Hoa Binh Rubber Joint Stock Company (HORUCO) announced the resolution of the 2011 Annual General Meeting as follows
- The meeting approved the 2011 Audited Financial Statements:
- Total revenue: VND 73,644 million
- Total profit before tax: VND 142,537 million
- Total profit after tax: VND 128,137 million
- Approving the report of the Board of Directors in 2011, including the following main contents:
2.1. Plan of profit distribution for 2011
- Corporate income tax reduced: VND 10,438,038,385 ( added to investment & development fund)
- Investment & Development fund: VND 11,770,000,000 (10% profit after tax)
- Bonus and welfare fund (15% of profit after tax): VND 17,655,000,000
- Bonus fund to the Board Management: VND 500,000,000
- Paying dividend in cash: 17,260,976 shares*VND 3,000/share: VND 51,782,928,000
- Undistributed profit: VND 35,991,481,438
- Total: VND 128,137,447,823
- Total remuneration for the Board of Directors and the Board of Supervisors in 2011 is VND 376,800,000 (equivalent to 0.29% of profit after tax).
- Total remuneration for the Board of Directors and the Board of Supervisors in 2012 is as follows: if the company completes profit target beyond the expectations, the remuneration will be 0.5% of profit after tax; if the company completes profit target equal to or lower than the expectations, the remuneration will be 0.35% of profit after tax.
- Approving to authorize the Board of Directors to choose an independent auditing company for HORUCO in 2012.
- Approving the appointment of Mr. Tran Quoc Hung – a member of the Board of Directors as the CEO as from July 20, 2011 to replace Mr. Huynh Ngoc Hieu.
- Approving the 2012 business plan with main targets:
3.1Exploitation production:
- Area of mining rubber: 2,241.05 hectare
- Capacity: 1.03tons/hectare
- Exploitation production: 2,300tons
- Purchase production: 3,000tons
- Sale production: 5,500 tons
3.2 Business results:
- Average sale price: VND 57.64 million/tons
- In which: sale price of exploitation rubber VND 46.00 million/tons
- Average price: VND67.00million/ tons
- Total revenue: VND 461,985 million
- In which: revenue from rubber sale VND 368,500 million
- Profit before tax: VND 140,000 million
- Profit after tax: VND 107,990 million
- Dividend in cash (25% of charter capital): VND2,500/share
- Expenses of construction and long-term financial investment: VND117,334 million.
- In which:
+ Construction investment inside the Company: VND 87,334 million
+ Long-term financial investment : VND30,000 million
Approving the plan from 2012 to 2015:
4.1 Plan for re-cultivating rubbers:
- Area: 5,097.79 hectare
- Time of implementation: 11 years (2006-2016)
4.2 Plan for investment capital outside the Company:
- Estimated total investment capital from 2005 to 2015: VND 291,862 million
- Cumulative capital contributed until December 31, 2011: VND 218,462 million, the remaining amount will be contribute to 2015: VND 73,400 million
5. Approving the Board of Directors in the term 2012-2016 including 05 members and the Board of Supervisors in the term 2012-2016 including 03 members.
6. Amending the company’s regulation.
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