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F %%%IEKY DARDEN Uvs493

Rev. Jua 4, 2024
Business Publishing

Euroland Foods 2024

In early January 2024, the senior management committee of Euroland Foods (Euroland) was to meet to
draw up the firm’s capital budget for the new year. Up for consideration were 11 major projects that totaled
more than EUR310 million in a context where the board of directors had imposed a spending limit on capital
projects of EUR120 million.! Even at the limited rate, investment of EUR120 million would represent a major
increase to the firm’s current asset base of EUR984 million. The challenge for Euroland’s senior managers was
to allocate funds among a range of compelling projects: new product introduction, acquisition, market
expansion, efficiency improvements, preventive maintenance, safety, and pollution control.

The Company

Headquartered in Brussels, Belgium, Euroland was a multinational producer of high-quality ice cream,
yogurt, bottled water, and fruit juices. Its products were sold throughout Scandinavia, Britain, Belgium, the
Netherlands, Luxembourg, western Germany, and northern France. Production facilities were also located
throughout this region (see Exhibit 1 for 2 map of the company’s distributional reach and production sites).
The company was founded in 1949 by Theo Verdin, a Belgian farmer, as an offshoot of his dairy business.
Through his keen attention to product development and shrewd marketing, the business grew steacily over the
vears. The company went public in 1999, and by 2009 it was listed for trading on the London, Euronext, and
Nasdaq Nordic exchanges. In 2023, Euroland had sales of EURL.6 billion (see Exhibit 2).
Tce cream accounted for 60% of the company’s revenue; yogurt, which was introduced in 1982, contributed
about 20%. The remaining 20% of sales was divided equally between bottled water and fruit juices. Euroland’s
flagship brand name was “Rolly,” represented by a dancing bear in farmer’s clothing. Ice cream, the company’s
leading product, had a loyal base of customers who sought out its high fat content, large chunks of chocolate,
fruit, nuts, and wide range of original flavors.
Euroland sales had been static since 2021, which management attributed to low population growth in
northern Europe and market saturation in some areas. Outside observers, however, faulted recent failures in
new product introductions, citing industry growth estimates of 5% per year over the past few years. The
company stock price had fallen considerably over the past three years and was currently just above book value
(see Exhibit 3). Analysts expressed concern that there was little market value for the company’s brands. Most
members of Euroland’s management team felt that the best path forward for Euroland was to expand the

+EUR = euros

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Page 2 UVe493

company’s market presence and boost sales by introducing more new products. Those managers expected that
increasing Euroland’s market presence and sales was the best way to improve company market value. Other
‘managers felt the company needed to improve the profitability of ifs existing business by reducing costs through
improved efficiency or gaining larger scale efficiency by expanding to new geographies.

Resource Allocation

The capital budget at Euroland was prepared annually by a committee of senior managers, who then
presented it for approval to the board of directors. The committee consisted of five managing directors, the
président directeur-général (PDG), and the finance director. Typically, the PDG solicited investment proposals
from the managing directors. Each proposal included a brief project description, a financial analysis, and a
discussion of strategic or other qualitative considerations.
As a matter of policy, investment proposals at Euroland were subject to two financial hurdles: a payback
hurdle and an intemal rate of return (IRR) hurdle. Euroland’s weighted average cost of capital (WACC) had
been estimated some time before at 9.6%. Rather than use a company benchmark, Euroland used project-
specific hurdle rates according to project type, as shown in Table 1. These hurdles had not been changed by
the management committee for four years.
Table 1. Euroland Foods investment hurdles.

Type of Project . Minimum Masimum Acceptable

cceptable IRR Payback Years
1. New product or new markets 11% 6 years
2. Product or market extension 9% 5 years
3. Efficiency improvements % 4years
4. Safety or environmental No test No test
Source: All tables created by author.

