Bachelor of International Sales and Marketing Management

Professionsbachelor International Handel og Markedsfring

Cheminova

Written exam 1st semester/Skriftlig eksamen 1. semester

Seven billion people to feed

Agriculture is under a lot of pressure to deliver enough food, due to population growth and
an increasing demand for more meat on the table for the middle class. At the end of
October 2011, the worlds population hit seven billion according to the UN. The figure has
doubled in the past 40 years. The UN expects the population figure to exceed eight billion
in 14 years.

In 2050, there will be 9,5 billion people on earth. Today almost one billion people are
starving. We live in a constant food crisis, and every year agriculture must deliver more
and more food just to keep up with the growing population.

2nd June 2014/2. juni 2014

The basis for the companys sale / Virksomhedens salgsgrundlag

This examination paper consists of 4 assignments. For grading purposes, the

assignments are given the following approximate weights

Dette opgavest bestr af 4 opgaver, der indgr i bedmmelsen af den samlede

opgavebesvarelse med flgende vejledende vgte:

Assignment 1/Opgave 1: 35 %

Assignment 2/Opgave 2: 25 %

Assignment 3/Opgave 3: 15 %

Assignment 4/Opgave 4: 25 %

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 Bachelor of International Sales and Marketing Management
Professionsbachelor International Handel og Markedsfring

Contents

Assignments (English) 3

Opgaver (dansk) 5

Plant protection 8

Need for plant protection 8

Products 8

Markets and sales 9

Geographical regions 9

Region Europe 9

Region North America 10

Region Latin America 10

Region International 10

Product groups 10

Competitive landscape 11

Industry drivers 12

Corporate social responsibility 13

Supplier management 15

Openness and dialogue 16

Appendix 1: 19

Appendix 2 20

Appendix 3 21

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 Bachelor of International Sales and Marketing Management
Professionsbachelor International Handel og Markedsfring

Assignments (English)

Assignment 1 (35%)

Based on an analysis of the business model please assess whether there is a match
between their core competencies and the future challenges on the market.

Assignment 2 (25%)

Assignment 2.1 (10%): With reference to your answer in assignment 1, please explain how
Cheminova has integrated CSR and business ethics into their business model. Your answer
must give, as a minimum, specific examples of how CSR is incorporated into their value
proposition.

Assignment 2.2 (15%): Please describe Cheminovas supply chain structure and discuss
which factors Cheminova needs to pay particular attention to when making sustainability an
integrated part of their supply chain.

Assignment 3 (15%)

Assignment 3.1 (3%): Cheminova being a pioneer company and very innovative is going to
employ 10 engineers in their development and process department. This department is the
key for the future patent applications. Accordingly, it is very important that the new
employees keep strictly secret about their knowledge in connection with such applications.

Which employment contract advice would you give the manager of the department who is
going to find and employ the engineers?

Assignment 3.2 (10 %): The marketing manager Mrs. Hansen considers the next
marketing approach. It is going to focus on user-friendly (could be used by any person
above 15 years of age) and environmentally friendly products for the ecological farmers in
EU.

She has planned among others to make a compare with other products on the EU
marked and she considers the competitors to be inferior.

Which advice would you give the manager?

Assignment 3.3 (2%): Cheminova considers selling their products to a new market where
they know they could get an exporter credit or letters of credit. They are a bit insecure
about how that could help them in case of problems.

How can/may it help Cheminova?

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 Bachelor of International Sales and Marketing Management
Professionsbachelor International Handel og Markedsfring

Assignment 4 (25 %)

Assignment 4.1 (7%): In the beginning of 2013 Cheminova launched a new product within
the fungicides product group. The revenue for this new product for the year was 120 mill.
DKK and the material cost was 52 mill DKK. Total overhead cost for manufacturing,
marketing and distribution is allocated to each product pro rata according to revenue.
Cheminovas total revenue was 6.598 mill. DKK and total overhead cost for manufacturing,
marketing and distribution was 4.000 mill. DKK.

Calculate the profitability of this new product. Evaluate your calculations and advice on
improvements on future profitability calculations.

