PNJ Separate FS E 31.12.15 File nhe1

PHU NHUAN JEWELRY (Incorporated AUDITED JOINT STOCK COMPANY in the Socialist Republic of Vietnam) SEPARATE FINANCIAL For the year ended 31 December 2015 STATEMENTS PHU NHUAN JEWELRY JOINT STOCK COMPANY 170 Ph an Dang Luu Street, Ward 3, Phu Nhuan District Ho Chi Minh City, S.R Vietnam TABLE OF CONTENTS CONTENTS STATEMENT INDEPENDENT PAGE(S) OF THE BOARD OF DIRECTORS AUDITORS' REPORT 1- 3-4 BALANCE SHEET 5-6 INCOME STATEMENT CASH FLOW STATEMENT NOTES TO THE SEPARATE FINANCIAL STATEMENTS - 35 PHU NHUAN JEWELRY JOINT STOCK COMPANY 170 Phan Dang Luu Street, Ward 3, Phu Nhuan District Ho Chi Minh City, S.R Vietnam STATEMENT OF THE BOARD OF DIRECTORS The Board of Directors of Phu Nhuan Jewelry Joint Stock Company (the "Company") presents this report together 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 to the date of this report are as follows: and Directors of the Company who held office during the year Board of Directors Ms Mr Ms Mr Ms Ms Mr Mr Cao Thi Ngoc Dung Nguyen Vu Phan Nguyen Thi Cue Nguyen Tuan Quynh Nguyen Thi Bich Ha Pham Vu Thanh Giang Andy Ho Ph am Quoc Cong Chairwoman Vice Chairman Member Member Member Member Member Member (appointed on 15 April 2015) Board of Management Ms Cao Thi Ngoc Dung Mr Le Huu Hanh Ms Nguyen Thi Cue Mr Nguyen Vu Phan Ms Pham Thi My Hanh BOARD OF DIRECTORS' General Deputy Deputy Deputy Deputy STATEMENT The Board of Directors of the give a true and fair view of the in accordance with Vietnamese relating to financial reporting required to: • • • • • Director General Director General Director General Director General Director OF RESPONSIBILITY Company is responsible for preparing the separate financial statements, which financial position of the Company and of its results and cash flows for the year Accounting Standards, accounting regime for enterprises and legal regulations In preparing these separate financial statements, the Board of Directors is 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 departures disclosed and explained in the separate financial statements; prepare the separate financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and design and implement an effective internal control system for the purpose of properly preparing and presenting the separate 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, with reasonable accuracy at any time, the financial position of the Company and that the separate financial statements comply with Vietnamese Accounting Standards, accounting regime for enterprises and legal regulations relating to 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 PHU NHUAN JEWELRY JOINT STOCK COMPANY 170 Phan Dang Luu Street, Ward 3, Phu Nhuan District Ho Chi Minh City, S.R Vietnam STATEMENT OF THE BOARD OF DIRECTORS (Continued) The Board of Directors confirms that the Company has complied with the above requirements these separate financial statements Board of Directors, V in preparing Deloltte Vietnam Company Ltd Deloitte No .,fZ '13 18th Floor, Times Square Building, 57 -69F Dong Khoi Street, District Ho Chi Minh City, Vietnam Tel: +84 3910 0751 Fax: +84 39100750 /VNIA-HC-BC A JOURNEY INDEPENDENT To: The shareholders, Boards of Management Phu Nhuan Jewelry Joint Stock Company AUDITORS' TO EXCELLENCE REPORT and Directors of 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 to page 35, which comprise the balance sheet as at I December 2015, and the statement of income and statement of cash flows for the year then ended, 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 financial statements in accordance with Vietnamese Accounting Standards, accounting regime for enterprises and legal regulations relating to financial reporting and for such internal control as the Board of Directors determines is necessary 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 We conducted our audit in accordance with Vietnamese Standards on Auditing Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the separate financial statements are free from material misstatement An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the separate financial statements The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the separate financial statements, whether due to fraud or error In making those risk assessments, the auditors consider internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that 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 accounting policies used and the reasonableness of accounting estimates made by the Board of Directors, as well as evaluating the overall presentation of the separate financial statements We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion Opinion In our opinion, the financial statements give a true and fair view, in all material respect, of the financial position of the Company as at 31 December 2015, and its financial performance and its cash flows for the year then ended in accordance with Vietnamese Accounting 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 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 Deloitte INDEPENDENT AUDITORS' REPORT (Continued) Other Matter The Company's separate financial statements for the year ended 31 December 2014 were audited by another audit company whose independent auditors' report dated 28 March 2015 expressed an unqualified opinion b Nguyen Trong The Auditor Audit Practising Registration Certificate No 2649-2013-001-1 ~Vtr;~e er ~Rl:!ij:::pj'!i'iactisingRegistration Certificate No 0138-2013-001-1 For and on behalf of Deloitte Vietnam Company Limited March 2016 Ho Chi Minh City, S R Vietnam PHU NHUAN JEWELRY JOINT STOCK COMPANY 170 Phan Dang Luu Street, Ward 3, Phu Nhuan District Ho Chi Minh City, S.R Vietnam Separate financial statements For the year ended I December 2015 BALANCE SHEET As at 31 December 2015 FORM B 01-DN Unit: VND ASSETS A CURRENT ASSETS Codes Notes 100 I Cash and cash equivalents I Cash 110 I II II Short-term financial investments I Held-to-maturity investments 120 123 III Short-term receiva bles I Short-term trade receivables Short-term advances to suppliers Other short-term receivables Provision for short-term doubtful