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Annual Report 2018 Report Annual YEO HIAP SENG LIMITED YEO HIAP SENG LIMITED ANNUAL REPORT 2018 Yeo Hiap Seng Limited (Company Registration No.: 195500138Z) 3 Senoko Way ANNUAL REPORT Singapore 758057 Tel: +65 6752 2122 | Fax: +65 6752 3122 2018 www.yeos.com.sg ANNUAL REPORT 2018 01 TABLE OF CONTENTS 02 Chairman’s Statement 05 Financial Highlights 06 Corporate Information 07 Profile of the Board of Directors 12 Corporate Governance Report 38 Sustainability Report 61 Financial Statements 164 Statistics of Shareholdings 166 Notice of Annual General Meeting Proxy Form 02 YEO HIAP SENG LIMITED CHAIRMAN’S STATEMENT DEAR SHAREHOLDERS, On behalf of the Board of Directors, I am pleased to are being laid out and will be executed over the next few present the annual report for the financial year ended years. The strategy will enable us to build an attractive 31 December 2018. portfolio and stay relevant to the fast changing and rapidly evolving consumer tastes. FINANCIAL OVERVIEW The Group’s revenue increased 2.3% to $348.6 million, BRAND BUILDING mainly due to stronger sales in Malaysia, Singapore, Malaysia and Singapore are our two main markets Cambodia and China. In our two main markets of Malaysia by sales and we are thankful for the support of our and Singapore, while consumer sentiments remained soft consumers who have made Yeo Hiap Seng the “Number and the beverage category is highly competitive, we One Asian Drink” in these markets as measured by maintained our Asian Drinks market leadership positions Nielsen. In 2018, we conducted marketing campaigns with volume shares of 32.6% and 31.3% respectively across different platforms to celebrate this achievement based on Nielsen data. To set the pace for further as well as to mark Yeo Hiap Seng turning 118 years old. growth in Malaysia and Singapore, we have launched We had a thematic “118 Years” for our Tong Nam soy new beverage and food products during the year to sauce which is a very popular product in East Malaysia. cater to evolving consumer needs and changing tastes To celebrate our long heritage with the East Malaysian while growing our agency businesses. In Cambodia, we consumers, we ran a campaign to recount YHS’s humble recorded a healthy growth in sales as we work closely beginning as a soy sauce maker since 1900 and how we with distribution partners to strengthen our distribution have used modern processing and bottling production network. In China, we engaged our consumers through techniques to preserve the local Sarawakian taste that a variety of media campaigns to drive visibility and sales. many generations have grown to love. On the bottom line and after excluding a one-off gain in 2017 from the disposal of our investment in Super Group For Ramadan and Hari Raya, we released an online video Limited, 2018’s net profit grew 63.8% on prior year to ‘Ramadan Terbaik Syawal’ which was about the timeless $12.0 million with contribution from higher sales as well as nature of motherly love across generations. The video cost savings from operational excellence and efficiency. garnered 6.4 million viewership in four weeks and was very popular during the Ramadan and Hari Raya period. The Group’s balance sheet remained strong with cash The video was available through Facebook and YouTube; and cash equivalents of $282.7 million and no borrowing and was also shared through Malaysia’s popular social as at 31 December 2018. This puts the Group in a good media channels like Oh Media Facebook and Siakap Keli position to seize opportunities to grow via strategic Press Facebook channels. collaborations or acquisitions. The Group has been evaluating such opportunities and will continue to do so We were also the official beverage sponsor for “Samurai in 2019. Fans International Party 2018” held just before Christmas at Stadium Malawati in Shah Alam. This event was STRATEGY REVIEW AND PAVING THE GROWTH organised by Samurai Paint Malaysia, which produces PATH AHEAD a series of motorcycle cosmetic products. Samurai is In 2018, the Board and the management conducted popular among young motorcyclists and our sponsorship a strategy review to shape our plans for the medium for this event has increased the brand awareness among term ahead. From the strategy review, strategic themes the young consumers. emerged around the categories we will target to grow – Asian Drinks, Soy, Ready-to-drink (“RTD”) Tea, In Singapore and Malaysia, we relaunched our market Carbonated Drinks and Food – as well as a holistic leading and signature Asian Drinks in a newly refreshed market focus on Cambodia. Considering the current state packaging in the last quarter of 2018. The new packaging and opportunities in each of the categories and markets, features a simplified visual and clean look, with product customised plans have been developed. To support these variants differentiated by clear colour cues. The new growth themes, marketing, new product and factory plans packaging communicates the key unique selling