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Reading to your baby can be an incredible bonding experience that you can share together. This is an activity that can be continued as your child grows up, with many lovely books that are suitable for every stage of development. Sharing books together effortlessly creates quality family time together that will be enjoyed by everyone. Introducing reading together before bedtime is also a lovely activity that can help your child get to sleep at night so the benefits are endless.
There are many different books suitable for toddlers and babies that are available to buy so it can be daunting trying to choose the perfect book or baby toy. With many different types of books from picture board books, to touch and feel books and story books the options are endless. This review will take you through the best baby books available and help you make the perfect choice of baby gifts.
Table of Contents
- 1 Top Baby Books in 2020
- 1.1 Pop Up Peekaboo Book
- 1.2 Baby's First Bible Box Set
- 1.3 Christmas Musical Book
- 1.4 Where's Spot
- 1.5 The Very Hungry Caterpillar
- 1.6 Giraffes Can't Dance
- 1.7 Lamaze Peekaboo Forest
- 1.8 Love You Forever
- 1.9 Brown Bear, Brown Bear, What Do You See?
- 1.10 Rainbow Fish
- 1.11 Baby's First 100 Words
- 1.12 Guess How Much I Love You
- 1.13 Touch and Feel Animals Book
- 1.14 Fisher Price Baby Books Set
- 1.15 Baby Science Books
- 1.16 Usborne That's Not My Books
- 1.17 That's Not My Mermaid
- 1.18 Dear Zoo Lift the Flap Book
- 2 Overall Best Buy
Things to Consider When Buying Books for a Baby
There are many different types of books suitable for babies so by deciding whether you prefer a board book, lift the flap book, fabric book or story book can narrow down your search. Once you have decided on the type of book you are looking for you should consider the age of the baby that you are buying for, as many books are aimed at a specific development stage. However, there are some lovely books that are suitable for newborns through to preschool children that are perfect not matter how old the baby is.
If you are looking for a special gift for a new mom then there are a number of popular classic story books that would be enjoyed by both parents and baby so these may be your preferred choice. These special books will be cherished by all and kept for years to come.
Top Baby Books in 2020
Pop Up Peekaboo Book
An exciting first baby book, this Pop Up Peekaboo Book is one of the best books for new parents that can be enjoyed over and over again. This under the sea peekaboo book has a lovely ocean scene on every page with an exciting flap for you to help baby lift. There is a fantastic hidden character under each flap with a lovely mix of colors and patterns for your baby to look at and track with their eyes. The pictures are accompanied by great rhyming verses that will help with language development as baby gets older. With other exciting Peekaboo books to collect they make the perfect pop up books for babies. Suitable for babies through to preschool age this book will quickly become a favorite with all parents and children.
Baby's First Bible Box Set
This Baby's First Bible Box Set make the best books for baby shower gifts and is a lovely collection of 4 popular bible stories suitable for babies though to preschool kids. This is a beautiful gift set that includes the stories of Adam and Eve, Noah's Ark, The Story of Jesus and The Story of Moses. Each book contains fantastic illustrations with eye catching colors and shapes that all babies will enjoy looking at. There are additional shiny features included in each book to really appeal to young kids. Toddlers will love hearing each story, which has been condensed down to an appropriate length for young kids, making the set a great introduction to the bible. These bible story books for babies make the ideal educational gift that can be enjoyed over many years.
Christmas Musical Book
If you are looking for a fun Christmas book to share with any young child then look no further than this Christmas Musical Book that will have everyone singing away. These musical books for toddlers and babies have the words and songs for 10 popular Christmas carols, including everyones favorites, away in a manger and Jungle Bells. A great Christmas book for babies that is durable enough for babies to play with but also perfect for sharing with the whole family. With additional exciting Santa 'ho ho ho' sounds this book will grab the attention of every young child. This is the perfect Christmas book to introduce your child with brightly colored pages and fun sounds. This is great way of encouraging family time over the Christmas holidays.
Where's Spot
Where's Spot is a long standing family favorite book that introduces the popular character of Spot the dog. Spot provides great entertainment and has been loved by children for many years so you cannot go wrong by choosing this book. A hard back book with a simple design that makes one of the best books for baby. Follow Spot through the pages as he goes on many exciting adventures and lift the flaps to see what he discovers. Your baby will love joining in with you on lifting the flaps encouraging their development and learning. For added excitement there are other Spot books that can be added to your collection. The perfect present for any baby that will be greatly enjoyed by all.
The Very Hungry Caterpillar
A classic children's book that is one of the great baby books of all time, The Very Hungry Caterpillar is a great book that can be enjoyed through to preschool age. Follow The Very Hungry Caterpillar on his adventure through this exciting book that every child should get the chance to read. With bright and beautiful illustrations this book will be appealing to both boys and girls alike. A book that encourages learning by introducing the days of the week, counting and a range of foods, so is great for teaching new words. All babies will love looking at the pictures, while older children will enjoy reading this fantastic book. As a fantastic book for babies this would make a lovely gift for any new baby.
Giraffes Can't Dance
If you are looking for a book that will be read over and over again then Giraffes Can't Dance is great choice. A book that will be much loved by all children as they follow Gerald the Giraffe in his quest to learn to dance. There are great rhymes throughout the book, making it simple and easy for kids to follow and all babies will love to hear their parents reading this story. An appealing baby book that has fantastic pictures throughout and will have all kids mesmerized. A lovely tale that can be enjoyed over many years, Giraffes Can't Dance is one of the best books for 6 to 12 months old babies.
Lamaze Peekaboo Forest
As one of the fun baby books for newborns this Lamaze Peekaboo Forest book is a great first book. With many different materials and textures to explore this book is ideal for developing your baby's coordination. They will love discovering new materials to touch and hold and there is an exciting plush crinkly owl on the first page to investigate. A special sensory book that has cloth flaps to unfold with new and exciting things to discover underneath. This cloth book has appealing rhymes on each page that your baby will love listening to and the bright colors will attract your baby's attention. A lovely fabric book for babies that they will continue to enjoy as they get older.
Love You Forever
Love You Forever is the perfect book to share as a family that both children and adults will enjoy. This timeless book is one the lovely baby book for new moms that will be cherished by everyone that reads it. It is a lovely book to read to a new baby that will help you develop your bond together and create special memories. This story describes the love between a mother and her child and is great book that children will want to hear over and over again. There are lovely pastel illustrations throughout the book that all children will enjoy looking at and these pictures really match the tone of the book. A truly special book that is great for families to read together while spending quality time with each other.
Brown Bear, Brown Bear, What Do You See?
An attractive book for babies, this Brown Bear, Brown Bear, What Do You See book is one of the best books to read to baby. With simple rhyming verses this book is easy and pleasant to read. There are fabulous straightforward pictures included that young children will love looking at, with many different animals for them to be introduced to throughout the book. An ideal book for babies 6 to 12 months old that will introduce new words and colors and encourage their development. This book will grow with your baby and they are sure to continue to reading it for many years. A beautiful book that all parents will enjoy reading to their children.
Rainbow Fish
This delightful book, Rainbow Fish, has been made into a board book containing a cleverly condensed version of the original story, making it one of the best new baby books. This brightly colored book has lovely pictures throughout that are appealing for young children to look at, with shiny scales sure to attract your baby's attention. This lovely book tells the story of the rainbow fish learning to share, an important message for older children. Suitable as a babies first board book this is one of the best books to read to baby. This is a book that will be enjoyed by everyone that reads it.
Baby's First 100 Words
This Baby's First 100 Words book is a great book for teaching new words to your toddler. As one of the best interactive books for toddlers and babies this is a great book for sharing with your child and giving quality family time together. This fantastic board book is brightly colored so will appeal to all children and each picture is bold making it easy for children to recognize each picture. The perfect book for speech and reading development, this is a great educational book for your baby. This durable book is ideal for little hands and with a slightly padded cover this is perfect for children to hold.
Guess How Much I Love You
As one of the best books for babies of all time this Guess How Much I Love You book is a cute and uplifting hardback book. This popular story will be loved by parents and children alike as Little Nutbrown Hare tells his daddy how much he loves him. A much loved classic book that is one of the cute baby books for dads. There are beautiful illustrations to accompany the story which capture the tone of the book perfectly. This durable book is the perfect size for toddlers small hands so it comfortable for them to hold. Guess How Much I Love You makes one of the best books for a baby shower gift.
Touch and Feel Animals Book
If you are looking for any soft books for little babies then look no further than this Touch and Feel Animals Book. This small compact book is perfect for encouraging early development with the great variety of textures that are included on each page. Baby will love exploring the feel of each animal along with tracking the appealing bold colors on every page. This is a great way of introducing animals from penguins to fish and encouraging language development as your baby grows. It is durable hardback book with a soft cover that is comfortable for baby to hold. The thick pages cannot be torn so the book will stay in good condition even with lots of use. It is the perfect touch and feel book to add to your baby's book collection.
Fisher Price Baby Books Set
This Fisher Price Baby Books Set is a great value set including 4 of the best baby board books. Each book is filled with bright colors and appealing pictures so will be enjoyed by all small children. These educational books will each encourage learning with their exciting themes for toddlers. From the set your child can learn to count, discover the alphabet, enjoy colors and learn about opposites, all while having fun. Each hardback book is 4 by 4 inches so is the ideal size for small hands, as well as being durable for long lasting use. These are the best books for girls and boys that all parents will enjoy reading to their child.
Baby Science Books
This is the perfect book set for all future scientists with these Baby Science Books being the ideal way to introduce science to your baby. This is a set of 4 of the best board books for cute babies that includes Quantum Physics for Babies, Rocket Science for Babies, General Relativity for Babies and Newtonian Physics for Babies in a fantastic simplified version, perfect for your little one. Parents will enjoy sharing their love of science with their baby by reading these clever books that have been written by an award winning physicist, which ensures that they provide accurate information. Start your baby's learning early with this fantastic Baby University book series that consists of the most popular science books for small babies.
Usborne That's Not My Books
These Usborne That's Not My Books are the best sensory books for babies. They make perfect first baby books for all children that will be loved over many years. This great value wild animal collection comes with 5 popular titles for you and your baby to enjoy. Included in the set are the titles; That's Not My Panda, That's Not My Monkey, That's Not My Lion, That's Not My Elephant and That's Not My Meerkat. Every page of these touch and feel books will introduce your baby to new and exciting textures, providing the perfect sensory experience and with bright colors and shiny materials included your baby will be mesmerized. These books for babies under 1 would make a great gift for a new parent that baby is sure to enjoy.
That's Not My Mermaid
A special edition from the That's Not My series, this That's Not My Mermaid is an exciting new board book for your baby. This book includes sparkling and shining textures for young babies to explore from scaly tails to shiny bumpy crowns. Great for encouraging the development of motor skills these books will occupy your child for ages and they will get plenty of use from them making them fantastic value. This title is one of the best books for baby girls as all young girls love majestic mermaids with their bright appealing colors. These That's Not My books are hardback and durable so will last through whatever baby can throw at them, making them great for baby to play with as they start to learn to turn pages. A lovely book that will be enjoyed by all babies.
Dear Zoo Lift the Flap Book
This popular classic board book, Dear Zoo is a great first lift the flap book. A lovely book to share with your baby that introduces many exciting zoo animals as they try to find the perfect animal to be your pet. Your young child will love exploring the flaps and will get excited as they reveal which animal is underneath. This is a book that they will want to read time and time again and is perfect size for toddlers to hold. A great book to encourage development of important coordination skills. This is one of the best books for baby boys and girls and every child should have this great classic baby book on their shelf.
Overall Best Buy
Our overall best buy book is Where's Spot. This classic lift the flap book is perfect for babies through to preschool children, who will love learning to read with this book. Babies will enjoy following Spot through the book as he goes on his adventures and with other titles in the series to collect the enjoyment that your child will get from these books are endless. A great book for encouraging motor skill development as toddlers learn to turn the pages and lift the flaps. As one of the best selling baby books every baby should get the chance to enjoy the book Where's Spot.
Where to Buy Baby Books?
There are many places that you can buy books ranging from book shops through to online retails. The benefit of buying a book from a shop is that you can look at the book beforehand so you can check the content, size and durability before making your decision. However, you will access to a better selection of books through an online retailer. Online retailers such as Amazon now provide services where you can see part of the book on your screen to allow you to decide if this is the ideal book for you and your baby. Along with the convenience of being able to shop from your home this is ideal way to purchase new books when you have a young baby.
How to Clean Fabric Books for Babies?
Babies will often get their toys and books dirty very quickly by dropping them and once they are moving about they will drag them over floors and through dirt. You will want to keep all of your baby's toys clean and hygienic, especially as everything will end up in your baby's mouth. The label of the best cloth books for babies will give you directions of how to wash the book with most books needing to be sponge washed or washed by hand to prevent any damage and to keep them safe for your baby.
How are Contrast Books Good for Babies?
The eye sight of all new babies is very limited to begin with. Over time their eye sight will develop and improve but in the early days they will only be able to see items close to them and they will see only in black and white. The best books for babies under 6 months will be black and white contrast books which they will be able to see and can be used to encourage their early development. As they get older books with contrasting colors are good for attracting their attention and encouraging development.
When you Should Start Reading Books for Babies?
It is never too early to start reading books to your baby. Most parents will begin reading to their baby before their baby is even born, which starts the bonding process and enables their baby can learn to recognize their voice. Reading to your newborn baby is a pleasurable past time that both parents and baby will enjoy even though baby will not be able to interact with you at this stage. Over time as your baby develops they will learn to turn pages, interact with books and learn new words. These are all special stages for parents to enjoy sharing with their child.
Books for Older Kids:
National Geographic Kids Books


