SHANGHAI, August 29, 2014 /PRNewswire/ — Interfood 2014 will open from Sept. 25 to Sept. 27, 2014 at Intex Shanghai (No. 55 Loushanguan Rd).Established in 1988 and in the market for over 20 years, it is the oldest food processing machinery …
Category: FOD
Aoxin Tianli Group, Inc. Completes Second Acquisition of the Year
WUHAN CITY, China, August 28, 2014 /PRNewswire/ — Aoxin Tianli Group, Inc. (NASDAQ:ABAC) (“Aoxin Tianli” or the “Company”), a diversified company with businesses in hog farming and electro-hydraulic servo-valves manufacturing and marketing,…
Frost & Sullivan’s inaugural New Zealand Excellence Awards 2014 recognises 18 companies for best practices
AUCKLAND, New Zealand, Aug. 28, 2014 /PRNewswire/ — Frost & Sullivan held its inaugural New Zealand Excellence Awards on 28 August 2014 at Villa Maria, presenting a total of 18 awards to companies across the industries of Food, Energy and Power, Healthcare and Information Communication Technologies.
Recipients of the 2014 Frost & Sullivan New Zealand Excellence Awards
The New Zealand Excellence Awards will be an annual event to honour companies that have demonstrated outstanding achievement and superior performance in their respective market segments.
“We are very proud to host the annual awards in New Zealand to celebrate the achievements of New Zealand companies. Frost & Sullivan’s awards play an important role recognising those who are driving innovation and achieving best practices across various industries in the New Zealand market. This is our first year of awards in New Zealand, and we are pleased to be able to recognise exceptional accomplishments and exemplary achievements in several of the markets we operate in,” said Andre Clarke, Country Manager, Frost & Sullivan New Zealand.
He added, “The awards reflect a lot of hard work by the recipients, and Frost & Sullivan is pleased to confer these awards in acknowledgment of this. We hope these awards encourage market players to continue to strive for greater success across industries. As we continue to identify companies deserving distinction, I am confident that this awards banquet will continue to grow and be the most anticipated event of the year by the local business community.”
Award recipients for the 2014 New Zealand Excellence Awards were identified based on extensive secondary research conducted by Frost & Sullivan’s analysts, in-depth interviews and analysis. In order to identify best practices, companies are typically studied on their revenues, market share, capabilities, product or service innovation and overall contribution to the industry.
Frost & Sullivan congratulates all the recipients of the 2014 New Zealand Excellence Awards.
2014 Frost & Sullivan New Zealand Excellence Awards Recipients
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Energy & Environment |
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2014 Asia Pacific Customer Value |
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Enhancement Award in DC Power |
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Systems |
Enatel Ltd |
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2014 New Zealand Energy Management |
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Services Company of the Year |
ABB Limited |
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2014 New Zealand Electric Vehicle |
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Charging Company of the Year |
Juicepoint |
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2014 New Zealand Smart Grid |
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Solutions Company of the Year |
Silver Spring Networks |
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2014 New Zealand Facilities |
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Management Company of the Year |
ISS Facility Services |
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Healthcare |
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2014 New Zealand Mobile Health |
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Company of the Year |
Vensa Health |
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2014 New Zealand Medical Imaging |
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New Product Innovation Leadership |
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Award |
Aranz Medical Limited |
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2014 New Zealand Aged Care Industry |
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Emerging Company of the Year |
Bupa Care Services |
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2014 New Zealand Aged Care Company |
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of the Year |
Ryman Healthcare Ltd |
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Food |
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2014 New Zealand Animal Nutritional |
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Feed Company of the Year |
Alltech |
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2014 New Zealand Nutraceutical |
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Company of the Year |
Vitaco Health |
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2014 New Zealand Edible Oil Company |
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of the Year |
The Village Press |
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Information and Communication Technology |
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2014 New Zealand Network Security |
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Vendor of the Year |
Check Point Software Technologies |
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2014 New Zealand Enterprise |
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Telephony System Integrator of the |
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Year |
Cogent Limited |
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2014 New Zealand Contact Center |
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Outsourcing Service Provider of |
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the Year |
Datacom |
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2014 New Zealand Unified |
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Communications System Integrator |
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of the Year |
Spark Digital |
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2014 New Zealand Hosted Contact |
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Center Service Provider of the |
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Spark Digital |
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2014 New Zealand Data Center |
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Hosting Service Provider of the |
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Year |
Spark Digital |
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For more details on the 2014 New Zealand Excellence Awards log-in to http://www.frost-apac.com/newzealandawards. You may also connect with Frost & Sullivan on social media, including Twitter, Facebook, SlideShare, and LinkedIn, for the latest news and updates. We also invite you to join the conversation using @FrostSullivanAP.
The 2014 Frost & Sullivan New Zealand Excellence Awards was held in conjunction with the Growth, Innovation and Leadership (GIL) Congress 2014: New Zealand.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies? Contact us: Start the discussion
Contact:
Donna Jeremiah
Corporate Communications — Asia Pacific
P: +61 (02) 8247 8927
F: +61 (02) 9252 8066
E: djeremiah@frost.com
Nespresso Launches Its 2020 Sustainability Ambition and the Nespresso Sustainable Development Fund
MILAN, Aug. 27, 2014 /PRNewswire/ —
CHF 500 million overall investment, with CHF 15 million to develop AAA coffee growing programs in Africa
On the occasion of the second annual meeting of the Nespresso Sustainability Advisory Board, Jean-Marc Duvoisin, CEO of Nestle Nespresso, set out an ambitious strategy to accelerate the company’s sustainability focus and introduce several major new initiatives that will create significant benefits for the business, society and the environment. The new sustainability program entitled The Positive Cup will be based on an investment of CHF 500 million over the next six years. Part of this investment will be used to establish a new Sustainable Development Fund, which will play a key role in channelling resources into specific projects. The new strategy is supported by members of the Nespresso Sustainability Advisory Board (NSAB) including the Rainforest Alliance, Fairtrade International, the International Union for the Conservation of Nature (IUCN) and brand ambassador George Clooney.
(Photo: http://photos.prnewswire.com/prnh/20140827/703180 )
The Positive Cup strategy, based on the Nestle approach to Creating Shared Value, builds upon the significant steps that the company has already taken over the last five years* to improve farmer welfare and drive environmental sustainability in coffee sourcing and consumption. It sets out concrete steps that the company will implement to achieve its sustainability goals by 2020. The fund will be used to finance the range of programs, which form part of the strategy as well as to attract additional external partner funding.
“Our sustainability approach has always been designed to do more than simply minimise impacts,” said Mr. Duvoisin. “The development of even more innovative programs with our partners demonstrates our commitment to creating shared value and generating positive impacts for all stakeholders across the entire value chain. This CHF 500 million investment significantly builds on our current sustainability investment to ensure the long-term success of our business model. This includes securing access to the one to two percent of coffee produced in the world that meets our strict quality and taste standards through our AAA Sustainable Quality™ Program. This approach also allows us to innovate thanks to the direct relationships we build with farmers. The Sustainable Development Fund will allow us to allocate new funding to groundbreaking programs such as the reviving of the coffee sector in South Sudan.”
