DOCSLIB.ORG

Value Built on Values

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Value Built on Values Value Built on Values Savola Annual Report 2017 Investing strategically for the long term The Savola Group Annual Report 2017 Strategic Report Directors’ Report Financial Statements Contents Value built on values Savola has grown and evolved, crossing national borders 01 and impacting millions of lives across the Middle East, Strategic Review 1 Value Built on Values North Africa and Turkey (MENAT). 4 Savola at a Glance 6 Strategic and Financial Highlights 8 Chairman’s Statement 10 Board of Directors Our values have driven us forward during the good 12 CEO’s Message 14 Executive Management times, and protected us in lean years. We have always 16 Our Journey believed that the way we conduct business and the core 18 Our Strategy values we hold dear are the pillars of our success. 20 Performance review 20 Food investments 26 Retail investments 32 Our People From our strong financial foundations, we strive to 36 Sustainability create value for shareholders and investors, customers, partners, employees and their families, and for all the 02 communities in which we operate. Disclosures, Corporate Governance and Audit Committee Report 42 Main Activities and Financial Disclosures 57 Governance Report and Related What we do: Disclosures 90 Audit Committee Report We are in the business of creating sustainable value. Shareholders/ Employees Partners Community Customers Investors We create value by giving We create value We create value by giving We create value for We create value by them career prospects through mutually back to our communities society’s different delivering the best returns and a work environment beneficial dealings with focused and economic segments by on their investments. that offers learning, with our business sustainable corporate providing value-for-money development, challenges partners. social responsibility products and services, and growth. activities based on social and world-class quality needs and causes that experiences. cater to the environment’s social context. 1 The Savola Group Annual Report 2017 The Savola Group Annual Report 2017 Strategic Report Directors’ Report Financial Statements 01 Strategic Report 2 3 The Savola Group Annual Report 2017 The Savola Group Annual Report 2017 Strategic Report Directors’ Report Financial Statements Savola at a glance: A strong food and retail portfolio We are the leading strategic investment holding group focused on the food and retail sectors in the MENAT (Middle East, North Africa and Turkey) region. We have built and expanded a diverse portfolio of managed and non-managed assets. Across our core verticals in Food & Retail, we operate the largest grocery store chain in Saudi Arabia and produce much-loved everyday household products including oil, sugar and pasta in more than 30 countries. We are a company that believes in creating “Value Built on Values.” We are Savola. Since 1979, investors have chosen Savola for its strong performance and specialist market knowledge. Food investments Retail investments Our food vertical entails investments in Panda Retail is the largest modern large branded categories across the grocery chain in Saudi Arabia with 362 region, Savola Foods is a leader in basic stores serving 134 million customers branded consumer packaged goods with annually. Panda boasts a proud history, brands marketed in more than 30 a leading market share and formidable countries, and we are proud to say that geographic reach. Major/manufacturing markets many of them are market leaders in their Saudi Arabia Egypt Sudan Morocco respective categories. We also generate profits through our Iran Turkey Algeria Iraq long-term strategic investments and are We continue to build on our established the largest shareholder in Herfy Food products by expanding into higher-value Services Company, one of the leading Export markets items and diversifying our portfolio. restaurant, industrial bakery and meat Afghanistan Ethiopia Libya Palestine Sudan We also generate profits through our processing businesses in Saudi Arabia, Angola France Maldives Qatar Syria long-term strategic investments and are with a 49% stake in the business. Bahrain Gambia Mali Rwanda Tanzania Benin Ghana Mauritius Sierra Leone Tunisia the largest shareholder in the Middle Following the adoption of IFRS, Herfy has Cameroon Guinea Mayotte Singapore Turkey East’s leading food manufacturer and become a subsidiary of Savola Group. 