DOCSLIB.ORG

Annual Report 2015 Report Annual

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2015 Report Annual WorldReginfo - d6258d3a-643e-4759-9c4e-6a17ac1d69d4 - WorldReginfo SABMiller plc SABMiller Annual Report 2015 SABMiller plc Annual Report 2015 We are in the beer and soft drinks business. We bring refreshment and sociability to millions of people all over the world who enjoy our drinks. We do business in a way that improves livelihoods and helps build communities. We are passionate about brewing and have a long tradition of craftsmanship, making superb beer from high quality natural ingredients. We are local beer experts. We have more than 200 local beers, from which we have carefully selected and nurtured a range of special regional and global brands. Performance highlights Group net producer revenue1 Revenue3 EBITA4 EBITA margin progression -2% -1% -1% 0basis points 2015: US$26,288m 2015: US$22,130m 2015: US$6,367m 2015: 24.2% 2014: US$26,719m 2014: US$22,311m 2014 5: US$6,460m 2014: 24.2% 2 2 2 +5% +6% +6% +30 basis points2 Beverage volumes Profit before tax Adjusted EPS6 Dividends per share7 +2% 0% -1% +8% 2015: 324m hectolitres 2015: US$4,830m 2015: 239.1 US cents 2015: 113.0 US cents 2014: 318m hectolitres 2014: US$4,823m 2014: 242.0 US cents 2014: 105.0 US cents Water usage (beer)8 Net debt9 Free cash flow10 Total shareholder return11 -6% -27% +26% 121% 2015: 3.3 hl/hl 2015: US$10,465m 2015: US$3,233m Peer median: 85% 2014: 3.5 hl/hl 2014: US$14,303m 2014: US$2,563m 1 Group net producer revenue (NPR) is defined on page 188 and includes the group’s 6 A reconciliation of adjusted earnings to the statutory measure of profit attributable to equity attributable share of associates’ and joint ventures’ net producer revenue of shareholders is provided in note 8 to the consolidated financial statements. US$9,754 million (2014: US$10,015 million). 7 The 2015 final dividend is subject to shareholder approval at the annual general meeting. 2 Growth on an organic, constant currency basis. 8 Water usage is defined on page 189. 3 Revenue excludes the group’s attributable share of associates’ and joint ventures’ 9 Net debt comprises gross debt (including borrowings, financing derivative financial revenue but includes excise duties and similar taxes. instruments, overdrafts and finance leases) net of cash and cash equivalents (excluding 4 Note 2 to the consolidated financial statements provides a reconciliation of operating profit overdrafts). An analysis of net debt is provided in note 27c to the consolidated financial to EBITA which is defined as operating profit before exceptional items and amortisation statements. of intangible assets (excluding computer software) and includes the group’s share of 10 Note 27b to the consolidated financial statements provides a reconciliation of net cash associates’ and joint ventures’ operating profit, on a similar basis. As described in the from operating activities to free cash flow. finance review, EBITA is used throughout this report. 11 Total shareholder return (TSR) is shown as the percentage growth in our TSR over the 5 Certain comparative figures have been restated as a result of changes in accounting five years to 31 March 2015. standards implemented in the year. Further details are provided in the finance review. WorldReginfo - d6258d3a-643e-4759-9c4e-6a17ac1d69d4 The strategic report and directors’ report have been approved for and on behalf of the board of SABMiller plc Africa p22 on 2 June 2015. Africa’s strong local portfolio, Alan Clark affordable brands and Chief Executive premiumisation helped to deliver impressive results. Strategic report Strategic Contents Latin America p18 What’s inside Strategic report Growth in premium and above mainstream Performance highlights Ifc lager and soft drinks underpinned good Business overview 2 results in Latin America. Chairman’s statement 4 Chief Executive’s review 6 Our business model 12 Market overview 14 Europe p30 Key performance indicators 15 Principal risks 16 Innovation and Operations review improved sales Latin America 18 Governance execution boosted Africa 22 European group Asia Pacifi c 26 NPR despite Europe 30 continued economic North America 34 uncertainty. Finance review 38 Sustainable development 46 North America p34 Valuing and empowering our people 50 Asia Pacifi c p26 Improved group NPR per Governance hectolitre and reduced fi xed Board of directors 52 Premiumisation in China and Australia costs helped offset lower Executive committee 54 helped mitigate economic headwinds volumes in North America. Corporate governance 56 and weaker demand. Audit committee report 70 Directors’ remuneration report 74 statements Financial Directors’ report 97 Financial statements Independent auditors’ report to the members of SABMiller plc 102 Consolidated income statement 107 Consolidated statement of comprehensive income 108 Consolidated balance sheet 109 Consolidated cash fl ow statement 110 Consolidated statement of changes