DOCSLIB.ORG

Nestlé Sa Hsu Fu Chi International Limited Credit Suisse

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Nestlé Sa Hsu Fu Chi International Limited Credit Suisse SCHEME DOCUMENT DATED 31 AUGUST 2011 THIS SCHEME DOCUMENT IS ISSUED BY HSU FU CHI INTERNATIONAL LIMITED (THE “COMPANY” OR “HSU FU CHI”). THIS SCHEME DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. PLEASE READ IT CAREFULLY. IF YOU ARE IN ANY DOUBT ABOUT THIS SCHEME DOCUMENT OR THE ACTION YOU SHOULD TAKE, YOU SHOULD CONSULT YOUR STOCKBROKER, BANK MANAGER, SOLICITOR, ACCOUNTANT, TAX ADVISER OR OTHER PROFESSIONAL ADVISER IMMEDIATELY. If you have sold or transferred all your issued ordinary shares in the capital of the Company, you should immediately forward this Scheme Document and the accompanying forms to the purchaser or transferee or to the bank, stockbroker or agent through whom you effected the sale for onward transmission to the purchaser or transferee. The Singapore Exchange Securities Trading Limited assumes no responsibility for the correctness of any of the statements made, reports contained or opinions expressed in this Scheme Document. NESTLÉ S.A. HSU FU CHI INTERNATIONAL LIMITED (Incorporated in Switzerland) (Incorporated in the Cayman Islands) (RNS Number: 2136S) (Registration Number: CT-175834) PROPOSED JOINT VENTURE TO BE IMPLEMENTED BY WAY OF A SCHEME OF ARRANGEMENT UNDER SECTION 86 OF THE COMPANIES LAW OF THE CAYMAN ISLANDS Financial Adviser to Nestlé CREDIT SUISSE (SINGAPORE) LIMITED (Incorporated in the Republic of Singapore) (Company Registration No. 197702363D) Independent Financial Adviser to the Independent Directors MORGAN STANLEY ASIA (SINGAPORE) PTE. (Incorporated in the Republic of Singapore) (Company Registration No. 199206298Z) IMPORTANT Last date and time for lodgement of Proxy Forms : Friday, 23 September 2011 at 6.00 p.m. for Court Meeting Date and time of the Court Meeting : Monday, 26 September 2011 at 6.00 p.m. Place of Court Meeting : 108 Robinson Road, Level 11, The Finexis Building, Singapore 068900 The action to be taken by you is set out on page 31 of this Scheme Document. The important dates, times and place relating to the Court Meeting and the expected timetable are set out on page 9 of this Scheme Document. Your attention is also drawn to the notes under the expected timetable. CONTENTS DEFINITIONS...................................................................................................................................... 3 EXPECTED TIMETABLE .................................................................................................................... 9 CORPORATE INFORMATION............................................................................................................ 11 LETTER TO THE SHAREHOLDERS AND DEPOSITORS ................................................................ 13 1. INTRODUCTION ...................................................................................................................... 13 2. RATIONALE FOR THE ACQUISITION AND FUTURE PLANS FOR THE COMPANY ............ 16 3. THE SCHEME .......................................................................................................................... 17 4. FINANCIAL EVALUATION OF THE SCHEME CONSIDERATION .......................................... 18 5. NO CASH OUTLAY .................................................................................................................. 18 6. WAIVER OF RIGHTS TO A GENERAL OFFER ...................................................................... 18 7. CONFIRMATION OF FINANCIAL RESOURCES .................................................................... 18 8. INDEPENDENT FINANCIAL ADVISER’S OPINION ................................................................ 18 9. RECOMMENDATION OF THE INDEPENDENT DIRECTORS ................................................ 19 10. DIRECTORS’ RESPONSIBILITY STATEMENT........................................................................ 20 11. GENERAL INFORMATION ...................................................................................................... 20 EXPLANATORY MEMORANDUM...................................................................................................... 21 1. INTRODUCTION ...................................................................................................................... 21 2. RATIONALE FOR THE PROPOSED TRANSACTION.............................................................. 21 3. THE SCHEME .......................................................................................................................... 21 4. PRINCIPAL TERMS OF THE IMPLEMENTATION AGREEMENT ............................................ 22 5. IRREVOCABLE UNDERTAKINGS............................................................................................ 25 6. SHARE ACQUISITION.............................................................................................................. 