367 Canada Iraq Morocco Somalia UAE Number of Panda stores in 48 cities distributor, Almarai, with a 34.52% Cape Verde Italy Mozambique Somaliland Uganda stake in the business. China Jordan Nepal South Africa United Kingdom Comoros Kenya Netherlands South Korea Yemen Congo Kuwait New Zealand South Sudan Djibouti Lebanon Oman Spain 359 Eritrea Liberia Pakistan Sri Lanka Number of Herfy stores in 3 countries Number of Panda stores Number of Herfy stores Read more about Read more about Saudi Arabia 362 Saudi Arabia 348 Savola’s Food Investments Savola’s Food Investments Egypt 5 Kuwait 9 20 26 Bangladesh 2 4 5 The Savola Group Annual Report 2017 The Savola Group Annual Report 2017 Strategic Report Directors’ Report Financial Statements Strategic and Financial Highlights Our key markets: Challenges and opportunities Net income Revenues 1,026m 23,830m SAR million SAR million Savola’s transition to a strategic investment holding 2017 1,026 2017 23,830 company gathered pace during 2017, propelled by the success achieved to date in consolidating its (363) 2016* 2016* 26,331 market-leading position in the food and retail 2015 1,792 2015 25,126 sectors across the region. 2014 2,072 2014 26,588 2013 1,704 2013 26,281 Challenging macro-economic conditions across our markets In 2017, we also engaged in some divestments. Under Panda, continue to affect our business. Group revenue fell from SAR we sold our UAE-based hypermarket business in order to Gross profit Total assets 26.3 billion in 2016 to SAR 23.8 billion in 2017 and operating focus on our core retail operations in Saudi Arabia. We also income rose from SAR 473 million to SAR 800 million. Overall divested a 2% stake in Almarai at a value of SAR 1.12 billion, 4,391m 23,209m SAR million SAR million net income for the year was SAR 1.026 billion, compared to a as part of our ongoing capital reallocation activities. In the loss of SAR 363 million in 2016. non-core segment, we sold our ownership interest in Dar Al 2017 4,391 2017 23,209 Tamleek in 2017 for SAR 28.02 million, realizing a gain of SAR While a multitude of regional economic pressures dampen 3.27 million, and received funds in the form of a significant 2016* 4,653 2016* 25,287 profits, the fundamentals of our businesses remain strong divestment from the portfolio of Intaj, in which we retain a and the innovation and foresight of our subsidiaries continue holding valued at SAR 39.67 million. 2015 5,025 2015 26,975 to generate opportunities for income diversification. As Herfy’s largest shareholder – both pre- and post-IPO – 2014 4,864 2014 26,402 In the foods sector, we maintain a growing market share Savola Group has de facto control of the company by virtue across our product categories in all target geographies, of ownership. Herfy became a Savola Group subsidiary 2013 4,774 2013 24,763 despite the negative influences of rising energy costs, following the adoption of IFRS, after which Savola Group currency fluctuations and various government interventions consolidated Herfy within its financial statements. affecting key markets. Through further perceptive capital allocation and active Further diversifying its activities, the company commissioned portfolio management, our holistic transformation as a Shareholders’ equity Capital expenditure a new factory in Jeddah in 2017 to manufacture high quality Group remains on course to deliver an agile market leader specialty fats for the B2B market, and entered into a joint with the financial weight and reputation necessary to secure 8,829m 673m SAR million SAR million venture in Iraq to acquire a 51% stake in a company engaged long-term success across our international footprint. in branded edible oils and vegetable ghee. 2017 8,829 2017 116 208 348 673 Within the retail space in our home market of Saudi Arabia, 2016* 8,217 2016* 179 604 455 1,265 economic and demographic changes and their resultant effects on consumer confidence continue to affect our 2015 10,550 2015 1,308 631 2,077 customer base and hamper the growth of Panda. However, the strategic realignment and consolidation of our activities 2014 9,966 2014 1,333 403 1,819 in the sector continues, based on a comprehensive 3-to-4- year transformation plan being executed by a new CEO and 2013 9,651 2013 582 473 1,161 executive team. Other Herfy Panda Retail Savola Foods 6 * All 2016 figures are IFRS adjusted. 7 The Savola Group Annual Report 2017 The Savola Group Annual Report 2017 Strategic Report Directors’ Report Financial Statements Chairman’s Statement On behalf of the Board of Directors, Despite the difficult economic environment, Financial results contractions, intensifying competition, consumer Savola Foods Company remained at the forefront The Group recorded a net profit of SAR 1.03 uncertainty and increasingly conservative it gives me great pleasure to present of the regional edible oil industry in 2017. With a billion in 2017, compared to a net loss of SAR spending habits. Savola Group’s Annual Report robust foundation built upon three decades of 363 million last year. We booked impairment for 2017. investment, it aspires to consolidate its success costs of SAR 222 million, while earnings per In the face of these headwinds, we remain wholly as a market leader in the edible oil, sugar and share for 2017 stood at SAR 1.92. committed to the ongoing retail transformation In a highly challenging year across all our pasta segments and expand its portfolio.
