Global Business Pursuit

June 2021 www.business-pursuit.net

Resilient and Robust Any organisation that can rise from the ashes of partial devastation and come back stronger than ever is inspiring, but the Kuwait Oil Company is chief amongst them, with a fascinating history and phenomenal foresight into the future.

Page 8 The Masters of Maritime Page 14

Smooth sailing Page 20

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Everything is relative in this world, where change alone endures

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Global Business Pursuit Published and Distributed by Business Industry Publishing Ltd For any enquires contact info@business-pursuit.net.

Production Victoria Penn Editor Victoria@business-pursuit.net

May 2021 In the June 2021 edition of Global Business Pursuit, we look at the operations of some of the Globes top performing companies, one of our main stories this month comes from KOC (Kuwait Oil Company), Serco Marine, ABinbev and Nando’s

Charles Brown Business Development Manager charles@business-pursuit.net

This month focus is Competition in business and what this means for you;

James Smith Operations Manager james@business-pursuit.net

It may be hard to believe, but competition is good for you. It drives innovation, inspires perseverance and builds team spirit. And that’s not all. Many times, the presence of competition increases the market for everyone. For instance, when a supermarket on the edge of a small town, not all local businesses get hurt. Nearby restaurants, gas stations, jewellers and personal service providers such as hair salons benefit from added traffic and, often, higher sales than before.

Harry Lewis Accounts Manager harry@business-pursuit.net Simon Poulton Project Manager Simon@business-pursuit.net

Felix Baldwin Design Assistant felix@business-pursuit.net

Of course, competition isn’t all good. While using the presence of threatening rivals to focus and motivate employees, you also must make sure your competitors aren’t going to steal your customers. Meanwhile, you’ll be doing everything you can to grab sales from your rivals. Step one in both processes is to identify and know your competitors.

Harvey Tarlton Graphic Design ht@harveytarlton.co.uk

We would love to tell your story so if you feel you have something exciting to share, please do feel free to get in touch with us!

Design

www.business-pursuit.net If you would like more information about ways in which Business Industry Publishing can promote your business please call +44 (0)20 32878 795 or email | charles@business-pursuit.net. Business Industry Publishing does not accept responsibility for omissions or errors. The points of view expressed in articles by attributing writers and/ or in advertisements included in this magazine do not necessarily represent those of the publisher. Any resemblance to real persons, living or dead is purely coincidental. Whilst every effort is made to ensure the accuracy of the information contained within this magazine, no legal responsibility will be accepted by the publishers for loss arising from use of information published. All rights reserved. No part of this publication may be reproduced or stored in a retrievable system or transmitted in any form or by any means without the prior written consent of the publisher. © Business Industry Publishing Ltd 2021

Business Industry Publishing

Victoria Penn Global Business Pursuit – Editor

contents

Editor’s Note

News

Kuwait Oil Company Resilient and Robust 08

South African Breweries The greater good 26

Serco Marine

Masters of Maritime 14

Nando’s ZA

Turning up the heat 32

Agriculture & Energy Carriers Smooth Sailing 20

NFB

Making money work 38

news

AM General/Mandus Group’s gets US Military testing approval

Brendon Babenzien Named Creative Director of J.Crew Men’s Co-founder of Noah and Former Design Director at Supreme to Redefine Iconic Menswear Brand J.Crew Group is pleased to announce the appointment of Brendon Babenzien, Co-Founder of Noah and former Design Director at Supreme, as Creative Director of J.Crew Men’s.  Babenzien will work alongside J.Crew Group CEO Libby Wadle to redefine the iconic brand, merging the vitality and creativity of today’s style subcultures with an innovative appreciation of classic menswear.  Babenzien will lead J.Crew Men’s design, instilling the brand with the free-thinking point of view and visionary focus on responsible business models that have earned him critical acclaim throughout his impressive career. Babenzien’s vision as Design Director at Supreme elevated a niche skate wear brand to the global stage, while his founding of Noah earned him further international renown for building a brand with a high standard of quality menswear while challenging the status quo by seeking to further positive change within the industry. As Creative Director of J.Crew Men’s, Babenzien will for the first time turn his focus towards the evolution and reimagination of a true American classic.

“J.Crew has always been a part of my life – quietly, subtly in the background, slowly becoming the platform from which to build my personal style. I’m excited to join the team and build a positive future that meets the interests of the thoughtful consumers that exist today, satisfying not just their sophisticated taste level but their demands for responsible business practices,”

said Babenzien. “J.Crew is in the unique position to help men achieve the confidence we all seek both stylistically and as consumers. I look forward to working with Libby and the rest of the J.Crew family to achieve these goals.” “Brendon is a singular talent in the fashion world. He’s a true storyteller, and it’s that depth of vision and creativity that have led to his proven ability to build beloved brands that customers obsess over.  His unique point of view, willingness to take risks and insider status will be invaluable to J.Crew’s commitment to step outside ourselves and disrupt our brand and the industry in a progressive way,” said Wadle.  “Brendon has always had an innate ability to pursue meaningful creative with integrity and is obsessively engaged with what is happening in the industry. His authentic connection to the brand serves as a perfect foundation upon which to drive the future of J.Crew Men’s, and I couldn’t be more thrilled to welcome him to the team.”  Babenzien will begin his work with J.Crew Men’s effective immediately, reporting directly to Wadle.  His first full collection for the brand is scheduled to debut in the second half of 2022. About J.Crew Group J.Crew Group is an internationally recognized omnichannel retailer of women’s, men’s, and children’s apparel, shoes, and accessories. As of [May 17, 2021], the Company operates [151] J.Crew retail stores, [143] Madewell stores, and [147] J.Crew Factory stores in nearly every state in the United States, and also maintains J.Crew, Madewell, and J.Crew Factory

