bao cao tai chinh hop nhat quy3 2015 eng

CENTURY 21 JOINT STOCK COMPANY

CENTURY 21 JOINT STOCK COMPANY

CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2015

This Financial Statements was translated from Vietnamese Official Financial Statements
and internal circulation only, not intended to replace Vietnamese Official Financial
Statements, published officially on the website of Century 21 Joint Stock Company.
All information in this report is used for reference only.

1


CENTURY 21 JOINT STOCK COMPANY
CONSOLIDATED BALANCE SHEET
Code ASSETS
100

CURRENT ASSETS

110
111
112

Cash and cash equivalents
Cash
Cash equivalents

120

123

Short-term investments
Investments held to maturity

130
131
132
135
139

Accounts receivable
Trade accounts receivable
Prepayments to suppliers
Other receivables
Provision for doubtful debts

140
141

Inventories
Inventories

150
151
152
154

Other current assets
Short-term prepayments

Value Added Tax to be reclaimed
Other taxes receivable

200

LONG-TERM ASSETS

210
218

Long-term receivables
Other long-term receivables

220
221
222
223

Fixed assets
Tangible fixed assets
Cost
Accumulated depreciation

227
228
229

Intangible fixed assets
Cost
Accumulated depreciation

Note

2014
VND

251,685,709,631

239,482,277,467

207,775,806,535
16,684,878,664
191,090,927,871

126,817,755,136
11,692,710,525
115,125,044,611

4.2

31,052,183,333
31,052,183,333

97,727,666,667
97,727,666,667

4.3
4.4

10,792,061,193

2,058,551,253
7,427,996,516
2,186,497,969
(880,984,545)

11,455,473,734
2,511,773,197
7,737,736,728
2,086,948,354
(880,984,545)

1,557,555,180
1,557,555,180

1,887,804,878
1,887,804,878

508,103,390
191,752,931
315,452,952
897,507

1,593,577,052
1,324,920,814
267,758,731
897,507

338,932,857,794

388,775,863,494

192,643,067
192,643,067

160,886,677
160,886,677

59,448,904,514
46,007,147,573
106,257,752,835
(60,250,605,262)

44,402,255,948
30,471,310,496
86,175,169,305
(55,703,858,809)

4.9

13,441,756,941
17,198,082,678
(3,756,325,737)

13,930,945,452
17,198,082,678
(3,267,137,226)

4.10

11,887,060,177

36,269,460,819
(24,382,400,642)

12,931,395,643
36,269,460,819
(23,338,065,176)

215,844,725,887
173,325,754,793
42,518,971,094

274,319,542,497
228,383,954,335
45,935,588,162

45,674,889,834
10,542,885,411
41,123,400,000

51,089,261,665
11,065,499,736
45,297,400,000

(5,991,395,577)

(5,273,638,071)

3,220,939,163
3,214,118,580
6,820,583

2,638,034,093
1,641,950,559
996,083,534

2,663,695,152
───────────
590,618,567,425
═══════════

3,234,486,971
───────────
628,258,140,961
═══════════

4.1

4.5

4.6

4.7
4.8

230
231
232

Investment properties
Cost

Accumulated depreciation

240
241
242

Long-term unfinished assets
Long-term production costs in progress
Construction in progress

250
252
253
254

Long-term investments
Investments in associates, joint ventures
Other long-term investments
Provision for diminution in value of longterm investments

260
261
262

Other long-term assets
Long-term prepayments
Deferred income tax assets

4.14
4.15

269

Goodwill

4.16

270

TOTAL ASSETS

4.11
4.12
4.13

2

As at 30 September
2015
VND


CENTURY 21 JOINT STOCK COMPANY

Code RESOURCES
300

LIABILITIES

310

311
312
313
314
315
318
319
322

Note

As at 30 September
2015
VND

2014
VND

123,335,149,348

98,792,408,964

Current liabilities
Trade accounts payable
Advances from customers
Taxes and other payables to the State Budget 4.17
Payable to employees
Accrued expenses
Unrealized short-term revenue
Other payables

4.18
Bonus and welfare fund
4.19

33,966,529,663
1,709,254,586
494,208,516
14,890,243,752
3,356,642,418
3,807,667,795
271,300,458
6,161,259,988
3,275,952,150

20,156,679,203
1,100,159,279
361,642,003
4,452,273,655
3,908,926,809
6,286,702,559
4,046,974,898

330
337
341
342

Long-term liabilities
Other long-term payables
Deferred income tax liabilities

Long-term contingent exp. payables

89,368,619,685
89,058,584,135
267,558,653
42,476,897

78,635,729,761
78,596,764,135
38,965,626

400

OWNERS’ EQUITY

454,513,263,345

519,407,898,215

410
411
412
415

Capital and reserves
Share capital
Share premium
Treasury shares

454,513,263,345

193,363,710,000
146,743,244,250

519,407,898,215
193,363,710,000
146,743,244,250
(18,474,260,952)

418
421

4.20

4.21

Investment and development fund
Undistributed earnings

439

Minority interests

440

TOTAL RESOURCES

(124,283,168,376)
34,031,363,970
204,658,113,501

34,031,363,970
163,743,840,947

12,770,154,732
───────────
590,618,567,425
═══════════

10,057,833,782
───────────
628,258,140,961
═══════════

OFF BALANCE SHEET ITEMS
Included in cash and cash equivalents are balances held in foreign currencies of US$
448,967.50 (30 September 2014: US$ 389,757.26).

