bckt hop nhat 2009 tra eng
TRANSCRIPT
-
8/8/2019 bckt hop nhat 2009 tra eng
1/27
TRAPHACO JOINT STOCK COMPANYAudited Consolidated Financial Statements
for the year ended 31 December 2009
-
8/8/2019 bckt hop nhat 2009 tra eng
2/27
TRAPHACO JOINT STOCK COMPANY
75 Yen Ninh - Ba Dinh - Hanoi
CONTENTS
Pages
Report of The Board of Directors 02 - 04
Auditors Report 05
Audited Consolidated Financial Statements 06 - 26
Balance Sheet 06 - 08
Income Statement 09
Cash Flow Statement 10
Notes to the Financial Statements 11 - 26
1
-
8/8/2019 bckt hop nhat 2009 tra eng
3/27
TRAPHACO JOINT STOCK COMPANY
75 Yen Ninh - Ba Dinh - Hanoi
COMPANY
-
-
-
-
-
-
-
-
-
Name Address
-
-
-
Name Address
- Sapa town - Sapa district - Lao Cai province
Company's Legal capital: VND 101,981,500,000 (One hundred and one billion, ninety hundred eighty one million and
five hundred thousand Vietnamese Dongs). Equivalent to 10,198,150 shares with the price of VND 10,000 per share.
Manufacturing and trading Pharmaceutical, chemicals and medical equipment;
Making up a prescription;
Manufacturing, trading food;
Consulting on producing pharmaceutical, cosmetics;
Manufacturing, trading cosmetics;
The Board of Directors of Traphaco Joint Stock Company (the company) presents its report and the Companys
Consolidated financial statementsfor the year ended 31 December 2009.
Traphaco Joint Stock Company is a joint stock company which was transformed from State-owned Company into Joint-
Stock Company under Decision No. 2566/1999/QDD-BGTVT dated 27 September 1999 of Mister of Transport.
Company's transaction name is Traphaco Joint Stock Company.
Under Business License No 058437 issued by Hanoi office for Planning and Investment dated 24 December 1999 (the
11th amended on 14 December 2009), the Companys business fields are:
Purchasing, cultivating, processing medicinal herbs;
REPORT OF THE BOARD OF DIRECTORS
Producing, sales of wine, beer, soft drinks (not including business in bars).
Import and export raw materials for drugs and drug products;
Consulting on Science and Technology services, Technology transfer in the field of medicine and pharmacy;
The companys head office is located at 75 Yen Ninh - Ba Dinh - Hanoi.
The Companys member entities are as follows:
Hochiminh Branch Road No. 3/2, District No. 10 - Hochiminh City
Da Nang Branch No. 255 Ton Duc Thang - Lien Chieu District - Da
Nang city
The Company's subsidiaries are as follows:
Nam Dinh Branch Truong Han Sieu Road, Hoa Vuong urban area,
Nam Dinh city, Nam Dinh province.
Traphacosapa One Member Limited Company
2
-
8/8/2019 bckt hop nhat 2009 tra eng
4/27
TRAPHACO JOINT STOCK COMPANY
75 Yen Ninh - Ba Dinh - Hanoi
BOARD OF MANAGEMENT, BOARD OF DIRECTORS AND BOARD OF CONTROLLERS
The members of the Board of Management are:
Ms. Vu Thi Thuan Chairman
Ms. Nguyen Thi Mui Vice ChairmanMr. Nguyen Huy Van Member
Mr. Tran Tuc Ma Member
Ms. Hoang Thi Ruoc Member
The members of the Board of Directors are:
Ms. Vu Thi Thuan Genaral Director
Ms. Nguyen Thi Mui Deputy Genaral Director
Ms. Pham Thi Phuong Deputy Genaral Director
Mr. Nguyen Huy Van Deputy Genaral Director
Mr. Tran Tuc Ma Deputy Genaral Director
The members of the Board of Controllers are:
Mr. Nguyen Tat Van Head of Control Department
Ms. Nguyen Thi Kim Hoa Member
Ms. Nguyen Thi Hau Member
AUDITORS
-
-
-
-
-
Prepare the financial statements on the basis of compliance with accounting standards and system and other related
regulations;
Prepare the financial statements on going concern basis unless it is inappropriate to presume that the Company will
continue in business.
STATEMENT OF THE BOARD OF DIRECTORS RESPONSIBILITY IN RESPECT OF THE
CONSOLIDATED FINANCIAL STATEMENTS
State whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements; and
The auditors of Auditing and Accounting Financial Consultancy Service Company Limited (AASC) take the audit of
financial statements for the Company.
The Board of Directors is responsible for the Consolidated financial statements of each financial year which give a true
and fair view of the state of affairs of the Company and of its operation results and cash flows for the year. In preparing
those financial statements, The Board of Directors is required to:
Select suitable accounting policies and then apply them consistently;
Make judgments and estimates that are reasonable and prudent;
The Board of Directors is responsible for ensuring that proper accounting records are kept which disclosed, with
reasonable accuracy at any time, the financial position of Company and to ensure that the accounting records comply
with the registered accounting system. It is responsible for safeguarding the assets of the Company and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
3
-
8/8/2019 bckt hop nhat 2009 tra eng
5/27
TRAPHACO JOINT STOCK COMPANY
75 Yen Ninh - Ba Dinh - Hanoi
Other commitments
Hanoi, 25 January 2010
On behalf of The Board of Directors
Genaral Director
Vu Thi Thuan
The Board of Directorspledges that the company does not offend obligation of information disclosure under regulation
in Circular No.38/2007/ND-CP dated 18 April 2007 issued by Ministry of Finance guiding disclosure of information on
Securities Market.
We, The Board of Directors, confirm that the consolidated financial statements for the year ended 31 December 2009
prepared by us, give a true and fair view of the financial position at 31 December 2009, its operation results and cash
flows in the year 2009 of Company accordance with the Vietnamese Accounting System and comply with relevant
statutory requirements.
