Phat Dat Real Estate Development Corporation
Interim Consolidated Financial Statements
30th September 2023
Phat Dat Real Estate Development Corporation
CONTENTS | |
Pages | |
General information | 1 - 2 |
Report of the Board of Management | 3 |
Interim consolidated balance sheet | 4 - 5 |
Interim consolidated income statement | 6 |
Interim consolidated cash flow statement | 7 - 8 |
Notes to the interim consolidated financial statements | 9 - 42 |
Phat Dat Real Estate Development Corporation
GENERAL INFORMATION
THE COMPANY
Phat Dat Real Estate Development Corporation ("the Company") fomerly known as Phat Dat Housing Construction and Trading Joint Stock Company, is a shareholding company incorporated under the Law on Enterprises of Vietnam pursuant to the Business Registration Certificate ("BRC") No. 4103002655 issued by the Department of Planning and Investment of Ho Chi Minh City on 13th September 2004 with amendments as follows:
BRC amendments: | Date: |
4103002655 | |
1st amendment | 11th December 2004 |
2nd amendment | 16th November 2005 |
3rd amendment | 11th July 2006 |
4th amendment | 19th December 2006 |
5th amendment | 23rd April 2007 |
6th amendment | 24th May 2007 |
7th amendment | 29th November 2007 |
8th amendment | 23rd January 2008 |
9th amendment | 29th February 2008 |
10th amendment | 29th June 2009 |
0303493756 | |
11th amendment | 27th August 2009 |
12th amendment | 04th December 2009 |
13th amendment | 04th May 2010 |
14th amendment | 13th September 2010 |
15th amendment | 22nd October 2010 |
16th amendment | 03rd November 2010 |
17th amendment | 28th January 2011 |
18th amendment | 11th August 2011 |
19th amendment | 22nd September 2011 |
20th amendment | 16th May 2012 |
21st amendment | 15th August 2012 |
22nd amendment | 04th September 2015 |
23rd amendment | 01st October 2015 |
24th amendment | 07th June 2017 |
25th amendment | 05th June 2018 |
26th amendment | 14th May 2019 |
27th amendment | 07th May 2020 |
28th amendment | 03rd July 2020 |
29th amendment | 20th November 2020 |
30th amendment | 20th April 2021 |
31st amendment | 17th May 2021 |
32nd amendment | 6th December 2021 |
33rd amendment | 13th May 2022 |
34th amendment | 31st May 2022 |
The Company's shares were listed on the Ho Chi Minh Stock Exchange in accordance with the License No. 1207/SGDHCM-NY issued by the HOSE on 9th July 2010.
The current principal business activities of the Company are to construct and trade residential properties, to undertake the civil, industrial, and infrastructure construction projects, to provide real estate brokerage and valuation services, real estate trading center and management.
The Company's registered head office is located at Floors 8 and 9, Tower B, Viettel Complex Building, 285 Cach Mang Thang Tam Street, Ward 12, District 10, Ho Chi Minh City, Vietnam.
[NOTICE: This document is a translation of the Vietnamese language original for convenience purposes only,
and in the event of any discrepancy, the Vietnamese language original shall prevail.]
