Vietnam Electricity Construction Joint Stock Corporation has explained the differences in financial statements for the first six months of 2012 before and after being reviewed by the audit company:
Net revenue from sales and services decreases:
-
First six months of 2012 before being reviewed: VND364,438,493,227
-
First six months of 2012 after being reviewed: VND344,197,249,897
-
Decrease: VND20,241,243,330
Reason:
-
Decrease the value of materials (steel, iron) that
subsidiaries supply to the parent company in order to execute electrical
construction works:
-
Value of materials supplied by VNECO 12 Electricity
Construction JSC: VND14,923,577,948.
-
Value of materials supplied by MECA VNECO Investment and Electricity
Construction JSC: VND3,228,875,905.
-
Decrease revenue of subsidiaries when building My Thuong New
Urban Area, invested by the parent company:
-
Value of implementation by VNECO Consulting and Construction
JSC: VND543,546,023.
-
Value of implementation by VNECO Hue Green Tourist JSC: VND1,361,621,538.
-
To decrease the value of electrical construction of
subsidiary VNECO 8 Electricity Construction JSC: VND183,621,916.
Gross profit decreases:
-
First six months of 2012 before being reviewed: VND123,949,577,286
-
First six months of 2012 after being reviewed: VND123,225,668,796
-
Decrease: VND723,908,490
Reason: Decrease the internal coincide revenue
VND20,241,243,330, and decrease the cost of VND19,517,334,840.
Financial expense increases:
-
First six months of 2012 before being reviewed: VND34,921,607,473
-
First six months of 2012 after being reviewed: VND35,432,346,527
-
Increase: VND510,739,054
Reason: The value of provision for financial investment
re-added in VNECO 12 is VND510,739,054. The Corporation did not adjust to
increase expense when making the consolidated financial statements for the
first six months of 2012. Therefore, the audit company adjusted to increase
this expense when it reviewed the statements.
Profit or loss in associated companies:
-
First six months of 2012 before being reviewed: (VND4,461,987,933)
-
First six months of 2012 after being reviewed: (VND5,234,519,188)
-
Decrease: VND772,531,255
-
Reason: The audit company adjusted financial statements of
two associated companies for the first six months of 2012:
-
VNECO 11 decreased its profit after tax by VND252,461,861,
so the parent company’s interest decreased VND120,330,897.
-
VNECO 2 decreased its profit after tax by VND2,154,112,257,
so the parent company’s interest decreased VND652,200,358.
Deferred corporate income tax decreases:
-
First six months of 2012 before being reviewed: VND288,771,101
-
First six months of 2012 after being reviewed: (VND117,886,473)
-
Decrease: VND406,657,574
Reason: The audit company decreased the deferred corporate
income tax to match with the unrealized profit from construction of My Thuong New
Urban Area and internal profit from electrical equipment supply in the first
six months.
Profit after tax of minority shareholders decreases:
-
First six months of 2012 before being reviewed: (VND2,875,438,159)
-
First six months of 2012 after being reviewed: (VND2,907,235,867)
-
Decrease: VND31.797.708
Reason: The audit company adjust interests of minority
shareholders in subsidiaries.
Differences in profit after tax in Quarter 1, Quarter 2 and
the first six months of 2012 before and after being reviewed:
-
Because the audit company adjusted entries separately for
Quarter 1 and Quarter 2 of 2012, so in the consolidated financial statements of
VNECO there are differences before and after being reviewed:
Quarter 1/2012:
+
Profit after tax of shareholders of parent company before
being reviewed: VND5,295,356,674
+
Profit after tax of shareholders of parent company after
being reviewed: VND7,900,902,528
+
Increase: VND2,605,545,854
Quarter 2/2012:
+
Profit after tax of shareholders of parent company before
being reviewed: VND45,932,996,178
+
Profit after tax of shareholders of parent company after
being reviewed: VND41,758,726,806
+
Increase: VND4,174,269,372
-
All reasons above made the profit after tax of parent
company in the consolidated financial statements after being reviewed decrease
VND1,568,723,518.
