Báo cáo thường niên :: PV GAS SOUTH JSC

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4th Floor, Petrovietnam Tower, 05 Le Duan Street - District - HCMC Tel.: (84-8) 39100108 - Fax: (84-8) 39100097 - Website: www.pgs.com.vn FOR FURTHER DEVELOPMENT MISSION Developing PVGas South to become the leading company to trade LPG and CNG in Southern Vietnam and expand market in Southeast Asia VISION Become a business enterprise trading LPG /CNG in the southern marketplace, contributing to the overall development of the industry Contents LETTER TO SHAREHOLDERS ENTERPRISE VALUE CONNECTION OF INTERNAL FORCES 09 General information 44 Relevant companies 10 History of establishment and development 48 Distribution network 11 Major achievements 12 Industry sectors and business areas EFFICIENCY MANAGEMENT 14 Main products 15 Business capacity 50 Activities of Board of Directors 18 Company’s position 52 Activities of Supervisory Board 20 Business model 54 Transactions, remuneration and other benefits of Board 21 Business capacity 25 Information of Executive Management Board of Directors, Supervisory Board, Board of Managers 55 Information about shares and shareholders 57 Risk management PROMOTION OF RESOURCES 28 Situation of production and business activities 30 Situation of investment and project 31 Financial situation VALUE ENHANCEMENT 36 Report of Board of Directors 38 Report of Board of Managers FOR FURTHER DEVELOPMENT 60 Development orientation 62 Plan in 2013 SHAREHOLDER VALUE AND COMMUNITY BENEFITS 66 Investors’ relations 66 Social activities SUCCESS ACHIEVEMENT 69 Audit Opinion 70 Consolidated financial statements LIST OF ABBREVIATIONS LPG: Liquefied petroleum gas (also known as Gas) CNG: Compressed natural gas CP: Contractual price that Aramco Company (Arab) announces at the beginning of each month and applies to the month of delivery Dry gas: gas product obtained from natural gas or associated gas PVN: Vietnam Oil and Gas Group PVGas: PetroVietnam Gas Joint Stock Corporation PVGas D: PetroVietnam Low Pressure Gas Joint Stock Company PV Gas South: PetroVietnam Southern Gas Joint Stock Company CNG Vietnam: CNG Vietnam Joint Stock Company VT-Gas: Vietnam Liquefied Petroleum Gas Co Ltd PVGas SaiGon: PetroVietnam Eastern Gas Co Ltd PV Gas Cylinder: PVGas Cylinder J.S.C AGM: Annual General Meeting GAS: General Assembly of Shareholders Staff: Officers – Employees - Workers LETTER TO SHAREHOLDERS Dear Shareholders and Investors, Will without barriers In 2012, PetroVietnam Southern Gas Joint Stock Company (PV Gas South, stock code: PGS) has implemented tasks of production and business activities in the context of difficult world economy and difficult country's economy Complicated world situation, political instability in the Middle East, the debt crisis in the euro zone has affected the global economy In Vietnam, during the first months of the year, the economy has seen many difficult situations towards businesses such as inventory, low purchasing power, lack of capital, high interest rates, dissolution and downsizing of many businesses Dr Nguyen Si Thang Chairman of BOD of PV Gas South In the overall context of more complex variation of the domestic and world economies, PetroVietnam Southern Gas Joint Stock Company has encountered many internal difficulties such as: / In the first six months of 2012, stock prices have shown a fluctuating trend, which is not favorable to trading both LPG and CNG Sharp decrease in price after significant increase in price, which occurred in 07/2012, caused low LPG consumption in the first six months of 2012, at the same time in May and August 2012, Dung Quat Oil Refinery temporarily was shut down for maintenance, which affected seriously sources of PVGas South, leading to increasingly difficult operation on the market / By raising the price of dry gas from PVGas, dry gas which the Corporation sells to member units will have its price increased gradually year after year, so that in 2015, the domestic price of dry gas will be equal to the world price In 2012, the input price of dry gas increased by an average of 28% compared to the same period last year, from $ 6.55/MMBTU to $8.4 /MMBTU.T Meanwhile, the average selling price of CNG was only $14/MMBTU in the first six months of 2012, relatively low compared to the same period last year which was $15.2/MMBTU, since LPG price tended to decrease in beginning of the year (60% of output price of CNG was discounted based on LPG price), not only CNG price but also LPG price suffered from dual effect In the last months of 2012, although CNG price has increased while changes in LPG were more positive, the consumption of CNG in 2012 has encountered difficulties due to declining demand of CNG from PVGas South's regular client group in manufacturing sector of construction materials (tiles, steel and glass, chemicals, etc.) Large inventory from this client group caused less consumption of CNG compared with previous years These difficulties have made a significant impact on the business results of the Company's sectors In such conditions, after evaluating the results achieved in 2012, it can be said that PV Gas South has attempted to complete the planned targets set by the AGM, namely: Highlights in business activities and finance in 2012 Production of LPG consumption was 250,921 tons Operating cash flow reached VND 362.94 billion Production of CNG consumption reached Investment on construction VND 79.81 Net revenue reached VND 6,441.71 billion Dividend 12% Profit before tax was VND 255.06 billion EPS VND 3,981/share 116.8 million m billion In 2013, the economic - social situation is forecast to be difficult, market of LPG is still in fierce competition among firms trading LPG Management policy of the State on the LPG industry is not perfectly complete and lacks strict control, so illegal LPG filling and license permission for business without planning still occur, leading to unfair market of LPG For operation of CNG, gas consumption in the industrial segment is expected to remain difficult due to the economic downturn, customers using CNG gas decreased production due to large inventory hard to be consumed while fuel prices soared continuously, so consumption of CNG gas fell sharply Solution for the future is / Strengthen, focus on the LPG retail market under management of PVGas South, focus on opening direct retail stores, reducing intermediaries selling LPG in order to increase business efficiency, maintain existing market / Direct investment in developing market of CNG for industry and transportation, strive to reach 125 million m3 (65 million m3 from PV Gas South, CNG Vietnam from 60 million m3) in production in 2013, / Operate safely and effectively and ensure the safety and security