The cachaça market in Brazil is characterized by high volumes and low margins. However, premium cachaças are beginning to shed cachaça's downmarket image as they appear in upmarket bars and restaurants. While international drinks companies own some cachaça brands, the market remains largely untapped. With developed markets stagnant or slow-growing, Brazil's billion-liter cachaça industry could attract more interest from international companies seeking growth opportunities.
The CARICOM-Costa Rica Free Trade Agreement has been ratified by Barbados, Guyana, and Trinidad and Tobago. It allows for provisional application between any CARICOM member state and Costa Rica once both have ratified. The interview discusses NAA, a St. Lucian manufacturer of cable TV components that exports over $5 million annually to the US. Slow implementation of trade agreements hinders business, and the company plans to expand to South America, including Brazil. Faster implementation of trade pacts would help integrated businesses.
Este documento presenta un balance contable del período del 1 de abril de 2011 al 30 de abril de 2011 para la unidad gestora 372011 - SERGIPE PREVID. Muestra el activo, pasivo, gastos, ingresos, resultados disminuidos y aumentados. Proporciona detalles de cuentas contables específicas como disponibilidades, créditos en circulación, bienes en circulación, inmovilizado y activos compensados.
Mário Almeida é um engenheiro geográfico de 33 anos natural de Aracaju, Sergipe. Seu currículo inclui graduação em Geografia pela Universidade Federal de Sergipe e especialização em fluxos de informações através da televisão na rede urbana de Sergipe. Ele possui experiência profissional na Secretaria de Estado da Fazenda de Sergipe desde 1993, atuando atualmente como idealizador e proprietário do serviço de gastronomia Jack Abóbora Gastronomia.
Este currículo apresenta as informações profissionais e acadêmicas de Mário Almeida, engenheiro geográfico de 33 anos natural de Aracaju, Sergipe. Ele possui formação em Geografia e especialização em fluxos de informações através da televisão. Sua experiência profissional inclui trabalhos na Secretaria de Fazenda de Sergipe e como idealizador de um serviço de gastronomia e blog sobre Sergipe. Seu objetivo é atuar com planejamento estratégico e consultoria.
Este documento presenta un resumen del balance contable de la unidad de gestión 372011 - SERGIPE PREVID. para el período del 1 de mayo al 31 de mayo de 2011. Muestra el activo totaling 37.130.429,46, el pasivo totaling 37.162.906,93, el gasto totaling 2.311.005,43 y el ingreso totaling 45.324,18, resultando en una pérdida neta de 72.697,78. Además, proporciona detalles sobre las cuentas contables individuales y sus saldos.
Este documento presenta un resumen del balance contable de la unidad gestora 372011 - SERGIPE PREVID. para el ejercicio 2011. Muestra el activo total de R$25.575.093,36, el pasivo total de R$24.334.916,89, los gastos totales de R$780.151,06 y los ingresos totales de R$20.091,68, resultando en un déficit de R$22.542,03. Además, detalla las cuentas contables con sus saldos iniciales, movimientos y saldos finales.
O documento lista os pratos e sopas congelados disponíveis para venda com seus respectivos preços por porção individual, dupla, média e família. Há opções com e sem glúten ou lactose. Encomendas devem ser feitas com antecedência mínima de 72 horas e os produtos são entregues previamente congelados em embalagens para freezer.
The CARICOM-Costa Rica Free Trade Agreement has been ratified by Barbados, Guyana, and Trinidad and Tobago. It allows for provisional application between any CARICOM member state and Costa Rica once both have ratified. The interview discusses NAA, a St. Lucian manufacturer of cable TV components that exports over $5 million annually to the US. Slow implementation of trade agreements hinders business, and the company plans to expand to South America, including Brazil. Faster implementation of trade pacts would help integrated businesses.
Este documento presenta un balance contable del período del 1 de abril de 2011 al 30 de abril de 2011 para la unidad gestora 372011 - SERGIPE PREVID. Muestra el activo, pasivo, gastos, ingresos, resultados disminuidos y aumentados. Proporciona detalles de cuentas contables específicas como disponibilidades, créditos en circulación, bienes en circulación, inmovilizado y activos compensados.
Mário Almeida é um engenheiro geográfico de 33 anos natural de Aracaju, Sergipe. Seu currículo inclui graduação em Geografia pela Universidade Federal de Sergipe e especialização em fluxos de informações através da televisão na rede urbana de Sergipe. Ele possui experiência profissional na Secretaria de Estado da Fazenda de Sergipe desde 1993, atuando atualmente como idealizador e proprietário do serviço de gastronomia Jack Abóbora Gastronomia.
Este currículo apresenta as informações profissionais e acadêmicas de Mário Almeida, engenheiro geográfico de 33 anos natural de Aracaju, Sergipe. Ele possui formação em Geografia e especialização em fluxos de informações através da televisão. Sua experiência profissional inclui trabalhos na Secretaria de Fazenda de Sergipe e como idealizador de um serviço de gastronomia e blog sobre Sergipe. Seu objetivo é atuar com planejamento estratégico e consultoria.
Este documento presenta un resumen del balance contable de la unidad de gestión 372011 - SERGIPE PREVID. para el período del 1 de mayo al 31 de mayo de 2011. Muestra el activo totaling 37.130.429,46, el pasivo totaling 37.162.906,93, el gasto totaling 2.311.005,43 y el ingreso totaling 45.324,18, resultando en una pérdida neta de 72.697,78. Además, proporciona detalles sobre las cuentas contables individuales y sus saldos.
Este documento presenta un resumen del balance contable de la unidad gestora 372011 - SERGIPE PREVID. para el ejercicio 2011. Muestra el activo total de R$25.575.093,36, el pasivo total de R$24.334.916,89, los gastos totales de R$780.151,06 y los ingresos totales de R$20.091,68, resultando en un déficit de R$22.542,03. Además, detalla las cuentas contables con sus saldos iniciales, movimientos y saldos finales.
O documento lista os pratos e sopas congelados disponíveis para venda com seus respectivos preços por porção individual, dupla, média e família. Há opções com e sem glúten ou lactose. Encomendas devem ser feitas com antecedência mínima de 72 horas e os produtos são entregues previamente congelados em embalagens para freezer.
The document proposes a live-work redevelopment project in the Porto Maravilha neighborhood of Rio de Janeiro, Brazil. It will consist of two components: Minha Jarda, a privately-owned public space that will serve as a neighborhood gathering place featuring street art; and Pedra Estúdios, live-work rental units catered towards artists and millennials seeking an urban lifestyle, with ground floor retail and residential units on upper floors. The project aims to incubate arts and culture in the area to complement nearby cultural attractions and create a vibrant mixed-use district.
Petrobras is Brazil's state-owned oil company that has grown organically since its founding in 1953. It has transitioned from importing crude oil to becoming a fully integrated oil producer that achieved self-sufficiency for Brazil in 2006. Petrobras discovered massive deepwater oil reserves off the coast of Brazil and is now the largest company by market capitalization in Latin America. The Brazilian government maintains control of Petrobras through its majority ownership stake.
Petrobras at a Glance provides an overview of the company. It discusses Petrobras' history growing from a government monopoly in 1953 into a major publicly traded integrated energy company. The document outlines Petrobras' business segments and operational advantages, including its dominant position in Brazil and leadership in deepwater exploration and production. It also compares Petrobras to its peers in terms of production, reserves, refining capacity, and market capitalization. Finally, it discusses Brazil's role in recent oil discoveries and Petrobras' strategy to more than double its oil production by 2020.
