cÔng ty cỔ phẦn vincom - vingroup.netvingroup.net/uploads/3_quan he nha dau...

A n n u a l R e p o r t 2 0 0 8

CNG TY C PHN VINCOM

THNG IP CA CH TCH HI NG QUN TR Message from the Chairman of The Board Of Directors

LCH s HoT NG CA CNG TyThe Companys history of development

Bo Co CA HI NG QUN TRReport of the Board of Directors

Bo Co CA BAN GIm CReport of the Board of Management

Bo Co TI CHNHFinancial statements

CC CNG Ty C LIN QUANRelated companies

T CHC v NHN sOrganization and human resource

Thng Tin c ng/ Thnh vin gp vn v Qun Tr cng TyInformation of shareholders/ Financial contribution members and Companys Management

46

810

2022

3234

4450

5658

6064

80

81

m c l c

Thng ip ca ch Tch hi ng Qun Tr

Knh gi qu v c ng!

Thay mt cho Hi ng Qun tr Cng ty CP vincom, ti xin gi n qu v li cho trn trng nht.

Nh qu v bit, trong bi cnh cuc khng hong ti chnh ton cu nm 2008 gy nh hng trm trng n nn kinh t ca nhiu quc gia, th gii bc vo t suy thoi ton din trn mi lnh vc sn xut, kinh doanh th vit Nam chng ta cng khng nm ngoi tm nh hng ny. mc d bc tranh ton cnh ca nn kinh t th gii kh u m nhng nu nhn gc tch cc, chnh hon cnh kh khn ny ang t nn kinh t vit Nam cng nh cc doanh nghip vit Nam trc nhng c hi mi.

Nm 2008 i vi Cng ty c phn vincom l mt nm ghi nhn nhng du mc pht trin quan trng. Bng n lc vt bc ca ton th CBNv, vi ng li chin lc ng n ca Hi ng qun tr v Ban Gim c, vt qua kh khn chung ca tnh hnh kinh t ton cu, rt nhiu d n v k hoch kinh doanh ca vincom vn c trin khai ng tin . i ph vi cuc khng hong kinh t, HQT ca Cng ty lun ra nhng ngh quyt ng n trn c s tp trung mi ngun lc vo cc d n trng im ng thi tin hnh r sot li vic trin khai u t cho cc d n mi. Da trn nhng d on ca cc chuyn gia t vn kinh t thuc cc tp on t vn ti chnh ln ni ting trn th gii, cng vi kinh nghim v kh nng kim sot ti chnh d n ni b, Cng ty lun t ra nhiu phng n kinh doanh n u v nm bt c nhu cu ca th trng trn c s pht huy c tim lc sn c v nng cao hiu qu cnh tranh ca doanh nghip. Kinh doanh bt ng sn i hi mt ngun vn ln v th, Cng ty ln k hoch huy ng v s dng ngun vn (t ngun vn ch s hu kt hp linh hot vi vic huy ng vn bn ngoi thng qua vic pht hnh cc cng c n huy ng ti a v hiu qu nht ngun vn vi li sut huy ng vn thp nht). mi phng n kinh doanh u i lin vi nhiu phng n ti chnh Cng ty c th ch ng la chn cho ph hp vi tnh hnh th trng nhm em li hiu qu kinh doanh tt nht cho doanh nghip v ti a ha li ch ca c ng. Bn cnh nhng thnh cng gt hi c t vic khai thc, kinh doanh ta nh vincom City Towers, ta thp th 3 vincom Park Place c khi cng xy dng t cui qu I/2008 v hin ang trong giai on hon thin, d tnh s a vo khai thc trong qu Iv nm 2009. c bit, ti Khu t vng 68-70 L Thnh Tn, phn ngm vn hoa Chi Lng v TTTm Eden, Qun 1, TP. H Ch minh, mt cng trng ln cng ang hot ng ngy m sm hnh thnh nn mt t hp Cm Cng trnh Trung tm Thng mi - Dch v - Khch sn - vn phng - Cn h cao cp v Bi u xe ngm vincom hin i trong nay mai.

>> ng L Khc hip ch tch hQT cng ty c phn Vincom

Nm 2008 cng l nm vincom ginh c hng lot cc gii thng ln nh: Nm trong Top 100 thng hiu hng u trong s 200 doanh nghip ot gii thng sao vng t vit 2008; ot Gii thng Thng hiu mnh vit Nam, Top 10 Doanh nghip hi nhp thnh cng nht... vincom vi m vIC cng l thng hiu Bt ng sn u tin ca vit Nam lt vo danh sch la chn ch s ton cu Rusell Global Index, mt cng c c nhiu nh u t trn th gii tham kho khi xy dng danh mc u t. Kt qu kinh doanh trong nm 2008 ca vincom v c bn p ng c cc k hoch m HQT ra cho Cng ty trong nm nay v c khng nh trong bo co ti chnh c kim ton cht ch.

Nhng tng kt khch quan trn cho thy kt qu rt kh quan trong hot ng kinh doanh ca Cng ty. C c iu chnh l nh chin lc pht trin ng n v s chun b k lng v lu di v cc mt: chin lc, ti chnh, nhn s,... ca Cng ty cng nh s ng thun ca qu v c ng.

Hng ti mc tiu tng trng bn vng, nm 2009, vincom tip tc tp trung thc hin tt cc gii php nng cao nng lc hoch nh chin lc, a dng ho ngnh ngh kinh doanh, pht trin ngun nhn lc, ch trng cng tc xy dng v pht trin thng hiu, tm kim cc d n u t c hiu qu cao c bit, lnh vc kinh doanh bt ng sn ca vincom ang ng trc vn hi mi khi t ngy 01/01/2009, th trng bn l vit Nam s hon ton m ca theo l trnh gia nhp WTo. iu ng ngha vi vic tng nhu cu thu vn phng, trung tm thng mi cng nh cc loi hnh cn h cho thu, vn l th mnh ca vincom.

Hi ng Qun tr tin tng rng vic thc hin cc nhm gii php ni trn s m bo cho vincom thc hin thnh cng mc tiu k hoch nm 2009, nng thng hiu vincom ln mt tm cao mi, bo v v gia tng li ch lu di ca c ng Cng ty v ng gp nhiu hn na cho x hi.

Trn trng cm n!

L KHC HIPCh tch HQT - Cng ty CP VINCOM

4 bao cao thuong nien 5Annual Report 2008JSC

Dear shareholders,On behalf of the Board of Directors of Vincom Joint-stock Company, I wish to convey to you our warmest greetings!

As you are already aware, the global financial crisis that started last year has seriously impacted many economies throughout the world leading to a slowdown in virtually every sector of production and business. Vietnam is not an exception. Though the outlook for the global economy appears gloomy; looking at the current situation from a positive perspective, these difficult circumstances are providing the Vietnamese economy as well as its businesses with new opportunities.

The year 2008 marks important milestones in the development history of Vincom Joint-stock Company. With the tremendous endeavors of its staff and informed strategies implemented by the Board of Directors and the Board of Management in response to the global economic turmoil, many of Vincoms projects and business plans have still progressed as scheduled. To cope with the effects of the economic crisis, the companys Board of Directors introduced justified resolutions on the ground that resources be prioritized for key projects while preparation for new ones underwent review. Based on forecasts from economists at some of the worlds most well-known financial consulting groups along with the companys internal project finance control capabilities and overall experience, we have invariably produced business alternatives that capitalize on market demand and take advantage of available and existing resources to improve the competitiveness of the company. Participating in the property market requires a significant capital commitment, which is why the company has mobilized and used capital resources (owners equity in combination with external financing through the issuance of debt instruments to call in and maximize low-price capital). Each business alternative is accompanied with a number of financial alternatives/options so that the Company can flexibly choose one that suits conditions in the market to improve the performance and maximize shareholder value. In addition to successes reaped from the operation of Vincom City Towers, construction of the third tower Vincom Park Place commenced late in the 1st quarter of 2008 and is nearing completion. It is expected to be in operation in the 4th quarter of 2009. Particularly, in the Golden Land located at 68-70 Le Thanh Ton street, near Eden Trade Center in District 1 in Ho Chi Minh City, work is being done around the clock on a large construction site in order to complete Vincoms Trade and Service Center Hotel Office High-class Apartment building and Underground Parking area complex.

>> Mr. LE KhAc hiEp chairman of the Board of Directors - Vincom JSc.

In the year 2008, Vincom also won a series of awards including: Top 100 leading brands among 200 businesses winning the Sao Vang (Golden Star) prize, Vietnam Leading Brand Award and the Top 10 most successfully integrated Businesses Award. With its stock ticker symbol VIC, Vincom is the first property brand in Vietnam to be listed on the Russell Global Index, an instrument that is referred by investors worldwide when building their investment portfolios. Vincoms business results in 2008 generally met targets set forth in the business plan approved by the Board of Directors for the year and have been affirmed in strictly audited financial statements.

The events summarized above illustrate the positive business performance of the Company, which is a result of its proper development strategy, a long-term and prudent strategy, financial and human resources and a consensus from shareholders.

To sustain growth in 2009, Vincom will continue to focus on solutions to improve strategic planning, to diversify lines of business, to develop human resources, to promote brand and to seek highly efficient investment projects. Specifically, Vincom now has the opportunities to capitalize on Vietnams burgeoning retail market that is now completely open due to the countrys World Trade Organization commitments that were effective 1st January 2009. This is expected to lead to increased demand for office, trade center space and apartment leasing which are traditionally strengths of Vincom.

The Board of Directors believes that the execution of the above-mentioned strategy will ensure Vincom successfully achieves its planned targets for 2009, bringing Vincoms brand to new recognition, protecting and improving shareholders long-term interests and contributing more to society.

Sincerely yours!

LE KHAC HIEPchairman of the Board of Directors

Message FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS


lch S hOT ng ca cng Ty

nhng S Kin Quan Trng

Ngy 29/03/2008, Cng ty c phn vincom t chc thnh cng i hi ng c ng thng nin nm 2008 thng qua bo co kt qu hot ng kinh doanh nm 2007, k hoch phn phi li nhun nm 2007, phng hng hot ng nm 2008 cng vi k hoch pht hnh tri phiu doanh nghip phc v mc ch u t cho cc d n ln ang trin khai;

Ngy 06/05/2008 Cng ty c phn vincom (m chng khon vIC) pht hnh thnh cng 2.000 t ng tri phiu doanh nghip, k hn tri phiu 05 nm. Nm u tin hng li sut c nh l 16%/nm; cc nm sau li sut th ni bng li sut tin gi tit kim tr sau k hn 1 nm bnh qun ca Hi s chnh 4 Ngn hng Agribank, vietcombank, BIDv v vietinbank cng thm ti a 4%/nm;

Ngy 19/8/2008, thng hiu vincom vinh d ln th hai lin tip c nm trong Top 100 thng hiu ot gii thng sao vng t vit 2008 trong tng s 200 doanh nghip ot gii trong nm;

C phiu vIC ca Cng ty c phn vincom c Tp on t vn u t m Russell Investments la chn a vo ch s ton cu Russell Global Index, mt cng c c nhiu nh u t trn th gii tham kho khi xy dng danh mc ca mnh;

Nm trong top 20 doanh nghip tiu biu trn th trng chng khon nm 2008;

mi y, ta thp i ni ting ti H Ni - vincom City Towers c B Cng Thng trao tng cp v giy chng nhn gii thng Ta nh hiu qu nng lng Ln II nm 2008. y l gii thng c trao nhn dp hi ch trin lm Nng lng v sn phm tit kim nng lng 2008 c t chc ti TP. HCm t ngy 07 n ngy 09/11/2008 do B Khoa hc v Cng ngh, B Cng Thng v y ban Nhn dn thnh ph H Ch minh bo tr v ch o.

Thnh lp cng Ty Cng ty c phn vincom (tin thn l Cng ty c phn Thng mi Tng hp vit Nam) c thnh lp vo ngy 03/05/2002. vi vn iu l ban u l 196 t ng, sau hn 6 nm hot ng v pht trin, Cng ty c phn vincom hin l mt trong

nhng Cng ty kinh doanh bt ng sn ln nht ti vit Nam vi s vn iu l ln n gn 1.200 t ng.


