Académique Documents
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PRESSURE
DISTRIBUTION
STOCK COMPANY
Clean Energy
Green Era
ANNUAL REPORT 2013
www.pvgasd.com.vn
LOW
GAS
JOINT
The leading distributor of low pressure gas for Industrial Parks in Vietnam
PV GAS D is consistent with the strategic objectives and direction, vision and
mission in all activities. PV GAS D is proud to have built a solid foundation, a clearly
developing route and promising for future of PV GAS D
CONTENTS
GENERRAL
INTRODUCTION
6-21
08 Messages from
the President of the
Board of Directors
09 Business lines &
locations
12
Process
of
formation
and
development
14
Structural
diagram,
organizational chart
16
Board
of
Directors
18
Board
of
Supervisors
20
Board
of
Management
REPORT
OF BUSINESS
MANAGEMENT
MANAGEMENT
BOARD
42-59
22-41
24 Orientation for
development
26
Business
&
production situation
28 Investment &
project
implementation
situation
30
Financial
situation
32
Shareholders
structure, changing
investment capital
of owner
34
Report
and
assessment
of
Management Board
38 Assessment of
Board of Directors
44
Board
of
Directors
50
Board
of
Supervisors
52 Employees and
staffs, policies for
labors
54 Risks
56 Implementation
of
policies
on
Safety Quality
Health
Environment
58
Community
activity
59
Achievements
and Awards
AUDITED
FINANCIAL
STATEMENT
60-68
62
Report
of
Board of Directors
64
Independent
financial
statement
65 Balance Sheet
67
Business
Income Statement
68
Cash
flow
statement
69
Notes
to
financial
statement
Consistence with the strategic objectives and direction, vision and mission in all
activities. PV GAS D is proud to have built a solid foundation, a clearly developing
route and promising for future of PV GAS D. With the clearly determination of vision
and mission as well as the results achieved in the past year, we confirmed that PV
Gas will continue to grow strong and sustainable in the coming years and continue
becoming The leading distributor of low pressure gas for Industrial Parks in
Vietnam.
Ladies and Gentlemen,
First of all, I, representing the Board of Management of PetroVietnam Low Pressure
Gas Distribution Joint Stock Company(PVGASD), would like to express our sincere
thank to Vietnam Oil and Gas Group, PetroVietnam Gas Joint Stock Corporation the
whole shareholders, investors, partners, customers agencies, groups for having
trusted, cooperated and supporting us. In additions, we also would like to express
our sincere thanks to the whole staff and officers of PVGASD for your contribution to
the establishment and development of a dynamic, professional, prestige and
sustainable PVGASD trade mark.
Consistent with our aim and strategic orientation, vision and mission in all
activities, we are proud to have built up a firm foundation and a clear and
prospective development schedule for PVGASD in the future. For over 06 years
since our foundation as a new enterprise with lots of difficulties, PVGASD has been
now able to confirm our brand in distributing natural gas, getting reliance from
customers and becoming distributor of low-pressure gas for biggest industrial zones
in Vietnam. With a strong and determined method, PVGASD has seized and
controlled technology, taking full initiative in investment, operation and exploitation
of low-pressure gas system. During the years, PVGASD always complete expected
criteria and plan. It is expected that in the next year, the world and domestic
economy continue to face difficulties and economic recession still exists.
Responsibility of PVGASD, then, becomes more challenging and difficult. However,
due to developing impetus, advantages and prestige that the company has gained
along with advantages and strength of product, market, distribution system as well
as technology and attempt of the whole staff and officers of PVGASD, the Board of
Management of the Company believe that PVGASD will overcome all difficulties and
challenges to confirm PVGASDs position and trade mark. In 2014, we continue to
increase investment to expand the available low pressure gas distribution system in
provinces as Ba Ria Vung Tau, Dong Nai, Ho Chi Minh City and continue investing
in building the low pressure gas distribution system in Tien Hai Industrial Park Thai
Binh.
Defining our vision and mission clearly along with our achievements in recent
years, we confirm that PVGASD will continue to grow strongly and sustainably in the
following years and continue to be the leading distributor of low pressure gas for
Industrial Parks in Vietnam.
Sincerely,
President of the Board of Directors
Pham Van Hue
429
2009
ORGANIZATIONAL CHART
MANAGEMENT MODEL
General Assembly of Shareholders has the highest competence in PV GAS D.
Board of Supervisors elected by General Assembly of Shareholders includes
03 members.
PV GAS D Board of Directors includes 05 members.
PV GAS D Management Board includes 01 Director and 02 Deputy Directors
INTRODUCTIO
N
BOARD
OF
DIRECTORS
CHANGES
IN
BOARD
OF
DIRECTORS
Mr. Tran Duc
Son, member of
Board
of
Directors ended
of his tenure
2012-2017 from
26/11/2013.
Mr. Le Quyet
Thang, member
of
Board
of
Directors
has
been appointed
for a term of
2012-2017 from
26/11/2013.
MR.
NGUYEN
VAN
SON
Member of Board of
Directors cum Director
Qualification:
Bachelor
of
Foreign
Economic and Trade
Working
process:
- Jan 1996 Mar 1997:
Specialist of Investment
& Planning Department,
PV GAS.
- Mar 1997 Jun 1997:
Specialist
of
Management Board in
South Con Son, PV GAS.
- Jul 1997 Oct 1998:
Specialist
of
Sales
Department, PV GAS.
- Oct 1998 April 2000:
Assistant team leader of
liquid
product
consumption,
Sales
Department, PV GAS.
- April 2000 Jun 2000:
Assistant team leader in
retail, PV GAS.
- Jun 2000 May 2007:
Deputy
Director
of
PetroVietnam Southern
Gas
Joint
Stock
Company.
- May 2007 until now:
Member of Board of
Directors cum Director
of PV GAS D.
BOARD OF SUPERVISORS
IN 2013, ALTHOUGH THERE ARE MANY DIFFICULTIES IN ALL ASPECTS, WITH THE
SPIRIT OF UNITY AND CONSENSUS, PV GAS D BOARD OF DIRECTORS ALWAYS
MAKES A GREAT EFFORT TO FULFILL TASKS ASSIGNED BY GENERAL ASSEMBLY OF
SHAREHOLDERS MEETING. PERFORMING FULLY AND SERIOUSLY REGULATIONS ON
RIGHTS AND RESPONSIBILITIES; DIRECTING, SUPERVISING AND COORDINATING
TOGETHER WITH THE BOARD OF DIRECTORS, DEPARTMENTS, UNITS IN PV GAS D
TO OVERCOME DIFFICULTIES; IMPLEMENTING SUCCESSFUL THE PLAN 2013. IN
ADDITION, BOARD OF DIRECTORS TOGETHER WITH BOARD OF MANAGEMENT PV
GAS D CONSIDERS THE POLICY, PLAN TO CONSTANTLY PUT PV GAS D
MORE AND
MORE SUSTAINABLE DEVELOPMENT.
