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About Olam Our Vision Our Purpose About Olam Established in 1989, Olam traded cashews from Nigeria to India. Today Olam is a leading agri-business operating from seed to shelf, supplying food and industrial raw materials to over 16,200 customers worldwide. Our team of over 62,500 1 employees across 70 countries has built leadership positions in several of our 16 platforms, including cocoa, coffee, cashew, rice and cotton. We work with 4 million smallholder farmers and their communities. We are listed on the Singapore Exchange (SGX) and are among the top 30 companies by market capitalisation. Our vision To be the most differentiated and valuable global agri-business by 2040. Our purpose Growing Responsibly describes how we do business. We ensure profitable growth is achieved in an ethical, socially responsible and environmentally sustainable manner. This is integral to our business model. About the cover images Top left: Onion processing, USA Top right: Almond orchard, Australia Bottom left: Coffee outgrower operation, Tanzania Bottom right: Wheat mill, Ghana This page: Black pepper, Vietnam 1. Employees include full‑time, seasonal, contract and temporary workers. Overview Contents Our leadership team Olam has an experienced Board and Executive Committee, Overview focused on ensuring good governance and achieving the governing objective of maximising long‑term intrinsic value for our continuing Chairman’s statement Group CEO's review Group COO's review shareholders. Our Chairman Kwa Chong Co‑Founder and Group CEO, A. Shekhar, discusses the Seng explains the changes Sunny Verghese, outlines our Company's financial and to the Board and our strategy and key growth operating performance shareholders on pages initiatives made during the on page 32. 10 and 11. period on pages 20 to 31. Our theme Focused Differentiated Sustainable We are focused in the Our business model is We are in business to agri‑complex with its highly differentiated. We create long‑term value attractive long‑term have built leadership for our shareholders, growth prospects, positions in niche requiring a sustainable selectively integrated categories; defensible approach. Agriculture across the value chain, alternative positions in relies on Mother Nature enabling us to create an mainstream categories; and countless farmers, exclusive portfolio. a unique Africa footprint so our Core Purpose, and capabilities; and ‘Growing Responsibly’, broader upstream frames the way we do participation. business. Overview Annual financial statements 2 Our operating model 86 Directors' Statement 4 Our portfolio 92 Independent Auditor’s Report 6 Highlights 93 Consolidated Profit 10 Chairman’s statement and Loss Account 12 Board of Directors 94 Consolidated Statement of 16 Executive Committee Comprehensive Income 95 Balance Sheets Strategy and performance 96 Statement of Changes 20 Co‑Founder and Group in Equity CEO's review 101 Consolidated Cash Flow 32 Group COO's financial Statement and operating review 103 Notes to the Financial 46 Risk and market compliance Statements 48 Corporate responsibility and sustainability Shareholder information 52 Our people 176 Substantial shareholders 177 Statistics of shareholdings Corporate governance 178 Statistics of warrantholdings 46 Corporate governance report 179 Notice of Annual 68 Key information regarding General Meeting Directors 187 Proxy form 73 Corporate information 74 General information More information online Further information Visit our corporate website and More information available learn more about our people, within this report operations and products, subscribe to our news More information available online bulletins or Twitter feed at olamgroup.com olamgroup.com 1 Overview Our operating model Where we play and how we win Value chain Selective upstream Supply chain • Perennial tree crops • Global origination and sourcing • Broadacre row crops • Primary processing • Dairy farming • Inland and marine logistics • Forest concessions • Merchandising Smallholder farmers 4 MILLION Buying agents Outgrower programme Olam‑managed plantations, concessions and farms Products: almond, coffee, cocoa, dairy, Sourced raw palm, peanut, pepper, materials in 2015 pistachio, rice, rubber, 2.6 MILLION walnut and wood HECTARES 12.5 Investment in MILLION agri‑research MT Large‑scale farmer suppliers 20,000 Where we play we Where Product platforms Edible Nuts, Spices and Edible Nuts Vegetable Ingredients Spices and Vegetable Ingredients Confectionery and Cocoa Beverage Ingredients Coffee Food Staples and Dairy Packaged Foods Grains and Animal Feed Palm Rice Sugar and Sweeteners Industrial Raw Materials Cotton Fertiliser Rubber Wood Products Commodity Market Making and Volatility Trading, Risk Management Solutions Financial Services Fund Management