FINANCIAL STATEMENTS 2012(FOR THE FIRST 6 MONTHS)

FINANCIAL STATEMENTS
FOR THE FIRST 6 MONTHS OF THE FISCAL YEAR
ENDING 31 DECEMBER 2012

REAL LINTATE 11
JOINT STOCK COMPANY


REAL m A T E 11 JOINT SrOCK COMPANY

CONTENTS

1. Contents
2. Report of the Directom
3. Auditor's report

4. Interim Balance sheet as of 30 June 2012
5. hterim Income statement
for the f h t 6 months of the Galyear ending 31 December 2013
6. Interim Cash flow statement
for the first 6 m o ~ t of
h ~the h c d year ending 31 December 2012

7. Notes to the interim financial statements
for the f h t 6 month of the fiscal year ending 31 December 2012
8, Appendix


REAL W A T E 11 JOINT SrOCK COMPANY

REPORT OF THE DIRECTORS

The Dimtam ofReal Estate 11 Joint St& Company (''the cmpy")present this rsport together with
dh c i a l
for t
b M 6 months of the &id
year ending 3 1 December 20 12.

the d

B a s i n f s s B
Real Estate 11 Joint Stock Company (previously called House Trading Joint Stock Company of W c t
11) was estab1W on the h i s of the quitidon of the Se-d
company (Housa Treding Joint
Stock i h p m y of District 11) in
with the Decision No. 57301QD-UBdated 31 bcembar
2003 of tbe Chairmati of the People's =ee
of Ho Chi Minh City. The compamy Has been
opsrating uaderihe bush= registmion d c a t e N o . 4103W27W dated 22 Octobsr2004 granted by
tfK Dqadment of PlsnnIng and Invesbmunt of Ho Chi Minh City.
-bed
capital as in the bllsiness reghadon -:
Sharehbiders
RESCO

Shouecapital(VND)
21,840,000.000
14-559.950.000
36399.950.000

Rate (%)
6Q

The company's stock have bsm listad on Hawi Stock Exchange since 06 JanStock code of Dl 1.

2011 under tbe

Olhers

Total

40
100

Headow

Address
Tel,

Fax
Ed1
Tax code

: 205 Lac Long Quan, Ward 3, Dh&ict 11, HoChi Minh City
: (84 8) 38 587 107
: (84 8) 39 636 186
:r w t l l ~ . v n
:0300540937

-

Main walls ofthe c o m p y as in the business q h a t i o p 1 d f i c a t e : Trading how#; Building up

industrial works, pubk woda and houses; P s s f m i n g interior decoration semi=; hhufwtwhg and
trsrding coIlstruction makrids (not at the the o h % Designing civil oonstruction works, i n d d
works; Besigning W space of constra~ctimworks; designing interior d -or
construdon works, .
Consulting, supmising civil and i n m 'on w e Pteparing mstruction investment
plans; hvesting m idmstructures of
a m s and industrial parks; LeveIiag gram& M s t i a g .
sewices of leasing houses, plants and warehouses; Providing p p r t y ssrvicss; Acting as agmt of
goads w i r i n g ; Designing stmdmes of civil aad industrial worSrr; Leasing officw; Manufacturing
oonstructing materials (not-at the hem3 office); Excahg pmfhhicated wncmte building componcntq
Building up civil, ind&
and traffic w e , Ptoviding servicss of civil d industrial sanitation;
h i d i n g parking semices; Clving and preserving trees; Trading household appliances, fwd, beverages
and domatic c
m (excapt for @ding
eateriag s e w i ~ hTding real estates, Pruvkhg
property b d m a j p h c c ; Providing property appmid h c e ; Providmg red e&ate floor bees;
Providing pfoperty muulting setvice; Providing property d o n service; P e r f d g properly
advertising m i c e ; Managiog d estate; Providing sewices of pschml akdion, primary
ddm, secondary cdwath, high-school education, vocational t t d q (not optrolting at the head.
ofice), college (not opecatiag at the head o h ) , uaiversity and postpdmte (not m t i n g at the h a d
office); Providing e d d d sports and sntertainmeot;Providing othet educational -ices.
mtedalefPects on the co-v

I -ti@

9

nt

The company's m a u e in the cummt period has been d e a m d significantly in cornparisan with that
of the same period of the previous year mainly b m s e of the decrease in number of installation and
construction works, which have hm completed and handed over.


REAL W A T E 11 JOINT

COMPANY

m R T OF THE DIRECTORS (m)

Finandal mdtbn and bushew
The fmancid position as of 30
h e business results, and the cash flowsrforthe fkst 6 months
of the fidysar snding 31 W b e r 2012 of tbe campmy have been expssed in the interim
financial statements attached to this report (from page 06 to page 321,

Jmzz

.

wmmmma

The Dimtom of the company hereby confirm that them have been no ewnts from 30 June 2012 to the
date of this rqmrt, which d any adjwiments on the figures or the disclosum in the interim b i a l
-entP.

T L e B o a r d M O f h m
The B d m m b m and the Executive OfEcsrs of the cumpany during the period rvnd as of tha date of
this report include:

Full names

Position

Appointing date

Mr.Hu,ynhCaoNha
Mr.Tran Thanh Bach
Mr.Dmg Huu Thmh
Mr.Tran Ngoc P W n g
Ms.T m Thi Kim Hue

Chahm~
bber

O & O d ~ b r2009
08 October 2009
08 October 2009

Member
Member

08 October 2009
08 October 2009

The ConM Board
Full names
Ms.Tran ?'hiKim Loan
Mr.Vo Kim T h o

Ms.Nguyen Thauh Hoang Tram

Position
Chief of Board
Member
Member

mtm~date
28 April 2010
28 A.&l2010
28 April2010

Full names
Mr.T m Thanh Bach
Mr.Ta Quang Tu
Mr.h g Hw Thanh
Ms.Tran-TkiKim Hue
Mr.Nguyen Kha Giang

Position
mtmgdate
16Wber2009
GoncdDitector
Deputy General Brator
08 -bet
2009
Deputy O e n d Director - 16 October 2009
16 Octok 2009
Deputy General Dimtor
16 October 2009

Dsputy General D k t o r

Member

..

+

.

