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Annual Report 2019 01 Key Figures 0LFURƬQDQFH,QVWLWXWLRQp$PUHWq $QQXDO 5HSRUW 2019 0LFURƬQDQFH,QVWLWXWLRQp$PUHWq #80, St. 315, Boeung Kak 2, Khan Toul Kork Phnom Penh, Kingdom of Cambodia $QQXDO5HSRUW PO Box 411 | Postcode: 12253 Tel: 023 880 942 Email: [email protected] Website: www.amret.com.kh &DOO&HQWHU Contents 2XU3URƬOH Vision and Mission 01 Key Figures 02 The Advans Group in Brief 03 Amret Milestones 04 Message from the Chairman 06 Board of Directors 08 Shareholders 12 Message from the CEO 14 Executive Committee 16 Our Brand Story 18 Organizational Chart 20 Our Performance Business Performance 22 An Omni-Channel Approach 25 Risk Management 26 Clients’ Testimonials 30 Capacity Building 32 2XU&RUSRUDWH5HVSRQVLELOLW\ Environmental and Social Performance Management 38 2XU)LQDQFLDO6WDWHPHQWV Tax Paid Report 42 Extracted Financial Statements 43 &RQWDFW'HWDLOV Branch Network 52 5HJLRQDO2ƯFHV 53 Vision dŽ ďĞ ĂŶ ŽƵƚƐƚĂŶĚŝŶŐ ĮŶĂŶĐŝĂů ŝŶƐƟƚƵƟŽŶ ƚŚĂƚ ŝŵƉƌŽǀĞƐ ƚŚĞ ůŝǀŝŶŐ ƐƚĂŶĚĂƌĚƐ ŽĨ ƚŚĞ ƉŽƉƵůĂƟŽŶ ĂŶĚ ĐŽŶƚƌŝďƵƚĞƐ ƚŽ ƚŚĞ ĞĐŽŶŽŵŝĐ ĂŶĚ ƐŽĐŝĂůĚĞǀĞůŽƉŵĞŶƚŽĨĂŵďŽĚŝĂ͘ Mission dŽƉƌŽǀŝĚĞĂǁŝĚĞƌĂŶŐĞŽĨĮŶĂŶĐŝĂů ƐĞƌǀŝĐĞƐĨŽƌůŽǁͲŝŶĐŽŵĞƉĞŽƉůĞĂƐ ǁĞůů ĂƐ ŵŝĐƌŽ͕ ƐŵĂůů ĂŶĚ ŵĞĚŝƵŵ ĞŶƚĞƌƉƌŝƐĞƐ ʹ ǁŚŝůĞ Ăƚ ƚŚĞ ƐĂŵĞ ƟŵĞ ĂĐŚŝĞǀŝŶŐ Ă ŚŝŐŚ ůĞǀĞů ŽĨ ĮŶĂŶĐŝĂůĂŶĚƐŽĐŝĂůƉĞƌĨŽƌŵĂŶĐĞ͘ 2XU3URƬOH Annual Report 2019 01 Key Figures .H\,QGLFDWRUV 1HW3URƬW <HDUƬJXUH 2017 2018 2019 $PRXQWƬJXUH 139,206 90,045 (in million KHR) 110,626 'HSRVLW2XWVWDQGLQJ /RDQ3RUWIROLR 2,207,279 3,970,856 3,171,811 1,824,050 2,788,131 1,413,618 7RWDO$VVHWV 7RWDO(TXLW\ 707,727 574,709 4,687,737 506,789 3,896,806 3,254,094 02 2XU3URƬOH Annual Report 2019 The Advans Group in Brief 9 &ŝŶĂŶĐŝĂůŝŶƐƟƚƵƟŽŶƐ Advans International HQ Advans Pakistan Advans Tu nisie 7,614 ^ƚĂī Advans Myanmar Advans La Fayette MFB - Nigeria Amret Cambodia 283 WŽŝŶƚƐŽĨƐĂůĞ Advans Côte d’lvoire Advans Cameroun Advans Ghana 1,024,411 ůŝĞŶƚƐ Advans Banque Congo h^Ψ͛ϬϬϬ 1,219,237 KƵƚƐƚĂŶĚŝŶŐůŽĂŶƉŽƌƞŽůŝŽ h^Ψ͛ϬϬϬ 682,592 dŽƚĂůĚĞƉŽƐŝƚƐ (Data as of December 2019) ŵƌĞƚ ŝƐ Ă ƐƵďƐŝĚŝĂƌLJ ŽĨ ƚŚĞ ĚǀĂŶƐ 'ƌŽƵƉ͕ Ă ůĞĂĚŝŶŐ ŶŽĂĐĐĞƐƐƚŽĨŽƌŵĂůĮŶĂŶĐŝĂůƐĞƌǀŝĐĞƐƚŚƌŽƵŐŚƉƌŽǀŝĚŝŶŐ ŝŶƚĞƌŶĂƟŽŶĂůŵŝĐƌŽĮŶĂŶĐĞŐƌŽƵƉ͘ ƚĂŝůŽƌĞĚĮŶĂŶĐŝĂůƐĞƌǀŝĐĞƐŝŶĂƐƵƐƚĂŝŶĂďůĞĂŶĚƌĞƐƉŽŶƐŝďůĞ ŵĂŶŶĞƌ͘ ĚǀĂŶƐ͛ ǀŝƐŝŽŶ ŝƐ ƚŽ ďƵŝůĚ Ă ŵŽĚĞů ŐƌŽƵƉ ŽĨ ĮŶĂŶĐŝĂů ŝŶƐƟƚƵƟŽŶƐ ǁŚŝĐŚ ĐŽŶƚƌŝďƵƚĞ ƚŽ ƐƚƌĞŶŐƚŚĞŶŝŶŐ ůŽĐĂů ĚǀĂŶƐŝŶƐƟƚƵƟŽŶƐƐŚĂƌĞƚŚĞƐĂŵĞǀĂůƵĞƐ͕ƉƌŝŶĐŝƉůĞƐĂŶĚ ďƵƐŝŶĞƐƐĞƐ͕ ĐƌĞĂƟŶŐ ĂŶĚ ƐƵƐƚĂŝŶŝŶŐ ũŽďƐ ĂŶĚ ŝŵƉƌŽǀŝŶŐ ŵĞƚŚŽĚƐ͘ dŚĞ ĚǀĂŶƐ 'ƌŽƵƉ ŝƐ ĐƵƌƌĞŶƚůLJ ĂĐƟǀĞ ŝŶ ŶŝŶĞ ůŝǀŝŶŐ ƐƚĂŶĚĂƌĚƐ ŝŶ ŽƌĚĞƌ ƚŽ ĨŽƐƚĞƌ ƉƌŝǀĂƚĞ ƐĞĐƚŽƌͲůĞĚ ĐŽƵŶƚƌŝĞƐŝŶĨƌŝĐĂĂŶĚƐŝĂ͗ĂŵďŽĚŝĂ͕ĂŵĞƌŽŽŶ͕ƀƚĞ ĞĐŽŶŽŵŝĐĂŶĚƐŽĐŝĂůĚĞǀĞůŽƉŵĞŶƚŝŶĨƌŝĐĂ͕ƚŚĞDŝĚĚůĞͲ Ě͛/ǀŽŝƌĞ͕ ĞŵŽĐƌĂƟĐ ZĞƉƵďůŝĐ ŽĨ ŽŶŐŽ͕ 'ŚĂŶĂ͕ EŝŐĞƌŝĂ͕ ĂƐƚĂŶĚƐŝĂ͘ WĂŬŝƐƚĂŶ͕dƵŶŝƐŝĂĂŶĚDLJĂŶŵĂƌ͘ ůƚŚŽƵŐŚƐŵĂůůďƵƐŝŶĞƐƐĞƐƉůĂLJĂƉŝǀŽƚĂůƌŽůĞŝŶƉƌŽŵŽƟŶŐ ĚǀĂŶƐ ŚĂƐ ĐƌĞĂƚĞĚ ƐƚƌŽŶŐ͕ ŐƌŽƵƉ ĚĞƉĂƌƚŵĞŶƚƐ ĂŶĚ ĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚ ŝŶ ĚĞǀĞůŽƉŝŶŐ͕ ĞŵĞƌŐŝŶŐ ĂŶĚ ďƵƐŝŶĞƐƐ ůŝŶĞƐ Ăƚ ĚǀĂŶƐ /ŶƚĞƌŶĂƟŽŶĂů ŝŶ WĂƌŝƐ͕ &ƌĂŶĐĞ͕ ĨƌŽŶƟĞƌ ĐŽƵŶƚƌŝĞƐ͕ ƚŚĞLJ ĂƌĞ ŽŌĞŶ ĞdžĐůƵĚĞĚ ĨƌŽŵ ƚŚĞ ƚŽ ŐƵŝĚĞ ĂŶĚ ďĂĐŬ ƐƵďƐŝĚŝĂƌŝĞƐ ĚĞǀĞůŽƉŵĞŶƚ͖ ƚŚĞƐĞ ĮŶĂŶĐŝĂů ŵĂŝŶƐƚƌĞĂŵ͘ ĚǀĂŶƐ ŵŝƐƐŝŽŶ ŝƐ ƚŽ ƌĞƐƉŽŶĚ ƚŽ ĚĞƉĂƌƚŵĞŶƚƐƐƵƉƉŽƌƚ͕ŽǀĞƌƐĞĞĂŶĚƐĞƚƐƚĂŶĚĂƌĚƐĨŽƌƚŚĞ ƚŚĞŶĞĞĚĨŽƌĮŶĂŶĐŝĂůƐĞƌǀŝĐĞƐŽĨƚŚĞƐĞƐŵĂůůďƵƐŝŶĞƐƐĞƐ ŐƌŽƵƉ͕ƉƌŽǀŝĚŝŶŐŐƵŝĚĂŶĐĞ͕ƌĞƐŽƵƌĐĞƐĂŶĚĞdžƉĞƌƟƐĞ͘ ĂŶĚ ŽƚŚĞƌ ƉŽƉƵůĂƟŽŶƐ ǁŚŽ ŚĂǀĞ ŝůůͲĂĚĂƉƚĞĚ͕ ůŝŵŝƚĞĚ Žƌ 2XU3URƬOH Annual Report 2019 03 Amret 0LOHVWRQHV 2019 ŵƌĞƚ ŵĂƌŬĞĚ ĂŶ ŝŵƉŽƌƚĂŶƚ step in its development with ƚŚĞ ůĂƵŶĐŚ ŽĨ ŝƚƐ ƌĞĨƌĞƐŚĞĚ ďƌĂŶĚ ĂŶĚ Ă ŶĞǁ ůŽŐŽ͘ /ƚƐ 2018 ĂƐƐĞƚƐƌĞĂĐŚĞĚh^ϭďŝůůŝŽŶ͘ ŵƌĞƚ ŝƐ Ă ĨĂŵŽƵƐ ŶĂŵĞ ƌĞƐŽŶĂƟŶŐĂƐĂŶŽƵƚƐƚĂŶĚŝŶŐ ĮŶĂŶĐŝĂů ŝŶƐƟƚƵƟŽŶ ĂŵŽŶŐ ƚŚĞ ƚŽƉ ϭϬ ĮŶĂŶĐŝĂů 2015 ŝŶƐƟƚƵƟŽŶƐŝŶĂŵďŽĚŝĂ͘dŚĞ ĐŽŵƉĂŶLJ ŝƐ ƉƌŽƵĚ ƚŽ ďĞ ƚŚĞ ŵƌĞƚ ďĞĐŽŵĞƐ Ă ĨƵůů ďĞƐƚ ŝŶ ĐůĂƐƐ ĨŽƌ ƉŽƌƞŽůŝŽ ƐƵďƐŝĚŝĂƌLJ ŽĨ ƚŚĞ ĚǀĂŶƐ ƋƵĂůŝƚLJ͘ 'ƌŽƵƉ ŝŶ DĂƌĐŚ͘ ĚǀĂŶƐ ^ ďĞĐŽŵĞƐ Ă ŵĂũŽƌŝƚLJ ƐŚĂƌĞŚŽůĚĞƌ͖&DKĂŶĚ/&ĂƌĞ ƚŚĞ ƚǁŽ ƌĞĨĞƌĞŶĐĞ ƐŚĂƌĞŚŽůĚĞƌƐ͘ /Ŷ ƵŐƵƐƚ͕ 2009 ŵƌĞƚ ƌŽůůƐ ŽƵƚ ŵŽďŝůĞ ĮŶĂŶĐŝĂů ƐĞƌǀŝĐĞƐ͘ ŵƌĞƚ ŵƌĞƚ ŽďƚĂŝŶƐ Ă ůŝĐĞŶƐĞ ƚŽ ƉĂƌƟĐŝƉĂƚĞƐ ŝŶ ĚǀĂŶƐ ŽƉĞƌĂƚĞ ĂƐ Ă ĚĞƉŽƐŝƚͲƚĂŬŝŶŐ internal and external 10-year D&/ŝŶ:ĂŶƵĂƌLJ͘LJƚŚĞĞŶĚŽĨ ĂŶŶŝǀĞƌƐĂƌLJĐĞůĞďƌĂƟŽŶƐ͘ ƚŚĞ LJĞĂƌ͕ Ăůů ŵƌĞƚ ďƌĂŶĐŚĞƐ ĂƌĞ ƌĞĂĚLJ ƚŽ ďĞŐŝŶ ƚŚĞ ĐŽůůĞĐƟŽŶŽĨƉƵďůŝĐƐĂǀŝŶŐƐ͘ 2004 EMT is renamed “Amret” on :ƵŶĞ ϭϰ͘ >&W ďƵLJƐ ŽƵƚ WƌŽƉĂƌĐŽ͘ 2001 ŵƌĞƚ ;Dd Ăƚ ƚŚĂƚ ƟŵĞͿ ƌĞĐĞŝǀĞƐ ŝƚƐ D&/ ůŝĐĞŶƐĞ ĨƌŽŵ ƚŚĞ EĂƟŽŶĂů ĂŶŬ ŽĨ ĂŵďŽĚŝĂ͘ 1991 GRET, a French NGO, sets up an experimental project to deliver microcredit to the ƌƵƌĂůƉŽƉƵůĂƟŽŶŽĨĂŵďŽĚŝĂ͘ dŚĞ ĮƌƐƚ ĞdžƉĞƌŝŵĞŶƚĂů ƉŚĂƐĞ is launched with a single ĮŶĂŶĐŝĂů ƐĞƌǀŝĐĞ ŬŶŽǁŶ ĂƐ ^ŽůŝĚĂƌŝƚLJƌĞĚŝƚ͘ 04 2XU3URƬOH Annual Report 2019 $PUHW+HDG2ƯFH 2XU3URƬOH Annual Report 2019 05 &ODXGH )$/*21 Chairman, Amret Director, Advans SA dŚĞůĞŶĚŝŶŐŝŶĚƵƐƚƌLJĐŽŶƟŶƵĞĚƚŽĚĞǀĞůŽƉŝŶϮϬϭϵ͕ǁŝƚŚ ŽǀĞƌ ϯϬй ŐƌŽǁƚŚ ĨŽƌ ƚŚĞ ŵŝĐƌŽĮŶĂŶĐĞ ƐĞĐƚŽƌ͕ ĂŶĚ ƚŚŝƐ ƚƌĞŶĚŝƐĞdžƉĞĐƚĞĚƚŽůĂƐƚŝŶƚŽϮϬϮϬ͘KǀĞƌͲŝŶĚĞďƚĞĚŶĞƐƐŝƐ ƐƟůůĂŵĂũŽƌƉƌĞŽĐĐƵƉĂƟŽŶĨŽƌƚŚĞĂƵƚŚŽƌŝƟĞƐ͕ǁŝƚŚƚŚĞ ŝŵƉůĞŵĞŶƚĂƟŽŶ ŽĨ ƐĞǀĞƌĂů ƉŽůŝĐŝĞƐ ŽŶŐŽŝŶŐ ƐŝŶĐĞ ϮϬϭϳ ƐƵĐŚ ĂƐ ŝŶƚƌŽĚƵĐŝŶŐ ŚŝŐŚĞƌ ƐŽůǀĞŶĐLJ ĂŶĚ ůŝƋƵŝĚŝƚLJ ƌĂƟŽƐ ĂŶĚĐŚĂŶŐŝŶŐƉƌŽǀŝƐŝŽŶŝŶŐƌƵůĞƐ͘ /ŶƚŚĞŵŝĐƌŽĮŶĂŶĐĞƐĞĐƚŽƌ͕ƌĂƉŝĚĐŚĂŶŐĞƐĂƌĞĐŽŶƟŶƵŝŶŐ ǁŝƚŚ ƐĞǀĞƌĂů DŝĐƌŽĮŶĂŶĐĞ ĞƉŽƐŝƚͲƚĂŬŝŶŐ /ŶƐƟƚƵƟŽŶƐ ;D/ƐͿ ďĞŝŶŐ ďŽƵŐŚƚ ďLJ ĨŽƌĞŝŐŶ ďĂŶŬƐ͘ dŚĞƌĞ ŝƐ Ă ŚŝŐŚ ƌŝƐŬƚŚĂƚƚŚĞƐĞD/ƐǁŝůůƐŚŝŌƚŽǁĂƌĚƐƚŚĞƐƚĂŶĚĂƌĚƌĞƚĂŝů ďĂŶŬŝŶŐŵŽĚĞů͕ůĞĂǀŝŶŐďĞŚŝŶĚůŽǁͲŝŶĐŽŵĞĨĂŵŝůŝĞƐĂŶĚ ŵŝĐƌŽ ĂŶĚ ƐŵĂůů ĞŶƚĞƌƉƌŝƐĞƐ͘ ^ŽŵĞ D/Ɛ͕ ůŝŬĞ ŵƌĞƚ͕ ŚĂǀĞĐŚŽƐĞŶƚŽƌĞŵĂŝŶĨŽĐƵƐĞĚŽŶƚŚĞŝƌŵŝƐƐŝŽŶƚŽƐĞƌǀĞ ůŽǁŝŶĐŽŵĞĐůŝĞŶƚƐĂŶĚŵŝĐƌŽĂŶĚƐŵĂůůďƵƐŝŶĞƐƐĞƐǁŝƚŚ ůŝŵŝƚĞĚĂĐĐĞƐƐƚŽƐĞƌǀŝĐĞƐ͘ŽŵƉĞƟƟŽŶŚŽǁĞǀĞƌƌĞŵĂŝŶƐ ŝŶƚĞŶƐĞŝŶƚŚĞŵĂƌŬĞƚǁŚŝĐŚŚĂƐůĞĚƚŽƐŽŵĞŝƌƌĞƐƉŽŶƐŝďůĞ ůĞŶĚŝŶŐƉƌĂĐƟĐĞƐ͘dŽĐŽŵďĂƚƚŚŝƐ͕ŵƌĞƚŚĂƐĂĚǀŽĐĂƚĞĚ ͕ŵƌĞƚƌĞŵĂŝŶĞĚĨŽĐƵƐĞĚŽŶŝŶŝƚƐŵŝƐƐŝŽŶ /ŶϮϬϭϵ ƚŚĞ ĚĞĮŶŝƟŽŶ ŽĨ ĐůĞĂƌ ZĞƐƉŽŶƐŝďůĞ >ĞŶĚŝŶŐ 'ƵŝĚĞůŝŶĞƐ ƚŽƉƌŽǀŝĚĞƌĞƐƉŽŶƐŝďůĞĂŶĚĂĚĂƉƚĞĚĮŶĂŶĐŝĂůƐĞƌǀŝĐĞƐƚŽ ĨŽƌD&/ƐĂŶĚD/ƐŝŶĐŽůůĂďŽƌĂƟŽŶǁŝƚŚƚŚĞĂŵďŽĚŝĂŶ ůŽǁŝŶĐŽŵĞƉŽƉƵůĂƟŽŶƐ͕D^DƐĂŶĚĨĂƌŵĞƌƐ͕ĞdžƉĂŶĚŝŶŐ DŝĐƌŽĮŶĂŶĐĞ ƐƐŽĐŝĂƟŽŶ ;DͿ͘ ĞƐƉŝƚĞ ƚŚĞƐĞ ƐĞůĨͲ ŝƚƐŽƵƚƌĞĂĐŚƚŽĂůŵŽƐƚŚĂůĨĂŵŝůůŝŽŶĐůŝĞŶƚƐŝŶĂŵďŽĚŝĂ͕ ƌĞŐƵůĂƟŽŶƐŶŽƚĂƉƉůLJŝŶŐƚŽďĂŶŬƐ͕ƚŚĞŶĞǁŐƵŝĚĞůŝŶĞƐŚĂǀĞ ďƌŽĂĚĞŶŝŶŐ ƚŚĞ ƌĂŶŐĞ ŽĨ ŝƚƐ ƐĞƌǀŝĐĞƐ ĂŶĚ ĚŝǀĞƌƐŝƚLJ ŽĨ ŚĂĚƉŽƐŝƟǀĞďĞŶĞĮƚƐ͕ŚĞůƉŝŶŐƚŽůŝŵŝƚƚŚĞŶƵŵďĞƌŽĨŚŝŐŚ ĚĞůŝǀĞƌLJĐŚĂŶŶĞůƐ͘dŚĞŝŶƐƟƚƵƟŽŶĂůƐŽŵĂŶĂŐĞĚƚŽƐƵƐƚĂŝŶ ƌŝƐŬĐƌĞĚŝƚƐĂŶĚĚŝƐĐŽƵƌĂŐŝŶŐŝŵƉƌŽƉĞƌĐƌĞĚŝƚƉƌĂĐƟĐĞƐ͘Ɛ ĂŶĞdžĐĞůůĞŶƚůĞǀĞůŽĨŽƉĞƌĂƟŽŶĂůĂŶĚĮŶĂŶĐŝĂůĞĸĐŝĞŶĐLJ͕ ĂƌĞƐƵůƚ͕ŽǀĞƌĂůůĐƌĞĚŝƚƌŝƐŬĨŽƌƚŚĞƐĞĐƚŽƌƌĞŵĂŝŶĞĚƐƚĂďůĞ ŝŶ ƐƉŝƚĞ ŽĨ ŝŶĐƌĞĂƐĞĚ ĐŽŵƉĞƟƟŽŶ ŽŶ ƚŚĞ ŵĂƌŬĞƚ͘ ŝŶϮϬϭϵ͘ KǀĞƌĂůů ĞĐŽŶŽŵŝĐ ĞdžƉĂŶƐŝŽŶ ĐŽŶƟŶƵĞĚ ĐŽŵĨŽƌƚĂďůLJ ŝŶ ĂŵďŽĚŝĂŝŶϮϬϭϵǁŝƚŚŐƌŽǁƚŚƌĞŵĂŝŶŝŶŐĂƚϳй͕ŚŝŐŚĞƌ dŚĂŶŬƐ ƚŽ ŵƌĞƚ͛Ɛ ĞīŽƌƚƐ ĂŶĚ ĂƉƉůŝĐĂƟŽŶ ŽĨ ƚŚĞ D ƚŚĂŶ ƐƵƌƌŽƵŶĚŝŶŐ sŝĞƚŶĂŵ ;ϲ͘ϱйͿ͕ dŚĂŝůĂŶĚ ;Ϯ͘ϴϳйͿ ŐƵŝĚĞůŝŶĞƐ͕ ĐƌĞĚŝƚ ƌŝƐŬ ŝŵƉƌŽǀĞĚ ŽǀĞƌ ƚŚĞ LJĞĂƌ ǁŝƚŚ ĂŶĚ DLJĂŶŵĂƌ ;ϲ͘ϮйͿ¹͘ 'ƌŽǁƚŚ ŝƐ ŚŽǁĞǀĞƌ ĞdžƉĞĐƚĞĚ ƚŽ ƉŽƌƞŽůŝŽ ƋƵĂůŝƚLJ Ăƚ ĂŶ ĞdžĐĞůůĞŶƚ ůĞǀĞů͕ ĞǀĞŶ ĐŽŵƉĂƌĞĚ ƐůŽǁ ƐŝŐŶŝĮĐĂŶƚůLJ ŝŶ ϮϬϮϬ ĚƵĞ ƚŽ ƐĞǀĞƌĂů ƌŝƐŬƐ ĂīĞĐƟŶŐ ƚŽ ϮϬϭϴ͘ ŵƌĞƚ͛Ɛ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ĞŶƐƵƌŝŶŐ ƚŚĂƚ ĐůŝĞŶƚƐ ƚŚĞ ĐŽƵŶƚƌLJ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƉĂƌƟĂů ǁŝƚŚĚƌĂǁĂů ŽĨ ƚĂƌŝī ĂƌĞƉƌŽƚĞĐƚĞĚǁĂƐĂůƐŽĚĞŵŽŶƐƚƌĂƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌďLJ ƉƌĞĨĞƌĞŶĐĞƐƵŶĚĞƌƚŚĞƵƌŽƉĞĂŶhŶŝŽŶ͛ƐǀĞƌLJƚŚŝŶŐƵƚ ƚŚĞƌĞŶĞǁĂůŽĨŝƚƐ^DZdůŝĞŶƚWƌŽƚĞĐƟŽŶĞƌƟĮĐĂƟŽŶ͘ ƌŵƐ;ͿƚƌĂĚĞƐĐŚĞŵĞĂŶĚƚŚĞŝŵƉĂĐƚŽĨŽǀŝĚͲϭϵŽŶ ŵƌĞƚǁŝůůĐŽŶƟŶƵĞƚŽĨŽĐƵƐŽŶŝƚƐĐŽƌĞŵŝƐƐŝŽŶǁŝƚŚƚŚĞ ƚŚĞĐŽƵŶƚƌLJĂŶĚŽŶƚŚĞƌĞŐŝŽŶ͘ ƵůƟŵĂƚĞŐŽĂůŽĨŝŵƉƌŽǀŝŶŐĐůŝĞŶƚƐ͛ůŝǀĞƐĂŶĚĐŽŶƚƌŝďƵƟŶŐ ƚŽ ĞĐŽŶŽŵŝĐ ĂŶĚ ƐŽĐŝĂů ĚĞǀĞůŽƉŵĞŶƚ ŝŶ ĂŵďŽĚŝĂ͘ dŚĞ Ɛ Ă ƌĞƐƉŽŶƐŝďůĞ ŵŝĐƌŽĮŶĂŶĐĞ ƉůĂLJĞƌ͕ ŵƌĞƚ ĐŽŶƟŶƵĞĚ D/ǁŝůůĂůƐŽŵĂŝŶƚĂŝŶŝƚƐƌŽůĞŽĨĂƉŝŽŶĞĞƌŝŶŐĨŽƌĐĞŝŶƚŚĞ ƚŽƉůĂLJĂŬĞLJƌŽůĞŝŶƚŚĞĚĞĮŶŝƟŽŶĂŶĚƉƌŽŵŽƟŽŶŽĨƐĞůĨͲ ƐĞĐƚŽƌ͕ƐĞƫŶŐƐƚĂŶĚĂƌĚƐŝŶƚĞƌŵƐŽĨƌĞƐƉŽŶƐŝďůĞƉƌĂĐƟĐĞƐ ƌĞŐƵůĂƟŽŶƚŽĞŶĐŽƵƌĂŐĞƌĞƐƉŽŶƐŝďůĞůĞŶĚŝŶŐŽǀĞƌƚŚĞLJĞĂƌ͘ ĂŶĚƉƌŽĮƚĂďŝůŝƚLJ͘ Ϸ ůů ƐƚĂƟƐƟĐƐ ĨƌŽŵ ƚŚĞ /D&͗ ŚƩƉƐ͗ͬͬĚĂƚĂ͘ŝŵĨ͘ ŽƌŐ͍ͬƐŬс&&ϲϬϮͲϳϯϴͲϰϳϱͲϴϵͲϱϭϱϬϯϯϲϲϮ 06 2XU3URƬOH Annual Report 2019 Message from