Академический Документы
Профессиональный Документы
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TRANSCEND
OVERVIEW
009
010
012
PIONEERING
CORPORATE PROFILE
018
020
Corporate Milestones
024
Organizational Structure
026
Board of Management
028
Supervisory Committee
028
Executive Committee
032 Businesses
GROWTH
OPERATIONs IN 2014
042
Operational Highlights
044
Financial Summary
046
048
Shareholder Information
050
Investor Relations
FORWARD-LOOKING
MANAGEMENT AND GOVERNANCE
056
060
061
065
066
Development Strategy
068
Risk Management
070
074
Corporate Culture
TIMELESSNESS
SUSTAINABLE DEVELOPMENT
080
081
Economic Growth
082
Social Responsibility
083
Environmental Programs
TRANSPARENCY
CONSOLIDATED FINANCIAL STATEMENTS
090
170
176
overview
009
010
012
Overview
Overview
Key figures
for 2014
visitors a year to
Vinpearl Land
NET REVENUE
vnd BILLION
Vingroup Joint Stock Company (Vingroup or the Group)
is one of the largest listed companies by market capitalization
in Vietnam. Vingroup focuses on long-term sustainable growth
by targeting high-quality real-estate development and hospitality. The Company has two principal brands: Vincom and
Vinpearl.
TOTAL ASSETS
MARKET CAPITALIZATION
vnd BILLION
vnd BILLION
vnd BILLION
students attended
Vinschool in the first
academic year
TOTAL
OWNERS EQUITY
Over
employees
008
vnd BILLION
Overview
Message From
the Chairman of
the Board of
Management
010
completed the decentralization of its operational model into living in Vinhomes urban communities, a new standard in
shopping and entertainment at Vincom shopping malls, new
management by business sector P&Ls.
opportunities to enjoy Vinpearls 5-star-and-above upscale
The watershed transformation has helped Vingroup overcome resorts, world-class healthcare services at Vinmec, and
the difficulties and challenges to expand into new areas. The high-quality education at Vinschool.
Group has established five core business sectors: Property,
Hospitality and Entertainment, Retail, Healthcare, and In 2015, Vingroup will enter the agriculture business under the
VinEco brand. VinEco will provide customers with a trusted
Education.
quality source of food for current and future generations of
Our core business sectors together create an ecosystem of Vietnamese while leveraging Vietnams advantages in agriculcomplementary and synergistic operations. This business tural products for export to the global market.
ecosystem sets a new standard in the market with the mission
Economic indicators point to progressive stabilization and
to create a better life for the Vietnamese people.
recovery, and the ASEAN Economic Community (AEC) will
In 2014, after reorganizing the company structure, Vingroup be established in 2015. Vingroups key tasks this year are to
also executed its aggressive growth plan to expand its opera- effectively manage the P&Ls of our operating businesses, to
leverage all of our resources to accelerate the development of
tions into key cities nationwide.
new projects and to keep to our schedule for new openings.
In Ho Chi Minh City, Vingroup broke ground on Vinhomes Vingroup is determined to achieve a breakthrough year with
Central Park, one of the most advanced luxury urban commu- major projects now being developed in Hanoi, Ho Chi Minh
nities in Vietnam and the largest mixed-use project Vingroup City, Nha Trang, Can Tho, and Ha Tinh.
has created to date.
The Group will continue to expand the coverage of its
In Phu Quoc, Vingroups new resort complex, Vinpearl Phu ecosystem of Vingroup products and services throughout
Vietnam with six core businesses: Property, Hospitality and
Quoc, has become a growth engine for local tourism.
Entertainment, Retail, Education, Healthcare, and Agriculture.
In Quang Ninh, the Vincom Ha Long mall commenced oper- Key goals for 2015 are to have a breakthrough year, to
ations in late 2014 and has become the shopping and enter- maintain the leading position in our core business sectors,
tainment destination for Ha Long and surrounding areas. This and to continue identifying new and promising businesses
project marked the launch of Vingroups national retail mall to enter. All of Vingroups efforts are to realize the mission to
create a better life for the Vietnamese people.
expansion strategy.
With pioneering yet practical steps towards sustainable development, Vingroup in 2014 achieved record revenue of VND27.7
trillion, a 51% increase over 2013. This was the highest revenue Sincerely yours,
in the Groups history and puts Vingroup in the exclusive ranks
of Vietnamese companies with revenues over a billion USD.
Also in 2014, Vingroup created more than 8,500 new jobs,
increasing the total number of employees to 17,000. Vingroup
is now ranked the best place to work in the property, architecture, and design sectors, and similarly tops the list in the investment, accounting, auditing, pharmacy, healthcare service and
biotechnology sectors. Vingroup has the confidence to lead
the changes now taking place in its business sectors.
011
Overview
012
Vietnam Excellent
Brand 7th consecutive year
Best Retail
Development in
Vietnam for Vincom
Mega Mall Royal City
Best Developer in
Vietnam
Regions Best
Borrower Vietnam
by Vietnam Economic
Times in collaboration with
Vietnam Trade Promotion
Agency (Ministry of Trade).
by FinanceAsia.
by Vietnam Tourism
Awards 2013, Vietnam
National Administration
of Tourism, Ministry
of Culture, Sports and
Tourism and Vietnam
Tourism Association.
013
corporate identity
018
020
Corporate Milestones
024
Organizational Structure
026
Board of Management
028
Supervisory Committee
028
Executive Committee
032 Businesses
Corporate Identity
Vision, Mission
and Core Values
VISION
MISSION
Vingroup also aspires to build a brand that projects Vietnams Shareholders and Partners: To uphold the cooperative spirit
national pride to the international community.
of mutual development and to commit to becoming the
Number One Companion of our partners and shareholders
by creating sustainable value over the long-term.
Employees: To build a professional, creative, dynamic, and
humane work environment, providing all employees opportunities for career advancement based on their skills and
contributions.
Society: To demonstrate corporate social responsibility and
national pride by harmonizing corporate benefits with community contributions.
CORE VALUES:
CREDIBILITY INTEGRITY CREATIVITY
SPEED QUALITY HUMANITY
Credibility: Vingroup vigorously protects its Credibility as one
would protect ones own honor. The Company is always fully
prepared to execute its plans and spares no effort towards
meeting its goals.
Integrity: Vingroup considers Integrity a foundation of its business. We comply fully with the law and maintain the highest
level of professional and social ethics. Customers come first.
Creativity: We value creativity highly as a source of leverage in
our development, and uphold the spirit dare to think, dare to
do aimed at building an organization eager to learn.
Speed: Vingroup considers speed and efficiency in every
activity as a guiding principle. We practice fast decision fast
investment fast deployment fast sales fast change and
quick adaptation.
SLOGAN
Vingroup Where the Best Gather and Grow
LOGO
018
019
Corporate Identity
Corporate Milestones
Corporate Milestones
2001
2002
2003
July
May
2004
2006
November
The five-star Vinpearl Resort Nha
Trang commenced operation.
History
2007
March
July
Vingroup Joint Stock Company (JSC) was established through Ha Long, Khanh Hoa Nha Trang, Da Nang, Binh Dinh and
the merger of two companies: Vincom JSC and Vinpearl JSC in Phu Quoc.
January 2012.
Vincom JSC, formerly known as the Vietnam General
Vinpearl JSC, formerly known as Hon Tre Tourism and Trading Commercial JSC, was founded in Hanoi on 3 May 2002. Its
Investment and Development Limited Liability Company, was operations are focused on large-scale mixed-use development,
established on 25 July 2001 in Nha Trang, Khanh Hoa province sales and management and include shopping malls, offices,
and primarily engaged in the resort, tourism, hospitality and and luxury apartments and villas. The Company has developed
recreation sectors. The Companys portfolio includes projects large-scale shopping complexes in major cities across the
in popular tourism destinations throughout Vietnam such as country, including Hanoi, Ho Chi Minh City, and Ha Long.
020
021
Corporate Identity
Corporate Milestones
2010
2011
2012
2013
August
April
May
January
January
Vingroup became a
foundation member of
the World Economic Forum
(WEF).
Fourth quarter
July
Vacation resort Vinpearl
Premium Da Nang opened as
Vinpearls new resort.
December
Vincom Long Bien commenced
operation at Vinhomes Riverside.
At the same time, Vingroup
relocated its Head Office
to the Vinhomes Riverside
ecological area, located in
Long Bien district, Hanoi.
April July
A successful issuance of
USD300 million of international
convertible bonds listed on the
Singapore Exchange. FinanceAsia
recognized this as the
Best Vietnam Deal 2012.
October
Vincom A Ho Chi Minh City a
luxury retail, food and beverages
complex, commenced operation.
Subsequently, Vingroups full
interest in the project was sold
and recognized in 2013.
022
November
July
November
2014
July
November
September
Vingroup was honored with four
prestigious awards:
December
Best Retail Developer in Vietnam
from Euromoney
023
Corporate Identity
Organizational Structure
Organizational
Structure
ANNUAL
GENERAL MEETING
Board of Management
Chairman
CEO
SPECIALIZED
COMMITTEES
COUNCILS
FINANCE DEPARTMENT
LEGAL DEPARTMENT
PROPERTY
HOSPITALITY
& ENTERTAINMENT
RETAIL
HEALTHCARE
EDUCATION
HUMAN RESOURCE
DEPARTMENT
AGRICULTURE
INVESTMENT DEPARTMENT
Vinhomes
Vinpearl JSC
Vinpearl Hotel
Management Company
Vinpearl Golf
Course Management
VinMart
Supermarket JSC
Vinmec International
General Hospital JSC
Vinschool
Kindergarten System
VinFashion JSC
Vinmec Medical
University
Vinschool Multi-Level
Education System
VinEco Agricultural
Investment Development
and Production LLC
SHAREHOLDER &
INVESTOR RELATIONS
MARKETING DEPARTMENT
VinEcom LLC
INFORMATION TECHNOLOGY
DEPARTMENT
VinPro LLC
Vinhomes Property
Leasing LLC
Vinhomes Property
Management LLC
PLANNING DEPARTMENT
Vinpearl Land
Amusement LLC
VinDS LLC
RISK MANAGEMENT
DEPARTMENT
PROJECT SUPERVISORY &
CONSTRUCTION DEPARTMENT
INTERNAL SUPERVISORY
DEPARTMENT
BUSINESS SUPERVISORY
DEPARTMENT
TENDERING & PROCUREMENT
DEPARTMENT
024
025
Corporate Identity
Board of Management
Board of Management
Chairman of the
Board of Management
The Board of Management (BOM) is appointed at the Annual Current Members of the BOM
General Meeting (AGM) and entrusted with the full power to
exercise all rights and responsibilities on the Groups behalf 01. Mr. Pham Nhat Vuong Chairman of the BOM
except those under the jurisdiction of the AGM. The BOM
comprises ten members with the following rights and duties:
02. Ms. Pham Thuy Hang Vice Chairwoman of the BOM
Deciding the Groups development and business plans 03. Ms. Pham Thu Huong Vice Chairwoman of the BOM
and finalizing the annual budget.
Reporting to the AGM on the Groups business perfor- 06. Mr. Le Khac Hiep Vice Chairman of the BOM
mance, planned dividends, financial statements, business
strategies and general business conditions.
Developing the Groups organizational structure and oper- 08. Mr. Ling Chung Yee Roy Member of the BOM
ational rules.
Other rights and duties in accordance with statutory regulations, the Group Charter and resolutions of
the AGM.
Mr. Pham Nhat Vuong was appointed to the BOM in May 2002
and elected Chairman in November 2011. He has a long track
record as an entrepreneur both inside and outside Vietnam,
reflected in his establishment and development of the Groups
core businesses, including two initial brands Vincom (the leading
brand in real estate) and Vinpearl (the leading brand in tourism,
hospitality and recreation). He continues to develop an ecosystem including quality products and services of Vingroup with
the mission to create a better life for the Vietnamese people.
026
027
Corporate Identity
Supervisory Committee
CEO
The Supervisory Committee (SC) is elected by the Groups Current Members of the Supervisory Committee
AGM. The SC has five members with five-year terms. Key tasks
of the SC include:
01. Mr. Nguyen The Anh Head of the SC
Inspecting the validity, legality, transparency, corporate governance and prudence of business operations,
important business transactions, accounting and statistical practices, as well as financial reporting.
Executive Committee
The Executive Committee is appointed and dissolved by the Current Members of the Executive Committee
BOM. As of 31 December 2014, the Executive Committee
consisted of a Chief Executive Officer (CEO), six Deputy CEOs
01. Ms. Duong Thi Mai Hoa CEO
and one Chief Accountant. The Deputy CEOs and the Chief
Accountant support the CEO by fulfilling the tasks entrusted to
02. Ms. Mai Huong Noi Deputy CEO
them. The Executive Committees key responsibilities include:
03. Ms. Nguyen Dieu Linh Deputy CEO
Organizing the implementation of the AGM and BOM
resolutions, especially those related to the Groups annual
04. Ms. Vu Tuyet Hang Deputy CEO
business and investment plans.
05. Mr. Pham Van Khuong Deputy CEO
Deciding day-to-day matters related to the Groups business activities that do not require resolutions from the
06. Mr. Dang Thanh Thuy Deputy CEO
AGM or the BOM.
07. Ms. Nguyen Thi Diu Deputy CEO
The CEO also has the following responsibilities:
08. Ms. Nguyen Thi Thu Hien Chief Accountant
Managing and supervising the Groups day-to-day
operations.
028
029
Corporate Identity
Executive Committee
030
031
Corporate Identity
Businesses
Businesses
Vingroups Vincom Retail subsidiary is the leading shopping center operator in Vietnam. Vincom Retail employs two brands,
Vincom and Vincom Mega Mall, in order to differentiate between the two classes of shopping centers. Vincom uses the advantage of large scale to achieve an ideal combination of shopping and entertainment. Through the quality of space and the
style of architecture, Vincom provides the advantages of luxury, broad selection, and comfort in shopping and entertainment
destinations. In just a few short years, the business unit has set a new standard in shopping and entertainment for Vietnam.
real estate
2%
R :6
25,000
CAG
20,000
21,772
2014 was a pivotal year for Vincom Retail as it participated in the Groups transformation initiatives to ready itself for future
growth. In 2015, Vincom Retail aims to reach 30 shopping malls throughout Vietnam encompassing more than 1 million square
meters of modern retail space.
14,658
15,000
Vincoms world-class shopping malls are located in prime loca- Vincom Mega Malls are all-in-one shopping malls that provide
tions of major cities throughout Vietnam, including:
customers with a wide selection of high-quality retail and
entertainment experiences such as waterparks, ice rinks,
aquariums. At present, there are two Vincom Mega Malls
Vincom Ba Trieu (Hanoi)
located in the Hanoi area:
Vincom Long Bien (Hanoi)
Vincom Mega Mall Royal City
Vincom Ha Long (Quang Ninh)
Vincom Mega Mall Times City
Vincom Dong Khoi (Ho Chi Minh City)
Year
10,000
5,333
5,000
3,128
Total number of
shopping malls
1,371
2010
2011
2012
2013
2014
Total area
GFA (sqm)
2004
2009
2010
2012
2013
2014
1*
27,103
42,489
93,273
131,333
482,913
513,690
2015
Target
30
1,000,000
032
033
Corporate Identity
Businesses
hospitality entertainment
healthcare
education
Hospitality Vinpearl
Vinpearl Land is the entertainment brand of Vingroup, offering high-quality amusement parks and family entertainment
centers. Located in Vingroups resorts and mixed-use developments nationwide, Vinpearl Land has the same large-scale and
high quality as other regional and global recreational theme
parks.
160,000
R:
CAG
*
140,000
90%
116,639
120,000
150,242
31,288
80,000
83,423
44,304
70,122
11,639
5,379
6,260
2010
56,782
66,819
3,257,627
250,000
CAG
2,500,000
1,000,000
1,210,772
200,076
13,499
150,000
1,768,953
988,707
7,000
13
R :1
*
100,000
1,237,171
86,525
7,733
43,987
2,570
50,000
500,000
2011
2012
2013
186,577
Domestic visitors
2014
2011
2012
2013
2014
6,000
5,000
3,000
2,000
78,792
1,059
1,000
41,417
2010
6,300
4,000
International visitors
034
72,335
35%
200,000
1,500,000
40,000
2,000,000
67,958
60,000
20,000
R:
CAG
3,000,000
124,740
101,410
100,000
3,500,000
5%
CA
GR *
: 49
2010
2011
Inpatient services
2012
2013
Outpatient services
2014
2012
2013
2014
035
Corporate Identity
Businesses
Consumer Retail
(VinMart, VinDS, VinPro,
VinFashion, and Adayroi)
In 2014, Vingroup built on its retail brand equity to expand its
footprint in a number of new sectors of the retail marketplace.
