Jenna Fox text response free essay sample

In Mary E Pearson’s 2009, futuristic novel ‘The Adoration of Jenna Fox’, Jenna Fox’s parents made the correct w did what any parent would do to save there child by using the technology decision by re-creating there daughter in the way they did. However Jenna went through difficult times in accepting who she was. Throughout the novel we Jenna’s parents Claire and Matthew, used the technology available to save there only child, Jenna and did what most other parents would do, through Jenna’s new life she was able to help and assist others. However there were many obstacles for Jenna to overcome. Jenna’s parents made the correct decision, and only did what every other parent would do, by simply using the technology available for its’ intended purpose. Jenna’s Father had the ability to save his daughter, when Jenna only had ten percent of her brain left, â€Å"the most important ten percent†. We will write a custom essay sample on Jenna Fox text response or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page For Jenna to live she needed more than the lifetimes maximum amount of points, meaning Jenna would be illegal and if the F. S. E. B found out not only would she be in strife but here parents and the people who helped out with the procedure would be in a lot of trouble. Jenna’s parents did what any other parent would have done to save there beloved daughter. Claire and Matthew made the right decision as Jenna, in her new life, was able to help and assist others, such as Allys, Kara and Locke. In Jenna’s new life, she was able to hear Kara and Locke, her closest friends (before the accident took place). Jenna acted upon what Kara and Locke were telling her, and set them free from the boxed up identity. Jenna was able to help Allys’s parents as they were very worried about there daughter and weeped â€Å"our daughter is dying, can you please help us? † Jenna ‘educated’ Allys and Allys’s parents from her previous experience. Clair and Matthew made the right decision as, what Jenna had been through she was able to help and assist others. The fact that Jenna found the re-development of her identity so difficult suggests that Jenna’s parents may have been premature in their decision to save her as they did. Jenna couldn’t quite take in the surprise of her fake identity and how her body, is functioning. She believes she is different to every body and things she has â€Å"monster-hands. † This shows that Jenna feels uncomfortable in her body after finding out about ‘bio-gel’ Jenna found it very hard in accepting who she was and believed that she was an ‘artificial freak’. During an argument between her parents, Jenna storms of to her room saying â€Å"my god! I have a shelf life! † This shows that Jenna hated being full of her fathers great invention â€Å"bio gel. † Jenna has many mental and physical obstacles to over come this shows that Jenna’s parents might have been premature to there decision to save Jenna. In the novel we can clearly see that Jenna went from believing she was a â€Å"tomato† to accepting who she was inside.

A Sample of Amateur Writing

A Sample of Amateur Writing A Sample of Amateur Writing A Sample of Amateur Writing By Maeve Maddox At a recent writers’ conference I heard a successful self-published author say, â€Å"Readers are not looking for great writing; they’re looking for a great story.† Does that mean that taking pains over grammar, diction, and syntax is a waste of time? Certainly not! Just because readers are not looking for â€Å"great writing† doesn’t mean that novelists shouldn’t be expected to produce good writing. Few writers have what it takes to produce â€Å"great writing,† but even a great storyteller requires professional writing skills to get the story across to the reader. The difference between amateur writing and professional writing is rewriting. Here is an extract from a self-published work. The fact that the book was self-published is not so important as the fact that the author published it before it was ready. Here the author describes a church interior: It had hat shelves and coat racks along both sides. There were double doors leading into the sanctuary, which was plain but neat. There was a carpeted main aisle that ran from the doors to the altar. There were neat rows of oak pews on both sides of the aisle. Secondary aisles ran along both sides of the church between the pews and the windows. On the raised platform in front, there was an altar, a lectern, and behind that were two rows of chairs for the choir. There was a fairly new piano on the left side of the platform The excerpt contains ten clauses, eight of which have was or were for the main verb. It contains 101 words, eight of them repeated at least once: aisle/s (3), pew/s (2), altar (2), rows (2), doors (2), platform (2), sides (3), neat (2). Of the seven sentences, four begin with There and one begins with It. The sentence that begins, â€Å"It had hat shelves,† produces a double take in the reader because the â€Å"had hat† looks like a typographical error. One paragraph like this every hundred pages might not trouble a reader, but this sample is typical of the book. Word choice is unimaginative, and passages abound that contain nothing to connect the scene to the story. Here is a description written by a professional novelist (P.D. James). The setting is the interior of a clinic for mental patients in a building that used to be a Georgian mansion: Behind the reception kiosk and with windows facing the square was the general office, part of which had been partitioned to form a small filing-room for the current medical records. Next to the general office was Miss Bolam’s room and, beyond that, the E.C.T. suite with its treatment-room, nurses’ duty-room and male and female recovery bays. This suite was separated by a hallway from the medical staff cloakroom, clerical staff lavatories and the domestic assistant’s pantry. At the end of the hallway was the locked side door, seldom used except by members of the staff who had been working late and who did not want to give Nagle the trouble of undoing the more complicated locks, bolts and chains on the front door. I’m not holding the second passage up as â€Å"great writing.† It resembles the previous passage in some ways. The word room–alone and in compounds–occurs five times; door and hallway occur twice each; was is used four times. But what James does that the other writer doesn’t do is vary language and syntax and relate the description to the story and the characters. The first writer could have done the same thing. Whether readers are looking for it or not, few novelists are capable of producing great writing. Anyone who aspires to publication, however, should know the difference between amateur writing and professional writing. It’s revision. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Fiction Writing category, check our popular posts, or choose a related post below:100 Whimsical WordsDifference between "Pressing" and "Ironing"January 1 Doesn't Need an "st"

Definition and Examples of Mondegreens

Definition and Examples of Mondegreens A mondegreen is a word or phrase that results from mishearing or misinterpreting a statement or song lyric.  Also known as an  oronym. The term mondegreen was coined in 1954 by American writer Sylvia Wright and popularized by San Francisco Chronicle columnist Jon Carroll. The term was inspired by Lady Mondegreen, a misinterpretation of the line hae laid him on the green from the Scottish ballad The Bonny Earl o Moray. According to  J. A. Wines, mondegreens often occur because the English language is rich in homophoneswords which may not be the same in origin, spelling or meaning, but which sound the same (Mondegreens: A Book of Mishearings, 2007). Examples and Observations The point about what I shall hereafter call mondegreens, since no one else has thought up a word for them, is that they are better than the original.(Sylvia Wright, The Death of Lady Mondegreen. Harpers, November 1954)Every time you go away/you take a piece of meat with you (for . . . take a piece of me with you, from the Paul Young song Every Time You Go Away)I led the pigeons to the flag (for I pledge allegiance to the flag)Theres a bathroom on the right (for Theres a bad moon on the rise in Bad Moon Rising by Creedence Clearwater Revival)Excuse me while I kiss this guy (for the Jimi Hendrix lyric Excuse me while I kiss the sky)The ants are my friends (for The answer, my friend in Blowing in the Wind by Bob Dylan)I’ll never leave your pizza burning (for I’ll never be your beast of burden by the Rolling Stones)The girl with colitis goes by (for the girl with kaleidoscope eyes in Lucy in the Sky with Diamonds by the Beatles)Dr. Laura, you pickled man-thief (for the Tom Waits lyric doctor, lawyer, beggar-man, thief) Take your pants down, and make it happen (for Take your passion and make it happen in Irene Caras Flashdance)the bright blessed day and the dog said goodnight (for the bright blessed day, the dark sacred night in What a Wonderful World by Louis Armstrong)The girl from Emphysema goes walking (for The girl from Ipanema goes walking in The Girl from Ipanema, as performed by Astrud Gilberto)bow and arrow transplant for bone marrow transplantIm blotto and bravado/Im a scarecrow and a Beatle (for A mulatto, an albino/A mosquito, my libido from Nirvanas Smells Like Teen Spirit)Lucky Jesus (a childs mondegreen for the chain restaurant Chuck E. Cheese)America! America! God is Chef Boyardee (for God shed His grace on thee in America, the Beautiful)You’re the cheese to my pizza mine (for â€Å"You’re the key to my peace of mind from Carol Kings Natural Woman)In love, as in life, one misheard word can be tremendously important. If you tell someone you love them, for instance, you must be absolutely certain that they have replied I love you back and not I love your back before you continue the conversation.(Lemony Snicket, Horseradish: Bitter Truths You Cant Avoid. HarperCollins, 2007) Historical Mondegreens Examine the following mondegreens and give a historical explanation of what changes have occurred. See if you can find other historical mondegreens that have become standard or widespread in English. Earlier/Later1. an ewt (salamander) / a newt2. an ekename (additional name) / a nickname3. for then anes (for the once) / for the nonce4. an otch / a notch5. a naranj / an orange6. another meal / a whole nother meal7. a nouche (brooch) / an ouche8. a napron / an apron9. a naddre (type of snake) / an adder10. would have done / would of done11. spit and image / spitting image12. sam-blind (half-blind) / sand blind13. a let ball (in tennis) / a net ball14. Welsh rabbit / Welsh rarebit (W. Cowan and J. Rakusan, Source Book for Linguistics. John Benjamins, 1998) Misconceptions (1899) A little girl with whom I am acquainted recently asked her mother what a consecrated cross-eye bear was; the explanation of her query being that she had been learning (orally) a hymn commencing: A consecrated cross I bear.(Ward Muir, Misconceptions. The Academy, Sep. 30, 1899)No language, how simple soever, I think, can escape a childs perversion. One said for years, in repeating the Hail, Mary! Blessed art thou, a monk swimming. Another, supposing that life was labour, I presume, ended his prayers with forever endeavour, Amen.(John B. Tabb, Misconceptions. The Academy, Oct. 28, 1899) Pronunciation: MON-de-green

Definition of litreatures Research Paper Example | Topics and Well Written Essays - 1000 words

