DOCSLIB.ORG

Annual Report 2018 Re-Imagining Olam

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2018 Re-Imagining Olam Strategy Report Olam International Annual Report 2018 Re-imagining Olam Offering tomorrow’s products and services Strategy Report Olam International Limited Annual Report 2018 olamgroup.com About this report Contents Strategy Report Strategy report This chapter offers narrative about our strategy, our 2 Our financial and performance and key market factors and trends. It can be performance highlights read independently as an 8 Chairman’s letter Executive Summary or as part of the full report. 10 Group CEO review 26 Our business model Governance Report This section gives detailed 28 Our strategy in action information about our rigorous governance framework and those 40 Group COO review responsible for ensuring it is 76 Manufactured Capital followed. Shareholder information is also held within this chapter. 80 Human Capital 85 Social Capital Financial Report 92 Natural Capital Our figures and respective notes are enclosed within this chapter. 101 Intellectual Capital It should be read in conjunction 104 Intangible Capital with the Strategy Report to give a balanced account of internal and Integrated Impact external factors. 108 Statement 111 Engaging stakeholders 114 Risk Management 118 General information Navigating the Strategy Report Our Value Chain Edible Nuts Confectionery Food Industrial Raw Commodity and Spices and Beverage Staples and Materials, Financial Ingredients Packaged Infrastructure Services Foods and Logistics Our Capitals Front cover image: At Olam Spices’ Innovation and Quality Centre in Fresno, California, USA, Hein Tran creates Financial Manufactured Human Social Natural Intellectual Intangible innovative recipes for customers using our high quality spice ingredients. Our Vision To be the most differentiated and valuable global food and agri-business (by 2040) Our Governing Objective To maximise long-term intrinsic value for our continuing shareholders Our Purpose Re-imagining Global Agriculture and Food Systems How we win 1 2 Our success has and always A focus on niche Defensible niche strategies commodities and businesses in mainstream commodity will come from innovating with leadership positions categories our business model ‘The Olam Way’. 3 4 A unique African footprint A model to out-origin We have built deep industry and operating capability our competition expertise, distinctive 5 6 capabilities and differentiated Differentiated value-added A uniquely shaped our business sufficiently to solutions and services to portfolio ensure profitable growth. customers Where we operate Farming and Supply Processing and plantations chain ingredients Selective upstream Selective mid/downstream • Perennial tree crops • Global origination • Value-added • Broad acre row crops and sourcing manufacturing • Forest concessions • Primary processing • Branding and • Dairy farming • Inland and marine distribution (Africa) logistics • Merchandising • Trading • Value-added solutions and services • Risk management As set out in our refreshed Strategic Plan, by 2024 we will be a global food and agri-business that delivers food, feed and fibre along with innovative solutions to our customers. This supports our customers’ growing need for sustainable and transparent supply chains with a clear focus on tomorrow’s consumer preferences. Our