1
Phat Dat Real Estate Development Corporation
GENERAL INFORMATION
BOARD OF DIRECTORS
Members of the Board of Directors during the period and at the date of this report are:
Mr. Nguyen Van Dat | Chairman | |
Ms. Tran Thi Huong | Vice Chairwoman | Leaving the Board on 30th June 2023 |
Mr. Nguyen Tan Danh | Vice Chairman | |
Mr. Bui Quang Anh Vu | Member | |
Mr. Le Quang Phuc | Member | |
Mr. Doan Viet Dai Tu | Member | Leaving the Board on 30th June 2023 |
Mr. Khuong Van Muoi | Independent member | Leaving the Board on 30th June 2023 |
Mr. Tran Trong Gia Vinh | Independent member | |
Mr. Duong Hao Ton | Independent member | Appointed on 30th June 2023 |
AUDIT COMMITTEE
Members of the Audit Committee during the period and at the date of this report are:
Mr. Duong Hao Ton | Head of the Audit Committee | Appointed on 30th June 2023 |
Mr. Tran Trong Gia Vinh | Head of the Audit Committee | Dismissed on 30th June 2023 |
Member | Appointed on 30th June 2023 | |
Ms. Tran Thi Huong | Member | Dismissed on 30th June 2023 |
Mr. Le Quang Phuc | Member |
THE BOARD OF MANAGEMENT
Members of the Board of Management during the period and at the date of this report are:
Mr. Bui Quang Anh Vu | Chief Executive Officer | |
Mr. Nguyen Dinh Tri | Vice President | |
Mr. Truong Ngoc Dung | Vice President | |
Mr. Nguyen Khac Sinh | Vice President | |
Mr. Phan Le Hoa | Vice President | Appointed on 1st September 2023 |
Mr. Vu Kim Dien | Vice President | Resigned on 29th April 2023 |
LEGAL REPRESENTATIVES
The legal representatives of the Company during the period and at the date of this report are:
Mr. Nguyen Van Dat | Chairman of the BOD |
Mr. Bui Quang Anh Vu | Chief Executive Officer |
AUDITORS
The auditor of the Company is Ernst & Young Vietnam Limited.
[NOTICE: This document is a translation of the Vietnamese language original for convenience purposes only,
and in the event of any discrepancy, the Vietnamese language original shall prevail.]
2
Phat Dat Real Estate Development Corporation
REPORT OF THE BOARD OF MANAGEMENT
The Board of Management ("BOM") of Phat Dat Real Estate Development Corporation ("the Company") is pleased to present the interim consolidated financial statements of the Company and its subsidiaries ("the Group") for Quarter III - 2023 ended 30th September 2023.
THE BOM'S RESPONSBILITY IN RESPECT OF THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
The BOM is responsible for the interim consolidated financial statements of the Group of each accounting period which give a true and fair view of the interim consolidated financial position of the Group, and of the interim consolidated results of its operation and the interim consolidated cash flows for the period. In preparing these interim consolidated financial statements, the BOM is required to:
- Select suitable accounting policies and then apply them consistently;
- Make judgements and estimates that are reasonable and prudent;
- State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the interim consolidated financial statements for Quarter III-2023 ended 30th September 2023; and
- Prepare the interim consolidated financial statements for Quarter III-2023 on the going concern basis unless it is inappropriate to presume that the Group will continue its business.
The BOM is responsible for ensuring that proper accounting records are kept which disclose, with reasonable accuracy at any time, the interim consolidated financial position of the Group and to ensure that the accounting records comply with the applied accounting system. The BOM is also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The BOM confirmed that it has complied with the above requirements in preparing the accompanying interim consolidated financial statements.
STATEMENT BY THE BOARD OF MANAGEMENT
The Board of Management does hereby state that, in its opinion, the accompanying interim consolidated financial statements give a true and fair view of the interim consolidated financial position of the Group as at 30th September 2023, and of the interim consolidated results of its operations and its interim consolidated cash flows for Quarter III-2023 then ended in accordance with Vietnamese Accounting Standards, Vietnamese Enterprise Accounting System and the statutory requirements relevant to the preparation and presentation of the interim consolidated financial statements.
For and on behalf of the Board of Management
(Signed and stamped)
Bui Quang Anh Vu
Chief Executive Officer
20th October 2023
[NOTICE: This document is a translation of the Vietnamese language original for convenience purposes only,
and in the event of any discrepancy, the Vietnamese language original shall prevail.]