Definition of litreatures - Research Paper Example However, this also comes with a price. Since the research is entirely based on questionnaires or vignettes scenarios which are a modified form of introspection itself except the fact that it’s quantifiable and less reliant on biases. Therefore, what is required is a strong background research on literature and a systematic approach towards research. How will that help make it more empirical? First, as literature includes past researches and theories on the same topic, it is easier to filter out irrelevant details and detect a platform to analyze the given data. It also provides a head start for the research in a way that it shows things already has been done in the field so that the new research is not redundant. In addition, it shows what could not be achieved in the field so that the new research is not too ambitious and it shows how to go about a research in the field so that the new research does not end up at a dead-end. Thus, a systematic approach towards the research an d an extensive literature review is a key to an authentic and successful research. This paper will dive into the depth of these processes and explore how they benefit the researcher and the project. Systematic Search The first step in a good scientific research is a systematic searching. By systematic searching, it is meant that a particular scheme is followed while searching. To start with a systematic research, the first step is to formulate a clear question which includes all critical aspects of the topic like what, why, who, how, where, when, which, where etc. This is important because once the question is formulated, one is aware of what one is looking for and the research is less prone to divert into irrelevant directions. Once one knows what one is looking for, the next step is splitting the question into independent parts what this means is to separate the relation aspect from the individuality of the topics and study them independently in their own context and then in relat ion to each other. The third step is to find a suitable database to take material from. By specifying the discipline to the system, one can access to a large amount of information on any given topic. Next step is to find the search items. Many features of the item like synonyms, plural forms, and different spellings should be attended to in this section. Once, the search takes place, it is important to pay attention to results. If the results are not many, it is better to search with different terms. If there are a lot of them, it is advisable to use more narrowed terms (Laake, 14, 2007) Systematic Review Once the systematic research is being carried out, the next important step is to review the information systematically. A systematic review comprises of several steps: first, it identifies all relevant evidences for the topic. It gathers a pool of information through systematic searching which was explained above. Next, it selects studies, which are to be included and discards the rest. This narrows down the information and brings out the most important points to be included. Third, it identifies the relevant evidence in the reports, which are selected to be included. Since only particular proofs are required from these extensive studies, this step is of crucial importance. Often, the relevant researches have just one or two important points substantiated with adequate results. It is very important to scan those out and leave the rest as they are of little importance for the research project. At the same

Sales management Essay Example | Topics and Well Written Essays - 1500 words

Sales management - Essay Example Before the sales representatives go to the field, they have to acknowledge the approaches they can use to deal with different consumers. The electronic business should invest in regular training to make the workers familiar with the products offered by the company. Training is also vital because it enables the sales representatives to acknowledge the sales policies and processes. Some consumers are very rude. Consequently, failure to handle them makes sales representative appear rude. This may result into poor relationship between customers and worker. Moreover, it can make the firm to lose many consumers leading to low sales. The sales representatives should be trained on how to ignore rude customers. For example, customers may complain about things that do not involve the sales persons such as business policy or the prices of items. Workers should let the customers complain without responding to their complaints and express their regrets for any inconvenience later. Workers should receive sufficient training on approaches to address the polite customers to maintain good relationships with such customers (Overell 2003). Managers should equally stimulate consumers to be cooperative and committed to their work. They should set strategies for motivating the workers after seeking their opinions. Some of the common ways of inspiring the workers entail compensating and rewarding them. Managers should reward the workers by recognizing their efforts. This may entail praising them before other sales representatives or increasing their pay. Moreover, the managers should compensate the sales representatives who work extra time. For instance, some customers may set appointment times that are outside the usual working hours. Such workers who work beyond the working hours should be compensated by increasing their pay or other forms of compensation. Praising the workers and compensating them will increase the level of commitment and cooperation in the work places. Additional ly, the motivated workers will stop missing the scheduled appointments (Susan 2004 13). The managers need to create and maintain good relationships with the sales representatives. The relationship between workers and their leaders in the work places determines the communication between customers and workers. Good relationship may be created by involving the sales representatives in the decision-making process. This will make the personnel feel appreciated and contented consequently enhancing their productivity. The managers should also treat the sales representatives with courtesy and always acknowledge their presence and contribution. The managers should also comment on the work in private whenever it needs improvement (Garg & Rastogi 2006 577). Question 2 Globalised trade, high foreign investment and increase in cross-border transactions are putting a lot of pressure on businesses. This has forced businesses to devise innovative measures to allow them continue marketing their prod ucts and services. These measures include maintaining good and close relationship between the business and customers. This is difficult in the competitive environment because customers demand more choices than before. Consequently, for a business to meet customer demands and improve loyalty, it needs to access accurate and current customer information. This is possible with the application of the internet that is an ultimate communication tool. Using the internet can support businesses in maintaining customer loyalty because

Service Delivery Essay Example for Free

Service Delivery Essay The goals of this paper are to research; diagram service delivery processes, and then describe how the process would be effective in the given situation. A research and define service delivery processes in different disciplines or areas to capture the best processes. A service culture will be defined and a description will be given as to why it is important. A description will also be given as to why service employees are critical to the success of delivery in any service organization. Using the writer on personal examples, the writer will discuss the general importance of customers in the successful creation and delivery of service experiences. Last, an internet search will be done to locate three services that the writer is interesting in exploring. The service will be described and outline the advantages and disadvantages of purchasing these services via e-commerce as opposed to the traditional market. The implications that purchasing online has for the service culture and customer experience will be given. Service Culture Organizations have different culture and service culture is one thing that has a major impact on customers and their decision. Service culture consists of many components with each impacting customers and helping to establish the success or failure of customer service proposals (Lucas, 2008). Organizations sometimes over-promise and under-deliver due to their cultural and internal systems and do not have the ability to support customer service proposals (Lucas, 2008). For example, assume that the management of an organization has their marketing department develop a slick piece of literature describing all the benefits of a new product or service provided by a new corporate partner organization† (Lucas, 2008, p. 1). A special 800 number is then launched for responses but the company is unsuccessful when it comes to hiring extra staff or sufficiently trained current employees to handle the customer calls. The venture is prone to be unsuccessful. A service culture allows the business to accomplish key business goals, solve vital problems and increase capabilities to aim at future prospects. Customers also have an important role in the success of a business. A business cannot be successful unless there are customers. Several work fields requires customer input for service creation such as or haircuts, annual exam, and full service restaurant. The clients input customize a standard service. The provision of the service requires the customer purchase. Customer input (information material) is necessary for an adequate outcome, but the service firm provides the service. Jobs where customer presence is required during service delivery are airline travel, motel stay, and fast-food restaurant. Customers play a variety of roles in the service experience. Some of those roles are productive resource, contributor to quality, satisfaction and value; and as competitor to the service organization. Customer as a productive resource for example, in contributing information and effort in the diagnoses of their ailments, patients of a healthcare organization are part of the service production process. If they provide accurate information in a timely fashion, physicians will be more efficient and accurate in their diagnoses. Thus, the quality of the information patients provide can ultimately affect the quality of the outcome. Furthermore, in most cases, if patients follow their physician’s advice, they will be less likely to return for follow-up treatment, further increasing the healthcare organization’s productivity. (Bitner, Faranda, Hubbert, Zeithaml, 1997, p. 3) E-Business In today’s economic marketplace, E-business has transformed the way that businesses functions. Businesses have the ability to grow and expand beyond their local market because of the technological advances of the past few decades. So that small businesses can increase their sales and profits, the Internet now allows small businesses to reach national or global consumers with their products and services. However, some disadvantages come along with these advantages such as creating higher levels of economic challenges not formerly seen. (Vitez, 2013) E-business has one big advantage, which is the low startup costs needed to begin business operations. Once small companies have increased their working capital after starting their company via the Internet they expand into traditional brick and mortar stores. Companies may choose to simply expand their Internet footprint rather than creating a physical storefront, depending on their business success. Businesses need a computer, website hosting service, and Internet connection as the main operating equipment, which makes internet storefront relatively cheap. (Vitez, 2013) E-business has two major disadvantages and they are the increased levels of competition and the difficulty of creating positive goodwill through a website and computer. Sellers must find a competitive advantage over more competitors than usual, because individuals and traditional businesses may enter the e-business marketplace. Customers generally place high value on customer service in the brick and mortar business environment. E-businesses generally have a hard time trying to creating the same type of positive customer service, bear in mind that their customers may be miles away from the e-business’s operations. Since impersonal email is a common form of communication in e-business customers may have a problem understanding mistakes or errors. (Vitez, 2013) Car insurance has begun mandatory in today society and getting the best price is necessary. There is something missing even though anyone can find and obtain car insurance quotes online or even find a life quote. When doing the quote online the person will be missing the personal and professional experience of someone behind the desk that is hope to be acting in his or her best interest. To completely remove the critical thinking part of it rather than relying on a possible expert in the field (if not an expert someone that does it daily) they depend on a website to ask certain questions. More coverage for less money maybe there are riders or slight tweaks on the policy that may be provided. Legal Service Legal service is needed in any businesses. Legal services can be obtain either online or the traditional method. There are pros and cons to online services as well as the traditional method. There are as follows: * No driving. Simply jump online and you are there * No waiting. Your services are all available for you once you register. Just find and click. * Licensed Attorney provided legal advice. You dont just purchase the legal product, you get the service to go with it. Superior service. Maybe you do have to get your own coffee, but you have the option of getting it whenever and wherever you want * Save money. Less overhead, and more focused legal services means you save money over a traditional law firm. * Your data and information are protected by bank grade encryption when you enter the protected and secure area. * Secure and private communications. Not even the secretary has any idea why you need the services. (Inlawcenter, 2013, p. 1) Conclusion A business involves many different things in order to make it successful. The service delivery process is different in every company but necessary for a company progress. This paper has defined service culture and described why it is important. A description of why service employees are critical to the success of delivery in any service organization was given. Examples of how customers play a role in the successful creation and delivery of service experiences. Final a search was done and three services where describe and the advantages and disadvantages of purchasing them online versus traditional was given.

