SJS - Song Da Urban & Industrial Zone Investment and Development Joint Stock Company

OneSource One-Stop Report
Song Da Urban & Ind. Zone Invt & Dev.

14 November 2010
OneSource One-Stop Reports for Song Da Urban & Ind. Zone Invt & Dev.

Fl. 1& 2, CT1 Building Employees: 372 Financials in: USD (000)
My Dinh-Me Tri Urban Area Company Type: Public Independent
Tu Liem District Traded: Fiscal Year End: 31-Dec-2009
Hochiminh Stock SJS
Hanoi,
Exchange: Reporting Currency: Vietnamese Dong
Viet Nam
Incorporation Annual Sales: 62,626.6 1
08-Jul-2003
Tel: 84-4-37684504 Date:
Net Income: 39,610.5
Fax: 84-4-37684029 Auditing and Consulting Joint
Auditor: Total Assets: 162,309.3 2
Stock Company
www.sudicosd.com.vn Market Value: 289,003.7
(29-Oct-2010)
Business Description
Song Da Urban & Industrial Zone Investment and Development Joint Stock Company is a Vietnam-based company specializing in
real estate consultancy. The Company provides consultancy services on the investment, development, technical and architectural
design of housing residences, industrial zones and other structures. It also sells properties and provides services for urban and
industrial zones. In addition, the Company is involved in the construction of properties, the trading of machinery, as well as the
manufacture and merchandise of construction materials and interior products. It has two subsidiaries and eight affiliated
companies. For the six months ended 30 June 2010, Song Da Urban & Industrial Zone Investment and Development Joint Stock
Co's revenues totaled VND462.11B. The Company's net income for the period totaled VND254.33B. Financials are not
comparable to the previous period as the Company has changed reporting basic from consolidated to non-consolidated. The
Company provides consultancy services on the investment of housing residences, industrial zones.
Source: Reuters
Industry
Industry Real Estate Operations

ANZSIC 2006: 6712 - Non-Residential Property Operators
NACE 2002: 7020 - Letting of own property
NAICS 2002: 53112 - Lessors of Nonresidential Buildings (except Miniwarehouses)
US SIC 1987: 6512 - Operators of Nonresidential Buildings
Key Executives
Name Title Source

Dung Viet Vi General Director, Member of the Board of Management Reuters
Long Kim Vu Chief Accounting Officer Reuters
Vien Khac Bui Deputy General Director Reuters
Diep Ngoc Phan Chairman of the Board of Management Reuters
Viet Xuan Bui Member of the Board of Management Reuters
Significant Developments
Topic #* Most Recent Headline Date
Song Da Urban & Ind. Zone Invt & Dev. Acquires SUDICO Service Joint Stock
Mergers / Acquisitions 2 13-Aug-2010
Company
Expansion / New Markets /

1 Song Da Urban & Ind. Zone Invt & Dev. Sets up Four New Subsidiaries 24-Sep-2010
New Units
Products 2 Song Da Urban & Ind. Zone Invt & Dev. Announces New Project 13-Aug-2010
Equity Financing / Related 3 Song Da Urban & Ind. Zone Invt & Dev. Announces Additional Listing 5-Mar-2010
Positive Earnings Pre- Song Da Urban & Ind. Zone Invt & Dev. Issues FY 2010 Earnings Outlook
1 13-Apr-2010
Announcement Above Analysts' Estimates; to Pay FY 2009 Extra Dividend
* number of significant developments within the last 12 months
Page 2
Financial Summary
As of 30-Sep-2010
Key Ratios Company Industry

Current Ratio (MRQ) 0.31 4.44
Quick Ratio (MRQ) 0.21 3.79
Debt to Equity (MRQ) 0.60 1.72
Sales 5 Year Growth 25.56 12.85
Net Profit Margin (TTM) % 50.06 11.16
Return on Assets (TTM) % 20.57 1.52
Return on Equity (TTM) % 39.04 2.07
Source: Reuters
Stock Snapshot
Traded: Hochiminh Stock Exchange: SJS
As of 29-Oct-2010 Financials in: VND
Recent Price 56,500.00 EPS 8,690.26

52 Week High 90,000.00 Price/Sales 5.05
52 Week Low 54,000.00 Price/Earnings 4.37
Avg. Volume (mil) 0.24 Price/Book 3.19
Market Value (mil) 5,632,682.00 Beta 2.03
Price % Change Rel S&P 500%

4 Week -14.39% -14.56%
13 Week -23.65% -16.68%
52 Week -27.49% -6.85%
Year to Date -29.37% -22.79%
Source: Reuters
Key IDSM Number: 96609065
1 - Profit & Loss Item Exchange Rate: USD 1 = VND 17802.09

2 - Balance Sheet Item Exchange Rate: USD 1 = VND 18474
© 1983-2010 Reuters Research Inc. All Rights Reserved.

Copyright © 2010 Graham & Whiteside Limited
Published by OneSource Information Services, Inc., 2010
Page 3
Song Da Urban & Ind. Zone Invt & Dev. Corporate Overview
Location Quote Symbol - Exchange Incorporation Date: 08-Jul-2003
Fl. 1& 2, CT1 Building SJS - Hochiminh Stock Exchange Company Type: Public Independent
My Dinh-Me Tri Urban Area Sales VND(mil): 1,114,883.6 Quoted Status: Quoted
Tu Liem District Assets VND(mil): 2,998,502.3 General Director, Member of Dung
Hanoi, Viet Nam Employees: 372 the Board of Management: Viet Vi
Fiscal Year End: 31-Dec-2009
Tel: 84-4-37684504 KeyIDSM: 96609065
Fax: 84-4-37684029 Industry: Real Estate Operations
www.sudicosd.com.vn
Company Web Links

Company Contact/E-mail Executives Investor Relations
Corporate History/Profile Financial Information News Releases
Employment Opportunities Home Page Products/Services
Contents
Industry Codes Key Corporate Relationships
Financial Data
Market Data
Industry Codes
ANZSIC 2006 Codes:

6999 - Other Professional, Scientific and Technical Services Not Elsewhere Classified
6921 - Architectural Services
6711 - Residential Property Operators
6712 - Non-Residential Property Operators
3339 - Other Hardware Goods Wholesaling
6923 - Engineering Design and Engineering Consulting Services
3020 - Non-Residential Building Construction
3211 - Land Development and Subdivision
301 - Residential Building Construction
NACE 2002 Codes:

5153 - Wholesale of wood, construction materials and sanitary equipment
7020 - Letting of own property
7011 - Development and selling of real estate
7487 - Other business activities not elsewhere classified
4521 - General construction of buildings and civil engineering works
7420 - Architectural and engineering activities and related technical consultancy
NAICS 2002 Codes:

541330 - Engineering Services
53112 - Lessors of Nonresidential Buildings (except Miniwarehouses)
423320 - Brick, Stone, and Related Construction Material Merchant Wholesalers
236117 - New Housing Operative Builders
236220 - Commercial and Institutional Building Construction
237210 - Land Subdivision
561990 - All Other Support Services
531110 - Lessors of Residential Buildings and Dwellings
531190 - Lessors of Other Real Estate Property
US SIC 1987:
6513 - Operators or Apartment Buildings
Page 4
1542 - General Contractors-Nonresidential Buildings, Other than Industrial Buildings and Warehouses
6552 - Land Subdividers and Developers, Except Cemeteries
6519 - Lessors of Real Property, Not Elsewhere Classified
7389 - Business Services, Not Elsewhere Classified
6512 - Operators of Nonresidential Buildings
1531 - Operative Builders
5032 - Brick, Stone, and Related Construction Materials
8711 - Engineering Services
UK SIC 2003:
7487 - Other business activities not elsewhere classified
74201 - Architectural activities
74204 - Engineering consultative and design activities
4521 - General construction of buildings and civil engineering works
45212 - Construction of domestic buildings
70209 - Other letting of own property
7011 - Development and selling of real estate
7020 - Letting of own property
5153 - Wholesale of wood, construction materials and sanitary equipment
Song Da Urban & Industrial Zone Investment and Development Joint Stock Company is a Vietnam-based company specializing in real
estate consultancy. The Company provides consultancy services on the investment, development, technical and architectural design of
housing residences, industrial zones and other structures. It also sells properties and provides services for urban and industrial zones.
In addition, the Company is involved in the construction of properties, the trading of machinery, as well as the manufacture and
merchandise of construction materials and interior products. It has two subsidiaries and eight affiliated companies. For the six months
ended 30 June 2010, Song Da Urban & Industrial Zone Investment and Development Joint Stock Co's revenues totaled VND462.11B.
The Company's net income for the period totaled VND254.33B. Financials are not comparable to the previous period as the Company
has changed reporting basic from consolidated to non-consolidated. The Company provides consultancy services on the investment of
housing residences, industrial zones.
Source: Reuters
More Business Descriptions

Industrial and residential construction and development
Source: Graham & Whiteside
Financial Data
Financials in: VND(mil)
1 Year Growth
Revenue: 1,114,883.6 254.9%
Net Income: 705,149.6 482.1%
Assets: 2,998,502.3 88.4%
Long Term Debt: 500,000.0
Total Liabilities: 1,229,420.3
Working Capital: 75.7
31-Dec-
Date of Financial Data:
2009
Market Data
Quote Symbol: SJS
Exchange: Hochiminh Stock Exchange
Currency: VND
Stock Price: 56,500.0
Page 5
Stock Price Date: 10-29-2010

52 Week Price Change %: -27.5
Market Value (mil): 5,632,682.0
SEDOL: B1CBVZ9
ISIN: VN000000SJS9
Equity and Dept Distribution:
IPO: 6 Jul 2006. Pre-IPO shares are stated as pro-forma. 01/2007, Scrip Issue, 3 new shares for every 1 share held. 05/2007, Rights
Issue, 1 new share for every 1 share held @ VND 20000 (Factor: 1.906978). 11/2009, Complex caital change (Factor: 2.425595).
Key Corporate Relationships

Auditor: Auditing and Consulting Joint Stock Company
Auditor: Auditing and Consulting Joint Stock Company

Copyright © 2010 Graham & Whiteside Limited
Page 6
Song Da Urban & Ind. Zone Invt & Dev. Executives Report
Hanoi, , Viet Nam, Tel: 84-4-37684504, URL: http://www.sudicosd.com.vn/, Executives Page
Board of Directors
Name Title Function Source

Diep Ngoc Phan Chairman of the Board of Management Chairman RT
Reuters Biography (Song Da Urban & Ind. Zone Invt & Dev.)
Mr. Phan Ngoc Diep has been serving Song Da Urban and Industrial Zone Investment and Development Joint Stock
Company as its Chairman of the Board of Management since November 2006. He has been General Director and
Member of the Board of Management at the Company during 2001 and 2006. Before this Company, he had been
Head of Investment Office at Song Da Corporation from 1994 to 2001.
Viet Xuan Bui Member of the Board of Management Director/Board Member RT

Mr. Bui Xuan Viet has been serving as Member of the Board of Management at Song Da Urban and Industrial Zone
Investment and Development Joint Stock Company since July 2003. He has also been Head of Headquarter's Office
at Song Da Corporation after joining the Corporation in 1974. Mr. Bui holds a Bachelor's degree in Economics.
Quang Hong Dang Member of the Board of Management Director/Board Member RT

Cuong Phu Nguyen Member of the Board of Management Director/Board Member RT
Mr. Nguyen Phu Cuong has been serving as Member of the Board of Management at Song Da Urban and Industrial
Investment and Development Joint Stock Company since April 2007. He has been with Vietnam National Seafood
Products Corporation, Hanoi Office, since 1990, and subsequently been promoted to Head of General Business Office
during 2001 and 2006. Mr. Nguyen holds a Master's degree of Economics.
General Director, Member of the Board of