4
-
8/8/2019 bckt hop nhat 2009 tra eng
6/27
a
a
a
a
a
No.: /2010/BC.KTTC-AASC.KT2
To: The Board of Management and The Board of Directors
Traphaco Joint Stock Company
Basis of opinion
Auditors opinion
Hanoi, 02 March 2010
Auditing and Accounting Financial Consultancy
Service Company Limited (AASC)
Deputy Genaral Director Auditor
Nguyen Thanh Tung Vu Xuan Bien
Registered Auditor No : 0063/KTV Registered Auditor No : 0743/KTV
AUDITORS REPORT
On the consolidated financial statements for the year ended 31 December 2009
of Traphaco Joint Stock Company
We have audited the consolidated financial statements of Traphaco Joint Stock Company prepared on 25
January 2010 including: Balance Sheet as at 31 December 2009, Income Statement, Cash Flow Statement and
Notes to Financial Statements for the year ended 31 December 2009 as set out on pages 06 to 26.
These financial statements are the responsibility of the Companys Boad of Directors. Our responsibility is toexpress an opinion on these financial statements based on our audit.
We conducted our audit in accordance with Vietnamese and International standards on Auditing. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
compliance with current accounting standards and system and the accounting principles used and significant
estimates made by Boad of Directors, as well as evaluating the overall financial statements presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, the Consolidated Financial Statements of Traphaco Joint Stock Company give a true and fair
view, in all material respects, of the financial position of the Company as at 31 December 2009, and of the
results of its operations and its cash flows for the year then ended in accordance with the Vietnamese
Accounting Standards and system and comply with relevant statutory requirements.
5
-
8/8/2019 bckt hop nhat 2009 tra eng
7/27
TRAPHACO JOINT STOCK COMPANY Consolidated Financial Statements
75 Yen Ninh - Ba Dinh - Hanoi for the year ended 31/12/2009
ASSETS Note 31/12/2009 01/01/2009VND VND
100 A CURRENT ASSETS 341,632,940,979 303,875,667,943
110 I Cash and cash equivalents 5,433,848,068 10,176,464,217
111 1 Cash 3 5,433,848,068 10,176,464,217
120 II Short-term investments 4 567,000,000 17,979,000,000
121 1 Short-term investments 567,000,000 17,979,000,000
130 III Short-term accounts receivable 214,450,965,933 125,238,881,707
131 1 Trade receivables 195,362,720,322 115,851,478,910
132 2 Advances to suppliers 19,928,466,029 8,995,485,978
135 5 Other receivables 5 952,046,187 2,446,307,621
139 6 Provisions for short-term bad debts (*) (1,792,266,605) (2,054,390,802)
140 IV Inventory 117,964,375,418 147,374,323,214
141 1 Inventory 6 117,964,375,418 147,374,323,214
150 V Other current assets 3,216,751,560 3,106,998,805
152 2 VAT deductibles 912,747,483 489,100,420
158 4 Other current assets 2,304,004,077 2,617,898,385
200 B NON- CURRENT ASSETS 64,519,024,042 55,443,872,102
220 II Fixed assets 59,686,632,638 51,463,788,652221 1 Tangible fixed assets 7 43,011,342,405 35,207,972,145
222 - Cost 107,005,421,817 90,501,419,809
223 - Accumulated depreciation (*) (63,994,079,412) (55,293,447,664)
227 3 Intangible fixed assets 8 15,322,132,165 12,764,332,165
228 - Cost 15,322,132,165 12,764,332,165
229 - Accumulated amortization (*) - -
230 4 Construction in progress 9 1,353,158,068 3,491,484,342
250 IV Long-term investments 10 2,250,000,000 3,925,000,000
252 2 Investments in joint-ventures, associates - 1,675,000,000
258 3 Other long-term investments 2,250,000,000 2,250,000,000
260 V Other long-term assets 2,582,391,404 55,083,450
261 1 Long-term prepaid expenses 11 1,037,533,963 -
262 2 Deferred tax assets 16 117,016,342 -
268 3 Other long-term assets 51,647,950 55,083,450
269 VI GOODWILL 1,376,193,149 -
270 C TOTAL ASSETS 406,151,965,021 359,319,540,045
CONSOLIDATED BALANCE SHEETAs at 31 December 2009
Code
6
-
8/8/2019 bckt hop nhat 2009 tra eng
8/27
TRAPHACO JOINT STOCK COMPANY Consolidated Financial Statements
75 Yen Ninh - Ba Dinh - Hanoi for the year ended 31/12/2009
RESOURCE Note 31/12/2009 01/01/2009VND VND
300 A LIABILITIES 142,073,906,846 101,920,924,930
310 I Current liabilities 138,366,085,438 98,264,962,144
311 1 Short-term loans and debts 12 57,641,177,489 25,242,998,187
312 2 Trade payables 26,986,122,350 48,147,285,280
313 3 Advances from customers 601,842,491 913,763,336
314 4 Tax payables and statutory obligations 13 15,885,064,778 11,925,684,495
315 5 Payables to employees 11,198,182,269 2,792,357,498
316 6 Accrued expenses 14 1,502,795,766 258,833,890
319 9 Other payables 15 24,550,900,295 8,984,039,458
330 II Long-term liabilities 3,707,821,408 3,655,962,786
336 6 Provision for unemployment allowances 3,707,821,408 3,655,962,786
400 B OWNERS EQUITY 264,078,058,175 257,398,615,115
410 I Equity 17 259,176,886,996 252,597,691,351
411 1 Contributed legal capital 101,981,500,000 80,000,000,000
412 2 Share captial surplus 92,063,700,000 112,460,000,000
414 4 Treasury stocks (*) (2,520,000) -
416 6 Foreign exchange differences (407,499,441) -
417 7 Invesment and development fund 54,907,930,557 51,509,961,947
418 8 Financial reserve fund 11,202,531,576 8,627,729,404
420 10 Retained profit (568,755,696) -
430 II Other capital and funds 4,901,171,179 4,800,923,764
431 1 Bonus and welfare fund 5,123,316,839 4,967,619,424
432 2 Subsidized not-for-profit funds 18 (222,145,660) (166,695,660)
439 C MINORITY INTEREST - -
440 C TOTAL RESOURCE 406,151,965,021 359,319,540,045
