Haw Par Corporation Limited summary financial report 2010
CORE OPERATIONS Healthcare: Haw Par Healthcare Limited Tiger Balm (Malaysia) Sdn. Bhd. Xiamen Tiger Medicals Co., Ltd Haw Par Healthcare (Xiamen) Co., Ltd Haw Par (India) Private Limited Haw Par Tiger Balm (Thailand) Limited Haw Par Tiger Balm (Philippines), Inc. Tiger Medicals (Taiwan) Limited PT. Haw Par Healthcare Leisure: Haw Par Leisure Pte Ltd Underwater World Singapore Pte Ltd Underwater World Pattaya Ltd Chengdu Haw Par Oceanarium Co., Ltd
PROPERTY & INVESTMENTS Property: Haw Par Properties (Singapore) Private Limited Haw Par Centre Private Ltd Setron Limited Haw Par Land (Malaysia) Sdn. Bhd. Investments: Haw Par Investment Holdings Private Limited Straits Maritime Leasing Private Limited Pickwick Securities Private Limited Haw Par Equities Pte Ltd Haw Par Trading Pte Ltd M & G Maritime Services Pte Ltd Haw Par Capital Pte Ltd Haw Par Securities (Private) Limited Haw Par Hong Kong Limited Haw Par Brothers International (H.K.) Limited Tiger Balm (Hong Kong) Limited Haw Par Pharmaceutical Holdings Pte Ltd Associated Companies: Hua Han Bio-Pharmaceutical Holdings Limited (17.14%) UIC Technologies Pte Ltd (40%)
CONTENTS 01 02 06 11 12 14 16 18 19
Corporate Profile Chairman’s Statement Board of Directors Corporate Information Key & Senior Executives Group Financial Highlights Five-Year Financial Summary Share Price & Trading Volume Financial Calendar
20 35 37 41 43
Summary Financial Statements Statistics of Shareholdings Notice of Annual General Meeting Proxy Form Request Form
CORPORATE PROFILE
Focus. Resilience. Sustainability. Haw Par Corporation Limited has been listed on The Singapore Exchange since 1969. Headquartered in Singapore, the Group’s core healthcare and leisure businesses promote healthy lifestyles through its healthcare products and oceanariums.
The Group also has interests in investment properties and manages its own portfolio of investments in securities. The Group’s primary corporate strategy is to expand its core healthcare and leisure businesses through product extensions under its own established brands, form strategic alliances with partners in various key markets and explore acquisition of compatible businesses. It also aims to manage efficiently its portfolio of investments in properties and securities to achieve a reasonable return.
Haw Par Corporation Limited
The Group owns and operates three oceanariums, namely the Underwater World Singapore at Sentosa, Underwater World Pattaya in Thailand and Chengdu Haw Par Oceanarium in China.
Summary Financial Report 2010
Haw Par’s healthcare products are manufactured and marketed under its various established brands such as Tiger Balm and Kwan Loong. Its renowned ointment Tiger Balm and product extensions such as Tiger Balm Medicated Plaster, Tiger Balm Joint Rub, Tiger Balm Neck and Shoulder Rub, Tiger Balm Neck and Shoulder Rub Boost and Tiger Balm Mosquito Repellent Patch are used worldwide to invigorate the body as well as to relieve aches and pains.
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CHAIRMAN’S STATEMENT
Haw Par Corporation Limited
Summary Financial Report 2010
The Group will continue to pursue revenue growth for its healthcare business, by introducing more products that will appeal to a larger group of consumers and more intensive marketing. The Leisure Division will continue to launch new exhibits and activities to increase visitorship in our three oceanariums.
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The Group’s performance in 2010 was fuelled by a strong economic recovery in Singapore and the region. The Group’s earnings increased by 97% to $112.8 million for 2010 (2009: $57.2 million). This was largely attributable to the rebound of investment properties’ capital value, higher earnings of associated companies and higher investment income. Our Healthcare Division benefitted from improved consumer confidence in major markets. Sales increased by 7% to $79.1 million and profit rose by 4% to $16.2 million in 2010. Despite a swift recovery of the tourism industry, performance of the Leisure Division was hindered by heightened competition and higher operating expenses.
As a consequence, there was a 7% decline in profits to $12.6 million. The Property Division also experienced an 11% drop in profits to $12.3 million because new rental rates were below the rates achieved at the peak of 2008. The Group’s associated company, Hua Han BioPharmaceuticals Holdings Limited, continued to do well. During the year under review, one of its subsidiaries was listed in Hong Kong. The Group’s share of profits from Hua Han, together with a dilution gain, amounted to $ 23.5 million, an increase of 210% from 2009.
CHAIRMAN’S STATEMENT
HIGHLIGHTS OF OPERATIONS To strengthen the global presence of Tiger Balm, the Healthcare Division focused on expanding the line of product offerings in key markets thereby broadening its consumer base. Tiger Balm Neck & Shoulder Rub, for example, succeeded in entering several major chains of drugstores in the United States. Focused advertising and promotional efforts augmented the broad-based growth momentum across major markets. Underwater World Singapore, equipped with a new interactive Dolphin Lagoon, continued to actively engage in marketing and public relation efforts to attract increasing number of visitors to Sentosa. Underwater World Pattaya also increased its efforts to expand foreign and local visitorship. The newly opened oceanarium in Chengdu, Sichuan faced challenges to breakeven. 2011 BUSINESS OUTLOOK AND STRATEGY Singapore’s economic growth is expected to moderate in 2011 after the economy’s strong rebound in 2010. Coupled with increasing competition and rising costs, the business environment will be challenging.
The Leisure Division will continue to launch new exhibits and activities to increase visitorship at Underwater World Singapore, Underwater World Pattaya and the Chengdu Haw Par Oceanarium. With a strong balance sheet, the Group will continue to look for new investment opportunities while maintaining steady progress in our core businesses. ACKNOWLEDGEMENT On behalf of the Board, I would like to thank management and staff for their hard work and dedication, and our shareholders and business associates for their continuing support. I would also like to record my deepest appreciation to my fellow Board members for their wise counsel and guidance. On behalf of the Board, I would also like to record our deep appreciation to Director, Dr Lim Kee Ming, who has decided not to offer himself for re-appointment at this year’s annual general meeting. Dr Lim has provided invaluable advice since his appointment to the Board in 1997.
Wee Cho Yaw Chairman
Summary Financial Report 2010
The Board recommends a second and final tax exempt (one-tier) dividend of 14 cents per share. Together with the interim dividend of 6 cents paid last September, the total dividend per share for financial year ended 31 December 2010 would amount to 20 cents per share, the same rate as 2009.
In response to these challenges, the Group will continue to pursue revenue growth for its healthcare business, by introducing more products that will appeal to a larger group of consumers and by conducting more intensive marketing.
Haw Par Corporation Limited
DIVIDEND
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Haw Par Corporation Limited
Summary Financial Report 2010
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Haw Par Corporation Limited
Summary Financial Report 2010
BOARD OF DIRECTORS
Haw Par Corporation Limited
Summary Financial Report 2010
WEE CHO YAW Non-Executive Chairman Dr Wee Cho Yaw, aged 82, is a career banker with more than 50 years’ experience. He has been Chairman of the Company and of the Haw Par Group (“Group”) since 1978. He was appointed to the Board on 31 October 1975 and was last re-appointed on 20 April 2010. He is a member of the Remuneration and Nominating Committees.
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Dr Wee is Chairman of the United Overseas Bank Limited Group, United Overseas Insurance Limited, United International Securities Limited, UOL Group Limited, Pan Pacific Hotels Group Limited, United Industrial Corporation Limited and Marina Centre Holdings Private Limited. He is also Chairman of Wee Foundation. He is Honorary President of the Singapore Federation of Chinese Clan Associations, Singapore Hokkien Huay Kuan and Singapore Chinese Chamber of Commerce & Industry. Dr Wee is also Pro-Chancellor of Nanyang Technological University. He received Chinese high school education and was conferred Honorary Doctor of Letters by National University of Singapore in 2008. Dr Wee was conferred the Businessman Of The Year award twice at the Singapore Business Awards in 2001 and 1990. In 2006, he received the inaugural Credit Suisse-Ernst & Young Lifetime Achievement Award for his outstanding achievements in the Singapore business community. In 2009, he was conferred the Lifetime Achievement Award by The Asian Banker.
WEE EE LIM President & CEO Mr Wee Ee Lim, aged 49, joined the Group in 1986 and became President & CEO of Haw Par Corporation Limited in 2003. He was appointed to the Board on 23 March 1994 and was last re-elected on 23 April 2008. Mr Wee is a member of the Investment Committee. He has been closely involved in the management and growth of the Group over the last 24 years. He is a Director of Singapore Land Limited, United Industrial Corporation Limited, UOL Group Limited, Pan Pacific Hotels Group Limited, Hua Han BioPharmaceutical Holdings Limited (a company listed on the Hong Kong Stock Exchange) and Wee Foundation. He was previously a board member of Sentosa Development Corporation. He holds a Bachelor of Arts (Economics) degree from Clark University, USA.
BOARD OF DIRECTORS
He holds a LLM degree and LLB (Hons) degree from the University of Singapore. He was presented the SICCI-DBS Singapore-India Business Award in 2009.