Dung Viet Vi Director/Board Member RT
Management
Su Hong Vu Member of the Board of Management Director/Board Member RT
Mr. Vu Hong Su has been serving as Member of the Board of Management at Song Da Urban and Industrial Zone
Investment and Development Joint Stock Company since 2001. He joined the Company in 2001 as its Chief
Accounting Officer and resigned from this role in 2007. Before the Company, he had been with Song Da No.10 Joint
Stock Company in similar capacity. Mr. Vu holds a Master's degree in Economics.
Executives
Name Title Function Source

General Director, Member of the Board of
Dung Viet Vi Chief Executive Officer RT
Management
Vu Van Son Deputy General Director Managing Director GW
Long Kim Vu Chief Accounting Officer Accounting Executive RT
Vien Khac Bui Deputy General Director Other RT
Mr. Bui Khac Vien has been Deputy General Director of Song Da Urban and Industrial Zone Investment and
Development Joint Stock Company since August 11, 2010, after holding this position from February 2004 to
November 2007. He is Chairman of the Board of Members of SUDICO An Khanh One Member Company Limited. He
had been Head of Investment Office at the Company, as well as Managing Director of Southern provinces Office.
Before joining the Company, he was with Ministry of Construction of Vietnam from 2001 to 2004. He had also been
Specialist under Technology Office, and Chief Construction Engineer of a unit of Infrastructure Development and
Construction Corporation during 1996 and 2001. He holds a Bachelor's degree in Construction Engineering.
Dung Ngoc Luu Deputy General Director Other RT

Mr. Luu Ngoc Dung has been Deputy General Director at Song Da Urban and Industrial Zone Investment and
Development Joint Stock Company since August 11, 2010, after leaving the position in the Company in March 2008.
He is also Chairman of the Board of Members of SUDICO Tien Xuan One Member Company Limited. He joined the
Company in 2001, and had been its Head of Technological Management Office, Director of Investment Consultancy
and Architectural Design unit, and Head of Business Planning Office. He had been with another architectural design
and development company during 1994 and 2001. He holds a Bachelor's degree in Construction Engineering.
Khuong Vinh Ngo Deputy General Director Other RT

Mr. Ngo Vinh Khuong has been Deputy General Director at Song Da Urban and Industrial Zone Investment and
Page 7
Development Joint Stock Company since August 11, 2010. He is Director of Hanoi Urban Project Management Unit.
He holds a Bachelor's degree in Construction Engineering.
Dan Duc Nguyen Deputy General Director Other RT

Mr. Nguyen Duc Dan has been appointed as Deputy General Director of Song Da Urban and Industrial Zone
Investment and Development Joint Stock Company since 2007. He was Head of Business Planning Office at the
Company from 2004 to 2007 after acting as Deputy Head of the Office. He joined the Company in 2001 as Deputy
Head of Development Office after serving Song Da Corporation under its Investment Office and Market Office during
1996 and 2001. Mr. Nguyen obtained his Master of Business Administration.
Tru Dinh Tran Deputy General Director Other RT

Thanh Van Vu Deputy General Director Other RT
Mr. Vu Van Thanh has been Deputy General Director of Song Da Urban and Industrial Zone Investment and
Development Joint Stock Company since August 2003. He was Deputy Director of Song Da No 12 Joint Stock
Company from 2000 to 2003, after acting as Head of Labor Organization Office and Head of Business Planning Office
at the Company during 1989 and 2000. Prior to joining Song Da No.12 Joint Stock Company, he had been with Song
Da Corporation from 1987 to 1989.
Dung Van Vu Deputy General Director Other RT
Data Noted as Source: GW , Copyright © 2010 Graham & Whiteside Limited

Data Noted as Source: RT , © 1983-2010 Reuters Research Inc. All Rights Reserved.
Published by OneSource Information Services, Inc., Nov, 2010
Page 8
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Significant Developments
Song Da Urban & Ind. Zone Invt & Dev. Sets up Four New Subsidiaries
Sep 24, 2010
Song Da Urban & Ind. Zone Invt & Dev. announced that it has set up four new subsidiaries. The first one is SUDICO Ha Long JSC
(SUDICO Ha Long) at Quang Ninh Province with chartered capital of VND 32.6 billion of which the Company holds 99.69% stake. The
second one is SUDICO Hoa Binh JSC (SUDICO HB) at Hoa Binh Province with chartered capital of VND 32.6 billion of which the Company
also holds 99.69% stake. The third one is Middleland SUDICO JSC (SUDICO Mien Trung) at Da Nang City with chartered capital of VND
100 billion of which the Company holds 99.9% stake. The final one is South SUDICO JSC (SUDICO Mien Nam) at Ho Chi Minh City with
chartered capital of VND 100 billion of which the Company also holds 99.9% stake.
Song Da Urban & Ind. Zone Invt & Dev. Acquires SUDICO Service Joint Stock Company
Aug 13, 2010
Song Da Urban & Ind. Zone Invt & Dev. announced that it has acquired 375,000 shares of SUDICO Service Joint Stock Company to raise
its contributing capital to VND 7.65 billion, accounting for 51% of the chartered capital of SUDICO Service Joint Stock Company.
Song Da Urban & Ind. Zone Invt & Dev. Announces New Project
Aug 13, 2010
Song Da Urban & Ind. Zone Invt & Dev. announced that it has invested in Ho Song Dam Urban Area in Tam Ky City, Quang Nam
Province, Vietnam with area of around 600 hectares. The project will be completed in 6 months from July 23, 2010.
Song Da Urban & Ind. Zone Invt & Dev. Announces Project in Da Nang City and Cooperation on Project in Nha Trang City
Jun 28, 2010
Song Da Urban & Ind. Zone Invt & Dev. announced that it has received the land belonging to Hoa Hai New Urban Area Project in Da Nang
City with total area of 120,378 square meters where it will construct high class hotel, apartment building and villas. The Company will
cooperate with Van Phong Investment & Development Joint Stock Company and Central Area Electricity Investment & Development Joint
Stock Company in a new project named Cantus Cam Ranh Resort & Spa in Nha Trang City. The initial invesment cost is VND 35.7 billion
in which the Company will contribute 70%, Van Phong Investment & Development Joint Stock Company will contribute 20% and Central
Area Electricity Investment & Development Joint Stock Company will contribute 10%. Three parties will negotiate their contribution for
the next stage later.
Song Da Urban & Ind. Zone Invt & Dev. Acquires Company
Jun 08, 2010
Song Da Urban & Ind. Zone Invt & Dev. announced that it has signed a contract with House Construction - Investment - Development -
Trading Joint Stock Company on May 10, 2010. Under the contract, the Company will acquire 60% chartered capital of Thang Long
Corporation from House Construction - Investment - Development - Trading Joint Stock Company.
Song Da Urban & Ind. Zone Invt & Dev. Issues FY 2010 Earnings Outlook Above Analysts' Estimates; to Pay FY 2009
Extra Dividend
Apr 13, 2010
Song Da Urban & Ind. Zone Invt & Dev. announced that it expects revenue of VND 2,312 billion and pretax profit of VND 1,006 billion for
fiscal year 2010. According to Reuters Estimates, analysts on the average are expecting the Company to report revenue of VND
1,697.318 billion and pretax profit of VND 718.271 billion for the year. It plans to pay VND 500 per share as extra cash dividend for fiscal
year 2009.
Song Da Urban & Ind. Zone Invt & Dev. to Pay H2 2009 Dividend
Mar 08, 2010
Page 10
Song Da Urban & Ind. Zone Invt & Dev. announced that it will pay VND 500 per share as cash dividend for the second half of fiscal year
2009. Shareholders of record on March 18, 2010 will be paid on April 22, 2010.
Song Da Urban & Ind. Zone Invt & Dev. Announces Additional Listing
Mar 05, 2010
Song Da Urban & Ind. Zone Invt & Dev. announced that it will list 20 million common shares sold to existing shareholders under 2:1
rights issue in November 2009 on Hochiminh Stock Exchange. The shares will start trading from March 11, 2010.
Song Da Urban & Ind. Zone Invt & Dev. Announces Additional Listing
Dec 21, 2009
Song Da Urban & Ind. Zone Invt & Dev. announced that it will list an additional 40 million common shares on Hochiminh Stock Exchange
and the shares will start trading from December 25, 2009. These are bonus shares distributed to existing shareholders as reported in
November 2009.
Song Da Urban & Ind. Zone Invt & Dev. Sells Shares
Nov 27, 2009
Song Da Urban & Ind. Zone Invt & Dev. announced that it has sold out its 250,000 treasury shares from November 4, 2009 to November
25, 2009.
Song Da Urban & Ind. Zone Invt & Dev. to Offer New Equity; to Distribute Bonus Shares
Nov 20, 2009
Song Da Urban & Ind. Zone Invt & Dev. announced that it will distribute 40 million shares to existing shareholders as bonus shares at
payout ratio 1:1 on December 25, 2009. Another 20 million shares will be sold to existing shareholders under 2:1 rights issue at VND
10,000 per share on February 12, 2010. Shareholder records will be finalized by December 1, 2009. This is the update of the plan
reported on September 2009.
©1983-2010 Reuters Research Inc. All Rights Reserved.

Published by OneSource Information Services, Inc.,Nov, 2010
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News: 0 Matches
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Articles: 0 Matches
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Song Da Urban & Ind. Zone Invt & Dev. Annual Income Statement
Hanoi, Viet Nam, Tel: 84-4-37684504, URL: http://www.sudicosd.com.vn/
Financials in: USD (000)

Except for share items (millions) and per share items (actual units)
Financial Glossary
31-Dec-2009 31-Dec-2008 31-Dec-2007 31-Dec-2006 31-Dec-2005
Period Length 12 Months 12 Months 12 Months 12 Months 12 Months
UpdateType/Date Updated Normal Updated Normal Updated Normal Updated Normal Restated
31-Dec-2009 31-Dec-2008 31-Dec-2007 31-Dec-2006 Normal
31-Dec-2006
Filed Currency VND VND VND VND VND
Exchange Rate (Period Average) 17802.088493 16452.496831 16083.860656 15990.427596 15854.243169
Auditor Auditing and Auditing and Auditing and Auditing and Auditing and
Consulting Joint Consulting Joint Consulting Joint Consulting Joint Consulting Joint
Stock Company Stock Company Stock Company Stock Company Stock Company
Auditor Opinion Unqualified Unqualified with Unqualified Unqualified Unqualified
Explanation
Gross Revenue 62,626.6 19,094.3 44,025.9 21,019.4 23,847.8

Sales Returns and Allowances - - - - -6.6
Revenue 62,626.6 19,094.3 44,025.9 21,019.4 23,841.2
Total Revenue 62,626.6 19,094.3 44,025.9 21,019.4 23,841.2
Cost of Revenue 22,776.1 7,421.9 20,911.2 12,850.4 12,565.6

Cost of Revenue, Total 22,776.1 7,421.9 20,911.2 12,850.4 12,565.6
Gross Profit 39,850.5 11,672.5 23,114.7 8,169.0 11,275.6
Selling/General/Administrative 2,052.5 1,783.6 1,654.7 1,027.3 867.0

Expense
Total 2,052.5 1,783.6 1,654.7 1,027.3 867.0
Selling/General/Administrative
Expenses
Depreciation 90.2 89.1 - - -
Depreciation/Amortization 90.2 89.1 - - -
Interest Expense - Operating 300.6 169.6 - - -
Interest Expense - Net Operating 300.6 169.6 - - -
Interest Income - Operating -759.3 -129.7 -396.5 -157.3 -475.2
Investment Income - Operating -11,179.7 -1,155.2 -361.9 -195.2 -100.9
Interest/Investment Income - -11,938.9 -1,284.9 -758.4 -352.5 -576.1
Operating
Interest Expense (Income) - Net -11,638.4 -1,115.3 -758.4 -352.5 -576.1
Operating Total
Unrealized Losses (Gains) 0.0 0.0 - - -
Other Operating Expense 92.4 -15.4 -77.0 - -
Other Operating Expenses, Total 92.4 -15.5 -77.0 - -
Total Operating Expense 13,372.8 8,163.8 21,730.5 13,525.2 12,856.6
Operating Income 49,253.8 10,930.6 22,295.4 7,494.2 10,984.6
Gain (Loss) on Sale of Assets -128.1 - 0.0 0.0 19.9

