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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Vietnam Prop. | LSE:VPF | London | Ordinary Share | KYG9362H1083 | ORD USD0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.5525 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMVPF
RNS Number : 1163B
Vietnam Property Fund
28 March 2013
VIETNAM PROPERTY FUND LIMITED
("VPF" or the "Company")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2012
Financial Highlights
Hot Features
Premium
31 December 2012 30 June 2012
Total net assets US$63,472,850 US$67,496,602
NAV per share US$0.74 US$0.77
Share price (mid-price) US$0.41 US$0.54
Discount 44.59% 29.87%
US$/VND exchange rate 20,835 20,878
Six Months Ended Six Months Ended
31 December 2012 31 December 2011
Net loss US$(3,046,125) US$(6,496,765)
Net loss per ordinary
share US$0.035 US$0.073
------------------------- ------------------ ------------------
Six Months Ended Six Months Ended
31 December 2012 31 December 2011
US$ US$
---------------------------- ------------------ ------------------
Cash and cash equivalents 25,807,306 27,170,826
============================ ================== ==================
Bank interest income 188,517 386,305
Dividend income 135,472 153,121
Loan interest income 16,000 39,110
Net changes in fair value
of financial assets at
fair value through profit
or loss (2,529,304) (6,079,764)
Other income - 747
---------------------------- ------------------ ------------------
Total (2,189,315) (5,500,481)
============================ ================== ==================
Portfolio Highlights
31 December 2012 30 June 2012
US$ US$
Listed investments at
cost 24,655,110 24,655,110
Unrealised losses (15,321,215) (12,789,114)
----------------------- ----------------- -------------
Listed investments at
fair value 9,333,895 11,865,996
----------------------- ----------------- -------------
31 December 2012 30 June 2012
US$ US$
Unlisted investments at
cost 31,656,244 29,256,244
Unrealised losses (3,237,474) (3,240,271)
------------------------- ----------------- -------------
Unlisted investments at
fair value 28,418,770 26,015,973
------------------------- ----------------- -------------
Investment Manager's Statement
2012 REVIEW - The Bottomless PIT?
It is often said that "What goes up must come down". We believe that was certainly true for the property market in Vietnam over the past ten years. "When will it land?" is the question we would all like answered. We have what seems to be the most prolonged downturn in this sector since the Asia crisis in 1997 and there is a danger that the current downturn will outlast that. The first phase of the reforms necessary to tackle Vietnam's well documented macroeconomic issues has been relatively successful with inflation now in single digits, interest rates on a downward trend and a currency that has been stable against the United States Dollar ("US$") since the last devaluation at beginning of 2011. We consider this a positive sign.
The second phase of reform is proving to be more challenging with the weak banking sector and the inefficient State Owned Enterprises ("SOE") proving a harder nut to crack. Real estate in a wider context usually lags behind the wider economy and it would be a brave commentator that says we are out of the woods. Debt still weighs down on many of the developers and the continued delays to projects due to the lack of funding must be pushing more and more companies towards the abyss. Distressed situations are prevalent in the real estate sector, however, are quite hard to find as deals are often done off market and actual prices are hard to ascertain.
Pricing and timing will be critical to most investors in this turbulent market but we are trying to mitigate the wild swings in the market through careful selection of both projects and partners. Whilst enthusiasm is abundant in Vietnam, the expertise needed to deliver a higher quality project that stands out from the crowd is still often lacking from developers and investors who have known nothing but bull markets. This is why we are keen to partner with those companies and individuals who are a cut above the rest in their chosen field rather than building our own development capacity at Vietnam Property Fund Limited. We believe it is not possible to be all things to all men in this country and the failure of several non-core business developers is testament to that.
