Transcript Document

Vietnam Infrastructure Limited
Quarterly report 31 March 2012
Fund update
Manager comment
Portfolio data
2
Market update
4
Select company and project updates
5
Note on valuation methodology
7
Historical financial information
8
Manager information
9
Vietnam Infrastructure Limited AIM: VNI
Quarterly report 31 March 2012
Fund background
Manager comment
Vietnam Infrastructure Limited
(‘VNI’) is a closed-end fund
launched in July 2007 and
traded on the London Stock
Exchange’s Alternative
Investment Market (AIM).
ISIN
KYG936121022
Bloomberg
VNI LN
Reuters
VNI.L
VNI’s net asset value was USD191.0 million or USD0.48 per share at 31 March 2012, an
increase of 4.6 percent from the auditor reviewed net asset value of USD182.6 million or
USD0.46 per share at 31December 2011. The fund’s share price rose to USD0.27 per share
at the end of the quarter, up 35.6 percent from USD0.20 in December 2011. As a result the
share price to NAV per share discount decreased significantly to 43.8 percent in March from
56.1 percent at the end of last year.
Investment objective
Medium to long-term capital
gains with some recurring
income and short-term profit
taking. Investment areas
include energy, transport,
industrial park development,
telecommunications
infrastructure and water
utilities. VNI invests primarily in
private companies, including
operating companies, and
brown- and greenfield projects.
View VNI details.
Download VNI factsheet.
Fund managing director
Tony Hsun
Manager
VNI is managed by VinaCapital
Investment Management Ltd
(VCIM) and requires investment
approvals from an Investment
Committee.
More information about VCIM
is available here.
During the quarter, listed investee company Phuoc Hoa Rubber JSC (PHR) held its annual
shareholder meeting and agreed to pay a cash dividend of 11 percent yield of par value. The
company reported audited FY2011 revenue of USD124.0 million and a net profit of USD40.0
million, an increase of 27 and 65 percent respectively from a year ago. Additionally, PHR has
already achieved USD10.9 million in pre-tax profit in the first three months of the year,
which represents 44 percent of its annual target of USD24.5 million for the year ended 31
December 2012.
In addition, PetroVietnam Fertilizer and Chemicals (DPM) announced during the quarter
consolidated FY 2011 revenue and net profit growth of 39.6 and 82.2 percent respectively.
Shares of DPM closed at VND29,200 as of 30 March 2012, up 22.7 percent for the year and
at a trailing P/E ratio of 3.6x.
In February, VNI announced that it had purchased the remaining 60 percent in VNC-55
Infrastructure Investment JSC (VNC-55), increasing its stake to 100 percent. The company,
which specializes in building and leasing Base Transceiver Station (BTS) towers to mobile
service providers, was valued at USD21.7 million. When combined with VNI’s other
investments in this sector, the fund currently owns approximately 2,000 BTS towers
nationwide. Given Vietnam’s high mobile phone penetration rate over the past few years
and expected five year subscriber growth, VNI management considered that full control of
VNC-55 is important to the fund’s strategic investment goals. This transaction helped
increase VNI’s holdings in the telecommunications sector to USD39.5 million or 20.7 percent
of total NAV.
VNI also announced the resignation of two of its Directors, Mr. Horst Geicke and Mr. Albert
Theodore (‘Ted’) Powers following a change of ownership in its investment manager,
VinaCapital Investment Management Ltd (VCIM). The Board will consult with VCIM to
appoint another representative of VinaCapital at the next Board meeting.
The manager presented at this year’s LCF Rothschild Emerging market conference in London
on 29 February 2012. The webcast of the presentation is now available on our website here.
