D11: Explanation for audit opinion in FS 2012

Real Estate 11 JSC explained audit opinion in FS 2012 as follows:

-          In 2011, the company recorded the remains of revenue in transfer An Phu District 2 Project. However, cost of capital was not actually arising in corresponding to revenue. Thus, the company extracted in advance an amount of general infrastructure expenses in contribution to project investor for implementing main area of 87hecta at VND46,649.5 million. In which, expense for compensation was VND42,115.3 being calculated upon estimated area and price unit.

-          As Real Estate 11 JSC is sub investor of An Phu District 2 Project, real value in contribution to main area of 87hecta project was calculated when the works was put in use and investment capital was settled. However, this has not been done until now as works was still being implemented and not settled

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