OTHER KEy EVENTS On 29 March 2008, Vincom JSC. organized successfully its 2008 Annual General Meeting of Shareholders to approve its business results in 2007, profit sharing plan for 2007, direction for 2008 and the corporate bond issuance plan in support of financing for large on-going projects.

On 6 May 2008, Vincom Joint-stock Company (stock code VIC) successfully issued a VND 2,000 billion 5-year corporate bond. The interest rate in the first year is fixed at 16% per year; in subsequent years, the interest rate is floating based on the average 1-year time deposit interest rate paid at maturity quoted by the Headquarters of 4 banks: Agribank, Vietcombank, BIDV and Vietinbank plus a maximum of 4% per year;

On 19 August 2008, for the second year in a row, the Vincom brand won the Top 100 leading brands among the 200 businesses winning the 2008 Sao Vang (Golden Star) prize;

Vincoms shares (VIC) have been selected by Russell Investments (an American Investment consulting group) for the Russell Global Index, an instrument that is utilized by investors worldwide when developing their investment portfolios;

One of the top 20 businesses in the stock market in 2008;

Recently, its famous twin towers in Hanoi Vincom City Towers - has been awarded a cup and certificate for being an Energy Efficient Building 2008 2nd time prize by the Ministry of Industry and Trade. This is a prize awarded on the occasion of the Energy and Energy Saving Products 2008 exhibition organized in Ho Chi Minh City from 7 to 9 November 2008 by the Ministry of Science and Technology, Ministry of Industry and Trade in collaboration with the Ho Chi Minh City Peoples Committee.

THE COMPANyS HISTORy OF DEVELOPMENT

FOUNDATION OF THE

COMPANy incom joint-stock company (formerly the Vietnam General Commercial Joint-stock Company) was established on 3 May 2002 with initial charter capital of VND196 billion. After 6 years in operation, it is now one of the largest players in the property market in Vietnam with a charter capital close to VND 1,200 billion.

1 0 bao cao thuong nien 11Annual Report 2008JSC

Qu Trnh phT Trin

TNH HNH HoT NG

vincom City Towers (vCT) hin l ta thp i c tnh nng hin i vo bc nht ti H Ni. Ta nh c a th ht sc thun li, c bao bc bi 4 ph chnh ca H Ni (B Triu, Thi Phin, Bi Th Xun, on Trn Nghip), bao gm h thng trang thit b hin i, ngoi ra hot ng kinh doanh ca Cng ty c t vn, qun l bi Cng ty CB Richard Ellis vit Nam (CBRE) mt trong nhng cng ty hng u th gii trong lnh vc cung cp cc dch v mi gii, t vn v qun l bt ng sn. Bn cnh , Cng ty khng ngng nng cao, ci tin cht lng sn phm, dch v cung cp cho khch hng, do vy trong nm 2008, ta nh vCT lun t hiu sut hot ng cho thu mc kh cao - Khu vn phng: 89.8%, khu thng mi: 96.8%.

mc d tnh hnh hnh kinh t th gii cng nh kinh t vit nam khng c thun li nhng Cng ty vn t c kt qu kinh doanh kh kh quan. C th trong nm 2008, vi ngun thu n nh t hot ng cho thu (ta nh vCT lun t cng sut cho thu trn 90%), doanh thu thun v cung cp dch v hng ha l 239 t - tng 32.73% so vi nm 2007; doanh thu hot ng ti chnh vi nhng khon u t trung hn v ngn hn mang li ngun thu kh n nh, tng 58% so vi nm 2007.

Doanh thu cho thu vn phng, trung tm thng mi v cung cp cc dch v cho thu chim trn 90% tng doanh thu thun, tng 32% so vi nm 2007. Doanh thu t hot ng qung co tng gp 3 ln so vi nm 2007.

u nm 2008, d n Cn h cao cp v khu TTTm vincom Park Place ti khu t HH1 ngay bn cnh ta thp i vincom City Towers chnh thc c khi cng, ha hn s mang li mt din mo mi cho th v mt v th mi cho ring Cng ty c phn vincom. Cng trong nm 2008, mt d n ln ca vincom ti thnh ph H Ch minh c thc hin: Cm d n Trung tm thng mi Dch v - Khch sn vn phng Cn h cao cp Bi u xe ngm vincom ti Qun 1 TP. H Ch minh. Ngoi ra, D n vn phng cho thu 180-192 Nguyn Cng Tr, qun 1 - D n thc hin theo hnh thc hp tc u t gia vincom v Cng ty Du lch vit Nam ti TP. H Ch minh cng bt u trin khai thi cng.

Cng vi vic hon thnh tt cc k hoch t ra, pht trin v thc hin cc d n mi, Cng ty c phn vincom cn tch cc tham gia vo cc hot ng x hi gp phn xy dng cng ng tt p hn. Cng ty thnh lp ring cho mnh mt qu mang tn Qu Thin Tm, nhm h tr gip cc trng hp kh khn, cc gia nh chnh sch trn phm vi c nc. Hot ng ca Qu dn dn i vo i sng x hi v thu ht c s quan tm ca cc t chc c nhn c tm lng v ngi ngho khng ch trong nc m cn c cc kiu bo ti nc ngoi, m c th l Ucraina.

Cng ty lun xc nh cho mnh mt s mnh l ngoi vic pht trin kinh doanh ca doanh nghip, vic xy dng v tham gia vo cc hot ng chung ca cng ng lun l nhng cng vic c u tin hng u, mang hnh nh vincom n gn gi hn vi tt c mi ngi.


NGNH NGH KINH DoANHNm 2008 Cng ty C phn vincom tip tc tp trung trin khai cc d n kinh doanh trn c s cc ngnh ngh c cp theo Giy chng nhn KKD, c th bao gm:

Kinh doanh bt ng sn;

Dch v cho thu vn phng, nh , my mc, thit b cng trnh;

Kinh doanh khch sn;

Dch v vui chi, gii tr: bi-a, tr chi in t, tr chi di nc, tr chi trn cn, bi li;

Dch v lm p thm m (khng bao gm xm mt v cc cng vic gy chy mu);

Dch v n ung, gii kht;

Xy dng dn dng v cng nghip;

Bun bn hng cng, nng nghip, xy dng, phng tin vn ti, hng in t, tin hc, in lnh, dn dng, t ng ha, thit b bo v phng chng trm t ng, hng nng, lm, thu hi sn;

i l mua, i l bn, k gi hng ha;

T vn u t;

Cho thu nh c trang thit b k thut c bit (phng ha nhc, nh ht, hi trng, phng ci, trng quay, rp chiu phim);

Qung co v cc dch v lin quan n qung co;

T chc hi ch, trin lm thng mi;

Dch v trang tr khu hiu;

Dch v v sinh, dit cn trng, chng mi mt;

Dch v trng gi xe t, xe my, xe p;

Xy dng, kinh doanh sn golf v cc dch v lin quan n sn golf;

Xy dng, kinh doanh khu du lch sinh thi v cc dch v lin quan n khu du lch sinh thi;

Kinh doanh cng vin cy xanh, cng vin nc, vn tri gii tr.


DEVELOPMENT PROCESS

BUSINESS SITUATIONVincom City Towers with twin towers is among the most modern buildings in Hanoi. The building has an extremely advantageous location, surrounded by Hanois 4 main streets (Ba Trieu, Thai Phien, Bui Thi Xuan and Doan Tran Nghiep), and state of the art facilities. In addition, business activities of the Company are managed by CB Richard Ellis Vietnam (CBRE), a leading firm in providing property consulting, brokerage and management services worldwide. The Company has continued to improve its products and service quality, which enabled Vincom City Towers to maintain a high occupancy rate of 89.8% for the office space and 96.8% for the retail space in 2008.

Though the global economic as well as Vietnams economic situation were not favorable, the Company was able to achieve encouraging business results. Specifically in 2008, revenue from office rent remained stable (VCT maintained an occupancy rate of over 90%), net revenue from commodity services was VND 239 billion an increase of 32.73% over 2007, medium and short-term investments delivered fairly stable revenue with an increase of 58% compared to 2007.

Revenue from renting office space, trade center and other leasing services accounted for more than 90% of net revenue, an increase of 32% over 2007. Revenue from advertising activities tripled compared when compared to 2007.

In early 2008, construction of the Vincom Park Place project containing high-class apartments and retail space located adjacent to Vincom City Towers officially started, promising to bring a new face to the capital city and a new status for the Company. Within the same year, another large project in Ho Chi Minh City was deployed: the Trade and Service Center Hotel Office High-class apartment building and underground parking area complex in District 1. Furthermore, construction for the office leasing project located along 180-192 Nguyen Cong Tru in District 1 in Ho Chi Minh also commenced City, which is a cooperation project between Vincom and Vietnam Tourism Company in Ho Chi Minh City.

Along with its successful achievement of planned targets, development and deployment of new projects, the Company is also actively involved in social activities that have a positive impact on society. It founded a fund called Thien Tam Fund to help disadvantaged individuals and families nationwide. The Funds focus has been on the step by step integration into social life for disadvantaged people and soliciting the attention of individuals and organizations including Vietnamese living abroad particularly in countries such as Ukraine who have an interest in helping the impoverished.

In addition to developing and expanding its business, the Company has always defined for itself a mission that is actively involved in community activities and bringing Vincoms image closer to everybody.


BUSINESS LINESIn 2008, Vincom Joint-stock Company continued to work on projects in accordance with business lines endorsed in its Business Registration Certificate, which include: Real estate; Leasing of office space, apartments, machinery and engineering equipment; Hotel business; Entertainment services: billiards, games, water games, swimming; Beauty salon (excluding eye tattooing and services that cause bleeding); Restaurant and bar service; Industrial and civil engineering; Trading industrial, agricultural goods, construction materials, transportation vehicles, electronic goods, informatics, home appliances, automation equipment, automatic anti-theft equipment, forestry and aqua-products; Agent for goods on consignment; Investment consulting; Leasing facilities with specially-designed and high-tech equipment (concert hall, theatre, meeting hall, wedding hall, studio and cinema); Advertising and related services; Organizing events such as trade fairs, trade exhibitions; Designing banners and posters; Sanitation services, insect killing services; Car, motorbike and bicycle keeping service; Constructing and doing golf course business; Constructing and doing business relating to eco-tourism area; Doing business relating to green park, water park and recreational farms and gardens.


mC TIU Hon thnh mc tiu pht trin nhanh, mnh v bn vng nhm a Cng ty tr thnh mt tp on kinh doanh bt ng sn mang thng hiu vit hng u ti vit Nam.

Tng bc tip cn v m rng th trng kinh doanh Bs ra khu vc ng Nam v Chu , to dng hnh nh mt tp on kinh doanh Bs quc t nng ng v pht trin.

Xc nh tiu ch Pht trin doanh nghip song hnh vi ng gp tch cc cho s pht trin ca vn ha x hi v mi trng nh hng cho s pht trin bn vng.

CHIN LC PHT TRIN TRUNG v DI HN

Tip tc nng cao cht lng dch v v phong cch qun l chuyn nghip khng nh vincom lun l s la chn v l im n l tng khng th b qua ca cc thng hiu ni ting trn th gii, cc i s qun cng nh cc Cng ty ln trong v ngoi nc, v cng l s la chn u tin ca nhng ngi c nhu cu tm cho mnh mt c ngi sang trng tin nghi an c.

Ngy 01/01/2009, th trng bn l vit Nam chnh thc m ca cho cc doanh nghip 100% vn nc ngoi theo cam kt khi vit Nam gia nhp WTo. s mt cn i v cung cu trn th trng bn l s dn ti gi cho thu mt bng bn l s tip tc tng. y chnh l c hi cc khu TTTm vincom m rng v pht trin. Trn c s , vincom tip tc nng cao cht lng dch v ca ta nh, m rng cc tin ch v nng cp c s h tng cc khu TTTm vincom lun gi c ng cp ca mnh.

