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Greece Food and Drink Report Q3 2007

Description: The Greece Food Drink Report provides independent forecasts and competitive intelligence on
Greeces food and drink industry.

In August 2007, some of the worst forest fires in Greek history were reported to have destroyed as
many as 5mn of the country’s olive trees, with the Peloponnese peninsula being one of the regions
worst affected. According to Sevitel, an association of producers and processors, as much as 5% of
this year’s olive harvest may be lost, something which Sevitel believes may reduce Greek olive oil
output for years. The Peloponnese peninsula generates 30% to 40% of Greece’s EUR9bn
(US$12.3bn) olive oil production industry, which is the world’s third largest after Spain and Italy.
According to industry sources, Greece produces on average 300,000 tons a year, meaning that a
5% output cut would represent a loss of about EUR45mn, at current prices. The damage inflicted
on Greece’s olive oil industry looks set to lead to
higher olive oil prices in the months ahead. This development comes at a time when global prices of
basic food commodities - including milk, wheat, barley and coffee - have been increasing as a result
of rising global demand and the shift by a growing number of farmers towards the cultivation of
biofuel crops.

In September, against this backdrop, the Greek competition authorities approved plans for the
majority shareholder in the country’s largest food group Vivartia, to buy the rest of the company.
Marfin Investment first announced in July that it planned to launch a formal public offer for the
remaining 22.4% of Vivartia. Marfin began strengthening its position in Vivartia in early July, with
the acquisition of a 30% stake for EUR549.8m (US$757.8m). Then at the end of July, Marfin
increased its stake to
60.94% and revealed that it would make a public offer to buy all the remaining shares in the Greek
food conglomerate. Vivartia was formed in June 2006 out of the merger between Greek dairy group
Delta Holdings and the country’s largest croissant and snacks maker Chipita International; the food
giant not only leads the Greek market for dairy products, baked goods, fruit juices and frozen and
ready-made foods, but has a major presence in Central and Eastern Europe and a growing
presence in the Middle East.

In June, it was reported that Vivartia planned to establish a joint venture in Saudi Arabia with
Western Bakeries and Olayan Financing Company, with a view to catering to the markets of Saudi
Arabia, UAE, Kuwait, Oman, Bahrain and Qatar. The announcement of the joint venture came just
one week after Vivartia’s EUR18.7mn acquisition of Bulgaria’s largest dairy company, UMC.

The rise to predominance of Vivartia within Greece’s food industry is indicative of wider changes
that have been affecting the industry’s manufacturing and retail sectors. Increasingly, it is larger
operators that are coming to dominate the market, reflecting the extent to which consolidation and
the growth of multinationals has come to characterise the market. Within the retail sector, the two
market leaders, Carrefour Marinopoulos (which is owned by Carrefour of France) and Alpha-Beta
Vassilopoulos (part of Belgium’s Delhaize Group), continue to report solid growth figures.
Meanwhile the expanding discount sector looks set to receive a further boost sometime before the
end of this year, as German discount retailer Aldi prepares for its first foray into the Greek market.

Contents: Executive Summary

Business Environment
SWOT Analysis
Greece Food & Drink Industry SWOT
Macroeconomic Outlook
Table: Greece - Economic Activity
Retail
Regional Overview: The ‘Greening’ Of MGR In Western Europe
Table: MGR Eco-Friendly Strategies In Western Europe
Industry Forecast Scenario
Table: Greece Mass Grocery Retail - Value Sales by Format - Historical Data & Forecasts (US$bn)
Table: Grocery Retail Sales by Format - Historical Data and Forecasts
Industry Developments
Market Overview
Table: Structure of the Mass Grocery Retail Market by Estimated Number of Outlets
Table: Greece Mass Grocery Retail - Value Sales by Format - Historical Data & Forecasts
Table: Average value of MGR Outlets, 2006, US$mn
Food and Drink
Regional Overview: ‘Sweet Tooth’ To Continue In Western Europe
Table: Types of Sugar Manufactured and Consumed in Western Europe
Industry Forecast Scenario
Food
Table: Greece Food Consumption Indicators - Historical Data & Forecasts
Table: Value/Volume Sales of Canned Food & Confectionery - Historical Data & Forecasts
Drink
Table: Greece Beverage Sectors - Value/Volume Sales - Historical Data & Forecasts
Industry Developments
Agriculture
Food
Drink
Market Overview
Agriculture
Table: Greece Organic Agricultural Data
Table: Greece Agricultural Production Statistics
Food
Drink
Tobacco
Industry Forecast Scenario
Table: Cigarette Value/Volume Sales - Historical Data & Forecasts
Industry Developments
Market Overview
Competitive Landscape
Key Players
Mass Grocery Retail
Table - Key Players: Greece’s Mass Grocery Retail Sector
Food and Drink
Table: Key Players: Greece’s Food & Drink Sector
Regional Company Case Studies
Drink: Diageo In Western Europe
Table: Diageo’s Strongest Brands and Future Strategy for Western Europe
Mass Grocery Retail: Ahold In Western Europe
Table: Ahold Financial Results, 2003-2006 (EURmn)
Mass Grocery Retail: ‘De Spar’ In Western Europe
Table: SPAR Retail Sales, 2003-2005 (EURmn)
Food: Danone In Western Europe
Table: Danone’s Total Sales By Business Line (EURmn)
Table: Danone Balance Sheet, 2005-2006
Company Analysis
Mass Grocery Retail
Carrefour Marinopoulos
Atlantic Supermarket SA
Alpha-Beta Vassilopoulos SA
Food
Fage Dairy Industry SA
Vivartia
Drink
Coca-Cola Hellenic Beverages Company (CCHBC)
J Boutaris & Sons Holding SA
Athenian Brewery SA
Our Forecast Modelling
How We Generate Our Industry Forecasts
Retail Industry
Sources
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