Official Sojitz corporate presentation describing the Machinery Division’s investment focus, especially in photovoltaic plants and technology start-ups. Updated: Dec. 2011
Grasim Industries reported a robust 11.5% year-over-year increase in 4QFY2010 net profit to Rs. 655 crore, led by outstanding performance from its viscose staple fiber (VSF) division. The VSF division's net sales grew 65% to Rs. 1,045 crore due to a 31% rise in volumes and 29% increase in realizations. Overall revenues increased 11% to Rs. 5,475 crore for the quarter. The company set May 28, 2010 as the record date for its planned demerger of the Samruddhi cement unit. Post demerger, Grasim shareholders will directly hold 35% of Samruddhi while G
Hindalco reported strong results for the first quarter of fiscal year 2011. Revenue grew 29.2% year-over-year to Rs. 2,533 crore, driven by a 12.7% increase in aluminum shipments. Adjusted EBITDA more than doubled to Rs. 263 crore, resulting in adjusted EBITDA margins of 10.4%. However, net profit declined 65% to Rs. 50 crore due to higher interest and tax expenses. Management expects continued growth in demand and benefits from capacity expansions. The stock currently trades at attractive valuations and the analyst maintains a Buy rating with a target price of Rs. 204.
Bw Plantation Making The Leap From Good To GreatLinda Lauwira
BW Plantation transformed from a price-taker to a price-maker company in oil palm production and sales from 2009-2010 through a synergy of increased passion, focusing on production and price as key drivers, and improving efficiency. The company revolutionized harvesting and collection methods, implemented an integrated bin system, and built a jetty for faster transport, reducing costs and allowing them to command a sales premium. This focus on efficiency helped gross margins grow from 39% to 66% from 2005-2010 while keeping costs of goods sold declining.
NIIT reported a 1.9% decline in consolidated net revenues for the fourth quarter of fiscal year 2010 but net income grew 40.2% due to a 400 basis point increase in EBITDA margins. While the company's school learning services and corporate learning services businesses saw revenue declines, its individual learning solutions segment grew revenues by 13.9% driven by growth in the IT and formal training management sectors. Strong margin expansion and improved performance in the individual learning segment helped boost profits despite currency headwinds.
SAIL's 4QFY2010 results were in line with estimates. Revenues grew 1.8% to Rs11,955cr due to higher sales volumes and average realization. EBITDA margins expanded significantly to 25.9% due to lower raw material costs and consumption, leading to a 40.2% rise in net income to Rs2,085cr. While demand is expected to remain strong, the company maintains a neutral outlook given rich valuations and plans for a public offering limiting further upside.
Wipro reported strong financial results for the fourth quarter of fiscal year 2010, with revenue growth of 1.9% quarter-over-quarter and 6.7% year-over-year in rupee terms. Revenue growth was broad-based across business segments and verticals, aided by improved client spending and a recovery in challenged industries. Margins declined slightly due to wage increases and higher spending, but the bottom line grew due to robust other income and lower depreciation costs. Looking ahead, Wipro expects continued revenue growth driven by volume increases and large deals, though margins may be impacted in the current quarter by wage hikes and performance bonuses.
Dabur reported a 16% year-over-year growth in top-line revenue for the fourth quarter of FY2010, below estimates. Earnings grew 30% year-over-year, above estimates, driven by higher gross margins and lower expenses. While top-line growth was lower than expected, strong operating performance from margin expansion led to earnings beating estimates. Going forward, the company expects input costs to remain low, though it maintains a neutral outlook on the stock given its recent run-up in price.
Graphite india - Initiating Coverage 28.04.10Angel Broking
Graphite India is the world's fifth largest manufacturer of graphite electrodes, a key input for electric arc furnace (EAF) steel production. The graphite electrode industry is expected to rebound with EAF steel production growing at a 10.8% CAGR from 2009-2011 as production shut down during the recession resumes. Graphite India is well positioned to benefit from this growth with its capacity expansion plans. The company also enjoys a strong labor cost advantage versus global peers which should support margin expansion going forward as capacity additions taper off and a greater portion of the cost benefit is retained. The analyst initiates coverage with a buy rating and 12-month target price of Rs117 per share.
