Nestle India Limited: Financial Analysts' Meet

Nestle India Limited
Financial Analysts’ Meet

November 29, 2006
Financial Analysts Meet, Nov 29, 2006

Agenda
Introduction & CSR Martial Rolland
Financials Shobinder Duggal
Questions & Answers All

Disclaimer
This presentation may contain statements which reflect

Management’s current views and estimates and could be
construed as forward looking statements. The future
involves certain risks and uncertainties that could cause
actual results to differ materially from the current views
being expressed. Potential risks and uncertainties
include factors such as general economic conditions,
availability and prices of commodities, competitive
products and pricing pressures and regulatory
developments etc.
Responses can only be given to questions, which are not

price sensitive.
Introduction & CSR

An example of CSR
Nestlé Milk District Model

45 years of a progressive partnership with
farmers
FINANCIAL ANALYSTS MEET

29.11.06

AN EXAMPLE OF CSR :
NESTLE milk district model
1 Nestlé – An Overview
2 Evolution of the Nestlé Milk Districts
3 Nestlé in India
4 Nestlé Milk Districts & Rural Growth
Concerns for the Environment

5 and the Community
6 Summary and Conclusions

1 Nestlé – An Overview
Nestlé – The World Food Company

Henri Nestlé. Born in 1814. Trained to be a pharmacist.
Created the first milk and cereal based infant food Farine
Lactée Henri Nestlé
Founded the Company in 1867
Nestlé grew from a small company producing powdered

milk and cereal products for infants into a global food
company feeding much of the world’s population
Nutrition and Wellness are at the core of Nestlé’s products
and manufacturing.

1 Nestlé – The World Food Company
Our Business Vision
“Respected, Trustworthy Food,

Nutrition, Health and Wellness
Company”

1 Nestlé – The World Food Company
The India Business Vision
To rapidly build Nestlé India as the Respected

and Trustworthy leading Food, Nutrition, Health
and Wellness Company ensuring long term
sustainable and profitable growth

2 Evolution of Nestlé Milk Districts
Nestlé Corporate Business Principles: Agricultural raw materials,

principally milk, coffee, cocoa, cereals, vegetables, fruit, herbs, sugar
and spices, are vital factors affecting the quality and costs of Nestlé
manufactured food products and, as a consequence, the Company’s
business performance. In this context Nestlé:
1) … provides agricultural assistance to farmers

2) Procures Agricultural raw materials either through trade channels
or directly from farmers
3) Supports farming practices and agricultural production systems
that are sustainable; that is those practices and systems that
satisfy long-term economic, ecological and social requirements;
4) Supports mechanisms that contribute to a more regular income
for farmers;
5) Is not engaged itself in its own commercial farming activities;
1866: Nestlé and the Anglo-Swiss Condensed Milk Company started

the milk district development around the towns of Vevey and Cham in
Switzerland
1872: With demand outstripping production, the Anglo-Swiss

Condensed Milk Company set up two milk districts in the Swiss
cantons of Fribourg and St. Gallen
1872-1881: Upon expanding its operations, more milk districts were

started in England
1905: Nestlé and the Anglo-Swiss Condensed Milk Company had

merged and by then milk districts were set-up in six countries –
Switzerland, United Kingdom, Germany, Norway, Spain and
United States
1906: Started manufacturing operations in Australia, its second

largest export market for Nestlé products
1912: Acquired the Dutch company – Galak Condensed Milk

Company of Rotterdam, Holland and also established a skimmed milk
powder company entirely for export market
1920: Entered South America by establishing a milk districts in

Brazil, in Argentina in 1922, and in Peru in 1940
1961: Started to replicate its successful milk district models in Asian

countries with Moga in India, followed by Sri Lanka in 1982,
Indonesia 1986, Pakistan 1988, China 1990, Thailand 1991,
Morocco 1993 and Uzbekistan 2001
China, India and Pakistan each collect over 10,00,000 Kg/day
On an average Nestlé milk districts are growing 2% - 5% annually,

and in some cases as high as 10%

Given the ever-increasing consumer demand, it is

an ongoing priority and challenge to:
¾ Secure a plentiful supply of fresh milk

¾ Find areas to produce high quality milk
¾ Find cost-effective ways to meet projected demand