BOARD OF MANAGEMENT
service
market
department
Vietsovpetro
Joint
Venture.
- Jun 2007 - now: Deputy Director of PV
GAS D.
2. GREEN ERA
Report of Management Board
24 Orientation for development
26 Business & production situation
28 Investment & project implementation situation
30 Financial situations
32 Shareholders structure, changing investment capital of owner
34 Report and assessment of Management Board
38 Assessment of Board of Directors
24.3 %
DEVELOP PVGASD BY ENSURING THE
SAFETY, EFFICIENCY, AND TO BECOME
THE MAIN FUEL PROVIDER FOR THE
INDUSTRIAL PARKS AND RURAL AREAS.
SATISFYING PART OF THE MARKET
DEMAND, INCREASE THE VALUE OF
EXTRACTED DOMESTIC GASES AND
IMPORTED GASES
Main objectives:
- Develop PVGASD to become the fuel supplier for industrial and civil
customers throughout the country and orient to the international market (if
possible) satisfy the gas demand of the low-pressure gas consumers; and
play the key role in the field of low-pressure gas distribution in the country.
- Develop PVGASD by diversifying the business lines, focusing on low-pressure
gas business through pipelines, simultaneously, concentrate on service
development, financial investment and commercial development.
- Develop PVGASD by ensuring the safety, efficiency, and to become the main
fuel provider for the industrial parks and rural areas. Satisfying part of the
market demand, increase the value of extracted domestic gases and
imported gases.
- Train the cadres and employees to have high qualification and industrial
behavior and discipline.
- Establish and develop the PVGAS D trademark to become a strong and
reliable trademark for domestic and foreign investors
Midterm and long-term development strategy:
Establish PVGAS D trademark and enterprise culture
- Establish and develop the PVGAS D trademark to become a reliable, qualified,
and popular trademark. Develop PVGAS D to become a big fuel provider for
industrial and civil consumers.
- Bring PVGAS D trademark to the investors consciousness. Bring the
enterprise culture and safety culture to the each cadre and employee.
Develop low-pressure gas network
- Study and establish the low-pressure gas network at the industrial parks, gas
consumers associated with the gas pipelines, gas importation system, LNG
and CNG system of PVGAS.
- Develop the low-pressure distribution system in South eastern and South
western Vietnam, and develop towards the Northern and Central Market
according to the development progress of the gas projects of PVGAS and join
in the regional market (if possible).
- Establish the low-pressure gas supply network at the industrial parks which
are far from the pipelines such as Binh Duong, Dong Nai, and HCM City,
initially use the CNG, LPG-Air, LNG- Mobile, when the gas/LNG supply system/
develops to this area, switch to use gas/ LNG.
Invest to increase the capacity of Phu My- Go Dau System
Continue expanding the low-pressure gas consumers inside and around the
region according to the development of gas supply source, and demand of
gas consumers.
Invest in the low-pressure gas distribution system serving the Industrial
Parks in Nhon Trach and Hiep Phuoc basing on the demand and supply
balance
- Continue expanding the gas consumers and the adjacent areas according to
the development of gas supply source, and demand of gas consumers.
Invest to expand the low-pressure gas distribution networks throughout
the country (Southeast region, Southwest region, Central Vietnam, and
Southern Vietnam)
- Plan to invest from 2010 to 2020 and complete the project.
- Carry out the procedures to place the holding points at the low-pressure gas
pipelines in the areas above along with gas projects of PV GAS.
- Work with the Peoples Committee of Provinces on planning to centralize
factories using natural gas in clusters to facilitate the gas supply.
- Conduct the procedures of leasing land for office and gas supply station in
Industrial Parks.
- After 2020: continue expanding low pressure gas customers in or surrounding
areas under the development of gas supply source and the demand of
customers.
In 2017, start selling imported gas
- Develop the system for distributing low pressure gas to the IPs and
residential areas throughout the country matching with the progress of gas/
LNG importation projects, in order to satisfy the gas demand of the
consumers and to contribute to the efficiency of gas/ LNG importation
projects of PVGAS.
Cooperate closely with PVGAS to have long-term gas source and have
roadmap for price increase
Develop low pressure gas network overseas
- Participate in joint ventures, financial, technology, and supply investment
expand the market to other countries such as Laos and Cambodia
Develop other gas products
- Study and participate in establishing the low-pressure gas consumption
systems for IPs, gas consumers connected the head warehouses where
imported LNG, CNG of PVGAS.
Develop service activities
- Establish the specialized service team to serve the production and business
demand of the Company as well as implement the maintenance, repair,
installation, investment supervision, and technology consulting services for
the customers.
- Invest in gas equipment with high safety and accuracy serving the services.
Financial investment and Joint venture
- Make research and contribute capital to efficient low-pressure gas projects.
Technology development and application
- Deploy and apply Maximo software in maintenance management.
- Rapid development of automation, science and technology application,
process supervision, management fields as well as the production and
business activities in order to decrease the material and labor cost, to
increase the productivity, quality, safety, and efficiency of production and
business activities.
-
48.74%
In 2013, the domestic economy still faced lots of challenges; operating activities of
many enterprises still had to deal with a lot of difficulties, especially in sectors as
real estate, construction material, which directly affecting the business activities of
Company. In addition, the project of low pressure gas supply for Tien Hai Industrial
Park - Thai Binh has the change in the structure of input gas composition from
owner of gas mine so that the Company has to adjust its facility design, calculate
again the total of investment and economic efficiency causing the delay in
implementation of plan. However, with the closely leading of the Board of Directors,
drastic and effective management of the Board of Management, the coordination of
Trade union, youth union and the efforts of the whole officers and staffs, the
Company has successfully completed duties and targets in 2013 approved by the
Annual General Meeting of Shareholders 2013 with details as follows:
Performance of major duties
- Organizing, operating safely and supplying gas continuously, frequently and
stably to 47 customers while signing Sale Contract of Gas with 02 new
customers.
- Completing discussion and signing sale contract of gas 2013 with PV GAS as
well as current customers.
