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Turning Challenges Into Opportunities

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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. 2 The Savola Group Annual Report 2020 3 OVERVIEW At a Glance Group Revenue 43% Food Investments STRATEGIC REVIEW STRATEGIC A Leader in 57% Retail Food and Retail Investments DIRECTORS’ REPORT Savola is one of the leading strategic investment holding Since 1979, Savola has built a reputation for creating “Value Built on Values” through our companies in the MENA (Middle East and North Africa) Region, diverse and expanding portfolio of investments in leading food and retail companies. with a portfolio of leading brands in the food and retail sectors. Investors across the Kingdom and around the world trust Savola for our strong performance, specialist market knowledge and commitment to sustainability impact through our standalone Savola World Foundation. FINANCIAL STATEMENTS We operate the largest grocery store chain in Saudi Arabia, and produce much-loved everyday household products, including edible oil, sugar, pasta, bakery products and frozen foods, for our valued customers in over 50 countries worldwide. 3 2 4 1 1 Saudi Arabia Our Food Investments Our Retail Investments Panda Stores: 201 Our food vertical is made up of a portfolio of investments in Our retail vertical is headed by Panda Retail, the largest Herfy Stores: 388 large, branded categories across the MENA region. Savola modern grocery chain in Saudi Arabia with a total of 205 Foods is a leader in basic branded consumer packaged goods, stores (including 4 stores in Egypt), serving more than 100 2 which are produced in more than 8 countries and exported to million customers annually. Panda boasts a proud history, Egypt Panda Stores: 4 over 50 markets. We are proud to say that many of our a leading market share and formidable geographic reach. products are market leaders in their respective categories. Our long-term strategic investment in the retail sector 3 Through our commitment to strategic growth, we continue to innovate in our markets, build on our range of established consists of a 49% shareholding in Herfy Food Services Kuwait Herfy Stores: 8 products and diversify into higher-value items. Company. As such, we remain the largest shareholder in Herfy, one of the leading restaurant, industrial bakery and 4 Our long-term strategic investments in the food sector also meat processing businesses in Saudi Arabia. generate profits for our shareholders. We are the largest Bangladesh Herfy Stores: 4 shareholder (34.52%) in the leading regional food manufacturer and distributor, Almarai Company, and own a 51% majority stake in Al Kabeer Group of Companies, one of the region’s leaders in frozen foods manufacturing and distribution. Major / Manufacturing Markets Export Markets Ownership of Ownership of Ownership of Ownership of Ownership of Savola Foods Almarai Al Kabeer Panda Retail Herfy Saudi Arabia Angola Ethiopia Libya Oman Spain Company Egypt Bahrain France Madagascar Pakistan Sudan Algeria Benin Germany Malawi Palestine Sweden Sudan Burundi Ghana Mali Rwanda Syria 100% 34.52% 51% 98.87% 49% Morocco Cameron Jordan Mauritania Senegal Tanzania UAE Canada Kazakhstan Mauritius Sierra Leone Uganda Others Comoros Kenya Morocco Somalia United Kingdom Congo Kuwait Mozambique South Africa USA Djibouti Lebanon Netherlands South Korea Yemen Eritrea Liberia North Macedonia South Sudan Others 4 The Savola Group Annual Report 2020 5 OVERVIEW Through the sound execution of our corporate strategy and With positive revenue and profitability across most of our Strategic and Financial Highlights dedication of our entire workforce during this historically businesses, we are now in a solid position to invest capital challenging year, we succeeded in continuing the positive growth into new categories within Food and Retail to complement our trends established in the previous year with regards to both the top current portfolio. We have also established a venture capital and bottom lines. program to actively explore acquisitions in disruptive companies and technologies to fuel future non-organic growth related to our STRATEGIC REVIEW STRATEGIC Sales revenue for Savola rose 1.4%, from SAR 21.4 billion in 2019 to core sectors. Positive Performance reach SAR 21.7 billion this year. This growth was the result of strong contributions mainly from our retail investments. 2020 witnessed In the year ahead, we will remain agile and focused, responding Panda Retail’s revenue increasing by 9%, Savola Foods Company’s to evolving market dynamics while seeking to accelerate the revenue decreasing by 6% and Al Kabeer Group’s revenue positive momentum and stimulate further growth to create and Profitability increasing by 18.8%. sustainable value for our shareholders. Savola’s full-year net profit rose to SAR 910.8 million on higher gross profit of SAR 4.6 billion due to increased sales and margins, DIRECTORS’ REPORT compared to last year’s net profit of SAR 476 million and gross profit of SAR 4.5 billion. This is equivalent to earnings per share of SAR 1.71 compared to SAR 0.89 in 2019. Savola built on a year of resilience and recovery in 2019 to Gross Profit Total Assets FINANCIAL STATEMENTS deliver a robust financial performance across our portfolio of SAR million SAR million leading food and retail companies in 2020. Despite the 4,640 27,058 widespread social and economic restrictions of the COVID-19 3% 1.5% pandemic across the Kingdom and our geographic footprint, 4,653 4,504 4,640 26,658 27,058 4,394 25,287 23,337 Savola achieved revenue growth and a significant increase in 3,898 22,252 profitability, driven by the return to profitability of Panda, enhanced quality of earnings for Savola Foods Company, higher profits in Al Kabeer and continued cost efficiency and optimization across our business. 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Revenue Net Profit Shareholders’ Equity Capital Expenditure SAR million 21,702 SAR million 911 SAR million 8,232 SAR million 463 1.4% 91.5% 8.5% 24.1% 26,331 1,026 8,829 1,265 911 8,217 8,232 23,830 7,590 21,815 21,406 21,702 7,127 476 673 463 -363 -520 394 374 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 6 The Savola Group Annual Report 2020 7 OVERVIEW Year in Review 2020 was a notable and eventful year for Savola. It was characterized by the achievement of a wide range of strategic, financial and operational milestones, whilst also acting decisively to safeguard our people from COVID-19 and support our diverse REVIEW STRATEGIC Strategic Milestones stakeholders across the Kingdom. in 2020 DIRECTORS’ REPORT 28 OCTOBER New CEO appointed FINANCIAL STATEMENTS Mr. Waleed Khalid Fatani was named Savola’s new Chief Executive Officer, 12 APRIL 16 JUNE 10 JANUARY effective 1 January 2021, following the Panda enters Forbes names Savola in resignation of Eng. Anees Ahmed Moumina. Savola’s Board of Directors Launch of Savola 7 APRIL eCommerce space ‘Top 100 Companies in extended its sincere thanks and World Foundation appreciation to Eng. Anees Ahmed Savola among ‘Best with PandaClick Middle East 2020’ Moumina for his commitment, dedication Savola transformed our flagship CSR Workplaces in Saudi PandaClick, a new ecommerce platform A leading business and financial and hard work exerted during his office program Savola World, from a 1 MARCH for grocery purchases and deliveries from publication, Forbes Middle East Magazine, term, which ended on 31 December department into a standalone private Arabia’ for 2020 Panda, was launched to provide ranked Savola 14th th 2020. The Board of Directors welcomes foundation, called Savola World in Saudi Arabia and 39 ‘One Family’ event customers across the Kingdom with a Mr. Waleed Khalid Fatani and wishes him Foundation. The new non-profit A testament to our commitment to in the Middle East based on market value, quick and convenient way to shop for good luck in his new role. organization will extend the Group’s raises awareness creating a positive, diverse and engaging sales, assets and profits in its annual list of their favorite brands with just a few clicks, Sustainability and CSR programs, under and support for workplace for all our employees, Savola Top 100 companies in the region.
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