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Almarai | Annual Report 2014 Overall Business Development Almarai Company Almarai Annual Report 2014 Annual Report Quality you can trust ANNUAL REPORT 2014 Almarai’s commitment to quality remains the cornerstone of its corporate strategy Key Financial Highlights (SAR Million) Year Ended 31 December 2014 2013 2012 2011 2010 OPERATIONAL PERFORMANCE Sales 12,606 11,219 9,883 7,951 6,931 Gross Profit 4,535 3,952 3,511 2,997 2,736 Selling and Distribution Expenses (2,246) (1,870) (1,617) (1,213) (1,046) General and Administration Expenses (339) (285) (221) (266) (230) Share of Results of Associates and Joint Ventures (8) (30) (25) (42) (6) Financing Charges (208) (224) (157) (135) (121) Income from Main Operations 1,755 1,542 1,491 1,180 1,333 Zakat and Foreign Income Tax (71) (42) (51) (33) (26) Minority Interest (10) 2 1 (7) (22) Net Income 1,674 1,502 1,441 1,140 1,285 BALANCE SHEET Net Operating Working Capital 2,006 1,535 932 805 660 Property, Plant and Equipment 16,176 15,028 13,416 10,508 7,867 Biological Assets 1,070 992 901 818 770 Net Operating Assets 19,252 17,555 15,249 12,131 9,296 Intangible Assets - Goodwill 1,350 1,310 1,335 821 793 Investments 325 479 244 853 958 Net Working Assets 20,927 19,344 16,829 13,805 11,047 Net Debt 8,762 8,053 8,237 6,653 4,606 Deferred Charges and Derivatives 157 69 17 43 49 Employee Benefits 408 340 287 243 206 Deferred Tax (Net) 84 118 116 88 0 Total Equity 11,631 10,764 8,171 6,778 6,185 Net Capital Employed 21,041 19,344 16,829 13,805 11,047 Total Assets 23,949 23,171 19,519 15,656 12,571 Total Liabilities 12,318 12,407 11,348 8,879 6,386 CASH FLOW Cash Flow from operating Activities 3,199 2,586 2,736 2,261 2,293 Capex 2,740 2,799 3,138 3,035 2,230 Cash Flow used in Investing Activities 3,115 3,302 3,284 3,237 2,189 Dividend Paid 598 499 512 516 455 KEY INDICATORS Return on Sales 13.3% 13.4% 14.6% 14.3% 18.5% EBITDA to Sales 23.5% 24.4% 24.2% 25.6% 27.1% EBIT to Sales 15.5% 16.0% 16.9% 19.0% 21.1% Return on Shareholders Equity 19.0% 18.8% 20.2% 17.7% 22.3% Return on Total Equity 15.0% 15.8% 19.3% 17.7% 22.6% Return on Net Operating Assets 10.7% 11.0% 12.2% 14.2% 17.1% Net Debt to Equity Ratio 75.3% 74.8% 100.8% 98.2% 74.5% Current Ratio 121.5% 143.8% 96.8% 91.8% 115.0% Revenue Growth Rate 12.4% 13.5% 24.3% 14.7% 18.1% Dividend Proposed 600 600 500 518 518 Dividends Payout Ratio 35.8% 39.9% 34.7% 45.5% 40.3% Shares Issued (in millions) 600 600 400 230 230 Diluted Earnings per Share (SAR)* 2.70 2.48 2.40 1.90 2.14 *Based on 600 million shares 1 Almarai | Annual Report 2014 Overall Business Development Sales Net Operating Assets SAR 12,606m EBITDA Cash Flow used in Investing Activities SAR 2,964m Net Income Cash Generated from Operating Activities 23.5% Net Operating Assets Sales CAGR – 19.8% SAR 19,252m CAGR – 22.9% Net Income CAGR – 17.0% SAR 3,115m SAR 1,674m SAR 3,199m 13.3% SAR 559m SAR 614m 26.0% SAR 537m SAR 2,146m SAR 2,564m SAR 386m 18.0% ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 Employee headcount Sales increase 10 years from 2005 to 2014 5,685 (2005) 38,300 (2014) 587% Ten Year Sales Analysis Ten Year Sales Analysis Product Diversification 2005 Product Diversification 2014 Fresh Dairy Fresh Dairy 64 % / 1.4 B 42 % / 5.3 B Long-Life Dairy Long-Life Dairy 10 % / 0.2 B 10 % / 1.2 B Fruit Juice Fruit Juice SAR 6 % / 0.1 B SAR 13 % / 1.7 B Cheese & Butter Cheese & Butter 2.1 B 19 % / 0.4 B 12.6 B 14 % / 1.7 B Other Sales Bakery 1 % / 0.0 B 12 % / 1.5 B Poultry 8 % / 1.0 B Other Sales 1 % / 0.2 B Strategic Overview The company’s mission is to provide high quality renovation capabilities and achieving economies of and nutritious food and beverage products that scale that result in lower overhead growth. This will enrich our consumers’ lives every day. Almarai is generate stronger cash flow and improve working the consumer’s preferred choice in the Arab World capital management to finance capital expenditures at by providing superior products that best meet the the declared strategic levels. market’s specific needs. Almarai achieves superiority by leveraging consumer insights, its brands and by a Geographic expansion in the last ten years has commitment to quality in all its products and services. reduced the reliance of sales in the Saudi market, while product diversification has reduced reliance on Almarai is focused on continued improvement and the Dairy category. growth along this strategic path. This focus applies to the Company’s product categories (Dairy, Juices, The main key enablers for Almarai’s strategic plan Bakery, Poultry and Infant formula), entering new include: product categories, and to its geographic expansion outside the Kingdom of Saudi Arabia, across the • Consumer insights other Gulf Cooperation Countries, Egypt and Jordan. • Innovation & renovation • Selective