FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED 31 DECEMBER 2010

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9 BAKER TILLY

HE FISCAL YEAR ENDED 31 DECEMBER 2010

7 _ % _ -

-

for the fmcal year ended 31 December 2010

6 Cash flow statement

for the fiscal year ended 31 December 2010

7 Notes to the financial statements

for-the fiscal year ended 31 December 2010

8 Appendix

F- REAL ESTATE 11 JOINT STOCK COMPANY

The D i iof ~ e l u Estate 11 Joint Stock Company ("the company") present this report

financial statements for the fiscal year ended 31 December 2010

Bnsine~ h i i n 4 $

Real Estate 11 Joint Stock Company (previously called House Trading Joint Stock Company of District 11) was established on the basis of the equitization of the State-owned company (House Trading Joint Stock Company of District 11) in accordance with the Decision No 5730lQD-UB dated 31 December

2003 of the Chairman of the Peoole's Committee of Ho Chi Minh Citv The comuanv has been

operating under the business registration certificate No 4103002793 dated i 2 October i00igranted by the Department of Planning and Investment of Ho Chi Minh City

Dwing its operation course, the company has been additionally granted the following amended husiness

registration certificate by the Department of Planning and Investment of Ho Chi Minh City:

- The first amended business registration certif~cate on 02 February 2005, the second one on 25 June

2005 and the thkd one on20 h e ZB07 regarding the modification of the business functions

- The fourth amended business registration d c a t e dated 31 January 2008 on the change in the address of the head office

- The sixth amended business registration certificate dated 09 September 2010 regarding the change

in p r e s c n i capital of the company

Prescribed capital as in the business registration certif~cate:

at the head office); Designing civil construction works, industrial works; designing total space of

construction works; designing interior and exterior construction works, Consulting, supervising civil and industrial construction works, Preparing conslruction investment plans; Investing in infmtructures

of residential areas and indudrial parks; Leveling ground; Providing services of leasing houses, plants

and warehouses; Providing property services; Acting as agent of goods depositing; Designing structures '

of civil and indushial wo* W i n g ofices; M a d a d m k g c o m h d k g mate.rials (not at the head office); Executing p r e f a b r i d concrete building components; Building up civil, indushial and tmffic wo*, Providing services of civil and industrial sanitation; Providing parking services; Caring and

preserving trees; Trading household appliances, food, heventges and domestic cigarettes (except for providing catering services); Trading real estates; Providing property brokerage service; Providing

property appraisal service; Providing real estate floor services, Providing property consulting service; Providing property auction service, Performing property advertising service; Managing real estate; Providing services of pre-school education, primary education, secondary education, high-school education, vocational training (not operating at the head office), college (not operating at the head office), university and postgraduate (not operating at the head office); Providing educational sports and entertabmat; Providing other educational savices

REAL ESTATE 11 JOINT SrOCK COMPANY

REPORT OF THE DlRETORS (cont)

Material effects on the comonnv's ooerations

During the year, the company has issued bonus shares to increase its prescribed capital h m VND

20.000.000.000 to VND 26.000.000.000

Financial m i t i o n and business resalts

The financial position as of 31 December 2010, the business results, and the cash flows for the fiscal year then ended 31 December 2010 of the company have been expressed in the financial statements attached to this report (from page 06 to page 29)

During the year, the Board of Management has decided to distribute profit of 2009 and made advances

to dividends of 2010 to shareholders as follows:

- Additionally sharing dividends of previous year VND 4.652.940.000

- Advance to dividends of the current year VND 2.000.000.000

The COI - y's shares have been listed on Ha Noi Stock Exchange from 06 January 201 1 under the code of D11

Apart from the issue above, the D i m of the company hereby confirm that there have been no

events from 3 1 December 2010 to the date of this report, which need any adjustments on the figures or the disclosures in the financial statements

The Board of Manmzement and the Executive Officeq

The Board members and the Executive Officers of the company during the year and as of the date of this report include:

The Board of Management

Mr Tran Ngoc Phuong Member 08 October 2009

Ms Tran Thi Kim Hue Member 08 October 2009

The Board of Supervisors

Ms Huynh Thi Yen Nhi Chief of the Board 08 October 2009 28 April 2010

Ms Tran Thi Kim Loan Chief of the B o d 28 April 2010 -

Mr Nguyen Khac Giang Member 08 October 2009 28 April 2010

Tram

REAL ESTATE 11 JOINT STOCK COMPANY

REPORT OF THE DIRECTORS (umt.)

