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Global Agribusiness

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Monthly commentary from our Agribusiness experts around the Globe

May 2016

ContentsRegional views 2

Did you know? 11

Publications 14

Calendar of events 17

Prices 18

Global Agribusiness contacts 23

Regional views

2 | Global Agribusiness | PwC

OverviewWith teams around the Globe, this document sets out to give a flavour of what our local agribusiness experts are observing in their territories. Central themes this month include:

• Sensitivitiesaroundforeignownershipoffarmland. We discuss rising curbs on ownership in CEE and the Australian government’s announcement that the US$370m sale of Kidman to Chinese Pengxing is ‘against Australia’s national interest’.

• AsianinvestmentpouringintoRussiaandCEEagriculture. From Vietnamese dairy company TH Group‘s plans to invest US$2.7bn in Moscow production, to multiple Chinese investments in Kazakhstan’s agriculture sector, we highlight a wave of investment.

• SignificantinvestmentacrossAfrica. We highlight Government incentives and inward investment across the region.

• OngoingM&A. In particular, recent news has been dominated by Monsanto’s announcement that it has received an unsolicited, non-binding proposal from Bayer AG.

• FoodTrustanongoingissue. In the US we highlight the recall by CRF Frozen foods of 360 products sold under 40 brands over the last two years. We also note new partnerships emerging such as Target, MIT’s MediaLab and IDEO joining forces to bring more transparency to consumers around what they’re eating.

As a reminder, it’s a snapshot only: do feel free to contact the local experts to discuss their views in more depth.

MarkJames

Argentina BiofuelsArgentina’s government has come to an agreement with Spain to resume biodiesel exports following a block that was effective from 2013 after Argentina’s former government appropriated the local branch of Spanish energy giant Repsol, YPF. Until the block, Spain was the most significant market for Argentine biodiesel derived from soybean oil, with exports exceeding U$S 1,000 million.

SoybeansMonsanto announced it would suspend launching any future soybean technologies in Argentina due to the disagreement with the government over inspections of genetically modified soybeans. The dispute blew up after Monsanto asked Argentine exporters to inspect soybean shipments to ensure growers had paid royalties for using the company’s products. The Argentine government considers that such inspections must first be approved by the government. Argentina, the world’s No. 1 exporter of soymeal livestock feed, relies heavily on Monsanto’s genetic technology to produce soybeans.

The significant increase in the yields and output in soy farming across Argentina over the last 20 years, was in large part due to the country embracing genetically modified seeds. The withdrawal by Monsanto could leave Argentine growers without the company’s new ‘RR 2 Xtend’ technology, aimed at increasing soy yields and controlling glyphosate-resistant broad leaf weeds.

Argentina, the world’s third biggest exporter of raw soybeans, is expected by the Buenos Aires Grains Exchange to harvest a 56m-tonne crop this year. The estimate was cut from a previous forecast of 60m tonnes due to floods that hit key farm areas in April. However, the soybean harvest is still in progress: it started much later as a consequence of

the rainfalls. According to Rosario Stock Exchanges, so far only 45% of the total sown area has been harvested, vs. last year when by now it was almost finished.

MarianoTomatisSebastianAzagra

AustraliaWith the start of May came the Australian Federal Government’s annual budget announcements with agricultural policy a relatively minor feature. Concessional loans amounting to A$2bn were announced, aimed specifically for water and water related infrastructure as an incentive to encourage more public and private partnerships. A further A$500m was announced for works and land acquisitions for the east coast inland rail project, joining Melbourne in the south and Brisbane in the north. On the down side for the government, the much debated ‘backpacker tax’ was not addressed, with all leading industry bodies calling for the tax to be scrapped, sighting the impact on discouraging seasonal workers into rural regions filling jobs that remained unfilled by local workers. Shortly after handing down the budget, the Federal Government announced a general election will be held on 2 July.

In late April, the Federal Treasurer announced his preliminary view on the proposed A$370m sale of S. Kidman & Co to China’s Dakang Australia Holdings (part of the Pengxing Group) as being against Australia’s ‘national interest’. Last year the sale was initially rejected on ‘national security’ grounds as one of the Kidman property’s adjoins a sensitive and restricted military zone, which was subsequently withdrawn from the proposed Pengxing deal. Sighting that the property aggregation was ‘just too big’ and that the sale process of the single aggregated asset made it ‘difficult for Australian bidders to make a competitive bid’, the Treasurer has since come under significant criticism from a range of

parties both inside and outside of the industry. Despite this setback, the beef industry continues to enjoy very healthy investor interest with the Queensland Investment Corporation (QIC) announcing the purchase of 80% of the Northern Australian Cattle Company (NAPCO) for over A$300m. The operation amounts to 5.8m hectares across Queensland and the Northern Territory, running as many as 178,000 cattle. Macquarie Group’s Paraway Pastoral Company also announced over A$135m in new acquisitions recently week acquiring two cattle properties in Queensland amounting to 1.7m hectares.

CraigHeraghty

BrazilInputsFertilizers and pesticidesFertilizer sales in the first two months of 2016 were up 11% yoy to 4.3m tons according to the National Association for the Promotion of Fertilizers (Anda). For pesticides, however, there seems to be no recovery in sight. According to The National Union of Products for Plant Protection, pesticide revenues fell 22% yoy to US$9.6bn, on flat volumes. Factors such as the lack of credit and payments contributed to increased sales of smuggled goods, which now account for 20% of sales. One bright spot for the industry in March was the Federal Government announcing measures to reduce red tape and accelerate the registration process of new products.

Agricultural machineryDomestic sales of agricultural equipment totalled 2,346 units in February, 50.4% up on January, but 36.5% lower yoy, according to the National Association of Vehicle Manufacturers. The decline reflects low confidence levels in the Brazilian economy. There have been calls to increase the level of financing available (currently c.US$85m) and to fix interest rates on financing.

PwC | Global Agribusiness | 3

Rural creditSigned loans fell 2.3% yoy in the first eight months of the 2015/16 crop season, due to much lower investment which shrank 32% yoy. According to the Organization of Brazilian Cooperatives (OCB) and the Federation of São Paulo State Industries (FIESP), the uncertainty regarding the amount of credit at subsidized interest provided by the government, made the use of own resources increase. As an indication, own resources used, grew to 41% of total funding in 2015/16 (vs. 35% in the prior year) whereas the share provided by banks fell from 51% to 42%.

Separately, Agricultural insurance looks set to reach US$150m in 2016/2017, up 41% yoy. The Ministry of Agriculture announced that it will allocate US$9m to develop a rural collective bargaining model for insurance in soybean. This is an experimental project in which associations, labour unions and agribusiness cooperatives now compete for these resources and facilitate farmers’ access to them. This new collective bargaining model attempts to stimulate the creation of databases, with farm s productivity information, to force more accurate risk analysis by insurers and consequently reduce the price in the market.

Animal proteinBeef Growth in exports, mainly due to new markets and the dollar level, has helped a domestic market where consumption has been hindered by a weak economic environment. The trend is for Brazilian exports to continue to grow, as new markets should be opened in the first half of the year. Qatar has suspended the embargo maintained since the end of 2012, and the Ministry of Agriculture reported that Brazil and the United States are approaching an agreement as well.

Chicken and porkPoultry and pork industries are facing a lot of pressure in their production costs, mainly driven by high corn prices. Corn

producers are focusing on overseas markets where they can earn better returns, given the devaluation of the real. This situation should be temporary, as with the second corn harvest (which today accounts for 65% of total production) supply should be normalized. Nevertheless, these two industries have intensified agreements to import grain from Argentina and Paraguay, in order to solve the temporary shortages. Whilst this situation has affected the profitability of both sectors, the outlook for 2016 remains positive, with higher exports and recovering domestic demand.

Sugar and EthanolEthanol Since last October, hydrated ethanol prices to the final consumer have been on the rise. The average level for São Paulo state in October was R$ 2.00/litre and has reached R$ 2.74 in March, according to the National Petroleum Agency (ANP), an increase of 37%, inhibiting demand. This weakening demand and the increased ethanol supply expected in the early 2016/17 harvest should stop the trend of rising biofuel prices.

SugarThe 2016/17 sugarcane harvest in the Centre-South region is expected to reach a record 622m tons, according to Agroconsult. With favourable rains, sugarcane crushing should enjoy growth of 2.8% yoy. Sugar production estimates are 33.2m tons, up 7.6% yoy. Despite this, expectations of a global deficit remain, after five years of surplus. The Green Pool consultancy and Rabobank revised their projections for the overall deficit for 2015/16 to 6.7m and 6.8m tonnes respectively. The changes reflect the reduced prospects for Asian production, especially in India and Thailand, due to the impact of El Niño.

This deficit situation, coupled with the growing trend in product consumption, according to the BTG Pactual bank, should keep sugar prices buoyant.

GrainsCornThe National Supply Company (Conab) estimates the winter harvest for 2015/16 at 55.3m tons, up 1.3% yoy. The estimated Brazilian corn production stands at 83.5m tonnes, just below the record of 2014/15.

In the export market, the National Association of Grain Exporters (ANEC) estimates volumes of 28m tons in 2016, down on 2015. Among the factors for the fall in shipments, an increased competitiveness from Argentina stands out, as the government has adopted tax changes which make exports more advantageous.

Despite this, the trend seems to be towards falling international prices, as global stocks are at a comfortable level and indications are that the next crop from the US (the world’s largest producer) will again be robust.

SoyAccording to Agroconsult, despite the irregular climate in the 2015/16 soybean crop, the average grain yield is greater this season (51 bags of 60kg vs. 50.5bags last year). In turn this should help increase the harvest to 101.7m tonnes, up 5% yoy.

Much of this increased supply will be for export. According to the Brazilian’s Vegetable Oils Industry Association (Abiove), forecast revenues from ‘soybean complex’ shipments (grain, meal and oil) are US$25.3bn for 2016, 10% lower yoy, due to lower international prices.

AnaMalvestio


Pan-AfricaGrow Africa Partnership reports US$500m of commitments to African agriculture in 1Q16The Grow Africa Partnership was founded by the African Union, The New Partnership for Africa’s Development (NEPAD) and the World Economic Forum in 2011, with the goal of increasing private sector investment in agriculture. The Grow Africa Partnership comprises over 200 companies and 12 national governments. Since 2013, private agribusinesses have committed investments of over US$10bn, of which US$2.3bn has already been invested, and created 88,800 jobs. Private businesses reported new commitments of US$500m in the first quarter of this year, ranging from rice production in Nigeria, cassava processing in Nigeria, and Sorghum production in Kenya.

NigeriaNigerian government to create US$3.8bn agriculture fundThe Nigerian government, together with the Central Bank of Nigeria, plans to create a US$3.8bn fund to make agricultural credit affordable and accessible, to promote the agricultural sector and reduce the economy’s dependence on oil. The funds will be disbursed via Bank of Agriculture and Commerce Bank to finance different agricultural programmes.

GhanaBank of Ghana announces US$100m for agricultural lendingBank of Ghana has announced that approximately US$100m has been earmarked to reduce risks associated with lending to agricultural stakeholders. The funding is in collaboration with the Ministry of Food and Agriculture (MoFA) and the

Alliance for a Green Revolution in Africa (AGRA). The focus will be on risk sharing, technical assistance insurance, bank incentive mechanisms and so on.

The goal is to promote agricultural growth by working with banks to provide incentives and encourage lending at reasonable rates to small and medium enterprises.

TanzaniaTanzania eases agricultural credit accessThe Tanzania Agricultural Development Bank (TADB) plans to issue loans to a million farmers over the next five years. The loans will be issued at rates ranging between 7% and 12%, and will be targeted towards agricultural enterprises operated by associations and individuals who lack access to formal channels. The areas supported would include agricultural and livestock production, processing, packaging, and trading among others.


UgandaKehong China – Uganda Agricultural Industrial Park to create 25,000 jobsConstruction on the Kehong China – Uganda Agricultural Industrial Park was recently launched by the Ugandan President Museveni in Butuntumula Sub-county, Luweero District. The park will be spread over 1,000 ha, and cost approximately US$220m. The project will involve rice farming, poultry, horticulture, fish farming, and agribusiness. The park would help local farmers by providing training on modern farming practices and access to technology. After completion, the project will produce about 600,000 tonnes of agro-products annually, and hopes to create some 25,000 jobs.

Sierra LeoneSewa Farm to invest US$30-40m in Sierra Leone agricultureSierra Leone’s Minister of Agriculture, Forestry and Food Security, Professor Patrick Monty Jones recently announced that Sewa Farm, a private farming company in Sierra Leone, will invest US$30-40m over the next five to six years in agriculture. The first project, starting this year, will be in Turma Bum in Bonthe district, growing rice on what wil become a 25,000 ha mechanised farm. As a part of its corporate social responsibility, Sewa Farm will also establish a farming school and a community hospital.

The Minister noted that projects such as these would go a long way to fulfil the government’s goals to increase agricultural production, promote commercialisation of agriculture and reduce rice imports.

