BAO CAO THUONG NIEN 2014 (English)

ANNUAL REPORT 2014 Productivity – Quality – Effectiveness CONSTRUCTION INVESTMENT CORPORATION - CIC 3-2 Information Trading name Chartered capital In Vietnamese: 112.000.000.000 VNĐ CONG TY CO PHAN DAU TU XAY DUNG 3-2 Stock code: C32 In English: CONSTRUCTION INVESTMENT CORPORATION 3-2 Listing: HOSE The total number of stocks listed: 11.200.000 cp In short: CIC 3-2 Businesss Registration Certificate No: 3700146225 Contact 45A Nguyen Van Tiet, Lai Thieu, Thuan An, Binh Duong Tel: 0650.3759446 Fax: 0650.3755605 Website: www.cic32.com.vn Email: ctydt-xaydung32@vnn.vn C32 | ANNUAL REPORT 2014 CONSTRUCTION INVESTMENT CORPORATION - Productivity Quality Effectiveness ANNUAL REPORT 2014 | C32 CONSTRUCTION INVESTMENT CORPORATION - VISION CIC3-2 strives to be a professional, reputable and qualified company in the field of construction and construction materials production MISSION CIC3-2 is committed to providing our products / services to customers with high quality and reasonable costs, serving the community and society CORE VALUES OF CIC 32 Commitment to Quality Meritocracy We are always striving to provide products and services We are always creating the best environment and with the best quality, to meet and exceed the opportunities for each individual to comprehensively expectations of our customers develop and create value for themselves, customers and the Company Cooperation Creativity We are always respecting individuals and combine the We are constantly creative in finding new solutions to contribution of each individual to create a team's add values for our customers success Honesty Discipline We are always honest and sincere in thinking and action We are always complying to the prescribed work and making efforts to create the most effectiveness in work C32 | ANNUAL REPORT 2014 CONSTRUCTION INVESTMENT CORPORATION - C O N T E N T ABOUT THE COMPANY 08 The process of formation and development 10 Lines and locations of business 11 Organization and management apparatus 17 Development orientations PRODUCTION AND BUSINESS ACTIVITIES 24 Operational status in 2014 26 Financial situation 27 Situation of investment projects 27 Organization and Human Resources 31 Shareholder structure and equity 20 Risks STATEMENTS OF THE BOARD OF DIRECTORS 33 Assessment of production and business results 36 Financial situation 37 Development plan in 2015 38 Explanation of the Board of Directors with an audit opinion ORIENTATION FOR SUSTAINABLE DEVELOPMENT 44 Message of sustainable development 45 Values and commitments to the development STATEMENTS TO THE BOARD OF MANAGEMENT TRỊ 40 Assessment of the Board of Management 41 Assessment of the Board of Management about the Board of Directors 42 Plans and orientations of the Board of Management CORPORATE GOVERNANCE 51 Board of Management 59 Supervisory Board 61 Transactions, remunerations and benefits FINANCIAL STATEMENTS NĂM 2014 63 Reviews of auditors 64 Financial statements ANNUAL REPORT 2014 | C32 CONSTRUCTION INVESTMENT CORPORATION - MESSAGE FROM THE CHAIRMAN OF THE BOARD OF MANAGEMENT TURNOVER 453.8 BILLION VND PROFITS 71.8 BILLION VND My respects, Shareholders, Investors and Partners In 2014, we developed the plan for business and production in the context of advantages and disadvantages intertwined During the year, the national economic situation obtained positive changes as economic growth and recovery, interest rates and prices of raw materials tending to decrease However, new public investment projects were limited, the capital allocation for basic construction works was not timely, and transport costs were higher due to increased load control of freight vehicles on road which caused a lot of pressure for the business activities of the enterprise On the other hand, the Company promptly extended the mining license in Tan Dong Hiep Quarry as well as actively sought works allocated capital to participate in bidding and initially involved in the road maintenance and repair segment that helped the Company stabilize the production and business activities and ensure targets and plans that the Shareholders' meeting approved in 2014 Specifically, the turnover was 453.8 billion VND, reaching 104% of the