Hon thnh v a vo khai thc vincom Park Place (vincom 2) ng tin (d tnh qu Iv nm 2009), to nn mt qun th trung tm thng mi - vn phng v cn h cho thu cao cp a tin ch, hnh thnh mt t hp bt ng sn vi nhng tng thit k hin i, sang trng v cht lng dch v hng u ti Th H Ni.

y mnh tin xy dng d n Cm d n Trung tm thng mi Dch v - Khch sn vn phng Cn h cao cp Bi u xe ngm vincom ti Qun 1 TP. H Ch minh hon thnh ng k hoch. y chnh l nn mng v hnh nh ca mt thng hiu bt ng sn vincom cao cp ti Trung tm pht trin kinh t rt nng ng mt th trng bt ng sn pha Nam y tim nng ny.

Tip tc xc tin cc th tc u t d n xy dng khu th, du lch sinh thi v sn Golf Long Bin rng hn 500 ha ti qun Long Bin, H Ni nhm p ng nhu cu nh cao cp, khu ngh ngi, vui chi, gii tr v nng cao i sng tinh thn cho ngi dn Th , gp phn vo s tng trng kinh t v khai thc tim nng du lch ca thnh ph H Ni.

Tp trung hon thin chin lc nhn s, xc nh vic tin hnh chun ha li m hnh c cu t chc l nhim v trng tm hng u.

Chuyn nghip ha cc hot ng qun l ti sn, qun l ta nh thng qua vic ch trng n cht lng, s dng cc n v qun l v t vn quc t, s dng cc Cng ty kim ton quc t, cc nh thu c uy tn trong v ngoi nc.

Thnh lp cc hi ng c vn cao cp gm cc chuyn gia kinh nghim trong nhiu lnh vc: u t, ti chnh, php lv khng ngng nng cao nng lc qun l doanh nghip.

Tch cc m rng hp tc vi cc cng ty c nhiu kinh nghim trong tng lnh vc hc hi v nng cao hiu qu ca d n u t.

Hnh thnh v pht trin h thng qun l Cng ty theo m hnh Tp on vi quy m ln, qun tr doanh nghip theo hng hin i ha kt hp vi vic xy dng mt tp th nhn vin nng ng, sng to v bn lnh, tin ti xy dng c mt sc mnh vn ha doanh nghip c sc mang du n vincom.

nh hng phT Trin



OBJECTIVES: To achieve the goal of fast, powerful and sustainable development to enable the Company to become the leading property group in Vietnam.

To gradually approach and expand its property business to South East Asia and Asia regions, creating an image as a dynamic and growing international property group.

To embed itself with a slogan Business development in parallel with active contribution to the development of culture, society and environment as a way for sustainable development.

MEDIUM AND LONG-TERM STRATEGIES Continuing to enhance service quality and professional management style to affirm to the public that Vincom will always be an ideal choice and destination that cannot be ignored by world famous brands, embassies, large domestic and international businesses and that it is the first choice for those seeking a luxurious and well-equipped home to live in.

From 1 January 2009, the countrys retail market is completely opened to 100% foreign-owned enterprises as it fulfils its commitment for WTO accession. The current supply-demand imbalance is expected to result in rents increasing further. This presents an opportunity for Vincom to expand trade centers. In that regard, Vincom continues to improve service quality of its buildings, expanding facilities and upgrading infrastructure to enable its trade centers to achieve the highest standards of quality in the market.

Completing and putting into operation Vincom Park Place (Vincom 2) on time (scheduled for 4th quarter 2009), which would create a unique mixed-use commercial centers containing multi-functional offices and high-class apartments offering modern design, luxury and high quality service in Hanoi.

Accelerating construction progress in the Trade and Service Center Hotel Office High-class apartment building and underground parking area complex in District 1 in Ho Chi Minh City to ensure a timely completion. This will be the foundation and image of an upscale property brand for Vincom in a dynamic economic center and potential market in the South.

Continuing to complete procedures for an investment project to build an urban quarter, eco-tourism and golf course area in Long Bien district that is more than 500 hectares to meet demand for high-class housing, entertainment and games, and to improve spiritual life for Hanoians. The investment project is expected to contribute to the economic growth and exploit the citys tourism potential.

Completing human resource strategy, embarking on re-standardizing the organizational structure are key priorities.

Making professional asset management and management of the building through its emphasis on quality, using international consulting and management firms, international auditing firms and local and international prestigious contractors.

Setting up senior advisory boards consisting of experienced specialists from various fields such as investment, finance and law and continuing to enhance the capabilities of corporate management.

Pro-actively expanding relationships with established companies in various fields to learn and gain the efficiency in investment projects.

Forming and developing the Companys management system into the Group model; adopting a modern corporate management model in conjunction with the building of dynamic, creative, radical and determined human resources; gradually forming a corporate culture embedded within Vincoms identity.

DEVELOPMENT DIRECTION



bo co ca hQT

NHNG NT NI BT CA KT QU HoT NG TRoNG Nm (LI NHUN, TNH HNH TI CHNH CA CNG Ty TI THI Im CUI Nm 2008)

KT Qu hOT ng Sn xuT Kinh dOanh hp nhT ca cng Ty 2008:

Doanh thu thun ca Cng ty

Doanh thu v hot ng ti chnh

Tng li nhun nm 2008

CH TIU so sNH LI NHUN sAU THU:

Li nhun sau thu TNDN

Ch tiu thu TNDN np Ns

239.180.299.742 vND

413.039.174.035 vND

156.768.324.696 vND

268.796.701.668 vND

64.425.416.671 vND

2007

2007

125.994.789.445 vND

30.773.535.251 vND

2008

2008

phn tch mt s ch tiu ch yu:

TRoNG Nm 2008, mC D DoANH THU HoT NG KINH DoANH v DoANH THU TI CHNH U TNG so vI Nm 2007 NHNG LI NHUN CA CNG Ty GIm NG K L Do TRoNG Nm 2008 LI NHUN PHT sINH T HoT NG U T CHUyN NHNG vN CA CNG Ty THP HN Nm 2007 (GIm XUNG 5 LN).

annual report


Analysis of some key indicators: IN 2008, THOUGH REVENUES FROM BUSINESS ACTIVITIES AND FINANCIAL ACTIVITIES BOTH INCREASED IN COMPARISON WITH 2007, THE COMPANyS PROFIT REDUCED SIGNIFICANTLy BECAUSE PROFIT FROM CAPITAL GAINS WENT DOWN WHEN COMPARED TO 2007 (By 5 TIMES LESS).

KEy FIGURES OF BUSINESS PERFORMANCE IN THE yEAR (PROFIT, FINANCIAL STATUS OF THE COMPANy AT THE END OF 2008)

Consolidated figures of business performanCe of the Company in 2008 Net revenue

Revenue from financial activities:

Gross profit in 2008:

AFTER-TAX PROFITS:

After-tax profit

Corporate income tax

239.180.299.742 Vnd

413.039.174.035 VND

156.768.324.696 VND

268.796.701.668 VND

64.425.416.671 VND

2007

2007

125.994.789.445 VND

30.773.535.251 VND

2008

2008

REPORT OF THE BOARD OF DIRECTORS


TNH HNH Bo Co TI CHNH HP NHT CA CNG Ty TI THI Im CUI Nm v mT s CH TIU TRNG yU

KhOn u T Ti chnh: 1.630.484.681.839 vND

KhOn n di hn: 3.296.966.955.430 vND

bo co ca hQT

Hin Cng ty ang thc hin tham gia gp vn u t vo Cng ty c phn u t v Thng mi PFv. Cng ty nm 94,41% vn ch s hu trong Cng ty ny. Ngun vn gp 566 t ng vi hot ng ch yu ca Cng ty l xy dng, cho thu ta nh vn phng v cn h cao cp.

Tham gia gp vn Cng ty c phn Chng khon vincom. T l vn tham gia 70%. Ngun vn gp 210 t ng. Ngnh ngh kinh doanh ca Cng ty c phn Chng khon vincom l mi gii chng khon, bo lnh pht hnh chng khon v t vn u t chng khon.

Cng ty tin hnh cho cc Cng ty lin kt vay vn u t thc hin cc d n nhm mc tiu y nhanh tin thc hin cc d n, sm em li ngun thu t u t d n ng thi s dng c hiu qu ngun vn tm thi nhn ri ca Cng ty.

Phc v hot ng kinh doanh da trn nguyn vng v nhu cu ca cc c ng sng lp, Hi ng Qun tr Cng ty hp v quyt nh cho cc c ng ny vay ngn hn vi li sut cao hn li sut tin gi cng k hn Ngn hng (khon vn c ng vay u c ngun ti sn m bo), to ngun thu ti a cho Cng ty.

Ngoi ra, Cng ty hin ang u t vo mt s c phiu ca cc Cng ty nim yt trn sn giao dch chng khon hoc trn th trng khng chnh thc vi s lng va phi nhm nng cao hiu qu s dng vn ni ring v cc ngun lc ca Cng ty ni chung.

Trong nm 2007, Cng ty thc hin pht hnh tri phiu doanh nghip theo hnh thc pht hnh ring l cho mt s nh u t t chc vi tng tr gi ca t pht hnh l 1.000 t ng. vic pht hnh tri phiu nhm phc v mc ch huy ng vn cho vic xy dng Cm cng trnh Trung tm thng mi, dch v, Khch sn, vn phng, Cn h cao cp v Bi u xe ngm vincom ti thnh ph H Ch minh. Cc tri phiu ny c mnh gi l 1.000.000.000 ng vit Nam, o hn vo ngy 22/10/2012 v c mc li sut 10.3%/nm.

Trong nm 2008, Cng ty thc hin pht hnh tip tri phiu doanh nghip cho cc nh u t t chc vi tng tr gi ca t pht hnh l 2.000 t ng. vic pht hnh tri phiu nhm phc v mc ch huy ng vn cho vic xy dng cc d n ti H Ni v thnh ph H Ch minh. Cc tri phiu ny c mnh gi l 1.000.000.000 ng vit Nam, o hn vo ngy 06 /05/2013 v c mc li sut 16%/nm cho nm u tin, cc nm sau li sut th ni bng li sut tin gi tit kim tr sau k hn 1 nm bnh qun ca Hi s chnh 4 Ngn hng Agribank, vietcombank, BIDv v vietinbank cng thm ti a 4%/nm.

Ngoi ra l cc khon: vay trung hn ca Ngn hng u t v Pht trin vit Nam, doanh thu ghi nhn trc, khon t cc ca khch thu

TNH HNH THC HIN so vI K HoCH (TNH HNH TI CHNH v LI NHUN so vI K HoCH) n v tnh: T ng

444

DoANH THU

K hoch

Thc hin

so snh

239

53,83%

LI T HoT NG TI CHNH

K hoch

Thc hin

so snh

50

97

194%

LI NHUN sAU THU

K hoch

Thc hin

so snh

198

126

63,64%

CHI PH HoT NG KINH DoANH CHNH

K hoch

Thc hin

so snh

269

194

72,12%

5

13

260%

THU NHP KHC

K hoch

Thc hin

so snh

Doanh thu thc t nm 2008 t 53,83% so vi k hoch. Trong doanh thu t hot ng kinh doanh tng 34% so vi nm 2007 (khng bao gm hot ng kinh doanh Game do chuyn nhng); doanh thu t hot ng chuyn nhng vn gim so vi nm 2007.

Chi ph thc t thp hn so vi k hoch 75 t (tng ng 27.88%). Nguyn nhn do trong nm Cng ty c n lc trong vic tit kim chi ph, cc chi ph gim ng k so vi nm 2007 l chi ph qung co (gim 25%), chi ph in nc (gim 2.5%), chi ph cng c dng c vn phng phm (gim 6.5%).

Tng 47 t tng ng 94%, thu nhp hot ng ti chnh tng t ngun thu cho vay cc c ng v Cng ty lin kt vi mc li sut cao hn li sut huy ng.

Tng 8 t tng ng 160% do trong nm Cng ty c pht sinh vic chuyn nhng ti sn Game cho Cng ty c phn Th gii gii tr.

Li nhun sau thu t 63,63% so vi k hoch.


CONSOLIDATED FIGURES AT THE END OF THE yEAR & SOME KEy INDICATORSfinanCial inVestment: 1.630.484.681.839 Vnd

long-term liabilities: 3.296.966.955.430 Vnd

Currently, the Company pools in capital with PFV (Trade and Investment Joint-stock Company). It holds 94.41% of the equity capital in this company. So far, VND 566 billion has been paid into the joint-venture with primary activities defined as construction, leasing office and apartment buildings.