AM General, a global leader in military grade tactical vehicles and mobility systems, recently received a Firm-Fixed-Price (FFP) contract from the United States Army to provide two HUMVEE 2-CT Hawkeye Mobile Howitzer Systems (MHS)  for the U.S. Army’s characterization test. HUMVEE 2-CT Hawkeye Demonstration at Camp Grayling, Michigan “AM General’s integration of Soft Recoil technology onto mobile platforms demonstrates our commitment to the innovation required to make future combat vehicles lighter, more survivable, and more lethal,” said Regis Luther, SVP Engineering and Chief Technology Officer. “We are honored to support the U.S. Army’s efforts to test and prove mobile howitzer systems.” AM General and its strategic partner, Mandus Group, have been integrating the soft recoil technology (SRT) onto light, mobile, transportable, and survivable platforms without sacrificing firepower. SRT is a disruptive technology that will reduce the firing loads for direct and indirect weapons systems, enabling combat systems to meet emerging requirements. The technology is ready now and can be deployed on existing weapons platforms for an immediate effect on the battlefield. Soft recoil enables reduction in overall system weight, making systems more agile and responsive to benefit the supported maneuver commander. The HUMVEE 2-CT (M1152 two-door cargo truck) that serves as the mobile platform, will come with a standard 14,100 lb. gross vehicle weight, 205 hp engine, and antilock braking system (ABS). While the U.S. Army conducts characterization testing of the 2-CT Hawkeye MHS over the next year, AM General and Mandus Group will continue to refine the technology for integration of the soft recoil technology onto other mobile platforms. Scalability is already being tested with a 155mm prototype. The group is also exploring integration onto other existing and future combat systems.

news

DarioHealth Acquires Behavioral Health Platform wayForward DarioHealth Corp. (NASDAQ:DRIO), a pioneer in the global digital therapeutics market, today announced it has entered into an agreement to acquire PsyInnovations, Inc. (dba wayForward), a behavioral health digital platform that includes AI-enabled screening to triage and navigate members to specific interventions, digital Cognitive Behavioral Therapy (CBT), self-directed care, expert coaching and access to in-person and telehealth provider visits.  The wayForward platform fills an all too common hole in existing behavioral health coverage for people who may not need or be able to access provider-based treatment.  wayForward is currently providing its full suite of digital behavioral health services to approximately 20,000 members and 20 self-insured employers. Unfortunately, the behavioral health care a person receives today is dictated more by the setting in which a person receives it than what the person would best respond to.  The result is higher cost care, increased patient attrition and impaired outcomes. The wayForward platform is unique in the industry in that it focuses on AI-based screening, digital tools and coaching to match members to the optimal level of care, including those who may not require care by a licensed clinician psychologist or psychiatrist, while providing access to those providers through a customer’s existing network or partners’ networks.  This results in improved engagement and clinical outcomes. Very few solutions in the market provide the clinical rigor of digital CBT and coaching as the first line of care. Rather than competing with existing in-person and telehealth-based solutions, wayForward integrates with them seamlessly.  This creates a pathway to work collaboratively with other behavioral health solutions and provider networks rather than compete with them.  Recognized for its product capabilities, wayForward has won innovation challenges with Anthem and Blue Cross BlueShield of Illinois and has demonstrated strong member utilization and clinical outcomes, including a 48% reduction in anxiety and a 59% reduction in depression in third-party studies.  The ability of the wayForward platform to integrate with third parties streamlines interoperability and is consistent with Dario’s philosophy of making behavior change easier.  The wayForward team, including its two founders, Ritvik Singh, CEO of wayForward and Dr. Navya Singh,

Chief Clinical Officer of wayForward, will join the Dario team. We believe that wayForward’s base of self-insured employer customers validates the commercial opportunity, and there will be immediate combined value in leveraging Dario’s sales and marketing organization and wayForward’s technology organization in India. Under the terms of the merger agreement, Dario agreed to pay $30.0 million  of consideration, with $25.0 million due at closing and a future contingent payment of up to $5.0 million if behavioral health revenues from the Company exceed a certain threshold in 2022. The upfront component of the purchase price will be paid by a combination of $6.0 million in cash and $19.0 million in shares of Dario common stock.  Dario will issue approximately 891,182 shares of common stock at the closing, which is subject to customary closing conditions and hold-backs. If earned, the contingent payment will be paid in shares of Dario common stock.  The number of shares issuable in the transaction was determined based on the 60day volume weighted average share price (VWAP) of $21.09 that ended on May 14, 2021.  These shares will be subject to a mandatory lock-up over a 6-18 month period. wayFoward is expected to be accretive to revenue in 2021 with substantially more contribution to revenue in 2022.  With the majority of the merger consideration being in equity and minimal post-closing investment expected to be required to achieve operational objectives, Dario believes that it will maintain its healthy balance sheet after adding wayForward’s scale and capabilities to its platform. Approximately 20% of the population has a behavioral health need each year, and approximately 29% of people with a chronic condition have a behavioral health issue. With the addition of wayForward’s solution, Dario’s platform is one of the most comprehensive multi-condition solutions in the industry covering diabetes, hypertension, pre-diabetes, musculoskeletal and behavioral health. Post-acquisition, Dario’s platform will cover 6 of the 7 top benefit areas employers seek to address, according to a survey by Mercer. We believe that this acquisition enhances the integrated care that Dario’s platform can provide and substantially increases the portion of customers’ population that may be eligible for Dario’s services.

“We are excited to join Dario.  wayForward was started with the mission to bring precise, readily available and cost-effective behavioral healthcare to all those in need. We believe that combining our platform with Dario’s best in class solutions for chronic disease will allow us to provide an industry leading product with superior outcomes and member experience and continue on our mission; now with an expanded client base. The experience of their team and existing sales & marketing infrastructure will help accelerate sales, reduce customer acquisition cost and maximize the value of our platform,” stated Ritvik Singh, Chief Executive Officer and Co-Founder of wayForward. “More importantly, the integrated platform will benefit patients who now have the opportunity to utilize the effective combined Dario/wayForward solution for multiple chronic conditions in a convenient digital experience.” “Dario is a strong, flexible AI-driven platform that allows for new offerings to be seamlessly added to our open architecture. Over the last year, we have consistently stated our desire to provide a suite of best-in-class solutions for multiple chronic conditions on one platform, including behavioral health as a top priority. We are excited to deliver on our stated goals. We believe the wayForward offering and management team will be great, synergistic additions to our technology foundation,” stated Erez Raphael, Dario CEO. Rick Anderson, President & General Manager of North America, stated “Adding wayForward to our already robust platform allows us to provide a complete solution to our members and customers.  Our current collaborations with wayForward on customer requests for proposal made it clear that they are a natural partner for us.  It broadens the opportunities for both companies by expanding the customers we can pursue and the number of members in each customer that we can serve.  We look forward to leveraging our commercial team to accelerate the adoption of wayForward’s  solution on an integrated and stand-alone basis.” More information, including an Dario Health Corp Deck, can be found in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 18, 2021. Sullivan & Worcester LLP is acting as legal counsel to Dario in connection with the acquisition.