Load more

Recommended publications
  • Al Danah GCC Equity Trading Fund
    Al Danah GCC Equity Trading Fund Annual Report - 2020 CONTENT INVESTMENT FUND INFORMATION FUND PERFORMANCE FUND MANAGER CUSTODIAN AUDITOR FINANCIAL STATEMENTS 2 Al Danah GCC Equity Trading Fund A. INVESTMENT FUND INFORMATION 1. Al Danah GCC Equity Trading Fund 2. Investment objectives and polices Objectives of the Fund Al Danah GCC Equity Trading Fund is an open-end equity fund that aims to achieve medium and long-term capital growth by investing in listed companies that are compliant with the provisions of Islamic Shariah, in addition to companies listed in the markets of other Arab countries in the Middle East and North Africa at a rate of up to 20% of its net asset value provided that all the Fund’s assets comply with the Shariah rules specified by the Fund’s Shariah Committee. The Fund Manager has the right to invest in companies established in the countries of the Middle East and North Africa and whose main activity is concentrated in those countries, and which are listed in any of their capital markets or any of the other financial markets outside the region. In addition to investing in the shares of companies listed in those financial markets, the Fund Manager can invest in all other financial securities such as Real Estate Investment Trust funds (REIT), Exchange Traded Funds (ETF) and others. Investment Policies When choosing its investments, the Fund Manager considers the company's fundamentals, long-term profitability, ability to meet debts obligations, management capabilities, strategies, economic perspective, the level of competition and other similar factors. It analyzes these factors in addition to conducting relevant economic and sector research which may have impact on the company's future position.
    [Show full text]
  • Turning Challenges Into Opportunities
    Turning Challenges into Opportunities Annual Report 2020 Contents Overview Strategic Review 04 At a Glance 16 Chairman’s Statement 06 Strategic and Financial Highlights 18 Board of Directors and Member Classification 08 Year in Review 20 Group CEO’s Message 11 Turning Challenges into Opportunities 22 Executive Management 12 Investment Case 24 Our Strategy and Business Model 26 Our Journey 28 Food Investments 38 Retail Investments 46 Our People 52 CSR and Sustainability Directors’ Report 62 Main Activities and Financial Disclosures 78 Corporate Governance Report and Major Relevant Disclosures 111 Savola Group Audit Committee Report 1 Overview 04 At a Glance 06 Strategic and Total Assets Increase Our Food Investments Financial Highlights In 2020, our total assets 43% of Group Revenue increased by 1.5% to 08 Year in Review SAR 27 billion. 11 Turning Challenges into Opportunities 12 Investment Case 1.5% Forbes Top 100 Ranked 14th in Saudi Arabia, and 39th in Middle East in Forbes’ list of ‘Top 100 Companies in the Middle East 2020’ 43% Our Retail Investments 57% of Group Revenue 14 Best Workplaces Ranked 17th in this year’s ranking of Saudi Arabia’s Best Workplaces. 17 57% Our Campaign Against Our Investment Proposition COVID-19 With over 40 years track record We launched a national of business growth, we offer a campaign to help reduce the unique investment proposition impact of the virus on the people and a diversified portfolio of of the Kingdom popular consumer brands in the food and retail sectors. Savola is a key contributor to the Kingdom’s food security.
