DOCSLIB.ORG

Pwc Consumer Markets M&A

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Pwc Consumer Markets M&A PwC Advisory | Deals May 2021 PwC Consumer Markets M&A Deals Newsletter EMEA Section Table of contents Consumer Markets M&A Deals Newsletter EMEA Executive summary 3 Dairy Products 26 Foreword 4 Baked Goods & Snack Foods 27 M&A overview 5 Household & Personal Care 28 Notable deals in 2020 7 Apparel & Footwear 29 Industry trading performance 8 Luxury Fashion & Accessories 30 Commodity prices overview 10 Leisure news and multiples 31 Travel 32 Retail news and multiples 11 Accommodation 33 12 Supermarkets & Hypermarkets Food Service & Restaurants 34 Apparel & Footwear Retail 13 Sports & Recreation 35 Home Furnishing Retail 14 Other Leisure 36 Electronics Retail 15 Online Marketplaces 16 Markets update 37 Specialty Retail 17 Foreign exchange data 38 Commodities 39 Consumer news and multiples 18 Equity indices 41 Alcoholic Beverages 19 Soft Drinks, Coffee & Tea 20 Credentials 42 Diversified Packaged Foods 21 Consumer Markets’ contacts 44 Food Ingredients 22 Appendix 47 Health & Wellness 23 Agricultural Products 24 Animal Protein 25 © 2021 PwC. All rights reserved. Not for further distribution without the permission of PwC. "PwC" refers to the network of member firms of PricewaterhouseCoopers International Limited (PwCIL), or, as the context requires, individual member firms of the PwC network. Each member firm is a separate legal entity and does not act as agent of PwCIL or any other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way. No member firm is responsible or liable for the acts or omissions of any other member firm nor can it control the exercise of another member firm's professional judgment or bind another member firm or PwCIL in any way. This document is intended for informational purposes only. It is not, and is not intended, for any other use. Although the information contained in this document has been presented with all due care, it is your own responsibility to make your own investigations, decisions and inquiries about the information and you should exercise your own independent professional judgment when using (the information contained in) this document. Some of the information and data used and presented in this document has been based on, is provided by or derives from various third parties, including but not limited to external (public) data sources, which is neither endorsed or supported by PwC. PwC | Consumer Markets M&A | Deals Newsletter EMEA | May 2021 2 Section Executive summary PwC | Consumer Markets Markets M&A M&A | Deals| Deals Newsletter Newsletter EMEA EMEA | May | May 2021 2021 3 Section | Executive summary Foreword The Retail, Consumer and Leisure industries have been severely affected by the COVID-19 outbreak. In many countries around the globe, retailers have been experiencing problems due to the overnight closure of their physical stores and supply chain disruptions. At the same time, online retailing has flourished like never before. Leisure businesses have generally been hit very hard, whereas for Consumer Goods impact has been different from company to company. Even when the pandemic is over, companies will need to adapt to a new normal and can take this time to rethink business models, portfolios and M&A strategy. M&A activity has really picked up in the second half year 2020, as well as in Q1 2021. For EMEA, large deals have dominated the M&A landscape, but underlying trends in sustainability, ESG, as well as direct to consumer as a channel are likely to continue to drive M&A. Since the start of the pandemic, we have witnessed RCL companies redefining their core, buying disrupting companies