INTERIM REPORT
(Thomson Reuters ONE) - Indochina Capital Vietnam Holdings Limited10 August 2009 Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.Indochina Capital Vietnam Holdings Limited and its subsidiaries (the"Group")Half Yearly Financial Results for the six month period ended 30 June2009The Group today releases its condensed consolidated interim financialstatements for the period ended 30 June 2009 which have been preparedin accordance with IAS34 Interim Financial Reporting.Financial Highlights * NAV/share increased during the first half 2009 from $ 4.66 to $ 5.33 (+14.4%) * Net profit after tax of $ 30,455,141 * Equity investments valued at $ 139,051,577 * Sovereign bonds valued at $ 27,870,464 * Cash and bank balances of $ 70,946,280Financial Data+-------------------------------------------------------------------+| | As at | As at | % change ||------------------------+---------------+---------------+----------|| | 31 Dec 2008 | 30 Jun 2009 | ||------------------------+---------------+---------------+----------|| | | | ||------------------------+---------------+---------------+----------|| Net asset value | $ 212,818,422 | $ 243,273,563 | + 14.3% ||------------------------+---------------+---------------+----------|| Outstanding shares | 45,631,229 | 45,631,229 | ||------------------------+---------------+---------------+----------|| Net asset value per | $ 4.66 | $ 5.33 | +14.4% || share | | | ||------------------------+---------------+---------------+----------|| Ordinary share price | $ 2.48 | $3.90 | +57.3% ||------------------------+---------------+---------------+----------|| Discount of share | (46.8%) | (26.8%) | || price to NAV | | | |+-------------------------------------------------------------------+Chairman's StatementThe first six months of the financial year have been, withoutexaggeration, extraordinary. We have witnessed the meltdown of theglobal financial markets, with many governments intervening to rescuetheir banking systems from the brink of collapse. The liquiditycrisis had a devastating impact on frontier/emerging markets asinvestors sought to raise cash wherever they could. Vietnam was notimmune. In February of this year the equity market, represented bythe VN index, hit a low of 236, a level last seen in August 2005. Itis worth reminding ourselves that the index had peaked at 1170 inMarch 2007. After the February 2009 trough, the market rallied to 511in June but then drifted off and rallied again. These are volatiletimes.Amidst this turmoil, the investment manager, the board and theiradvisors have been working hard to address the future of ICV. It isclear that there are the two groups of shareholders with entirelydifferent investment preferences and we have sought a strategy whichwill satisfy both by allowing shareholders the choice to realisetheir investment in ICV by converting their ordinary shares torealisation shares or to remain invested in ICV.In April 2009 we announced that the new joint venture between ICA andDragon Capital would be hired to manage the portfolio attributable tothose investors who wish to remain in ICV. However, following theadjournment of the EGM in May 2009, these plans were put on hold. Wesubsequently initiated detailed conversations with many of ourinvestors to ascertain their wishes for and expectations of ICV. As aresult of this extensive research, on 31 July 2009, the boardannounced that the Fund has sent to shareholders a circular outlininga new set of proposals, with an EGM to approve them scheduled for 3September 2009. If the proposals are approved at the EGM, the newjoint venture will manage the portfolio, provided that elections toconvert ordinary shares into realisation shares do not exceed 65 percent. of the issued share capital. Dragon Capital have indicated thatthey do not intend to be involved in the realisation process whichwould be triggered in these circumstances.I believe that these revised proposals represent the best possiblesolution for both groups of investors, and sincerely hope that theywill be approved.During all this turmoil and activity, I believe it is very importantnot to overlook the original rationale behind the creation of ICV.Its purpose was to give international investors an opportunity togain exposure to one of the most dynamic economies, certainly in themedium and long term, in the Far East, if not the world. Thatsituation remains unchanged today and I therefore intend to remaininvested in ICV for the foreseeable future.I would like to welcome two new board members, Eitan Milgram and EricBrock, both of whom have extensive international investment expertiseand have made valuable contributions to the consideration of thecurrent opportunities facing ICV. Finally I would like to offer mythanks to two board members who resigned earlier this year. Firstly,to Peter Ryder, who has a wealth of experience in Vietnam and who Iam delighted will remain involved with ICV as a member of theinvestment board. Lastly, but by no means least, to my predecessor,Miles Morland, for his wisdom, dedication to ICV, and skill indelivering a "beautiful hospital pass". Miles remains a committedshareholder in ICV. I hope that the next six months will prove lessdramatic than the last, and will provide the board with theopportunity to review steady, positive investment performance.Gordon LawsonChairmanIndochina Capital Vietnam Holdings Limited10 August 2009Manager's ReviewMarket ReviewWhat a difference a quarter can make! After ranking as the worstperforming market in Asia during 2008 and the first quarter 2009,Vietnam's equities market achieved a remarkable turn-around. Duringthe second quarter the VN Index not only recorded the best performingquarter since the beginning of 2007, but was also the best performingmarket in Asia increasing 60% compared to the first quarter and 42%since the beginning of 2009. Buoyed by renewed optimism localinvestors more than compensated for the timid participation byforeign investors