PNJ Consol FS E 31.12.15 File nhe

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(Incorporated in the Socialist Republic of Vietnam)

AUDITED COSOLIDATED FINANCIAL STATEMENTS

For the year ended 31 December 2015

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PHU NHUAN JEWELRY JOINT STOCK COMPANY

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

Ho Chi Minh City, S.R Vietnam

TABLE OF CONTENTS

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED CASH FLOW STATEMENT

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The Board of Directors of Phu Nhuan Jewelry Joint Stock Company (the "Parent Company") and subsidiaries (theParent Company and its subsidiaries are collectively referred to as the "Company") presents this report togetherwith the Company's consolidated financial statements for the year ended 31 December 2015

The members of the Boards of Management and Directors of the Company who held office during the year and tothe date of this report are as follows:

Board of Directors

Ms Cao Thi Ngoc Dung

Mr Nguyen Vu Ph an

Ms Nguyen Thi Cue

Mr Nguyen Tuan Quynh

Ms Nguyen Thi Bich Ha

Ms Pham Vu Thanh Giang

Mr Andy Ho

Mr Pham Quoc Cong

ChairwomanVice ChairmanMemberMemberMemberMemberMemberMember (appointed on 15 April 20 15)

The Board of Directors of the Company is responsible for preparing the consolidated financial statements, whichgive a true and fair view of the consolidated financial position of the Company and of its consolidated results andconsolidated cash flows for the year in accordance with Vietnamese Accounting Standards, accounting regime forenterprises and legal regulations relating to financial reporting In preparing these consolidated financialstatements, the Board of Directors is required to:

• Select suitable accounting policies and then apply them consistently;

• Make judgments and estimates that are reasonable and prudent;

• State whether applicable accounting principles have been followed, subject to any material departuresdisclosed and explained in the consolidated financial statements;

• Prepare the consolidated financial statements on the going concern basis unless it is inappropriate to presumethat the Company will continue in business; and

• Design and implement an effective internal control system for the purpose of properly preparing andpresenting the consolidated financial statements so as to minimize errors and frauds

The Board of Directors is responsible for ensuring that proper accounting records are kept, which disclose, withreasonable accuracy at any time, the consolidated financial position of the Company and that the consolidatedfinancial statements comply with Vietnamese Accounting Standards, accounting regime for enterprises and legalregulations relating to financial reporting The Board of Directors is also responsible for safeguarding the assets ofthe Company and hence for taking reasonable steps for the prevention and detection of frauds and otherirregularities

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PHU NHUAN JEWELRY JOINT STOCK COMPANY

170 Ph an Dang Luu Street, Ward 3, Phu Nhuan District

STATEMENT OF THE BOARD OF DIRECTORS (Continued)

The Board of Directors confirms that the Company has complied with the above requirements in preparing theseconsolidated financial statements I

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Oeloitte. 18th Floor, Times Square Building,

57-69F Dong Khoi Street, District 1

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

A JOURNEY TO EXCelLENCE

No.2lC /VN I A-HC-8C

INDEPE DENT AUDITORS' REPORT

To: The shareholders, Boards of Management and Directors of

Phu Nhuan Jewelry Joint Stock Company

We have audited the consolidated financial statements of Phu Nhuan Jewelry Joint Stock Company andsubsidiaries (the "Company"), prepared on I March 2016 as set out from page 5 to page 35, which comprisethe consolidated balance sheet as at 31 December 2015, and the consolidated statement of income, andconsolidated statement of cash flows for the year then ended, and a summary of significant accounting policiesand other explanatory information

Board of Directors' Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements

in accordance with Vietnamese Accounting Standards, accounting regime for enterprises and legal regulationsrelating to consolidated financial reporting and for such internal control as the Board of Directors determines

is necessary to enable the preparation of consolidated financial statements that are free from materialmisstatement, whether due to fraud or error

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit We conducted ouraudit in accordance with Vietnamese Standards on Auditing Those standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance about whether theconsolidated financial statements are free from material misstatement

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in theconsolidated financial statements The procedures selected depend on the auditors' judgment, including theassessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud

or error In making those risk assessments, the auditors consider internal control relevant to the Company'spreparation and fair presentation of the consolidated financial statements in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness

of the Company's internal control An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of accounting estimates made by the Board of Directors, as well asevaluating the overall presentation of the consolidated financial statements

