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FP2020 Annual Report

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FP2020 Annual Report DIGITALISING MYANMAR ENHANCING LIVES ANNUAL REPORT 2020 Table of Contents LEADERSHIP ENVIRONMENTAL, SOCIAL AND GOVERNANCE REVIEW Chairman and CEO’s Statement 02 Board of Directors 06 40 Risk Management Key Management 13 42 Sustainability Summary 45 Corporate Information 46 Corporate Governance Report GROUP STRATEGY Ayala Corporation: Strategic Partnership 20 FINANCIAL REPORTS Wave Money: Bridging the Financial Inclusion Gap 22 Yoma Land: A Resurgence in Real Estate 24 79 Directors’ Statement Business Model 27 87 Independent Auditor’s Report Group Structure 28 96 Consolidated Statement of Comprehensive Income Geographical Presence 29 97 Statements of Financial Position 99 Consolidated Statement of Changes in Equity 101 Consolidated Statement of Cash Flows 105 Notes to the Financial Statements FINANCIAL REVIEW Key Financial Highlights 30 Yoma Land 34 OTHER INFORMATION Yoma Financial Services 36 Yoma F&B 37 252 Statistics of Shareholdings Yoma Motors 38 254 Notice of Annual General Meeting Portfolio of Investments 39 260 Disclosure Information on Directors Seeking Re-election Proxy form 4 CORE BUSINESSES FOCUSING ON DOMESTIC CONSUMPTION YOMA LAND YOMA FINANCIAL SERVICES YOMA F&B YOMA MOTORS About Us CORPORATE PROFILE Yoma Strategic Holdings Ltd. (“Yoma Strategic”, the “Company”, such as Bangkok and Kuala Lumpur. After returning to Myanmar or collectively with its subsidiaries, the “Group”) was listed on the in 1991, he founded First Myanmar Investment Public Company Mainboard of the Singapore Exchange in 2006 and has established Limited (“FMI”), one of Myanmar’s earliest public companies itself as one of the leading conglomerates in the Republic of the which became the first company to be listed on the Yangon Union of Myanmar (“Myanmar”). Over the last 10 years, Yoma Stock Exchange in March 2016. Strategic has built a diversified portfolio of businesses in Myanmar through organic business expansions and collaborations with Leveraging the Group’s experience in Myanmar and a strong established international and local partners. commitment to corporate governance, Yoma Strategic has forged partnerships with many international players. These Yoma Strategic was founded by Mr. Serge Pun. Born in Myanmar, partners provide invaluable expertise and capabilities which add Mr. Pun immigrated to Beijing in 1965 and subsequently, to Hong to the Group’s capacity to execute its business strategy and Kong SAR in 1973, where he began a career in real estate. Mr. help to ensure that the Group’s projects adhere to international Pun led many real estate developments in Hong Kong SAR and standards. the People’s Republic of China (“China”), as well as regional hubs OUR MISSION BUILD A BETTER MYANMAR FOR ITS PEOPLE OUR VISION INVESTOR SATISFACTION CUSTOMER SATISFACTION EMPLOYEE SATISFACTION We create sustainable investment We serve our customers by being their We invest in our people to build opportunities by leading with integrity trusted partner to deliver the best careers around a shared culture of and robust business practices. products and services for their needs. fairness, diversity, empowerment and recognition. CORE VALUES Teamwork Respect Innovation Integrity ANNUAL REPORT 2020 01 LEADERSHIP Chairman and CEO’s Statement We look back on 2020 with mixed KEEPING SAFE AND HEALTHY distancing. Our Group accelerated the emotions. On the one hand, the rollout of the Yoma Connect digital COVID-19 pandemic has presented The COVID-19 pandemic caught platform for internal communication and significant challenges for lives and many governments, businesses and digitising our processes and procedures. livelihoods in Myanmar, and we have societies unprepared. From as early spent the year managing a rapidly as January 2020, we were on high We also held regular virtual townhall changing environment. But at the same alert. We restricted travel, introduced meetings to maintain staff morale and time, the crisis has been the catalyst for health and safety education, set up ensure close connection during this time a number of transformational trends thermal screenings at our offices apart. As a result of these efforts, we are that will benefit our businesses in the and implemented contact tracing for proud that our employee satisfaction coming years. Coupled with our new suspected exposures. The medical survey continued to improve despite the partnerships with Ayala Corporation coverage for our employees was challenging environment and our staff (“Ayala”) and Ant Group Co.,Ltd (“Ant improved to cater for COVID-19, and reported pride in being part of the Yoma Group”), the future looks bright. our office staff moved to a “Work from Family. Home” mode in order to promote social MR. SERGE PUN MR. MELVYN PUN Executive Chairman Chief Executive Officer and Executive Director 02 LEADERSHIP BUILDING GROWTH MOMENTUM as we navigate through the recent NOTWITHSTANDING THE uncertainties posed by COVID-19 and PANDEMIC the economic transformation expected in many sectors. During 