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Growing Globally

1
Table of contents
1.Current business situation
- Independent subsidiary of SAB Miller
- Current global strategy :
Key market, 4P, SWOT
- TOP 10 Quantitative goal

2.Issues & Options
- Target countries
- Return on Investment

3. Recommendation
- Go to new market strategy

4. Conclusion

2
1-1. Background
SAB Miller
(Second largest brewer)

Acquired by
SAB in 2007

SAB Miller Strategy
 Capture growth in beer volume in the
developing markets
 Develop attractive portfolio
 Keep good operation
 Leverage global scale

New CEO
Rob Snel

Royal Grolsch N. V.
(51st largest brewer)
Grolsche Bierbrouwerij Netherland
Grolsch International

Expect to sell Grolsch premium beer in
Latin America and Africa where SAB
Miller has got a strong route to market

Grolsch(UK) Ltd.(JV with Coors)
3
1-2.Current Global Strategy
Vision: The brewing industry has failed to keep pace with the changes in
consumers’ preferences for drinks. This has created a mainstream
category that is under pressure from other drinks. Grolsch believes in
the strength of beer in the drinks market.
Mission: Grolsch is going to break through the mainstream and restore beer’s
premium status.
Focus on cost structure and
efficiency

Focus on growth in full-grown
beer market
1

Innovation department, R&D

1

Internal logistics

2

Marketing investment

2

Decrease in overhead expenses

3

Expansive on-trade policy

3

New facilities

4

Target Growth core market

4

Decrease in cost price

5

Vision and mission

6

Market position

7

Brand campaign

8

New Design/New concepts

Reference: Exhibit 8

Strategy Goal
Global Top 10
Brand
4
1-3.Current Marketing Strategy
Marketing Strategy (4P)
Netherland

US

Product

-Grolsch:
Premium
beer(Swingtop)
-Amsterdam: nonpremium beer
-Grimbergen:
Imported beer

-Grolsch:
Premium
beer(Swingtop)
-Amsterdam: nonpremium beer
-Grimbergen:
Imported beer

-Grolsch:
Premium
beer(Swingtop)
-Amsterdam: nonpremium beer
-Grimbergen:
Imported beer

-Grolsch:
Premium
beer(Swingtop)
-Amsterdam: nonpremium beer
-Grimbergen:
Imported beer

Price

Standard:

Discount:

Comparable:

Higher:

Placement/ Price promotion,
Distribution PerfectDraft
dispenser system,
on-premise
channels

Distributed by
Anheuser-Bush

Grolsch UK

Own local
distribution

Promotion

Got that Swing

Green Light District
campaign

Advertising

UK

France

5
‹#›
1-5.SWOT Analysis
Strength
-SAB Miller’s Strong route
channel and global
production
-Grolsch 21st brand and its
taste and quality

Weakness
-No approach to
developing market
-Lack of price elasticity

Opportunity
 Leverage SAB Miller
-Increase Premium lager
channel to promote
consumption
Premium beer
-Expand beer consumption
in developing market

 Access to developing
market

Threat
-Market shrinking in
developed market
-Price pressures
-Non beer drinks

 Target developing
market
 Cost reduction

 Focus on Premium
beer

Propose to change the current strategy

7
2. Issue and options
Issue
 How to reach Global Top 10 (more than 4.9 M hl volume )in non-domestic market

Option 1
Change current strategy
Target
MKT
Growth
Match with
SAB Miller’s
strategy

Option 2
Keep current strategy
Target

Current and
emerging market

Growing
Leverage SAB
Miller asset and
meet their
expectations

>

Developed market

MKT
Growth

Shrinking

Match with
SAB Miller’s
strategy

No planned

8
3-1. Recommendation

1) Which countries should our
company enter into?

3) How do we create business
strategy?

2) How do we enter local markets
(JV, Acquisition, Start-up)?

