DOCSLIB.ORG

Eurocash Accumulate

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Eurocash Accumulate Eurocash BRE Bank Securities BRE Bank Securities 17 January 2011 Update Retail Poland Eurocash Accumulate ERCS.WA; EUR PW (Resumed) Current price PLN 33.7 Leader Deserves a Premium Target price PLN 37.4 FMCG companies can be divided into those that invest in volumes Market cap PLN 4 778m before taking care of profitability and working capital management, Free float PLN 2 319m and those that focus on profitability. The Polish FMCG market is very competitive and local companies will find it difficult to sustain or Avg daily trading volume (3M) PLN 10.44m increase profitability in the presence of leading global wholesalers and retailers. The progressing consolidation of the market leads to Shareholder Structure additional pressure on margins. By purchasing Tradis, Eurocash has become the leader of the FMCG distribution market. The Company Luis Amaral 51.47% wants to participate in further market consolidation processes and aims at sales of PLN 20bn by 2015. We believe this will be hard to Pozostali 48.53% achieve as there are fewer and fewer sizable acquisition targets. That said, we do see a potential in the recently-acquired CEDC and Tradis. With some synergies taken into account, Eurocash does have further potential for organic growth. We are resuming coverage of Eurocash with an accumulate rating and target price of PLN 37.4 per share. Sector Outlook Tradis The FMCG wholesale market has been growing very We expect Tradis to add PLN 109m to the Company’s 2011 EBITDA and fast over the past few years and this trend seems set PLN 180m to its 2012 EBITDA. Eurocash is hoping to see an impact on to continue in the near future. The industry’s condition EBITDA as big as PLN 240m, taking into account synergies in the form of is strongly affected by the positive trends observed in lower purchasing prices (PLN 70m) and savings on logistic expenses (PLN retail sales. The number of FMCG wholesalers in 60m). Additional impact on working capital should reach PLN 130m, and Poland has been declining systematically, which is a consequence of ongoing consolidation of the industry. gains on the sale of properties taken over with Tradis some PLN 100m. No New Transactions on the Horizon Company Profile We expect stable growth and sustained profitability in traditional wholesale Eurocash is one of Poland’s biggest distributors of and active distribution. CEDC distribution companies bought in 2010 are in foods, household chemicals, alcohol and tobacco in need of restructuring, which, coupled with the Tradis acquisition, will keep terms of the value of sales and the number of stores. Eurocash busy enough to force it to postpone further acquisition efforts. Operating in several distribution segments, the New takeovers will be necessary, however, if the Company is to meet the Company focuses on wholesale distribution to Management’s PLN 20bn revenue target in 2015. Our forecasts do not take traditional retailers, gas stations and restaurants. such transactions into account. Valuation at a Premium Among WSE-listed peers, Eurocash is the leader as far as cash flows from operations are concerned. The Company’s low investment outlays are Eurocash vs. WIG financed with working capital and depreciation. Eurocash pays dividends and actively participates in market consolidation processes. In our opinion 35 this, along with its policy of repaying loans quickly, warrants a premium to PLN peers. The Company’s current P/E is 18.6 for 2012 and 15.0 for 2013, Eurocash WIG 30.8 which entails premiums of 38% and 22%, respectively, to foreign peers. WSE-listed retailers are trading at a premium of ca. 30% to foreign peers. 26.6 (PLN m) 2009 2010F 2011F 2012F 2013F 22.4 Revenue 6 698.3 7 834.2 13 895.0 15 455.3 16 546.2 EBIT 145.2 176.8 319.6 422.4 496.7 18.2 EBIT margin 2.2% 2.3% 2.3% 2.7% 3.0% EBITDA 194.5 236.5 411.0 521.5 593.7 14 Net income 102.5 131.3 202.0 287.8 357.5 10-01-13 10-05-11 10-09-06 11-01-02 DPS 0.29 0.37 0.49 0.76 1.08 P/E 44.3 35.0 24.6 18.6 15.0 Gabriela Borowska (48 22) 697 47 36 P/CE 29.9 24.1 17.0 13.8 11.8 [email protected] P/BV 12.4 10.0 4.6 4.2 3.6 www.dibre.com.pl EV/EBITDA 22.5 20.0 13.3 10.6 8.9 DYield 0.9% 1.1% 1.3% 1.9% 2.7% BRE17 January Bank Securities 2011 does not rule out offering brokerage services to an issuer of securities being the subject of a recommendation. Information concerning a conflict of interest arising in connection with issuing a recommendation (should such a conflict exist) is located on the final page of this report. BREBRE Bank Bank Securities Securities Eurocash Summary Acquisition of Tradis Tradis is expected to add about PLN 110m per year to Eurocash's consolidated EBITDA. The acquisition will