In describing the capital-budgeting process, the finance director, Trudi Lauf, said,
We use the sliding scale of IRR tests as a way of recognizing differences in risk among the various
types of projects. Where the company takes more risk, we need to earn more return. The payback test
signals our commitment to high and quick returns. Consistent with our investors, we are not prepared
for lengthy waits for return on investment.

Ownership and the Sentiments of Creditors and Investors

Euroland’s 12-member board of directors included three members of the Verdin family, four members of
management, and five outside directors who were prominent managers or public figures in northern Europe.
Combined, members of the Verdin family owned 20% of Euroland’s shares outstanding, and company
executives owned 10% of the shares. Venus Asset Management (Venus), an investment management company
in London, held 12%. Banque de Bruges et des Pays Bas (Banque de Bruges) held 9% and had one
representative on the board of directors. The remaining 49% of the firm’s shares were widely held.

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Page 3 UVe493

At a debt-to-equity ratio of 90%, Euroland was among the most leveraged of its European peers.
Management had relied on debt financing significantlyin the past few years to sustain the firm’s capital spending
and dividends during a period of price wars initiated by Euroland. Now, with the price war subsiding,
Euroland’s bankers (led by Banque de Bruges) were losing some enthusiasm for providing additional financing:
The president of Banque de Bruges had remarked at a recent board meeting,
Restoring strength to the right-hand side of the balance sheet is becoming an increasing priority for
Euroland. Any expansion of assets should be mostly financed from the cash flow until the debt ratio
returns to a more prudent level.
At a price-to-earnings (P/E) ratio of 12 times, shares of Euroland common stock were priced below the
average multiples of peer companies. While many businesses had been adversely affected by the global COVID-
19 pandemic, the food industry had been notably protected. Euroland’s share price decline was attributable to
the recent price wars, which had suppressed Euroland’s profitability, and to the company’s well-known recent
failure to seize significant market share with a new product line of flavored mineral water. Recently, all the
major securities houses had been issuing sell recommendations to investors in Euroland shares. Venus had
quietly accumulated shares during this period, however, in the expectation of a turnaround in the firm’s
performance. At the most recent board meeting, the senior managing director of Venus gave a presentation in
which she said,
Euroland equity investors expect an improvement in performance. Cutting the dividend is unthinkable,
as it would signal a lack of faith in your own future. Selling new shares of stock at this depressed price
level is also unthinkable, as it would impose unacceptable dilution on your current shareholders. If an
improvement in financial performance is not forthcoming, or if company managers signal an inability
to find real business improvement opportunity, activist investors—with an agenda for change—will
seize control at depressed prices.
Based on the need to preserve capital, the board of directors had voted unanimously in its most recent
meeting to limit capital spending in 2024 to EUR120 million. The plan was to fund that investment by issuing
EURS50 million in additional debt. Senior management believed that the returns associated with the investment
agenda would be convincing to the company’s bankers.

Members of the Senior Management Committee

With an appreciation of the importance of the decisions at hand, seven senior Euroland managers were
tasked with approving the 2024 capital budget. For consideration, each project had to be sponsored by one of
the managers present. Usually the decision process included a period of discussion followed by a vote on two
to four sets of projects as alternative capital budgets. The various executives who served on the committee were
well known to each other:

Marlon Verdin (Belgian), PDG, age 57. Granddaughter of the founder and spokesperson on the board
of directors for the Verdin family’s interests, Verdin had spent her entire career at Euroland, with
significant experience in brand management. She had been selected as the European Marketer of the
Year in 2012 for successfully transforming the company’s yogurt and ice cream brands. Verdin was
eager to position the company for long-term growth but cautious in the wake of recent difficulties.
Trud; Lanf (Swiss), finance director, age 51. Hired from Nestlé in 2016 to modernize financial controls
and systems, Lauf had been a vocal proponent of reducing leverage on the balance sheet. She frequently
voiced stockholders’ concerns and frustrations, which had only accelerated with recent investor outcry.

