Joint Stock Company INTERIM CONSOLIDATED FINANCIAL STATEMENTS QUARTER I 2016

Transcription

1 Vingroup Joint Stock Company INTERIM CONSOLIDATED FINANCIAL STATEMENTS QUARTER I 2016

2 CONTENTS Pages General information Report of management Interim consolidated balance sheet Interim consolidated income statement Interim consolidated cash flow statement Notes to the interim consolidated financial statements Appendixes: Group structure as at 31 March 2016 Explanation for the variances of PL between two period Basic financial ratios

3 Vingroup Joint Stock Company GENERAL INFORMATION THE COMPANY Vingroup Joint Stock Company ("the Company") is a joint stock company established in Vietnam pursuant to the Business Registration Certificate No issued by the Hanoi Department of Planning and Investment on 3 May 2002 and the Business Registration Certificate No re-issued on 12 May The Company also subsequently received the 60th amended Business Registration Certificates dated 18 March The Company's shares were officially listed on the Hochiminh City Stock Exchange ("HOSE") from 19 September 2007 pursuant to Decision No.106/QD-TTGDHCM issued by the Director of HOSE on 7 September The principal activities of the Company are to construct, trade and invest in real estate properties; to carry out capital mobilization and investment activities; and to provide general administrative services. The principal activities of the Company's subsidiaries during the period are detailed in the Appendix 1. The Company's head office is located at No.7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward, Long Bien district, Hanoi, Vietnam. Its branch is located at No. 72, Le Thanh Ton street and No. 45A, Ly Tu Trong street, Ben Nghe ward, district 1, Hochiminh city, Vietnam. BOARD OF DIRECTORS Members of the Board of Directors during the period and at the date of this report are: Mr Pham Nhat Vuong Mr Le Khac Hiep Ms Pham Thuy Hang Ms Pham Thu Huong Ms Nguyen Dieu Linh Ms Vu Tuyet Hang Mr Ling Chung Yee Roy Ms Mai Huong Noi Mr Marc Villiers Townsend Mr Joseph Raymond Gagnon SUPERVISORY BOARD Chairman Vice Chairman Vice Chairwoman Vice Chairwoman Vice Chairwoman Vice Chairwoman Member Member Member Member Resigned on 22 April 2016 Members of the Supervisory Board during the period and at the date of this report are: Mr Nguyen The Anh Mr Dinh Ngoc Lan Ms Do Thi Hong Van Ms Nguyen Thi Van Trinh Head of Supervisory Board Member Member Member

4 Vingroup Joint Stock Company GENERAL INFORMATION (continued) MANAGEMENT Members of the Management during the period and at the date of this report are: Ms Duong Thi Mai Hoa Ms Mai Huong Noi Mr Pham Van Khuong Ms Nguyen Dieu Linh Mr Dang Thanh Thuy Ms Vu Tuyet Hang Ms Nguyen Thi Diu Chief Executive Officer Deputy Chief Executive Officer Deputy Chief Executive Officer Deputy Chief Executive Officer Deputy Chief Executive Officer Deputy Chief Executive Officer Deputy Chief Executive Officer LEGAL REPRESENTATIVE The legal representative of the Company during the period and at the date of this report is Ms Duong Thi Mai Hoa. 2

5 Vingroup Joint Stock Company REPORT OF MANAGEMENT Management of Vingroup Joint Stock Company ("the Company") is pleased to present its report and the interim consolidated financial statements of the Company and its subsidiaries (collectively referred to as the "Group") for Quarter I MANAGEMENT'S RESPONSIBILITY IN RESPECT OF THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS Management is responsible for the interim consolidated financial statements of each financial period which give a true and fair view of the interim consolidated financial position of the Group and of the interim consolidated results of its operation and its interim consolidated cash flows for the period. In preparing those interim consolidated financial statements, management is required to:...select suitable accounting policies and then apply them consistently;...make judgements and estimates that are reasonable and prudent;... state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the interim consolidated financial statements; and...prepare the interim consolidated financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue its business. Management is responsible for ensuring that proper accounting records are kept which disclose, with reasonable accuracy at any time, the interim consolidated financial position of the Group and to ensure that the accounting records comply with the applied accounting system. It is also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Management confirmed that it has complied with the above requirements in preparing the accompanying interim consolidated financial statements for Quarter I STATEMENT BY MANAGEMENT Duong Thi Mai Hoa Chief Executive Officer Hanoi, Vietnam 4 May

6 B01a-DN/HN INTERIM CONSOLIDATED BALANCE SHEET As at 31 March 2016 urrencv: VND Code ASSETS Notes Ending balance Beginning balance C 100 A. CURRENT ASSETS 69,412,014,536,502 67,699,619,665, I. Cash and cash equivalents 4 5,229,600,576,496 6,938,465,104, Cash 3,940,151,667,650 3,771,965,874, Cash equivalents 1,289,448,908,846 3,166,499,229, II. Short-term investments 5 9,937,568,902,250 11,142,979,590, Held-for-trading securities 32,369,112,000 32,369,112, Provision for diminution in value of held-for-trading securities (15,077,664,000) (14,958,000,000) Held-to-maturity investments 9,920,277,454,250 11,125,568,478, III. Current accounts receivables 16,890,095,440,903 13,848,128,025, Short-term trade receivables 6 3,503,191,524,056 2,438,800,372, Short-term advances to suppliers 7,596,610,329,638 6,695,026,549, Short-term loan receivables 7 2,383,499,412,801 1,763,123,912, Other short-term receivables 8 3,626,931,666,324 3,165,754,530, Provision for doubtful debts (220,137,491,916) (214,577,340,741) 140 IV. Inventories 9 24,645,088,188,777 28,027,417,689, Inventories 24,732,599,046,131 28,085,895,835, Provision for obsolete inventories (87,510,857,354) (58,478,146,455) 150 V. Other current assets 12,709,661,428,076 7,742,629,256, Short-term prepaid expenses 10 1,971,061,429,627 1,548,029,401, Value-added tax deductible 846,833,530, ,027,543, Tax and other receivables from the State 104,428,999,319 23,050,885, Other current assets 11 9,787,337,468,967 5,511,521,426,816 4

7 BOla-DNIHN INTERIM CONSOLIDATED BALANCE SHEET (continued) As at 31 March 2016 Code ASSETS Notes Ending balance Beginning balance 200 B. NON-CURRENT ASSETS 81,275,739,064,470 77,795,052,912, I. Long-term receivables 372,140,790, ,324,078, Long-term loan receivables 7 62,559,839,165 62,559,839, Other long-term receivables 8 310,629,959, ,764,239, Provision for doubtful long-term receivables (1,049,008,371 ) II. Fixed assets 20,831,581,244,960 19,763,407,382, Tangible fixed assets 12 20,146,647,242,793 19,114,346,085, Cost 23,225,372,975,889 22,037,695,324, Accumulated depreciation (3,078,725,733,096) (2,923,349,239,083) Intangible fixed assets ,934,002, ,061,296, Cost 851,804,176, ,293,394, Accumulated amortisation (166,870,174,458) (140,232,097,803) 230 III. Invesbnentproperlies 14 17,640,930,683,671 16,827,664,243, Cost 19,232,715,442,658 18,192,494,564, Accumulated depreciation (1,591,784,758,987) (1,364,830,320,724) 240 IV. Long-term assets in progress 15 19,261,037,375,522 18,115,293,364, Construction in progress 19,261,037,375,522 18,115,293,364, V. Long-term invesbnents 16 10,244,670,372,815 9,597,557,595, Investments in associates, jointly controlled entities 6,724,484,101,868 6,715,538,162, Investment in other entities 3,487,165,993,681 2,882,019,433, Provision for dimunition in value of long-term investments (87,167,222,734) Held-to-maturity investments 120,187,500, VI. Other long-term assets 12,925,378,597,482 13,236,806,247, Long-term prepaid expenses 10 1,390,643,667,287 1,437,896,150, Deferred tax assets 147,290,978, ,157,957, Other long-term assets 11 3,000,000,000,000 3,000,000,000, Goodwill 17 8,387,443,951,498 8,628,752,138, TOTAL ASSETS 150,687,753,600, ,494,672,578,219 5

8 BOla-DNIHN INTERIM CONSOLIDATED BALANCE SHEET (continued) As at 31 March 2016 Cutrencv: Code RESOURCES Notes Ending balance Beginning balance VND 300 c. LIABILITIES 109,923,635,428, ,917,829,365, I. Current liabilities 67,469,778,482,598 64,848,780,981, Short-term trade payables 6,059,910,853,614 4,578,748,195, Short-term advances from customers 18 20,640,603,300,323 20,221,096,466,017 - Downpayment from customers for - purchase of inventory properties 19,840,293,920,155 19,365,321,728,392 Advances from other customers 800,309,380, ,774,737, Statutory obligations 19 1,106,524,902,574 1,678,401,228, Payables to employees 157,600,726, ,440,169, Short-term accrued expenses 20 6,109,739,238,876 6,920,895,138,980 Accrual for bond and loan interests 1,246,454,270, ,480,551,017 Accrual for construction costs 2,748,651,026,776 3,833,550,276,538 - Other accrued expenses 2,114,633,941,114 2,256,864,311, Short-term unearned revenues 21 2,771,354,006,534 1,056,738,019, Other short-term payables 22 27,540,817,802,931 28,554,146,031,679 - Payment from customers under - deposit, loan and other agreements 23,530,278,739,293 24,902,889,733,089 Other payables 4,010,539,063,638 3,651,256,298, Short-term loan and finance lease ,959,349,760,218 1,424,617,794, Short-term provision ,877,891, ,697,938, II. Non-current liabilities 42,453,856,945,629 43,069,048,383, Long-term unearned revenues 21 1,181,430,967,135 2,683,411,532, Other long-term liabilities 22 4,387,608,259,783 4,406,204,612, Long-term loans and finance lease 23.2 obligations 36,430,828,700,239 33,122,684,524, Convertible bonds - 2,382,401,760, Deferred tax liabilities 453,989,018, ,345,952,476 6

9 BOla-DNIHN INTERIM CONSOLIDATED BALANCE SHEET (continued) As at 31 March 2016 Code RESOURCES Notes Ending balance Beginning balance VND 400 D. OWNERS' EQUITY 40,764,118,172,745 37,576,843, I. Capital 25 40,764,118,172, Contributed share capital 19,398,548,510, a - Shares with voting rights 19,398,548,510, Share premium 7,284,581,776, Treasury shares (2,974,924,074,484 ) Other funds belonging to owners' equity 27,845,114, Undistributed earnings 2,206,374,581, a - Undistributed earnings accumulated to prior year-end 1,601,415,502,116 2,350,786,383, 421b - Undistributed earnings of this period 604,959,079,361 (749,370,881, Non-controlling interests 14,821,692,263,976 14,441,898,336,1 440 TOTAL LIABILITIES AND OWNERS' 150,687,753,600, ,494,672,578,21 EQUITY Ngo Nguyet Hang Preparer Nguyen Thi Thu Hien Chief Accountant Duong Thi Mai Hoa Chief Executive Officer 4 May