of the warehouse, current LPG, CNG stations of the Company With the advantage of experience, market, network of traditional customers with timely and effective support of PVGas and sustainable development strategy, Board of Directors believes that PV Gas South will complete the production and business plan in 2013 and subsequent years On behalf of Board of Directors, I would like to thank our shareholders and investors for trusting and supporting PVGas South I appreciate and acknowledge the collective efforts of PVGas South, member units and branches to unite together, to overcome the difficult period with Board of Directors to develop PVGas South forward We commit to continue our best efforts for the sustainable development of PVGas South Best regards with success Dr Nguyen Si Thang Chairman of BOD of PV Gas South I ENTERPRISE VALUE General information History of establishment and development Major achievements Sectors and business areas Main products Business capacity Company’s position Business model Organization and personnel Information of Executive Management Board GENERAL INFORMATION PETROVIETNAM SOUTHERN GAS JOINT STOCK COMPANY (PVGas South) PETROVIETNAM SOUTHERN GAS JOINT STOCK COMPANY Head Offfice: 4th floor, PetroVietnam Tower, 1-5 Le Duan Street, Ben Nghe Ward, District Tel: (84.8) 39100108 Fax: (84.8) 39100097 Website: http://www.pgs.com.vn Business Registration Certificate: 0305097236 Charter Capital: VND 380.000.000.000 Stock Code: PGS Date listed on Hastc: 15/11/2007 Head Office of the Company – PetroVietNam Tower HISTORY OF ESTABLISHMENT AND DEVELOPMENT ▪ The establishment of the company The predecessor of PetroVietnam Southern Gas Joint Stock Company is Gas Trading Southern Enterprise directly under Gas Processing and Trading Company (PV Gas) established under Decision No 389/QD-HDQT dated 28/03/2000 of Board of Directors of PetroVietnam Corporation (currently known as PetroVietnam) On 12/04/2006, Board of Directors of PetroVietnam Corporation (PetroVietnam Group) signed Decision No 825/QD-DKVN on the establishment of PetroVietnam Southern Gas Company (PVGas South) on the basis of the Gas Trading Southern Enterprise directly under Gas Processing and Trading Company (PV Gas) and LPG Business Division of Oil and Gas Trading Company (Petechim) ▪ Conversion to Joint Stock Company On 30/06/2006, the Minister of Industry signed Decision No 1697/QD-BCN on the equitization of PVGas South; On 20/12/2006, the Minister of Industry signed Decision No 3734/QD-BCN on approving the equitization plan and changing PetroVietnam Southern Gas Company to PetroVietnam Southern Gas Joint Stock Company On 23/07/2007, PetroVietnam Southern Gas Joint Stock Company conducted the first annual general meeting After completing the legal formalities, PetroVietnam Southern Gas Joint Stock Company officially come into operation since 25/07/2007 Listing of shares on the Hanoi Stock Exchange (Hastc) IImplementation of the Resolution of the General Assembly of Shareholders, Board of Directors has implemented plan to list the Company's shares on the Hanoi Stock Exchange With the support of PetroVietnam Securities Joint Stock Company as consultant, the Company has completed the prospectus and other legal documents to list shares on the stock exchange On 09/11/2007, Hanoi Securities Depository Center has made Decision No 10/2007/GCNCP-TTLK agreeing on centralizing shares of the company at the center On 09/11/2007, Hanoi Securities Trading Center issued Decision No 10/GDN-TTGDHN on approval for the Company's shares listed on the Hanoi Stock Exchange On 15/11/2007, the Company's shares officially listed on Hanoi Stock Exchange with stock code PGS ▪ Development and Sustainable Growth Since equitization, business network of PV Gas South spread all the provinces from Da Nang to Ca Mau Currently, the Company's LPG production has reached 200,000 tons/year, CNG production has reached over 150 million m3 / year and revenue has reached more than 4000 billion / year and will continue to grow rapidly in the near future 10 PETROVIETNAM SOUTHERN GAS JOINT STOCK COMPANY 4th Floor, PetroVietnam Tower, 1-5 Le Duan, Ben Nghe Ward, District Ho Chi Minh City, S.R.Vietnam Consolidated financial statements For the year ended 31 December 2012 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FORM B 09-DN The notes are an integral part of and should be read in conjunction with the financial statements As at January Additions Allocated to revenue Liquidation of deposit contracts Allocated to other income As at 31 December 25 2012 VND 2011 VND 158,944,937,604 35,863,642,456 (15,795,149,676) (3,580,960,250) (16,422,599,980) 159,009,870,154 129,298,514,249 56,632,547,116 (24,111,826,540) (48,000,000) (2,826,297,221) 158,944,937,604 LONG-TERM LOANS AND LIABILITIES 31/12/2012 VND 31/12/2011 VND PetroVietnam Finance Corporation (“PVFC”) PVFC - Sai Gon Branch Vietnam Bank for Agriculture and Rural Development Military Commercial Joint Stock Bank Total of long-term loans 175,000,000,000 200,000,000,000 28,443,740,793 121,077,559,790 524,521,300,583 225,000,000,000 264,453,640,204 56,699,769,980 162,217,101,970 708,370,512,154 Sacombank Leasing Co., Ltd ACB Leasing Co., Ltd Vietnam International Leasing Company Limited Chailease International Leasing Company Limited Total of long-term liabilities 65,384,465,635 27,567,735,349 36,598,588,969 3,446,512,221 132,997,302,174 84,701,917,931 36,997,242,227 43,141,187,529 4,471,150,992 169,311,498,679 (291,235,207,459) (41,439,264,294) (232,561,551,559) (39,129,460,404) 324,844,131,004 605,990,998,870 Current portion of long-term loans Current portion of long-term liabilities Total Long-term loans Long term loans represent loans from Commercial Banks and PetroVietnam Finance Corporation The principal amounts of these loans as at 31 December 2012 consist of VND 496,077,559.790 and EUR 1,025,591 The loan terms ranges from to years and bears interest rate from 7.5% to 15% per annum These loans are used for the purpose of investing CNG supplying station, gas tanks, ro-mooc and LPG storage warehouse in Dung Quat, Go Dau Some loans are unsecured The others are secured by the outstanding balance of demand deposit (see Note 5); buildings and structure, machinery and equipment (see Note 9); the land use right in Quang Ngai (see Note 10); and the capital management entrustment contract signed between CNG Vietnam Joint Stock Company (the Company’s subsidiary) and PVFC Sai Gon (see Note 16) Long-term liabilities Long-term liabilities of PetroVietnam Southern Gas Joint Stock Company, the holding company, consist of liabilities under finance leases from Sacombank Leasing Co., Ltd., ACB Leasing Co., Ltd., Vietnam International Leasing Company Limited and Chailease