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ANNUAL Report Two Thousand and Twelve Head Office Directors 812 Shaikh Jaber Al Ahmed Mr

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ANNUAL Report Two Thousand and Twelve Head Office Directors 812 Shaikh Jaber Al Ahmed Mr increasing capability ANNUAL report two thoUsand and twelve head office directors 812 Shaikh Jaber Al Ahmed Mr. Abdulla Hassan Buhindi - Chairman Al Subah Highway Mr. Abdulla Mohammed P.O. Box 828, Sitra Juma - Vice Chairman Kingdom of Bahrain Mrs. Mona Yousif Almoayyed Telephone: +973 17 739 444 Mr. Mohammed Farouq Almoayyed Fax: +973 17 735 111 Mr. Jehad Yousif Ameen Commercial Registration Mr. Redha Abdulla Faraj 10999 Mr. Shawki Ali Fakhroo Mr. Suhail Hajee Authorised capital 200,000,000 shares of bankers BD 0.100 each: BD 20,000,000 National Bank of Bahrain B.S.C. Ahli United Bank B.S.C. paid Up capital Bank of Bahrain & Kuwait B.S.C. BD 13,311,686 divided into 133,116,860 Standard Chartered Bank ordinary shares each with a nominal HSBC Bank Middle East value of BD 0.100 fully paid Bank Muscat International B.S.C. BNP Paribas reviewing accoUntants Ernst & Young company secretary Mr. Jad Moukheiber his royal highness His majesty king his royal highness prince khalifa bin hamad bin isa prince salman bin salman al khalifa al khalifa hamad al khalifa The Prime Minister of The King of the The Crown Prince the Kingdom of Bahrain Kingdom of Bahrain and Deputy Supreme Commander of the Kingdom of Bahrain 2 BMMI annual report 2012 a regional focUs with a global reach Based in the Kingdom of Bahrain, and with Listed on the Bahrain Stock Exchange, BMMI international operations spanning three is one of the fastest growing companies in its continents, BMMI is a diversified retail and sector, with an annual turnover approaching distribution, and contract services and supply US$250 million. The Group adopts a Group, supported by a world-class integrated performance-driven, customer-focused business logistics capability. The Group specialises in approach in line with international standards the wholesale, distribution and retail of food and global best practice. With 130 years of and beverages, and represents a leading uninterrupted operations in the Arabian Gulf, portfolio of global household name brands. BMMI is now one of the leading private sector BMMI is also a fully fledged international business enterprises in the GCC region and a provider of end-to-end supply chain solutions, fast-growing multinational organisation. integrated facility management, logistics and procurement services to governments, Non-Governmental Organisations, commercial and military organisations. mission statement 3 we are recognised as a dynamic international company that inspires its individual businesses to deliver outstanding results. we win the hearts and minds of our customers by delivering exceptional service. we valUe honesty, excellence, achievement, recognition and team spirit. Honesty excellence acHievement recognition team spirit Trust, openness, Continuous Taking pride and Giving and receiving Belief in the power fairness and ethics, in improvement of our responsibility appreciation for of ‘one team, everything we do. people and systems for attaining one’s contributions. one heart’. to deliver quality personal and performance. professional goals. 4 BMMI annual report 2012 2012 MILESTONES In numbers Revenue by region (BD millions) 1 3 0 year anniversary of BMMI will be celebrated in 2013 > 5 0 of the world’s leading brands are represented enabling us to be the leading distributor of beverages in Bahrain BaHrain – 57.035 rest of GCC – 19.179 3 0 africa – 16.070 nationalities help deliver outstanding results Employees by country BaHrain 585 gaBon 445 n. sudan 314 > 2 9 gHana 286 brands of consumer goods mali 188 represented in Bahrain and Qatar qatar 41 s. sudan 26 djiBouti 24 USA 2 2012 MIlestones 5 Service levels gulf region Strong Contract Services and Supply sales across Qatar and Bahrain has continued with a focus on developing a wider client base. BaHrain Achievement of Integrated West africa Management Systems. Establishment of Central Capture of new opportunities Control room for operational for Global Sourcing and Supply security enhancement. in Guinea and Burkina Faso. Establishment of Group-wide IT infrastructure. sudan Contracts with government and NGOs have been renewed with further contract djiBouti acquisitions. Relocation of base in South Sudan. Development of additional business lines through logistic support for delivery of east africa heavy equipment. Increased Strong contract potential warehouse efficiencies through in East Africa will see GSS implementation of group-wide develop a presence in IT systems. Tanzania in addition to its Kenyan operation. 