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    KNEBV   FI0009013403

KONE OYJ

(KNEBV)
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Delayed Quote. Delayed Nasdaq Helsinki - 07/30 11:29:59 am
69.82 EUR   +0.23%
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Top cocoa producers threaten to name and shame brands over premiums

06/21/2021 | 03:59pm EDT

ABIDJAN, June 21 (Reuters) - The world's top two cocoa producers Ivory Coast and Ghana on Monday threatened to name and shame top chocolate brands who they say are undermining a scheme aimed at paying cocoa farmers a living income.

The neighbouring West African states, who account for over 60% of global output of cocoa, the main ingredient in chocolate, are locked in a protracted battle with chocolate makers over the price of their beans.

The countries introduced a $400 per tonne premium scheme known as the Living Income Differential (LID) at the start of a 2020/2021 season to enable them pay farmers a decent income.

But a drop in demand because of COVID-19 and an abundant harvest have left farmers with surplus beans.

A separate premium on beans from both countries paid by chocolate makers also made their cocoa expensive in a sluggish market, forcing cocoa buyers to demand discounts.

"While they are paying (the LID) on the right hand, they are taking the money from the left hand by not paying the country premium," Joseph Boahen Aidoo, the chief executive of Ghana's cocoa regulator COCOBOD, told journalists in Abidjan.

"Once the country differential is discounted by between 100 and 250 pounds sterling ($348.25), it means essentially the LID has been eroded," Aidoo said on the sideline of a meeting where the countries launched an organisation to represent them.

He added that consumers buy brand chocolates and pay the premium price for chocolate which should go to the farmers.

"This amounts to robbing the consumers by collecting premium on bars of chocolate and then refusing to pay when buying cocoa beans," he said. "Very soon the buyers may force us to name and shame all those who are not paying the country premium."

He declined to name the chocolate makers.

Yves Brahima Kone, the head of Ivory Coast's Cocoa and Coffee Council regulator, told journalists that some buyers in the sector had a short-term view.

"They want to make money today and do not think about tomorrow," adding that while the chocolate makers are reluctant to pay the LID which could cost around $900 million globally, the industry was spending $5 billion on marketing.

($1 = 0.7179 pounds) (Writing by Bate Felix; Editing by David Gregorio)


© Reuters 2021
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Financials
Sales 2021 10 554 M 12 524 M 12 524 M
Net income 2021 1 056 M 1 253 M 1 253 M
Net cash 2021 2 025 M 2 403 M 2 403 M
P/E ratio 2021 34,3x
Yield 2021 2,66%
Capitalization 36 216 M 42 961 M 42 978 M
EV / Sales 2021 3,24x
EV / Sales 2022 3,09x
Nbr of Employees 61 439
Free-Float 60,4%
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Technical analysis trends KONE OYJ
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 26
Last Close Price 69,82 €
Average target price 68,02 €
Spread / Average Target -2,58%
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Managers and Directors
Henrik Georg Fredrik Ehrnrooth President & Chief Executive Officer
Ilkka Hara Chief Financial Officer
Antti Juhani Herlin Chairman
Maciej Kranz Chief Technology Officer & Executive VP
Matti Juhani Alahuhta Independent Director
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