with novel business models and focussing on improving resilience. With this newsletter, we aim to provide an overview of the Retail, Consumer and Leisure M&A activity in EMEA. We sincerely hope this newsletter can provide an insight into your future strategy in 2021 and onwards. Wilmer Kloosterziel PwC Europe Deals Consumer Markets Leader PwC | Consumer Markets M&A | Deals Newsletter EMEA | May 2021 4 Section | Executive summary M&A overview (1/2) Recent Retail, Consumer and Leisure deals • Retail, Consumer and Leisure Markets in EMEA hosted 809 M&A deals with a total deal value of c.€71.7bn* • Consumer goods dominated the M&A space with 374 deal announcements, Retail and Leisure followed with 262 and 173 deals respectively • Quarterly deal volumes showed a recovery during 2020 after a start of the year with uncertainties due to the COVID-19 outbreak, with an upward trend of 189 and 238 deals respectively. The start of 2021 shows 192 deals in the first quarter and 71 deals for the start of the second quarter • Around 73% of the transactions were done by strategic instead of financial investors • Cross-border deals represented c.40% of the total deal volume * Only for the deals with a disclosed deal value Deal value €m vs deal volume Quarterly deal volume by Last twelve months (LTM) sector (May20-Apr21) 71,717 809 238 262 29,694 189 70 192 59 73 21,438 374 123 82 76 71 Retail 24 20,586 Consumer 29 173 48 45 43 Leisure 18 Deal value Number of deals Q3-20 Q4-20 Q1-21 Q2-21* * Q2-21 stands for April 2021 Deal volume by investor type Deal volume by investor origin PE Cross-border 220 325 Total: 809 Total: 809 484 Domestic 589 Strategic Sources: S&P Capital IQ and Mergermarket (deals announced in the period May 2020-Apr 2021). Transactions with a deal value greater than or equal to $5m (€4.1m) are included, except for some minority stake acquisitions where a higher threshold applies PwC | Consumer Markets M&A | Deals Newsletter EMEA | May 2021 5 Section | Executive summary M&A overview (2/2) Recent Retail, Consumer and Leisure deals • The highest volumes were observed in the Online Marketplaces (83) and Diversified Packaged Foods (59) sub-sectors • Supermarkets & Hypermarkets ranked top in terms of total deal value, reaching €16.2bn, mainly due to the sale of well-known retailers such as Metro AG and ASDA • In the Other Leisure sub-sector, the high deal value reflects the sale of William Hill plc to Caesar Entertainment for €3.6bn, the sale of NetEnt AB to Evolution Gaming Group AB for €2.0bn and the sale of Lottomatica Videolot to Gamenet Group for €1.1bn Quarterly Private Equity deal volume by sector (May20-Apr21) Deal value €14.4bn €22.6bn €10.2bn €11.7bn 77 61 27 44 28 Retail 15 44 15 Consumer 20 24 7 4 Leisure 9 6 9 4 Q3-20 Q4-20 Q1-21 Q2-21 Deal volume and value by sub-sector (LTM) Deal volume by Deal value by Avg. deal value by sub-sector sub-sector (€m) sub-sector (€m) Online Marketplaces 83 4,643 150 Diversified Packaged Foods 60 5,248 292 Specialty Retail 57 2,299 177 Food Service & Restaurants 51 553 43 Household & Personal Care 48 4,495 300 Home Furnishing Retail 48 625 69 Animal Protein 46 607 67 Health & Wellness 39 2,916 364 Sports & Recreation 39 453 50 Accommodation 39 5,514 306 Apparel & Footwear Retail 39 900 82 Other Leisure 34 13,836 728 Baked Goods & Snack Foods 28 254 36 Food Ingredients 28 2,200 200 Agricultural Products 28 946 118 Alcoholic Beverages 27 1,517 152 Apparel & Footwear 26 1,537 512 Supermarkets & Hypermarkets 25 16,275 1,627 Luxury Fashion & Accesories 16 631 210 Dairy Products 16 625 208 Soft Drinks, Coffee & Tea 12 463 77 Travel 10 230 230 Electronics Retail 10 4,951 990 Sources: S&P Capital IQ and Mergermarket (deals announced in the period May 2020-Apr 2021). Transactions with a deal value greater than or equal to $5m (€4.1m) are included, except for some minority stake acquisitions where a higher threshold applies PwC | Consumer Markets M&A | Deals Newsletter EMEA | May 2021 6 Section | Executive summary Notable deals LTM EV EV/ Target Country Sub-Industry Acquirer Country (€m) EBITDA Davide Campari-Milano Alcoholic Beverages Lagfin S.C.A 10,324 22.5x S.p.A Supermarkets & EP Global Commerce Metro AG 7,508 5.5x Hypermarkets a.s. Supermarkets & TDR Capital LLP; ASDA Group Limited 7,493 5.7x* Hypermarkets Issa Brothers Fidelity and Durable Roofoods Limited Online Marketplaces 5,797 n.d. Capital Partners LP Sports Entertainment SGHC Limited Other Leisure 3,947 n.d. Acquisition Corp LLC Household & Kohlberg Kravis Coty Inc. 3,864 16.7x Personal Care Roberts & Co. L.P. Koninklijke Philips N.V. Hillhouse Capital (Domestic Appliances & Electronics Retail 3,700 n.d. Management, Ltd. Personal Care) Caesars William Hill Plc Other Leisure 3,596 21.1x Entertainment, Inc. Bourne Leisure Group Blackstone Group Accomodation 3,393 n.d. Limited L.P. Pinehill Company Diversified Packaged PT Indofood CBP 2,686 n.d. Limited Foods Sukses Makmur TBK Investment Getir B.V. Online Marketplaces 2,184 n.d. consortium1 Evolution Gaming NetEnt AB Other Leisure 2,039 25.0x Group AB CVC Capital Partners Cooper Consumer Limited; Avista Other Leisure 2,000 13.3x Health SAS Capital Partners LP; Yvan Vindevogel Diversified Packaged Blackstone Group Oatly AB 1,759 n.d. Foods L.P.; ROC Nation LLC Charlotte Tilbury Beauty Household & Personal Puig S.L.; BDT 1,338 n.m. Limited Care Capital Partners LLC Sportswear Company Apparel & Footwear Moncler S.p.A. 1,150 16.9x* S.p.A. General Atlantic Apparel & Footwear Service Company, Gymshark Limited 1,107 n.d. Retail L.P. ; Ben Francis (Private Investor) Lottomatica Videolot Gamenet Group Other Leisure 1,100 5.3x Rete S p A S.p.A.
Load more

Recommended publications
  • UK Equity Income Fund
    MI Chelverton UK Equity Income Fund Investment Objective and Policy The objective of the Fund is to provide a progressive income stream and achieve long-term capital growth by investing primarily in a portfolio of fully listed and AIM traded UK equities. The Fund Monthly Fact Sheet will invest in UK companies which aim to provide a high initial dividend, progressive dividend 31 October 2017 payments and long term capital appreciation. Launch Date 4th December 2006 Monthly Manager Commentary Fund Size £563.0m The recent interest rate increase was widely anticipated and benefited our portfolio in the latter part Historic Yield (%)* 3.95 of the month as sterling strengthened whilst the rise in the oil price was a mild headwind. We have often referred to the short term effects of ‘investor sentiment’ on both share prices and the relative Share Price (as at 31.10.17) performance of small and mid caps compared to their larger counterparts. In a nutshell, when Shares Income Accumulation sentiment is positive investors tend to be happier to own stocks within our universe. One significant B Shares 131.96p 242.08p macro input into investors’ appetite for our companies is the domestic and global political backdrop and arguably, at the moment, the ability to ‘price’ political risk here at home, in the US, and now in Germany is as difficult as it has ever been. It appears that investors have little option but to look through the ‘top down’ political ‘noise’ and concentrate more on the actual companies themselves. With strong balance sheets and cash flows, gently improving trading and growing dividends, this should be good news for the type of company we invest in.
