Final Results

Vietnam Opportunity Fund Limited 19 December 2006 Vietnam Opportunity Fund Limited (the 'Company') Results for the year ended 30th June 2006 We are pleased to present the annual report for the Vietnam Opportunity Fund Limited (AIM: VOF) and its subsidiaries for the year ended 30 June 2006. Chairman's Statement The past fiscal year was an excellent one for VOF, aided by the country's positive economic growth, ongoing government reforms, and a steady pipeline of investments. Vietnam's Gross Domestic Product (GDP) continued its upward trajectory, increasing by 7.4% in the first half of 2006. Industrial production, exports, and retail sales are all surging, underpinning an economy which is acting as a magnet for overseas investors. Foreign investors have been keen to pick up on the investment opportunities afforded by such growth, as foreign direct investment (FDI) surged over the last year. This 'second wave' of foreign investments marks the end of the FDI lull following the Asian financial crisis of the late nineties. The increased global interest in Vietnam was underscored by a boom in tourism revenues, which are projected to outperform the 2006 target. Government reforms played a key role in the favorable investment and political climates that have characterized the past year. The new Unified Enterprise Law and the Common Investment Law came into force, which represent major step toward a level playing field for foreign and local investors. The 10th Party Congress held in May has seen a change of leadership, ushering in an acceleration of the reform program. The country's positive economic developments have served the Company well, as the fiscal year VOF bought growth in terms of committed capital and net asset value per share. Over the fiscal year, the Company issued additional shares to raise an additional US$76 million, and the latest round of fundraising in November 2006 was several times over-subscribed. Since 30 June 2005, VOF's NAV per share has increased from US$1.28 to US$2.00 (up 56%). The VOF portfolio has expanded considerably since the end of the last fiscal year to include over 60 companies, including investments in over 50 listed and OTC companies, eight real estate projects, and five private companies. Given Vietnam's very strong economic performance, the Government's increasing commitment to reforms, and unprecedented global interest in Vietnam, we believe VOF will continue to perform well as the country moves forward. Thank you for your continued interest and support. Dr. Jonathan Choi Chairman Vietnam Opportunity Fund 18 December 2006 Consolidated Balance Sheet Notes 30 June 2006 30 June 2005 US$ US$ ASSETS Current Cash and cash equivalents 32,706,460 52,417,520 Trade accounts receivable 2,951,140 320,979 Short-term deposits and other receivables 5,494,556 3,931,174 Inventories 4,319,823 - Financial assets at fair value through profit or loss 4 164,789,232 30,118,442 Available-for-sale financial assets 5 9,183,209 - 219,444,420 86,788,115 Non-current Loan receivable 19,659,480 - Investment property 3,243,221 - Investments in associates 7 23,844,581 9,854,600 Goodwill 6 1,719,231 - Property, plant and equipment 8 6,480,177 - Construction in progress 2,175,270 - Other non-current assets 1,375,513 300,000 58,497,473 10,154,600 277,941,893 96,942,715 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current Short-term borrowings 118,772 - Trade accounts payable 17,476,172 - Other payables 1,332,606 702,119 18,927,550 702,119 Shareholders' equity Share capital 9 1,226,572 751,547 Additional paid in capital 9 164,950,181 91,634,442 Translation reserve (34,084) - Retained earnings 78,787,207 3,854,607 Minority interest 14,084,467 - 259,014,343 96,240,596 277,941,893 96,942,715 Consolidated Statement of Income Year ended Year ended 30 June 2006 30 June 2005 US$ US$ Incomes Sales revenue 24,362,136 - Financial incomes 72,985,939 4,228,564 Other income 14,167,754 164,025 Share of profit in associates 385,018 - 111,900,847 4,392,589 Expenses Cost of sales (9,614,287) - Administration expenses (26,343,605) (1,294,838) Financial expenses (371,372) - Other expenses (116,191) (227,340) (36,445,455) (1,522,178) Net profit 75,455,392 2,870,411 Attributable to shareholders 74,932,600 2,870,411 Attributable to minority interest 522,792 - Consolidated statement of changes in shareholders' equity Share Additional Translation Retained Minority Total Equity capital paid-in reserve earnings interest capital US$ US$ US$ US$ US$ US$ Balance 1 July 2004 95,000 9,405,000 - 1,288,196 - 10,788,196 Issue of new shares 656,547 82,229,442 - - - 82,885,989 Profit for the year - - - 2,870,411 - 2,870,411 Dividend payment - - - (304,000) - (304,000) Balance 30 June 2005 751,547 91,634,442 - 3,854,607 - 96,240,596 Balance 1 July 2005 751,547 91,634,442 - 3,854,607 - 96,240,596 Issue of new shares 475,025 73,315,739 - - 73,790,764 Acquisition of - - - - 13,561,675 13,561,675 subsidiaries Currency translation - - (34,084) - - (34,084) Profit for the year - - - 74,932,600 522,792 75,455,392 1,226,572 164,950,181 (34,084) 78,787,207 14,084,467 259,014,343 Consolidated statement of cash flows Year ended 30 June Year ended 30 June 2006 2005 US$ US$ Cash flows from operating activities Net profit before tax 75,455,392 2,870,411 Adjustment for: Gain on financial assets at fair