financial and performance highlights Our financial and performance highlights Volume Edible Nuts and Spices Food Staples and Packaged Foods 5.1% 82.5% 1,690.5 27,104.3 Sales volume by segment (’000 metric tonnes) Confectionery and Industrial Raw Materials, Beverage Ingredients 32,867.6 Infrastructure and Logistics 5.6% (2017: 22,534.6) 6.8% 1,836.3 2,236.5 Edible Nuts Confectionery and Food Staples and Industrial Raw Materials, and Spices Beverage Ingredients Packaged Foods Infrastructure and Logistics Sourcing volume by region (’000 metric tonnes) Americas Asia, Australia 37.8% and Middle East 22.0% 32,867.6 (2017: 22,534.6) Africa 10.6% Europe 29.6% 2 Olam International Limited Annual Report 2018 Revenue Edible Nuts and Spices Food Staples and Packaged Foods 14.1% 47.6% 4,312.0 14,506.3 Revenue by segment (S$ million) Confectionery and Industrial Raw Materials, Beverage Ingredients 30,479.0 Infrastructure and Logistics 23.4% (2017: 26,272.5) 14.9% 7,129.8 4,530.9 Edible Nuts Confectionery and Food Staples and Industrial Raw Materials, and Spices Beverage Ingredients Packaged Foods Infrastructure and Logistics Sales revenue by region (S$ million) Americas Asia, Australia 16.9% and Middle East 43.0% Europe 30,479.0 24.7% (2017: 26,272.5) Africa 15.4% olamgroup.com 3 Our financial and performance highlights continued Invested Capital and EBITDA By business segment (S$ million) (%) 14,812.2 1,235.8 Edible Nuts and Spices 100 3,609.9 339.9 Confectionery and Beverage Ingredients Food Staples and Packaged Foods 80 Industrial Raw Materials, Infrastructure and 4,935.1 444.0 Logistics 60 Commodity Financial Services 40 4,577.9 288.8 20 1,571.7 176.2 117.6 (13.1) 0 Invested Capital EBITDA By value chain segment (S$ million) (%) 14,812.2 1,235.8 Upstream 100 4,061.2 148.0 Supply chain Midstream and downstream 80 5,151.3 405.2 60 40 5,599.7 682.6 20 0 Invested Capital EBITDA Edible Nuts, Spices and Food Staples and C ommodity Financial Services Upstream Vegetable Ingredients Packaged Foods Supply chain Confecti onery and Industrial Raw Materials, Midstream and downstream 4 OlamBeverage International Ingredie nLimitedts Annual ReportA 2018g Logistics and Infrastructure For the 12 Months Ended 31 December (S$ million) 2018 2017 % Change Profit and Loss Statement Sales Volume (‘000 Metric Tonnes) 32,867.6 22,534.6 45.9 Sales Revenue 30,479.0 26,272.5 16.0 Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) * 1,235.8 1,327.9 (6.9) Earnings Before Interest and Tax (EBIT) * 843.0 947.2 (11.0) Profit Before Tax * 375.4 630.8 (40.5) Profit After Tax and Minority Interest 347.8 580.7 (40.1) Operational Profit After Tax and Minority Interest * 346.6 431.5 (19.7) Per Share Earnings Per Share basic (cents) 9.2 18.6 (50.5) Operational Earnings Per Share basic (cents) * 9.2 13.3 (30.8) Net Asset Value Per Share (cents) 193.4 200.1 (3.3) Net Dividend Per Share (cents) ^ 7.5 7.5 - Balance Sheet Total Assets 23,446.8 22,298.5 5.1 Total Invested Capital 14,812.2 15,832.4 (6.4) Total Debt 11,268.2 11,587.9 (2.8) Cash & Cash Equivalents 2,480.4 1,986.4 24.9 Shareholders’ Equity 6,325.4 6,443.6 (1.8) Cash Flow Operating Cash Flow Before Interest and Tax 1,154.7 1,369.2 (15.7) Net Operating Cash Flow After Changes in Working Capital and Tax 2,085.3 2,203.9 (5.4) Free Cash Flow to Firm 1,530.4 1,484.4 3.1 Free Cash Flow to Equity 1,066.3 1,020.4 4.5 Ratios Net Debt to Equity (times) ** 1.32 1.46 (0.14) Net Debt to Equity (times) adjusted for liquid assets ** 0.29 0.51 (0.22) Return on Beginning-of-period Equity (%) ^^ 5.3 10.8 (5.5) Return on Average Equity (%) ^^ 5.3 10.1 (4.8) Return on Invested Capital (%) 4.5 5.4 (0.9) EBITDA on Average Invested Capital (%) 8.1 8.2 (0.1) Interest Coverage (times) # 1.7 2.2 (0.5) * Excludes exceptional items ^ Proposed final dividend of 4.0 cents is subject to shareholders’ approval at the 24th Annual General Meeting. ** Before Fair Value Adjustment Reserves # EBIT (including exceptional items) on total interest expense ^^ Excludes impact of capital securities distribution on net income and capital securities on equity olamgroup.com 5 Our financial and performance highlights continued Sales Volume Earnings Before Interest, Tax, (’000 metric tonnes) Depreciation and Amortisation (S$ million) 32,867.6 1,327.9 1,235.8 1,129.0 1,202.8 22,534.6 1,085.2 14,415.8 14,021.9 12,506.7 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 restated restated restated restated 1,527.2 1,549.2 1,569.7 1,691.5 1,690.5 360.5 393.5 331.8 438.4 339.9 1,437.1 1,689.5 1,687.5 2,063.6 1,836.3 275.6 284.0 407.2 327.7 444.0 9,356.4 7,904.9 9,496.1 16,909.3 27,104.3 295.2 212.1 330.2 359.7 288.8 1,701.2 1,363.1 1,662.5 1,870.2 2,236.5 215.6 185.1 135.2 197.3 176.2 (17.9) 10.6 (1.6) 4.8 (13.1) Sales Revenue Invested Capital (S$ million) 30,479.0 (S$ million) 26,272.5 20,587.0 19,771.9 19,052.6 16,649.0 15,832.4 14,374.7 14,812.2 11,560.7 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 restated restated restated restated 3,692.3 4,227.2 3,981.1 4,492.0 4,312.0 3,363.6 3,463.0 3,642.7 3,603.9 3,609.9 5,721.8 6,859.6 7,711.0 8,136.8 7,129.8 3,246.9 5,680.9 6,109.5 5,347.0 4,935.1 7,187.3 5,391.2 6,110.8 9,767.1 14,506.3 3,075.1 3,230.6 4,522.1 4,678.3 4,577.9 3,170.6 2,574.6 2,784.1 3,876.6 4,530.9 1,872.0 1,917.5 2,220.9 2,104.9 1,571.7 (0.1) 0 0 0 0 3.2 82.6 153.8 98.3 117.6 Profit After Tax Operational Profit After Tax and and Minority Interest Minority Interest (S$ million) (S$ million) 431.5 597.2 580.7 363.8 346.6 294.3 295.6 351.3 347.8 (114.9) 2014 2015 2016 2017 2018 restated restated 2014 2015 2016 2017 2018 restated restated Edible Nuts and Spices Industrial Raw Materials, Infrastructure and Logistics Confectionery and Beverage Ingredients Commodity Financial Services Food Staples and Packaged Foods 6 Olam International Limited Annual Report 2018 Earnings Per Share Return On Equity^^ (cents) (%) 24.0 16.3 18.6 10.8 6.8 11.5 11.5 6.7 11.0 9.2 13.3 7.8 7.7 6.4 5.3 (3.2) (5.2) 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 restated restated restated restated Earnings Per Share (cents) Return on Beginning-of-period-equity Operational Earnings Per Share (cents) Return on Beginning-of-period-equity excluding exceptional items Net Asset Value Per Share Shareholders’ Equity (cents) ($$ million) 200.1 193.4 6,443.6 6,325.4 179.7 190.8 167.3 5,079.1 5,398.3 4,171.5 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 restated restated restated restated Number of Customers** Top 25 Customers’ Share of Total Sales Revenue (%) 22,900 22,000 23.0 22.7 19,800 17.0 16,200 15.1 13,800 13.0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 restated restated restated restated ^^Excludes impact of capital securities on net income and capital securities on equity **Figures for 2014 (restated) are computed based on 30 June year-end basis.
