2012年6月19日星期二

Foreign goods propelled 俏 奶制 闻使 Ox China food safety


Products of China Mengniu Dairy, one of China's leading dairy products company, are displayed at a news conference announcing the company's interim results in Hong Kong September 19, 2008. REUTERS/Bobby Yip

Products of China Mengniu Dairy, one of China's leading dairy products company, are displayed at a news conference announcing the company's interim results in Hong Kong September 19, 2008.
图为中的产品来自中国乳制品企业“蒙牛”,“蒙牛”是中国的主要乳制品企业之一,图为2008年9月19日,蒙牛在香港举行的中期报告会上展示其产品。
Credit: Reuters/Bobby Yip
来自:路透社/叶竞生
By Lucy Hornby and Jane Lanhee Lee
报道:露西·霍恩比、简·李
BEIJING/SHANGHAI | Mon Jun 18, 2012 1:46am EDT
北京/上海|2012.6.18 1:46 星期一  美国东部夏令时间
(Reuters) - Global food and dairy companies are making another round of big bets on China's fast growing dairy sector, seeking to position themselves as safe alternatives after a lethal baby formula scandal burned the industry four years ago.
(路透社)——全球食品和乳制品公司再一次将赌注放在中国快速成长的乳制品市场上。四年前婴儿配方奶粉惊爆丑闻,中国奶制品企业受到重创,外国企业寻求以安全为卖点,替代中国产品。
They are lured by projections of 10 percent annual growth for the sector and by Chinese consumers' willingness to pay a premium for foreign brands as they remain wary of local brands' safety records.
吸引他们的有如下原因:据预测,乳制品市场的年收益增长率将达到10%;而且由于对当地品牌产品的安全问题还心有余悸,中国消费者愿意花更多的钱购买外国品牌产品。
Just last week, China's top-selling dairy firm Inner Mongolia Yili Industrial Group Co (600887.SS) recalled six months' worth of one brand of infant formula after government tests found it was tainted with mercury, a heavy metal that can cause neural damage if ingested.
上周,中国的内蒙古伊利实业股份有限公司(600887.SS)召回了其某一品牌于2011年11月-2012年5月生产的婴儿配方奶粉,因为之前的政府抽检发现奶粉中的汞,一种一旦食用将引起神经系统损伤的重金属,含量异常。
The news has sent Yili's stock sliding 13 percent over the last two days to trade at 21 yuan a share.
新闻已经导致伊利股价在两天内下跌13%,至21元每股。
The latest foreign bet comes from Danish-Swedish dairy group Arla ARLAF.UL, which said on Friday it would buy what amounts to a 6 percent stake in Yili's main competitor, China Mengniu Dairy Co (2319.HK), from private equity fund Hopu for 1.7 billion Danish crowns ($289 million). The deal lifted Mengniu shares by 7 percent on Monday.
最新加入“赌局”的是丹麦-瑞典乳制品集团Arla ARLAF.UL。上周五,该公司宣布将花费17亿丹麦克朗,从中国私募股权基金厚朴手中,购买伊利最大的竞争对手——蒙牛乳业(2319.HK)六成的股份。本周一,此次交易使蒙牛的股价上涨了7%。
"If you have an international brand, then there's a premium in the market, because food safety is a concern," said Kevin Bellamy, dairy analyst at Rabobank in the Netherlands.
“如果你手握外国品牌,就能在这个市场获得溢价,因为食品安全始终是人们的担忧,”荷兰合作银行的乳制品分析师,凯文·贝拉米说。
For some global milk producers, finding new markets is also crucial as they consolidate and expand production faster than their traditional, and mature, milk markets can grow.
对于一些全球牛奶生产商来说,相比以往,它们巩固和扩大生产的速度更快了,也更成熟了,而牛奶市场是可拓展的,因此此时寻找新的市场变得同样关键。
Milk and formula safety became a deep concern for Chinese parents after a 2008 scandal in which at least six babies died and 300,000 were sickened from drinking milk formula contaminated with melamine, a chemical used in fertilizer and plastic.
2008年的三聚氰胺丑闻致使饮用该奶粉的婴儿6名死亡,30万患病。三聚氰胺是一种主要用于生产化肥和塑料的化学品。经过这次事件,中国家长对牛奶和配方奶的食品安全倾注了更加深切关心。
But investing in China can mean reputational risk for international dairy firms. In 2008 Arla, which already has a formula joint venture with Mengniu, had to reassure its international customers that it did not sell Chinese-produced products elsewhere, after production at the Chinese plant was temporarily suspended due to the melamine scandal.
