summary of sudico company annual report 2010 song da urban & industrial zone investment and development joint stock company

SUMMARY OF SUDICO COMPANY ANNUAL REPORT 2010
Name Song Da Urban & Industrial Zone Investment and Development Joint-Stock Company
Abbreviation: SUDICO
Address: Floor 1+2, CT1 Building- My Đinh Urban Area- Me Tri, Tu Liem, Ha Noi
Tel: 04-37684505 Fax: 04-7684029
Email: Website:
Certificate of Business registration: 0103002731 issued by Hanoi Authority of Planning and Investment
Charter capital: 1.000.000.000.000 VNĐ (One billion dong)
Securities Code: SJS - Listed shares at the Stock Exchange Department of Ho Chi Minh City
MESSAGES
OF THE CHAIRMAN OF THE BOARD
Sudico committed to
effort and invest
comprehensively of all
resources in physics and
spirit to
provide products such as
houses, urban area and
industrial zones, tourist
areas to ensure quality
and meet requirements use
, in
accordance with requirem
ents enhancing landscape
of urban architect
and living
environment,working
environment for the
community and society.
Ladies and Gentlemen!
On behalf of the chairman the

Board I send shareholders and your families
best wishes and healthy, happiness and success.
In 2010, the economic situation is not
favorable evolutions. Although many
areas have recovered in 2009,
they declined strongly in the end of
2010. Vietnam's economy is still facing
many difficulties and challenges. Collective
of officials and employees of the
Company have made great efforts and
overcome difficulties to make business
planning delivered by the shareholders.
In 2011, the goal of SUDICO: is focus
to develop investment and business of
projects which the company considered as an
investor to ensure the highest
efficiency. Promoting the available
strength of finance, management
experience, exploitation trading of urban
projects for cooperating, making partnership,
associate with other
enterprises to accelerate, increasing profitability
through unique and different products of
company. Promote and encourage highly all
resources to
enhance competitiveness. Studying, taking part
in invest in areas that have high growth, to
generate stable revenue and
profit for the company.

On behalf of Chairman the Board of
SUDICO Company, I sincerely express our
gratitude profound to the
shareholders, the concerned
departments, the domestic partners and
foreign partners, especially thank the
efforts of Collective of officials and employees
of the Company for significant contributions in
the development of SUDICO Company in
recent years.
SUDICO company hopes to get your trust,
support, collaboration
to contribute that the Company will fulfill
the criterias and plans as set out to
ensure sustainable growth, bringing the best
performance for main shareholders, the Compa
ny, all officers and employees and the State
Budget
"SUDICO is a belief and pride of shareholders'
In sincerely thank you!
ON BEHALF OF BOARD OF CHAIRMAN
Chairman
PHAN NGOC DIEP
SUMMARY OF SUDICO
Lịch sử hình thành và phát triển
ONE OF THE TOP REAL ESTATE BUSINESS OF VIETNAM
In 2010: - The company has received numerous awards, honors, participated in many social activities,
activities of charity
In 2009: - Has completed to raise charter capital from 400 billion dong to 1,000 billion dong in December
of 2009

- Got gold cup of “Vietnam typical Entrepreneur "and the Gold Cup for "excellent leadership "
- Got the Vietnam Gold Star Award for Top 100 best brands in Vietnam in 2009 and the award for
"Top 20 prestige securities brand in 2009"
- Got the "top brand of external economy in Vietnam" and "The typical external
economic activities personal" dedicated to Mr. Phan Ngoc Diep -Chairman of the board
of the Company.
In 2008: - Established An Khanh MTV Sudico Co,. Ltd.
In 2007: - Completed two terms of increasing charter capital from 50 billion dong to 200 billion dong
in January of 2007 and continued to increase to 400 billion dong in August of 2007 -
Established: Tien Xuan MTV Sudico Company Limited
Sudico Services JSC
Sudico Consulting JSC
- Ministry of Science and Technology awarded ISO2007 Gold Cup
In 2006: - Listed successfully shares at the Stock Exchange Department in Ho Chi Minh
- Certificated to get standard quality management system ISO 9001:9002
- Ministry of Construction awarded the Excellent Emulation Flag
- Central Committee of the Vietnam Young Entrepreneurs Association handed Vietnam Gold Star Award
In 2005: - Ministry of Construction awarded the Excellent Emulation Flag
In 2004:
- Established: South Branch
Hoa Binh Project Management Board
- Ministry of Construction awarded the Excellent Emulation Flag
- Hanoi People's Committee commended and fixed the celebration construction plates for
50 years on Capital Liberation Day for Project No 62 Truong Chinh Road
- The Prime Minister presented certificates of merit to the Director General
In 2003: - Tranferred into Joint Stock Company
- Established: Projects Management Board of areas in Hanoi
Quang Ninh Projects Management Board
Ha Tay Projects Management Board of
- Ministry of Construction awarded the Excellent Emulation Flag