debts Deficits in assets awaiting solution 130 131 132 136 137 139 IV Inventories I Inventories 140 141 V Other short-term assets Short-term prepayments Value added tax deductibles Taxes and other receivables from the State budget 150 151 152 153 B NON-CURRENT 200 ASSETS 3111212015 2,249,671,374,204 31112/2014 1,803,181,850,800 34,348,296,246 34,348,296,246 35,139,719,411 35,139,719,411 65,000,000 65,000,000 65,000,000 65,000,000 53,885,770,899 29,617,644,782 9,150,910,662 14,556,219,212 560,996,243 76,957,255,497 45,069,065,323 16,213,997,161 22,524,963,387 (7,752,218,659) 90 I,448,285 10 2,116,642,713,460 2, I 16,642,713,460 1,655,596,302,559 1,655,596,302,559 11 44,729,593,599 43,626,588,708 35,423,573,333 27,110,751,151 3,659,558,376 14 1,103,004,891 4,653,263,806 707,928,484,787 1,010,005,918,044 20,841,475,040 20,841,475,040 13,014,032,750 13,014,032,750 484,951,879,839 192,581,923,667 323,732,078,905 (131,150,155,238) 292,369,956,172 295,745,366,571 (3,375,410,399) 451,461,210,704 160,211,532,448 263,929,102,351 (103,717,569,903) 291,249,678,256 293,121,956,571 (1,872,278,315) 739,090,200 739,090,200 I Long-term receivables I Other long-term receivables 210 216 II Fixed assets I Tangible fixed assets - Cost - Accumulated depreciation Intangible assets - Cost - Accumulated amortisation 220 221 222 223 227 228 229 Ill Long-term assets in progress I Long-term construction in progress 240 242 15 6,279,408,722 6,279,408,722 IV Long-term financial investments I Investments in subsidiaries Investments in associates Equity investments in other entities Provision for impairment of long-term financial investments 250 251 252 253 16 17 18 166,084,385,537 20,000,000,000 91,866,300,000 395,271,613,400 531,735,510,537 20,000,000,000 91,866,300,000 460,651,988,400 254 (341,053,527,863) (40,782,777,863) V Other long-term assets I Long-term prepayments Deferred tax assets 260 261 262 II 19 29,771,335,649 27,274,383,579 2,496,952,070 13,056,073,853 12,134,611,001 921,462,852 TOTAL ASSETS (270=100+200) 270 12 13 2,957,599,858,991 The notes set out on pages to 35 are an integral part oj these separate financial statements 2,813,187,768,844 - ~ ;HI N CON' HNHII Ele HETI ~, - rpi ~ PHU NHUAN JEWELRY JOINT STOCK COMPANY 170 Phan Dang Luu Street, Ward 3, Phu Nhuan District Ho Chi Minh City, S.R Vietnam Separate financial statements For the year ended I December 2015 BALANCE SHEET (Continued) As at 31 December 2015 FORM B 01-DN Unit: VND RESOURCES Codes Notes 31/12/2015 1,584,536,605,959 3111212014 1,546,477,098,360 1,502,304,378,590 191,490,239,870 20,602, I04,470 27,769,837,431 16,702,705,380 4,909,222,768 28,340,702,014 1,195,260,458,896 17,229,107,761 1,408,892,716,260 141,440,940,445 10,577,252,253 45,248,221,899 26,969,847,063 4,188,467,510 41,515,425,628 1,131,686,128,041 7,266,433,421 82,232,227,369 3,403,668,000 72,388,000,000 6,440,559,369 137,584,382,100 455,382,100 137,129,000,000 1,373,063,253,032 1,266,710,670,484 1,373,063,253,032 982,745,770,000 1,266,710,670,484 755,970,350,000 411a 982,745,770,000 755,970,350,000 412 415 418 421 (7,090,000) 219,647,610,783 170,676,962,249 105,021,650,000 (7,090,000) 232,805,050,783 172,920,709,701 421a 11,058,300,901 6,934,261,602 421b 159,618,661,348 165,986,448,099 440 2,957,599,858,991 2,813,187,768,844 C LIABILITIES 300 I Current liabilities I Short-term trade payables Short-term advances from customers Taxes and amounts payable to the State budget Payables to employees Short-term accrued expenses Other current payables Short-term loans Bonus and welfare funds 310 311 312 313 314 315 319 320 322 II Long-term liabilities I Other long-term payables Long-term loans Long-term provisions 330 337 338 342 D EQUITY 400 I Owner's equity I Owner's contributed capital - Ordinary shares carrying voting rights Share premium Treasury shares Investment and development fund Retained earnings - Retained earnings accumulated to the prior year end - Retained earnings of the current year 410 411 TOTAL RESOURCES (440=300+400) 20 14 21 22 21 23 25 24 ~ HANt i TY IIHUl IITT NAN ~ ~ Nguyen Thanh Oat Preparer Dang Thi Lai Chief Accountant The notes set out on pages to 35 are an integral part of these separate financial statements PHU NHUAN JEWELRY JOINT STOCK COMPANY 170 Phan Dang Luu Street, Ward 3, Phu Nhuan District Ho Chi Minh City, S.R Vietnam Separate financial statements For the year ended 31 December 2015 INCOME STATEMENT For the year ended 31 December 2015 FORM B 02-DN Unit: VND ITEMS Codes Notes Gross revenue from goods sold and services rendered Deductions Net revenue from goods sold and services rendered (10=01-02) Cost of sales Gross profit from goods sold and services rendered (20=10-11) Financial income Financial expenses - In which: Interest expense Selling expenses General and administration expenses 10 Operating profit (30=20+(21-22)-(25+26» 1I Other income 12 Other expenses 13 (Loss)/ Profit from other activities (40=31-32) 14 Accounting profit before tax (50=30+40) 15 Current corporate income tax expense 16 Deferred corporate tax income 17 Net profit after corporate income tax (60=50-51-52) 7,697,947,292,121 7,213,329,446,122 27 32,772,062,485 15,774,625,318 7,665,175,229,636 7,197,554,820,804 6,526,825,680,421 6,407,382,523,035 1,138,349,549,215 790,172,297,769 28 20 21 22 23 25 26 30 31 32 40 30 31 32 33 50 51 52 2014 27 10 II 2015 -==:; 34 34 25,202,741,050 430,803,003,461 81,048,729,469 414,552,191,198 115,421,041,014 202,776,054,592 1,622,837,532 4,225,673,585 (2,602,836,053) 48,071 ,487,482 95,054,464,191 72,826,281,233 310,939,565,559 105,943,645, I06 326,306,110,395 1,510,091,758 1,025,60 I,064 484,490,694 200,173,218,539 326,790,601,089 42,130,046,409 (I,575,489,218) 159,618,661,348 70,308,883,318 (219,612,528) 256,701,330,299 H~ Nguyen Thanh Dat Preparer Dang Thi Lai Chief Accountant ,.