Financial Statements

2023ANNUAL
REPORT

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Statement of the Board of Management

The consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December 2023, and of its consolidated results of operations and consolidated cash flows for the year then ended in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System for enterprises and the relevant statutory requirements applicable to financial reporting.

On behalf of the Board of Management

Dao Nam Hai - General Director

Financial Performance

Financial Indicators

Contribution to the State budget

Code

31/12/2023
VND

01/01/2023
VND

ASSETS

Cash

Code 111

31/12/2023
VND 8,103,733,928,351

01/01/2023
VND 5,516,077,877,810

Cash equivalents

Code 112

31/12/2023
VND 5,944,511,155,268

01/01/2023
VND 6,089,951,048,888

Trading securities

Code 121

31/12/2023
VND 6,691,022,742

01/01/2023
VND 6,967,748,558

Allowance for diminution in the value of trading securities

Code 122

31/12/2023
VND (1,951,375,740)

01/01/2023
VND (1,912,927,456)

Held-to-maturity investments

Code 123

31/12/2023
VND16,490,882,800,475

01/01/2023
VND 7,092,588,479,188

Accounts receivable from customers

Code 131

31/12/2023
VND 10,021,848,511,588

01/01/2023
VND 11,866,204,718,470

Prepayments to suppliers

Code 132

31/12/2023
VND 666,633,246,084

01/01/2023
VND 663,649,723,446

Prepayments to suppliers

Code 136

31/12/2023
VND 823,710,371,386

01/01/2023
VND 613,903,084,411

Allowance for doubtful debts

Code 137

31/12/2023
VND (538,640,885,535)

01/01/2023
VND (471,226,410,738)

Shortage of assets awaiting resolution

Code 139

31/12/2023
VND 1,790,955,535

01/01/2023
VND 1,156,849,958

Inventories

Code 141

31/12/2023
VND 14,677,544,350,217

01/01/2023
VND 17,301,336,761,735

Allowance for inventories

Code 149

31/12/2023
VND (37,630,474,580)

01/01/2023
VND (68,963,555,289)

Short-term prepaid expenses

Code 151

31/12/2023
VND293,253,255,930

01/01/2023
VND 268,643,157,597

Deductible value added tax

Code 152

31/12/2023
VND 693,036,261,169

01/01/2023
VND 944,669,315,760

Taxes and others receivable from State Treasury

Code 153

31/12/2023
VND 160,746,806,949

01/01/2023
VND 343,558,591,094

Other current assets

Code 155

31/12/2023
VND 766,301,554

01/01/2023
VND 3,585,118,433

Accounts receivable from customers – long-term

Code 211

31/12/2023
VND 367,919,000

01/01/2023
VND 450,837,000

Other long-term receivables

Code 216

31/12/2023
VND 32,435,271,703

01/01/2023
VND 36,121,107,719

Allowance for doubtful long-term debts

Code 219

31/12/2023
VND(3,867,000,000)

01/01/2023
VND (6,367,000,000)

Tangible fixed assets

Code 221

31/12/2023
VND 11,310,449,028,835

01/01/2023
VND 11,958,990,635,173

Cost

Code 222

31/12/2023
VND 36,044,002,668,225

01/01/2023
VND 34,886,157,928,936

Accumulated depreciation

Code 223

31/12/2023
VND (24,733,553,639,390)

01/01/2023
VND (22,927,167,293,763)

Intangible fixed assets

Code 227

31/12/2023
VND 2,344,267,225,705

01/01/2023
VND 2,324,792,686,084

Cost

Code 228

31/12/2023
VND 3,238,488,978,901

01/01/2023
VND 3,157,793,639,023

Accumulated amortisation

Code 229

31/12/2023
VND (894,221,753,196)

01/01/2023
VND (833,000,952,939)

Cost

Code 231

31/12/2023
VND 198,650,312,676

01/01/2023
VND 198,069,077,802

Accumulated depreciation

Code 232

31/12/2023
VND (82,794,886,302)

01/01/2023
VND (77,118,620,268)

Construction in progress

Code 242

31/12/2023
VND 919,552,879,504

01/01/2023
VND 557,087,688,928

Investments in associates, joint-ventures

Code 252

31/12/2023
VND 1,386,863,613,926

01/01/2023
VND 3,144,901,095,134

Equity investments in other entities

Code 253

31/12/2023
VND 263,775,498,977

01/01/2023
VND 263,463,634,307

Allowance for diminution in the value of long-term financial investments

Code 254

31/12/2023
VND (115,392,221,804)

01/01/2023
VND (109,465,675,676)