(continue)
As at 31 December 2009
Code
CONSOLIDATED BALANCE SHEET
7
-
8/8/2019 bckt hop nhat 2009 tra eng
9/27
TRAPHACO JOINT STOCK COMPANY Consolidated Financial Statements
75 Yen Ninh - Ba Dinh - Hanoi for the year ended 31/12/2009
Unit: VND
Item Note 31/12/2009 01/01/2009
5 Foreign currencies - -
- USD 3,139.29 6,466.82
Prepared, 25 January 2010
Prepared by Chief Accountant Genaral Director
Nguyen Ngoc Thuy Dinh Trung Kien Vu Thi Thuan
OFF-BALANCE SHEET ACCOUNTS
8
-
8/8/2019 bckt hop nhat 2009 tra eng
10/27
TRAPHACO JOINT STOCK COMPANY Consolidated Financial Statements
75 Yen Ninh - Ba Dinh - Hanoi for the year ended 31/12/2009
Note Year 2009 Year 2008
VND VND
01 1 Revenue from sale of goods and rendering of
services 19 753,766,984,836 785,388,835,470
02 2 Deductible items 6,725,899,684 5,205,801,832
10 3 Net revenue from sale of goods and rendering
of services 747,041,085,152 780,183,033,638
11 4 Cost of goods sold 20 531,919,771,171 618,890,990,912
20 5 Gross profit from sale of goods and rendering
of services 215,121,313,981 161,292,042,726
21 6 Revenue from financial activities 21 4,637,720,698 5,588,999,458
22 7 Financial expenses 22 6,793,842,404 4,432,974,633
23 In which: Interest payable 4,619,625,653 3,750,061,772
24 8 Selling expenses 99,426,062,384 71,986,868,831
25 9 Administrative expenses 39,046,083,826 31,291,566,476
30 10 Net profit from operating activities 74,493,046,065 59,169,632,244
31 11 Other income 682,158,597 58,113,400
32 12 Other expense 5,618,209,988 432,157,194
40 13 Other profit (4,936,051,391) (374,043,794)
50 14 Total profit before tax 69,556,994,674 58,795,588,450
51 15 Current business income tax expenses 23 18,626,847,235 12,757,211,817
52 16 Deferred business income tax expenses 16 (117,016,342) -
60 17 Profit after tax 51,047,163,781 46,038,376,633
70 18 Basic earnings per share 24 6,231 5,755
Prepared, 25 January 2010
Prepared by Chief Accountant Genaral Director
Nguyen Ngoc Thuy Dinh Trung Kien Vu Thi Thuan
Item
CONSOLIDATED INCOME STATEMENTYear 2009
Code
9
-
8/8/2019 bckt hop nhat 2009 tra eng
11/27
TRAPHACO JOINT STOCK COMPANY Consolidated Financial Statements
75 Yen Ninh - Ba Dinh - Hanoi for the year ended 31/12/2009
Note Year 2009 Year 2008
VND VND
I Cash flows from operating activities
01 1 Revenue from sale of goods and rendering
services and other revenue
744,871,239,452 655,877,062,327
02 2 Cash paid to suppliers (667,120,049,298) (563,272,012,664)
03 3 Cash paid to employees (52,295,779,564) (50,824,173,730)
04 4 Interest paid (4,592,013,273) (3,750,061,772)
05 5 Enterprise income tax paid (15,447,106,815) (9,384,801,482)
06 6 Other receipts from operating activities 6,527,780,784 2,415,437,240
07 7 Other expenses on operating activities (48,617,335,778) (43,998,903,231)
20 Net cash flows from operating activities (36,673,264,492) (12,937,453,312)
II Cash flow from investing activities
21 1 Purchase of fixed assets and other long-term
assets
(6,538,674,589) (4,668,857,566)
22 2 Proceeds from disposals of fixed assets and other
long-term assets
215,000,000 40,000,000
23 3 Loans to other entities and purchase of debt
instruments of other entities
(2,660,000,000) (15,000,000,000)
24 4 Repayment from borrowers and proceeds from
sales of debt instruments of other entities
20,501,500,000 -
27 7 Interest, dividends and profit received 4,534,632,630 4,157,668,805
30 Net cash flows from investing activities 16,052,458,041 (15,471,188,761)
III Cash flows from financing activities
32 2 Fund returned to equity owners, issued stock
redemption
(2,520,000) -
33 3 Long-term and short-term borrowings received 86,278,056,712 10,552,000,000
34 4 Loan repayment (53,879,877,410) (80,214,400,001)
36 6 Dividends, profit paid to equity owners (16,517,469,000) (15,679,401,600)
40 Net cash flows from financing activities 15,878,190,302 (85,341,801,601)
50 Net cash flows within the period (4,742,616,149) (113,750,443,674)
60 Cash and cash equivalents at the beginning of 10,176,464,217 123,921,091,009
61 Impact of foreign exchange fluctuation - 5,816,882
70 Cash and cash equivalents at the end of year 3 5,433,848,068 10,176,464,217
Prepared, 25 January 2010
Prepared by Chief Accountant Genaral Director
Nguyen Ngoc Thuy Dinh Trung Kien Vu Thi Thuan
Year 2009
Code Item
CONSOLIDATED CASH FLOWS STATEMENT(Under direct method)
10
-
8/8/2019 bckt hop nhat 2009 tra eng
12/27
TRAPHACO JOINT STOCK COMPANY Consolidated Financial Statements
75 Yen Ninh - Ba Dinh - Hanoi for the year ended 31/12/2009
1 . BACKGROUND
The form of owner's equity
Name Address
-
-
-
The Company's subsidiaries are as follows:
-
The Company's head office is located at Sapa town - Sapa district - Lao Cai Province
Percentage of benefit: 100%
Percentage of rights to vote: 100%
Principal activities
Business field
-
-
-
-
-
-
Under Business License No 058437 issued by Hanoi office for Planning and Investment dated 24 December 1999
(the 11th amended on 14 December 2009), the Companys business fields are:
Purchasing, cultivating, processing medicinal herbs;
Manufacturing and trading Pharmaceutical, chemicals and medical equipment;
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSYear 2009
Traphaco Joint Stock Company is a joint stock company which was transformed from State-owned Company into
Joint- Stock Company under Decision No. 2566/1999/QDD-BGTVT dated 27 September 1999 of Mister of
Transport.
The companys head office is located at 75 Yen Ninh - Ba Dinh - Hanoi.