and were the main driver behind this surge -emboldened by the recent global stock market performance.Liquidity which was absent during most of the first quarter returnedduring the second quarter. Daily trading values which dropped as lowas US$ 10 million at times during the first quarter reached as highas US$ 370 million on 10 June 2009, resulting in average dailytrading values of US$ 120 million for the second quarter - a 36%increase compared to the same quarter last year. Meanwhile Vietnam'sstock market welcomed two new large caps, that is, Vietcombank andthe insurance company Bao Viet Holdings, which were listed towardsthe end of June 2009 after months of delays and repeatedpostponements. These listings represent an important milestone forVietnam's stock market and the performance of these stocks on theexchange will determine the near future of the equitization process,including the timing of the listing of Vietinbank.One of the most debated questions is whether this rally will besustainable. There are concerns that the massive liquidity injectedthrough the government's stimulus package may have found - in part -its way to the stock market contributing to the build-up of the nextbubble. However, we do not subscribe to these fears. To the contrary,we believe the government's stimulus program has been largelyeffective and that Vietnam's economy is at the beginning of its wayto recovery. Recent economic data on GDP growth, inflation, importand export, and domestic consumption suggest that the worst periodshould have passed for most of Vietnam's economic sectors.Our optimism however does not imply that it will be all smoothsailing from hereon. We expect Vietnam's equities market toexperience continued volatility in the short term. But as clarity onthe economic fundamentals and prospects improve and as listedcompanies start to show normalized earnings over the coming monthsinvestor interest and confidence is likely to return - which allbodes well for existing and prospective Fund shareholders who take amedium to long view on Vietnam.Performance and Portfolio ActivityWhilst the Fund's defensively positioned portfolio served well tominimize losses during 2008 it conversely created a drag on theFund's NAV performance which only increased by 14.4% during the firsthalf when Vietnam's stock markets gained 42%. The underperformancewas exacerbated by the fact that the local currency depreciated by5.3% and that the manager was restricted from changing assetallocations because of a realization proposal put forward at the EGMon 11 May 2009 - which was however adjourned - thus preventing abetter participation in the listed market rally.Given the above mentioned constraints the manager focused onrebalancing the portfolio with a view to optimizing performance. Inview of the gradual depreciation of the local currency during thefirst half of 2009 and the absence of suitable hedging instruments inVietnam, the manager converted - to the extent that foreign exchangeliquidity permitted - its VND cash holdings to USD. And whenliquidity surged during the second quarter the manager took advantageof the rally to replace formerly illiquid corporate bonds by liquidshorter term bonds and to selectively rebalance its listed portfolio.At the end of June 2009 the manager conducted the semi-annualrevaluation of the Fund's private equity holdings. In order to bringvaluations in line with market realities, the manager discounted -where deemed appropriate - financial forecasts made by investeecompanies, considered taking into account rallying market valuations,factored in market volatility and sustainability of economicfundamentals and applied appropriate discounts for illiquidity ofprivate equity investments. The revaluation resulted (in localcurrency terms) in 4 write-ups and 2 write-downs whilst one holdingwas kept at the 31 December 2008 valuation, causing the privateequity portfolio to reduce (in US$ terms) by 17.2% compared to thevaluation as at 31 December 2008.With the above portfolio activities and the recent listing of two ofthe Fund's largest OTC positions, that is, Vietcombank and theinsurance company Bao Viet Holdings, the portfolio composition hassubstantially changed. Private equity and OTC reduced from 29.6% asat 31 December 2008 to 15.5% as at 30 June 2009 whilst listedsecurities increased from 23.3% as at 31 December 2008 to 41.7% as at30 June 2009. Of the cash and fixed income 53.9% are held in USD. TheFund is now well placed for the forthcoming EGM in September 2009with a listed portfolio that has matched or outperformed the VN Indexnine out of the last twelve months (in local currency terms) and amuch reduced weighting on illiquid asset classes.OutlookThe second half of 2009 will bring about important changes to themanagement of the Fund. Provided the special resolution put forwardat the forthcoming EGM in September 2009 is passed and provided thatless than 65% of the shares elect for realization we will proceed toestablish - as announced on 15 April 2009 - a 50/50 Joint Venturewith Dragon Capital in which Dragon Capital will be responsible forthe investment management of the Fund whilst ICA will remain incharge of the Fund's operations and investor relations.Dragon Capital is one of the most experienced equities fund managerin Vietnam. Equally important, we have been joint investors togetherwith Dragon Capital in some projects and companies and have come toknow Dragon Capital as highly professional and having a similarinvestment philosophy. Given the complementary strengths and ourexisting working relationship with Dragon Capital we are confidentthat this Joint Venture with Dragon Capital will not only provide fora seamless transition, but ensure the best possible future of yourinvestment in the Fund.Beat SchuerchChief Executive OfficerIndochina Capital Advisors Limited10 August 2009Statement Of The Board Of Directors' Responsibility In Respect Of TheCondensed Consolidated Interim Financial