The Positive Cup Commitments
The Positive Cup program incorporates ambitious goals in the areas of coffee sourcing and social welfare; aluminium sourcing, use and disposal; and resilience to climate change. Specifically, by 2020 Nespresso commits to:
Coffee – 100% sustainably sourced coffee
- Source 100% of its permanent range of Grand Cru coffees sustainably through the Nespresso AAA Sustainable Quality™ Program by significantly expanding the AAA Program in Ethiopia, Kenya and South Sudan, and investing over CHF 15 million in these countries over six years.
- Assist farmers to achieve high certification standards (in water management, biodiversity and fair treatment of workers, for example) through our long-term partner Rainforest Alliance (since 2003) and Fairtrade.
- Pursue innovative solutions to farmer welfare, including the expansion of the AAA Farmer Future Program initially through a retirement fund for farmers in Colombia.
Aluminium – 100% sustainably managed aluminium
- Expand the capacity to collect used aluminium capsules to 100% wherever the company does business and increase recycling rates.
- Recycle Nespresso capsules collected by the company into new Nespresso capsules each time it makes sense environmentally**.
- Source 100% of virgin aluminium capsule material compliant with the new Aluminium Stewardship Initiative standard, being developed within a multi-stakeholder programme led by the IUCN.
Climate – 100% carbon insetting***
- Further reduce by 10% the carbon footprint of the company.
In addition, become 100% carbon neutral. Nespresso plans to inset its residual operational carbon footprint and increase farm climate resilience through an extensive agroforestry programme.
“Our business model enables us to be involved in every stage of coffee sourcing, production and sale. It allows us to maintain particularly close relationships and have a direct dialogue with our consumers and Club Members,” said Mr. Duvoisin. “As a result, we have a unique opportunity to strongly engage with our Club Members to achieve our Positive Cup commitments, in particular as it relates to capsule recycling. Nespresso cannot achieve its objectives alone. We call on our Club Members to actively take part in furthering our recycling efforts.”
Nespresso Sustainability Advisory Board – Driving innovation and collaboration
The second annual NSAB brought together long-time Nespresso brand ambassador George Clooney, partners including The Rainforest Alliance, Fairtrade International, TechnoServe, IUCN and Pur Projet and Nespresso management, to help the company enhance its long term sustainability strategy and to serve as a base for partnership on sustainability initiatives.
The collaborative platform has played an important role in shaping the company’s approach and informing the development of innovative and impactful programs.
“We are proud of our long-standing relationship with Nespresso,” said Tensie Whelan, President of the Rainforest Alliance. “This cutting edge approach will help us further build on the real impact we together are having on the ground in farming communities, driving economic and environmental benefits for over 60,000 farmers who are part of the AAA Program. The Nespresso commitment to increase the amount of Rainforest Alliance certified coffee to 50% is an important next step in our collaboration and will provide further assurances to consumers that the coffee they are buying is having a positive impact.”
“The AAA Farmer Future Program, coming out of the Nespresso and Fairtrade commitment to work together, will bring measurable benefits to farmers and their families in Caldas, Colombia,” said Harriet Lamb, CEO of Fairtrade International. “Farmers selling to Nespresso now have the option to invest Fairtrade Premiums in this first-of-its-kind retirement fund. It’s good news for the farmers – whose average age is over 50 and who face an uncertain future – and one way to help protect the future of coffee in Colombia by offering better, long-term prospects.”
“If there is to be lasting peace and prosperity in South Sudan, part of the equation will be a diversified economy and opportunities that benefit the people of the country,” said George Clooney. “The investment by Nespresso and TechnoServe in South Sudan’s coffee sector, even while the conflict is ongoing, is providing much-needed income for hundreds of farmers and their families living in coffee communities. It is also an investment in South Sudan’s future prospects for peace and economic development, where wealth is created and shared. What Nespresso and TechnoServe are doing in partnership with South Sudanese agricultural cooperatives in the coffee sector can provide a model for other agricultural investments.”
“The approach that Nespresso is taking is completely aligned with the vision we have to integrate social and environmental innovations into the heart of business,” said Tristan Lecomte, President of Pur Projet. “We believe that investing in reforestation of agricultural regions will not only restore natural ecosystems but ultimately also improve coffee quality and productivity and provide better returns for farmers.”
“We are pleased to be able to work with Nespresso to foster greater sustainability and transparency throughout the aluminium value chain,” said Julia Marton-Lefèvre, Director General of IUCN. “The forward looking approach that the company is taking to further expand its recycling solutions and encourage consumers to recycle will be greatly strengthened by the commitment to source 100% of virgin aluminium capsule material compliant with the new Aluminium Stewardship Initiative standard. The company has played a leading role in initiating the new standard and continues to be a strong proponent for sustainable aluminium use.”
* Nespresso 2013 sustainability commitments
Nespresso has met and surpassed its 2013 sustainability commitments, set out in 2009. The company has exceeded its goal of sourcing 80% of its coffee from its AAA Sustainable Quality™ Program (84%), putting in place the capacity to recycle over 75% of Nespresso capsules sold worldwide (80%) and reducing the carbon footprint of a cup of Nespresso coffee by 20% (-20.7%).
** For example, in UK, France, Switzerland, Belgium, Luxembourg, Netherlands, Austria and Italy.
*** Definition of insetting: unlike “offsetting” traditional carbon compensation where compensation takes place in a different location using uncorrelated actors and technical activities, “insetting” integrates socio-environmental commitments at the heart of the companies’ business activities and networks.
More information:
Videos: http://www.youtube.com/nespresso
Backgrounders on AAA Program in Africa, AAA Farmer Future Program and agroforestry available here: http://www.nestle-nespresso.com/media/library/documents
Nespresso Sustainability Advisory Board members and description: http://www.nestle-nespresso.com/ecolaboration/sustainability-advisory-board/sustainability-advisory-board
About Nestle Nespresso SA
Nestle Nespresso SA is the pioneer and reference for highest-quality portioned premium coffee. Headquartered in Lausanne, Switzerland, Nespresso operates in almost 60 countries and has more than 9,500 employees. In 2013, it operated a global retail network of over 320 exclusive boutiques. For more information, visit the Nestle Nespresso corporate website: http://www.nestle-nespresso.com.
CONTACT
Diane Duperret
Corporate PR Manager, Nestle Nespresso SA
diane.duperret@nespresso.com
T: +41-21-796-92-89
Canola is not Rapeseed: Plants Different with Distinct Oils
Setting Record Straight on Unique Canola Plant and its Healthy Oil
BEIJING, Aug. 26, 2014 /PRNewswire/ — Canola oil is widely regarded as heart-healthy and versatile by health professionals and chefs, but some consumers may not understand why – or know what canola is in the first place.
“Canola is often confused with rapeseed, but the two crops and their oils are distinctly different both compositionally and nutritionally,” explains Bruce Jowett, vice president of market development at the Canola Council of Canada.