Brazil’s deficient airport infrastructure was not a major issue until the country
was awarded the 2014 World Cup and the 2016 Olympic Games, yet for
years it had impaired the blossoming of high-value-added industries. Historically
Brazil has been able to manufacture high-added-value products at
low costs, but the costs of shipping those products to Europe, Asia or North
America – which purchase 70% of Brazil´s exports and are only reachable by
sea or air -- inhibit its competiveness. Many factors account for these costs,
but the country´s airport infrastructure should take much of the blame.
The document provides an overview of opportunities and challenges for the Brazilian economy. Key points include strong projected GDP growth of 6.46% in 2010, attracting over $37 billion in foreign direct investment. Major events like the 2014 World Cup and 2016 Olympics will further stimulate the economy and sectors like construction, food/beverage, and services. Recent oil discoveries also promise investment and jobs. However, challenges remain such as tax reform and improving infrastructure to maintain foreign interest.
Petrobras is a major Brazilian integrated energy company that has grown organically since its founding in 1953. It has transitioned from importing oil to achieving self-sufficiency through offshore discoveries. The Brazilian government maintains majority ownership and control while Petrobras has a diverse shareholder base and investment grade credit ratings. Petrobras operates across the oil and gas value chain with a focus on deepwater exploration and production, refining for the domestic market, gas infrastructure, and biofuels.
Restaurant Brands International Buy RecommendationLucas Diniz
This document recommends buying stock in Restaurant Brands International (QSR), owner of Burger King and Tim Hortons fast food chains. Key points include:
- QSR is undervalued and has potential for growth through global expansion of Tim Hortons and Burger King brands under successful owners like Jorge Lemann.
- Lemann and 3G Capital have a track record of acquiring and growing food brands like Anheuser-Busch InBev. There is potential for them to acquire more brands.
- QSR has advantages like lower taxes from being based in Canada, experience with franchising models, and diversification across brands and markets.
How to understand_legal_aspects_on_doing_infrastructure_business_in_brazilThe Information Company
This document provides an overview of the regulatory frameworks and opportunities for infrastructure business in Brazil. It discusses the key sectors of energy, highways, ports, and public-private partnerships. The energy sector is regulated and electricity is traded through both regulated and free markets. Highway concessions can be granted at the federal, state, and municipal levels. Ports were historically operated by the government but have been privatized. Overall the document outlines the various agencies, regulations, and market structures involved in infrastructure business in Brazil.
This document analyzes the market for Norwegian Cruise Line and makes recommendations. It finds that while Norwegian Cruise Line has 8% of the cruise market, this is much smaller than its two main competitors who control 68% combined. It also notes that Norwegian Cruise Line's target market of baby boomers is declining, so it recommends targeting millennials by building new ships tailored for them. The document concludes Norwegian Cruise Line needs to double its fleet size and redirect resources to attracting millennials in order to better compete in the cruise industry long-term.
- The document initiates coverage of Bancolombia (CIB) stock with a "BUY" rating and target price representing 40.1% upside potential.
- Key reasons for the recommendation include expectations that oil price concerns are overblown, Colombia's economy and banking sector have strong long-term growth potential, and Bancolombia is well-positioned to benefit from these trends while offering a historically cheap valuation and solid dividend yield.
- Additional details are provided on Bancolombia's business operations, financials, growth projections, and the favorable economic environment in Colombia to support the investment thesis.
Opportunity to get in on the ground floor of cannabis investment, with a Secured 12% Convertible Notes. Company is set for a 2019 NASDAQ IPO through Regulation A+ which has already been filed with the SEC.
Banco Santander (Brasil) S.A. is the third largest private bank in Brazil. It operates according to Santander's global corporate values and business model, which focuses on retail banking, geographic diversification, control and risk management, and efficiency. Santander has a significant presence in Latin America, including Brazil, where it has a large distribution platform and market share. It has integrated two large Brazilian banks and captured cost synergies through its integration plan. The bank aims to provide excellent commercial services and maximize shareholder returns through its well-defined corporate governance structure. In 2009, Banco Santander saw growth in key financial metrics such as net profit, revenues, and funding from clients.
Banco Santander (Brasil) S.A. is the third largest private bank in Brazil. It operates according to Santander's global corporate values and business model, which focuses on retail banking, geographic diversification, control and risk management, efficiency, and disciplined capital use. Santander has a significant presence in Brazil and other Latin American countries, and is considered a global banking leader. In Brazil, Santander has a large distribution network and seeks to integrate its platforms to improve commercial offerings and realize cost synergies through its integration plan. The bank maintains a defined corporate governance structure and reported strong financial results in 2009, with growing profits and revenues outpacing general expenses.
Banco Santander (Brasil) S.A. is the third largest private bank in Brazil. It operates according to Santander's global corporate values and business model, which focuses on retail banking, geographic diversification, control and risk management, and efficiency. Santander has a significant presence in Brazil as well as other Latin American countries such as Chile, Mexico, and Argentina. In Brazil, Santander has over 3,500 branches and has integrated two major acquisitions to become a leading retail and commercial bank, generating over R$5.5 billion in net profit in 2009.
Btg pactual eleventh annual ceo conference somente em inglêsrisantander
Banco Santander (Brasil) S.A. is a leading bank in Brazil and Latin America. It has over 3,500 branches in Brazil serving over 21 million customers, with an 11.1% share of loans and 8.1% share of savings in the country. The document discusses Santander's operations worldwide and its strong presence across Latin America, with key operations in Brazil, Chile, Mexico, and other countries. Santander has achieved global recognition, being named the World's Best Bank.
Btg pactual eleventh annual ceo conference somente em inglêsrisantander
Banco Santander (Brasil) S.A. is a leading bank in Brazil and Latin America. It has over 3,500 branches in Brazil serving over 21 million customers, with an 11.1% share of loans and 8.1% share of savings in the country. The bank has benefited from Brazil's strong macroeconomic growth and stability in recent decades, with declining inflation and interest rates helping to fuel investment and economic expansion.
Banco Santander (Brasil) S.A. is the third largest private bank in Brazil. It operates according to Santander's global corporate values and business model, which focuses on retail banking, geographic diversification, control and risk management, and efficiency. Santander has a significant presence in Brazil as well as other Latin American countries such as Chile, Mexico, and Argentina. In Brazil, Santander has over 3,500 branches and has integrated two major acquisitions to become a leading retail and commercial bank, generating over R$5.5 billion in net profit in 2009.
Btg pactual eleventh annual ceo conference somente em inglêsrisantander
Banco Santander (Brasil) S.A. is a leading bank in Brazil and Latin America. It has over 3,500 branches in Brazil serving over 21 million customers, with an 11.1% share of loans and 8.1% share of savings in the country. The document discusses Santander's operations worldwide and its strong presence across Latin America, with key operations in Brazil, Chile, Mexico, and other countries. Santander has achieved global recognition, being named the World's Best Bank.
IBM Retail | The future of the Consumer Products IndustryIBM Retail
The market dynamics for the Consumer Products industry are changing rapidly and drastically. Explosive population growth, increased urbanization, an evolving customer base, and global climate and natural resource issues are creating both significant opportunities and daunting challenges. Learn the 6 capabilities of a winning CP company in the 21st century.