-< ao Thi Ngoc Dung General Director I March 2016 The notes set out on pages to 35 are an integral part of these separate financial statements f / i/ PHU NHUAN JEWELRY JOINT STOCK COMPANY 170 Phan Dang Luu Street, Ward 3, Phu Nhuan District Ho Chi Minh City, S.R Vietnam Separate financial statements For the year ended 31 December 2015 CASH FLOW STATEMENT For the year ended 31 December 2015 FORM B 03-DN Unit: VND ITEMS Codes 2015 2014 - I CASH FLOWS FROM OPERATING ACTIVITIES I Profit before tax Adjustments for: Depreciation and amortisation of fixed assets Provisions Loss arising from translating foreign currency items Loss/(Gain) from investing activities Interest expense Operating profit before movements in working capital Decrease/(Increase) in receivables Increase in inventories Increase in payab1es Increase in prepaid expenses Interest paid Corporate income tax paid Other cash outflows Net cash generated by/tused in) operating activities 08 625,474,030,579 393,219,692,519 09 10 11 12 14 15 17 20 54,254,610,853 (461,046,410,901) 40,246,437,507 (31,655,610,135) (80,553,486,249) (65,383,335,384) ( 15,624,506,660) 65,711,729,610 (15,740,279,688) (418,704,484,266) 74,505,345,991 (9,992,595,109) (77,014,748,743) (70,249,936,772) (45,153,180,179) (J 69,130,186,247) II CASH FLOWS FROM INVESTING ACTIVITIES Acquisition and construction of fixed assets Proceeds from sale, disposal of fixed assets Cash recovered from investments in other entities Interest earned, dividends and profits received Net cash (used inl/generated by investing activities 21 22 26 27 30 (69,216,587,907) 301,946,364 26,152,150,000 104,905,713 (42,657,585,830) (38,054,500,322) III CASH FLOWS FROM Proceeds from borrowings Repayment of borrowings Dividends paid Net cash used in by financing 33 34 36 40 4,751,829,672,583 (4,752,996,341,728) (22,678,897,800) (23,845,566,945) 4,288,198,884,470 (4,074,145,320,054) (241,907,534,200) (27,853,969,784) 50 (791,423,165) (2,976,735,843) 60 35,139,719,411 38,116,455,254 Net increase/(decrease) Cash at the beginning FINANCING Dat 200,173,218,539 02 03 30,185,600,250 298,959,090,710 04 286,018,688 05 06 14,821,372,923 81,048,729,469 326,790,601,089 20,878,766,466 12,832,323,710 (40,108,279,979) 72,826,281,233 220,269,982,000 11,791,938,510 194,007,420,188 ACTIVITIES activities in cash (50=20+30+40) of the year Cash at the end of the year (70=50+60) Nguyen Thanh Preparer 01 ~ ~ 70 ~~~~NicgO~C~DltU~n~g -~ """"-=l:J:ell'eral Director I March 2016 Dang Thi Lai Chief Accountant The notes set out on pages to are an integral part of these separate financial statements / PHU NHUAN JEWELRY JOINT STOCK COMPANY 170 Phan Dang Luu Street, Ward 3, Phu Nhuan District Ho Chi Minh City, S.R Vietnam NOTES TO THE SEPARATE FINANCIAL STATEMENTS Separate financial statements For the year ended 31 December 2015 (Continued) FORM B 09-DN These notes are an integral part of and should be read in conjunction with the accompanying 21 OTHER separate financial statements PAYABLES 31112/2015 VND a Current payables - Surpluses in assets awaiting solution - Trade union fee - Health insurance - Unemployment insurance - Payables to the Board of Management fund - Payables to the Board of Directors fund - Payables to Trade union fund - Dividends payable - Others 666,637,223 2,557,060,341 b Long-term payab\es - Others 31112/2014 VND 803,029,644 6,071,220,092 4,232,190,884 318,214,645 13,692,349,185 28,340,702,014 4,836,644,804 198,471,280 272,373,838 804,402,000 6,653,120,092 4,276,739,004 18,824,540 24,454,850,070 41,515,425,628 3,403,668,000 31,744,370,014 455,382,100 41,970,807,728 ~ CHI cO :ACH NH DELI ~ I, ~ 21 T~ PHU NHUAN JEWELRY JOINT STOCK COMPANY 170 Phan Dang Luu Street, Ward 3, Phu Nhuan District Ho Chi Minh City, S.R Vietnam Separate financial statements For the year ended 31 December 2015 NOTES TO THE SEPARATE FINANCIAL STATEMENTS (Continued) These notes are an integral part of and should be read in conjunction with the accompanying separate financial statements 22 SHORT-TERM FORM B 09-DN LOANS 31112/2014 YND VND Amount able to be Amount paid off Asia Commercial Joint Stock Bank Vietnam Joint Stock Commercial Bank for Industry and Trade Joint Stock Company Bank for Foreign trade of Vietnam Southeast Asia Commercial Joint Stock Bank Petrolimex Group Commercial Joint Stock Bank CTBC Bank Company Limited - Ho Chi Minh Branch Shinhan Bank Vietnam Limited Military Commercial Joint Stock Bank Ho Chi Minh City Housing Development Commercial Joint Stock Bank Vietnam Prosperity Joint Stock Commercial Bank Vietnam International Commercial Joint Stock Bank Vietnam Asian Commercial Joint Stock Bank A Z Bank (Vietnam) Limited Other individuals Bond issued -Orient Commercial Joint Stock Bank Current portion of bond liabilities (see ote 23) ~ ~ Increase VND Decrease 31/1212015 YND VND Amount able to be Amount paid off 208,300,000,000 138,453,326,647 208,300,000,000 138,453,326,647 210,000,000,000 392,160,577,691 (418,300,000,000) (499,613,904,338) 31,000,000,000 31,000,000,000 122,893,085,681 122,893,085,681 745,451,352,007 (588,396,789,833) 279,947,647,855 279,947,647,855 90,000,000,000 90,000,000,000 450,000,000,000 (440,000,000,000) 100,000,000,000 100,000,000,000 70,000,000,000 70,000,000,000 400,000,000,000 (470,000,000,000) 63,000,000,000 63,000,000,000 197,669,000,000 (195,000,000,000) 65,669,000,000 65,669,000,000 60,000,000,000 20,393,013,713 15,900,000,000 60,000,000,000 20,393,013,713 15,900,000,000 240,000,000,000 326,569,133,751 341,460,000,000 (240,000,000,000) (286,694,637,938) (357,360,000,000) 60,000,000,000 60,267,509,526 60,000,000,000 60,267,509,526 15,385,000,000 15,385,000,000 80,000,000,000 (95,385,000,000) 86,135,607,619 (86,135,607,619) 100,000,000,000 (100,000,000,000) ( 165,579,800,000) (483,548,602,000) 271,572,301,515 300,000,000,000 271,572,301,515 300,000,000,000 26,804,000,000 26,804,000,000 1,195,260,458,896 l, 195,260,458,896 317,316,702,000 317,316,702,000 165,579,800,000 437,804,20 I,515 300,000,000,000 10,045,000,000 10,045,000,000 22,516,000,000 1,131,686,128,041 1,131,686,128,041 4,495,345,672,583 22 \\ In the year VND [->1 ~:::~;-; ~ '··'CJ% (5,757,000000) (4,431, 771,341,728) PHU NHUAN JEWELRY JOINT STOCK COMPANY 170 Ph an Dang Luu Street, Ward 3, Phu Nhuan District Ho Chi Minh City, S.R Vietnam NOTES TO THE SEPARATE FINANCIAL Separate financial statements For the year ended 31 December 2015 STATEMENTS (Continued) FORM B 09-DN These notes are an integral part of and should be