BCTC TA rieng 2015 audited

Trang 1

Separate Financial Statements 31 December 2015

Trang 2

CONTENTS

General Information

Report of the Board of Directors Independent auditors’ report Separate balance sheet

Separate income statement

Separate cash flow statement

Notes to the separate financial statements

Trang 3

GENERAL INFORMATION CORPORATE INFORMATION

Bao Viet Holdings (herein after referred to as “the Holdings”) was previously a state-owned company

that was equitized and became a shareholding company pursuant to Business License approved by

Hanoi Authority for Planning and Investment on 15 October 2007 The Business License was subsequently modified eight times with the eighth amendment on 12 August 2015

The Holdings is listed on the Ho Chi Minh Stock Exchange (HOSE) and its entire chartered capital is listed thereon

Below is a summary of information extracted from the eighth modified Business License dated 12 August 2015:

Business License Number: 0100111761

Registered company name: Bao Viet Holdings

Head Office's address 8 Le Thai To Street, Hang Trong Ward, Hoan Kiem District, Hanoi

Operating activities: Equity investments in subsidiaries and associates; financial

services and other related services under Vietnamese Laws;

real estate businesses; IT services; educational support services,

ete

Chartered capital: VND 6,804,714,340,000 Number of registered shares: 680,471,434

Founding shareholders: The Ministry of Finance, State Capital Investment Corporation (SCIC), HSBC Insurance (Asia Pacific) Holdings Limited

Subsidiaries of the Holdings as at 31 December 2015 are as follows:

Percentage Subsidiaries Address Principal activities directly owned

Bao Viet Insurance 35 Hai Ba Trung Street, General insurance products, 100%

Corporation (“Bao Viet Trang Tien Ward, Hoan reinsurance, loss

Insurance") Kiem District, Hanoi adjustment

Bao Viet Life Corporation Floor 37, Keangnam Life insurance products, 100% (‘Bao Viet Life") Hanoi Landmark Tower, reinsurance

Pham Hung Street, Nam Tu Liem District, Hanoi

Bao Viet Fund Management 8 Le Thai To Street, Management of investment 100%

Company (“BVF”) Hang Trong Ward, funds and investment

Hoan Kiem District, portfolios Hanoi

Bao Viet Securities Joint 8 Le Thai To Street, Brokerage and custodian 59.92% Stock Company (“BVSC") Hang Trong Ward, services, proprietary trading,

Hoan Kiem District, underwriting and corporate

Hanoi finance and investment

advisory service

Bao Viet Au Lac Limited Ha Lieu, Phuong Lieu, Vocational driving training 60% Company (“Bao Viet - Au Que Vo District, Bac

Lac”) Ninh Province

Bao Viet Investment Joint 71 Ngo Sy Lien, Van Real estate investment and 55% Stock Company (“BVInvest”) Mieu Ward, Dong Da consulting, provision of

Trang 4

CORPORATE INFORMATION (continued)

Dependently accounted units of the Holdings are as follows:

Dependently accounted units Address

Bao Viet Training Centre 8 Le Thai To Street, Hang Trong Ward, Hoan Kiem District, Hanoi

Infrastructure Construction Project Management Unit 71 Ngo Sy Lien, Van Mieu Ward, Dong Da

("the PMU”) District, Hanoi

Bao Viet Holdings Information Technology Center 71 Ngo Sy Lien, Van Mieu Ward, Dong Da

Branch District, Hanoi

Associates and joint ventures of the Holdings as at 31 December 2015 are as follows: Contributed capital Invested company Chartered capital by the Group Percentage VND VND % Associates Baoviet Resort 60,000,000,000 21,000,000,000 35

- Contributed capital by the Holdings 9,000,000,000

- Contributed capital by Bao Viet Life 12,000,000,000

VIGEBA 180,000,000,000 54,000,000,000 30

- Contributed capital by the Holdings 15,000,000,000

- Contributed capital by Bao Viet Life 39,000,000,000 Baoviet Bank 3,150,000,000,000 1,560,000,000,000 49.52 - Contributed capital by the Holdings 1,560,000,000,000 Joint ventures Bao Viet Tokio Marine 300,000,000,000 153,000,000,000 51 1,788,000,000,000 SIGNIFICANT EVENTS During the period from 01 January 2015 to the date of this report, the Holdings had the following significant events:

» On 17 April 2015, Bao Viet Holdings successfully held 2015 Extraordinary General Meeting of Shareholders At the Meeting, the shareholders approved the election listing of supplementary

and replaced members of the Board of Directors and the election listing of supplementary

members of the Supervisory Board for the remaining period of 2012 — 2017 term of office » The Holdings’ 2015 Annual General Meeting of Shareholders successfully convened on 17 April

Trang 5

GENERAL INFORMATION (continued)

THE BOARD OF DIRECTORS

Members of the Board of Directors during the period and at the date of this report are

Name Position Date of appointment Date of resignation

Mr Dao Dinh Thi Chairman 23 December 2014

Mr Nguyen Quang Phi Member 25 June 2014 Mr Nguyen Duc Tuan Member 04 October 2007

Mr Nguyen Quoc Huy Member 23 September 2009

Mr Yukihira Yoshiharu Member 24 April 2013 28 March 2016

Mr Muneo Sasagawa Member 02 July 2015

Mr Shuichi Sakai Member 28 March 2016

Mr Dau Minh Lam Member 23 December 2014

Mr Phan Kim Bang Member 23 December 2014

Ms Than Hien Anh Member 23 December 2014

Mr Shinzo Kono Member 24 April 2013 01 July 2015

THE SUPERVISORY BOARD

Members of the Board of Supervision during the period and at the date of this report are:

Name Position Date of appointment Date of resignation

Mr Nguyen Ngoc Thuy Mr Dang Thai Quy Mr Ong Tien Hung Ms Phi Thi Quynh Nga Mr Yagi Nobuyuki Chief of Supervisory Board Member Member Member Member THE BOARD OF MANAGEMENT 25 December 2014 29 November 2012 29 November 2012 17 April 2015 24 April 2013 02 July 2015 Members of the Board of Management during the period and at the date of this report are: Date of

Name Position Date of appointment resignation

Mr Nguyen Quang Phi Chief Executive Officer 25 June 2014 Mr Do Truong Minh Chief Operating Officer 07 April 2015 Mr Pham Ngoc Tu Deputy Chief Financial 18 May 2015

Officer in charge

Mr Nguyen Minh Hoang Chief Strategy and 01 September 2015 Investment Officer

Mr Nguyen Xuan Hoa Chief Accountant 13 January 2016

Mr Nguyen Thanh Hai Chief Accountant 03 March 2009 13 January 2016

Mr Dau Minh Lam Chief Investment Officer 25 December 2014 02 April 2015

Mr Phan Tien Nguyen Chief Human Resources 30 June 2008 02 April 2015 Officer Mr Nguyen Thanh Son Chief Property & Real Estate 11 July 2012 02 April 2015 Officer Ms Than Hien Anh Chief Strategy and Risk 26 August 2014 06 February 2015 Officer LEGAL REPRESENTATIVE

The legal representative of the Holdings during the period and at the date of this report is Mr Nguyen Quang Phi - Chief Executive Officer

AUDITORS

The auditors of the Holdings are Ernst & Young Vietnam Limited

Trang 6

The Board of Directors of the Holdings is pleased to present its report and the Holdings’ separate financial statements as at 31 December 2015 and for the year then ended