ZambiaEU provide a grant of EUR87m to ZambiaThe EU has provided a EUR87m grant to Zambia to promote sustainable development in its agriculture sector. As a part of the 11th European Development Fund, the grant will focus on effective public-private partnerships and market-based solutions.

According to the EU Ambassador to Zambia, Alessandro Mariani, reduction of rural poverty and improvement of livelihoods are the primary main objectives of the EU’s cooperation with Zambia, and agricultural development is the key to achieving that.

RichardFerguson

Central and Eastern EuropeRising curbs on foreign ownership of farmland in CEEForeign ownership of farmland remains a sensitive subject across the world. A common theme in developing countries, the issue has become more prominent across a number of middle-income countries, most notably, some CEE countries, in recent times. When it joined the EU in 2007, Romania and Bulgaria received 7-year moratoriums from opening their land markets to EU investors; Poland and Hungary received 12-year and 10-year deferments respectively in 2004. However, legal loopholes allowed some foreign investment in agricultural land.

With these moratoriums ending or nearing an end, some countries have made attempts to restrict foreign ownership of farmland indirectly. Romania aims to restrict foreigners by imposing conditions such as mandating 90% Romanian employment or 30% Romanian ownership and other similar restrictions. Similarly, Poland is imposing restrictions such as residential requirements, formal classification as a farmer, limiting the area for sale and so on. Bulgaria has a five-year residency requirement. Hungary too imposed restrictions on foreign ownership in violation of EU laws.

In a wider context, foreign land ownership has become a highly emotive issue, especially – as noted above – in developing nations, where it attracts charges of neo-colonialism. Apart from investment funds seeking real assets, strategic buyers are to found among food-deficit/capital-surplus nations such as China and a number of nations in the Middle East. Whether this theme becomes a broad trend can possibly be

highlighted by future developments in three key nations: Brazil, Argentina and South Africa. In Brazil’s case, tightened restrictions on foreign land ownership were introduced in 2010. Will this policy endure given the scale of the restructuring that the Brazilian economy is likely to experience in the next few years? In Argentina, foreign ownership restrictions (on the quantity of land permissible) were implemented. Will the recently installed and pro-business Macri Administration eliminate these laws to attract new investors? And what about South Africa? Will the country continue with its attempt to ban foreigners from land ownership?

Kazakhstan and Hungary create a US$40m agricultural investment fundKazakhstan and Hungary intend to establish a joint investment fund with an initial capitalization of US$40m, with each country contributing US$20m to the venture. The fund plans to raise an additional US$100m from investors. The fund will invest across the agricultural value chain including production, processing, storage and logistics.

IBS Group, India, considering US$200m investment in Romanian poultry projectIndian businessman A.S. Bindra, through his company IBS Group, is looking to invest US$200m in the Romanian poultry sector. The plan is to create an integrated business across the entire value chain. He estimates that the project will likely create around 1,000 jobs in Romania.

The project would farm 2,200-2,500ha of land growing corn and soybeans to produce poultry feed. There would also be a broiler facility producing 30-40m broilers annually. Finally, the setup would include a slaughter house and laboratory. 70% of the output would be exported. However, the financing for the project is not yet in place. Bindra claims that he is in the process of raising funds.

Chinese investment pours into Kazakhstan’s agriculture sectorKazakhstan’s Ministry of Agriculture is cooperating with a number of Chinese companies including Rifa Holding Group, CITIC, COFCO, and AIJIU to attract investment in agriculture.


Rifa Holding Group plans to invest in a meat processing plant with an annual capacity of 17,000 tonnes of lamb and beef. The facility will also house a feedlot for 50,000 head of sheep and goats, and 1,000 head of cattle. 80% of the production will be for export to China. The project entails investment of about US$21m and Rifa will hold a 49% share.

CITIC is also interested in the livestock sector, and recently signed an agreement with Baiterek National Holding, a state company, to invest in broiler poultry farm and feedlots.

AIJIU, the Chinese industrial group, is working with the Kazakh company, Total Impex, to build an oil and cereals processing project worth US$58m. The plant is expected to produce 200,000 tonnes of flour and fodder, and 80,000 tonnes of vegetable oil annually.

COFCO is partnering with Kazakhstan’s Eurasia Agroholding to invest in export-oriented tomato processing facilities in Kyzylorda, East Kazakhstan and West Kazakhstan regions. The projects entail investment of US$80m and are expected to process 120,000 tonnes of tomato annually.

Oriental Patron, a Hong Kong based financial group, intends to invest US$500m in the Kazakh company Kazexportastyk, to develop agricultural processing assets to cater to the Chinese market.

Sinoma, China, plans to invest in establishing a 40,000 tonnes oil processing plant in Kazakhstan. Currently, Sinoma imports sunflower, flax and rapeseed oil from Kazakhstan.

Inalca Eurasia, Italy, to invest EUR100m for meat processing in KazakhstanInalca Eurasia of Italy’s Cremonini group intends to invest more than EUR100m to establish a vertically integrated meat processing company in Kazakhstan. Plans include building feedlots in three regions of Kazakhstan, with a capacity of 44,000 heads of livestock.

In addition, the company will modernise a meat-processing enterprise in Aktobe region and raise capacity from 2,400

tonnes to 20,000 tonnes of meat. The production is primarily for export to Europe and Russia.

Dubai’s AMK Metal FZCO Company to build Kazakhstan’s largest halal meat facilityAMK Metal FZCO, a Dubai-based steel company, plans to invest US$30m to build a meat processing plant in the Baidibek district of South Kazakhstan. The plant will be largest halal meat facility in Kazakhstan, with a feedlot for 20,000 heads of cattle and an annual capacity of 5,000 tonnes of meat. The plant will also encompass 2,000 ha of irrigated land for feed production and 17,000 ha of pasture. With its halal certification, the meat will be exported primarily to the Islamic countries.

RussiaAsian businesses plan investment of nearly US$4bn in Russian dairyRussia is attracting investment from Asian businesses that plan to develop the domestic diary sector. This is vital for Russia that has banned Western food imports, including dairy, in response to Western sanctions over Ukraine. In 2013, before the ban, Russia depended on imports for 40% of its butter and cheese consumption, and 65% of its milk powder consumption.

Vietnamese dairy producer, TH Group, owner and operator of a 22ha state-of-the-art milk facility in Nghe An Province, has signed a co-operation agreement with the Moscow Oblast to invest US$2.7bn in a breeding and dairy processing facility in Moscow. Production is expected to begin in 2017, will cover an area of 140,000ha, house 350,000 cows and produce approximately 6,000 tonnes of fresh milk per day. In the first stage, the company will invest US$500m to produce 800 tonnes of dairy products per day.