Held-to-maturity investments

Code 255

31/12/2023
VND 3,277,000,000,000

01/01/2023
VND 3,200,000,000,000

Long-term prepaid expenses

Code 261

31/12/2023
VND 2,757,122,218,016

01/01/2023
VND 2,656,281,326,739

Deferred tax assets

Code 262

31/12/2023
VND 71,285,984,559

01/01/2023
VND 134,849,938,137

Long-term tools, supplies and spare parts

Code 263

31/12/2023
VND22,118,300

01/01/2023
VND22,118,300

Other long-term assets

Code 268

31/12/2023
VND 8,954,904,842

01/01/2023
VND 23,347,054,989

TOTAL ASSETS (270=100+200)

Code 270

31/12/2023
VND79,675,619,099,330

01/01/2023
VND74,475,615,486,233

RESOURCES

Accounts payable to suppliers

Code 311

31/12/2023
VND 22,157,175,085,154

01/01/2023
VND 24,220,522,070,621

Advances from customers

Code 312

31/12/2023
VND 287,050,726,278

01/01/2023
VND 341,639,327,936

Taxes and others payable to State Treasury

Code 313

31/12/2023
VND 2,102,497,562,554

01/01/2023
VND 1,337,803,804,231

Payables to employees

Code 314

31/12/2023
VND 1,491,647,038,536

01/01/2023
VND 1,292,489,412,884

Accrued expenses

Code 315

31/12/2023
VND 365,545,209,514

01/01/2023
VND 280,674,756,517

Unearned revenue – short-term

Code 318

31/12/2023
VND 12,165,648,313

01/01/2023
VND 26,787,406,243

Other payables – short-term

Code 319

31/12/2023
VND 322,637,218,749

01/01/2023
VND 2,091,266,279,186

Short-term borrowings

Code 320

31/12/2023
VND 19,135,323,816,408

01/01/2023
VND 13,589,749,083,158

Provisions – short-term

Code 321

31/12/2023
VND 274,147,714,271

01/01/2023
VND 135,656,393,977

Bonus and welfare fund

Code 322

31/12/2023
VND 459,902,289,336

01/01/2023
VND 392,197,823,497

Petroleum price stabilisation fund

Code 323

31/12/2023
VND 3,052,519,597,920

01/01/2023
VND 1,985,789,570,607

Long-term advances from customers

Code 332

31/12/2023
VND 15,157,760,920

01/01/2023
VND 14,757,760,920

Long-term accrued expenses

Code 333

31/12/2023
VND 31,758,247,067

01/01/2023
VND 25,849,090,323

Long-term unearned revenue

Code 336

31/12/2023
VND 23,866,702,050

01/01/2023
VND 18,477,797,605

Other payables – long-term

Code 337

31/12/2023
VND 70,762,745,253

01/01/2023
VND 56,499,126,706

Long-term borrowings

Code 338

31/12/2023
VND 646,814,450,564

01/01/2023
VND 823,350,989,928

Deferred tax liabilities

Code 341

31/12/2023
VND 21,970,138,615

01/01/2023
VND 19,900,219,781

Provisions – long-term

Code 342

31/12/2023
VND 2,569,968,997

01/01/2023
VND 39,593,927,894

Share capital

Code 411

31/12/2023
VND12,938,780,810,000

01/01/2023
VND12,938,780,810,000

Ordinary shares with voting rights

Code 411a

31/12/2023
VND 12,938,780,810,000

01/01/2023
VND 12,938,780,810,000

Share premium

Code 412

31/12/2023
VND 7,359,059,317,417

01/01/2023
VND 7,359,059,317,417

Other capital

Code 414

31/12/2023
VND 966,832,515,772

01/01/2023
VND 1,109,578,156,236

Treasury shares

Code 415

31/12/2023
VND(232,858,460,000)

01/01/2023
VND(232,858,460,000)

Differences upon asset revaluation

Code 416

31/12/2023
VND(1,279,967,589,219)

01/01/2023
VND(1,294,725,514,734)

Foreign exchange differences

Code 417

31/12/2023
VND 139,461,256,127

01/01/2023
VND 89,957,394,846

Investment and development fund

Code 418

31/12/2023
VND 1,769,457,074,318

01/01/2023
VND 1,692,508,912,473

Other equity funds

Code 420

31/12/2023
VND 84,189,002,716

01/01/2023
VND 124,605,772,427

Retained profits

Code 421

31/12/2023
VND4,194,581,632,922

01/01/2023
VND2,706,196,720,866

Retained profits brought forward

Code 421a

31/12/2023
VND 1,360,674,905,210

01/01/2023
VND 1,256,455,753,782

Profit for the current year

Code 421b

31/12/2023
VND 2,833,906,727,712

01/01/2023
VND 1,449,740,967,084

Non-controlling interest

Code 429

31/12/2023
VND3,262,571,618,778

01/01/2023
VND3,289,507,534,688

TOTAL RESOURCES (440=300+400)

