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Kinh Do Corporation
Report of the Board of Management and Audited consolidated financial statements 31 December 2009

Kinh Do Corporation

CONTENTS

Pages

REPORT OF THE BOARD OF MANAGEMENT

1-4

AUDITED CONSOLIDATED FINANCIAL STATEMENTS Independent auditors’ report Consolidated balance sheet Consolidated income statement Consolidated cash flow statement Notes to the consolidated financial statements 5-6 7-8 9 10 - 11 12 - 44

Kinh Do Corporation
REPORT OF THE BOARD OF MANAGEMENT

The Board of Management of Kinh Do Corporation (“KDC” or the “Company”) is pleased to present its report and the consolidated financial statements of KDC and its subsidiaries (“the Group”) as at and for the year ended 31 December 2009.

THE GROUP The Group consisted of KDC and its subsidiaries and associates as follows: KDC is a shareholding company incorporated under the Law on Enterprise of Vietnam pursuant to the Business Registration Certificate (“BRC”) No. 4103001184 issued by the Ho Chi Minh City Department of Planning and Investment on 6 September 2002 and the following Amended BRC: Amended BRC: The first amendment The second amendment The third amendment The fourth amendment The fifth amendment The sixth amendment The seventh amendment The eighth amendment The ninth amendment The tenth amendment The eleventh amendment Date: 26 November 2002 22 September 2003 11 December 2003 3 August 2004 7 October 2004 11 May 2005 18 May 2006 6 July 2006 6 November 2007 10 October 2008 21 January 2010

KDC was listed on the Ho Chi Minh Stock Exchange in accordance with the License No. 39/UBCKGPNY issued by the State Securities Commission on 18 November 2005. The principal activities of KDC are to process agricultural products and foods; produce confectionery, purified water, and fruit juice; sell and purchase agricultural products and foods, industrial products, and fabric. The registered head office of KDC are located at 141 Nguyen Du, Ben Thanh Ward, District 1, Ho Chi Minh City, Vietnam. Subsidiaries KDC holds a 80% equity interest in Kinh Do Binh Duong Corporation (“KDBD”) which is a shareholding company incorporated under the Law on Enterprise of Vietnam pursuant to the BRC No. 4603000129 issued by the Department of Planning and Investment of Binh Duong Province on 13 October 2004. The principal activities of KDBD are to process agricultural products and foods; produce confectionery, purified water, and fruit juice; sell and purchase agricultural products and foods, industrial products, and fabric. The registered head office and factory of KDBD are located at VSIP, Vietnam – Singapore Industrial Park, Thuan An District, Binh Duong Province, Vietnam. KDC holds a 51.20% equity interest in Vinabico Confectionery Joint Stock Company (“Vinabico”) which is a shareholding company incorporated under the Law on Enterprise of Vietnam pursuant to the BRC No. 4103001904 issued by the Ho Chi Minh City Department of Planning and Investment on 3 November 2003. The principal activities of Vinabico are to produce and sell confectionery and purified water. The registered head office and factory of Vinabico are located at 436 No Trang Long Street, Ward 13, Binh Thanh District, Ho Chi Minh City, Vietnam.

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Kinh Do Corporation
REPORT OF THE BOARD OF MANAGEMENT (continued)

THE GROUP (continued) Associates KDC holds a 28.33% equity interest in KIDO Corporation (“KIDO”) which is a shareholding company incorporated under the Law on Enterprise of Vietnam pursuant to the BRC No. 4103001557 issued by the Ho Chi Minh City Department of Planning and Investment on 14 April 2003. The principal activities of KIDO are to produce and trade all kinds of food and drink products such as ice, ice cream, milk and other dairy products. The registered head office and factory of KIDO are located at Cu Chi Northwest Industrial Park, Cay Sop Village, Tan An Hoi Ward, Cu Chi District, Ho Chi Minh City, Vietnam. KDC holds a 49% equity interest in Tan An Phuoc...
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