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Annual Report 2007
Bo Co
Thng NinQu [u t Cn bng Prudential
Prudential Balanced Fund
Tng 23, Trung tm Thng mi Si Gn
37 Tn [c Thng, Q.1, TP. H Ch Minh, Vit Nam
T +84 8 910 1660
F +84 8 910 5613
W www.pru-fund.com.vn
Cng ty Qun l Qu [u t Prudential Vit Nam
Prudential Vietnam Fund Management Company
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Thng {ip ca Tng Gim {c
CEO Message 4
Nhn li nn Kinh t v Thfi trng
Economic and Market Review 8
Tng quan v Kinh t v Thfi trng
Economic and Market Outlook 14
Ban [i din Qu
The Fund Representative Board 20
Bo co ca Ban Qun l QuFund Manager 's report 26
Bo co ti chnh
Financial Statements 38
Cng ty Qun l Qu [u t Prudential Vietnam
Prudential Vietnam Fund Management Company 74
Ghi ch
Disclaimer 76
ContentsMc lc
Qu [u T Cn Bng Prudential
gip bn cfl {c tim nngtng trng vn
v
thu nhp {finh k
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CEO Message
Thng{ipca TngGim {c
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Dear Investors,
On behalf of Prudential Vietnam Fund Management Company and theFund Representatives Board, I am pleased to dedicate this first annualreport of Prudential Balanced Fund to all current and future investors ofPrudential Balanced Fund with ticker symbol PRUBF1.
While 2006 was the first year of Vietnam entry into WTO, year 2007 willbe remembered for several significant events, which continue to make
Vietnam a rising star among new emerging markets in the world:
Vietnam stock prices continued to push ahead despite central banktightening and deteriorating conditions on the global stock market.
Vietnam stock market grew in size and depth with record IPOsand new share issuances in total amount of VND 90,000 billion(US$5.6 billion).
Strong economic fundamentals supported the rise of prices of realassets such as stocks and properties, as the central bank pursued itspolicy to keep the value of the VND currency low along side withthe US dollar.
During 2007, the disciplined investment process of our investment teams
produced a superior return to investors of PRUBF1 Fund, with a NAVReturn of 16.6% compared to a return of 12.7% of the Fund's Benchmark,which was pre-established by the Fund Representative Board (FRB) at65% Fixed Income and 35% Equities.
The disciplined investment strategy of PRUBF1 has allowed apayment of a reasonably high dividend rate of 15%, as agreed bya majority of unitholders, for the period starting October 2006until December 2007.
With regard to the outlook for 2008, we are concerned about
global market uncertainties and a high inflation in Vietnam. It will be achallenge for the government to control price inflation while achievinghigh economic growth
During periods of uncertain economic and market conditions, thePRUBF1 Fund is better positioned among all investment funds inVietnam, as the Fund will aim at providing to investors a stable returncoming from the Fund's bond portfolio, while giving to investorsopportunities for capital appreciation with a portfolio of carefullyselected Vietnamese stocks.
Over the long term, we expect inflation to decline. As a result,interest rates will ease and stock prices will rise again along withthe strong economy.
CEOMessage
Thng {ipca TngGim {c
Annual Report 200704
Knh gi Qu Nh {u t,
Thay mt Cng ty Qun l Qu [u t Prudential Vit Nam v Ban [idin Qu, ti rt vinh d gi {n cc Nh [u t hin ti cng nh tng laica Qu [u t Cn bng Prudential (vi m hiu l PRUBF1) bn Bo coThng nin {u tin ca Qu.
Nm 2006 l nm {u tin Vit Nam gia nhp WTO v nm 2007 cngl mt nm {ng nh vi nhiu s kin quan trng tip tc khng {finh
vfi th ca Vit Nam nh mt ngi sao sng trong s cc thfi trng {angni trn th gii:
Gi c phiu ti Vit Nam tip tc gia tng mc d Ngn hng NhNc tht cht chnh sch tin t v tnh hnh thfi trng c phiu trnth gii thay {i theo chiu hng khng tt.
Thfi trng c phiu Vit Nam tng trng c v lng v cht vinhng {t cho bn c phiu ln {u ra cng chng (IPO) vi khilng c phiu mi vi tng gi trfi 90.000 t {ng (tng {ng
5,6 t { la M).
Nn tng kinh t mnh { lm gia tng gi c ti sn nh c phiu v
nh {t, vi s h tr ca Ngn hng Nh nc tip tc chnh schgim gi {ng Vit Nam theo { la M.
Trong nm 2007, hot {ng {u t cfl tnh k lut cao ca {i ngchuyn gia {u t ca chng ti { mang li li nhun {ng k cho
ccNh [u t ca Qu PRUBF1, vi Thu nhp trn Gi trfi ti sn rng l16,6% so vi t sut li nhun chun ca Qu l 12,7%, nh { {cBan [i din Qu xc {finh trc vi 65% Cng c n v 35% C phiu.
Chin lc {u t k lut ca Qu PRUBF1 { {em li li nhun { { cflth tr mt t l c t c kh quan l 15%, trong giai {on t thng 10nm 2006 {n thng 12 nm 2007, t l ny { {c {a s nh {ut chp thun.
Hng {n nm 2008, chng ti lo ngi v nhng bt n trn thfi trngton cu v lm pht gia tng ti Vit Nam. Chnh ph phi {i din vi
thch thc l kim sot lm pht trong khi vn mun {t {c mc tiutng trng kinh t cao.
Trong giai {on thfi trng cng nh nn kinh t {ang cfl nhiu bin{ng, Qu PRUBF1 cfl vfi th tt hn trong s cc qu {u t ti Vit Nam,v Qu PRUBF1 s tip tc thc hin mc tiu mang li cho nh {u tthu nhp n {finh t tri phiu cng vi c hi tng trng vn t nhng
c phiu { {c l a chn k cng.
V di hn, chng ti d {on lm pht s gim. Theo {fl, mcli sut s gim xung v gi chng khon s li tng theo {pht trin mnh m ca nn kinh t.
ng Phm Ngc Bch, CFAQuyn Tng Gim {c
Pham Ngoc Bich, CFAActing Chief Executive Officer
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Economic and Market Review
Nhn linnKinh t vThfi trng
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While 2006 was the first year of Vietnam entry into WTO, year 2007 willbe remembered for several significant events in Vietnam's economy and
stock markets:
Vietnam economy continued to grow strongly at 8.48% in 2007,
mainly thanks to a strong increase of exports and investment spending
continue to dominate economic activity. Foreign Direct Investments
continued to flow into Vietnam with a record US$20.3 billion, nearly
doubled that of 2006.
Trong nm 2006, Vit Nam gia nhp WTO v trong nm 2007 cng lmt nm {ng nh vi nhiu s kin quan trng ca thfi trng chng
khon cng nh ton b nn kinh t Vit Nam:
Kinh t Vit Nam tip tc tng trng mnh m mc cao 8,48%
trong nm 2007, ch yu nh xut khu tng v chi tiu {u t tip
tc chim t trng cao trong cc hot {ng kinh t. [u t trc ti p nc
ngoi tip tc { vo Vit Nam mc k lc l 20,3 t { la M, gn
gp {i nm 2006.
Nhn linnKinh t vThfi trng
Economicand Market
Review
0.0%
1990
REALGDPGROWTH
YEARSource: General Statistics of Vietnam
Vietnam GDP growth
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0.0%
1990
T^NGTRNGGDP
N^MNgun: Tng cc thng k Vit Nam
Tng trng GDP ca Vit Nam
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0.0
5.0
10.0
15.0
20.0
25.0
YEARSource: General Statistics of Vietnam
INBILLIONUSD
2001
2002
2003
2004
2005
2006
2007
FDIs Vietnam 2001-2007
Distrubute FDIsRegistered FDIs
0.0
5.0
10.0
15.0
20.0
25.0
N^MNgun: Tng cc thng k Vit Nam
TRIU[-LAM
2001
2002
2003
2004
2005
2006
2007
[u t trc tip nc ngoi 2001-2007
FDI gii ngnFDI {ng k
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Nhn linnKinh t vThfi trng
Economicand MarketReview
In the first 2 months of 2007, the Vietnam stock market as representedby the VN-Index increased by 55%, reaching a peak of 1,170 in earlyMarch 2007. Then in April 2007, the market sharply retreated to trade
in a volatile range of 900-1,000 during the rest of the year to close at
927 at year-end.
January 2007 was the first effective date of Vietnam's new Laws onSecurities. In June 2007, State Bank of Vietnam issued Instruction No.3 to
tighten the quantity of bank loans for securities investments. Finally in
November 2007, the law on Personal Income Taxes was passed.
New IPOs and new share issuance during 2007, reached VND 90,000
billion, three times more than in 2006. Most significant IPOs during
2007 were IPOs of Phu My Fertilizer Company, Bao Viet Group,
PetroVietnam Finance Company and the record size IPO ofVietcomBank. Total number of listed companies on both the HoSE
and HASTC increased to 251 from 194 in 2006.
At the same time, global equity market conditions deterioratedduring 2007, as the Sub-Prime Credit crisis amplified in the USA
and Europe, resulting in a banking crisis worldwide and a possible
global recession in 2008.
Tightening lending conditions initiated by the State Bank of Vietnam,
record amounts of new IPOs and share issuance and global market
uncertainties contributed to a highly volatile market in most 2007 bothfor stocks and bonds.
