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ANNUAL REPORT - SP Corp

SP Corporation Limited (Company Registration No. 195200115K). 6 Shenton Way SP CORPORATION LIMITED. OUE Downtown 1 #41-03. Singapore 068809 S P C O R P O R AT I O N L I M I T E D. AN N UAL R E PORT 2 0 1 6. ANNUAL REPORT 2016. GROUP STRUCTURE CORPORATE DIRECTORY. AS AT 25 JANUARY 2017. BOARD OF DIRECTORS HEAD/CORPORATE OFFICE TYRE DISTRIBUTION UNIT. Peter Sung (Chairman) 6 Shenton Way Globaltraco International Pte Ltd Boediman Gozali (alias Tony Wu) OUE Downtown 1 #41-03 SP Performance Pte. Ltd. Cheng Hong Kok Singapore 068809 2 Woodlands Sector 1. Chong Chou Yuen Tel: (65) 6645 3260 #01-09. William Nursalim alias William Liem Fax: (65) 6645 3261 Singapore 738068. Tan Lye Huat Website: Tel: (65) 6265 3088. Email: Fax: (65) 6262 2133. AUDIT AND RISK COMMITTEE Website: Cheng Hong Kok (Chairman) SHARE REGISTRAR. Globaltraco International Pte Ltd Chong Chou Yuen Private Limited Vietnam Representative Office Tan Lye Huat 8 Robinson Road Kim Xuan Gia Building #03-00 ASO Building Floor 03, Suite D.

04 SP Corporation Limited 2016 Annual Report PETER SUNG CHAIRMAN NON-INDEPENDENT & NON-EXECUTIVE DIRECTOR • Bachelor of Arts degree with a First Class Honours in Economics,

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Transcription of ANNUAL REPORT - SP Corp

1 SP Corporation Limited (Company Registration No. 195200115K). 6 Shenton Way SP CORPORATION LIMITED. OUE Downtown 1 #41-03. Singapore 068809 S P C O R P O R AT I O N L I M I T E D. AN N UAL R E PORT 2 0 1 6. ANNUAL REPORT 2016. GROUP STRUCTURE CORPORATE DIRECTORY. AS AT 25 JANUARY 2017. BOARD OF DIRECTORS HEAD/CORPORATE OFFICE TYRE DISTRIBUTION UNIT. Peter Sung (Chairman) 6 Shenton Way Globaltraco International Pte Ltd Boediman Gozali (alias Tony Wu) OUE Downtown 1 #41-03 SP Performance Pte. Ltd. Cheng Hong Kok Singapore 068809 2 Woodlands Sector 1. Chong Chou Yuen Tel: (65) 6645 3260 #01-09. William Nursalim alias William Liem Fax: (65) 6645 3261 Singapore 738068. Tan Lye Huat Website: Tel: (65) 6265 3088. Email: Fax: (65) 6262 2133. AUDIT AND RISK COMMITTEE Website: Cheng Hong Kok (Chairman) SHARE REGISTRAR. Globaltraco International Pte Ltd Chong Chou Yuen Private Limited Vietnam Representative Office Tan Lye Huat 8 Robinson Road Kim Xuan Gia Building #03-00 ASO Building Floor 03, Suite D.

2 NOMINATING COMMITTEE Singapore 048544. 43-45 Ho Tung Mau Street Cheng Hong Kok (Chairman) Tel: (65) 6593 4848. SP Corporation Limited William Nursalim alias William Liem Fax: (65) 6593 4847. Ben Nghe Ward, District 1. Ho Chi Minh City Tan Lye Huat Vietnam EXTERNAL AUDITORS. Tel: (84 8) 3822 8369. REMUNERATION COMMITTEE Deloitte & Touche LLP. Fax: (84 8) 3823 1141. Tan Lye Huat (Chairman) Partner-in-charge: Yang Chi Chih Cheng Hong Kok (Appointed since financial year Performance Retreads Sdn. Bhd. Peter Sung 31 December 2013). 53 Jalan Cemerlang 6 Shenton Way Taman Perindustrian Cemerlang WHISTLE-BLOWING COMMITTEE OUE Downtown 2 #33-00. Batu 10 Jalan Kota Tinggi Boediman Gozali (alias Tony Wu) Singapore 068809. 81800 Ulu Tiram, Johor Darul Takzim Managing Director and Tel: (65) 6224 8288. Malaysia Chief Executive Officer Fax: (65) 6538 6166. Tel: (60 7) 861 7671. 100% 100% 100% 100% 100% Fax: (60 7) 861 7672. SP Global Globaltraco SP Lee Hui Gek INTERNAL AUDITORS.