International Leasing Company Limited, with the 5-year lease term The interest rate of finance lease from Sacombank Leasing Co., Ltd is equal to the interest rate of 13-month deposit issued by Sai Gon Thuong Tin Commercial Joint Stock Bank plus 4.5% - 5% per annum and is adjusted every months The interest rate of finance lease from ACB Leasing Co., Ltd is equal to the interest rate of 13-month deposit at Asia Commercial Joint Stock Bank plus 4.5% per annum and is adjusted every months The interest rate of finance lease from Vietnam International Leasing Company is 16.5% - 17% per annum and can be adjusted during the lease term The interest rate of finance lease from Chailease International Leasing Company is equal to the interest rate of 12-month deposit issued by Joint Stock Commercial Bank for Foreign Trade of Vietnam plus 4% per annum and is adjusted every months On 29 July 2011, CNG Vietnam Joint Stock Company (the Company’s subsidiary) signed a contract to lease five (5) CNG composite tanks with Sacombank Leasing Co., Ltd for 36-month term The total of estimated leasing amount was VND 42,674,535,360 The interest rate of this finance lease is equal to the Consolidated financial statements For the year ended 31 December 2012 PETROVIETNAM SOUTHERN GAS JOINT STOCK COMPANY 4th Floor, PetroVietnam Tower, 1-5 Le Duan, Ben Nghe Ward, District Ho Chi Minh City, S.R.Vietnam NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FORM B 09-DN The notes are an integral part of and should be read in conjunction with the financial statements average interest rate issued by three banks including Sai Gon Thuong Tin Commercial Joint Stock Bank, Asia Commercial Joint Stock Bank and Joint Stock Commercial Bank for Foreign Trade of Vietnam plus fixed finance lease rate of 5% The repayment schedule of long-term loans is as follows: Within one year In the second year From the third to the fifth year inclusive Less: Amount due for settlement within 12 months (shown under current liabilities) Amount due for settlement after 12 months 31/12/2012 VND 31/12/2011 VND 291,235,207,459 147,791,466,667 85,494,626,457 524,521,300,583 232,561,551,559 299,816,467,575 175,992,493,020 708,370,512,154 (291,235,207,459) (232,561,551,559) 233,286,093,124 475,808,960,595 Details of obligations under finance leases are as follows: Present value of minimum lease payments 31/12/2012 31/12/2011 VND VND Minimum lease payments 31/12/2012 31/12/2011 VND VND Within one year In the second In the third to fifth year inclusive Less: Future finance charges Present value of lease obligations 58,704,828,156 52,366,753,637 58,164,411,211 169,235,993,004 (36,238,690,830) 132,997,302,174 65,745,653,751 69,804,459,147 100,754,093,904 236,304,206,802 (66,992,708,123) 169,311,498,679 Less: Amount due for settlement within 12 months (shown under current liabilities) Amount due for settlement after 12 months 26 41,439,264,294 40,724,253,908 50,833,783,972 132,997,302,174 132,997,302,174 39,129,460,404 49,500,433,586 80,681,604,689 169,311,498,679 169,311,498,679 (41,439,264,294) (39,129,460,404) 91,558,037,880 130,182,038,275 OWNERS’ EQUITY Be issued and fully contributed Number (shares) Par value (VND/share) Total (VND) Shares - Number of shares issued to public + Ordinary shares - Number of outstanding shares in circulation + Ordinary shares 31/12/2012 31/12/2011 38,000,000 10,000 380,000,000,000 38,000,000 10,000 380,000,000,000 31/12/2012 31/12/2011 38,000,000 38,000,000 38,000,000 38,000,000 The Company has one class of ordinary share which carry no right to fixed income The shareholders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at the Company’s shareholders meetings Shareholders have the right to inherit equally with the Company's net assets The list of shareholders at the balance sheet date is as follows: 31/12/2012 VND PetrogasVietnam Corporation - Joint stock Company Others % 134,000,000,000 35.26 246,000,000,000 64.74 380,000,000,000 100 31/12/2011 VND % 134,000,000,000 35.26 246,000,000,000 64.74 380,000,000,000 100 2,454,149,698 43,745,004,212 46,199,153,910 (48,756,226) 46,150,397,684 - 380,000,000,000 Share premium VND 158,756,000,000 221,244,000,000 380,000,000,000 - Owners’ contributed capital VND 5,846,098,031 (4,326,336,336) 10,172,434,367 173,944,441,032 (13,338,008,704) 59,601,484,932 - 104,188,557,128 8,784,448,867 14,707,958,809 127,680,964,804 - - Investment and development fund VND Other owners’ capital VND 38,787,923,044 (4,646,676,117) 17,558,057,718 - 13,022,716,368 12,853,825,075 25,876,541,443 - Financial reserve funds VND 32,434,034,487 165,639,224,384 22,311,021,157 (68,607,926,682) (87,331,977,017) (41,800,000,000) 72,217,850,209 238,459,677,837 (125,753,213,403) (60,003,200,266) 32,434,034,487 157,355,148,864 151,278,923,575 Retained earnings VND 32,385,278,261 810,368,084,175 - (68,607,926,682) - (41,800,000,000) 350,639,273,403 264,989,004,212 238,459,677,837 (125,753,213,403) (38,364,926,324) 47,141,993,296 737,111,809,021 151,278,923,575 Total VND FORM B 09-DN Consolidated financial statements For the year ended 31 December 2012 According to the above Resolution No 01, PetroVietnam Southern Gas Joint Stock Company has raised the Investment and Development Fund amounting to VND 29,084,181,832; the Financial Reserve Fund amounting to VND 7,385,623,351; the Bonus and Welfare Funds amounting to VND 16,871,370,118 and the Management Bonus Fund amounting to VND 200,000,000 According to the Resolution No 01/NQ-ĐHĐCĐ dated 20 April 2012, the Shareholders of PetroVietnam Southern Gas Joint Stock Company approved the dividend payment of the year 2011 with the amount of VND 87.4 billion The Board of Management declared and paid these dividends to shareholders in 2011 and 2012 with amounts of VND 45.6 billion and VND 41.8 billion respectively according to the Resolution No 10/NQ-KMN dated December 2011 and the Resolution No 05/NQ-KMN dated 15 May 2012 The holding Company - PetroVietnam Southern Gas Joint Stock Company consolidated financial statements (*) In 2011, CNG Vietnam Joint Stock Company, the subsidiary, increased the charter capital from the retained earnings Such amount is adjusted to retained earnings when preparing As at 1/1/2011 Capital contribution Profit for the year Dividend paid Fund distribution Other adjustments As at 31/12/2011 Profit for the year Dividend paid to the holding Company’s shareholders Dividend paid to minority shareholders Fund distribution Fund distribution for minority shareholders Other adjustment (*) As at 31/12/2012 Movement in owner’s equity The notes are an integral part of and should be read in conjunction with the financial statements NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) PETROVIETNAM SOUTHERN GAS JOINT