also generate synergies in the form of better purchase prices (a ca. PLN 70m boost to annual EBITDA) and lower logistics expenses (ca. PLN 60m added to EBITDA). Restructuring of working capital, mainly accounts payable, will generate additional cash flows of an estimated PLN 130m. Finally, Tradis brought in real estate (including two distribution centers) which Eurocash hopes to sell for PLN 100m. Through the acquisition, Eurocash is now the uncontested market leader with a 17% market share. Valuation Premium Eurocash is trading at 18.6x 2012E P/E (by 2012, Tradis’s revenues will be fully reported on the consolidated income statement) and 10.6x EV/EBITDA, showing a premium to the sector which is all the more deserved after the acquisition. Eurocash is currently the leader of industry consolidation. The company generates positive operating cash flows and has a low CAPEX (except for M&A expenses) which is fully covered with working capital and depreciation. CFO, CAPEX, Dividend Eurocash is the leader among publicly traded FMCG companies in working capital management, although its negative conversion cycle is less impressive when compared to international leaders. Working capital and depreciation are sufficient to cover the costs of organic growth. Eurocash’s operating cash flows were 1.5x higher than EBITDA in 2007 and 2008, and have been on a level with EBITDA since 2009, and the ratio is expected to remain the same or rise in the years ahead. Strong operating cash flows, combined with low capital expenses (Eurocash leases store space), mean considerable cash resources that can be shared with shareholders or spent on M&A deals. On the occasion of announcing the Tradis acquisition, Eurocash also announced a 51% distribution to shareholders from 2010 earnings. Working capital, depreciation, CAPEX CFO/Net profit Source: Eurocash, BRE Bank Securities, company reports PLN 20 Billion Sales Target Eurocash has set itself a goal of achieving PLN 20 billion sales in 2015. To accomplish this ambitious goal while competition (Biedronka, Tesco, Carrefour) continues its aggressive expansion in Poland, the company has to carry on with mergers and acquisitions. And since targets with appropriately high sales volumes are increasingly harder to come by, achievement of sales growth at the target rate will be a challenge. Our financial forecasts for Eurocash account only for the M&A deals already completed. Focus On Volumes In our opinion, a focus on sales growth rather than profitability, and effective working capital management, are what it takes to succeed in a consolidating industry. Eurocash plans to utilize a portion of the higher margins saved on cheaper purchases to lower sales prices as a way of increasing market share. This, combined with a negative cash conversion cycle, will be key to maintaining a leading position as an FMCG distributor. Cross Sales Eurocash is hoping to increase cross-sales across the enlarged customer base built through M&A activity. 17 January 2011 2 BREBRE Bank Bank Securities Securities Eurocash Business Profile Eurocash is one of Poland’s largest FMCG wholesalers in terms of revenues and locations. Its key customers include retail stores, fuel stations, and restaurants. Eurocash sells FMCG through five channels: (i) the discount wholesale chain Eurocash Cash&Carry (which offers loyalty incentives to owners of abc franchise stores), (ii) the retail franchise Delikatesy Cetrum, (iii) the distributor of tobacco and impulse products KDWT, (iv) Eurocash Dystrybucja which caters to restaurants, hotels, and fuel stations, and (v) Premium Distributors – a network of alcoholic beverage retailers and wholesales (acquired from CEDC). Just recently, Eurocash acquired distribution operations from Emperia which include cash&carry outlets and delivered wholesale. Organizational Chart Source: Eurocash Sales Structure Sales by product group Sales by channel Source: Eurocash, BRE Bank Securities Cash & Carry Eurocash operates one of the largest self-service wholesale discount chains in Poland called Eurocash Cash&Carry. The chain consists of wholesale outlets conveniently located near customers, mostly in medium-sized cities with populations around 50,000. The average outlet has a floor area of 1500-2000 square meters. The target customer is a small to medium-sized store with a floor area of 100 sqm. An average cash&carry outlet carries 3500 products of which 85% are food and beverage items. Eurocash Cash&Carry has 80,000 registered customers including (i) abc stores, (ii) regular customers who shop at least once a month, and (iii) others. 17 January 2011 3 BREBRE Bank Bank Securities Securities Eurocash The abc chain, which benefits from a loyalty program, accounts for over 40% of Eurocash Cash&Carry’s total sales.
