ANNUAL REPORT 2024 APOLLO FOOD HOLDINGS BERHAD
About Us APOLLO Apollo Food Industries Sdn Bhd, The Company which is manufacturing compound chocolate confectionery products and layer cakes based in Malaysia. Apollo”s product mainly divided into two main categories which are: - Chocolate Wafer products - Layer cake, Chocolate Layer Cake and Swiss roll products As a leading manufacturer of the Chocolate Confectionery Products and Layer Cake industry in Malaysia, the Apollo products are distributed in Malaysia and other overseas market which are Singapore, Indonesia, Thailand, Philippines, Vietnam, China, Hong Kong, Taiwan, Japan, India, Middle East, Mauritius, and Maldives. Quality and Standards: Quality and innovation are one of the Apollo”s strengths. The organization constantly strives to determine and provide the resources needed a) Implement and maintain the quality management system and continually improve its effectiveness. b) Produce the products with top quality of raw & packaging materials c) Using world class wafer and layer cake manufacturing machinery from Europe and constantly upgrade and improve 2
2 1880- 2024 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 The sign of good taste ! 2
Overview NOTICE OF ANNUAL GENERAL MEETING STATEMENT ACCOMPANYING NOTICE OF ANNUAL CORPORATE STRUCTURE FINANCIAL HIGHLIGHTS CORPORATE INFORMATION 03 06 08 10 11 Business review NOTICE OF ANNUAL GENERAL MEETING STATEMENT ACCOMPANYING NOTICE OF ANNUAL 30 32 Management INFORMATION DIRECTORS’ STATEMENT STATEMENT ON RISK MANAGEMENT INTER PROFILE OF DIRECTORS PROFILE OF KEY SENIOR 30 32 40 46 50 Financial Statement ADDITIONAL COMPLIANCE INFORMATION DIRECTORS’ STATEMENT STATEMENT INTER PROFILE OF DIRECTORS PROFILE SENIOR MANAGEMENT 30 32 40 46 50 Additional ADDITIONAL 30 TABLE OF CONTENT
2 ‘The sign of good taste ! 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
INSIDE THIS REPORT Corporate Information Chairman’s Statement Management Discussion & Analysis Increase in Shareholders’ Wealth Sustainability Reporting Five-Year Financial Summary Financial Highlights Financial Calendar Share Performance Five-Year Trend Board of Directors’ Profile Strategic Management Committee Members’ Profile Corporate Governance Overview Audit Committee Report Statement on Risk Management and Internal Control Additional Compliance Information Directors’ Report Statement of Financial Position Statement of Profit or Loss and Other Comprehensive Income Statement of Changes in Equity Statement of Cash Flows Notes to the Financial Statements Statement by Directors Statutory Declaration Independent Audi List of Properties Owned by the Company Statistics on Shareholdings History of Dividend Payment Notice of 58th Annual General Meeting CORPORATE OVEVRVIEW BUSINESS REVIEW GOVERNANCE STATEMENT FINANCIAL STATEMENT ADDITIONAL INFORMA02 04 08 06 10 35 36 37 38 39 40 41 42 43 44 45 46 47 48 50 51 52 53 54 55 56 57 58 60 61 62 63
About This Report Apollo Food Berhad Industries (“Velesto” or the “Group”) presents its Integrated Annual Report 2023 (“IAR 2023”) for financial year ended 31 December 2023. The development of this Report is consistent with the Six Capitals, Seven Guiding Principles and Eight Content Elements of the Integrated Reporting Framework as prescribed by the International Financial Reporting Standard (“IFRS”)1. Since August 2022, the Value Reporting Foundation ("VRF") has merged with the International Financial Reporting Standards (“IFRS’) Board with the Integrated Reporting Framework now becoming a pivotal part of the effort to link sustainability disclosures with financial statements as prescribed by IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Disclosure) standard. 2 New Business Strategy The Company is now focused on expanding the product range of its core businesses by introducing new products and new export markets whilst actively seeking investment in new businesses. This is to address the loss of the contribution from the termination of the two businesses namely rice cooker products and small kitchen appliances. The Company has identified certain water related products which is currently under the development stage and should be launched within the next financial year. Realignment of Global Production Base As part of the realignment of global production for the Panasonic Group for cost efficiency and enhanced competitiveness, Panasonic Corporation (“PC”) had notified the Company of its decision to terminate the Small Kitchen Appliances businesses effective from 31st March 2023. Recognising that the Company would be incurring substantial restructuring losses as a result of the global decision to realign its production bases, PC had agreed to bear the entire restructuring costs incurred; including staff retrenchment costs, write-off expenses of facilities by PMMA for the termination of the businesses. As such, a claim amounting to RM 14.4 million has been made to PC and this has been recognised as other operating income received during the financial year. The claims received were in relation to the first phase of products terminated; whilst the claims for the remaining products will be made within the next financial year.
