Royal Wessanen nv held its Annual General Meeting of Shareholders on April 16, 2013 to discuss the company's performance in 2012 and strategic plans. [1] The company focused its portfolio on organic food between 2009 and 2012, selling off non-core brands and categories. [2] In 2012, Wessanen reported revenue of €710.8 million but an operating loss of €45.8 million due to impairment charges. [3] The company launched a transformation program called "Wessanen 2015" to make the business more focused, efficient and profitable.
Highlights of the fourth quarter of 2010. Net sales amounted to SEK 27,556m (28,215) and income for the period was SEK 677m (664), or SEK 2.38 (2.34) per share. Net sales increased by 1.6% in comparable currencies.
Spend a little to make a bundle
We maintain a selective Overweight call on the Consumer sector, mainly on market-leaders who continue to thrive even in the face of a domestic consumption slowdown.
AEON Co, AEON Credit Services
Top Buys are KFC and QL. Investors seeking liquid defensive plays should also be attracted to BAT’s earnings resilience and high dividend yield. , KFC Holdings and QL Resources are on track to continue posting >10% net growth rates in 2009-10, defying conventional logic and market expectations.
Reaping the fruits of disciplined ‘labour.’ AEON Co, AEON Credit Services
Sector Summary Table , KFC Holdings and QL Resources are expected to register double-digit net profit growth in 2009-10. For AEON Co and KFC, their less-than-one-year-old stores will contribute new sources of revenue and profits, even though existing stores, opened for more than one full calendar year, may not cumulatively register meaningful sales growth. AEON Co’s niche of providing comfortable one-stop shopping malls in many suburban areas continues to differentiate itself from other retailers domestically, whilst KFC continues to thrive as the most popular choice of fast food. Reaping the rewards of painstaking integration. In addition to the slew of growth activities at its Integrated Farming business, the integrated nature of QL Resources’ Marine Products business cushions fluctuating product prices. Although surimi (semi-processed fish paste) prices have fallen back to just above 2007-08 levels, this has instead made fishmeal and surimi-based products more affordable and encourages volume sales and margins for these products. Reaping the benefits of significant relationships. In AEON Credit Service’s case, despite the recent decline in motorcycle sales and relative uncertainty in 2009’s GDP growth prospects, its existing loans book, riding on 3-4 year loans profile, provides an earnings buffer against significant slow down in loans growth over the next 6-12months. Further, significant synergies with sister company AEON Co is expected to start showing with the likely combining of the latter’s privilege card (J Card) with the former’s credit cards. Currently, there are at least 10 times as many J Card holders as there are AEON Credit credit card holders. When growth and value come together. While we remain cautious of the broader market over the next few quarters, we continue to like the long-term value offered by our selection of four compelling growth stocks. Arguably, these three stocks offer the relative security of growing steadily within the generally defensive Consumer sector.
Wessanen ppt at ing benelux conf sept2013Klaus Arntz
Wessanen presentation we are to give to investors at ING Benelux Conference on Thursday 12 September 2013. Highlighting strategy, markets we operate in, Q2 and year-to-date figures and our sustainability performance
Highlights of the fourth quarter of 2010. Net sales amounted to SEK 27,556m (28,215) and income for the period was SEK 677m (664), or SEK 2.38 (2.34) per share. Net sales increased by 1.6% in comparable currencies.
Spend a little to make a bundle
We maintain a selective Overweight call on the Consumer sector, mainly on market-leaders who continue to thrive even in the face of a domestic consumption slowdown.
AEON Co, AEON Credit Services
Top Buys are KFC and QL. Investors seeking liquid defensive plays should also be attracted to BAT’s earnings resilience and high dividend yield. , KFC Holdings and QL Resources are on track to continue posting >10% net growth rates in 2009-10, defying conventional logic and market expectations.