4) How is business return?
9
Market
Selection

Entry
strategy

1) Market Selection

Business
Strategy

Financial
plan

MABA Framework
MA

Potential
Market
Volume

• Volume of Premium
• Volume Growth of Premium
• Price Differentiation
• Language
• EU Relation
• Transport in EUROS
• GDP per capita

BA
• Volume of Grolsch
• Volume Growth of Grolsch
• Variable Commercial Contribution
• Grolsch Share

Market
Selection
Imported
Brands
Growth

Distance

10
Market
Selection

Entry
strategy

1) Market Selection

Business
Strategy

Financial
plan

Potential Market Volume (000s hl)

300,000

Potential
Market 250,000
Volume 200,000

Potential

150,000

Total
Consump.

=

Major Co’s
sales

-

100,000

Imported
Brands
Growth

3.5
3.0
2.5
2.0
1.5
1.0

bil. litre

0.5
0.0
2000

2001

2002

2003

2004

2005

Western Europe Imported
Share
Eastern Europe Imported
Share
North America Imported
Share
Latin America Imported
Share
Asia Pacific Imported
Share
Australasia Imported
Share
Africa and Middle East
Imported Share

USA

CANADA

POLAND

SOUTH…

COLO…

VENEZ…

ITALY

FRANCE

UKRAINE

MEXICO

SOUTH…

AUSTR…

THAIL…

BRAZIL

SPAIN

RUSSIA

UK

JAPAN

CHINA

-

GERMA…

50,000

3% growth
7% growth

6% growth

15% growth
8% growth
No growth

11% growth

11
Market
Selection

Entry
strategy

1) Market Selection
Distance

CHI A
N
U SA
G ER M A N Y
B R A ZI
L
RU SSI
A
JA P A N
UK
M EX I O
C
SPAI
N
P O LA N D
S O U T H A FR I A
C
V EN EZU ELA
C AN AD A
U KRAI E
N
FR A N C E
TH AI N D
LA
I A LY
T
C O LO M B I
A
A U S T R A LI
A
S O U T H K O R EA

Go to …

G D P per
M em ber
capia i 2005
t n
of EU
1,
731
No
42,
516
No
33,
543
Y ES
4,
739
No
5,
337
No
35,
781
No
38,
122
Y ES
7,
667
No
26,
056
Y ES
7,
963
No
5,
234
No
5,
445
No
35,
088
No
1,
829
No
33,
819
Y ES
2,
690
No
30,
479
Y ES
3,
393
No
33,
948
No
17,
551
No

Business
Strategy

Language
( ,G er an,D ut
EN
m
ch)
No
Y ES ( )
EN
Y ES ( R )
G
No
No
No
Y ES ( )
EN
No
No
No
Y ES ( )
EN
No
Y ES ( )
EN
No
No
No
No
No
Y ES ( )
EN
No

Financial
plan

Tr
anspor
t
Expensi
ve
C heap
C heap
Expensi
ve
A ver
age
Expensi
ve
C heap
Expensi
ve
A ver
age
A ver
age
C heap
Expensi
ve
A ver
age
Expensi
ve
C heap
Expensi
ve
A ver
age
Expensi
ve
Expensi
ve
Expensi
ve

12
Market
Selection

Entry
strategy

2) Entry Strategy

Business
Strategy

Financial
plan

South Africa
Monopoly market
No.1: SAB Miller (MS 98%)

Brazil

China

Occupied by major brewery groups

Competitive market
Number of beer company: 800→300 (M&A)

No.1: Anheuser-Busch InBev : MS 70%
No.2 : Grupo Schincariol : MS11.6%
Grope of Kirin
No.3: Petrópolis brewery : MS9.8%

No.1: Snow beer (華潤雪花) : MS17.8%
JV with SAB Miller
No.2 : Tsingtao(青島): MS13.2%
No.3: Anheuser-Busch InBev (Belgium)MS11.9%
Web Data 2009
BRICs経済研究所レポート2006

13
Market
Selection

Entry
strategy

2) Entry Strategy

Business
Strategy

Financial
plan

Fully-owned
subsidiaries

Joint
Venture

Offshoring

Licensing

Exporting

Investment

High

Middle

Middle

Low

Low

Local
customer
Access

High

High

Middle

Low

Low

Distribution
Channel

High

Middle

High

Low

Low

Management
Control

High

Middle

Middle

Middle

Low

Utilize
SABMiller’s
facility

utilize channel of
JV (SABMiller &
Snow beer)