STOCK COMPANY 4th Floor, PetroVietnam Tower, 1-5 Le Duan, Ben Nghe Ward, District Ho Chi Minh City, S.R.Vietnam Consolidated financial statements For the year ended 31 December 2012 PETROVIETNAM SOUTHERN GAS JOINT STOCK COMPANY 4th Floor, PetroVietnam Tower, 1-5 Le Duan, Ben Nghe Ward, District Ho Chi Minh City, S.R.Vietnam NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FORM B 09-DN The notes are an integral part of and should be read in conjunction with the financial statements The subsidiary - CNG Vietnam Joint Stock Company (“CNG”) Based on the Resolution No 03/NQ-ĐHĐCĐ/2011 on unusual General Shareholders' Meeting dated 13 September 2011, CNG’s shareholders had approved shares issuance for employees after complete advanced payment in shares and bonus shares The ratio of issuance does not exceed 5% of number of outstanding share in circulation (maximum expected of 1,015,621 shares) The Board of Management shall recognize the accurate number of shares According to the Resolution 01/NQ-HĐQT dated January 2012, the Board of Management of CNG had approved to issue 1,015,600 shares equivalents to VND 10,156,600,000 Up to 20 February 2012, additional issued shares are fully paid by CNG's employees On 15 March 2012, additional shares correspond to its increased capital had been approved supplement listing rule by the Ho Chi Minh Stock Exchange According to the Resolution of Annual General Shareholders’ Meeting dated April 2012, CNG paid in cash the third period for 2011 dividend of 45% of shares, with total amount of VND 95,974,371,000 According to the Resolution of the Board of Management dated 19 August 2012, the Company paid in cash the first period for 2012 dividend of 15% of shares, with total amount of VND 31,991,457,000 During the year, CNG had also made provision fund to supplement charter capital (Other owners' capital), the Investment and Development Fund, the Financial Reserve Fund, and the Bonus and Welfare Fund with amounts of VND 10,172,434,367, VND 30,517,303,100, VND 10,172,434,367 and VND 7,312,943,676, respectively, from retained earnings of 2011 per Resolution of Annual General Shareholders’ Meeting dated April 2012 The subsidiary - Vietnam LPG Co., Ltd (“VT GAS”) On 24 February 2012, VT GAS’s Members’ Council declared dividends of VND 50,000,000,000 (2011: nil) out of VT Gas’s retained earnings The declared dividends were paid to owners during the year In addition, VT Gas's Members’ Council decided to transfer an amount of VND 3,777,002,359 out of retained earnings of year 2011 to the Bonus and Welfare Fund 27 MINORITY INTEREST Minority interest represents the minority shareholders’ portion in net assets and income statement of subsidiaries Rates of the minority interest were calculated as follows: Charter capital In which: Allocated capital to the holding company’s shareholders Allocated capital to minority shareholders Minority interest’s portion VT GAS VND CNG VND PV GAS SAIGON VND 57,895,360,840 213,276,380,000 100,000,000,000 31,843,596,851 122,573,643,296 100,000,000,000 26,051,763,989 45.00% 90,702,736,704 42.53% - Minority interest in net assets as at 31 December 2012 as follows: Net assets Details as follow: - Charter capital - Share premium - Asset revaluation reserve - Other owners’s capital - Investment and development fund - Financial reserve fund - Retained earnings VT GAS VND CNG VND PV GAS SAIGON VND Total VND 57,895,360,840 32,991,866,474 44,087,662,993 134,974,890,307 213,276,380,000 1,695,680,000 10,172,434,367 43,002,859,341 21,313,447,579 91,106,206,081 380,567,007,368 100,000,000,000 15,313,894,906 115,313,894,906 371,171,740,840 1,695,680,000 32,991,866,474 10,172,434,367 43,002,859,341 21,313,447,579 150,507,763,980 630,855,792,581 Consolidated financial statements For the year ended 31 December 2012 PETROVIETNAM SOUTHERN GAS JOINT STOCK COMPANY 4th Floor, PetroVietnam Tower, 1-5 Le Duan, Ben Nghe Ward, District Ho Chi Minh City, S.R.Vietnam NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FORM B 09-DN The notes are an integral part of and should be read in conjunction with the financial statements Minority interest Details as follow: - Charter capital - Share premium - Assets revaluation reserve - Other owners’s capital - Investment and development fund - Financial reserve fund - Investment and development fund VT GAS VND CNG VND PV GAS SAIGON VND Total VND 26,051,763,989 14,845,685,500 19,838,573,842 90,702,736,704 721,172,704 4,326,336,336 18,289,116,078 9,064,609,255 38,747,469,446 - 116,754,500,693 721,172,704 14,845,685,500 4,326,336,336 18,289,116,078 9,064,609,255 58,586,043,288 60,736,023,331 161,851,440,523 - 222,587,463,854 Minority interest from the income statement for the year ended 31 December 2012 as follows: VT GAS VND Profit for the year Minority interest 28 23.017.601.693 10.357.464.194 CNG PV GAS SAIGON VND VND 117.926.239.165 50.154.029.517 16.674.856.874 - Total VND 157.618.697.732 60.511.493.711 BUSINESS AND GEOGRAPHICAL SEGMENTS The principal activities of the Company are trade in LPG and CNG Additionally, the other activities mainly are trade in petroleum, gasoline, lubricant, gas cylinder maintenance services and warehouse rental Revenue from the other operating activities merely accounts for an immaterial rate in the total revenue (2012: 2%, 2011: 2%) Revenue and cost of sales from operating activities are presented at Note 29 and Note 30 of the Notes to the consolidated financial statements In respect of geographical segments, the Company merely operates within Vietnam Accordingly, the Board of Directors assessed and believed that no segment reporting in the consolidated financial statements for the year ended 31 December 2012 is compliant with Vietnamese Accounting Standard No 28 – “Segment Reporting” and the Company’s current operating status 29 GROSS REVENUE FROM GOODS SOLD AND SERVICES RENDERED 2012 VND Sale of LPG Sale of petroleum, oil and lubricant Income from deposits received for gas cylinders Sale of CNG Others 30 2011 VND 4,726,380,295,849 117,322,396,402 15,795,149,676 1,565,196,782,560 17,021,553,864 6,441,716,178,351 4,188,698,690,706 114,310,326,177 13,094,789,954 1,481,556,888,346 9,827,804,748 5,807,488,499,931 2012 VND 2011 VND 4,251,122,370,648 114,272,262,967 42,054,623,520 957,806,998,397 25,610,301,694 5,390,866,557,226 3,844,497,827,028 110,689,882,714 30,389,339,856 790,420,706,090 27,212,586,594 4,803,210,342,282 COST OF SALES Sale of PLG Sale of petroleum, oil and lubricant Allocations of cost of gas cylinders Sale of CNG Others PETROVIETNAM SOUTHERN GAS JOINT STOCK COMPANY 4th Floor, PetroVietnam Tower, 1-5 Le Duan, Ben Nghe Ward, District Ho Chi Minh City, S.R.Vietnam Consolidated financial statements For the year ended 31 December 