3
Phat Dat Real Estate Development Corporation | B01a-DN/HN | ||||||||
INTERIM CONSOLIDATED BALANCE SHEET FOR QUARTER III-2023 | |||||||||
As at 30th September 2023 | |||||||||
VND | |||||||||
Code | ASSETS | Notes | As at | As at | |||||
30th September 2023 | December 31, 2022 | ||||||||
100 | A. | CURRENT ASSETS | 16,504,257,982,540 | 18,216,542,992,545 | |||||
110 | I. | Cash and cash equivalents | 4 | 52,588,363,778 | 261,762,460,542 | ||||
111 | 1. | Cash | 52,588,363,778 | 255,762,460,542 | |||||
112 | 2. | Cash equivalents | - | 6,000,000,000 | |||||
120 | II. | Short-term investment | 15,370,299,200 | 9,370,299,200 | |||||
123 | 1. | Held-to-maturity investments | 5 | 15,370,299,200 | 9,370,299,200 | ||||
130 | III. | Current accounts receivable | 4,198,757,359,133 | 5,649,830,393,200 | |||||
131 | 1. | Short-term trade receivables | 6 | 2,376,928,458,937 | 2,076,872,008,346 | ||||
132 | 2. | Short-term advances to | |||||||
suppliers | 7 | 939,266,600,851 | 976,276,816,642 | ||||||
136 | 3. | Other short-term receivables | 8 | 883,603,843,720 | 2,597,723,112,587 | ||||
137 | 4. | Provision for doubtful short- | |||||||
term receivables | 6 | (1,041,544,375) | (1,041,544,375) | ||||||
140 | IV. Inventory | 9 | 12,157,739,204,076 | 12,181,241,340,224 | |||||
141 | 1. | Inventories | 12,157,739,204,076 | 12,181,241,340,224 | |||||
150 | V. | Other current assets | 79,802,756,353 | 114,338,499,379 | |||||
151 | 1. | Short-term prepaid expenses | 4,480,873,503 | 33,744,378,293 | |||||
152 | 2. | Value-added tax deductible | 18 | 75,321,882,850 | 75,245,801,086 | ||||
153 | 3. | Tax and other receivables | |||||||
from the State | 18 | - | 5,348,320,000 | ||||||
200 | B. | NON-CURRENT ASSETS | 4,086,493,026,341 | 4,626,752,514,617 | |||||
210 | I. | Long-term receivables | 730,636,788,580 | 731,764,056,580 | |||||
216 | 1. | Other long-term receivables | 8 | 730,636,788,580 | 731,764,056,580 | ||||
220 | II. | Fixed assets | 29,780,999,002 | 38,159,996,196 | |||||
221 | 1. | Tangible fixed assets | 11 | 24,943,688,070 | 30,410,462,177 | ||||
222 | Cost | 78,951,512,437 | 78,876,512,437 | ||||||
223 | Accumulated depreciation | (54,007,824,367) | (48,466,050,260) | ||||||
227 | 2. | Intangible fixed assets | 12 | 4,837,310,932 | 7,749,534,019 | ||||
228 | Cost | 15,006,259,881 | 15,006,259,881 | ||||||
229 | Accumulated amortisation | (10,168,948,949) | (7,256,725,862) | ||||||
230 | III. | Investment properties | 13 | 65,167,456,832 | 66,319,546,112 | ||||
231 | 1. | Cost | 75,664,270,272 | 75,664,270,272 | |||||
232 | 2. | Accumulated depreciation | (10,496,813,440) | (9,344,724,160) | |||||
240 | IV. Long-term asset in progress | 1,095,454,459,299 | 1,052,153,293,147 | ||||||
242 | 1. | Construction in progress | 14 | 1,095,454,459,299 | 1,052,153,293,147 | ||||
250 | V. | Long-term investments | 1,211,047,669,262 | 1,776,215,637,325 | |||||
252 | 1. | Investments in associates | 15 | 1,208,237,669,262 | 1,773,405,637,325 | ||||
255 | 2. | Held-to-maturity investments | 5 | 2,810,000,000 | 2,810,000,000 | ||||
260 | VI. Other long-term assets | 954,405,653,366 | 962,139,985,257 | ||||||
261 | 1. | Long-term prepaid expenses | 10 | 946,451,612,164 | 954,158,573,547 | ||||
262 | 2. | Deferred tax assets | 7,954,041,202 | 7,981,411,710 |
270
TOTAL ASSETS
20,590,751,008,881
22,843,295,507,162
[NOTICE: This document is a translation of the Vietnamese language original for convenience purposes only, and in
the event of any discrepancy, the Vietnamese language original shall prevail.]