Grasim Industries reported a robust 11.5% year-over-year increase in 4QFY2010 net profit to Rs. 655 crore, led by outstanding performance from its viscose staple fiber (VSF) division. The VSF division's net sales grew 65% to Rs. 1,045 crore due to a 31% rise in volumes and 29% increase in realizations. Overall revenues increased 11% to Rs. 5,475 crore for the quarter. The company set May 28, 2010 as the record date for its planned demerger of the Samruddhi cement unit. Post demerger, Grasim shareholders will directly hold 35% of Samruddhi while G
Hindalco reported strong results for the first quarter of fiscal year 2011. Revenue grew 29.2% year-over-year to Rs. 2,533 crore, driven by a 12.7% increase in aluminum shipments. Adjusted EBITDA more than doubled to Rs. 263 crore, resulting in adjusted EBITDA margins of 10.4%. However, net profit declined 65% to Rs. 50 crore due to higher interest and tax expenses. Management expects continued growth in demand and benefits from capacity expansions. The stock currently trades at attractive valuations and the analyst maintains a Buy rating with a target price of Rs. 204.
Bw Plantation Making The Leap From Good To GreatLinda Lauwira
BW Plantation transformed from a price-taker to a price-maker company in oil palm production and sales from 2009-2010 through a synergy of increased passion, focusing on production and price as key drivers, and improving efficiency. The company revolutionized harvesting and collection methods, implemented an integrated bin system, and built a jetty for faster transport, reducing costs and allowing them to command a sales premium. This focus on efficiency helped gross margins grow from 39% to 66% from 2005-2010 while keeping costs of goods sold declining.
NIIT reported a 1.9% decline in consolidated net revenues for the fourth quarter of fiscal year 2010 but net income grew 40.2% due to a 400 basis point increase in EBITDA margins. While the company's school learning services and corporate learning services businesses saw revenue declines, its individual learning solutions segment grew revenues by 13.9% driven by growth in the IT and formal training management sectors. Strong margin expansion and improved performance in the individual learning segment helped boost profits despite currency headwinds.
SAIL's 4QFY2010 results were in line with estimates. Revenues grew 1.8% to Rs11,955cr due to higher sales volumes and average realization. EBITDA margins expanded significantly to 25.9% due to lower raw material costs and consumption, leading to a 40.2% rise in net income to Rs2,085cr. While demand is expected to remain strong, the company maintains a neutral outlook given rich valuations and plans for a public offering limiting further upside.
Wipro reported strong financial results for the fourth quarter of fiscal year 2010, with revenue growth of 1.9% quarter-over-quarter and 6.7% year-over-year in rupee terms. Revenue growth was broad-based across business segments and verticals, aided by improved client spending and a recovery in challenged industries. Margins declined slightly due to wage increases and higher spending, but the bottom line grew due to robust other income and lower depreciation costs. Looking ahead, Wipro expects continued revenue growth driven by volume increases and large deals, though margins may be impacted in the current quarter by wage hikes and performance bonuses.
Dabur reported a 16% year-over-year growth in top-line revenue for the fourth quarter of FY2010, below estimates. Earnings grew 30% year-over-year, above estimates, driven by higher gross margins and lower expenses. While top-line growth was lower than expected, strong operating performance from margin expansion led to earnings beating estimates. Going forward, the company expects input costs to remain low, though it maintains a neutral outlook on the stock given its recent run-up in price.
Graphite india - Initiating Coverage 28.04.10Angel Broking
Graphite India is the world's fifth largest manufacturer of graphite electrodes, a key input for electric arc furnace (EAF) steel production. The graphite electrode industry is expected to rebound with EAF steel production growing at a 10.8% CAGR from 2009-2011 as production shut down during the recession resumes. Graphite India is well positioned to benefit from this growth with its capacity expansion plans. The company also enjoys a strong labor cost advantage versus global peers which should support margin expansion going forward as capacity additions taper off and a greater portion of the cost benefit is retained. The analyst initiates coverage with a buy rating and 12-month target price of Rs117 per share.
The Sojitz Group is a general trading company with over 500 subsidiaries and operations in 50 countries. It has a diverse portfolio of businesses including machinery, energy, metals, chemicals, and consumer goods. The company aims to be a function-oriented, innovating, open and flexible company that contributes to society.