Load more

Recommended publications
  • Wikipedia List of Convenience Stores
    List of convenience stores From Wikipedia, the free encyclopedia The following is a list of convenience stores organized by geographical location. Stores are grouped by the lowest heading that contains all locales in which the brands have significant presence. NOTE: These are not ALL the stores that exist, but a good list for potential investors to research which ones are publicly traded and can research stock charts back to 10 years on Nasdaq.com or other related websites. [edit ] Multinational • 7-Eleven • Circle K [edit ] North America Grouping is by country or united States Census Bureau regional division . [edit ] Canada • Alimentation Couche-Tard • Beckers Milk • Circle K • Couch-Tard • Max • Provi-Soir • Needs Convenience • Hasty Market , operates in Ontario, Canada • 7-Eleven • Quickie ( [1] ) [edit ] Mexico • Oxxo • 7-Eleven • Super City (store) • Extra • 7/24 • Farmacias Guadalajara [edit ] United States • 1st Stop at Phillips 66 gas stations • 7-Eleven • Acme Express gas stations/convenience stores • ampm at ARCO gas stations • Albertsons Express gas stations/convenience stores • Allsup's • AmeriStop Food Mart • A-Plus at Sunoco gas stations • A-Z Mart • Bill's Superette • BreakTime former oneer conoco]] gas stations • Cenex /NuWay • Circle K • CoGo's • Convenient Food Marts • Corner Store at Valero and Diamond Shamrock gas stations • Crunch Time • Cumberland Farms • Dari Mart , based in the Willamette Valley, Oregon Dion's Quik Marts (South Florida and the Florida Keys) • Express Mart • Exxon • Express Lane • ExtraMile at
    [Show full text]
  • Sok Corporation Annual Report 2012 the Co-Op Members Are the Sole Owners of S Group’S Cooperative Enterprises
    SOK CORPORATION ANNUAL REPORT 2012 The co-op members are the sole owners of S Group’s cooperative enterprises. Co-op mem- bership is S Group’s way of conducting its coop- erative form of business and producing services and benefits for its co-op members. 2 SOK CORPORATION · ANNUAL REPORT 2012 SOK CORPORATION · ANNUAL REPORT 2012 3 Contents Adapting to a new era 6 Grocery trade for the benefit of co-op members 8 Consumer goods trade through multiple channels 12 ABC and the drive to renew 16 Contemporary travel industry and hospitality business 20 Co-op member’s own car dealership 26 A new phase in the agricultural trade 28 Rapid expansion in the neighbouring countries 32 Competitiveness through procurement 36 S Group with the best talent 38 Well-being through cooperative activities 42 S-Bank – a co-op menber’s daily partner 46 What is S Group? 48 S Group Key Figures 2008–2012 50 SOK Corporation’s Corporate Governance and Management System 51 SOK Supervisory Board 2012 54 SOK Executive Board 2013 56 SOK Corporation’s Corporate Management Team 2013 57 SOK Corporation’s Organisation 1. April, 2013 58 SOK Corporation’s Financial Statements 2012 59 4 SOK CORPORATION · ANNUAL REPORT 2012 SOK CORPORATION · ANNUAL REPORT 2012 5 Adapting to a new era IN 2012, THE NUMBER OF CO-OP MEMBERS GREW TO MORE THAN TWO MILLION. To honour the theme year, SOK S Group’S RETAIL SALES GREW BY FIVE PER CENT, BUT SOK CORPORAtion’S WEAK pledged to support a cooperative RESULT REDUCED THE ENTIRE Group’S RESULT.
