DOCSLIB.ORG

01 Singtel Annual Report 2019

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
01 Singtel Annual Report 2019 Annual Report 2019 Reimagining Your Future Singapore Telecommunications Limited Telecommunications Singapore Annual Report 2019 Annual Report Singapore Telecommunications Limited (CRN:199201624D) ` 31 Exeter Road, Comcentre Singapore 239732 T +65 6838 3388 www.singtel.com Copyright © 2019 Printed on environmentally friendly paper Reimagining Your Future Much has changed over Singtel’s 140-year history. Technology and innovation has made the mobile phone central to our daily lives. Fitting into the palm of our hands, they serve as gateways to an exciting world of entertainment, information and services. We now stand on the cusp of 5G - an era of hyper-connectivity and newer technologies that will further revolutionise the way we work and play. As a leading communications technology provider, we’re proud to be enablers of such change. Innovation has always been at the core of our business. Our purpose is to keep on pushing boundaries and making breakthroughs, both in our networks and services, so how we live our lives, conduct our businesses, entertain ourselves, keep improving. We are here for the long haul at Singtel, and we’re reimagining your future to bring a better one to you. Table of Contents Overview Business Reviews An overview of our businesses, our performance, Insights into each of our business units key achievements and value created, as well as our strategy moving forward 29 Group Consumer 41 Group Enterprise 1 Financial Highlights 47 Group Digital Life 3 FY 2019 Achievements 53 Key Awards and Accolades 5 Chairman’s Message 7 GCEO Review Governance and Sustainability 9 Who We Are Our corporate governance, risk management and 11 Our Businesses and Strategy sustainability efforts 13 The Value We Create 55 Governance and Sustainability Philosophy 15 Board of Directors 57 Corporate Governance 21 Organisation Structure 87 Investor Relations 22 Management Committee 89 Risk Management Philosophy and Approach 28 Senior Management 100 Sustainability 29 41 Group Consumer Group Enterprise 47 55 Group Digital Life Governance and Sustainability Performance Additional Information Our financial performance Our shareholders, transactions with interested persons and other corporate information 107 Group Five-year Financial Summary 110 Group Value Added Statements 250 Interested Person Transactions 111 Management Discussion and Analysis 251 Additional Information on Directors Seeking Re-election 261 Shareholder Information Financials 263 Corporate Information 264 Contact Points Audited financial statements 121 Directors’ Statement 131 Independent Auditors’ Report 137 Consolidated Income Statement 138 Consolidated Statement of Comprehensive Income 139 Statements of Financial Position 140 Statements of Changes in Equity 144 Consolidated Statement of Cash Flows Scan here to view the 147 Notes to the Financial Statements Singtel Annual Report 2019 online. Financial Highlights (1) Operating Revenue EBITDA S$17,372m S$4,692m S$17,268m in FY 2018 S$5,051m in FY 2018 Net Profit Underlying Net Profit S$3,095m S$2,825m S$5,473m in FY 2018 (2) S$3,593m in FY 2018 Free Cash Flow Shareholder Payout S$3,650m S$2,857m S$3,606m in FY 2018 S$3,346m in FY 2018 Return on Equity Return on Invested Capital (3) 10.4% 7.7 % 18.9% in FY 2018 (2) 9.6% in FY 2018 (4) CONSTANT CURRENCY Net Profit Underlying Net Profit S$3,186m S$2,908m S$5,473m in FY 2018 (2) S$3,593m in FY 2018 Notes: (1) Based on Singapore Financial Reporting Standards (International). (2) Includes the gain on disposal of economic interest in NetLink Trust. (3) Return on invested capital is defined as EBIT (post-tax) divided by average capital. (4) Excludes the gain on disposal of economic interest in NetLink Trust. 1 OVERVIEW Underlying Net Profit Operating Revenue BUSINESS REVIEWSSUSTAINABILITYAND GOVERNANCE PERFORMANCE FINANCIALS INFORMATION ADDITIONAL Contribution by Geography Contribution by Product and Service 8% 7% 18% S$2,825m 17% Digital Businesses ICT Mobile Service S$17,372m Data and Internet Sale of Equipment 46% Others (6) Regional Associates 19% 31% Shareholder Payout 25% Dividend Per Share (S¢) Australia 2019 17.5 2018 17.5 3.0 Ordinary Dividend 2017 17.5 Special Dividend 29% Singtel has a track record of generous shareholder payouts. (5) Singapore For the financial year ended 31 March 2019, the Board has recommended a final ordinary dividend of 10.7 Singapore cents a share. Together with the interim dividend of 6.8 Singapore