Contributing capital to Vincom Securities Joint-stock Company. With VND 210 billion paid into this company, it now holds a 70% interest in this business. Business lines of Vincom Securities Joint-stock Company are securities brokerage, issuance underwriting, and investment consulting.

The Company has lent funds to associated companies to help accelerate progress in their investment projects in order to quickly deploy capital into these projects and efficiently utilize capital sources that are temporarily idle.

Providing customized service to founding shareholders. The Board of Directors met and decided to lend founding shareholders short-term loans at interest rates higher than the banks rate of the same term (this is in the form of an asset-backed loan) in order to maximize income for the Company.

In addition, the Company is now investing capital in stocks in listed companies as well as in the OTC market to improve efficiency of capital use in particular and the Companys resources in general.

In 2007, the Company issued a corporate bond to some institutional investors for a total amount of VND 1,000 billion. The purpose of the issuance was to raise capital for investment in the Trade and Service Center Hotel Office High-class apartment building and underground parking area complex in District 1, Ho Chi Minh City. The bond has a face value of VND 1 billion, matures on 22 October 2012 and has an interest rate of 10.3% per annum.

In 2008, the Company continued to issue corporate bonds to institutional investors with a total amount of VND 2,000 billion. This was to finance the construction of projects in Hanoi and Ho Chi Minh City. The bonds have a face value of VND 1 billion, matures on 6 May 2013 and bear an interest rate of 16% per annum for the first year, in subsequent years, the interest rate is floating based on the average 1-year time deposit interest rate paid at maturity quoted by the Headquarters of 4 banks: Agribank, Vietcombank, BIDV and Vietinbank plus a maximum of 4% per year.

In addition to that, other financing sources include short-term loans extended by BIDV, receivables paid in advance and clients deposits.

ACTUAL PERFORMANCE AGAINST PLANNED (FINANCIAL AND PROFIT RESULTS AGAINST PLANNED TARGETS)

(Unit: billion dong)


REVENUE

Planned targets

Actual results

Actual result/planned target

MAIN BUSINESS ACTIVITIES EXPENSES

Planned targets

Actual results


GAIN FROM FINANCIAL ACTIVITIES

Planned targets

Actual results


OTHER INCOME

Planned targets

Actual results


AFTER-TAX PROFIT

Planned targets

Actual results


444

23953,83%

269194

72,12%

5097

194%

513

260%

63,64%

198126

Actual revenue in 2008 was 53.83% against the plan. Revenue from business activities increased by 34% compared with 2007 (excluding games business as this was transferred); capital gains reduced against 2007.

Actual expenses were VND 75 billion (or 27.88%) lower than planned primarily due to efforts made by the Company to cut costs. Expenses significantly reduced in comparison with 2007 were advertising (down by 25%), electricity and water (-2.5%), and stationary (-6.5%).

Increased by VND 47 billion (94%). This increase was attributable to the spread in lending to shareholders and associated companies at interest rates higher than bank rates.

Increased by VND 8 billion (160%) as the Company transferred its Games business to the World of Entertainment Joint-stock Company.

After-tax profit was 63.63% of the plan.


NHNG THAy I CH yU TRoNG Nm (NHNG KHoN U T LN, THAy I CHIN LC KINH DoANH, sN PHm v TH TRNG mI)

mc d nm 2008 l nm c bit kh khn i vi nn kinh t th gii ni chung v vit nam ni ring, nht l i vi cc doanh nghip kinh doanh bt ng sn - mt lnh vc rt nhy cm i vi din bin ca th trng, nhng cng ty c phn vincom vn tip tc gi c nhp tng trng vi cc im mc:

Tng vn iu l t 800 t ng ln gn 1.200 t ng ;

Pht hnh thnh cng t 2 Tri phiu Doanh nghip theo hnh thc ring l huy ng vn cho cc d n trng im.

Chnh thc khi cng ng thi 2 d n ti H Ni v Thnh ph H Ch minh c th:

Thng 4/2008: D n Trung tm thng mi v cn h cao cp vincom Park Place - 114 mai Hc , H ni trn l t HH1 ngay cnh vincom City Towers. vi tin thi cng nhanh chng, n thng 10/2008, Cng ty chnh thc cho bn cc cn h ti d n ny v trong bi cnh th trng Bs ang b nh hng nng n ca suy thoi, ch sau 1 thng gn 60% s lng cn h c ng k mua cho thy sc hp dn v s tin tng ca khch hng vo cht lng cc d n ca Cng ty.

Thng 6/2008: Khu B, D n Cm cng trnh Trung tm thng mi - Dch v - Khch sn - vn phng - Cn h cao cp v Bi u xe ngm vincom ti khu t gic Eden v 66-68-70 L Thnh Tn, Qun 1, thnh ph H Ch minh.

Chnh thc nhn c Chng nhn u t v Giy php xy dng i vi d n Trung tm thng mi, vn phng - Cn h cao cp ti s 4 L Thnh Tng - Ng Quyn - Hi Phng.

Thng 7/2008, vincom l mt trong 10 m chng khon c Tp on Russell Investments - m b sung vo ch s ton cu Russell Global Index, mt cng c c nhiu nh u t trn th gii tham kho khi xy dng danh mc ca mnh.

Tip theo thng 9/2008, vincom lt vo top 20 Cng ty tiu biu theo xp hng ca Trung tm Thng tin tn dng Ngn hng Nh nc phi hp vi hng thng tin D&B (m) thc hin.

nm 2008 c nh gi l nm vincom t c nhiu kt qu kh quan:

T l khai thc to nh vincom City Towers ti 191 B Triu H Ni tip tc duy tr mc cao (khong 93.3% i vi c khu vn phng v Trung tm thng mi)

Nhiu d n mi ti H Ni, Thnh ph H Ch minh do Cng ty v cc n v thnh vin cng cc i tc u t u c nhng chuyn ng tch cc v ang trong qu trnh hon thin h s, th tc cn thit cp php chnh thc v c th trin khai c trong nm 2009.

bo co ca hQT

(TH TRNG D TNH, mC TIU)

sang nm 2009, mc d c nhng tn hiu kh quan song tnh hnh kinh t th gii v vit Nam s cn nhiu bin ng kh d bo. Trc nhng din bin ca th trng, nhim v trng tm ca Cng ty l tip tc huy ng mi ngun lc trin khai ng tin ra i vi cc d n ang xy dng nhm m bo ti a hiu qu kinh t. Bn cnh , th trng kh khn cng s l thi im cc Cng ty c thc lc tn dng c hi bt ph. vi tinh thn , trong nm 2009, Cng ty cng s t chc trin khai ngay nhng d n mi sau khi c ph duyt tranh th thi c chim lnh th trng. Bn cnh phn khc Bs cao cp (vn phng, Trung tm thng mi, Cn h), a dng ha sn phm cung cp cho th trng, mt s d n ca Cng ty cng s nm trong phn khc trung cp ph hp hn vi c th th trng cng nh nhu cu v kh nng ti chnh ca khch hng.

TRIN vNG & K HoCH

TRoNG TNG LAI



MAJOR CHANGES IN THE yEAR (BIG INVESTMENTS, CHANGES IN BUSINESS STRATEGy, NEW PRODUCTS AND MARKETS, ETC.)

Though the year 2008 was an extremely difficult one for the global economy in general and Vietnam in particular, especially for businesses in real estate which are sensitive to market developments, Vincom Joint-stock Company was able to maintain its growth rate. Key milestones were the following:

Charter capital increased from VND 800 billion to nearly VND 1,200 billion;

A second corporate bond issuance to raise capital for key projects succeeded.

Officially commenced construction of two projects in Hanoi and Ho Chi Minh City at the same time. Specifically,

In April 2008: the Trade Center and high-class apartment building Vincom Park Place project in 114 Mai Hac De, Hanoi on HH1 land lot next to Vincom City Towers. With rapid construction progress since October 2008, the Company offered apartments in the building. Even under the context of the property market being seriously impacted by the economic slowdown, 60% of the units were sold after one month, indicating the attraction of and trust of customers in the Companys construction quality.

In June 2008: Area B, the Trade and Service Center Hotel Office High-class apartment building and underground parking area complex in Eden quadrangle and 66-68-70 Le Thanh Ton street, District 1 in Ho Chi Minh City.

Officially received the Investment Certificate and Construction Permit for a project containing a Trade Center Office High-class apartments located in No.4 Le Thanh Tong, Ngo Quyen District, Hai Phong.

July 2008: VIC was among 10 securities selected by Russell Investments for the Russell Global Index, an instrument utilized by many investors worldwide when developing their investment portfolios.

In September 2008, Vincom was selected as one of the Top 20 companies as ranked by the Credit Information Center (the State Bank of Vietnam) in collaboration with D&B (US).

The year 2008 has been marked as a year of promising results for Vincom:

Occupancy rate in Vincom City Towers in 191 Ba Trieu street in Hanoi remained at a high level (approximately 93.3% for both the Office and Trade Center areas)

New investments by the Company, its members and partners in projects in Hanoi and Ho Chi Minh City have progressed favorably with the necessary documentation being completed to obtain key licenses and permits to ensure construction can commence in 2009.

PROSPECT AND FUTURE PLAN (POTENTIAL AND TARGET MARKET)

Though there have been optimistic signals in early 2009, the economic situation globally and in Vietnam is still unpredictable. In light of market developments, the key task of the Company is to continue mobilizing all resources needed for implementing on-going projects in order to maximize economic efficiency. In addition to that, the challenging market conditions are also a favorable time for companies with strong internal resources to take advantage of the situation to emerge more powerful. With that spirit in mind, in 2009 the Company will embark immediately on new projects as soon as they are approved to take advantage of opportunities to achieve a dominant position in the market. Besides pursuing high-end property projects (Office, Trade Center and high-class apartments), the Company will also invest in projects catering to the mid-tier segment of the market to diversify its product base.

PROSPECT AND FUTURE PLAN


bo co ca ban gim c

Bo Co TNH HNH TI CHNH

KH NNG sINH LI, KH NNG THANH ToN

Cng ty c ngun thu t hot ng ch yu hin nay l kinh doanh cho thu vn phng, khu siu th, dch v vui chi, hot ng cho thu mt bng qung co v cc dch v khc lin quan n ta nh. Lng khch hng n nh v mt bng cho thu t khong 93% mang li ngun li nhun n nh hng nm cho Cng ty. v vy, kh nng sinh li t hot ng kinh doanh ca Cng ty n nh v bn vng, kh nng thanh ton cao.

NHNG CH TIU TI CHNH C BN Nm 2008

PHN TCH NHNG BIN NG (NHNG THAy I LN so vI D KIN v NGUyN NHN DN N BIN NG)

Trong nm 2008 hot ng kinh doanh ca cng ty kh n nh, khng pht sinh cc bin ng ln nh nm 2007.

GI TR s sCH TI THI Im 31/12 CA Nm Bo Co

Tng gi tr ti sn ca Cng ty theo s sch ti thi im 31/12/2008 l: 6.021.566.399.923 vND

TNG s C PHIU THEo TNG LoI (C PHIU THNG, C PHIU U I...)

Ton b c phiu ca Cng ty hin l c phiu thng

NHNG THAy I v vN C NG/ vN GP

u nm 2008, i hi ng c ng ca Cng ty biu quyt tng vn iu l ca Cng ty v n thng 4/2008, Cng ty hon thnh vic tng vn t 800.000.000.000 ng ln 1.199.831.560.000 ng thng qua vic cho bn cho c ng hin hu vi gi 10.000 ng/C phiu.