2012 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FORM B 09-DN The notes are an integral part of and should be read in conjunction with the financial statements 31 OPERATING COST BY NATURE Raw materials and consumables Labour cost Depreciation and amortisation Outsourced services Other expenses 32 2011 VND 437,603,026,547 158,267,290,179 261,151,554,895 340,309,224,545 87,789,867,814 1,285,120,963,980 355,482,556,445 120,083,701,331 187,048,343,031 257,053,296,828 52,765,367,875 972,433,265,510 FINANCIAL INCOME Interest income Dividend income Realised foreign exchange gain Others 33 2012 VND 2012 VND 2011 VND 38,037,967,853 320,000,000 1,943,409,780 40,301,377,633 41,865,839,693 3,545,876,163 3,459,654,903 48,871,370,759 FINANCIAL EXPENSES 2012 VND U Interest expense Provision for diminution in value of investments Realised foreign exchange loss Unrealised foreign exchange loss Loss from investment into subsidiaries Others 34 2011 VND U 117,545,628,974 26,820,754,050 822,234,537 179,627,989 145,368,245,550 122,025,373,076 255,120,438 3,524,765,673 560,034,544 5,932,672,372 2,023,422,397 134,321,388,500 2012 VND 2011 VND Proceeds from disposals of fixed assets Income from warehouse management Income from gas cylinder deposit due to the contract liquidation Allocations of gas cylinder deposits Others Total 17,666,561,924 4,261,782,336 14,229,669,957 4,616,930,864 2,807,640,250 1,331,102,500 16,422,599,980 3,593,815,959 44,752,400,449 12,492,339,721 1,554,357,891 34,224,400,933 Net book value of fixed assets disposed Net book value of gas cylinder not returned due to the contract liquidation Others Total 17,816,485,801 12,395,297,332 2,984,047,992 2,903,849,170 5,568,939,897 26,369,473,690 6,186,952,772 21,486,099,274 Profit from other activities 18,382,926,759 12,738,301,659 PROFIT FROM OTHER ACTIVITIES Consolidated financial statements For the year ended 31 December 2012 PETROVIETNAM SOUTHERN GAS JOINT STOCK COMPANY 4th Floor, PetroVietnam Tower, 1-5 Le Duan, Ben Nghe Ward, District Ho Chi Minh City, S.R.Vietnam NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FORM B 09-DN The notes are an integral part of and should be read in conjunction with the financial statements 35 CURRENT CORPORATE INCOME TAX EXPENSE Current corporate income tax expense Additional corporate income tax after finalization Additional corporate income tax after state audit Additional corporate income tax for CNG trading 2012 VND 2011 VND 42,987,648,648 3,707,337,361 46,694,986,009 47,980,018,621 87,215,607 113,094,114 2,194,521,886 50,374,850,228 PetroVietnam Southern Gas Joint Stock Company, the holding company, is obliged to pay corporate income tax at the rate of 25% on its assessable income According to Investment Certificate No 49221000148 dated June 2011, as amended, for the activity of trading of CNG, the holding company is entitled to tax exemption for one year and a 50% reduction of its assessable income for the four years thereafter The holding company registered with the taxation authority for the year 2012 as the first profitmaking year in order to be entitled to tax exemption for year 2010 Accordingly, year 2012 is to be recognized the third profit-making year Therefore, the holding company is entitled to 50 % tax reduction In year 2012, the holding company determined corporate income tax at the rate of 25% for CNG trading during its operating period according to the prevailing regulations, instead of 20% as the previous years Consequently, the holding company has computed the additional corporate income tax regarding trade in CNG for year 2009 (first year of operation) and year 2011 CNG Vietnam Joint Stock Company, the subsidiary, is obliged to pay corporate income tax at the rate of 20% on its assessable income within 10 years since its commencement of operation and of 25% for years thereafter Further, CNG Vietnam Joint Stock Company is entitled to tax exemption for two years from the first profit-making year (2009) and a 50% reduction in tax payable for the six years thereafter Vietnam LPG Co., Ltd and Eastern Gas Co., Ltd, the subsidiaries, are obliged to pay corporate income tax at the rate of 25% on its assessable income 36 BASIC EARNINGS PER SHARE The calculation of the basic earnings per share is based on the following data: Profit for the year attributable to ordinary shareholders (VND) Earnings for calculating basic earnings per share (VND) Weighted average number of ordinary shares for the calculation of basic earnings per share Basic earnings per share (VND) 37 2012 VND 151,278,923,575 151,278,923,575 2011 VND 238,459,677,837 238,459,677,837 38,000,000 36,586,497 3,981 6,518 OPERATING LEASE COMMITMENTS Minimum lease payments under operating leases recognized in the income statement for the year 2012 VND 2011 VND 8,055,919,334 2,722,194,323 As at 31 December 2012, the Company had outstanding commitments under non-cancelable operating leases, which fall due as follows: 31/12/2012 31/12/2011 VND VND Within one year From the second year to the fifth year inclusive After five years 6,457,498,192 5,142,794,442 9,029,370,000 20,629,662,634 5,728,779,165 13,264,703,674 51,119,857,756 70,113,340,595 PETROVIETNAM SOUTHERN GAS JOINT STOCK COMPANY 4th Floor, PetroVietnam Tower, 1-5 Le Duan, Ben Nghe Ward, District Ho Chi Minh City, S.R.Vietnam Consolidated financial statements For the year ended 31 December 2012 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FORM B 09-DN The notes are an integral part of and should be read in conjunction with the financial statements Operating lease payments represent payables for land, car, office and infrastructure rental as follows: 38 - Total rentals payable by the Company for renting office in Quang Ngai Province at the monthly rental charge of USD 2,160 The lease arranged with term of years starting from November 2010 - Total rentals payable by the Company for renting cars at the monthly rental charge of USD 8,500 The lease arranged with term of years starting from July 2011 - Total rentals payable by the Company for renting land at Phu My Industrial Zone, Tan Thanh District, Ba Ria - Vung Tau Province, Vietnam at the annual rental charge of USD 1.4/m2 according to the lease agreement No 41/HDT/TLD/IZICO dated 16 August 2007 - Total rentals payable by the Company for renting 13,180 m2 of land at Dong Nai Port, Dong Nai Province, Vietnam at the annual rental charge of USD 4.95/m2 from May 2007 to 30 April 2008 and will increase annually at the rate of 1% until 30 April 2012 The land lease agreement was signed for a period of 20 years starting from 1994 - Total rentals payable by the Company for renting 5,000 m2 of land at Suoi Dau Industrial Zone, Khanh Hoa Province, Vietnam at the annual rental charge of