3


CENTURY 21 JOINT STOCK COMPANY
CONSOLIDATED INCOME STATEMENT
Code
01
02

Note
Sales

The period ended 30 September

2015
2014
VND
VND
213,805,100,140

Less deductions

-

177,295,656,197
901,028,126

10

Net sales

5.1

213,805,100,140

176,394,628,071

11

Cost of sales

5.2

20

Gross profit

112,082,642,181
─────────────
101,722,457,959

92,908,496,712
────────────
83,486,131,359

5.3

7,774,688,655
717,758,663

5,844,155,041
13,955,686,054

21
22

24
25

Financial income
Financial expenses
Gains (losses) in joint venture and
associate
Selling expenses

General and administration expenses

30

Operating profit

31
32

Other income
Other expenses

40

Net other income

50

Net accounting profit before tax

51
52

Business income tax - current
Business income tax - deferred

60

Net profit after tax

61

Minority interests

62

62

70
71

(522,614,325)
5.4
5.5

11,444,387,392
13,724,487,177
─────────────
83,087,899,057

6,959,894,652
13,130,625,339
─────────────
49,530,772,091

5.6

151,610,836
194,777,415
──────────

(43,166,579)
─────────────
83,044,732,478

359,720,846
281,430,112
─────────────
78,290,734
─────────────
49,609,062,825

5.7

17,184,292,589
1,256,821,604
─────────────
64,603,618,285
═══════════

10,828,600,526
284,905,861
─────────────
38,495,556,438
═══════════

2,712,320,950

3,504,325,136

61,891,297,335

34,991,231,302

4,488,927,981

4,183,907,585

57,402,369,354

30,807,323,717

4,130
4,130

1,680
1,680

Profit after tax of the parent company
Profit shared to capital contribution party
according to Business Cooperation Contract
Profit after tax attributable to the
Company’s shareholders
Earnings per share
Diluted earnings per share

5.8
5.9

4

(5,753,308,264)


CENTURY 21 JOINT STOCK COMPANY
CONSOLIDATED CASH FLOW STATEMENT
(Indirect method)

Code

Note

02
03
04
05
08
09
10
11
12
14
16
20

CASH FLOWS FROM OPERATING ACTIVITIES
Net profit before tax
Adjustments for:
Depreciation and amortisation
Provisions
Unrealised foreign exchange gains

Losses/(profits) from investing activities
Operating profit before changes in working capital
Increase in receivables
Decrease/(increase) in inventories
Increase/(decrease) in payables
Increase in prepaid expenses
Business income tax paid
Other payments on operating activities
Net cash inflows from operating activities

21
23
24
25
26
27
30

CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of fixed assets
Payment for loan, purchase of debt instrument
Proceeds from loans, sale of debt instrument
Investment in other entities
Proceeds from divestment in other entities
Dividends and interest received
Net cash (outflows)/inflows from investing activities

32
36
40

CASH FLOWS FROM FINANCING ACTIVITY
Payment of capital to owners
Dividends paid
Net cash outflows from financing activity

50

Net increase in cash and cash equivalents

60
61

Cash and cash equivalents at beginning of year
Effect of foreign exchange differences

70

Cash and cash equivalents at end of year

01

5

The period ended 30 September
2015
2014
VND
VND

83,044,732,478

49,609,062,825

6,651,062,249
717,757,506
(512,310,839)
(7,254,189,886)
82,647,051,508
586,077,486
55,388,449,240
9,925,378,144
(439,000,138)
(6,792,757,630)
(2,590,022,748)
138,725,175,862

5,784,750,929
125,974,803
(81,466,209)
13,738,841,565
69,177,163,913
(4,361,203,195)
56,270,525,212
3,805,272,950
(408,764,508)
(10,631,860,171)
319,294,238
3,738,003,331

(16,665,966,462)

4,174,000,000
7,774,688,655
61,958,205,527

(20,760,887,278)
(21,649,881,442)
2,000,000,000
(373,400,000)
19,910,210,000
5,844,155,041
(15,029,803,679)

(105,808,907,424)
(14,428,733,405)
(120,237,640,829)

(12,880,854,100)
(12,880,854,100)

80,445,740,560

86,259,770,660

126,817,755,136
512,310,839
─────────────
207,775,806,535
═════════════

126,037,845,158
81,466,209
─────────────
212,379,082,027
═════════════

66,675,483,334


CENTURY 21 JOINT STOCK COMPANY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2015
1

GENERAL INFORMATION
Century 21 Joint Stock Company (“the Company”) was established in SR Vietnam
pursuant to Business Registration Certificate No. 0300978657, dated 10 October 1997
which was issued by the Department of Planning and Investment of Ho Chi Minh City
and last amended for the 11th time on 6 August 2014.
The Company’s shares have been listed on the Ho Chi Minh City Stock Exchange since
2011 with symbol code being C21.
The Company has located at 41 Nguyen Thi Minh Khai Street, District 1, Ho Chi Minh
City.
In this year, the principal activities of the Company are sales of land plots and projects,
office leases and investments in tourism projects.
At the present, the Company’s investment projects include:
- Residential Project with a scale of 16 square hectares in Phuoc Long B Ward,
District 9, Ho Chi Minh City.

- Residential Project with a scale of 6 square hectares in 9B7 Zone – Residential
South Saigon, Ho Chi Minh City.
- Complex of Building - Office - Commercial Services and Apartments Huynh Tan
Phat, District 7, Ho Chi Minh City.
The Group’s consolidated financial statements for the period ended 30 September 2015
include financial statements of the Company and its subsidiaries (together “the Group”)
and the Group’s interest in joint ventures and associates as follows:

Name
Subsidiaries:
Sao Mai Century 21
Limited Company

Business activity

Business Registration
License

% ownership and
voting right
30.09.2015 01.01.2015

Mining mineral water
and mud for leisure
tourism and trading.