TT ch tiuv

tnhnm 2007

nm 2008

1 c cu ti sn

Ti sn di hn / Tng ti sn % 20.3% 60.9%

Ti sn ngn hn / Tng ti sn % 79.7% 39.1%

2 c cu ngun vn

N phi tr / Tng ngun vn % 31.4% 52.6%

Ngun vn ch s hu / Tng ngun vn % 57.9% 25.0%

Li ch ca c ng thiu s / Tng ngun vn % 2.8% 2.1%

3 Kh nng thanh ton

Kh nng thanh ton nhanh Ln 12.6 2.13

Kh nng thanh ton hin hnh Ln 12.69 2.19

4 T sut li nhun

Li nhun sau thu / Tng ti sn % 8.5% 2.1%

Li nhun sau thu / Doanh thu thun % 149.2% 52.7%

Li nhun sau thu / Ngun vn ch s hu % 14.6% 8.4%


REPORT OF THE BOARD OF MANAGEMENT

FINANCIAL STATEPROFITABILITy AND SOLVENCy The Companys main revenue source is from leasing office space, supermarket, recreation services, space for advertising and other services related to the Vincom City Towers building. With a strong tenant roster and an occupancy rate in the region of 93%, profits have been stable. Thus, the buildings profitability was sustainable and solvency was high.

Ref. Indicators Unit 2007 20081 Asset structure

Long-term assets/Total assets % 20.3% 60.9%

Short-term assets/Total assets % 79.7% 39.1%

2 Capital structure

Debt/Total Liabilities and Owners Equity % 31.4% 52.6%

Owners Equity/ Total capital % 57.9% 25.0%

Interest of minority shareholders/ Total capital % 2.8% 2.1%

3 Solvency

Quick solvency times 12.6 2.13

Current solvency times 12.69 2.19

4 Profitability

After-tax profit/ Total assets % 8.5% 2.1%

After-tax profit/ Net revenue % 149.2% 52.7%

After-tax profit/ Owners Equity % 14.6% 8.4%

CHANGE ANALySIS (big changes from expectation and reasons for changes)Business activities of the Company were fairly stable and there were no material changes as large as in 2007.

Book value as of 31 December of the reporting year Total assets of the Company in book value as of 31 December 2008 were VND 6.021.566.399.923Changes in shareholders capital/paid-in capitalIn early 2008, the General Meeting of Shareholders voted on raising the charter capital of the Company and in April, it completed raising charter capital from VND 800 billion to VND 1,199,831,560,000 through shares offered to existing shareholders at VND 10,000 each.

Total amount of shares by types (ordinary share, preferential share, etc.)All the shares issued by the Company are ordinary.

Total amount of bonds issued by type (convertible bond, unconvertible bond, etc.)Bonds issued in October 2007: total amount issued: VND 1,000 billion, 5 years tenor unconvertible bonds face value is VND 1 billion.Bonds issued in May 2008: total amount issued: VND 2,000 billion, 5 years tenor unconvertible bonds face value is VND 1 billion.

Number of shares in circulation by types: The number of shares in circulation is 119,983,156 ordinary shares

The number of shares reserved and treasure shares by types (if there are)The Company bought 7,899,995 VIC shares for treasury stock for the first time from 1 April to 18 July 2008. By October 2008, using surplus capital and profit from business activities from 2007, it registered to redeem 4,098,320 VIC shares. By 31 December 2008, the Company bought 2,755,520 shares.

Basic earnings per share (EPS)EPS at 31 December 2008 was VND 1,091 per share.

MAJOR FINANCIAL INDICATORS IN 2008


TNG s TRI PHIU ANG LU HNH THEo TNG LoI (TRI PHIU C TH CHUyN I, TRI PHIU

KHNG TH CHUyN I...)

Tri phiu pht hnh ln 2 thng 05/2008: s lng pht hnh l 2.000 t thi hn 5 nm - loi tri phiu khng chuyn i vi mnh gi 1.000.000.000 vND.

s LNG C PHIU ANG LU HNH THEo TNG LoI

s lng c phiu ang lu hnh l 119.983.156 c phiu ph thng.

LI C BN TRN mT C PHIU

Li c bn trn mt c phiu ti thi im 31/12/2008 l: 1.091

vND/c phiu.

s LNG C PHIU D TR, C PHIU QU THEo

TNG LoI (NU C)Cng ty hon tt vic mua 7.899.995 c phiu vIC lm c phiu Qu t 1 t ngy 01/04/2008 n ngy 18/07/2008. n thng 10/2008, Cng ty c phn vincom li tip tc s dng ngun thng d vn tnh n thi im 31/12/2007 v li nhun thu c t hot ng kinh doanh ca nm 2007 thc hin vic ng k mua li 4.098.320 c phiu vIC n thi im 31/12/2008 Cng ty mua c 2.755.520 c phiu vIC.

Bo Co KT QU HoT NG sN XUT KINH DoANH Nm 2008 cng nh cc doanh nghip khc, vincom phi i mt vi rt nhiu kh khn do cuc khng hong ti chnh kinh t ton cu song bng nhng n lc khng ngng ca tp th lnh o v cn b cng nhn vin, vincom vt qua nhng kh khn, c bn hon thnh cc ch tiu v kinh doanh v u t ra. Trong nm 2008, doanh thu kinh doanh t 239 t ng, doanh thu t cc hot ng ti chnh t 413 t ng, li nhun sau thu t 125 t ng, tng s np ngn sch nh nc l 39 t ng.

vi th mnh v kinh doanh Bt ng sn, bn cnh vic khai thc ti a hiu sut s dng ca cc Bt ng sn hin c, cng ty hng ti vic tp trung mi ngun lc thc hin cc d n Bt ng sn mi nh d n vincom Park Place ti H Ni, d n Eden ti TP. H Ch minh,... v tip tc n lc chun b thc hin cc d n trng im khc, n u khi th trng phc hi s gip cho Cng ty c nhng bc pht trin mnh m trong lnh vc bt ng sn cao cp ti vit Nam.

NHNG TIN B CNG Ty T C NHNG CI TIN v C CU T CHC, CHNH sCH, QUN L

Nm 2008, nhm p ng nhu cu trin khai cc d n bt ng sn trng im ti th trng pha Nam, vincom thc hin kin ton Chi nhnh vincom ti TP. H Ch minh, thu ht thm nhiu nhn lc c trnh chuyn mn cao tin hnh hoch nh v thc hin cc d n u t bt ng sn ti cc khu th mi nm trong quy hoch xy dng v pht trin cc khu th hin i ca UBND TP. H Ch minh. song song vi vic kin ton v y mnh cc hot ng kinh doanh ca Chi nhnh ti TP. H Ch minh, vincom cn tp trung vo vic nng cp v cung cp thm nhiu loi hnh dch v ti Trung tm thng mi vincom City Towers ti H Ni im n khng th b qua ca hng chc ngn lt khch tham quan trong v ngoi nc.

Tnh n cui nm 2008, tng s nhn vin ca Cng ty c phn vincom l 367 ngi. C n 35.1% nhn vin vincom c trnh i hc v sau i hc, c tuyn chn v o to cn bn trong v ngoi nc. Trong nm 2008, p ng nhu cu hot ng, kinh doanh v pht trin mnh m ca Cng ty, cc kha o to nh: Xy dng v qun l h thng i ng, ph bin v trao i v Thu thu nhp c nhn v nhng vn doanh nghip cn trin khai thc hin; Ngh thut qun l v lnh o; An ton v sinh lao ng; K nng t duy gii quyt vn v k nng thuyt trnh hiu qu; K nng lp bo co k ton hp nht c t chc thng xuyn cho cn b nhn vin. 100% cn b nhn vin Cng ty c tham gia hun luyn o to ti ch nhm nng cao kin thc v k nng chuyn mn hon thnh tt cng vic.

Nm 2008, vi chnh sch u vit v y mnh ngun nhn lc, vincom ci tin cc quy ch qun l v chnh sch lng, thng, phc li. Ban Gim c quan tm st sao n i sng vt cht, tinh thn ca cn b nhn vin, coi trng vic y mnh t chc cc hot ng tp th nhm to sc mnh on kt

v khng nh vn ha doanh nghip ca vincom. Ti vincom, ngi lao ng thc s cm nhn c tinh thn lm vic nng ng, hiu qu trong bu khng kh vui ti v lnh mnh, nhn vin thc s ghi nhn v nh gi cao mi quan tm ca Ban Lnh o Cng ty trong vic to ng lc pht huy ti a tnh hiu qu, sng to trong cng vic ca ngi lao ng, gp phn xy dng nt vn ha vincom. y l mt thnh cng ng k trong nm 2008.

i i vi vic u t vo yu t con ngi, vincom tip tc u t v nng cp h thng cng ngh thng tin. Ngoi cc phn mm ng dng cho hot ng qun l, Cng ty tip tc trin khai cc module v qun tr kinh doanh, ti chnh v nhn s.

Bn cnh , Cng ty c phn vincom khng nh c v tr l mt thng hiu mnh trong v ngoi nc. vincom vinh d n nhn Gii thng sao vng t vit 2008, Gii thng Thng hiu mnh vit Nam nm 2008, Gii thng Tinh hoa vit Nam, Ngi sao vit Nam v Qu cu vng nm 2008 c bit, B mai Hng Ni Tng Gim c Cng ty vinh d nhn c Gii thng Top 10 Doanh nhn tiu biu nm 2008.

bo co ca ban gim cBo Co TI CHNH


BUSINESS PERFORMANCE

Like other businesses, in 2008 Vincom had to face with various difficulties brought about by the global financial crisis. yet, with continuous endeavors from its management and staff, it has been able to overcome those difficulties and basically fulfilled its set targets. In 2008, revenue from main business activities was VND239 billion, that from financial activities reached VND413 billion, after-tax profit was VND125 billion and total taxes and other amounts paid to the State were VND 39 billion.With its advantage in property development business, besides maximizing utilization efficiency of the existing real estate, the Company concentrates its resources on implementing new property development projects such as the Vincom Park Place in Hanoi, the Eden Trade Center in Hochiminh city, etc. It will continue its efforts to prepare for other key projects with the aim to push its growth in the high-end property market in Vietnam once the market recovers.

PROGRESSES ACHIEVED a. Improvements in organizational structure, policies and managementIn 2008, to meet the need for implementing key property development projects in the South, Vincom reorganised the structure of its branch office in Ho Chi Minh City, absorbing highly qualified human resources to carry out planning and implementing property development projects in new urban quarters that are defined in the master plan for construction and development of modern urban quarters prepared by the Ho Chi Minh City Peoples Committee. Furthermore, it focused on upgrading and providing a broad variety of services at the trade center in Vincom City Towers, a popular destination for both local and foreign visitors.By the end of 2008, the Company had 367 employees. As many as 35.1% of personnel have graduate and post-graduate degrees who have been carefully recruited and trained in both local and foreign universities. To meet the increasing business needs of the Company in 2008, training programs were provided on a regular basis to employees in areas such as developing and managing compensation systems, dialogue and strategies for how businesses can address Personal Income Tax, leadership and management skills, work safety and security, critical thinking skills to problem solving and effective presentations, and how to prepare consolidated accounting reports. 100% of staff participated in the training programs to improve their skills and technical expertise, which are necessary for employees to effectively complete their work.With its superior policies in human resource development, Vincom improved regulations on wage, bonus and benefits in 2008. The Board of Management paid close attention to material and spiritual life of the staff and placed an emphasis on collective activities to strengthen union and corporate culture in the Company. Employees really have and sense a dynamic and efficient working morale in a healthy and jubilant environment. They truly recognize and highly appreciate the care taken by the Companys leadership in creating motivation among staff so as to maximize their creativeness and performance, contributing to the building of a corporate cultural identity for Vincom.Along with its investment in people, Vincom continues to make investments in and upgrade its information technology system. Besides management applications, it is deploying modules on business administration, finance and human resources.Moreover, Vincom has affirmed itself as a strong brand name in both local and international markets. It has had the honor of being awarded the Vietnams Golden Star Award, Vietnams Leading Brands 2008, Vietnam Elite Award, Vietnam Star, and Golden Globe 2008. Particularly, Ms. Mai Huong Noi General Director of the Company - was honored to receive the prize of being one the Top 10 most outstanding businesspeople in 2008.

