forward looking statements - grdc · overview of pulses ... •the global ingredient protein market...
TRANSCRIPT
Forward Looking Statements Certain statements in this presentation are forward-looking statements. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by AGT at the time of preparation, may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AGT (including its operating subsidiaries) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the actual results of harvests, fluctuations in the price of lentils and other crops, failure of plant, equipment or processes to operate as anticipated, accidents or labour disputes, risks relating to the integration of acquisitions or to international operations, as well as those factors referred to in the section entitled “Risk Factors” in the Annual Information Form of AGT dated March 24, 2016 which is available on SEDAR at www.sedar.com, and which should be reviewed in conjunction with this document. Although AGT has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. AGT expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
1
AGT Foods Australia (TSX: AGT) www.agtfoods.com/au August 2016
Technical advantages of pulses in food for nutritive value
Hannah Avery - Senior Grain Merchant
Company Overview Global Company & Brands
• Global leader in pulse, staple food and food ingredient processing and distribution
• Merchandising offices and value-added processing facilities in Australia, Canada, USA, Turkey, India, China & South Africa
• Australia operations commenced in 2007
• European sales offices
• Russian origination office
• Global customer base
• Global HQ: Regina, SK, Canada
AGT Food and Ingredients Highlights
3
Factors Influencing Pulse Demand
4
Overview of Pulses GMO Free
Gluten Free
Low Allergen
Major Source of Protein & Fibre
5
• High protein – High lysine (higher than cereals and oilseeds)
• High dietary fibre – Rich in insoluble fibre
• Low fat – Pea, lentils and faba beans: <3% – Chickpeas: <7%
• High micronutrients – Folate, iron, zinc, selenium, potassium,
magnesium, calcium and beta-carotene
Nutritional Characteristics of Pulses
Composition of Pulses
Moisture 7-14%
Protein 20-35%
Crude Fibre 3-14%
Sugars 3-8%
Ash 2-4%
Fat 2-4%
Starch 38 – 55%
Negative Factors of Pulses?
• Bloating
• Flatulence
• Long cook time
• Taste (Beany?)
Traditional Pulse Consumption
6
Ful Medamas - Egypt
Hummus – Middle East
Feijoada – Brazil
Masoor Dhal - India
Baked Beans – Australia?
How to capture nutritional benefits of Pulses in the modern diet?
7
Investment in Ingredient Platform
8
• Investment in research and development key component to capturing customer sales opportunities
• Work to develop new applications/uses for pulse ingredients through collaborative research, commercialization & innovation initiatives and technology development
• Important to assist customers convert test quantities to sales quantities
Saskatoon SK R&D Centre Minot ND Production Facility
• Pulse ingredient production facility for the production of pulses flour, starch, protein and fibre for human food and petfood applications
• Processes for milling (fine and coarse), separation, de-flavouring, sterilization and packaging
Goal: Take Pulses Activities: Produce Ingredients Results: Food Company Products
Food Ingredient Platform • AGT has developed a business producing and supplying pulse ingredient flour,
starch, protein and fibre for human food, petfood, acquaculture and industrial uses
• Food companies reacting to customer demand for natural, non-GMO, gluten-free, high protein and fibre products and ingredients that are not soy or corn
• Leverages AGT strengths in origination and processing infrastructure and marketing and sales partners in the area
9
Pulse Ingredients - How Are They Produced?
10 10
Whole Pulses
Whole Pulse Flour
Split Pulses
Pulse Flour
Pulse Bran
Pulse Fraction
Pulse Protein
High Viscosity Pulse Flour
Traditional Formulation: Peanut Butter
Reformulated: Reduced Fat Peanut Butter with
25% Lentil Protein, 75% Peanut Butter
Pulses – Enhance Everyday Foods
11
Source: Company research findings.
