrich® Oryza® Ris-Fix® Sundari® Reis-Fit® ------HUNGARY ------Riceland® PORTUGAL ROMANIA SLOVAKIA ESTONIA SOS® La Cigala® Panzani® BELGIUM SOS® Bosto® Saludaes® Bosto® ------Boss® ------Casi® ICELAND SWITZERLAND FINLAND River® Oryza® ------Risella® ------
RICE/ BRANDS AFRICA
ANGOLA GHANA SENEGAL Arroz Cigala® Golden Rose® SOS® Peacock® ------Oriental Queen® ------
ALGERIA ------SUDAN SOS® Abu Bint® LIBYA ------Abu Bint® Herba® IVORY COAST SOS® SOS® ------MOROCCO EGYPT Arroz Cigala® Herba® Cup Riz® King of Rice® Miura® Shahraman® ------
MOZAMBIQUE Arroz Cigala®
------RICE/ BRANDS IN ASIA
SAUDI ARABIA ISRAEL SYRIA Abu Bint® Arroz Cigala® SOS®
------JORDAN UNITED ARAB Abu Bint® YEMEN EMIRATES Abu Bint® Abu Bint® ------SOS® ------KUWAIT ------SOS®
------RICE MARKET SHARES (%VALUE)
Rice 100% 80% 60% 40% 33,5% 29,8% 28,8% 27,8% 23,5% 17,3% 16,9% 20% 0% Spain Belgium Netherlands France USA Germany Portugal
Comparative market share VS main competitors
Spain 33,50% Main Competitor 55,80%
France 27,80% Main Competitor 18,30%
EEUU 23,50% Main Competitor 13,80% 0,00% 10,00% 20,00% 30,00% 40,00% 50,00% 60,00% RICE/ FINANCIAL HIGHLIGHTS 2014
EUR THOUSAND 2014
Sales 1,139,697
Advertising 19,813
EBITDA 148,828
EBITDA Margin 13.1%
EBIT 121,789
Operating profit 118,439
ROCE 15.9 PASTA, SAUCES AND OTHERS This division is represented by the companies New World Pasta (leader in USA and Canada), Panzani (no.1 in France in the dry and fresh pasta sectors, sauces,c ouscous and semolina) and and Pastificio Lucio Garofalo (Italy) . Apart from these countries, the Group brands are also present in other geographical areas, such as Belgium, Hungary, United Kingdom, Algeria, United Arab Emirates and Czech Republic , so in just eight years Ebro has positioned itself as the second pasta manufacturer in the world. This division currently accounts for 46% of the Group’s total business.
PASTA, INTERNATIONAL PRESENCE ITALY
* Gragnano FRANCE BELGIUM
* Communay CZECH REP. DENMARK * Gennevilliers ESTONIA * Orbaek * La Montre HUNGARY
* Littoral ITALY GERMANY * Lorette ROMANIA * Offingen * Nanterre SLOVAQUIA
* Saint Genis Laval SPAIN * Saint Just SWITZERLAND * Vitrolles UNITED KINGDOM
EUROPE
CANADA * Delta (British Columbia) * Hamilton (Ontario) * Montreal (Quebec)
AMERICA UNITED STATES * Fresno (California) * St. Louis (Missouri) * Winchester (Virginia)
MEXICO ANTIGUA BAHAMAS BARBADOS BERMUDA BELIZE CURACAO HAITI ASIA JAMAICA PANAMA PUERTO RICO OCEANIA ST. LUCIA ST. MARTIN AUSTRALIA TRINIDAD AND AFRICA TOBAGO US VIRGIN ISLANDS PERU ANGOLA BAHREIN URUGUAY ALGERIA INDONESIA CAMEROON ISRAEL CONGO JAPAN GABON JORDAN IVORY COAST KOREA KENYA KUWAIT MOROCCO LEBANON SENEGAL MALAYSIA SOMALIA OMAN TANZANIA QATAR SAUDI ARABIA INDUSTRIAL PRESENCE COMMERCIAL PRESENCE UNITED ARAB EMIRATES VIETNAM List of production plants * YEMEN PASTA / BRANDS IN AMERICA