Editorial - Victoria South

Kuwait Oil Company

ounded back in 1934, it’s fair to say that the Kuwait Oil Company (KOC) is an operation with some serious heritage, as well as empirical experience of how the industry as a whole has evolved and changed over time. This in itself could be enough to set KOC apart from its nearest competitors, yet there is much more to that story, as you’ll see.

An impressive rise to fame Having discovered commercial quantities of oil in 1938, KOC went on to become a particularly viable entity, with the Kuwait Government taking 100% control in 1975 and finally, bringing all state-owned similar operations under one KOC umbrella, but there was a huge problem on the horizon. 1990 saw the Iraqi invasion of Kuwait that left many operations totally devastated, with LOC being one of them. All production and storage facilities were obliterated and while this might have been the time for lesser companies to call it a day, KOC simply saw it as the next challenge. Just months after the liberation of Kuwait in February 1991, full capacity production had resumed and organic growth was even being witnessed as well. With this in mind, it’s little wonder that the company has continued to go from strength to strength, becoming something of an industry giant.

The makings of a master To understand exactly what KOC is so special, an overview of the everyday activities is essential. In its own words, “Kuwait Oil Company’s Responsibilities under the

KPC’s umbrella involve the exploration, drilling and production of oil and gas within the State of Kuwait. The Company is also involved in the storage of crude oil and delivery to tankers for export.” This might sound like a relatively simple roster of operations, but the oil and gas sector has always been anything but straightforward. It takes courage, resilience and expertise to carve a niche in such a hyper-competitive market and these are qualities that every member of the KOC team has in spades. For this reason, a number of significant discoveries have been made in the history of the company, leading to the enviable market leading position that it currently enjoys, but nothing has come at the detriment of the region.

Staying true to stewardship There’s a lot of pressure on the oil and gas industry to look into greener technologies and more sustainable operating methodologies, but KOW doesn’t align with social responsibility out of necessity. Rather, the team is active in looking for better, more progressive and inspirational ways to carry out its business. In order to focus on these endeavours effectively, concern areas have been split into four separate divisions of HSSE (Health, Safety, Security and Environment), social responsibility, oil lakes and soil remediation, “KOC places much emphasis on Corporate Social Responsibility as it constantly seeks to ensure sustainable and balanced development. This is evident in a series of activities that the Company embarks upon to instil the CSR concept as enshrined in the KOC Strategy.”

“KOC has set very challenging and ambitious objectives for its Exploration Group as part of the 2030 strategy.”

It would be easy to wax lyrical about everything KOC has already done, but shining a light on a select few really highlights the positive impact that is being had. KOC is the first oil company in the world to create a marine colony and has also created nature reserves and oasis’, which takes care of the HSSE element, while countless community programmes, including sports and medical facilities, more than account for social responsibility. The oil lakes issue and soil remediation efforts are intrinsically linked, as both are the result of the 1990 violence, which left oil wells spilling dangerous amounts of liquid all over the landscape. Understanding that the environmental disasters needed to be deal with, KOC took full responsibility and clean up efforts are still on-going.

Tomorrow’s fuel, planned today With a spectacular reputation already in place and some of the world’s leading experts making up the professional team, KOC is more than ready for whatever the future brings, but by embracing the fact that higher volumes of product will be at the top of the priority list, it is one step ahead of everyone else, “Our main role is to explore, develop and produce hydrocarbons within the State of Kuwait, promote the care and development of our people and deliver on our commitments to our stakeholders in

www.gofsco.com +965 183 1234

Kuwait Oil Company

"We believe KOC can achieve extraordinary efficiencies when all disciplines are fully involved and informed throughout the exploration cycle."

a compliant, profitable, safe and environmentally responsible manner.” The need for evermore exploration sites will never cease, but by making safety a key priority, alongside successful drillings, KOC is ensuring not only the security of its future profits, but more importantly, its staff, who are considered to be exceptionally valuable, especially with the 2030 strategy in place, “KOC has set very challenging and ambitious objectives for its Exploration Group as part of the 2030 strategy. The search for gas and light oil in the Jurassic and Permian plays is taking us into unconventional reservoirs with increased drilling risk through higher temperatures and pressures and the complexities of fractured carbonates. All of these projects will present us with new and complex technical, logistical and management challenges. We believe KOC can achieve extraordinary efficiencies when all disciplines are fully involved and informed throughout the exploration cycle.” Reading between the lines, this means that exploration processes are becoming more intricate, necessitating everyone to pool their skills and expertise together to get the job done in a timely, sustainable and safe fashion, “Various strategies with the objective of causing no harm to employees, contractors, customers, the general public or to the environment are in place. Those strategies are in line with various national and KOC Health, Safety and Environmental standards and include training of the staff, safety audits and rig site visits and emergency exercises with full commitment and awareness of every employee.” KOC is destined to not only reach but also design new heights and standards within the oil and gas industry. Working towards the 2030 strategy will certainly maintain a steely focus and with an exceptional body of staff on-board, there is no doubt that when it comes to industry evolutions, KOC is going to remain both resilient and robust.

Serco Marine

The Masters of Maritime It’s all very well relying on the Royal Navy to look after the interests of the UK, but who protects and serves our valiant defenders? Serco, with its decades of expertise and flair for innovation.

