Fraser and Neave : reports full-year FY2021 results (Financial Statements)

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F I N A N C I A L H I G H L I G H T S

(Unaudited)

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Important notice

Certain statements in this Presentation constitute "forward-looking statements", including forward-looking

financial information. Such forward-looking statements and financial information involve known and

unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of F&NL, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements and financial information. Such

forward-looking statements and financial information are based on numerous assumptions regarding F&NL's

present and future business strategies and the environment in which F&NL will operate in the future. Because these statements and financial information reflect F&NL's current views concerning future events, these statements and financial information necessarily involve risks, uncertainties and assumptions. Actual future

performance could differ materially from these forward-looking statements and financial information.

F&NL expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement or financial information contained in this Presentation to reflect any change in F&NL's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement or information is based, subject to compliance with all applicable laws and regulations and/or the rules of the SGX-ST and/or any other regulatory or supervisory body or agency.

This Presentation includes market and industry data and forecast that have been obtained from internal

survey, reports and studies, where appropriate, as well as market research, publicly available information and

industry publications. Industry publications, surveys and forecasts generally state that the information they contain has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of such included information. While F&NL has taken reasonable steps to ensure

that the information is extracted accurately and in its proper context, F&NL has not independently verified

any of the data from third party sources or ascertained the underlying economic assumptions relied upon therein.

1 Unless specifically stated otherwise, all figures in this presentation are quoted in Singapore Dollars 2 Due to rounding, numbers in charts may not always add up to 100% or totals

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FINANCIAL HIGHLIGHTS

1H2021 Financial Report

$988.6M

$153.3M

15.5%

+ 2.0%

+ 8.0%

+ 87BPS

REVENUE

PBIT

PBIT MARGIN

$117.7M

$83.4M

5.8 CTS

+ 11.5%

+ 16.1%

+ 16.0%

PAT

ATTRIBUTABLE

EARNINGS PER

PROFIT1

SHARE1 (CENTS)

Half-year ended 31 March 2021

1. Before exceptional items

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FINANCIAL ANALYSIS : Revenue
1H2021 Revenue	| BY BUSINESS		KEY TAKEAWAYS
						• F&B fueled Group 1H21 revenue
$969.4m	+7%	+1%		NM	$988.6m		growth; Dairies remained the
						largest revenue contributor
			-9%
					• Beverages growth was lifted by
	F&B					higher Soft Drinks and Beer
	(+3%)					volumes
							• Beer revenue doubled on strong
							beer volumes
							• Soft Drinks growth was led by
	+ $19.1m (+2%)				distribution of functional
				products and improvement in
							vending operations in Singapore
1H20	Beverages	Dairies	P&P	Others	1H21	•	Dairies grew 1.4% on higher
							canned milk sales and strong

	1H21	1H20		export to Middle East and Africa,
	$988.6M	$969.4M		despite subdued on-premise
					channel demand
Beverages	25%		24%
Dairies	62%		63%	•	Cancelation or deferment of
P&P	12%		13%
		print orders, border closures and
Others	1%		0%
		dampened consumer sentiments
• Beverages comprises Soft Drinks and Beer		continued to impact P&P sales

Half-year ended 31 March 2021

• P&P denotes Publishing & Printing

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FINANCIAL ANALYSIS : Revenue

1H2021 Revenue | BY GEOGRAPHY

1H21

$988.6M

Singapore 22%

Others 6%

Thailand 36%

Malaysia 36%

1H20

$969.4M

23%

5%

36%

36%

KEY TAKEAWAYS

• Core markets of Malaysia and Thailand recorded growth
• In Malaysia, strong domestic and export of canned milk volumes lifted revenue, offset by weaker Soft Drinks volumes due to subdued trade sentiment
• Recovery of domestic canned milk sales and strong export volumes supported Dairies
  Thailand's growth
• Lower general trade and food services' sales as a result of reduced footfall and outlet closures impacted Dairies Singapore

	• Beverages comprises Soft Drinks and Beer
Half-year ended 31 March 2021	• P&P denotes Publishing & Printing