25 7. INFORMATION ON THE COMPANY ........................................................................................ 26 8. INFORMATION ON NESTLÉ.................................................................................................... 26 9. COURT MEETING .................................................................................................................... 26 10. REGULATORY APPROVALS.................................................................................................... 27 11. EFFECT OF THE SCHEME AND DELISTING ........................................................................ 28 12. IMPLEMENTATION OF THE SCHEME .................................................................................... 28 13. CLOSURE OF BOOKS ............................................................................................................ 29 14. SETTLEMENT AND REGISTRATION PROCEDURES............................................................ 30 15. DIRECTORS’ AND SUBSTANTIAL SHAREHOLDERS’ INTERESTS IN SHARES OF THE COMPANY ................................................................................................................................ 30 16. OVERSEAS SHAREHOLDERS................................................................................................ 30 17. ACTION TO BE TAKEN BY SHAREHOLDERS AND DEPOSITORS ...................................... 31 18. IFA’S ADVICE TO THE INDEPENDENT DIRECTORS ............................................................ 33 19. GENERAL INFORMATION ...................................................................................................... 33 1 CONTENTS APPENDIX 1 – LETTER FROM MORGAN STANLEY TO THE INDEPENDENT DIRECTORS ........................................................................................................ 34 APPENDIX 2 – LETTER FROM NESTLÉ S.A. TO THE SHAREHOLDERS AND DEPOSITORS ...................................................................................................... 70 APPENDIX 3 – GENERAL INFORMATION RELATING TO THE COMPANY .............................. 119 APPENDIX 4 – RELEVANT EXCERPTS OF THE MEMORANDUM AND ARTICLES OF ASSOCIATION .................................................................................................... 130 APPENDIX 5 – AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF THE GROUP FOR FY2010 ........................................................................................................ 152 APPENDIX 6 – UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS OF THE GROUP FOR FY2011 ........................................................................................................ 198 APPENDIX 7 – SCHEME CONDITIONS ...................................................................................... 213 APPENDIX 8 – MATERIAL COVENANTS .................................................................................... 215 APPENDIX 9 – REPRESENTATIONS AND WARRANTIES OF NESTLÉ.................................... 216 APPENDIX 10 – REPRESENTATIONS AND WARRANTIES OF THE COMPANY ........................ 217 THE SCHEME .................................................................................................................................... 221 NOTICE OF COURT MEETING.......................................................................................................... 225 2 DEFINITIONS In this Scheme Document, the following definitions apply throughout except where the context otherwise requires: “ADS Depository” : Citibank N.A.; “Announcement” : The joint announcement made by the Company and Nestlé dated 11 July 2011 in relation to, inter alia, the Scheme and the Share Acquisition; “Announcement Date” : 11 July 2011, being the date of the Announcement; “Books Closure Date” : A date and time to be announced (before the Effective Date) by the Company on which (i) the Register of Members and (ii) the Depository Register will be closed in order to determine the entitlements of the Scheme Shareholders and Depositors in respect of the Scheme; “Business Day” : A day (except a Saturday or Sunday) on which banks are generally open for business in the Cayman Islands, Switzerland (Canton de Vaud), the PRC (Beijing) and Singapore; “Cayman Companies Law” : The Companies Law, Cap. 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands; “CDP” : The Central Depository (Pte) Limited; “CEO” : Chief executive officer of the Company; “CHF” : Swiss franc, being the lawful currency of Switzerland; “Code” : The Singapore Code on Take-overs and Mergers, as administered by the SIC from time to time; “Company” or “Hsu Fu Chi” : Hsu Fu Chi International Limited, a company incorporated in the Cayman Islands (registration
Load more

Recommended publications
  • Nestlé Group 2012