ANTIGUA CANADA MEXICO TRINIDAD & Panzani® TOBAGO Prince® Catelli® Ronzoni® Catelli Healthy ------Harvest® ------BAHAMAS Garofalo® PANAMA Ronzoni® Giovanni Panzanit® Creamette® URUGUAY Ronzoni® Ronzoni® Lancia®
Splendor ------Ronzoni®
BARBADOS Olivieri® PERU UNITED STATES Ronzoni® Ronzoni® American Beauty® Creamette® ------Light’n’fluffy® ------No Yolks® CURACAO PUERTO RICO Prince® BELIZE Ronzoni® Prince® P&R® Ronzoni® Ronzoni® Ronzoni Healthy Harvest® ------Ronzoni® ------San Giorgio® HAITI ST MARTIN Skinner® BERMUDA Ronzoni® Ronzoni® Wacky Mac® Catelli® ------Ronzoni® ------
ST LUCIA JAMAICA ------Ronzoni® US VIRGIN Ronzoni® ISLANDS ------Ronzoni® ------
PASTA / BRANDS IN EUROPE
BELGIUM ITALY SPAIN Panzani® Garofalo® Ferrero® Russo de Garofalo® ------Cicciano®
------CZECH
REPUBLIC HUNGARY Panzani® UNITED Panzani® KINGDOM
Garofalo® ------
------ESTONIA SLOVAKIA Panzani® Panzani® SWITZERLAND
------Garofalo® ------
------FRANCE
Ferrero® ROMANIA Lustucru® Panzani® Panzani®
Regia®
------
PASTA / BRANDS AFRICA
IVORY COAST TANZANIA ALGERIA Panzani® Santa Lucia® Lustucru® Panzani® ------
------KENYA Santa Lucia®
ANGOLA ------Panzani® MOROCCO ------Panzani®
CAMEROON ------Panzani® SENEGAL ------Panzani®
------CONGO Panzani® SOMALIA Santa Lucia® ------
GABON Panzani®
PASTA / BRANDS IN ASIA
BAHRAIN KOREA OMAN UNITED Panzani® Ronzoni® Panzani® ARAB EMIRATES Ronzoni® San Giorgio® Panzani® ------
------INDONESIA
Ronzoni® KUWAIT QATAR YEMEN San Giorgio® Panzani® Panzani® Panzani® Ronzoni®
------
ISRAEL SAUDI No Yolks® LEBANON ARABIA BRANDS IN OCEANIA Panzani® Panzani® Panzani® Wacky Mac® Ronzoni® Ronzoni® AUSTRALIA San Giorgio® Garofalo® ------JAPAN MALAYSIA Ronzoni® Ronzoni® San Giorgio® ------JORDAN Ronzoni®
PASTA MARKET SHARES (%VALUE)
Dry Pasta 100% 90% Fresh Pasta 80% 100% 70% 80% 60% 50% 40,6% 60% 50,2% 40% 34,8% 38,2% 40% 30% 23,5% 20,9% 20% 12,3% 20% 10% 6,8% 0% 0% Canada France Canada France Czech USA Belgium Italy Republic
Sauces
France 35,9%
0% 20% 40% 60% 80% 100% COMPARATIVE MARKET SHARE VS MAIN COMPETITORS
Dry Pasta
Canada 40,6%
Main Competitor 10,2%
France 34,8% Sauces Main Competitor 21,7%
0,0% 10,0% 20,0% 30,0% 40,0% 50,0% France 35,9%
Main Competitor 10,8% Fresh Pasta 0,0% 10,0% 20,0% 30,0% 40,0% Canada 50,2%
Main Competitor 7,7%
France 38,2%
Main Competitor 14,2%
0,0% 10,0% 20,0% 30,0% 40,0% 50,0% 60,0% PASTA/ FINANCIAL HIGHLIGHTS 2014
EUR THOUSAND 2014
Sales 1,029,294
Advertising 52,060
EBITDA 146,317
EBITDA Margin 14.2%
EBIT 114,397
Operating profit 112,340 ROCE 20.5 BRANDS