Prima Meat Packers Ltd
2281:JP JP3833200003
Key Information
HQ:
Japan
Market Cap:
$0.8bn
Primary Market:
Asia
Company Information
Company Summary
Prima Meat Packers is a Japan-based company principally engaged in the production and sale of meat products and processed products. The Company operates in two business segments. The Meat Business Division segment is engaged in beef production and related business, as well as the processing and logistics of meat. The Processed Food Business Division segment is engaged in the manufacture and sale of processed foods, the supply of side dishes, the sale of hams and sausages and other related products![Prima Meat Packers Ltd](http://images.ctfassets.net/kc2xclar6nri/6U9HhdpEFauMF4PJXQLHnO/3243d51765866027bdcb4c5baf5254c8/Prima_Meat_Packers_Ltd.jpg?fit=scale&w=1320&fm=webp)
Revenue
Total revenue:
$3.7bn
Revenue by Geography
Revenue by Protein
Revenue by Product Type
Disclosures
CDP ScoresLast Reviewed: 11/10/2023
CDP Climate | CDP Forests | CDP Water |
---|---|---|
No | No | No |
Science Based Target initiativeLast Reviewed: 03/10/2023
Target classification | Status | Date |
---|---|---|
Has not set SBT | - | - |
Coller FAIRR Protein Producer Index
Analysis Overview
Greenhouse Gas Emissions Deforestation & Biodiversity Water Use & Scarcity Waste & Pollution Antibiotics Animal Welfare Working Conditions Food Safety Sustainability Governance Alternative Proteins
Analysis Breakdown
Risk Score
11/100
High Risk
Greenhouse Gas Emissions
14/100
Scope 1, 2 & 3 Target
16/100
Type of Target
The company has a target to reduce carbon emissions from fossil fuel combustion in Japan by 24.3% by 2030 from the fiscal 2021 level. However, the target is not validated by the SBTi.
0/3
Strength of Target - Non-SBT
The company discloses a target to reduce emissions from fossil fuel consumption by 24.3%, down from 2021 levels. This target only applies to Japanese operations and does not include emissions from livestock. Hence, the scope is limited to specific geographies.
0.8/2
Innovation on GHG Emission Reduction
0/100
Innovation to Reduce Agriculture Emissions
The company does not discuss whether it is working with suppliers to reduce emissions from agriculture.
0/1
Feed Farming Innovation
The company does not engage in innovative projects to reduce or mitigate emissions from feed farming
0/2
Animal Farming Innovation
The company mentions new goals and ways to manage increased methane emissions from enteric fermentation. It also states that it is researching methane-reducing feed formula. However, it does not provide any detailed information on these initiatives.
0/2
Quality of GHG Inventory
16/100
Quality and scope of GHG inventory Completeness
The company discloses aggregate carbon emissions without a breakdown of Scope 1, 2 and 3 categories. In FY21, the carbon emissions were 134,852 tons CO2. It specifies that emissions are calculated for 22 plants. Therefore, the geographic scope is limited to certain geographies.
0.8/1.5
Feed & Animal Farming Emissions
The company does not disclose any information on GHG emissions from animal farming. The company does not disclose any information on GHG emissions from feed production. The company does not disclose any information on GHG emissions from land use change.
0/2
Transparency of GHG Inventory
The company does not disclose to CDP climate change questionnaire. The company does not disclose the data on GHG inventory is audited by a third party.
0/1.5
Emissions Performance
5/100
Overall Emission Performance
The company reports that its total emissions increased by 5.58% between 2020 and 2021, and the GHG inventory of the company is incomplete. Also, it specifies that emissions are calculated for 22 plants.
0.25/5
Climate-related Scenario Analysis
35/100
Climate-related Scenarios Analysis Conducted
The company has endorsed the Climate-Related Financial Disclosure reporting framework and states it performs scenario analysis as part of this process.
1/1
Disclosure of Analysis Results on Material Risks
The company recognise animal feed prices as a climate-related risk. However, it does not provide a mitigation plan for the projected threats. It acknowledges the impact of rising temperatures, which leads to adverse conditions for livestock and poultry and poorer meat quality. No information was found related to any plan to adapt to increased temperature. It mentions the livestock medicine cost as a critical climate risk. It also states that such a risk will increase the potential financial expenditure for the company and will have a short-term impact. However, it does not discuss veterinary costs and plans to mitigate them. It discloses that higher energy-related prices due to climate change would lead to higher expenditures on energy-efficient and renewable energy technologies. It mentions higher tax burdens due to more minor cuts in GHG emissions. However, it does not discuss the risks of a carbon tax on electricity and animal protein.