read in conjunction with the accompanying Details of short term loans with floating capital requirements are as follow: Bank name - Southeast Asia Commercial Joint Stock Bank rates obtained from commercial Maturity date 31112/2015 VND 100,000,000,000 From 08 March 2016 to 25 March 2016 - Joint Stock Company Bank for Foreign trade of Vietnam 279,947,647,855 - CTBC Bank Company Limited - Ho Chi Minh Branch - Shinhan Bank Vietnam Limited - Ho Chi Minh Branch - Military Commercial Joint Stock Bank 65,669,000,000 - Vietnam Bank for industry and trade 31,000,000,000 Bond issued -Orient Commercial Joint Stock Bank (*) Individuals Current portion oflong-term liabilities 300,000,000,000 working Collateral Inventories, Land use rights and land-based assets at 123 Hung Vuong, Hai Chau II Ward, Hai Chau District, Da Nang 6.0 - 6.4 Inventories From 20 January 2016 to 02 March 2016 From 09 January 2016 to 29 February 2016 From 04 February 2016 to 05 February 2016 60,267,509,526 to finance 5.5 Unsecured Loan From 19 April 2016 to 24 May 2016 60,000,000,000 banks Interest %p.a From 07 March 2016 to 28 June 2016 separate financial statements 5.3 - 5.6 Inventories Unsecured Loan Inventories 8.5 PNJ stocks 12 November 2016 3-9 271,572,30 I,515 26,804,000,000 Unsecured Loan 1,195,260,458,896 (*) At November 2015, the Company entered into the contract with Orient Commercial Joint Stock the Bank ("OCB ") relating to the issue of 300,000 bonds at par value (I ,OOO,OOO/bond) to restructure short-term loan and invest in the expansion of the Company's stores with 14,530,017 the Company's 2015 to 12 November 2016 stocks as collateral The period of the bond is 01 year from 12 November with fixed interest rate at 8.5% per annum The shares are pledged by the Company including 9,498,714 PNJ shares of Ms Cao Thi Ngoc Dung - General Director, 623,996 PNJ shares of Ms 748,800 PNJ shares of Mr Le Huu Hanh - Deputy Nguyen Thi Cue - Deputy General Director, General Director, 1,610,106 PNJ shares of PNJ Trade Union Fund and 2,048,40 I PNJ shares of Ms Pham Thuy Lan Anh - Shareholder 23 LONG- TERM LOANS Dong A Joint Stock Commercial Bank Asia Commercial Joint Stock Bank Other individuals 31/1212015 In the year 3111212014 VND VND VND ¥NO Y !2 ¥NO Amount Increase Decrease Amount 78,128,000,000 59,001,000,000 Amount able to be paid ofT 78, I28,000,000 59,001,000,000 137,129,000,000 (86,468,000,000) (228,757,000,000) (6,000,000,000) (321,225,000,000) 26,370,000,000 46,018,000,000 137,129,000,000 34,710,000,000 215,774,000,000 6,000,000,000 256,484,000,000 Amount able to be paid ofT 26,370,000,000 46,0 18,000,000 _ 72J88,000,000 23 72J88,000,000 PHU NHUAN JEWELRY JOINT STOCK COMPANY 170 Ph an Dang Luu Street, Ward 3, Phu Nhuan District Ho Chi Minh City, S.R Vietnam NOTES TO THE SEPARATE These notes are an integral part FINANCIAL 0/ and Separate financial statements For the year ended I December 2015 STATEMENTS FORM B 09-DN (Continued) should be read in conjunction with the accompanying separate financial statements Terms and conditions of the loans and other long-term liabilities balances are detailed as follows: Dong A Joint Stock Commercial Bank 41,660,000,000 Interest % 6% Asia Commercial Joint Stock Bank 57,532,000,000 8.2% Bank name 31/1212015 Maturity date Collateral 2020 Land use rights and land-based assets at 52A+52B Nguyen Van Troi Street, Phu Nhuan District, Ho Chi Minh City (HCMC); 159A Phan Dang Luu street, Phu Nhuan District, HCMC; 577 Nguyen Kiem street, Phu Nhuan District, HCMC; 174 Le Thanh Ton street, District I, HCMC 2017 Land use rights at 16; 18;20 and 24/2 Thu Khoa Huan Street, District I, Ho Chi Minh City In which: Current portion of longterm liabilities (26,804,000,000) 72,388,000,000 Long-term loans are repayable as follows: 31112/2015 VND Within one year In the second year In the third to fifth year inclusive Less: Amount due for settlement within 12 months (Note 22) Amount due for settlement after 12 months 24 31112/2014 VND 26,804,000,000 28,194,000,000 44,194,000,000 99,192,000,000 26,804,000,000 10,045,000,000 78,128,000,000 _ =5;.;;,9 ::,0: ::.0 : l1 ,~OO;:;.;O: :.;,O; ;O;.;: O 147,174,000,000 10,045,000,000 72,388,000,000 137,129,000,000 PHU NHUAN JEWELRY JOINT STOCK COMPANY 170 Phan Dang Luu Street, Ward 3, Phu Nhuan District Ho Chi Minh City, S.R Vietnam Separate financial statements For the year ended 31 December 2015 NOTES TO THE SEPARATE FINANCIAL STATEMENTS (Continued) These notes are an integral part of and should be read in conjunction with the accompanying separate financial statements 24 OWNER'S EQUITY Movement in owner's FORM B 09-DN equity Owner's contributed capital YND As at 01/0112014 Profit for the year Dividends declared Advanced 1st time dividends Funds appropriation Transfer to bonus and welfare fund As at 31/12/2014 Captial increase Profit for the year Dividend declared Profit appropriation Transfer to bonus and welfare fund Other fund 15 As at 31112/20 755,970,350,000 Treasury shares YND Share premium YND 105,021,650,000 (7,090,000) 183,705,050,783 49,100,000,000 755,970,350,000 226,775,420,000 105,021,650,000 (105,021,650,000) (7,090,000) 232,805,050,783 (46,157,440,000) 33,000,000,000 982,745,770,000 (7,090,000) According to the Resolution of the Annual General Meeting of Shareholders No 544/20 - 2014 dividends ofYND Investment and development fund YND 15INQ-DHDCD-CTY 219,647,610,783 Retained earnings YND Total YND 229,426,913,602 256,701,330,299 (151,192,652,000) (90,714,882,200) (49,100,000,000) (22,200,000,000) 172,920,709,701 (75,596,330,000) 159,618,661,348 (22,678,897,800) (33,000,000,000) (25,587,181,000) (5,000,000,000) 170,676,962,249 1,274,116,874,385 256,701,330,299 (151,192,652,000) (90,714,882,200) > ;(2=2=,2: ;;.00.: l.''';;'';00; ;;.0.z ;;,0 ;;.,00 1,266,71 0,670,484 159,618,661,348 (22,678,897,800) (25,587,181,000) (5,000,000,000) 1,373,063,253,032 dated 15 April 2015, the Company's 2014 profit distribution is below: 188,990,819,000 including YND 90,714,882,200 advanced in 2014, YND 75,596,330,000 paid by bonus shares and YND 22,678,897,800 paid in cash - Distribution to Investment and development fund, bonus and other funds with