Assignment 4.2 (9%): CEO Jens Due Olsen explains the goals of the companys in the text
On track of strategic objectives. Comment on the companys financial goals and compare
his views with the actual financial development.
Assignment 4.3 (9%): In appendix 3, you will find a Five-Year Summary of the financial
results of the German company Bayer, one of Cheminovas Tier 1 competitors. Use Bayer as
a representative for the industry and benchmark and compare the financial development of
Bayer with Cheminova.

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Professionsbachelor International Handel og Markedsfring

Opgaver (dansk)

Opgave 1 (35 %)

Baseret p en analyse af Cheminovas forretningsmodel bedes du vurdere, hvorvidt der er et

match mellem deres kernekompetencer og de fremtidige udfordringer i markedet.

Opgave 2 (25 %)

Opgave 2.1(10%): Med henvisning til din besvarelse I opgave 1 skal du forklare, hvordan
Cheminova har integreret CSR og forretningsetik I deres forretningsmodel (business
model). Din besvarelse skal som minimum indeholde specifikke eksempler p hvordan CSR
er inkorporeret i deres value proposition

Opgave 2.2 (15%): Redegr for Chemnova valg af supply chain struktur, og overvej hvilke
forhold Cheminova skal have srlig fokus p, nr bredygtighed skal vre en integreret
del af deres supply chain

Opgave 3 (15%)

Opgave 3.1 (3%): Cheminova, der anser sig selv for at vre pioner og en meget nyskabende
virksomhed, nsker nu at anstte 10 ingenirer i deres udviklings-og proces afdelingen.

Denne afdeling er afgrende for de fremtidige patent ansgninger. Det er derfor vigtigt , at
de nye ansatte klart forstr begrebet fortrolighed i forhold til fremtidige ansgninger om
patenter.

Hvilke rd vil du give chefen for afdelingen i forbindelse med udfrdigelse af

ansttelseskontrakterne til de 10 ingenirer?

Opgave 3.2 (10 %): Marketingschefen Fru Hansen overvejer det nste
markedsfringstiltag. Det skal fokusere p meget brugervenlige (kan bruges af enhver over
15 r) og miljrigtige produkter til de kologiske landmnd i EU.

Hun har bl.a. planlagt at lave en sammenligning med andre tilsvarende produkter p EU
markedet og hun anser i vrigt konkurrenterne for at have drlige og ringe produkter.

Hvilke rd vil du give hende ?

Opgave 3.3 (2 %): Cheminova overvejer at slge deres produkter p et nyt marked hvor de
kan f eksport kredit eller bruge remburser. De er lidt usikre p hvordan disse 2 redskaber
kan hjlpe dem, hvis de fr problemer

Hvordan kan disse redskaber hjlpe Cheminova

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 Bachelor of International Sales and Marketing Management
Professionsbachelor International Handel og Markedsfring

Opgave 4 (25 %)

Opgave 4.1 (7%): Cheminova lancerede I starten af 2013 et nyt produkt inden for
svampebekmpelse. I 2013 var omstningen for dette nye produkt 120 mill. DKK. De
tilsvarende rvareromkostninger var 52 mill DKK. Flles omkostninger til fremstilling,
markedsfring og distribution er allokeret til hvert produkt pro rate i forhold til omstning.
I 2013 var Cheminovas samlede omstning p 6.598 mill. DKK og de samlede flles
omkostninger til fremstilling, markedsfring og distribution var 4.000 mill. DKK.

Beregn rentabiliteten for dette nye produkt. Vurder dine beregninger og kom med forslag
til forbedringer til fremtidige rentabilitetsberegninger.

Opgave 4.2 (9%): CEO Jens Due Olsen forklarer selskabets ml i teksten: On track of
strategic objectives. Kommenter selskabets finansielle ml og sammenlign Jens Due
Olsens synspunkter med den aktuelle konomisk udvikling i selskabet.

Opgave 4.3 (9%): I appendix 3 kan du finde et Five-Year Summary af konomiske ngletal
m.v. fra det tyske selskab Bayer, en af Cheminovas Tier 1 konkurrenter. Anvend Bayer som
reprsentant for branchen og benchmark og sammenlign den konomiske udvikling hos
Bayer med Cheminova.