    [Show full text]
  • Board of Directors' Report
    BOARD OF DIRECTORS’ REPORT 50 The National Commercial Bank | Annual Report 2019 51 Board of Directors’ Report THE BOARD OF DIRECTORS OF THE NATIONAL COMMERCIAL BANK IS PLEASED TO PRESENT ITS ANNUAL REPORT FOR 2019. THE REPORT COVERS THE YEAR’S PERFORMANCE, ACHIEVEMENTS, AND CONSOLIDATED FINANCIAL STATEMENTS, AS WELL AS THE BUSINESS ACTIVITIES OF THE BANK, ITS SUBSIDIARIES, AND AFFILIATED COMPANIES. 1. MAIN ACTIVITIES The Bank’s activities cover five operating segments that constitute its strategic businesses. These provide diverse banking products and services, as well as Shariah-compliant products, not related to special commissions, approved and supervised by an independent Shariah Board. The activities are independently managed through an effective organizational structure and internal reporting. Retail Banking: Provides banking services to individuals and private banking customers, including financing and current accounts, as well as products in compliance with Islamic Shariah. These products are supervised by NCB’s independent Shariah Board. Corporate Banking: Provides banking services to corporates and small and medium-sized businesses, and Shariah-compliant financing products, including cash management and trading services, as well as conventional credit products. Treasury: Provides all treasury and correspondent banking products and services, including money market and foreign exchange, to the Group’s customers. Treasury also conducts investment and trading activities (locally and internationally). Capital Market: Provides wealth management, asset management, investment banking, and share brokerage services (local, regional, and international). International Banking: Comprises banking services provided outside Saudi Arabia, including Türkiye Finans Katılım Bankası. 2. KEY EVENTS AND ACHIEVEMENTS 2019 was another very successful year for NCB, during which it grew its leadership in the Saudi banking sector.
    [Show full text]
  • Deloitte Studie
    Global Powers of Retailing 2018 Transformative change, reinvigorated commerce Contents Top 250 quick statistics 4 Retail trends: Transformative change, reinvigorated commerce 5 Retailing through the lens of young consumers 8 A retrospective: Then and now 10 Global economic outlook 12 Top 10 highlights 16 Global Powers of Retailing Top 250 18 Geographic analysis 26 Product sector analysis 30 New entrants 33 Fastest 50 34 Study methodology and data sources 39 Endnotes 43 Contacts 47 Global Powers of Retailing identifies the 250 largest retailers around the world based on publicly available data for FY2016 (fiscal years ended through June 2017), and analyzes their performance across geographies and product sectors. It also provides a global economic outlook and looks at the 50 fastest-growing retailers and new entrants to the Top 250. This year’s report will focus on the theme of “Transformative change, reinvigorated commerce”, which looks at the latest retail trends and the future of retailing through the lens of young consumers. To mark this 21st edition, there will be a retrospective which looks at how the Top 250 has changed over the last 15 years. 3 Top 250 quick statistics, FY2016 5 year retail Composite revenue growth US$4.4 net profit margin (Compound annual growth rate CAGR trillion 3.2% from FY2011-2016) Aggregate retail revenue 4.8% of Top 250 Minimum retail Top 250 US$17.6 revenue required to be retailers with foreign billion among Top 250 operations Average size US$3.6 66.8% of Top 250 (retail revenue) billion Composite year-over-year retail 3.3% 22.5% 10 revenue growth Composite Share of Top 250 Average number return on assets aggregate retail revenue of countries with 4.1% from foreign retail operations operations per company Source: Deloitte Touche Tohmatsu Limited.
    [Show full text]
  • The Savola Group: a Different Kind of a Saudi Arabian Oil Company
    THE SAVOLA GROUP: A DIFFERENT KIND OF A SAUDI ARABIAN OIL COMPANY A CORPORATE GOVERNANCE CASE STUDY DEVELOPED FOR THE SAAFAH TRANSPARENCY AWARD 2016 GOVERN, The Economic and Corporate Governance Center October 2016 Copyright GOVERN. All rights reserved. 1 TABLE OF CONTENTS Company history ....................................................................................................................... 3 Corporate origins .................................................................................................................... 3 Novel approach ....................................................................................................................... 3 Expansion ambitions ............................................................................................................... 4 Divestment and consolidation ................................................................................................. 5 Organisation and ownership .................................................................................................... 6 Current corporate structure ..................................................................................................... 6 Ownership structure ................................................................................................................ 6 Market performance ................................................................................................................ 7 Corporate governance .............................................................................................................