License out to
Petropolis

14
Market
Selection

Entry
strategy

Business
Strategy

Financial
plan

3) Business Strategy for S. Africa
Utilize SABMiller’s facility by adding Grolsch’s brewery line,
Grolsch bar for promotion

15
Market
Selection

Entry
strategy

Business
Strategy

Financial
plan

3) Business Strategy for S. Africa

Utilize SABMiller’s facility with additional brewery construction
 Homemade alcohol is common
 More PPL like to drink beer at bar
 Beer has cool & sophisticated image

Grolsch’s original taste as
imported product
(dry and bitter, refreshing)

Product
Target: Middle-High class

 Economic growth
 More PPL love premium beer
 Beer price
(Domestic75-120JPY, Imported150JPY)

Price

Premium imported beer
120JPY / 350 mL can

 SABMiller is No.1 in Africa
 SAB has brewery & distribution
channel

Place

Utilize SABMiller’s channel &
brewery
Grolsch bar

 Need differentiation from SAB
Miller’s brand

Promotion

Grolsch bar with premium
atmosphere
16
Market
Selection

Entry
strategy

Business
Strategy

3) Business Strategy for Brazil

Financial
plan

License out to a local company with strong promotional support
Market
Selection

Entry
strategy

Business
Strategy

3) Business Strategy for Brazil

Financial
plan

License out to a local company with strong promotional support
 Preference of strong alcohol
 Female workers love beer

Grolsch’s original taste
Target: Guests imported product as
of Events
Product
(dry and bitter, refreshing)

 Economic growth
 More PPL love premium
 Beer Price
(Domestic100-130JPY, Imported 260JPY)

Price

Premium imported beer
150JPY / 350 mL can

 No related company of SABMiller
 Maintain management power

Place

License out to a local
company (Petroporis)

Promotion

Being an official sponsor of
Samba carnival, Football
events

 Huge demand while events
Market
Selection

Entry
strategy

Business
Strategy

3) Business Strategy for China

Financial
plan

Utilize channel of JV (SABMiller & Snow beer)
Promotion at high quality place

Collaboration with Snow Beer

Promotion at supermarket
& restaurant

19
Market
Selection

Entry
strategy

Business
Strategy

3) Business Strategy for China

Financial
plan

Utilize channel of JV (SABMiller & Snow beer)
Promotion at high quality place
 Preference of light taste

 Economic growth
 More PPL love premium

 SABMiller has JV

 SABMiller has JV

Product

Localized light taste
Premium range

Price

Premium imported beer
100JPY / 350 mL can

Place

Utilize SABMiller’s JV channel
High quality supermarket
Famous restaurant

Promotion

Differentiate SABMiller
TV commercial,
at site promotion (girls)

Target: People love to share time
Market
Selection

Entry
strategy

3) Business Strategy
Global Strategy
Proposal
Current
Market
全社
(Europe)

2008

2010-2016

STEP 1

Business
Strategy

Financial
plan

2017 Goal

STEP 2

Maintain current positioning (Premium)

South
電力・通信事業
Africa

Additional
line in
SABMiller

Co-promotion with SABMiller

建築・道路事業
Brazil

License out to
Local Co.

Intensive promotion support

樹脂事業
China

Marketing research

World
Top 10 Brand

Co-promotion with JV
21
Market
Selection

Entry
strategy

4) Financial Plan
Benefit

Business
Strategy

Financial
plan

Investment
Revenue assumption = (Marginal consumption) *
(Premium Lager ratio 16.4%) * (Price 120yen/can)
EBITA = Revenue * EBITA Margin 26%
Revenue assumption = (Total consumption) *
(Petropolis share 9.8%)* (Premium Lager ratio
16.4%) * (License fee 5euro/hl)
EBITA = Revenue * EBITA Margin 21%
Revenue assumption = (Marginal consumption) *
(Snow beer share 18%) * (Premium Lager ratio
16.4%) * (Price 100yen/can)
EBITA = Revenue * EBITA Margin 5%