* In 9/2001: Established Song Da urban and industrial zones Investment and Development , a
member of Song Da Corporation.
GENERAL FOR COMPANY
Song Da urban and industrial zones Investment and Development hereinafter referred to as "Company" was
established under Decision No. 946/QD-BXD dated July 08, 2003 of the Minister of Construction for transfering
Song Da urban and industrial zones Investment and Development is a State enterprise belongs to the Song
Da Corporation and operated under the certificate of business registration of Joint Stock
Company No.0103002731 dated August 08, 2003.
In the operation progress has changed six times the certificate of business registration of increasing charter
capital, changed activities headquarter and legal representatives.
Charter capital by the certificate of business registration change the 6th dated December 14,
2009 is 1,000,000,000,000 dong (one thousand billion dong).
Par value of shares: 10,000 VND / share.
Direclty under units
Directly under units
Projects Management Board of urban areas in Hanoi
Quang Ninh Projects Management Committee
Hoa Binh Projects Management Board
Branch of Company in South
SUDICO Real estate trasaction floors
Subsidiaries Companies
Tien Xuan MTV SUDICO Co, Ltd.
An Khanh SUDICO JSC
SUDICO Service JSC
Vision
Products are unique, distinguish, strong ethnic identity, close to the natural
environment and amenities within each urban area.
Mission
Maximize the benefit of the customers to create common shared value for the company and
society

The main line of business
 Consulting, investing, developing and implementing of construction investment projects, trading
houses, urban areas and industrial areas;
 Trading of Exploitation the services of housing, urban and industrial areas;
 Construction and installation of civil and industrial areas;
 Consulting engineering design, detailed planning of urban and industrial areas;
 Design consulting civil, industrial;
 Production and sales of construction materials, equipment andfurniture;
 Business real estate and other services;
 Import-export business equipment and machinery;
 Mining and mineral processing;
 Investment and production of commercial electricity business;
 Financial Investment;
 Get the investment trust of organizations and individuals.
Short term goals
Accelerated the investment projects, business develop
ment in schedule to ensure mining projects with the
highest efficiency,consistent with the common
development direction of the Company.
Actively seek opportunities
for new investment projects and foreign investment to
expand the service of sustainable development goals.
Capture good market, good management of
financial investments.Expand investment and
cooperation and contribute capital toenterprises, the
project has the potential and effectiveness in theareas
of Finance, Industry, Real Estate
Research, propose and
develop plans to raise capital optimizationservice proj
ects being implemented by the company.

Complete the renovation business
to create stable conditions forproduction and
business operations for the parent
Company,subsidiaries and associated companies.
Long term goals
Continued research investment real
estate business, investment and development of
urban and industrial areas,
financial - bankingservices and other
high flexibility and efficiency, diversification
ofproducts to ensure stable development in
revenue and profits inthe absence of market stability.
Full event management, recruitment and training
of staff capacity and qualifications to meet
the business requirements of the Company.
Raising financial
resources, production capacity andcompetitiveness,
expand the scale and scope as well asaccelerate the
development of SUDICO businesses worth of
realestate, investment urban
development and industrial zones of Vietnam's
leading.
Strategic Orientation
Focused on building the company a comprehensive
development based on business areas are
mainly business investment property, ensuring
the stable growth of profits
and dividends every year,continuous
development and confirm branch "SUDICO".
Investment, expansion and development of the

domestic market,investment and gradual investment
cooperation and develop new product lines: financial
investment, production and sales of supplies and
equipment, business parks travel and hotel
Promote higher levels of all resources to
enhance competitiveness and constantly improve
the material life and spiritual workers.Building a
corporate culture of its own identity "SUDICO"
Organizational structure
REPRESENTATIVE OF CAPITAL
PART
Project management
Boards
Linked companies
Subsidiaries
Departments of
function
General Board of Shareholders
Board of chairman
general director
Board of controlling
Branches
Introduction to leaders
Members of board of directors:
1. Mr. Phan Ngoc Diep – Chairman of the board
2. Mr Vi Viet Dung – Member of the board
3. Mr Vu Hong Su - Member of the board
4. Mr Nguyen Phu Cuong - Member of the
board
5. Mr Dang Hong Quang - Member of the board