    [Show full text]
  • | Annual Report Contents
    | ANNUAL REPORT CONTENTS CONTENTS CORPORATE OVERVIEW 06 Chairman’s and CEO’s Statement 10 About L’azurde 16 Key Milestones 18 Profile of the Board 24 Profile of Executive Management STRATEGIC BUSINESS REVIEW 30 L’azurde’s Principal Business Activities 36 Business Description 38 Business Model 60 L’azurde’s Ownership Structure FINANCIAL PERFORMANCE 70 Key Financial Highlights 86 Dividend Policy 90 Risk Factors CORPORATE GOVERNANCE 98 Board Formation 116 Policies and Code of Governance 134 Communication with Shareholders 140 Audit Committee Report CONSOLIDATED FINANCIAL STATEMENTS 144 Consolidated Financial Statements 2 3 �� CORPORATE OVERVIEW 4 5 01 | CORPORATE OVERVIEW CHAIRMAN AND CEO’S STATEMENT CHAIRMAN’S AND CHAIRMAN'S AND CEO'S STATEMENT Despite the Company’s net loss generated by all the above- 2020 was unlike any other year. With the global pandemic and a mentioned factors, the Group has managed to generate a worldwide lockdown, the past year was challenging for all. For significant positive cash inflow from its operations amounting CEO’S STATEMENT L’azurde, 2020 was also marked by a sharp increase in gold to SAR 58.7 million in 2020. This was achieved by increasing prices and the tripling of KSA VAT to 15%. As a result of these collection from wholesale customers and higher sales in the major market shocks, L’azurde posted a substantial loss in retail channel. The Group has also reduced its gold working 2020. Despite this, we are pleased to have produced a positive capital by 36% from 6.6 Tons in December 2019 to 4.2 tons in cashflow and to have made major advances in executing the December 2020.
    [Show full text]
  • Increased by 11.2% Savola Group Achieves SAR 471 Million Net
    News Savola Quarterly Newsletter 1st Quarter 2015 www.savola.com Issued by the Savola Group to enhance corporate communication with its Shareholders, Investors and all Stakeholders through furnishing them with its latest developments and performance progress on quarterly basis. Increased by 11.2% Savola Group Achieves SAR 471 Million Net Profits for Q1-2015 Savola Distributes SAR 267 Million Dividends for its Shareholders The Group Forecasts Net Profit of SAR 429 Million for Q2-2015 Savola Group achieves SAR 471 million net profits for Q1-2015, with an in- Net Income for the 1st quarter 2015 compared with the same quarter last years (in Million Riyals) crease of 11.2%. 500 Savola distributes SAR 267 million dividends for its shareholders. 400 471 The Group forecasts net profit of SAR 429 million for Q2-2015. 423 Panda handed over revenues of «Leave the Change for them» to Disabled 300 Children’s Association amounted to more than SAR 4.7 million for 2014. 295 200 Savola achieves capital gain of SAR 265 million after selling its entire stake in 242 plastic sector. 100 165 “Al Arabi” continues its successful marketing campaigns. 0 Panda and NWC Begin Water Rationalization Campaign. 1st Q 1st Q 1st Q 1st Q 1st Q 2011 2012 2013 2014 2015 HyperPanda donates AED 600,000 to Down Syndrome Association. Net Revenues for the 1st quarter 2015 compared The General Assembly Meeting of Savola Shareholders (AGM) approves by with the same quarter last years (in Million Riyals) majority vote the resolution of dividends distribution and Group’s performance 8000 for year 2014 and all other items in the agenda.
