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AUDITING AND CONSULTING JOINT-STOCK COMPANY A member of HLB international, A world-wide organization of accounting firm and business advisers FINANCIAL STATEMENT FOR THE FISCAL YEAR STARTED ON 01 ST JANUARY AND ENDED ON 31 ST NOVEMBER 2006 HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND IMPORT - EXPORT CORPORATION

HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

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Page 1: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

AUDITING AND CONSULTING JOINT-STOCK COMPANY

A member of HLB international, A world-wide organization of accounting firm and business advisers

FINANCIAL STATEMENT

FOR THE FISCAL YEAR STARTED ON 01ST JANUARY

AND ENDED ON 31ST NOVEMBER 2006

HEAD OFFICE SECTION

THE VIETNAM CONSTRUCTION AND

IMPORT - EXPORT CORPORATION

Page 2: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

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HEAD OFFICE SECTION OF THE VIETNAM CONSTRUCTION AND IMPORT - EXPORT CORPORATION

CONTENTS

Page

1. Contents 1

2. Statement of the Management 2 - 5

3. Auditing report 6 - 8

4. Balance sheet as of 31st November 2006 9 - 11

5. Statement of performance results 12 - 13

6. Statement of cash flow 14 - 15

7. Explanation on financial statement 16 - 42

8. Financial statements of dependent units 43 - 58

*****************************

Page 3: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

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VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi STATEMENT OF THE MANAGEMENT

STATEMENT OF THE MANAGEMENT

The Management of the Vietnam Construction & Import - Export Corporation (VINACONEX)

(hereinafter referred to as “The Corporation”) would like to represent our Statement accompanied with

the audited Financial Statement of the Corporation for the fiscal year began on 1st January and ended on

31st November 2006.

Brief information about the Head Office Section of the Vietnam Construction & Import - Export

Corporation

The Vietnam Construction & Import - Export Corporation is a state-owned Corporation established

under the Decision No. 992/BXD-TCLD dated 20th November 1995 of the Minister of Construction

of Vietnam. The Corporation comprises of its member companies, which are state-owned

companies, dependent units and some vocational and training schools. The Vietnam Construction &

Import - Export Corporation is under the state management of the Ministry of Construction and

other state competent authorities as provided for by the laws of Vietnam.

Equity Capital by the Owner at the time of 30th November 2006: VND 1,632,640,816,593

Registered address: Vinaconex building, Trung Hoa – Nhan Chinh new urban area,

Nhan Chinh ward, Thanh Xuan district, Hanoi city.

Tel: 04 2 249 292

Fax: 04 2 249 208

Tax code: 0100105616

E-mail: [email protected]

Website: www.vinaconex.com.vn

Main business operation of the Corporation:

Under the Business License No. 110729, 19th amendment version dated 25th November 2003 issued

by the Hanoi Planning and Investment Authority, the Corporation’s business operation involved the

followings:

- To be a Contractor or a General Contractor to build up and complete construction projects in fields

of civil, industrial, transportation, airport, Harbor, Irrigation system, tunnel, channel, dikes, dams,

culture, Sport, recreation and entertainment, Tourism, Hotel, office buildings, school, hospital,

water supply and drainage works, telecommunication & post office, hydroelectric station,

thermoelectric works, windy - power, atomic - power, electrical line and transformer up to 500 KV;

engineering infrastructure system, infrastructure system of living quarters, Urban area, Industrial

Processing Zone, high Technology Zone etc., both domestically and internationally;

- To be a Consultant, Contractor, General Investment Consultant & Contractor and setting up

investment projects in all formalities as mentioned above including: setting up feasibility study,

tender consultant, supervision & consultation, project management, consultant on equipment and

new technology and automatic device procurement, topography survey, hydro - geology, project

survey, doing test in laboratory, designing; to verify the F/S, technical designs and general budget;

to verify the project quality and other consultant services;

- To invest in real estate, infrastructure, residential areas, new economic area, high technology area,

export processing zone, industrial zone;

- To do business activities in fields of hotel, tourism, tourist services, package holiday, tourist

transportation;

- To provide house for lease to foreign individuals and organizations;

Page 4: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

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VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

STATEMENT OF THE MANAGEMENT (cont.)

- To exploit and do business activities in purified drinking water, energy and power;

- To import - export of material, equipments, machineries, spare-parts, production materials,

consuming materials, sub - materials, technology line, construction material, automatic devices,

handicraft goods, agriculture/ forestry/aquaculture products, consumer goods, transportation means,

motorcycles;

- To be a Sale Agent for domestic and international enterprises for production and consumption

goods under the laws;

- To do science research, apply and transfer new technology, automation equipment for area of

construction, construction material manufacturing as well as urban development;

- To manufacture, install, repair and maintain equipment, technology line and automation devices;

- To supply Vietnamese employees and experts for term working overseas;

- To exploit, manufacture, process and trade all kind of construction structure components and

materials including: stone, sand, gravel, brick, roof-tile, cement, glass, corrugated sheet roof,

bitumen and other materials used in construction and indoor or out-door decoration;

- To operate other services such as: installation, repair and maintenance HACV (Heat Air -

conditioning Ventilation) system, freezing electrical devices, fire - protection equipment, lift and

elevator; to provide other services such as: Delivery and freight of goods involve in construction

materials, super-weight or extra-sized components;

- To be an Airway ticket Agent of domestic and foreign Airlines;

- To do business and import - export of breweries, beer and alcohol;

- To do business for cigarette;

- To produce and do business with industrial textile and garment;

- To exploit, purchase and process agriculture and forestry products (processed wood, preliminarily

processed wood, coffee beans and other farming produce foodstuffs);

- To grow, take care of, preserve, maintain forestry, grow industrial plants, feed poultry and castle;

- To exploit, produce and sell purified drinking water;

- To do business in retail of oil & gas.

Financial Status and business performance

The financial status as of 30th November 2006 and business performance for the fiscal year begun on 1st

January 2006 and ended on 30th November 2006 of the Head Office Section of the Corporation are

presented in the accompanied Financial Statement herewith (from page 09 to page 42)

Events occurred after the end of the fiscal year

As of 01/12/2006, the Corporation officially operated in the form of a joint stock corporation under the

Business Registration Certificate No. 0103014768 dated 1st December 2006, issued by Hanoi

Investment & Planning Authority.

In addition to the above-mentioned event, the Management of the Corporation hereby confirms that no

event occurred after 30th November 2006 until the time of completion of this Statement, which leads to

modification or revision of any figures or data herein described.

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4

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

STATEMENT OF THE MANAGEMENT (cont.)

The Board of Management and Directors

The Board of Management and Directors in charge of managing the business operation of the

Corporation during the fiscal year comprises of the followings:

Board of Management:

Full name Title

Phi Thai Binh Chairman

Nguyen Van Tuan Member

Vu Dinh Cham Member

To Ngoc Thanh Member

Hoang Hop Thuong Member and Inspector - in - Chief

Board of Directors:

Full name Title Date of appointment Date of dismissal

Nguyen Van Tuan Director General 30/11/2006

Truong Quang Nghia Director General 01/12/2006

Trinh Hoang Duy Deputy Director General

Le Cong Ich Deputy Director General

Nguyen Ngoc Diep Deputy Director General

Nguyen Thanh Phuong Deputy Director General

Mai Long Deputy Director General

Chief Accountant

Full name Title

Nguyen Dinh Thiet Chief Accountant

Under the Resolution of the Shareholder’s Meeting dated 27, 28/11/2006, the Board of Management of

the Corporation comprises of the followings:

Full name Title

Nguyen Van Tuan Chairman

Truong Quang Nghia Member

To Ngoc Thanh Member

Trinh Hoang Duy Member

Nguyen Dinh Thiet Member

Phan Minh Tuan Member

Auditor

The Auditing and Consulting Joint Stock Company (A&C) audited this Financial Statement for the

fiscal year started on 1st January and ended on 31st December 2006.

Page 6: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

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VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

STATEMENT OF THE MANAGEMENT (cont.)

Confirmation of the Management

The Management of the Corporation would like hereby confirm, and be responsible for the same hereof,

that this Financial Statement correctly and truly reflects the business operation and performance of the

Head Office section of the Corporation in the same fiscal year. For the compilation and completion of

this Financial Statement, the Management already had to:

Select appropriate accounting standards, principles and methods and ensure the consistent

application of these in making of the same;

Make and produce forecasts and estimation with due diligence and care;

Publicize accounting standards that are required by laws to be applied in the Financial Statement

with respect to core matters announced and explained herein;

Compile this Financial Statement on the basis of continuous business operation the Corporation.

The Management hereby confirm that when making the Financial statement the Corporation already

strictly observed the above-said requirements; all suitable accounting books and documents was

sufficiently maintained enough to reflect, at any time and with appropriate level of accuracy and

adequacy, the financial status of the Corporation and the Financial Statement has been prepared in

conformity with Applied Standards and Accounting System of Vietnam.

The Management of the Corporation is responsible for the safety and security of all the assets of the

Corporation and therefore already implemented all necessary appropriate measures to protect and detect

any fraud or other violations.

We, member of the Management of the Corporation would like hereby to confirm that the herewith

attached Financial Statement was duly prepared, appropriately and accurately reflecting financial status

of the Head Office section of the Corporation as of 30th November 2006 and business performance for

the fiscal year commenced on 01st January and ended on 30th November 2006 of the Corporation as well

as was strictly in conformity with Vietnam’s accounting standards, system and related rules and

regulations of the laws.

For and on behalf of the Management

Signed

___________________________________

Truong Quang Nghia - General Director

Date: 25th December 2006

Page 7: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

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AUDITING AND CONSULTING JOINT-STOCK COMPANY

Member of HLB international, A world-wide organization of accounting firm and business advisers

Our ref.: 118/2006/BCTC-KTTV

AUDITING REPORT

ON FINANCIAL STATEMENT

FOR THE FISCAL YEAR COMMENCED ON 01 JANUARY AND ENDED ON 30 NOVERMBER 2006 OF

HEAD OFFICE SECTION OF VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION

TO: BOARD OF MANAGEMENT AND DIRECTORS OF VIETNAM CONSTRUCTION & IMPORT -

EXPORT CORPORATION

We already audited the accompanied Financial Statement of the Head Offfice Section of the Vietnam

Construction and Import – Export Corporation (currently known as the Vietnam Construction and Import –

Export Joint – Stock Corporation) on 25th December 2006 (from page 09 to page 42), comprising of: the

Balance Sheet on 30th November 2006, Business Performance Statement, Cash Flow Report and

Explanation for the Financial Statement for the fiscal year began on 01st January and ended on 30th

November 2006.

The compilation and presentation of this Financial Statement shall belong to the responsibility of the

management of the Corporation. Our responsibility is to deliver our opinion about this Financial Statement

on the basis of the outcome of the auditing works.

Scope of auditing

Under provisions of the Auditing Contract, we are obliged to carry out auditing works for 16 units out of 22

dependent ones whose financial figures incorporated in the Financial Statement of the Head Office section

of the Corporation. The audited units include:

- Vinaconex Housing and Urban Development Project management unit

- Bidding and Project Management Center

- Manpower Export and Trading Center

- Campha Cement Plant Project management unit

- BOT Dung Quat Water Plant

- Lang Hoa Lac Highway Expansion Project management unit

- Holiday View Hotel

- Buon Tua Srah Hydropower Project operation unit

- Cua Dat Reservoir Construction Project operation unit

- Song Da - Hanoi Water Supply System Project management unit

- Hoa Lac High-tech Park Project management unit

- Hoa Lac Projects management unit

- Sai Gon Vinaconex Housing and Urban Development Project management unit

- Buon Kuop Hydropower Project management unit

- Cai Gia Tourism and Urban area Project management unit

- Head Office Section of the Corporation

Page 8: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

7

AUDITING REPORT (cont.)

Basis for our opinion delivery

We already carry out our works of auditing strictly in conformity with the guidelines of international

auditing standards and Vietnam’s current prevailing auditing standards and regulations. Such standards and

regulations require auditing works to be planned and conducted to appropriately and accurately ensure that

no serious error or mistake found in the Financial Statement. The auditing works were carried out as

follows: making pilot check of necessary documents and examining evidence of figures and data and other

related content described in the Financial Statement; evaluating the Financial Statement’s compliance of

current accounting standards and regulations; evaluating accounting principles and methods used in the

Financial Statement; assessing key forecast and estimations given by the Management as well as the overall

presentation of the Financial Statement. We are of opinion that the auditing works already produced out

fitting grounds for our opinion delivery.

Constrains of auditing works

Due to the limited scope of auditing, we have not been able to give out our opinion or comments about

Financial Statement of other units that we did not audit as well as to evaluate the effect of error or

mistake (if any) of such Financial Statements to the incorporated Financial Statement of the Head

Office section of the Corporation.

The auditing work is aimed at giving the auditor’s opinion about financial status, business performance

for the fiscal year began on 01st January and ended on 30th November 2006 of the Head Office section

of the Corporation only. For items of capital construction cost, the auditing works were only limited to

check the compliance of accounting and fiscal regulations required by the laws under normal auditing

procedures. The auditing work is not aimed at giving the auditor’s opinion about the cost finalization of

construction investment capital for completed items of works, which is required to apply special

accounting procedures.

The auditing was appointed to carry out after the end of the fiscal year. Consequently, the auditor was

not able to witness the checking and calculation of inventory goods and items and other assets as well

as to evaluate the volume of in-progress construction works as of 30th November 2006. As a result, the

auditor was not able to identify and therefore justify the status, appropriateness and reflection level of

such criteria and items.

At the time of 30th November 2006, outstanding amount figures of receivables, payables have not yet

been compared and confirmed sufficiently for each item.

The calculation and recording of revenue of construction agreements for some projects in Bidding and

Project Management Center and Lang - Hoa Lac Highway Expansion Project Management unit have

been conducted not based on volume accepted for payment by project owners and developers; the

calculation and recording of revenue of apartment projects of Housing and Urban Development Project

management unit have been made on the basis of construction volume that were actually recorded not

according to construction volume actually completed.

The determination of in-progress business expenses at the end of the fiscal year for construction works

has not complied with specific standards.

During the fiscal year, the Corporation allocated values of business advantage and brand that occurred

during the corporate valuation process before Vinaconex Corporation transformed into a Joint Stock

Corporation into its business performance data. Total arising expenses were allocated within three years

from 01st January 2006, and the allocated amounts of 2006 were VND 30,962, 857,637 and VND

15,481,428,819 respectively (see the explanation in appendix 01).

Page 9: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

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AUDITING REPORT (cont.)

Internal liabilities among dependant units of the Corporation’s Head Office section are shown on the

basis of adding in each item, and they have not been deducted completely from the Balance Sheet of the

Corporation’s Head Office section.

At Cam Pha Cement Project management unit, taxes paid by contractors for the whole project under

Circular No. 05/2005/TT-BTC dated 10/11/2005 of Ministry of Finance have not been calculated and

declared.