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The Western Conference Finals are going on right now with arguably the two best teams in the NBA, our local Golden State Warriors and Houston Rockets, facing off. The series is tied 2-2 in a best of 7.
It's nice to be a Warriors fan as through all the decades of losing, we have a perennial championship contender led by All-Stars Stephen Curry, Klay Thompson, Kevin Durant, and Draymond Green. The Warriors have made the NBA a more skill-based league with their great ball movement and great shooting. The inside dominant big men were previously seen as critical to a team's success. The Warriors have changed that and changed the NBA.
The Warriors have a lot more fans now due to their 3-year run with 2 NBA titles and the 3rd involving the best regular season in NBA history. This is their 4th year of having what I feel is the best team in the NBA. I was a fan through all their terrible years so it feels especially good to me that they are doing so well now.
Both the Warriors and Rockets have a lot of ping-pong connection. Warriors Head Coach Steve Kerr canceled a day of practice to have a ping-pong tournament won by Klay Thompson. Klay Thompson played a lot with his brothers growing up. In an ESPN interview, Thompson jokingly said Stephen Curry was a sore loser in ping-pong when asked to say something we didn't know about him. Stephen Curry did the ping-pong commercial recently with tennis women's GOAT Serena Williams for Chase. Thompson also issued a ping-pong challenge to the tennis men's GOAT Roger Federer when they met in Shanghai and on Twitter afterwards.
Mercury News | KNBR | USA Today
The Houston Rockets GM Daryl Morey is a 1154-rated USATT member. I took my picture with him at the 2015 US Open right after the Warriors won their first NBA Championship. He said this year the Rockets are "obsessed" with beating the Warriors. Houston star guard Chris Paul hosts an annual ping-pong charity event where Stephen Curry, former Warrior Harrison Barnes, and many other big-name NBA players have played. Eric Gordon, who is possibly the 3rd best player on the Rockets, is about 1400 in table-tennis rating according to his brother, Evan Gordon. Evan Gordon has played many US table-tennis tournaments and has a rating over 2,000.
The last time the Houston Rockets won the NBA Championship, they featured Hall of Famers Hakeem Olajuwon and Clyde Drexler. Here is video of them playing with Houston-based Olympian Jimmy Butler.

subset: commoncrawl


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(If you missed part one, you can read it here)
Photo: does this look like a guy that would pass up a decent patch of grass?
So, as I was saying in the last post, the horses were nowhere to be seen.
Sharon looked around and said out loud what I didn't want to say.
"We'll never find them in this."
There was no question she was right. Thick Hill Country scrub, visibility 20 feet in most places. There was no way we were going to find them in this kind of woods, not to mention we stood a very good chance of getting lost ourselves.
She kept walking along the power line and I headed back to the truck to go to the ranger station.
"Did you find them?" asked the woman at the entrance.
"No," I said. "We're going to need some help."
She nodded, and said they were gathering up some additional help. She told me about the guy in the parking lot that could have caught them right then and there and I tried not to go out and strangle the guy. Good thing her description was vague. I pulled the truck and trailer over to wait in the parking lot.
Sharon came back to the truck and said the second thing I didn't want to say out loud. "Girl, we know better than that. What were we thinking?"
Thinking? Maybe that they'd be sensible little horsies and just eat, for goodness sake. This is what happens when you are used to training dogs. No halfway decent dog would ever, ever leave a perfectly good steak dinner just to run loose for the heck of it.
But, as I should know by now, horses are so not like dogs.
Yes, it was clear. Sharon and I had channeled Lucy and Ethel, western style. Thank goodness Ricky and Fred (aka her spouse and mine) weren't around to witness it all.
We hooked up with the man who seemed to be the chief ranger for the park and he lead another ranger and myself back to the gate while Sharon tried to buy something cold from the park machine.
As is my nature, I calmed my panic with small talk and a little 'please tell me I'm not the only idiot you've had to deal with' spiel.
"So," I said, attempting to sound casual, "has this happened before?"
"Once since I've been here," he said. "A woman was riding a pretty green horse. She was thrown and the horse took off. We had to find him."
I was relieved. It had happened before, and I knew Rangers moved around a bit. He'd probably only been here a year or two. Then, like an idiot, I asked the next question. "Really? How long have you worked here?"
"Six years."
Great. Just great. I should have stopped when I thought I was ahead.
His theory was that the horses were probably following the fence line, by passing pasture after pasture searching for... well, a barn, I imagined.
"Horses are like water," said the Ranger. "They pick the spot of least resistance."
Sounded like a plan to me.
We met back up with Sharon, who was walking back along the power line (which is regularly cleared of trees and shrubs), and a second ranger who had driven down the same area in hopes of cutting off the horses before they got that far. We looked around and just past the spot where the truck had been, I spotted something odd. Flattened grass in a long narrow strip heading for the fence line.
It looked like someone had dragged something long and thin over that grass. Like a lead rope. Or two.
Now we had a trail we could follow.
For the next hour (I think it was an hour, who knows) we were like some sort of CSI meets Tonto TV show, finding broken branches, marks on rocks, knocked over cacti, and even horse manure, hot on their trail. At one point I asked how big the park was.
"Oh, about 4,000 acres."
"Wow." I said in a sort of squeak of despair. 4,000 acres of rock, cactus and scrub. These horses had trotted through all of this brush and rock, the same terrain that we'd spent two hours earlier in the day gingerly trying to lead them around ON A TRAIL. Now they were apparently barreling through it like it was a golf course.
"I swear," Sharon said, "I'm not worrying about them walking on rocks ever again."
We followed the fence line, which, thank god, was nicely maintained by the ranch next to the park. The entire time we are praying that we'll find them. But somehow I've gotten caught up in the excitement. And it kepts getting funnier to me, for some reason. Sure I'm terrified that they are going to be hurt, but something about the calm attitude of the Rangers helping us, the hike through real wild country (I'm a stick-to-the-rules-and-the-trail kind of hiker), and the fact that we seem to be actually able to track them, I'm gung ho.
We turn a corner and suddenly there they are. Butch Cassidy and the Sundance Kid of horses. They are looking at us like "Boy, are we glad you found us. Where the heck have you been?"
I'd been so worried that they'd bolt again when they saw us, that I'd brought some horse cookies, which are generally my 'wash rack only' treat. But both horses looked so relieved, I think they would have given US the horse cookies and all the grass we could eat if we just promised to get them out of there.
Canyon was missing his rope halter and lead rope completely (now I have an excuse to get that cool yacht rope one I've always wanted), so I took off the lead rope from Woody and made it into a temporary halter. Then Sharon and I and the rangers began the l-o-n-g walk back to the trail head. During the hike, even the rangers got a little turned around.
I was particularly concerned when they were using a vulture to signal our position. It was a long, long walk. During that time, I learned that one Ranger used to be in telecommunications before realizing he wasn't happy and joined the park service. We got a bit of a nature lesson on lace cactus (while Sharon was ready to kill me. Did I mention my small talk thing?) and persimmons.
They say you should, on occassion, just walk your horse for bonding purposes. If that's the case, then Canyon should have felt superglued to me by that point. I felt like we were leading a pair of first graders back from the principal's office. They were relieved, bewildered, and happy to be with us, no matter what trouble they'd gotten into.
When we'd made it back to the truck (maybe two hours since the initial horse departure), both horses practically leaped into the trailer, didn't take a bite of hay and seemed to be pretty ... well, embarrassed, actually. You know, it's like when you talk big about all the fun you're going to have when you're a teenager, how you are going to stay up all night and toast the sunrise, then wake up realizing there's drool on your pillow and you must have crashed about 10:30 pm.
After profusely thanking the rangers (photographed here with one crazy gelding, Sharon's in the background thinking of how we're going to tell Rudy about all this), we drove back, relieved that no one got hurt, and laughed so hard at how dumb we'd been that I had tears streaming down my face.
Besides learning that you tie your darn horse, period, I did learn another important lesson, one I really need for this stage in my life. You see, we've had a lot of stress with our business lately. Things have looked pretty bleak and we've got some hurdles to clear.
But you know what? You can't give up when it looks impossible. You have to be willing to go and ask for help. As a woman who has been used to handling things independently quite often (by my own choice, not because I'm forced to), it's a good life lesson for me to learn.
I'll be calling the Park tomorrow to get their email address and the names of the Rangers who were so good to us. I'll tell you one thing. I'm sure glad I bought that park pass. Those folks were really well worth it!


