PLC: Explanation for the different between AFS 2008 and financial FS QIV-2008

Petrolimex Petrochemical JSC explained the different between audited financial statement 2008 and financial statement QIV/ 2008 as follows:

•       Asset:

-         Current assets difference: because of revaluation of foreign exchange, sale discount inventory, and setting up provision for devaluation of stock.

-         Fixed assets difference: because of  adjusting deposit to rent offices

-         Resources:

+ Liabilities increase: because company counted liabilities as dividend payable and revalue foreign exchange

+ Owners’ equity decrease: the dividend payment 2008 (12.5%) and profit decrease because of setting up provision for devaluation of stock.

•       Operating result

Main reasons making profit before tax decrease by VND 7,770,628,639 are:

-         Use the new method in accounting

-         2 subsidiaries:

+ Petrolimex chemicals company Ltd; profit before tax decrease VND 14,231,138,227

·        Setting up provision for devaluation of stock: VND 13,045,891,940

·        Revaluation of the foreign exchange which makes financial expense increase by VND 2,032,792,364

·        Operating expenses decrease VND 2,098,806,154

+ Petrolimex Asphalt Company Limited; profit before tax increase VND 2,098,806,154

·        Seting up provision for devaluation of stock makes cost of goods increase

·        Revaluation of inventory makes revenue increase VND 1,009,220

·        Revaluation of loans by foreign currency makes financial expense increase VND 1,685,761,993

·        Redemption provision of bad debt fund makes General and administration expenses increase VND 3,190,349,840

hastc

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