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Annual Report 2020 OYOSHIPower .of 100PLUS. Our F&N ICE MOUNTAIN. F&NENDURING FRUIT TREE FRESH. F&N CARNATION. F&NBRANDS NUTRISOY. DAY. TIMES. F&N SEASONS. TIMES. TEAPOT. F&N SPARKLING TEAPOT. EST COLA. F&N NUTRISOY. TEAPOT. OYOSHI. F&N MAGNOLIA. TEAPOT. SUNKIST. DAY DAY. COCO LIFE. MAGNOLIA. TIMES. FARMHOUSE.annual report 100PLUS. CARNATION. TEAPOT. SUNKIST. SUNKIST. GOLD COIN. DAY. RANGER. EST COLA. 20TIMES. OYOSHI. GOLD F&N ICE MOUNTAIN.20 FRUIT TREE FRESH. MARSHALL MAGNOLIA. GOLD COIN. DAY OYOSHI. MARSHALL CAVENDISH. DRINKS. TIMES. M F&N ALIVE. CHA. DAY F&N ALIVE. DRINKS. COCO LIFE. CARNATION. CHANG. SUNKIST. DAY MAGNOLIA. ALIVE. F&N SPARKLING DRINKS. OYOSHI. DAY DAY. TEAPOT. F&N NUTRISOY. VISION To be a stable and sustainable Food & Beverage leader in the ASEAN region. MISSION To be ASEAN’s leading owner and provider of quality and innovative products that consumers choose and trust. To support our mission, we are guided firmly by our commitment to create value for our stakeholders by ensuring that our corporate actions positively impact the socio-economic and environmental factors. ABOUT US Established in 1883, F&N is a leading Southeast Asian consumer group with expertise and prominent standing in the Food & Beverage and Publishing & Printing industries. Leveraging its strengths in marketing and distribution, research and development, brands and financial management, F&N provides key resources and sets strategic directions for its subsidiary companies across both industries. Listed on the Singapore Stock Exchange, F&N ranks as one of the most established and successful companies in the region with an impressive array of renowned brands that enjoy strong market leadership. F&N is present in 12 countries spanning Asia Pacific, Europe and the USA, and employs over 7,700 people worldwide. VALUES Collaboration | Creating Values | Caring for Stakeholders POWER OF OUR ENDURING BRANDS 01 26–51 Operations Review FOOD & Contents 26 FOOD & BEVERAGE BEVERAGE 28 CEO Business Review 34 Beverages Core Markets 26 POWER OF OUR 36 Malaysia 37 Singapore ENDURING BRANDS 39 Myanmar Brands are essential assets to Fraser and Neave, 40 Dairies Limited (“F&N”) as they play a vital part in delivering Core Markets 42 Malaysia continual value to its business. While its brands 43 Thailand 100PLUS, F&N Sparkling Drinks and F&N MAGNOLIA 44 Singapore 52–57 are well recognised - Endured and Endeared - in the 44 Vietnam 52 PUBLISHING & regional Food & Beverage market, F&N has also built 48 New Markets PRINTING up a strong range of brands that are favoured in 49 Indonesia 54 CEO Business different countries. 50 Myanmar Review 51 Thailand 55 Publishing 51 Vietnam 56 Print 56 Retail and CHAIRMAN’S STATEMENT Distribution 58 Investor Relations STATEMENT FROM THE BOARD 59 Capital Resources EXECUTIVE 60 Enterprise-Wide Risk 12 COMMITTEE Management 62 Corporate CHAIRMAN Governance 13 Operations Review PUBLISHING & 02–25 PRINTING 02 2020 in Numbers 52 04 This is F&N 06 F&N Business Model 08 Corporate Structure 09 Corporate Information 10 Performance at a Glance 84-204 11 Group Financial 84 Financial Report Performance 190 Notice of Annual 12 Chairman’s Statement General Meeting 13 Statement from 196 Additional The Board Executive Information on Committee Chairman Directors Seeking 14 Board of Directors Re-Appointment 24 Leadership Team Proxy Form #GOPAPERLESS 1 In line with the Group’s efforts towards greater environmental conservation, we have elected for electronic transmission of our Annual Report and Sustainability Report. The electronic version of our 2020 Annual Report is available on Fraser and Neave, Limited’s website (www.fraserandneave.com/investor-relations/annual-reports). Shareholders and other interested parties who wish to receive a printed copy may order it through the website (www.fraserandneave.com/contact-us/request-annual- report), e-mail ([email protected]) or telephone ((65) 6318 9393). Our FY2020 Sustainability Report is only available in electronic version, and can be downloaded at www.fraserandneave.com/investor-relations/corporate-sustainability. 2 Unless specifically stated otherwise, all figures in this Annual Report ear quoted in Singapore Dollars. 3 Due to rounding, numbers and percentages in this document may not always add up precisely to the totals or absolute figures stated. 