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(The following case is based on material extracted from www.cheminova.com)

Cheminova is a global producer of quality products for crop protection. The company,
headquartered in Harbore in the northwestern part of Denmark, was founded in 1938. In
1999, Cheminova Holding was turned into Auriga Industries which today has more than
8000 shareholders in Denmark. The main shareholder is the Aarhus University Research
Foundation.

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Professionsbachelor International Handel og Markedsfring

Plant protection

Cheminovas primary activities are development, production, marketing and sale of

chemical products for the protection of agricultural crops worldwide.

The framework for the companys business activities is Cheminovas Code of Business
Principles and Cheminovas mission, vision and values. These support and are consistent
with the UN Global Compact, the European Chemical industry Councils (CEFIC) Responsible
Care program and the FAO Code of Conduct. In addition, Cheminova is a member of
various global, regional and local professional organizations like for instance Crop-Life and
resistance management groups under CropLife.

Need for plant protection

UNs Agricultural and Food Organization FAO, estimates that by 2050 70% more food than
today has to be produced on roughly the same agricultural area, which is already under
cultivation. The yield per hectare should increase significantly just to keep pace with the
growing population and the increasing food consumption with the growing middle class.
One of the consequences of this will be an increasing need to protect the crops, which is in
accordance with Cheminovas mission and business area.

Products

The company primarily produces herbicides (=for plants), insecticides (=for bugs) and
fungicides (=for fungus). The products are sold mainly as ready-to-use plant protection
products under our own brands, own registrations (use permits) and labels. Product
approval is in focus and an insight into the methods used to investigate the properties of
the plant protection products with regard to reducing the risk of harmful effects on the
learning ability is publically available on Cheminovas webpage.

In addition to ready-to-use plant protection products, Cheminova also supplies active

ingredients to industrial customers for further processing to produce plant protection
products. Moreover, they also manufacture and sell a number of fine chemicals for
industrial use as well as micronutrients for agriculture. (Ref. figure 1)

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Professionsbachelor International Handel og Markedsfring

Markets and sales

Organic growth in all regions following a good end of the season in Latin America.

Overall, the market for crop protection products developed positively in 2013, though
characterized by considerable declines in foreign exchange rates, especially in several
emerging markets (e.g. Brazil and India). Total market growth reached 8-9%, with the
strongest growth in Latin America benefitting from the economic developments with high
crop prices and a strong demand for e.g. soybeans, maize and sugar cane.

Cheminova has made the most out of the favorable market conditions, and all regions have
generated positive organic growth. The total sales of crop protection products amounted to
an organic growth of 15% in 2013. Revenue was under pressure from a low level of insect
infestation in North America and a drought in Australia as well as lower foreign exchange
rates. However, a good end of the season in the northern hemisphere and in Latin America
combined with a good monsoon in India had a positive impact on the revenue.

Figure 1: Distribution of revenues

Geographical regions
Region Europe

Northern Europe in particular was affected by a very cold and wet climate in Q2. However,
the region delivered a satisfactory result after a good end of the season. All in all, an
organic growth of 8% was realized. Development in Eastern Europe, including Poland, were
good, and large markets such as France, Spain, Germany and Italy are benefiting from both
new products launches and from increased market and segment penetration by
Cheminovas improved product portfolio. Difficult climatic conditions led to a heavy
reduction of the UK market, but mainland Europe successfully compensated for this with
among other things increased sales of micronutrients.

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Professionsbachelor International Handel og Markedsfring

Region North America

After a good first quarter, the region created further growth in the second quarter despite
climatic conditions leading to a low level of insect infestation and reduced sales of
insecticides. Continued growth for selective herbicides and a satisfactory growth for
flutriafol-based fungicides resulted in a total organic growth in the region of 27%. Following
in the introduction of fungicides based ion flutriafol and azoxystrobin as well as several
new selective herbicides, the market position in the region is expected to be further
strengthened in the coming years.