According to Paragraph 10, Article 1 of the Decision No. 56/2005/QDD-TTg dated 18th March 2005 of

the Prime Minister on approval of pilot plan for equitization of the Vietnam Construction and Import -

Export Corporation, the increased capital due to share auction of the Vietnam Construction and Import -

Export Corporation shall be remained in order to increase state-owned capital of the Corporation. Thus

the difference between share prices due to the share auction is reflected at the item “Surplus of the

equity capital”.

As of 01/12/2006, the Corporation officially operated in the form of a joint stock corporation, yet has

not completed procedures for handover of assets, capital and settlement of equitization expenses with

the Government. Therefore, figures and data described in the Financial Statement may be changed

when these handover and settlement procedures complete.

Auditor’s opinion

In our opinion, apart from the above constrains as above mentioned and their effect to relevant figures and

data described in the Financial Statement, in consideration of all key aspects, the Financial Statement

already reasonably reflected the financial status at the time of 30th November 2006 and business

performance of the fiscal year began on 01st January and ended on 30th November 2006 of the Head Office

section of the Corporation and was at the same time strictly in conformity with current prevailing corporate

accounting system and standards as required by the laws of Vietnam.

This report is made into 10 sets of equal validity.

Auditing and Consulting Joint Stock Company (A&C)

Hanoi Branch

Signed

____________________________

Nguyen Thi Hong Thanh - Director

Auditor License No. D.0053/KTV

Signed

_______________________________

Nguyen Hoang Duc - Auditor

Auditor License No. D0368/KTV

Hanoi, dated 29th December 2006

Page 10: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

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VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01st January and ended on 30th November 2006

BALANCE SHEET

As of 30th

November 2006

Unit: VND

ASSETS Code Explanation Opening balance Closing balance

A - SHORT-TERM ASSETS

100

4,764,595,776,650 1,725,371,448,857

I. Cash & equivalent amounts 110 V.1 1,229,006,554,252 199,782,141,740

1. Cash in hand 111 1,222,400,454,252 197,013,810,740

2. Cash equivalent amounts 112 6,606,100,000 2,768,331,000

II. Short-term financial investments 120 V. 2 60,477,133,299 33,528,933,333

1. Short-term investment in securities 121 60,477,133,299 33,528,933,333

2. Provision for the diminution in value of short-term

investments

129

- -

III. Receivables 130 2,675,282,437,976 1,097,564,547,649

1. Receivables from customers 131 V.3 192,023,882,144 81,190,575,213

2. Prepayment to suppliers 132 V.4 878,492,765,908 366,582,959,384

3. Inter-company receivables 133 1,446,544,904,568 610,130,672,665

4. Receivables according to construction agreement's

schedule

134 - -

5. Other receivables 138 V.5 158,220,885,356 39,660,340,387

6. Provision for bad debts 139 - -

IV. Inventories 140 731,168,378,956 352,199,835,773

1. Inventories 141 V.6 731,168,378,956 352,199,835,773

2. Provision for decline in inventories 149 - -

V. Other short – term assets 150 68,661,272,167 42,295,990,362

1. Short-term prepayment expenses 151 V.7 28,976,644,150 10,112,133,745

2. Deducted value-added tax 152 28,887,910,076 23,773,014,859

3. Taxes and other receivables from the Government 154 20,307,473 54,377,916

4. Other short – term assets 158 V.8 10,776,410,468 8,356,463,842

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VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01st January and ended on 30th November 2006

Balance sheet (cont.)

ASSETS Code Explanation Opening balance Closing balance

B - LONG-TERM ASSETS

200 4,505,911,280,710 2,078,858,711,924

I. Long-term receivables 210 436,676,272 -

1. Long-term receivables from customers 211 - -

2. Operation capital in dependant units 212 - -

3. Long-term inter-company receivables 213 - -

4. Other long-term receivables 218 V.9 436,676,272 -

5. Provisions for long-term bad debts 219 - -

II. Fixed assets 220 3,748,746,932,652 1,600,812,202,965

1. Tangible fixed assets 221 V.10 98,509,226,096 274,986,254,334

Cost 222 154,403,559,450 322,905,739,460

Accumulated depreciation 223 (55,894,333,354) (47,919,485,126)

2 Financial lease assets 224 - -

Cost 225 - -

Accumulated depreciation 226 - -

3. Intangible fixed assets 227 V.11 11,679,150,626 11,770,803,390

Cost 228 12,215,815,559 12,203,315,559

Accumulated depreciation 229 (536,664,933) (432,512,169)

4. In-progress fundamental construction expenses 230 V.12 3,638,558,555,931 1,314,055,145,241

III. Investment in real estate 240 V.13 160,716,459,662 -

Cost 241 172,384,934,736 -

Accumulated depreciation 242 (11,668,475,074) -

IV. Long-term financial investment 250 482,145,778,415 319,945,677,830

1. Investment in subsidiary companies 251 V.14 364,104,432,875 226,617,214,904

2. Investment in joint venture, joint operation

companies 252 V.15

40,024,263,947 72,025,447,246

3. Other long-term investment 258 V.16 78,017,081,593 21,303,015,680

4. Provision for the diminution in value of long - term

investments 259

- -

V. Other long-term assets 260 113,865,433,709 158,100,831,129

1. Long-term prepayment 261 V.17 113,865,433,709 158,100,831,129

2. Deferred income taxes 262 - -

3. Other long-term assets 268 - -

TOTAL RESOURCES 270 9,270,507,057,361 3,804,230,160,781

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VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01st January and ended on 30th November 2006

Balance sheet (cont.)

EQUITY Code Explanation Closing balance Opening balance

A - LIABILITIES 300 6,823,515,073,416 2,674,573,913,461

I. Current Liabilities 310 3,462,411,570,654 1,574,372,698,784

1. Short-term borrowings 311 V.18 827,644,131,551 304,951,774,835

2. Payables to suppliers 312 V.19 268,317,824,202 226,032,465,437

3. Advances from customers 313 V.20 1,288,565,527,795 732,719,256,349

4. Taxes and payables to state budget 314 VI.21 23.984.726.498 54,425,404,806

5. Payables to employees 315 V.22 3,649,479,148 1,397,036,813

6. Payable expenses 316 V.23 241,836,641,390 107,464,755,048

7. Inter-company payables 317 635,500,622,890 16,601,576,800

8. Payables according to construction agreement's schedule 318 - -

9. Other payables 319 V.24 172,912,617,180 130,780,428,696

10. Provision for short-term payables 320 - -

II. Long-term liabilities 330 3,361,103,502,762 1,100,201,214,677

1. Long-term payables to suppliers 331 - -

2. Long-term inter-company payables 332 345.590.206.994 -

3. Other long-term payables 333 V.25 28,183,460,195 27,933,443,195

4. Long-term borrowings 334 V.26 2,986,272,952,328 1,071,268,836,771

5. Payable deferred income taxes 335 - -

6. Provision for severance allowances 336 V.27 1,056,883,245 998,934,711

7. Provision for long-term payables 337 - -

B - OWNER'S EQUITY 400 2,446,991,983,945 1,129,656,247,320

I. Owner's equity 410 2,406,814,460,180 1,072,521,709,157

1. Owner's investment capital 411 V.28 1,632,640,816,593 1,072,521,709,157

2. Surplus of equity capital 412 V.28 810,765,319,080 -

6. Foreign exchange differences 416 (54,239,673,646) -

7. Business development funds 417 V.28 12.488.446.073 -

8. Financial reserve funds 418 V.28 5,159,552,080 -

10. Undistributed profits 420 V.29 - -

II. Other funds and expenses 430 40,177,523,765 57,134,538,163

1. Bonus and welfare funds 431 36,905,519,842 54,297,774,753

2. Resources for expenses 432 3,272,003,923 2,836,763,410

TOTAL RESOURCES 440 9,270,507,057,361 3,804,230,160,781

Hanoi, dated 25th December 2006

Prepared by Chief Accountant General Director

signed signed signed

Nguyen Quynh Trang Nguyen Dinh Thiet Truong Quang Nghia

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VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01st January and ended on 30th November 2006

STATEMENT OF PERFORMANCE RESULT

For the fiscal year began on 01st January and ended on 30

th November 2006

Unit: VND

ITEMS Code Explanation Current year

1. Gross revenue from goods sales and

services provision

01 VI,1 1,345,245,053,384

2. Deductions 03 102,432,000

3. Net revenue from goods sales and

services provision

10 VI,1 1,345,142,621,384

4. Cost of goods sales 11 VI,2 1,190,498,616,676

5. Accumulated profit from goods sales

and services provision

20 154,644,004,709

6. Income from financial activities 21 VI,3 79,720,734,785

7. Expenses from financial activities

In which: bank loan interest

22

23

VI,4 46,079,777,871

44,623,562,514

8. Selling expenses 24 VI,5 16,157,842,443

9. Overhead cost 25 VI,6 119,920,194,447

10. Net income from operating activities 30 52,206,924,732

11. Income from other activities 31 VI,7 18,161,324,292

12. Expenses from other activities 32 VI,8 9,516,884,776

13. Other Profits 40 8,644,439,516

14. Net profit before tax 50 60,851,364,248

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13

For the fiscal year began on 01st January and ended on 30th November 2006

Statement of performance result (cont.)

ITEMS Code Explanation Previous year

15. Corporate Income tax 51 9,247,555,133

16. Deferred Corporate Income tax 52 -

17. Net profit after CIT tax 60 51,603,809,115

18. Earnings per share 70 -

Hanoi, dated 25th December 2006

Prepared by

signed

Nguyen Quynh Trang

Chief Accountant

signed

Nguyen Dinh Thiet

General Director

signed

Truong Quang Nghia

Page 15: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

14

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01/01 and ended on 30th November 2006

CASH FLOW REPORT

(Indirect method)

For the fiscal year began on 01st January and ended on 30

th November 2006

ITEMS Code Explanation Current fiscal year

I. Cash flow from operating activities

1. Profit before tax 01 60,851,364,248

2. Adjustment of items 49,357,432,165

- Depreciation of fixed assets 02 24,043,928,538

- Amounts for provision 03 -

- Uncalculated profits and losses due to differences in exchange rates 04 -

- Profits and losses from investment activities 05 (19,310,058,887)

- Interests to be paid 06 44,623,562,514

3. Profits from operating activities due to changes

in working capital

08 110,208,796,413

- Increase/ decrease in receivables 09 (2,676,826,121,926)

- Increase/ decrease in inventories 10 (378,968,543,183)

- Increase/ decrease in payables (excluding interests and income tax

to be paid)

11 2,686,199,835,947

- Increase/ decrease in prepayments 12 25,370,887,015

- Interests have been paid 13 (42,194,924,962)

- Corporate income tax has been paid 14 (40,648,243,388)

- Other profits from operating activities 15 45,765,498,564

- Other expenses from operating activities 16 (46,440,093,532)

Net cash flow from operating activities 20 (317,532,909,052)

II. Cash flow from investment activities

1. Expenses for purchases of fixed assets and other long-term assets 21 (1,354,448,130,435)

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15

For the fiscal year began on 01/01 and ended on 30th November 2006

Statement of Cash flow (cont.)

2. Profits from liquidation and assignment of fixed assets

and other long-term assets

22 9,208,878,556

3. Lending, purchases of debt instruments of other companies 23 (74,610,085,323)

4. Profits from recovering lending and re-selling liabilities of other

companies

24 36,297,264,333

5. Expenses for capital contribution into other companies 25 (91,541,832,400)

6. Profits from recovering capital contribution into other companies 26 5,500,000,000

7. Profits from recovering lending, dividend and distributed profits 27 10,101,180,331

Net cash flow from investment activities 30

(1,459,492,724,938)

III. Cash flow from financial activities

1. Profits from share issuance and the owner’s equity 31 549,495,630,000

2. Expenses for owners’ equity, re-buying issued shares 32 (127,951,237,383)

3. Short-term and long-term borrowings 33 2,972,972,055,895

4. Expenses for payment of principal 34 (588,488,160,901)

5. Expenses for financial leasing 35

6. Dividend, profits paid for equity owners 36

Net cash flow from financial activities 40 2,806,028,287,611

Net cash flow during the fiscal year (20 + 30 + 40) 50 1,029,002,653,621

Cash in hand and cash equivalent amounts at the beginning of

the fiscal year

60 V.1 199,782,141,740

Effects of changes in exchange rate 61

221,758,891

Remaining of cash in hand and cash equivalent amounts 70 V.1 1,229,006,554,252

at the end of the fiscal year (50 + 60 + 61)

Hanoi, dated 25th December 2006

Prepared by

signed

Nguyen Quynh Trang

Chief Accountant

signed

Nguyen Dinh Thiet

General Director

signed

Truong Quang Nghia

Page 17: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

16

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01st January and ended on 30th November 2006

Explanation on Financial Statement (cont.)

EXPLANATION ON FINANCIAL STATEMENT From January 01, 2006 to November 30, 2006

I. OPERATIONAL FEATURES OF THE CORPORATION

1. Form of capital ownership : Being a state-owned corporation

2. Business operation:

- To be a Contractor or a General Contractor to build up and complete construction projects in fields of

civil and industrial fabrics, transportation, airport, harbor, irrigation system, tunnel, channel, dikes,

dams, culture, sport, recreation and entertainment, tourism, hotel, office buildings, school, hospital,

water supply and drainage works, telecommunication & post office, hydroelectric station,

thermoelectric works, windy-power, atomic-power, electrical line and up-to-500KV transformer;

engineering infrastructure system, infrastructure system of living quarters, urban area, industrial

processing zone, high technology zone, etc., both domestically and internationally;

- To be a Consultant, Contractor, General Investment Consultant & Contractor in all formalities as

mentioned above including: setting up feasibility study, tender consultant on equipment and new

technology and automatic device procurement, topography survey, hydrogeology, project survey,

doing test in laboratory, designing; verifying the F/S, technical designs and general budget; verifying

the project quality and other consultant services;

- To invest in real estate, infrastructure, residential areas, new economic area, high technology area,

export processing zone, industrial zone;

- To do business activities in fields of hotel, tourism, tourist services, package holiday, tourist

transportation;

- To provide houses for lease to domestic and foreign companies;

- To exploit and do business activities in purified drinking water, energy and power;

- To import & export materials, equipments, machineries, spare parts, production materials, consuming

materials, sub-materials, technology line, construction material, automatic devices, handicraft goods,

agriculture/ forestry aquaculture products, consuming goods, transportation means, motorcycles;

- To be Sale Agent for domestic and international enterprises for production and consumption goods

under regulations of laws;

- To do science research, apply and transfer new technology, automation equipment which used in

construction, construction material manufacturing as well as urban development;

- To manufacture, install, repair and maintain equipment, technology line and automatic devices;

- To supply Vietnamese employees and experts for term working overseas;

- To exploit, manufacture, process and trade all kinds of construction structure components and

materials including: stone, sand, gravel, brick, roof-tile, cement, glass, corrugated sheet roof, bitumen

and other materials used in construction and indoor or out-door decoration;

Page 18: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

17

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01st January and ended on 30th November 2006

Explanation on Financial Statement (cont.)