Challenges and Opportunities in the Photovoltaic (PV)Martin Supancic
Sojitz Presentation "Challenges and Opportunities in the Photovoltaic (PV)
Markets" prepared for "Strategic M&A and Portfolio
Management for the Energy Industry", organized in Amsterdam, the Netherlands, Jan. 23-24, 2012 by Marcus Evans.
SRF is a diversified Indian company with businesses in technical textiles, chemicals and polymers, and packaging films. It has a strong financial performance with sales and profits growing. The company is recommended as a buy due to its diversified business model and attractive valuation at 4.57x FY10E earnings which is below its peers. SRF has expanded through acquisitions and has projects underway to grow its packaging films business.
The document discusses a group project analyzing potential investment opportunities for an automotive plant in the international market. The group selected Japan's automotive industry and analyzed the NPV for three Japanese automakers - Toyota, Yamaha, and Mazda. The calculations showed a positive NPV for all three companies, indicating profit potential from investing in any of the three. Therefore, the group concluded investment in the Japanese automotive industry seems viable.
Export Compliance Management Seminar 31 May 2012: How to Overcome Issues & C...EagleCompliance
Hitachi has an effective internal compliance program to manage global trade issues and complexities. It includes clearly defined export control organizations, policies, procedures, product and customer screening, supplier screening, sanctions and embargo checks, end use controls, technology transfer controls, foreign trade modules, training, and audits. The program is designed to ensure employees are aware of regulations and receive fast decisions so compliance does not hinder business, while making sure any doubtful exports are reviewed before proceeding.
Toyota Motor Corporation is a Japanese automotive manufacturer founded in 1937. It is currently the 13th largest company in the world by revenue and was the largest automobile manufacturer in 2012. Toyota operates several brands and has manufacturing facilities around the world. Toyota Kirloskar Motor Pvt Ltd is Toyota's subsidiary in India, established in 1997 as a joint venture between Toyota and Kirloskar Group. The company manufactures and sells Toyota vehicles in India and is currently the 4th largest car maker in the country.
The document provides an overview of Sojitz Corporation, a general trading company based in Japan. It discusses Sojitz's history beginning in the late 19th century with predecessor companies. Sojitz was formed in 2003 through mergers and continues to expand its global network of over 400 group companies. The document outlines Sojitz's operations across multiple industry divisions and regions worldwide.
1) Interphase Corporation reported financial results for Q1 2009 with revenues of $8.4 million, a 13% increase over Q1 2008. Revenues increased 61% sequentially from Q4 2008.
2) The company reported a net income of $707,000 or $0.11 per share for Q1 2009 compared to a net loss in Q1 2008.
3) Interphase's balance sheet remains strong with $26.4 million in working capital including $17.4 million in cash and marketable securities as of March 31, 2009.
This document provides information about Kitz Corporation, a Japanese valve manufacturer. It details the company's president and CEO, headquarters location, plants, number of employees, subsidiaries, and global network spanning 13 production and 10 sales and marketing companies across Asia, Americas, and Europe. It also lists Kitz's main products for buildings and residential utilities, and highlights the company's strengths such as its globally recognized brand, integrated production system, quality certifications, wide product availability, and market leadership in Japan.
The document summarizes SIOS Corporation's financial results for fiscal year 2018, ended December 31, 2018. It discusses key strategic initiatives and progress made in 2018, including continued investment in R&D. It outlines the company's medium-term business plan for 2019-2021, with a primary objective of achieving net sales of 50 billion yen. Business forecasts for fiscal year 2019 are also presented.
Oberoi Realty has a proven track record developing real estate projects in Mumbai since 1983. It differentiates itself by creating "destination developments" that integrate residential, commercial, retail, and community spaces. The company has a strong brand, timely project execution, and a well-capitalized balance sheet. Proceeds from the IPO will fund construction of ongoing projects and land acquisition, allowing Oberoi Realty to continue expanding its high-quality real estate development portfolio in Mumbai.
Kito Corporation is a global leader in the hoist and crane market. Established in 1932 in Japan, Kito now has the dominant share of the hoist market in Japan, the US, and China. The company focuses on high quality products that provide safety, durability, and usability above customer expectations. Kito pursues growth through three differentiation strategies: enhancing its chain products, electric products, and services. This approach has allowed Kito to establish strong competitive advantages globally and achieve profit growth higher than sales growth in recent years.