Kim Tee Liang In 2023, we mark the significant occasion of our Company’s 140th anniversary. This milestone not only serves as a tribute to our illustrious heritage to sustainable growth. ‘‘ In 2023, we mark the significant occasion of our Company’s 140th anniversary. This milestone not only serves as a tribute to our illustrious heritage but also stands as a testament to our steadfast dedication to sustainable growth. As we celebrate this remarkable milestone, we also take a moment to reflect on the year that has unfolded – A year filled with challenges that have, in turn, presented new growth opportunities. Over the decades, our Company has undergone a remarkable transformation, adapting to the changing landscapes of business and technology. From our humble beginnings, we have transformed into a dynamic entitythat embraces innovationas a core value. Our innovative ategicdigital transformation efforts has allowed us to optimise operations, enhance customer engagement, and elevate our competitiveness in an increasingly digital world. SUSTAINABILITY COMMITMENT Our commitment to enhancing our financial performance goes hand in hand with our unwavering dedication to building a sustainable future. Our sustainability strategy is not merely a vision; it is a tangible commitment that drives meaningful action. This year, we’ve quantified the business 3 Our Perfomance
MANAGEMENT DISCUSSION AND ANALYSIS Revenue RM274.8 million (2022: RM252.8 million) Profit RM43.3 million (2021: RM174.4 million) Cash Equicaleme RM100.6 million (2022: RM183.9 million) Revenue RM738.3 million In adapting to the changing global environment, we took the opportunity to transform the Group to meet these, and future challenges; refocus on the consumer, streamline our supply chain and route to market, strengthen our balance sheet, improve cashflow, construct a bolder vision and purpose as well as, detail a more robust business strategy for the next five years, and cascade it down the organisation in a balanced scorecard. In addition to these measures, we put better controls in place to strengthen our leadership platform amidst an increasingly competitive landscape, and to extend our market lead in terms of quality and sustainability in the frozen food space. These initiatives include better internal controls and the upgrading of our processes, leading to increased production efficiency, a stronger supply and distribution network, both locally as well as in our export markets; and aligning the total route to market, from our suppliers to our consumers, in line with our strategic direction to create win-win partnerships, as well as making the tough 3 Our Perfomance
FINANCIAL STATEMENT Directors’ Report Statement of Financial Position Statement of Profit or Loss and Other Comprehensive Income Statement of Changes in Equity Statement of Cash Flows Notes to the Financial Statements Statement by Directors Statutory Declaration Independent Auditors’ Report 70 74 75 76 77 78 79 80 81 4 Our Perfomance
2 5 FINANCIAL HIGHLIGHTS The Company is principally engaged in investment holding and provision of management services to subsidiaries. The principal activities of the subsidiaries are mainly manufacturing, distribution and marketing of compound. REPORTS $5.5B Profit for the financial year $99.0B Profit attributable 46.6$ Owners of the parent 8.0$ RESERVES AND PROVISIONS There were no material transfers to or from reserves or provision. ISSUE OF SHARES AND DEBENTURES There were no new issues of shares or debentures during the. Profit before taxation 365,890 In respect of the financial year ended 30 April 2022: Final single tier dividend of 15 sen per ordinary share, paid on 11 January 2023 12,000,000 In respect of the financial year ended 30 April 2023: First interim single tier dividend of 11 January 2023 Profit before taxation 573,759 In respect of the financial year ended 30 April 2022: Final single tier dividend of 15 sen per ordinary share, paid on 11 January 2023 12,000,000 In respect of the financial year ended 30 April 2023: First interim single tier divi dend of 11 January 2023 Our Perfomance
FINANCIAL HIGHLIGHTS Our Perfomance Operational Highlights Revenue (RM Million) The Board has adopted most of the recommendations as prescribed in the Code to effectively lead the Group. Revenue (RM Million) 30% Revenue (RM Million) The Board has adopted most of the recommendations as prescribed in the Code to effectively lead the Group. Revenue (RM Million) 33% 573,759 Revenue (RM Million) 346,56 Revenue (RM Million) >360.000 Revenue (RM Million) 10% 25% 40% 8% 15% 40% 40% 15% 10% 8% 25% 40% 6