The Companys member entities are as follows:
Hochiminh Branch Road No. 3/2, District No. 10 - Hochiminh City
Da Nang Branch No. 255 Ton Duc Thang - Lien Chieu District - Da
Nang city
Making up a prescription;
Traphacosapa One Member Co., Ltd
Nam Dinh Branch Truong Han Sieu Road, Hoa Vuong urban area,Nam Dinh city, Nam Dinh province.
Traphacosapa One Member Limited Company officially became Subsidiary of Traphaco Joint Stock Company on
24 June 2009.
The main activities of Traphacosapa One Member Limited Company are:
- Cultivating and processing medicinal, agricultural and forest products and food;
- Producing, trading pharmaceutical products, medicinal herbs, food;
- Receiving, transferring technology cultivation, processing, manufacturing medicinal;
- Import and export pharmaceutical materials, raw materials for producing of medicines;
- Import and export of agricultural and forest products, chemicals;
- Producing and trading of wine, beer, soft drinks, cosmetics.
Consulting on producing pharmaceutical, cosmetics;
Import and export raw materials for drugs and drug products;
Manufacturing, trading cosmetics;
Principal activities of the Company are: Pharmaceutical field.
11
-
8/8/2019 bckt hop nhat 2009 tra eng
13/27
TRAPHACO JOINT STOCK COMPANY Consolidated Financial Statements
75 Yen Ninh - Ba Dinh - Hanoi for the year ended 31/12/2009
-
-
-
2 . ACCOUNTING SYSTEM AND ACCOUNTING POLICY
The Company maintains its accounting records in VND.
Accounting Standards and Accounting system
Accounting System
Announcement on compliance with Vietnamese standards and accounting system
Form of accounting record
Basis for consolidation of financial statements
Annual accounting period commences from 1st January and ends on 31st December.
The company applies Enterprise Accounting System issued under Decision No.15/2006/Q-BTC dated 20
March, 2006 by Minister of Finance.
The company applies Vietnamese Accounting Standards and supplement documents issued by the State. Financialstatements are prepared in accordance with regulations of each standard and supplement documents as well as
with current accounting system.
Manufacturing, trading food;
Consulting on Science and Technology services, Technology transfer in the field of medicine and pharmacy;
Producing, sales of wine, beer, soft drinks (not including business in bars).
The company is applying accounting record by General Journal.
Operation results of subsidiaries which were purchased or liquidated in the period are presented on consolidated
financial statements since the purchasing or liquidated dates.
Consolidated financial statements are prepared based upon consolidating separate financial statements of the
Company and subsidiaries under its control as at 31 December annually. Control rights is in practice when the
company has power to govern the financial and operating policies of invested companies to obtain benefits from
their activities.
Financial statements of subsidiaries are prepared for the same fiscal year with that of parent companies. If
necessary, financial statements of subisidaries may be adjusted to ensure the consistence between accounting
policies applied at the company and its subsidiaries.
Balance, main income and expense, including unrealized profits from intra-group transactions are eliminated in
full from consolidated financial statements.
Minority interest reflecting profits or losses and net assets which are not held by shareholders of the company will
be presented in a separate item on consolidated balance sheet and consolidated income statement.
Goodwill
Goodwill presented on consolidated financial statements is the surplus between its purchase cost and benefit of
the company in total fair value of assets, liabilities and contingent liabilities of subsidiaries, associates or joint
ventures at the investment date. Goodwill is treated as intangible fixed assets, amortized under straight-line basis
with estimated useful life not beyond 10 years.
When selling subsidiaries, associates and joint ventures, the carrying amount of goodwill which is not fully
amortised is accounted into profit/loss of the selling transaction.
12
-
8/8/2019 bckt hop nhat 2009 tra eng
14/27
TRAPHACO JOINT STOCK COMPANY Consolidated Financial Statements
75 Yen Ninh - Ba Dinh - Hanoi for the year ended 31/12/2009
Recognition of cash and cash equivalents
Recognition of Provision for bad debts
Recognition of inventory
Recognition and depreciation of fixed assets
- Buildings 15 - 25 year
- Machinery, equipment 03 - 07 year
- Transportation equipment 05 - 08 year
- Office equipment and furniture 03 - 06 year
- Other properties 05 - 15 year
Recognition of financial investment
-
-
- Having maturity over than 1 year/1 operating cycle are recognised as long-term assets.
Having maturity less than 1 year/1 operating cycle are recognised as short-term assets;
Provisions for inventories obsolescence made at the end of the year are the excess of original cost of inventory
over their net realizable value.
Fixed assets (tangible and intangible) are stated at the historical cost. During the using time, fixed assets (tangible
and intangible) are recorded at cost, accumulated depreciation (armotisation) and net book value.
The cost of finance lease fixed assets is recognised at fair value or present value of the minimum lease payments
(excluded value added tax) and initial cost directly attributable to finance lease fixed assets. During the using
time, finance lease fixed assets are recorded at cost, accumulated depreciation and net book value.
Depreciation is provided on a straight-line basis. Annual rates calculated to write off the cost of each asset evenly
over its expected useful life as follows:
Securities investment at the balance sheet date, if:
Having maturity not over than 3 months from the date of acquisition are recognised as cash equivalents;
The provision for bad debts has been made for receivables that were outstanding for 6 months and over from the
balance sheet date or were difficult to be paid due to the debtors were in liquidation, insolvency or other similar
difficulties.
Inventories are stated at original cost. Where the net realizable value is lower than cost, inventories should be
measured at the net realizable value. The cost of inventories should comprise all costs of purchase, costs of
conversion and other costs incurred in bringing the inventories to their present location and condition.
Investments in subsidiaries over which the Company has control are stated at original cost. Distributions from
accumulated net profits from subsidiaries arising subsequent to the date of acquisition are recognized in theIncome Statement. Other distributions received (in excess of such profits) are considered a recovery of investment
and are deducted to the cost of the investment.
Inventory is recorded by perpetual method.
Cash and cash equivalents comprise cash on hand, cash in banks and short term, highly liquid investment with an
original maturity of three months or less since the date of financial statements which are readily convertible into
known amounts of cash without notice.
The cost of inventory at the year-end is calculated by weighted average method.