    [Show full text]
  • HERFY FOOD SERVICE CO. the Ordinary General Assembly
    HERFY FOOD SERVICE CO. The Ordinary General Assembly Meeting Date: 25 April 2021 شركة هرفي للخدمات الغذائية )شركة مساهمة ( HERFY FOOD SERVICES CO. ( C.J.S. ) The agenda of the Ordinary General Assembly for Herfy Food Services Company (first meeting) 25/04/2021 1. Voting on the Auditor's report for the fiscal year ended on 31/12/2020G. 2. Voting on the company's financial statements for the fiscal year ended on 31/12/2020 G. 3. Voting on the Board of Directors' report for the fiscal year ended on 31/12/2020G. 4. Voting on the appointment and determining fees of the external auditor for the Company from among nominees, on the recommendation of the Audit Committee to examine, review and audit the Company’s financial statements for the second, third and annual of fiscal year 2021G and first quarter of fiscal year 2022. 5. Voting on the Board of Directors recommendation to distribute cash dividends for the year 2020 total amount 64.680 million riyals at the rate of 1 riyal per share, which represents 10% of the per value of the share with a total Shareholders of 64.680 million shareholders, provided the eligibility for dividend will be to Shareholders who own the shares on the day of Company’s general assembly and registered in the company’s shareholders register at Securities Depository Center by the end of the second trading day following the day of general assembly date of dividend distribution will be announced later (attached). 6. Voting on discharging the members of the Board of Directors from liability for the fiscal year ended on 31/12/2020G.
    [Show full text]
  • Strength Through Sustainability Sustainability Report 2018 Value Built on Values on Built Value
    The Savola Group Savola The Sustainability Report 2018 Value Built on Values Strength through Sustainability Sustainability Report 2018 Welcome to Savola Group’s 2018 Sustainability Report This report is the fifth Sustainability Report for Savola, covering the sustainability achievements, performance and activities of its operating companies within the Kingdom of Saudi Arabia, including Panda Retail Company, Afia International Company, United Sugar Company and the Group’s Headquarters (HQ). The scope of this report has also expanded to include our International Food Industries (IFI) business. Although this is our fifth official report, it is the first report on our annual sustainability performance. Previously, we produced sustainability reports on a two-year basis, however, as a result of our ongoing commitment towards sustainability we are now reporting on an annual basis. This report covers the period between January 1, 2018 and December 31, 2018, while the previous Report covered the period between January 1, 2016 and December 31, 2017. A more detailed overview of the scope of this report and coverage can be found on page 03. The Savola Group Sustainability Report 2018 01 Overview 02 03 04 05 06 07 01 Overview > Savola at a Glance 02 > Group CEO Statement 04 > Our Sustainability Team 06 Key Highlights > Our Sustainability Strategy 08 02 Savola World Business > Good Governance 14 Strategy Continues to Guide our Approach > Building an Ethical Culture 18 to being Responsible Citizens > Supply Chain & Procurement 20 > Preventing Bribery
    [Show full text]
  • Sustainability Report 2019 Download
    Sustainability Report 2019 Leading a Sustainable Future Welcome to Savola Group’s 2019 Sustainability Report This Sustainability Report is the sixth Sustainability Report for Savola. It covers the sustainability approach, priorities, activities, performance and achievements of its operating companies within the Kingdom of Saudi Arabia, including Panda, Retail Company, Afia International Company, United Sugar Company, International Food Industries (IFI) and the Group’s Headquarters (HQ). This year we present a more detailed analysis of our Materiality process and the alignment with the newly published Saudi National Standards for Sustainability Reporting. The report covers the period between January 1, 2019 and December 31, 2019. A detailed overview of the scope of this report and coverage can be found on page 92. 4 SAVOLA Table of Contents 01 07 10 How we add Value 6 Business 34 Environment 70 Responsible Governance Energy and Management 36 Consumption 72 Organizational Culture Waste Management 75 and Values 42 Water Consumption 76 02 Responsible Key Highlights 8 Management & Ethics 43 Effective Risk Management 45 11 Sector 78 03 Certifications, Savola at a Glance 10 Memberships and 08 Associations 80 Community 48 Customer Satisfaction 82 Community Makeen Program 84 04 Initiatives and Investments 50 Health, Nutrition Savola Group CEO Food Waste and Packaging 88 Statement 12 Management 53 Supply Chain and Negaderha Procurement 89 Program 54 05 Savola World Executive 12 Director of Sustainability About this Report 92 14 09 Statement Employees 56 GRI Content Index 93 A Unique Culture 58 Training and Development 64 06 Health and Safety 66 Sustainability Strategy 16 Diversity and Savola World 18 Inclusion 68 Alignment with Global and National Initiatives 19 Stakeholders 24 How we add Value As a leading Saudi retail and food company, we work continuously to create exceptional and lasting value for our stakeholders through our secure, reliable and transparent operations.