InformationThe Directors are responsible for preparing the condensedconsolidated interim financial statements of Indochina CapitalVietnam Holdings Limited and its subsidiaries ("the Group") for eachfinancial period. To the best of the Directors' knowledge thecondensed consolidated interim financial statements have beenprepared to present the financial position of the Group as of 30 June2009 and its financial performance and cash flows for the six-monthperiod then ended in accordance with IAS 34, Interim FinancialReporting. In preparing those condensed consolidated interimfinancial statements, the Directors are required to: * select suitable accounting policies for the Group and then apply them consistently; * make judgments and estimates that are reasonable and prudent; * state whether applicable International Financial Reporting Standards have been followed, subject to any material departures disclosed and explained in the condensed consolidated interim financial statements; and * prepare the condensed consolidated interim financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.The Directors are also responsible for: * the condensed consolidated interim financial statements contained on pages 15 to 28 of this document, and for ensuring that the condensed consolidated interim financial statements contain a true and fair view of the development and performance of the Group's business and the position of the Group; * the description of the principal risks to the Group; * ensuring that proper accounting records are kept which disclose, with reasonable accuracy at any time, the financial position of the Group; and * safeguarding the assets of the Group and for taking reasonable steps for the prevention and detection of fraud and other irregularities.The Directors confirm that they have complied with the aboverequirements in preparing the condensed consolidated interimfinancial statements.Approval Of The Condensed Consolidated Interim Financial InformationWe hereby approve the accompanying condensed consolidated interimfinancial statements which have been prepared to present thefinancial position of the Group as of 30 June 2009 and its financialperformance and cash flows for the six-month period then ended inaccordance with IAS 34, Interim Financial Reporting.On behalf of the Board of DirectorsGordon LawsonDirector10 August 2009Condensed Consolidated Statement Of Financial Position At 30 June2009+-------------------------------------------------------------------------+| |Note|30/6/2009 |30/6/2008 |31/12/2008 || | |USD |USD |USD ||--------------------------+----+-------------+-------------+-------------|| | | | | ||--------------------------+----+-------------+-------------+-------------||Assets | | | | ||--------------------------+----+-------------+-------------+-------------|| | | | | ||--------------------------+----+-------------+-------------+-------------||Cash and bank balances |6 |70,946,280 |23,294,524 |64,277,390 ||--------------------------+----+-------------+-------------+-------------||Balances due from brokers |7 |2,363,527 |- |- ||--------------------------+----+-------------+-------------+-------------||Debt investments |8 | | |34,320,925 ||held-for-trading | |29,593,909 |85,942,595 | ||--------------------------+----+-------------+-------------+-------------||Equity investments | | | | ||held-for-trading |8 |136,068,267 |135,039,566 |109,588,544 ||--------------------------+----+-------------+-------------+-------------|| Interest, dividends | | |7,212,112 |5,352,499 ||and other receivables | |5,071,307 | | ||--------------------------+----+-------------+-------------+-------------|| | | | | ||--------------------------+----+-------------+-------------+-------------||Total Assets | |244,043,290 |251,488,797 |213,539,358 ||--------------------------+----+-------------+-------------+-------------|| | | | | ||--------------------------+----+-------------+-------------+-------------||Liabilities | | | | ||--------------------------+----+-------------+-------------+-------------|| | | | | ||--------------------------+----+-------------+-------------+-------------||Balances due to brokers |7 |- |(1,587,139) |- ||--------------------------+----+-------------+-------------+-------------||Accrued expenses |9 |(769,727) |(752,039) |(720,936) ||--------------------------+----+-------------+-------------+-------------|| | | | | ||--------------------------+----+-------------+-------------+-------------||Total Liabilities | |(769,727) |(2,339,178) |(720,936) ||--------------------------+----+-------------+-------------+-------------||Net assets attributable to| | | | ||ordinary | |243,273,563 |249,149,619 |212,818,422 ||shareholders | | | | ||--------------------------+----+-------------+-------------+-------------|| | | | | ||--------------------------+----+-------------+-------------+-------------|| | | | | ||--------------------------+----+-------------+-------------+-------------||Represented by: | | | | ||--------------------------+----+-------------+-------------+-------------|| | | | | ||--------------------------+----+-------------+-------------+-------------||Issued capital |10 |470,667 |470,667 |470,667 ||--------------------------+----+-------------+-------------+-------------||Share premium | |451,113,162 |451,113,162 |451,113,162 ||--------------------------+----+-------------+-------------+-------------||Treasury shares | |(10,262,576) |(9,656,862) |(10,262,576) ||--------------------------+----+-------------+-------------+-------------||Accumulated losses | |(198,047,690)|(192,777,348)|(228,502,831)||--------------------------+----+-------------+-------------+-------------|| | | | | ||--------------------------+----+-------------+-------------+-------------|| | |243,273,563 |249,149,619 |212,818,422 ||--------------------------+----+-------------+-------------+-------------||Net asset value per share,| | | | ||based on shares | |5.33 |5.44 |4.66 ||outstanding | | | | |+-------------------------------------------------------------------------+Condensed Consolidated Statement Of Comprehensive Income For TheSix-Month Period Ended 30 June 2009+----------------------------------------------------------------------+| | |1/1/2009 to|1/1/2008 to |1/1/2008 to || |Note|30/6/2009 |30/6/2008 |31/12/2008 || | |USD |USD |USD ||-------------------------+----+-----------+-------------+-------------|| | | | | ||-------------------------+----+-----------+-------------+-------------||Interest income |11 |2,027,352 |6,625,590 |11,284,391 ||-------------------------+----+-----------+-------------+-------------||Dividend income | |1,369,776 |1,040,452 |3,568,488 ||-------------------------+----+-----------+-------------+-------------||Gains/(losses) on | |32,026,677 |(205,517,210)|(243,864,270)||investments |12 | | | ||-------------------------+----+-----------+-------------+-------------||Net foreign exchange | |(1,714,287)|(1,863,436) |(3,326,555) ||losses | | | | ||-------------------------+----+-----------+-------------+-------------|| | | | | ||-------------------------+----+-----------+-------------+-------------||Net investment | |33,709,518 |(199,714,604)|(232,337,946)||income/(loss) | | | | ||-------------------------+----+-----------+-------------+-------------|| | | | | ||-------------------------+----+-----------+-------------+-------------||Investment management | | | | ||fees and incentive fees |13 |(1,619,890)|(2,649,531) |(4,622,124) ||-------------------------+----+-----------+-------------+-------------||Custodian fees | |(34,225) |(51,408) |(108,082) ||-------------------------+----+-----------+-------------+-------------||Administration fees | |(75,313) |(116,554) |(206,140) ||-------------------------+----+-----------+-------------+-------------||Transaction costs | |(26,573) |(225,838) |(339,665) ||-------------------------+----+-----------+-------------+-------------||Professional fees | |(127,705) |(141,736) |(333,587) ||-------------------------+----+-----------+-------------+-------------||Reorganisation fees | |(769,043) |- |- ||-------------------------+----+-----------+-------------+-------------||Directors' fees |13 |(140,611) |(177,354) |(337,354) ||-------------------------+----+-----------+-------------+-------------||Withholding tax | |(214,687) |(219,458) |(516,026) ||-------------------------+----+-----------+-------------+-------------||Other operating expenses | |(246,330) |(375,181) |(596,223) ||-------------------------+----+-----------+-------------+-------------|| | | | | ||-------------------------+----+-----------+-------------+-------------||Operating expenses | |(3,254,377)|(3,957,060) |(7,059,201) ||-------------------------+----+-----------+-------------+-------------||Profit/(loss) before tax | |30,455,141 |(203,671,664)|(239,397,147)||-------------------------+----+-----------+-------------+-------------||Income tax | |- |- |- ||-------------------------+----+-----------+-------------+-------------||Net profit/(loss) | |30,455,141 |(203,671,664)|(239,397,147)||-------------------------+----+-----------+-------------+-------------||Other comprehensive | |- |- |- ||income | | | | ||-------------------------+----+-----------+-------------+-------------||Total comprehensive | |30,455,141 |(203,671,664)|(239,397,147)||income for the period | | | | ||-------------------------+----+-----------+-------------+-------------||Basic earnings/(loss) per|14 |0.67 | (4.39) |(5.22) ||share | | | | |+----------------------------------------------------------------------+Condensed Consolidated Statement Of Changes In Equity For TheSix-Month Period Ended 30 June 2009+-----------------------------------------------------------------------------------------+| |Issued |Share |Treasury |Accumulated | || |capital|premium |shares |profits/(losses)|Total || |USD |USD |USD |USD |USD ||-------------------------+-------+-----------+------------+----------------+-------------|| | | | | | ||-------------------------+-------+-----------+------------+----------------+-------------||Balance at 31 December |470,667|451,113,162|(1,811,046) |10,894,316 |460,667,099 ||2007 | | | | | ||-------------------------+-------+-----------+------------+----------------+-------------||Transactions with | | | | | ||shareholders | | | | | ||directly recorded in | | | | | ||equity: | | | | | ||-------------------------+-------+-----------+------------+----------------+-------------||Buy back of shares |- |- |(7,845,816) |- |(7,845,816) ||-------------------------+-------+-----------+------------+----------------+-------------|| | | | | | ||-------------------------+-------+-----------+------------+----------------+-------------||Total comprehensive | | | | | ||income for | | | | | ||the period: | | | | | ||-------------------------+-------+-----------+------------+----------------+-------------||Net loss for the period |- |- |- |(203,671,664) |(203,671,664)||-------------------------+-------+-----------+------------+----------------+-------------|| | | | | | ||-------------------------+-------+-----------+------------+----------------+-------------||Balance at 30 June 2008 |470,667|451,113,162|(9,656,862) |(192,777,348) |249,149,619 ||-------------------------+-------+-----------+------------+----------------+-------------||Transactions with | | | | | ||shareholders | | | | | ||directly recorded in | | | | | ||equity: | | | | | ||-------------------------+-------+-----------+------------+----------------+-------------||Buy back of shares |- |- |(605,714) |- |(605,714) ||-------------------------+-------+-----------+------------+----------------+-------------|| | | | | | ||-------------------------+-------+-----------+------------+----------------+-------------||Total comprehensive | | | | | ||income for | | | | | ||the period: | | | | | ||-------------------------+-------+-----------+------------+----------------+-------------||Net loss for the period |- |- |- |(35,725,483) |(35,725,483) ||-------------------------+-------+-----------+------------+----------------+-------------|| | | | | | ||-------------------------+-------+-----------+------------+----------------+-------------||Balance at 31 December |470,667|451,113,162|(10,262,576)|(228,502,831) |212,818,422 ||2008 | | | | | ||-------------------------+-------+-----------+------------+----------------+-------------||Total comprehensive | | | | | ||income for | | | | | ||the period: | | | | | ||-------------------------+-------+-----------+------------+----------------+-------------||Net profit for the period|- |- |- |30,455,141 |30,455,141 ||-------------------------+-------+-----------+------------+----------------+-------------|| | | | | | ||-------------------------+-------+-----------+------------+----------------+-------------||Balance at 30 June 2009 |470,667|451,113,162|(10,262,576)|(198,047,690) |243,273,563 |+-----------------------------------------------------------------------------------------+Condensed Consolidated Statement Of Cash Flows For The Six-MonthPeriod Ended 30 June 2009+---------------------------------------------------------------------+| | |1/1/2009 to |1/1/2008 to |1/1/2008 to || |Note |30/6/2009 |30/6/2008 |31/12/2008 || | |USD |USD |USD ||----------------------+-----+------------+-------------+-------------|| | | | | ||----------------------+-----+------------+-------------+-------------||Operating activities | | | | ||----------------------+-----+------------+-------------+-------------||Net profit/(loss) for | |30,455,141 |(203,671,664)| ||the period | | | |(239,397,147)||----------------------+-----+------------+-------------+-------------||Adjustments for | | | | ||----------------------+-----+------------+-------------+-------------||Dividend income | |(1,369,776) |(1,040,452) |(3,568,488) ||----------------------+-----+------------+-------------+-------------||Interest income |11 |(2,027,352) |(6,625,590) |(11,284,391) ||----------------------+-----+------------+-------------+-------------||Realised losses on | | | | ||debt and equity | | | | ||investments | |19,235,431 |5,187,864 |29,905,223 ||----------------------+-----+------------+-------------+-------------||Unrealised gains on | | | | ||debt and equity | | | | ||investments | |(51,262,108)|- |- ||----------------------+-----+------------+-------------+-------------||Unrealised losses on | | | | ||debt and equity | | | | ||investments | |- |200,329,346 |213,959,047 ||----------------------+-----+------------+-------------+-------------|| | | | | ||----------------------------+------------+-------------+-------------|| |(4,968,664) |(5,820,496) |(10,385,756) ||----------------------------+------------+-------------+-------------|| | | | | ||----------------------+-----+------------+-------------+-------------||Change in receivables | | | | ||from investment | | | | ||activities | |(2,235,273) |41,174,931 |39,903,239 ||----------------------+-----+------------+-------------+-------------||Change in current | |48,791 |(5,769,317) | ||liabilities | | | |(7,387,559) ||----------------------+-----+------------+-------------+-------------||Interest received | |2,251,202 |12,179,935 |19,730,653 ||----------------------+-----+------------+-------------+-------------||Dividends received | |1,298,864 |1,252,852 |4,020,276 ||----------------------+-----+------------+-------------+-------------||Change in deposits in | | | | ||escrow account for | | | | ||purchases of equity | | | | ||investments | |- |2,995,056 |2,995,056 ||----------------------+-----+------------+-------------+-------------|| | | | | ||----------------------------+------------+-------------+-------------||Net cash (used in)/generated|(3,605,080) |46,012,961 |48,875,909 ||from operating activities | | | ||----------------------------+------------+-------------+-------------|| | | | | ||----------------------+-----+------------+-------------+-------------||Investing activities | | | | ||----------------------+-----+------------+-------------+-------------||Proceeds from sale of | | | | ||debt and equity | | | | ||investments | |28,100,274 |19,789,967 |117,500,299 ||----------------------+-----+------------+-------------+-------------||Payments for purchase | | | | ||of debt and equity | | | | ||investments | |(17,826,304)|(130,117,977)|(189,102,677)||----------------------+-----+------------+-------------+-------------|| | | | | ||----------------------+-----+------------+-------------+-------------||Net cash generated | | | | ||from/(used in) | |10,273,970 |(110,328,010)|(71,602,378) ||investing | | | | ||activities | | | | ||----------------------+-----+------------+-------------+-------------|| | | | | ||----------------------+-----+------------+-------------+-------------||Financing activities | | | | ||----------------------+-----+------------+-------------+-------------||Payments for treasury | |- |(7,845,816) | ||shares | | | |(8,451,530) ||----------------------+-----+------------+-------------+-------------|| | | | | ||----------------------+-----+------------+-------------+-------------||Net cash used in | |- |(7,845,816) |(8,451,530) ||financing activities | | | | ||----------------------+-----+------------+-------------+-------------|| | | | | ||----------------------------+------------+-------------+-------------||Net increase/(decrease) in |6,668,890 |(72,160,865) |(31,177,999) ||cash and bank balances | | | ||----------------------------+------------+-------------+-------------||Cash and bank balances at |64,277,390 |95,455,389 |95,455,389 ||the beginning of the period | | | ||----------------------------+------------+-------------+-------------||Cash and bank balances| | | | ||at the end of the | |70,946,280 |23,294,524 |64,277,390 ||period | | | | |+---------------------------------------------------------------------+Notes to the condensed consolidated interim financial statements forthe six-month period ended 30 June 