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Assurance Through Adaptation Annual Report 2011 Head Office Directors 812 Shaikh Jaber Al Ahmed Mr Assurance through adaptation Annual Report 2011 Head Office Directors 812 Shaikh Jaber Al Ahmed Mr. Abdulla Hassan Buhindi - Chairman Al Subah Highway Mr. Abdulla Mohammed Juma - Vice Chairman P.O. Box 828, Sitra Mrs. Mona Yousif Almoayyed Kingdom of Bahrain Mr. Mohammed Farouq Almoayyed Telephone: +973 17 739 444 Mr. Jehad Yousif Ameen Fax: +973 17 731 186 Mr. Redha Abdulla Faraj Commercial Registration Mr. Shawki Ali Fakhroo 10999 Mr. Suhail Hajee Authorised Capital Bankers 200,000,000 shares of BD0.100 National Bank of Bahrain B.S.C. each: BD20,000,000 Ahli United Bank B.S.C. Bank of Bahrain & Kuwait B.S.C. Paid Up Capital Standard Chartered Bank BD 13,311,686 divided into HSBC Bank Middle East 133,116,860 ordinary shares Bank Muscat International B.S.C. each with a nominal value BNP Paribas of BD0.100 fully paid Reviewing Accountants Ernst & Young Company Secretary Mr. Jad Moukheiber His Royal Highness Prince His Majesty King Hamad His Royal Highness Prince Khalifa Bin Salman Al Khalifa Bin Isa Al Khalifa Salman Bin Hamad Al Khalifa The Prime Minister of the The King of the Kingdom The Crown Prince and Deputy Kingdom of Bahrain of Bahrain Supreme Commander of the Kingdom of Bahrain Based in the Kingdom of Bahrain, and with international operations spanning three continents, BMMI is a diversified retail and distribution, and contract services and supply group, supported by a world-class integrated logistics capability. The Group specialises in the wholesale, distribution and retail of food and beverages, and represents a leading portfolio of global household name brands. BMMI is also a fully fledged international provider of end-to-end supply chain solutions, integrated facility management, logistics and procurement services to governments, Non-Governmental Organisations, commercial and military organisations. Listed on the Bahrain Stock Exchange, BMMI is one of the fastest growing companies in its sector, with an annual turnover approaching US$250 million. The Group adopts a performance-driven, customer-focused business approach in line with international standards and global best practice. With over 130 years of uninterrupted operations in the Arabian Gulf, BMMI is now one of the leading private sector business enterprises in the GCC region and a fast-growing multinational organisation. 2 - BMMI GROUP 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. BMMI GROUP - 3 MILESTONES 2011 Robust in facing the future It‘s in testing times that businesses prove their worth. In a year of continued global financial turbulence, of geo-political change in Africa and social upheaval across the Middle East, BMMI’s financial strength has remained unimpaired. This has not happened by chance. United States In the face of adversity, BMMI’s core attributes come to the fore. We have the agility to adapt to changing conditions, the financial strength to withstand turbulence, the expertise to address an evolving landscape, the flexibility to meet customers’ needs and the stability that comes from disciplined business practice. Underpinned by these strengths, BMMI is well placed to overcome challenges and capture the many opportunities that lie ahead. 4 - BMMI GROUP Gulf Region Strong Contract Services and United States Bahrain Supply sales to Air Force Completion of first stage Sudan Implementation of the Oracle and Army Bases in Qatar, tender for the Prime vendor Establishment of Global iStore system will enable together with the Sheikh contract with the US Defence Sourcing & Supply presence in full e-commerce capability Isa Air Base in Bahrain Logistics Agency / Troop Juba, South Sudan following boosting on-line sales and resulted in revenue growth, Support for Zone 1 (Bahrain) independence in July 2011, home deliveries of consumer reaching approximately US$1 a $70 million a year contract, provides support for UN goods and beverages. million per month in Bahrain and Zone 2 (UAE, Oman, operations and NGOs that Group-wide implementation compared to $0.5 million in Djibouti, Kenya) at $75 million moved from the North to of Integrated Management previous years with 99% fill- per year. the South. System rate efficiencies. 