- Signing the Principle Contract with CNG customers in North Vietnam; signing
the business cooperation contract of CNG in North Vietnam with PV GAS
North to develop the low pressure gas consuming market in this area.
Besides, PV GAS D regularly works with PV GAS to ensure the gas source
supplying for customers.
- Coordinating with several potential customers with demand of using low
pressure gas such as Global Vietnam Aluminum Company Limited, Concord
Textile, Southern Steel Sheet Co., Ltd., Viet Long Plastic Packing Company
Limited, etc.
- Updating information of new investment projects in Phu My 2 IP, Cai Mep IP,
Nhon Trach IP, Hiep Phuoc IPto find customers with demand of using gas
No
.
Criteria
Productivity
2
3
4
5
6
Unit
Millio
n
Sm3
Revenue
Billion
Dong
Profit before Billion
tax
Dong
Tax
and Billion
duties
Dong
payable
to
the
state
budget
Profit
after Billion
tax
Dong
Rate of profit %
after tax /
Charter
Capital
Performanc
e 2012
Plan
2013
Performanc
e 2013
617.34
610.02
618.55
%
Performance/
Plan 2013
101.40%
5,487.58
6,422.14
100.63%
304.06
6,381.7
2
172.60
281.27
162.96%
121.34
80.77
113.95
141.08%
228.02
129.45
209.10
161.54%
53.15%
30%
48.74%
161.54%
Improving the security and safety checking activity along the gas pipeline
corridor and deeply propagate to people.
Investment and construction method
- Strictly monitoring, managing and supervising the implementation of basic
construction investment contract, especially speeding up the process of
project: Low pressure gas supply system for Tien Hai IP Thai Binh.
Financial method
- Regularly monitoring, supervising and recovering customer debt; avoiding
bad debts and doubtful debts.
- Ensuring capital arrangement for projects.
Method of training, organizing human resource
- Regularly monitoring, arranging the organizational structure of PV GAS D
under the direction of efficiency, the assignment, decentralization for each
unit of PV GAS D.
- Strengthening the work of training, especially in the work of internal training
and training with instructor at the site of PV GAS D.
-
150
million m3/year
The total approved investment of project is VND 44 billion. Currently, it has been
completed and is being acceptance and settlement.
Project: Low pressure gas distribution system for Tien Hai IP Thai Binh
Including:
KTA pipeline system: PV GAS D takes the role as Employer
CNG system: by the investment cooperation of PG GAS D and PV Gas North
according to the business contract. Capacity of CNG Compression Station is 150
million m3 gas/ 1 year and the number of customers (estimated) is 15.
This is the key project to ensure maximum consumption and distribution the gas
output from system of Collecting and distributing gas in Ham Rong Mine and Thai
Binh Mine Lot 102&106 Stage 1 of PV GAS. According to preliminary estimates,
the total approved investment of project is VND 1,089 billion. However, due to the
adjustment of the gas component input from mine owner, from the end of quarter
2/2013 to present, under the direction of PV GAS, PV GAS D is reviewing market,
capable of receiving and consuming gas source Thai Binh to update information,
data served for adjustment of total investment, basic design of project.
Currently, the project has completed the contract with contractor of project
management; completed survey work to determine the exact location of the
customer station for low pressure gas system in industrial park. It also signed
contract of survey, demarcation and cadastral measurements for clearance with
Land Development Center, Tien Hai District; signed the principle contract of CNG
business and distribution in North with PV GAS North.
Project: Head quarter of PV GAS D and PV GAS South in An Phong, Vung
Tau City (GAS Tower)
The total investment of project is VND 86 billion. This is the associate project
between PV GAS D and PV GAS South, in which PV GAS D contributes capital of
50%. The project currently is completed the construction and put into operation
from December 2013.
Project: Low pressure gas distribution system for Phu My 3 IP
Surveying the topography and outlining of the pipeline diagram.
FINANCIAL SITUATION
No
.
1
2
3
4
5
6
7
Criteria
Unit
Total
assets Billion
value
dong
Net revenue
Billion
dong
Profit
from Billion
business
dong
operation
Other profits
Billion
dong
Profit
before Billion
tax
dong
Profit after tax Billion
dong
Dividend
%
Payout Ratio
Implementation
2012
2,049.29
Implementation
2013
2,547.34
% increase,
decrease
124.30
5,487.58
6,422.14
117.03
303.99
281.48
92.60
0.07
-0.21
-300.00
304.06
281.27
92.50
228.02
209.10
91.70
56.44
41.03
Net revenue
2,547.34 billion
2012: -------------------------
VND
VND
2,049.29
VND
2,547.34
Profit from business operation
2012:
2013:
281.48 billion
--------------------------
---------------------
2012:
2013:
-------------------------
VND
281.27 billion
-------------------------
VND
----------------------
VND
281.27
Profit from dividend rate
209.10 billion
VND
304.06
41.03%
VND
228.02
2013:
VND
281.48
Profit after tax
VND
---------------------
6,422.14
Profit before tax
303.99
2012:
5,487.58
2013: -----------------------------
VND
6,422.14 billion
2012:
-------------------------
56.44%
VND
2013:
41.03%
-------------------
SHAREHOLDERS
OWNER
STRUCTURE,
CHANGING
INVESTMENT
CAPITAL
OF
Joint stock:
According to the audited financial statement dated 31/12/2013, PV GAS D
shareholders have contributed VND 429,000,000,000, equivalent to 42,900,000
shares.
Type of shares in issue: Common share entitled dividends as a result of actual
annual business result.
Number of shares freely transferable: 42,900,000 shares.
The number of restricted shares transfers: 0
Shareholder Structure:
By the time of 12/16/2013, the record date of shareholders to hold the 1 st
Extraordinary General Assembly of Shareholders Meeting
No Shareholder Number
of Number of Value (VND)
Rate (%)
.
shareholders
shares
1
In domestic
1,781
41,425,221
414,252,210,0 96.56%
00
Organization
50
24,028,473
240,284,730,0 56.01%
00
Individual
1,731
17,396,748
173,967,480,0 40.55%
00
2
Abroad
43
1,474,779
14,747,790,00 3.44%
0
Organization
14
1,343,100
13,431,000,00 3.13%
0
Individual
29
131,679
1,316,790,000 0.31%
3
Treasury stock
Total
1,824
42,900,000
429,000,000,0 100.00%
00
List of major shareholders
No Name
Address
.