Sales and rents have continued to be weak during the whole of 2012 although the pace of price and rental reductions has slowed which could be pointing to a bottoming out of the seemingly bottomless pit in 2013. Unfortunately for many the bottom is all we will be seeing in 2013. This does, however, give those with money the chance to invest at the right time in the cycle with very little competition for deals. Vietnam seems to have virtually fallen off the schedules for most real estate conferences in Asia where it was getting a full hour slot five years ago. Now is the time to buy, plan and get ready for the next cycle which is not too far away.
OUTLOOK FOR 2103
As with last year's Interim Report, we look forward to the coming year on the basis of applying the following scenarios:
1. Good Case - The Empty Playing Field
There are very few investors active in the Vietnam real estate market at the moment. Whilst deals are still hard to source there is a lack of investors with cash and developers who can deliver good product. Given our local presence we have good access to the market and to the few remaining developers that are worth their salt and still have some cash to spend. It feels a bit lonely out here sometimes as there are so few parties looking at real estate even though this is intuitively the time to buy distressed opportunities as they come forward. Although there are many barriers still to be worked through, the market will recover in time and this is the right time to be here at the start of the upswing. The main change we have seen from 12 months ago is that more investors are out of the game and more distress is evident in the market. We have a good pipeline of deals, a number of which we expect to close in the first half of 2013.
2. The Holding Case - Hold or Average Down?
We have generally been quite robust about our view on the equity positions that we hold. It is true to say that their performance has been volatile over the past year but they all, with one notable exception, have good land banks and are not in danger of illiquidity or regulatory problems. It is likely we will sell one of our listed holdings in 2013. The remaining listed companies within the portfolio are all facing sales and leasing problems in the short to medium term and a sale, therefore, at the bottom of the market is not on the cards. To the contrary, if we see a sustained improvement in the market, we might consider averaging down in the positions held by the Company in its listed portfolio companies.
3. The Base Case - Baton Down the Hatches
It is a very tough time for residential sales at the moment, particularly high rise apartments. For that reason, we have decided to delay the development of the Saigon South Residences Project ("SSR Project") until we either see a market recovery or find a buyer. We have paid down a good portion of the outstanding debt to ensure that the project will not be in a distressed situation. Similarly with the Saigon Golf, Country Club and Residences Project ("SDI Project"), we are planning to complete the golf course before starting the construction of residential units. Our equity share in Project Design & Development ("PDD") is producing a good return even through the downturn. In short, we are trying to maintain value with our current investments until the outlook is brighter.
In summary, the real estate market for 2012 has remained difficult and it is not looking like picking up to any great extent in 2013. We are, however, confident that the remaining cash held by the Fund can be deployed into good assets that will be ready to benefit from the inevitable upswing in the property cycle which we still believe will occur.
INVESTMENT STRATEGY 2013
We are concentrating our efforts on making the most of better pricing in the real estate market. There are a lot of projects across all sectors that require capital. That is a fact. The problems we face, however, are still a combination of unrealistic expectations and a lack of transparency. The majority of projects we look at have issues that we, as a foreign investor, cannot accept whether they are planning, zoning, land compensation or taxation in nature.
We will, therefore, continue to focus our efforts on distressed opportunities. It is worth noting that distressed assets are not likely to be available in Vietnam at a very deep discount, we are more likely to see good pricing as opposed to fire selling.
In general, we are looking across all sectors of the real estate market, each of which is having its own set of problems. We are seeing the most discounted projects in the resort and apartment for sale market. We do not, however, favor resorts but are looking closely at residential. This is based, in part, on a potential policy change from the Government allowing foreigners to purchase apartments, both personally and corporately, to live in and for wholesale. This would be a real boost for the market and could lead to a hugely accelerated uptake of existing stock.
CONCLUSION - GENERAL OUTLOOK
We believe the Vietnam property market is reaching its bottom and the current outlook is negative. There will not be any major recovery in the short-term but it is the time to focus on distressed assets and hold over the medium to long term. Prime location and income producing assets are still scarce and not cheap due to competition/demand, mainly from Japan and South East Asia but there are a lot of unfinished projects being delayed due to financial difficulties. Many of those are attractive offerings that can potentially be acquired at distressed prices. Our view is that the next 6-18 months will be a good time to pick up distressed assets in Vietnam.
