monthly report june 2010
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Monthly Report June 2010Accounting、 Finance、 Investment
contents
ActivitiesActivities
Market WatchMarket Watch
Financial ResultsFinancial Results
PlansPlans
2
Accounting
ActivitiesActivities
3
Alerting Marketing to the budget deficiency of Financing bonusAlerting Marketing to the budget deficiency of Financing bonus
The Budget PerformanceThe Budget Performance
Launching the program to all staffLaunching the program to all staff
Innovation & IncentiveInnovation & Incentive
Discussing on the investment income’s allocatingDiscussing on the investment income’s allocating
Profit Center ProjectProfit Center Project
Finance
ActivitiesActivities
4
VAT, CIT, Withholding tax, etc.VAT, CIT, Withholding tax, etc.
Monthly Tax ReportsMonthly Tax Reports
Update and revise legal compliance for the first half year 2010Update and revise legal compliance for the first half year 2010
Legal ComplianceLegal Compliance
1. Control amount/period of time deposits
2. Seek possibility to earn higher interest rate
1. Control amount/period of time deposits
2. Seek possibility to earn higher interest rate
Investment
ActivitiesActivities
Enhance Cash YieldEnhance Cash Yield
1. Update market value/accrued interest periodically
2. Seek opportunity to invest in other bonds
1. Update market value/accrued interest periodically
2. Seek opportunity to invest in other bonds
Bonds ManagementBonds Management
1. Follow up the evolution of financial market
2. Seek opportunity to create other asset class
1. Follow up the evolution of financial market
2. Seek opportunity to create other asset class
Market Watch/ResearchMarket Watch/Research
5
Financial Market in May/June
Market WatchMarket Watch
VietnamQ1 GDP: 5.8%CPI May/Apl: 9.1/9.2% Ho Chi Minh: 1.44%
TaiwanQ1 GDP: 13.3%CPI May/Apl: 0.7/1.3% TWSE: 3.55%
Euro AreaQ1 GDP: 0.6%CPI May/Apl: 1.6/1.5% German Dax: 5.51%
ChinaQ1 GDP: 11.9% CPI May/Apl: 3.1/2.8% Shanghai: -0.23%
Risk hiked up in May, mainly due to the Greece crisis and Korean conflict, but calm down a little bit in June.
USQ1 GDP: 3.0%CPI May/Apl: 0.9/0.9%Dow Jones: 3.02%
6
10
20
30
40
50
7 8 9 101112 1 2 3 4 5 62009 2010
VIX
Note 1: Stock market return calculated from 31/5 to 21/6.Note 2: VIX is a proxy for market volatility (risk).
Interest Rate
Market WatchMarket Watch
De. 3M 6 M 12 M
SOCBs
VND 2.7 11.3 11.5 11.5
USD 0.3 1.0 1.0 1.0
JSCBs
VND 3.3 11.4 11.5 11.5
USD 0.4 1.0 1.0 1.0
Market Rate (on June 22th)Market Rate (on June 22th)Policy RatePolicy Rate
Majority of banks have set the cap on deposit rate at 11.5%, except for some small JSCBs.
0
4
8
12
16
04 05 06 07 08 09 10
0
4
8
12
16
1200bps
775bps
VN Base Rate
Fed Fund Target Rate
% %
7
Note: Up to June 2010. Note: Rate for enterprises.
16500
17500
18500
19500
20500
01/09 05/09 09/09 01/10 05/10
430
480
530
580
630
Exchange Rate
Market WatchMarket Watch
USDVND(L)
TWDVND(R)
VND is still under pressure of depreciating, while the gap between banks and the black market is almost 0.
Market Rate (on June 22th)Market Rate (on June 22th)USDVND & USDTWDUSDVND & USDTWD
18544
18990
18990
8
Note: Up to June 22th. Note: Rate for enterprises.