The Directors

Mr Dang Huu Thanh Vice Director 16 October 2009

Ms Tran Thi Kim Hue Vice D i r 16 October 2009

Mr Nguyen Khac Giang Vice D i r 16 October 2009

Anditom

Auditing and Consulting Company Limited (A&C) has performed the audit on the company's financial

stetements for the fiscal year ended 31 December 2010, and has expressed its willingness to be

appointed the company's external auditor

ConAmationa of the Direetoq

The Directors of the company are responsible for the preparation of the financial statements to give a

true and fair view of the financial position, the business results and the cash flows of the company for

ea& ofthe compaay's fisc;ti year k order to prepare-thesefinancial datemen&, the Directors must:

select the appropriate accounting policies and apply them consistently;

make judgments and estimates reasonably and pm-,

announce the accounting standards to be followed for the material issues to be disclosed and

explained in the financial statements; and

prepare the financial statements of the company on the basis of the going-concern assumption,

except for the cases that the goingconcern assumption is considered inappropriate

The Directors hereby ensure that all the requirements mentioned above have been followed when the

recorded and can fairly reflect the financial position of the company at any time, and that all the

financial statements have been prepared in compliance with the prevailing Vietnamese accounting

March-2B86 of the Minister of F i i c e - a a d - n f k Chxdars guiding the implementation of the - accounting system and standards of the Ministry of F i c e

The Directors are also responsible to protect the assets of the company, and consequently have taken

appropriate measures to prevent and to detect h u d s and other irreguhities

Fof the Directors

Tran T h d Bach

General Director

Date: 30 March 201 1

BAKER TILLY Headquanen : 229 Dong Khoi St Dist.1, Ho Chi Minh City

NO 033 11201 1IBCTC-KTTV

AUDITOR'S REPORT

ON THE FINANCIAL STATEMENTS POR THE FISCAL YEAR ENDED 2010

THE SHAREHOLDERS, 'PIIE BOARD O F MANAGEMENT AND THE DIRECTORS

OF REAL ESTATE 11 JOINT STOCK COMPANY

We have audited the accompanying f m c i a l statements for the fiscal year ended 2010 of Real Estate

11 Joint Stock Company, including the balance sheet as of 31 December 2010, the income statement,

the cash flow statement and the notes to the financial statements for the fiscal year then ended, which

was prepared on 17 February 201 1 (from page 06 to page 29)

The preparation and the presentation of these fmancial statements are the responsibility of the

company's Directors Our responsibility is to express an opinion on these financial statements based on

o w audit

Audit background

We have conducted o w audit in accordance with the Vietnamese Auditing Standards These standards

require that we plan and perform the audit procedures to obtain a reasonable assurance that the f m c i a l

statements are fiee firom material mistakes The audit is developed on the basis of our performing the

sampling method as well as applying the necessary examinations and tests of evidences supporting the

company's compliance with the prevailing accounting standards and system, the accounting principles

and methods applied, the material estimates and judgments of 'the company's Directors as well as our

evaluating the overall presentation of the fmancial statements We believe that our audit has provided

reasonable bases for our opinion . .:,%= ' '

-

* :.-, 7- - L .- Auditor's oainiou

In our opinion, the f m c i a l statements referred to above give a true and fair view, in all material

respects, of the financial position as of 31 December 2010, the business results and the cash flows for

the fiscal year then ended of Real Estate 11 Joint Stock Company in conformity with the prevailing

Vietnamese accounting system and standards as well as other related regulations

,This report is made in two languages (Vietnamese and English), both of equal validity The Vietnamese

version will be the original for reference when needed

For and on behalf of

ulting Company Limited

Audit Certiicate No DD.0099/KTV

Nguyen Thi Phuoc Tien - Auditor

Audit Cerh9cate No I 1 99/KW

Ho Chi Minh City, 30 March 201 1

REAL ESTATE 11 JOINT SOCK COMPANY

Address: No 205 Lac Long Quan, Ward 3, D i c t 11, Ho Chi Minh City

2 Provisions for devaluation of short-term investments 129

Ill Short-tern accounts receivable 130 29.728.945.581 106.405.001.466

4 Receivable according to the progress of consttrction

2 Provisions for devaluation of inventories

3 Taxes and other accounts receivable fkom the State 154 -

5 Othercurrmtassets 158 V.6 22.559.1 11.500

This #ahmenfshaJd be read in conjwdion with the note6 to the ~ i a l r t a f c m e ~

Address: No 205 Lac Long Quan, Ward 3, District 11, Ho Chi Minh City

FINANCIAL STATEMENTS

For the fiscal year ended 3 1 December 2010

Balance sheet (cont.)