0.75/3
Disclosure of Financial Material Events & Alignment of CAPEX
The company does not disclose its commitment to align capital expenditures with its GHG targets.
0/1
Deforestation & Biodiversity
0/100
Deforestation/Conversion-free Target - Soy for Animal Feed
0/100
Risk Assessment to Identify High-risk Locations
The company only mentions soy is being used in its brand Try Veggie, which produces soy meat products. However, the company doesn't disclose the proportion of soy procured as part of the total feed ingredients. The company does not refer to deforestation within its disclosure.
0/0.5
Strength of Deforestation Commitment
The company does not disclose having a deforestation/conversion-free target for soy.
0/3.25
Transparency - Progress Against Commitment
The company does not report progress against its commitment. Nor did it responded to the CDP Forest Questionnaire in 2022.
0/1.25
Engagement, Monitoring & Traceability - Soy for Animal Feed
0/100
Supplier Engagement
The company does not report any information on how it engages soy suppliers on deforestation risks. It states that it will ensure that its procurement of raw materials is ecologically sustainable but it is unclear on the steps taken by the company to ensure this, or raw the materials which this applies to.
0/1.25
Compliance monitoring & Traceability
The company does not disclose how compliance in monitored or what actions are taken if non-compliance occurs. Further, the company does no disclose the level of traceability it has of its soy supply chain.
0/3.25
Feed Innovation
The company does not discuss innovations and/or practices to move towards sustainable feed sources.
0/0.5
Water Use & Scarcity
5/100
Water Use & Scarcity in Facilities
16/100
Monitoring Water Consumption & Withdrawals
No evidence was found that the company has conducted a water-related risk assessment. Prima Meat discloses its total water consumption by source for the last reporting period. The information is only disclosed for 22 plants.
0.2/0.75
Target to Reduce Water Consumption & Withdrawals
The company has set a target to reduce water consumption intensity to 14.3 m3/tonne for four plants by 2023. This represents a targeted reduction of 3.4%.
0.4/1
Disclosure & Performance of Water Risks in Facilities
The company discloses its water consumption by source in the last reporting year. Water consumption from both well water and mains water sources increased in the last reporting period.
0.2/3.25
Water Use & Scarcity in Feed Farming
0/100
Supplier Engagement in Water Use in Feed Farming
The company does not disclose information relating to water scarcity risks in feed farming.
0/2.5
Disclosure of Water Risks in Feed Farming
The company does not disclose feed water intensity, or the proportion of feed sourced from water stresses areas. Further, the company does not provide evidence that it is investing in sustainable feed production from a water use perspective.
0/2.5
Water Use & Scarcity in Animal Farming
0/100
Supplier Engagement in Water Use in Animal Farming
The company does not disclose information relating to water scarcity risks in animal farming.
0/3
Disclosure of Water Risks in Animal Farming
The company has not established partnerships with third parties to input into sourcing/farming strategy, including water use.
0/2
Waste & Pollution
0/100
Wastewater at Facilities
0/100
Disclosure & Targets for Wastewater Quality & Volume Discharged
The company has not indentified facilities that operate in locations with high and medium water stress from a quality perspective. It has not set a quality or volume target for wastewater, and does not report the number of incidences of non-compliance with water quality permits, standards, and regulations.
0/1.5
Transparency on Water Pollution Risks
The company does not disclose the quality or volume of wastewater discharge. No evidence was found that wastewater related data has been audited, and the company did not respond to the CDP water questionnaire in 2022.
0/2
Performance on Wastewater Quality & Volume Discharged
The company has not improved the wastewater quality at aggregate level compared to the previous reporting period or reduced the volume of wastewater discharged.
0/1.5
Nutrient Management in Feed Farming
0/100
Supplier Engagement in Nutrient Pollution Risks
The company does not disclose information related to nutrient management in feed farming.
0/4
Innovation to Improve Nutrient Management in Feed Farming
The company does not invest in sustainable feed production to improve nutrient management or disclose information about pesticide use in its feed supply chain.
0/1
Manure Management in Animal Farming
0/100
Disclosure of Pollution Risks from Manure
The company states that it views the potential higher demand for animal manure due to reduced usage of petrochemical fertilisers as an opportunity for the business. However, it does not disclose further information about realising this opportunity.
0/1.25
Supplier Engagement in Manure Management
The company does not make site-specific nutrient management plans a part of its supplier's contractual agreement and/or own farms management. Nor does it provides technical and/or financial support to suppliers and/or own farms to develop nutrient management plans and improve manure storage.