Chain of specialty retail stores
VINDS
VINMART
& VINMART+
VINPRO
VINFASHION
Comprehensive E-commerce
ADAYROI
036
037
Vincom Ha Long
operations
in 2014
042
Operational Highlights
044
Financial Summary
046
048
Shareholder Information
050
Investor Relations
Operations in 2014
Operational Highlights
10 Operational
highlights in 2014
1
In October, Vincom Ha Long commenced operations, increasing the total number of shopping malls under the Vincom
brand to six. Vincom Ha Long is Vingroups first project in
Quang Ninh Province and the first shopping mall developed by
Vincom Retail that is not located in one of Vietnams two major
Together, Vinhomes Central Park and Vinhomes Nguyen Chi cities, Hanoi and Ho Chi Minh City. This project represented
Thanh Hanoi have become the center of attention in the major progress in expanding Vingroups retail real-estate offermarket with sales exceeding projections.
ing on a nationwide basis. Notably, Vincom Ha Long led to the
establishment of many other major projects in Quang Ninh.
2 Grand Opening of Vinpearl Phu Quoc
Vingroup Launches Vinpearl Premium Premium
5 Resorts and Villas Brand
In November, after just over ten months of construction,
Vingroup opened the five-star premium resort and hospitality
complex, Vinpearl Phu Quoc. As the largest and most luxurious In December, Vingroup announced a new vacation prophospitality project on the island, Vinpearl Phu Quoc represents a erty brand, Vinpearl Premium, a brand dedicated to fivetransformation for the hospitality market in Phu Quoc.
star resorts and vacation villas. Throughout the system,
Vinpearl Premium has a total of 1,500 hotel rooms and 830
Furthermore, in 2014, Vingroup also commenced and villas in four projects located in Nha Trang, Phu Quoc and
accelerated the development of many other Vinpearl projects Da Nang.
across the country.
042
Vingroup Honored
International Awards
with
National
and
In September, Vingroup received the highest score for providing the best real estate products and services and was chosen
Vinschool Becomes the Education Phenomenon Best Retail Developer in Vietnam by the worlds leading
financial magazine, Euromoney.
of 2014
10
043
Operations in 2014
Financial Summary
Financial Summary
R:
CAG
25,000
2013
2012
Indicator (VND)
27,285
90,000
27,723,633,371,036
18,377,638,845,706
7,904,472,849,072
17,284,911,479,916
11,346,984,128,307
4,092,056,174,334
Gross profit
10,438,721,891,120
7,030,654,717,399
3,812,416,674,738
5,383,641,995,457
9,606,581,419,123
2,563,499,467,407
111,050,324,885
5,671,793,229,484
393,757,169,880
5,272,591,670,572
3,934,788,189,639
2,169,742,297,527
3,776,045,741,483
7,149,288,120,557
1,846,667,924,525
86,619,253,410
4,253,844,922,113
295,317,877,410
3,689,426,488,073
2,895,443,198,444
1,551,350,047,115
8,568,084,958,380
11,626,109,861,052
3,906,553,356,182
Total assets
90,485,307,199,860
75,772,648,425,795
55,824,875,804,676
Total liabilities 2
63,200,673,940,820
57,156,105,584,507
44,951,244,544,495
33,336,013,772,819
27,383,635,280,014
21,828,665,659,871
27,284,633,259,040
18,616,542,841,288
10,873,631,260,181
Operating profit
Profit from divestitures of equity stakes
Operating profit from core businesses
Profit after tax
Profit after tax from divestitures
of equity stakes
Profit after tax from core businesses
EBITDA
Indicator
37.65
2013
38.26
2012
19.42
52.27
32.43
13.62
38.90
23.36
50.86
132.50
241.63
27.42
86.64
270.17
1.55
1.88
2.50
13.84
38.40
16.98
2,447
5,310
1,819
(1) EBITDA = (Profit before tax + Interest expense + Depreciation and amortization) Other income and interest on deposits.
(2) Including Advance of VND6,581,278,862,138 from customer, Deferred revenue of VND6,586,084,426,957 and Payment of
VND7,847,174,664,786 from customer under deposit, loan and other agreements.
20,000
5,000
10,000
0
2012
2013
R* :
CAG
25,000
87%
27,724
5,000
5,333
R:
CAG
*
2014
48%
11,626
10,000
21,772
7,904
14,000
12,000
18,378
20,000
10,000
2013
8,568
8,000
6,000
14,658
3,907
4,000
2,000
2,571
3,720
2012
2013
5,952
0
2012
2014
2014
12,000
2013
Recurring revenue
10,439
Unit: %
60
50
8,000
7,031
7,149
4,000
38.40
40
6,000
30
3,812
3,776
1,847
20
16.98
9.44
10
3.31
2012
2013
Net profit after tax
2012
2014
ROE
13.84
4.17
Gross profit
2012
2014
(4) Excluding Advance from customer, Deferred revenue and Payment from customer under deposit, loan and other agreements.
044
55,825
30,000
2,000
(3) Loans and Borrowings from credit agencies and other organizations, Loans and Borrowings = Short-term loans and borrowings + Longterm loans & borrowings.
90,485
40,000
10,000
10,000
Source: VAS Consolidated Financial Statements for 2012, 2013, 2014
27%
50,000
48.23
75,773
60,000
15,000
15,000
2014
R:
CAG
70,000
18,617
10,874
Net revenue
100,000
80,000
20,000
2014
58%
2013
2014
ROA
045
Operations in 2014
0.4%
Ticker: VIC
Outstanding shares:
1,454,555,098 shares
As of 31 December 2014
No
28.66%
Founding
shareholders
Other shareholders
Foreign
Other shareholders
Domestic
15.95%
Founding shareholders
Domestic
Major shareholders (Holding above 5%)
Domestic
Other shareholders
0.40
5,861,058
0.40
799,885,941
54.99
799,885,941
54.99
44.61
10,137
416,875,836
28.66
9,577
Foreign
231,932,263
15.95
560
1,454,555,098
100
10,142
1,222,622,835
84.05
9,582
231,932,263
15.95
560
Foreign
Volume
(million shares)
60,000
5,861,058
648,808,099
Domestic
Number of
shareholders
Domestic
Total
Ownership
Percentage
(%)
Foreign
3
Share
price
(VND)
Number of
shares held
Foreign
Major shareholders
54.99%
Catergory
9
8
7
55,000
6
5
50,000
Time of
issuance
4
3
45,000
Recipients
Capital before
the issuance
(VND)
Capital
mobilized from
the issuance
(VND)
Share dividend
Rights offering
Existing shareholders
1,996,272,380,000
1,199,747,240,000
3,196,019,620,000
Existing shareholders
3,196,019,620,000
402,875,740,000
3,598,895,360,000
Conversion of bonds
Convertible bondholders
3,598,895,360,000
127,357,010,000
3,726,252,370,000
2011
Conversion of bonds
Convertible bondholders
3,726,252,370,000
185,246,560,000
3,911,498,930,000
2012
Existing shareholders
3,911,498,930,000
1,582,334,120,000
5,493,833,050,000
Share dividend
Existing shareholders
5,493,833,050,000
1,510,787,500,000
7,004,620,550,000
Bonus shares
Existing shareholders
7,004,620,550,000
2,276,481,600,000
9,281,102,150,000
Conversion of bonds
Convertible bondholders
9,281,102,150,000
6,966,640,000
9,288,068,790,000
Existing shareholders
9,288,068,790,000
7,968,000,000
9,296,036,790,000
Conversion of bonds
Convertible bondholders
9,296,036,790,000
722,201,960,000
10,018,238,750,000
Share dividend
Existing shareholders
10,018,238,750,000
4,527,312,230,000
14,545,550,980,000
2
1
40,000
0
Jan
2014
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
2010
Dec
(%)
Form of payment
Time of payment
2009
60.10
Share
2010
2010
58.80
2011
2011
12.40
Share
2012
2012
15.10
Share
2012
21.49
2014
48.70
Share
2014
2013
046
Transaction
2013
2014
047
Operations in 2014
Shareholder Information
Shareholder
Information
Major shareholders holding over 5%
Insider holdings
As of 31 December 2014
As of 31 December 2014
No
Name
72,981,753
5.02
180,145,441
12.38
123,524,946
8.49
799,885,941
54.99
Total
Number of
shares held
Ownership
percentage (%)
423,233,801
29.10
Tittle
Relationship
with internal
shareholders
Vinpearl JSC
(%)
Rationale
(%)
Executive
Committee
35,398,107
2.43
Receive transfer
of shares
Supervisory
Committee
Mai Tat To
499,598
0.03
Be Thi Thuan
151,709
Member of Board
cum Deputy CEO
7
8
Transfer of shares
Change in ownership
0.01
26,435
0.002
Change in ownership
87,004
0.006
Change in ownership
20,926
0.001
Change in ownership
167,471
0.01
9,391
0.0006
Change in ownership
Deputy CEO
3,137,964
0.21
611,580 2
0.04
217,362
0.01
Ownership
Percentage (%)
423,233,801
29.10
48,740,005
3.35
72,981,753
5.02
111,966
0.01
15,502
0.00
909,419
0.06
141,483
0.01
111,966
0.01
15,502
0.00
5,955
0.00
839
0.00
87
0.00
111,966
0.01
546,140,810
37.55
Board of
Management
No
Name Position
Chief Accountant
Authorized
spokesperson
Transfer of shares
(1) Number of shares has increased to 52,636,985 shares as Vinpearl JSC received dividend by shares.
(2) Number of shares has increased to 909,419 shares as Mr. Pham Van Khuong received dividend by shares.
048
049
Operations in 2014
Investor Relations
Investor Relations
The Group maintains an active investor relations program to
handle inquiries, disclose Group information, and manage relations with shareholders, investors, analysts and other interested
parties. Vingroup is committed to equitable treatment of all
shareholders, including minority and foreign shareholders. The
company encourages all shareholders to exercise their voting
rights regularly. Minority shareholders are given the right to
propose the holding of a meeting as well as the right to propose
items in the agenda of the meeting, provided that the items are
for legitimate business purposes and in accordance with the law,
jurisprudence and best practices.
the participation of more than 40 investment funds and securities firms. Via prior appointment, investors and analysts are also
able to visit project sites in Hanoi, Ho Chi Minh City, Da Nang,
Phu Quoc and Nha Trang to see the developments firsthand.
Investor relations executives and senior management also
participate in a number of third party events in multiple countries to further ensure access for all investors. During 2014,
the Group was represented and gave presentations at several
conferences organized by leading financial institutions and
bulge-bracket investment banks. In addition, the Group also
attended the World Economic Forum in Davos, Switzerland,
and the WEF Annual Meeting of the New Champions 2014
in China.
050
051
Management and
GOVERNANCE
056
060
061
065
066
Development Strategy
068
Risk Management
070
074
Corporate Culture
High-end
4,000
Report of the
Board of Management
3,500
Mid-end
3,000
Low-end
2,500
2,000
1,500
1,000
500
0
Q1
2012
056
Q3
Q4
Q1
2013
Q2
Q3
Q4
Q1
2014
Q2
Q3
Q4
Source: CBRE
Unit: %
8.00
6.78
5.89
6.00
5.03
5.42
5.98
4.00
High-end
6,000
Mid-end
5,000
2.00
Low-end
4,000
3,000
2,000
0.00
2010
2011
2012
2013
2014
1,000
0
Q1
2012
Q2
Q3
Q4
Q1
2013
Q2
Q3
Q4
Q1
2014
Q2
Q3
Q4
Source: CBRE
12.35
12
11.51
11.5
11
11
11
10.46
10.5
10
Q2
9.5
2010
2011
2012
2013
2014
057
Shopping malls
In 2015, the Vietnamese government will concentrate on enhancing macroeconomic stability, resolving difficulties in production,
restructuring the economy, transforming the national economic
growth model, improving efficiency and competitiveness, and
striving for higher growth. In addition, the Government also aims
to accelerate the restructuring of State-owned enterprises and
the stock market as previously planned. These changes should
058
attract diversified domestic and international investment, while Vincom Retail will continue to launch new shopping malls,
supporting the equitization of State-owned enterprises and increasing the number of shopping malls to 30 throughout the
resolving bad debts.
country. Vingroup will start construction of five new Vinpearl
Land recreation facilities and four Vinmec hospitals in Quang
During 2015, the property market is expected to receive Ninh, Nha Trang, Phu Quoc and Ho Chi Minh City.
wide-ranging support from policies, laws, and regulations recently approved by the National Assembly and the Government. In the retail sector, the e-commerce brand Adayroi will be
Among these changes, the Amended Housing Law and the launched and is expected to be a leader in the e-commerce
Amended Real Estate Business Law are the two most anticipated area. Other business brands in the retail segment (VinMart,
laws, which take effect on 1 July 2015. These changes will ease VinPro, VinDS, and VinFashion) will also accelerate the pace of
conditions for foreigners to purchase and own property in store openings to increase their coverage and take the lead in
Vietnam, further attracting investment into the property market. their respective segments.
In addition, Circular 36/2014 issued by the State Bank of Vietnam,
which took effect on 2 January 2015, reduces the risk factor for In 2015, Vingroup will enter the agriculture business with
real estate business loans from 250% to 150% and allows greater VinEco. Rising income and increased awareness have created
use of short-term capital for long-term loans by doubling the rate great demand for a source of trusted quality food that the
from 30% to 60%, thus increasing the Banks ability to lend. These Group is in a unique position to offer.
changes are expected to be positive factors for the property
market.
Management System
According to BMI research, Vietnams population now exceeds
90 million, 35% of which is in the youngest age groups. These
younger groups demonstrate the highest demand for housing,
hospitality and retail. Since the average person requires 15sqm
of living area, demand for living space will be approximately 500
million sqm. The total of residential space in Vietnam is currently
about 100 million sqm. Given such favorable conditions as stable
politics, a recovering economy, and rich natural resources, there
should be strong growth in demand for the property and hospitality sectors in the years ahead.
059
Report of the
Supervisory Committee
Report of the
Executive Committee
2014 Activities
Business performance
resolutions
accuracy
2014
2013
2012
61.46
47.42
48.42
38.54
52.58
51.58
69.85
75.43
80.52
36.84
36.14
39.10
30.15
24.57
19.48
0.74
0.78
0.43
1.42
1.49
1.12
4.17
9.44
3.31
13.62
38.90
23.36
13.31
15.76
19.63
13.84
38.40
16.98
13.52
15.55
14.27
Asset Ratios
Capital structure
Liquidity Ratios
Profitability Ratios
Profit after tax/ Total assets (%)
060
061
Amount
(VND billion)
Weight
(%)
Sale of properties
21,772
78.53
Leasing activities
2,129
7.68
2,114
7.63
657
2.37%
7.63%
1.52%
0.83% 1.44%
7.68%
2.37
78.53%
Education and related services
230
0.83
Retail activities
421
1.52
Other services
401
1.44
27,724
100
Total
Sale of properties
Leasing activities
Sale of properties
Hospital and
related services
Leasing activities
Education and
related services
Amusement park
and related services
Retail activities
Other services
Amount
(VND billion)
Weight
(%)
8,052
77.13
1,239
11.87
839
8.04
166
1.59
86
0.83
Retail activities
(7)
-0.07
1.59%
8.04%
0.83%
-0.07%
0.61%
11.87%
77.13%
Other services
Total
062
Sale of properties
Hospital and
related services
64
0.61
Leasing activities
Education and
related services
10,439
100
Hotel, amusement
park and related
services
Retail activities
For the year, revenue from sale of residential properties was Education, healthcare
up 49% in comparison with 2013 and reached VND21.8 trillion,
Vinschool K-12 school at Times City opened for its first school
accounting for 78.5% of total net revenue.
year, increasing the total number of K-12 students to 6,300. In
Vinhomes launched the presale of two new key projects, addition, Vinmec achieved strong revenue growth which was
Vinhomes Central Park in Ho Chi Minh City and Vinhomes 133% higher than 2013.
Nguyen Chi Thanh Hanoi, while simultaneously developing
Vinhomes Times City Park Hill. With its prime location in the New businesses and projects
heart of the Capital, Vinhomes Nguyen Chi Thanh Hanoi
presold nearly 70% after only two sales events. Vinhomes Supermarkets and convenience stores
Central Park, Vingroups first mega-scale mixed-use project in
Ho Chi Minh City, has quickly become center of attention in In 2014, Vingroup entered the retail market with a chain of 23
the real estate market with its environmentally friendly design VinMart supermarkets and VinMart+ convenient stores nationand The Landmark81. This tower will set a new record for the wide, including cities such as Hanoi, Ha Tinh, and Hai Duong.
tallest in Vietnam.
The chain is expected to continue to expand in 2015.
Design, accessibility, affordable luxury, and comprehensive
amenities are known trademarks of Vingroup projects. Each
project offers customers various facilities such as all-season
pools, lounges, tennis, badminton, and basketball courts, or
a garden for practicing tai chi. By combining prime location,
convenience, well-crafted amenities and excellent services,
Vingroup aims to provide customers with five-star living
experience. In addition, attractive value bundles and good
support packages make ownership a very pleasant experience
for customers.
Fashion
VinFashion introduced its EMIGO brand to the market and
opened six stores in 2014.
Financial summary
Total Assets
Other services
063
Corporate
Governance Report
064
Amplify and implement effective domestic and international fund raising plans to finance the Groups projects
Strengthening and reorganizing the structure and operations of the Group and its subsidiaries, and assigning
management staff at the Group and P&L levels
February 2014.
February 2014.