Load more

Recommended publications
  • Group Senior Management
    Maple Tree_AR_Size: 215x280Hmm_PG:24 SL323735_175#_15-003_GP1B Mapletree Investments Pte Ltd Group Senior Management HIEW YOON KHONG, 53 Group CHief EXecutive Officer Mr Hiew is a member of the MIPL Board and assets in excess of S$25 billion. In the process, its Group Chief Executive Officer. He is also a Mapletree also built a substantial and growing Non-Executive Director of Mapletree Logistics capital management business. Trust Management Ltd, Mapletree Industrial Trust Management Ltd, Mapletree Commercial From 2003 to 2011, Mr Hiew was concurrently Trust Management Ltd, and Mapletree Greater Senior Managing Director (Special Projects) in China Commercial Trust Management Ltd. Temasek Holdings. Prior to joining Mapletree, Mr Hiew held various senior positions in the Mr Hiew joined Mapletree in 2003 as Group CapitaLand group of companies. His past Chief Executive Officer. He has since led the directorships included serving as a member on Mapletree Group from a Singapore-centric the Boards of Changi Airports International and asset-owning real estate company worth Sentosa Development Corporation, as well as S$2.3 billion to a fast-growing regional the Board of Trustees of the National University company with total owned and managed of Singapore. WONG MUN HOONG, 49 Group CHief Financial Officer Mr Wong oversees the Finance, Tax, Treasury, Prior to joining Mapletree in 2006, Mr Wong Private Funds Management, Risk Management, had over 14 years of investment banking and Information Systems & Technology experience in Asia, the last 10 years of which functions of the Mapletree Group. were with Merrill Lynch & Co. He is also a Non-Executive Director of Mapletree Logistics Trust Management Ltd, Mapletree Industrial Trust Management Ltd, Mapletree Commercial Trust Management Ltd and CapitaLand Township Development Fund.
    [Show full text]
  • The State of 5G Trials
    The State of Trials Courtesy of 5G Data Speeds Shows the highest claimed data speeds reached during 5G trials, where disclosed 36 Gb/s Etisalat 35.46 Gb/s Ooredoo 35 Gb/s M1 35 Gb/s StarHub 35 Gb/s Optus 20 Gb/s Telstra 20 Gb/s Vodafone UK 15 Gb/s Telia 14 Gb/s AT&T 12 Gb/s T-Mobile USA 11.29 Gb/s NTT DoCoMo 10 Gb/s Vodafone Turkey 10 Gb/s Verizon 10 Gb/s Orange France 9 Gb/s US Cellular 7 Gb/s SK Telecom 5.7 Gb/s SmartTone 5 Gb/s Vodafone Australia 4.5 Gb/s Sonera 4 Gb/s Sprint 2.3 Gb/s Korea Telecom 2.2 Gb/s C Spire 5G Trial Spectrum Shows the spectrum used by operators during 5G trials, where disclosed Telstra Optus NTTDoCoMo AT&T AT&T AT&T AT&T Verizon Vodafone Korea Vodafone Bell Vodafone StarHub UK Telecom Turkey Canada Turkey Sonera China SmarTone C Spire Verizon Mobile M1 Vodafone Sprint Korea Australia Telecom Optus Telia NTT DoCoMo Sprint Turkcell SK Telecom US Cellular T-Mobile USA Verizon US Cellular Verizon SUB 3 3.5 4.5 SUB 6 15 28 39 64 70 70-80 71-76 73 81-86 60-90 GHTZ Operator 5G Trials Shows the current state of 5G progress attained by operators Announced 5G trials Lab testing 5G Field testing 5G Operators that have announced timings of Operators that have announced Operators that have announced that they trials or publicly disclosed MoUs for trials that they have lab tested 5G have conducted 5G testing in the field Equipment Providers in 5G Trials Shows which equipment providers are involved in 5G trials with operators MTS T-Mobile USA SK Telekom Verizon Batelco Turkcell AT&T Bell Canada Sonera SmarTone Vodafone Orange BT Taiwan Germany Telia Mobile Telstra C Spire Vodafone US Cellular Vodafone Turkey M1 Australia MTS Ooredoo M1 NTT Docomo Optus Orange China StarHub Mobile Korea Telecom 5G trials with all five equipment providers Telefonica Deutsche Telekom Etisalat Telus Vodafone UK Viavi (NASDAQ: VIAV) is a global provider of network test, monitoring and assurance solutions to communications service providers, enterprises and their ecosystems.