    [Show full text]
  • Uplifting Jesus
    Responding to the “Uplifting Jesus” Statement • The Apocalyptic Imagination • Last-Generation Lifestyle • Waco’s 25th Anniversary • Postum Makes a Comeback • Freedom for Neighbor Love • Hospitality Begins at Home VOLUME 46 ISSUE 2 ■ 2018 SPECTRUM is a journal established to encourage Seventh-day Adventist participation in the discussion of contemporary issues from a Christian viewpoint, to look without prejudice at all sides of a subject, to evaluate the merits of diverse views, and to foster Christian intellectual and cultural growth. ALL RIGHTS RESERVED COPYRIGHT © 2017 ADVENTIST FORUM Although effort is made to ensure accurate scholarship and discriminating judgment, the statements of fact Editor Bonnie Dwyer are the responsibility of contributors, and the views Editorial Assistants Wendy Trim, Linda Terry individual authors express are not necessarily those of Design Mark Dwyer the editorial staff as a whole or as individuals. Spectrum Web Team Alita Byrd, Pam Dietrich, Bonnie Dwyer, Rich Hannon, Steve Hergert, Wendy Trim, Jared SPECTRUM is published by Adventist Forum, a non- Wright, Alisa Williams; managing editor subsidized, nonprofit organization for which gifts are deductible in the report of income for purposes of taxation. The publishing of SPECTRUM depends on subscriptions, gifts from individuals, and the voluntary ABOUT THE COVER ART AND ARTIST: Editorial Board: efforts of the contributors. Richard W. Hawkins is a Beverly Beem Richard Rice SPECTRUM can be accessed on the World Wide Web at multimedia artist, born 1989 in Walla Walla, Washington Riverside, California Lodi, California. Richard’s work www.spectrummagazine.org. varies in media from paintings Alita Byrd Charles Scriven and sculptures to metal working, Dublin, Ireland Phoenix, Arizona mixed media and experimenting with unconventional materials.
    [Show full text]
  • OETHICS W Does an Ancient Xt Speak to Modern Birth Technologies?
    Weekly News and Inspiration for Seventh-day Adventists November 10, 1988 CH2 - -P -OCH2CH,NICH,), -- H S C--H-G—S co -- tan-' -- tan - ' -- Pt PZ ril r:: • • • rh, r:, r:: • • r2. OETHICS w does an ancient xt speak to modern birth technologies? Why Fight for Religious Liberty? God Gives Only Good Gifts LETTERS AIDS problem: the spiritual illness of the Better Choir Lofts AIDS is a very real presence in the church. What is needed more than One of the human activities in the San Francisco Bay area. Calvin restructuring services is the restruc- worship service is the contribution Rock's (Faith Alive! Sept. 8) assur- turing of Adventist hearts. When of the musicians—choir and instru- ance that the church is doing some- hearts have been transformed, the mentalists. Since Adventist thing about AIDS falls flat. fog of indifference will lift. The "pa- churches do not pay for their min- To say that ideas are not "opera- thetic paucity of attendance" will istry, would it not be a great kind- tional" because of "competing pri- change. Empty pews will fill. Mem- ness to consider their comfort when orities" merely masks the fact that bers will react as did David: "I was the church is designed? According the church is talking but not doing glad when they said unto me, Let us to Neville Clouten, in "Architecture anything about AIDS. go into the house of the Lord" (Ps. of Enrichment" (Sept. 15): "Our We are at the stage where everyone 122:1). buildings should respond uniquely agrees that something should be Rum JAEGER BUNTAIN to the environment, human activi- done, but no one is willing to step out St.