065
Development
Strategy
Principles of
Management
Blueprint
for 2015
Industry
strategy
Product
strategy
Capital
strategy
Orientation
Strategy Orientation
Development Orientation
flows by emphasizing
businesses with recurring
revenue
Expand business opportunities and grow
revenue through regular
cycle of new product
introductions
Studied development
plans:
Develop residential properties for sale
Develop and operate properties with a stable source
of recurring revenues.
Schedule sales of properties to match capital
funding cycles
Utilize pre-sale proceeds
and advances from
customers to reduce
capital needs.
Balance alternative forms
of fund raising to manage
cost of capital
Support
Optimize financial and
managerial resources
Develop additional
brands
Take advantage of specialized skills
Control and Evaluation
Control business practices and compliance
with good governance
principles
Analyze business efficiency and results
Evaluate progress in
building Groups culture
and core values
leadership
roles for all levels of
management
Instill responsibility for
business efficiency and
results, customer service,
reputation and brand
Build Groups culture and
core values
066
067
Risk Management
Using the established process, major risks of the Group are Material Price Risks
effectively identified and managed. Some of the Groups
specific risks are described in the following sections.
The fluctuation in the cost of construction materials can significantly impact the project costs and the Groups profit.
Risk Management
Liquidity risks inherent in the real estate market arise from the
fluctuation of the economy, changes in government policies
and supply-demand imbalances in the markets for the Groups
properties. In 2014, the Group established a Real Estate
Strategy Department. This department prepares comprehensive research reports covering all market segments. These
reports have provided useful market information and attempt
to predict future trends. Each Group project is carefully evaluated based on a feasibility study and SWOT analysis in order
to develop pricing options and to plan alternative phases for
the project. This is Vingroups own unique approach to the real
estate market.
Risk
measurement
Risk
identification
Risk Management
Process
Risk
resolution
Transformation
of risk into
opportunity
Risk measurement: Risk measurement is the task of effectively managing risks and quickly resolving problems, if
any.
068
The Group manages its material price risk by closely monitoring the purchasing and inventory management process. In
addition, the Group has conducted analyses of price trends
and has maintained close links with a network of reputable
suppliers to minimize the consequences of unfavorable
changes in materials markets, further ensuring stable inputs
into its projects.
069
Human Resource
Management
2.3%
Salary and Insurance
Human Resources
Number of Employees and Average Income
Number of Employees
Average Income
VND million
per month
2010
2011
2012
2013
2014
Growth
936
2,150
5,562
8,731
17,312
98%
8.5
9.1
7.8
9.1
10.0
10%
Vingroup salaries are higher than the average for other businesses in the real estate sector. In 2014, the Company raised
salaries based on results and contributions to the Group. The
Company has a very competitive salary policy for outstanding
staff with extensive experience in their fields. This policy helps
to retain current employees and to attract new talent over the
long-term.
Recruitment
Labor Regulations
The Group and its subsidiaries keep abreast of labor regulations in accordance with the law. The Groups labor standards
have been registered and approved by the Hanoi Department
of Labor Invalids and Social Affairs.
070
37%
Bachelors Degree
Below
Bachelor s Degree
60.7%
Social insurance, health insurance and unemployment insurance are provided in accordance with the law, and the Group
also purchases additional life insurance and personal accident
coverage for all employees.
Bonus policies
Working Conditions
Ph.D. or
Masters Degree
4%
12.3%
Under 25
35.8%
From 25 to 35
From 35 to 45
Over 45
47.9%
Forms of Commendations
Certificates at P&L and Group levels, cash rewards, travel
rewards (domestic or foreign), promotion, and salary increase.
Benefits
Benefit policies have been well developed and updated regularly by the Groups management to maintain a high level of
benefits for employees.
Vingroup has built a multifunction sports complex where
employees can exercise regularly.
The Group has also established a Staff Assistance Fund
to assist employees and their family members if they face
extreme hardship. Additionally, employees are entitled to preferential treatment when using the Groups services such as the
Vinpearl Resort, Vinpearl Luxury as well as medical services at
Vinmec International Hospital and education for their children
at Vinschool.
Male
46.7%
53.3%
Female
071
Staff Training
Union
072
073
Corporate Culture
Corporate Culture
On Society
Put country and national pride first.
Respect the rule of law.
assigned work.
Every Vingroup employee must demonstrate initiative, eagerness to learn, commitment to self-improvement and passion
for the Groups culture as expressed in its six core values.
Vingroups working culture includes speed, efficiency and
discipline. This working culture contributes to the strength that
helps Vingroup excel in every sector.
074
On Partners
Demonstrate mutual respect to achieve
mutual benefits.
On Customers
efficiency.
misconduct of others.
On Colleagues
On Competition
Follow the principle that good competition
makes the best better.
075
SUSTAINABLE
DEVELOPMENT
080
081
Economic Growth
082
Social Responsibility
083
Environmental Programs
Sustainable Development
A Strategy for
Sustainable Development
Vingroup is one of the leading private
companies in Vietnam. The Company has
multiple brands in five business sectors.
These sectors are: properties, hospitality
and entertainment, consumer retail,
healthcare and education. Vingroup has
built a strong market position and business reputation. The Groups strategy
for sustainable development is based
ECONOMIC GROWTH
Contribute to the State Budget
Develop innovative products
for the community
Enhance Vietnams image as
an attractive investment among
developing economies
SOCIAL
RESPONSIBILITY
ENVIRONMENTAL
PROTECTION
Economic growth
Contribution to
State Budget
(VND billion)
Increase/
Decrease
(%)
2010
537
N/A
2011
1,708
218.06
2012
1,593
-6.75
2013
2,604
63.49
2014
4,166
59.97
Corporate
VIETTEL GROUP
10
080
081
Sustainable Development
Social Responsibility
THE CHARITABLE TRADITION OF VIETNAMESE CULTURE IS NOT ONLY ABOUT TAKING CARE
OF EMPLOYEES BUT ALSO ABOUT RESPONSIBILITY TO THE COMMUNITY, SOCIETY, AND
THE ENVIRONMENT.
Vingroup also sponsors the Promotion Fund for Vietnamese
Football Talent (PVF), which was set up in 2010 to develop
an effective system for training young footballers, something
then lacking in Vietnam. Since 2010, the Fund has held six
PVF courses with 176 participants who then repeatedly go
on to win important tournaments, including the Vietnam
National Youth Championship, the South East Asia, plus the
Pan Asia Youth tournaments. In 2014, the Fund continued its
impressive achievements by winning a National U-17 Football
Tournament, the Thai Son Nam Cup. This victory confirms PVFs
During 2014, Vingroup continued its practice of making national reputation in Vietnam and contributes to the longcontributions to social programs by donating to charitable term goal of earning a place for Vietnam on the regional and
social activities. Among the programs supported by the global football map.
Group are those which aid the poor, wounded veterans,
the families of martyrs, recipients of Vietnamese Heroic Collectively, these programs demonstrate Vingroups commitMothers Award, orphans, and other social beneficiaries. The ment to keeping its business development in line with humancompany also supported the healthcare sector, built cultural itarian, social and charitable goals. The Group has committed
facilities, promoted education and funded incentives for to maintain its involvement in such programs.
higher learning.
Another of Vingroups initiatives is to contribute to the develAmong the specific programs Vingroup supported in 2014 is opment of management talent so that the Group will build
Bac Ninhs Phat Tich Custodian Care and Talent Development a pool of management talent possessing the skills, attitudes,
and leadership capabilities needed to enable the Company
Facility (Phat Tich Center):
to achieve its goals. At the beginning of 2015, Vingroup
announced the USD10 million Future Vietnamese Manager
Established by Vingroups Kind Heart Fund
Scholarship Fund that will be used to strengthen the training
Now home to more than 100 orphans and elderly citizens and development of promising young future general managers to make them qualified to manage and operate premium
Provides housing while also caring for the mental health service businesses in the hotel, resort, shopping mall,
of the elderly and supporting the comprehensive devel- entertainment, education, and healthcare sectors that meet
demanding international standards.
opment of children
Environmental
Programs
Vingroup understands that effective and efficient resource usage
is important to the sustainable development of the company. As
a pioneer enterprise in real estate and hospitality committed to
sustainable development, the Group is determined to build a
green, innovative, and eco-friendly environment not only for
employees but also for customers.
082
083
Sustainable Development
Environmental Programs
Vincom Ba Trieu
Vincom Ba Trieu is designed so that
it makes full use of natural light and
artificial energy. This complex received
the Energy Efficient Buildings Award.
The three towers of this complex
are equipped with a comprehensive
Vinhomes Riverside
Vinhomes Royal City features botanical including an area devoted to Tai Chi, a
parks, a large plaza and a unique sky promenade, a pavilion, a lounge, and
garden. Gardens are modern in design flower gardens.
but incorporate Vietnamese traditions,
084
Vinpearl Premium
vacation properties
along the Saigon River. With river frontage stretching more than 1 kilometer,
Vinhomes Central Park offers a green
living area in the heart of Ho Chi Minh
City and helps to clean the air for the
rest of the City.
085
Vinschool
CONSOLIDATED
FINANCIAL STATEMENTS
090
170
176
General information
Report of
Management
The company
Vingroup Joint Stock Company (the Company) is a joint stock
company established in Vietnam in accordance with the Business
Registration Certificate No. 0103001016 issued by the Hanoi
Department of Planning and Investment on 3 May 2002 and
the Business Registration Certificate No. 0101245486 re-issued
on 12 May 2010. The Company also subsequently received
the 55th amended Business Registration Certificate dated 18
November 2014.
Board of directors
Management
Management of Vingroup Joint Stock Company (the Company) Management confirmed that it has complied with the above
is pleased to present its report and the consolidated financial requirements in preparing the accompanying consolidated
statements of the Company and its subsidiaries (collectively financial statements for the year ended 31 December 2014.
referred to as the Group) for the year ended 31 December 2014.
Statement by Management
consistently;
Members of the Board of Directors during the year and at the Members of the Management during the year and at the date
date of this report are:
of this report are:
General Director
General Director
Chairman
Le Khac Hiep
Deputy Chairman
Deputy Chairwoman
Deputy Chairwoman
Deputy Chairwoman
Deputy Chairwoman
Vu Tuyet Hang
Deputy Chairwoman
Member
Vu Tuyet Hang
Member
Member
Member
Board of Supervision
Members of the Board of Supervision during the year and at
the date of this report are:
090
Legal representative
The legal representative of the Company during the period from
1 January 2014 to 10 February 2014 is Ms Le Thi Thu Thuy and
from 11 February 2014 to the date of these financial statements
is Ms Duong Thi Mai Hoa.
Head of Board
of Supervision
Auditors
Member
Member
Member
Member
091
Independent
auditors report
To: The Shareholders of Vingroup Joint Stock Company
We have audited the consolidated financial statements of
Vingroup Joint Stock Company (the Company) and its
subsidiaries (collectively referred to as the Group) as prepared
on 16 March 2015 and set out on pages 6 to 88, which comprise
the consolidated balance sheet as at 31 December 2014, the
consolidated income statement and consolidated cash flow
statement for the year then ended and the notes thereto.
Managements responsibility
as at 31 December 2014
Code
ASSETS
100
A. CURRENT ASSETS
110
111
1. Cash
112
2. Cash equivalents
120
121
1. Short-term investments
129
130
131
1. Trade receivables
132
2. Advances to suppliers
135
3. Other receivables
139
140
IV. Inventories
141
1. Inventories
149
150
151
152
154
158
200
B. NON-CURRENT ASSETS
220
I. Fixed assets
221
092
Notes
7
8
9
10
11
12
Ending balance
Beginning balance
34,875,607,760,407
39,844,677,687,769
7,607,513,719,673
7,534,048,703,295
1,709,677,822,085
830,198,384,281
5,897,835,897,588
6,703,850,319,014
6,168,171,238,968
5,512,841,034,628
6,245,416,256,668
5,564,825,407,070
(77,245,017,700)
(51,984,372,442)
2,863,604,538,747
3,791,905,544,739
833,001,466,347
906,583,310,596
1,459,215,551,015
1,067,203,605,764
626,203,073,987
1,848,565,858,757
(54,815,552,602)
(30,447,230,378)
16,598,350,983,526
18,913,717,422,013
16,653,246,649,293
18,922,655,956,360
(54,895,665,767)
(8,938,534,347)
1,637,967,279,493
4,092,164,983,094
175,767,407,122
112,995,880,636
549,937,309,384
235,932,586,540
29,443,682,396
20,328,613,273
882,818,880,591
3,722,907,902,645
55,609,699,439,453
35,927,970,738,026
22,319,696,291,092
11,724,114,750,744
10,526,340,741,649
5,645,716,640,220
222
Cost
12,125,926,443,789
6,707,573,344,357
223
Accumulated depreciation
(1,599,585,702,140)
(1,061,856,704,137)
520,367,279,711
504,491,185,676
227
Currency: VND
13
228
Cost
613,140,927,890
576,932,515,265
229
Accumulated amortisation
(92,773,648,179)
(72,441,329,589)
230
3. Construction in progress
14
11,272,988,269,732
5,573,906,924,848
240
15
15,399,141,224,526
13,628,734,369,628
16,337,225,559,687
14,148,672,844,583
(938,084,335,161)
(519,938,474,955)
241
1. Cost
242
2. Accumulated depreciation
250
4,949,144,342,213
4,532,383,326,606
252
1. Investments in associates
1,030,494,731,370
1,829,738,207,290
258
3,921,649,610,843
2,705,645,119,316
259
(3,000,000,000)
(3,000,000,000)
260
6,727,259,904,943
1,238,826,097,403
1,770,073,401,504
1,195,471,414,505
56,584,412,187
42,623,898,681
261
262
17
18
36.2
268
19
4,900,602,091,252
730,784,217
269
V. Goodwill
20
6,214,457,676,679
4,803,912,193,645
270
TOTAL ASSETS
90,485,307,199,860
75,772,648,425,795
093
RESOURCES
300
Currency: VND
Notes
Ending balance
Beginning balance
A. LIABILITIES
63,200,673,940,820
57,156,105,584,507
310
I. Current liabilities
24,603,801,398,740
26,675,265,408,188
311
1,321,194,605,718
3,023,470,785,606
312
2. Trade payables
1,628,746,222,883
1,158,828,828,873
313
6,581,278,862,138
16,150,044,422,734
3,299,807,295,074
11,686,251,139,746
21
22
5. Payables to employees
316
6. Accrued expenses
319
094
4. Statutory obligations
23
24
Euro
Singapore dollar
British pound
150
Canadian dollar
41,416,688,481
1,254,563,464,393
864,555,492,034
1,019,478,498,366
959,682,490,193
10,333,943,140,608
1,101,799,359,637
7,847,174,664,786
88,740,877,355
Other payables
2,486,768,475,822
1,013,058,482,282
330
38,596,872,542,080
30,480,840,176,319
333
26
6,413,683,795,382
6,023,851,978,161
334
27
32,014,819,167,101
24,360,164,494,408
335
36.2
168,369,579,597
96,823,703,750
400
B. OWNERS EQUITY
20,396,041,296,100
14,471,837,198,264
410
I. Capital
28.1
20,396,041,296,100
14,471,837,198,264
411
1. Share capital
28.1
14,545,550,980,000
9,296,036,790,000
412
2. Share premium
28.1
4,582,534,150,067
1,781,641,494,624
414
3. Treasury shares
28.4
(2,974,924,074,484)
(4,351,625,014,572)
418
28.2
22,845,114,930
17,845,114,930
420
5. Undistributed earnings
28.1
4,220,035,125,587
7,727,938,813,282
439
C. MINORITY INTERESTS
29
6,888,591,962,940
4,144,705,643,024
440
90,485,307,199,860
75,772,648,425,795
100
63,000
55,874,576,362
1,346,262
300
20
Australian dollar
1,322,830
70,000
4,463,793,282,988
1,267,702,309,535
Beginning balance
Japanese yen
2,107,765,031,095
3,091,940,291,762
3,281,471,567,064
1,371,617,698,518
Ending balance
Foreign currencies
1,037,104,329,754
3,645,659,661,277
25
ITEMS
7. Other payables
15
300
1,000
1,000
16 March 2015
095
Currency: VND
Code
ITEMS
Notes
01
30.1
Current year
Previous year
27,726,701,600,235
18,379,268,633,216
02
2. Deductions
30.1
(3,068,229,199)
(1,629,787,510)
10
30.1
27,723,633,371,036
18,377,638,845,706
11
32
(17,284,911,479,916)
(11,346,984,128,307)
20
10,438,721,891,120
7,030,654,717,399
21
6. Finance income
22
7. Finance expenses
23
30.2
1,346,022,091,036
6,436,048,755,221
33
(3,491,052,587,060)
(1,943,627,332,561)
(2,711,269,664,974)
(1,459,922,785,660)
(739,332,476,177)
(450,072,453,875)
(2,170,716,923,462)
(1,466,422,267,061)
5,383,641,995,457
24
8. Selling expenses
25
30
ITEMS
Currency: VND
Notes
Current year
Previous year
5,409,680,638,498
9,740,085,981,878
1,582,956,786,204
1,178,743,735,837
95,586,098,902
53,343,819,374
02
03
Changes in provisions
40
04
33
153,521,258,290
91,401,429,917
05
40
(1,333,188,623,458)
(6,445,646,204,571)
06
Interest expenses
2,711,269,664,974
1,459,922,785,660
08
8,619,825,823,410
6,077,851,548,095
(Increase)/decrease in receivables
(236,771,046,585)
1,506,465,991,329
10
Decrease/(increase) in inventories
7,828,554,877,896
(53,674,323,727)
9,606,581,419,123
11
(435,168,123,808)
5,739,159,477,741
12
(774,696,243,771)
367,776,128,547
09
31
34
261,925,884,973
135,646,492,056
32
34
(227,116,582,678)
(56,842,117,086)
13
Interest paid
(3,191,276,794,957)
(2,550,652,028,899)
40
34,809,302,295
78,804,374,970
14
(1,910,568,513,664)
(1,803,518,979,544)
45
(8,770,659,254)
54,700,187,785
15
641,182,106
50
5,409,680,638,498
9,740,085,981,878
16
51
36.1
(1,653,273,503,894)
(2,594,314,637,696)
20
52
36.2
60
17.1, 31
(3,085,600,466)
9,896,814,378,055
9,284,048,995,648
(12,078,574,548,052)
(10,489,796,722,908)
1,233,509,487,141
39,220,197,524
19,638,606,879
3,516,776,375
3,776,045,741,483
7,149,288,120,557
21
617,463,065,409
369,775,972,604
22
3,158,582,676,074
6,779,512,147,953
23
40
(4,394,117,030,716)
(8,069,778,802,040)
Basic
2,447
5,310
24
40
3,944,306,480,156
4,780,340,308,582
Diluted
2,344
5,089
25
40
(12,714,336,731,816)
(6,150,167,058,980)
26
40
2,592,111,751,675
10,458,023,592,091
27
1,017,729,795,067
539,692,018,943
(20,399,370,796,545)
(8,892,466,466,788)
Attributable to
61
62
70
29
28.1
38
30
40
16 March 2015
096
097
Currency: VND
ITEMS
Notes
Current year
Previous year
1,411,009,772,856
2,948,518,325,753
3,256,960,309,647
(2,953,978,284,083)
40
33
Drawndown of borrowings
17,264,986,730,202
16,614,545,541,480
34
Repayment of borrowings
(8,682,400,989,542)
(11,103,071,677,430)
36
(1,844,966,743,620)
(288,850,999,997)
(521,509,281,485)
40
10,575,637,814,164
5,525,604,889,617
50
73,081,395,674
5,917,187,418,477
7,534,048,703,295
1,616,855,174,935
383,620,704
6,109,883
7,607,513,719,673
7,534,048,703,295
60
61
70
Notes to the
consolidated financial statements
1. Corporate information
Vingroup Joint Stock Company (the Company) is a joint stock
company established in Vietnam pursuant to the Business
Registration Certificate No. 0103001016 issued by the Hanoi
Department of Planning and Investment on 3 May 2002 and
the Business Registration Certificate No. 0101245486 re-issued
on 12 May 2010. The Company also subsequently received
the 55th amended Business Registration Certificate dated 18
November 2014.