    [Show full text]
  • Olam International
    Singapore Company Guide Olam International Version 6 | Bloomberg: OLAM SP | Reuters: OLAM.SI Refer to important disclosures at the end of this report DBS Group Research . Equity 16 May 2017 HOLD Holding tight Last Traded Price ( 15 May 2017): S$1.99 (STI : 3,264.21) Limited upside for now. We maintain our HOLD call on Olam Price Target 12-mth: S$2.15 (8% upside) (Prev S$2.12) International (Olam) with a revised TP of S$2.15. Olam appears to have successfully integrated the US$1.2bn acquisition of ADM Analyst Cocoa, and is on track to achieve positive free cash flow to Mervin SONG CFA +65 6682 3715 [email protected] firm/equity by the year end. However, with limited upside to our TP, we believe the stock will remain range bound. In addition, with return on equity (ROE) still suboptimal, a re-rating beyond its What’s New average PE multiple of 16x implied by our TP is unlikely at this 1Q17 core profit up 4% y-o-y, in line with stage. expectations Where we differ – Sell calls unwarranted. Consensus has sell Strong contribution from Edible Nuts and Food ratings on Olam, which we believe is unwarranted. While Olam Staples divisions faces the challenges of declining cocoa prices and softer cocoa processing margins this year and still generates suboptimal Positive free cashflow stronger in 1Q17, on track returns, we believe the company should deliver decent EPS to achieve positive free cashflow to equity by year growth this year, given strong performance from Edible Nuts and end recovery at its Food Staples division.
    [Show full text]
  • Starhub's Service Specific Terms & Conditions Post-Paid Mobile Services
    STARHUB'S SERVICE SPECIFIC TERMS & CONDITIONS POST-PAID MOBILE PLANS, VALUE-ADDED SERVICES AND OTHERS STARHUB'S SERVICE SPECIFIC TERMS & CONDITIONS POST-PAID MOBILE SERVICES TABLE OF CONTENTS SECTION A: POST-PAID MOBILE SERVICES ......................................................................................................................................... 4 1. Basic terms and conditions ...................................................................................................................................................... 4 2. BlackBerry® Plans .................................................................................................................................................................... 12 3. Mobile Data Plans .................................................................................................................................................................... 13 4. Mobile Voice Plans ................................................................................................................................................................... 13 4.1 XS/S/M/L/XL Plans .................................................................................................................................................... 25 4.2 Lite Plan ....................................................................................................................................................................... 26 4.3 HD Voice & HD Voice+ ........................................................................................................................................
    [Show full text]
  • Awards & Accolades
    Maple Tree_AR_Size: 215x280Hmm_PG:79 SL323735_175#_15-003_GP1B Annual Report 2014/2015 Awards & Accolades Awards & Accolades 2015 2014 Frost & Sullivan Asia Pacific Logistics MIPIM Asia Awards – Best Chinese Infrastructure Developer of the Year Futura Mega Project – Bronze th 8 Place in the 2014/2015 APAC Fund Frost & Sullivan MIPIM Asia Manager Guide Mapletree Logistics Trust Management Ltd Mapletree Business City Shanghai and PERE Magazine VivoCity Shanghai Mapletree Investments Pte Ltd Top 50 Singapore Brands Brand Finance, Singapore Top 10 Commercial Real Estate in Foshan SG Mark Award Mapletree Logistics Trust Management Ltd Winshang.com, China Design Business Chamber Singapore VivoCity Nanhai Mapletree Business City II Top 10 Performing Buildings (Mixed Development) in BCA Building Energy 2014 Commercial Landmark in BCA-IDA Green Mark Platinum Award Benchmarking Report 2014 Foshan City Building and Construction Authority and Building and Construction Authority, Singapore Guangzhou Daily, China Infocomm Development Authority of Singapore HarbourFront Centre VivoCity Nanhai Build-to-suit data centre for Equinix, SG3 Top 10 Performing Office Buildings PLUS 2014 Most Influential District Green Mark Gold Award (Private) in BCA Building Energy Shopping Mall Building and Construction Authority, Singapore Benchmarking Report 2014 Guangzhou Daily, China PSA Building & Alexandra Retail Centre Building and Construction Authority, Singapore VivoCity Nanhai Mapletree Business City Apple Daily Best Mall Awards 2014 – Top 10 Commercial Landmarks