Este documento presenta un balance contable de una unidad de gestión del estado de Sergipe, Brasil, correspondiente al período del 1 de enero al 31 de enero de 2011. Muestra el activo, pasivo, gastos, ingresos y resultados del período. El activo total es de R$26.056.035,59, el pasivo total es de R$24.372.218,09, los gastos totales son de R$323.477,16 y los ingresos totales son de R$7.607,81.
The document proposes a live-work redevelopment project in the Porto Maravilha neighborhood of Rio de Janeiro, Brazil. It will consist of two components: Minha Jarda, a privately-owned public space that will serve as a neighborhood gathering place featuring street art; and Pedra Estúdios, live-work rental units catered towards artists and millennials seeking an urban lifestyle, with ground floor retail and residential units on upper floors. The project aims to incubate arts and culture in the area to complement nearby cultural attractions and create a vibrant mixed-use district.
Petrobras is Brazil's state-owned oil company that has grown organically since its founding in 1953. It has transitioned from importing crude oil to becoming a fully integrated oil producer that achieved self-sufficiency for Brazil in 2006. Petrobras discovered massive deepwater oil reserves off the coast of Brazil and is now the largest company by market capitalization in Latin America. The Brazilian government maintains control of Petrobras through its majority ownership stake.
Petrobras at a Glance provides an overview of the company. It discusses Petrobras' history growing from a government monopoly in 1953 into a major publicly traded integrated energy company. The document outlines Petrobras' business segments and operational advantages, including its dominant position in Brazil and leadership in deepwater exploration and production. It also compares Petrobras to its peers in terms of production, reserves, refining capacity, and market capitalization. Finally, it discusses Brazil's role in recent oil discoveries and Petrobras' strategy to more than double its oil production by 2020.
Brazil’s deficient airport infrastructure was not a major issue until the country
was awarded the 2014 World Cup and the 2016 Olympic Games, yet for
years it had impaired the blossoming of high-value-added industries. Historically
Brazil has been able to manufacture high-added-value products at
low costs, but the costs of shipping those products to Europe, Asia or North
America – which purchase 70% of Brazil´s exports and are only reachable by
sea or air -- inhibit its competiveness. Many factors account for these costs,
but the country´s airport infrastructure should take much of the blame.
The document provides an overview of opportunities and challenges for the Brazilian economy. Key points include strong projected GDP growth of 6.46% in 2010, attracting over $37 billion in foreign direct investment. Major events like the 2014 World Cup and 2016 Olympics will further stimulate the economy and sectors like construction, food/beverage, and services. Recent oil discoveries also promise investment and jobs. However, challenges remain such as tax reform and improving infrastructure to maintain foreign interest.
Petrobras is a major Brazilian integrated energy company that has grown organically since its founding in 1953. It has transitioned from importing oil to achieving self-sufficiency through offshore discoveries. The Brazilian government maintains majority ownership and control while Petrobras has a diverse shareholder base and investment grade credit ratings. Petrobras operates across the oil and gas value chain with a focus on deepwater exploration and production, refining for the domestic market, gas infrastructure, and biofuels.
Restaurant Brands International Buy RecommendationLucas Diniz
This document recommends buying stock in Restaurant Brands International (QSR), owner of Burger King and Tim Hortons fast food chains. Key points include:
- QSR is undervalued and has potential for growth through global expansion of Tim Hortons and Burger King brands under successful owners like Jorge Lemann.
- Lemann and 3G Capital have a track record of acquiring and growing food brands like Anheuser-Busch InBev. There is potential for them to acquire more brands.
- QSR has advantages like lower taxes from being based in Canada, experience with franchising models, and diversification across brands and markets.
How to understand_legal_aspects_on_doing_infrastructure_business_in_brazilThe Information Company
This document provides an overview of the regulatory frameworks and opportunities for infrastructure business in Brazil. It discusses the key sectors of energy, highways, ports, and public-private partnerships. The energy sector is regulated and electricity is traded through both regulated and free markets. Highway concessions can be granted at the federal, state, and municipal levels. Ports were historically operated by the government but have been privatized. Overall the document outlines the various agencies, regulations, and market structures involved in infrastructure business in Brazil.
This document analyzes the market for Norwegian Cruise Line and makes recommendations. It finds that while Norwegian Cruise Line has 8% of the cruise market, this is much smaller than its two main competitors who control 68% combined. It also notes that Norwegian Cruise Line's target market of baby boomers is declining, so it recommends targeting millennials by building new ships tailored for them. The document concludes Norwegian Cruise Line needs to double its fleet size and redirect resources to attracting millennials in order to better compete in the cruise industry long-term.
- The document initiates coverage of Bancolombia (CIB) stock with a "BUY" rating and target price representing 40.1% upside potential.
- Key reasons for the recommendation include expectations that oil price concerns are overblown, Colombia's economy and banking sector have strong long-term growth potential, and Bancolombia is well-positioned to benefit from these trends while offering a historically cheap valuation and solid dividend yield.
- Additional details are provided on Bancolombia's business operations, financials, growth projections, and the favorable economic environment in Colombia to support the investment thesis.
Opportunity to get in on the ground floor of cannabis investment, with a Secured 12% Convertible Notes. Company is set for a 2019 NASDAQ IPO through Regulation A+ which has already been filed with the SEC.
Banco Santander (Brasil) S.A. is the third largest private bank in Brazil. It operates according to Santander's global corporate values and business model, which focuses on retail banking, geographic diversification, control and risk management, and efficiency. Santander has a significant presence in Latin America, including Brazil, where it has a large distribution platform and market share. It has integrated two large Brazilian banks and captured cost synergies through its integration plan. The bank aims to provide excellent commercial services and maximize shareholder returns through its well-defined corporate governance structure. In 2009, Banco Santander saw growth in key financial metrics such as net profit, revenues, and funding from clients.
Banco Santander (Brasil) S.A. is the third largest private bank in Brazil. It operates according to Santander's global corporate values and business model, which focuses on retail banking, geographic diversification, control and risk management, efficiency, and disciplined capital use. Santander has a significant presence in Brazil and other Latin American countries, and is considered a global banking leader. In Brazil, Santander has a large distribution network and seeks to integrate its platforms to improve commercial offerings and realize cost synergies through its integration plan. The bank maintains a defined corporate governance structure and reported strong financial results in 2009, with growing profits and revenues outpacing general expenses.
Banco Santander (Brasil) S.A. is the third largest private bank in Brazil. It operates according to Santander's global corporate values and business model, which focuses on retail banking, geographic diversification, control and risk management, and efficiency. Santander has a significant presence in Brazil as well as other Latin American countries such as Chile, Mexico, and Argentina. In Brazil, Santander has over 3,500 branches and has integrated two major acquisitions to become a leading retail and commercial bank, generating over R$5.5 billion in net profit in 2009.
Btg pactual eleventh annual ceo conference somente em inglêsrisantander
Banco Santander (Brasil) S.A. is a leading bank in Brazil and Latin America. It has over 3,500 branches in Brazil serving over 21 million customers, with an 11.1% share of loans and 8.1% share of savings in the country. The document discusses Santander's operations worldwide and its strong presence across Latin America, with key operations in Brazil, Chile, Mexico, and other countries. Santander has achieved global recognition, being named the World's Best Bank.
Btg pactual eleventh annual ceo conference somente em inglêsrisantander
Banco Santander (Brasil) S.A. is a leading bank in Brazil and Latin America. It has over 3,500 branches in Brazil serving over 21 million customers, with an 11.1% share of loans and 8.1% share of savings in the country. The bank has benefited from Brazil's strong macroeconomic growth and stability in recent decades, with declining inflation and interest rates helping to fuel investment and economic expansion.