267 587 412 51 25 2 138 Employees by 468 country Bahrain Qatar Djibouti USA Gabon Mali Sudan Bahrain 17.231 Qatar Ghana Saudi Arabia Mali Burkina Faso Guinea 50.282 Sudan Djibouti Ghana Uganda 19.794 Gabon Kenya Tanzania Revenue by region (BD millions) Bahrain Rest of GCC Africa West Africa East Africa Capture of new opportunities Establishment of Kenya for Global Sourcing and Supply country office to capitalise on in Guinea and Burkina Faso the Mombasa/inland trade route, together with presence in Uganda and Tanzania BMMI GROUP - 5 Financial summary Net Profit BD millions Return on Equity Percent 11 11 6.641 14 10 10 9.092 19 09 09 9.022 20 08 08 7.452 18 07 07 10.141 25 Revenue BD millions Earnings per Share Fils 11 11 87.307 53 10 10 84.777 73 09 09 87.183 87 08 08 80.446 73 07 07 59.737 105 Equity BD millions 11 47.596 10 47.177 09 44.631 08 40.305 07 40.116 6 - BMMI GROUP Financial Highlights In Bahraini Dinars, except as stated otherwise 2011 2010 2009 2008 2007 Shareholders’ Funds 47,595,743 47,717,313 44,631,188 40,305,502 40,116,807 Total liabilities 15,255,545 13,203,251 12,798,349 21,874,695 18,053,214 Sales 87,307,067 84,777,999 87,183,154 80,446,637 59,737,134 Overheads 17,279,462 15,084,085 15,418,386 13,488,557 8,545,524 Net Profit 6,641,980 9,092,327 9,022,019 7,452,208 10,141,408 EPS 53 73 87 73 105 Dividend Cover 1.1 1.5 1.7 1.5 2.1 Return on Assets (%) 14% 19% 20% 18% 25% Overheads / Sales (%) 20% 18% 18% 17% 14% Debt / Equity (%) 32% 28% 29% 54% 45% Net Profit / Sales (%) 8% 11% 10% 9% 17% Sales outside Bahrain (%) 42% 41% 43% 41% 33% Full-time employees (Numbers at year end) 1,787 2,011 1,653 1,592 539 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. BMMI GROUP - 7 1 2 3 4 5 6 7 8 8 - BMMI GROUP Board of Directors 1 Mr. Abdulla Hassan Buhindi, Chairman 2 Mr. Abdulla Mohammed Juma, Vice Chairman 3 Mrs. Mona Yousif Almoayyed, Director 4 Mr. Jehad Yousif Ameen, Director 5 Mr. Redha Abdulla Faraj, Director 6 Mr. Shawki Ali Fakhroo, Director 7 Mr. Mohammed Farouq Almoayyed, Director 8 Mr. Suhail Hajee, Director Executive Committee Mr. Shawki Ali Fakhroo, Chairman Mrs. Mona Yousif Almoayyed Mr. Jehad Yousif Ameen Audit Committee Mr. Redha Abdulla Faraj, Chairman Mr. Abdulla Mohammed Juma Mr. Mohammed Farouq Almoayyed Investment Committee Mr. Abdulla Hassan Buhindi, Chairman Mrs. Mona Yousif Almoayyed Mr. Jehad Yousif Ameen Mr. Shawki Ali Fakhroo Mr. Suhail Hajee Executive Management Group 9 Mr. Gordon Boyle, Chief Executive 9 10 10 Mr. Ammar Aqeel, Chief Financial Officer 11 Mr. Mike Eastwood, Chief Operating Officer - Retail & Distribution 11 12 12 Mr. Robert Smith, Chief Operating Officer - Contract Services & Supply BMMI GROUP - 9 A year of resilience On behalf of the Board of Directors of BMMI, I am Top-line performance has shown remarkable strength, pleased to present the Group’s annual report and reflecting the ability of BMMI to grow, even in difficult consolidated financial statements for the year ended market conditions. As a reflection of our underlying 31 December 2011. While 2011 proved to be a year of health as a company, total sales revenues grew to BD 87.3 challenge, I am proud to say that BMMI achieved resilient million during 2011, up from BD 84.8 million in 2010. financial results and made important strategic progress While the net profit of BD 6.7 million was down from BD in many areas, to ensure the continued success of our 9.2 million in 2010, this was in part due to an increase in company. costs and expenses associated with strategic investments for the future, reflected in an overall increase in assets BMMI got off to a great start in early 2011, with very from BD 61.2 million in 2010 to BD 63.2 million in 2011. strong numbers in January. As with many other countries in the Middle East and North Africa, Bahrain experienced The new Alosra supermarket, opened in Amwaj, is already a degree of political and social upheaval which caused delivering considerable returns, and the organisation is some operational difficulties for our Bahrain based looking for further strategic locations in Bahrain, plus businesses during the early part of the year.
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