MANAGEMENT’S RESPONSIBILITY IN RESPECT OF THE SEPARATE FINANCIAL STATEMENTS The Board of Management of the Holdings ("Management’) is responsible for the separate financial statements of each financial period which give a true and fair view of the separate financial position of the Holdings and of the separate results of its operations and its separate cash flows for the year In preparing those separate financial statements, Management 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 standards have been followed, subject to any material departures disclosed and explained in the separate financial statements; and

» prepare the separate financial statements on the going concern basis unless it is inappropriate to presume that the Holdings will continue its business

Management is responsible for ensuring that proper accounting records are kept which disclose, with reasonable accuracy at any time, the separate financial position of the Holdings and ensuring that the accounting records comply with the applied accounting system It is also responsible for safeguarding the assets of the Holdings and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities

Management confirmed that it has complied with the above requirements in preparing the

accompanying separate financial statements dated 31 December 2015

APPROVAL OF THE SEPARATE FINANCIAL STATEMENTS

We hereby approve the accompanying separate financial statements These separate financial

statements give a true and fair view of the separate financial position of the Holdings as at 31 December 2015 and the separate results of its operations and separate cash flows for the year then ended in accordance with the Vietnamese Accounting Standards, Vietnamese Enterprise Accounting System and the statutory requirements relevant to preparation and presentation of

separate financial staioments 7)

Trang 7

= EY — Building a better working world Reference: 60780870/17880303

INDEPENDENT AUDITORS’ REPORT

To: The Shareholders of Bao Viet Holdings

We have audited the accompanying separate financial statements of Bao Viet Holdings (“the Holdings”) as prepared on 30 March 2016 and set out on pages 7 to 59, which comprise the separate balance sheet as at 31 December 2015, the separate income statement and separate cash flow statement for the year then ended and the notes thereto

Management's responsibility

Management is responsible for the preparation and fair presentation of these financial statements in accordance with Vietnamese Accounting Standards, Vietnamese Enterprise Accounting System and the statutory requirements relevant to preparation and presentation of separate financial statements, and for such internal control as management determines is necessary to enable the preparation and

presentation 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 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 auditor considers internal control relevant to the

entity's preparation and fair presentation of the separate 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 entity's internal control An audit also includes evaluating the appropriateness

of accounting policies used and the reasonableness of accounting estimates made by management, 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

Trang 8

EY

Building a better working world

Opinion

In our opinion, the separate financial statements give a true and fair view, in all material respects, of the

separate financial position of the Holdings as at 31 December 2015, and of the results of its separate

operations and its separate cash flows for the year then ended in accordance with Vietnamese

Accounting Standards, Vietnamese Enterprise Accounting System and the statutory requirements relevant to preparation and presentation of separate financial statements

Emphasis of matter

We draw attention to Note 2.1 of the separate financial statements which states that the Holdings prepared the consolidated financial statements of the Holdings and its subsidiaries ("the Group”) for the year ended 31 December 2015 in accordance with Vietnamese Accounting Standards, Vietnamese Enterprise Accounting System and the statutory requirements relevant to preparation and presentation of consolidated financial statements We have audited these consolidated financial statements and our auditors’ report dated 30 March 2016 expressed an unqualified opinion Our audit conclusion about the separate financial statements is not modified in respect of this matter Users of the accompanying separate financial statements should read them together with the said consolidated financial statements in order to obtain full information on the consolidated financial position, consolidated results of operations and consolidated cash flows of the Group as a whole

a Trinh Hoang Anh

Deputy General Director Auditor

Audit Practising Registration Audit Practising Registration

Certificate No 2036-2013-004-1 Certificate No 2071-2013-004-1 Hanoi, Vietnam

Trang 9

SEPARATE BALANCE SHEET as at 31 December 2015 Currency: VND Code | ASSETS Notes| 31 December 2015| 31 December 2014 100 | A CURRENT ASSETS 2,710,116,548,654 3,934,260,797,622 110 | Cash and cash equivalents 5 102,066,332,942 51,106,195, 242 114 1 Cash 102,066,332,942 51,106,195,242 120 | fl Short-term investments 2,175,368,486,154 3,398,540,726,339 121 1 Held-for-trading securities 61 832,092,093,361 849,923,454,039 122 2 Provision for diminution in value of held-for-trading securities 6.1 (247,723,607,207) (260,382,727,700) 123 3 Held-to-maturity investments] 6.2 1,591,000,000,000 2,809,000,000,000 130 | li, Current accounts receivable 420,406,982,110 480,227,591,969

131 1 Short-term trade receivables | 7 415,776,977 ,056 478,506, 168,229

136 2 Other short-term receivables 4,630,005,054 1,721,423,740

150 | IV Other current assets 12,274,747,448 4,386,284,072

151 4, Short-term prepaid expense 11,275,044,638 3,072,863,661

155 3 Other current assets 999,702,810 1,313,420,414 200 | B NON-GURRENT ASSETS 9,446,129,887,149 7,794,372,829,401 220 | 1 Fixed assets 323,494,050,985 370,401,160,929 221 1 Tangible fixed assets 8 275, 766,224,563 317,040, 135,814 222 Cost 569,087, 607,260 566,602, 478,900 223 Accumulated depreciation (293,321, 382,697) (249, 562,343,086) 227 2 Intangible assets 9 47,727 ,826,422 §3,361,025,115 228 Cost 428,078,050, 156 126,392,449, 456 229 Accumulated amortization (80,350,223, 734} (73,031,424,341) 240 | ff Long-term assets in progress 45,322,742,955 44,685,588,684 242 1 Construction in progress 10 45,322,742,955 44 685,588,684 250 | fll, Long-term investments 9,073,524,713,209 7,379,286,079,788 251 + Investments in subsidiaries and BVIF 6.3 5,361,291,148,720 4,891,291,148,720 282 2 Investments in jointly controlled entities and associates 6.3 1,737,000,000,000 1,737,000,000,000 254 3 Provision for diminution in value of long-term investments 6.3 (153,223,980) (496,381,589) 255 4 Held-to-maturity investments) 6.2 1,975,386,788,469 751,491,312,657

260 | IV Other long-term assets 3,788,380,000

262 1 Deferred tax assets 20.2 3,788,380,000 ˆ

270 | TOTAL ASSETS 12,156,246,435,803 | 11,728,633,627,023

Trang 10

as at 31 December 2015 Currency: VND Code | RESOURCES Notes| 31 December 2015 | 31 December 2014 300 |C LIABILITIES 397,739,317,623 190,000,425,470

310 |I Current liabilities 397,739,317,623 190,000,425,470

311 1 Short-term trade payables 5,782,492,606 3,873,215,117 313 2 Statutory obligations 11 850,168,780 10,078,250,244