1
PetroVietnam PV Gas Tower Building, 673 Nguyen Huu
Gas
Tho, Phuoc Kien Commune, Nha Be District,
Corporation
Ho Chi Minh City
The changing situation of the owners investment capital
In 2013, PV GAS D does not implement in increasing capital stock.
Treasury share transaction: None
Other shares: None
Number
of shares
21,664,5
00
Rate
(%)
50.5
0
TOTAL OF SHARES:
42,900,000
The percentage of domestic and foreign shareholders:
96
.56%
are domestic
shareholders.
Foreign:
3.44%
Domestic:
96.56%
21,664,500
criteria in 2014:
Criteria
Unit
Plan in 2014
Charter capital
Billion dong
600
Outputs
620
Sales to industrial zones
Million m3
481
Sales of CNG
139
3
Revenue
Billion dong
7,024
4
Profits before tax
Billion dong
189
5
Profits after tax
Billion dong
147
6
Profits before tax/charter capital ratio
%
32
7
Profits after tax/charter capital ratio
%
25
Basic investment and construction plan 2014
a) Low pressure gas distribution project for industrial zones in Nhon Trach District
(Period 2)
Complete the construction for 03 new customers with investment amount of about
30 billion Dong
b) Low pressure gas distribution project for industrial zones in Tien Hai District- Thai
Binh
Complete the adjustment of total investment amount and basic design. Deploy
packages of the project such as: Mine detecting and removal, design, procurement
of equipment, and construction. The total investment value is 108.9 billion Dong,
43.6% of which is for Low pressure gas pipeline and 65.4% is for the CNG system.
c) Low pressure gas distribution project for Phu My 3 Industrial Zone
Complete the establishment of investment project
Total planned revenue in 2014
Building
DURABLE FOUNDATION
Enterprise management
BOARD OF DIRECTORS
CHARTER CAPITAL OF
FULL NAME
POSITION
HOLDING
SHARE
NUMBER
Number
of
positions held by
members of BOD
in other company
0
suggestions about issues lying in the BODs competence so that BOD enforce
related resolutions and decisions.
Nguyen Quang Ba
Dang Thi Hong Yen
Nguyen Thi Thu Ha
Position
Head of BOS
member
member
No. of shares
owned
0
0
0
Activities of BOS:
In 2013, BOS deployed implementation of tasks as follow:
+ monitor the compliance with regulations of organization, activities of PV
GAS D and comply with current legal regulations. Check and monitor the
situation of fulfilling production-business plan. Monitor the enforcement of
resolutions of GMOS
+Cooperate with BOD, BOM to check, monitor the production-business
activities of the whole PV GAS D. Monitor management, use of capital,
assets, human resources and other resources of PV GAS D to ensure
effective use, prevent loss, waste, in compliance with regulations of PV
GAS D and law of the Government.
+Appraise financial statements quarterly and annually, ensure the
correctness and transparency of the statements. Analyze and assess
financial situation, ability of preserving and developing capital of PV GAS
D.
+ Checking and assessing work of BOS is implemented continuously and
systematically to catch up with real situation and effectiveness of
operation of PV GAS D, help to discover and repair shortcomings in the
management and operation system and internal control system. Quarterly,
BOS plan to check, monitor and assign tasks for each member at each
field. Check, monitor as scheduled and make checking and monitoring
report.
Name
Pham
Hue
Tran
Son
Position
Implemented in 2013
Note
Total
Van Presiden
t of BOD
Duc Member
of BOD
Le
Quyet Member
Thang
of BOD
Cao Khanh
Hung
Nguyen
Nhu Song
Nguyen
Quang Ba
Dang
Thi
Hong Yen
Nguyen Thi
Thu Ha
Nguyen
Van Son
43,095,000
office
since
26/11/2013
Specialized
responsibility.
Be
appointed
according
to
Resolution No.
15/NQHQT/2013 on
26/11/2013
Multitasking
Member 36,000,000
36,000,000
of BOD
Independent
5
Member 36,000,000
36,000,000
of BOD
Multitasking
6
Head of 24,000,000
24,000,000
BOS
Multitasking
7
Member 18,000,000
18,000,000
of BOS
Multitasking
8
Member 105,954,54 105,954,54
of BOS
6
6
Be
entitled
9
Member 798,849,54 798,849,54
benefits
on
of BOD 5
5
bonus
regime
cum
on Tet holiday,
director
13th
monthly
salary, reward,
10 Dinh Ngoc Deputy
638,909,72 638,909,72
as officers
Huy
director
7
7
and staffs in PV
11 Nguyen
Deputy
638,909,72 638,909,72
GAS D
Quang Huy director
7
7
Specialized- responsible or multitasking title getting salary in PV GAS D doesnt get
remuneration. In addition, reward fund is deducted to reward executive board
every year.
Stock transactions of internal shareholders: ( information about Stock transactions
of members of BOD, BOS, BOM, Chief Accountant, secretary, major shareholder
and those relating to above candidates): none.
Contract or transaction is implemented with internal shareholders: (Information
about signed or implemented contract or transaction with the Company, subsidiary
company which the Company takes control of members of BOD , BOS, Directors
and those relating to above candidates): none.
The implementation of the Companys management provisions: good.
NUMBERS OF OFFICERS AND LABOR POLICY
Proportion of HR
qualification
56,14%
Of numbers of labors
having
university
degrees in 2013
Technical staff
Intermediate
College
University
Masters
1
2
3
4
5
6
NO. Level
Masters
University
College
Vocational school
Technical worker
unskilled worker
Total
No. of people
08
96
04
11
52
0
171
Rate (%)
4,68
56,14
2,34
6,43
30,41
0
100
HUMAN RESOURCES
171
PEOPLE
RISKS
COMMUNITY ACTIVITIES
TOTAL AMOUNT OF SOCIAL SECURITES WORKS IS
In the past year, the charity and social security activities are still regularly
remained; although they are not so big in value, it is important for the
companys staff to have spirit of community and solidarity through their
activities. In 2013, PV GAS D actively took part in some activities including:
work overtime to support Petroleum mutual funds and other movements; raise a
subscription to the victims of floods in central; support PVPipe Companys Staffs
who are killed in an accident in Can Gio; give gifts for poor children in Xuyen
Moc and poor households along the pipeline route of Phuoc An Nhon Trach
communes; support families of autistic children in Vung Tau City; participate in
program Lighting Dreams etc. The total amount for implementing social
security works in 2013 is about 2,5 billion dong.