Canola oil comes from the crushed seeds of the canola plant, which is a member of the Brassica family that includes broccoli, cabbage and cauliflower. It was developed in Canada through traditional plant breeding to remove two undesirable components (erucic acid and glucosinolates) found in rapeseed. To acknowledge these differences, the new plant earned a new name, canola – a contraction of “Canadian” and “ola” meaning “oil.”
“By an internationally regulated standard, canola oil is very low in erucic acid (less than 2%) whereas rapeseed oil is high in it (about 40%) with a different taste and appearance,” Jowett noted. “Most rapeseed oil sold in China is classified as grade four and much darker in color with a slightly pungent flavor, whereas canola oil is light in color, texture and flavor.”
The oil extracted from canola plants is one of the healthiest in the world. Doctors and nutrition experts laud canola oil for both what it does contain and what it doesn’t. Of all common cooking oils, canola has the most plant-based omega-3 fat (11 percent) and the least saturated fat (7 percent) – half that of olive oil (15 percent). Canola oil is also rich in monounsaturated fat (61 percent) and free of trans fat.
“Since heart disease and diabetes are leading causes of death in China, it’s critical to lower intake of saturated fat and to consume a moderate amount of healthy fats instead,” says Dr. Liu Na, senior nutrition expert in Beijing. “Canola oil is simply a smart choice as an everyday cooking oil.”
In fact, the U.S. Food and Drug Administration authorized a qualified health claim on canola oil’s ability to reduce the risk of heart disease when used in place of saturated fat. Research has shown that the oil’s high unsaturated fat content (93 percent) helps lower “bad” LDL cholesterol, thereby reducing the risk of heart disease. Unsaturated fats are made up of mono- and polyunsaturated fats, including omega-3 and omega-6 fats.
“The types of omega-3 and -6 fats found in canola oil are considered ‘essential’ in the diet because the body can’t make them on its own,” notes Liu. “Canola oil is higher in omega-3 fat than other common cooking oils so it’s an easy way to get some of this often underconsumed nutrient in the diet.”
Moreover, chefs consider canola oil a kitchen essential, too. Its neutral flavor, light texture and high heat tolerance (smoke point of 242 °C / 468 °F) make it a match for almost any culinary application.
“I love cooking with canola oil because it’s very versatile and allows Chinese ingredients to shine,” agrees Da Cai, cookbook author and well known food blogger. “I use it for sautéing, deep-frying, baking, vinaigrettes – you name it. The fact that it’s healthy as well makes my decision to use it for my family and readers easy.”
The “Winner” is Back!
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KUALA LUMPUR, Malaysia, Aug. 25, 2014 /PRNewswire/ — With a well-earned reputation as Asia’s leading event for the feed, livestock and meat industries since its inception in 2001, LIVESTOCK ASIA 2015 EXPO & FORUM is set to return once again at the Kuala Lumpur Convention Centre from 21- 23 September, 2015. The 2015 show is expected to attract over 7,000 industry professionals and top decision makers to get updates on the latest innovations, which includes a programme of informative seminars providing invaluable information covering the latest developments in the feed, livestock and meat industries.
From Left: Prof. Dr. Zulkifli, Dato’ Dr. Vincent, Dr. Raghavan, Tan Sri Dr Ahmad Mustaffa, Prof. Datin Paduka Dr. Aini, Jeffrey Ng and Rose Chitanuwat.
Recognised as the “Mother“ event for the Asian Livestock Series, the Steering Committee team that has been formed to make the event a great success and more prestigious are leaders in livestock industry. Moreover, the World Poultry Science Association (WPSA) and World Poultry Veterinary Association (WPVA) of Malaysia will jointly organize a scientific conference during LIVESTOCK ASIA 2015.
The chairman of UBM Malaysia as well as the founder of the Livestock event, Tan Sri Dr. Ahmad Mustaffa Babjee, chaired the 2nd Livestock Asia Steering Committee Meeting held last week, making LIVESTOCK ASIA 2015 the most successful event to provide ongoing support to grow and develop Malaysia’s livestock industries. The members are:
- Tan Sri Dr Ahmad Mustaffa Babjee, Chairman, UBM Malaysia
- Dr. Raghavan, Livestock Consultant
- Dato’ Dr. Vincent Ng, President, Veterinary Association Malaysia (VAM)
- Prof. Prof. Dr. Zulkifli Idrus, President, World Poultry Science Association (WPSA) Malaysia
- Prof. Datin Paduka Dr. Aini Ideris, President, World Poultry Veterinary Association (WPVA) Malaysia
- Mr.Jeffrey Ng, Secretary General Federation of Livestock Farmers’ Associations of Malaysia (FLFAM)
Livestock Asia Expo & Forum presents the best opportunities for organisations to increase their brand exposure as they capitalize on special networking opportunities at this major event. To learn more about the show, please log on to http://www.livestockasia.com.
Notes to the Editor
About UBM Asia (www.ubmasia.com)
Owned by UBM plc listed on the London Stock Exchange, UBM Asia is Asia’s leading exhibition organiser and the biggest commercial organiser in mainland China, India and Malaysia. Established with its headquarters in Hong Kong and subsidiary companies across Asia and in the US, UBM Asia has a strong global presence in 25 major cities with 30 offices and over 1,400 staff.
With a track record spanning over 30 years, UBM Asia operates in 21 market sectors with 160 dynamic face-to-face exhibitions, 75 high-level professional conferences, 28 targeted trade publications, 18 round-the-clock vertical portals and virtual event services for over 1,000,000 quality exhibitors, visitors, conference delegates, advertisers and subscribers from all over the world. We provide a one-stop diversified global service for high-value business matching, quality market news and online trading networks.
UBM Asia has extensive office networks in China, Southeast Asia and India, three of the world’s fastest growing B2B events markets. UBM China has 11 offices in the major cities in mainland China, including Beijing, Shanghai, Guangzhou, Hangzhou, Guzhen and Shenzhen, where we organise more than 70 exhibitions and conferences. In ASEAN, UBM Asia operates from its offices in Malaysia, Thailand, Indonesia, Singapore, Vietnam and the Philippines with over 60 events in this region. UBM India teams in Mumbai, New Delhi, Bangalore and Chennai organise 20 exhibitions and 60 conferences every year across the country.
About UBM Asia in ASEAN (www.ubmasean.com)
In ASEAN, we serve 13 market sectors with wholly-owned subsidiary companies and JV companies in seven offices in the major cities in ASEAN, including Bangkok, Hanoi, Ho Chi Minh City, Jakarta, Kuala Lumpur, Manila and Singapore. We provide over 60 products in various categories: trade fairs, conferences and publications. As the leading B2B event organiser in the region, we are the largest exhibition organiser in Malaysia.
Our products serve tens of thousands of exhibitors, visitors, conference delegates, advertisers, subscribers and corporations in the region and from all over the world with high value face-to-face business-matching events and quality conference programmes presented by top-notch industry leaders. We have over 130 staff in six countries.