3 Nestlé’s processing units in India
Moga (Punjab) 1961 Choladi (Tamilnadu) 1967 Nanjangud (Karnataka) 1989
Nestlé India
Samalkha (Haryana) 1993 Ponda (Goa) 1995
Head Office, Gurgaon
Bicholim (Goa) 1997 Pantnagar (Uttaranchal) 2006

Dairy
Dairy
Farmers
Farmers
Fresh
Freshmilk
milk
procurement
procurement
…a glimpse at
Nestlé Milk Collection Areas
4 Nestlé’s presence in Rural India
Over Four decades of sustained growth
¾ Starting in 1961, Nestlé set up its

first milk processing facility at Moga
in the State of Punjab
¾ Built in 1991, today Samalkha

factory in Haryana along with
Moga produces over 100,000 tons
of milk products annually

Starting in Moga with 511 kg of milk on the

first day of collection (15th Nov 1961), today
TOTAL AREA :
Nestlé procures over 12,00,000 kg of milk per
50,362 SQ. KMS day during the peak season in the states of
Punjab and Haryana.
MOGA
FACTORY 14,000 square kilometers area

TOTAL AREA :
50,362 SQ. KMS
over 110,000 dairy farmers
FACTORY
2085 milk agencies
SAMALKHA
TOTAL AREA :
44,212 SQ. KMS
695 milk cooling tanks
DELHI
Nestlé adds value at each step of the milk supply chain…
The
The Milk
Milk District
District is
is an
an integral
integral part
part of
of
delivering
delivering high
high quality
quality nutritional
nutritional milk
milk
products
products toto our
our consumers
consumers
Dairy
Dairy Fresh
Freshmilk
milk Milk
Milk Marketing
Marketing&&
Farmers
Farmers procurement
procurement Processing
Processing distribution
distribution Consumers
Consumers
••Technical
Technical assistance
assistance to
to
farmers
farmers ••Milk
MilkQuality
QualityPolicy
Policy
••Farmer
Farmereducation
education--Good
Good ••Expertise,
Expertise,Know
Knowhow
how
dairying
dairyingpractices,
practices,etc
etc
Bringing worldwide
competence of Nestlé at the
doorstep of the farmers…
…to help them improve milk

productivity and quality

Setting up an efficient Milk

Collection system
¾ On-going technical assistance to farmers for
improved milk productivity and quality
¾ Maintenance of sustainable farming practices
¾ Establishing milk collection points and

arranging milk collection
¾ Installing chilling centers
¾ Installing farm cooling tanks
¾ Arranging transportation to the factory

Technical Assistance to
Farmers
…to help them improve milk productivity and
quality
¾ Training and development on good farm
practices
¾ Regular audits of farmers to ensure that good
farm practices are implemented & maintained
¾ Testing of milk at collection and cooling
centers
¾ The financial well-being of producers

Farmers
¾ Veterinary & field staff offering round the clock
technical services
¾ Veterinary medicines are provided to farmers
¾ Artificial insemination centers

¾ highly pedigreed bulls are provided
Farmers
¾ Good quality fodder seed is provided to
farmers
¾ High quality balanced cattle feed distributed
annually
¾ Subsidized milking machines have been
provided
¾ Technical support is extended for:
- Silage making techniques,
- Bio-Gas generation & vermiculture
compost from animal waste

4 Technical Assistance to Farmers
Silage making
Bio-Gas
Generators and
Vermicompost
production

Farmers Education Programs

¾ Establishes herd demonstration farms
¾ Conducts field camps to impart education
on good dairy practices
¾ Organizes factory visits and special
educational tours for dairy farmers
¾ Offers prizes to farmers in the Nestlé milk
competition
¾ Sensitize farmers to water issues like water
conservation, depleting water tables and
water management at farms

Farmers Education Programs
Helping village women learn
¾ Nestlé recognizes the role played by women in

the dairy farm and has specially developed an
education program.
¾ Through posters, demos and talks, village
women are taught good dairying practices
Over 12,000 women have been covered by this
program in 155 villages


Helping Farmer improve Milk Productivity
…to help farmers

achieve higher milk
yields over longer
lactation periods, in
1982 Nestlé
introduced the milk
cows to the benefit of
its farmers
…from a mere 0.5 %
cow milk in 1982,
today 50% of the milk
procured is cow milk