The Companys shares were officially listed on the Hochiminh City
Stock Exchange (HOSE) from 19 September 2007 pursuant to
Decision No.106/QD-TTGDHCM issued by the Director of HOSE
on 7 September 2007.
The current principal activities of the Company in this year are
to carry out investment activities and to provide the general
administrative services.
16 March 2015
098
099
2. Basis of preparation
2.1 Accounting standards and system
site preparation, professional fees for legal services, The cost of a tangible fixed asset comprises its purchase price
property transfer taxes, construction overheads and other and any directly attributable costs of bringing the tangible fixed
related costs.
asset to working condition for its intended use. Expenditures
for additions, improvements and renewals are added to the
Net realisable value is the estimated selling price in the ordinary carrying amount of the assets and expenditures for maintenance
course of the business, based on market prices at the reporting and repairs are charged to the consolidated income statement
date and less costs to completion and the estimated costs of sale. as incurred.
The cost of inventory recognised in profit or loss on disposal is
determined with reference to the specific costs incurred on the
property sold and an allocation of any non-specific costs based
on the relative size of the inventory property sold.
When tangible fixed assets are sold or retired, their costs and
accumulated depreciation are removed from the consolidated
balance sheet and any gain or loss resulting from their disposal
is included in the consolidated income statement.
Other inventories
Inventories are carried at the lower of cost incurred in bringing
each product to its present location and condition and net
realisable value.
Net realisable value represents the estimated selling price in the
ordinary course of business less the estimated costs to complete
and the estimated costs necessary to make the sale.
100
101
10 50 years
Other structures
10 20 years
3 15 years
Means of transportation
3 12 years
Office equipment
4 8 years
Computer software
3 8 years
Copy rights
4 8 years
50 years
20 years
The technical feasibility study of completing the intangible Depreciation and amortisation of investment properties are
asset so that it will be available for use or sale;
asset will
economic benefits;
generate
probable
46 48 years
Buildings
30 50 years
8 15 years
future
102
103
Dividends
104
Down payments from customers for the purchase of residential Income is recognised when the Groups entitlement as an investor
properties in the future that do not meet the conditions for to receive the dividend is established.
revenue recognition, are recognized and presented as Advances
from customers in the liability section of the consolidated 3.21 Taxation
balance sheet.
Current income tax
Payments received from customers under deposit, loan and other
agreements are recognized and presented as Other short-term Current income tax assets and liabilities for the current and prior
payables in the liability section of the consolidated balance years are measured at the amount expected to be paid to (or
recovered from) the taxation authorities. The tax rates and tax
sheet.
laws used to compute the amount are those that are enacted
as at the consolidated balance sheet date.
3.20 Revenue recognition
Revenue is recognised to the extent that it is probable that
the economic benefits will flow to the Group and the revenue
can be reliably measured regardless of when payment is being
made. Revenue is measured at the fair value of the consideration
received, excluding discounts, rebates, and sales taxes or duty.
The following specific recognition criteria must also be met
before revenue is recognised:
Revenue from sale of inventory property
Investments in securities and other investments are stated at 3.16 Foreign currency transactions
their acquisition costs.
Transactions in currencies other than the Groups reporting
currency of VND are recorded at the exchange rates ruling
Provision for diminution in value of investments
at the date of the transaction. At the end of the year, monetary
Provision is made for any diminution in value of the marketable assets and liabilities denominated in foreign currencies
investments at the balance sheet date in accordance with the are translated at buying exchange rate announced by the
guidance under the Circular No. 228/2009/TT-BTC dated 7 commercial bank where the Group maintains bank accounts
December 2009 and the Circular No. 89/2013/TT-BTC dated 28 at the balance sheet date. All realised and unrealised foreign
June 2013 issued by Ministry of Finance. Increases and decreases exchange differences are taken to the consolidated income
to the provision balance are recorded as finance expense in the statement.
consolidated income statement.
3.17 Treasury shares
3.13 Payables and accruals
Own equity instruments which are reacquired (treasury shares)
Payables and accruals are recognised for amounts to be paid are recognised at cost and deducted from equity. No gain or
in the future for goods and services received, whether or not loss is recognised in profit or loss upon purchase, sale, issue or
billed to the Group. Payables to contractors are recorded based cancellation of the Groups own equity instruments.
on interim work certificates between two parties, regardless of
whether or not billed to the Group.
3.18 Appropriation of net profits
Interest
Revenue from sale of inventory property is recognised when Deferred income tax
the significant risks and rewards of ownership of the properties
have passed to the buyer.
Deferred tax is provided using the liability method on temporary
differences at the consolidated balance sheet date between the
tax base of assets and liabilities and their carrying amount for
Revenue from leasing of investment properties
financial reporting purposes.
Rental income arising from leased investment properties is
accounted for on a straight line basis over the lease terms of Deferred tax liabilities are recognised for all taxable temporary
differences, except:
ongoing leases.
Sale of goods
Revenue is recognised when the significant risks and rewards of
ownership of the goods have passed to the buyer, usually upon
the delivery of the goods.
Rendering of services
Revenue from hotel, amusement park, education, hospital,
beauty, property management and other related services is
recorded when the services are rendered.
105
Deferred income tax assets and liabilities are measured at the The Groups financial liabilities include trade and other payables,
tax rates that are expected to apply in the period when the asset accruals, corporate bonds, convertible bonds, convertible loans,
realised or the liability is settled based on tax rates and tax laws other loans and borrowings.
that have been enacted at the consolidated balance sheet date.
Financial instruments subsequent re-measurement
Deferred tax is charged or credited to the consolidated income
statement, except when it relates to items recognised directly There is currently no guidance in relation to subsequent
to equity, in which case the deferred tax is also dealt with in re-measurement of financial instruments in Circular 210.
the equity account.
Accordingly, financial instruments are subsequently carried
at cost.
Deferred tax assets and liabilities are offset when there is a legally
enforceable right for the Group to off-set current tax assets Offsetting of financial instruments
against current tax liabilities and when they relate to income
taxes levied by the same taxation authority on:
Financial assets and financial liabilities are offset and the net
amount reported in the consolidated balance sheet if, and only if,
Either the same taxable entity; or
there is a currently enforceable legal right to offset the recognised
amounts and there is an intention to settle on a net basis, or to
When the Group intends either settle current tax liabilities realise the assets and settle the liabilities simultaneously.
and assets on a net basis or to realise the assets and settle
the liabilities simultaneously, in each future period in which 3.23 Convertible bonds
significant amounts of deferred tax liabilities or assets are
expected to be settled or recovered.
Bonds that are convertible by the holder into a fixed number of
ordinary shares of the entity are separated into financial liability
3.22 Financial instruments
(a contractual arrangement to deliver cash or another financial
asset) and equity instrument (a call option granting the holder
Financial instruments initial recognition and presentation the right, for a specified period of time) based on the terms of
the contract. In cases where the numbers of ordinary shares
to be converted is not fixed, the entire convertible bonds are
Financial assets
classified as a financial liability.
Financial assets within the scope of the Circular No.210/2009/
TT-BTC issued by the Ministry of Finance on 6 November On issuance of the convertible bonds, the fair value of the liability
2009 providing guidance for the adoption in Vietnam of the component is determined using a market rate for equivalent non-
106
107
Fair value
recognized on
acquisition date
Assets
Cash and cash equivalents
14,441,090,352
Inventories
34,952,847,681
696,494,538
Fixed assets
242,247,369
443,052,420
Liabilities
Trade payables
Other payables
The profit before tax of Vincom Construction LLC for the period
from the date of acquisition to 31 December 2014 is VND 89.5
billion.
Acquisition of additional equity interest in Tan Lien Phat
JSC, a new subsidiary
On 25 February 2014, the Group completed the acquisition of an
additional 30% of the voting shares of Tan Lien Phat JSC with total
cash consideration of VND1,266 billion. In combination with 30%
of the voting shares of Tan Lien Phat JSC held by Vincom Retail
JSC, a subsidiary, whose carrying value at acquisition date was
VND1,266 billion, the Group took control over Tan Lien Phat JSC.
Management has reviewed and assessed that the acquisition of
Tan Lien Phat JSC is the acquisition of a group of assets, rather
than a business acquisition. Accordingly, the total consideration
paid was allocated to the assets acquired based on their fair
value on acquisition date, with the remaining consideration
being allocated to the land development right and recorded
in construction in progress. The minority interests were also
recognised at their relative proportion of the interest in the assets
acquired. These assets are presented in the same categories
as other similar assets held by the Group in the consolidated
statement of financial position.
108
81,500,000,000
133,090,602,393
Accrued expenses
814,870,033
Receivables
20,100,999,108
1,827,785,022
11,161,818,263
100,000,000,000
20,000,000,000
120,000,000,000
814,870,033
120,000,000,000
119,185,129,967
109
JSC) from a corporate party with total consideration of VND 560 Total consideration of the acquisition was VND560 billion which
billion. Consequently, ORC JSC became a new subsidiary of the was fully paid in cash.
Group and was renamed to Vinmart JSC.
The loss before tax of Vinmart JSC for the period from the date
Principal activities of Vinmart JSC are to retail goods in of acquisition to 31 December 2014 is VND93 billion.
supermarkets and specialized stores. Vinmart JSC is currently
operating a chain of 13 supermarkets and convenience stores Acquisition of additional equity interest in Viettronics Land
located in Hanoi and other provinces in the North. The Group JSC, an existing subsidiary
has acquired Vinmart JSC as part of its strategy of penetrating
in the retail business.
On 4 November 2014, the Group acquired an additional 16%
of the voting shares of Viettronics Land JSC from individuals.
The fair value of the identifiable assets and liabilities of Vinmart This transaction increased the equity interest of the Group
JSC as at the date of acquisition were:
in Viettronics Land JSC to 98.08%. Total consideration for this
transaction was VND400.8 billion and total carrying value of the
equity interest acquired was VND401.4 billion. The difference of
Currency: VND VND0.6 billion between the consideration and the carrying value
of the equity interest acquired was recognised as finance income
Fair value
in the consolidated balance sheet (see Note 30.2).
recognized on
acquisition
Assets
77,976,795,197
9,560,663,550
144,875,930,227
10,089,500,747
Inventories
119,846,573,783
Advance to suppliers
26,739,737,958
52,244,474,369
20,865,947,368
328,590,273,218
3,244,925,454
207,939,183,333
179,407,714,671
Fixed assets
34,747,626
Construction in progress
602,433,027,000
Investment properties
132,300,000,000
802,023,624,249
1,114,125,870,252
Liabilities
Short-term borrowings
92,400,000,000
264,623,916,786
11,830,967,250
2,785,833,180
12,782,270,425
Liabilities
Trade and other payables
Other long-term payables
Long-term borrowings
Total identifiable net assets at fair value
838,000,000,000
8,716,120,286
Other payables
Deferred tax liabilities
Total identifiable net assets at fair value
Minority interests
Goodwill arising on acquisition
Purchase consideration transferred
The total consideration for this disposal was VND187 billion and
the carrying value of the disposed net asset of the Group in Sai
Dong JSC and a number of other subsidiaries as at disposal date
was VND384 billion. The difference of VND197 billion between
the consideration and the carrying value of the equity interest
disposed was recognised in the consolidated income statement.
Disposal of Viet Thanh Sai Dong Limited Liability
Company (Viet Thanh Sai Dong LLC)
On 9 July 2014, the Group disposed of the entire 73.51% equity
interest in Viet Thanh Sai Dong LLC to individuals for the
consideration of VND167 billion. The difference of VND88 billion
between the consideration and the carrying value of the equity
interest disposed was recognised in the consolidated income
statement (Note 30.2).