12M-Sept2020, Revenue growth of We closed 12M-Sept2020 with good the Group brought in two key partners momentum as our Group revenue – Ayala and Ant Group – who both share 13.6% increased to US$103.4 million from long-term visions of building sustainable in 12M-Sept2020 US$91.0 million in 12M-Sept2019, businesses in Myanmar. Ayala has long notwithstanding notwithstanding the challenges from been a blue chip conglomerate in the the challenges from COVID-19. Philippines with a sterling reputation COVID-19 for business integrity and operational Operationally, all of the major excellence. The economic growth in business units improved their top-line the Philippines over the past 20 years performances during 12M-Sept2020 has been remarkable and provides a and remain poised to improve their model that could benefit the future CHANGE OF FINANCIAL YEAR bottom-line results as the effects of the development of Myanmar. We are COVID-19 restrictions gradually ease. pleased that Ayala has chosen to partner With effect from 1 October 2019, the We have also proactively taken with us by investing approximately Ministry of Planning and Finance of numerous steps to manage our balance US$155 million for a 20%1 stake in Myanmar mandated that all taxpayers sheet, reduce costs and preserve cash, Yoma Strategic through the issuance must adopt a financial year period from including the deferment of non-essential of primary shares. The strategic nature 1 October to 30 September. Prior to this operating and capital expenditures. Our of this partnership means we will look change, the financial year for taxpayers management team, as well as the Board, to leverage Ayala’s broad expertise in Myanmar had been from 1 April to 31 have also taken voluntary reductions in the real estate, financial services, March. in their directors’ fees and salaries in consumer and infrastructure sectors and order to support the Group’s operations also gain from their support in financial On 14 February 2020, the Group and protect our community’s most discipline and corporate governance. announced a change of its financial year vulnerable during this period. We look forward to a successful and end from 31 March to 30 September transformative partnership that will to align with its Myanmar subsidiaries’ benefit us for generations to come. reporting period. Due to this change, this Annual Report will cover a period Meanwhile, Wave Money’s partnership of 18 months from 1 April 2019 to 30 with Ant Group is another milestone for September 2020. Our partnerships with us. Both Wave Money and Ant Group Ayala Corporation and serve unbanked and underbanked In order to provide a more meaningful Ant Group are expected communities and have a common comparison and better understanding to be far-reaching and will purpose to make financial services more of the financial results of the Group, substantially strengthen the accessible for everyone. The partnership we have also provided a comparative with Ant Group is expected to accelerate Group’s future growth analysis of our unaudited results Wave Money’s digital transformation for a 12-month period from 1 prospects into a financial service “super app” that October 2019 to 30 September 2020 facilitates the mass adoption of digital (“12M-Sept2020”) and a 12-month period payments across the country and drives from 1October 2018 to 30 September greater financial inclusion. 2019 (“12M-Sept2019”) in pages 30 to BEST-IN-CLASS PARTNERSHIPS 39 of this Annual Report. Over the years, we have laid out a strategy of strengthening our operations by bringing in best-in-class international partners to provide investment and 1 The Group had placed out the first tranche expertise to grow our businesses in an of c. US$109 million of primary shares to MR. MELVYN PUN Ayala on 02 December 2019 and is working agile and adaptive manner. This process Chief Executive Officer and Executive Director to complete subscription of the second has become even more imperative tranche placement shares c. US$46 million of primary shares by 11 May 2021. ANNUAL REPORT 2020 03 LEADERSHIP Chairman and CEO’s Statement EXECUTING STRATEGY FOR INNOVATING TO ENHANCE CONTINUED GROWTH CUSTOMERS’ EXPERIENCES Our Real Estate business has seen a It has been said that the COVID-19 We see Yoma Land and recovery in sales volume supported by pandemic would accelerate the digital Yoma Financial Services as the encouraging performance of City transformation of many businesses. We the primary contributors to the Loft and Star Villas at StarCity, which have witnessed this trend first hand in Group’s near- and medium- term are expected to boost next year’s several of our operations as we have financials. We have plans for more growth given the shortage of City Loft projects in other locations had to rethink our interactions with affordable housing in major across Yangon and additional product customers, suppliers and employees. cities and Myanmar’s launches at StarCity and Pun Hlaing financial inclusion gap Estate to expand our real estate Adapting to these trends, Yoma F&B activities.
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