13
-
8/8/2019 bckt hop nhat 2009 tra eng
15/27
TRAPHACO JOINT STOCK COMPANY Consolidated Financial Statements
75 Yen Ninh - Ba Dinh - Hanoi for the year ended 31/12/2009
Recognition and capitalization of borrowing costs
Recognition and allocation of prepaid expenses
-
-
-
Recognition of accrued expenses
Recognition of provision
Recognition of owners equity
Premium reserve is recorded by the difference (over/under) between the selling price and the par value of treasury
stocks when stocks are firstly or additionally issued or reissued.
Exchange difference on Balance sheet is the dfference revaluating foreign currency monetary items and short-
term liabilities at the ended term.
Owners equity is stated at actually contributed capital of owners.
Substantial expenditure on fixed asset overhaul.
The calculation and allocation of long-term prepaid expenses to profit and loss account in the period should be
based on nature of those expenses to choose reasonable method and allocated factors. Prepaid expenses are
allocated partly into operating expenses on a straight-line basis.
Expenses not yet occurred may be charged in advance into production and operating costs in order to ensure
when these expenses arise, they do not make material influence on production and operating costs on the basis of
suitability between revenue and cost. When these expenses arise, if there is any difference with the amount
charged, accountants additionally record or make decrease to cost equivalent to the difference.
Provisions for devaluation of investments are made based on the excess of original cost in accounting books over
their market value at year-end.
Borrowing costs are recognized into operating costs during the period, except for which directly attributable tothe acquisition, construction or production of a qualifying asset included (capitalized) in the cost of that asset,
when gather sufficient conditions as regulated in SAV No. 16 Borrowing costs.
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset
should be included (capitalized) in the cost of that asset, includes interest on borrowings, amortization of
discounts or premiums relating to issuing bonds and ancillary costs incurred in connection with the arrangement
of borrowings.
Value of a provision is a reasonable estimate of an amount used to settle present liabilities at the balance sheet
date.
Only expenditures that relate to the original provision are set against it.
Prepaid expenses only related to present fiscal year are recognised as short-term prepaid expenses and are
allocated into operating costs.
The following types of expenses incurred during the year are recorded as long-term prepaid expenses, and areamortised to the income statement in several years:
Test run and trial production costs;
Tools and consumables with large value issued into production;
In case provision set for the previous period but not used up exceeds the one set for the current period, the
difference is recorded as decrease in production and operation expenditures. This method is not applied forprovision for warranty of construction work that is recorded into other income.
14
-
8/8/2019 bckt hop nhat 2009 tra eng
16/27
TRAPHACO JOINT STOCK COMPANY Consolidated Financial Statements
75 Yen Ninh - Ba Dinh - Hanoi for the year ended 31/12/2009
Foreign currency transactions
Principles and method of recording revenue
Revenue from sale of goods
-
-
-
-
-
Revenue from rendering of services
-
-
-
-
Financial income
-
-
Income from interest, royalties and dividends and other financial income earned by the Company should be
recognised when these two conditions are satisfied:
It is probable that the economic benefits associated with the transaction will flow to the Company;
The amount of the income can be measured reliably.
Dividends should be recognised when the Companys right to receive payment is established
It is probable that the economic benefits associated with the transaction will flow to the Company;
The stage of completion of the transaction at the balance sheet date can be measured reliably;
The costs incurred for the transaction and the costs to complete the transaction can be measured reliably.
The stage of completion of a transaction may be determined by surveys of work completed method
The economic benefits associated with the transaction of goods sold have flown or will flow to the Company;
The costs incurred or to be incurred in respect of the transaction of goods sold can be measured reliably.
Revenue from rendering of services is recognised when the outcome of that transaction can be measured reliably.
Where a transaction involving the rendering of services is attributable to several periods, eachperiods revenue
should be recognised by reference to the stage of completion at the balance sheet date. The outcome of a
transaction can be estimated reliably when all the following conditions are satisfied:
The amount of revenue can be measured reliably;
The Company retains neither continuing managerial involvement as a neither owner nor effective control over
the goods sold;
The amount of revenue can be measured reliably;
Dividends to be paid to shareholders are recognised as a payable in Balance sheet after declaration from the
Board of management.
Net profit after tax is available for appropriation to investors after approval by Board of Management and after
making appropriation to financial reserve funds and other funds in accordance with the Companys Charter andVietnamese regulatory requirements.
Undistributed earnings is the profit of business operations after deduction (-) regulated items due to applying a
change in accounting retrospectively or to make a retrospective restatement to correct materiality in previous year.
Revenue from sale of goods should be recognised when all the following conditions have been satisfied:
The significant risks and rewards of ownership of the goods have been transferred to the buyer;
Transactions in currencies other than accounting unit of the Company (VND/USD) are recorded at the rate of
exchange ruling at the dates of transactions (or at the inter-bank exchange rate). Monetary assets denominated in
foreign currencies are revalued at the inter-bank exchange rate issued by the State Bank of Vietnam at the balance
sheet date. All exchange differences arising on settlement will be recorded into the financial income or expense in
the fiscal year.
15
-
8/8/2019 bckt hop nhat 2009 tra eng
17/27
TRAPHACO JOINT STOCK COMPANY Consolidated Financial Statements
75 Yen Ninh - Ba Dinh - Hanoi for the year ended 31/12/2009
Revenue from construction contract
Recognition of financial expenses
-
-
-
-
Principles and method of recording tax
Current tax
Deferred income tax
Loss due to foreign exchange differences arising from transactions relating to foreign currencies;
Provision for devaluation of securities investment.
The above items are recorded by the total amount arising within the period without compensation to financial
revenue.
Revenue is recognised based on completed stage of construction contract, completed stage is measured by
reference to actual expenses of completed work incurred to date as a percentage of total estimated expenses for
each contract.
Items recorded into financial expenses consist of:
Expenses or losses relating to financial investment activities;
Expenses of capital lending and borrowing;
Deferred tax is provided using the balance sheet liability method on temporary differences at the balance sheet
date between the tax base of assets and liabilities and their carrying amount for financial reporting purpose.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the year when
the asset realised or the liability is settled based on tax rates and tax laws that have been enacted at the balance
sheet date.
Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be
recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are
those that are enacted by the balance sheet date.
Change in accounting policy in the year
From 2009, Exchange differences arising on revaluation monetary assets and short-term debts denominated in
foreign currencies at the year end will be recorded to Account No. 413 Differences from foreign exchange
rate. Exchange differences arising on revaluation long-term debts denominated in foreign currencies at the year
end will be recorded into the financial income or expense in the fiscal year.