    [Show full text]
  • Choice and Representation in New York City's Selective Exam Schools
    Rice Examiner The Ethics of Eating: A Comparative Study of Sustainable Restaurants in Austin, TX and London, UK Hope Lawrence A pressure is building which is bound to revolutionize the con- sumption habits of the developed world. It comes from the changes we are witnessing first hand—as global weather patterns continually reach new extremes and the oceans fill with plastics, we find homes flooded under nearly fifty inches of water and tangled, poisoned animals washed up on our beaches. A new crisis emerges from every direction, making the task of finding solutions daunting. Corporations are capable of large-scale impacts but prioritize profit over morality, so although the individual con- sumer is responsible only for a fraction of the environmental toll currently burdening our planet, consumers must be held accountable for imple- menting the changes they want to see. As activist and author Anna Lappé so eloquently said, “every time you spend money, you’re casting a vote for the kind of world you want” (Lappé, 2010). Change in mass consump- tion habits may be achieved through a cultural shift in the ethics of our purchases, both lowering individual impacts while effectively and directly relating a company’s environmental initiatives and commercial profits to one another. Ethical consumption is a broad subject, making it dangerously undefinable and thus uncontrollable in marketing. The very idea of a perfectly ethical consumer is impossible to achieve due to the complexity of commercial ethics—one must consider a product’s materials’ origin, workers’ treatment and wages all along the chain of production, the product’s life span post-disposal, and much more.
    [Show full text]
  • Certificate of Approval
    Audit date: 18 February 2021 Current issue date: 30 March 2021 Next audit due date, from: 11 December 2021 Expiry date: 1 April 2022 To: 19 February 2022 Certificate identity number: 10348644 Date of the last unannounced assessment: N/A Certificate of Approval Herewith the certification body: LRQA France SAS being an ISO / IEC 17065 accredited certification body for IFS certification and having signed an agreement with the IFS owner, confirms that the processing activities of Swinkels Family Brewers N.V. De Stater 1, 5737 RV Lieshout, The Netherlands COID: 6759 meet the requirements set out in the: IFS Food Version 6.1, November 2017 and the other associated normative documents at Higher level with a score of 97.55% Approval number(s): 00008585 for the audit scope: Brewing, fermentation, lagering and filtering of beer and non-alcoholic beer. Mixing and blending of flavored beers, soft drinks and energy drinks. Filled into glass bottles, cans, kegs and tanker. Brewing, lagering and evaporation of cereal extracts and associated flavourings. Filled into tanker and jerrycans. Beside own production, company has outsourced processes and/or products. Product scopes: 8 - Beverages Technology scopes: B, C, D, E, F Paul Graaf Area Operations Manager North Europe Issued by: Lloyd's Register Nederland B.V. for and behalf of: LRQA France SAS Lloyd's Register Group Limited, its affiliates and subsidiaries, including Lloyd's Register Quality Assurance Limited (LRQA), and their respective officers, employees or agents are, individually and collectively, referred to in this clause as 'Lloyd's Register'. Lloyd's Register assumes no responsibility and shall not be liable to any person for any loss, damage or expense caused by reliance on the information or advice in this document or howsoever provided, unless that person has signed a contract with the relevant Lloyd's Register entity for the provision of this information or advice and in that case any responsibility or liability is exclusively on the terms and conditions set out in that contract.