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115th Annual Conference - Honolulu, Hawaii
Friday, November 10 - Sunday, November 12, 2017
British Literature and Culture: Long 18th Century
Presiding Officer:
David John Boyd, University of Glasgow (Scotland)
We are seeking proposals for papers focusing on the literature, culture and social history of the British/Anglophone long-eighteenth century. This standing session entertains paper proposals on a wide variety of topics, but particularly welcomes papers focusing on context, especially the relation of an author's life to his or her texts, and the influence from earlier historical periods on works, items, customs, etc. of the eighteenth century.
Closed (not accepting submissions)
Associated Sessions
Topic Type:
Standing Session


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On these dates we like to enjoy and transmit our Christmas spirit decorating our homes, gardens, parks and urban areas transmitting emotions through lighting . But we want to do it in the most efficient and sustainable way </ strong> possible.
We do not want this tradition to lose importance because of that LUXES dedicates this post so that both houses as urban areas convey the message of peace and love each year, without having to think about economic waste and environmental pollution.
The protagonists are the LED bulbs that increasingly appear in the streets around the world, towns and cities your old incandescent bulbs have already been replaced by small LED bulbs. Municipalities opt for LED lighting reducing spending and consumption, assuming a saving of 85%.
In Madrid, practically all the lighting is made up of LEDs, and thanks to that the budget has fallen by 16% even to last year. Ornaments also consume almost 30% less than in 2012 and in this way reduce the negative environmental impact , since they do not contribute to global warming, and last much longer than conventional lighting.
And LED bulbs do not use wire, gas, filaments or halogens inside. They only have a chip that makes them more efficient than the rest of the luminaries .
Create authentic Christmas designs! Without spending electricity and being more responsible with the planet.
If you enjoy decorating your home, you should know that inside the LED bulbs offer a variety of colors for your fir and Christmas balls and for the exterior, since we like to highlight some points of our garden, trees, fountains or architectural features endowing them with versatility in colors and effects, while consuming the minimum, they do not generate heat, therefore they are more responsible with the environment.
Using LED bulbs provides a definite saving The first step to take into account is to turn on the lighting only at the most marked times of day and not let it keep it active during all hours especially when there is nobody in the house.
Should reuse lighting fixtures for this Christmas purpose or pull the imagination to create their own lighting with household items and recycled materials. Finally, you should recycle these bulbs if they melt clean points or lighting stores.
For gardens use outdoor lanterns and beacons that are powered by sunlight. During the day, they absorb energy and at night they light themselves.


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Buried Alive is a web series developed by FearNet.com centering on five friends who wake up trapped alive in coffins, each with a series of different articles and materials and no clue as to how they got there. Each video furthers the mystery with flashes to the connections between each of the abducted as well as the downward spiral of their panic as they notice clues written on their bodies, hidden in their custom-made tombs, and random bursts of sound. Helping them are two siblings, Melanie and Travis, who work together, finding footage from hidden diaries working to find out what deranged lunatic kidnapper has a vendetta against them. FearNet.com also developed an interactive widget for Buried Alive that extends viewer participation by showing the actual abductions, profiles of each character, and the coffin cams, showing just how tight those quarters are. Buried Alive stars Britt Morgan, Jeff Blum, Bram Hoover, Nikki McKenzie, Greyson Chadwick, Natalie Wachen, JR May, Augusto Aguilar, and John Charles Meyer.moreless
Season 1 : Episode 36
|S 1 : Ep 36
|In The Beginning
|S 1 : Ep 35
|In Utero
|S 1 : Ep 34
|S 1 : Ep 34
|Slow Hearse
|S 1 : Ep 33
Action & Adventure, Drama, Horror, Science Fiction, Suspense


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Thursday, 28 December 2017
A Recommendation to The Curious.
The above was a brief extract from an M R James short story A Neighbour's Landmark. It is not a story I am overly familiar with but I would single out this short piece of writing as a lovely example of just what a fine writer James was. A beautiful set up of rustic charm which pivots and slides into unfathomable terrors. A roofs edge nicely balanced paragraph that is equally descriptive as it is mood setting. There is as much Turner as there is Poe in this piece of writing,the work bleeding from the edges of the canvas of the reader's imagination, in ochre and gray hues.
M R James body of work can be found in many editions. He inspires as many formats as artists who seek to illuminate the tales. The two editions I took to read over the Christmas holidays are two nicely put together paperback editions from Penguin. Easy to carry, hard to put down. Went for a walk today down a frosty country lane that runs between an old Protestant graveyard and an equally old Catholic one. Leafless trees hung weighed down with frosty moisture in protective groupings around the resting places of the long deceased. Reading M R James is the perfect prelude to such a winter dander although it renders the darker corners somehow seemingly unquiet.


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This is demo store. No orders will be fulfilled.
Total TV Guide - England & Crosswords Collection Print Bundle
Love TV and solving a puzzle? We have the perfect bundle for you with the best savings.
Total TV Guide has easy-to-follow sections, packed full of TV listings for over 90 channels in England so you'll never miss another episode of your favourite programme again! Including interviews with soap stars, find all the latest gossip in reality TV, and much more! Every issue of Crosswords Collection includes straight, cryptic and quiz crosswords, all of which are quick to solve and can be enjoyed for those of all ages. You'll also find great competitions with prizes just waiting to be won!


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What kind of barbecues will you clean?
We clean both built-in barbecues and rolling propane barbecues. We also clean both wood and charcoal barbecues, including smokers.
We aim to be the best, most convenient grill cleaning service out there at a fair price. We are thorough, professional and have a keen attention to detail.


text: Midway Specials & Discounts Wednesday: Midway Open 1PM – 10PM Wristband Special 1 – 9PM $25.00 Thursday: Midway Open 1PM – 11PM Wristband Special 1 – 10PM $25.00 Friday: Midway Open Noon – 11PM; 1 ticket off each ride Noon – 5PM; Wristband Specials: Noon – 5PM $15.00 OR Noon – 11PM $25.00 Saturday: Midway Open Noon – 11PM; Wristband Specials Noon – 5PM $20.00 OR Noon – 11PM $25.00 Sunday: Midway Open Noon – 7PM; Wristband Special Noon – 7PM $25.00 MEGA WRISTBANDS On sale from July 23rd through August 12th at Festival Foods in Somers, Kenosha and Lakeside Foods in Paddock Lake. Also available in the Fair Office the same dates. Fair Office Hours are 9AM – 4PM Monday – Friday. MEGA WRISTANDS are $45.00 and are valid every day of the Fair for all hours the Midway is open.