- To operate other services such as: installation, repair and maintenance HACV (Heat Air-conditioning

Ventilation) system, freezing electrical devices, fire-protection equipment, lift and elevator; to

provide other services such as: Delivery and freight of goods involve in construction materials, super-

weight or extra-sized components;

- To be an Airway ticket Agent of domestic and foreign Airlines;

- To do business and import-export of breweries, beer and alcohol;

- To do business in cigarette;

- To produce and do business in industrial textile and garment;

- To exploit, purchase and process agriculture and forestry products (processed wood, preliminarily

processed wood, coffee beans and other farming produce foodstuffs);

- To grow, take care of, preserve, maintain forestry, grow industrial plants and breed poultry and castle;

- To exploit, produce and sell purified drinking water;

- To do business in retail of oil & gas.

II. ACCOUNTING YEAR, CURRENCY USED IN BOOK-KEEPING

1. Accounting year

The fiscal year of the Corporation shall begin on 1st January and end on 31th December annually.

2. Currency used in Book-keeping

Currency used in the statement is Vietnamese Dong (VND).

III. APPLIED ACCOUNTING SYSTEM AND PROCEDURES

1. Applied accounting system and procedures

Current Vietnamese corporate accounting system and procedures

2. Declaration of compliance with Vietnamese Corporate Accounting systems and procedures

The management of VINACONEX declares to comply with current Vietnamese corporate accounting

system and procedures during preparation of financial statement.

3. Applied Book Forms

General Diary

IV. APPLIED ACCOUNTING POLICY

1. Basis for preparation of financial statement

The financial statement is presented based on net cost principle.

Page 19: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

18

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01st January and ended on 30th November 2006

Explanation on Financial Statement (cont.)

2. Cash and equivalent amounts

Cash and equivalent amounts include cash, cash in bank, cash in transit and short-term investments

with maturity period of not exceed 03 months since their purchase date, which can be easily or

without risk transferred to a specified amount.

3. Inventory

Inventory is determined on the basis of net origin cost. Inventory net cost includes expenses for

purchasing, processing and other directly relevant expenses arising for the occurrence of inventory at

the current time and state.

Net original cost of inventories shall be calculated under the nominated real cost calculation method

and entered into the account under the frequent declaration method.

Provisions for decrease in price of inventory were recorded whenever net origin costs were larger

than available net values. Available net values are the estimated selling price of the inventory

deducted its estimated production cost and necessary estimated cost for sales.

4. Commercial receivables and other receivables

Commercial receivables and other receivables are determined by invoices.

5. Tangible fixed assets

Tangible fixed assets for business operation activities

Value of fixed assets is determined by the deduction of net cost to accumulated depreciation. Net cost

of fixed assets (FA) shall comprises of all costs the Corporation already paid for having the possesion

and ownership of such FA up to the time at which these FA are ready for use. Costs arising after

initial record are only credited to FA net costs in case they shall certainly result in an increase in

economical benefits in the future due to usage of those FA. Costs failing to meet aforesaid conditions

shall be recorded as costs within the fiscal period.

Whenever there are purchases or liquidation of FA, net cost and accumulated depreciation are

removed from books and any profits or losses arising out of the liquidation process are calculated in

revenue or expense in such fiscal period.

Depreciation value of asset shall be calculated under the straight-line depreciation method on the

basis of estimated time of use for such assets in conformity with instructions under Decision No.

206/2003/QD-BTC dated 12th December 2003 by the Minister of Finance. Years of depreciation of

types of assets are as follows:

Types of assets Year of depreciation

Housing and architecture objects 7 - 25

Machinery and equipments 5 - 6

Means of transportation, communications 7

Office devices and tools 4 - 6

Other tangible FA 4 - 6

6. Intangible fixed assets

Land use right

Land use rights are all actual costs that the Corporation alreay paid in connection with such used land,

comprising of expenses actually incurred for obtaining land use rights on such lands, compensation,

clearance, leveling, … register charges, etc. Year of depreciation is 25 years.

Page 20: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

19

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01st January and ended on 30th November 2006

Explanation on Financial Statement (cont.)

Computer software

Computer software is all costs that the Corporation already paid up to the time the computer software

is put in use. Year of depreciation is 4 years.

7. Borrowing expenses

Borrowing expenses shall be capitalized whenever relate directly to investment for construction or

production of in-progress assets for which it need long - enough period of time (more than 12 months)

for being put into usage at its originally intended purpose of usage or for sales. Other costs are

recorded as business operation costs in fiscal period.

8. Financial investment

Investment in securities, subsidiary and dependant companies are determined by net origin costs.

Provision for decline in prices of securities is prepared for each type of securities being traded on the

stock exchange market, whose prices are decreasing in comparison with prices recorded on books.

Whenever making liquidation of investment, the differences between net liquidation values and

values recorded on books shall be calculated as incomes or expenses within the fiscal period.

9. Joint venture operation

Benefits that the Corporation enjoys from business operation jointly managed and enjoys from assest

jointly controlled shall be recorded in the Balance Sheet by distributing to the Corporation according

to its share propotion in the joint business operation in assets, liabilities, incomes and expenses of

relevant items.

10. Long-term prepayment costs

Tools and devices

Value of tools and devices which have been put into usage shall be distributed into expenses in the

fiscal period under the straight-line depreciation method with years of distribution not exceed 03

years.

Prepaid land rental

Prepaid land rental shall reflect land rental paid for the land being used by the Corporation. Land

rental shall be distributed in accordance with rental term of 20 years as regulated on the land leasing

contract.

Operation costs of the Corporations’s management

According to the Regulation on Finance of the Corporations’ management issued by the Corporation,

all operation costs for the Corporation’s management shall be calculated on the basis of an estimated

amount, which previously has been approved by the Corporation. In case of actual costs being larger

than the approved estimated amount, such cost shall be dealt with at the time of finalization of

relevant cost.

Values for business advantage

Business advantages are determined and recorded in conformity with the Decision No. 2319/QD-BTC

on corporate values for equitization of the Vietnam Construction and Import - Export Corporation at

the time of January 01, 2005. Such business advantage shall be distributed within 03 years,

commencing from 01st January 2006.

Trade name values

Trade name values are determined and recorded under the Decision No. 2319/QD-BTC on corporate

values for equitization of the Vietnam Construction and Import - Export Corporation at the time of

January 01, 2005. Such trade name value shall be distributed within 03 years, commencing from 01st

January 2006.

Page 21: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

20

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01/01 and ended on 30th November 2006

Explanation on Financial Statement (cont.)

11. Costs payable before maintenance costs for residential apartments

Payables shall be recorded on the basis of reasonable estimation of amount to be paid for goods and

services used during the fiscal period.

Maintenance costs for residential apartments are distributed in advance at the rate of 3% over the

revenue from sales of apartments.

As concluded by the Inspection Delegation of Ministry of Finance for the fiscal year of 2003,

“eventhough that such distribution in advance has not yet been regulated by laws, this, however, is a

new arising matter and necessary for investment in construction of high-rise urban areas. Therefore,

the Inspection Delegation has recognized this distribution and the Vietnam Construction & Import –

Export Corporation is required to set up and submit a plan for usage of such maintenance costs for

high-rise residential apartments to Ministry of Finance and Ministry of Construction for guilding

settlement solution”.

On 10th October 2006, the Ministry of Finance issued Letter No. 1690/BTC-TCDN on determination

of corporate value for equitization of Vinaconex, clearly indicating the necessity for distribution of

maintaining cost for long-term operation of urban areas, and allowing distribution of 3% of revenue

from sales of apartments.

12. Severance allowance provision funds

Severance allowance provision funds are used to grant allowances to labors that quit or lose their

jobs. Maximum distribution for severance allowance provision funds from wage fund is 3% to partly

cover social insurance and shall be recorded as costs within the fiscal period. In case severance

allowance provision funds within the period are not enough, differences in shortage shall be recorded

as costs.

13. Corporate income tax

The Corporation is responsible for paying Corporate income tax at a tax rate of 28% over total taxed

incomes.

Existing income tax is determined by total taxed income within the period at a tax rate applicable on

the last date of the period.

14. Principles for conversion of foreign currencies

The applicable rate to be used for conversion of costs and expenses arising in foreign currencies shall

be relevant exchange rate on the date of the transaction payment.

Differences on exchange rate within the period and differences on exchange rate arising out of review

of currency items at the end of the period shall be recorded as income or costs within the period.

Applicable rate at the time of 30th November 2006:

1USD = 16,061 VND

1EUR = 21,268.84 VND

1 JPY = 139.25 VND

1 KIP = 1.5 VND

15. Principles for record of turnover

When goods and products are sold, turnover is recorded when major of risks and benefits attached to

ownership of those goods and products have been transferred to buyers and there exist no

significantly uncertain factors relating to payment, accompanied expenses or possibilities of returned

goods.

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21

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01/01 and ended on 30th November 2006

Explanation on Financial Statement (cont.)

When services are provided, turnover is recorded when there exist no significantly uncertain factors

relating to payment or accompanied expenses.

Profits are recorded by duration and interests of each period.

Temporary dividends from investments in Subsidiaries and Dependant units are determined by

statement of performance results of these Subsidiaries and Dependant units in November 2006.

Shared dividends and profits are recorded when shareholders are entitled to receive dividends or

capital contributing parties are entitled to receive profits from their capital contribution.

16. Construction contract

At Bidding and Project Management Center

Turnover

For works for which costs have been recorded or collected: Turnover is recorded when VAT invoices

are made to customers, which is based on checking and acceptance minutes on values of volumes

done and accepted for payment or based on requirements of customers.

For works for which costs have been not yet recorded or collected: Turnover of volume done and

checked (and for which VAT invoices have been made) is monitored by Turnover in advance item,

which have not yet transferred to business results.

Cost price

Cost price of works = Opening in-progress business operation costs + Actual costs within the

period – Closing in-progress business operation costs

Determination of in-progress business operation costs at the end of the fiscal year has not followed

any specific criteria.

At Construction Operation Committees

Turnover

Turnover comprises of volume done and checked and accepted for payment by construction units

(three-party checking: developer, operation committees and construction units) and management fees

for such operation committees collected from construction units.

Cost price

Cost price is determined by volume done and checked and accepted for payment by construction

units.

Page 23: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

22

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01st January and ended on 30th November 2006

Explanation on Financial Statement (cont.)

V. SUPPLEMENTAL INFORMATION OF ITEMS PRESENTED IN THE BALANCE SHEET

1. Cash & equivalent amounts

Closing balance Opening balance

Cash 5,067,492,933 4,869,340,827

Cash in bank 1,209,832,961,319 192,144,469,913

Cash in transition 7,500,000,000 -

Equivalent amounts 6,606,100,000 2,768,331,000

- Two-month deposit account 2,000,000,000 1,022,121,000

- Three-month deposit account 4,606,100,000 1,746,210,000

Total 1,229,006,554,252 199,782,141,740

2. Short-term investments Closing balance Opening balance

Other short-term investments

Deposit accounts within a period 51,415,734,200 23,253,200,000

- Six-month deposit account 10,876,684,200 6,953,200,000

- Twelve-month deposit account 40,539,050,000 16,300,000,000

Short-term lending 9,061,399,099 10,275,733,333

- Vinaconex 21 131,279,099 - 925,733,333

- Vinaconex 17 7,493,830,000 8,000,000,000

- Project management unit of Hoa Phu

resettlement area

246,400,000 -

- Vinaconex Xuan Mai 1,189,890,000 1,350,000,000

Total 60,477,133,299 33,528,933,333

3. Receivables from customers Closing balance Opening balance

Vinahud - HN 84,080,525,577 3,956,155,823

Bidding and Project Management Center 72,748,361,328 47,964,068,837

Vinaconex-Mec 1,915,039,445 1,425,425,050

Dung Quat BOT Water Plant 2,030,520,357 1,241,414,274

Holiday View hotel 408,619,397 66,248,811

Cua Dat Reservior Project Operation

Committee

3,965,125,575 1,146,684,000

Bim Son Construction Techniques School 12,234,125 9,856,125

Sam Son hotel 2,500,000 2,500,000

Swimming pool Construction Center 154,563,818 154,563,818

Head office section of the Corporation 26,706,392,522 25,223,658,475

Total 192,023,882,144 81,190,575,213

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23

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01st January and ended on 30th November 2006

Explanation on Financial Statement (cont.)

4. Prepayments for suppliers

Closing balance Opening balance

Vinahud - HN 35,863,239,154 8,901,384,045

Bidding and Project Management Center 358,101,845,385 131,447,557,045

Vinaconex-Mec 696,936,487 170,320,000

Campha Cement Project management unit 1,703,948,110 340,979,449

Dung Quat BOT Water Plant 179,655,961 58,370,558

Lang - Hoa Lac Expansion Project

management unit

292,260,797,220 141,034,841,263

Holiday View hotel 4,140,000 1,500,000

Buon Tua Srah Hydropower Project Operation

Committee

21,706,866,686 3,252,952,621

Cua Dat Reservoir Project Operation

Committee

83,683,239,000 13,952,981,600

Da River - Hanoi Project Operation Committee 4,553,941,176 -

Hoa Lac High-tech Park Project management

unit

4,354,147,438 32,707,872,803

Hoa Lac Projects Management unit 924,000,000 -

Vinahud - SG 698,777,400 2,714,200,000

Buon Kuop Hydropower Project management

unit of

41,554,717,506 -

Cai Gia Urban & Tourism Area Project

management unit

20,000,000 -

Sam Son hotel 3,714,385 -

Cam Pha Cement Grinding Station 182,800,000 -

Head office section of the Corporation 32,000,000,000 32,000,000,000

Total 878,492,765,908 366,582,959,384

5. Other receivables

Closing balance Opening balance

Equitization costs 1,209,309,634 643,272,727

Temporarily calculated dividends and profits

within the period

24,733,917,592 -

Other receivables 132,277,658,130 39,017,067,660

Land clearance Board of Thach That district 37,417,518,235 435,333,235

Land clearance Board of Quoc Oai district 61,441,810,000 963,699,000

Vinaconex 34 2,264,866,646 11,264,866,646

Vicostone - 1,800,000,000

Vinaconex 11 1,000,000,000 -

Vinaconex 5 1,000,000,000 -

Vinaconex 6 1,000,000,000 -

Vinaconex 7 1,200,000,000 -

Vinaconex 12 3,044,160,909 11,044,160,909

Vietnam Mine Construction & Exploitation

joint stock company

478,716,855 -

Jean Dessjoyaux joint stock company 809,065,920 727,774,152

A.T.C.V 1,000,000,000 -

Payables to foreign brokerage 1,159,763,076 1,581,080,884

Expenses for the Administrative Headquarter

Project waiting to be settled

4,216,089,989 -

Fee for registry of residential apartments 444,217,545 -

Thang Long Project management unit 10,000,000,000 -

Land clearance and compensation funds 951,335,655 5,138,675,000

Receivables from Thanh Tri bridge

construction units

2,504,772,290 2,278,452,466

Other objects 2,345,341,010 3,783,025,368

Total 158,220,885,356 39,660,340,387

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24

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01st January and ended on 30th November 2006

Explanation on Financial Statement (cont.)