B - LONGTERM ASSETS

L Long-term accounts receivable

1 Long-term accounts ~eceivable h m customers

2 Working capital m afiiliates

3 Long-term inter-company receivable

4 Other long-term receivable

5 Provisions for bad debts

2 lnvesbncnts in business concerns and jomt ventures

3 Other hmetenn invesmeak

4 Pronsrom for-dmabtian-of long-term hves8nads

V Other long-term assets

1 Long-term prepaid expenses

2 Defend income tax assets

3 other long-term assets

TOTAL ASSETS

This s w m e n f shaJd be rend in coyunction with the not- to the finmreiol statements

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REAL ESTATE 11 JOINT STOCK COMPANY

Address: No 205 Lac Long Quan, Ward 3, District 11, Ho Chi Minh C i

FINANCIAL STATEMENTS

For the fiscal year ended 3 1 December 2010

Balance sheet (cont.)

L I A B m S AND OWNER'S EQUITY Code Note Ending balance Begbnin~ balance

10 Provisions for short-term accouuts payable

11 Bonus and welfare funds

12 Trading Government bonds

Long-term Iiibiitied

Loag-term accounts payable to suppliers

Long-term interampany payable

Other long-term payable

Long-term debts and loam

Defemd income tax payable

Provisions for unemployment allowances

Provisions for long-term accounts payable

5 Dierences on asset revaluation

6 Foreign exchange differences

7 Business promotion fund

8 F i c i a l reserved fnnd

9 Other funds

10 Retained earnings

1 1 Construetion investment fund

12 Business arrangement supporting fund

JJ Other soorcea and funds

1 Soucm of expenditure

2 Fund to form fixed assets

TOTAL LIABILITIES AND OWNER'S EQUITY

This statement should be read in co@mclion with the notex to the $nancial statements 8

Admess: No 205 JAW Long Qua, Ward 3, District 11, Ho Chi Minh City

For the fiscal year ended 3 1 December 2010

Balance sheet (cont)

ITEMS Note Ending balance Beginning balance

1 b e h o l d assets

2 Materials md goods kept or processed for others

3 Goods deposited by others

4 Baddebts already treated

5 Foreign currencies:

6 B h a k s for non-business and project expenditure

City, 17 February 201 1

/

This statementshould be n a d i n coq/w1ction with the notes to the financiaIsfatemenU

No 205 Lac Long Quaa, Ward 3, District 11, Ho Chi Minh City

STATEMENTS

year ended 31 December 2010

INCOME STATEMENT For the h l year ended 2010

13 Other profit1 (loss)

14 Total accounting prolit before tu

15 Current corporate income tax

16 Deferred corporate income tax

17 Profit after tax

18 E.&g per share

Chief A e c o ~ ~ ~ ~ t a n t General Director

Thir sfakmenf sharld be read in coqjunctian wifh the notes to ths Jhmciol stdemenh

Address: No 205 Lac Long Quan, Ward 3, D i c t 1 I, Ho Chi Minh City

FINANCIAL STATEMENTS

For the fiscal year ended 3 1 December 2010

CASH FLOW STATEMENT

G a d (loss) from foreignexcbgedifferenoes

Gain1 (loss) 60m investing activities

loan interest^^

OperaUngprof@ before

c&angcs of working copftol

Increase/ (decrease) of a c c o ~ receivable

Increase/ (decrease) of inventories

I n d(deerease) dacwunts payable

Increase/ (decrease) of prepaid expenses

Loan interests already paid

Coqmate inwme tax already paid

Other gains

Other disbursements

Code Note Carrent year Previous year

Nd cmhflowsfrom operating aeriviIies 20 15364.223.057 60.441.191.353

II Cash flows from hv&hg activities

1 Purchases and construction of fixed assets

and other long-term assets 21 V.8, V.9

2 Gains h m disposals and liquidation of iixed assets

and other long-term assets 22

3 Loans given and purchases of debt imlmnents

4 Recovery of loans given and disposals of debt

5 InvcstmenP into other entities 25

6 -draw& of investments in other entities 26

7 Receipts of loan interests, dividends and profit shared 27 VI.3

This statement should be read in conjunction with the notes to the f i ~ n c i a l statemem

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REAL ESTATE 11 JOINT STOCK COMPANY':

.;Address: No 205 Lac Long Quan, Ward 3, Ditrict 11, Ho Chi Minh City

FINANCIAL STATEMENTS

For thc fiscal year ended 3 December 2010

Cash now statement (font)

