NOBASHI
NOBASHI VANNAMEI
RAW
HO CENTRAL PEELED BT
COOKED
COOKED PDTO VANNAMEI
PRE-FRIED SHRIMP
FRITTER VANNAMEI
VEGETABLES
GINGER
VEGETABLES
BÍ NHẬT
NOBASHI
NOBASHI VANNAMEI

THE CONTENTS OF ADMINISTRATION BOARD’S MEETING AT THE BEGINNING OF YEAR 2009

THE CONTENTS OF ADMINISTRATION BOARD’S  MEETING

                The Administration Board has held a meeting on Jan 16th, 2009 and adopted the following contents :

-         Preliminary suming-up of 2008 operation and expectation of  2009 ones.

-         The outcome of 2008 production and business and profit dividing plan.

-         Preliminary suming-up of the Administration Board’s 2008 activities.

-         The increase of charter capital of additional VND 1 billion by selling shares to strategical shareholders to make a round VND 80 billion.

Details are as follows:

              FMC’s 2008 operation was full of mishaps due to the policy of credit limit, high interest rate and stagnant world economy, so consumption was slow and selling price decreased continuously that made FMC damaged from its stock products. Its turnover of 2008 increases over 1% from that of 2007, but bank interest expense is VND 10 billion higher than that of last year. Profit before tax is VND 12,3 billion. Profit after tax is VND 12,2 billion after standby fund of VND 5 billion is established

             The Administration Board sees that stock price in 2008 decreased sharply that made investors get big damages, so investment and development fund of 2008 won’t be established, but used for paying dividend to shareholders. Dividend rate will be paid at 12%.

            In 2009, FMC’s operation will continue to face difficulties as raw material is short and consumption market hasn’t had a rehabilitating signal. Therefore, the Annual Meeting of shareholders will be held lately, within April 2009 which aims to have enough time to assess the situation better and more completely in order to propose proper striving criteria. Dividend will be advanced to shareholders in February at the rate of 12% per face value.

             Immediate remedies for FMC are to streamline its labors, Extremely value the savings of all aspects, search markets , customers  right at beginning of the year and make a plan to cooperate with farmers, fishers to create controlled initiatively material source for itself. The Administration Board will be decreased to 5 members and Supervisory Board to 3 members. Total compensation will be decreased from VND 500 billion to VND 320 billion to show their awareness of common saving.

              In general, 2009 seafood business will face difficulties due to above-mentioned situation. FMC is focusing to promote the production of  vegetable products to compensate for the decreasing part of fishery ones.