6. Inventory

Closing balance Opening balance

Materials 103,282,473,365 380,815,214

Tools and devices 426,436,197 189,945,951

In-progress operation expenses 626,013,274,741 345,996,053,010

Goods 1,446,194,653 5,349,653,425

Goods sent for sales - 283,368,173

Total 731,168,378,956 352,199,835,773

7. Short-term prepayment

Please see appendix # 01

8. Other current assets Closing balance Opening balance

Advances 10,722,215,051 8,315,109,701

Short-term mortgages, collateral security 10,400,000 -

Assets in shortage, waiting to be handled 43,795,417 41,354,141

Total 10,776,410,468 8,356,463,842

9. Other long-term receivables Closing balance Opening balance

Long-term collateral security 436,676,272

10. Increase, decline in tangible fixed assets

Please see explanation of appendix # 02

11. Increase, decline in intangible fixed assets

Land use right Land clearance

fee

Computer

software

Total

Cost

Opening balance 9,627,543,200 2,539,772,359 36,000,000 12,203,315,559

Purchases within the period - - 12,500,000 12,500,000

Liquidation and sales - - - -

Closing balance 9,627,543,200 2,539,772,359 48,500,000 12,215,815,559

Depreciation values

Opening balance - 405,512,169 27,000,000 432,512,169

Depreciation within the

period

- 93,124,986 11,027,778 104,152,764

Liquidation and sales - - - -

Closing balance - 498,637,155 38,027,778 536,664,933

Remaining values

Opening balance 9,627,543,200 2,134,260,190 9,000,000 11,770,803,390

Closing balance 9,627,543,200 2,041,135,204 10,472,222 11,679,150,626

Page 26: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

25

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01st January and ended on 30th November 2006

Explanation on Financial Statement (cont.)

12. In-progress fundamental construction expenses

Please see explanation of appendix # 03

13. Increase, decline in investment real estate Housing & offices

for lease

Cost

Opening balance -

Transferred from tangible fixed assets 172,384,934,736

Liquidation and sales -

Closing balance 172,384,934,736

Depreciation values

Opening balance -

Transferred from tangible fixed assets 11,668,475,074

Liquidation and sales -

Closing balance 11,668,475,074

Remaining values

Opening balance -

Closing balance 160,716,459,662

14. Investment in subsidiary companies

Names of subsidiary companies

Ratio of shares of

ownership Investment capital

Vinaconex 1 51.00% 5,610,000,000

Vinaconex 2 51.00% 10,200,000,000

Vinaconex 3 51.00% 3,172,000,000

Vinaconex 5 65.00% 13,650,000,000

Vinaconex 6 51.00% 3,346,200,000

Vinaconex 7 56.55% 4,810,000,000

Vinaconex 9 60.00% 12,600,000,000

Vinaconex 10 51.00% 1,020,000,000

Vinaconex 11 51.00% 2,610,000,000

Vinaconex 12 51.00% 2,550,000,000

Vinaconex 15 51.00% 5,355,000,000

Vinaconex 16 53.08% 3,449,550,000

Vinaconex 17 51.00% 2,550,000,000

Vinaconex 18 61.47% 1,844,100,000

Vinaconex 20 59.67% 2,686,500,000

Vinaconex 21 52.50% 3,150,000,000

Vinaconex 25 51.00% 7,140,000,000

Vinaconex Dong Thap Joint stock company 73.41% 6,607,000,000

Vinaconex 34 51.00% 3,070,000,000

Vinaconex 45 51.00% 9,300,000,000

Vimeco 51.00% 17,850,000,000

Page 27: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

26

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01st January and ended on 30th November 2006

Explanation on Financial Statement (cont.)

Names of subsidiary companies

Ratio of shares of

ownership Investment capital

Vinaconex Sai Gon 57.27% 6,300,000,000

Vinatra 60.00% 3,000,000,000

A.T.C.V 56.00% 1,680,000,000

Vinaconsult 51.00% 1,530,000,000

Vinaconex R&D 51.00% 1,275,000,000

Vinaconex Quyet Thang 56.00% 6,160,000,000

Vinaconex Xuan Mai 51.00% 15,912,000,000

Luong Son Hoa Binh Cement Joint stock company 55.00% 5,500,000,000

Yen Binh Cement Joint stock company 66.00% 42,239,757,162

Vinamex 60.00% 3,000,000,000

Vinadecor 51.00% 2,550,000,000

Suoi Mo Hotel Joint stock company 51.00% 8,590,200,000

Vinasinco 55.00% 550,000,000

Vinavico 30.00% 10,170,100,000

Cua Dat Hydroelectricity Joint stock company 51.00% 50,490,000,000

NEDI 2 92.00% 25,021,717,756

Viwaco 51.00% 13,398,031,360

Hanoi Market 51.00% 1,650,000,000

Vinamine 100.00% 382,326,246

Chu Linh Joint stock company 51.00% 1,275,000,000

Vinasilk 51.00% 1,214,460,596

Trang Tien Plaza 90.00% 13,500,000,000

Vicostone 60.00% 18,000,000,000

Difference in capital contribution under the Minutes

on Determination of Corporate value

8,145,589,755

Total 364,104,432,875

15. Investment in joint venture, joint operation

Names of joint venture, joint operation

Ratio of shares of

ownership Investment capital

Joint operation 15,675,000,000

Security guard services Joint stock company 30.00% 300,000,000

Song Tan Joint stock company 25.00% 12,500,000,000

NEDI 3 5.00% 2,875,000,000

Joint venture 24,349,263,947

Vinaconex - Taisei Joint venture 29.00% 10,162,950,281

Vikowa 49.00% 4,325,784,813

Difference in capital contribution under the Minutes

on Determination of Corporate value

9,860,528,853

Total 40,024,263,947

Page 28: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

27

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01st January and ended on 30th November 2006

Explanation on Financial Statement (cont.)

16. Other long-term investment

17. Long-term prepayment Please see explanation of appendix # 01

18. Short-term borrowings

Closing balance Opening balance

Investment in shares of 3630,353,196,236 21,301,015,680

Vietnam Football Development Joint stock

company (JSC)

180,000,000 180,000,000

Quang Ninh thermoelectricity JSC 2,761,753,930 2,761,753,930

Cam Pha thermoelectricity JSC 2,405,911,750 2,405,911,750

Post office Insurance JSC 1,400,000,000 1,400,000,000

Olympic Insurance JSC - 2,500,000,000

Bao Minh Insurance JSC 8,553,350,000 8,553,350,000

Viglafico JSC 500,000,000 500,000,000

Middle Electricity JSC 1,575,000,000 -

Package JSC 2,500,000,000 -

Phan Vu Concrete Company 1,600,000,000 -

Vinaconex Investment and Trading JSC 8,877,180,556 -

Kinh Dong Water supply JSC - 3,000,000,000

Investment in bonds of 2,000,000 2,000,000

Five-year education bond 2,000,000 2,000,000

Long-term lending 47,661,885,357 -

Vinadecor 500,000,000 -

Vinaconex 10 7,600,000,000 -

Vinaconex 17 4,744,402,024 -

Vinaconex Sai Gon 10,817,483,333 -

Investment fund - BIDV 24,000,000,000 -

Total 78,017,081,593 21,303,015,680

Closing balance Opening balance

Short-term borrowings

BIDV Operation center 110,748,850,799 -

Ha Tay Bank for Investment & Development 17,991,970,973 464,724,000

Cau Giay Bank for Investment & Development 15,873,417,604 3,203,151,517

Operation center of Agriculture & Rural

Development Bank

269,206,300,064 75,471,335,350

Habubank - 50,000,000

Dong Do Bank for Investment & Development 149,544,156,711 158,614,160,000

Sai Gon Agriculture & Rural Development

Bank

36,683,700,000 -

Shipping Industry Financing Company 49,966,920,556 -

Petroleum Finance Company 36,000,000,000 10,000,000,000

Borrowings from individuals 141,227,814,844 6,795,559,206

Borrowings from the Corporation 401,000,000 402,844,762

Total 827,644,131,551 304,951,774,835

Page 29: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

28

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01st January and ended on 30th November 2006

Explanation on Financial Statement (cont.)

Details of amounts arising out of short-term borrowings:

Opening balance

Borrowings

during the year

Payments

during the year

Closing balance

Short-term borrowings 304,951,774,835 922,837,054,333 400,144,697,617 827,644,131,551

19. Payables to suppliers

20. Advances from customers

Closing balance Opening balance

Vinahud - HN 77,331,231,980 91,148,630,907

Bidding & Project Management Center 46,832,161,248 75,197,268,725

Vinaconex-Mec 299,013,764 1,083,936,725

Campha Cement Project management unit 27,119,678,833 9,181,550,435

Dung Quat BOT Water Plant 706,277,964 330,830,719

Lang - Hoa Lac Expansion Project management unit 2,250,862,653 6,081,866,152

Holiday View hotel 613,311,832 521,874,055

Buon Tuasrah Hydroelectricity Project Operative

Committee

- 12,765,199,094

Cua Dat Reservior Project Operation Committee 4,287,125,752 8,645,167,094

Da River - Hanoi Project Operation Committee 81,693,204,142 2,844,060,897

Hoa Lac High-tech Park Project management unit 8,105,606,270 -

Hoa Lac Projects Management unit 209,552,727 -

Vinahud - SG 1,023,348,258 1,800,000,000

Buon Kuop Hydropower Project management unit 4,500,000 8,416,814,346

Cai Gia Urban & Tourism Area Project management

unit

8,806,487,797 -

Bim Son Construction Techniques School 109,321,000 74,158,000

Sam Son hotel 8,015,700 8,015,700

Vung Huong Weekend Houses Project management

unit

4,047,107,000 3,547,107,000

Cam Pha Cement Grinding Station 38,995,572 -

Head office section of the Corporation 4,832,021,710 4,385,985,037

Total 268,317,824,202 226,032,465,437

Closing balance Opening balance

Vinahud - HN 284,090,576,201 332,144,588,949

Bidding & Project Management Center 578,008,941,274 242,389,192,815

Vinaconex-Mec 2,637,370,661 557,129,050

Dung Quat BOT Water Plant 954,858,899 161,934,296

Lang - Hoa Lac Expansion Project management

unit

139,654,522,000 28,081,054,095

Holiday View hotel 35,098,067 20,064,970

Buon Tua Srah Hydropower Project Operation

Committee

20,232,011,000 7,733,816,000

Cua Dat Reservior Project Operation

Committee

106,053,239,000 35,611,474,000

Hoa Lac High-tech Park Project management

unit

67,358,655,713 44,222,022,470

Buon Kuop Hydropower Project management

unit

49,071,887,000 11,048,681,000

Sam Son hotel - 31,311,367

Head office section of the Corporation 40,468,367,980 30,717,987,337

Total 1,288,565,527,795 732,719,256,349

Page 30: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

29

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01st January and ended on 30th November 2006

Explanation on Financial Statement (cont.)

21. Taxes and payables to state budget

Opening

balance

Amounts to be

paid within the

period

Amounts already

paid within the

period

Closing

balance

VAT on domestic

goods

706,917,733 21,367,305,191 4,754,702,088 17,319,520,836

VAT on imports 209,391 526,817,102 519,353,827 7,672,666

Import, export tax (15,393,153) 262,932,107 243,885,303 3,653,651

Corporate income tax 48,046,107,806 9,247,555,133 52,063,234,619 5,230,428,320

Personal income tax 1,140,190,080 1,534,662,191 1,217,604,789 1,457,247,482

Other taxes 4,547,372,949 158,701,212 4,703,969,108 2,105,053

Total 54,425,404,806 33,107,549,936 63,502,749,734 23,984,726,498

22. Payables to employees

23. Payables

Closing balance Opening balance

Vinahud - HN 210,417,000 -

Bidding & Project Management Center 881,256,000 511,143,000

Vinaconex-Mec - 179,360,000

Campha Cement Project management unit 406,963,000 -

Dung Quat BOT Water Plant 188,186,123 71,470,757

Lang - Hoa Lac Expansion Project management

unit

357,072,600 -

Holiday View hotel 53,725,146 79,376,242

Cua Dat Reservior Project Operative

Committee

245,590,870 459,355,200

Da River - Hanoi Project Operative Committee 618,908,745 (44,636,836)

Hoa Lac High-tech Park Project management

unit

22,315,000 928,450

Campha Cement Grinding Station 466,614,664 -

Head office section of the Corporation 198,430,000 140,040,000

Total 3,649,479,148 1,397,036,813

Closing balance Opening balance

Payable expenses from loan interests 2,428,637,552 1,326,347,520

Payable expenses for maintenance of residential

apartments

44,961,488,973 37,853,798,864

Advance distribution from net costs of

residential apartments

11,604,897,225 36,877,210,973

Advance distribution from fees for registry of

land and land use right

10,134,380,000 4,681,448,000

Advance distribution from production costs

during the period

172,560,221,716 26,725,949,691

Advance distribution from equitization costs 147,015,924 -

Total 241,836,641,390 107,464,755,048

Page 31: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

30

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01st January and ended on 30th November 2006

Explanation on Financial Statement (cont.)

24. Other short-term payables

25. Other long-term payables

Closing balance Opening balance

Assets of redundancy waiting to be handled 2,596,000 2,217,453

Social and Medical insurance 1,110,545,156 268,021,575

Trade Union funds 617,630,903 327,718,016

Short-term collateral security 5,228,453,619 -

Payables for equitization process 40,740,700 -

Unperformed turnover 83,584,485,372 89,800,178,470

Other payables 82,328,165,430 40,382,293,182

Informatics center of the City 3,234,000,000 3,234,000,000

Loan interest from Companies 21,774,389,456 13,493,839,148

Guarantee fee for share issuance 2,364,650,750 -

Interest paid for deposits of exported laborers 5,486,764,980 5,058,734,984

Head office section of the Corporation 2,519,101,187 2,519,101,187

Temporary holding of amounts resulted from

termination of overseas working contracts

3,016,507,858 1,215,176,555

Loan interest payable to employees 4,902,708,000 1,065,208,000

Viet An JSC 6,500,000,000 -

Contribution to establishment of concentrating

gas system

1,312,000,000 1,340,000,000

Payables to state budget 7,522,958,645 1,404,480,000

Truong Son Construction Corporation 2,660,998,000 -

Vinavico 1,567,922,000 18,000,000

Vimeco 1,212,300,000 18,000,000

Constrexim 1,018,584,000 -

Vinaconex 4 4,000,000,000 4,000,000,000

Other payables 13,235,280,554 7,015,753,308

Total 172,912,617,180 130,780,428,696

Closing balance Opening balance

Long-term collateral security 28,183,460,195 27,933,443,195

Page 32: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

31

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01st January and ended on 30th November 2006

Explanation on Financial Statement (cont.)

