TABLE OF CONTENTS

Summary

Methodology of Sector Studies
Restrictions

1. Introduction – General Information
1.1 Introduction
1.2 General Characteristics of the Sector
1.3 Description of Sector Products
1.3.1 Classification of Cheeses
1.3.2 Greek Cheeses
1.3.3 European Cheeses
1.4 Guidelines – Regulations, Quality Assurance Systems
1.5 Regulatory Framework
1.5.1 Regulatory Framework for Protected Designation of Origin (PDO) Products
1.5.2 Protection of the Designation of Milk and Dairy Products
1.5.3 Common Organisation of the Market in Milk and Dairy Products
1.5.4 Regulation for the Award of the Greek Label to Milk and Dairy Products
1.5.5 Hellenic Agricultural Organization – “DIMITRA”

2. The Demand for Cheese Products
2.1 Factors that Shape Demand
2.2 Inflation Development
2.3 Household Budget Survey Results
2.4 Macroeconomic Environment
Appendix Chapter 2

3. Sector Supply
3.1 Structure and Breakdown of the Sector
3.2 Milk Production, Deliveries and Average Price
3.3 Description of Distribution Networks
3.4 Distribution of Surveyed Companies
3.5 Cheese Products Manufacturing and Import Companies
3.6 Sales of Sector Manufacturing Companies
3.7 Ranking of Manufacturing Companies based on Average Annual Rate of Change of Sales
3.8 Cheese Products Import Companies
3.9 Sales of Import Companies
3.10 Ranking of Import Companies based on Average Annual Rate of Change of Sales
Appendix Chapter 3

4. Sector Risk Analysis
4.1 Creditworthiness of Assessed Businesses
4.1.1 Creditworthiness Assessment of Assessed Businesses
4.1.2 Change in the Evaluation of Assessed Businesses
4.1.3 Creditworthiness of the Sectors: Industry: “Food Products” and Trade in “Food Products”
4.2 Development of the Sector’s Transaction Behaviour
4.2.1 Transaction Behaviour of Assessed Businesses
4.2.2 Transaction Behaviour of the Sector: Industry: “Food Products”
4.2.3 Transaction Behaviour of the Sector: Trade in “Food Products”
Appendix Chapter 4

5. Financial Analysis of Sector Companies
5.1 Financial Ratios of Sector Companies
-Profitability
-Performance
-Liquidity
-Financial Structure
-Activity
5.2 Consolidated Balance Sheet Analysis
5.2.1 Analysis of the Consolidated Balance Sheet
5.2.2 Structure of the Assets and Liabilities of the Consolidated Balance Sheet into Major Accounts
5.2.3 Share (%) of Major Sector Companies in Total EBITDA
5.3 Benchmarking of Companies’ Financial Ratios
5.4 Ranking of Companies based on Selected Accounts
5.5 Ranking of Companies based on Selected Ratios
5.6 Financial Ratios of Sector Companies
-Profitability
-Performance
-Liquidity
-Financial Structure
-Activity
5.7 Consolidated Balance Sheet Analysis
5.7.1 Analysis of the Consolidated Balance Sheet
5.7.2 Structure of the Assets and Liabilities of the Consolidated Balance Sheet into Major Accounts
5.7.3 Share (%) of Major Sector Companies in Total EBITDA
5.8 Benchmarking of Companies’ Financial Ratios
5.9 Ranking of Companies based on Selected Accounts
5.10 Ranking of Sector Companies based on Selected Ratios
Appendix Chapter 5

6. The Domestic Cheese Products Market
6.1 Domestic Production of Cheese Products
6.1.1 Domestic Production Size
6.1.2 Structure of Domestic Industrial Cheese Production by Product Category
6.1.3 Production Shares of Major Cheese Products Companies
6.2 Foreign Trade in Cheese Products
6.2.1 Development of Imports – Main Countries of Origin
6.2.2 Development of Exports – Main Destination Countries
6.2.3 Competitiveness Index of Cheese Products
6.3 Domestic Cheese Products Market
6.3.1 Domestic Consumption Size of Cheese Products – Market Shares
6.3.2 Analysis of Domestic Consumption by Main Product Category
6.3.3 Market Shares of Major Cheese Products Companies
6.3.4 Market Size of Packaged Cheese Products
Appendix Chapter 6

7. Sustainable Development and ESG Actions
7.1 Results of Primary Research on Sustainable Development & ESG in Businesses
7.2 ESG Actions of Sector Companies

8. The International Cheese Products Market
8.1 The European Cheese Products Market
8.1.1 Cheese Products Production in the European Union
8.1.2 Foreign Trade in Cheese Products in the European Union
8.1.3 Analysis of Cheese Products Foreign Trade in European Union Countries
8.2 Cheese Production in the U.S.A.
8.3 Milk Deliveries in the E.U.

9. Sector Strategic Analysis – Prospects
9.1 Analysis of the Competitive Environment
-Threat of New Entrants
-Threat of Substitute Products
-Bargaining Power of Suppliers
-Bargaining Power of Customers
-Competitive Rivalry within the Industry
9.2 SWOT Analysis
9.3 Conclusions – Trends & Prospects
9.4 Proposals to Improve the Competitiveness of Businesses
Appendix I: Economic Overview
Appendix II: Balance Sheets of Sector Companies
Appendix III: List of Sector Studies carried out by the Department of Economic Research, ICAP CRIF S.A.

•Benchmarking of Sector Companies