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Head Office: 184 - 186 - 188 Nguyen Dinh Chieu St, Ward 06, Dist. 03, HCMC, Vietnam Tel: (84.8) 930 0358 Fax: (84.8) 930 5206 www.vinamilk.com.vn

Annual Report 2007

Content

Vision and Mission Statements Chairwoman’s Message Corporate Profile Corporate Structure Management Reporting Structure Board of Management Board of Directors

03 04 10 16 18 22 24

Inspection Committee Corporate Governance Risk Management Business Review Investor Relations Community Activities Financial Contents

26 30 34 36 54 56 58

this is WHO WE ARE
VISION
Vinamilk will be the fastest and sustainable growing healthy dairy and food company by building a long-term competitive advantaged product portfolio across the scale.

MISSION
Vinamilk continues to expand its existing geographical coverage and product portfolios to maintain its sustainably dominant position in the local market and maximizing its shareholder value.

chaIrWOMaN’S MeSSage

V

inamilk is the leading dairy & beverage company and also one of the 5 largest companies in term of market capital listed in Vietnam. The brand “Vinamilk”, with its extensive market share and position, has gone into consumers’ mind. Vinamilk’s quality products are designed to offer the community a “healthy and beautiful life”. Despite the difficult year of 2007 such as two-digit inflation, inputs like milk powder and sugar rapidly increased in price, and severe competition with imported products, Vinamilk still kept its strong growth, ensuring shareholders’ profits. Earning per share (EPS) of the year was VND5,607/share, increased by 35% as compared to that of 2006 (VND4,150/share). The Company has been firmly revising its business strategies and marketing activities with its sales team being supported by modern tools and trained with higher professionalism for its sustainable long-term development. The company continues building new dairy factories and expanding the existing ones in Can Tho, Da Nang and Hanoi, as well as proceeding with the dairy farm projects. In addition to the key business, Vinamilk keep seeking opportunities for external investment to maximize profits and increase Company’s shareholder value. Financial results The Company’s turnover and profit have been steadily increasing during the four successive years since its equitization in 2003. The followings are the basic figures of 2007 and 2006: In VND billion - Net revenue - Profit after tax 2007 6,649 963 2006 6,246 660 % increase/ (decrease) 6.5% 46%

Besides the major export market of Iraq, the Company focuses on strengthening the presence of its products in other countries like Cambodia, the U.S, Philippines etc. Dividends Given the good results for 2007, the Board recommends for shareholders’ approval a total dividened for the year of VND 2.900 per VND 10.000 par-value share (equivalent to 29% on share par-value). This is a 52.6% increase over last year’s normal after-tax dividend of VND1,900 per share. This marks the fourth year on increase in the payment of the normal dividends to shareholders: 2004: 15%; 2005: 17%; 2006: 19% and 2007: 29% as proposed – and highlights the Company’s sustainable growth.

Vinamilk has the financial, human resource strengths and over 30 years of exprerience to achieve the substantial growth in line with its vision and mission. Vinamilk commits to provide healthy products to achieve a beautiful lifestyle for our community. Vinamilk also strongly believes in increasing our shareholder value through growth.

Barring unforeseen circumstances, it is the Board’s intention to maintain the after-tax dividend at not less than the normal after-tax dividend of the previous year. However, in any given year, the actual payout will need to take into account the Company’s consolidated earnings outlook and plans for new investments to ensure Company’s sustainable growth. Overseas listing Plan Vinamilk is under consultancy and working with relevant agencies to be listed in Singapore...
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