26. Long-term borrowings

Details of amounts arising out of long-term borrowings:

Opening balance

Borrowings

during the year

Borrowings at the

end of the year

Closing balance

Long-term loans 1,011,971,285,770 2,055,627,983,448 164,586,552,541 2,903,012,716,677

Long-term liabilities 59,297,551,001 47,719,595,393 23,756,910,743 83,260,235,651

Total 1,071,268,836,771 2,103,347,578,841 188,343,463,284 2,986,272,952,328

27. Severance allowances

28. Owner’s equity Please see explanation of appendix # 04

Closing balance Opening balance

Long-term loans 2,903,012,716,677 1,011,971,285,770

Techcombank 99,092,335,689 -

Hatay BIDV 198,949,231,773 96,270,797,180

BIDV Operation Center 46,176,408,637 47,151,164,021

BIDV Thanh hoa branch 25,094,617,666 23,213,617,666

BIDV Cau giay branch 76,213,662,288 21,152,603,575

Natexis Banques Populaies Bank 33,065,075,580 -

Agribank Operation Center 43,638,389,143 3,638,389,450

BIDV Quang Ngai branch 6,771,416,026 6,400,903,366

Incombank 1,019,637,813,082 593,802,387,382

Bank of China- Ho chi minh Branch 56,221,320,292 -

SG Bank 623,670,573,936 171,977,979,922

NBP Bank 674,481,872,565 48,363,443,208

Long-term liabilities 83,260,235,651 59,297,551,001

Long-term liabilities for overseas workers

salary

35,985,198,566 35,379,258,584

Long – term liability advance services fees 46,461,286,114 23,596,243,346

Long – term liability advance social insurance

premium

350,750,971 322,049,071

Long – term liability for employees 463,000,000 -

Total 2,986,272,952,328 1,071,268,836,771

This period

Opening balance 998,934,711

Amount within the period 45,159,138

Other increase 18,279,146

Expenditure within the period 5,489,750

Other decline -

Closing balance 1,056,883,245

Page 33: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

32

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01st January and ended on 30th November 2006

Explanation on Financial Statement (cont.)

29. Undistributed profit

This period

Undistributed profit at the beginning of the year -

Profit before tax of 2006 60,851,364,248

Non-taxed income from dividends 27,824,381,630

Taxed income within the period 33,026,982,618

Corporate income tax within the period 9,247,555,133

Expenditure deducted from profit after tax 8,288,315

Profit to be distributed 51,595,520,800

Part of financial provisions (10%) 5,159,552,080

Profit distributed from remaining funds 46,435,968,720

Profit contributed to state equity 4,939,0596,404

Profit shared from self-mobilized capital 41,496,912,316

Distributed into funds

- Investment & development fund 12,449,073,695

- Funds of Management Board 500,000,000

- Bonus and welfare funds 28,547,838,621

Undistributed profit at the end of the period -

Page 34: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

33

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01st January and ended on 30th November 2006

Explanation on Financial Statement (cont.)

VI. SUPPLEMENTAL INFORMATION OF ITEMS PRESENTED IN THE STATEMENT OF

PERFORMANCE RESULT

1. Income

Gross sales

2. Cost of goods sales

3. Income from financial activities

4. Expenses from financial activities

This period

Total income 1,345,245,053,384

- Income from sales of goods 35,209,758,993

- Income from sales of finished products 295,022,502,030

- Income from provision of services 46,466,328,705

- Income from construction work 968,546,463,656

Deductions from income: 102,432,000

- Returned goods 102,432,000

Net income 1,345,142,621,384

Of which:

- Net income from sales of goods 35,209,758,993

- Net income from sales of finished products 295,022,502,030

- Net income from provision of services 46,466,328,705

- Net income from construction work 968,444,031,656

This period

Cost of goods supplied 33,523,636,850

Cost of finished products supplied 220,164,185,124

Cost of services provided 27,033,040,004

Cost of construction contracts 909,777,754,698

Total 1,190,498,616,676

This period

Profit from deposit accounts 5,360,580,310

Profit from lending 45,134,797,409

Dividends and profit 27,824,381,630

Profit from guarantee fee 304,044,818

Profit from differences in exchange rate 848,282,324

Profit from sales of late-payment goods 248,648,294

Total 79,720,734,785

This period

Expenses from loan interest 44,623,562,514

Loss from differences in exchange rate 626,523,433

Guarantee expenses 288,704,794

Profits payables to employees 540,987,130

Total 46,079,777,871

Page 35: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

34

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01st January and ended on 30th November 2006

Explanation on Financial Statement (cont.)

5. Selling expenses

6. Overhead Cost

7. Income from other activities

8. Expenses from other activities

This period

Expenses for employees 269,495,602

Material costs 42,071,695

Depreciation costs 39,437,963

Maintenance costs for residential apartments 7,107,690,109

Expenses for using outside services 1,639,793,848

Other expenses in cash 7,059,353,226

Total 16,157,842,443

This period

Expenses for employees 45,116,354,352

Material costs 2,266,653,361

Depreciation costs 9,230,354,147

Distribution of business advantages and brand values 46,444,286,456

Expenses for using outside services 5,097,876,599

Other expenses in cash 11,764,669,532

Total 119,920,194,447

This period

Income from transfer and liquidation of fixed assets 9,208,878,556

Values cut down after settlement of construction works developed

by the Corporation

8,439,320,949

Income from non-object liabilities 119,560,014

Other income 393,564,773

Total 18,161,324,292

This period

Remaining values of transferred and liquidated fixed assets 9,497,952,288

Other expenses 18,932,488

Total 9,516,884,776

Page 36: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

35

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01st January and ended on 30th November 2006

Explanation on Financial Statement (cont.)

VII. OTHER INFORMATION

1. Changes in accounting policy

In 2006, Head Office Section of Vinaconex applied accounting principles issued accompanied with

Decision No. 12/2005/QD-BTC dated 15th Ferbuary 2005 and Decision No. 100/2005/QD-BTC dated

28th December 2005 by Ministry of Finance and Circular No. 20/2006/TT-BTC dated 20th March

2006 and Circular No. 21/2006/TT-BTC dated 20th March 2006 guiding for implementation of the

above – said Decisions by Ministry of Finance:

VAS 11 Business unification

VAS 17 Corporate income tax

VAS 18 Provisions, assets and potential liabilities

VAS 23 Events occurred after the ending date of an accounting year

VAS 27 Mid-year financial statement

VAS 28 Part report

VAS 29 Changes in accounting policy, accounting estimation and errors

VAS 30 Profit per share

2. Criteria for overall evaluation of financial status and business performance of the Corporation

Criteria Unit This period

Asset and Capital Structure

Asset structure

Current asset/ Total asset % 51.93

Long-term asset/ Total asset % 48.07

Capital structure

Payables/ Total resources % 84.14

Owner’s equity/ Total resources % 15.86

Capability of payment

Current payment capability Times 1.19

Capability of payment for short-term borrowings Times 1.08

Capability of quick payment Times 0.27

Profitability Ratio

Profit over income Ratio

Profit before tax over net income ratio % 4.22

Profit after tax over net income ratio % 3.58

Profit over total asset Ratio

Profit before tax over total asset Ratio % 0.66

Profit after tax over total asset Ratio %

Profit after tax over owner’s equity Ratio %

Page 37: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

36

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT

For the fiscal year began on 01st January and ended on 30th November 2006

Explanation on Financial Statement (cont.)

3. Information for reference and comparison

The financial statement of the previous year was audited by the Auditing and Consulting Joint Stock

Company Branch in Hanoi.

The 2006 fiscal year comprised of 11 months only, therefore the statement of performance result of

the year 2006 did not include a column for comparison with the previous year.

Several items included in the financial statement of the previous year were classified in conformity

with the financial statement of the current year.

Hanoi, dated 25th December 2006

Prepared by

(signed)

Nguyen Quynh Trang

Chief Accountant

(signed)

Nguyen Dinh Thiet

General Director

(signed)

Truong Quang Nghia

Page 38: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

37

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT (cont.)

For the fiscal year began on 01st January and ended on 30th November 2006

APPENDIX 01: PREPAYMENT EXPENSES

Short-term prepayment expenses

Opening balance

Increase

within the period

Transferred into

production costs

within the period

Transferred into

values of

construction work

Closing balance

Tools and devices 5,214,517,007 3,091,166,558 4,764,517,007 450,000,000 3,091,166,558

Expenses waiting to be distributed 4,897,616,738 22,705,821,575 806,891,487 911,069,234 25,885,477,592

Total 10,112,133,745 25,796,988,133 5,571,408,494 1,361,069,234 28,976,644,150

Long-term prepayment expenses

Opening balance

Increase

within the period

Transferred into

rade name value

for capital

contribution

Transferred into

values of

construction work

Closing balance

Tools and devices 71,797,048 410,678,561 38,526,679 - 443,948,930

Campha Cement Grinding Station 337,116,896 337,116,896

Dung Quat BOT Water Plant 29,767,678 73,561,665 38,526,679 64,802,664

Buon Tua Srah Project Operation

Committee

42,029,370 - - 42,029,370

Land rental fee 1,832,426,253 - 96,443,487 - 1,735,982,766

Value of business advantages 98,599,482,949 - 30,962,857,637 - 67,636,625,312

Trade name value 53,400,000,000 - 15,481,428,819 1,500,000,000 36,418,571,181

Operation costs for Management 4,197,124,879 7,630,305,520 4,197,124,879 - 7,630,305,520

Total 158,100,831,129 8,040,984,081 50,776,381,501 1,500,000,000 113,865,433,709

Page 39: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

38

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT (cont.)

For the fiscal year began on 01st January and ended on 30th November 2006

APPENDIX 02: INCREASE & DECLINE IN FIXED ASSETS AND DEPRECIATION COSTS WITHIN THE PERIOD

(According to types of fixed assets)

Items

Housing &

architecture

objects

Machinery &

equipments

Means of

transportation

&

communication

Office devices

Other

tangible FA

Total tangible

FA

I. COSTS

1. Opening balance 245,719,618,145

24,925,782,270 40,165,128,877 10,203,586,967 1,891,623,201 322,905,739,460

- Increase due to new purchase &

investment

16,990,000

3,581,027,965 2,784,533,636 3,709,508,442 55,428,571 10,147,488,614

- Increase due to new construction 7,177,281,978

- - - - 7,177,281,978

- Increase due to re-classification 22,702,273

550,849,738 362,362,467 56,609,524 - 992,524,002

- Decline due to liquidation 11,819,871,200

134,651,000 533,841,545 39,146,850 - 12,527,510,595

- Decline due to re-classification 172,384,934,736

- - 395,503,031 - 172,780,437,767

- Decline due to contribution of capital 1,397,177,608

- - 114,348,634 - 1,511,526,242

4. Closing balance 67,334,608,852

28,923,008,973 42,778,183,435 13,420,706,418 1,947,051,772 154,403,559,450

II. ACCUMULATED DEPRECIATION

1. Opening balance 17,831,952,437

5,729,376,534 16,463,391,863 7,660,441,392 234,322,900 47,919,485,126

- Depreciation within the year 10,278,892,415

5,486,665,219 5,335,889,379 2,682,206,026 260,275,499 24,043,928,538

- Increase due to re-classification 34,635,014

474,431,516 204,603,815 - - 713,670,345

- Decline due to liquidation 2,321,918,912

121,185,900 406,449,456 30,123,896 - 2,879,678,164

- Decline due to re-classification 11,668,475,074

414,356,573 1,370,454,485 449,786,359 - 13,903,072,491

4. Closing balance 14,155,085,880

11,154,930,796 20,226,981,116 9,862,737,163 494,598,399 55,894,333,354

III. REMAINING VALUES

1.At the first day of the year 227,887,665,708

19,196,405,736 23,701,737,014 2,543,145,575 1,657,300,301 274,986,254,334

2. At the last day of the year 53,179,522,972

17,768,078,177 22,551,202,319 3,557,969,255 1,452,453,373 98,509,226,096

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39

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT (cont.)

For the fiscal year began on 01st January and ended on 30th November 2006

APPENDIX 03: IN-PROGRESS FUNDAMENTAL CONSTRUCTION

Opening balance

Increase

within the period

Transferred into an

increase in FA

within the period

Transferred into

production costs

within the period Closing balance

Purchases of FA - 32,256,222 32,256,222 - -

In-progress fundamental construction 1,314,055,145,241 2,385,351,471,418 17,283,710,151 43,564,350,577 3,638,559,555,931

Thao Dien Mix-used Residential Complex 175,867,934,981 53,918,882,844 - - 229,786,817,825

Cai Gia - Cat Ba Urban Area 18,257,953,792 11,938,261,329 - 57,000,000 30,139,215,121

North Phu Cat Industrial Zone 9,365,361,507 6,301,985,121 - - 15,667,346,628

Fashion Center Building 7,993,911,107 863,684,432 - 3,338,698 8,854,256,841

Primary School Construction work 19,670,156,862 483,322,600 - 126,744,076 20,026,735,386

Construction of Schools 31,275,256,121 3,306,643,973 - 115,998,498 34,465,901,596

Administrative Headquarter Construction work 3,217,419,099 - - 3,217,419,099 -

Service center & Stores Construction work 8,570,071,312 3,481,425,113 - 7,313,274,978 4,738,221,447

High-rise Construction work 17,283,710,151 - 17,283,710,151 - -

Hoa Lac High-tech Park Construction work 4,675,029,919 58,497,944,738 - - 63,172,974,657

Da River Water Supply Construction work 94,955,419,495 229,285,535,513 - - 324,240,955,008

Dung Quat Hospital Infrastructure Project 38,273,700 - - - 38,273,700

Expenses for removal of Binh Long – Dung Quat

pipe system

- 4,300,000 - - 4,300,000

Expanded Dung Quat Water Plant 590,324,388 - - - 590,324,388

Chu Linh Coc San Hydroelectricity 8,648,590,119 - - 8,648,590,119 -

High-intensity Steel Lamination Factory 4,792,982,125 3,466,616,029 - 8,259,598,154 -

Page 41: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

40

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT (cont.)