Other Non-Operating Income -921.5 -17.7 42.4 0.6 -17.3
(Expense)
Other, Net -921.5 -17.7 42.4 0.6 -17.3
Income Before Tax 48,204.2 10,912.9 22,337.8 7,494.8 10,987.2
Page 15
Total Income Tax 9,061.7 3,304.6 0.0 0.0 0.0

Income After Tax 39,142.5 7,608.2 22,337.8 7,494.8 10,987.2
Equity In Affiliates 468.0 -382.4 - - -

Net Income Before Extraord Items 39,610.5 7,225.9 22,337.8 7,494.8 10,987.2
Net Income 39,610.5 7,225.9 22,337.8 7,494.8 10,987.2
Miscellaneous Earnings Adjustment -735.0 - - - -

Total Adjustments to Net Income -735.0 - - - -
Income Available to Common Excl 38,875.5 7,225.9 22,337.8 7,494.8 10,987.2
Extraord Items
Income Available to Common Incl 38,875.5 7,225.9 22,337.8 7,494.8 10,987.2

Extraord Items
Basic/Primary Weighted Average 79.9 96.6 60.5 92.5 92.5

Shares
Basic EPS Excl Extraord Items 0.49 0.07 0.37 0.08 0.12
Basic/Primary EPS Incl Extraord Items 0.49 0.07 0.37 0.08 0.12
Diluted Net Income 38,875.5 7,225.9 22,337.8 7,494.8 10,987.2
Diluted Weighted Average Shares 79.9 96.6 60.5 92.5 92.5
Diluted EPS Excl Extraord Items 0.49 0.07 0.37 0.08 0.12
Diluted EPS Incl Extraord Items 0.49 0.07 0.37 0.08 0.12
Dividends per Share - Common Stock 0.05 0.04 0.05 0.03 0.00
Primary Issue
Gross Dividends - Common Stock - - 4,942.8 - 0.0
Interest Expense, Supplemental 300.6 169.6 - - -
Depreciation, Supplemental 153.8 120.7 105.0 94.9 82.8
Total Special Items 128.1 - 0.0 0.0 -19.9
Normalized Income Before Tax 48,332.3 10,912.9 22,337.8 7,494.8 10,967.3
Effect of Special Items on Income 24.1 - 0.0 0.0 0.0

Taxes
Inc Tax Ex Impact of Sp Items 9,085.8 3,304.6 0.0 0.0 0.0
Normalized Income After Tax 39,246.5 7,608.2 22,337.8 7,494.8 10,967.3
Normalized Inc. Avail to Com. 38,979.5 7,225.9 22,337.8 7,494.8 10,967.3
Basic Normalized EPS 0.49 0.07 0.37 0.08 0.12

Diluted Normalized EPS 0.49 0.07 0.37 0.08 0.12
Amort of Intangibles, Supplemental 28.1 30.6 265.5 332.1 382.4
Normalized EBIT 37,615.4 9,815.2 21,537.0 7,141.7 10,408.5
Normalized EBITDA 37,797.3 9,966.6 21,907.6 7,568.7 10,873.7
Current Tax - Total 8,646.1 3,869.5 - - -
Deferred Tax - Total 415.6 -564.9 - - -
Income Tax - Total 9,061.7 3,304.6 - - -
Annual Balance Sheet
Page 16
Financial Glossary
UpdateType/Date Updated Normal Updated Normal Updated Normal Reclassified Restated
31-Dec-2009 31-Dec-2008 31-Dec-2007 Normal Normal
31-Dec-2007 31-Dec-2006
Exchange Rate 18474 17483 16016.5 16056 15914
Explanation
Cash 4,981.0 378.5 7,540.1 1,327.1 3,119.1

Cash & Equivalents 33,344.2 146.9 - - -
Short Term Investments 4,554.0 - 2,184.0 - 2,363.9
Cash and Short Term Investments 42,879.2 525.4 9,724.1 1,327.1 5,483.0
Accounts Receivable - Trade, 3,380.9 8,076.1 14,535.4 12,536.0 14,060.5
Gross
Provision for Doubtful Accounts -480.4 -586.4 - - -
Trade Accounts Receivable - Net 2,900.5 7,489.7 14,535.4 12,536.0 14,060.5
Other Receivables 128.8 1,003.1 209.0 914.9 1,748.2
Total Receivables, Net 3,029.2 8,492.8 14,744.4 13,450.9 15,808.7
Inventories - Finished Goods - - 493.6 558.0 22.2
Inventories - Work In Progress 4,165.8 1,399.2 32.4 203.7 202.0
Inventories - Raw Materials - - 0.0 1.9 2.6
Total Inventory 4,165.8 1,399.2 526.0 763.7 226.8
Prepaid Expenses 2,754.6 1,574.5 2,051.0 2,253.7 2,402.0
Other Current Assets 877.6 542.7 467.4 108.9 149.0
Other Current Assets, Total 877.6 542.7 467.4 108.9 149.0
Total Current Assets 53,706.4 12,534.7 27,512.9 17,904.3 24,069.5
Buildings 777.1 977.7 804.8 237.9 -

Machinery/Equipment 1,050.8 526.3 478.3 501.3 456.8
Construction in Progress 91,062.9 57,801.9 48,724.5 36,037.3 22,878.3
Other Property/Plant/Equipment 11.4 12.0 5.3 2.9 3.0
Property/Plant/Equipment - Gross 92,902.3 59,317.9 50,012.9 36,779.4 23,338.0
Accumulated Depreciation -518.6 -460.4 -386.3 -336.9 -192.3
Property/Plant/Equipment - Net 92,383.7 58,857.5 49,626.5 36,442.5 23,145.8
Intangibles - Gross 1,728.9 1,826.9 1,994.2 1,992.1 2,007.1
Accumulated Intangible -1,604.9 -1,667.3 -1,788.5 -1,520.3 -1,200.2
Amortization
Intangibles, Net 124.0 159.7 205.7 471.8 806.8
LT Investment - Affiliate Companies 4,640.1 10,345.0 12,419.9 2,065.5 1,954.2
LT Investments - Other 11,331.1 8,574.4 6,829.7 1,404.3 468.8
Long Term Investments 15,971.1 18,919.4 19,249.5 3,469.8 2,423.0
Deferred Income Tax - Long Term 102.6 531.6 - - -
Asset
Other Long Term Assets 21.4 8.5 7.9 21.5 4.3
Other Long Term Assets, Total 124.0 540.1 7.9 21.5 4.3
Total Assets 162,309.3 91,011.3 96,602.5 58,309.9 50,449.4
Accounts Payable 3,033.2 7,508.7 8,394.6 7,610.1 6,579.9

Accrued Expenses 2,885.3 818.8 211.0 130.1 126.9
Page 17
Notes Payable/Short Term Debt 0.0 2,859.9 0.0 0.0 0.0

Current Portion - Long Term 0.0 2,087.7 - - -
Debt/Capital Leases
Customer Advances 18,119.8 501.3 4,942.7 4,073.8 11,149.1
Income Taxes Payable 13,039.8 3,808.0 1,108.2 1,536.9 856.9
Other Payables 2,382.7 284.5 597.6 379.0 600.3
Other Current liabilities, Total 33,542.3 4,593.8 6,648.5 5,989.7 12,606.3
Total Current Liabilities 39,460.8 17,868.9 15,254.2 13,730.0 19,313.1
Long Term Debt 27,065.1 7,435.8 1,971.1 10,757.3 3,141.9

Total Long Term Debt 27,065.1 7,435.8 1,971.1 10,757.3 3,141.9
Total Debt 27,065.1 12,383.5 1,971.1 10,757.3 3,141.9
Pension Benefits - Underfunded 8.2 13.0 24.2 17.9 13.5

Other Long Term Liabilities 14.6 1.7 1.9 4.6 0.6
Other Liabilities, Total 22.8 14.7 26.1 22.5 14.0
Total Liabilities 66,548.7 25,319.4 17,251.3 24,509.8 22,469.0
Common Stock 43,304.1 22,879.4 24,974.2 3,114.1 3,141.9

Common Stock 43,304.1 22,879.4 24,974.2 3,114.1 3,141.9
Additional Paid-In Capital 11,817.1 11,423.5 12,469.5 - -
Retained Earnings (Accumulated 37,350.6 4,814.7 24,317.2 10,741.9 12,437.3
Deficit)
Treasury Stock - Common 0.0 -1,548.4 - - -
Other Equity 3,288.9 28,122.6 17,590.3 19,944.1 12,401.2
Other Equity, Total 3,288.9 28,122.6 17,590.3 19,944.1 12,401.2
Total Equity 95,760.6 65,691.8 79,351.2 33,800.1 27,980.4
Total Liabilities & Shareholders’ 162,309.3 91,011.3 96,602.5 58,309.9 50,449.4

Equity
Shares Outstanding - Common 100.0 96.4 97.0 92.5 92.5

Stock Primary Issue
Total Common Shares Outstanding 100.0 96.4 97.0 92.5 92.5
Treasury Shares - Common Stock - 0.6 - - -
Primary Issue
Employees - - - 372 -
Accumulated Intangible Amort, Suppl. 1,604.9 1,667.3 1,788.5 1,520.3 1,200.2
Deferred Revenue - Current 18,119.8 501.3 4,942.7 4,073.8 11,149.1
Total Long Term Debt, Supplemental 27,065.1 9,523.5 - - -
Long Term Debt Maturing within 1 Year 5,413.0 2,087.7 - - -
Long Term Debt Maturing in Year 2 5,413.0 1,858.9 - - -
Long Term Debt Maturing in 2-3 Years 10,826.0 3,717.9 - - -
Long Term Debt Matur. in Year 6 & 0.0 0.0 - - -
Beyond
Annual Cash Flows
Page 18
Financial Glossary
UpdateType/Date Updated Normal Updated Normal Updated Normal Reclassified Reclassified
31-Dec-2007 31-Dec-2006
Explanation
Net Income/Starting Line 48,672.2 10,530.5 22,337.8 7,494.8 10,987.2

Depreciation 191.6 151.3 370.5 427.4 532.7
Depreciation/Depletion 191.6 151.3 370.5 427.4 532.7
Other Non-Cash Items -11,134.4 648.6 -835.5 -352.5 -169.2
Non-Cash Items -11,134.4 648.6 -835.5 -352.5 -169.2
Accounts Receivable 2,570.5 3,708.5 -17,948.7 2,369.5 -5,727.1
Inventories -40,714.8 -16,136.4 238.6 -13,957.1 -13,588.6
Prepaid Expenses -29.8 23.9 -6.3 6.7 39.0
Accounts Payable 17,807.8 -2,045.7 3,181.0 -4,261.0 5,203.0
Taxes Payable -677.3 -4,590.0 - - -1,119.6
Other Operating Cash Flow -1,440.7 -1,155.6 -1,950.6 -1,787.2 -636.6
Changes in Working Capital -22,484.4 -20,195.2 -16,485.9 -17,629.1 -15,829.8
Cash from Operating Activities 15,245.0 -8,864.8 5,386.9 -10,059.3 -4,479.1
Purchase of Fixed Assets -833.9 -265.7 -37.0 -96.8 -43.4