the amounts ofYND 33,000,000,000; YND 25,587,181,000, YND 5,000,000 respectively The Shareholders also approved the issuance plan of 22,677,542 additional shares, in which 7,559,633 shares equivalent to YND 75,596,330,000 and 15,119,265 shares equivalent to YND 151,192,650,000 were from owner's equity were used to pay dividends in 2014 As at 31 December 2015, the Company completed increasing owner's equity The increase in capital was approved by Ho Chi Minh City Stock Exchange under Decision No 288/QD-SGDHCM dated 17 July 2015 25 PHU NHUAN JEWELRY JOINT STOCK COMPANY 170 Phan Dang Luu Street, Ward 3, Phu Nhuan District Ho Chi Minh City, S.R Vietnam NOTES TO THE SEPARATE FINANCIAL Separate financial statements For the year ended 31 December 2015 STATEMENTS (Continued) FORM B 09-DN These notes are an integral part of and should be read in conjunction with the accompanying Share -Ordinary separate financial statements shares 31112/2015 Number of shares Shares issued and fully paid Ordinary shares Treasury shares Ordinary shares Shares in circulation Ordinary shares 31112/2014 Number of shares (709) (709) 98,273,868 75,597,035 75,597,035 (709) (709) 75,596,326 98,273,868 75,596,326 98,274,577 98,274,577 An ordinary share has par value of VND 10,000 Owner's contributed capital As at 31 December 2015, the owner's contributed capital was fully contributed by the shareholders as follows: Per Business Registration Certificate VND % 99,667,140,000 9,424,960,000 8,969,960,000 864,683,710,000 982,745,770,000 Cao Thi Ngoc Dung Nguyen Thi Cue Nguyen Vu Phan Other Shareholders 25 LONG-TERM 10.14% 0.96% 0.91% 87.99% 100% Contributed capital 31/12/2015 3111212014 VND VND 99,667,140,000 9,424,960,000 8,969,960,000 864,683,710,000 982,745,770,000 19,156,000,000 2,000,000,000 2,000,000,000 732,814,350,000 755,970,350,000 PROVISIONS Long-term provision was the severance allowance for employees accrued at the end of each reporting period for all employees who have worked for the Company before 31 December 2008 26 OFF BALANCE SHEET ITEMS Foreign currencies Unit USD AUD SGD United States Dollar Australia Dollar Singapore Dollar Pledged, mortgaged 31112/2015 68,831 519 174 31/12/2014 8,382 30,006 goods Phu Nhuan Jewellery Joint Stock Company is receiving the pledged, mortgaged gold jewellery and precious stones at 31 December 2015 with the value of VND 3,302,900,000 (as at 31 December 2014: VND 2,554,300,000) 26 PHU NHUAN JEWELRY JOINT STOCK COMPANY 170 Ph an Dang Luu Street, Ward 3, Phu Nhuan District Ho Chi Minh City, S.R Vietnam NOTES TO THE SEPARATE FINANCIAL STATEMENTS Separate financial statements For the year ended 31 December 2015 (Continued) FORM B 09-DN These notes are an integral part of and should be read in conjunction with the accompanying Bad debts written separate financial statements off During the year, the Board of Directors has evaluated the recoverability follows: and writen off bad debts as 2015 VND Ho Van My Bui Minh Ky Others 27 NET REVENUE 4,247,179,715 662,043,053 4,909 ,222, 768 FROM GOODS SOLD AND SERVICES RENDERED 2015 VND 28 2014 VND Sales of goods, silver and jewelry Sales of accessories Rendering services Value added tax applying direct method 7,792,283,699,761 19,285,807,269 8,647,003,965 (122,269,218,874) 7,697,947,292,121 7,270,771,044,287 14,722,495,005 8,680,346,797 (80,844,439,967) 7,213,329,446,122 Sales returned (32,772,062,485) 7,665,175,229,636 (15,774,625,318) 7,197,554,820,804 COST OF GOODS SOLD AND SERVICES RENDERED 2015 VND 2014 VND 'N Cost of goods, silver and jewelry and services rendered Cost of accessories 6,513,591,201,185 13,234,479,236 6,526,825,680,421 6,397,043,030,577 10,339,492,458 6,407,382,523,035 n Hij rr A~ -;::( I£:' 29 PRODUCTION COST BY NATURE 2015 VND 6,058,820,600,404 366,181,456,157 30,185,600,250 53,562,381,789 99,920,456,512 132,556,349,411 6,741,226,844,523 Raw materials Labour cost Depreciation and amortisation Tools and supplies Out-sourced services expenses Other monetary expenses 27 2014 VND 6,464,574,769,169 301,530,232,304 20,878,766,466 46,023,444,488 76,315,862,406 102,217,185,445 7,011,540,260,278 PHU NHUAN JEWELRY JOINT STOCK COMPANY 170 Ph an Dang Luu Street, Ward 3, Phu Nhuan District Ho Chi Minh City, S.R Vietnam NOTES TO THE SEPARATE FINANCIAL STATEMENTS Separate financial statements For the year ended I December 2015 (Continued) These notes are an integral part of and should be read in conjunction with the accompanying 30 FINANCIAL INCOME Interest income from term deposits Dividends received Foreign exchange relised gain Interest income Others 31 FINANCIAL SELLING GENERAL 2014 VND 24,000,000,000 1,081,780,830 104,905,713 16,054,507 25,202,741 ,050 35,869,675,477 11,592,320,800 409, I04,517 199,617,710 768,978 48,071 ,487 ,482 2015 VND 2014 VND 81,048,729,469 300,270,750,000 39,228,225,000 9,253,442,646 1,00 I,856,346 430,803,003,461 72,826,281,233 12,832,323,710 6,772,956,000 964,406,647 1,658,496,60 I 95,054,464,191 2015 VND 2014 VND EXPENSES 18,288,814,557 180,521,472,970 27 ,670,4 79 ,936 4,039,449,304 88,908,93 1,984 95,123,042,447 414,552,191,198 Management materials Management staff Office equipment Depreciation and amortisation Out-sourced services Other monetary expenses 33 2015 VND EXPENSES Interest expense Provision for impairment of investments Loss from disposal of investments Foreign exchange loss Others 32 FORM B 09-DN separate financial statements AND ADMINISTRATION 10,290,686,002 138,276,038,361 19,952,029,634 3,174,188,316 68,223,188,313 71,023,434,933 310,939,565,559 EXPENSES Management materials Management staff Office supplies Depreciation and amortisation Taxes, fees and charges Out-sourced services Other monetary expenses 28 2015 VND 2014 VND 134,424,660 64,275,892,398 5,271,402,290 10,300,718,453 260,977,200 5,606,823,432 29,570,802,581 115,421,041,014 120,760,100 66,135,473,980 4,961,505,568 5,967,671,880 167,344,953 4,069,488,369 24,521,400,256 105,943,645,106 PHU NHUAN JEWELRY JOINT STOCK COMPANY 170 Phan Dang Luu Street, Ward 3, Phu Nhuan District Ho Chi Minh City, S.R Vietnam NOTES TO THE SEPARATE FINANCIAL Separate financial statements For the year ended I December 2015 