PNJ Separate FS E 31.12.15 File nhe1

Vietnam STATEMENT OF THE BOARD OF DIRECTORSThe Board of Directors of Phu Nhuan Jewelry Joint Stock Company the "Company" presents this reporttogether with the Company's separate financia

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PHU NHUAN JEWELRY JOINT STOCK COMPANY

(Incorporated in the Socialist Republic of Vietnam)

For the year ended 31 December 2015

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

Ho Chi Minh City, S.R Vietnam

TABLE OF CONTENTS

INCOME STATEMENT

CASH FLOW STATEMENT

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• 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 separate financial statements;

• prepare the separate 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 separate financial statements so as to minimize errors and frauds

PHU NHUAN JEWELRY JOINT STOCK COMPANY

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

STATEMENT OF THE BOARD OF DIRECTORSThe Board of Directors of Phu Nhuan Jewelry Joint Stock Company (the "Company") presents this reporttogether with the Company's separate financial statements for the year ended 31 December 2015

THE BOARDS OF MANAGEMENT AND DIRECTORS

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

Board of Directors

Ms Cao Thi Ngoc Dung

Mr Nguyen Vu Phan

Ms Nguyen Thi Cue

Mr Nguyen Tuan Quynh

Ms Nguyen Thi Bich Ha

Ms Pham Vu Thanh Giang

Mr Andy Ho

Mr Ph am Quoc Cong

ChairwomanVice ChairmanMemberMemberMemberMemberMemberMember (appointed on 15 April 2015)

BOARD OF DIRECTORS' STATEMENT OF RESPONSIBILITY

The Board of Directors of the Company is responsible for preparing the separate financial statements, whichgive a true and fair view of the financial position of the Company and of its results and cash flows for the year

in accordance with Vietnamese Accounting Standards, accounting regime for enterprises and legal regulationsrelating to financial reporting In preparing these separate financial statements, the Board of Directors isrequired to:

The Board of Directors is responsible for ensuring that proper accounting records are kept, which disclose,with reasonable accuracy at any time, the financial position of the Company and that the separate financialstatements comply with Vietnamese Accounting Standards, accounting regime for enterprises and legalregulations relating to financial reporting The Board of Directors is also responsible for safeguarding theassets of the Company and hence for taking reasonable steps for the prevention and detection of frauds andother irregularities

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STATEMENT OF THE BOARD OF DIRECTORS (Continued)

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

The Board of Directors confirms that the Company has complied with the above requirements in preparingthese separate financial statements

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Deloitte. Deloltte Vietnam Company Ltd.

18th Floor, Times Square Building,

57 -69F Dong Khoi Street, District 1

Ho Chi Minh City, Vietnam Tel: +84 8 3910 0751 Fax: +84 8 39100750

No .,fZ.'13 /VNIA-HC-BC

A JOURNEY TO EXCELLENCE

INDEPENDENT AUDITORS' REPORT

To: The shareholders, Boards of Management and Directors of

Phu Nhuan Jewelry Joint Stock Company

We have audited the accompanying separate financial statements ofPhu Nhuan Jewelry Joint Stock Company(the "Company"), prepared on I March 2016 as set out from page 5 to page 35, which comprise the balancesheet as at 3 I December 2015, and the statement of income and statement of cash flows for the year thenended, and a summary of significant accounting policies and other explanatory information

Board of Directors' Responsibility for the Separate Financial Statements

The Board of Directors is responsible for the preparation and fair presentation of these separate financialstatements in accordance with Vietnamese Accounting Standards, accounting regime for enterprises and legalregulations relating to financial reporting and for such internal control as the Board of Directors determines isnecessary to enable the preparation of separate financial statements that are free from material misstatement,whether due to fraud or error

Auditors+Responsibility

Our responsibility is to express an opinion on these separate financial statements based on our audit Weconducted our audit in accordance with Vietnamese Standards on Auditing Those standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whetherthe separate financial statements are free from material misstatement

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in theseparate financial statements The procedures selected depend on the auditors' judgment, including theassessment of the risks of material misstatement of the separate financial statements, whether due to fraud orerror In making those risk assessments, the auditors consider internal control relevant to the Company'spreparation and fair presentation of the financial statements in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of theCompany's internal control An audit also includes evaluating the appropriateness of accounting policies usedand the reasonableness of accounting estimates made by the Board of Directors, as well as evaluating theoverall presentation of the separate 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 financial statements give a true and fair view, in all material respect, of the financialposition of the Company as at 31 December 2015, and its financial performance and its cash flows for the yearthen ended in accordance with Vietnamese Accounting Standards, accounting regime for enterprises and legalregulations 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 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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For and on behalf of

Deloitte Vietnam Company Limited

1 March 2016

Nguyen Trong TheAuditor

Audit Practising Registration Certificate

No 2649-2013-001-1

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

BALANCE SHEET

As at 31 December 2015

FORM B 01-DNUnit: VND

5 Deficits in assets awaiting solution 139 9 560,996,243 90 I ,448,285

3 Taxes and other receivables

from the State budget

~

IV Long-term financial investments 250 166,084,385,537 531,735,510,537

3 Equity investments in other entities 253 18 395,271,613,400 460,651,988,400

4 Provision for impairment of long-term

254 6 (341,053,527,863) (40,782,777,863)financial investments

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Separate financial statementsFor the year ended 3 I December 2015BALANCE SHEET (Continued)

As at 31 December 2015

RESOURCES

C LIABILITIES

I Current liabilities

I Short-term trade payables

2 Short-term advances from customers

3 Taxes and amounts payable to the State budget

4 Payables to employees

5 Short-term accrued expenses

6 Other current payables

7 Short-term loans

8 Bonus and welfare funds

II Long-term liabilities

I Other long-term payables

2 Long-term loans

3 Long-term provisions

D EQUITY

I Owner's equity

I Owner's contributed capital

- Ordinary shares carrying

- Retained earnings accumulated to

the prior year end

311 20312

313 14314315

319 21

320 22322330

31/12/20151,584,536,605,9591,502,304,378,590191,490,239,87020,602, I04,47027,769,837,43116,702,705,3804,909,222,76828,340,702,0141,195,260,458,89617,229,107,76182,232,227,3693,403,668,00072,388,000,0006,440,559,369

1,373,063,253,0321,373,063,253,032982,745,770,000982,745,770,000

(7,090,000)219,647,610,783170,676,962,24911,058,300,901159,618,661,3482,957,599,858,991

31112120141,546,477,098,3601,408,892,716,260141,440,940,44510,577,252,25345,248,221,89926,969,847,0634,188,467,51041,515,425,6281,131,686,128,0417,266,433,421137,584,382,100455,382,100137,129,000,000

1,266,710,670,4841,266,710,670,484755,970,350,000755,970,350,000105,021,650,000(7,090,000)232,805,050,783172,920,709,701

165,986,448,0992,813,187,768,844

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

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Separate financial statementsFor the year ended 31 December 2015

INCOME STATEMENTFor the year ended 31 December 2015

ITEMS

1 Gross revenue from goods sold

and services rendered

2 Deductions

3 Net revenue from goods sold

and services rendered (10=01-02)

15 Current corporate income tax expense

16 Deferred corporate tax income

17 Net profit after corporate income tax

II

20212223252630313240

2727

7,697,947,292,121 7,213,329,446,12232,772,062,485 15,774,625,3187,665,175,229,636 7,197,554,820,8046,526,825,680,421 6,407,382,523,0351,138,349,549,215 790,172,297,76925,202,741,050 48,071 ,487,482430,803,003,461 95,054,464,19181,048,729,469 72,826,281,233414,552,191,198 310,939,565,559115,421,041,014 105,943,645, I06202,776,054,592 326,306,110,3951,622,837,532 1,510,091,7584,225,673,585 1,025,60I,064(2,602,836,053) 484,490,694200,173,218,539 326,790,601,08942,130,046,409 70,308,883,318

(I,575,489,218) (219,612,528)159,618,661,348 256,701,330,299

Codes Notes -==:;

28

30313233

505152

3434

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CASH FLOW STATEMENTFor the year ended 31 December 2015

ITEMS

FORM B 03-DNUnit: VND2015

-Codes

I CASH FLOWS FROM OPERATING ACTIVITIES

Net cash generated by/tused in) operating activities 20 65,711,729,610 (J69,130,186,247)