    [Show full text]
  • MCT Secures Its First S$670.0 Million Green Loan
    For Immediate Release MCT secures its first S$670.0 million green loan Singapore, 21 October 2019 – Mapletree Commercial Trust Management Ltd., as manager of Mapletree Commercial Trust (“MCT”, and as manager of MCT, the “Manager”), is pleased to announce that DBS Trustee Limited, in its capacity as trustee of MCT (the “Trustee”), has secured its first S$670.0 million green club loan to part finance its acquisition of Mapletree Business City (Phase 2)1 (“MBC II”) and the Common Premises2. Completed in 2016, MBC II has been designed with environmentally friendly features and has been certified BCA Green Mark Platinum, BCA Universal Design Mark Platinum Award and LEED® Gold. DBS Bank Ltd. (“DBS”) and OCBC Bank acted as the green loan coordinators. The other club banks are Bank of China Limited Singapore Branch, Citibank N.A. Singapore Branch and Sumitomo Mitsui Banking Corporation Singapore Branch. The loan heralds MCT’s first step in green financing and demonstrates MCT’s commitment to sustainability in the property sector. Currently, all of MCT’s existing properties have received BCA Green Mark certifications, most of which are rated at the top two categories. Going forward, MCT is committed to ensuring that all MCT’s properties are and continue to be BCA Green Mark-certified, incorporating features such as greater climatic responsiveness, higher energy effectiveness, increased resource efficiency and smarter and healthier indoor environments. MCT has established a Green Loan Framework (the “Framework”) which is guided by the Green Loan Principles (2018) published by the Loan Market Associations and the Asia Pacific Loan Market Association.
    [Show full text]
  • Annual Report 2018Opens in New Window
    DARE TO EVOLVE STARHUB LTD Annual Report 2018 Staying at the forefront of the industry requires us to constantly grow and evolve, and this priority has never been clearer. This year, we have engaged in an organisation-wide journey of transformation, backed by our strategic pillars to DARE: Deliver Market- Leading Customer Experiences, Accelerate Value Creation, Realise New Opportunities, and Enhance Digital Transformation. This year, our commitment to become more effective and efficient has grown stronger than ever before. This year, our journey has been made possible because we DARE to Evolve. CORPORATE PROFILE VISION MISSION CORE VALUES StarHub is a leading Inspiring Digital Innovation Leading, innovative ExCITe: homegrown Singapore – Improving the lives of our provider of communications, Excellence, company that delivers world- customers daily. information and Creativity, class communications, entertainment services, Integrity, entertainment and digital enabling consumers and Teamwork solutions. enterprises in Singapore to benefit from digital transformation. OVERVIEW WHAT’S IN STORE As an integrated infocommunications company, we create value when we integrate our relationships with all stakeholders. For more details, go to page 18 > STRATEGY STRATEGY OVERVIEW At a Glance 10 STRATEGY Chairman’s Message 12 Significant Events 16 Value Creation 18 Enhancing the Customer Experience 20 Board of Directors 22 In Discussion with Senior Executives 28 PERFORMANCE Senior Executives’ Profiles 38 PERFORMANCE Consumer Hubbing in Review Consumer
    [Show full text]
  • Olam International
    Singapore Company Guide Olam International Version 7 | Bloomberg: OLAM SP | Reuters: OLAM.SI Refer to important disclosures at the end of this report DBS Group Research . Equity 1 Mar 2018 HOLD Positives priced in for now Last Traded Price ( 28 Feb 2018): S$2.25 (STI : 3,517.94) Limited upside for now. We maintain our HOLD call on Olam Price Target 12-mth: S$2.31 (3% upside) (Prev S$2.15) International (Olam) with a revised TP of S$2.31. Olam appears Analyst to have successfully integrated the US$1.2bn acquisition of Mervin SONG, CFA +65 6682 3715 [email protected] ADM Cocoa, and has achieved its target of positive free cash flow to firm/equity by end FY17. However, with limited upside to our TP, we believe the stock will remain range bound. In What’s New addition, with return on equity (ROE) still suboptimal, a re-rating • FY17 core profit up 23% y-o-y - above expectations beyond its average PE multiple of 16x implied by our TP is • Better than expected performance from edible nuts unlikely at this stage. • Achieves target of positive free cashflow to firm and Where we differ – Sell calls unwarranted. Consensus has sell equity ratings on Olam, which we believe is unwarranted. While Olam • Rewards shareholders with higher FY17 DPS of 7.5 Scts, still generates suboptimal returns, we believe the company up from 6.0 Scts in FY16 should deliver healthy 8% EPS growth in 2018, given continued maturity of the upstream assets, growth of in its Edible Nuts and recovery at its Confectionary & Beverage division.