Banco Santander (Brasil) S.A. is the third largest private bank in Brazil. It operates according to Santander's global corporate values and business model, which focuses on retail banking, geographic diversification, control and risk management, and efficiency. Santander has a significant presence in Brazil as well as other Latin American countries such as Chile, Mexico, and Argentina. In Brazil, Santander has over 3,500 branches and has integrated two major acquisitions to become a leading retail and commercial bank, generating over R$5.5 billion in net profit in 2009.
Btg pactual eleventh annual ceo conference somente em inglêsrisantander
Banco Santander (Brasil) S.A. is a leading bank in Brazil and Latin America. It has over 3,500 branches in Brazil serving over 21 million customers, with an 11.1% share of loans and 8.1% share of savings in the country. The document discusses Santander's operations worldwide and its strong presence across Latin America, with key operations in Brazil, Chile, Mexico, and other countries. Santander has achieved global recognition, being named the World's Best Bank.
IBM Retail | The future of the Consumer Products IndustryIBM Retail
The market dynamics for the Consumer Products industry are changing rapidly and drastically. Explosive population growth, increased urbanization, an evolving customer base, and global climate and natural resource issues are creating both significant opportunities and daunting challenges. Learn the 6 capabilities of a winning CP company in the 21st century.
Este documento presenta un balance contable de una unidad de gestión del estado de Sergipe, Brasil, correspondiente al período del 1 de enero al 31 de enero de 2011. Muestra el activo, pasivo, gastos, ingresos y resultados del período. El activo total es de R$26.056.035,59, el pasivo total es de R$24.372.218,09, los gastos totales son de R$323.477,16 y los ingresos totales son de R$7.607,81.
Este documento presenta un balance contable del período del 1 de marzo al 31 de marzo de 2011 para la unidad gestora 372011 - SERGIPE PREVID. Muestra el activo, pasivo, gastos, ingresos y resultados. El activo total es de R$29.052.035,37, el pasivo total es de R$28.120.694,15, los gastos totales son de R$1.191.098,70 y los ingresos totales son de R$40.331,36.
Este documento presenta un balance contable de la FUNPREV para el período de abril de 2011. Resume los activos, pasivos, gastos e ingresos de la organización. Los activos totalizaron R$75.792.218,79, los pasivos R$60.811.116,36, no hubo gastos y los ingresos fueron de R$10.553.730,94.
Este documento presenta el balance contable de FUNPREV para el periodo de 01/03/2011 a 31/03/2011. Muestra los activos totales de R$67.619.590,77, los pasivos totales de R$57.587.545,31 y un resultado aumentativo de R$7.950.741,89. Incluye detalles de cuentas como disponibilidades, créditos en circulación e inversiones del régimen de pensiones.
El documento presenta el balance contable de la FUNPREV para el ejercicio 2011. Muestra los activos, pasivos, gastos e ingresos. El activo total es de R$61.658.246,22, el pasivo total es de R$55.158.367,61, no hubo gastos y los ingresos fueron de R$3.792.328,77. El resultado disminuyó en R$3.314.730,81 y aumentó en R$6.022.280,65.
El documento presenta el balance contable de la FUNPREV para el ejercicio 2011. Muestra el activo total de R$53.065.717,47, el pasivo total de R$50.091.677,37 y un resultado aumentativo de R$2.943.915,24. Incluye detalles de cuentas como disponibilidades, créditos, inversiones y ejecución presupuestaria de ingresos y gastos en el período de enero a agosto de 2011.
Este documento presenta el balance contable de FUNPREV para el período de marzo de 2011. Muestra los activos totales de R$67,619,590.77, los pasivos totales de R$57,587,545.31 y un resultado aumentativo de R$7,950,741.89. Proporciona detalles sobre las cuentas contables, incluidos los saldos iniciales y finales, los movimientos deudores y acreedores, y los saldos liquidos para cada cuenta.
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
Building Your Employer Brand with Social MediaLuanWise
Presented at The Global HR Summit, 6th June 2024
In this keynote, Luan Wise will provide invaluable insights to elevate your employer brand on social media platforms including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok. You'll learn how compelling content can authentically showcase your company culture, values, and employee experiences to support your talent acquisition and retention objectives. Additionally, you'll understand the power of employee advocacy to amplify reach and engagement – helping to position your organization as an employer of choice in today's competitive talent landscape.
How MJ Global Leads the Packaging Industry.pdfMJ Global
MJ Global's success in staying ahead of the curve in the packaging industry is a testament to its dedication to innovation, sustainability, and customer-centricity. By embracing technological advancements, leading in eco-friendly solutions, collaborating with industry leaders, and adapting to evolving consumer preferences, MJ Global continues to set new standards in the packaging sector.
Understanding User Needs and Satisfying ThemAggregage
https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
In this webinar, we won't focus on the research methods for discovering user-needs. We will focus on synthesis of the needs we discover, communication and alignment tools, and how we operationalize addressing those needs.
Industry expert Scott Sehlhorst will:
• Introduce a taxonomy for user goals with real world examples
• Present the Onion Diagram, a tool for contextualizing task-level goals
• Illustrate how customer journey maps capture activity-level and task-level goals
• Demonstrate the best approach to selection and prioritization of user-goals to address
• Highlight the crucial benchmarks, observable changes, in ensuring fulfillment of customer needs
buy old yahoo accounts buy yahoo accountsSusan Laney
As a business owner, I understand the importance of having a strong online presence and leveraging various digital platforms to reach and engage with your target audience. One often overlooked yet highly valuable asset in this regard is the humble Yahoo account. While many may perceive Yahoo as a relic of the past, the truth is that these accounts still hold immense potential for businesses of all sizes.
IMPACT Silver is a pure silver zinc producer with over $260 million in revenue since 2008 and a large 100% owned 210km Mexico land package - 2024 catalysts includes new 14% grade zinc Plomosas mine and 20,000m of fully funded exploration drilling.
Part 2 Deep Dive: Navigating the 2024 Slowdownjeffkluth1
Introduction
The global retail industry has weathered numerous storms, with the financial crisis of 2008 serving as a poignant reminder of the sector's resilience and adaptability. However, as we navigate the complex landscape of 2024, retailers face a unique set of challenges that demand innovative strategies and a fundamental shift in mindset. This white paper contrasts the impact of the 2008 recession on the retail sector with the current headwinds retailers are grappling with, while offering a comprehensive roadmap for success in this new paradigm.
The Evolution and Impact of OTT Platforms: A Deep Dive into the Future of Ent...ABHILASH DUTTA
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Financial times brazil confidencial - sergipe 7 20 de julho de 2011
1. A reseArch And AnAlysis service from the finAnciAl times
CONTENTS
07.07.11
CaTChiNg
EdiTOrial
02 supermarket fight highlights
growth potential
CONSumEr Brazil
ThE
04 cachaça: the billion-litre
drinks opportunity
BuSiNESS Brazil
08 carrefour-cBd:
the anti-trust view
SpiriT
BuildiNg Brazil
10 Green building
climbs higher
fiNaNCiNg Brazil
15 sergipe awaits further boosts
from Petrobras and vale
fiNaNCiNg Brazil
Brazil’s $9bn cachaça
21 fund monitor:
reacting to a weak 1h11
opportunity p4
guEST COlumN
23 structuring Brazilian
private equity
ThE BEST Of
lOCal COmmENT
24 Bndes and tax
reform under attack
agENda
25 the key
economic news
BullS aNd BEarS
26 the bank recovers some
lost credibility
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3. ThE ViEW ON Brazil SupErmarkET
fighT highlighTS grOWTh pOTENTial 3 Brazil CONfidENTial
J u LY 7-20 2011
that is partly because neither the Bndes nor the do this, the Bndes had to step in,” said mr Pimentel.
government ministers, who spoke out on the matter, But in the last few days the government has shown
managed to explain adequately the business case. in signs that it is retreating from this position. Government
particular, it is unclear exactly how the government officials have told Brazil confidential that ms rousseff
expects the merged entity to open a channel for the sale herself has urged the bank to take a cautious approach
of Brazilian products in france, especially since Pão de and has instructed ministers not to defend the operation.