Full updates on the VPF and copies of this document as well as further details on its investment activities can be found on the website: www.vietnampropertyfund.com.
ENQUIRIES:
Rachel Hill
Dragon Capital Markets (Europe) Limited | Tel: +44 79 71 214 852
Tom Sheldon, Rick Thompson
Cantor Fitzgerald Europe (Nominated Adviser and Broker) | Tel: +44 20 7107 8000
VIETNAM PROPERTY FUND LIMITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2012 (UNAUDITED)
31 December 2012 30 June2012
US$ US$
ASSETS
Long-term loans receivable 528,600 528,600
------------------------------------------------ ----------------- ----------------
NON-CURRENT ASSETS 528,600 528,600
------------------------------------------------ ----------------- ----------------
Financial assets at fair value through
profit or loss 37,752,665 37,881,969
Short-term loans receivable - 2,400,000
Other receivables 161,632 182,295
Cash and cash equivalents 25,807,306 26,703,886
------------------------------------------------ ----------------- ----------------
CURRENT ASSETS 63,721,603 67,168,150
------------------------------------------------ ----------------- ----------------
TOTAL ASSETS 64,250,203 67,696,750
================================================ ================= ================
EQUITY
Issued share capital 858,477 882,225
Share premium 83,435,962 84,389,841
Accumulated losses (20,821,589) (17,775,464)
------------------------------------------------ ----------------- ----------------
TOTAL EQUITY 63,472,850 67,496,602
================================================ ================= ================
LIABILITIES
Redeemption payable 583,200 -
Accrued expenses 194,153 200,148
------------------------------------------------ ----------------- ----------------
CURRENT LIABILITIES 777,353 200,148
------------------------------------------------ ----------------- ----------------
TOTAL EQUITY AND LIABILITIES 64,250,203 67,696,750
================================================ ================= ================
NET ASSET ATTRIBUTABLE TO ORDINARY
SHAREHOLDERS 63,472,850 67,496,602
================================================ ================= ================
NUMBER OF ORDINARY SHARES IN ISSUE 85,846,719 88,221,459
================================================ ================= ================
NET ASSET VALUE PER ORDINARY SHARE 0.74 0.77
================================================ ================= ================
VIETNAM PROPERTY FUND LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 DECEMBER 2012 (UNAUDITED)
For the six months For the six months
ended 31 December ended 31 December
2012 2011
US$ US$
INCOME
Dividend income 135,472 153,121
Bank interest income 188,517 386,305
Loan interest income 16,000 39,110
Net change in fair value of financial
assets at fair value through profit
or loss (2,529,304) (6,079,764)
Other income - 747
------------------------------------------ ------------------- -------------------
TOTAL LOSS (2,189,315) (5,500,481)
========================================== =================== ===================
EXPENSES
Management fees (662,625) (692,270)
Legal and professional fees (47,531) (8,871)
Directors' fees (90,058) (84,501)
Administration and custodian fees (42,411) (44,127)
Other operating expenses (99,168) (91,051)
------------------------------------------ ------------------- -------------------
TOTAL EXPENSES (941,793) (920,820)
========================================== =================== ===================
NET LOSS BEFORE EXCHANGE GAIN/(LOSS) (3,131,108) (6,421,301)
------------------------------------------ ------------------- -------------------
EXCHANGE GAIN/(LOSS)
Net foreign exchange gain/(loss) 84,983 (75,464)
LOSS FOR THE PERIOD (3,046,125) (6,496,765)
Other comprehensive income for the
period - -
TOTAL COMPREHENSIVE LOSS (3,046,125) (6,496,765)
========================================== =================== ===================
BASIC LOSS PER ORDINARY SHARE (0.035) (0.073)
========================================== =================== ===================
VIETNAM PROPERTY FUND LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 DECEMBER 2012 (UNAUDITED)
Issued
share Accumulated
capital Share premium losses Total
US$ US$ US$ US$
Balance at 1
July 2012 882,225 84,389,841 (17,775,464) 67,496,602
Total
comprehensive
loss for the
period:
Net loss for
the period - - (3,046,125) (3,046,125)
Transactions
with
shareholders,