plan, profits after tax were 71.8 billion VND, reaching 120% of the plan With the orientation of sustainable development in the field of construction and construction materials production, the Company has gradually improved and enhanced the management, implemented the improvement of the quality of human resources and maintained the team through staff succession planning Investor Relations (IR) is also focused on building professionally and a powerful tool in improving corporate governance practices of the Company Along with timely and transparently providing information for shareholders, investors, securities companies and media organizations, the Company has also received several multi-dimensional information from the community of investors in order to have sufficient information to consider decisions on business and development investment From the efficiency of transparent information, the Company has created confidence in investors, fostered, preserved and increased the intrinsic values of the Company Besides, the company leaders often control and evaluate to ensure that all regulations and internal procedures as well as the current legislation are fully and properly implemented to reduce risks of operations and business of the Company C32 | ANNUAL REPORT 2014 CONSTRUCTION INVESTMENT CORPORATION - Entering 2015, the Company continues to sustainably develop, in which focuses on improving the capacity of operation and production, marketing and sales, strengthening the internal management, working on prices and norms in order to control costs, focusing on investments to ensure the completion of the objectives of plans set out and bring sustainable benefits to shareholders Finally, on behalf of the Company, I would like to thank the support and engagement of shareholders over time We wish shareholdersgood health and flourish success CHAIRMAN OF THE BOARD OF MANAGEMENT ANNUAL REPORT 2014 | C32 CONSTRUCTION INVESTMENT CORPORATION - ABOUT THE COMPANY The process of formation and development Lines and locations of business Organization and management apparatus Development orientations Risks C32 | ANNUAL REPORT 2014 CONSTRUCTION INVESTMENT CORPORATION - THE PROCESS OF FORMATION AND DEVELOPMENT 1993  1997 The Company was founded under the name  Song Be Business Development Corporation The company has changed its name to the Construction Investment Company 3/2 (SB.P.Corp) 2008  2010 The Company officially changed into Joint Stock Company, called  Construction 3-2 (Stock code is C32) began to be traded in Investment Corporation 3-2 (CIC3-2) Hanoi Stock Exchange 2012  2013 Stocks of Construction Investment Corporation  development HCMC Stock Exchange Corporation 3-2 From the early days of establishment, Company According to the needs of social development, the Construction Investment Company has gradually Inauguration of Tan Dong Hiep Street, Tan Binh  On April 23, 2014, the People’s Committee of Di An Twon solemnly held the inauguration of expanded its production and business activities Tan Dong Hiep Street, Tan Binh (Le Hong as follows: Phong Street) in Di An Town, Binh Duong In 1994, The Company expanded into the field Province This is one of the activities to of stone mining and trading in construction celebrate 39 years of reunification (April 30, stone; in 2001, added real estate business 1975 - April 30, 2014) and May Day The field of processing construction engineering products, centrifugal concrete culverts, and precast concrete components of EVENTS IN 2014 construction is the only business sector of the  20th anniversary of the establishment and 3-2 (Stock code is C32) began to be traded in OTHER EVENTS  Stocks of Construction Investment Corporation Honoring outstanding leaders in 2014  Mr.Vo Van Lanh – Chairman of the Board of was also added Management and the General Director of In 2009, according to the development needs Construction ANNUAL REPORT 2014 | Investment Corporation 3-2 C32 CONSTRUCTION INVESTMENT CORPORATION - of the market and taking advantage of the reached top 10 effective leaders in trading strengths among 50 most excellent leaders in 2014 that the Company owns, it established Real estate trading floor to serve the real estate transactions of