    [Show full text]
  • Mapletree Logistics Trust to Acquire
    For Immediate Release MAPLETREE LOGISTICS TRUST TO ACQUIRE (I) NINE LOGISTICS PROPERTIES IN CHINA, MALAYSIA AND VIETNAM, AND (II) THE REMAINING 50% INTEREST IN 15 LOGISTICS PROPERTIES IN CHINA Acquisitions of high-quality modern logistics properties with average age of 2.8 years enhance MLT’s portfolio and regional network presence 94.7% leased to a strong tenant base serving mainly the domestic consumer markets, with e- commerce tenants accounting for 58% of revenue Proposed Acquisitions are expected to be distribution per Unit (“DPU”) and net asset value (“NAV”) per Unit accretive Singapore, 19 October 2020 – Mapletree Logistics Trust Management Ltd., as manager (the “Manager”) of Mapletree Logistics Trust (“MLT”), is pleased to announce the proposed acquisitions of A 100% interest in seven properties (the “New PRC Properties”) and the remaining 50% interest in 15 properties in China (the “Partially Owned PRC Properties”, and together with the New PRC Properties, the “PRC Properties”) at an acquisition price of approximately RMB4,477.1 million (S$905.7 million)1; A property in Malaysia (the “Malaysia Property”) at an acquisition price of approximately MYR402.5 million (S$131.7 million)1; and A property in Vietnam (the “Vietnam Property”) at an acquisition price of approximately USD22.2 million (S$30.1 million)1 (collectively, the “Properties”, and the acquisitions of the Properties, the “Acquisitions”) from subsidiaries of Mapletree Investments Pte Ltd (the “Sponsor”), the sponsor of MLT, and subsidiaries of Itochu Corporation, as the case may be. Ms Ng Kiat, Chief Executive Officer of the Manager, said, “The acquisition of these properties in high growth markets is a continuation of our long-term strategy to deepen MLT’s network connectivity to better serve our customers’ regional requirements, enabling them to access large consumption hubs within a short delivery time.