20091. Reporting entityIndochina Capital Vietnam Holdings Limited ("the Company") is aclosed-ended investment fund incorporated as a limited liabilitycompany domiciled in the British Virgin Islands ("BVI") on 16February 2006. The Company's shares are listed on the London StockExchange. The condensed consolidated interim financial statements ofthe Company as at and for the six months ended 30 June 2009 comprisethe Company and its subsidiaries (together referred to as the"Group").The consolidated financial statements of the Group as at and for theyear ended 31 December 2008 are available upon request from theCompany's registered office at c/o Tricor Services (BVI) Ltd., PalmGrove House, PO Box 3340, Road Town, Tortola, British Virgin Islandsor at www.indochinacapital.com.The Group includes the following subsidiaries:+-------------------------------------------------------------------+| Company | Date of | Country of | Equity || | incorporation | incorporation | % ||---------------------+-------------------+----------------+--------|| Ta Keo Limited | 27 September 2007 | British Virgin | 100% || | | Islands | ||---------------------+-------------------+----------------+--------|| Bayon Holdings | 27 September 2007 | British Virgin | 100% || Limited | | Islands | ||---------------------+-------------------+----------------+--------|| Baphuon Limited | 27 September 2007 | British Virgin | 100% || | | Islands | ||---------------------+-------------------+----------------+--------|| Bakong Limited | 27 September 2007 | British Virgin | 100% || | | Islands | |+-------------------------------------------------------------------+The purpose of the Group is to invest primarily in securities issuedby companies that (i) are organised or for which the principalsecurities trading market is in Vietnam; or (ii) derive or areexpected to derive a significant portion of revenue or turnover fromgoods produced in, sales made into, services performed in or otheractivities related to Vietnam. It may also acquire participationsand other interests in syndicated loans and other debt related assetswhere the borrower is a company that falls within in (i) or (ii). Indoing so, it applies techniques more fully defined in the prospectusof the Company dated 2 March 2007.The investment activities of the Group are managed by IndochinaCapital Advisors Limited (the "Manager") and the administration ofthe Group is delegated to HSBC Institutional Trust Services (Asia)Limited.2. Statement of ComplianceThese condensed consolidated interim financial statements have beenprepared in accordance with IAS 34 Interim Financial Reporting. Theydo not include all of the information required for full annualfinancial statements, and should be read in conjunction with theconsolidated financial statements of the Group as at and for the yearended 31 December 2008.These condensed consolidated interim financial statements wereapproved by the Board of Directors on 10 August 2009.3. Significant accounting policiesExcept as described below, the accounting policies applied by theGroup in these condensed consolidated interim financial statementsare the same as those applied by the Group in its consolidatedfinancial statements as at and for the year ended 31 December 2008.a. IASI Presentation of financial statementsThe Group applies revised IAS 1 Presentation of Financial Statements(2007), which became effective as of 1 January 2009. As a result, theGroup presents in the consolidated statement of changes in equity allowner changes in equity, whereas all non-owner changes in equity arepresented in the consolidated statement of comprehensive income. Thispresentation has been applied in these condensed interim financialstatements as of and for the six-month period ended on 30 June 2009.Comparative information has been re-presented so that it also is inconformity with the revised standard. This change in presentationhas no effect on reported profit or loss, total income and expense ornet assets for any period presented.IFRS 13 Custom loyalty programme addresses the accounting by entitiesthat provide their customers with incentives to buy their goods orservices by providing award credits as part of sales transactions.IFRS 13 requires part of the consideration receivable on the initialsales transaction to be allocated to the award credits.b. EstimatesThe preparation of financial statements requires management to makejudgments, estimates and assumptions that affect the application ofaccounting policies and the reported amounts of assets andliabilities, income and expense. Actual results may differ from theseestimates.c. Estimates and underlying assumptions the accounting by entityIn preparing these condensed consolidated interim financialstatements, the significant judgments made by management in applyingthe Group's accounting policies and the key sources of estimationuncertainty were the same as those that applied to the consolidatedfinancial statements as at and for the year ended 31 December2008.4. Financial risk managementThe Group's financial risk management objectives and policies areconsistent with those disclosed in the consolidated financialstatements as at and for the year ended 31 December 2008.5. Operating segmentsThe Group is organised and operates as one segment (both in terms ofbusiness and geography). Consequently, no segment reporting isprovided in the Group's consolidated financial statements.6. Cash and bank balancesCash in bank earned interest from 0% to 6% per annum (2008: 0% to7.3%).Cash and bank balances at 30 June 2009 included amounts denominatedin VND amounting to USD15,888,719 (2008: USD24,933,577). Theremaining balances were denominated in USD. All bank balances as at30 June 2009 were with The Hongkong and Shanghai Banking CorporationLimited, ANZ Vietnam or Deutsche Bank.7. Balances due from/to brokers+-------------------------------------------------------------------+| | 30/6/2009 | 30/6/2008 | 31/12/2008 || | USD | USD | USD ||------------------------------+-----------+-----------+------------|| | | | ||------------------------------+-----------+-----------+------------|| Balances due from brokers | | | ||------------------------------+-----------+-----------+------------|| Sales awaiting settlement | 2,363,527 | - | - ||------------------------------+-----------+-----------+------------|| | | | ||------------------------------+-----------+-----------+------------|| | | | ||------------------------------+-----------+-----------+------------|| Balances due to brokers | | | ||------------------------------+-----------+-----------+------------|| Purchases awaiting | - | | || settlement | | 1,587,139 | - ||------------------------------+-----------+-----------+------------|| | | | |+-------------------------------------------------------------------+8. Debt and equity investments+---------------------------------------------------------------------+| | |30/6/2009 |30/6/2008 |31/12/2008 || | |USD |USD |USD ||---------------------------+-----+-----------+-----------+-----------|| | | | | ||---------------------------+-----+-----------+-----------+-----------||Equity investments | | | | ||held-for-trading | | | | ||---------------------------+-----+-----------+-----------+-----------|| | | | | ||---------------------------+-----+-----------+-----------+-----------||Ho Chi Minh Stock Exchange |Code | | | ||and Hanoi Stock Exchange | | | | ||equity investments | | | | ||---------------------------+-----+-----------+-----------+-----------|| | | | | ||---------------------------+-----+-----------+-----------+-----------||Natural resources | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of |DPM |5,528,865 |2,220,513 |4,878,797 ||Petrovietnam Fertilizer and| | | | ||Chemicals JSC | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Pha Lai |PPC |1,026,849 |304,387 |655,902 ||Thermal Power JSC | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Drilling |PVC |9,769 |548,710 |638,341 ||Mud Corporation | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of |PVD |3,905,283 |3,873,233 |4,601,130 ||PetroVietnam Drilling and | | | | ||Well | | | | ||Services JSC | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Petroleum|PVS |1,352,189 |- |1,303,314 ||Technical Services | | | | ||Corporation | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Candon JSC|SJD |- |- |70,227 ||---------------------------+-----+-----------+-----------+-----------|| | | | | ||---------------------------+-----+-----------+-----------+-----------||Telecom/technology | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of FPT |FPT |5,306,926 |5,041,933 |3,989,763 ||Corporation | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Cables & |SAM | - |186,135 |116,138 ||Telecomunication | | | | ||Materials JSC | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Viet-Han |VHG |2,198,624 |5,009,131 |1,319,156 ||Corporation | | | | ||---------------------------+-----+-----------+-----------+-----------|| | | | | ||---------------------------+-----+-----------+-----------+-----------||Financial institutions | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Bao Minh |BMI | - |25,773 |- ||Insurance Corporation | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Baoviet |BVH |22,850,664 |- |- ||Insurance Corporation | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of |PVI |1,737,313 |- |1,854,713 ||Petrovietnam Insurance JSC | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Saigon |SSI |2,863,387 |1,798,770 |765,172 ||Securities Incorporation | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Joint |VCB |19,014,126 |- |- ||Stock Commercial Bank for | | | | ||Foreign Trade of Vietnam | | | | ||("Vietcombank") | | | | ||---------------------------+-----+-----------+-----------+-----------|| | | | | ||---------------------------+-----+-----------+-----------+-----------||Healthcare | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of DHG |DHG |2,523,337 |2,519,714 |2,772,358 ||Pharmaceutical JSC | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Imexpharm |IMP |539,427 |121,491 |433,706 ||Pharmaceutical JSC | | | | ||---------------------------+-----+-----------+-----------+-----------|| | | | | ||---------------------------+-----+-----------+-----------+-----------||Consumer products | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of North |NKD |343,392 |- |821,394 ||KinhDo Food JSC | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Tuong An |TAC |856,490 |222,099 |539,599 ||Vegetable Oil JSC | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Vinamilk |VNM |7,804,623 |2,117,794 |8,050,659 ||Corporation | | | | ||---------------------------+-----+-----------+-----------+-----------|| | | | | ||---------------------------+-----+-----------+-----------+-----------||Agricultural | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Cuu Long |ACL |- |42,274 |183,550 ||Fish JSC | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Nam Viet |ANV |- |182,038 |- ||Corporation | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of TANIRUCO |TRC |600,759 |154,586 |205,072 ||JSC | | | | ||---------------------------+-----+-----------+-----------+-----------|| | | | | ||---------------------------+-----+-----------+-----------+-----------||Industrial | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Dien Quang|DQC |346,285 |2,838,424 |1,139,991 ||JSC | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Hapaco |HAP |- |41,750 |- ||Joint Stock Company | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Hoa Phat |HPG |4,916,329 |870,625 |3,189,335 ||Urban Development | | | | ||and Construction JSC | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Tien Phong|NTP |231,154 |617,386 |470,228 ||Plastic JSC | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Dry Cell |PAC |- |- |175,926 ||and Storage Battery JSC | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of |REE |5,188,432 |- |2,785,870 ||Refrigeration