Capital Expenditures -833.9 -265.7 -37.0 -96.8 -43.4
Sale of Fixed Assets 95.3 - 0.0 58.1 19.9
Sale/Maturity of Investment 2.8 2,132.2 0.0 2,352.6 3,469.1
Purchase of Investments -8,459.1 -2,830.7 -15,178.3 -1,447.8 -435.8
Other Investing Cash Flow 18,064.7 642.5 754.3 527.6 149.3
Other Investing Cash Flow Items, 9,703.7 -55.9 -14,424.1 1,490.4 3,202.5
Total
Cash from Investing Activities 8,869.7 -321.6 -14,461.0 1,393.6 3,159.1
Other Financing Cash Flow -3,349.0 -7,247.4 -849.7 -780.5 -788.4

Financing Cash Flow Items -3,349.0 -7,247.4 -849.7 -780.5 -788.4
Sale/Issuance of Common 2,564.9 - 24,883.5 - -
Repurchase/Retirement of 0.0 -1,645.3 - - -
Common
Common Stock, Net 2,564.9 -1,645.3 24,883.5 - -
Issuance (Retirement) of Stock, 2,564.9 -1,645.3 24,883.5 - -
Net
Total Debt Issued 37,213.0 15,195.3 1,701.1 11,426.8 3,153.7
Total Debt Reduction -21,287.9 -3,955.0 -10,477.0 -3,752.2 -
Issuance (Retirement) of Debt, 15,925.1 11,240.3 -8,775.9 7,674.6 3,153.7
Net
Cash from Financing Activities 15,141.0 2,347.5 15,257.9 6,894.1 2,365.3
Foreign Exchange Effects - 0.0 - - -

Net Change in Cash 39,255.7 -6,838.9 6,183.7 -1,771.6 1,045.3
Net Cash - Beginning Balance 516.0 7,397.2 1,324.8 3,104.2 2,085.6
Page 19
Net Cash - Ending Balance 39,771.7 558.3 7,508.6 1,332.6 3,130.9

Cash Interest Paid 300.6 200.8 1,125.6 1,166.1 -
Cash Taxes Paid 677.3 4,590.0 - - 1,119.6

Published by OneSource Information Services, Inc., November, 2010.
Page 20


31-Dec-2006
Auditor Opinion Unqualified Unqualified with Unqualified Unqualified Qualified
Explanation
Gross Sales 62,626.6 19,094.3 44,025.9 21,019.4 23,847.8

Total Revenue 62,626.6 19,094.3 44,025.9 21,019.4 23,841.2
Cost of Goods Sold 22,776.1 7,421.9 20,911.2 12,850.4 12,565.6

Interest Income -759.3 -129.7 -396.5 -157.3 -475.2
Income from Debtors - - -77.1 - -
Gain from Investment -297.3 -1,132.4 -15.7 -195.2 -100.9
Dividend Income -516.7 -162.6 -346.2 - -
Income from Sale of Affiliates -10,287.7 - - - -
Income from Financial Activities -258.1 -19.1 - - -
Unrealized Gains from Foreign 0.0 0.0 - - -
Exchange
Interest Expense 300.6 169.6 - - -
Provision for Investment -77.9 139.9 - - -
Expense from Financial Activities 350.5 3.7 0.1 - -
Selling Expense 41.4 75.8 58.1 31.9 40.8
Depreciation Expense 90.2 89.1 - - -
General and Administrative 2,011.1 1,707.8 1,596.6 995.4 826.3
Expenses
Gain on Sale of Fixed Assets - - 0.0 58.1 19.9

Other Non-Operating Income 97.5 2.3 45.4 0.6 2.4
Loss on Sale of Assets -128.1 - 0.0 -58.1 -
Other Non-Operating Expense -1,019.1 -20.0 -3.0 - -19.7
Net Income Before Taxes 48,204.2 10,912.9 22,337.8 7,494.8 10,987.2
Provision for Income Taxes 9,061.7 3,304.6 0.0 0.0 0.0

Net Income After Taxes 39,142.5 7,608.2 22,337.8 7,494.8 10,987.2
Equity in Affiliates 468.0 -382.4 - - -

Net Income Before Extra. Items 39,610.5 7,225.9 22,337.8 7,494.8 10,987.2
Net Income 39,610.5 7,225.9 22,337.8 7,494.8 10,987.2
Page 21
Earning Adjustment -735.0 - - - -

Income Available to Com Excl 38,875.5 7,225.9 22,337.8 7,494.8 10,987.2
ExtraOrd
Income Available to Com Incl 38,875.5 7,225.9 22,337.8 7,494.8 10,987.2

ExtraOrd
Basic Weighted Average Shares 79.8 96.6 60.5 92.5 92.5

Basic EPS Excluding ExtraOrdinary 0.49 0.07 0.37 0.08 0.12
Items
Basic EPS Including ExtraOrdinary 0.49 0.07 0.37 0.08 0.12
Items
Diluted EPS Excluding ExtraOrd Items 0.49 0.07 0.37 0.08 0.12
Diluted EPS Including ExtraOrd Items 0.49 0.07 0.37 0.08 0.12
DPS-Common Stock 0.05 0.04 0.05 0.03 0.00
Normalized Income Before Taxes 48,332.3 10,912.9 22,337.8 7,494.8 10,967.3

Normalized Income After Taxes 39,246.5 7,608.2 22,337.8 7,494.8 10,967.3

Depreciation 153.8 120.7 105.0 94.9 82.8
Amortization of Intangibles 28.1 30.6 265.5 332.1 382.4
Current Tax 8,646.1 3,869.5 - - -
Deferred Tax 415.6 -564.9 - - -
Income Tax - Total 9,061.7 3,304.6 - - -
Annual Balance Sheet

31-Dec-2007 31-Dec-2006
Exchange Rate 18474 17483 16016.5 16056 15914
Explanation
Cash 4,981.0 378.5 7,540.1 1,327.1 3,119.1
Page 22
Cash Equivalents 33,344.2 146.9 - - -

Short Term Investment 4,555.2 - 2,184.0 - 2,363.9
Provision for Short Term -1.2 - - - -
Investment
Accounts Receivable 3,380.9 8,076.1 14,535.4 12,536.0 14,060.5
Prepayment to Suppliers 2,710.3 1,543.9 2,013.8 2,236.6 2,360.6
Provision for Doubtful Account -480.4 -586.4 - - -
Raw Materials - - 0.0 1.9 2.6
Work in Progress 4,165.8 1,399.2 32.4 203.7 202.0
Finished Goods - - 0.0 48.6 -
Merchandise - - 493.6 492.4 22.2
Goods on Consignment - - 0.0 17.0 -
Short Term Prepaid Expense 44.3 30.6 37.2 17.1 41.4
Claimable VAT 58.2 71.9 7.4 2.3 4.9
Buildings and Structures 777.1 977.7 804.8 237.9 -

Machinery and Equipment 56.5 52.5 26.3 26.2 26.4
Transportation Equipment 796.3 315.6 314.2 353.1 323.1
Office Equipment 198.0 158.2 137.7 121.9 107.2
Other Fixed Assets 11.4 12.0 5.3 2.9 3.0
Intangibles, Gross 1,728.9 1,826.9 1,994.2 1,992.1 2,007.1
Amortization
Investment in Properties 233.5 - - - -
Accumulated Depreciation -9.3 - - - -
Investment in Subsidiaries 0.0 - 572.1 - -
Investment in Affiliates 4,640.1 10,345.0 11,847.8 2,065.5 1,954.2
Other Long Term Investment 11,510.7 8,706.0 6,829.7 1,404.3 468.8
Provision for LT Investment -403.9 -131.6 - - -
Long Term Prepaid Expense 21.4 8.5 7.9 21.5 4.3
Deferred Income Tax 102.6 531.6 - - -
Total Assets 162,309.3 91,011.3 96,602.5 58,309.9 50,449.4
Short Term Borrowings 0.0 2,859.9 - - -

Current Portion of Long Term Debt 0.0 2,087.7 - - -
Taxes Payable 13,039.8 3,808.0 1,108.2 1,536.9 856.9
Accrued Salary 677.6 256.6 211.0 129.8 126.7
Other Payables 2,382.7 284.5 597.6 379.0 600.3
Long Term Borrowings 27,065.1 7,435.8 1,971.1 10,757.3 3,141.9

Other Long Term Payables 14.6 1.7 1.9 4.6 0.6

Reserve for Severance Allowances 8.2 13.0 24.2 17.9 13.5
Page 23
Common Stock 43,304.1 22,879.4 24,974.2 3,114.1 3,141.9

Paid-In Capital 11,817.1 11,423.5 12,469.5 - -
Treasury Stock 0.0 -1,548.4 - - -
Fund for Development 1,151.1 26,211.0 16,328.9 19,428.6 11,922.4
Fund for Financial Contingencies 1,890.7 1,750.8 1,259.2 321.9 324.8
Retained Earnings 37,350.6 4,814.7 24,317.2 10,741.9 12,437.3
Fund for Bonus and Welfare 247.1 160.7 2.2 193.5 154.0
Total Equity 95,760.6 65,691.8 79,351.2 33,800.1 27,980.4
Total Liabilities & Shareholders' 162,309.3 91,011.3 96,602.5 58,309.9 50,449.4

Equity
S/O-Common Stock 100.0 96.4 97.0 92.5 92.5

T/S-Common Stock - 0.6 - - -
Accumulated Amortization of 1,604.9 1,667.3 1,788.5 1,520.3 1,200.2
Intangibles
Full-Time Employees - - - 372 -
Long Term Debt Maturing within 1 Year - 2,087.7 - - -
Long Term Debt Maturing from 1 to 5 27,065.1 7,435.8 - - -
Yrs
Annual Cash Flows

31-Dec-2007 31-Dec-2006
Explanation
Net Income 48,672.2 10,530.5 22,337.8 7,494.8 10,987.2

Depreciation 191.6 151.3 370.5 427.4 532.7
Provisions 213.8 763.0 - - -
Gains/Losses on Foreign Exchange 0.0 0.0 - - -
Gain/Loss on Investment -11,648.7 -283.9 -835.5 -352.5 -169.2
Increase/Decrease in Accounts 2,570.5 3,708.5 -17,948.7 2,369.5 -5,727.1
Receivable
Increase/Decrease in Inventories -40,714.8 -16,136.4 238.6 -13,957.1 -13,588.6
Increase/Decrease in Accounts 17,807.8 -2,045.7 3,181.0 -4,261.0 5,203.0
Payable
Increase/Decrease in Prepaid -29.8 23.9 -6.3 6.7 39.0
Expenses
Page 24
Cash Interest Paid -300.6 -200.8 -1,125.6 -1,166.1 -

Cash Taxes Paid -677.3 -4,590.0 - - -1,119.6
Other Cash from Operating 71.1 177.8 1.6 1.9 -
Activities
Other Cash Paid for Operating -1,211.3 -1,132.5 -826.5 -623.0 -636.6
Activities
Capital Expenditure -833.9 -265.7 -37.0 -96.8 -43.4

Purchase of Investment -5,055.6 - - - -
Sale of Investment 2.8 2,132.2 0.0 2,352.6 3,469.1
Investment in Other Entities -3,403.6 -2,830.7 -15,178.3 -1,447.8 -435.8
Returns fr. Investment in Other 17,286.0 384.2 1.2 175.1 -
Entities
Dividend and Interest Income 778.7 258.4 753.0 352.5 149.3
Issuance of Common Stock 2,564.9 - 24,883.5 - -

Repurchase of Stock 0.0 -1,645.3 - - -
Dividend and Interest Paid -3,349.0 -7,247.4 -849.7 -780.5 -788.4


Cash Taxes Paid 677.3 4,590.0 - - 1,119.6

Page 25
Song Da Urban & Ind. Zone Invt & Dev. Financial Health

Key Indicators USD (000)