Choosing a Major Essay -- University College Education Essays

Choosing a Major Some people already know by the age of seven that they want to become a pilot or nurse; others, however, have more difficulties deciding what to do with their future. People who decided to go to a university or college have to make an important choice: what major are they going into? For many people this is a very difficult question. As the statistics show, one out of five students change their major between admission and the first day of classes. Nearly three out of four students change majors at least twice before they graduate. And three out of four college students express uncertainly about their major. These striking results raised some questions for me. Is it really necessary to choose a major? What influence has the choice of a specific major on the student and his or her education? What are the opportunities for the future? And how can these students be helped? Since I am still having trouble choosing a major myself, I decided to do some research on this topic and I hope it w ill help you a little bit to make the right choice. Before you start to think about a major, you might ask yourself why you should choose a major in the first place. There are several answers to this question. The first one is very simple: choosing a major is required by the university. Every college will request you to select an area of concentration, usually called a major. Each major has a set of requirements: number of courses, electives, and comprehensive examination. The general goal is to require the exploration and understanding of a body of material and of the techniques needed for mastery of that material. This is the university’s view on the requirement of a major. However, there are some other perspectives on t... ...y you have enthusiasm for and do well in,† is advice often given by employers. Lynn Cheney, former Chairman of the National Endowment for the Humanities, agrees: â€Å"Students who follow their hearts in choosing majors will most likely end up laboring at what they love. They’re the ones who will put in the long hours and intense effort that achievement requires. And they’re the ones who will find the sense of purpose that underlies most human happiness.† Indeed, a major is required, but it will also influence your education and the perspective from which you will view the world around you. You don’t have to worry too much about your job opportunities, so choose a major you like. It will not only make your education more enjoyable, so you can get the best out of it, but it will also provide you with a more positive view of the world and make your life more pleasant.