    Nestlé Group 2012 Nutrition to enhance the quality of life Key figures (consolidated) In millions of CHF 2012 Sales 92 186 Trading operating profit 14 012 as % of sales 15.2% Profit for the year attributable to shareholders of the parent (Net profit) 10 611 as % of sales 11.5% Capital expenditure 5 368 as % of sales 5.8% Equity attributable to shareholders of the parent (a) 60 947 Market capitalisation, end December 190 038 Operating cash flow 15 772 Free cash flow (b) 9 879 Net financial debt 18 152 Ratio of net financial debt to equity (gearing) 29.8% Per share Total basic earnings per share CHF 3.33 Underlying (c) CHF 3.37 Dividend (d) CHF 2.05 Stock exchange prices (high/low) CHF 62.30/52.50 Yield (e) % 3.3/3.9 (a) Before proposed appropriation of profit of Nestlé S.A. (b) Operating cash flow less capital expenditure, expenditure on intangible assets, sales of property, plant and equipment, investments (net of disinvestments) in associates and other investing cash flows. (c) Profit per share for the year attributable to shareholders of the parent before impairments, restructuring costs, results on disposals and significant one-off items. The tax impact from the adjusted items is also adjusted for. (d) As proposed by the Board of Directors of Nestlé S.A. (e) Calculated on the basis of the dividend for the year concerned, which is paid in the following year, and on high/low stock prices. Analysis of sales, trading operating profit and organic growth (OG) By operating segment Trading operating In millions of CHF Sales profit OG Zone Europe
    [Show full text]
  • PDF-Xchange 4.0 Examples
    WorldReginfo - f65a79fa-dec3-4614-8df6-74077a403cfa - WorldReginfo Annual Review 2015 Nestlé – Annual Review 2015 Our business Nestlé has grown from a company founded 150 years ago to a global leader in Nutrition, Health and Wellness. Wherever you are in What we sell (in CHF billion) the world we have safe, nutritious products to Powdered and Nutrition and Milk products Prepared dishes Liquid Beverages Health Science and Ice cream and cooking aids help you care for yourself and your family. Our product portfolio has seven categories, offering you 19.2 14.9 14.6 12.6 healthier and tastier choices at every stage of your life, at every time of the day. PetCare Confectionery Water 11.5 8.9 7.1 Our growth has enabled Where we sell (in CHF billion) us to help improve the lives of millions of people through the products EMENA and services we provide, 27.5 and through employment, our supplier networks and the contribution we make to economies around the world. AMS AOA 39.1 22.2 Number of employees Number of countries we sell in 335 000 189 Total group salaries and social Corporate taxes paid in 2015 welfare expenses (in CHF) (in CHF) 16 billion 3.3 billion WorldReginfo - f65a79fa-dec3-4614-8df6-74077a403cfa Our commitments Our 39 commitments in the Nestlé in society report guide all of us at Nestlé in our collective efforts to meet specific objectives. For a company to prosper Nutrition, health and wellness over the long term and create value for shareholders, it 192 billion 8041 must create value for society at the same time.
    [Show full text]
  • China and LA County, BYD Has Offices in Europe, Japan, South Korea, India, Taiwan, and Other Regions
    GROWING TOGETHER China and Los Angeles County GROWING TOGETHER China and Los Angeles County PREPARED BY: Ferdinando Guerra, International Economist Principal Researcher and Author with special thanks to George Entis, Research Assistant June, 2014 Los Angeles County Economic Development Corporation Kyser Center for Economic Research 444 S. Flower St., 37th Floor Los Angeles, CA 90071 Tel: (213) 622-4300 or (888) 4-LAEDC-1 Fax: (213)-622-7100 E-mail: [email protected] Web: http://www.laedc.org The LAEDC, the region’s premier business leadership organization, is a private, non-profit 501(c)3 organization established in 1981. GROWING TOGETHER China and Los Angeles County As Southern California’s premier economic development organization, the mission of the LAEDC is to attract, retain, and grow businesses and jobs for the regions of Los Angeles County. Since 1996, the LAEDC has helped retain or attract more than 198,000 jobs, providing over $12 billion in direct economic impact from salaries and over $850 million in property and sales tax revenues to the County of Los Angeles. LAEDC is a private, non-profit 501(c)3 organization established in 1981. Regional Leadership The members of the LAEDC are civic leaders and ranking executives of the region’s leading public and private organizations. Through financial support and direct participation in the mission, programs, and public policy initiatives of the LAEDC, the members are committed to playing a decisive role in shaping the region’s economic future. Business Services The LAEDC’s Business Development and Assistance Program provides essential services to L.A. County businesses at no cost, including coordinating site searches, securing incentives and permits, and identifying traditional and nontraditional financing including industrial development bonds.