He is a Director of United Overseas Bank Limited, GuocoLand Limited, GuocoLeisure Limited, FJ Benjamin Holdings Limited, MobileOne Limited, Keppel Telecommunications and Transportation Limited and Otto Marine Limited. He was a former director of Grand Banks Yachts Limited till 2009 and MFS Technology Ltd till January 2011. He is also a member of the governing council of the Singapore Institute of Directors. He is a Fellow of the Institute of Chartered Accountants in England and Wales and a member of the Institute of Certified Public Accountants of Singapore.
Summary Financial Report 2010
He is the Chairman and Director of Khattar Holdings Pte Ltd Group of Companies which is principally engaged in investments. Mr Khattar is the Chairman of GuocoLand Limited and a Director of Guoco Group Limited and GuocoLeisure Limited. He is also Chairman of the Board of Trustees of the Singapore Business Federation and a Director of the Institute of South Asian Studies.
REGGIE THEIN Independent Director Mr Reggie Thein, aged 70, is an accountant with over 40 years’ experience in the profession. He was appointed to the Board on 8 July 2003 and was last re-elected on 20 April 2010. He is the Chairman of the Audit Committee.
Haw Par Corporation Limited
SAT PAL KHATTAR Independent Director Mr Sat Pal Khattar, aged 68, was a founding partner and later consultant in Messrs KhattarWong with over 40 years’ experience in the legal profession. He was appointed to the Board on 1 January 1977 and was last re-elected on 23 April 2008. He is Chairman of the Remuneration and Nominating Committees.
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BOARD OF DIRECTORS
HWANG SOO JIN Independent Director Mr Hwang Soo Jin, aged 75, is a chartered insurer with more than 50 years of business experience. He was appointed to the Board on 28 October 1986 and was last re-elected on 20 April 2010. He is a member of the Audit and Remuneration Committees.
Haw Par Corporation Limited
Summary Financial Report 2010
Mr Hwang is the Chairman Emeritus, Director and Senior Advisor of Singapore Reinsurance Corporation Ltd and a Director of Singapore Land Limited, United Industrial Corporation Limited and United Overseas Insurance Limited.
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He stepped down as a Director of the Hokkien Foundation in 2010. He was previously the Chairman of Singapore Reinsurance Corporation Ltd and a Director of Lee Kim Tah Holdings Limited among others. He is a chartered insurer of the Chartered Insurance Institute, UK, an advisor to the ASEAN Insurance Council, an Honorary Fellow of The Singapore Insurance Institute and a Justice of the Peace.
LEE SUAN YEW Independent Director Dr Lee Suan Yew, aged 77, is a medical practitioner with over 40 years’ experience. He was appointed to the Board on 18 December 1995 and was last re-appointed on 20 April 2010. He is a member of the Audit and Nominating Committees. Dr Lee is an independent Director of K1 Ventures Limited. After serving six years as a Trustee of the Board of SingHealth Foundation, he has stood down in 2010. He was appointed Justice of the Peace in 1998. Dr Lee was President of the Singapore Medical Council for 4 years (2000 – 2004) and was also Chairman of the Singapore National Medical Ethics Committee (2007 and 2008). For his numerous public services, he was awarded the Public Service Star in 1991 and Public Service Star (Bar) in 2002. He holds a M.B.B. Chir. degree from the University of Cambridge and MRCP and FRCP from the Royal College of Physicians, Glasgow.
BOARD OF DIRECTORS
LIM KEE MING Independent Director Dr Lim Kee Ming, aged 84, is the Chairman of Lim Teck Lee Group of Companies. He was appointed to the Board on 5 December 1997 and was last re-appointed on 20 April 2010.
WEE EE CHAO Non-Executive Director Mr Wee Ee Chao, aged 56, is the Chairman of UOBKay Hian Holdings Limited. He was appointed to the Board on 8 July 2003 and was last re-elected on 22 April 2009.
Dr Lim is a Director of UOL Group Limited and Pan Pacific Hotels Group Limited and an advisor to Network China.
Mr Wee is the Chairman and Managing Director of UOB-Kay Hian Holdings Limited Group and a Director of UOL Group Limited and Pan Pacific Hotels Group Limited. He is also a Director of Wee Foundation.
He holds a Masters of Science (International Trade & Finance) degree from Columbia University and a Bachelor of Science (Business Administration) degree from New York University. In 2009, he was conferred the degree of Doctor of the University of Adelaide honoris causa for his distinguished service to education and service to the community.
He holds a Bachelor of Business Administration degree from The American University, Washington DC, USA. Summary Financial Report 2010
He is Honorary President of Singapore Chinese Chamber of Commerce & Industry and President of Ngee Ann Kongsi.
Haw Par Corporation Limited
Dr Lim has decided not to offer himself for re-appointment at this year’s annual general meeting.
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BOARD OF DIRECTORS
CHNG HWEE HONG Executive Director Mr Chng Hwee Hong, aged 61, joined the Group in 1990 and was appointed as Group General Manager in 1992. He was appointed to the Board on 23 March 1994 and was last re-elected on 22 April 2009. He was promoted as Chief Operating Officer in 1996 and was redesignated as Executive Director in April 2003. He is a member of the Investment Committee.
Haw Par Corporation Limited
Summary Financial Report 2010
Mr Chng was appointed as a Committee Member of the Singapore Sichuan Trade and Investment Committee in 2005 and a Board member of Singapore Corporation of Rehabilitative Enterprise (SCORE) in 2009.
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He holds a Bachelor of Science (Hons) degree in Applied Chemistry and a Diploma in Business Administration from the University of Singapore.
HAN AH KUAN Executive Director Mr Han Ah Kuan, aged 62, joined the Group in 1991 as the General Manager of Haw Par Healthcare Limited (“HPH”) and was appointed as a director of HPH in 1995. He was appointed to the Board on 28 January 2005 and was re-elected on 20 April 2010. He is a member of the Investment Committee. He holds a Bachelor of Business Administration (Hons) degree from the University of Singapore.
CORPORATE INFORMATION
DIRECTORS Wee Cho Yaw Chairman (Non-Executive)
NOMINATING COMMITTEE
Wee Ee Lim President & Chief Executive Officer
Wee Cho Yaw
Sat Pal Khattar Chairman
Lee Suan Yew
Hwang Soo Jin Independent Director
Sat Pal Khattar Chairman Wee Cho Yaw Hwang Soo Jin
Lee Suan Yew Independent Director
COMPANY SECRETARY
Lim Kee Ming Independent Director
AUDITOR
Wee Ee Chao Non-Executive Director
PricewaterhouseCoopers LLP Yeoh Oon Jin (From 2009) Audit Partner-in-charge
Zann Lim Seok Bin
Chng Hwee Hong Executive Director
BANKERS
Han Ah Kuan Executive Director
The Hong Kong & Shanghai Banking Corporation Limited
AUDIT COMMITTEE
REGISTRAR
Reggie Thein Chairman
Boardroom Corporate & Advisory Services Pte Ltd 50 Raffles Place #32-01 Singapore Land Tower Singapore 048623
Hwang Soo Jin Lee Suan Yew INVESTMENT COMMITTEE Wee Cho Yaw Chairman Wee Ee Lim
United Overseas Bank Limited
REGISTERED OFFICE 401 Commonwealth Drive #03-03 Haw Par Technocentre Singapore 149598 Tel : 6337 9102 Fax : 6336 9232 Website : www.hawpar.com Reg. No. : 196900437M
Chng Hwee Hong Han Ah Kuan
INVESTOR RELATIONS Email:
[email protected]
Summary Financial Report 2010
Reggie Thein Independent Director
REMUNERATION COMMITTEE
Haw Par Corporation Limited
Sat Pal Khattar Independent Director
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KEY & SENIOR EXECUTIVES
ZANN LIM Group Financial Controller & Group Company Secretary, Haw Par Corporation Limited Joined the Group in 2006 as Group Finance Manager. Promoted to present position in 2008.
Holds a Bachelor of Science (Pharmacy) from the University of Singapore.
TEO THIN YIEN Group Internal Audit Manager, Haw Par Corporation Limited
JASMIN HONG Deputy General Manager (Marketing), Haw Par Healthcare Limited
Joined the Group in 1979 as Group Internal Audit Manager.
Joined Haw Par Healthcare in 2004 as Deputy General Manager (Marketing).
Fellow of CPA Australia.
Holds a Bachelor of Commerce degree from the University of Melbourne.
Joined the Group in 2001 as Deputy General Manager (Corporate Development) and was promoted to the position of General Manager (Corporate Development) in 2005. Appointed to the present position in 2010.
Summary Financial Report 2010
Holds a Master of Business Administration from the University of Dubuque.
Haw Par Corporation Limited
Joined Haw Par Healthcare in 1977 as Quality Control Pharmacist. Promoted to present position in 2006.
Holds a Master of Business Administration from INSEAD and Tsinghua University. A member of the Institute of Certified Public Accountants of Singapore.
TARN SIEN HAO General Manager (Corporate Development and Property Division), Haw Par Corporation Limited
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GOH BEE LEONG Director & General Manager (Manufacturing), Haw Par Healthcare Limited
KEY & SENIOR EXECUTIVES
KWEK MENG TIAM Regional General Manager, Underwater World Singapore Pte Ltd / Haw Par Leisure Pte Ltd Joined Underwater World Singapore in 1991 as Maintenance Superintendent. Promoted to Operations Director in 2002 and General Manager of Underwater World Singapore Pte Ltd in 2005. Promoted to current position in 2010.