314 3 Payables to employees 12 17,434,858, 724 23,262,504,338 318 4 Short-term unearned

revenues - 1,050,000,057

319 5 Other short-term payables 13 56,516,913, 154 123,029,082,374

322 6 Bonus and welfare fund 14 42,095,343,304 28,707,373,340 324 7 Payables under Government bond repo contracts 15 275,059,541 ,055 - 400 | D OWNERS’ EQUITY 11,758,507,118,180 | 11,538,633,201,553 410 | 1 Owner's equity 16 11,758,507,118,180 | 11,538,633,201,553 411 1 Contributed capital 6,804,714,340,000 6,804,714,340,000 411a Common shares with voting rights 6,804,714,340,000 | 6,804,714,340,000 411b Preference shares - 7 412 2 Share premium 3,184,332,381,197 | 3,184,332,381,197 418 3 Investment and development fund 112,135,049,926 - 421 4 Undistributed earnings 1,657,325,347,057 1,549,586,480,356 421a Undistributed earnings of prior years 656,058, 451,496 429,381,245,268 421b Undistributed earnings of current year 1,001,266,895,561 1,120,205, 235,088 440 | TOTAL LIABILITIES AND OWNER’S EQUITY 12,156,246,435,803-—11,728,633,627,023 oo Mr Nguyen Xuan Hoa Preparer Chief Accountant Hanoi, Vietnam 30 March 2016 Mr Pham Ngoc Tu Deputy Chief Financial Officer in charge

Trang 11

SEPARATE INCOME STATEMENT

for the year ended 31 December 2015 Currency: VND “v# YQ

For the year ended For the year ended

Code| ITEMS Notes 31 December 2015 31 December 2014

21 | 1 Revenues from operating

activities 17 1,315,499,323,457 1,339,138,314,179

22 | 2 Expenses from operating

activities 18 (41,374,514,517) 40,258,998,004

24 Gross operating profit 1,274,124,808,940 1,379,397,312,183

26 General and administration expenses 19 (255, 168,458,474) (204,959,548,654) 30 | 5 Net operating profit 1,018,956,350,466 1,174,437,763,529 31 |6 Other income 1,271,450,311 1,016,965,953 32 |7 Other expenses 465,661,032 - 40 |8 Netother profit 1,737,111,343 1,016,965,953

50 | 9 Profit before tax 1,020,693,461,809 1,175,454,729,482 51 | 10 Current corporate income tax expense 20.1 (22,110,864,114) (53,068,030,227) 52 | 11 Deferred income tax incomei(expense) 20.2 3,788,380,000 (1,036,200,000) 60 | 12 Net profit after tax 1,002,370,977,695 1,121,350,499,255 ——— i Mr Nguyen Xuan Hoa Mr Pham Ngoc Tu Mr-Nguyen Quang Phi

Preparer Deputy Chief Financial Officer in Chief Executive Officer

Chief Accountant charge

Trang 12

Bao Viet Holdings B03-DN

SEPARATE CASH FLOW STATEMENT for the year ended 31 December 2015

Currency: VND

For the year ended For year ended

Code | ITEMS Notes | 31 December 2015 | 31 December 2014

| CASH FLOWS FROM

OPERATING ACTIVITIES

01 1, Cash receipts from sales,

rendering of services and

other revenues 891,059,576,022 796,476,564, 827

03 2 Payments to employees (93,700,263,742) (79,571,443,920)

05 3 Payments for corporate

income tax (22,347 ,413,129) (81,488,273,444)

06 4, Other cash receipts 105, 722,238,791 70,215,576,628

97 5, Other cash disbursements (302,863, 173,282) | (198,323,130,511) 20 | Net cash flows from operating 24 22 23 24 25 26 30 33 36 40 activities II CASH FLOWS FROM INVESTING ACTIVITIES

+ Purchase and construction of fixed assets and other long-

term assets

2 Proceeds from disposals of fixed assets and other long-

term assets

3 Loans to other entities and

payments for purchase of

debt instruments of other entities

4 Collections from borrowers and proceeds from sale of debt instruments of other entities

5 Payments for investments in other entities

§ Proceeds from sales of

investments in other entities Net cash flows (used in}/from

investing activities

lll CASH FLOWS FROM

FINANCING ACTIVITIES

1 Receipts from repo activities

Trang 13

SEPARATE CASH FLOW STATEMENT (continued)

for the year ended 31 December 2015

Currency: VND

For the year ended | For the year ended

Code | ITEMS Notes | 31 December 2015 | 30 December 2014

50 | IV NET INCREASE/(DECREASE) IN CASH FOR THE YEAR

(50 = 20+30+40) 50,958,543,236 | (176,308,697,881)

Tị

60 | Cash and cash equivalents at the

beginning of the year 51,106,195,242 227,414,382,562

<

61 | Impact of exchange rate fluctuation 1,594,464 510,561 Ñ

70 | Cash and cash equivalents at the end of year 5 102,066,332,942 51,106,195,242 ee

Mr Nguyen Xuan Hoa Mr Pham Ngoc Tu Mr Nguyen Quang Phi Preparer Deputy Chief Financial Officer Chief Executive Officer

Chief Accountant in charge Hanoi, Vietnam

30 March 2016

Trang 14

as at 31 December 2015 and for the year then ended

1 CORPORATE INFORMATION

Bao Viet Holdings (herein after referred to as “the Holdings”) was previously a state-owned

company that was equitized and became a shareholding company pursuant to Business

License approved by Hanoi Authority for Planning and Investment on 15 October 2007 The Business License was subsequently modified eight times, the eighth amendment was on 12 August 2015

The Holdings is listed on the Ho Chi Minh Stock Exchange (HOSE) and its entire chartered capital is listed thereon

Below is a summary of information extracted from the eighth modified Business License dated 12 August 2015:

Business License Number: 0100111761 Registered company name: Bao Viet Holdings

Head Office’s address: 8 Le Thai To Street, Hang Trong Ward, Hoan Kiem

District, Ha Noi

Operating activities: Equity investments in subsidiaries and associates, financial services and other related services under Vietnamese

Laws; real estate businesses; IT services; educational

support services, etc Chartered capital: VND 6,804,714,340,000

Number of registered shares: 680,471,434

Founding shareholders: The Ministry of Finance, State Capital Investment

Corporation (SCIC), HSBC Insurance (Asia Pacific) Holdings Limited

Legal representative: Mr Nguyen Quang Phi - Chief Executive Officer The structure of the Holdings’ shareholdings as at 31 December 2015 is as follows:

Shareholders No, of shares Percentage

- The Ministry of Finance (MOF) 482,509,800 70.91%

- Sumitomo Life Insurance Company (Sumitomo Life) 122,509,091 18.00% - State Capital Investment Corporation (SCIC) 22,154,400 3.26%

- Other shareholders 53,298,143 7.83%

Total 880,471,434 100%

Trang 15

NOTES TO THE SEPARATE FINANCIAL STATEMENTS (continued) as at 31 December 2015 and for the year then ended

1 CORPORATE INFORMATION (continued)

The Holdings has the following subsidiaries and dependently accounted units: Subsidiaries

Percentage directly

Subsidiaries Address Principal activities owned

Bao Viet Insurance 35 Hai Ba Trung Street, General insurance 100% Corporation (“Bao Viet Trang Tien Ward, Hoan products, reinsurance, loss

Insurance") Kiem District, Hanoi adjustment

Bao Viet Life Corporation Floor 37, Keangnam Life insurance products, 100% (“Bao Viet Life”) Hanoi Landmark Tower, reinsurance

Pham Hung Street,

Nam Tu Liem District, Hanoi

Bao Viet Fund 8 Le Thai To Street, Management of investment 400% Management Company — Hang Trong Ward, funds and investment

(BVF") Hoan Kiem District, portfolios Hanoi

Bao Viet Securities Joint 8 Le Thai To Street, Brokerage and custedian 59.92% Stock Company Hang Trong Ward, services, proprietary trading,