Strategy Competitive strategy Portfolio strategy The pathway to achieving our vision Core We have built distinctive capabilities and competencies in the following four areas: 1. Business specific skills in origination, trading, processing and logistics. competencies 2. Growth enabling skills e.g. people management, risk management, M&A, financing innovation. How we win we How We attract and retain talented individuals whom we engage and inspire. People They live the values (see page 29 for our values), are passionate, responsive, 2 Annual Report 2015 Supply chain Selective mid/downstream • Global origination and sourcing • Trading • Value added/manufacturing Overview • Primary processing • Value‑added solutions • Branding and distribution (Africa) • Inland and marine logistics • Risk management • Merchandising Primary processing Food safety, quality plants in origin assurance, research and development and recipe development 135 PLANTS Sales and marketing, trading 64 PLANTS Secondary processing plants in origin or closer to the customer processing approximately 3 million MT Risk management and value‑added services Packaged foods manufactured and marketed to consumers across multiple African countries Value created Value Edible Nuts Spices and Vegetable Ingredients Cocoa Coffee Dairy Grains and Animal Feed Palm Rice Sugar and Sweeteners Packaged Foods Ag Logistics and Infrastructure Cotton Fertiliser Rubber Wood Products Market Making and Volatility Trading, Risk Management Solutions Fund Management Competitive strategy Growth Strategy Growth strategy See page 29 for more information We have built distinctive capabilities and competencies in the following four areas: 3. Privileged assets and networks, e.g. sourcing network of 4 million farmers, 16,200 customers, presence 1. Business specific skills in origination, trading, processing and logistics. in 70 countries and employing 62,500 people. 2. Growth enabling skills e.g. people management, risk management, M&A, 4. Effective stakeholder management with investors, customers, suppliers, communities, Governments financing innovation. and NGOs. We attract and retain talented individuals whom we engage and inspire. reliable, ambitious, pioneering and innovative – creating a true source of competitive advantage for Olam. See our highlights on pages 4 to 9 on pages 4 to They live the values (see page 29 for our values), are passionate, responsive, olamgroup.com 3 Overview Our portfolio Maintaining our leadership positions Edible Nuts, Spices and Vegetable Ingredients Leadership positions • #1 global dehydrated garlic supplier Read about the acquisition of McCleskey Mills on page 25. • #1 global dehydrated onion supplier • #1 global cashew supplier • #1 global almond grower • Largest independent peanut blancher and ingredient manufacturer in USA Confectionery and Beverage Ingredients Leadership positions • #1 originator of cocoa beans Read about the acquisition of ADM Cocoa on page 23. • #1 focused supplier of cocoa beans and cocoa products • #2 global coffee supplier Food Staples and Packaged Foods Leadership positions • #2 largest wheat miller in Nigeria and Ghana See more on page 40 • Amongst top 5 grain exporters out of Russia • #2 global rice merchant • Developing one of the largest sustainable palm businesses in Africa • Top 2 manufacturers of tomato paste, MSG seasonings, biscuits, candies and drinking yoghurt in Nigeria Industrial Raw Materials Leadership positions • #1 largest FSC ®* certified contiguous tropical forestry See more on page 41 concessions • #2 global cotton merchant • Developer of one of the largest sustainable rubber businesses in Africa *CIB Kabo - FSC-C128941; CIB Pokola - FSC-C014998; CIB Loundoungo - FSC-C104637 Commodity Financial Services (CFS) Three complementary businesses make up our Commodity Financial Services segment: Market Making and Volatility See more on page 42 Trading, Risk Management Solutions and our Fund Management business, Invenio. All use tacit knowledge of, and expertise in, commodity and derivative markets to deliver tailor‑made solutions to our customers. 4 Annual Report 2015 Overview Highlights Invested capital • Acquired USA’s third largest peanut sheller, McCleskey Mills, and became the country’s most vertically integrated player with shelling, blanching and ingredients presence S$3,480.9m • Acquired pistachio and walnut plantations in the USA • Increased almond acreage in Australia • Started pepper plantations in Vietnam • Transferred proprietary onion seed from the USA to Dehydro Foods in Egypt Highlights Invested capital • Acquired ADM’s cocoa business and became a top three integrated supplier of cocoa beans and products globally S$5,717.9m • Increased total coffee acreage across Laos, Zambia, Tanzania and Brazil from 3,600 to 5,200
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