Tata Technologies Limited is a company in the Tata Group that provides engineering and design, product lifecycle management, manufacturing, and IT services to automotive and aerospace companies. It is headquartered in Singapore with major offices in 13 countries. Tata Technologies guides over 8,500 professionals and improves business performance for over 5,000 clients. Tata Motors Limited owns 70.4% of Tata Technologies. Tata Technologies reported revenues of Rs. 2,691 crore in 2018 and profit of Rs. 245 crore. It is currently in talks to sell a stake to TCS after a previous deal with Warburg Pincus fell through.
The document discusses Toyota's strategy of entering a joint venture called New United Motor Manufacturing, Inc. (NUMMI) with General Motors in 1984. The joint venture was formed to allow Toyota to gain experience manufacturing in the US and help diffuse trade tensions, while allowing GM to learn Toyota's lean manufacturing techniques. Toyota held 50% ownership and provided its production system expertise. The venture was successful in improving GM's manufacturing capabilities and quality. Eventually, GM divested from the venture in 2010 as it faced financial troubles.
The document discusses a project analyzing the profitability of investing in the automotive industry in Japan. It examines the net present value (NPV) of 3 major Japanese automakers - Toyota, Yamaha, and Mazda. The calculations show that investing in Toyota and Yamaha would be profitable based on positive NPV values, while the NPV for Mazda is not provided.
The document discusses a project analyzing the profitability of investing in the automotive industry in Japan. It examines the net present value (NPV) of 3 major Japanese automakers - Toyota, Yamaha, and Mazda. The calculations show that investing in Toyota and Yamaha would be profitable based on positive NPV values, while the NPV for Mazda is not provided.
This document discusses a student project analyzing potential investment opportunities for a plant in the automotive industry in Japan. It provides background on the strong automotive sector in Japan. The project calculates the net present value (NPV) for three major Japanese automakers - Toyota, Yamaha, and Mazda. All three companies were found to have a positive NPV, indicating investing in the automotive industry in Japan through one of these companies would likely be profitable.
The document provides an overview of the 2013 IT market in Israel from Dr. Schwarzkopf's research firm STKI. Some key points:
- STKI conducted 210 interviews with CIOs across 16 industries and collected sales data from 310 vendors across 106 categories to develop an "equilibrium model" of the Israeli IT market.
- The report examines areas like software/hardware revenues, new vs continuing projects, work done by vendors vs outsourcing, and project pricing models.
- It also provides relevant economic context on Israel's GDP, inflation, unemployment, and comparison to OECD countries. Tables show numbers of companies and employees paying taxes from 2010-2012.
- STKI aims to give a
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
The Sojitz Group is a general trading company with over 500 subsidiaries and operations in 50 countries. It has a diverse portfolio of businesses including machinery, energy, metals, chemicals, and consumer goods. The company aims to be a function-oriented, innovating, open and flexible company that contributes to society.
Challenges and Opportunities in the Photovoltaic (PV)Martin Supancic
Sojitz Presentation "Challenges and Opportunities in the Photovoltaic (PV)
Markets" prepared for "Strategic M&A and Portfolio
Management for the Energy Industry", organized in Amsterdam, the Netherlands, Jan. 23-24, 2012 by Marcus Evans.
SRF is a diversified Indian company with businesses in technical textiles, chemicals and polymers, and packaging films. It has a strong financial performance with sales and profits growing. The company is recommended as a buy due to its diversified business model and attractive valuation at 4.57x FY10E earnings which is below its peers. SRF has expanded through acquisitions and has projects underway to grow its packaging films business.
The document discusses a group project analyzing potential investment opportunities for an automotive plant in the international market. The group selected Japan's automotive industry and analyzed the NPV for three Japanese automakers - Toyota, Yamaha, and Mazda. The calculations showed a positive NPV for all three companies, indicating profit potential from investing in any of the three. Therefore, the group concluded investment in the Japanese automotive industry seems viable.
