World Grain - June 2013 - 16

newsreview
Gruma writes off Venezuela business
MEXICO CITY, MEXICO — Gruma SAB de CV has reclassified
its Venezuelan business and will report on the nationalized assets as
“discontinued operations,” effective Jan. 22, 2013.
The reporting change was announced as part of the company’s
first-quarter financial results.
The move relates to actions by the Venezuelan government dating back to 2009-10, when Venezuela’s government under President
Hugo Chavez expropriated the property and assets of Molinos Nacionales CA, or Monaca, from Gruma.
Gruma Venezuela and a second subsidiary called Demaseca, was
the second largest corn and wheat miller in Venezuela, operating 13
mills. At the time of the expropriation, Gruma Venezuela accounted
for just under 10% of all Gruma SAB sales.

Gruma said the expropriation decree and a related administrative
resolution published in January 2013 in the Official Gazette of Venezuela prompted the reclassification. Based on the International Financial Reporting Standards, Gruma no longer will reconsolidate the
financial information of Monaca and Demaseca.
On Gruma’s balance sheet, the deconsolidation was the largest
influence in a number of significant changes, including a 10% reduction in total assets from the fourth quarter of 2012, to 44.368 billion
pesos ($3.647 billion). With the change, the balance sheet shows the
Venezuelan assets and liabilities as a net asset under the line “assets
held for sale.” Liabilities were lowered by 11% to 31.281 billion pesos ($2.571 billion) and shareholder equity fell 9%, to 13.086 billion
pesos ($1.076 billion).

Olam earnings up 17% in first nine months
SINGAPORE — Olam International Limited reported on May 14
a 17% growth in Profit After Tax and Minority Interest (PATMI)
of S$305.8 million for the first nine months of 2013, compared to
S$261.4 million in the same period a year ago.
Excluding exceptional items, PATMI increased by 15% to S$300.7
million in 2013. Sales revenue increased by 19.7% to S$14.31 billion
as sales volume grew 61.5% to 11.7 million tonnes.
The Food category, which accounted for 89% of total volumes,

77.7% of total revenue and 88.8% of total net contribution, saw sales
volume increase by 70.6% and net contribution by 22% compared
to 2012.
The Food Staples & Packaged Foods segment’s sales volume and net
contribution rose 114.4% and 61.1%, respectively, in 2013. The Grains
business continued to drive strong volume growth from higher origination and milling volumes. The Rice and Packaged Food businesses also
contributed to higher net contribution/tonne during the period.

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For more information, see Page 110.

