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Yeo Hiap Seng Limited | Annual Report 2011

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TABLE OF CONTENTS

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Chairman’sStatement


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FinancialHighlights

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ProfileoftheBoardofDirectors&Management

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ReportonCorporateGovernance

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CorporateInformation

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FinancialStatements

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Yeo Hiap Seng Limited | Annual Report 2011

CHAIRMAN’S STATEMENT

"The Group recorded a profit after tax and non-controlling interests of $41.2 million in 2011, up from $26.8 million in 2010."
A YEAR OF IMPROVED PERFORMANCE
DearShareholders
Forthefinancialyearended31December2011,theGroupachievedoverallrevenueof$443.0million,$43.2millionor10.81% increasefromthepreviousyear.Foodandbeveragerevenueimprovedby$25.1millionor7.2%fromthepreviousyearto$371.4 millionlargelyduetotheimprovedsalesfromYHSMalaysiaandSingapore.Similarly,revenuefrompropertydevelopmentalso improvedby$16.9millionor33.1%fromthepreviousyearto$67.9million. TheGrouprecordedaprofitaftertaxandnon-controllinginterestsof$41.2millionin2011,upfrom$26.8millionin2010.Net operatingcashinflowsgeneratedbytheFoodandBeverageDivisionandthePropertyDivisionwere$11.3millionand$28.3 millionrespectively.

Ourfoodandbeveragebusinessisbettershieldedfromtheperilsofaturbulenteconomy.Consumerpurchasinginthissectoris generallystable,andsalesofourproductsacrossmostoftheregionsremainsstrong.Goingforward,wewillcontinuetoselloff theremainingunitsinourpropertydevelopmentandfocusonourfoodandbeverageoperations.

FOOD & BEVERAGE
Overthelasttwoyears,wewerereviewingandrationalisingourmanufacturingfacilitiesinChina,MalaysiaandSingapore.Our strategymovingforwardistoretainselectivebasesforourproductmanufacturingandfullycapitaliseoneconomiesofscale, ourexistingmanpowerandaneffectiveadvertisingbudget.Todriveandamplifyoursuccess,promotionalactivitieswillbemore strategicthanbefore;andeverymarketingdollarwillbespentwhereitismostneededandimpactful. Inanefforttoensurethatourbrandstaysrelevanttoconsumers,weinvestedinvariousadvertisingandpromotionplatforms inSingaporeandMalaysiawhichincludedoutdoorposters,socialmedia,schoolvisits,newtelevisioncommercials,andonline marketing.Thethemesofrecycling,nutritionandhealthfeaturedprominentlyinouradvertisingandpromotion. As a reflection of our better performance in 2011, we successfully launched two new products in Singapore: Pink Dolphin CollagenWaterandSparklingH-Two-OBlackcurrant,anewvariantoftheSparklingH-Two-OOriginal.ThenewH-Two-Ovariant provedtobeabighitandachievedoverallannualsalesofalmost$10millionfortheH-Two-Obrand.

ExPANDING OuR FOOTPRINT GLOBALLY
Overtheyears,wetookstepstoincreaseourgeographicalpresencenotonlywithintheAsianregionbutalsoinEuropeandthe USA,particularlyofourfoodproducts.IndonesiaandIndochinahavebeenidentifiedaskeytargetsforgrowthoverthenextfew yearsandsignificanteffortsarebeingmadetowardsenhancingmarketpenetrationinthesemarkets.

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Yeo Hiap Seng Limited | Annual Report 2011

CHAIRMAN’S STATEMENT

OursubsidiaryinMalaysiaperformedwell.TheYHSMGrouprevenueincreasedby13%toRM533.0millionin2011compared...
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