This document is the annual report of VinaLand Limited (VNL) for 2008. It provides an overview of VNL, discusses the state of Vietnam's economy in 2008, and the investment environment for real estate. Vietnam's economy grew rapidly in 2007 but experienced high inflation, requiring government intervention to slow growth. The real estate market saw price declines in the first half of 2008 due to credit tightening. However, demand remained for office and retail space, and future growth is expected to continue driving real estate sector development.
Thiet ke Bao cao thuong nien - Vina 2008 Viết Nội Dung
The document provides an annual report for the Vietnam Opportunity Fund (VOF) for the 2008 fiscal year. It can be summarized as follows:
1) VOF saw a decline in its net asset value over fiscal year 2008, dropping from USD3.28 per share at the end of June 2007 to USD2.06 per share at the end of June 2008, as Vietnam's economy slowed significantly in the first half of 2008 in response to inflationary pressures.
2) Vietnam's economy grew strongly in 2007 but overheated, leading the government to restrict credit growth and spending in early 2008 to curb inflation, which had negative impacts on the stock market and currency.
3) While the portfolio diversification
C:\Fakepath\Aseana Corporate Presentation May 2010 Finalguestba72e9
Aseana Properties Limited is a property developer focused on high-end residential, commercial, and hospitality developments in Malaysia and Vietnam. The corporate presentation provides an overview of Aseana Properties' portfolio of projects in Malaysia, which includes developments in Kuala Lumpur that are residential, mixed-use, and hospitality projects. Financial information for 2009 includes a net asset value of $205.07 million, realizable net asset value of $264.60 million, and cash holdings of $47 million.
Overview Of The World Bank Guarantee Programfbasoc
The World Bank provides various types of guarantees to mobilize private financing for development projects. These guarantees include partial risk guarantees, partial credit guarantees, and policy-based guarantees. Partial risk guarantees cover private lenders against specific political and regulatory risks, while partial credit guarantees cover risks over a portion of loan repayments to extend maturities. As of 2005, World Bank guarantees had catalyzed $12 billion in private investment and focused on infrastructure projects in developing countries. The guarantees help governments and the private sector access more affordable financing.
The document provides information about Frontier Markets Fund Managers (FMFM) and the funds it manages. FMFM manages the Emerging Africa Infrastructure Fund (EAIF) and GuarantCo funds. EAIF has committed US$944 million to 52 infrastructure projects across sectors like power, transport and telecoms in Africa. GuarantCo provides credit guarantees to encourage local currency private infrastructure financing in developing countries.
The document provides an overview of LLX Logística S.A., a Brazilian logistics company focused on developing port systems in southeast Brazil. It discusses LLX's main strengths, including strategic locations integrated with infrastructure, low-cost operational model through private terminals, and long-term contracts generating secured revenues. The document also notes LLX's experienced management team and social/environmental responsibility focus. It highlights the Açu Superport project as LLX's largest, involving over $3 billion investment to create an integrated port-industry complex expected to generate $190 million annually from iron ore shipping contracts.
ExxonMobil delivered record financial results in 2003, achieving $21.5 billion in net income and $30.8 billion in cash flow from operations. Return on capital employed was a strong 21%. The company increased its annual dividend for the 21st consecutive year and returned over $11.5 billion to shareholders through dividends and share repurchases. Several major projects commenced production during the year and others are progressing to provide long-term oil and gas resources while prioritizing safety, environmental protection, and shareholder returns.
The document discusses LLX Logística S.A., a Brazilian logistics company focused on developing port systems in southeast Brazil. It notes that LLX has signed over 60 contracts and MOUs with companies and has investments totaling $40 billion for its Açu Superport project. The Açu Superport will be one of the largest ports in Latin America and among the top 3 in the world once completed. It will help address Brazil's logistics bottlenecks and integrate the country's rail, highway, and port infrastructure.
The document summarizes a presentation by CEO Otávio Lazcano of LLX Logística S.A. It discusses (1) LLX's focus on developing major port systems in southeast Brazil, (2) its strategic locations and integration with infrastructure, (3) its experienced management team, and (4) provides an overview and milestones of its flagship Açu Superport project involving over $3 billion in investments.
Thiet ke Bao cao thuong nien - Vina 2008 Viết Nội Dung
The document provides an annual report for the Vietnam Opportunity Fund (VOF) for the 2008 fiscal year. It can be summarized as follows:
1) VOF saw a decline in its net asset value over fiscal year 2008, dropping from USD3.28 per share at the end of June 2007 to USD2.06 per share at the end of June 2008, as Vietnam's economy slowed significantly in the first half of 2008 in response to inflationary pressures.
2) Vietnam's economy grew strongly in 2007 but overheated, leading the government to restrict credit growth and spending in early 2008 to curb inflation, which had negative impacts on the stock market and currency.
3) While the portfolio diversification
C:\Fakepath\Aseana Corporate Presentation May 2010 Finalguestba72e9
Aseana Properties Limited is a property developer focused on high-end residential, commercial, and hospitality developments in Malaysia and Vietnam. The corporate presentation provides an overview of Aseana Properties' portfolio of projects in Malaysia, which includes developments in Kuala Lumpur that are residential, mixed-use, and hospitality projects. Financial information for 2009 includes a net asset value of $205.07 million, realizable net asset value of $264.60 million, and cash holdings of $47 million.
Overview Of The World Bank Guarantee Programfbasoc
The World Bank provides various types of guarantees to mobilize private financing for development projects. These guarantees include partial risk guarantees, partial credit guarantees, and policy-based guarantees. Partial risk guarantees cover private lenders against specific political and regulatory risks, while partial credit guarantees cover risks over a portion of loan repayments to extend maturities. As of 2005, World Bank guarantees had catalyzed $12 billion in private investment and focused on infrastructure projects in developing countries. The guarantees help governments and the private sector access more affordable financing.
The document provides information about Frontier Markets Fund Managers (FMFM) and the funds it manages. FMFM manages the Emerging Africa Infrastructure Fund (EAIF) and GuarantCo funds. EAIF has committed US$944 million to 52 infrastructure projects across sectors like power, transport and telecoms in Africa. GuarantCo provides credit guarantees to encourage local currency private infrastructure financing in developing countries.
The document provides an overview of LLX Logística S.A., a Brazilian logistics company focused on developing port systems in southeast Brazil. It discusses LLX's main strengths, including strategic locations integrated with infrastructure, low-cost operational model through private terminals, and long-term contracts generating secured revenues. The document also notes LLX's experienced management team and social/environmental responsibility focus. It highlights the Açu Superport project as LLX's largest, involving over $3 billion investment to create an integrated port-industry complex expected to generate $190 million annually from iron ore shipping contracts.
ExxonMobil delivered record financial results in 2003, achieving $21.5 billion in net income and $30.8 billion in cash flow from operations. Return on capital employed was a strong 21%. The company increased its annual dividend for the 21st consecutive year and returned over $11.5 billion to shareholders through dividends and share repurchases. Several major projects commenced production during the year and others are progressing to provide long-term oil and gas resources while prioritizing safety, environmental protection, and shareholder returns.
The document discusses LLX Logística S.A., a Brazilian logistics company focused on developing port systems in southeast Brazil. It notes that LLX has signed over 60 contracts and MOUs with companies and has investments totaling $40 billion for its Açu Superport project. The Açu Superport will be one of the largest ports in Latin America and among the top 3 in the world once completed. It will help address Brazil's logistics bottlenecks and integrate the country's rail, highway, and port infrastructure.
The document summarizes a presentation by CEO Otávio Lazcano of LLX Logística S.A. It discusses (1) LLX's focus on developing major port systems in southeast Brazil, (2) its strategic locations and integration with infrastructure, (3) its experienced management team, and (4) provides an overview and milestones of its flagship Açu Superport project involving over $3 billion in investments.
Solvency II presentation Dublin July 2010kingphilip1
Mazars held a Solvency II update seminar recently. As the Solvency II programme rolls on and with QIS5 just around the corner, this seminar reviewed the recent developments and considered major challenges that insurers are likely to face between now and the end of 2012.
The document discusses LLX Logística S.A., a Brazilian logistics company. It notes that LLX was created in 2007 to provide port logistics services through two major port systems in southeast Brazil. The document also provides an overview of LLX's management team and port projects, noting its strategic locations and integration with rail and road infrastructure. It positions LLX as innovating port infrastructure in Brazil by developing industrial port complexes with capacity for future growth.
The document provides an overview of LLX Logística S.A., a Brazilian logistics company developing major port systems in southeast Brazil. It summarizes LLX's main projects including the Açu Superport, highlights its strategic location and long-term contracts with companies, and outlines its business model of securing take-or-pay contracts to guarantee cashflow. Financial details are also presented on LLX's capital expenditures to date and its consolidated financial position as of September 2010.
LLX Logística is developing two major port terminals, LLX Minas Rio and LLX Açu, with over $3 billion in total planned investments. LLX Minas Rio will handle iron ore and begin shipments in 2013, while the larger LLX Açu terminal will handle multiple dry and liquid bulk cargos for industries located in its industrial complex. LLX has signed numerous long-term contracts to ensure steady cash flow and dividends for shareholders from its port operations and industrial services.
The document describes several monthly income mutual funds: HDFC, Reliance, Birla Sunlife, Canara Robeco, and ICICI Prudential. It provides information on their net asset values, returns, asset allocations between equity, debt and other holdings, risk metrics like beta and standard deviation, and sectoral exposures. The funds aim to generate regular income through investments primarily in debt and money market instruments, with some investing a small portion in equities to provide long-term capital appreciation.
Presentation of results from SpareBank 1 Gruppen - 1st half-year and 2nd quar...SpareBank 1 Gruppen AS
1) The SpareBank 1 Gruppen reported a pre-tax profit of NOK 308 million for the first half of 2011, down slightly from NOK 295 million in the same period in 2010. Profit after tax was NOK 249 million.
