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als, logistics infrastructure, forestry, buildingsof Gemadept has been evaluated for the environmental impact, designed and constructed in line with energy saving, minimizing negative impacts on the environment. Environment - Energy Solutions of management, energy and fuel saving: • Adjust schedule of on-off system of air con, illuminating lamp, ventilation fan, equipments using energy via central management system as BMS, I-Manager, X-WEB3000, etc. • Separate lamp lines, fan lines, design functional areas and program the monitoring of lamps, fans at certain areas so as to optimize the electricity consumption; • Daily follow up electricity meters to control activity in all areas and solve irregularity if any; • Strong guidance from BOD and Heads of departments to every staffs about energy saving; • In 2015, the Company saved 5% fuel norm in river ship fleet operation. • The installment of modern electric equipment with high stability helps reducing unnecessary energy consumption; • Replacement of filament lamps by compact lamps of LED technology helps increasing brightness, longer durability and saving energy; • Daily check electricity meter in respective areas to control electric power and prevent from malfunction if any; • Use steel proof absorbing natural light to reduce lamp utilization in day time; use natural ventilation system and insulating proofs to ensure air circulation inside the project; • Technical team controls software system such as Firefighting & prevention system, BMS, I-Manager, X-WEB3000, waste water treatment, etc., to optimize energy saving; • Maintain mechanical electric system in line with annual M&R schedule and comply with recommendation of producers to ensure good and stable operation, lessen malfunction and increase durability; 164 165 Gemadept CorporationAnnual Report 2015 1 Ensuring effective businesses and economic results: Contribution to Vietnam economy: During the past 25 years of foundation and development, Gemadept’s size of revenue and profit has been endlessly increasing. Concretely, in 2015, the Company exceeded the targets of revenue and profit entrusted by the AGM. 2 Gemadept endured ¼ of the century with unceasing development. From a small company of shipping and forwarding agency, Gemadept nowadays becomes the leading one in its core businesses of port operation and logistics. Gemadept is proud to be the pioneer in many business fields, taking advantage of opportunities, overcoming difficulties and challenges during the ups and downs of the economy to unceasingly develop, making company scale increase by hundreds of times since its equitization, actively contributing to the society and national economy. 2.1. Contribution to port industry: In port operation, Gemadept deeply embedded its leading brand name in recent years by its remarkable achievements at Phuoc Long ICD Port, Binh Duong Port, Dung Quat Port, Nam Hai Port and Nam Hai Dinh Vu Port. Its current capacity is 1.3 million TEUs and 2.5 million tons. Moreover, the Company keeps on investing in other port projects including Gemalink Deep- sea container port in Baria Vungtau, which is the biggest size in Vietnam (capacity of 1.2 million TEUs/ year for 1st phase and 2.4 million TEUs/ year for full phases). Gemadept will restart the construction of the project in the upcoming time. Most of Gemadept ports are located at strategic locations, serving the high demand of cargo imported - exported to/from busy industrial zones and in big cities of the country. Understanding the importance of im-ex activities to the country development, Gemadept constantly improves its service quality, keeps strong commitments to customers and do makes every effort to quickly release cargo/vessels with most scompetive rates. 2.2. Contribution to Logistics: Gemadept is not only the leading company in Port Operation, but also a top one in domestic Logistics in terms of its revenue scale. Such remarkable achievement is gained thanks to the right development strategy of the Company via investment in logistics network, integration of such current services of Gemadept as sea and river transport, inland trucking, project transport, air transport, air cargo terminal operation and contract logistics development so as to provide customers with logistics integrated solutions. It also provides them with high service quality, many value added services and modern technology application to confirm the position and brand name of a Vietnam Logistics company in the market which is infringed by international ones currently. Owing to Logistics development strategy to meet Vietnam economy growth in the global and regional integration, Gemadept has set up the system of Logistics centers in Song Than IZ, Binh dương and economic triangle in the North with thousands of square meters. The Company also develops inland trucking service, cross border trucking, promotes project cargo transport, well operates ocean and river ship fleet, becomes the private company possessing and operating exclusive air cargo terminal in Tan Son Nhat International Airport. In addition, in 2015 Gemadept deployed many projects as cold storage which is the most modern and biggest in Vietnam in the Mekong Delta (JV with Minh Phu Corporation), Hai Duong Mega DC, Nam Hai Logistics and Depot in Haiphong. Those projects will come into operation in 2016 as planned. Besides, Gemadept is a member of FIATA, IATA, VLA, VSC, Eurocharm, VPA, VISABA, etc., having strong voice and certain contribution to its industry via these associations. 