Resigning date

Reswhtc

-

Resigning;date

-

26 March 20 12

-

-

Auditoq
Auditing and Cwsulting Company Liiifed (A-BtC) has perfmed the review on th'e comm's
financial statements for t&e first 6 months of the d s d year ending 3 1 December 2012.

Confirmation of the
The D i i of the company am mpmiible for the preparation ofthe h t m d
s#mats to
give a true and fair view of the b i d position, the business results, and the cash flows of the
company fw each of the company's fiscal year. In order to prepare t h a inkrim lkncid shtmmts, ,
theDirectors wrst:
select t
k yqmpriate accounting policies and apply Lcm oonsistmw .
make judgments and estimates prudently;
state clearly whether the accounting standards applied to tbs company are f o H d or not, and dI
the mrlterial differences from these stan&& are d i s c l d and e x p W in the b c i d
statcm~ts;and
prepare the financial staternen& of the mmpmy on the basis of the gohg-concern assumption,
except for the cases that the goingasnmptimis considerad inappropriate,


REM PSTATE liJOINT SrOCK COMPANY
REPORT OF THE DIRECTORS (&)

Tbe D i i k & y c n s t t r e W d t h e r q ~ d d a b o v e h a v e b s e n f i l l d ~ t b a
f ~ i a l ~ ~ ~ ~ ~ a l l t h e ~ ~ g b o o h o f ~ ~ h
m c d d and can fairly reflw tbe financialpsition ofthe compatly at any tinte, and that a11 the int%rim
fmucid sWmmts have baen prepared m complience with tha pvai?ing Viehamess aocolmtiog
syatm and standards.

on the w s t a m
TheDirectorrsbave~~~~bedh~f~iaf~.Theinterim~ci
r e f d to above give a trw a d fair view of the &uwiial p i t i o n as of 30 June 2012, h e
~ r e s u l t s a n d t h e c a s h h f w t h e f i myearending31
l

DeGember2012ofRealbbte 11 Joint
Stock Company in o a m p l i with tfie prwaihg Vi-tdw
accounting standards and syskm, which
have been issued to@m with the Decision No. 15/2OOdlQ%3TC dated 20 March 2006 of the
Minister of Finance as well as the c k c u h of the Ministry of Finance giving & h c e on l
h
the accounting system
eD

Date: 13 August2012

i


e

cbffiTY TNHH g$hd TOAH VA ~ t f v h
A U D m AND CONSULTING m,LI.

g Khoi St,Msr.1, Ho-Chi M i City
Tel: (84.8) 38 272 295 Rx:(84.8) 38 272 300
B d i n b M o i :40GiangVoSt,DongDaDist.,HaNoi~
Bmnch in Nha 'kaPg : IS Tran Khanh Du SL,Nha Trang City
BmnchinCan'Iho :162CI~TranNgocQutSt..CanTho~ty
:229 h

-

-.a4mm.m

No.0695RO12/BCTGKTTV

AUDITOR'S REPORT
ON THE REVIEW OF THE FINANCIAL STATEMENTS
FOR THE FIRST 6MONTHS OF THE FISCAL YEAR ENDING 31 DECEMBER 2012
OF REAL ESTATE 11JOINT STOCK COMPANY
THE SHAREHOLDERS, THE B O D OF MANAGEMENT AND THE DIREmORS
OF REAL ESTATE 11J O W STOCK COMPANY
stakments for the first 6 months of the fiscal year ending 3 1
December 2012 of Red Estate 11 Joint Stock Company, including the interim h h c e sheet as of 30 June
2012, the interim income statement, the interim cash flows statement and the notes to the interim f m i d
statements for the first 6 months of the fkd year ending 31 W B e r 2012, which were p r e p a d on 16
July 2012 (from page 06 to page 32).

We have reviewed the accompanying -cia1

The preparation and the presentation of these interim W c i a l statements are the responsibility of the
Directors of the company. Our responsibility is to express an opinion on these financial statements based on
ow rtview.

We have conducted the review on the ~ccompanyinginterim financial statements in accordance with the
Vietnamese Auditing Standards on financial statement reviews. These standards require that we plan and
perform the review procedures to obtain a reasonable assmnce that the interim finandai statements are h
from material mistakes.The review is developed on the bases of our discussions with responsible staff of the
company and of applying our analytical procedm on the financial information obtained. Consequently,
this review provides less assurance than a final audit. We have not performed an audit, so we do not express
any audit opinion.

In the previous year, the company recorded the remaining m o u n t of the revenue from transferring An Phu
Project in District 2, Ho Chi M i City and accrued the fee for general infrastructures contributed to the

project investor to carry out the i&astruchlre for the main roads for the land area of 87 ha, of which the total
value is VND 46.619.563.277. In which, the compensation for land clearance is totally VND
42.1 15,391.503, which is determined on the basis of the land area aod the temporarily calculated unit price
of VND 16.214.2861 m2 (see Note V. 14). ,Thisunit price will be adjusted afkr the findimtion with the .
major investor. As of the date of this report, the finalization with the major investbr has not been carried out
Yet.
Based on our review, except for the effects of the said issue, nothing has come to our attention that causes us
to believe that the accompanying interim financial statements have not been truly and fairly presented, in d l
material respects, in conformity with the prevailing Vietnamese accounting system and stand'ds as well as
other related regulations.

This report is made in mo Imguages (Vietnamese and English), both of equal validity. The Vietnamese
version will be the original for reference when needed.
lting Co.,Ltd. (A&C)

-

Ngnye~Thi Phum Tien Auditor
A d i t Certiicate No.119 9 m

Ho Chi Minh City, 13 August 2012
-A"K?~E
INTERNATIONAL

'::*pl

*:

&/ *

REAL ESTATE 11 JOINT SrOCK COMPANY
Address: 205 LaclangWa1d3,Dhfdd 11, HoCbiMinhCi
INTERIM FiNANCLAL STATEMENTS
For t h e M B d o f t b e f m d y m r d i n g 3 I December2012

INTERIM BALANCE SHEET

Unit: VND

Code

A - CURRENT ASSETS

Note

100
110
111
112

IL Short-termhutments

1M

1.
2.

121
129

Shorc~inve.stmw~b
Provisions for devaluation of

invdma&

130

131
I32
133

lv. Inveato*
1.
2.

