notes to the financial statements - Food Empire Holdings Limited

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STAFF CONTRIBUTION EXPLORERS’ TALES SERGEY ANISIMKIN (Russia) I came to Food Empire knowing that we could collectively take MacCoffee and grow it into a leading brand within a highly competitive market. And I wasn’t wrong. Upon taking over leadership of the factory, I set my first priorities into motion: to put together a reliable team of managers in order to motivate factory staff and lead them towards a common goal. Having introduced a new, more efficient management system, retaining our old practices, the process of training a new employee was reduced, yet it ensured more well-rounded and knowledgeable workers. With the acquisition of the new Food Empire factory in Ukraine, I am proud to say that they had modelled their factory management practices after ours. I can proudly say that destiny brought the MacCoffee group and I together, alongside Sudeep and Amrish, and a dream team of colleagues both on and off the factory floor, opening up more opportunities, and always being ready to give my time, energy and to share my experiences for the continuous improvement of the factory and its products. FREDDY OH (Myanmar) Having lived in various developing countries has really opened my eyes, ears and most importantly, my mind. I cherish the chances of working with teams that have profound geographical, political and cultural diversity. Along the way I have built on the intricacies of communication and delicate weaving of interpersonal skills that have honed my constantly improving management competencies. Now that I am in Myanmar, in what the corporate world has termed as “Asia’s Last Frontier”, in which I believe will be a real adventure. With the belief of ‘What’s a world without competition?’ MacCoffee has bravely set foot here, where over 20 instant coffee brands are contending for a leading share of the market. Our first brand building effort kicked off in style in January 2013 – signing up Miss Myanmar who took part in the 2012 Miss International pageant contest held in Osaka, Japan and instantly won 2 accolades for “People’s Choice” and “Miss Internet”. Notably, this is the first time a Myanmar national has represented her country in a world pageant in the past twenty years. In hot pursuit, MacCoffee has sponsored Myanmar’s first International Marathon. In short, MacCoffee strives to build up its international stature clearly and has adopted the motto “OPEN MY WORLD” as its brand positioning statement in Myanmar. Coincidentally, “OPEN MY WORLD” appropriately sums up my journey of discovery. Thank You, Food Empire. AARON CHOO (Iran) Having the opportunity to represent Food Empire in the Middle East, my posting to the capital of Tehran has been a colourful and exciting discovery of a new culture and lifestyle. What we know of Iran is based on the ‘closed’ news that reports on their multiple economic and political sanctions over these years, however, upon moving here, I’ve discovered a totally opposite outlook on the daily life of Iranians. Although the wages and quality of life are not on par with that of Singapore, due to their limited access to the outside world, the people here live in peace due to their friendly disposition and outlook on life. Being a representative of Food Empire here, we are hoping to gain business resilience after the second half of 2012, which can only be achieved after the upcoming Presidential elections, estimating the revision of government legislations and control of the country’s economy. I have discovered that there’s more than meets the eye when you live abroad, especially in ‘unchartered’ territory such as Tehran, Iran, where our perceptions have been fully influenced by what we know of them via various news outlets, instead of experiencing first hand ourselves. 28
Food Empire Holdings Limited Annual Report 2012 VICENTE LEE (Southern China) Being posted to the Chinese mainland, I have discovered a new way of living, together with new friends made and new colleagues whom I get to work alongside with. What I’ve discovered from living here in China is that, due to its sheer mass, it is a place that has plenty of untapped potential. The past two decades has shown dazzling economic growth within China, a leader in the manufacturing of ubiquitous amounts of consumer goods. Although the coffee culture has not yet caught on, we are undeterred, believing that with Klassno we can increase the popularity of the rich aroma and flavour of coffee for the people of China. With strong ambition and an eagerness to excel in the coffee business, I am ready to reach out, learn new things, and develop new strategies that will give Food Empire a strong foothold in this emerging market. Let’s move to the land of opportunity – here’s to the development of the Klassno in China and beyond. ASSEM UTEPOVA (Kazakhstan) Add a little courage, strong optimism and a dash of audacity, and this perfect cocktail would allow you to not just beat your competitors but challenge yourself to work harder and put in more effort to overcome any challenges posed. It seems there is nothing common between the world of Fashion and MacCoffee, but we decided to try and combine the two. We used a “Fashion” approach in presenting MacCoffee goods at a special show room styled to that of a cozy home environment, and offered fashionable and stylish gifts for our consumers to purchase. It turned out to be extraordinary, interesting and fun! In 2013 we intend to push the limits further, aiming to create events that will be widely discussed in every city of Kazakhstan and beyond! The greatest discovery that we can make in our life is within us, it is our potential, our talents and our dreams! Here’s wishing all of you get to realize the amazement of selfdiscovery too! 29
Page 1: INVEST MONEY ASSET PRODUCTS WORK IT
Page 4 and 5: INTRODUCTION VOYAGE OF DISCOVERIES
Page 6 and 7: CORPORATE PROFILE EVERYTHING YOU NE
Page 8 and 9: EXECUTIVE CHAIRMAN’S MESSAGE FRON
Page 10 and 11: EXECUTIVE CHAIRMAN’S MESSAGE In N
Page 12 and 13: CEO’S STATEMENT PERSPECTIVE “ I
Page 14 and 15: OPERATIONS REVIEW MAGNIFYING STRENG
Page 16 and 17: OPERATIONS REVIEW Chestnut Run in U
Page 18 and 19: MARKETING ACTIVITIES CREATING BUZZ
Page 20 and 21: MARKETING ACTIVITIES RED SQUARE BIK
Page 22 and 23: GLOBAL PRESENCE COAST TO COAST Russ
Page 24 and 25: NEW PRODUCTS MAKE WAY FOR THESE NEW
Page 26 and 27: BOARD OF DIRECTORS THE BUSINESS COL
Page 28 and 29: BOARD OF DIRECTORS DID YOU KNOW ? M
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Page 36 and 37: CORPORATE GOVERNANCE (cont’d) A)
Page 38 and 39: CORPORATE GOVERNANCE (cont’d) E)
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Page 42 and 43: CORPORATE GOVERNANCE (cont’d) L)
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Page 54 and 55: CONSOLIDATED INCOME STATEMENT For t
Page 56 and 57: BALANCE SHEETS As at 31 December 20
Page 58 and 59: STATEMENTS OF CHANGES IN EQUITY For
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NOTES TO THE FINANCIAL STATEMENTS (
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SHAREHOLDERS’ INFORMATION (cont
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NOTICE OF ANNUAL GENERAL MEETING NO
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NOTICE OF ANNUAL GENERAL MEETING (c
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Notes : 1. Please insert the total
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