16
-
8/8/2019 bckt hop nhat 2009 tra eng
18/27
TRAPHACO JOINT STOCK COMPANY Consolidated Financial Statements
75 Yen Ninh - Ba Dinh - Hanoi for the year ended 31/12/2009
3 . CASH
Cash on hand
Cash at bank
Total
4 . SHORT- TERM FINANCIAL INVESTMENTS
Other Short-term investments (lending)
Total
5 . OTHER SHORT- TERM RECEIVABLES
Others
- Receivables from collaborators
- Mr. Hoang Ngoc Dai
- Other receivables in Traphaco Joint Stock Company
- Other receivables in Traphacosapa One Member Co., ltd
Comprising: Dang Thi Mo
Tran The Anh
Luong Thu Huong
Nguyen Thi Ly
Others
Total
6 . INVENTORY
Raw material
Work in process
Finished goods
Merchandise
Total cost of inventories
01/01/2009
VND
1,039,425,204
31/12/2009
VND
5,433,848,068
31/12/2009
VND
944,445,604
4,394,422,864 9,232,018,613
10,176,464,217
01/01/2009
VND
567,000,000 17,979,000,000
17,979,000,000
31/12/2009
VND
01/01/2009
VND
567,000,000
01/01/2009
VND
21,030,960,047
952,046,187 2,446,307,621
135,152,485 2,046,074,819
14,453,635,399 13,117,589,707
31/12/2009
VND
53,012,562,810 66,267,040,776
25,302,044,960
29,467,217,162 42,687,647,771
117,964,375,418 147,374,323,214
952,046,187 2,446,307,621
-
-
345,565,400
400,232,802
20,000,000
22,000,000
23,500,000
71,095,500 -
5,000,000
595,500
-
400,232,802
-
-
-
17
-
8/8/2019 bckt hop nhat 2009 tra eng
19/27
TRAPHACO JOINT STOCK COMPANY Consolidated Financial Statements
75 Yen Ninh - Ba Dinh - Hanoi for the year ended 31/12/2009
7 . INCREASE AND DECREASE IN TANGIBLE FIXED ASSETS
Unit: VND
I. Original cost
1. Opening balance 30,789,720,238 32,665,983,674 17,040,091,573 10,005,624,324 90,501,419,809
2. Increase 8,686,709,223 3,896,976,504 3,746,658,280 1,182,900,651 17,513,244,658
- Purchase in the year - 3,601,197,164 3,746,658,280 1,182,900,651 8,530,756,095
- Finished construction investment 7,814,316,151 - - - 7,814,316,151
- Others 872,393,072 295,779,340 - - 1,168,172,412
3. Decrease - 333,866,363 627,612,215 47,764,072 1,009,242,650
- Liquidating, disposing - 333,866,363 627,612,215 47,764,072 1,009,242,650
4. Closing balance 39,476,429,461 36,229,093,815 20,159,137,638 11,140,760,903 107,005,421,817
II. Accumulated depreciation - - - - -
1. Opening balance 16,105,359,895 20,541,902,223 11,160,154,080 7,486,031,466 55,293,447,664
2. Increase 2,784,091,512 3,486,180,239 1,844,876,795 1,422,614,219 9,537,762,765
- Depreciation within period 2,159,053,440 3,190,400,899 1,844,876,795 1,422,614,219 8,616,945,353
- Others 625,038,072 295,779,340 - - 920,817,412
3. Decrease - 333,866,363 455,500,582 47,764,072 837,131,017
- Liquidating, disposing - 333,866,363 455,500,582 47,764,072 837,131,017
4. Closing balance 18,889,451,407 23,694,216,099 12,549,530,293 8,860,881,613 63,994,079,412
III. Net book value - - - - -
1. Opening 14,684,360,343 12,124,081,451 5,879,937,493 2,519,592,858 35,207,972,145
2. Closing 20,586,978,054 12,534,877,716 7,609,607,345 2,279,879,290 43,011,342,405
In which:
- Ending netbook value of tangible fixed assets pledged as loan securities: VND 11,475,272,593;
-Cost of fully depreciated tangible fixed assets but still in use in Traphaco Joint Stock Company: VND 26,440,346,094;
-Cost of fully depreciated tangible fixed assets but still in use in Traphacosapa One Member Limited Company: VND 295,779,340;
- Other increase is the value of asset transfered from Traphacosapa Limited Company to Traphacosapa One member Limited Company.
Item Buildings TotalMachinery,
equipment
Transportation
equipment
Manegement
equipment
18
-
8/8/2019 bckt hop nhat 2009 tra eng
20/27
TRAPHACO JOINT STOCK COMPANY Consolidated Financial Statements
75 Yen Ninh - Ba Dinh - Hanoi for the year ended 31/12/2009
8 . INCREASE AND DECREASE IN INTANGIBLE FIXED ASSETS
I. Original cost
1. Opening balance2. Increase
- Purchase in the year
3. Decrease
4. Closing balance
II. Accumulated depreciation
1. Opening balance
4. Closing balance
III. Net book value
1. Opening
2. Closing
9 . CONSTRUCTION IN PROGRESS
Construction in progress
- New office construction in Hochiminh Branch
- New office construction in Hoang Liet
- New office construction in Yen Ninh
- New office construction in Nghe An
- New office construction in Thanh Hoa
- Other constructions
Total
10 . LONG- TERM INVESTMENTS
Investments in associates, joint venture
- Traphacosapa One Member Limited Company (*)
Other long-term investments
- Traphaco High Tech Joint Stock Company
Total
11 . LONG-TERM PREPAID EXPENSES
Tools and consumables with large value issued into production
Repairing factory in Hoang Liet
Total
-
12,764,332,165
15,322,132,165
-
12,764,332,1652,557,800,000
2,557,800,000
-
15,322,132,165
Item Land use rights
Other intangible
fixed assets Total
- 12,764,332,165- 2,557,800,000
- 2,557,800,000
- -
- 15,322,132,165
- -
- -
- 12,764,332,165
- 15,322,132,165
31/12/2009
VND
01/01/2009
VND
1,353,158,068 3,491,484,342
47,902,584 43,813,182
622,559,591 3,447,671,160
588,042,802 -
67,454,455 -
-
-
31/12/2009
VND
01/01/2009
VND
31/12/2009
VND
01/01/2009
VND
44,000,000 -
993,533,963 -
1,037,533,963 -
- 1,675,000,000
10,073,636
17,125,000
- 1,675,000,000
2,250,000,000 2,250,000,000
2,250,000,000 3,925,000,000
1,353,158,068 3,491,484,342
(*) On 24/6/2009, Traphaco Joint Stock Company has bought the shares of other shareholders in Trapacosapa
Limited Company, Trapacosapa Limited Company has become Traphacosapa One Member Limited Company -Subsidiary of Traphaco Joint Stock Company.