2) SpareBank 1 Skadeforsikring Group saw good portfolio growth of NOK 277 million or 5.9% in the first half of 2011. However, its pre-tax profit was impacted by large claims in Q1 and flood damage in Q2.
3) Overall, the SpareBank 1 Gruppen reported improved underlying earnings, but weak equity markets and natural disasters lowered profits compared to the previous year.
SunTrust Banks reported financial results for 2Q 2008. Net income increased 89% from the prior year due to securities gains, but core revenue growth was soft due to declining mortgage income. The provision for loan losses declined 20% from last quarter but credit quality continued to deteriorate. Capital levels improved substantially following transactions involving Coca-Cola stock, raising the estimated Tier 1 capital ratio to 7.47% from 7.23% last quarter. The net interest margin increased to 3.13% driven by improved deposit pricing and mix.
- The company reported record sales of $4.5 billion in 2005, an 8% increase over 2004. Operating income increased 11% to $542 million.
- Raw material costs increased significantly which posed a challenge, but the company effectively managed these rising costs.
- The company expects higher raw material and freight costs to continue impacting operating income in 2006 and presents an ongoing challenge.
El documento describe la historia y naturaleza del Servicio Nacional de Aprendizaje (SENA) de Colombia. El SENA fue creado en 1957 para ofrecer formación profesional a los trabajadores colombianos. Desde entonces, ha crecido para brindar una variedad de servicios relacionados con la capacitación laboral, el desarrollo de competencias, la investigación y el apoyo a empresas. El SENA juega un papel fundamental en el desarrollo económico y social de Colombia a través de la formación y capacitación de la fuerza
The document discusses the benefits of meditation for reducing stress and anxiety. Regular meditation practice can help calm the mind and body by lowering heart rate and blood pressure. Making meditation a part of a daily routine, even if just 10-15 minutes per day, can have mental and physical health benefits over time by helping people feel more relaxed and focused.
This document appears to be a sermon from the Gospel Baptist Tabernacle church in Rossville, GA on November 19, 2014. It discusses several passages from Proverbs about avoiding gossip, living with a brawling woman, genuine love between husbands and wives, good news from distant friends/relatives, the dangers of compromise between good and evil, avoiding self-glory, and the importance of self-restraint through God's Holy Spirit. The sermon encourages Christians to stand up against gossip, be patient and kind with their spouses, have no compromise with wickedness, let others praise them instead of self-praise, and submit to God's spirit for strength of self-control.
This yearbook from Spring Branch High School documents the class of 1976. It includes listings of senior class officers and individual student photos from Adams to Coolures. The table of contents outlines the sections for class officers, student photos, and additional yearbook content.
The Spider Class wrote to Ms. Jen asking her to teach them how to use the Smartboard. Ms. Jen responded that she would be happy to teach them and asked why they thought it was called a Smartboard. The Spider Class thanked Ms. Jen and shared that some students already knew it was called a Smartboard while others did not. They included quotes from two students guessing why it is called a Smartboard and asked Ms. Jen why she calls it a Smartboard.
The document discusses how personalization and dynamic content are becoming increasingly important on websites. It notes that 52% of marketers see content personalization as critical and 75% of consumers like it when brands personalize their content. However, personalization can create issues for search engine optimization as dynamic URLs and content are more difficult for search engines to index than static pages. The document provides tips for SEOs to help address these personalization and SEO challenges, such as using static URLs when possible and submitting accurate sitemaps.
Thiet ke Bao cao thuong nien -Vina 2010 (vnl)Viết Nội Dung
VNL's annual report for 2010 showed:
1) VNL achieved a 3.2% increase in NAV per share to $1.36, reversing losses from the previous year, driven by sales of residential units.
2) Vietnam's real estate market saw strong performance in low and mid-range residential sectors and improved hospitality, while office and retail remained slow.
3) The Chairman notes investors remain concerned about Vietnam's macro issues and want clarity on performance and the manager's ability to realize proceeds and return value to shareholders.
Thiet ke Bao cao thuong nien - Vina ar 2010Viết Nội Dung
The annual report summarizes Vietnam Infrastructure Limited's performance in fiscal year 2010. It discusses VNI's financial results, including a net loss of USD4.17 million and a decrease in NAV per share to USD0.64. The report also provides an overview of Vietnam's infrastructure investment environment and highlights of VNI's portfolio performance and new investments made during the year, which included investments in telecommunications, energy, and transportation infrastructure companies.
Thiet ke Bao cao thuong nien -Vina ar 2008.Viết Nội Dung
The document is the 2008 annual report for Vietnam Infrastructure Limited (VNI). It discusses Vietnam's economy in 2008, which grew rapidly but experienced overheating that led the government to tighten credit and spending to slow inflation. The real estate and stock markets declined sharply as a result. However, foreign direct investment into Vietnam continued to increase strongly. The report also provides an overview of investment opportunities and trends in Vietnam's power, transportation, industrial parks and telecommunications sectors due to the country's ongoing infrastructure development needs.
Thiet ke Bao cao thuong nien - Vina 2010 (vof)Viết Nội Dung
The document provides an annual report for the Vietnam Opportunity Fund Limited (VOF) for the 2010 fiscal year. It discusses VOF's strong financial performance in 2010, driven by gains from investments in initial public offerings. It also highlights several new investments made by VOF in private companies in healthcare, materials and agriculture sectors expected to benefit from Vietnam's domestic economic growth. The chairman's statement notes VOF's outperformance compared to peers and positive outlook for Vietnam's economy in 2011, while acknowledging the need to reduce VOF's share price discount.
Solvency II presentation Dublin July 2010kingphilip1
Mazars held a Solvency II update seminar recently. As the Solvency II programme rolls on and with QIS5 just around the corner, this seminar reviewed the recent developments and considered major challenges that insurers are likely to face between now and the end of 2012.
The document discusses LLX Logística S.A., a Brazilian logistics company. It notes that LLX was created in 2007 to provide port logistics services through two major port systems in southeast Brazil. The document also provides an overview of LLX's management team and port projects, noting its strategic locations and integration with rail and road infrastructure. It positions LLX as innovating port infrastructure in Brazil by developing industrial port complexes with capacity for future growth.
The document provides an overview of LLX Logística S.A., a Brazilian logistics company developing major port systems in southeast Brazil. It summarizes LLX's main projects including the Açu Superport, highlights its strategic location and long-term contracts with companies, and outlines its business model of securing take-or-pay contracts to guarantee cashflow. Financial details are also presented on LLX's capital expenditures to date and its consolidated financial position as of September 2010.
LLX Logística is developing two major port terminals, LLX Minas Rio and LLX Açu, with over $3 billion in total planned investments. LLX Minas Rio will handle iron ore and begin shipments in 2013, while the larger LLX Açu terminal will handle multiple dry and liquid bulk cargos for industries located in its industrial complex. LLX has signed numerous long-term contracts to ensure steady cash flow and dividends for shareholders from its port operations and industrial services.
The document describes several monthly income mutual funds: HDFC, Reliance, Birla Sunlife, Canara Robeco, and ICICI Prudential. It provides information on their net asset values, returns, asset allocations between equity, debt and other holdings, risk metrics like beta and standard deviation, and sectoral exposures. The funds aim to generate regular income through investments primarily in debt and money market instruments, with some investing a small portion in equities to provide long-term capital appreciation.
Presentation of results from SpareBank 1 Gruppen - 1st half-year and 2nd quar...SpareBank 1 Gruppen AS
1) The SpareBank 1 Gruppen reported a pre-tax profit of NOK 308 million for the first half of 2011, down slightly from NOK 295 million in the same period in 2010. Profit after tax was NOK 249 million.
2) SpareBank 1 Skadeforsikring Group saw good portfolio growth of NOK 277 million or 5.9% in the first half of 2011. However, its pre-tax profit was impacted by large claims in Q1 and flood damage in Q2.
3) Overall, the SpareBank 1 Gruppen reported improved underlying earnings, but weak equity markets and natural disasters lowered profits compared to the previous year.
SunTrust Banks reported financial results for 2Q 2008. Net income increased 89% from the prior year due to securities gains, but core revenue growth was soft due to declining mortgage income. The provision for loan losses declined 20% from last quarter but credit quality continued to deteriorate. Capital levels improved substantially following transactions involving Coca-Cola stock, raising the estimated Tier 1 capital ratio to 7.47% from 7.23% last quarter. The net interest margin increased to 3.13% driven by improved deposit pricing and mix.
- The company reported record sales of $4.5 billion in 2005, an 8% increase over 2004. Operating income increased 11% to $542 million.
- Raw material costs increased significantly which posed a challenge, but the company effectively managed these rising costs.
- The company expects higher raw material and freight costs to continue impacting operating income in 2006 and presents an ongoing challenge.
El documento describe la historia y naturaleza del Servicio Nacional de Aprendizaje (SENA) de Colombia. El SENA fue creado en 1957 para ofrecer formación profesional a los trabajadores colombianos. Desde entonces, ha crecido para brindar una variedad de servicios relacionados con la capacitación laboral, el desarrollo de competencias, la investigación y el apoyo a empresas. El SENA juega un papel fundamental en el desarrollo económico y social de Colombia a través de la formación y capacitación de la fuerza
The document discusses the benefits of meditation for reducing stress and anxiety. Regular meditation practice can help calm the mind and body by lowering heart rate and blood pressure. Making meditation a part of a daily routine, even if just 10-15 minutes per day, can have mental and physical health benefits over time by helping people feel more relaxed and focused.
