4 BCTC soat xet ban nien 2016 Hop nhat EN

PHU NHUAN JEWELRY JOINT STOCK COMPANY Incorporated in the Socialist Republic of Vietnam REVIEWED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the 6-month period ended 30 June 2016... V

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PHU NHUAN JEWELRY JOINT STOCK COMPANY

(Incorporated in the Socialist Republic of Vietnam)

REVIEWED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the 6-month period ended 30 June 2016

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170 Phan Dang Luu Street, Ward 3, Phu Nhuan District

Ho Chi Minh City, S.R Vietnam

TABLE OF CONTENTS CONTENTS

STATEMENT OF THE BOARD OF DIRECTORS REPORT ON REVIEW OF INTERIM FINANCIAL STATEMENTS INTERIM CONSOLIDATED BALANCE SHEET

INTERIM CONSOLIDATED INCOME STATEMENT INTERIM CONSOLIDATED CASH FLOW STATEMENT NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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STATEMENT OF THE BOARD OF DIRECTORS The Board of Directors of Phu Nhuan Jewelry Joint Stock Company (the “Parent Company”) and subsidiaries (the Parent Company and its subsidiaries are collectively referred to as the “Company”) presents this report together with the Company’s interim consolidated financial statements for the 6-month period ended 30 June 2016

THE BOARDS OF MANAGEMENT AND DIRECTORS The members of the Boards of Management and Directors of the Company who held office during the period and

to the date of this report are as follows:

Board of Directors

Board of Management

Board of Supervisors

BOARD OF DIRECTORS’ STATEMENT OF RESPONSIBILITY The Board of Directors of the Company is responsible for preparing the interim consolidated financial statements , which give a true and fair view of the consolidated financial position of the Company and of its consolidated results and consolidated cash flows for the period in accordance with Vietnamese Accounting Standards, accounting regime for enterprises and legal regulations relating to interim financial reporting In preparing these interim consolidated financial statements, the Board of Directors is required to:

e Select suitable accounting policies and then apply them consistently;

e Make judgments and estimates that are reasonable and prudent;

e State whether applicable accounting principles have been followed, subject to any material departures disclosed and explained in the interim consolidated financial statements ;

e Prepare the interim consolidated financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and

e Design and implement an effective internal control system for the purpose of properly preparing and

The Board of Directors is responsible for ensuring that proper accounting records are kept, which disclose, with reasonable accuracy at any time, the consolidated financial position of the Company and that the interim

enterprises and legal regulations relating to interim financial reporting The Board of Directors is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection

of frauds and other irregularities

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STATEMENT OF THE BOARD OF DIRECTORS (Continuted)

The Board of Directors confirms that the Company has complied with the above requirements in preparing these interim consolidated financial statements

For and on behalf of the Board of Directors,

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Deloitte Vietnam Company Ltd

18" Floor, Times Square Building, 57-69F Dong Khoi Street, District 1

Ho Chi Minh City, Vietnam Tel : +84 8 3910 0751 Fax: +84 8 3910 0750

Deloitte

No 4 NIA-HC-BC DELOITTE VIETNAM 2

A JOURNEY TO EXCELLENCE

REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Phu Nhuan Jewelry Joint Stock Company

We have reviewed the accompanying interim consolidated financial statements of Phu Nhuan Jewelry Joint Stock Company (the “Company”), prepared on 12 August 2016 as set out from page 4 to page 30, which comprise the interim consolidated balance sheet as at 30 June 2016, the interim consolidated income statement and interim consolidated cash flow statement for the 6-month period then ended, and a summary of significant accounting policies and other explanatory information

Board of Directors’s Responsibility for the interim consolidated financial statements The Board of Directors is responsible for the preparation and fair presentation of these interim consolidated financial statements in accordance with Vietnamese Accounting Standards, accounting regime for enterprises and legal regulations relating to interim consolidated financial reporting, and for such internal control as the Board of Directors determines is necessary to enable the preparation of interim consolidated financial statements that are free from material misstatement, whether due to fraud or error

Auditors’ Responsibility Our responsibility is to express a conclusion on the accompanying interim consolidated financial statements based

on our review We conducted our review in accordance with Vietnamese Standard on Review Engagements (VSRE) 2410 - Review of Interim consolidated financial Information Performed by the Independent Auditor of the Entity