Nestlé – The Milk

Maximizer
Milk density
TOTAL AREA :
50,362 SQ. KMS In Moga Milk
Collection area,
milk available for
processing to
MOGA FACTORY
TOTAL AREA :
Milk Plants, has
50,362 SQ. KMS risen to twice that
of rest of Punjab

Sustainable Agriculture
– Key to long-term sustainable growth
NESTLE
What is the SAI Platform?
DANONE
Overall objective UNILEVER
CAMPINA
Promote
CIO
Sustainable Agriculture to meet the needs of DANISCO
today and future generations COCACOLA
DOLE
Our definition EFICO
“Sustainable agriculture (SA) is a productive, FINDUS
FONTERRA
competitive and efficient way to produce
FRIESLANDFOODS
agricultural products, while at the same time KRAFT
protective and improving the natural LAMEWESTON
MCCANN
environment as well as the socio-economic
MCDONALDS
conditions of local communities” SARA LEE
TECHIBO
VOLCAFE
5 Environment and the Community
Solar heaters at
Nestlé milk collection
Centres save energy
Rain Water
And help create Silencers on Harvesting help in
awareness amongst generator exhausts better water
communities at Nestlé milk management at Dairy
collection Centres farms
5 Environment and the Community
Many of our
factories are
ZERO WASTE
DISCHARGE – In Moga factory part
treated waste of the Waste Water
water is is treated and
recovered for in- supplied to farmers
house irrigation for crop irrigation.
5 Community Projects
Providing access to Clean Drinking Water

in Village schools
• Creating awareness in the communities around its factories

• Children in local village schools are the key beneficiaries
5 Community Projects
Water Education Program
Posters, Demonstrations are used as a

medium to teach students water basics
like the water cycle, ground water table,
uses of water, water resources, ground
water depletion etc.
A Win-Win situation for all…

…benefits the Farmer
¾ Results in steady incremental income for the

farmers
¾ Generates Employment for rural residents
¾ Significant improvements in the standards of
living of rural communities
¾ Affords a profitable alternative to traditional farming
practices

A Win-Win situation for all…

…benefits the milk processor
¾ Nestlé does not own any agricultural land or farms,
but is committed to develop long-term credible
relationships with dairy farmers based on mutual
trust
¾ This makes mutual economic sense and ensures
long-term sustainability
¾ Stimulating production of good quality fresh milk
¾ Collecting fresh milk in the best possible conditions
¾ Processing to ensure high quality products for its
consumers
Over to SHD

FINANCIALS
Financials
Total Shareholder’s Return
140% over the last 19 quarters. (Bloomberg)

Market Capitalization has doubled over this
period from INR 49 Bio. to INR 101 Bio.
Some Rankings:
Return on Capital Employed: No 1 (Source: Latest
Business India)
Return on Equity: No 2 in BSE FMCG Index &
BSE SENSEX companies (Source: Reuters)
Outperformed the BSE FMCG Index
350
300
250
200
150
100
50
Oc t- Apr- Oc t- Apr- Oc t- Apr- Oc t- Apr- Oc t- Apr- Oc t- Apr- Oc t-

00 01 01 02 02 03 03 04 04 05 05 06 06
Nestle BSE FMCG Index BSE-SENSEX
Returning cash to Shareholders
Dividend
1.7 1.9 1.9 2.4 0.5 0.6
(INR Bio)
35 300
250
30 250
Dividend as a % of Share Capital

25 200 200
180 200
20
INR / Share
150
15
100
10 60
50
5 50
18 21 20 27 20 26 25 32 5 24 6 26
0 0
2002 2003 2004 2005 Jan-Sep 05 Jan-Sep 06
DPS EPS %
First interim dividend
2004 - Excludes special dividend of INR 4.5 / Share

Creation of Economic Value
12.2 2003
12.0
2.3
11.8 60% Jan-Sep
2002 2005 2006
Return on Sales (%)
11.6
11.4 1.8 2.7 2.2

49% 61%
62%
11.2
11.0
2004
10.8
10.6 2.2
54%
10.4
10.2
5.5 5.7 5.9 6.1 6.3 6.5
Asset Turns
Bubble size represents Economic Profit (INR Bio)
Basis International Accounting Standards

Driving Total Shareholders Return
The Value Drivers
1. Sales Growth
2. Profit Margin
3. Working Capital Intensity
4. Fixed Capital Intensity
5. Income Tax Rate
6. Cost Of Capital
7. Value Growth Duration