the Chairman 'ŽŝŶŐĨŽƌǁĂƌĚ͕ŵƌĞƚǁŝůůĐĂƌƌLJŽŶƌĞƐƚƌƵĐƚƵƌŝŶŐ Ă ƐƵĸĐŝĞŶƚ ůĞǀĞů ŽĨ ůŝƋƵŝĚŝƚLJ͘ dŚĞ ŝŶƐƟƚƵƟŽŶ ŚĂƐ ŝƚƐ ŽƌŐĂŶŝnjĂƟŽŶ ǁŝƚŚ ƚŚĞ ĚŝŐŝƚĂůŝnjĂƟŽŶ ŽĨ ŝƚƐ ĂůƐŽĐŽŶĐĞŶƚƌĂƚĞĚŽŶĂĐĐĞůĞƌĂƟŶŐŝŶǀĞƐƚŵĞŶƚƐŝŶ ŽƉĞƌĂƟŽŶƐ ŝŶ ŽƌĚĞƌ ƚŽ ďĞƩĞƌ ƐĞƌǀĞ ŝƚƐ ĐůŝĞŶƚƐ ŝƚƐĚŝŐŝƚĂůƚƌĂŶƐĨŽƌŵĂƟŽŶƐŽĂƐƚŽĞŶƐƵƌĞƚŚĂƚŝƚĐĂŶ ĂŶĚ ŝŶĐƌĞĂƐĞ ŝƚƐ ĞĸĐŝĞŶĐLJ ĂƐ ƉĂƌƚ ŽĨ ƚŚĞ ŵƌĞƚн ƐĞƌǀĞĐůŝĞŶƚƐƌĞŵŽƚĞůLJƚŚƌŽƵŐŚĂůƚĞƌŶĂƟǀĞĐŚĂŶŶĞůƐ ƉƌŽŐƌĂŵ͘ dŚŝƐ ǁŝůů ĞŶĂďůĞ ŵƌĞƚ ƚŽ ƐĞƌǀĞ Ăůů ŝƚƐ ĂŶĚ ƉƌŽǀŝĚĞ ƐƚĂī ǁŝƚŚ ƚŚĞ ƚŽŽůƐ ƚŚĞLJ ŶĞĞĚ ƚŽ ƚĂƌŐĞƚ ƐĞŐŵĞŶƚƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚŽƐĞ ŝŶ ůĞƐƐ ĚĞŶƐĞ ĞŶŚĂŶĐĞĐƵƐƚŽŵĞƌƐĞƌǀŝĐĞ͘ŵƌĞƚ͛ƐƌĂƉŝĚƌĞƐƉŽŶƐĞ ƌƵƌĂůĂƌĞĂƐǁŚĞƌĞŽƉĞƌĂƟŽŶƐĂƌĞĐŽƐƚůŝĞƌ͘ŵƌĞƚ͛Ɛ ƚŽƚŚĞĐƌŝƐŝƐƐŚŽǁƐŝƚƐƐƚƌĞŶŐƚŚĂŶĚƉƌĞƉĂƌĞĚŶĞƐƐ͕ ĚŝŐŝƚĂůƌŽĂĚŵĂƉŝŶĐůƵĚĞƐŝͿƵƉŐƌĂĚŝŶŐĐŽƌĞďĂŶŬŝŶŐ ĂŶĚŝƚǁŝůůĞŵĞƌŐĞǁŝƚŚĞǀĞŶƐƚƌŽŶŐĞƌĨŽƵŶĚĂƟŽŶƐ ƐLJƐƚĞŵƐ ƚŽ ĞŶƐƵƌĞ ƌĞůŝĂďŝůŝƚLJ ĂŶĚ ƐĐĂůĂďŝůŝƚLJ͖ ŝŝͿ ĨŽƌƚŚĞĨƵƚƵƌĞ͘ ďƵŝůĚŝŶŐĐĂƉĂďŝůŝƚLJŝŶĚĂƚĂĂŶĂůLJƟĐƐĂŶĚďƵƐŝŶĞƐƐ dŽ ĐŽŶĐůƵĚĞ / ǁŽƵůĚ ůŝŬĞ ƚŽ ƚŚĂŶŬ ŵƌĞƚ͛Ɛ ƐƚĂī͕ ŝŶƚĞůůŝŐĞŶĐĞƚŽŝŶĨŽƌŵĚĞĐŝƐŝŽŶŵĂŬŝŶŐƚŽŝŵƉƌŽǀĞ ďŽĂƌĚ ŵĞŵďĞƌƐ͕ ƐŚĂƌĞŚŽůĚĞƌƐ ĂŶĚ ƉĂƌƚŶĞƌƐ ĨŽƌ ƟŵĞͲƚŽͲŵĂƌŬĞƚĨŽƌƚĂŝůŽƌĞĚƐĞƌǀŝĐĞƐƚŽŽƵƌĐůŝĞŶƚƐ͖ LJŽƵƌ ĐŽŶƟŶƵĞĚ ďĂĐŬŝŶŐ ŽĨ ŵƌĞƚ͛Ɛ ŵŝƐƐŝŽŶ ĂŶĚ ŝŝŝͿŝŵƉƌŽǀŝŶŐƉƌŽĐĞƐƐĞƐƚŽďĞƩĞƌŵĂŶĂŐĞƌŝƐŬƐĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ͘ ŵƌĞƚ ĐŽŶƟŶƵĞƐ ƚŽ ƐƚĂŶĚ ŽƵƚ ŐĂŝŶĞĸĐŝĞŶĐLJ͕ŝŶĐůƵĚŝŶŐĨŽƌƐƵƉƉŽƌƚĨƵŶĐƟŽŶƐ͖ĂŶĚ ĂƐ Ă ƌĞƐƉŽŶƐŝďůĞ ŵŝĐƌŽĮŶĂŶĐĞ ƉůĂLJĞƌ ƚŚĂŶŬƐ ƚŽ ŝǀͿĚĞǀĞůŽƉŝŶŐĂĐŽŵďŝŶĂƟŽŶŽĨƉŚLJƐŝĐĂůĂŶĚĚŝŐŝƚĂů LJŽƵƌ ĚĞĚŝĐĂƟŽŶ ĂŶĚ ĐŽŵŵŝƚŵĞŶƚ͘ /Ŷ ϮϬϮϬ ǁŝƚŚ ĐŚĂŶŶĞůƐ ƚŽ ŐŝǀĞ ĐůŝĞŶƚƐ ƚŚĞ ŽƉƟŽŶ ƚŽ ƚƌĂŶƐĂĐƚ ƚŚĞ ŽǀŝĚͲϭϵ ĐƌŝƐŝƐ ůĞĂĚŝŶŐ ƚŽ Ă ŐůŽďĂů ĞĐŽŶŽŵŝĐ ǁŚĞŶĞǀĞƌ ĂŶĚ ǁŚĞƌĞǀĞƌ ƚŚĞLJ ŶĞĞĚ͕ ĂƐ ǁĞůů ĂƐ ƌĞĐĞƐƐŝŽŶ͕ŵƌĞƚǁŝůůŵŽƌĞƚŚĂŶĞǀĞƌƉůĂLJĂĐƌŝƟĐĂů ŝŶŶŽǀĂƟǀĞĚŝŐŝƚĂůƉƌŽĚƵĐƚƐĂŝŵŝŶŐƚŽĨĂĐŝůŝƚĂƚĞƚŚĞ ƌŽůĞŝŶŚĞůƉŝŶŐĂŵďŽĚŝĂŶD^DƐƚŽǁĞĂƚŚĞƌƚŚĞ ĂĐƋƵŝƐŝƟŽŶŽĨŶĞǁĐůŝĞŶƚƐĂŶĚŝŵƉƌŽǀĞůŽLJĂůƚLJ͘ ƐƚŽƌŵĂŶĚƌĞƐƚĂƌƚƚŚĞŝƌďƵƐŝŶĞƐƐĂĐƟǀŝƟĞƐ͘ŵƌĞƚ ŵƌĞƚ ǁŝůů ĂůƐŽ ĐŽŶƟŶƵĞ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ǁŝůůƉƌŽǀŝĚĞƚĂŝůŽƌĞĚƐƵƉƉŽƌƚƚŽĞĂĐŚŽĨŝƚƐĐůŝĞŶƚƐ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ĚǀĂŶƐ DLJĂŶŵĂƌ͕ ŽƉĞŶĞĚ ŝŶ ĂŶĚĂĚĂƉƚŝƚƐƐĞƌǀŝĐĞƐĂĐĐŽƌĚŝŶŐƚŽƚŚĞŝƌĐŚĂŶŐŝŶŐ ϮϬϭϳ͕ďLJƐĞĐŽŶĚŝŶŐƐŽŵĞŽĨŝƚƐƐƚĂīĂŶĚŵĂŶĂŐĞƌƐ ŶĞĞĚƐ͘ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ŐƌŽƵƉ͛Ɛ LJŽƵŶŐĞƐƚ ĂĸůŝĂƚĞ ĂŶĚ ďLJ ŶŽŵŝŶĂƟŶŐĂĚŝƌĞĐƚŽƌŽŶŝƚƐďŽĂƌĚ͘dŚĞDLJĂŶŵĂƌ &ODXGH)$/*21 ƐƵďƐŝĚŝĂƌLJ ŝƐ ƉƌŽĮƚĂďůĞ ĂŶĚ ŐƌŽǁŝŶŐ ƌĂƉŝĚůLJ͕ Chairman, Amret ƉƌŽǀŝĚŝŶŐ ĮŶĂŶĐŝĂů ƐĞƌǀŝĐĞƐ ƚŽ ƵŶĚĞƌƐĞƌǀĞĚ ƉŽƉƵůĂƟŽŶƐ͘ dŚƌŽƵŐŚ ƚŚŝƐ ĐŽŶƚƌŝďƵƟŽŶ͕ ŵƌĞƚ ŝƐ ŝŵƉĂĐƟŶŐĮŶĂŶĐŝĂůŝŶĐůƵƐŝŽŶďĞLJŽŶĚĂŵďŽĚŝĂ͘ ƚƚŚĞƟŵĞŽĨǁƌŝƟŶŐ͕ƚŚĞŽǀŝĚͲϭϵĐƌŝƐŝƐŝƐĂůƌĞĂĚLJ ŚĞĂǀŝůLJ ŝŵƉĂĐƟŶŐ ƚŚĞ ĂŵďŽĚŝĂŶ ĞĐŽŶŽŵLJ͕
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