3 SP Resources SP. International International Performance Chief Financial Officer PricewaterhouseCoopers Risk Services International Energy OTHERS. Pte. Ltd. Pte Ltd Pte. Ltd. Pte. Ltd. Pte. Ltd. Pte. Ltd. SP Energy Pte. Ltd. Helena Chua Guat Huat Partner-in-charge: Ng Siew Quan SP Mining & Engineering Pte. Ltd. Company Secretary 8 Cross Street 6 Shenton Way #17-00 PWC Building OUE Downtown 1 #41-03. Email: Singapore 048424. Singapore 068809. Tel: (65) 6236 3388. Tel: (65) 6645 3260. REGISTERED OFFICE Fax: (65) 6236 3300. Fax: (65) 6645 3261. 9 Oxley Rise #03-02 The Oxley COMMODITIES TRADING UNIT. 100% 100% Singapore 238697 SP Resources International Pte. Ltd. PT. SP Mining & Engineering Performance SP Mining & Tel: (65) 6223 7211 SP Global International Pte. Ltd. 5th Floor Wisma Sudirman Suite 01. Retreads Engineering Fax: (65) 6224 1085 6 Shenton Way Jl. Jend. Sudirman Kav 34. Sdn. Bhd. Pte. Ltd. OUE Downtown 1 #41-03. Jakarta 10220. Indonesia Singapore 068809.

4 Tel: (65) 6645 3260. Fax: (65) 6645 3261. 99%. GENERAL INFORMATION. DISCLAIMER. PT. SP 1% Readers should note that legislation in Singapore governing the preparation and dissemination of financial statements may differ from legislation in Mining & other jurisdictions. This ANNUAL REPORT is provided for information purposes only and does not constitute an invitation to invest in the Company's shares. Engineering Except where you are a shareholder, this REPORT is not, in particular, intended to confer any legal rights on you. Any decision you make by relying on this information is solely your responsibility. The historical information given is as of the dates specified, is not updated and any forward-looking statement is made subject to the reservation specified in the following paragraphs. CAUTIONARY NOTES. This ANNUAL REPORT may contain forward-looking statements. Words such as expects', anticipates', intends' or the negative use of these terms and other similar expressions of future performance or results and their negatives are intended to identify such forward-looking statements.

5 Forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Group. They are not historical facts, nor are they guarantees of future performance or events. They involve assumptions, risks and uncertainties. Actual future performance or results may differ materially from those expressed or implied in forward-looking statements as a result of various important factors. These factors include, but are not limited to, economic, political and social conditions in the geographic markets where the Group operates, interest rate and foreign currency exchange rate movements, cost of capital and availability of capital, competition from other companies and venues for sale/. Commodities Trading Unit Tyre Distribution Unit Others manufacture/distribution of goods and services, shift in demands, customers and partners, and changes in operating costs. Unpredictable or unknown factors not documented in this REPORT could also have material adverse effects on forward-looking statements.

6 Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date of this REPORT . Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Information on or accessible through any third party or external website does not form part of and is not incorporated into this ANNUAL REPORT . In this ANNUAL REPORT , unless the context otherwise requires, SP Corp , the Group , we , us , and our refer to SP Corporation Limited and its subsidiaries. Statement of financial position and balance sheet are used interchangeably, and reference to this ANNUAL REPORT is a reference to this ANNUAL REPORT . Figures in parentheses in tables and in the Financial Statements denote negative values.

