vinh son song hinh hydro power joint stock company reviewed consolidated financial statements for the period from 1 jannuary 2010 to 30 june 2010

VINH SON - SONG HINH HYDRO-POWER JOINT STOCK COMPANY Incorporated in the Socialist Republic of Vietnam REVIEWED CONSOLIDATED FINANCIAL STATEMENTS For the period from 01 January 2010

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Deloitte

VINH SON - SONG HINH HYDRO-POWER

JOINT STOCK COMPANY

(Incorporated in the Socialist Republic of Vietnam)

REVIEWED CONSOLIDATED

FINANCIAL STATEMENTS

For the period from 01 January 2010 to 30 June 2010

Audit Tax.Consulting.Financial Advisory

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VINH SON - SONG HINH HYDRO-POWER JOINT STOCK COMPANY

21 Nguyen Hue Street, Quy Nhon City

Binh Dinh Province, S.R Vietnam

TABLE OF CONTENTS

CONTENTS

STATEMENT OF THE BOARDS OF MANAGEMENT AND DIRECTORS

AUDITORS’ REVIEW REPORT

CONSOLIDATED BALANCE SHEET

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED CASH FLOW STATEMENT

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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Binh Dinh Province, $.R Vietnam

STATEMENT OF THE BOARDS OF MANAGEMENT AND DIRECTORS

The Boards of Management and Directors of Vinh Son - Song Hinh Hydro-power Joint Stock Company (“the Company”) presents this report together with the Company’s reviewed consolidated financial statements for the period from 01 January 2010 to 30 June 2010

THE BOARDS OF MANAGEMENT AND DIRECTORS

The members of the Boards of Management and Directors of the Company who held office during the period and at the date of this report are as follows:

Board of Management

Mr Nguyen Van Thanh Chairman

Mr Trinh Van Tuan Member

Mr Nguyen Viet Thang Member

Board of Directors

Mr Vo Thanh Trung General Director

Mr Hoang Anh Tuan Deputy General Director

Mr Duong Tan Tuong Deputy General Director

THE BOARDS OF MANAGEMENT AND DIRECTORS’ STATEMENT OF RESPONSIBILITY

The Board of Management is entitled to the ultimate power to exercise all rights and obligations on behalf of the

Company, except for rights relating to the Board of Shareholders,

The Board of Directors of the Company is responsible for preparing the consolidated financial statements of

each period, which give a true and fair view of the financial position of the Company and of its results and cash

flows for the period In preparing these consolidated financial statements, the Board of Directors is required to:

e Select suitable accounting policies and then apply them consistently;

* Make judgments and estimates that are reasonable and prudent;

* State whether applicable accounting principles have been followed, subject to any material departures disclosed and explained in the consolidated financial statements;

¢ Prepare the consolidated financial statements on the going concern basis unless it is inappropriate to

presume that the Company will continue in business; and

se Design and implement an effective internal control system for the purpose of properly preparing and presenting the consolidated financial statements so as to minimise errors and frauds

The Board of Directors is responsible for ensuring that proper accounting records are kept, which disclose, with

reasonable accuracy at any time, the financial position of the Company and to ensure that the consolidated financial statements comply with Vietnamese Accounting Standards, Vietnamese Accounting System and

prevailing accounting regulations in Vietnam It is also responsible for safeguarding the assets of the Company

and for taking reasonable steps for the prevention and detection of fraud and other irregularities

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Binh Dinh Province, $.R Vietnam

STATEMENT OF THE BOARDS OF MANAGEMENT AND DIRECTORS (Continued)

The Board of Directors confirms that the Company has complied with the above requirements in preparing these

consolidated financial statements

The Board of Management confirms that these consolidated financial statements for the period from 01 January

2010 to 30 June 2010 were read and approved by the Board of Management

For and on behalf of the Boards of Management and Directors,

“ñ

= Nguyen Van Thanh Vo Thanh Trung

Chairman of the Board of Management General Director

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Audit Tax Consulting Financial Advisory