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion

Opinion

In our opinion, the consolidated financial statements give a true and fair view of, in all material respects, theconsolidated financial position of the Company as at 31 December 2015, and its consolidated financialperformance and its consolidated cash flows for the year then ended in accordance with VietnameseAccounting Standards, accounting regime for enterprises and legal regulations relating to financial reporting

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 entiti:s D~L and e~ch of its memb~r firms ~re legall.y

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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170 Phan Dang Luu Street, Ward 3, Phu Nhuan District Consolidated financial statements

3 Taxes and other receivables from the State 153 12 1,108,197,109 4,653,263,806budget

2 Equity invesments in other entities 253 17 395,271,613,400 460,651,988,400

3 Provision for impairment oflong-term financial 254 6 (310,579,863,400) (10,309,113,400)investments

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170 Phan Dang Luu Street, Ward 3, Phu Nhuan District Consolidated financial statements

CONSOLIDATED BALANCE SHEET (Continuted)

3 Taxes and amounts payable to the State budget 313 12 30,738,737,942 45,893,557,644

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Consolidated financial statementsFor the year ended 31 December 2015

4 Cost of goods sold and services rendered

5 Gross profit from goods sold and services rendered

13 (Loss)/profit from other activities (40=31-32)

14 Profit from associates

15 Accounting profit before tax (50=30+40+45)

16 Current corporate income tax expense

17 Deferred corporate income tax

18 Profit after corporate income tax (60=50-51-52)

Attributable to:

- Non-controlling interest

- The Parent Company's shareholders

19, Basic earnings per share

Duong Quang Hai

Preparer

DangThi LaiChief Accountant

010210

FORM B 02-DN/HN

Unit: VND

7,741,445,592,122 9,297,810,872,56533,092,915,485 98,592,775,0137,708,352,676,637 9,199,218,097,552

6,537,985,006,949 8,309,982,541,6381,170,367,669,688 889,235,555,914

1,327,860,382 18,739,496,430430,803,003,461 90,254,654,225

423,930,312,468 354,954,031,945117,548,223,185 129,618,733,552199,413,990,956 333,147,632,622

1,626,760,778 2,661,863,7384,235,541,568 1,579,562,479(2,608,780,790) 1,082,30I,259518,169,336 803,613,002197,323,379,502 335,033,546,88346,596,055,972 79,455,050,132( 1,575,489,218) (293,307,944)152,302,812,748 255,871,804,695

212223252630

3031

3233

3132404550515260

16

3418

6162

hi Ngoc DungGeneral Director

1 March 2016

The notes set out on pages 9 to 35 are an integral part of these consolidated financial statements

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Consolidated financial statements For the year ended 31 December 2015

FORM B 03-DNIHN

Unit: VND

I CASH FLOWS FROM OPERATING ACTIVITIES

2 Adjustments for:

Foreign exchange loss arising from translating

Net cash generated by/(used in) operating activities 20 73,704,663,771 (353,089,120,004)

II CASH FLOWS FROM INVESTING ACTIVITIES

I Acquisition of fixed assets and other long-term assets 21 (70,364,650,219) (34,530,888,745)

3 Cash recovered from lending, selling debt instruments of 24 26,152,150,000 9,J49,322,084 other entities

III CASH FLOWS FROM FINANCING ACTIVITIES

(50=20+30+40)

-.;;;:;=;-t::~ao Thi Ngoc Dung

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Consolidated financial statementsFor the year ended 3 I December 20 15

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

Phu Nhuan Jewelry Joint Stock Company (the "Parent Company") was incorporated as a joint stockcompany under the Business Registration Certificate No 0300521758 dated 2 January 2004 issued bythe 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 2009pursuant to the Decision No I29/f)KNY issued by the General Director of HOSE on 26 December 2008.The number of employees as at 31 December 2015 was 3,274 (as at 31 December 2014: 2,494)

Operating industry and principal activities

The Company's principal activities are to trade gold, silver, jewelry and gemstones, and to import andexport 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 orless

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 one hundred and ninety-four (194) retailshops located in various provinces and cities in Vietnam

As at 31 December 2015, the Company's subsidiaries and associates were:

- CAO Fashion Company Limited - Subsiadiary

- PNJ Laboratory Company Limited - Subsiadiary

- Dong A Land Joint Stock Company- Associate

As at 3 I December 2015, the Company also had forty one (41) branches located in various provinces andcities 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 consolidated financial statements

As stated in Note 3, since I January 2015, the Company has adopted Circular No 200/2014/TT-BTCissued by the Ministry of Finance on 22 December 2014 ("Circular 200") guiding the accounting regimefor enterprises and Circular No 202/2014/TT-BTC issued by the Ministry of Finance on 22 December

2014 ("Circular 202") guiding the preparation and presentation of consolidated financial statements.Circular 200 supersedes the regulations for accounting regime promulgated under Decision No.15/2006/QD-BTC dated 20 March 2006 issued by the Ministry of Finance and Circular No.244/20091TT-BTC dated 31 December 2009 issued by the Ministry of Finance Circular 202 supersedessection XIII in Circular No 161/20071TT-BTC dated 31 December 2007 of the Ministry of Financeguiding the preparation and presentation of consolidated financial statements in accordance withVietnamese Accounting Standard No 25 "Consolidated Financial Statements and Accounting forInvestments in Subsidiaries" However, the adoption of such circulars does not have significant impact

on the comparability of the figures in the Company's consolidated financial statements

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Consolidated financial statementsFor the year ended 31 December 2015NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FORM B 09-DN/HNThese notes are an integral part of and should be read in conjunction with the accompanying consolidated financial statements

2 ACCOUNTING CONVENTION AND FINANCIAL YEAR

Accounting convention

The accompanying consolidated financial statements, expressed in Vietnam Dong ("VND"), areprepared under the historical cost convention and in accordance with Vietnamese Accounting Standards,accounting regime for enterprises and legal regulations relating to financial reporting

The accompanying consolidated financial statements are not intended to present the consolidatedfinancial position, consolidated results of operations and consolidated cash flows in accordance withaccounting principles and practices generally accepted in countries and jurisdictions other than Vietnam.Financial year

The Company's financial year begins on IJanuary and ends on 31 December

New guidance on accounting regime for enterprises

On 22 December 2014, the Ministry of Finance issued Circular No 200/20 141TT-BTC ("Circular 200")guiding the accounting regime for enterprises and Circular No 202120 141TT-BTC (Circular 202) guidingthe preparation and presentation of consolidated financial statements These circulars are effective forfinancial years beginning on or after I January 2015 Circular 200 supersedes the regulations foraccounting regime promulgated under Decision No 15/2006/QD-BTC dated 20 March 2006 issued bythe Ministry of Finance and Circular No 244/20091TT-BTC dated 31 December 2009 issued by theMinistry of Finance Circular 202 will supersede section XIII in Circular No 161/20071TT-BTC dated

31 December 2007 of the Ministry of Finance guiding the preparation and presentation of consolidatedfinancial statements in accordance with Vietnamese Accounting Standard No 25 "ConsolidatedFinancial Statements and Accounting for Investments in Subsidiaries" The Board of Directors hasadopted Circular 200 in the preparation and presentation of the consolidated financial statements for theyear ended 3IDecember 2015

4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies, which have been adopted by the Company in the preparation ofthese consolidated financial statements, are as follows:

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Parent Company andenterprises controlled by the Parent Company (its subsidiaries) up to 31 December each year Control isachieved where the Company has the power to govern the financial and operating policies of an investeeenterprise so as to obtain benefits from its activities

The results of subsidiaries acquired or disposed of during the year are included in the consolidatedincome statement from the effective date of acquisition or up to the effective date of disposal, asappropriate

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Consolidated financial statementsFor the year ended 31 December 2015NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FORM B 09-DN/HNThese notes are an integral part 0/and should be read in conjunction with the accompanying consolidated financial statements Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accountingpolicies used in line with those used by the Parent 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 theparent'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-controllinginterests' share of changes in equity since the date of the combination Losses in subsidiaries arerespectively attributed to the non-controlling interests even if this results in the non-controlling interestshaving a deficit balance

Business combinations

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

The non-controlling interests are initially measured at the non-controlling shareholders' proportion of thenet 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 asubsidiary nor an interest in joint venture Significant influence is the power to participate in the financialand 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 consolidated financialstatements using the equity method of accounting Interests in associates are carried in the consolidatedbalance sheet at cost as adjusted by post-acquisition changes in the Parent Company's share of the netassets 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 inthe associate) are not recognised