USD 0.82/m2 The land lease agreement was signed for a period of 13 years starting from July 2002 - Total rentals payable by the Company for renting 247 m2 of office at Waseco Building, Ho Chi Minh City at the monthly rental charge of VND 331,810 /m2 The lease agreement was signed for a period of years from 22 September 2011 - Total rentals payable by the Company for renting 100 m2 of land in Quang Tri Province at monthly rental charge of VND 8,500,000/m2 The land lease agreement was signed for a period from August 2011 to March 2014 - Total rentals payable by the company for renting cars at monthly rental charge USD 1,500 The car rental agreement was signed for a period from 20 October 2011 to 31 December 2013 FINANCIAL INSTRUMENTS Capital risk management The Company manages its capital to ensure that the Company will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance The capital structure of the Company consists of net debt (borrowings disclosed in Note 20 and 25, offset by cash and cash equivalents disclosed in Note 5), and equity attributable to shareholders of the Company (comprising capital, reserves and retained earnings) Gearing ratio The gearing ratio of the Company as at the balance sheet date was as follows: Borrowings Less: Cash and cash equivalents Net debt Equity Net debt to equity ratio 31/12/2012 VND 31/12/2011 VND 776,118,602,757 (443,037,391,545) 333,081,211,212 1,032,955,548,029 0.32 978,983,321,839 (586,256,079,122) 392,727,242,717 967,452,335,055 0.41 Consolidated financial statements For the year ended 31 December 2012 PETROVIETNAM SOUTHERN GAS JOINT STOCK COMPANY 4th Floor, PetroVietnam Tower, 1-5 Le Duan, Ben Nghe Ward, District Ho Chi Minh City, S.R.Vietnam NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FORM B 09-DN The notes are an integral part of and should be read in conjunction with the financial statements Significant accounting policies Details of the significant accounting policies and methods adopted (including the criteria for recognition, the bases of measurement, and the bases for recognition of income and expenses) for each class of financial asset and financial liability are disclosed in Note Categories of financial instruments Carrying amounts 31/12/2012 VND 31/12/2011 VND Financial assets Cash and cash equivalents Investments Trade and other receivables Deposits Total 443,037,391,545 128,900,000,000 517,800,394,126 22,536,209,335 1,112,273,995,006 586,256,079,122 148,510,000,000 583,394,308,485 28,148,107,993 1,346,308,495,600 Financial liabilities Trade and other payables Accrued expenses Borrowings Long term deposits received Total 860,614,123,095 18,861,514,099 776,118,602,757 159,009,870,154 1,814,604,110,105 1,101,124,021,625 22,045,662,630 978,983,321,839 158,944,937,604 2,261,097,943,698 The Company has not assessed fair value of its financial assets and liabilities as at the balance date since there are no comprehensive guidance under Circular 210/2009/TT-BTC issued by the Ministry of Finance on November 2009 (“Circular 210”) and other relevant prevailing regulations to determine fair value of these financial assets and liabilities While Circular 210 refers to the application of International Financial Reporting Standards (“IFRS”) on presentation and disclosures of financial instruments, it did not adopt the equivalent guidance for the recognition and measurement of financial instruments, including application of fair value, in accordance with IFRS Financial risk management objectives Financial risks include market risk (including foreign currency risk, interest rate risk and share price risk), credit risk and liquidity risk Market risk The Company’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates, interest rates and share prices The Company does not hedge these risk exposures due to the lack of any market to purchase financial instruments Foreign currency risk management The Company undertakes certain transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise The carrying amounts of the Company’s foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows: Assets 31/12/2012 VND United States Dollars (USD) Euro (EUR) 6,680,258,146 1,000,005,087 31/12/2011 VND 14,934,307,381 165,477,275 Liabilities 31/12/2012 31/12/2011 VND VND 10,006,539,237 29,429,044,908 10,473,212,254 62,444,457,077 PETROVIETNAM SOUTHERN GAS JOINT STOCK COMPANY 4th Floor, PetroVietnam Tower, 1-5 Le Duan, Ben Nghe Ward, District Ho Chi Minh City, S.R.Vietnam Consolidated financial statements For the year ended 31 December 2012 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FORM B 09-DN The notes are an integral part of and should be read in conjunction with the financial statements Foreign currency sensitivity analysis The Company is mainly exposed to Euro The following table details the Company's sensitivity to a 10% increase and decrease in Vietnam Dong against the relevant foreign currencies 10% is the sensitivity rate used when reporting foreign currency risk internally to Board of Directors and represents Board of Directors' assessment of the reasonably possible change in foreign exchange rates The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency rates For a 10% increase/decrease in the following foreign currencies against Vietnam Dong, the profit before tax in the year would decrease/increase by the same amount as follows: 2012 VND 2011 VND 332,628,109 2,842,903,982 3,175,532,091 446,109,513 6,227,897,980 5,781,788,467 U United State Dollar (USD) Euro (EUR) U Interest rate risk management Summary of quantitative data of the Company’s interest-bearing financial assets (cash equivalents and investments) can be found in Note 5, and 16 of these Notes The Company’s policy is to maintain cash equivalents and investments in fixed rate instruments The Company has significant interest rate risks arising from interest bearing loans which are arranged The Company is exposed to interest rate risk as the Company borrows funds at floating interest rates The risk is managed by the Company by maintaining an appropriate rate of floating borrowings, and analysis of the competitive situation on the market for interest rate is beneficial to the Company from the appropriate lending sources Interest rate sensitivity The loan’s sensitivity to interest rate changes which may arise at an appropriate level Assuming all other variables were held constant, if interest rates applicable to floating interest bearing loans had been 200 basis points higher/lower, the Company’s profit before tax would have decreased/ increased by VND 15,522,372,055 (2011: VND 19,579,666,437) Share price risk management Shares held by the Company are affected by market risks arising from the uncertainty about future prices of such