This document appears to be a sermon from the Gospel Baptist Tabernacle church in Rossville, GA on November 19, 2014. It discusses several passages from Proverbs about avoiding gossip, living with a brawling woman, genuine love between husbands and wives, good news from distant friends/relatives, the dangers of compromise between good and evil, avoiding self-glory, and the importance of self-restraint through God's Holy Spirit. The sermon encourages Christians to stand up against gossip, be patient and kind with their spouses, have no compromise with wickedness, let others praise them instead of self-praise, and submit to God's spirit for strength of self-control.
This yearbook from Spring Branch High School documents the class of 1976. It includes listings of senior class officers and individual student photos from Adams to Coolures. The table of contents outlines the sections for class officers, student photos, and additional yearbook content.
The Spider Class wrote to Ms. Jen asking her to teach them how to use the Smartboard. Ms. Jen responded that she would be happy to teach them and asked why they thought it was called a Smartboard. The Spider Class thanked Ms. Jen and shared that some students already knew it was called a Smartboard while others did not. They included quotes from two students guessing why it is called a Smartboard and asked Ms. Jen why she calls it a Smartboard.
The document discusses how personalization and dynamic content are becoming increasingly important on websites. It notes that 52% of marketers see content personalization as critical and 75% of consumers like it when brands personalize their content. However, personalization can create issues for search engine optimization as dynamic URLs and content are more difficult for search engines to index than static pages. The document provides tips for SEOs to help address these personalization and SEO challenges, such as using static URLs when possible and submitting accurate sitemaps.
Thiet ke Bao cao thuong nien -Vina 2010 (vnl)Viết Nội Dung
VNL's annual report for 2010 showed:
1) VNL achieved a 3.2% increase in NAV per share to $1.36, reversing losses from the previous year, driven by sales of residential units.
2) Vietnam's real estate market saw strong performance in low and mid-range residential sectors and improved hospitality, while office and retail remained slow.
3) The Chairman notes investors remain concerned about Vietnam's macro issues and want clarity on performance and the manager's ability to realize proceeds and return value to shareholders.
Thiet ke Bao cao thuong nien - Vina ar 2010Viết Nội Dung
The annual report summarizes Vietnam Infrastructure Limited's performance in fiscal year 2010. It discusses VNI's financial results, including a net loss of USD4.17 million and a decrease in NAV per share to USD0.64. The report also provides an overview of Vietnam's infrastructure investment environment and highlights of VNI's portfolio performance and new investments made during the year, which included investments in telecommunications, energy, and transportation infrastructure companies.
Thiet ke Bao cao thuong nien -Vina ar 2008.Viết Nội Dung
The document is the 2008 annual report for Vietnam Infrastructure Limited (VNI). It discusses Vietnam's economy in 2008, which grew rapidly but experienced overheating that led the government to tighten credit and spending to slow inflation. The real estate and stock markets declined sharply as a result. However, foreign direct investment into Vietnam continued to increase strongly. The report also provides an overview of investment opportunities and trends in Vietnam's power, transportation, industrial parks and telecommunications sectors due to the country's ongoing infrastructure development needs.
Thiet ke Bao cao thuong nien - Vina 2010 (vof)Viết Nội Dung
The document provides an annual report for the Vietnam Opportunity Fund Limited (VOF) for the 2010 fiscal year. It discusses VOF's strong financial performance in 2010, driven by gains from investments in initial public offerings. It also highlights several new investments made by VOF in private companies in healthcare, materials and agriculture sectors expected to benefit from Vietnam's domestic economic growth. The chairman's statement notes VOF's outperformance compared to peers and positive outlook for Vietnam's economy in 2011, while acknowledging the need to reduce VOF's share price discount.
Thiet ke Bao cao thuong nien - Vina 2007 (vnl)Viết Nội Dung
VinaLand (VNL) is a property fund listed on the London Stock Exchange that invests in Vietnam's real estate market. As of June 2007, VNL had invested $206 million into 25 projects across Vietnam, with plans to invest an additional $111 million by the end of 2007. VNL's net asset value per share grew 26% since inception to $1.26 as of June 2007, with earnings per share of $0.12 for the year. VNL's portfolio is diversified across property sectors and regions in Vietnam.
- Veolia Environnement reported 2008 revenue of €36.2 billion, up 15.8% at constant exchange rates from 2007. Operating cash flow was €4.1 billion, up 2% at constant exchange rates.
- Recurring operating income before writedowns was €2.3 billion, down 1.4% due to lower performance in waste management in Q4 2008. Net income attributable to shareholders was €405 million.
- Priorities for 2009 include improving profitability of recent acquisitions, cost reduction plans, and generating €2 billion in investments through strategic asset reviews and positive free cash flow.
The document provides an overview of an investment bank's performance in 2011. It discusses near record financial results including revenue of $26.3 billion and earnings of $6.8 billion. It highlights the bank's leadership positions in various markets including #1 in global investment banking fees for the third consecutive year. The document also outlines strategic initiatives for 2011 including expanding the international footprint and completing an acquisition. It discusses positioning for regulatory changes and maintaining expense discipline to enable continued investment.
Abengoa presented its 2011 earnings and provided an outlook for 2012. Key highlights included:
- Revenues increased 46% to 7,089 million euros and EBITDA grew 36% to 1,103 million euros in 2011.
- The company's backlog remained strong at 7.5 billion euros at the end of 2011.
- Abengoa is diversifying its business across regions and sectors through new projects in the solar, transmission, and water industries.
- The company aims to further reduce debt and continue growing through international expansion in 2012.
The document summarizes WEG's 4Q08 results conference call. It discusses challenges faced in 2008 from cost increases and currency depreciation impacts not fully passed through. Gross and net revenues grew by 24.9% and 26.8% respectively over 4Q07. Margins declined due to specific temporary factors. The external market grew to 41% of revenues. Cost of goods was impacted by steel and copper prices. A capex program of R$457 million was carried out in 2008 to expand capacity.
This document summarizes Ecolab's financial performance in 2006, including achieving record net sales and improved operating margins, driving 16% diluted EPS growth. Key highlights include exceeding long-term financial objectives of 15% EPS growth and 20% ROBE, increasing the quarterly dividend for the 15th consecutive year, and adopting new accounting standards without impacting income or cash flows. Acquisitions were also made to broaden product and service offerings in line with Ecolab's growth strategy.
The annual report summarizes Computacenter's financial performance in 2009. Key points include:
- Adjusted profit before tax increased 25.8% to £54.2 million.
- Net funds before customer specific financing increased £81.8 million to £86.4 million.
- The ERP implementation, a group-wide project, remained on plan and budget.
- Customers gave the company high and improved satisfaction ratings.
- The Chairman expresses satisfaction with progress made in 2009 focusing on profitability, working capital optimization, and cash flow while investing in people, processes, and systems.
This document provides an agenda and overview of Cermaq's Capital Markets Day in 2012. It discusses Cermaq's two business units: EWOS, which produces salmonid feed with a 37% global market share, and Mainstream, the third largest global salmon farmer. In 2011, Cermaq had total revenues of NOK 8 billion and EBIT of NOK 1.369 billion. Cermaq aims to be a global leader in sustainable aquaculture and salmon/trout farming and feed production through profitable growth while maintaining strong operations and financial performance.
Thiet ke Bao cao thuong nien - Vcbs 2007Viết Nội Dung
The document provides an annual report for Vietcombank Securities (VCBS) for 2007. It includes messages from the Chairperson and CEO highlighting key achievements and strategies. VCBS saw revenue increase 10% over target to VND 439 billion and profit increase 126% to VND 252 billion in 2007. The report provides financial highlights and discusses VCBS' core values, strategic vision, and business lines. It also includes organizational information and an outlook for 2008-2010 focusing on strengthening capacity.
1) The document cautions that the presentation contains forward-looking statements that are subject to risks and uncertainties.
2) It provides highlights of Santander's 2012 performance including sustained pre-provision profit generation, significant efforts to strengthen provisions, continued improvement in its core capital ratio, and improved liquidity position through deleveraging and repaying LTRO borrowings.
3) Santander made a large effort to strengthen provisions, especially in Spain, with total group provisions reaching EUR 19 billion and the coverage ratio increasing substantially.
This document contains the presentation from CSX's 2007 transportation conference. It summarizes CSX's record financial results in 2006, including a 26% increase in operating income and 31% increase in EPS. It outlines CSX's targets for 2010, including 10-12% CAGR for operating income and 12-14% CAGR for EPS. The presentation also discusses factors supporting continued growth in rail transportation demand and CSX's investments to capitalize on trends in industries like intermodal, ethanol and fertilizer. In conclusion, it expresses confidence that the rail renaissance environment remains strong and that CSX is well-positioned for ongoing momentum and record results.
The document discusses CSX Corporation's record financial results in 2006, including a 26% increase in operating income and 31% increase in earnings per share, as well as targets for 10-12% annual growth in operating income and 12-14% growth in earnings per share through 2010. CSX also increased its annual dividend by 20% and initiated a $2 billion share repurchase program to return value to shareholders.
Aseana Properties Limited is a property developer focused on high-end residential, commercial, and hospitality projects in Malaysia and Vietnam. As of December 2009, the company had a net asset value of $205.07 million and a realizable net asset value of $264.60 million. Key performance indicators included a net asset value per share of $0.96, gearing of 58.45%, and cash and bank balances of $47 million. The company's project portfolio was led by i-ZEN@K, with ongoing developments in Kuala Lumpur.
C:\Fakepath\Aseana Corporate Presentation May 2010 Finalguestba72e9
Aseana Properties Limited is a property developer focused on high-end residential, commercial, and hospitality developments in Malaysia and Vietnam. The corporate presentation provides an overview of Aseana Properties' portfolio of projects in Malaysia, which includes developments in Kuala Lumpur that are residential, mixed-use, and hospitality projects. Financial information for 2009 includes a net asset value of $205.07 million, realizable net asset value of $264.60 million, and cash holdings of $47 million. Key projects underway include multi-phase developments in Kuala Lumpur that are residential or mixed-use in nature.