STATEMENTS (Continued) FORM B 09-DN These notes are an integral part of and should be read in conjunction with the accompanying 34 CURRENT CORPORATE INCOME separate financial statements TAX EXPENSE 2015 VND Current corporate income tax expense Corporate income tax based on taxable profit in the current year Total corporate income tax expenses Deferred corporate OPERATING 42,130,046,409 42,130,046,409 70,308,883,318 70,308,883,318 (1,575,489,218) (1,575,489,218) (219,612,528) (219,612,528) tax income - Deferred corporate tax income taxable temporary differences 35 incurred from LEASE COMMITMENTS 2015 VND Minimum lease payments under operating leases recognised in the income statement for the year At the balance sheet date, the Company operating leases, which fall due as follows: 68.388.253.744 had outstanding Within one year In the second to fifth year inclusive After five years Operating Vietnam 2014 VND 2014 VND 37.340.047.682 commitments under non-cancelable 31112/2015 VND 61,519,354,281 162,681,151,732 84,933,286,000 309,133,792,013 31112/2014 VND 50,895,130,269 120,774,255,680 61 ,506,640,000 233,176,025,949 lease mainly includes the rental related to 194 stores which are currently operating in ~ CHI N~ c6Nr 'CHNHll 36 FINANCIAL Capital nEL INSTRUMENTS VIET ~ ~ risk management The Company manages its capital to ensure that the Company will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity balance The capital structure of the Company consists of net debt (borrowings as disclosed in Note 22 and 23, offset by cash) and shareholders' equity (comprising owner's contributed capital, share premium, treasury shares, investment and development funds and retained earnings) 29 PHU NHUAN JEWELRY JOINT STOCK COMPANY 170 Phan Dang Luu Street, Ward 3, Phu Nhuan District Ho Chi Minh City, S.R Vietnam NOTES TO THE SEPARATE These notes are an integral part FINANCIAL 0/ and STATEMENTS Separate financial statements For the year ended I December 20 15 FORM B 09-DN (Continued) should be read in conjunction with the accompanying separate financial statements Gearing ratio The gearing ratio of the Company as at the balance sheet date was as follows: 31112/2015 VND Borrowings Less: Cash Net debt Equity Net debt to equity ratio Significant accounting 1,267,648,458,896 (34,348,296,246) 1,233,300,162,650 1,373,063,253,032 0.90 31112/2014 VND 1,268,815,128,041 (35,139,719,411) 1,233,675,408,630 1,266,710,670,484 0.97 policies Details of the significant accounting policies and methods adopted (including the criteria for recognition, the bases of measurement, and the bases for recognition of income and expenses) for each class of financial asset and financial liability are disclosed in Note Categories of financial instruments Carrying 31112/2015 VND Cash Trade and other receivables Short-term financial investments Long-term financial investments 34,348,296,246 63,964,359,209 65,000,000 54,218,085,537 152,595,740,992 1,267,648,458,896 220,677 ,549 ,543 4,909,222,768 1,493,235,231,207 Borrowings Trade and other payables Accrued expenses amounts 31/12/2014 VND 35,139,719,411 72,211,209,746 65,000,000 531 ,735,51 0,537 639,151 ,439,694 1,268,815,128,041 178, I04,258,251 4,188,467,510 1,451,107,853,802 The Company has not assessed fair value of its financial assets and liabilities as at the balance sheet issued by the date since there are no comprehensive guidance under Circular No 21 0/2009/TT-BTC Ministry of Finance on November 2009 ("Circular 210") and other relevant prevailing regulations to determine fair value of these financial assets and liabilities While Circular 210 refers to the application of International Financial Reporting Standards ("I FRS") on presentation and disclosures of financial instruments, it did not adopt the equivalent guidance for the recognition and measurement of financial instruments, including application offair value, in accordance with [FRS Financial risk management objectives The Company has set up risk management system to identify and assess the risks exposed by the Company and designed control policies and procedures to manage those risks at an appropriate level Risk management system is reviewed on a regular basis to reflect changes in market conditions and the Company's operations Financial risks include market risk (including foreign currency risk and interest rate risk), credit risk and liquidity risk Market risk The Company's activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates The Company does not hedge these risk exposures due to the lack of active market for the trading activities of financial instruments 30 PHU NHUAN JEWELRY JOINT STOCK COMPANY 170 Ph an Dang Luu Street, Ward 3, Phu Nhuan District Ho Chi Minh City, S.R Vietnam NOTES TO THE SEPARATE FINANCIAL Separate financial statements For the year ended 31 December 2015 STATEMENTS (Continued) FORM B 09-DN These notes are an integral part of and should be read in conjunction with the accompanying separate financial statements Foreign currency risk management The Company undertakes certain transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise The carrying amounts of the Company's foreign currency denominated monetary assets and monetary liabilities at the end of the year are as follows: Assets 31112/2015 VND United States Dollar (USD) Australia Dollar (AUD) Hong Kong Dollar (HKD) Euro (EUR) Singapore Dollar (SGD) 31112/2014 VND Liabilities 31/12/2015 VND 31112/2014 VND 11,523,520,447 10,281,528,188 27,715,094,254 124,890,783,407 8,459,304 543,430,896 1,469,232,815 543,153,309 258,738,849 34,954,365,219 2,825,400 1,200,157,800 817,969,786 2,900,352 Foreign currency sensitivity analysis The Company is mainly exposed to United States Dollar and Euro The sensitivity rate used when analyzing foreign currency sensitivity is 5% which is assessed to have significant effect on monetary items denominated in foreign currency at the year-end by the Board of Directors For a 5% increase/decrease in the USD and EUR against VND, the profit before tax for the year ended 31 December 2015 would have decreased/increased by the amounts ofVND 781,617,144 (2014: VND 7,418,173,132) respectively