Irides
Rovisim for devaluation of hvmtmk

V* Other c u m a t assets
1. Short-term prepaid expmm
2. VAT to be deducted
3.
4.
5.

' r ~ ~ l r n d * ~ d v a b l t h m t b e ~
Trading Gommmt bonds
other^^

V.2
V.3


REAL ESTATE 11 #)INT SrOCK COMPANY
205 Lac Lmg Qwn,Ward 3, Wct 1I, Ho Chi Minh City
INTERIM FXNANCfALSTATEMENTS
ForthefIrst6momtbsofth~yesrratding31Dscember2012
Interim balance d m t (Con.)
.

Ad-

ASSETS
B - LONGTERM ASSETS
Long-term accornb rccdvabk
Long-term aunw mdvabk from
Workhgcaphlat~

~

~

i

n

.

.*-

Cade

Note

l

e

-

m

~

~

ocher long-term raFeivabk
m i a n s for I
d debta

m.

Investmemtptoperty
hi st mid^
A m m h t d depreciation

IV. Long-term 1~vestmenls
1.
2.

3.
4.

Investments in
Investments In bnshess cmams and joint m@cs
Othsrlong4amin~
Provisions for devahmim of longdem inwstmmts

TOTAL ASSETS

fit% ~tuiemed

be d kr -on

wirh ikt nofar to the kdbrh*d

i-rrts

End& balance

m i n g babne


REAL M A T E 11 JOINT STOCK OOMPAMY
A
m 205lLacLmgQuen,Wd3,Disffiet 11, HoCbiMinbCity
INTERIM FINANCIAL STATEMENTS
F o r t l ~ f i r s t 6 ~ o f t h e ~ y a Decembw2012
r ~ 3 1
Merim Imbnoe sheet (COW)

Code

L

CU-t

1.

shortaamdebtsaudloans
Payable to sltpplim

2.
3.
4.

5.
6.
7.
8.

I

Note

Ending balance

IhbiHtb

ad^^^

Taxes and aabes obligations to t
h State Budget
Papbletoemp1oybes
Accnzedexpeases
hter-cmpuy payable
Payable according to the progress of comtrwtion
ContFncts

9.
10.
11.
12.

0th payable
Provisions for short-term ~~W 1 e
Bonusandwelfarcfimd
Trading Oovernment b d s

IL Long-term IiabilItk

9.

Long-~ac#um~ie#snppIiers
Long-tumin~ypqabb
mer1oag-twmpayable
Long-tsrmdcbBandl~
DeferrediwomseEax~le
Provisimforuwq~all~
R O ~ 0 1 1 9 f o r ~ ~ ~ p a y a b l t
U m e d revmu

Scimcc dtehologypromod011

L

~tr'leg~ity

1.
2.

1.
2.
3.
4.

5.
6.
7.

8.

3.

Capital
ShnrepPemipms
otb~ofcepital

4.

TrPaslPy~

5.
6.
7.
8.
9.

D~m~rwaluation
F o m i g n ~ d ~ c c s
Businwfspromotionfmd
FhancU~fimd
Othetfimds

10. ~ C a l n i n g s
11. ~
i
n
~
f
i
m
d
12, B u h s s ammgmmt supporting fund

TOTAL LlABlLITIFSAND OWNER'S EQUITY

140

Tktsstafemmt should be red in c o ~ d o with
n ikb notes to !h In&&-

167d48181.661


REAL E-ATE

11 JOINT STOCK COMPANY

Address: 205 Lac Long Qum,Ward 3, Dhct 1 1, Ho Chi Mixlh City
JNTERIM FINANCIAL STATEMENTS
For the h
t6 months of the ikcal year ending 3 1 December 20 12
Interim balance sheet (ConL)

OFF- BALANCE SHEET ITEMS
Note

ITEMS

1.
2.
3.
4.

5.
4.

Ending balance

Leasebold assets
Materials and goods kept or processed for athers

Goods deposited by od~ers
Bad debts already treated
Foreign currencies
Estimates for non-businessand project expenditure

Nguyen Thi Pbuong Tam
Prepnrer

Chief Accountant

General Director

?%is statement should be read in conjunction with the notes to the interimfinancial statements

Beginning balance


REAL =ATE
Add-:

11 JOINT SrOCK m P A N Y
a 1I, Ho Chi Minh City

205 lac Long Quan, Ward 3, M

NrERlMFINANCIAL STATEMENTS
Forthe first6mmh ofthe l i s c a l y e s l r ~ 3 1hccm&2012

INTERIM INCOME STATEMENT

Pd form)
For the f h t 6 morrh of the fiecal year en-

31 December 2012

Aecumhted &om the -of
ITEMS

Code

Note

-t

y#r

!hh

DsdPdioDs

Net sda
Corn of gads sold

Gmsa prom

Net opwrting pmflt
Otbtr Income
Otber ape-

Otber p r ~ n t l w )

Total acwnnthg profit before tax
Cttrrent corporate hcome lax

Deferred corporate income tnx

Profit rftw tax
Earnlag per share

H u w Thl Yen Nhi
Chief Accountant

Tran Tbaah B a d
General Director

tbe y a r

P

mp r


REAL W A T E 11 JOfNT SrOCK COMPANY
Address:205 LwcLongQuau, Wd3,M11, HoChi MinhCity

MTERIM FINANCIAL STATEMENTS
Pwthofirst6~ofthefiscalyearendiag31h c c m k 2 0 1 2

INTERIM CASH FLOW STATEMENT

rnform)

w=t

hod)
For the h t 6 m o n h of the W year endm 31December 2412
Unit: VND
m u h W fmm the bgbmbg oftee p r
Codb

1.
2.
3.
4.

5.
6.
7.

Gains h m sales, serviw provision and
othtrsalos
Dhbmanmfar %uppIierrs providing goods and sewices
mibmemwfaremp~
forl loan^
~foraorporateimomttax
Obrgaius

othudisb

1.

~

2.

d
*
l
~
~
G a i n s k n ~ d l i q u i ~ o f ~ a ~ & ~
and other long-term WBMS

d

~

m

o

f

~

a

s

s

e

t

s

of otborsatitisg
4.

5.
6.
7.