Member of General Directors Board
1. Mr Vi Viet Dung – General director
2. Mr Dang The Do – Deputy General director
3. Mr Vu Van Dung - Deputy General director
4. Mr Tran Dinh Tru - Deputy General director
5. Mr Ngo Vinh Khuong - Deputy General
director
6. Mr Bui Khac Vien - Deputy General director
7. Mr Luu Ngoc Dung - Deputy General
director
Members of the board of Control
1. Mrs Nguyen Thi Su – Chief of board of
Control
2. Mr Vu Quoc Huy – Member of board of
Control
3. Mr Truong Van Tuan - Member of board of
Control
In 2011, the Board of directors has implemented seriously and carefully the administrative
tasks to provide effectiveness and highest benefit for the Company and all shareholders.
ECONOMIC INDICATORS IN 2010
Unit: billion dong
Indicators
Plan of decree of
General board of
shareholders in
2010
Implementing
in 2010
Rate
comparision

TH/KH
Total value of business production 3.468 1.809 52%
The
total value of investment projects
3.206 2.979 93%
Total revenue 2.312 1.067 46%
Total Profit before tax 1.006 611 61%
REPORT
OF THE
BOARD OF
DIRECTOR
ASSESSED RESULTS OF IMPLEMENTING BUSINESS PRODUCTION
2010
In 2010 the world economic situation and in the country there are not favorable. Although many areas have
recovered since 2009 but declined sharply in the second half of2010. Although Vietnam's
economy has achieved some positive results but still difficult,
challenging situation especially complicatedinflation, consumer price index, interest rates and
loan growth highcapital investment in real estate is limited. In 2010, the collective staff of the
company has made great efforts and overcome difficulties and resolve to implement the business plan produced
by the General Meeting of Shareholders for adopted.
ACTIVITIES OF DIRECTORS BOARD IN 2010
- In 2010, the Board has issued the resolutions and decisions in accordance with the rules and regulations of
the State and the Charter of the Company to direct and supervise the timelymanagement and
administration activities of the Board of Directorrelating to all areas of production and business activities of the
Company.
- In 2010, the Board has focused on re-direct the apparatus to consolidate the Board of
Directors, staff at the subsidiaries, to strengthen management and supervision for all activities of the
Company, Subsidiaries, associated companies. Besides the extraordinary meeting, at
least periodically held meetings quarterly performance reviews of company business in public and
orientation in the following period.

- Board regularly attend meetings and appointing members to the executive apparatus for timely direction and
removing the obstacles in the production business activities of the SUDICO Company and other units
members.
- For the SUDICO JSC contributed capital, the Board may appoint their own experience with relevant
expertise to participate in the Board, the Supervisory Board at this company. At the same time, regular
monitoring, capture and the direction in time to contribute to improving the performance of the Company.
- The Board has directed the company made some major work asfollows:
+ The production organization to make business plans of the Company in 2010.
+ To concentrate investment preparation, preparation of business conditions in line with requirements of
law to implement the initiative in 2011 and subsequent years.
+ direct the design, planning, product quality, contracts.
+ The search for and develop new projects: in 2010 has increased the company's land through the forms is
about 145 ha.Direct the development of new projects such as urban project in Chau Giang - Ha Nam Project
on the central urban area of Thanh Hoa Project on Urban River Lake Dam - Quang Nam, Project
Phu Thai - Hai Duong plans direct the transfer of 12.4 hectares in Danang to recover
capital focused on implementing projects in the Nam An Khanh in 2011.
+ To concentrate on building, modifying and improving the management regulations, the
Company operated; regulation of the relationship between the management of the parent company and
subsidiaries, management regulations in capital Subsidiaries.
+ Finance activities: Raising capital from credit institutions, customers always ensure capital
for production and business activities.
+ Formulation of development strategy, strategic objectives and investment plans to build production
and business of the Company.Contribute capital to establish a new paradigm shift from activemanagement,
branch, one member limited company into a joint stock company to radically decentralized management and
accelerate investments in project, the key areas.
Worldwide there are 14 combinations SUDICO Corporation branded activities in the areas of business and
investment real estate, design consulting, construction and installation, material production, management of
urban services with scope of activities by companies operating SUDICO to actively implement the project
from design to operation management, to improve product quality and efficiency of
investment, brand SUDICO confirmed. Some subsidiaries have developed major projects such