For the fiscal year began on 01st January and ended on 30th November 2006

APPENDIX 03: IN-PROGRESS FUNDAMENTAL CONSTRUCTION

Opening balance

Increase

within the period

Transferred into an

increase in FA

within the period

Transferred into

production costs

within the period Closing balance

Ngoi Phat Hydroelectricity 3,929,956,196 - - 3,929,956,196 -

Thanh Hoa Plaza 42,197,484,800 11,905,109,387 - 784,388,727 53,318,205,460

Ngoi Bo Hydroelectricity Plant 1,930,355,360 - - 1,930,355,360 -

Ha Dong Trade Center 4,334,210,701 5,500,000,000 - 1,004,768,061 8,829,442,640

Nghe An Trade Center 99,678,600 - - - 99,678,600

Vinh Phuc Residential Apartment 70,695,278 - - - 70,695,278

Apartment for employees & staff 195,099,000 39,115,936 - - 234,214,936

Head Office Construction work - 3,412,214,970 - - 3,412,214,970

Tay Tra Bong Water Supply 6,230,468,492 1,284,439,042 - - 7,514,907,534

Lang Hoa Lac Highway 47,842,851,044 240,237,847,175 - - 288,080,698,219

Vung Huong Weekend Houses Construction work 10,145,051,088 517,788,226 - - 10,662,839,314

Construction of Trade Centers - 274,381,514 - - 274,381,514

Campha Cement Plant 791,876,900,004 1,750,631,973,476 - 8,172,918,611 2,534,335,954,869

Total 1,314,055,145,241 2,385,383,727,640 17,315,966,373 43,564,350,577 3,638,558,555,931

Page 42: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

41

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT (cont.)

For the fiscal year began on 01st January and ended on 30th November 2006

APPENDIX 04: OWNER’S EQUITY

Capital

contribution Surplus of equity

Investment &

Development fund

Financial

Provision fund

Opening balance 1,072,521,709,157

Increase in capital due to re-assessment of assets contributed into

Vinaconex Xuan Mai Concrete JSC

3,460,473,758

Increase due to state equity in surplus of Vicostone 39,372,378

Increase due to record of capital contribution into Vicostone 16,500,000,000

Increase due to transfers from Corporate Arrangement Supporting fund

Increase due to profit shared of 11 months 4,939,056,404 12,449,073,695 5,159,552,080

Other increases of Xuan Hoa School 92,668,916

Increase of equity of shareholders 549,495,630,000

Differences in sales of stocks 813,129,969,830

Decline in guarantee fee for share issuance (2,364,650,750)

Decline due to reduction of actual dividends in comparison with

estimated amount during valuation process of Corporate values

(14,368,721,642)

- Vinaconex 25 (745,302,259)

- Luong Son Cement Company (278,067,506)

- Trang Tien Trading Company (3,798,529,473)

- Other companies (9,546,822,404)

Decline in differences in state equity

- Head Office section of the Corporation

- Other subsidiaries & dependent units

Closing balance of the period 1,632,640,816,593 810,765,319,080 12,488,446,073 5,159,552,080

Page 43: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

42

VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION)

Address: VINACONEX building, Trung Hoa - Nhan Chinh new urban area, Thanh Xuan district, Hanoi FINANCIAL STATEMENT (cont.)

For the fiscal year began on 01st January and ended on 30th November 2006

APPENDIX 05: EQUITIZATION EXPENSES

No. Items Amount

1 Consultancy expenses 348,974,091

2 Expenses for determination of corporate values before equitization 563,636,363

3 Expenses for setting up equitization plan 79,650,000

4 Expenses for shareholder’s meeting 72,581,256

5 Other expenses 144,467,924

Total 1,209,309,634

Page 44: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

43

Financial Statement of subsidiaries & dependant units BALANCE SHEET

As of 30th November 2006

ASSETS Code Vinahud - HN

Bidding &

Project

management

center

Vinaconex-

Mec

Campha

Cement

Project

management

unit

Dung Quat

BOT Water

Plant

Lang - Hoa

Lac Expansion

Project

management

unit

A - SHORT-TERM ASSETS 100 453,217,980,093 782,433,125,127 143,958,631,397 53,546,375,832 4,656,539,357 348,343,032,875

I. Cash & equivalent amounts 110 7,383,689,019 31,325,395,514 21,659,287,787 39,095,691,968 444,903,823 10,518,420,938

1. Cash in hand 111 7,383,689,019 31,325,395,514 16,053,187,787 39,095,691,968 444,903,823 10,518,420,938

2. Cash equivalent amounts 112 - - 5,606,100,000 - - -

II. Short-term financial investments 120 - 9,061,399,099 46,415,734,200 - - -

1. Short-term investment in securities 121 - 9,061,399,099 46,415,734,200 - - -

2. Provision for the diminution in value of

short-term investments

129 - - - - - -

III. Receivables 130 131,538,422,008 433,765,008,535 70,652,933,574 1,739,405,760 2,224,409,054 303,212,132,875

1. Receivables from customers 131 84,080,525,577 72,748,361,328 1,915,039,445 - 2,030,520,357 -

2. Prepayment to suppliers 132 35,863,239,154 358,101,845,385 696,936,487 1,703,948,110 179,655,961 292,260,797,220

3. Inter-company receivables 133 6,736,062,248 - 66,455,102,497 - - -

4. Receivables according to construction

agreement's schedule

134 - - - - - -

5. Other receivables 138 4,858,595,029 2,914,801,822 1,585,855,145 35,457,650 14,232,736 10,951,335,655

6. Provision for bad debts 139 - - - - - -

IV. Inventories 140 314,240,919,066 299,777,814,306 4,048,334,138 13,374,087 1,616,453,224 14,640,090,514

1. Inventories 141 314,240,919,066 299,777,814,306 4,048,334,138 13,374,087 1,616,453,224 14,640,090,514

2. Provision for decline in inventories 149 - - - - - -

V. Other current assets 150 54,950,000 8,503,507,673 1,182,341,698 12,697,904,017 370,773,256 19,972,388,548

1. Short-term prepayment expenses 151 - 77,915,176 - - - 19,515,756,182

2. Deducted value-added tax 152 - 1,746,151,558 527,535,282 12,421,815,017 - -

3. Taxes and other receivables from the

Government

154

- - - - - 7,520,389

4. Other current assets 158 54,950,000 6,679,440,939 654,806,416 276,089,000 370,773,256 449,111,977

Page 45: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

44

Financial Statement of subsidiaries & dependant units BALANCE SHEET

As of 30th November 2006

ASSETS Code Vinahud - HN

Bidding & Project

management center

Vinaconex-Mec

Campha Cement Project

management unit

Dung Quat BOT Water

Plant

Lang - Hoa Lac

Expansion Project

management unit

B - LONG-TERM ASSETS 200 92,785,941,746 2,018,118,747 1,051,064,366 2,534,335,954,869 29,281,341,410 289,231,277,596

I. Long-term recivables 210 - - 436,676,272 - - -

1. Long-term receivables from customers 211 - - - - - -

2. Operation capital of dependant units 212 - - - - - -

3. Long-term inter-company receivables 213 - - - - - -

4. Other long-term receivables 218 - - 436,676,272 - - -

5. Provisions for long-term bad debts 219 - - - - -

II. Fixed assets 220 69,124,056,389 2,018,118,747 614,388,094 2,534,335,954,869 29,216,538,746 289,231,277,596

1. Tangible fixed assets 221 1,038,941,119 2,018,118,747 614,388,094 - 27,132,829,842 1,140,857,155

Origin Cost 222 1,906,938,005 3,694,980,566 1,719,096,398 6,453,875,816 35,043,414,033 2,904,956,114

Accumulated depreciation 223 (867,996,886) (1,676,861,819) (1,104,708,304) (6,453,875,816) (7,910,584,191) (1,764,098,959)

2 Financial lease assets 224 - - - - - -

Origin Cost 225 - - - - - -

Accumulated depreciation 226 - - - - - -

3. Intangible fixed assets 227 - - - - 2,041,135,204 9,722,222

Origin Cost 228 - - - - 2,539,772,359 12,500,000

Accumulated depreciation 229 - - - - (498,637,155) (2,777,778)

4. In-progress fundamental construction expenses

230 68,085,115,270 - - 2,534,335,954,869 42,573,700 288,080,698,219

III. Investment real estate 240 - - - - - -

Cost 241 - - - - - -

Accumulated depreciation 242 - - - - - -

IV. Long-term financial investment 250 23,661,885,357 - - - - -

1. Investment in subsidiary companies 251 - - - - - -

2. Investment in joint venture, joint operation companies

252 - - - - - -

3. Other long-term investment 258 23,661,885,357 - - - - -

4. Provision for the diminution in value of long - term investments

259 - - - - - -

V. Other long-term assets 260 - - - - 64,802,664 -

1. Long-term prepayment 261 - - - - 64,802,664 -

2. Deferred income taxes 262 - - - - - -

3. Other long-term assets 268 - - - - - -

TOTAL RESOURCES 270 546,003,921,839 784,451,243,873 145,009,695,763 2,587,882,330,701 33,937,880,767 637,574,310,471

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45

Financial Statement of subsidiaries & dependant units BALANCE SHEET

As of 30th November 2006

EQUITY Code Vinahud - HN

Bidding & Project management

center Vinaconex-Mec

Campha Cement Project

management unit

Dung Quat BOT Water

Plant

Lang - Hoa Lac Expansion Project management unit

A - LIABILITIES 300 344,577,121,050 761,701,152,484 126,167,594,656 2,640,939,043,729 41,164,979,225 659,928,995,744

I. Current Liabilities 310 245,420,799,282 761,701,152,484 15,153,450,997 28,046,570,953 40,689,098,494 659,928,995,744

1. Short-term borrowings 311 95,230,556,000 36,000,000,000 - - - -

2. Payables to suppliers 312 77,331,231,980 46,832,161,248 299,013,764 27,119,678,833 706,277,964 2,250,862,653

3. Advances from customers 313 284,090,576,201 578,008,941,274 2,637,370,661 - 954,858,899 139,654,522,000

4. Taxes and payables to state budget 314 47,064,600 (17,126,813) 37,413,560 20,025,057 21,792,272 9,115,737,701

5. Payables to employees 315 210,417,000 881,256,000 - 406,963,000 188,186,123 357,072,600

6. Payable expenses 316 66,700,766,198 93,834,268,283 229,520,086 - 488,106,860 76,196,591,240

7. Inter-company payables 317 (300,346,307,000) 5,841,062,077 - - 37,163,679,130 432,050,336,675

8.

Payables according to construction

agreement's schedule

318 - - - - - -

9. Other payables 319 22,156,494,303 320,590,415 11,950,132,926 499,904,063 1,166,197,246 303,872,875

10. Provision for short-term payables 320 - - - - - -

II. Long-term liabilities 330 99,156,321,768 - 111,014,143,659 2,612,892,472,776 475,880,731 -

1. Long-term payables to suppliers 331 - - - - - -

2. Long-term inter-company payables 332 - - - 295,102,213,193 - -

3. Other long-term payables 333 - - 28,183,460,195 - - -

4. Long-term borrowings 334 99,092,335,689 - 82,797,235,651 2,317,790,259,583 463,000,000 -

5. Payable deferred income taxes 335 - - - - - -

6. Provision for severance allowances 336 63,986,079 - 33,447,813 - 12,880,731 -

7. Provision for long-term payables 337 - - - - - -

B - OWNER'S EQUITY 400 201,426,800,789 22,750,091,389 18,842,101,107 (53,056,713,028) (7,227,098,458) (22,354,685,273)

I. Owner's equity 410 201,308,638,789 23,646,482,949 18,842,101,107 (53,056,713,028) (7,227,098,458) (22,229,385,273)

1. Owner's investment capital 411 15,672,838,949 404,934,741 216,124,009 - 715,199,691 -

2. Surplus of equity capital 412 - - - - - -

6. Foreign exchange differences 416 - - - (53,056,713,028) - -

7. Business development funds 417 - - - - - -

8. Financial reserve funds 418 - - - - - -

10. Undistributed profits 420 185,635,799,840 23,241,548,208 18,625,977,098 - (7,942,298,149) (22,229,385,273)

II. Other funds and expenses 430 118,162,000 (896,391,560) - - - (125,300,000)

1. Bonus and welfare funds 431 118,162,000 (896,391,560) - - - (125,300,000)

2. Resources for expenses 432 - - - - - -

TOTAL RESOURCES 440 546,003,921,839 784,451,243,873 145,009,695,763 2,587,882,330,701 33,937,880,767 637,574,310,471

Page 47: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

46

Financial Statement of subsidiaries & dependant units BALANCE SHEET

As of 30th November 2006

ASSETS Code

Holiday View

Hotel

Buon Tua

Srah Hydro

Power

Operatiion

Committee

Cua Dat

Reservior

Project

Operation

Committee

Da River –

Hanoi Water

Project

management

unit

Hoa Lac High-

tech Park

Investment

and

Construction

PMU

Hoa Lac

Projects

management

unit

A - SHORT-TERM ASSETS 100 1,638,267,675 29,775,330,820 107,591,406,961 119,080,415,652 12,323,698 99,882,417,625

I. Cash & equivalent amounts 110 633,804,753 1,344,823,836 18,704,630,833 3,163,555,363 39,975,790 55,609,001

1. Cash in hand 111 633,804,753 1,344,823,836 18,704,630,833 2,163,555,363 39,975,790 55,609,001

2. Cash equivalent amounts 112 - - - 1,000,000,000 - -

II. Short-term financial investments 120 - - - - - -

1. Short-term investment in securities 121 - - - - - -

2. Provision for the diminution in value of

short-term investments

129 - - - - - -

III. Receivables 130 418,398,796 21,714,557,526 88,100,841,128 15,199,070,875 12,268,755,658 99,793,014,875

1. Receivables from customers 131 408,619,397 - 3,965,125,575 - - -

2. Prepayment to suppliers 132 4,140,000 21,706,866,686 83,683,239,000 4,553,941,176 4,354,147,438 924,000,000

3. Inter-company receivables 133 - - - - 7,525,423,927 -

4. Receivables according to construction

agreement's schedule

134 - - - - - -

5. Other receivables 138 5,639,399 7,690,840 452,476,553 10,645,129,699 389,184,293 98,869,014,875

6. Provision for bad debts 139 - - - - - -

IV. Inventories 140 329,883,739 3,862,394,471 - 88,173,138,838 - -

1. Inventories 141 329,883,739 3,862,394,471 - 88,173,138,838 - -

2. Provision for decline in inventories 149 - - - - - -

V. Other current assets 150 256,180,387 2,853,554,987 785,935,000 12,544,650,576 14,589,250 33,793,749

1. Short-term prepayment expenses 151 763,000 2,794,576,582 - - 2,760,000 -

2. Deducted value-added tax 152 - - - 12,544,650,576 - 26,293,749

3. Taxes and other receivables from the

Government

154 3,957,834 - - - 8,829,250 -

4. Other current assets 158 251,459,553 58,978,405 785,935,000 - 3,000,000 7,500,000

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47

Financial Statement of subsidiaries & dependant units BALANCE SHEET

As of 30th November 2006

ASSETS Code

Holiday View

Hotel

Buon Tua Srah

Hydro Power

Operatiion

Committee

Cua Dat

Reservior

Project

Operation

Committee

Da River –Hanoi

Water Project

management

unit

Hoa Lac High-

tech Park

Investment and

Construction

PMU

Hoa Lac

Projects

management

unit

B - LONG-TERM ASSETS 200 43,257,264,101 1,340,582,575 8,726,321,720 324,240,955,008 63,172,974,657 15,667,346,628

I. Long-term receivables 210 - - - - - -

1. Long-term receivables from customers 211 - - - - - -

2. Operation capital of dependant units 212 - - - - - -

3. Long-term inter-company receivables 213 - - - - - -

4. Other long-term receivables 218 - - - - - -

5. Provisions for long-term bad debts 219 - - - - - -

II. Fixed assets 220 43,257,264,101 1,298,553,205 1,096,016,200 324,240,955,008 63,172,974,657 15,667,346,628

1. Tangible fixed assets 221 43,257,264,101 1,298,553,205 1,096,016,200 - - -

Origin Cost 222 50,589,018,023 1,980,821,372 1,813,618,489 1,025,910,618 479,800,758 (419,534,135)