Region Latin America

Good conditions for the agricultural sector and an increasing demand for crop protection
products resulted in a satisfactory end of the season in Latin America. The region recorded
an organic growth of 17% in 2013. Growth was driven, in particular, by Brazil, where the
soybean acreage has increased, and where the incidence of the Helicoverpa larva in
Soybeans had a positive effect on sales of insecticides in Q4. The general streamlining of
the product portfolio in the region which was implemented in 2012 was continued in
2013. Further market penetration by recently introduced products, such as flutriafol- and
azoxystrobin-based products, is generally expected to strengthen the market position in
the region.

Region International

The region was favored by a good monsoon in India, while market conditions in Australia
were hampered by extreme drought. In addition, several Arabic countries were influenced
by political unrest. All in all, the region posted an organic growth of 21%. Earnings were
under pressure from the competitive situation in Australia as well as declining foreign
exchange rates in India and Australia.

Product groups

Herbicides recorded a growth of 7% in 2013 and accounted for 17% of revenue. Demand for
the sulfonylurea herbicides remained strong, and glyphosate accounted for just under 10%
of revenue. The most significant increase was seen for the selective pethoxamide-based
herbicides.

With an increase in sales of 3%, the insecticides accounted for 40% of revenue. A
satisfactory growth was realized for several new products, including products based on
fipronil, gamma-cyhalothrin and abamectin. Demand for traditional products was impacted
by the decline in the North American market.

Sales of fungicides showed only a marginal increase compared to 2012 and accounted for
20% of revenue. Flutriafol developed positively, among other things following successful
launches of mixture formulations in the USA and Brazil. Market penetration for products
based on azoxystrobin is being strengthened in line with registrations being obtained in
several countries.

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Professionsbachelor International Handel og Markedsfring

Sales of other crop protection products developed satisfactorily and accounted for 6% of
the revenue. Other activities increased to 7% of the revenue after a satisfactory level of
activity for fine chemicals.

Competitive landscape

The industry players are divided into three tiers characterized by the basic focus and core
competences of the companies in addition to size.

Tier I companies: Bayer, Syngenta, BASF, Monsanto, Dow, DuPont

Characteristics:

Large multinational companies based on basic Research and development (R&D).

Increasing R&D effects in biotech.
Further consolidation to be expected.

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Professionsbachelor International Handel og Markedsfring

Tier II companies: Makhteshim Agan, Nufarm, Amvac Chemical Corporation, United

Phosphorous Limited (UPL), Arysta, FMC Corporation, Sumitomo Corporation, Cheminova

Characteristics:

Focus primarily on products based on off-patent active ingredients.

Increasing market share through organic growth and acquisitions.
Economies of scale in development, sales and distribution.
Potential consolidation opportunities in tier II.

Tier III companies:

Characteristics:

A number of local and regional companies.

Narrow product portfolio companies.

Industry drivers

Agriculture output should grow by 70% by 2050 - higher yields are key to effective farming

The market development is driven by the growing demand for crop protection products
deriving from increasing crop prices due to the shortage of agricultural output used for
food, feed, fiber and biofuels.

Higher crop prices increase the incentive of farmers to protect the crops, thereby achieving
higher yields and quality of the agricultural production to the benefit of e.g. the global food
supply.

Increased demand for farm commodities

Population growth increase the need for food.

Change in diets increase the need for animal feed.
Growth in biofuels increase need for farmland.

Renewed market growth

Mature industry with low growth (1%) past 10 years.

Higher annual average growth (3-4%) since 2007.
Strong growth of approx. 5-10% since 2010.

Lower share of patented products

Fewer new block-busters introduced in recent years.

Several large products currently coming off-patent.

Further industry consolidation

Consolidation among tier I companies.

Continued acquisitions of tier III companies by tier II companies.
Potential consolidation in tier II.
Acquisition targets for tier II companies.

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Professionsbachelor International Handel og Markedsfring

Corporate social responsibility

Corporate social responsibility is vital for the Auriga group as a global player with
production and processing activities on several continents and sales in more than 100
countries

Socially and environmentally responsible conduct is a precondition for long-term value

creation. A strong safety culture and awareness of environmental protection have always
been central elements in our way of doing business. We have always aimed at respecting
our employees and other stakeholders in our work.

The group operates in a sector, which is subject to a high degree of regulation as regards
safety, the environment and marketing. Statutory requirements and business ethics are
integrated in the value chain as a natural part of developing, producing and selling crop
protection products.