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Page 4 UVe493

Heinz, Kiink (German), managing director for distribution, age 49. Klink oversaw the transportation,
warehousing, and order-fulfillment activities in the company. Having worked at Euroland for 25 years,
he was an institutional warrior against spoilage, transport costs, stock-outs, and poor control systems.

Maarten Leyden (Dutch), managing director for production and purchasing, age 59. An engineer by
training, Leyden managed the production operations at Euroland’s 10 plants. He was known as a tough
negotiator, especially with unions and suppliers. A fanatic about production cost control, he was not
shy about voicing his doubts about the sincerity of creditors’ and investors’ commitment to the firm.
Mareo Ponti (ltalian), managing director of sales, age 45. Ponti oversaw the field sales force of 250
representatives and planned changes in geographical sales coverage. Hired from Unilever in 2017 to
revitalize the sales organization, which many believed he had successfully accomplished, he was the
most vocal proponent of rapid expansion on the senior management committee. Ponti advocated
strongly for improved geographical positioning.
Fabienne Morin (French), managing director for marketing, age 41. Morin was responsible for marketing
research, new product development, advertising, and in general, brand management. She was the
primary advocate of the recent price war, which, although financially difficult, had realized solid gains
in market share. She believed that Euroland maintained a valuable window of opportunity for product
and market expansion, and she tended to support growth-oriented projects.
Nigel Humbolt (British), managing director for strategic planning, age 39. Hired two years previously
from a well-known consulting firm to set up a strategic planning staff for Euroland, Humbolt was
known for asking difficult questions about Euroland’s core business, its maturity, and its profitability.
He supported initiatives aimed at growth and market share. He had presented the most-aggressive
proposals in 2023, none of which had been accepted. He was becoming increasingly frustrated with
what he perceived to be his lack of influence in the organization.
Table 2. Euroland Foods 2024 investment proposals.

Expenditure
Project Area (sponsoring manager) (in millions of euros)
1. Truck fleet expansion Distribution (Klink) 33.0
2. New Dijon plant Production (Leyden) 45.0
3. Nuremberg plant expansion Production (Leyden) 150
4. Snack foods rollout Marketing (Morin) 27.0
5. Multiplant upgrade Production (Leyden) 21.0
6. Effluent water treatment Production (Leyden) 6.0
7. Southward market expansion Sales (Ponti) 30.0
8. Eastward market expansion Sales (Ponti) 30.0
9. Nondairy yogurt line Marketing (Morin) 27.0
10. Tnventory-control system Distribution (Klink) 25
11, Strategic acquisition Strategic planning (Humbol?) 600

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Page 5 UVe493

The Expenditure

In consideration of the 2024 capital budget for Euroland, a slate of 11 important investment projects had
been drafted (see Table 2). The committee was to discuss and make decisions on these projects in its upcoming
meeting. A summary of the investment implications for the proposals is contained in Exhibit 4. While the
investment requirement of some projects were spread out across multiple years, the EUR120 limit was not
affected by the year the capital would be deployed but rather by the total capital requirement.
Project 1. Truck fleet expansion

Klink proposed purchasing 200 new refrigerated tractor-trailer trucks, 100 each in 2024 and 2025. By doing
so, the company would be able to sell 150 old, fully depreciated trucks for a total of EUR4 million, yet expand
the fleet by 50 trucks within two years. Each of the new trailers would be larger than the old trailers and afford
a 15% increase in cubic meters of goods hauled on each trip. The new tractors would also be more fuel- and
maintenance-efficient. The increase in the number of trucks would permit more-flexible scheduling and more-
efficient routing and servicing of the fleet; it would also cut delivery times and, therefore, inventory levels. And
it would enable more-frequent deliveries to the company’s major markets, which would reduce the loss of sales
caused by stock-outs. Finally, expanding the fleet would support geographical expansion over the long term.
As shown in Exhibit 4, the total net investment in trucks (EUR30 million), along with the increase in
working capital to support added maintenance, fuel, payroll, and inventories (EUR3 million), was expected to
vield cost savings and added sales gains over the next seven years. The resulting TRR was estimated to be 6.8%,
marginally below the minimum 7% required return on efficiency projects. The project was classified as
efficiency, but some thought it should be classified as a market extention.
Project 2. New Dijon plant