Separately, Russia Direct Investment Fund – a state fund for equity investments – is entering into joint ventures with Thailand’s Charoen Pokphand Group (CP Group) and China’s Banner Infant Dairy Products to invest US$1bn in building a dairy plant in the

city of Ryazan. The plant will include 80,000 milking cows; 40,000 to 60,000 hectares of grain; a feed mill; and is expected to produce nearly 400,000 tonnes of dairy products annually.

RichardFerguson

GermanyThe federal government is working on an aid package for the German agriculture sector In Germany and throughout Europe a milk surplus has driven prices down to a level which is described by many producers as ruinous. Reasons for this decline are the abolition of the milk quota in the EU in April 2015, the Russian embargo and weaker demand from China.

In turn, the milk crisis is influencing the agricultural policy debate in the German Bundestag. The German chancellor Angela Merkel has announced an aid package for farmers: in the next two weeks an aid package of c.€100m will be initiated.

There have been indications that the Union has also considered bridging loans for farmers. Government subsidies could also support farmers in paying for accident insurance. Even tax aids are conceivable. According to media reports from the meeting in the Bundestag, the industry of the German dairy farmers could impose a self-restraint, to increase prices through a smaller supply. The Federal Agriculture Minister Christian Schmidt has announced intentions to have a Dairy Summit in the next few weeks, in order to have the entire dairy industry on one table and to find solutions to respond to the rapid decline of dairy products.

Overall, however the German food industry remains relatively buoyant, with revenues in February 2016 up 3.2% yoy to €13.2 bn., according to the German Association of the Food and Drinks Industry (BVE).

GerdBovensiepen


MexicoKey ForecastsOverall, we are optimistic on prospects for the sector, with rising per capital incomes and discretionary spending powers likely to boost food consumption in 2016 and over the medium term.

We estimate that Mexican corn production will decline by 7.8% in 2015/16 to reach 23.5m tonnes. Nevertheless, we estimate that volumes will recover over the medium term – on our estimates corn consumption, already high in Mexico, will continue to witness modest growth rates of under 1% p.a. to 2020.

Elsewhere, we forecast strong production growth this year in all three livestock sectors in Mexico, with pork production outpacing poultry and beef and veal. Consumption growth is likely to be stable in poultry and pork, whereas higher costs may dampen beef and veal growth prospects in 2016.

In dairy, we expect growth in production this year with domestic cheese demand and supply outpacing growth in liquid milk and butter sectors.

Industry DevelopmentsThe European Union is conducting a bilateral trade agreement with Mexico relating to organic produce. The EUis looking to acquire more organic produce from Mexico in order to feed a growing demand. Mexico has over 25,500 hectares dedicated to organic produce with organic production totalling over 104,400 tonnes. The EU accounts for over 40% of the global organic produce consumption market, trailing the United States and Mexico is looking to benefit from these negotiations.

JavierAlonso

LuzCeciliaAguilarAlvarezGreaves

New ZealandDairy Whole milk powder (WMP) had its fourth consecutive rise at the Global Dairy Trade (GDT) auction on 17 May, up 3.0% to USD$2,252/MT on the 3 May auction. Gains in AMF, Butter and BMP led to the GDT price index rising 2.6%.

Fonterra forecasts that milk collection in New Zealand for the 2015/16 season will be down 3% YoY.

Dairy farmers struggling with a low farmgate milk payout are considering converting to organic. Fonterra recently announced a 63% jump in its forecast organic milk payout for the 2016/17 season to $9.20 (US$6.23). This represents a 136% premium on the current farmgate price of $3.90 (US$2.64).

GDT has announced a new online dairy trading service, GDT Marketplace. This platform will allow dairy buyers and sellers to transact 24/7 on a full range of dairy products at confidential prices. GDT will run a soft launch over the next 12 months with Fonterra as the first seller. This is not the first online peer-to-peer dairy marketplace in New Zealand. Cream Trading is already trialling specific product lines.

HoneyNZX-listed Comvita, a producer of natural health products, has recorded a 68% jump in after-tax profit to NZ$17.2m (US$11.7m). Strong growth in exports to Australia, USA and Japan have grown revenues by 32% to NZ$202m (US$137m). Comvita specialise in Manuka honey products but has recently expanded its product range to include olive leaf extract, fish oil and berry extracts. Comvita was added into the NZX50 on 14 April. Its share price has climbed from circa NZ$4 a year ago to NZ$12 today on 16 May.

Honey Lab in conjunction with the Medical Research Institute of NZ has developed medical grade Kanuka honey. Manuka and Kanuka trees are related species and the honey they produce have similar characteristics, only differing by two chemical components. A large clinical trial published in the British Medical Journal Open has shown it is effective for treating conditions such as rosacea, acne, cold sores, burns and wounds. Honey Lab is currently in discussions with several large healthcare companies for licensing products.

ViticultureWine NZ expects grape plantings to rise 5.6% from the current level of 35,500ha to over 37,500ha by 2018. The largest growth is likely to be in sauvignon blanc in the Marlborough region.

Separately, the NZ Winegrowers association is leading a proposal to seek government funding to launch a wine research institute based in Marlborough. The institute would create a single hub for wine and grape research in New Zealand.

M&A activityNew Zealand’s largest poultry producer, Tegel Chicken, has had a successful dual listing on the NZX and ASX. Tegel’s shares climbed 10% on its first day of trading from its listing price of NZ$1.55 and as at 13 May were trading at NZ$1.64. Tegel plans to use extra capital from listing to reduce debt, expand production in New Zealand and develop new export markets in the Philippines, South Korea, Japan and the Middle East.

CraigArmitage

UKThe UK’s agri-food supply chain is worth some £96bn annually and employs some 3.8m people according to UK government data. In terms of exports, the country’s food and drink exports are worth some £18bn which places the UK as one of the world’s top dozen exporters. Specifically agriculture employs 450,000 people and contributes over £9bn to the UK economy. The growing reliance on agricultural technology and science is underscored by the fact that the global sector is now worth some US$400bn per annum.

It is these factors which has led to the formation of the N8 Agrifood Consortium, a collaborative effort of the leading research universities in the North of England. The N8 members –Liverpool, Manchester, Leeds, Lancaster, Sheffield, York, Durham and Newcastle – have some 370 researchers involved in agri-food resilience, a portfolio of £269m of agri-food research funding and the greatest concentration of academics engaged in agri-food research in the UK. Their expertise covers soil health, plant biology, crop


improvement, bio-energy, weed, pest and disease management,, livestock health and well being, human and animal nutrition, consumer behaviour and diet, globalisation, supply chains and waste and resource management.

