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ANNUAL REPORT 2019 DELFI LIMITED ANNUAL REPORT 2019 Passionate, Innovative, Dynamic – These Qualities Define the Delfi Spirit

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ANNUAL REPORT 2019 DELFI LIMITED ANNUAL REPORT 2019 Passionate, Innovative, Dynamic – These Qualities Define the Delfi Spirit DELFI LIMITED ANNUAL REPORT 2019 DELFI LIMITED ANNUAL REPORT 2019 Passionate, Innovative, Dynamic – These qualities define the Delfi spirit. They shape the way we think and work, which enable us to create everyday joy and always deliver delights that fill the heart. OUR LEADING BRANDS Delfi makes everyday moments special with products that delight our consumers. Whether it is savouring the taste of heritage or discovering new experiences, our consumers can enjoy the best of both worlds. Contents OVERVIEW FINANCIAL REPORTS & STATEMENTS 02 Freedom of Expression 04 Five-Year Financial Highlights & Review 50 Corporate Governance Report 08 Our Business Profile 73 Directors’ Statement 16 Impressions That Last 78 Independent Auditor’s Report 18 Letter From Our Chairman 84 Consolidated Income Statement 20 Letter From Our CEO 85 Consolidated Statement Of Comprehensive Income 22 Board Of Directors 86 Balance Sheets 30 Senior Management 87 Consolidated Statement Of Changes in Equity 32 Anywhere, Anytime 88 Consolidated Statement Of Cash Flows 34 Operating & Financial Review 90 Notes To The Financial Statements 42 Sustainable Value Creation 157 Appendix (Shareholders’ Mandate) 46 Creating Memories To Treasure 171 Annexure 48 Corporate Information 173 Disclosure Under SGX-ST Listing Manual Requirements 181 Shareholdings Statistics DELFI LIMITED 01 ANNUAL REPORT 2019 FREEDOM OF 02 DELFI LIMITED ANNUAL REPORT 2019 EXPRESSION DELFI LIMITED 03 ANNUAL REPORT 2019 Five-Year Financial Highlights & Review 2019 REVENUE BREAKDOWN GROUP REVENUE By Geography (US$ million) 2019 308 164 472 2018 281 146 427 REGIONAL MARKETS INDONESIA 2017 243 138 381 28.5% 71.5% 2016 255 147 402 2015 253 153 406 Own Brands Agency Brands GROUP EBITDA (US$ million) 2019 60 2018 51 2017 44 2016 51 2015 37 GROUP PATMI* (US$ million) 2019 28 2018 23 2017 17 2016 28 2015 15 * Excludes exceptional/non-recurring items 2019 SHARE PRICE PERFORMANCE (S$/Share) 1.60 1.40 1.20 1.00 0.80 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 04 DELFI LIMITED ANNUAL REPORT 2019 Revenue The weakening of the operating currencies of our regional businesses (i.e. the Indonesian Rupiah, the Philippines Peso, The Group’s sales in 2015 were USS$405.9 million. They the Malaysian Ringgit and the Singapore Dollar) during the softened in 2016 and by 2017 were US$381.3 million. However 2015-2019 period against the US Dollar, which is the reporting over the past two years, sales have picked up strongly with currency for the Group, also had a negative translational impact 2019 showing sales of US$471.6 million, an increase of 23.7% on our financial results and concealed the actual physical over that low water mark. sales that were achieved. With more than 70% of the Group’s revenue generated from Indonesia, the movement of the The softening in those earlier years was the result of our Indonesian Rupiah against the USD in particular contributed business being affected by several factors which contributed significantly to the negative translational impact. As illustrated to the negative performance, especially our operations in the figure above, the Indonesian Rupiah devalued by more in Indonesia. The most significant of these included the than 6% against the USD over the last five years. slowdown of the Indonesian economy and the weakening of the Indonesian Rupiah which, together with higher inflation, Consequently, the local sales reported in USD did not necessarily had a serious negative impact on consumer confidence across represent the underlying performance of our businesses. the board. This led to a significant downturn in consumer For example, comparing 2019 to 2015, our revenue in the confidence and spending in 2015 which affected a number USD reporting currency was higher by 3.8% compounded of Indonesian consumer categories, including chocolate annually, while from a constant currency perspective, the confectionery. For us, this resulted in our trade customers growth achieved would have been higher by 560 basis points. both reducing their orders and, at the same time, reducing their inventory levels, which in turn had a double negative Another key change in these earlier years was the evolution impact on our sales. in Indonesia’s retail landscape which included the significant growth of the Modern Trade retail channel, especially in the minimart and convenience store formats, and the increased level of competition, especially from foreign brands looking INDONESIAN PINCER MOVEMENT: to further build their market position and also brands looking CURRENCY DEPRECIATION AND GDP to enter the market. SLOWDOWN In the face of these negative external changes, we implemented 15,000 a number of strategic