DOCSLIB.ORG

E26712cf-72Ef-4E3e-8246-187860Ddb2a9 We Are the Largest Brewer in Latin America and Brazil’S Largest Private Consumer Goods Company

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
E26712cf-72Ef-4E3e-8246-187860Ddb2a9 We Are the Largest Brewer in Latin America and Brazil’S Largest Private Consumer Goods Company WorldReginfo - e26712cf-72ef-4e3e-8246-187860ddb2a9 We are the largest brewer in Latin America and Brazil’s largest private consumer goods company. We have operations in 14 countries around the Americas which involve the production and sale of beers, soft drinks, other non-alcoholic drinks, malt and by-products. We are proud that four of our beer brands are among the 20 most-consumed brands in the world: Skol, Brahma, Stella Artois and Antarctica. We are a part of the biggest platform for the worldwide production and sale of beer, as a result of the transaction we entered into in 2004 which created InBev. Our business model is based on the view that consumers are the reason for everything we do and because of that, they must receive our full attention. We build strong brands to win preference for our products. We have Brazil’s largest beverages portfolio, containing winning brands in the beer (such as Skol, Brahma, Antarctica and Bohemia), soft drinks (notably Guaraná Antarctica, Pepsi-Cola and H2OH!), isotonics (Gatorade), tea (Lipton) and bottled water (Fratelli Vita) segments. We are also market leaders in Argentina with Quilmes Cristal, in Bolivia (Paceña), in Paraguay (Brahma) and Uruguay (Pilsen). Additional levers that are critical for building our results are: growth of revenues, financial discipline, point of sale execution, people and culture. In 2007, our sales volume totaled 142.9 million hectoliters, with net revenues of R$ 19.6 billion, representing organic growth of 5.8% and 10.4%, respectively, over the previous year, excluding the impact of acquisitions, the sale of assets or currency translation. Our EBITDA was R$8.7 millions, 16.0% higher than in 2006. The Company’s market capitalization was R$ 79 billion on December 31, 2007. WorldReginfo - e26712cf-72ef-4e3e-8246-187860ddb2a9 Table of contents 2 / Financial Highlights 4 / Message to shareholders 6 / Map of operations 8 / Creating Value through our Brands 14 / Beer Brazil 18 / Soft Drinks & Nanc Brazil 20 / Quinsa 22 / Hispanic Latin America excluding Quinsa (HILA-Ex) 24 / North America 28 / Our Business Model 32 / AmBev’s People and Culture 36 / Social Responsibility 38 / Environmental Responsibility 42 / Corporate Governance 44 / Shares as an investment 46 / Recognition and Awards 47 / Our Team 49 / Financial Statements WorldReginfo - e26712cf-72ef-4e3e-8246-187860ddb2a9 Financial Highlights 2 Soft drinks Brazil 11% Net revenues (R$million) Net revenues Net Revenues breakdown Net Revenues Quinsa 14% 2003 8,684 2004 12,007 Beer Brazil 52% 2005 15,959 North America 2006 17,614 HILA-ex 3% 19% 2007 19,648 Malt and by-products Brazil Malt andby-products Net earnings (R$million) Net earnings 1% 2003 1,412 2004 1,162 2005 1,546 2006 2,806 2007 2,816 2003 35.4% 3,072 andMargin EBITDA EBITDA EBITDA MARGIN EBITDA EBITDA 2004 37.8% 4,537 2005 39.5% 6,305 2006 42.3% 7,445 2007 44.1% 8,667 WorldReginfo - e26712cf-72ef-4e3e-8246-187860ddb2a9 MAIN INDICATORS Amounts expressed in million Reais 2003 2004 2005 2006 2007 Change (%) (except where indicated) 07/06 (**) Income Statement Net Sales 8,684 12,007 15,959 17,614 19,648 10.4% Gross Profit 4,640 7,226 10,216 11,665 13,102 11.4% Selling, General and Administrative Expenses 2,334 3,611 5,174 5,409 5,859 3.3% EBIT 2,306 3,615 5,043 6,256 7,243 18.5% Net Income 1,412 1,162 1,546 2,806 2,816 0.4% Balance Sheet Total Assets 14,830 33,017 33,493 35,561 35,476 (0.2%) Cash and Cash Equivalents 2,534 1,505 1,096 1,539 2,308 50.0% Total Debt 5,980 7,811 7,204 9,567 9,852 3.0% Shareholders’ Equity 4,363 16,995 19,867 19,268 17,420 (9.6%) Cash Flow and Profitability EBITDA 3,072 4,537 6,305 7,445 8,667 16.0% EBITDA Margin 35.4% 37.8% 39.5% 42.3% 44.1% 2.1 p.p. Capital Expenditures 862 1,274 1,370 1,425 1,631 14.5% Return on Equity 32.4% 6.8% 7.8% 14.6% 16.2% 1.6 p.p. Share Information (R$/ share) Book Value (*) 9.59 25.93 30.40 