(BVSC?) Hoan Kiem District, underwriting and corporate

Hanoi finance and investment

advisory service

Bao Viet Au Lac Limited Ha Lieu, Phuong Liev, Vocational driving training 60% Company (“Bao Viet- Au Que Vo District, Bac

Lac”) Ninh Province

Bao Viet Investment 71 Ngo Sy Lien, Van Real estate investment and 55%

Joint Stock Company Mieu Ward, Dong Da consulting, provision of

{"BVinvest’) District, Hanoi machinery and equipment

+ Bao Viet Insurance was established on 21 June 2004 in accordance with Decision

No.1296/QD/BTC issued by the Ministry of Finance and Business License No.04/GPDC3/KDBH issued by the Ministry of Finance on the same date On 23 November 2007, the Ministry of Finance approved the re-establishment of Bao Viet Insurance in pursuant to the Establishment and Operating License No.45GP/KDBH As at 31 December 2015 , Bao Viet Insurance has a chartered capital amounting to VND 2,000 billion

+ Bao Viet Life was established on 04 December 2003 in accordance with Decision No.3668/QD/BTC issued by the Ministry of Finance On 23 November 2007, the Ministry of Finance approved the re-establishment of Bao Viet Life in pursuant to the

Establishment and Operating License No.46/GP/KDBH As at 31 December 2015 , Bao Viet Life has a chartered capital amounting to VND 2,000 billion

Trang 16

1 CORPORATE INFORMATION (continued) Subsidiaries (continued)

BVF was established on 22 August 2005 in accordance with Decision No.911/2005/QD/HDQT-BV by the Holdings’ Board of Directors and operating in accordance with Business License No.0104000256 issued on 22 August 2005 by Hanoi

Authority for Planning and Investment and modified business registration No.27/UBCK- GPDCQLQ issued on 22 September 2015 by the State Securities Commission As at 34 December 2015 , the chartered capital of BVF is VND 100 billion

BVSC was established on 01 October 1999 in accordance with Incorporation License

No.4640/GP-UB issued by the Hanoi People’s Committee and Operating License No.01/GPHDKD dated 26 November 1999 issued by the State Securities Commission The original chartered capital of BVSC is VND 43 billion As at 31 December 2015 , the

chartered capital to VND 722,339,370,000

Bao Viet - Au Lac was established on 18 February 2009 under the License

No.2300373648 granted by Bac Ninh Authority for Planning and Investment As at 31

December 2015 , the chartered capital of Bao Viet - Au Lac is VND 60,660,000,000 BVinvest was established on 09 January 2009 in accordance with Business License No.0103034168 granted by Hanoi Authority for Planning and investment As at 31 December 2015 , the chartered capital of BVInvest is VND 200 billion

Accordingly, direct and indirect investments of Bao Viet Holdings in BVinvest are as follows: % of

Committed chartered Contributed contributed capital capital capital VND VND Direct investment of the Holdings 165,000,000,000 55 110,000,000,000 Indirect investment via subsidiaries 120,000,000,000 40 80,000/000,000

- Bao Viet Life 60,000, 000,000 20 40,000,000,000

- Bao Viet Insurance 60,000,000, 000 20 _40,000,000,000 285,000,000,000 95 190,000,000,000

Dependently accounted units

Name Address

Bao Viet Training Centre 8 Le Thai To Street, Hang Trong Ward, Hoan Kiem District, Hanoi

Infrastructure Construction Project 71 Ngo Sy Lien, Van Mieu Ward, Management Unit (“PMU”) Dong Da District, Hanoi

Bao Viet Holdings Information 71 Ngo Sy Lien, Van Mieu Ward, Dong Da Technology Center Branch District, Hanoi

Trang 17

1 CORPORATE INFORMATION (continued) Associates and joint ventures

Associates and joint ventures of the Holdings as at 31 December 2015 are as follows: Contributed capital invested company Chartered capital VND Associates Baoviet Resort 60,000,000,000

- Contributed capital by the Holdings ~ Contributed capital by Bao Viet Life by the Group VND 21,000,000,000 9,000,000,000 42,000,000, 000 VIGEBA 180,000,000,000 54,000,000,000

Trang 18

as at 31 Decernber 2015 and for the year then ended 2 24 2.2 2.3 24 25

BASIC OF PREPARATION OF THE SEPARATE FINANCIAL STATEMENTS Purpose of preparing the separate financial statements

The Holdings has subsidiaries as disclosed in note 1 The Holdings prepared these separate financial statements to meet the prevailing requirements in relation to disclosure of information,

specifically the Circular §2/2012/TT-BTC on disclosure of information on the securities market

and Official Letter 1419/UBCK-PTTT providing guidance to Circular 52/2042/TT-BTC In

addition, as required by these regulations, the Holdings has also prepared the consolidated

financial statements of the Holdings and its subsidiaries for the year ended 31 December 2015

dated 30 March 2016

Users of the separate financial statements should read them together with the said consolidated financial statements in order to obtain full information on the consolidated financial position, consolidated results of operations and consolidated cash flows of the Holdings and its subsidiaries

Accounting standards and system

The separate financial statements of the Holdings expressed in Vietnam Dong ("VND") are prepared in accordance with the Vietnamese Enterprise Accounting System and

Vietnamese Accounting Standards issued by the Ministry of Finance as per:

» Decision No.149/2001/QD-BTC dated 31 December 2001 on the Issuance and

Promulgation of Four Vietnamese Accounting Standards (Series 1);

» Decision No.165/2002/QD-BTC dated 31 December 2002 on the Issuance and

Promulgation of Six Vietnamese Accounting Standards (Series 2),

» Decision No.234/2003/QD-BTC dated 30 December 2003 on the Issuance and Promulgation of Six Vietnamese Accounting Standards (Series 3),

» Decision No.12/2005/QD-BTC dated 15 February 2005 on the Issuance and Promulgation of Six Vietnamese Accounting Standards (Series 4); and

» Decision No.100/2005/QD-BTC dated 28 December 2005 on the Issuance and Promulgation of Four Vietnamese Accounting Standards (Series 5)

Accordingly, the accompanying separate financial statements, including their utilisation are not designed for those who are not informed about Vietnam's accounting principles,

procedures and practices and furthermore are not intended to present the financial position

and results of operations and cash flows in accordance with accounting principles and practices generally accepted in countries other than Vietnam

Applied accounting documentation system

The Holdings’ applied accounting documentation system is the Voucher Journal system Accounting currency

The separate financial statements are prepared in VND which is also the Holdings’ accounting Currency

Fiscal year

The Holdings’ fiscal year applicable for the preparation of its separated financial statements

starts on 01 January and ends on 31 December

The Holdings also prepares its separate financial statements on a quarterly basis

Trang 19

NOTES TO THE SEPARATE FINANCIAL STATEMENTS (continued)

42

43

STATEMENT ON THE COMPLIANCE WITH VIETNAMESE ACCOUNTING STANDARDS AND SYSTEM

The Board of Management confirms that it has complied with the Vietnamese Accounting Standards and Vietnamese Enterprise Accounting System in preparing the separate financial statements The Holdings has also followed the accounting policy for the recognition of the revalued land use rights as set out in Note 4.6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Change in accounting policies and disclosures

The accounting policies adopted by the Holdings in preparation of the separate financial

statements are consistent with those followed in the preparation of the Holdings’ annual separate financial statements for the year ended 31 December 2014, except for the

changes in the accounting policies in relation to the fallowing:

Circular No 200/2014/TT-BTC providing guidance on enterprise accounting system

On 22 December 2014, the Ministry of Finance issued the Circular No 200/2014/TT-BTC

providing guidance on enterprise accounting system (‘Circular 200") replacing Decision No 15/2006/QD-BTC dated 20 March 2006 (“Decision 15") and Circular No, 244/2009 / TT-BTC dated 31 December 2009 of the Ministry of Finance (‘Circular 244”) Circular 200 is effective

for the financial year beginning on or after 1 January 2015

The Holdings also adjusted, reclassified and restated certain corresponding figures of prior period following the presentation of the current period’s separate financial statements in

accordance with Circular 200, as disclosed in Note 26

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand, cash at banks and short-term, highly liquid investments with an original maturity of less than three months which are readily

convertible into known amounts of cash and that are subject to an insignificant risk of

change in value Financial investments lavestments in subsidiaries

Investments in subsidiaries over which the Holdings has control are carried at cost

Distributions from accumulated net profits of the subsidiaries arising subsequent to the date of acquisition are recognised in the separate income statement Distributions from sources

other than from such profits are considered as a recovery of investment and are deducted from the cost of the investment

A listing of the Holdings’ subsidiaries is shown in Note 6.3 investment in Bao Viet Value Investment Fund (“BVIF’)

investments in BVIF are carried at cost Profit or loss arising from the investment is recognized in the separate income statement based on the profit appropriation notice from the Board of Representatives of the fund at the reporting date The provision for impairment losses of investment in BVIF is recognized when the total investment of investors is higher

than net asset value (NAV) of BVIF at the balance sheet date

Trang 20

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Financial investments (continued)

investments in joint ventures and associates

Investments in joint ventures, associates are carried at cost

Distributions from accumulated net profits of the joint ventures, associates arising subsequent to the date of acquisition are recognised in the separate income statement

Distributions from sources other than such profits are considered as a recovery of

investment and are deducted to the cost of the investment

A listing of the Holdings’ joint ventures and associates is shown in Note 6.3 Held-for-trading securities

Held-for-trading securities include securities listed on the securities market and other

securities and financial instruments which are held for trading purpose Held-for-trading

securities are stated at their acquisition costs Hald-to-maturity investments

Held-to-maturity investments include Government bonds, corporate bonds, term deposits, term loans and other investments which will be held until maturity After initial recognition at acquisition cost, held-to-maturity investments are measured at recoverable amount Any impairment loss incurred is recognized as expense in the separate financial statements and deducted against the value of such investments

investments in other entities

Investments in other entities include equity investments in other entities that the Holdings does not have control, joint control or significant influence These investments are stated at their acquisition costs

Provision for diminution in value of investments

Provision is made for any diminution in vatue of investments at the balance sheet date in accordance with the guidance under Circular No 228/2009/TT-BTC (“Circular 228”) dated 7 December 2009 and Circular No 89/2013/TT-BTC (‘Circular 89”) dated 28 June 2013 issued by the Ministry of Finance Increases and decreases to the provision balance are recorded as finance expense in the separate income statement Details of the basis of determination of impairment of investment are as follows:

18

Nok

aS

Trang 21

NOTES TO THÉ SEPARATE FINANGIAL STATEMENTS (continued)

4.3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Financial investments (continued)

Provision for diminution in value of investments (continued)

Provision for diminution in value of held-for-trading securities is provision for any loss arising

from diminution in vatue of securities the Holdings holds for trading Listed securities

For listed securities that are carried at cost in accordance with Vietnamese Accounting

Standards, if there are objective evidences that their market value is lower than carrying

amount, the provision amount is measured as the difference between the securities’

carrying amount and the market value as of the balance sheet date in accordance with the

following formula given in Circular 228:

Unit market

, Nuriber of Unit carrying value of

Provision amount = impaired securities value of securities as

at the balance securities at the

sheet date balance

sheet date The markets prices of listed shares at the reporting date are closing prices at Hanoi and Ho Chi Minh Stock Exchange as at 31 December 2015

Unlisted securities

For unlisted shares, the following methods are used in calculating the fair value in order to

compare with book value to determine the provision amount:

» for securities registered to be traded on the trading market of unlisted public companies’ securities (UPCom), market value is determined as the closing trading prices quoted on UPCom as at the balance sheet date in case there is no transaction on UPCom at the transaction date, the fair value is determined as closing trading prices at the date prior to the transaction date

» for securities not yet to be registered for trading on UPCom, market value is determined as the average price of public quotations from at least three prestigious independent

securities companies as at balance sheet date; and

w for securities that market value is not determinable, the Holdings does not make provision for devaluation

» for the delisted securities and suspended trading securities from the sixth day afterward,

their prices are the book value at the latest financial report date

Held-to-maturity investments

Provision for impairment of held-to-maturity financial investments is made based on

guidance of Circular 228, The Holdings will assess the recoverability of the investment and

in the case there are evidences that a part or the whole of the investment is not recoverable,

the Holdings will recognized the estimated loss into the expense of the period

For investments in bonds issued by the Vietnam Shipping Industry Corporation (‘Vinashin” - now known as SBIC), based on the interest and principat payment history, the Holdings has stopped recording accrued interests from Vinashin bonds and monitored the accruals off-

balance sheet, The Holdings has made provision for principle of uncollectible overdue

Trang 22

Financial investments (continued)

Provision for diminution in value of investments (continued) Held-to-maturity investments (continued)

The Holdings has also made provision for the bonds, which will mature in 2017, at the rate of 20% per annum on outstanding balance over the period of 5 years since 2015 and at the same time moved previously-recorded interest accrual and related provisions to off-balance sheet under the guidance of Circular 200 issued by Ministry of Finance and relevant statutory requirements

Similarly, for investments in term deposits at Vinashin Finance Company (“VFC”) and Agtibank Leasing Company No II (“ALCHI"), based on the ALCII and VFC’s corporate financial situation and the interest and principal payment history, the Holdings has made 100% provision for principal in accordance with Circular 228; and has stopped recording accrued deposit interests and monitored subsequent accruals off-balance sheet in accordance with Circular 200 Since 2015, the Holdings has moved previously-recorded interest accrual and related provisions to off-balance sheet

Investments in other entities

For equity investments in other entities and other long-term investments, provision for devaluation is set up if the investees are suffering from loss (except where such loss has already included in their business plan prior to the investment) in accordance with Circular

228 and Circular 89

The amount of provision for each investment shall not exceed the invested capital and is calculated according to the following formula given in Circular 89:

Investment capital of

Actual capital Actual the Holdings

Provision amount = contributions of - owners’ x 5

investors equity Actual capital

in the investee contributions of

Trang 23

NOTES TO THE SEPARATE FINANCIAL STATEMENTS (continued) as at 31 December 2015 and for the year then ended 44 45 4.6 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Receivables

Receivables are presented in the separate financial statements at the carrying amounts due from customers and other debtors, after provision for doubtful debts

The provision for doubtful debts represents amounts of outstanding receivables at the balance sheet date which are doubtful of being recovered Increases and decreases to the provision balance are recorded as general and administrative expense in the separate income statement