Trong 2 thng {u nm 2007, thfi trng chng khon Vit Nam(th hin qua ch s VN-Index) { tng 55%, {t {nh {im 1.170vo {u thng 3/2007. Sau {fl vo thng 4/2007, thfi trng st
gim {t ngt v dao {ng trong khong 900-1.000 trong nhng
thng cn li ca nm v dng li mc 927 vo cui nm.
Lut chng khon mi ca Vit Nam bt {u cfl hiu lc vo thng
1/2007. Thng 6/2007, Ngn hng Nh nc Vit Nam ban hnh ch
thfi s 03 tht cht cc khon cho vay {u t chng khon. Lut thuthu nhp c nhn cng { {c thng qua vo thng 11/2007.
Nhng {t cho bn c phiu ra cng chng (IPO) v pht hnh c
phiu mi trong nm 2007 {t tng trfi gi 90.000 t {ng Vit Nam,gp 3 ln nm 2006. Nhng {t IPO quan trng nht trong nm
2007 l ca Cng ty [m Ph M , Tp {on Bo Vit, Cng ty Ti chnhDu Kh Vit Nam v IPO chim k lc v tng gi trfi ca Vietcombank.Tng s cng ty nim yt trn S Giao dfich Chng khon thnh ph H
Ch Minh v H Ni tng t 194 vo nm 2006 ln {n 251.
[ng thi, thfi trng c phiu ton cu cng xu {i trong nm 2007do tc {ng ca khng hong tn dng bt {ng sn ti Hoa K v
Chu u dn {n khng hong ngn hng ton cu v kinh t ton
cu cfl th bfi suy thoi trong nm 2008.
Tht cht {iu kin cho vay theo ch thfi ca Ngn hng Nh nc
Vit Nam, gi trfi k lc ca nhng {t IPO v pht hnh c phiu mi
v tnh hnh bt n trn thfi trng ton cu { gflp phn lm cho thfitrng c phiu v tri phiu bin {ng mnh trong nm 2007.
VN index and volume since October 5, 2006
0
200
500,000
1,000,000
1,500,000
2,000,000
2,500,000Volume
400
600
800
1,000
1,200
1,400
Index
IndexVolume
Oct-06 Dec-06 Feb-07 May-07 Jul-07 Oct-07 Dec-07
Ch s VN-Index v khi lng giao dfich 5/10/2006 - 31/12/2007
0
200
500.000
1.000.000
1.500.000
2.000.000
2.500.000Khilnggiaodfich
400
600
800
1,000
1,200
1,400
Index
IndexKhilnggiaodfich
T .1 0/ 20 06 T .1 2/ 20 06 T .2 /2 00 7 T .5 /2 00 7 T .7 /2 00 7 T .1 0/ 20 07 T .1 2/ 20 07
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We forecast a strong economy in 2008, growing at 8.7% per year, nearthe government target of 9% p.a.
CPI inflation was announced at 12.6% in December 2007 and will likely
increase further in early 2008. In this environment, investors will continue
to be attracted by real assets such as properties and gold and less
attracted by equities.
Poor infrastructures, a shortage of qualified human resources and other
bottlenecks will limit the country's ability to absorb record inflows of
foreign investment capital. The Government's main challenge will continue
to be able to convert foreign currencies into VND for domestic investment
purposes, while maintaining the VND at a low level and controlling money
supply growth to prevent inflation from rising.
The Government has announced that it will push ahead for total
equitization of some 1,500 remaining SOEs in 2008 and 2009. The
stock market will further develop with more IPOs and share issuances in
2008, such as SABECO, HABECO, MOBIFONE, providing many more
liquid large size investment opportunities, which will attract the
attention of international investors.
Chng ti d bo kinh t tng trng trong nm 2008 mc 8,7%/ nmgn vi mc tiu do Chnh ph { ra l 9% hng nm.
Ch s lm pht {c cng b vo thng 12/2007 l 12,6% v cfl th
tng cao hn na vo {u nm 2008. Trc tnh hnh {fl, nh {u t
s tip tc bfi thu ht vo cc loi ti sn khc nh bt {ng sn
v vng nhiu hn l c phiu.
C s h tng yu km, thiu nhn l c cfl cht lng v cc ch tc
khc s hn ch kh nng tip nhn ngun vn {u t nc ngoi
cao hn na ca Vit Nam. Thch thc ch yu ca Chnh ph l kh
nng chuyn {i ngoi t sang tin {ng Vit Nam { {p ng nhu
cu {u t trong nc, trong khi vn phi gi vng tin {ng Vit
Nam mc thp v kim sot s gia tng ca ngun cung tin t {
ngn chn lm pht.
Chnh ph { thng bo s {y mnh tin trnh c phn hfla 1.500
doanh nghip nh nc cn li trong nm 2008 v 2009. Thfi trng
chng khon s pht trin hn na vi cc {t IPO v pht hnh c
phiu mi trong nm 2008, nh SABECO, HABECO, MOBIFONE,
mang li thm nhiu c hi {u t ln cfl tnh thanh khon cao,
thu ht s quan tm ca cc nh {u t quc t.
Tng quanvKinh t vThfi trng
Economicand MarketOutlook
-2
0
2
4
6
8
10
12
14
16
YEARSource: General Staticstic of Vietnam
CPI%(
YEARONYEAR)
Vietnam CPI %
1999
2000
2001
2002
2003
2004
2005
2006
2007
-2
0
2
4
6
8
10
12
14
16
N^MNgun: Tng cc thng k Vit Nam
CHSGII GNThnh lp nm 1997, Cng ty C phn G iy Si gn chuyn sang m hnh
c phn thng 6/2003. Tc { tng trng doanh thu bnh qun 5 nm qua
{t 56%/nm v d kin tng trng bnh qun 70%/nm trong 5 nm ti.
Investment Profiles
SAIGON PAPEREstablished in 1997, Saigon Paper transformed into JSC in June 2003.
Growth revenue during the past 5 years achieved 56% p.a. Average growth
revenue for the next 5 years is estimated at 70% p.a.
NGN H>NG THNG M]I C PHNXUT NHP KHU VIT NAMEximbank, mt trong nhng ngn hng xut nhp khu hng {u, vi 64 chi
nhnh ti Vit Nam, cfl tha thun vi 720 ngn hng ti 65 quc gia khc.
(Bo co ti chnh thng 12/2006)
EXIMBANKOne of Vietnam leading Import/Export banks, with 64 branches in
Vietnam and correspondent banking arrangements with 720 banks in
65 countries.
(Financial statements in December 2006)
Market Capitalization
Total Revenue
Net Profit
ROE
EPS Growth
P/E
P/B
VND1,123.57bn
VND 403bn
VND 31bn
5.06%
22%
25.61
1.78
Vn ho thfi trng
Tng ti sn
Li nhun sau thu
T sut li nhun trn vn ch s hu
T l thu nhp trn mt c phiu
T l gi trn thu nhp rngT l gi trn gi trfi s sch
VN[ 12.600 t (US$788 triu)
VN[ 33.721 t (US$ 2,1 t)
VN[ 463 t
7,3%
VN[ 1,654 (c phiu mnh gi: VN[ 10.000)
272
Vn ho thfi trng
Doanh thu
Li nhun sau thu
T sut li nhun trn vn ch s hu
Mc tng trng ca thu nhp trn mt c phiu
T l gi trn thu nhp rng
T l gi trn gi trfi s sch
VND 1.123,57 t
VND 403 t
VND 31 t
5,06%
22%
25,61
1,78
Market Capitalization
Total Assets
Net Profit
ROE
EPS
P/EP/B
VND 12,600bn (US$788m)
VND 33,721bn (US$2.1bn)
VND 463bn
7.3%
VND 1.654 (par value: VND 10,000)
272
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Vn hfla thfi trng
Doanh thu
Li nhun sau thu
T sut li nhun trn vn ch s hu
Mc tng trng ca thu nhp trn 1 c phiu
T l gi trn thu nhp rng
T l gi trn gi trfi s sch
VND 22.500 t
Cha cfl s liu
30,7%
25%
20%
19,3
4,8
Market Capitalization
Total Revennue
Net Profit
ROE
EPS Growth
P/E
P/B
VND 22,500bn
N/A
30.7%
25%
20%
19.3
4.8
Vn hfla thfi trng
Tng ti sn
Li nhun sau thu
T sut li nhun trn vn ch s hu
Mc tng trng ca thu nhp trn 1 c phiu
T l gi trn thu nhp rng
T l gi trn gi trfi s sch
VND34.979 t (US$2.186 triu)
Cha cfl s liu
VND1.681 t (s liu cha hp nht)
27,5%
42,8%
20,57
5,7
Market Capitalization
Total Revennue
Net Profit
ROE
EPS Growth
P/E
P/B
VND34,979bn (US$2,186m)
N/A
VND1,681bn (unconsolidated profit)
27.5%
42.8%
20.57
5.7
Vn hfla thfi trng
Doanh thu
Li nhun sau thu
T sut li nhun trn vn ch s hu
Mc tng trng ca thu nhp trn 1 c phiu
T l gi trn thu nhp rng
T l gi trn gi trfi s sch
VND20.159 t
VND1.185,29 t
VND858,55 t
21,15%
47,80%
23,48
4,96
Market Capitalization
Total Revennue
Net Profit
ROE
EPS Growth
P/E
P/B
VND20,159bn
VND1,185.29bn
VND858.55bn
21.15%
47.80%
23.48
4.96
PETRO VIETNAM FERTILIZERS AND CHEMICALSCOMPANYPetroVietnam Fertilizers and Chemicals Company (PVFCCo), a subsidiary of
PetroVietnam Oil and Gas, occupies 40% of fertilizers market share in country,
and a 70% market share in Mekong Delta. PVFCCo plays an important role
in agriculture and has contributed to the stabilization of the fertilizer market.