as SUDICO An Khanh Joint Stock Company urban area with two projects in Thanh Hoa central with
431 ha scale, Chau Giang Urban Area with 242 ha scale.
DUTIES DIRECTION AND BUSINESS PRODUCTION IN 2011
To implement the objectives and business results in 2011, the Board respectfully request the General Assembly
of Shareholdersapproved mission and direction to direct business operations in 2011 with the main
contents as follows:
1. Directing the administration and organization of production:
- General to direct the construction and operation of the new management model: a focal point of
the subsidiary management,orientation, research and development of real estate projects to
deliver direct subsidiaries operating management and commercial exploitation. Continue
to streamline and recruit personnel with high expertise to build compact company structure with the number of
employees not exceeding 60 people for the management and operating subsidiaries.
- Communications Research Board initiative, to invest in areas that have high growth, to
generate sustainable revenue and profitstability for the company and report the results of the General Assembly
of shareholders at the meeting The next closest.
- Board of Directors continue to actively review and implement the new establishment, ownership changes, the
percentage ofownership in its subsidiaries to attract capital, increase assets,creating profits for shareholders.
-Strengthening of the mirror. Established the Senior Advisory Council, composed of
experts with experience in many areas:investment, finance, legal Board to help direct the operation
andtimely decisions.
- Radical decentralization and separation of executive function, implementing investment
projects for the company done to makethe maximum active while reducing management hubs.
- Consistently handled in the form of dismissal, the dismissal from office or any staff member to affect the
interests of the Company,the occurrence of damage to the collective, to the Company, to the State or show
signs of embezzlement, harassment, dependence,lazy workers, causing internal unity
2. Directing the work of investment:
- To study and formulate market strategy, product strategy for each project, regional, business period up to
2020.
- Actively expand cooperation with domestic and foreign partnerswith experience to create models of modern,
unique, different and very close to the natural environment, imbued with national identityin projects.

- Focus on directing the design, construction and installation of low-
rise housing, condominiums in Nam An Khanh project, the project Van La - Van Khe business according to
plan.
- For Tien Xuan projects urges the planning review board set up BT and leveling. Joined the people’s
Committee of city from the planning stage subdivision of this region to accelerate. Implementation of
investment and association with several partners to develop and implement plans to investment and business to
ensure effective project report.
- Research by a number of projects are difficult to find businessesor working capital management to the
transfer or investment cooperation.
- Joint ventures with local partners and foreign management experience and financial capability to
develop commercial projects, services and development for each field is highly specialized.
3. Steering the business operation:
- Focus on the business direction of the new urban projects Nam An Khanh, project Van La - Van Khe to
ensure high efficiency,make capital investment for this project and expand investmentprojects
and other business of the Company.
- Develop plans for management and operation of the new urban, residential uniform, sciences in order to best
serve the needs of our customers, contributing to raising the prestige of the
companyand facilitate the business of the Company projects to be effective.
4. Directing the economy and plans:
- Based on business plan targets in the business production are adopted by General Board of Directors, the
Board tasked the executive apparatus specific company goals. The organization reviews quarterly
the implementation of business value delivered, add the completion of planned targets for the regime,the
interests of the executive and staff.
- To enhance the direction and supervision of representatives ofcapital in subsidiaries in the
implementation plan of business production has been approved.
5. Seering the finance – accounting activities:
- Develop a financial plan, close to the actual needs for the projectto allocate capital rationally,
optimize capital efficiency.
- Ensure adequate funding for investment projects of the parent company, subsidiary
company, not to slow progress of projects,especially in key projects due to lack of investment