6 BMMI annual report 2012 financial sUMMARY Net Profit – BD millions Revenue – BD millions 12 92.284 11 87.307 8.610 10 84.777 2012 09 87.183 08 80.446 Equity – BD millions 6.641 12 49.834 2011 11 47.596 10 47.717 09 44.631 08 40.305 9.092 Return on Equity – % 2010 12 17 11 14 10 19 09 20 9.022 08 18 2009 Earnings per Share – Fils 12 69 11 53 7.452 10 73 2008 09 87 08 73 FINANCIAl summary 7 Financial Highlights in Bd, except as stated otHerWise 2012 2011 2010 2009 2008 SHAREHOlDERS’ FUNDS 49,834,374 47,595,743 47,717,313 44,631,188 40,305,502 Total lIABIlITIES 15,443,190 15,255,545 13,203,251 12,798,349 21,874,695 SAlES 92,284,375 87,307,067 84,777,999 87,183,154 80,446,637 Overheads 18,910,584 17,279,462 15,084,085 15,418,386 13,488,557 Net Profit 8,589,263 6,641,980 9,092,327 9,022,019 7,452,208 EPS 69 53 73 87 73 DIVIDEND Cover 1.4 1.1 1.5 1.7 1.5 Return ON Assets (%) 13% 10% 15% 16% 12% Overheads / SAlES (%) 21% 20% 18% 18% 17% Debt / EqUITY (%) 31% 32% 28% 29% 54% Net Profit / SAlES (%) 9% 8% 11% 10% 9% SAlES outside BAHRAIN (%) 38% 42% 41% 43% 41% EMPloyees (NUMBERS at year END) 1911 1,787 2,011 1,653 1,592 forWard looking statements: Certain statements in this Review relate to the future, including forward looking statements relating to BMMI Group’s financial position and strategy. These forward looking statements involve known and unknown risks, uncertainties, assumptions and other important factors that could cause the actual results, performance or achievements of BMMI Group to be materially different from future results, performance or achievements expressed or implied by such statements. Neither BMMI Group nor any other person gives any representation, assurance or guarantee that the occurrence expressed or implied in any forward looking statements in this document will actually occur and you are cautioned not to place undue reliance on such forward looking statements. Subject to any continuing obligations under applicable law or any relevant listing rules of the Bahrain Securities Exchange, BMMI Group disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in this document to reflect any change in expectations in relation thereto or any change in events, conditions or circumstances on which any such statement is based. 8 BMMI annual report 2012 BOARD of DIRECTORS mr. abdUlla mr. abdUlla mrs. mona mr. jehad hassan bUhindi mohammed jUma yoUsif almoayyed yoUsif ameen Chairman Vice Chairman Director Director mr. redha mr. shawki mr. mohammed mr. sUhail abdUlla faraj ali fakhroo faroUq almoayyed hajee Director Director Director Director board OF directors/Executive management group 9 execUtive management groUp mr. gordon mr. ammar mr. mike mr. robert boyle aqeel eastwood smith President & CEO Chief Financial Officer EVP – Beverages, Bayader EVP – Contract Services & EVP – Support Services & E-Commerce & Supply remUneration & nomination Audit committee committee mr. mohammed faroUq almoayyed mr. abdUlla bUhindi Chairman Chairman mr. redha abdUlla faraj mr. shawki fakhroo mr. abdUlla mohammed jUma Vice-Chairman mr. jehad yoUsif amin investment committee Director mr. abdUlla hassan bUhindi mrs. mona al moayyed Chairman Director mrs. mona yoUsif almoayyed execUtive committee mr. jehad yoUsif ameen mr. shawki ali fakhroo mr. shawki ali fakhroo Chairman mr. sUhail hajee mrs. mona yoUsif almoayyed mr. jehad yoUsif ameen 10 BMMI annual report 2012 chairman’s REPORT On behalf of the Board of Directors of BMMI, BMMI entered 2012 with the satisfaction of having provided I am delighted to present the Group’s Annual consistent returns for our shareholders during the difficult year of 2011 and our business confidence has now witnessed Report and consolidated financial statements another year of strong success. As we look forward to 130 for the year ended 31 December 2012. While years of operations, I am pleased to say that BMMI once last year was certainly a year of challenge, again achieved strong financial results with year-on-year with facets of our business dropping at the improvements across all our businesses. We continued to operate from a position of strength in 2012 with zero leverage, height of the crisis, 2012 has been one of solid strong balance sheets and cash reserves. Business, by its very recovery, of continued progress and measured nature, is a constantly changing theatre of engagement, of consolidation with a focus on systems highs and lows, ups and downs. I am delighted that BMMI has investment and continued diversification. the clearly demonstrated strength and diversity of operations that allows us to reduce risks associated with any volatility in a particular business stream, absorb set-backs and to capitalize The global economy has yet to shake off the fallout on new opportunities in ways that many companies from the crisis of 2008-2009 and will continue to simply could not. have global impacts in sluggish trade and tepid foreign direct investment. The Group has grown its revenues considerably. Overall margins gained ground from 2011 with notable increases Conversely to that, GSS has grown notably in Africa, in Beverages and Consumer Division profits. Total sales returning solid financial results to the Group.
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