The £16m, five-year multi-disciplinary programme involves the establishment of ten new professorial appointments across the N8 universities, eight new business-facing Knowledge Exchange Fellows working across the universities, a series of Industry Innovation Forums, academic outreach funding, a business development team and practical support for N8 applications for funding. Overall, the N* Agrifood Consortium aims to collaborate with companies and farmers to understand better the challenges across the agrifood sector and supply chains, understand global consumers’ motivations to improve nutrition and sustainable consumption, combine world-leading crop and livestock research across the N8 into practical technologies, insights and applications and to develop new models for large-scale collaborative research programmes across a wide range of disciplines.

The N8 Agrifood Consortium will be launched on 21-22 June 2016 in Manchester. Speakers confirmed for the event include Sainsbury, PepsiCo, Nestle, the Co-op Group, Defra, HSBC and the NFU as well as 400 attendees from industry, academia, agriculture and government. The event will include two days of strategic debates with 10 streamed panels, four facilitated interactive workshops and three funding seminars.

RichardFerguson

USAFood supply and integrityHeadlines continue to highlight what’s becoming a very familiar topic – food safety, transparency, and security.

Recalls as a standard. While recalls are frequent, they’re not always as substantial as the recent recall from CRF Frozen Foods, a supplier of frozen fruit and vegetables to major US supermarkets. CRF Frozen Foods recalled products made over the past two years because of concerns they may be contaminated with a dangerous strain of listeria. The recall includes nearly 360 products sold under approximately 40 brands (i.e. Bybee’s, Columbia River, and Organic By Nature).

Partnerships blossoming. The Food + Future coLAB, is a new partnership between Target, MIT’s MediaLab, and IDEO, focusing on providing people with more transparency around their food and helping them trust what they’re eating. The first project piloted by the partnership focuses on ‘smart scales’ which allow consumers to scan fruit and vegetables to find out nutritional content and freshness. Consumers then pay for the produce based on how fresh it is, with less fresh items being sold at a lower price point. The second project targets nutritional education through food labelling. The Food + Future coLAB expects to release additional transparency-focused ideas in the coming months.

Food safety experience needed. Chipotle continues to increase its efforts to shield against future health scares following its 2015 series of E. coli, salmonella, and norovirus outbreaks at restaurants. In doing so, the company has hired David Acheson, a former official at the USFDA and the US Dept. of Agriculture, as an advisor of the company. In addition, Chipotle has confirmed it is also working with David Theno, a food safety consultant and former Jack in the Box executive who is credited with fixing food safety issues in the 1990s.

Mergers and acquisitions.Monsanto disclosed that it has received an unsolicited, non-binding proposal from Bayer AG for a potential acquisition of Monsanto, subject to due diligence, regulatory approvals and other conditions. The Board of Directors of Monsanto is reviewing the proposal. The deal would combine the world’s largest seed company with Bayer’s seed and crop protection portfolio.

The news comes amid a recent wave of mega-deals in the agricultural chemicals sector. China National Chemical Corp. agreed in February to acquire Syngenta AG of Switzerland for US$43bn, while competitors Dow Chemical Company and DuPont announced a merger of equals in a US$130bn transaction late last year. In addition to industry consolidation, Monsanto has suffered recent profitability and stock price declines as a result of the global slump in agricultural commodities, which may likely be contributing to pressures to explore a transaction.

TomJohnsonChrisNolan


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•A Research and Knowledge Centre has also been developed to keep our technical staff and clients updated on main agricultural issues. Specific sub-industry reports have already been developed as well as quarterly agricultural situation reports.

Dedicated agribusiness practice in MENA •PwC has the only dedicated

agribusiness practice in the MENA region among major consultancies. We offer a full range of advisory services to food companies, investors and government agencies. We provide advice on investment and partnership strategies, technical and financial feasibility studies, agricultural and food security policies, corporate transformation initiatives, and supply chain optimisation. We cover a range of crops and animal food production, and we can help companies with market expansion, product portfolio diversification, and positioning along the value chain.

Extensive Agribusiness team in India•We have a 13 member team based at

New Delhi, Mumbai and Pune. Apart from working in India, the team members have experience of working in Nepal, Bhutan, Bangladesh, Tanzania, Ghana and Ethiopia. The team brings vast experience and knowledge of the Agricultural subsectors such as agri-retail, food processing, agri-marketing, farm inputs, farm machinery, warehousing and cold chain infrastructure, agri banking etc.

•Over a period of time the team has been engaged with various private, public and multilateral agencies, advising on supply chain management, project management, value chain assessment, monitoring and evaluation, business plan and growth strategy development, investor/partner search, policy planning and implementation support, technical due diligence, and transaction advisory.

Extensive food security expertise•PwC has helped at least four different

governments formulate comprehensive food security strategies. These have looked at the key risks and exposures those countries face with regards to food security; changing food supply/demand dynamics locally and globally; issues by key food commodity type; assessing current plans to address current issues; formulation of new initiatives to solve key food security risks, both in the short and long term; overall cross-government coordination and implementation plans. A key emphasis of the work was making sure the plans were practical and involved close alignment between government and the private sector.

PwC has:

Did you know?


Commodities risk management expertiseOver the last 4 – 5 years the world has witnessed a period of sustained energy and commodity price volatility, whether this be fuel oil, gas or electricity, metals such as aluminium, steel or copper, or agricultural products such as cotton, wheat or sugar. Commodity price risks are also being quickly transferred through the value chain, for example a company buying plastic will be exposed to the volatile price of oil.

This shift brings major implications for businesses across many sectors. Commodity price volatility is increasingly affecting the profits, cash flows and share prices of companies that use or consume energy or raw materials. It is difficult to think of a business model that isn’t in some way exposed to commodity price volatility – it’s just a matter of how much.

We are seeing a continued trend across corporates, particularly in the consumer and retail goods sectors, towards the implementation of commodity trade capture, valuation and risk management systems. These systems can be vital in ensuring sound controls in an area of

Completed a global agribusiness review for New Zealand Trade and EnterpriseNew Zealand Trade and Enterprise, in partnership with the Ministry of Economic Development, the Ministry of Foreign Affairs and the Ministry for Primary Industries, commissioned PwC to explore opportunities in key international markets with a focus on South America and China. The resulting agribusiness research provides insight into New Zealand’s pastoral production system and related areas of competitive advantage. The research is part of a wider programme of work focused on maximising international opportunities for companies within the agriculture industry. The two-part report provides a comprehensive background analysis and an executive summary outlining five areas of opportunity for New Zealand agribusiness. Segmented by country, the study looks at production opportunity and value chain for each of the seven countries analysed. To learn more and download copies of the report visit: https://www.nzte.govt.nz/en/export/market-research.

high inherent business and reporting risk. However, they can be complex to implement, and therefore require careful selection, project management and integration into the business processes and other systems. We have a dedicated team experienced at doing this.