REPORT OF THE BOARD OF MANAGEMENTFINANCIAL REPORT


CC BIN PHP KIm soT Cc hot ng ca Cng ty c m bo an ton, tun th theo ng php lut, trin khai thc hin theo ng cc Ngh quyt ca i hi ng C ng v HQT, to tin cho vic pht trin bn vng. lm c vic ny, ngoi vic m rng v pht trin cc mt hot ng kinh doanh, duy tr tc tng trng v ti chnh, quy m, lnh vc kinh doanh th qun tr ri ro l mt trong nhng ni dung quan trng c tp trung qun trit t HQT, Ban Kim sot, Ban Tng Gim c n tng phng ban nghip v.

nng cao cht lng cng tc qun tr ri ro, Ban Lnh o Cng ty ch ng trin khai ng thi vic chun ho cc quy trnh, quy ch qun tr vi vic tng cng kim tra, gim st vic thc thi cc quy trnh quy ch ny trong cc mt hot ng ca Cng ty. Hot ng ca Ban Kim sot, HQT, b phn Php ch ca Cng ty c tng cng nhm pht huy vai tr quan trng trong vic gim st hot ng ca Cng ty, kp thi pht hin v khc phc cc im yu, to cho vic pht trin bn vng, m bo cn i hi ho li ch ca Cng ty, Nh nc, ca c ng v i tc, bn hng cng nh quyn li ca ngi lao ng.

Trong nm qua, Cng ty xy dng ng gp v hon thin quy ch qun tr Cng ty theo hng dn ca y ban Chng khon nh nc (UBCK). Trong tng lnh vc hot ng nghip v (k ton, qun l bt ng sn, u t d n, qun l nhn s, gim

st ti chnh...) quy trnh lm vic tng bc c hon thin, vic phn nh r trch nhim ca tng b phn/ c nhn c Cng ty nh gi l mt trong nhng nhim v quan trng v c trin khai u khp.

vic kim tra nh k, t xut c Ban Lnh o, cn b ph trch cc b phn, Cng ty trc thuc tin hnh nghim tc nn khng xy ra thit hi v mt vt cht, sai phm trong cng tc, hn ch n mc thp nht vic lng ph, cng nh cc ri ro tc nghip. vincom hot ng trong lnh vc u t, qun l Bt ng sn v trin khai cc d n mi vi tng doanh thu ln ti hng trm t, thng qua vic trc tip qun l mt Trung tm thng mi v vn phng cho thu c quy m ln nht H Ni, cc b phn chc nng ca Cng ty hon thnh tt c nhim v ra vi kt qu nm sau cao hn nm trc. C c kt qu , bn cnh s n lc ca tng c nhn cng c s tc ng tch cc ca cng tc kim sot ni b.

Trong thi gian qua, bn cnh vic khai thc v s dng c hiu qu cm cng trnh vincom City Towers, Cng ty cn hon tt th tc v chun b trin khai nhiu d n mi vi quy m v tnh cht phc tp hn (nh d n ti Qun 1, Thnh ph HCm v cc d n khc) bi vy vic nng cao cht lng cng tc kim sot ni b, gim st ti chnh, l mt yu cu cp thit do thc tin i hi v cn phi c qun trit v y mnh hn na.

K HoCH PHT TRIN TRoNG TNG LAIcng ty c phn vincom tip tc n lc tr thnh mt trong nhng tp on kinh doanh bS hng u ca vit nam vi tiu ch: Tc - Sng TO - hiu Qu t c mc tiu ny, nhim v trng tm ca cng ty trong giai on ny l n lc trin khai ng tin ra ca cc d n c ph duyt ti Tp. hcm v h ni, song song vi vic tm hiu th trng u t vo cc lnh vc mi.

vi hng pht trin bn vng, vincom cng s tip tc ng gp cho cc hot ng x hi, nhn o... nhm gp phn xy dng t nc vit nam: nng ng, hin i & phT Trin.

Bo Co TI CHNHCc bo co ti chnh c kim ton theo qui nh ca Php lut v K ton Xin vui lng xem bng biu chi tit cc trang 44, 45, 46, 47, 48, 49.

BN GII TRNH Bo Co TI CHNH v Bo Co KIm ToNKIm ToN C LPn v thc hin kim ton c lp: chi nhnh cng ty Tnhh Ernst & young

KIN KIm ToN C LP: Theo kin ca chng ti, cc bo co ti chnh hp nht phn nh trung thc v hp l tnh hnh ti chnh ca Cng ty vo ngy 31 thng 12 nm 2008, kt qu hot ng kinh doanh v tnh hnh lu chuyn tin t cho nm ti chnh kt thc cng ngy ph hp vi cc Chun mc K ton v H thng K ton Vit Nam v tun th cc quy nh c lin quan.

cc nhn xt c bit (th qun l) khng c.

KIm ToN NI B

KIN KIm ToN NI B cc nhn xt c bit - khng c.

bo co ca ban gim cBo Co TI CHNH


Safety is ensured for every Companys activity which is conducted in accordance with Resolutions of the General Meeting of Shareholders and the Board of Directors. Law compliance is respected. All of these lay a good foundation for sustainable development. To this end, in addition to expansion of business activities in all aspects, maintaining growth rates in finance, scale and business lines, risk management is a vital focus of the Company which is well communicated from the Board of Directors, the Inspection Committee, and the Board of Management to all functional divisions and units.

To improve risk management quality, the Companys leadership has pro-actively standardised management procedures and regulations in parallel with enhanced oversight and inspection over implementation of these procedures and regulations in day-to-day operations. The important oversight role of the Inspection Committee, the Board of Management and Legal Division has been strengthened to identify on a timely basis and correct weaknesses, creating an engine for sustainable growth, ensuring balanced interests among the Company, State, shareholders, partners as well as employees.

Over the last year, the Company has accomplished Corporate Management rules under the guidance of the State Securities Commission (SSC). In every aspect of its business operation (accounting, property management, project investment, human resource management, financial supervision, etc.), work process has been gradually completed which helps to define

clearly responsibilities of each division/unit and individual. This is considered as an important task and has been done throughout the Company.

Periodical and contingent inspections are conducted by the leadership, officers in charge of functional divisions and dependent units in a strict manner so material losses, misconduct at work, waste and operational risks are minimised. The Company operates in property investment and management. It runs new projects whose total revenue amounts to hundreds of billion Vietnamese Dong. Through direct management of a Trade Center and Office building whose size is among the biggest in Hanoi, functional divisions in the Company have effectively fulfilled their assigned tasks that performance in the subsequent years is always better than previous years. This is the result of not only efforts made by every individual, but also positive contributions from internal inspections.

In addition to efficient exploitation and use of Vincom City Towers over the past few years, the Company has completed procedures and commenced many new projects of larger size and increased complexity (examples include the project in District 1 in Ho Chi Minh City and many others). Therefore, improving the quality of internal inspection and financial oversight is a pressing requirement that is driven by practical reality.

REPORT OF THE BOARD OF MANAGEMENTFINANCIAL REPORT

INSPECTION/AUDIT MEASURES

PLAN FOR FUTURE DEVELOPMENTVincom Joint-stock Company continues its endeavor to become one of Vietnams leading property group with a slogan: SPEED CREATIVENESS EFFICIENCY. To do so, its key task for the time being is to keep progress of on-going projects up to date that have been approved in Hanoi and Ho Chi Minh City while also looking for opportunities to expand into new lines of business.

For sustainable development, Vincom will continue to contribute to social and humane activities to help build the country of Vietnam: DYNAMIC, MODERN AND DEVELOPED.

EXPLANATION TO FINANCIAL STATEMENTS & AUDIT REPORTINDEPENDENT AUDITINGIndependent auditor: Ernst & young Ltd.,

Opinion of the independent auditing firm In our opinion, consolidated financial statements have reflected honestly and accurately the financial state of the Company by 31 December 2008, business performance and cashflow for the financial year ended on the same day are in alignment with Vietnams Accounting Standard and System and comply with related regulations.

Critical remarks (management letter) - none.

INTERNAL AUDITOpinion of internal audit

Critical remarks - none

FINANCIAL STATEMENTSFinancial statements have been audited in alignment with legal regulations on Accounting

Please see the details in pages 50, 51, 52, 53, 54, 55.


Bo Co TI CHNH

BNG CN I K ToN HP NHT TI NGy 31/12/2008

m s Ti Sn Thuyt minh S cui nm S u nm

100 A. TI sN NGN HN 2.373.803.866.870 2.534.874.317.399

110 I. TIN 6 26.847.972.877 497.490.168.093

111 1. Tin mt 496.268.403 987.572,339

112 2. Tin mt ti ngn hng 26.351.704.474 496.502.595.754

120 II. CC KHoN U T TI CHNH NGN HN 1.630.484.681.839 1.749.776.649.600

121 1. u t ti chnh ngn hn 14.1 1.646.607.967.589 1.749.776.649.600

129 2. D phng gim gi u t ti chnh ngn hn 14.1 (16.123.285.750) -

130 III. CC KHoN PHI THU NGN HN 489.253.962.382 281.477.358.117

131 1. Phi thu khch hng 6.775.778.447 2.625.287.470

132 2. Tr trc cho ngi bn 122.754.931.703 22.414.277.558

133 3. Phi thu t cc bn lin quan 31 118.513.109.043 16.706.017.994

135 4. Cc khon phi thu khc 7 241.210.143.189 239.731.775.095

140 Iv. HNG TN KHo 8 25.179.877.914 135.595.299

141 1. Hng tn kho 25.179.877.914 135.595.299

149 2. D phng gim gi hng tn kho - -

150 v. TI sN NGN HN KHC 202.037.371.858 5.994.546.290

151 1. Chi ph tr trc ngn hn 8.913.015.589 1.555.364.209

152 2. Thu Gi tr Gia tng c khu tr 32.827.451.241 213.494.065

154 3. Cc khon phi thu t Nh nc - 4.620.000

158 4. Ti sn ngn hn khc 9 160.296.905.028 4.221.068.016

m s Ti Sn Thuyt minh S cui nm S u nm

200 B. TI sN DI HN 3.647.762.533.053 644.949.437.277

220 I. Ti sn c nh 2.257.962.229.768 116.442.069.679

221 1. Ti sn c nh hu hnh 10 27.301.430.368 12.387.535.504

222 Nguyn gi 37.353.336.482 19.426.183.330

223 Gi tr hao mn ly k (10.051.906.114) (7.038.647.826)

227 2. Ti sn c nh v hnh 11 99.139.107.317 217.396.443

228 Nguyn gi 100.007.328.061 326.099.071

229 Gi tr hao mn ly k (868.220.744) (108.702.628)

230 3. Chi ph xy dng c bn d dang 12 2.131.521.692.083 103.837.137.732

240 II. BT NG sN U T 13 245.262.979.141 258.673.827.910

241 1. Nguyn gi 298.443.641.529 298.265.805.682

242 2. Gi tr hao mn ly k (53.180.662.388) (39.591.977.772)