30.24 28.30 (6.4%) Earnings per share (*) 3.10 1.77 2.37 4.40 4.57 4.1% Dividends (ON) – R$/share 2.09 1.93 1.90 2.80 3.00 7.1% Dividends (PN) – R$/ share 2.30 2.13 2.09 3.08 3.30 7.1% Dividends paid 71% 114% 84% 66% 68% 2.0 p.p. Capitalization Market Capitalization 26,392 40,424 53,646 64,109 79,071 23.3% Net Debt 3,447 6,305 6,107 7,802 7,369 (5.5%) Minority Interest 196 213 123 223 187 (16.1%) Outstanding Shares (million) (*) 455.0 655.5 653.5 637.2 615.6 (3.4%) ADR’s Equivalent (million) (*) 455.0 655.5 653.5 637.2 615.6 (3.4%) (*) Values adjusted for the share bonus issued on May 31, 2005 and, in 2006 and 2007, by the grouping of shares (in the proportion of 100 existing shares to 1 new share). (**) The changes in the income lines are always presented on an organic basis – that is, excluding the impacts of acquisitions or the sale of assets and the impact of the translation of currencies in the consolidation process. Annual Report 2007 3 WorldReginfo - e26712cf-72ef-4e3e-8246-187860ddb2a9 Message to Shareholders The attention that we pay to our relationship with consumers once again led to an increase in our market leadership in the countries where we operate. Each year we improve our brand-building strategies, delivering products to consumers that are in line with their values and expectations. This is carried out through a permanent innovation process that distinguishes us and that adds value to our brands and our results. Important strategic levers which also support this behavior are: people and culture, financial discipline, efficient execution and cost management. Besides investing in our brands, organic growth initiatives and strategic acquisitions have also triggered our record results. Consolidated sales volumes rose 5.8%, to 142.9 million hectoliters, while net revenues totaled R$ 19.6 million, or 10.4% higher than the previous year. EBITDA rose 16.0%, to R$ 8.7 billion, with a 44.1% margin — the highest ever recorded in the beverage industry worldwide. Net income, which was R$ 2.8 billion, reflected the increase in the amortization of goodwill and losses in currency translation of investments we made outside of Brazil. During 2007, we acquired two companies: Cintra in Brazil, and Lakeport in Canada, which helped the expansion of our market, especially in the Ontario region. At the beginning of 2008, we also concluded the acquisition of minority interests in Quinsa, and we now own 99.56% of the company’s voting capital. In addition, during the year, we invested R$ 1,630.9 million to increase production lines, purchase commercial assets and build a glass plant, which will be launched at the beginning of 2008. All of our operations grew, led by Brazil with a 69.4% contribution to EBITDA and 16.8% growth in cash generation. The volumes increased in a consistent manner: 5.5% in beer and 10.6% in soft drinks. Quinsa posted an EBITDA result that was 22.3% higher than the previous year, even with the negative impact of cost inflation, higher salaries and an energy crisis. The performance reflects solid growth of volume, of 9.7% per year. HILA-ex reported a negative EBITDA of R$ 20.1 million, which represents a R$ 41.8 million improvement compared to the previous year. This improvement was a result of the repositioning of our brands to better face local market conditions. In North America, EBITDA rose by 6.4%, mainly due to improvements in production processes and the adoption of a number of initiatives seeking cost reductions. In an environment notable for strong price competition, the Lakeport acquisition strengthened our position to compete in the market. We maintained our strategy of distributing excess cash generated by our operations, which is a result of our focus on cash flow and working capital management. During the year we returned R$ 3.1 billion 4 WorldReginfo - e26712cf-72ef-4e3e-8246-187860ddb2a9 to shareholders by buying back shares and R$ 2 billion through dividends and interest on own capital (representing 70.9% of net income). Total payout was R$ 5.1 billion, 42% over the amount paid in 2006. The results in 2007, are explained by above all, the effort of our people, who are never satisfied with the results obtained, who