C:\Fakepath\Aseana Corporate Presentation May 2010 Finalguestba72e9
Aseana Properties Limited is a property developer focused on high-end residential, commercial, and hospitality developments in Malaysia and Vietnam. The corporate presentation provides an overview of Aseana Properties' portfolio of projects in Malaysia, which includes developments in Kuala Lumpur that are residential, mixed-use, and hospitality projects. Financial information for 2009 includes a net asset value of $205.07 million, realizable net asset value of $264.60 million, and cash holdings of $47 million. Key projects underway include multi-phase developments in Kuala Lumpur that are residential or mixed-use in nature.
Aseana Properties Limited is a property developer focused on high-end residential, commercial, and hospitality developments in Malaysia and Vietnam. The corporate presentation provides an overview of Aseana Properties' portfolio of projects in Malaysia, which includes developments in Kuala Lumpur that are residential, mixed-use, and hospitality projects. Financial information for 2009 includes a net asset value of $205.07 million, realizable net asset value of $264.60 million, and cash holdings of $47 million. Key projects underway include multi-phase developments in Kuala Lumpur that are residential or mixed-use in nature.
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Báo cáo công việc Danapha cho các site: http://trisoithan.vn, http://trisoimat.vn, http://baithach.vn, http://baithachdanapha.com, http://tansoithan.vn
The document outlines the branding and marketing services provided by Vina Capital. These include logo and slogan development, brand identity creation, visual guidelines, print ads, annual reports, profiles, calendars, decorations, sales kits, exhibitions, websites, public relations, press tours, advertorials, conferences, groundbreakings, and grand openings. Vina Capital provides art direction, graphic design, project management, website development, and 3D visualizations to deliver these services.
Có những thương hiệu Việt dù không quá lâu đời nhưng đã khá quen thuộc và gắn bó với người tiêu dùng trong nước, thậm chí là niềm tự hào của Việt Nam một thời, giờ đây đang có nguy cơ “biến mất”
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2. 2 VNL 2008 Annual Report
Contents VinaLand Limited (‘VNL’)
Annual Report 2008
Section 1 Introduction
Overview 3
Chairman’s Statement 5
Section 2 Manager’s Report
State of the Economy 8
Investment Environment 10
Portfolio Performance 12
Featured Investments 18
Section 3 Financial Statements and Reports
Report of the Board of Directors 24
Independent Auditors’ Report 26
Consolidated Financial Statements 27
Notes to the Consolidated Financial Statements 32
3. VNL 2008 Annual Report 1
Vietnam’s overcrowded, low-rise inner cities offer VinaLand the opportunity to benefit from urban regeneration and development stretching many years into the future.
5. VNL 2008 Annual Report 3
VNL Overview
VinaLand Limited (‘VNL’) is a closed-end fund trading on the London Stock
Exchange (AIM). Launched in 2006, VNL is the largest listed fund for investment
in Vietnam’s emerging real estate sector. The fund focuses on key growth
sectors including residential, office, retail, hospitality and leisure, and township/
industrial properties. The manager’s objective is to provide shareholders with an
attractive level of income as well as creating a potential for capital growth.
VINALAND DETAILS
Size of fund: USD804 million (NAV as of 30 June 2008)
Term of fund: Vote every seven years to wind up fund
Maximum investment: 20% of NAV in any one project
Geographic focus: Vietnam, Cambodia, Laos and southern China _ at least 70% invested in Vietnam
Fund structure: Cayman company traded on London Stock Exchange (AIM)
Auditor: Grant Thornton (Vietnam)
Nominated Advisor: Grant Thornton UK LLP
Custodian: HSBC Trustee
Lawyers: Lawrence Graham (UK)
Maples & Calder (Cayman Islands)
Broker: LCF Rothschild
Manager: VinaCapital Investment Management Limited
Management and performance fee: Management fee of 2 percent of NAV. Performance fee of 20 percent of total NAV increase over the higher of an 8 percent compound annual return and the high watermark
7. VNL 2008 Annual Report 5
Chairman’s Statement
With this 27.8 percent increase in its NAV, VNL was the best The strategy for the foreseeable future will be to partially
performing Vietnam-dedicated fund for the year, and became or fully divest from select projects in the portfolio, while
the largest listed fund for investment in Vietnam. increasing focus on projects that have entered the
construction phase. A number of exit strategies such as
VNL’s performance, in terms of NAV increase, came not only
private equity co-investment, trusts and other forms of sale
during the heady days at the end of 2007, but also into 2008,
are being explored.
when the fund booked moderate valuation increases and
divested a minority stake in a large project to an international While recognising the challenges posed by the current global
co-investor. and domestic environment, the Board remains confident in
VNL’s prospects for the future. The Board believes that VNL’s
As the 2008 financial year ended, VNL was in an excellent
real estate team is the strongest in Vietnam, featuring a new
position to continue its strong performance, with a diverse
managing director with a proven track record of development
portfolio of projects at various stages of development,
success. Against the turmoil and volatility of the global capital
including Vietnam’s top portfolio of operating assets in the
markets, investment in real estate offers the certainty of
hospitality sector.
developing and managing tangible assets in the residential,
Dear Shareholders, In the third quarter of 2008, however, the global financial retail, office and hospitality sectors, which are clearly so sorely
crisis affected us all, Vietnam included, and had an immediate lacking in Vietnam. VNL will continue to break new ground as
We are pleased to present the annual financial statements
impact on VNL’s share price, which dropped to a substantial the country continues its inevitable path of growth.
of VinaLand Limited (AIM: VNL.L) for the year ended
discount to net asset value. As a result of these events the
30 June 2008.
Board determined it was prudent to review the carrying
Vietnam’s real estate market was the centre of attention in late values of all properties in the portfolio, the results of which
2007 and early 2008 as the economy went through a period are presented in the subsequent events note of the Financial
of exuberant growth followed rapidly by sharp adjustments to Statements for the year ended 30 June 2008.
combat high inflation and a rising trade deficit.
The Board of Directors is concerned about this discount and
During 2007 Vietnam’s real estate sector saw prices double or is exploring all options to protect shareholder value. We
triple as an environment of strong economic growth and easy recognise, however, that VNL’s best means to preserving
credit led to rampant speculation. This run came to an end shareholder equity is the portfolio itself, which through its
when inflation worsened in early 2008 and the government strength and diversity allows the investment manager to
put the brakes on the economy by raising interest rates and select and prioritise projects and only advance those that
sharply restricting credit. As a result the real estate sector have the best potential returns on investment at a given
entered a down cycle for the remainder of the financial year. point in time.
In this difficult environment for domestic developers, VNL had VNL is in the enviable position of having no debt at the fund Thank you for your ongoing support.
a very good year that saw the fund increase its net asset value level. This important fact does not appear to be recognised
Horst F. Geicke, Chairman
at 30 June 2008 to USD804 million, or USD1.61 per share, from by the wider market and investors’ sudden pull-back from
VinaLand Limited
USD628 million, or USD1.26 per share, at the end of investing in close-ended emerging market funds (generally
15 November 2008
30 June 2007. perceived as highly leveraged).
8. 6 VNL 2008 Annual Report
The Novotel Hanoi On The Park will be marketed as a ‘resort within the city’ due to its unique location.
10. 8 VNL 2008 Annual Report
State of the Vietnam’s economy over the first half of 2008 endured painful
adjustments following the exuberance of 2007. Vietnam in 2007
saw strong GDP growth of 8.5 percent – reaching a ten-year
limiting lending for securities purchases to 20 percent of
charter capital for all banks, limiting domestic credit growth to
30 percent for 2008, introducing obligatory one-year
Economy average of 7.5 percent – and foreign direct investment (FDI) at
a record USD20.3 billion. Industry, manufacturing and services
all grew rapidly, with the construction sector leading the way
7.8 percent SBV bond purchases for all banks, and increasing
interest rates from 8.75 percent at the beginning of the year
to 14 percent by the end of June. In addition, controls on
due to a booming real estate market. foreign exchange conversion were tightened and public
expenditure was scaled down, including a 10 percent
Vietnam in 2007 continued the trend of becoming an
spending cut across all government ministries.
increasingly open economy, with the ratio of total trade
(exports plus imports) to GDP at 153 percent, second only to As part of the policy package, the government reduced
Malaysia in the region. the official GDP growth target for 2008 from 9 percent to
7 percent.
The surge in foreign investment in 2007 led to increased
imports, in particular machinery and equipment, and a What followed was a period of great turbulence, as a market
worsening trade deficit at over USD12 billion. This put strong “priced for perfection” at high valuations adjusted to the new,
pressure on the country’s foreign exchange reserves. There more restrictive environment. The first and most obvious
was concurrently a rise in inflation due to commodity costs casualty was the capital markets as represented by the
and an expansionary monetary and fiscal policy to facilitate Vietnam Index, which fell a precipitous 60 percent over the
economic growth. Broad money supply and domestic credit first half of 2008.
grew a staggering 46 and 54 percent, respectively, when the
The tightening policies put strong pressure on bank liquidity
State Bank of Vietnam (SBV) opened its coffers to domestic
and placed smaller banks at extreme risk. Meanwhile, the
lenders to fund real estate deals and imports.
currency came under pressure due to the rising deficit, with
By the end of 2007, inflation as measured by the consumer the spread between the official and open market rates peaking
Vietnam needs to focus on price index reached 12.6 percent. In early 2008 inflation at over 15 percent in the second quarter of 2008. Both foreign
continued to rise, reaching 19.4 percent year-on-year at the and domestic economic analysts, previously highly bullish on
its ability to absorb foreign end of the first quarter. The trade deficit also continued to the Vietnamese economy, suddenly began to sound dire
climb, to USD7.4 billion at the end of the first quarter. and pessimistic, including comment that Vietnam may be
direct investment, in terms heading toward a financial crisis similar to Thailand in 1997.