Mba, Human Resources, Finance, Accounting

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 VISIONVinamilk 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 comp any 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 â€Å"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 Th o, 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. 00 per VND 10. 000 par-value share (equivalent to 29% on share par-value). This is a 52. 6% increase over last yearâ€⠄¢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 li sting Plan Vinamilk is under consultancy and working with relevant agencies to be listed in Singapore Stock Exchange (SGX) in 2008 with a new issue of 5% of its existing share capital.This overseas listing shall land Vinamilk into international market, aligning with the top food & beverage groups in the region. This is considered an initial step to raise capital from international financial market for the Company’s expanding strategies. With this listing event in international market, Vinamilk has been, step-by-step, applying standards, corporate governance as requested SGX and other international generally accepted principles and practices, which provide strong assurance of its good financial management and transparency. cknowledgements On behalf of Vinamilk, I would like to express my sincere gratitude to our customers, our business partners and government agencies for their trust and support, which give significant contribution to Vinamilk’ s strong and sustainable success . I wish you all success in work and in business, and hope to expand our cooperation. I would like to thank to more than 4,000 Vinamilk employees for your effective contribution, and I hope that you will strengthen your ability to lead Vinamilk to more success in the future.With good performance from previous years, I strongly believe that Vinamilk will continue its strong and sustainable growth in the following years. The Company has been putting newly completed and expanded projects in use and diversifying our product portfolios to meet all reasonable customer’s needs and simultaneously to increase more and more for Vinamilk shareholder value. Ho Chi Minh City, 15th March 2008 MaI KIeU LIeN Chairwoman ENJOY LIFE Corporate Profile 10 A n n u a l R e p o r t 2 0 0 7 11 cOrPOrate PrOFILe Significant events in our business are set out below: 1976 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.Our Company was founded Company, a under the name of S outhern Coffee-Dairy subsidiary of the General Food Directorate and had six factories in operation, namely Thong Nhat Dairy Factory, Truong Tho Dairy Factory, Dielac Factory, Bien Hoa Coffee Factory, Bich Chi Powder Factory and Lubico. 1978 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. The management of our Company was transferred to the Ministry of Food Industry and our Company was renamed United Enterprises of Milk Coffee Cookies and Candies I. 1988 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Introduced powdered milk and cereal with milk powder at the first time in Vietnam. 991 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Launched UHT milk and spoon yoghurt to Vietnam market. 1992 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. The United Enterprises of Milk Coffee Cookies and Candies I was formally renamed Vietnam Dairy Company and came under the direct management of the Mini stry of Light Industry. We started focusing on the manufacturing and processing of dairy products. 1994 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Hanoi Dairy Factory was built in expansion and market Hanoi as part of our Company’s development strategy to cater to the market in the northern region of Vietnam. 12 A n n u a l R e p o r t 0 0 7 1996 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Binh Dinh Dairy Joint Venture Enterprise was founded as the result of our joint venture with Dong Lanh Quy Nhon Joint Stock Company. This joint venture enabled our Company to successfully gain access to the market in the middle region of Vietnam. 2005 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Entered into a joint venture agreement with SABMiller Asia B. V. and established SABMiller Vietnam Joint Venture Company Ltd. in August 2005. Our first joint venture product, Zorok, was also launched in the first ha lf of 2007. 2000 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. CanTho Dairy Factory, which 2006 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Vinamilk 50. 01% was listed on the HOSE on 19 January 2006 with the SCIC holding approximately of our Company’s shareholdings. Opened An Khang Clinic in Ho Chi Minh City in June 2006. This is the first clinic in Vietnam managed by a sophisticated electronic management system. The clinic offers a diverse range of services such as nutritional consulting, gynecology testing, pediatrics consulting and health screening. is located in Tra Noc Industrial Zone, Can Tho City was built to better meet the demands of consumers in the Mekong Delta.In the same year, we set up the Logistics and Warehouse Enterprise located in 32 Dang Van Bi St. , Ho Chi Minh City. 2003 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Was formally converted into a joint stock company in Decembe r 2003 and changed its name to Vietnam Dairy Products Joint Stock Company to reflect its change in status. 2004 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Acquired Saigon Milk Joint Stock Company. Increased capital to VND 1,590 billion Commenced our dairy cow farms program with the acquisition of Tuyen Quang dairy farm, a small scale farm with 1,400 heads of cows in November hare 2005 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Bought over partner’s in our Binh joint Dinh 2006. The Tuyen Quang dairy farm was operational at the time of acquisition. venture remaining shareholdings Dairy Products Company Ltd (as Binh Dinh Dairy Factory was then known) and inaugurated Nghe An Dairy Factory, located in Cua Lo Industrial Zone, Nghe An province, on 30 June 2005. 2007†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Acquired a 55% interest in Lam Son Milk Company Ltd. in September 2007, located in Le Mon Industrial Zone, Thanh Hoa province. 13 cOrPOrate PrOFILe aWarDS aND accOLaDeSOur Company, our factories, our products and the â€Å"Vinamilk† brand, as the case may be, have received a lot of awards, some of which are: Date/Period 1985 1991 1996 2000 2001 2005 2005 2006 Each year from 1995 – 2007 award Labour Medal of Third Ranking Labour Medal of Second Ranking Labour Medal of First Ranking Hero of Labour Labour Medal of Third Ranking Independence Medal of Third Ranking Labour Medal of Third Ranking â€Å"Supreme Cup† for Vietnamese goods of high quality and prestige Top brand in the â€Å"Top Ten High-quality Vietnamese Goods† awarding authority President of Vietnam President of Vietnam President of Vietnam President of Vietnam President of Vietnam President of Vietnam President of Vietnam Intellectual Property Association and Association of Small & Medium Enterprises, Vietnam Saigon Marketing Newspaper readers’ choice In recognition of h er long term contributions to the development of the Vietnamese dairy industry and the development of Vietnam, our Chairwoman, Madam Mai Kieu Lien, was awarded the following prestigious awards and titles: Date/Period 2001 2005 2005 2006 award Labour medal of Second ranking First Prize for Creativity Year 2004 Hero of Labour Labour medal of First ranking awarding authority President of Vietnam World Intellectual Property Organisation President of Vietnam President of Vietnam 14 A n n u a l R e p o r t 2 0 0 7 cOrPOrate StrUctUreVIetNaM DaIrY PrODUctS JOINt StOcK cOMPaNY 100% 100% 55% 50% INterNatIONaL reaL eState VIetNaM DaIrY cOW LaM SON DaIrY SaBMILLer JV 16 A n n u a l R e p o r t 2 0 0 7 Details of our subsidiaries and joint venture as at 31 December 2007 are as follows: Name Date / country of incorporation Principal Business Share capital % owned International Real Estate 12 December 2006 / Vietnam Housing business, real estate brokerage and leasing, warehouse and dock leasing V ND160 billion 100% Vietnam Dairy Cow 14 December 2006 / Vietnam Breeding of dairy cow, mixed cultivation and breeding, sale and purchase of alive animals VND100 billion 100% Lam Son Dairy 6 February 2007 / Vietnam Production and trade of canned milk, powdered milk and other dairy products, baby food, cake, soy milk, beverages, dairy cow breeding, trade of technology and equipment, raw materials VND80 billion 55% SABMiller JV 30 June 2006 / Vietnam Production and trade of beer and US$13. 5million other fruit flavoured beverages with (approximately low alcoholic ratio VND217 billion) 50% 17 MaNageMeNt rePOrtINg StrUctUre SharehOLDerS MeetINg BOarD OF MaNageMeNt geNeraL DIrectOr DePUtY geNeraL DIrectOr OF raW MaterIaLS DeVeLOPMeNt DePUtY geNeraL DIrectOr OF PrODUctION PLaNNINg & IM-eXPOrt DePUtY geNeraL DIrectOr/ FINaNce DIrectOrDIrectOr OF DIrectOr OF raW VIetNaM MaterIaLS DaIrY cOW ONeDeVeLOP – MeNt MeMBer LtD. ,CO PrODUc tION PLaNNINg DIrectOr IMeXPOrt DIrectOr DIrectOr OF r& D ceNter chIeF accOUNt – aNt PLaNNINg DIrectOr INVeSt MeNt DIrectOr It DIrectOr cONStrUctION DIrectOr M&e DIrectOr 18 A n n u a l R e p o r t 2 0 0 7 INSPectION cOMMIttee INterNaL aUDIt DIrectOr DePUtY geNeraL DIrectOr/ PrOJect DIrectOr DePUtY geNeraL DIrectOr OF SALES, MARKETING & cUStOMer DeVeLOPMeNt tech. DIrectOr DIrectOr OF INt. reaL eState ONeMeMBer LtD. , cO MKt DIrectOr cUStOM – er DeVeLOP – MeNt DIrectOr BraNch DIrectOr SaLeS DIrectOr hr DIrectOr aDMIN DIrectOr DIrectOr OF aN KhaNg cLINIcDIrectOr OF DePOt DIrectOr OF FactOrY 19 20 A n n u a l R e p o r t 2 0 0 7 TASTY 21 BOarD OF MaNageMeNt from top to bottom Ms Mai Kieu Lien Ms Ngo Thi Thu Trang Mr Dominic Scriven Mr Hoang Nguyen Hoc Mr Wang Eng Chin 22 A n n u a l R e p o r t 2 0 0 7 MS MaI KIeU LIeN Chairwoman, General Director H as been the Chairwoman of our Board of Management since 14 November 2003. From August 1976 to August 1980, she was an engineer in charge of the condensed milk production at Truong Tho Dairy Factory. Between September 1980 and February 1982, she was a technology engineer in the Technical department of the United Enterprises of Milk Coffee Cookies and Candies I.She served as a vice technical director in charge of production at Thong Nhat Dairy Factory from February 1982 to June 1983. After finishing her training at Economic University of Leningrad in the former Soviet Union (currently Russia), in July 1984 Ms Lien was appointed deputy general director of the United Enterprises of Milk Coffee Cookies and Candies I. In December 1992, she was promoted to general director of Vietnam Dairy Products Company. On 14 November 2003, she was elected chairwoman of the Board of Management and thereafter appointed as General Director of our Company. Ms Lien graduated from Moscow University of Meat and Milk Processing, Russia with a bachelor of science degree in 1976.She holds a Certificate of Economic Management from University of Economy, Russia, and a Certificate of Government Management from National Political Institute, Vietnam. MS NgO thI thU traNg Member, Deputy General Director, CFO Mr DOMINIc ScrIVeN Member Has been a member of our Board of Management since 14 November 2003, and Deputy General Director and Finance Director of our Company since March 2005. Ms Trang joined our Company in 1985 as a financial analyst, and in January 1995 she became a Vice Manager in the Accounting-Statistics department of the Vietnam Dairy Products Company. She held this position until December 1997 and served for a brief time between January 1998 and February 1998 as the Head of the AccountingStatistic department.Between February 1998 and March 2005, Ms Trang held the position of the Chief Accountant in charge of the Accounting department of the Vietnam Dairy Products Company. In March 2005, she was appointed deputy general director and finance director. Ms Trang graduated from the Finance-Accounting University, Ho Chi Minh City, with a Bachelor of Arts deg ree majoring in accounting and finance in 1984. She also holds a Master of Business Administration degree from the Open University, Ho Chi Minh City. Has been a member of our Board of Management since 31 March 2005. From 1985 to 1986, Mr Scriven was an assistant to the board of directors at M&G Investment Management where he assisted the board in matters relating to investments in the European and Asia regions.Between 1986 and 1988, he was a consultant at the investment banking arm of Citigroup where he assisted in the setting up and consulting for three investment funds, namely Thailand Fund, Seoul International Trust and Korea International Trust. Mr Scriven held the position of director in charge of investment at Sun Hung Kai Investment Fund between 1989 and 1991. He later joined Peregrine Corporation where he oversaw the capital market development. He co-founded Dragon Capital Group Limited in 1994 and currently holds the position of [managing director]. Mr Scriven graduated fro m the University of Exeter in 1985 with a Combined Honour degree in Laws and Sociology.He was awarded the Order Of The British Empire (OBe) in the Queen Elizabeth II’s 2006 New Year’s Honours List. Mr hOaNg NgUYeN hOc Member Mr WaNg eNg chIN Member Has been a member of our Board of Management since 4 November 2006. Prior to being appointed to our Board of Management, Mr Hoc had extensive experience within the Ministry of Finance of Vietnam. From October 1999 to June 2003, Mr Hoc was a deputy director in the department for state-owned enterprises’ financial management. He was appointed as Deputy General Director of the State Capital Investment Corporation in January 2008. Mr Hoc holds a Master of Business Administration degree from Ha Noi National University. Has been a member of our Board of Management since 31 March 2007.Between 1987 and 1988, Mr Wang worked as a corporate development executive with Cold Storage (S) Pte Ltd. He was a manager, Plain Heaven Cold Storage (S) Pte Ltd from 1988 to 1991. Mr Wang joined F&N Foods Pte Ltd as a general sales manager in 1991 and held this position until 1997. Between 1997 and 2003, he served as a deputy general manager at F&N Foods Pte Ltd and F&N Dairies (M) Sdn Bhd. In 2003, he became a general manager responsible for general management of F&N Foods Pte Ltd and F&N Vietnam Foods and held this position until September 2006. On 1 October 2006, he was appointed acting chief executive officer in charge of general management of the Food & Beverage Division, Fraser & Neave Group.He graduated from University of Mississippi, USA, in 1984 with a Bachelor of Business Administration and in 1987 with a Master of Business Administration. 