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Dairy Farm International Holdings Limited Annual Report 2007 CONTENTS

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Dairy Farm International Holdings Limited Annual Report 2007 CONTENTS Dairy Farm International Holdings Limited Annual Report 2007 CONTENTS 1 Corporate Information 2 Corporate Overview 3 Highlights 4 Chairman’s Statement 6 Group Chief Executive’s Review 9 Directors’ Profiles 10 Financial Review 12 Financial Statements 55 Independent Auditor’s Report 56 Five Year Summary 57 Principal Subsidiaries, Associates and Joint Ventures 58 Corporate Governance 63 Shareholder Information 64 Retail Outlets Summary 65 Management and Offices Internet website: www.dairyfarmgroup.com CORPORATE Dairy Farm International Holdings Limited INFORMATION DIRECTORS Dairy Farm is a leading pan-Asian retailer. At 31st December 2007, the SIMON KESWICK Group and its associates operated 4,191 outlets – including supermarkets, Chairman A J L NIGHTINGALE hypermarkets, health and beauty stores, convenience stores, home Managing Director furnishings stores and restaurants; employed over 69,000 people in the MICHAEL KOK region; and had total annual sales of US$6.8 billion. Group Chief Executive RONALD J FLOTO The Group operates under well-known local brands, including: JONATHAN GOULD MARK GREENBERG • Supermarkets – Wellcome in Hong Kong, Taiwan and Vietnam, GEORGE J HO HENRY KESWICK ThreeSixty and Oliver’s The Delicatessen in Hong Kong, Jasons DR GEORGE C G KOO MarketPlace in Singapore, Taiwan and Hong Kong, Cold Storage in R C KWOK Singapore and Malaysia, Giant in Malaysia and Indonesia, Shop N LORD LEACH OF FAIRFORD Save in Singapore, Hero in Indonesia, and Foodworld in India; HOWARD MOWLEM JAMES RILEY • Hypermarkets – Giant in Malaysia, Singapore and Indonesia; PERCY WEATHERALL COMPANY SECRETARY AND • Health and beauty stores – Mannings in Hong Kong, Macau and China, REGISTERED OFFICE Guardian in Singapore, Malaysia, Indonesia and Brunei, and Health C H WILKEN and Glow in India; Jardine House 33-35 Reid Street • Convenience stores – 7-Eleven in Hong Kong, Macau, Southern China Hamilton Bermuda and Singapore, and Starmart in Indonesia; and DAIRY FARM MANAGEMENT • Home furnishings stores – IKEA in Hong Kong and Taiwan. SERVICES LIMITED DIRECTORS The Group has a 50% interest in Maxim’s, Hong Kong’s leading restaurant A J L NIGHTINGALE chain. Chairman MICHAEL KOK Group Chief Executive Dairy Farm International Holdings Limited is incorporated in Bermuda HOWARD MOWLEM and has its primary share listing on the London Stock Exchange, and Group Finance Director secondary listings on the Bermuda and Singapore stock exchanges. The CHAN WAI-CHAN Regional Director, North Asia Group’s businesses are managed from Hong Kong by Dairy Farm Chief Executive Officer, China Management Services Limited through its regional offices. Dairy Farm JOHN COYLE is a member of the Jardine Matheson Group. Regional Director, East Asia CAROLINE MAK Group Specialty Retail Director JEFF SHAW Regional Director, South Asia MICHAEL WU Chairman and Managing Director, Maxim’s JONATHAN GOULD MARK GREENBERG JAMES RILEY CORPORATE SECRETARY N M MCNAMARA Dairy Farm International Holdings Limited Annual Report 2007 1 Corporate Overview “Our goal is to satisfy the appetites of Asian shoppers for wholesome food and quality consumer and durable goods at competitive prices.” HIGH-QUALITY, LOW-COST RETAILING Dairy Farm aims to be a leader in all its market sectors. Our focus is retailing and we strive to offer consumers value-for-money through efficient, low-cost distribution of high-quality fresh foods, and consumer and durable goods in our supermarkets, hypermarkets, health and beauty stores, convenience stores and home furnishings stores. ASIA FOCUS We are geographically committed to Asia. In addition to developing our existing operations, we aim to achieve growth by exploring new investment opportunities within the region. MULTIPLE FORMATS, SHARED SERVICES We operate multiple formats in most markets and achieve economies of scale by supporting these with shared infrastructure for logistics, human resources, finance, procurement, and information technology systems. LONG-TERM SHAREHOLDER VALUE CREATION We aim to maintain financial strength through prudent balance sheet management. We take a long-term view of business development and believe in striking a balance between investment in mature cash-flow activities and investment in new businesses. Shareholder value creation is the performance yardstick for the long-term incentive programme of the Company’s management. 