    [Show full text]
  • Eurocash S.A
    EUROCASH S.A. CONSOLIDATED ANNUAL REPORT FOR 2010 TRANSLATORS’ EXPLANATORY NOTE The following document is a free translation of the report of the above-mentioned Polish Company. In the event of any discrepancy in interpreting the terminology, the Polish version is binding. KOMORNIKI, 8th April 2011 WorldReginfo - 1a54de9b-48bb-448c-a66f-1df8ced28646 CONTENTS I. LETTER FROM THE PRESIDENT OF THE MANAGEMENT BOARD II. SELECTED CONSOLIDATED FINANCIAL DATA III. AUDITOR’S OPINION IV. AUDITOR’S REPORT V. CONSOLIDATED FINANCIAL STATEMENTS VI. EUROCASH GROUP - REPORT OF THE MANAGEMENT BOARD WorldReginfo - 1a54de9b-48bb-448c-a66f-1df8ced28646 Dear Stakeholders, As is by now customary I am writing to summarize the year of 2010 and share my perspective for 2011. Once more we had a very exciting and challenging year: we negotiated 3 very important acquisitions which will allow us to have stronger leadership in the wholesale market but more importantly will give us the tools to increase the competitiveness of Polish independent retailers in their daily fight against discounters and hypermarkets. Acquisition of Premium Distributors gave us leadership in alcohol, a major category for any independent retailer in Poland. Later with Polcater we also gained leadership in the HoReCa segment and got a business which will be critical in future to supply our clients with a different assortment to the one they have today. At year end we concluded the negotiations with Emperia Holding for taking-over Tradis, through which we became the 2nd biggest food distributor in Poland just after Biedronka, and which will give us a very strong leadership position in distribution of Branded products.
    [Show full text]
  • S Group's Year 2013
    S Group’s year 2013 SOK Corporation’s Financial Statements S Group is a forerunner in wind power in Finland. Our objective is to generate 50% of the electricity we need with our own wind power. Contents Contents Streamlining to serve you better 4 Today’s co-operative activities 5 New horizons in the grocery trade 6 Multichannel operations offer good service 10 New winds blowing in the ABC chain 14 Targeted personalised service 18 A changing palette of operations 22 Competitive advantage from logistics 23 Competent S Group personnel 24 Closer interaction with customers 26 Big decisions at S-Bank 28 What is S Group? 30 S Group’s Key Figures 2009–2013 33 Corporate Governance and Management System 34 SOK Supervisory Board 2013 38 SOK Executive Board 2014 40 SOK Corporation’s Corporate Management Team 2014 41 SOK Corporation’s Organisation March 1st, 2014 42 SOK Corporation’s Financial Statement’s 2013 43 3 S Group’s year 2013 CEO’s Review S Group’s financial result remained at the previous year’s level in 2013. Our goals are set slightly higher in 2014, although the overall economic situation continues to be challenging. Streamlining to serve you better inland, and the retail seg- For S Group, 2014 marks the innovative. In addition, it also re- ment in particular, faced beginning of many changes. We quires that we possess a new kind Fdifficult times in 2013, and will continue to streamline our of courage to involve our person- S Group’s journey was not easy operations in order to secure our nel in building new innovations, either.
    [Show full text]
  • WAIKĪKĪ IMPROVEMENT ASSOCIATION Wikiwiki Wire E-Newsletter Keeping You Up-To-Date on Waikīkī News, Features, Trends and More!
