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Making a Differenceannual Report 2009 Head Office Directors 812 Shaikh Jaber Al Ahmed Mr making a differenceANNUAL REPORT 2009 Head Office Directors 812 Shaikh Jaber Al Ahmed Mr. Abdulla Hassan Buhindi - Chairman Al Subah Highway Mr. Abdulla Mohammed Juma - Vice Chairman P.O. Box 828, Sitra Mr. Ebrahim Khalifa Al Dossary Kingdom of Bahrain Ms. Mona Yousif Almoayyed Telephone: +973 17 739 444 Mr. Mohammed Farouq Almoayyed Fax: +973 17 731 186 Mr. Jehad Yousif Ameen Commercial Registration Mr. Redha Abdulla Faraj 10999 Mr. Shawki Ali Fakhroo Authorised Capital Bankers 200,000,000 shares of BD0.100 National Bank of Bahrain B.S.C. each: BD20,000,000 Ahli United Bank B.S.C. Bank of Bahrain & Kuwait B.S.C. Paid Up Capital Standard Chartered Bank BD 11,001,394 divided into HSBC Bank Middle East 110,013,398 ordinary shares BankMuscat International B.S.C. each with a nominal value Wells Fargo Bank, N.A. of BD0.100 fully paid Reviewing Accountants Ernst & Young Company Secretary Mr. Jad Moukheiber 2 - BMMI His Royal Highness Prince His Majesty King Hamad His Royal Highness Prince Khalifa Bin Salman Al Khalifa Bin Isa Al Khalifa Salman Bin Hamad Al Khalifa The Prime Minister of the The King of the Kingdom The Crown Prince and Deputy Kingdom of Bahrain of Bahrain Supreme Commander of the Kingdom of Bahrain Whatever we do - wherever we do it - BMMI’s value proposition of ‘making a difference’ applies to all making a differenceour stakeholders.. To be recognised as a visiondynamic international company that inspires its individual businesses to deliver outstanding results. Winning the hearts and missionminds of our customers by delivering exceptional service. Honesty, Excellence, valuesAchievement, Recognition and Team Spirit. 2 - BMMI ensuring - helpingto deliver - humanitarian superior returns to our aid to areas where it’s shareholders on their needed most. investment. establishing - providingsecure camp - facilities trustworthy, enduring for organisations relationships with our operating in remote business partners and areas. suppliers. adopting - supportingthe local communities - the highest of the countries in international standards which we operate. and global best practice in corporate governance. distributingleading F&B and - household brands encouraging - to hypermarkets, the highest levels supermarkets, cold of personal and stores and hotels. professional behaviour by all our employees. supplyingfavourite overseas- products to customers of Alosra Supermarket. Offeringsecure employment - and exciting career opportunities to our staff around the world. BMMI - 3 5 BMMI Profile 6 At a Glance: Financial Highlights 8 Letter from the Chairman 12 Board of Directors 14 Executive Management Round-table 20 Operational Highlights 25 Directory 26 Corporate Social Responsibility 29 Corporate Governance 32 Report of the Auditors to the Shareholders 33 Consolidated Financial Statements 40 Notes to the Consolidated Financial Statements Washington DC Country roads, Ghana Remote site management, Africa 4 - BMMI Based in the Kingdom of Bahrain, and with international operations spanning three continents, BMMI is a diversified retail and distribution, and contract services and supply group, supported by a world class integrated logistics capability. The Group specialises in the wholesale, distribution and retail of food and beverages, and represents a leading portfolio of global household name brands. BMMI is also a growing international player in the provision of contract-based supply services for governments, Non-Governmental Organisations, commercial and military organisations. Listed on the Bahrain Stock Exchange, BMMI is one of the fastest growing companies in its sector, with an annual turnover in excess of US$ 230 million. The Group adopts a performance-driven, customer-focused business approach in line with international standards and global best practice. Based on over 125 years of uninterrupted operations in the Arabian Gulf, BMMI is now one of the leading private sector business enterprises in the GCC region and a fast-growing multinational organisation. Bahrain Qatar Sudan Djibouti Mali Ghana Gabon frican A During 2009, BMMI has consolidated its position as a the global logistics company operating across mining, continent, servicing vital exploration, survey, military and aid operations, touching the lives of its efforts. millions through BMMI - 5 Financial Highlights (BD million) 2009 2008 2007 2006 2005 Sales 87.2 80.4 59.7 57.0 47.0 Overheads 15.4 13.5 8.5 9.7 7.9 Net Profit 9.0 7.5 10.1 9.2 8.1 Headcount 1653 1592 539 539 511 Net Profit / Sales (%) 10 9 17 16 17 Debt / Equity (%) 45 39 45 54 29 6 - BMMI at a glance Key 2009 Achievements 87.183 10.102 Record revenues exceed BD 87 9.019 80.446 9.228 8.078 million 7.540 59.737 Net profits grow by over 20% 56.979 Cash reserves total BD 12 million 46.957 New five-year strategy developed 09 08 07 06 05 09 08 07 06 05 Alosra Charitable Foundation Net Profit BD millions Revenue BD millions established International accreditations 