Sheng Siong : FY 2022 Annual Report

CONTENTS

01

ABOUT

SHENG SIONG GROUP

04

CHAIRMAN'S

MESSAGE

08

CEO'S STATEMENT & OPERATIONS REVIEW

14

OUR HOUSE BRANDS

17

BOARD OF DIRECTORS

23

KEY EXECUTIVES

28

FINANCIAL

HIGHLIGHTS

29

CORPORATE

GOVERNANCE

64

DIRECTORS'

STATEMENT

68

71

STATEMENTS OF

FINANCIAL POSITION

72

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND

OTHER COMPREHENSIVE INCOME

73

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

74

CONSOLIDATED STATEMENT OF CASH FLOWS

75

NOTES TO THE

FINANCIAL STATEMENTS

112

SELECTED FINANCIAL STATEMENTS (CHINESE TRANSLATED VERSION)

114

STATISTICS OF

SHAREHOLDINGS

116

NOTICE OF

ANNUAL GENERAL MEETING

PROXY FORM

The Wise Adapt Themselves to Circumstances as Water Moulds Itself to The Pitcher

- CHINESE PROVERB.

INDEPENDENT	CORPORATE INFORMATION
AUDITORS' REPORT

ABOUT

SHENG SIONG GROUP

Sheng Siong Group Ltd is one of Singapore's largest retailers with 67 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 house brands to offer our customers quality alternatives to national brands at substantial savings. To date, we have over 1,600 products under 23 house brands.

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 four overseas stores in Kunming, China since 2017, another new store is in the pipeline this year.

Established in 1985 and listed on SGX mainboard in August 2011, our long history and reputation for quality products at competitive prices have led the "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, we have been operating since July 2011 from our headquarters and purpose-built centralised warehousing and distribution centre at Mandai Link, which underwent an expansion in 2021. 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 house brands, 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.

A N N U A L R E P O R T 2 0 2 2

01

Improving

Efficiency with Digitalisation

Sheng Siong is dedicated to improve efficiency within our business operations through embracing digitalisation. We have implemented multiple projects to increase productivity and improve warehouse management and customer experience.

Innovation One

The company has implemented a digital inventory management system to track its inventory levels, monitor demand patterns, and optimise supply chain operations in order to reduce stockouts and waste, while ensuring products' availability.

02

S H E N G S I O N G G R O U P LT D .

A N N U A L R E P O R T 2 0 2 2

03