Code Note Current year Previous year III Cash flows from ffnanchg aetkitia

1 Gains h m stock issuance and capital confniutiom

2 Repayment for capital contributions and re-purchases

3 Short-term and long-term loans received 33 V.14 22.824.235.549 26253.039.000

4 Loan principal amounts repaid 34 V.14, V.22 (39.502.033.549) (73215.878.437)

6 Dividends and profit already paid to the owners 36 V.22 (1.796.521.000) -

Net cash flows during the year

Beginning cash and cash equlvalenfs 60 V.l 13.570.261.615 178.900.790

Ending cash and eash equivalents

,

Ngnyen Thi Phoong Tam Huynh Thi Yen Nhi Tran Thanh Bach

Prepamr Chief Aceonntant General D i i t o r

,k'i'

- >:,-~ REAL ESTATE 11 JOINT STOCK COMPANY

,: ~ Address: 205 Lac Long Qnan, Ward 3, D i c t 1 I, Ho Chi Minb City

1 Investment form : a joint stook company

2 Operating field : constructing, servicing and trading real estate

3 Main operations : building houses; manufactwing constructing materials (not

at the head office); designing civil construction works; leasing houses, workshops, warehouses; providmg parking service; trading real estate

4 Employees

As at 31 December 2010, the company has had 49 employees (at the end of the previous year: 42 employees)

5 Effeets of the company's operatio~~s on the financial statements

During the year, the company has issued bonus shares to increase its prescribed capital h m VND 20.000.000.000 to VND 26.000.000.000

IL FISCAL YEAR AND STANDARD CURRENCY USED IN ACCOUNTING

1 Fiscalyear

The fiscal year of the company is from 01 January to 3 December annually

2 Standard eurreney unit

The standard currency unit used is Vietnam Dong (VND)

IU ACCOUNTING POLICIES

2 Statement on the compliance with the accounting standards and system

The Directors ensure to follow all the reauirements of the prevailing Vietnamese accounting

system and standards which wene issued t o h e r with the &ision NO- I5/2006IQDBTC d a d

20 March 2006 of the Minister of Finance and the C h l a r s guiding the implementation of the

accounting system am4 standards of the Ministry of Finance &the preparation of these fmancial s3atements

3 Aceountingform

Voucher recordiig

These nofu fm an integralpart ofandshould be read in coyunction with thefinancial statements

REAL ESTATE 11 JOINT STOCK COMPANY

Address: 205 Lac Long Quan, Ward 3, D i c t 11, Ho Chi Minh City

FINANCIAL STATEMENTS

Forthe fiscal year ended 31 December 2010

Notes to the financial statements (cont.)

lv ACCOUNTING POLICIES

1 Accounting convention

All the financial statements are prepared on the accrual basis (except for the information related

to cash flows)

2 Cash and cash equivalents

Cash and cash equivalents include cash on hand, cash in bank, cash in transit and short-term

investments of which the due dates can not exceed 3 months from the dates of the investments

and the convertibility into cash is easy, and which do not have a lot of risks in the conversion into

cash

3 Inventories

Inventories are recorded at their original costs Costs include purchasing expenses, processing

expenses, aud other dE&Iy related costs to bring the inventories to the current p o s i t i p pgd

conditions

L

n -

Inventories are recorded in line with the perpetual method Costs of inventories are calculated in

line with the two following methods:

- As for materials purchased then dispatched for construction work: specific i H ~ c a t i o n

method,

- As for other inventories: fmt-in first-out method

Provision for devaluation of inventories is made when their costs are higher than their net

realizable values Net realizable values are the estimated selling prices of inventories less the

estimated expenses on product completion and other necessary expenses on product consum tion

4 Trade m i v a b l e and other receivable

Trade receivable and other receivable are recognized at the values on supporting documents and

Provision is made for each bad debt basing on the outstanding debt age or estimated loss Details

are as follows:

As for outstandig debts:

- Provisions are made at the rate of 300? of the value of debts outstand'mg h m over 6

months to under 1 year

- Provisions are made at the rate of 50?4 of the value of debts outstanding from 1 year to '

- under 2 years

- Provisions are made at the rate of 70% of the value of debts outstand'ig h m 2 yean to

under 3 years

- Provisions are made at the rate of 1000? of the vahe of debts outsen over 3

years

As for doubtfbldebts: provisions are made basing on the estimated loss

These notes fonn an integrolpmf ofandshmrld be reod in co@uztion with thepnanciol statements 14