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Food has been processed for nearly as long as it has been used. In early times, humans used to dry or
smoke meat or other foodstuff in order to preserve it for longer periods of time. Salt preservation was
also very common in the diet of sailors and soldiers during those times. Food processing essentially
remained unchanged until the 19th century with the invention of by Nicholas Appert
andby Louis Pasteur. Both of these innovations changed the way that food was processed
into a longer lasting food product that was canned or bottled.
During wartime, the food and beverage industry shifted, as food is often a precious commodity. Prices
were determined by availability and regulation. Most countries involved in World War II rationed food
and regulated prices in order to stabilize the economy. This increased innovation in the food processing
segment with the inventions of food coloring, juice concentrates, artificial sweeteners, and more
advanced preservatives, such as sodium benzoate. These innovations led to the current food processing
market in place today with convenience foods, such as frozen TV dinners and instant meals, prepared
snacks, and other instantly available foods.
The food distribution segment of this industry is fairly new. Prior to the industrial revolution, consumers
typically ate what foods were available to them in their regional market. Foods were processed from
these markets and used for journeys out of them. With the of the industrial
revolution, such as railroads and barges, as well as the concurrent rise in technology such as canning, it
became feasible to transport food from one regional market for sale in another. Today, the industry
segment has evolved even further due to increased transportation technology such as airplanes.
Due to the recent economic meltdown, consumers are looking to save as much money as possible. One
major way that consumers are doing so is by purchasing more % and making their own
meals, not going out to eat. This is causing food processing companies to become more to
decrease the cost of goods sold, attract more customers, and increase profit margins.
The large amount of * in the world has a major effect on the food and beverage industry. There has
been an increase in demand for (#(% and more informative nutritional labeling. Both of these
trends have caused companies to release lower calorie foods and to better control how their brand is
viewed. Companies want to be viewed as a healthy brand and are promoting activities, such as youth
sports, that show this healthy image. There also is mention of a tax on foods known to lead to obesity in
order to curb consumers¶ usage of them.
of factors of production are a major factor to this industry as well. Since commodity prices
went up in the past year, food companies have had to increase prices of the final product as well. With the
economic collapse, this affected them two-fold, as consumers were less likely to want or even have the
money to pay the higher prices. Fortunately, commodity costs have been decreasing in the last few
months, which forecasts a lower final price for the products in this industry is to come.
The industry also has to deal with their reputation, as there have been incidents of unsafe food being
released in the past. These outbreaks have to major potential consequences: #%!
% and #. Already, research has shown that consumers do not trust their
food suppliers as much as they used to and nearly half of them have switched brands in the past year,
either to save money or because they believe the new food will be safer. Government control of the food
process has increased with the passage of new laws as well.
#+
The food and beverage industry has seen their profit margins decrease recently. However, due to the
falling cost of commodities, these margins should increase in the coming years. Food is a necessary part
of life and will always be needed. Those are some reasons why this industry has an * future
outlook.
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The farming subset of the food and beverage industry encompasses those businesses involved in the
production and collection of raw agricultural commodities such as corn, wheat, soybeans and rice. This
portion of the food and beverage industry includes seed producers such as Monsanto and Dupont as well
as agribusinesses such as ADM and closely held Cargill:
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Over the past decade the world has witnessed a drastic rise in food prices. According to the World Bank,
over the past three years alone, global food prices have increased over 80%[2] These dramatic increases
can be attributed to the convergence of factors that has created the perfect storm for food prices. Prime
among these factors is a world that is growing both more populous and prosperous. New wealth in
rapidly developing nations such as China, India, Brazil and Vietnam is allowing billions of people to
increase their caloric intake, increasing global demand and straining supplies. Similarly in response to a
more prosperous and populous world, global energy prices have skyrocketed, increasing input prices for
food production. High energy prices, in turn, have triggered a shift toward ethanol and biodiesels which
further increases the demand for crops such as corn and soybeans. Finally, an increase in crop shortages
caused by "freak" weather occurrences such as a 10 year drought in Australia and floods in south Asian
as well as pest outbreaks.
!%#
McDonald's is the leading global foodservice retailer with more than 32,000 local restaurants serving
more than 60 million people in 117 countries each day. More than 75% of McDonald's restaurants
worldwide are owned and operated by independent local men and women.
We serve the world some of its favorite foods - World Famous Fries, Big Mac, Quarter Pounder,
Chicken McNuggets and Egg McMuffin.
Our rich history began with our founder, Ray Kroc. The strong foundation that he built continues
today with McDonald's vision and the commitment of our talented executives to keep the shine on
McDonald's Arches for years to come. To read more about McDonald's history, vision and executives
,!+
Vice Chairman and Chief Executive Officer
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Honorary Chairman
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McDonald's brand mission is to "be our customers' favorite place and way to eat." Our
worldwide operations have been aligned around a global strategy called the Plan to Win
centering on the five basics of an exceptional customer experience ± People, Products, Place,
Price and Promotion. We are committed to improving our operations and enhancing our
customers' experience.
The McDonald¶s #1 Store Museum is located at 400 N. Lee Street, Des Plaines, Illinois. The
museum is a re-creation of the first McDonald¶s restaurant opened on this site, April 15, 1955,
by McDonald¶s Corporation founder Ray Kroc.
Momentum
We continue to drive our business by focusing on what matters
most to customers. Our owner/operators, suppliers and
employees work together to meet customer needs in uniquely
McDonald's ways. The powerful combination of entrepreneurial
spirit and Systemwide alignment around our #
. enables us to execute the best ideas with both large-scale
efficiency and local flair.
/
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B&: ± Directors are expected to visit Company facilities throughout the year.
Periodically, the Board may meet away from the Company¶s headquarters in order to visit
certain of the Company¶s operations and provide the Directors the opportunity to meet with
local management.
Regardless of whether a class of or individual service is proposed for general or specific pre-
approval, the Audit Committee shall consider whether such service is consistent with applicable
SEC and PCAOB rules and guidance with respect to auditor independence. The Audit
Committee shall also consider whether the independent auditor is best positioned to provide the
most effective and efficient service, for reasons such as familiarity with the Company¶s business,
people, culture, accounting systems, risk profile and other factors, and whether the service may
enhance the Company¶s ability to manage or control risk or improve audit quality. All such
factors will be considered as a whole, and no one factor should necessarily be determinative.
The Audit Committee shall also be mindful of the relationship between fees for audit and non-
audit services in determining whether to pre-approve any class of or individual service and may
determine, for each fiscal year, the appropriate ratio between the total amount of fees for
³Audit´, ³Audit-related´ and ³Tax´ services and the total amount of fees for permissible non-
audit services classified as ³All Other´ services.
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O? Factors like competitor¶s analysis, industry analysis were not considered while preparing
this project.
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computation of the working capital was made.
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