Editorial - Victoria South

Serco Marine

erco is on a mission, to improve public services and shapes the markets it is involved in, for the better. Operating alongside four core values of trust, care, innovation and pride, it has created a culture in which individual behaviours need to be motivated by honesty and a desire to do more and better, “Our values need to be lived every day, used to help us work through any challenges we may face and help us recognise and celebrate our achievements. They guide us in our dealings with colleagues, customers, suppliers, partners, shareholders and the communities we serve. It is important that we hold ourselves and others accountable for our values every day and have defined a set of behaviours that are expected from all of us. They describe how our behaviours bring Serco’s values to life.” Having been invested and involved in the delivery of critical support services since 1929, Serco, it was in the 1970s and 1980s when serious diversification began, leading to key maintenance contracts, being listed on the London Stock Exchange. In the 1990s, international growth came naturally, as various governments were became to improve their public service offerings. Prison management, public transportation support and increased defence contracts all followed, but it’s the work Serco does for the Royal Navy that really stands out, because of its inherent importance and significance.

As a team of more than 50,000 professionals, managing more than 500 contracts of staggering sizes and levels of importance, throughout the world, Serco is no small fish and it aims to bring big energy to every undertaking.

Keeping the seas safe It would be reasonable to wonder how much support the royal Navy actually needs. An institution still respected around the world, it has carved itself a reputation for operational excellence, but even the best organisations need support behind the scenes, “Serco are proud to have been supporting the Royal Navy since 1996. We take great pride in our track record of exceptional service, combining innovation from industry with a real understanding of our customers’ requirements. Our customers trust us to support strategic national assets, knowing that we are committed to public services and the UK’s safety, security and prosperity. Our team combines decades of experience with highly specialised skills, to provide services ranging from towing submarines to trialling cutting edge maritime technology, from ferrying passengers to transporting irradiated nuclear fuel.” The Maritime industry is vast and covers such a wide spectrum of activities that mastering them all would be a near-impossible task, or would it? As part of its work within the defence

“Our values need to be lived every day, used to help us work through any challenges we may face and help us recognise and celebrate our achievements.”

Dales Marine is one of the leading UK Ship Repair & Maintenance companies,operating 5 drydocks providing dedicated support to the global Marine and Oil & Gas industries. With 30 years of experience and expertise under its belt, Dales Marine Services is a highly regarded company renowned for its fast turnaround of precision engineering to tight deadlines. With acommitment to quality Dales Marine are certiﬁed to an ISO9001 gold standard, ensuring all projects follow a set criteria of quality standards and efﬁciency. DRYDOCKS Aberdeen...............................112m x21m Leith Imperial Dry Dock .........168m x21.3m Grangemouth.........................105m x16m Greenock............................... 200m x21m Troon......................................120m x17m

Serco Marine 18

“At Serco, not only is the nature of the work we do important, everyone has an important role to play…”

Serco Marine

sector, Serco has gained a wealth of operational knowledge before specialising in the following: Vessel provision – Far from just acquiring vessels for customers, Serco offers an endto-end service, with designing, acquiring, management and operation all included. What’s more, this covers a vast array of vessel types, from fleets of new builds through to legacy, conversion and even chartered options. With more than two decades of experience within this arena, customers can rest easy knowing that Serco has a full understanding of all requirements, including regulatory. A few key examples of projects undertaken within this vessel provision framework include search and rescue helicopter training, towage, pilot transfers, management of specialist nuclear fuel carrying vessels and the commissioning of new fleets. Specialist mariners – “We manage over 800 UK national, security-cleared mariners specialising in the Defence and Nuclear sectors. This includes management of directly employed Serco seafarers and crew management for Pacific Nuclear Transport Limited seafarers. Our personnel and leadership understand the bespoke requirements of our public sector customers and take pride in supporting the safety, security and prosperity of the UK.” Able to supply full crews, contingents of technical support and even apprentices, few companies have such a comprehensive grasp on appropriate personnel provision as Serco. Vessel support – As well as being heavily involved in the provision of vessels and fleets, Serco offers technical management and support services that cover the full lifespan of any asset. What’s more, it is appropriately staffed and equipped to handle a diverse fleet, regardless of global location. Numerous customers who are beholden to certain budgetary expectations have already taken advantage of Serco’s expertise in regard to fleet modernisation and replacement. Taking on a number of mechanical and electrical engineering projects, as well as providing maintenance workshops and docking services, vessels are well cared for, with waterfront duties also adding to a full complement of essential tasks. The right people for important jobs Given how critical maritime support is and the high profile of the clients involved, it makes sense that Serco is elective when it comes to its people. Not everybody has the right temperament, level of dedication or expertise to be a vital part in the large machine at play, but those that do make the cut are rewarded well, “At Serco, not only is the nature of the work we do important, everyone has an important role to play, from caring for vulnerable people to managing complex public services. The nature of

our business means you will do interesting work that matters, our diverse and global operations offer unrivalled opportunities to learn and develop and we are a motivated team who will encourage you and help you to succeed.” Always undertaking valuable work that matters, Serco has recently renewed its partnership with Brig gs Marine, in order to bid for the Royal Navy’s marine services contract again. Having worked together since 2007, supporting the Royal Navy and exceeding expectations, it is a tried and tested partnership that yields exacting results both at home and overseas. Few other operations can claim the same levels of dedication, knowledge and innovation, so it seems all but certain that the contract will be won, with Serco being rightfully proclaimed as masters of maritime.

Smooth sailing

A world leader in drybulk transportation, Agriculture & Energy Carriers is focussed on the careful cultivation of commercial relationships and expansion of an already impressive ocean faring fleet that has been upholding promises of logistical efficiency since the company’s inception.

Editorial - Victoria South

Agriculture & Energy Carriers

fit needs to be carried across water, Agriculture & Energy Carriers (AEC) can probably offer a suitable transportation solution and without having to compromise on quality of logistical support. Having remained focussed on the drybulk sector, AEC has sought to use invaluable investor cash injections to expand and specialise, resulting in the procurement of an incredible fleet of carriers, “All types of commodities and products are carried in our modern bulk carriers, mainly in Handysizes, Handymaxes and Supramaxes. The AEC fleet consist of modern Eco Bulk Carriers, mainly Japanese built. The standard is always kept high with a constant focus on reliable, first class, efficient, modern shipping services. Integrity is the keyword in AEC’s vision.”