in equity 111 Notes to the consolidated fi nancial statements 112 information Shareholder Balance sheet of SABMiller plc 176 Notes to the company fi nancial statements 177 Five-year fi nancial review 186 Defi nitions 188 Further information Key to further reading: Shareholder information This report covers the fi nancial year Read more on p age referenced Ordinary sharehold ing analyses 190 ended 31 March 2015. It is also available Shareholders’ diary 190 on our website as a downloadable PDF Read more online Administration 191 www.sabmiller.com/annualreport2015 Cautionary statement 192 Read more in the referenced report For more detailed information about SABMiller please refer to our website www.sabmiller.com/investors SABMiller plc Our Approach to Tax 2015 SABMiller plc Annual Report 2015 1 WorldReginfo - d6258d3a-643e-4759-9c4e-6a17ac1d69d4 Strategic report Business overview SABMiller by numbers US$6,367m Group EBITA (20141: US$6,460m). 8% Soft drinks volume growth. 72% The proportion of EBITA from developing markets. EBITA by region2 % Latin America 35% US$2,224m Africa 29% US$1,907m 35% ¹ Restated. Asia Pacifi c 12% 2 Before Corporate costs and South Africa: US$768m Absolute reduction in Hotels and Gaming. Europe 11% carbon emissions from 3 Subsidiaries only, excluding home markets, US$700m on a constant currency basis. on-site energy use North America 4 Subsidiaries only, excluding home markets. US$858m 13% between 2008 and 2015. We have a balanced spread of businesses with a signifi cant presence in developing markets Latin America Africa Where we operate Where we operate Regional offi ce: Miami, USA Regional offi ce: Johannesburg, Our primary brewing and beverage South Africa operations cover six countries across On 1 July 2014, SABMiller’s South African South and Central America (Colombia, and African regions were consolidated Ecuador, El Salvador, Honduras, into one region. Our primary brewing Panama and Peru). and beverage operations in Africa cover 17 countries including Botswana, What we do Mozambique, Nigeria, South Africa, • In each of these countries we are the Tanzania, Uganda and Zambia. A further number one brewer by market share. 21 are covered through our associate • We have a brewery in Argentina, and interests in the Castel group’s African we export to Chile and Paraguay. beverage businesses and we also have • We produce soft drinks across the an associated undertaking in Zimbabwe. region including Coca-Cola products in El Salvador and Honduras. What we do • In most of these countries we are the Read more on p age 18 number one brewer by market share. • We produce Coca-Cola products in 23 of our African markets (with Castel in 15 of these markets and through our associated undertaking in Zimbabwe). Read more on p age 22 2 SABMiller plc Annual Report 2015 WorldReginfo - d6258d3a-643e-4759-9c4e-6a17ac1d69d4 140,000 94% report Strategic Every minute of every day, more than The proportion of our total #1 140,000 bottles of SABMiller beer are lager volume from markets in enjoyed around the world. which we have no 1. or no. 2 national market share positions. #2 Lager volumes level year on year. Our global brands are Peroni Nastro Azzurro, 69,000 25% Miller Genuine Draft, Pilsner Urquell and Grolsch. EBITA from +16% associates and NPR joint ventures. growth3 SABMiller has almost 69,000 +11% employees and is in more Volume than 80 countries. growth4 Asia Pacifi c Europe North America Where we operate Where we operate Where we operate Regional offi ce: Hong Kong Regional offi ce: Zug, Switzerland Regional offi ce: Chicago, USA Our brewing interests across Asia Pacifi c Our primary brewing operations cover eight MillerCoors is a joint venture with Molson cover four countries: Australia, China, countries – the Czech Republic, Hungary, Coors Brewing Company, which was India and Vietnam. Italy, Poland, Romania, Slovakia, Spain formed in 2008 by bringing together (Canary Islands) and the Netherlands. the US and Puerto Rican operations What we do of both groups. What we do • CR Snow, our partnership of more than • In the majority of these countries we What we do 20 years with China Resources Enterprise, are the number one or two brewer by • MillerCoors is the second largest brewer Limited, is the largest brewer in China. market share. in the USA, with 27% of the beer market. • Carlton & United Breweries (CUB) is • We cover a further 16 countries including • Our wholly-owned Miller Brewing the second largest Australian brewer. Russia, Turkey and Ukraine in a strategic International business is based in • We are the second largest brewer alliance with Anadolu Efes through Milwaukee, USA and exports our brands in India. brewing, soft drinks and export operations. to Canada and Mexico and throughout • We have a brewery in Vietnam, and we • We export signifi cant volumes to a further the Americas. export to numerous markets including seven European markets, of which the South Korea. largest are the UK and Germany.