23 BOarD OF DIrectOrS from left to right Ms Nguyen Thi Thanh Hoa Ms Mai Kieu Lien Mr Tran Minh Van Ms Nguyen Thi Nhu Hang Mr Tran Bao Minh Ms Ngo Thi Thu Trang MS MaI KIeU LIeN General Director MS NgUYeN thI thaNh hOa Deputy General Director Mr traN BaO MINh Deputy General Di rector (See â€Å"Board of Management† for imformation about Ms Mai Kieu Lien) MS NgO thI thU traNg Deputy General Director, CFO (See â€Å"Board of Management† for imformation about Ms Ngo Thi Thu Trang) Has been a Deputy General Director of our Company since 2000.Between September 1978 and June 1983, Ms Hoa was a lecturer at the Foodstuff and Process & Equipment departments at the Ho Chi Minh Polytechnic University. She later joined our Company in July 1983 as a process engineer at Truong Tho Dairy Factory. Ms Hoa held the positions of deputy director and then director in charge of overall operation of Truong Tho Dairy Factory from July 1991 to 1999. From January 2005, Ms Hoa is a deputy general director of Vietnam Dairy Products Company. She is currently in charge of planning, import, export and research and development of our Company. Ms Hoa graduated from Milk Processing Technology University, Moscow, in 1978 with a Bachelor degree in Milk Processing Technology.Mr Minh joined PepsiCo Vietnam in September 1997 as a marketing manager and was promoted to marketing director in August 2001 where he was in charge of the formulation, management and execution of marketing strategies for PepsiCo’s six leading brands in Vietnam, namely Pepsi, 7-Up, Mirinda, Aquafina, Twister and Sting. He was later transferred to PepsiCo’s headquarters in New York in February 2004 where he held the position of global Pepsi innovation director and led Pepsi’s global product and packaging innovation agenda. Between April 2005 and August 2005, Mr Minh was seconded to PepsiCo Thailand as marketing director in charge of formulating Pepsi’s marketing strategy in Thailand for non-carbonated beverages.From August 2005 to September 2006, 24 A n n u a l R e p o r t 2 0 0 7 Mr traN MINh VaN Deputy General Director MS NgUYeN thI NhU haNg Deputy General Director he served as marketing director of PepsiCo’s Asia Pacific business unit where he mana ged PepsiCo’s Mountain Dew, 7-Up and Mirinda brands of beverages for the Asia Pacific region. Mr Minh joined Vinamilk in Octocber 2006 as Deputy General Director in charge of Sales, Marketing and Customer Development. Mr Minh graduated from the Ho Chi Minh City University of Economics in 1991 with a Bachelor of Arts majoring in business planning and obtained a Masters in Commerce degree from the University of Western Sydney in 1996.As a testament to his contribution to PepsiCo, he was awarded the Asia Pacific Region Marketer of the Year award in 2002 and Top Performance Marketer in the Asia Pacific Region award in 2003 by PepsiCo. Has been a Deputy General Director of our Company since July 2006. Between 1990 and July 1994, Mr Van was a [deputy director] assisting the director of Thong Nhat Dairy Factory. In August 1994, he was appointed director of the Thong Nhat Dairy Factory and continued to hold this position until June 2006. He was appointed Deputy General Director in ch arge of the Project department of our Company in July 2006. Mr Van graduated from Ho Chi Minh City Polytechnic University in 1981 with an engineering degree. He obtained Bachelor in Business Administration from Ho Chi Minh City University of Economics in 1994, a LLB degree (with major in commercial laws) from Ha Noi University of Laws in 2001, and a Master in Business Administration from Ho Chi Minh City University of Economics in 2003. Ms Hang first joined our Company in 1981 where she held the position of deputy manager in the consumption department until 2001. She was later promoted to the position of director in August 2001 where she was in charge of managing the Warehouse Enterprise until December 2002. Ms Hang was promoted to deputy general director in January 2003 where she was and still is in charge of the technical project department. She is also in charge of managing and developing dairy farms that supply raw milk to the Company. In July 2007, Ms Hang was appointed directo r of Vietnam Dairy Cow Limited Company with One Member, a subsidiary of our Company.Ms Hang graduated from the Ho Chi Minh City University of Economics in 1994 with a bachelor degree in business administration. 25 INSPectION cOMMIttee MS Le thI KIM aNh Member Mr NgUYeN VIet cUONg Head of Inspection Committee MS NgUYeN thI tUYet MaI Member Between August 2001 and December 2004, she worked as a senior auditor at PricewaterhouseCoopers Vietnam Limited. She joined VietFund Management in December 2004 as a portfolio manager for Vietnam Growth Investment Fund (VF2). Ms Kim Anh graduated from the University of Economics, Ho Chi Minh City, with a bachelor degree majoring in accounting and auditing. Mr Cuong began his career at KPMG Vietnam in 1998 until 2002 as a senior auditor.Between 2003 and 2004, he was a management accountant at Unilever Bestfoods Vietnam where he was responsible for internal management reporting for food business of Unilever Vietnam. In 2004, he joined VinaCapital Gro up and now being a deputy managing director in charge of managing the portfolio for Vietnam Opportunity Fund. Mr Cuong was elected head of our Company’s Inspection Committee in December 2003. He graduated from the University of Economics, Ho Chi Minh City, with a bachelor degree in economics majoring in banking in 1994. Mr Cuong is holding an ACCA certificate issued by the Association of Chartered Certified Accountant, United Kingdom.From 1993 to 1997, Ms Mai held the position of manager at ANZ Bank, Ha Noi Branch where she was responsible for trade finance and corporate banking relationship management. Between 1999 and 2003, she was a manager at ANZ Bank, Singapore Branch where her experience covered relationship management for the corporate banking division, international banking strategy, structure commodity, trade finance and Asian region credit management. From 2004 to May 2007, she served as senior manager at the representative office of Openasia Consulting Ltd in Ho Ch i Minh City. In June 2007, she was promoted to the position of director of corporate finance in charge of consulting services at Openasia Consulting Vietnam Ltd.Ms Mai graduated from the Ha Noi University for Foreign Language Studies in 1991 with a bachelor degree majoring in English and obtained a master degree in business administration from the University of Melbourne in 1999. 26 A n n u a l R e p o r t 2 0 0 7 27 28 A n n u a l R e p o r t 2 0 0 7 HEALTHY 29 cOPOrate gOVerNaNce Our Directors recognize the importance of corporate governance and the offering of high standards of accountability to our Shareholders. a. Board of Management Matters the Board’s conduct and its affairs The Company should be leaded by an effective Board to lead and control the Company. The Board is collectively responsible for the success of the Company. To facilitate effective management, certain functions have been delegated by the Board to various Board Committees.The Board Committees operate u nder clearly defined terms and reference. The Board conducts meeting on a quarterly basis during the year. Ad-hoc meetings are convened when circumstances required. The meetings can be conducted by means of telephone conference or other methods of simultaneous communication by electronic or telegraphic means. Every member of the Board should be able to obtain independent advice and use independent judgement when making decisions. Inspection Committee is also informed and invited to attend the Board’s meetings. A record of the Director’s attendances at the Board level meetings during the financial year ended 31 December 2007 is disclosed as follows: Seq. 2 3 4 5 Name of Director Ms Mai Kieu Lien Ms Ngo Thi Thu Trang Mr Hoang Nguyen Hoc Mr Dominic Scriven Mr Wang Eng Chin No. of meetings 5 5 5 5 5 attendance 5 5 5 5 5 Board composition and Balance There should be a strong and independent element on the Board, which is able to exercise objective judegement on corporate af fairs independently from Management. No individual or small group of individuals should be allowed to dominate the Board’s decision making. The Board has maintained a strong and independent element, with three out of five directors being independent. The Board comprises of the following members: executive Directors Ms Mai Kieu Lien Ms Ngo Thi Thu Trang ChairwomanNon – executive Directors Mr Hoang Nguyen Hoc Mr Dominic Scriven Mr Wang Eng Chin The profiles of the directors are set out on page 22 of this annual report. Vinamilk has a good balance of directors who have extensive business, financial, accounting and management experience. The objective judgement of the independent and non-executive directors on corporate affairs and their experience and contributions are valuable to Vinamilk. 30 A n n u a l R e p o r t 2 0 0 7 Board Membership There should be a formal and transparent process for the appointment of new directors to the Board. Any nomination of new directors should go through a formal selection process: the Board should appoint the new director and then he should be officially nominated by the Annual General Meeting (â€Å"AGM†).Board Performance There should be a formal assessment of the effective of the Board as a whole and the contribution of each Director to the effectiveness of the Board. access of Information Board members are provided with adequate and timely information prior to Board meetings and on an on-going basis to enable them to carry their duties. The Board of Directors provides with adequate and timely information as well as a review of Vinamilk’s performance prior to the Board meetings. The Board has separate and independent access to Vinamilk ’s senior management and secretary, should they have any queries on the affairs of Vinamilk . A notice of meeting, which contains agenda, is issued to the Board prior each Board meeting.Vinamilk’s secretaries attend all the Board meetings and are respo nsible for ensuring that Board procedures are followed and that applicable rules and regulations are complied with. The Company’s secretaries are: Mr Nguyen Thanh Tu Ms Le Quang Thanh Truc (Administration Director) (Financial Investment Manager) B. remuneration Matters remuneration Policy The Remuneration Committee reviews and recommends to the Board an appropriate and competitive framework of remuneration for the Board. A formal and transparent procedure is used when setting the remuneration packages of individual directors. No director is involved in deciding his own remuneration.The composition of the Remuneration Committee is as follows: Mr Dominic Scriven Mr Wang Eng Chin Ms Vu Bich Nghia (Chairman, Non-Executive Director) (Member, Non-Executive Director) (Member, Human Resources Director) The Remuneration Committee recommends to the Board for endorsement a framework of remuneration for key executives, specific remuneration packages for each member of the Board of Manage ment, Chairwoman and General Director. 31 cOPOrate gOVerNaNce Level and Mix of remuneration The level of remuneration should be appropriate to attract, retain and motivate the directors needed to run Vinamilk successfully but Vinamilk should avoid paying more than is necessary for this purpose.A proportion of remuneration should be based on corporate and individual performance. In setting remuneration packages, the Remuneration Committee takes into consideration pay and employment conditions within industry and in comparable companies, the relative performance of Vinamilk as a whole, as well as individual Directors and key executives. An annual performance incentive plan has been implemented for all employees. Directors’ fees, Inspection Committee’s fees were approved by shareholders at Vinamilk’s Annual General Meeting for the financial ended 31 December 2007 as follows: Fee/month (VND million) Board Chairwoman Board Members Inspection Committee Chairman Inspec tion Committee Members 13 7 8 6Performance bonus framework for the Board of Management and Board of Directors was approved by shareholders at Vinamilk’s Annual General Meeting for the financial ended 31 December 2007 as follows: – If achieving the targeted profit after tax : 0. 1% on profit after tax. – Exceeding the targeted profit after tax : additional 20% of the exceeding targeted profit after tax. Disclosure of remuneration The remuneration of directors is set out below: FY 2007 Board of Management Ms Mai Kieu Lien Ms Ngo Thi Thu Trang Mr Hoang Nguyen Hoc Mr Dominic Scriven Mr Wang Eng Chin Board of Directors Mai Kieu Lien Ngo Thi Thu Trang Nguyen Thi Thanh Hoa Nguyen Thi Nhu Hang Tran Minh Van Tran Bao Minh Notes: A : Below VND3 billion B : From and above VND3 billion.B A A A A B A A A A A A A A A A A A A A A A FY2006 32 A n n u a l R e p o r t 2 0 0 7 The amounts paid to the members of the Board of Management and the Board of Directors include the bonus d etermined in the manner described under â€Å"Labour Contracts – Performance Bonus for members of the Board of Management and the Board of Directors† c. accountability and audit Financial reporting The Board is accountable to the shareholders while the Management is accountable to the Board. The Board should present a balanced and understandable assessment of Vinamilk’s position and prospects in the annual accounts and other reports such as interim reports to regulators.The Board meeting is held on a quarterly basis to review Vinamilk’s performance and quarterly summerised financial report is submitted to Ho Chi Minh City Stock Exchange (â€Å"HOSE†). Annual General Meetings are held every year to obtain shareholders’ approval of routine business. Internal controls The Board should ensure that the Management maintains a sound system of internal controls to safeguard Vinamilk’s assets and shareholders’ investments. With the assi stance of the Internal Auditors, the Board and the Inspection Committee reviews the effectiveness of the key internal controls and ensures that the necessary corrective actions are taken on a timely basis.There are formal procedures in place for both internal and external auditors to report independently conclusions and recommendations to Management and Inspection Committee. Internal audit Vinamilk should establish an internal audit function that is independent of the activities it audits. Vinamilk appointed Internal Audit Director and established its internal audit function in September 2005. The key scope of internal audit is: Review the effectiveness of Vinamilk’s internal controls; Provide assurance that key business and operational risks are identified and managed; Internal controls are in place and functioning as intended and Operations are conducted in an effective and efficient manner.The Internal Audit Director reports directly to General Director. communication with Shareholders Vinamilk regularly communicates with its shareholders, striving for timeliness and transparency in its disclosure to shareholders and the public. Regular meetings and dialogues are held with investors, analysts, fund managers, and press. When material information is disseminated to HOSE, such information is simultaneously posted on the Company’s website at www. vinamilk. com. vn Vinamilk encourages shareholder participation at its annual general meetings and gives shareholders the opportunity to communicate their views on matters effecting Vinamilk. 