Where a group entity transacts with an associate of the Parent Company, unrealised profits and losses areeliminated 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 transactioncosts that are directly attributable to the acquisition of the financial assets Financial assets of theCompany comprise cash, trade and other receivables, deposits and financial investments

Financial liabilities: At the date of initial recognition financial liabilities are recognised at cost plustransaction costs that are directly attributable to the issue of the financial liabilities Financial liabilities ofthe 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 afterinitial recognition

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I .<" ..~ I

:x:IJHAN x

'E' *

J ,:tProvisions for impairment of investments in subsidiaries, joint ventures and associates are made in ¥.~.ffaccordance with Circular No 228/2009!fT-BTC dated 7 December 2009 issued by the Ministry of C;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 89/20 13!fT -BTC dated 28 June 2013 by the Ministry of Finance amending and

supplementing Circular No 22812009!fT-BTC and prevailing accounting regulations

Consolidated financial statementsFor the year ended 31 December 2015NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FORM B 09-DNIHN

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

Cash

Cash comprise cash on hand and demand deposits

Financial investments

Trading securities

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

Held-to-maturity investments

Held-to-maturity investments comprise investments that the Company has the positive intent or ability to

hold to maturity, including term deposits (commercial bills), bonds, preference shares which the issuer

shall redeem at a certain date in the future, loans held to maturity to earn periodic interest and other

held-to-maturity investments

Held-to-maturity investments are recognised on a trade date basis and are initially measured at

acquisition price plus directly attributable transaction costs Post-acquisition interest income from

held-to-maturity investments is recognised in the consolidated income statement on accrual basis

Pre-acquisition interest is deducted from the cost of such investments at the acquisition date

Held-to-maturity investments are measured at cost less provision for doubtful debts

Provision for doubtful debts relating to held-to-maturity investments is made In accordance with

prevailing accounting regulations

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 I 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

Receivables

Receivables represent the amounts recoverable from customers or other debtors and are stated at book

value less provision for doubtful debts

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Consolidated financial statementsFor the year ended 31 December 2015NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FORM B 09-0NIHNThese notes are an integral part of and should be read in conjunction with the accompanying consolidated financial statements Provision for doubtful debts is made for receivables that are overdue for six months or more, or when thedebtor is in dissolution, in bankruptcy, or is experiencing similar difficulties and so may be unable torepay the debt

Inventories

Inventories are stated at the lower of cost and net realisable value Cost comprises direct materials andwhere applicable, direct labour costs and those overheads that have been incurred in bringing theinventories 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 accountingregulations which allow provisions to be made for obsolete, damaged, or sub-standard inventories andfor 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 tangiblefixed assets comprise their purchase prices and any directly attributable costs of bringing the assets totheir working condition and location for their intended use

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

Buildings and structures

Machinery and equipment

Leasing

Leases where substantially all the rewards and risks of ownership of assets remain with the leasingcompany are accounted for as operating leases Rentals payable under operating leases are charged to theincome 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 accumulatedamortisation 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 Companyreceived the certificate of land use rights The history cost of the land use rights comprises all directlyattributable costs of bringing the land lot to the condition available for intended use and is not amortizedbecause 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 andconstruction 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 areready for their intended use

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Consolidated financial statementsFor the year ended 31 December 2015NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FORM B 09-DN/HNThese notes are an integral part of and should be read in conjunction with the accompanying consolidated financial statements

Prepayments

Prepayments include short-term prepayments or long-term prepayments in the consolidated balance sheetand are amortised over the period for which the amounts are paid or the period in which economicbenefits 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 leasescontracts 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 consolidated income statement over 2 to 3 years

Straight bond issued

The Company issues straight bonds for long-term loan purposes to finance capital's projects Carryingvalue of straight bonds is recorded on net basis, equal to bonds' nominal amount

Borrowing costs

Interest expense includes interest and other costs incurred related to the loans of the Company and isrecorded to the expenses incurred during the year

Revenue recognition

Revenue from the sale of goods is recognised when all five (5) following conditions are satisfied:

(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 withownership 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