16

June 2013 / World Grain / www.World-Grain.com


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World Grain - June 2013

Table of Contents for the Digital Edition of World Grain - June 2013

World Grain - June 2013
Table of Contents
From the editor-in-chief - A new measure of business success
Calendar of Events
News Review - Cargill to sell Swiss flour business
ADM: Geographic diversification critical to operations
Richardson completes acquisition of Viterra assets
Drought drops ADM’s first-quarter earnings
GrainCorp profit down 34%
ADM opens soybean processing facility in Paraguay
Income falls for Seaboard trading, milling unit
U.S. court sides with Monsanto in soybean case
Viterra to invest C$20 million to upgrade grain terminals
Gruma writes off Venezuela business
Olam earnings up 17% in first nine months
Bunge putting money behind ports
Wilmar earnings up 23% on oilseeds, grains
Vassart named Cargill Canada’s new president
CBH appoints new general manager, operations
Drought hurts The Andersons first-quarter earnings
Grain Market Review - Rice
Country Focus - Focus on France
Feature - Rising up from the ashes
Feature - The inside story of a groundbreaking trade agreement
Feature - 2013 IAOM Conference & Expo
The scoop on wheat innovation
Feature - Steady hand at the wheel
Feature - Sorghum milling study
Sorghum flour increasingly popular as gluten-free solution
European supplier profiles
Feature - Joseph Rank honored with exhibition
Supplier News
Product Showcase
World Grain Archive
Ad Index/Reader Information Form International Faxback Program
World Grain - June 2013 - World Grain - June 2013
World Grain - June 2013 - 2
World Grain - June 2013 - 3
World Grain - June 2013 - 4
World Grain - June 2013 - Table of Contents
World Grain - June 2013 - From the editor-in-chief - A new measure of business success
World Grain - June 2013 - 7
World Grain - June 2013 - Calendar of Events
World Grain - June 2013 - 9
World Grain - June 2013 - ADM: Geographic diversification critical to operations
World Grain - June 2013 - 11
World Grain - June 2013 - Richardson completes acquisition of Viterra assets
World Grain - June 2013 - Drought drops ADM’s first-quarter earnings
World Grain - June 2013 - ADM opens soybean processing facility in Paraguay
World Grain - June 2013 - Viterra to invest C$20 million to upgrade grain terminals
World Grain - June 2013 - Olam earnings up 17% in first nine months
World Grain - June 2013 - Wilmar earnings up 23% on oilseeds, grains
World Grain - June 2013 - Drought hurts The Andersons first-quarter earnings
World Grain - June 2013 - 19
World Grain - June 2013 - Grain Market Review - Rice
World Grain - June 2013 - 21
World Grain - June 2013 - Country Focus - Focus on France
World Grain - June 2013 - 23
World Grain - June 2013 - 24
World Grain - June 2013 - 25
World Grain - June 2013 - Feature - Rising up from the ashes
World Grain - June 2013 - 27
World Grain - June 2013 - 28
World Grain - June 2013 - 29
World Grain - June 2013 - Feature - The inside story of a groundbreaking trade agreement
World Grain - June 2013 - 31
World Grain - June 2013 - 32
World Grain - June 2013 - 33
World Grain - June 2013 - 34
World Grain - June 2013 - 35
World Grain - June 2013 - 36
World Grain - June 2013 - 37
World Grain - June 2013 - 38
World Grain - June 2013 - 39
World Grain - June 2013 - 40
World Grain - June 2013 - 41
World Grain - June 2013 - Feature - 2013 IAOM Conference & Expo
World Grain - June 2013 - 43
World Grain - June 2013 - The scoop on wheat innovation
World Grain - June 2013 - 45
World Grain - June 2013 - 46
World Grain - June 2013 - 47
World Grain - June 2013 - 48
World Grain - June 2013 - 49
World Grain - June 2013 - 50
World Grain - June 2013 - 51
World Grain - June 2013 - 52
World Grain - June 2013 - 53
World Grain - June 2013 - Feature - Steady hand at the wheel
World Grain - June 2013 - 55
World Grain - June 2013 - 56
World Grain - June 2013 - 57
World Grain - June 2013 - 58
World Grain - June 2013 - 59
World Grain - June 2013 - 60
World Grain - June 2013 - 61
World Grain - June 2013 - Feature - Sorghum milling study
World Grain - June 2013 - 63
World Grain - June 2013 - 64
World Grain - June 2013 - Sorghum flour increasingly popular as gluten-free solution
World Grain - June 2013 - 66
World Grain - June 2013 - 67
World Grain - June 2013 - European supplier profiles
World Grain - June 2013 - 69
World Grain - June 2013 - 70
World Grain - June 2013 - 71
World Grain - June 2013 - 72
World Grain - June 2013 - 73
World Grain - June 2013 - 74
World Grain - June 2013 - 75
World Grain - June 2013 - 76
World Grain - June 2013 - 77
World Grain - June 2013 - 78
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World Grain - June 2013 - 81
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World Grain - June 2013 - 83
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World Grain - June 2013 - 85
World Grain - June 2013 - 86
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World Grain - June 2013 - 89
World Grain - June 2013 - 90
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World Grain - June 2013 - 92
World Grain - June 2013 - 93
World Grain - June 2013 - 94
World Grain - June 2013 - 95
World Grain - June 2013 - 96
World Grain - June 2013 - 97
World Grain - June 2013 - Feature - Joseph Rank honored with exhibition
World Grain - June 2013 - 99
World Grain - June 2013 - Supplier News
World Grain - June 2013 - 101
World Grain - June 2013 - 102
World Grain - June 2013 - 103
World Grain - June 2013 - 104
World Grain - June 2013 - 105
World Grain - June 2013 - 106
World Grain - June 2013 - 107
World Grain - June 2013 - Product Showcase
World Grain - June 2013 - World Grain Archive
World Grain - June 2013 - Ad Index/Reader Information Form International Faxback Program
World Grain - June 2013 - 111
World Grain - June 2013 - 112
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https://digital.world-grain.com/sosland/wg/world-grain-january-2022
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http://digital.world-grain.com/sosland/wg/2005_10_01
http://digital.world-grain.com/sosland/wg/2005_09_01
http://digital.world-grain.com/sosland/wg/2005_08_01
http://digital.world-grain.com/sosland/wg/2005_07_01
http://digital.world-grain.com/sosland/wg/2005_06_01
http://digital.world-grain.com/sosland/wg/2005_05_01
http://digital.world-grain.com/sosland/wg/2005_04_01
http://digital.world-grain.com/sosland/wg/2005_03_01
http://digital.world-grain.com/sosland/wg/2005_02_01
http://digital.world-grain.com/sosland/wg/2005_01_01
http://digital.world-grain.com/sosland/wg/2004_12_01
http://digital.world-grain.com/sosland/wg/2004_11_01
http://digital.world-grain.com/sosland/wg/2004_10_02
http://digital.world-grain.com/sosland/wg/2004_10_02
http://digital.world-grain.com/sosland/wg/2004_10_01
http://digital.world-grain.com/sosland/wg/2004_09_01
http://digital.world-grain.com/sosland/wg/2004_08_01
https://www.nxtbookmedia.com