PHH: Explanation for audit opinion in the FS year 2012

(02/04/2013) Hong Ha Viet Nam Joint Stock Company (Hong Ha Petroleum JSC) explained the audit opinion in the audited FS 2012 as follows:

1. Audit opinion: At 31/12/2012, the company set provisions for original debt borrowed by Vietnam Laos General Business Joint Stock Company which came overdue, but did not set provisions for interest receivables which came overdue. In the meantime, the company did not record interest arising in January 2012 from the mentioned borrowing into business result year 2012 of the company.

Explanation: In 2013, this debt is expected to be collected, then, upon real situation, the company will decide on the necessity on setting provisions for recorded interest receivables.

2. Audit opinion: The company did not make assessment of necessary provisions, if any, relating to other long-term investments. At the time of auditing, auditors were not provided with financial statements of the companies taking investments , then were not able to execute other auditing procedures to define the necessity of setting provisions or quantify allowance for long-term investments.

Explanation: At the time of auditing, companies taking investments did not complete financial statements year 2012 (due to these were not public companies). Moreover, these companies were in initial construction and investment period, the company did not have sufficient basis to decide whether to set provisions for these long term investments.

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