are passionate about what we do, and who dream impossible dreams — always striving to over perform. Behind the results, we have a fantastic team that works hard to make those impossible dreams come true. Our people are determined, focused and know how to deliver. They grow by accepting tough goals and never give up. Even when trends in the market are going against us, our people have the ability to overcome. That is who we are and is our major strength. Carlos Brito Co-chairman of the Board of Directors Victorio Carlos De Marchi Co-chairman of the Board of Directors Annual Report 2007 5 WorldReginfo - e26712cf-72ef-4e3e-8246-187860ddb2a9 Map of Operations North America – represents the operations of Canada’s Labatt Brewing Company Limited (“Labatt”) Net Revenues (R$ million): 3,826 CANADA EBITDA (R$ million): 1,538 EBITDA Margin (%): 40.2% Beer market (mm HL): 22.88 Per capita consumption (liters): 69.7 Total beer sales (million HL) - Domestic: 9.7 Total beer sales (million HL) - Exports: 1.8 Beer installed capacity (million HL): 14.9 DOMINICAN REPUBLIC GUATEMALA EL SALVADOR VENEZUELA NICARAGUA BRAZIL ECUADOR Brazil – comprises (i) Beer Brazil; PERU (ii) Soft Drinks and Nanc (Non-Alcoholic and Non-Carbonated) and (iii) the sale of Malt BOLIVIA and By-products Net sales 12,455 EBITDA (R$million): 6,014 EBITDA Margin: 48.3% PARAGUAY Beer market (mm HL): 103.8 Per capita consumption (liters): 56.0 URUGUAY Total beer sales (million HL): 70.1 Total soft drink sales (million HL): 24.5 ARGENTINA Beer installed capacity (million HL): 118.1 CHILE Soft drink installed capacity (million HL): 66.5 6 WorldReginfo - e26712cf-72ef-4e3e-8246-187860ddb2a9 Hispanic Latin America (HILA) – (i) QUINSA consists of AmBev’s stake in (i) Quilmes Industrial.
Load more

Recommended publications
  • COMPANHIA CERVEJARIA BRAHMA (Exact Name of Registrant As Specified in Its Charter)
    US SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F [ ] REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1998 Commission file number 1-14630 COMPANHIA CERVEJARIA BRAHMA (Exact Name of Registrant as Specified in its Charter) Federative Republic of Brazil (Jurisdiction of Incorporation or Organization) Brahma Brewing Company (Translation of Registrant’s name into English) Rua Maria Coelho Aguiar, 215 - Blo co F, 6° andar Santo Amaro, São Paulo - CEP 05804-900 Brazil (Address of principal executive offices) (Zip code) Securities registered pursuant to Section 12(b) of the Exchange Act Title of Each Class Name of Each Exchange in Which Registered Preferred Shares, no par value per share each represented by New York Stock Exchange American Depositary Shares Common Shares, no par value per share each represented by New York Stock Exchange American Depositary Shares Securities registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None The total number of issued shares of each class of stock of COMPANHIA CERVEJARIA BRAHMA as of March 31, 1999 was: 2,635,679,468 Common Shares, no par value per share 4,287,944,559 Preferred Shares, no par value per share Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • 2020/11/28 現在 Page 1 パソコン画面から”Ctrl" と ”F” キーで検索が出来ます。
    2020/11/28 現在 Page 1 パソコン画面から”Ctrl" と ”F” キーで検索が出来ます。 Air CanadaPacific DRY Canada 井村 淳 日本橋ビール Japan Bud TowneXXXX BITTER Alln Langer Australia 井村 淳 日本橋ビール 黒ハーフ Japan DavidBrewdog 77 Lager Sweden 井村 淳 ASAHI SUPER DRY Beginning of the 21st C. 2001 Japan Jacks SAPPORO SEVEN 2001初詰生 Japan 井村 淳 SUNTORY MALT'S BEER 赤城山水系 Japan Jacks SAPPORO 北海道 生搾り Japan 井村 淳 SUNTORY MALT'S BEER 丹沢水系 Japan MaxGODTHAAB UMIMAk BAJA BRYGHUS Greenland 井村 淳 SUNTORY MALT'S BEER 天王山京都西山水系 Japan Mick ANTARCTICA PILSEN Argentina 井村 淳 SUNTORY MALT'S BEER 南阿蘇外輪山水系 Japan NeliaBeer na beer Pale Pilsner Philippines 井村 淳 Weltenburger Barock Dunkel Japan PatrickMolson Dry Richar's Red Canada 井村 淳 Weltenburger Barock Hell Japan R.Wilson AROMATONE 九州・沖縄サミット開催記念 Japan 井村 淳 Weltenburger Hefe-WeiBbier Dunkel Japan R.WilsonCHIMAY PERES TRAPPISTES(Red Label) Belgium 井村 淳 Weltenburger Hefe-WeiBbier Hell Japan R.WilsonNEW CASTLE BROWN ALE The one and Only England 井村 淳 Weltenburger Kloster Asam Bock Japan R.WilsonREGAL Christmas Belgium 井村 淳 Weltenburger Pils Japan R.Wilson 風の谷のビール ダークラガープラハ Japan 井村 淳 SUNTORY The PREMIUM MALT'S コクのブレンド Japan R.WilsonMAREDSOUS TRIPLE 10 TRIPLERobert Belgium 井村 淳 Sankt Gallen BROWN PORTER Japan R.WilsonWARSTEINER Germany 井村 淳 Sankt Gallen GOLDEN ALE Japan R.Wilson 風の谷のビール ヴァイツェン Japan 井村 淳 Sankt Gallen YOKOHAMA XPA Japan R.Wilson 風の谷のビール イングリッシュエール Japan 井村 淳 Sankt Gallen 湘南ゴールド Japan R.WilsonLOWENBRAU All Malt Germany 井村 淳 Asahi DRY PREMIUM 原酒仕立てプレミアム Japan Ray BrebdzyHarp Lager Ireland 井村 淳 Asahi DRY PREMIUM 香りの琥珀 限定醸造 Japan Ray Brebdzy Dragon Stout