    [Show full text]
  • General Corporation Tax (GCT)
    CITY OF NEW YORK DEPARTMENT OF FINANCE 1998 - STOCK ALLOCATION BELOW 100 PERCENT REPORT NAME ISSUERS ALLOCATION PERCENT NAME ISSUERS ALLOCATION PERCENT #78 GIAC LEASING CORPORATION 1.33 A F FIRE PROTECTION CO INC 13.54 "K" LINE AIR SERVICE (U.S.A.) 23.80 A F LEWIS & CO OF NEW YORK 23.20 A B DISTRIBUTORS INC 92.94 A F SUPPLY CORP 82.38 A L SHET METAL FABRICATIONS 69.80 A FEIBUSCH CORP 83.30 A & B AGENCY 25.00 A FINE GAUGE INC 59.27 A & C MECHANICAL INC LONG IS 0.44 A FOSTER HIGGINS INC 16.05 A & D ENTERPRISES, INC 75.45 A G EDWARDS SONS INC 1.45 A & D MECHANICAL INC 65.57 A G H TRIMSOURCE INC 76.57 A & E BUSINESS ADVISORS INC 67.80 A G INTERNATIONAL INC 17.20 A & E DENTAL STUDIO INC 89.20 A G INTERTAINMENT 7.67 A & E MANAGEMENT SYST 2.00 A H ENGINEERS PC 97.22 A & F INSTALLATIONS INC 10.19 A H HARRIS SONS INC 0.17 A & J FIXTURES INC 10.20 A H SCHREIBER CO INC 24.04 A & J FIXTURES, INC. 5.81 A H SPORTSWEAR CO INC 69.19 A & J HEATING & AIR CONDITIONISERVICE 62.50 A H VIDEO SALES REPRESENTIVE 59.56 A & M BILLING CONSULTANTS INC 17.30 A HARTRODT VIA INC 63.60 A & M BRONX BAKING INC 24.95 A HELLER METALS CO INC 90.88 A & N DELIVERY SERVICE, INC. 10.09 A I & ASSOCIATES INC 5.08 A & R DEVELOPMENT INC 45.42 A I PROFESSIONAL CLEANING 88.00 A & R RECYCLING INC.
    [Show full text]
  • The World's Leading Nutrition, Health and Wellness Company Annual
    The World’s leading Nutrition, Health and Wellness Company Annual Report 2011 Our objective is to be the recognised leader in Nutrition, Health and Wellness and the industry reference for financial performance Table of contents 2 Letter to our shareholders 30 Financial review 6 Corporate Governance 31 Principal key figures (illustrative) and Compliance 32 Overview Board of Directors of Nestlé S.A. 42 Management responsibilities: 7 Executive Board of Nestlé S.A. Continuing operations 11 The Nestlé Roadmap to 44 Leading positions Good Food, Good Life in dynamic categories Four competitive advantages 46 Geographic data: Four growth drivers people, factories and sales 12 Four operational pillars 48 Shareholder information 13 2011 Highlights 16 Innovating in Nutrition, Health and Wellness 20 Growing with emerging consumers and PPP globally 26 Adding value through innovation and premiumisation Accompanying reports Creating Shared Value Corporate Governance Report 2011 Summary Report 2011 2011 Financial Statements The brands in italics are registered trademarks of the Nestlé Group. Key figures (consolidated) Continuing operations In millions of CHF (except per share data) 2010 2010 2011 Sales (a) 93 015 87 906 83 642 Trading operating profit (a) 14 832 12 676 12 538 as % of sales 15.9% 14.4% 15.0% Profit for the period attributable to shareholders of the parent (Net profit) 34 233 8 777 9 487 as % of sales 36.8% 11.3% Equity attributable to shareholders of the parent before proposed appropriation of profit of Nestlé S.A. 61 867 56 797 Market capitalisation, end December 178 316 171 287 Operating cash flow 13 608 11 724 9 763 Free cash flow(b) 7 761 4 491 Capital expenditure 4 576 4 384 4 779 as % of sales 4.9% 5.0% 5.7% Net financial debt 3 854 14 319 Ratio of net financial debt to equity (gearing) 6.2% 25.2% Per share Total basic earnings per share CHF 10.16 2.60 2.97 Underlying (c) CHF 3.32 3.08 Dividend as proposed by the Board of Directors of Nestlé S.A.