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Market update
Company and project updates
Valuation notes
31 March 2011
NAV 0.48 per share (↑ 4.6% q-o-q)
Total NAV: USD191.0 million
Performance summary
31 Mar 12
Cumulative change:
3mth
1yr
3yr
NAV per share
0.48
4.6%
-10.9%
-24.0%
Share price
0.27
35.6%
-20.4%
47.1%
Premium/
(Discount)
(43.8%)
Market cap
113.3m
Total NAV
191.0m
Performance history (% change on NAV)
YTD
VN Index
2012
2011
2010
4.6%
-20.2%
-14.3%
2009
5.5%
26.8%
-25.6%
-7.2%
47.7%
NAV and share price performance (31 Mar 2012)
1.20
1.00
0.80
0.60
NAV 0.48
0.40
0.20
SP 0.28
0.00
Historical financial information
Manager information
2
Vietnam Infrastructure Limited AIM: VNI
Quarterly report 31 March 2012
Portfolio by sector
By sector
Top holdings at 31 Mar 2012
No. of holdings
NAV (USDm)
% NAV
Agribusiness
2
4.5
2.4%
General Infrastructure
4
11.5
6.0%
IP and township
7
42.6
22.3%
Oil and gas
4
23.0
Power
6
Telecommunications
Investee
Asset class
Sector
% NAV
Book value
(USD’000)
SEATH
PE
Telecommunications
Ba Thien IP
PE
IP and township
9.6%
18,350 308ha IP project in Vinh Phuc province, near Hanoi
Long An IP
PE
IP and township
8.9%
17,000 Major IP and port project in Long An province.
12.1%
NVO
OTC
Oil and gas
4.7%
8,914 Owner of Vietnam’s first operating private oil refinery
9.3
4.9%
PVD
Listed
Oil and gas
4.1%
7,908 PetroVietnam subsidiary; oil and gas drilling services
6
39.5
20.7%
CII
Listed
General infrastructure
3.9%
7,431 Vietnam’s top infrastructure investment company
Transport & logistics
6
14.4
7.5%
PVS
Listed
Oil and gas
2.5%
4,842 A leading oil and gas technical services company
Others
2
3.3
1.7%
DIG
Listed
IP and township
1.7%
3,242 A leading real estate developer
42.8
22.4%
HNEM
PE
Power
1.6%
3,012
191.0
100.0%
SJD
Listed
Power
1.4%
2,747 A profitable hydro power plant with capacity of 77.8MW
Cash
TOTAL
37
Power company in northern Vietnam developing 3
hydropower plants
% NAV
100%
No. of holdings
NAV (USDm)
23
46.7
24.5%
OTC
5
20.7
10.8%
Private Equity
8
77.5
40.6%
Bonds
1
3.3
1.7%
40%
42.8
22.4%
20%
191.0
100.0%
Listed
32,000 Vietnam’s largest private BTS holding company.
Invested funds and cash balance
Portfolio by class
By asset class
16.8%
Description
61%
66%
Cash committed and under DD (USD)
78%
80%
60%
Cash
TOTAL
37
39%
34%
22%
0%
Mar-10
Mar-11
Cash
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Market update
Mar-12
Invested
Company and project updates
Committed
5%
5%
12%
Due diligence
Free cash
Cash allocation
(Mar 2012)
Valuation notes
Approved and committed cash
9.2m
General infrastructure
0.5m
IP & township development
8.0m
Oil & gas
0.7m
Under due diligence
10.5m
Power
3.0m
IP & township development
7.5m
Historical financial information
Manager information
3
Vietnam Infrastructure Limited AIM: VNI
Quarterly report 31 March 2012
Macro economy
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Market update
Company and project updates
Valuation notes
Inflation
FDI
(USDbn)
Imports
(USDbn)
Exports2
(USDbn)
Trade deficit
(USDbn)
Exchange rate3
(USD/VND)
Bank deposit
rate (VND %)
Y-o-Y
change
YTD
4.0%
18.1%
0.16%
2.6%
14.2%
14.7
1.4
2.6
9.7%
105.8
9.3
24.8
6.9%
96.3
9.1
24.5
23.6%
9.5
0.2
0.3
-91.9%
21,036
20,860
-0.8%
0.0%
12.0-14.0%
13.0%
-7.1%
-7.1%
Note: GDP figure updated quarterly. Exchange rate is Vietcombank ask rate at
end of period. Sources: GSO, SBV, VCB.