vertical integration The implementation of Almarai’s strategic plan in 2014 • A best-in-class supply chain saw an accelerated growth in sales powered by the Dairy, Juice and Poultry product categories and by the Company’s joint venture sales of International Dairy and Juice (IDJ), in Egypt and Jordan. This strategic plan aims at maintaining our margin growth at each category level in all geographies, by leveraging innovation and Ten Year Sales Analysis Ten Year Sales Analysis Geographic Expansion 2005 Geographic Expansion 2014 KSA KSA 65 % / 8.0 B 68 % / 1.4 B Kuwait Kuwait 5 % / 0.6 B 8 % / 0.2 B Qatar Qatar 5 % / 0.6 B 5 % / 0.1 B Bahrain SAR SAR 2 % / 0.3 B Bahrain UAE 2.1 B 3 % / 0.1 B 12.6 B 9 % / 1.1 B UAE Oman 5 % / 0.7 B 11 % / 0.2 B Egypt Oman 5 % / 0.6 B 4 % / 0.1 B Jordan 3 % / 0.3 B Export Others Export Others 1 % / 0.0 B 1 % / 0.2 B Quality you can trust 3 Table of Contents COMPANY PROFILE Financial Highlights .................................................................... 1 Overall Business Development .......................................................... 2 Strategic Overview ..................................................................... 3 Company Profile ....................................................................... 6 Vision, Mission, Values ................................................................. 7 History ................................................................................ 8 Chairman’s Statement.................................................................. 10 CEO Review............................................................................ 12 ‘Quality You Can Trust’ ................................................................. 14 Our Value Chain........................................................................ 16 What Does Sustainability Mean to Almarai?.............................................. 26 Dairy Liquids .......................................................................... 28 Yoghurts & Desserts ................................................................... 29 Foods ................................................................................. 30 Juices ................................................................................. 31 Bakery ................................................................................ 32 Poultry ................................................................................ 33 Infant Formula ......................................................................... 34 Infographics ........................................................................... 35 MANAGEMENT REVIEW Board of Directors ..................................................................... 36 Share Price & Shareholder Information . 38 Achievements.......................................................................... 40 Distinctive Business Model ............................................................. 43 Sustainability .......................................................................... 44 People, Team & Culture ................................................................. 45 Brands ................................................................................ 46 Innovation & Renovation................................................................ 46 Production Footprint ................................................................... 47 Distribution Capabilities & Execution . 48 Consumer Dedication................................................................... 48 4 Almarai | Annual Report 2014 FINANCIAL REPORT Financial Review ....................................................................... 50 Income Statement...................................................................... 50 Cash Flow Statement................................................................... 57 Balance Sheet.......................................................................... 60 Tadawul Announcements ............................................................... 63 Risk & Business Continuity ............................................................. 64 Almarai and its Subsidiaries ............................................................ 65 Future Expected Developments . 67 Preparation of Financial Statements . 68 Dividend Policy ........................................................................ 68 Statutory Payments, Penalties & Sanctions.............................................. 70 Corporate Governance Code ............................................................ 71 Rights of Shareholders & the General Assembly.......................................... 72 Board of Directors Formation & Functions . 73 Members of the Board of Directors.....................................................
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