7,728,664,927
77,223,969,218
600,057,752,429
2,614,836,086
553,898,715,800
560,000,000,000
Minority interests
Goodwill arising on acquisition
Purchase consideration transferred
36,003,465,146
219,657,806,517
783,712,093,800
77,976,795,197
560,000,000,000
482,023,204,803
110
9,560,663,550
783,712,093,800
774,151,430,250
111
8. Other receivables
Currency: VND
Ending balance
Beginning balance
Cash on hand
9,220,874,607
3,734,876,934
Cash in banks
1,697,280,782,527
826,463,507,347
Cash equivalents
5,897,835,897,588
6,703,850,319,014
3,176,164,951
7,607,513,719,673
7,534,048,703,295
Cash in transit
TOTAL
Currency: VND
Ending balance
Beginning balance
360,000,000,000
428,978,175,621
262,930,214,880
205,200,000,000
800,000,000,000
36,115,522,222
Others
161,109,376,144
220,435,643,877
TOTAL
626,203,073,987
1,848,565,858,757
625,477,109,487
1,632,135,173,957
725,964,500
216,430,684,800
Dividend receivable
6. Short-term investments
Currency: VND
Ending balance
Beginning balance
3,516,847,342,390
3,929,051,166,950
497,621,378,611
2,026,383,376,327
1,454,775,074,182
82,578,564,022
148,531,872,120
16,204,181,818
98,181,818
105,781,413,500
32,369,112,000
In which:
Other receivables
Other receivables from related
parties (Note 37)
9. Inventories
Currency: VND
2,983,199,417,908
82,135,723,455
12,981,426,785,251
18,747,390,465,018
25,068,106,693
19,481,411,812
233,060,588,602
59,341,273,203
84,779,811,576
14,129,048,644
Goods in transit
14,404,215,653
178,034,228
331,307,723,610
16,653,246,649,293
18,922,655,956,360
(54,895,665,767)
(8,938,534,347)
16,598,350,983,526
18,913,717,422,013
6,245,416,256,668
(77,245,017,700)
6,168,171,238,968
5,564,825,407,070
(51,984,372,442)
5,512,841,034,628
Others
7. Trade receivables
Currency: VND
Ending balance
Beginning balance
454,239,396,887
406,263,089,905
222,450,897,154
391,312,752,468
46,193,370,495
32,837,034,046
24,415,240,296
43,616,926,983
2,824,255,316
215,135,830
2,969,286,736
32,177,197
79,909,019,463
32,306,194,167
Other receivables
TOTAL
833,001,466,347
906,583,310,596
Trade receivables
669,871,388,587
898,600,737,662
163,130,077,760
7,982,572,934
In which:
112
Currency: VND
Ending balance
Beginning balance
9,303,353,064
2,970,617,785
1,645,051,805
16,498,231,735
92,926,354,559
48,579,300,709
20,667,325,201
19,965,840,294
Others
51,225,322,493
24,981,890,113
TOTAL
175,767,407,122
112,995,880,636
113
Currency: VND
Ending balance
Beginning balance
13,722,309,095
10,636,708,629
783,166,666,670
2,832,200,000,000
64,258,393,012
880,071,194,016
21,671,511,814
882,818,880,591
3,722,907,902,645
882,818,880,591
3,522,907,902,645
200,000,000,000
TOTAL
In which:
Other current assets
Current assets from related parties (Note 37)
Currency: VND
Buildings & construction
Motor vehicles
Office equipment
Others
Total
Beginning balance
4,155,350,273,457
2,038,258,860,738
278,817,951,977
74,705,585,423
160,440,672,762
6,707,573,344,357
Additions
3,652,750,991,892
1,435,644,969,003
101,567,627,249
224,478,632,429
47,146,964,536
5,461,589,185,109
134,868,671,202
306,799,804,727
36,008,467,458
141,887,630,980
8,083,838,520
627,648,412,887
Cost:
In which:
Newly purchased
2,401,018,889,735
813,977,927,716
47,388,164,894
10,787,736,189
39,063,126,016
3,312,235,844,550
Newly constructed
904,766,093,193
268,431,766,003
1,173,197,859,196
Acquisition of subsidiary
212,097,337,762
46,435,470,557
18,170,994,897
71,803,265,260
348,507,068,476
(1,552,011,922)
(28,712,158,488)
(6,241,661,323)
(3,861,532,704)
(2,868,721,240)
(43,236,085,677)
(1,552,011,922)
(21,533,068,491)
(5,695,211,605)
(3,037,926,115)
(2,804,235,304)
(34,622,453,437)
(7,179,089,997)
(546,449,718)
(823,606,589)
(64,485,936)
(8,613,632,240)
7,806,549,253,427
3,445,191,671,253
374,143,917,903
295,322,685,148
204,718,916,058
12,125,926,443,789
456,933,838
62,300,427,417
2,449,384,871
16,762,570,592
9,868,886,654
91,838,203,372
Beginning balance
357,427,839,275
525,501,233,125
84,023,346,967
43,277,952,981
51,626,331,789
1,061,856,704,137
Addition
173,501,116,186
295,221,630,250
37,297,138,360
25,743,490,150
21,494,213,751
553,257,588,697
500,519,874,509
Decreases
In which:
Sold, disposed
Other reductions
Ending balance
In which:
Fully depreciated
Accumulated depreciation:
In which:
151,422,776,935
275,376,977,743
34,735,280,394
17,490,625,686
21,494,213,751
11,774,974,420
16,327,268,784
28,102,243,204
Acquisition of subsidiary
10,303,364,831
3,517,383,723
2,561,857,966
8,252,864,464
24,635,470,984
(1,246,974,349)
(9,796,988,243)
(2,293,132,776)
(1,408,738,073)
(782,757,253)
(15,528,590,694)
(1,246,974,349)
(9,056,304,475)
(2,056,504,302)
(663,365,240)
(748,185,864)
(13,771,334,230)
Decreases
In which:
Sold, disposed
Other reductions
(740,683,768)
(236,628,474)
(745,372,833)
(34,571,389)
(1,757,256,464)
529,681,981,112
810,925,875,132
119,027,352,551
67,612,705,058
72,337,788,287
1,599,585,702,140
Beginning balance
3,797,922,434,182
1,512,757,627,613
194,794,605,010
31,427,632,442
108,814,340,973
5,645,716,640,220
Ending balance
7,276,867,272,315
2,634,265,796,121
255,116,565,352
227,709,980,090
132,381,127,771
10,526,340,741,649
Ending balance
Net carrying amount:
114
115
Indefinite land
use right
Definite land
use right
Project development
right (ii)
Copyrights
Computer software
Total
51,430,769,964
173,065,510,181
184,938,875,055
136,500,000,000
2,172,915,416
28,824,444,649
576,932,515,265
31,547,071,966
407,648,545
22,743,887,597
54,698,608,108
31,547,071,966
407,648,545
15,317,702,141
47,272,422,652
7,426,185,456
7,426,185,456
(14,302,800,000)
(3,450,784,900)
(736,610,583)
(18,490,195,483)
Cost:
Beginning balance
Additions
In which:
Newly purchased
Acquisition of subsidiary
Decreases
In which:
Sold, disposed
(736,610,583)
(736,610,583)
(14,302,800,000)
(3,450,784,900)
(17,753,584,900)
37,127,969,964
201,161,797,247
184,938,875,055
136,500,000,000
2,580,563,961
50,831,721,663
613,140,927,890
68,643,000
12,382,479,903
12,451,122,903
Beginning balance
12,679,496,345
40,887,073,429
1,706,280,517
17,168,479,298
72,441,329,589
Addition
4,674,087,681
9,217,901,051
359,510,828
9,209,914,495
23,461,414,055
4,674,087,681
9,217,901,051
359,510,828
7,845,223,769
22,096,723,329
Acquisition of subsidiary
1,364,690,726
1,364,690,726
(2,424,791,152)
(704,304,313)
(3,129,095,465)
In which:
Decreases
In which:
Sold, disposed
(704,304,313)
(704,304,313)
(2,424,791,152)
(2,424,791,152)
14,928,792,874
50,104,974,480
2,065,791,345
25,674,089,480
92,773,648,179
Beginning balance
51,430,769,964
160,386,013,836
144,051,801,626
136,500,000,000
466,634,899
11,655,965,351
504,491,185,676
Ending balance
37,127,969,964
186,233,004,373
134,833,900,575
136,500,000,000
514,772,616
25,157,632,183
520,367,279,711
Ending balance
Net carrying amount:
(i) This is land rental right incurred when the Group invested in Hai
Phong Land LLC in 2009.
(ii) This is project development right incurred when Vinpearl JSC invested
in Hon Mot JSC in 2010.
See Note 27 for the details of intangible fixed assets used as collaterals
for borrowings and corporate bonds of the Group.
116
117
Ending balance
Beginning balance
2,663,931,085,123
1,315,763,194,052
2,753,337,185,551
1,623,262,808,291
943,994,136,107
784,581,629,027
939,734,920,148
602,433,027,000
501,086,251,562
Xavinco project
442,467,019,372
441,076,325,736
377,985,958,115
342,456,728,761
232,705,632,840
105,544,108,578
222,041,798,848
41,244,521,584
173,608,954,750
403,742,203,923
Machinery and
equipment
Total
Beginning balance
2,454,317,955,619
9,606,573,191,831
2,087,781,697,133
14,148,672,844,583
Additions
2,580,784,033,702
1,562,412,159,950
188,547,987,934
4,331,744,181,586
Cost:
In which:
Newly purchased
2,430,156,177,446
380,267,626,406
4,116,837,145
2,814,540,640,997
Transfer from
construction in
progress
78,153,695,008
1,075,345,656,634
184,431,150,789
1,337,930,502,431
Acquisition of
subsidiary
72,474,161,248
106,798,876,910
179,273,038,158
(189,815,489,180)
(1,552,978,033,130)
(400,397,944,172)
(2,143,191,466,482)
(122,823,022,524)
(692,026,165,903)
(131,966,178,171)
(946,815,366,598)
(66,992,466,656)
(837,773,626,537)
(268,431,766,001)
(1,173,197,859,194)
(23,178,240,690)
(23,178,240,690)
4,845,286,500,141
9,616,007,318,651
1,875,931,740,895
16,337,225,559,687
Decreases
In which:
Disposals
168,844,771,919
154,536,473,549
136,450,339,308
117,428,351,772
An Giang project
101,750,000,000
E-commerce project
96,888,466,776
85,922,322,766
84,767,670,050
Accumulated
amortization:
77,195,990,564
72,919,202,464
Beginning balance
80,576,420,451
241,036,416,788
198,325,637,716
519,938,474,955
Ho Tay project
73,828,685,818
42,348,897,818
Addition
52,881,740,049
213,582,683,692
191,806,801,978
458,271,225,719
Reclassification to fixed
assets
Other decreases
Ending balance
67,929,253,870
In which:
Vinmec project
65,900,291,896
23,203,364,160
196,288,021,423
191,806,801,978
411,298,187,561
62,659,288,859
29,678,375,889
17,294,662,269
46,973,038,158
57,259,570,979
27,694,769,417
Acquisition of
subsidiary
33,642,217,961
16,620,436,143
(5,271,853,461)
(16,603,309,217)
(18,250,202,835)
(40,125,365,513)
16,793,310,727
(10,100,188,265)
(1,922,934,051)
(12,023,122,316)
(5,271,853,461)
(6,503,120,952)
(16,327,268,784)
(28,102,243,197)
128,186,307,039
438,015,791,263
371,882,236,859
938,084,335,161
Beginning balance
2,373,741,535,168
9,365,536,775,043
1,889,456,059,417
13,628,734,369,628
Ending balance
4,717,100,193,102
9,177,991,527,388
1,504,049,504,036
15,399,141,224,526
25,410,059,929
Others
189,525,789,653
159,581,542,974
TOTAL
11,272,988,269,732
5,573,906,924,848
Construction in progress for inventory property is presented See Note 27 for details of construction in progress used as
in Note 9.
collaterals for borrowings and corporate bonds of the Group.
118
Currency: VND
Decreases
In which:
Disposals
Reclassification to fixed
assets
Ending balance
Net carrying amount:
119
VND Billion
1,931
1,210
4,654
4,716
353
245
132
Investment properties
VND Billion
2,234
2,810
60
5,299
2,420
343
132
Currency: VND
Note
Ending balance
Opening balance
Investment in associates
17.1
1,030,494,731,370
1,829,738,207,290
17.2
120
3,921,649,610,843
2,705,645,119,316
4,952,144,342,213
4,535,383,326,606
(3,000,000,000)
(3,000,000,000)
4,949,144,342,213
4,532,383,326,606
121
Currency: VND
Green City
JSC
Eight Lions
JSC
Total
12,687,104,718
669,324,368,968
19,815,115,758
27,911,617,846
1,100,000,000,000
1,829,738,207,290
48,027,183,334
246,500,000,000
9,000,000,000
6,000,000,000
166,666,666,665
476,193,849,999
665,585,470
27,197,650,951
844,710,147
(36,911,617,846)
108,844,987
(8,094,826,291)
(675,832,963)
(675,832,963)
(1,266,666,666,665)
(1,266,666,666,665)
47,351,350,371
13,352,690,188
943,022,019,919
20,659,825,905
6,108,844,987
1,030,494,731,370
As at 1 January 2014
Increase during the year
Share in profit/ (loss)
Amortisation of goodwill
Reclassify to investment into
subsidiaries (Note 4.1)
As at 31 December 2014
The information on these associates, along with the Companys voting rights and equity interest in each associate are as follows:
17.2 Other long-term investment
No
Name
Voting
Equity
rights (%) interest (%)
30.00
Head office
Principal activities
30.00
Floor 1, 35 37 Chuong
Duong Port, Nguyen
Thai Binh Ward, District 1,
Hochiminh City
49.10
47.66
35.00
35.00
45.00
26.32
45.00
37.60
Number of shares
904,533,000,000
904,533,000,000
117,578,059,260
185,531,367,356
(82,578,564,022)
(148,531,872,120)
939,532,495,238
1,181,532,495,236
1,093,496,443,945
1,093,496,443,945
12,400,000,000
12,400,000,000
Breeding livestock
3,000,000,000
3,000,000,000
73,412,301,500
56,016,217,443
3,000,000,000
3,000,000,000
Beginning balance
Value Number of shares
551,685,000,000
152,000,000,000
1,815,581,443,945
1,241,324,962,888
266,500,000,000
1,664,157,050,271
16,287,661,192
Value
676,800
47,351,350,371
900,000
13,352,690,188
900,000
12,687,104,718
73,650,000
943,022,019,919
49,000,000
669,324,368,968
1,750,000
20,659,825,905
1,750,000
19,815,115,758
4,900,000
27,911,617,846
(*)
6,108,844,987
15,000,000
1,100,000,000,000
76,976,800
1,030,494,731,370
71,550,000
1,829,738,207,290
122
240,000,000,000
Currency: VND
TOTAL
Ending balance
Beginning balance
Loans to customers(ii)
Ending balance
Long-term loans
Currency: VND
TOTAL
(497,621,378,611)
1,166,535,671,660
282,787,661,192
3,921,649,610,843
2,705,645,119,316
123
Ending balance
Number of
shares
Opening balance
Equity Value
interest (%)
Number of
shares
Equity Value
interest (%)
Ecology
Investment and
Development JSC
80,470,000
18.25
1,093,496,443,945
80,470,000
18.25
1,093,496,443,945
400,000
3.87
12,400,000,000
400,000
3.87
12,400,000,000
8/3 Investment
JSC
300,000
10.00
3,000,000,000
300,000
10.00
3,000,000,000
Bank for
Investment and
Development of
Vietnam
4,410,767
0.16
73,412,301,500
5,600,000
10.57
56,016,217,443
300,000
3.00
3,000,000,000
300,000
3.00
3,000,000,000
The Vietnam
National Textile
and Garment
Group
50,000,000
10.00
551,685,000,000
Ocean Thang
Long JSC
15,200,000
13.10
152,000,000,000
TOTAL
Ending balance
Beginning balance
595,884,775,537
611,948,422,558
193,397,545,649
174,253,985,665
124,072,317,512
89,515,586,247
13,927,460,074
12,322,441,075
Currency: VND
1,519,226,771
13,390,059,518
42,770,778,456
194,811,641,748
558,191,520,089
84,308,274,233
Pre-operating expenses
136,731,575,820
746,564,124
34,668,669,724
68,909,531,872
14,174,439,337
1,770,073,401,504
1,195,471,414,505
TOTAL
146,670,000
1,815,581,443,945
91,480,767
1,241,324,962,888
Currency: VND
Ending balance
Deposits for investment purpose (i)
4,800,000,000,000
99,679,218,417
922,872,835
730,784,217
4,900,602,091,252
730,784,217
Beginning balance
124
125
20. Goodwill
Currency: VND
Goodwill on
acquisition of
Hanoi South JSC
Goodwill on
acquisition of
PFV JSC
Goodwill on
acquisition of
Sai Dong JSC
(Note 4)
Goodwill on
acquisition of
Royal City JSC
Goodwill on
acquisition of
Vinpearl Da
Nang LLC
Goodwill on
acquisition of
Vincom
Long Bien LLC
Goodwill on
Goodwill on
acquisition of acquisition of
Tan Lien Phat JSC Eight Lions JSC
(Note 4)
(Note 17,1)
Goodwill on
acquisition
of Vincom
Construction
(Note 4)
Goodwill on
acquisition of
Vinmart JSC
(Note 4)
Beginning
balance
2,385,114,095,843
567,441,137,177
1,484,234,497,977
1,262,707,762,179
233,207,819,085
33,000,000,000
Additions
861,522,988,666
Disposed
(139,092,042,084)
(93,934,195,332)
(11,815,234,273)
Ending balance
2,246,022,053,759
567,441,137,177
2,251,823,291,311
1,262,707,762,179
Goodwill on
Goodwill on
acquisition of acquisition of
Khanh Gia JSC Ocean Express
(Note 4)
JSC
Total
5,965,705,312,261
498,584,453,672
100,000,000,000
20,000,000,000
553,898,715,800
219,657,806,517
4,532,698,829
2,258,196,663,484
(244,841,471,689)
221,392,584,812
33,000,000,000
498,584,453,672
100,000,000,000
20,000,000,000
553,898,715,800
219,657,806,517
4,532,698,829
7,979,060,504,056
Cost:
Accumulated amortisation:
Beginning
balance
479,832,254,464
129,344,976,352
199,227,295,472
286,018,188,090
65,170,404,238
2,200,000,000
1,161,793,118,616
Amortization
228,869,472,956
53,856,285,189
173,524,383,344
126,270,776,218
23,320,781,910
3,300,000,000
4,154,870,447
19,444,444,444
2,000,000,000
13,050,764,263
1,143,424,198
106,797,836
649,042,000,805
Disposed
(30,883,852,648)
(15,348,439,396)
(46,232,292,044)
Ending balance
677,817,874,772
183,201,261,541
357,403,239,420
412,288,964,308
88,491,186,148
5,500,000,000
4,154,870,447
19,444,444,444
2,000,000,000
13,050,764,263
1,143,424,198
106,797,836
1,764,602,827,377
Beginning
balance
1,905,281,841,379
438,096,160,825
1,285,007,202,505
976,689,574,089
168,037,414,847
30,800,000,000
4,803,912,193,645
Ending balance
1,568,204,178,987
384,239,875,636
1,894,420,051,891
850,418,797,871
132,901,398,664
27,500,000,000
494,429,583,225
80,555,555,556
18,000,000,000
540,847,951,537
218,514,382,319
4,425,900,993
6,214,457,676,679
126
127
Currency: VND
Ending balance
Current portion of long-term corporate
bonds (Note 27.2)
Current portion of long-term loans from
banks (Note 27.1)
Short-term convertible loans (i)
Others (ii)
TOTAL
Beginning balance
Ending balance
Beginning balance
503,959,105,076
896,557,840,180
128,974,462,211
162,109,926,290
25,209,166,721
9,760,917,781
371,099,590,034
1,036,404,229,407
Others
7,862,005,712
2,932,117,437
TOTAL
1,037,104,329,754
2,107,765,031,095
2,250,000,000,000
1,198,994,605,718
369,483,285,606
368,987,500,000
122,200,000,000
35,000,000,000
1,321,194,605,718
3,023,470,785,606
1,311,194,605,718
3,023,470,785,606
10,000,000,000
Currency: VND
In which
Short-term loans
Short-term loans from related parties (Note 37)
(i) These are convertible loans from Credit Suisse and Warburg Pincus
as presented in Note 27.1. On 11 July 2014, the Group has completed
necessary procedures to extend the term of these loans to 2019.
