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Focus on Core Resources Annual Report 2013 UNITY IS Power

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Focus on Core Resources Annual Report 2013 UNITY IS Power FOCUS ON CORE RESOURCES FOCUS • HOANG ANH GIA LAI JOINT STOCK COMPANY HOANG ANH GIA LAI STOCK JOINT 15 Truong Chinh, Pleiku City, Gia Lai, Viet Nam (+84) 59 222 2249 (+84) 59 222 2247 www.hagl.com.vn • ANNUAL REPORT 2013 ANNUAL REPORT Focus on core resources Annual Report 2013 UNITY IS POWER Focus on Focus on IN OUR NEW BUSINESS STRATEGY, core resources powerful resources HAGL GROUP FOCUSES ON OUR 02 Message from the Chairman 34 Information on the Board of Directors of the Board of Directors 36 Information on the Board of Management OWN CORE RESOURCES AND FULL 04 General information 37 Information on the Board of Supervision 06 Preliminary financial information EXPLOITATIONS OF COMPETITIVE 38 Organization and personnel ADVANTAGES IN AGRIBUSINESS 08 Key milestones TO CREATE A FOUNDATION FOR 10 Business sectors 12 Products and services SUSTAINABLE DEVELOPMENTS. 22 Administration model Progress of 24 Administrative organization sustainable 26 Information on related companies development 28 Development orientation 72 Management activities – Activities of the Board of Directors Focus on – Management knowledge updating activities management – Share transactions of internal VISION competences shareholders and related individuals – The Board of Supervision 44 Outstanding events in 2013 TO BECOME THE LEADING GROUP IN VIETNAM AND – Remunerations and benefits of the IN THE REGION IN AGRIBUSINESS. 46 Report of operations in 2013 BOD, the BOM, the Secretary of the – Revenue by sector BOD and the BOS – Organization and personnel – Risk management – Investments and developments – Investor relation MISSION of projects 84 Sustainable developments – Financial position – Economic developments – Changes in share capital – Investment in community TO MAINTAIN THE CONSTANT CREATIVITY AND – Major projects development – Improvement of STRIVE TO CONTINUE TO PRODUCE HIGH QUALITY 56 Report of the Board of Management social lives PRODUCTS AND PROVIDE EXCEPTIONAL SERVICES 66 Report of the Board of Directors – Environmental protection – Corporate governance AT COMPETITIVE COSTS. TO PROVIDE COMPETITIVE – Compliance and application of EMPLOYEE BENEFITS, BOTH IN TERMS OF MONETARY external standards and initiatives REMUNERATION AND SPIRITUAL DEVELOPMENT IN ORDER TO MOTIVATE EMPLOYEES TO CREATE VALUES Financial statements FOR customers, SHAREHOLDERS AND THE SOCIETY 102 Financial statements IN GENERAL. Focus on Core Resources 01 Annual Report 2013 MESSAGE FROM THE CHAIRMAN OF Message from the Chairman of THE BoarD OF DIRECTORS the Board of Directors Stage 1 – from 1993 to 2002 weak. After the Lunar New Year of 2010, HAGL made a After a series of big restructuring transactions, HAGL “revolution of apartment price” by bravely reducing the has only retained highly profitable assets and projects. This is a prosperity period of furniture production sector. With selling prices of apartments of Hoang Anh River View The agribusiness includes the plantation of rubber a profuse source of wood materials and a wide consumer project from USD 2,400/m2 down to USD 1,350/m2 and trees, oil palm trees, sugarcanes and, in 2014, corns. market including the countries in Europe, Australia and US, of Phu Hoang Anh project – phase 1 from USD 1,800/m2 Regarding real estate sector, HAGL has retained its key HAGL quickly developed from a small furniture workshop to down to USD 1,250/m2. This action helped HAGL sell out project – Hoang Anh Gia Lai Myanmar Center. This is the a big private enterprise with many factories in Gia Lai, Quy a large number of apartments, solve the liquidity issue biggest and most beautifully located project in Yangon, Nhon and Ho Chi Minh City. The increases in total assets and and generate profit for the subsequent years. However, Myanmar in the situation that the market seriously lacks owner’s equity were the favorable conditions for HAGL to the overall market conditions have not improved, and real estate supply and real estate price is very high there. start acquiring land and investing in real estates, aiming at the real estate sector has still encountered a lot of the market segment of apartments for sale. difficulties so far. Detailed information on each sector, the situation of investment and the contribution of each sector Stage 2 – from 2003 to 2012 Although HAGL consistently pursued the strategy of in the Group’s business results of 2013 is presented investing in sectors which we had competitive advantages hereunder in this Annual Report. This stage includes 2 periods: 2003 – 2008 and 2009 – 2012. on the basis of land and natural resources, we were In the period from 2003 to 2008, HAGL achieved many only successful in agribusiness. The hydro-power sector