Quarter Quarter Annual
Ending Ending Year End 1 Year 3 Year 5 Year
30-Sep-2010 Yr Ago 31-Dec-2009 Growth Growth Growth
Total Revenue1 (?) 8,930.9 -18.97% 62,626.6 254.89% 49.14% 25.56%
Operating Income1 (?) 5,174.7 -68.92% 49,253.8 387.57% 94.14% 34.64%
Income Available to
Common Excl Extraord
Items1 (?) 3,888.3 -71.62% 38,875.5 482.14% 79.41% 28.41%
Basic EPS Excl Extraord
Items1 (?) 0.04 -72.62% 0.49 604.34% 88.43% 32.25%
Capital Expenditures2 (?) 4.6 - 833.9 239.59% 112.47% 20.89%
Cash from Operating
Activities2 (?) -86,926.6 - 15,245.0 - - -
Free Cash Flow (?) -85,439.1 - 13,887.0 - - -
Total Assets3 (?) 204,987.7 - 162,309.3 88.45% 47.40% 41.70%
Total Liabilities3 (?) 97,393.5 - 66,548.7 177.73% 46.19% 40.43%
Total Long Term Debt3
(?) 25,673.9 - 27,065.1 284.62% 42.52% -
Total Common Shares
Outstanding3 (?) 99.7 - 100.0 3.72% 2.63% 1.57%
1-ExchangeRate: VND to USD
Average for Period 19277.446237 17802.088493
Average for Period 19140.729730 17802.088493
Period End Date 19475.000000 18474.000000
Key Ratios
Profitability
Gross Margin (?) 63.63% 61.13% 52.50% 38.86% 47.29%
Operating Margin (?) 78.65% 57.25% 50.64% 35.65% 46.07%
Pretax Margin (?) 76.97% 57.15% 50.74% 35.66% 46.09%
Net Profit Margin (?) 62.08% 37.84% 50.74% 35.66% 46.09%
Financial Strength
Current Ratio (?) 1.36 0.70 1.80 1.30 1.25
Long Term Debt/Equity (?) 0.28 0.11 0.02 0.32 0.11
Total Debt/Equity (?) 0.28 0.19 0.02 0.32 0.11
Management Effectiveness
Return on Assets (?) 30.36% 7.98% 28.93% 13.78% 26.24%
Return on Equity (?) 47.44% 9.83% 39.62% 24.26% 46.75%
Efficiency
Receivables Turnover (?) 10.91 1.63 3.13 1.44 1.76
Inventory Turnover (?) 8.00 7.43 32.52 25.89 53.84
Asset Turnover (?) 0.49 0.20 0.57 0.39 0.57
Market Valuation USD (000)

P/E (TTM) (?) 3.74 . Enterprise Value2 (?) 348,599.7
Price/Sales (TTM) (?) 4.08 . Enterprise Value/Revenue (TTM) (?) 4.92
Price/Book (MRQ) (?) 2.69 . Enterprise Value/EBITDA (TTM) (?) 8.04
Page 26
Market Cap as of 29-Oct-20101 (?) 289,003.7 .

1-ExchangeRate: VND to USD on 29-Oct-
2010 19490.000000
2-ExchangeRate: VND to USD on 30-Sep-
2010 19475.000000

Page 27
Song Da Urban & Ind. Zone Invt & Dev. Annual Ratios


Financial Strength
Current Ratio (?) 1.36 0.70 1.80 1.30 1.25
Quick/Acid Test Ratio (?) 1.16 0.50 1.60 1.08 1.10
Working Capital1 (?) 14,245.6 -5,334.3 12,258.7 4,174.3 4,756.4
Long Term Debt/Equity (?) 0.28 0.11 0.02 0.32 0.11
Total Debt/Equity (?) 0.28 0.19 0.02 0.32 0.11
Long Term Debt/Total Capital (?) 0.22 0.10 0.02 0.24 0.10
Total Debt/Total Capital (?) 0.22 0.16 0.02 0.24 0.10
Payout Ratio (?) 10.24% 50.26% 13.89% 40.94% 0.00%
Effective Tax Rate (?) 18.80% 30.28% 0.00% 0.00% 0.00%
Total Capital1 (?) 122,825.7 78,075.3 81,322.3 44,557.4 31,122.3
Efficiency
Asset Turnover (?) 0.49 0.20 0.57 0.39 0.57
Inventory Turnover (?) 8.00 7.43 32.52 25.89 53.84
Days In Inventory (?) 45.65 49.15 11.22 14.10 6.78
Receivables Turnover (?) 10.91 1.63 3.13 1.44 1.76
Days Receivables Outstanding (?) 33.47 223.45 116.52 253.87 207.38
Revenue/Employee2 (?) - - - 56,273 -
Operating Income/Employee2 (?) - - - 20,063 -
EBITDA/Employee2 (?) - - - 21,206 -
Profitability
Gross Margin (?) 63.63% 61.13% 52.50% 38.86% 47.29%
Operating Margin (?) 78.65% 57.25% 50.64% 35.65% 46.07%
EBITDA Margin (?) 78.94% 58.04% 51.48% 37.69% 48.03%
EBIT Margin (?) 78.65% 57.25% 50.64% 35.65% 46.07%
Pretax Margin (?) 76.97% 57.15% 50.74% 35.66% 46.09%
Net Profit Margin (?) 62.08% 37.84% 50.74% 35.66% 46.09%
COGS/Revenue (?) 36.37% 38.87% 47.50% 61.14% 52.71%
SG&A Expense/Revenue (?) 3.28% 9.34% 3.76% 4.89% 3.64%
Management Effectiveness
Return on Assets (?) 30.36% 7.98% 28.93% 13.78% 26.24%
Return on Equity (?) 47.44% 9.83% 39.62% 24.26% 46.75%
Valuation
Free Cash Flow/Share2 (?) 0.14 -0.09 0.06 -0.11 -0.05
Operating Cash Flow/Share 2 (?) 0.15 -0.09 0.06 -0.11 -0.05
1-ExchangeRate: VND to USD Period End Date 18474 17483 16016.5 16056 15914
2-ExchangeRate: VND to USD Average for Period 18474 17483 16016.5 16056 15914
Current Market Multiples
Page 28
Market Cap/Earnings (TTM) (?) 3.74

Market Cap/Equity (MRQ) (?) 2.69
Market Cap/Revenue (TTM) (?) 4.08
Market Cap/EBIT (TTM) (?) 6.68
Market Cap/EBITDA (TTM) (?) 6.67
Enterprise Value/Earnings (TTM) (?) 4.51
Enterprise Value/Equity (MRQ) (?) 3.24
Enterprise Value/Revenue (TTM) (?) 4.92
Enterprise Value/EBIT (TTM) (?) 8.05
Enterprise Value/EBITDA (TTM) (?) 8.04

Page 29
Hanoi, Viet Nam, Tel: 84-4-37684504, URL: http://www.sudicosd.com.vn/ Standardized

Financial Glossary
31-Dec-2006
Explanation
Gross Revenue 62,626.6 19,094.3 44,025.9 21,019.4 23,847.8

Revenue 62,626.6 19,094.3 44,025.9 21,019.4 23,841.2
Total Revenue 62,626.6 19,094.3 44,025.9 21,019.4 23,841.2
Cost of Revenue 22,776.1 7,421.9 20,911.2 12,850.4 12,565.6

Gross Profit 39,850.5 11,672.5 23,114.7 8,169.0 11,275.6
Selling/General/Administrative 2,052.5 1,783.6 1,654.7 1,027.3 867.0

Expense
Total 2,052.5 1,783.6 1,654.7 1,027.3 867.0
Expenses
Depreciation 90.2 89.1 - - -
Depreciation/Amortization 90.2 89.1 - - -
Interest Expense - Operating 300.6 169.6 - - -
Interest Expense - Net Operating 300.6 169.6 - - -
Interest Income - Operating -759.3 -129.7 -396.5 -157.3 -475.2
Investment Income - Operating -11,179.7 -1,155.2 -361.9 -195.2 -100.9
Interest/Investment Income - -11,938.9 -1,284.9 -758.4 -352.5 -576.1
Operating
Interest Expense (Income) - Net -11,638.4 -1,115.3 -758.4 -352.5 -576.1
Operating Total
Unrealized Losses (Gains) 0.0 0.0 - - -
Other Operating Expense 92.4 -15.4 -77.0 - -
Other Operating Expenses, Total 92.4 -15.5 -77.0 - -
Gain (Loss) on Sale of Assets -128.1 - 0.0 0.0 19.9

Other Non-Operating Income -921.5 -17.7 42.4 0.6 -17.3
(Expense)
Other, Net -921.5 -17.7 42.4 0.6 -17.3
Page 30
Total Income Tax 9,061.7 3,304.6 0.0 0.0 0.0

Income After Tax 39,142.5 7,608.2 22,337.8 7,494.8 10,987.2
Equity In Affiliates 468.0 -382.4 - - -

Net Income 39,610.5 7,225.9 22,337.8 7,494.8 10,987.2
Miscellaneous Earnings Adjustment -735.0 - - - -

Total Adjustments to Net Income -735.0 - - - -
Extraord Items

Extraord Items

Shares
Primary Issue
Interest Expense, Supplemental 300.6 169.6 - - -
Depreciation, Supplemental 153.8 120.7 105.0 94.9 82.8
Total Special Items 128.1 - 0.0 0.0 -19.9
Effect of Special Items on Income 24.1 - 0.0 0.0 0.0

Taxes

Amort of Intangibles, Supplemental 28.1 30.6 265.5 332.1 382.4
Normalized EBIT 37,615.4 9,815.2 21,537.0 7,141.7 10,408.5
Income Tax - Total 9,061.7 3,304.6 - - -

Page 31
Page 32
Song Da Urban & Ind. Zone Invt & Dev. Interim Income Statement

Financial Glossary
30-Sep-2010 30-Jun-2010 31-Mar-2010 31-Dec-2009 30-Sep-2009
UpdateType/Date Updated Normal Updated Updated Normal Updated Normal Updated Normal
30-Sep-2010 Special 31-Mar-2010 31-Dec-2009 30-Sep-2009
30-Jun-2010
Gross Revenue 8,931.4 24,465.5 4,313.4 38,240.2 14,873.0

Sales Returns and Allowances -0.5 - - 2,914.9 -2,948.0
Revenue 8,930.9 24,465.5 4,313.4 41,155.1 11,925.0
Total Revenue 8,930.9 24,465.5 4,313.4 41,155.1 11,925.0
Cost of Revenue 2,942.4 7,484.8 2,221.0 16,104.0 2,045.3

Gross Profit 5,988.5 16,980.7 2,092.4 25,051.1 9,879.8
Selling/General/Administrative 864.0 1,108.2 523.7 757.0 539.2

Expense
Total 864.0 1,108.2 523.7 757.0 539.2
Expenses
Depreciation - 50.2 - 25.4 24.0
Depreciation/Amortization - 50.2 - 25.4 24.0
Interest Expense - Operating - - - -649.5 960.0
Interest Expense - Net Operating - - - -649.5 960.0
Interest Income - Operating - -1,649.7 - -502.1 -237.1
Investment Income - Operating - -371.6 - -292.0 -9,650.3
Interest/Investment Income - - -2,021.2 - -794.1 -9,887.3
Operating
Interest Expense (Income) - Net - -2,021.2 - -1,443.6 -8,927.3
Operating Total
Other Operating Expense -50.2 -50.9 -1,166.8 -262.0 229.8
Other Operating Expenses, Total -50.2 -50.9 -1,166.8 -262.0 229.8
Total Operating Expense 3,756.1 6,571.1 1,577.9 15,180.8 -6,089.1
Gain (Loss) on Sale of Assets - - - -126.0 0.0

Other Non-Operating Income -10.8 1.4 0.0 -815.4 -69.8
(Expense)
Other, Net -10.8 1.4 0.0 -815.4 -69.8
Total Income Tax 1,273.7 4,431.0 691.4 5,081.9 3,120.6

Income After Tax 3,890.3 13,464.8 2,044.1 19,951.0 14,823.7
Page 33
Minority Interest -1.9 - - - -