27 RESERVES AND PROVISIONS There were no material trans 80% 8% 15% 40% 8% 15% 40% 8% 15% 40% 8% 15% 40% $573,759 Revenue (RM Million) $692,29 Revenue (RM Million) $66,6 Revenue (RM Million) $9,6 Revenue (RM Million) Our Perfomance
2020 Key highlights 01 January 02 February The Company is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Market of the Bursa Malaysia Securities Berhad. The registered office of the Company is located at Suite 1301, 13th Floor, City Plaza, Jalan Tebrau, 80300 Johor Bahru, Johor. The Company is a public limited liability company, incorporated and domiciled in the Bursa Malaysia Securities Berhad. The Company is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Market of the Bursa Malaysia Securities Berhad. The registered office of the Company is located at Suite 1301, 13th Floor, City Plaza, Jalan Tebrau, 80300 Johor Bahru, Johor. The principal place of business is located at 70, Jalan Langkasuka, Larkin Industrial Area, 80350 Johor Bahru, The Directors regard Keynote Capital Sdn. Bhd., a company incorporated in Malaysia. The principal place of business is located at 70, Jalan Langkasuka, Larkin Industrial Area, 80350 Johor Bahru, The Directors regard Keynote Capital Sdn. Bhd., a company incorporated in Malaysia. The consolidated financial statements for the financial year ended 30 April 2023 comprise the Company and its subsidiaries. These financial statements are presented in Ringgit Malaysia (‘RM’), which is also the Company’s functional currency. Our Perfomance 8
03 March 04 April The Company is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Market of the Bursa Malaysia Securities Berhad. The registered office of the Company is located at Suite 1301, 13th Floor, City Plaza, Jalan Tebrau, 80300 Johor Bahru, Johor. The Company is a public limited liability company, incorporated and domiciled in the Bursa Malaysia Securities Berhad. The principal place of business is located at 70, Jalan Langkasuka, Larkin Industrial Area, 80350 Johor Bahru, The Directors regard Keynote Capital Sdn. Bhd., a company incorporated in Malaysia. The consolidated financial statements for the financial year ended 30 April 2023 comprise the Company and its subsidiaries. The Company is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Market of the Bursa Malaysia Securities Berhad. The registered office of the Company is located at Suite 1301, 13th Floor, City Plaza, Jalan Tebrau, 80300 Johor Bahru, Johor. The financial statements were authorised for issue in accordance with a resolution by the Board of Directors on The Company is a public limited liability company, incorporated and domiciled in the Bursa Malaysia Securities Berhad. The principal place of business is located at 70, Jalan Langkasuka, Larkin Industrial Area, 80350 Johor Bahru, The Directors regard Keynote Capital Sdn. Bhd., a company incorporated in Malaysia. The consolidated financial statements for the financial year ended 30 April 2023 comprise the Company and its subsidiaries. These financial statements are presented in Ringgit Malaysia. The Directors regard Keynote Capital Sdn. Bhd., a company incorporated in Malaysia. The Directors regard Keynote Capital Sdn. Bhd. Our Perfomance 9
Our Perfomance BOARD BALANCE* 5 INDEPENDENT 56% 4 NONINDEPENDENT 44% BOARD TENURE* 2 3 4 0 0 0 Independent Non-Independent Mr Charoen Sirivadhanabhakdi Page 22 Mr Ng Tat Pun Page 22 10 Board of Directors
Our Perfomance Mr Sirivadhanabhakdi Page 22 Mr Siriva Page 22 Mr dhana Page 22 Suong Nguyen Page 22 11 Mr Charoen Page 22 Mr Sirivadhanabhakdi Page 22 Mr Charoen Page 22 Mr Sirivadhanabhakdi Page 22