    [Show full text]
  • Empty Beer Bottle/Can/Pet Container Returns
    January 11, 2021 TO: ALL HOTEL BEER VENDORS/LIQUOR VENDORS APPROVED TO SELL PRIVATELY DISTRIBUTED BEER RE: EMPTY BEER BOTTLE/CAN/PET CONTAINER RETURNS Attached are lists of beer products sold in the province of Manitoba. All containers carry a 10¢ refundable deposit with the exception of containers 2 litres or larger which are 20¢. Note: Please continue to follow any Covid-19 protocols you have in place. These lists are also available at www.mbllpartners.ca. As per Regulation 68/2014 of Manitoba Liquor and Lotteries Board Regulation to The Manitoba Liquor and Lotteries Corporation Act: ‘1 Unless authorized by the corporation, a retail beer vendor must (a) accept empty beer bottles or beer cans from products purchased in Manitoba on which a refundable deposit has been paid; Empty containers are to be sorted by distributor. As a reminder, WETT Sales & Distribution Inc. is responsible for the pick-up of all containers sold only through MBLL Liquor Marts and Liquor Vendors. Hotel Beer Vendors/Vendors approved to sell Privately Distributed Beer are required to sort by distributor in the usual manner. If you are unsure if the product has been sold in Manitoba and is eligible for a refund, in the interest of customer service and if the quantities are reasonable, please accept them from the customer and return them through WETT Sales in the normal manner. Should you have any questions, please email [email protected] Yours truly, Laurie Kennedy Manager, Supply Chain Administration 1555 Buffalo Place Winnipeg MB R3T 1L9 T 204 957
    [Show full text]
  • Description Iresscode Exchange Current Margin New Margin 3I
    Description IRESSCode Exchange Current Margin New Margin 3I INFRASTRUCTURE PLC 3IN LSE 20 20 888 HOLDINGS PLC 888 LSE 20 20 ASSOCIATED BRITISH ABF LSE 10 10 ADMIRAL GROUP PLC ADM LSE 10 10 AGGREKO PLC AGK LSE 20 20 ASHTEAD GROUP PLC AHT LSE 10 10 ANTOFAGASTA PLC ANTO LSE 15 10 ASOS PLC ASC LSE 20 20 ASHMORE GROUP PLC ASHM LSE 20 20 ABERFORTH SMALLER COM ASL LSE 20 20 AVEVA GROUP PLC AVV LSE 20 20 AVIVA PLC AV LSE 10 10 ASTRAZENECA PLC AZN LSE 10 10 BABCOCK INTERNATIONAL BAB LSE 20 20 BARR PLC BAG LSE 25 20 BARCLAYS PLC BARC LSE 10 10 BRITISH AMERICAN TOBA BATS LSE 10 10 BAE SYSTEMS PLC BA LSE 10 10 BALFOUR BEATTY PLC BBY LSE 20 20 BARRATT DEVELOPMENTS BDEV LSE 10 10 BARING EMERGING EUROP BEE LSE 50 100 BEAZLEY PLC BEZ LSE 20 20 BH GLOBAL LIMITED BHGG LSE 30 100 BOWLEVEN PLC BLVN LSE 60 50 BANKERS INVESTMENT BNKR LSE 20 20 BUNZL PLC BNZL LSE 10 10 BODYCOTE PLC BOY LSE 20 20 BP PLC BP LSE 10 10 BURBERRY GROUP PLC BRBY LSE 10 10 BLACKROCK WORLD MININ BRWM LSE 20 65 BT GROUP PLC BT-A LSE 10 10 BRITVIC PLC BVIC LSE 20 20 BOVIS HOMES GROUP PLC BVS LSE 20 20 BROWN GROUP PLC BWNG LSE 25 20 BELLWAY PLC BWY LSE 20 20 BIG YELLOW GROUP PLC BYG LSE 20 20 CENTRAL ASIA METALS PLC CAML LSE 40 30 CLOSE BROTHERS GROUP CBG LSE 20 20 CARNIVAL PLC CCL LSE 10 10 CENTAMIN PLC CEY LSE 20 20 CHARIOT OIL & GAS LTD CHAR LSE 100 100 CHEMRING GROUP PLC CHG LSE 25 20 CONYGAR INVESTMENT CIC LSE 50 40 CALEDONIA INVESTMENTS CLDN LSE 25 20 CARILLION PLC CLLN LSE 100 100 COMMUNISIS PLC CMS LSE 50 100 CENTRICA PLC CNA LSE 10 10 CAIRN ENERGY PLC CNE LSE 30 30 COBHAM PLC
    [Show full text]
  • Annual Report 2018.Pdf