250 III.CC KHoN U T TI CHNH DI HN 14.2 937.968.786.262 76.511.288.000

251 1. u t vo cng ty con 150.000.000 130.000.000

252 2. u t vo cc cng ty lin doanh, lin kt 700.917.786.262 -

258 3. u t di hn khc 236.901.000.000 76.381.288.000

260 Iv. TI sN DI HN KHC 206.568.537.882 193.322.251.688

261 1. Chi ph tr trc di hn 15 171.529.401.566 24.711.139.688

268 2. Ti sn di hn khc 16 35.039.136.316 168.611.112.000

270 TNG CNG TI sN 6.021.566.399.923 3.179.823.754.676

n v tnh: VN


m s ngun vn Thuyt minh S cui nm S u nm

300 A. N PHI TR 4.399.063.295.606 1.246.686.428.991

310 I. N NGN HN 1.102.096.340.176 199.769.014.557

312 1. vay ngn hn 17 622.000.000.000 -

312 2. Phi tr ngi bn 60.547.572.489 1.065.476.070

313 3. Ngi mua tr tin trc 766.170.861 851.445.893

314 4. Thu v cc khon phi np Nh nc 18 10.190.514.801 58.183.461.558

315 5. Phi tr ngi lao ng 3.507.420.908 2.064.719.027

316 6. Chi ph phi tr 19 275.269.261.793 24.401.466.293

317 7. Phi tr cc bn lin quan 31 433.028.602 -

319 8. Cc khon phi tr, phi np ngn hn khc 20 129.382.370.722 113.202.445.716

330 II. N DI HN 3.296.966.955.430 1.046.917.414.434

333 1. Phi tr di hn khc 21 129.327.480.430 46.241.772.470

334 2. vay di hn khc 22 3.165.800.000.000 1.000.000.000.000

336 3. D phng tr cp mt vic lm 1.839.475.000 675.641.964

400 B. vN CH s HU 1.622.503.104.317 1.933.137.325.685

410 I. vN CH s HU 23.1 1.497.934.279.555 1.842.705.052.935

411 1. vn iu l gp 23.1 1.199.831.560.000 800.000.000.000

412 2. Thng d vn 23.1 773.354.590.000 773.354.590.000

420 3. C phiu qu 23.3 (869.327.434.323) -

420 4. vn b sung t li nhun 23.1 4.165.459 -

420 5. Qu d phng ti chnh 23.1 4.165.459 -

420 6. Li nhun sau thu cha phn phi 23.1 394.067.232.960 269.350.462.935

420 II. LI CH CA C NG THIU s 23.1,34 124.568.824.762 90.432.272.750

440 TNG CNG NGUN vN 6.021.566.399.923 3.179.823.754.676

Bo Co TI CHNH

BNG CN I K ToN HP NHT TI NGy 31/12/2008

Bo Co KT QU KINH DoANH HP NHTCho nm ti chnh kt thc ngy 31/12/2008

s CUI Nm s U Nm

ngoi t cc loi ( la m) 3.356 38.493

CC CH TIU NGoI BNG CN I K ToN

m s ch Tiu Thuyt minh nm nay nm Trc

01 1. Doanh thu bn hng v cung cp dch v 24.1 239.180.299.742 180.242.544.074

03 2. Cc khon gim tr doanh thu 24.1 - (47.309.090)

10 3. Doanh thu thun v bn hng v cung cp dch v 24.1 239.180.299.742 180.195.234.984

11 4. Gi vn hng bn v cung cp dch v 26 (60.710.735.035) (52.133.045.589)

20 5. Li nhun gp v bn hng v cung cp dch v 178.469.564.707 128.062.189.395

21 6. Doanh thu hot ng ti chnh 24.2 413.039.174.035 262.312.749.373

22 7. Chi ph ti chnh 27 (316.016.721.330) (22.192.129.646)

23 Trong : Chi ph li vay (279.310.334.841) (21.211.308.,650)

24 8. Chi ph bn hng (13.423.575.248) (13.482.819.793)

25 9. Chi ph qun l doanh nghip (120.526.070.670) (30.075.537.578)

30 10. Li nhun thun t hot ng kinh doanh 141.542.371.494 324.624.451.751

31 11. Thu nhp khc 28 23.605.330.736 8.706.882.341

32 12. Chi ph khc 28 (10.181.673.183) (109.215.753)

40 13. Li nhun khc 13.423.657.553 8.597.666.588

50 14. Phn li nhun trong cng ty lin kt 25 1.802.295.649 -

60 16. Tng li nhun k ton trc thu 156.768.324.696 333.222.118.339

70 17. Chi ph thu TNDN hin hnh 30.1 (30.773.535.251) (64.425.416.671)

80 18. Li nhun sau thu TNDN 125.994.789.445 268.796.701.668

80.1 19. Li ch c ng thiu s 34 (1.269.688.502) 553.761.267

80.2 20. Li sau thu ca c ng ca Cng ty m 124.725.100.943 269.350.462.935

21. Li c bn trn mt c phiu 32 1.091 2.940

n v tnh: VN


n v tnh: VN


I. LU CHUyN TIN T HoT NG KINH DoANH

01 Li nhun trc thu 156.768.324.696 333.222.118.339

iu chnh cho cc khon:

02 Khu hao v khu tr 10,11, 13 20.397.461.421 16.722.298.837

03 D phng gim gi u t ti chnh 14.1 16.123.285.750 -

04 Li thanh l ti sn c nh 28 (16.147.445.119) -

05 L chnh lch t gi cha thc hin 24.2, 27 1.489.440.540 -

06Li t thanh l cc khon u t vo c phiu ca cc n v khc

24.2 (48.098.846.707) (212.282.139.045)

07 Phn li nhun trong cng ty lin kt 25 (1.802.295.649) -

08 Chi ph li vay 27 279.310.334.841 21.211.308.650

09 Thu nhp li vay v li tin gi 24.2 (364.842.883.240) (48.934.404.113)

10 Phn b li th thng mi 13.998.382.755 117.696.598

11Li nhun t hot ng kinh doanh trc thay i vn lu ng

57.195.759.288 110.056.879.266

12 (Tng)/gim cc khon phi thu (89.263.495.221) 1.600.260.840

13 Tng hng tn kho (25.044.282.615) (56.214.815)

14 Tng cc khon phi tr 309.615.032.273 13.492.664.778

15 Tng chi ph tr trc (34.602.320.329) (14.047.688.647)

16 Chi ph li vay tr (11.419.905.354) -

16 Thu thu nhp doanh nghip np 30.1 (79.391.570.936) (7.297.500.000)

17 Tin thu khc t hot ng kinh doanh - 313.746.133

18 Tin chi khc cho hot ng kinh doanh (188.685.174.187) -

20Lu chuyn tin thun t (s dng vo) hot ng kinh doanh

(61.595.957.081) 104.062.147.555


II. LU CHUyN TIN T HoT NG U T

21 Tin chi mua sm, xy dng ti sn c nh (2.150.359.327.624) (109.650.463.387)

22Tin thu do nhng bn cc khon u t vo n v khc

- 231.689.213.760

23 Tin thu do nhng bn ti sn c nh 18.000.000.000 -

24 Tin cho vay cc bn c lin quan (3.607.495.681.922) (1.390.416.782.600)

25 Tin thu t hot ng cho vay cc bn c lin quan 3.655.889.963.933 (332.710.400.000)

26 Tin chi mua c phn ca cc cng ty khc (602.934.403.894) (49.105.455.000)

27 Tin chi mua cc cng ty con, tr i tin thu v - (2.386.865.008)

28 Tin thu li cho vay 246.329.774.197 48.934.404.113

29 Tin chi t cc di hn cho mc ch u t (153.000.000.000) (168.611.112.000)

30Lu chuyn tin thun s dng vo hot ng u t

(2.593.569.675.310) (1.772.257.460.122)

III. LU CHUyN TIN T HoT NG TI CHNH

31 Tin thu t pht hnh c phiu ph thng 23.1 399.831.560.000 1.259.854.590.000

32 Tin chi mua c phiu qu 23.3 (869.327.434.323) -

33 Tin thu t pht hnh tri phiu v i vay 2.622.000.000.000 1.048.117.000.000

34 Tr n vay - (48.117.000.000)

35 Gp vn ca cc c ng thiu s 32.019.311.498 90.451.000.000

36 C tc, li nhun tr cho c ng - (281.021.424.294)

40 Lu chuyn tin thun t hot ng ti chnh 2.184.523.437.175 2.069.284.165.706

50 Lu chuyn tin thun trong nm (470.642.195.216) 401.088.853.139

60 Tin u nm 497.490.168.093 96.401.314.954

61nh hng ca thay i t gi hi oi quy i ngoi t - -

70 Tin cui nm 6 26.847.972.877 497.490.168.093

Bo Co TI CHNH

Bo Co LU CHUyN TIN T HP NHTCho nm ti chnh kt thc ngy 31/12/2008


CODE ASSETS NOTES ENDING BALANCE BEGINNING BALANCE

100 A. CURRENT ASSETS 2,373,803,866,870 2,534,874,317,399

110 I. Cash 6 26,847,972,877 497,490,168,093

111 1. Cash on hand 496,268,403 987,572,339

112 2. Cash at banks 26,351,704,474 496,502,595,754

120 II. Short-term investments 1,630,484,681,839 1,749,776,649,600

121 1.Short-term investments 14.1 1,646,607,967,589 1,749,776,649,600

129 2. Provision for short-term investments 14.1 (16,123,285,750) -

130 III. Current receivables 489,253,962,382 281,477,358,117

131 1. Trade receivables 6,775,778,447 2,625,287,470

132 2. Advances to suppliers 122,754,931,703 22,414,277,558

133 3. Receivables from related parties 31 118,513,109,043 16,706,017,994

135 4. Other receivables 7 241,210,143,189 239,731,775,095

140 IV. Inventories 8 25,179,877,914 135,595,299

141 1. Inventories 25,179,877,914 135,595,299

149 2. Provision for obsolete inventories - -

150 V. Other current assets 202,037,371,858 5,994,546,290

151 1.Short-term prepaid expenses 8,913,015,589 1,555,364,209

152 2. Value added tax deductibles 32,827,451,241 213,494,065

154 3. Tax and other receivable from state - 4,620,000

158 4. Other current assets 9 160,296,905,028 4,221,068,016

CODE ASSETS NOTES ENDING BALANCE BEGINNING BALANCE

200 B. NON-CURRENT ASSETS 3,647,762,533,053 644,949,437,277

220 I. Fixed assets 2,257,962,229,768 116,442,069,679

221 1. Tangible fixed assets 10 27,301,430,368 12,387,535,504

222 Cost 37,353,336,482 19,426,183,330

223 Accumulated depreciation (10,051,906,114) (7,038,647,826)

227 2. Intangible fixed assets 11 99,139,107,317 217,396,443

228 Cost 100,007,328,061 326,099,071

229 Accumulated amortisation (868,220,744) (108,702,628)

230 3. Construction in progress 12 2,131,521,692,083 103,837,137,732

240 II. Investment properties 13 245,262,979,141 258,673,827,910

241 1. Cost 298,443,641,529 298,265,805,682

242 2. Accumulated depreciation (53,180,662,388) (39,591,977,772)

250 III. Long-term investments 14.2 937,968,786,262 76,511,288,000

251 1. Investments in subsidiary 150,000,000 130,000,000

252 2. Investments in associates, jointly controlled entities 700,917,786,262 -

258 3. Other long-term investments 236,901,000,000 76,381,288,000

260 IV. Other long-term assets 206,568,537,882 193,322,251,688

261 1. Long-term prepaid expenses 15 171,529,401,566 24,711,139,688

268 2. Other long-term assets 16 35,039,136,316 168,611,112,000

270 TOTAL ASSETS 6,021,566,399,923 3,179,823,754,676

FINANCIAL REPORT

CONSOLIDATED BALANCE SHEETas at 31 December 2008

Unit: VND


FINANCIAL REPORT

CONSOLIDATED BALANCE SHEETas at 31 December 2008

CODE RESOURCES NOTES ENDING BALANCEBEGINNING BALANCE

300 A. LIABILITIES 4,399,063,295,606 1,246,686,428,991

310 I. Current liabilities 1,102,096,340,176 199,769,014,557

312 1. Short-term loans 17 622,000,000,000 -

2. Trade payables 60,547,572,489 1,065,476,070

313 3. Advances from customers 766,170,861 851,445,893

314 4. Statutory obligations 18 10,190,514,801 58,183,461,558

315 5. Payables to employees 3,507,420,908 2,064,719,027

316 6. Accrued expenses 19 275,269,261,793 24,401,466,293

317 7. Payables to related parties 433,028,602

319 8. Other payables 20 129,382,370,722 113,202,445,716

330 II. Non-current liabilities 3,296,966,955,430 1,046,917,414,434

333 1. Other long-term liabilities 21 129,327,480,430 46,241,772,470

334 2. Long-term loans 22 3,165,800,000,000 1,000,000,000,000

336 3. Provision for severance allowance 1,839,475,000 675,641,964

400 B. OWNERS EQUITy 1,622,503,104,317 1,933,137,325,685

410 I. Capital 23.1 1,497,934,279,555 1,842,705,052,935

411 1. Contributed chartered capital 23.1 1,199,831,560,000 800,000,000,000

412 2. Share premium 23.1 773,354,590,000 773,354,590,000

420 3. Treasury shares 23.3 (869,327,434,323) -

420 4. Supplementary capital reserve fund 23.1 4,165,459 -

420 5. Financial reserve fund 23.1 4,165,459 -

420 6. Undistributed earnings 23.1 394,067,232,960 269,350,462,935

420 II. Minority interest 23.1,34 124,568,824,762 90,432,272,750

440 TOTAL LIABILITIES AND OWNERS EQUITy 6,021,566,399,923 3,179,823,754,676

ITEMS Ending balance Beginning balance

Foreign currencies (US$) 3.356 38.493

OFF BALANCE SHEET ITEMS

CODE ITEMS NOTES CURRENT yEAR PREVIOUS yEAR

01 1. Revenue from sale of goods and rendering of services 24.1 239,180,299,742 180,242,544,074