    [Show full text]
  • Press Release Nestlé Reports Three-Month Sales for 2020
    Press release Vevey, April 24, 2020 Follow today's event live 14:00 CEST Investor call audio webcast Full details: https://www.nestle.com/media/mediaeventscalendar/allevents/2020-three-month-sales Nestlé reports three-month sales for 2020, provides COVID-19 update The COVID-19 crisis is having an extraordinary and far-reaching impact on all our lives. Since the earliest stages of the pandemic, we have been working closely with local authorities and business partners to respond to the challenge. We have three key priorities: safeguarding the health and wellbeing of our people, ensuring business continuity to meet consumer needs and supporting communities all over the world with local relief efforts. In these difficult times, many of our business partners are facing serious challenges, which create enormous uncertainty for their employees and families. We will continue to be a dependable business partner and make every possible effort to adapt to the evolving situation. For our out-of-home and food service customers, who have been severely affected, we are offering prompt and pragmatic assistance to weather the crisis and help them restart their businesses. For example, under our “Always open for You” initiative, we are extending payment terms, suspending rental fees for coffee machines and offering free products. The total value of this initiative is expected to be around CHF 500 million. Another example is our dairy supply chain. We are directly working with more than 200 000 dairy farmers globally. Dairy is highly perishable, and many farmers are now facing significant demand disruptions. We are fully meeting our commitments to buy agreed volumes in order to help sustain their livelihoods.
    [Show full text]
  • Nestlé SA — a Sweet Investment Opportunity
    7 February 2013 GLOBAL IDEAS www.anchorcapital.co.za www.investorcampus.com Nestlé SA — A sweet investment opportunity Background Nestlé SA (NESN) is a Swiss-based, multinational consum- Nestlé SA share price performance (CHF) er goods company that manufactures and markets a wide range of food products. The company's product line in- 70.00 cludes milk, chocolate, confectionery, bottled water, coffee, creamer, food seasoning and pet foods. It was founded in 60.00 1866 and currently has 330,000 employees in over 150 countries, with 461 factories in 83 countries. The company has over 4,000 brands and more than 1bn Nestlé products 50.00 are sold every day. It is also the world’s biggest food com- pany by revenue. Nestlé is in 33rd place on Forbes’ most 40.00 powerful brands list. 30.00 Nestlé’s metrics are as follows: 20.00 Spot (CHF) 64.15 10.00 Mkt Cap CHFmn 206 871 31-Jul-97 31-Jul-98 31-Jul-99 31-Jul-00 31-Jul-01 31-Jul-02 31-Jul-03 31-Jul-04 31-Jul-05 31-Jul-06 31-Jul-07 31-Jul-08 31-Jul-09 31-Jul-10 31-Jul-11 31-Jul-12 31-Jan-07 31-Jan-98 31-Jan-99 31-Jan-00 31-Jan-01 31-Jan-02 31-Jan-03 31-Jan-04 31-Jan-05 31-Jan-06 31-Jan-08 31-Jan-09 31-Jan-10 31-Jan-11 31-Jan-12 31-Jan-13 12M trailing P/E 19.76 31-Jan-97 12M fwd P/E 17.30 Source: Bloomberg, Anchor Capital 10-year average P/E 19.70 10-year average DY 2.59 FYE 31-Dec P/Book Ratio 3.70 12M trailing DY 3.33 12M fwd DY 3.50 Source: Bloomberg, Anchor Capital Global Ideas is a newsletter published four times a week The group’s products segment format is divided into the (Monday, Wednesday-Friday) and available only to clients of following seven product groups (segments): Investor Campus and Anchor Capital.