(Financial statements in December 2006)
CNG TY C PHN PHN []M V> HO< CHTDU KHCng ty C phn Phn [m v Hfla Cht Du Kh (PVFCCo), thnh vin
ca Tp [on Du Kh Quc Gia Vit Nam, chim 40% thfi phn phn
bfln trn ton quc, v 70% ti khu vc [ng Bng Sng Cu Long.
PVFCCo {flng vai tr quan trng trong phc v nng nghip v gflp
phn bnh n thfi trng phn bfln.
(Bo co ti chnh thng 12/2006)
NGN H>NG < CHUACB, ngn hng thng mi c phn hng {u Vit Nam, vi khch
hng mc tiu l c nhn, doanh nghip va v nh, cfl tng cng 117 chi
nhnh khp Vit Nam v tha thun hp tc vi 651 ngn hng {i tc ti
74 quc gia.
ASIAN COMMERCIAL BANKVietnam leading retail bank, with the target customers of individual & SME
clients, with 117 branches in Vietnam and correspondents banking
arrangements with 651 banks in 74 countries
CNG TY C PHN CHNG KHOI GNCng ty chng khon tm c nht, lun dn {u thfi trng, cng vi quy
m vn 1 t {-la M v gn 300 cn b nhn vin (tnh {n thi
{im nm 2007). Uy tn ca SSI khng ch trong nc m { thc s
vn ra thfi trng th gii.
SAIGON SECURITIES INC.Vietnam largest securities firm, consistently a market leader, with themarket capitalization of about US$1 billion and a staff of nearly 300
people in 2007. Not only SSI's reputation is well known domestically but
also internationally.
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Financial Statements
Bo co
ti chnh
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Bo coti chnhFinancialStatements
Prudential Balanced Fund (PRUBF1)General Information
Registration Establishment Certificate02/UBCK-GPQDT 19 July 2006
Fund Establishment Certificate06/UBCK-DKQDT 5 October 2006The Registration Establishment Certificate and the Fund EstablishmentCertificate were issued by the State Securities Commission.
The Fund's operating life, as defined in the Fund Charter and inthe Registration Establishment Certificate, is 7 years from the dateof the certificate.
Fund Representative CommitteeMr. Dinh Ba Thanh Chairman
Mr. Le Chi Hieu MemberMr. Truong Dinh Khoi MemberMr. Nguyen Xuan Son MemberMr. Nguyen Van Hao MemberMr. Le Van Be MemberMr. Tran Le Nguyen Member
Fund ManagerPrudential Vietnam Securities Investment Fund ManagementCompany Limited
Supervising BankThe HongKong and Shanghai Banking Corporation LimitedHo Chi Minh City Branch
Auditors
KPMG Limited
Qu [u t Cn bng Prudential (PRUBF1)Thng tin chung
Giy chng nhn {ng k thnh lp02/UBCK-GPQ[T ngy 19 thng 7 nm 2006
Giy chng nhn lp qu06/UBCK-[KQ[T ngy 5 thng 10 nm 2006Giy chng nhn {ng k thnh lp v Giy chng nhn lp qu doy ban Chng khon Nh nc cp.
Thi gian hot {ng ca Qu, nh { {c {finh ngha trong [iu L Quv trong Giy chng nhn {ng k thnh lp l 7 nm, k t ngy cpgiy chng nhn.
Ban [i Din Qung [inh B Thnh Ch tfich
ng L Ch Hiu Thnh vinng Trng [nh Khi Thnh vinng Nguyn Xun Sn Thnh vinng Nguyn Vn Ho Thnh vinng L Vn B Thnh vinng Trn L Nguyn Thnh vin
Cng ty Qun l QuCng ty TNHH Qun l Qu [u t Chng khon Prudential Vit Nam
Ngn hng Gim stNgn hng Hng Kng v Thng HiChi nhnh Thnh ph H Ch Minh
[n vfi kim tonCng ty TNHH KPMG
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Bo coti chnhFinancialStatements
REPORT OF THE INDEPENDENT AUDITORS
To the InvestorsPrudential Balanced Fund (PRUBF1)
ScopeWe have audited the accompanying balance sheet of Prudential
Balanced Fund (the Fund) as of 31 December 2007 and the related
statements of income, change in equity and cash flows for the period
from 5 October 2006 to 31 December 2007, as set out on the following pages.
These financial statements are the responsibility of the Fund's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with Vietnamese Standards on
Auditing and International Standards on Auditing accepted in Vietnam.
Those standards require that we plan and perform the audit to obtain
reasonable assurance that the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
Audit opinionIn our opinion, the financial statements present fairly, in all material respects,
the financial position of Prudential Balanced Fund as of 31 December 2007
and the results of its operations and its cash flows for the period from 5
October 2006 to 31 December 2007 in accordance with Vietnamese
Accounting Standards, the Vietnamese Accounting System, Decision No.
63/2005/QD-BTC issued by the Ministry of Finance dated 14 September
2005 on promulgation of accounting system of securities investment funds
and accounting principles generally accepted in Vietnam.
KPMG LimitedVietnamInvestment Licence No: 863/GP
Audit Report No: 07-01-230
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Bo coti chnhFinancialStatements
Annual Report 200742
Statement by the Chairman
of the Fund Representative Committee
Prudential Balanced Fund (PRUBF1)
I, Dinh Ba Thanh, being the Chairman of the Fund Representative
Committee and on behalf of the investors of Prudential Balanced Fund
(the Fund), do hereby approve the attached financial statements of
the Fund for the period from 5 October 2006 to 31 December 2007,
which have been prepared in accordance with Vietnamese Accounting
Standards, the Vietnamese Accounting System, Decision No.
63/2005/QD-BTC issued by the Ministry of Finance dated 14 September
2005 on promulgation of accounting system of securities investment
funds and accounting principles generally accepted in Vietnam.
On behalf of the investors
Dinh Ba Thanh
Chairman
Bo co ca Ch tfich Ban [i Din Qu
Qu [u T Cn bng Prudential (PRUBF1)
Ti, [inh B Thnh, Ch tfich ca Ban [i Din Qu v thay mt cho cc
Nh [u t ca Qu [u t Cn bng Prudential (Qu), ph duyt cc
bo co ti chnh {nh km sau ca Qu cho giai {on t ngy 5 thng 10
nm 2006 {n ngy 31 thng 12 nm 2007, {c lp theo cc
Chun mc K ton Vit Nam, H thng K ton Vit Nam, Quyt {finh
s 63/2005/Q[-BTC do B Ti chnh ban hnh ngy 14 thng 9 nm
2005 v ch { k ton ca qu {u t chng khon v cc nguyn tc
k ton {c p dng ph bin ti Vit Nam.