BERNARD WONG General Manager, Underwater World Pattaya Ltd Joined Underwater World Pattaya in 2008 as General Manager. Holds a Bachelor of Engineering degree from University of Tasmania.
Holds a Bachelor of Arts in Business Studies, The Open University, UK. PETER CHEW Deputy General Manager, Underwater World Singapore Pte Ltd
JOHN NG General Manager, Chengdu Haw Par Oceanarium Co., Ltd
Joined Underwater World Singapore in 1994 as Front Office Executive. Seconded to PGF Golf Driving Range in 1998 as Range Manager. Returned to Underwater World Singapore as a Senior Marketing Executive in 2000. Promoted to Assistant Director (Sales & Marketing) in 2007 and to present position in 2010.
Joined Chengdu Haw Par Oceanarium in February 2009 as General Manager. Holds a Post graduate Diploma in International Marketing from Strathclyde University.
Holds a General Certificate of Education – Ordinary Level.
ANTHONY CHANG Curator, Underwater World Singapore Pte Ltd
Haw Par Corporation Limited
Holds a Master of Science Degree from Capella University.
Summary Financial Report 2010
Joined Underwater World Singapore and appointed to his current position as Curator in October 2009.
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GROUP FINANCIAL HIGHLIGHTS
% Increase/ (Decrease)
2010
2009
30,098 34,503 31,670 33,490
28,106 30,924 33,055 31,906
7.1 11.6 (4.2) 5.0
129,761
123,991
4.7
8,978 49,722 31,665 33,398
10,012 44,821 23,876 (20,500)
(10.3) 10.9 32.6 262.9
123,763
58,209
112.6
7,284 47,611 29,920 27,692
9,048 42,846 22,076 (16,934)
(19.5) 11.1 35.5 263.5
112,507
57,036
97.3
1,941,893 – –
1,902,800 – –
2.1 – –
56.9 20.0 2.8 9.76
28.9 20.0 1.4 9.58
96.9 – 100.0 1.9
471 276 230
473 262 193
(0.4) 5.3 19.2
RESULTS ($’000) Group turnover: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Profit before taxation: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Earnings for the year: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
STATEMENT OF FINANCIAL POSITION ($’000)
Haw Par Corporation Limited
Summary Financial Report 2010
Shareholders’ funds Borrowings Debt/Equity (%)
14
PER SHARE Earnings (cents) Dividend net (cents) Dividend cover (times) Net tangible assets per share ($) EMPLOYEES Number of employees (Full time and Permanent) Group turnover per employee ($’000) Pre-tax profit# per employee ($’000)
#
Exclude the fair value changes on investment properties
GROUP FINANCIAL HIGHLIGHTS
TURNOVER (%) 2009
2010
z Healthcare z Leisure z Property
60.9 27.0 12.1
z Healthcare z Leisure z Property
59.8 26.5 13.7
PROFIT CONTRIBUTION (%) 2010
14.2 11.1 10.9 63.8
z z z z
Healthcare Leisure Property Investments
16.2 14.1 14.5 55.2
ASSETS EMPLOYED (%) 2010
z z z z
Healthcare Leisure Property Investments
2009
4.1 4.1 7.9 83.9
z z z z
Healthcare Leisure Property Investments
4.8 4.9 9.9 80.4
Summary Financial Report 2010
Healthcare Leisure Property Investments
Haw Par Corporation Limited
z z z z
2009
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FIVE YEAR FINANCIAL SUMMARY
RESULTS ($’000) Group turnover Profit from operations -
2010
2009
2008
2007
2006
129,761 84,806
123,991 83,485
122,109 90,438
119,332 109,039
119,682 101,837
16,157 12,585 12,336 48,993 (5,265)
15,508 13,526 13,911 45,323 (4,783)
14,587 16,154 14,692 50,764 (5,759)
14,421 17,974 8,628 74,539 (6,523)
24,623 16,892 6,261 58,238 (4,177)
23,521
7,590
6,616
6,129
8,599
15,436 123,763 112,770 112,507
(32,866) 58,209 57,165 57,036
(15,640) 81,414 78,548 78,269
72,662 187,830 159,130 158,983
16,661 127,097 107,268 107,091
56.9 20.0 2.8
28.9 20.0 1.4
39.6 20.0 2.0
1,941,893 7,756 1,949,649
1,902,800 7,147 1,909,947
1,320,065 7,017 1,327,082
1,927,289 6,899 1,934,188
1,799,165 6,909 1,806,074
43,848 181,642 91,702
45,367 164,878 72,837
35,341 197,826 59,359
26,469 214,498 49,995
23,106 151,698 43,680
1,239,779 11,116 435,098 (53,536) 1,949,649
1,217,708 11,116 452,320 (54,279) 1,909,947
758,226 11,116 306,348 (41,134) 1,327,082
1,285,747 11,216 413,918 (67,655) 1,934,188
1,194,564 11,116 443,162 (61,252) 1,806,074
5.8 9.76 – 21,454
3.0 9.58 – 21,903
5.9 6.63 – 21,955
8.2 9.71 – 21,770
5.9 8.61 – 22,574
471 276 230
473 262 193
422 289 230
381 313 302
399 300 277
Healthcare Leisure Property Investment Unallocated expenses
Associates’ contribution Fair Value gains/(losses) on investment properties Profit before taxation Profit after taxation Earnings for the year PER SHARE Earnings (cents) Dividend net (cents) Dividend cover (times)
Haw Par Corporation Limited
Summary Financial Report 2010
STATEMENT OF FINANCIAL POSITION ($’000) Shareholders’ funds Non-controlling interests
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Property, plant and equipment Investment properties Associated companies Available-for-sale financial assets Intangible assets Net current assets Long term liabilities
STATISTICS Return on equity (%) Net tangible assets per share ($) Debt/Equity (%) Number of shareholders EMPLOYEES Number of employees (Full time and permanent) Group turnover per employee ($’000) Pre-tax profit # per employee ($’000) * #
Include a 5 cents special dividend. Exclude the fair value changes on investment properties.
77.8 25.0* 3.1
51.6 20.0 2.6
FIVE YEAR FINANCIAL SUMMARY
EARNINGS AND NET DIVIDEND Earnings ($ m)
Net Dividend per share (cents)
250.0
50.0 45.0 40.0
200.0
35.0 30.0
150.0
25.0 20.0
100.0
15.0 50.0
10.0 5.0
0
0 2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Earnings Net Dividend per share
NET TANGIBLE ASSETS (“NTA”) PER SHARE $
Summary Financial Report 2010
15.00
10.00
5.00
0 2002
2003
2004
2005
2006
2007
2008
2009
2010 NTA per share
Haw Par Corporation Limited
2001
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SHARE PRICE & TRADING VOLUME
Trading Volume ('000)
Share Price ($)
22,000
9.00
20,000
8.00
18,000 7.00 16,000 6.00
14,000 12,000
5.00
10,000
4.00
8,000
3.00
6,000 2.00 4,000 1.00
2,000
2006
2007
Trading Volume
2008
2009
2010
Share Price
2006
2007
2008
2009
2010
7.10 7.50 5.10
7.11 8.45 6.55
3.81 7.61 2.81
5.81 6.00 3.27
6.13 6.35 5.50
51.6 20.0 2.6 8.61
77.8 25.0* 3.1 9.71
39.6 20.0 2.0 6.63
28.9 20.0 1.4 9.58
56.9 20.0 2.8 9.76
Share Price ($)
Haw Par Corporation Limited
Summary Financial Report 2010
Last Done High Low
18
Per share Earnings (cents) Dividend net (cents) Dividend cover (times) Net tangible assets per share ($)
*
Include a 5 cents special dividend.
Event
13 May 2010
Announcement of 2010 1st quarter results
5 August 2010
Announcement of 2010 2nd quarter results
9 September 2010
Payment of 2010 first and interim dividend
4 November 2010
Announcement of 2010 3rd quarter results
23 February 2011
Announcement of 2010 full-year audited results
25 March 2011
Announcement of Notice of Annual General Meeting/ Despatch of 2010 Summary Financial Report
6 April 2011
Despatch of 2010 Annual Report
20 April 2011
42nd Annual General Meeting
20 May 2011
Proposed books closure date for dividend entitlement
1 June 2011
Proposed payment of 2010 second and final dividend
Haw Par Corporation Limited
Date
Summary Financial Report 2010
FINANCIAL CALENDAR
19
SUMMARY FINANCIAL STATEMENTS CONTENTS 21
Directors’ Report
25
Independent Auditor’s Report
27
Consolidated Income Statement
28
Consolidated Statement of Comprehensive Income
29
Statements of Financial Position
30
Consolidated Statement of Changes in Equity
32
Consolidated Statement of Cash Flows
34
Notes to the Summary Financial Statements
IMPORTANT The accompanying Summary Financial Statements as set out on pages 21 to 34 contain only a summary of the information in the Directors’ Report and the financial statements of the Company’s Annual Report. The Summary Financial Statements do not contain sufficient information to allow for a full understanding of the results and state of affairs of the Company or of the Group. For further information, the full financial statements, the Independent Auditor’s Report on those financial statements and the Directors’ Report should be consulted. Shareholders may request a copy of the Annual Report at no cost, by using the Request Form at the end of this Summary Financial Report.