10 INTERIM CONSOLIDATED INCOME STATEMENT Quarter I 2016 B02a-DN/HN Code ITEMS Notes Quarter Quarter Revenue from sale of goods and rendering of services ,161,634,012,251 6,398,273,675,260 15,161,634,012,251 6,398,273,675, Deductions ,741,547,460 4,138,290,231 2,741,547,460 4,138,290, Net revenue from sale of goods and rendering of services ,158,892,464,791 6,394,135,385,029 15,158,892,464,791 6,394,135,385, Cost of goods sold and services rendered 29 10,855,833,629,589 4,150,919,802,623 10,855,833,629,589 4,150,919,802, Gross profit from sale of goods and rendering of services 4,303,058,835,202 2,243,215,582,406 4,303,058,835,202 2,243,215,582, Finance income ,426,405, ,925,848, ,426,405, ,925,848, Finance expenses ,847,836, ,682,872, ,847,836, ,682,872, In which: Interest expense 614,442,446, ,916,605, ,442,446, ,916,605, Shares of profit of associates ,945,939,822 7,931,295,491 8,945,939,822 7,931,295, Selling expenses 1,096,653,947, ,007,460,906 1,096,653,947, ,007,460, General and administrative expenses 961,690,474, ,401,308, ,690,474, ,401,308, Operating profit 2,021,238,921, ,981,084,584 2,021,238,921, ,981,084, Other income 31 56,861,895,304 41,686,449,167 56,861,895,304 41,686,449, Other expenses ,331,231, ,925,569, ,331,231, ,925,569, Other (Ioss)/profit 31 (114,469,336,631) (116,239,120,246) (114,469,336,631) (116,239,120,246) Profit before tax 1,906,769,585, ,741,964,338 1,906,769,585, ,741,964, Current corporate income tax expense ,854,697, ,265,677, ,854,697, ,265,677, Deferred income tax income 32 (12,717,653,518) (9,919,440,474) (12,717,653,518) (9,919,440,474) Net profit after tax 1,037,632,541, ,395,727,761 1,037,632,541, ,395,727,761 Attributable to: 61 - Equity holders of the parent ,916, 144, ,940,707, ,916,144, ,940,707, Non-controlling interests ,716,397,347 (70,544,980,106) 427,716,397,347 (70,544,980, 106) 8

11 B02a-DN/HN INTERIM CONSOLIDATED INCOME STATEMENT (continued) Quarter Currency: VND Code ITEMS Notes Quarter Quarter Basic earnings per share /~ Ngo Nguyet Hang Preparer 4 May 2016 Nguyen Thi Thu Hien Chief Accountant Duong Thi Mai Hoa Chief Executive Officer 9

12 B03a-DN/HN INTERIM CONSOLIDATED CASH FLOW STATEMENT Quarter Code ITEMS Notes Quarter Quarter I. CASH FLOWS FROM OPERATING 01 Profit before tax 1,906,769,585, ,741,964,338 Adjustments for: 02 Depreciation and amortisation 759,481,162, ,538,875, Changes in provisions 126,115,044,842 40,270,616, Foreign exchange losses (47,446,444,359) 111,996,370, Profits from investing activities (312,025,705,522) (1,084,483,571,666) 06 Interest expense 686,452,735, ,916,605, Operating profit before changes in 3,119,346,377, ,980,860,274 working capital 09 Increase in receivables (2,267,369,181,160) (1,538,630,459,715) 10 (Increase)/decrease in inventories 3,440,447,604, ,333,919, Increase/(decrease) in payables (other (357,284,608,166) 2,249,367,105,865 than interest, corporate income tax) 12 (Increase)/ decrease in prepaid expenses (412,076,955,090) 80,120,764, Interest paid (747,752,459,786) (427,166,318,476) 15 Corporate income tax paid (790,683,366,620) (542,745,815,578) 20 Net cash flows from operating activities 1,984,627,411,651 1,375,260,056,406 II. CASH FLOWS FROM INVESTING 21 Purchase, construction of fixed assets and (3,198,230,044,920) (3,786,645,935,174) other long-term assets 22 Proceeds from disposals of fixed assets 133,928,551, ,733,067,770 and other long-term assets 23 Loans to other entities and payments for (1,502,563,000,000) (2,368,032,863,202) purchase of debt instruments of other entities 24 Collections from borrowers and proceeds 1,967,294,290,534 1,473,417,477,354 from sale of debt instruments of other entities 25 Payments for investments in other entities (5,669,880,052,677) (3,564,381,553,342) (net of cash acquired) 26 Proceeds from sale of investments in other 772,479,216, ,500,000,000 entities (net of cash held by entity being disposed) 27 Interest and dividends received 179,001,153, ,256,709, Net cash flows used in investing activities (7,317,969,885,680) (6,947,153,096,745) 10

13 B03a-ON/HN INTERIM CONSOLIDATED CASH FLOW STATEMENT (continued) Quarter I 2016 Currency VND Code ITEMS Notes Quarter Quarter I 2015 III.CASH FLOWS FROM FINANCING ACTIVITIES 31 Capital contribution and issuance of shares 446,280,000, ,500,000, Drawdown of borrowings 6,862,792,240,149 12,829,749,622, Repayment of borrowings (3,474,765,576,036) (9,612,449,337,210) 36 Dividends paid (209,843,750,000) - 40 Net cash flows from financing activities 3,624,462,914,113 3,364,800,285, Net increase/(decrease) in cash and cash equivalents (1,708,879,559,916) (2,207,092,755,154 ) 60 Cash and cash equivalents at beginning of the period 6,938,465,104,490 7,607,513,719, Impact of exchange rate fluctuation 15,031,922 (688,521,300) 70 Cash and cash equivalents at end of the period 4 5,229,600,576,496 5,399,732,443,220 ~ Ngo Nguyet Hang Preparer Nguyen Thi Thu Hien Chief Accountant 4 May

14 NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS Quarter CORPORATE INFORMATION Vingroup Joint Stock Company ("the Company") is a joint stock company established in Vietnam pursuant to the Business Registration Certificate No issued by the Hanoi Department of Planning and Investment on 3 May 2002 and the Business Registration Certificate No reissued on 12 May The Company also subsequently received the 60th amended Business Registration Certificates dated 18 March The Company's shares were officially listed on the Hochiminh City Stock Exchange ("HOSE") from 19 September 2007 pursuant to Decision No.106/QD-TTGDHCM issued by the Director of HOSE on 7 September The principal activities of the Company are to construct, trade and invest in real estate properties; to carry out capital mobilization and investment activities; and to provide general administrative services. The principal activities of the Company's subsidiaries during the period are detailed in the Appendix 1. The Company's head office is located at No.7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward, Long Bien district, Hanoi, Vietnam. Its branch is located at No. 72, Le Thanh Ton street and No. 45A, Ly Tu Trong street, Ben Nghe ward, district 1, Hochiminh city, Vietnam. As at 31 March 2016, the Company has 68 subsidiaries. The information on these subsidiaries, along with the Company's voting rights and equity interest in each subsidiary are detailed in the Appendix 1. As at 31 March 2016, the Company also holds investments in a number of associates as presented in Note BASIS OF PREPARATION 2.1 Accounting standards and system The interim consolidated financial statements of the Company and its subsidiaries (the "Group") expressed in Vietnam dong ("VND"), are prepared in accordance with the Vietnamese Enterprise Accounting System and Vietnamese Accounting Standard No Interim Financial Reporting and other Vietnamese Accounting Standards issued by the Ministry of Finance as per: ~ Decision No. 149/2001/QD-BTC dated 31 December 2001 on the Issuance and Promulgation of Four Vietnamese Accounting Standards (Series 1); ~ Decision No. 165/2002lQD-BTC dated 31 December 2002 on the Issuance and Promulgation of Six Vietnamese Accounting Standards (Series 2); ~ Decision No. 234/2003/QD-BTC dated 30 December 2003 on the Issuance and Promulgation of Six Vietnamese Accounting Standards (Series 3); ~ Decision No /QD-BTC dated 15 February 2005 on the Issuance and Promulgation of Six Vietnamese Accounting Standards (Series 4); and ~ Decision No. 100/2005/QD-BTC dated 28 December 2005 on the Issuance and Promulgation of Four Vietnamese Accounting Standards (Series 5). 12

15 Quarter I BASIS OF PREPARATION (continued) 2.1 Accounting standards and system (continued) Accordingly, the accompanying interim consolidated financial statements, including their utilisation are not designed for those who are not informed about Vietnam's accounting principles, procedures and practices and furthermore are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles and practices generally accepted in countries other than Vietnam. For the purpose of preparing the consolidated balance sheet, the Group has also supplemented details of certain line items in the balance sheet, l.e, "Advances from customers" (Code 312), "Accrued expenses" (Code 315) and "Other short-term payables" (Code 319). The purpose of presenting these additional details in the consolidated balance sheet is to provide more relevant information to the users of these consolidated financial statements. These changes were approved by the Ministry of Finance in accordance with the Official Letter No. 5966/BTC/CDKT dated 4 May 2012 on supplementing details to the forms of the financial statements. 2.2 Applied accounting documentation system The Company's applied accounting documentation system is the General Journal system. 2.3 Fiscal year The Group's fiscal year applicable for the preparation of its consolidated financial statements starts on 1 January and ends on 31 December. 2.4 Accounting currency The consolidated financial statements are prepared in VND which is also the Company's accounting currency. 2.5 Basis of consolidation The interim consolidated financial statements comprise the interim financial statements of the parent company and its subsidiaries for Quarter I2016. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continued to be consolidated until the date that such control ceases. The interim financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-company interim balances, income and expenses and unrealised gains or losses resulting from intra-company transactions are eliminated in full. Non-controlling interests represent the portion of profit or loss and net assets not held by the Group and are presented separately in the interim consolidated income statement and within equity in the interim consolidated balance sheet, separately from parent shareholders' equity. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 3.1 Changes in accounting policies and disclosures The accounting policies adopted by the Group in preparation of the interim consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December

16 Quarter I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.2 Cash and cash equivalents Cash and cash equivalents comprise cash on hand, cash in banks and short-term, highly liquid investments with an original maturity of less than three months that are readily convertible into known amounts of cash and that are subject to an insignificant risk of change in value. 3.3 Invetories Inventory property Property acquired or being constructed for sale in the ordinary course of business, rather than to be held for rental or capital appreciation, is held as inventory and is measured at the lower of cost and net realisable value. Cost includes:... Freehold and leasehold rights for land;... Amounts paid to contractors for construction;... Borrowing costs, planning and design costs, costs of site preparation, professional fees for legal services, property transfer taxes, construction overheads and other related costs. Net realisable value is the estimated selling price in the ordinary course of the business, based on market prices at the reporting date and less costs to completion and the estimated costs of sale. The cost of inventory recognised in profit or loss on disposal is determined with reference to the specific costs incurred on the property sold and an allocation of any non-specific costs based on the relative size of the inventory property sold. Other inventories Inventories are carried at the lower of cost incurred in bringing each product to its present location and condition and net realisable value. Net realisable value represents the estimated selling price in the ordinary course of business less the estimated costs to complete and the estimated costs necessary to make the sale. The perpetual method is used to record the costs of other inventories, in which construction materials are valued at the cost of purchase, on a first in first out basis. Provision for obsolete inventories An inventories provision is created for the estimated loss arising due to the impairment of value (through diminution, damage, obsolescence, etc.) of raw materials, finished goods, and other inventories owned by the Group, based on appropriate evidence of impairment available at the balance sheet date. Increases and decreases to the provision balance are recorded into the cost of goods sold account in the period. 3.4 Receivables Receivables are presented in the interim consolidated financial statements at the carrying amounts due from customers and other debtors, after provision for doubtful debts. The provision for doubtful debts represents amounts of outstanding receivables at the balance sheet date which are doubtful of being recovered. Increases and decreases to the provision balance are recorded as general and administrative expense in the interim consolidated income statement. 14

17 Quarter SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.5 Tangible fixed assets Tangible fixed assets are stated at cost less accumulated depreciation. The cost of a tangible fixed asset comprises its purchase price and any directly attributable costs of bringing the tangible fixed asset to working condition for its intended use. Expenditures for additions, improvements and renewals are added to the carrying amount of the assets and expenditures for maintenance and repairs are charged to the interim consolidated income statement as incurred. When tangible fixed assets are sold or retired, their costs and accumulated depreciation are removed from the consolidated balance sheet and any gain or loss resulting from their disposal is included in the interim consolidated income statement. 3.6 Intangible assets Intangible assets are stated at cost less accumulated amortisation. The cost of an intangible asset comprises its purchase price and any directly attributable costs of preparing the intangible fixed asset for its intended use. Expenditures for additions, improvements are added to the carrying amount of the assets and other expenditures are charged to the interim consolidated income statement as incurred. When intangible assets are sold or retired, their costs and accumulated amortisation are removed from the consolidated balance sheet and any gain or loss resulting from their disposal is included in the interim consolidated income statement. 3.7 Depreciation and amortisation Depreciation and amortisation of tangible fixed assets and intangible assets are calculated on a straight-line basis over the estimated useful life of each asset as follows: Buildings and structures Machineries and equipment Means of transportation Office equipment E-commerce website Computer software Land use rights with definite terms Distribution rights, Copy rights and Others years 3-15 years 3-12 years 4-8 years 20 years 3-8 years years 3-15 years No amortisation is charged on the land use rights with indefinite terms and project development right. 3.8 Investment properties Investment properties are stated at cost including transaction costs less accumulated depreciation. Subsequent expenditure relating to an investment property that has already been recognized is added to the net book value of the investment property when it is probable that future economic benefits, in excess of the originally assessed standard of performance of the existing investment property, will flow to the Group. Depreciation and amortisation of investment properties are calculated on a straight-line basis over the estimated useful life of each asset as follows: Buildings and structures Machinery and equipment years 8-15 years 15

18 B09a-ON/HN Quarter SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.8 Investment properties (continued) Amortisation of land use rights with definite terms presented as a part of investment properties is calculated on a straight-line basis over the definite term. Investment properties are derecognised when either they have been disposed of or when the investment properties are permanently withdrawn from use and no future economic benefit is expected from its disposal. The difference between the net disposal proceeds and the carrying amount of the assets is recognised in the interim consolidated income statement in the period of retirement or disposal. Transfers are made to investment properties when, and only when, there is a change in use, evidenced by ending of owner-occupation, commencement of an operating lease to another party or ending of construction or development. Transfers are made from investment properties when, and only when, there is change in use, evidenced by commencement of owner-occupation or commencement of development with a view to sale. The transfer from investment property to owneroccupied property or inventories does not change the cost or the carrying value of the property for subsequent accounting at the date of change in use. 3.9 Borrowing costs Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Borrowing costs are recorded as expense during the year in which they are incurred, except to the extent that they are capitalized as explained in the following paragraph. Borrowing costs that are directly attributable to the acquisition, construction or production of an asset that necessarily take a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset Prepaid expenses Prepaid expenses are reported as short-term or long-term prepaid expenses on the interim consolidated balance sheet and allocated over the period for which the amount are paid or the period in which economic benefits are generated in relation to these expenses. Long-term prepaid expenses include long-term prepaid land rental and other long-term expenses that bring future economic benefits for more than one year period Business combinations and goodwill Business combinations are accounted for using the purchase method. The cost of a business combination is measured as the fair value of assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange plus any costs directly attributable to the business combination. Identifiable assets and liabilities and contingent liabilities assumed in a business combination are measured initially at fair values at the date of business combination. Goodwill acquired in a business combination is initially measured at cost being the excess of the cost the business combination over the Group's interest in the net fair value of the acquiree's identifiable assets, liabilities and contingent liabilities. If the cost of a business combination is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the interim consolidated income statement. After initial recognition, goodwill is measured at cost less any accumulated amortization. Goodwill is amortized over 1O-year period on a straight-line basis. Property acquisitions and business combinations The Group acquires subsidiaries that own real estate properties. At the time of acquisition, the Group considers whether the acquisition represents the acquisition of a business or not. The Group accounts for an acquisition as a business combination where an integrated set of business activities is acquired in addition to the properties. 16

19 Quarter SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.11 Business combinations and goodwill (continued) Property acquisitions and business combinations (continued) When the acquisition of subsidiaries does not represent an acquisition of business, it is accounted for as an acquisition of a group of assets and liabilities. The cost of the acquisition is allocated to the assets and liabilities acquired based upon their relative fair values, and no goodwill or deferred tax is Changes in ownership interest in subsidiaries without loss of control When the Company acquires a minority interest in an existing subsidiary, the difference between the consideration paid and the carrying value of net assets acquired is presented as goodwill in the consolidated balance sheet. Where there is a partial disposal of ownership interest in an existing subsidiary without loss of control, the difference between the consideration received and the carrying value of net assets disposed is recognised in retained earnings. Business combinations involving entities or businesses under common control Business combinations involving entities or businesses under common control are accounted for as... The assets and liabilities of the two combined entities are reflected at their carrying amounts on the date of business combination;... No goodwill is recognised from the business combination;... Any difference between the consideration paid and the net assets of the "acquiree" is recorded in equity Investments in associates The Group's investment in its associates is accounted for using the equity method of accounting. An associate is an entity in which the Group has significant influence that is neither subsidiaries nor joint ventures. The Group generally deems they have significant influence if they have over 20% of the voting rights. Under the equity method, the investment is carried in the consolidated balance sheet at cost plus post acquisition changes in the Group's share of net assets of the associates. Goodwill is not amortised and subject to annual review for impairment. The interim consolidated income statement reflects the share of the post-acquisition results of operation of the associate. The share of post-acquisition profit/(ioss) of the associates is presented on face of the consolidated income statement and its share of post-acquisition movements in reserves is recognised in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. Dividend/profit sharing received or receivable from associates reduces the carrying amount of the investment. The financial statements of the associates are prepared for the same reporting year as the Group. Where necessary, adjustments are made to bring the accounting policies in line with those of the Group Held-for-trading securities and other investments Held-for-trading securities and investments in other entities are stated at their acquisition costs. Provision is made for any diminution in value of the held-for-trading securities and investments in capital of other entities at the balance sheet date in accordance with the guidance under Circular No. 228/20091TT-BTC dated 7 December 2009 and Circular No. 89/20131TT-BTC dated 26 June 2013 issued by the Ministry of Finance. Increases and decreases to the provision balance are recorded as finance expense in the interim consolidated income statement. 17

20 Quarter I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.13 Held-for-trading securities and other investments (continued) Held-to-maturity investments are stated at their acquisition costs. After initial recognition, held-tomaturity investments are measured at recoverable amount. Any impairment loss incurred is recognised as expense in the interim consolidated financial statements and deducted against the value of such investments Payables and accruals Payables and accruals are recognised for amounts to be paid in the future for goods and services received, whether or not billed to the Group. Payables to contractors are recorded based on interim work certificates between two parties, regardless of whether or not billed to the Group Accrual for severance pay The severance pay to employee is accrued at the end of each reporting year for all employees who have more than 12 months in service up to the reporting date at the rate of one-half of the average monthly salary for each year of service up to the 31 December 2008 in accordance with the Labour Code, the Law on Social Insurance and related implementing guidance. The average monthly salary used in this calculation will be revised at the end of each reporting year following the average monthly salary of the 6-month period up to the reporting date. Any changes to the accrued amount will be taken to the interim consolidated income statement. This accrued severance pay is used to settle the termination allowance to be paid to employee upon termination of their labour contract following Article 48 of the Labour Code Foreign currency transactions Transactions in currencies other than the Group's reporting currency of VND are recorded at the actual transaction exchange rates at transaction dates which are determined as follows: Transaction resulting in receivables are recorded at the buying exchange rates of the commercial banks designated for collection Transactions resulting in liabilities are recorded at the selling exchange rates of the transaction of commercial banks designated for payment; Payments for assets or expenses without liabilities initially being recognised is recorded at the buying exchange rates of the commercial banks that process these payments. At the end of the period, monetary balances denominated in foreign currencies are translated at the actual transaction exchange rates at the balance sheet dates which are determined as follows: Monetary assets are translated at buying exchange rate of the commercial bank where the Group conduct transactions regularly; Monetary liabilities are translated at selling exchange rate of the commercial bank where the Group conduct transactions regularly. All realised and unrealised foreign exchange differences are taken to the interim consolidated income statement. 18

21 B09a-ON/HN Quarter I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.17 Convertible bond Bonds that are convertible by the holder into a fixed number of ordinary shares of the Company are separated into financial liability (a contractual arrangement to deliver cash or another financial assets) and equity instrument (a call option granting the holder the right, for a specified period of time) based on the terms of the contract. In cases where the number of ordinary shares to be converted is not fixed, the entire convertible bonds are classified as a financial liability Bond issuance costs Bond issuance costs are amortised on a straight-line basis during the term of the bond and recognized as either finance expenses or being capitalized. At initial recognition, bond issuance costs are deducted from the par value of the bond. Periodically, the bond issuance costs are amortized by increasing the par value of the bond and such amortizations are recognized as either finance expense or being capitalized in correspondence with the recognition of interest expenses Treasury shares Own equity instruments which are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss upon purchase, sale, issue or cancellation of the Group's own equity instruments Appropriation of net profits Net profit after tax (excluding unrealised exchange gains as at the balance sheet date) is available for appropriation to shareholders after approval in the annual general meeting, and after making appropriation to reserve funds in accordance with the Company's Charter and the Vietnamese The Group maintains the financial reserve fund which is appropriated from the Group's net profit as proposed by the Board of Directors and subject to approval by shareholders at the annual general meeting Advances from customers Down payments from customers for the purchase of residential properties in the future that do not meet the conditions for revenue recognition, are recognized and presented as "Advances from customers" in the liability section of the consolidated balance sheet. Payments received from customers under deposit, loan and other agreements are recognized and presented as "Other short-term payables" in the liability section of the consolidated balance sheet Revenue recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured regardless of when payment is being made. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, and sales taxes or duty. The following specific recognition criteria must also be met before revenue is recognised: The following specific recognition criteria must also be met before revenue is recognised: Revenue from sale of inventory property Revenue from sale of inventory property is recognised when the significant risks and rewards of ownership of the properties have passed to the buyer. 19

22 Quarter I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.22 Revenue recognition (continued) Revenue from leasing of investment properties Rental income arising from leased investment properties is accounted for on a straight line basis over the lease terms of ongoing leases. Sale of goods Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually upon the delivery of the goods. Rendering of services Revenue from hotel, amusement park, education, hospital, beauty, property management and other related services is recorded when the services are rendered. Gains from securities trading/capital transfer Gains from securities trading and capital transfer are determined as the excess of selling prices against the cost of securities sold. Such gain is recognised on the trading date when the relevant contracts are executed. Interest Revenue is recognised as the interest accrues (taking into account the effective yield on the asset) unless collectability is in doubt. Dividends Income is recognised when the Group's entitlement as an investor to receive the dividend is established Taxation Current income tax Current income tax assets and liabilities for the current and prior years are measured at the amount expected to be paid to (or recovered from) the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted as at the consolidated balance sheet date. Current income tax is charged or credited to the consolidated income statement, except when it relates to items recognised directly to equity, in which case the current income tax is also dealt with in equity. Current income tax assets and liabilities are offset when there is a legally enforceable right for the Group to set off current tax assets against current tax liabilities and when the Group intends to settle its current tax assets and liabilities on a net basis. Deferred income tax Deferred tax is provided using the liability method on temporary differences at the consolidated balance sheet date between the tax base of assets and liabilities and their carrying amount for financial reporting purposes. Deferred tax liabilities are recognised for all taxable temporary differences, except: ~ where the deferred tax liability arises from the initial recognition of an asset or liability in a transaction which at the time of the related transaction affects neither the accounting profit nor taxable profit or loss; 20