3,590 3,017 2,528 2,583 2,383 2,149 1,774 1,913 1,171 1,212 1,103 824 570 500419 340 288253 196121 16 47 73 REVENUE 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 Economy Unit: Billion VND 460 556 204 115 15 217 333 32 202 156 135 113 1019786 6866 40 3 14 18 30 45 PROFIT AFTER TAX 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 Unit: Billion VND 166 167 Gemadept CorporationAnnual Report 2015 Society Gemadept Corporation has been doing various businesses in different areas and territories to bring social and economic effectiveness via its projects. To achieve such results during the past 25 years, from a small size company of a dozen staffs, Gemadept nowadays becomes a big corporation of almost 2,000 employees. That unceasing development is a proof for the sustainable development strategy throughout the upward trend of the Company. The Company creates stable employment for almost 2,000 staffs in Vietnam. Job creation is increasing year on year thanks to new project development of Gemadept. Any employee without discrimination of gender, education level, and age is fairly treated, created best conditions for work, contribution and promotion in line with his/her achievements via labor policy. Employees’ lives are properly cared; working environment is friendly and professional on the basic of the Company’s culture. 1 Stable employments for employees: Responsibilty in service provision:2 Be open minded, dedicated, professional, cooperative and sharing on win – win basis are the basic guidelines of Gemadept service provision. Gemadept is not only side-by-side and shares benefits with its customers, partners when the market is favorable but also actively shares difficulties with them when the market is unfavorable. The Company deeply recognizes that every long term and sustainable cooperation has to be on the basis of mutual trust, understanding, dedication and sharing. Gemadept strictly complies with Labor Law, having proper salary scale and fulfilling policy of social, health and unemployment insurance. Moreover, employees’ working spirit is much concerned through activities of tourism, outdoor trips, clubs, sports and art competitionsWorking environment is highly professional, friendly, unanimous and united. Besides overall income, staffs can buy preferential shares via ESPP so as to increase their ownership and motivation in business operation for the common sake of the Company. In 2016 and the coming years, the country confronts with new opportunities and challenges when joining TTP, FTAs with other countries and AEC, Gemadept Management and staffs will keep on doing every effort to pursue sustainable development strategy with the following targets: • Continue to promote core business of Port operation and Logistics. • Maintain and increase market share. • Expand service network in depth and in width to meet the ever-increasing market demand. • Optimize production process and effective operation. • Endlessly upgrade service quality, improve technology and professional training. • Bring to customers, partners, shareholders and concerned parties sustainable values. • Actively contribute to the society, create more jobs and actively contribute to Vietnam’s economic growth. 3 4 Bringing economic benefits to related parties: • National budget contribution: VND 231,683,483,801. Gemadept is, therefore, top listed among Top 1000 enterprises having the largest contribution of corporate income tax to National Budget (V1000). • Gemadept port operation and logistics help increasing competitiveness for import-export companies. It is especially important in the global economic integration. • Gemadept contributes its part to promote the economic cooperation between Vietnam and such countries that Gemadept has partnership and project deployment as Japan, Singapore, Korea, Laos, Cambodia, Hong kong, Taiwan and others. • Bringing economic benefits to shareholders: 2015 dividend payment of VND 239,246,781,000. • Benefits for employees: Total income for employees in 2015 is approximately VND 300 billion. • Contribution to customers, partners: Strong commitment of KPIs performance, safe cargo stevedoring, unceasing increase of service quality so as to provide customers and partners comprehensive and effective solutions. Aim to mid-term and long-term development strategy 168 169 Gemadept CorporationAnnual Report 2015 1. Scholarships for poor and studious students. 2. Participation in “Understanding the heart” program to sponsor heart surgeries for misfortune and sick children. 3. Charity programs to support orphans, lonely old people, disabled and homeless persons in Social Centers in the city, provinces and the whole country. 4. Support people and soldiers in Truong sa, Hoang sa islands. 5. “Good leaves protect the worn out ones” programs to timely support the national calamity and flood victims. 6. Gemadept unceasingly emphasizes the thought of “gratitude to martyrs” among its contingent via activities on Martyr and War-invalid day 27/7 and on occasions of country’s anniversaries, celebrations, etc. Acknowledging the close link between company benefits and that of the community, Gemadept has been doing every effort to have a sustainable business environment, development and difficulty sharing with the community via its commitments in sustainable development strategy and other concrete action plans being performed frequently and continuously. For many years, Gemadept has not only created economic values, provided stable jobs for thousands of laborers and contributed to the national budget, but also given hands with the government to take care of the community through charity trips, gratitude to martyrs’ contribution, misfortune children assistance, poor student scholarship and 3 Corporate Social Responsibilty: school stationery sponsor on the new school day to support poor students’ continuous schooling. Charity trips to remote areas of Binh Duong, Binh Phuoc, Tra Vinh, Tien Giang, Lam Dong, the North and the Central Provinces have left good emotion for the local government and people. Sparkling happy faces of the poor families in Duyen Hai, Tra Vinh when receiving house of gratitude is the lesson of motivation and profound human love in every participant’s mind. This is the most effective way to maintain and promote the tradition of mutual affection and love, responsibility with the community among the Company’s staffs. 