4
Phat Dat Real Estate Development Corporation | B01a-DN/HN | |||||||||
INTERIM CONSOLIDATED BALANCE SHEET FOR QUARTER III-2023 (continued) | ||||||||||
As at 30th September 2023 | ||||||||||
VND | ||||||||||
Code | RESOURCES | Notes | As at | As at | ||||||
30th September 2023 | December 31, 2022 | |||||||||
300 | A. | LIABILITIES | 11,967,955,695,066 | 13,582,765,739,708 | ||||||
310 | I. | Current liabilities | 9,372,356,080,695 | 11,028,794,139,708 | ||||||
311 | 1. | Short-term trade payables | 16 | 276,769,704,662 | 456,503,036,903 | |||||
312 | 2. | Short-term advances from | ||||||||
customers | 17 | 3,613,736,364 | 1,239,363,636,364 | |||||||
313 | 3. | Statutory obligations | 18 | 229,169,642,894 | 341,253,479,545 | |||||
314 | 4. | Payables to employees | 8,843,788,005 | 11,407,127,175 | ||||||
315 | 5. | Short-term accrued | ||||||||
expenses | 19 | 131,910,793,587 | 484,106,089,523 | |||||||
318 | 6. | Short-term unearned | ||||||||
revenue | 3,064,373,327 | 3,201,225,865 | ||||||||
319 | 7. | Other short-term payables | 20 | 7,141,820,069,793 | 5,796,465,047,119 | |||||
320 | 8. | Short-term loans | 21 | 1,552,325,916,797 | 2,667,966,838,466 | |||||
322 | 9. | Bonus and welfare fund | 24,838,055,266 | 28,527,658,748 | ||||||
330 | II. | Non-current liabilities | 2,595,599,614,371 | 2,553,971,600,000 | ||||||
337 | 1. | Other long-term liabilities | 20 | 781,902,100,000 | 782,059,100,000 | |||||
338 | 2. | Long-term loans | 21 | 1,813,697,514,371 | 1,771,912,500,000 | |||||
400 | B. | OWNERS' EQUITY | 8,622,795,313,815 | 9,260,529,767,454 | ||||||
410 | I. | Capital | 8,622,795,313,815 | 9,260,529,767,454 | ||||||
411 | 1. | Share capital | 22 | 6,716,462,190,000 | 6,716,462,190,000 | |||||
412 | 2. | Share premium | 22 | 71,680,300,000 | 71,680,300,000 | |||||
418 | 3. | Investment and development | ||||||||
fund | 22 | 230,128,842,335 | 207,383,584,076 | |||||||
421 | 4. | Undistributed earnings | 22 | 1,550,168,528,206 | 1,155,081,291,069 | |||||
421a | - | Undistributed earnings by | ||||||||
the end of prior period | 1,152,324,180,431 | 23,050,044,780 | ||||||||
421b | - | Undistributed earnings of | ||||||||
current period | 397,844,347,775 | 1,132,031,246,289 | ||||||||
429 | 5. | Non-controlling interests | 54,355,453,274 | 1,109,922,402,309 |
440 TOTAL LIABILITIES AND OWNERS'
EQUITY | 20,590,751,008,881 22,843,295,507,162 | ||
(Signed) | (Signed) | (Signed and stamped) | ||
Pham Thi Doan Dung | Ngo Thuy Van | Bui Quang Anh Vu | ||
Preparer | Chief Accountant | Chief Executive Officer | ||
20th October 2023 |
[NOTICE: This document is a translation of the Vietnamese language original for convenience purposes only, and in
the event of any discrepancy, the Vietnamese language original shall prevail.]