1 Annualised rate. 2 Includes gold. 3 State Bank central rate.
Vietnam GDP quarterly growth
8.00
7.00
6.00
5.00
4.00
3.00
2.00
1.00
Historical financial information
Manager information
Mar-12
Dec-11
Sep-11
Jun-11
Mar-11
Dec-10
Sep-10
Jun-10
0.00
Mar-10
However, interest rates remain very high at between 15.0 and 20.0 percent for business
loans, higher for non-performing sectors of the economy. Throughout the first quarter of
2012, there have been widespread shortages of capital and an inability for businesses to
access bank credit. The government has identified the potential for the economy to enter
stagflation and have removed some restrictions on bank lending, specifically within the real
estate sector, as well as a 1.0 percent reduction in policy rates and deposit caps. Also, the
government has liberalized bank loans for the basis of consumption. An estimated 60 to 70
percent of total consumption comes from the private sector, a major driver of GDP growth.
Mar-12
5.9%
Dec-09
Interest rates remain high, but
should decrease in the nearterm as the government has
lowered policy rates and
deposit caps.
During March, the inflation rate was 0.16 percent, equivalent to 14.2 percent year-on-year
and 2.6 percent for the first quarter. The reduction in CPI has come primarily from a
weakness in aggregate consumer demand as purchasing power fell as a result of the high
levels of inflation throughout 2011. The removal of subsidies in major utility and transport
sectors such as electricity and gasoline, as well as an expected increase in the minimum wage
due in May, will continue to impose added pressure for inflation throughout 2012. However,
we project CPI to continue its descent, reaching 10.0 percent for the year, down substantially
from 18.1 percent in 2011.
GDP growth1
Sep-09
Inflation fell to just 2.6 percent
for the first quarter of 2012
The VND closed the month of March at a reference rate of approximately VND20,830 versus
the USD from the end of December 2011. Stabilizing efforts have clearly been working during
the first quarter of 2012 as the VND has actually appreciated 0.8 percent, primarily due to
the trade deficit reaching only USD300 million year to date. For all of 2011, the deficit nearly
reached USD10 billion, placing huge pressure on the government to devalue the VND last
year. Additionally, the spread between the free market exchange rate and the official bank
rate has effectively gone to zero, indicating that there is very little pressure for the VND to
devalue more in the near-term. Exporters are willing to sell their USD to the SBV or other
commercial banks providing an ample supply in the foreign exchange market. We continue
to estimate an interbank rate of VND22,000 per USD by the end of 2012.
2011
Jun-09
The VND appreciated 0.8
percent against the USD in the
first quarter.
Macroeconomic indicators and forecast
The macroeconomic headlines were dominated in the first quarter of 2012 by Vietnam’s GDP
growth of 4.0 percent versus 5.6 during the same period a year ago and the lowest since June
2009. The industry and construction sector grew 2.9 percent, while agriculture, forestry, and
fishery production increased 2.8 percent from the same period last year. Contributing the
most towards first quarter GDP growth was the services sector, which grew 5.3 percent. As a
result of the lower inflation and the deceleration of GDP growth, the State Bank of Vietnam
(SBV) lowered policy rates and the deposit rate cap by 1 percent.
Mar-09
GDP growth fell to 4.0 percent
in the first quarter, compared
to 5.6 percent last year.
4
Vietnam Infrastructure Limited AIM: VNI
Quarterly report 31 March 2012
Select company and project updates
VNI held a 60 percent
stake in GII valued at
USD5.4 million
Global Infrastructure Investment JSC – GII
Financial highlights
Global Infrastructure Investment JSC (GII) is a private operator of BTS towers in Vietnam. Set up in
2008, the company is a joint venture between VNI and local partners. GII currently owns 460 BTS
towers with a tenancy ratio (number of tenants to each tower) of 1.33.