the Company with customers, transactions of brokers, confirmed the external partners and customers, established unbaked brick factory to utilize the available materials such as (Grinded stone) and produce for a fraction of the works that the internal Company is executing Also in 2009, the Company Ceremony to honor outstanding leaders established construction materials business center In 2011, the Company put the second concrete factory in Long Nguyen - Ben Cat into operation AWARDS THE COMPANY HAS ACHIEVED C32 | ANNUAL REPORT 2014 CONSTRUCTION INVESTMENT CORPORATION - Ending balance Number of shares already sold to the public - Common shares - Preferred shares 11.200.000 11.200.000 11.200.000 11.200.000 - - - - - - - - 11.200.000 11.200.000 11.200.000 11.200.000 - - Number of shares re-purchased - Common shares - Preferred shares Number of outstanding shares - Common shares - Preferred shares Beginning balance Face value per outstanding share: VND 10.000 VI ADDITIONAL INFORMATION ON THE ITEMS OF THE INCOME STATEMENT Sales Current year Gross sales 453.767.633.639 427.551.359.291 20.704.739.277 20.413.976.922 - Materials and supplies - Finished goods 263.187.085.613 245.584.098.490 - Construction 131.842.296.692 133.761.140.986 - Service provision 4.368.659.222 4.468.624.182 - Real estates 6.143.684.378 3.288.094.984 - Merchandises 27.521.168.457 20.035.423.727 (106.816.243) (16.633.810) Sales deductions (sales return) C32 Previous year | ANNUAL REPORT 2014 91 CONSTRUCTION INVESTMENT CORPORATION - Current year Net sales Previous year 453.660.817.396 427.534.725.481 20.704.739.277 20.413.976.922 In which: - Materials and supplies - Finished goods 263.080.269.370 245.567.464.680 - Construction 131.842.296.692 133.761.140.986 - Service provision 4.368.659.222 4.468.624.182 - Real estates 6.143.684.378 3.288.094.984 - Merchandises 27.521.168.457 20.035.423.727 Costs of sales Current year Costs of materials and supplies Previous year 19.563.685.023 19.611.134.768 Costs of finished goods 170.232.700.699 157.645.982.535 Costs of construction 117.587.550.788 110.419.557.155 Costs of service provision 3.109.855.405 4.616.846.659 Costs of real estates 6.301.903.908 2.013.795.808 26.659.849.558 19.221.271.298 111.705.219 127.593.461 343.567.250.600 313.656.181.684 Costs of merchandises Allowances for devaluation of inventories Total Financial incomes Current year Term deposit interest 92 ANNUAL REPORT 2014 4.386.277.615 | Previous year 3.092.070.831 C32 CONSTRUCTION INVESTMENT CORPORATION - Current year Demand deposit interest 40.140.340 17.709.500 Profit and dividends shared 23.462.473 25.529.775 Other interests 22.229.182 - 4.472.109.610 3.135.310.106 Total Previous year Selling expenses Current year Employees Transportation charges 511.781.226 141.801.220 8.304.749.201 4.923.079.205 - 9.201.379 8.816.530.427 5.074.081.804 Other expenses Total Previous year General and administration expenses Current year Employees 8.849.049.696 9.168.975.372 21.720.243 253.886.614 1.341.917.242 1.133.063.001 11.084.176 11.084.176 Allowances for doubtful debts 345.998.985 502.794.256 External service rendered 501.225.771 901.994.976 1.969.971.822 1.682.802.429 13.040.967.935 13.654.600.824 Office stationery and supplies Depreciation/ (amortization) of fixed assets Taxes, fees and legal fees Other expenses Total Other incomes Current year Fee on land lot transfer Fines for administration violations C32 Previous year Previous year 14.545.455 59.090.909 171.491.507 55.568.026 | ANNUAL REPORT 2014 93 CONSTRUCTION INVESTMENT CORPORATION - Current year Previous year Breach of contract penalty - 36.639.772 Reversal of construction warranty - 117.230.760 Proceeds from liquidation and disposal of fixed assets 720.000.000 55.726.275 Other incomes 188.626.217 736.752.594 1.094.663.179 1.061.008.336 Total Other expenses Current year Fines for administration violations Previous year 124.972.776 535.548.721 - 337.986.255 Breach of contract penalty Expenses on liquidation and disposal of fixed assets 4.436.364 Additional charges of stone exploitation right grant of the previous year - Other expenses Total 92.445.204 5.730.872.752 537.940.205 383.115.515 667.349.345 7.079.968.447 Earnings per share