a brand new - 早报 · letter to shareholders 14-16 directors profile 17-19 management profile...

a b rand new

10 Eunos Road 8 #08-03, Singapore Post Centre, Singapore 408600 Tel 6342 0888 Fax 67487970 www.bestworld.com.sg

Registration No: 199006030Z

ANNUAL REPORT 2004

a brand new world

A Brand New World 2-3

Corporate Information 4

Best World International Limited 5

Brand Focus 8

Milestones 9

Group CEO and Chairman 10-11

Letter to Shareholders 14-16

Directors Profile 17-19

Management Profile 22-23

Financial Highlights 26-27

Operations Overview 30

Forward Strategies & Growth Prospects 31-32

Corporate Governance Report 33-39

Directors’ Report and Audited Financial Statements 40-84

Contents

Best World rejuvenates our soul,awakens our inner desire tobe all we can and want to be.If we aspire to achieve the best,no pinnacle is too high,no ocean too deep,and no dream unattainable.

A new day signals a new dawn,the beginning of a whole new culture,where our true being is challenged anduncovered.

At Best World, we recognise that lifesurrounds us always. Humanity is agentle reminder that we are indeed life’smost powerful resource to effect changeand bring about self-fulfilment throughwork or play.

A Brand NewOur Vision for

Constantly changing, a brand new world is a world of beginnings and opportunities, ofrewards far beyond the pot of gold that lies at the end of the rainbow, where new discoveries,enlightening perspectives and evolving mindsets await. Sharing these experiences withthose around us, we realise it’s a universal emotion - one enriching moment and anempowering belief that comes together to drive us forward. This is the vision of Best Worldand the underlying philosophy in all that we do.

Ultimately, it’s a world uniting in consensus and ringing in positivism hand in hand.

All of this happens in…a brand new world.

World

Corporate InformationBoard of Directors Dr. Dora Hoan Beng Mui Mr. Ravindran s/o Ramasamy

Dr. Doreen Tan Nee Moi Mr. Lee Sen ChoonMr. Huang Ban Chin Mr. Lee Teck Leng Robson

Company Secretary Ms. Low Mei Mei Maureen

Registered Ooffice & Business Address 10 Eunos Road 8 #08-03, Singapore Post Centre, Singapore 408600Tel 6342 0888 Fax 67487970 www.bestworld.com.sg

Share Registrar & Share Transfer Office Barbinder & Co Pte Ltd, 8 Cross Street #11-00, PWC Building Singapore 048424

Auditors Chio Lim & Partners, Certified Public Accountants18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423

Partner-in-Charge Mr. Lim Lee Meng

Principal Bankers United Overseas Bank Ltd 80 Raffles Place UOB Plaza 1 Singapore 049513DBS Bank Ltd 6 Shenton Way DBS Building Tower Two Singapore 068809

Audit Committee Chairman: Mr. Lee Sen ChoonMembers: Mr. Ravindran s/o Ramasamy, Mr. Lee Teck Leng Robson

Nominating Committee Chairman: Mr. Ravindran s/o RamasamyMembers: Mr. Lee Sen Choon, Mr. Lee Teck Leng Robson

Remuneration Committee Chairman: Mr. Lee Teck Leng Robson (with effect from 15 March 2005)Members: Mr. Ravindran s/o Ramasamy, Mr. Lee Sen Choon

Subsidiaries 100% 70%Best World Lifestyle Pte Ltd Best World Lifestyle (Shanghai) Co., Ltd.Avance Living Pte. Ltd. Best World China Investments Pte. Ltd.Institute of BWL Pte. Ltd. Best World Lifestyle Sdn. Bhd.

49%BWL (Thailand) Company Limited

4 BEST WORLD INTERNATIONAL LTD annua l repor t 2004

Best World International LimitedBest World International Limited (“Best World”) was formed in 1990 when Dr Dora Hoan and Dr Doreen

Tan came together to realise their dream of consolidating the “Best” products from different corners of

the “World”. Since then, Best World has evolved into a prominent name in the creation of preferred

brands of health and lifestyle products at the forefront of health and wellness industry today.

Best World is principally engaged in the sourcing, formulating, branding and distribution of a range of

health and lifestyle products primarily through its Direct Selling Channel.

SourcingWith a global outlook, Best World actively source for accredited contract manufacturers who are able

to produce innovative and unique products that suit its requirements.

FormulatingBest World collaborates with its network of contract manufacturers closely to produce Best World’s in-

house formulae.