Provision for impairment of receivables will be made based on their overdue ages For Teceivables that are undue and owed by debtors who have become bankrupt or are undergoing dissolution procedures, are missing, have absconded, are prosecuted, detained or tried by law enforcement bodies, are serving sentences or have deceased, provision should be estimated based on the amount of expected loss The increase or decrease to the provision balance is recorded as an administrative expense in the separate income statement

The Holdings uses the provision rates regulated by the Ministry of Finance in Circular 228 Details are as follows:

Overdue receivable age Allowance rate

Overdue from six months to less than one year 30%

Overdue from one to less than two years 50%

Overdue from two to less than three years 70%

Overdue over three years 100%

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation

The cost of a tangible fixed asset comprises of its purchase price and any directly attributable costs of bringing the tangible fixed asset to working condition for its intended

use

Expenditures for additions, improvements and renewals are added to the carrying amount of the assets and expenditures for maintenance and repairs are charged to the separate income statement as incurred

When tangible fixed assets are sold or retired, any gain or loss resulting from their disposal

{the difference between the net disposal proceeds and the carrying amount) is included in

the separate income statement intangible fixed assets

Intangible fixed assets are stated at cost less accumulated amortisation

The cost of an intangible fixed asset comprises of its purchase price and any directly attributable costs of preparing the intangible fixed asset for its intended use

Expenditures for additions, improvements are added to the carrying amount of the assets

and other expenditures are charged to the separate income statement as incurred

When intangible fixed assets are sold or retired, any gain or loss resulting from their disposal (the difference between the net disposal proceeds and the carrying arnount) is included in the separate income statement

21

RA

"SH

Trang 24

47

48

49

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Intangible fixed assets (continued)

Land use rights

Land use rights are recorded as intangible assets based on the revalued amount as

determined by an independent valuer for the land areas that the Holdings had land use right certificates, or was in the process of obtaining the land use right certificates, as at 31 December 2005 for the equitization purpose of the Holdings

Depreciation

Depreciation of tangible fixed tangible and amortization of intangible fixed assets is

calculated on a straight-line basis over the estimated useful life of each assets as follows:

Buildings and structures 06 - 50 years

Machinery and equipment 03 - 07 years

Means of transportation and communication 06 - 08 years

Office equipment 03 - 06 years

Computer softwares 03 - 06 years

Others 04 years

Land use rights with indefinite terms are not amortised in accordance with Circular No

45/2013/TT-BTG

Payables and accruals

Payables and accruals are recognised for the amount to be paid in the future for goods and

services received, contracts signed whether or not billed to the Holdings

Securities sold under agreement to repurchase (“repo contract”)

Securities sold under agreements to repurchase at a specified future date (“repo”) are not derecognized from the separate financial statements The corresponding cash received is recognized as a liability in the separate balance sheet The difference between the selling price and repurchasing price is allocated to expense in the separate income statement over

the life of the agreement using straight-line method

22

ag

Trang 25

4.10

Employee benefits

Post-employment benefits

Post-employment benefits are paid to retired employees of the Holdings by the Vietnam Social Insurance Agency The Holdings is required to contribute to these post-employment

benefits by paying social insurance premiums to the Vietnam Social Insurance Agency at

the rate of 18% of employee basic salaries on a monthly basis since 01 January 2014 The

Holdings also contributes 3% of employee basic salaries to pay health insurance premiums The Holdings has no further obligation concerning post-employment benefits for its

employees other than this

Voluntary resignation and retrenchment benefits

» Voluntary resignation benefits: the Holdings has the obligation, under Article 42 of the Labor Code No 10/2012/QH13 dated 18 June 2012, to pay an allowance to voluntarily resigning employees, equal to half of one-month’s basic salary for each year of employment plus wage allowances (if any) until 31 December 2008 Commencing 01 January 2009, the average monthly salary used in this calculation will be revised at the end of each reporting period based on the average monthly salary of the most recent 06 months up to the balance sheet date;

» Retrenchment benefits: the Holdings has the obligation, under Article 17 of the Labor

Code, to pay an allowance to employees who are retrenched as a result of organizational restructuring or technological changes In such cases, the Holdings shail pay to employees an allowance for loss of work equivalent to the aggregate amount of one month salary for each year of employment, but no less than two-month salaries

In accordance with Circular No 180/2012/TT-BTC issued by Ministry of Finance dated 24

October 2012, since 2012, the Holdings stopped accruing retrenchment allowance Unemployment insurance Fund

According to the Social insurance Law No 71/2006/QH11 issued on 29 June 2006, and

Decree No 127/2008/ND-CP issued on 12 December 2008, employees and employers are required to contribute 1% of basic salary of each employee to the unemployment insurance

fund, with effect from 01 January 2009 Further, the Government will also contribute 1% of

the basic salary of each employee to this fund Vietnam Social Insurance Agency is responsible for the collection, distribution and management of Unemployment Insurance Fund

Trang 26

411

4.12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Revenue recognition

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Holdings and the revenue can be reliably measured The following specific revenue recognition criteria must also be met before revenue is recognised:

interest

Interest revenue is recognised as interest accrues (taking into account the effective yield on

the asset) unless the collectability is in doubt

Interest revenue from bond is recognized on an accrual basis Interest revenue also includes the amount of amortization of any discount, premium, prepaid interest or other difference between the initial carrying amount of a bond and its amount at maturity When unpaid bond coupon interest has accrued before the acquisition of a bond, the subsequent receipt of coupon interest is allocated between pre-acquisition and post-acquisition period Only post-acquisition bond coupon interest is recognized as revenue Pre-acquisition bond

coupon interest is deducted from the cost of the bond

Dividends and appropriated profits

Income is recognised when the Holdings’ right to receive the cash dividend or the appropriated profit is established The Holding does not recognize stock dividend and bonus shares received and only updates the respective increase in number of shares in accordance with Circular No 200/2014/TT-BTC

Other incomes

Revenues from irregular activities other than turnover-generating activities are recorded to

other incomes as stipulated by “Vietnamese Accounting Standard No 14 - Revenue and other income”, including: revenues from asset liquidation and sale; fines paid by customers for their contract breaches; collected insurance compensation; collected debt which had been written off and included in the preceding period expenses; payable debts now recorded as revenue increase as their owners no longer exist; collected tax amounts which now are reduced and reimbursed; and other revenues

Taxation

Current income tax

Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities The tax rates and tax laws used to compute the amount are those that are enacted or substantially enacted as at the balance sheet date

Current income tax is charged or credited to the separate income statement, except when it relates to items recognised directly to equity, in which case the current income tax is also dealt with in equity

Current income tax assets and liabilities are offset when there is a legally enforceable right for the Holdings to set off current tax assets against current tax liabilities and when the Holdings intends to settie its current tax assets and liabilities on a net basis

Trang 27

412

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Taxation (continued)

Deferred income tax

Deferred income tax is provided using the liability method on temporary differences at the balance sheet date between the tax base of assets and liabilities and their carrying amount for financial reporting purposes

Deferred tax liabilities are recognised for all taxable temporary differences, except:

» where the deferred tax liability arises frorn the initial recognition of an asset or liability in a transaction which at the time of the related transaction affects neither the accounting profit nor taxable profit or loss

» in respect of taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures where timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future

Deferred tax assets are recognised for all deductible temporary differences, carried forward unused tax credit and unused tax losses, to the extent that it is probable that taxable profit will be available against which deductible temporary differences, carried forward unused tax credit and unused tax losses can be utilised, except:

