– 5 –
Annual Report 2014 |
#CapturingHearts #CreatingSmiles
Staying Relevant
To remain relevant in serving
the community, we conducted
a review of our social mission
and business strategy last year.
Arising from this, a new five-
year business plan, aptly named
FP2020 was developed. Through
this initiative, we aim to enhance
our social objective by sharpening
prices further and addressing
the changing landscape of our
community.
FP2020 will explore deeper into
issues such as the rapidly ageing
population as well as the evolving
lifestyles of Singaporeans.
To strengthen our mission as
a social enterprise, we have
introduced three additional core
values, namely “trustworthy”,
“caring” and “empathy”. These
values complement our existing
values of “customer focus”,
“teamwork” and “professionalism”.
Together, they serve as guiding
principles in our journey towards
our vision of being a retailer with
a heart.
Financial Performance
We are also pleased to report
that on the financial front, we
have continued to perform
strongly. Total group revenue
amounted to S$3.2 billion, while
group profit from operations
before finance costs and rebates
was S$227 million. Our strong
performance was due to the
increase in retail sales and higher
investment income. After making
contributions to the Central Co-
operative Fund and Singapore
Labour Foundation, the group’s
total net profit was S$144.1 million.
In addition to the usual 4% and
5% patronage rebate and dividend
respectively, the Board has
proposed a further 1% and 2.5%
of patronage rebate and dividend
to celebrate SG50 with the nation.
This brings the total proposed
patronage rebate to 5% and
dividend to 7.5%, amounting to
S$65.2 million and S$19.5 million
respectively. During the year, Link
cardholders also received S$28
million worth of LinkPoints. The
total payout to our members and
Link Cardholders will be S$112.7
million.
In Appreciation
Our stellar performance would
not have been possible without
the efforts and contributions of all
our stakeholders. We would like
to express our heartfelt gratitude
to our past and present Board
of Directors for their support
and guidance, to our staff and
management for their hard work
and commitment, and most of
all to our loyal customers and
members who have supported
and journeyed alongside with us
over the years.
We would like to thank our
retiring Directors Ms Tan Hwee
Bin and Mr Hee Theng Fong for
their invaluable contributions to
FairPrice.
Mr Bobby Chin
Chairman
Mr Tan Kian Chew
Group Chief Executive Officer
At FairPrice,
we serve, we care,
and we give.
There are many more initiatives
that FairPrice initiated in the past
year and they are featured in
the pages of this year’s annual
report. We hope that you will
enjoy reading the publication,
which captures a snapshot of the
FairPrice story. Within these pages,
we share precious moments of
how we have come together
as a retailer, a social enterprise
and an employer to serve our
customers, our community and
our employees.
At FairPrice, we serve, we care,
and we give.
Thank you.
FairPrice Chairman, Mr Bobby Chin and Group CEO,
Mr Tan Kian Chew
#UpholdSocialMission
#RetailerWithAHeart
