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Innovating ANNUAL REPORT FY2018 CORPORATE PROFILE

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Innovating ANNUAL REPORT FY2018 CORPORATE PROFILE Innovating ANNUAL REPORT FY2018 CORPORATE PROFILE Dual listed on the Mainboards of the Singapore DMFI has joint ventures with Fresh Del Monte Produce Exchange Securities Trading Limited and the Philippine Inc in chilled products - juices, packaged fruit, Stock Exchange, Inc, Del Monte Pacifi c Limited guacamole and avocado, and Del Monte-branded retail (Bloomberg: DELM SP/ DELM PM), together with its food and beverage outlets. subsidiaries (the “Group”), is a global branded food and beverage company that caters to today’s consumer The Group owns approximately 95% of a holding needs for premium quality healthy products. The company that owns 50% of FieldFresh Foods Private Group innovates, produces, markets and distributes its Limited in India (www.fi eldfreshfoods.in). FieldFresh products worldwide. markets Del Monte-branded packaged products in the domestic market and FieldFresh-branded fresh produce. The Group is proud of its heritage brands - Del Monte, The Group’s partner in FieldFresh India is the well- S&W, Contadina and College Inn – majority of which respected Bharti Enterprises, which is one of the largest originated in the USA more than 100 years ago as conglomerates in India. premium quality packaged food products. The Group has exclusive rights to use the Del Monte trademarks for DMPL’s USA subsidiary operates 10 plants in the USA packaged products in the United States, South America, and two in Mexico, while its Philippines subsidiary the Philippines, Indian subcontinent and Myanmar, while operates the world’s largest fully-integrated pineapple for S&W, it owns it globally except Australia and New operation with its 25,000-hectare pineapple plantation Zealand. The Group owns the Contadina and College in the Philippines and a factory that is about an hour’s Inn trademarks in various countries. drive away. It also operates a beverage PET plant and a frozen fruit processing facility in the Philippines. DMPL’s USA subsidiary, Del Monte Foods, Inc (DMFI) (www.delmontefoods.com) owns other trademarks Except the joint venture companies with Fresh Del such as Fruit Naturals, Orchard Select, SunFresh and Monte Produce Inc, DMPL and its subsidiaries are not Fruit Refreshers, while DMPL’s Philippines subsidiary, affi liated with the other Del Monte companies in the Del Monte Philippines, Inc (www.delmontephil.com), world, including Fresh Del Monte Produce Inc, has the trademark rights to Del Monte, Today’s, Fiesta, Del Monte Canada, Del Monte Asia Pte Ltd and these 202, Fit ‘n Right, Heart Smart, Bone Smart and companies’ affi liates. Quick ‘n Easy in the Philippines. DMPL is 71%-owned by NutriAsia Pacifi c Ltd and The Group sells packaged fruits, vegetable and tomato, Bluebell Group Holdings Limited, which are benefi cially- sauces, condiments, pasta, broth and juices, under owned by the Campos family of the Philippines. The various brands and also sells fresh pineapples under the NutriAsia Group is the market leader in the liquid S&W brand. condiments, specialty sauces and cooking oil market in the Philippines. www.delmontepacifi c.com www.delmontefoods.com www.delmonte.com For more information, please www.swpremiumfood.com scan QR Code to access DMPL’s www.contadina.com website www.collegeinn.com www.delmontephil.com www.lifegetsbetter.ph www.fi eldfreshfoods.in “Creativity is thinking up new things. Innovation is doing new things.” - Theodore Levitt, Professor, Harvard Business School We chose the theme ‘Innovating’ for our Annual Report as innovation cuts across all functions and geographies of our Group. Innovation goes beyond launching new products and includes our processes, for example, agriculture, production and supply chain, marketing and trade promotion, sales, digital, support functions, energy resources -- and more. We aspire to achieve better results and cannot do more of the same. We need to cultivate a mindset that is constantly executing more effi cient and more eff ective ways of achieving better results. It is imperative that we continue innovating across all functions and markets amidst the fast- changing consumer landscape, and execute against our strategy for future growth. 01 CONTENTS IFC 14 59 Corporate Profi le Senior Management Sustainability 02 18 73 Vision and Values Innovations Corporate Governance 03 21 91 Strategy USA Claims to Fame Investor Relations 04 24 94 Key Brands and Brand Products Directors’ Statement LIMITEDDEL MONTE PACIFIC REPORT FY2018 ANNUAL Ownership 38 104 05 Awards Independent Auditors’ 130 Years Heritage Report 40 06 Operating and Financial 110 Five-Year Summary Review Financial Statements 07 49 239 FY2018 Highlights Share Price and Calendar Statistics of Shareholdings 08 50 243 Letter to Shareholders Business Outlook Interested Person Transactions 12 52 Board of Directors Risk Management IBC Corporate Information OUR VISION NOURISHING FAMILIES. ENRICHING LIVES. EVERY DAY.