Backed by the best AEC’s success is not reliant on the significant financial backing that it has been fortunate enough to secure, but it would be churlish to suggest that it hasn’t allowed the company to operate on a higher level than some competitors. Without cash flow concerns, expansion has been a fluid endeavour, with new fleet vessels being purchased as and when necessary, as apposed to only when the coffers would allow and this has lead to excellent profitability and returns on investments. It has also allowed for client relations to take a turn on the spotlight, “Backed by prominent financial and industry investors, AEC provides advanced shipping solutions with special focus on reliable and efficient customer service, quality performance, professional voyage execution and competitive cost optimisation – all closely linked to our strong close commercial and operational relationships.” NPG Energy Capital Management is the investment franchise responsible for the fiscal support that AEC has enjoyed and it actually owns

Agriculture & Energy Carriers

“AEC is a first class performer and has close relationships with a wide range of ship owners worldwide”

the entire AEC group, meaning that it is deeply connected to the results and successes being achieved. Far from simply chasing a profitable bottom line, there is a sense of NPG encouraging increasingly more personal client relationships and, above all else, consistency. Having managed in the region of $13billion of capital since its inception in 1988, NPG was no stranger to commercial success and understanding exactly how it could and should be attained.

An enviable fleet

Naturally, to be able to offer a range of different clients access to the very best drybulk

transportation services, a suitably diverse and sizeable fleet is a must. AEC has in no way skimped on this element of operations, having purchased around 25 separate vessels, all built in Japan to exacting global standards, “AEC owned vessels are all double-hull vessels and are what is called ‘open hatch’ types with box-shaped holds. The double-hull does not only provide increased safety but the designs also allow the interior of the holds to be box-shaped. Box-shaped holds are considerably better for cargoes like steel products, unitised and general cargo. Some cargoes, like wood pulp, paper in reels and aluminium ingots are normally only

Agriculture & Energy Carriers

loaded in box-shaped vessels. Having box-holds and open hatches greatly facilitates the loading and the stowage of such cargoes.” This assessment of vessel capabilities is key to understanding just how AEC has risen to the top of its industry, as lesser operations may have simply sought to invest in the largest boats available, with little or no consideration of exactly what they would be able to carry. AEC has effectively sidestepped the potential landmine of ignorance and instead, invested in those vessels that would allow for optimum cargo variance and, more importantly, safety. When you understand just how unpredictable the loads being carried are, this becomes entirely business-critical. From buses to Olivine sand and vital energy products, no two loads, or days, are the same for AEC and in a bid to prove that competencies are being maintained, external assessments are welcome. Just last year, AEC allowed itself to be audited in terms of its capability to transport coal and petroleum coke, with a positive appraisal being the inevitable outcome. This shouldn’t come as a shock, given that AEC was named, in part, because of its special interest in supporting

“The standard is always kept high with a constant focus on reliable, first class, efficient, modern shipping services.”

Agriculture & Energy Carriers the energy sector, but to be willing to prove continued compliance and commitment is a little unusual.

The world is not enough

Headquartered in the Bahamas, with a secondary trading arm in Uruguay, AEC is able to operate across the globe, with professional relationships contributing to the ease with which they can do so, “AEC is a first class performer and has close relationships with a wide range of ship owners worldwide. AEC charters vessels on a repeat basis from well-respected companies such as Pacific Basin, K-line, NYK, NS United, Polsteam Shipping, Precious Shipping, Bunge, Bohandymar (Bocimar), CTM and ADM.” By seeking to expand its fleet through careful chartering, AEC is able to significantly increase its operational footprint, without racking up excessive operational costs. This savvy approach to fleet management, in turn, contributes to the company’s ability to to pass the savings on to bottom line-conscious clients, helping to maintain a certain level of price competitiveness

Agriculture & Energy Carriers

within an often crowded and highly ambitious industry. Every cargo transportation operation has to seek out niche elements and constructive relationships that will offer an edge and as it moves into the future, AEC has turned to cutting edge technology to make its mark.

The future of the industry, now “On the 1st of August 2011 AEC partnered with Dataloy Systems for shipping software and hardware services. AEC will have access to Dataloy’s shipping systems through a fully online service with an innovative physical hardware setup which meets all of AEC’s needs. In turn, Dataloy will be utilising AEC’s extensive industry knowledge to further develop and improve their systems.” A mutually beneficial relationship of this nature could be what makes AEC really pull away from the competition and by sharing information with Dataloy, to improve the software of the future, AEC is magnanimously guaranteeing everybody the opportunity to embrace operational smooth sailing.

The greater good South Africa’s top brewer and distributor of favourite beers, the South African Breweries is more than just a significant contributor to the national economy; it’s an integral part of everyday culture as well.

Editorial - Victoria South

South African Breweries 28

t’s the dream of most businesses to be able to claim that their portfolio of products allows them to cater to an enormous and diverse range of consumers, but in the case of the South African Breweries (“SAB”), it is absolutely true. Now part of the AB-InBev Group, SAB was founded in 1895 and has become a much loved and recognised part of the social culture in South Africa. Perhaps this is because of the numerous locations from which it operates (seven breweries and 40 depots), but it is more likely to be thanks to the 3.1 billion litres of beautiful beer that it produces every year, in a variety of guises. Serving country favourites such as Carling Black Label, Castle Lager and Castle Milk Stout, whatever a consumer’s taste buds yearn for, there is a very good chance that SAB brews and distributes it, but there’s even more to this heritage operation, as it owns a hop production company, a barley farming and barley malting setup and even has a 60% controlling interest Coleus Packaging, which supplies metal bottle caps. All of this has been deliberately considered and undertaken to help to streamline every process and prevent bottlenecks due to outside supplier issues. It’s an incredibly slick and purposeful operation that has made great use of a vertical integration business model, but there’s a heart underneath all of this business savvy, “As South Africa’s leading brewer, SAB is committed to promoting responsible alcohol consumption – both inside and outside the company. As a subsidiary of AB InBev, it subscribes to the Group’s Alcohol Framework