Revenue of a transaction involving the rendering of services is recognised when the outcome of suchtransactions can be measured reliably Where a transaction involving the rendering of services isattributable to several years, revenue is recognised in each period by reference to the percentage ofcompletion of the transaction at the consolidated balance sheet date of that year The outcome of atransaction can be measured reliably when all four (4) following conditions are satisfied:

(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 bemeasured reliably; and

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

Interest income is accrued on a time basis, by reference to the principal outstanding and at the applicableinterest rate

Dividend income from investments is recognised when the Company's right to receive payment has beenestablished

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Consolidated financial statementsFor the year ended 31 December 2015NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FORM B 09-DNIHNThese notes are an integral part of and should be read in conjunction with the accompanying consolidated financial statements Severance allowance payable

The severance allowance for employees is accrued at the end of each reporting period for all employeeshaving worked at the Company for full 12 months and above Working time serving as the basis forcalculating severance allowance shall be the total actual working time subtracting the time when theemployees have made unemployment insurance contributions as prescribed by law, and the working timewhen severance allowance has been paid to the employees The allowance made for each year of serviceequals to a half of an average monthly salary under the Vietnamese Labour Code, Social Insurance Codeand relevant guiding documents The average monthly salary used for calculation of severance allowanceshall be adjusted to be the average of the 6 consecutive months nearest to the date of the financialstatements at the end of each financial year The increase or decrease in the accrued amount shall berecorded in the income statement

Foreign currencies

The Company applies the method of recording foreign exchange differences in accordance withVietnamese Accounting Standard No 10 (V AS 10) "Effects of changes in foreign exchange rates" andCircular 200/20 14ffT -BTC ("Circular 200") guiding accouting regime for enterprises Accordingly,transactions arising in foreign currencies are translated at exchange rates ruling at the transaction date.The balances of monetary items denominated in foreign currencies as at the consolidated balance sheetdate are retranslated at the exchange rates on the same date Exchange differences arising from thetranslation of these accounts are recognised in the consolidated income statement Unrealised exchangegains as at the consolidated balance sheet date are not treated as part of distributable profit toshareholders

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 atthe management's best estimate of the expenditure required to settle the obligation as at the balance sheetdate

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 aretaxable or deductible in other periods (including loss carried forward, if any) and it further excludesitems that are never taxable or deductible

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability issettled or the asset realised Deferred tax is charged or credited to profit or loss, except when it relates toitems 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 taxassets against current tax liabilities and when they relate to income taxes levied by the same tax authorityand the Company intends to settle its current tax assets and liabilities on a net basis

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 onthe results of the tax authorities' examinations

Deferred tax is recognised on significant differences between carrying amounts of assets and liabilities inthe consolidated financial statements and the corresponding tax bases used in the computation of taxableprofit and is accounted for using balance sheet liability method Deferred tax liabilities are generallyrecognised for all temporary differences and deferred tax assets are recognised to the extent that it isprobable that taxable profit will be available against which deductible temporary differences can beutilised

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

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Consolidated financial statementsFor the year ended 31 December 2015

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

- Tvne deposit 65,000,000 65,000,000 65,000,000 65,000,000

b Investments in other entities

-Investments in other entities 395,271,613,400 (310,579,863,400) 84,691,750,000 460,651,988,400 (10,309,113,400) 450,342,875,000 Dong A Joint Stock Commercial Bank 395,27},613,-I00 (310,579,863,-100) 84,691,750,000 395,271,613,-100 (10,309,113,-100) 384,962,500,000 ("DAB'U')

Sai Can M&C Real Estate Joint Stock 65,380,3 75,000 65,380,375,000 Company

395,336,613,400 (310,579,863,400) 84,756,750,000 460,716,988,400 (10,309,113,400) 450,407,875,000

Significant intra-group transactions during the year (Note 38)

(*) On 14 August 2015, the State Bank of Vietnam decided to put Dong A Joint Stock Commercial Bankunder special control However, the Board of Directors believes that the Company made provision forimpairment of investments in this bank fully and in accordance with current accounting regulations as atthe consolidated balance sheet date

ToTal Gaz Vietnam Limited

1,050,979,825 644,633,0557,087,633,889 18,714,129,1328,138,613,714 19,358,762,187

21,217,170,462 13,588,573,99621,217,170,462 13,588,573,996

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