Profit and loss (VND bn)
Revenue
Gross profit
Gross margin (%)
Net income
Net margin (%)
EPS (VND)
Balance sheet (VND bn)
Total assets
Shareholders’ equity
ROE (%)
FY10A
63.3
27.0
43%
11.0
17%
1,576
FY10A
170.2
89.8
12%
FY11A
70.9
27.9
39%
13.8
20%
1,768
FY11A
147.6
103.5
13%
FY12E
76.3
29.5
39%
14.5
19%
1,857
FY12E
153.0
117.6
12%
Book value per share (VND)
12,831
14,785
16,801
FY10A
FY11A
FY12E
Throughout the last few years, the company has been expanding to establish its presence in key
development areas from the central to southern provinces of Vietnam. Key revenue streams
come from leasing towers and ground equipment, as well as provision of on-call services for
operators during network downtime.
Going forward, GII’s strategy is to improve margins and scale business by bringing second and
third tenants under contract on its existing network of towers. In an effort to offer more services
and increase revenue streams, the company is exploring new business models in both the InBuilding System (IBS) and Distributed Antenna System (DAS) sectors.
VNI held a 1.6 percent
stake in VSH valued at
USD1.7 million
Vinh Son - Song Hinh Hydropower JSC (HSX:VSH)
Financial highlights
Vinh Son- Song Hinh Hydropower JSC (VSH) is the largest hydropower company in terms of
market capitalization in Vietnam. The company owns two operating hydropower plants with a
combined capacity of 136MW. For the past seven years, the company has consistently surpassed
its designed capacity of 677 million kWh annually, based solely on a number of expansion
projects that enlarged the reservoirs connected to its plants. In total for 2011, its plants
generated 903.2 million kWh of electricity.
Profit and loss (VND bn)
Electricity of Vietnam (EVN), a State-owned company that holds a 31 percent stake in VSH, is the
sole purchaser of the company’s electricity output. The company has been in an ongoing
discussion with EVN regarding its power purchase agreement (PPA) since 2010, which is expected
to conclude in 1H 2012, offering the company more favorable terms in accordance to the
government’s recent deregulation directives for the power industry.
Revenue
424.5
447.8
478.6
Gross profit
240.7
286.7
315.8
Gross margin (%)
56.7%
64.0%
66.0%
Net income
304.0
345.0
382.8
Net margin (%)
71.6%
77.0%
80.0%
EPS (VND)
1,503
1,706
1,893
DPS (VND)
1,000
1,000
1,000
Balance sheet (VND bn)
FY10A
FY11A
FY12E
Total assets
3,028.8
3,345.7
3,768.8
VSH recorded revenue and net profit growth for FY 2011 of 5.5 percent and 13.5 percent,
respectively, largely attributable to the completion of asset depreciation during the year. Stable
growth is expected for FY 2012 with the anticipated upward adjustment in off-take pricing. For
Q1 2012, VSH reported an electricity output of 283.4 million kWh, 16.6 percent higher than the
same period a year ago.
Shareholders’ equity
2,430.0
2,343.1
2,535.0
12.5%
14.7%
15.1%
12,535
The company is expected to increase its electricity generation capacity significantly over the next
several years by developing new hydropower plants, most notably, the Thuong Kontum, which is
expected to begin operations in 2015 with a total capacity of 220MW.
PER (x)
7.4
6.8
5.9
P/B (x)
0.9
1.0
0.9
Dividend yield (%)
9%
9%
9%
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Market update
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Valuation notes
ROE (%)
Book value per share (VND)
12,015
11,642
Valuation
FY10A
FY11A
Historical financial information
Manager information
FY12E
5
Vietnam Infrastructure Limited AIM: VNI
Quarterly report 31 March 2012
VNI held a 2.0 percent
stake in PVS valued at
USD4.8 million
PetroVietnam Technical Services Corporation (HNX:PVS)
Financial highlights
PetroVietnam Technical Services (PVS) is an oil and gas service provider in Vietnam, with
multiple business lines that include oil platform construction and transportation, petro port
operations, and providing maintenance services for offshore vessels. PVS holds a significant
market share in the industry, with approximately 80 percent market share of platform service
ships and three (23.1 percent) of the floating production storage and offloading (FPSO) facilities
operating in Vietnam.
Profit and loss (VND bn)
Net margin (%)
5.5%
5.1%
4.0%
The company is majority-owned by PetroVietnam, Vietnam’s State-owned oil and gas company.