8-Pham Ngoc Thach Rd., Dong Da Dist

Hanoi, Vietnam, Tel : +84-4 3852 4123

Fax: +84-4 3852 4143

www deloitte.com/vn

No.: #9 /Deloitte-AUDHN-RE

AUDITORS’ REVIEW REPORT

To: The Board of Management and Directors and shareholders of

Vinh Son-Song Hinh Hydro-power Joint Stock Company

We have reviewed the accompanying consolidated balance sheet of Vinh Son - Song Hinh Hydro-power Joint

Stock Company (‘the Company”) as at 30 June 2010, and the related consolidated statements of income, cash

flows and the notes to the consolidated financial statements for the period from 01 January 2010 to 30 June

2010 These financial statements are the responsibility of the Company's Board of Directors Our responsibility

is to issue a report on these consolidated financial statements based on our review

We conducted our review in accordance with Vietnamese Standards on Auditing applicable to review

engagements This standard requires that we plan and perform the review to obtain moderate assurance as to

whether financial statements are free of material misstatements A review is limited primarily to inquiries of

Company’s personnel and analytical procedures applied to financial data and thus provide less assurance than an

audit We have not performed an audit, and accordingly, we do not express an audit opinion

As presented in Note 13 of the Notes to the financial statements, the Company did not revaluate borrowings

denominated in the foreign currencies at the balance sheet date If the Company had performed the revaluation of

these borrowings in accordance with Vietnam Accounting Standard No 10 "The Effect of changes in foreign

exchange rates", the profit before tax of the Company would have been decreased by VND7,626,558,211, and

foreign long-term loans balance would have been increased respectively

As presented in Note 15 of the Notes to the financial statements, up to the reporting date, the Company and

Electricity of Vietnam (EVN) have not had a formal agreement on the electricity price for the year 2010

Currently, the Company is recording revenue from the electricity production business on the basis of unit price

equal to 90% of the unit price of the same period in 2009

Based on our review, except for the effects of the above-mentioned matters, nothing has come to our attention

that causes us to believe that the accompanying consolidated financial statements do not give a true and fair view

of, in all material respects, the financial position of the Company as at 30 June 2010 and the results of its

operations and its cash flows for the period from 01 January 2010 to 30 June 2010 in accordance with

Vietnamese Accounting Standards, Vietnamese Accounting System and prevailing accounting regulations in

Vietnam

vy ———

Nguyen Tuan Anh Auditor

CPA Certificate No N.1291/KTV

DELOITTE VIETNAM COMPANY LIMITED

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Consolidated financial Statements

CONSOLIDATED BALANCE SHEET

TIE Short-term receivables

1 Trade accounts receivable

2 Advances to suppliers

3 Other receivables

IV Inventories

1 Inventories

2 Provision for devaluation of inventories

VY Other short-term assets

1, Short-term prepayments

2 VAT diductable

3 Other short-term assets

B NON-CURRENT ASSETS

1 Tangible fixed assets

29,648,695,161 (7,865,689,510) 1,127,882,325

36,862,325 1,091,020,000 1,359,159,779,008

1,342,787,398,434

2,905,801, 605, 116 (1,702,664,790,157)

14,215,463,291

2,156,917,283 165,494,906 1,991,422,377

25,158,732,968 20,525,974,052 28,491,663,562 (7,965,689,510) 63,050,000 18,550,000

44,500,000 1,421,776,973,968

1,406,167,435,180 1,279,345,161,357 2,905,610, 150,005 (1,626,264, 988,648) 126,822,273,823

13,537,609,715 13,537,609,715

2,071,929,073 80,506,696 1,991,422,377

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CONSOLIDATED BALANCE SHEET (Continued)

1 Short-term borrowings and liabilities 311 11 49,082,173,948 30,918,252,300

2 Trade accounts payable 312 4,652,907,032 5,885,617,641

3 Taxes and amounts payable to the State budget 314 12 18,475,872,098 19,457,067,987

4 Payables to employees 315 2,590,723,375 4,129,042,662

5 Accrued expenses 316 1,312,402,956 1,199,417,868

6 Other current payables 319 178,364,502 5,487,669,004

7 Bonus and welfare funds 323 995,915,498 2,122,125,601

1 Long-term loans and liabilities 334 13 267,539,695,595 249,066,753,336

2 Provision for severance allowance 336 179,627,387 191,467,885

2 Investment and development funds 417 21,500,000,000 21,500,000,000

3 Financial reserve funds 418 14,380,000,000 14,380,000,000

4 Retained earnings 420 14 336,984,204,926 : 162,823,211,822

Il Other resources and funds 430 1,223,288,889 1,376,511,544

1 Funds for fixed assets acquisition 433 1,223,288,889 1,376,511,544

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21 Nguyen Hue Street, Quy Nhon City Consolidated financial Statements

Binh Dinh Province, S.R Vietnam For the period from 01 January 2010 to 30 June 2010

CONSOLIDATED INCOME STATEMENT

FORM B 02-DN

Unit: VND

From 01/01/2010

ITEMS Codes Notes to 30/06/2010

1 Gross sales of merchandise and services 01 15 231,211,587,998

2 Less deductions 02 -

3 Net sales of merchandise and services 10 231,211,587,998

(10=01-02)

4 — Cost of goods sold and services 11 16 92,644,535,140

5 Gross profit from sales 20 138,567,052,858

13 Profit from other activities 40 15,254,683

14 Profit from the associate 41 677,853,576

15 Accounting profit before tax 50 175,638,876,332

17 Deferred tax income 52 -

18 Net profit after tax 60 175,638,876,332

General Director Chief Accountant Preparer

DE

= ais

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CONSOLIDATED CASH FLOW STATEMENT

ITEMS

I CASH FLOWS FROM OPERATING ACTIVITIES

1 Profit before tax

2 Adjustments for:

- Depreciation and amortisation

- Gain from investing activities

- Interest expense

3 Operating profit before movements in working capital

- (Increase) in receivables

- (Increase) in inventories

- (Decrease) in accounts payable

- (Increase) in prepaid expenses

~ Interest paid

- Other cash inflows

- Other cash outflows

Net cash from operating activities

I CASH FLOWS FROM INVESTING ACTIVITIES

1, Acquisition of fixed assets and other long-term assets

2 Cash outflow for lending to other companies

3 Cash recovered from lending to other compnies

4, Interest income, dividends and profit received

Net cash used in investing activities

lil CASH FLOWS FROM FINANCING ACTIVITIES

1 Proceeds from borrowings

2 Repayments of borrowings

Net cash from financing activities

Net increase in cash

Cash and cash equivalents at the beginning of the priod

Cash and cash equivalents at the end of the period

52,096,000,000 (15,459,136,093) 36,636,863,907

164,654,141,165 196,280,817,110 360,934,958,275

The notes set out on pages 9 to 22 are an integral part of these financial statements

7

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21 Nguyen Hue Street, Quy Nhon City Consolidated financial Statements

Binh Dinh Province, 8.R Vietnam For the period from 01 January 2010 to 30 June 2010

CONSOLIDATED CASH FLOW STATEMENT (Continued)

Supplementary non-cash disclosures

Cash outflows for purchases and construction of fixed assets during the period include an amount of

VND22, 100,324,345 representing advance to contractors while final accounts of the constructions have not been

verified Accordingly, a change in accounts receivable has been adjusted by the same amount

enefal Director Chief Accountant Preparer

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21 Nguyen Hue Street, Quy Nhon City Consolidated Financial Statements

Binh Dinh Province, 8.R Vietnam For the period from 01 January 2010 to 30 June 2010

These notes are an integral part of and should be read in conjunction with the accompanying consolidated financial statements

1 GENERAL INFORMATION

Structure of ownership

Vinh Son - Song Hinh Hydro-power Joint Stock Company is incorporated in Vietnam as a joint stock

company which was converted from Vinh Son - Song Hinh Hydro Power Plant, a State-owned

enterprise (“the Plant”) Previously, the Plant was a dependent accounting unit of Electricity of Vietnam

(“EVN”)

According to Decision No 219/QD-TTg dated 28 October 2003 issued by the Prime Minister approving

the general plan for renovation of State-owned Enterprises under Electricity of Vietnam in the period

from 2003 to 2005 and Decision No 2992/QD-TCCB of the Ministry of Industry on capitalising Vinh

Son - Song Hinh Hydro-Power Plant The Plant is responsible for proceeding equitisation in 2004, On 2

December 2004, the Ministry of Industry issued Decision No 151/2004/QD-BCN on converting Vinh