shares The Company manages this risk exposure by setting up investment limits The Company’s Board of Management also assesses and approves decisions on share investments such as operating industry, investees, etc The Company assesses the share price risk to be immaterial Credit risk Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Company The Company has a credit policy in place and the exposure to credit risk is monitored on an on-going basis The Board of Directors assessed that, as at the balance sheet date, maximum credit risk exposure is presented as balance of item “Provision for short-term doubtful debts” on the Balance sheet PETROVIETNAM SOUTHERN GAS JOINT STOCK COMPANY 4th Floor, PetroVietnam Tower, 1-5 Le Duan, Ben Nghe Ward, District Ho Chi Minh City, S.R.Vietnam Consolidated financial statements For the year ended 31 December 2012 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FORM B 09-DN The notes are an integral part of and should be read in conjunction with the financial statements Liquidity risk management The purpose of liquidity risk management is to ensure the availability of funds to meet present and future financial obligations Liquidity is also managed by ensuring that the excess of maturing liabilities over maturing assets in any period is kept to manageable levels relative to the amount of funds that the Company believes can generate within that period The Company policy is to regularly monitor current and expected liquidity requirements to ensure that the Company maintains sufficient reserves of cash, borrowings and adequate contributed by its shareholders to meet its liquidity requirements in the short and longer term The following table details the Company’s remaining contractual maturity for its non-derivative financial assets and financial liabilities with agreed repayment periods The tables have been drawn up based on the undiscounted cash flows of financial assets including interest that will be earned on those assets, if any and undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay The inclusion of information on non-derivative financial assets is necessary in order to understand the Company’s liquidity risk management as the liquidity is managed on a net asset and liability basis 31/12/2012 Cash and cash equivalents Investments Trade and other receivables Deposits Less than year VND From - years VND After years VND Total VND 443,037,391,545 68,900,000,000 517,800,394,126 1,837,810,091 1,031,575,595,762 60,000,000,000 20,698,399,244 80,698,399,244 - 443,037,391,545 128,900,000,000 517,800,394,126 22,536,209,335 1,112,273,995,006 860,614,123,095 18,861,514,099 451,274,471,753 1,330,750,108,947 324,844,131,004 324,844,131,004 159,009,870,154 159,009,870,154 860,614,123,095 18,861,514,099 776,118,602,757 159,009,870,154 1,814,604,110,105 (299,174,513,185) (244,145,731,760 (159,009,870,154) (702,330,115,099) Less than year VND From - years VND After years VND Total VND 586,256,079,122 108,510,000,000 583,394,308,485 7,368,708,749 1,285,529,096,356 40,000,000,000 20,779,399,244 60,779,399,244 - 586,256,079,122 148,510,000,000 583,394,308,485 28,148,107,993 1,346,308,495,600 1,101,124,021,625 22,045,662,630 372,992,322,969 1,496,162,007,224 605,990,998,870 605,990,998,870 158,944,937,604 158,944,937,604 1,101,124,021,625 22,045,662,630 978,983,321,839 158,944,937,604 2,261,097,943,698 (210,632,910,868) (545,211,599,626 (158,944,937,604) (914,789,448,098) U 31/12/2012 Trade and other payables Accrued expenses Borrowings Long term deposits received U Net liquidity gap 31/12/2011 Cash and cash equivalents Investments Trade and other receivables Deposits U 31/12/2011 Trade and other payables Accrued expenses Borrowings Long term deposits received U Net liquidity gap The Board of Directors assessed the liquidity risk at low level due to most accounts payable arising from related parties as described in Note 39 The Board of Directors believes that the Company will be able to generate sufficient funds to meet its financial obligations as and when they fall due Consolidated financial statements For the year ended 31 December 2012 PETROVIETNAM SOUTHERN GAS JOINT STOCK COMPANY 4th Floor, PetroVietnam Tower, 1-5 Le Duan, Ben Nghe Ward, District Ho Chi Minh City, S.R.Vietnam NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FORM B 09-DN The notes are an integral part of and should be read in conjunction with the financial statements 39 SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES During the year, the Company entered some significant transactions with its related parties as follows: 2012 2011 VND VND Sales Petro Vietnam Gas Cylinder JSC 3,381,089,171 2,460,111,478 PetroVietnam Fertilizer and Chemical Corporation 69,826,823 1,714,920 Branch of Petrogas Vietnam Corporation - Joint Stock 4,261,782,338 5,050,335,188 Company – Vung Tau Gas Processing Company PetroVietnam Trading and Sea Services Co., Ltd 120,747,354 31,749,302 PetroVietnam Gas Investment & Construction JSC 1,125,697,876 4,096,359 PetroVietnam Low Pressure Gas Joint Stock Company 156,203,820 28,699,199 2,195,900,000 Cuu Long Petro Gas Transportation JSC 302,865,216,146 Mien Trung Petroleum Trading and Services Joint Stock Company 912,068,633 123,673,439 Vung Tau Petroleum Trading and Services Joint Stock Company 12,682,148,173 44,035,214 PetroVietnam Marine Shipyard Company 1,742,310,317 19,771,618 Branch of Petrogas Vietnam Corporation - Joint Stock Company - PV Gas Services Company 1,287,840,204 Sao Mai - Ben Dinh Petroleum Investment JSC 510,141,600 42,914,363 Phu My Fertilizer Plant 1,499,578,182 19,376,082 PetroVietnam Gas City Investment and Development JSC 1,255,252,724 Petroleum Equipment Assembly & Metal Structure Co.,Ltd 2,480,067,954 Branch of Petrogas Vietnam Corporation - Joint Stock 991,924,540 Company - PV Gas Trading Company PetroVietnam Northern Gas Joint Stock Company 203,271,801,725 2,025,912,903 Purchases Branch of Petrogas Vietnam Corporation - Joint Stock Company - PV Gas Trading Company Petro Vietnam Gas Cylinder JSC Cuu Long Petro Gas Transportation JSC PetroVietnam Security Service Corporation PetroVietnam Oil Vung Tau PetroVietnam Low Pressure Gas Joint Stock Company PetroVietnam Trading and Sea Services Co., Ltd Mien Trung PetroVietnam Gas Company Vietnam Oil and Gas Group (Trademark fee) PetroVietnam Low Pressure Gas Joint Stock Company Vung Tau Branch Binh Son Refining and Petrochemical Company Limited Petroleum Pipeline & Tank Construction JSC International Gas Product Shipping JSC PetroVietnam Energy Technology Corporation 1,611,843,437,644 1,891,241,273,837 102,929,807,818 8,704,043,808 855,366,022 87,016,803,636 279,529,375,694 1,521,602,595 658,525,909 3,618,104,578 105,983,009,272 1,381,805,625 1,086,727,580 