DIRECTORS’ REPORT For the financial year ended 31 December 2010
The Directors present their report to the members together with the audited financial statements of the Group for the financial year ended 31 December 2010 and the statement of financial position of the Company as at 31 December 2010. DIRECTORS The Directors of the Company in office at the date of this report are as follows: Wee Cho Yaw Wee Ee Lim Sat Pal Khattar Reggie Thein Hwang Soo Jin Lee Suan Yew Lim Kee Ming Wee Ee Chao Chng Hwee Hong Han Ah Kuan
(Chairman) (President & Chief Executive Officer)
(Executive Director) (Executive Director)
PRINCIPAL ACTIVITIES The principal activities of the Company are licensing of the “Tiger” trademarks and owning investments for long term holding purposes. The principal activities of the Group are those of manufacturing, marketing and trading healthcare products, providing leisure-related services and investing in properties and securities. ARRANGEMENTS TO ENABLE DIRECTORS TO ACQUIRE SHARES AND DEBENTURES Neither at the end of the financial year, nor at any time during the financial year, was the Company a party to any arrangement whose object was to enable the Directors to acquire benefits by means of the acquisition of shares, warrants, share options in, or debentures of, the Company or any other body corporate, other than pursuant to the Haw Par Corporation Group 2002 Share Option Scheme (“2002 Scheme”). DIRECTORS’ INTERESTS IN SHARES OR DEBENTURES
Deemed interest as at 1.1.2010 31.12.2010 21.1.2011
Interest in the Company’s ordinary shares Wee Cho Yaw Wee Ee Lim Sat Pal Khattar Hwang Soo Jin Lim Kee Ming Wee Ee Chao Chng Hwee Hong Han Ah Kuan
993,067 397,448 – 30,000 49,606 12,570 244,400 14,000
993,067 397,448 – 35,000 49,606 12,570 292,400 9,000
993,067 397,448 – 35,000 49,606 12,570 292,400 9,000
61,075,370 56,777,958 87,472 – 125,752 56,899,438 – –
63,261,370 58,963,958 87,472 – 125,752 59,085,438 – –
63,261,370 58,963,958 87,472 – 125,752 59,085,438 – –
Haw Par Corporation Limited
Direct interest as at 1.1.2010 31.12.2010 21.1.2011
Summary Financial Report 2010
The Directors holding office at 31 December 2010 had no interests in the shares, warrants, share options in, or debentures of, the Company and/or its subsidiaries as recorded in the register of Directors’ shareholdings kept by the Company under Section 164 of the Companies Act, Cap 50 except as follows:
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DIRECTORS’ REPORT For the financial year ended 31 December 2010
DIRECTORS’ INTERESTS IN SHARES OR DEBENTURES (continued) Direct interest as at 1.1.2010 31.12.2010 21.1.2011
Deemed interest as at 1.1.2010 31.12.2010 21.1.2011
Options to subscribe for the Company’s ordinary shares (Under the 2002 Scheme) Chng Hwee Hong Han Ah Kuan
235,000 139,000
144,000 144,000
144,000 144,000
– –
– –
– –
DIRECTORS’ CONTRACTUAL BENEFITS Since the end of the previous financial year, no Director has received or has become entitled to receive benefits required to be disclosed by Section 201(8) of the Companies Act, Cap 50 by reason of a contract made by the Company or a related corporation with the Director or with a firm of which he is a member or with a company in which he has a substantial financial interest except those disclosed in Note 22 to the full financial statements. SHARE OPTIONS Haw Par Corporation Group 2002 Share Option Scheme The 2002 Scheme was approved by members of the Company at an Extraordinary General Meeting held on 22 May 2002. The 2002 Scheme is granted to key executives personnel and directors (including nonexecutive directors) of the Company and the maximum life-span of exercising the options is 10 years. The exercise price of the options is determined at the average of the closing prices of the Company’s ordinary shares as quoted on the Singapore Exchange for five market days immediately preceding the date of the grant. The options are exercisable beginning on the first anniversary from the date when the options are granted or the second anniversary if the options are granted at a discount to the market price. Once the options are vested, they are exercisable for a period of four years. The options may be exercised in full or in part in respect of 1,000 shares or any multiple thereof, on the payment of the exercise price. The Group has no legal or constructive obligation to repurchase or settle the options in cash. The share option scheme size shall not exceed 15% of the total number of issued shares of the Company on the day preceding grant date and exercise prices are allowed to be set at discounts of up to 20% to their market price.
Haw Par Corporation Limited
Summary Financial Report 2010
The number of unissued ordinary shares of the Company covered by the options in relation to the 2002 Scheme outstanding at the end of the financial year was as follows:
22
Number of shares covered by the options Date of grant 2.3.2006 2.3.2007 3.3.2008 2.3.2009 1.3.2010
Balance at 31.12.2010
Exercise price
72,000 244,000 264,000 35,000 378,000 993,000
$5.52 $7.54 $6.47 $3.71 $5.86
Exercise period 2.3.2007 -1.3.2011 2.3.2008 -1.3.2012 3.3.2009 - 2.3.2013 2.3.2010 - 1.3.2014 1.3.2011 - 28.2.2015
In 2010, options to subscribe for 386,000 unissued shares in the Company at the exercise price of $5.86 per share were granted and accepted under the 2002 Scheme. No options have been granted at a discount to the market price of shares of the Company. During the financial year, options to subscribe for 54,000 unissued shares were cancelled and 425,000 shares were issued by virtue of the exercise of options. The market price on the date of exercise ranged from $5.78 to $6.26.
DIRECTORS’ REPORT For the financial year ended 31 December 2010
SHARE OPTIONS (continued) Other information required by the Singapore Exchange Securities Trading Limited (Pursuant to Listing Rule 852 of the Singapore Exchange Listing Manual) The share option scheme of the Company is administered by the Remuneration Committee, comprising the following Directors: Sat Pal Khattar Wee Cho Yaw Hwang Soo Jin
The details of options granted to the Directors of the Company under the 2002 Scheme are as follows:
Number
Name of director
Wee Ee Lim Chng Hwee Hong Han Ah Kuan
of shares comprised in options granted during the financial year
– 48,000 48,000
Aggregate Aggregate number number of shares of shares comprised comprised in options in options granted since exercised since commencement commencement of scheme to of scheme to
Aggregate number of shares Aggregate comprised number in options of shares that have comprised expired since in options commencement outstanding of scheme to as at
31.12.2010
31.12.2010
31.12.2010
31.12.2010
48,000 427,000 359,000
48,000 283,000 215,000
– – –
– 144,000 144,000
(3)
no options are granted to controlling shareholders of the Company and their associates (as defined in the Listing Manual of Singapore Exchange Securities Trading Limited);
(4)
no participant has received 5% or more of the total number of options available under the share option scheme;
(5)
no options have been granted at a discount to the market price of shares of the Company for the financial year ended 31 December 2010; and
(6)
options granted by the Company do not entitle the holders of the options, by virtue of such options, any right to participate in any share issue of any other company in the Group.
MATERIAL ITEMS There was no event, item or transaction that arose during or after the financial year which could affect the results of the operation, render any item misleading, or affect the ability of the Group or of the Company in meeting its obligations.
Summary Financial Report 2010
(2)
(Chairman)
Haw Par Corporation Limited
(1)
23
DIRECTORS’ REPORT For the financial year ended 31 December 2010
AUDIT COMMITTEE The Audit Committee comprises three members, all of whom are independent Directors. The members of the Audit Committee are as follows: Reggie Thein Hwang Soo Jin Lee Suan Yew
(Chairman)
In accordance with Section 201B(5) of the Companies Act, Cap 50, the Audit Committee has reviewed with the Company’s internal auditors their audit plan and the scope and results of their internal audit procedures. The Committee has also reviewed with the Company’s independent auditor, PricewaterhouseCoopers LLP, their audit plan, their evaluation of the system of internal accounting controls, their audit report on the statement of financial position of the Company and the consolidated financial statements of the Group for the financial year ended 31 December 2010 and the assistance given by the officers of the Group to them. The statement of financial position of the Company and the consolidated financial statements of the Group, as well as the independent auditor’s report on the same, have been reviewed by the Committee prior to their submission to the Board of Directors. The Committee has recommended to the Board of Directors the re-appointment of PricewaterhouseCoopers LLP as independent auditor of the Company. INDEPENDENT AUDITOR PricewaterhouseCoopers LLP has expressed its willingness to accept re-appointment as independent auditor of the Company and a resolution proposing its re-appointment will be submitted at the forthcoming Annual General Meeting.
Haw Par Corporation Limited
Summary Financial Report 2010
On behalf of the Board
24
Wee Cho Yaw Chairman
Singapore 23 February 2011
Wee Ee Lim President & Chief Executive Officer
INDEPENDENT AUDITOR’S REPORT To The Members Of Haw Par Corporation Limited For the financial year ended 31 December 2010
We have audited the financial statements of Haw Par Corporation Limited (the “Company") and its subsidiaries (the “Group") for the financial year ended 31 December 2010 in accordance with Singapore Standards on Auditing and in our report dated 23 February 2011 we expressed an unqualified opinion on the financial statements ("the audited financial statements") which is as follows: REPORT ON THE FINANCIAL STATEMENTS We have audited the accompanying financial statements of Haw Par Corporation Limited (the “Company”) and its subsidiaries (the “Group”) set out on pages 521 to 1131, which comprise the statements of financial position of the Company and of the Group as at 31 December 2010, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows of the Group for the financial year then ended, and a summary of significant accounting policies and other explanatory information. Management’s Responsibility for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Singapore Companies Act (the “Act”) and Singapore Financial Reporting Standards, and for devising and maintaining a system of internal accounting control sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition, that transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair profit and loss accounts and statements of financial position and to maintain accountability of assets. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free from material misstatement.