    WAIKĪKĪ IMPROVEMENT ASSOCIATION Wikiwiki Wire E-newsletter keeping you up-to-date on Waikīkī news, features, trends and more! Photo by Colton Jones on Unsplash VOLUME XXI ISSUE 03 MARCH 2020 Contents 4 ROYAL HAWAIIAN GROIN REPLACEMENT PROJECT POSTPONED UNTIL FALL OF 2020 5 CHRISTMAS DAY KING TIDES 6 3RD ANNUAL VISITOR PUBLIC SAFETY CONFERENCE 7 26TH ANNUAL HONOLULU FESTIVAL CANCELLED 8 KA HUINA 2020 CONFERENCE 10 W.O.W. BEACH CLEAN UP EVENT 11 WAIKIKI BEACH HULA SHOW SCHEDULE 12 STREET ACTIVITY IN AND NEAR WAIKIKI WIKIWIKI WIRE 2 MORE WAIKĪKĪ Contents FOOD & EVENTS BASALT PRIX FIXE DINNER & LIVE MUSIC WAIKIKI BEACH WALK MELE HALI'A, FREE SUNDAY CONCERT BILLS HAWAII WAIKIKI BEACH WALK NĀPUA MUSIC SERIES HALEKULANI NEWS & EVENTS ROYAL HAWAIIAN CENTER HOSTS LĀ KEIKI HAWAI'I CONVENTION CENTER MARCH DAY, A CHILDREN'S DAY CELEBRATION UPCOMING EVENTS ROYAL HAWAIIAN CENTER - STEP INTO HILTON WAIKIKI BEACH DINING & EVENTS SPRING IN STYLE THE BUFFET AT HYATT - EASTER SUNDAY ROYAL HAWAIIAN CENTER - COME ONE, SPECIAL COME ALL TO THE WAIKIKI FOOD HALL! HYATT REGENCY SWIM OCEAN BAR & HAWAIIAN CULTURE ON DISPLAY AT ROYAL RESTAURANT HELPING GROW FUTURE HAWAIIAN CENTER FARMERS TANAKA OF TOKYO JAPANESE STEAK & HYATT REGENCY CHERISH THE IRISH AT SEAFOOD SWIM OCEAN BAR & RESTAURANT 35TH ANNUAL DUKE KAHANAMOKU BEACH IL LUPINO HAPPY HOURS CHALLENGE - A BENEFIT FOR THE WAIKIKI COMMUNITY CENTER ISLAND VINTAGE WINE BAR LUNCH & DINNER MENU WOLFGANG'S STEAKHOUSE THE ROYAL HAWAIIAN RESORT 2020 EASTER SKY WAIKIKI RESTAURANT ST. PATRICK'S DAY BRUNCH MENU SPECIALS NOI THAI CUISINE TOP OF WAIKIKI SUPPORTING LOCAL FARMS & 10% OFF STEAKS WAIKIKI BEACH WALK ENTERTAINMENT & ACTIVITIES PAN-PACIFIC FESTIVAL WAIKIKI DINING GUIDE 2020 WIKIWIKI WIRE 3 WAIKĪKĪ BEACH NEWS AND UPDATES - MARCH 2020 Royal Hawaiian Groin Replacement Project Postponed Until Fall of 2020 nourishment project.
    [Show full text]
  • NORTH CAROLINA ALCOHOLIC BEVERAGE CONTROL COMMISSION MINUTES OCTOBER 10, 2018 the Following Narrative Summarizes the North Carol
    NORTH CAROLINA ALCOHOLIC BEVERAGE CONTROL COMMISSION MINUTES OCTOBER 10, 2018 The following narrative summarizes the North Carolina Alcoholic Beverage Control Commission Meeting held at 400 East Tryon Road in Raleigh, North Carolina on October 10, 2018, beginning at 10:00 AM. The meeting was recorded and the disc is on file at the NC ABC Commission within the Legal Division. ROLL CALL Chairman A.D. Zander Guy, Jr. welcomed those in attendance and called the Commission Meeting to order. Chairman Guy explained the agenda would be adjusted by moving the Public Hearing on Proposed Permanent Homebrew Rules – Rules 14B NCAC 15A .2301 - .2207 to the end of the agenda. The schedule adjustment would allow ample time for the many people present to address their comments to the Commission. Chairman Guy thanked those present for attending the Commission Meeting and introduced himself and Commissioner Norman A. Mitchell, Sr. Chairman Guy added he was proud of the ABC Commission staff and their work. MINUTES OF THE SEPTEMBER 12, 2018 COMMISSION MEETING Chairman Guy asked for a motion to waive the reading of the minutes of the September 12, 2018 meeting into the record. Commissioner Mitchell made a motion to waive the reading of the minutes. Chairman Guy seconded the motion. Motion Passed. Chairman Guy asked for a motion to approve the minutes of the September 12, 2018 meeting. Commissioner Mitchell made a motion to approve the minutes. Chairman Guy seconded the motion. Motion Passed. CONFLICTS OF INTEREST As required by N.C.G.S. § 138A-35, Chairman Guy asked if there were any conflicts of interest or any conditions or facts which might create the appearance of a conflict of interest with respect to any matters on the agenda.