SALES GROWTH (1)
Sales Evolution
Gross Third Party Sales INR Bio Real Internal Growth (%) Organic Growth (%)
30.0 13
12.1
11.5 11.6 11.7 12
11.4
11.3 10.4 11
9.5 10
25.0
8.5 9
7.9
8
7
20.0
6.3 6
4.4 4
20.6 22.9 23.9 26.7 19.9 22.0
15.0 3
2002 2003 2004 2005 Jan-Sep 05 Jan-Sep 06
Aff. Exports 1.7 1.8 1.5 1.7 1.3 1.2

INR Bio

Analysis of 9 months Sales Growth
+11.7%
Selling prices = 2.2%
RIG = 9.5 %
Jan-Sep 2006 Third Party Sales

Channel-wise Sales
Volume (000’ Tons) – Jan-Sep Value@ (INR Bio) – Jan-Sep

2006 2005 Var% 2006 2005 Var%
Domestic 162.3 149.1 8.8 19.7 17.7 11.3 #
Exports 12.3 13.8 (10.1) 2.0 2.0 (0.0)
Total 174.6 162.9 7.2 21.8 19.8 10.1
@ Gross Sales including excise duty
Mix of Domestic to Exports remains stable at around 90:10
# Net Domestic Sales up 13.7%
All calculations are based on non-rounded figures

Balancing Export Portfolio
INR Bio 2.4 2.6 2.4 2.6 2.0 2.0
28
33
52 56 54
Contr. 69
(%)
72
67
48 46
44
31
2002 2003 2004 2005 Jan-Sep 05 Jan-Sep 06
Exports to Russia Others

A Balanced Portfolio
Contr. (%) Contr. (%)
Milk Products
44.8 45.4
and Nutrition
Prep. Dishes &

20.0 18.7
Cooking Aids
Beverages 19.7 21.3
Chocolate and
Confectionary 15.5 14.6
Jan-Sep 06 Jan-Sep 05
Gross Sales including excise duty
Product Categories: Jan - Sep 2006
Organic Growth (%)
Prepared Dishes &
20 Cooking Aids
4.4
3.4
15 Chocolate &
Confectionery
10 21.8
9.7
Milk Products & Total

Nutrition
5
Beverages
4.3
0
-14 -9 -4 1 6 11 16
Volume Growth (%) Bubble size represents Gross Sales (INR Bio)
Milk Products & Nutrition
• Market Leader in Baby Foods,
Infant Formula, Sweetened
Condensed Milk
• Strong No 2 in Dairy Whitener
• Growing presence in Fresh Dairy
Sales Volume (000’ tons) Sales (INR Bio) Contribution to Total Sales
80
10.0
78 U 2.8% 15.5
U 8.7%
76
78.2 9.0 44.8

74 9.7 20.0
76.0
72 9.0
19.7
70 8.0
Jan-Sep 05 Jan-Sep 06 Jan-Sep 05 Jan-Sep 06
Jan-Sep 2006
Beverages
• Market Leader in Instant Coffee
19 4.6
U (12.1)%
18 15.5
4.4
44.8
17 18.7 U 1.8%
20.0
4.2
16 4.3
16.5 4.2 19.7
15 4.0
Jan-Sep 2006
Prepared Dishes & Cooking Aids
• Market Leader in instant Noodles
& Ketchups
• Strong No 2 in Healthy Soups
60 4.5
U 18.2%
55 4.0
15.5
U 18.0%
4.4 44.8
57.0 20.0
50 3.5
3.7
48.3
19.7
45 3.0
Jan-Sep 2006
Chocolate & Confectionery
• Market Leader in Wafers and
white chocolates
• Strong No 2 in Chocolates
• Market Leader in Eclairs
Sales Volumes (000’ tons) Sales (INR Bio) Contribution to Total Sales
23 3.6
3.4 15.5
21 U 15.7% 22.9 3.2
U 16.3% 44.8
3.4 20.0
3.0
19.8
19
19.7
2.9
Jan-Sep 05 Jan-Sep 06 2.8
Jan-Sep 05 Jan-Sep 06
Jan-Sep 2006
PROFIT MARGINS (2)
Evolution of Operating Margins
INR Bio.
20.5
6.0 19.5 19.5 19.7 21
19.0 19.2
18.3
17.5 17.6
17.1 16.9 17.0 18
5.0
15
4.0 12
9
3.0
6
4.0 3.5 4.4 3.9 4.5 4.0 5.2 4.6 4.0 3.6 4.2 3.7
2.0 3
2002 2003 2004 2005 Jan-Sep 05 Jan-Sep 06
EBITD-INR.Bio EBIT-INR.Bio EBITD % of Gross Sales EBIT % of Gross Sales
Total Expenditure
INR Mio.
Description Jan-Sep 06 % Net Jan-Sep 05 % Net Var.
Sales Sales %
Tot. Expenses
-of which 16,615 79.9 14,496 78.0 14.6
Materials
9,782 47.0 8,435 46.0 16.0
Staff Cost
1,592 7.7 1,392 7.5 14.4
Advt + sales
Promotion 1,002 4.6 911 4.9 10.0
Distribution
961 4.6 863 4.7 11.3
Power & Fuel
853 4.1 750 4.0 13.8
Evolution – Milk Solid Prices
120
Current
111
110
Indexed price Per Kg
106
103 2006
100
100 97 97 97
95 2005
94
91
88 95
90 2004
80
Q1 Q2 Q3 Q4
Period
Indexed with base Q1-04