Efficient tax structure expertiseIncreased competitive pressures and challenging market environment continue to force local, regional and global market players to centralise certain functions. This applies to centralised trading and can be used to plan the tax position of agricultural groups. PwC can help with the centralised, cross-border trading and risk management transactions from a tax perspective, having particular regard to transfer pricing (TP) and thin-cap (TC). PwC has unique experience with respect to advice on corporate tax compliance, and assistance in planning tax efficient trading structures, financing and transactions. In addition we can help with audits, dispute resolution and Advance Priced Agreements to minimise related tax risks.


https://www.nzte.govt.nz/en/export/market-research

https://www.nzte.govt.nz/en/export/market-research

Sustainability and climate change expertsBy 2050 the world’s population is projected have to grow to approximately 9 billion. As competition for agricultural commodities and inputs intensifies and our ability to satisfy this demand is increasingly constrained by economic, social and environmental factors, innovative solutions will be required to ensure that we make better, more efficient, use of resources and in some cases find more sustainable alternatives whilst increasing productivity and driving economic prosperity. PwC is working with organisations including agribusiness, the wider private sector, governments, NGOs and multilateral organisations on a range of sustainability and climate change related projects. Recent projects include; climate change risk mapping for soft agricultural commodity sourcing; sustainability strategy support for agri businesses; evaluating the business case and socio-economic benefit for local sourcing of agricultural raw materials, climate change training for African agri-businesses, the development of a methodology and carbon calculator for understanding emissions from small holder agriculture in Africa, and assessments of market and financial opportunities for climate-smart agriculture.

Extensive forensic skills and supply chain experience We have carried out independent investigations and advised on governance improvements in some of the highest profile reputational crises of recent years. We believe the benefits of a robust, independent review of the facts are considerable. Our specialists help companies respond decisively – a key first factor in maintaining trust and protecting shareholder value. We work with clients to define and implement enhanced supply chain risk management strategies and capabilities. This can

range from conducting supplier risk assessments and audits, supply chain and procurement strategy and organisation redesign, deployment of automated monitoring technology as well as crisis management, financial restructuring and company turnaround, and administration/liquidation services. We can:

•Deliver forensic investigations to identify what may have gone wrong, the potential consequences, and provide support in claims management.

•Perform risk profiling and assessment of the supply chain to quickly identify and quantify key sources of risk, dependency and vulnerability.

•Assess the effectiveness of the control environment and audit approach and re-perform audits to provide assurance as required.

•Deploy risk monitoring solutions to ensure compliance with agreed standards.

•Develop robust supply chain risk management methodology, tools and capability.

•Redesign supply chain structure, strategy and organisation to optimise balance between cost and resilience.

PwC New Zealand assists in development of a food-safety joint venture in ChinaHigher-protein diets and lingering distrust of domestic food sources in China have not only increased New Zealand’s beef and lamb exports, but have presented further opportunities for New Zealand to assist with developing food safety practices.

AsureQuality and PwC New Zealand signed a collaboration framework agreement with China Mengniu Dairy Company and COFCO Corporation to investigate the development of a China-New Zealand agribusiness service and Food Safety Centre of Excellence in China.

AsureQuality is a commercial company, wholly owned by the New Zealand government, providing food safety and biosecurity services globally to the food and primary production sectors.

The objectives of the joint venture are to introduce total management and operational risk management systems to the Chinese agriculture industry. These management systems are based upon the New Zealand agriculture sector model and form a framework for the development of industry best practice across the agricultural supply chain in China, with a focus on food safety.

The partnership also has the support of New Zealand Trade and Enterprise (NZTE) and is the result of extensive research work commissioned by NZTE and carried out by PwC in 2012 to identify international opportunities for New Zealand’s agribusiness sector. In addition, agritechnology is a sector of focus for New Zealand in China, as outlined in the NZ Inc China Strategy.

For more information, visit http://www.pwc.co.nz/foodsafety.

A focus on inclusive businesses in the agricultural sectorAn established Nigerian bank seeking to catalyse a whole new approach to smallholder farming and rural banking, a biscuit manufacturer developing a commercial approach to cassava farming in Malawi, and a summer tomatoes contract farming venture led by a Bangladeshi agribusiness conglomerate. Over the past three and a half years a PwC UK led team has worked with these and other exciting companies to help them develop commercially viable business models that are inclusive of the poor across Africa and Asia. Results, findings and lessons from their work on the UK Business Innovation Facility pilot have been documented in seven case studies, with a final report available here bit.ly/BIFfindings.


http://www.pwc.co.nz/foodsafety

http://www.asurequality.com/news.cfm?itemId=96B3BF97-09CC-EC4E-BC72E1FF28D36746

http://bit.ly/BIFfindings

Wine Insights – New Zealand PwC New Zealand produced the NZ Wine Insights publication as a follow up from the work undertaken after the strategic review of New Zealand winegrowers. The publication comments on various aspects of New Zealand’s competitive advantage and provides insights and observations into the New Zealand wine industry to inform members and stakeholders about the industry’s rapidly changing environment.

Excerpts from the report include:

•The competitive advantage of New Zealand wines lies in markets perceiving New Zealand wine to be of higher quality and more distinctive in style than competitors’ wines, which translates to higher prices for New Zealand exports.

•The New Zealand wine industry remains relatively young in its development compared to many other wine producing nations. The industry has experienced rapid growth and continues to evolve, with substantial structural change occurring in various areas. The industry will continue to develop and evolve, which will present both opportunities and challenges.

•Initiatives aimed at driving efficiency gains and cost reductions, while not impacting quality, should be positive for the industry. Furthermore consolidation opportunities remain.

To learn more and download copies of the report please visit:

http://www.pwc.co.nz/publications/new-zealand-wine-industry-insights/

Publications

Securing Food Supply Chains through Adequate Financing

Report presented at the international summit of cooperatives.

Over the next decades, five major trends will re-shape the world and the food sector: population growth (9.5bn people on Earth in 2050 living mainly in Africa and Asia), switch in economic power to the benefit of emerging markets, accelerating urbanisation, climate change and resource scarcity, and technological breakthrough.

This will put food supply chains under huge pressure.