For the past three years, PVS’s revenue and net profit grew an average 41 and 33 percent
respectively. For FY 2011, revenue increased 43.9 percent and net profit by 35.9 percent yearon-year, as core business unit growth remained stable and a one-time recorded sale of a FPSO
unit to Vietsovpetro in Q4 2011.
EPS (VND)
4,631
4,198
3,765
DPS (VND)
1,500
FY10A
1,500
FY11A
1,500
FY12E
17,513.2
22,630.3
22,472.5
3,535.4
5,754.8
6,042.5
ROE (%)
26.0%
21.7%
17.4%
Book value per share (VND)
17,783
FY10A
19,324
FY11A
20,290
FY12E
PER (x)
3.5
3.8
4.3
P/B (x)
0.9
0.8
0.8
9.3%
9.3%
9.3%
FY10A
198.0
174.0
87.9%
377.0
190.4%
5,021
1,800
FY10A
3,538.5
1,403.0
26.9%
18,686
FY10A
3.2x
1.6
5.9%
FY11A
198.8
167.9
84.5%
163.6
82.3%
2,179
1,800
FY11A
5,016.8
1,231.5
13.3%
16,402
FY11A
7.4x
1.9
5.9%
As at 31 March 2012, PVS was trading at VND16,100, a trailing 12-month P/E of 2.3x and P/B of
0.8x.
Revenue
Gross profit
8.0%
7.8%
Net income
920.6
1,250.3
1,121.3
Balance sheet (VND bn)
Total assets
Shareholders’ equity
Valuation
Profit and loss (VND bn)
Revenue
Gross profit
Gross margin (%)
Net income
Net margin (%)
EPS (VND)
DPS (VND)
Balance sheet (VND bn)
Total assets
Shareholders’ equity
ROE (%)
Book value per share (VND)
Valuation
PE (x)
P/B (x)
Dividend yield (%)
Jump to: Fund update
Market update
Company and project updates
Valuation notes
2,179.6
1,955.9
Ho Chi Minh City Infrastructure Investment JSC (CII) is one of Vietnam’s leading infrastructure
companies, that invests in projects under build operate-transfer (BOT), build-transfer (BT) and
build own-operate (BOO) contracts, real estate projects as well as providing traffic toll collection
equipment and services. Its diverse portfolio includes seven traffic toll projects, three water
treatment plants, two industrial parks and seven real estate projects.
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FY12E
6.9%
Financial highlights
On 14 April 2012, CII held its ground-breaking ceremony for the Saigon 2 Bridge BT project
adjacent to the current Saigon Bridge, with estimated total investment capital of USD75 million.
The company also announced plans to pay a cash dividend of six percent yield for FY 2011.
27,943.4
1,168.1
Hochiminh Infrastructure Investment JSC (HSX:CII)
We continue to believe CII will rebound in 2012, with a reversal of the provision for potential
financial losses set aside in 2011, higher toll fees approved in July 2011, commencement of the
toll collection station for the Phan Rang –Thap Cham route and the expected divestments of
Kinh Dong and Dong Tam water plants. For Q1 2012, CII reported unconsolidated net profit
growth of 34 percent year-on-year.
FY11A
24,298.6
Gross margin (%)
Dividend yield (%)
VNI held a 6.7 percent
stake in CII valued at
USD7.4 million
FY10A
16,879.6
Historical financial information
FY12E
218.7
188.4
86.2%
392.6
179.6%
5,230
1,800
FY12E
3,454.0
1,489.0
26.4%
19,832
FY12E
3.1x
1.5
5.9%
Manager information
6
Vietnam Infrastructure Limited AIM: VNI
Quarterly report 31 March 2012
The manager update section provides investors with information on the policies and practices of VinaCapital
Investment Management Ltd (VCIM), as well as updates on VinaCapital relevant to the performance of our
investment funds.
Valuation and NAV calculation
The accurate and fair valuation of assets held in fund
portfolios is a central component of successful fund
management. VCIM follows international best practice
whenever possible in its valuation process.
Private equities
Unquoted securities will initially be valued at cost.