170 171 Gemadept CorporationAnnual Report 2015 Department as one of the companies having good compliance of those insurance policies. • Full health insurance policy 24/24 for staffs including accident, operations, hospitalization and even death. 1.2.d. Other care for life of management and staffs: Gifts to company management and staffs on occasions of Tết, holidays, visit and support when they are facing difficulty, sickness are the traditional beauties of Gemadept since the foundation. There also have been the programs of BOD to wish female laborers on the occasions of the International and Vietnamese Women’s Day. 1.2.e. Laborer’s Income: Setting the target to be the leading company in caring employees’ life and ensuring their proper income, the Company has been unceasingly fulfilling the targets, even in difficult periods of the economy and businesses. The effort results in higher labor average income year after year; concretely, that of 2014 and 2015 increased 12% and 16% respectively. 1.2.f. Emplyee stock purchase plan (ESPP): Gemadept is one of a few listed companies being approved by the AGM on the long term ESPP for its employees. This is a tool not only to help maintaining and attracting talented laborers but also to help increasing their income and ownership in the Company. This combination plays an important part in increasing sustainable development of Gemadept. 2. HUMAN RESOURCE DEVELOPMENT: Human resources play the decisive role in every stage of foundation and development of Gemadept. Hence, the Company is always paying much attention to building up the contingent of young managers and staffs who are active and enthusiastic in their work, wholehearted to customers and strongly attached to the Company. They also have high expertise, proper attitude, high motivation and willingness to learn and master the new techniques, effective management skills in order to fulfill their assignment excellently. Gemadept now owns valuable human resources of good education with 90% university and post university graduation, 67% under 40 years old. The structure is the bright point of human resources to properly precondion for the Company’s development strategy in the up coming years. All employees of Gemadept are fairly treated in terms of benefits, promotion and awards in line with their contributions. They are encouraged to be creative and break through so as to create differences in business. The fast and sustainable development of Gemadept has recognized the proud period in which the young managers and staffs eagerly contributed themselves, be strongly attached to the Company and became the typical examples for the new ones to follow. In addition, the human resource quality is much concerned by the Company via open and fair recruitment in accordance with HR procedure a long with local and overseas training plans to timely and effectively serve many project deployments and the Company’s future needs as well. In 2015, the Company carried out the plans of training soft skills of customer services, communication, and negotiation. The Company also offers newly recruited staffs complete programs of expertise and soft skills via internal training and cooperation with MIT. Staffs are also trained in management skills, logistics and port operation skills. Seminars of 2014 enterprise law and HR recruitment course were also organized for management levels of all departments. In 2016, the Company will continue other training programs for the contingent of Management and staffs. EXPERIENCE STRUCTURE Human Resources Development 1. LABOR STRUCTURE AND REMUNERATION POLICY: 1.1. Labor structure and other related issues 1.1.a. Labor structure: Gemadept now owns valuable human resources with almost 2,000 management and staffs; most of them are enthusiastic and long term attached with the Company. Annual resignation ratio is low at 5-6% in average. 1.1.b. Labour relation: • 100% labourers have labour contracts • Labourers’ benefits are fully protected under Labour Law. • Collective agreement, labour regulation, salary tariff are fully registered with concerned authorities and timely updated as soon as any new regulation is valid. • Definitely not to recruit child labour or forced labour. 1.1.c. Labor Union: Gemadept founded Labour Union in 1998. Since the foundation, the organization actually consulted the BOD on treatment policy to care for life and legitimate benefit of the contingent and at the same time received and transferred labourers’ proposals, queries to the Company for proper solutions to both sides. Members of Trade Union Board are assigned to be in charge of different functions and business activities to ensure that every labourer will be properly cared. 1.2. Favorable Treatment Policy: 1.2.a. Working conditions: Working environment: well equipped with working tools, clean and spacious offices, friendly culture, safety training in accordance with current regulations. 1.2.b. Health care, Tourism: • All Management and staffs have periodical health- check at high class medical clinics. • Lunch is well served with nutrition and food safety standards. • Annual leave with full time salary and relevant tourism expense be paid based on working years. 