Thay mt cho cc nh {u t
[inh B Thnh
Ch tfich
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Prudential Balanced Fund (PRUBF1)
Balance sheet at 31 December 2007
Qu [u T Cn Bng Prudential (PRUBF1)
Bng cn {i k ton ngy 31 thng 12 nm 2007
A - ASSETS
Cash at banks
Investments in securities
Receivables frominvestment activities
Other receivables
TOTAL ASSETS
B - RESOURCESI - LIABILITIES
Payables relating toinvestment activities
Payables to FundManager andSupervising Bank
Other payables
II - EQUITY
Contributed capitalfrom investors
Retained profits
TOTAL RESOURCES
Code Note 31/12/2007VND
110
120 12
130 3
131
200
300
311
315
4
5
318
400
410 6
420
430
23,618,290,757
645,219,129,802
6,148,841,205
2,250,000,000
677,236,261,764
9,829,229,059
4,002,679,380
5,610,725,079
215,824,600
667,407,032,705
500,000,000,000
167,407,032,705
677,236,261,764
A - T>I S@N
Tin gi ngn hng
[u t chng khon
Phi thu t hot {ng{u t
Phi thu khc
TNG T>I S@N
B - NGUN VNI - N PH@I TR@
Phi tr t cc hot {ng{u t
Phi tr cho Cng tyQun l Qu v Ngnhng Gim st
Phi tr khc
II - VN CH S HU
Vn gflp t cc nh{u t
Li nhun cha phn phi
TNG NGUN VN
M s Thuytminh
31/12/2007VN[
110
120 12
130 3
131
200
300
311
315
4
5
318
400
410 6
420
430
23.618.290.757
645.219.129.802
6.148.841.205
2.250.000.000
677.236.261.764
9.829.229.059
4.002.679.380
5.610.725.079
215.824.600
667.407.032.705
500.000.000.000
167.407.032.705
677.236.261.764
Ngn hng Gim st Cng ty Qun l Qu
V Hong TnK ton trng
Phm Ngc BchTng gim {c {iu hnh
Supervising Bank Fund Manager
Vu Hoang TanChief Accountant
Bui Thu ThuyDeputy Head of HSBCSecurities Services Vietnam
Bui Thu ThuyDeputy Head of HSBCSecurities Services Vietnam
Pham Ngoc BichChief Executive Officer
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Prudential Balanced Fund (PRUBF1)
Statement of income for the periodfrom 5 October 2006 to 31 December 2007
Qu [u T Cn Bng Prudential (PRUBF1)
Bo co kt qu hot {ng {u t cho giai {ont ngy 5 thng 10 nm 2006 {n ngy 31 thng 12 nm 2007
A - REALISED OPERATINGPROFIT
I - Realised income frominvestment activities
Dividends income
Interest income from bonds
Interest income from bankdeposits
Gains on securities trading
Other incomeII - Expenses
Fund management andperformance fees
Asset supervision andmanagement fees
Expenses for fund meetingsand conferences
Audit fees
Other expenses
III - Net realised operatingprofit for the period
B - UNREALISED PROFIT
I - Unrealised gains
Revaluation gains on
securities investmentsII - Unrealised losses
Revaluation losses onsecurities investments
III - Net unrealised operatingprofit for the period
Net profit for the period
Code NotePeriod from5/10/2006 to
31/12/2007 (VND)
10
11
12
13
14
1830
31 7
32
33
34
38
50
60
6170
71
80
133,900,658,637
1,200,212,100
39,277,349,317
6,820,664,399
86,595,736,026
6,696,795(20,696,273,000)
(19,333,262,231)
(520,110,093)
(399,319,909)
(208,195,000)
(235,385,767)
113,204,385,637
60,519,652,664
60,519,652,664(6,317,005,596)
(6,317,005,596)
54,202,647,068
167,407,032,705
A - KT QU@ HO]T [NG[\ THC HIN
I - Thu nhp t hot {ng{u t { thc hin
Thu nhp t c tc
Thu nhp t li tri phiu
Thu nhp t tin li gingn hng
Thu nhp t hot {ngmua bn chng khon
Thu nhp khc
II - Chi ph
Ph qun l qu v thnghot {ng
Ph gim st v qun l tisn
Chi ph hp v {i hi ca qu
Chi ph kim ton
Chi ph khc
III - Li nhun thun { thchin trong k
B - KT QU@ HO]T [NGCHA THC HIN
I - Thu nhp cha thc hin
Thu nhp do {nh gi likhon {u t chng khon
II - L cha thc hin
L do {nh gi li khon{u t chng khon
III - Li nhun thun chathc hin trong k
Li nhun thun trong k
M s Thuytminh
Giai {on t5/10/2006 {n
31/12/2007 (VN[)
10
11
12
13
14
18
30
31 7
32
33
34
38
50
60
61
70
71
80
133.900.658.637
1.200.212.100
39.277.349.317
6.820.664.399
86.595.736.026
6.696.795
(20.696.273.000)
(19.333.262.231)
(520.110.093)
(399.319.909)
(208.195.000)
(235.385.767)
113.204.385.637
60.519.652.664
60.519.652.664
(6.317.005.596)
(6.317.005.596)
54.202.647.068
167.407.032.705
Ngn hng Gim st Cng ty Qun l Qu
V Hong TnK ton trng
Phm Ngc BchTng gim {c {iu hnh
Supervising Bank Fund Manager
Vu Hoang TanChief Accountant
Pham Ngoc BichChief Executive Officer
Bui Thu ThuyDeputy Head of HSBCSecurities Services Vietnam
Bui Thu ThuyDeputy Head of HSBC
Securities Services Vietnam
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Qu [u T Cn bng Prudential (PRUBF1)
Bo co thay {i vn ch s hu cho giai {on
t ngy 5 thng 10 nm 2006 {n ngy 31 thng 12 nm 2007
Prudential Balanced Fund (PRUBF1)
Statement of changes in equity
for the period from 5 October 2006 to 31 December 2007
S d tingy 5 thng10 nm 2006
Vn gflp bngtin mt t ccnh {u t
Li nhun
thun trong k
S d tingy 31thng 12nm 2007
Tng cngVN[
Li nhun chaphn phi
VN[Vn gflp
VN[
------
500.000.000.000---500.000.000.000
167.407.032.705167.407.032.705--
667.407.032.705167.407.032.705500.000.000.000
Balance at 5October 2006
Capitalcontribution incash frominvestors
Net profit for the
period
Balance at 31December2007
TotalVND
Retained profitsVND
ContributedcapitalVND
------
500,000,000,000---500,000,000,000
167,407,032,705167,407,032,705--
667,407,032,705167,407,032,705500,000,000,000
Ngn hng Gim st Cng ty Qun l Qu
V Hong TnK ton trng
Phm Ngc BchTng gim {c {iu hnh
Supervising Bank Fund Manager
Vu Hoang TanChief Accountant
Pham Ngoc BichChief Executive Officer
Bui Thu ThuyDeputy Head of HSBCSecurities Services Vietnam
Bui Thu ThuyDeputy Head of HSBCSecurities Services Vietnam
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Qu [u T Cn bng Prudential (PRUBF1)
Bo co lu chuyn tin t cho giai {ont ngy 5 thng 10 nm 2006 {n ngy 31 thng 12 nm 2007
Prudential Balanced Fund (PRUBF1)
Statement of cash flows for the periodfrom 5/10/2006 to 31/12/2007
Net profit for the period
Adjustments for
Dividends income
Gains on securities trading
Interest income
Unrealised revaluation gains onsecurities investments
Unrealised revaluation losses onsecurities investments
Operating loss before changes inworking capital
Increase in receivables frominvestment activities
Increase in current liabilities
Interest received
Dividends received
Deposits for acquisitions of securities
Acquisitions of securities investments
Proceeds from securities trading
Net cash used in operating activities
Proceeds from capital contribution
Net cash generated from financingactivities
Net cash flows during theperiod/Cash and cash equivalents atthe end of the period
Period from 5/10/2006to 31/12/2007 (VND)
167,407,032,705
(1,200,212,100)
(86,595,736,026)
(46,098,013,716)
(60,519,652,664)
6,317,005,596
(20,689,576,205)
(6,148,841,205)
9,829,229,059
46,098,013,716
1,200,212,100
(2,250,000,000)
(800,542,382,830)
296,121,636,122
(476,381,709,243)
500,000,000,000
500,000,000,000
23,618,290,757
CASH FLOWS FROM OPERATING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Li nhun thun trong k
[iu chnh cho cc khon
Thu nhp t c tc
Thu nhp t bn chng khon
Thu nhp tin li
Thu nhp do {nh gi li khon {ut chng khon
L do {nh gi li khon {u tchng khon
L t hot {ng {u t trc nhngthay {i vn lu {ng
Tng khon phi thu t hot {ng{u t
Tng n ngn hn
Tin li thu {c
C tc thu {c
Tin cc mua chng khon
Tin mua chng khon
Tin thu {c t bn chng khon
Tin thun chi cho hot {ng {u t
Tin thu t vn gflp
Tin thun thu t hot {ng tichnh
Lu chuyn tin thun trong k/ Tinv cc khon tng {ng tin cui k
Giai {on t 5/10/2006{n 31/12/2007
VN[
167.407.032.705
(1.200.212.100)
(86.595.736.026)
(46.098.013.716)
(60.519.652.664)
6.317.005.596
(20.689.576.205)
(6.148.841.205)
9.829.229.059
46.098.013.716
1.200.212.100
(2.250.000.000)
(800.542.382.830)
296.121,636.122
(476.381.709.243)
500.000.000.000
500.000.000.000
23.618.290.757
LU CHUYN TIN T HO]T [NG [U T
LU CHUYN TIN T HO]T [NG T>I CHNH
Ngn hng Gim st Cng ty Qun l Qu
V Hong TnK ton trng
Phm Ngc BchTng gim {c {iu hnh
Supervising Bank Fund Manager
Vu Hoang TanChief Accountant
Pham Ngoc BichChief Executive Officer
Bui Thu ThuyDeputy Head of HSBCSecurities Services Vietnam
Bui Thu ThuyDeputy Head of HSBCSecurities Services Vietnam
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Prudential Balanced Fund (PRUBF1)
Notes to the financial statements for the period
from 5 October 2006 to 31 December 2007
These notes form an integral part of and should be read in
conjunction with the accompanying financial statements.
1. Background
Prudential Balanced Fund (the Fund) is incorporated in Vietnam as a
securities investment mutual fund under Registration Establishment
Certificate No. 02/UBCK-GPQDT dated 19 July 2006 and Fund
Establishment Certificate No. 06/UBCK-DKQDT dated 5 October 2006
issued by the State Securities Commission of Vietnam. The
Registration Establishment Certificate is valid for 7 years from the date
of the certificate.
The Fund received the Listing Approval No. 02/UBCK-GPNY from the
State Securities Commission of Vietnam which allows its fund units to
be listed and traded on the Ho Chi Minh Stock Exchange under the
stock code namely PRUBF1.
The maximum total capital of the Fund as stipulated in the
Registration Establishment Certificate is VND500 billion. The amount
of each fund unit, an equal division of the total capital of the Fund, is
VND10,000. Total maximum number of fund units is 50,000,000.
The Fund is managed by Prudential Vietnam Securities Investment
Fund Management Company Limited, an investment management
company incorporated in Vietnam, and supervised by The HongKong
and Shanghai Banking Corporation Limited - Ho Chi Minh City Branch.
2. Summary of significant accounting policies
The following significant accounting policies have been adopted by
the Fund in the preparation of these financial statements.