23 Quarter SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3.23 Taxation (continued) Deferred income tax (continued)... in respect of taxable temporarily differences associated with investments in subsidiaries and associates, and interests in joint ventures where timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future Deferred tax assets are recognised for all deductible temporary differences, carried forward unused tax credit and unused tax losses, to the extent that it is probable that taxable profit will be available against which deductible temporary differences, carried forward unused tax credit and unused tax losses can be utilised, except:... where the deferred tax asset in respect of deductible temporary difference which arises from the initial recognition of an asset or liability which at the time of the related transaction, affects neither the accounting profit nor taxable profit or loss;... in respect of deductible temporarily differences associated with investments in subsidiaries, associates, and interests in joint ventures, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Previously unrecognised deferred income tax assets are re assessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax assets to be recovered. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset realised or the liability is settled based on tax rates and tax laws that have been enacted at the consolidated balance sheet date. Deferred tax is charged or credited to the consolidated income statement, except when it relates to items recognised directly to equity, in which case the deferred tax is also dealt with in the equity Deferred tax assets and liabilities are offset when there is a legally enforceable right for the Group to off-set current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority on:... either the same taxable entity; or... when the Group intends either settle current tax liabilities and assets on a net basis or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. 4. CASH AND CASH EQUIVALENTS Cash on hand Cash in banks Cash in transit Cash equivalents TOTAL Ending balance 27,802,845,643 3,893,845,997,577 18,502,824,430 1,289,448,908,846 5,229,600,576,496 Beginning balance 34,915,215,231 3,717,308,507,824 19,742,151,512 3,166,499,229,923 6,938,465,104,490 Cash equivalents include bank deposits in VND with terms ranging from 1 month to 3 months and earn interest at rates ranging from 4.0% to 5.5% per annum (31 December 2015: 3.5% to 5% per annum). 21

24 Quarter I SHORT-TERMINVESTMENTS 5.1 Securities held for trading Ending balance Cost Fair value Provision Beginning balance Cost Fair value Provision - Listed shares - DPM (i) 32,369,112,000 17,291,448,000 TOTAL 32,369,112,000 17,291,448,000 (15,077,664,000) (15,077,664,000) 32,369,112,000 17,411,112,000 (14,958,000,000) 32,369,112,000 17,411,112,000 (14,958,000,000) (i) Shares of Petrovietnam Fertilizer and Chemicals Corporation. 5.2 Held-to-maturity investments Ending balance Cost Beginning balance Fair value Cost Fair value Short-term bank deposits and certificate of deposit (i) 9,920,277,454,250 Current portion of long-term bank deposits (Note 17.2) TOTAL 9,920,277,454,250 9,920,277,454,250 9,602,998,237,082 9,602,998,237,082 1,522,570,241,813 1,522,570,241,813 9,920,277,454,250 11,125,568,478,895 11,125,568,478,895 (i) Short-term deposits and certificate of deposit as at 31 March 2016 have terms ranging from 3 months to 1 year and earn interest at rates ranging from 5.2% to 9.2% per annum. 22

25 Quarter TRADE RECEIVABLES Receivables from transfer of inventory properties Receivables from leasing properties and rendering of related services Receivables from rendering hotel, amusement park and related services Receivables from rendering hospital and related services Receivables from sale of goods in supermarkets and retail outlets Receivables from rendering education and related services Rendering construction and related services Other receivables TOTAL In which: Trade receivables Receivables from related parties (Note 32) Ending balance 2,546,573,589, ,981,596,589 44,535,479,058 39,470,536, ,185,761, ,051, ,976,510, ,992,999,290 3,503,191,524,056 3,428,566,513,261 74,625,010,795 Beginning balance 1,220,757,401, ,588,553,650 91,852,450,219 42,697,629, ,442,622, ,673, ,465,507, ,292,534,915 2,438,800,372,894 2,362,083,197,049 76,717,175, LOAN RECEIVABLES Short-term Current portion of loans to customers and individuals Loans to corporate counterparties Loan to related parties (Note 32) TOTAL Long-term Loans to individuals Loans to customers Loans to a corporate counterparty In which: current portion of loans to customers and individuals TOTAL Ending balance 1,086,189,392,556 1,242,105,838,427 55,204,181,818 2,383,499,412, ,533,000, ,216,231,721 55,000,000,000 (1,086,189,392,556) 62,559,839,165 Beginning balance 1,009,251,354, ,668,376,862 55,204,181,818 1,763,123,912, ,533,000, ,278,193,287 55,000,000,000 (1,009,251,354,122) 62,559,839,165 23

26 Quarter OTHER RECEIVABLES Ending balance Beginning balance Short-term Interest receivables Dividend receivables Deposit for the purpose of project development, selling apartments Disposal of equity investments Receivables from the ex-shareholders of Deposit for a business co-operation contract Advance to employees Other receivables TOTAL In which: Other receivables Other receivables from related parties (Note 31) Long-term Long-term deposits for rental of retail outlets Other long-term receivables TOTAL 1,028,588,953, ,625,661,389 68,821,016,253 36,115,522, ,093,859, ,479,238, ,960,100,738 93,448,998, ,413,015, ,279,946,923 1,050,000,000,000 1,050,000,000,000 40,426,505,138 59,515,702, ,628,215, ,289,461,241 3,626,931,666,324 3,165,754,530,947 3,620,888,446,548 3,154,795,491,628 6,043,219,776 10,959,039, ,823,196, ,574,004,529 1,806,763,048 12,190,234, ,629,959, ,764,239, INVENTORIES Inventory properties under construction Completed inventory properties Inventories for hospital, supermarket, hotels and retail outlets Goods in transit Materials for construction & textile Tools and equipment Others TOTAL Provision for obsolete inventories Net value of inventories Ending balance 21,093,774,841,509 1,520,232,624,431 1,808,891,765,155 98,071,040,532 99,959,499,201 68,114,078,478 43,555,196,825 24,732,599,046,131 (87,510,857,354) 24,645,088,188,777 Beginning balance 23,916,488,173,756 2,254,855,916,792 1,417,091,695, ,671,215,241 91,902,736,933 78,385,314,913 29,500,782,315 28,085,895,835,621 (58,478,146,455) 28,027,417,689,166 24

27 Quarter I PREPAID EXPENSES Short-term Selling expenses related to apartments not yet handed over Expenses for tools and equipment Prepaid interest expense Corporate income tax prepayment Other short-term prepaid expense TOTAL Long-term Prepaid land rentals Major reparation expenses Tools and equipment Pre-operating expenses Prepaid rental fee for supermarket areas Other long-term prepaid expenses TOTAL Ending balance 1,584,627,064, ,452,888,031 15,138,557, ,401,107, ,441,812,295 1,971,061,429, ,932,678,242 29,381,746, ,201,988,201 85,477,553,661 99,223,379, ,426,321,312 1,390,643,667,287 Beginning balance 1,141,536,744, ,913,017,914 23,446,929, ,807,092,577 72,325,615,988 1,548,029,401, ,520,735,608 37,798,336,027 1,018,070,710, ,227,531,032 36,999,995,943 75,278,841,194 1,437,896,150, OTHER CURRENT AND NON-CURRENTASSETS These mainly include deposits for investment purpose in potential projects or for acquiring shares in other entities. Balances of other current and non-current assets as at 31 March 2016 are as follows: Short-term Deposits for investment purpose Dividend prepaid to shareholders holding Assets to hand over to State-owned corporations TOTAL Ending balance 9,120,416,986, ,453,254, ,467,228,467 9,787,337,468,967 Beginning balance 4,629,328,253, ,725,944, ,467,228,467 5,511,521,426,816 Long-term Deposits for investment purpose TOTAL 3,000,000,000,000 3,000,000,000,000 3,000,000,000,000 3,000,000,000,000 25

28 Vingroup Joint Stock Company Quarter I TANGIBLE FIXED ASSETS Buildings & Machinery & Means of construction equipment transportation Office equipment Others Total Cost: Beginningbalance 14,546,599,894,304 5,813,447,671, ,002,066, ,208,623, ,437,068,921 22,037,695,324,834 Additions 1,203,797,147, ,591,596,368 64,000,085,792 (24,020,059,131) 31,787,400,994 1,648,156,172,003 In which: Newly purchase 185,615,922, ,598,862,584 45,562,650,364 36,167,152,062 31,787,400, ,731,988,606 Newly constructed 917,130,213, ,272, ,654,485,943 Acquisition of subsidiaries 6,769,697,454 6,769,697,454 Reclassification 94,281,314,801 (52,531,539,036) 18,437,435,428 (60,187,211,193) Decreases (348,941,430,523) (49,480,462,079) (45,396,101,907) (5,872,127,290) (10,788,399,149) (460,478,520,948) In which: Disposal (86,425,516,360) (49,480,462,079) (45,396,101,907) (5,872,127,290) (10,788,399,149) (197,962,606,785) Reclassify to Investment properties (262,515,914,163) (262,515,914,163) Endingbalance 15,401,455,611,761 6,136,558,805, ,606,050, ,316,437, ,436,070,766 23,225,372,975,889 Accumulateddepreciation: Beginningbalance 1,150,641,947,558 1,300,301,053, ,012,256, ,186,221, ,207,760,303 2,923,349,239,083 Addition 223,743,776,843 22,867,068,648 18,455,322,651 (16,104,536,957) 14,361,288, ,322,919,850 In which: Depreciation for the period 133,049,715, ,227,262,676 10,331,187,334 13,922,219,991 1,191,366, ,721,751,312 Acquisition of subsidiaries 2,601,168,538 2,601,168,538 Reclassification 88,092,893,299 (79,360,194,028) 8,124,135,317 (30,026,756,948) 13,169,922,360 Decreases (97,957,357,325) (8,000,891,745) (1,309,767,459) (555,906,733) (122,502,575) (107,946,425,837) In which: Disposal (37,999,492,941) (8,000,891,745) (1,309,767,459) (555,906,733) (122,502,575) (47,988,561,453) Reclassify to investment properties (59,957,864,384) (59,957,864,384) Endingbalance 1,276,428,367,076 1,315,167,230, ,157,811, ,525,778, ,446,546,393 3,078,725,733,096 Net carrying amount: Beginningbalance ia a~~ ~~U4,14 ~ ~13,H uz 8~3 ~1 ~8~ ~ a8m22,402,210 2~~ 22~ a08 18 l~ ,08~ 1~1 Endingbalance H 1Z~021 Z~ 8~ ~j,~l~ Zla j 44 za ill 31 lio i 4li 30 i M24,3Z3 20 H zaa 26