points ANNUAL REPORT 2018 03 of the beverage on the front of the pack and provides a PURSUING SUSTAINABLE GROWTH prominent brand identity to allow the Yeo’s brand to stand We continue to review our overhaul and investment plans out and differentiate against other competing products on for plant and facilities alongside our strategies for growth. the shelves. In 2019, we expect to commence commercial operations of our factory in Cambodia to meet growing local demand In 2018, we are proud to be awarded with both “The for our beverages. At the same time, we can increase our BrandLaureate Special Edition World Awards 2018 – economic contribution to the country through local job International Iconic Brands (FMCG – F&B)” in Singapore creation, increased business with local suppliers as well and “The BrandLaureate World Halal Brand of the Year as tax contribution to the local government. On the food Award 2018 – (FMCG – F&B)” in Malaysia, signifying our side, we are planning for a consolidated food factory to success in the pursuit of brand excellence as well as increase our capacity and operational efficiencies. excellence in Halal standards. Amid our efforts in pursuing growth, we continue to place DEVELOPING HEALTHIER PRODUCTS the safety of our workforce as our top priority. This year, We are aware of consumers’ growing focus on health we are proud to share that we have won the Platinum and wellness as well as the increasing trend of people Premier Award for the 14th Malaysian Occupational opting for beverages with lower or even zero sugar. Safety and Health Practitioners’ Association (“MOSHPA”) We continue to reformulate our existing products to Occupational Safety and Health Excellence (“OSHE”) lower the sugar content and obtain the Healthier Choice Awards 2018 – OSHE Management in Manufacturing Food Symbol endorsements in our key markets. At the same & Beverage. This is the most prestigious safety award time, we want to lead and innovate with new and great from MOSHPA and yet again affirms our commitment to tasting products that will promote healthy consumption safety excellence. and lifestyle. Also as part of our strategy to expand our presence in RTD Tea, we have launched a range of In Singapore, we continue to be certified for bizSAFE premium teas with low or zero sugar in early 2019. These Level 3 as recognised by Ministry of Manpower. This is premium teas are freshly brewed using premium botanical a recognition of our strong commitment to workplace ingredients, contain naturally occurring antioxidants and health and safety, which also provides our customers are low in calories. The curated list of premium teas the assurance that we consistently meet stringent safety include Chrysanthemum Pu’er Tea, Lychee Pu’er Tea, requirements. Adding on, we are rolling out e-learning Red Date Black Tea and Osmanthus Green Tea. These for all employees on the enhanced YHS Environment, new products will add to our existing RTD Tea portfolio Health & Safety (“EHS”) policy to continue to reinforce and we will continue to innovate to grow into different tea the message that “all accidents are preventable” and to segments. promote a culture of “zero tolerance to workplace injuries and illnesses”. In the Carbonates category, we are also innovating and providing consumers with healthier options for enjoyment. The Board oversees the strategic direction of sustainability We will be launching more new variants in the Juscool for the Group and ensures that we continue to embed Sparkling Juice Drinks range as well as launching H2O sustainable practices in our plans and operations. Our with no sugar. The Juscool range is endorsed with the sustainability targets and results for 2018 are covered in Healthier Choice Symbol in Singapore and is well-received the Sustainability Report included in this Annual Report. by younger consumers who love the concoction of real fruit juice with carbonates. Since the introduction of the CORPORATE SOCIAL RESPONSIBILITY Juscool range in Singapore in 2016 with Apple, Grape, We have organised and participated in various outreach Passion Fruit and Peach flavours, we added Yuzu and activities to give back to the communities in which we Orange flavours to keep the range fresh and exciting to operate in. the consumers. We will continue to refresh the repertoire of flavours to keep the range relevant to consumers. 04 YEO HIAP SENG LIMITED CHAIRMAN’S STATEMENT Over the years, we have been sponsoring our Yeo’s The improvement was also echoed in the Singapore products for the 30-Hour Famine movement, part of the Governance & Transparency Index (“SGTI”) 2018 as we effort by World Vision Malaysia to create awareness on moved up 19 spots and were ranked 64th (previously global hunger and poverty through experiential activities. ranked 83rd). The SGTI – a collaboration between CPA In 2018, the 30-Hour Famine 2018 focus themes were Australia, NUS Business School’s Centre for Governance, “Food Insecurity” and “Malnutrition”.
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