® 02 We nourish families by providing delicious food and beverages that make eating healthfully effortless – anytime and anywhere. We build brands with quality products that are perfectly wholesome and thoughtfully prepared. OUR CORE VALUES CHOCE I DEL MONTE PACIFIC LIMITEDDEL MONTE PACIFIC Championing REPORT FY2018 ANNUAL Healthy Ownership Innovation Commitment Excellence Together Families with Integrity to Society & in Everything Environment We Do OUR STRATEGY NOURISHING FAMILIES. ENRICHING LIVES. EVERY DAY.® We nourish families by providing delicious food and beverages that make eating healthfully effortless – anytime and anywhere. We build brands with quality products that are perfectly wholesome and thoughtfully prepared. STRENGTHEN THE CORE I 03 STRIVE FOR EXPAND THE COMMERCIAL V II PRODUCT EXCELLENCE STRATEGIC PORTFOLIO PILLARS IV III DEL MONTE PACIFIC LIMITEDDEL MONTE PACIFIC REPORT FY2018 ANNUAL IMPROVE OPERATIONAL EXPAND EXCELLENCE AND MARKETS SUSTAINABILITY ENABLERS BUILD THE RIGHT CAPABILITIES, TALENT, CULTURE AND TEAM TO DELIVER AGAINST VISION KEY BRANDS AND BRAND OWNERSHIP DMPL owns DMPL owns 04 DEL MONTE S&W CONTADINA (Packaged Products) (For Both Packaged and Fresh Products) COLLEGE INN USA, SOUTH AMERICA, GLOBALLY THE GROUP ALSO PHILIPPINES, INDIAN EXCEPT AUSTRALIA AND OWNS THE CONTADINA SUBCONTINENT AND NEW ZEALAND AND COLLEGE INN MYANMAR TRADEMARKS DEL MONTE PACIFIC LIMITEDDEL MONTE PACIFIC REPORT FY2018 ANNUAL PRODUCTION FACILITIES USA Mexico Philippines India 10 2 3 1 “If you’re competitor-focused, you have to wait until there is a competitor doing something. Being customer-focused allows you to be more pioneering.” - Jeff Bezos, Amazon 130 YEARS HERITAGE 1886 TODAY Del Monte is born in California Del Monte sustains its quality promise for a new generation of consumers 2017 DMPL lists its Preference Shares on the PSE 2014 DMPL acquires the consumer 1979 food business of DMC from KKR 1926 RJR acquires Del Monte US, now for US$1.675 billion; re-unites Del Monte US sets up operations called Del Monte Corporation with US company in the Philippines (DMC) 1988 KKR buys RJR-Nabisco 05 1989 2013 KKR sells DMC and breaks up the • DMPL lists on the Philippine Del Monte brand Stock Exchange (PSE) • NPL down to 67% stake 1996 2011 DMC fully divests from Del Monte Philippines KKR investor group reacquires OUR PASSION FOR DMC and takes it private QUALITY GOES BACK LIMITEDDEL MONTE PACIFIC REPORT FY2018 ANNUAL GENERATIONS. 1997 The Del Monte® name has been TPG acquires DMC synonymous with premium foods since its debut in 1886. For 2007 generations, our Company has proudly earned our reputation with • DMPL buys the S&W brand for a series of innovations and a singular Asia and EMEA from DMC dedication to quality. • DMPL enters into a joint venture 1999 with the Bharti group in India to Today that commitment to quality • DMC lists on the New York Stock form FieldFresh Foods Private is deeply embedded in our culture. Exchange Ltd At Del Monte, we will always strive • Del Monte Pacifi c Limited to cultivate the best wholesome (DMPL) is incorporated as parent vegetables, fruits, and tomatoes to of Del Monte Philippines 2006 help you and your family live a life • DMPL lists on the Singapore NutriAsia Pacifi c Limited (NPL) full of vitality and enjoyment. Exchange acquires 85% of DMPL FIVE-YEAR SUMMARY FINANCIAL YEAR1 FY2016 FY2015 (Amounts in US$ million unless otherwise stated) FY2018 FY2017 (As Restated)2 (As Restated)2 CY2013 PROFITABILITY3 Turnover 2,197.3 2,252.8 2,274.1 2,190.0 492.2 Gross Profi t 432.5 494.9 485.8 411.5 115.6 EBITDA 102.3 194.0 241.3 89.7 42.3 EBITDA - without Non-Recurring items 165.0 211.8 208.2 149.3 68.8 Profi t/(loss) from Operations 29.5 127.6 168.0 38.3 27.5 Net Profi t Attributable to Owners (36.5) 24.4 57.0 (40.3) 16.1 EPS (US cents) (2.70) 1.21 2.93 (2.90) 1.24 Net Profi t - without Non-Recurring items 12.0 45.5 25.2 (3.8) 33.9 EPS - without Non-Recurring items4 (US cents) (0.20) 2.29 1.30 (0.28) 2.62 Gross Margin (%) 19.7 22.0 21.4 18.8 23.5 EBITDA Margin (%) 4.7 8.6 10.6 4.1 8.6 Operating Margin (%) 1.3 5.7 7.4 1.7 5.6 Net Margin (%) na 1.1 2.5 na 3.3 EPS Growth (%) na 58.7 201.0 na (49.8) Return on Equity (%) na 5.1 16.1 na 6.7 Return on Assets (%) na 0.7 2.2 na 2.9 BALANCE SHEET Cash 24.2 37.6 47.2 35.6 132.9 Debt 1,465.2 1,714.0 1,843.8 1,718.5 276.7 Net Debt 1,441.0 1,676.4 1,796.6 1,682.9 143.8 Fixed Assets 610.9 657.2 661.2 679.3 99.5 Total Assets 2,509.1 2,757.1 2,706.4 2,628.4 617.6 Shareholders' Equity 608.3 578.6 377.0 330.5 228.4 06 Net Tangible Asset Per Share (US cents) (5.5) (8.4) (19.2) (22.1) 16.5 Net Debt to Equity Ratio (%) 236.9 289.8 476.6 509.2 62.9 CASH FLOW
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