CREATING
ACHIEVEMENTS
Audited financial statements
6 Report of Director General Board
2 Independent audit report
6 Balance sheet
4 Income statement
6 Cash flow statement
5 Notes to Financial Statements
6
7
6
8
6
9
To:
The Shareholders
Board of Directors and Board of Management
Petro Vietnam Low Pressure Gas Joint Stock Company
We have audited the enclosed financial statement of the Petro Vietnam Low
Pressure Gas Joint Stock Company ("the Company"), established on February
11th, 2014 from page 67 to page 91, including balance sheet on December
31st, 2013, business operation result report, report of cash flows for the
financial year ending at the same day and the financial statement notes
(collectively called the "financial statements").
Responsibilities of the Board of Management
Company's Board of management is responsible for the preparation and true
and proper presentation of the financial statement of the Company in
accordance with accounting standards, Vietnam corporate accounting
regime and legal provisions related to the preparation and presentation of
financial statement and is responsible for internal control that Board of
management finds it necessary to ensure the preparation and presentation
of financial statement without serious misstatements due to fraud or
confusion.
Auditor's Responsibilities
Our responsibility is to express my opinion on the financial statements
based on our audit. We conducted our audit in accordance with auditing
standards Vietnam. Those standards ask us to comply with the regulations
and standards of professional ethics, planning and implementation of the
audit to obtain reasonable assurance about whether the financial statement
of the Company has any misstatement or not.
The audit includes implementation of procedures to gather audit evidences
about the data and notes in the financial statement.The audit procedures are
selected based on the auditor's judgment, including risk assessment with
serious misstatement in the financial statement due to fraud or confusion.
When performing the risk assessment, the auditor has to consider internal
control of the Company's related to true and proper preparation and
presentation of the financial statement in order to design audit procedures
that are appropriate with the actual situation, but not for the purpose of
giving any opinion on the effectiveness of internal control of the Company.
The audit also includes evaluation of suitability of accounting policies applied
and rationality of accounting estimates of Board of management, as well as
evaluation of the overall presentation of the financial statement. We believe
that the audit evidences we obtain are sufficient and appropriate basis for
our audit opinion.
Auditor's Opinion
According to our opinion, the financial statement truly and properly reflects
all serious aspects, the financial status of the Company on December 31st,
2013, and the results of business operation and cash flows for the financial
year ending in the same day in accordance with accounting standards,
corporate accounting regime of Vietnam and the legal provisions related to
the preparation and presentation of financial statement.
Pham Hoai Nam
Vice General Director
Registration certificate of auditing
practice No.
0042-2013-001-1
On behalf of Deloitte Vietnam
Company Limited
February 11th, 2014
Hanoi, Socialist Republic of Vietnam
(Signed and sealed)
BALANCE SHEET
On December 31st, 2013
FORM NO. B 01-DN
Unit: VND
ASSETS
A.
I.
II.
SHORT-TERM ASSETS
(100=110+130+140+150)
Cash and cash equivalents
1. Cash
2. Cash equivalents
Short-term receivables
Cod
e
100
Not
e
110
111
112
130
1.
Receivables
from
customers
2. Advance payment to
sellers
3. Other receivables
4. Reserve for doubtful
receivables
Inventories
1.Inventories
Other short-term assets
1.Short-term
advanced
payments
2. Deducted VAT
3. Other short-term assets
LONG-TERM ASSETS (200=
220+ 260)
Long-term assets
1. Visible long-term assets
-Original price
-Accumulated depreciation
131
227
228
229
230
III.
IV.
B.
I.
December
31st,
2013
2,114,166,872,38
2
927,255,755,668
367,255,755,668
560,000,000,000
1,129,909,873,28
0
1,114,048,441,56
0
13,461,049,455
December 31st,
2012
1,690,259,161,1
05
585,289,336,243
337,289,336,243
248,000,000,000
1,053,344,894,9
72
1,001,731,429,7
62
49,849,697,493
132
135
139
2,910,382,265
(510,000,000)
2,273,767,717
(510,000,000)
140
141
150
151
11,153,961,998
11,153,961,998
45,847,281,436
3,405,970,098
9,332,239,117
9,332,239,117
42,292,690,773
5,134,598,880
41,869,826,538
571,484,800
433,169,674,914
36,776,607,093
381,484,800
359,035,102,452
419,608,891,753
367,624,998,512
487,103,923,108
(119,478,924,596)
46,981,273,171
48,683,815,186
(1,702,542,015)
5,002,620,070
355,070,443,599
276,986,274,694
358,216,847,658
(81,230,572,964
)
45,871,423,479
47,007,222,820
(1,135,799,341)
32,212,745,426
260
261
13,560,783,161
10,729,306,126
3,964,658,853
1,343,181,818
268
270
2,831,477,035
2.547.336.547.29
6
2,621,477,035
2,049,294,263,5
57
152
158
200
220
221
222
223
10
11
12
Cod
e
310+ 300
Not
e
December
31st,
2013
1,523,423,462,79
2
1,523,403,462,79
2
1,478,290,239,52
8
3,095,297,838
December 31st,
2012
1.053.534.077.0
37
1.053.534.077.0
37
1.004.212.475.0
21
23.446.404.814
5,113,957,861
976.578.987
22,907,575,724
13,028,213,331
4.088.102.933
20.752.144.602
323
914,178,510
58.370.680
330
333
400
995.760.186.520
DEBTS (300=
330)
Short-term debts
310
1. Payables to sellers
312
13
314
14
1. Capital of owners
2.
Funds
for
investment
and
development
3. Financial reserve
fund
4. Other capital of
owners
5. Undistributed profit
after tax
TOTAL
CAPITAL
(440=300+ 400)
411
417
20,000,000
20,000,000
1,023,913,084,50
4
1,023,913,084,50
4
429,000,000,000
420,022,582,837
418
42,896,731,029
42.896.731.029
419
12,450,000,000
6.000.000.000
420
119,543,770,638
182.030.872.654
440
2.547.336.547.29
6
2,049,294,263,5
57
I.
II.
B.
I.
Prepared by
Nguyen Ha An
(Signed)
315
316
319
410
15
16
17
Chief Accountant
Nguyen Phuong Thuy
(Signed)
995.760.186.520
429.000.000.000
335.832.582.837
Director
Nguyen Van Son
(Signed and sealed)
INCOME STATEMENT
For financial year ends on December 31st, 2013
FORM NO. B 02-DN
Unit: VND
Criteria
1. Revenue from goods
sale and service supply
2. Revenue deductions
3. Revenue from goods
sale and service supply
(10= 01- 02)
4. The prices of sold
goods
and
supplied
services
5. Gross profit of goods
sales and service supply
(20= 10- 11)
6. Revenue from financial
operations
7. Selling expenses
Code Note
01
19
8.
