VIETNAM IND A.C.N. 063 656 333
A.B.N. 64 063 656 333
VI E T N A M IN D U S T R I A L IN V E S T M E N T S LI M I T E D
29 February 2016
Company Announcements Office Australian Stock Exchange Limited Exchange Centre
20 Bridge Street
SYDNEY NSW 2000
Dear Sirs
Please find attached Appendix 4E for the year ended 31 December 2015. Yours faithfully
VIETNAM INDUSTRIAL INVESTMENTS LIMITED
LAM VAN HUNG
Managing Director
(Corresponding year: 31 December 2014) Results for announcement to the market2015 | 2014 | Movement | ||
$'000 | $'000 | Amount $'000 | % | |
Revenues from ordinary activities | 358,199 | 301,093 | 57,106 | 19% |
Profit/(loss) from ordinary activities after tax attributable to members | 9,868 | (528) | 10,396 | 1,967% |
Net profit/(loss) for the period attributable to members | 9,868 | (528) | 10,396 | 1,967% |
The Directors have not declared or paid dividends for the 2015 financial year (2014: Nil). Attached are the following:
Commentaries for the net results for the year attributable to members
Statement of Financial Position
Statement of Comprehensive Income
Statement of Changes in Equity
Statement of Cash Flows
Segment information
Retained earnings
Earnings per share
Cash and cash equivalents
Revenues and expenses
Trade and other receivables
Advances to suppliers
Inventories
Property, plant and equipment
Trade and other payables
Interest-bearing loans and borrowings
NTA Backing | Current Period | Previous Corresponding Period |
Net tangible asset per ordinary security | 34.28 cents per share | 25.59 cents per share |
There had been no entities which control had been gained/lost during the year.
The applicable accounting standards used by the consolidated entity are Australian Accounting Standards issued by the Australian Accounting Standards Board.
The Financial Report for the year ended 31 December 2015 is in the process of being audited.
LAM VAN HUNG
Managing Director
The directors submit the Appendix 4E of Vietnam Industrial Investments Limited ("VII", "Company", "consolidated entity" or "Group") for the year ended 31 December 2015.
This operational and financial review reports on the period under review for the Company and its businesses in Vietnam, Steel Making Division: Vinausteel Limited ("Vinausteel"), and SSESTEEL Ltd ("SSESTEEL"), and Steel Products Division: Austnam Joint Stock Corporation ("Austnam"), Total Building Systems Limited ("TBS"); and VRC Weldmesh (Vietnam) Ltd ("VRC").
Net Loss for the year
The total comprehensive income for the year was $14.897 million whilst 2014 total comprehensive income was
$2.737 million. The total comprehensive income for the year consisted of: 1) net profit for the year of $12.163 million (2014: net loss of $75,000), and 2) Foreign currency translation gain of $2.734 million (2014: gain of $2.812 million).
For the year ended 31 December 2015, the Group net profit after tax attributable to members was $9.868 million on revenues of $357.497 million (2014: net loss after tax attributable to members was $0.528 million on revenues of
$300.487 million).
The Steel Making Division reported a net profit after tax attributable to members of $10.317 million (VND169.118 billion) on revenues of $347.662 million (VND5.699 trillion) (2014: net profit after tax attributable to members of $0.854 million (VND16.294 billion) on revenues of $287.937 million (VND5.491 trillion)). In 2015, SSESTEEL reported a significant net profit after tax of $5.142 million as compared to 2014 net loss after tax of $0.104 million. Whilst, the Group's share in Vinausteel earned a net profit of $5.175 million as compared to 2014's Group share in net profit of $0.958 million. The main contributor to the significant net profit is the increased average gross profit margin of the Steel Making Division. The average gross profit margin of this division increased from 3.5% to 10.4%. During the year, this division's cost of goods sold declined significantly due to the drop in billet prices and fuel.
The corporate net loss after tax was $0.702 million (2014: net loss after tax of $1.675 million).
The Group's Steel Products Division reported a net profit after tax attributable to members of $0.253 million (2014: net profit after tax of $0.293 million).
Foreign currency translation
For the year ended 31 December 2015, the foreign currency translation was a gain of $2.734 million (2014: a gain of
$2.812 million). In 2015, the Vietnam Dong appreciated against the Australian dollar. The average VND/AUD exchange rate in 2015 was VND16,391, a decrease of approximately 14% from the average VND/AUD exchange rate of VND19,070 in 2014. The VND/AUD spot rate at 31 December 2015 was VND16,411, a decrease of approximately 6% from 31 December 2014 VND/AUD spot rate of VND17,548. The Australian dollar depreciated against the US dollar in 2015. The Australian dollar spot rate at 31 December 2015 of US$0.7306/A$1 was weaker than 31 December 2014 spot rate of US$0.8202/A$1.
CASH FLOWSAt 31 December 2015, cash and cash equivalents is $63.032 million. There was net increase in cash and cash equivalents during the year of $28.372 million due to the following:
$'000 | |
Increase in net cash flows from operating activities (a) | 31,107 |
Decrease in net cash flows from investing activities (b) | (1,298) |
Decrease in net cash flows from financing activities (c) | (3,728) |
Net foreign exchange differences | 2,291 |
Net Increase | 28,372 |
Notes:
Net cash inflows from operating activities were mainly due to the receipts from customers of $371.051 million and payment to suppliers and employees of $336.253 million.
Net cash outflows from investing activities were due to acquisition of plant, property and equipment.
Net cash inflows from financing activities were mainly due to net repayments of bank borrowings of $3.333 million and dividend payment to non-controlling interests of $0.395 million.
At this date of the Appendix 4E, there has been no matter or circumstance that has arisen since the end of the year that has significantly affected, or may significantly affect, the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity in future financial years.
The consolidated entity expects to continue with the commercial production of rebar and wire rod from VII's rolling mills at Vinausteel and SSESTEEL, roofing and wall cladding at Austnam's factory in Hanoi, and the provision of engineering and project management services by TBS. The scaled down operations of VRC will not be material.
Vietnam Industrial Investments Limited issued this content on 29 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 09 March 2016 06:49:07 UTC
Original Document: http://www.vii.net.au/Portals/6/EasyDNNNewsDocuments/VII Appendix 4E-2015 FINAL.pdf
