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Annual Report 2021
In line with our Re-organisation Plan, we are transforming into three distinct and coherent operating groups that are Purpose led and future-ready in order to maximise Olam’s long-term value on a sustained basis. 2021 has seen us reach key milestones and complete the first three steps including re-segmentation, re-organisation, and carving-out and separating the entities.
Chairman’s Letter
The year was ground-breaking as we posted our highest-ever revenues, as well as the reported and operational PATMI. The Group became a Fortune 500 company and laid down a clear marker for our future growth. We continued to progress on our transformation journey, resulting in the creation of three new business groups under our Re-organisation Plan to drive growth and unlock value for our existing shareholders, and attract new investors to provide new capital for growth.
Lim Ah Doo
Chairman, Non-Executive and Independent Director
Group CEO's Review
We had a banner year despite the continued impacts from COVID-19 and the adverse macro-economic and geopolitical environment, announcing our strongest reported and operational PATMI since Olam was founded. This reflects the resilience, continued strength and differentiation of our business model. The benefits of focus through the Re-organisation exercise have yielded strong growth for ofi and Olam Agri, and they are now well poised to succeed and flourish as independent new entities.
Sunny Verghese
Executive Director, Co-Founder and Group CEO
Re-organising to Deliver Value on a Sustained Basis
Offering sustainable, natural, value-added food products and ingredients so that consumers can enjoy the healthy and indulgent products they love.
Transforming food, feed and fibre to create value for customers, enabling farming communities to prosper and strive for a more food secure future.
The remaining businesses of Olam Group monetise and divest gestating and de-prioritised assets, and incubate growth initiatives.
Our Capitals
Across our footprint, we create value for Olam and our stakeholders by investing in our non-financial Capital. Our management of these can enhance or erode value, as well as strengthen or affect trust with stakeholders.
Read about how we determine what’s material to our business and the important collaborations which help us make positive and marked impact.
Human Capital
The talent, skills and inspiration of our workforce, and our responsibility to provide a safe and healthy workplace where their rights are respected.
Natural Capital
The land, water, biodiversity and other ecosystem services required for food, feed and fibre crops to grow.
Intellectual Capital
The knowledge and IP that we create to keep us ahead of our competitors.
Social Capital
The relationships we forge and nurture with suppliers and communities where we operate, for long-term commercial success.
Manufactured Capital
The equipment, tools, and infrastructure owned, leased or controlled by our organisation and required to serve our customers.
Intangible Capital
The trust in our brand and our reputation which helps establish stakeholder partnerships.
Risk
The Risk Office monitors, controls, and reports on the key risks across the business.
Response to the TCFD
Olam is committed to ensuring transparency and action around climate-related risks and opportunities.
Sustainability Finance
Multi-capital accounting goes beyond financial accounting, and helps organisations become more resilient while also contributing positively to the world.
The 2021 annual report is for the period 1 January 2021 to 31 December 2021 and can be downloaded in full or as three separate chapters.
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Frequently Asked Questions
When is the annual report published?
The annual report is typically published before mid-April for the Annual General Meeting to be held before the end of the month.
Is it possible to obtain a hard copy of the annual report?
In place of a hard copy of the full annual report, shareholders receive by mail a hard copy of a summary report, which contains a request form for shareholders to receive a hard copy of the annual report for the current issue and/or for future issues. Shareholders or members of the public may also write in to ir@olamnet.com to request a hard copy to be despatched to their local Singapore address by mail.
Do you publish a separate Sustainability Report?
We have adopted the Integrated Reporting framework for the Annual Report. Details on our approach to Sustainability and our achievements and targets can be found in the same report. You may view our Global Reporting Initiative report which contains more Sustainability information than the Annual Report and SASB Disclosure Index report.
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