    [Show full text]
  • The University of Western Ontario Western Archives
    THE UNIVERSITY OF WESTERN ONTARIO WESTERN ARCHIVES THE LABATT BREWING COMPANY COLLECTION AFC 101 WESTERN ARCHIVES THE LABATT BREWING COMPANY COLLECTION AFC 101 FONDS DESCRIPTION Dates 1832 - 2009 Material and Extent 450.89 m textual records 137 volumes 59 scrapbooks 10 manuals 1 songbook 7710 transparencies 45,696 photographs 54 photo albums 664 illustrations 54 prints 1331 prints –poster 1 sketchbook 1 collage 10 mechanical art 34 concept boards 14 storyboards 233 mock-ups 11 maps 189 land surveys 21 site plans 586 blueprints 1342 architectural drawings 2700 technical drawings 802 specification sheets 3812 films 8017 videocassettes 1 videocassette (audio) 504 videotapes 948 audiocassettes 34 audio discs 1598 audio tapes 1624 CDs 334 DVDs 16 computer cartridges 31 computer cassettes 13 computer data cards 2 198 computer diskettes 150 computer reels 28 zip disks 380 aperture cards 211 microfiche 109 microfilm reels 1 stereoscopic slide viewer Administrative History In progress. Scope and Content The fonds consists of textual, graphic, cartographic, architectural and technical, audio-visual, electronic and microform records relating to the establishment, operations, expansion and diversification of the Labatt Brewing Company Limited. Arrangement The fonds has been previously arranged into the following series: Series 1 Advertising Series 2 Print Advertising Series 3 Public Relations and Corporate Affairs Series 4 Corporate Communications Series 5 Corporate and Employee Training Series 6 Corporate Identity Series 7 Brand Identity Series
    [Show full text]
  • Análisis Crítico De Las Campañas Publicitarias De Brahma Desde Una Perspectiva De Género
    Universidad Nacional de Córdoba Repositorio Digital Universitario Biblioteca Oscar Garat Facultad De Ciencias De La Comunicación ANÁLISIS CRÍTICO DE LAS CAMPAÑAS PUBLICITARIAS DE BRAHMA DESDE UNA PERSPECTIVA DE GÉNERO Agustina Ferreyra Sofía Florencia Ruiz Falco Cita sugerida del Trabajo Final: Ferreyra, Agustina; Ruiz Falco, Sofía Florencia. (2020). “Análisis crítico de las campañas publicitarias de Brahma desde una perspectiva de género”. Trabajo Final para optar al grado académico de Licenciatura en Comunicación Social, Universidad Nacional de Córdoba (inédita). Disponible en Repositorio Digital Universitario Licencia: Creative Commons Atribución – No Comercial – Sin Obra Derivada 4.0 Internacional Análisis crítico de las campañas publicitarias de Brahma desde una perspectiva de género. Trabajo Final de la Licenciatura en Comunicación Social Autoras: Ferreyra, Agustina Ruiz Falco, Sofía Florencia Directora: Dorado, Claudia Octubre 2020 Córdoba, Argentina 1 Agradecimientos A mí familia, por el apoyo incondicional. A Tomás, por el amor. A Azul, por estar. A mis amigos, por la contención. A la universidad pública, por la oportunidad. A mis compañeros de la facultad, que hicieron más fácil el camino. A mí, por la voluntad. ¡Gracias! Sofía. A mi mamá y papá, por la incondicionalidad y la confianza. A mis amigos por el apoyo y la compañía. A mi compañera de tesis que sin ella no estaría acá. A la universidad pública por enseñarme y permitirme crecer. Eternamente agradecida. Agustina. 2 RESÚMEN En este trabajo final de grado de la Facultad de Ciencias de la Comunicación, presentamos una investigación de análisis de contenido acerca de los spots audiovisuales de la empresa cervecera multinacional AmBev (Brahma). El objetivo es analizar la representación de la mujer en las campañas publicitarias de cerveza Brahma, desde una perspectiva de género en torno a la construcción de roles sociales, estereotipos y sesgos sexistas.
