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2.07Bn +26Bn Group Net Revenues Income A holding company with a focused investment strategy in the food and retail sectors 21.6 % 28.6% Net income Profit increase growth from strategic investments Annual Report 2014 2.07bn +26bn Group net Revenues income Annual Report 2014 In the name of Allah, The most merciful, the most beneficent Contents Financial and Operational Highlights ����������������������������������������������������������������������������������������� 4 Chairman’s Statement ���������������������������������������������������������������������������������������������������������������������� 6 Board of Directors ������������������������������������������������������������������������������������������������������������������������������������� 8 Group CEO and Managing Director’s Message ���������������������������������������������������10 Management Executive Team ������������������������������������������������������������������������������������������������������12 Activities and Performance Review ����������������������������������������������������������������������������������14 Foods Sector ���������������������������������������������������������������������������������������������������������������������������������������������16 Retail Sector �����������������������������������������������������������������������������������������������������������������������������������������������24 Plastics Sector ������������������������������������������������������������������������������������������������������������������������������������������26 Strategic Investments �������������������������������������������������������������������������������������������������������������������������28 Corporate Social Responsibility and Sustainability ���������������������������������������������������� 30 Human Resources ��������������������������������������������������������������������������������������������������������������������������������32 Corporate Communications and Awards ���������������������������������������������������������������������������34 Board of Directors’ Report ��������������������������������������������������������������������������������������������������������35 Corporate Governance Report ����������������������������������������������������������������������������������������������45 Consolidated Financial Statements ����������������������������������������������������������������������������������63 Independent Auditors’ Report ������������������������������������������������������������������������������������������������������64 Consolidated Balance Sheet ��������������������������������������������������������������������������������������������������������65 Consolidated Income Statement �����������������������������������������������������������������������������������������������66 Consolidated Cash Flow Statement ���������������������������������������������������������������������������������������67 Consolidated Statement of Changes in Shareholders’ Equity ��������������������������68 Notes to the Consolidated Financial Statements ��������������������������������������������������������69 Contact Directory �����������������������������������������������������������������������������������������������������������������������������������96 2 | Annual Report 2014 Savola is one of the fastest-growing corporations in the MENA region and Central Asia� The Group has a diverse portfolio of businesses, and activities including edible oils, vegetable ghee, sugar, pasta, retail and plastics� It also has significant investments in publicly listed Saudi companies, investment funds and real estate� Financial and Operational Highlights Net Group income in 2014 totaled SAR 2�07 billion, up 21�6% on 2013, while gross profit of SAR 4�86 billion increased by 1�9%� Benefits flowing from strategic emphasis on core businesses in the food and retail sectors were evident in operational results� Signing an agreement to sell Savola Packaging Systems Company to Takween Advanced Industries for a total of SAR 910 million� Selling the edible oil assets and operations in the Republic of Kazakhstan for the equivalent of SAR 107 million, realizing a capital gain of about SAR 17 million� Selling the Group’s entire 30�4% stake in the Masharef real estate development project in Jeddah to Kinan International Real Estate Development Company for SAR 593�5 million� 26,588m 2,072m 9,966m Revenues Net income Shareholders’ equity (SAR millions) (SAR millions) (SAR millions) 2,072 9,966 9,651 27,391 26,588 25,196 25,281 8,287 1,704 7,722 21,029 7,020 1,402 1,202 887 10 11 12 13 14 10 11 12 13 14 10 11 12 13 14 4 | Annual Report 2014 161 2.09m 2.90m New Panda Tons edible Tons sugar and stores oils production sweeteners capacity