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GLG CORP LTD — AGM Information 2013
Nov 28, 2013
64991_rns_2013-11-28_39753a53-3d5e-4cb9-8c50-a711f469ee0f.pdf
AGM Information
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GLG CORP LTD Annual General Meeting 29th November 2013 WELCOME
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GLG CORP LTD – 2013 Annual General Meeting Meeting Format
GLG Corp Ltd Results Director’s Review Half-Year Ended 31 December 2005 Accounts and Reports Other Business Close GK Soh Chief Executive Officer Eu Mun Leong - Chief Financial Officer 6-7 March 2006 2 A Global Textile & Apparel Supply Chain Manager
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GLG CORP LTD – 2013 Annual General Meeting
GLG Corp - Board
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Estina Ang Suan Hong – Executive Chairwoman
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Yong Yin Min - Executive Director
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Surina Gan Meng Hui – Non-Executive Director
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Ernest Seow Teng Peng – Independent Non Executive Director
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• Christopher Chong – Independent Non Executive Director
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Vi boon – Independent Non Executive Director
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Joanne Bourke – Company Secretary
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Deloitte Touche Tohmatsu
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Carl Harris– Partner
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A Global Textile & Apparel Supply Chain Manager
GLG Corp Ltd Results
Half-Year Ended 31 December 2005 DIRECTOR’S REVIEW
GK Soh Chief Executive Officer Eu Mun Leong - Chief Financial Officer
6-7 March 2006
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GLG Corp Ltd Results Half-Year Ended 31 December 2005 GLG Corp Ltd
Market Place Update
GK Soh
2013 / 2014 - Chief Executive Officer
Eu Mun Leong - Chief Financial Officer
6-7 March 2006
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GLG Corp Ltd: Marketplace Update
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US Economic Recession – Uneven Recovery GLG Corp Ltd
Results o US retailers have reported tepid sales in 2013, (due to stress of higher Half-Year Ended 31 December 2005 payroll taxes, expensive gasoline and a slow job market four years after the U.S. economy started to rebound).
o Consumers spending remains low as they remain cautious in their spending during a slow economic recovery.
o Turning their attention to discount stocks in the retail sector to stretch their - dollar. GK Soh Chief Executive Officer
Eu Mun Leong - Chief Financial Officer o Sales at U.S. stores are expected to climb less this Holiday 13 season vs Holiday 12 season.
o Retail experts predicted it will be slow going for the industry for 2014
6-7 March 2006
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GLG Corp Ltd: Marketplace Update
Global Cotton Production down by 11% – Expect Higher GLG Corp Ltd prices in 2014
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Results
o Half-Year Ended 31 December 2005 This would be the second consecutive season of decline in cotton production (ie smallest output in 4 years).
o Production is expected to fall sharply in the US and Turkey, where competition with competing crops are strong. Smaller crops yield projected in China, India, Pakistan Central Asia and Africa.
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GK Soh Chief Executive Officer Rising ~~Lab~~ our Rates Eu Mun Leong - Chief Financial Officer
o Labour rates in our countries of production have gone significantly. Indonesia and China have gone up by 35% and 42% respectively.
o We could expect to see a continued trend in the increase in wages in 2014 6-7 March 2006
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A Global Textile & Apparel Supply Chain Manager
GLG Corp Ltd: Marketplace Update
Trans- Pacific Partnership (TPP) – A Game Changer GLG Corp Ltd
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o TPP is a potential trade agreement currently being negotiation between 13 member Results countries which includes USA, Australia, NZ, Canada, Malaysia and Vietnam. Half-Year Ended 31 December 2005
o Negotiations are expected to complete by end Dec 2013 or early 2014.
o Once implemented, we will be able to offer substantial duty savings (as high as 32% for synthetics fabrication) for our USA / Canada customer.
- o TPP will GK dram Soh atically change the global sourcing landscape. Chief Executive Officer Eu Mun Leong - Chief Financial Officer o Control of yarn and fabric production in TPP member countries is crucial to remain competitive in this industry.
6-7 March 2006
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A Global Textile & Apparel Supply Chain Manager
GLG Corp Ltd: GLG Response to Marketplace
Expand product categories within current customer base to GLG Corp Ltd maintain sales volume. Results Improve lead-times enable flexibility for fast-track / Half-Year Ended 31 December 2005 contingency programs.
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Utilize NYC Office to remain close to market and enhance sales and design services to customers.