Açúcar’s existing links with casino have allowed it to Advisers insist that ms rousseff personally took
make precious little progress in this respect. no part in decision-making. the Bndes has repeat-
exactly how Brazilian consumers will benefit from the edly insisted that the deal will not go ahead without
deal is another doubt, since the merger will reduce com- casino’s agreement. during a trip to Brazil this week,
petition, especially in those parts of the south and south- the company’s president Jean-charles naouri said his
east where both carrefour and Pão de Açúcar have higher company intended to stick to its guns, setting the stage
market shares than they do in the country as a whole. for a drawn-out battle.
At the same time, the proximity of the 74-year old this issue of Brazil confidential, meanwhile,
president of Pão de Açúcar, Abílio diniz, to the govern- provides two other – more unusual examples – of the
ment of former President luiz inácio lula da silva, has attractions of the Brazil story. Just as Brazilian consum-
given rise to allegations of political favouritism. during ers are buying better quality yoghurts, razor blades and
last year’s election campaign, mr diniz’s wife, perfumes, they are also buying better quality cachaças.
Brazilian supermarket sales Geyze diniz, organised a dinner among sen- As our report shows, consumption of smoother and
have risen by over 40% ior businesswomen in support of President more expensive versions of sugarcane alcohol is rising
since Casino secured its dilma rousseff ’s presidential candidature. fast in upmarket bars and restaurants, increasing mar-
deal with Pão de Açúcar in last week, after news of the deal broke, gins for producers and potentially cachaça’s attractions
2005 two ministers publicly defended the pro- to international drinks companies. After their recent
posed transaction, arguing that Bndes’s forays into turkey and china, it would not be too much
involvement was driven by purely financial motives. of a surprise if one of the international players were to
“this is a purely commercial operation,” said Gleisi make a purchase in the Brazilian market.
hoffmann, the recently appointed chief of staff, at the in a different way, our story on green building materi-
end of a meeting organised to improve competitiveness als also highlights how Brazil’s potential is lurking in
and the quality of public sector management that had unexpected corners of the economy. Admittedly, the
been attended by mr diniz. market for recyclable plastic floors, certified wooden
fernando Pimentel, the minister of development, doors and ecological paint is small. But Brazil’s growth,
explained Bndes backing by arguing that the private its construction boom and relative eco-awareness means
sector had been unwilling to provide backing – even that it is punching above its weight in this niche area.
though BtG Pactual, the local investment bank, is plan- finally, our report from the state of sergipe high-
ning to invest r$690m into the deal. “everything would lights how rising income levels and large commodity
be resolved if the private financial sector were to play its investments are transforming the face of the Brazilian
role, that is to finance Brazilian capital. since it didn’t north-east. n
ThE BOTTOm liNE
114% $45bn 18.3% 3.2% 7.59% r$980m
Year-on-year Japanese toshin of GdP, or increase in capital-to-assets Value of rights
growth in inflows into r$663.4bn: consumer ratio of Brazilian to screen games
mortgages Brazil during the the size of confidence in banks in 2010, in the Brazilian
contracted past year, over the informal June, back to down from championship
by Banco do 2% of GdP economy in 2010 April’s level 8.12% in 2009 2012-15, paid
Brasil in May, to by rede Globo to
r$289m football clubs
sources: iBre-FGV,
source: BB source: Nomura etco source: FGV source: the Banker source: Veja
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"FT" and "Financial Times" are trade marks of The Financial Times Limited.
4. CONSumEr Brazil 4 Brazil CONfidENTial
J u LY 7-20 2011
cAcHAçA:
ThE BilliON-liTrE driNkS OppOrTuNiTY
SummarY
The market for
cachaça is char-
acterised by high
volumes and low
margins. However,
the cane-based
spirit is begin-
ning to shed its
downmarket im-
age, with premium
cachaças and
cocktails appear-
ing in upmarket
bars and restau-
rants.
With developed
markets either
stagnant or grow-
ing slowly, Brazil’s
cachaça industry
could be attractive
for international
drinks companies
or private equity
investors. interna-
tional companies caipirinha, the country’s national cocktail, is made from cachaça, sugar and lime
have already
moved into local
spirits markets in they have done little to promote them beyond tiny niche
china, turkey and producers of Brazil’s favourite alco- markets. for example, diageo’s nega fulo, acquired in
some other emerg- holic drink by volume are launching 2000, is sold in some european bars and clubs but de-
ing markets. premium brands to attract rich con- mand has been volatile and vulnerable to the slowdown
in the continent’s economy.
sumers, while trying to hold on to the
emerging middle class. Changing perceptions
c
achaça, or pinga as the locals call it, is as en- historically, the big international drinks groups have
grained in Brazilian folklore as samba and carni- been put off by the downmarket image of cachaça. the
val. outside Brazil, the drink is little-known and market for the spirit is cluttered with economy brands,
rarely sold. But what’s more surprising, given many of them packaged in unattractive refillable
cachaça’s colossal local sales volume, is that multination- bottles. typically, margins have been low. instead, com-
al drinks companies have yet to grab a significant piece of panies such as diageo and Pernod ricard have sought
the market. the conditions are right for that to change. to appeal to Brazil’s upwardly mobile middle class by
According to new research and forecast data from promoting the idea that the latter’s choice of drinks
Brazil confidential, Brazilians will knock back around should reflect their social success.
1.3bn litres of cachaça in 2011. if sales of homemade several developments may now be forcing a change.
spirit are included, the market almost doubles. first, stagnant consumption in europe and the Us
the top Brazilian seller, cachaça 51, shifts annually could prompt international companies to take a new
more cases in Brazil than Bacardi rum shifts glob- look at Brazil. Western europeans are cutting back on
ally. diageo (deo:nyse), Pernod ricard (ri:PAr) and top-shelf drinks and there is a growing cocooning cul-
Bacardi each have a cachaça brand in their portfolio, but ture as consumers rein in social activity to hunker
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"FT" and "Financial Times" are trade marks of The Financial Times Limited.
5. CONSumEr Brazil CaChaça: ThE
BilliON-liTrE driNkS OppOrTuNiTY 5 Brazil CONfidENTial
J u LY 7-20 2011
down at home. diageo itself has forecast that 50%
of its sales will come from the developing markets by
Spirits consumption in Brazil, by volume
2015, compared with around 35% last year. All of which Data built from industry interviews, trade estimates
suggests that investment in Brazil’s growing domestic Category 2010 2011* CAGR
(m litres) (m litres) 2011-2015* (%)
market could be something of a strategic imperative.