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Glaxosmithkline Consumer Taller, Stronger, Sharper Your success is our success n Rs 45bn MFD category is represented by Horlicks, Boost, October 14, 2013 Rating Previous Reco Accumulate Accumulate CMP Rs4,472 Target Price Rs4,200 EPS Chg CY13E/CY14E (%) NA/NA Target Price change (%) NA Nifty 6,113 Sensex 20,608 Bournvita and Complan. The category has undergone product, customer and market development n Players' efforts are channelized towards: a) distribution expansion, b) product offering, and c) roping new consumers. Collective efforts should augment category growth n Heinz is aggressive than the rest, but a serious challenger to GSK Consumer is nowhere in sight n Strong brand with inherent pricing capability is reassuring. Maintain Accumulate, with a price target of Rs4200/share Price Performance (%) 6M 12M MFD category largely represented by three players -4 10 48 -7 -3 35 The malted food drinks (MFD) category is largely represented by brands such as Horlicks, Boost, Bournvita and Complan. The top three players alone account for about 90% of the Rs 45bn MFD category. GSK Consumer is the market leader, with about 65% share led by its lineage brands , 'Horlicks ' and 'Boost'. Cadbury's Bournvita and Heinz's Complan are the other top players in this category. 1M 3M Absolute -4 Rel. to Nifty -8 Source: Bloomberg Relative price chart 5900 Rs % 100 5300 80 4700 60 4100 40 3500 20 2900 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 GlaxoSmithkline Consumer (LHS) 0 Oct-13 Aug-13 In the last few months, the category has come 'ALIVE' and is beaming with 'ACTION': 1) the active usage of media by new players such as Endura and Pediasure, 2) stakes and pitch have risen by roping in celebrities to endorse products , and 3) differentiation in product offerings and differentiated communication strategy adopted by the challenger, Bournvita and Complan. Rel to Nifty (RHS) Collective efforts by players would augment category growth Source: Bloomber g Stock Details Sector Consumers SKB IB Bloomberg 421 Equity Capital (Rs mn) Face Value(Rs) 10 No of shares o/s (mn) 42 6,348/ 2,901 52 Week H/L Market Cap (Rs bn/USD mn) 188/ 3,064 Daily Avg Volume (No of sh) 19,654 Daily Avg Turnover (US$mn) 1.4 Shareholding Pattern (%) Sep'13 Mar'13 Dec'12 Promoters 72.5 72.5 43.2 FII/NRI 11.6 11.2 15.4 Institutions 0.6 0.7 16.1 Private Corp 2.0 2.1 9.9 13.4 13.6 15.4 Public But stakes have increased; all players in the arena Source: Bloomberg We inspected category dynamics, product portfolio, product pricing, communication plan and business strategy of key players in the MFD category. We conclude that efforts of players are channelized towards : a) distribution expansion, b) new product offerings , c) eyeing new consumers , and d) exploring rural India. In our opinion, these industry efforts on a collective basis should augment growth of the MFD category in the long run. Heinz is aggressive than the rest, but challenger to GSK Consumer is nowhere in sight Heinz is aggressive than the rest of the players, with an inherent drive to minimize the gap with GSK Consumer. It is evident from its efforts to augment its portfolio offerings and engage in price competition. But we remain unfazed, and rule out a meaningful impact on GSK Consumer with its Rs 5bn outlay on A&P spends. It is a daunting task for competitors to surpass this summit. In our opinion, a serious challenger to GSK Consumer is nowhere in sight. We maintain an Accumulate rating on GSK Consumer, with a price target of Rs4200 (30x CY14E earnings). YEPritesh Chheda [email protected] +91-22-66121273 Prashant Kutty [email protected] +91-22-66121341 Emkay Global Financial Services Ltd. (Rsmn) Financial Snapshot (Standalone) Dec Net EBITDA EPS EPS RoE EV/ (%) P/E EBITDA P/BV Sales (Core) (%) APAT (Rs) % chg CY11A 27,650 5,045 18.2 3,552 84.5 19.2 33.8 52.9 35.1 16.4 CY12A 31,875 5,734 18.0 4,368 103.9 23.0 34.9 43.1 30.2 13.8 CY13E 36,230 6,889 19.0 5,098 121.2 16.7 34.1 36.9 25.0 11.6 CY14E 41,333 7,848 19.0 5,820 138.4 14.2 32.7 32.3 21.4 9.7 1 Company Update Emkay © Glaxosmithkline Consumer Company Update Refreshing category dynamics to set the tone for discussion Exhibit 1: Malted Food Drinks - Category Dynamics MFD category has grown at a 16 % CAGR over last 7 years GSK is the market leader in MFD category with a 65 % share 10% 10 5% 0 0% MFD Category (Rs bn) Heinz 14% MFD Penetration in India % penetration Urban Rural 41% 12% All India 22% Total Popn – 105 gm Popn 2 yrs-44 yrs – 140 gm Penetrated Popn – 637 gm Others 2% GSK Consumer 65% % growth India MFD Penetration is abysmally low, more so rural areas MFD Consumption Abbot 2% Cadbury 17% CY12 CY11 20 CY10 15% CY09 30 CY08 20% CY07 40 CY06 25% CY05 50 Urban Rural Consumption On Urban Penetrated Popn – 989gm On Rural Penetrated Popn – 170 gm Growth drivers in the MFD category § § § § § § Higher advent of malnutrition in India Youth is over 50% of Indian population Increased urbanization; Higher disposable income All-India penetration at a mere 22%; Huge opportunity Per capita consumption offers upside as well Untapped market; Scope for better distribution MFD category growth led by penetration and consumption Deciphering MFD Category Growth CY06 CY07 CY08 CY09 CY10 CY11 CY12 Volume Led MFD 6.8% 9.8% 16.1% 10.0% 13.2% 8.9% 5.7% Population Led 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% Penetration Led 5.2% 5.0% 4.8% 4.7% 4.6% 4.8% 4.8% Consumption Led 1.4% 4.6% 11.0% 5.1% 8.4% 3.9% 0.7% Price Led 4.4% 5.7% 4.9% 7.1% 4.8% 6.7% 8.8% 11.5% 16.2% 21.7% 17.8% 18.6% 16.3% 15.0% Category Growth (Value) MFD Category volumes (tons) grown at 9.8% CAGR (05-12) 132509 140000 120000 15% 100000 80000 20% 67821 10% 60000 40000 5% 20000 0 0% CY05 CY06 CY07 CY08 CY09 CY10 CY11 CY12 Volumes (tons) Emkay Research October 14, 2013 % growth MFD Avg. Realization (Rs/kg) grown at 6.1 % CAGR (05-12) 400 350 300 250 200 150 100 50 0 340 10% 8% 225 6% 4% 2% 0% CY05 CY06 CY07 CY08 CY09 CY10 CY11 CY12 Avg Realization (Per Kg) % growth 2 Glaxosmithkline Consumer Company Update What are the product offerings in the market? Product offering ranges from general nutrition to special offerings The MFD category has seen significant upgradation in product offerings , which have addressed specific requirement and preferences of a much wider audience. The product offerings now encompasses plain malt nutrition drink for kids to flavoured malt drink (chocolate, vanilla and strawberry) to health and nutrition drink for different customers (women, mothers and adults). The portfolio also construes specialized offerings for memory development, under-nourishment, weight gain, etc. GSK is the only player in this category, which has a full product portfolio that straddles across the consumer segment and price points. Heinz is mimicking GSK and attempting for a full product portfolio. Cadbury is primarily focused on kids' nutrition through Bournvita and Bournvita Lil' Champs. A few incumbents such as Endura, Abbot, and Zydus Wellness have entered the category with a differentiated product offering, though they are yet to make a mark. Exhibit 2: Product Offerings of MFD players Company Horlicks Malt GSK Consumer Products Boost Junior Horlicks 2 Horlicks Chocolate Junior Horlicks 1 Horlicks Gold Complan Original Mother's Horlicks Horlicks Pro Mind Complan Chocolate Complan Memory Horlicks Lite Maltova Complan Nutrigro Women's Horlicks Viva Nutriful Maplan P & L Heinz India Bournvita Bournvita 5-star Magic Bournvita Lil' Champs Cadbury India Medinn Belle Endura Mass Enzest Endura Kidkilos Abbot Zydus Wellness Pediasure Actilife Source: Company, Emkay Research GSK's product offering straddles across customer segments Although they have not achieved a generics stature, 'Horlicks ' and 'Boost' from GSK are highly successful brands in the MFD category. GSK has made 'Horlicks' most relevant to consumers by addressing needs and preferences of a wider audience. Horlicks has product offerings for kid's nutrition, general nutritional needs of the entire family, nutritional needs of women and mothers, specific needs such as memory development, vitamin deficiency and protein deficiency. Also, product offerings are available across price points , thereby making them relevant for a much large audience; spanning both urban and rural consumers . Emkay Research October 14, 2013 3 Glaxosmithkline Consumer Company Update What is customer charged for the MFD extravagance? The product offerings are available at varied pricing points from Rs 328/Kg to Rs 1230/Kg. The basic variants of Horlicks and Bournvita are priced at Rs330-340/Kg, whereas Complan at Rs416/Kg. Specialized offerings like mind development is priced at Rs560-580/Kg, kid's nutrition at Rs412-470/Kg and women's nutrition at Rs460/Kg. Premium offerings for special needs is priced at Rs1230/Kg (Pediasure). The extent of premiumization in the MFD category is a 4X base offering. The steep price relative to other packaged foods makes it an urban-centric category. It aptly justifies urban penetration at 41% as against rural penetration at 12% and all-India penetration at 22%. Exhibit 3: Sub-segment-wise Product Prices General Nutrition 200gm 500gm 1000gm Horlicks - Original 90 182 344 Junior Horlicks 1 Bournvita 90 188 335 Junior Horlicks 2 Boost* 210 Complan - Original 92 182 Amul Pro Kids & Infants 200gm Bournvita Lil' Champs 416 140 125 Complan Nutrigro* 500gm Need Based Nutrition 500gm 206 Horlicks Pro Mind* 238 206 Horlicks Gold 216 230 Complan Memory 228 238 Endura Kidkilos 525 Pediasure* 492 * 400gm * 450 gm * 400 gm Flavours Horlicks - Chocolate 200gm 500gm 1000gm 90 172 328 Adult Nutrition 500gm Women & Pregnancy Horlicks Lite - Malt 200 Women's Horlicks* Horlicks Lite - Chocolate 217 Mother's Horlicks Boost - Choco Éclair^ 210 Bournvita 5-star magic 188 335 Complan Nutriful 416 500gm 230 166 326 Maplan L Complan - Chocolate 109 200 Enzest 290 Maplan P Complan - Kesar Badam* 120 240 Actilife* 160 * 400 gm Complan - Pista Badam* 120 240 * 250 gm Complan - Strawberry 200gm 198 ^ 450 gm, * 400 gm Source: Company, Emkay Research Horlicks and Boost turn dearer by the day GSK has taken regular price hikes on 'Horlicks ' and 'Boost', with an annual price hike of 5-7%. Last pricing actions on 'Horlicks ' and 'Boost' were 5% in July 2012 and January 2013, respectively. Currently, GSK product offerings are priced thus: lower-end at Rs328/kg for Chocolate Horlicks and upper-end at Rs625/kg for Mother's Horlicks . The ability to undertake sustained pricing action demonstrates brand strength, demand inelasticity and high profitability. Exhibit 4: Sustained pricing actions Exhibit 5: High m argins have sustained in the last 3-5 years 20% 70% 25% 20% 15% 65% 15% 10% 10% 60% 5% 5% 0% Volume-led growth Source: Company, Emkay Research Price-led growth Gross Margin CY12 CY11 CY10 CY09 CY08 CY07 CY06 CY05 CY04 -5% 0% CY03 55% CY03 CY04 CY05 CY06 CY07 CY08 CY09 CY10 CY11 CY12 EBIDTA Margins Source: Company, Emkay Research An anecdotal evidence of a recent survey conducted by us in a tier-2 location indicated that an MFD product is a regular in a consumer's monthly shopping basket. As per the assessment of a few local kirana shops in that location, a monthly budget for a four-member home (two adults and two children) of Rs 1000/month includes 1 no 500gm malted beverage. This suggests that a strong distribution reach of larger players like GSK Consumer and Cadbury, along with the introduction of low unit packs (LUPs) sachets, is driving penetration in tier-2/3 and rural markets. Emkay Research October 14, 2013 4 Glaxosmithkline Consumer Company Update MFD category sees Product, Customer and Market development The MFD category development encompasses product, customer and market development. The category leader, GSK, should be credited for driving the process. Heinz is following suit in product development. Product Development; Traversed from kid's nutrition to family nutrition to specific needs Over and above base offerings of Horlicks, Complan and Bournvita, there are 23 products offerings further extended to multiple variants and multiple packaging formats. Horlicks Malt itself has morphed into Horlicks Chocolate, Junior Horlicks, Women Horlicks, Horlicks Gold, Horlicks Life and Horlicks Pro-Mind. The product offerings have a price range of Rs328-1230/kg. The extent of premiumization in the MFD category is the 4X base offering. Customer Development; Traversed from kid's to adult Players have made brands relevant for consumers by addressing needs and preferences of a wider audience. MFD offerings have traversed from addressing nutrition requirements of kids to general nutrition for family and specific offerings for women, mothers and the youth. Horlicks has product offerings for kid's nutrition, general nutrition needs of the entire family, nutritional needs of women and mothers, as well as specific needs such as memory development, vitamin deficiency, protein deficiency, etc. Exhibit 6: Key product offerings in the MFD Space General Nutrition Infants & Kids Health & Lifestyle Women/Pregnancy Mind Development Added Nutrition Source: Company, Emkay Research Market Development; recruiting new customers and tapping the market Penetration of the MFD category in urban areas has gradually improved to 41% over the years, but rural areas still remain an underpenetrated market at a mere 12%. Players have introduced low unit packs (LUP) to recruit new customers in tier-2 and rural markets . Horlicks, Bournvita and Complan have lower SKUs at Rs 5/25 for 18gm/90gm in rural markets . Growth in LUP is 30% p.a., a healthy contributor in category growth. Emkay Research October 14, 2013 5 Glaxosmithkline Consumer Company Update Discussing communication strategy adopted by brands? The category is characterized by GSK Consumer as the top spender, with an A&P outlay of Rs 5bn or 16.1% of revenues . Recently, media activity in the category has soared, and players are aggressive on communication and advertising (above the line) and promotions (below the line). Given below is a media pitch and communication strategy of brands . Horlicks – Communicating clinically proven functional benefits of the product § Horlicks has multiple product offerings; its communication strategy revolves around functional benefits of the product. § Best example is "Taller, Sharper, Stronger," highlighting the five growth areas : more bone area, more muscles, better concentration, active nutrients and healthier blood. § Other communications of Horlicks are: (1) "Increase the power of milk" (2) "Epang, Opang, Jhapang," depicting Iron, Vitamin C and Vitamin D requirements. § Horlicks is roping in consumers from rural markets through rural-centric initiatives like HUT activities (advertisement through magic shows). Exhibit 7: Communication strategy of Horlicks, Junior Horlicks, Women's Horlicks and Horlicks Gold) Source: Company, Emkay Research Boost – 'Secret of Energy' § Boos t is positioned as a nutritional energy drink; especially for children. The celebrity endorsement for Boost dates back to 1977. "Boost is the secret of my energy" has the highest recall amongst consumers . § Endorsement by celebrities (sportsmen) has helped in brand building and business development. Consistent communication has made brand trustworthy. § Recent change in communication is 'Boost is the secret of OUR energy' as against 'Boost is the secret of MY energy'. Exhibit 8: Consistent communication 'Boost is the secret of our energy' Source: Company, Emkay Research Bournvita – Riding on differentiated communication § Bournvita has resorted to differentiated communication to showcase functional benefits. Communication strategy is oriented towards developing emotional connect with brand, and functional benefits remains the soft message. § Most successful communication of Bournvita in recent times is "Tayyari Jeet Ki"; Bournvita has used emotional connect between a mother and her child to convey functional benefits of the product. § 'Bournvita Lil' Champs for Kids aged 2-5 years . Communication message is "Doodh ka calcium waste nahin hota hai". Emkay Research October 14, 2013 6 Glaxosmithkline Consumer Company Update Industry experts' comments on Bournvita communication strategy and its TV campaigns Jagdeep Kapoor, Samsika Marketing - Bournvita needs to move up the perception ladder with consistent aggression in the category and prove that from preparing to win, it can actually become