7 Readers may download the full PDF version of this ANNUAL REPORT and other information about SP Corporation Limited at our website, Financial data in this ANNUAL REPORT are stated in Singapore dollars unless otherwise indicated. SP Corporation Limited 2016 ANNUAL REPORT 01. CONTENTS. Group Structure (Front inner cover) Chairman's Statement 02. CEO's Operations Review 03. Directors' Profile 04. Risk Management Statement 06. Five-Year Financial Summary and Financial Calendar 13. Corporate Governance REPORT 14. Directors' Statement 39. Independent Auditor's REPORT 41 Notes to Financial Statements Statements of Financial 49. Position 45 SGX-ST Listing Manual Requirements Consolidated Statement of 89. Profit or Loss and Other Comprehensive Income Shareholding Statistics 46 90. Statements of Changes in Notice of ANNUAL General Equity Meeting 47 91. Consolidated Statement of Proxy Form Cash Flows 48 Corporate Directory and General Information (Back inner cover) 02 SP Corporation Limited 2016 ANNUAL REPORT CHAIRMAN'S STATEMENT.

8 DEAR SHAREHOLDERS, For and on behalf of the Board of Directors, we present to you the ANNUAL REPORT and Financial Statements for the financial year ended 31 December 2016. ( FY2016 ). The Group's revenue of $ million was 5% above that in FY2015 mainly due to higher contribution from commodities trading, offset by lower export tyre sales. Notwithstanding the loss suffered by the tyre distribution business, profit after tax increased by 23% to $ million versus $ million in FY2015. The global growth prospects remain weak amid the ongoing political and economic uncertainties and concerns about the effectiveness of monetary policy in spurring stronger growth. The profitability of the commodities trading and tyre distribution businesses will continue to be impacted by the volatility of commodity prices and the prevailing intense competition. The Group will continue to focus on cost management and productivity improvement to sustain its existing businesses in the coming year.

9 The Group will also explore investment opportunities to achieve the long-term goal of enhancing our Last but not least, on behalf of the Board of Directors, we shareholders' value. would like to register our deepest gratitude to you, our shareholders, for your unwavering support year after year. To our fellow directors, management and staff, I would like We strive to enhance shareholder value in the years ahead. to express my heartfelt appreciation for your dedication and commitment. To our esteemed customers, suppliers and business partners, I wish to thank you for your confidence and continued support to the Group. We look forward to many more years of fruitful collaboration and alliances in PETER SUNG. the years ahead. Chairman 25 January 2017. SP Corporation Limited 2016 ANNUAL REPORT 03. CEO'S OPERATIONS REVIEW. For the financial year ended 31 December 2016 TYRE DISTRIBUTION UNIT. ( FY2016 ), the Group reported higher revenue of The Tyre Distribution Unit distributes established tyre $ million as compared to $ million in brands, namely, GT Radial and Gajah Tunggal from FY2015, mainly due to higher commodities trading Indonesia; and GT Radial, Primewell and Runway from activities, while the tyre distribution business continued China, in ASEAN countries, except for Indonesia, the to be affected by intense competition.

10 The Group's Philippines and Thailand. It commenced distribution profit after tax rose from $ million in FY2015 to of Giti brand commercial tyres from China during $ million. the financial year. Its principal suppliers, PT. Gajah Tunggal Tbk. and Giti Tire Pte. Ltd. are the leading COMMODITIES TRADING UNIT tyre manufacturers in ASEAN and China respectively. The Commodities Trading Unit primarily carries As the distributor for these brands, the Unit distributes out trading of rubber, coal, metals as well as other a wide range of bias and radial tyres for trucks, commodities and products used by manufacturers in buses and passenger cars. The Unit provides tyre the tyre, energy, metal and automotive industries in management services in Singapore and offers a one- Asia. The Unit also distributes consumer products such stop solution for both new and retread tyres. as baby and adult diapers, baby wipes and feminine napkins produced by established manufacturers in The Tyre Distribution Unit recorded revenue of $ China and Indonesia.


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