Electrical | | | | ||Engineering Corporation | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Vinaconex |VCS |601,808 |- |304,841 ||Advanced Compound | | | | ||Stone JSC | | | | ||---------------------------+-----+-----------+-----------+-----------|| | | | | ||---------------------------+-----+-----------+-----------+-----------||Transportation service | | | | ||provider | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of General |GMD |4,614,174 |- |3,218,922 ||Forwarding and Agency | | | | ||Corporation | | | | ||---------------------------+-----+-----------+-----------+-----------|| | | | | ||---------------------------+-----+-----------+-----------+-----------||Media | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Phuong Nam|PNC |1,188,989 |1,135,142 |858,312 ||Cultural Joint Stock | | | | ||Corporation | | | | ||---------------------------+-----+-----------+-----------+-----------|| | | | | ||---------------------------+-----+-----------+-----------+-----------||Industrial Park Developer | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Tan Tao |ITA |- |296,686 |- ||Industrial Park Corporation| | | | ||---------------------------+-----+-----------+-----------+-----------|| | | | | ||---------------------------+-----+-----------+-----------+-----------||Listed equity investments | |95,549,194 |30,168,594 |45,342,416 ||---------------------------+-----+-----------+-----------+-----------|| | | | | ||---------------------------+-----+-----------+-----------+-----------||Unlisted equity investments| | | | ||---------------------------+-----+-----------+-----------+-----------|| | | | | ||---------------------------+-----+-----------+-----------+-----------||Transportation service | | | | ||provider | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of | |9,216,865 |24,138,173 |13,000,000 ||International | | | | ||Transportation and | | | | ||Commercial JSC | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Mai Linh | |2,027,487 |3,536,776 |2,422,865 ||Corporation | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Mai Linh | |885,428 |2,270,625 |1,629,228 ||Dong Bac Bo Corporation | | | | ||---------------------------+-----+-----------+-----------+-----------|| | | | | ||---------------------------+-----+-----------+-----------+-----------||Financial institutions | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Joint | |- |13,544,109 |11,001,196 ||Stock Commercial Bank for | | | | ||Foreign Trade of Vietnam | | | | ||("Vietcombank") | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Baoviet | |- |8,137,895 |9,567,255 ||Insurance Corporation | | | | ||---------------------------+-----+-----------+-----------+-----------|| | | | | ||---------------------------+-----+-----------+-----------+-----------||Agricultural | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of BIM | |1,303,522 |21,905,374 |6,500,000 ||Seafood JSC | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Phuoc Hoa| |7,544,028 |6,772,813 |5,594,119 ||Rubber Corporation | | | | ||---------------------------+-----+-----------+-----------+-----------|| | | | | ||---------------------------+-----+-----------+-----------+-----------||Consumer products | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Viet | |5,279,738 |6,148,877 |4,700,000 ||Fashion JSC | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Management| |2,830,465 |6,741,000 |2,830,465 ||Consulting Group | | | | ||Limited | | | | ||---------------------------+-----+-----------+-----------+-----------|| | | | | ||---------------------------+-----+-----------+-----------+-----------||Industrial | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of AA | |2,356,420 |3,583,266 |1,200,000 ||Corporation | | | | ||---------------------------+-----+-----------+-----------+-----------|| | | | | ||---------------------------+-----+-----------+-----------+-----------||Telecom/technology | | | | ||---------------------------+-----+-----------+-----------+-----------||Common shares of Mobile | |3,171,570 |5,124,064 |1,512,500 ||Solution Services Group | | | | ||---------------------------+-----+-----------+-----------+-----------|| | | | | ||---------------------------+-----+-----------+-----------+-----------||Unlisted equity investments| |34,615,523 |101,902,972|59,957,628 ||---------------------------+-----+-----------+-----------+-----------|| | | | | ||---------------------------------------------+-----------+-----------||Tradable promissory notes at fair value | | ||through profit and loss | | ||---------------------------------------------+-----------+-----------|| | | | | ||---------------------------+-----+-----------+-----------+-----------||Promissory notes issued by | |5,903,550 |2,968,000 |4,288,500 ||Deutsche Bank for Call | | | | ||Warrant of FPT | | | | ||Corporation's shares | | | | ||---------------------------+-----+-----------+-----------+-----------|| | | | | ||---------------------------+-----+-----------+-----------+-----------||Total equity investments | |136,068,267|135,039,566|109,588,544|+---------------------------------------------------------------------++-------------------------------------------------------------------+| | 30/6/2009 | 30/6/2008 | 31/12/2008 || | USD | USD | USD ||-------------------------+-------------+-------------+-------------|| | | | ||-------------------------+-------------+-------------+-------------|| Debt investments | | | || held-for-trading | | | ||-------------------------+-------------+-------------+-------------|| Corporate bonds of Bank | | | || for Investment and | | | || Development of Vietnam | - | | || ("BIDV") 8.5% | | | || redeemable on 23 | | | || July 2012 | | 12,933,480 | 15,449,082 ||-------------------------+-------------+-------------+-------------|| Corporate bonds of | | | || Lilama Corporation 9.2% | - | | || redeemable | | |
Datum: 10.08.2009 - 09:02 Uhr
Sprache: Deutsch
News-ID 4517
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