capital.Working with a number of banks, financial institutions, financecompanies to arrange
for, financing for projects of the Company.
- Restructuring the portfolio, the percentage of ownership in thecompany to contribute capital to preserve and
promote efficientcapital investment.
- Research time increase its chartered capital to create high performance for investors.
For specific details, in the Board of Directors in 2011 will strengthen the direction
and supervision of company businessactivities. Board will continue to closely supervise, solved anddetermined
to handle and overcome these problems exist in the regulations, internal regulations of the Company and
State laws.
Salary of Board of Directors and Board of Supervisors
Title Salary (dong/month)
Chairman of Board of directors 10.000.000
Members of Board of directors 8.000.000
Chief of Board of Supervisor 8.000.000
Member of Board of Supervisor 5.000.000
REPORT FINANCIAL CONDITIONS
Unit: Million dong
Indicators
TOTAL ASSETS 4.467.394
Current assets and short-term investments 693.530
Fixed assets and long-term investment 3.773.864
ACCOUNT PAYABLE 2.281.082
Current liabilities 1.641.544
Long-term liabilities 639.538
CAPITAL RESOURCES OF OWNER 2.177.918
Capital of Owner 2.177.918
Charter capital 1.000.000
Joint stock capital residual 218.799
Fund share -61.161
Developing investment fund 471.984

Finance prevention funds 70.706
Other funds belongs to capital of owner 9.649
Lợi nhuận sau thuế chưa phân phối Interest after tax,
Undistributed
467.940
Other expenses resourse, funds
Unemployment compensation
REVENUE
1.067.383
PRETAX PROFIT 611.397
AFTER-TAX PROFIT 457.799
Number of shares of circulation 100.000.000
REPORT OF
THE BOARD OF
GENERAL
DIRECTOR
FINANCIAL REPORT IN 2010 AUDITED
UNITED BALANCE SHEET
In December 31, 2010
Possession
Co
de
Note 31/12/2010 01/01/2010
A SHORT TERM ASSETS 100 693,529,811,199 992,172,324,042
(100=110+120+130+140+150)
I Cash and equivalent accounts to cash 110 V.1. 163,005,629,648 708,019,279,905
1
Cash
111 154,005,629,648 92,019,279,905
2 Equivalent accounts to cash 112 9,000,000,000 616,000,000,000

II
Short-term finance inverstment
account
120 7,675,400,000 84,130,916,000
1
Short-term investment
121 V.2. 7,756,195,151 84,153,611,151
2
Provision for short term investment
129 (80,795,151) (22,695,151)
III Short-term account receivable 130 362,990,350,093 106,031,980,914
1
Receivable from customers
131
VIII.2.
1 315,757,591,126 62,458,685,196
2
Advance to seller
132
VIII.2.
3 45,983,775,165 50,069,662,864
3
Internal receivables
133 - -
5
Other accounts receivable
135 V.3. 8,011,905,946 2,378,708,671
6
Provision for short-term bad
receivables

139 (6,762,922,144) (8,875,075,817)
IV
Inventory
140 126,670,711,742 76,959,051,384
1
Inventory
141 V.4. 126,670,711,742 76,959,051,384
V
Other short term assets
150 33,187,719,716 17,031,095,839
1
Payment in advance
151 1,029,898,741 818,338,994
2 VAT deducted 152 1,346,387,143 1,075,490,816
3 Tax and other State receivable accounts 154 V.5. 98,316,506 -
4
Other short-term assests
158
VIII.2.
4 30,713,117,326 15,137,266,029
B LONG TERM ASSETS 200 3,773,864,211,029 2,006,329,974,727
(200=210+220+240+250+260)
II
Fixed assests
220 3,137,802,347,461 1,706,696,607,592
1
Tangible fixed assets
221 V.6. 29,849,894,034 24,400,265,062
-
Initial price

222 42,940,037,561 33,980,807,026
-
The cost of cumulative depreciation
223 (13,090,143,527) (9,580,541,964)
3
Intangible fixed assets
227 V.7. - -
-
Initial price
228 26,940,437,988 26,940,437,988
-
The cost of cumulative depreciation
229 (26,940,437,988) (26,940,437,988)
4.
Unfinished Cost of construction
230 V.8. 3,107,952,453,427 1,682,296,342,530
III Investment real estate 240 V.9. 3,969,337,330 4,141,917,214
-
Initial price
241 4,314,497,098 4,314,497,098
-
The cost of cumulative depreciation
242
(345,159,76
8) (172,579,884)
IV
Long-term financial investment
accounts
250 534,745,838,418 290,908,992,275
1

Investing in subsidiary company
251 - -
2
Investing in associated company
252
VIII.2.
5 129,956,143,753 85,720,912,581
3
Others long-term investment
258
V.10.
462,322,170,000 212,649,000,000
4
Provision for short term securities
investme
259
V.11.
(57,532,475,335) (7,460,920,306)
V
Other long-term assets
260 2,749,461,768 4,582,457,646
1.
Long-term prepaid expenses
261
V.12.
2,683,461,768 2,686,992,508
2.
The assets of deferred income tax
262 66,000,000 1,895,465,138
3.