Current year Accounting profit after corporate income tax 71.804.075.684 66.617.821.949 - - 71.804.075.684 66.617.821.949 11.200.000 11.200.000 6.411 5.948 Increase/(decrease) of accounting profit to determine profit attributable to holders of ordinary shares Profit attributable to holders of ordinary shares Average ordinary shares outstanding during the year Previous year Earnings per share Operating costs Current year 94 ANNUAL REPORT 2014 | Previous year C32 CONSTRUCTION INVESTMENT CORPORATION - Current year Materials and supplies Labor Depreciation/ (amortization) of fixed assets External service rendered Other expenses Total Previous year 134.955.313.764 110.908.594.134 51.007.210.955 42.647.579.267 8.938.848.505 13.082.396.086 112.440.711.707 101.174.149.013 27.201.798.803 33.761.345.298 334.543.883.734 301.574.063.798 VII ADDITIONAL INFORMATION ON THE ITEMS OF THE CASH FLOW STATEMENT Non-cash transactions During the year, the Corporation has had the following non-cash transactions: Current year Previous year Personal income tax on dividends not yet paid 219.568.080 - Acquisition of fixed assets by debt receipt 583.748.412 - VIII OTHER DISCLOSURES Transactions with related parties Transaction with key managers and related individuals The key managers and related individuals comprise of members of the Board of Management, the Board of Directors, the Chief Accountant and their close family members Income of the key managers is as follows: Current year Salary Social insurance, health insurance Others Total C32 Previous year 1.091.313.500 1.323.460.000 25.653.509 46.985.440 1.841.531.440 1.601.914.351 2.958.498.449 2.972.359.791 | ANNUAL REPORT 2014 95 CONSTRUCTION INVESTMENT CORPORATION - Transactions with other related parties Other related parties of the Corporation comprise of: Related parties Relationship Provincial Party Committee Office of Binh Duong Governing body of Protrade Corporation Shareholder holding 51% of capital – directly under management of Provincial Party Committee Office of Binh Duong Protrade Corporation During the year, the Corporation entered into the following transactions with its related parties: Current year Previous year Provincial Party Committee Office of Binh Duong Loan interests 292.967.000 3.119.669.332 13.708.800.000 13.708.800.000 - 964.916.000 Protrade Corporation Dividend distribution Sales from construction As at the balance sheet date, the balances with related parties are as follows: Ending balance Beginning balance Provincial Party Committee Office of Binh Duong Loan payable - 28.000.000.000 Loan interest payable - 483.934.000 Total payables - 28.483.934.000 Information on segment Information on segment is presented as that of business sectors and geographical locations Segment reporting is mainly done on the basis of business sectors Business sectors The Corporation has operated in the following sectors: 96 Sector 01: construction Sector 02: manufacturing (manufacturing finished goods, including stones, culverts and bricks, etc.) ANNUAL REPORT 2014 | C32 CONSTRUCTION INVESTMENT CORPORATION - - Sector 03: other activities (selling merchandises, real estates and leasing trucks, etc.) Information on financial performance, fixed assets, other long-term assets and large non-cash expenses of each sector -based segment of the Corporation as follows: Construction Manufacture Other activities Total Current year Net external sales Net inter-segment sales Total net sales Segments' performance 131.842.296.692 283.785.008.647 38.033.512.057 453.660.817.396 - - - - 131.842.296.692 283.785.008.647 38.033.512.057 453.660.817.396 financial 14.254.745.904 93.988.622.925 1.850.197.967 Expenses not attributable to segments 110.093.566.796 (21.857.498.362) Operating profit 88.236.068.434 Financial income 4.472.109.610 Financial expenses (590.072.664) Other income 1.094.663.179 Other expenses (667.349.345) Current income tax (20.741.343.530) Deferred income tax - Profit after tax 71.804.075.684 Total amount paid to purchase fixed assets and other long-term assets 297.234.808 10.546.024.755 1.577.162.714 12.420.422.277 Total amount of depreciation expenses, allocated long-term prepaid expenses 344.151.390 11.181.214.776 1.910.402.995 