CORPORATE INFORMATION Mr. Liang Chiang Heng (Executive Chairman) Mr. Liang Kim Poh (Executive Director cum Managing Director) Ms. Foo Swee Eng (Independent Non-Executive Director) En. Halid Bin Hasbullah (Independent Non-Executive Director) Mr. Johnson Kandasamy A/L David Nagappan (Independent Non-Executive Director) Ms. Yong May Li (LS 0000295) [SSM PC No.: 202008000285] Ms. Wong Chee Yin (MAICSA 7023530) [SSM PC No.: 202008001953] REGISTERED OFFICE Suite 1301, 13th Floor, City Plaza Jalan Tebrau, 80300 Johor Bahru Johor Darul Takzim Tel No : 07-3322088 Fax No : 07-3328096 PRINCIPAL PLACE OF BUSINESS 70, Jalan Langkasuka, Larkin Industrial Area 80350 Johor Bahru, Johor Darul Takzim Tel No : 07-2365096 / 2365097 Fax No : 07-2374748 Email : apollof@apollofood.com.my SHARE REGISTRAR TRICOR INVESTOR & ISSUING HOUSE SERVICES SDN. BHD. Registration No.: 197101000970(11324-H) Unit 32-01, Level 32, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur Tel No : 03-27839299 Fax No : 03-27839222 E-mail : is.enquiry@my.tricorglobal.com Board of Directors Audit and Risk Company Secretari Share Registrar TRICOR INVESTOR & ISSUING HOUSE SER Registration No.: 197101000970(11324-H) Unit 32-01, Level 32, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur Tel No : 03-27839299 Fax No : 03-27839222 E-mail : is.enquiry@my.tricorglobal.com Principle Bankers AmBank (M) Berhad Management had OCBC Bank (Malaysia) Berhad Stock Exchange Main Market, Bursa Malaysia Securities Berhad 12 Our Perfomance
CORPORATE STRUCTURE 13 Our Perfomance 30 000$ 20 + 07 + Finance Chaim Workers BOSS DIRECTORS NAME MR LOW NAME MR LOW NAME MR LOW NAME MR LOW NAME MR LOW NAME MR LOW
Our Perfomance SUSTAINABILITY AS OUR MAIN COURSE APOLLO FOOD focus is addressing the most critical sustainability challenges affecting the Group, stakeholders and communities. The Group aims to optimise its collective impact by continually reassessing and integrating these material issues into its business strategy and comprehensive operations. This top-down approach facilitates systemic transformations throughout the value chain, embodying sustainability as an integral part of corporate ethos, not just an action it takes. BFOOD STRATEGIC PRIORITIES Our employees (partners) are the heart of the BFood experience. BFood has founded its employee (partner) experience improvement efforts on a deep commitment to advance inclusion, diversity, and equity. BFood takes responsibility for building a more sustainable, equitable, and resilient future for local communities and the planet. Striving to create the future it dreams of through the lens of humanity, BFood is deeply committed to global human rights, and responsible and ethical sourcing, ensuring it gives more than it takes from the planet. BFood creates a culture of warmth and belonging where everyone is welcome and respected. BFood’s efforts to advance inclusion, diversity, and equity have already led to important policies, programmes, and initiatives. INVESTING IN OUR EMPLOYEES CARING FOR OUR COMMUNITIES 1 2 3 ADVANCING EQUITY 14
15 Our Perfomance Welcome to Apollo Food Industries Sustainability Statement 2023. The Group’s dedication to sustainable practices remains at the forefront, guiding its steps towards a brighter, more sustainable future. This sustainability statement serves as a concise overview of BFood’s commitment to sustainability. This statement presents an illuminating glimpse into BFood’s sustainability journey in the following pages. The past year has unfolded a dynamic tapestry of accomplishments, challenges, and profound gratitude. BFood is excited to share its progress on this journey, celebrating the strides taken in its sustainable practices. The Board of Directors and management team are proud to announce the publication of a dedicated sustainability report, the first of its kind in BFood’s rich history, signifying a new era of transparency and accountability. Together, we can drive positive change within the Food and Beverage industry through collective action and a commitment to responsible business practices and contribute to a better, more sustainable world for future The FTSE4Good Bursa Malaysia (“F4GBM”) Index measures the performance of public listed companies which demonstrate strong ESG practices whilst the FTSE4Good Bursa Malaysia Shariah (“F4GBMS”) Index is designed to track constituents in the F4GBM Index that are Shariah-compliant, according to the Securities Commission Malaysia Shariah Advisory Council screening methodology. BFood is a constituent of both the F4GBM Index and F4GBMS Index since its inclusion in these indexes in 2023. The Group is ranked top 25% by ESG Ratings among public listed companies in FTSE Bursa Malaysia EMAS Index by FTSE Russell, a subsidiary of the London Stock Exchange Group that produces, maintains, licenses, and markets stock market indices. he FTSE4Good Bursa Malaysia (“F4GBM”) Index measures the performance of