1st Quarter 2010 Results
14 Mai 2010 - 11:23AM
UK Regulatory
TIDMICV
Indochina Capital Vietnam Holdings Limited
14-May-10
Not for distribution, directly or indirectly, in or into the United States or
any jurisdiction in which such distribution would be unlawful.
Indochina Capital Vietnam Holdings Limited (the "Company")
Unaudited Financial Results for the three month period ended 31 March 2010
The Company today announces its unaudited consolidated financial statements for
the period ended 31 March 2010 which have been prepared in accordance with IFRS
standards.
Net Asset Value (as at 31 March 2010):
- Net Asset Value: U.S
$25,816,322
- Outstanding shares:
5,579,105
- NAV per share U.S
$4.63
Key Developments
As referred to in the Chairman's statement contained within the Company's annual
report and accounts for the year ended 31 December 2009 which were released to
the market on 26 April 2010, the process continued throughout the first quarter
of 2010, with ICA and KPMG working on the sale of the remaining private equity
and OTC investments in the portfolio. Detailed negotiations have taken place in
respect of one of the Company's private equity investments and we are hopeful
that a sale may be achieved in the near future. The remaining listed equity
positions will be divested when the lock up expires in August 2010.
Bank lending in Vietnam, like many other countries in the world, has slowed down
recently and this is making it harder to raise fresh capital.
Further details of the Company's remaining investments may be found in the
Company's annual report and accounts for the year ended 31 December 2009 which
may be downloaded at www.indochinacapital.com
<http://www.indochinacapital.com/>.
CONSOLIDATED INCOME STATEMENT
For the period from 1 January 2010 to 31 March 2010
(Unit: U.S $)
INCOME
- Interest
income
30
- Dividend
income
-
- Net losses on investments
(157,634)
- Net foreign exchange
gains 393
=----------------
Net investment loss
(157,211)
EXPENSES
- Investment management fees
(47,730)
- Custodian fees
(2,312)
- Administration
fees
(12,800)
- Transaction
fees
-
- Professional
fees
(12,185)
- Directors'
fees
(47,500)
- Withholding
tax
1,556
- Capital reorganisation fees
(116,830)
- Other operating
expenses (64,313)
=----------------
Operating
Expenses
(302,114)
Loss before Tax
(459,325)
Corporate Income
Tax
-
Net Loss after Tax
(459,325)
Other comprehensive income
-
Total comprehensive loss
(459,325)
CONSOLIDATED BALANCE SHEET
As at 31 March 2010
(Unit: U.S $)
ASSETS
- Cash and bank
balances 903,936
- Debt investments
held-for-trading
-
- Equity investments held-for-trading
25,085,014
- Interest, dividends and other receivables
35,914
=----------------
Total Assets
26,024,864
LIABILITIES
- Accrued
expenses
(208,542)
=-----------------
Total Liabilities
(208,542)
NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS 25,816,322
Represented by:
- Issued
Capital
70,145
- Share
premium
226,494,085
- Treasury Stock
(10,262,576)
- Accumulated losses
(190,485,332)
=-----------------
25,816,322
Net Asset Value per Share, based on shares outstanding
4.63
CONSOLIDATED STATEMENT OF CASH FLOW
For the period from 1 January 2010 to 31 March 2010
(Unit: U.S $)
OPERATING ACTIVITIES
Net loss for the period
(459,325)
Adjustments for
- Interest income
(30)
- Dividends income
-
- Realised gains on debt and equity investments trading
(53,968)
- Unrealised losses on debt and equity investments
211,602
=----------------
Operating loss before changes in working capital
(301,721)
- Change in receivables from investment activities (16,477)
- Change in current liabilities
2,898
- Interest
received
30
- Dividends
received
-
- Change in deposits in escrow account
for purchases of equity investments
-
=------------------
Net cash used in operating activities
(315,270)
INVESTING ACTIVITIES
- Proceeds from sale of debt and equity investments
53,968
- Payments for purchase of debt and equity investments -
-------------------
Cash flows generated from investing activities
53,968
FINANCING ACTIVITIES
- Proceeds from issue of new shares
-
- Payments for treasury shares
-
=-----------------
Cash flows (used in)/generated from financing activities
-
NET DECREASE IN CASH AND BANK BALANCES (261,302)
CASH AND BANK BALANCES AT 01/01/2010 1,165,238
-----------------
CASH AND BANK BALANCES AT 31/03/2010 903,936
For further information, please refer to either www.indochinacapital.com
<http://www.indochinacapital.com/> or contact:
Indochina Capital Advisors Limited (Investment Manager)
Rick Mayo-Smith Tel:
+848 3 910 4855
CEO
Ordinary Shares - Listing Category: Standard - Equity
No representation or warranty is made by the Company as to the accuracy or
completeness of the information contained in this announcement and no liability
will be accepted for any loss arising from its use.
This announcement is for information purposes only and does not constitute an
invitation or offer to underwrite, subscribe for or otherwise acquire or dispose
of any securities of the Company in any jurisdiction.
This announcement is not an offer of securities for sale into the United States.
The Company's securities have not been, and will not be, registered under the
United States Securities Act of 1933 and may not be offered or sold in the
United States absent registration or an exemption from registration. There will
be no public offer of securities in the United States.
End of Announcement
[HUG#1415886]
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