    [Show full text]
  • Anheuser-Busch Inbev
    Our Dream: Anheuser-Busch InBev Annual Report 2014 1 ABOUT ANHEUSER-BUSCH INBEV Best Beer Company Bringing People Together For a Better World Contents 1 Our Manifesto 2 Letter to Shareholders 6 Strong Strategic Foundation 20 Growth Driven Platforms 36 Dream-People-Culture 42 Bringing People Together For a Better World 49 Financial Report 155 Corporate Governance Statement Open the foldout for an overview of our financial performance. A nheuser-Busch InBev Annual / 2014 Report Anheuser-Busch InBev 2014 Annual Report ab-inbev.com Our Dream: Anheuser-Busch InBev Annual Report 2014 1 ABOUT ANHEUSER-BUSCH INBEV Best Beer Company Bringing People Together For a Better World Contents 1 Our Manifesto 2 Letter to Shareholders 6 Strong Strategic Foundation 20 Growth Driven Platforms 36 Dream-People-Culture 42 Bringing People Together For a Better World 49 Financial Report 155 Corporate Governance Statement Open the foldout for an overview of our financial performance. A nheuser-Busch InBev Annual / 2014 Report Anheuser-Busch InBev 2014 Annual Report ab-inbev.com Anheuser-Busch InBev Annual Report 2014 1 ABOUT ANHEUSER-BUSCH INBEV About Revenue was Focus Brand volume EBITDA grew 6.6% Normalized profit Net debt to EBITDA 47 063 million USD, increased 2.2% and to 18 542 million USD, attributable to equity was 2.27 times. Anheuser-Busch InBev an organic increase accounted for 68% of and EBITDA margin holders rose 11.7% Driving Change For of 5.9%, and our own beer volume. was up 25 basis points in nominal terms to Anheuser-Busch InBev (Euronext: ABI, NYSE: BUD) is the leading AB InBev’s dedication to heritage and quality originates from revenue/hl rose 5.3%.
    [Show full text]
  • Beer: a Matter of Science and Perception
    Beer: A Matter of Science and Perception 74th Annual Meeting of the American Society of Brewing Chemists June 11–15, 2011 Sanibel Harbour Marriott Resort Fort Myers, FL, U.S.A. Photo courtesy of the Lee County Visitor & Convention Bureau. “It’s these changes in latitudes, changes in attitudes…” – Jimmy Buffett On behalf of the Program Committee, welcome to the 74th Annual Meeting of the American Society of Brewing Chemists! This is the first time our meeting has been in Fort Myers, Florida, nicknamed the “City of Palms.” Our meeting location is right on the Intercoastal Waterway right across from Sanibel Island, making it a perfect place to get away from the daily grind (brewing pun intended) and to really focus on The Science of Beer. This year, several elements of the program came together to create our theme, Beer: A Matter of Science and Perception. ASBC meetings Jeff Cornell draw many of the best brewing scientists from around the world to present their work and share their knowledge. But scientific research applied to beer and brewing is rarely black or white. Part of that “gray” area involves another science – perception. The way we perceive things touches our professional lives on a daily basis, whether it’s a sensory evaluation of beer or how we go about solving problems. So to explore Table of Contents these areas further, the program features two outstanding speakers: Jeannine Delwiche on “Impact of Multimodal Sensory Input on Perception of Beer Flavor,” and Karl Siebert on “Changing Schedule at a Glance ............... 3 Paradigms.” Also on the perception theme, you’ll find a pre-meeting short course addressing the Program many aspects of beer haze and colloidal stabilization and a sensory workshop focused on mouth- Friday .................................
    [Show full text]
  • 2020 Annual Report
    PREPARE. PERSEVERE. PROSPER. The Resilience of Canada’s Business Community in 2020 ANNUAL 20 REPORT 20 Because Business Matters. 1 TO OUR MEMBERS Ten months and counting. We are now only a short time away from marking a full year of dealing with COVID-19 in Canada. A year of Canadian businesses continues to be, focused on the needs struggling to stay afloat. A year of us of businesses in every community not being able to meet in person. A from east to west, north to south. This year of adapting our own business has brought a singular clarity to our models to adjust to the new realities of advocacy efforts. Regional, provincial, our members and our customers. territorial and federal governments have heard the exact same message from our The economic impact of COVID-19 Canadian Business Resilience Network. — the first shutdown, the second wave and the new lockdowns — has At a time when many other business been nothing short of devastating to associations have struggled or have businesses everywhere. closed their doors, the Canadian Chamber and its chamber network have As Canadians, we prepared and never had more respect or influence persevered during 2020. In the moment with decision-makers. Governments of greatest need, chambers across have sought our advice on how to this country rose to the challenge develop policies that will strengthen and found innovative ways to help Canadian businesses. Together, we their members keep their doors open. have helped shape decisions that truly And many businesses stepped up to matter for our economy. Our annual help their communities weather this report highlights some of the ways we economic storm.