Certificate of Business
Registration of limited
company with 2 members
and more No. 072501 dated

th
23 July 1999 and the 18
amendment dated 20 May
2014.

85%

85%

Ham Tan Century 21
Limited Company

Restaurant, hotel and
other tourism
services.

Certificate of Business
Registration of One-member
limited company No.
4804000001 dated 24 June
th
2003 and the 4 amendment
dated 9 November 2011.

100%

100%

Khai Hoan Trading
and Construction

Limited Company

Construction
investment and
tourism operator.

Certificate of Business
Registration for 2 members
and more limited company
No. 043310 dated 22 May

100%

100%

6


CENTURY 21 JOINT STOCK COMPANY

Name

Business activity

Dao Ngoc Century
21 One Member
Limited Company

Construction
investment and

tourism operator.

Business Registration
License
th
1997 and the 17
amendment dated 28 July
2009.
Certificate of Business
Registration of one member
limited company No.
1701953958 dated 4 April
2014.

% ownership and
voting right
30.09.2015 01.01.2015

100%

100%

Capital contribution in subsidiaries, joint ventures and associates is presented as
follows:

Charter capital
VND

Contributed
up to

31.12.2014
VND

Capital
surplus/(deficit)
compared with
the registered
capital
VND

11,800,000,000

10,030,000,000

-

80,000,000,000

80,000,000,000

-

1,750,000,000

1,750,000,000

-

20,000,000,000

20,000,000,000

-

Name

Subsidiaries:
Sao Mai Century 21
Limited Company
Ham Tan Century 21
Limited Company
Khai Hoan Trading and
Construction Limited
Company
Dao Ngoc Century 21 One
Member Limited Company

Joint ventures and associates:
Codona Century 21 Joint Stock Company
Address: 2nd street, Bien Hoa 1 industrial Parks, An Binh Ward, Bien Hoa City, Dong Nai
Province.
The principal activities: construction investment and trade in Ho Song May ecotourism.
Ownership and voting right ratio: 50%
Capital
surplus/(deficit)
Contributed
compared with
Name
up to
the registered

Charter capital
31.12.2014
capital
VND
VND
VND
Codona Century 21 Joint
Stock Company
50,000,000,000 16,818,808,000
(8,181,192,000)

7


CENTURY 21 JOINT STOCK COMPANY
Business Cooperation Agreement
The Company is operating Tuoi Tre Office Building (Yoco Building) at 41 Nguyen Thi
Minh Khai Street, District 1, Ho Chi Minh City. This is the building that the Company and
Tuoi Tre Newspaper Agency cooperate to construct and operate. The capital
contribution ratio is 50:50 for each party. The profit after tax from office leasing after
distributing to the mandatory reserve fund (5%) and bonus and welfare fund (5%) is
shared to each party equally.
2

ACCOUNTING SYSTEM

2.1

Basis of preparation of consolidated financial statements
The consolidated financial statements have been prepared in accordance with

Vietnamese Accounting Standards, the Vietnamese Corporate Accounting System and
applicable regulations on preparation and presentation of financial statements in
Vietnam. The financial statements have been prepared under the historical cost
convention.
The accompanying consolidated financial statements are not intended to present the
financial position and results of operations and cash flows in accordance with
accounting principles and practices generally accepted in countries and jurisdictions
other than SR Vietnam. The accounting principles and practices utilised in SR Vietnam
may differ from those generally accepted in countries and jurisdictions other than SR
Vietnam.

2.2

Fiscal year
The Group’s fiscal year is from 1 January to 31 December.

2.3

Consolidation
The Group prepared its consolidated financial statements in accordance with the
Vietnamese Accounting Standard – Consolidated Financial Statements and Accounting
for Investments in Subsidiaries.
Subsidiaries
Subsidiaries are all entities over which the Group has the power to govern the financial
and operating policies generally accompanying a shareholding of more than one half of
the voting rights. The existence and effect of potential voting rights that are currently
exercisable or convertible are considered when assessing whether the Group controls
another entity. Subsidiaries are fully consolidated from the date on which control is
transferred to the Group. They are de-consolidated from the date that control ceases.
Inter-company transactions, balances and unrealised gains and losses on transactions

between group companies are eliminated. Accounting policies of subsidiaries have
been changed where necessary to ensure consistency with the policies adopted by the
Group.
Transactions and minority interests
The Group applies a policy of treating transactions with minority interests as
transactions with parties external to the Group. Disposals to minority interests result in
8


CENTURY 21 JOINT STOCK COMPANY
gains and losses for the Group that are recorded in the income statement. Purchases
from minority interests result in goodwill, being the difference between any
consideration paid and the Company’s interest in the total net fair value of the
identifiable assets, liabilities and contingent liabilities of the subsidiary at the date of
acquisition.

2.3

Consolidation (continued)
Joint ventures and associates
Joint ventures are contractual arrangements whereby two or more parties undertake an
economic activity which is subject to joint control. Associates are all entities over which
the Group has significant influence but not control, generally accompanying a
shareholding of between 20% and 50% of the voting rights. Investments in joint
ventures and associates are accounted for using the equity method of accounting and
are initially recognised at cost. The Group’s investment in joint ventures and associates
includes goodwill identified on acquisition, net of any accumulated impairment loss.
The Group’s share of its joint ventures’ and associates’ post-acquisition profits or losses
is recognised in the consolidated income statement, and its share of post-acquisition
movements in reserves is recognised in consolidated reserves. The cumulative postacquisition movements are adjusted against the carrying amount of the investment.

