Sheng Siong : FY 2021 Annual Report

Contents

• 01 ABOUT SHENG SIONG GROUP

• 04 CHAIRMAN'S MESSAGE

• 08 CEO'S STATEMENT & OPERATIONS REVIEW

• 14 OUR HOUSEBRANDS

• 17 BOARD OF DIRECTORS

• 23 KEY EXECUTIVES

• 28 FINANCIAL HIGHLIGHTS

• 29 CORPORATE GOVERNANCE

• 56 DIRECTORS' STATEMENT

• 60 INDEPENDENT AUDITORS' REPORT

• 63 STATEMENTS OF FINANCIAL POSITION

• 64 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

• 65 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

• 66 CONSOLIDATED STATEMENT OF CASH FLOWS

• 67 NOTES TO THE FINANCIAL STATEMENTS

• 104 SELECTED FINANCIAL STATEMENTS (CHINESE TRANSLATED VERSION)

• 106 STATISTICS OF SHAREHOLDINGS

• 108 NOTICE OF ANNUAL GENERAL MEETING

  PROXY FORM

  CORPORATE INFORMATION

Sheng Siong Group Ltd is one of Singapore's largest retailers with 64 stores located all across the island. Our chain stores are designed to provide customers with both "wet and dry" shopping options ranging from a wide assortment of live, fresh and chilled produce, such as seafood, meat, fruits and vegetables to packaged, processed, frozen and/or preserved food products as well as general merchandise, including toiletries and essential household products. Over the past decade, we have begun developing a selection of housebrands to offer our customers quality alternatives to national brands at substantial savings. To date, we have over 1,500 products under 23 housebrands.

In 2014, we started our "allforyou.sg" online shopping platform for groceries, which offers e-commerce services in almost all postal districts in Singapore. The online platform has been rebranded as "Sheng Siong Online" in 2021 to be in line with our core branding strategy. Following the opening of two overseas stores in Kunming, China in 2017 and 2019, we have opened another two stores in Kunming in 2021.

Established in 1985 and listed on SGX mainboard in August 2011, our long history and reputation for quality products at competitive prices has led our "Sheng Siong" brand to become an established household name in Singapore. Widely recognised by consumers, we have been awarded the "Superbrand" status by Superbrands Singapore since 2008.

To support our retail operations, since July 2011 we have been operating from our headquarters and purpose-built centralised warehousing and distribution centre at Mandai Link which was expanded recently. We have attained ISO 22000:2018 Food Safety Management System certification for our processing facility where we process seafood, meat and vegetables and repackage dried food, frozen food and fruits.

With our distinguished brand name, wide network of stores, portfolio of well-recognised housebrands, global sourcing network, excellent food-processing, warehousing and distribution capabilities, experienced management team and dynamic key executives, we have in place a strong foundation for further expansion.

ANNUAL REPORT 2021

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BRINGING OUR BEST FOR YOU

Sheng Siong's customer-centric focus remains as its timeless imperative, as we strive to push boundaries to meet our consumers' needs.

Data Analytics

We utilise data analytics to support our business functions and decision-making in areas ranging from manpower planning to inventory management.

ASRS

Completed in January 2021, the new extension to the Distribution Centre was installed with Automated Storage and Retrieval Systems (ASRS) which improved our inventory control and productivity.