    [Show full text]
  • China S Image in the World
    ਌ಯ༄ዘ ൜൫ํĄ໋൜ࢇ୴၈ǖ Đᒦਪࡼီஏተሷđ CEIBS Chair Professor of EU-China Dialogue Romano Prodi Speaks on “China’s Image in the World” ಸྦڔ / ᆪ ஙࠔLjᒦ๏ਪଔ৔࿜ኧᏔጙྙ଒ᆁ࢐༿౶೫๏ றݨࡼ୅ஊăᑚܭᒴᔢᒮ೟଀ࡼᑶᒤଜ༄౶ख ࠨ༿ࡵࡼဵ๏ටᆕᏋ્༄ᓍᇳĂፀࡍಽ༄ᔐಯ ൜൫ํ·໋൜ࢇ৅ሆLjჇጲᒦ๏ਪଔ৔࿜ኧᏔ ๏ට୴ᇳ୴၈ࡼ࿽॑ᆐᒦ๏ࡼኧညਜ਼ቅᎍඣᔫ ೫ዝ୚Ljጲሆ௓ဵ໋൜ࢇᏴ࿟਱ਜ਼۱யݬଝᒦ ๏ਪଔ৔࿜ኧᏔ૚ࣅဟ஠ቲዝ୚ਜ਼୻၊ݧषࡼ றݨຢࣤă খ࿖ᒦਪᏴ๏ᒴਜ਼ཝီஏࡼተሷ Ⴧඣጐ્࣪ᒦਪޘညঌෂ፝ሷăᑚᒬঌෂ፝ሷᓍገ౶ᔈள ଍ށෂLj૾ཽඣཱྀᆐᒦਪ࠭๏ᒴਜ਼ᇝऱီஏ༔ᔓ೫৔ᔫ૦ ອăޘǖᒰჅᒲᒀLjᒦਪဵጙৈ૵໚আᏭࡼ ્Lj૞ᑗᒦਪሶ๏ᒴਜ਼ᇝऱီஏਭ߲ࣞాڱஆக౷Ą೵ஆ ਪଜLj჈ࡼተሷፐࠥጐࡀᏴᓄࣶඈࣲᒄࠀăᒦਪဵቤီஏ Ꭷࠥሤ࣪።ࡼጐᎌጙᒬᑶᒤऱෂࡼᒎᐊLj૾࡛ቦᒦਪ Lj࠭ऻᒴᒇࡵฉගLjᑚዹ્ຼޝDžݙࡣᏴၫ ጯ஠ంီஏ৉࢐ჅᎌࡼှޠࡼჁ፬ăதଂฤᒦਪࡼ஠ݛDŽฤ௿10%ࡼᐐ ડီஏ௿ဴă……ࡣဵᆸཱྀᆐᑚᒬఘजݙᒋጙ៷Ljፐᆐ჈ ڤ೟࿟ဵரཽࡼLjᏴᒠ೟࿟ጐလॊ߲ᒰăཝီஏ࣒࣪۱ய ऎޠ߲ă၅ሌLjᆸඣገᆐᒦਪฤ௿10%ࡼᐐڻଜ࣒ᓖፀࡵLjᒦਪྙ ဣᒠ࿟ധ࣊ފᏥ્ரშݙጯăჅᎌࡼᑶᒤଜਜ਼਋ ᇝĂ፝ࣞਜ਼ᅉऐ໚DžLjگਪૹᅍጯज़਒ݙᏳLj ঢቝ࿟࢓Ljྙਫ඗ᎌᒦਪDŽጲૺڭ——ஙጯဵཝཆ௼ݽৢᄴᄏࡼጙᏋ ሚᏴख੓ဗഎࡼဵ۞౪ᒦਪᏴดࡼ20ਪૹᅍăభဵLjႲᓹ กඐီஏள଍୓્ጙ•ݙᑩă ᒦਪࡼଝႥखᐱLjཽඣጐఎဪ࡛ᎃǗႲᓹཽඣఎဪ࡛ᎃLj ᑞᑵݙಽࡼጙෂ໚ဣᑵੑሤनǖᒦਪથݙ৫༓ࡍࡵถ 54 TheLINK 2011 第一期 CEIBS KNOWLEDGE BY LAURIE UNDERWOOD This spring, CEIBS continued to benefit from the insights shared by one of Europe’s most senior statesmen – former European Commission President and former Italian Prime Minister His Excellency Romano Prodi – as he spoke to students and alumni as part of his Chair Professorship at CEIBS. Read on for excerpts from recent lectures and interviews delivered during CEIBS events in Shanghai and Beijing. On improving China’s image powers and are acting as regional powers. So we are at the in Europe and the world forefront of a world that is multi-polar, both in the economic and political field. Romano Prodi: Clearly, China is such a complex If you ask what we can do to change the [negative] country that its image, by definition, is contradictory.