a winner. Vispy Doctor, MD, Ormax Consultants - Bournvita has always had a two-pronged strategy in its communication. While mothers are expected to feel good about buying into the rational benefits of health and wellness, for kids it is more about the taste and fun of drinking Bournvita. Narayan Sundararaman, ED, Cadbury Kraft Foods - We want to take the fight to the market leader. Both Boost and Bournvita are brown malted drinks and have been direct competitors. Horlicks has always been the market leader, with almost 45% share in the category. We are seeing the potential in the health and wellness segment and want to grow in this space. There could be also more variants based on fortification and more age groups Exhibit 9: Bournvita – 'Taayari Jeet Ki' where Child competes with Mother Bollywood actress Kajol as mother learning from the child Source: Company, Emkay Research Complan – Cross-fire § Complan has the best brand recall, thanks to its message: "I am a Complan Boy" and "I am a Complan Girl". But the catch phrase seems to have faded over time. § Even Complan has tuned its communication on showcasing functional benefits . On quite a few occasions, it has collision with competing brands. For example, a recent advertisement features mothers comparing functional benefits of Complan and Horlicks . § At present, it has resorted to pricing actions as well. There is a Rs20 off on flavored offering of Complan. Exhibit 10: Complan (I am a Complan Boy, I am a Complan Girl, Complan vs. Horlicks: Good Mom, Bad Mom , Rs 20/off on Complan) Source: Company, Emkay Research Kidkilos – Celebrity endorsement is the way § Endura Kidkilos is targeted at kids in the age group 3-10 years. It is marketed as a nutrition supplem ent promising weight gain. Juhi Chawla is the brand ambassador. Brand communication highlights functional benefits of the product. Pediasure – An exotic health drink targeted at the rich class § Priced at Rs 1088/Kg, Pediasure is premium offering in the category. It is marketed as a health drink for kids aged 2-10 years, promising complete and balanced nutrition. § Brand communication is "Complete Nutrition, Complete Peace of Mind". It showcases clinically proven 37 vital nutrients for height and weight gain, reduce the number of sick days and cuts down incidences of infection. Emkay Research October 14, 2013 7 Glaxosmithkline Consumer Exhibit 11: Endura Kidkilos endorsed by Juhi Chawla Company Update Abbott's Pediasure – specially targeted at kids aged 2-10 years Source: Company, Emkay Research What is the growth strategy deployed by players? GSK Consumer – Perfect moves by category leader § Horlicks has traversed from kid's nutrition to adult nutrition. It has product offerings for kid's nutrition, general nutrition needs of the entire family, nutrition needs of women and mothers, specific needs like memory development, vitamin deficiency, protein deficiency, etc. § Horlicks Malt itself has morphed into Horlicks Chocolate, Junior Horlicks, Women Horlicks, Horlicks Gold, Horlicks Life and Horlicks ProMind. The product offerings have price range of Rs 344-476/Kg. Horlicks has achieved premiumization of 1.4X base offering. § Given the low penetration for the MFD category in rural areas (12%), GSK is augmenting its distribution infrastructure, especially in rural and under-penetrated areas . GSK has introduced low unit packs (LUPs) and increased promotional activities to drive growth in these markets. Exhibit 12: Deciphering GSK Consumer Value growth and its sustainability Deciphering GSK Consumer Growth CY06 CY07 CY08 CY09 CY10 CY11 CY12 Volume Led 6.8% 9.9% 16.2% 10.0% 13.3% 9.0% 5.8% Population Led 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% Penetration Led 5.2% 5.0% 4.8% 4.7% 4.6% 4.8% 4.8% Consumption Led 1.4% 4.6% 11.0% 5.1% 8.4% 3.9% 0.7% Market Share 0.0% 0.0% 0.1% 0.0% 0.1% 0.0% 0.0% Price Led 4.4% 5.7% 4.9% 7.1% 4.8% 6.7% 8.8% 11.5% 16.2% 21.8% 17.9% 18.7% 16.3% 15.0% GSK Consumer Value Growth Source: Company, Emkay Research Cadbury – Stationed in North and West § Even Cadbury is tapping rural markets through distribution expansion, promotional activity and low unit packs (LUPs ). The brand has launched 'Mission Nutrition' to reach one million households in small towns of Rajasthan, Uttar Pradesh, Maharashtra and Gujarat. § Bournvita has a strong presence in northern and western regions, which are relatively under-penetrated compared to south ern and eastern regions. Cadbury is planning to increase its penetration in northern and western regions, traditional stronghold for the company. Heinz – Matching the pace of category leader § Heinz is matching the footsteps of the category leader. Complan has done product development and customer development, and kept the brand relevant for current times. The product portfolio includes Complan Original, Complan Chocolate, Complan Memory, Complan NutriGro, Complan Nutriful and Maplan P&L. Medina Belle – New products on the block § Base portfolio of Endura is nutrition and health supplement for sportsmen, gym enthusiast, etc. New launches of Enzest & KidKilos address nutrition requirements of adults and weight management for kids , respectively. These product offerings are specialized and premium priced compared to base offerings in the category. Abbott – Absolutely luxurious § Pediasure is another high-priced superior formulation product targeted to premium consumers. Emkay Research October 14, 2013 8 Glaxosmithkline Consumer Company Update What are the visible changes in the category? Premiumisation in the category at its fore Despite MFD being discretionary in nature, premiumization remains unabated with sustained product innovation in this category. New products have driven expansion of customers beyond kids (adults, women) and aided 30-90% premiumisation over the base offering, while products such as Endura KidKilos and Pediasure addressing the specific nutritional needs such as weight gain, vitamin C and proteins are priced at a premium (2X-4X) to the base offering. Media intensity has substantially risen among MFD players The category is characterized by GSK Consumer as the top spender, with an A&P outlay of Rs 5bn or 16.1% of revenues. Recently, media activity in the category has soared, with players becoming aggressive on communication and advertising (above the line) and promotions (below the line). New products such as Endura KidKilos and Pediasure have celebrity endorsements . Only positive emerging is that players are competing on media spends and not on pricing, depicting the inherent strength of the category. Players focused on product innovation and renovation Product offerings have traversed from addressing nutrition requirements of kids to general nutrition for family and specific offerings for women, mothers and the youth. Being priced at a premium to the base offering, these innovations are driving premiumisation in the category. The companies have also experimented with packaging. Innovations are expected to drive category growth in the ensuing years. Expanding distribution to tap under-penetrated market While urban still remains the key market, players are gradually expanding their distribution network in rural areas, given the low penetration of MFD and huge potential for growth. To facilitate these objectives, players such as GSK and Cadbury's have introduced recruiter packs priced at Rs25 for 90gms/100gms. Rural-specific initiatives are implemented to reach new customers and augment category growth. Heinz is aggressive than the rest; Needs close vigilance? Heinz is No 3 in India: Although being an old brand and holding lineage in India, Complan has lost to Horlicks and concurrently occupies No. 3 spot in the category. We believe this is due to two factors: lack of innovation and high competition. Ties few loose-ends: Heinz has initiated: (1) innovations and concurrent product development like Complan Kesar Badam, Complan Pista Badam, Complan with Memory Chargers, Complan NutriGro, Maplan L and Maplan P and (2) product offerings targeting both kids and adults. Presently, it has resorted to pricing actions as well. There is Rs20 off on a flavored offering of Complan. Complan is priced at premium to Horlicks – A few observations worth noting: (1) 500gm Complan - Chocolate is priced at Rs200 vs. Rs172 for 500gm Horlicks – Chocolate vs. Rs188 for 500gms Bournvita; premium of 12-15% (2) 1kg Complan – Chocolate is priced at Rs416 vs . Rs328 for Horlicks Chocolate and Rs335 for Bournvita; at a premium of 25%. A high price premium could favour competition. But why does Heinz still lack the punch? – A few arguments are: (1) Complan lacks innovation relative to Horlicks and (2) Complan is relatively weaker in distribution reach. This is despite Heinz being early entrant to India. Can any other player challenge the leader? – Barring Heinz, none of the other players in the category have the ability to challenge the market leader, GSK Consumer due to the following reasons: i) lack of product portfolio, ii) limited distribution reach, and iii) willingness for a sustained A&P spend. GSK Consumer with its first-mover advantage in India, coupled with a strong brand equity and large A&P outlay would always pose a serious challenge to incumbents. GSK Consumer's Rs 5bn A&P budget; No challenger in sight GSK has the highest A&P spend; It's build a fort GSK Consumer's A&P spends has risen from Rs 0.8bn in CY01 to Rs 5bn in CY12; which is a CAGR of 18% in the CY01-12 period. The stakes have increased from 9% of revenues in CY01 to 16% of revenues in CY12. Commensurate efforts have also been made towards the product portfolio. The outcome is consistent volume growth of 8-10% for the last decade. GSK symbolizes the category and vice-versa. But the media intensity has risen with players becoming aggressive on communication and advertising (above the line) and promotions (below the line). However, GSK Consumer is at the top with Rs 5bn A&P outlay, which is too difficult to surpass for competitors . Certainly, there is no challenger in sight. Emkay Research October 14, 2013 9 Glaxosmithkline Consumer Exhibit 13: A&P spends have been rapidly rising over the years 6000 Exhibit 14: EBIDTA margin movement when A&P rises 20% 5000 25% 20% 15% 4000 Company Update 15% 10% A&P spends % of sales A&P spend as % of sales Source: Company, Emkay Research CY12 CY11 CY10 CY09 CY08 CY07 0% CY06 0% CY12 CY11 CY10 CY09 CY08 CY07 CY06 CY05 CY04 CY03 0 5% CY05 1000 10% 5% CY04 2000 CY03 3000 EBIDTA Margin% Source: Company, Emkay Research What Rs 5bn A&P budget means? Colgate is a good comparison What does Rs 5bn A&P budget means? We have drawn a comparison between Colgate and GSK Consumer. The underlying premise for both players is alike: i) focus on a single category, ii) strong product portfolio, iii) strong brand equity, iv) market leadership, and v) high A&P spends . If Rs 6bn A&P budget of Colgate is perceived as an entry-barrier for P&G in India, the same logic should also hold true for GSK Consumer. Exhibit 15: Comparison of Colgate with GSK Consumer based on key financial metrics Colgate Financial Metrics Revenues (Rs bn) GSK Consumer FY13 30.8 FY14E 35.1 FY15E 40.8 CY12 30.8 CY13E 34.9 CY14E 39.8 % growth 17.5% 14.0% 16.2% 14.7% 13.4% 13.9% %volume-led 10.0% 10.7% 11.1% 5.8% 7.6% 8.0% 5.3% 4.6% 4.6% 8.8% 5.4% 5.4% 4.9 6.0 6.7 5.0 5.6 6.4 A&P % of sales 15.9% 17.1% 16.3% 16.1% 16.1% 16.1% Gross Margins% 59.5% 59.7% 59.9% 62.3% 62.2% 62.3% EBIDTA Margins% 18.8% 20.2% 21.7% 15.1% 16.0% 15.8% 5.0 5.4 6.6 4.4 5.1 5.8 % growth 11.3% 9.1% 21.4% 23.0% 16.7% 14.2% EPS (Rs) 36.5 39.9 48.4 103.9 121.2 138.4 ROCE% 148.9% 138.1% 143.1% 54.2% 53.0% 50.4% ROE% 107.4% 97.7% 100.2% 34.9% 34.1% 32.7% % price-led A&P spends (Rs bn) PAT (Rs bn) P/E - 30.8 25.4 - 36.9 32.3 FCF Yield (%) - 32.% 3.9% - 1.4% 2.7% Source: Company, Emk ay Research Exhibit 17: One-year forward P/E Band of Colgate 2000 GCHL-P/E band 6000 Colgate-P/E band 32x 1500 Source: Company, Emkay Research Emkay Research October 14, 2013 1000 24x 500 16x 8x Sep-12 Sep-11 Aug-10 Aug-09 Jul-08 Jul-07 Jun-06 Jun-05 May-04 0 May-03 Oct-13 Sep-12 Aug-11 Aug-10 Jul-09 Jun-08 May-07 Apr-06 8x Mar-05 1000 0 Feb-04 24x 16x Jan-03 32x 3000 2000 Jan-02 4000 Apr-02 5000 Oct-13 Exhibit 16: One-year forward P/E Band of GSK Consumer Source: Company, Emkay Research 10 Glaxosmithkline Consumer Company Update Annexure I – Major Players in MFD Category GSK Consumer – Horlicks, Boost Company Profile Key Products Portfolio § Market leader in the MFD segm ent, with a market share of over 60%. A strong presence in South and East. § Horlicks and Boost – Key products in MFD growing at 10% volumes and revenues of a CAGR of 17% (CY08-12). § Price maker in the MFD category; average price-led growth in the last 5 years is 7-8%. § Horlicks is a market leader with 50%+ share, while Boost has market share of 14%. § Strong brand with a wide reach in over 1.5mn outlets. GSK's direct reach is 700000, while Horlicks alone is present in 1mnplus outlets. § Product portfolio – Horlicks, Boost, Junior, Lite, Women's, Mother's, Gold, Pro-Mind. § Company growing at revenue CAGR of 19% and 23% PAT CAGR in CY08-12. § About 75-80% of revenues in the MFD segment comes from Horlicks . § MFD segment alone accounts for 90% of revenues . § Horlicks is sold in multiple packs and multiple price points. Horlicks base product is available from Rs 5/18g to Rs 515/2000g. Target Customer Segment Comments on Business § Horlicks – Great Family Nourisher § Horlicks acts as an umbrella brand for categories like noodles, biscuits, health snack and breakfast, among others . § Boost – Energy Drink for Children § Junior Stage 1 – Above 2 Years § Junior Stage 2 - Preschoolers § Women's – Women Between 19-50 years § Mother's – Pregnant Mothers § Eyeing a higher market share in North and West, traditionally weak markets . § Business drivers are A&P spends and distribution expansion. § Rural India is a huge opportunity; penetration at 12% vs . 41% in urban India. § Lite – Diabetics and Health Conscious Adults § Gold – Superior Nutrients for Children § Pro-Mind – Energy Drink for Kids and Adults Key Ad campaigns Horlicks Pro Mind Horlicks Gold Emkay Research October 14, 2013 Women's Horlicks Horlicks Lite Junior Horlicks Horlicks 11 Glaxosmithkline Consumer Company Update Cadbury's – Bournvita Company Profile Key Products Portfolio § Present in MFD since 1948, among the oldest brand in India § Bournvita is available in 2 flavours, Bournvita – Chocolate and Five Star Magic – Chocolate & Caramel Flavor § Rs 7bn brand and contributes nearly 20% to Cadbury Kraft Foods India's revenue § 17% overall value market share, with market leadership in North at 36% share and 29.2% share in modern trade § Bournvita Lil Champs is a specially formulated drink with DHA for toddlers § Strong presence in North & West; aims to strengthen its presence further § Has forged an emotional connect with consumers rather than prophesying claims like 'Taller', 'Sharper' and 'Smarter' Target Customer Segment Comments on Business § Bournvita is largely targeted for kids in their growth phase (514 years) § Relatively low consumption of malted foods in North and West remains key business challenge § Bournvita Lil Champs targeted for kids age 2-5 years § 2-pronged communication strategy; educate mothers about health & wellness and attract kids on taste premise § Reaching out to small towns in Rajasthan, UP, Maharashtra and Gujarat through 'Mission Nutrition' and targeted 1mn households § LUP are sold at Rs 25 (90 gm); trying to make inroads into rural India § Brand communication showing head-on collision with market leader Horlicks and Boost § Brand communication not built to showcase functional benefits § South is Horlicks fiefdom, focused on North & West and especially rural India Key Ad Campaigns Tayyari jeet ki! Emkay Research October 14, 2013 Bournvita Lil' Champs Lil' Champs – Print Ad 12 Glaxosmithkline Consumer Company Update Heinz – Complan Company Profile Key Products Portfolio § Launched by Glaxo in 1954 and acquired by Heinz in 1995. § Complan – The COMplete PLANned food with 34 vital nutrients available in 7 flavours. § It's a Rs 6-7bn brand growing at a CAGR of 20% over the past 4 years. Complan has a market share of 14% in the MFD segment § Complan is priced at a premium of 15-30% to competing brands . § Despite being a heritage brand, Complan lacked innovations and lost to competition. § Complan Memory with 8 memory