This press information is issued by;
Marketing Communication Department
United Business Media (M) Sdn Bhd
A-8-1, Level 8, Hampshire Place Office
157, Hamphire 1, Jalan Mayang Sari
50450 Kuala Lumpur, Malaysia
Tel: +603-2176-8788 Fax: +603-2164-8786
E: sufian.zahari@ubm.com W: www.ubmasia.com
For more information on Livestock Asia 2015 Expo & Forum, contact;
Ms. Rita Lau / Ms. Salmiza Salim
E: rita.lau@ubm.com / salmiza.salim@ubm.com / livestockasia@ubm.com
Photo – http://photos.prnasia.com/prnh/20140822/8521404719
Logo – http://www.prnasia.com/sa/2010/04/19/20100419602891.jpg
Baja Fresh Partners with Givex to Fight Childhood Hunger
IRVINE, Calif., Aug. 25, 2014 /PRNewswire/ — One in five children in America struggles with hunger. Hunger not only impacts a child’s health but also results in poorer academic performance and can ultimately have a lifelong effect on future development and success.
Baja Fresh Partners with Givex to Fight Childhood Hunger
That is why from August 15th to October 15th. Baja Fresh Mexican Grill, the quick-casual fresh Mexican chain, is donating 20% of all proceeds from the sale of its new line of Baja Fresh No Kid Hungry gift cards to Share Our Strength’s No Kid Hungry® campaign. Givex is contributing the technology for the gift program.
The No Kid Hungry campaign connects those in need with long-term help and resources such as school breakfast programs and educating families on shopping and cooking on a limited budget.
The Baja Fresh No Kid Hungry gift cards are powered by Givex, a global technology company and Baja Fresh’s gift card program provider since 2005. Charitable contribution programs are one of Givex’s many services.
“Helping end childhood hunger in America is a cause that resonates strongly with us,” says Charles Rink President and CEO, Baja Fresh. “Our No Kid Hungry gift cards provide a convenient way for our guests to contribute to Share our Strength’s programs and raise awareness in our communities. Our partnership with Givex allows for a seamless process for our operators to participate in supporting Share our Strength.”
To see a list of participating Baja Fresh locations, please visit:
http://www.bajafresh.com/pdf/homepage-promos/nokidhungrypromotionbajafresh2.pdf
About Baja Fresh
Baja Fresh Mexican Grill serves bold, fresh Mexican flavors for lunch, dinner, dine-in or take-out all in a spacious and contemporary environment. All entrées are made with never frozen, all natural, hormone free, fire-grilled, chicken, steak and slow roasted pork carnitas. Don’t forget the handmade guacamole and salsa bar hosting 6 salsas made fresh everyday, all day. Founded in 1990 and headquartered in Irvine, Calif., Baja Fresh operates or franchises 205 restaurants in 26 states as well as Dubai and Singapore. To learn more about Baja Fresh visit www.bajafresh.com.
About Givex
Givex is a technology company offering clients a global reach with cost-effective gift card, omni-channel loyalty, analytics, stored value tickets, and cloud-based POS systems. Our core distinction is taking on the tough task of managing all aspects of the transaction to ensure companies can deliver maximum customer satisfaction. Givex products and services give you insight into your data to enable you to better drive sales growth, customer relationship management and enterprise resource planning.
About Share Our Strength’s No Kid Hungry® Campaign
No child should grow up hungry in America, but one in five children struggles with hunger. Share Our Strength’s No Kid Hungry® campaign is ending childhood hunger in America by ensuring all children get the healthy food they need, every day. The No Kid Hungry campaign connects kids in need to effective nutrition programs like school breakfast and summer meals and teaches low-income families to cook healthy, affordable meals through Cooking Matters. This work is accomplished through the No Kid Hungry network, made up of private citizens, public officials, nonprofits, business leaders and others providing innovative hunger solutions in their communities. Join us at NoKidHungry.org.
Image with caption: “Baja Fresh Partners with Givex to Fight Childhood Hunger (CNW Group/Givex)”. Image available at: http://photos.newswire.ca/images/download/20140825_C7788_PHOTO_EN_42528.jpg
For further information:
For more information or media inquiries, please contact
Bryan Wang
Director of Marketing
Givex
Phone: 416.350.9660 x 309
Toll free: 1.877.478.7733
Fax: 416.350.9661
Email: bryan.wang@givex.com
Website: http://www.givex.com
Maybank PE Leads Series D Financing For YPX Cayman Holdings
Looking to capitalize on the strong growth opportunities in China’s food & beverage industry, Maybank PE, the private equity arm of Maybank, made its maiden investment in China by investing in YPX
SHANGHAI, Aug. 22, 2014 /PRNewswire/ — YPX Cayman Holdings Co. (“the Company” or “YPX”), a leading quick service restaurant company headquartered in Shanghai, announced today the closing of its series D financing round of USD 25M. MAM PE Asia Fund I (Labuan) LLP, a fund managed by Maybank Private Equity Sdn Bhd (“Maybank PE”), is the lead investor in the latest financing round, with follow-on investments from existing investors such as LionRock Capital, Ignition Capital, as well as renowned individual investors such as Mr. Koh Boon Hwee, former DBS Bank and Singapore Airlines Chairman, and Mr. Peter Tan, former President of McDonalds Greater China and ex-CEO of Burger King for Asia Pacific. Series D financing proceeds will be utilized to grow YPX directly-owned stores and to expand YPX’s franchising system.
Cloud 9 Store
Three-cup Chicken
“We are truly excited to have an investment from a fund seeded by Malayan Banking Berhad, or better known as Maybank. Maybank is one of South East Asia’s largest banks, and the largest in Malaysia by market capitalisation. Named one of the Top 20 strongest banks in the world consecutively in 2013 & 2014 (by Bloomberg Markets Magazine July / August 2014), Maybank through its private equity arm has a very rigorous due diligence process, and we are honored to have passed their stringent test on our business and management. It is a very significant event for me and the Company to have the fund investing in us. Maybank PE brings a wealth of experience to help us grow our business,” says Chris Tay, CEO and founder of YPX Cayman Holdings.
Mr. Pneh Tee Keong, CEO of Maybank PE, says, “We are very pleased with this outcome. The upside for this segment in China is enormous, given the increasing middle class population. We are also comforted by the fact that we are investing in a sound business, and backing an experienced management team to help us navigate through the intricacies of operating in this market. We are very excited to be a part of what I believe will be a successful partnership with Chris, his team and all the other shareholders.”
With this fresh funding, YPX will be able to grow more stores via direct-owned operations as well as franchisees across China. The company will also allocate some proceeds for R&D to diversify its menu offering, brand awareness and information technology to support its future growth. “Serving good quality, value for money food has been the hallmark of YPX since its inception. This year, we have continued to focus on improving our food quality and safety standards; we see this as an ongoing pursuit that will continue to underpin all that we do at YPX. 2014 is also our inaugural year for franchising, and we are very committed to being a responsible franchisor. We will set up a robust system to support and train our franchisees as they are in all ways business people and want a good return on their investments,” says Tay.