Opinion In our opinion, the consolidated financial statements of the Group and the statement of financial position of the Company are properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Group and of the Company as at 31 December 2010, and the results, changes in equity and cash flows of the Group for the financial year ended on that date.
Haw Par Corporation Limited
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Summary Financial Report 2010
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
25
INDEPENDENT AUDITOR’S REPORT To The Members Of Haw Par Corporation Limited For the financial year ended 31 December 2010
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiaries incorporated in Singapore of which we are the auditors, have been properly kept in accordance with the provisions of the Act.
PricewaterhouseCoopers LLP Public Accountants and Certified Public Accountants Singapore 23 February 2011
The accompanying summarised financial statements set out on pages 27 to 34 have been derived from the audited financial statements and are the responsibility of the Company's management. Our responsibility is to express an opinion on whether these summarised financial statements are consistent, in all material respects, with the audited financial statements and the Directors' Report and whether they comply with the requirements of section 203A of the Companies Act (Chapter 50) and the regulations made thereunder, applicable to summarised financial statements. In our opinion, the accompanying summarised financial statements are consistent, in all material respects, with the audited financial statements and the Directors' Report and comply with the requirements of section 203A of the Companies Act (Chapter 50) and the regulations made thereunder, applicable to summarised financial statements.
Haw Par Corporation Limited
Summary Financial Report 2010
For a better understanding of the financial performance and position of the Group and the Company and of the scope of our audit, these summarised financial statements should be read in conjunction with the audited financial statements and our audit report thereon.
26
PricewaterhouseCoopers LLP Public Accountants and Certified Public Accountants Singapore 23 February 2011
1
The page numbers are as stated in the Independent Auditor’s Report dated 23 February 2011 included in Haw Par Corporation Limited’s full financial statements for the financial year ended 31 December 2010.
CONSOLIDATED INCOME STATEMENT For the financial year ended 31 December 2010
The Group 2010 2009 $’000 $’000 Revenue Cost of sales
129,761 (56,887)
123,991 (52,874)
Gross profit Other income Sales and marketing expenses Warehouse and delivery expenses General and administrative expenses
72,874 50,824 (26,126) (479) (12,287)
71,117 47,992 (24,648) (542) (10,434)
Profit from operations Share of results of associated companies/ gain on dilution of investment in associated company (net) Fair value gains/(losses) on investment properties
84,806
83,485
23,521 15,436
7,590 (32,866)
Profit before taxation Taxation
123,763 (10,993)
58,209 (1,044)
Profit for the financial year
112,770
57,165
112,507 263
57,036 129
112,770
57,165
56.9 cents 56.9 cents
28.9 cents 28.9 cents
Attributable to: Equity holders of the Company Non-controlling interests
Haw Par Corporation Limited
Summary Financial Report 2010
Earnings per share attributable to equity holders of the Company Basic Diluted
The accompanying notes form an integral part of these financial statements.
27
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the financial year ended 31 December 2010
The Group 2010 2009 $’000 $’000 Profit for the financial year, net of tax
112,770
57,165
(30,896)
568,012
Reclassification of fair value gains on disposal of available-for-sale financial assets
(2,173)
–
Currency translation differences on consolidation of foreign entities (net)
(5,894)
(3,179)
Share of associated company’s currency translation reserve through equity accounting
4,212
(1,547)
Share of associated company’s other comprehensive (expense)/income through equity accounting
(1,032)
2,567
Other comprehensive (expense)/income for the financial year, net of tax
(35,783)
565,853
Total comprehensive income for the financial year
76,987
623,018
76,378 609 76,987
622,888 130 623,018
Other comprehensive (expense)/income, after tax Fair value (losses)/gains on available-for-sale financial assets (net)
Total comprehensive income attributable to:
Haw Par Corporation Limited
Summary Financial Report 2010
Equity holders of the Company Non-controlling interests
The accompanying notes form an integral part of these financial statements.
28
STATEMENTS OF FINANCIAL POSITION As at 31 December 2010
Current assets Available-for-sale financial assets Inventories Trade and other receivables Tax recoverable Deposits with banks and financial institutions Cash and bank balances
Total assets LIABILITIES Current liabilities Trade and other payables Taxation Non-current liabilities Deferred income taxation
Total liabilities NET ASSETS EQUITY Equity attributable to equity holders of the Company Share capital Reserves Non-controlling interests Total equity
43,848 181,642 – 91,702 1,239,779 11,116 1,568,087
45,367 164,878 – 72,837 1,217,708 11,116 1,511,906
– – 381,957 2,895 455 – 385,307
– – 386,641 2,895 431 – 389,967
335,082 9,275 18,597 4 87,579 23,780 474,317
379,715 6,090 18,538 124 64,059 22,890 491,416
– – 107,442 – 71,017 1,085 179,544
– – 138,204 – 48,502 819 187,525
2,042,404
2,003,322
564,851
577,492
(31,831) (7,388) (39,219)
(32,172) (6,924) (39,096)
(150,587) (198) (150,785)
(151,964) (73) (152,037)
(53,536) (53,536)
(54,279) (54,279)
– –
– –
(92,755)
(93,375)
(150,785)
(152,037)
1,949,649
1,909,947
414,066
425,455
241,355 1,700,538 1,941,893 7,756 1,949,649
239,541 1,663,259 1,902,800 7,147 1,909,947
241,355 172,711 414,066 – 414,066
239,541 185,914 425,455 – 425,455
Summary Financial Report 2010
ASSETS Non–current assets Property, plant and equipment Investment properties Investment in subsidiaries Investment in associated companies Available-for-sale financial assets Intangible assets
The Company 2010 2009 $’000 $’000
Haw Par Corporation Limited
The Group 2010 2009 $’000 $’000
The accompanying notes form an integral part of these financial statements.
29
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the financial year ended 31 December 2010
Attributable to equity holders of the Company Foreign Share Fair currency Share Statutory Capital option value translation Revenue capital reserve 1 reserve 2 reserve reserve reserve reserve $’000 $’000 $’000 $’000 $’000 $’000 $’000
Noncontrolling Total interests $’000 $’000
Total equity $’000
2010 Balance at 1 January 2010 Issue of share capital
239,541
1,522 16,815
1,974 1,106,390
(4,484) 541,042 1,902,800
1,814
–
–
–
–
–
–
1,814
–
1,814
Expensing of share options
–
–
–
450
–
–
–
450
–
450
Dividends paid
–
–
–
–
–
–
(39,549)
(39,549)
–
(39,549)
Total comprehensive (expense)/ income for the financial year
–
–
–
–
(33,069)
(2,028) 111,475
76,378
609
76,987
1,522 16,815
2,424 1,073,321
(6,512) 612,968 1,941,893
Haw Par Corporation Limited
Summary Financial Report 2010
Balance at 31 December 2010 241,355
The accompanying notes form an integral part of these financial statements.
30
7,147 1,909,947
7,756 1,949,649
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED) For the financial year ended 31 December 2010
Attributable to equity holders of the Company Foreign Share Fair currency Share Statutory Capital option value translation Revenue capital reserve 1 reserve 2 reserve reserve reserve reserve $’000 $’000 $’000 $’000 $’000 $’000 $’000
Noncontrolling Total interests $’000 $’000
Total equity $’000
2009
239,541
1,522
17,267
1,760
538,378
243
Expensing of share options
–
–
–
214
–
–
–
214
–
214
Purchase of noncontrolling interest shares in subsidiary
–
–
–
–
–
–
(505)
(505)
–
(505)
Increase in interest of an associated company
–
–
–
–
–
–
81
81
–
81
Liquidation of a subsidiary
–
–
(452)
–
–
–
–
(452)
–
(452)
Dividends paid
–
–
–
–
–
–
(39,491)
(39,491)
–
(39,491)
Total comprehensive income/ (expense) for the financial year
–
–
–
–
568,012
(4,727)
59,603
622,888
130
623,018
239,541
1,522
16,815
Balance at 31 December 2009
1,974 1,106,390
521,354 1,320,065
(4,484) 541,042 1,902,800
7,017 1,327,082
7,147 1,909,947
The statutory reserve is legally required to be set aside in the countries of incorporation of certain subsidiaries. Those laws restrict the distribution and use of the reserve.
2
The capital reserve relates to non-distributable profits arising from sale of long term investments according to certain subsidiaries’ Articles of Association and share premium arising from issue of shares by certain subsidiaries.
Haw Par Corporation Limited
1
Summary Financial Report 2010
Balance at 1 January 2009
The accompanying notes form an integral part of these financial statements.