BrandingBest World’s proprietary brands, such as Avance, bwL, DR’s Secret and optrimax, have received several

recognition, which include the “Singapore Promising Brand” award and “SuperBrands” award. It products

have reached out to countries like Malaysia, Thailand, Taiwan, Hong Kong and the PRC either under

its own brands or third-party private labels.

DistributionBest World’s products are distributed primarily through its Direct Selling channel, where products are

sold via direct interactions between independent distributors and customers. Leveraging on its experience

and know-how in the management of direct selling business in Singapore and Malaysia, Best World has

made inroads into markets such as Indonesia and Thailand. Other distribution channels such as retail

and export have also ventured into Hong Kong, Taiwan and Greater China.

5

Brand FocusFocused on becoming the preferred brand of health and lifestyle products, Best World has

always emphasised on strong branding as a pre-requisite to effective marketing.

In 2004, both the bwL and Avance brands were awarded the “Singapore Promising Brand”

titles. In addition, Avance also received the “Superbrands” award.

Our BrandsbwLBuilding on three main guarantees: efficacy, purity and concentration, bwL’s range of

innovative, patented products are noted for their unique formulae and high potency value

– created with the spirit to bring forth nothing less than the best for consumers’ entire

family’s health and well-being.

DR’s SecretDR’s Secret rejuvenates our skin cells from within to give you younger-looking and flawless

complexion in a Simple, Safe & Speedy way.

PurefloThe premier tap-mounting ultra-filtration water system has a filtering capability up to 0.015

micron, thereby removing any possible trace of impurities, bacteria and even viruses from

our tap water.

optrimaxEmbodying low-calorie meals, inner cleansing and external gel application as one

comprehensive package, optrimax helps us attain our weight management goals in a healthy,

nutritional and sustainable manner.

AvanceAvance’s portfolio of premium health supplements ensures that every busy individual on the

go has the nutritional opportunity to explore a truly balanced concept of living.


MilestonesGiven Best World’s dynamic pursuit of its goals, it has worked its way up to be one of the top players

in the industry. Here are some of its recent milestones:

Direct Selling Association of Singapore (DSAS)Best World is a member of the reputable and highly regulated DSAS network since 2002. This affiliation

attests to its strong commitment towards transparency and integrity in all its direct-selling endeavours.

bwL–UOB Visa CardAs a sign of the Group’s strength and trustworthiness, bwL partnered with UOB in 2003 to implement

a brand new bwL-UOB Gold Visa card for its members.

Singapore Promising Brand AwardBest World recognises the importance of branding in keeping abreast with latest market trends and

consumer taste. In 2002, a re-branding exercise was launched for its corporate brand “bwL”. Its

“Avance” brand also replaced the trademark for Nutriplus. Both its “bwL” and “Avance” brands were

selected as winners of the Singapore Promising Brand Award in 2004.

Superbrands AwardBest World’s “Avance” brand was awarded the “Superbrands’ status in 2004, which affirms the

customers’ recognition, loyalty and trust in its brand.

GMPAll of Best World’s products are manufactured and packaged in GMP certified or GMP equivalent

facilities, ensuring that they are produced according to quality standards. The Group has obtained a

Manufacturer’s Licence for Chinese Proprietary Medicine from the HSA to package Chinese Proprietary

Medicine for its packaging facility in Singapore.

SESDAQBest World International is listed on the Singapore Stock Exchange (SESDAQ) as of 8 July 2004.

9

Yong Fu LongOperation ExecutiveMalaysia

Behind the brush stroke of

every piece of work, is a

training of better self control.

Where patience and

concentration is the key

essence, calligraphy has

inculcated in me vital qualities

to deal with people and

exercise my creativity under

different work situations.

Dr. Doreen Tan

The Best World philosophy

mirrors the basis of one of

my interests – travelling.

Traversing the world over,

we discover different

cultures, perspectives and

experiences beyond our

wildest imagination.

Similarly in Best World, the

opportunity of getting to

know each and every

individual is what I look

forward to as it means I

can play a significant part

in effecting a positive

change in their lives.

Dr. Dora Hoan

To counter the hustle and bustle a busy lifestyle,

I find meditating helps me put things in

perspective – it helps me rediscover myself and

remember what I hold dear in my heart. It’s the

perfect remedy to reflect and remember what makes

life so multi-coloured and special. When I exhale

all my cares and concerns, i inhale the freshness

that a brand new world has to offer.