    [Show full text]
  • CONTROL STATE NEWS We Greatly Appreciate Our Partnership with You and Apologize in Advance for Any Delays This May Have NC: N.C
    Monday, March 15, 2021 www.nabca.org • NC: N.C. ABC renews contract with subject of 2018 audit, increases warehousing fees • TX: Elimination of the Texas Alcoholic Beverage Commission Filed in Texas House TODAY’S • Canada: No Alcohol In Convenience Stores: Mayor HIGHLIGHTS • UK’s First Indian Wine Specialist Launches • TTB News: Avoiding Common Errors On Your Labels – Government Health Warning • Could restaurant tipping become obsolete after pandemic? Dear Members and Valued Customers, TTB NEWS We have recently been made aware of phishing You can now find all of TTB’s COVID-19-related attempts by third parties purporting to act on behalf of news and guidance in a single location. NABCA. Please be aware that NABCA does not utilize any third-party companies to generate sales—and we have not authorized any third-party marketing ADDITIONAL LINKS company to act on our behalf in relation to our data. Visit NABCA’s website for information on: While it is too early to tell if this is part of an industry- • Control State Agency Information wide scam, we have heard concerns from other • associations currently dealing with similar types of sales Doing Business in Control States fraud. If you have received any suspicious emails • NABCA News relating to NABCA, please let us know by contacting [email protected] CONTROL STATE NEWS We greatly appreciate our partnership with you and apologize in advance for any delays this may have NC: N.C. ABC renews contract with subject of 2018 caused. If you have any additional questions, our line is audit, increases warehousing fees always open.
    [Show full text]
  • Retail Foods Report for Poland Retail Foods Poland
    THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: 12/24/2012 GAIN Report Number: PL1230 Poland Retail Foods Retail Foods Report for Poland Approved By: Michael Henney, Agricultural Attaché Prepared By: Marcin J. Rybarski, Student Intern; Jolanta Figurska, Agricultural Marketing Specialist Report Highlights: Poland’s food retailing sector continues to modernize as consumers income grow. The Euro crisis did not disrupt development of the Polish market; with gross domestic product currently at 4.3 percent, as it did the rest of Europe. Though convenience stores remain an important force on the Polish market, hypermarkets, supermarkets, and discount stores continue to grow in importance. Consumers are spending money to better their lifestyles. U.S product sales are often hampered by stiff competition from Poland and other EU countries. Section IV, “Best Prospects” lists opportunities for U.S. food products: wines, distilled spirits, seafood, prunes and cranberries etc. Post: Warsaw Executive Summary: Section I. Market Summary GENERAL INFORMATION The Polish economy has grown rapidly since the late 1990s. Entering the European Union in 2004 was a great boost for the Polish economy. During peak of the global economic crisis, Poland retained Gross Domestic Product growth of 1.63 percent. In 2010 and 2011 GDP grew by 3.9 percent and 4.3 percent, respectively. Chart 1. Gross Domestic Product growth of Poland (%) 7 6.79 6.23 6 5.34 5.13 5 4.35 3.87 3.90 4 3.62 3 2 1.44 1.63 1 0 Source: The World Bank Despite the global crisis Poland maintained positive GDP growth.
