Fortune_CL2010_-_final

Optimal strategy: acquire Inmarko and ice-cream business of Talosto (2)

+Inmarko DCF valuation range from US$69m to US$117m

+Given Inmarko’s serious refinancing problems, discount for the transaction can reach up to 50%

+Talosto’s ice-cream business DCF valuation range from US$34m to US$56m

Agenda

Part 1: Russian ice-cream market

Part 2: Optimal entry strategies

Part 3: Follow up a success

Follow up a success

1. Introduce	• Growing HORECA and TH
Ben&Jerry’s ice-cream	segments
to the market	• Baskin Robins plays a dominant
	role in the premium segment with
	2008 Sales of US$9.7m
2. Introduce low-fat	• Occupy an empty niche
ice-cream	• Potential synergies with other
	Unilever’s low-fat products
3. Exploit synergies	• Grow Inmarko’s and Talosto’s sales
	through modern trade using Unilever’s
	tight relationships with retail chains
	• Marketing expenses
	• Economies of scale

Thank you for your

attention!