“In the past, franchising had an undesirable reputation in China, due to a laggard monitoring system and a mismatch of values between franchisors and franchisees. The industry was further tarnished by unethical practices by franchisors who emphasized short-term gains over creating a sustainable brand name. However things are changing, albeit slowly, and the market is maturing for the better; franchisees are more informed and educated than before. We want to be the first one to stand out as the most sought after and most responsible franchisor in China. Needless to say, this will not slow down our own corporate-owned stores. Not only will this positively add to our revenue growth, it will also provide support to our franchised stores. In addition to this, we are true believers in the use of information technology in the F&B industry, when often times IT takes a back seat in our kind of business. So we will invest heavily on IT in the coming years. The hottest potential is that China is still urbanizing rapidly and its consumer market is going to be the largest in the world in the next few years, if it isn’t already,” adds Tay.
YPX’s first brand is Cloud9, a Taiwanese Fast Casual Restaurant chain, which currently has more than 40 stores in 12 cities. Founded in late 2010, Cloud9 was seed-funded by Qiming Venture Partners, well known for its highly successful investment in Xiaomi. Over the next year, YPX hopes to add two more brands, be it from the USA or another country that has good brand equity amongst Chinese consumers. Tay says, “We will not add another brand for the sake of adding a brand. It has to have the same core values as the first brand: serving a majority of the Chinese customers with the best food at the most affordable pricing. We have strict principles that we adhere to when developing and nurturing a brand. We do not want to segregate any spectrum of the customers. We want brands that can understand the Chinese consumers’ needs and always staying relevant. And it has to be scalable at the same time. We have a solid management team and our reputation of being professional, reliable and accountable attracts many brands from overseas to want to work with us to expand in China.”
On the topic of food safety, Tay adds, “food safety is of paramount concern in China. YPX will not compromise on food safety for the sake of growth as these two important objectives are not contradicting. We can do both. A high moral standard and superior transparent management culture are held in very high esteem in YPX.”
Mr. Daniel Tseung, MD of LionRock Capital, says, “We are delighted to have a Maybank associated fund as the lead investor in the latest Series D round and look forward to working with Maybank PE, other YPX shareholders, and the company management team in strengthening YPX leading position in the Quick Service Restaurant industry in China.”
Mr. Rich Tong of Ignition Partners says, “This latest investment shows that YPX is one of the best teams in the highly competitive food and beverage market. We congratulate them on this great milestone.”
About YPX www.ypxfood.com
Founded in Shanghai in 2010, YPX Cayman focuses on the management of casual F&B chains in China. CLOUD 9, the Company’s first brand, mainly focuses on the Taiwanese casual F&B and snacks segment. The brand now has more than 40 stores across China including Shanghai, Beijing, Tianjin, Hangzhou, Nanjing, Changzhou, and Hefei. The Company’s management team has a combined F&B chain management experience of over 80 years, having worked in brands like KFC, McDonald’s, Burger King, Dicos, Dairy Queen and Yoshinoya. The Company aims to be a leading casual F&B platform in China.
About Maybank PE www.maybank-am.com
Maybank PE is a wholly owned subsidiary of Maybank Asset Management Group Berhad (“MAMG”), which in turn is a wholly owned subsidiary of Malaysian Banking Berhad (Maybank). Maybank PE targets minority investments in the consumer and consumer related segments across the Asian region.
Its parent, MAMG, is Maybank’s asset management business unit and offers investors a diverse range of investment solutions. MAMG has in-depth experience in managing investments ranging from equity, fixed income to money market instruments mainly on behalf of and for corporations, institutions, insurance and takaful companies and individual clients. In addition to that, MAMG also offers unit trust and wholesale funds. It has regional footprint and on-the-ground presence in key markets of the region – Malaysia, Singapore, Thailand and Indonesia.
About LionRock Capital http://www.lionrockcapitalhk.com
LionRock Capital provides strategic, financial, and corporate governance support for growth stage companies in Greater China. It is supported by some of the world’s most successful entrepreneurs and family organizations, who also serve as valuable resources for LionRock’s investee companies and investment partners. LionRock seeks to build active, value-added, long-term relationships with company management teams and investors; its Managing Directors & Senior Advisors are internationally recognized leaders in business, investment, and corporate governance. The firm’s team of seasoned Asian professionals has a demonstrated track record of successfully helping management teams build & develop their businesses in Greater China and beyond.
About Ignition Capital http://www.igncap.com
Ignition Capital is the growth equity arm of a $3 billion global fund group which provides emerging industry leaders the investment and operations support to help them reach their long-term potential, in the technology, communications, consumer and healthcare sectors. Over the last 14 years, they’ve been working with a broad array of companies that have become market leaders in technology, telecommunications, consumer services and healthcare. They have seen their companies deal with difficult economic situations while still growing dramatically to either become public companies, or be sold to larger market leaders.
Photo: http://photos.prnasia.com/prnh/20140822/0861406013-a
Photo: http://photos.prnasia.com/prnh/20140822/0861406013-b
China New Borun Announces Second Quarter 2014 Unaudited Financial Results
BEIJING, August 22, 2014 /PRNewswire/ — China New Borun Corporation (NYSE: BORN; “Borun” or the “Company”), a leading producer and distributor of corn-based edible alcohol in China, today announced its unaudited financial results for the second quarter of 2014.
Mr. Jinmiao Wang, Chairman and Chief Executive Officer of Borun, commented on the results, “Although demand and average selling price for edible alcohol were solid in the first half of the second quarter, the market encountered an unexpected sharp drop nation-wide in demand and average selling price this June. As a result, even though we recorded revenue growth at the high end of our second quarter guidance on better-than-expected volume shipment, our gross profits contracted year-over-year.”
“Despite the challenging month of June, we continued to make progress in ramping up our chlorinated polyethylene (“CPE”) and foam insulation businesses. During the quarter, we successfully scaled our CPE plant to full production capacity and grew total revenue from CPE and foam insulation by 47% sequentially to RMB23.4 million. It is worth noting that the new business has surpassed its gross breakeven point during the second quarter, and therefore we anticipate incremental positive contributions to profitability from the new business in the months ahead,” Mr. Wang concluded.
Second Quarter 2014 Quick View
- Total revenue increased 6.4% to RMB668.9 million ($108.7 million[1]) from RMB628.5 million in the second quarter of 2013.
- Gross profit decreased 5.4% to RMB67.5 million ($11.0 million) from RMB71.4 million in the second quarter of 2013.
- Net income decreased 17.8% to RMB21.0 million ($3.4 million) from RMB25.5 million in the second quarter of 2013.
- Basic and diluted earnings per American Depositary Share (“ADS”) were RMB0.82 ($0.13) for the quarter ended June 30, 2014. Each ADS represents one of the Company’s ordinary shares.
Second Quarter 2014 Financial Performance
For the second quarter of 2014, revenue increased by 6.4% year-over-year to RMB668.9 million ($108.7 million) from RMB628.5 million in the same period of 2013. The increase in revenue was mainly attributable to higher sales volume of edible alcohol, partially offset by lower average selling prices, as well as incremental revenue contribution from the Company’s CPE and foam insulation businesses that were introduced in the fourth quarter of 2013.