Son - Song Hinh Hydro Power Plant into Vinh Son - Song Hinh Hydro-power Joint Stock Company

On 4 May 2005, the Plant officially started operating under the model of a joint stock company and

under the name of Vinh Son - Song Hinh Hydro-power Joint Stock Company The Company’s Business

Certification No 3503000058 was issued by the Department of Planning and Investment of Binh Dinh

Province on 4 May 2005, as amended

The Company was granted certificate to trade securities in Hanoi Stock Trading Center in accordance

with Decision No 01/QD-TTGDHN On 28 June 2006, the Company was officially granted certificate

to have its stocks listed in Ho Chi Minh City Stock Exchange in accordance with Decision No

54/UBCK-GDNY issued by the State Securities Committee

The Company has a 100% owned subsidiary namely VSH Consulting and Technical Service One

Member Company Limited and an associate namely Binh Dinh Tourist Joint Stock Company

The number of employees as at 30 June 2010 was 149 (31/12/2009: 125)

Operating industry and principal activities

The principal activities of the Conpany are to produce electricity; provides operation management

services and hydroelectric power plants maintenance; provides consulting and management service for

projects and supervises the construction of hydropower plant projects; provides consulting services for

the designs of irrigation, transportation and hydropower projects; provides consulting and supervising

services for the construction of irrigation and transport projects; tests power; trades materials and

equipment in hydroelectricity industry, invests in construction of power projects; and trades properties

Accounting convention

The accompanying consolidated financial statements, expressed in Vietnam Dong (VND), are prepared

under the historical cost convention and in accordance with Vietnamese Accounting Standards,

Vietnamese Accounting System and prevailing accounting regulations in Vietnam

Accounting period

The Company’s financial year begins on 01 January and ends on 31 December There are interim

financial statements for the period from 01 January 2010 to 30 June 2010

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21 Nguyen Hue Street, Quy Nhon City Consolidated Financial Statements

Binh Dinh Province, S.R Vietnam For the period from 01 January 2010 to 30 June 2010

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FORM B 09-DN/HN

These notes are an integral part of and should be read in conjunction with the accompanying consolidated financial statements

3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies, which have been adopted by the Company in the preparation of

these consolidated financial statements, are as follows:

Estimates

The preparation of consolidated financial statements in conformity with Vietnamese Accounting

Standards, the Vietnamese Accounting System and prevailing accounting regulations in Vietnam

requires management to make estimates and assumptions that affect the reported amounts of assets,

liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial

statements and the reported amounts of revenues and expenses during the reporting period Actual

results could differ from those estimates

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and

enterprises controlled by the Company (its subsidiaries) up to balance sheet date Control is achieved

where the Company has the power to govern the financial and operating policies of an investee

enterprise so as to obtain benefits from its activities

The results of subsidiaries acquired or disposed of during the period are included in the consolidated

income statement from the effective date of acquisition or up to the effective date of disposal, as

appropriate

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the

accounting policies used in line with those used by the Company

All inter-company transactions and balances between group enterprises are eliminated on consolidation

Minority interests in the net assets of consolidated subsidiaries are identified separately from the

Company’s equity therein Minority interests consist of the amount of those interests at the date of the

original business combination (see below) and the minority’s share of changes in equity since the date

of the combination Losses applicable to the minority in excess of the minority’s interest in the

subsidiary’s equity are allocated against the interests of the Company except to the extent that the

minority has a binding obligation and is able to make an aDitional investment to cover the losses

Investments in associates

An associate is an entity over which the Company has significant influence and that is neither a

subsidiary nor an interest in joint venture Significant influence is the power to participate in the

financial and operating policy decisions of the investee but not control or joint control over those

policies

The results and assets and liabilities of associates are incorporated in these financial statements using

the equity method of accounting Interests in associates are carried in the balance sheet at cost as

adjusted by post-acquisition changes in the Company’s share of the net assets of the associate Losses of

an associate in excess of the Company's interest in that associate (which includes any long-term

interests that, in substance, form part of the Company's net investment in the associate) are not

recognised

Where a member company transacts with an associate of the Company, unrealised profits and losses are

eliminated to the extent of the Company’s interest in the relevant associate

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