Cachaça 1,293 1,305 0.7
second, cachaça might be cheap but it is virtu-
Brandy 69 70 1.8
Brazilians spent over $9bn ally a grocery staple in Brazil’s low-income Vodka 49 51 4.4
neighbourhoods. According to new industry
on cachaça last year, rough- Rum 29 29 1.4
research by Brazil confidential, Brazilians
ly six times the cash they spent over $9bn (r$14.0bn, £5.6bn, €6.2bn) Scotch whisky 23 24 4.2
threw at Scotch whisky, and on pinga last year, mostly in bars. that is Bitters 14 14 1.6
almost one-third the money roughly six times the cash they threw at Local Admix whisky 13 13 2.1
splashed out on beer scotch whisky, and almost one-third the Other 6 6 3.8
money splashed out on beer (Brazil has the third-biggest
2010 consumption
beer market in the world, after china and the Us).
in addition, the product is often sold in returnable 1,500
1,293
bottles, allowing producers to make cost savings. in the
1,200
soft drinks market, coca-cola (Ko:nyse) uses returna-
ble bottles for this reason. the format also helps cement
Litres (m)
900
brand loyalty and is eco-friendly.
third, more expensive premium cachaças – i.e. those 600
that retail at over r$15, more than three times the low-
300
end price – are becoming more popular in Brazil. ten
69 49 29 23
years ago, the drink was out of fashion among trendset- 14 13 6
0
ters: even caipirinha, the country’s national cocktail
a
dy
ka
m
hi ch
rs
hi ix
r
he
aç
w dm
Ru
tte
an
d
w ot
y
y
Ot
Vo
sk
sk
ch
made from cachaça, sugar and lime, was wiped off
Sc
Bi
lA
Br
Ca
ca
Lo
cocktail menus in some of the more snobbish bars and
*Forecast
restaurants of são Paulo and rio, and replaced with the Source: Brazil Confidential
vodka-based caipiroska. A number of cachaça produc-
ers even started making their own vodkas.
now, premium aged cachaças and cachaça-based Spirits spending in Brazil
cocktails are back on the drinks menus of high-end Data built from industry interviews, trade estimates
bars. the category is now cool enough for the Brazilian Category Consumer Consumer Estimated
version of Playboy magazine to list its top ten cachaça spending, spending, on-premise
2010 ($m) 2011 ($m) share* (%)
brands. And super premium sipping cachaças are grow-
Cachaça 9,051 9,240 82
ing in popularity as a gift between business clients and
Vodka 1,660 1,720 80
as a fashionable tipple for women. “i have noticed more
Scotch whisky 1,470 1,530 66
women asking for the smooth, premium cachaça, and
Brandy 722 731 77
people willing to pay more, like they used to only for
Bitters 388 392 87
whisky,” says the proprietor of Bar do Gomez in rio de
Rum 358 361 72
Janeiro, which stocks more than 100 different brands.
fourth, there is a new sense of national pride in cach- Local Admix whisky 322 320 71
aça, even nostalgia. former president luiz inácio lula Other 126 122 76
da silva liked the drink, helping this association. like
2010 consumer spending
havaianas, Brazil’s leading brand of flip-flops, cachaça
is developing a home-grown, egalitarian appeal, en- 10
9.1
compassing rich and poor Brazilians. And the growth of
8
premium products – especially in the so-called on-trade
(mainly bars and restaurants) – can invigorate sales of 6
cheaper brands too. $bn
4
mexico’s Tequila lessons 1.7 1.5
2
What has happened in mexico could provide something 0.7
0.4 0.4 0.3 0.1
of a guide. Back in 2000, President vicente fox toasted 0
his election victory with a glass of tequila, pushing
a
a
hi ch
dy
rs
m
hi ix
r
he
aç
dk
w dm
Ru
tte
an
w cot
y
y
Ot
Vo
sk
sk
ch
aside the proffered champagne with a shout of “Mejor
Bi
lA
Br
S
Ca
ca
con tequila” (Better with tequila!).
Lo
tequila’s popularity was helped by a shortage of *Bars, restaurants, clubs and other establishments serving drinks for consumption on location.
US dollars at fixed 2010 exchange rates
agave, the cactus from which the spirit is made. the Source: Brazil Confidential
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including forwarding by email, to any individual or other third party. Any violation of these restrictions may result in personal and/or corporate liability. (c) The Financial Times Limited 2010. "Brazil Confidential",
"FT" and "Financial Times" are trade marks of The Financial Times Limited.
6. CONSumEr Brazil CaChaça: ThE
BilliON-liTrE driNkS OppOrTuNiTY 6 Brazil CONfidENTial
J u LY 7-20 2011
shortage pushed up prices of standard brands, hit- The sweet spot in the north-east
ting sales. in reaction manufacturers made greater ef- Premiumisation may be the buzzword, but traditional
forts to sell premium products, in order to protect their low-price brands are still the mainstay of the indus-
revenues. the move paid off as middle-class mexicans try. the highest-selling brand in Brazil, cachaça 51, is
developed a new taste for aged and reposado tequilas. owned by family-run companhia muller de Bebidas
By volume, tequila sales nose-dived, but the total and based in Pirassununga, são Paulo. sales last year
value soared. And there was a positive knock-on effect totalled around 182m litres (20.2m cases), according to
abroad, notably in the Us, where the premium image data from Brazil confidential, but have been dropping
supplanted tequila’s association of college students. over the past decade as poorer consumers started to buy
cachaça could follow a similar trajectory. Brazil does beer rather than spirits in bars.
not face a sugarcane shortage to match mexico’s agave cachaça 51 still has a huge following, and by volume
crisis, but production costs are increasing. that is a is one of the top-selling spirits brands in the world. But
viable trigger for premium brands to take a larger share. Brazil confidential forecasts that sales growth will con-
there is also a craving for sophistication and novelty, tinue to slow over the next five years, mainly because
amid robust consumer spending. consumers will continue to try new drinks. overall, the
in other emerging markets, traditional spirits are also brand is untouchable as market leader. And the brand
seeing interest. last month chinese regulators approved equity of cachaça 51 – boosted by the category’s growing
diageo’s bid to take control of china’s shui image as a patriotic tipple – will give verve and credibil-
Cachaça 51 still has a huge Jing fang, a maker of white spirit baijiu. lvmh ity to its premium spin-off.
following, and by volume moet hennessy louis vuitton (mc:PAr) and companhia muller de Bebidas has more than 1,500
is one of the top-selling Pernod ricard have also taken stakes in makers employees, having started in 1951 and launching
spirits brands in the world of baijiu. like cachaça in Brazil, baijiu is china’s formerly as a brand eight years later. (initially Wil-
most widely consumed spirit and has been liam muller transported cachaça bottled in used beer
going through a fashionable renaissance among middle- bottles in his own ford f-8.) the company has two
class consumers. factories in Brazil and three distribution points. it re-
earlier this year, diageo agreed to pay $2.1bn to cently started segmenting into sub-brands such as mix
acquire mey icki, turkey’s largest maker of raki, an 51, a pre-mixed caipirinha with lime and sugar already
aniseed flavoured white spirit. such spirits limit the added, and 51 ice, which is a ready-to-drink cachaça
room for diageo to expand its sales of Johnny Walker in four flavours, tangerine, lemon, passion fruit and
and smirnoff. traditional lime.