Reaping the fruits of disciplined ‘labour.’ AEON Co, AEON Credit Services
Sector Summary Table , KFC Holdings and QL Resources are expected to register double-digit net profit growth in 2009-10. For AEON Co and KFC, their less-than-one-year-old stores will contribute new sources of revenue and profits, even though existing stores, opened for more than one full calendar year, may not cumulatively register meaningful sales growth. AEON Co’s niche of providing comfortable one-stop shopping malls in many suburban areas continues to differentiate itself from other retailers domestically, whilst KFC continues to thrive as the most popular choice of fast food. Reaping the rewards of painstaking integration. In addition to the slew of growth activities at its Integrated Farming business, the integrated nature of QL Resources’ Marine Products business cushions fluctuating product prices. Although surimi (semi-processed fish paste) prices have fallen back to just above 2007-08 levels, this has instead made fishmeal and surimi-based products more affordable and encourages volume sales and margins for these products. Reaping the benefits of significant relationships. In AEON Credit Service’s case, despite the recent decline in motorcycle sales and relative uncertainty in 2009’s GDP growth prospects, its existing loans book, riding on 3-4 year loans profile, provides an earnings buffer against significant slow down in loans growth over the next 6-12months. Further, significant synergies with sister company AEON Co is expected to start showing with the likely combining of the latter’s privilege card (J Card) with the former’s credit cards. Currently, there are at least 10 times as many J Card holders as there are AEON Credit credit card holders. When growth and value come together. While we remain cautious of the broader market over the next few quarters, we continue to like the long-term value offered by our selection of four compelling growth stocks. Arguably, these three stocks offer the relative security of growing steadily within the generally defensive Consumer sector.
Wessanen ppt at ing benelux conf sept2013Klaus Arntz
Wessanen presentation we are to give to investors at ING Benelux Conference on Thursday 12 September 2013. Highlighting strategy, markets we operate in, Q2 and year-to-date figures and our sustainability performance
Royal Wessanen Q1 2013 result presentation for analysts, investors and media; Dutch quoted company, mainly active in organic food with wellknown brands such as Bjorg, Bonneterre, Evernat, Allos, Tartex, Kallo, Clipper and Zonnatura
Q1 2011 highlights
• Revenue +3.6% to €178.8 million,
• Autonomous² revenue growth Wessanen Europe Grocery 5.9% and HFS (6.1)%
• Ongoing focus to improve operations in areas such as brand activation and central sourcing
• Normalised operating result (EBIT) increased to €7.0 million, driven by Wessanen Europe Grocery
• Market share gains for leading Grocery brands such as Bjorg, Whole Earth and Zonnatura
• Net debt €36.7 million; 45% below last year’s comparable figure
Rabobank Consumer Staples Conference Milan June2012Klaus Arntz
Presentation for investors at annual Rabobank Consumer Staples Conference in Milan late June.
it includes slides on sustainability, supply chain and 'what is organic?!'
Net sales rose 11% excl. exchange rate effects and divestments to SEK 85,408m (81,337). Operating profit increased to SEK 8,646m (7,738). Operating cash flow was SEK 9,644m (7,418). Earnings per share were SEK 7.06 (0.78). The Board of Directors proposes an increase in the dividend by 7.1%, to SEK 4.50 per share (4.20).
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the telegram contact of my personal vendor.
@Pi_vendor_247
#pi network #pi coins #legit #passive income
#US
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Tax System, Behaviour, Justice, and Voluntary Compliance Culture in Nigeria -...