A review of interim consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures A review is substantially less in scope than an audit conducted in accordance with Vietnamese Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit Accordingly, we do not express an audit opinion

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim consolidated financial statements do not present fairly, in all material respects, the consolidated financial position

of the Company as at 30 June 2016 , and of its consolidated financial performance and its consolidated cash flows

e 6-month period then ended in accordance with Vietnamese Accounting Standards, accounting regime for

2 efiterptises and legal regulations relating to interim consolidated financial reporting

No 0138-2013-001-1

For and on behalf of Deloitte Vietnam Company Limited

12 August 2016

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee

(‘DTTL’), its network of member firms, and their related entities DTTL and each of its member firms are legally

separate and independent entities DTTL (also referred to as “Deloitte Global”) does not provide services to clients

Please see www.deloitte.com/about for a more detailed description of DTTL and its member firms

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Interim consolidated financial statements

III Short-term receivables

1 Short-term trade receivables

2 Short-term advances to suppliers

3 Other short-term receivables

4 Short-term doubtful debts

5 Deficits in assets awaiting solution

IV Inventories

1 Inventories

Vv Other short-term assets

1 Short-term prepayments

2 Value added tax deductibles

3 Taxes and other receivables from the State budget

B NON-CURRENT ASSETS

1 Other long-term receivables

II Fixed assets

1 Tangible fixed assets

1 Long-term construction in progress

IV Long-term financial investments

1 Investments in associates

2 Equity invesments in other entities

3 Provision for impairment of long-term financial investments

Vv Other long-term assets

2,323,127,119,809 2,323,127,119,809 39,360,768,383 38,036,683,311 10,586,363 1,313,498,709 511,508,624,962 23,406,927,807 23,406,927,807

362,734,232,626 183,773,239,200 331,463,671, 149 (147,690,431,949) 178,960,993,426 183,019,025, 421 (4,058,031,995)

14,275,846,287 14,275,846,287 81,060,572,614 81,060,572,614 395,271,613,400 (395,271,613,400)

30,031,045,628 27,534,093,558 2,496,952,070

29,214,405,782 9,292,551,705 8,138,613,714 (35,327,600) 560,996,243

2,135,224,563,617 2,135,224,563,617 44,839,413,383 43,731,216,274 1,108,197,109 710,104,580,011 21,217,170,462 21,217,170,462

486,102,562,173 193,732,606,001 326,471,653, 080 (132, 739,047,079) 292,369,956,172

295, 745,366,571 (3,375,410,399)

6,279,408,722 6,279,408,722

166,666,261,924 81,974,511,924 395,271,613,400 (310,579,863,400)

29,839,176,730 27,342,224,660 2,496,952,070

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Ho Chi Minh City, S.R Vietnam Interim consolidated financial statements For the 6-month period ended 30 June 2016

INTERIM CONSOLIDATED BALANCE SHEET (Continuted)

As at 30 June 2016

FORM B 01a-DN/HN (Issued under Circular No 200/2014/TT-BTC dated 22 December 2014 of the Ministry of Finance)

Unit: VND

1 Short-term trade payables 311 19 225,469,153,864 191,247,911,541

2 Short-term advances from customers 312 14,464,834,492 20,139,296,256

3 Taxes and amounts payable to the State

4 Payables to employees 314 25,587,976,476 17,885,744,572

5 Short-term accrued expenses 315 20,152,342,870 5,022,483,042

6 Other current payables 319 20 123,972,283,154 29,031,191,004

8 Bonus and welfare funds 322 41,932,349,989 18,381,839,928

II Long-term liabilities 330 65,119,756,244 79,232,227,369

1 Other long-term payables 337 20 433,668,000 403,668,000

2 Long-term loans 338 22 58,291,000,000 72,388,000,000

1 Owners’ contributed capital 411 982,745,770,000 982,745,770,000

Wen Ip sg 2016

The accompanying notes are an integral part of these interim consolidated financial statements

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INTERIM CONSOLIDATED INCOME STATEMENT For the 6-month period ended 30 June 2016