and has a comprehensive Code of Commercial Communication in place. SAB also actively seeks to encourage collaboration across the areas of education, access to information, law enforcement and parental involvement to encourage responsible alcohol behaviour.” As well as educating about the potential dangers of alcohol consumption, SAB has sought to be a voice and power for change within South Africa. 1971 saw the first equity policy being created by the company and in 2009, it embarked upon a campaign of black economic empowerment through various community partnerships and programmes, all to build a stronger and more unified South Africa. This is a company that seeks to give back to those that have made it a success and to prove that community is key in all aspects of life, but particularly sustainable businesses. The humanitarian element to SAB is particularly fascinating, as it forms the vision and values of the company itself. Building on a “dream-people-culture” platform, SAB highlights the fact that though it has people working in various countries, everyone works as one company, with a set of values that define, guide and unite them. It’s a utopian idea, but one that seems to be working, “Our culture is built on ownership, informality, candour, transparency and meritocracy. We set ourselves stretch targets and are never completely satisfied with our results. Our culture not only defines who we are, but also provides the energy and the focus to drive forward and achieve

“KOC has set very challenging and ambitious objectives for its Exploration Group as part of the 2030 strategy.”

our dream to be the best beer company bringing people together for a better world.” The incredible thing here is that this message appears to energise every employee, each of which is respected, appreciated and encouraged to pursue personal development and progression, but why wouldn’t they be? This is a company for the people, by the people and has been since inception. Any South African company that survived the turbulent 1980s, with untenable inflation, political strife, labour unrest and stringent sanctions on trading deserves to be celebrated, but those that came out the other side with their humanity intact, as SAB did, need recognition, but the past has gone and SAB is looking to the future with a renewed vigour and excitement, “In our future, we are looking to celebrate not only the production of beer and the creation of job opportunities but also what we have given back to the environment. This isn’t just a commitment for the future, this is happening now; it’s a long term commitment that we have been working on for years, as we believe that a better world is within reach.” Having committed to a number of sustainability goals that need to be reached by 2025, SAB is already making inroads into aligning its environmental, social and alcohol

ALWAYS IMPROVING THROUGH

INNOVATION TO CONSISTENTLY CONFORM TO CUSTOMER REQUIREMENTS

IN THE INDUSTRIAL

MAIZE MARKET Non-GMO Sorghum products GMO & Non-GMO Maize products White and Yellow Maize products B-BBEE Level 01 industrialsales@pridemillling.co.za • www.pridemilling.co.za • +27 82 851 7246

South African Breweries

"We believe KOC can achieve extraordinary efficiencies when all disciplines are fully involved and informed throughout the exploration cycle."

responsibilities, to make the world a better place. Acknowledging that it is little more than common sense to look at ways to directly contribute to a cleaner and more eco-friendly environment that will allow for an atmosphere more conducive to good business and a strong economy, SAB is fully onboard with green initiatives, “We’re working with farmers across South Africa to grow healthy, nutritious crops with the use of smart agricultural practices. We’re creating job opportunities within and outside the supply chain, by working with future-forward entrepreneurs and like-minded businesses. We’re working towards producing beer using renewable energy while packaging it in materials that can be recycled. We want to ensure that what we take, we give back tenfold.” This is where that clever vertically integrated business model really comes into play, because by taking ownership of every stage of the beermaking process, SAB can implement real change, on its own terms. When packing materials need to be recyclable, it’s no problem, if you own 60% of your packaging supplier. When you want to ensure responsible farming practices, own your barley farm. Few other companies can claim to have such control over every facet of operation as SAB, yet the hand that guides the wheel still feels gentle and supportive, like an old friend. The reason is that SAB operates with a mandate to give back to South Africa, to contribute to something greater than itself and enjoy the benefits of a stronger and more economically sound country. What a feeling it must be to be able to raise a glass of your own product, in celebration of contributing vastly to the greater good.

Turning up the heat It’s hard to picture a South Africa before Nando’s burst into the restaurant industry and changed the landscape of flavourful, good value food providers forever, but just as delicious as the meals on offer is the story of how this global giant came to be and how it stays at the forefront of diners minds.

Editorial - Victoria South

Nando’s ZA

here’s more to Nando’s than just chicken. That might sound like a strange proclamation, given that Nando’s is a chicken eatery, but thanks to Mike Cathie, CEO of the South African arm, it’s the marketing that has really captured the hearts and minds of potential customers. From there it’s just a hop and a skip to the amazing food making a big impression on the stomachs of said customers and suddenly, a whole new group of loyal consumers has been welcomed into the Nando’s family. It won’t come as a huge surprise that Mike has instilled a unique form of marketing, given that he has a clear and decisive grasp on what people want, enjoy and need. Never was this more apparent than during the 2017/18 World Rugby Sevens Series,

which Nando’s SA sponsored. Mike noted that, “Apart from our delicious PERi-PERi chicken, nothing gets South Africans as fired up as sport. Sport holds a special place in the hearts of all South Africans, and has been the instrument through which we have been able to surpass our individual differences. We are honoured to be part of a tournament that continues to fire up true unity in South Africa.” Such an intrinsic understanding of what makes people in South Africa tick is impressive and Mike has used this knowledge to great effect, in his role at Nando’s. Far from simply serving up succulent chicken dishes to any and all people that walk through the doors of one of his restaurants, Mike seeks to draw consumers in with his unique mix

of cheeky, honest and eye-catching marketing campaigns. All designed to reinforce the idea that everyone is the same and all are welcome, these modern outreach endeavours are suitably connected to the heritage of Nando’s and show that the provider-customer relationship can be one of mutual respect, loyalty and benefit.

Humble beginnings to big dreams You might not realise it, but the Nando’s story dates back over 100 years, when Portuguese explorers ventured out into the spice route, their ships ready to bring back untold treasures and, as it turned out, flavours that were incredible and new. Landing on South African soil, the explorers stumbled upon Bird’s Eye chillies, the

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Nando's ZA cornerstone of what would become Nando’s signature flavour palette and while it blew their minds, it had been used to add a little heat to South African food for centuries. With some Portuguese flair added into the mix, in the form of garlic and fresh lemon, suddenly, a new taste was born and in 1987, it was the catalyst for serious change in the restaurant industry, “One afternoon in 1987, two friends went for lunch at a humble Portuguese eatery. As their meal drew to a close, they knew they’d tasted something that had to be shared. PERi-PERi was about to make one more journey – from Rosettenville to the world.” It was time for the unique mix of South African and Portuguese tastes to be unleashed upon the world and little did those two friends know that the world would say a huge thank you, in the form of incredible success and massive sales.