Equity In Affiliates - - - 460.4 -
Net Income 3,888.3 13,464.8 2,044.1 20,411.4 14,823.7
Miscellaneous Earnings Adjustment - - - -723.0 -

Total Adjustments to Net Income - - - -723.0 -
Extraord Items

Extraord Items

Shares
Primary Issue
Gross Dividends - Common Stock 0.0 0.0 0.0 - 0.0
Interest Expense, Supplemental - - - -649.5 960.0
Depreciation, Supplemental - 55.5 - 52.0 37.3
Total Special Items - - - 126.0 0.0
Effect of Special Items on Income - - - 25.6 0.0

Taxes
Inc Tax Ex Impact of Sp Items 1,273.7 4,431.0 691.4 5,107.4 3,120.6

Amort of Intangibles, Supplemental - 13.2 - 6.9 7.0
Normalized EBIT 5,174.7 15,873.2 2,735.5 24,530.7 9,086.8
Current Tax - Domestic - 4,461.2 - - -
Current Tax - Total - 4,461.2 - - -
Deferred Tax - Domestic - -30.2 - - -
Deferred Tax - Total - -30.2 - - -
Income Tax - Total - 4,431.0 - - -

Page 34
Song Da Urban & Ind. Zone Invt & Dev. Annual Balance Sheet

Financial Glossary
31-Dec-2007 31-Dec-2006
Exchange Rate 18474 17483 16016.5 16056 15914
Explanation
Cash 4,981.0 378.5 7,540.1 1,327.1 3,119.1

Cash & Equivalents 33,344.2 146.9 - - -
Short Term Investments 4,554.0 - 2,184.0 - 2,363.9
Cash and Short Term Investments 42,879.2 525.4 9,724.1 1,327.1 5,483.0
Gross
Provision for Doubtful Accounts -480.4 -586.4 - - -
Inventories - Finished Goods - - 493.6 558.0 22.2
Inventories - Work In Progress 4,165.8 1,399.2 32.4 203.7 202.0
Inventories - Raw Materials - - 0.0 1.9 2.6
Total Inventory 4,165.8 1,399.2 526.0 763.7 226.8
Other Current Assets, Total 877.6 542.7 467.4 108.9 149.0
Buildings 777.1 977.7 804.8 237.9 -

Machinery/Equipment 1,050.8 526.3 478.3 501.3 456.8
Other Property/Plant/Equipment 11.4 12.0 5.3 2.9 3.0
Amortization
Intangibles, Net 124.0 159.7 205.7 471.8 806.8
LT Investments - Other 11,331.1 8,574.4 6,829.7 1,404.3 468.8
Deferred Income Tax - Long Term 102.6 531.6 - - -
Asset
Page 35
Other Long Term Assets 21.4 8.5 7.9 21.5 4.3

Total Assets 162,309.3 91,011.3 96,602.5 58,309.9 50,449.4

Notes Payable/Short Term Debt 0.0 2,859.9 0.0 0.0 0.0
Current Portion - Long Term 0.0 2,087.7 - - -
Debt/Capital Leases
Income Taxes Payable 13,039.8 3,808.0 1,108.2 1,536.9 856.9
Other Payables 2,382.7 284.5 597.6 379.0 600.3
Long Term Debt 27,065.1 7,435.8 1,971.1 10,757.3 3,141.9

Total Debt 27,065.1 12,383.5 1,971.1 10,757.3 3,141.9

Other Long Term Liabilities 14.6 1.7 1.9 4.6 0.6
Other Liabilities, Total 22.8 14.7 26.1 22.5 14.0
Common Stock 43,304.1 22,879.4 24,974.2 3,114.1 3,141.9

Common Stock 43,304.1 22,879.4 24,974.2 3,114.1 3,141.9
Additional Paid-In Capital 11,817.1 11,423.5 12,469.5 - -
Deficit)
Treasury Stock - Common 0.0 -1,548.4 - - -
Other Equity 3,288.9 28,122.6 17,590.3 19,944.1 12,401.2
Total Equity 95,760.6 65,691.8 79,351.2 33,800.1 27,980.4

Equity

Stock Primary Issue
Treasury Shares - Common Stock - 0.6 - - -
Primary Issue
Employees - - - 372 -
Long Term Debt Maturing within 1 Year 5,413.0 2,087.7 - - -
Long Term Debt Matur. in Year 6 & 0.0 0.0 - - -
Beyond
Page 36

Page 37
Song Da Urban & Ind. Zone Invt & Dev. Interim Balance Sheet

Financial Glossary
30-Sep-2010 30-Jun-2010 31-Dec-2009 30-Sep-2009 30-Jun-2009
UpdateType/Date Updated Normal Updated Normal Reclassified Updated Normal Updated Normal
30-Sep-2010 30-Jun-2010 Normal 30-Sep-2009 30-Jun-2009
30-Sep-2010
Exchange Rate 19475 19080 18474 17840.5 17773
Cash 4,339.3 5,018.1 4,981.0 15,108.0 3,508.0

Cash & Equivalents - - 33,344.2 - -
Short Term Investments 472.2 10,482.2 4,554.0 26,235.5 0.0
Cash and Short Term Investments 4,811.5 15,500.3 42,879.2 41,343.5 3,508.0
Gross
Provision for Doubtful Accounts -455.7 -465.2 -480.4 -574.6 -576.8
Other Receivables 396.2 1,375.6 128.8 1,866.0 1,006.6
Inventories - Work In Progress 6,241.2 390.3 4,165.8 2,275.1 1,639.1
Inventories - Raw Materials 9.4 - - - -
Inventories - Other 2.7 - - - -
Total Inventory 6,253.3 390.3 4,165.8 2,275.1 1,639.1
Other Current Assets 146.0 1,355.9 877.6 1,412.9 601.6
Other Current Assets, Total 146.0 1,355.9 877.6 1,412.9 601.6
Buildings - 1,001.1 777.1 1,004.8 1,008.6

Machinery/Equipment - 534.7 1,050.8 661.6 524.1
Other Property/Plant/Equipment 2,198.5 9.6 11.4 11.8 11.8
Amortization
Intangibles, Net 98.4 107.0 124.0 135.5 143.0
LT Investments - Other 21,169.1 20,195.0 11,331.1 8,362.4 5,785.8
Deferred Charges 52.6 45.5 21.4 8.4 7.0
Deferred Income Tax - Long Term 68.0 69.4 102.6 520.9 522.9
Asset
Other Long Term Assets - - - 0.0 0.0
Total Assets 204,987.7 173,906.3 162,309.3 152,479.5 95,147.7
Page 38

Accrued Expenses 1,766.4 3,838.7 2,885.3 1,580.6 487.2
Notes Payable/Short Term Debt 38,510.9 5,241.1 0.0 0.0 2,813.3
Current Portion - Long Term - - 0.0 0.0 1,125.3
Debt/Capital Leases
Income Taxes Payable 11,614.6 14,329.7 13,039.8 6,896.6 3,901.8
Other Payables 5,577.3 4,895.8 2,382.7 5,743.1 1,414.2
Other Current Liabilities 2,858.4 3,057.0 247.1 - -
Long Term Debt 25,673.9 26,205.5 27,065.1 28,026.1 10,071.7

Total Debt 64,184.9 31,446.5 27,065.1 28,026.1 14,010.3

Other Long Term Liabilities 7,129.5 6,922.8 14.6 3.4 3.4
Other Liabilities, Total 7,134.1 6,927.1 22.8 12.9 14.8
Common Stock 51,347.9 52,410.9 43,304.1 22,420.9 22,506.0

Common Stock 51,347.9 52,410.9 43,304.1 22,420.9 22,506.0
Additional Paid-In Capital 11,234.9 11,467.5 11,817.1 11,194.6 11,237.1
Deficit)
Treasury Stock - Common -1,117.8 -491.1 0.0 -1,517.3 -1,523.1
Other Equity 28,424.0 28,998.9 3,041.8 27,643.7 27,988.0
Total Equity 107,594.2 106,529.8 95,513.5 79,429.4 64,941.6

Equity

Stock Primary Issue
Treasury Shares - Common Stock 0.3 - - 0.6 0.6
Primary Issue
Deferred Revenue - Long Term 6,796.1 6,919.7 - - -
Total Long Term Debt, Supplemental 25,673.9 - 27,065.1 28,026.1 11,197.0
Long Term Debt Maturing within 1 Year 5,134.8 - 5,413.0 9,342.0 1,125.3
Long Term Debt Maturing in Year 2 5,134.8 - 5,413.0 9,342.0 2,517.9
Long Term Debt Maturing in Year 3 5,134.8 - 5,413.0 9,342.0 2,517.9
Long Term Debt Maturing in Year 4 5,134.8 - 5,413.0 - 2,517.9
Long Term Debt Maturing in Year 5 5,134.8 - 5,413.0 - 2,517.9
Long Term Debt Maturing in 2-3 Years 10,269.6 - 10,826.0 18,684.1 5,035.9
Long Term Debt Maturing in 4-5 Years 10,269.6 - 10,826.0 - 5,035.9
Long Term Debt Matur. in Year 6 & 0.0 - 0.0 - 0.0
Beyond
Page 39
Page 40
Song Da Urban & Ind. Zone Invt & Dev. Annual Cash Flows

Financial Glossary
31-Dec-2007 31-Dec-2006
Explanation
Net Income/Starting Line 48,672.2 10,530.5 22,337.8 7,494.8 10,987.2

Depreciation 191.6 151.3 370.5 427.4 532.7
Depreciation/Depletion 191.6 151.3 370.5 427.4 532.7
Other Non-Cash Items -11,134.4 648.6 -835.5 -352.5 -169.2
Non-Cash Items -11,134.4 648.6 -835.5 -352.5 -169.2
Accounts Receivable 2,570.5 3,708.5 -17,948.7 2,369.5 -5,727.1
Inventories -40,714.8 -16,136.4 238.6 -13,957.1 -13,588.6
Prepaid Expenses -29.8 23.9 -6.3 6.7 39.0
Accounts Payable 17,807.8 -2,045.7 3,181.0 -4,261.0 5,203.0
Taxes Payable -677.3 -4,590.0 - - -1,119.6
Other Operating Cash Flow -1,440.7 -1,155.6 -1,950.6 -1,787.2 -636.6
Changes in Working Capital -22,484.4 -20,195.2 -16,485.9 -17,629.1 -15,829.8
Purchase of Fixed Assets -833.9 -265.7 -37.0 -96.8 -43.4

Capital Expenditures -833.9 -265.7 -37.0 -96.8 -43.4
Sale/Maturity of Investment 2.8 2,132.2 0.0 2,352.6 3,469.1
Purchase of Investments -8,459.1 -2,830.7 -15,178.3 -1,447.8 -435.8
Other Investing Cash Flow 18,064.7 642.5 754.3 527.6 149.3
Other Investing Cash Flow Items, 9,703.7 -55.9 -14,424.1 1,490.4 3,202.5
Total
Other Financing Cash Flow -3,349.0 -7,247.4 -849.7 -780.5 -788.4

Financing Cash Flow Items -3,349.0 -7,247.4 -849.7 -780.5 -788.4
Sale/Issuance of Common 2,564.9 - 24,883.5 - -
Repurchase/Retirement of 0.0 -1,645.3 - - -
Common
Common Stock, Net 2,564.9 -1,645.3 24,883.5 - -
Issuance (Retirement) of Stock, 2,564.9 -1,645.3 24,883.5 - -
Net
Page 41
Issuance (Retirement) of Debt, 15,925.1 11,240.3 -8,775.9 7,674.6 3,153.7

Net


Cash Taxes Paid 677.3 4,590.0 - - 1,119.6

Page 42
Song Da Urban & Ind. Zone Invt & Dev. Interim Cash Flows

Financial Glossary
UpdateType/Date Updated Normal Updated Normal Updated Normal Restated Updated Normal
30-Sep-2010 30-Jun-2010 31-Dec-2009 Normal 30-Jun-2009
30-Sep-2010
Net Income/Starting Line - 17,956.2 48,672.2 - -