cents, the total ordinary dividend for the year is 17.5 Singapore cents, unchanged from last year. Refer to page 119 for the Group’s capital management and dividend policy. Notes: (5) Includes losses from Trustwave and Group Digital Life. (6) Includes Fixed voice and Pay television. Singapore Telecommunications Limited | Annual Report 2019 2 FY 2019 Achievements We are focused on connecting and empowering everyone, consumers and businesses alike, in new and meaningful ways. This means growing our digital capabilities and investing in innovation and emerging technologies such as 5G and IoT to bring the smart, connected future closer. Advanced 5G in Australia and Singapore • Optus introduced Australia’s first 5G commercial fixed wireless service. • Singtel launched Singapore’s first 5G pilot network. Enhanced cyber security capabilities • Consolidated cyber assets globally under the Trustwave brand to form one of the industry’s most comprehensive cyber security companies. • Established the first Global Telco Security Alliance with AT&T, Etisalat, SoftBank and Telefónica to create one of the world’s biggest managed security services platforms. Strengthened IoT and cloud capabilities • Struck partnerships with Microsoft and China Mobile to enable enterprises to deploy their IoT devices across networks seamlessly. • AIS expanded cloud business and data centres with the acquisition of CS Loxinfo to provide end- to-end digital solutions to enterprises in Thailand. 3 OVERVIEW Created regional ecosystem of digital services • Launched VIA, Asia’s first cross-border mobile payment alliance, to create a seamless region- wide payment network. BUSINESS REVIEWSSUSTAINABILITYAND GOVERNANCE PERFORMANCE FINANCIALS INFORMATION ADDITIONAL • Entered esports with the launch of PVP Esports Championship, a multi-title and regional league. Extended digital marketing capabilities into TV space • Amobee acquired Videology, a technology provider for advanced TV and video advertising, to unify digital, social and TV advertising on a single platform. • Amobee signed an exclusive agreement with ITV, the UK’s largest commercial broadcaster, to power ITV’s premium video advertising and make their inventory exclusively available through the Amobee technology platform. Launched platform to accelerate enterprises’ digital transformation • Launched the FutureNow Innovation Centre which combines our experience and expertise with emerging technologies to help enterprises digitalise. Continued to invest in India’s growth potential • Deepened relationship with Airtel, which continues to ride the growth in data in India, through our participation in its rights issue. Singapore Telecommunications Limited | Annual Report 2019 4 Chairman’s Message Dear Shareholders, investment and ensure Bharti can Group’s operations and resources fund its growth. into a single global entity under the FY 2019 was more than just Trustwave brand to form one of the a challenging year. I would It is your Board’s belief that India industry’s most comprehensive global characterise it as somewhat of a will remain a major driver of cyber security companies. Our digital ‘perfect storm’ with intensifying industry growth, supported by the marketing business Amobee has competition across all markets, government’s Digital India initiative. achieved scale, while the acquisition particularly India and Indonesia, plus of Videology, a software provider for the added backdrop of heightened In Indonesia, Telkomsel weathered the high-growth advanced TV and economic uncertainty. These factors, intense price competition, particularly coupled with regional currencies during the government-mandated video advertising segments, positions moving significantly against us registration exercise for prepaid us strongly for a converged media and reduced contributions from SIM cards. With the recovery of the landscape. our smaller stake in NetLink Trust, market, we expect Telkomsel to return contributed to a 21% decline in our to growth. Your Board is aware that the value underlying net profit to S$2.83 billion. of these investments is not being STRONG CORE PERFORMANCES recognised in our share price and Your Board has proposed the Despite challenges, we had strong management intends to unlock this payment of a final dividend of 10.7 performances in Singapore and value at the appropriate time. We cents per share. If approved, this will Australia. Our consumer businesses are also leveraging our regional bring the total full year dividend to gained mobile market share in both scale and partnerships to drive a 17.5 cents per share. countries as our investments in digital ecosystem across our mobile networks, content and digitalisation customer base of more than 690 RISING TO CHALLENGES paid off. million. Last year, I signalled that competition was escalating across the region, Both markets also laid the groundwork with operators aggressively for 5G. Optus introduced Australia’s DEEPENING SUSTAINABILITY competing for market share. first 5G commercial service while EFFORTS Singtel launched Singapore’s first 5G As the sustainability conversation In India, we have