Other long-term assets
268 - -
VI Commerce Advantage 269 94,597,226,052 -
TOTAL OF ASSETS (270=100+200) 270 4,467,394,022,228 2,998,502,298,769
(tiếp
theo)
Unit: VND
Possession
Co
de
Notes 31/12/2010 01/01/2010
A ACCOUNT PAYABLE (300=310+330) 300 2,281,082,397,817 1,233,985,023,661
I Short term debt 310 1,641,544,901,358 733,563,653,094
1
Short-term borrowing and debt
311
V.13.
1,150,000,000,000 -
2
Payable to sellers
312
VIII.2.
6 78,715,427,471 56,034,455,442
3
The buyers pay in advance
313
VIII.2.
7 50,318,332,340 334,744,713,512
4
Tax and payable items for State

314
V.14.
119,762,380,847 240,897,561,854
5
Payable for employees
315 7,387,546,930 12,517,739,456
6
Payable expenses
316
V.15.
46,156,056,111 40,785,788,836
7
Internal payable
317 - -
9
Other payable items
319
V.16.
137,816,716,613 44,018,682,646
10
Provision for short-term payable items
320 - -
11
Bonus and welfare fund
323 51,388,441,046 4,564,711,348
II Long term debt 330 639,537,496,459 500,421,370,567
3
Other long-term payable
333
VIII.2.

8 233,583,436 270,000,000
4
Long-term borrow and debt
334
V.17.
500,000,000,000 500,000,000,000
5
Deferred income tax payable
335 - -
6
Provision for loss of work
336 69,313,025 151,370,567
7
Long term provision
337 - -
8
Unearned revenue
338 139,234,599,998 -
B
OWNER CAPITAL(400=410+430)
400
V.19.
2,177,918,063,329 1,764,517,275,108
I Owner capital 410 2,177,918,063,329 1,764,517,275,108
1 Investment capital of owner 411 1,000,000,000,000 800,000,000,000
2
Capital surplus stock
412 218,799,446,787 218,308,742,787
3
Other capital owners

413 9,649,090,909 -
4
Funds shares
414 (61,161,904,650) -
5
Difference in asset revaluation
415 - -
6
Differrent exchange rate
416 - -
7
Investment Fund Development
417 471,984,865,526 21,264,702,704
8
Fund financial reserve
418 70,706,451,838 34,929,429,993
9
Other fund owners
419 - -
10
Profit after tax undistributed
420 467,940,112,919 690,014,399,624
C
INTERESTS OF MINORITY
SHAREHOLDERS
439 8,393,561,082 -
TOTAL OF CAPITAL RESOURCE
(440=300+400) 440 4,467,394,022,228 2,998,502,298,769
Hanoi dated February 26, 2011
SONG DA URBAN AND INDUSTRIAL ZONES INVESTMENT AND DEVELOPMENT JSC

Maker Chief account General director
Nguyen Thi Minh Hue Vu Kim Long Vi Viet Dung
REPORT OF CONSOLIDATED CASHFLOWS
(indirect method)
Indicators
Cod
e Năm 2010 Năm 2009
I.
Cash flow from business operations
1.
Before-tax profit 1 611,397,866,403 866,466,935,142
2.
Adjustments for accounts

-
Depreciation of fixed assets
2
4,180,926,98
2 3,410,986,059

-
Reserves
3
48,017,501,35
6 3,805,992,443

-
Profits and losses from investment activities
5
(50,633,487,20

7) (207,371,968,076)

-
Interest expense
6
1,855,555,55
5 5,350,474,998
3.
Profit from operations before working
capital changes
8 614,818,363,089 671.662.420.566

-
Increase or decrease in accounts receivable
9
(272,903,433,30
9) 45,759,573,947

-
Increase or decrease inventory
10
(49,711,660,35
8) (724,808,480,530)