02 2. Deductions 24.1 - (47,309,090)

10 3. Net revenue from sale of goods and rendering of services 24.1 239,180,299,742 180,195,234,984

11 4. Costs of goods sold and services rendered 26 (60,710,735,035) (52,133,045,589)

20 5. Gross profit from sale of goods and rendering of services 178,469,564,707 128,062,189,395

21 6. Income from financial activities 24.2 413,039,174,035 262,312,749,373

22 7. Expenses from financial activities 27 (316,016,721,330) (22,192,129,646)

23 - In which: Interest expenses (279,310,334,841) (21,211,308,650)

24 8. Selling expenses (13,423,575,248) (13,482,819,793)

25 9. General and administrative expenses (120,526,070,670) (30,075,537,578)

30 10. Operating profit 141,542,371,494 324,624,451,751

31 11. Other income 28 23,605,330,736 8,706,882,341

32 12. Other expenses 28 (10,181,673,183) (109,215,753)

40 13. Other profit 13,423,657,553 8,597,666,588

50 14. Share in profits of associates 25 1,802,295,649 -

60 16. Net profit before tax 156,768,324,696 333,222,118,339

70 17. Current corporate income tax expense 30.1 (30,773,535,251) (64,425,416,671)

80 18. Net profit after tax 125,994,789,445 268,796,701,668

80.1 19. Minority interest 34 (1,269,688,502) 553,761,267

80.2 18. Profit after tax attributable to the shareholders of the Company 124,725,100,943 269,350,462,935

21. Basis earnings per share 32 1,091 2,940

CONSOLIDATED INCOME STATEMENTfor the year ended 31 December 2008Unit: VND


FINANCIAL REPORT

CODE ITEMS NOTES CURRENT yEAR PREVIOUS yEAR

I. CASH FLOWS FROM OPERATING ACTIVITIES

01 Net profit before tax 156,768,324,696 333,222,118,339

Adjustments for:

02 Depreciation and amortisation 10,11, 13 20,397,461,421 16,722,298,837

03 Provision for decline in value of investments 14.1 16,123,285,750 -

04 Gain on disposal of fixed assets 28 (16,147,445,119) -

05 Unrealised foreign exchange losses 24.2,27 1,489,440,540 -

06 Gain from disposal of equity investments in other entities 24.2 (48,098,846,707) (212,282,139,045)

07 Share of profit in associates 25 (1,802,295,649) -

08 Interest expenses 27 279,310,334,841 21,211,308,650

09 Interest income 24.2 (364,842,883,240) (48,934,404,113)

10 Goodwill amortization 13,998,382,755 117,696,598

11 Operating income before changes in working capital 57,195,759,288 110,056,879,266

12 (Increase)/decrease in receivables (89,263,495,221) 1,600,260,840

13 Increase in inventories (25,044,282,615) (56,214,815)

14 Increase in payables 309,615,032,273 13,492,664,778

15 Increase in prepaid expenses (34,602,320,329) (14,047,688,647)

16 Interest paid (11,419,905,354) -

16 Enterprise income tax paid 30.1 (79,391,570,936) (7,297,500,000)

17 Other cash inflows from operating activities - 313,746,133

18 Other cash outflows from operating activities (188,685,174,187) -

20 Net cash flows (used in) from operating activities (61,595,957,081) 104,062,147,555

II. CASH FLOWS FROM INVESTING ACTIVITIES

21 Purchase and construction of fixed assets and other long-term assets (2,150,359,327,624) (109,650,463,387)

22 Proceeds from disposals of equity investments in other entities - 231,689,213,760

23 Proceeds from disposals of fixed assets 18,000,000,000 -

24 Loans provided to related parties (3,607,495,681,922) (1,390,416,782,600)

25 Collection of loans provided to related parties 3,655,889,963,933 (332,710,400,000)

26 Payments for equity investments in other entities (602,934,403,894) (49,105,455,000)

27 Acquisition of a subsidiary, net of cash acquired - (2,386,865,008)

28 Interest received 246,329,774,197 48,934,404,113

29 Long-term deposits for investment purposes (153,000,000,000) (168,611,112,000)

30 Net cash flows used in investing activities (2,593,569,675,310) (1,772,257,460,122)

III. CASH FLOWS FROM FINANCING ACTIVITIES

31 Proceeds from issuance of ordinary shares 23.1 399,831,560,000 1,259,854,590,000

32 Payments for treasury shares 23.3 (869,327,434,323) -

33 Proceeds from bond issuance and borrowings 2,622,000,000,000 1,048,117,000,000

34 Loan repayment - (48,117,000,000)

35 Capital contribution from minority shareholders

32,019,311,498 90,451,000,000

36 Dividends paid - (281,021,424,294)

40 Net cash flows from financing activities 2,184,523,437,175 2,069,284,165,706

50 Net cash flows during the year (470,642,195,216) 401,088,853,139

60 Cash at the beginning of the year 497,490,168,093 96,401,314,954

61 Impact of exchange rate fluctuation - -

70 Cash at the end of the year 6 26,847,972,877 497,490,168,093

CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 December 2008

CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 December 2008Unit: VND


cc cng Ty c lin Quan

Tn Cng ty vn iu l a chTnh hnh s hu

s vn gp Cn phi gp

Cng ty CP u t & Thng

mi PFv600.000.000.000

Tng 11, 191 B Triu, P. L i Hnh, Q. Hai

B Trng, H Ni94,41% 566.460.000.000 0

Cng ty CP Chng khon

vincom300.000.000.000

Tng 15, 191 B Triu, P. L i Hnh, Q. Hai

B Trng, H Ni70% 210.000.000.000 0

Cng ty CP u t & Pht trin Bs Hi Phng

300.000.000.000s 4 L Thnh Tng,

phng my T, Q. Ng Quyn, TP. Hi Phng

49% 147.000.000.000 0

Cng ty CP u t & Thng

mi Lin kt i ton Cu

350.000.000.000182 Nguyn vn Th, P. akao, Q.1, TP. H Ch

minh20% 70.000.000.000 0

Cng ty CP Dch v Tng hp & u t

H Ni

500.000.000.000191 B Triu, P. L i Hnh, Q. Hai B Trng,

H Ni20% 100.000.000.000 0

Cng ty CP th BIDv-PP

300.000.000.000

Ta nh Bc , s 9 o Duy Anh, P.

Phng Lin, Q. ng a, H Ni

40% 47.058.822.000 72.941.178.000

Cng ty CP Bs BIDv

500.000.000.000s 9 o Duy Anh, P. Phng Lin, Q. ng

a, H Ni20% 70.000.000.000 30.000.000.000

Cng ty CP u t Du lch

vinpearl Hi An300.000.000.000

Khi Phc Hi, phng Ca i, thnh ph Hi An, tnh Qung Nam.

20% 60.000.000.000 0

Cng ty TNHH B tng Ngoi

thng30.000.000.000

Lu 1, 35-37 Bn Chng Dng, Phng Nguyn Thi Bnh, Q. 1,

TP. H Ch minh

30% 9.000.000.000 0

Cng ty t vn & qun l xy dng vincom

55.000.000.000191 B Triu, p. L i Hnh, Q. Hai B Trng,

H Ni20% 11.000.000.000 0

NHNG T CHC ANG Nm QUyN KIm soT HoC C PHN CHI PHI I vI T CHC NIm yT (N NGy 10/12/2008)Khng c

CC CNG Ty m CNG Ty C PHN vINCom ANG Nm QUyN KIm soT HoC C PHN CHI PHI :

Tm TT v HoT NG v TNH HNH TI CHNH CA CC CNG Ty LIN QUAN

cng ty c phn Thng mi v u t pFv:

Hin ti Cng ty c phn Thng mi v u t PFv ang trin khai thi cng D n Ta nh Trung tm thng mi v Cn h vincom Park Place ti 114 mai Hc , bn cnh ta nh vincom City Towers. Cho n thi im lm Bo co ny th cng trnh ang thi cng n tng 22. Theo thit k c duyt, Ta nh vPP gm 7 tng TTTm v 18 tng cn h cao cp cho thu. n 31/12/2008 Cng ty PFv cho thu c trn 50% tng s cn h cho thu.

cng ty c phn u t v pht trin bS hi phng:

khi cng Cng trnh TTTm - Cn h - Khch sn cao cp ti s 4 L Thnh Tng, phng my T, qun Ng Quyn, thnh ph Hi Phng. D kin s hon tt vic thi cng vo nm 2012.

cng ty c phn u t v du lch vinpearl hi an:

khi cng D n u t xy dng khu du lch sinh thi vinpearl Hi An ti khi Phc Hi, phng Ca i, th x Hi An, tnh Qung Nam. D n c thc hin t nm 2008 n nm 2010 v c khi cng vo thng 10/2008.

Cc Cng ty nh Cng ty u t Lin kt i Ton Cu, Cng ty CP Dch v tng hp v u t H Ni, Cng ty Bs BIDv-Land; Cng ty BIDv-PP ang trong qu trnh chun b cc th tc cho vic thc hin D n.

cng ty chng khon vincom:

Hot ng chnh ca Cng ty c phn Chng khon vincom l mi gii chng khon, t doanh chng khon, bo lnh pht hnh chng khon v t vn u t chng khon.

Tn Cng ty vn iu l a ch T l s hu (%)Tnh hnh hot ng

v ti chnh

Cng ty CP u t v Thng mi PFv

600 t ngTng 11, 191 B Triu, P. L i Hnh, Q. Hai B Trng, H Ni

94,41% ang hot ng

Cng ty CP Chng khon vincom

300 t ngTng 15, 191 B Triu, P. L i Hnh, Q. Hai B Trng, H Ni

70% ang hot ng

TNH HNH U T vo CC CNG Ty C LIN QUAN NH sAU:


RELATED COMPANIESINVESTMENT IN ASSOCIATED COMPANIES:

Company Charter capital Address Paid-in capital To be paid in

PFV Trade & Investment

JSC.600.000.000.000

Floor 11, 191 Ba Trieu street, Le Dai Hanh ward, Hai Ba Trung

district, Hanoi

94,41% 566.460.000.000 0

Vincom Securities JSC. 300.000.000.000

Floor 15, 191 Ba Trieu street, Le Dai Hanh ward, Hai Ba Trung

district, Hanoi

70% 210.000.000.000 0

Haiphong Investment & Property

Development JSC.

300.000.000.000

No.4 Le Thanh Tong street, May To ward, Ngo Quyen district,

Haiphong

49% 147.000.000.000 0

Mega Global Investment

JSC.350.000.000.000

182 Nguyen Van Thu, Dakao ward, district No.1, Hochiminh city

20% 70.000.000.000 0

Hanoi Investment

and General Services JSC.

500.000.000.000

191 Ba Trieu street, Le Dai Hanh ward,

Hai Ba Trung district, Hanoi

20% 100.000.000.000 0

BIDV-PP urban JSC. 300.000.000.000

Bac A building, No.9 Dao Duy Anh street, Phuong Lien ward,

Dong Da district, Hanoi

40% 47.058.822.000 72.941.178.000

BIDV-Land JSC. 500.000.000.000

No.9 Dao Duy Anh street, Phuong Lien

ward, Dong Da district, Hanoi

20% 70.000.000.000 30.000.000.000

Vinpearl Hoi An Tourism Investment

JSC.

300.000.000.000Phuoc Hai quarter, Cua Dai ward, Hoi An city, Quang Nam province

20% 60.000.000.000 0

Foreign Trade Concrete Co.,

Ltd 30.000.000.000

Floor 1, 35-37 Ben Chuong Duong,

Nguyen Thai Binh ward, di

cÔng ty cỔ phẦn vincom - vingroup.netvingroup.net/uploads/3_quan he nha dau...

Documents