Revaluations of unquoted investments are conducted at 30
June annually in accordance with the guidelines issued by
the British Investment Fund Association.
Relevant dates
VNI’s financial year-end is 30 June. Audited annual results
must be announced within six months of this date. Interim
results at 31 December receive an auditor review and must
be announced within three months of this date. VNI
calculates its unaudited NAVs monthly and this is normally
announced within ten days of month-end. Update reports
are issued on a monthly and quarterly basis, in addition to an
annual report with the audited final results.
All other assets and liabilities are recorded at their respective
fair values or cost, as required by the International Financial
Reporting Standards and as set out in the Notes to the
Consolidated Financial Statements as at 31 December 2011.
The methods used to value different assets:
Listed equities
The value of listed securities is based on the last traded price
of the security on the stock exchange where it trades, or if
there is more than one stock exchange on which the security
trades, that which is considered the principal stock exchange
for that security.
More information on valuation is available on the Investing
policy page of the VNI website: VNI Investing policy.
Audit and valuation committee
VNI has an audit and valuation committee composed of
independent non-executive members of the board of
directors of the fund, and chaired by an independent
director. The committee meets quarterly.
VNI Audit and Valuation Committee
Ekkehard Goetting (Chair)
Luong Van Ly
Paul Cheng
OTC equities
The market price of OTC equities is determined based on a
sample of closing prices obtained from a minimum of three
leading securities companies in Vietnam. The price used is
normally the average of the sample, with outlying prices
removed to avoid bias.
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Historical financial information
Manager information
7
Vietnam Infrastructure Limited AIM: VNI
Quarterly report 31 March 2012
Historical financial information
Years ended 30 June
Fund summary
2007
2008
2009
2010
2011
-
(43,732)
(25,715)
3,143
(47,620)
Total expenses from ordinary activities
(851)
(9,750)
(8,223)
(7,313)
(7,066)
Operating profit before income tax
(851)
(53,482)
(33,938)
(4,170)
(54,686)
-
-
-
-
(32)
Profit for the year
(851)
(53,482)
(33,938)
(4,170)
(54,718)
Minority interests
-
-
(124)
(95)
1,483
(851)
(53,482)
(33,814)
(4,075)
(56,201)
Total assets
402,100
337,748
263,871
262,050
213,458
Total liabilities
(12,563)
(1,510)
(1,723)
(4,417)
(9,377)
Net assets
389,537
336,238
262,148
257,633
204,081
-
-
10
-
-
Basic earnings per share (cents per share)
(0.2)
(13)
(8)
(1)
(14)
Share price as 30 June
1.03
0.60
0.33
0.34
0.31
Ordinary share capital (thousand shares)
402,100
402,100
402,100
402,100
402,100
Market capitalization at 30 June (USD’000)
414,163
239,250
131,688
136,714
122,641
0.97
0.84
0.65
0.64
0.50
-0.2%
-14%
-9%
-1%
-14%
N/A
22%
32%
233%
-15%
Statement of Income (USD’000)
Total income from ordinary activities
Income tax expense
Profit attributable to ordinary equity holders
Statement of financial position (USD’000)
Share information
Capital distribution (cents per share)
Net asset value per ordinary share (USD)
Ratio
Return on average ordinary share holder’s funds
Expense/income ratio
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Company and project updates
Valuation notes
Vietnam Infrastructure Limited (“VNI”) is a closed-end fund trading
on the AIM Market of the London Stock Exchange. Download the
VNI Factsheet at www.vinacapital.com
Fund launch
5 July 2007
Term of fund
Ten years and then subject to shareholder vote for continuation
Fund domicile
Cayman Islands
Legal form
Exempted company limited by shares
Structure
Single class of ordinary shares trading on the AIM market of the
London Stock Exchange plc.
