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Annual Report 2016 in January 2016, We Entered Into Joint Ventures with Wilmar and ADM in November 2016 25 YEARS OF GROWTH THE 25TH ANNIVERSARY ANNUAL REPORT 1991 - 2016 ABOUT WILMAR CONTENTS Wilmar International Limited, founded in 1991 and 02 Chairman’s Message headquartered in Singapore, is today Asia’s leading 06 From Vision to Integration agribusiness group. Wilmar is ranked amongst the 08 Global Presence largest listed companies by market capitalisation on the 10 Vertically Integrated Business Model Singapore Exchange. 12 Core Values 13 Performance Overview Wilmar’s business activities include oil palm cultivation, 14 Financial Highlights oilseed crushing, edible oils refining, sugar milling and 16 Board of Directors refining, manufacturing of consumer products, specialty 22 Key Management Team fats, oleochemicals, biodiesel and fertilisers as well as 23 Corporate Information flour and rice milling. At the core of Wilmar’s strategy 24 From Performance to Resilience is an integrated agribusiness model that encompasses 26 Operations Review the entire value chain of the agricultural commodity 34 Awards & Accolades business, from cultivation, processing, merchandising 36 From Responsibility to Sustainability to manufacturing of a wide range of branded agricultural 38 Sustainability products. It has over 500 manufacturing plants and an 46 From Commitment to Engagement extensive distribution network covering China, India, 48 Investor Relations Indonesia and some 50 other countries. The Group has 50 Human Capital Management a multinational workforce of about 90,000 people. 52 Information Technology 53 Risk Management Wilmar’s portfolio of high quality processed agricultural 55 Corporate Governance products is the preferred choice of consumers and the 73 Financial Statements food manufacturing industry. Its consumer-packed products have a leading share in many Asian and African countries. Through scale, integration and the logistical advantages of its business model, Wilmar is able to extract margins at every step of the value chain, thereby reaping operational synergies and cost efficiencies. Wilmar is a firm advocate of sustainable growth and is committed to its role as a responsible corporate citizen. 06 12 36 Treehouse at PT Agra Masang Perkasa, Wilmar’s first oil palm plantation project, in West Sumatra, Indonesia. 24 46 25 YEARS OF GROWTH SIGNIFICANT MILESTONES IN WILMAR’S GROWTH JOURNEY BEFORE WILMAR... 1991, 1 APRIL 1993 1999 2004 2007, 28 JUNE 2014 TODAY Established a JV with Pyramid Ltd to build the first A leading agribusiness group in 200 MT/day refinery and consumer pack oil plant in Colombo, Sri Lanka. It is today the country’s Asia and one the largest globally. largest refinery, consumer pack oil and specialty fats The Group has manufacturer. Over Wilmar’s first oil refinery in Vietnam (through merger with the Kuok Group) was a joint venture with Vocarimex 500manufacturing plants in which commenced operation in 1988. Wilmar’s global headquarters on Neil Road in 1992 (left) and today (right). Commissioned in 1995, EOGI comprised silos, storage tanks, Inauguration of the edible oil refinery complex in Mundra Great Wall-Wilmar Sugar Mill in Maung Kong, Yangon, soybean crushing plant, flour, rice and feed mills, refinery, was graced by Guest-of-Honour, Mr Narendra Modi, then Wilmar merged with the Kuok Group’s oils and 15 countries Myanmar. The Wilmar Group was co-founded by Mr Kuok Khoon Hong and Pak Martua Sitorus. The first company drum manufacturing plant and consumer pack plant. Chief Minister of Gujarat. Pyramid Wilmar is the grains and oil palm plantation business. The merger formed was Wilmar Trading Pte Ltd which had a paid-up capital of SGD100,000 and five employees. top producer of consumer created the largest merchandiser and refiner of Extensive distribution network pack edible oils under the The Group formed a JV with Great Wall Food Stuff Ventured into China through a joint venture (JV) Ventured into India through a JV with the Adani Fortune brand. palm oil, the largest integrated agri-group in Asia covering China, India, Indonesia Industry Company Limited in Myanmar to produce with Top Glory Holding Co and started construction Group. The first project, a 600 MT/day oil refinery and and one of the largest listed oil palm plantation and sell sugar and its by-products. The JV company and some of East Ocean Grains Industry (EOGI) which at the consumer pack plant in Mundra, Gujarat commenced companies. At the time of merger in 2007, the Kuok acquired Great Wall’s existing sugar-related time was the first large, integrated oils and grains operation in 2000 and was expanded by another Group had oil palm plantation of 63,000 ha in East business, mills and plants including two mills, a manufacturing complex in China. Following its 1,000 MT/day in 2002. The JV operates 45 plants in 2005 Malaysia and 56,000 ha in Indonesia while Wilmar 50 other countries bioethanol plant and an organic compound fertiliser