Investment is
referred from an
investment
case, being
estimated 5
billion yen for
0.4 million hl
beer production
Reference: Sapporo beer
factory investment in
Vietnam

22
Market
Selection

Entry
strategy

4) Financial Plan
2008
S outh Investm ent(m i. JP Y )
l
-2,
660
A fri
ca V ol e(m i. hl
um
l )
0.
028
R evenue(m i. JP Y )
l
957
EB IT A (m i. JP Y )
l
249
B razi Investm ent(m i. JP Y )
l
l
0
V ol e(m i. hl
um
l )
0.
404
R evenue(m i. JP Y )
l
242
EB IT A (m i. JP Y )
l
51
C hi
na Investm ent(m i. JP Y )
l
-9,
952
V ol e(m i. hl
um
l )
0
R evenue(m i. JP Y )
l
0
EB IT A (m i. JP Y )
l
0
CF
-12,
313

IR
R

Financial
plan

2009

2010

2011

2012

2013

2014

2015

2016

2017

0.
068
2,
343
609

0.
103
3,
514
914

0.
137
4,
686
1,
218

0.
146
5,
012
1,
303

0.
156
5,
361
1,
394

0.
167
5,
734
1,
491

0.
179
6,
133
1,
595

0.
191
6,
560
1,
706

0.
205
7,
016
1,
824

0.
830
1.
277
1.
747
1.
794
1.
842
1.
891
1.
941
1.
993
2.
046
498
766
1,
048
1,
076
1,
105
1,
135
1,
165
1,
196
1,
228
105
161
220
226
232
238
245
251
258
-100
0 0.
428
0.
571
0.
600
0.
630
0.
661
0.
694
0.
729
0.
766
0 12,
242 16,
322 17,
138 17,
995 18,
895 19,
839 20,
831 21,
873
0
612
816
857
900
945
992
1,
042
1,
094
614
1,
687
2,
255
2,
386
2,
526
2,
674
2,
831
2,
998
3,
176

10.
4%

• IRR of the strategy implementation is

4,000

2,000

10.4%, which exceeds the average cost

0
-2,000

of capital (estimated to be 7.5%)

-4,000
-6,000

• Total volume of Grolsch will reach 4.9

-8,000
-10,000

mil. hl (TOP 10 level) including current

-12,000
-14,000

Investment SA
EBITA SA

Business
Strategy

Investment BR
EBITA BR

Investment CH
EBITA CH

market growth 1.9 mil. hl
23
4. Conclusion
Propose to change the current global strategy to reach
Global Top 10 brand
① Enter to developing market
- South Africa
- Brazil
- China
② Focus on Premium beer with localization

Achieve 4.9 M hl volume in 2017
South Africa, Brazil China → 3.0 M hl
Western Europe →1.9M hl