Helping you grow Chemistry with Care

We want to take action and lead the way through our work on corporate social
responsibility and the environment based on an objective of more crop protection, less
chemistry and fewer resources. Through specific indexes, we focus on measuring and
documenting the groups progress within the Chemistry with Care area. Baseline data, as
well as data from 2013, are included in the CSR report, which in future will report on
developments.

The CSR work in 2014 and onwards must support Chemistry with Care. The focus areas
address, for example, the development of new product types, improvements to safety, the
environment and to energy consumption as well as active supplier management.

People and diversity

Our employees are the organizations most important resource. Without them, we could not
take advantage of the groups core competences and would not be able to maintain and
develop the business. Human resources (HR) is a global, strategic function and part of the
senior day-to-day management, the Global Executive Committee.

HR focuses on supporting a performance culture while ensuring that the group can attract,
develop and maintain qualified employees in key positions globally. The work of the HR
function also focuses on diversity and the possibilities this offers, for example in relation to
ensuring a dynamic environment for employees and the right balance between continuity
and renewal.

CSR policy and activities

Auriga is a global company, and our employees and partners come from different cultural
backgrounds and with different religious beliefs and political convictions. For this reason, it
is important for us to have a formalized common set of values and guidelines on correct
conduct.

The groups CSR policy takes the form of a Code of Business Principles setting our 12
principles of good business conduct. The code is available in 14 languages and is

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distributed to all employees in the global organization. The purpose of the business
principles is to ensure that the business is run professionally and respects human rights,
and that all employees and other people representing the group know what we regard as
correct conduct.

UN Global Compact

Through Cheminovas support for the UN Global compact (joined in 2008), we have
committed ourselves to promoting the UNs global standards in the fields of human rights,
labor rights, environmental protection and anti-corruption, just as we will support the UN
Millennium Development Goals, including the eradication of extreme poverty and hunger in
the world.

In line with previous years, in 2013 initiatives were launched to maintain and strengthen
the groups anti-corruption program. The initiatives are rooted in the groups core values
and acknowledge that Cheminova, as a global group, can make a positive contribution to
combating corruption in the areas where we do business. The targets are described in the
CSR report, with a systematic approach being taken with both risk analysis and training
selected employees globally.

Through the groups products, we contribute to the global food supply by helping farmers
all over the world protect their crops, thereby enabling them to produce more and better
food products. In practice, this mission is reflected in our work on village projects in
selected local communities in India and Brazil. The projects aim to improve both
agricultural practices and the standard of living for the local population.

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Handling of used packaging

Cheminova participates in programs for organized collection and disposal of used

packaging

Cheminova supports national initiatives for collection and proper management of used
pesticide containers through national industry associations all over the world. This is
considered a very important stewardship activity. Most important is collecting the empty
containers from the farms in an organized manner to avoid contamination. In a number of
countries, the container management programs have been taken a step further and the
rinsed plastic containers are shredded. The plastic material can then be reutilized for
certain types of products.

In India, Cheminova cooperates with farmers and CropLife India on a 2-year pilot project
focusing on safe handling of empty pesticide containers in a village in Adra Pradesh. The
empty containers are picked up in an organized manner and transported safely for proper
destruction. So far, approximately 40% of used containers are collected. There have been
little tradition for collecting used pesticide containers in India and the ongoing project aims
to avoid the unfortunate situations where used containers are reutilized in the household
for storage of water or food.

Other container disposal projects are run in Brazil, Mexico, USAS, Australia, Canada and
Germany.

Supplier management

Supplier management has been strengthened through education and training of our
employees.

In recent years, focus within supplier management has been on development and
implementation of global policies, especially concerning procurement of raw materials,
active ingredients and services such as toll formulation and filling of end user products.
Furthermore, focus has been on strengthening the established global team of Technical
Responsible Persons that carry out the overall global supplier management.

More than 60 times Cheminova staff has either done a complete supplier audit or screened
a potential supplier in 2013. Relevant findings were recorded and critical issues will be
followed up.