33 ISK MaNageMeNt Foreign currency risk Foreign currency risk arises when there is a mismatch of funding foreign currency dominated assets with liabilities of the same currency. The exposure to foreign currency risk in this aspect was not significant in 2007, but may have a significant impact on Vinamilk’ s performance in the coming years. Vinamilk always consider using appropriate financial instruments, as an d when necessary, to mitigate this risk. Liquidity risk Vinamilk’ s exposure to liquidity risk arises in general funding of Vinamilk’ s business activities. It includes the risks of being able to fund business activities in a timely manner.Vinamilk adopts a prudent approach to managing its liquidity risk by maintaining sufficient cash and marketable securities, and has available funding through a diverse source of committed and uncommitted credit facilities from various banks. As at 31 December 2007, Vinamilk’ s net borrowings are as follows: 2007 Cash and cash equivalent Borrowings Net borrowings 114 42 2006 157 60 – credit risk Vinamilk’ s maximum exposure to credit risk in the event that the customers fail to perform their obligations as at 31 December 2007 in relation to accounts receivable is its carrying amount as indicated in the balance sheet. Vinamilk has policies in place to ensure that sales of products are made to customers with an appr opriate credit history. eliance on Key Management Personnel Although we are not dependent on any one person in our Board of Management or our Board of Directors, our success depends to a significant extent on the skills, capabilities and efforts of our Board of Management and our Board of Directors, as well as our ability to recruit and retain appropriately skilled personnel to take up positions on these Boards. Our ability to continue to attract, retain and motivate key personnel and senior members of our Board of Management and Board of Directors will have an impact upon our operations. The competition for skilled and highly-capable personnel is intense, and the loss of the services of one or more of these individuals, without adequate replacements or the inability to attract new qualified personnel at a reasonable cost, would have a material adverse effect upon our financial performance and operations.To mitigate this risk, Vinamilk has been employing remuneration policy to maint ain and attract the talents. export Market risk We currently export our products to Iraq, Thailand and other countries in Asia and Europe. Demand for our products depends on the political and economic stability of these countries. As Iraq is one of our major export countries, any social, political or economic upheaval in the country may materially adversely affect our operation results. Vinamilk has been focusing on its local market which is considered as its main market. Simultaneously, Vinamilk is also looking for other potential export markets to mitigate the risk. 34 A n n u a l R e p o r t 2 0 0 7 35 BUSINeSS OVerVIeWSince we commenced operations in 1976, we have built strong brand name recognition for our dairy products in Vietnam. Our ‘‘Vinamilk’’ brand is currently a widely recognised dairy brand in Vietnam. 36 A n n u a l R e p o r t 2 0 0 7 Vietnam Dairy Industry Overview Fuelled by the impressive economic growth in the past decade, the dairy indu stry in Vietnam has experienced rapid growth in recent years. Coinciding with improvements in living standards in Vietnam, the more widespread availability and affordability of production technologies, and vast improvements in infrastructure have led to an overall increase in the variety, quality and volume of dairy products produced in Vietnam.The market has also experienced an influx of foreign multinational companies. Total dairy product sales in Vietnam have grown by 53. 6% from approximately US$418 million in 2003 to reach approximately US$642 million in 2007. The following chart sets forth total dairy product sales in Vietnam between 2003 and 2007. 2003 – 2007 total dairy product sales in Vietnam (US$ million) 642 530 418 472 589 2003 2004 2005 2006 2007 Source: Euromonitor International This strong growth in demand for dairy products is expected to continue on the back of strong GDP growth, a growing urban population with heightened disposable income and an increased a wareness about the health benefits of dairy products.Euromonitor International estimates that total annual consumption of dairy products in Vietnam to grow from approximately US$1,332 million in 2007 to reach approximately US$1,902 million by 2011. These factors should contribute to a significant increase in Vietnam’s very low per capita consumption of dairy products compared to Western countries. The below chart compares Vietnam’s per capita consumption of dairy products to Asia, Europe and North America between 2003 and 2007. 436 461 382 331 407 192 201 214 225 229 11 25 2003 12 27 2004 13 29 2005 14 32 2006 Europe 16 35 2007 Vietnam Asia North America Source: Euromonitor International 37 VINaMILK We are the leading producer of dairy products in Vietnam based on sales volume and revenue.Our products range from core dairy products such as liquid and powdered milk, to value-added dairy products such as condensed milk, drinking and spoon yoghurt, ice cream, and cheese. We offer one of the largest dairy portfolios in Vietnam, across a wide selection of products, flavours, and packaging sizes. According to Euromonitor, Vinamilk has been the number [1] dairy player in Vietnam for the three years ending 31 December 2007. 38 A n n u a l R e p o r t 2 0 0 7 Since commencing operation in 1976 we have built the largest distribution network in Vietnam and have leveraged our network to introduce new products to the market, such as juices, soya milk, bottled drinking water and coffee.We market the majority of our products under our â€Å"Vinamilk† brand, which has been designated as both a Famous Brand and one of the Top 100 Strongest Brands by the Vietnamese Ministry of Industry and Trade in 2006. We have also been voted the top brand in the â€Å"Top Ten High-quality Vietnamese Goods† for each year between 1995 to 2007. We currently focus on business activities in the fast growing Vietnamese dairy market, which according to Euromonitor has gr own at a CAGR of [7. 85]% from 1997 to 2007, and produce the majority of our products at our [nine] operational production facilities with a combined capacity of [570,406] tonnes per annum. We have the leading distribution network in Vietnam, giving us broad access to consumers.We generate a substantial majority of our revenues from sales of our products in Vietnam comprising both dairy and non-dairy products and export to countries such as Australia, Cambodia, Iraq, the Philippines and the United States. †¢ †¢ Strong supplier relationships to ensure a dependable milk supply; Highly experienced management with a proven track record of delivering strong overall business performance; World class production facilities. †¢ Leading market position supported by wellestablished brand name Since we commenced operations in 1976, we have built strong brand name recognition for our dairy products in Vietnam. Our ‘‘Vinamilk’’ brand has been in use since our establishment and is currently a widely recognised dairy brand in Vietnam.We believe we have achieved our dominant market position through our focus on advertising, marketing and continuous improvement in product innovation and quality assurance. Based on our long-standing presence in Vietnam, we believe we are better able to identify and understand consumer trends and preferences, that allows us to focus our development efforts on identifying product attributes that are most valued by our customers. For example, our deep understanding and efforts have helped our Vinamilk Milk Kid range of products become one of the best selling milk product marketed at children aged between six and 12 years in Vietnam in 2007. Strong and diversified product portfolio We offer a wide range of dairy products targeting a wide spectrum of consumers.We have product lines that are targeted at individual consumers including young children, young adults and also the [elderly] as well as products target ed at general households and commercial outfits such as cafes. In addition, by offering consumers a diverse range of products in different package sizes, we are able to offer our customers a measure of portability and convenience unique to dairy products being sold in Vietnam. OUr cOMPetItIVe StreNgthS We believe that our success to date and potential for future growth can be attributed to a combination of our strengths, including the following: †¢ †¢ †¢ †¢ Leading market position supported by wellestablished brand name; Strong, diversified product portfolio; Extensive sales and distribution network; Strong market-oriented development capabilities research and 39 xtensive sales and distribution network We believe our extensive sales and distribution network is critical to the success of our operations, enabling us to reach a wide range of customers and ensure an efficient and effective rollout of new products and marketing campaigns nationwide. As of 31 December 2007, we sell our products across all 64 provinces including five centrally-controlled municipalities in Vietnam. Our experienced sales team, assists our distributors to service the end retailers and consumers, and promote our products. Our sales team is also responsible for servicing and supporting the distribution activities and development of new relationships with distributors and retailers. In addition, we organise various marketing and promotional activities with local distributors aimed at promoting our products and building our brand image across the nation.In addition to our domestic distribution networks, we are currently in the process of negotiating the terms of supply contracts with potential business partners in countries such as Thailand, Australia and the United States. We are also one of the few food and beverage companies that have a readily available network of refrigerated coolers. The availability of coolers poses a high barrier of entry for competitors who may wish to enter the food and beverage market as the establishment of a refrigerated cooler network requires a substantial amount of capital expenditure. Strong supplier relationships to ensure steady milk supply A consistent supply of high quality raw milk is crucial to our business.Accordingly, we have established strong relationships with our suppliers through our favourable pricing policies, provision of financial support to farmers to purchase dairy cows and price incentives for milk of higher quality. We have entered into annual contracts with our milk suppliers and currently purchase over approximately 40% of all domestically produced raw milk. Our production facilities are strategically located close to dairy farmers in Vietnam to enable us to maintain and strengthen our relationships with them and we carefully select the location of our milk collection centres to maintain its freshness and quality. We also source raw milk powder from Australia and New Zealand to meet our produ ction demands in terms of quantity and quality.We believe that our ability to obtain a steady supply of raw milk is crucial to our business and allows us to maintain and increase our production output. Strong market-oriented research and development capabilities We have a sales and marketing team that is experienced in analysing and identifying consumer preferences and trends, and support ground staff who have a thorough understanding of consumer preferences through constant contact with our customers at our various points of sale. For example, our understanding of the preferences of young consumers aged between six and 12 has helped us successfully launch our Vinamilk Milk Kid marketing campaign in May 2007.As a result of our successful marketing campaign, Vinamilk Milk Kid was the best selling milk marketed at children aged between six and 12 in 2007. We also have strong capabilities in product research and development with a view to improve product quality and increase product va riety for consumers. We have a research and development team comprising 10 engineers and one technical staff. Our researchers work closely with our marketing department who in turn collaborate with several market research agencies to identify the trends in consumer preferences. We believe our ability to develop new products based on consumer’s evolving preferences has been a key factor in our success and will continue to play a key role in our future growth and development.In an effort to ensure that our products are in line with the latest consumption trends, we actively conduct research and work with market research companies to study trends in 40 A n n u a l R e p o r t 2 0 0 7 sales performance, customer feedback, food and beverage-related media. highly experienced management with a proven track record of delivering strong overall business performance We are managed by an experienced and dedicated management team with extensive industry experience. Our Chairwoman, Mdm Mai Kieu Lien, has over 30 years of experience in the dairy industry with the Company and has played a critical role in the growth and development of the Company to where it stands today.Our marketing team is led by Mr Tran Bao Minh, who has over 10 years of branding and marketing experience in the beverage industry and has been instrumental in reviving our brand image and product innovation. Other members of our senior management team have an average of 25 years experience in the manufacturing, distribution and sale of dairy products. We also have a strong middle management team that is well-equipped to support our senior management and stay abreast of changes in the market place. World class production facilities We use modern production and packaging technologies in all of our manufacturing facilities. We employ technologies imported from European countries such as Germany, Italy and Switzerland in ur production lines. To the best of our knowledge, we are the only company in Vietnam who has the machinery utilising the spray dry technology produced by Niro Inc, Denmark, a world leader in industrial drying technologies. We also employ world class production lines provided by Tetra Pak for our dairy and value-added dairy products. OUr BUSINeSS StrategIeS We aim to maximise shareholder value and pursue a business growth strategy based on the following principal components: †¢ †¢ Expansion of market share in existing and new markets; Develop a comprehensive portfolio of dairy products to target a broader consumer base and expand into higher margin alue-added dairy products; Development of new product lines to satisfy different consumer preferences; Brand cultivation; Continuously enhancing supply chain management; Development of raw material sources to ensure a reliable and consistent fresh milk supply base. †¢ †¢ †¢ †¢ 41 BraND POrtFOLIO We currently have 4 mega brands as follows: Beautiful Life Mum’s Love 42 A n n u a l R e p o r t 2 0 0 7 Passion to Win Natural Freshness 43 PrODUct 44 A n n u a l R e p o r t 2 0 0 7 Overview We produce a broad range of dairy products with different types and flavours of powdered milk, infant cereals, UHT liquid milk, UHT drinking yoghurts, spoon yoghurt, sweet condensed milk and cheese.We have established different teams to be responsible for the research and development, raw materials procurement, supervision of outsourced manufacturing, marketing, sales and distribution of products under our core brands and other brands. Our core dairy products such as liquid milk and powdered milk represent two of our largest product segments, and accounted for approximately 25. 