Interest rate risk management The Company has significant interest rate risks ansmg from interest bearing loans which are arranged The risk is managed by the Company by maintaining an appropriate level of borrowings and analysing market competition to enjoy favourable interest rates from appropriate lenders Interest rate sensitivity The loan's sensitivity to interest rate changes which may arise at an appropriate level is presented in the following table Assuming all other variables were held constant, if interest rates applicable to floating interest bearing loans had been 200 basis points higher/lower, the Company's profit before tax for the year ended 31 December 2015 would have decreased/increased by VND 19,352,969,178 (2014: VND 25,376,302,561) Credit risk Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Company The Company has a credit policy in place and the exposure to credit risk is monitored on an on-going basis The Company does not have any significant credit risk exposure to any counterparty because receivables consist of a large number of customers, spread across diverse industries Liquidity risk management The purpose of liquidity risk management is to ensure the availability of funds to meet present and future financial obligations Liquidity is also managed by ensuring that the excess of maturing liabilities over maturing assets in any period is kept to manageable levels relative to the amount of funds that the Company believes can generate within that period The Company policy is to regularly monitor current and expected liquidity requirements to ensure that the Company maintains sufficient reserves of cash, borrowings and adequate committed funding from its shareholders to meet its liquidity requirements in the short and longer term 31 PHU NHUAN JEWELRY JOJNT STOCK COMPANY 170 Phan Dang Luu Street, Ward 3, Phu Nhuan District Ho Chi Minh City, S.R Vietnam NOTES TO THE SEPARATE FINANCIAL STATEMENTS Separate financial statements For the year ended 31 December 2015 (Continued) These notes are an integral part of and should be read in conjunction with the accompanying FORM B 09-DN separate financial statements The following table details the Company's remaining contractual maturity for its non-derivative financial assets and financial liabilities with agreed repayment periods The tables have been drawn up based on the undiscounted cash flows of financial assets and undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay The inclusion of information on non-derivative financial assets is necessary in order to understand the Company's liquidity risk management as the liquidity is managed on a net asset and liability basis 3111212015 Less than I year VND From 1- years VND Cash Trade and other receivables Short-term financial investments Long-term financial investments 34,348,296,246 43,122,884,169 65,000,000 20,841,475,040 77,536,180,415 Borrowings Trade and other payables Accrued expenses et liquidation gap 54,218,085,537 75,059,560,577 72,388,000,000 455,382,100 72,843,382,100 1,267,648,458,896 220,677,549,543 4,909,222,768 1,493,235,231,207 (1,342,855,668,692) 2,216,178,477 (1,340,639,490,215) Less than year VND From 1- years VND Cash Trade and other receivables Short-term financial investments Long-term financial investments 35,139,719,411 59,197,176,996 65,000,000 13,014,032,750 94,401 ,896,407 Net liquidation gap 34,348,296,246 63,964,359,209 65,000,000 54,218,085,537 152,595,740,992 1,195,260,458,896 220,222,167,443 4,909,222,768 1,420,391,849,107 31112/2014 Borrowings Trade and other payables Accrued expenses Total VND 531,735,510,537 544,749,543,287 137,129,000,000 455,382,100 Total VND 35,139,719,411 72,211,209,746 65,000,000 531,735,510,537 639,151,439,694 1,131,686,128,041 177,648,876,151 4,188,467,510 1,313,523,471,702 137,584,382,100 1,268,815,128,041 178,104,258,25 I 4,188,467,510 t ,45 t, 107,853,802 (1,219,121,575,295) 407,165,161,187 (811,956,414,108) The Board of Directors assessed the liquidity risk at medium level because the Company has a quantity of inventories of gold, jewellery with great value and high liquidity The Board of Directors believes that the Company will be able to generate sufficient funds to meet its financial obligations as and when they fall due 37 RELATED PARTY TRANSACTIONS AND BALANCES List of related parties: Related parties Relationship Dong A Joint Stock Commercial Bank CAO Fashion Company Limited PNJ Laboratory Company Limited Dong A Land Joint Stock Company Related party Subsidiary Subsidiary Associate 32 ~ PHU NHUAN JEWELRY JOINT STOCK COMPANY 170 Ph an Dang Luu Street, Ward 3, Phu Nhuan District Ho Chi Minh City, S.R Vietnam NOTES TO THE SEPARATE FINANCIAL STATEMENTS Separate financial statements For the year ended 31 December 2015 (Continued) FORM B 09-DN These notes are an integral part of and should be read in conjunction with the accompanying During the year, the Company parties: entered into the following significant separate financial statements transactions 2015 VND Sale of goods and service rendered CAO Fashion Company Limited PNJ Laboratory Company Limited 35,729,533,059 720,000,000 36,449,533,059 Purchase of goods and services Dong A Joint Stock Commercial Bank Dong A Land Joint Stock Company PNJ Laboratory Company Limited CAO Fashion Company Limited 2014 VND 17,700,241,109 17,700,241,109 423,080,075 3,499,947,727 761,730,003 31,575,941,645 36,260,699,450 Purchase of land use rights Dong A Joint Stock Commercial Bank with its related 6,092,656,665 398,264,997 6,702,223,600 13,193,145,262 6,500,000,000 Dividends paid PNJ Laboratory Company Limited Dong A Joint Stock Commercial Bank CAO Fashion Company Limited 12,000,000,000 7,699,250,000 3,800,000,000 11,499,250,000 12,000,000,000 30,500,000,000 Significant related party balances as at the balance sheet date were as follows: 31112/2015 VND Trade receivables CAO Fashion Company Limited 31/12/2014 VND 572,499,629 Other receivables CAO Fashion Company Limited 8,000,000,000 4,979,800,000 Trade payables PNJ Laboratory Company Limited 1,146,450,000 1,478,374,997 Advances from customers CAO Fashion Company Limited 603 ,340,214 Other