value through profit or loss (77,511,981) (1,333,352) Gain on investment properties (404,399) - Gain on sale of investment - (38,414) Share of associate's profits (552,011) (1,478,086) Negative goodwill (13,685,855) - Unrealised foreign exchange losses 201,202 172,920 Interest and dividend incomes (4,664,935) (1,551,631) Net loss before changes in working capital (21,162,587) (1,358,152) Increase in accounts receivable (3,586,014) (3,451,604) Increase in accounts payable 18,014,659 504,323 Net cash used in operating activities (6,733,942) (4,305,433) Cash flows from investing activities Interest received 1,579,775 300,255 Dividend received 2,477,631 1,066,189 Purchase of fixed assets and other non-current assets (2,175,270) - Acquisition of investments (114,717,471) (39,742,964) Investment in associate (1,392,461) - Investment in subsidiaries (1,666,751) - Proceeds from sale of investments 48,786,145 10,866,648 Loan issued (19,659,480) - Net cash used in investing activities (86,767,882) (27,509,872) Cash flows from financing activities Proceeds from shares issued 73,790,764 82,885,989 Dividend paid - (304,000) Net cash from financing activities 73,790,764 82,581,989 Net increase in cash and cash equivalents for the year (19,711,060) 50,766,684 Cash at the beginning of the year 52,417,520 1,650,836 Cash and cash equivalents at end of the year 32,706,460 52,417,520 Notes to the consolidated financial statements 1. Corporate information Vietnam Opportunity Fund Limited was incorporated in the Cayman Islands as a company with limited liability. The registered office of the Company is PO Box 309GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands. The Company has the following subsidiaries and associates: Proportion of ownership interest held Asia Value Investment Ltd 100% Vietnam Enterprise Ltd 100% Vietnam Investment Property Ltd 100% Vietnam Investment Property Holdings Ltd 100% Vietnam Investment Ltd 100% Vietnam Ventures Ltd 100% VOF Investment Ltd 100% Indochina Building Supplies Pte Ltd 100% Bivi Investment Corporation 100% Indotel Limited 57.6% Pegasus Leisure Limited 100% Hung Vuong Corporation 30% International School Ho Chi Minh City 35% Kido's Ice Cream Corporation 30% Kinh Do Property Limited 30% Phong Phu Investment Development Ltd 30% T.D Corporation 30% S.E.M Thong Nhat Hotel Metropole 28.8% AA Land Corporation Limited 29% The principal activity of the Company is to invest in listed and unlisted companies, debt instruments, assets and other opportunities in Vietnam and surrounding countries with the objective of achieving medium to long-term capital appreciation and providing investors with an attractive level of investment income from interest and dividends. 2. Principal accounting policies Basis of presentation The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as developed and published by the International Accounting Standards Board (IASB). The financial statements have been prepared on the historical cost convention, as modified by the revaluation of land and buildings, available-for-sale financial assets, and financial assets and financial liabilities at fair value through profit or loss. The preparation of financial statements in accordance with IFRS requires the use of certain accounting estimates and assumptions. Although these estimates are based on management's best knowledge of current events and actions, actual results may ultimately differ from those estimates. Consolidation Subsidiaries are all entities over which the Group has the power to control the financial and operating policies. The Company obtains and exercises control through voting rights. The consolidated financial statements of the Group incorporate the financial statements of the parent company as well as those entities controlled by the Group by full consolidation. In addition, acquired subsidiaries are subject to application of the purchase method. This involves the revaluation at fair value of all identifiable assets and liabilities, including contingent liabilities of the subsidiary, at the acquisition date, regardless of whether or not they were recorded in the financial statements of the subsidiary prior to acquisition. On initial recognition, the assets and liabilities of the subsidiary are included in the consolidated balance sheet at their revalued amounts, which are also used as the bases for subsequent measurement in accordance with the Group accounting policies. Goodwill represents the excess of acquisition cost over the fair value of the Group's share of the identifiable net assets of the acquired subsidiary at the date of acquisition. Entities whose economic activities are controlled jointly by the Group and by other venturers independent of the Group are accounted for using equity consolidation. Associates are those entities over which the Group is able to exert significant influence but which are neither subsidiaries nor interests in a joint venture. Investments in associates are initially recognised at cost and subsequently accounted for using the equity method. Acquired investments in associates are also subject to purchase accounting. However, any goodwill or fair value adjustment attributable to the share in the associate is included in the amount recognised as investment in associates. All subsequent changes to the share of interest in the equity of