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Haw Par Corporation Limited Haw Par Corporation Limited Annual Report 2000 (Millennium Edition) Contents Corporate Profile 1 Chairman’s Statement 2 Board of Directors 4 Corporate Data 5 Group Financial Highlights & Charts 6 Five-year Group Statistical Record & Charts 8 Our Heritage 10 Our Products 14 Group Companies 16 Operations Review 17 Financial Review 25 Investor Information 30 Corporate Governance 31 Statutory Reports and Accounts 33 Statistics of Shareholdings 77 Statistics of Warrantholdings 78 Management Listing 79 Group Offices 81 Additional Information 83 Notice of Annual General Meeting 85 Proxy Form 87 2001 Financial Calendar 7 March Announcement of results for the year ended 31 December 2000 4 May Despatch of 2000 Annual Reports and Accounts 22 May 32nd Annual General Meeting 31 May to 1 June Proposed closure of Registers (for second and final dividend entitlement) 15 June Proposed payment of 2000 second and final dividend 1 August Announcement of half-year results for the period up to 30 June 2000 31 December Financial year-end Corporate Profile === We are pleased to bring you the Millennium Edition of our Annual Report, which commemorates the last year of the 20th century. In addition to regular comprehensive review of the year, this special edition traces our history and highlights our leading products. We hope our shareholders will keep it as a collector’s item. Hong Hai President & Chief Executive Officer !"#$%&'()*+,-./ !"#$%&'()*+,- !"#$%&'()*+,%-./01 !"#$%&'()*+,- Haw Par Corporation Limited has been listed on the Singapore Exchange Limited since 1969. It is an associated company of the United Overseas Bank. The Group's business operations are located in the ASEAN region, China and Australia. Its core healthcare and leisure businesses promote healthy lifestyles through location-based recreational centres (oceanariums and bowling centres), health products, dietary supplements and pharmaceuticals. Haw Par's renowned ointment Tiger Balm and product extensions like Tiger Balm Soft, Tiger Medicated Plaster and Tiger Muscle Rub are manufactured and marketed through Haw Par Healthcare Limited, a listed subsidiary. These products are used throughout the world to invigorate the body as well as to soothe away aches and pains. Besides healthcare and leisure products, the Group also has interests in investment properties and power generation. It manages its own portfolio of long-term and short-term investments in securities. The Group's primary corporate strategy is to expand its core healthcare and leisure businesses in the growth economies of the world, building where possible synergies between its health and leisure sectors to cater to healthy lifestyles. !"#$%& NVSV !"#$%&'()*+,- !"#$%&'() !"#$%&'()*+, !"# !"#$%&'()*+, !"#$%&'( !" !"#$ !"#$%&'()*+,-./0'(1 !"#$%&'()*+,- !"#$%&' !"#$%&' !"#$%&'( !"#$%&'( !"#$%&'() !"#$ !"#$%&'()*+,-!./012 !"#$%&'() Haw Par Corporation Limited 1 === Chairman’s Statement Group Performance Group earnings for the year increased by 2% over 1999 to $41.7 million despite challenging market conditions. The Group's turnover of $158.1 million in 2000 was 6% below the previous year because we ceased to account for the turnover of Asian Computer Services following its merger with UIC Technologies last October. The healthcare division enjoyed higher sales and interest income whilst the leisure division turned in lower profits as a result of increased operating costs for new attractions in Underwater World Singapore. Property income was adversely affected by the depressed market for office premises in Malaysia, but this was offset by higher contribution from the refurbished Haw Par Centre. Investment income was flat as higher dividend income helped to cushion lower results in share dealings. The extraordinary loss of $12.8 million included a provision, made as a matter of prudence, for the diminution in value of the Group's long-term investment in Camerlin(BVI). Dividends Wee Cho Yaw The Directors recommend the payment of a second and final dividend of 10 cents Chairman (10%) per ordinary share less Singapore income tax of 24.5% for the financial year ended 31 December 2000. Together with the first and interim dividend of 5 cents (5%) per ordinary share less tax of 25.5% paid in August 2000, the total dividend for financial year 2000 would be 15 cents (same as 1999), amounting to a total dividend payment of $21.4 million (1999: $21.0 million). Group Operating Highlights Haw Par Healthcare launched the new Tiger Balm Soft in Singapore, targeting at younger consumers, with encouraging response. Tiger Balm Japan was incorporated as a joint venture company with Ryukakusan, an established manufacturer and distributor of over-the-counter medicine in