Huang Ban ChinExecutive DirectorSingapore

Singing solo or in a group is similar to running a company. When the opportunity arises, the passion, emotion

and feeling of working together is instrumental in orchestrating a beautiful masterpiece that delights audiences.


Letter to Shareholders

Dear Shareholders

On behalf of the Board of Directors, we are pleased to present to you – Best World International Limited (“Best World” or the

“Company”) maiden annual report for the financial year ended 31 December 2004 (“FY2004”).

FY2004 has been a most exhilarating year for Best World, which culminated in our successful debut on SGX-SESDAQ of the

Stock Exchange of Singapore on 8 July 2004. The response to our Initial Public Offer (“IPO”) was encouraging with more than

1,500 applications. The retail tranche of 2.8 million shares was approximately 23 times subscribed.

Being a pioneer and established player in the direct selling industry, we are confident that we are in a strategic position to tap on

the opportunities arising from the consumer trends in Asia Pacific markets.

Part of our proceeds will be used to expand into new geographical markets like Thailand, Indonesia and Taiwan through our direct

selling channels to better explore the opportunities in these new markets. A portion of the proceeds will be used to fund our PRC

joint venture while the remaining will be used for A&P activities, improvement of our information technology system and as the

general working capital of the Group.

Reviewing our businessOur strong foundation built over the past decade has propelled us to ride on the economic recovery in the regional markets to

achieve a good set of results. In FY2004, we achieved turnover of $31 million with net earnings of $5.0 million. This accomplishment

is the result of the Company’s effort of focusing on our key competence in direct selling.

The Direct Selling segment remains the largest revenue contributor, contributing 96.3% and $29.9 million to the Group’s revenue in

percentile and absolute terms respectively. The strong performance is attributable to a 96% increase in our active member base from

23,000 in FY2003 to 45,000 in FY2004. This provided a major boost to the demand of the Group’s lines of skincare, nutritional and

lifestyle products. Spurred on by the encouraging increase in the membership base, we will launch more recruitment drives to further

strengthen our sales force. We expect this to have a positive impact on both top and bottom lines.

There are new, innovative and exciting products in the pipeline. Having launched 32 new products over the past three years, we target

to introduce around 10 new products this year. These new products are spread over the different categories of products that we have

to offer.

A series of campaigns to stimulate products demand and increase the brand awareness will be implemented over the coming months.

Brand building has been a strong emphasis in the culture of Best World and we believe our efforts will pay off in the long run.

Growing our businessShareholders would have known that Best World started off 15 years ago in a small business centre in Changi. In the first few years,

we were selling cosmetics through third party brands from Korea, Japan and France. Our nutritional supplements from United States,

which were sourced through local distributors, were marketed under our own brand “Best World”.

As the business volume grew and our customer base expanded, we began to source directly from overseas manufacturers. Recognising

the potential of branding, we also began to conduct re-branding exercise and re-branded our nutritional supplement under our

proprietary brand, “bwL” in 2001.

The singular determination and the calculated risks we took to venture into branding are now paying off. Today, we have successfully

launched more than 70 products under our own proprietary brands, namely “Avance”, “bwL”, “DR’s Secret” “DRs Seager”,”PureFlo”

and “optrimax”. More than 90% of our revenue is derived from our proprietary brands.

Strengthening our financial positionOur listing on SGX-Sesdaq has enabled us to tap the equity market for funds to fuel our expansion. Return on equity remained at a

commendable 36.5 percent in FY2004. Our earnings per share was risen by 50 percent to 4.48 cents while net asset value per share

rose by 257.7 percent to 11.05 cents. The strong financial position of Best World is a testament to the underlying value of your

investment in the Company.

Net cash flow from operating activities improved 32% to $4.8 million due to better working capital management. Our cash reserve

for the year ending 31 December 2004 stood at $9.3 million, up almost four-folds from $2.3 million last year.

In conjunction with the good results, the Directors decided to award the shareholders by issuing an interim of 0.5 cents net of tax

per share during the half-year results announcement. For the full year results, the directors would like to propose a final dividend of

0.3 cents per share less tax. This brings the total to 0.8 cents net of tax per share for financial year ended 31 December 2004 with

the additional, a bonus issue of 1 bonus share for every 5 existing ordinary shares.

15

Shaping our futureLast year, our “bwL” and “Avance” brands were selected as winners of the “Singapore Promising Award 2004”. “Avance” was

further embraced as a Superbrand in Oct 2004. This is a testimony to the emphasis that we placed on building our brand equity.