Enterprise
management expenses
9. Profits from business
operations (30 = 20 + 21
- (24 + 25))
10. Other incomes
11. Other expenses
12. Other (losses)/ Profits
(40 = 31-32)
13. The total accounting
profits before tax (50 =
40 + 30)
14. Expenses of current
business income tax
15. Profits after business
income tax (60 = 50-51)
16. Basic earnings on
shares
25
Prepared by
Nguyen Ha An
(Signed)
02
10
11
20
20
2013
6,422,140,174,7
96
6,422,140,174,7
96
2012
5,487,575,459,8
63
5,487,575,459,8
63
5,903,089,774,2 5,012,108,078,3
24
25
519,050,400,57
2
475,467,381,53
8
24,239,308,154
49,635,822,996
191,459,825,47
7
70,345,165,240
165,107,933,71
5
56,001,792,443
30
281,484,718,00
9
303,993,478,37
6
31
32
40
12,421,871
227,025,820
(214,603,949)
70,917,642
70,917,642
50
281,270,114,06
0
304,064,396,01
8
22
72,170,534,738
76,045,349,005
23
209,099,579,32
2
4,874
228,019,047,01
3
5,315
21
21
24
51
60
70
Chief Accountant
Nguyen Phuong Thuy
(Signed)
Director
Nguyen Van Son
(Signed and sealed)
Prepared by
Nguyen Ha An
(Signed)
February 11th, 2014
Chief Accountant
Nguyen Phuong Thuy
(Signed)
Director
Nguyen Van Son
(Signed and sealed)
203") dated October 20th, 2009 by the Ministry of Finance, guiding the
management, use and depreciation extract of fixed assets. The Circular 45
takes effect as from June 10th 2013 and is applied to financial year 2013
onwards; Board of management found that Circular 45 causes no serious
effect on financial statement of the Company for the financial year ended on
December 31st, 2013.
4. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
The following are the principal accounting policies applied by the Company
in preparing financial statement:
Accounting Estimates
The preparation of financial statement in compliance with Vietnam
accounting standards, corporate accounting regimes and legal provisions
related to the preparation and presentation of financial statement requires
Board of management to make estimates and assumptions affecting the
reported data of debts, assets, and disclosures of prospective assets and
debts at the date of preparing the financial statement as well as the reported
data of revenues and expenses during the financial year.Although the
accounting estimates were made in the understanding of Board of
management, actual numbers arising may differ from the estimates,
assumptions laid out.
Financial tools
Initial recognition
Financial assets: at initial recognition, financial assets are recorded
according to original price plus transaction costs which are directly related to
the purchase of financial assets. Financial assets of the Company include
cash and cash equivalents, receivables from customers and other
receivables.
Financial debts: at initial recognition, financial debts are recorded at original
price plus transaction costs which are directly related to the issuance of
financial debts. The Company's financial debts include payables to sellers,
other payables and payable fees.
Reevaluation after the initial recognition
Currently, there is no provision on revaluation of financial tools after initial
recognition.
Cash and cash equivalents
Cash and cash equivalents include cash in funds, deposits payable on
demand, short-term investments with high liquidity, easily converted into
cash and low risk related to fluctuations in value.
Provision for doubtful debts
Provision for doubtful debts is made for receivables which were overdue for
six months or more, or the receivables that are unlikely to be paid due to
liquidation, bankruptcy or similar difficulties.
Inventories
Inventories are determined on the basis of the lower price between original
price and realizable net value. Original prices of inventories include
expenses of direct materials, direct labor expenses and common production,
if any, in order to get inventories at present location and status. Original
prices of inventories are determined by weighted average method.
Realizable net value is determined by the estimated selling price, subtracting
estimated expenses for arising product completion, marketing, sales and
distribution.
December 31st,2012
VND
38.523.314
337.250.812.929
248.000.000.000
585.289.336.243
6. PREPAYMEN TO SUPPLIER
December
31st,2013
VND
Petro Vietnam Coating Joint Stock 6.455.057.097
Company (i)
Petro Vietnam Construction Joint 4.986.702.672
Stock Company 2 (ii)
Others
2.019.289.686
13.461.049.455
December
31st,2012
VND
25.342.652.647
13.181.575.408
11.325.469.438
49.849.697.493
(i) On August 7th 2010, the Company signed a contract No. 15/2010/ pvgaSdpvid/d4 with the joint venture of Engineering/ Procurement/ Construction
(EpC) represented by Petro Investing and Construction JSC (now as Petro
Vietnam Coating JSC) on design provide of technological devices and work
construction for project of low pressure gas distribution to industrial zones in
NhonTrach District, Dong Nai Province stage 1; the contract value
(including value added tax) is temporarily calculated as 231,408,589,231
Dong on December 31st 2013, the advance balance payment for EpC
( represented by Petro Vietnam Coating JSC) is 6,455,057,097 Dong.
(ii) On January 17th 2011, the Company signed a contract No.
01/2011/pvgaSd-pvC2/Qlda with the joint venture of Engineering/
Procurement/ Construction (EpC) represented by
Petro Investing and
Construction JSC ( now as Petro Vietnam Coating JSC) on design purchase
of materials, equipment and construction and installation of works of offices
of PV Gas companies or PV Gas in Vung Tau ; the contract value (including
value added tax) is temporarily calculated as 68,861,021,747 Dong on
December 31st 2013, the advance balance payment for EpC ( represented by
Petro Vietnam Coating JSC) is 4,986,702,672 Dong.