recognised
directly
in equity:
Repurchase of
own shares (23,748) (953,879) - (977,627)
---------------- ------------------------- ---------------------------- --------------------------- ----------------------------
Balance at 31
December
2012 858,477 83,435,962 (20,821,589) 63,472,850
================ ========================= ============================ =========================== ============================
Balance at 1
July 2011 893,225 84,932,215 (14,348,979) 71,476,461
Total
comprehensive
loss for the
period:
Net loss for
the period - - (6,496,765) (6,496,765)
Transactions
with
shareholders,
recognised
directly
in equity:
Repurchase of
own shares (11,000) (542,374) - (553,374)
---------------- ------------------------- ---------------------------- --------------------------- ----------------------------
Balance at 31
December
2011 882,225 84,389,841 (20,845,744) 64,426,322
================ ========================= ============================ =========================== ============================
VIETNAM PROPERTY FUND LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2012 (UNAUDITED)
For the six
months For the six
ended months ended
31 December 31 December
2012 2012
US$ US$
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the period (3,046,125) (6,496,765)
Adjustments for:
Dividend income (135,472) (153,121)
Bank interest income (188,517) (386,305)
Loan interest income (16,000) (39,110)
Net change in fair value of financial
assets at fair value through profit
or loss 2,529,304 6,079,764
------------------------------------------------ -------------------------- ---------------------------
(856,810) (995,537)
Change in trade and other receivables 71,945 27,939
Change in accounts payable and
accrued expenses 577,205 (19,802)
------------------------------------------------ -------------------------- ---------------------------
(207,660) (987,403)
Acquisition of investments (2,400,000) (3,800,000)
Short term deposit received - 3,800,000
Loan disbursement - (1,100,000)
Collection of loan 2,400,000 1,000,000
Dividends received 135,472 231,736
Bank interest received 153,235 501,605
------------------------------------------------ -------------------------- ---------------------------
Net cash used in operating activities 81,047 (354,062)
================================================ ========================== ===========================
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of own shares (977,627) (553,374)
------------------------------------------------ -------------------------- ---------------------------
Net cash used in financing activities (977,627) (553,374)
================================================ ========================== ===========================
NET DECREASE IN CASH AND CASH
EQUIVALENTS (896,580) (907,436)
Cash and cash equivalents at the
beginning of the period 26,703,886 28,078,262
------------------------------------------------ -------------------------- ---------------------------
CASH AND CASH EQUIVALENTS AT THE
END OF THE PERIOD 25,807,306 27,170,826
================================================ ========================== ===========================
VIETNAM PROPERTY FUND LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2012 (UNAUDITED)
1. The Company
Vietnam Property Fund Limited (the "Company") is a closed-end investment company incorporated under the laws of the Cayman Islands. It commenced operations on 17 October 2007, the date on which the initial subscription proceeds were received, and had no employees as at 31 December 2012 (31 December 2011: Nil).
The investment objective of the Company is to provide shareholders with attractive capital returns over the mid to long term by investing in a portfolio of Real Estate Investments, primarily in Vietnam.
The Company's shares are listed on London's Alternative Investment Market and were admitted to trading on the 25 April 2008. The Company has been established with unlimited duration. However, the Articles of Association require the Company to put before its annual general meeting in 2018 a special resolution to wind up the Company effective on 30 June 2020. If the special resolution is not passed, the Company will put before the annual general meeting in each successive odd numbered year a special resolution to wind up the Company effective 30 June in the second year following the year in which such annual general meeting is held.