13.435.769.161 133.761.140.986 265.981.441.602 27.792.142.893 427.534.725.481 - - - - Previous year Net sales customers to external Net sales among segments C32 | ANNUAL REPORT 2014 97 CONSTRUCTION INVESTMENT CORPORATION - Construction Total net sales Manufacture 133.761.140.986 265.981.441.602 Segments' performance Other activities Total 27.792.142.893 427.534.725.481 financial 23.341.583.831 88.724.324.299 1.812.635.667 Expenses not attributable to segments 113.878.543.797 (18.728.682.628) Operating profit 95.149.861.169 Financial income 3.135.310.106 Financial expenses (3.119.669.332) Other income 1.061.008.336 Other expenses (7.079.968.447) Current income tax (22.528.719.883) Deferred income tax - Profit after tax 66.617.821.949 Total amount paid to purchase fixed assets and other long-term assets 141.019.181 8.184.045.117 1.310.912.527 9.635.976.825 728.849.141 12.058.018.795 2.847.798.013 15.634.665.949 Information on assets and liabilities each sector -based segment of the Corporation is as follows: Ending balance Direct assets of segment 139.896.945.995 104.206.459.415 40.272.631.839 Unallocated assets 284.376.037.249 88.990.404.832 Total assets 373.366.442.081 Direct liabilities of segment 20.641.134.266 Unallocated liabilities ANNUAL REPORT 2014 9.214.794.265 47.281.049.825 65.835.164.034 Total liabilities 98 17.425.121.294 113.116.213.859 | C32 CONSTRUCTION INVESTMENT CORPORATION - Construction Manufacture Other activities Total Beginning balance Direct assets of segment 77.954.739.512 112.069.352.654 42.874.278.267 Unallocated assets 232.898.370.433 97.219.857.283 Total assets 330.118.227.716 Direct liabilities of segment 12.574.640.326 49.432.154.319 Unallocated liabilities Total liabilities 3.590.784.852 65.597.579.497 44.531.248.144 110.128.827.641 Geographical locations The entire activities of the Corporation are taken place in Vietnam Financial risk management Overview The Corporation’s activities are exposed to the financial risks, including credit risk, liquidity risk and market risk The Board of Directors is responsible for establishing policies and controls to minimize the financial risk as well as monitor the implementation of applied policies and controls The risk management is carried out mainly by the Department of Accounting and Finance following the policies and procedures approved by the Board of Directors Credit risk Credit risk is the risk that one contractual party shall cause a loss for the Corporation by its failure to pay for its obligations The Corporation is exposed to credit risks substantially from trade receivables and cash in bank Trade receivables In order to control the trade receivables, the Board of Directors has released regulations on sales of goods with close stipulations in details on purchase subjects, sales limits, debt limit and debt term The Board of Directors shall inspect the conformity with these regulations on sales of goods every month Besides, the accountant follows up the accounts receivable regularly to accelerate the recovery The trade receivables of the Corporation relate to various entities operating in different sectors and geographical locations, and therefore the credit risks from these trade receivables are low Cash in bank Term deposits and demand deposits of the Corporation are in local banks The Board of Directors believes that there is no material credit risk from these deposits C32 | ANNUAL REPORT 2014 99 CONSTRUCTION INVESTMENT CORPORATION - The maximum credit risk level of financial assets is their carrying values (see Note VIII.4 regarding the carrying value of financial assets) Analysis of outstanding age and devaluation of financial assets is as follows: Overdue Not yet overdue but not or devaluated devaluated Already overdue and/or devaluated Not yet overdue but devaluated Total Ending balances Cash and cash equivalents 9.861.328.609 - - - 9.861.328.609 Held-tomaturity investments 60.000.000.000 - - - 60.000.000.000 Trade receivables 133.222.550.653 - 2.151.164.620 - 135.373.715.273 Other receivables 3.888.105.801 - 104.473.601 - 3.992.579.402 200.887.800 - - - 200.887.800 Available-forsale financial assets Total 207.172.872.863 - 2.255.638.221 - 209.428.511.084 Beginning balance Cash