4% and 23. 0%, respectively, of our revenue in 2007. Within the liquid milk segment, Vinamilk Milk Kid range constituted the largest single item and accounted for approximately 7. 0% of the liquid milk revenue of Vinamilk and approximately 2. 1% of our overall revenue in 2007.Other dairy products such as our condensed milk and yoghurt products have been experiencing steady growth over the past two years and accounted for approximately 34. 0% and 10. 0% of our revenue in 2007. Our condensed milk product is showing promising growth where our revenue for our condensed milk products in FY2007 has experienced an approximate 38. 0% increase from FY2006. Dairy Products Liquid Milk We produce, distribute and sell liquid milk in Vietnam under the Vinamilk Brand. Our revenue from sales of liquid milk grew from approximately VND1,469 billion in 2006 to approximately VND1,736 billion in 2007, representing a compound annual growth rate of approximately 18%.As of 31 December 2007, we account for approximately 35% of the liquid milk market in Vietnam based on a combination of data from internal tracking systems and statistics and externally commissioned reports by AC Nielsen, tracking consumption patterns in 36 of the 64 provinces (including five centrally controlled municipalities). Our liquid milk s egment includes the following three product categories: †¢ †¢ †¢ Plain milk Flavoured milk â€Å"Special needs† milk such as Calcium and DHA fortified milk and skim milk 45 Our â€Å"Vinamilk† brand is one of our core brands for liquid milk, drinking yoghurt, spoon yoghurt, ice cream, probiotic and cheese. We have focused on building up our product image to be one that is easily associated with a healthy, beautiful and balanced lifestyle. Vinamilk UHT milk has consistently dominated the Vietnamese liquid milk market. It is targeted at consumers aged six years and above.Our Fino Pack range of UHT milk offers flavours such as sweetened, sugarfree, strawberry and chocolate and comes in packages of 250ml. Our Vinamilk UHT fresh milk range was officially launched in April 2007 and is targeted at the premium market in Vietnam. Our Vinamilk UHT fresh milk products are manufactured using 100% raw fresh milk. We believe our competitive edge in this market segment lies in our ability to ensure consistent supply from local dairy farmers and our wide network of milk collection centres. Our Vinamilk UHT fresh milk products are available in 180ml and one litre cartons. Officially launched in September 2007, Vinamilk Milk Kid range is targeted at consumers aged between six and 12 years old.Our Vinamilk Milk Kid products are available in a range of flavours such as Strawberry, Chocolate, Sweetened and DHAfortified and are available in 180ml packs. 46 A n n u a l R e p o r t 2 0 0 7 Powdered Milk We first introduced our range of powdered milk products in 1988. As at 31 December 2007, our revenue from powdered milk products account for approximately 13. 8% of the market value in Vietnam based on a combination of data from internal tracking systems and statistics and externally commissioned reports by AC Nielsen tracking consumption patterns in six key cities such as Ha Noi, Ho Chi Minh City, Can Tho, Da Nang, Hai Phong and Nha Trang.However, our rev enue from sales of powdered milk decreased from approximately VND2,191 billion in 2006 to approximately VND1,584 billion in 2007, primarily due to the decrease in export sales. Our Dielac powdered milk range is targeted at consumers with children aged six years and below. Our powdered milk products can be categorised into two main segments: Two formulas priced within two different price ranges. Dielac Star is priced at the lower range of the two and is marketed as an affordable and quality product. It is manufactured with Pro5S formulation containing DHA, Choline, Inuline, Canxi and MCT Oil. Dielac Alpha is produced with a unique formulation containing colostrums, DHA, Omega 3 and Omega 6 fatty acids.It is priced at a premium over Dielac Star given its higher Colostrum content. Our Dielac line of powdered milk products has experienced an annual growth rate of approximately 16% over the past four years. Our traditional Ridielac infant and follow-on formula is manufactured using MAX-4 D (with 4D representing Development, Digestion, Deliciousness and Dependability) technology, combining nutrient-rich milk, natural foods such as meat, shrimp, vegetables, vitamins and minerals. Our formula is designed to optimise nutrient absorption in children during their growing years and enhance appetites. Ridielac infant cereal is targeted at consumers with children aged between four and 24 months.Ridielac is produced with a unique formulation containing colostrums and is marketed as a value-for-money product. 47 Condensed Milk Condensed milk is one of our most successful products and largest revenue contributors, representing approximately 34. 0% of our total revenue in 2007. Our revenue from sales of our condensed milk products grew from approximately VND1,690 billion in 2006 to approximately VND2,332 billion in 2007, representing a compound annual growth rate of approximately 38%. As at 31 December 2007, we hold a market share of approximately 79% in the condensed milk marke t in Vietnam based on a combination of data and statistics from internal tracking systems tracking the sales volume of our competitors’ products.Southern Star (Ngoi Sao Phuong Nam) is part of our commercial line under our condensed milk segment, and is primarily marketed to commercial outfits and cafes and is commonly consumed with coffee or mixed fruits. It is priced economically to offer enhanced profit margins to proprietors. Ong Tho is part of our household line of quality products and is primarily targeted at Vietnamese households. It can be consumed either hot or cold and is commonly used as a cooking or baking ingredient. Our Ong Tho brand of condensed milk is priced at a premium over our Southern Star brand of condensed milk due to its higher calcium and protein content. 48 A n n u a l R e p o r t 2 0 0 7 Yoghurt Products We produce, distribute and sell our drinking yoghurt and spoon yoghurt in Vietnam under the Vinamilk brand.Our yoghurt products represent one of our key focus growth areas, and our revenue from sales of yoghurt products grew from approximately VND634 billion in 2006 to approximately VND698 billion in 2007, representing a compound annual growth rate of approximately 10%. As at 31 December 2007, we hold a market share of approximately 26% in the drinking yoghurt market and approximately 97% in the spoon yoghurt market in Vietnam based on a combination of data from internal tracking systems and statistics and externally commissioned reports by AC Nielsen, tracking consumption patterns in 36 out of the 64 cities (including five centrally controlled municipalities) in Vietnam. Vinamilk Drinking Yoghurt is available in three flavours: Fruit, Orange and Strawberry in 180ml packs. Vinamilk Spoon Yoghurt is targeted at the average Vietnamese household.Marketed as a fresh tasting, delicious and high quality health product, our Vinamilk Spoon Yoghurt product line has dominated the spoon yoghurt market in Vietnam with a market share of app roximately 97%. It is available in a variety of flavours such as Strawberry, Fruit, SugarFree with Kefir and Sweetened in 110g carton packs. In addition to the abovementioned dairy products, we also manufacture other dairy products such as ice-cream and cheese. 49 Ice-cream We introduced our brand of ice-cream products in 1976 and produce, distribute and sell our ice-cream in Vietnam under the Vinamilk Brand. Vinamilk Ice-cream is targeted at the midend ice-cream market in Vietnam.It comes in a variety of flavours such as Chocolate, Coconut, Durian, Green Bean, Strawberry, Vanilla and Taro. Our ice-cream products are available in 450ml or one-litre tubs and also available in pre-packed ice-cream cups, popsicles and cones. Cheese Vinamilk Cheese was launched in 2000 under our anticipation of the potential of the cheese market in Vietnam. The product is currently targeted at the average Vietnamese household and is manufactured using French technology and is available in 140g packs. No n-Dairy Products Other Food and Beverages In addition to our dairy products, we also manufacture and distribute other F&B products such as our V-Fresh line of juices and soya bean milk, Cafe Moment coffee and ICY bottled water.The revenue for this product segment accounted for approximately 2% of the total revenue of the Company. 50 A n n u a l R e p o r t 2 0 0 7 V-Fresh The product range was introduced in 1990. V-Fresh Juice is designed to target young adults, offering them healthy refreshments that promote a image that is energetic and full of vitality. V-Fresh Juice is manufactured using natural fruit juices. It is available in one litre packs and in a variety of flavours such as Apple, Carrot, Custard-apple, Grape, Grapefruit, Guava, Orange, Peach and Pineapple. Packaged in Tetra Pak packaging, V-Fresh Juice is predominantly distributed in off-premise channels. V-Fresh Soya Milk is one of the most popular drinks among our newly launched products.V-Fresh Soya Milk is targeted at the mid-end market and is marketed as a value-for-money product. Extracted from selected natural soybeans, our V-Fresh Soya Milk line of products offers consumers a healthy and nondairy alternative to consumers. It is available in flavours such as plain and sweetened in 180ml and one-litre packs. Coffee We produce, distribute and sell our coffee products in Vietnam under the Cafe Moment brand name. We launched our coffee line of products in 2005. Manufactured from the finest coffee beans, our coffee products offer consumers with a unique tasting experience. Our coffee products offer consumers great value for money.Cafe Moment is distributed through our nationwide distribution network and through our direct sale channels located primarily in urban areas. 51 52 A n n u a l R e p o r t 2 0 0 7 SAFETY 53 INVeStOr reLatIONS Vinamilk maintains an effective communication channel with investors through its annual general meeting held on a yearly basis and through Vinamilk’ s investo r relations function. Financial performance and other important information relating to Vinamilk’ s operations are adequately disclosed on its website at www. vinamilk. com. vn and other means of public communications such as HOSE’ s website, securities companies’ website, newspapers and securities bulletins,†¦. 54 A n n u a l R e p o r t 2 0 0 7During the year, Vinamilk has welcomed more than 100 individual and institutional investors, banks, fund managers to visit us, some of our visitors are: HSBC, Hong Kong; CIMB –GK Securities Pte. Ltd; Merrill Lynch (Asia Pacific) Ltd; JP Morgan Securities (Thailand) Ltd; Morgan Stanley Asia Singapore; Saigon Securities Inc. (SSI); BaoViet Securities Company (BVSC); Dragon Capital; Tokio Marine Asset Management; Providential Holdings, Inc. ; York Capital Management, NY; Bridger Capital LLC, NY; Polunin Capital Partners Ltd, London; Metropol, Nga; MFC Global Investment Management; ABN-AMRO Asia Securities (Singa pore) Pte Ltd; Moody’ s Singapore Pte. Ltd; Mitani Sangyo Co. Ltd; Central Bank of Japan; Naissance Capital Ltd; Deutsche Asset Management, a member of the Deutsche Bank Group; Deutsche Bank Securities Asia Ltd; Credit Suise (Singapore) Ltd; Nomura Malaysia Sdn Bhd; Nomura Securities Singapore Pte. Ltd; Citigroup Global Markets Limited; Kim Eng Securities Pte. Ltd; Daiwa Securities SMBC Hong Kong Ltd; BankInvest Group; YUKI Management & Research Co. , Ltd; UOB Asset Management , a member of the United Overseas Bank Group; Our contact details in relation to Investor Relations are as follows: Mr. Tr? n Chi Son tel email Website : : : : Investment Director (84-8) 9300 358 (ext. 252) [email  protected] com. vn www. vinamilk.. com. vn 55 cOMMUNItY actIVItIeSIn line with our operation philosophy, Vinamilk always harmonizes between benefits and value for its shareholders and contribute to community activities for local people where we are operating our business. Vinamilk has been contributing by tens of VND billions per annum for these activities, which may be increasing on a yearly basis. 56 A n n u a l R e p o r t 2 0 0 7 Some of our typical community activities for the year 2006 and 2007 are as follows: In VND billion Donations for poor people and poor/street children 10. 7 Sponsors for scholarship fund namely â€Å"Cultivation for Vietnamese Young Talents†, â€Å"V? A Dinh† and other activities for children 9. 6 Donations for flooded provinces in the central of Vietnam 2 Our annual traditional sponsorship for two scholarship funds is â€Å"Cultivation for Vietnamese Young Talents† and â€Å"V?A Dinh†. The first was started since 2003 with the average annual sponsored amount between 1. 5 – 3 billion dong and the later was started since 2004 with the average annual sponsored amount between 0. 14 – 0. 20 billion dong. In addition, Vinamilk has been the sponsor to take care all the life for 20 Vietnamese hero mothers in Ben Tre and Quang Nam provinces since 1997 and now there are 13 mothers to be sponsored by Vinamilk to take care all their li