The local touch Despite enjoying phenomenal growth and global acclaim, Nando’s has always managed to retain that special home-grown feel within its South African outlets. One things Mike’s team can

“The standard is always kept high with a constant focus on reliable, first class, efficient, modern shipping services.”

Nando’s ZA 36

guarantee is a welcome as warm as the chicken being served up and far from being just a faceless franchise that is formulaic down to the nth degree, every restaurant has its own personality, “Each one of our restaurants has its own unique design, but they all have earthy textures and colours that remind us of our sunny AfroPortuguese roots and feature original, local South African art and unique design touches that make it the perfect place to sit down and enjoy the best food you’ve ever tasted. Afro-Luso beats and friendly service add to the vibe, and then there’s the secret ingredient – our flamegrilled PERi-PERi chicken.” In a wonderfully inclusive twist, it’s not just customers that enjoy their time inside a Nando’s. Thanks to Mike’s determination to use food as a tool for bringing people together, he has actively sought to never overlook those people that are making the biggest differences: his team members. Unusually for a large company, the staffing body knows just how appreciated they are, as one worker revealed, “We work as a team, we help each other and we keep the value of Nando’s whatever we are doing. We’re family because we work together. I love being at Nando’s I enjoy every single moment.”

Keeping the home fires burning Of course, no successful operation comes without a little strife and Nando’s has weathered some periods of economic turbulence and lulls in trade, but with such aplomb that it’s no wonder that the future looks just about as positive as possible. Mike has always remained beautifully philosophical about the trials and tribulations of his industry as well, “It’s not really about the result, it’s about how the business responds to tough times, and it’s good to be tested. Even though times were tough, we didn’t cut back on any development initiatives, human initiatives or community initiatives.” Even in the face of adversity and difficulties, Mike and his team always remained true to the initial ideals of the company and kept people’s happiness at the centre of every undertaking. Staff were still promoted, encouraged and valued. Customers were still given that signature warm welcome and local communities still benefitted and that’s really what it’s all about. That and serving up delicious, nutritious and conscientiously prepared food, so that Nando’s can continue turning up the heat.

Making money work It’s all very well relying on the Royal Navy to look after the interests of the UK, but who protects and serves our valiant defenders? Serco, with its decades of expertise and flair for innovation.

Editorial - Victoria South

NFB

verybody wants more of it, but how can it be accessed? More to the point, how can it be acquired without sidelining passion projects, personal interests and ethical codes? For ambitious people in South Africa the answer is simple: by employing the services of NFB.

A little bit of tradition As long as societies have existed, there has been some form of currency or goods exchange taking place. The difference is, back in the early days of transactional relationships, integrity was built-in and though the world has moved forward in terms of technology, this basic principle has been somewhat lost. Not for NFB though, “We are committed to delivering world-class service by blending modern business philosophies with old-fashioned integrity in order to create sustainable growth for our clients and stakeholders. The spirit with which the company was originally founded three decades ago has grown from strength to strength as we have provided the support and advice our clients needed to ignite their passions and achieve their aspirations.” Truer words have rarely been put into print, as NFB has gained a reputation for being a fearless partner and staunch defender of client interests. Remaining independent and accountable, the company has always sought to be the leading voice in the provision of transparent financial services and it does this by keeping the focus firmly on each client. It’s no small task, maintaining a steely gaze on one client’s interests, while also being aware of the surrounding market, fast-changing sectors and external influences that threaten to usurp previously sound advice. Take the pandemic and Brexit as prime examples. What might have been all but risk-free investments could suddenly become tenuous, given the impact of global restrictions, trade embargos and currency fluctuations. That’s why NFB talks about clients’ time being precious.

A personal approach Financial dealings are something of an oddity. On the one hand they are so intrinsically individual, but on the other, there can be a sense of the

“The standard is always kept high with a constant focus on reliable, first class, efficient, modern shipping services.”

OFFSHORE, N OT O FF L I M I TS If you’re an investor who saw offshore as off limits, there’s never been a better time to change your view. With Glacier, it’s easy to be part of the bigger picture – to invest beyond our borders and grow your returns by accessing opportunities across a range of markets and currencies. Introducing the Glacier Offshore Investment Plan: Less paperwork, affordable minimums and guided investment choices.

Speak to your financial adviser or visit www.glacierinsights.co.za. The Glacier Offshore Investment Plan is a flexible, discretionary savings vehicle which offers investors the opportunity to invest offshore, accessing different markets and currencies. | The Offshore Investment Plan is administered by Glacier Financial Solutions (Pty) Ltd, licensed administrative financial services provider, FSP 770. | Glacier Financial Solutions (Pty) Ltd and Sanlam Life Insurance Ltd are licensed financial services providers | Navigate model portfolios are managed by Glacier Financial Solutions (Pty) Ltd., a discretionary financial services provider trading as Glacier Invest FSP 770.

Making offshore investing

E ASI ER

Glacier International has a proud history of structuring direct foreign currency investments for clients since launching in 2010. Our flagship Global Life Plan is an offshore endowment while the Global Investment Plan is an offshore sinking fund – both policies are issued by the Sanlam Life Insurance Bermuda branch. These have proven to be the structures of choice for South African investors having to deal with issues relating to tax, probate and estate duty when it comes to their offshore investments. However, research has shown that of the SA financial advisers currently allocating funds offshore, only 20% were making use of the endowment structures, or “wrappers”, while 80% were looking for ease and simplicity. This led us to develop the Glacier Offshore Investment Plan, a discretionary savings vehicle, which makes investing offshore a lot easier, and also more accessible to more people.

Investment minimums and requirements

The investment has a R100 000 lump sum as a minimum requirement – this compares with the US$25 000 required to access the wrappers. We will also be introducing a recurring additional investment option in the near future. Although the take-on requirements (e.g. Know Your Customer) are the same as for local investments, the money invested into the Glacier Offshore Investment Plan is externalised and invested in international funds.