    [Show full text]
  • SAVOLA GROUP COMPANY (A Saudi Joint Stock Company)
    SAVOLA GROUP COMPANY (A Saudi Joint Stock Company) CONSOLIDATED FINANCIAL STATEMENTS For the year ended December 31, 2019 together with the Independent Auditor’s Report SAVOLA GROUP COMPANY (A Saudi Joint Stock Company) CONSOLIDATED FINANCIAL STATEMENTS For the year ended December 31, 2019 INDEX Page Independent auditor’s report on consolidated financial statements -- Consolidated Statement of Financial Position 1 Consolidated Statement of Profit or Loss and Other Comprehensive Income 2 - 3 Consolidated Statement of Changes in Equity 4 - 5 Consolidated Statement of Cash Flows 6 - 7 Notes to the Consolidated Financial Statements 8 - 83 2 SAVOLA GROUP COMPANY (A Saudi Joint Stock Company) CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Expressed in thousands of Saudi Riyal unless otherwise stated) December 31, December 31, Note 2019 2018 ASSETS Property, plant and equipment 6 6,512,256 6,754,793 Right-of-use assets 7 4,319,670 -- Intangible assets and goodwill 8 831,596 905,556 Investment property 9 29,881 33,178 Equity-accounted investees 10 8,625,047 8,300,864 Investments at fair value through other comprehensive income 11 347,590 324,204 Long term receivables 7,268 7,443 Derivative 14 1,999 2,496 Deferred tax asset 23 12,480 17,793 Non-current assets 20,687,787 16,346,327 Inventories 12 2,752,020 2,630,764 Trade receivables 13 1,190,657 1,073,572 Prepayments and other receivables 14 1,060,195 1,269,327 Investments at fair value through profit or loss 11 26,516 30,888 Cash and cash equivalents 15 940,536 901,573 Current assets 5,969,924
    [Show full text]
  • 1 Mr. Abdulrahman Mohammed Ramzi Addas Chairman Mr. Waleed
    Mr. Abdulrahman Mohammed Ramzi Addas Mr. Waleed Khalid Fatani Mr. Fahad Abdullah Al Kassim Chairman Vice chairman Board Member Current Positions: Board, and Remuneration and Nomination Group CEO, Savola Board and Chairman of committee member of Savola Group. Board, Group. Vice Chairman of: Remuneration and Nomination Executive Committee and Audit Committee Savola Food Company, committee of Savola Group. member Of Alinma Bank, Chairman of the Board Panda Retail Company, Chairman, Amwal Financial of Diyar Al Khayyal Real Estate Development Co, United Sugar Company Executive Board member at Al Chairman and Risk Management Committee Afia International Rajhi United Investment Co . member of Tunisian Saudi Bank (TSB), Board member of Al Rabie Saudi Food Co., Board Company, and Variety Member and Chairman of Investment Committee Food Company (Al at Environment Fund, Member of Risk Committee Kabeer). Board member of at Saudi Ground Services Co., Member of Risk and Almarai Company, and Compliance Committee at General Authority for Kinan Real Estate Zakat and Tax, Member of Investment and Loans Company Committees at Agriculture Development Fund. Previous Positions: 28 years of experience in banking, risk CEO of Saudi Fransi Capital, CEO, Amwal Financial management and investment at the National and he worked as the Group Consultants; GM, Al Othaim Commercial Bank during which he held Treasurer of Abdul Lateef Trading Group; Managing several senior executive positions and about 3 Jamil and Capital Markets & Partner, KPMG International; Investment Advisor to the years with SEDCO where he was the The Executive Director, Dallah President. He was also the Managing Director for Real Estate Group in Hospital General Manager of charge of Real Estate investments and was Deutsche Bank KSA.
    [Show full text]