3rd Quarter Results
(Thomson Reuters ONE) - Indochina Capital Vietnam Holdings Limited16-Nov-09 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 (the "Company")Unaudited Financial Results for the three month period ended 30September 2009The Company today announces its unaudited consolidated financialstatements for the period ended 30 September 2009 which have beenprepared in accordance with IFRS standards.Net Asset Value (as at 30 September 2009):- Net Asset Value: U.S $256,217,388- Outstanding shares: 45,631,229- NAV per share U.S $5.61Key DevelopmentsPeriod 01 July 2009 until 30 September 2009The VN Index increased every month during the quarter and closed29.5% higher than the previous quarter. August marked the second bestperforming month in the last six months (the best month was May with+28%). Market liquidity, too, increased every month during thequarter and Vietnam's stock markets recorded a historical high with atrading value of US$ 351 million for both exchanges combined on 23SeptemberThe economic recovery continued during the third quarter. GDP grew5.8%, accelerating from 3.1% in Q1 and 4.5% in Q2. Overall, GDPyear-to-date increased to 4.6%, putting the 5% target set by thegovernment within reach. Consumption remained robust. Retail sales,adjusted for inflation, increased 10.2% in the first nine months ofthe year. Industrial production also accelerated in Q3, increasing8.5% compared to 3.2% in Q1 and 7.6% in Q2.CPI increased 0.62% in September, the biggest monthly surge sinceFebruary. Year-on-year inflation is still only 2.42%, although CPIhas increased 4.11% from the start of 2009. Inflation may potentiallygo back to a higher level, fueled by credit growth and by therecovery of import prices as the global economy recovers.Even though exports have been more resilient than initially expected(US$ 41.7 billion year-to-date, a decrease of only 14.3%) and havefallen less than imports (US$ 48.3 billion, decreasing 25.2%),Vietnam's overseas trade is back in the deficit and the trade gap isagain putting pressure on the foreign reserve level and the currency.Another concern is the budget deficit. While the US$ 8 billionstimulus package is overstated and includes components that wouldhave been in the budget anyway, the government is still approximatelyUS$ 3 billion in deficit for the first nine months of the year,equivalent to 4.8% of GDP.Fund Performance 1 July 2009 until 30 September 2009The Fund's NAV grew by 5.3% since 30 June 2009. In the same periodthe exchange rate for Vietnam Dong against the US Dollar remainedstable whilst the Vietnam equities markets enjoyed a strong rallyincreasing by 29.5%. The substantial underperformance of the Fund'sNAV against the VN Index was primarily the result of asset classallocation that was driven by the EGM on 3 September 2009 whereshareholders voted to put the Fund on a liquidation footing.At the beginning of the quarter the Fund comprised of 42.8% in cashand fixed income, 15.5% in private equity and OTC and 41.7% in listedequity. At the end of the quarter the composition changed to 74.4% incash and cash equivalents, 11.8% in private equity and OTC and 13.7%in listed equity as a result of the manager's efforts to commenceexpediently realizing the Fund's assets.Key developments since 30 September 2009At the EGM on 19 October 2009 the shareholders approved the proposedchanges to the memorandum and articles of the Company to achieve afair and timely distribution of net realisation proceeds through oneor more compulsory repurchases of Shares, each on a pro rata basis.The initial distribution to shareholders was approximately US$ 205.3million (equivalent to $4.50 per Share) to Shareholders, representing80.2 per cent. of the Company's unaudited NAV as at 15 October 2009.The distribution was effected by way of a compulsory repurchase on 22October 2009 of the same percentage of each Shareholder's holding ofShares as at the close of business on 22 October 2009, rounded downto the nearest whole number, at a price of $5.61 per Share,equivalent to the NAV per Share of the Company as at 15 October 2009.The next distribution is expected to be effected during December2009. CONSOLIDATED INCOME STATEMENT For the period from 31 July 2009 to 30 September 2009 (Unit: U.S $)INCOME- Interest income 197,529- Dividend income 366,503- Net gain on investments 17,788,384- Net foreign exchange loss (3,303,961) ------------Net investment gain 15,048,455EXPENSES- Legal and consulting fees from IPO -- Investment management fees (801,959)- Custodian fees (24,562)- Administration fees (43,320)- Transaction fees (224,616)- Professional fees (16,522)- Directors' fees (47,500)- Withholding tax (39,792)- Other operating expenses (66,579) ------------Operating Expenses (1,264,850)Capital reorganization Expenses (839,780)Gain before Tax 12,943,825Corporate Income Tax -Net Gain after Tax 12,943,825 CONSOLIDATED BALANCE SHEET As at 30 September 2009 (Unit: U.S $)ASSETS- Cash and bank balances 180,176,256- Balances due from brokers 10,695,310- Receivables from reverse repurchase agreements -- Debt investments held-for-trading -- Equity investments 65,499,893- Interest, dividends and other receivables 695,211 ------------Total Assets 257,066,670LIABILITIES- Balances due to brokers -- Accrued expenses (849,282) ------------Total Liabilities (849,282)NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS 256,217,388Represented by:- Issued Capital 470,667- Share premium 451,113,162- Treasury Stock (10,262,576)- Accumulated losses (185,103,865) ------------ 256,217,388Net Asset Value per Share, based on shares outstanding 5.61 CONSOLIDATED STATEMENT OF CASH FLOW For the period from 31 July 2009 to 30 September 2009 (Unit: U.S $)OPERATING ACTIVITIESNet gain for the period 12,943,825Adjustments for- Interest income (197,529)- Dividends income (366,503)- Realised losses on debt and equity investments 35,846,788trading- Unrealised gains on debt and equity investments (53,635,172)- Unrealised losses on debt and equity investments - ------------Operating loss before changes in working capital (5,408,591)- Change in receivables from investment activities (5,996,226)- Change in current liabilities 79,555- Interest received 1,477,129- Dividends received 835,363- Change in deposits in escrow accountfor purchases of equity investments - ------------Net cash used in operating activities (9,012,770)INVESTING ACTIVITIES- Proceeds from sale of debt and equity investments 118,242,746- Payments for purchase of debt and equity investments - ------------Cash flows generated from investing activities 118,242,746FINANCING ACTIVITIES- Proceeds from issue of new shares -- Payments for treasury shares - ------------Cash flows (used in)/generated from financing -activitiesNET INCREASE IN CASH AND BANK BALANCES 109,229,976CASH AND BANK BALANCES AT 01/07/2009 70,946,280 ------------CASH AND BANK BALANCES AT 30/09/2009 180,176,256For further information, please refer to eitherwww.indochinacapital.com or contact:Indochina Capital Advisors Limited (Investment Manager)Beat Schuerch Tel: + 84 8 3910 15 25CEONo representation or warranty is made by the Company as to theaccuracy or completeness of the information contained in thisannouncement and no liability will be accepted for any loss arisingfrom its use.This announcement is for information purposes only and does notconstitute an invitation or offer to underwrite, subscribe for orotherwise acquire or dispose of any securities of the Company in anyjurisdiction.This announcement is not an offer of securities for sale into theUnited States. The Company's securities have not been, and will notbe, registered under the United States Securities Act of 1933 and maynot be offered or sold in the United States absent registration or anexemption from registration. There will be no public offer ofsecurities in the United States. End of Announcement---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 16.11.2009 - 08:21 Uhr
Sprache: Deutsch
News-ID 8426
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