A time to act
of infrastructure, expertise Faced with an overheating economy, the government chose to
As the second half of 2008 began, however, it was clear that
the government policy package was beginning to have its
act. In early April 2008, the government made the difficult but
and labour. necessary decision to slow growth by fighting inflation and the
intended effect. Month-on-month inflation, averaging
3 percent monthly over the first half of 2008, slowed notably
deficit through sharp cutbacks to credit and spending.
in June and has fallen further since, to a rate of under one
A comprehensive policy package was announced that included percent month-on-month during the third quarter of 2008.
11. VNL 2008 Annual Report 9
There was also a marked improvement in the trade deficit, (items that may not see a sharp drop in demand) will protect it
which reached USD14.9 billion at the end of the first half of somewhat from the global slowdown.
2008 but began to slow its growth by June. The threat to the
In the medium term, Vietnam’s young, educated population
Vietnam dong eased as a result, and by the end of the first half
and emerging middle class will continue to drive economic
the official and open market exchange rates were nearly even.
growth and development. The rise in consumer spending
and services, and growing demand for modern urban spaces,
Outlook will continue. The industrial base will be strengthened as oil
Overshadowed by the market turmoil was the continued surge
refineries come online in 2009 and transport infrastructure
in FDI, with USD30.6 billion in new commitments registered in
improves. The global economic situation will slow, not stop,
2008 to June, 50 percent higher than the full-year record set
Vietnam’s inevitable growth.
in 2007. Several multi-billion dollar projects were recorded in
steel production and real estate development.
Breakdown of FDI in to Vietnam H1 2008 vs 2007 Vietnam: Some Economic Factors H1 2008 vs 2007
Growth slowed to 6.5 percent over the first half of 2008
(versus 7.4 percent in the first half of 2007). However, as
USDbn
expectations moderated around the lower growth rate
the outlook for the remainder of the year looked positive. USDbn
18 17.3
Unfortunately, the global economy took a sudden turn for the 2007 70 2007
worse at the end of the third quarter of 2008. This has clouded 15 H1 2008 60.8 H1 2008
13.2 60
the short to medium-term outlook for Vietnam, even as the
12 50 48.4
country’s fundamentals continue to be strong. 44.6
9.4
40
Near the end of the year, the government wavered only 9
31.6
7.0 29.7
slightly in loosening its fiscal and monetary stance to allow 30
6
faster GDP growth. Controlling inflation and maintaining 20
20.3
14.9
financial stability remain the top economic priorities. In the 3
12.4
context of the dire global economic situation, the government 1.2 10 5 4.9
0.3 0.3 0.2
will likely use a flexible interest rate policy as a primary tool to 0 0
contain inflation while minimising potential liquidity risks in Industry Real estate Others Agriculture, Import Export Trade deficit FDI Disbursed FDI
& construction forestry & aquaculture
the banking system, to help weak banks survive and to avert
any potential rise in real estate loan defaults.
Vietnam needs to focus on its ability to absorb the FDI influx, Some 478 new FDI projects were registered with a total capital of Exports reached USD29.7bn in the first half of 2008, up 31.8 percent
in terms of infrastructure, expertise and labour. The global USD30.9bn. Together with USD661m supplementary capital in year-on-year. Imports rose to USD44.5bn, up 60.3 percent against
158 projects, total FDI over H1 2008 reached USD31.6bn, a 3.7 fold 2007. Over the first half this resulted in a deficit of USD14.9bn, higher
financial crisis will have an impact on Vietnam chiefly in the increase year-on-year over 2007. Disbursed FDI over H1 2008 was than the trade deficit for the whole of 2007. The largest component
potential slowing of FDI disbursement. In other areas, the USD4.9bn, on track to reach the annual target of USD10bn. of imports was machinery and equipment, accounting for 15.7 percent
country’s diverse export base and numerous low-cost exports of the total.
12. 10 VNL 2008 Annual Report
Real Estate
Investment Environment
The tight credit environment in 2008 hit property developers about USD45/sq.m, with new buildings in prime locations
particularly hard as project financing was difficult to obtain. asking USD80-100/sq.m. Grade B and C occupancy rates are
The cycle of economic As a result, residential retail sale prices for land, villas and
apartments dropped significantly during the first six months
above 80 percent. There will be some softening of demand
due to the global economic slowdown, but the related
growth has created a new of 2008. However other real estate sectors such as office and
retail rentals have remained strong.
slowdown in the supply of facilities coming online due to high
construction and debt costs may balance this out.
consumer group of middle Residential Retail shopping
class professionals who need The residential retail market in Vietnam experienced rapid
growth in late 2006 and 2007 and in some instances residential
Vietnam topped the A.T. Kearney 2008 annual list of
emerging opportunities for global retailers. This reflects the
mid-tier residential and office retail sales prices increased by 100 percent or more. This was
driven by high liquidity and significant speculation among local
high demand and underdeveloped supply of modern retail
space, and that under WTO regulations, 100 percent foreign
space, and modern leisure buyers, and was not sustainable in the longer term. During
2008 the economic slowdown and reduction in prices has
ownership of retail chains will be possible in 2009. The supply
base in Ho Chi Minh City is only 500,000sq.m in 15 retail
and retail environments. ‘normalised’ the previously overheated residential market
and returned it to a sustainable pace for the medium to long
centres and department stores (and even less in Hanoi). Retail
centres have very high levels of occupancy and there are
term. Despite the 2008 residential slowdown, with a large few ‘purpose-built’ facilities. Meanwhile, increasing average
young population the fundamental demand for low to mid-tier incomes have led to new consumption patterns and a pent-up
residences is expected to remain strong. The wholesale real demand for facilities that rival those in other regional cities.
estate market has not seen the drop in prices evident in the With large foreign conglomerates circling for opportunities,
retail market. However, margins for developers have been Vietnam’s retail market is one of great potential.
squeezed by rising construction costs and the cost of debt.
Hospitality
Office The hospitality sector remains strong as the demand continues
In office rentals the momentum has not slowed, with Grade A for both city hotels and seaside resorts. There is in particular
and B office rentals in Hanoi and Ho Chi Minh City remaining a shortage of luxury rooms, with a supply of 7,600 rooms at
high. There is an extreme supply shortage in the central the 3-5 star level in Ho Chi Minh City. International visitors are
business districts, with 100 percent occupancy in the Grade A on the rise, increasing at a consistent 15-20 percent yearly
office market. Average rental rates for Grade A space are rate. The top countries in terms of visitors to Vietnam are
13. VNL 2008 Annual Report 11
China, South Korea, USA, Japan and Thailand. Room rates are
increasing, particularly for 5-star hotels, but expected to soften
in 2009 due to impact of global slowdown.
Outlook
The cycle of economic growth has created a new consumer
group of middle class professionals who need mid-tier
residential and office space, and modern leisure and retail
environments. This will be boosted further in the next
2-3 years by the surge in FDI commitments and disbursements
in 2008. The tight credit environment alongside continued high
FDI growth points to a serious supply squeeze, both presently
and in the next few years, this will create an excellent
opportunity for cash-rich investors to acquire properties
which are distressed or now available at more realistic prices.
Restricted credit will likely limit supply further and lengthen
the period of excess demand by at least another two years.
14. 12 VNL 2008 Annual Report
Portfolio Performance
The year ending 30 June 2008 saw great turbulence for the to intrinsic growth in the value of holdings.
Vietnamese market. Real estate developers were challenged
During the year, construction commenced on several projects
Vietnam, particularly as by rising costs for materials and, at the beginning of 2008,
a restricted credit environment.
in Hanoi, Danang and Nha Trang, principally involving leading
international hotel brands such as Sheraton and Accor’s
part of WTO accession, is VNL nonetheless had a stellar year, with net asset value at
30 June 2008 rising to USD804 million, or USD1.61 per share,
Novotel and Mecure. Construction also began on the World
Trade Center Danang and on the first of two golf courses at the
putting renewed emphasis from USD628 million, or USD1.26 per share at 30 June 2007.
This 27.8 percent increase reflects the fact that numerous
Danang Beach Resort.
The hospitality portfolio benefited from a very strong year in
on the quality of its built projects in the portfolio increased in valuation due to reaching
development milestones – such as receiving an investment
international travel, as well as improvements to the asset base
including the rebranding of two hotels, with the Movenpick
environment, including
licence, contruction permit, or groundbreaking – in addition to
Hotel Saigon complete during the financial year, and the
fundamental increases in the value of land.
Movenpick Hotel Hanoi set to open under its new flag in the
environmental, economic VNL’s share price at 30 June 2008 was USD1.22, down slightly
from the previous year’s close of USD1.26. For most of the
fourth quarter of 2008.
VNL’s development and advisory service, VinaCapital Real
and social concerns. year, VNI traded at a premium to its NAV, as it has done since
inception in March 2006. However, changing global and
Estate Ltd, remains the most experienced team of real estate
experts in Vietnam. Near the end of the financial year, David
domestic credit conditions and the perception generated by
Henry joined as managing director, at the helm of a group of
declines in Vietnam’s residential retail prices caused the share
almost 80 investment and development professionals.
price to fall at the end of the financial year. The onset of global
financial crisis in September and October 2008 resulted in a
further pullback from emerging market funds, and the share
Outlook
With the fund now invested in 36 projects and 5 operating
price fell sharply.
hospitality assets across Vietnam, VNL is in an excellent
VNL acquired 15 new assets during the year, moving from position to focus on the development of the highest potential
26 to 41 projects in the portfolio. At the end of June 2008, projects during the upcoming year. Vietnam, particularly as
the portfolio had a geographic breakdown (by NAV) of part of WTO accession, is putting renewed emphasis on the
46.6 percent in Ho Chi Minh City, 36.5 percent in the central quality of its built environment, including environmental,
region (namely Danang, Hoi An and Nha Trang), and economic and social concerns. With the greater stress on
16.9 percent in Hanoi. The Ho Chi Minh City projects responsible development, VNL considers its projects to be at
include several outside city limits, in the fast-growing the forefront of sustainable planning and design.
neighbouring province of Dong Nai, for example.
