Praise the One Supreme God who has guided Tudung Group during the course of works performance in 2008. In this global financial crisis and market slowdown in 2008, financial performance of Tudung Group if observed from sales sector is better than that of 2007, although there are many constraints to encounter. It would certainly become our priority concern. However in support of all Noble Peoples existing in Tudung Group, we are optimistic to look forward to better future and keep our spirit to improve performance in order to be better in the years to come.

Entering the third year of age, Tudung Group as 'Investment Holding Company' deals with 5 (five) Line of Businesses, Namely: Food, Beverages, Consumer Health, Distribution & Logistic as well as Agribusiness. With a vision to become a company which is "Go Regional" through Tudung International division, that serves as "collaborator" to Line of Businesses under Tudung Group to play its role overseas. It is important to any 'leader' at LoB (Line of Business) level or BU (Business Units) as well as SU (supporting Units) to develop its "Global mindset". Moreover, we also open opportunity to make cooperation (partnership) with any companies overseas in the framework of materializing our dream, in terms of: Joint ventures, transfer teknologi (Technology transfer), Licensing and marketing collaboration, etc., as we already done by acquiring Fujian Jinjiang Yonghe FuhuaFood Ltd, chocolate and candy factory in China being our milestone in 2008.

If seen from our achievement in 2008, it is nor separating from support "Tudung Noble People" who keeps institutionalizing Management Improvement, thereby turning into a culture in Tudung Group. It is materialized in terms of mobilization of SS (Suggestion System), SGA (Small Group Activities) and CFT (Cross Functional Team) from Business Unit through Corporate level, including building culture to enable Leaders to perform system development and build strong leadership in execution in field. Every 'Business leader', should be strong in "execution" relating to two things, to wit: discipline in performance and Sense of urgency.

However, on the other side, it should be aware that competition is getting keener, particularly in consumption sector in which in which our Group grows so rapidly. Our competitors have intensely made improvement and innovation in all aspects. Therefore, it is an encouragement to any Leader in Tudung Group to keep improving creativity and competency consistently from time to time.

Observing condition in this 2009, this global financial crisis will still continue although it is expected that it will be recovered in quarter 4 next year. Meanwhile in 2008 Indonesian economy proves to have quite good achievement namely growing of 6.1%, in the middle of global financial crisis, supported by Indonesian economic strength, among others:

• Demographic factor: large number of population and productive age creates large market scale
• Increasing Income so as to increase total middle class population
• PDB (Gross Domestic Income) per capita in 2008 increased from USD 1.942 to USD 2.271 (2/3 of Indonesian economy derives from Consumption sector - in 2008 Consumption in Gross Domestic Income of Indonesia increased by 5.3%
• PDB (Gross Domestic Income) of Indonesia in 2008 has exceeded USD 500,000,000,000 (while Goldman Sach predicts: year of 2010: USD 419 billion)
• Out of total population of Indonesia:
  • 23 million of population (= total population of Malaysia):
    Average per capita income of USD 7,000
  • 70 million of population (= total population of Thailand):
    average per capita income of USD 4,000

Increase of income of middle class population, can stimulate establishment of new businesses. Meanwhile investment growth of Indonesia is quite high namely 11.7%. So that, it would give significant consequence to the increase of production capacity in economy, of which consumption and investment development is important key of domestic economic development. It will certainly encourage our spirit & optimism to be ale to keep 'exist' and ready for competition fairly in attaining Vision of Tudung Goal 2012 : To be a "10 - 10 Value Creating Company" (c.q 10% EBT and 10 triliun revenue).

We will, in a long term, develop 5 (five) 'Tudung Leader's Traits' (TLT), namely CP4C: (Calling, Piety, Consistency, Creativity, Concern for People dan Competence). 1P (Piety) and the first 3 C (Consistency, Creativity, Concern for People) is "Core Traits" of Tudung Leaders which will become special trait of Noble People of Tudung Group. While Competence is "Generic & Specific Trait". 'Calling' itself is a 'soul call' from the bottom of heart which is fundamental in nature in each of Root and Personal.

According to House of TLDI (Tudung Leadership Development Institute), the Core traits itu will be developed through "Core Generic Programs" module. While Generic traits will be developed through modules from "Career Related Programs" and "Functional Leadership Programs" according to position class and professional field of each Job holder.

To ensure that Tudung Leader's Traits is not only an abstract thing in Tudung Group, the five traits as mentioned above will be measured using different measuring instrument. Piety will be measured by "Spiritual Quotient" (SQ). Consistency will be measured by "Adversity Quotient" (AQ) and "Execution Quotient" (XQ). While Creativity will be measured by "Creativity Quotient" (CQ) and Competence will be measured by "Intellectual Quotient" (IQ) as well as successfulness level in various Certified Assignments and trainings (Formal Credentials). As well as Concern for People measured by "Emotional dan Social Quotient" (EQ & SQ). Including Calling which can also indirectly measured using "Adversity Quotient" (AQ). Therefore the 5 (five) traits will be measured from time to time.

Tudung Leader's Traits (TLT) plays its central and strategic role in Tudung System that we are building, of which the TLT has covered values as contained in Corporate Philosophy of Tudung Group (peaceful & dynamic). Traits as contained in TLT cannot be seen separately but an integral part (CP4C is the total characteristics of Tudung Leaders). Development of CP4C will result in Tudung Leader (The resultant of CP4C is Tudung Leader).

Further, Tudung Noble People should also be able to develop reconciled way of thinking. By Reconciled Way of Thinking Cara we mean way of thinking which is not seeing two or more phenomenons by dichotomy, but seeing it as something which is paradoxical thereby reconciliable. Therefore between Process and Result as well as between People and Task should be managed proportionally, and not as something which is opposed to. Emphasis on a certain aspect is contextual and situational in nature. This is style of management that should be managed appropriately by any Leader in Tudung Group.

In the future, all 'Tudung Noble Leaders' will exert their best to combine effort and mind maximally keep finding opportunity in the future which will be full of challange so that the company would instead attain better achievement in 2009 if compared to 2008.

May God blesses our effort to materialze Mission and Vision of 2015 of Tudung Group.