R~wryofl~givena~ad~ofdebt
htmrmts ofother c&ks
I n ~ ~ o t k r e n t i t h
Withdrawals of investments in ather d e s
Receipts of lorn ,-ni
divideds and profit shared

Note

Crmrt yert

a


REAL m A l € I 1JOINT SrOCK COMPANY
A d Q w # l : 2 0 5 h m Q ~ uW
, ard3,~11,HoChiMinbCity

INTERIM FINANCIAL STATEMENTS
F o f t b e 6 m t 6 m o a m S o f t b u ~ p r s a d i n g 3 1W b e r 2 0 1 2

2.170.000.000

Net cash h

s dwhg the periwl

Beghnlng cash a ~ carh
d equfvalenl
Effects of ftuetuatiow in foreign exchange rates
Ending cash and cash eqnivalmb

Nguyer TBi Pbaong Tam

Pmparer

Ruynh Thi Yen Nhi
C b f Aeoomtant

Tran Thanh Ilrcb
General Dhdor

(I. ooo.~ . o o O )


REAL EStATE 11 #IXNT STOCK -PAW
Addwss: 205 LacLwgQuan, Ward3, DMrict 11,IIoChiMiuhCi
lNTERIMFINANCIAL STATEMENTS

Forfhe~t6lrmonthsofthe~ymrgadfng31
December2012

NOTES TO

INTERIM FINANCIAL STATEMENTS

For the first 6 monthr of the fbd year eadbg 31 m b e r 2M2.
I.

OPERATION FEATURES

1.

hvestmentform

: A joint stodr company
: Cons&u&g, =icing

and t d h g real estate.

: Building houses; manufacturing mmtmcting dais (wt
at the head o m ) ; designing chi1 mmhuction works.,
leasing hwoddmpq w m h a e q providing pasking
service; trading ml dale,

EWwAs at 30 June 2012, the company has had 37 employees (at lh a d of the previous year: 46

employ=).

En&

of the cornpamy's opmtbnm durhg the period om the financial statemats
The company's revenue intbe ammt pridhas been decreased significantly in cornparhi with
that of the sam period of the previous year mainly because of the decrerlse in number of
htalkion and mmirdon work$ which have been completed and handd owr.

2.

Standard currency unit .
The standard cumnq unit ussd is ~ h m Dong
m (VND).

1.

Accomtingsystem
The m m p y has been appIying the V i d m w s e accounting tyskm, which has heen issued
to*
with the Decision No, 1 5 / 2 W ~ dated
C
20 March 2006 of the Minister of
F
W as well as the circulars of the Ministry of Finaace giving guidance on the impIementation
of the amounting system and standads.

2.

Statement on the complhce with the racaunthgstamdards and syatem
The Directors dto follow all tfie r q h m a t s of the prevailing Vistnamese accounting
system and standards which w m i d together with the Decision No, 15/2UOWQWBTC dated

20 March 2006 of the M&cr of Finance ttnd the Circulars guiding the implementation of t
h
accounting system aod standards of he Ministry of Finance in the pqmfion of these interim
flnaWial stakmats.

3.

Aceomnthgfbm
voucher rocording.


REAL ESTATE 11 JOINT SrOCK COMPANY
No.205 Lac Long Qnan, Ward 3, DWkt 11, Ho Chi Minh City.

A*

FINANCIAL STATEMENTS
F w t h e h t 6 m m h o f t h t ~ p r e r s d i n g 3 December2012
1
N o h to the lntartm financial shkmmta (mt)

1.

Accomdmg coiventlon
All the financial statements are prepad on the aoaual basis (except for tbs infbmrrvtion related
to cash h s ) .

2.

Cashandcashquidem

Cashand~q~~~&casbonhand,~inbank,~in~itrlndshort-term
invcshents of which dw due dates can not ex& 3 months from the dates of the investma&
and the comdi'brlity into cash k easy, and which do nut have a lot of r h h in he convmian into
cash.

3.

h t o *
Znwntorieg rn

recorded at their o&id costs. Costs mchde purchasing mpma, #g
e
~
~
~ iamtaries
t
hb dme curretlt positions and

q m s c s , and other direcdg r
conditions.

hventories are recat.ded in line with the perpatual method. Costp of itwenare calculated in
line with ths two fbllowing rnAs for materW pwchawd then dispatched for comtmdon work: specific idantifmiion
method;
h for othea i n v u e ~first-in
:
first-out metbod.

-

M i o n for devaluation of inventoh is made wben their costs are higher tfLan their net
realizable values. Net rabble v a l w are the estimat@ selling price? of m e s less the
h t s d expenses on product completion and other necessary mpnmon pduct consumption.
4.

Trade d w b l e and other -It
Trade receivable d 0 t h receivable are recognbd at the vdum on mpporthg documents and
invoices.
Provision is mado fbr each bad debt bssingan the ouLsElndiog debt age or estimated loss. D e d s
are as f o l l ~ :
As for outstanding debts:
Revisions are made at the rate of
of the value of debts outdam@ h m over 6
months to under 1 year.
- Provisions b e made at the rate of 50% of the value of debts d s t a d h g from 1 year to
under2y=s,
Provisions are made at the rate of 70% of the value of debts outstanding from 2 y a m to
und8r3years.
R o v i s h s are made at the rate of 1 W o of the d u e of debts outstanding for over 3 ,

-

-

7As f& doubtfhl debts: provisions are made basingon the estimated lw.

l k e e j 2 m m -part

qfand g h l d be d frp -ow

with k WrSm$mncIal state-

14


REAL ESrATE 11 J O I M SrOCK -PAW
A d d m ! ~No.205 Lac Long Quan, Ward3,DMct 11,HoChiMinhCity.

INTERIM FINANCIAL STATEMEMS
F o r t h e & s t 6 m o n t h s o f t h e f i s d y e a r ~ 3 1lhmbtr2012
Now to the hterlm llnarclal stakmds (e)
5.

Tangible f b d awds
P a a!z&s are m a d by their histmid costs less a m m m b d depreciation. Wsbrical
costs of k e d assets include all the m p s e s of ttte company to have these fixad ass& as of the
dam h y are ready to be put into use. 0 t h e x p a w incurred subsapat to the initial
w o n are included in bistmicd costs of fixsd asonIy if tttey cmddy bring more
economic benefits in the futum ha& to tbe use of these ass&. Those which do not meet the
aboM conditionswill be mcdcd into expmx~.

