Vinaland : VNL 2017 Interim Results

VINALAND LIMITED AND ITS SUBSIDIARIES CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2016 (UNAUDITED) CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2016 TABLE OF CONTENTS PAGE

Report of the Board of Directors 1

Report on Review of Interim Financial Information 4

Condensed Interim Consolidated Balance Sheet 5

Condensed Interim Consolidated Statement of Changes in Equity 7

Condensed Interim Consolidated Income Statement 9

Condensed Interim Consolidated Statement of Comprehensive Income 10

Condensed Interim Consolidated Statement of Cash Flows 11

Notes to the Condensed Interim Consolidated Financial Statements 13

REPORT OF THE BOARD OF DIRECTORS

The Board of Directors submits its report together with the condensed interim consolidated financial statements of VinaLand Limited ("the Company") and its subsidiaries (together, "the Group") for the period from 1 July 2016 to 31 December 2016 ("the period").

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.

VinaLand Limited and its subsidiaries herein are referred to as the Group.

Principal activities

The original objective of the Group was 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. At an Extraordinary General Meeting ("EGM") held on 21 November 2012 the shareholders approved a proposal that the Company make no new investments and dispose of a portion of its investments in a controlled and orderly manner so as to maximise returns to shareholders. At a subsequent EGM held on 18 November 2016 this strategy was expanded to include the disposal of all remaining investments over a three year period and the return of all proceeds collected, less operating costs, to shareholders.

The principal activities of the subsidiaries are property investment and hospitality management.

Results

The results of the Group for the period and the state of its affairs as at that date are set out in the condensed interim consolidated financial statements on pages 5 to 47.

Board of Directors

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

Name Michel Casselman	Position Chairman	Date of appointment 11 November 2011	Date of resignation -
Charles Isaac Tran Trong Kien Ian Lydall Nicholas Brooke Nicholas Allen	Director Director Director Director Director	11 November 2011 25 September 2015 20 October 2016 13 January 2006 29 June 2010	- - - 31 December 2016 20 October 2016
Auditor

The Group's auditor is PricewaterhouseCoopers.

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 condensed interim consolidated balance sheet as at 31 December 2016 or on the results of operations and cash flows of the Group for the period then ended.

1

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

As at 31 December 2016, the interests of the Directors in the shares, underlying shares and debentures of the Company were as follows:

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

Nicholas Brooke 243,000 - 0.06%

Charles Isaac 794,000 - 0.20%

Michel Casselman 1,270,500 - 0.32%

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

In preparing the condensed interim 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 Accounting Standard 34, "Interim Financial Reporting" 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 condensed interim consolidated financial statements;

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

4. prepare the condensed interim 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 condensed interim 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 condensed interim consolidated financial statements.

2