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Towards a Sustainable Future

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Towards a Sustainable Future TOWARDS A SUSTAINABLE FUTURE FRASER AND NEAVE, LIMITED ANNUAL REPORT 2016 100PLUS is #1 Soft Drink in Malaysia Isotonic Drink in Singapore Key Highlights 20 new F&B products launched in FY2016 Key Highlights 7.5¢ Earnings Per Share (Basic)1,2 +70% Key Highlights Notes: 1 Continuing operations 2 Before exceptional items 3 PBIT denotes profit before interest, taxation and exceptional items; continuing operations only F&N NUTRISOY is $ 179m # PBIT3 1 +36% Soya Milk in Singapore Key Highlights Key Highlights and Malaysia $ 908m 106 Net Cash export +5% markets Key Highlights Key Highlights TOWARDS A SUSTAINABLE FUTURE F&N is delivering on our commitment towards a sustainable future. Leveraging our capillaries Reach in existing markets, building on the strength and Diversity of our Brands, and seeking out Growth opportunities in new markets, we are delivering sustainable value every day to our stakeholders. Together with our reputation for Professionalism, integrity and innovation, we are geared towards delivering on our vision to be a stable and sustainable Food & Beverage leader in the ASEAN region. CONTENTS FY2016 Key Highlights Towards A Sustainable Future Milestones 02 Corporate Profile 04 Performance at a Glance 07 Group Financial Performance 08 Global Presence 10 The F&N Integrated Business Model 12 Vision 2020 18 Message from our Chairman 22 Board of Directors 29 Group Management 32 Corporate Structure CEO Business Review 33 Corporate Information Food & Beverage Overview 34 Food & Beverage – Beverages Core market • Malaysia 38 Core market • Singapore 42 Food & Beverage – Dairies Core market • Malaysia 46 Core market • Thailand 49 Core market • Singapore 52 Ice Cream 54 Food & Beverage – New Market Myanmar 56 Vietnam 58 Thailand 60 Publishing & Printing Group Results 62 Publishing 63 Print 65 Retail & Distribution 65 66 Investor Relations 67 Capital Resources 68 Enterprise-Wide Risk Management 70 Corporate Governance 91 Financial Report 174 Notice of Annual General Meeting Proxy Form Accompanying this report: F&N Sustainability Report SUSTAINABILITY REPORT 2016 Only available in digital format Download it at www.fraserandneave.com/investor-relations/corporate-sustainability JOURNEYING TOGETHER Since 1883 1931 Formation of Malayan Breweries Limited John Fraser and David (renamed Asia Pacific Chalmers Neave established 1936 1898 Breweries (“APB”) in The Singapore and Straits 1990. APB is now Aerated Water Company known as Heineken to produce carbonated Asia Pacific Pte. Ltd.) Coca-Cola’s soft drinks. The Singapore with Heineken to franchise was and Straits Aerated produce beer. Tiger secured for Water Company beer was launched Singapore and went public as Fraser the next year. Malaysia. 1883 and Neave, Limited. 2013 2014 F&N became a part of Thailand’s TCC Group, 2015 one of the largest Spun off Frasers companies in Thailand Centrepoint Limited with businesses in food Acquired Warburg, (“FCL”) via a distribution and beverage, real estate, a leading player F&N secured a 22-year licensing in-specie of two FCL industrial trading and in Singapore’s shares for each F&N consumer products, vending market. agreement with Nestle for the share, at no cost to insurance and agriculture. manufacture and shareholders. FCL was F&N distributed $3.28 distribution of successfully listed on th per share in cash to Nestle’s canned milk the SGX on 9 Jan 2014. shareholders, an aggregate products in ASEAN. amount of $4.73 billion, F&N sold its 55% which was substantially 2016 stake in a brewery in the Company’s gain from Myanmar for a cash the APB sale. consideration of US$560 million. Over 130 years ago, two visionaries set up a modest company to produce carbonated soft drinks. This company eventually became Fraser and Neave, Limited (“F&N”), a leading Asia Pacific Consumer Group in the region with expertise and prominent standing in the Food & Beverage and Publishing & Printing industries. 1992 1959 1990 F&N Coca-Cola Pte Ltd was formed as Entered a joint 1985 The dairy and an anchor bottler venture with Beatrice property interests for The Coca-Cola Foods of Chicago to (Centrepoint Company in build the region’s Properties) of Singapore, Malaysia, first sweetened Relocated its Cold Storage Brunei, Vietnam, condensed milk plant Singapore brewery Holdings Ltd Cambodia, in Petaling Jaya, 1968 and soft drinks were acquired. Sri Lanka, Nepal Malaysia. plant to free up the prime sites and Pakistan. Dairy production for development. commenced in The Group’s second Singapore. core business, Properties, was formed. 