Highlights

The revenue growth primary reflect the expansion of villa for sales and good result from the holiday business. Vacation ownership business launched by the end of the 2nd quarter, therefore hasn't been contributed for the period.
- EBITDA for the first 6 months of 2010 was VND 85.76 billion , the profit before tax was VND 62.8 billion and profit after tax was VND 42.9 billion, equivalent to 24% of the annual plan
- Gross margin was 69%, the profit before tax margin was 40% and the net margin was 27%
- Total assets at 30/6/2010 grew 5% to VND 1,155 billion dong compared with the figure at of 31 December 2009. More importance, there is an improve in structure of assets and capital of the Company.
- Financial ratios were all above the average of travel and real estate industry, the current liquidity ratio reached 1.36 times, the quick liquidity ratio was 1.07 times, ROAA, ROEA for 6 months attained 4% and 7% respectively.
- Earning per share trailing was VND 1,571 while earning per share for 6 months was VND 657
Book value at 30/6/2010 grew VND 224 to VND 12, 352 compared with the figure of 1/1/2010

First half year operating results:

Total revenue for the first 6 months of 2010 was VND 156 billion,,increases 400 times compared with the same period of last year, of which the main contribution of revenue is coming from the holiday business and villa for sale. This fastest revenue growth primarily is the result of the growth in the capital structure and extension of business in the tourism real estate. EBITDA over the first six months achieved VND 85.76 billion profit before tax was VND 62.8 billion and the profit after tax reached VND 42.9 billion. The profit before tax margin and net margin of consecutively 40% and 27% has shown the effectiveness of investment projects as well as the cost control.

Lodging:

As of June 30, 2010, the Company is carrying out the Six Senses Ninh Van Bay Resort and Spa, with 58 villas on operations. Revenue was VND 70 billion , equivalent 52% of annual plan and increased 12% compared with the same period of last year (based on the revenue unconsolidated of Six Senses Ninh Van Bay resort at 30/6/2009) the occupancy rate reached 55%.
EBITDA for first six months of 2010 was VND 19.2 billion , the profit before tax grew 4 times VND 10 billion,compared with the same period of last year and reached 40% of annual plan.
The profit growth reflected the fastest growth in revenue by exploring marketing plan, promotion and the extension of domestic customers as well as the recovery of tourism market after the crisis
Vacation property

From 2010, NVB has launched vacation property for sale with start-up of selling villas in Six Senses Saigon River project. This sector has been attracting much attention of customers since launching in July .
For the first six months of 2010, the project has sold 4 villas equivalent the revenue of VND 86 billion, occupied 55% of total revenue of the Company.
Vacation ownership

In April, 2010, Ninh Van Bay launched NVB Holiday Club in Singapore and in July 2010, Ninh Van Bay also officially launched this club in Ho Chi Minh City and Hanoi. We offer 2 types of Vacation ownership cards: Silver card (price is $ 6,600 for a period of 17 years) and Titan card (price is $ 9,900 for a period of 27 years). The owners will own approximately 7 nights per year, equivalent 7000 points per year.

The launching of NVB Holiday Club is considered successful. This is a potential produce and has been attracted much attention of customers. The absence of this revenue in total revenue for the first 6 months of 2010 is by the official launching in the last July, 2010. Its revenue will be counted from the third quarter of this year.

Balance sheet information as of June 30, 2010

Total assets at 30/6/2010 were VND 1,155 billion a slight increase by 5 % with the beginning of year but its capital structure was changed radically, ensuring the sustainable development:
- Total current assets decreased from VND 310 billion to VND 276 billion, due to decrease of the customers' receipts.
- Total fixed assets and long-term investment assets increased VND 100 billion mostly reflect the investment into Ana Mandara Ninh Binh, Ana Mandara Hoi An and Lac Viet New Tourist City projects.
- The current debts decreased considerably from VND 102 billion to VND 44 billion, and the long-term debts increased from VND 71 billion to VND 114 billion. This change in the debt structure helps makes the Company having the reasonable loans to develop the long-term projects.
- Total owner capital increased from 510 billion to 747 billion because of the success of issuing 10 million additional shares .
The change of capital structure also helps Ninh Van Bay having the safety in liquidity ratios. Current ratio at 30/6/2010 reached 1.36 times, Quick ratio reached 1.08 times.

Outlook
For the second half of the year 2010, the board of management determined it is time to enhance business activities to reached yearly business plan because our business model has basically completed. The main out look are:
- Continuing exploitation of Six Senses Ninh Van Bay project.
- Complete the construction Ana Mandra Ninh Binh project to operate it at the end of this year.
- Complete the construction items of the Six Senses Saigon River project and enhancing marketing and sales villas.
- Establish, finalise Organization, personel of Ninh Van Bay holidat Club Company (100% owned by Ninh Van Bay JSC) and promoting Vacation ownership card business.
- Contitnue the invested procedures in Ana Mandara Hoi An; Lac Viet New Tourist City, Dong Anh hi-class ecological zone projects.
- Try great effort to reach VND 121 billion profitable plan of this year.