W s n a ~ a s s e t k ~ l d o r ~ , i t s ~ c a l ~ a t s d ~ ~ ~ i a
~&,ttrepaoy~(l~)ariswmpostedintothsin~wthe~sduringths
year*
Fixed
arc depreciated in accoPdance with tbe --line
useful livm. The depreciation years appM are as follows:
Buildings and slmctuma
Vehicles
mce equipment

method over their d m a k d
05- 15

06-07
04 - 05

Ope--l%econpqvm*kwor
Tbe incorns from operating lease is m d e d in line with the straight line m d a d dwhg the
k i n g paid.The initial d k t
to earn inaxno from opmthg lease are rccordad into
expen~sat once or are gradually a t h a t d into e x p s c s during the leasing period m amhmity
with the racording ofh a m e from operasing lase.
7.

B o m w l ~ g ~
Borrowing oosts are m c W into expenses as actually genemtd ln case the borrowing costs am
dire* dated to the comtrwioa or the production of an as& in progress, wbi~hhas t a k a a
substantial period of t h (over 12 month)-to get rsady for bknded use m sales of the a s t ,
these costs will b capitalized,
In the event of general b o w which are pattly used for acqooastMcting or pducihg
an asset in progrew the cost^ eligiile for capitalization wili be determined according to the
capitalization
applied to
acuunuIatsd expwditure on that
The apiEali&ion
rates axe computed at the weqe inter& rstes on tfie borrowin@ not yet paid during the period,
except for p t i d a r bommhga sewing the purpose ofo M h g a spaciiic stsset.

8.

Amederpensm
AMled cxpmw sn,recorded based on reamable stimatcs an tho amounts payable for goods
and &CCS
a h d y used.

'


REAL ESTATE 11 JOINT SrOCK COMPANY
Address: No.205 Lac Long Quan, Ward 3, District 11, Ho Chi Minh City.
INTERtM FINANCIAL STATEMENTS
For the fmt 6 months of the fiscal year d h g 3 I December 20 12
Notes to the interim financial statements (cont.)

Appropriation for unemployment fund
Unemployment fund is used to pay for severance aud unemployment allowances to the
employees who have worked for the company for 12 months or more until 31 December 2008.
The rate of extraction for this fund is of the monthly salary, which is used as the basis for
social insurance payment, and is included into the company's expenses.
Pursuant to the Law on Social Insurance, from 01 January 2009, the employers have to pay to
unemployment insurance fund managed by ~ i & Social hwance Agency at the rate of 1% of
the lower amount between the basic monthly saIary of the employee and the mount equal to 20
times of the general minimum monthly salary as regdated by the Government in each particular
period. With the application of the unemployment insurance system, the employers do not have to
make any provision for unempIoyment allow~ucesfor the employees' working periods from 01
January 2009. However, the unemployment insurance amount paid to the employees who have
enough conditions to receive wd have worked for the company before 01 January 2009 is the
average salary in 6 comutive months befwe the resigning date.
10.

Capital and funds
The company's source of capital is only the capital being recorded according to the amount of
legal capital already invested.

11.

Dividends
Dividends are recorded as an amount payabIe when they are disclosed.

12.

Appropriation for fands
Funds are ahacted and u d in line with the company's Charters as foIlows:

Busmess promotion fund

~jnandalreserved fund

Bonus and welfare fund

13.

Purposes
To expand operations and to make
intensive investments of the company
To compensate damages and losses
generated during tfre operation course or
force majeures and Unpredictable

Rate of
approphtion from
profit aRer tax
05%

situations such as cdamities, h s , etc.
To reward and to encourage material
benefits, to improve and to develop the
material and spiritual lives for employees

Corporate income tax
Corporate income tax includes current income tax and deferred income tax,
Current income tar
Current income tax is the tax amount computed based on the taxable income. Taxable income is
different from accounting profit due to the adjustments of temporary differences between tax and'
accounting figures, non-deductible expenses as we11 as those of non-taxable income and losses
brought forward.

These notesform an fntegralpart of and should be read in confuncfton with the hierim financial statements

16


REAL ESTATE 11 HlIlYT SrOCK COMPANY
Ad*
No.205 h c Long Quaa, Ward 3, District 11, Ha Chi Minh
INTERIMFINANCIAL STATEMENTS
For* 6mt6mmth o f l e dscalysarding31 kcmbm2012
Noter to the inkrim financial statemcmts (&)

w.

Defemd income tax

Deferred income tax is the amount of corporate incum tax pay&% ar mfhdable due to
temporary diBhences between book values of as& and liabilitb senring the prepamtion of the
financid statements and the values for tax pqmes. D e f d income tax liabilities are
~ f o r a l l ~ ~ ~ ~ ~ 1 e d i f f ~ . D e f e m d i a c o m e t a x
when time is an assurance on the avrlihbiI'ity of -1e
income in the futm against which t
b
temporarily deductl'ble differam can be wed.
Book values of defend
income tax assets are considered 3the balawe sheet dates and
will be d u d to &a rakz that emwe enough Eaxable income against which the benef& from a ,
~ofsalloftbedefemdincome~canbewad,Deferred~~ttaxassets,which
have not been
before, are c o a s i d d at the b a h m &eat date and are recurded when
them is axbidy enough -1e
income to use tbws deferred corporate income tax assets,

and d e f d irmosole tax liabilities are d-ad
at the d m a t d
mks-to-beqpiid in the yaar when the
am dor the lhbilitia are ssttlsd-hadon
the effective tax rates as of tbs Mmce shest date. Deferred intax is
in tfte
income statement Ia dw case &at deferred income tex is m k d to the items of the owner's
equity, corporate mumetax will be included in the owner's equity oftbe company.
D&rd income tax as-

14.

&cognition of*

S a b o f ~
Sales of senrice @ion
are recognizad when there are a0 m w d n factors related to payments
or a d d i t i d costs. In case that &a s d c m are to be provided in many -Wing
periods, the
dckmbtion of sales in each period is done on tbe basis of the m i c e completion rate as of the
balance sheet date.

