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HPG - NON RATED - HPG's AGM- AGM Note

Positive sales growth in FY2011, but earnings declined on rising financial and SG&A expenses. In FY2012, HPG reported a positive YoY revenue growth of 25%, achieving revenue of VND17,851bn, or 2% higher than target. However, net profit after tax (NPAT) dropped 5.8% YoY to VND1,296bn only reaching 70% of its FY2011 NPAT plan. Gross margin contracted to 16.5% cf. to 17.2% in FY2010 from elevated expenses. Financial expenses rose to VND1,070bn increasing by 54.2% y-o-y due to rising debt.