5
Phat Dat Real Estate Development Corporation | B02a-DN/HN | ||||||
INTERIM CONSOLIDATED INCOME STATEMENT FOR QUARTER III-2023 | |||||||
VND | |||||||
Accumulated from | Accumulated from the | ||||||
the beginning of the | |||||||
Quarter III | Quarter III | beginning of the year | |||||
Code | Items | Notes | year to the end of | ||||
to the end of Quarter | |||||||
- Current year | - Previous year | Quarter III - Current | |||||
III - Previous year | |||||||
year | |||||||
10 | 1. | Net revenue from sale of | |||||
goods and rendering of | 354,821,292,801 | 11,114,896,003 | 549,544,580,916 | 1,489,940,192,929 | |||
services | 23 | ||||||
11 | 2. | Cost of goods sold and | (43,638,448,894) | (4,948,067,546) | (64,728,333,365) | (199,503,749,808) | |
services rendered | 24 | ||||||
20 | 3. | Gross profit | 311,182,843,907 | 6,166,828,457 | 484,816,247,551 | 1,290,436,443,121 | |
21 | 4. | Finance income | 25 | 550,568,961 | 1,249,028,315,242 | 532,892,292,422 | 1,250,394,061,332 |
22 | 5. | Finance expenses | 25 | (113,120,297,485) | (157,385,090,349) | (313,851,784,615) | (417,306,313,600) |
23 | In which: Interest expenses | (86,137,270,717) | (132,220,048,686) | (267,556,851,390) | (363,885,645,275) | ||
24 | 6. | Loss in associates and | (6,793,992,676) | (12,625,171) | (12,656,078,820) | (43,756,613) | |
joint ventures | |||||||
25 | 7. | Selling expenses | 26 | (3,473,973,034) | (8,136,697,194) | (10,718,947,296) | (20,043,243,302) |
26 | 8. | General and | (44,828,275,262) | (66,064,049,863) | (128,309,810,378) | (208,222,171,699) | |
administrative expenses | 26 | ||||||
30 | 9. | Operating profit | 143,516,874,411 | 1,023,596,681,122 | 552,171,918,864 | 1,895,215,019,239 | |
31 | 10. | Other income | 27 | 15,300,000 | 101,814,022 | 165,355,665 | 183,381,607 |
32 | 11. | Other expenses | 27 | (2,646,049,265) | (102,904,008,038) | (14,747,544,981) | (105,208,832,331) |
40 | 12. | Other profit | (2,630,749,265) | (102,802,194,016) | (14,582,189,316) | (105,025,450,724) | |
50 | 13. | Accounting profit before | 140,886,125,146 | 920,794,487,106 | 537,589,729,548 | 1,790,189,568,515 | |
tax | |||||||
51 | 14. | Current corporate income | (39,208,368,165) | (209,589,866,831) | (137,734,720,067) | (391,061,052,537) | |
tax expense | 28 | ||||||
52 | 15. | Deferred tax income | 28 | - | - | (27,370,508) | - |
60 | 16. | Net profit after tax | 101,677,756,981 | 711,204,620,275 | 399,827,638,973 | 1,399,128,515,978 | |
In which: | |||||||
61 | 16.1. Net profit after tax | 101,684,269,659 | 717,749,736,759 | 401,389,347,775 | 1,412,389,768,483 | ||
attributable to | |||||||
shareholders of the parent | |||||||
62 | 16.2. Net profit (loss) after tax | (6,512,678) | (6,545,116,484) | (1,561,708,802) | (13,261,252,505) | ||
attributable to non- | |||||||
controlling interests | |||||||
70 | 17. | Earnings per share | 146 | 1,031 | 577 | 2,029 | |
(Signed) | (Signed) | (Signed and stamped) | ||
Pham Thi Doan Dung | Ngo Thuy Van | Bui Quang Anh Vu | ||
Preparer | Chief Accountant | Chief Executive Officer | ||
20th October 2023 |
[NOTICE: This document is a translation of the Vietnamese language original for convenience purposes only, and in
the event of any discrepancy, the Vietnamese language original shall prevail.]