Evolution - Milk Fat Prices
Indexed Price per kg
110
106
103
100
100 97 97
97
95 95
94
91
90 88
80
2004 2005 2006
Q1 Q2 Q3 Q4

Evolution – Green Coffee Prices
230
229 Current
210
Indexed price per KG
190
174 170
158
2006
170
152 153
150 2005
130 114 121
110 100 100 101 101

2004
90
Q1 Q2 Q3 Q4
Period

Evolution – HVF Prices
(329 mio, 12% of RM costs, 5% of Net Sales)
110 Current
106 106
100 102
2006
100 98
101
96 2004
94
90
90 93 88
87
2005
80
Q1 Q2 Period Q3 Q4

Evolution – Sugar Prices
Current
150 146 145
141 140 2006
140
134
132
130 128 2005
130
120 116
113 2004
111
110
100
100
Q1 Q2 Q3 Q4
Period

Evolution – Wheat Flour Prices
140 138 Current
130
120 118
115 116 2006
110
104 2005
100 2004
100 96 97
99
96
95
90
Q1 Q2 Q3 Q4
Period

Evolution of Net Profit Margins
INR Bio.
3.5 14
11.7 11.9 11.6
11.4
10.6 12
3 9.7
10
2.5 8
2 6
4
1.5
2
2.0 2.6 2.5 3.1 2.4 2.5
1 0
2002 2003 2004 2005 Jan-Sep 05 Jan-Sep 06
Amount % of Gross Sales

WORKING CAPITAL INTENSITY (3)
Trade Net Working Capital
INR Mio
30-Sep 2006 30-Sep 2005
Trade receivables 514 419
Inventories 2,288 2,142
Less: Trade Payables 1,711 1,575 #
Net capital tied up 1,091 986
As % of Gross Sales 4.9% 4.9%
# Excludes exceptional items and impact of reclassification

Rotation of Average Operating Working Capital
Times
36 34.8
31.4
32 30.8
27.7
29.0
28 28.0
25.2
Adjusted
24
21.8
20
2002 2003 2004 2005 Jan-Sep 05 Jan-Sep 06

Evolution of Operating Cash Flow
INR Bio.
%
4.0 18.0 18
16.4
15.7 15.4 15.2
16.3 15.7 15
14.7
15.1 14.9
3.5 14.7 14.7
12
3.0 9
2.5
3.4 3.6 3.7 4.0 3.6 3.2

2.0 0
2002 2003 2004 2005 Jan-Sep 05 Jan-Sep 06
Operating Cash Flow OCF as % of Sales Adj OCF as % of Sales
FIXED CAPITAL INTENSITY (4)
Investment in Fixed Assets
INR mio. % of Net sales
1200 7.0
1,054
1000
5.1
781
800 742 5.0
681
596
600
3.3 458
2.9 3.0 3.0
400 3.0
2.3
200
0 1.0
2002 2003 2004 2005 Jan-Sep 05 Jan-Sep 06
Amount % of NPS
Dep. 494 463 491 498 385 404