huge success, Wilmar and Archer Daniels Midland eight locations in India today and its ‘Fortune’ brand had 76,000 ha in Indonesia. The Group’s market Drum-making (top) and consumer pack plant Entered a JV for an oil refinery project in Yuzhny, plant. The Group also acquired a 100-acre site in (ADM) went on about three years later to build five is the country’s top-selling consumer pack soft oils. capitalisation after the merger was SGD20.3 billion. (bottom) at Southseas Oils & Fats. Ukraine and two years later merged it with NMGK Thilawa Port to build an oils and grains complex large-scale crushing plants along the coast. which had refineries, crushing plants, margarine, Through the merger, Wilmar had extended its footprint starting with an oil packing plant and a flour mill. Mr Kuok Khoon Hong embarked on his career mayonnaise and soap manufacturing plants in The Group is the largest exporter of palm oil to Formed a JV with the Adani Group of India to to Vietnam with two refineries and a rice bran oil with the Kuok Group in 1973. His earliest 2000 Russia. The Yuzhny plant is the largest refinery in Myanmar and a leading seller of consumer pack oil. manufacture consumer pack edible oils and rice in extraction plant, as well as to Europe with two refineries. projects include the first 400 MT/day soybean Ukraine and NMGK is the largest seller of table PT AMP – Land preparation in developing an oil palm plantation (left) and a mature plantation today (right). Bangladesh. crushing plant and 200 MT/day edible margarine, mayonnaise and sauces in Russia. In addition, Wilmar bought two copra crushing oils refinery in Pasir Gudang, Malaysia in The company’s first project was PT Agra Masang Perkasa (AMP) – a 7,000 ha oil palm plantation in West Started ship ownership with the purchase of 6,000 plants with total crushing capacity of 1,000 MT/ August 1980 and February 1981 respectively. Sumatra, Indonesia. 2015 MT single-hull-single bottom tanker, MT. Lisa. The day and a 350 MT/day refinery in the Philippines. Arawana consumer pack oil was launched in domestic fleet in Indonesia and China started in 2006, 8 AUGUST Wilmar acquired Goodman Fielder together with Malaysia in 1986. This was followed by the 1995 and 2004 respectively. The Group’s fleet First Pacific, each taking 50%. Goodman Fielder’s acquisitions of refineries in Sandakan and Prai. has since grown to over 170 vessels including 2010 origins date back to 1909. Today, it is Australasia’s both owned and managed, with a combined fleet leading food company with a portfolio of consumer In 1988, the Kuok Group formed a joint venture, tonnage of about 2.3 million MT. products including breads, dairy, dressings, Southseas Oils & Fats, with Top Glory, COFCO’s mayonnaise, spreads & oils and poultry. subsidiary in Hong Kong, to build China’s Developed jointly with Bidco Uganda Limited, Wilmar’s first large-scale modern refinery, drum and first oil palm plantation in Africa is on Lake Victoria in consumer pack plant in Shenzhen. The plant 1994 Kalangala, Uganda. was commissioned in 1990 and became a ADM invested in 20% of Wilmar. Around the same huge success. Arawana oil was launched in (From left to right) Ms Sng Miow Ching, Mr Chua Puay time, other investors took another 20%. ADM First footprint in Africa with an oil palm plantation Hee, Mr Kuok Khoon Hong, Pak Martua Sitorus and 1991 in China and is today the country’s top Construction of refinery in Dumai (left) and the refinery today (right). Cane harvesting in Burdekin, North Queensland, Australia. remains a long-standing investor and business project in Kalangala, Uganda. Today Wilmar is Mr Teo Kim Yong at the IPO briefing on 19 July 2006. consumer pack oil brand. This was followed by a 50 MT/day palm kernel crushing plant in North Sumatra and a 700 MT/day refinery partner of the Group today. in 14 countries across the continent engaging Wilmar expanded into the sugar business through in Dumai, Indonesia. Riding on the back of a growing refining business, the refinery, commissioned in cultivation of oil palm and rubber, edible oils the acquisition of Sucrogen Limited (known today Mr Kuok left the Kuok Group in 1991 to start Wilmar’s oil palm business was listed on the in 1993, was expanded to 2,400 MT/day by 1995. refining and packing, production of oleochemicals, as Wilmar Sugar) in Australia – one of the world’s the Wilmar Group. The Kuok Group went on to Singapore Stock Exchange with an initial market specialty fats, soaps and detergents, oilseed largest sugar companies. Proserpine Mill, fifth For generations, millions of Australians and New Zealanders build more refineries in East Malaysia, China, The Indonesian business flourished and the Group expanded rapidly its refining capacity and plantation capitalisation of SGD2.38 billion. crushing, seed planting, rice distribution as well largest sugar mill in Australia, was added to the have turned to Goodman Fielder brands for top shelf Vietnam, Bangladesh and Europe.
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