IRR
9.6%>7.5%
24
Goshi FUJIMOTO

Nobuya YOSHIZAWA

Eiji KOIZUMI

Natsuhi INOUE
25

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Grolsch case study

  • 2. Table of contents 1.Current business situation - Independent subsidiary of SAB Miller - Current global strategy : Key market, 4P, SWOT - TOP 10 Quantitative goal 2.Issues & Options - Target countries - Return on Investment 3. Recommendation - Go to new market strategy 4. Conclusion 2
  • 3. 1-1. Background SAB Miller (Second largest brewer) Acquired by SAB in 2007 SAB Miller Strategy  Capture growth in beer volume in the developing markets  Develop attractive portfolio  Keep good operation  Leverage global scale New CEO Rob Snel Royal Grolsch N. V. (51st largest brewer) Grolsche Bierbrouwerij Netherland Grolsch International Expect to sell Grolsch premium beer in Latin America and Africa where SAB Miller has got a strong route to market Grolsch(UK) Ltd.(JV with Coors) 3
  • 4. 1-2.Current Global Strategy Vision: The brewing industry has failed to keep pace with the changes in consumers’ preferences for drinks. This has created a mainstream category that is under pressure from other drinks. Grolsch believes in the strength of beer in the drinks market. Mission: Grolsch is going to break through the mainstream and restore beer’s premium status. Focus on cost structure and efficiency Focus on growth in full-grown beer market 1 Innovation department, R&D 1 Internal logistics 2 Marketing investment 2 Decrease in overhead expenses 3 Expansive on-trade policy 3 New facilities 4 Target Growth core market 4 Decrease in cost price 5 Vision and mission 6 Market position 7 Brand campaign 8 New Design/New concepts Reference: Exhibit 8 Strategy Goal Global Top 10 Brand 4
  • 5. 1-3.Current Marketing Strategy Marketing Strategy (4P) Netherland US Product -Grolsch: Premium beer(Swingtop) -Amsterdam: nonpremium beer -Grimbergen: Imported beer -Grolsch: Premium beer(Swingtop) -Amsterdam: nonpremium beer -Grimbergen: Imported beer -Grolsch: Premium beer(Swingtop) -Amsterdam: nonpremium beer -Grimbergen: Imported beer -Grolsch: Premium beer(Swingtop) -Amsterdam: nonpremium beer -Grimbergen: Imported beer Price Standard: Discount: Comparable: Higher: Placement/ Price promotion, Distribution PerfectDraft dispenser system, on-premise channels Distributed by Anheuser-Bush Grolsch UK Own local distribution Promotion Got that Swing Green Light District campaign Advertising UK France 5
  • 7. 1-5.SWOT Analysis Strength -SAB Miller’s Strong route channel and global production -Grolsch 21st brand and its taste and quality Weakness -No approach to developing market -Lack of price elasticity Opportunity  Leverage SAB Miller -Increase Premium lager channel to promote consumption Premium beer -Expand beer consumption in developing market  Access to developing market Threat -Market shrinking in developed market -Price pressures -Non beer drinks  Target developing market  Cost reduction  Focus on Premium beer Propose to change the current strategy 7
  • 8. 2. Issue and options Issue  How to reach Global Top 10 (more than 4.9 M hl volume )in non-domestic market Option 1 Change current strategy Target MKT Growth Match with SAB Miller’s strategy Option 2 Keep current strategy Target Current and emerging market Growing Leverage SAB Miller asset and meet their expectations > Developed market MKT Growth Shrinking Match with SAB Miller’s strategy No planned 8
  • 9. 3-1. Recommendation 1) Which countries should our company enter into? 3) How do we create business strategy? 2) How do we enter local markets (JV, Acquisition, Start-up)? 4) How is business return? 9
  • 10. Market Selection Entry strategy 1) Market Selection Business Strategy Financial plan MABA Framework MA Potential Market Volume • Volume of Premium • Volume Growth of Premium • Price Differentiation • Language • EU Relation • Transport in EUROS • GDP per capita BA • Volume of Grolsch • Volume Growth of Grolsch • Variable Commercial Contribution • Grolsch Share Market Selection Imported Brands Growth Distance 10