New Customer Developments in 2013 USA: GAP, Old Navy, Osh Gosh and Carters, GK Soh - Chief Executive Officer Eu Eu Mun Leong - Chief Financial Officer ~~rop~~ e: Lidl, Gruppocoin
Expand supplier base in search for price and novelty
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Explore new yarn/fabric sources in Malaysia and Vietnam due to potential of TPP 6-7 March 2006 Utilize buyer appointed sources for novelty items
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A Global Textile & Apparel Supply Chain Manager
Sales Bookings and Shipments Update (US$ Million)
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| Q1: Jul – Sep Q2: Oct – Dec Q3: Jan – Mar Q4: Apr-Jun Full Year Total |
Actual Sales US$ Million 59.4 57.1 50.5 62.4 229.4 |
FY13 Average FOB Price per Dozen 46.82 52.47 43.62 38.34 44.61 |
Dozen Million 1.3 1.1 1.2 1.6 5.2 |
10 Sales Bookings US$ Million 57.5 61.2 69.3 40.2 |
FY14 Average FOB Price per Dozen 44.55 44.33 39.57 36.68 |
FY14 Average FOB Price per Dozen 44.55 44.33 39.57 36.68 |
Dozen Remarks Million 1.3 Shipments 100% completed 1.4 29% of Bookings shipped 1.5 1.1 |
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GLG Corp Ltd Outlook and Prospects GLG Corp Ltd Results Half-Year Ended 31 December 2005 GK Soh Chief Executive Officer Eu Mun Leong - Chief Financial Officer 6-7 March 2006 11 A Global Textile & Apparel Supply Chain Manager
GLG Corp Ltd 2013/14 Outlook
GLG Corp Ltd Results Half-Year Ended 31 December 2005 Trading conditions in the United States and Europe remain uncertain.
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Revenue will be affected as a result of unit price and not actual sales programs or units. Margins will be maintain depending on Fall season which will affect Q4.
Continued to tighten the Cost control, improving the cash GK Soh Chief Executive Officer mana ~~geme~~ nt and collection efficiency Eu Mun Leong - Chief Financial Officer
6-7 March 2006
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GLG Corp Ltd Annual Accounts
Accounts in the 2013 Annual Report Consideration of accounts Questions or comments?
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GLG Corp Ltd Resolutions
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Approval of the Remuneration Report Re-election of a Director – Christopher Chong Meng Tak Re-election of a Director – Vi Boon
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GLG Corp Ltd Resolution 1
Remuneration Report
“That, for the purpose of Section 250R(2) of the Corporations Act and for all other purposes, approval is given for the adoption of the Remuneration Report as contained in the Company’s annual financial report for the financial year ended 30 June 2013.” For Open Against Abstain Total 7,108,467 39,500 59,480 0 7,207,447
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GLG Corp Ltd Resolution 2
Re-election of a Director
“In accordance with the Constitution of the Company, Mr Christopher Chong Meng Tak retires by rotation and, being eligible, offers himself for re-election as a Director of the Company”.
For Open Against Abstain Total 63 ~~,518,950 39,500 2,000 5,000 63,565,4~~ 50
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GLG Corp Ltd Resolution 3
Re-election of a Director
“In accordance with the Constitution of the Company, Vi Boon retires by rotation and, being eligible, offers himself for re-election as a Director of the Company”.
Fo ~~r Open Against Abstain Total~~ 63,466,470 39,500 54,480 5,000 63,565,450
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Thank You
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Cautionary note on forward-looking statements
This presentation may contain statements regarding the business of GLG Corp Limited and its subsidiaries (‘Group’) that are of a forward looking nature and are therefore based on management’s assumptions about future developments.
Such forward looking statements are intended to be identified by words such as ‘believe’, ‘estimate’, ‘intend’, ‘may’, ‘will’, ‘expect’, and ‘project’ and similar expressions as they relate to the Group. Forward-looking statements involve certain risks and uncertainties because they relate to future events. Actual results may vary materially from those targeted, expected or projected due to several factors.
Potential risks and uncertainties includes such factors as general economic conditions, foreign exchange fluctuations, interest rate changes, commodity price fluctuations and regulatory developments. Such factors that may affect GLG Corp’s future financial results are detailed in our 2013 Annual Report. The reader and/or listener is cautioned to not unduly reply on these forward-looking statements. We do not undertake any duty to publish any update or revision of any forward looking statements.
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19 A Global Textile & Apparel Supply Chain Manager