(a) Basis of financial statement preparation
The financial statements, expressed in Vietnam Dong (VND), have
been prepared in accordance with Vietnamese Accounting Standards,
the Vietnamese Accounting System, Decision No. 63/2005/QD-BTC
issued by the Ministry of Finance dated 14 September 2005 on
promulgation of accounting system of securities investment funds and
accounting principles generally accepted in Vietnam.
The financial statements are prepared on the historical cost basis,
except as discussed in Note 2(e). The accounting policies set out
below have been consistently applied by the Fund during the period.
Thuyt minh bo co ti chnh
cho giai {on t ngy 5 thng 10 nm 2006
{n ngy 31 thng 12 nm 2007
Cc thuyt minh ny l b phn hp thnh v cn {c {c {ng thi
vi cc bo co ti chnh {nh km.
1. Thng tin c bn
Qu [u t Cn bng Prudential (Qu) l qu {u t chng khon
cng chng {c thnh lp ti Vit Nam theo Giy chng nhn
{ng k thnh lp s 02/UBCK-GPQ[T ngy 19 thng 7 nm 2006 v
Giy chng nhn lp qu s 06/UBCK-[KQ[T ngy 5 thng 10 nm
2006 do y ban chng khon Nh nc Vit Nam cp. Giy chng
nhn {ng k thnh lp cfl gi trfi trong vng 7 nm k t ngy cp
giy chng nhn.
Qu { nhn {c Giy php nim yt s 02/UBCK-GPNY do y ban
chng khon Nh nc Vit Nam cp, cho php chng ch Qu {c
nim yt v giao dfich ti Trung tm Giao dfich Chng khon Thnh
ph H Ch Minh vi m chng khon l PRUBF1.
Tng s vn ti {a ca Qu {c quy {finh trong Giy chng nhn
{ng k thnh lp l 500 t VN[. Mnh gi chng ch qu, chia {u
theo tng vn ca Qu, l 10.000 VN[. S chng ch qu ti {a {c
pht hnh l 50.000.000.
Qu {c qun l bi Cng ty TNHH Qun l Qu [u t Chng
khon Prudential Vit Nam, mt cng ty qun l qu {u t {c
thnh lp ti Vit Nam, v {c gim st bi Ngn hng Hng Kng
v Thng Hi - Chi nhnh Thnh ph H Ch Minh.
2. Tflm tt nhng chnh sch k ton ch yu
Sau {y l nhng chnh sch k ton ch yu {c Qu p dng trong
vic lp cc bo co ti chnh ny.(a) C s lp bo co ti chnh
Cc bo co ti chnh {c trnh by bng {ng Vit Nam (VN[),
{c lp theo cc Chun mc K ton Vit Nam, H thng K ton
Vit Nam, Quyt {finh s 63/2005/Q[-BTC do B Ti chnh ban hnh
ngy 14 thng 9 nm 2005 v ch { k ton ca qu {u t chng
khon v cc nguyn tc k ton {c p dng ph bin ti Vit Nam.
Cc bo co ti chnh {c lp trn c s gi gc, ngoi tr nhng
vn { {c trnh by Thuyt minh 2(e). Cc chnh sch k ton
trnh by sau {y {c Qu p dng mt cch nht qun trong sut
k k ton.
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(b) Nm ti chnh
K ti chnh {u tin ca Qu t ngy 5 thng 10 nm 2006 {n ngy31 thng 12 nm 2007. Nhng nm ti chnh tip theo s bt {u t
ngy 1 thng 1 {n ngy 31 thng 12.
(c) Cc giao dfich bng ngoi t
Cc khon mc ti sn v n phi tr cfl gc bng {n vfi tin t khc
VN[ {c quy {i sang VN[ theo t gi hi {oi ca ngy kt thc
nin { k ton. Cc giao dfich bng cc {n vfi tin khc VN[ trong
k {c quy {i sang VN[ theo t gi hi {oi ti ngy giao dfich. Tt
c cc khon chnh lch t gi cha thc hin v { thc hin {c
hch ton vo bo co kt qu hot {ng trong k.
(d) Tin v cc khon tng {ng tin
Tin bao gm tin mt v tin gi ngn hng khng k hn. Cc
khon tng {ng tin l cc khon {u t ngn hn cfl tnh thanh
khon cao, cfl th d dng chuyn {i sang mt lng tin xc {finh,
khng cfl nhiu ri ro v thay {i gi trfi v {c s dng cho mc {ch{p ng cc cam kt chi tin ngn hn hn l cho mc {ch {u t
hay l cc mc {ch khc.
(e) [u t
Qu ghi nhn cc khon {u t vo ngy Qu k kt hp {ng {u t
(k ton theo ngy giao dfich).
Theo Quyt {finh s 63/2005/Q[-BTC do B Ti chnh Vit Nam ban
hnh ngy 14 thng 9 nm 2005 v ch { k ton ca qu {u t
chng khon, Qu phi {nh gi li cc khon {u t vo cui k bo
co theo gi trfi hp l . [ thc hin theo Quyt {nh s 63/2005/Q[-
BTC, Qu p dng cc chnh sch k ton sau {y { ghi nhn v
{nh gi cc khon {u t:
Ban {u cc khon {u t {c ghi nhn theo gi gc. Sau ghi nhn
ban {u, tt c cc khon {u t {c xc {finh theo gi trfi hp l .
Cc khon li hay l do thay {i gi trfi hp l ca cc khon {u t
{c ghi nhn trong bo co kt qu hot {ng {u t trong k
pht sinh.
Gi trfi hp l ca cc khon {u t giao dfich trn thfi trng nim yt
{c xc {finh da vo gi thfi trng nim yt ti ngy lp bng cn
{i k ton. Gi trfi hp l ca cc khon {u t giao dfich trn thfi
trng chng khon phi tp trung, {c xc {finh da vo gi giao
dfich bnh qun ti ngy lp bng cn {i k ton thu thp t mt s
t chc {c lp.
(b) Fiscal year
The first fiscal period of the Fund is from 5 October 2006 to 31 December2007. Succeeding fiscal years will be from 1 January to 31 December.
(c) Foreign currency transactions
Monetary assets and liabilities denominated in currencies other than
VND are translated into VND at rates of exchange ruling at the
balance sheet date. Transactions in currencies other than VND during
the period have been translated into VND at rates approximating
those ruling at the transaction dates. All realised and unrealised
foreign exchange differences are recorded in the statement of income.
(d) Cash and cash equivalents
Cash comprises cash balances and call deposits. Cash equivalents are
short-term highly liquid investments that are readily convertible to
known amounts of cash, are subject to an insignificant risk of changes
in value, and are held for the purpose of meeting short-term cash
commitments rather than for investment or other purposes.(e) Investments
The Fund recognises investments on the date it becomes a party to
the contractual provisions of the investments (trade date accounting).
In accordance with Decision No. 63/2005/QD-BTC issued by the Ministry
of Finance dated 14 September 2005 on promulgation of accounting
system of securities investment funds, the Fund is required to measure
its investments at fair value at each reporting date. To implement
Decision No. 63/2005/QD-BTC dated 14 September 2005, the Fund
has adopted the following accounting policies for recognition and
measurement of its investments:
Investments are initially stated at cost. Subsequent to initial recognition,
all investments are measured at fair value. Gains and losses arising
from the changes in the fair value of the investments are presented in
the statement of income in the period in which they arise.
The fair value of investments traded in active markets is based on
quoted market prices at the balance sheet date. Certain investments
made by the Fund are traded in over the counter market. The fair value
of these investments is determined by reference to the average price at
the balance sheet date obtained from several independent parties.
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(f) Khon phi thu
Khon phi thu t hot {ng {u t v phi thu khc {c phn nhtheo nguyn gi tr {i d phng phi thu khfl {i.
(g) Khon phi tr
Khon phi tr lin quan {n hot {ng {u t v phi tr khc {c
phn nh theo nguyn gi.
(h) D phng
D phng {c ghi nhn khi, do kt qu ca mt s kin trong qu
kh, Qu cfl mt ngha v php l hoc lin {i m cfl th {c c
tnh mt cch tin cy v tng {i chc chn rng Qu phi s dng
cc li ch kinh t trong tng lai { thanh ton ngha v {fl. D phng
{c xc {finh bng cch chit khu cc lung tin d tnh trong
tng lai theo li sut trc thu phn nh {c s {nh gi hin ti
ca thfi trng v gi trfi thi gian ca {ng tin v nhng ri ro gn
lin vi khon n phi tr {fl.
(i) ThuTheo lut hin hnh ca Vit Nam, Qu khng phi np thu thu
nhp doanh nghip.
(j) Thu nhp li v thu nhp c tc
Thu nhp li {c ghi nhn trong bo co kt qu hot {ng {u t
ngay khi li pht sinh trn c s trch trc tr khi cc khon li ny
khfl thu hi. Thu nhp c tc {c ghi nhn khi quyn {c nhn
khon thanh ton c tc {c hng.
(k) Cng ty lin quan
Cc bn {c xem l bn lin quan nu bn {fl cfl kh nng, trc tip
hoc gin tip, kim sot bn kia hoc cfl nh hng trng yu {i vi
bn kia khi ra cc quyt {finh ti chnh v hot {ng. Cc bn cng
{c xem l bn lin quan nu cc bn chfiu s kim sot chung hoc
nh hng trng yu chung.