    Annual Report 2018 Introduction Overview The Restaurant Group plc Financial highlights 01 This has been a pivotal year for the Group, Our brands 02 with progress on our strategic initiatives, Strategic report improved like-for-like sales momentum in Chairman’s statement 04 our Leisure business, growth in our Pubs and Business review 06 Financial review 11 Concessions business, and a transformational Corporate Social Responsibility 15 acquisition that accelerates our momentum in growth segments. Governance Corporate Governance report 21 Board of Directors 30 Audit Committee report 32 Nomination Committee report 37 Directors’ remuneration report 40 Directors’ report 54 Senior management Risk Committee 56 Our brands Directors’ responsibility statements 58 Financial statements Independent auditor’s report 59 Consolidated income statement 69 Consolidated balance sheet 70 Consolidated statement of changes in equity 71 Consolidated cash flow statement 72 Notes to the consolidated accounts 73 Company balance sheet 115 Statement of changes in equity 116 Notes to the Company accounts 117 Group financial record 120 Glossary 121 Shareholder information 122 Overview Financial highlights Strategic report Strategic Strategic highlights > Acquisition of high quality business in Wagamama which has continued to outperform the sector > Concessions business opened 21 new units and entered four new airports > Pubs increasingly outperformed the market and opened a record 21 pubs Governance > Leisure business improved like-for-like sales momentum in every quarter in 2018 > Group delivered like-for-like sales growth since the World Cup > Enlarged group now strongly orientated towards growth Financial highlights > Like-for-like sales down 2.0%, with total sales up 1.0% to £686.0m (2017: £679.3m) > Adjusted1 profit before tax of £53.2m2 (20173: £ 57.8 m 2).
    [Show full text]
  • Annual Report of Proxy Voting Record Date Of
    ANNUAL REPORT OF PROXY VOTING RECORD DATE OF REPORTING PERIOD: JULY 1, 2018 - JUNE 30, 2019 FUND: VANGUARD FTSE 250 UCITS ETF --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ISSUER: 3i Infrastructure plc TICKER: 3IN CUSIP: ADPV41555 MEETING DATE: 7/5/2018 FOR/AGAINST PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT PROPOSAL #1: ACCEPT FINANCIAL STATEMENTS AND ISSUER YES FOR FOR STATUTORY REPORTS PROPOSAL #2: APPROVE REMUNERATION REPORT ISSUER YES FOR FOR PROPOSAL #3: APPROVE FINAL DIVIDEND ISSUER YES FOR FOR PROPOSAL #4: RE-ELECT RICHARD LAING AS DIRECTOR ISSUER YES FOR FOR PROPOSAL #5: RE-ELECT IAN LOBLEY AS DIRECTOR ISSUER YES FOR FOR PROPOSAL #6: RE-ELECT PAUL MASTERTON AS DIRECTOR ISSUER YES FOR FOR PROPOSAL #7: RE-ELECT DOUG BANNISTER AS DIRECTOR ISSUER YES FOR FOR PROPOSAL #8: RE-ELECT WENDY DORMAN AS DIRECTOR ISSUER YES FOR FOR PROPOSAL #9: ELECT ROBERT JENNINGS AS DIRECTOR ISSUER YES FOR FOR PROPOSAL #10: RATIFY DELOITTE LLP AS AUDITORS ISSUER YES FOR FOR PROPOSAL #11: AUTHORISE BOARD TO FIX REMUNERATION OF ISSUER YES FOR FOR AUDITORS PROPOSAL #12: APPROVE SCRIP DIVIDEND SCHEME ISSUER YES FOR FOR PROPOSAL #13: AUTHORISE CAPITALISATION OF THE ISSUER YES FOR FOR APPROPRIATE AMOUNTS OF NEW ORDINARY SHARES TO BE ALLOTTED UNDER THE SCRIP DIVIDEND SCHEME PROPOSAL #14: AUTHORISE ISSUE OF EQUITY WITHOUT PRE- ISSUER YES FOR FOR EMPTIVE RIGHTS PROPOSAL #15: AUTHORISE MARKET PURCHASE OF ORDINARY ISSUER YES FOR FOR