Load more

Recommended publications
  • Sab-Cover 2002
    South African Breweries plc Annual Report 2002 SOUTH AFRICAN BREWERIES plc Annual Report 31 March 2002 Contents SOUTH AFRICAN BREWERIES plc Incorporated in England and Wales under the Companies Act, 1985 Registration number 3528416 Annual Highlights 1 Fast Facts 2 Chairman’s Statement 4 Report from the Chief Executive 6 Review of Operations 10 Financial Review 34 Directors’ Report 38 Corporate Governance 42 Directors’ Remuneration Report 51 Annual Financial Statements 64 Five-Year Financial Review 120 Board of Directors 124 Shareholders’ Diary 126 Administration 127 Group Strategy ● Drive volume and productivity in our major markets ● Optimise and expand established positions in developing markets ● Seek value-adding opportunities to enhance our position as a global brewer with exposure to both developed and developing markets ● Grow our brands in the international premium beer segment ● Actively participate in the ongoing industry consolidation South African Breweries plc Annual Report 2002 1 Annual Highlights 2002 2001 Restated* % change US$m US$m US$ £ Financial results Turnover 4,364 4,184 4 7 Trading profit (PBIT) 704 700 1 4 EBITA 766 720 6 10 Profit before tax 606 646 (6) (3) Adjusted PBT 668 666 — 3 Adjusted earnings 350 372 (6) (3) Ordinary share performance (per share) Adjusted earnings US cents 48.7 53.3 (9) (6) SA cents (up 21%) 472.5 390.9 Dividends (US cents) 25.0 25.0 Net asset value (US cents) 274.6 258.9 6 9 Financial statistics Market capitalisation: 31 March London Stock Exchange (£m) 4,125 3,542 JSE Securities Exchange South Africa (Rm) 66,094 40,687 Financial gearing Gross borrowings to EBITDA (times) 1.7 1.2 Net interest cover (times) 7.2 13.0 Note: EBITA, adjusted PBT and adjusted earnings exclude exceptional items of US$8 million (2001: nil) and goodwill amortisation.
    [Show full text]
  • The Liquor Industry
    The liquor industry Technical Brief No. 14 Aug 2012 ISSN 1836-9014 David Richardson Technical Brief About TAI The Australia Institute is an independent public policy think tank based in Canberra. It is funded by donations from philanthropic trusts and individuals, memberships and commissioned research. Since its launch in 1994, the Institute has carried out highly influential research on a broad range of economic, social and environmental issues. Our philosophy As we begin the 21st century, new dilemmas confront our society and our planet. Unprecedented levels of consumption co-exist with extreme poverty. Through new technology we are more connected than we have ever been, yet civic engagement is declining. Environmental neglect continues despite heightened ecological awareness. A better balance is urgently needed. The Australia Institute’s directors, staff and supporters represent a broad range of views and priorities. What unites us is a belief that through a combination of research and creativity we can promote new solutions and ways of thinking. Our purpose—‘Research that matters’ The Institute aims to foster informed debate about our culture, our economy and our environment and bring greater accountability to the democratic process. Our goal is to gather, interpret and communicate evidence in order to both diagnose the problems we face and propose new solutions to tackle them. The Institute is wholly independent and not affiliated with any other organisation. As an Approved Research Institute, donations to its Research Fund are tax deductible for the donor. Anyone wishing to donate can do so via the website at https://www.tai.org.au or by calling the Institute on 02 6206 8700.