When the Group’s share of losses in a joint venture or associate equals or exceeds its
interest in the joint venture or associate, the Group does not recognise further losses,
unless it has incurred obligations or made payments on behalf of the joint venture or
associate.
Unrealised gains and losses on transactions between the Group and its joint ventures
and associates are eliminated to the extent of the Group’s interest in the joint ventures
and associates. Accounting policies of joint ventures and associates have been changed
where necessary to ensure consistency with the policies adopted by the Group.

2.4

Form of records applied
The Company uses journal vouchers to record its transactions.

2.5

Use of accounting estimates
The preparation of the consolidated financial statements in conformity with Vietnamese
Accounting Standards requires the Board of Directors to make estimates and
assumptions that affect the reported amounts of assets and liabilities, the disclosures of
contingent assets and liabilities at the date of consolidated financial statements and the
amounts of revenues and expenses during the year. Although these estimates are
based on the Board of Directors’ best knowledge of current events and actions, actual
results may differ from those estimates.

9


CENTURY 21 JOINT STOCK COMPANY
3

ACCOUNTING POLICIES

3.1

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, cash at bank, cash in transit,
demand deposits and other short-term investments with an original maturity of three
months or less.

3.2

Currency
The consolidated financial statements are measured in Vietnamese Dong and presented
using Vietnamese Dong (“VND”).
Transactions arising in foreign currencies are translated at exchange rates ruling at the
transaction dates. Foreign exchange differences arising from these transactions are
recognized in the income statement.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet
date are translated at the rates of exchange ruling at the balance sheet date. Foreign
exchange differences arising from these translations are recognized in the income
statement.

3.3

Trade receivables
Trade receivables are carried at the original invoice amount less an estimate made for
doubtful receivables based on a review by the Board of Directors of all outstanding
amounts at the period end. Bad debts are written off when identified.

3.4

Inventories
Inventories are stated at the lower of cost and net realisable value. Cost includes all
costs of purchase, costs of conversion and other costs incurred in bringing the
inventories to their present location and condition.
The investment cost of the project includes the costs of land clearance, transfer of land
use rights and the expenses payable to construction contractors.
Provision for decline in value of inventories
Provision for decline in value of inventories is made for the expected loss in value
(discount price, obsolete, slow moving ...) of raw material, finished goods, the cost of
construction investment projects, inventory owned by the Group based on appropriate
evidence of impairment at the time of the financial statements.
Increase or decrease in provision of inventories is recognised in cost of sales of the
consolidated income statement.

3.5

Fixed assets
Tangible and intangible fixed assets
Fixed assets are stated at historical cost less accumulated depreciation. Historical cost
includes expenditure that is directly attributable to the acquisition of the fixed assets.
Depreciation
10


CENTURY 21 JOINT STOCK COMPANY

Fixed assets are depreciated using the straight-line method so as to write off the cost of
the assets over their estimated useful lives or over the term of the project (the Business

Registration Certificate). The principal annual rates used are as follow:
Buildings
Machinery
Motor vehicles
Office equipment
Other assets
Computer software
Mud mining licence
Mineral water mining licence
Definite land use rights
Indefinite land use rights
Goodwill

4 - 13 years
2 - 9 years
3 - 8 years
3 - 8 years
5 - 18 years
3 years
3 - 4 years
16 years
Follow the term on Certificate of Land use right
No depreciation
5 years

Land use rights which have definite term are amortised, using the straight-line method
over number of years in accordance with the terms indicated in each land use right
certificate. Land use rights which are granted for an indefinite term are carried at cost
and not amortised.
Disposals

Gains and losses on disposals are determined by comparing net disposal proceeds with
the carrying amount and are recognised as income or expense in the income statement.
3.6

Investments

(a)

Short-term investments
Short-term investments are those maturing within 12 months from the balance sheet date.
Short-term investments are recognised at historical cost less provision for diminution in
value.

(b)

Investments in joint ventures and associates
Investments in joint ventures and associates are accounted for at under equity method
of accounting in the consolidated financial statements.

(c)

Long-term investments
Long-term investments comprise shareholding in listed and unlisted entities which are
held with no intention to dispose of them within 12 months from the balance sheet date.
These investments are initially stated at cost of acquisition. Provision is made where
there is a diminution in value of these investments.

11

CENTURY 21 JOINT STOCK COMPANY
3.6

Investments (continued)

(d)

Capital contribution in joint venture activities
A joint venture is a contractual arrangement whereby two or more parties undertake an
economic activity which is subject to joint control. Joint control is the power to jointly
govern the financial and operating policy decisions of an economic activity on a
contractual basis.
Form of the Company’s joint venture activities and accounting for their business results
are as follows:

3.7

Form of joint venture activities

Business results of the joint venture activities

Joint venture activity under the form
of joint control assets in which the
Company is in charge of accounting.

Business results of the joint venture activity is
reflected by the distributed profits, including profit
after tax and appropriation to bonus and welfare
fund. The Company distributes share of profits to
the joint venturer from its undistributed earnings.

Investment properties
Investment properties include land use rights and buildings which owned by the Group
to earn income from office lease.
Historical cost includes expenditure that is directly attributable to the acquisition of
properties.
Depreciation
Investment properties are depreciated on the straight-line method to write off the cost of
the assets over their estimated useful lives. The principal annual useful lives are as
follow:
Indefinite land use rights
Buildings and apartments

No depreciation charge
6 - 25 years

Disposals
Gains or losses on disposals are determined by comparing net disposal proceeds with
the net book value and are recognised as income or expense in the income statement.
3.8

Prepaid expenses
Prepaid expenses include short-term or long-term prepayments on the balance sheet
and are mainly tools and equipment was put to use. Prepaid expenses are amortised to
the income statement using straight-line method.

