CHINA MENGNIU DAIRY COMPANY LIMITED * 2319 15.4% 44.1% 25% 51% WhiteWave C 96% * 1
4 50,049,243 43,356,908 (34,615,630) (31,659,663) 15,433,613 11,697,245 4 449,074 288,633 (10,563,695) (8,168,238) (1,941,237) (1,605,791) 5 (713,207) (360,125) 2,664,548 1,851,724 547,638 359,295 7 (339,910) (160,377) 277,732 153,861 6 3,150,008 2,204,503 8 (459,292) (366,713) 2,690,716 1,837,790 9 (63) 24,198 2,690,653 1,861,988 2,350,803 1,630,925 339,850 231,063 2,690,653 1,861,988 11 1.210 0.904 1.210 0.891 1.203 0.896 1.203 0.883 2
9,667,308 9,246,109 2,030,097 1,275,875 103,814 115,816 1,050,567 1,048,813 5,837,501 5,694,938 1,620,375 1,612,293 3,840,594 2,843,155 379,910 155,739 160,271 36,707 1,894,059 1,699,666 163,704 289,145 26,748,200 24,018,256 8,338,024 1,744,747 17,455 4,342,292 2,577,078 12 1,148,186 754,265 1,573,053 2,485,297 255,589 561,709 4,649,560 7,101,580 20,324,159 15,224,676 9 8,433 1,096,464 20,332,592 16,321,140 13 4,991,847 4,761,298 4,554,420 4,354,840 4,360,618 8,461,506 118,365 92,565 4,506 23,537 19,389 297,280 170,483 14,350,573 17,860,081 9 572 203,250 14,351,145 18,063,331 5,981,447 (1,742,191) 32,729,647 22,276,065 3
5,464,050 3,235,535 63,812 100,678 270,477 200,326 92,076 64,429 7,618 2,338,741 663,959 8,236,774 4,264,927 24,492,873 18,011,138 196,246 186,476 (489,075) (394,121) 14,963,385 10,628,142 6,818,844 4,940,421 21,489,400 15,360,918 3,003,473 2,650,220 24,492,873 18,011,138 4
1. 2.1 62211 76 879 32 (i) (ii)(iii)(i) (ii)(iii) 5
2.2 9 2 9 3 10 12 27 32 2 21 2 1 3 1 13 1 1 2 3 9 9 9 9 39 39 9 6
2.2 39 9 39 9 (a) 302,049 302,049 (a) 98,531 98,531 (b) 41,066 41,066 (c) 130,258 130,258 (c) 220,000 220,000 (c) 1,344,508 1,344,508 (d) 24,472 24,472 (d) 49,981 49,981 (d) 150,000 150,000 (d) 1,083,548 1,083,548 3,444,413 3,444,413 (d) 754,265 754,265 (d) 337,798 337,798 (d) 561,709 561,709 (d) 7,101,580 7,101,580 12,199,765 12,199,765 7
2.2 (a) 39 9 (b) (c) (d) 39 9 39 39 9 9 9 9 9 9 9 9 8
3. UHT 9
3. 43,036,163 2,716,096 3,960,963 336,021 50,049,243 855,158 145,220 487,863 217,565 1,705,806 43,891,321 2,861,316 4,448,826 553,586 51,755,049 (1,705,806) 50,049,243 2,930,154 4,363 354,682 (126,882) 3,162,317 547,638 (339,910) 277,732 (497,769) 3,150,008 (459,292) 2,690,716 22,706,898 2,583,398 12,409,854 1,795,576 39,495,726 (9,242,313) 16,818,946 8,433 47,080,792 13,408,400 1,715,683 2,408,830 1,048,115 18,581,028 (9,242,313) 13,248,632 572 22,587,919 10
3. 999,647 116,295 147,057 28,185 1,291,184 50,532 1,341,716 1,816,218 101,966 926,417 159,640 3,004,241 274,037 * 3,278,278 365,006 8,439 2,555 2,281 378,281 (20,253) (1,847) (22,100) 194,599 550,780 * 11
3. 37,902,833 3,023,370 2,177,251 253,454 43,356,908 281,572 40,549 38,829 43,066 404,016 38,184,405 3,063,919 2,216,080 296,520 43,760,924 (404,016) 43,356,908 2,350,741 51,866 95,413 (22,796) 2,475,224 359,295 (160,377) 153,861 (623,500) 2,204,503 (366,713) 1,837,790 19,362,089 1,536,988 11,861,065 474,480 33,234,622 (8,618,415) 14,626,725 1,096,464 40,339,396 15,102,984 1,251,766 2,051,448 482,434 18,888,632 (8,618,415) 11,854,791 203,250 22,328,258 12
3. 961,248 112,220 92,535 6,307 1,172,310 45,272 1,217,582 4,547,984 338,550 7,280,321 12,539 12,179,394 417,135 * 12,596,529 79,750 10,431 1,477 239 91,897 15,322 3,755 19,077 184,413 295,387 * a. 90% b. 90% 10% 13
4. 50,049,243 43,356,908 20,489 19,385 151,031 71,775 94,903 22,916 13,875 155,147 17,455 43,318 85,087 42,326 449,074 288,633 50,498,317 43,645,541 5. 14,203 18,634 22,814 17,496 287,779 277 1,551 9,162 88,951 81,934 214,295 194,886 37,986 45,628 37,736 713,207 360,125 14
