DISCLOSURE ON ADJUSTMENT OF 2012 BUSINESS PLAN
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10/09/2012
DISCLOSURE ON ADJUSTMENT OF 2012 BUSINESS PLAN
Respectfully to: the State Securitis Commission Ho Chi Minh City Stock Exchange
As per execution of Circular No. 52/2012/TT-BTC dated April 05, 2012, providing guidance on information disclosure in the stock market, FPT Corporation would like to announce our adjustment of 2012 business plan as follows:
In the first seven months of 2012, the domestic economy faced with great challenges. The GDP of the first half year increased only 4.38%, less than the targeted 6-6.5% of initial plan. CPI of July decreased 0.29%, marking the second month of continuous decrease after 38 months of resilient increases. Inflation and interest remaining high since previous years has magnificently decreased the domestic demand, severely depressing the economy and pushing enterprises to the horn of dilemma. The restructure of the banking system has also caused a huge mess. Furthermore, the negative macro indices of July continue bringing a hard-to-recover- outlook to the second half of 2012. Major international financial institutes have recently downgraded GDP growth rate forcast to around 5%.
Information technology and telecommunication industry faces even tougher challenges when IT expense is restricted much more than other demand. The majority of enterprises in the ITC industry failed to reach their desired target. In this context, FPT’s Board of Directors decides to adjust the business plan for 2012 to be more suitable with the actual market condition.
Accordingly, the corporate revenue and profit-before-tax in 2012 are expected to increase slightly compared to 2011. In particular, the adjusted revenue should be 26,072 billion dongs, increasing 0.4% compared to 2011 (initially, it was targeted at 31,300 billion), and the profit-before-tax is adjusted to 2,547 billion, an increase of 1.8% in comparison with 2011 (initially, it was 3,000 billion). The adjusted EPS expects to reach 6,170 dongs per share, which is relatively high in this difficult market context.
In addition, despite short-term difficulties brought by the economic environment, FPT Corporation is determined to invest to prospective and highly profited fields such as telecommunication, software and service to maintain growth and secure long term development. We continue to complete telecommunication infrastructure, invest in new projects in digital content, software development and training and pour heavily to R&D, especially to IT projects that have large-scale application, aiming to boost the development of the IT industry as the infrastructure of infrastructure in the coming years.
Respectfully yours.