To ensure a consistent approach to these processes while considering the cultural

differences in the countries and regions of Cheminovas suppliers, one of the targets of
2013 was to conduct a common education and training. In august 2013, a number of
relevant employees from different disciplines/areas in the global organization and with an
interest in supplier management participated in a joint training session in Denmark with
PwC as facilitator. There were many topics and objectives (ref. box)

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Administration of company audits in a global company

With the number of suppliers steadily increasing there is a growing need for an improved
administration and filing system for documentation generated in connection with CSR
audits. During 2013, several tools have been evaluated, all capable of managing and
storing data about audits in a global company. We have opted for utilizing our global ERP
system (SAP) which has an Audit Management module and which matches Cheminovas
global policies. In addition to being a filing tool, the system is also characterized by being
able to administer planned audits in the global organization. We expect the system to be
tested in Q1 2014 and to be up and implemented mid-2014.

Openness and dialogue

We receive important input to our business and CSR from an open dialogue with
Cheminovas many stakeholders.

Cheminova values a continued dialogue with its neighbors, the local community authorities,
educational institutions, politicians and others. We observe the limitations to openness
from stock exchange rules, protection of sensitive personal information, general data
protection rules and regulations as well as competition law. We do of course engage in a
continued and open dialogue with the relevant authorities in the countries where we
operate.

A dialogue with the companys many stakeholders as well as the general public debate on
sustainability is a source of inspiration for the CSR work and the selection of focus areas
presented in the CSR report.

The company actively strives to keep well informed within the many fields of relevance to
its operations as well as current and potential business areas. Via open literature as well as
scientific publications and trade sources, the press, specific searches on topics and the
internet, information and expressions of opinion in respect of CSR related issues are
sought. Particularly concerning product properties, side effects and applications, and in
general, issues linked to dilemmas and controversies within the companys sphere of
interest.

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Professionsbachelor International Handel og Markedsfring

Local engagement

Cheminova is an important part of the local society where we operate facilities and employ
people. We contribute to the local economy and offer a wide range of job opportunities. We
make a point of good neighbor relations and participation in local cultural life and
activities.

In 2013, two open house arrangements were held at the headquarters in Denmark and
additionally we had several groups of visitors (politicians, students, organizations etc.).
Altogether more than 2500 people visited the premises.

At the production site in India, we have received more than 500 visitors, among others
farmers, governmental officials as well as a group of women engaged in Saheli self-help
activities in a project village in the state of Madhya Pradesh.

In countries where we have manufacturing facilities, we have an on-going dialogue with

environmental and other supervising authorities, for instance the Danish Environmental
Protection Agency and the Gujarat Pollution Board in India.

Customers and suppliers

CSR forms part of the dialogue with the companys customers, many of whom appreciate to
co-operate actively with Cheminova in promoting product stewardship and environmental
responsibility among farmers. Information on the safe use of products is an integrated part
of the marketing of products to end-users in developing countries.

Suppliers are audited with focus on the environment, safety and labor standards in
accordance with the companys Supplier Code of Conduct, which forms the natural basis
for a constructive dialogue.

Employees

In 2013 where Cheminova celebrated its 75 years anniversary throughout the global
organization, there has been focus on company values, strategy, development and global
sense of community. In 2013, more than 40 newsletters were sent to employees in all
subsidiaries. On several occasions, CSR related issues were addressed in these newsletters.

CSR is regularly discussed throughout the global organization in relation to the local daily
business. At the local level, e.g. cooperative relationships, general well-being of employees
and continued education have been on the agenda.

Since 2008, the number of employees globally has increased by 18%. The main increase is
seen in Asia whereas by and large the numbers for Denmark and the other European
countries stay at the same level. The geographical distribution of employees from 2008 to
2013 is:

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Professionsbachelor International Handel og Markedsfring

Figure 2

2008 2013

Americas 12% 12%

Asia 27% 34%

Denmark 43% 37%

Europe 18% 17%

Naturally, it requires knowledge and adherence to the Cheminova values, policies and
processes in order to secure the necessary alignment. Considering that more than half of
our workforce has more than 5-years seniority, we consider our baseline to be solid.

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Appendix 1:

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Appendix 2

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Appendix 3

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