    [Show full text]
  • Nestlé. Enhancing Quality of Life and Contributing to a Healthier Future
    Nestlé – Annual Review 2018 Good Food, Good Life Annual Review 2018 Nestlé. Enhancing quality of life and contributing to a healthier future. Our purpose Nestlé. Enhancing quality of life and contributing to a healthier future. We are dedicated to advancing nutrition, health, and wellness in a way that is sustainable and responsible. Through our portfolio of products and services, we offer people and their pets, tastier, healthier and convenient choices for all life stages and all times of the day. Front cover Contents Accompanying reports Milo: Energy with purpose 2 Letter to our shareholders Corporate Governance Report 2018 Milo is an integral part of Nestlé’s Compensation Report 2018 efforts to promote healthier lifestyles 6 Pursuing our value-creating Financial Statements 2018 by encouraging sports and healthy strategy eating habits amongst kids. 10 Innovating for a changing world Each year the brand supports grassroots programs, working with 14 Connecting through our brands different partners to make a positive Online difference in the lives of more than 30 Creating Shared Value 22 million children. 42 Financial review You can find more information about the Nestlé Group at 57 Corporate Governance and www.nestle.com Compliance Find out more about Creating Shared 65 Shareholder information Value at www.nestle.com/csv Our performance Our performance is driven by our Nutrition, Health and Wellness strategy, the engine of our value creation model. Our 2018 organic sales Group sales (in CHF) Organic growth * Real internal growth * growth was 3.0%. Our cost-reduction initiatives 91.4 billion 3.0% 2.5% delivered 50 bps margin improvement, ahead of expectations.
    [Show full text]
  • Nestle DIP 21 May 2014
    PROSPECTUS 21 May 2014 Nestlé Holdings, Inc. (incorporated in the State of Delaware with limited liability) and Nestlé Finance International Ltd. (incorporated in Luxembourg with limited liability) Debt Issuance Programme Notes issued by Nestlé Finance International Ltd. will be, and Notes issued by Nestlé Holdings, Inc. may be, guaranteed by Nestlé S.A. (incorporated in Switzerland with limited liability) Under this Debt Issuance Programme (the “Programme”) each of Nestlé Holdings, Inc. and Nestlé Finance International Ltd. (each an “Issuer”, and together the “Issuers”) may from time to time, and subject to applicable laws and regulations, issue debt securities (the “Notes”) denominated in any currency agreed by the Issuer of such Notes (the “relevant Issuer”) and the relevant Dealer (as defined herein). Notes issued by Nestlé Finance International Ltd. will be unconditionally and irrevocably guaranteed by Nestlé S.A. (the “Guarantor”) as described in “Form of the Guarantee”. Notes issued by Nestlé Holdings, Inc. may or may not be unconditionally and irrevocably guaranteed by the Guarantor as described in “Form of the Guarantee”. This Prospectus supersedes any previous Prospectus issued by the Issuers and the Guarantor. Application has been made to the Financial Conduct Authority in its capacity as competent authority under the Financial Services and Markets Act 2000 (the “UK Listing Authority”) for Notes issued under the Programme during the period of twelve months from the date of this Prospectus to be admitted to the official list maintained by the UK Listing Authority (the “Official List”) and to the London Stock Exchange plc (the “London Stock Exchange”) for such Notes to be admitted to trading on the London Stock Exchange’s Regulated Market.