chargers. § Complan Nutri Gro – a health drink for kids aged 2-4 years available in 3 flavours . § Nutriful – Multigrain Family Drink with 30 vital nutrients and available in 2 flavours . § Maplan P&L is for pregnant as well as lactating mothers. Target Customer Segment Comments on Business § Complan is targeted at adolescent child aged 5-15 years . § Heinz's high-priced product has worked well for competition at a time when consumer spending is slowing. Getting the pricing strategy right by offering price-offs in Complan. § Complan Memory – Child aged 7-12 years. § Complan Nutri Gro – Infant aged 2-4 years. § Nutriful – Family health drink. § Off late, Heinz is mimicking Horlicks; the large portfolio includes Maplan, Nutriful, NutriGro and Complan Memory. § Maplan P for pregnant women and Maplan L is a supplement for lactating mothers . § Mantra caters to all target segments: kids, women and family Key Ad campaigns Complan for Growth Nutriful Emkay Research October 14, 2013 Complan Boy & Complan Girl Maplan L & Maplan P 13 Glaxosmithkline Consumer Company Update Medinn Belle – Endura Kidkilos Company Profile Key Products Portfolio § Started in 1996 with a laxative named Raahat focused towards health and wellness. § Endura Mass is the flagship product for weight gain and available in 3 flavours . § Extended into bodybuilding and fitness by launching Endura in 2001, which was well-accepted in Indian markets and became the no. 1 selling weight-gainer in 5 years. § Gym -based products of Endura – First, Force, Mega Lean Mass, E-pro Blast, Ultra Whey Pro, Creatine § Has partnered with Solae, US, an established name in soybased technologies. Medinn Belle sources its key ingredients for its products from Solae. § Gym premiere products – Endura premium series are health supplements , ranging from gym starters to advanced levels of bodybuilding § Enzest – Energy boosting supplement for adults § Forays into gym based products and health products like Enzest and Kidkilos . § Kidkilos – Offering for kids and endorsed by Juhi Chawla. Available in 2 flavours – Chocolate and strawberry. Target Customer Segment Comments on Business § Endura Mass - Gain weight for adults. § Targets to become a leader in the food supplements industry in India. § Gym -based Endura products – targeted purely for regular gym goers, gym trainers and bodybuilders . § Gym premiere products – Endura premium series purely for body builders . § Forayed beyond professional gym -based and weight-gain products into general nutrition requirements for kids and family. § Enzest – For adult above 30 years. § Kidkilos – For child aged 3-10 years. Key Ad campaigns Endura Kidkilos Emkay Research October 14, 2013 Enzest Endura Mass 14 Glaxosmithkline Consumer Company Update Abbott - Pediasure Company Profile Key Products Portfolio § Pediasure is Abbott's hallmark brand, which is a nutritional supplement for children in the growth stage § Formulated with 37 vital nutrients, PediaSure is clinically proven to help increase height and weight, reduce the number of sick days and cut down incidences of infection. § PediaSure also contains nutrients such as Taurine, Choline and Omega 3 and 6 to support brain development in children. Target Customer Segment Comments on Business § Pediasure – For Children aged 2-10 years § A premium product offering compared to competition. Key Ad campaigns Pediasure Kids Ad on Children's Day Emkay Research October 14, 2013 Pediasure TV Commercial 15 Glaxosmithkline Consumer Company Update Key Financials (Standalone) Income Statement Balance Sheet Y/E Dec (Rsmn) Net Sales CY11A 26,855 Growth (%) CY12A 30,794 CY13E 34,933 CY14E 39,776 Y/E Dec (Rsmn) Equity share capital CY11A 421 CY12A 421 CY13E 421 CY14E 421 16.5 14.7 13.4 13.9 Reserves & surplus 11,021 13,189 15,857 18,903 22,606 2,584 26,141 3,011 29,341 3,416 33,486 3,890 Net worth Minority Interest 11,442 0 13,610 0 16,278 0 19,324 0 Other Exp SG&A 935 4,374 1,166 4,965 1,183 5,632 1,526 6,413 Secured Loans Unsecured Loans 0 0 0 0 0 0 0 0 EBITDA 5,045 5,734 6,889 7,848 Loan Funds 12.1 13.7 20.1 13.9 18.2 460 4,585 18.0 361 5,373 19.0 514 6,375 19.0 613 7,235 16.6 853 35 16.9 1,138 24 17.6 1,221 24 5,403 1,851 6,487 2,119 7,572 2,474 Expenditure Employee Cost Growth (%) EBITDA margin (%) Depreciation EBIT EBIT margin (%) Other Income Interest expenses PBT Tax Effective tax rate (%) 0 0 0 0 -399 11,043 -616 12,994 -616 15,662 -616 18,708 Gross Block Less: Depreciation 6,367 4,360 6,562 4,624 9,062 5,138 9,562 5,751 17.5 1,433 24 Net block 2,007 1,938 3,924 3,811 Capital work in progress Investment 1,492 0 1,972 0 0 0 0 0 8,644 2,824 Current Assets Inventories 16,927 3,700 21,018 3,696 23,021 4,435 27,774 5,050 Sundry debtors Net deferred tax liability Total Liabilities 34.3 32.7 32.7 32.7 992 1,126 974 1,109 3,552 19.2 4,368 23.0 5,098 16.7 5,820 14.2 Cash & bank balance Loans & advances 10,797 1,439 14,642 1,553 16,127 1,486 19,923 1,692 Net Margin (%) (Profit)/loss from JVs/Ass/MI 12.8 0 13.7 0 14.1 0 14.1 0 Other current assets Current lia & Prov 0 9,383 0 11,935 0 11,284 0 12,878 Adj. PAT After JVs/Ass/MI 3,552 4,368 5,098 5,820 Current liabilities 6,636 8,414 7,359 8,399 E/O items Reported PAT 0 3,552 0 4,368 0 5,098 0 5,820 Provisions Net current assets 2,747 7,544 3,521 9,083 3,924 11,738 4,479 14,897 PAT after MI Growth (%) 3,552 19.2 4,368 23.0 5,098 16.7 5,820 14.2 Misc. exp Total Assets 0 11,043 0 12,994 0 15,662 0 18,708 CY11A CY12A CY13E CY14E CY11A CY12A CY13E CY14E 4,550 5,349 6,351 7,211 460 35 361 24 514 24 613 24 EBITDA Margin Net Margin 18.2 12.8 18.0 13.7 19.0 14.1 19.0 14.1 -627 -413 -943 2,090 0 -1,171 0 638 ROCE ROE 53.4 33.8 54.2 34.9 53.0 34.1 50.4 32.7 -332.7 -220.8 -312.0 -861.1 84.5 103.9 121.2 138.4 95.4 272.1 112.4 323.6 133.5 387.1 153.0 459.5 DPS 58.3 49.5 57.8 66.0 Valuations (x) PER 52.9 43.1 36.9 32.3 P/CEPS P/BV 46.9 16.4 39.8 13.8 33.5 11.6 29.2 9.7 Adjusted PAT Growth (%) Cash Flow Key Ratios Y/E Dec (Rsmn) PBT (Ex-Other income) Depreciation Interest Provided Other Non-Cash items Chg in working cap Tax paid Y/E Dec Profitability (%) -1,809 -2,242 -2,474 -2,824 Operating Cashflow Capital expenditure 3,907 -853 5,543 -773 3,245 -528 5,662 -500 Per Share Data (Rs) EPS Free Cash Flow Other income 3,055 853 4,770 1,138 2,717 1,221 5,162 1,433 CEPS BVPS Investments RoIC 0 0 0 0 -1,252 0 -3,772 0 -520 0 -493 0 Loans Taken / (Repaid) Interest Paid 0 -35 0 -24 0 -24 0 -24 Dividend paid (incl tax) -2,452 -1,711 -2,430 -2,774 6.6 5.6 4.9 4.2 0 6 0 -20 0 1,214 0 1,426 EV / EBITDA Dividend Yield (%) 35.1 1.3 30.2 1.1 25.0 1.3 21.4 1.5 Financing Cashflow Net chg in cash -2,481 175 -1,755 16 -1,240 1,484 -1,372 3,797 Gearing Ratio (x) Net Debt/ Equity -0.9 -1.1 -1.0 -1.0 Opening cash position 9,761 10,797 14,642 16,127 Net Debt/EBIDTA -2.1 -2.6 -2.3 -2.5 Closing cash position 10,797 14,642 16,127 19,923 Working Cap Cycle (days) -43 -64 -44 -44 Investing Cashflow Equity Capital Raised Income from investments Others Emkay Research October 14, 2013 EV / Sales 16 Glaxosmithkline Consumer Company Update Emkay Global Financial Services Ltd. 7th Floor, The Ruby, Senapati Bapat Marg, Dadar - West, Mumbai - 400028. 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Rachel Ankeny, Bryce Camm, Rob Egerton-Warburton, Peter Gooday, Ross Hampton, Richard Heath, Bernie Hobbs, Kylie Hudson, Deanna Lush, Rowan McMonnies, Verity Morgan-Schmidt, Arian Moshefi, Heather Neil, Trent Thorne, Travis Tobin
Bernie Hobbs
Bernie, who has a first class honours degree in biochemistry and microbiology, is an award-winning science writer and presenter who has worked extensively in television (The New Inventors, Catalyst, the experiMENTALS), on radio and online.
With a background in medical research, environmental writing and science teaching, Bernie tackles tough or technical subjects and brings the driest topics alive for lay audiences or experts.
Bernie will speak about her experiences of communicating climate science and other complex issues, and what she has learned about emotion versus evidence in scientific debate.
SESSION 1 – Animal Welfare
Rob Egerton-Warburton
Farmer and Nuffield Scholar
Rob is a farmer from Kojonup in Western Australia. Alongside his wife Jennifer and two daughters, Rob farms 4000ha, producing sheep for wool and meat as well as mixed grain with an adjunct business in wildflower seed production.
Rob has always had a passion for farming, particularly for the sheep industry, and he actively promotes farming beyond the farm gate. He is currently on the Board of Merinotech, a Kojonup-based Merino Genetics company. Rob chaired the Sheep Industry Leadership Council for four years and was a Board member of the Sheep CRC for seven years. Rob was also on the Board of RSPCA Western Australia.
Heather Neil
CEO, RSPCA Australia
Heather was appointed Chief Executive Officer of RSPCA Australia in 2006. She has a long career in the not-for-profit sector including organisations such as the Australian Breastfeeding Association, Quit Tasmania and CropLife. Heather is currently a director and Deputy Chair of the Community Council for Australia and was previously a director of Rowing Australia.
SESSION 2 – Community Trust
Deanna Lush
Managing Director, AgCommunicators
Deanna is a strategic communication specialist working in primary production, natural resources and agripolitics. She is a former journalist and editor for the Fairfax rural group and a was media adviser to the South Australian Minister for Water during the Millennium drought. In 2013, she co-founded AgCommunicators. Deanna's Churchill Fellowship report investigating trust in agriculture was published in 2018 and she now chairs a steering committee for the National Farmers' Federation on a cross-commodity approach to trust. Deanna and her husband Steen Paech farm 4500 ha in South Australia, cropping cereals, pulses and oilseeds and running sheep.
Rachel Ankeny
Professor, School of Humanities, University of Adelaide
Trent Thorne
Special Counsel, McCullough Robertson
As co-leader of McCullough Robertson's Food and Agribusiness group, Trent is recognised as a committed and passionate legal specialist for the agricultural sector. Trent has over 14 years' experience acting for food and agribusiness clients in a wide range of commercial matters. He has conducted international arbitrations and lengthy trials in Queensland and acted for major agribusiness entities, large property developers, multinational resource companies, major government-owned corporations and large corporate entities. Trent is also the President of the Queensland Rural Press Club.
Rowan McMonnies
Managing Director, Australian Eggs
Rowan has a legal and compliance background and has been a key adviser to the agriculture sector and the egg industry in recent years. Prior to commencing with Australian Eggs, Rowan was a commercial disputes partner at global law firm, Baker & McKenzie, and held senior positions at the Australian Competition and Consumer Commission. Rowan's involvement in the egg industry includes assisting the industry in its response to the free-range egg labelling standard consultation process and working with egg industry representative bodies on the formalisation of Egg Farmers of Australia.
SESSION 3 – Environmental Policy
Verity Morgan-Schmidt
CEO, Farmers for Climate Action
Farmers for Climate Action is a not-for-profit organisation putting those on the front lines of climate change front and centre in creating climate solutions through a vibrant 21st century model of agricultural advocacy. Under Verity's leadership, Farmers for Climate Action has harnessed the power of digital technology to drive community engagement with the agricultural sector. Originally a farm girl from the sheep and wheat country of Western Australia, Verity is a former Executive Officer for the Western Australian Farmers' Federation. Verity holds a Master of Arts (Politics) in Sustainability and Bachelor of Arts with a double major in Politics and Global Studies.
Travis Tobin
CEO, Queensland Farmers Federation
Prior to being appointed CEO of the QFF in May 2016, Travis was an Adviser and Departmental Liaison Officer in the Office of the Deputy Prime Minister. From a sheep and cattle farming family in the western division of NSW, Travis's career spans a broad range of agricultural roles in the public and private sectors. He was the Director of food export programs and led policy development in the Department of Agriculture and Water Resources. He has worked in agribusiness banking across NSW, Victoria and South Australia, and has held senior roles in the drilling industry.
Bryce Camm
CEO, Camm Agricultural Group
Prior to leading his family's Camm Agricultural Group, an integrated beef enterprise with interests across Queensland, Bryce managed the group's award-winning Wonga Plains Feedlot for 10 years, overseeing the operation triple in size. Bryce is Chairman of the Australian Beef Sustainability Steering Group and the Vice Chair of the Australian Lot Feeders Association. He is heavily involved in the next generation, symposium and seminar programs for Beef Australia and was instrumental in developing the Graeme Acton Beef Connections Program.
Ross Hampton
CEO, Australian Forest Products Association
Ross is a veteran of the policy and political scene having worked at various times in the past 25 years as a reporter, adviser and policy advocate in Australia and overseas. He was appointed CEO of the Australian Forest Products Association in May 2013, and has a Masters in Public Policy from the Australian National University.
SESSION 4 – Agricultural Statistics
Peter Gooday
Assistant Secretary & Chief Commodity Analyst, ABARES
Peter manages the programs for commodity analysis and forecasting, trade research and climate impact sciences, and is responsible for producing the quarterly publications Agricultural commodities and Australian crop report. Peter has been involved in a broad range of research and analysis, including farm analysis, productivity and biosecurity; water market reform; productivity analysis; infrastructure issues affecting agriculture; fisheries management; economic issues associated with native forestry, and commodity analysis. He has a degree in Economics with Honours from the Australian National University.
Kylie Hudson
Marketing Leader, Tripod
Kylie is a marketing leader with a proven track record over almost 20 years in brand marketing, trade marketing, and insights roles in global corporates such as Sara Lee, Diageo and Carlton & United Breweries. Since moving into the strategic consulting space in 2012, Kylie has enjoyed gaining clarity and moving quickly into action for corporates, not-so-corporates and agencies alike – from all things alcoholic to retail spaces, coffee and even skateboards, each challenge is undertaken to get it to another level.
Arian Moshefi
Agricultural Project Officer, NSW Farmers
Arian is a horticultural science graduate currently working as a Project Officer for NSW Farmers on a project that has developed a nationally coordinated approach, across all agricultural commodities, to address community and consumer trust in Australian agriculture. Experiences garnered through his education, his time as a nurseryman, Quad Bike Safety Improvement Program Coordinator, and in his current role have armed Arian with the knowledge and insights to deliver projects on a large scale involving complex systems and competing priorities.
Richard Heath
Executive Director, Australian Farm Institute
Before being appointed Executive Director of the AFI in May 2018, Richard was General Manager Research for the independent policy research organisation, whose objective is to enhance the economic and social wellbeing of farmers and the agricultural sector. Prior to this, he was Associate Professor of Agronomy and Farm Management at the University of Sydney and was involved in a large family cropping business in North West NSW. Richard is a director of the Grains Research and Development Corporation and sits on the Advisory Committee for CSIRO Food and Agriculture. He is a Nuffield scholar and was a director of Nuffield Australia.
Agriculture Minister David Littleproud
David Littleproud is a member of the House of Representatives representing the Division of Maranoa. David became the Minister for Agriculture and Water Resources in December 2017. David had a career of more than 20 years in agribusiness before entering politics, and was born and raised in Chinchilla, Queensland.