II CASH FLOWS FROM INVESTING ACTIVITIES

1 Acquisition and construction of fixed assets 21

2 Proceeds from sale, disposal of fixed assets 22

3 Cash recovered from investments in other entities 26

4 Interest earned, dividends and profits received 27

Net cash (used inl/generated by investing activities 30

III CASH FLOWS FROM FINANCING ACTIVITIES

Net cash used in by financing activities 40

Net increase/(decrease) in cash (50=20+30+40) 50

Cash at the end of the year (70=50+60) 70

Nguyen Thanh Dat

Preparer

Dang Thi LaiChief Accountant

(69,216,587,907) (38,054,500,322)301,946,364

26,152,150,000 220,269,982,000104,905,713 11,791,938,510(42,657,585,830) 194,007,420,188

4,751,829,672,583 4,288,198,884,470

~

(4,752,996,341,728) (4,074,145,320,054)(22,678,897,800) (241,907,534,200) ~

(23,845,566,945) (27,853,969,784)(791,423,165) (2,976,735,843)35,139,719,411 38,116,455,254

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Separate financial statementsFor the year ended 3 I December 2015

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

1 "GENERAL INFORMATION

Structure of ownership

Phu Nhuan Jewelry Joint Stock Company (the "Company") was incorporated in Vietnam, under theBusiness Registration Certificate No 0300521758 issued by the Department of Planning andInvestment of Ho Chi Minh City on 2 January 2004, as amended

The Company has been listed on the Ho Chi Minh City Stock Exchange ("HOSE") from 23 March

2009 pursuant to the Decision No.129/DKNY issued by the General Director of HOSE on 26December 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, jewellery and gemstones, and to importand export jewellery 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

As at 31 December 2015, the Company subsidiaries and associate were:

- CAO Fashion Company Limited - Subsidiary

- PNJ Laboratory Company Limited - Subsidiary

- Dong A Land Joint Stock Company- Associate

The Company's structure

The Company's head office is located at 170 Ph an Dang Luu Street, Phu Nhuan District, Ho ChiMinh 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 also had forty-one (41) branches located in various provincesand cities in Vietnam, in which, the big branches were:

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

- Branch ofPhu Nhuan Jewellery Joint Stock Company- Hue City

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

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

- Branch ofPhu Nhuan Jewellery Joint Stock Company- Da Nang Branch

- Branch ofPhu Nhuan Jewellery Joint Stock Company- Ha Noi Branch

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

- Branch of Phu Nhuan Jewellery Joint Stock Company- Tay Nguyen Branch

Disclosure of information comparability in the separate financial statements

As stated in Note 3, since 1 January 2015, the Company has adopted Circular No 200/20 14/TT -BTCissued by the Ministry of Finance on 22 December 2014 ("Circular 200") guiding the accountingregime for enterprises This Circular is effective for the financial year beginning on or after 1 January

2015 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.244/2009/TT-BTC dated 31 December 2009 issued by the Ministry of Finance However, theadoption of Circular 200 does not have significant impact on the comparability of the figures in theCompany's financial statements

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Separate financial statementsFor the year ended 3 I December 20 15

Accounting convention

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

The accompanying separate financial statements are prepared to present the Company's financialposition as at 3I December 2014, results of operations and cash flows for the year then ended.Therefore, the Company did not consolidate the subsidiaries' financial statements in these separatefinancial statements Accounting convention relating to the Company's investments is specified inNote 4 hereafter

The accompanying separate financial statements are not intended to present the financial position,results of operations and cash flows in accordance with accounting principles and practices generallyaccepted in countries and jurisdictions other than Vietnam

Financial year

The Company's financial year begins on Ilanuary 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 14/TT-BTC ("Circular200") guiding the accounting regime for enterprises This Circular is effective for financial yearsbeginning on or after Ilanuary 2015 Circular 200 supersedes the regulations for accounting regimepromulgated under Decision No 15/2006/QD-BTC dated 20 March 2006 issued by the Ministry ofFinance and Circular No 244/2009/TT-BTC dated 31 December 2009 issued by the Ministry ofFinance The Board of Directors has adopted Circular 200 in the preparation and presentation of theseparate financial statements for the year ended 3IDecember 2015

