Growing
TOGETHER
ANNUAL REPORT
Fraser and Neave, Limited & Subsidiary Companies | i |
Annual Report 2023
ABOUT US
Established in 1883, F&N is a leading Southeast Asian consumer group with expertise and prominent standing in the Food & Beverage and Publishing & Printing industries. Leveraging its strengths in marketing and distribution, research and development, brands and financial management, F&N provides key resources and sets strategic directions and objectives for its subsidiaries.
Listed on the Singapore Stock Exchange, F&N ranks as one of the most established and successful companies in the region with an impressive array of renowned brands that enjoy strong market leadership. F&N is present in 11 countries spanning Asia and the Americas, and employs over 7,200 people worldwide.
OUR REPORTING SUITE
Our annual reporting suite comprises two reports - the Annual Report 2023 and Sustainability Report 2023. Each includes content tailored to its specific audience and cross-references to the other reports where relevant.
F&N Annual Report 2023 is the primary report to our stakeholders, detailing our strategies and business activities, as well as initiatives toward sustainable value creation.
The Sustainability Report 2023 carries an assurance statement by LRQA on selected indicators. Prepared in accordance with the GRI Universal Standards 2021, it details F&N's efforts and commitment toward creating a sustainable business, and positioning F&N for long-term success.
F&N Sustainability Report 2023 can be downloaded at www.fraserandneave.com/investor-relations/corporate-sustainability.
#GOPAPERLESS
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In line with the Group's efforts towards greater environmental conservation, we have elected for electronic transmission of our Annual Report and Sustainability Report. The electronic version of our Annual Report 2023 is available on Fraser and Neave, Limited's website (www.fraserandneave.com/investor-relations/annual-reports). Shareholders and other interested parties who wish to receive a printed copy may order it through the website (www.fraserandneave.com/contact-us/request-annual-report),e-mail (ir@fraserandneave.com) or telephone ((65) 6318 9393).
Our Sustainability Report 2023 is only available in electronic version, and can be downloaded at www.fraserandneave.com/investor-relations/corporate-sustainability. - These reports cover the period from 01 October 2022 to 30 September 2023, unless otherwise stated.
- Unless specifically stated otherwise, all figures in these reports are quoted in Singapore Dollars.
- Due to rounding, numbers and percentages in these documents may not always add up precisely to the totals or absolute figures stated.
OVERVIEW
SUSTAINABILITY HIGHLIGHTS | 08 |
THIS IS F&N | 10 |
F&N BUSINESS MODEL | 12 |
PERFORMANCE AT A GLANCE | 14 |
GROUP FINANCIAL PERFORMANCE | 15 |
CORPORATE STRUCTURE | 16 |
CORPORATE INFORMATION | 17 |
CHAIRMAN'S MESSAGE | 18 |
BOARD OF DIRECTORS | 20 |
LEADERSHIP TEAM | 30 |
CEO'S MESSAGE | 32 |
BUSINESS REVIEW
BUSINESS REVIEW | 40 | |
• BEVERAGES | 44 | |
• | DAIRIES | 50 |
• OTHER MARKETS | 56 | |
• | PUBLISHING & PRINTING | 60 |
GOVERNANCE
INVESTOR RELATIONS | 64 |
CAPITAL RESOURCES | 65 |
ENTERPRISE-WIDE RISK MANAGEMENT | 66 |
CORPORATE GOVERNANCE | 69 |
FINANCIALS AND OTHER INFORMATION
GROUP FINANCIALS | 94 |
NOTICE OF ANNUAL GENERAL MEETING | 205 |
ADDITIONAL INFORMATION ON DIRECTORS | |
SEEKING RE-APPOINTMENT | 212 |
PROXY FORM
'PURE
ENJOYMENT. PURE GOODNESS'
Vision
To be a stable, sustainable and profitable Food & Beverage leader in the ASEAN region.
Mission
To be ASEAN's leading owner and provider of quality and innovative products that consumers choose and trust. To support our mission, we are guided firmly by our commitment to create value, the community, diversity and the environment.
Values
Collaboration • Creating Value • Caring for Stakeholders
02 GROWING TOGETHER | Fraser and Neave, Limited & Subsidiary Companies |
Annual Report 2023 |
GROWING TOGETHER
Fraser and Neave, Limited & Subsidiary Companies
Every great journey begins with a single step, as ours started more than a century ago.