1.2.c. Labor insurance: • Payment of Social Insurance, Health Insurance, and Unemployment Insurance has been timely done as per current regulation. The total amount in 2015 is VND 51,860,191,985. The timely settlement of all kinds of insurance enables staffs to enjoy full benefits. In 2014, Gemadept was commended by HCMC Social Insurance Man Woman 21 % 79 % GENDER STRUCTURE <30 30-40 40-50 >50 40 % 27 % 11 % 22 % AGE STRUCTURE < 5 year 5-10 year 10-15 year 15-20 year > 20 year 45 % 36 % 10 % 6 % 3 % 172 173 Gemadept CorporationAnnual Report 2015 NĂM NĂM OPPORTUNISTIC INVESTMENTS - MAXIMIZING BENEFITS Statement Of The Board Of Directors The Board of Directors of Gemadept Corporation (hereinafter referred to as “the Corporation”) presents this statement together with the Consolidated Financial Statements for the fiscal year ended 31 December 2015 including the Financial Statements of the Corporation and those of its subsidiaries (hereinafter collectively referred to as “the Group”). BUSINESS HIGHLIGHTS OF THE CORPORATION Gemadept Corporation has been operating under the Business Registration Certificate No. 0301116791, which was registered for the 1st time on 01 November 1993 and was amended for the 20th time dated 28 November 2015, granted by the Department of Planning and Investment of Ho Chi Minh City. HEAD OFFICE Address : No. 6 Le Thanh Ton Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam. Tel : (84-8) 38 236 236 Fax : (84-8) 38 235 236 The Corporation has been consistent with its strategy to develop core businesses and to selectively diversify business sectors. The business scopes of the Corporation include port operation, logistics, forestry and real estate. • Port operation: Operating a port system stretching from the North to the South, in big cities and at major industrial zones: Phuoc Long ICD Port, Nam Hai Port, Nam Hai Dinh Vu Port, Dung Quat Port and Binh Duong Port; investing in the projects of Gemalink Cai Mep Deep-sea Container Port and Gemadept Hoa Sen International Port. • Logistics: Distribution centers; container liner services; project cargo transport; multi-modal transport, ship and crew management; shipping agency and freight forwarding services; air-cargo terminal, etc. • Forestry: Planting, exploiting and processing rubber trees and other industrial crops in Cambodia. • Real estate: Building and operating commercial centers, hotels, office buildings in big cities of Legal Representative The Corporation’s legal representative during the year and as of the date of this statement is Mr. Do Van Minh – General Director (appointed on 02 April 2007). Auditors A&C Auditing and Consulting Co., Ltd. has been appointed to perform the audit on the Group’s Consolidated Financial Statements for the fiscal year ended 31 December 2015. Responsibilities of the Board of Directors The Board of Directors of the Corporation is responsible for the preparation of the Consolidated Financial Statements to give a true and fair view of the consolidated financial position, the consolidated financial performance and the consolidated cash flows of the Group during the year. In order to prepare these Consolidated Financial Statements, the Board of Directors must: • select appropriate accounting policies and apply them consistently; • make judgments and estimates prudently; • state clearly whether the accounting standards applied to the Group are followed or not, and all the material differences from these standards are disclosed and explained in the Consolidated Financial Statements; • prepare the Consolidated Financial Statements of the Group on the going-concern basis, except for the cases that the going-concern assumption is considered inappropriate; • design and implement effectively the internal control system in order to ensure that the preparation and presentation of the Consolidated Financial Statements are free from material misstatements due to frauds or errors. Vietnam and Indochina including Saigon Gem Mixed-use Development project and Gemadept Mixed-use Development project in Vientiane- Laos. Board of Management and Executive Officers The Board of Management and the Executive Officers of the Corporation during the year and as of the date of this statement include: The Board of Directors hereby ensures that all the accounting books have been fully recorded and can fairly reflect the financial position of the Group at any time, and that all the accounting books have been prepared in compliance with the applicable Accounting System. The Board of Directors is also responsible for managing the Group’s assets and consequently has taken appropriate measures to prevent and detect frauds and other irregularities. The Board of Directors hereby commits to the compliance with the aforementioned requirements in preparation of the Consolidated Financial Statements. Approval on the Consolidated Financial Statements The Board of Directors of the Corporation approves the accompanying Consolidated Financial Statements, which give a true and fair view of the financial position of the Group as of 31 December 2015, the financial performance and the cash flows for the fiscal year then ended in conformity with the Vietnamese Accounting Standards and System and other legal regulations related to the preparation and presentation of the Consolidated Financial Statements. For and on behalf of the Board of Directors, Do Van Minh General Director Date: 30 March 2016 Full name Position THE BOARD OF MANAGEMENT Mr. Do Van Nhan Chairman Mr. Chu Duc Khang Vice Chairman Mr. Do Van Minh Member Mr. Nguyen Quoc Huy Member Mr. Pham Hong Hai Member Mr. Vu Ninh Member Mrs. Nguyen Minh Nguyet Member Mrs. Bui Thi Thu Huong Member Mr. Pham Tien Tinh Member Mr. Phan Thanh Loc Member Mr. Bolat Duisenov Member THE CONTROL BOARD Mr. Luu Tuong Giai Chief of the Board Mrs. Vu Thi Hoang Bac Member Mr. Tran Duc Thuan Member Mrs. Tran Thanh Thuy Member Mrs. Phan Cam Ly Member THE BOARD OF DIRECTORS Mr. Do Van Minh General Director Mr. Chu Duc Khang Deputy General Director Mr. Pham Quoc Long Deputy General Director Mr. Nguyen Thanh Binh Deputy General Director Mr. Tran Quang Tien Deputy General Director 176 177 Gemadept CorporationAnnual Report 2015 To: THE SHAREHOLDERS, THE BOARD OF MANAGEMENT AND THE BOARD OF DIRECTORS Gemadept Corporation We have audited the accompanying Consolidated Financial Statements of Gemadept Corporation (hereinafter referred to as “the Corporation”) and those of its