Leyden highlighted that Euroland yogurt and ice cream sales in the south region of the company’s market
were about to exceed the capacity of its Melun manufacturing and packaging plant. At present, some of the
demand was being met by shipments from the company’s newest, most efficient facility, located in Strasbourg,
France. Shipping costs over that distance were higher, however, and some sales were undoubtedly being lost
when the marketing effort could not be supported by timely delivery. Leyden proposed that a new
manufacturing and packaging plant be built in Dijon, France, at the southern edge of Euroland’s current
marketing region, to take the stress off the Melun and Strasbourg plants.
The property, plant, and equipment investment in the Dijon plant was expected to be EUR37.5 million,
while working capital was expected to be EUR7.5 million. The equipment was to be amortized over 7 years,
and the plant over 10 years. Through an increase in sales in Euroland’s current distributional area and decreases
in delivery costs, the plant was expected to yield an IRR of 10.8% over the next 10 years. This project was
classified as a market extension.
Project 3. Nuremberg plant expansion

Leyden observed that in addition to the need for greater production capacity in Euroland’s south region,
its Nuremberg plant had reached full capacity. That situation made the scheduling of routine equipment
maintenance difficult, which, in tarn, created production scheduling and deadline problems. This plant was one
of two highly automated facilities that produced Euroland’s entire line of bottled water, mineral water, and fruit
juices. The Nuremberg plant supplied Euroland’s central, southern, and westemn markets; the other plant in
Copenhagen supplied the northern markets.

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Page 6 UVe493

The Nuremberg plant’s capacity could be expanded by 20% for EUR15 million. The equipment would be
depreciated over 7 years, and the plant over 10 years. The increased capacity was expected to result in additional
production over the next 10 years, yielding an IRR of 9.9%. This project was classified as 2 market extension.
Project 4. Snack foods rollout

Morin suggested that the company use the excess capacity atits Antwerp spice- and nut-processing facility
to produce a line of dried frits to be test-marketed in Belgium, Britain, and the Netherlands. She noted the
strength of the Rolly brand in those countries and the success of other food and beverage companies that had
expanded into snack food production. She argued that Euroland’s reputation for wholesome, high-quality
products would be enhanced by a line of dried fruits and, further, that name association with the new product
would probably even lead to increased sales of the company’s other products among health-conscious
consumers.
Equipment and working capital investments were expected to total EUR22.5 million and EUR4.5 million,
respectively, for this project. The equipment would be depreciated over seven years. Assuming the test market
was successful, cash flows from the project would be able to support further plant expansions in other strategic
locations. The IRR was expected to be 12.5%, above the required return of 11% for new product projects.
Project 5. Multiplant upgrade

Leyden had requested EUR21 million to increase automation of the production lines at six of the
company’s older plants. The result would be improved throughput speed and reduced accidents, spillage, and
production tie-ups. The last two plants the company had built included conveyer systems that eliminated the
need for any heavy lifting by employees. The systems reduced the chance of injury by employees; at the six
older plants, the company had sustained an average of 940 missed-worker days per year per plant in the last
two years because of muscle injuries resulting from heavy lifting. At an average hourly total compensation rate
of EUR20, more than EUR150,000 a year was lost, and the possibility always existed of more serious injuries
and lawsuits. Overall, cost savings and depreciation totaled EUR4 million a year for the project and were
expected to yield an TRR of 7.8%. This project was classed in the efficiency category.
Project 6. Effluent water treatment