Rotation of Average Tangible Fixed Assets
Times
6.8 6.7
6.8
6.5
6.3
6.4 6.2
6.0
5.6 5.4
5.2
4.8
4.4
4.0
2002 2003 2004 2005 Jan-Sep 05 Jan-Sep 06

INCOME TAX RATE (5)
Evolution of Tax
%
38
36.8
36.6
35.9
36
35.0 34.9
34.7
34.4 34.5
34.2
34 33.3 34.7
33.7
32
30
2002 2003 2004 2005 Jan-Sep 05 Jan-Sep 06
Marginal Rate % Effective Rate %
( rates are a % of pre-tax profit excluding FBT)

COST OF CAPITAL (6)
Evolution – Cost of Capital
WACC Risk Free Bond Rate

15.0 14.2
12.0 10.5 10.8

9.4 9.7 9.7
9.0
9.0
7.2 7.2
6.6 6.6
5.3
6.0
3.0
0.0
2002 2003 2004 2005 Jan-Sep 05 Jan-Sep 06

VALUE GROWTH DURATION (7)
Value Growth Duration
Nutrition, Health & Wellness Innovation and Renovation
Availability
for all ages
Effective & Efficient Operations
Consumer Communications
People Structure GLOBE

QUESTIONS
Thank You
LIFFE
ROBUSTA COFFEE
2001 2002 2003 2004 2005 2006

NYBOT - New York
ARABICA COFFEE
2001 2002 2003 2004 2005 2006

PALM OIL Malaysia
2001 2002 2003 2004 2005 2006

NYBOT - New York
SUGAR
2001 2002 2003 2004 2005 2006

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Nestle India Limited

Financial Analysts’ Meet

Financial Analysts Meet, Nov 29, 2006

Introduction & CSR Martial Rolland

Financials Shobinder Duggal

Questions & Answers All

Financial Analysts Meet, Nov 29, 2006

This presentation may contain statements which reflect

Responses can only be given to questions, which are not

Financial Analysts Meet, Nov 29, 2006

Nestlé Milk District Model

FINANCIAL ANALYSTS MEET

Financial Analysts Meet, Nov 29, 2006

2 Evolution of the Nestlé Milk Districts

4 Nestlé Milk Districts & Rural Growth

Concerns for the Environment

6 Summary and Conclusions

Financial Analysts Meet, Nov 29, 2006

Nestlé – The World Food Company

Nestlé grew from a small company producing powdered

Financial Analysts Meet, Nov 29, 2006

Our Business Vision

“Respected, Trustworthy Food,

Financial Analysts Meet, Nov 29, 2006

The India Business Vision

To rapidly build Nestlé India as the Respected

Financial Analysts Meet, Nov 29, 2006

Nestlé Corporate Business Principles: Agricultural raw materials,

1) … provides agricultural assistance to farmers

1866: Nestlé and the Anglo-Swiss Condensed Milk Company started

1872: With demand outstripping production, the Anglo-Swiss

1872-1881: Upon expanding its operations, more milk districts were

1905: Nestlé and the Anglo-Swiss Condensed Milk Company had

1906: Started manufacturing operations in Australia, its second

1912: Acquired the Dutch company – Galak Condensed Milk

1920: Entered South America by establishing a milk districts in

1961: Started to replicate its successful milk district models in Asian

China, India and Pakistan each collect over 10,00,000 Kg/day

On an average Nestlé milk districts are growing 2% - 5% annually,

Financial Analysts Meet, Nov 29, 2006

Given the ever-increasing consumer demand, it is

¾ Secure a plentiful supply of fresh milk

Financial Analysts Meet, Nov 29, 2006

Moga (Punjab) 1961 Choladi (Tamilnadu) 1967 Nanjangud (Karnataka) 1989

Bicholim (Goa) 1997 Pantnagar (Uttaranchal) 2006

Over Four decades of sustained growth

¾ Starting in 1961, Nestlé set up its

¾ Built in 1991, today Samalkha

Financial Analysts Meet, Nov 29, 2006

Starting in Moga with 511 kg of milk on the

FACTORY 14,000 square kilometers area

over 110,000 dairy farmers

Nestlé adds value at each step of the milk supply chain…

…to help them improve milk

Financial Analysts Meet, Nov 29, 2006

Setting up an efficient Milk

¾ Maintenance of sustainable farming practices

140% over the last 19 quarters. (Bloomberg)