The Company will focus on two distinct investment areas: listed and pre-listed equity in Vietnam, and Real Estate Projects. The latter will include sectors such as office for lease, residential, retail, tourism and leisure, and industrial. With the primary focus on Vietnam, the Company may invest up to 20% of its assets in Real Estate in countries neighbouring Vietnam.
The Company has three wholly-owned subsidiaries including VPF Property Investment 1 Limited, VPF Property Investment 2 Limited and Aralax Investment Limited, which are incorporated in the British Virgin Islands whose principal activity is investment holding.
The investment activities of the Company and its subsidiaries (the "Group") are managed by Dragon Capital Management Limited and the administration of the Group is delegated to Standard Chartered Bank (the "Administrator").
2. Basis of Preparation and Accounting Policies
(a) Statement of compliance
The condensed consolidated interim financial statements of the Group have been prepared in accordance with International Accounting Standard ("IAS") 34 Interim Financial Reporting.
The condensed consolidated interim financial statements were authorised for issue by the Board of Directors.
(b) Basis of preparation
The condensed consolidated interim financial statements were not audited. The condensed consolidated interim financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Company's annual financial statements for the year ended 30 June 2012. The accounting policies and basis of preparation adopted in the preparation of the condensed consolidated interim financial statements are the same as those used in the annual financial statements for the period ended 30 June 2012.
(c) New standards and interpretations not yet adopted
A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 January 2013 and have not been applied in preparing these financial statements. None of these is expected to have a significant effect on the consolidated financial statements of the Group, except for International Financial Reporting Standards ("IFRS") 9 Financial Instruments (effective for annual periods beginning on or after 1 January 2015), IFRS 13 Fair Value Measurement (effective for annual periods beginning on or after 1 January 2013), IFRS 10 Consolidated Financial Statements (effective for annual periods beginning on or after 1 January 2013), IFRS 12 Disclosure of Interest in Other Entities (effective for annual periods beginning on or after 1 January 2013), and IAS 1 Presentation of Financial Statements (revision effective for annual periods beginning on or after 1 July 2012). The Group does not intend to early adopt these standards and the extent of the impact has not been determined.
3. Loan Receivables
As at 31 December 2012, the Group granted unsecured loan receivables, denominated in USD, to Saigon South Residence comprising a loan of US$400,000 at an interest rate of 5% (30 June 2012: 5%) and a loan of US$128,600 at an interest rate of 8% (30 June 2012: 8%) per annum which will be both payable in 2015.
4. Financial Assets at Fair Value through Profit or Loss
31 December 2012 30 June 2012
US$ US$
Listed investments:
Investments, at cost 24,655,110 24,655,110
Unrealised losses (15,321,215) (12,789,114)
-------------------------------- ---------------- ------------
At fair value 9,333,895 11,865,996
-------------------------------- ---------------- ------------
Unlisted investments:
Investments, at cost 31,656,244 29,256,244
Unrealised losses (3,237,474) (3,240,271)
-------------------------------- ---------------- ------------
At fair value 28,418,770 26,015,973
-------------------------------- ---------------- ------------
Total investments at fair value 37,752,665 37,881,969
================================ ================ ============
The valuations of investments are based on information known to the Directors and market conditions existing at the reporting date.
5. Cash and Cash Equivalents
31 December 2012 30 June 2012
US$ US$
Cash on demand 5,567,247 12,096,216
Time deposits 20,240,059 14,607,670
--------------- ---------------- ------------
25,807,306 26,703,886
=============== ================ ============
As at 31 December 2012, cash and cash equivalents were placed on USD time deposits at the interest rate of 0.5% (30 June 2012: 0.5%) per annum, and VND time deposits at the interest rate of 9% (30 June 2011: 11.6% to 14%) per annum.