subsidiaries (hereinafter collectively called “the Group”), which were prepared on 15 February 2016 including the Consolidated Balance Sheet as of 31 December 2015, the Consolidated Income Statement, the Consolidated Cash Flow Statement for the fiscal year then ended and the Notes to the Consolidated Financial Statements. Responsibility of the Board of Directors The Corporation’s Board of Directors is responsible for the preparation, true and fair presentation of the Consolidated Financial Statements of the Group in accordance with the Vietnamese Accounting Standards and System as well as the legal regulations related to the preparation and presentation of the Consolidated Financial Statements; and responsible for the internal control as the Board of Directors determines necessary to enable the preparation and presentation of the Consolidated Financial Statements to be free from material misstatement due to fraud or error. Responsibility of Auditors Our responsibility is to express an opinion on these Consolidated Financial Statements based on our audit. We conducted our audit in accordance with Vietnamese Standards on Auditing. Those standards require that we comply with ethical standards and requirements and plan and perform the audit to obtain reasonable assurance about whether the Consolidated Financial Statements of the Group are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Consolidated Financial Statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the Consolidated Financial Statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Group’s preparation and true and fair presentation of the Consolidated Financial Statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors, as well as evaluating the overall presentation of the Consolidated Financial Statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. No. 0473/2016/BCTC-KTTV Independent Auditor’s Report Ly Quoc Trung - Deputy General Director Audit Practice Registration Certificate No. 0099-2013-008-1 Ho Chi Minh City, 30 March 2016 Hoang Thai Vuong - Auditor Audit Practice Registration Certificate No. 2129-2013-008-1 Opinion of Auditors In our opinion, the Consolidated Financial Statements referred to above, give a true and fair view, in all material respects, of the financial position as of 31 December 2015, the financial performance and the cash flows for the fiscal year then ended of the Group in conformity with the Vietnamese Accounting Standards and System as well as legal regulations related the preparation and presentation of Consolidated Financial Statements. This report is made in two languages (Vietnamese and English), both of equal validity. The Vietnamese version will be the original for reference when needed. For and on behalf of A&C Auditing and Consulting Co., Ltd. 178 179 Gemadept CorporationAnnual Report 2015 Headquarters: 2 Truong Son St., W. 2, Tan Binh Dist., HCMC Tel: (84.8) 3547 2972 - Fax: (84.8) 3547 2970 Branch in Ha Noi: 40 Giang Vo St., Dong Da Dist., Ha Noi City Branch in Nha Trang: 18 Tran Khanh Du St., Nha Trang City Branch in Can Tho: 162C/4 Tran Ngoc Que St., Can Tho City www.a-c.com.vn As of 31 December 2015 Consolidated Balance Sheet Unit: VND ASSETS CODE NOTE ENDING BALANCE BEGINNING BALANCE A. CURRENT ASSETS 100 2,678,066,855,242 2,395,450,710,850 I. Cash and cash equivalents 110 V.1 904,519,085,757 943,317,929,162 1. Cash 111 329,701,399,851 462,812,338,185 2. Cash equivalents 112 574,817,685,906 480,505,590,977 II. Short-term investments 120 91,441,580,440 131,345,853,600 1. Trading securities 121 V.2a 141,722,199,042 144,874,562,680 2. Provisions for devaluation of securities trading 122 V.2a (79,980,618,602) (85,353,029,080) 3. Held-to-maturity investments 123 V.2b 29,700,000,000 71,824,320,000 III. Short-term receivables 130 1,514,907,461,906 1,166,613,605,177 1. Short-term trade receivables 131 V.3 424,388,818,241 372,508,287,101 2. Short-term prepayments to suppliers 132 V.4a 301,977,999,806 174,372,823,672 3. Short-term inter-company receivables 133 - - 4. Receivables according to the progress of construction contract 134 - - 5. Short-term loans receivables 135 - 10,000,000,000 6. Other short-term receivables 136 V.5a 818,830,416,468 646,958,630,002 7. Allowance for short-term doubtful debts 137 V.6 (30,290,341,859) (37,226,704,848) 8. Deficit assets for treatment 139 569,250 569,250 IV. Inventories 140 107,208,185,841 91,266,054,783 1. Inventories 141 V.7 107,208,185,841 91,266,054,783 2. Allowance for inventories 149 - - V. Other current assets 150 59,990,541,299 62,907,268,128 1. Short-term prepaid expenses 151 V.8a 9,625,095,853 10,662,329,481 2. Deductible VAT 152 38,005,877,494 33,606,507,990 3. Taxes and other accounts receivable from the State 153 V.17 12,359,567,951 18,638,430,657 4. Trading Government bonds 154 - - 5. Other current assets 155 - - Unit: VND ASSETS CODE NOTE ENDING BALANCE BEGINNING BALANCE B. NON-CURRENT ASSETS 200 6,321,234,065,044 5,784,331,772,079 I. Long-term receivables 210 198,466,823,330 176,956,836,919 1. Long-term trade receivables 211 - - 2. Long-term prepayment to suppliers 212 V.4b 1,642,000,000 1,642,000,000 3. Working capital in affiliates 213 - - 4. Long-term inter-company receivables 214 - - 5. Long-term loans receivables 215 - - 6. Other long-term receivables 216 V.5b 196,824,823,330 175,314,836,919 7. Allowance for long-term doubtful debts 219 - - II. Fixed assets 220 2,431,673,132,649 2,460,910,247,147 1. Tangible fixed assets 221 V.9 2,158,954,938,953 2,203,279,354,846 - Historical cost 222 3,813,770,290,510 3,626,381,678,194 - Accumulated depreciation 223 (1,654,815,351,557) (1,423,102,323,348) 2. Financial leased assets 224 V.10 26,831,696,565 14,392,730,508 - Historical cost 225 31,462,733,435 14,592,547,596 - Accumulated depreciation 226 (4,631,036,870) (199,817,088) 3. Intangible fixed assets 227 V.11 245,886,497,131 243,238,161,793 - Initial cost 228 272,888,632,122 