The movers and shakers
one of the new breeds of premium cachaça brands on
the market is santa dose, a honey-flavoured cachaça leading cachaça brands in Brazil
with slick i-generation packaging. the brand has Data built from industry interviews, trade estimates
targeted women, who are drinking more in bars and Brand Consumption 2010 Regional focus Growth
restaurants. With the slogan “reinventing traditions”, it (m litres) 2010-2015* (%)
sells in ice buckets in upscale bars of são Paulo and rio Pirassununga Cachaça 51 182 São Paulo -9
for around r$100 per bottle. Pitú 84 Pernambuco 24
Another example of this growing “premiumisation” Velho Barreiro 43 São Paulo 3.5
is the aged version of cachaça 51, called 51 reserve, Ypioca Standard 32 Ceará 15
which retails at about r$145. the owners of cachaça 51 Cachaça Jamel 26 Paraná 6
are keen to show they are not bargain players, but can Cachaça da Roça 23 Rio de Janeiro -20
compete in the upmarket segment as well. sales of 51 Ypioca Premium 17 São Paulo 19.5
reserva were below 1,000 (9-litre) cases last year, but
the brand’s real impact is to give impetus to the whole 2010 consumption
category.
sagatiba is another premium brand. its makers Pirassununga
have looked to develop an international profile before Cachaça 51 182
addressing the domestic market. sagatiba launched Pitú 84
first in europe and subsequently in Brazil in 2004. that Velho Barreiro 43
european foray, defined by a slick saatchi & saatchi Ypioca Standard 32
advertising campaign, does appear to have boosted the
Cachaça Jamel 26
brand’s fashionable credentials.
Cachaça da Roça 23
in Brazil, sagatiba is positioned at the same price
range as smirnoff, the top-selling white spirit in the Ypioca Premium 17
country that is not a cachaça. sagatiba currently ac- 0 50 100 150 200
Litres (m)
counts for almost one-third of all premium sales of *Forecast
premium cachaça. Source: Brazil Confidential
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7. CONSumEr Brazil CaChaça: ThE
BilliON-liTrE driNkS OppOrTuNiTY 7 Brazil CONfidENTial
J u LY 7-20 2011
of all the cachaça players in Brazil – and there home market, mr de faria is trying to increase exports.
are reckoned to be upwards of 35,000, representing the Us is the key target, since, on average, cachaça can
over 5,000 brands – muller has the strongest national be sold for $3 per litre, compared to around $1 per litre
penetration, though the state of são Paulo still accounts in Germany. last year, one container was
for a big percentage of overall sales. sent to the Us, one to the UK, three pallets to International investors
Brands’ regional focus is key to understanding in- Germany and one container to switzerland, could get a foothold in the
vestment opportunities. Pitú and ypioca, for example, totalling 30,000 litres, while this year he is cachaça market through a
the second and fourth biggest brands on the market, in sending two containers to the UK, two to number of well-run small
that order, are both strong in the home north-eastern Germany and at least one to the Us, totalling and mid-size businesses
states of Pernambuco and ceará, respectively. 44,000 litres. he aims to increase that tally to
According to forecast data from Brazil confidential, at least 66,000 litres next year.
these north-east brands present the most attractive in a deal with the latin American-themed UK
growth prospects to 2015. Adulterated cachaça (pro- restaurant chain las iguanas, magnífica produces
duced and sold illegally, normally in used branded cachaça branded with the restaurant’s name. the drink
bottles) are common in this region, but as growing is distilled to be slightly weaker, at 39%, as this puts it
numbers of households are brought into the formal re- in a cheaper bracket for import tax. As the chain has
tail sector, brands like Pitú and ypioca will benefit from grown from one to 22 restaurants across the UK, the deal
a windfall of new consumers. has become an important driver of new business and
Pitú, founded by the cavalcanti family three-quar- is an example of inventive ways cachaça can penetrate
ters of a century ago, looks particularly attractive, with foreign markets.
volume forecast to grow 24% to 2015. Pitú’s consump- mr de faria is aiming to increase production to 1.5m
tion base is the state of Pernambuco, which is tipped litres in the next five years. he also wants to buy a new
to generate some of the country’s strongest economic farm to produce cachaça under a different trademark,
growth over the next ten years. it is also fast becoming positioned between the aged artisanal format and the
a distribution hub for the north-east as a whole. As quick turnaround industrial products. he believes there
Pernambuco’s most popular spirit drink, Pitú is well is currently a gap in the market at the low-end of the
positioned to take advantage of the steady improve- premium market, below magnífica, which retails at
ment in the state’s economic prospects. around r$25.
aCTiON
one of the biggest assets of Pitú, ypioca and other
companies focused on the north-east, is their local dis- Sporting marketing platforms
pOiNTS
tribution. they navigate the highly-fragmented retail tie-ups with foreign producers could inject cachaça 01 The cachaça
network, and, in the case of Pitú and ypioca, control producers with marketing expertise, particularly market is highly
platforms that could distribute other drinks too. regarding international development. exports cur- fragmented, with
rently account for only 1% of total production, and that regional companies
Entry-level investment has changed little over the past five years. the global having built tight
off the beaten path, international investors could get cocktail market, which is competitive and volatile, is distribution net-
a foothold in the cachaça market through a number of responsible for almost all of this external demand. works.
well-run small and mid-size businesses. the magnífica Perhaps the highest-profile marketing of cachaça
brand in rio de Janeiro state, for example, produces so far was a 2004 billboard campaign in Portugal by 02 rapid consumer
some 682,000 litres of cachaça a year but has ambitions cachaça 51. the campaign, which cost around r$4.5m, growth in the north
to double that volume, and will increase production coincided with the european football championships. and north-east has
next year to around 900,000 litres. the 2014 World cup and the 2016 olympics could pro- bolstered Pernam-
owner João luiz de faria believes that cachaça has vide similar promotional opportunities. buco-based Pitú and
the potential to become the world’s number one spirit. Also in 2004, the owner of sagatiba, marcos de ceará-based Ypioca.
currently it holds third spot in terms of volume, after moraes, is reckoned to have channelled upwards of
Premium cachaças
vodka and south Korea’s national drink, soju. (cachaça $30m into advertising and marketing activity when
are becoming
increasingly popular
ranks above soju if unbranded volume is included.) he launched the brand in europe. that was very much
among upwardly
“What needs investment is marketing, and the indus- a lavish one-off geared to promoting an export-led
mobile Brazilians.
try hasn’t always been the most well-organised in the premium segment.
past”, he says. Another promotional tool would be the recognition 03 foreign drinks
mr de faria started producing the drink 25 years of cachaça as a drinks category of its own, rather than companies are
ago on his farm in miguel Perreira, north of rio city, its current categorisation as Brazilian rum. the Brazil- largely invisible but
and still performs the tasting himself. the business is ian institute of cachaça (iBrAc), founded in 2006, has Brazil’s cachaça
only now beginning to break even, but is well placed been lobbying the Us to this end. delegates have visited market resembles
to turn a corner if cachaça hits a new purple patch of Washington twice, as part of a $150,000 campaign (half spirits markets in
growth. currently, magnífica employs 22 people but the cost was paid by the Brazilian government). But other emerging
mr de faria is looking to take on at least ten more as he while the Us is a crucial long-term growth area, in the markets that have
increases production. short term cachaça’s fortunes depend on the evolving seen recent acquisi-
While four-fifths of what he produces goes to the domestic market. n tion activity.