Revenue breakdown by product lines is as follows:
- Revenue from edible alcohol increased by 4.1% to RMB425.9 million ($69.2 million) in the second quarter of 2014, compared to RMB409.0 million in the second quarter of 2013. Driven by higher production, the sales volume of edible alcohol in the second quarter of 2014 increased by 6.1% year-over-year to 83,505 tons, while the average selling price of edible alcohol decreased by 1.9% year-over-year to RMB5,100 per ton.
- Revenue from DDGS Feed increased by 2.1% to RMB159.8 million ($26.0 million) in the second quarter of 2014, compared to RMB156.5 million in the second quarter of 2013. The sales volume of DDGS Feed in the second quarter of 2014 decreased by 1.2% year-over-year to 74,155 tons, while the average selling price increased by 3.3% year-over-year to RMB2,155 per ton.
- Revenue from liquid carbon dioxide decreased by 17.0% to RMB11.4 million ($1.8 million) in the second quarter of 2014 compared to RMB13.7 million in the second quarter of 2013. The sales volume of liquid carbon dioxide in the second quarter of 2014 decreased by 2.6% year-over-year to 32,751 tons, and the average selling price decreased by 14.8% year-over-year to RMB347 per ton.
- Revenue from crude corn oil decreased by 1.4% to RMB48.5 million ($7.9 million) in the second quarter of 2014 compared to RMB49.2 million in the second quarter of 2013. The sales volume of crude corn oil in the second quarter of 2014 increased by 4.0% year-over-year to 6,746 tons, while the average selling price decreased by 5.3% year-over-year to RMB7,185 per ton.
- Revenue from CPE was RMB21.3 million ($3.5 million) in the second quarter of 2014, and the sales volume was 2,448 tons at an average selling price of RMB8,718 per ton. Revenue from foam insulation was RMB2.0 million ($0.3 million) in the second quarter of 2014, and the sales volume was 1,868 cubic meters at an average selling price of RMB1,094 per cubic meter.
During the second quarter of 2014, gross profit decreased by 5.4% to RMB67.5 million ($11.0 million) from RMB71.4 million in the same period of 2013. Gross margin for the second quarter of 2014 decreased to 10.1%, from 11.4% in the same period of 2013, which was primarily attributable to a decrease in average selling price of edible alcohol, as well as lower gross margin from the new CPE and foam insulation businesses during its initial production ramp up.
Operating income decreased by 7.8% to RMB55.3 million ($9.0 million) in the second quarter of 2014, from RMB60.0 million in the same period of 2013, primarily due to lower gross profit earned.
Selling expenses were RMB1.5 million ($0.2 million) in the second quarter of 2014, which remained stable with that in the same period of 2013.
General and administrative expenses increased by RMB0.8 million, or 8.0% to RMB 10.7 million ($1.7 million) in the second quarter of 2014, from RMB9.9 million in the same period of 2013, mainly due to the increasing management cost for our new CPE and foam insulation businesses.
Income tax expenses in the second quarter of 2014 were RMB7.0 million ($1.1 million), representing an effective tax rate of 25.0%.
Net income decreased by 17.8% to RMB21.0 million ($3.4 million) in the second quarter of 2014, compared to RMB25.5 million in the same quarter of 2013. In the second quarter of 2014, basic and diluted earnings per share and per ADS were RMB0.82 ($0.13), and the Company had 25.7 million weighted average basic and diluted shares outstanding.
As of June 30, 2014, cash and bank deposits of RMB361.8 million ($58.8 million) decreased by RMB159.5 million, compared with RMB521.3 million as of December 31, 2013. Cash flows provided by operating activities for the second quarter of 2014 were RMB77.3 million ($12.6 million), compared with operating cash outflow of $148.1 million in the second quarter of 2013.
Financial Outlook
During the third quarters, the Company historically conducts an annual maintenance of its production facilities, which requires a temporary shut down of all production lines for edible alcohol for approximately one month.
Reflecting the annual maintenance period this summer, and lower average selling prices, the Company estimates that its revenue for the third quarter of 2014 will be in the range of RMB520 million ($84.5 million) to RMB540 million ($87.8 million), an increase of approximately 0.4% to 4.2% over the same quarter of 2013.
This guidance is based on the current market conditions and reflects the Company’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change.
Conference Call
Borun’s management will hold a corresponding earnings conference call and live webcast at 8:00 a.m. EDT on Friday, August 22, 2014 (8:00 p.m. Beijing time on Friday, August 22, 2014) to discuss the results and highlights from the second quarter and answer questions from investors. A webcast of the call will be available at http://ir.chinanewborun.com. Listeners may access the call by dialing:
|
United States Toll Free: |
1-866-519-4004 |
|
US Toll/International: |
1-845-675-0437 |
|
Hong Kong Toll Free: |
800-930-346 |
|
Hong Kong Toll: |
852-2475-0994 |
|
China Toll Free: |
800-819-0121 |
|
China Toll Free (Mobile): |
400-620-8038 |
|
Conference ID: |
85386554 |
A replay of the webcast will be accessible through August 30, 2014 on http://ir.chinanewborun.com or by dialing:
|
United States toll free: |
1-855-452-5696 |
|
International: |
61-2-8199-0299 |
|
Passcode |
85386554 |
About China New Borun Corporation
China New Borun Corporation (NYSE: BORN) is a leading producer and distributor of corn-based edible alcohol sold as an ingredient to producers of baijiu, a popular grain-based alcoholic beverage in China. The Company also produces DDGS Feed, liquid carbon dioxide and crude corn oil as by-products of edible alcohol production, and CPE and foam insulation that are widely used in chemical industries. China New Borun is based in Shouguang, Shandong Province. Additional information about the company can be found at http://www.chinanewborun.com and in documents filed with the U.S. Securities and Exchange Commission, which are available on the SEC’s website at http://www.sec.gov.
Forward-looking Statements
All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.
|
[1] |
This press release contains translations of certain Renminbi amounts into US dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to US dollars for the period ended June 30, 2014 were made at a rate of RMB6.1528 to USD1.00, the rate published by the People’s Bank of China on June 30, 2014. China New Borun Corporation makes no representation that the Renminbi or US dollar amounts referred to in this press release could have been or could be converted into US dollars or Renminbi, at any particular rate or at all. |
Contact Information
Asia Bridge Capital Limited
Wendy Sun
Phone: +86-10-8556-9033 (China)
+1-888-870-0798 (U.S.)
