Vinaland : VNL 2016 audited financial statements

VINALAND LIMITED AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016 CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016 TABLE OF CONTENTS PAGE

Report of the Board of Directors	1
Independent Auditor's Report	4
Consolidated Balance Sheet	5
Consolidated Statement of Changes in Equity	7
Consolidated Income Statement	9
Consolidated Statement of Comprehensive Income	10
Consolidated Statement of Cash Flows	11
Notes to the Consolidated Financial Statements	13

REPORT OF THE BOARD OF DIRECTORS

The Board of Directors ("the Board") submits its report together with the consolidated financial statements of VinaLand Limited ("the Company") and its subsidiaries (together, "the Group") for the year ended 30 June 2016.

The Group

VinaLand Limited is incorporated in the Cayman Islands as a company with limited liability. The registered office of the Company is PO Box 309GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands.

Principal activities

The Group's primary objective is to focus on key growth segments within Vietnam's emerging real estate market, namely residential, office, retail, industrial and leisure projects in Vietnam to provide shareholders a potential capital growth, from investing in a diversified portfolio of mainly property investments.

The principal activities of the subsidiaries are property investment and development.

Results and dividend

The results of the Group for the year ended 30 June 2016 and the state of its affairs as at that date are set out in the consolidated financial statements on pages 5 to 71.

The Board of Directors does not recommend payment of a dividend for the year (the year ended 30 June 2015: Nil).

Share buy-back programme

Details of ordinary shares repurchased are contained in Note 16 of the consolidated financial statements.

Board of Directors

The members of the Board of Directors of the Company during the year and to the date of this report are as follows:

Name Position Date of appointment Date of resignation

Michel Casselman	Chairman	11 November 2011	-
Nicholas Brooke	Director	13 January 2006	-
Nicholas Allen	Director	29 June 2010	-
Charles Isaac	Director	11 November 2011	-
Daniel McDonald	Director	19 February 2014	25 September 2015
Tran Trong Kien	Director	25 September 2015	-

Auditor

The Group's auditor is PricewaterhouseCoopers.

REPORT OF THE BOARD OF DIRECTORS (CONTINUED) Directors' interests in the Company

As at 30 June 2016, the interests of the Directors in the shares, underlying shares and debentures of the Company were as follows:

No. of shares Direct Indirect Percentage of outstanding issued capital (direct and indirect holdings)

Nicholas Brooke	243,000	- 0.06%
Nicholas Allen	95,627	- 0.02%
Charles Isaac	794,000	- 0.20%
Michel Casselman	1,270,500	- 0.32%

Subsequent events after the reporting period

No significant events have occurred since the period end which would impact on the financial position of the Group as disclosed in the consolidated balance sheet as at 30 June 2016 or on the results of operations and cash flows of the Group for the year then ended.

Board of Directors' responsibility in respect of the consolidated financial statements

In preparing the consolidated financial statements, the Board of Directors is required to:

1. adopt appropriate accounting policies which are supported by reasonable and prudent judgements and estimates and then apply them consistently;

2. comply with the disclosure requirements of International Financial Reporting Standards as issued by the International Accounting Standards Board ("IASB") or, if there have been any departures in the interest of fair presentation, ensure that these have been appropriately disclosed, explained and quantified in the consolidated financial statements;

3. maintain adequate accounting records and an effective system of internal control;

4. prepare the consolidated financial statements on a going concern basis unless it is inappropriate to assume that the Group will continue its operations in the foreseeable future; and

5. control and direct effectively the Group in all material decisions affecting its operations and performance and ascertain that such decisions and/or instructions have been properly reflected in the consolidated financial statements.

The Board of Directors is also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Board of Directors confirms that the Group has complied with the above requirements in preparing the consolidated financial statements.