Depreciation - 68.8 191.6 - -
Depreciation/Depletion - 68.8 191.6 - -
Other Non-Cash Items - -2,132.5 -11,134.4 - -
Non-Cash Items - -2,132.5 -11,134.4 - -
Accounts Receivable - 650.5 2,570.5 - -
Inventories - 10.9 -40,714.8 - -
Prepaid Expenses - 23.1 -29.8 - -
Accounts Payable - -5,188.9 17,807.8 - -
Taxes Payable - -1,206.0 -677.3 - -
Other Operating Cash Flow -86,926.6 -25,880.2 -1,440.7 21,483.1 6,756.6
Changes in Working Capital -86,926.6 -31,590.6 -22,484.4 21,483.1 6,756.6
Cash from Operating Activities -86,926.6 -15,698.2 15,245.0 21,483.1 6,756.6
Purchase of Fixed Assets -4.6 - -833.9 -13.9 0.0

Capital Expenditures -4.6 - -833.9 -13.9 0.0
Sale/Maturity of Investment - 4,235.4 2.8 - -
Purchase of Investments - -32,768.5 -8,459.1 - -
Other Investing Cash Flow 2,110.8 2,132.5 18,064.7 9,930.6 23.2
Other Investing Cash Flow Items, 2,111.5 -26,400.5 9,703.7 9,931.4 23.7
Total
Cash from Investing Activities 2,106.9 -26,400.5 8,869.7 9,917.5 23.7
Other Financing Cash Flow - -5,294.3 -3,349.0 - -

Financing Cash Flow Items - -5,294.3 -3,349.0 - -
Sale/Issuance of Common - 10,614.5 2,564.9 - -
Repurchase/Retirement of - -496.1 0.0 - -
Common
Common Stock, Net - 10,118.5 2,564.9 - -
Issuance (Retirement) of Stock, - 10,118.5 2,564.9 - -
Net
Total Debt Reduction - - -21,287.9 -19,347.6 -6,431.1
Issuance (Retirement) of Debt, 52,244.6 5,294.3 15,925.1 -16,692.4 -3,767.1
Net
Cash from Financing Activities 52,244.6 10,118.5 15,141.0 -16,692.4 -3,767.1
Page 43
Net Change in Cash -32,575.1 -31,980.2 39,255.7 14,708.3 3,013.2
Net Cash - Beginning Balance 36,990.2 37,049.2 516.0 518.9 520.6

Net Cash - Ending Balance 4,415.0 5,069.0 39,771.7 15,227.2 3,533.8
Cash Interest Paid 140.8 -1,610.8 300.6 302.6 279.0
Cash Taxes Paid 4,756.4 1,206.0 677.3 566.5 283.4

Page 44
Hanoi, Viet Nam, Tel: 84-4-37684504, URL: http://www.sudicosd.com.vn/ As Reported


31-Dec-2006
Explanation
Gross Sales 62,626.6 19,094.3 44,025.9 21,019.4 23,847.8

Total Revenue 62,626.6 19,094.3 44,025.9 21,019.4 23,841.2

Interest Income -759.3 -129.7 -396.5 -157.3 -475.2
Income from Debtors - - -77.1 - -
Gain from Investment -297.3 -1,132.4 -15.7 -195.2 -100.9
Dividend Income -516.7 -162.6 -346.2 - -
Income from Sale of Affiliates -10,287.7 - - - -
Income from Financial Activities -258.1 -19.1 - - -
Unrealized Gains from Foreign 0.0 0.0 - - -
Exchange
Provision for Investment -77.9 139.9 - - -
Expense from Financial Activities 350.5 3.7 0.1 - -
Selling Expense 41.4 75.8 58.1 31.9 40.8
Depreciation Expense 90.2 89.1 - - -
General and Administrative 2,011.1 1,707.8 1,596.6 995.4 826.3
Expenses
Gain on Sale of Fixed Assets - - 0.0 58.1 19.9

Loss on Sale of Assets -128.1 - 0.0 -58.1 -
Other Non-Operating Expense -1,019.1 -20.0 -3.0 - -19.7
Provision for Income Taxes 9,061.7 3,304.6 0.0 0.0 0.0

Equity in Affiliates 468.0 -382.4 - - -

Net Income 39,610.5 7,225.9 22,337.8 7,494.8 10,987.2
Page 45
Earning Adjustment -735.0 - - - -

ExtraOrd

ExtraOrd

Items
Items
DPS-Common Stock 0.05 0.04 0.05 0.03 0.00


Depreciation 153.8 120.7 105.0 94.9 82.8
Amortization of Intangibles 28.1 30.6 265.5 332.1 382.4
Current Tax 8,646.1 3,869.5 - - -
Deferred Tax 415.6 -564.9 - - -
Income Tax - Total 9,061.7 3,304.6 - - -

Page 46
Song Da Urban & Ind. Zone Invt & Dev. Interim Income Statement

30-Sep-2010 30-Jun-2010 31-Mar-2010 31-Dec-2009 30-Sep-2009

UpdateType/Date Updated Normal Updated Updated Normal Updated Normal Updated Normal
30-Sep-2010 Special 31-Mar-2010 31-Dec-2009 30-Sep-2009
30-Jun-2010
Gross Sales 8,931.4 24,465.5 4,313.4 38,240.2 14,873.0

Sales Returns and Allowances -0.5 - - 2,914.9 -2,948.0
Total Revenue 8,930.9 24,465.5 4,313.4 41,155.1 11,925.0

Interest Income - -1,649.7 - -502.1 -237.1
Dividend Income - -371.6 - 730.4 -112.3
Sale of Investment - - - -1,022.4 -9,538.0
Income from Financial Activities -146.5 -111.3 -1,173.9 -253.9 -
Income from Financial Activities, - - - 0.0 0.0
Adjust
Interest Expense - - - -649.5 960.0
Expense from Financial Activities 96.3 - 7.1 -8.1 229.8
Depreciation, Selling Expense - 3.3 - - -
Selling Expense 45.1 59.7 29.7 10.4 20.5
Depreciation - - - 25.4 24.0
Depreciation, G&A Expense - 46.9 - - -
General and Administrative 818.9 1,048.4 494.0 746.6 518.7
Expenses
Adjustment - 60.4 - - -
Total Operating Expense 3,756.1 6,571.1 1,577.9 15,180.8 -6,089.1
Gain on Sale of Fixed Assets - - - -2.6 2.7

Loss on Sale of Fixed Assets - - - -123.4 -2.7
Other Non-Operating Expense -13.5 - 0.0 -908.6 -72.0
Provision for Income Taxes 1,273.7 4,431.0 691.4 5,081.9 3,120.6

Equity in Affiliates - - - 460.4 -

Minority Interest -1.9 - - - -
Net Income 3,888.3 13,464.8 2,044.1 20,411.4 14,823.7
Earnings Adjustment - - - -723.0 -

Page 47
ExtraOrd

ExtraOrd

Items
Items
DPS-Common Stock 0.00 0.00 0.00 0.03 0.00
Gross Dividends - Common Stock 0.0 0.0 0.0 - 0.0
Inc Tax Ex Impact of Sp Items 1,273.7 4,431.0 691.4 5,107.4 3,120.6


Interest Expense - - - -649.5 960.0
Depreciation - 55.5 - 52.0 37.3
Amortization of Intangibles - 13.2 - 6.9 7.0
Current Tax - 4,461.2 - - -
Current Tax - Total - 4,461.2 - - -
Deferred Tax - -30.2 - - -
Deferred Tax - Total - -30.2 - - -
Income Tax - Total - 4,431.0 - - -

Page 48
Song Da Urban & Ind. Zone Invt & Dev. Annual Balance Sheet


31-Dec-2007 31-Dec-2006
Exchange Rate 18474 17483 16016.5 16056 15914
Explanation
Cash 4,981.0 378.5 7,540.1 1,327.1 3,119.1

Cash Equivalents 33,344.2 146.9 - - -
Short Term Investment 4,555.2 - 2,184.0 - 2,363.9
Provision for Short Term -1.2 - - - -
Investment
Provision for Doubtful Account -480.4 -586.4 - - -
Raw Materials - - 0.0 1.9 2.6
Work in Progress 4,165.8 1,399.2 32.4 203.7 202.0
Finished Goods - - 0.0 48.6 -
Merchandise - - 493.6 492.4 22.2
Goods on Consignment - - 0.0 17.0 -
Claimable VAT 58.2 71.9 7.4 2.3 4.9
Buildings and Structures 777.1 977.7 804.8 237.9 -

Machinery and Equipment 56.5 52.5 26.3 26.2 26.4
Transportation Equipment 796.3 315.6 314.2 353.1 323.1
Office Equipment 198.0 158.2 137.7 121.9 107.2
Other Fixed Assets 11.4 12.0 5.3 2.9 3.0
Amortization
Investment in Properties 233.5 - - - -
Accumulated Depreciation -9.3 - - - -
Investment in Subsidiaries 0.0 - 572.1 - -
Other Long Term Investment 11,510.7 8,706.0 6,829.7 1,404.3 468.8
Provision for LT Investment -403.9 -131.6 - - -
Page 49

Deferred Income Tax 102.6 531.6 - - -
Total Assets 162,309.3 91,011.3 96,602.5 58,309.9 50,449.4
Short Term Borrowings 0.0 2,859.9 - - -

Current Portion of Long Term Debt 0.0 2,087.7 - - -
Taxes Payable 13,039.8 3,808.0 1,108.2 1,536.9 856.9
Accrued Salary 677.6 256.6 211.0 129.8 126.7
Other Payables 2,382.7 284.5 597.6 379.0 600.3
Long Term Borrowings 27,065.1 7,435.8 1,971.1 10,757.3 3,141.9


Common Stock 43,304.1 22,879.4 24,974.2 3,114.1 3,141.9

Paid-In Capital 11,817.1 11,423.5 12,469.5 - -
Treasury Stock 0.0 -1,548.4 - - -
Fund for Financial Contingencies 1,890.7 1,750.8 1,259.2 321.9 324.8
Fund for Bonus and Welfare 247.1 160.7 2.2 193.5 154.0
Total Equity 95,760.6 65,691.8 79,351.2 33,800.1 27,980.4

Equity
S/O-Common Stock 100.0 96.4 97.0 92.5 92.5

T/S-Common Stock - 0.6 - - -
Intangibles
Full-Time Employees - - - 372 -
Long Term Debt Maturing within 1 Year - 2,087.7 - - -
Long Term Debt Maturing from 1 to 5 27,065.1 7,435.8 - - -
Yrs

Page 50
Song Da Urban & Ind. Zone Invt & Dev. Interim Balance Sheet


UpdateType/Date Updated Normal Updated Normal Reclassified Updated Normal Updated Normal
30-Sep-2010 30-Jun-2010 Normal 30-Sep-2009 30-Jun-2009
30-Sep-2010
Exchange Rate 19475 19080 18474 17840.5 17773
Cash 4,339.3 5,018.1 4,981.0 15,108.0 3,508.0

Cash Equivalents - - 33,344.2 - -
Short Term Securities Investment 15.7 - 224.8 211.1 -
Short Term Investment 459.6 10,482.2 4,330.4 26,024.4 0.0
Provision for Short Term -3.1 - -1.2 - -
Investment
Other Receivables 396.2 1,359.1 128.8 1,866.0 939.4
Provisions for Doubtful Account -455.7 -465.2 -480.4 -574.6 -576.8
Inventories in Transit 2.7 - - - -
Raw Materials 9.4 - - - -
Work in Progress 6,241.2 390.3 4,165.8 2,275.1 1,639.1
Advance Payments 2,311.7 - - - -
Allocation Awaiting Expenses 39.1 - - - -
Claimable VAT 106.9 16.4 58.2 120.4 -
Taxes Receivable - 16.5 - 0.0 67.1
Other Current Assets - 1,339.4 819.4 1,292.5 601.6
Buildings and Structures - 1,001.1 777.1 1,004.8 1,008.6