3.9

Goodwill
Goodwill on the consolidated financial statement represents the excess of the cost of

acquisition over the Company’s interest in the total net fair value of the identifiable
assets, liabilities and contingent liabilities of a subsidiary at the date of acquisition.
12


CENTURY 21 JOINT STOCK COMPANY
Goodwill is recognized as an intangible asset and is amortised on the straight-line basis
within 5 years.
On disposal of a subsidiary, the attribution amount of unmortised goodwill is included in
the determination of the profit or loss on disposal.
3.10

Revenue recognition

(a)

Provision of services
Revenue from the provision of services is recognised in the income statement when the
services are rendered, by reference to completion of the specific transaction assessed
on the basis of the actual service provided as a proportion of the total services to be
provided.

(b)

Sales of goods
Revenue from the sale of goods is recognised in the income statement when the
significant risks and rewards of ownership have been transferred to the buyer. No
revenue is recognised if there are significant uncertainties regarding recovery of the
consideration due or the possible return of goods.

3.10

Revenue recognition (continued)

(c)

Interest income
Interest income is recognised on an earned basis.

(d)

Dividend income
Income from dividend is recognised when the Group has established the receiving right
from investees.

(e)

Revenue from operating leases
Revenue from operating leases is recognised on a straight-line basis over the lease
term, irrespective of the payment method.

3.11

Current and deferred income tax
Income taxes include all income taxes which are based on taxable profits including
profits generated from production and trading activities in other countries with which the
Socialist Republic of Vietnam has not signed any double taxation agreement. Income
tax expense comprises current tax expense and deferred tax expense.
Current income tax is the amount of income taxes payable in respect of the current year
taxable profits and the current year tax rates. Current and deferred tax should be

recognised as an income or an expense and included in the profit or loss of the year,
except to the extent that the tax arises from a transaction or event which is recognised,
in the same or a different period, directly in equity.
Deferred income tax is provided in full, using the liability method, on temporary
differences arising between the tax bases of assets and liabilities and their carrying
amounts in the financial statements. Deferred income tax is not accounted for if it
arises from initial recognition of an asset or liability in a transaction other than a
business combination that at the time of occurrence affects neither the accounting nor
13


CENTURY 21 JOINT STOCK COMPANY
the taxable profit or loss. Deferred income tax is determined at the tax rates that are
expected to apply to the financial year when the asset is realised or the liability is
settled, based on tax rates that have been enacted or substantively enacted by the
balance sheet date.
Deferred income tax assets are recognised to the extent that it is probable that future
taxable profit will be available against which the temporary differences can be utilised.
3.12

Share capital and treasury shares
Share capital consists of all issued shares. Incremental costs directly attributable to the
issue of ordinary shares or options are recognised as a deduction from equity.
Treasury shares are shares that are issued and repurchased by the Company. When
share capital recognised as equity is purchased, the amount of the consideration paid,
which includes directly attributable cost, net of any tax effects, is recognised as a
deduction from equity. Repurchased shares are classified as treasury shares and are
presented as a deduction from total equity. Total amount received from the reissue or
sales of treasury shares less directly attributable costs are recorded as equity.

3.13

Funds under owners’ equity
Funds under owners’ equity are allocated in accordance with approval of shareholders
in Annual General Meetings.

(a)

Financial reserve fund
The financial reserve fund is appropriated from the Company's net profit and subject to
shareholders' approval at Annual General Meetings.

(b)

Investment and development fund
The investment and development fund is appropriated from the Company's net profit
and subject to approval by the shareholders at Annual General Meetings.

(c)

Bonus and welfare fund
The bonus and welfare fund is appropriated from the Company's net profit and subject
to shareholders' approval at Annual General Meetings.

(d)

Funds of subsidiaries
Investment and development fund and bonus and welfare fund of each subsidiary are
appropriated in accordance with the charter of each subsidiary.

3.14

Dividend distribution
Dividend distribution to the Company’s shareholders is recognised as a liability in the
Group’s financial statements in the year in which the dividends are approved by the
shareholders in Annual General Meetings.

3.15

Related parties
Enterprises and individuals that directly, or indirectly through one or more intermediaries,
control, or are controlled by, or are under common control with, the Company, including
holding companies, subsidiaries and fellow subsidiaries are related parties of the
14


CENTURY 21 JOINT STOCK COMPANY
Company. Associates and individuals owning, directly or indirectly, an interest in the
voting power of the Company that gives them significant influence over the enterprise,
key management personnel, including directors of the Company and close members of
the family of these individuals and companies associated with these individuals also
constitute related parties.
In considering each possible related party relationship, attention is directed to the
substance of the relationship and not merely the legal form.
3.16

Provision
Provision is recognised when: the Group has a present legal or constructive obligation
as a result of past events; it is probable that an outflow of resources will be required to
settle the obligation; and the amount has been reliably estimated. Provision is not

recognised for future operating losses.
Provision is measured at the expenditures expected to be required to settle the
obligation. If the time value of money is material, provision will be measured at the
present value using a pre-tax rate that reflects current market assessments of the time
value of money and the risks specific to the obligation. The increase in the provision due
to passage of time is recognised as interest expenses.

4.

ADDITIONAL INFORMATION FOR ITEMS PRESENTED IN THE BALANCE SHEET

4.1

CASH AND CASH EQUIVALENTS

Cash on hand
Cash at bank
Cash equivalents (*)

(*)

30 Sep 2015
VND

1 Jan 2015
VND

846,274,939
15,838,603,725
191,090,927,871

─────────────
207,775,806,535
═════════════

529,991,702
11,143,534,235
113,165,044,611
─────────────
124,838,570,548
═════════════

Cash equivalents include term deposits with an original maturity within 3 months.