We will continue to embrace the branding strategy to increase the market awareness for our products and company.

We expect more bwL Lifestyle Centres to be established in key cities around the regional markets this year. This will serve to

support the local markets of the key cities, fuel greater demand for our products and increase our membership base.

We believe the future is exciting for us ahead.

Corporate GovernanceGood corporate governance is not only about having the best set of standard operating procedures or complying with the codes

and rules. Rather, it is about having substance over form, and above all, ethics and integrity. Upholding the principle of good

corporate governance is the intangible stamp of a company that has maintained a leadership position in the market and command

respect among its peers.

In our move to encourage greater transparency and accountability, we will continue to work hard for the benefits of all shareholders

by providing timely and accurate information through announcements and Public Relations activities.

AcknowledgementsWe would like to take this opportunity to extend our appreciation to the management team and staff who have contributed to

the growth of the company, our suppliers, business associates and customers for their unwavering support through the years;

and the Board of Directors for their wise counsel and guidance to Best World; and not forgetting – our shareholders for your kind

confidence in us and Best World.

We hope you would continue to support us as we chart our growth into the Brand New World.

Finally, it has been a fruitful year for all of us here at Best World and we look forward to meeting you at the coming shareholders’

meeting to be held on 18 April 2005. We hereby wish you “Life at its Best”!

Yours faithfully,

Dora Hoan Doreen Tan

Group Chief Executive Officer Chairman

16 BEST WORLD INTERNATIONAL LTD annua l repor t 2004 17

Board of Directors

Dr. Dora Hoan Group Chief Executive Officer Dr. Doreen Tan Chairman

Dr Dora Hoan is one of the founders of the Group. She is

responsible for the overall management of the Group’s

operations, charting the strategic directions of the Group as

well as the development of the Group’s business including

its overseas expansion. Dr Hoan graduated from the then

Nanyang University with a Bachelor Degree in Arts in 1975

and obtained a Masters Degree in Business Administration

from the National University of Singapore in 1997 and a Ph.D

in Business Administration from the Western Pacific University,

USA in 2002. She was also awarded an Honorary Ph.D from

Kennedy Western University, USA.

Dr Doreen Tan is one of the founders of the Group. She manages the

overall business operations of the Group, with particular focus on

product development and training. In 1997, Dr Tan was elected as

Research Associate in Biological Medicine, and was conferred a

Fellowship by the Faculty of Occidental Institute Research Foundation,

British Columbia, Canada. She holds a degree in Applied Nutrition from

the American Academy of Nutrition and has an Honorary Ph.D from the

Kennedy Western University, USA.

Ravindran s/o Ramasamy Independent Director


Board of Directors

Huang Ban Chin Executive Director

Mr. Huang Ban Chin is responsible for the business and

product development of our Group. He is also in charge of

overseeing our Group’s day-to-day operations, marketing

activities for our retail and export channels, financial

management functions as well as internal control processes

of the Group. He is a biochemist and microbiologist and he

has 15 years of experience in the direct selling and healthy

lifestyle industries. Graduated from the National University of

Singapore with a Bachelor of Science degree, Mr. Huang

joined our Group in 1992 and was promoted to the position

of Director in 1994. He assumed his current position in 2003.

As a director in the law firm of Straits Law Practice LLC, Mr.

Ravindran s/o Ramasamy has been in practice for more than

19 years, and has experience in many areas of the law, including

criminal and civil litigation. He currently specialises in banking

and corporate law. Mr. Ravindran obtained an LLB (Hons) from

the National University of Singapore in 1985, and a Masters in

Law (LLM) from the National University of Singapore in 1991.

He is a Member of Parliament for Marine Parade Group

Representative Constituency.

Lee Teck Leng Robson Non-Executive DirectorLee Sen Choon Independent Director

19

Mr. Lee Sen Choon is currently a partner of Messrs Lee Seng Chan

& Co., a public accounting firm in Singapore. With more than 20 years

of experience in accounting, auditing, taxation and corporate secretarial

work, Mr. Lee is the Treasurer of the Board of Directors of Singapore

Chinese High School, member of the Board of Governors of Hwa

Chong Institution and the School Advisory Committee of Xingnan

Primary School. Mr. Lee is also member of the Institute of Chartered

Accountants in England and Wales, and a practising member of the

Institute of Certified Public Accountants of Singapore. In addition, Mr.