Between May and August 2014, we interviewed a selection of top managers of food cooperatives all around the world to get their opinion on the upcoming challenges for them in such a context. They told us about ten main challenges all along the value chain that we analyse in our report. Ranging from producing more, differently to customising products to consumers’ new needs and tackling the price volatility or waste issues, these challenges are not specific to cooperatives.

During our discussions, we have identified six key levers that top managers of food cooperatives typically leverage to take up these challenges: 1. Go bigger; 2. Be more global and 3. More integrated; 4. Build stronger brands, 5. Be more innovative and 6. Be more inclusive by opening doors to new type of partnerships.

A 15 pages executive summary can be downloaded here:

https://form.pwc.fr/dev/formulaire_pwc_publication/formulaire_pwc_publication_1.0.0/index.php?tmplvarid=57&id=7312&langview=eng

Please contact:

LudivineAllardon +33 1 56 57 10 13 [email protected]









investment opportunities. It also highlights various headwinds to development, in areas like market policies, increasing agriculture input accessibility, access to finance, infrastructure enhancement, skill development, etc. with suggestions on how to overcome these challenges. It also reviews various successful case studies across different countries in Asia and Africa which highlight that good policies, support from government and a favourable business environment can promote agri-business. We have highlighted that forming partnerships between Asian and African countries of Asia and Africa could bring immense opportunities for development and value creation and transform agri-business in both continents. We discuss various partnership models between Government and Private sector, to bring efficiency and improvement in key areas such as skill development, agriculture research, investment in agriculture and agricultural operations.

Click here for a link to the document.

Agribusiness Insights Survey – South AfricaPwC’s annual Agribusiness survey is with a group of agribusinesses with operations mainly focused on delivering agricultural and related services to primary producers. The aim of the survey is to provide the insights of business leaders and the benchmarking of their financial data to add value to the agricultural industry.

The sector is confident about its growth prospects over the next few years amidst a raft of regulations, wage negotiations, land reform and the global economic uncertainty. The main reason for growth expectations as indicated by CEOs is new joint ventures and strategic alliances.

This sentiment is also echoed in the Confidence Index of the Agricultural Business Chamber (Agbiz) and the Industrial Development Corporation (IDC). This index indicated a further increase in the agribusiness confidence levels in the fourth quarter of 2013.

CEOs of agribusinesses are also very positive towards the possibility of expansion into the rest of Africa. 70%

Brazilian Agribusiness ReportIn Brazil we have recently published a series of documents outlining the sector and its characteristics:

•Doing Agribusiness in Brazil: an in depth look at the agribusiness industry.

•Agribusiness highlights.

•Agribusiness overview: key numbers and facts.

PwC involved in major Asia-Africa Business ForumThe Federation of Indian Chambers of Commerce and Industry (FICCI) and the Government of India organised the first ever Asia-Africa Agri Business Forum from February 4 – 6, 2014 in New Delhi. PwC was part of this initiative, as a knowledge partner. We produced a paper ‘Unlocking the food belts of Asia and Africa’ highlighting the potential of the agricultural sector in both continents, and the best areas for collaboration.

Eventdetails

The event was targeted at tapping the tremendous business opportunities between Asian and African continents in the agriculture, agribusiness and food-processing sectors, and had strong political support: the Indian President inaugurated the forum, with agriculture ministers from many Asian and African countries attending. Leading international organisations like African Development Bank, Asian Development Bank, World Bank, World food programme, Department for International Development (DFID) brought a global perspective. It provided a unique business platform for industry leaders, policy makers, governments and other important stakeholders to collectively address the issue of food security and the opportunities to engage with each other while looking at the huge potential for growth, development and business.

Publication:UnlockingtheFoodBeltsofAsiaandAfrica

Our paper analyses the major agriculture sub-sectors of both continents in terms of production, demand and supply, export potential and processing capability, in order to identify various business and

indicated that they would pursue such opportunities. Africa is increasingly becoming a preferred investment destination and is said to represent the last frontier in global food and agricultural markets with its large percentage of uncultivated fertile land and sufficient water resources, according to a recent report issued by the World Bank. The report calls on governments to work side-by-side with agribusinesses, and to link farmers with consumers in an increasingly urbanised Africa.

The report is available online: http://www.pwc.co.za/agri-business

PwC Netherlands report on megatrends affecting AgribusinessWe discuss five megatrends that heavily impact each link of the sector’s value chain, and explore the drivers of this change and the long term outlook for the sector. Demographic change leads to an aging workforce and fewer students opting for a career in farming and food engineering. In addition, consumers spend less and spend differently – for example on healthier foods, or on smaller packages for singles. Accelerating urbanisation brings expanding cities and farming in closer proximity, shifting the sector’s focus in stakeholder management from ministers to mayors. Cities also face logistical issues how to bring food in – and waste out. Technological advances increased yields and reduced use of energy and water, while food processing extended shelf life, reduced waste and widened variety of products. Logistics enable year-round availability of fresh products. Consumers share recipes on social media – and concerns on food safety. Resource scarcity contests the way we produce, source and consume. Phosphate for fertilisers, energy for greenhouses, or cocoa for food manufacturers abundance is not obvious. Also, the way we ship, store, sell and dispose food needs ethinking. The shift in economic power increases living standards in high-growth markets, providing opportunities for agrifood companies to further expand their non-European footprint.

Click here for a copy of the report


http://ficci.com/publication-page.asp?spid=20358

http://www.pwc.co.za/agri-business

http://www.pwc.nl/nl/publicaties/megatrends-impacting-the-dutch-agrifood-industry.jhtml

South Africa: Agribusiness insights survey 2014/15Agribusiness is a hugely important sector for our firm globally. And within this, we have a keen focus on Africa. An abundance of natural resources, coupled with coherent strategic and operational plans, relevant partnerships and sufficient capital, offers great opportunities for value creation in African agribusiness. We are working closely with companies, governments and multilateral organisations to make this happen.

We have been conducting surveys on South African agribusinesses for a number of years. However, with the 2014/2015 survey we are entering a new era by providing insights from Africa CEOs for Africa CEOs in the agribusiness space. The survey provides insights into the strategic challenges CEOs face and discusses a number of megatrends that we believe will shape the future of these businesses.

http://www.pwc.co.za/en_ZA/za/assets/pdf/agribusinesses-insights-survey-2014-2015.pdf

PwC sugar studyPwC France has produced a study about the ‘Impacts of end of EU sugar quotas’ This report gives an overview of the sugar market and details the impacts of the end of EU sugar quotas for industrials.