-
Increase or decrease in accounts
payable (excluding interestpayable, business
income tax payable)
11 (773,935,401,39
5)

317,015,574,830

-
Increase or decrease in prepaid expenses
12
(208,029,00
7) (530,568,628)

-
Interest paid
13
5,119,117,02
1 (5,350,474,998)

-
Corporate income tax already paid
14
(242,862,213,35
8) (12,057,783,399)

-
Other receipts from business activities
15
2,235,432,241,14
2 1,265,970,517

-
Other cash from business operations
16
(765,256,970,10

0) (21,562,886,986)
Net cash flow from business operations
20 750,492,013,725 271,393,345,319
II.
Cash flows from investing activities
1.
Cash paid for purchase of fixed assets and other
long-term assets
21 (1,838,478,865,427
)

(14,845,800,573)
2.
Proceeds from disposals of fixed assets and other
long-termassets
22 54,024,144 1,696,073,839
3.
Loan purchase debt instruments of other entities
23 (200,000,000,00
0)
(90,000,000,000)
4.
Recovery of loans, sale of other debt
24 280,000,000,00
0
50,000,000
5.
Payments for investments in other entities
25
(828,215,811,75

6) (60,590,309,000)
6.
Recovery of investments in other entities
26
5,560,000,00
0 307,726,591,000
7.
Proceeds from loan interests, dividends and
profits are divided
27
46,223,349,70
7
13,863,059,082
Net cash from investing activities
30 (2,534,857,303,332) 157,899,614,348
III.
Cash flows from financing activities
1.
Proceeds from issue
of shares, receipt of equity capital
31 200,490,704,000 45,661,134,720
2.
Cash payments for capital owners,
acquisition of shares already issued business
32 (61,161,904,65
0)
-
3.
Short-term loans, long term receive
33

1,262,000,000,00
0 662,468,553,000
4.
Repayment of loan money
34
(112,000,000,00
0) (378,968,553,000)
6.
Dividends and profits paid to owners
36
(49,977,160,00
0) (59,619,960,000)
Net cash from financing activities
40 1,239,351,639,350 269,541,174,720
Net cash in the period(50=20+30+40)
50 (545,013,650,257) 698,834,134,387
Cash and cash equivalents at beginning
ofperiod
60 708,019,279,905 9,185,145,518
Effect of exchange rate changes of foreign
exchange
61 - -
Cash and cash equivalents at end
ofperiod(50+60+61)
70 163,005,629,648 708,019,279,905
SONG DA URBAN AND INDUSTRIAL ZONES INVESTMENT AND DEVELOPMENT JSC
Maker Chief accountant General director
Nguyen Thi Minh Hue Vu Kim Long Vi Viet Dung
REPORT ON CONSOLIDATED BUSINESS - 2010

Indicator
Code Note In 2010 In 2009
1.
Sales of goods and services
01 VI.20. 1,016,750,112,952 1,114,883,636,389
2.
Sales deductions
02 VI.21. 10,221,405 -
3.
Net sales of goods and services
10 VI.22. 1,016,739,891,547 1,114,883,636,389
(10=01-02)
4.
Cost of goods sold
11 VI.23. 346,034,874,050 405,462,170,969
5.
Gross profit from sales and services
20 670,705,017,497 709,421,465,420
(20=10-11)
6.
Turnover from financial activities
21 VI.24. 50,633,487,207 215,746,472,553
7.
Financial expenses
22 VI.25. 52,255,873,831 10,203,220,631
Of which: Interest expense
23 1,855,555,555 5,350,474,998
8.
Selling expenses
24 VIII.2.9 3,409,604,159 737,073,517

9.
Enterprise Cost Management
25 VIII.2.10 49,209,301,355 37,407,123,057
10.
Net profit from business activities
30 616,463,725,359 876,820,520,768
{30=20+(21-22)-(24+25)}
11. Other income 31 VIII.2.11 79,670,901 1,736,254,569
12. Other expences 32 VIII.2.12 303,792,006 20,421,616,678
13. Other interest (40=31-32) 40 (224,121,105) (18,685,362,109)
14.
Profits or losses of associated
companies and joint ventures
45 (4,841,737,851) 8.331.776.483
15.
Total pre-tax accounting profit
50 611,397,866,403 866,466,935,142
(50=30+40+45)
16.
Income tax expense current
enterprise
51 VI.26. 151,768,532,575 153,919,259,443
17.
Income tax expense Deferred
52 1,829,465,138 7,398,120,584
18.
Profit after tax corporate income
60 457,799,868,690 705,149,555,115
(60=50-51-52)
18.1