The Management of HAGL believes that the successes in real estate sector. Within a few months, all of required a large amount of capital, while capital raising comprehensive restructuring plan is judicious. The the apartments of such projects as Le Van Luong, Tran Xuan was getting more difficult, the interest rates and capital concentration on core resources with competitive advantages can help HAGL operate more effectively, Mr. Doan Nguyen Duc – Chairman of the BOD Soan, New Saigon were sold under pre-sale contracts signed costs grew but the power charges were not increased, upon completion of the foundation, and the payments so this sector did not prove to be effective to HAGL. providing the society with many products of high were made according to the construction progress. The Mining sector encountered many strict regulations on quality and low prices, making much profit to the furniture production sector continued its good performance, environment, the barriers to exportation with quotas and shareholders, contributing to the State’s budget, Dear shareholders and prospective not only manufacturing products for external sale but duties, leading to the profitability of this sector becoming giving more jobs to labourers, helping develop the investors! also supplying interior furniture that helps reduce the cost no longer attractive. local community and economy. HAGL is confident of HAGL’s apartments. However, in late 2008, the macro- that our low-price products can compete against The year 2013 marks a milestone of the 20th economic conditions started to become unfavourable. The In this circumstance, HAGL started to re-assess its those of other competitors in the countries having anniversary of Hoang Anh Gia Lai (“HAGL”) crises of debt sub-prime and real estates in the US negatively investment strategy and to prepare a comprehensive wide land areas and ideal climates such as Malaysia, Group. Also in this year, HAGL uses the slogan of affected to the world’s economy. In Vietnam, the signs of restructuring plan of the Group. In 2012, HAGL begun Indonesia, Thailand, Brazil. The profit growth target of “Focus on core resources” as the guideline for the hot economic growth exposed more clearly, the inflation to grow sugarcane, to build up a sugar processing plant HAGL from the year 2014 onwards is expected at least Group’s comprehensive restructuring campaign, kept on rising, and the State Bank has begun to enforce the and to experiment to grow oil palm trees. These have 50% per year until the whole plantation area reaches forming the base for the stable and sustainable contractionary monetary policy in reality. shorter development phase as compared to rubber, so the top productivity. development in the future. they could bring profit and cash flow sooner, helping From the year 2007, HAGL has realized that despite the HAGL carry out the plan of “using short-term goals to On behalf of all the officers and employees of significant profitability, the real estate sector has contained achieve long-term goals” to continue dealing with the Hoang Anh Gia Lai Group, I would like to express In 20 years of operation, HAGL has experienced 3 my sincere thankfulness to the shareholders and development stages with different strategies and lots of risks and has had cyclic nature. Therefore, HAGL imminent difficulties of the economy. has begun its multi-sector development strategy in order investors for your believing and supporting our targets, which derive from changes in business Hoang Anh Gia Lai Group. environment and macro-economic conditions. to diversify the risks. HAGL has decided to grow rubber Stage 3 – from 2013 onwards trees, to exploit iron ore and to build hydropower plants. Chairman of the BOD In the years 2007 and 2008, HAGL generated high cash After the success of sugarcane and oil palm crops, HAGL flows from real estates sale and share issuance, so it had has continued increasing investments in these crops and favourable conditions to invest in those new sectors. has started to reduce investments in the sectors that have no longer high profitability. HAGL has sold the hydro- In the year 2009, the State Bank began to enforce the power projects in Vietnam, including 4 in operation and 2 contractionary monetary policy to control the inflation. in construction progress, has sold the shares of furniture DOAN NGUYEN DUC The interest rate kept on increasing, even over 20%/p.a. company to its managers and employees and has spun As a result, the stock and real estate markets fell down off the apartment projects in Vietnam into a separate simultaneously, the purchasing power rapidly went down, company and sold the shares of that company to HAGL’s the real estate transactions during the year 2009 were so shareholders and other investors. 02 Focus on Core Resources Focus on Core Resources 03 Annual Report 2013
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