September 30 2015, cash in bank deposits and term deposits in foreign currency were
USD 448,967.5 equivalent VND 10,099,125,516.
4.2

SHORT-TERM INVESTMENTS
Short-term investments represent term deposits with an original maturity more than 3
months and less than 1 year.
30 Sep 2015
1 Jan 2015
VND
VND
Bank deposits with terms of 3 to 6 months

15

31,052,183,333
─────────────

31,052,183,333
═════════════

99,727,666,667
─────────────
99,727,666,667
═════════════


CENTURY 21 JOINT STOCK COMPANY
4.3

SHORT-TERM TRADE RECEIVABLES

Registration fee paid in advance for
customers
Advance costs
Loan
Deposit at the bank
Other receivables

4.4

30 Sep 2015
VND

1 Jan 2015
VND

5,705,500

13,571,100

658,409,237
519,800,000
248,064,000
754,519,232
─────────────
2,186,497,969
═════════════

441,013,919
381,500,000
1,230,047,923
─────────────
2,086,948,354
═════════════

30 Sep 2015
VND

1 Jan 2015
VND

(880,984,545)
─────────────
(880,984,545)
═════════════

(880,984,545)

─────────────
(880,984,545)
═════════════

PROVISION FOR DOUBTFUL DEBTS

Provision for doubtful debts

Fluctuations in the provision for doubtful debts:

Balance at beginning of year
Provision in year
Provision was handled in year

4.5

30 Sep 2015
VND

2014
VND

880,984,545
─────────────
880,984,545
═════════════

1,017,155,135
375,600,000
(511,770,590)

─────────────
880,984,545
═════════════

30 Sep 2015
VND

1 Jan 2015
VND

1,174,471,698
243,182,764
139,900,718
─────────────
1,557,555,180
═════════════

1,598,897,000
156,064,570
132,843,308
─────────────
1,887,804,878
═════════════

INVENTORIES

Raw materials
Merchandise
Tools and equipment

16


CENTURY 21 JOINT STOCK COMPANY
4.6

SHORT-TERM PREPAYMENTS

Costs of tools, equipment and repair in process
Parking costs
Other expenses

4.7

30 Sep 2015
VND

1 Jan 2015
VND

191,752,931

─────────────
191,752,931
═════════════

322,909,470
952,596,210
49,415,134
─────────────

1,324,920,814
═════════════

30 Sep 2015
VND

1 Jan 2015
VND

160,692,130

143,935,740

31,950,937
─────────────
192,643,067
═════════════

16,950,937
─────────────
160,886,677
═════════════

OTHER LONG-TERM RECEIVABLES

Deposits for environmental rehabilitation of
mining Mud
Deposits for environmental rehabilitation of
mining Mineral water

17


CENTURY 21 JOINT STOCK COMPANY
4.8

TANGIBLE FIXED ASSETS

Buildings
VND

Machinery
VND

Motor
vehicles
VND

Office
equipment
VND

Lawn and
green carpet

69,090,910,646
166,763,455

6,210,776,777
158,636,364

4,010,627,839
170,000,000

512,016,700
-

2,994,890,352
-

16,674,876,311
────────────
85,932,550,412
────────────

1,269,638,646
───────────
7,639,051,787
───────────

-

Accumulated depreciation
As at 1 January 2015
40,062,608,908
Charge for the year
3,682,179,713
Disposal
Write-off
────────────

As at 30 September 2015
43,744,788,621
────────────

Historical cost
As at 1 January 2015
New purchases
Transferred from
construction in progress
Disposal
Write-off
As at 30 September 2015

Net book value
As at 1 January 2015
As at 30 September 2015

29,028,301,738
════════════
42,187,761,791
════════════

Others
VND

Total
VND

3,355,946,991
-

86,175,169,305
495,399,819

944,249,455
───────────
5,124,877,294
───────────

698,419,299
────────── ──────────── ───────────
512,016,700 2,994,890,352 4,054,366,290
────────── ──────────── ───────────

19,587,183,711
────────────
106,257,752,835
────────────

5,147,500,075
535,598,219
───────────
5,683,098,294
───────────

4,010,627,839
77,378,435
───────────
4,010,627,839
───────────

464,053,054
30,576,518
──────────
494,629,572
──────────

2,994,890,352
────────────
2,994,890,352
────────────

3,024,178,581
221,013,568
───────────
3,245,192,149
───────────

55,703,858,809
4,546,746,453
────────────
60,250,605,262
────────────

1,063,276,702
═══════════
1,955,953,493
═══════════

══════════

1,036,871,020
══════════

47,963,646
══════════
17,387,128
══════════

══════════
══════════

331,768,410
═══════════
809,174,141
═══════════

30,471,130,496
════════════
46,007,147,573
════════════

18

-


CENTURY 21 JOINT STOCK COMPANY

4.9

INTANGIBLE FIXED ASSETS

Compensation of
land clearance

Land use
rights
VND

Mud mining
license
VND

Mineral water
mining license
VND

251,942,804
──────────
251,942,804
──────────

15,584,734,702
───────────
15,584,734,702
───────────

200,000,000
───────────
200,000,000

───────────

761,405,136
──────────
761,405,136
──────────

400,000,000
──────────
400,000,000
──────────

17,198,082,678
────────────
17,198,082,678
────────────

59,270,840
20,412,000
─────────
79,682,840
─────────

2,863,585,942
407,341,224
───────────
3,270,927,166
───────────

───────────

───────────

119,280,472
42,685,290
──────────
161,965,762
──────────

224,999,972
18,748,997
──────────
243,749,969
──────────

3,267,137,226
489,188,511
───────────
3,756,325,737
───────────

192,672,000
══════════
172,260,000
══════════

12,721,148,760
════════════
12,313,807,536
════════════

200,000,000
════════════
200,000,000
════════════

642,124,664
══════════
599,439,374
══════════

175,000,028
══════════
156,250,031
══════════

13,930,945,452
════════════
13,441,756,941
════════════

Software
VND

Total
VND

Historical cost
As at 1 January 2015
New purchases
As at 30 September 2015

Accumulated amortisation
As at 1 January 2015
Charge for the year
As at 30 September 2015