» where the deferred tax asset in respect of deductible temporary difference which arises from the initial recognition of an asset or liability which at the time of the related transaction, affects neither the accounting profit nor taxable profit or loss; and

» in respect of deductible temporary differences associated with investments in

subsidiaries, associates, and interests in joint ventures, deferred tax assets are

recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized

The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised Previously unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax assets to be recovered

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset realised or the liability is settled based on tax rates and tax laws that have been enacted at the separate balance sheet date

Deferred tax is charged or credited to the separate income statement, except when it relates to items recognised directly to equity, in which case the deferred tax is also dealt with in the equity account

Deferred tax assets and liabilities are offset when there is a legally enforceable right for the Holdings to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority on:

» either the same taxable entity; or

» when the Holdings intends either settle current tax liabilities and assets on a net basis or {0 realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered

Trang 28

as at 31 December 2015 and for the year then ended 4.73 4.14 4.15 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Offsetting

Financial assets and liabilities are offset and presented on net basis on the separate

balance sheet when and only when the Holdings has the intention and legal right to make payment on net basis, or the settlements of financial assets and liabilities happen simultaneously

Appropriation of net profits

Net profit after tax is available for appropriation to investors/shareholders after approval by the appropriate level of authority/in the annual general meeting, and after making appropriation to reserve funds in accordance with the Holding’s Charter and Vietnam's

regulatory requirements

The Holdings maintains the following reserve funds which are appropriated from the Holdings’ net profit as proposed by the Board of Directors and subject to approval by

shareholders at the annual general meeting:

» Investment and development fund: This fund is set aside for use in the Holdings’ expansion of its operation or of in-depth investment

» Bonus and welfare fund: This fund is set aside for the purpose of pecuniary rewarding and encouraging, common benefits and improvement of the employees’ benefits, and

presented as 4 liability on the separate balance sheet

» Social security fund: The fund is set aside for the purpose of supporting social security activities in the interest of community

Foreign currency transactions

Transactions in currencies other than the the Holding’s reporting currency of VND are

recorded at the actual transaction exchange rates at transaction dates which are determined as follows:

» Transaction resulting in receivables are recorded at the buying exchange rates of the commercial banks designated for collection;

» Transactions resulting in liabilities are recorded at the selling exchange rates of the commercial banks designated for payment;

» Capital contributions are recorded at the buying exchange rates of the commercial

banks designated for capital contribution;

» Payments for assets or expenses without liabilities initially being recognised is recorded at the buying exchange rates of the commercial banks that process these payments At the end of the year, monetary balances denominated in foreign currencies are translated at the actual exchange rates at the balance sheet dates which are determined as follows:

» Monetary assets are translated at buying exchange rate of the commercial bank where the Holdings conduct transactions regularly;

» Monetary liabilities are translated at selling exchange rate of the commercial bank where the Holdings conduct transactions regularly

All foreign exchange differences incurred during the year and arising from the revaluation of monetary accounts denominated in foreign currency at year-end are taken to the separate income statement

Trang 29

5 CASH AND CASH EQUIVALENTS Cash on hand Cash at banks Cash at banks in VND Cash at banks in USD equivalent TOTAL FINANCIAL INVESTMENTS Notes Held-for-trading securities 6.1 Listed shares Unlisted shares Fund certificates Provision for held-for-trading securities Held-to-maturity investments 6.2 Short-term - Term deposits - Bonds Long-term - Term deposits - Bonds Other long-term financial investments 6.3

Investments in subsidiaries and BVIF

Trang 31

6 FINANCIAL INVESTMENTS (continued) 6.2 Held-to-maturity investments 31 December 2015 31 December 2014 Cost Carrying value Cost Carrying value Short-term Term deposits (*) 1,737,000,000,000 1,573,000,000,000 2,793,000,000,000 2,629,000,000,000 Bonds (***) 60,000,000,000 18,000,000,000 210,000,000,000 180,000,000,000 1,797,000,000,000 1,691,000,000,000 3,003,000,000,000 2,809,000,000,000 Long-term Term deposits (**} 50,000,000,000 50,000,000,000 157,000,000,000 157,000,000,000 Bonds (***} 1,944,328,688,469 1,925,386,788,469 594,491,312,657 594,491,312,657 1,994,328,688,469 1,975,386,788,469 751,491,312,657 751,491,312,657 3,791,328,688,469 3,566,386,798,469 3,754,491 ,312,657 3,560,491,342,657

(*) Apart from overdue term deposits at ALCIí and VFC, other short-term deposits in VND at other financial institutions have original maturity of more than three (03) months and mature in less than one (01) year, and earn interest at rates ranging from 5.15% to 6.30% per annum

Trang 32

6.3

FINANCIAL INVESTMENTS (continued) Other financial investments

Investments in subsidiaries

Bao Viet Life Bao Viet Insurance BVE

BVSC Bvinvest BVIF

Bao Viet - Au Lac

Trang 33

7, SHORT-TERM TRADE RECEIVABLES

Notes 31 December 2015 31 December 2014 VND VND Trade receivables - Receivables from investment activities 71 74,275,589, 140 119, 122,552,401 - Receivables from related parties 72 341,501,387,916 — 359,383,615,828 TOTAL 415,776,977 ,056 478,506,168,229 7.1 Receivables from investment activities 31 December 2015 31 December 2014 VND VND Receivables from: - Term deposits’ interests 46 836,344,469 90,116,461,128 - Bonds’ coupons 28,901,734,671 29,006,091,273 - Shares’ dividends 537,510,000 - TOTAL 74,275,589,140 119,122,552,401 7.2 Receivables from related parties 31 December 2015 31 December 2014 VND VND Receivables from:

- Bao Viet Life 222,575,005,778 208,635,694,357

Trang 34

8 TANGIBLE FIXED ASSETS

Means of

transportation and = Equipment and

Buildings and Machinery and transmission management

Trang 35

9 INTANGIBLE FIXED ASSETS

Land use rights VND Cost: Balance as at 01 January 2015 63,135,267 ,200 New purchase = Balance as at 31 December 2015 _ 63,135.267,200 In which: Fully depreciated - Accumulated amortization: 19,013,089,697 1,708,119,864 20,721,209,561 Balance as at 01 January 2015 Amortization for the year Balance as at 31 December 2015 Net book value: 44,122,177,503 42,414,057,639 Balance as at 01 January 2015 Balance as at 31 December 2015 Software VND 63,257,182,256 1,685,600,700 64,942,782,956 53,915, 135,926 54,018,334,644 §,610,679,529 §9,629,014,173 9,238,847,612 §,313,768,783 Total VND 126,392,449,456 1,685,600,700 128,078,050, 156 53,915, 135,926 73,031 424,341 7,318,799,393 80,350,223,734 53,361,025,115 47,727,826,422 10 CONSTRUCTION IN PROGRESS 31 December 2015 31 December 2014 VND VND Construction in progress

- Bao Viet Ha Dong Buildings 25,655, 894,226 25,655, 894,226 - Backup generator at 71 Ngo Si Lien 7,055, 668,707 7,041,226, 707 - Financial statement consolidation software 4,349,205,204 4,110,278,604