Load more

Recommended publications
  • Etisalat, Singtel, Softbank and Telefónica Create Global Cyber Security Alliance
    News Release Etisalat, Singtel, Softbank and Telefónica create global cyber security alliance Members to share cyber risk intelligence and security capabilities to protect enterprises from evolving cyber threats worldwide Alliance has combined 1.2 billion customers, presence in 60+ countries, over 20 SOCs and more than 6,000 security experts Combined capabilities within Alliance will create one of the world’s leading managed security services platforms Dubai, Singapore, Tokyo, Madrid, 12 April 2018 – Etisalat, Singtel, SoftBank and Telefónica today signed an agreement to create the first Global Telco Security Alliance offering enterprises access to a comprehensive portfolio of cyber security services. The alliance will form one of the world’s biggest managed security services platforms with a combined customer base of more than 1.2 billion customers in over 60 countries across Asia Pacific, Europe, the Middle East and the Americas. Between them, they operate 22 world-class Security Operation Centres (SOCs) and employ more than 6,000 cyber security experts. Through their extensive resources and capabilities, which will expand as the alliance brings in more members, the group can better protect enterprises against rising cyber security risks as the information security environment becomes increasingly complex. Under the agreement, the group will share network intelligence on cyber threats and leverage their joint global reach, assets and cyber security capabilities to serve customers worldwide. Leveraging each member’s respective geographic footprint and expertise, the alliance is able to support each other’s customers anywhere and anytime, allowing them to respond rapidly to any cyber security threats. Alliance members will also be able to pass the benefits of operational synergies and economies of scale to their customers in terms of lower costs.
    [Show full text]
  • AT&T Usadirect
    AT&T USADirect® Travel Guide How USADirect® Works 02 Access Codes 03 Dialing Instructions 06 Language Assistance 08 Tips & Timesavers 09 Frequently Asked Questions 10 AT&T USADirect® Travel Guide How USADirect® Works AT&T USADirect® is ideal for frequent international travelers who want to save money on calls back to the U.S. while traveling abroad. Just sign up, and then use an AT&T USADirect access number to connect to the AT&T U.S. network. Once connected, you can call anywhere in the U.S. quickly, easily, and dependably. AT&T USADirect accepts the AT&T Corporate and Consumer Calling Cards, as well as AT&T PrePaid Phone Cards. You can also use your commercial credit cards from many countries, subject to availability. Payment terms are subject to your credit card agreement. If you're an AT&T long-distance customer, you have the option of billing calls to your AT&T residential long-distance account. To find out more or to sign up, call toll-free 1-800-731-8230 or 1-800-435-0812. 2 AT&T USADirect® Travel Guide Access Codes Albania 00-800-0010 Bulgaria 00-800-0010 Egypt Showing Countries American Samoa Cambodia 1-800-881-001 Cairo 2510-0200 Starting with 1-800-225-5288 Canada 1-800-CALL-ATT Outside Cairo 02-2510-0200 Al-Ho Cayman Islands Angola 808-000-011 1-800-225-5288 El Salvador 800-1785 Anguilla 1-800-225-5288 Estonia 800-12001 Legends: Antigua Fiji 004-890-1001 U.S. - United States MB - Miltary Bases #1 Chile Finland 0-800-11-0015 # - Pound Key Select Hotels 1-800-225-5288 Telmex 800-225-288 France SS - Service Suspended Argentina ENTEL 800-360-311 Hotels 1 0-800-99-1011 Telecom 0-800-555-4288 ENTEL {Spanish} 800-360-312 Hotels 2 0-800-99-1111 Note: Telefonica 0-800-222-1288 Telefonica 800-800-288 Hotels 3 0-800-99-1211 ^ indicates that you ALA {Spanish} 0-800-288-5288 Telmex 171-00-311 Hotels-Paris Only 0-800-99-0111 should wait for a second dial tone Telmex {Spanish} 171-00-312 France Telecom 0-800-99-0011 before dialing the next number.