7. OTHER RECEIVABLES
December
December
31st,2013
31st,2012
VND
VND
Petro
Vietnam
Trade
Union 1.652.845.785
1.789.229.707
Finance Investment JSC
Interest receivable expected to 1.149.444.445
collect
Receivables of personal income 8.000.000
419.438.010
100.092.035
2.910.382.265
65.100.000
2.273.767.717
31/12/2013
VND
Materials
9,968,400,375
Instruments and tools
726,930,051
Goods
458,631,572
Total
11,153,961,998
Less: Provision for devaluation of inventories
Net value that can be 11,153,961,998
applied of inventories
31/12/2012
VND
8,278,802,557
739,016,052
314,420,508
9,332,239,117
-
8. INVENTORIES
9,332,239,117
31/12/2012
VND
4,668,598,880
466,000,000
5,134,598,880
Office
equipment
Total
VND
ORIGINAL COST
VND
VND
VND
VND
On
4,068,114,06
01/01/2013 6
New
140,566,271
purchasing
Completed
68,140,751,6
basic
01
constructio
n
Other
(46,569,600)
decrease
On
72,302,862,3
31/12/2013 38
ACCUMULATED
DEPRECIATION
On
2,138,631,69
01/01/2013 0
Depreciatio 695,359,686
n in the
year
Other
(46,569,600)
decrease
On
2,787,421,77
31/12/2013 6
THE
REMAININ
G VALUE
On
69,515,440,5
31/12/2013 62
On
1,929,482,37
346,505,884,4
83
357,135,502
1,018,211,6
57
906,225,000
6,624,637,45
2
134,000,000
358,216,847,6
58
1,537,926,773
63,812,026,58
2
131,952,778,1
83
(317,113,802)
(254,578,81
2)
1,669,857,8
45
(3,985,367,2
92)
2,773,270,16
0
(4,603,629,50
6)
487,103,923,1
08
74,420,902,87
6
39,695,453,32
6
461,465,364
4,209,573,03
4
902,416,632
81,230,572,96
4
41,678,793,03
8
(277,660,423)
(165,366,78
2)
681,661,976
(2,940,844,6
01)
2,171,145,06
5
(3,430,441,40
6)
119,478,924,5
96
988,195,869
602,125,095
556,746,293
2,415,064,41
367,624,998,5
12
276,986,274,6
410,357,932,7
65
113,838,695,7
79
296,519,236,9
86
272,084,981,6
385,563,394
31/12/2012
07
94
Original cost of tangible fixed asset including fixed assets that have been
totally depreciated but still used on December 31st 2013 is 3,674,232,990
dong (the amount on December 31st, 2012: 2,961,127,073 dong).
Tangible fixed assets of the Company include the tangible fixed assets
Head offices of Petrovietnam Low Pressure Gas Distribution Joint Stock
Company (PVGAS D) and Petrovietnam Southern Gas Joint Stock Company
(PVGAS S) in Vung Tau on the basis of the Business Cooperation Contract No.
28/2010/KTA-GAS S/QLDA dated December 8 th 2010 between PVGAS D and
PVGAS S. According to the contract, the Company is responsible for the
accounting and management of these tangible fixed assets. The details of
these assets are as follows:
31/12/2013
31/12/2012
VND
VND
Original cost
68,140,751,601
Accumulated depreciation
65,942,663
The remaining value
68,206,694,264
11. INTANGIBLE FIXED ASSETS
Land use
rights
Computer
Software
Others
Total
VND
VND
VND
VND
ORIGINAL
COST
On 01/01/2013 45,318,473,22 1,619,949,60 68,800,00 47,007,222,82
0
0
0
0
New
1,450,000,00 1,450,000,000
purchasing
0
Other
226,592,366
226,592,366
devaluation
On 31/12/2013 45,545,065,58 3,069,949,60 68,800,00 48,683,815,18
6
0
0
6
ACCUMULATE
D
DEPRECIATION
On 01/01/2013 1,095,666,01 40,133,33 1,135,799,341
1
0
Depreciation
543,809,336
22,933,33 566,742,674
in the year
8
On 31/12/2013 1,639,475,34 63,066,66 1,702,542,015
7
8
THE
REMAINING
VALUE
On 31/12/2013 45,545,065,58 1,430,474,25 5,733,332 46,981,273,17
6
3
1
On 31/12/2012 45,318,473,22 524,283,589
28,666,67 45,871,423,47
0
0
9
Original cost of intangible fixed asset including fixed assets that have been
totally depreciated but still used on December 31 st 2013 is 272,849,600
dong (the amount on December 31st, 2012: 125,555,600 dong).
31/12/2012
23,267,046,7
10
179,358,104
Amount
Paid amounts
payables
VND
VND
35,332,060,229 35,332,060,22
9
72,170,534,738 93,391,419,16
1
6,038,710,244
5,168,932,797
21,381,600
21,381,600
2,046,162,2
87
1,049,135,5
51
-
3,000,000
3,000,000
23,446,404,8
14
113,565,686,81 133,916,793,7
1
87
VND
Output VAT Corporate
Income Tax
Personal
Income Tax
House and
land
tax,
land fee
Other
charges,
fees
and
duties
payables
Total
On
31/12/2013
VND
-
3,095,297,8
38
2013
VND
from 6,421,312,077,687
2012
VND
5,487,303,628,550
Revenue
selling gas
Revenue
from 828,097,109
271,831,313
service supply
6,422,140,174,796
5,487,575,459,863
20. COST OF GOODS SOLD AND SUPPLYING SERVICE
2013
2012
VND
VND
Cost of goods sold for 5,902,791,887,424
5,011,991,523,780
gas
Cost of goods sold for 297,886,800
116,554,545
service supply
5,903,089,774,224
5,012,108,078,325
21. REVENUE FROM FINANCIAL ACTIVITIES
Income from financial activities of the Company is the term and non term
deposit interest in banks and financial institutes.