How to invest

Investors can either use their Single Discretionary Allowance of R1m or their Foreign Investment Allowance of R10m per year, with tax clearance. They also have the option to

transfer an existing offshore investment into this solution. Local trusts and companies can make use of an asset swap option. In terms of paperwork, there are two main steps – the quote, which sets out the investment options and fees; and the application form, which provides information pertaining to the method of investment. These forms will need to be accompanied by supporting documentation, if and as required.

Other features

Investors have full liquidity at all times as there are no lock-in periods. Individual investors are taxed in their own hands on foreign currency gains and will be issued with a tax certificate which they can include in their returns to SARS. They can view their investment at any time via the Glacier International website. Those clients who also have local investments with Glacier, will receive integrated reporting on both their local and offshore investments.

In summary

In summary, the Glacier Offshore Investment Plan offers: • Offshore opportunities across different markets and currencies • A simpler way to invest offshore, with streamlined processes • Lower investment minimums than traditionally required • Simpler take-on business requirements • Administrative assistance • Full support from the Glacier Business Development team as well as the call centre.

By Andrew Brotchie, Managing Director Glacier International Visit www.glacierinsights.co.za to access the brochures and to view videos, podcasts and more. Endorsed by Sanlam, Glacier offers a wide range of investment solutions, designed to assist clients to create and preserve their wealth throughout their lifetime. These solutions include local and international investments, pre- and post-retirement solutions as well as share portfolios. We also offer a number of guarantee-type products for investors seeking certainty during market volatility. For more information, please visit www.glacier.co.za The Glacier Offshore Investment Plan is a flexible, discretionary savings vehicle which offers investors the opportunity to invest offshore, accessing different markets and currencies. The Offshore Investment Plan is administered by Glacier Financial Solutions (Pty) Ltd, licensed administrative financial services provider, FSP 770 | Navigate model portfolios are managed by Glacier Financial Solutions (Pty) Ltd., a discretionary financial services provider trading as Glacier Invest FSP 770 | The Global Life Plan is an offshore endowment policy and the Global Investment Plan is an offshore sinking fund. Both policies are issued by the Sanlam Life Insurance Bermuda branch. Glacier Financial Solutions (Pty) Ltd and Sanlam Life Insurance Ltd are licensed financial services providers. | Glacier International is a division of Sanlam Life Insurance Ltd.

NFB

impersonal that creeps in, especially when using external support. That’s where NFB wants to make a significant change and to put a personal connection back in place. It started that way — over 30 years ago — and has no desire to let impartiality get confused with impersonal, “With us, you’re not just number one. You’re the only one. We know how precious your time is. That’s why you won’t have to waste a minute of it, when you choose to partner with us. Everything we do is centred around our clients’ needs, helping to navigate the path to financial certainty. The philosophy of ‘Treating Customers Fairly’ is ingrained into every level of our business, a set of ethics and principles that we use to act as our clients’ champion at every opportunity.” This is money management and investment advice but not as the modern world has come to recognise it. Gone are the stereotypes of cloak and dagger money moving and in their place, transparent dealings with risks clearly explained and with no allegiances to any institutions, all advice is 100% independent. And here’s where the business model of NFB really comes into its own, because these integrity-driven practices lead to long-term, trusted and intimate working relationships.

“The standard is always kept high with a constant focus on reliable, first class, efficient, modern shipping services.”

A culture of knowledge How many companies can claim to be centred around a culture of knowledge sharing, both internally and with clients? Certainly not many, with that number shrinking as you hone in on the financial services sector, but NFB is proud to be built around this unusually interactive model. What the team knows, it’s clients are also made aware of and not on a ‘need to know basis’ either, because all knowledge needs to be shared. Transparency isn’t dependent on good news, it requires an openness to sharing regardless of the positive or negative implications. It also breeds a culture of responsiveness, which NFB is known for, “You’ll find that we’re different because of how we do business. Everything we do is centered around your need for future financial well being. We pride ourselves on impeccable personalised client service, presenting tailored financial strategies with unique investment solutions and opportunities across a full range of asset classes and geographies.” There’s no sitting on bad results and hoping for an upturn. With NFB, choices are laid bare, strategies are adaptive and new directions can be leaned into quickly. Because client confidence isn’t only garnered by impressive returns, it is also built when the chips are down. How a financial services provider handles losses is key and that’s why knowledge sharing is essential. It’s a powerful weapon to have in an arsenal and also a motivator for pivotal change, but few companies offer their clients access to it in the same way as NFB.

Not yours, ours Just as sharing knowledge is central to who NFB is, so too is a rhetoric that focuses on partnership. Ultimately, wins or losses are a client’s burden to bear but that’s not to say that the team doesn’t feel the impact too, on a personal level, “With the right private wealth manager along for the journey, you’ll be better prepared to tackle life’s challenges, provide for your family and achieve your goals. As your financial life partner, we make a commitment to walk alongside you through the good times and the bad.” And here’s where the real difference becomes clear. NFB doesn’t see any of its relationships as transactional. All are approached with an ideal of a long-term commitment, from both sides, to work towards financial freedom and security. Losses aren’t ‘chalked up’ to experience, they are used to develop new strategies. Wins aren’t proclaimed as the only measure of a successful relationship. And why? Because NFB is a modern market leader built on old fashioned foundations of simple ethics and personal business practices. Both of which are invaluable.

Taking the struggle out of switching That’s how we help. Switching your business is one of the most important decisions you’ll ever make. This is why we proactively manage the transition for you, to ensure minimal disruption to your business. We take end-to-end accountability until your business is fully banked, and a Business Banker is in play to look after the day-to-day relationship. It takes a bank that does more to help you start, run and grow your business.

For more information, contact: Fathima Rahman Email: frahman@fnb.co.za I Call: 087 328 0280 Eloise Heyduczek Email: eloise.heyduczek@fnb.co.za I Call: 087 335 6859

FNB Business A division of FirstRand Bank Limited. An authorised Financial Services and Credit Provider (NCRCP20).

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