(10=01-02)

(20=10-11)

7 Financial expenses 22 31 124,250,886,900 172,438,939,426 Inwhich: Interest expense 23 38, 237,408,560 36,777,505,139

18 Profit after corporate income tax (60=50-51-52) 60 244,532,855,886 108,661,072,552

Attributable to:

⁄:

lzi 6k9 | š z

Kook WAR 7 August 2016

The accompanying notes are an integral part of these interim consolidated financial statements

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INTERIM CONSOLIDATED CASH FLOW STATEMENT

ITEMS

I CASH FLOWS FROM OPERATING ACTIVITIES

1 Profit before tax

Corporate income tax paid Other cash inflows/(outflows) Net cash generated by/used in) operating activities

Il CASH FLOWS FROM INVESTING ACTIVITIES

1 Acquisition of fixed assets and other long-term assets

2 Proceeds from disposal of fixed assets

3 Cash outflow for Time deposits

4 Cash recovered from Time deposits

5 Interest earned Net cash generated by{used in) investing activities Ill CASH FLOWS FROM FINANCING ACTIVITIES

1 Proceeds from borrowings

2 Repayments of borrowings

3 Dividends paid Net cash (used in)/generated by financing activities Net increase/(decrease) in cash (50=20+30+40) Cash at the beginning of the period

Effect of changes in foreign exchange rates Cash and cash equivalents at the end of the period

(12,710,141,227) (187,902,556,192) 35,179,802,763 5,502,664,065 (34,538,028,237) (41,028,708,514) 8,320,510,061 173,650,606,242

(21,630,589,516) 150,000,000,000 (190,000,000,000) 140,000,000,000 456,516,056 78,825,926,540

1,372,047,879,893 (1,497,270,547,636) (49,136,934,000)

14,615,112,401 123,135,031,341

647,492,581 (749,705,003) 36,777,505,139

315,141,124,366

4,338,345,163 (588,973,032,632) 64,538,274,733 (1,634,843,967) (35,453,096,521) (48,884,570,196) (26,377,882,405) (317,305,681,459) (35,279,492,703) 154,545,455

52,684,494 (35,072,262,754)

2,514,991,456,230 (2,154,829,264,953) (18,831,507,285)

Dang Thi Lai

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(Issued under Circular No 200/2014/TT-BTC dated 22 December 2014 of the Ministry of Finance)

These notes are an integral part of and should be read in conjunction with the accompanying interim consolidated financial statements

Phu Nhuan Jewelry Joint Stock Company (the “Parent Company’) was incorporated as a joint stock company under the Business Registration Certificate No 0300521758 dated 2 January 2004 issued by the Department of Planning and Investment of Ho Chi Minh City, as amended

The Company has been listed on the Ho Chi Minh City Stock Exchange (“HOSE”) since 23 March 2009 pursuant to the Decision No.129/DKNY issued by the General Director of HOSE on 26 December 2008

The number of employees as at 30 June 2016 was 3,639 (as at 31 December 2015 was 3,274)

Operating industry and principal activities The Company’s principal activities are to trade gold, silver, jewelry and gemstones, and to import and export jewelry in gold, silver and gemstones

Normal production and business cycle The Company’s normal production and business cycle is carried out for a time period of 12 months or

less

The Company’s structure

The Parent Company’s head office is located at 170 Phan Dang Luu Street, Ward 3, Phu Nhuan District,

Ho Chi Minh City, Vietnam In addition, the Company also has two hundred and four (204) retail shops located in various provinces and cities in Vietnam

As at 30 June 2016, the Company’s subsidiaries and associates were:

- CAO Fashion Company Limited — subsidiary

- PNJ Laboratory Company Limited — subsidiary

- Dong A Land Joint Stock Company- Associate

As at 30 June 2016, the Company also had fourty one (41) branches located in various provinces and cities in Vietnam, in which the big branches were:

- Branch of Phu Nhuan Jewelry Joint Stock Company- Bien Hoa Branch

- Branch of Phu Nhuan Jewelry Joint Stock Company- Hue City

- Branch of Phu Nhuan Jewelry Joint Stock Company- Vinh Long Branch

- Branch of Phu Nhuan Jewelry Joint Stock Company- Nha Trang Branch

- Branch of Phu Nhuan Jewelry Joint Stock Company- Da Nang Branch

- Branch of Phu Nhuan Jewelry Joint Stock Company- Ha Noi Branch

- Branch of Phu Nhuan Jewelry Joint Stock Company- Can Tho Branch

- Branch of Phu Nhuan Jewelry Joint Stock Company- Tay Nguyen Branch Disclosure of information comparability in the interim consolidated financial statements

The comparative figures of the interim consolidated balance sheet are the figures of the Company’s audited financial statements for the year ended 31 December 2015 The comparative figures of the interim consolidated income statement and interim consolidated cash flow statements are the figures of the reviewed interim financial statements for the 6-month period ended 30 June 2015

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Accounting convention

The accompanying interim consolidated financial statements , expressed in Vietnam Dong (“VND”), are

prepared under the historical cost convention and in accordance with Vietnamese Accounting Standards,

accounting regime for enterprises and legal regulations relating to interim financial reporting

The accompanying interim consolidated financial statements are not intended to present the consolidated

financial position, consolidated results of operations and consolidated cash flows in accordance with

accounting principles and practices generally accepted in countries and jurisdictions other than Vietnam

Financial year

The Company’s financial year begins on 1 January and ends on 31 December The review interim

consolidated financial statements are prepared for the period from | January to 30 June annually

ADOPTION OF NEW ACCOUNTING GUIDANCE

On 21 March 2016, the Ministry of Finance issued Circular No 53/2016/TT-BTC (“Circular 53”)

amending and supplementing certain articles of Circular 200/2014/TT-BTC dated 22 December 2014 of

the Ministry of Finance guiding the accounting regime for enterprises Circular 53 is effective for the

financial years beginning on or after 01 January 2016 Accordingly, the Company has applied Circular

53 in the preparation and presentation of the Company’s interim consolidated financial statements for

the Company’s accounting period from 01 January 2016 to 30 June 2016 The adoption of Circular 53

has an immaterial impact on the comparability of the figures in the interim separate financial statements

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies, which have been adopted by the Company in the preparation of

these interim consolidated financial statements , are as follows:

Estimates

The preparation of interim consolidated financial statements in conformity with Vietnamese Accounting

Standards, accounting regime for enterprises and legal regulations relating to interim financial reporting

requires the Board of Directors to make estimates and assumptions that affect the reported amounts of

assets, liabilities and disclosures of contingent assets and liabilities at the date of the interim consolidated

financial statements and the reported amounts of revenues and expenses during the reporting period

Although these accounting estimates are based on the Board of Directors’ best knowledge, actual results

may differ from those estimates

Basis of consolidation

The interim consolidated financial statements incorporate the interim financial statements of the Parent

Company and enterprises controlled by the Parent Company (its subsidiaries) up to 31 December each

year Control is achieved where the Company has the power to govern the financial and operating

policies of an investee enterprise so as to obtain benefits from its activities

The results of subsidiaries acquired or disposed of during the period are included in the consolidated

income statement from the effective date of acquisition or up to the effective date of disposal, as

appropriate

Where necessary, adjustments are made to the interim financial statements of subsidiaries to bring the

accounting policies used in line with those used by the Company

Intragroup transactions and balances are eliminated in full on consolidation

Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the

parent’s ownership interests in them Non-controlling interests consist of the amount of those non-

controlling interests at the date of the original business combination (see below) and the non-controlling

interests’ share of changes in equity since the date of the combination Losses in subsidiaries are

respectively attributed to the non-controlling interests even if this results in the non-controlling interests

having a deficit balance

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Business combinations

On acquisition, the assets and liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition Any excess of the cost of acquisition over the fair values of the identifiable net assets acquired is recognised as goodwill Any deficiency of the cost of acquisition below the fair values of the identifiable net assets acquired is credited to profit and loss in the period of acquisition

The non-controlling interests are initially measured at the non-controlling shareholders’ proportion of the net fair value of the assets, liabilities and contingent liabilities recognised Investments in associates

An associate is an entity over which the Parent Company has significant influence and that is neither a subsidiary nor an interest in joint venture Significant influence is the power to participate in the financial and operating policy decisions of the investee but not control or joint control over those policies