    [Show full text]
  • AB Inbev-Sabmiller Merger Bash: Who Will Have the Most Fun by HELEN THOMAS and SPENCER JAKAB, WSJ, Sept
    AB InBev-SABMiller Merger Bash: Who Will Have the Most Fun By HELEN THOMAS And SPENCER JAKAB, WSJ, Sept. 16, 2015 12:53 p.m. ET Anheuser-Busch InBev has finally opted to down its pint, but everyone else in the bar may end up having more fun. The world’s largest brewer by sales said Wednesday that it planned to make an offer to buy SABMiller, a long-awaited deal that would bring together companies controlling 30% of global beer volumes. The timing, at least from AB InBev’s standpoint, makes sense. SABMiller has underperformed other beer companies this year, thanks to its huge emerging-markets exposure. Nearly 70% of its sales are made in China or markets reliant on commodities like Nigeria, Australia or sub-Sahran Africa, notes Barclays, the highest in the European staples sector. Longer-term this should translate into higher growth. Indeed, increasing its exposure to markets like Colombia, Peru and in Africa may be part of the appeal for AB InBev. But given current anxieties, SABMiller’s valuation had dropped to about 18 times forecast earnings, a slight discount to the sector. Over the past year, the stock has underperformed AB InBev by about 30 percentage points. SABMiller still won’t come cheap. Even before the deal announcement, its valuation was at a slight premium to its five- year average of about 18.3 times. Its substantial shareholders, Altria and Colombia’s Santo Domingo family, from whom SAB bought Bavaria in 2005, together control more than 40% of the company. But AB InBev’s formidable reputation in slashing costs means a deal helps to offset concerns about its own slowing growth.
    [Show full text]
  • AUCTION 44 April 28Th to May 8Th, 2021 Print Post: PP 381712/02531
    AUCTION 44 April 28th to May 8th, 2021 Print Post: PP 381712/02531 www.abcrauctions.com FINISH TIME: 7 PM AEST. Details: Travis Dunn: 0417 830 939 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Lot Type Description Condition & Grading (out of 10) Estimate Green & Compy, Fitzroy, Lion TM. Aqua. 235 mm. VG, tiny open lip bubble, spots of surface wear $4,000 - 1 Codd An exceptionally rare and important bottle. and scufs, surface fake, pitted spot (7.5) 5,000 2 Codd A. V. Cowap, Launceston, Kangaroo TM. Aqua. 187 mm. VG, hazy, wear, milky bruise, scratches (7.1) $100-150 3 Codd Anglo-Australian Brewery, Beechworth. Aqua. 188 mm. VG, polished, scratches, lip fake (7.4) $30-40 4 Codd Eberhard & Co, Clunes & Talbot, Crown TM. Aqua. 184 mm. VG, dull, lip impact, scufy, scratches (7.0) $40-60 5 Codd Yoxall, R’glen & Wangaratta, Arm & Dagger. Aqua. 187 mm. VG, tiny lip bruise, scufy, wear (7.9) $30-50 6 Codd M. A. Whittaker, Maryborough, MAW TM. Aqua. 178 mm. VG, small lip chips, wear and marks (7.5) $40-60 7 Codd Mount Gambier Brewing, MGBCo TM. Aqua. 196 mm. Fair, very heavily polished, some pitting (5.9) $50-75 P. G. Dixon & Co, Melbourne, Lion TM. Aqua. 201 mm. NM, a few spots of dirt and a spot or two of 8 Codd $150-200 A superb example of this lovely looking whittled codd. surface rust should all clean of, fsheye (9.3) 9 Codd Phillips & Stone, Bairnsdale, PS TM.
    [Show full text]
  • Meet China's Corporates: a Primer
    Meet China’s Corporates: A Primer An At-A-Glance Guide to China’s Non-Financial Sectors July 9, 2020 S&P Global (China) Ratings www.spgchinaratings.cn July 9, 2020 Meet China’s Corporates: A Primer July 9, 2020 Contents Beer ..................................................................................................... 3 Car Makers ........................................................................................... 6 Cement ................................................................................................ 9 Chemical Manufacturers .................................................................... 11 Coal ................................................................................................... 13 Commercial Real Estate ..................................................................... 16 Engineering and Construction ............................................................ 18 Flat Panel Display Technology ............................................................ 21 Household Appliances ....................................................................... 23 Liquor ................................................................................................ 25 Online and Mobile Gaming.................................................................. 28 Power Generation ............................................................................... 31 Real Estate Development ................................................................... 34 Semiconductors ................................................................................
