FOCUSED ON OUR PLANS, RESILIENT IN OUR ACTIONS, COMMITTED TO OUR TARGETS

NORMAN AQUILINA, GROUP CHIEF EXECUTIVE

We continue to live and work in a world where uncertainty surrounds us, complexities have increased, and competition creates even more pressure. It is in this complex environment that together, over the past year, we have striven to grow our business despite the challenges, seeking opportunities in the tough marketplace. With everyone’s effort, we have managed to make notable headway. These results have been achieved despite the fact that the pandemic has transformed all that we were familiar with just a few years ago.

Our business objectives for the new financial year which ends on the 31st January 2024 are targeted towards focusing on the plans which I, following discussions with senior management, have presented to our Board of Directors. We need to ensure that we remain resilient in our actions to realize these plans and ever more committed to the ESG (Environment, Social and Governance) targets that reflect the long-standing values of the Farsons Group. We have concerns for this financial year, as costs continue to explode, supply chains remain uncertain, terrible wars create significant implications on raw materials and disrupt the familiar, the availability of employees remains challenging, and uncertainties abound. We also witness great technological advances that require us to be part of this rapid change – or risk being left behind. In all of this, the Farsons Group remains committed to its vision to grow its business, investing in our teams and in various projects across the Group. Therefore, the Farsons Group Corporate Objectives for financial year ending 31st January 2024 remain focused on the achievement of budgeted results. This year the budgeting process has been another challenging one, and our performance throughout the year will need to remain carefully monitored. We will take all the necessary actions to safeguard the Group and its employees as the situation continues to evolve. In the meantime, together we will focus on:

1. Ensuring that we control and reduce our costs and enhancing our processes so that we can make them more efficient and effective to achieve the desired performance levels.

2. Ongoingly further strengthen our brand equity by always striving to increase our market presence and consumer appeal in all segments that our Group operates in.

3. Working together as a team, aligned to the Group’s vision, enhancing engagement and optimizing the opportunities arising from the growing diversity of our teams.

4. Reducing waste and implementing our environmental, social and governance targets which we also report on as part of our non-financial annual report.

I look forward to the organization of physical Employee Engagement Workshops which we had to cut short in 2020 and which were held virtually during the past two years. I urge you to make the most of the opportunity to share and discuss information and possibilities during the workshops. Furthermore, I urge you all to liaise with your management to conclude the PEAK process across the Group by latest midMay 2023 and to take on board the HRIS which is being rolled out by the HR Department in Q1/2. Together, we look forward to continued profitable growth, to respecting and achieving our ESG plans, and to working in a safe and satisfying environment. I thank you all for your commitment and efforts.