- Ofhers 8,261,974,818 7,878, 189,147

TOTAL —45,322,742,985 44,688,588,684

+1 STATUTORY OBLIGATIONS

01 January — increased during Paid during 31 December 2015 the period the period 2018

VND VND VND VND

Taxes and fees

Trang 36

as at 31 December 2015 and for the year then ended 42 13 14, 15, PAYABLES TO EMPLOYEES 31 December 2015 VND Salary payables 17,434,858,724 17,434,858,724 OTHER SHORT-TERM PAYABLES 31 December 2015 VND

Trade union fee 112,517,360

Social and health insurance 195,318,359

Unemployment Insurance 61,339,432

Payables related to Social Security Fund (*) 43,590,082,337

Deposits from tenants 9,640,612,441

Payables to related parties 1,549,741,027

Bao Viet Life 723,348,247

Bao Viet Insurance 826,392,780 VIGEBA - Other payables 1,367,302,198 TOTAL —36,516,913,154 31 December 2014 VND 23,262,504,338 23,262,504,338 31 December 2014 VND 115,014,643 235,302,060 63,506,633 35,234,433,387 9,760,513,442 78,961,535,022 723,348,247 1,356,636,052 73,881,550, 723 1 658,777,187 123,029,082,374 () This payable relates to social security expenses in the Government's 30A Program and

other social security program waiting for construction disbursement schedule

BONUS AND WELFARE FUND

Increase during Decrease during 31 December Of Jan 2015 the period (*) the period 2015 VND VND VND VND Bonus fund 48,912,392,237 417,037,410,955 (21,603/287/952) 14,346,515,240 Welfare fund 9,794,981,103 _72,670,628,986 (54,716,782,025) 27,748.828,064 TOTAL 28,707,373,340 89,708,039,941 (76,320,069,977} _42,095,343,304 (9 Refer to Note 16.1 PAYABLES UNDER GOVERNMENT BOND REPO CONTRACTS 31 December 2015 VND Repo payables (**) 275,059,541,055 275,059,541,055 31 December 2014 VND (**) Represents payables to Techcornbank at interest of 5.5% per annum with regard to

Government bonds that the Holdings sold and is committed to repurchasing in less than

3 months

Trang 37

NOTES TO THE SEPARATE FINANCIAL STATEMENTS (continued) as at 31 December 2015 and for the year then ended 16 16.1 16.2 OWNERS’ EQUITY Changes in owners’ equity As at 01 January 2015 Dividend of the year 2014 paid to Shareholders

Profit of the year

Appropriation to bonus and welfare fund Appropriation to 50 years Anniversary

Welfare Fund (*)

Appropriation fo bonus and welfare fund for the year 2014 (*)

Remuneration to the Board of Directors and Supervisory Committee

Appropriation to Social Security Fund (*) Appropriation to Investment and Development fund (*) As at 31 December 2015 Contributed charter capital VND 6,804,714,340,000 Share premium VND 3,184,332,381,197 investment and development fund VND 112,135,049,926 Undistributed eamings Total VND VND 1,549,586,480,356 11,538,633,201,553 (680,471 434,000) (680,471,434,000) 1,002,370,977,695 1,002,370,977,695 (89,708,039,941) (89,708,039,941) (33,640,514,978) (33,640,514,978) (56,067,524, 963) (56,067, 524,963) (1,104,082,134) (41,213,504,993) (11,213,504,993) (1,104,082, 134) (112,435,049,926) ˆ 6,804,714,340,000 3,184,332,381,197 112,135,049,926 1,657,325,347,057 — 11,758,507,118,180

Trang 38

Bao Viet Holdings B09-DN NOTES TO THE SEPARATE FINANCIAL STATEMENTS (continued)

16 OWNERS’ EQUITY (continued)

16.3 Capital transactions with owners

No capital transactions with owners occurred during the year ended 31 December 2015 16.4 Dividends

On 17 April 2015, the 2015 Annual General Meeting of Shareholders of the Holdings approved the profit appropriation plan for the financial year 2014, accordingly, the Holdings was approved to pay out dividends for the year 2014 to its shareholders at the rate of 10%

(VND 1.000 per share) on the chartered capital of VND 6,804,714,340,000, equivalent to

| VND 680,471,434,000

17 REVENUES FROM OPERATING ACTIVITIES

For the year ended For the year ended

31 December 2015 31 December 2014

VND VND

Revenues from financial activities

Interest from demand deposits 1,028,728,557 810,457,277

Interest from term deposits 178,664, 124,927 256,424,422,284

Interest from bonds 74,788,200,260 61,302,822,469

Income from dividends or distributed profits 940,277,325,335 936,304,566, 157 Unrealized foreign exchange differences 1,585,257 510,561 Others 1,975,791 ,498 6,759,012,666 1,196,735,755,834 1,261,601 ,791,414 Revenues from other operating activities Office rental 72,797,183,675 77,536,522,765 IT services 45,966,383,948 : 118,763,567 ,623 77,536,522,765 1,315,499,323,457 1,339,138,314,179

18 EXPENSES FROM OPERATING ACTIVITIES

For the year ended For the year ended 31 December 2015 314 December 2014

VND VND

Expenses from financial activities Additionat/(Reversal of) provision for

impairment of investments 17,939,621,898 (62,502,221,372)

Other financial expenses 12,428,466,205 11,315,013,378

30,368,088,103 (51,187,207,994)

Expenses from other activities

Building management expenses 11,006,426,414 10,928,209,990

Trang 39

19

20

GENERAL AND ADMINISTRATION EXPENSES

For the year ended 31 December 2015

VND

Staff costs 95,961,742,100

Materials expenses 729,666,000

Office stationery expenses 2,527,154,729 Fixed asset depreciation and amortization 52,361,596,444

Taxes and fees 13,872,976 Land rental 13,199,484 662 Consultancy fees 5,865,998,230 External service fees §1,318,538,576 Others 33,190,404,757 TOTAL 255,168,458,474

CORPORATE INCOME TAX

For the year ended 31 December 2014 VND 88,628,012,951 694,529,765 2,111,965,743 30,076,435,206 87,390,786 10,291 ,966,100 4,409,559,000 38,513,044,858 30,146,644,245 204,959,548,654

The statutory corporate income tax rate (“CIT”) applicable to the Holdings is 22% of taxable profits for the year ended 31 December 2015

The tax returns filed by the Holdings are subject to examination by the tax authorities As the application of tax laws and regulations is susceptible to varying interpretations, the amounts reported in the separate financial statements could be changed at a later date upon final determination by the tax authorities

Trang 40

as at 31 December 2015 and for the year then ended 20

20.1

CORPORATE INCOME TAX (continued)

Current Corporate Income Tax Expense

The current tax payable is based on taxable profit for the current year The taxable profit of the Holdings for the year differs from the profit as reported in the separate income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are not taxable or deductible The Holdings’ liability for current tax is calculated using tax rates that have been enacted by the separate balance sheet date

A reconciliation between the profit before tax and taxable profit is presented below:

Accounting profit before tax

Adjustments to decrease accounting taxable profit:

- Non-taxable income from dividend, unrealized foreign exchange gain

- Adjustment for expenses of previous years

Adjustments to increase accounting taxable profit: - Temporary differences of financial provision expenses - Non-deductible expenses Estimated current taxable profit CIT rate Estimated CIT payable based on current taxable profit

Adjustments to prior periods’ tax payable in accordance with tax finalization

Estimated CIT expense charged to current

period

CIT (recoverable)/payable at the beginning of the year

CIT paid during the year

Định dạng
Số trang	61
Dung lượng	3,16 MB