notes to the financial statements - Food Empire Holdings Limited

EXECUTIVE CHAIRMAN’S MESSAGE
In November we officially opened
our newest manufacturing facility in
Zolotonosha, in the Cherkasy region
of Ukraine. The opening was attended
by His Excellency Mr Simon Tensing
de Cruz, Singapore’s non-resident
Ambassador to Ukraine; Mr Sergei
Tulub, Head of the Cherkasy Regional
State Administration; and Mr Vitaly
Wojciechowsky, Mayor of Zolotonosha.
Food Empire has been part of the
Ukrainian business community for more
than 15 years and this new facility will
cater to our customers both in Ukraine
as well as other parts of Eastern Europe.
The ability to manufacture in Ukraine for
the local market also has the benefit of
reducing the tariffs we would have to pay
if we had imported our products.
(from left): Mr Tan Wang Cheow, Executive Chairman,
Food Empire Holdings Ltd; Mr Sergei Tulub, Head of the
Cherkasy Regional State Administration; His Excellency
Mr Simon Tensing de Cruz, Singapore’s non-resident
Ambassador to Ukraine; Mr Sudeep Nair, CEO,
Food Empire Holdings Ltd.
Mr Sergey Chetverov, General Manger of the FES Ukraine Factory, addresses the media
costs and optimize our manufacturing.
However, if global growth kicks in, there
is a risk that commodity prices may start
to rise again.
Outside of our top three country markets,
we are looking into Southeast Asia as
well as the Middle East and Africa. We
will also continue to explore acquisitions
within the food and beverage industry.
Our shareholders are the foundation of
our Group and I am grateful for their
continuing belief and support in what we
do. My appreciation extends to the other
members of the Food Empire family
- our customers, suppliers, partners
and associates. And to colleagues who
work for our Group all over the world,
I say “Thank You” for your efforts. We
certainly achieved a great deal together
in 2012.
Finally, I would like to express my
gratitude to my fellow board members
for their invaluable contributions
throughout 2012. It is a great benefit to
be surrounded by people with such deep
knowledge and integrity.
While concern continues about the state
of the European economy, consumer
sentiments and the economic outlook
in our major markets remain positive.
Russia, Ukraine and Kazakhstan are
all expected to record solid single digit
GDP growth in 2013. In each of these
countries, unemployment appears to
be stable. Moreover, all three countries
have now completed their presidential
elections.
Food Empire Singapore Christmas event 2012
Mr Tan Wang Cheow
Executive Chairman
We are also increasingly confident that
commodity prices will be less volatile
than in previous years, allowing us to
better plan our purchasing to reduce our
Mr and Ms Food Empire Singapore 2012
08