    [Show full text]
  • Parker Review
    Ethnic Diversity Enriching Business Leadership An update report from The Parker Review Sir John Parker The Parker Review Committee 5 February 2020 Principal Sponsor Members of the Steering Committee Chair: Sir John Parker GBE, FREng Co-Chair: David Tyler Contents Members: Dr Doyin Atewologun Sanjay Bhandari Helen Mahy CBE Foreword by Sir John Parker 2 Sir Kenneth Olisa OBE Foreword by the Secretary of State 6 Trevor Phillips OBE Message from EY 8 Tom Shropshire Vision and Mission Statement 10 Yvonne Thompson CBE Professor Susan Vinnicombe CBE Current Profile of FTSE 350 Boards 14 Matthew Percival FRC/Cranfield Research on Ethnic Diversity Reporting 36 Arun Batra OBE Parker Review Recommendations 58 Bilal Raja Kirstie Wright Company Success Stories 62 Closing Word from Sir Jon Thompson 65 Observers Biographies 66 Sanu de Lima, Itiola Durojaiye, Katie Leinweber Appendix — The Directors’ Resource Toolkit 72 Department for Business, Energy & Industrial Strategy Thanks to our contributors during the year and to this report Oliver Cover Alex Diggins Neil Golborne Orla Pettigrew Sonam Patel Zaheer Ahmad MBE Rachel Sadka Simon Feeke Key advisors and contributors to this report: Simon Manterfield Dr Manjari Prashar Dr Fatima Tresh Latika Shah ® At the heart of our success lies the performance 2. Recognising the changes and growing talent of our many great companies, many of them listed pool of ethnically diverse candidates in our in the FTSE 100 and FTSE 250. There is no doubt home and overseas markets which will influence that one reason we have been able to punch recruitment patterns for years to come above our weight as a medium-sized country is the talent and inventiveness of our business leaders Whilst we have made great strides in bringing and our skilled people.
    [Show full text]
  • Fidelity® Low-Priced Stock K6 Fund
    Quarterly Holdings Report for Fidelity® Low-Priced Stock K6 Fund April 30, 2021 LPSK6-QTLY-0621 1.9883997.103 Schedule of Investments April 30, 2021 (Unaudited) Showing Percentage of Net Assets Common Stocks – 91.1% Shares Value COMMUNICATION SERVICES – 1.6% Diversified Telecommunication Services – 0.0% Verizon Communications, Inc. 2,636 $ 152,334 Interactive Media & Services – 0.1% Dip Corp. 24,518 677,504 QuinStreet, Inc. (a) 25,997 526,959 XLMedia PLC (a) 268,040 190,641 ZIGExN Co. Ltd. 54,118 197,576 1,592,680 Media – 1.5% AMC Networks, Inc. Class A (a) (b) 33,496 1,684,179 Comcast Corp. Class A 130,298 7,316,233 Corus Entertainment, Inc. Class B (non‑vtg.) 49,446 236,539 Discovery Communications, Inc.: Class A (a) (b) 145,589 5,482,882 Class C (non‑vtg.) (a) 310,153 10,021,043 Gray Television, Inc. 28,620 581,558 Hyundai HCN 211,755 859,684 Intage Holdings, Inc. 244,992 2,992,628 Legs Co. Ltd. 1,400 29,325 MSG Network, Inc. Class A (a) 45,058 715,070 Nexstar Broadcasting Group, Inc. Class A 2,261 333,294 Nordic Entertainment Group AB (B Shares) 56 2,600 Pico Far East Holdings Ltd. 1,820,216 321,032 Proto Corp. 14,723 156,539 Reach PLC 503 1,528 RKB Mainichi Broadcasting Corp. 2,889 161,513 Saga Communications, Inc. Class A 35,206 793,191 Sky Network Television Ltd. (a) 1,984,879 241,465 TechTarget, Inc. (a) 12,227 937,811 Tegna, Inc. 85,733 1,719,804 The New York Times Co.