Machinery and Equipment - 16.5 56.5 53.3 51.6
Transportation Equipment - 360.7 796.3 422.8 311.3
Office Equipment - 157.5 198.0 185.6 161.1
Other Fixed Assets - 9.6 11.4 11.8 11.8
Tangibles, Gross 2,198.5 - - - -
Amortization
Investment in Properties 221.5 226.1 233.5 - -
Accumulated Depreciation -15.5 -13.6 -9.3 - -
Investment in Subsidiaries - 8,132.2 0.0 - 0.0
Other Long Term Investment 23,696.1 22,772.1 11,510.7 11,101.1 8,534.9
Provisions for LT Investment -2,733.1 -2,789.7 -403.9 -2,738.7 -2,749.1
Page 51
Deferred Income Tax 68.0 69.4 102.6 520.9 522.9

Other Long Term Assets - - - 0.0 0.0
Total Assets 204,987.7 173,906.3 162,309.3 152,479.5 95,147.7
Short Term Borrowings 38,510.9 5,241.1 0.0 0.0 2,813.3

Current Port. of Long Term Debt - - 0.0 0.0 1,125.3
Taxes Payable 11,614.6 14,329.7 13,039.8 6,896.6 3,901.8
Accrued Salary 434.8 117.9 677.6 299.1 29.7
Accrued Expenses 1,331.6 3,720.8 2,207.7 1,281.5 457.4
Other Payables 5,577.3 4,895.8 2,382.7 5,743.1 1,414.2
Fund for Bonus & Welfare 2,858.4 3,057.0 247.1 - -
Long Term Debts 25,673.9 26,205.5 27,065.1 28,026.1 10,071.7


Unrealised Revenue 6,796.1 6,919.7 - - -
Minority Interest 320.9 - - - -
Common Stock 51,347.9 52,410.9 43,304.1 22,420.9 22,506.0

Paid-in Capital 11,234.9 11,467.5 11,817.1 11,194.6 11,237.1
Treasury Stock -1,117.8 -491.1 0.0 -1,517.3 -1,523.1
Fund for Financial Contingencies 3,631.6 3,704.8 1,890.7 1,957.9 1,965.3
Other Owner's Fund 551.5 562.9 - - -
Fund for Bonus and Welfare - - - 0.0 239.3
Total Equity 107,594.2 106,529.8 95,513.5 79,429.4 64,941.6

Equity
S/O-Common Stock 99.7 100.0 100.0 96.4 96.4

T/S-Common Stock 0.3 - - 0.6 0.6
Deferred Revenue - Long Term 6,796.1 6,919.7 - - -
Intangibles
Long Term Debt Maturing in 1 Year - - - - 1,125.3
Long Term Debt Maturing in 3 Years - - - 28,026.1 -
Long Term Debt Maturing in 5 Years 25,673.9 - 27,065.1 - 10,071.7
Total Long Term Debt, Supplemental 25,673.9 - 27,065.1 28,026.1 11,197.0

Page 52
Song Da Urban & Ind. Zone Invt & Dev. Annual Cash Flows


31-Dec-2007 31-Dec-2006
Explanation
Net Income 48,672.2 10,530.5 22,337.8 7,494.8 10,987.2

Depreciation 191.6 151.3 370.5 427.4 532.7
Provisions 213.8 763.0 - - -
Gains/Losses on Foreign Exchange 0.0 0.0 - - -
Gain/Loss on Investment -11,648.7 -283.9 -835.5 -352.5 -169.2
Increase/Decrease in Accounts 2,570.5 3,708.5 -17,948.7 2,369.5 -5,727.1
Receivable
Increase/Decrease in Inventories -40,714.8 -16,136.4 238.6 -13,957.1 -13,588.6
Increase/Decrease in Accounts 17,807.8 -2,045.7 3,181.0 -4,261.0 5,203.0
Payable
Increase/Decrease in Prepaid -29.8 23.9 -6.3 6.7 39.0
Expenses
Cash Interest Paid -300.6 -200.8 -1,125.6 -1,166.1 -
Cash Taxes Paid -677.3 -4,590.0 - - -1,119.6
Other Cash from Operating 71.1 177.8 1.6 1.9 -
Activities
Other Cash Paid for Operating -1,211.3 -1,132.5 -826.5 -623.0 -636.6
Activities
Capital Expenditure -833.9 -265.7 -37.0 -96.8 -43.4

Purchase of Investment -5,055.6 - - - -
Sale of Investment 2.8 2,132.2 0.0 2,352.6 3,469.1
Investment in Other Entities -3,403.6 -2,830.7 -15,178.3 -1,447.8 -435.8
Returns fr. Investment in Other 17,286.0 384.2 1.2 175.1 -
Entities
Dividend and Interest Income 778.7 258.4 753.0 352.5 149.3
Issuance of Common Stock 2,564.9 - 24,883.5 - -

Repurchase of Stock 0.0 -1,645.3 - - -
Page 53
Dividend and Interest Paid -3,349.0 -7,247.4 -849.7 -780.5 -788.4



Cash Taxes Paid 677.3 4,590.0 - - 1,119.6

Page 54
Song Da Urban & Ind. Zone Invt & Dev. Interim Cash Flows


UpdateType/Date Updated Normal Updated Normal Updated Normal Restated Updated Normal
30-Sep-2010 30-Jun-2010 31-Dec-2009 Normal 30-Jun-2009
30-Sep-2010
Net Income - 17,956.2 48,672.2 - -

Depreciation - 68.8 191.6 - -
Provisions - - 213.8 - -
Gain/Loss on Foreign Exchange - - 0.0 - -
Gain/Loss on Investment - -2,132.5 -11,648.7 - -
Interest Expense - - 300.6 - -
Increase/Decrease in Accounts - 650.5 2,570.5 - -
Receivable
Increase/Decrease in Inventories - 10.9 -40,714.8 - -
Increase/Decrease in Accounts - -5,188.9 17,807.8 - -
Payable
Increase/Decrease in Prepaid - 23.1 -29.8 - -
Expenses
Cash Interest Paid - 1,610.8 -300.6 - -
Cash Tax Paid - -1,206.0 -677.3 - -
Other Cash from Operating - 2,411.4 71.1 - -
Activities
Other Cash Paid for Operating - -29,902.3 -1,211.3 - -
Activities
Cash from Operating Activities -86,926.6 - - 21,483.1 6,756.6
Cash from Operating Activities -86,926.6 -15,698.2 15,245.0 21,483.1 6,756.6
Capital Expenditure -4.6 - -833.9 -13.9 0.0

Purchase of Investment - -10,588.6 -5,055.6 - -
Sale of Investment - 4,235.4 2.8 - -
Investment in Other Entities - -22,179.9 -3,403.6 - -
Returns fr. Investment in Other - - 17,286.0 - -
Entities
Income from Subsidiaries 52.2 - - - -
Dividend and Interest Income 2,058.6 2,132.5 778.7 9,930.6 23.2
Cash from Investing Activities 2,106.9 -26,400.5 8,869.7 9,917.5 23.7
Issuance of Common Stock - 10,614.5 2,564.9 - -

Repurchase of Stock - -496.1 0.0 - -
Total Debt Reduction - - -21,287.9 -19,347.6 -6,431.1
Dividend and Interest Paid - -5,294.3 -3,349.0 - -
Cash from Financing Activities 52,244.6 10,118.5 15,141.0 -16,692.4 -3,767.1
Page 55
Net Change in Cash -32,575.1 -31,980.2 39,255.7 14,708.3 3,013.2
Net Cash - Beginning Balance 36,990.2 37,049.2 516.0 518.9 520.6

Net Cash - Ending Balance 4,415.0 5,069.0 39,771.7 15,227.2 3,533.8
Cash Interest Paid 140.8 -1,610.8 300.6 302.6 279.0
Cash Taxes Paid 4,756.4 1,206.0 677.3 566.5 283.4

Page 56
Page 57

SJS - Song Da Urban & Industrial Zone Investment and Development Joint Stock Company

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OneSource One-Stop Report

Song Da Urban & Ind. Zone Invt & Dev.

Song Da Urban & Ind. Zone Invt & Dev.

Industry Real Estate Operations

Name Title Source

Topic #* Most Recent Headline Date

Expansion / New Markets /

* number of significant developments within the last 12 months

Key Ratios Company Industry

Traded: Hochiminh Stock Exchange: SJS

As of 29-Oct-2010 Financials in: VND

Recent Price 56,500.00 EPS 8,690.26

Price % Change Rel S&P 500%

Key IDSM Number: 96609065

1 - Profit & Loss Item Exchange Rate: USD 1 = VND 17802.09

© 1983-2010 Reuters Research Inc. All Rights Reserved.

Company Web Links

ANZSIC 2006 Codes:

NACE 2002 Codes:

NAICS 2002 Codes:

More Business Descriptions

Stock Price Date: 10-29-2010

Key Corporate Relationships

© 1983-2010 Reuters Research Inc. All Rights Reserved.

Name Title Function Source

Viet Xuan Bui Member of the Board of Management Director/Board Member RT

Quang Hong Dang Member of the Board of Management Director/Board Member RT

General Director, Member of the Board of

Name Title Function Source

Dung Ngoc Luu Deputy General Director Other RT

Khuong Vinh Ngo Deputy General Director Other RT

Dan Duc Nguyen Deputy General Director Other RT

Tru Dinh Tran Deputy General Director Other RT

Dung Van Vu Deputy General Director Other RT

Data Noted as Source: GW , Copyright © 2010 Graham & Whiteside Limited

Published by OneSource Information Services, Inc., Nov, 2010

Song Da Urban & Ind. Zone Invt & Dev.

©1983-2010 Reuters Research Inc. All Rights Reserved.

Financials in: USD (000)

Gross Revenue 62,626.6 19,094.3 44,025.9 21,019.4 23,847.8

Cost of Revenue 22,776.1 7,421.9 20,911.2 12,850.4 12,565.6

Selling/General/Administrative 2,052.5 1,783.6 1,654.7 1,027.3 867.0

Operating Income 49,253.8 10,930.6 22,295.4 7,494.2 10,984.6

Gain (Loss) on Sale of Assets -128.1 - 0.0 0.0 19.9

Total Income Tax 9,061.7 3,304.6 0.0 0.0 0.0

Equity In Affiliates 468.0 -382.4 - - -

Miscellaneous Earnings Adjustment -735.0 - - - -

Income Available to Common Incl 38,875.5 7,225.9 22,337.8 7,494.8 10,987.2

Basic/Primary Weighted Average 79.9 96.6 60.5 92.5 92.5

Effect of Special Items on Income 24.1 - 0.0 0.0 0.0

Normalized Inc. Avail to Com. 38,979.5 7,225.9 22,337.8 7,494.8 10,967.3

Basic Normalized EPS 0.49 0.07 0.37 0.08 0.12

Annual Balance Sheet

Financials in: USD (000)

Cash 4,981.0 378.5 7,540.1 1,327.1 3,119.1

Buildings 777.1 977.7 804.8 237.9 -

Accounts Payable 3,033.2 7,508.7 8,394.6 7,610.1 6,579.9

Notes Payable/Short Term Debt 0.0 2,859.9 0.0 0.0 0.0

Long Term Debt 27,065.1 7,435.8 1,971.1 10,757.3 3,141.9

Pension Benefits - Underfunded 8.2 13.0 24.2 17.9 13.5

Common Stock 43,304.1 22,879.4 24,974.2 3,114.1 3,141.9

Total Liabilities & Shareholders’ 162,309.3 91,011.3 96,602.5 58,309.9 50,449.4