    [Show full text]
  • U.S. Foreign Direct Investment in the Western Hemisphere Processed Food Industry
    U.S. Foreign Direct Investment in the Western Hemisphere Processed Food Industry. By Christine Bolling, Market and Trade Economics Division, Steve Neff, and Charles Handy, Food and Rural Economics Division, Economic Research Service, U.S. Department of Agriculture. Agricultural Economic Report No. 760. Abstract Foreign direct investment (FDI) has become the leading means for U.S. processed food companies to participate in international markets. Affiliates of U.S.-owned food processing companies had $30 billion in sales throughout the Western Hemisphere in 1995, nearly 4 times the level of processed food exports. This report puts U.S. foreign direct investment and trade in processed foods to the region into global perspective, and finds evidence that, in the aggregate for the 1990’s, trade and FDI are comple- mentary—not competitive—means of accessing international food markets. Incomes have grown sufficiently in most countries to support growth in affiliate sales and U.S. exports, indicating a strong demand for a wide variety of processed foods. Keywords: U.S. food processing industry, Western Hemisphere, foreign trade, foreign direct investment Acknowledgments The authors acknowledge the helpful reviews of Richard Brown, Nicole Ballenger, Mary Burfisher, Steve Haley, Dennis Henderson, Gregory Pompelli, David Skully, and Francis Tuan. The authors are especially grateful to Mary Burfisher, ERS, for running appropriate scenarios of the Burfisher-Robinson-Thierfelder CGE model and offering helpful comments on the presentation of the experiments’ results. Note: Use of company names in this report is for identification only and does not constitute endorsement by the U.S. Department of Agriculture. Washington, DC 20036 March 1998 Contents List of Figures .
    [Show full text]
  • 2019 Annual Report
    ANNUAL REPORT 2019 DOING WHAT’S RIGHT EMPOWERING MANITOBANS TO SEE A BETTER FUTURE THE RIGHT CAUSE Message from JIM GOETZ CHAIRMAN OF THE BOARD The Canadian Beverage Container Recycling With the support of our partners, beverage There are many more programs that CBCRA and the Association was founded in 2010 as a not-for-profit, producers and the retailers who sell the beverage Recycle Everywhere program have implemented industry-funded organization. The membership containers in Manitoba, CBCRA is able to continue this past year, and I invite you to read about them includes beverage brand owners and distributors. to leverage opportunities that increase beverage in this report. The Board of Directors and staff are focused on container recycling across the province. The On behalf of the Board of Directors, I would like the single target of increasing beverage container committed management team and staff offer to thank the countless Manitobans for their recovery in Manitoba. educational programs and public advertising to continued efforts to recycle their empty beverage The Container Recycling Fee (CRF) changed show the importance of recycling the right stuff, containers. As we move ahead in 2020, and the from a flat rate to a variable rate, effective and to ensure that recycling is accessible no matter tenth anniversary of CBCRA, I want to reiterate February 1, 2019. This variable rate depends on where Manitobans live, work or play. the importance of our action-oriented focus, container material type and size to reflect each CBCRA continues to improve accessibility to unwavering commitment and dedication to container type’s cost more fairly.