Lee also sits on Boards of other public listed companies as Independent

Director. He holds a Bachelor of Science degree (Hons) from the then

Nanyang University and has a post-graduate diploma in Management

Studies from the University of Salford, United Kingdom.

Mr. Robson Lee Teck Leng is a practicing lawyer with more

than 10 years of experience in capital markets and corporate

finance legal work. Currently an Equity Partner in the law firm

of Shook Lin & Bok, he is also a partner in the firm’s China

practice, focusing on cross-border corporate transaction in

the People’s Republic of China. Mr. Lee is the Secretary of

the Board of Governors of Hua Chong Institution and Hwa

Chong International School as well as a trustee of the land

on which Chinese High School and Hwa Chong Junior College

are situated. He also sits on a number of other listed companies

as Independent Director.

With effect from 15 March 2005, Mr. Robson was designated

as the Independent Director of the Group. He was also

appointed as the chairman of the Remuneration Committee.

Wang Huey YiMarketing ExecutiveSingapore

The feeling of being able to

capture a moment and have it

frozen in time is not easy to put

in plain words. Photography is

really about seizing the

opportunity again and again.

Being steadfast and ever ready

to pounce on the right

opportunity is a vital skill one

must nuture.

Cheh Foong Kuan, KatherineCountry Manager, bwLSB

Koh HuiGroup Finance Manager


Management Profile

Responsible for the overall

management of our Group’s

financial reporting, internal control

and accounting processes.

Responsible for overseeing the direct

selling activities and the day to day

operations of bwLSB, Malaysia

Lu Shih Chieh @Jerry LuCountry Manager, bwL Pte Ltd

Responsible for overseeing the

direct selling activities and the

day to day operations of bwL,

Singapore

Koh Koon Choo, JeanRegional Network Manager

Responsible for the full

spectrum of HR function of the

Group as well as assisting the

Group CEO on all matters.

23

Leong Wai Hun, JorinaIT Manager

Ho Li Min, JoeMarketing Communications Manager

Goh Pei Chen, SandraHR Manager cum PA to the Group CEO

Responsible for

co-ordinating and

monitoring activities of

development for our

direct selling channel in

the region.

Responsible for formulating

of our advertising and

promotional programmes

and overseeing our Group’s

brand management efforts

Responsible for the IT

development and

maintenance of the Group.

Yvonne HanAccount ExecutiveSingapore

Rock climbing is more than just brawn… it’s very much brains too. There are many ways to scale

the rock but to reach the top in the shortest time means being able to read the situation and

choose the best path way. It’s an excellent way for me to polish my logical and analytical skill.

Financial Highlights


Net Profit ($’000)

Gross Profit Margin

77.8%

2004

74.6%

2003

72.5%

2002

Revenue (’000)

2004

2003

2002

$31,007

$17,085

$11,566

2004

2003

2002

$5,039

$2,984

$1,128

27

Membership by Geographical Segments

Revenue by Geographical Segments ($’000)

2004 $31,007 2003 $17,085 2002 $11,566

57.3%

34.5%

8.2%75.5%

22.7%

1.8%85.0%

13.9%1.1%

Singapore Malaysia Others

2002 total 7,500SingaporeMalaysia

2004 total 45,000SingaporeMalaysiaOthers

31,000

4,000

13,0001,000

3,500

2003 total 23,000SingaporeMalaysia

17,0006,000

Leong Chi YongTrainerMalaysia

Tai Chi allows me to liberalise my

inner self. Through harnessing

Chi, I feel the harmonization of

my mind, body, and spirit, which

gives rise to a deep sense of

relaxation. This way, I am always

ready to take on the day’s

challenges with renewed vitality

and a crystal clear mind.

Operations OverviewThe Group improved significantly on its past year performance. Revenue grew 81.5% to $31.0 million while gross profit

rose a stronger 89.2% to $24.1 million. This translated into improved gross profit margin of 77.8%. Net profit improved

to $5.0 million.

Contribution by ActivityDirect Selling remained the key revenue contributor, which amounted to approximately $30 million. The growth of our

direct selling network member base from 23,000 to 45,000 fuelled strong demand for the Group’s line of skincare,

nutritional and lifestyle products. The increase was broad-based across our key markets like Singapore, Malaysia,

Thailand and Indonesia. Revenue contributions from Export and Retail divisions were lower at $836k and $299k

respectively.