Currency: VND
Ending balance
Beginning balance
3,299,807,295,074
11,686,251,139,746
3,281,471,567,064
4,463,793,282,988
7,908,840,017
27,902,954,317
3,110,184,032,352
4,293,845,278,053
113,443,693,274
125,847,866,400
17,150,880,830
15,286,940,003
32,784,120,591
910,244,215
TOTAL
6,581,278,862,138
16,150,044,422,734
Beginning balance
1,371,617,698,518
1,267,702,309,535
1,254,563,464,393
864,555,492,034
709,720,429,437
869,496,711,976
16,125,987,481,196
5,305,702,116
24,056,941,538
9,675,868,647
-
200,769,427,750
80,509,909,570
3,645,659,661,277
3,091,940,291,762
Currency: VND
Ending balance
Beginning balance
7,847,174,664,786
88,740,877,355
2,486,768,475,822
1,013,058,482,282
502,313,840,716
300,336,578,824
126,677,298,798
76,495,457,781
494,312,091,675
92,592,000,000
Collection on behalf
150,466,699,390
197,481,558,063
38,062,015,345
21,328,124,997
6,572,609,862
5,542,117,918
104,206,086,965
6,729,628,926
604,895,150,936
299,276,623,131
271,317,937,777
Other payables
187,944,744,358
13,276,392,642
10,333,943,140,608
1,101,799,359,637
10,332,020,042,258
1,085,453,547,978
1,923,098,350
16,345,811,659
9,361,134,677
99,627,506,502
Dividends payable
In which:
Currency: VND
TOTAL
In which:
Other short-term payables
Other short-term payables to related parties
(Note 37)
128
129
Currency: VND
Notes
Ending balance
Beginning balance
Long-term loans
27.1
10,980,994,453,392
5,847,125,072,771
Corporate bonds
27.2
21,033,824,713,709
18,513,039,421,637
32,014,819,167,101
24,360,164,494,408
(i) Including:
Note
27.1.1
Currency: VND
Ending balance
Beginning balance
1,814,169,164,331
1,087,903,139,336
(401,487,780,110)
(199,510,518,218)
1,412,681,384,221
888,392,621,118
27.1.4
(147,363,803,718)
(147,363,803,719)
187,869,966,672
271,050,790,168
(70,950,552,000)
(83,328,126,005)
3,970,000,000,000
1,095,000,000,000
(195,000,000,000)
2,027,296,322,565
423,863,549,615
(64,274,000,000)
(138,791,355,882)
27.1.5
1,771,617,555,000
527,125,000,000
(126,677,298,798)
(76,495,457,781)
Convertible loan
27.1.7
427,500,000,000
27.1.8
3,206,250,000,000
3,162,750,000,000
(721,406,250,000)
10,980,994,453,392
5,847,125,072,771
Long-term loans
12,179,989,059,110
6,216,608,358,377
(1,198,994,605,718)
(369,483,285,606)
4,872,741,323,233
(100,826,060,606)
(100,826,060,606)
41,562,659,358
976,054,358
6,413,683,795,382
6,023,851,978,161
In which
27.1.1 Loan from Bank for Investment and Development of Vietnam Quang Trung Branch
In which:
(i) Including deferred revenue and advance from a customer with the
amount of VND159 billion and VND4,612 billion, respectively under the
Office Lease Contract signed between Times Trading LLC and a corporate
27.1.3
736,819,018,594
27.1.6
4,771,915,262,626
589,455,214,873
Beginning balance
439,063,497,839
362,568,040,058
TOTAL
27.1.2
Ending balance
415,027,848,581
288,350,549,783
Currency: VND
6,413,683,795,382
6,020,428,093,634
3,423,884,527
customer on 5 July 2013 with a duration from the starting date (being
the date of completing prerequisites by parties as stated in the lease
contract) to 20 February 2058.
Details of loans Bank for Investment and Development of Vietnam Quang Trung Branch are as follows:
Contract number
Maturity date
Interest rate
VND
(% per annum)
01/2012/2390074/HTD
589,455,214,873
18 January 2019
(147,363,803,718)
Total
31 December 2014
442,091,411,155
This loan is secured by the land use right and the assets on the land, real estates, medical equipment of Vinmec International General Hospital
at No.458, Minh Khai street, Vinh Tuy ward, Hai Ba Trung district, Hanoi.
130
131
27.1.2 Bank for Investment and Development of Vietnam Khanh Hoa Branch
All properties of Vinhomes Riverside project developed and owned by Sai Dong JSC, a subsidiary, including all upgrades
and other assets already constructed, or to be formed in future, excluding the villa area, the E3, E6, G1, G2 and a part of G3
area, excluding Vincom Center Long Bien;
Details of loans from Bank for Investment and Development of Vietnam Khanh Hoa Branch are as follows:
Contract number
(i)
(ii)
(iii)
31 December 2014
USD
VND
499,331
10,675,686,945
(200,400)
(4,284,552,000)
133,267,851,466
(53,166,000,000)
43,926,428,261
Maturity date
Interest rate
12 March 2017
12 March 2017
12-month VND
savings rate + 4%
15 August 2017
12-month VND
savings rate + 4%
(13,500,000,000)
TOTAL
Assets on the land at E3 area of Vinhomes Riverside project owned by a company under common owner with the Company;
(% per annum)
Land use right for the 145 ha of land at Vinhomes Riverside project (equivalent to the whole project area excluding the
villas) but do not include E3, E6, G1, G2 and a part of G3 areas. All assets formed by the expenditures of project, including
but are not limited to machineries and other assets;
All asset rights, benefits, compensation and other payments in relation to Vinhomes Riverside project at present and in
the future;
116,919,414,672
Certificate of Land use right No. BA171887 owned by Hon Mot JSC; and
All rights arising from the transfer agreement of land use rights with attached infrastructure between Sai Dong JSC and a
In which:
Long-term loans
187,869,966,672
Current portion
(70,950,552,000)
These loans are secured by 15,760,918 Vingroup shares owned by Vinpearl JSC and 8,031,080 Vingroup shares owned by Vinpearl
Hoi An LLC as disclosed in Note 28.4.
27.1.4 Joint Stock Commercial Bank for Foreign Trade of Vietnam
27.1.3 Vietnam Joint Stock Commercial Bank for Industry and Trade
Details of loans from Joint Stock Commercial Bank for Foreign Trade of Vietnam are as follows:
Details of loans from Vietnam Joint Stock Commercial Bank for Industry and Trade are as follows:
Contract number
Contract number
(i)
01/2011/HDTD-SAIDONG
In which: current portion
(ii)
01/2014-HDTDDA/NHCT106TANLIENPHAT
TOTAL
31 December 2014
Maturity date
Interest rate
VND
(% per annum)
1,095,000,000,000
10 November 2018
USD
(i)
(ii)
2,875,000,000,000
25 November 2021
272,507,336,900
(60,000,000,000)
01/2010/HDTD/VCB-VPLDN dated
27 August 2010
(iii)
01/2014/HDTD/HGM.VCB-VPLPQ
dated 13 May 2014
TOTAL
Borrowings
3,970,000,000,000
(195,000,000,000)
12,740,735,019
(200,000)
(4,274,000,000)
1,742,048,250,646
Current portion
Interest rate
(% per annum)
17 September 2020
12-month VCB
saving rate + 4,0%
17 September 2020
12-month VCB
saving rate + 3,2%
30 May 2029
1,963,022,322,565
In which:
Long-term loans
132
596,197
3,775,000,000,000
In which:
Maturity date
VND
01/2010/HDTD/VCB-VPLDN dated
27 August 2010
(195,000,000,000)
Reference interest rate + 3,5% and does
not exceed the cap for lending rate
regulated by State Bank of Vietnam and
Vietinbank
31 December 2014
2,027,296,322,565
(64,274,000,000)
133
The loans contract No.01/2010/HDTD/VCB-VPLDN are secured by the land use right and the assets on the land of the Vinpearl
Da Nang project owned by Vinpearl Da Nang LLC.
TOTAL
Maturity date
Interest rate
VND
(% per annum)
1,771,617,555,000
23 May 2019
31 December 2014
1,771,617,555,000
Collateral for the loan includes property rights arising from the sales contracts of 156 villas at Vinhomes Riverside owned by
Vinhomes LLC and conveyance instruments of the sales contract of villas.
Domestic
corporate bonds
issued
In which:
current
portion (Note
21)
International
corporate bonds
issued
In which:
current
portion
International
convertible
bonds
13,300,000,000,000
10,300,000,000,000
(2,250,000,000,000)
4,245,424,713,709
4,179,709,421,637
3,488,400,000,000
6,283,330,000,000
134
27.1.4 Joint stock commercial Bank for Foreign Trade of Vietnam (continued)
18,513,039,421,637
135
136
137
Currency: VND
Contributed chartered
capital
Share premium
Treasury shares
Other funds
Undistributed earnings
Total
Beginning balance
7,004,620,550,000
3,974,286,534,624
(1,397,646,730,489)
12,845,114,930
962,463,719,641
10,556,569,188,706
Previous year
2,276,481,600,000
(2,276,481,600,000)
6,779,512,147,953
6,779,512,147,953
5,000,000,000
(5,000,000,000)
6,966,640,000
34,833,360,000
41,800,000,000
7,968,000,000
49,003,200,000
56,971,200,000
(2,953,978,284,083)
(2,953,978,284,083)
Acquisition of subsidiaries
(9,037,054,312)
(9,037,054,312)
9,296,036,790,000
1,781,641,494,624
(4,351,625,014,572)
17,845,114,930
7,727,938,813,282
14,471,837,198,264
17,845,114,930
7,727,938,813,282
14,471,837,198,264
Ending balance
Current year
Beginning balance
9,296,036,790,000
1,781,641,494,624
(4,351,625,014,572)
3,158,582,676,074
3,158,582,676,074
5,000,000,000
(5,000,000,000)
2,817,320,000,000
722,201,960,000
2,095,118,040,000
4,527,312,230,000
(4,527,312,230,000)
(1,844,966,743,620)
(1,844,966,743,620)
29,926,107,875
1,376,700,940,088
1,406,627,047,963
675,848,507,568
675,848,507,568
(288,851,000,000)
(288,851,000,000)
Other decrease
(356,390,149)
(356,390,149)
Ending balance
14,545,550,980,000
4,582,534,150,067
(2,974,924,074,484)
22,845,114,930
4,220,035,125,587
20,396,041,296,100
Currency: VND
Ending balance
Beginning balance
22,845,114,930
17,845,114,930
22,845,114,930
17,845,114,930
Currency: VND
Ending balance
Beginning balance
1,454,555,098
929,603,679
1,454,555,098
929,603,679
1,454,555,098
929,603,679
1,348,806,899
836,888,541
1,348,806,899
836,888,541
Ordinary shares
Preference shares
Number of outstanding shares
Ordinary shares
Preference shares
Par value of the outstanding ordinary share is VND 10,000 per share.
138
139
30. Revenues
As at 31 December 2014, the number of shares held by the subsidiaries and associates is as follows:
Gross revenue
Revenue from sale of inventory property
Current year
Previous year
27,726,701,600,235
18,379,268,633,216
21,771,825,649,847
14,657,846,833,066
2,129,488,233,032
1,798,711,062,674
2,115,560,587,606
1,600,165,486,836
656,565,516,769
286,917,398,734
422,544,558,414
1,676,808,280
229,548,890,248
3,837,671,011
Other revenue
401,168,164,319
30,113,372,615
(3,068,229,199)
(1,629,787,510)
Less
Currency: VND
Sales allowance
Revenue deduction
Beginning balance
Current year
Previous year
4,144,705,643,024
317,062,071,475
2,948,518,325,753
3,256,960,309,647
1,771,122,364,556
559,429,843,522
(1,800,000,000)
1,110,846,866
617,463,065,409
369,775,972,604
(17,958,042,408)
(1,683,527,470,290)
(8,503,623,485)
(453,311,293,506)
(743,116,612,431)
(310,235,706,583)
(20,025,181,748)
(3,223,906,441)
288,851,000,000
6,888,591,962,940
4,144,705,643,024
Net revenue
Revenue from sale of inventory property
(3,068,229,199)
(1,629,787,510)
27,723,633,371,036
18,377,638,845,706
21,771,825,649,847
14,657,846,833,066
2,129,488,233,032
1,798,711,062,674
2,113,985,422,722
1,598,573,038,093
656,565,516,769
286,917,398,734
421,051,494,099
1,639,469,513
229,548,890,248
3,837,671,011
Other revenue
401,168,164,319
30,113,372,615
Currency: VND
Current year
Previous year
1,135,822,131,296
752,642,642,323
3,589,920,000
2,027,295,446
25,073,872,348
618,980,867
Interest income
6,283,198,881
3,831,666,761
18,399,002,185
49,000,000,000
111,050,324,885
5,671,793,229,484
393,561,441
1,545,020,340
1,346,022,091,036
6,436,048,755,221
(i) This gain arose from the acquisition of business from Eight Lions JSC as presented in Note 17.1.
140
141
Currency: VND
Current year
Previous year
2,129,488,233,032
1,798,711,062,674
889,995,220,304
697,314,853,019
298,601,954,166
257,618,620,910
Currency: VND
Current year
Previous year
665,585,470
(259,466,899)
(36,911,617,846)
(12,088,382,154)
27,197,650,951
39,545,238,336
656,642,443
26,057,774,293
108,844,987
(675,832,963)
844,710,147
788,381,766
TOTAL
(8,770,659,254)
54,700,187,785
Currency: VND
Current year
Previous year
13,719,454,965,743
9,399,121,627,814
Current year
Previous year
261,925,884,973
135,646,492,056
24,328,372,540
23,607,815,985
191,673,717,485
83,444,336,888
45,923,794,948
28,594,339,183
227,116,582,678
56,842,117,086
21,224,154,155
26,621,331,041
171,778,694,069
27,345,113,358
34,113,734,454
2,875,672,687
34,809,302,295
78,804,374,970
Currency: VND
Current year
Previous year
10,082,169,661,584
10,456,897,194,237
879,029,080,377
271,936,593,267
Labour costs
1,694,145,663,642
923,072,762,364
1,577,833,100,022
1,197,531,118,187
1,561,742,854,969
1,059,335,337,045
4,431,289,148,523
2,426,978,775,627
20,226,209,509,117
16,335,751,780,727
TOTAL
889,995,220,304
697,314,853,019
1,275,315,373,836
870,311,335,455
490,626,247,256
346,922,315,219
428,567,949,879
1,123,130,720
143,803,619,760
2,607,100,540
Others
337,148,103,138
29,583,765,540
TOTAL
17,284,911,479,916
11,346,984,128,307
Currency: VND
Vinpearl Da Nang LLC applies the tax rate of 15% applied for
Current corporate
income tax
expenses
Deferred corporate
income tax income
TOTAL
Currency: VND
Current year
Previous year
1,653,273,503,894
2,594,314,637,696
(19,638,606,879)
(3,516,776,375)
1,633,634,897,015
2,590,797,861,321
Current year
Previous year
2,711,269,664,974
1,459,922,785,660
153,521,258,290
93,428,725,363
3,958,699,850
9,893,469,274
25,260,645,258
39,003,948,221
205,141,970,088
248,875,921,649
256,429,191,919
34,308,006,726
124,052,174,708
11,418,981,973
58,194,475,668
3,491,052,587,060
1,943,627,332,561
142
Currency: VND
The current tax payable is based on taxable profit for the year. Taxable
profit differs from profit as reported in the 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 never taxable or
deductible. The Groups liability for current tax is calculated using tax
rates that have been enacted by the balance sheet date.
The tax returns filed by the Company and subsidiaries 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 consolidated financial statements
could change at a later date upon final determination by the
tax authorities.
