Fraser & Neave Holdings Bhd Annual Report 2020

061 ANNUAL REPORT 2020 03 md&a OUTLOOK AND GOING FORWARD Given the ongoing COVID-19 pandemic, as well as local and global uncertainties, the Group is cautious regarding the immediate future. At the same time, the pandemic has provided us an opportunity for a reset and to ‘reimagine’ our business strategies to fuel growth and innovation. As mentioned in the previous annual report, we are looking to diversify into dairy farming. Although the proposed acquisition of land in Chuping, Perlis did not pan out, we still believe there is huge potential for growth in the liquid milk sector. We will continue to evaluate and seize opportunities to realise our ambition. While delaying some of our longer-term strategic initiatives, the pandemic has given us time to reassess our objectives and better prepare us to make quicker decisions when the time comes. In terms of Exports, we aim to set up more international offices, following the Dubai model. The path towards building another significant pillar i.e. Exports, will continue and be intensified. To summarise, we can expect another challenging year. However, we have identified many opportunities that present attractive long-term prospects and will be channelling our resources towards these. Our journey forward will be driven by a new five-year roadmap that builds on the momentum of Vision 2020. Called Passion 2025, it will see us focus on further developing our brands, reach and professionalism. Our goal is to be more significant in significant markets. And I believe we have what it takes to make this happen. ACKNOWLEDGEMENTS To conclude, I would like to thank all our stakeholders for helping to maintain F&NHB on our ongoing journey. Each of our consumers, customers, suppliers, distributors, investors, shareholders, regulators and the community partners play an integral role in our success. We fully appreciate your contributions and are committed to reciprocating by creating value for you. Most of all, I would like to thank everyone at F&NHB for your passion and dedication to the Group. I would especially like to extend my gratitude to all employees who have risen to the challenge of keeping our business going during these turbulent times. Your commitment to our vision and values is inspiring and lends every reason for us to smile at the prospects of a brighter future to come. Lim Yew Hoe Chief Executive Officer Maintaining business as usual as efficiently as possible while safeguarding the well-being of our employees and the community remains a top priority. We will continue to focus on process improvements and digitalisation, and relentlessly pursue opportunities to build a stronger, more sustainable business for the future through continued investments in capex and our brands.