22. CORPORATE INCOME TAX
2013
2012
VND
VND
Profit before tax
281,270,114,060
304,064,396,018
Adjustment for taxable income
Less: Non-taxable income
Plus:
Non-deducted 147,000,000
117,000,000
expenses
117,000,000
- Reward of the Board of 147,000,000
Directors,
Board
of
Supervisors
Taxable income
281,417,114,060
304,181,396,018
Common tax rate
25%
25%
Supplementary corporate 1,816,256,224
income tax (i)
Corporate income tax 72,170,534,738
76,045,349,005
payable
(i) The Company recorded and paid the supplementary corporate income tax
according to the report of the State Audit dated May 7th 2013
23. BASIC EANRING PER SHARE
The calculation of earnings per share is basing on following data:
2013
VND
calculate 209,099,579,322
Basic
profit
to
earnings per share
Average
number
common share
Earnings per share
of 42,900,000
4,874
2012
VND
228,019,047,013
42,900,00
5,315
VND
5,902,791,887,424
46,387,635,408
4,963,731,650
VND
5,011,991,523,780
40,479,286,179
3,651,767,841
42,245,535,712
36,430,413,186
60,010,850,004
60,010,850,004
17,975,601,676
14,415,724,345
5,872,208,346
7,851,691,929
1,639,588,884
75,156,033,908
6,164,894,764,941
5,652,106,005
5,000,311,433
1,278,124,734
54,307,696,976
5,233,217,804,483
Less
than
1
year
VND
927.255.755.668
1.116.440.823.82
From 15 years
VND
-
Total
VND
927.255.755.668
1.116.440.823.825
receivables
5
2.043.696.579
2.043.696.579
1.490.594.937.30
6
22.907.575.724
1.513.502.513.03
0
530.194.066.463
1.490.594.937.306
22.907.575.724
1.513.502.513.030
530.194.066.463
Total
VND
585.289.336.243
1.003.075.759.46
9
1.588.365.095.71
2
From 15 years
VND
-
st
Dec 31 2013
Trade
and
other
payables
Accrued expenses
Net liquidity gap
1.024.417.887.33
4
4.088.102.933
1.028.505.990.26
7
559.859.105.445
585.289.336.243
1.003.075.759.469
1.588.365.095.712
1.024.417.887.334
4.088.102.933
1.028.505.990.267
559.859.105.445
Transportation J.S.C
Petrovietnam Securities Incorporated Ho
Chi Minh branch
Petrovietnam NhonTrach 2 Power Joint
Stock Company
Petrovietnam Technical Service Joint Stock
Company
Sales
Petrovietnam Southern Gas Joint Stock
Company
CNG Vietnam Joint Stock Company
1,229,195,224
1,047,355,960
1,278,816,252
338,611,025
1,248,465,840
8,295,245,192
5,784,630,051
1,409,303,917
6,081,287,920
561,190,856
-
1,025,146,668
10,126,761,569
2,244,763,422
1,168,211,818
24,852,000
364,831,550
1,683,572,566
3,367,145,132
1,120,238,693
1,654,554,091
1,843,339,511
3,624,541,836
46,210,770,293
6,428,357,825
46,711,710
20,133,750
39,500,000
675,657,783,907
465,175,913,06
5
279,529,375,69
5
405,392,158,124
Financial Revenue
Petrovietnam
Trade
Union
Finance Investment Corporation
Petrovietnam Finance Corporation
Remuneration of Board of Directors
3,494,479,341
1,788,888,889
683,055,556
2,761,397,912
Main related party balances at the date of the balance sheet as follows:
Dec 31st 2013
Trade receivables
Petrovietnam Southern Gas Joint Stock 257,198,835,53
Corporation Joint Stock Company
8
CNG Vietnam Joint Stock Company
72,671,498,221
Other receivables
Petrovietnam
Trade
Union
Investment Corporation
Suppliers prepayment
PV Coating JSC (formerly
Investment & Construction JSC)
PV Construction JSC 2
Finance 1,652,845,785
PV
1,789,229,707
Gas 6,455,057,097
25,342,652,647
4,986,702,672
13,181,575,408
1,818,485,159
22,239,800
22,239,800
925,964,911
1,409,856,435
1,409,856,435
1,021,620,600
1,021,620,600
1,473,761,910,1
64
1,232,262,562
993,000,950,68
2
-
52,904,107
2,333,447,320
404,870,985
1,045,891,346
447,700,000
113,960,000
574,772,745
1,045,891,346
2,214,713
3,808,800,000
561,190,856
4,864,967,921
2,244,763,422
-
9,289,677,654
11,374,000,000
11,374,000,000
11,374,000,000
-
11,374,000,000
8,000,000,000
8,000,000,000
Transportation J.S.C
Trade payables
Petrovietnam Southern Gas Joint Stock
Corporation Joint Stock Company
Petrovietnam
Energy
Technological
Corporation Joint Stock Company
Vietnam
Petroleum
Safety
Services
Corporation
Cuu Long Petro Gas Transportation Joint
Stock Company
PetroVietnam
Security
Service
Corporation
Cuu
Long
Petrogas
Service
Transportation J.S.C
Petrovietnam Nhon Trach 2 Power Joint
Stock Company
Accrued Expense
Petrovietnam Southern Gas Joint Stock
Corporation Joint Stock Company
Petrovietnam Gas Services
PV Power PMC 2
PV Coating JSC (formerly PV Gas
Investment & Construction JSC)
Petrovietnam Construction JSC 2
Other payables
Petrovietnam Southern Gas Joint Stock
Corporation Joint Stock Company
- Equity Investment payable
Petrovietnam Southern Gas Joint Stock
Corporation Joint Stock Company
- Dividends payable
27. COMMITMENT:
Operating lease commitment:
On August 18th 2009, the Company had signed asset lease contract No.
120/2009/PV GAS D/D4 with Petrovietnam Southern Gas Corporation One
member Limited Company (now as Petrovietnam Southern Gas Corporation
Joint Stock Company), to lease low pressure gas system in the stage 2. The
monthly lease amount is 5.000.904.167 dong since August 14th 2008.
On December 1st 2011, the Company had signed Contract No.
314/H/PVGAS/DAD-PVG.D/D4 with Petrovietnam Southern Gas Corporation
Joint Stock Company to lease the office space in the building PVGas Tower
with lease term of 2 years since December 1 st 2011, monthly lease amount is
22.5 US Dollar/ m2
Purchase commitment:
According to the purchased gas contract No. 70/2012/PVGAS/HK-PVGAS
D/B1 on March 16th 2012, supplementary appendix No. 03 on February 26 th
2013 between Petrovietnam Southern Gas Corporation Joint Stock
Company and the Company, which is valid from January 1 st 2013 to
December 31st 2013. The purchased gas cost from Petrovietnam Southern
Gas Corporation Joint Stock Company applied in 2013 was from 11.6 billion
US Dollar/MMBTU to 10.55 billion US Dollar/MMBTU (The purchased gas cost
applied in year 2012 was from 7.5 billion US Dollar to 10.55 US Dollar. The
cost in the following years would be agreed again at the end of the financial
year.
Capital commitment:
On December 31st 2013, the Company had capital commitment related to
some basic construction investment which has not been finished yet/ is in
progress follows:
Dec 31st 2013
VND
Project of low pressure gas distribution 24,388,703,741
to industrial parks in Nhon Trach
district, Dong Nai province Stage 1
System
of
low
pressure
gas 5,276,049,958
distribution in Hiep Phuoc industrial
park.
Operating office of the Company in 6,600,896,284
Vung Tau city
Project of gas supply in Steel Billet Factory
Steel
Pomina
Steel
Corporation
Project of gas supply system to Nha 144,571,099
Be Steel Joint Stock Company
(Signed)
Nguyen Phuong Thuy
Chief Accountant