The coming year sees the challenge of a global economic
The VNL portfolio is divided by sector into hospitality, slowdown and restricted access to credit. Given the high
township/large scale, landmark mixed-use, residential, and demand for real estate across all sectors, however, the
office developments. In addition, VNL has several projects greatest profit in coming years will be recognised by those
considered land banking. The 2008 financial year saw the companies able to press forward with development plans and
hospitality and township sectors grow at the fastest rate, due quickly bring quality projects to market. In this regard, VNL has
in the former case to new acquisitions and in the latter mainly excellent prospects despite the difficult market conditions.
15. VNL 2008 Annual Report 13
Portfolio by sector 2008 vs 2007 Number of invested projects
USD804m USD628m 30 Jun 2007 31 Dec 2007 30 Jun 2008
100% NAV per share 1.26 1.31 1.61
3.3% Office/retail 4.6% Office/retail
No. of invested projects 26 38 41
20.2% Residential 16.1% Residential
80%
15.0% Mixed-use 18.1% Mixed-use NAV and Share Price Performance (to 30 June 2008)
60% $1.80
1.61
$1.60
$1.40
40% $1.20
44.8% Township 28.7% Township
/large-scale /large-scale 1.22
$1.00
$0.80
20%
$0.60
$0.40
16.7% Hospitality 32.6% Hospitality
$0.20
0%
$0.00
2008 2007
Mar-06 Jun-06 Aug-06 Oct-06 Dec-06 Feb-07 Apr-07 Jun-07 Aug-07 Oct-07 Dec-07 Feb-08 Apr-08 Jun-08 Aug-08 Oct-08
Portfolio by location 2008 vs 2007 VNL’s NAV per share VNL’s Share Price
USD804m USD628m
100%
80%
46.6% Ho Chi Minh City 54% Ho Chi Minh City
region region
60%
40%
36.5% Central provinces 21% Central provinces
20%
16.9% Hanoi 25% Hanoi
0%
2008 2007
16. 14 VNL 2008 Annual Report
Top holdings by region
Hanoi
Hanoi
Type Status
Hilton Hanoi Opera Hotel Hospitality Operating asset
Movenpick Hotel Hanoi Hospitality Operating asset
Golden Westlake apartments Residential Marketing underway
Times Square Hanoi Mixed-use Investment licence
Danang
Type Status
Danang Beach Resort Mixed-use Under construction
World Trade Center Danang Mixed-use Under construction
Danang Sheraton Hoi An Resort and Spa Hospitality Under construction
Nha Trang
Type Status
Sheraton Nha Trang Hotel and Spa Hospitality Under construction
Vinh Thai Nha Trang Township Township Investment licence
• Hanoi investments focus on two premier hotels Nha Trang
Ho Chi Minh City and region
alongside residential and retail projects. Type Status
• Danang is a rapidly growing coastal city. VNL Movenpick Hotel Saigon Hospitality Operating asset
has invested heavily in hospitality, office and Central Garden apartments Residential Marketing underway
conference facilities. Dai Phuoc Lotus Township (Dong Nai) Township Investment licence
HCM City Fideco Township (Binh Duong) Township Investment licence
• Nha Trang is another centre of tourism in Vietnam.
Aqua City (Dong Nai) Residential Under construction
• HCM City and region as the nation’s economic hub Sunrise City apartments Residential Investment licence
is home to many projects across all sectors. VinaSquare Tower Office/retail Investment licence
17. VNL 2008 Annual Report 15
The Movenpick Hotel Hanoi is the second Movenpick-flagged hotel in Vietnam.
The hotel will be positioned at the upper end of the four-star business hotels in central Hanoi.
18. 16 VNL 2008 Annual Report
Construction of the Golden Westlake apartments in Hanoi is nearing completion.
19. VNL 2008 Annual Report 17
The 260ha Danang Beach Resort will feature a five-star J.W. Marriott hotel and two golf courses,
the first designed by Greg Norman and now under construction.
20. 18 VNL 2008 Annual Report
Feature
Investments
Times Square Hanoi Movenpick Hotel Hanoi
Times Square Hanoi is a landmark upscale mixed-use The Movenpick Hotel Hanoi is a four-star business hotel in
development on a 40,000sq.m site in My Dinh District, Hanoi. central Hanoi. It is the second Movenpick-flagged hotel in
The site is surrounded by high profile buildings including Vietnam, alongside the Movenpick Hotel Saigon. The former
the National Convention Centre, a Big C supermarket, the Guoman Hotel was renovated and rebranded in 2008.
Viglacera building and the future Hanoi residence for visiting Some 360sq.m of back-of-house area was transformed into
provincial delegates and officials. Times Square Hanoi is a additional meeting and conference facilities, and an additional
perfect combination of form and function, as the 63,000sq.m 300sq.m was leased to an international gaming operator.
retail, 17,000sq.m office, and 300-room hotel space will merge
beautifully with the surrounding streetscape and amenities.
Type Mixed-use urban development. Type Hospitality.
Location My Dinh, Hanoi. Location Hanoi CBD.
Size/area Total GFA 230,000sq.m. Size/area 154 rooms, 2,950sq.m.
Status Invest licence received; Status Operating asset.
groundbreaking Q4 2008. Ownership VNL 55.6%.
Ownership VNL and VOF 65%. Highlights Renovated and rebranded in 2008.
Highlights Expected completion of office tower in 2010.
21. VNL 2008 Annual Report 19
Novotel Hanoi On The Park Hotel Danang Beach Resort World Trade Center Danang
The Novotel Hanoi On The Park Hotel will be a 389-room Located less than 20 minutes from Danang International Facing the beautiful Han River and only a short walk from the
four-star hotel on a pristine site overlooking Hanoi’s airport and the UNESCO World Heritage site of Hoi An, the city centre, the World Trade Center Danang will be the most
Reunification Park. The hotel will feature one of the biggest Danang Beach Resort is destined to be the ultimate resort spectacular mixed-use development in Danang, a coastal city
conference facilities and ballrooms in central Hanoi. The destination in Vietnam. This 260ha resort development and one of Vietnam’s top tourism destinations. The World Trade
location and amenities will allow the hotel to position itself features two spectacular 18-hole championship golf courses, Center covers 333,178sq.m of built-up area, to be constructed
as a ‘resort within the city’ in addition to serving the business the first designed by internationally renowned course designer in three phases that will see completion in 2017. The 9ha site
market. This hotel, slated to open in 2010, will be managed Greg Norman. The integrated resort will include the 5-star J.W. will be transformed into a complete urban complex comprised
by Accor. Marriott Danang hotel with 270 rooms and 196 villas offering of a commercial centre, international-standard hotel, office,
a panoramic view of the mountains, beach and serene golf convention centre, high-end apartments, an international school
courses. Also featured will be a convention and exhibition and townhouses. Phase 1, to be completed in 2011, will feature
centre, and a recreational marina alongside a second hotel. a five-star hotel, 246 upscale apartments and 36,960sq.m of
retail shopping centre. Ground work is now in progress.
Type Hospitality. Type Mixed-use hospitality. Type Mixed-use urban development.
Location Hanoi CBD. Location Danang City in central Vietnam; Location Danang City, central Vietnam.
Size/area 389 rooms, 10,311sq.m. 10km from an international airport. Size/area 9ha.
Status Under construction. Size/area 260ha. Status Ground work underway.
Ownership VNL 39%. Status Investment licence received, Ownership VNL/VOF and a European partner hold
construction of first golf course underway. 100% in an FIE licence.
Highlights Expected to open in 2010.
Designed as ‘resort within the city’ given Ownership VNL 75%. Highlights Riverfront landmark project in downtown
secluded location within Reunification Park. Highlights J.W. Marriott beachfront hotel to open in 2011. Danang featuring five-star hotel,
Features two 18-hole championship golf courses luxury apartments, retail, office, school,
with the first designed by golf legend Greg Norman. and convention centre.
22. 20 VNL 2008 Annual Report
VinaSquare Tower Saigon Design Center
VinaSquare is a landmark development on 31,829sq.m Located in the commercial business area of Phu My Hung
in the bustling centre of District 5 in Ho Chi Minh City. in District 7, Ho Chi Minh City, the Saigon Design Center will
Surrounded by hospitals, universities, and the densely provide 13,937sq.m of B-Grade office and retail space, on a
populated Cho Lon commercial area (Chinatown), the land area of 2,475sq.m. The unique spiral design will make
mixed-use VinaSquare project combines over 254,557sq.m the Saigon Design Center a landmark building in District 7. The
of B-Grade retail and office space with 1,286 mid-and structure will also provide parking for 126 cars and
high-end spacious apartments. 161 motorbikes. The site is cleared with ground work underway.
Expected completion date is Q4 2010.
Type Mixed-use urban development. Type Office and retail.
Location China town, District 5, HCM City. Location Phu My Hung, District 7, HCM City.
Size/area 31,829sq.m, GFA 254,557sq.m. Size/area 2,475sq.m, GFA 13,937sq.m.
Status Investment licence received. Status Investment licence received,
Ownership VNL and VOF hold 49%. ground work underway.
Highlights Prime location in the heart Ownership VNL 80%.
of HCM City’s Chinatown. Highlights Located in Phu My Hung,
the top suburb of HCM City.
