is at a satisfactory level despite the many obstacles and uncontrollable external factors faced–to name a few the outbreak of bird flu in several countries around the world, the higher production costs, and appreciation of the Thai currency. However, as a result of our business expansion more into value added products and selective investment in high-potential countries, CPF consolidated sales in 2006 is THB 124,931 million, an increase of 10% over the previous year.  
Worldwide competition in the agro-industry and food business is getting fiercer with dynamic change in consumer behavior. The Company fully realizes this fact and is on guard and ready to meet these challenges. We give utmost importance to research and development on continually working to develop new and innovative food products to satisfy consumers around the globe.

 

Our fundamental business is animal feedmill and farming that we have strong expertise and multitude of qualified personnel in this area. Thus, to invest in countries with high potential in growing and rearing animals is another strategy that would aid to fulfill our vision of becoming the “Kitchen of the World”. Moreover, it would support farmers in those countries to enhance their farming standard.

 

Besides building solid foundation for business stability, the Company continuously aims to upgrade our corporate governance standard. We educate, train and provide this subject matter to all staffs for better understanding on this subject matter. In 2006 the Company received an “Outstanding” rating on corporate governance by the Thai Institute of Directors Association.

The Company also cares about safety, health and working environment of our staff. This has always beenour concern. In 2006, the Company received highest recognition
on the national level from the Department of Welfare and Labor Protection, Ministry of Labor.

On social responsibility, our philosophy is that business should be conducted and competed fairly with consumers as our focus.Growth in business should be hand-in-hand with our business partners. All business units have to be socially responsible to ensure sustainable growth and to yield results andappropriate return to shareholders in line with the situation in each year.

 
Nowadays consumers are more health conscious and concern about food safety which is in line with our business philosophy of uncompromised quality. Our production standard is high to ensure quality and safety of our food products. Thus, brand building is important to constantly remind and assure consumers of the quality, food safety integrity and deliciousness of our food products.

 

The Company is aware of the external factors affecting business environment in the field of agri and food industry. The ever-increasing production cost and changes in consumer behavior through time alwaysimpact the industry. Besides the aforementioned strategies which the Company has adopted and implemented, we strive for efficiency and effectiveness in every aspect of our operation, particularly human resources. This will provide a solid foundation from which the Company can compete in the global arena and achieve sustainable growth.

 

With regard to domestic and overseas investment, the Company meticulously study, analyze and review available data and information prior to decision making. The level of investment would have to be within the Company’s capability. The investment should be another avenue to help the overall growth of the Company.

Our pride in 2006 is to have been awarded the Top award in the category of Long Term Vision among Asia’s 200 Most Admired Companies organized by The Asian Wall Street Journal, Asia and Second Award in the overall Thailand most admired companies based on Long Term Vision, Innovation, Quality, Reputation and
Financial Soundness.

All the recognition and success of the Company is made possible by our dedicated and qualified management team and staffs, support received from our business partners plus confidence and trust from all our shareholders. On behalf of the Board of Directors, I thank you each and every one and look forward to your continued trust and support.

 
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