the associate are recognised in the Group's carrying amount of the investment. Changes resulting from the profit or loss generated by the associate are recorded in the Group's consolidated income statement and therefore affect net results of the Group. These changes include subsequent depreciation, amortisation or impairment of the fair value adjustments of assets and liabilities. Items that have been directly recognised in the associate's equity, for example, resulting from the associate's accounting for available-for-sale securities, are recognised in consolidated equity of the Group. Any non-income related equity movements of the associate that arise, for example, from the distribution of dividends or other transactions with the associate's shareholders, are charged against the proceeds received or granted. No effect on the Group's net result or equity is recognised in the course of these transactions. However, when the Group's share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate. Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group's interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. Functional and presentation currency The financial statements are presented in United States Dollars ('the presentation currency'). The currency of the primary economic environment in which the Group operates ('the functional currency') is the Vietnamese Dong. The reasons for using the United States Dollar as the presentation currency rather than the functional currency are that the shareholders are more familiar with the United States Dollar and certain transactions of the Group are in the United States Dollar. Foreign currency translation For Group companies which maintain their accounting records in United States Dollars, transactions in currencies other than the United States Dollar are translated at the exchange rates that approximate those prevailing on transaction dates. Monetary assets and liabilities denominated in currencies other than the United States Dollar are translated at the balance sheet date into United States Dollars at exchange rates that approximate those prevailing on that date. All exchange gains and losses are recognized separately in the statement of income. For Group companies which maintain their accounting records and prepare their financial statements in currencies other than the United States Dollars, items in the income statement are translated at the exchange rates that approximate those prevailing on transaction dates. Items in the balance sheet are translated at the balance sheet date into United States Dollars at exchange rates that approximate those prevailing on that date. All exchange gains and losses are recorded directly into equity. Financial assets The Group's financial assets include cash and financial instruments. Financial assets, other than hedging instruments, can be divided into the following categories: loans and receivables, financial assets at fair value through profit or loss, available-for-sale financial assets and held-to-maturity investments. Financial assets are assigned to the different categories by management on initial recognition, depending on the purpose for which the investments were acquired. The designation of financial assets is re-evaluated at every reporting date at which a choice of classification or accounting treatment is available. All financial assets are recognised on their settlement date. All financial assets that are not classified as at fair value through profit or loss are initially recognised at fair value, plus transaction costs. Derecognition of financial instruments occurs when the rights to receive cash flows from the investments expire or are transferred and substantially all of the risks and rewards of ownership have been transferred. An assessment for impairment is undertaken at least at each balance sheet date whether or not there is objective evidence that a financial asset or a group of financial assets is impaired. Non-compounding interest and other cash flows resulting from holding financial assets are recognised in profit or loss when received, regardless of how the related carrying amount of financial assets is measured. Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and a fixed date of maturity. Investments are classified as held-to maturity if it is the intention of the Company's management to hold them until maturity. Held-to-maturity investments are subsequently measured at amortised cost using the effective interest method. In addition, if there is objective evidence that the investment has been impaired, the financial asset is measured at the present value of estimated cash flows. Any changes to the carrying amount of the investment are recognised in profit or loss. Financial assets at fair value through profit or loss include financial assets that are either classified as held for trading or are designated by the entity to be carried at fair value through profit or loss upon initial recognition. In addition, derivative financial instruments that do not qualify for hedge accounting are classified as held for trading. Subsequent to initial recognition, the financial assets included in this category are measured at fair value with changes in fair value recognised in profit or loss. Financial assets originally designated as financial assets at fair value through