Euroland preprocessed a vasiety of fresh fruits at its Melun and Strasbourg plants. One of the first stages
of processing involved cleaning the fruit to remove dirt and pesticides. The plant effluent from the cleaning
process was piped directly into the adjacent Seine and Rhine Rivers. Recent European Union requirements
called for any wastewater containing even slight traces of poisonous chemicals to be treated at the sources;
companies had four years to comply. As an environment-oriented project, this proposal fell outside the normal
financial tests of project attractiveness. Leyden outlined that the water treatment equipment could be purchased
today for EURG million. He speculated that the same equipment would cost EUR7.5 million in four years,
when immediate conversion became mandatory. If Euroland chose to delay compliance for the full four years,
it would run the risk that EU regulators would shorten the compliance time or thatits pollution record would
become public and impair its image in the eyes of consumers. This project was classified in the environmental
category.

Projects 7 and 8. Southward and eastward market expansion

Ponti recommended that Euroland expand its market southward to include southern France, Switzerland,
Ttaly, and Spain, and/or eastward to include eastern Germany, Poland, the Czech Republic, Slovakia, and
Austria. Ponti believed the time was tight to expand sales of ice cream, and pethaps yogurt, geographically. Tn

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Page 7 UVe493

theory, the company could sustain expansions in both directions simultaneously, but practically, Ponti doubted
that the sales and distribution organizations could sustain both expansions at once.
Each geographical expansion alternative had its benefits and risks. If the company expanded eastward, it
could reach a large population with a great appetite for frozen dairy products, but it would also face more
competition from local and regional ice cream manufacturers. Moreover, consumers in Poland, the Czech
Republic, and Slovakia did not have the purchasing power that consumers to the south did. The eastward
expansion would have to be supplied from plants in Strasbourg and Hamburg. Geographically closer, the
Nuremberg plant could ideally supply this expansion, but that required an increase in plant capacity, as
suggested by investment proposal 3.
Looking southward, the tables were turned: espansion southward offered more purchasing power and less
competition but also a smaller consumer appetite for ice cream and yogurt. A southward expansion would
require building greater consumer demand for premium-quality yogurt and ice cream. If neither of the plant
investment proposals in Dijon or Nuremberg (investment proposals 2 and 3) was accepted, then the southward
expansion would need to be supplied from plants in Antwerp, Caen, and Strasbourg:
The initial cost of either proposal was EUR30 million of working capital. The bulk of each project’s costs
was expected to involve the financing of distributorships, but over the 10-year forecast period, the distributors
would gradually take over the burden of carrying receivables and inventory. Both expansion proposals assumed
the rental of suitable warehouse and distribution facilities. The after-tax cash flows were expected to total
EURS5L.5 million for southward expansion and EUR44.9 million for eastward expansion.
Ponti pointed out that southward espansion meant a higher possible IRR, but moving eastward was less
sisky. The projected IRRs were 20.3% and 17.6% for southem and eastern expansion, respectively. These
projects would be classed in the market extension category.
Project 9. Nondairy yogurt line

Motin noted that recent developments in the synthesis of plant-based dairy alternatives promised to offer
significant cost savings to food and beverage producers as well as to stimulate growing demand for nondairy
products. The company had been working to create the right flavor to complement or enhance the other
ingredients, though it was difficult to create a balance that would result in the same flavor and texture as was
obtained when using traditional dairy products.
Euroland had already put a sizable amount of investment into developing dairy-free yogurt samples.
Moving forward, the marketing group estimated that EUR27 million would be needed to complete the product
development and commercialize 2 nondairy yogurt line. This cost included acquiring specialized production
facilities, working capital, and the cost of the initial product introduction. The overall TRR was estimated to be
high, at 19.3%.
Motin stressed that the proposal, although highly uncertain in terms of actual results, could be viewed as a
means of protecting present market share, because other yogurt producers had already introduced dairy-free
products. If the Rolly brand did not carry a dairy-free line and its competitors did, the brand might suffer.
Motin also noted the parallels between dairy-free innovations and the company’s past success in introducing
low-fat products. This project was considered to be in the new product category of investments.