23. VNL 2008 Annual Report 21
Dai Phuoc Lotus Township Movenpick Hotel Saigon Sheraton Nha Trang Hotel and Spa
Dai Phuoc Lotus is a landmark resort-style urban development The Movenpick Hotel Saigon is a 249-room, five-star hotel The Sheraton Nha Trang Hotel and Spa is the first
project in Nhon Trach district, Dong Nai province, one of located in fast-growing Phu Nhuan district, minutes away internationally recognised hotel brand on the coastline of
southern Vietnam’s key regions of economic development. from Tan Son Nhat International Airport. This was the first Vietnam. Nha Trang continues to prosper from increasing
The island development, in the shape of a boat, will create Movenpick _ branded hotel in Vietnam, after the former investment in the leisure and tourism sector, and its popularity
a distinctive living environment. The 200-hectare project will Omni Saigon Hotel was re-branded under the management with both domestic and international tourists. The hotel
transform the area with office buildings, shopping centre, of the Swiss group, which now also manages the Movenpick will open in 2009 and will include 1,183sq.m of conference
residences, marina, recreational facilities, hotels, and Hotel Hanoi. From March 2007 to March 2008 the average facilities, expected to attract a large proportion of conference
public facilities in the midst of parks and lakes. room rate at this hotel rose from USD68 to USD123 per night. and event-related business to the coast via cross selling with
the Sheraton hotels located in Ho Chi Minh City and Hanoi.
Type Township. Type Hospitality. Type Hospitality.
Location Nhon Trach, Dong Nai Province Location Phu Nhuan (near airport), HCM City. Location Nha Trang, central Vietnam.
(HCM City region). Size/area 249 room, 8,657sq.m. Size/area 282 rooms, 3,690sq.m.
Size/area 200ha. Status Operating asset. Status Under construction.
Status Investment licence received; Ownership VNL 52.5%. Ownership VNL 62.9%.
infrastructure construction underway.
Highlights First Movenpick branded hotel in Vietnam Highlights Expected to open in Q2 2009 as the first
Ownership VNL 54%. and the only five star hotel near major international hotel brand
Highlights Unique island development with access HCM City’s international airport. on the coast of Vietnam.
to HCM City by road and riverway.
25. VNL 2008 Annual Report 23
HORST F. GEICKE, Chairman BRUNO SCHÖPFER, Director
Horst F. Geicke is Chairman and Co-founder of VinaCapital a recognised authority on land administration and planning Mr. Schöpfer has a distinguished 25-year career in hotel,
Group Limited. He has resided in Asia for almost 30 years and matters and has provided advice in these areas to several real estate and consumer goods management, including
has over 25 years of operating and investing experience in the Asian governments as well as the US State Department. He is 15 years in operational positions with leading Asian luxury
region, having made several financial and strategic investments also a Justice of the Peace, and a former Deputy Chairman of hotel companies. From 1992 to 1997, he oversaw Mandarin
in Vietnam, including the establishment of a manufacturing the Hong Kong Town Planning Board and a former member Oriental’s worldwide operations with over USD 1 billion in
plant for his family business. Mr. Geicke also co-founded the of the Hong Kong Housing Authority. Mr. Brooke also sits hotel assets. In 1997, Mr. Schöpfer was Managing Director
Pacific Alliance fund management group, which has more than as a Non-executive Director on the Boards of a number of of Mövenpick’s Asian operations and from 1998 to 2003
USD2 billion in assets under management. Mr. Geicke was public companies including Shanghai Forte Land Company Managing Director and CEO of Mövenpick Holding, the
the President of the German Chamber of Commerce in Hong Limited, one of China’s largest residential developers and well-known Swiss premium hospitality company, with interests
Kong for four years and in 2005, became the president of the Majid Al Futtaim Investments, one of Middle East’s leading in consumer goods, restaurants, and hotels. Until 2005,
European Chamber of Commerce in Hong Kong. Mr. Geicke shopping centre developers. Mr. Brooke has a degree in Mr. Schöpfer was Chairman of Mövenpick Hotels and
has a Masters degree in Economics and Business Law from the Estate Management and a Post Graduate Diploma in Business Resorts Ltd. He is currently a consultant to several hospitality
University of Hamburg, Germany. Administration from the University of London. developers and runs two companies in these fields.
DON LAM, Director NGUEN KHOONG TONG, Director
Don Lam is Co-founder and Chief Executive Officer of Mr. Tong is the co-founder and Group Managing Director of
VinaCapital Group Limited. He has overseen the Bukit Kiara Properties (BKP), a premier real estate developer
Group’s growth from manager of a single USD10 million fund of lifestyle homes in Kuala Lumpur, Malaysia. He was also
in 2003 into a full-featured investment house managing four formerly an Executive Director of Sunrise Berhad, a publicly
funds worth almost USD2 billion and offering a complete listed real estate developer in Malaysia. In BKP and formerly
range of corporate finance and real estate advisory services. Sunrise, Mr. Tong spearheaded the conceptualisation and
Before founding VinaCapital, Mr. Lam was a partner at development of over 3,000 high-end residential homes, and
PricewaterhouseCoopers (Vietnam) Limited, where he led the initial master planning of Mont’ Kiara, the most sought
the Corporate Finance and Management Consulting practices after expatriate suburb in Kuala Lumpur. He was strategic
throughout the Indochina region. Mr. Lam has also held in creating the exit from Sunrise for his family shareholding
management positions at Deutsche Bank and at the end of 1996, just prior to the Asian financial crisis
3
Coopers & Lybrand in Vietnam and Canada. in 1997. Mr. Tong is also a member of the investment 4 2
committee and an independent director of both KSC Capital, 1 5
NICHOLAS BROOKE, Director a dynamic unit trust management company in Malaysia,
Mr. Brooke is the Chairman of Professional Property Services and Accelera Ventures, a boutique Pacific Rim growth fund
Limited, a Hong Kong-based real estate consultancy that in Hong Kong. Mr. Tong has a Bachelor of Arts degree in 1. Horst F. Geicke, Chairman
provides a select range of advisory services across the Architecture from the University of Manchester, United 2. Don Lam, Director
Asia Pacific Region. Mr. Brooke is a former President of the Kingdom, and a Masters of Business Administration degree, 3. Nicholas Brooke, Director
Royal Institution of Chartered Surveyors and was the first majoring in Real Estate, from the Wharton School, University 4. Nguen Khoong Tong, Director
overseas surveyor to be accorded that honour. Mr. Brooke is of Pennsylvania, USA. 5. Bruno Schöpfer, Director
26. 24 VNL 2008 Annual Report
Report of the Board The Board of Directors submits its report together with the
consolidated financial statements of VinaLand Limited
(“the Company”) and its subsidiaries (together “the Group”)
of Directors for the year ended 30 June 2008 (“the year”).
The Group
VinaLand Limited is incorporated in the Cayman Islands as
a company with limited liability. The registered office of the
Company is PO Box 309GT, Ugland House, South Church
Street, George Town, Grand Cayman, Cayman Islands.
Particulars of the Group’s principal subsidiaries and associates
are set out in notes 6 and 11.
Principal activities
The Company’s primary objective is to focus on key growth
segments within Vietnam’s emerging real estate market,
namely residential, office, retail, industrial and leisure projects
in Vietnam and the surrounding countries in Asia to provide
shareholders with an attractive level of income and capital
growth, from investing in a diversified portfolio of mainly
property investments.
The principal activities of the subsidiaries are property
investment and hospitality management.
Results and dividend
The results of the Group for the year ended 30 June 2008
and the state of its affairs as at that date are set out in the
consolidated financial statements on pages 27 to 60.
The Board of Directors do not recommend a payment of dividend
for the year ended 30 June 2008 (30 June 2007: USDnil).
Board of Directors
The members of the Board of Directors of the Company during
the year and to the date of this report are as follows:
27. VNL 2008 Annual Report 25
Name Position Appointed/Resigned on Board of Directors’ responsibility in respect consolidated balance sheet, consolidated statement of
Horst Geicke Chairman 31 August 2005 of the consolidated financial statements income, changes in equity and cash flows, together with the
The Board of Directors is responsible for ensuring that the notes thereto, have been properly drawn up and give a true
Don Lam Director 13 November 2006
consolidated financial statements are properly drawn up so and fair view of the financial position of the Group as at
Nicholas Brooke Director 13 November 2006 as to give a true and fair view of the financial position of the 30 June 2008 and the results of its operations and cash
Nguen Khoong Tong Director 13 November 2006 Group as at 30 June 2008 and of the results of its operations flows for the year ended 30 June 2008 in accordance with
Bruno Schöpfer Director 13 November 2006/ and its cash flows for the year ended on that date. When International Financial Reporting Standards.
28 November 2008 preparing the consolidated financial statements, the Board of
On behalf of the Board of Directors,
Directors is required to:
1. adopt appropriate accounting policies which are supported Horst F. Geicke
Auditors by reasonable and prudent judgements and estimates and Chairman
The Group’s auditors, Grant Thornton (Vietnam) Ltd.,
then apply them consistently; Ho Chi Minh City, Vietnam
have expressed their willingness to accept reappointment.
2. comply with the disclosure requirements of International 28 November 2008
Financial Reporting Standards or, if there have been any
Subsequent events after the balance sheet date departures in the interest of true and fair presentation, ensure
Details of significant subsequent events which impact on the
that these have been appropriately disclosed, explained and
financial position of the Group are set out in Note 39 to the
quantified in the consolidated financial statements;
accompanying consolidated financial statements.