The results and assets and liabilities of associates are incorporated in these interim consolidated financial statements using the equity method of accounting Interests in associates are carried in the consolidated balance sheet at cost as adjusted by post-acquisition changes in the Parent Company’s share of the net assets of the associate Losses of an associate in excess of the Parent Company's interest in that associate (which includes any long-term interests that, in substance, form part of the Company's net investment in the associate) are not recognised

Where a group entity transacts with an associate of the Parent Company, unrealised profits and losses are eliminated to the extent of the Parent Company’s interest in the relevant associate

Financial instruments

Initial recognition Financial assets: At the date of initial recognition, financial assets are recognised at cost plus transaction costs that are directly attributable to the acquisition of the financial assets Financial assets of the Company comprise cash and cash equivalents, trade and other receivables, deposits, financial investments

Financial liabilities: At the date of initial recognition financial liabilities are recognised at cost plus transaction costs that are directly attributable to the issue of the financial liabilities Financial liabilities of the Company comprise trade and other payables, accrued expenses and borrowings

Subsequent measurement after initial recognition Currently, there are no requirements for the subsequent measurement of the financial instruments after initial recognition

Cash and cash equivalents Cash and cash equivalents comprise cash on hand, demand deposits and short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value

Trading securities are those the Company holds for trading purpose Trading securities are recognised from the date the Company obtains the ownership of those securities and initially measured at the fair value of payments made at the transaction date plus directly attributable transaction costs

In subsequent periods, investments in trading securities are measured at cost less provision for impairment of such investments

Provision for impairment of investments in trading securities is made in accordance with prevailing accounting regulations

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Other long-term investments Other long-term investments are investments in other entities which the Company owns less than 20%

voting rights and does not have significant influence, with maturity over 1 year Other long-term investments are recorded at the starting date of acquisition and the initial value are determined based on the cost and other cost related to the investments In the next fiscal years, the other long-term investments are determined at cost less the impairment of investments

Provisions for impairment of investments Provisions for impairment of investments in subsidiaries, joint ventures and associates are made in accordance with Circular No 228/2009/TT-BTC dated 7 December 2009 issued by the Ministry of Finance on “Guiding the appropriation and use of provisions for devaluation of inventories, loss of financial investments, bad debts and warranty for products, goods and construction works at enterprises”, Circular No 89/2013/TT-BTC dated 28 June 2013 by the Ministry of Finance amending and supplementing Circular No 228/2009/TT-BTC and prevailing accounting regulations

Receivables

Receivables represent the amounts recoverable from customers or other debtors and are stated at book value less provision for doubtful debts

Provision for doubtful debts is made for receivables that are overdue for six months or more, or when the

debtor is in dissolution, in bankruptcy, or is experiencing similar difficulties and so may be unable to repay the debt

Inventories

Inventories are stated at the lower of cost and net realisable value Cost comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition Cost is calculated using the weighted average method

Net realisable value represents the estimated selling price less all estimated costs to completion and costs

to be incurred in marketing, selling and distribution

The evaluation of necessary provision for inventory obsolescence follows current prevailing accounting regulations which allow provisions to be made for obsolete, damaged, or sub-standard inventories and for those which have costs higher than net realisable values as at the consolidated balance sheet date

Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less accumulated depreciation The costs of purchased tangible fixed assets comprise their purchase prices and any directly attributable costs of bringing the assets to their working condition and location for their intended use

Tangible fixed assets are depreciated using the straight-line method over their estimated useful lives as

follows:

Years

Loss or gain resulting from sales and disposals of tangible fixed assets is the difference between profit from sales or disposals of assets and their residual values and is recognised in the interim consolidated income statement

‘TTE NAM ⁄4

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PHU NHUAN JEWELRY JOINT STOCK COMPANY NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued) FORM B 09a-DN/HN

Leasing Leases where substantially all the rewards and risks of ownership of assets remain with the leasing company are accounted for as operating leases Rentals payable under operating leases are charged to the income statement on a straight-line basis over the term of the relevant lease

Intangible assets and amortisation Intangible assets represents the value of computer software that is stated at cost less accumulated amortisation and is amortized on the straight-line basis over their estimated useful lives of 3 years