public listed companies which demonstrate strong ESG practices whilst the FTSE4Good Bursa Malaysia Shariah (“F4GBMS”) Index is designed to track constituents in the F4GBM. Reporting Scope This statement covers all principal business activities in Malaysia and Singapore, namely: Berjaya Starbucks Coffee Company Sdn Bhd (“BStarbucks”), Berjaya Roasters (M) Sdn Bhd (“BRoasters”), Berjaya Jollibean (M) Sdn Bhd (“BJoybean”), Berjaya Food Trading Sdn Bhd (“BFT”) Jollibean Foods Pte Ltd (“Jollibean Foods”), Ser Vegano Sdn Bhd (“Ser Vegano”) and Berjaya Paris Baguette Sdn Bhd (“BPB”) All references to “BFood” or “Group” or collectively refer to BFood and all operating companies. “The Company” refers to the brand or company discussed. Feedback This statement covers all principal business activities in Malaysia and Singapore, namely: Berjaya Starbucks Coffee Company Sdn Bhd (“BStarbucks”), Berjaya Roasters (M) Sdn Bhd (“BRoasters”), Berjaya Jollibean (M) Sdn Bhd (“BJoybean”), Berjaya Food Trading Sdn Bhd (“BFT”) Jollibean Foods Pte Ltd (“Jollibean Foods”), Ser Vegano Sdn Bhd (“Ser Vegano”) and Berjaya Paris Baguette Sdn Bhd (“BPB”) All references to “BFood” or “Group” or collectively refer to BFood and all operating companies. “The Company” refers to the brand or company discussed.
PERFORMANCE AT A GLANCE Our Perfomance Revenue (RM Million) Revenue (RM Million) 10% 25% 40% 2342 7532 16 1032 3424 2099 10% 25% 10-yr CAGR3 +0.3% Increase from FY20133 +3% Profit Before Interest & Taxation ($m) Revenue (RM Million) 10% 25% 40% 2342 7532 1032 3424 2099 10% 25% 10-yr CAGR3 +0.3% Increase from FY20133 +3% Revenue (RM Million) 10% 25% 40% 2342 7532 1032 3424 2099 10% 25% 10-yr CAGR3 +0.3% Increase from FY20133 +3% Revenue (RM Million) 10% 25% 40% 2342 7532 1032 3424 2099 10% 25% Our Perfomance Revenue (RM Million) Revenue (RM Million) 10% 25% 40% 2342 7532 1032 3424 2099 10% 25% 10-yr CAGR3 +0.3% Increase from FY20133 +3% Profit Before Interest & Taxation ($m) Revenue (RM Million) 10% 25% 40% 2342 7532 1032 3424 2099 10% 25% 10-yr CAGR3 +0.3% Increase from FY20133 +3% Revenue (RM Million) 2342 7532 1032 3424 2099 Revenue (RM Million) 2342 7532 1032 3424 2099 10% 10-yr CAGR3 +0.3% Increase from FY20133 +3% 10-yr CAGR3 +0.3% Increase from FY20133 +3%
217 Our Perfomance SUSTAINABILITY REPORTING ECONOMIC Direct Economic Value Generated and Distributed: GRI 201-1 Our financial growth is important for us to continue pursuing our business aspirations. We are constantly striving towards the achievement of our goals and targets in the realm of economic performance while upholding our commitment to sustainable operations and the highest professional standards. This is essential to further strengthen the trust and confidence of our diverse stakeholders. Revenue RM992 million Operating Expenses RM966 million Salary & Benefits RM532 million On 1 April 2022, Panasonic Holdings Corporation has restated the Code of Conduct and renamed it as “Panasonic Group Code of Ethics & Compliance” (“CoEC”). This CoEC sets out “Our Commitments”(the commitments that each Panasonic Group company must fulfil) and “My Commitments” (the commitments that all Panasonic members must fulfil) for us to conduct our business activities with the highest standards of ethics and compliance, embodying our Basic Business Philosophy. PMMA has adopted the CoEC in August 2022. Panasonic Holdings Corporation has implemented the Clean Business Dealing Agreement (“CBDA”) in 2012 to prevent employees from engaging in bribery and unethical business dealings. All PMMA employees including temporary and foreign workers are required to sign an undertaking of CBDA annually. As such,in November 2022, a total of 1,970 employees had. signed the CBDA. Anti-corruption: GRI 205-1 In striving to create value for our shareholders and stakeholders, we have been maintaining our foundation of governance and integrity. We believe that in the long run, having good business ethics and good governance reduces overall risks throughout the organisation, and increases our credibility and brand value. Our Perfomance SUSTAINABILITY REPORTING ECONOMIC Direct Economic Value Generated and Distributed: GRI 201-1 Our financial growth is important for us to continue pursuing our business aspirations. We are constantly striving towards the achievement of our goals and targets in the realm of economic performance while upholding