profit or loss may not subsequently be reclassified. Available-for-sale financial assets include non-derivative financial assets that are either designated to this category or do not qualify for inclusion in any of the other categories of financial assets. All financial assets within this category are subsequently measured at fair value, unless otherwise disclosed, with changes in value recognised in equity, net of any effects arising from income taxes. Gains and losses arising from securities classified as available-for-sale are recognised in the income statement when they are sold or when the investment is impaired. In the case of impairment, any loss previously recognised in equity is transferred to the income statement. Losses recognised in the income statement on equity instruments are not reversed through the income statement. Losses recognised in prior period income statements resulting from the impairment of debt securities are reversed through the income statement. Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise when the Company provides money, goods or services directly to a debtor with no intention of trading the receivables. Loans and receivables are subsequently measured at amortised cost using the effective interest method, less provision for impairment. Any change in their value is recognised in profit or loss. Trade receivables are provided against when objective evidence is received that the Company will not be able to collect all amounts due to it in accordance with the original terms of the receivables. The amount of the write-down is determined as the difference between the asset's carrying amount and the present value of estimated future cash flows. Property, plant and equipment Buildings, equipment and machinery, vehicles, fixture and furniture, and other classes of property, plant and equipment are carried at acquisition cost or manufacturing cost less subsequent depreciation and impairment losses. Depreciation is recorded on a straight-line basis over the estimated useful lives of the assets, at the following annual rates: Buildings and improvements 4% - 20% Equipment and machinery 15% - 20% Vehicles 15% - 16.67% Fixture and furniture 15% - 25% Others 10% Cash and cash equivalents Cash and cash equivalents include cash in bank and short-term, highly liquid investments readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value. Interest and dividend income Interest income is recognized on an accrual or if applicable effective yield basis. Dividend income is recorded when the stockholders' right to receive the dividend is established. Equity Share capital is determined using the nominal value of shares that have been issued. Additional paid-in capital includes any premiums received on the initial issuing of the share capital. Any transaction costs associated with the issuing of shares are deducted from additional paid-in capital. Retained earnings include all current and prior period results as disclosed in the income statement. 3. Risk management objectives and policies The Group invests in listed and unlisted equity instruments, debt instruments, assets and other opportunities in Vietnam and surrounding countries with the objective of achieving medium to long-term capital appreciation and providing investors with an attractive level of investment income from interest and dividends. The Group is exposed to a variety of financial risks which result from both its operating and investing activities. The Group's risk management is coordinated by its Investment Manager who manages the distribution of the assets to achieve the investment objectives. The most significant financial risks to which the Group is exposed are described below: Foreign currency risk While the Group seeks to make investments which are US Dollar based when possible, the Group make investments in and earns income denominated in local currencies. The Vietnamese Dong is not freely convertible into other currencies. Exchange rate fluctuations and local currency devaluation could have a material effect on the value of that portion of the Group's assets or liabilities denominated in Vietnamese Dong. The Group may seek to hedge against a decline in the value of the Group's Dong denominated investments resulting from currency fluctuations but only when suitable hedging instruments are available on a timely basis and on acceptable terms. The Group's exposure to fluctuations in foreign currency exchange rates at the balance sheet date was as follows: 30 June 2006 30 June 2005 US$ US$ Assets denominated in Vietnamese Dong 212,563,713 76,737,265 Liabilities denominated in Vietnamese Dong 13,332,952 5,474,265 Price risk Price risk is the risk that the value of the instrument will fluctuate as a result of changes in market prices, whether caused by factors specific to an individual investment, its issuer or all factors affecting all instruments traded in the market. As the majority of the Group's financial instruments are carried at fair value with fair value changes recognised in the income statement, all changes in market conditions will directly affect net investment income. Price risk is mitigated by the Group's Investment Manager by constructing a diversified portfolio of listed and unlisted instruments. In addition, price risk may be hedged using derivative financial instruments