Galwsfrum o m n Ccascg
The principle ofremgnitim of gains from operation leases is # in Note IV.6.
S a l e g o f h d b t v o n w k k k t h e i n f ~ u d ~ ~ B ~
The income of land lots dn which the hhdmchm oonstructiaa is completed is remded w h .
the h h s h c h m wmtmction is basidly c o m p l d and the land lots are haudcdavc~to

cuSfOmera

Interest
Interests are recorded based on tbe term and the inter& rates applied in.&
15,

p a r t i a h psriod.

ConstFllction contmcts
When the results h m the contract impIernenWiom are reliably h a t e d ,

For the conmcts stipu1ating tbat d ~ contmtm
e
am paid according to the p h m d p r o m
income and expenses related to thege oootracts arc recognized correspondingly to the works
already completed as debermined by the m m p y itself.

For t h ~contracts stipulating that the contractors are paid according to tbo w a k ~actudly.
done, income d qmmea dated to these conare r e q p b d comspofidhgly to tbe
works dready completed as confirmed during the period m the invoices made by the
customMs.

hwme hany h c m w or decmse in qaaatay of instalhion and comtmtion works,
cornpeasation w i v e d and other &able
are only d e d upon the agmments with

-m=.
Ttww notesform an ~ e g m l p rqfadslroPrCd
t
Be read ih coq/uncttonwith the hktrim-lal

s&twm&

17


REAL m A f E 11JOINT SrOCK COMPANY
Addm~No.205LaELmg Q u q Ward3, M e t 11,HoChiMinhCi.
lNTERIM FINANCIAL STATEMENTS
Farthefirst6doftheh~dyearending31hctmb2012
Nota ta tbe intwisl Wanda1 statmtmb (&)

When the results from ths amtract impIemntations cannot be reliably estimrrtgd,
a

Encome is remguizbd mspondingly to the expemes incurd, of which tho repayment is

rather reliably made.
Expemcs are odyrecognizod during t h e w a s actually incmed.

The diffbrmce between the accumulated incwne f h m tbe conh d y remgnkd and the
acclrmulated amount in ?heiav0ic.maccord@ to the planned p g m s of conimphmmtation
is recognizsd as an amount &able
or an amount payable acowding to t h p~ l d progress of
irnplemmtatian of the wmstmdon contracts.
16.

Financialamx#kak of~clalc~ssm

or loss sbtmmf iovestmmh heM to maturity dates, loans given and
d v r l b l e s , and financia1 ass& adable for sale. The cbsi&atim of tbcsc ihmcial assets
dapends on the nature and tbe puqmac ofthem and is determined at the date ofinitial reco@ion,
d u e s through profit

Financiul msw&recognhed aijW values thoughprofl or loss-s
A financial asset is classdid as an asset recognized at fair value though profit or loss statement
if it is held for tradin$w is categorized in the group of
reflected at fair value through profit
or loss slatanent at ?be date of initial m @ m .
Financial asset will be classified as sccwitia held fbrtrading if:

Itisp~tr:hasedorcrcated~forthe~ofwdeina~~p#iOa;
The company intends to hold for the purpose of gaining profits in a short term period;
It is a derivative financial hdrument (except derivfinancial h s b m m t s identified as a
finaociaI gxor an effective risk pmtech htmment).
I

m m h& to ~ i t ddes
y
Invaiments held to d t y date&tm m-ddvative finarrciaj assets with fixed or idmtilied
paymats snd bed maturity perids which a comptmy bas the intention and abiliiy ta hold d
the daW~of maturity.

h ghen d m e h b I a
Lams and receivables am nmderivatiw financial am@jwith M or ideatifid payments,
whichatenotWoathemarke4.

F-id

assets avatlabllefbr sale

Avaihbbfm-saIe financial assets arc noddvativc fmmcll assets determined as available for
d c or not classified as h c i a l assets recognizsd at fair values through pmftt or loss statement,
inwilments held to maturity dates, loans gim and receivables.

I n W c a n y i r r g ~ u u ta~~f & t u w t
Financial assets are f e c o g d d at the acquisition date and are stoppad recognizing at the selling
date, At the date of i n M @tion,
financial assets are detetmined at the acquiring
pricelissuing mst phis other msh directly related to the quisition or issumc6 of that b i d

k

fonn an i n l e g d p m t ofadskoplldb* 4 01 co@mc#on with the interim-

-ta&

18

-


REAL eSTATC 11 JOINT SrOCK COMPANY
Ad&xsx No.205 k Long Quan, Ward 3, DWct 11, Ho (=hi Mhh City.
WTERlM FINANCIAL STATEMEMS

F o r ~ f n s t ofthe
6 ~ fiscal yareding31 Decsmber2012
No- to the htterim fhanchl
(m)

17. Financhi kabiIMm and owner's equity
Financial instnrments am cIassificd as fkuwiaI liabilities or equity '
~upanthedaksof
initial recogniiion m confomity with the mtum and defmitions of finamid IiaWiticw or equity

.

~ l i a b U i # h
The company classifies its hcialliabiIities into such gou ups as fbrruIciaI liabilitia m o p b d
at fair values thou@ proM ar 1- statement or l h m d l i a b i l k determiad at tbeir a l l d

values. The c l a w i i ofthese financial l i a b h depeads on tbe natures d p q m e s of the
fipmciai liabilities and is debmined at the date of W recognition.

Finmcbl liabilitia mwgnized fair values t h q h p r o f l t or loss statemmt
Fhmcial l i a b i i is classified as the W i mcqnhd at fair vahae though profit or loss
statement if it is held for trading or is a q p r h i in the group of liabilities reflected at fair vdw
through profit or loss statcdnewt upon W recognition.
Financial liabilities will b classified as securities held for trading if:
It is issued or dd d y for the purpose of redemption in a short term period,
The comprlny h t a d s to bold for the p p e of gaining profits in a short terrn period.,
. .
Itisadsnva$ve financial instnmmt (except derivative fmanciat iastruments idatifid as a
financial guarantee contract or an M
e risk protaction hdmnat).