6. 34,612,864 31,656,106 2,766 3,557 34,615,630 31,659,663 2,863,833 2,350,027 271,609 240,100 (46,935) 52,382 219,434 151,108 3,307,941 2,793,617 1,294,922 1,178,923 4,258 1,815 25,264 21,748 17,272 15,096 66,975 57,007 88,951 81,934 442,298 318,127 252,368 156,488 599,450 595,998 4,640 4,440 7. 8,943 11,659 211,338 123,114 3.50%500,000,000 106,871 10,392 10,279 15,212 2,479 339,910 160,377 15
8. 25%25% 681,915 385,903 6,705 (9,224) (229,328) (9,966) 459,292 366,713 3,150,008 2,204,503 25%25% 787,502 551,126 30,920 56,337 6,705 (9,224) (a) (76,854) (66,081) (a) (211,536) (159,879) 5% (12,500) (681) (62,303) (27,514) (35,255) (3,738) 74,870 26,367 (42,257) 14.58%16.63% 459,292 366,713 (a) (b) 1,197,932,000 745,140,000 12,404,000 12,010,000 16
9. 100%43% 50.68% 43.35% 64% 36%5,763,000 20 43,081 (83) (18,650) (233) (63) 24,198 (63) 24,198 17
9. 275,126 67,624 6,522 2,676 495,568 74,102 72 12,711 7,812 390,376 549 56,299 8,433 1,381,004 (284,540) 8,433 1,096,464 13 54,320 559 663,705 30,000 572 748,025 (544,775) 572 203,250 7,861 893,214 (705) (167,712) (487,142) 667,297 (705) 12,443 18
10. 391,060 290,488 0.28 0.20 (a)/(b) 548,406 367,053 (a) (b) 11. 1,942,240 1,804,966 6,804 5,271 5,508 10,160 1,954,552 1,820,397 19
12. 116,946 64,628 1,191,066 762,577 (159,826) (72,940) 1,148,186 754,265 3 1,018,735 635,620 4 6 82,420 95,743 7 12 20,722 11,353 1 26,309 11,549 13. 1,148,186 754,265 3 4,200,799 4,199,004 4 6 752,738 524,303 7 12 30,792 29,127 1 7,518 8,864 14. 4,991,847 4,761,298 Danone Asia Baby Nutrition Pte. Ltd. 1,186,390,074 25%3.70 68.05%51.04% China Dairy (Mauritius) Ltd. 6.6862%2,505,732,000 3,162,166,00010 China Dairy (Mauritius) Ltd. 99.9775% 20
11.8% C 21
Best 50 20 500 9 128 Danone S.A. Danone DanoneDanone4.0% 9.9% 31.5% 16.3% 9.9% 5.3% Danone Danone80% 20% Danone Danone 13 Danone 240 22
C 200 100mlC Danone Arla Foods Arla Arla Arla Arla Arla Arla Arla ArlaArla 1230 Arla 23
3.7 25% 51% Danone Danone UniServices 5-24
The WhiteWave Foods CompanyWhiteWave WhiteWave WhiteWave 51% 49% WhiteWaveSilk 0 100% E Silk 25
13 13 SGS AsureQuality AsureQuality 26
96% (FM) + + 100 300 3,000 94% FM Mengniu Excellent Supplier System MES 54 MES0.12 100300 3000 10 Arla Gaarden 1170661 27
18 Central Business Unit CBUCBUCBU CBU CBU 160Regional Business Unit RBU 3,000 Key Account KA KAKA KA KA-EPOSKA5,000 1 28
3,890 APP APP 1,900 6210 29
MMA TMA 99 C SNS C 2 2 APP 30
11 SAP SAP Enterprise Resource Planning ERP Customer Relationship Management CRM ERP ERP ERP CRM 31
1 28.164 14.991 500.492433.56915.4% 12.8%472.328 418.578C C 154.336116.972 3.830.8%27.0% 139.698109.184 29.6%3.5 14.6387.788 132.181 101.341 26.4% 23.4%118.703 94.641 25.1%22.6% 29.3% 105.637 81.68221.1% 18.8%94.569 76.04020.0% 18.2% 1.8 1 32
54.1%41.77327.101 8.3%6.3% 49.5%37.42325.025 7.9%6.0% 1.9 35.0%26.54419.659 5.3%4.5% 24.13418.601 5.1%4.4% 0.7 (EBITDA) 31.9% 42.839 32.474EBITDA 8.6%7.5% EBITDA39.46730.865EBITDA 8.4%7.4% 44.1%23.508 16.3091.215 1.210 0.90433.8% 22.29315.356 45.2% 14.6%16.6 2.0 14.1% 17.02.9 33
32.783 125.965 74.0% 28.129 1.185 2.95125.540 123.746 7.243 97.294 30.799 32.837 Danone 51.525 6.650 98.247116.970 90.621 114.955 51.75145.955 52.123 52.040 244.929 180.111 40.1%64.9% 3.3991.604 0.7%0.4%3.332 1.5030.7% 0.4% 0.3 34
430.361 379.028 86.0% 87.4% UHT 237.016 220.533 55.1% 58.2% Arla M-PLUS M-PLUS APP 35
36
Arla 100% 119.206 104.255 27.7% 27.5% C 100ml 90 C 74.139 54.240 17.2% 14.3% Danone 27.161 30.234 5.4% 7.0% + 37
39.610 21.773 7.9% 5.0% Arla Baby & Me - - + 3.360 2.535 0.7% 0.6% Arla WhiteWave 33810777 38
6.5 64.5 7.710,000 108 88 22 500 70,000 60 22 500 30 120,000 1,000 2,000 50 39
1+1 3.7% 0.28% 333 889 10 Offer 38,100 4,950 33.07927.936 40
6,055,000 0.34%10% 100 100 100 TOP20 100 100 Junior 100 MT 100 GT 100100 100 100 100 100 100 41
CBU SAP 42
3.613 12,783,000 0.2 (i) (ii) 18317 1712 1716 43
183 17 1712 1716 (www.mengniuir.com) (www.hkexnews.hk) Finn S. Hansen Christian NeuJulian Juul Wolhardt 44