Email: wendy.sun@asiabridgegroup.com
|
CHINA NEW BORUN CORPORATION UNAUDITED CONSOLIDATED BALANCE SHEETS |
|||||
|
December 31, 2013 |
June 30, 2014 |
||||
|
RMB |
RMB |
US$ |
|||
|
Assets |
|||||
|
Cash |
521,270,799 |
361,770,279 |
58,797,666 |
||
|
Restricted cash |
42,040,667 |
32,000,000 |
5,200,884 |
||
|
Trade accounts receivable, net of allowance for doubtful accounts of nil and nil, respectively |
358,463,468 |
353,450,451 |
57,445,464 |
||
|
Available-for-sale securities |
16,783,869 |
———— |
———— |
||
|
Inventories |
353,206,120 |
915,014,772 |
148,715,182 |
||
|
Advance to suppliers |
276,245,034 |
191,099 |
31,059 |
||
|
Other receivables |
58,510,165 |
114,562,500 |
18,619,572 |
||
|
Prepaid expenses |
3,773,980 |
2,299,637 |
373,755 |
||
|
Deferred income tax assets |
248,712 |
———— |
———— |
||
|
Total current assets |
1,630,542,814 |
1,779,288,738 |
289,183,582 |
||
|
Property, plant and equipment, net |
1,143,722,628 |
1,106,121,274 |
179,775,269 |
||
|
Land use right, net |
138,944,251 |
137,541,648 |
22,354,318 |
||
|
Intangible assets, net |
9,648,771 |
7,735,649 |
1,257,257 |
||
|
Other non-current assets |
10,697,712 |
8,130,261 |
1,321,392 |
||
|
Total assets |
2,933,556,176 |
3,038,817,570 |
493,891,818 |
||
|
Liabilities and shareholders’ equity |
|||||
|
Trade accounts payable |
29,272,232 |
15,877,284 |
2,580,497 |
||
|
Accrued expenses and other payables |
106,574,084 |
66,479,333 |
10,804,728 |
||
|
Income taxes payable |
9,119,258 |
7,038,216 |
1,143,905 |
||
|
Short-term borrowings |
620,200,000 |
732,000,000 |
118,970,225 |
||
|
Current portion of long-term borrowings |
24,000,000 |
24,000,000 |
3,900,663 |
||
|
Total current liabilities |
789,165,574 |
845,394,833 |
137,400,018 |
||
|
Long-term borrowings |
48,000,000 |
36,000,000 |
5,850,995 |
||
|
Bonds Payable
|
500,000,000 |
500,000,000 |
81,263,815 |
||
|
Total liabilities |
1,337,165,574 |
1,381,394,833 |
224,514,828 |
||
|
Shareholders’ equity |
|||||
|
Ordinary share – (December 31, 2013 and June 30, 2014: par value of RMB0.0068259, 25,725,000 shares issued and outstanding) |
175,596 |
175,596 |
25,725 |
||
|
Additional paid-in capital |
468,132,187 |
468,132,187 |
76,084,415 |
||
|
Retained earnings – appropriated |
126,356,029 |
126,356,029 |
20,536,346 |
||
|
Retained earnings – unappropriated |
1,002,921,340 |
1,063,215,301 |
172,801,863 |
||
|
Accumulated other comprehensive loss |
(1,194,550) |
(456,376) |
(71,359) |
||
|
Total shareholders’ equity |
1,596,390,602 |
1,657,422,737 |
269,376,990 |
||
|
Total liabilities and shareholders’ equity |
2,933,556,176 |
3,038,817,570 |
493,891,818 |
||
|
CHINA NEW BORUN CORPORATION |
||||||||
|
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME |
||||||||
|
For the three-month period ended, |
||||||||
|
June 30, |
March 31, |
June 30, 2014 |
||||||
|
2013 |
2014 |
|||||||
|
(RMB) |
(RMB) |
(RMB) |
(US$) |
|||||
|
Revenues |
628,493,979 |
625,731,081 |
668,887,775 |
108,712,745 |
||||
|
Cost of goods sold |
557,088,612 |
535,247,941 |
601,348,437 |
97,735,736 |
||||
|
Gross profit |
71,405,367 |
90,483,140 |
67,539,338 |
10,977,009 |
||||
|
Operating expenses: |
||||||||
|
Selling |
1,509,414 |
1,214,951 |
1,534,527 |
249,403 |
||||
|
General and administrative |
9,912,973 |
10,490,866 |
10,703,722 |
1,739,651 |
||||
|
Total operating expenses |
11,422,387 |
11,705,817 |
12,238,249 |
1,989,054 |
||||
|
Operating income |
59,982,980 |
78,777,323 |
55,301,089 |
8,987,955 |
||||
|
Other (income) expenses: |
||||||||
|
Interest income |
(990,007) |
(525,335) |
(637,612) |
(103,630) |
||||
|
Interest expense |
26,418,467 |
26,024,958 |
26,695,034 |
4,338,681 |
||||
|
Others, net |
(105,210) |
855,570 |
1,273,848 |
207,035 |
||||
|
Total other expense, net |
25,323,250 |
26,355,193 |
27,331,270 |
4,442,086 |
||||
|
Income before income taxes |
34,659,730 |
52,422,130 |
27,969,819 |
4,545,869 |
||||
|
Income tax expense |
9,142,375 |
13,105,533 |
6,992,455 |
1,136,467 |
||||
|
Net income |
25,517,355 |
39,316,597 |
20,977,364 |
3,409,402 |
||||
|
Earnings per share: |
||||||||
|
Basic and diluted |
0.99 |
1.53 |
0.82 |
0.13 |
||||
|
Weighted average ordinary shares outstanding: |
||||||||
|
Basic and diluted |
25,725,000 |
25,725,000 |
25,725,000 |
25,725,000 |
||||
|
CHINA NEW BORUN CORPORATION UNAUDITED CONSOLIDATED STATEMENTS OF INCOME |
|||||
|
For the six-month period ended, |
|||||
|
June 30, 2013 |
June 30, 2014 |
||||
|
(RMB) |
(RMB) |
(US$) |
|||
|
Revenues |
1,079,186,038 |
1,294,618,856 |
210,411,334 |
||
|
Cost of goods sold |
960,690,062 |
1,136,596,378 |
184,728,315 |
||
|
Gross profit |
118,495,976 |
158,022,478 |
25,683,019 |
||
|
Operating expenses: |
|||||
|
Selling |
2,558,750 |
2,749,478 |
446,866 |
||
|
General and administrative |
19,721,770 |
21,194,588 |
3,444,706 |
||
|
Total operating expenses |
22,280,520 |
23,944,066 |
3,891,572 |
||
|
Operating income |
96,215,456 |
134,078,412 |
21,791,447 |
||
|
Other (income) expenses: |
|||||
|
Interest income |
(1,616,097) |
(1,162,947) |
(189,011) |
||
|
Interest expense |
46,298,133 |
52,719,992 |
8,568,455 |
||
|
Others, net |
(131,154) |
2,129,418 |
346,089 |
||
|
Total other expense, net |
44,550,882 |
53,686,463 |
8,725,533 |
||
|
Income before income taxes |
51,664,574 |
80,391,949 |
13,065,914 |
||
|
Income tax expense |
13,393,586 |
20,097,988 |
3,266,478 |
||
|
Net income |
38,270,988 |
60,293,961 |
9,799,436 |
||
|
Earnings per share: |
|||||
|
Basic and diluted |
1.49 |
2.34 |
0.38 |
||
|
Weighted average ordinary shares outstanding: |
|||||
|
Basic and diluted |
25,725,000 |
25,725,000 |
25,725,000 |
||
YuanShengTai Dairy Farm Limited Announces 2014 Interim Results, Net Profit Surged 150.1% to RMB249.1 Million
HONG KONG, Aug. 21, 2014 /PRNewswire/ —
- Revenue Increased by 44.4% to RMB556.0 Million
- Net Profit Surged 150.1% to RMB249.1 Million
- Basic Earnings per Share Increased by 61.9%
* * * * * * * * * * *
- Continuous Expansion in Overall Herd Size
- Increase in Production and Sales Volume
- Benefited from Long-term National Policy
- Capture Business Development Opportunities
* * * * * * * * * * *
|
Financial Highlights |
For the Year Ended 30 June (RMB MM) |
||
|
2014 (Unaudited) |
2013 |
Changes |
|
|
Revenue |
556.0 |
385.1 |
+44.4% |
|
Gross profit |
260.6 |
150.5 |
+73.2% |
|
Gross profit margin |
46.9% |
39.1% |
+7.8ppt |
|
Net Profit |
249.1 |
99.6 |
+150.1% |
|
Basic Earnings per Share |
6.8 cents |
4.2 cents |
+61.9% |
YuanShengTai Dairy Farm Limited (“YuanShengTai” or the “Company” and, together with its subsidiaries, the “Group”) (Stock Code: 1431), a leading dairy farming company in China, reported a revenue of RMB556.0 million for six month ended 30 June 2014 (the “period”), up 44.4% (1H2013: RMB385.1 million). The increase was attributable to the increase in the production of raw milk while gross profit margin increased by 7.8 percentage points to 46.9% (1H2013: 39.1%). During the period, net profit surged by 150.1% to RMB249.1 million (1H2013: RMB99.6 million) with basic earnings per share of approximately RMB6.8 cents (1H2013: RMB4.2 cents).