    [Show full text]
  • Olam International
    Singapore Company Guide Olam International Version 6 | Bloomberg: OLAM SP | Reuters: OLAM.SI Refer to important disclosures at the end of this report DBS Group Research . Equity 16 May 2017 HOLD Holding tight Last Traded Price ( 15 May 2017): S$1.99 (STI : 3,264.21) Limited upside for now. We maintain our HOLD call on Olam Price Target 12-mth: S$2.15 (8% upside) (Prev S$2.12) International (Olam) with a revised TP of S$2.15. Olam appears to have successfully integrated the US$1.2bn acquisition of ADM Analyst Cocoa, and is on track to achieve positive free cash flow to Mervin SONG CFA +65 6682 3715 [email protected] firm/equity by the year end. However, with limited upside to our TP, we believe the stock will remain range bound. In addition, with return on equity (ROE) still suboptimal, a re-rating beyond its What’s New average PE multiple of 16x implied by our TP is unlikely at this 1Q17 core profit up 4% y-o-y, in line with stage. expectations Where we differ – Sell calls unwarranted. Consensus has sell Strong contribution from Edible Nuts and Food ratings on Olam, which we believe is unwarranted. While Olam Staples divisions faces the challenges of declining cocoa prices and softer cocoa processing margins this year and still generates suboptimal Positive free cashflow stronger in 1Q17, on track returns, we believe the company should deliver decent EPS to achieve positive free cashflow to equity by year growth this year, given strong performance from Edible Nuts and end recovery at its Food Staples division.
    [Show full text]
  • Operations Review
    OPERATIONS REVIEW SINGAPORE PUBLIC TRANSPORT SERVICES (BUS & RAIL) • TAXI AUTOMOTIVE ENGINEERING SERVICES • INSPECTION & TESTING SERVICES DRIVING CENTRE • CAR RENTAL & LEASING • INSURANCE BROKING SERVICES OUTDOOR ADVERTISING Public Transport Services The inaugural On-Demand Public Bus ComfortDelGro Corporation Limited is Services trial, where SBS Transit operated a leading provider of land transport and five bus routes – three in the Joo Koon area related services in Singapore. and two in the Marina-Downtown area – for 2.26 the LTA ended in June 2019. Conducted REVENUE Scheduled Bus during off-peak hours on weekdays, (S$BILLION) SBS Transit Ltd entered into its fourth year commuters could book a ride with an app of operating under the Bus Contracting and request to be picked up and dropped Model (BCM) in 2019, where the provision off at any bus stop within the defined areas. of bus services and the corresponding It was concluded by the LTA that such bus standards are all determined by the Land services were not cost-effective due to Transport Authority (LTA). Under this model, the high technology costs required in the Government retains the fare revenue scaling up. and owns all infrastructure and operating assets such as depots and buses. A major highlight in 2019 was SBS Transit’s active involvement in the three-month long 17,358 Bus routes in Singapore are bundled into public trial of driverless buses on Sentosa TOTAL OPERATING 14 bus packages. Of these, SBS Transit Island with ST Engineering. Operated as an FLEET SIZE operated nine. During the year, it continued on-demand service, visitors on the island to be the biggest public bus operator with could book a shuttle ride on any of the a market share of 61.1%.
    [Show full text]
  • ST Engineering
    Singapore Company Guide ST Engineering Version 5 | Bloomberg: STE SP | Reuters: STEG.SI Refer to important disclosures at the end of this report DBS Group Research . Equity 10 Nov 2016 BUY Earnings should rebound in FY17 Last Traded Price ( 10 Nov 2016): S$3.11 (STI : 2,834.09) Price Target 12-mth: S$3.50 (13% upside) (Prev S$3.55) Maintain BUY; good entry point. ST Engineering (STE) remains a relatively defensive stock with a healthy balance sheet and Potential Catalyst: Smart city-related contract wins, M&A secure dividend payouts, and the recent share price retreat Where we differ: Slightly more conservative on earnings than consensus creates a better entry point for the stock now. Its Aerospace segment has positioned itself well by investing in growth Analyst markets such as narrow-body aircraft Passenger-to-Freighter Suvro SARKAR +65 6682 3720 [email protected] (PTF) conversions, the Chinese MRO market, and cabin interior Singapore Research Team [email protected] solutions, to name a few. The Electronics segment should also benefit from the ‘Smart City’ trend, not only in Singapore but What’s New various overseas markets as well. 3Q16 core earnings in line with expectations 3Q16 earnings in line, excluding one-off writedowns. STE reported headline net profit of S$76.7m, but excluding S$61.1m Exit from Chinese specialty vehicle business in one-off writedowns and closure costs related to its Chinese removes a significant drag on earnings specialty vehicles subsidiary that has ceased operations, 3Q16 core net profit of S$137.8m (up 3% y-o-y, 8% q-o-q) was FY16 dividends likely to be maintained at 15 Scts within expectations.