Food Security in AfricaFood security’s significance as a key geostrategic theme was confirmed in 2007-2008 when it emerged at the top of the international political agenda. Although food price inflation has receded in recent years, the underlying supply challenges remain demanding. The collapse in oil prices has forced food security and agricultural development to the top of the political and economic agenda across Africa. To thrive economically and socially, Africa needs first to deal with its own US$35bn structural food deficit before it can play a role in alleviating long-term strategic supply impediments across the world. This report considers food security across Africa with particular emphasis on the policies of nine African countries: Nigeria, Ghana, Angola, Kenya,

Tanzania, Mozambique, Zambia, Zimbabwe and Sierra Leone

The complete report can be found at http://www.pwc.com/africafoodsecurity

For further details contact either Richard Ferguson or Mark James

Understanding the AgTech EcosystemTechnology convergence is driving new investment opportunities throughout the agriculture value chain.

We see a portfolio of mainstream technologies—mobile apps, digital mapping, field sensors, big data, cloud-based business systems, smart farming equipment, autonomous aerial and field vehicles—being used to create an interconnected digital ecosystem that tracks commodities from the farm to the market, while simultaneously tracking origination of the market product back to the farm.

The report is available at www.pwc.com/us/en/retail-consumer/assets/2016-agtech-brochure.pdf


https://www.pwc.com/us/en/retail-consumer/assets/2016-agtech-brochure.pdf

https://www.pwc.com/us/en/retail-consumer/assets/2016-agtech-brochure.pdf

Calendar of events

June

6 – United Natural Foods

29 – General Mills

29 – Monsanto

July

26 – DuPont

26 – Intrepid Potash

27 – AGCO

27 – Pilgrim’s Pride

28 – Bunge

28 – Dow Chemical

28 – Ingredion

28 – Kraft Foods


PricesPricesPrices

Onemonth

Cor

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Eth

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Gas

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Hog

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Milk

Cop

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Iron

(5%)

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5%

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% c

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Threemonth

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(10%)

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20%

30%

40%

50%

60%

70%

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(40%)

(30%)

(20%)

(10%)

0%

10%

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40%

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Corn,cents/bushel

Wheat,cents/bushel

Soyabeans,cents/bushel

0

200

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600

800

1000

1200

1400

1600

1800

20002,000

1,800

1,600

1,400

1,200

1,000

800

600

400

200

0

0

100

200

300

400

500

600

700

800

900900

800

700

600

500

400

300

200

100

0

Jan 2008 Jan 2009 Jan 2010 Jan 2011 Jan 2012 Jan 2013 Jan 2014 Jan 2015 Jan 2016

0

200

400

600

800

1000

1200

14001,400

1,200

1,000

800

600

400

200

0




0

50

100

150

200

250

300

350

Coffee, cents/lb350

300

250

200

150

100

50

0

05001000150020002500300035004000

Cocoa, US$/mT4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

35

30

25

20

15

10

5

00

5

10

15

20

25

30

35

Raw Sugar, cents/lb

Cocoa,US$/mT

Coffee,cents/lb

RawSugar,cents/lb





250

200

150

100

50

00

50

100

150

200

250

Cotton, cents/l

1,600

1,400

1,200

1,000

800

600

400

200

002004006008001000120014001600

Wool, Aus cents/ kg

250

200

150

100

50

00

50

100

150

200

250

S&P GSCI Lean Hogs

Cotton,cents/l

Wool,Auscents/kg

S&PGSCILeanHogs





0

50

100

150

200

250

300

Pork/ Corn (rebased)300

250

200

150

100

50

0

0

50

100

150

200

250

CME-Milk250

200

150

100

50

0

0

20

40

60

80

100

120

140

Milk /corn (rebased)140

120

100

80

60

40

20

0

CMEMilk

Pork/Corn(rebased)

Milk/Corn(rebased)

Jan 2008 Jan 2009 Jan 2010 Jan 2011 Jan 2012 Jan 2013 Jan 2014 Jan 2015




Global coordinatorMark James+44 (0) 7803 858721 [email protected]

AfricaRichard Ferguson+44 (0) 7880 827282 [email protected]

ArgentinaMariano Tomatis+ 54 11 4850 4757 [email protected]

Sebastian Azagra+54 341 446 8000 [email protected]

AustraliaCraig Heraghty+61 282 661 458 [email protected]

BrazilAna Malvestio+55 16 2133 6624 [email protected]

Alexandre Valerianoxxxx [email protected]

CanadaHans Andersen+204 926 2407 [email protected]

FranceBaptiste Bannier+33 (0) 156 575 273 [email protected]

Germany, Austria and SwitzerlandReinhard Vocke+49 (0) 211 3890 195 [email protected]

Gerd Bovensiepen+49 (0) 211 9812 939 [email protected]

IndiaAjay Kakra+91 124 3306029 [email protected]

Sunjay VS+91 124 3306171 [email protected]

IrelandJimmy Maher+353 (0) 1 792 6326 [email protected]

MENAAhmad ElHusseini+966 11 211 0400 (Ext. 1751) [email protected]

MexicoJavier Alonso+52 33 3648 1015 [email protected]

Luz Cecilia Aguilar+52 55 5263 6000 [email protected]

NetherlandPeter Hoijtink+31 (0) 88 7923090 [email protected]

New ZealandCraig Armitage+64 3 374 3052 [email protected]

RomaniaAnca Scurtescu+40 21 22 53 871 [email protected]

SingaporeRichard Skinner+65 9823 3771 [email protected]

South AfricaFrans Weilbach+27 (21) 815 3204 [email protected]

UkraineOlena Volkova+38 (0) 56 733 5010 [email protected]

UKMark James+44 (0) 20 7212 1869 [email protected]

Stephen Oldfield+44 (0) 7710 388792 [email protected]

Thomas Sengbusch+44 (0) 7725 069448 [email protected]

Global Agribusiness contacts

USAThomas Johnson+1 612 596 4846 [email protected]

Christopher Nolan+1 646 471 7387 [email protected]

Commodity treasury servicesNick James+44 (0) 20 7212 6550 [email protected]

Sustainability and climate changeKieron Blakemore+44 (0) 20 7212 4212 [email protected]

Food trust and forensic investigationsCraig Armitage+64 3374 3052 [email protected]

Fran Marwood+44 (0) 20 7213 4709 [email protected]

Matt Elkington+44 (0) 20 7804 1417 [email protected]

Private Sector and International DevelopmentCarolin Scramm+44 7808 105691 [email protected]

Jack Newnham+44 7889 521600 [email protected]

Cristina Bortes +44 7769 941119 [email protected]


mailto:[email protected]



www.pwc.comThis publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

© 2016 PricewaterhouseCoopers LLP. All rights reserved. In this document, “PwC” refers to the UK member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.

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