  • 11. Market Selection Entry strategy 1) Market Selection Business Strategy Financial plan Potential Market Volume (000s hl) 300,000 Potential Market 250,000 Volume 200,000 Potential 150,000 Total Consump. = Major Co’s sales - 100,000 Imported Brands Growth 3.5 3.0 2.5 2.0 1.5 1.0 bil. litre 0.5 0.0 2000 2001 2002 2003 2004 2005 Western Europe Imported Share Eastern Europe Imported Share North America Imported Share Latin America Imported Share Asia Pacific Imported Share Australasia Imported Share Africa and Middle East Imported Share USA CANADA POLAND SOUTH… COLO… VENEZ… ITALY FRANCE UKRAINE MEXICO SOUTH… AUSTR… THAIL… BRAZIL SPAIN RUSSIA UK JAPAN CHINA - GERMA… 50,000 3% growth 7% growth 6% growth 15% growth 8% growth No growth 11% growth 11
  • 12. Market Selection Entry strategy 1) Market Selection Distance CHI A N U SA G ER M A N Y B R A ZI L RU SSI A JA P A N UK M EX I O C SPAI N P O LA N D S O U T H A FR I A C V EN EZU ELA C AN AD A U KRAI E N FR A N C E TH AI N D LA I A LY T C O LO M B I A A U S T R A LI A S O U T H K O R EA Go to … G D P per M em ber capia i 2005 t n of EU 1, 731 No 42, 516 No 33, 543 Y ES 4, 739 No 5, 337 No 35, 781 No 38, 122 Y ES 7, 667 No 26, 056 Y ES 7, 963 No 5, 234 No 5, 445 No 35, 088 No 1, 829 No 33, 819 Y ES 2, 690 No 30, 479 Y ES 3, 393 No 33, 948 No 17, 551 No Business Strategy Language ( ,G er an,D ut EN m ch) No Y ES ( ) EN Y ES ( R ) G No No No Y ES ( ) EN No No No Y ES ( ) EN No Y ES ( ) EN No No No No No Y ES ( ) EN No Financial plan Tr anspor t Expensi ve C heap C heap Expensi ve A ver age Expensi ve C heap Expensi ve A ver age A ver age C heap Expensi ve A ver age Expensi ve C heap Expensi ve A ver age Expensi ve Expensi ve Expensi ve 12
  • 13. Market Selection Entry strategy 2) Entry Strategy Business Strategy Financial plan South Africa Monopoly market No.1: SAB Miller (MS 98%) Brazil China Occupied by major brewery groups Competitive market Number of beer company: 800→300 (M&A) No.1: Anheuser-Busch InBev : MS 70% No.2 : Grupo Schincariol : MS11.6% Grope of Kirin No.3: Petrópolis brewery : MS9.8% No.1: Snow beer (華潤雪花) : MS17.8% JV with SAB Miller No.2 : Tsingtao(青島): MS13.2% No.3: Anheuser-Busch InBev (Belgium)MS11.9% Web Data 2009 BRICs経済研究所レポート2006 13
  • 15. Market Selection Entry strategy Business Strategy Financial plan 3) Business Strategy for S. Africa Utilize SABMiller’s facility by adding Grolsch’s brewery line, Grolsch bar for promotion 15
  • 16. Market Selection Entry strategy Business Strategy Financial plan 3) Business Strategy for S. Africa Utilize SABMiller’s facility with additional brewery construction  Homemade alcohol is common  More PPL like to drink beer at bar  Beer has cool & sophisticated image Grolsch’s original taste as imported product (dry and bitter, refreshing) Product Target: Middle-High class  Economic growth  More PPL love premium beer  Beer price (Domestic75-120JPY, Imported150JPY) Price Premium imported beer 120JPY / 350 mL can  SABMiller is No.1 in Africa  SAB has brewery & distribution channel Place Utilize SABMiller’s channel & brewery Grolsch bar  Need differentiation from SAB Miller’s brand Promotion Grolsch bar with premium atmosphere 16
  • 17. Market Selection Entry strategy Business Strategy 3) Business Strategy for Brazil Financial plan License out to a local company with strong promotional support
  • 18. Market Selection Entry strategy Business Strategy 3) Business Strategy for Brazil Financial plan License out to a local company with strong promotional support  Preference of strong alcohol  Female workers love beer Grolsch’s original taste Target: Guests imported product as of Events Product (dry and bitter, refreshing)  Economic growth  More PPL love premium  Beer Price (Domestic100-130JPY, Imported 260JPY) Price Premium imported beer 150JPY / 350 mL can  No related company of SABMiller  Maintain management power Place License out to a local company (Petroporis) Promotion Being an official sponsor of Samba carnival, Football events  Huge demand while events