As we celebrate this significant milestone in our illustrious history of 140 years, we extend gratitude to the visionaries, leaders, and partners who have played pivotal roles in shaping our humble beginnings into the formidable entity we are today. The enduring strength and innovative spirit of our people, along with their dedication to building a sustainable business, form the bedrock of our continued success. Nurtured by our rich heritage and propelled
by a forward-looking vision, our commitment remains steadfast - to strive for excellence and foster growth. This is our pledge as we foster unity and continue 'Growing Together'.
03
Annual Report 2023
01 - OVERVIEW
MILESTONES
Our JOURNEY
1883
John Fraser and David Chalmers Neave established The Singapore and Straits Aerated Water Company to produce carbonated soft drinks.
1898
The Singapore and Straits Aerated Water Company went public as Fraser and Neave, Limited.
1931
Formation of Malayan Breweries Limited (renamed Asia Pacific Breweries Ltd ("APB") in 1990) with Heineken N.V. of Holland to produce beer. Tiger Beer was launched the next year.
1959
Entered a joint venture with Beatrice Foods of Chicago to build the region's first sweetened condensed milk plant in Petaling Jaya, Malaysia.
1968
Dairy production commenced in Singapore.
1985
Relocated its Singapore brewery and soft drinks plant to free up the prime sites for development.
1990
Restructured Cold Storage Holdings
- Centrepoint Properties became a member of F&N, and the Group acquired Cold Storage Holdings' dairy operations in Singapore.
1992
F&N Coca-Cola Pte Ltd was formed as an anchor bottler for The Coca- Cola Company in Singapore, Malaysia, Brunei, Vietnam, Cambodia, Sri Lanka, Nepal and Pakistan.
1995
F&N entered Myanmar's beer market.
1996
Restructured Malaysia's soft drinks, dairies and glass businesses under Fraser & Neave Holdings Bhd,
in compliance with Malaysia's New Economic Policy.
1999
Acquired 20.1% stake in Times Publishing Group. A takeover offer was subsequently launched for the company.
04 GROWING TOGETHER | Fraser and Neave, Limited & Subsidiary Companies |
Annual Report 2023 |
TGETHER
2006
F&N acquired Nestle's liquid canned milk business in Singapore, Malaysia, Thailand and Brunei.
2012
Divested APB for a cash consideration of $5.6 billion.
2013
F&N became a part of Thailand's TCC Group, one of the largest companies in Thailand with businesses in food and beverage, real estate, industrial trading and consumer products, insurance and agriculture.
2015
F&N secured a 22-year licensing agreement with Nestle for the manufacture and distribution of Nestle's canned milk products in ASEAN.
2016
Acquired Warburg, a leading player in Singapore's vending market.
2017
Vietnam Dairy Products Joint Stock Company ("Vinamilk") became an associated company of F&N.
2019
Established Emerald Brewery Myanmar Limited to brew, distribute and market CHANG BEER.
2021/2022
F&N entered the packaged food business with the acquisitions of Sri Nona Group of Companies and Cocoaland Holdings Bhd.
2023
F&N commenced the construction of an integrated dairy farm in Malaysia.
Fraser and Neave, Limited & Subsidiary Companies | 05 |
Annual Report 2023
01 - OVERVIEW
OUR PERFORMANCE
Creating VALUE
TGETHER
BUILDING SUCCESS
REVENUE | PROFIT BEFORE INTEREST & TAXATION |
$2,099m | $249m |
F&B and P&P excellence drove a 5% topline increase (+10% on a constant currency basis)
Rose 6% (+12% on a constant currency basis) on effective cost management and increased sales
PROFIT AFTER TAXATION | DIVIDEND PER SHARE |
$205m | 5.5 cents |
Grew 16%, lifted by exceptional gains | Up from 5.0 cents per share last year, |
in celebration of our 140th anniversary | |
EARNINGS PER SHARE | NET ASSET VALUE PER SHARE |
9.2 cents | $2.03 |
Up from 8.9 cents in FY2022 | Down from $2.11 in FY2022 |
06 GROWING TOGETHER | Fraser and Neave, Limited & Subsidiary Companies |
Annual Report 2023 |
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Fraser and Neave Limited published this content on 01 January 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 January 2024 02:00:45 UTC.