Contribution by Geographical MarketAll geographical markets registered strong revenue growth. Revenue from Singapore was $17.8 million or 57.3% of

the total revenue. The Singapore market has grown at a Compounded Annual Growth Rate (CAGR) of 63.7% for the

past 3 years. Last year, we added 14,000 members to our member base in Singapore taking the total to 31,000. We

expect the Singapore market to continue to improve over last year’s performance.

Malaysia was the star performer in FY2004, growing 176.2% in revenue from $3.9 million to $10.7 million. Membership

jumped to 13,000 by end 2004. Currently, the Malaysia operation is supported by two Regional Centres; one in Kuala

Lumpur, one in Johor Bahru, which are also supporting 20 Lifestyle Centres all over Malaysia. 10 more Lifestyle Centres

are earmarked to be set up in FY2005 to strengthen our foothold in Malaysia.

Inroads made into Thailand and Indonesia reaped its initial rewards as both markets cumulatively registered an impressive

708.9% growth in revenue to $2.5 million in FY2004. Indonesia, in particular, posted $2 million in revenue within six

months. With the opening of the bwL Regional Centre in Bangkok last November, an administrative and support team

is in place to support our expansion in Thailand. Likewise for Indonesia, a Regional Centre is expected to commence

operations by first half of this year. We expect contributions from these two countries to increase significantly in current

financial year, driven primarily by increase in membership base and Lifestyle Centres.

Last year, we launched 9 new products and our top selling range of products include the DR’s Secret skin care range,

bwL nutritional supplements, optrimax weight management line and Pureflo Ultrafiltration system. In the past three

years, we have successfully launched 32 products and over 70 types of products since we started. Currently, we have

more than 100 products, which can be categorised as Cosmetics, Skin Care, Nutritional Supplements, Personal Care,

Weight Management and Healthcare equipment. We had acquired product liability insurance for our skin care products

and are currently actively seeking product liability insurance quotations for our nutritional supplements.

With the implementation of the above strategy in place, we believe FY2005 will be an exciting and fruitful year for our

shareholders.

30 BEST WORLD INTERNATIONAL LTD annua l repor t 2004 31

Forward Strategies & Growth ProspectsThe Group’s good performance in FY2004 does not mean that the Directors are resting on our laurels.

Rather, we have been actively implementing measures to ensure that the growth drivers are in place

for the Group’s growth in the next lap.

Direct SellingOur bwL Regional Office in Bangkok was set up in November last year and it will support our direct

selling network in Thailand. Thailand is a potential growth area, where the current membership of 300

is expected to multiply in due time.

Our Indonesian Regional Office is expected to open shortly in 1H 2005, which will enable us to extend

our presence into the market. Currently, we have around 300 members in Indonesia. Our aim is to set

up more Lifestyle Centres and increase more members in Indonesia by the end of the year. There will

be new products introduced into these markets as well as strategies to increase the demand for existing

products.

Our second largest market, Malaysia, with 13,000 members is targeting a growth rate of 40% by 2005,

driven by increase in membership base and Lifestyle Centres.

With our growing network of members, the management has invested in a specialised web-based IT

system to increase efficiency and manage the information flow of our business. This will greatly enhance

our setting up of more Lifestyle Centres in the region.

China remains an attractive market for the Group in the long run. At this present moment, the PRC

government has not liberalised the direct selling marketing. However, rather than waiting passively for

the day to come, the management has already put in place several key strategies to facilitate a smooth

entry into the PRC market when the direct selling market liberalise. One of which involves using Hong

Kong and Taiwan as a platform to accelerate the expanding of member network in China subsequently.


ProductWe are a product-based company and we strive to provide quality products for our consumers. In 2003 and

May 2004, Guardian’s customers voted our Avance EPA 2000 fish oil supplement as the best selling fish oil

in Singapore. This is a testimony of the quality products from our company. This year, we target to introduce

approximately 10 new products with the focus on weight management products which are currently in trend.

A good product requires good branding and marketing. A series of promotion campaigns have been arranged

to enhance the market awareness for our product brands in key markets like Singapore and Malaysia. We

believe the increased visibility of our brands will serve to drive market demand for our products.

With quality products and good marketing, we are confident to expand our presence in existing markets and

are ever ready to explore new markets with greater zest. This will be done with the establishment of more

new Regional Centres and Lifestyle Centres.

With all these strategies in place, the Group believes that the growth momentum will continue into current

financial year. As such, we expect a better performance in terms of revenue and profitability for 2005.

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