263,960,390,873 - Accumulated amortization 229 (27,002,134,991) (20,722,229,080) III. Investment property 230 - - - Historical costs 231 - - - Accumulated depreciation 232 - - IV. Long-term assets in process 240 1,086,215,278,045 799,381,142,815 1. Long-term work-in-process 241 - - 2. Construction-in-progress 242 V.12 1,086,215,278,045 799,381,142,815 V. Long-term investments 250 2,010,258,432,052 1,945,340,366,904 1. Investments in subsidiaries 251 - - 2. Investments in joint ventures and associates 252 V.2c 1,851,025,400,527 1,787,271,110,699 3. Investments in other entities 253 V.2d 275,945,057,558 275,945,057,558 180 181 Gemadept CorporationAnnual Report 2015 As of 31 December 2015 Consolidated Balance Sheet (Cont.) Unit: VND ASSETS CODE NOTE ENDING BALANCE BEGINNING BALANCE 4. Provisions for devaluation of long-term financial investments 254 V.2d (116,712,026,033) (117,875,801,353) 5. Held-to-maturity investments 255 - - IV. Other non-current assets 260 594,620,398,968 401,743,178,294 1. Long-term prepaid expenses 261 V.8b 417,673,376,972 188,282,319,704 2. Deferred income tax assets 262 V.13 16,666,429,344 19,787,114,718 3. Long-term components and spare parts and accessories 263 - - 4. Other non-current assets 268 - - 5. Goodwill 269 V.14 160,280,592,652 193,673,743,872 TOTAL ASSETS 270 8,999,300,920,286 8,179,782,482,929 C. LIABILITIES 300 3,384,815,508,267 2,960,719,905,651 I. Current liabilities 310 1,605,680,951,595 1,169,335,416,919 1. Short-term trade payables 311 V.15 579,709,540,990 358,990,957,570 2. Short-term advances from customers 312 V.16 16,669,657,911 16,602,315,953 3. Taxes and other obligations payable to State Budget 313 V.17 28,734,105,290 40,060,449,883 4. Payables to employees 314 V.18 85,215,622,051 41,445,339,543 5. Short-term accrued expenses 315 V.19 247,715,004,683 153,438,690,210 6. Short-term inter-company payables 316 - - 7. Payable according to the progress of construction contracts 317 - - 8. Short-term unearned revenue 318 - - 9. Other short-term payables 319 V.20a 113,370,324,548 82,002,505,902 10. Short-term borrowings and financial leases 320 V.21a 423,635,164,042 407,459,005,056 11. Provisions for short-term payables 321 V.22 59,783,861,859 56,982,318,300 12. Bonus and welfare funds 322 V.23 50,847,670,221 12,353,834,502 13. Price stabilization fund 323 - - 14. Trading Government bonds 324 - - Unit: VND LIABILITIES AND OWNER’S EQUITY CODE NOTE ENDING BALANCE BEGINNING BALANCE II. Long-term liabilities 330 1,779,134,556,672 1,791,384,488,732 1. Long-term trade payables 331 - - 2. Long-term prepayment from customers 332 - - 3. Long-term accrued expenses 333 - - 4. Inter-company payables for operating capital 334 - - 5. Long-term inter-company payables 335 - - 6. Long-term unearned revenue 336 V.24 245,168,303,986 254,613,935,913 7. Other long-term payables 337 V.20b 67,235,955,435 44,120,963,909 8. Long-term borrowing and financial leases 338 V.21b 1,455,292,731,065 1,480,319,700,911 9. Convertible bonds 339 - - 10. Preferred shares 340 - - 11. Deferred income tax liability 341 V.25 11,437,566,186 12,329,887,999 12. Provisions for long-term payables 342 - - 13. Science and technology development funds 343 - - D. OWNER’S EQUITY 400 5,614,485,412,019 5,219,062,577,278 I. Owner’s equity 410 5,614,485,412,019 5,219,062,577,278 1. Capital 411 V.26 1,196,219,940,000 1,161,379,940,000 - Ordinary shares carrying voting right 411a 1,196,219,940,000 1,161,379,940,000 - Preferred shares 411b - - 2. Share premiums 412 V.26 2,471,474,474,400 2,471,474,474,400 3. Bond conversion option 413 - - 4. Other sources of capital 414 V.26 71,797,775,902 71,797,775,902 5. Treasury stocks 415 - - 6. Differences on asset revaluation 416 - - 7. Foreign exchange differences 417 V.26 35,081,586,984 38,199,702,355 8. Investment and development fund 418 V.26 98,136,497,726 51,499,897,853 9. Business arrangement supporting fund 419 - - 10. Other funds 420 V.26 60,260,991,434 52,475,599,954 182 183 Gemadept CorporationAnnual Report 2015 As of 31 December 2015 Consolidated Balance Sheet (Cont.) For the fiscal year ended 31 December 2015 Consolidated Income Statement Unit: VND ITEMS CODE NOTE CURRENT YEAR PREVIOUS YEAR 1. Sales 01 VI.1 3,593,780,842,602 3,016,638,415,863 2. Sales deductions 02 VI.2 7,448,391,594 4,033,904,300 3. Net sales 10 3,586,332,451,008 3,012,604,511,563 4. Cost of sales 11 VI.3 2,639,663,623,277 2,387,502,426,577 5. Gross profit 20 946,668,827,731 625,102,084,986 6. Financial income 21 VI.4 55,700,017,308 665,082,880,451 7. Financial expenses 22 VI.5 242,792,615,788 251,224,764,878 In which: Loan interest expenses 23 118,499,734,961 112,637,632,042 8. Gains in associates 24 V.2c 36,754,091,482 25,278,290,198 9. Selling expenses 25 VI.6 44,577,748,163 31,770,653,588 10. General and administration expenses 26 VI.7 261,095,032,805 280,474,037,684 11. Net operating profit 30 490,657,539,766 751,993,799,485 12. Other income 31 VI.8 21,802,406,819 17,842,959,121 13. Other expenses 32 VI.9 6,654,042,115 68,748,215,278 14. Other profit/ (loss) 40 15,148,364,704 (50,905,256,157) 15. Total accounting profit before tax 50 505,805,904,470 701,088,543,328 16. Current income tax 51 V.17 42,894,920,925 110,515,706,224 17. Deferred income tax 52 VI.10 2,228,363,561 25,640,598,240 18. Profit after tax 60 460,682,619,983 564,932,238,864 19. Profit of the parent company 61 402,359,749,574 530,959,189,701 20. Profit after tax of non-controlling shareholders 62 58,322,870,409 33,973,049,163 21. Earning per share 70 VI.11 3,271 4,346 22. Diluted earnings per share 71 VI.11 3,271 4,346 184 185 Gemadept CorporationAnnual Report 2015 Unit: VND LIABILITIES AND OWNER’S EQUITY CODE NOTE ENDING BALANCE BEGINNING BALANCE 11. Retained earnings 421 V.26 1,152,641,702,340 1,031,153,717,365 - Retained earnings accumulated to the end of the previous period 421a 750,281,952,766 1,031,153,717,365 - Retained earnings of the current