F

W ZiubiIities defermindM k i r all-d

values
A fmcial liability is detcmhd at its allocated value which is Qetermined equally to the
initially recognized value of that h c i a l liability less the prhipds which a COW
has to
repay, pIus or minus ttae accumuW allocations dcuhbd based on the actual inmethod of
tbe difference &wea tie initially recorded value and the value upon maturity date, minus the
deductions ( d k d y or h g h a provision account) due to impairment or since it cannot be
recovered.
Actual intcmt method is a method of calcuhhg t
h allocated value of one h i d liability or
of a p u p of financial liabilities and distributing incomes or expnmi in tlPe r e b d pdud. The

effective W s t rste is the discouathtm& rate of cash flows e h a h d to be settled or obtaid .
in the future throughout lhe e x p W lifb cycle of a b i a l hmument or in a shorter period, if
,-n
to return to lhe uurmt nct w i n g amount ofa U
liability.

Initial cmymg mttotrnt of afimic11liubilify
At the date of initid recognition, the financial W i W y is &ermined at the h@ng p r b plus
other msts diredy relabbd to the issuance of that W i d Iiability.

elw-w

Equity b e n t is the contract which can prove the remaining beae&s in the assets of t
k

company aRer deducting all of its liabilities,
C

o

n

r

p

0

U

n

d

~

~

~

~

A compound f b n c i d instrument issued by a company is classified into lhbiliv mponent aod '
equity c o m m based on the contents as a g e d in the contracts rts well as baslgd on the
def~tionsof a b i a l liability and an equity hmument.
Ths equity component is Atemined as

k remaining value of the financial htmment after
deducting tbe fair value of the liability component. The d u e of a ~
V instnunent
G
(such as
contract on sale option) manpmhd with a compound fmncid htmment and not belonging to
the equity component (such as the option of equity conversion) will be pmentud in the liability
component, The total carryine mount of liability and equity components upon initial recognition
will equal to tha fair value of fiasncial instruments.
Thew notesfarm an htegrdparf qfand sh~uldL d k r c a q b d o n with ihe i n t s r l r n - m r r l s

19

REAL ESTATE 11 JOINT STOCK QOMPAMY
Address:No. 205hLongQuan, Ward3, Disbict 11, Ho ChiMinh City.

INTERIM FlNANCtAL STATEMBNTS
F o r t h e f i r s t 6 m o n t h s o f t h e ~ y e a r ~ 3k1u m h 2 0 1 2
N o h to tLt interim h a m c h l s h k m d a (w)

ra

19.

-g
~
C m W
w
otbs~
Financial assets and h c i a l liabiMos will bs o m against e d l other and are reflected at their
net w b s on the bidam sheet wha, ad only when, tbe company:
h a s a 1 ~ r i g t r t t o ~ t h e ~ ~ t s ; a n d
has intention either to settle on a net basis, or to realize the w e t atld to settle the liability
s i m ~ l y .

m
e
a
t rqmdmg

A bush-

scgaoeot is a dkhghkble component of the company that is engaged in @ding
au W d d pmhct or &ce
or a group of related products or 4- and that is subject to
risks and retunrs that are different from those of ohm business segments.

A geographical segment is a distinguishable e o q n e n t of the comprrny that is engaged in
providing products or services witbin a particular economic environment and that is Wect to
risks and robmu that are diffexmt from tbose of m q m e n t s opersRing in other cwmmic
environments.
20,

Related partia
A~isconsi~amW~ofho~mpanyia~~partybabletocontrol~
company or to cause material e f k t s on the financial decisions as well as the +om
of the
company. Parties am also considered EWparties if they am mlldvely under the same
control or material effects.

Considering the rehthship amoog r e W parties, the
important than the I@ form ofthat relationship.

V.

nature

of the relationship is more

ADDmONAL INFORMATION ON THE lTEMS OF THE INTERIM BAUNCE SHEET
Cash arrd cash e q u h b b
Ending balance

47.951.912

Cashonhand
Cash in bank
T d
2.

RedvabIe from customem

EnReceivable from house trading
Receivable &m construction and installation

3.

Bepinning balance
672.799.728

balance
%.OOO.000

works

1.030.479.847

Total

1.W79.847

Prepayment to sapplienr

Ending b h m e
SCREC
Othem

Total

7.300.839918

r.300.839.9 18

,


REAL ESTATE 11 JOINT STOCK COMPANY
Address: No.205 Lac Long Quan, Ward 3, District 1 1, Ho Chi Minh City.
INTERIM FINANCIAL STATEMENTS
For the h t 6 months of the fiscal year ending 3 1December 20 12
N o w to the Interim financial statements (cork)

Other mdvahle

Ending balance

968365391

Begianing balance
21.400.000
660.150.000
45.154.979
22.820.065

749325,044

Eadine balance

Beginning balance

Sales of shares to be collected from employees
Deposit interests expected to collect
The Project Management Unit of District 6

2 I.400.000
812.322.222
45.454.979
89.188.090

Other receivable
Total
Inventories

Materials and supplies
Work-in-process

18.648.007
2.768.414.486

Tofal

Increases/(decreases) af tangible fixed assets
Buildings and
stractam

Vebicles

Ofiice
equipment

Total

~ t o r i c acosts
l

Beginning balance
Liquidations and
disposals
Ending balance
In whichAssets being fully
depreciated but still in
use

Depredation
B e g h h g balance
Depreciation
Liquidations and
disposals
Ending bdance
Net book values
Beginning balance
Ending b h c e
In which:
Assets temporary not in
use

Assets waiting for

2.147.856.804
1.663.486.932

643.132.980
572.600.094

34.876.915
26.139.943

'

2.825.866.699
2362326.969

treatment

Investments in associatw and joint ventures
This is the investment in Dai Hung Phu Real Estate Co.,Ltd.
According to the business registration certificate No. 0309366923 dated 07 September 2009
granted by the Service of Planning and Investment of Ho Chi Minh City, the company invests in
Dai Hung Phu Real Estate Co., Ltd. an amount o f VND 140.000.000.000, equivalent to 40% of
this company's prescribed capital.

%e

notesf w m an integral pari of and should be read incoqjucrion with the interim~inancialstacemenis

21

REAL ESTATE 11 JOINT SrOCK aMPANY
Addrew No.205 LacLagQwn, Ward3,DistrIct 11, HoChihiUCity.

INTERIM FINANCIAL STATEMENTS
For the f W 6 d oftkMysarmding31 Deccenbar2012
Nofa 40 the interim 6nai1cial statemeats (w)

&

Otherbng-term ass&+
This is the deposit to gmmbe mnstruction co-.
Short-term haw d d e b
These are the short-term loans h individuals at l t e market incumpauy's working capital.

r a m to support the

Mr.Nguyen Van Dung
Mi.LsvanSy
Tran Ngoc Vu Fte
Oth~rmppl~
Total

11.
12.