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Page 8 UVe493

Project 10. Inventory-control system

For the past three years, Klink had pressed the committee to fund an update in the company’s inventory-
control system, but he had been unsuccessful. Klink argued that the current system was way out of date and
was affecting his field sales representatives, distributors, drivers, warehouses, and possibly even retailers. The
benefits of such an upgrade would be shorter delays in ordering and order processing, better control of
inventory, reduced spoilage, and faster recognition of changes in demand at the customer level.
In the past, Klink had been reluctant to quantify those benefits, because he recognized that theywere highly
uncertain—the benefits could range between modest and quite large. This year, for the first time, he presented
a cash flow forecast that reflected investment of EUR22.5 million, including an initial outlay of EUR18 million.
The inflows reflected depreciation tax shields, tax credits, cost reductions in warehousing, and reduced
inventory. He forecast those benefits to last for only three years. Even so, the project’s IRR was estimated to
be 15.1%. This project was classified in the efficiency category.
Project 11. Strategic acquisition

Humbolt had advocated for diversifying acquisitions in an effort to move beyond Euroland’s mature core
business, but doing so in a way that exploited the company’s skills in brand management. He had explored six
possible related industries in the general field of consumer packaged goods and determined that cordials and
liqueurs offered unusual opportunities for real growth and, at the same time, market protection through
branding. He had identified four small producers of well-established brands of liqueurs as acquisition
candidates. Following exploratory talks with each, he had determined that only one company could be
purchased in the near future: the leading private European manufacturer of schnapps, located in Munich.
The proposal was expensive: it would cost EUR25 million to buy the company and another EUR35 million
to renovate the company’s facilities completely while simultaneously expanding distribution to new
geographical markets. The expected returns were high: after-tax cash flows were projected to yield an IRR of
26.5%. This project was classified in the new product category.

The Meeting

Each member of the management committee was expected to come to the meeting prepared to present
and defend their proposal for the allocation of Euroland’s capital budget of EUR120 million. With the future
of the company on the line, it would be a very important decision.

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Page 9 UVe493

Exhibit 1

Euroland Foods 2024

Map of Euroland Foods Distributional and Production Footprint, December 2023

Note: The shaded area on this map reveals the principal distribution region of Euroland’s
products. Important facilities are indicated by the following figures:
1 Headquarters, Brussels, Belgium 6 Plant, Copenhagen, Denmark
2 Plant, Antwerp, Belgium 7 Plant, Svald, Sweden
3 Plant, Strasbourg, France 8 Plant, Nelly-on-Mersey, England
4 Plant, Nuremberg, Germany 9 Dlant, Caen, France
5 Plant, Hamburg, Germany 10 Plant, Melun, France
Sousee: Cseated by author.

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Page 10 UVe493

Exhibit 2

Euroland Foods 2024

Euroland Foods Summary of Financial Results
(in millions of euros, except per share amounts)

2021 2022 2023

Total sales 1614 1,608 1,611
Operating profit 150 134 91
Net income 77 74 56
Earnings per share 505 487 3.65
Dividends per share 150 1.50 1.50

Total assets 716 870 984

Total debt 21 375 445
Shareholders’ equity (book value) 391 448 488
Shareholders’ equity (market value) 977 872 656
Sousce: Ceated by authos.

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Page 11 UVe493

Exhibit 3

Euroland Foods 2024

Euroland Foods Stock Price Performance

EUR 80
EUR 70
EUR 60
EUR 50
EUR 40
EUR 30
EUR 20
EUR 10
EUR 0
=B = <<= NN NN N s s A e s s

RN R R
Lo o e A o A o A o~ R o A N S R A o A o~ AR o A O I o o B N

= R B I i e B I S
Sousce: Ceated by authos.

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