26 26 25 maintained 44.631 40.305 40.116 New HSE department created 35.031 Further awards received from F&B 20 principals for Nader Trading in 30.868 Bahrain and ZAD in Qatar 18 Alosra Supermarket expands 09 08 07 06 05 09 08 07 06 05 Equity BD millions Return on Equity Percent footprint in Bahrain with new outlets in prime locations 105 New F&B BMMI-owned brands 95 92 launched for the first time in the 87 Group’s history 73 Government and Defence contracts enjoy record year for client satisfaction and fill rates Global Sourcing & Supply grew 09 08 07 06 05 its revenues in its second year of Earnings per Share Fils operation BMMI - 7 Letter from the Chairman 2009Unpredictable for bmmi Resilient For many people, 2009 was a year that they will Exciting prefer to forget. In contrast, I believe that for BMMI, Progressive it will prove to be a year to remember, during which we continued making a difference for all our Responsible stakeholders. On behalf of the Board of Directors, I am pleased to report that in 2009 the Group posted Caring its strongest and most successful overall annual Impressive performance to date. Forward-looking Unpredictable While the Group was not directly affected by the global financial The demand-driven and Challenging crisis and economic downturn, we were diversified nature of our core not immune to the subsequent downside Supportive business activities continued impact on the markets in the key regions to insulate us from the worst where we operate, primarily the GCC of the crisis. and Africa. However, the demand- driven and diversified nature of our core business activities – food and beverages retail and distribution, and government and defence contracts – continued to insulate us from the worst of the crisis. The mild revival in the global macroeconomic environment – including the strong recovery of oil prices – which occurred towards the end of the second quarter of 2009, was a welcome development. However, the sustainability of economic growth and renewed business confidence, especially in the GCC region, remained largely unpredictable at the end of the year, driven by unexpected corporate defaults, the overleveraging of some major wholesale banks, and the Dubai debt standstill. Resilient In response to this crisis, BMMI adopted a positive and proactive approach. We took the view that by growing and expanding the business during a recessionary period, the Group will be in a stronger position when full recovery of the 8 - BMMI AN M R I CHA I ND HI BU A DULL B A markets eventually occurs. Accordingly, we did not expansion of Alosra Supermarket’s footprint across contract or cut costs across the organisation, but Bahrain; further awards from brand principals for increased our investment in the future growth of our consumer wholesale operations in Bahrain and BMMI, as well as continuing to expand our business Qatar; the successful first full year of operations operations and global presence. In this respect, I for our new subsidiary Global Sourcing & Supply; would like to pay tribute to the management and and the continued strong performance of our staff for their continued resilience, innovation and government and defence supply contracts in the spirit of performance. Middle East and Africa. Exciting During 2009, all business divisions, Progressive During 2009, we also continued subsidiaries and joint-ventures successfully to invest in strengthening our organisational continued to expand their operations, posting strong efficiency and responsiveness. Particular focus was year-on-year revenue growth, and contributing placed on recruitment, training and development, to the Group’s bottom line. Exciting business performance management, information technology, developments include the launch of new BMMI- quality, health and safety, and communications. owned consumer brands (such as the Great Deli In line with our commitment to adopt the highest Company) for the first time in our history; the international standards and global best practice, BMMI - 9 Letter from the Chairman 2009 for bmmi we successfully maintained and upgraded the Shareholders’ funds increased to BD 44.6 million, Group’s ISO 9001:2000 and OHSAS 18001:2007 up 10.7 per cent over 2008, resulting in an improved accreditations, and completed internal pre- return-on-equity (RoE) of 20 per cent. A significant qualification assessments to obtain ISO 22000 and development was the dramatic increase in the ISO 14001 certifications in 2010. Group’s liquidity, with cash and short-term deposits almost doubling to BD 12 million compared to Responsible During the year, we continued to BD 6.7 million in 2008. enhance the Group’s institutional capability, and further strengthened our corporate governance Total comprehensive income for framework. In light of the continued global the year grew by over 70 per cent, Earnings per share rose from financial crisis and market turmoil, we also placed reflecting net unrealised gains on Bahraini fils 73 to Bahraini great emphasis on risk management.
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