Monthly Report June 2010 Accounting 、 Finance 、 Investment

Monthly Report June 2010Accounting、 Finance、 Investment

contents

ActivitiesActivities

Market WatchMarket Watch

Financial ResultsFinancial Results

PlansPlans

2

Accounting


3

Alerting Marketing to the budget deficiency of Financing bonusAlerting Marketing to the budget deficiency of Financing bonus

The Budget PerformanceThe Budget Performance

Launching the program to all staffLaunching the program to all staff

Innovation & IncentiveInnovation & Incentive

Discussing on the investment income’s allocatingDiscussing on the investment income’s allocating

Profit Center ProjectProfit Center Project

Finance


4

VAT, CIT, Withholding tax, etc.VAT, CIT, Withholding tax, etc.

Monthly Tax ReportsMonthly Tax Reports

Update and revise legal compliance for the first half year 2010Update and revise legal compliance for the first half year 2010

Legal ComplianceLegal Compliance

1. Control amount/period of time deposits

2. Seek possibility to earn higher interest rate

1. Control amount/period of time deposits

2. Seek possibility to earn higher interest rate

Investment


Enhance Cash YieldEnhance Cash Yield

1. Update market value/accrued interest periodically

2. Seek opportunity to invest in other bonds

1. Update market value/accrued interest periodically

2. Seek opportunity to invest in other bonds

Bonds ManagementBonds Management

1. Follow up the evolution of financial market

2. Seek opportunity to create other asset class

1. Follow up the evolution of financial market

2. Seek opportunity to create other asset class

Market Watch/ResearchMarket Watch/Research

5

Financial Market in May/June


VietnamQ1 GDP: 5.8%CPI May/Apl: 9.1/9.2% Ho Chi Minh: 1.44%

TaiwanQ1 GDP: 13.3%CPI May/Apl: 0.7/1.3% TWSE: 3.55%

Euro AreaQ1 GDP: 0.6%CPI May/Apl: 1.6/1.5% German Dax: 5.51%

ChinaQ1 GDP: 11.9% CPI May/Apl: 3.1/2.8% Shanghai: -0.23%

Risk hiked up in May, mainly due to the Greece crisis and Korean conflict, but calm down a little bit in June.

USQ1 GDP: 3.0%CPI May/Apl: 0.9/0.9%Dow Jones: 3.02%

6

10

20

30

40

50

7 8 9 101112 1 2 3 4 5 62009 2010

VIX

Note 1: Stock market return calculated from 31/5 to 21/6.Note 2: VIX is a proxy for market volatility (risk).

Interest Rate


De. 3M 6 M 12 M

SOCBs

VND 2.7 11.3 11.5 11.5

USD 0.3 1.0 1.0 1.0

JSCBs

VND 3.3 11.4 11.5 11.5

USD 0.4 1.0 1.0 1.0

Market Rate (on June 22th)Market Rate (on June 22th)Policy RatePolicy Rate

Majority of banks have set the cap on deposit rate at 11.5%, except for some small JSCBs.

0

4

8

12

16

04 05 06 07 08 09 10

0

4

8

12

16

1200bps

775bps

VN Base Rate

Fed Fund Target Rate

% %

7

Note: Up to June 2010. Note: Rate for enterprises.

16500

17500

18500

19500

20500

01/09 05/09 09/09 01/10 05/10

430

480

530

580

630

Exchange Rate


USDVND(L)

TWDVND(R)

VND is still under pressure of depreciating, while the gap between banks and the black market is almost 0.

Market Rate (on June 22th)Market Rate (on June 22th)USDVND & USDTWDUSDVND & USDTWD

18544

18990

18990

8

Note: Up to June 22th. Note: Rate for enterprises.

Profit and Loss


9

Feb Mar Apr May YTD

Revenues 16,325 15,986 16,803 16,223 80,851

Expenses 13,961 18,223 18,307 19,125 86,124

Profit 2,364 (2,236) (1,504) (2,902) (5,273)

Budget 2010 (1,941) (1,957) (1,916) (1,375) (8,019)

Actual / Budget 2010 up to 66% this year to dateActual / Budget 2010 up to 66% this year to date

YTD May 2010 Results (million VND)YTD May 2010 Results (million VND)

Note: For profits.

76

78

80

82

84

86

88

Revenues Expenses

12

14

16

18

20

Feb Mar Apr May

Profit and Loss


10

Revenues & ExpensesRevenues & Expenses Year to Date ResultYear to Date Result

Revenues

Expenses

billion VND billion VND

From monthly or from YTD aspect, expenses is kind of high, but the profit is better than expected .

Gross Premium


11

Feb Mar Apr May YTD

Actual 2010 3,596 4,988 6,200 5,489 24,737

Budget 2010 5,881 7,215 7,419 8,063 35,284

Actual 2009 7,088 2,296 3,056 2,394 17,579

Actual 2010 / 2009 up to 141% this year to dateActual 2010 / 2009 up to 141% this year to date

Gross Premium (million VND)Gross Premium (million VND)


Sales Expenses


12

Feb Mar Apr May YTD

Actual 2010 2,904 4,698 5,125 5,709 22,534

Budget 2010 3,957 4,765 4,395 4,165 21,096

Actual 2009 3,265 1,326 4,127 3,105 14,283

Actual 2010 / 2009 up to 158% this year to dateActual 2010 / 2009 up to 158% this year to date

Sales Expenses (million VND)Sales Expenses (million VND)


3

5

7

9

Feb Mar Apr May

1

3

5

7

Feb Mar Apr May

0

1

2

3

4

5

6

7

Feb Mar Apr May

Premium and Sales Expenses


13

Gross PremiumGross Premium Premium and Sales ExpensesPremium and Sales Expenses

Premium

Sale Expenses

billion VND

Sales expenses hit the budget, whereas premium is less than expected.

Sale ExpensesSale Expenses

Budget

Actual

Actual

Budget

billion VND

billion VND

Accounting

PlansPlans

14

Working with auditors (Earns & Young) on related mattersWorking with auditors (Earns & Young) on related matters

Audit ConductedAudit Conducted

Following up and update to BOD the staff contributionsFollowing up and update to BOD the staff contributions

Innovation & IncentiveInnovation & Incentive

Set up the accounting processSet up the accounting process

Universal Life ProductUniversal Life Product

Finance

PlansPlans

15

Revise internal procedures about cash managementRevise internal procedures about cash management

Internal Audit follow-upInternal Audit follow-up

1. Cooperate with IT2. Generating cash reports, detail in monitoring

cash term deposits

1. Cooperate with IT2. Generating cash reports, detail in monitoring

cash term deposits

Enhance Finance SystemEnhance Finance System

Survey bank services due to demand of business developmentSurvey bank services due to demand of business development

Bank SurveyBank Survey

Investment

PlansPlans

To finding new counterparties for time deposits:1.Risk assessment report 2.Approval to headquarter

To finding new counterparties for time deposits:1.Risk assessment report 2.Approval to headquarter

Enhance Cash YieldEnhance Cash Yield

1. Seek opportunity to invest in all kind of asset class

2. Keep in contact with market players

1. Seek opportunity to invest in all kind of asset class

2. Keep in contact with market players

Portfolio ManagementPortfolio Management

1. Keep Following up financial market

2. Monthly topic presentation about investment issue

1. Keep Following up financial market

2. Monthly topic presentation about investment issue

Market Watch/ResearchMarket Watch/Research

16

THANK YOU

17

Documents

Monthly Report June 2010 Accounting 、 Finance 、 Investment