29 Quarter I INTANGIBLE FIXED ASSETS Indefinite land Definite land use rights Distribution rights use rights E-commerce website Copyrights Computer software Total Cost: Beginning balance 37,127,969,964 94,000,000, ,715,386, ,936,512,654 16,134,064, ,379,461, ,293,394,723 Additions (22,454,833,180) 39,949,266,445 (1,144,515,462) 49,281,099,232 65,631,017,035 In which: Newly purchase 12,981,805,730 13,105,718,343 9,310,625,000 30,232,867,962 65,631,017,035 Reclassification (35,436,638,910) 26,843,548,102 (10,455,140,462) 19,048,231,270 Decreases (3,120,235,133) (3,120,235,133) In which: Disposal (3,120,235,133) (3,120,235,133) Ending balance 14,673,136,784 94,000,000, ,664,652, ,936,512,654 14,989,548, ,540,325, ,804,176,625 Accumulated amortization: Beginning balance 49,611,111,111 30,483,119,413 5,299,744,420 3,118,031,198 51,720,091, ,232,097,803 Addition 7,833,333,333 10,025,515,699 8,702,310,693 (422,747,569) 1,356,993,733 27,495,405,889 In which: Amortization for the period 7,833,333,333 7,773,211,943 8,702,310,693 40,738,699 3,145,811,221 27,495,405,889 Reclassification 2,252,303,756 (463,486,268) (1,788,817,488) Decreases (857,329,234) (857,329,234) In which: Disposal (857,329,234) (857,329,234) Ending balance 57,444,444,444 40,508,635,112 14,002,055,113 2,695,283,629 52,219,756, ,870,174,458 Net carrying amount: Beginning balance 37,127,969,964 44,388,888, ,232,266, ,636,768,234 13,016,033, ,659,370, ,061,296,920 Ending balance 14,613,136,184 36,555,555, ,156,011, ,934,451,541 12,294,265, ,320,569, ,934,002,161 27

30 Vingroup Joint Stock Company Quarter I INVESTMENT PROPERTIES Bui/dings and Machineries & Land use rights structures equipment Total Cost: Beginning balance 7,573,842,091,224 8,472,292,443,588 2,146,360,029,445 18,192,494,564,257 Additions 28,772,581, ,152,209, ,148,121,779 1,157,072,912,974 In which: Newly purchased 22,502,331, ,538,977,466 25,161,598, ,202,907,491 Newly constructed 174,990,510, ,363,580, ,354,091,320 Reclassify from fixed assets 6,270,250, ,622,721,099 42,622,943, ,515,914,163 Decreases (110,513,022,306) (1,565,783,474) (4,773,228,793) (116,852,034,573) In which: Sold, disposal (110!513!022!306~ (1!565!783!474~ (4!773!228!793~ (116!852!034!573~ Ending balance 7, , Accumulated depreciation: Beginning balance 204,589,816, ,770,160, ,470,344,144 1,364,830,320,724 Additions 37,632,640, ,793,032,628 93,237,796, ,663,469,740 In which: Amortisation during the period 36,958,805,552 77,745,255,994 77,001,543, ,705,605,356 Acquisition of subsidiaries 673,834,972 43,047,776,634 16,236,252,778 59,957,864,384 Decreases (18,528,558,029) (1,565,783,474) (4,614,689,974) (24,709,031,477) In which: Sold, disposal (181528!558!029~ (1!565! ~ ( !974~ (24!709! ~ Ending balance , l84l Net carrying amount: Beginning balance Ending balance

31 Quarter I LONG-TERM ASSETS IN PROGRESS Vinhomes Star project Vinhomes Paradise project Vinhomes Central Park project Vinhomes Riverside 2 project Vinmec Hospital project Thao Dien project Vinhomes Springlake project Vincom Xuan Khanh Can Tho project Times City Park Hill project Agricultural projects Vincom Trung Tu project Vinhomes Smart City project Vu Yen island eco-urban area project Vinhomes Riverside Hai Phong project Vinpearl Quy Nhon project Vinpearl Phu Quoc project Golf Con Au, Can Tho project Vincom Bac Ninh project Lang Van project Vinpearlland amusement parks project E-commerce project Hon Mot project Vinpearl Condotel Nha Trang project Vincom Bien Hoa project Vinpearl Premium Golf Land and Vinpearl Nha Trang Spa projects Safari project Vinhomes Riverside Hotel project Vincom Ha Tinh project Tay Ho View project Vincom Thai Binh project Ben Doan project Vinpearl Hoi An project Vincom Hung Vuong, Hue project Vinpearl Premium Golf Land project Vincom Plaza Go Yap project Upgrading system of Vinmart supermarket projects Vincom Buon Me Thuot project Other projects TOTAL Ending balance 3,132,555,184,461 1,983,554,691,405 1,804,033,757,857 1,182,610,844, ,511,395, ,915,678, ,107,538, ,925,514, ,843,355, ,996,597, ,058,921, ,272,762, ,647,706, ,382,266, ,890,244, ,976,754, ,021,020, ,089,012, ,648,639, ,797,826, ,302,874, ,061,969, ,000,165, ,694,000, ,788,547, ,617,027, ,973,533,062 74,927,243, ,882,546,970 91,474,479, ,223,939,801 86,725,010,207 84,003,297,597 58,258,855, ,264,171, Beginning balance 3,010,584,175,105 1,987,225,173,391 1,818,156,762,596 1,135,894,144, ,750,176, ,666,731, ,972,759, ,457,582, ,612,364, ,525,140, ,183,027, ,485,481, ,632,423, ,249,657, ,452,118, ,053,725, ,421,179, ,266,168, ,707,579, ,192,079,793 25,899,738, ,061,969, ,967,772, ,694,000, ,233,168, ,164,560,811 79,461,006, ,852,323,368 60,826,885,884 34,016,862,606 82,574,687,134 71,638,460, ,363,446, ,336,000, ,032,432, ,113,430, ,568,167, (*) Construction in progress included Land development right. 29

32 Quarter LONG-TERM INVESTMENTS 16.1 Investment in associates Ending balance Shared Additional Transfer of a subsidiary to profit/(ioss) in the investment in the an associate period period Beginning balance Foreign Trade JSC 26,422,832,090 2,012,411,588 24,410,420,502 Green City JSC 979,910,240, ,912, ,672,327,325 Thang Long JSC 171,506,630, ,208, ,306,421,130 Vien Dong Pearl LLC 526,445,798,574 4,117,837, ,327,960,907 M.Y.M Fashion JSC 75,274,132,342 (6,325,881,609) 81,600,013,951 Can GioJSC 4,806,672,029,748 7,779,949,748 4,798,892,080,000 Hanoi Breeds JSC 47,598,994, ,134,489 47,404,859,687 Nha Trang Port JSC 90,653,444, ,366,014 89,924,078,544 Total 6,724,484,101,868 8,945,939,822 6,715,538,162,046 30

33 Quarter LONG-TERM INVESTMENTS (continued) 16.1 Investment in associates (continued) The information on these associates, along with the Company's voting rights and equity interest in each associate are as follows: No Name Voting rights (%) Equity interest (%) Head office Principal activities 1 Foreign Trade Concrete Nguyen Trong Truyen, Ward 10, Phu Nhuan... Manufacturing and trading JSC District, Ho Chi Minh City concrete 2 Green City Development No. 72 Le Thanh Ton, Ben Nghe ward, district 1,...Real estate development JSC Hochiminh city 3 Thang Long Real Estate 3S.00 3S.00 No. 191 Ba Trieu street, Le Dai Hanh ward, Hai... Real estate development Trading Investment JSC Ba Trung district, Hanoi 4 Vien Dong Pearl Urban 4S.00 4S.00 No. 72 Le Thanh Ton, Ben Nghe ward, district 1,...Real estate development Development Investment Hochiminh city II c S M.Y.M Fashion JSC No.7, Bang Lang 1 street, Vinhomes Riverside...Manufacturing clothes, Eco-urban Area, Viet Hung ward, Long Bien fabrics wholesaler, district, Hanoi. readymade garment and 6 Can Gio Tourist City No. 72 Le Thanh Ton, Ben Nghe ward, district 1,... Real estate development Corporation Hochiminh city 7 Hanoi Breeds JSC No. 77 Le Hong Phong, Nguyen Trai ward, Ha... Breeding livestock Donq district. Hanoi 8 Nha Trang Port JSC No.OSTran Phu, Vinh Nguyen ward, Nha Trang... Seaport operation 31

34 Quarter LONG-TERM INVESTMENTS (continued) 16.2 Other long-term investments Ecology Investment and Development JSC Thanh Nien Media JSC Thuan Phong Energy Development JSC Textile and Garment Group HCMC Trading Service & Investment JSC Vinhomes Real estate management LLC TOTAL Ending balance 564,728,918,336 12,400,000,000 3,000,000, ,395,000,000 2,129,642,075, ,000,000,000 3,487,165,993,681 Beginning balance 564,728,918,336 12,400,000,000 3,000,000, ,395,000,000 1,749,495,515,345 2,882,019,433, Held-to-maturity investments Long-term deposits (*) In which: current portion of long-term deposit (Note 5.2) TOTAL Ending balance 120,187,500, ,187,500,000 Beginning balance 1,522,570,241,813 (1,522,570,241,813) (*) Cost of long-term deposits equal to their fair value. The long-term deposit as at 31 March 2016 has term of 3 years and earn interest at rate of 7%/annum. 32

35 Quarter GOODWILL Goodwill on acquisition of Beginningbalance Hanoi South JSC 2,246,022,053,760 PFVJSC (1) 567,441,137,177 SaiDongJSC 2,251,823,291,311 Royal City JSC 1,262,707,762,179 Vinpearl Danang LLC 209,390,722,257 Tan Lien Phat JSC 498,584,453,672 Vincommerce JSC 421,707,818,920 Khanh Gia LLC (2) 218,481,464,295 Vinlinks JSC 212,916,929,493 An PhongJSC 437,342,855,521 Vinaconex-V"/ette/JSC 2,220,737,168,894 Dong Phu Hung JSC 452,448,609,116 Others 179,942,852,846 ~~~ 38~,_26_3_,8_1~1,_72 7 TOTAL 11,179,547,119,441 38,263,811,727 ===== Accumulatedamorlisalion Net canyng amount Decrease Endingbalance BegInningbalance IlICffJ8Se Decrease Endingbalance BegInningbelance Endingbalance 2,246,022,053, ,420,080,148 55,875,233, ,295,313,679 1,343,601,973,612 1,287,726,740, ,441,137, ,945,375,259 13,421,867, ,367,242, ,495,761, ,073,894,904 2,251,823,291, ,585,568,551 55,890,343, ,475,912,191 1,669,237,722,760 1,613,347,379,120 1,262,707,762, ,559,740,526 31,678,200, ,237,941, ,148,021, ,469,820, ,390,722, ,639,956,861 5,365,270, ,005,227, ,750,765,396 99,385,494, ,584,453,672 54,013,315,814 12,432,465,342 66,445,781, ,571,137, ,138,672, ,707,818,920 61,036,868,474 11,031,213,056 72,068,081, ,670,950, ,639,737, ,481,464,295 22,677,796,181 5,655,237,028 28,333,033, ,803,668, ,148,431, ,916,929,493 14,676,805,602 5,302,528,895 19,979,334, ,240,123, ,937,594, ,342,855,521 5,783,311,684 10,891,680,310 16,674,991, ,559,543, ,667,863,527 2,220,737,168, ,184,292 55,305,714,934 55,860,899,226 2,220,181,984,602 2,164,876,269, ,448,609, ,040,508 11,267,877,239 11,644,917, ,071,568, ,803,691, ,206,664,573 23,523,936,549 5,454,366,876 28,978,303, ,418,916, ,228,361,148 11,217,810,931,168 2,550,794,980, ,571,999,221 2,830,366,979,670 8,628,752, 138,992 8,387,443,951,498 (1) In 2013, PFV JSC, a subsidiary, was merged into the Company. (2) In 2015, Khanh Gia JSC, a subsidiary, was merged into South Vincom Retail LLC, another subsidiary of the Company. 33