    [Show full text]
  • A Destruição Da Primeira Fábrica Da Cervejaria Brahma Do Rio De Janeiro
    A DESTRUIÇÃO DA PRIMEIRA FÁBRICA DA CERVEJARIA BRHAMA DO RIO DE JANEIRO Zenilda Ferreira Brasil Museóloga, formada pela Universidade Federal do Estado do Rio de Janeiro – UNIRIO em 1994, é pós-graduada em Fotografia como Instrumento de Pesquisa nas Ciências Sociais pela Universidade Cândido Mendes em 2003 e desde 2005 trabalha no Museu de Astronomia e Ciências Afins – MAST/MCTI, como museóloga no Núcleo de Documentação e Conservação de Acervos Museólogicos – NUDCAM. [email protected] Resumo Como é possível o destombamento de um bem patrimonial? A primeira fábrica da Cervejaria Brahma, localizada na cidade do Rio de Janeiro, foi fundada em 1888, ainda no período imperial, e destruída em 2011. Instalada no bairro do Catumbi, na Rua Visconde de Sapucahy, pelo imigrante suíço Joseph Villiger, o brasileiro Paul Fritz e Ludwig Mack com a denominação de Manufactura de Cerveja Brahma Villiger & Companhia mudando posteriormente de nome para Companhia Cervejaria Brahma, que depois seria sucedida pela Companhia de Bebidas das Américas-AmBev, fusão das empresas Brahma e Antártica. Com o crescimento da cidade, muitos prédios no bairro foram demolidos para dar passagem ao “progresso”. Em nome do Carnaval, e em prol dos projetos olímpicos para 2016, que gera milhões de reais para o Estado, um bem patrimonial é destombado e descartado. Infelizemente mais um patrimônio industrial é demolido e nem a chaminé ficará para contar a história. Palavras-chave: Patrimônio Industrial, Preservação e Tombamento. Abstract How is it possible the unregistered a heritage? The first factory Brahma brewery located in the Rio de Janeiro’ s city was founded in 1888, even in imperial period and destroyed in 2011.
    [Show full text]
  • 2020/11/28 現在 Page 1 パソコン画面から”Ctrl" と ”F” キーで検索が出来ます。
    2020/11/28 現在 Page 1 パソコン画面から”Ctrl" と ”F” キーで検索が出来ます。 1 1643Germany 合阪幸三 68 ALBA SCOTS PINE ALEScotland 山下亜紀 2 1664 France 69 ALBERTA GENUINE DRAFTCanada 鈴見慶子 3 1664 DE KRONENBOURG France 70 ALESTON BLACK ALEKorea 石川京子 4 1793 Special Edition STOUTAustralia 山崎靖博 71 ALESTON BROWN ALEKorea 石川京子 5 18世紀のインディアペールエール Japan 72 ALEXANDERBelgium 小澤里江 6 2004年11月1日 南魚沼市誕生記念ビール Japan 73 ALEXANDER KEITH'S INDIA PALE ALE Canada 7 2014 WEIZENKorea 石川京子 74 ALEXANDER KEITH'S INDIAN PALE ALE Canada 8 303 ICE GOLD Australia 75 ALEXANDER RODENBACH Belgium 9 30th ANIKI BEER ICHIRO MIZUKI Japan 76 ALFA Edel Pils Premium Dutch LagerGermany 剱持彰宏 10 312 URBAN PALE ALEUSA 石川京子 77 Alhambra Especialspain 小川智世 11 312 URBAN WHEAT ALEUSA 石川京子 78 ALLSOPPS QUALITY LAGERKenya 船岡美保 12 317.18USA Ron 79 almaza PILSNER BEERLebanon 石川京子 13 32 Via dei birrai AUDACEItaly 合阪幸三 80 ALOE BEER USA 14 32 Via dei birrai CURMIItaly 合阪幸三 81 Aloha Seres WAILUAUSA 合阪幸三 15 32 Via dei birrai OPPALEItaly 合阪幸三 82 Alpirsbacher HEIDELBEEREGermany 高橋朋子 16 33 EXPORT France 83 Alpirsbacher ZITRONEGermany 高橋朋子 17 "33" EXPORTJapan 松永宣男 84 ALSA BRAU France 18 333 Viet Nam 85 Alster-WasserKorea 石川京子 19 333 Export Viet Nam 86 Altenmunster 子猫ビールGermany 山下亜紀 20 53Canada 家合礼子 87 AMBAR 1900Spanish 浅尾治子 21 7 brau INDIA PALE ALEKorea 石川京子 88 AMBER ALE Japan 22 8,8 PREMIUMGermany 剱持彰宏 89 Amber Cｒeam Ale Japan 23 A & W ROOT BEER Hong 90 AMERICAN USA 24 A & W ROOT BEERUSA 冷川成晴 91 AMERICAN AMBER LAGER USA 25 A Le Coq PREMIUM EXPORTEstonia 外山直璋 92 AMERICAN PALE ALE USA 26 A MARCA BAVARIABrasil Vasco 93 AMERICAN PORTLAND MALT BEVERAGE USA 27 A・1 いきいきダーク Japan 94 AMIRAALI EXPORT BEER Finland 28 A・1 いきいきラガー Japan 95 AMIRAALI EXPORT BEER Heihachiro Togo 1847Holland 本野 盈 29 A.
    [Show full text]