During the period, benefited from the rising average price of high-quality raw milk and continuous expansion in overall herd size which led to the increase in production, the Group’s business recorded a significant growth. In 1H2014, the sales volume reached 105,640 tons, representing a strong growth of 24.2% (1H2013: 85,079 tons).
Mr. Zhao Hongliang, Executive Director and Chairman of YuanShengTai, said, “The Chinese government has implemented a number of policies to support the development of large-scale farms at national and regional levels in the first half of 2014, including tax incentive and government subsidy for the reconstruction and expansion of standardized management of large-scale farms, which contributed to the transition from extensive farming to standardized large-scale farming. Benefited from the national policy and the increasing demand for high quality raw milk, we are confident toward the long-term business development of the Group. Looking forward, the Group will capture the opportunities in developing China’s dairy products industry, especially the high-end raw milk industry, to maintain a sustainable business growth. The Group dedicated to becoming a national leading supplier of premium raw milk in order to maximize returns to our shareholders.”
Business Review
As the leading dairy farming company in China, YuanShengTai is dedicated to production and sales of premium raw milk. During the period, the number of dairy cows across all four of YuanShengTai’s dairy farms increased from 40,396 as of 31 December 2013 to 42,836 as of 30 June 2014. The total number of milkable cows increased from 21,544 for 2013 to 24,505 for the first half of 2014. The increase in the number of matured milkable cows in herd has enabled the Group to produce more raw milk. During the period, the average annual milk yield per cow was 9.38 tons, representing an increase of 4.2% (1H2013: 9.0 tons). It is expected that the average milk yield per cow will further increase with the maturity of the farms and a more balanced age group of herd.
Due to the rising demand for high quality raw milk, the average selling price of the Group’s quality raw milk increased 16.3% from RMB4,527 per ton in 1H2013 to RMB5,263 per ton in 1H2014.
During the period, the Group maintained long-term and stable relationships with customers including the four leading dairy products manufacturers in China namely Feihe Dairy Group, Mengniu Group, Bright dairy Group and Yili Group. Feihe and Mengniu have been purchasing premium raw milk from the Group for their production of high-end dairy products since the commencement of the Company.
YuanShengTai has been exploring the development of selenium-rich raw milk with certain research institutions in order to increase the value of the products and thus meet the user’s demand for raw milk with superior quality. The Group will further cooperate with the research institutions, and after satisfaction of relevant tests, the selenium-rich raw milk can be put into commercial production.
Prospects
Looking ahead, the continuous rise in per capita income and consumption levels of residents in the PRC and their growing concerns about health will continue to increase demand for high quality raw milk. The strengthened regulations enforced by relevant regulatory authorities help to promote integration of the industry, and will also be beneficial to the growth of market share for enterprises producing high quality raw milk. Besides, with the Chinese government’s easing measures on the ”One Child Policy”, the space for the development of dairy products industry will be further expanded, creating favorable opportunities for continuous growth of the Group.
With advanced herd management techniques, a large scale of herd, privileged geographic environment and favorable government support policies, the Group will further expand the business scale of its super large dairy farms. The Kedong Yongjin Farm, which will have an actual designed capacity of 12,000 dairy cows, is under construction and will be put into service in the fourth quarter of 2014. The construction of Baiquan Farm, which will have an actual designed capacity of 15,000 dairy cows, is scheduled to commence in the second half of 2014. It is expected to be in service in the fourth quarter of 2015. In addition, the Group is planning to build another three farms in the Songnen Plain in the next three years, two of which will be named the Keshan Farm and the Gannan Farm, with a view to replicating the business model of operating mega scale dairy farm. Among these new farms under construction, some of them will be established as organic dairy farms in the future. As scheduled, the Group will increase its total herd size to 100,000 by 2017. Fueled by the expansion of the Group’s business scale, the milk production and sales volume are anticipated to experience further increase, while the operational efficiency will be improved and the management of dairy farms will be optimized. The Group’s advantage in terms of economies of scale is expected to be consolidated as a result of these favourable developments.
The Group will also explore opportunities to cooperate with overseas suppliers of dairy feed. The technologies of feeding, breeding and producing to improve production efficiency will continue to be enhanced. Meanwhile, the Group will take efforts to expand the business to upstream business through long-term cooperation with local agricultural companies to diversify revenue sources, so as to further strengthen the Group’s position as China’s leading dairy farming company.
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About YuanShengTai Dairy Farm Limited
Listed on 26 November 2013 on the Main Board of the Hong Kong Stock Exchange, YuanShengTai is a leading dairy farming company in China dedicated to the production of super-premium raw milk. The Company ranked No. 5 in China in terms of herd size as of 31 December 2012 and No. 4 in China in terms of raw milk production volume in 2012. The Company operates a total of 4 dairy farms, 3 in Heilongjiang and 1 in Jilin, raising a total of 42,836 dairy cows, with half-year sales volume 105,640 tons of high quality raw milk as of 30 June 2014. The standardized farming methods have enabled the Group to consistently produce raw milk of a quality that surpasses the EU raw milk quality standard, which is among the highest industrial standards for raw milk and other dairy products in the world. In further, YuanShengTai will continue to provide high quality to Chinese consumers through unified farm operations by implementing uniform farm designs and layouts, systematic operating procedures, centralized management functions and automated information systems.