310,510,289,468 1,108,996,281 217,230,000 11,246,217,156 465,175,913,065 350,131,766,612 2,705,237,637,103 - 1,813,177,969,018 15,920,319,761 2,851,085,905 46,105,883,196 5,640,186,892 3,585,052,579 31/12/2012 VND 31/12/2011 VND 26,327,420,937 11,039,000 18,793,092,565 2,158,712 Remuneration of the Board of Management and the Board of Directors Related parties balances at the balance sheet date were as follows: Trade receivables Cuu Long Petro Gas Transportation JSC PetroVietnam Gas Investment & Construction JSC PETROVIETNAM SOUTHERN GAS JOINT STOCK COMPANY 4th Floor, PetroVietnam Tower, 1-5 Le Duan, Ben Nghe Ward, District Ho Chi Minh City, S.R.Vietnam Consolidated financial statements For the year ended 31 December 2012 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FORM B 09-DN The notes are an integral part of and should be read in conjunction with the financial statements Petroleum Equipment Assembly & Metal Structure Co.,Ltd Mien Trung Petroleum Trading and Services Joint Stock Company Vung Tau Petroleum Trading and Services Joint Stock Company PetroVietnam Marine Shipyard Company Branch of Petrogas Vietnam Corporation - Joint Stock Company - PV Gas Services Company PetroVietnam Gas City Investment and Development JSC PetroVietnam Low Pressure Gas Joint Stock Company PetroVietnam Northern Gas Joint Stock Company Other receivables PetroVietnam Low Pressure Gas Joint Stock Company – Vung Tau Branch PetroVietnam Fertilizer and Chemical Corporation PetroVietnam Trading and Sea Services Co., Ltd Payables PetroVietnam Finance Corporation - Short-term and long-term loans Vietnam Oil and Gas Group - Trademark fee Branch of Petrogas Vietnam Corporation - Joint Stock Company - PV Gas Trading Company Petro Vietnam Gas Cylinder JSC Mien Trung PetroVietnam Gas Company PetroVietnam Oil Vung Tau PetroVietnam Security Service Corporation Sai Gon Petroleum Construction and Investment JSC PetroVietnam Low Pressure Gas Joint Stock Company PetroVietnam Low Pressure Gas Joint Stock Company Vung Tau Branch Petroleum Pipeline & Tank Construction JSC Cuu Long Petro Gas Transportation JSC PetroVietnam Insurance Vung Tau PetroVietnam Energy Technology Corporation Binh Son Refining and Petrochemical Company Limited Time deposits PetroVietnam Finance Corporation 40 388,120,725 218,622,060 50,021,100 - 30,395,794 - 121,224,400 2,962,447 - 64,487,525 135,280,000 22,802,750 225,761,048 331,208 167,344,013 11,374,000,000 11,374,000,000 8,322,775 1,090,877,209 1,090,877,209 375,000,000,000 569,685,661,972 - 2,249,243,431 222,078,317,215 400,594,392,693 5,288,289,441 84,936,000 1,294,168,000 78,408,552 326,363,054 60,341,347,296 18,755,114,942 138,765,000 96,905,438,299 207,837,217,224 147,400,074,566 768,126,145 657,066,463 302,308,348,438 3,768,126,145 21,731,491 31,522,060 281,560,510,742 85,300,000,000 124,000,000,000 APPROVAL OF FINANCIAL STATEMENTS ISSUANCE Financial statements for the year ended 31 December 2012 were approved for issuance on 28 February 2013 by the Board of Management Lưu Trong Nghia Preparer 28 February 2013 Nguyen Dang Trinh Chief Accountant Doan Van Nhuom General Director BRANCH AND AFFILIATES BRANCHES DONG NAI BRANCH Go Dau Port A, Phuoc Thai Commune, Long Thanh District, Dong Nai Province Tel: (061) 3543 949 * Fax: (061) 3543 948 CAN THO BRANCH Lot II.5, II.6 Tra Noc II Industrial Zone, Can Tho City Tel: (0710) 3843 064 - 3843 067 Fax: (0710) 3843 067 - 3843 066 TIEN GIANG BRANCH Industrial Zone, Handicraft Industry Tan My Chanh Ward 9, My Tho City, Tien Giang Province Tel: (073) 3958 455 * Fax: (073) 3958 445 VINH LONG BRANCH 138C Dinh Tien Hoang Street, Ward Vinh Long City, Vinh Long Province Tel: (070) 3877 276 * Fax: (070) 3877 276 CA MAU BRANCH 18/4 Ly Thuong Kiet Street, Ward 6, Ca Mau City Tel: (0780) 3552 991 Fax: (0780) 3552 991 NHA TRANG BRANCH 157 Group 2, Xom Nui, Vinh Phuong Commune Nha Trang City, Khanh Hoa Province Tel: (058) 3725 112 - 3725 222 * Fax: (058) 3725 113 NINH THUAN BRANCH 414 Ngo Gia Tu, Phan Rang City Thap Cham, Ninh Thuan Province QUANG NGAI BRANCH 3rd Floor, Building Petrosetco, No An Duong Vuong Quang Ngai City, Quang Ngai Province Tel: (55) 3718 182 - 3718 183 - Fax: (055) 3718 185 BINH DINH BRANCH Lot D601, Nhon Hoi Industrial Zone A, Nhon Hoi Commune, Quy Nhon City Binh Dinh Province GIA LAI BRANCH Lot 4D Tra Da Industrial Zone, Pleiku City, Gia Lai Province Tel: (059) 3735 678 * Fax: (059) 3735 123 PetroVietnam Gaseast Co Ltd (PVGas SaiGon) 45-47 Nguyen Kiem, Ward 3, Go Vap District, Ho Chi Minh City Tel: (08) 6295 5608 - 2695 5609 - 2695 5345 - 3985 546 Fax: (08) 3894 1550 - 3985 6481 - 3985 5543 SAI GON BRANCH 45-47 Nguyen Kiem, Ward 3, Go Vap District, Ho Chi Minh City Tel: (08) 6295 5608 - 2695 5609 - 2695 5345 - 3985 546 Fax: (08) 3894 1550 - 3985 6481 - 3985 5543 VUNG TAU BRANCH 449 Nguyen An Ninh, Ward 9, Vung Tau City Ba Ria - Vung Tau Province Tel: (064) 3597 225 - 3834 766 * Fax: (064) 3591 386 BINH PHUOC BRANCH Block G, N4 Road, North Dong Phu Industrial Park Tan Phu Town, Dong Phu District, Binh Phuoc Province Tel: (0651) 3826 228 * Fax: (0651) 3826 229 TÂY NINH BRANCH 262 Nguyen Luong Bang, Dong Truong Commune Hoa Thanh District, Tay Ninh Province Tel: (066) 3762 903 * Fax: (066) 3845 495 DAK LAK BRANCH Hamlet, Hoa Phu Commune Buon Ma Thuot City, Dak Lak Province Tel: (0500) 3949 123 * Fax: (0500) 3686 444 MEMBER COMPANIES CNG Vietnam Joint Stock Company (CNG Vietnam) No 35I, 30/4 St., Ward 9, Vung Tau City, Ba Ria-Vung Tau Province Factory: Phu My Industrial Park, Road No 15, Tan Thanh District, Ba Ria-Vung Tau Tel: (84.64) 3574 618 * Fax: (84.59) 3574619 Email: info@cng-vietnam.com * Website: www.cng-vietnam.com Vietnam Liquefied Petroleum Gas Co Ltd (VT-Gas) Dong Nai Port, Long Binh Tan Ward, Bien Hoa City, Dong Nai Province Tel: 84.61) 3831 988 * Fax: (84.61) 3832 008 Email: info@vt-gas.com.vn * Website: www.vt-gas.com.vn Representative Office: Room 606, Waseco Building, 10 Pho Quang, Ward 2, Tan Binh District, HCMC (84.8) 3997 6821 * Fax: (84.8) 3997 6823 ASSOCIATES COMPANY PVGAS CYLINDER J.S.C Thanh Hoa, Ho Nai Ward 3, Trang Bom District, Dong Nai Province Tel: (061) 3674 320 ... compressed gas station Parent South Parent South Parent South Parent South Parent South Parent South company - PVGas company - PVGas company - PVGas company - PVGas company - PVGas company - PVGas CNG... natural gas or associated gas PVN: Vietnam Oil and Gas Group PVGas: PetroVietnam Gas Joint Stock Corporation PVGas D: PetroVietnam Low Pressure Gas Joint Stock Company PV Gas South: PetroVietnam Southern... PetroVietnam Southern Gas Company (PVGas South) on the basis of the Gas Trading Southern Enterprise directly under Gas Processing and Trading Company (PV Gas) and LPG Business Division of Oil and Gas