36 Quarter I ADVANCE FROM CUSTOMERS Ending balance Beginning balance Downpayment from customers under real estate sale and purchase 19,840,293,920,155 19,365,321,728,392 Advance from customers under other contracts 800,309,380, ,774,737,625 Long-term lease of apartments 191,433,541, ,433,541,758 Hospitality services 75,964,994, ,147,343,315 Medical services 36,347,157,509 32,924,875,970 General construction contracts 455,849,032, ,955,827,622 Education services and others 40,714,654,187 45,313,148,960 TOTAL 20,640,603,300,323 20,221,096,466,017 In which: Advance from customers 20,640,603,300,323 20,221,096,466,017 Advance from related parties 19. STATUTORY OBLIGATIONS Ending balance Beginning balance Corporate income tax 913,430,922, ,166,354,957 Value added tax payable 145,149,129, ,176,298,743 Personal income tax 35,101,865,202 53,076,285,062 Property tax, land use fees and land 2,654,070, ,609,765,250 Others 10,188,915, ,372,524,357 TOTAL 1,106,524,902,574 1,678,401,228, ACCRUED EXPENSES Ending balance Beginning balance Accrual for bond and loan interest 1,246,454,270, ,480,551,017 Accrual for construction costs 2,748,651,026,776 3,833,550,276,538 Accrual for future costs of inventory properties sold 1,254,892,902,890 1,481,238,686,362 Accrual for selling expenses 272,523,401, ,787,321,201 Accrual for severance allowance 8,658,343,038 15,976,951,769 Other accrued expenses 578,559,293, ,861,352,093 TOTAL 6,109,739,238,876 6,920,895,138,980 In which: Accrued expenses due to related parties 12,048,186,112 6,476,650,924 Other accrued expenses 6,097,691,052,764 6,914,418,488,056 34

37 Quarter I UNEARNED REVENUE Unearned revenue mainly includes the prepayment from customers under apartments/villas management services, school fee of Vinschool and under office lease contract (mainly from the Vincom Center Dong Khoi Office Lease Contract signed between Times Trading LLC and a corporate customer). 22. OTHER PAYABLES 22.1 Other short-term payables Ending balance Beginning balance Payment from customers under deposit, loan and other agreement 23,530,278,739,293 24,902,889,733,089 Other short-term payables 4,010,539,063,638 3,651,256,298,590 Deposits from tenants to be refunded within the next 12 months (Note 22.2) 298,077,431, ,735,029,285 Payables for investment activities 2,686,405,361,278 2,224,733,243,038 Collection on behalf 194,270,337, ,536,581,710 Dividends payable 68,462,387,376 66,146,583,977 Social insurance payables 28,635,650,627 12,765,259,655 Payables to customers due to cancellation of contracts 1,541,054, ,536,276,226 Apartment maintenance fund hold on behalf of customers 256,050,551, , 188,180,130 Payable to customer due to amendments of the lease contract 23,010,241,318 Other payables 477,096,289, ,604,903,251 TOTAL 27,540,817,802,931 28,554,146,031,679 In which: Other short-term payables 27,540,817,802,931 28,517,060,118,470 Other short-term payables to related parties 37,085,913, Other long-term payables Ending balance Beginning balance Long-term Deposits from tenants 664,914,244, ,877,406,008 Deposits from tenants to be refunded within the next 12 months (Note 22. 1) (298,077,431,04Ol (198,735,029,285l 366,836,813, ,142,376,723 Payment under the office lease contract at Vincom Center Dong Khoi 3,988,274,000,000 3,988,274,000,000 Other long-term payables 32,497,446,585 30,788,236,251 TOTAL 4,387,608,259,783 4,406,204,612,974 35

38 Quarter LOANS AND BORROWINGS 23.1 Short-term loans Note Ending balance Beginning balance Current portion of long-term loans 572,282,880, ,469,918,658 Short-term loans from banks 533,729,826, ,447,875,436 Others 1,853,337,052, ,700,000,000 TOTAL 2,959,349,760,218 1,424,617,794,094 In which: Short-term loans from related parties 361,700,000, ,700,000,000 Others 2,597,649,760, ,917,794, Long-term loans Note Ending balance Beginning balance Long-term loans from bank ,002,085,570,516 10,396,236,955,432 Convertible loan ,100,000, ,278,942,399 Corporate bonds ,983,643,129,723 22,287,168,627,156 TOTAL 36,430,828,700,239 33,122,684,524, Long-term loans from bank Details of long-term loans are as follows: Lender Note Ending balance Beginning balance Bank for Investment and Developmentof (i) Vietnam - Quang Trung Branch 533,569,399, ,448,500,948 In which: current portion (147,363,803,719) (147,363,803,719) Bank for Investment and Developmentof (ii) Vietnam - Khanh Hoa Branch 54,680,599,634 86,822,061,504 In which: current portion (54,680,599,634) (64,196,199,349) Vietnam Joint Stock Commercial Bank for (iii) Industry and Trade 3,394,218,959,487 4,825,888,573,496 In which: current portion (301,806,098,479) (319,234,594,615) Joint Stock Commercial Bank for Foreign (iv) Trade of Vietnam 4,310,892,421,664 4,158,076,407,775 In which: current portion (68,432,378,631) (73,675,321,108) Saigon Thuong Tin Joint Stock Commercial (v) 1,281,007,070,500 1,394,471,330,500 TOTAL 9,002,085,570,516 10,396,236,955,432 36

39 Quarter I LOANS AND BORROWINGS (continued) 23.2 Long-term loans (continued) Long-term loans from bank (continued) (i) Bank for Investment and Development of Vietnam - Quang Trung Branch Details of loans from Bank for Investment and Development of Vietnam - Quang Trung Branch are as follows: Contract number 31 March 2016 Maturity date Interest rate VND 01/2012/ /HDTD 405,250,460, January 2019 In which: current portion (147,363,803,719) 01/2015/ /H >TD 128,318,939, December 2024 TOTAL In which: Long-term loans Current portion 386,205,595, ,569,399,694 (147,363,803,719) 12-month VND saving rate (interest paid in arrears) for individual customers + 4.5% 12-month VND saving rate (interest paid in arrears) for individual customers + 2% (ii) Bank for Investment and Development of Vietnam - Khanh Hoa Branch Details of loans from Bank for Investment and Development of Vietnam - Khanh Hoa Branch are as follows: Contract number 31 March 2016 Maturity date Interest rate USD VND /HDTDdated 17 April ,730 4,422,748, March 2017 Fixed rate 6% per annum In which: current portion /HDTDdated 17 April 2006 In which: current portion TOTAL In which: Long-term loans Current portion (198,730) (4,422,748,168) 12-month VND 50,257,851, March 2017 savings rate + 4% per annum (50,257,851,466) 54,680,599,634 (54,680,599,634) 37

40 Quarter I LOANS AND BORROWINGS (continued) 23.2 Long-term loans (continued) Long-term loans from bank (continued) (iii) Vietnam Joint Stock Commercial Bank for Industry and Trade ("Vietinbank'J Details of loans from Vietinbank are as follows: Contract number 31 March 2016 Maturity date Interest rate VND 01/2011/HDTD-SAIDONG 565,000,000, November month saving rate of Vietinbank + 5.5% In which: current portion 01/2014-HDTDDAlNHCT106- TANLIENPHAT (300,000,000,000) 2,694,108,104, November month saving rate of Vietinbank + 3.5% Others 135,110,855,385 From April July 2025 From 7 to 12% In which: current portion (1,806,098,479) TOTAL In which: Long-term loans Current portion 3,092,412,861,008 3,394,218,959,487 (301,806,098,479) (iv) Joint Stock Commercial Bank for Foreign Trade of Vietnam ("Vietcombank'J Details of loans from Joint Stock Commercial Bank for Foreign Trade of Vietnam are as follows: Contract number 31 March 2016 Maturity date Interest rate 01/2014/HDTD/HGM.VCB-VPLPQ In which: current portion 01/2015/HDTD/HAN.VCB - TANCANG VND 1,779,241,844, May 2029 (68,432,378,631) 1,928,304,316,436 7 May month Vietcombank saving rate + 3.5% 12-month Vietcombank saving rate + 3.6% 01/2015/HE>TDNCB.BE>- VPLHL October 2015 Others TOTAL 553,000,000, October month Vietcombank saving rate + 3% 50,346,260, July % 4,242,460,043,033 In which: Long-term loans Current portion 4,310,892,421,664 (68,432,378,631) 38

41 Quarter I LOANS AND BORROWINGS (continued) 23.2 Long-term loans (continued) Long-term loans from bank (continued) (v) Saigon Thuong Tin Joint Stock Commercial Bank Details of loans from Saigon Thuong Tin Joint Stock Commercial Bank are as follows: Contract number 31 March 2016 Maturity date Interest rate VND LD dated on 15 May ,281,007,070, May 2019 TOTAL 1,281,007,070,500 Interest rate + 4% per annum Convertible loan with Credit Suisse and Warburg Pincus These are loans from Credit Suisse and Warburg Pincus under Convertible loans Agreement between Vincom Retail JSC, a subsidiary and these counterparties in 2013 and 2014 with the amount of US$15 million and US$5 million respectively, equivalent to VND376,600,000,000 and VND53,800,000,000 respectively (not excluding borrowing costs incurred). These convertible loans bear an interest rate of 8.75% per annum and can be fully or partially converted into preference shares of Vincom Retail JSC three months after the earlier to occur of (i) the completion date of issuing preference shares of Vincom Retail JSC to Credit Suisse and Warburg Pincus; and (ii) 31 March Until 31 March 2016, this loan has not been converted to preference shares of Vincom Retail Corporate bonds Bank Vietnam Joint Stock Commercial Bank for Industry and Trade Bank for Investment and Development of Vietnam Vietnam Technological and Commercial Joint Stock Bank Amount 2,789,237,499, ,703,382,135 Bank for Foreign Trade of Vietnam 4,183,161,877,878 International bonds 4,312,986,463,982 Term Interest 3 years 12-month interest paidin-arrears VND saving rates (+) 3% to 6% per annum 5 years 12-month interest paidin-arrears VND saving rates (+) 5.5% per annum 14,714,553,905,729 From 2 to 5 years 12-month interest paidin-arrears VND saving rates (+) 4% to 5% per annum 26,983,643,129,723 6-month interest paid- in-arrears VND saving rates (+) 4% per annum From 2 to 10 years 4.5 years Fixed interest rate % 39

42 Quarter LOANS AND BORROWINGS (continued) 23.3 Changes in collaterals The collaterals of the aforementioned borrowings and bonds have no change and were presented in consolidated financial statements of the Group for the year ended 31 December SHORT-TERM PROVISION Short-term provision as at 31 March 2016 mainly consists of provision for expected warranty claims on apartments and landed houses sold during the last few years. 40