31
CONSOLIDATED STATEMENT OF CASH FLOWS For the financial year ended 31 December 2010
The Group 2010 2009 $’000 $’000
Haw Par Corporation Limited
Summary Financial Report 2010
Cash flows from operating activities: Profit for the financial year, net of tax Adjustments for: Taxation Share of results of associated companies Gain on dilution of investment in an associated company (net) Gain on liquidation of a subsidiary Fair value (gains)/losses on investment properties Investment income Interest income Depreciation of property, plant and equipment Expensing of share options Property, plant and equipment written off Gain on disposal of property, plant and equipment Inventories written down Write back of unclaimed dividends Gain on disposal of available-for-sale financial assets (Write back)/allowance for impairment in value of available-for-sale financial assets Currency translation losses/(gains) Operating profit before working capital changes (Increase)/decrease in inventories (Increase)/decrease in receivables Decrease in payables Cash generated from operations
32
112,770
57,165
10,993 (14,999) (8,522) – (15,436) (44,910) (958) 5,159 450 125 (9) 170 (160) (2,638)
1,044 (7,590) – (442) 32,866 (43,646) (1,500) 3,411 214 211 – 161 (125) –
(464) 530 42,101 (3,355) (107) (181) 38,458
476 (135) 42,110 307 4,532 (844) 46,105
Investment income received Interest income received Net taxation paid Net cash provided by operating activities
6,282 513 (6,929) 38,324
43,575 496 (7,624) 82,552
Cash flows from investing activities Purchase of short-term available-for-sale financial assets Proceeds from capital reduction of available-for-sale financial assets Proceeds from liquidation of available-for-sale financial assets Proceeds from disposal of available-for-sale financial assets Purchase of property, plant and equipment Dividends from associated companies Proceeds from sale of property, plant and equipment Purchase of non-controlling interests shares in subsidiary Investment in associated company Improvements to investment properties Net cash provided by/(used in) investing activities
(784) – 464 27,763 (4,079) 1,985 15 – – (1,025) 24,339
– 71 – – (13,949) 800 – (505) (9,095) (347) (23,025)
Cash flows from financing activities Proceeds from issue of share capital Payment of dividends to shareholders of the Company Bank deposits pledged Net cash used in financing activities
1,814 (39,549) (26) (37,761)
– (39,491) (1,367) (40,858)
Net increase in cash and cash equivalents Cash and cash equivalents at beginning of the financial year Effects of currency translation on cash and cash equivalents Cash and cash equivalents at end of the financial year
24,902 85,458 (523) 109,837
18,669 66,961 (172) 85,458
The accompanying notes form an integral part of these financial statements.
NOTES TO THE SUMMARY FINANCIAL STATEMENTS For the financial year ended 31 December 2010
1.
GENERAL Haw Par Corporation Limited (the “Company”) is incorporated and domiciled in Singapore and is listed on the Singapore Exchange. The address of its registered office is as follows: 401 Commonwealth Drive #03-03 Haw Par Technocentre Singapore 149598. The Company is the owner of the “Tiger” trademarks and is the holding company of the Group. The principal activities of the Company are licensing of the “Tiger” trademarks and owning investments for long term holding purposes. The principal activities of the Group are as follows: (a) manufacturing, marketing and trading healthcare products; (b) providing leisure-related services; and (c) investing in properties and securities.
DIVIDENDS PAID
Ordinary dividends paid: Final exempt 2009 dividend of 14 cents per share (2009: Final 2008 dividend of 14 cents per share) Interim exempt 2010 dividend of 6 cents per share (2009: 6 cents per share)
Dividend per share (net of tax)
The Company 2010 2009 $’000 $’000
27,684
27,644
27,684
27,644
11,865 39,549
11,847 39,491
11,865 39,549
11,847 39,491
20.0 cents 20.0 cents
20.0 cents
20.0 cents
The Directors recommend a final tax exempt one-tier dividend of 14 cents per share, amounting to approximately $27.7 million to be paid for the financial year ended 31 December 2010 (2009: 14 cents per share amounting to approximately $27.6 million). These financial statements do not reflect this dividend, which will be accounted for in the shareholders’ equity as an appropriation of revenue reserve in the financial year ending 31 December 2011.
Summary Financial Report 2010
The Group 2010 2009 $’000 $’000
Haw Par Corporation Limited
2.
33
NOTES TO THE SUMMARY FINANCIAL STATEMENTS For the financial year ended 31 December 2010
3.
RELATED PARTY TRANSACTIONS The following transactions have been carried out between the Group and its related parties on commercial terms and at market rates during the financial year: (a)
Transactions with related parties: The Group 2010 2009 $’000 $’000 Purchase of non-controlling interests shares from a Director of the Company
(b)
–
57
Share options granted to key management The aggregate number of share options granted to the key management of the Group during the financial year is 249,000 (2009: 204,000). The share options have been granted on the same terms and conditions as those offered to the other employees of the Company. The aggregate number of share options granted to the key management of the Group outstanding as at the end of the financial year is 754,000 (2009: 822,000).
(c)
Key management’s remuneration The key management’s remuneration includes fees, salary, bonus, commission and other emoluments (including benefits-in-kind) computed based on the cost incurred by the Group and the Company, and where the Group or Company do not incur any costs, the value of the benefit. The key management’s remuneration is as follows: The Group 2010 2009 $’000 $’000
Haw Par Corporation Limited
Summary Financial Report 2010
Key management of the Group: directors of the Company directors of the subsidiaries others
34
2,444 1,754 111 4,309
2,309 1,569 42 3,920
Comprising the following: The Group 2010 2009 $’000 $’000 Directors’ fees, salaries and other short-term employee benefits Employer’s contribution to Central Provident Fund and other defined contribution plans Share options granted
4.
3,939
3,685
79 291 4,309
88 147 3,920
AUTHORISATION OF FINANCIAL STATEMENTS These summary financial statements are authorised for issue in accordance with a resolution of the Board of Directors of Haw Par Corporation Limited on 23 February 2011.
STATISTICS OF SHAREHOLDINGS As at 2 March 2011
DISTRIBUTION OF SHAREHOLDINGS Number of shares issued : 197,935,654 Class of shares : Ordinary Voting rights : One vote per share
Size of Holdings
No. of Shareholders
%
No. of Shares
%
16,084 4,665 626 12 21,387
75.20 21.81 2.93 0.06 100.00
1,921,548 13,330,329 27,169,013 155,514,764 197,935,654
0.97 6.73 13.73 78.57 100.00
No. of Shares
%
47,969,542 39,541,641 21,819,067 15,850,486 13,790,815 3,886,000 3,320,596 2,371,961 2,320,995 1,679,230 1,493,771 1,470,000 972,583 609,287 550,000 500,401 430,000 423,094 400,128 397,448 159,797,045
24.23 19.98 11.02 8.01 6.97 1.96 1.68 1.20 1.17 0.85 0.75 0.74 0.49 0.31 0.28 0.25 0.22 0.21 0.20 0.20 80.73
1 - 999 1,000 - 10,000 10,001 - 1,000,000 1,000,001 and above Total
Name
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Wee Investments Private Limited Citibank Nominees Singapore Pte Ltd DBS Nominees Pte Ltd Tye Hua Nominees (Pte) Ltd UOB Kay Hian Pte Ltd United Overseas Insurance Limited - SHF Wah Hin & Co Pte Ltd HSBC (Singapore) Nominees Pte Ltd United Overseas Bank Nominees Pte Ltd DBSN Services Pte Ltd C Y Wee & Co Pte Ltd Ho Sim Guan Wee Cho Yaw Lee Boon Leong How Kok Kooi Ho Han Leong Calvin Tan Proprietary (Pte) Ltd UOB Nominees (2006) Pte Ltd Chua Wee Keng Wee Ee Lim Total
FREE FLOAT Based on the information available to the Company as at 2 March 2011, approximately 35% of the issued ordinary shares of the Company is held by the public and therefore, the Company has complied with Rule 723 of the SGX-ST Listing Manual which requires at least 10% of equity securities (excluding preference shares and convertible equity securities) in a class that is listed at all times held by the public.
Haw Par Corporation Limited
No.
Summary Financial Report 2010
TWENTY LARGEST SHAREHOLDERS
35
STATISTICS OF SHAREHOLDINGS As at 2 March 2011
SUBSTANTIAL SHAREHOLDERS AS AT 2 MARCH 2011 Direct
Haw Par Corporation Limited
Summary Financial Report 2010
Wee Cho Yaw Wee Ee Cheong Wee Ee Lim Wee Ee Chao Wee Investments Private Limited United Overseas Bank Limited MacKenzie Financial Corporation First Eagle Investment Management LLC Supreme Island Corporation
36
No. of Shares held Deemed Total
%
993,067 117,143 397,448 12,570 47,969,542 – –
63,149,001 60,488,074 58,963,443 59,084,305 – 19,735,034 15,171,200
64,142,068 60,605,217 59,360,891 59,096,875 47,969,542 19,735,034 15,171,200
32.41 30.62 29.99 29.86 24.23 9.97 7.66
(1), (2), (3)
– 10,986,910
28,237,080 –
28,237,080 10,986,910
14.27 5.55
(10)
(1), (2), (4) (1) (1), (5)
(7) (8), (9)
(1)
Messrs Wee Cho Yaw, Wee Ee Cheong, Wee Ee Lim and Wee Ee Chao are deemed to be interested in the shares held by Wee Investments Private Limited, Supreme Island Corporation and Kheng Leong Co Pte Ltd.
(2)
Messrs Wee Cho Yaw and Wee Ee Cheong are deemed to have an interest in the shares held by C.Y. Wee & Co Pte Ltd.
(3)
Mr Wee Cho Yaw is deemed to have an interest in the shares held by UOL Group Limited.
(4)
Mr Wee Ee Cheong is deemed to have an interest in the shares held by E.C. Wee Pte Ltd.
(5)
Mr Wee Ee Chao is deemed to have an interest in the shares held by Protheus Investment Holdings Pte Ltd and KIP Investment Holdings Pte Ltd.