payables PNJ Laboratory Company Limited Loans Dong A Joint Stock Commercial Bank PNJ Laboratory Company Limited Remuneration follows: paid to the Company's 3,113,260,274 15,030,000,000 41,660,000,000 6,000,000,000 78,128,000,000 Boards of Directors and Management during the year was as 2015 VND Salaries and bonus 7,314,937,003 33 2014 VND 8,445,600,000 PHU NHUAN JEWELRY JOINT STOCK COMPANY 170 Ph an Dang Luu Street, Ward 3, Phu Nhuan District Ho Chi Minh City, S.R Vietnam NOTES TO THE SEPARATE FINANCIAL Separate financial statements For the year ended 31 December 2015 STATEMENTS (Continued) FORM B 09-DN These notes are an integral part oj and should be read in conjunction with the accompanying 38 SUPPLEMENTAL Supplemental DISCLOSURES non-cash separate financial statements OF CASH FLOW INFORMATION disclosures Interest paid includes an amount of VND 3,751,936,495, representing the interest expense incurred in 2014 and excludes VND 4,247,179,715, representing the interest expense incurred during the year that has not yet been paid Consequently, increase in accounts payable have been adjusted by the same amount Cash outflows for dividends during the year include VND 22,678,897,800, representing the dividends incurred in 2014 and exclude VND 75,596,330,000, representing dividends incurred during the year to raise the capital Cash inflows for investing activities during the year exclude VND 8,000,000,000 dividends from subsidiaries that has not yet been received and VND 16,000,000,000 was used to offset against trade accounts payables to the subsidiaries Consequently, decrease/(increase) in accounts receivable and increase in accounts payable have been adjusted by the same amount 39 COMPARATIVE FIGURES As stated in Note 3, from I January 2015, the Company has adopted Circular No 200/2014m-BTC issued by the Ministry of Finance on 22 December 2014 ("Circular 200") guiding accounting regime for enterprises Accordingly, certain figures of the balance sheet, the income statement and cash flow statement of the previous year are reclassified to be adopted to be comparability of the figures of the current year BALANCE SHEET ASSETS Codes Reported amount as at 31/12/2014 VND Reclassification under Circular 200 VND Amount after reclassification as at 31/1212014 VND 1,679,022,714,231 A - CURRENT ASSETS 100 1,692,036,746,981 (13,014,032,750) I Cash and cash equivalents Cash equivalents (*) 110 112 234,599,264,879 234,599,264,879 (234,599,264,879) (234,599,264,879) 111.Short-term receivables Other receivables Deficits in assets awaiting solution 130 136 139 22,781,778,617 22,781,778,617 644,633,055 (256,815,230) 23,426,411,672 22,524,963,387 90 I,448,285 90 I,448,285 IV Inventories I Inventories 140 141 1,420,997,037,680 1,420,997,037,680 234,599,264,879 234,599,264,879 1,655,596,302,559 1,655,596,302,559 V Other short-term assets Other short-term assets (*) 150 155 13,658,665,805 13,658,665,805 ( 13,658,665,805) ( 13,658,665,805) B- o -CURRE T ASSETS I Long-term receivables I Other long-term receivables J.~ ~ 200 13,014,032,750 13,014,032,750 210 216 13,014,032,750 13,014,032,750 13,014,032,750 13,014,032,750 34 TY iHVU" TTE ~ d ~ PHU NHUAN JEWELRY JOINT STOCK COMPANY 170 Phan Dang Luu Street, Ward 3, Phu Nhuan District Ho Chi Minh City, S.R Vietnam NOTES TO THE SEPARATE FINANCIAL Separate financial statements For the year ended 31 December 2015 STATEMENTS (Continued) FORM B 09-DN These notes are an integral part of and should be read in conjunction with the accompanying separate financial statements RESOURCES C - LIABILITIES 300 1,268,815,128,Q41 I Current liabilities Short-term loans and liabilities (*) Short-term loans 310 311 320 1,131,686,128,041 1,131,686,128,041 II Long-term liabilities I Long-term loans and liabilities (*) Long-term loans 330 337 338 137,129,000,000 137,129,000,000 0- EQUITY 400 232,805,050,783 I Owner's equity Financial reserve fund (*) Investment and development fund 410 415 418 232,805,050,783 66,734,153,783 166,070,897,000 1,268,815,128,041 1,131,686,128,041 (1,131,686,128,041 ) 1,131,686,128,041 1,13 1,686,128,041 137,129,000,000 (137,129,000,000) 137,129,000,000 137,129,000,000 232,805,050,783 232,805,050,783 (66,734,153,783) 66,734,153,783 232,805,050,783 (*) These items were disclosed in the separate financial statements for the year ended 31 December 2014 under different codes from those in the separate financial statements for the year ended 31 December 2015 INCOME STATEMENT Reported ITEMS I Gross revenue from goods sold and services rendered Deductions Codes amount for 2014 7,294,173,886,089 (96,619,065,285) Reclassification under Circular 200 (80,844,439,967) 80,844,439,967 Amount after reclassification for -'-20;; ;1_4 7,213,329,446,122 ( 15,774,625,318) CASH FLOW STATEMENT Reported ITEMS I CASH FLOWS FROM/(USED - Increase in receivables -Increase in inventories - Other cash outflows Codes IN) OPERATING 09 10 17 amount for 2014 ACTIVITIES (13,719,176,341) (438,911,772,320) (47,174,283,526) Reclassification under Circular 200 Amount after reclassification for 2014 '-'-'- (2,021, I03,347) 20,207,288,054 2,021,103,347 ( 15,740,279,688) (418,704,484,266) (45,153,180,179) (169,130,186,247) Net cash used in operating activities 20 (189,337,474,301) 20,207,288,054 Net decrease in cash 50 (23,184,023,897) 20,207,288,054 (2,976,735,843) 60 292,923,008,187 (254,806,552,933) 38,116,455,254 Cash at the beginning of the year Cash at the end of the year Nguyen Thanh Dat Preparer 70 Dang Thi Lai Chief Accountant 35 I~ / _ -aifThi Ngoc Dung General Director March 2016 /' / ... (*) These items were disclosed in the separate financial statements for the year ended 31 December 2014 under different codes from those in the separate financial statements for the year ended 31... the transaction date The balances of monetary items denominated in foreign currencies as at the balance sheet date are retranslated at the exchange rates on the same date Exchange differences... representing the interest expense incurred in 2014 and excludes VND 4,247,179,715, representing the interest expense incurred during the year that has not yet been paid Consequently, increase