Net book value
As at 1 January 2015
As at 30 September 2015

Cost of fully depreciated tangible and intangible fixed assets as at 30 September 2015 was VND 984,694,422.

19


CENTURY 21 JOINT STOCK COMPANY
4.10

INVESTMENT PROPERTIES

Land use rights
(Yoco Building)
VND

Buildings
(Yoco Building)
VND

Ung Van Khiem
Apartment
(Basement and

Ground floor)
VND

2,933,909,250
───────────
2,933,909,250
═══════════

26,030,913,735
────────────
26,030,913,735
════════════

7,304,637,834
───────────
7304,637,834
═══════════

36,269,460,819
────────────
36,269,460,819
════════════

782,375,799
──────────
782,375,799
══════════

20,315,600,433
825,196,329

────────────
21,140,796,762
════════════

2,240,088,944
219,139,137
───────────
2,459,228,081
═══════════

23,338,065,176
1,044,335,466
────────────
24,382,400,642
════════════

2,151,533,451
═══════════
2,151,533,451
═══════════

5,715,313,302
═══════════
4,890,116,973
═══════════

5,064,548,890
═══════════
4,845,409,753
═══════════

12,931,395,643
════════════
11,887,060,177
════════════

Historical cost
As at 1 January 2015
New purchases
As at 30 September 2015

Accumulated depreciation
As at 1 January 2015
Charge for the year
As at 30 September 2015

Net book value
As at 1 January 2015
As at 30 September 2015

Total
VND

Cost of fully depreciated investment properties as at 30 September 2015 was VND
5,127,565,585 (31 December 2014: VND 5,127,565,585).
4.11

LONG-TERM PRODUCTION COSTS IN PROGRESS
30 Sep 2015
VND

1 Jan 2015
VND

3,765,312,154

4,430,099,349

Phuoc Long B Residence – District 9

82,184,671,542

76,764,206,111

9B-7 Residence – South Saigon Town

85,144,560,817

71,526,692,024

-

73,518,244,351

Mui Da Tourist area – Binh Thuan Province

713,642,742

687,217,712

Phong Dien Project – Binh Thuan Province

1,517,567,538

1,457,494,788

─────────────

─────────────

173,325,754,793

228,383,954,335

═════════════

═════════════

Investment in projects:
Song Giong Residence – District 2

Huynh Tan Phat Building – Apartments, District 7

20


CENTURY 21 JOINT STOCK COMPANY
Investment in projects by factor

Land compensation and clearance expenses

Levelling, infrastructure, design and mapping costs

30 Sep 2015
VND

1 Jan 2015
VND

133,579,435,083

195,777,013,680

36,909,553,333

28,723,946,183

-

1,395,976,772

Capitalized interest expenses
Other costs

4.12

2,836,767,377

2,487,017,700

─────────────

─────────────

173,325,754,793

228,383,954,335

═════════════

═════════════

CONSTRUCTION IN PROGRESS
From 1 Jan to 30
Sep 2015
VND
Opening balance
Increase
Written-off
Transfer to tangible fixed assets

45,935,588,162
16,136,795,538
(19,553,412,606)
────────────
42,518,971,094
════════════

Closing balance

2014

VND
16,120,681,500
31,051,761,162
(104,000,000)
(1,132,854,500)
────────────
45,935,588,162
════════════

30 Sep 2015
VND

1 Jan 2015
VND

11,692,435,532
6,384,038,569
6,724,527,143

53,200,000
11,675,749,432
6,384,038,569
12,429,183,899

290,398,182
17,427,571,668
────────────
42,518,971,094
════════════

290,398,182
15,103,018,080
────────────
45,935,588,162
════════════

Including:
The project cost of Mom Da Chim Resort Spa
Cost of the acquisition of land use right
Expenses of Vinh Phuong Mine
Thap Ba 2 extensive project
Expenses for Cam Ranh Mud Mine Exploration
Licence and Register
Land and Construction expenses in Dao Ngoc

21


CENTURY 21 JOINT STOCK COMPANY
4.13 LONG-TERM INVESTMENTS

Investment in associated companies and
joint venture
Codona 21 Century Joint Stock Company

Other long-term investments
Purchased 675,000 shares of Vien Dong Securities
Company for VND10,000/share
Project of Go Sao Residence in District 12

30 Sep 2015
VND

1 Jan 2015
VND

10,542,885,411

11,065,499,736

10,542,885,411

11,065,499,736

41,123,400,000

45,297,400,000

6,750,000,000

6,750,000,000

34,373,400,000

34,373,400,000
4,174,000,000

(5,991,395,577)

(5,273,638,071)

(5,991,395,577)
────────────
45,674,889,834
════════════

(5,273,638,071)
────────────
51,089,261,665
════════════

Bai Dai Resort Limited Company

Provision for diminution in value of long term
investments
Vien Dong Securities Company

Movement of the provision for diminution in value of investments represents the
decline in value of the investment in Vien Dong Securities Company:

