Seaboard Corporation 2016 Annual Report

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SEABOARD CORPORATION Principal Locations Corporate Office National Milling Company of Guyana, Inc. Seaboard de Nicaragua, S.A. Seaboard Corporation Guyana Nicaragua Merriam, Kansas Les Moulins d’Haiti S.E.M.* Seaboard del Peru, S.A. Haiti Peru Pork Lesotho Flour Mills Limited* Seaboard Freight & Shipping Jamaica Seaboard Foods LLC Lesotho Limited Pork Division Office Life Flour Mill Ltd.* Jamaica Merriam, Kansas Nigeria Seaboard Honduras, S. de R.L. de C.V. Processing Plant LMM Farine, S.A. Honduras Guymon, Oklahoma Madagascar Seaboard Marine (Trinidad) Ltd. High Plains Bioenergy, LLC Minoterie de Matadi, S.A.* Trinidad Guymon, Oklahoma Democratic Republic of Congo Seaboard Marine of Haiti, S.A. HPB – St. Joe Biodiesel LLC Minoterie du Congo, S.A. Haiti St. Joseph, Missouri Republic of Congo SEADOM, S.A. Seaboard de Mexico USA LLC Moderna Alimentos, S.A.* Dominican Republic Mexico Molinos Champion, S.A.* SeaMaritima S.A. de C.V. Daily’s Premium Meats, LLC* Ecuador Mexico Missoula, Montana National Milling Corporation Limited Sugar Salt Lake City, Utah Zambia St. Joseph, Missouri Paramount Mills (Pty) Ltd.* Alconoa S.R.L. South Africa Ingenio y Refineria San Martin del Commodity Trading and Milling Rafael del Castillo & Cia. S.A.* Tabacal S.R.L. Commodity Trading Operations Argentina Colombia Atlanta, Georgia* Societe Africaine de Developpement Power Australia* Industriel Alimentaire, S.P.R.L.* Canada Transcontinental Capital Corp. Democratic Republic of Congo Chapel Hill, North Carolina (Bermuda) Ltd. Unga Holdings Limited* La Compania de Electricidad de San Colombia Kenya and Uganda Ecuador Pedro de Macoris* Marine Dominican Republic Greece Isle of Man Seaboard Marine Ltd. Turkey Kenya Marine Division Office Butterball, LLC* Miami, Florida Peru* Division Office Singapore Port Operations Garner, North Carolina Brooklyn, New York South Africa Processing Plants Houston, Texas Uruguay* Carthage, Missouri Miami, Florida Africa Poultry Development Limited* Huntsville, Arkansas Kenya and Zambia New Orleans, Louisiana Mt. Olive, North Carolina Bag Yaglari Sanayi ve Ticaret T.A.S.* Philadelphia, Pennsylvania Ozark, Arkansas Turkey Agencia Maritima del Istmo, S.A. Further Processing Plants Costa Rica Beira Grain Terminal, S.A. Jonesboro, Arkansas Mozambique Cayman Freight Shipping Services, Ltd. Montgomery, Illinois Belarina Alimentos S.A. Cayman Islands Raeford, North Carolina Brazil JacintoPort International LLC Bolux Group Proprietary Limited* Houston, Texas Other Botswana Kingston Wharves Limited* Mount Dora Farms de Honduras, Compania Industrial de Productos Jamaica S.R.L. Agropecuarios S.A.* Lafito Logistics Holdings, Ltd.* Honduras Colombia Bahamas Mount Dora Farms Inc. Congo Poultry Limited* Representaciones Maritimas y Aereas, S.A. Houston, Texas Democratic Republic of Congo Guatemala Flour Mills of Ghana Limited Sea Cargo, S.A. Ghana Panama Gambia Milling Corporation* Seaboard de Colombia, S.A. Gambia Colombia *Represents a non-controlled, non-consolidated affiliate 4 2016 Annual Report .

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Moderna Alimentos S.A
IFC INCLUSIVE BUSINESS COMPANY PROFILE Moderna Alimentos S.A. COMPany BacKground Moderna Alimentos S.A. (Moderna) is Ecuador’s leading Country: Ecuador miller and marketer of wheat flour. The company has Sector: Agribusiness been in operation since June 2009, when it was formed by the merger of Molino Electro-Moderna S.A., Molinos IFC’s Investment: $8 million in long-term del Ecuador S.A., and Grupo Moderna. Each of these debt financing companies had more than 12 years of experience in Ecuador’s wheat and flour market. The merger gave Moderna immediate control of 39% of the market, combined the companies’ reach to different regions and customer groups nationwide, and generated competitive Its trademark brand, Ya, is Ecuador’s leading wheat flour advantages like the ability to negotiate full cargo vessel brand. Additionally, Moderna produces and markets bakery shipments and consolidate port handlings and internal products, and manages a chain of 13 bakeries under freight. This has resulted in lower costs and greater franchise in Quito. Today, Moderna is owned by the Correa affordability for customers at the base of the pyramid. family with 36.6%, Seaboard Corporation and Continental Headquartered in Quito, Moderna operates three wheat Grain Company with 25% each, the Lopez family with flour mills located in Manta, Riobamba, and Cajambe. 10.6%, and investment fund Fondo País Ecuador with 2.8%. DRIVERS FOR MODERNA’S InclusiVE BUSINESS MODEL • Consumer preference for the cachito bread rolls sold by small bakeries • Small bakeries consume over 90% of flour used for baking (baking, in turn, accounts for approximately 70% of the total flour market) • Stability, loyalty, and profitability of the small bakery segment • Rising demand for flour, at 3–4% annually The overarching driver for Moderna’s inclusive business baked product is the cachito—a bread roll similar to a model is market opportunity: Ecuador’s approximately 6,000 croissant sold primarily by smaller bakeries.
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Seaboard Corporation 2016 Annual Report
2016 Annual Report SEABOARD CORPORATION Description of Business Seaboard Corporation and its subsidiaries (“Seaboard”) are a diverse global agribusiness and transportation company. In the United States (“U.S.”), Seaboard is primarily engaged in pork production and processing and ocean transportation. Overseas, Seaboard is primarily engaged in commodity merchandising, grain processing, sugar production and electric power generation. Seaboard also has an interest in a turkey operation in the U.S. Table of Contents Letter to Stockholders 2 Principal Locations 4 Division Summaries 5 Summary of Selected Financial Dat a 7 Company Performance Graph 8 Quarterly Financia l Data (unaudited) 9 Management’s Discussion & Analysis of Financial Condition and Results of Operations 10 Management’s Responsibility for Consolidated Financial Statements 24 Management’s Report on Internal Control over Financial Reporting 24 Report of Independent Registered Public A ccounting Firm on Consolidated Financial Statements 25 Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting 26 Consolidated Statements of Comprehensive Income 27 Consolidated Balance Sheets 28 Consolidated Statements of Cash Flows 29 Consolidated Statements of Changes in Equity 30 Notes to Consolidated Financial Statements 31 Stockholder Information 60 This report, including information included or incorporated by reference in this report, contains certain forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance and business of Seaboard. Forward-looking statements generally may be identified as statements that are not historical in nature and statements preceded by, followed by or that include the words: “believes,” “expects,” “may,” “will,” “should,” “could,” “anticipates,” “estimates,” “intends,” or similar expressions.
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SEABOARD CORPORATION (Exact Name of Registrant As Specified in Its Charter)
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Exhibit (A)(5)(C) 9000 West 67 Street • Shawnee Mission, KS 66202 Phone: (913) 676-8800 • Fax: (913) 676-9972 for I
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