PFL: Explanation for audit opinion in the FS year 2012

(21/03/2013) Petroleum Dong Do JSC  (PetroVietnam Finance Land JSC) explained the audit opinion in the audited FS year 2012 as follows:

1. On 31/12/2012, current liabilities of the company exceeded current assets in an amount of VND82 billion. The solvency in 12 months was dependent on recovery of debts, recovery of contributed investment capital or selling of works and capital mobilization from investors. In case no capital was mobilized from various financial sources for project investment in 12 months, the company would loose the progress of real estate investment project.
2. The balance of other long term investments account on 31/12/2012 at the amount of VND73 billion were contributed capital to other parties. Due to failure to collect audited financial statements of parties to which investment capital were contributed, the company had no basis to set provisions for the mentioned investments.
3. The balance of receivables from customers account in balance sheet on 31/12/2012 included VND13 billion receivables from Phu Long estate Company, Tien Loc Investment Joint Stock Company and Hochiminh Bank for Investment and Development – Hoan Kiem branch relating to commercial right value which must be paid when planning to build Project at 160 Tran Quang Khai, Hoan Kiem, Ha Noi which was approved by the authority.

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