(6)
Kheng Leong Co Pte Ltd, C.Y. Wee & Co Pte Ltd, UOL Group Limited, E.C. Wee Pte Ltd, Protheus Investment Holdings Pte Ltd and KIP Investment Holdings Pte Ltd are not substantial shareholders of the Company.
(7)
United Overseas Bank Limited is deemed to have an interest in the 15,849,034 shares held by Tye Hua Nominees (Pte) Limited and 3,886,000 shares held by United Overseas Insurance Limited - SHF.
(8)
Mackenzie Financial Corporation (“MFC”) holds the shares in its capacity as investment manager on behalf of its advisory accounts. One of the accounts, Mackenzie Cundill Value Fund holds 13,369,000 shares, amounting to a shareholding of 6.75%.
(9)
Certain upstream shareholders of MFC are deemed to have interest in the shares of the Company as follows: (a)
Each of Mackenzie Inc. (“MI”) and IGM Financial Inc (“IGM”) is a substantial shareholder of the Company by virtue of its deemed interest in the shares managed by its subsidiaries as fund managers. Each of MI and IGM is deemed to have an interest in 15,171,200 shares of which 15,171,200 shares are held through MFC.
(b)
Each of Power Financial Corporation, 171263 Canada Inc., Power Corporation of Canada (“PCC”), Gelco Enterprises Ltd., Nordex Inc. and Pansolo Holding Inc. is a substantial shareholder of the Company by virtue of its deemed interest in the shares managed by its subsidiaries as fund managers. Each of these entities is deemed to have an interest in 15,176,454 shares of which 15,171,200 shares are held through MFC.
(c)
Mr. Paul Desmarais is a substantial shareholder of the Company by virtue of his indirect controlling interest in, amongst others, PCC, which in turn has a deemed interest in the shares managed by PCC‘s subsidiaries as fund managers. He is deemed to have an interest in 15,176,454 shares of which 15,171,200 shares are held through MFC.
(10) First Eagle Investment Management LLC is an U.S. investment adviser, holding the shares on behalf of its clients. One of its mutual funds, First Eagle Overseas Fund holds 23,192,830 shares amounting to a shareholding of 11.71%.
NOTICE OF ANNUAL GENERAL MEETING HAW PAR CORPORATION LIMITED (Incorporated in the Republic of Singapore) Company Registration Number: 196900437M
NOTICE IS HEREBY GIVEN that the Forty-Second Annual General Meeting of the Company will be held at 80 Raffles Place, 61st Storey, UOB Plaza 1, Singapore 048624 on Wednesday, 20 April 2011 at 3.00 p.m. to transact the following business: AS ORDINARY BUSINESS Resolution 1
To receive and adopt the Directors’ Report and Audited Financial Statements for the financial year ended 31 December 2010 together with the Auditor’s Report thereon.
Resolution 2
To declare a Second & Final Tax-Exempt Dividend of 14 cents per share for the financial year ended 31 December 2010.
To re-appoint the following Directors, who are retiring pursuant to Section 153(6) of the Companies Act, Cap. 50, to hold office until the next Annual General Meeting of the Company: Resolution 3
Mr Wee Cho Yaw
Mr Wee Cho Yaw will, upon re-appointment, continue as chairman of the Board and Investment Committee and a member of the Nominating Committee and Remuneration Committee of the Company. Resolution 4
Dr Lee Suan Yew
Dr Lee Suan Yew will, upon re-appointment, continue as a member of the Audit Committee and Nominating Committee of the Company. Dr Lee is considered as an independent Director. Resolution 5
Mr Hwang Soo Jin
Mr Hwang Soo Jin will, upon re-appointment, continue as a member of the Audit Committee and Remuneration Committee of the Company. Mr Hwang is considered as an independent Director. Resolution 6
Mr Reggie Thein
Resolution 7
Mr Wee Ee Lim
Mr Wee Ee Lim will, upon re-election, continue as a member of the Investment Committee.
Haw Par Corporation Limited
To re-elect the following Directors, who are retiring by rotation pursuant to Article 98 of the Company’s Articles of Association:
Summary Financial Report 2010
Mr Reggie Thein will, upon re-appointment, continue as Chairman of the Audit Committee of the Company. Mr Thein is considered as an independent Director.
37
NOTICE OF ANNUAL GENERAL MEETING
Resolution 8
Mr Sat Pal Khattar
Mr Sat Pal Khattar will, upon re-election, continue as Chairman of the Nominating Committee and Remuneration Committee of the Company. Mr Khattar is considered as an independent Director. Resolution 9
To approve Directors’ fees of $310,000 for the financial year ended 31 December 2010 (2009: $257,000).
Resolution 10
To re-appoint Messrs PricewaterhouseCoopers LLP as Auditor of the Company to hold office until the conclusion of the next Annual General Meeting and to authorise the Directors to fix their remuneration.
AS SPECIAL BUSINESS
Haw Par Corporation Limited
Summary Financial Report 2010
To consider and, if thought fit, pass the following ordinary resolutions:
38
Resolution 11
“That approval be and is hereby given to the Directors to offer and grant options to employees (including executive Directors) and non-executive Directors of the Company and/or its subsidiaries who are eligible to participate in the Haw Par Corporation Group 2002 Share Option Scheme (“2002 Scheme”) in accordance with the rules of the 2002 Scheme, and pursuant to Section 161 of the Companies Act, Cap. 50, to allot and issue from time to time such number of shares in the Company as may be required to be issued pursuant to the exercise of options under the 2002 Scheme, provided that the aggregate number of shares to be issued pursuant to this resolution shall not exceed five per cent (5%) of the total number of issued shares of the Company from time to time.”
Resolution 12
“That approval be and is hereby given, pursuant to Rule 14.1 of the rules of the 2002 Scheme, for the extension of the duration of the 2002 Scheme for a further period of five (5) years from 6 June 2012 to 5 June 2017; and the Directors of the Company be and are hereby severally authorised to complete and do all such acts and things as they may consider necessary, expedient, incidental or in the interests of the Company to give effect to the transactions contemplated and/or authorised by this Resolution.”
Resolution 13
“That subject to and contingent upon the passing of Resolution 12 set out above, approval be and is hereby given for Options (as defined in the rules of the 2002 Scheme) to be granted under the 2002 Scheme with Exercise Prices (as defined in the rules of the 2002 Scheme) which may be set at a discount to the Market Prices (as defined in the rules of the 2002 Scheme) for the ordinary shares in the share capital of the Company, Provided that the maximum discount which may be given in respect of any Option shall not exceed 20% of the relevant Market Price in respect of that Option.”
NOTICE OF ANNUAL GENERAL MEETING
Resolution 14
“That pursuant to Section 161 of the Companies Act, Cap. 50, the Articles of Association of the Company and the listing rules of the Singapore Exchange Securities Trading Limited, approval be and is hereby given to the Directors to issue shares in the Company (whether by way of rights, bonus or otherwise) at any time and upon such terms and conditions and for such purposes and to such persons as the Directors may in their absolute discretion deem fit provided that the aggregate number of shares to be issued pursuant to this resolution shall not exceed fifty per cent (50%) of the Company’s total number of issued shares, of which the aggregate number of shares to be issued other than on a pro-rata basis to members of the Company shall not exceed fifteen per cent (15%) of the total number of issued shares of the Company, and for the purposes of this resolution, the percentage of issued shares shall be based on the total number of issued shares in the capital of the Company at the time this resolution is passed after adjusting for new shares arising from the conversion of share options on issue at the time this resolution is passed, and any subsequent consolidation or subdivision of the Company’s shares.”
NOTICE OF CLOSURE OF BOOKS NOTICE IS HEREBY GIVEN that the Share Transfer Books and Register of Members of the Company will be closed on 20 May 2011. Duly completed transfers received in respect of the shares of the Company by the Company’s Share Registrar, Boardroom Corporate & Advisory Services Pte Ltd at 50 Raffles Place, #32-01, Singapore Land Tower, Singapore 048623 up to 5.00 p.m. on 19 May 2011 will be registered to determine members’ entitlement to the proposed Second & Final dividend. Members whose securities accounts with The Central Depository (Pte) Ltd which are credited with shares of the Company as at 5.00 p.m. on 19 May 2011 will be entitled to such proposed dividend. The proposed Second & Final dividend, if approved by members, will be payable on 1 June 2011.
Singapore 25 March 2011
Haw Par Corporation Limited
Zann Lim Company Secretary
Summary Financial Report 2010
By Order of the Board
39
NOTICE OF ANNUAL GENERAL MEETING
NOTES TO RESOLUTIONS 2, 3 TO 8, 11,12, 13 AND 14 Resolution 2
Together with the interim tax-exempt dividend of 6 cents per share paid on 9 September 2010 and subject to shareholders’ approval on the second & final tax-exempt dividend of 14 cents per share, the total tax-exempt dividend for the financial year ended 31 December 2010 would be 20 cents per share. (2009: 20 cents tax-exempt ).
Resolutions 3 to 8
Further information on the Directors can be found in the Board of Directors section of this Summary Financial Report.
Resolution 11
is to empower the Directors to allot and issue shares pursuant to the 2002 Scheme which was approved at the Extraordinary General Meeting of the Company on 22 May 2002. A copy of the Rules of the 2002 Scheme is available for inspection by members during normal business hours at the registered office of the Company at 401 Commonwealth Drive, #03-03 Haw Par Technocentre, Singapore 149598.