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

Estimates

The preparation of separate financial statements in conformity with Vietnamese AccountingStandards, accounting regime for enterprises and legal regulations relating to financial reportingrequires management 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 separate financialstatements and the reported amounts of revenues and expenses during the financial year Althoughthese accounting estimates are based on the management's best knowledge, actual results may differfrom those estimates

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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 Financialliabilities of the Company comprise borrowings, trade and other payables, accrued expenses

Financial investments

Subsequent measurement after initial recognition

Currently, there are no requirements for the subsequent measurement of the financial instrumentsafter initial recognition

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

Held-to-maturity investments comprise investments that the Company has the positive intent orability to hold to maturity, including term deposits

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

Held-to-maturity investments

Held-to-maturity investments are recognised on a trade date basis and are initially measured atacquisition price plus directly attributable transaction costs Post-acquisition interest income fromheld-to-maturity investments is recognised in the income statement on accrual basis Pre-acquisitioninterest is deducted from the cost of such investments at the acquisition date

Investments in subsidiaries, associates

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 withprevailing accounting regulations

Investments in associates

Investment in subsidiaries

A subsidiary is an entity over which the Company has control Control is achieved where theCompany has the power to govern the financial and operating policies of an investee enterprise so as

to obtain benefits from its activities

An associate is an entity over which the Company has significant influence and that is neither asubsidiary nor an interest in joint venture Significant influence is the power to participate in thefinancial and operating policy decisions of the investee but not control or joint control over thosepolicies

Interests in subsidiaries, joint ventures and associates are initially recognised at cost The Company'sshare of the net profit of the investee after acquisition is recognised in the income statement Otherdistributions received other than such profit share are deducted from the cost of the investments asrecoverable amounts

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

investments in subsidiaries, joint ventures and associates are carried in the balance sheet at cost lessprovision for impairment of such investments (if any)

Other long-term investments

Other long-term investments are investments in other entities which the Company owns less than20% voting rights and does not have significant influence, with maturity over Iyear The other long-term investments are recorded at the starting date of acquisition and the initial value are determinedbased on the cost and other cost related to the investments In the next fiscal year, the other long-terminvestments is determined at cost less the impairment in value of investments

Provisions for impairment of investments

Provisions for impairment of investments in subsidiaries and associates are made in accordance withCircular No 228/2009rrT-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 financialinvestments, bad debts and warranty for products, goods and construction works at enterprises",Circular No 89/2013rrT-BTC dated 28 June 2013 by the Ministry of Finance amending andsupplementing Circular No 22812009rrT-BTC and prevailing accounting regulations

The evaluation of necessary provision for inventory obsolescence follows current prevailingaccounting regulations which allow provisions to be made for obsolete, damaged, or sub-standardinventories and for those which have costs higher than net realisable values as at the balance sheetdate

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less accumulated depreciation The costs of purchasedtangible fixed assets comprise their purchase prices and any directly attributable costs of bringing theassets 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:

Buildings and structures

Machinery and equipment

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·Cain or loss resulting from sales and disposals of tangible fixed assets is the difference between profitfrom sales or disposals of assets and their residual values and is recognised in the income statement.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 tothe income statement on a straight-line basis over the term of the relevant lease

Intangible assets and amortisation

Intangible assets represent computer software that is stated at cost less accumulated amortisation and

is amortised on the straight-line basis over their estimated useful lives of 3 years

Land use rights are recorded as an intangible asset on the balance sheet when the Company receivedthe certificate of land use rights Historical cost of land use rights includes all costs directly related totransfer of assets into ready for use status and is not amortized because land use rights have longusage time

Construction in progress

Properties in the course of construction for selling, are carried at cost Cost includes land use rightsand construction cost for trade centers and stores in accordance with the Company's accountingpolicy Depreciation of these assets, on the same basis as other assets, commences when the assets areready for their intended use

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

Prepayments

Prepayments are expenses which have been reported as short-term or long-term prepayment on thebalance sheet and are amortized over the period for which the amount are paid or the period in whicheconomic benefits are generated in relation to these expenses

The following types of expenses are recorded as long term prepayments:

- Prepaid rental which includes land and shop rental prepaid for many years under operating leasecontracts and is amortized over the lease term;