    [Show full text]
  • View Presentation
    WORLD BREWING CONGRESS 2016 World Brewing Congress August 13-17, 2016 Prospective demand for malting barley and malt quality for the global brewing industry Sheraton Downtown Denver 159 Peter Watts1, Dr. Yueshu Li1 and Dr. Jessica Yu2 Denver, CO 80202, U.S.A. 1. Canadian Malting Barley Technical Centre, Winnipeg, Manitoba, Canada R3C 3G7 2. Tsingtao Brewery Co. Ltd, Qingdao, China 266100 Introduction China Beer Market Evolving Quality Requirements Rapid changes in the world brewing industry including the boom in craft brewing, diversification in In addition to international brewing groups such as Carlsberg and AB-InBev, China Resource Snow Brewery, Tsingtao Brewery, and Beijing Yangjing Beer are dominant Rising beer production in China and the rapid development of craft brewing in the US beer brand/style as well as changing ownership present both challenges and opportunities for the players in China accounting for 71% of beer output. Increasingly Chinese beer manufacturers are strengthening their brand positioning. In 2014 China Resources Snow are driving increased demand for malting barley and malt, and are also shifting quality malting barley industry. In this presentation, trends in global malting and brewing sectors, Breweries produced 107 million hectolitres of Snow beer making it the world’s largest beer brand at 5.4% of the global market. Its total volume is higher than the requirements. In China, brewers are demanding barley with higher grain protein and specifically in China and the United States, and changing quality requirements for malting barley combined volume of Budweiser (4.6 billion liters) and Budlight (5.0 billion liters). Together with Tsingtao Brewery and Beijing Yangjing Beer, these three Chinese brewers very high enzyme potential to compensate for large adjunct incorporation.
    [Show full text]
  • Brewers Association Brewery Members As of June 14, 2012
    Brewers Association Brewery Members as of June 14, 2012 (512) Brewing Co - Austin, TX 7 Seas Brewing Co - Gig Harbor, WA 10 Barrel Brewing Co - Bend, OR 75th Street Brewery - Kansas City, MO 12 String Brewing Co - Spokane, WA A1A Ale Works - St Augustine, FL 16 Mile Brewing Co - Georgetown, DE Aardwolf Pub and Brewery - Ponte Vedra, FL 1974 Brewing Company - Pottstown, PA Abandon Brewing - Victor, NY 21st Amendment Brewery Cafe - San Francisco, CA Abbey Beverage Co, LLC / Monastery of Christ In the Desert - Santa Fe, NM 23rd Street Brewery - Lawrence, KS Abbey Ridge - Alto Pass, IL 2nd Shift Brewing Co - New Haven, MO Abita Brewing Co - Abita Springs, LA 3 Guys and A Beer'd Brewing Co - Carbondale, PA AC Golden Brewing Company - Golden, CO 3 Sheeps Brewing Co - Sheboygan, WI Actual Brewing Company, LLC - Columbus, OH 3 Stars Brewing Co - Washington, DC Adelbert's Brewery LLC - Austin, TX 303 Brewing Company - Denver, CO Adirondack Pub and Brewery - Lake George, NY 4 Hands Brewing Co - Saint Louis, MO Adroit Theory Brewing Company - Sterling, VA 4 Paws Brewing - Chicago, IL Against the Grain Brewery - Louisville, KY 40 Arpent - New Orleans, LA Aiken Brewing Co - Aiken, SC 406 Brewing Company - Bozeman, MT Alameda Brewing Co - Portland, OR 49th State Brewing Co - Denali National Park, AK Alamo Beer Co - San Antonio, TX 4th Street Brewing Co - Gresham, OR Alaskan Brewing Co. - Juneau, AK 5 Boroughs Brewery - New York, NY Alchemist Cannery - Waterbury, VT 5 Rabbit Cerveceria Inc - Chicago, IL Ale Asylum - Madison, WI 515 Brewing Co - Clive,
    [Show full text]
  • Great American Beer Festival
