The Annual General Meeting of Shareholders in 2014 of Saigon General Service Corporation (SAVICO); stock code: SVC was held on Friday, March 28th, 2014 at its head office located at 68 Nam Ky Khoi Nghia St., District 1, Ho Chi Minh City summarizing its business activities through the implementation of the Resolution of the General Meeting of Shareholders in 2013; adopting plans and solutions for targets in 2014, orienting 2015 – 2020.

Mr. Nguyen Vinh Tho – Savico’s Chairman of Board of Directors declared the Meeting open

N In 2013, Savico recognized automobile market’s recovery with an increase of over 20%. However, it was considered as an unprecedentedly hard year in motorcycle industry; most business entities suffered losses.

With an effort and determination of the Board of Directors, Board of Management as well as overall system, in 2013, Savico overcame obstacles and maintained stable business activities orienting stable growth.

After the fiscal year 2013, total turnover of overall system reached VND 8,711 billion; total turnover recognized according to consolidated financial statements was VND 6,595 billion achieving 109.93% of plan; profit before tax of overall system reached VND 110,593 billion; profit before tax recognized according to consolidated financial statements was VND 84.71 billion achieving 121.02% of plan



Savico’s outstanding business activities in 2013:

 Service - Trading:

Automobile sector: Entities of Savico’s overall system sold 10,522 vehicles achieving 111% of plan, increased by 23% in comparison with 2012, and there was average growth of 15% quarterly. Market share of Savico’s overall system accounted for 10.3% of VAMA’s market share, increased by 0.4 percentage point in comparison with 2012. Strong growth mainly basing on famous trademarks such as Toyota, Ford, etc. accelerated total output of Savico’s entities 4% in comparison with overall market’s rate.

Motorcycle sector: Economic difficulties affected most classes having income level from average downwards. The demand decreased heavily. SAVICO’s overall system just sold 16,604 vehicles, decreased by 21% compared to 2012. Turnover from sale of goods and provision of services reached VND 487.7 billion, achieving 92% of plan and decreased by 15% compared to 2012.

Real estate sector: Savico followed targets set forth at the beginning of year: reducing total assets under sector, especially projects which are subject to high interest expenses; boosting activities of stable collection sources as basis of long-term and sustainable development; accelerating progress of deployment of major projects: Hiep Binh Phuoc - Tam Binh, National Highway 13…

Financial service sector: Gathering asset and capital structure; negotiating with banks to reduce interest expenses, whereby interest expenses reduced 64% compared to 2012; affirming the role of Parent company in controlling short-term capital flow as well as using financial leverage of entities of overall system.

In 2013, Savico checked and assessed its business activities for the period of 2010 – 2013, adjusted business strategy for the period of 2014 – 2015 and set up business strategy for the period of 2015 – 2020. Simultaneously, Savico also trained and developed human resources and completed the planning in qualified inheritable human resources for long-term targets of Savico and overall system.

In 2014, Savico determines to compete business plan 2014 assigned by the General Meeting of Shareholders; continues to implement the restructuring target for development through the major action program according to direction of the Board of Directors including: focusing investment, increasing scope, broadening market share for main business sector; perfecting business strategy for the period of 2015 – 2020; strengthening and restructuring enterprises of system and supporting enterprises in establishment and operation of internal regulation system; training, retraining, taking care and developing the human resources; enhancing enterprise culture to connect and resonate overall system.

The Meeting also elected supplementary two members to SAVICO’s Board of Supervisors: Ms. Nguyen Viet Hoa and Mr. Nguyen Thai Hoa replacing Mr. Le Xuan Duc who retired and Ms. Nguyen Phuong Loan who transferred to other job

SAVICO’s Board of Supervisors
(02 members elected: Mr. Nguyen Thai Hoa (white shirt) and Ms. Nguyen Viet Hoa)