2,250,000,000 2,250,000,000
19
-
8/8/2019 bckt hop nhat 2009 tra eng
21/27
TRAPHACO JOINT STOCK COMPANY Consolidated Financial Statements
75 Yen Ninh - Ba Dinh - Hanoi for the year ended 31/12/2009
12 . SHORT-TERM LOANS AND DEBTS
Short-term loans
- From banks
- From other entities
Total
Short-term loans:
Bank for Investment and Development of Vietnam - Transaction office No. III
(*) Pledges including:
(*) Pledges including:
31/12/2009
VND
01/01/2009
VND
57,641,177,489 25,242,998,187
39,651,321,489 -
17,989,856,000 25,242,998,187
57,641,177,489 25,242,998,187
Loan agreement Interest rate Term Total
Balance of
principle
Type of
loan
secure
Pledged (*)
10.50% 3 months 6,216,729,742 6,216,729,742 Pledged (*)
10,5% - 12% 6 months 2,266,065,286 2,266,065,286
10.50% 6 months
Pledged (**)
12.00% 6 -12 months 17,989,856,000 17,989,856,000
10.3% -10.5% 6 months 29,597,703,529 26,450,614,373
Total 60,788,266,645 57,641,177,489
- All balance of cash in bank in VND and in foreign currency of Borrow Party in Bank and other credit
institution.
- All trade receivables under Business contract signed by Borrow Party and the partners, in which Borrow Party is
the beneficiary and other legal receivables of Borrow Party.
- Assets established in future generated by L/C opened by the Bank to the Borrower and/or assets established in
the future generated by own capital or bank loans.
- All other assets under and will be under the management or ownership of the borrower such as inventory, fixed
assets, land use rights, capital contribute in other entities, other property right ...
- From 17/11/2009 to 16/02/2010
saving interest
+ 2,7%/annum
6 months
Debt Receipt from No. 15 to 23
Other individuals
- Factory associated with land use rights and machinery in factories producing drugs in Hoang Liet, worth ofassets are USD 13.162 billion.
- Pledge is office in Hochiminh Branch - Traphaco Joint Stock Company, address No. 108/14/28, Road No. 3/2,
Ward No. 14, District No. 10, Hochiminh City, total assets value are VND 3,870,000,000.
- Pledge is office in Da Nang Branch - Traphaco Joint Stock Company in 255 Ton Duc Thang, Minh Hoa ward,
Lien Chieu Districts, Da Nang City, asset's value is VND 3,480,000,000.
- Pledges are machinery producing drugs, transportation vehicle, assets' value is VND 15,953,000,000.
Contract No.
01/2467488/2009/HTD
Contract No.02/2467488/2009/HTD
Contract No.
03/2467488/2009/HTD
4,717,912,088 4,717,912,088 Pledged (*)
- From 17/02/2010 to 17/05/2010
20
-
8/8/2019 bckt hop nhat 2009 tra eng
22/27
-
8/8/2019 bckt hop nhat 2009 tra eng
23/27
TRAPHACO JOINT STOCK COMPANY Consolidated Financial Statemen
75 Yen Ninh - Ba Dinh - Hanoi for the year ended 31/12/20
7 .
a) Increase and decrease in owners equity
Unit: VND
ItemContributed legal
capital
Share capital
surplus
Treasury Stock
Foreign
exchange
differences
Investment and
development
funds
Financial
reserve fund
Retained
earnings
Total
Beginning balance of previous 80,000,000,000 112,460,000,000 - - 37,436,995,872 6,607,885,967 - 236,504,881,8
Profit of the previous year - - - - - - 46,038,376,633 46,038,376,6
Other increase - - - - 14,072,966,075 2,019,843,437 - 16,092,809,5
Other decrease - - - - - - 46,038,376,633 46,038,376,6
Ending balance of previous 80,000,000,000 112,460,000,000 - - 51,509,961,947 8,627,729,404 - 252,597,691,3
Increase in capital 21,981,500,000 - - - - - - 21,981,500,0
Profit of the previous year - - - - - - 51,047,163,781 51,047,163,7
Other increase - - 2,020,000,000 - 3,397,968,610 2,574,802,172 11,018,366 8,003,789,1
Decrease in capital - 20,396,300,000 - - - - - 20,396,300,0
Decrease for distribution of
funds and divident- - - - - - 51,600,394,574 51,600,394,5
Other decrease - - 2,022,520,000 407,499,441 - - 26,543,269 2,456,562,7
Ending balance of current 101,981,500,000 92,063,700,000 (2,520,000) (407,499,441) 54,907,930,557 11,202,531,576 (568,755,696) 259,176,886,9
Profit of Traphaco Joint Stock Company is distributed fully in the year, balance of Retained earning is negative as it is effected of:
- Retained earning in Subsidiary is VND (12,035,532)
- Eliminating unrealized internal profit in inventories with the value of VND 468,065,368 as well as increasing Deferred tax assets with the value of VND 117,016,342;
- Apporting Goodwill in the year with the value of VND 91,746,210.
- Eliminating retained earning of Subsidiary as at the date of acquisition when preparing consolidated financial statements with the value of VND 113,924,928.