Wessanen agm 16 april 2013 presentation
1. Royal Wessanen nv
Annual General Meeting of Shareholders
Amsterdam, 16 April 2013
2012: Organic is our choice
2. Portfolio approach focus on organic food
Focus and investment into core brands &
categories in organic in Europe
2009 2012
Grocery
HFS
€1585m IZICO €711m
ABC
Others
2
3. Focus on Organic makes sense !
5-1-
5-10% consistent growth per annum Spend per capita could more than double
in core countries
3
4. Nutrition and food issues Transparency
ORGANIC
Sustainability Weight and obesity
4
5. Our vision is to build the most desired brands
in Europe in our focus area
Healthy Ethical
nutrition sustainable
Functional Authentic
food taste
5
6. Strategic objectives
A more integrated
consumer and customer driven organisation,
being focussed, less complex, more efficient and integrated
Sales growth Profitabilty Enablers
improvement
• Grow core brands • Central sourcing savings • Improve talent performance
• Grow core categories • Pricing strategies towards management / building
• Build strongholds in new markets customers connected leadership
• Country specific growth strategies • Improve operational excellence • Simplify how we are conducting
• Launch fewer, bigger, better with SAP business
innovations • Filling own factories • Activate Organic Expertise
• Execute acquisitions shortlist Centre (OEC), integrate Quality
Wessanen 2015
6
7. Transformation programme ‘Wessanen 2015’
1. Create more focus on our activities
• Further increased focus on core brands and core categories
• Expansion number of CBTs (category brand teams)
• Split in branded and distribution organisation
− Benelux operations
− French HFS operations
2. Reduce complexity and simplify processes
• Cutting the tail / reducing number of SKUs at
− Dutch brands; French HFS brands; Export
• Centralising quality department
• In the Netherlands, focus on one franchise formula (Natuurwinkel), to end GooodyFooods formula
• Supply chain to manage our plants as of 2013 and to streamline processes
3. Addressing low-yielding and non-performing activities
• Strongly reducing German grocery presence, changing go-to-market approach
• Focus in Italian grocery on non-dairy (soy)
• Reduction of approx. 300 FTE
• Expected one-off costs €(21) mln cash and €(7.0) mln non-cash impairment Deurne plant
• Expected savings €15 mln p.a. from 2014 onwards
9. Key figures 2012
In € mln 2012 2011
Revenue 710.8 706.0
Autonomous growth (in %) 0.7%
Gross contribution 270.5 263.6
In % of revenue 38.1% 37.3%
Operating result (EBIT) (45.8) (19.0)
Net result (Wessanen equity holders) (53.2) (17.1)
Shareholders’ equity 101.6 163.2
Net result per share (in €) (0.70) (0.23)
Dividend per share (in €) 0.05 0.08
Shareholders’ equity per share (in €) 1.34 2.16
9
12. Financial overview 2012
In € mln
250 5
Net debt
200 4
150 3
1.7x
100 2
€54.9
50 1
0 0
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
Target financial policy: to maintain net debt structurally below 2.5x EBITDA
12
13. Management letter
• Framework of Internal Control (FIC):
– The roll-out and implementation of FIC has matured further
– Timely completion and quality of self assessments can be further improved
• Actions taken:
• More dynamic testing throughout the year by IAD
• Improve user friendliness of automated tool (GMRT)
• IT environment and automated controls:
– A number of Segregation Of Duty conflicts exist in the IT environment, partly due to size of the
operating companies
– Further remediation during 2013 are planned when economic viable, otherwise continued reliance
on compensating controls
• Internal controls at smaller Operating Units
– Adequate financial controls at smaller units remains attention point – not material at Wessanen
level
– Deloitte scope increased on request of CFO during 2012 and FIC reviews by IAD planned for 2013
14. Grocery
Strong autonomous sales growth
Breakfast
Cereals
+4.6%
Six out of Dairy
Alternative
eight
core
categories Tea
2011 2012 growing
Bread
Biscuit
Replacer
Focus on brand growth Sweet in
between
Veggie
Meals&
Spreads
15. Strong growth driven by
• Brand support (TV/360°)
• In-store & consumer activation
• Innovation
15
16. • First TV commercials since 2007
• A challenger to all conventional food brands
17. • 11% growth in the UK
• Integration in UK on plan
• Roll-out Europe
- France: Q1
- Netherlands: Q2
- Germany: Q3
17
18. Health Food Stores(HFS)
• HFS showing a disappointing performance in all three businesses
– Various issues addresses as part of ‘Wessanen 2015’
• France impacted by changing health food stores landscape
– Rise of chains at expense independent stores
– Lower sales, especially in wholesale and at fresh
• Benelux impacted by lost customers and weak performance at Fresh
– Existing Natuurwinkel and independent stores growing
• Germany impacted by weak brand performance Allos and declining revenues at
Reformhaus channel (Tartex)
18
20. IZICO
• Full ownership acquired of Favory Convenience Food Group
– Paved the way for creation one integrated company
• New management team in place
• New name IZICO
– easy (IZI), go (CO), ice (IZ) and company (CO)
• Milestone plan being executed for full alignment and process integration Beckers Benelux
and Favory
– Combining both headquarters in Breda
– Integration marketing, sales, operations, finance and HR
– Favory Deurne plant closed as of the end of March
21. American Beverage Corporation (ABC)
Little Hug
• Extending its flavour range
• Introducing drinks with 75% less sugar
Daily’s defending its strong position via innovation,
communication and brand activation
22. Closing remarks
• 2012 was a turbulent year for the global economy and the Eurozone in particular
– Organic food markets continue to trend positively nevertheless
• We have made clear progress in numerous areas, however not all initiatives have resulted in
the desired outcome
• We have initiated a comprehensive transformation programme to become more profitable
– More consumer & customer-led European integrated company
– More focused and agile, less complex and more efficient
• Wessanen has a great future ahead of it with authentic brand and strong market positions
• 2013 will be another challenging year: “Store is open while we are renovating and innovating”
• The seamless effort of our people to contribute to healthier and happier life for consumers
makes Wessanen a unique company
22