1996 1999 Restructured Malaysia’s soft drinks, dairies and F&N divested glass businesses its stake in F&N under Fraser & 2006 Coca-Cola Pte Ltd, Neave Holdings retaining only soft 1995 Bhd (“F&NHB”), 2012 drinks business in in compliance F&N acquired Malaysia under with National Nestle’s canned F&NHB. F&N entered Development and liquid milk Myanmar’s beer Policy of Malaysia. business in Acquired 20.1% market. Divested APB for a Malaysia and stake in Times cash consideration Thailand. Publishing Group. of $5.6 billion. A takeover offer was subsequently launched for the company. 2 Annual Report 2016 Fraser and Neave, Limited & Subsidiary Companies CORPORATE PROFILE Established in 1883, Fraser and Neave, VISION Limited (“F&N”) is a leading Southeast To be a stable and sustainable Asia Consumer Group with expertise Food & Beverage leader in the ASEAN region. and prominent standing in the Food & Beverage and Publishing & MISSION Printing industries. Leveraging its strengths in marketing and To be ASEAN’s leading owner and provider of quality and innovative distribution; research and development; products that consumers choose and trust. To support our mission, brands and financial management; as we are guided firmly by our commitment to great value, the well as years of acquisition experience, community, diversity and F&N provides key resources and sets the environment. strategic directions for its subsidiary companies across both industries. Listed on the Singapore stock exchange, F&N ranks as one of the most established and successful companies in the region with an impressive array of renowned brands that enjoy strong market leadership. F&N is present in 12 countries spanning Asia Pacific, Europe and the USA, and employs 6,813 people worldwide. For more information visit www.fraserandneave.com Fraser and Neave, Limited & Subsidiary Companies Annual Report 2016 3 STRATEGIC DIRECTION Our goal is to be the ASEAN consumer’s trusted source of dairy and beverage products, embodying the Group’s ‘PURE ENJOYMENT. PURE GOODNESS’ philosophy. To achieve our goals, we have established several strategic pillars: F&N embraces a brand portfolio strategy in order to maximise consumer CLEARLY-TARGETED reach. This approach allows the Group to seize opportunities from multiple segments, providing distinct and relevant products to a wide PORTFOLIO OF BRANDS demographic spectrum of consumers. While we continue with our brand AND PRODUCTS portfolio strategy, we will also focus our investment on and drive the growth of our Power Brands. F&N fosters a culture of creative thinking and embraces changes. The LEADING THROUGH Group requires its businesses to generate new innovation each year, in INNOVATION product development or processes, so as to maintain sustainable leadership in the industry. Commercial excellence is all about strengthening the way we market, distribute and sell our products in order to deliver excellent customer experiences and forge closer relationships with consumers – and STRIVING FOR ultimately drive consumer loyalty. COMMERCIAL We continuously identify and strengthen levers to improve operational EXCELLENCE efficiency, increase brand presence and sell-through, and streamline internal processes to accelerate decision-making and make our organisation leaner and more efficient. F&N targets leading market positions in all markets in which we compete. We prioritise our investments in markets where we have a right to win. INVESTMENTS We look at markets that offer the best medium- to long-term growth and FOCUSING ON profitability opportunities, encompassing the way we compete, our RIGHT TO WIN capabilities with which we will compete, and portfolio decisions. In this respect, we place considerable emphasis on expanding our activities in Southeast Asia, particularly Indonesia, Myanmar and Vietnam. F&N recognises that its People are a key enabler of its strategies. Our People are at the centre of our universe. Our strategy incorporates a COMMITTING TO roadmap for attracting, developing and retaining our most valuable asset TALENT DEVELOPMENT – People. The Group sets out specific, actionable steps that are either already in place, or under development, to support our businesses in becoming the best at what they do. 4 Annual Report 2016 Fraser and Neave, Limited & Subsidiary Companies PERFORMANCE AT A GLANCE Revenue ($m) Profit Before Interest & Taxation ($m) 10-Year CAGR +4%3 10-Year CAGR +6%3 Increase from FY2006 +45%3 Increase from FY2006 +79%3 2,121 1,971 1,954 1,979 179 134 1,366 132 100 87 Cont’d Cont’d Operations Operations Discont’d Discont’d Operations2 2,436 3,175 3,589 336 – Operations2 497 664 865 123 – Total Total Operations 3,802 5,146 5,543 2,457 1,979 Operations 597 799 952 255 179 FY2006 FY2009 FY2006 FY2009 FY2012 FY2015 FY2016 FY2012 FY2015 FY2016 Attributable Profit Before Fair Value Adjustment & Exceptional Items ($m) Total Assets ($m) 10-Year CAGR +24%3 10-Year CAGR +4%3 Increase from FY2006 +725%3 Increase from FY2006 +50%3 109 3,773
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