Profit and Loss
Financial ResultsFinancial Results
9
Feb Mar Apr May YTD
Revenues 16,325 15,986 16,803 16,223 80,851
Expenses 13,961 18,223 18,307 19,125 86,124
Profit 2,364 (2,236) (1,504) (2,902) (5,273)
Budget 2010 (1,941) (1,957) (1,916) (1,375) (8,019)
Actual / Budget 2010 up to 66% this year to dateActual / Budget 2010 up to 66% this year to date
YTD May 2010 Results (million VND)YTD May 2010 Results (million VND)
Note: For profits.
76
78
80
82
84
86
88
Revenues Expenses
12
14
16
18
20
Feb Mar Apr May
Profit and Loss
Financial ResultsFinancial Results
10
Revenues & ExpensesRevenues & Expenses Year to Date ResultYear to Date Result
Revenues
Expenses
billion VND billion VND
From monthly or from YTD aspect, expenses is kind of high, but the profit is better than expected .
Gross Premium
Financial ResultsFinancial Results
11
Feb Mar Apr May YTD
Actual 2010 3,596 4,988 6,200 5,489 24,737
Budget 2010 5,881 7,215 7,419 8,063 35,284
Actual 2009 7,088 2,296 3,056 2,394 17,579
Actual 2010 / 2009 up to 141% this year to dateActual 2010 / 2009 up to 141% this year to date
Gross Premium (million VND)Gross Premium (million VND)
Actual / Budget 2010 up to 70% this year to dateActual / Budget 2010 up to 70% this year to date
Sales Expenses
Financial ResultsFinancial Results
12
Feb Mar Apr May YTD
Actual 2010 2,904 4,698 5,125 5,709 22,534
Budget 2010 3,957 4,765 4,395 4,165 21,096
Actual 2009 3,265 1,326 4,127 3,105 14,283
Actual 2010 / 2009 up to 158% this year to dateActual 2010 / 2009 up to 158% this year to date
Sales Expenses (million VND)Sales Expenses (million VND)
Actual / Budget 2010 up to 107% this year to dateActual / Budget 2010 up to 107% this year to date
3
5
7
9
Feb Mar Apr May
1
3
5
7
Feb Mar Apr May
0
1
2
3
4
5
6
7
Feb Mar Apr May
Premium and Sales Expenses
Financial ResultsFinancial Results
13
Gross PremiumGross Premium Premium and Sales ExpensesPremium and Sales Expenses
Premium
Sale Expenses
billion VND
Sales expenses hit the budget, whereas premium is less than expected.
Sale ExpensesSale Expenses
Budget
Actual
Actual
Budget
billion VND
billion VND
Accounting
PlansPlans
14
Working with auditors (Earns & Young) on related mattersWorking with auditors (Earns & Young) on related matters
Audit ConductedAudit Conducted
Following up and update to BOD the staff contributionsFollowing up and update to BOD the staff contributions
Innovation & IncentiveInnovation & Incentive
Set up the accounting processSet up the accounting process
Universal Life ProductUniversal Life Product
Finance
PlansPlans
15
Revise internal procedures about cash managementRevise internal procedures about cash management
Internal Audit follow-upInternal Audit follow-up
1. Cooperate with IT2. Generating cash reports, detail in monitoring
cash term deposits
1. Cooperate with IT2. Generating cash reports, detail in monitoring
cash term deposits
Enhance Finance SystemEnhance Finance System
Survey bank services due to demand of business developmentSurvey bank services due to demand of business development
Bank SurveyBank Survey
Investment
PlansPlans
To finding new counterparties for time deposits:1.Risk assessment report 2.Approval to headquarter
To finding new counterparties for time deposits:1.Risk assessment report 2.Approval to headquarter
Enhance Cash YieldEnhance Cash Yield
1. Seek opportunity to invest in all kind of asset class
2. Keep in contact with market players
1. Seek opportunity to invest in all kind of asset class
2. Keep in contact with market players
Portfolio ManagementPortfolio Management
1. Keep Following up financial market
2. Monthly topic presentation about investment issue
1. Keep Following up financial market
2. Monthly topic presentation about investment issue
Market Watch/ResearchMarket Watch/Research
16
THANK YOU
17
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