2 Dairy Farm International Holdings Limited Annual Report 2007 Highlights • Earnings per share up 22% • Good results in major markets • Maxim’s performing well • Strong cash flow • Results 2007 2006 Change US$m US$m % Sales – subsidiaries 5,887 5,175 14 – including associates 6,810 6,010 13 Profit attributable to shareholders 258 211 22 PBIT to sales 4.7% 4.5% 0.2% US¢ US¢ % Earnings per share 19.19 15.70 22 Dividends per share 11.50 9.40 22 Special dividend per share 16.00 – n/a Dairy Farm International Holdings Limited Annual Report 2007 3 Chairman’s Statement OVERVIEW OPERATIONS Dairy Farm achieved excellent sales and The expansion of Dairy Farm’s operations profit in 2007 as it benefited from across the Region continued with store favourable trading environments in its openings in most formats producing a major markets. The Group continued its total of 4,191 outlets at the year end. In strategy of expanding the reach of its particular, Dairy Farm now operates 64 retail formats within selected territories Giant hypermarkets, with 41 in Malaysia, in Asia. 17 in Indonesia and six in Singapore. The Group’s retail businesses in Hong PERFORMANCE Kong produced improved results in 2007, Sales, including 100% of associate and those in Macau made a profit for companies, increased by 13% to the first time since commencing US$6.8 billion in 2007. Net profit for the operation in 2005. In Taiwan, its year increased by 22% to US$258 million, supermarkets’ earnings remained stable while earnings per share also rose 22% in a highly competitive market, but the to US¢19.19. operating results in IKEA were below Following the payment of a special expectations despite the opening of two dividend of US$215 million, or US¢16.00 large stores in 2006. In Southern China, per share, in October 2007, the Group new store openings and the acquisition returned to a net debt position by the of a competitor chain increased the year end with net borrowings of number of 7-Eleven outlets to 440, of Total Sales US$83 million. The Group’s financial which 41 are franchised, while the US$b position remains sound, with strong cash refinement of the offering in the 8 generation that ensures ample funds are Mannings health and beauty stores led available for its trading, expansion and to improved results in the existing 6 debt servicing requirements. 30 outlets. The Board is recommending a final Hong Kong restaurant associate, Maxim’s, 4 dividend of US¢8.50 per share, bringing achieved good growth in sales and profit the total ordinary dividend for 2007 to as innovative products and marketing US¢11.50 per share, an increase of 22% in its fast food operations produced 2 over 2006. improvements, a n d i n c re a s e d contributions were also received 0 from its cake shops, Starbucks and 2003 2004 2005 2006 2007 Genki Sushi. Associates South Asia East Asia North Asia 4 Dairy Farm International Holdings Limited Annual Report 2007 Chairman’s Statement Good progress was made in developing PEOPLE the business in Malaysia, particularly in Owen Price retired from the Board in East Malaysia where focused expansion May 2007 after 33 years’ association in recent years has proven successful. with Dairy Farm. I would like to thank During the year, 13 hypermarkets, four him for his significant contribution to supermarkets and 61 Guardian health the Group. and beauty stores were opened in The excellent results that we are seeing the country. from our businesses across Asia reflect While a satisfactory level of earnings has the contributions from our 70,000 yet to be achieved in Indonesia, despite strong workforce. On behalf of the some recent improvement, the prospects Board, I would like to thank them for for the market remain attractive and the their continuing fine work. Group will continue to build its business. Three supermarkets are now in operation PROSPECTS in Vietnam which will form the Dairy Farm’s retail businesses continue foundation of a more substantial to enjoy leading positions in their market business, and the Group is also expanding sectors, and prospects remain positive its interests in Brunei where the despite the more uncertain economic construction of its first hypermarket is outlook. The Group will build on its good almost complete. results in 2007 by continuing to expand In Singapore, the repositioning of the its operations to meet the growing Giant hypermarkets and good demands from Asian consumers. performances from other formats, Underlying Earnings especially supermarkets and 7-Eleven, Per Share led to a recovery in earnings in 2007. In US¢ IMON ESWICK India, both the Group’s supermarket and S K 20 health and beauty joint ventures Chairman continued their expansion, although changes in the implementation of 6th March 2008 15 government regulations led to some store closures. 10 In Thailand, the Group’s health and beauty operation was closed during the 5 year. Also, since the year end, the Group has sold its 50% shareholding in the 0 Olive Young health and beauty operation 2003 2004 2005 2006 2007 in Korea to its partner. Neither business had met the Group’s expectations. Dairy Farm International Holdings Limited Annual Report 2007 5 Group Chief Executive’s Review Dairy Farm achieved further growth in • We introduced the MarketPlace sales and earnings in 2007. We increased supermarket format in Hong Kong, sales and earnings in our operations in and will add or convert more of these North Asia, East Asia and South Asia. At stores in 2008 to extend our reach into the year end, Dairy Farm operated 25 the upper segment.
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