    [Show full text]
  • CSR Report 2018 Raising the Bar Contents
    CSR Report 2018 Raising the bar Contents CEO foreword: Raising the bar 3 CSR performance overview 4 Our CSR ambitions 5 Our purpose 6 Our CSR ambitions 7 Our value chain 8 Our governance 9 Working together 10 Stakeholders: reporting on what matters 11 Operating in a changing world 12 About this report 13 Our CSR performance 14 Sustainable agriculture 15 Environmental performance: energy, CO2 & water 18 Health and safety 21 Product responsibility: quality & circularity 23 2 As a family owned business, we take our social and Message from the environmental responsibility serious. In order to safeguard the well-being of future generations, we set a new standard CEO: raising the bar in sustainability for ourselves and in our supply chain. Our renewed CSR strategy raises the bar and sets the ambitions higher than everOperate before.circular Holland Malt is committed to: Source 100% Create a 100% safe Operate circular by sustainable Reduce 35% CO2 barley in 2025 work environment emissions by 2025 50% in 2025 and by in 2025 and 70% by 2030 100% in 2030 We have been dedicated to sustainability for years, but we have now made our ambitions concrete, measurable and focused on creating positive impact in our supply chain. We cannot do this alone: cooperation is key. To this end we aim to establish partnerships with both ends of the chain. Always eying to create a win-win. We will also strengthen and enlarge our current ones, such as the sustainable barley projects. We are a strong supporter of the UN’s Sustainable Development Goals (SDGs) and the Paris Climate Agreement.
    [Show full text]
  • Capital Analytics UK Registrars Benchmarking Survey 2009
    Capital Analytics UK Registrars Benchmarking Survey 2009 CAPITAL ANALYTICS UK REGISTRARS BENCHMARKING SURVEY 2009 September 2009 © Copyright, 2009 Capital Analytics Limited. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without permission from Capital Analytics Limited. No advertising or other promotional use can be made of the information in this report without the express prior written consent of Capital Analytics Limited. Capital Analytics UK Registrars Benchmarking Survey 2009 CONTENTS SURVEY PURPOSE AND METHODOLOGY ................................................................................... 4 Purpose ................................................................................................................................................ 4 Methodology ........................................................................................................................................ 4 COMPANY SATISFACTION INDEX 2009 ........................................................................................ 6 INDUSTRY ANNUAL OVERALL COMPARISON 2005 - 2009 ...................................................... 7 OVERALL SATISFACTION WITH SERVICES .............................................................................. 8 Comments on Overall Satisfaction with Services ................................................................................ 8 Overall Satisfaction with Registrar ..................................................................................................
    [Show full text]
  • This Document and the Accompanying Documents Are Important and Require Your Immediate Attention
    THIS DOCUMENT AND THE ACCOMPANYING DOCUMENTS ARE IMPORTANT AND REQUIRE YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the contents of this document or the action you should take, you are recommended to seek your own financial advice immediately from your stockbroker, bank manager, solicitor, accountant, fund manager or other appropriate independent financial adviser, duly authorised under the Financial Services and Markets Act 2000 (“FSMA”) if you are resident in the United Kingdom or, if not, from another appropriately authorised independent financial adviser. This document, which comprises: (a) a circular prepared for the purposes of the General Meeting convened pursuant to the Notice of General Meeting set out at the end of this document; and (b) a simplified prospectus for the purposes of Article 14 of the UK version of Regulation (EU) 2017/1129 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”), as amended (the “UK Prospectus Regulation”), relating to The Restaurant Group plc (the “Company”or“TRG”) and has been approved by the Financial Conduct Authority of the United Kingdom (“FCA”), as the competent authority under the UK Prospectus Regulation, in accordance with section 87A of FSMA, and prepared and made available to the public in accordance with the Prospectus Regulation Rules of the FCA made under section 73A of FSMA (the “Prospectus Regulation Rules”). The FCA only approves this document as meeting the standards of completeness, comprehensibility and consistency imposed by the UK Prospectus Regulation and such approval should not be considered as an endorsement of the issuer that is the subject of this document or of the quality of the securities that are the subject matter of this document.
    [Show full text]