43 Vingroup Joint Stock Company Quarter OWNERS' EQUITY Increase and decrease in owners' equity Contributed charter capital Other funds Share premium Treasury shares belonging to Owner's Undistributed earnings Non-controllinginterests Total Equity For the three-month period ended 31 March 2015 Beginning balance 14,545,550,980,000 4,582,534,150,067 (2,974,924,074,484) 22,845,114,930 4,220,035,125,587 6,888,591,962,940 27,284,633,259,040 Net profit for the period 427,940,707,867 (70,544,980,106) 357,395,727,761 Partial disposal of subsidiaries 4,040,440, ,495,156, ,535,596,523 Increase Non-controlling interests from contribution capital 147,500,000, ,500,000,000 Non-controlling interests arising from acquisition of subsidiaries 30,666,672,000 30,666,672,000 Dividend declared to Noncontrolling interests (27,890,625,000) (27,890,625,000) Ending balance { } For the three-month period ended 31 March 2016 Beginning balance 18,681,880,870,000 5,798,727,464,308 (2,974,924,074,484) 27,845,114,930 1,601,415,502,116 14,441,898,336,167 37,576,843,213,037 Net profit for the period 609,916,144, ,716,397,347 1,037,632,541,424 Increase from conversion of convertible bonds 716,667,640,000 1,485,854,312,538 2,202,521,952,538 Capital contribution from noncontrolling interests 446,280,000, ,280,000,000 Piecemeal acquisition of equity interest in existing subsidiaries 47,785,308,031 (125,628,402,031 ) (77,843,094,000) Partial disposal of existing subsidiaries without loss of control (52,742,372,747) 56,542,372,677 3,799,999,930 Dividends declared to noncontrolling-interests (425,116,440,184) (425,116,440,184) Ending balance { }

44 Quarter I REVENUES 26.1 Revenue from sale of goods and rendering of services Quarter I 2016 Quarter I 2015 Gross revenue 15,161,634,012,251 6,398,273,675,260 In which: Revenue from sale of inventory properties 10,541,675,216,969 4,285,012,517,012 Revenue from leasing activities and rendering related services 802,355,295, ,770,435,357 Revenue from rendering hotel, amusement, park and related services 983,817,346, ,702,452,776 Revenue from rendering hospital and related services 215,599,362, ,196,439,737 Revenue from sale of goods in supermarkets and retail outlets 2,194,060,294, ,202,753,681 Revenue from rendering education and related 171,922,818, ,645,573,763 Revenue from management services, apartmentlvillas rental services and other related services 86, 107,796,462 82,154,171,916 Other revenue 166,095,881, ,589,331,018 Revenue deduction {2z741,547z460} {4,138!290!231} Net revenue 15,158,892,464,791 6,394,135,385,029 In which: Revenue from sale of inventory properties 10,541,675,216,969 4,285,012,517,012 Revenue from leasing activities and rendering related services 802,355,295, ,770,435,357 Revenue from rendering hotel, amusement, park and related services 983,817,346, ,564,162,545 Revenue from rendering hospital and related 215,599,362, ,196,439,737 Revenue from sale of goods in supermarkets and retail outlets 2,191,318,747, ,202,753,681 Revenue from rendering education and related services 171,922,818, ,645,573,763 Revenue from management services, apartmentlvillas rental services and other related 86,107,796,462 82,154,171,916 Other revenue 166,095,881, ,589,331,018 42

45 B09a-ON/HN Quarter I REVENUES (continued) 26.2 Finance income Interest income Unrealized foreign exchange gain Realized foreign exchange gain Gain from investment activities Other financial income TOTAL Quarter ,925,965,118 47,446,444, ,090,239,548 3,490,271,420 3,473,485, ,426,405,535 Quarter ,134,485,696 2,791,362, ,925,848, COST OF GOODS SOLD AND SERVICES RENDERED Cost of inventory properties sold Cost relating to the leasing activities and rendering related services Cost of rendering hotel, amusement park and related services Cost of rendering hospital and related services Cost of goods sold in supermarkets and retail outlets Cost of rendering education and related services Revenue from management services, apartment/villas rental services and other related services Others TOTAL Quarter ,783,457,349, ,153,879, ,348,853, ,786,546,836 2,176,262,571, ,505,956,853 60,014,675, ,303,796,621 10,855,833,629,589 Quarter ,649,377,061, ,270,213, ,998,813, ,819,628, ,928,714,793 71,318,529,138 64,987,509, ,219,332,792 4,150,919,802,623 43

46 Quarter FINANCE EXPENSES Quarter I 2016 Quarter Loan interest 614,442,446, ,916,605,562 Realized foreign exchange losses 1,202,846,513 Unrealized foreign exchange losses 112,452,173,011 Allocation of bond issuance fees 72,010,288, ,805,707,226 Provision/(reversal) of provision for value diminution of investments 87,167,222,734 (16,438,248,600) Other financial expenses 5,025,032,062 51,946,635,312 TOTAL 779,847,836, ,682,872, OTHER INCOME AND OTHER EXPENSES Quarter Quarter Other income 56,861,895,304 41,686,449,167 Income form disposal of fixed assets 2,387,494,158 9,796,311,509 Income from contract penalty and other income 36,552,787,946 18,725,513,715 Other income 17,921,613,200 13,164,623,943 Other expenses 171,331,231, ,925,569,413 Loss from disposal of fixed assets 20,709,493,576 12,329,263,666 Contract penalties and other fines 131,978,767, ,169,935,679 Other expenses 18,642,971,312 27,426,370,068 NET (114,469,336,631) (116,239,120,246) 30. CORPORATE INCOME TAX Quarter Quarter Current corporate income tax expense 881,854,697, ,265,677,051 Deferred tax (income)/expense ~12,717,653,518~ ~9,919,440,474~ TOTAL 869,137,043, ,346,236,577 44

47 Quarter TRANSACTIONS WITH RELATED PARTIES Significant transactions with related parties during the period were as follows: Related parties Relationship Transactions Amount VND Vietnam Investment Group Under common JSC owners Securities fee receivables (3,549,053,908) Securities fee received 4,133,402,000 Rental fee and meals expenses occurred 13,521,142,834 Rental fee and meals expenses paid (14,034,788,890) Management service fee (1,924,648,923) Management service fee 2,640,000,000 Thang Long JSC Associate Interest receivable 931,918,903 Vien Dong Pearl LLC Associate Interest payable 7,022,886,112 M.Y.M Fashion JSC Associate Service fee 893,888,795 Purchase of goods 4,365,324,902 Kindheart Foundation Under common owners Sponsoring fee occurred 26,678,486,895 Sponsoring fee payment (24,000,000,000) Vinmec service fee receivables (2,396,507,101) Vinmec service fee received 1,811,356,818 Terms and conditions of transactions with related parties: During the period, the Group provided loans to related parties at interest rates of 7% per annum, and received loans from related parties at interest rates of 7% per annum. These loans payables/receivables are unsecured and are settled by cash or net off with liabilities. During the period, the Group also sold/purchased goods and rendering/purchased related parties based on market price. services to/from During the period, the Group has not made provision for doubtful debts relating to amounts due from related parties (31 December 2015: nil). This assessment is undertaken each financial period through the examination of the financial position of the related party and the market in which the related party operates. 45

48 Quarter I TRANSACTIONS WITH RELATED PARTIES (continued) Balances of receivables and payables with related parties as at 31 March 2016 are as follows: Related parties Relationship Transactions Amount VND Trade receivables (Note 6) Kindheart Foundation Under common Vinmec service receivables 1,695,110,300 Construction service receivables 68,893,191,610 Vietnam Investment Group Under common Construction service JSC owners receivables 763,922,297 Service fee receivables 121,982,524 Security service 3,150,804,064 74, Other receivables (Note 8) Vietnam Investment Group Under common JSC owners Services fees receivables 1,099,858,449 Thang Long JSC Associate Interest receivables 4,943,361,327 6, Other payables (Note 20) Vien Dong Pearl LLC Associate Interest payables 12,048,186, z112 Details on loans and interest rate from/to related parties as at 31 March 2016 are as follows: Related parties Relationship Interest rate Maturity date Collateral Amount VND Loan receivables (Note 7) Thang Long JSC Associate 7% 2 June 2016 None ~5~5~,2~0~4~,1~8~1~,8~1~8 55,204z181z818 Short term loan (Note 22) ----~~~~~~ Vien Dong Pearl LLC Associate 7% 5 May 2016 None 361,700,000, z700z

49 Quarter I COMMITMENTS AND CONTINGENCIES Capital expenditure commitments relating to on-going real estate projects The Group has entered into a number of contracts relating to the development of some real estate projects of the Group. The outstanding commitment on these contracts amounted to approximately VND23,233 billion as at 31 March 2016, in which the commitment to pay land use fees is VND786 billion. Commitment under operating leases where the Group is a lessor The Group, as lessor, leases office, retail and multifuntional spaces under operating lease agreements. The minimum lease payments under these agreements at are as follows: 31 March December 2015 Due within one year Due in two to five years Due in more than five years TOTAL 1,656,205,047,464 1,550,500,448,342 3,156,906,043,117 2,605,382,920,856 2,148,774,806,557 1,770,642,136,912 6,961,885,897,138 5,926,525,506,110 Under the business co-operation contract signed in February 2012 between the subsidiaries within the Group and Thien Huong Investment JSC ("Thien Huong") regarding the school operation in Vinhomes Riverside and Vinhomes Royal City projects, the Group is entitled to share of Thien Huong's revenue, which is equal to 15% of revenue and can be adjusted according to the agreement. The duration of the co-operation agreement is from February 2012 to the end of August Commitment under operating leases where the Group is a lessee The Group, as lessee, entered into certain rental agreements. The minimum lease payments under these agreements at are as follows: 31 March December 2015 Due within one year Due in two to five years Due in more than five years TOTAL 457,287,177, ,904,000,252 1,492,915,205,861 1,315,048,177,986 3,874,149,365,760 3,858,014,544,056 5,824,351,749,263 5,558,966,722,294 Under the co-operation contracts signed in May 2015 between An Phong JSC and a corporate counterparty regarding the co-operation in constructing and exploiting Dong Tan Shopping Mall Project, this corporate counterparty will be entitled to the adjusted rental fee. Duration of the contract is 35 years from the completion and finalization date of the project; after that, two parties sign lease contract. 47