and cash equivalents 38.118.698.848 - - - 38.118.698.848 Loans 34.800.000.000 - - - 34.800.000.000 Trade receivables 77.016.150.967 - 2.455.768.467 - 79.471.919.434 Other receivables 7.174.723.739 - - - 7.174.723.739 200.887.800 - - - 200.887.800 Available-forsale financial assets Total 100 157.310.461.354 ANNUAL REPORT 2014 | - 2.455.768.467 - 159.766.229.821 C32 CONSTRUCTION INVESTMENT CORPORATION - Liquidity risk Liquidity risk is the risk that the Corporation shall encounter difficulty in meeting obligations associated with financial liabilities The Corporation’s liquidity risks mainly arise from the differences in maturity dates of financial assets and financial liabilities The Corporation controls the liquidity risks by regularly tracking the current payment requests as well as estimated payment requests in the futures to maintain an appropriate amount of cash and loans at reasonable level, supervising the cash flows actually arisen in comparison with estimation to minimize the effects of the changes in cash flows The terms of payments to non-derivative financial liabilities are based on the undiscounted payments supposed to make according to the contracts Details are as follows: Under 01 year From 01 year to 05 years Over 05 years Total Ending balance Borrowings 16.372.825.193 - - 16.372.825.193 Trade payables 28.677.728.872 - - 28.677.728.872 Other payables 16.592.174.378 - - 16.592.174.378 Total 61.642.728.443 - - 61.642.728.443 Beginning balance Borrowings 28.000.000.000 - - 28.000.000.000 Trade payables 16.587.945.684 - - 16.587.945.684 Other payables 24.403.892.047 - - 24.403.892.047 Total 68.991.837.731 - - 68.991.837.731 The Board of Directors believes that the liquidity risk is low The Corporation can settle its current portions of debts from operating cash flow and the gain from financial liabilities on due dates The Corporation is able to approach capital sources and loans falling due within 12 months, which can be extended with the current creditors Market risk Market risk is the risk that the fair value or cash flows in the future of a financial instrument shall fluctuate due to changes in market prices Market risks relating to the Corporation’s operations comprise of interest rate risk and merchandise/ (material) risk C32 | ANNUAL REPORT 2014 101 CONSTRUCTION INVESTMENT CORPORATION - The sensitivity analyses and evaluations below are related to the Corporation’s financial position as at 31 December 2014 and 31 December 2013 on the basis of net debt value The rates of changes of interest rate as well as merchandise/ (material) price for analyses are assumed on the basis of the judgments of what can be happen in the next 01 year in the observable conditions of the current market Interest rate risk Interest rate risk is the risk that the fair value or cash flows of in the future a financial instrument shall fluctuate due to changes in market interest rates The Corporation’s interest rate risk relates to term deposits and loans at floating interest rates The Corporation controls the interest rate risk by analyzing the market situation on order to give appropriate decision on choosing the time for getting loans, choosing appropriate loan terms to get the most favorable interest rates as well as maintaining loan structure with appropriate floating interest rate and fixed interest rate Financial instruments at floating interest rates of the Corporation are as follows: Ending balance Cash and cash equivalents Beginning balance - 35.517.260.274 60.000.000.000 34.800.000.000 Loans and borrowings (16.372.825.193) (28.000.000.000) Net assets/ (liabilities) 43.627.174.807 42.317.260.274 Held-to-maturity investments The Corporation believes that the effects due to fluctuation of interest rates on profit after tax and owner’s equity are negligible since its net assets carry unremarkable values Merchandise/ (material) price risk The Corporation is exposed to the risk related to fluctuations of merchandise/ (material) prices The Corporation manages the merchandise/ (material) price risk by following up the market information and related situations to control the time for purchasing merchandise/ (material), preparing manufacturing plan and keeping the volumes