但是,在中国投资对国际乳企来说将意味着信誉风险。2008年,阿尔拉公司因为与蒙牛合作生产配方奶粉,而不得不向全球消费者承诺,它并没有将产自中国的奶粉销到任何其他国家,而且中国工厂也已经因为三聚氰胺丑闻暂时停止生产。
In addition, Mengniu last year destroyed milk tainted with aflatoxin, a carcinogenic mould found in corn grown in humid climates.
此外,去年,蒙牛还因黄曲霉素超标销毁一批牛奶。黄曲霉素在潮湿环境中生长,是一种致癌霉菌。
"To be a minority shareholder in a food company in China, regardless of the quality of your partner, you're still exposed to the supply chain," said dairy consultant David Mahon, head of Mahon China Investment Management, referring to the Arla/Mengnui deal.
“在中国,作为一个食品公司的非控股少数股东,不管你的合作方品质如何,你的供应链都不是绝对的安全,”乳业分析师大卫·马宏,马宏中国投资管理公司的创办者,在谈到阿拉尔/蒙牛合作时如是说。
"The lesson from melamine would not have been learned, and that would be a pity."
“那么三聚氰胺带来的教训就没能被吸收,那就太遗憾了。”
PRIVATE EQUITY
私募股权
China is the world's largest formula market and is expected to overtake the United States as the largest dairy market by 2020.
中国是世界上最大的配方奶粉市场,并且有望在2020年超过美国,成为最大的奶制品市场。
Private equity firms Hopu, KKR & Co L.P. (KKR.N) and Carlyle Group (CG.O) all took stakes in China dairy companies between 2008 and 2009.
私募股权公司厚朴公司、KKR公司(KKR.N) 和凯雷集团(CG.O)在2008到2009年间都持有中国奶制品公司的股份。
Hopu is winding down its fund, and exited as the lockup on its investment expired, but KKR and Carlyle have invested in technology and production systems to bring Western style milk production to China dairy firms, including importing cows.
厚朴的策略是逐渐减缩资金,一旦投资搁死的情况一消失,就全身退出。但是KKR公司和凯雷集团在技术和产品体系上都有投资,用以将西方奶产品引进中国乳制品企业,包括进口奶牛到中国。
Private equity funds typically exit their investments after three to five years, and Carlyle and KKR will hope to attract Western strategic buyers for their respective stakes.
私募股权基金通常持股3到5年后退出,KKR公司和凯雷集团都希望他们持有的股份能吸引西方战略投资者的目光。
KKR has 24 percent of China Modern Dairy (1117.HK) valued at about $266 million, while Carlyle has 24 percent of Yashili (1230.HK) worth around $130 million. China Modern Dairy provides milk for the Shanghai market while Yashili supplies the wealthy Pearl River Delta.
KKR公司拥有中国现代牧业控股有限公司(1117.HK)24%的股权,价值约合2亿6千6百万美元。凯雷集团拥有雅士利(1230.HK)24%股权,价值1亿3千万美元。中国现代牧业主供上海市场,而雅士利则针对富有的珠江三角区。
Among more recent private equity investments in the sector, Olympus Capital led a consortium to buy a significant minority stake in Huaxia Dairy Farm Ltd in mid-2011 for $45 million, providing expansion capital and bringing in a European strategic investor, Mueller Milch, for one of China's largest single dairy farms.
在该行业最近的私募股权投资行为中,2011年中旬,美国泰山资本指导一个财团大量收购华夏畜牧有限公司的少数股权,耗资4千5百万美元。这不仅为公司的扩张提供了资金,并且吸引了欧洲的战略投资者,Mueller Milch公司,前来投资,来建设中国最大的奶制品专用牧场。
SUPPLY CHAINS
资金链
To keep up with growth, multinational dairy firms are looking to expand their production in China, but are taking pains to guard against quality problems, particularly the need to control the supply chain for raw milk.
为了跟上自身的脚步,多家跨国乳制品企业在寻求扩展中国市场。但是让他们头疼的是如何避免质量问题的困扰,尤其要把好的是生奶供应这一关。
Nestle's (NESN.VX) sales in China are about to expand significantly, pending approval by the commerce ministry to incorporate the China operations of Pfizer Inc (PFE.N), which would boost its market share in infant formula to 12 percent. The Swiss food giant agreed in April to buy Pfizer's infant formula division for $11.9 billion.
雀巢(NESN.VX)在中国的销售正在显著上升,它在中国与辉瑞公司(PFE.N)合作的事项正在等待中国商务部的审批,一旦合作成功,将使雀巢婴幼儿配方奶粉的市场份额上升至12%。这个瑞士食品巨头已于4月与辉瑞公司达成协议,花费100.19亿美元收购其婴幼儿配方奶粉事业部。
Greater China accounted for only 3 percent of Nestle's global sales in 2011, but sales in the region grew by 23 percent last year.