0/1.5
Innovation to Improve Nutrient Management in Animal Farming
The company does not integrate nutrient management performance into incentive schemes for farmers. It does not discuss innovation in manure or provide evidence of a community engagement plan in relation to pollution.
0/2.25
Antibiotics
15/100
Policy on Antibiotics Use
30/100
Policy on Antibiotics Use
The company commits to reducing disease incidence by establishing disinfection points at farm entrances and utilising smoke disinfectant on all items brought onto the farm. It also spearheads the Prima Next Project, focusing on improving farm hygiene and decreasing antibiotic use. Furthermore, it offers various organic pork products derived from antibiotic-free pigs raised on GM-free feed.
1.5/5
Disclosure of Quantity of Antibiotics Used
0/100
Disclosure of Quantity of Antibiotics Used
The company does not disclose the quantity of antibiotics used.
0/5
Animal Welfare
3/100
Animal Welfare Policy
10/100
Welfare Policy
The company commits to a broad approach to animal welfare, including phasing out traditional gestation crates and controlling feed quality. It also addresses disease management, hygiene, and overall living conditions.
0.5/2
Key Welfare Issues
The company commits to transitioning away from gestation crates and installing free-access stalls by 2026. However, it continues to use farrowing crates from birth until piglet weaning. It does not discuss enriched environments.
0/3
Assurance & Certification
0/100
Auditing & Assurance by an Animal Welfare Organisation
The company does not disclose the presence of third-party auditing, monitoring, or assurance for animal welfare.
0/4
Public Reporting on Welfare
The company does not disclose information in relation to animal welfare certifications or assurance programs for its beef operations.
0/1
Performance on Key Material Risks
0/100
Performance on Key Material Welfare Risks by Protein
The company commits to eliminating the use of gestation crates. However, it continues to utilise farrowing crates and does not disclose information on routine tail docking, surgical castration, or the provision of suitable environments.
0/5
Working Conditions
9/100
Human Rights
10/100
Strength of Policy
The company commits in writing to respect human rights but does not commit to internationally recognised standards such as the ILO core conventions.
0.5/1
Due Diligence Process
The company does not discuss how it monitors, assesses and mitigates actual and potential human rights risks in its own operations or supply chain.
0/3
Evidence of Remediation
The company does not disclose whether it has identified any human rights risks in its operations through human rights due diligence
0/1
Fair Working Conditions
8/100
Policy for Direct Operations
The company commits in writing to prohibit discrimination and abuse in its operations. However, it does not explicitly mention whether human rights audits are conducted, it prohibits child labour and forced labour, or it promotes fair wages. Furthermore, the company does not state that it requires suppliers to probit child labour, forced labour, discrimination and abuse or promote fair wages.
0.4/3
Monitoring & Discosure
The company does not discuss whether it has conducted supplier audits covering human rights or if it has a grievance reporting mechanism open to employees or external stakeholders.
0/2
Safety & Turnover Data
14/100
Committee representation of workers
The company is committed to ensuring the health and safety of its employees. However, the company does not mention a health and safety certification or if it has health and safety committees
0.25/2
Disclosure of safety and turnover data
The company's lost-time accident frequency rate for the reporting period was 1.613. The company states that these figures exclude some group operations but do not specify which ones or what proportion of the overall company these operations represent. Furthermore, the company discloses no injury data for previous years or any fatality data. The company discloses that the turnover rate 2021 was 3.5% but does not provide data disaggregated by seniority level.
0.43/3
Freedom of Association
5/100
Strength of Policies
The company discloses that 1,128 employees belong to a labour union. However, it must provide an introductory statement on the right to freedom of association and collective bargaining. Moreover, it must disclose whether it expects or requires suppliers to set a policy on freedom of association and collective bargaining.
0/3
Disclosure of Collective Bargaining Metrics
The company discloses the number of temporary and regular employees for its Processed Foods Division, Meat Business, and others. However, the company does not sufficiently disclose the distribution across contract types such as full-time, part-time, subcontracted or hourly.
0.25/2
Food Safety
24/100
Food Safety System
25/100
Certifications
The company reports that 14 facilities are FSSC 22000 certified, a GFSI-recognised certification. Further, 15 are ISO 22000 certified. However, the total number of facilities is not disclosed, so the proportion/percentage of total sites certified can not be determined. It reports that it engages with suppliers via an importing company to ensure their commitment to its strict quality standards. Further, it mentions that its Thailand-based suppliers conform to the Japanese Agricultural Standard (JAS). However, the company does not disclose whether suppliers are expected to have GFSI certification, nor the portion of those that do.