3. maintain adequate accounting records and an effective
system of internal control;
Directors’ interest in the Company 4. prepare the consolidated financial statements on a going
As at 30 June 2008, the interests of the directors in the shares,
concern basis unless it is inappropriate to assume that the
underlying shares and debentures of the Company are as follows:
Group will continue its operations in the foreseeable future; and
5. control and direct effectively the Group in all material
decisions affecting its operations and performance and
No. of shares Approximate
% of holding ascertain that such decisions and/or instructions have been
Direct Indirect properly reflected in the consolidated financial statements.
Horst Geicke 2,750,000 412,583 0.63% The Board of Directors is also responsible for safeguarding the
assets of the Group and hence for taking reasonable steps for
Don Lam 1,755,250 412,583 0.43%
the prevention and detection of fraud and other irregularities.
Nicholas Brooke 150,000 - 0.03%
The Board of Directors confirms that the Group has complied
Nguen Khoong Tong 798,500 - 0.16%
with the above requirements in preparing the consolidated
Bruno Schöpfer 300,000 - 0.06% financial statements.
At the date of this report there had been no further changes in the
above holdings.
Statement by the Board of Directors
In the opinion of the Board of Directors, the accompanying
28. 26 VNL 2008 Annual Report
Independent Auditors’ Report
To the Shareholders of VinaLand Limited
We have audited the accompanying consolidated financial statements of VinaLand
Limited and its subsidiaries (“the Group”) which comprise the Consolidated Balance Sheet
as of 30 June 2008, and the Consolidated Statement of Income, Consolidated Statement
of Changes in Equity and Consolidated Statement of Cash Flows for the year then ended,
and a Summary of significant accounting policies and other explanatory notes.
Management’s responsibility for the
consolidated financial statements Opinion
Management is responsible for the preparation and fair An audit involves performing procedures to obtain In our opinion, the consolidated financial statements give a
presentation of these consolidated financial statements in audit evidence about the amounts and disclosures in true and fair view of the financial position of VinaLand Limited
accordance with International Financial Reporting Standards. the consolidated financial statements. The procedures and its subsidiaries as of 30 June 2008, and of its financial
This responsibility includes: designing, implementing and selected depend upon the auditor’s judgment, including performance and its cash flows for the year then ended in
maintaining internal controls relevant to the preparation and the assessment of the risks of material misstatement of the accordance with International Financial Reporting Standards.
fair presentation of consolidated financial statements that consolidated financial statements, whether due to fraud or
are free from material misstatement, whether due to fraud or error. In making those risk assessments, the auditor considers
error; selecting and applying appropriate accounting policies; internal controls relevant to the entity’s preparation and
and making accounting estimates that are reasonable in fair presentation of the consolidated financial statements
the circumstances. in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an
Auditors’ responsibility opinion on the effectiveness of the entity’s internal control.
Our responsibility is to express an opinion on these An audit also includes evaluating the appropriateness of
consolidated financial statements based on our audit. accounting policies used and the reasonableness of accounting
We conducted our audit in accordance with International estimates made by management, as well as evaluating the
Standards on Auditing. Those standards require that we overall presentation of the consolidated financial statements. GRANT THORNTON (VIETNAM) LTD.
comply with ethical requirements and plan and perform the Ho Chi Minh City, Vietnam
We believe that the audit evidence we have obtained is sufficient
audit to obtain reasonable assurance that the consolidated 28 November 2008
and appropriate to provide a basis for our audit opinion.
financial statements are free from material misstatement.
29. VNL 2008 Annual Report 27
Consolidated balance sheet
Notes 30 June 2008 30 June 2007
USD’000 USD’000
ASSETS
Non-current
Investment properties 8 559,966 97,185
Property, plant and equipment 9 135,106 114,047
Intangible assets 10 6,421 -
Investments in associates 11 26,270 -
Goodwill 12 2,939 -
Prepayments for operating leases 13 19,635 13,297
Loan receivables - 6,819
Other long-term financial assets 1,077 -
Deferred tax assets 310 355
Non-current assets 751,724 231,703
Current
Inventories 310 276
Receivables from related parties 14 21,930 22,825
Trade and other receivables 15 146,750 33,198
Short-term deposits 16 57,027 -
Financial assets at fair value through income statement 17 61,924 29,461
Deposits for acquisitions of investments 18 77,943 72,729
Cash and cash equivalents 19 80,806 350,898
Current assets 446,690 509,387
Total assets 1,198,414 741,090
The accompanying notes are an integral part of these financial statements.
30. 28 VNL 2008 Annual Report
Notes 30 June 2008 30 June 2007
USD’000 USD’000
EQUITY
Equity attributable to shareholders of the parent
Share capital 20 4,999 4,999
Additional paid-in capital 21 588,870 588,870
Revaluation reserve 22 13,844 777
Translation reserve (4,623) (530)
Retained earnings 201,437 34,756
804,527 628,872
Minority interests 219,868 54,011
Total equity 1,024,395 682,883
LIABILITIES
Non-current
Long-term borrowings 23 21,673 4,705
Other liabilities 1,044 577
Non-current liabilities 22,717 5,282
Current
Payables to related parties 24 116,536 40,583
Trade and other payables 25 34,491 11,062
Current portion of long-term borrowings 23 275 1,280
Current liabilities 151,302 52,925
Total liabilities 174,019 58,207
Total equity and liabilities 1,198,414 741,090
Net assets per share attributable to equity shareholders of the parent (USD per share) 1.61 1.26
The accompanying notes are an integral part of these financial statements.
31. VNL 2008 Annual Report 29
Consolidated
Statement of Changes in Equity
Equity attributable to shareholders of the parent
Additional Translation Revaluation Retained Total
Share capital paid-in capital reserve reserve earnings Minority interest equity
USD‘000 USD‘000 USD‘000 USD’000 USD’000 USD‘000 USD‘000
1 July 2006 2,048 196,414 - - 121 - 198,583
Currency translation - - (530) - - (177) (707)
Revaluation reserves - - - 777 - 703 1,480
Net income recognised directly in equity - - (530) 777 - 526 773
Profit for the year ended 30 June 2007 - - - - 34,635 15,341 49,976
Total recognised income and expense for the year - - (530) 777 34,635 15,867 50,749
Issue of new shares 2,951 392,456 - - - - 395,407
Acquisition of subsidiaries - - - - - 38,144 38,144
30 June 2007 4,999 588,870 (530) 777 34,756 54,011 682,883
1 July 2007 4,999 588,870 (530) 777 34,756 54,011 682,883
Currency translation - - (4,093) - - (1,957) (6,050)
Revaluation reserves - - - 13,067 - 11,633 24,700
Net income recognised directly in equity - - (4,093) 13,067 - 9,676 18,650
Profit for the year ended 30 June 2008 - - - - 167,698 80,485 248,183
Total recognised income and expense for the year - - (4,093) 13,067 167,698 90,161 266,833
Acquisition of subsidiaries - - - - - 34,768 34,768
Capital contributions in subsidiaries - - - - - 41,981 41,981
Reduction in retained earnings on liquidation of Guoman (Hanoi) Limited - - - - (1,017) (340) (1,357)
Dividend distributions - - - - - (713) (713)
30 June 2008 4,999 588,870 (4,623) 13,844 201,437 219,868 1,024,395
The accompanying notes are an integral part of these financial statements.
32. 30 VNL 2008 Annual Report
Consolidated Statement of Income
Notes Year ended Year ended
30 June 2008 30 June 2007
USD’000 USD’000
Revenue 35,968 17,459
Cost of sales 26 (17,916) (7,048)
Gross profit 18,052 10,411
Other income 27 44,605 7,702
Management fee and administration expenses 26 (76,508) (17,292)
Other operating expenses 26 (11,594) (1,457)
Other net changes in fair value of financial assets at fair value through income statement 28 16,869 3,085
Gain on fair value adjustments of investment properties 8 247,068 38,530
Profit from continuing operations 238,492 40,979
Financial income 29 18,751 11,836
Finance costs 30 (6,991) (2,594)
Share of profits from associates 53 -
11,813 9,242
Profit before tax from continuing operations 250,305 50,221
Income tax 31 (2,122) (245)
Net profit for the year 248,183 49,976
+ Attributable to equity shareholders of the parent: 167,698 34,635
+ Attributable to minority interest 80,485 15,341
+ Earnings per share – basic and diluted (USD per share) 32 0.34 0.12
The accompanying notes are an integral part of these financial statements.
33. VNL 2008 Annual Report 31
Consolidated
Notes 30 June 2008 30 June 2007
USD’000 USD’000
Operating activities
Statement Profit for the year before tax
Adjustments 33
250,304
(300,505)
50,221
(47,923)
of Cash Flows
Change in trade and other receivables (167,585) (25,689)
Change in inventory (34) (18)
Change in trade and other payables 142,066 (14,514)
Corporate income tax paid (1,854) -
(77,608) (37,923)
Investing activities
Interest received 16,546 10,834
Purchases of property, plant, and equipment (15,682) (27,902)
Acquisition of a subsidiaries, net of cash 7 (59,707) (62,828)
Proceeds from disposal of fixed assets 108 -
Proceeds from disposal of investments 10,188 -
Deposits for acquisitions of investments (5,214) (72,729)
Purchase of financial assets (22,220) (21,993)
Acquisitions of investment properties (61,220) -
Investment in associates (26,218) -
Proceeds from loans repaid 43,432 54,550
Loans provided (87,412) (57,825)
(207,399) (177,893)
Financing activities
Proceeds from shares issued - 395,406
Loan proceeds from banks 22,197 113
Loan repayments to banks (6,343) (1,000)
Dividend paid to minority interest (450) -
Interest paid (489) (2,593)
14,915 391,926
Net change in cash and cash equivalents for the year (270,092) 176,110
Cash and cash equivalents at the beginning of the year 350,898 174,788
Cash and cash equivalents at end of the year 19 80,806 350,898
The accompanying notes are an integral part of these financial statements.