    [Show full text]
  • Corporate Governance Case Studies Volume Three
    CORPORATE GOVERNANCE CASE STUDIES VOLUME THREE Edited by Mak Yuen Teen Corporate Governance Case Studies Volume three Mak Yuen Teen FCPA (Aust.) Editor First published October 2014 Copyright ©2014 Mak Yuen Teen and CPA Australia. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, except for inclusion of brief quotations in a review. The views expressed in this publication are those of the authors and do not necessarily represent the views of, and should not be attributed to, CPA Australia Ltd. Please contact CPA Australia or Professor Mak Yuen Teen for permission of use of any case studies in this publication. Corporate Governance Case Studies Volume Three Editor : Mak Yuen Teen FCPA (Aust.) Editor’s email : [email protected] Published by : CPA Australia Ltd 1 Raffles Place #31-01 One Raffles Place Singapore 048616 Website : cpaaustralia.com.au Email : [email protected] ISBN : 978-981-09-1544-5 II Contents Contents III Foreword V Preface VII Singapore Cases Airocean in Choppy Waters ...............................................................................1 A Brewing Takeover Battle for F&N ..................................................................10 Hong Fok Corporation: The Badger and The Bear............................................20 Olam in Muddy Waters ....................................................................................29
    [Show full text]
  • Wilmar International Limited 56 Neil Road
    Wilmar International Limited Olam International Limited 56 Neil Road 9 Temasek Boulevard Singapore 088830 #11-02 Suntec Tower Two Tel: (65) 6216-0244 Singapore 038989 Fax: (65) 6223-6635 telephone 65 63394100 Website: www.wilmar-international.com website www.olamonline.com Regn. No. 199504676-H NEWS RELEASE WILMAR AND OLAM TO FORM A 50:50 JOINT VENTURE, NAUVU INVESTMENTS, TO INVEST IN INTEGRATED PALM OIL, NATURAL RUBBER AND SUGAR ASSETS IN AFRICA Nauvu announces 3 investments totalling approximately S$300 million (US$209 million) as its first major initiative Singapore, November 15, 2007 - Wilmar International Limited (“Wilmar’”) and Olam International Limited (“Olam”) today announced the formation of a 50:50 joint venture named Nauvu Investments (“Nauvu”). This Joint Venture will invest in integrated palm oil, natural rubber and sugar assets in Africa, including upstream plantations, midstream processing and downstream merchandising and distribution operations. As a first step towards fulfilling this mandate, Nauvu will make three important investments: 1. Acquisition of a 25% strategic stake in SIFCA Group, one of Africa’s largest agro industrial groups with diversified interests across palm oil, cotton seed oil, natural rubber and sugar sectors in Africa. SIFCA is the largest player in the palm oil and rubber industry in West Africa and the second largest in the sugar sector in Cote d’Ivoire. The indicative acquisition price for this stake is EUR 90 million (approximately S$190 million or US$132 million), of which EUR 86 million will be paid upfront with the remaining EUR 4 million to be paid on a contingent earn-out basis over three years.
    [Show full text]
  • The Straits Times, U, and a 40 Per Cent Stake in Mediacorp Press Limited, the Business Times, the New Paper, Berita Harian, Which Publishes the Free Newspaper, Today
    MEDIASCAPE Maintaining Focus in an Evolving Mediascape Annual Report 2016 CONTENTS 01 26 61 70 Corporate Further Information on Daily Average Corporate Profile Board of Directors Newspapers Circulation Information 02 30 62 71 Businesses and Products Senior Financial Sustainability under the SPH Group Management Review Report 14 38 65 76 Organisation CEO’s Overview of Group Value Added Corporate Governance Structure Operations Statement Report 15 50 66 96 Group Financial Significant Investor Risk Highlights Events Relations Management 16 56 68 113 Chairman’s Awards & Investor Financial Statement Accolades Reference Contents 20 60 Board of SPH Newspapers Directors Readership Trends Singapore Press Holdings Annual Report 2016 CORPORATE PROFILE INCORPORATED IN 1984, MAIN BOARD-LISTED SINGAPORE PRESS HOLDINGS LTD (SPH) IS ASIA’S LEADING MEDIA ORGANISATION, ENGAGING MINDS AND ENRICHING LIVES ACROSS MULTIPLE LANGUAGES AND PLATFORMS. Media SPH has a 20 per cent stake in MediaCorp TV Holdings The English/Malay/Tamil Media group comprises Pte Ltd, which operates free-to-air channels 5, 8 and the print and digital operations of The Straits Times, U, and a 40 per cent stake in MediaCorp Press Limited, The Business Times, The New Paper, Berita Harian, which publishes the free newspaper, Today. and their respective student publications. It also includes subsidiaries Tamil Murasu Ltd, which publishes Properties Tamil Murasu and tabla!; book publishing arm Straits SPH REIT is a Singapore-based REIT established to Times Press; SPH Data Services, which licenses the invest in a portfolio of income-producing real estate use of the Straits Times Index in partnership with the primarily for retail purposes.
    [Show full text]