2011年,偌大的中国只为雀巢全球销售贡献了3%的业绩,但是去年区域销售增长达到了23%。
Nestle buys milk directly from thousands of small dairy farmers in the flat green fields of northeast China. But it has already cut its small suppliers from nearly 30,000 to under 12,000, and plans to rehouse the rest in big dairy bases.
雀巢直接从中国东北成千上万的小型奶农手中收购生奶,但是它已经将小型供奶商数量从3万减少到1.2万,并且计划重组奶农,筹建奶源基地。
This month it broke ground on a $377 million project with U.S. dairy and feed cooperative Land O'Lakes LNDLK.UL and other partners. It will house a training center and two huge modern dairy farms, one with 2,400 cows, the other with 8,000.
工程耗资3.77亿美元,本月已开始动工。此项目是雀巢与美国乳制品及饲料企业O'Lakes LNDLK.UL公司以及其他伙伴合作进行的。它将修建一个训练中心,两个大型现代化牧场,一个载畜量达2千4百头,一个8千头。
"The farmers are moving into the cities, the system is getting consolidated, so we are moving towards more middle-to large-sized farms," Nestle's China chief executive Roland Decorvet told Reuters at the ground-breaking in Shuangcheng, near the northeastern city of Harbin.
“农民越来越多搬到了城里,体系在向综合发展,所以我们需要建一个中到大型的牧场,”雀巢中国区总裁狄可为说。他双城——哈尔滨西北方向的一个城市,举行的奠基仪式上接受了本报记者采访。
New Zealand dairy cooperative Fonterra FCGHA.NZ, which sells $2 billion a year of imported milk products in China, is also building large dairy bases near Beijing, the milk from which it sells at a premium to other dairies.
新西兰乳制品企业恒天然(FCGHA.NZ)也在北京附近修建大型乳制品基地。去年,它在中国销售进口牛奶产品总收益达20亿美元,有了这个基地,它的产品便可实现溢价销售。
In 2008, Fonterra lost almost all its $150 million investment in Sanlu Group, the state-owned Chinese dairy at the heart of the melamine scandal.
2008年,恒天然投在三鹿集团的1.5亿美元几乎全部亏损,这个中国国有乳企是三聚氰胺丑闻中的核心厂商。
COMING FLOOD
即将到来的洪流
Another driving force for foreign firms to ramp up their presence in China is a coming surplus of milk in Europe.
另一个驱使外国企业在中国竞相出现的原因是欧洲牛奶的过剩。
The expiration in 2015 of national production caps in the European Union is expected to lead to a 6 percent jump in European milk production, bringing an additional 9 billion liters a year onto the market, said Bellamy of Rabobank.
截止2015年的欧盟国家产量上限会导致欧洲牛奶的生产达到6%的上扬,这比市场需求多出90亿升。荷兰合作银行的贝拉米说。
"They could supply more to European cheese, but that's pretty saturated. The Asian and Chinese markets are very attractive because of the percentage of growth we are seeing," he said.
“倒是可以供应欧洲的奶酪生产,但其实这方面已经相当饱和了。亚洲以及中国的市场很诱人,因为我们实实在在地看到了增长的比率,”他说。
With its latest investment, Arla estimates its turnover in China will grow five-fold by 2016, from $119 million in 2011.
对于新近的投资,阿尔拉公司预计,到2016年,它在中国的营业额将在2011年1.19亿美元的基础上翻五番。
"It will contribute positively to our cooperative owners' milk price from day one, as we are able to add more value to milk that we otherwise would have to sell on the global bulk trading market, where the profit is lower historically," Arla Foods CEO Peder Tuborgh said in a statement. ($1 = 6.3651 Chinese yuan) ($1 = 5.8865 Danish crowns)
“这样的合作从一开始便会对我们的合作者产生积极的影响,因为我们可以将更多的价值附加到牛奶上,而不是被迫将产品放到全球交易市场上,拿着越来越低的利润,”阿尔拉食品公司的CEO,Peder Tuborgh,在之前的声明中说。(1美元=6.3651人民币)(1美元=5.8865丹麦克朗)
(Additional reporting by Stephen Aldred in Hong Kong; Editing by Jason Subler, Ron Popeski andEdwina Gibbs)
(Stephen Aldred香港,附加报道;编辑Jason Subler,Ron Popeski ,Edwina Gibbs)

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