    [Show full text]
  • Annual Report 2018Opens in New Window
    DARE TO EVOLVE STARHUB LTD Annual Report 2018 Staying at the forefront of the industry requires us to constantly grow and evolve, and this priority has never been clearer. This year, we have engaged in an organisation-wide journey of transformation, backed by our strategic pillars to DARE: Deliver Market- Leading Customer Experiences, Accelerate Value Creation, Realise New Opportunities, and Enhance Digital Transformation. This year, our commitment to become more effective and efficient has grown stronger than ever before. This year, our journey has been made possible because we DARE to Evolve. CORPORATE PROFILE VISION MISSION CORE VALUES StarHub is a leading Inspiring Digital Innovation Leading, innovative ExCITe: homegrown Singapore – Improving the lives of our provider of communications, Excellence, company that delivers world- customers daily. information and Creativity, class communications, entertainment services, Integrity, entertainment and digital enabling consumers and Teamwork solutions. enterprises in Singapore to benefit from digital transformation. OVERVIEW WHAT’S IN STORE As an integrated infocommunications company, we create value when we integrate our relationships with all stakeholders. For more details, go to page 18 > STRATEGY STRATEGY OVERVIEW At a Glance 10 STRATEGY Chairman’s Message 12 Significant Events 16 Value Creation 18 Enhancing the Customer Experience 20 Board of Directors 22 In Discussion with Senior Executives 28 PERFORMANCE Senior Executives’ Profiles 38 PERFORMANCE Consumer Hubbing in Review Consumer
    [Show full text]
  • Changing Hands Tracking Fund Flows in the Singapore Stock Market
    Changing hands Tracking fund flows in the Singapore stock market Week of April 12, 2021 I Institutional investors net sell (-S$214.0m) vs (-S$82.9m) a week ago I Retail investors net buy (+S$95.1m) vs (+S$2.4m) a week ago Top 10 institution net buy Top 10 institution net sell STOCKS CODE (S$M) STOCKS CODE (S$M) Singtel Z74 23.4 SIA C6L (108.1) DBS D05 14.1 CapitaLand C31 (26.1) SPH T39 13.0 Genting Singapore G13 (22.9) SGX S68 9.9 Venture Corporation V03 (20.4) OCBC O39 5.2 Sembcorp Industries U96 (14.2) ComfortDelGro C52 5.2 Keppel Corporation BN4 (13.7) Top Glove Corporation BVA 5.1 UOB U11 (11.3) CapitaLand Integrated Comm Trust C38U 4.8 Dairy Farm International D01 (10.3) First Resources EB5 2.8 Thai Beverage Y92 (9.4) Jardine Matheson J36 2.7 Jardine Strategic J37 (8.2) Top 10 retail net buy Top 10 retail net sell STOCKS CODE (S$M) STOCKS CODE (S$M) SIA C6L 113.8 Singtel Z74 (37.6) Genting Singapore G13 17.9 SGX S68 (28.3) CapitaLand C31 14.0 DBS D05 (20.4) Sembcorp Marine S51 13.4 OCBC O39 (19.2) Keppel Corporation BN4 11.3 SPH T39 (13.8) Dairy Farm International D01 10.5 Yangzijiang Shipbuilding BS6 (6.4) Thai Beverage Y92 9.1 Mapletree Logistics Trust M44U (6.2) Keppel DC Reit AJBU 8.4 Ascendas Reit A17U (5.5) AEM Holdings AWX 7.8 ComfortDelGro C52 (5.1) Sats S58 7.4 CapitaLand Integrated Comm Trust C38U (4.3) Institutional investors’ net buy/sell by sector (S$m) OVERALL WEEK OF SGX SECTOR CLASSIFICATION CONSUMER CONSUMER ENERGY FINANCIAL HEALTH INDUSTRIALS MATERIALS REAL REITS TECH TELCOS UTILITIES CYCLICALS NON- OIL & SERVICES