(l) Cc ch tiu ngoi bng cn {i k tonCc ch tiu ngoi bng cn {i k ton, nh {c {finh ngha trong
Quyt {finh s 63/2005/Q[-BTC do B Ti chnh ban hnh ngy 14
thng 9 nm 2005 v ch { k ton ca qu {u t chng khon v
H thng k ton Vit Nam {c trnh by trong cc thuyt minh lin
quan ca cc bo co ti chnh ny.
(m) S d bng khng
Cc khon mc hoc s d, quy {finh bi Quyt {finh s 63/2005/Q[-
BTC do B Ti chnh ban hnh ngy 14 thng 9 nm 2005 v ch {
k ton ca qu {u t chng khon v H thng K ton Vit Nam,
nu khng {c trnh by trong bo co ti chnh ny {c xem l cfl
s d bng khng.
(f) Accounts receivable
Receivables from investment activities and other receivables are statedat cost less allowance for doubtful debts.
(g) Accounts payables
Payables relating to investment activities and other payables are stated
at their cost.
(h) Provisions
A provision is recognised if, as a result of a past event, the Fund has a
present legal or constructive obligation that can be estimated reliably,
and it is probable that an outflow of economic benefits will be required
to settle the obligation. Provisions are determined by discounting the
expected future cash flows at a pre-tax rate that reflects current
market assessments of the time value of money and the risks specific
to the liability.
(i) Taxation
Under current regulations in Vietnam, the Fund is not subject tocorporate income tax.
(j) Interest income and dividend income
Interest income is recognised in the statement of income as the interest
accrues unless collectibility is in doubt. Dividend income is recognised
when the right to receive payment is established.
(k) Related companies
Parties are considered to be related if one party has the ability, directly
or indirectly, to control other party or exercise significant influence
over the other party in making financial and operating decisions.
Parties are also considered to be related if they are subject to common
control or common significant influence.
(l) Off balance sheet items
Amounts which are defined as off balance sheet items under the
Decision No. 63/2005/QD-BTC dated 14 September 2005 issued bythe Ministry of Finance on promulgation of accounting system of
securities investment funds and Vietnamese Accounting System are
disclosed in the relevant notes to these financial statements.
(m) Nil balances
Items or balances required by the Decision No. 63/2005/QD-BTC
issued by the Ministry of Finance dated 14 September 2005 on
promulgation of accounting system of securities investment funds and
Vietnamese Accounting System that are not shown in these financial
statements indicate nil balances.
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Li tri phiu phi thu
C tc tr bng c phiu phi thu
31/12/2007
VN[
6.073.445.000
75.396.2056.148.841.205
Interest receivables from bonds
Stock dividends
31 December 2007
VND
6,073,445,000
75,396,2056,148,841,205
Ph qun l qu phi tr cho Cng tyQun l qu
Thng hot {ng phi tr cho Cng tyQun l qu
Ph gim st phi tr cho Ngn hngGim st
31/12/2007
VN[
2.244.636.796
3.329.874.751
36.213.532
5.610.725.079
Management fees payable to FundManager
Performance fees payable to FundManager
Supervising fees payable to SupervisingBank
31 December 2007
VND
2,244,636,796
3,329,874,751
36,213,532
5,610,725,079
Khon {u t mua ch thanh ton
31/12/2007
VN[
4.002.679.380
Bo coti chnhFinancialStatements
Annual Report 200758
3. Phi thu t hot {ng {u t3. Receivables from investment activities
Theo chnh sch k ton theo ngy giao dfich ca Qu {i vi cc
giao dfich mua thng thng, khon {u t mua ch thanh ton l
cc khon phi tr khi mua chng khon, nhng cha thanh ton.
5. Phi tr cho cng ty Qun l qu v Ngn hng gim st
Purchases awaiting settlement
31 December 2007
VND
4,002,679,380
In accordance with the Fund's policy of trade date accounting for regular
way purchase transactions, purchases awaiting settlement represent
amounts payable for securities purchased, but not yet settled.
5. Payables to Fund Manager and Supervising Bank
6. Vn gflp t cc nh {u t
Vn php {finh {c duyt v { gflp ca Qu l 500 t VN[, tng
{ng 50.000.000 chng ch qu vi mnh gi l 10.000 VN[ michng ch qu. Ti ngy 31 thng 12 nm 2007, vn php {finh {c
duyt ca Qu {u t { {c cc nh {u t gflp {.
6. Contributed capital from investors
The Fund's authorised and contributed legal capital is VND500
billion, equivalent to 50,000,000 fund units at VND10,000 perunit. As at 31 December 2007, the Fund's authorised legal capital
has been fully contributed by the investors.
4. Phi tr cho cc hot {ng {u t4. Payables relating to investment activities
60
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Theo Hp {ng Qun l Qu, Cng ty Qun l Qu s nhn ph qun
l qu hng thng bng 2%/12 thng trn gi trfi ti sn rng ca Qu
{c xc {finh vo ngy cui thng.
Cng ty Qun l Qu cng {c nhn khon thng hot {ng lin
quan {n bt k nm ti chnh no nu (i) gi trfi ti sn rng ca mt
chng ch qu vo cui nm ny vt qu mnh gi (10.000 VN[) v
(ii) kt qu hot {ng {u t ca Qu vt qu mt mc { {c xc
{finh trc. Khon ph ny {c tr trong thng {u tin ca nm ti
chnh tip theo.
8. Cc giao dfich ch yu vi cc bn lin quan
Cc giao dfich ch yu vi cc bn lin quan trong k nh sau:
Under the Fund Management Agreement, the Fund Manager receives
a management fee monthly in arrears of 2%/12 of the net assets
attributable to the holders of the fund units on the last valuation day
of the month.
The Fund Manager also receives a performance fee in relation to any
financial year if (i) the net assets value per unit at the end of such year
exceeds its par value (VND10,000) and (ii) the performance of the
Fund for that year exceeds a pre-determined benchmark, as defined in
the Fund Charter, agreed upon between the Fund and the Fund
Manager. The fee shall be payable in the first month of the following
financial year.
8. Significant transactions with related parties
During the period there were the following significant transactions
with related parties:
Ph qun l
Thng hot {ng
Giai {on t
5/10/2006
{n 31/12/2007
VN[
16.003.387.480
3.329.874.751
19.333.262.231
Management fees
Performance fees
Period from
5 October 2006 to
31 December 2007
VND
16,003,387,480
3,329,874,751
19,333,262,231
7. Ph qun l v thng hot {ng7. Fund management and performance fees
Bo coti chnhFinancialStatements
Annual Report 200760
Cng ty TNHHQun l Qu[u t Chngkhon PrudentialVit Nam
Cng tyqun lqu
Ph qun lqu
Thnghot {ng
Giai {on t
5/10/2006
{n 31/12/2007
VN[
Bn lin quan Quan h Tnh cht
giao dfich
16.003.387.480
3.329.874.751
Prudential VietnamSecurities
Investment FundManagementCompany
FundManager
Fundmanagement
feesPerformancefees
Period from
5 October 2006 to
31 December 2007
VND
Related Party Relationship Nature of
transaction
16,003,387,480
3,329,874,751
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Tin gi ngn hng
[u t chng khon
C phiu nim yt
C phiu cha nim yt
Tri phiu
Phi thu t hot {ng {u tPhi thu khc
Tng ti sn
Phi tr cho cc hot {ng {u t
Phi tr cho Cng ty Qun l qu vNgn hng Gim st
Phi tr khc
Tng n phi tr
Gi trfi ti sn thun
S lng chng ch qu
Gi trfi ti sn thun mt {n vfi qu
31/12/2007
VN[
23.618.290.757
645.219.129.802
208.918.972.500
103.071.077.302
333.229.080.000
6.148.841.2052.250.000.000
677.236.261.764
(4.002.679.380)
(5.610.725.079)
(215.824.600)
(9.829.229.059)
667.407.032.705
50.000.000
13.348
Cash at banks
Investments in securities
Listed shares
Unlisted shares
Bonds
Receivables from investment activitiesOther receivables
Total assets
Payables relating to investment activities
Payables to Fund Manager andSupervising Bank
Other payables
Total liabilities
Net assets
Number of fund units
Net assets per fund unit
31 December 2007
VND
23,618,290,757
645,219,129,802
208,918,972,500
103,071,077,302
333,229,080,000
6,148,841,2052,250,000,000
677,236,261,764
(4,002,679,380)
(5,610,725,079)
(215,824,600)
(9,829,229,059)
667,407,032,705
50,000,000
13,348
Bo coti chnhFinancialStatements
Annual Report 200762
9. Mt s ch tiu9. Indices
10. Bo co ti sn10. Report on assets
I - Cc ch s v tnh hnh hot {ng {u t
[u t chng khon / Gi trfi ti sn thun
[u t c phiu / Gi trfi ti sn thun
C phiu nim yt / Gi trfi ti sn thun
C phiu cha nim yt / Gi trfi ti sn thun
Tri phiu / Gi trfi ti sn thun
Tin v khon tng {ng tin / Gi trfi tisn thun
Thu nhp bnh qun / Gi trfi ti sn thun
Chi ph bnh qun / Gi trfi ti sn thun
II - Cc ch s v thfi trngS lng chng ch qu ti ngy31 thng 12 nm 2007
Gi trfi ti sn thun mt {n vfi qu ti ngy31 thng 12 nm 2007 thng 12 nm 2007
Giai {on t
5/10/2006
{n 31/12/2007
16.003.387.480
96,68%
46,75%
31,30%