Resolution 12
this resolution if passed, will extend the duration of the 2002 Scheme for a further period of five (5) years from 6 June 2012 to 5 June 2017. Please refer to the Letter to Shareholders dated 25 March 2011.
Resolution 13
is to empower the Directors to grant options at a discount to the Market Price (as defined in the rules of the 2002 Scheme), up to a maximum of 20% of the relevant Market Price, in accordance with the 2002 Scheme.
Resolutions 11 to 13
Pursuant to Rule 859 of the Listing Manual of the Singapore Exchange Securities Trading Limited, shareholders who are eligible to participate in the Scheme shall abstain from voting in respect of Resolution 11 to 13.
Resolution 14
is to empower the Directors to issue shares in the Company, subject to the limits contained in the resolution. Unless revoked or varied by the Company in general meetings, such authority shall remain in force until the conclusion of the next Annual General Meeting of the Company or the date by which the next Annual General Meeting of the Company is required by law to be held, whichever is the earlier. The Directors would only issue shares under this resolution where they consider it appropriate and in the interest of the Company to do so.
Haw Par Corporation Limited
Summary Financial Report 2010
Notes
40
(1) A member entitled to attend and vote at the meeting is entitled to appoint one or two proxy/proxies to attend and vote in his/her stead. A proxy need not be a member of the Company. (2) To be effective, the Proxy Form must be deposited at the registered office of the Company at 401 Commonwealth Drive, #03-03 Haw Par Technocentre, Singapore 149598, not less than 48 hours before the time set for holding the meeting.
IMPORTANT:
PROXY FORM
HAW PAR CORPORATION LIMITED (Incorporated in the Republic of Singapore) Company Registration Number: 196900437M FORTY-SECOND ANNUAL GENERAL MEETING (Before completing this form, please read the notes behind.)
1.
For investors who have used their CPF monies to buy shares of Haw Par Corporation Limited, this annual report is forwarded to them at the request of their CPF Approved Nominees and is sent solely FOR INFORMATION ONLY.
2.
This Proxy Form is not valid for use by CPFIS investors and shall be ineffective for all intents and purposes if used or purported to be used by them.
3.
CPFIS Investors who wish to vote should contact their CPF Approved Nominees.
Number of shares held: Scrip-based Scripless
I/We,
(Name)
of
(Address)
being a member/members of the Company, hereby appoint: NAME
ADDRESS
NRIC/ PASSPORT NO.
PROPORTION OF SHAREHOLDINGS (%)
(a) And/or (delete as appropriate) (b) as my/our proxy/proxies to attend and vote for me/us and on my/our behalf at the Forty-Second Annual General Meeting of the Company to be held on Wednesday, 20 April 2011 at 3.00 p.m. and at any adjournment thereof. (Please indicate with a “X” in the spaces provided whether you wish your votes to be cast for or against the Ordinary Resolutions as set out in the Notice of Annual General Meeting. In the absence of specific directions, your proxy/proxies may vote or abstain as he/she may think fit. NO.
RESOLUTION
Ordinary Business 1
Adoption of Financial Statements and Reports of the Directors and Auditors
2
Declaration of Second & Final Dividend
3
Re-appointment of Mr Wee Cho Yaw
4
Re-appointment of Dr Lee Suan Yew
5
Re-appointment of Mr Hwang Soo Jin
6
Re-appointment of Mr Reggie Thein
7
Re-election of Mr Wee Ee Lim
8
Re-election of Mr Sat Pal Khattar
9
Approval of Directors’ fees
10
Re-appointment of PricewaterhouseCoopers LLP as Auditors
Special Business 11
Authority to issue shares (Share Options)
12
Approval to extend Haw Par Corporation Group 2002 Share Option Scheme
13
Approval for granting discount to exercise price of Share Option
14
Authority to issue shares (General)
Dated this ________ day of _________ 2011
Signature(s) or Common Seal of Member(s)
FOR
AGAINST
Notes: 1.
Please insert at the top right hand corner of this Proxy Form the number of scrip-based shares in the Company registered in your name in the Register of Members and the number of scripless shares in the Company entered against your name in the Depository Register maintained by The Central Depository (Pte) Limited (“CDP”) in respect of the shares in your securities account with CDP. If no number is inserted, this Proxy Form shall be deemed to relate to all the shares held by you.
2.
A member entitled to attend and vote at the meeting is entitled to appoint one or two proxy/proxies to attend and vote in his/her stead. A proxy need not be a member of the Company.
3.
A member is not entitled to appoint more than two proxies to attend and vote on his/her behalf. Where a member appoints two proxies, the appointments shall be invalid unless he/she specifies the proportion of his/her shareholding (expressed as a percentage of the whole) to be represented by each proxy.
4.
The sending of a Proxy Form by a shareholder does not preclude him/her from attending and voting in person at the Annual General Meeting if he/she finds that he/she is able to do so. In such event, the relevant Proxy Form will be deemed to be revoked.
5.
To be effective, this Proxy Form must be deposited at the registered office of the Company at 401 Commonwealth Drive, #03-03 Haw Par Technocentre, Singapore 149598, not less than 48 hours before the time set for holding the meeting.
6.
This Proxy Form must be signed by the appointor or by his/her attorney. In the case of a corporation, this form must be executed under its common seal or signed by its duly authorised attorney or officer. In the case of joint holders, all holders must sign this form.
7.
Any alteration made in this Proxy Form should be initialled by the person who signs it.
8.
The Company shall be entitled to reject this Proxy Form if it is incomplete, improperly completed or illegible or where the true intentions of the appointor is not ascertainable from the instructions of the appointor specified in the form. In the case of members whose shares are entered against their names in the Depository Register, the Company may reject any proxy form lodged if such members are not shown to have the corresponding number of shares in the Company entered against their names in the Depository Register as at 48 hours before the time set for holding the meeting or the adjourned meeting, as appropriate.
9.
Agent banks acting on the requests of the CPFIS investors who wish to attend the Annual General Meeting as observers are requested to submit in writing, a list with details of the investors’ names, NRIC/Passport numbers, addresses and number of shares held. The list, signed by an authorised signatory of the Agent Bank, should reach the Company’s Registrar, Boardroom Corporate & Advisory Services Pte Ltd at 50 Raffles Place, #32-01 Singapore Land Tower, Singapore 048623, not less than 48 hours before the time set for holding the meeting.
REQUEST FORM
HAW PAR CORPORATION LIMITED (Incorporated in the Republic of Singapore) Company Registration Number: 196900437M 25 March 2011 Dear Shareholder This notice accompanies a copy of our Summary Financial Report (“SFR”) of Haw Par Corporation Limited (“Haw Par”) for the financial year ended 31 December 2010 (“FY2010”). The SFR contains a review of the Haw Par Group, the Directors’ Report, the Auditor’s Report and a summary of the audited financial statements of the Haw Par Group for FY2010. The full audited financial statements of the Haw Par Group for FY2010 are set out in the Annual Report (“AR”) which is a separate report available to shareholders at no cost upon request. The AR will also be available on our website at www.hawpar.com. We will continue to send you a copy of the SFR for as long as you are a shareholder, unless you indicate otherwise. If you wish to receive a copy of the AR for FY2010 and for future financial years, please complete the Request Form below and return it to us by 6 April 2011. If you are receiving this SFR for the first time or you did not respond previously or you may change any previous request, you may indicate your wishes by ticking the appropriate box in the Request Form below and returning it to us by 6 April 2011. If we do not receive your Request Form, it would indicate that you do not wish to receive the AR for FY2010 and for future financial years, or there is no change to your previous request. Your latest request will supersede the earlier requests received by us. Yours faithfully HAW PAR CORPORATION LIMITED Zann Lim Company Secretary Request Form To: Haw Par Corporation Limited NB. Please tick only one box. Incomplete forms will not be processed. [ [ [
] ] ]
1. 2. 3.
Please send me/us the Annual Report for FY2010. Please send me/us the Annual Report for so long as I am/we are shareholder(s). I/We do not wish to receive the Annual Report or the Summary Financial Report for so long as I am/we are shareholder(s).
Name(s) of Shareholder(s): ____________________________________________________________________ NRIC/Passport* Number(s): ___________________________________________________________________ Address: ___________________________________________________________________________________ ___________________________________________________________________________________________ The shares are held by me/us under or through: [ ] CDP Securities Account Number+ [ ] CPFIS Account# [ ] Physical scrips
1 6 8 1 –
–
Signature(s): __________________________________________________ Date: ________________________ * + #
Please delete where inapplicable. This applies only if your shares are registered with The Central Depository (Pte) Limited. Please note that if your shares are held under CPFIS, you will be included under the first option only.
1ST FOLD
Postage will be paid by addressee. For posting in Singapore only.
BUSINESS REPLY SERVICE PERMIT NO. 07551
The Company Secretary Haw Par Corporation Limited c/o Boardroom Corporate & Advisory Services Pte Ltd 50 Raffles Place #32-01 Singapore Land Tower Singapore 048623
3RD FOLD AND GLUE OVERLEAF. DO NOT STAPLE.
3RD FOLD AND GLUE OVERLEAF. DO NOT STAPLE.
3RD FOLD AND GLUE OVERLEAF. DO NOT STAPLE.
2ND FOLD
HAW PAR CORPORATION LIMITED (Incorporated in the Republic of Singapore) Company Registration Number: 196900437M 401 Commonwealth Drive #03-03 Haw Par Technocentre Singapore 149598 Tel: 6337 9102 Fax: 6336 9232 www.hawpar.com