20% reduction
50% lower calorie
Traditional Formulation: 100% Durum Semolina Pasta
Reformulated: Pulse Inclusion 25% Lentil, 75% Durum
Pulses – Enhance Everyday Foods
12
25% lower carbon footprint
100% increase in fibre
25% increase in protein Adapted from: Gan et al. 2011. Unpublished results, Agriculture and Agri-Food Canada;
U.S. Department of Agriculture, Agricultural Research Service. 2010. USDA National Nutrient Database for Standard Reference.
Traditional Formulation: 6% Wheat Crumbs
Reformulated: 6% Lentil Flour
60% Increase in Protein 50% Increase in Fibre 50% Reduction in Fat Enhanced Texture
Food Ingredients Changing the Category
13
• General Mills, Kellogg’s and Post have all recently announced intentions to replace GMO ingredients, including soy and corn, in some of their products
• Demand for alternative flours, including pulse flours, estimated to outpace more traditional wheat flours throughout the food and beverage industry
– Forecast to grow almost 4x faster than wheat flours and ahead of other cereals and potato flour between 2012 and 2017 in North America and Europe in the sweet and savory snacks applications category
• Gluten-free foods expected to have sales of > $6.6 billion by 2017
• ~18 million Americans have non-celiac gluten sensitivity in addition to the 3 million Americans that suffer from celiac disease
• The global ingredient protein market is expected to reach $28.9 billion by 2020, with plant protein expected to continue accounting for the majority of the protein ingredient market.
Source: Canadian Institute of Food Science and Technology; Packaged Facts; Euromonitor; National Foundation for Celiac Awareness; Health Canada ; Grand View Research
Pulse Ingredient Product Launches – USA & Canada
14
Source: Innova Market Insights January 2015 (US & Canada)
New Product Launches – Products with Pulse Protein
15
16
New Product Launches – Products with Pulse Flours
Pulse Ingredients in Pasta
INGREDIENTS: Semolina, Grain and legume flour blend (lentils, chickpeas, oats, spelt, barley, egg whites, ground flaxseeds and wheat fiber), Niacin, Ferrous Lactate (Iron), Thiamine, Mononitrate, Riboflavin, Folic Acid
Source of Protein and Fibre
17
Extruded Pulse Ingredients Snacks
3g Protein and 2g Fibre
18
Animal Crackers and Spreads • Product concepts
• High protein low fat spreads
• Allergen free spreads
• Nutbutters
• Snack Packs – Animal cracker with spreads
• Benefits
• Non-GMO
• Clean label
• Gluten free crackers and spreads, allergen free
• High protein, high fibre, high micronutrients and energy
• All-natural, wholesome, sustaining on-the-go snack ingredient
• Sustainability and clean label benefits; low carbon footprint solution
• Product portfolio
• Deflavoured pulse proteins and flours
Animal crackers contain 8 g protein per 100 g serving Peanut-free Peanut butter contains 8 g protein per 100 g serving Reduced fat peanut butter contain 17 g protein per 100 g serving
19
Gluten Free Animal Cracker
20
Ingredient %
Faba Bean Flour V-6000 34.55
Butter 16.77
Brown sugar 14.79
Icing sugar 9.86
Faba Bean Protein 60 4.93
Milk 3.94
Vanilla extract 3.94
Corn syrup 3.94
Canola oil 2.96
Skim milk powder 1.97
Salt 0.79
Baking powder 0.39
Baking soda 0.39
Xanthan gum 0.39
Ground cinnamon 0.39
Total 100
Procedure • Sift together the flour, protein, salt, xanthan
gum, skim milk powder, cinnamon powder, baking soda and baking powder
• Place all dry ingredients, icing sugar, brown sugar, and butter in a food processor and mix until the dough has a coarse texture
• Add milk, vanilla extract, oil and corn syrup • Knead the mixture until a cohesive dough
forms • Chill the dough in fridge for 30 minutes • Roll the dough into sheet and cut out animal shape • Bake on baking sheet at 295°F for 30 minutes • 8g protein per 100 g serving