OWNERS EQUITY
22
-
8/8/2019 bckt hop nhat 2009 tra eng
24/27
TRAPHACO JOINT STOCK COMPANY Consolidated Financial Statements
75 Yen Ninh - Ba Dinh - Hanoi for the year ended 31/12/2009
b) Details of owners invested capital
Invested capital of State
Invested capital of others
Total
c) Capital transactions with owners and distribution of dividends and profits
Owners invested capital
- At the beginning of year
- Increase in the year
- At year end
Distributed dividends and profit
- Distributed dividends on last year profit
- Estimate-distributed dividends on this year profit
d) Stock
Quantity of Authorized issuing stocks
Quantity of issued stocks
- Common stocks
- Preferred stocks
Quantity of repurchased stocks
- Common stocks
Quantity of circulation stocks
- Common stocks
- Preferred stocks
Par value per stock
e) Companys funds
Investment and development fund
Financial reserve fund
Total
8,627,729,404
Closing
VND
Beginning
VND
54,907,930,557
66,110,462,133
11,202,531,576
100% 101,981,500,000 100% 80,000,000,000
51,509,961,947
60,137,691,351
-
64% 65,308,600,000 63% 50,661,680,000
36% 36,672,900,000 37% 29,338,320,000
%
Closing
VND %
Beginning
VND
33,449,932,000 -
15,679,401,600
33,449,932,000 15,679,401,600
101,981,500,000 80,000,000,000
21,981,500,000 -
80,000,000,000 80,000,000,000
101,981,500,000 80,000,000,000
Current year
VND
Previous year
VND
According to Resolution No. 10/2009/NQ-HC dated 20 March 2009 of Annual Congress of Shareholders,
the Company announced its plan of dividend distribution in 2009 is 36% on par value.
Closing
VND
Beginning
VND
10,198,150 8,000,000
10,198,150 8,000,000
10,198,150 6,624,000
- 1,376,000
252 -
252 -
10,197,898 8,000,000
10,197,898 6,624,000
- 1,376,000
10,000 10,000
23
-
8/8/2019 bckt hop nhat 2009 tra eng
25/27
TRAPHACO JOINT STOCK COMPANY Consolidated Financial Statements
75 Yen Ninh - Ba Dinh - Hanoi for the year ended 31/12/2009
18 . SUBSIDIZED NOT-FOR-PROFIT FUND
Beginning subsidized not-for-profit fund
Fund received in the year
Not-for-profit expenditure (*)
Ending subsidized not-for-profit fund
19 . TOTAL REVENUE FROM SALE OF GOODS AND RENDERING OF SERVICES
Revenue from sale of goods
Revenue from rendering of goods
Total
20 . COSTS OF GOODS SOLD
Costs of mechandise
Costs of finished goods
Total
21 . FINANCIAL INCOME
Interest income
Dividends, profits earned
Realized gain from foreign exchange difference
Unrealized gain from foreign exchange difference
Total
22 . FINANCIAL EXPENSES
Interest expenses
Realized loss from foreign exchange difference
Total
31/12/2009
VND
01/01/2009
VND
(166,695,660) 18,104,340
1,190,000,000 136,000,000
(1,245,450,000) (320,800,000)
(222,145,660) (166,695,660)
Year 2009
VND
Year 2008
VND
437,086,591,166 379,431,070,532
316,680,393,670 405,957,764,938
753,766,984,836 785,388,835,470
Year 2009
VND
Year 2008
VND
361,629,284,439 365,052,581,374
170,290,486,732 253,838,409,538
531,919,771,171 618,890,990,912
Year 2009
VND
Year 2008
VND
3,994,632,630 4,805,710,737
540,000,000 570,558,000
103,088,068 123,860,928
- 88,869,793
4,637,720,698 5,588,999,458
Year 2009
VND
Year 2008
VND
4,619,625,653 3,750,061,772
2,174,216,751 682,912,861
6,793,842,404 4,432,974,633
24
-
8/8/2019 bckt hop nhat 2009 tra eng
26/27
TRAPHACO JOINT STOCK COMPANY Consolidated Financial Statements
75 Yen Ninh - Ba Dinh - Hanoi for the year ended 31/12/2009
23 . CURRENT INCOME TAX EXPENSE
Total
24 BASIC EARNNINGS PER SHARE
Profit after tax
Average circulation of common stocks in the period
Basic earnings per share
25 . PRODUCTIONS COST BY ITEMS
Raw materials
Labor
Depreciation expenses
Expenses from external services
Other expenses by cash
Total
26 . EVENTS AFTER BALANCE SHEET DATE
Earning per share distributed to common shareholders of the company is calculated as follows :
There have been no significant events occurring after the balance sheet date, which would require adjustments or
disclosures to be made in the financial statements.
6,231 5,755
8,191,983 8,000,000
208,979,274,148 282,629,244,828
86,467,104,356
Profit or loss allocating for shareholders owned common
stocks 51,047,163,781 46,038,376,633
Adjustments to accounting profit or loss after tax
12,757,211,817
Year 2009
VND
Year 2008
VND
51,047,163,781 46,038,376,633
- -
61,693,382,625
8,616,945,353 7,104,840,369
19,196,431,503 18,151,821,768
Year 2009
VND
Year 2008
VND
63,944,958,097 43,811,201,997
387,204,713,457 413,390,491,587
Year 2009
VND
Year 2008
VND
18,626,847,235 12,757,211,817
Tax expenses in respect of the current year taxable profit 18,626,847,235
25
-
8/8/2019 bckt hop nhat 2009 tra eng
27/27
TRAPHACO JOINT STOCK COMPANY Consolidated Financial Statements
75 Yen Ninh - Ba Dinh - Hanoi for the year ended 31/12/2009
27 . TRANSACTION WITH RELATED PARTIES
During operation, there are a number of transactions between the companies with related parties as follows:
Revenue
Purchase of raw materials
Interest receivables
28 . COMPARATIVE FIGURES
Prepared, 25 January 2010
Prepared by Chief Accountant Genaral Director
Nguyen Ngoc Thuy Dinh Trung Kien Vu Thi Thuan
The corresponding figures are those taken from the accounts for the fiscal year ended as at 31 December 2008,
which was audited by Auditing and Accounting Financial Consultancy Company Limited (AASC).
1,485,000,000
Other investment
-Other investment
176,935,491,237 188,160,110,685
Other investment 49,089,090,668 105,049,686,348
- Traphaco High Tech Joint Stock
Company
Related parties Relation
Year 2009
VND
Year 2008
VND
- Traphacosapa Limited Company
3,244,240,000 7,447,749,140
Joint venture
- Traphaco High Tech Joint Stock
Company
- Traphaco High Tech Joint Stock
Company (purchasing goods,
materials)
- Traphaco High Tech Joint Stock
Company (renting warehouse) Other investment 3,731,190,000 -