15,44%
49,93%
3,54%
28,18%
3,10%
50.000.000
13.348
I - Investment ratios
Securities investments/Net assets
Shares investments/Net assets
Listed shares/Net assets
Unlisted shares/Net assets
Bonds/Net assets
Cash and equivalents/Net assets
Average income/Net assets
Average expenses/Net assets
II - Market ratios
Number of fund units as at31 December 2007
Net assets per fund unit as at31 December 2007 (VND)
Period from
5 October 2006 to
31 December 2007
16.003.387.480
96.68%
46.75%
31.30%
15.44%
49.93%
3.54%
28.18%
3.10%
50,000,000
13,348
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Bo coti chnhFinancialStatements
Annual Report 200764
11. Bo co thay {i gi trfi ti sn thun11. Report on changes in net assets
12. Bo co danh mc {u t
12. Report on investment portfolios
Gi trfi ti sn thun ti ngy 5 thng 10nm 2006
Thay {i gi trfi ti sn thun trong k
Thay {i gi trfi ti sn thun do hot{ng {u t trong k
Vn gflp t cc nh {u t
Gi trfi ti sn thun ti ngy 31 thng12 nm 2007
Giai {on t5/10/2006
{n 31/12/2007
VN[
--
667.407.032.705
167.407.032.705
500.000.000.000
667.407.032.705
Net assets as at 5 October 2006
Changes in net assets during the period
Changes in net assets frominvestment activities during the period
Contributed capital
Net assets as at 31 December 2007
Period from5 October 2006
31 December 2007
VND
--667,407,032,705
167,407,032,705
500,000,000,000
667,407,032,705
[u t chng khon
I - C phiu nim yt
Asia Commercial Bank
An Giang Fisheries Import & Export Joint Stock Company
Bao Minh Insurance Corporation
Binh Minh Plastic Joint Stock Company
Bao Viet Securities Company
HCMC Infrastructure Investment Joint Stock Company
Hau Giang Pharmaceutical Company
Corporation for Financing and Promoting Technology
General Forwarding & Agency Corporation
%
Tng gi trfi thfitrng ngy
31/12/2007
VN[
Gi trfi thfi trngmt {n vfi ngy
31/12/2007
VN[
S
lngLoi
110.330 164.000 18.094.120.000 2,71%
208.918.972.500 31,30%
645.219.129.802 96,68%
30.630 83.000 2.542.290.000 0,38%
105.400 79.400 8.368.760.000 1,25%
45.200 165.000 7.458.000.000 1,12%
3.000 210.000 630.000.000 0,09%
22.230 64.000 1.422.720.000 0,21%
6 234.000 1.404.000 0,00%
5 223.000 1.115.000 0,00%
52.830 133.000 7.026.390.000 1,05%
Investments in securities
I - Listed shares
Asia Commercial Bank
An Giang Fisheries Import & Export Joint Stock Company
Bao Minh Insurance Corporation
Binh Minh Plastic Joint Stock Company
Bao Viet Securities Company
HCMC Infrastructure Investment Joint Stock Company
Hau Giang Pharmaceutical Company
Corporation for Financing and Promoting Technology
General Forwarding & Agency Corporation
%Fair value as at1 December 2007
VND
Fair value per
unit as at1 December 2007
VND
UnitsItems
110,330 164,000 18,094,120,000 2.71%
208,918,972,500 31.30%
645,219,129,802 96.68%
30,630 83,000 2,542,290,000 0.38%
105,400 79,400 8,368,760,000 1.25%
45,200 165,000 7,458,000,000 1.12%
3,000 210,000 630,000,000 0.09%
22,230 64,000 1,422,720,000 0.21%
6 234,000 1,404,000 0.00%
5 223,000 1,115,000 0.00%
52,830 133,000 7,026,390,000 1.05%
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Bo coti chnhFinancialStatements
Annual Report 200766
90.000 95.000 8.550.000.000 1,28%
258.000 74.000 19.092.000.000 2,86%
68.300 46.300 3.162.290.000 0,47%
64.770 123.000 7.966.710.000 1,19%
5.000 123.000 615.000.000 0,09%
21.580 90.000 9.700.000.000 1,45%
19.670 68.000 1.337.560.000 0,20%
194.000
Tan Tao Industrial Park Corporation
Kinh Do Corporation
Minh Phu Seafood Joint Stock Company
North Kinh Do Food Joint Stock Company
Tien Phong Plastic Company
Petro Vietnam Drilling
Refrigeration Electrical Engineering Corporation
Saigon Securities Inc
Saigon Commercial Bank
Taicera Enterprise Company Limited
Tan Tien Plastic Packaging Joint Stock Company
Vincom Joint Stock Company
Vietnam Dairy Products Company
Vietnam Tanker Joint Stock Company
Petro Vietnam Fertilizer and Chemicals Company
Hoa Phat Group
Tuong An Vegetable Oil Joint Stock Company
Ha Tien 1 Cement Joint Stock Company
Nam Viet Corporation (Navico)
Da Nang Rubber Joint Stock Company
Dry Cell & Storage Battery Joint Stock Company
44.100 60.000 2.646.000.000 0,40%
44.664 176.000 7.860.864.000 1,18%
90.000 113.900 10.251.000.000 1,54%
70.800 152.000 10.761.600.000 1,61%
60.000 137.000 8.220.000.000 1,23%
105.000 168.000 17.640.000.000 2,64%
99.161 65.500 6.495.045.500 0,97%
68.320 28.600 1.953.952.000 0,29%
154.252 106.000 16.350.712.000 2,45%
50.000 155.000 7.750.000.000 1,16%
55.000 59.500 3.272.500.000 0,49%
50.190 166.000 8.331.540.000 1,25%
75.200 126.000 9.475.200.000 1,42%
50.000 9.700.000.000 1,45%
90,000 95,000 8,550,000,000 1.28%
258,000 74,000 19,092,000,000 2.86%
68,300 46,300 3,162,290,000 0.47%
64,770 123,000 7,966,710,000 1.19%
5,000 123,000 615,000,000 0.09%
21,580 90,000 9,700,000,000 1.45%
19,670 68,000 1,337,560,000 0.20%
194,000
Tan Tao Industrial Park Corporation
Kinh Do Corporation
Minh Phu Seafood Joint Stock Company
North Kinh Do Food Joint Stock Company
Tien Phong Plastic Company
Petro Vietnam Drilling
Refrigeration Electrical Engineering Corporation
Saigon Securities Inc
Saigon Commercial Bank
Taicera Enterprise Company Limited
Tan Tien Plastic Packaging Joint Stock Company
Vincom Joint Stock Company
Vietnam Dairy Products Company
Vietnam Tanker Joint Stock Company
Petro Vietnam Fertilizer and Chemicals Company
Hoa Phat Group
Tuong An Vegetable Oil Joint Stock Company
Ha Tien 1 Cement Joint Stock Company
Nam Viet Corporation (Navico)
Da Nang Rubber Joint Stock Company
Dry Cell & Storage Battery Joint Stock Company
44,100 60,000 2,646,000,000 0.40%
44,664 176,000 7,860,864,000 1.18%
90,000 113,900 10,251,000,000 1.54%
70,800 152,000 10,761,600,000 1.61%
60,000 137,000 8,220,000,000 1.23%
105,000 168,000 17,640,000,000 2.64%
99,161 65,500 6,495,045,500 0.97%
68,320 28,600 1,953,952,000 0.29%
154,252 106,000 16,350,712,000 2.45%
50,000 155,000 7,750,000,000 1.16%
55,000 59,500 3,272,500,000 0.49%
50,190 166,000 8,331,540,000 1.25%
75,200 126,000 9,475,200,000 1.42%
50,000 9,700,000,000 1.45%
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Bo coti chnhFinancialStatements
Annual Report 200768
153.000 100.000 15.300.000.000 2,29%
50 1.000.000.000 50.000.000.000 7,49%
500.000 100.804 50.401.800.000 7,55%
1.700.000 98.626 167.664.030.000 25,12%
333.229.080.000 49,93%
(1.430.387.854) (0,21%)
23.618.290.757 3,54%
667.407.032.705 100%
25.000 997.332 24.933.292.500 3,74%
II - C phiu cha nim yt
Dien Quang Joint Stock Company
Vietnam Export Import Commercial Joint Stock Bank
Saigon Paper Joint Stock Company
Saigon Western Beer Joint Stock Company
Intresco Joint Stock Company
Au Lac Joint Stock Company
Vietnam Tourism Company
Development Investment Construction Company
III - Tri phiu
TBA101016
TBA101021
CII 10.3 090714
EVN 9.6 081116
BID10406
QH062128
Ti sn thun khc
Tin v cc khon tng {ng
Tng gi trfi ti sn thun
28.000 268.700 7.523.600.000 1,13%
103.071.077.302 15,45%
4.943 6.608.300 32.664.826.900 4,90%
500.000 55.280 27.640.081.835 4,14%
145.000 77.200 11.194.000.000 1,68%
60.000 140.700 8.442.000.000 1,26%
161.000 70.500 11.350.500.000 1,70%
14.500 124.443 1.804.417.567 0,27%
40.191 61.000 2.451.651.000 0,37%
25.000 997.198 24.929.957.500 3,74%
153,000 100,000 15,300,000,000 2.29%
50 1,000,000,000 50,000,000,000 7.49%
500,000 100,804 50,401,800,000 7.55%
1,700,000 98,626 167,664,030,000 25.12%
333,229,080,000 49.93%
(1,430,387,854) (0.21%)
23,618,290,757 3.54%
667,407,032,705 100%
25,000 997,332 24,933,292,500 3.74%
II - Unlisted shares
Dien Quang Joint Stock Company
Vietnam Export Import Commercial Joint Stock Bank
Saigon Paper Joint Stock Company
Saigon Western Beer Joint Stock Company
Intresco Joint Stock Company
Au Lac Joint Stock Company
Vietnam Tourism Company
Development Investment Construction Company
III - Bonds
TBA101016
TBA101021
CII 10.3 090714
EVN 9.6 081116
BID10406
QH062128
Other net assets
Cash and equivalents
Total net assets
28,000 268,700 7,523,600,000 1.13%
103,071,077,302 15.45%
4,943 6,608,300 32,664,826,900 4.90%
500,000 55,280 27,640,081,835 4.14%
145,000 77,200 11,194,000,000 1.68%
60,000 140,700 8,442,000,000 1.26%
161,000 70,500 11,350,500,000 1.70%
14,500 124,443 1,804,417,567 0.27%
40,191 61,000 2,451,651,000 0.37%
25,000 997,198 24,929,957,500 3.74%
70
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Bo coti chnhFinancialStatements
Annual Report 200770
Tt c cc cng ty {c {u t trn {u thnh lp ti Vit Nam.