143
A reconciliation between the profit before tax and taxable profit is presented below:
Currency: VND
Current year
Previous year
5,409,680,638,498
9,740,085,981,878
Adjustments to increase/(decrease)
Donations
Cost of inventory property sold without sufficient supporting
documents
Difference in loss/(profit) from disposal of equity interest in
subsidiaries and associates between consolidated and separate
financial statements
Gain from disposal a subsidiary and loss of control
285,865,183,534
41,553,544,826
2,604,620,000
7,450,232,144
291,421,328,258
787,985,225
(40,067,546,158)
Currency: VND
Current year
Previous year
896,557,840,180
250,047,955,686
3,271,878,027
(13,228,615,094)
4,315,419,967
Other adjustments
7,745,990,053
324,488,224
43,836,133,922
79,553,231,620
(74,376,020,041)
(49,000,000,000)
Amortisation of goodwill
649,042,000,805
589,083,963,573
(99,305,922,543)
84,087,059,015
9,217,901,051
Dividend income
(6,283,198,881)
(3,831,666,761)
8,770,659,254
(54,700,187,785)
14,872,172,856
Revaluation of land use right for villa sold at Vinpearl Da Nang LLC
15,768,734,961
5,256,244,987
61,610,000,000
(94,335,212,640)
57,921,754,743
68,790,979,201
163,090,875,120
59,261,993,154
(65,040,362,979)
Others
(2,768,215,830)
(54,067,002,087)
6,811,441,648,128
10,211,006,869,250
Losses of subsidiaries
1,186,581,865,797
201,237,243,607
(215,557,714,205)
(5,684,854,451)
7,782,465,799,720
10,406,559,258,406
1,558,013,085,116
5,773,748,384,522
5,766,957,895,424
4,523,852,465,503
(194,473,147,303)
(210,934,878,408)
(1,910,568,513,664)
(1,803,518,979,544)
503,959,105,076
896,557,840,180
(*)Prevailing tax rate applied for the year 2014 and 2013 is 22% and 25%, respectively.
In which:
144
14,888,632,771
22,951,582,336
451,531,057,425
306,482,174,460
14,360,822,188
(23,285,693,204)
(220,475,348,415)
1,637,047,895,144
2,594,314,637,696
(3,271,878,027)
1,633,776,017,117
2,594,314,637,696
19,497,486,777
1,653,273,503,894
2,594,314,637,696
145
The following are the deferred tax assets and liabilities recognised by the Group, and the movements thereon, during the current and previous year
Significant transactions with related parties during the year were as follows:
Currency: VND
Credit/(charge) to consolidated
income statement
31 December
2013
Current year
Previous year
12,755,197,365
(12,755,197,365)
(973,975,316)
420,993,344
420,993,344
(533,871,525)
302,543,434
302,543,434
108,436,413
204,932,136
(96,495,723)
(32,924,293)
28,080,276,384
28,940,232,402
(859,956,018)
(977,222,748)
(18,667,899,251)
18,667,899,251
1,266,097,314
4,635,648,138
4,635,648,138
(24,496,832,647)
(24,496,832,647)
(77,223,969,220)
(49,106,901,690)
(53,000,662,787)
3,893,761,097
(16,563,124,040)
Under common
owners
15,840,000,000
(15,840,000,000)
14,852,992,000
(14,651,648,000)
(37,113,839,559)
23,036,514,474
(24,176,389,712)
(978,752,000)
(978,752,000)
(111,785,167,410)
(54,199,805,069)
7,613,265,672
-
19,638,606,879
56,584,412,187
42,623,898,681
(168,369,579,597)
(96,823,703,750)
(111,785,167,410)
(54,199,805,069)
Associate (up to 24
May 2014)
266,500,000,000
Interest payable
(13,605,741,736)
13,605,741,736
Dividend payable
(285,000,000,000)
285,200,000,000
20,813,602,182
(32,044,286,982)
(200,000,000,000)
(240,000,000,000)
(564,144,000,000)
564,144,000,000
(21,000,000,000)
3,516,776,375
(9,076,673,697)
300,000,000,000
3,029,972,291
9,375,599,448
Principal paid
Interest receivable
35,638,271,797
(300,000,000,000)
Interest paid
Major shareholder of
subsidiary (up to 18
August 2014)
163,028,002,628
1,738,700,652
Interest received
Amount (VND)
Transactions
Others
Relationship
Related parties
26,760,821,966
5,059,354,052
(4,333,575,318)
Lending
39,000,000,000
Interest receivables
1,120,383,561
146
147
Amounts due to and due from related parties as at 31 December 2014 were as follows:
Related parties
Relationship
Transactions
Amount (VND)
Associate (up to 24
February 2014)
1,300,000,000,000
Interest receivable
Thang Long JSC
Associate
Lending
16,106,000,000
Interest receivable
Vien Dong Pearl LLC
Associate
Key members of
management
Borrowing
178,755,961
Interest payable
(301,388,889)
Handover of apartments
4,468,893,810
666,902,943
(600,766,569)
(359,087,520)
Amount (VND)
Under common
owners
Key members of
management
68,442,054
33,633,078
Family members
Family members of key members
of key members of
of management
management
163,028,002,628
163,130,077,760
361,393,200
Common owners
546,429,751
Associate
Interest receivables
179,534,749
725,964,500
Handover of apartments
Services fee receivable
14,078,206,401
525,948,720
(493,575,642)
(334,273,858)
190,536,466
Transactions
148
Relationship
(10,000,000,000)
Family members
Family members of key members
of key members of
of management
management
3,791,666,667
Related parties
During the year, the Group has not made provision for doubtful
debts relating to amounts due from related parties (31 December
2013: nil). This assessment is undertaken each financial period
through the examination of the financial position of the related
party and the market in which the related party operates.
Key members of
management
Family members
Family members of key members
of key members of
of management
management
246,729,833
5,058,972,283
5,305,702,116
Other payables (Note 25)
Vietnam Investment Group JSC
Under common
owners
Associate
Interest payables
1,621,709,461
301,388,889
1,923,098,350
149
Relationship
Currency: VND
Interest rate
% per annum
Maturity date
Collateral
Balance of loans
VND
7%
30 March 2015
None
10,000,000,000
Associate
Net profit after tax attributable to ordinary equity holders for basic
earnings
Current year
3,158,582,676,074
6,779,512,147,953
192,708,633,502
247,554,304,660
Dilution effect
Interest on convertible bonds
10,000,000,000
3,351,291,309,576
7,027,066,452,613
872,698,394
643,955,322
Associate
7%
1 December 2015
None
1,204,181,818
Associate
7%
2 December 2015
None
15,000,000,000
214,658,691
418,098,151
1,290,796,545
1,276,712,164
139,146,136
104,097,461
1,429,942,681
1,380,809,625
2,447
5,310
2,344
5,089
Effect of dilution:
418,098,151
Convertible bonds
67,396,164,685
38,109,127,559
67,396,164,685
38,109,127,559
Preference shares (Note 29) and convertible loans (Note 27.1.7) issued by Vincom Retail JSC, a subsidiary, could potentially dilute
basic earnings per share in the future, but were not included in the calculation of diluted earnings per share because they are
anti-dilutive for the years presented.
Hospitality, entertainment and other services: including business segment for the purpose of making resources allocation
provision of hotel and related services at the hotels and decision and result assessment. Result of each segment will be
resorts owned by the Group.
150
151
The following tables present revenue and profit and certain assets
Transfer prices between business segments are set on an arms and liability information regarding the Groups business segment.
length basis in a manner similar to transactions with third
parties. Segment revenue, segment expense and segment result
Currency: VND
Sales of inventory
property
Leasing investment
properties and
related services
Hospitality,
entertainment and
other services
Retail
21,771,825,649,847
2,129,488,233,032
2,113,985,422,722
656,565,516,769
229,548,890,248
421,051,494,099
778,696,934,945
140,427,399,343
13,829,514,224
1,012,350,000
33,237,828,095
21,771,825,649,847
2,908,185,167,977
2,254,412,822,065
670,395,030,993
230,561,240,248
454,289,322,194
33,861,787,629
499,559,630,229
250,609,520,696
127,129,037,014
465,525,772
Share in profit/(loss) of
associates
28,151,206,086
6,217,539,280,539
1,022,889,336,250
489,651,791,617
121,650,399,311
Others
Adjustment and
elimination
Total
401,168,164,319
27,723,633,371,036
2,720,931,430,969
(3,688,135,457,576)
3,122,099,595,288
(3,688,135,457,576)
27,723,633,371,036
15,027,677,554
7,261,606,505
933,914,785,399
(36,911,617,847)
(10,247,493)
(8,770,659,254)
9,088,794,530
(264,903,585,578)
(41,204,882,146)
(2,145,030,496,025)
5,409,680,638,498
Revenue
Sales to external customers
Inter-segment sales (1)
Total revenue
Results
969,790,690,811
60,704,040,559
1,030,494,731,370
5,357,291,594,402
8,134,749,001,327
3,427,470,280,653
133,060,636,629
2,104,188,059
74,290,974,225
311,634,614,363
17,440,601,289,658
36,601,175,856,466
19,863,459,553,895
9,769,853,979,365
1,806,462,156,155
511,016,126,089
1,820,448,090,717
3,755,028,498,500
16,357,862,938,673
90,485,307,199,860
10,894,810,218,793
12,158,692,320,971
1,847,769,303,370
96,884,073,978
628,706,951,062
323,223,295,392
1,337,482,396,566
35,913,105,380,688
63,200,673,940,820
Capital expenditure
152
153
Current year
Previous year
589,659,772,264
649,042,000,805
589,083,963,573
1,582,956,786,204
1,178,743,735,837
(3,104,218,385)
3,013,515,056
(274,729,598,999)
77,979,864,849
(5,637,485,222,758)
8,770,659,254
(54,700,187,785)
(1,142,105,330,177)
(756,474,309,084)
(1,333,188,623,458)
(6,445,646,204,571)
Disbursement of loans
Total
(11,378,574,548,052)
(8,589,796,722,908)
(700,000,000,000)
(1,900,000,000,000)
(12,078,574,548,052)
(10,489,796,722,908)
(885,106,000,000)
(3,528,200,635,090)
(3,509,011,030,716)
(4,541,578,166,950)
(4,394,117,030,716)
(8,069,778,802,040)
1,711,688,675,151
730,888,896,482
2,232,617,805,005
4,049,451,412,100
3,944,306,480,156
4,780,340,308,582
(2,359,415,821,372)
(2,866,077,367,641)
(3,025,235,910,444)
(251,000,000,000)
(1,529,685,000,000)
(2,766,589,691,339)
(5,800,000,000,000)
(266,500,000,000)
(12,714,336,731,816)
(6,150,167,058,980)
Total
Code 25 Payments for equity investments in other entities
Total
154
Previous year
266,500,000,000
354,099,660,000
9,697,723,681,183
465,000,000,000
760,299,910,908
232,200,000,000
474,312,091,675
800,000,000,000
2,592,111,751,675
10,458,023,592,091
1,411,009,772,856
1,411,009,772,856
Total
Code 31 Capital contribution and issuance of shares
Proceeds from re-issue of treasury shares
Total
Code 23 Loans to other entities and payments for purchase of debt instruments of other entities
Short-term deposits
Current year
Code 26 Proceeds from disposals of equity investments in other entities
Total
Currency: VND
Market risk
Market risk is the risk that the fair value of future cash flows of a
financial instrument will fluctuate because of changes in market
prices. Market prices comprise four types of risk: interest rate risk,
currency risk, commodity price risk and other price risk, such as
equity price risk. Financial instruments affected by market risk
include loans and borrowings, corporate bonds, convertible
bonds and financial investments.
155
Interest rate risk is the risk that the fair value or future cash
flows of a financial instrument will fluctuate because of
changes in market interest rates. The Groups exposure to
the risk of changes in market interest rates relates primarily
to the Groups long-term debt obligations with floating interest
rates.
Increase/decrease
in basis points
Effect on
profit before tax
Short
Medium
Long
VND
+375
+325
+325
(265,771,835,509)
VND
-375
-325
-325
265,771,835,509
VND
+165
+130
+130
(64,058,723,820)
VND
-165
-130
-130
64,058,723,820
USD
+100
+138
+138
(35,931,466,184)
USD
-100
-138
-138
35,931,466,184
Foreign currency risk is the risk that the fair value of future cash
flows of a financial instrument will fluctuate because of changes
in foreign exchange rates. The Groups exposure to the risk of
changes in foreign currency rates relate primarily to the Groups
operating activities such as term deposit, capital mobilization
and other routine operating activities in foreign currency.
The Group has not entered into hedge derivatives to eliminate
its currency exposures.
Other receivables
Currency: VND
Change in
VND/USD rate
Effect on profit
before tax
(290,441,815,494)
-2%
290,441,815,494
(221,182,496,185)
-2%
221,182,496,185
Except for those financial assets for which provisions have been
made as disclosed in Note 6 and Note 7, the Groups management
For office and retail tenants, customer credit risk is managed evaluates all financial assets are neither past due nor impaired
when the Group generally requires customers to make deposits as they related to recognised and creditworthy counterparties
for leasing of office and retail areas.
except for the following receivable and loan balances which are
past due but not impaired:
The Group regularly monitors outstanding trade receivables
and closely monitors long outstanding balances. The Group
assessed if there is any impairment on the outstanding balance
at each reporting date on an individual basis to set up provision
properly. On the fundamental basis, the provision for receivables
from rendering hospitality services and leasing activities at 31
December 2014 was VND 21,083,486,835.
Trade receivables from sale of real estate properties
As presented in Note 7, the Group has outstanding receivables
from transfer of real estate properties to corporate and individual
customers. The Group manages this credit risk by regularly
monitoring the collection progress from these customers and
assess if there is any impairment on the outstanding balance
to set up provision properly. On the fundamental basis, the
provision for receivables from sale of real estate properties at
31 December 2014 was nil.
156
157
Neither past
due nor
impaired
< 30 days
3190 days
91120 days
31
December
2014
4,408,212,739,624
4,258,078,226,982
2,664,162,703
36,094,745,316
25,868,497,758
85,507,106,865
31
December
2013
6,308,414,525,888
6,145,646,830,179
6,695,247,052
15,175,299,153
6,719,207,643
134,177,941,861
Liquidity risk
The liquidity risk is the risk that the Group will encounter
difficulty in meeting financial obligation due to shortage of
funds. The Groups exposure to liquidity risk arises primarily from
mismatches of maturities of financial assets and liabilities. The
Group monitors its liquidity risk by arranging long-term credit
facilities from the banks and long-term corporate bonds so that
these loans/bonds will be settled once the Group completes
Currency: VND
On demand
From 1 to 5 years
Over 5 years
Total
Loans and
borrowings
1,321,194,605,718
26,797,388,873,123
1,301,530,293,978
29,420,113,772,819
Convertible
loans and
bonds
3,915,900,000,000
3,915,900,000,000
Trade payables
1,628,746,222,883
1,628,746,222,883
Other payables
and accrued
expenses
2,873,442,651,944
2,608,948,981,003
215,355,579,422
72,994,970,362
5,770,742,182,731
4,502,188,874,827
3,930,143,586,721
30,928,644,452,545
1,374,525,264,340
40,735,502,178,433
Loans and
borrowings
2,654,483,285,606
17,479,991,547,123
107,008,525,648
20,241,483,358,377
Convertible
loans and
bonds
368,987,500,000
6,773,164,421,637
7,142,151,921,637
Trade payables
1,158,828,828,873
1,158,828,828,873
Other payables
and accrued
expenses
1,855,896,260,143
1,541,679,325,380
356,957,789,258
5,610,250,800
3,760,143,625,581
24,610,113,758,018
112,618,776,448
32,302,607,734,468
31 December 2014
31 December 2013
3,014,725,089,016
4,565,150,110,986
158
159
Carrying amount
31 December 2014
Fair value
31 December 2013
31 December 2014
Cost
Provision
Cost
Provision
31 December 2013
Financial assets
Listed and unlisted shares
1,921,362,857,445
(34,336,416,600)
1,540,194,074,888
(10,359,336,000)
1,887,026,440,845
1,529,834,738,888
Trade receivables
833,001,466,347
(21,083,486,835)
906,583,310,596
(16,078,974,616)
811,917,979,512
890,504,335,980
Other receivables
526,001,983,465
(18,765,801,355)
1,445,143,029,590
(14,368,255,762)
507,236,182,110
1,430,774,773,828
6,139,634,843,168
(45,908,601,100)
6,375,856,295,070
(44,625,036,442)
6,093,726,242,068
6,331,231,258,628
2,106,068,166,896
1,181,532,495,236
2,106,068,166,896
1,181,532,495,236
7,607,513,719,673
7,534,048,703,295
7,607,513,719,673
7,534,048,703,295
19,133,583,036,994
(120,094,305,890)
18,983,357,908,675
(85,431,602,820)
19,013,488,731,104
18,897,926,305,855
Total
Currency: VND
Cost
31 December 2014
Fair value
31 December 2013
31 December 2014
31 December 2013
Financial liabilities
Loans and borrowings
Convertible bonds/loans
29,420,113,772,819
20,241,483,358,377
29,420,113,772,819
20,241,483,358,377
3,915,900,000,000
7,142,151,921,637
3,915,900,000,000
7,142,151,921,637
Trade payables
1,628,746,222,883
1,158,828,828,873
1,628,746,222,883
1,158,828,828,873
5,482,391,632,947
3,397,575,585,523
5,482,391,632,947
3,397,575,585,523
288,350,549,784
362,568,040,058
288,350,549,784
362,568,040,058
40,735,502,178,433
32,302,607,734,468
40,735,502,178,433
32,302,607,734,468
Other non-current
liabilities
Total
160
Actual
contributed
capital
Committed
un-contributed
capital
Name of investee
Investees
chartered capital
Amount
Amount
Amount
1,153,850,000,000
519,232,500,000
45
6,000,000,000
513,232,500,000
1,153,850,000,000
519,232,500,000
6,000,000,000
513,232,500,000
The fair value of the financial assets and liabilities are included
at the amount at which the instrument could be exchanged in
a current transaction between willing parties, other than in a
forced or liquidation sale.