Code 440

31/12/2023
VND 79,675,619,099,330

01/01/2023
VND 74,475,615,486,233

Code

31/12/2023
VND

1/1/2022
VND

Financial income

Code 21

2023
VND 2,742,716,620,267

2022
VND 1,948,942,567,940

Financial expenses

Code 22

2023
VND 1,723,462,286,268

2022
VND 1,706,489,278,910

In which: Interest expense

Code 23

2023
VND898,602,546,828

2022
VND 644,056,268,958

Share of profit in associates and joint ventures

Code 24

2023
VND 623,848,502,506

2022
VND 702,934,611,210

Selling expenses

Code 25

2023
VND12,139,673,166,162

2022
VND10,499,546,305,289

General and administration expenses

Code 26

2023
VND949,360,826,359

2022
VND823,260,439,762

Other income

Code 31

2023
VND 194,730,183,129

2022
VND 396,386,766,136

Other expenses

Code 32

2023
VND 65,310,439,316

2022
VND 68,477,146,312

Shareholders of the Parent Company

Code 61

2023
VND 2,833,906,727,712

2022
VND 1,449,740,967,084

Non-controlling interest

Code 62

243,413,215,688

2022
VND 452,492,370,667

Basic earnings per share

Code 70

2023
VND 1,706

2022
VND 714

Code

2023
VND

2022
VND

Depreciation and amortisation

Code 02

2023
VND 2,184,794,870,169

2022
VND 2,168,347,034,003

Allowances and provisions

Code 03

2023
VND 141,013,749,897

2022
VND (330,850,092,745)

Exchange losses arising from revaluation of monetary items denominated in foreign currencies

Code 04

2023
VND 13,287,356,000

2022
VND 30,771,697,079

Profits from investing activities

Code 05

2023
VND (2,465,763,180,879)

2022
VND (1,818,236,638,776)

Interest expense

Code 06

2023
VND 898,602,546,828

2022
VND 644,056,268,958

Other adjustments (Movement in petroleum price stabilisation fund – Note 22)

Code 07

2023
VND 1,061,656,963,384

2022
VND 2,171,949,098,814

Change in receivables

Code 09

2023
VND 2,148,238,587,213

2022
VND (4,447,132,923,679)

Change in inventories

Code 10

2023
VND 2,623,792,411,518

2022
VND (3,914,561,991,328)

Change in payables and other liabilities

Code 11

2023
VND(3,354,468,238,187)

2022
VND 9,905,899,638,963

Change in prepaid expenses

Code 12

2023
VND (103,026,230,738)

2022
VND 142,238,137,469

Change in trading securities

Code 13

2023
VND 276,725,816

2022
VND -

Interest paid

Code 14

2023
VND (851,560,272,409)

2022
VND (632,180,251,380)

Income tax paid

Code 15

2023
VND (433,197,206,807)

2022
VND (454,879,657,355)

Other receipts from operating activities

Code 16

2023
VND 5,073,063,929

2022
VND -

Other payments for operating activities

Code 17

2023
VND (542,538,240,177)

2022
VND (643,783,848,039)

Payments for additions to fixed assets and other long-term assets

Code 21

2023
VND(1,652,018,073,110)

2022
VND (2,120,326,212,286)

Proceeds from disposals of fixed assets and other long-term assets

Code 22

2023
VND 32,687,539,636

2022
VND 240,946,231,572

Payments for placement of deposits with terms of more than 3 months, purchase of debt instruments of other entities

Code 23

2023
VND (28,587,141,387,911)

2022
VND (19,910,645,623,653)

Receipts from withdrawal of deposits with terms of more than 3 months, sales of debt instruments of other entities

Code 24

2023
VND 19,111,847,066,624

2022
VND 23,443,852,915,756

Collections on investments in other entities

Code 26

2023
VND 2,573,005,260,000

2022
VND 11,456,443,370

Receipts of interests, dividends and shares of profits

Code 27

2023
VND 1,446,768,601,730

2022
VND 1,338,717,647,333

Proceeds from borrowings

Code 33

2023
VND 82,478,085,876,631

2022
VND 95,830,465,664,336

Payments to settle loan principals

Code 34

2023
VND (77,133,802,144,004)

2022
VND (96,791,209,918,518)

Payments of dividends

Code 36

2023
VND (1,099,707,459,657)

2022
VND (1,745,540,077,268)

Net cash flows during the year
(50 = 20 + 30 + 40)

Code 50

2023
VND 2,443,298,431,100

2022
VND 5,389,480,938,904

Cash and cash equivalents at the end of the year (70 = 50 + 60 + 61)

Code 70

2023
VND 14,048,245,083,619

2022
VND 11,606,028,926,698

Business Performance

Financial Statements

Financial Performance

Financial Indicators

Contribution to the State budget

Petrolimex determines that petroleum will continue to be our core business

Petrolimex determines
that petroleum will continue
to be our core business