Peanut Free Peanut Butter
21
Ingredients %
Deflavored Faba Bean Flour V-6000
54
Oil 32
Icing sugar 9
Water 5
Total 100
Procedure • Roast the flour in a pan on
medium-high heat for 5 minutes • Homogenize the flour with oil • Add water and sugar • Homogenize until all ingredients
are mixed together
• 8 g protein per 100 g serving
Reduced Fat Peanut Butter
22
Ingredients %
Peanut butter 61.13
Deflavored Faba Bean Protein 60
20.38
Oil 8.30
Icing sugar 9.81
Salt 0.38
Total 100
Procedure • Mix the peanut butter in with
the roasted pea protein • Homogenize the mixture with oil • Add sugar and salt • Homogenize until all ingredients
are mixed together
• 17 g per 100 g serving
Faba Bean Crisps (60% Protein)
23
Protein content per 28 g serving: 16.21 g
Ingredients %
Faba Bean Protein 60 96.5
Sugar 2.5
Salt 1.0
Total 100
Snack Clusters
24
• Product concepts
• Clustered snacks
• Energy bars
• Granola bars
• Benefits
• Non-GMO
• Clean label
• Gluten free, allergen free
• High protein, high fibre, high micronutrients and energy
• All-natural, wholesome, sustaining on-the-go snack ingredient
• Sustainability and clean label benefits; low carbon footprint solution
• Product portfolio
• Pulse crisps and deflavoured pulse proteins and flours
Faba Bean Crisps contain 16 g protein
and 2 g dietary fibre per 28 g serving
Faba Bean “Crispies” Treat • Product concepts
• Crispies Treat
• Breakfast Cereal
• Energy bars
• Benefits
• Non-GMO
• Clean label
• Gluten free, allergen free
• High protein, high micronutrients and energy
• All-natural, wholesome, sustaining on-the-go snack ingredient
• Sustainability and clean label benefits; low carbon footprint solution
• Product portfolio
• Pulse crisps and deflavoured pulse proteins, fibres and flours
Faba Bean Crisps contain 7 g protein
and 2.5 g dietary fibre per 28 g serving
25
Extruded Pulse Puffs • Product concepts
• Snack puffs
• Crisps
• Pellets
• Benefits
• Non-GMO
• Clean label
• Gluten free, allergen free
• High protein, high fibre, high micronutrients and energy
• All-natural, wholesome, sustaining on-the-go snack ingredient
• Sustainability and clean label benefits; low carbon footprint solution
• Product portfolio
• Pulse flours, fibres and proteins
5.2 g protein per 28 g serving
26
Gluten Free Soft Cookie Ingredient %
Faba Bean Flour V-6000 31.88
Butter 26.56
Brown sugar 12.75
Egg 10.62
Semi-sweet chocolate chip
8.5
Icing sugar 6.37
Vanilla extract 2.12
Salt 0.53
Baking soda 0.42
Xanthan gum 0.25
Total 100
Procedure • Sift together the flour, baking soda and
xanthan gum • Place icing sugar, brown sugar, and butter
in a food processor and mix until uniform • Add the salt, egg and vanilla extract and
mix until well combined • Slowly incorporate the dry mix about ½
cup at a time, and keep on mixing • Add the chocolate chips and stir to
combine • Place the dough on baking sheets and
bake at 315°F for 10 minutes • 10 g protein per 100 g serving
27
28
Australian Companies Producing Pulse Products
Lentil Burger
Nutritional Benefits - RECAP High Protein
High Fibre
Low Fat
High Micronutrients
AND Low Allergen & Gluten Free
29
And if that isn’t enough to get you excited about using
pulse ingredients…
Lentil Cream Ale
30
• Lentil Cream Ale uses 20 percent King Red Lentils which contribute a richness and depth of flavour, as well as a creamy well rounded body not otherwise found in a light 4% beer.
• Pale yellow in colour and naturally hazy like an unfiltered wheat beer with a subtle earthiness from the lentils that compliments the crisp graininess of the barley. The bitterness and hop flavour is restrained, but drinkers will find a refreshing lemon citrus note from the clean ale yeast.
• Lentil Cream Ale not only proves that great beer can be made from lentils, but refreshing light beer can also have flavour.