02 Fraser and Neave, Limited & Subsidiary Companies Annual Report 2020 $1,834M 100PLUS REVENUE No. 1 100PLUS Revenue decreased Isotonic Drink No. 1 4% on lower Soft and Carbonated Isotonic Drink Drinks and P&P Soft Drink in in Singapore volumes Malaysia 2020 IN NUMBERS $2.05 NET ASSET VALUE PER SHARE up from $2.02 in FY2019 CARNATION No. 1 Evaporated Milk brand in Thailand F&N ICE MOUNTAIN No. 1 Water brand in Singapore POWER OF OUR ENDURING BRANDS 03 $267M 90+ NEW PROFIT BEFORE PRODUCTS introduced across INTEREST & TAXATION our markets Earnings decreased 6% as the COVID-19 pandemic hit sales 10.4 CENTS EARNINGS PER SHARE down from 10.6 cents in FY2019 F&N No.1 Sweetened Condensed Milk brand in Malaysia F&N NUTRISOY No. 1 Soya brand in Singapore 04 Fraser and Neave, Limited & Subsidiary Companies Annual Report 2020 This is F&N Fraser and Neave, Limited (“F&N” or the “Group”) originated Thailand, Malaysia, Singapore and Brunei, and accelerated its more than a century ago from the spirited decisions of two growth in the dairy business. Today, F&N is the largest canned enterprising young men, John Fraser and David Neave, milk producer in SEA. In 1985, the Group diversified into the who diversified from their printing business to pioneer the Properties business. Starting with the redevelopment of its aerated water business in Southeast Asia (“SEA”) in 1883. soft drinks and brewery sites in Singapore, F&N soon grew its property arm – Frasers Centrepoint Limited (“FCL”, now The entrepreneurial spirit, embodied by our founders, known as Frasers Property Limited) to become one of the remains in today’s F&N. As a soft drink company, F&N seized leading property companies in Singapore with multi-national the opportunity and ventured into the beer brewing business businesses in residential, hospitality, retail, commercial and in 1931 in partnership with The Heineken Company and built industrial properties. a very successful beer empire in Asia Pacific – through its joint venture company, Asia Pacific Breweries Limited (“APB”). In 2012, F&N divested its equity stake in APB to realise In 1959, it entered the Dairies business by forming a canned a substantial value for shareholders. In 2014, the Group milk joint venture with Beatrice Foods of Chicago, and in demerged FCL through a listing on the Singapore Stock 2007, it acquired Nestle’s liquid canned milk business in Exchange, thereby transferring value to shareholders. FY20 PBIT 530+ million $267m consumers in SEA 30+ brands FY20 140+ Revenue export markets OTHERS $1,834m Brunei Chile China Dubai Hong Kong India THAILAND VIETNAM1 Indonesia Myanmar USA Revenue $106m Revenue $658m Revenue $0m PBIT ($6m) PBIT $121m PBIT $120m APBFE ($6m) APBFE $57m APBFE $120m Total Assets $236m Total Assets $571m Total Assets $2,639m Collaboration Creating Values Caring for Stakeholders Our Global Values We leverage our We are passionate about We embrace our serve as a compass inherent strengths applying new ideas and stakeholders’ perspectives for our actions and and diversity to grasping opportunities to with good intentions describe how we create synergies make a positive impact and the right mindsets behave in our and commit on our organisation to create long-term, organisation to team goals and the world sustainable partnerships POWER OF OUR ENDURING BRANDS 05 Today, F&N is a leading Southeast Asian consumer group with expertise and prominent standing in the Food & Beverage and Publishing & Printing industries. Leveraging its strengths in marketing and distribution, research and development, brands and financial management, as well as years of acquisition experience, the Group provides key resources and sets strategic directions for its subsidiary companies Food & Beverage Publishing & across both industries. Division Printing Division Listed on the Singapore Stock Exchange, F&N ranks as one of the most established and successful companies Non-Alcoholic Beer Division Division in the region with an impressive array of renowned brands that enjoy strong market leadership. F&N is present in 12 countries spanning Asia Pacific, Europe and the USA, CEO CEO CEO and employs over 7,700 people worldwide. Mr LEE Meng Tat Mr Edmond NEO Mr SIEW Peng Yim 7,700+ employees • Female 38% FY20 • Male 62% APBFE $150m 60+ FY20 manufacturing Total and warehousing Assets facilities in $4,775m 12 countries SINGAPORE Legend: MALAYSIA F&N HQ Manufacturing Plants Dairies Soft Drinks Beer Publishing & Printing Offices Revenue $648m Revenue $422m Dairies Soft Drinks Beer Publishing & Printing PBIT $37m PBIT ($5m) Note: APBFE $8m APBFE ($29m) 1 F&N owns an effective 20.4% stake in Vietnam Dairy Total Assets $878m Total Assets $451m Products Joint Stock Company CONTRIBUTION BY SEGMENT Revenue Profit Before Attributable Profit Before Total Assets Interest & Taxation (“PBIT”) Fair Value Adjustment & Exceptional Items (“APBFE”) $1,834m $267m $150m $4,775m 24% 6% 0% 12% 63% 99% 123% 73% 13% -4% -8% 7% 0% -1% -15% 8% Legend: Beverages Dairies Publishing & Printing Others 06 Fraser and Neave, Limited & Subsidiary Companies Annual Report 2020 F&N Business Model Key Risk Categories: COMPONENTS OF CAPITALS VALUE CREATION VISION, STRATEGY, VALUES, AMBITION Our Vision To be a stable
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