Export Compliance Management Seminar 31 May 2012: How to Overcome Issues & C...EagleCompliance
Hitachi has an effective internal compliance program to manage global trade issues and complexities. It includes clearly defined export control organizations, policies, procedures, product and customer screening, supplier screening, sanctions and embargo checks, end use controls, technology transfer controls, foreign trade modules, training, and audits. The program is designed to ensure employees are aware of regulations and receive fast decisions so compliance does not hinder business, while making sure any doubtful exports are reviewed before proceeding.
Toyota Motor Corporation is a Japanese automotive manufacturer founded in 1937. It is currently the 13th largest company in the world by revenue and was the largest automobile manufacturer in 2012. Toyota operates several brands and has manufacturing facilities around the world. Toyota Kirloskar Motor Pvt Ltd is Toyota's subsidiary in India, established in 1997 as a joint venture between Toyota and Kirloskar Group. The company manufactures and sells Toyota vehicles in India and is currently the 4th largest car maker in the country.
The document provides an overview of Sojitz Corporation, a general trading company based in Japan. It discusses Sojitz's history beginning in the late 19th century with predecessor companies. Sojitz was formed in 2003 through mergers and continues to expand its global network of over 400 group companies. The document outlines Sojitz's operations across multiple industry divisions and regions worldwide.
1) Interphase Corporation reported financial results for Q1 2009 with revenues of $8.4 million, a 13% increase over Q1 2008. Revenues increased 61% sequentially from Q4 2008.
2) The company reported a net income of $707,000 or $0.11 per share for Q1 2009 compared to a net loss in Q1 2008.
3) Interphase's balance sheet remains strong with $26.4 million in working capital including $17.4 million in cash and marketable securities as of March 31, 2009.
This document provides information about Kitz Corporation, a Japanese valve manufacturer. It details the company's president and CEO, headquarters location, plants, number of employees, subsidiaries, and global network spanning 13 production and 10 sales and marketing companies across Asia, Americas, and Europe. It also lists Kitz's main products for buildings and residential utilities, and highlights the company's strengths such as its globally recognized brand, integrated production system, quality certifications, wide product availability, and market leadership in Japan.
The document summarizes SIOS Corporation's financial results for fiscal year 2018, ended December 31, 2018. It discusses key strategic initiatives and progress made in 2018, including continued investment in R&D. It outlines the company's medium-term business plan for 2019-2021, with a primary objective of achieving net sales of 50 billion yen. Business forecasts for fiscal year 2019 are also presented.
Oberoi Realty has a proven track record developing real estate projects in Mumbai since 1983. It differentiates itself by creating "destination developments" that integrate residential, commercial, retail, and community spaces. The company has a strong brand, timely project execution, and a well-capitalized balance sheet. Proceeds from the IPO will fund construction of ongoing projects and land acquisition, allowing Oberoi Realty to continue expanding its high-quality real estate development portfolio in Mumbai.
Kito Corporation is a global leader in the hoist and crane market. Established in 1932 in Japan, Kito now has the dominant share of the hoist market in Japan, the US, and China. The company focuses on high quality products that provide safety, durability, and usability above customer expectations. Kito pursues growth through three differentiation strategies: enhancing its chain products, electric products, and services. This approach has allowed Kito to establish strong competitive advantages globally and achieve profit growth higher than sales growth in recent years.
Tata Technologies Limited is a company in the Tata Group that provides engineering and design, product lifecycle management, manufacturing, and IT services to automotive and aerospace companies. It is headquartered in Singapore with major offices in 13 countries. Tata Technologies guides over 8,500 professionals and improves business performance for over 5,000 clients. Tata Motors Limited owns 70.4% of Tata Technologies. Tata Technologies reported revenues of Rs. 2,691 crore in 2018 and profit of Rs. 245 crore. It is currently in talks to sell a stake to TCS after a previous deal with Warburg Pincus fell through.
The document discusses Toyota's strategy of entering a joint venture called New United Motor Manufacturing, Inc. (NUMMI) with General Motors in 1984. The joint venture was formed to allow Toyota to gain experience manufacturing in the US and help diffuse trade tensions, while allowing GM to learn Toyota's lean manufacturing techniques. Toyota held 50% ownership and provided its production system expertise. The venture was successful in improving GM's manufacturing capabilities and quality. Eventually, GM divested from the venture in 2010 as it faced financial troubles.
