notes to the financial statements - Food Empire Holdings Limited

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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
Food Empire Holdings Limited Annual Report 2012 DETECTING PROGRESS Recognising our strengths and expertise, and fuelled by a passion to discover new opportunities, our growth continues to be defined by our stable market positioning and strategy. 09
Page 1: INVEST MONEY ASSET PRODUCTS WORK IT
Page 4 and 5: INTRODUCTION VOYAGE OF DISCOVERIES
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SHAREHOLDERS’ INFORMATION (cont
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NOTICE OF ANNUAL GENERAL MEETING NO
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