Japan, to develop and market a new range of products under the Tiger brand. During the year, the Group also entered into a joint venture agreement to develop a US$6.8 million modern aquarium in Pattaya, Thailand, featuring exotic marine and fish displays against a tropical setting. The aquarium is scheduled for completion in 2002. Prospects in 2001 The slowdown in the United States economy is expected to impact on our markets. However, the Directors will try to maintain the contributions from the healthcare and leisure business in the current year. Acknowledgement Board Director Mr Tan Eng Joo has decided not to offer himself for re-election this year. I wish to record the Board's appreciation to Mr Tan for his wise counsel in the past few years. I also wish to express my appreciation to management and staff for their dedicated efforts, our customers and business associates for their support, and my fellow Board Directors for their guidance during the year. Wee Cho Yaw Chairman 2 Haw Par Corporation Limited Chairman’s Statement === ! !"#$%& !"#$%&'() NVVV O QNTM OMMM !"# N RUNM !" S !"#$ NM !"#$%&'()*"#&+,-. !"#$%&'()*+ ",- !"#$%&'()*+,-./ !"#$%&'()*$+,-./01 !"#$%&' !"#$%&'()*+,-./012 !"#$% !"#$%&'( !"#$%&'()*#+,-"./0 !"#$ ! !"#$% NOUM !" ! `~ãÉêäáå_sf !"#$%&' ! !"# OMMM NO PN !"#$%&' ! NM NM ! OQKR !"#$%&' OMMM U !"# R R !" ORKR !"#$OMMM !"#$% NR NVVV !" ONQM NVVV ONMM ! !"# !"#$%&'()*+,-./0123456 !"#$% !" !"#$% oóìâ~âìë~å ! qáÖÉê=_~äã=g~é~å !"#$%&'( !"#$% !"#$%&'() !"#$%&'()SUM !"#$%&'( !"#$%&' !"#$%& OMMO ! OMMN !" !"#$%&'()*+",-. !"#$%&'()*+,-./ !"#$ !"#$%&'()*+,-./ !"#$%&'()*+,-."#$/ !"# !"#$%&'()*+,-./ !"#$%&'()* +,- !"#$%&'()*+,-./01 Haw Par Corporation Limited 3 Board Of Directors from left to right Tan Eng Joo Audit Committee Member Lim Kee Ming Wee Ee Lim Deputy President Lee Suan Yew Audit Committee Member Hong Hai President & Chief Executive Officer Wee Cho Yaw Chairman Sat Pal Khattar Hwang Soo Jin Audit Committee Chairman Chng Hwee Hong Executive Director & Chief Operating Officer 4 Haw Par Corporation Limited Corporate Data Directors Audit Committee Auditors Wee Cho Yaw Hwang Soo Jin Ernst & Young Chairman Chairman Kevin Kwok Khien Audit Partner-in-charge Lee Suan Yew Hong Hai Tan Eng Joo President & Chief Executive Officer Bankers Investment Committee Standard Chartered Bank Ltd Wee Ee Lim Wee Cho Yaw Deputy President The Hong Kong & Shanghai Chairman Banking Corporation Ltd Hong Hai Chng Hwee Hong United Overseas Bank Ltd Executive Director & Wee Ee Lim Chief Operating Officer Chng Hwee Hong Registrar Hwang Soo Jin Executive Committee Lim Associates (Pte) Ltd 10 Collyer Quay Lee Suan Yew Hong Hai #19-08 Ocean Building Chairman Singapore 049315 Lim Kee Ming Wee Ee Lim Chng Hwee Hong Sat Pal Khattar Registered Office Administering Committee 178 Clemenceau Avenue Tan Eng Joo Wee Cho Yaw #08-00 Haw Par Glass Tower Chairman Singapore 239926 Telephone: 337 9102 Hwang Soo Jin Company Secretary Facsimile: 336 9232 Ong Sian Hin Sat Pal Khattar Telex: HAWPAR RS 21567 Haw Par Corporation Limited 5 Group Financial Highlights % Increase/ 2000 1999 (Decrease) Results ($’000) Group turnover: 1st half 82,906 81,572 1.6 2nd half 75,214 86,455 (13.0) 158,120 168,027 (5.9) Profit before taxation: 1st half 36,993 30,598 20.9 2nd half 21,364 29,548 (27.7) 58,357 60,146 (3.0) Profit before extraordinary items (Earnings): 1st half 29,060 20,806 39.7 2nd half 12,675 20,141 (37.1) 41,735 40,947 1.9 Extraordinary items (12,824) (10,965) (17.0) Profit after extraordinary items 28,911 29,982 (3.6) Balance sheet ($’000) Shareholders’ funds 548,423 523,967 4.7 Net assets 574,570 548,328 4.8 Short and long-term borrowings 211,777 218,884 (3.2) Debt/Equity (%) 38.6 41.8 (7.6) Per share Earnings – before extraordinary items (cents) 22.1 21.8 1.4 – after extraordinary items (cents) 15.3 15.9 (3.8) Dividend, net (cents) 11.3 11.1 1.8 Dividend cover (times) 2.0 2.0 – Shareholders’ funds ($) 2.89 2.78 4.0 Net tangible assets ($) 2.87 2.75 4.3 Employees Number of employees 577 691 (16.5) Group turnover per employee ($’000) 274 243 12.8 Pre-tax profit per employee ($’000) 101 87 16.2 6 Haw Par Corporation Limited Group Financial Highlights Pre-tax Contribution (by Business Segment) Leisure (15.3%) Investments (43.6%) Others (0.9%) Healthcare (27.3%) Property (12.9%) Net Assets Employed (by Business Segment) Leisure (5.6%) Investments (53.7%) Others (1.1%) Healthcare (14.8%) Property (24.8%) Turnover (by Markets) Singapore (49.8%) Asia (29.8%) Australasia (8.0%) Africa & Middle Europe(3.2%) East (2.9%) America (6.3%) Haw Par Corporation Limited 7 Five-Year Group Statistical Record 2000 1999 1998 1997 1996 Results ($’000) Group turnover 158,120 168,027 170,854 182,500 175,923 Operating profit 57,714 59,155
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