Information for Stockholders
On June 22, 2012, the Annual General Stockholders' Meeting of Vision International People Group Public Limited was held in Nicosia, Cyprus.
The President was not able to attend the Meeting in person and asked the Board of Directors' Chairperson to read his Presidential Message. In his Message Dmitry Buriak noted positive results in the 2011 financial year and specially dealt with the fact that they had ensued from a thorough analysis and control of the expenses in combination with marketing actions and promotions developed in accordance with the new Company policy on sales and marketing. The President also outlined the Company's objectives and plans for 2012. Among them, Dmitry Buriak specially emphasized the need to actively introduce and further strengthen projects aimed at the business development, first of all, at expanding marketing functions, upgrading the product portfolio, extending the distributor network, and opening up new markets in Asia.
The Meeting heard the Annual Report that noted positive trends in the Company's development, presented key marketing and financial indicators as well as the operation results for all departments. The stability of the Group's market position was specially mentioned and development prospects for coming years were outlined.
The Annual Report on the Group's operations results as of December 31, 2011 that included reports by the Board of Directors, by auditors and the consolidated audit findings was approved by the General Stockholders' Meeting.
Based on the 2011 financial results and the Group's profitability in 2011 as well as the losses incurred in the previous years the Board of Directors made a decision not to include the matter of distributing dividends for 2011 in the General Stockholders' Meeting agenda. That position was reflected in the Board of Directors' report on 2011 that constituted a part of the Company's Annual Report.
The entire profits earned in 2011 will be allocated to sustaining the Group's reserves and restoring its financial stability that had been seriously undermined in the period of the 2009 – 2010 crisis. A part of the profits will be invested in developing new products and markets.