    [Show full text]
  • Changing Hands Tracking Fund Flows in the Singapore Stock Market
    Changing hands Tracking fund flows in the Singapore stock market Week of Jan 11, 2021 I Institutional investors net buy (+S$130.0m) vs (+S$381.9m) a week ago I Retail investors net sell (-S$180.1m) vs (-S$620.0m) a week ago Top 10 institution net buy Top 10 institution net sell STOCKS CODE (S$M) STOCKS CODE (S$M) OCBC O39 31.0 City Developments C09 (28.0) Jardine Cycle & Carriage C07 26.8 Ascendas Reit A17U (20.6) DBS D05 24.3 ST Engineering S63 (19.5) CapitaLand C31 18.1 Mapletree Industrial Trust ME8U (10.2) Singtel Z74 16.4 Keppel Infrastructure Trust A7RU (7.5) Yangzijiang Shipbuilding BS6 15.2 Sheng Siong Group OV8 (5.5) SIA C6L 13.9 Jardine Matheson J36 (5.0) iFAST Corporation AIY 11.7 Top Glove Corporation BVA (4.3) SPH T39 11.5 Suntec Reit T82U (4.3) UOB U11 11.2 Nanofilm Technologies MZH (3.7) Top 10 retail net buy Top 10 retail net sell STOCKS CODE (S$M) STOCKS CODE (S$M) City Developments C09 22.4 Singtel Z74 (40.8) Ascendas Reit A17U 11.2 Yangzijiang Shipbuilding BS6 (28.8) Mapletree Industrial Trust ME8U 8.2 Jardine Cycle & Carriage C07 (24.9) ST Engineering S63 7.4 SIA C6L (19.0) Keppel Infrastructure Trust A7RU 6.6 iFAST Corporation AIY (15.5) Top Glove Corporation BVA 5.7 OCBC O39 (15.2) SGX S68 4.8 CapitaLand C31 (13.7) Sheng Siong Group OV8 4.5 Wilmar International F34 (12.3) Nanofilm Technologies MZH 4.1 Sembcorp Marine S51 (9.8) Aspen 1F3 3.2 AEM Holdings AWX (9.6) Institutional investors’ net buy/sell by sector (S$m) OVERALL WEEK OF SGX SECTOR CLASSIFICATION CONSUMER CONSUMER ENERGY FINANCIAL HEALTH INDUSTRIALS MATERIALS
    [Show full text]
  • Global Pay TV Fragments
    Global pay TV fragments The top 503 pay TV operators will reach 853 million subscribers from the 1.02 billion global total by 2026. The top 50 operators accounted for 64% of the world’s pay TV subscribers by end-2020, with this proportion dropping to 62% by 2026. Pay TV subscribers by operator ranking (million) 1200 1000 143 165 38 45 800 74 80 102 102 600 224 215 400 200 423 412 0 2020 2026 Top 10 11-50 51-100 101-200 201+ Excluded from report The top 50 will lose 20 million subscribers over the next five years. However, operators beyond the top 100 will gain subscribers over the same period. Simon Murray, Principal Analyst at Digital TV Research, said: “Most industries consolidate as they mature. The pay TV sector is doing the opposite – fragmenting. Most of the subscriber growth will take place in developing countries where operators are not controlled by larger corporations.” By end-2020, 13 operators had more than 10 million pay TV subscribers. China and India will continue to dominate the top pay TV operator rankings, partly as their subscriber bases climb but also due to the US operators losing subscribers. Between 2020 and 2026, 307 of the 503 operators (61%) will gain subscribers, with 13 showing no change and 183 losing subscribers (36%). In 2020, 28 pay TV operators earned more than $1 billion in revenues, but this will drop to 24 operators by 2026. The Global Pay TV Operator Forecasts report covers 503 operators with 726 platforms [132 digital cable, 116 analog cable, 279 satellite, 142 IPTV and 57 DTT] across 135 countries.