    SM BREWERS ASSOCIATION 2009 Brewery and Brewer GREAT AMERICAN of the Year Awards: Large Brewing Company and Large Brewing Company Brewer of the Year Coors Brewing Company, Golden, CO Dr. David Ryder 24-26, 2009 Mid-Size Brewing Company and Mid-Size Brewing Company Brewer of the Year SEPTEMBER Sponsored by Crosby & Baker Ltd. BEER FESTIVALCOLORADO CONVENTION CENTER | DENVER, CO Flying Dog Brewery, Frederick, MD Robert Malone Small Brewing Company and Small Brewing Company Brewer of the Year WINNERS LIST Sponsored by Microstar Keg Management Dry Dock Brewing Company, Aurora, CO Category: 1 American-Style Cream Ale or Lager, 24 Entries Dry Dock Brewing Team Gold: Milwaukee’s Best, Miller Brewing Co., Golden, CO Large Brewpub and Large Brewpub Brewer of the Year Silver: Hamm’s, Miller Brewing Co., Golden, CO Bronze: Red Dog, Miller Brewing Co., Golden, CO Sponsored by Brewers Supply Group Pizza Port Carlsbad, Carlsbad, CA Category: 2 American-Style Wheat Beer, 19 Entries Pizza Port Brew Guys Gold: County Seat Wheat, Blind Tiger Brewery & Restaurant, Topeka, KS Silver: Shredders Wheat, Barley Brown’s Brew Pub, Baker City, OR Small Brewpub and Small Brewpub Brewer of the Year Bronze: Double Eagle Ale, Rockyard Brewing Co., Castle Rock, CO Sponsored by Briess Malt & Ingredients Co. Category: 3 American-Style Wheat Beer With Yeast, 43 Entries Chuckanut Brewery, Bellingham, WA Gold: Haywire Hefeweizen, Pyramid Breweries, Seattle, WA Will Kemper Silver: Hefeweizen, Widmer Brothers Brewing, Portland, OR Bronze: UFO Hefeweizen, Harpoon Brewery, Boston, MA Category: 4 Fruit Beer or Field Beer, 104 Entries Category: 19 Wood- and Barrel-Aged Sour Beer, 45 Entries Gold: Raspberry Creek, Breakwater Brewing Co., Oceanside, CA Gold: Bourbonic Plague, Cascade Brewery Co.
    [Show full text]
  • US V. Anheuser-Busch Inbev SA/NV and Sabmiller
    Case 1:16-cv-01483 Document 2-2 Filed 07/20/16 Page 1 of 38 UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLUMBIA UNITED STATES OF AMERICA, Plaintiff, Civil Action No. v. ANHEUSER-BUSCH InBEV SA/NV, and SABMILLER plc, Defendants. PROPOSED FINAL JUDGMENT WHEREAS, Plaintiff, United States of America (“United States”) filed its Complaint on July 20, 2016, the United States and Defendants, by their respective attorneys, have consented to entry of this Final Judgment without trial or adjudication of any issue of fact or law, and without this Final Judgment constituting any evidence against or admission by any party regarding any issue of fact or law; AND WHEREAS, Defendants agree to be bound by the provisions of the Final Judgment pending its approval by the Court; AND WHEREAS, the essence of this Final Judgment is the prompt divestiture of certain rights and assets to assure that competition is not substantially lessened; AND WHEREAS, this Final Judgment requires Defendant ABI to make certain divestitures for the purpose of remedying the loss of competition alleged in the Complaint; Case 1:16-cv-01483 Document 2-2 Filed 07/20/16 Page 2 of 38 AND WHEREAS, Plaintiff requires Defendants to agree to undertake certain actions and refrain from certain conduct for the purposes of remedying the loss of competition alleged in the Complaint; AND WHEREAS, Defendants have represented to the United States that the divestitures required below can (after the Completion of the Transaction) and will be made, and that the actions and conduct restrictions can and will be undertaken, and that Defendants will later raise no claim of hardship or difficulty as grounds for asking the Court to modify any of the provisions contained below; NOW THEREFORE, before any testimony is taken, without trial or adjudication of any issue of fact or law, and upon consent of the parties, it is ORDERED, ADJUDGED, AND DECREED: I.