  • 19. Market Selection Entry strategy Business Strategy 3) Business Strategy for China Financial plan Utilize channel of JV (SABMiller & Snow beer) Promotion at high quality place Collaboration with Snow Beer Promotion at supermarket & restaurant 19
  • 20. Market Selection Entry strategy Business Strategy 3) Business Strategy for China Financial plan Utilize channel of JV (SABMiller & Snow beer) Promotion at high quality place  Preference of light taste  Economic growth  More PPL love premium  SABMiller has JV  SABMiller has JV Product Localized light taste Premium range Price Premium imported beer 100JPY / 350 mL can Place Utilize SABMiller’s JV channel High quality supermarket Famous restaurant Promotion Differentiate SABMiller TV commercial, at site promotion (girls) Target: People love to share time
  • 21. Market Selection Entry strategy 3) Business Strategy Global Strategy Proposal Current Market 全社 (Europe) 2008 2010-2016 STEP 1 Business Strategy Financial plan 2017 Goal STEP 2 Maintain current positioning (Premium) South 電力・通信事業 Africa Additional line in SABMiller Co-promotion with SABMiller 建築・道路事業 Brazil License out to Local Co. Intensive promotion support 樹脂事業 China Marketing research World Top 10 Brand Co-promotion with JV 21
  • 22. Market Selection Entry strategy 4) Financial Plan Benefit Business Strategy Financial plan Investment Revenue assumption = (Marginal consumption) * (Premium Lager ratio 16.4%) * (Price 120yen/can) EBITA = Revenue * EBITA Margin 26% Revenue assumption = (Total consumption) * (Petropolis share 9.8%)* (Premium Lager ratio 16.4%) * (License fee 5euro/hl) EBITA = Revenue * EBITA Margin 21% Revenue assumption = (Marginal consumption) * (Snow beer share 18%) * (Premium Lager ratio 16.4%) * (Price 100yen/can) EBITA = Revenue * EBITA Margin 5% Investment is referred from an investment case, being estimated 5 billion yen for 0.4 million hl beer production Reference: Sapporo beer factory investment in Vietnam 22
  • 23. Market Selection Entry strategy 4) Financial Plan 2008 S outh Investm ent(m i. JP Y ) l -2, 660 A fri ca V ol e(m i. hl um l ) 0. 028 R evenue(m i. JP Y ) l 957 EB IT A (m i. JP Y ) l 249 B razi Investm ent(m i. JP Y ) l l 0 V ol e(m i. hl um l ) 0. 404 R evenue(m i. JP Y ) l 242 EB IT A (m i. JP Y ) l 51 C hi na Investm ent(m i. JP Y ) l -9, 952 V ol e(m i. hl um l ) 0 R evenue(m i. JP Y ) l 0 EB IT A (m i. JP Y ) l 0 CF -12, 313 IR R Financial plan 2009 2010 2011 2012 2013 2014 2015 2016 2017 0. 068 2, 343 609 0. 103 3, 514 914 0. 137 4, 686 1, 218 0. 146 5, 012 1, 303 0. 156 5, 361 1, 394 0. 167 5, 734 1, 491 0. 179 6, 133 1, 595 0. 191 6, 560 1, 706 0. 205 7, 016 1, 824 0. 830 1. 277 1. 747 1. 794 1. 842 1. 891 1. 941 1. 993 2. 046 498 766 1, 048 1, 076 1, 105 1, 135 1, 165 1, 196 1, 228 105 161 220 226 232 238 245 251 258 -100 0 0. 428 0. 571 0. 600 0. 630 0. 661 0. 694 0. 729 0. 766 0 12, 242 16, 322 17, 138 17, 995 18, 895 19, 839 20, 831 21, 873 0 612 816 857 900 945 992 1, 042 1, 094 614 1, 687 2, 255 2, 386 2, 526 2, 674 2, 831 2, 998 3, 176 10. 4% • IRR of the strategy implementation is 4,000 2,000 10.4%, which exceeds the average cost 0 -2,000 of capital (estimated to be 7.5%) -4,000 -6,000 • Total volume of Grolsch will reach 4.9 -8,000 -10,000 mil. hl (TOP 10 level) including current -12,000 -14,000 Investment SA EBITA SA Business Strategy Investment BR EBITA BR Investment CH EBITA CH market growth 1.9 mil. hl 23
  • 24. 4. Conclusion Propose to change the current global strategy to reach Global Top 10 brand ① Enter to developing market - South Africa - Brazil - China ② Focus on Premium beer with localization Achieve 4.9 M hl volume in 2017 South Africa, Brazil China → 3.0 M hl Western Europe →1.9M hl IRR 9.6%>7.5% 24
  • 25. Goshi FUJIMOTO Nobuya YOSHIZAWA Eiji KOIZUMI Natsuhi INOUE 25