6
Phat Dat Real Estate Development Corporation | B03a-DN/HN | ||||||
INTERIM CONSOLIDATED CASH FLOW STATEMENT FOR QUARTER III-2023 | |||||||
VND | |||||||
Code | ITEMS | Notes | Quarter III-2023 | Quarter III- 2022 |
- CASH FLOWS FROM OPERATING ACTIVITIES
01 | Accounting profit before tax | 140,886,125,146 | 920,794,487,106 | |
Adjustments for: | ||||
02 | Depreciation and amortization of | |||
fixed assets and investment | 11, | |||
properties | 12,13 | 3,087,528,105 | 3,701,873,582 |
04 Foreign exchange gain arising from revaluation of monetary
accounts denominated in foreign | ||||
currency | 25 | 20,700,000,000 | 18,000,000,000 | |
05 | Profit from investment activities | 6,243,423,715 | (1,147,076,632,498) | |
06 | Interest expenses | 25 | 92,420,297,485 | 139,385,090,349 |
08 | Operating profit before changes in | |||
working capital | 263,337,374,451 | (65,195,181,461) | ||
09 | Decrease (increase) in | (1,887,499,932,401) | ||
receivables | (122,155,381,892) | |||
10 | Decrease (increase) in | (271,409,513,463) | ||
inventories | 22,290,864,304 | |||
11 | Increase in payables | 443,060,156,608 | 658,866,167,929 | |
12 | Increase (decrease) in prepaid | (20,283,482,370) | ||
expenses | 2,580,117,345 | |||
14 | Interest paid | (90,117,675,675) | (109,929,549,813) | |
15 | Corporate income tax paid | (110,591,149,783) | (59,347,865,262) | |
17 | Other cash outflows for operating | |||
activities | (2,893,568,306) | (3,658,698,730) |
20
21
23
25
26
27
30
33
34
40
Net cash flows from operating activities
-
CASH FLOWS FROM INVESTING ACTIVITIES Purchase and construction of fixed assets
Payments for term deposits at banks
Payments for investments in other entities
Collections of investments in other entities
Interests received
Net cash flows used in investing activities
- CASH FLOWS FROM FINANCING ACTIVITIES Drawdown from borrowings Repayment of borrowings
Net cash flows (used in) from financing activities
405,510,737,052
(12,084,435,194)
(878,000,000)
-
56,818,758
(12,905,616,436)
127,429,503,840
(681,189,198,000)
(553,759,694,160)
(1,758,458,055,571)
(5,054,442,059)
(776,190,000,000)
1,592,900,000,000
334,440,065
811,989,998,006
815,140,773,795
(417,024,699,000)
398,116,074,795
[NOTICE: This document is a translation of the Vietnamese language original for convenience purposes only, and in
the event of any discrepancy, the Vietnamese language original shall prevail.]
7
Phat Dat Real Estate Development Corporation | B03a-DN/HN | ||||
INTERIM CONSOLIDATED CASH FLOW STATEMENT FOR QUARTER III-2023 (continued) | |||||
VND | |||||
Code | ITEMS | Notes | Quarter III-2023 | Quarter III- 2022 | |
50 | Net (decrease) increase in cash | ||||
and cash equivalents for the | |||||
period | (161,154,573,544) | (548,351,982,770) | |||
60 | Cash and cash equivalents at the | ||||
beginning of the period | 213,742,937,322 | 599,076,439,532 | |||
70 | Cash and cash equivalents at the | 4 | |||
end of the period | 52,588,363,778 | 50,724,456,762 | |||
(Signed) | (Signed) | (Signed and stamped) | ||
Pham Thi Doan Dung | Ngo Thuy Van | Bui Quang Anh Vu | ||
Preparer | Chief Accountant | Chief Executive Officer | ||
20th October 2023 |
[NOTICE: This document is a translation of the Vietnamese language original for convenience purposes only, and in
the event of any discrepancy, the Vietnamese language original shall prevail.]
8
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Phat Dat Real Estate Development Corp. published this content on 20 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 October 2023 03:24:33 UTC.