    [Show full text]
  • 2012 Catalogue of Results Proudly Conducted By
    2012 Catalogue of Results Proudly conducted by 2012 Catalogue of Results The Royal Agricultural Society of Victoria Limited ABN 66 006 728 785 ACN 006 728 785 Melbourne Showgrounds Epsom Road Ascot Vale Victoria 3032 Telephone +61 3 9281 7444 Facsimile +61 3 9281 7592 www.rasv.com.au List of Office Bearers As at 01/05/2012 Board of Directors S. C. Spargo (Chair) D. Pollett Hodgson (VIce Chair) I. I. Bucknall D. S. Chapman M. J. Coleman A. J. Hawkes N.E. King OAM G. J. Phillips J. A. Potter P. J. B. Ronald OAM President S. C. Spargo Vice President D. Pollett Hodgson Chief Executive Officer M. O’Sullivan Industry Advisory Group P. Manders ( Chief Judge) B. Taylor B. Rogers C Badenoch L. Ryan P. Aldred Competition Manager Michael Conolly T: +61 3 9281 7473 E: [email protected] University Of Ballarat PO Box 663 Ballarat Victoria 3353 Australia Telephone 1300 225 527 Facsimile +61 3 5327 9855 www.ballarat.edu.au Vice Chancellor Professor David Battersby Contents Report on Entries 4 2012 Judging Panel 4 2012 Trophy Winners 6 2012 Sections and Classes of Entry 9 Exhibitors List 54 2 20 Years Celebrated with AUSTRALIAN INTER NATIO AIBA’s Collaborator NAL B EER AW ARDS In celebration of the AIBA’s 20th Anniversary a commemorative beer was produced, ‘Collaborator.’ AIBA 20 TH 2011 AIBA champion trophy brewers, Brendan Varis ANNIVERS ARY BREW from Feral Brewing and Andrew Ong from 2 Brothers Brewery came together to create this limited edition brew, the brewers have termed an Australian Brown Ale.
    [Show full text]
  • Financial Services Guide and Independent Expert's Report In
    Financial Services Guide and Independent Expert’s Report in relation to the Proposed Demerger of Treasury Wine Estates Limited by Foster’s Group Limited Grant Samuel & Associates Pty Limited (ABN 28 050 036 372) 17 March 2011 GRANT SAMUEL & ASSOCIATES LEVEL 6 1 COLLINS STREET MELBOURNE VIC 3000 T: +61 3 9949 8800 / F: +61 3 99949 8838 www.grantsamuel.com.au Financial Services Guide Grant Samuel & Associates Pty Limited (“Grant Samuel”) holds Australian Financial Services Licence No. 240985 authorising it to provide financial product advice on securities and interests in managed investments schemes to wholesale and retail clients. The Corporations Act, 2001 requires Grant Samuel to provide this Financial Services Guide (“FSG”) in connection with its provision of an independent expert’s report (“Report”) which is included in a document (“Disclosure Document”) provided to members by the company or other entity (“Entity”) for which Grant Samuel prepares the Report. Grant Samuel does not accept instructions from retail clients. Grant Samuel provides no financial services directly to retail clients and receives no remuneration from retail clients for financial services. Grant Samuel does not provide any personal retail financial product advice to retail investors nor does it provide market-related advice to retail investors. When providing Reports, Grant Samuel’s client is the Entity to which it provides the Report. Grant Samuel receives its remuneration from the Entity. In respect of the Report in relation to the proposed demerger of Treasury Wine Estates Limited by Foster’s Group Limited (“Foster’s”) (“the Foster’s Report”), Grant Samuel will receive a fixed fee of $700,000 plus reimbursement of out-of-pocket expenses for the preparation of the Report (as stated in Section 8.3 of the Foster’s Report).
    [Show full text]
  • Discussion Materials
    BMO Financial Group China’s Role in the Global Food Economy A Look Forward BMO Financial Group in China - Timeline 1818 1961 1996 2003 2004 BMO undertakes first BMO is one of the first BMO is the first BMO becomes a 16.7% BMO is the first FX transaction in western banks to Canadian bank owner of Fullgoal Fund Canadian bank to be support of trade with establish direct licensed for a full- Management, China’s 2nd- licensed by the China China business ties with the service branch in largest mutual fund Banking Regulatory Bank of China Beijing company (increased to Commission to sell 28% in 2004) derivatives in China BMO China Timeline 2005 2005 2006 2008 2010 BMO is the first BMO selected to work BMO opens Shanghai branch officially BMO is the first Canadian bank licensed alongside the BOC, the Investment Banking begins operations Canadian bank to to provide RMB local CITIC and the ICBC as a representative office in incorporate in China currency services to market maker for the new Beijing foreign and local FX trading platform companies in China BMO Financial Group in China – Market Presence Bank of Montreal (China) Co. Ltd. -Office presence since 1983 Beijing -4 Greater China branches and 200 staff ▪ -FX pioneer and government-appointed FX market maker -USD & CNY licenses with national coverage -Active in trade finance -Close relationships with top Chinese banks -Expanded product range with 2010 local incorporation ▪ Shanghai Guangzhou ▪ ▪ Hong Kong Bank of Montreal (China) Co. Ltd is a wholly-owned subsidiary of BMO Financial Group Observations The food industry continues to be one of China’s largest, fastest growing and most important sectors.
    [Show full text]