Barbara Hepworth – presentation

Good morning, I know some you are taking the â€Å"british art† course this year, so I think it could be interesting if I give a brief account of Barbara Hepworthà ¯Ã‚ ¿Ã‚ ½s work and experiences. For those of you who are not taking that subject it may be a way of familiarising yourselves with abstract art coming from Great Britain. Before going straight into the subject, Ià ¯Ã‚ ¿Ã‚ ½d like you to get rid of any prejudices you may have against abstract art and just let yourselves to be carried along by what Ià ¯Ã‚ ¿Ã‚ ½m going to say and show. First of all, I can see in your faces youà ¯Ã‚ ¿Ã‚ ½re thinking â€Å"Whoà ¯Ã‚ ¿Ã‚ ½s that Barbara Hepworth sheà ¯Ã‚ ¿Ã‚ ½s talking about? Well, She is one of the most important abstract scuptors in Britain. What Ià ¯Ã‚ ¿Ã‚ ½m trying to do here this morning is to show you in what way her experiences in life changed her work. As you see this is Barbara Hepworth when she was only two years old. It is relevant the way she perceived nature from her very infancy. In this statement you can see it clearly. She says â€Å"All my early memories are of forms, shapes and textures†, so she identifies nature with sculture. The last line is also remarkable as Barbara Hepworth is establishing a relationship between nature and the sculptor. One of the most important experiences who contributed to change her work is the visit she paid to Italy when she had become a sculptor herself. In this country she found two of her main preocupations: light and the grouping of people. The importance of light in relation to form will always interest her. Her second preocupation emerged in Venice. There, she realized that when people entered Saint Mark square, they walked in a different way and tended to group themselves because of the enormous proportion of the square and the cathedral. These two preocupations, those of light and the grouping of people will change her style. In this slide you can see her with one of her children. Barbara recognizes that with the birth of her first child her work developed notoriously. In her Autobiography, that I recommend you, the artist critizises those who thought a woman cannot be an artist and mother at the same time. What is more, she believes her work changed because of her children been, during several years, more formal, avoiding any trace of naturalism. You can see the resault in this sculpure. If we carry on the course of her life, we can find another turning point in her career when she first met Arp, one of the leaders of dadaism. By seeing his work, Barbara freed herself from many inhibitions and regarded the ralion between form and landscape with new eyes. In the decade of the 30à ¯Ã‚ ¿Ã‚ ½s, abstract art became quite famous in Britain because of Barbara and her husband, Ben Nicholson. They were in contact with some important artists from the continent, such as gabo or Mondrian. Here you can see her with Gabo and his wife. This contact originated new preocupations for Barbara. One of them was the quality of the materials she used in her scuptures. She wanted to do something of a piece of marble, for example, but in order to achieve it she had to discover what the block of marble wanted. In this period she is also interested in the hollowed form as you can see in many of her works. She pierced the scuptures to create a more profound relationship between human beings and nature through sculpture. It is in these years that she analyses the role of the sculptor. She also reflects about her hands. Barbara Hepworth thinks her left hand is her thinking hand while her right hand is the working one. As a result of the threatening of the 2nd world war, many european artists came to England and joined the group of Barbara and Ben Nicholson in St. Ives, establishing the foundations of Constructivism, one of the most important vanguardist movements. During these last years of the decade Barbara Hepworth devoted herself to curved and stringed carvings which symbolised, once again, a sense of identification with nature. After this period her scultures will evoque the idea of enclosure or embrace. In order to achive it she uses several kinds of forms which are: the standing figure, the two figures, that represent the relationship between one human being and another, and the spherical or oval form. Her work will change again in the 40à ¯Ã‚ ¿Ã‚ ½s, a decade she dedicates to monumental and enormous figures made of metal. This is Barbara Hepworth when she was nearly and old lady. In her last years she comes back to the formal style that characterized her work during the decade of the 30à ¯Ã‚ ¿Ã‚ ½s. Unfortunately, she passed away in 1975. She used to drink and smoke a lot, so one day she didnà ¯Ã‚ ¿Ã‚ ½t extinguish the butt of a cigarrete and it a caused a fire that killed her. In conclusion, I can say Barbara Hepworth was one of the most important artists of her time and her success depends a great deal on her experience in life. I hope you take a full advantage of my presentation. Anyway, if youà ¯Ã‚ ¿Ã‚ ½ve got any comments or questions you are welcomed. Thank you very much. * Introduction: Good morning, I know some of you†¦.. Get rid of any prejudices / let yourselves get involved. * Body: First of all: Who is Barbara Hepworth. What Ià ¯Ã‚ ¿Ã‚ ½m trying : in what way her experiences change her work. Slide of her 2 years old : relevant because from her infancy aware of forms. Slide of statement. (last line remarkable). Italy: preoccupations: light and grouping of people. Slides of Venice. Slides of child (2) Her children: developed her work, autobiography she critizises, her work more formal avoiding any trace of naturalism Slide of formal scupture. If we follow the course of her life another turning point: Arp: (leader of dadaism) freed herself from many inhibitions and regarded the relationship bet figure and nature with new eyes. In the decade of the 30à ¯Ã‚ ¿Ã‚ ½s abstract art famous in GB because of her and her husband. Slide of BH and her husband. They were in contact with artists from continent. (Gabo, Mondrian). Slide of her with Gabo. This contact originated new preoccupatiosns: qualitiy of materials, hollowed form. She pierced scultures to create a more profound relation bet human beings and nature. Slide of pierced figure. It is in these years: analyses the role of artist and reflects about her hands. Slides of hands (2). As a result of the threatening of the 2nd w.w. many artist came and joined her group in St Ives. Slides of her studio in St. Ives (2). There they established the foundations of Constructuvism, one of the most imp vanguardist movements. During these last years of the decade, BH devoted herself to the curved and stringed carving, a sense of identifiation with nature. Slide of stringed sculpture. After this period her sculptures will evoque the idea of enclosure or embrace by using several kinds of forms: standing form, two forms and oval or spherical form. Slide of standing figure. Slide of spherical figure. 40à ¯Ã‚ ¿Ã‚ ½s her work changes again: enormous figures made of metal. Slides of enormous figures (3). Slides of her old (2) In her last years she came back to the formal style of the 30à ¯Ã‚ ¿Ã‚ ½s. She passed away in 1975: she used to drink etc. * Conclusion: As a conclusion we can say she was 1 of the + imp artists of her time, and her success depends a great deal on her experience in life. I hope you have taken full advantage of my presentation. If you have any comments or questions you are welcome.