After-tax profit of minority
shareholders
61 816,748,945 - -
18.2
After-tax profit of parent
companyshareholders
62 456,983,119,745

705,149,555,115
19.
Basic earnings per share
70 VI.27. 4,587 8,667 8,667
Maker Chief accountant General director
Nguyen Thi Minh Hue Vu Kim Long Vi Viet Dung
REPORT OF BUSINESS PRODUCTION
In 2010, socio-economic situation continues to face many challenges from internal as
well as economic impact directly from the recession, economic crisis and world regions. Real estate market
has not really prospered by the effects of inflation, the volatility ofexchange rates, interest rates on
loans, plus additional regulation, new government decree making conditions for raising
capital forenterprises more difficult, investors have little chance of surfing Full Rate difficulties
and challenges in the first year, the companyhas decided to focus all resources possible to implement the
objectives set out plans.
1. The organization and development of enterprise:
- Develop the plan for organization and operation of the Company under the corporation model specialized
property.
- Switch operating model into Shareholding Company: An Khanh SUDICO JSC, South SUDICO shares, Hoa
Binh SUDICO shares, Ha Long SUDICO shares to radical decentralization of management and accelerate
the investment in projects, key areas.
- To strengthen the organizational structure, management and operation of the Company as well as
decentralize to units; appoint officials are fully capable of participating in the management apparatus,

operating at the new joint stock companies; Assigning specific tasks to individual hold management to
maximize flexibility, autonomy and self-responsibility in the work executive.
1. Investment work:
- The investment projects are implemented in accordance with the provisions of the State and put into the
business to ensure effective exploitation. Implementation of new projects has high potential to ensure
sustainable development of the Company.
- In 2010, despite the deployment of business in charge of the projects of limited company but the company
still ensure to mobilize enough the necessary capital for the investment activities of the Company, the
investment activities has completed 93% of the year plan (to reach about 3,000 billion).
The company has focused the resources to accelerate the development of investment, construction, completion
and handover implementation of works under key projects: Office building HH3; low-rise zone TT1;
Infrastructure Office buildings in La-Van Khe; Tran Hung Dao Residential Street North - Hoa Binh.
2. Work of business, capital income, urban management services:
- Research and application of new decisions and decrees of the Government in the business, raising capital in
the business activities in the projects of the Company; in 2010 has raised enough capital to for investment in
the projects La - Van Khe and Pho Noi - Hung Yen.
- Focus to built strategy and business promoting profile of Nam An Khanh new urban project serving
preparation for sales, design and production of the home form; introduction profile of business;
communication strategy, participation in specialized exhibitions of real estate
- Complete the collection of funds in the projects: TT1, HH3; contracting service management contract to
new urban areas of My Dinh - Me Tri for a managing point is SUDICO Service Joint Stock Company to
enhance service quality in urban areas and improve the company brand.
3. Work of technique management, quality and labour safety:
-
Fully implement the provisions of the state of quality management, procurement and construction and
installation.
-
Maintaining the quality management system ISO 9001: 2000 company to the units
4. Economic work plan:
- Have developed scientific business plans based on balance of resources and market needs to serve the

sustainable development objectives of the Company.
- Implementing the innovation in the planning and statistical reports, strictly the regulations and new guidance
of Song Da Corporation and the State.
Perform investment management, performance of the contract signing, payment in accordance with the
provisions of the State, ensuring the effectiveness of the contract.
5. The management of finance, credit and accounting:
- Implement financial management in accordance with current laws and regulations on financial management of
the Company.
- Strengthen the relationship between the credit institution, Bank ensures mobilize and disburse funds in time
for projects; control the use of loans is reasonable and effective.
6. The management of labor and wages:
- Ensure employment and income stability for staff and workers. Strict management, improve the performance
of each staff member.
- Develop and promulgate regulations for payment with company executive apparatus and the units
corresponding to the results of their work, contribute to encouraging the employees to work effectively in a
long time with the company.
- Make good insurance for employees, timely payment of insurance. Organize periodical health examination for
officers and employees.