Opening balance
Provision charge for the year
Closing balance

From 1 Jan to 30
Sep 2015
VND

2014

5,273,638,071
717,757,506
───────────
5,991,395,577
═══════════

2,162,037,016
3,111,601,055
───────────
5,273,638,071
═══════════

30 Sep 2015
VND

1 Jan 2015
VND

VND

4.14 LONG-TERM PREPAYMENTS

838,032,204
452,226,635
1,189,723,924
383,994,899
1,992,091,477
───────────── ─────────────
3,214,118,580
1,641,950,559

═════════════ ═════════════

Cost of renovation and repairs
Cost of used tools
Parking costs
Other costs

4.15

DEFERRED INCOME TAX
Deferred income tax assets and liabilities are offset when there is a legally enforceable
right to offset current tax assets against current tax liabilities and when the deferred
income taxes relate to the same taxation authority. The offset amounts are as follows:
22


CENTURY 21 JOINT STOCK COMPANY

Accrued expenses
Cost allocation tools and equipment
Tax loss from ordinary operations

30 Sep 2015
VND

1 Jan 2015
VND

6,820,583
-

(154,850,268)
6,820,583
1,144,113,219

─────────────
(6,820,583)
═════════════
4.16

─────────────
996,083,534
═════════════

GOODWILL
Goodwill represents the excess of the cost of the 8% acquisition of the subsidiary - Sao
Mai Century 21 Limited Company over the Company’s interest in the total net fair value
of the identifiable assets, liabilities and contingent liabilities of subsidiary at the date of
acquisition in April 2014. The goodwill is recorded and amortised to the income
statement in 5 years.
30 Sep 2015
1 Jan 2015
VND
VND
Investment value
Net value at the time of purchase
Include:
Equity
Investment and development fund
Undistributed earnings

Goodwill (5 years allocation)
Goodwill was allocated

4.17

8,000,000,000
4,194,721,209

944,000,000
143,169,884
3,107,641,325
3,805,278,791
(1,141,583,639)
─────────────
2,663,695,152
═════════════

944,000,000
143,169,884
3,107,641,325
3,805,278,791
(570,791,820)
─────────────
3,234,486,971
═════════════

TAXES AND OTHER PAYABLES TO THE STATE BUDGET

Value added tax
Special consumption tax

Business income tax - current
Personal income tax
Natural resource taxes
Duties and fees

4.18

8,000,000,000
4,194,721,209

OTHER PAYABLES

23

30 Sep 2015

1 Jan 2015

VND

VND

520,360,188
79,078,711
14,189,277,617
41,568,874
18,136,800
41,821,562
───────────
14,890,243,752

═══════════

450,817,042
87,368,574
3,797,329,326
58,456,059
15,242,280
43,060,374
───────────
4,452,273,655
═══════════


CENTURY 21 JOINT STOCK COMPANY

Union fees and social insurance
Profit shared to business collaboration
partner - Tuoi Tre Newspaper
Dividends
Others

4.19

30 Sep 2015

1 Jan 2015

VND

VND

56,919,635

17,245,728

4,488,927,981
660,594,055
954,818,317
───────────
6,161,259,988
═══════════

5,135,590,038
420,230,660
713,636,133
───────────
6,286,702,559
═══════════

BONUS AND WELFARE FUND
This fund is established by annual provision from undistributed earnings following the
Company’s charter and decision of shareholders in general meeting. This fund is used
to pay bonus and other welfare to employees in compliance with the Group’s bonus and
welfare policies. Movement in bonus and welfare fund during the year is as follows:
30 Sep 2015
VND
Opening balance
Appreciation from retained earnings
Appreciation from minority interests
Other contribution

Utilisation

4,046,974,898
1,500,000,000
24,969,400
(2,295,992,148)
───────────
3,275,952,150
═══════════

Closing balance

4.20

2014
VND
5,211,275,943
2,228,918,184
168,568,862
113,867,000
(3,675,655,091)
───────────
4,046,974,898
═══════════

OTHER LONG-TERM PAYABLES

Tenant deposits
Capital contribution of Tuoi Tre Newspaper in
Yoco Building Joint Venture (*)

Capital contribution of Nam Long Investment
Joint Stock Company in 9B7 South Sai Gon
Residential Project (**)

(*)

30 Sep 2015
VND

1 Jan 2015
VND

6,077,038,430

5,815,218,430

14,334,529,046

14,334,529,046

68,647,016,659
────────────
89,058,584,135
════════════

58,447,016,659
────────────
78,596,764,135
════════════

According to the Business Cooperation Agreement of Yoco Building between the
Company and Tuoi Tre Newspaper, the capital contribution ratio is 50:50 for each
party, profit after tax from office leasing after distributing to the mandatory
reserves funds (5%) and bonus and welfare funds (5%) is shared to each party
24


CENTURY 21 JOINT STOCK COMPANY
equally. From 1 Jan to 30 Sep 2015, profit shared to Tuoi Tre Newspaper
amounted to VND 4,488,927,981 (2014: VND 5,135,590,038).
(**)

4.21

According to Business Cooperation Agreement of 9B-7 Zone, South Sai Gon
Residential Area, Nam Long Investment Joint Stock Company contributes 45% of
land area in this project. In 2014, Nam Long Company contributed additional VND
23,559,723,000, raising capital contribution ratio up to 60%.

DEFERRED INCOME TAX PAYABLE

Taxes Deferred income arising from
temporary differences are deductible:
Unrealised foreign exchange gains

30 Sep 2015
VND

1 Jan 2015
VND

267,558,653

-

─────────────
267,558,653
═════════════

25

─────────────
═════════════