Accumulated depreciation 223 (7,331,753,922) (682,268,167) (717,602,289) (1,025,910,618) (479,800,135) (419,354,135)

2 Financial lease assets 224 - - - - - -

Origin Cost 225 - - - - - -

Accumulated depreciation 226 - - - - - -

3. Intangible fixed assets 227 - - - - - -

Origin Cost 228 - - - - - -

Accumulated depreciation 229 - - - - - -

4. In-progress fundamental construction expenses

230 - - - 324,240,955,008 63,172,974,657 15,667,346,628

III. Investment in real estate 240 - - - - - -

Cost 241 - - - - - -

Accumulated depreciation 242 - - - - - - -

IV. Long-term financial investment 250 - - - - - -

1. Investment in subsidiary companies 251 - - - - - -

2. Investment in joint venture, joint operation companies

252

- - - - - -

3. Other long-term investment 258 - - - - - -

4. Provision for the diminution in value of long - term investments

259 - - - - - -

V. Other long-term assets 260 - 42,029,370 7,630,305,520 - - -

1. Long-term prepayment 261 - 42,029,370 7,630,305,520 - - -

2. Deferred income taxes 262 - - - - - -

3. Other long-term assets 268 - - - - - -

TOTAL RESOURCES 270 44,895,531,776 31,115,913,395 116,317,728,681 443,321,370,660 75,496,295,355 115,549,764,253

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48

Financial statement of subsidiaries & dependant units BALANCE SHEET

As of 30th November 2006

EQUITY Code Holiday View

Hotel

Buon Tua Srah Hydro Power

Operatiion Committee

Cua Dat Reservior Project Operation

Committee

Da River –Hanoi Water Project

management unit

Hoa Lac High-tech Park Investment and Construction

PMU Hoa Lac Projects management unit

A - LIABILITIES 300 61,737,848,116 31,115,913,367 113,383,209,462 444,504,331,279 75,496,295,355 115,549,764,253

I. Current Liabilities 310 11,215,530,776 31,115,913,367 113,383,209,462 189,046,265,818 75,496,295,355 115,549,764,253

1. Short-term borrowings 311 32,649,638 - - 33,865,388,577 - -

2. Payables to suppliers 312 613,311,832 - 4,287,125,752 81,693,204,142 8,105,606,270 209,552,727

3. Advances from customers 313 35,098,067 20,232,011,000 106,053,239,000 - 67,358,655,713 -

4. Taxes and payables to state budget 314 37,835,105 119,134,467 90,572,469 - - -

5. Payables to employees 315 53,725,146 - 245,590,870 618,908,745 22,315,000 -

6. Payable expenses 316 - 498,174,626 108,298,200 2,448,734,552 - -

7. Inter-company payables 317 10,345,980,329 3,084,830,039 2,332,311,685 62,736,024,478 - 115,337,851,526

8. Payables according to construction agreement's schedule

318 - - - - - -

9. Other payables 319 96,930,659 7,181,763,235 266,071,486 7,684,005,324 9,718,372 2,360,000 10. Provision for short-term payables 320 - - - - - -

II. Long-term liabilities 330 50,522,317,340 - - 255,458,065,461 - -

1. Long-term payables to suppliers 331 - - - - - -

2. Long-term inter-company payables 332 50,487,993,801 - - - - -

3. Other long-term payables 333 - - - - - -

4. Long-term borrowings 334 - - - 255,458,065,461 - -

5. Payable deferred income taxes 335 - - - - - - 6. Provision for severance allowances 336 34,323,539 - - - - - 7. Provision for long-term payables 337 - - - - - -

B - OWNER'S EQUITY 400 (16,842,316,340) 28 2,934,519,219 (1,182,960,618) - -

I. Owner's equity 410 (16,842,316,340) 28 2,934,519,219 (1,182,960,618) - -

1. Owner's investment capital 411 - 28 (6,104,816) - - -

2. Surplus of equity capital 412 - - - - - -

6. Foreign exchange differences 416 - - - (1,182,960,618) - -

7. Business development funds 417 - - - - - -

8. Financial reserve funds 418 - - - - - -

10. Undistributed profits 420 (16,842,316,340) - 2,940,624,035 - - -

II. Other funds and expenses 430 - - - - - -

1. Bonus and welfare funds 431 - - - - - -

2. Resources for expenses 432 - - - - - -

TOTAL RESOURCES 440 44,895,531,776 21,115,913,395 116,317,728,681 443,321,370,660 75,496,295,355 115,549,764,253

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49

Financial Statement of subsidiaries & dependant units BALANCE SHEET

As of 30th November 2006

ASSETS Code Vinahud-SG

Buon Kuop

Hydroelectrici

ty Project

management

unit

Cai Gia Urban

Tourism Area

Project

management

unit

Bim Son

Construction

Techniques

School Sam Son Hotel

Xuan Hoa

Construction

Techniques

School

A - SHORT-TERM INVESTMENT 100 2,303,111,054 52,234,022,094 156,574,802 3,490,666,989 30,910,332 868,236,681

I. Cash & equivalent amounts 110 1,107,130,245 7,028,241,538 51,873,048 3,252,485,351 17,822,947 848,236,681

1. Cash in hand 111 1,107,130,245 7,028,241,538 51,873,048 3,252,485,351 17,822,947 848,236,681

2. Cash equivalent amounts 112 - - - - - -

II. Short-term financial investments 120 - - - - - -

1. Short-term investment in securities 121 - - - - - -

2. Provision for the diminution in value of

short-term investments

129 - - - - - -

III. Receivables 130 716,824,546 41,573,135,728 20,000,000 46,200,400 6,214,385 -

1. Receivables from customers 131 - - - 12,234,125 2,500,000 -

2. Prepayment to suppliers 132 698,777,400 41,554,717,506 20,000,000 - 3,714,385 -

3. Inter-company receivables 133 - - - - - -

4. Receivables according to construction

agreement's schedule

134 - - - - - -

5. Other receivables 138 18,047,146 18,418,222 - 33,966,275 - -

6. Provision for bad debts 139 - - - - - -

IV. Inventories 140 4,436,364 - - 73,685,188 6,873,000 -

1. Inventories 141 4,436,364 - - 73,685,188 6,873,000 -

2. Provision for decline in inventories 149 - - - - - -

-

V. Other current assets 150 474,719,899 3,632,644,828 84,701,754 118,296,050 - 20,000,000

1. Short-term prepayment expenses 151 - 3,575,144,828 - - - -

2. Deducted value-added tax 152 443,719,899 - 79,701,754 - - -

3. Taxes and other receivables from the

Government

154 - - - - - -

4. Other current assets 158 31,000,000 57,500,000 5,000,000 118,296,050 - 20,000,000

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50

Financial Statement of subsidiaries & dependant units BALANCE SHEET

As of 30th November 2006

ASSETS Code Vinahud-SG

Buon Kuop

Hydropower

Project

management

unit

Cai Gia

Urban

Tourism Area

Project

management

unit

Bim Son

Construction

Techniques

School Sam Son Hotel

Xuan Hoa

Construction

Techniques

School

B - LONG-TERM INVESTMENT 200 229,973,341,987 758,075,393 30,139,215,121 4,075,150,834 - 3,313,465,173

I. Long-term receivables 210 - - - - - -

1. Long-term receivables from customers 211 - - - - - -

2. Operation capital of dependant units 212 - - - - - -

3. Long-term inter-company receivables 213 - - - - - -

4. Other long-term receivables 218 - - - - - -

5. Provisions for long-term bad debts 219 - - - - - -

II. Fixed assets 220 229,973,341,987 758,075,393 30,139,215,121 4,075,150,834 - 3,313,465,173

1. Tangible fixed assets 221 186,524,162 758,075,393 - 4,075,150,834 - 3,313,465,173

Origin Cost 222 432,822,500 1,517,017,809 440,115,882 7,458,489,700 - 7,201,733,044

Accumulated depreciation 223 (246,298,338) (758,942,416) (440,115,882) (3,383,338,866) - (3,888,267,871)

2 Financial lease assets 224 - - - - - -

Origin Cost 225 - - - - - -

Accumulated depreciation 226 - - - - - -

3. Intangible fixed assets 227 - - - - - -

Origin Cost 228 - - - - - -

Accumulated depreciation 229 - - - - - -

4. In-progress fundamental construction expenses

230 229,786,817,825 - 30,139,215,121 - - -

III. Investment in real estate 240 - - - - - -

Cost 241 - - - - - -

Accumulated depreciation 242 - - - - - - -

IV. Long-term financial investment 250 - - - - - -

1. Investment in subsidiary companies 251 - - - - - -

2. Investment in joint venture, joint operation companies

252

- - - - - -

3. Other long-term investment 258 - - - - - -

4. Provision for the diminution in value of long - term investments

259 - - - - - -

V. Other long-term assets 260 - - - - - -

1. Long-term prepayment 261 - - - - - -

2. Deferred income taxes 262 - - - - - -

3. Other long-term assets 268 - - - - - -

TOTAL RESOURCES 270 232,276,453,041 52,992,097,487 30,295,789,923 7,565,817,823 30,910,332 4,181,701,854

Page 52: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

51

Financial Statement of subsidiaries & dependant units BALANCE SHEET

As of 30th November 2006

ASSETS Code Vinahud-SG

Buon Kuop Hydropower

Project management

unit

Cai Gia Urban Tourism Area

Project management

unit

Bim Son Construction

Techniques School Sam Son Hotel

Xuan Hoa

Construction Techniques

School

A - LIABILITIES 300 232,276,453,041 52,918,234,862 30,295,789,923 920,805,844 583,906,102 740,124,408

I. Current Liabilities 310 232,276,453,041 52,918,234,862 30,295,789,923 920,805,844 583,906,102 740,124,408

1. Short-term borrowings 311 - - - 401,000,000 50,359,000 -

2. Payables to suppliers 312 1,023,348,258 4,500,000 8,806,487,797 109,321,000 8,015,700 -

3. Advances from customers 313 - 49,071,887,000 - - - -

4. Taxes and payables to state budget 314 25,538,423 37,925,939 - - 9,614,673 -

5. Payables to employees 315 - - - - - -

6. Payable expenses 316 - 1,185,165,421 - - - -

7. Inter-company payables 317 231,216,828,773 2,616,336,343 21,489,302,126 - 435,260,132 417,803,086

8. Payables according to construction agreement's schedule

318 - - - - - -

9. Other payables 319 10,737,587 2,420,159 - 410,484,844 80,656,597 322,321,322 10. Provision for short-term payables 320 - - - - - -

II. Long-term liabilities 330 - - - - - -

1. Long-term payables to suppliers 331 - - - - - -

2. Long-term inter-company payables 332 - - - - - -

3. Other long-term payables 333 - - - - - -

4. Long-term borrowings 334 - - - - - -

5. Payable deferred income taxes 335 - - - - - - 6. Provision for severance allowances 336 - - - - - - 7. Provision for long-term payables 337 - - - - - -

B - OWNER'S EQUITY 400 - 73,862,625 - 6,645,011,979 (552,995,770) 3,441,577,446

I. Owner's equity 410 - 73,862,625 - 3,214,285,778 (552,995,770) 3,603,053,254

1. Owner's investment capital 411 - 73,862,625 - 3,214,285,778 (4,062,624) 3,603,053,254

2. Surplus of equity capital 412 - - - - - -

6. Foreign exchange differences 416 - - - - - -

7. Business development funds 417 - - - - - -

8. Financial reserve funds 418 - - - - - -

10. Undistributed profits 420 - - - - (548,933,146) -

II. Other funds and expenses 430 - - - 3,430,726,201 - (161,475,808)

1. Bonus and welfare funds 431 - - - (12,642,722) - 9,889,192

2. Resources for expenses 432 - - - 3,443,368,923 - (171,365,000)

TOTAL RESOURCES 440 232,276,453,041 52,992,097,487 30,295,789,923 7,565,817,823 30,910,332 4,181,701,854

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52

Financial Statement of subsidiaries & dependant units BALANCE SHEET

As of 30th November 2006

ASSETS Code

Swimming

pool

Construction

center

Vung Huong

Weekend

Houses

Project

management

unit

Campha

Cement

Grinding

Station

Trade center

Project

management

unit

Head office

section of the

Corporation

Total of Office

section of the

Corporation

A - SHORT-TERM INVESTMENT 100 259,047,528 545,571,190 7,383,269,211 - 2,540,877,522,657 4,764,595,776,650

I. Cash & equivalent amounts 110 1,018,175 545,571,190 1,839,631,294 - 1,079,944,755,158 1,229,006,554,252

1. Cash in hand 111 1,018,175 545,571,190 1,839,631,294 - 1,079,944,755,158 1,222,400,454,252

2. Cash equivalent amounts 112 - - - - - 6,606,100,000

II. Short-term financial investments 120 - - - - 5,000,000,000 60,477,133,299

1. Short-term investment in securities 121 - - - - 5,000,000,000 60,477,133,299

2. Provision for the diminution in value of

short-term investments

129 - - - - - -

III. Receivables 130 154,563,818 - 182,800,000 - 1,451,955,748,435 2,675,282,437,976

1. Receivables from customers 131 154,563,818 - - - 26,706,392,522 192,023,882,144

2. Prepayment to suppliers 132 - - 182,800,000 - 32,000,000,000 878,492,765,908

3. Inter-company receivables 133 - - - - 1,365,828,315,896 1,446,544,904,568

4. Receivables according to construction

agreement's schedule

134 - - - - - -

5. Other receivables 138 - - - - 27,421,040,017 158,220,885,356

6. Provision for bad debts 139 - - - - - -

IV. Inventories 140 43,776,595 - 1,976,528,855 - 2,360,676,571 731,168,378,956

1. Inventories 141 43,776,595 - 1,976,528,855 - 2,360,676,571 731,168,378,956

2. Provision for decline in inventories 149 - - - - - -

V. Other current assets 150 59,688,940 - 3,384,309,062 - 1,616,342,493 68,661,272,167

1. Short-term prepayment expenses 151 - - 3,009,728,382 - - 28,976,644,150

2. Deducted value-added tax 152 - - 93,274,180 - 1,004,768,061 28,887,910,076

3. Taxes and other receivables from the

Government

154 - - - - - 20,307,473

4. Other current assets 158 59,688,940 - 281,306,500 - 611,574,432 10,776,410,468

Page 54: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

53

Financial Statement of subsidiaries & dependant units BALANCE SHEET

As of 30th November 2006

ASSETS Code

Swimming

pool

Construction

center

Vung Huong

Weekend

Houses Project

management

unit

Campha

Cement

Grinding

Station

Trade center

Project

management

unit

Head office

section of the

Corporation

Total of Office

section of the

Corporation

B - LONG-TERM INVESTMENT 200 - 10,662,839,314 440,188,616 274,381,514 821,165,479,336 4,505,911,280,710

I. Long-term receivables 210 - - - - - 436,676,272

1. Long-term receivables from customers 211 - - - - - -

2. Operation capital of dependant units 212 - - - - - -

3. Long-term inter-company receivables 213 - - - - - -

4. Other long-term receivables 218 - - - - - 436,676,272

5. Provisions for long-term bad debts 219 - - - - - -

II. Fixed assets 220 - 10,662,839,314 103,071,720 274,381,514 96,173,947,357 3,748,746,932,652

1. Tangible fixed assets 221 - - 103,071,720 - 12,475,970,351 98,509,226,096

Origin Cost 222 - - 103,071,720 - 29,218,524,468 154,403,559,450

Accumulated depreciation 223 - - - - (16,742,554,117) (55,894,333,354)