production capacity 58% 41.6 % 28.6% Edible oils Increased Profit increase market share in capacity at from strategic Saudi Arabia United Sugar, investments Saudi Arabia 26,402m Total assets Sector contribution to Group revenues, 2014 (SAR millions) (Percent) Edible oils and fats 34.8% Sugar and sweeteners 17.7% 26,402 Pasta 1.9% 24,763 23,342 Retail 45.4% 20,101 Retail Food Other 0.2% sector sector 17,782 45.4% 54.4% 10 11 12 13 14 The Savola Group | 5 Chairman’s Statement In the name of Allah, most This autonomy and focus enabled Eng. Rehaimi’s previous experience compassionate, most merciful. our retail sector to accelerate its growth includes leadership positions in a number and thus added 161 new stores during of Governmental and private institutions, On behalf of my colleagues, the Savola 2014, bringing the total to 345 stores. such as President of the General Group Board Members, I am honored As part of our strategy to focus on food Authority of Civil Aviation and Deputy to present the Savola Group’s annual and retail, the decision was made to General Director of the Saudi Industrial report for the year ended December divest the Group’s entire stake in Development Fund (SIDF). He also holds 31, 2014. It gives me great pleasure to Savola Packaging Systems Company. Board memberships at several Saudi share with you the remarkable results We signed an agreement with Takween banks and public companies. achieved by the Group. Advanced Industries to sell our entire The Board of Directors expresses its Net profit for the year reached the stake in Savola Packaging Systems thanks and admiration to King Salman unprecedented level of SAR 2.07 billion, Company for SAR 910 million. bin Abdulaziz Al Saud, Custodian of the 21.6% higher than 2013, with 93.24% Commitment to the Group’s strategic Two Holy Mosques, HRH Prince Muqrin attributable to operational profit. direction will become even more evident bin Abdulaziz, and all government Earnings per share reached SAR 3.88, in the performance of Group companies ministers for their wise leadership an increase of 15.1%. These results over the next few years. Consequently, and guidance of the national economy were achieved despite a number of our target for 2015 is SAR 1,815 million and our beloved country. challenges faced by the Group in net income (excluding capital gains), the regional markets. Finally, I extend sincere appreciation to despite the disposal of our plastics Savola’s shareholders for their support To maintain our policy of declaring subsidiary. Savola always discloses its during 2014 and look forward to their quarterly dividends, a distribution of forecast for the next fiscal period, continued support and guidance. SAR 266.9 million was recommended reinforcing our reputation for I also wish to acknowledge the efforts, for the fourth quarter of 2014 by the transparency and high standards of hard work, and dedication of the Board of Directors. This brings the corporate governance. management team and employees year’s total distribution to shareholders On behalf of the Board of Directors throughout the year. The efforts of the as dividends to SAR 1,201 million, which and all Group employees, I would entire team, with the blessings of Allah, represents SAR 2.25 per share and like to take this opportunity to express led to the outstanding results achieved 22.5% of the Group’s nominal share value. sincere appreciation to Dr. Abdulraouf by the Group in 2014, and we humbly Our results reflect the benefits flowing Mannaa – our former CEO and seek Allah’s guidance and blessings, from Savola’s strategic emphasis on Managing Director – for his efforts and enabling us to achieve more developing its core businesses in the distinguished performance in leading excellence in 2015. food and retail sectors, while granting the Group from July 2010 up to the end more autonomy to Savola’s operating of 2014. The Group recorded significant companies to manage their activities growth during his tenure, achieving within the governance model defined many strategic goals and overcoming by the parent company. many challenges related to our international expansion. I also take this opportunity to welcome his successor, Eng. Abdullah Rehaimi, who assumed the role from January 1, 2015. I wish him success in his new tasks and responsibilities. He is no stranger to Savola, having served as a Board Member since 2010 and also served as Chairman of the Group’s Investment Committee, before assuming new responsibilities. 6 | Annual Report 2014 Our results reflect the benefits flowing from Savola’s strategic emphasis on developing its core businesses in the food and retail sectors� Mr. Sulaiman A. Al Muhaidib Chairman The Savola Group | 7 Board of Directors Mr. Sulaiman A. Al Muhaidib Eng. Abdullah M. Noor Rehaimi
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