50 Quarter COMMITMENTS AND CONTINGENCIES (continued) Other commitments Commitments related to the real estate project at 233 and 2238 Nguyen Trai, Thanh Xuan, Hanoi In accordance with the co-operation agreement dated 20 April 2015 between Xavinco JSC and a corporate counterparty regarding the development of a real estate project, Xavinco JSC committed to provide financial support to the counterparty carrying out relocation with an amount of VND71 billion as well as to provide loan to this counterparty to make capital contribution into Xalivico JSC with an amount ofvnd130 billion. The remaining commitments as at 31 March 2016 are VND166 billion. Commitments under the contract to purchase shares of VEFAC JSC According to the Share Transfer Contract for strategic investor signed between the Company and VEFAC One Member LLC dated 13 March 2015, the Company committed to raise 100% of financing source for the development of National Exhibition Center Project following the approved master plan. The Company also commits to complete phase 1 of National Exhibition Center Project within 3 years of receiving the site except for objective conditions. Commitment for site clearance compensation for Vu Yen Island project Pursuant to the Official Letter No. 3070/UBND-DC2 on the advance for site clearance and land compensation for Vu Yen Island Project, a complex of entertainment facilities, residential areas and ecological park in Hai An ward and Thuy Nguyen district, Hai Phong City, the Group committed to perform site clearance and land compensation amounted to VND351.8 billion. As at 31 March 2016, the remaining commitments amount are VND132.5 billion. Commitment for site clearance and land compensation for Vinhomes Riverside Hai Phong Urban Area Pursuant to the Official Letter No. 2294/QD-UBND of Hong Bang District People Committee dated 17 November 2015 on the approval of site clearance and land compensation for Hai Phong Cement Urban Area project at Thuong Ly ward, Hong Bang district, the Group committed to site clearance and land compensation amounted to VND728.3 billion. As at 31 March 2016, the remaining commitements amount are VND428.3 billion. Commitments for the share transfer of an associate from individuals Under deposit contracts for share transfer dated 25 November 2015 between the Group and individuals, the Company commits to purchase 40% voting shares of the associate's share capital. The value of this contract is VND1,320 billion. As at 31 March 2016, the Company has transferred the deposits to these individuals which amounted to VND400 billion. Commitments for the additional share transfer of long-term investment of the Group Under deposit contracts for share transfer dated 25 November 2015 between the Company and individual counterparties, the Company commits to purchase 245,258,503 shares, equivalent to 81.75% of charter capital of a company which is currently a long-term investment of the Group. The value of this contract is VND7,357 billion. As at 31 March 2016, the Company has transferred the deposits to these individuals which amounted to VND6,OOObillion. Commitment for the share transfer in a potential project Under deposit contracts between Vincom Retail JSC, a subsidiary, and a corporate counterparty in Hanoi, Vincom Retail JSC commits to acquire the entire shares of a company which will be established with the aim of developing shopping mall project in Co Nhue ward, Bac Tu Liem district, Hanoi city after all signing contract conditions are completed. 48

51 Quarter I COMMITMENTS AND CONTINGENCIES (continued) Other commitments (continued) Commitments for the additional share transfer of an existing subsidiary from counterparties According to share transfer contract dated 28 September 2015 between the Company and an individual counterparty, the Company commits to acquire 26,379,686 shares, equivalent to 31.72% of an existing subsidiary's share capital. The value of this contract is VND852.7 billion. As at 31 March 2016, this transaction has not been completed and the Company has not paid the consideration of this transaction. Commitments related to business cooperation and leasing contracts of An Phong JSC Under the business co-operation contract and the lease contracts of a number of commercial centers between An Phong JSC and corporate counterparties in Ho Chi Minh City and Dong Nai, An Phong JSC commits to transfer back the construction and fixed equipment attached to the existing structure to the lessors or the counterparties without any additional conditions at the end of the contract period. Commitment for transfer a certain parts of Vincom City Towers On 31 July 2006, the Company had transferred certain parts of the Vincom City Center to a corporate counterparty. According to the Transfer Agreement, the Group has committed to transfer the ownership of the following investment properties to this corporate counterparty on 20 July 2052: (i) The ownership of half of the commercial center (from 1st floor to 6th floor of Vincom City Center (the "Towers"), except for the reception and elevator waiting area of 160m2 on the 1st floor); and (ii) The ownership of % of the basement 1 and basement 2 of the towers. Commitment with Hanoi People's Committee ("HPC'J In accordance with Decision No.1853/QD-UBND dated 22 April 2011 issued by the HPC, Sai Dong JSC is obliged to return land lot No. G4-HH16 (with an estimated area of 43,542m2) and land lot No. G4-NT (with an estimated area of 5,293m2) in the Vinhomes Riverside project to the HPC. Commitment under interest support contracts to buyers of apartments at Vinhomes Royal City project Royal City JSC has entered into three-party (3) agreements with the buyers of the apartments at Vinhomes Royal City project and certain banks who provide loans to these customers to finance for their apartment purchase. Under this agreement, there are some key terms as follows: (i) The banks will provide loans to the buyers to finance for the purchase of the apartments at Royal City; and (ii) In case the buyers breach the terms and conditions of the loan agreement signed with the banks, Royal City JSC might be required by the banks to buy back the apartments at a price of at least 80% of the amount of down payments received by Royal City JSC under the apartment sale agreement. 33. SEGMENT INFORMATION For the management purpose, the operating businesses are organised and managed separately Sales of inventory properties: including developing and trading apartments and villas at real estate projects of the Group as well as other investment activities in real estate sector; Leasing investment properties and related services: including leasing of office and retail areas and rendering related services at investment properties owned by the Group; Hospitality, entertainment and other services: including provision of hotel and related services at the hotels and resorts owned by the Group; Health care and related services: including provision of health care and related services at Vinmec International General Hospital; Education and related services: including provision of education and related services at Vinschool system of the Group; Retail services: including provision of retailing and supermarket services; and Others: including agriculture, security and other services. 49

52

53 Quarter I SEGMENT INFORMATION (continued) 1. Inter-segment sales are eliminated in consolidation. 2. Segment profit does not include finance income, finance expenses, other income, other expenses. 3. Segment assets do not include goodwill, deferred tax assets, short-term investments, short-term loan receivables, other long-term investments, long-term loan receivables, interest receivables, value-added tax deductible, tax and other receivables from the State because these assets are managed on a group basis. 4. Segment liabilities do not include long-term loans, convertible bonds, statutory obligations, short-term loans, accrued interest expenses and deferred tax liabilities because these liabilities are managed on a group basis. The Group manages operating results separately for each business segment for the purpose of making resources allocation decision and result assessment. Result of each segment will be assessed based on profit/loss and determined consistently with profit/loss of the Group in the consolidated financial statements. However, financial activities of the Group (including finance income and finance expenses) is managed centrally and not allocated for each business segment. Transfer prices between business segments are set on an arm's length basis in a manner similar to transactions with third parties. Segment revenue, segment expense and segment result include transfers between business segments. Those transfers are eliminated in preparation of the consolidated financial statements. 35. RECLASSIFICATION OF CORRESPONDING FIGURES Comparative figures is the financial statements as at and for the year ended 31 December 2014 which is audited by Ernst & Young Vietnam LLC (EY). Certain corresponding figures have been reclassified to conform to current year's consolidated financial statement presentation. 36. EVENTS AFTER THE BALANCE SHEET DATE Ngo Nguyet Hang Preparer Nguyen Thi Thu Hien Chief accountant Duong Thi Mai Hoa Chief Executive Officer 4 May

54 Quarter APPENDIX 1 - THE GROUP STRUCTURE AS AT 31 MARCH 2016 No. Full name Voting Equity right interest Registered office's address Principal activities 1 Vincom Retail JSC % 99.06% Vinhomes Riverside (1) Investing, developing and trading real estate properties 2 South Vincom Retail Ltd % 99.06% No. 72, Le Thanh Ton and No. 45A Ly Leasing real estate properties Tu Trong, Ben Nghe ward, District 1, HCM city 3 North Vincom Retail Ltd % 99.06% No. 72A, Nguyen Trai street, Thuong Leasing real estate properties Dinh ward, Thanh Xuan district, Hanoi 4 Metropolis LLC % 99.06% No. 72, Le Thanh Ton Street, Ben Investing, developing and trading real Nghe ward, District 1, HCM city estate properties 5 Riverview Complex DaNang LLC % 99.06% Ngo Quyen street, An Bac Hai ward, Investing, developing and trading real Son Tra district, Da nang city estate properties 6 Suoi Hoa Urban Development and 88.00% 87.17% Km , Tran Hung Dao street, Investing, developing and trading real Investment JSC Suoi Hoa ward, Bac Ninh city, Bac estate properties Ninh province 7 Vin Tay Commercial Trading JSC 95.00% 94.11% No. 14 Nguyen Trai, An Hoi ward, Leasing real estate properties Ninh Kieu district, Can Tho city 8 Hanoi Entertaiment Culture Sport % 99.06% No.2, Pham Ngoc Thach Street, Leasing real estate properties CenterJSC Trung Tu ward, Dong Da district, 9 Blue Star Urban Development and % 99.06% No. 12, land 99, Nam Duong street, Investing, developing and trading real Commercial Investment JSC held 19 Thuong Thanh Ward, Long estate properties Bien District, Hanoi 10 An Phong Investment JSC % 99.06% No.3, Road 3/2, No. 11 Ward, No. 10 Leasing real estate properties District, Hochiminh 11 Times Trading Investment and % % No. 72, Le Thanh Ton and No. 45A Ly Investing, developing and trading real Development One Member LLC Tu Trong, Ben Nghe ward, District 1, estate properties HCM city 12 Vinhomes 1 Real Estate Trading LLC % % Vinhomes Riverside (1) Trading real estate properties 13 Vinhomes 2 Real Estate Trading LLC % 99.93% Vinhomes Riverside (1) Trading real estate properties 52

55 Quarter I 2016 APPENDIX 1- THE GROUP STRUCTURE AS AT 31 MARCH 2016 No. Full name Voting Equity right interest Registered office's address Principal activities 14 Royal City Real Estate Development 98.36% 98.36% No. 72A, Nguyen Trai street, Thuong Investing, developing and trading real & Investment JSC Dinh ward, Thanh Xuan district, Hanoi estate properties 15 Hanoi Southern City Development 98.90% 98.90% No. 458, Minh Khai street, Vinh Tuy Investing, developing and trading real JSC ward, Hai Ba Trung district, Hanoi estate properties 16 Saidong Urban Development & 94.00% 94.00% Vinhomes Riverside (1) Investing, developing and trading real Investment JSC estate properties 17 Xavinco Land JSC 96.44% 96.42% No. 191, Ba Trieu street, Le Dai Hanh Investing, developing and trading real ward, Hai Ba Trung district, Hanoi estate properties 18 Isado Business Cooperation and 70.00% 65.80% Vinhomes Riverside (1) Investing, developing and trading real Development LLC estate properties 19 Tan Lien Phat Construction 75.00% 74.70% No. 72, Le Thanh Ton Street, Ben Investing, developing and trading real Investment Corporation JSC Nghe ward, District 1, HCM city estate properties 20 Hong Ngan Real Estate JSC % 94.00% No. 31, Ngo Gieng, Dong Cac street, Investing, developing and trading real o Cho Dua, Dong Da, Hanoi estate properties 21 Xalivico LLC 74.00% 71.35% 233 Nguyen Trai Street, Thuong Dinh Investing, developing and trading real ward, Thanh Xuan district, Hanoi estate properties 22 Vietnam Exhibition Fair Center JSC 83.32% 83.32% No. 148 Giang Vo street, Giang Vo Investing, developing and trading real ward, Ba Dinh district, Hanoi estate properties 23 Southern Star Urban Development 90.00% 89.99% No. 72, Le Thanh Ton Street, Ben Investing, developing and trading real and Trading Investment JSC Nghe ward, District 1, HCM city estate properties 24 Hoa Mai Trading Commercial 74.00% 74.00% No. 72, Le Thanh Ton Street, Ben Investing, developing and trading real Services LLC Nghe ward, District 1, HCM city estate properties 25 Metri Sport and Entertainment 67.17% 67.17% No 7 Thang Long Avenue, Me Tri Investing, developing and trading real Development JSC Ward, Nam Tu Liem District,Hanoi estate properties 26 Dong Phu Hung - Binh Thuan JSC 99.00% 97.73% Highway 55, village Thang Hai, Investing, developing and trading real Thang Hai Commune, Ham Tan estate properties,binh Thuan Province 27 Metropolis Hanoi LLC % 98.36% HH land area, Pham Hung street, Tu Investing, developing and trading real Liem, Hanoi estate properties 53