6. Issued Share Capital
31 December
2012 30 June 2012
US$ US$
Authorised:
1,000,000,000 ordinary shares at par
value of US$0.01 each 10,000,000 10,000,000
1,000 management shares at par value
of US$0.01 each 10 10
------------------------------------------ ------------ -------------
10,000,010 10,000,010
========================================== ============ =============
Issued and fully paid:
85,846,719 (30 June 2012: 88,221,459)
Ordinary Shares at par value of US$0.01
each 858,467 882,215
1,000 management shares at par value
of US$0.01 each 10 10
------------------------------------------ ------------ -------------
Issued share capital 858,477 882,225
========================================== ============ =============
All Ordinary Shares have the same rights, whether in regard to voting, dividends, return of share capital or otherwise. The management shares do not carry any right to dividends and, in a winding up, are entitled only to a return of paid-up nominal capital out of the assets of the Group after the return of nominal capital paid up on Ordinary Shares.
7. Net Asset Value per Ordinary Share
The calculation of the NAV per Ordinary Share is based on the net assets attributable to the Ordinary Shares as at 31 December 2012 of US$63,472,850 (30 June 2012: US$67,496,602) and the number of Ordinary Shares in issue as at that date of 85,846,719 (30 June 2012: 88,221,459 Ordinary Shares).
8. Basic Loss per Ordinary Share
The calculation of basic loss per Ordinary Share for the period is based on the loss for the period attributable to the Ordinary Shares of US$3,046,125 (six months ended 31 December 2011: loss of US$6,496,765) and the weighted average number of Ordinary Shares of 87,526,167 (six months ended 31 December 2011: 89,257,412 Ordinary Shares) in issue during the period.
9. Transactions with Related Parties
The Investment Manager, Dragon Capital Management Limited, is responsible for identifying, making and monitoring investments on behalf of the Group.
During the period, the Directors earned US$90,058 for their participation on the Board of Directors of the Group (six months ended 31 December 2011: US$84,501).
10. Contingencies
Although the Company and its subsidiaries are incorporated in the Cayman Islands and British Virgin Islands respectively where tax is exempt, their activities are primarily focused on Vietnam. In accordance with the prevailing tax regulations in Vietnam, if an entity was treated as having a permanent establishment, or as otherwise being engaged in a trade or business in Vietnam, income attributable to or effectively connected with such permanent establishment or trade or business may be subject to tax in Vietnam. As at the date of this report the following information is uncertain:
-- Whether the Company and its subsidiaries are considered as having permanent establishments in Vietnam; and
-- The amount of tax that may be payable, if the income is subject to tax; and -- Whether tax liabilities (if any) will be applied retrospectively.
The implementation and enforcement of tax regulations in Vietnam can vary depending on numerous factors, including the identity of the tax authority involved. The administration of laws andregulations by government agencies may be subject to considerable discretion, and in many areas, the legal framework is vague, contradictory and subject to interpretation. The Directors believe that it is unlikely that the Group will be exposed to tax liabilities in Vietnam,
11. Seasonality of Operations
The Directors believe that the impact of seasonality on the condensed consolidated interim financial statements is not material.
VIETNAM PROPERTY FUND LIMITED
("VPF" or the "Company")
INTERIM REPORTS AND ACCOUNTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2012
The financial information set out in this announcement does not constitute the Company's statutory accounts for the six months ended 31 December 2012, but is derived from those accounts. Full sets of accounts are available by contacting either from the offices of Dragon Capital Markets (Europe) Limited or Cantor Fitzgerald Europe, contactable at the addresses detailed below. The Company has today posted its Interim Report and Accounts to shareholders. Alternatively the Interim Report and Accounts may be viewed and downloaded from the Company website, www.vietnampropertyfund.com, and were published on 27 March 2013.
Dragon Capital Markets (Europe) Limited
The Tramshed
Beehive Yard
Walcot Street
Bath BA1 5BB
Tel: +44 (0) 1225 731402
Cantor Fitzgerald Europe
1 America Square
17 Crosswall
London EC3N 2LS
Tel: +44 (0) 207 894 7000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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