initiatives to critically change our business 5.9 model in Indonesia to position it for long term growth. The 14,000 5.7 changes included: (i) eliminating from our portfolio of Own Brands underperforming SKUs (comprising mainly flavour 13,000 5.5 variants that underperformed in terms of our new, higher 12,000 5.3 benchmark for sales velocity and/or margin performance); 5.1 and (ii) revising our route-to-market strategy and our supply IDR/1USD 11,000 4.9 % GDP Growth chain approach in order to improve the service levels to our 10,000 key retail customers, which increased the speed to market 4.7 for our products whilst securing a higher level of product 9,000 4.5 2012 2013 2014 2015 2016 2017 2018 2019 availability and ensuring that our products continue to maintain significant shelf space presence. Average IDR/USD 9,374 10,233 11,865 13,344 13,360 13,389 14,190 14,179 GDP 6.0 5.6 5.0 4.9 5.0 5.1 5.2 5.0 Average IDR/USD GDP DELFI LIMITED 05 ANNUAL REPORT 2019 Five-Year Financial Highlights & Review These changes (notably the product rationalisation programme), For the periods from 2016 to 2019, the improvement in our coupled with the macroeconomic headwinds encountered in GPM from the 2015 level reflected a combination of the Indonesia in 2015, had a negative impact on our sales during following: (i) the benefit of price increases and product resizing 2015 to 2017. To put the magnitude of this rationalisation for selected products implemented in 2015, 2016 and 2018; exercise into perspective, we reduced our Own Brands portfolio (ii) higher sales of premium Own Brands products achieved; in Indonesia by almost one-third which, together with the and (iii) through our ongoing cost-containment initiatives. The SKUs eliminated from our portfolio in the Philippines, totalled improvement was achieved despite the currency headwinds more than 180 SKUs (or 40% of our total portfolio). Our Own faced over the period. Brands sales account for more than 60% of Group revenue. Over the last three years, we have achieved an average GPM of After the lower sales over the 2015 to 2017 period, the benefits 35.0% which is about 520 basis points higher than 2015’s GPM. of our restructuring started to show and the Group’s revenues have resumed its upward growth trajectory since then, driven EBITDA mainly by higher Own Brands sales. The growth achieved essentially reflected the successful implementation of our Over the five-year period, the Group’s EBITDA performance strategic initiatives to position our business for long term essentially reflects the Group’s Gross Profit achieved as well sustainable growth. as higher selling and distribution costs. Selling and distribution costs remained high (as a percentage of the Group’s sales) as a Sales in 2019 at US$471.6 million were well above the result of continued investments in our brand building initiatives levels seen during 2015 to 2017 and this was despite the 6% and as we strengthened our route-to-market capabilities. devaluation in the Indonesian Rupiah over the same period. Following on from the momentum in 2018, sales of our Own To position our business for long term success, we increased Brands products in 2019 were higher Y-o-Y by 9.5% with the our spending to build our core brands and focused on where we growth driven mainly by our portfolio in Indonesia from: (i) believe the strongest growth opportunities are. To cater to the higher sales growth of our products in the premium format different consumer groups, we have chocolate confectionery category; and (ii) benefits from our direct shipment initiative products that spans across multiple price points and across to certain mini-mart retail customers. many product categories. Gross Profit For 2019, the Group generated EBITDA of US$59.6 million. This is up 59.2% on 2015’s US$37.5 million. It also reflects Y-o-Y In line with the lower sales achieved in 2015 and the higher growth of 16.4% with the key drivers being: (i) the higher revenue cost of raw and packaging materials, the Group’s 2015 Gross achieved; (ii) the improvement in our Gross Profit Margin; Profit declined 24.8% Y-o-Y to US$120.8 million. As a result, and (iii) tighter control of our selling and distribution costs. our Gross Profit Margin (“GPM”) reduced to 29.8% from 31.9% in 2014. To mitigate the higher input costs, pricing adjustments Whilst Indonesia remains the foundation of the Group’s and product resizing for selected products in Indonesia were profitability, contributing 92.3% of 2019’s EBITDA, it is of implemented in late 3Q 2015. significant note that our Regional Markets turned profitable during the year and delivered EBITDA of US$4.6 million For Own Brands, our continuing strategy to tackle higher compared to a loss in 2018 of US$2.2 million. input costs includes a combination of the following: proactive price adjustments and product rightsizing, launching of higher To support our long-term growth, we will continue to invest margined new products and cost containment initiatives.
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