Qu khng tham gia vo cc quyt {finh v chnh sch ti chnh vhot {ng hng ngy ca cc cng ty {c {u t. V th, Qu khng
cfl {finh kim sot hay thc thi nh hng trng yu no {n cc
cng ty {c {u t v do vy, cc khon {u t ca Qu {c ghi
nhn da trn c s nu trong Thuyt minh 2(e), thay v phi hp nht
bo co ti chnh hay k ton khon {u t theo phng php vn
ch s hu.
13. S liu so snh
Khng cfl s liu so snh do {y l bo co ti chnh {u tin {c lp
k t khi thnh lp Qu.
Ngn hng Gim st Cng ty Qun l Qu
V Hong TnK ton trng
Phm Ngc BchTng gim {c {iu hnh
Supervising Bank Fund Manager
Vu Hoang TanChief Accountant
Pham Ngoc BichChief Executive Officer
All the above investee companies are incorporated in Vietnam.
The Fund does not seek to participate in day-to-day financial andoperating policy decisions of the investee companies. Accordingly, the
Fund does not intend to exert a controlling or significant influence
over the investee companies and therefore, the Fund's investments
are recorded on the basis set out in Note 2(e), rather than being
consolidated or equity accounted.
13. Corresponding figures
There are no corresponding figures as this is the first set of financial
statements prepared by the Fund since its incorporation.
Bui Thu ThuyDeputy Head of HSBCSecurities Services Vietnam
Bui Thu ThuyDeputy Head of HSBCSecurities Services Vietnam
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Prudential VietnamFund ManagementCompany
Cng tyQun lQu [u tPrudentialVit Nam
74
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Cng tyQun lQu [u tPrudentialVit Nam
PrudentialVietnam FundManagement
Company
Established in May 2005, Prudential Vietnam Fund Management Company
(PVFMC) is a leading international fund management firm with the largestinvestor base in Vietnam. PVFMC was established as a wholly-ownedsubsidiary of Prudential Vietnam, which is Vietnam's leading insurance
company. PVFMC operates closely with Prudential Corporation Asia
(PCA), one of the largest asset management companies in terms ofassets sourced in Asia excluding Japan and M&G, a leading UK and
European fund manager.
PVFMC applies a long-term value-oriented investment philosophy toits investment funds and portfolios for both institutional and retail
clients who are domiciled both offshore and onshore in Vietnam,
with total assets under management currently exceeding US$1.4 billion
(as of 31 December 2007).
The local investment team has been develop since 1999, with an
established track record in managing Vietnamese fixed income,Vietnamese listed and OTC equities, Indochina private equity and
property portfolios, on the same global investment platform as PCA,
which operates locally in 13 markets in Asia.
Thnh lp vo thng 5/2005, Cng ty Qun l Qu [u t Prudential
Vit Nam (PVFMC) l cng ty qun l qu quc t hng {u vi slng nh {u t ln nht ti Vit Nam. PVFMC l {n vfi trc thucPrudential Vit Nam - Cng ty Bo him Nhn th hng {u ti Vit Nam.
PVFMC phi hp hot {ng cht ch vi Prudential Chu < ("PCA"),
mt trong nhng cng ty qun l ti sn ln nht tnh theo ti sn cflngun gc ti Chu < ngoi tr Nht Bn v M&G, cng ty qun l qu
hng {u ti Chu u v Vng quc Anh.
PVFMC p dng nguyn tc {u t theo {finh hng gi trfi trongdi hn {i vi cc qu v danh mc {u t cho cc nh {u t c nhn
v nh {u t t chc trong v ngoi nc, vi tng ti sn hin {ang
qun l trfi gi trn 1,4 t { la M (tnh {n 31/12/2007).
[i ng chuyn gia {u t ngay ti Vit Nam { {c hnh thnh v
pht trin t nm 1999, vi thnh tch qun l {u t tri phiu, c phiu
nim yt v cha nim yt, {u t tha thun v bt {ng sntrong vng [ng Dng, hot {ng trn cng mt nn tng {u t
ton cu m PCA {ang p dng ti 13 thfi trng ti Chu
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Ghi chDisclaimerThis information is not an offer or solicitation of an offer for the
purchase of units in the Fund and is intended only for existingshareholders of the Fund. It may not be published, circulated,
reproduced or distributed in whole or part without the written
consent of Prudential Vietnam Fund Management Private Limited
Company (PVFMC).
Whilst we have taken reasonable care to ensure that the
information contained in this material is true and not misleading,
we cannot guarantee its accuracy or completeness. You should
not act on it without independently verifying its contents. Any
opinion or estimate contained in this material is subject to change
without notice. We have not given any consideration to and we
have not made any investigation of the investment objective,
financial situation or particular needs of the recipient or any class
of persons, and accordingly, no warranty is given and no liability
is accepted for any loss arising whether directly or indirectly as a
result of the recipient or any class of persons acting on such
information or opinion estimate. Past performance of the
Investment Manager and any forecasts are not indicative of the
future or likely performance of the Investment Manager. The
value and income from investments may fall or rise. The
projections or forecasts on the economy, securities markets or the
economic trends of the markets targeted by the Fund are not
indicative of the future or li kely performance of the Fund.
Prudential Vietnam Fund Management Private Limited Company
(PVFMC) is owned by Prudential Vietnam Assurance Private
Limited, which is ultimately owned by Prudential plc. of the
United Kingdom. PVFMC and Prudential plc. are not affiliated
with Prudential Financial, Inc., a company whose principal place
of business is in the United States of America.
Nhng thng tin nu trong ti liu ny khng nhm mc {ch
cho mi mua chng ch qu {u t v ch { dnh cho cc nh{u t hin hu. Nhng thng tin ny khng {c php cng b,
pht hnh, sa cha hoc ph bin tng phn hoc ton b nu
khng {c Cng ty Qun l Qu [u t Prudential Vit Nam
(PVFMC) {ng trc bng vn bn.
Chng ti lun n lc cung cp nhng thng tin trung thc
v khch quan trong ti liu ny; tuy nhin, chng ti khng
{m bo gii thiu {y { nhng thng tin m cc nh {u
t mong mun. Cc nh {u t nn cn nhc k cng trc
khi s dng nhng thng tin ny. Mi kin v c tnh nu
trong ti liu ny {u cfl th thay {i m khng cn phi
thng bo trc. Chng ti khng nghin cu, tm hiu mc
tiu {u t, tnh trng ti chnh hoc cc nhu cu c th ca
mi c nhn hoc nhflm ngi no nhn {c ti liu ny.
Do {fl, chng ti khng {m bo v khng chfiu trch nhim
v mi thua l trc tip hoc gin tip xy ra cho mi c
nhn hoc nhflm ngi no s dng nhng thng tin hoc
c tnh nu trong ti liu ny vo mc {ch {u t. Kt qu
hot {ng trong qu kh ca cc nh Qun l qu {u t v
mi d {on khng phi l c s { {m bo nhng kt qu
tng t trong tng lai. Gi trfi v thu nhp t hot {ng
{u t cfl th tng hoc gim. Nhng d {on hoc d bo
v ton b nn kinh t, thfi trng chng khon hoc xu
hng pht trin ca nhng thfi trng m qu {u t {ang
nhm {n khng phi l c s { {m bo qu {u t ny s
{t {c nhng kt qu tng t trong tng lai.
Cng ty Qun l Qu [u t Prudential Vit Nam (PVFMC) l
mt cng ty tr c thuc cng ty TNHH Bo him Nhn th Prudential
Vit Nam, thuc s hu ca Tp {on Prudential Anh Quc.
PVFMC v tp {on Prudential Anh Quc khng cfl mi quan
h g vi cng ty Prudential Financial, Inc., mt cng ty cfl tr
s chnh ti M.
Annual Report 2007