Auditor
PricewaterhouseCoopers (Hong Kong)
Nominated adviser (Nomad)
Grant Thornton Corporate Finance
Custodian and Administrator
Standard Chartered (Singapore)
Brokers
LCF Edmond de Rothschild Securities (Bloomberg: LCFR)
Numis Securities (Bloomberg: NUMI)
Lawyers
Lawrence Graham (UK)
Maples and Calder (Cayman Islands)
Management and performance fee
Management fee of 2 percent of NAV. Performance fee of 20
percent of total NAV increase after achieving the higher of an 8
percent compound annual return and the high watermark
Investment manager: VinaCapital Investment Management Ltd
Investment focus: Medium to long term capital gains with some
recurring income through investment in the following
infrastructure and infrastructure-related sectors: Energy;
Transportation; Industrial Parks; Telecommunication; and Water
and environmental utilities
Investment focus by geography:
Greater Indochina comprising: Vietnam (minimum of 70 percent),
Cambodia, Laos, and southern China.
Historical financial information
Manager information
8
Vietnam Infrastructure Limited AIM: VNI
Quarterly report 31 March 2012
Important Information
VNI Board of Directors
This document, and the material contained therein, is not intended as an offer or
solicitation for the subscription, purchase or sale of securities in Vietnam Opportunity
Fund Limited, VinaLand Limited or Vietnam Infrastructure Limited (each a “Company”).
Any investment in any of the Companies must be based solely on the Admission
Document of that Company or other offering document issued from time to time by
that Company, in accordance with applicable laws.
Vietnam Infrastructure Ltd (VNI) is led by a Board of Directors
composed of a majority of independent non-executive directors.
Paul Cheng
Ekkehard Goetting
Luong Van Ly
The material in this document is not intended to provide, and should not be relied on
for accounting, legal or tax advice or investment recommendations. Potential investors
are advised to independently review and/or obtain independent professional advice and
draw their own conclusions regarding the economic benefit and risks of investment in
either of the Companies and legal, regulatory, credit, tax and accounting aspects in
relation to their particular circumstances.
VinaCapital
The securities of the Companies have not been and will not be registered under any
securities laws of the United States of America nor any of its territories or possessions or
areas subject to its jurisdiction and, absent an exemption, may not be offered for sale or
sold to nationals or residents thereof.
Don Lam
Brook Taylor
Tony Hsun
Luong Doan
No undertaking, representation, warranty or other assurance, express or implied, is
given by or on behalf of either of the Companies or VinaCapital Investment
Management Limited or any of their respective directors, officers, partners, employees,
agents or advisers or any other person as to the accuracy or completeness of the
information or opinions contained in this document and no responsibility or liability is
accepted by any of them for any such information or opinions or for any errors,
omissions, misstatements, negligence or otherwise.
Contact
David Dropsey
No warranty is given, in whole or in part, regarding the performance of either of the
Companies. There is no guarantee that investment objectives of any of the three
Companies will be achieved. Potential investors should be aware that past performance
may not necessarily be repeated in the future. The price of shares and the income from
them may fluctuate upwards or downwards and cannot be guaranteed.
Brokers
This document is intended for the use of the addressee and recipient only and should
not be relied upon by any persons and may not be reproduced, redistributed, passed on
or published, in whole or in part, for any purposes, without the prior written consent of
VinaCapital Investment Management Limited.
Nominated advisor
Auditor
Internal auditor
Custodian and Admin
Please think before printing. This report is designed to
be view ‘full screen’ without the need to print on paper.
Jump to: Fund update
Market update
Company and project updates
Valuation notes
Chairman (Independent)
Director (Independent)
Director (Independent)
VinaCapital Investment Management Ltd (VCIM) is the BVIregistered investment manager of Vietnam Infrastructure Ltd (VNI).
Chief Executive Officer
Chief Operating Officer
Managing Director, Infrastructure
Director, Infrastructure
Investor Relations/Communications
[email protected]
+848-3821-9930
www.vinacapital.com
Vietnam Infrastructure Ltd (VNI)
LCF Edmond de Rothschild Securities
+44 (0)20 7845 5960, [email protected]
Numis Securities
+ 44 (0)20 7260 1327, www.numiscorp.com
Grant Thornton Corporate Finance
PricewaterhouseCoopers (Hong Kong)
KPMG (Vietnam)
Standard Chartered (VNI)
Historical financial information
Manager information
9