    [Show full text]
  • China Dairy Downstream Is Key 19
    SECTOR BRIEFING number DBS Asian Insights DBS Group52 Research • November 2017 China Dairy Downstream is Key 19 DBS Asian Insights SECTOR BRIEFING 52 02 China Dairy Downstream is Key Alison FOK Senior Research Analyst DBS Group Research [email protected] Mavis HUI Research Director DBS Group Research [email protected] Alice HUI CFA Research Director DBS Group Research [email protected] Produced by: Asian Insights Office • DBS Group Research go.dbs.com/research @dbsinsights [email protected] Goh Chien Yen Editor-in-Chief Jean Chua Managing Editor Geraldine Tan Editor Martin Tacchi Art Director 19 DBS Asian Insights SECTOR BRIEFING 52 03 04 Executive Summary 06 How Much Dairy Is China Consuming? How Much Dairy Is China Consuming? …But Consumption Remains on the Growth Track Dairy Imports Also on the Rise 11 Trends and Opportunities Factors Behind Rising Demand Diversification on Multiple Fronts M&As – The Large Get Larger 26 Dairy Supply Chain and Sustainability Dairy Supply Chain and Sustainability Scale Matters Efforts to Improve Profitability Options For Sustainability Downstream Processors Infant Formula Cold Chain To Support the Growth of Fresh Dairy 50 Appendix DBS Asian Insights SECTOR BRIEFING 52 04 Executive Summary Yogurt sales leading ccording to Euromonitor, China’s dairy sales, inclusive of alternative milk, could growth post a healthy 5.3% compound annual growth rate (CAGR) in 2016-2021F, driven by rising yogurt demand (15.6% CAGR). Ultra-high temperature (UHT) yogurt, in particular, should post the fastest CAGR of over 20%, as many Chinese Aconsumers are lactose intolerant and avoid milk. This category does not need to be stored at low temperatures, allowing it to swiftly expand into more remote areas across China.
    [Show full text]
  • Consolidated Financial Statements of the Nestlé Group 2017
    Financial Statements 2017 Consolidated Financial Statements of the Nestlé Group 2017 151st Financial Statements of Nestlé S.A. Financial Statements 2017 Consolidated Financial Statements of the Nestlé Group 2017 59 60 Financial Statements 2017 Consolidated Financial Statements of the Nestlé Group 2017 63 Principal exchange rates 144 Statutory Auditor’s Report – Report on the Audit of the 64 Consolidated income statement for Consolidated Financial Statements the year ended 31 December 2017 150 Financial information – 5 year review 65 Consolidated statement of comprehensive income for the year 152 Companies of the Nestlé Group, joint ended 31 December 2017 arrangements and associates 66 Consolidated balance sheet as at 31 December 2017 68 Consolidated cash fl ow statement for the year ended 31 December 2017 69 Consolidated statement of changes in equity for the year ended 31 December 2017 71 Notes 71 1. Accounting policies 74 2. Scope of consolidation, acquisitions and disposals of businesses, assets held for sale and acquisitions of non-controlling interests 78 3. Analyses by segment 86 4. Net other trading and operating income/ (expenses) 87 5. Net fi nancial income/(expense) 88 6. Inventories 7. Trade and other receivables/payables 90 8. Property, plant and equipment 93 9. Goodwill and intangible assets 100 10. Employee benefi ts 110 11. Provisions and contingencies 112 12. Financial instruments 125 13. Taxes 128 14. Associates and joint ventures 130 15. Earnings per share 131 16. Cash fl ow statement 134 17. Equity 139 18. Lease commitments
    [Show full text]
  • Welcome to the 9 Month Sales Press Conference Disclaimer
    Welcome to the 9 Month Sales Press Conference Disclaimer This presentation contains forward looking statements which reflect Management’s current views and estimates. The forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements. Potential risks and uncertainties include such factors as general economic conditions, foreign exchange fluctuations, competitive product and pricing pressures and regulatory developments. 9 Month Sales Press Conference Paul Bulcke Nestlé CEO 9 Month Sales Press Conference Paul Bulcke Nestlé CEO Wan Ling Martello Nandu Nandkishore Roland Decorvet Jonathan Dong 4 18 October, 2012 9 Month Sales Press Conference Our promise We enhance lives by offering tastier and healthier food as world and beverage choices leader in at all stages of life and Nutrition, at any time of the day, Health & helping consumers care for Wellness themselves and their families. 5 18 October, 2012 9 Month Sales Press Conference • Founded in Switzerland over 145 years ago Nestlé • CHF 83.6 billion turnover in 2011 • 330,000 employees in over 150 countries Facts and figures • 461 factories in 83 countries • Over 4,000 brands • Over 1 billion Nestlé products sold per day 6 18 October, 2012 9 Month Sales Press Conference Present in 7 different product categories • Nutrition • Milk products and Ice Cream • Powdered and Liquid Beverages Nestlé • Prepared dishes and cooking aids • Confectionery Facts and figures • Water • PetCare 7
    [Show full text]