1.25/3.5
Performance
The company discloses that to provide food safety, it ensures the safe and secure procurement of raw materials through regular supplier audits. However, it does not mention the frequency or number of audits in the reporting year or the corrective action rate. It describes a traceability system for food safety called the 'Prima Internet Traceability Service', which can be utilised when a customer inquiry is received regarding production history. It will search the system itself and report the results to the customer. Therefore, the technology is not deemed to be consumer-facing.
0/1.5
Product Recalls & Market Bans
23/100
Product Recall Systems
The company acknowledges food safety as a critical risk to the company. It states that if an incident arises, it notifies the public immediately and takes corrective and preventative action. However, it does not describe how it approaches product recalls in further detail, nor does it confirm that a product recall system is in place. Further, it does not report the number of recall incidents in the reporting period, and none were detected in the media screening.
0.13/3
Performance
The company does not disclose information related to market bans in the reporting period, and none were detected in media screening.
1/2
Sustainability Governance
25/100
Assessment of a Company's Sustainability Governance
25/100
Board Sustainability
The company has established a sustainability committee, chaired by the CEO, to place sustainability at the core of management. The company conducted its materiality assessment in FY2020, disclosing the same material issues as last year. The problems include securing safe, reliable food, reducing greenhouse gas emissions, reducing the volume of waste output, addressing animal welfare, sustainable procurement of raw materials and recommending health-conscious products. One of the responsibilities of the company's sustainability committee is to address the material issues identified through the materiality assessment. The company discloses the skill matrix of board members. However, this matrix does not include a sustainability, innovation or food safety metric.
1.25/2
Incentives & Policy Engagement
The company has not disclosed executive monetary remunerations linked with climate or sustainability performance. Nor has it disclosed engaging with civil or trade associations on ESG issues, a comprehensive list of trade association memberships or if it aligns any policy-engagement activities with the goal of restricting global temperature rise to 1.5C.
0/2.5
Innovation & Benchmarking
The company does not disclose a strategic approach to sustainability innovation or state whether it benchmarks itself against peers in sustainability and innovation.
0/0.5
Alternative Proteins
45/100
Diversification of Products to Alternative Protein Sources
45/100
Existing product portfolio
The company recognises that protein diversification towards alternative sources has emerged as a solution to population growth, causing protein demand to outstrip protein supply. It also acknowledges that people require a healthy balance of protein sources aside from meat, and its brand encourages consumers to try alternative protein products. However, it has not yet set a timebound target to diversify protein sources, nor does it disclose sales/revenue linked to alternative protein sources.
0.25/2.5
Investing for future growth
In FY2021, the company launched its plant-based brand, "Try Veggie", which offers soy-based substitutes for meat products. It discloses that developing innovative manufacturing technology is a core approach to product development. As part of this, it mentions it is planning to develop non-soy-based alternatives to meat and is currently researching alternative protein sources.
2/2.5
Members-only Content
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Workstream Information
2023 Risk Score:
11/100
Level:
High Risk
Ranking:
53/60
Main Protein:
Pork
Assessed Proteins:
Pork
Company Feedback Given:
No
Last Updated:
31 October 2023
2023 Resources
2023/24 Index Report Summary (Mandarin) 报告总结摘要(中文) Launch of the Coller FAIRR Protein Producer Index 2023/24 2023/24 Company Dialogue Questions 2023/24 Full Report Coller FAIRR Protein Producer Index
Coller FAIRR Climate Risk Tool
Analysis Overview
Cost Increase
Cost Increase
EBIT Margin
Cost Increase (%)
60%
40%
20%
0%
-20%
-40%
-60%
Net Zero Aligned
BAU
High Climate Impact
Cost Breakdown
2030 | Net zero aligned | BAU | High climate impacts |
---|---|---|---|
Total Costs | 0% | 5% | 8% |
Carbon Tax | 1% | 2% | 2% |
Feed | -2% | 3% | 6% |
Feed Additives | N/A | N/A | 0% |
Heat Stress | 0% | 0% | 0% |
2050 | Net zero aligned | BAU | High climate impacts |
---|---|---|---|
Total Costs | 1% | 7% | 14% |
Carbon Tax | 2% | 3% | 4% |
Feed | -2% | 4% | 10% |
Feed Additives | N/A | N/A | 0% |
Heat Stress | 0% | 0% | 0% |
Members-only Content
To register as a member of the FAIRR network, please fill out the sign up form or if you need additional information on the FAIRR network, please contact investoroutreach@fairr.org.
Workstream Information
Last Updated:
5 April 2023
2023/24 Resources
Walkthrough Video 2023 Public Report 2023 (English) Public Report 2023 (Mandarin) Coller FAIRR Climate Risk Tool