our commitment to sustainable operations and the highest professional standards. This is essential to further strengthen the trust and confidence of our diverse stakeholders. Revenue RM992 million Operating Expenses RM966 million Salary & Benefits RM532 million On 1 April 2022, Panasonic Holdings Corporation has restated the Code of Conduct and renamed it as “Panasonic Group Code of Ethics & Compliance” (“CoEC”). This CoEC sets out “Our Commitments”(the commitments that each Panasonic Group company must fulfil) and “My Commitments” (the commitments that all Panasonic members must fulfil) for us to conduct our business activities with the highest standards of ethics and compliance, embodying our Basic Business Philosophy. PMMA has adopted the CoEC in August 2022. Panasonic Holdings Corporation has implemented the Clean Business Dealing Agreement (“CBDA”) in 2012 to prevent employees from engaging in bribery and unethical business dealings. All PMMA employees including temporary and foreign workers are required to sign an undertaking of CBDA annually. As such,in November 2022, a total of 1,970 employees had. signed the CBDA. Anti-corruption: GRI 205-1 In striving to create value for our shareholders and stakeholders, we have been maintaining our foundation of governance and integrity. We believe that in the long run, having good business ethics and good governance reduces overall risks throughout the organisation, and increases our credibility and brand value.
Our Perfomance 6 10% 25% 40% 10% 25% 10-yr CAGR3 +0.3% Increase from FY20133 +3% 10% 25% 40% 10% 25% 10-yr CAGR3 +0.3% Increase from FY20133 +3% Our Perfomance 18 FRASER AND NEAVE, LIMITED (Company Registration No. 189800001R) (Incorporated in Singapore) PROXY FORM Annual General Meeting * I/We (Name) (*NRIC/Passport/Co Reg Number) of (Address) being a *member/members of Fraser and Neave, Limited (the “Company”), hereby appoint: or failing *him/them, the Chairman of the Meeting, as *my/our *proxy/proxies to attend, speak and vote for *me/us on *my/our behalf at the AGM of the Company to be held at 9.30 a.m. on Wednesday, 24 January 2024 at the Grand Ballroom, Level 2, InterContinental Singapore, 80 Middle Road, Singapore 188966 and at any adjournment thereof. *I/We direct *my/our *proxy/proxies to vote for or against or to abstain from voting on the resolutions to be proposed at the AGM as indicated below. NOTES TO PROXY FORM: 1. If the member has shares entered against his/her/its name in the Depository Register (maintained by The Central Depository (Pte) Limited), he/she/it should insert that number of shares. If the member has shares registered in his/her/its name in the Register of Members . 2. (a) A member who is not a relevant intermediary is entitled to appoint not more than two proxies to attend, speak and vote at the AGM. Where such member’s instrument appointing a proxy(ies) appoints more than one proxy, the proportion of the shareholding concerned to berepresented by each proxy shall be speci (b) A member who is a relevant intermediary is entitled to appoint more than two proxies to attend, speak and vote at the AGM, but each proxy must be appointed to exercise the rights attached to a different share or shares held by such member. Where such member’s instrument appointing a proxy(ies) appoints more than . THE COMPANY SECRETARY FRASER AND NEAVE, LIMITED c/o Tricor Barbinder Share Registration Services (A division of Tricor Singapore Pte. Ltd.) 9 Raffles Place, Republic Plaza, Tower 1, #26-01 Singapore 048619 Signature/Common Seal of Member(s) Contact Number/Email Address of Member(s) IMPORTANT: PLEASE READ NOTES OVERLEAF
APOLLO FOOD HOLDINGS BERHAD 199401005792 (291471-M) 70, Jalan Langkasuka, Larkin Industrial Area, 80350 Johor Bahru, Johor, Malaysia. Tel: 607- 236 5096 607- 236 5097 Fax: 607- 237 4748 Email: apollof@apollofood.com.my (Company Registration No. 189800001R) (Incorporated in Singapore) For an electronic version of F&N FY2023 Annual Report, please refer to www.fraserandneave.com/investor-relations/annual-reports Accompanying this report: F&N FY2023 Sustainability Report Only available in electronic format. Download it at www.fraserandneave.com/investor-relations/corporate-sustainability This annual report is printed on environmentally-friendly paper which contains wood pulp from well-managed forests using an elemental chlorine free process.