The following method and assumption were used to estimate
the fair values:
161
Due within
one year
351,658,622,267
16,840,834,532
Due in two to
five years
655,215,574,220
200,546,014,905
3,797,111,323,359
1,787,459,871,017
Due in more
than five
years
1,213,400,118,896
1,694,194,857,642
Due in two to
five years
1,930,482,028,651
3,163,831,042,880
Due in more
than five
years
1,360,077,632,919
1,513,388,271,708
TOTAL
4,503,959,780,466
6,371,414,172,230
162
to the Transfer Agreement, the Group has committed to transfer capital of VND6 billion, in which the Group owns 100% equity
the ownership of the following investment properties to this interest. The principle activities of this subsidiary are real estate
corporate counterparty on 20 July 2052:
leasing & management. This subsidiarys head office is registered
at No. 7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area,
(i) The ownership of half of the commercial center (from 1st Viet Hung ward, Long Bien district, Hanoi, Vietnam.
floor to 6th floor of Vincom City Center (the Towers), except
for the reception and elevator waiting area of 160m2 on the Vinhomes Real Estate Management Limited Liability Company,
1st floor); and
a subsidiary, was established on 5 January 2015 with a charter
capital of VND16 billion, in which the Group owns 100% equity
(ii) The ownership of 31.156% of the basement 1 and basement interest. The principle activities of this subsidiary are to supply
2 of the towers.
services of real estate management, consultancy, advertisement
and brokerage. This subsidiarys head office is registered at No.
7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet
Commitment with Hanoi Peoples Committee (HPC)
Hung ward, Long Bien district, Hanoi, Vietnam.
In accordance with Decision No.1853/QD-UBND dated 22
April 2011 issued by the HPC, Sai Dong JSC is obliged to
On 6 January 2015, Vincom Retail JSC, a subsidiary, signed
return land lot No. G4-HH16 (with an estimated area of
contracts to acquire 90% equity interest of Suoi Hoa Urban
43,542m2) and land lot No. G4-NT (with an estimated area of
Development and Investment Limited Liability Company (Suoi
5,293m2) in the Vinhomes Riverside project to the HPC.
Hoa LLC) from individual counterparties. Suoi Hoa LLC was
established on 22 January 2014 with a charter capital of VND6
Commitment under contracts for interest expenses
billion. The principle activities of Suoi Hoa LLC are real estate
support to buyers of apartments at Royal City and Times
trading, brokerage, consultancy and auction.
City projects
VinPro Trading & Services Limited Liability Company, a subsidiary,
was established on 9 January 2015 with a charter capital of
VND50 billion, in which the Company and Hanoi Southern JSC,
an existing subsidiary are founding shareholders with 94% and
6% equity interest, respectively. The principle activities of this
subsidiary are to retail computers, software, telecommunication
devices and audio-visual devices. This subsidiarys head office
The banks will provide loans to the customers to finance for is registered at No. 72, Le Thanh Ton street and No. 45A, Ly Tu
the purchase of the apartments at Royal City and Times City; Trong street, Ben Nghe ward, district 1, Hochiminh city, Vietnam.
Royal City JSC and Hanoi South JSC have entered into certain
three party agreements with the buyers of the apartments at
Royal City, Times City project and certain banks who provide
loans to these customers to finance for their apartment
purchase. The key terms and conditions of these agreements
are as follows:
Hanoi South JSC will support the customers by paying on Vincom Thu Duc Limited Liability Company, a subsidiary, was
behalf of the customers the interest payable to the bank,
at the rate ranging from 0.5% to 4% per annum during a
period not exceeding 12 to 24 months from the signing
date of loan agreement; and
163
Full name
Short name
Voting
right
(%)
Equity
interest
(%)
98.09
Investing, developing
and trading real
estate properties
98.36
98.36
Investing, developing
and trading real
estate properties
94.00
94.00
Vinhomes Riverside1
Investing, developing
and trading real
estate properties
Investing, developing
and trading real
estate properties
Providing hospital
services
Investing, developing
and trading real
estate properties
100.00
97.90
95.21
70.00
70.00
92.86
55.50
77.66
Vinpearl JSC
100.00
16 March 2015
164
59.00
Investing, developing
and trading real
estate properties
100.00
92.86
10
100.00
92.86
Investing, developing
and trading
hospitality services
11
100.00
100.00
Vinhomes Riverside1
12
70.00
65.00
Investing, developing
and trading
hospitality services
13
100.00
92.86
Investing, developing
and trading
hospitality services
14
99.99
98.09
Vinhomes Riverside1
Investing, developing
and trading real
estate properties
15
83.57
Providing hospitality
services
FPI LLC
83.63
90.00
165
Full name
16
17
18
19
20
21
22
23
24
25
Vinmec JSC
Vincom Center B
HCMC LLC
90.00
90.00
100.00
100.00
100.00
Equity
interest
(%)
83.57
83.57
100.00
Investing, developing
and trading real
estate properties
95.25
98.09
Investing, developing
and trading real
estate properties
Investing, developing
and trading real
estate properties
Investing, developing
and trading real
estate properties
100.00
98.09
100.00
98.09
Vinhomes Riverside1
100.00
100.00
Vinhomes Riverside1
Vincom Center Ba
Trieu LLC
Vinschool LLC
Xavinco JSC
Vinhomes 1 LLC
26
27
Vinhomes 2 LLC
ISADO LLC
29
30
31
Voting
right
(%)
28
166
Short name
96.44
100.00
94.00
100.00
70.00
98.00
86.96
100.00
96.42
100.00
Education services,
kindergarten service
at the early stage.
Investing, developing
and trading real
estate properties
Vinhomes Riverside1
94.00
Vinhomes Riverside
98.09
65.80
Vinhomes Riverside1
91.00
86.96
Vinhomes Riverside1
Security services
100.00
No.
Full name
Short name
Voting
right
(%)
Equity
interest
(%)
32
Ha Thanh LLC
100.00
100.00
33
34
35
36
Vincom Center Ha
Long LLC
37
38
Vinlandscape LLC
39
40
100.00
92.86
41
100.00
92.86
74.38
100.00
Vinhomes Riverside1
70.00
Vinhomes Riverside1
42
43
44
45
Vipearlland LLC
Vincom Construction
LLC
Vincom 2
Construction LLC
Vinhomes Riverside1
Transportation
roads and railway
constructions
98.08
100.00
51.07
100.00
100.00
Vinhomes Riverside1
98.09
100.00
98.09
100.00
100.00
Vinhomes Riverside1
Landscape
maintenance services
100.00
Amusement park
and theme park
entertainment
services
99.97
100.00
100.00
75.00
100.00
70.00
100.00
99.71
167
Full name
46
47
Short name
Vinfashion JSC
48
Vinmart Construction
LLC
49
VinMart Supermarket
JSC
50
Metropolis LLC
51
Reverview Da Nang
LLC
52
53
54
55
(1) Full registered office address: No. 7, Bang Lang 1 street, Vinhomes
Reverside Eco-urban Area, Viet Hung ward, Long Bien district, Hanoi.
(2) Previously known as Vinpearl One Member Limited
Liability Company
(3) Previously known as VinGT Global Investment Trading and
Services Limited Liability Company
168
Equity
interest
(%)
Vinhomes Riverside1
Manufacturing
clothes
Fabrics wholesaler,
readymade garment
and shoes
Vinhomes Riverside1
99.71
Vinhomes Riverside1
70.00
100.00
98.09
Investing, developing
and trading real
estate properties
97.11
95.26
Investing, developing
and trading real
estate properties
51.07
93.06
Investing, developing
and trading real
estate properties
94.00
56.00
70.00
100.00
100.00
70.00
55.00
99.00
94.00
80.00
70.00
99.71
169
Currency: VND
Previous year
Continuing operations
2,081,148,806,516
1,797,773,534,810
21,737,531,428,617
14,657,846,833,066
2,113,985,422,722
1,598,573,038,093
656,565,516,769
286,917,398,734
229,548,890,247
3,837,671,011
421,051,494,099
1,639,469,513
Other revenue
401,168,164,320
30,113,372,615
27,640,999,723,290
18,376,701,317,842
Cost of sales
(16,814,230,632,632)
(11,116,976,385,050)
Gross profit
10,826,769,090,658
7,259,724,932,792
16
259,311,520,016
2,037,512,148,200
17
1,174,571,478,490
405,215,622,825
11.1
385,932,246,890
385,371,606,413
(953,173,773,051)
(266,576,899,386)
(1,622,752,319,824)
(877,338,303,488)
Operating profit
(46,622,671,289)
(91,150,123,812)
10,024,035,571,890
8,852,758,983,544
Finance income
11.3
1,170,043,347,806
806,935,622,676
Finance costs
11.4
(4,156,307,002,024)
(2,021,038,822,912)
35.2
102,776,671,940
(280,287,425,521)
(12,723,839,340)
53,304,805,480
7,127,824,750,272
7,411,673,163,267
(1,740,891,441,047)
(1,299,223,897,379)
5,386,933,309,225
6,112,449,265,888
5,386,933,309,225
6,112,449,265,888
4,759,962,662,932
5,697,867,501,585
626,970,646,293
414,581,764,303
Current year
Previous year
3,688
4,463
3,688
4,463
3,688
4,463
3,688
4,463
5,386,933,309,225
6,112,449,265,888
5,386,933,309,225
6,112,449,265,888
4,759,962,662,932
5,697,867,501,585
626,970,646,293
414,581,764,303
5,386,933,309,225
6,112,449,265,888
Revenue
Notes
Earnings per share:
Rental income
Currency: VND
12
13
13
Discontinued operation
Profit after tax for the year from
discontinued operation
29
170
171
Currency: VND
as at 31 December 2014
Currency: VND
as at 31 December 2014
Notes
Ending balance
Begining balance
ASSETS
Notes
Ending balance
Begining balance
NON-CURRENT LIABILITIES
NON-CURRENT ASSETS
36
31,179,434,165,219
22,371,382,981,205
14
32
216,875,262,722
260,414,760,285
Intangible assets
15
1,651,620,986,606
737,699,004,761
16
24,304,938,854,727
22,537,114,631,445
34
6,162,446,924,111
5,762,805,429,665
17
5,171,274,324,760
1,429,622,554,779
12.2
3,048,012,813,066
2,644,690,782,102
37,924,129,355
976,054,354
Construction in progress
19
7,469,813,212,015
4,737,377,119,889
Investment in associates
927,622,881,676
1,826,147,782,589
40,644,693,294,473
31,040,270,007,611
12.2
322,441,863,345
83,961,738,754
Long-term prepayments
22
910,685,302,139
361,689,518,290
21
8,713,603,748,186
2,871,561,785,694
11,548,606,990,518
61,020,608,163,972
5,965,140,394,995
40,550,314,531,196
CURRENT LIABILITIES
Short-term loans and borrowings
35.1
1,258,304,056,555
2,977,135,851,043
35.2
683,358,563,520
1,460,790,946,925
1,628,746,222,883
1,158,828,828,875
CURRENT ASSETS
Trade payables
Inventories
24
19,130,609,723,994
24,146,597,202,075
33
14,714,504,156,437
16,288,155,299,073
Trade receivables
25
615,510,006,047
857,717,852,346
1,459,215,551,022
1,067,203,605,764
41
17,228,800,466
43,826,637,724
74,444,996,900
25,009,776,000
34
550,965,893,268
339,435,312,812
Accruals
30
3,995,743,374,512
6,222,740,600,068
Advances to suppliers
Financial assets at fair value through
profit or loss
23
41
180,050,829,064
424,511,439,552
26
2,235,390,885,310
5,615,222,407,651
Short-term investments
27
6,077,802,744,475
5,495,405,882,770
28
7,607,402,590,552
7,534,048,703,295
37,380,427,327,364
45,165,716,869,453
173,475,990,356
98,574,511,481,692
85,716,031,400,649
14,545,550,980,000
9,296,036,790,000
10
TOTAL ASSETS
12.1
503,949,795,404
896,557,840,180
31
2,064,176,770,898
1,974,485,101,648
25,416,977,633,943
31,361,956,418,348
66,061,670,928,416
62,402,226,425,959
9,309,670
98,574,511,481,692
85,716,031,400,649
Total liabilities
Liabilities directly associated with assets
classified as held for sale
TOTAL EQUITY AND LIABILITIES
10
37.1
Share premium
Treasury shares
37.2
Other reserves
Retained earnings
Equity attributable to equity holders
of the parent
Non-controlling interests
Total equity
172
6,184,733,954,154
2,991,318,776,167
(3,707,383,275,263)
(4,985,884,215,349)
22,845,114,930
17,845,114,930
9,180,738,208,390
12,021,869,785,338
26,226,484,982,211
19,341,186,251,086
6,286,346,261,395
3,972,618,723,604
32,512,831,243,606
23,313,804,974,690
173
Currency: VND
Previous year
OPERATING ACTIVITIES
Profit before tax from continuing
operations
29
7,127,824,750,272
7,411,673,163,267
7,127,824,750,272
7,411,673,163,267
14,15
Provision
Foreign exchange loss/(gain)
(Gain)/loss on disposal of property and
equipment
Profit from disposal of investments in
subsidiaries and other entities
Decrease/(increase) in fair value of
financial assets at fair value through
profit or loss
(Gain)/loss on financial liabilities at fair
value through profit or loss
(1,900,000,000,000)
800,000,000,000
(2,359,415,821,372)
(2,866,077,367,641)
(3,509,011,030,716)
(4,541,578,166,950)
2,232,617,805,005
4,049,451,412,100
(885,106,000,000)
(3,528,200,635,090)
178,192,392,574
77,182,459,436
Collection of loans
(3,104,218,385)
3,013,515,056
(137,667,866,676)
(211,585,440,869)
(3,589,920,000)
(106,064,104)
1,013,418,866,496
69,232,228,159
(1,142,105,330,177)
(756,474,309,084)
2,771,297,326,323
1,459,922,785,661
12,723,839,340
(53,304,805,480)
17,18
(1,433,882,998,506)
(2,442,727,771,025)
1,711,688,675,151
730,888,896,482
167,000,000,000
9,697,723,681,183
465,000,000,000
760,299,910,908
199,312,091,675
232,200,000,000
1,017,729,795,067
539,692,018,943
(18,740,792,790,825)
(5,772,764,388,856)
(2,953,978,284,083)
1,411,009,772,856
2,948,518,325,757
3,256,960,309,647
(3,025,235,910,441)
(251,000,000,000)
187,099,660,000
17,264,986,730,202
16,614,545,541,480
Repayment of borrowings
(8,682,400,989,547)
(11,103,071,677,430)
Interest paid
(3,191,276,794,957)
(2,550,652,028,899)
(215,818,430,208)
1,506,465,991,329
Decrease/(increase) in inventories
8,717,442,970,739
(972,723,339,123)
(324,285,341,587)
3,811,823,118,488
(Increase)/decrease in prepayments
(848,564,488,639)
184,758,895,784
(19,749,436,780)
6,453,281,065
(1,910,568,513,664)
(1,803,518,979,544)
(521,509,281,485)
8,965,998,946,615
(1,844,966,743,620)
(288,850,999,997)
4,546,224,768,765
2,723,952,860,718
72,970,266,553
5,917,187,418,477
7,534,048,703,295
1,616,855,174,935
383,620,704
6,109,883
7,607,402,590,552
7,534,048,703,295
12.1
14,267,538,288,613
INVESTING ACTIVITIES
Proceeds from sale of property and
equipment
23,987,643,862
39,220,197,524
(11,348,610,949,497)
(5,721,094,644,976)
(1,254,685,000,000)
(2,766,589,691,339)
(5,800,000,000,000)
(266,500,000,000)
174
(700,000,000,000)
Disbursement of loans
(19,812,218,325)
56,933,739,373
Interest expense
Previous year
71,609,018,302
280,287,425,521
Current year
342,282,972,705
23,977,080,600
35.2
Note
509,387,558,854
(102,776,671,940)
Currency: VND
266,500,000,000
28
175
Currency: VND
No
Items
II
7.1
7.2
3,776,045,741,483
1,433,882,998,504
102,776,671,940
(3,409,185,808)
215,647,731,524
(830,841,799,057)
(3,953,180,089)
(371,961,073,384)
264,704,529,351
Other adjustments
8.1
8.2
Revert depreciation of investment properties and amortisation of prepaid land rental fees as
being measured at fair value
403,574,610,174
8.3
649,042,000,804
8.4
III
176
Amount
(175,175,659,746)
(73,400,076,470)
5,386,933,309,225
177