of inventories at reasonable level Collaterals Collaterals pledged to other entities The Corporation pledged its term deposit to secure the loan from BIDV- Nam Binh Duong Branch (see Notes V.1 and V.15) The carrying value of this collateral as at 31 December 2014 is totally VND 14.300.000.000 Collaterals pledged by other entities The Corporation did not have any collaterals pledged by other entities as at 31 December 2014 and 31 December 2013 Fair values of financial assets and liabilities Financial assets 102 ANNUAL REPORT 2014 | C32 CONSTRUCTION INVESTMENT CORPORATION - Carrying value Ending balance Initial costs Cash and cash equivalents Beginning balance Provision Initial costs Fair value Ending balance Provision Beginning balance 9.861.328.609 - 38.118.698.848 - 9.861.328.609 38.118.698.848 Held-tomaturity investments 60.000.000.000 - 34.800.000.000 - 60.000.000.000 34.800.000.000 Trade receivables 135.373.715.27 (1.577.306.02 1) 79.471.919.434 (1.231.307.03 6) 133.796.409.25 78.240.612.398 Other receivables 3.992.579.402 - 7.174.723.739 - 3.992.579.402 7.174.723.739 200.887.800 - 200.887.800 - 200.887.800 200.887.800 209.428.511 084 (1.577.306.0 21) 159.766.229 821 (1.231.307.0 36) 207.851.205 063 158.534.922 785 Available-forsale financial assets Total Financial liabilities Carrying value Ending balance Beginning balance Fair value Ending balance Beginning balance Borrowings 16.372.825.193 28.000.000.000 16.372.825.193 28.000.000.000 Trade payables 28.677.728.872 16.587.945.684 28.677.728.872 19.871.206.236 Other payables 16.592.174.378 24.403.892.047 16.592.174.378 22.256.948.648 61.642.728.443 68.991.837.731 61.642.728.443 70.128.154.884 Total Fair values of financial assets and liabilities of the Corporation are reflected at the values which the financial instruments can be converted in a current transaction among parties having adequate knowledge and expecting to enter into the transaction The Corporation has applied the following method and assumption to estimate the fair values of financial assets and financial liabilities:   C32 Fair values of cash and cash equivalents, trade receivables, other receivables, loans, trade payables and other current liabilities are equivalent to their carrying values (excluding the provisions for estimates on unrecoverable amounts) since these instruments have short-term periods Fair values of trade receivables, other receivables, loans, trade payables, other non-current liabilities and held-to-maturity investments, which have not been listed in the stock market or supported by any transaction prices released by three stock companies, are estimated by discounting cash flow at the | ANNUAL REPORT 2014 103 CONSTRUCTION INVESTMENT CORPORATION - interest rates applicable to the loans having similar features and due dates with the financial assets and financial liabilities The Corporation has not given any official measurement on the available-for-sale financial assets However, the Board of Directors believes that there is no material difference between the fair values and carrying values of these financial assets Binh Duong, 19 January 2015 Xác nhận người đại diện theo pháp luật Công ty Tổng Giám Đốc Công ty cổ phần Đầu tư xây dựng 3-2 45A Nguyễn Văn Tiết - Lái Thiêu - Thuận An - Bình Dương Số điện thoại : 0650.3759446 Số fax : 0650.3755605 Website: www.cic32.com.vn Email: ctydt-xaydung32@vnn.vn 104 ANNUAL REPORT 2014 | C32 CIC 3-2 Productivity – Quality – Effectiveness Contact 45A Nguyen Van Tiet, Lai Thieu, Thuan An, Binh Duong Tel: 0650.3759446 Fax: 0650.3755605 Website: www.cic32.com.vn Email: ctydt-xaydung32@vnn.vn ... structure and equity C32 | ANNUAL REPORT 2014 23 CONSTRUCTION INVESTMENT CORPORATION - PERFORMANCE IN 2014 GENERAL BUSINESS & OPERATION RESULTS % Per/Plan 2014 + /- compared to 2013 (%) 453.660.817.396... ensured norms set out TURNOVER FROM AREAS Unit: MillionVND No Areas Plans in 2014 Performance in 2014 % Per/plan 2014 Construction stones 195.500 199.157 102% Construction and Installation 118.000... settlement in 2014 and audit in 2014 of the Company reflected truely and fairly the financial position, suitable with accounting standards and other legal relevant requirements 36 ANNUAL REPORT 2014 |