such as options or futures. Credit risk The carrying amounts of financial assets shown on the face of the balance sheet best represent the maximum credit risk exposure at the balance sheet date. There were no significant concentrations of credit risk to counter-parties at 30 June 2006. The Group's trade and other receivables are actively monitored to avoid significant concentrations of credit risk. In addition, for a significant proportion of sales, advance payments are received to mitigate credit risk. The Group has adopted a no-business policy with customers lacking an appropriate credit history where credit records are available. Cash flow and fair value interest rate risks The majority of the Group's financial assets are non-interest-bearing. The Group currently has no financial liabilities with floating interest rates. As a result, the Group is subject to limited exposure to cash flow and fair value interest rate risk. Cash flow and fair value interest rate risks are managed by means of derivative financial instruments, where necessary, to ensure short- to medium term liquidity. 4. Financial assets at fair value through profit or loss 30 June 2006 30 June 2005 US$ US$ Ordinary shares-listed 90,345,054 5,079,217 Ordinary share-unlisted 69,943,334 23,637,740 Government bonds 4,500,844 1,401,485 164,789,232 30,118,442 5. Available-for-sale financial assets 30 June 2006 30 June 2005 US$ US$ Non-listed equity shares 6,407,928 - Convertible notes 2,022,242 - Others 753,039 - 9,183,209 - 6. Acquisition of subsidiaries During the year the Group acquired equity interests in the following entities, with details as follows: Indochina Building Supplies Pte Ltd On 1 July 2005, the Group acquired 100% of the ordinary shares and redeemable preference shares of Indochina Building Supplies Limited, which was incorporated in Singapore. The principal activity of this company is to produce home decorating products. The total cost of acquisition was US$3,434,929 and settled in cash. At the date of acquisition the financial information for each class of acquiree's assets, liabilities and contingent liabilities were not available. Negative goodwill amounting to US$10,943,222 has been recognized in the income statement for the year ended 30 June 2006. BiVi Investment Corporation On 1 July 2005, the Group acquired 100% equity interest in BiVi Corporation, which was incorporated in Vietnam. The principal activity of this company is to engage in property investment and development in Vietnam. At the date of acquisition the entity had no assets, liabilities or contingent liabilities. Indotel Limited On 31 December 2005, the Group acquired 57.6% of the ordinary shares of Indotel Limited which in turn owns 28.8% of the equity interest in S.E.M Thong Nhat Hotel Metropole. Indotel Limited was incorporated in Hong Kong and S.E.M Thong Nhat Hotel Metropole was incorporated in the Socialist Republic of Vietnam. The total cost of acquisition was US$10,054,935 and settled in cash. The amounts recognized for each class of acquiree's assets, liabilities at the acquisition date are as follows: Current assets US$ Current liabilities US$ Cash and cash equivalent 4,024,000 Trade and other receivable 500,000 Trade and other payables 92,000 4,524,000 92,000 Non-current assets Non-current liabilities Investment in associates 13,767,000 Long term loans - Other intangible assets 4,019,000 Other non-current liabilities - 17,786,000 - 22,310,000 92,000 Negative goodwill amounting to US$2,742,633 has been recognized in the income statement for the year ended at 30 June 2006. Pegasus Leisure Limited The Company holds a 100% equity interest in Pegasus Leisure Limited which in turn owns 70% of the equity interest in Saigon Water Park. Pegasus Leisure Limited was incorporated in the British Virgin Islands and Saigon Water Park was incorporated in Socialist Republic of Vietnam. The principal activity of these companies is to engage in property development. The total cost of acquisition was US$2,413,587 and settled in cash. At the date of acquisition the financial information for each class of acquiree's assets, liabilities and contingent liabilities were not available. Goodwill in the amount of US$1,719,231 arises from the acquisition of Pegasus Leisure Limited. 7. Investment in associates 2006 2005 US$ US$ Hung Vuong Corporation 2,209,663 1,530,000 International School of Ho Chi Minh City 1,601,666 2,074,064 Kido's Ice Cream Corporation 1,018,526 765,416 Kinh Do Property Limited 2,261,001 - Phong Phu Investment Development Ltd 748,492 - T.D Corporation 857,348 864,972 S.E.M Thong Nhat Hotel Metropole 14,622,000 - Saigon Water Park Ltd - 2,413,587 A&B Tower - 1,050,000 AA Land Corporation Limited 525,885 525,885 Petrolimex Real Estate Joint Stock Co. - 630,676 23,844,581 9,854,600 Hung Vuong Corporation The Company holds 30% equity interest in Hung Vuong Corporation, which was incorporated in the Socialist Republic of Vietnam. The shares of Hung Vuong Corporation are not publicly listed on a stock exchange and hence the fair value of its shares cannot be determined. The investment is accounted for under the equity method. Financial information of Hung Vuong Corporation can be summarized as follows: 30 June 2006 US$ Assets 17,069,206 Liabilities 13,891,362 Revenues - Loss (141,988) Loss attributable to the Group (42,348) International School Ho Chi Minh City The Company holds 50% equity interest in Vanguard Era Investment Ltd, which inter hold 70% equity interest in International School Ho Chi Minh City. International School Ho Chi Minh was incorporated in the Socialist Republic of Vietnam. The shares of International School of Ho Chi Minh City are not publicly listed on a stock exchange and hence the fair value of its shares cannot be determined. The investment is accounted for under the equity method. Financial information of International School of Ho Chi Minh City can be summarized as follows: 30 June 2006 US$ Assets 7,239,025 Liabilities 5,404,045 Revenues 9,682,121 Profit 1,195,531 Profit attributable to the Group 418,436 Kido's Ice Cream Corporation The Company holds 30% equity interest in Kido's Ice Cream Corporation, which was incorporated in the Socialist Republic of Vietnam. The shares of Kido's Ice Cream Corporation are not publicly listed on a stock exchange and hence the fair value of its shares cannot be determined. The investment is accounted for under the equity method. Financial information of Kido's Ice Cream Corporation can be summarized as follows: 30 June 2006 US$ Assets 5,391,522 Liabilities 2,160,118 Revenues 3,629,111 Profit 301,496 Profit attributable to the Group 166,844 Kinh Do Property Limited The Company holds 30% equity interest in Kido's Property Limited, which was incorporated in the Socialist Republic of Vietnam. The shares of Kido's Property Limited are not publicly listed on a stock exchange and hence the fair value of its shares cannot be determined. The investment is accounted for under the equity method. Financial information of Kido's Property Limited can be summarized as follows: 30 June 2006 US$ Assets 6,308,214 Liabilities 4,223 Revenues - Profit 35,264 Profit attributable to the Group 10,579 Phong Phu Investment Development Ltd The Company holds 30% equity interest in Phong Phu Investment Development Ltd, which was incorporated in the Socialist Republic of Vietnam. The shares of Phong Phu Investment Development Ltd are not publicly listed on a stock exchange and hence the fair value of its shares cannot be determined. The investment is accounted for under the equity method. Financial information of Phong Phu Investment Development Ltd can be summarized as follows: 30 June 2006 US$ Assets 3,746,504 Liabilities 185,525 Revenues - Net loss (7,330) Loss attributable to the Group (1,649) T.D Corporation The Company holds 30% equity interest in T.D Corporation, which was incorporated in the Socialist Republic of Vietnam. T.D Corporation is investing in a property project named Nha Trang Hotel. The shares of T.D Corporation are not publicly listed on a stock exchange and hence the fair value of its shares cannot be determined. The investment is accounted for under the equity method. As at the date of this financial statement the financial information of the associate as at and for the year ended 30 June 2006 is not available. AA Land Corporation Limited The Company holds 29% equity interest in AA Land Corporation Limited, which was incorporated in the Socialist Republic of Vietnam. The shares of AA Land Corporation Limited are not publicly listed on a stock exchange and hence the fair value of its shares cannot be determined. The investment is accounted for under the equity method. As at the date of this financial statement the financial information of the associate as at and for the year ended 30 June 2006 is not available. 8. Property, plant and equipment of subsidiaries Buildings and Equipment and Vehicles Fixture and Others Total improvements machinery furniture US$ US$ US$ US$ US$ US$ Historical cost 30 June 2006 9,562,966 15,363,165 416,172 351,287 5,754,035 31,447,625 Accumulated depreciation 30 June 2006 (4,400,203) (15,090,972) (390,183) (298,633) (4,787,457) (24,967,448) Net book value 30 June 2006 5,162,763 272,193 25,989 52,654 966,578 6,480,177 9. Paid-in capital 2006 2005 US$ US$ Share capital: ordinary shares with nominal value of US$0.01 1,226,572 751,547 per shares. Authorised 500,000,000 shares; issued 2006: 47,502,548 shares; 2005: 65,654,654 shares. Additional paid-in capital 164,950,181 91,634,442 166,176,753 92,385,989 10. Related party transactions During the period, the following transactions with related parties were recorded: Related party Relation Transaction US$ VinaCapital Investment Management Limited Investment manager Performance fee 15,396,334 Management fee 4,348,221 At 30 June 2006 the following balances were outstanding with related parties: Related party Relation Payable US$ VinaCapital Investment Management Limited Investment manager 15,932,387 The financial information set out in this announcement does not constitute the Group's statutory accounts for the period ended 30 June 2006 but is derived from those accounts. The full audited accounts of Vietnam Opportunity Fund Limited for the year ended 30 June 2006 will be posted to shareholders shortly and will be available for a period of one month to the public at the offices of VinaCapital Investment Management Ltd, 17/F, Sun-Wah Tower, Ho Chi Minh City, Vietnam , for a period of 30 days from the date of this announcement. This information is provided by RNS The company news service from the London Stock Exchange

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