text: Letters Nuclear History By Bruce Knight See allHide authors and affiliations Science 19 Jul 1968:Vol. 161, Issue 3838, pp. 219-220DOI: 10.1126/science.161.3838.219-c Bruce Knight Find this author on Google Scholar Find this author on PubMed Search for this author on this site Article Info & Metrics eLetters PDF This is a PDF-only article. The first page of the PDF of this article appears above.


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A lawyer search can be hard to begin. When you choose wrongly, you're the one who suffers. Use the following article to help you determine what qualities you should be seeking in a good lawyer.
Do not hire the first lawyer you see. Make sure that you research attorneys thoroughly to avoid making a bad decision. You should ask people you know if they can recommend a good lawyer.
Make sure to be familiar with a lawyer's history. Lawyers aren't always reliable just because they are licensed. Knowing a lawyer's record will enable you to determine whether or not he or she can handle your case successfully.
Speak with a potential lawyer about what they charge. The fees will vary depending on a lawyer's background, and it is smart to be aware of what you are going to pay before you retain him. After the proceedings have begun, you don't want to lose your lawyer.
Hire a lawyer that is accessible. Having issues with reaching a lawyer is something that a lot of people complain about. While lawyers typically need to handle more than one case at a time, you should not have to to wait days, while being left in the dark due to your lawyer spending too much time golfing.
When looking through the Yellow Pages, you should never go with the first lawyer you see. It is hugely important to research your choices to ensure you get the best. I went with a referral from my realtor, but that lawyer turned out to have been disbarred for malpractice. Be careful when choosing legal representation.
When you're uncomfortable in the presence of a particular lawyer, do not hire them. This also includes how comfortable you feel with their fees. Do not sign blank retainer checks. You want to find out the approximate costs before you start. If you do not get these details down first, costs can get out of control quickly.
Every time you meet with your lawyer, write detailed notes. Write down any pertinent information like date and time, what was said, and how much the session will cost. That can assist you with later problems, like strange fees or big bills.
Understand what you can afford. You may be in a situation where you feel you're in the right, but what is it going to cost? If you have certain attorneys in mind, do your research on their fee structure. Be open and honest about your budget from the outset. Be clear about the results you want. A clear understanding of the financial aspects of choosing a lawyer is important to your case.
Have plenty of questions ready when meeting with prospective lawyers to handle your case. The initial consultation should answer all of your questions. It's their duty to ensure you are satisfied with their knowledge level and experience. If they cannot answer your questions, then you should not hire them.
It can take quite a while to find the right lawyer. However, once you learn from the information above, you will have a much easier time. In addition, you'll be better able to select your ideal lawyer.