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8. BuSiNESS Brazil 8 Brazil CONfidENTial
J u LY 7-20 2011
cArreFour-cBd:
ThE aNTi-TruST ViEW
consumers so loyal to Pão de Açúcar that they would keep
SummarY The proposed merger could be frozen, shopping there even if prices shot up? it’s not just about
a combined and asset sell-offs are a likely price for physical products, says Ademir Pereira, a partner with
any approval. Advocacia José del chiaro: will the merger affect how
Carrefour-cBd poor consumers (c and d class) buy on credit?
t
operation would here are several reasons why the proposed Likely sanctions are divestment of assets and
represent 32% of merger between carrefour (cA:PAr) and the protection of separate brands. carrefour and
Brazilian super-
cBd/Pão de Açúcar (PcAr5:sAo) could cBd could be forced to sell off not just stores, but also
market sales,
collapse. the most likely reason is that distribution centres, client portfolios, and even one of
but its impact on
competition would casino (co:PAr), cBd’s largest shareholder, refuses their chains (such as extra), says mr dias. Ambev, for
need to be meas- to give its consent, which all parties have accepted is example, sold off its Bavária brand and several factories
ured on a neigh- essential. And, even if the merger goes through, it as part of its settlement. the cade can order full divesti-
bourhood scale. will face a competition inquiry. ture, when the merged company ends up with a similar
the post-merger here’s a summary of how Brazil’s anti-trust authori- market share, albeit with a different mix of stores and
analysis, culminat- ties, led by the cade agency, would view the case: other assets.
ing in a decision The Cade could freeze a merger of operations, The decision will not necessarily be tougher if
by the cade, could while analysing the case. this was the agency’s ap- a freeze has been applied. the cade allowed cBd’s
take over two proach to cBd’s 2002 purchase of sé supermercados, a purchase of sé supermercados, and ordered only one
years. Previous re- são Paulo-based chain, and cBd’s more recent acquisi- store to be sold off as a condition for approving
tail mergers have tions of electrical goods retailers casas Bahia and Ponto
led to the sell-off of frio. Gabriel dias, a partner with law firm magalhães,
some stores. nery e dias, sees a “very high probability” of a freeze be- Where Brazil’s biggest retailers are focused
ing applied to any cBd-carrefour merger. the measure
Carrefour and Pão de Açúcar have around two-thirds of their stores in the
– known as an agreement for the preservation of merger south-east, while Walmart is more dependent on the south and north-east.
reversibility (Apro) – would order the parties to maintain
Carrefour
their separate brands and not to close stores. meanwhile,
Total stores: 236 (excluding Dia discount chain)
detailed analysis would be carried out – with a final deci-
No. of stores % of total
sion from the cade likely to take at least two years.
São Paulo 106 44.9
National market share isn’t the issue. carrefour has Minas Gerais 26 11.0
pointed out that the merged novo Pão de Açúcar would Goiás/Brasília 19 8.1
only have 32% of national supermarket sales. that is far Rio de Janeiro 13 5.5
less than other merged companies: Ambev (AmBv4:sAo) Rio Grande do Sul 11 4.7
has 70% of the beer market; Brasil foods (Brfs3:sAo) has Others 61 25.8
82% of pasta sales; and nestlé (nesn:vtX) and Garoto are
Grupo Pão de Açúcar
reported to have around 90% of the market for certain Total stores: 1,592 (all chains)
types of confectionary. But the supermarket industry is
No. of stores % of total
much more local: people don’t travel to do their shop- São Paulo 851 53.5
ping, and the best store locations may be taken. Rio de Janeiro 288 18.1
Local competition concerns centre on the south- Minas Gerais 128 8.0
east. Pão de Açúcar and carrefour are both focused on Goiás/Brasília 82 5.2
the region, helping to explain why they estimate yearly Paraná 53 3.3
synergies of €600m (r$1.3bn, $860m, £537m) to €800m Other 190 11.9
from their merger (2-2.8% of last year’s sales). there are
Walmart
26 carrefour stores in the city of são Paulo: 13 of these Total stores: 487
are within a 10-minute drive (roughly 4km) of a Pão de No. of stores % of total
Açúcar store, according to the latter’s online store loca- Rio Grande do Sul 111 22.8
tor. this does not take into account cBd’s other chains, São Paulo 79 16.2
such as extra. Bahia 73 15.0
the competition analysis would be highly complex: Pernambuco 53 10.9
the authorities would have to decide how to divide são Paraná 50 10.3
Paulo into local markets, and whether small convenience Others 121 24.8
stores count as viable competition to big players. Are Sources: Companies, Brazil Confidential
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9. BuSiNESS Brazil CarrEfOur-CBd:
ThE aNTi-TruST ViEW 9 Brazil CONfidENTial
J u LY 7-20 2011
cBd’s purchase of rio de Janeiro chain sendas (both
cases were subject to a freeze). detailed analysis would Combining the top two
come after the merger, first by the secretary of eco- With Carrefour, CBD would strengthen its national leadership, without
nomic monitoring (seAe), linked to the treasury, then gaining a majority of the market
by the sde, linked the ministry of Justice, then finally
by the cade. carrefour has not yet confirmed whether
CBD 36.1
dia (dis:mce), the discount chain which has listed
separately in madrid, will form part of the merger. Carrefour 29.0
Forced spin-offs could open the door to
other retailers. last year chilean group cencosud Walmart 22.3
(cencocUd:sGo) bought super família (based in Other 7 biggest 15.9
ceará), Perini (Bahia) and Bretas (minas Gerais and
All other
Goiás); it has also owned sergipe’s biggest retailer GBar- supermarkets 98.3
bosa since 2007. cencosud’s owner, horst Paulmann, is 0 20 40 60 80 100
There are 26 Carrefour also said to have met with executives from R$bn
stores in the city of São france’s carrefour last month to discuss ac-
quiring some of its Brazilian assets. current- Market share, compared with other top 500 supermarkets
Paulo: 13 of these are
ly, Brazil has only three supermarket chains
within a 10-minute drive CBD
with national coverage: cBd, carrefour and
of a Pão de Açúcar store 17.9%
Walmart (Wmt:nyse). if cencosud can gain 32.3%
a significant foothold in the south and south-east, it
could join the ranks. All other
National champions don’t count. lawyers suggest supermarkets
48.8%
that ‘national champions’ are highly unlikely to receive Carrefour
favoured treatment from the competition authorities. in 14.4%
any case, the context has radically changed since the cade
decided not to stop the merger of Ambev, now Brazil’s
dominant beer company. the idea of national champions Walmart
has no legal basis. moreover, the cade is increasingly 11.1%
aware of international norms and of Brazil’s more vibrant Other 7 biggest
7.9%
private sector. its decision on Brasil foods, expected by
Notes: R$1=$0.64, £0.40, €0.44
July 13, should throw further light on this issue. n Sources: Companies, Abras, Brazil Confidential
local market dominance?
In the neighbourhood of Pinheiros, São Paulo (shown), Carrefour and Pão de Açúcar stores are located a few blocks from one another. The anti-trust
bodies – particularly the Secretary of Economic Monitoring and the Cade – would look at the impact on prices and choice for consumers and suppliers
Pão de Açúcar
Teodoro
Carrefour
Rebouças
Pão de Açúcar
Shopping Iguatemi
200m
Sources: Brazil Confidential, Google Maps
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including forwarding by email, to any individual or other third party. Any violation of these restrictions may result in personal and/or corporate liability. (c) The Financial Times Limited 2010. "Brazil Confidential",
"FT" and "Financial Times" are trade marks of The Financial Times Limited.