    [Show full text]
  • Daily News Update
    Tuesday, April 13, 2021 www.nabca.org • AL: Gov. Kay Ivey signs alcohol delivery bill into law • CT: Alcohol Awareness Month Serving Up Critical Health Advisories • United Kingdom: Supermarkets in talks to trial age estimation technology for buying alcohol later TODAY’S this year HIGHLIGHTS • Alcohol consumption is the sole cause of 85,000 deaths annually in the Americas, PAHO/WHO study finds • These Are the 50 U.S. Craft Brewers That Sold the Most Beer in 2020 • Innovations in Alcohol Detection Technology to be Explored on Advancements Series ALCOHOL AWARENESS MONTH Sharing Solutions E-Newsletter! A platform for the NABCA community to share successful UPCOMING EVENTS implementations and lessons learned about your good work. Webinar: TTB Explains Federal Alcohol Beverage Advertising Regulations TTB NEWS April 20, 2021 at 2 PM EST You can now find all of TTB’s COVID-19-related news Click here for more details. and guidance in a single location. NABCA's 84th ANNUAL CONFERENCE ADDITIONAL LINKS Registration is now open for the 84th Annual Conference which is virtual this year. Visit NABCA’s website for information on: The conference will be held May 17-19, 2021. This • Control State Agency Information year’s theme is SHARING SOLUTIONS. • Doing Business in Control States Click here for more details. • NABCA News For questions, contact the Meetings Department at [email protected]. CONTROL STATE NEWS Beverage Alcohol Retailers Conference AL: Gov. Kay Ivey signs alcohol delivery bill into June 7-9, 2021 law UT Austin ATT Conference Center, Texas Click here for more details. AL.com By Shauna Stuart April 12, 2021 NABCA NEWS Alabamians will be able to order alcohol for delivery Visit NABCA’s COVID-19 Resource page for updates to their homes starting this fall.
    [Show full text]
  • The Most Authoritative Guide to the World's Largest Licensors and Properties, Which Represent Almost $230 Billion in Global Re
    MAY 2013 VOLUME 16 NUMBER 2 ® The most authoritative guide to the world’s largest licensors and properties, which represent almost $230 billion in global Sponsored by retail sales of licensed merchandise, provides sales data and trends for a broad spectrum of popular brands. magentablackcyanyellow ES245914_lic0513_T1.pgs 05.03.2013 05:03 ADV PROTECT. PROACTIVELY. Your intellectual properties possess great value, generate significant IP owners turn to EisnerAmper to protect revenue and represent the essence of your brand and your business. their intellectual properties and maximize These vital assets need to be protected proactively. Don’t put your revenue from their licensing programs by: IP at risk and let profits slip away! n Conducting forensic royalty & compliance audits Contact EisnerAmper today to find out how we have been helping n Providing litigation support the Licensing Community proactively protect its interests for more n Protecting personally identifiable than 20 years or visit www.eisneramper.com information n Valuing intellectual properties, and n Providing business intelligence Let’s get down to business. ® Combining these services with our renowned financial business solutions – including audit, tax and wealth management - EisnerAmper offers a one-stop financial resource to the Licensing Community. www.eisneramper.com EisnerAmper LLP Lewis Stark, CPA Accountants & Advisors Partner-in-Charge Independent Member of PKF International EisnerAmper Royalty Audit and Contract Compliance 212.891.4086 Follow us: [email protected] magentablackcyanyellow ES247678_LIC0513_T2_FP.pgs 05.08.2013 12:12 ADV By Tony Lisanti he exclusive annual retail sales ranking of They include: core properties Better Homes & Gardens and Parents. the world’s largest owners of intellectual ■ Lucas Licensing–Disney acquired George Mattel and Sanrio both reported $7 billion in retail Tproperty, compiled by License! Global, has Lucas’ company, parent to the venerable Star sales earning the No.
    [Show full text]