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E Commerce DEVELOPMENT
Having an online shop is almost mandatory these days if you sell products or services. Fortunately it doesn't have to cost the earth. We build attractive, yet highly functional online shops for our customers for surprisingly affordable prices.
We also provide SEO Services for both the shops which we build and the ones we didn't. We love this aspect of our work as clients can easily see the additional revenues which they take in online orders. Why not get in touch to discuss your E Commerce goals?E Commerce
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We're a small digital agency who know exactly what we're good at, so we prefer to do that well, as a result there are a few things we don't do ourselves. These include email marketing, social media marketing and mobile app development, although our web development does mean your website works on tablets and mobile phones properly. So if you are looking for a provider who also provides any of those services, you might be best to contact a big full service digital agency based in London or another major city. If not, we'd be delighted to work on your online marketing with you.


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10S404 Knoch Knolls Rd
Naperville, IL 60565
Join us for an introductory outdoor yoga session to welcome the Fall season. Located on The Conservation Foundation's McDonald farm, an historic farmstead in Naperville with an edible forest garden, we will move through vinyasa, pranayama, meditation, and craft an herbal tea. Nature connection and a mindfulness practice for regeneration and resilience – a perfect way to start your day and enjoy the abundance of Fall.
Class is family-friendly. Beginners are welcome. Please bring a yoga mat and beach towel or cushion.
In the case of inclement weather, class will be held indoors.
$10 special price for this event,
Pre-registration is required. Registration deadline Friday, September 20.
Dr. Allison Mitch, a physical therapist and healing arts practitioner (yoga, reiki), ecologist, part time professor, and mom – an eclectic professional and personal mix that birthed her own WILD woman through the recognition of the connection and depth with all of life. In her circles, she seeks to create a sacred and inviting space for self-reflection, meditation, healing, and reconnection with nature for the return of soulfulness, or "re-wilding."