2 Financial lease assets 224 - - - - - -

Origin Cost 225 - - - - - -

Accumulated depreciation 226 - - - - - -

3. Intangible fixed assets 227 - - - - 9,628,293,200 11,679,150,626

Origin Cost 228 - - - - 9,663,543,200 12,215,815,559

Accumulated depreciation 229 - - - - (35,250,000) (536,664,933)

4. In-progress fundamental construction expenses

230 - 10,662,839,314 - 274,381,514 74,069,683,806 3,638,558,555,931

III. Investment in real estate 240 - - - - 160,716,459,662 160,716,459,662

Cost 241 - - - - 172,384,934,736 172,384,934,736

Accumulated depreciation 242 - - - - (11,668,475,074) (11,668,475,074)

IV. Long-term financial investment 250 - - - - 458,483,893,058 482,145,778,415

1. Investment in subsidiary companies 251 - - - - 364,104,432,875 364,104,432,875

2. Investment in joint venture, joint operation companies

252

- - - - 40,024,263,947 40,024,263,947

3. Other long-term investment 258 - - - - 54,355,196,236 78,017,081,593

4. Provision for the diminution in value of long - term investments

259 - - - - - -

V. Other long-term assets 260 - - 337,116,896 - 105,791,179,259 113,865,433,709

1. Long-term prepayment 261 - - 337,116,896 - 105,791,179,259 113,865,433,709

2. Deferred income taxes 262 - - - - - -

3. Other long-term assets 268 - - - - - -

TOTAL RESOURCES 270 259,047,528 11,208,410,504 7,823,457,827 274,381,514 3,362,043,001,993 9,270,507,361

Page 55: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

54

Financial Statement of subsidiaries & dependant units BALANCE SHEET

As of 30th November 2006

ASSETS Code

Swimming pool

Construction center

Vung Huong

Weekend Houses

Project management

unit

Campha Cement

Grinding Station

Trade center Project

management unit

Head office section of

the Corporation

Total of Office

section of the

Corporation

A - LIABILITIES 300 211,442,112 11,208,410,504 7,823,457,827 274,381,514 1,069,995,818,559 6,823,515,073,416

I. Current Liabilities 310 211,442,112 11,208,410,504 7,823,457,827 274,381,514 838,411,517,532 3,462,411,570,654

1. Short-term borrowings 311 - - - - 662,064,178,336 827,644,131,551

2. Payables to suppliers 312 - 4,047,107,000 38,995,572 - 4,832,021,710 268,317,824,202

3. Advances from customers 313 - - - - 40,468,367,980 1,288,565,527,795

4. Taxes and payables to state budget 314 (1,458,478) - 13,312,322 - 14,427,345,201 23,984,726,498

5. Payables to employees 315 - - 466,614,664 - 198,430,000 3,649,479,390

6. Payable expenses 316 - - - - 147,015,924 635,500,622,890

7. Inter-company payables 317 212,499,712 3,145,776,904 7,146,665,361 274,381,514 - 417,803,086

8. Payables according to construction agreement's schedule

318 - - - - - -

9. Other payables 319 400,878 4,015,526,600 157,869,908 - 116,274,158,381 172,912,617,180 10. Provision for short-term payables 320 - - - - - -

II. Long-term liabilities 330 - - - - 231,584,301,027 3,361,103,502,762

1. Long-term payables to suppliers 331 - - - - - -

2. Long-term inter-company payables 332 - - - - - 345,590,206,994

3. Other long-term payables 333 - - - - - 28,183,460,195

4. Long-term borrowings 334 - - - - 230,672,055,944 2,986,272,952,328

5. Payable deferred income taxes 335 - - - - - - 6. Provision for severance allowances 336 - - - - 912,245,083 1,056,883,245 7. Provision for long-term payables 337 - - - - - -

B - OWNER'S EQUITY 400 47,605,416 - - - 2,292,047,183,434 2,446,991,983,945

I. Owner's equity 410 47,605,416 - - - 2,254,235,380,502 2,406,814,460,180

1. Owner's investment capital 411 36,658,126 - - - 1,608,714,026,832 1,632,640,816,593

2. Surplus of equity capital 412 - - - - 810,765,319,080 810,765,319,080

6. Foreign exchange differences 416 - - - - - (54,239,673,646)

7. Business development funds 417 - - - - 12,488,446,073 12,488,446,073

8. Financial reserve funds 418 - - - - 5,159,552,080 5,159,552,080

10. Undistributed profits 420 10,947,290 - - - (182,891,963,563) -

II. Other funds and expenses 430 - - - - 37,811,802,932 40,177,523,765

1. Bonus and welfare funds 431 - - - - 37,811,802,932 36,905,519,842

2. Resources for expenses 432 - - - - - 3,272,003,923

TOTAL RESOURCES 440 259,047,528 11,208,410,504 7,823,457,827 274,381,514 3,362,043,001,993 9,270,507,057,361

Page 56: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

55

Financial Statement of subsidiaries & dependant units STATEMENT OF PERFORMANCE RESUSLT

For the fiscal year began on 01st January and ended on 30th November 2006

ITEMS

Code Vinahud - HN

Bidding & Project

management center Vinaconex-Mec

Campha Cement Project

management unit Dung Quat

BOT Water Plant

Lang - Hoa Lac Expansion

Project management

unit

1. Revenue from goods sales and services

provision

01 317,398,643,362 329,037,903,065 33,890,067,398 - 3,059,346,570 91,107,622,727

2. Deductions 03 - - - - - -

3. Net revenue from goods sales and

services provision

10 317,398,643,362 329,037,903,065 33,890,067,398 - 3,059,346,570 91,107,622,727

4. Cost of goods sales 11 240,655,250,827 298,251,002,662 23,769,057,655 - 3,422,634,030 89,285,470,273

5. Accumulated profit from goods sales

and services provision

20 76,743,392,535 30,786,900,404 10,121,009,743 - (363,287,460) 1,822,152,454

6. Income from financial activities 21 3,100,146,465 2,469,007,706 1,788,352,156 - 5,098,759 481,773,660

7. Expenses from financial activities

In which: bank loan interest

22

23

-

-

1,881,566,669

1,881,566,669

360,513,032

-

-

-

2,678,221,800

2,678,221,800

8,876,590,654

8,876,590,654

8. Selling expenses 24 14,023,781,286 - 2,106,275,964 - 25,224,193 -

9. Overhead cost 25 3,499,135,747 18,818,127,242 1,023,448,974 - 787,063,276 15,656,720,733

10. Net income from operating activities 30 62,320,621,967 12,556,214,198 8,419,123,929 - (3,848,697,970) (22,229,385,273)

11. Income from other activities 31 8,300,180,292 491,481,512 119,560,014 - - -

12. Expenses from other activities 32 3,800,500 - - - - -

13. Other Profits 40 8,296,379,792 491,481,512 119,560,014 - - -

14. Net profit before tax 50 70,617,001,759 13,047,695,710 8,538,683,943 - (3,848,697,970) (22,229,385,273)

15 Expenses for current corporate income

tax

51 - - - - - -

16 Expenses for deferred corporate income

tax

52 - - - - - -

17 Profit after corporate income tax 60 70,617,001,759 13,047,695,710 8,538,683,943 - (3,848,697,970) (22,229,385,273)

18 Earnings per share 70 - - - - - -

Page 57: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

56

Financial Statement of subsidiaries & dependant units STATEMENT OF PERFORMANCE RESUSLT

For the fiscal year began on 01/01 and ended on 30/112006

ITEMS

Code Holiday View Hotel

Buon Tua Srah Hydroelectricity

Operative Committee

Cua Dat Project Operative Committee

Da River –Hanoi Water Project

management unit Hoa Lac High-tech

Park Hoa Lac Projects management unit

1. Revenue from goods sales and services

provision

01 5,038,724,473 148,165,599,532 163,693,946,393 - - -

2. Deductions 03 - 102,432,000 - - - -

3. Net revenue from goods sales and services

provision

10 5,038,724,473 148,063,167,532 163,693,946,393 - - -

4. Cost of goods sales 11 1,668,471,019 143,211,642,503 158,103,610,916 - - -

5. Accumulated profit from goods sales and

services provision

20 3,370,253,464 4,851,525,029 5,590,335,477 - - -

6. Income from financial activities 21 4,879,204 392,408,153 - - - -

7. Expenses from financial activities

In which: bank loan interest

22

23

5,793,929,000

5,792,183,000

508,581,594

219,876,800

-

-

-

-

- -

8. Selling expenses 24 2,561,000 - - - - -

9. Overhead cost 25 5,349,284,128 2,433,884,498 2,649,711,442 - - -

10. Net income from operating activities 30 (7,770,641,470) 2,301,467,090 2,940,624,035 - - -

11. Income from other activities 31 - 34,702,910 - - - -

12. Expenses from other activities 32 - - - - - -

13. Other Profits 40 - 34,702,910 - - - -

14. Net profit before tax 50 (7,770,641,470) 2,336,170,000 2,940,624,035 - - -

15 Expenses for current corporate income tax 51 - - - - - -

16 Expenses for deferred corporate income tax 52 - - - - - -

17 Profit after corporate income tax 60 (7,770,641,470) 2,336,170,000 2,940,624,035 - - -

18 Earnings per share 70 - - - - - -

Page 58: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

57

Financial Statement of subsidiaries & dependant units STATEMENT OF PERFORMANCE RESUSLT

For the fiscal year began on 01/01 and ended on 30/112006

ITEMS

Code Vinahud-SG

Buon Kuop Hydroelectricity

Project management

unit

Cai Gia Urban Tourism Area

Project management

unit

Bim Son Construction

Techniques School Sam Son Hotel

Xuan Hoa

Construction Techniques

School

1. Revenue from goods sales and services

provision

01 - 224,886,951,579 - - 29,463,918 -

2. Deductions 03 - - - - - -

3. Net revenue from goods sales and services

provision

10 - 224,886,951,579 - - 29,463,918 -

4. Cost of goods sales 11 - 214,012,085,448 - - 108,240,305 -

5. Accumulated profit from goods sales and

services provision

20 - 10,874,866,131 - - (78,776,387) -

6. Income from financial activities 21 - 95,607,254 - - - -

7. Expenses from financial activities

In which: bank loan interest

22

23

-

-

-

-

-

-

-

-

-

-

-

-

8. Selling expenses 24 - - - - - -

9. Overhead cost 25 - 3,455,268,297 - - 82,390,200 -

10. Net income from operating activities 30 - 7,515,205,088 - - (161,166,587) -

11. Income from other activities 31 - - - - - -

12. Expenses from other activities 32 - - - - - -

13. Other Profits 40 - - - - - -

14. Net profit before tax 50 - 7,515,205,088 - - (161,166,587) -

15 Expenses for current corporate income tax 51 - - - - - -

16 Expenses for deferred corporate income tax 52 - - - - - -

17 Profit after corporate income tax 60 - 7,515,205,088 - - (161,166,587) -

18 Earnings per share 70 - - - - - -

Page 59: HEAD OFFICE SECTION THE VIETNAM CONSTRUCTION AND … Financial Statements 2006.pdf · VIETNAM CONSTRUCTION & IMPORT - EXPORT CORPORATION (HEAD OFFICE SECTION) Address: VINACONEX building,

58

Financial Statement of subsidiaries & dependant units STATEMENT OF PERFORMANCE RESUSLT

For the fiscal year began on 01/01 and ended on 30/112006

ITEMS

Code

Swimming pool

Construction

center

Weekend

Houses Project

management

unit

Campha

Cement

Grinding

Station

Trade center

Project

management unit

Head office section

of the Corporation

Total of Office

section of the

Corporation

1. Revenue from goods sales and services

provision

01 - - - - 28.936.784.367 -

2. Deductions 03 - - - - - -

3. Net revenue from goods sales and services

provision

10 - - - - 28.936.784.367 -

4. Cost of goods sales 11 - - - - 18.011.151.038 -

5. Accumulated profit from goods sales and

services provision

20 - - - - 10.925.633.329 -

6. Income from financial activities 21 - - 2.803.267 - 71.380.658.161 -

7. Expenses from financial activities

In which: bank loan interest

22

23

-

-

-

-

5.303.267

5.303.267

-

-

25.975.071.855

25.169.820.324

-

-

8. Selling expenses 24 - - - - - -

9. Overhead cost 25 - - - - 66.165.159.910 -

10. Net income from operating activities 30 - - (2.500.000) - (9.833.940.275) -

11. Income from other activities 31 - - 2.500.000 - 9.212.899.564 -

12. Expenses from other activities 32 - - - - 9.513.084.276 -

13. Other Profits 40 - - 2.500.000 - (300.184.712) -

14. Net profit before tax 50 - - - - (10.134.124.987) -

15 Expenses for current corporate income tax 51 - - - - 9.247.555.133 -

16 Expenses for deferred corporate income tax 52 - - - - - -

17 Profit after corporate income tax 60 - - - - (19.381.680.120) -

18 Earningsear per share 70 - - - - - -