- Tools and consumables with large value issued in use which can be used for more than one year,and others which are amortized to the income statement over 2 to 3 years

(b) the Company retains neither continuing managerial involvement to the degree usually associatedwith 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

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

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 periods, revenue is recognised in each period by reference to the percentage ofcompletion of the transaction at the balance sheet date of that period The outcome of a transactioncan 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 balance sheet date can be measured 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 theapplicable interest rate

Dividend income from investments is recognised when the Company's right to receive payment hasbeen established

Severance allowance payable

The severance allowance for employees is accrued at the end of each reporting period for allemployees having worked at the Company for full 12 months and above Working time serving as thebasis for calculating severance allowance shall be the total actual working time subtracting the timewhen the employees have made unemployment insurance contributions as prescribed by law, and theworking time when severance allowance has been paid to the employees The allowance made foreach year of service equals to a half of an average monthly salary under the Vietnamese Labour Code,Social Insurance Code and relevant guiding documents The average monthly salary used forcalculation of severance allowance shall be adjusted to be the average of the 6 consecutive monthsnearest to the date of the financial statements at the end of each reporting period The increase ordecrease in the accrued amount shall be recorded in the income statement

Foreign currencies

The Company applies the method of recording foreign exchange differences in accordance withVietnamese Accounting Standard No.1 0 (V AS 10) "Effect of changes in foreign exchange rates" andCircular 200/20 14{[T -BTC (Circular 200) guiding the accounting regime for enterprises.Accordingly, transactions arising in foreign currencies are translated at exchange rates ruling at thetransaction date The balances of monetary items denominated in foreign currencies as at the balancesheet date are retranslated at the exchange rates on the same date Exchange differences arising fromthe translation of these accounts are recognised in the income statement

Payable provisions

Payable provisions are recognised when the Company has a present obligation as a result of a pastevent, and it is probable that the Company will be required to settle that obligation Provisions aremeasured at the Board of Directors' 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 year Taxable profit differs from net profit

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

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' Deferred tax is recognised on significant differences between carrying amounts of assets and

liabilities in the separate 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

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

31112/2014VND28,757,507,0934,660,869,3181,721,343,000

31112/2015VND25,181,118,2807,132,550,9662,034,627,000

Cash on hand

Cash in bank

Cash in transit

35,139,719,41134,348,296,246

As at 31 December 2014, cash equivalents which are gold material are reclassified to inventories in

accordance with guidance of Circular No 200/20 14/TT -BTC of the Ministry of Finance dated 22

December 2014 with an amount ofVND 234,599,264,879

b Investments in other entities

- Investments in others entities 20,000,000,000 20,000,000,000 20,000,000,000 20,000,000,000

CAD Fashion Company Limited 10,000,000,000 10,000, 000, 000 10,000,000,000 10,000,000,000

PNJ uiboratory Company Limited 10,000,000,000 10,000,000,000 10,000,000,000 10,000,000,000

-Investments in associates 91,866,300,000 (30,473,664,463) 61,392,635,537 91,866,300,000 (30,473,664,463) 61,392,635,537

Dong A Land Joint Stock 91,866,300,000 (30,473,664,463) 61.392,635,537 91,866,300,000 (30,473,664,463) 61,392,635,537

Company

- Investments in others 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 (*)

395,271,6I3,~00 (310,579,863,400) 8~,691,750,000 395,271,613,400 (10,309,113.400) 384,962,500,000Commercial Bank

Sai Gon M&C Real Estate

65,380,3 75,000 65,380,375,000Joint Stock Company

507,202,913,400 (341,053,527,863) 166,149,385,537 572,583,288,400 (40,782,777,863) 531,800,510,537

Significant intra-group transactions during the year (Note 37)

15

~1-00,

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These notes are an integral part 0/and should be read in conjunction with the accompanying separate financial statements

(*) On 14 August 2015, the State Bank of Vietnam decided to put Dong A Joint Stock CommercialBank under special control However, the Board of Directors believes that the Company madeprovision for impairment of investments in this bank fully and in accordance with current accountingregulations as at the balance sheet date

- Long-term deposits for shop rentals 20,841,475,040 13,014,032,750

9 DEFICITS IN ASSSETS AWAITING SOLUTION

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