Land use rights are recorded as an intangible asset in the consolidated balance sheet when the Company received the certificate of land use rights The history cost of the land use rights comprises all directly attributable costs of bringing the land lot to the condition available for intended use and is not amortized because the land use rights have long usage time

Construction in progress Properties in the course of construction for selling, are carried at cost Cost includes land use rights and construction cost for trade centers and stores in accordance with the Company’s accounting policy

Depreciation of these assets is applied on the same basis as other assets, commences when the assets are ready for their intended use

Prepayments Prepayments include short-term prepayments or long-term prepayments in the interim consolidated balance sheet and are amortised over the period for which the amounts are paid or the period in which economic benefits are generated in relation to these expenses

Long-term prepaid expenses comprise:

- Prepaid rental which includes land and shop rental prepaid for many years under operating leases

contracts and is amortized over the lease term;

- Tools and comsumables with large value issued in use which can be used for more than one year, and

- Others which are amortized to the interim consolidated income statement over 2 to 3 years

Revenue recognition

(a) the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;

(b) the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

(c) the amount of revenue can be measured reliably;

(d) it is probable that the economic benefits associated with the transaction will flow to the Company;

and (e) the costs incurred or to be incurred in respect of the transaction can be measured reliably

(a) the amount of revenue can be measured reliably;

(b) it is probable that the economic benefits associated with the transaction will flow to the Company;

(c) the percentage of completion of the transaction at the consolidated balance sheet date can be measured reliably; and

(d) the costs incurred for the transaction and the costs to complete the transaction can be measured reliably

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PHU NHUAN JEWELRY JOINT STOCK COMPANY NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued) FORM B 09a-DN/HN

The balances of monetary items denominated in foreign currencies as at the consolidated balance sheet date are retranslated at the exchange rates on the same date Exchange differences arising from the translation of these accounts are recognised in the consolidated income statement Unrealised exchange gains as at the consolidated balance sheet date are not treated as part of distributable profit to shareholders

Payable provisions Payable provisions are recognised when the Company has a present obligation as a result of a past event, and it is probable that the Company will be required to settle that obligation Provisions are measured at the Board of Directors’s best estimate of the expenditure required to settle the obligation as at the balance sheet date

Taxation Income tax expense represents the sum of the tax currently payable and deferred tax

The tax currently payable is based on taxable profit for the period Taxable profit differs from net profit

as reported in the consolidated income statement because it excludes items of income or expense that are taxable or deductible in other periods (including loss carried forward, if any) and it further excludes

Deferred tax is recognised on significant differences between carrying amounts of assets and liabilities in the interim consolidated financial statements and the corresponding tax bases used in the computation of

taxable profit and is accounted for using balance sheet liability method Deferred tax liabilities are

generally recognised for all temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which deductible temporary differences can

be utilised

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised Deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same tax authority and the Company intends to settle its current tax assets and liabilities on a net basis

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The determination of the tax currently payable is based on the current interpretation of tax regulations

However, these regulations are subject to periodic variation and their ultimate determination depends on the results of the tax authorities’ examinations

Other taxes are paid in accordance with the prevailing tax laws in Vietnam

CASH AND CASH EQUIVALENTS

Company ("AB Bank")

b Investments in other entities

395,271,613,400 (395,271,613,400) 395,271,613,400 (395,271,613,400)

- Investments in other entities Dong A Joint Stock Commercial Bank ("DAB") (**)

395,271,613,400 (310,579,863,400) 84,691,750,000 395,271,613,400 (310,579,863,400) 84,691,750,000

445,336,613,400 _(395,271,613,400) 50,065,000,000 395,336,613,400 (310,579,863,400) 84,756,750,000

(*) The time deposits with a term of 6 months from 05 April 2016 and an interest rate of 7.1%/year

(**) On 14 August 2015, the State Bank of Vietnam decided to put Dong A Joint Stock Commercial Bank under special control The Board of Directors believes that the Company made provision for impairment of investments in this bank fully and in accordance with current accounting regulations as at

the interim consolidated balance sheet date

SHORT-TERM TRADE RECEIVABLES

14

— :500-0

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