The document discusses a project analyzing the profitability of investing in the automotive industry in Japan. It examines the net present value (NPV) of 3 major Japanese automakers - Toyota, Yamaha, and Mazda. The calculations show that investing in Toyota and Yamaha would be profitable based on positive NPV values, while the NPV for Mazda is not provided.
The document discusses a project analyzing the profitability of investing in the automotive industry in Japan. It examines the net present value (NPV) of 3 major Japanese automakers - Toyota, Yamaha, and Mazda. The calculations show that investing in Toyota and Yamaha would be profitable based on positive NPV values, while the NPV for Mazda is not provided.
This document discusses a student project analyzing potential investment opportunities for a plant in the automotive industry in Japan. It provides background on the strong automotive sector in Japan. The project calculates the net present value (NPV) for three major Japanese automakers - Toyota, Yamaha, and Mazda. All three companies were found to have a positive NPV, indicating investing in the automotive industry in Japan through one of these companies would likely be profitable.
The document provides an overview of the 2013 IT market in Israel from Dr. Schwarzkopf's research firm STKI. Some key points:
- STKI conducted 210 interviews with CIOs across 16 industries and collected sales data from 310 vendors across 106 categories to develop an "equilibrium model" of the Israeli IT market.
- The report examines areas like software/hardware revenues, new vs continuing projects, work done by vendors vs outsourcing, and project pricing models.
- It also provides relevant economic context on Israel's GDP, inflation, unemployment, and comparison to OECD countries. Tables show numbers of companies and employees paying taxes from 2010-2012.
- STKI aims to give a
Similar to Sojitz Presentation General & Pv (20)
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
PROaqua Manual de instalacion, operacion y mantenimientoMartin Supancic
Manual de instalacion, operacion y mantenimiento de PROaqua, el filtro de agua potable que no consume electricidad ni requiere quimicos y evita derrochar agua (comparado con osmosis inversa), tratamiento de agua potable, sistema de filtracion, purificacion de agua, agua potable, elimina nitrato, nitrito, cal, solventes, cloro, metales pesados, residuos de antibióticos, pseudo-hormones, bacterias, microorganismos, parásitos, virus, esporas, radiactividad, radioactividad, patentado, inversion baja, poca inversion, costes operativos bajos, no contiene plastificantes, disolventes sin adhesivos, cumple con las regulaciones de alimentos, sin necesidad de quimicos, dispone de certificación de higiene, cumple las normas médicas, no requiere electricidad, sin electricidad, no consumo electricidad, instalacion y transporte sencillo, sin osmosis inversa
PROaqua filtro de agua potable, sin quimicos,sin electricidadMartin Supancic
El documento describe un nuevo sistema de filtración de agua potable patentado llamado "Multi-Barrier" que elimina sustancias peligrosas como sustancias radioactivas, nitratos, agroquímicos, medicamentos y metales pesados. El sistema utiliza un filtro con membrana integrada que establece nuevos estándares para la purificación del agua y elimina bacterias, parásitos y virus de manera segura y sin residuos.
Energy storage devices (battery, capacitator): Large storage, low cost, Long life, high density, small storage, high cost, high power, high rate charge, long life
1
Possible Influence of Fukushima Daiichi
NPP Accident Caused by Tohoku Pacific
Offshore Earthquake, Public Relations Division of the Federation of Electric Power Companies (Japan)
This mobile solar unit allows for electricity to be generated anywhere, esp. in disaster areas, to power electronic devices. Light (3kg), portable, roll-up format, long life, no module wrinkles.
This document summarizes Sojitz Group's biofuel activities in Brazil as of October 2010. It describes their equity stake in ETH Bioenergia S.A., a leading Brazilian bioethanol producer with 5 mills and plans for 9 mills by late 2011. It also notes their involvement in Braskem S.A., the largest petrochemical company in Latin America, where Sojitz is the largest foreign shareholder and handles certain annual volumes of ETBE (Ethyl Tertiary Butyl Ether) from two Braskem plants using their global marketing network. The document discusses Sojitz's strategy to build a "Value Chain" from Brazilian ethanol and ETBE supply sources to downstream sectors in Europe and