-

~

f
m cutomem
m
This is the advto pur&ase land as wall as htalhion and d

o

n wow.

T n x aed
~ otbtr obligatbws to the State Bud@

VAT on l o d sales
Coqmmte income tax.
P
d income tax

Land rental
Other taxes

Total

Amount
payable

Amomt

Ending

-paid

balance
68,657.991
(506.019373)
68.657.991
- (449.rn.095) 8.944.841.149
209.9 14275
( I 78.777.692)
264.542.434
156.370217
(156.370.217)
3.m.000 (3.000.000)
1 0 . 1 3 3 m a ~ m ~ 2 . 4 8 3 (1.~93m2rn 9~7&wi.s74
bdam~
506.019.373
9.394248.020
233.405.85 1

-

-

V d w * d m (YAlJ
The company has paid VAT in line with the deduction method at the rate of 1Woo.
Corporate Incum im

The company is responsible to pay corporate h m m e tax far its taxable,income at the rate of25%.
E

M mpomte income tax payable during the &od

Total accounting profit before
hmsd(d&rease) of a c d g profit to
determine pro& subject ta corponrte incame t8x

is as follows:
Aa~umdatd
fron the beginning of the year
C m n t war
P M o m year
322.818.458

-

&#erne
Income subject to tax
Income Wig exempted from tax
Lases of the previous years brought fbmard
Tmable income
Corpomt~income tax.rate
Corporate income tax payable

322.818.458

-

(322.8 18.458)
a

25%

-

9.288,05 1.358

-

a9
:$#R

rob
f-

v$


REAL m A T E 11 JODlYT SrOCK aMPAMY
Addrew No.205~LongQpran,Wd3,DWht
11,HoChiMinbCi.
INTERIM PINANCIAL STATEMENTS
F o r ~ ~ 6 ~ o f ~ ~ y e w e n d December2012
I n g 3 1
1Y- to the laterim flnatlcfil statem-b (m)

Larrdw
The company has to pay rentals for the area of 7.520 m1of land at No.7& Thoai Ngoc Hau, Hoa
Thanh Ward, Tan Phu DistFict, the araa of 225,99 m2 of land at No.418 Hong Bang, Dimict 11,
Ho ChiMinh City andthe a m of 1.909,5 maof land at No.205,kLiongQuan, Dh& l l , H o
C%i -,City.
OaAer-

The company has declared and paid tfiese tsxos in l i e witb the regulations.
13.

Payable to employem
This is the salary to be paid to employees.
The approved salmy unit prices in the year 2012 am as hllm
As far the field of service pvisim: VND 85,75 on VPITJ) 1.000 of revenue.
Asforthefieldof~n,ofwhi&tha~rrreprefraredbytfie~
the salary fund is extmchi at the rate of 70% an t
k gunera1 expmes kept by the
company and at the rate 0 1% on mabk inoomsking a h k e d in advance accordipg to
the interd findidan.

14.

Accrued e x p e n

Ending a
A w d for the expenses on the trader of An
Phu Projec4, M
c
t 2, Ho Chi Mi& C i (*)
Accrual for guaranteeing Chi h u g School
Acuudfor~errpenses
Other expenses

-

Total

Begjanhrg baQncc
44.649.563377
,183.656.853
2.624.5 18.757
3.567.728
49.461306.615

46.6 19.563277
183.656.853
280.72 1.545
- 1.021.365
47.084.%3.040

(*)This is the fee for gamd h h m c t m d b u t e d to the project investor to carry out the
hhdmdwe for the main mds fw the land
of 87 lm In which, & compensation for land
clearanoe is totally VND42 115.391.503.
Ending balance

Payable of equithtim
h i p # of -its
to-1
olhar payable
Totrrl
16.

Imd mhce

Beginning balance

lM).800.000
1.432.060.000
927.886.850
2.460.746.850

100,800,000

1,471.U60.000
820,191,632
2392.051.632

Bonua and aretfare h d m

I n c h by

Bon~fhd
Welfare f i d
Banwfundfor
the Board of
Management
and Board of
-1

Totat

BeginrInp extraction from
kfanoeprotit
7.481.632.542
2.207.245.477

Other

h c ~ e a ~ Disbnrsemenls
e~
Ending balm&

-

(800.643 -700)

6.680.988.842

'


REAL ESTATE 11 JOINT SrOCK COMPANY
Address: No.205 Lac Long Quan, Ward 3, District 11, Ho Chi Mi& City.
fNTElUM FINANCIAL STATEMENTS
For the k t 6 months of the fiscal year ending 31 December 2012
Notes to the interim financial statements (cant.)

Long-term loans and debts
These are long-term loans b m individuals at the market rates to suppmt the company's working

capital.

Provision for long-term accounts payable
This is the provision for the work of the apartment building at No.336 Nguyen Van Luong.
Owner's equity
Sta&mnt o n f r u c t d n in owner's eq&y

Information on the fluctuation in owner's equity is presented in the appendix on page 33.

VL ADDITIONAL llYFORMATION ON W ITEMS OF THE INTERIM INCOME
STATEMENT

Gross sales
- Salesfiom consCructr'onactivities
- Salesfrom learing warehouses and stores
- Other sales
Deductions
Total

Accnmdated from the beginning of the year
Previous year
Current year
40.302.308.299
39.158.011.026
1.062.342.728
81.954.545

Costs of goods sold

Accumulated from the beginnhg of the year
Current year
Previom year
Costs of construction activities (*)
Costs of basing warehouses and stores

1.126.819.156

30.762.756.105

Other costs

Total
(*) Costs ofconstruction activities are as follows:

Direct materials

Direct labor
Expenses on machinery to execute construction

Accumulated from the beginning of the year
Current year
Pteviom year
795.707.642
12.892.752,842
449.144.546

8.084.3 16.081

works

General manufacturing expenses
Total rt~curufacfuringq m s m
Difference on work-in-process
Costs of construction contracts
These notesform an integralpart of and should be read in cotjunction with the i n t e r i m j f l ~ ~ istatements
al

.

24