    [Show full text]
  • Board of Directors
    13 SINGAPORE TELECOMMUNICATIONS LIMITED Board of Directors SIMON ISRAEL • Non-executive and non-independent Director • Member, Optus Advisory Committee • Chairman, Singtel Board • Date of Appointment: Director on 4 Jul • Chairman, Finance and Investment Committee 2003 and Chairman on 29 Jul 2011 • Member, Corporate Governance and • Last Re-elected: 26 Jul 2013 Nominations Committee • Number of directorships in listed • Member, Executive Resource and companies (including Singtel): 4 Compensation Committee Mr Simon Israel, 63, is the Chairman of Singapore Post Limited and a Director of CapitaLand Limited, Fonterra Co-operative Group Limited and Stewardship Asia Centre Pte. Ltd. He is also a member of the Governing Board of Lee Kuan Yew School of Public Policy and Westpac’s Asia Advisory Board. Simon is a former Chairman of Asia Pacifi c Breweries Limited. Simon was an Executive Director and President of Temasek Holdings (Private) Limited before retiring on 1 July 2011. Prior to that, he was Chairman, Asia Pacifi c of the Danone Group. Simon also held various positions in Sara Lee Corporation before becoming President (Household & Personal Care), Asia Pacifi c. Simon was conferred Knight in the Legion of Honour by the French government in 2007 and awarded the Public Service Medal at the Singapore National Day Awards 2011. He holds a Diploma in Business Studies from The University of the South Pacifi c. CHUA SOCK KOONG • Executive and non-independent Director • Last Re-elected: 21 Jul 2015 • Member, Optus Advisory Committee • Number of directorships in listed • Date of Appointment: Director on 12 Oct companies (including Singtel): 2 2006 and Group Chief Executive Officer (CEO) on 1 Apr 2007 Ms Chua Sock Koong, 58, was appointed Group CEO on 1 April 2007.
    [Show full text]
  • Olam International
    Singapore Company Guide Olam International Version 7 | Bloomberg: OLAM SP | Reuters: OLAM.SI Refer to important disclosures at the end of this report DBS Group Research . Equity 1 Mar 2018 HOLD Positives priced in for now Last Traded Price ( 28 Feb 2018): S$2.25 (STI : 3,517.94) Limited upside for now. We maintain our HOLD call on Olam Price Target 12-mth: S$2.31 (3% upside) (Prev S$2.15) International (Olam) with a revised TP of S$2.31. Olam appears Analyst to have successfully integrated the US$1.2bn acquisition of Mervin SONG, CFA +65 6682 3715 [email protected] ADM Cocoa, and has achieved its target of positive free cash flow to firm/equity by end FY17. However, with limited upside to our TP, we believe the stock will remain range bound. In What’s New addition, with return on equity (ROE) still suboptimal, a re-rating • FY17 core profit up 23% y-o-y - above expectations beyond its average PE multiple of 16x implied by our TP is • Better than expected performance from edible nuts unlikely at this stage. • Achieves target of positive free cashflow to firm and Where we differ – Sell calls unwarranted. Consensus has sell equity ratings on Olam, which we believe is unwarranted. While Olam • Rewards shareholders with higher FY17 DPS of 7.5 Scts, still generates suboptimal returns, we believe the company up from 6.0 Scts in FY16 should deliver healthy 8% EPS growth in 2018, given continued maturity of the upstream assets, growth of in its Edible Nuts and recovery at its Confectionary & Beverage division.
    [Show full text]
  • Report for 2Degrees and TVNZ on Vodafone/Sky Merger
    Assessing the proposed merger between Sky and Vodafone NZ A report for 2degrees and TVNZ Grant Forsyth, David Lewin, Sam Wood August 2016 PUBLIC VERSION Plum Consulting, London T: +44(20) 7047 1919, www.plumconsulting.co.uk PUBLIC VERSION Table of Contents Executive Summary .................................................................................................................................. 4 1 Introduction ..................................................................................................................................... 6 1.1 The applicants’ argument for allowing the merger .................................................................... 6 1.2 The structure of our report ........................................................................................................ 6 2 The state of competition in New Zealand ....................................................................................... 8 2.1 The retail pay TV market ........................................................................................................... 8 2.2 The retail fixed broadband market ..........................................................................................10 2.3 The retail mobile market..........................................................................................................12 2.4 The wholesale pay TV market ................................................................................................13 2.5 New Zealand’s legal and regulatory regimes ..........................................................................14
    [Show full text]