period 421b 402,359,749,574 - 12. Construction investment fund 422 - - 13. Interests of non-controlling shareholders 429 V.27 528,872,443,233 341,081,469,449 II. Other sources and funds 430 - - 1. Sources of expenditure 431 - - 2. Fund to form fixed assets 432 - - TOTAL LIABILITIES AND OWNER’S EQUITY 440 8,999,300,920,286 8,179,782,482,929 Ho Chi Minh City, 15 February 2016 Ho Chi Minh City, 15 February 2016 Truong Nhu Nguyen Preparer Truong Nhu Nguyen Preparer Nguyen Minh Nguyet Chief Accountant Nguyen Minh Nguyet Chief Accountant Do Van Minh General Director Do Van Minh General Director (Indirect method) For the fiscal year ended 31 December 2015 Consolidated Cash Flow Statement Unit: VND ITEMS CODE NOTE CURRENT YEAR PREVIOUS YEAR I. Cash flows from operating activities 1. Profit before tax 01 505,805,904,470 701,088,543,328 2. Adjustments - Depreciation of fixed assets and investment properties 02 295,030,210,677 267,460,896,402 - Provisions and allowances 03 V.2a, V.2d, V.6 (13,275,822,300) 94,338,802,014 - Gain/ (loss) from exchange difference due to revaluation of moneytary items in foreign currencies 04 VI.4, VI.5 92,218,658,707 29,907,503,984 - Gain/ (loss) from investing activities 05 VI.4, VI.5 (19,926,841,785) (662,363,806,811) - Interest expenses 06 VI.5 118,499,734,961 112,637,632,042 - Other adjustments 07 - - 3. Operating profit before changes of working capital 08 978,351,844,730 543,069,570,959 - Increase/ (decrease) of receivables 09 (155,434,556,920) 103,109,757,232 - Increase/ (decrease) of inventories 10 (15,942,131,058) 22,216,080,200 - Increase/ (decrease) of payables 11 217,730,243,481 (101,254,569,255) - Increase/ (decrease) of prepaid expenses 12 (150,394,778,185) (4,784,895,124) - Increase/ (decrease) of securities trading 13 V.2a 3,152,363,638 - - Interests paid 14 V.19, VI.5 (51,157,933,072) (69,517,964,321) - Corporate income tax paid 15 V.17 (57,917,646,092) (121,590,256,792) - Other cash inflows 16 - 120,000,000 - Other cash outflows 17 (11,170,540,189) (17,552,104,358) Net cash flows from operating activities 20 757,216,866,332 353,815,618,541 II. Cash flows from investing activities 1. Purchases and construction of fixed assets and other long-term assets 21 V.9, V.10, V.11,V.12 (487,094,370,924) (508,346,505,178) 2. Proceeds from disposals of fixed assets and other long-term assets 22 32,116,077,946 11,964,906,352 3. Cash outflow for lending, buying debt instruments of other entities 23 (182,955,000,000) (1,774,614,724,549) 4. Cash recovered from lending, selling debt instruments of other entities 24 187,574,320,000 1,707,370,269,641 Unit: VND ITEMS CODE NOTE CURRENT YEAR PREVIOUS YEAR 5. Investments into other entities 25 (30,710,464,096) (129,371,873,500) 6. Withdrawals of investments in other entities 26 - 834,251,783,790 7. Interest earned, dividends and profits received 27 VI.4 10,466,934,495 42,326,847,968 Net cash flows from investing activities 30 (470,602,502,579) 183,580,704,524 III. Cash flows from financing activities 1. Proceeds from issuing stocks and capital contributions from owners 31 34,840,000,000 17,163,250,000 2. Repayment for capital contributions and re-purchases of stocks already issued 32 - (2,041,732,000) 3. Proceeds from borrowings 33 222,114,998,891 984,125,538,770 4. Repayment for loan principal 34 (318,155,121,128) (912,624,796,447) 5. Payments for financial leased assets 35 V.26 (5,115,405,176) (431,318,480) 6. Dividends and profit paid to the owners 36 (267,900,813,409) (150,081,894,251) Net cash flows from financing activities 40 (334,216,340,822) (63,890,952,408) Net cash flows during the year 50 (47,601,977,069) 473,505,370,657 Beginning cash and cash equivalents 60 V.1 952,132,979,299 470,211,689,829 Effects of fluctuations in foreign exchange rates 61 (11,916,473) (399,131,324) Ending cash and cash equivalents 70 V.1 904,519,085,757 943,317,929,162 Truong Nhu Nguyen Preparer Nguyen Minh Nguyet Chief Accountant Do Van Minh General Director Ho Chi Minh City, 15 February 2016 186 187 Gemadept CorporationAnnual Report 2015 For the fiscal year ended 31 December 2015 Appendix 01: Statement On Fluctuation Of Owner’s Equity Unit: VND CAPITAL SHARE PREMIUMS OTHER CAPITAL EXCHANGE DIFFERENCE INVESTMENT AND DEVELOPMENT FUND OTHER FUNDS RETAINED EARNINGS TOTAL Beginning of the previous year 1,144,216,690,000 2,471,474,474,400 71,797,775,902 24,450,838,239 42,015,017,454 39,756,761,249 690,613,404,356 4,484,324,961,601 Capital increases in the previous year 17,163,250,000 - - - - - - 17,163,250,000 Profit in the previous year - - - - - - 530,959,189,701 530,959,189,701 Appropriation for funds - - - - 10,899,220,367 15,718,838,705 (47,929,042,417) (21,310,983,345) Disbursements of funds - - - - - (3,000,000,000) - (3,000,000,000) Dividends shared in the previous year - - - - - - (139,365,592,800) (139,365,592,800) Exchange difference - - - 13,748,864,116 - - - 13,748,864,116 Other increases - - - - - - 2,081,624,551 2,081,624,551 Other decreases - - - - (1,414,339,968) - (5,205,866,025) (6,620,205,993) Ending balance of the previous year 1,161,379,940,000 2,471,474,474,400 71,797,775,902 38,199,702,355 51,499,897,853 52,475,599,954 1,031,153,717,365 4,877,981,107,831 Beginning balance of the current year 1,161,379,940,000 2,471,474,474,400 71,797,775,902 38,199,702,355 51,499,897,853 52,475,599,954 1,031,153,717,365 4,877,981,107,831 Capital increases during the year 34,840,000,000 - - - - - - 34,840,000,000 Profit during the year - - - - - - 402,359,749,575 402,359,749,575 Appropriation for funds - - - - 46,636,599,873 24,121,532,628 (70,758,132,501) - Appropriation for bonus and welfare funds - - - - - - (37,790,074,856) (37,790,074,856) Disbursements of funds - - - - - (3,588,333,333) - (3,588,333,333) Dividends shared in the current year - - - - - - (239,243,988,000) (239,243,988,000) Exchange difference - - - (3,118,115,371) - - - (3,118,115,371) Other increases - - - - - (12,747,807,815) - (12,747,807,815) Other decreases - - - - - - 66,920,430,756 66,920,430,756 Ending balance of the current year 1,196,219,940,000 2,471,474,474,400 71,797,775,902 35,081,586,984 98,136,497,726 60,260,991,434 1,152,641,702,340 5,085,612,968,787 Truong Nhu Nguyen Preparer Nguyen Minh Nguyet Chief Accountant Do Van Minh General Director Ho Chi Minh City, 15 February 2016 188 189 Gemadept CorporationAnnual Report 2015 Truong Nhu Nguyen Preparer Nguyen Minh Nguyet Chief Accountant Do Van Minh General Director For the fiscal year ended 31 December 2015 Appendix 02: Increases/ (decreases) Of Construction-In-Progress Unit: VND BEGINNING BALANCE INCREASES OTHER INCREASES EXCHANGE DIFFERENCE INCLUSION INTO FIXED ASSETS OTHER DECREASES ENDING BALANCE Acquisition of fixed assets 67,428,096,919 15,537,547,966 - - (33,176,573,045) (120,000,000) 49,669,071,840 Construction-in-progress 731,953,045,896 302,416,061,929 981,771,800 33,799,711,037 (31,329,964,397) (1,274,420,060) 1,036,546,206,205 - Rach Chiec Residential Area 51,865,085,825 - - - - - 51,865,085,825 - Pacific Pearl Rubber Trees 346,368,734,633 71,553,811,140 - (4,295,719,153) (15,416,574,920) (1,274,420,060) 396,935,831,640 - Pacific Lotus Rubber Trees 330,703,525,650 63,383,761,360 981,771,800 38,095,430,190 (13,927,371,260) - 419,237,117,740 - Hau Giang Warehouse - 138,397,477,083 - - - - 138,397,477,083 - Other projects 3,015,699,788 29,081,012,346 - - (1,986,018,217) - 30,110,693,917 TOTAL 799,381,142,815 317,953,609,895 981,771,800 33,799,711,037 (64,506,537,442) (1,394,420,060) 1,086,215,278,045 Ho Chi Minh City, 15 February 2016 190 191 Gemadept CorporationAnnual Report 2015 Unit: VND PORT OPERATION LOGISTICSERVICES TRADING REAL ESTATE PLANTING RUBBER TREES OTHER FIELDS DEDUCTIONS TOTAL Current year Net external sales 1,692,266,704,459 1,892,524,904,470 1,540,842,079 - - - 3,586,332,451,008 Net inter-segment sales 252,117,028,484 404,798,176,529 - - - (656,915,205,013) - Total net sales 1,944,383,732,943 2,297,323,080,999 1,540,842,079 - - (656,915,205,013) 3,586,332,451,008 Segment financial performance 631,757,803,832 64,932,611,616 1,540,842,079 (10,238,938,698) - (13,770,276,957) 674,222,041,872 Expenses not attributable to segments (33,225,995,108) Operating profit 640,996,046,764 Financial income 55,700,017,308 Financial expenses (242,792,615,788) Other income 21,802,406,819 Other expenses (6,654,042,115) Profit or loss in associates and joint ventures (10,051,344,721) 46,805,436,204 - - - - 36,754,091,482 Current income tax (42,894,920,925) Deferred income tax (2,228,363,561) Profit after tax 460,682,619,984 Total expenses on acquisition of fixed assets and other non-current assets 101,752,897,254 509,484,153,359 - 137,172,151,480 - - 748,409,202,093 Total depreciation/ (amortization) and allocation of long-term prepayments 140,640,257,218 159,958,425,488 - 22,031,000,676 - - 322,629,683,382 Total remarkable non-cash expenses (except depreciation/ (amortization) and allocation of long-term prepayments) - - - - - - - Previous year Net external sales 1,096,843,545,943 1,874,897,685,782 40,863,279,838 - - - 3,012,604,511,563 Net inter-segment sales 357,646,273,973 293,257,956,342 9,308,091,418 - - (660,212,321,733) - Total net sales 1,454,489,819,916 2,168,155,642,124 50,171,371,256 - - (660,212,321,733) 3,012,604,511,563 Segment financial performance 323,119,118,857 33,237,513,945 23,913,537,277 (11,001,651,112) - (12,080,881,930) 357,187,637,037 Expenses not attributable to segments (44,330,243,323) Operating profit 312,857,393,714 Financial income 665,082,880,451 Financial expenses (251,224,764,878) Other income 17,842,959,121 Other expenses (68,748,215,278) Profit or loss in associates and joint ventures (7,047,039,311) 28,367,544,008 2,150,072,955 - 1,807,712,546 - 25,278,290,198 Current income tax (110,515,706,224) Deferred income tax (25,640,598,240) Profit after tax 564,932,238,864 Appendix 03: Segment Information According To The Business Segments For the fiscal year ended 31 December 2015 192 193 Gemadept CorporationAnnual Report 2015 Unit: VND PORT OPERATION LOGISTIC SERVICES TRADING REAL ESTATE PLANTING RUBBER TREES OTHER FIELDS DEDUCTIONS TOTAL Total expenses on acquisition of fixed assets and other non-current assets 265,033,029,299 57,549,175,447 305,641,108 279,666,625,454 - - 602,554,471,308 Total depreciation/ (amortization) and allocation of long-term prepayments 123,641,944,677 114,345,797,444 6,179,248,302 17,438,231,604 - - 261,605,222,027 Total remarkable non-cash expenses (except depreciation/ (amortization) and allocation of long-term prepayments) - 22,721,638,803 - - - - 22,721,638,803 The Group’s assets and liabilities according to the business segments are as follows: Ending balance Direct assets of segment 2,817,673,862,017 3,210,959,568,216 151,893,467,233 1,829,353,887,451 - - 8,009,880,784,916 Unallocated assets 989,420,135,370 Total assets 8,999,300,920,286 Direct liabilities of segment 754,490,728,867 1,986,458,586,967 - 566,232,902,972 - - 3,307,182,218,807 Unallocated liabilities 77,633,289,460 Total liabilities 3,384,815,508,267 Beginning balance Direct assets of segment 2,064,299,304,057 2,242,000,372,773 10,858,093,113 1,558,022,611,426 - - 5,875,180,381,369 Unallocated assets 2,304,602,101,560 Total assets 8,179,782,482,929 Direct liabilities of segment 841,795,235,103 1,602,429,338,340 213,269,856 245,692,213,390 - - 2,690,130,056,689 Unallocated liabilities 270,589,848,961 Total liabilities 2,960,719,905,650 Appendix 03: Segment Information According To The Business Segments (Cont.) For the fiscal year ended 31 December 2015 Truong Nhu Nguyen Preparer Nguyen Minh Nguyet Chief Accountant Do Van Minh General Director Ho Chi Minh City, 15 February 2016 194 195 Gemadept CorporationAnnual Report 2015 NĂM NẮM BẮT CƠ HỘI VƯƠN TẦM CAO MỚI CAPTURING OPPORTUNITIES REACHING NEW HEIGHTS 198 Báo Cáo Thường Niên 2015