2233 - EN TNG Financial Statements 31-12-2015

TNG INVESTMENT AND TRADING JOINT STOCK COMPANY
(Incorporated in the Socialist Republic of Vietnam)
AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2015
March 2016
No 160, Minh Cau Street, Thai Nguyen City
Thai Nguyen Province, S.R. Vietnam
TABLE OF CONTENTS
CONTENTS PAGE(S)
STATEMENT OF THE BOARD OF DIRECTORS 1-2
INDEPENDENT AUDITORS’ REPORT 3-4
BALANCE SHEET 5-6
INCOME STATEMENT 7
CASH FLOW STATEMENT 8
NOTES TO THE FINANCIAL STATEMENTS 9 - 39
1
STATEMENT OF THE BOARD OF DIRECTORS
The Board of Directors of TNG Investment and Trading Joint Stock Company (the “Company”) presents this
report together with the Company’s financial statements for the year ended 31 December 2015.
THE BOARDS OF MANAGEMENT AND DIRECTORS
The members of the Boards of Management and Directors of the Company who held office during the year and to
the date of this report are as follows:
Board of Management
Mr. Nguyen Van Thoi Chairman
Ms. Ly Thi Lien Member (Resigned on 12 April 2015)
Mr. Nguyen Duc Manh Member
Mr. Nguyen Viet Thanh Member
Mr. Nguyen Van Thoi Member
Rusdy Pranata Member (Appointed on 12 April 2015)
Board of Directors
Mr. Nguyen Van Thoi General Director
Mr. Nguyen Duc Manh Deputy General Director (Appointed on 09 February 2015)
Ms. Ly Thi Lien Deputy General Director
Ms. Doan Thi Thu Deputy General Director (Resigned on 09 February 2015)
BOARD OF DIRECTORS’ STATEMENT OF RESPONSIBILITY
The Board of Directors of the Company is responsible for preparing the financial statements, which give a true
and fair view of the financial position of the Company and of its results and cash flows for the year in accordance
with Vietnamese accounting standards, accounting regime for enterprises and legal regulations relating to
financial reporting. In preparing these financial statements, the Board of Directors is required to:
 select suitable accounting policies and then apply them consistently;

 make judgments and estimates that are reasonable and prudent;
 state whether applicable accounting principles have been followed, subject to any material departures
disclosed and explained in the financial statements;
 prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
Company will continue in business; and
 design and implement an effective internal control system for the purpose of properly preparing and
presenting the financial statements so as to minimize errors and frauds.
The Board of Directors is responsible for ensuring that proper accounting records are kept, which disclose, with
reasonable accuracy at any time, the financial position of the Company and that the financial statements comply
with Vietnamese accounting standards, accounting regime for enterprises and legal regulations relating to
financial reporting. The Board of Directors is also responsible for safeguarding the assets of the Company and
hence for taking reasonable steps for the prevention and detection of frauds and other irregularities.
1
STATEMENT OF THE BOARD OF DIRECTORS (Continued)
The Board of Directors confirms that the Company has complied with the above requirements in preparing these
financial statements.
For and on behalf of the Board of Directors, Approve the issuance of the financial statements,
Ly Thi Lien Nguyen Van Thoi

Deputy General Director Chairman
Thai Nguyen, 25 March 2016
2
No.: /VN1A-HN-BC
INDEPENDENT AUDITORS’ REPORT
To: The shareholders

The Board of Management and Board of Directors
TNG Investment and Trading Joint Stock Company
We have audited the accompanying financial statements of TNG Investment and Trading Joint Stock Company
(the “Company”), prepared on 25 March 2016 as set out from page 05 to page 39, which comprise the Balance
sheet as at 31 December 2015, the statement of income and statement of cash flows for the year then ended, and a
summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with Vietnamese Accounting Standards, accounting regime for enterprises and legal regulations relating to
financial reporting and for such internal control as management determines is necessary to enable the preparation
of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
audit in accordance with Vietnamese Standards on Auditing. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the auditors consider internal control relevant to the Company’s preparation and fair presentation of
the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position of the
Company as at 31 December 2015, and its financial performance and its cash flows for the year then ended in
accordance with Vietnamese Accounting Standards, accounting regime for enterprises and legal regulations
relating to financial reporting.
3
INDEPENDENT AUDITORS’ REPORT (Continued)
Emphasis of Matter
We would like to draw readers’ attention to Note 2 of the Notes to the financial statements. The accompanying
financial statements are prepared on the going concern basis. As at 31 December 2015, the deficiency in working
capital of the Company might influence the Company’s ability to continue as a going concern. The Board of
Directors’ plans concerning this matter are also presented in Note 2. The accompanying financial statements do
not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified in
respect of this matter.
Vu Duc Nguyen Tran Huy Cong

Deputy General Director Auditor
Audit Practising Registration Certificate Audit Practising Registration Certificate
No. 0764-2013-001-1 No. 0891-2013-001-1
For and on behalf of
DELOITTE VIETNAM COMPANY LIMITED
25 March 2016
Hanoi, S.R. Vietnam
4
No. 160, Minh Cau Street, Thai Nguyen City Financial statements
Thai Nguyen Province, S.R. Vietnam For the year ended 31 December 2015
BALANCE SHEET
As at 31 December 2015
FORM B 01-DN
Unit: VND
ASSETS Codes Notes 31/12/2015 31/12/2014
A. CURRENT ASSETS 100 701,124,921,431 537,500,748,456
I. Cash 110 56,463,716,439 14,227,312,430

1. Cash 111 5 56,463,716,439 14,227,312,430
II. Short-term receivables 130 263,353,979,893 179,848,943,608
1. Short-term trade receivables 131 6 253,977,185,493 164,641,543,232
2. Short-term advances to suppliers 132 992,573,523 4,115,454,695
3. Short-term loan receivables 135 76,200,000 -
4. Other short-term receivables 136 7 13,638,145,013 16,626,989,488
5. Provision for short-term doubtful debts 137 8 (5,330,124,136) (5,535,043,807)
III. Inventories 140 9 348,279,238,073 324,797,838,494
1. Inventories 141 352,030,706,195 327,836,278,315
2. Provision for devaluation of inventories 149 (3,751,468,122) (3,038,439,821)
IV. Other short-term assets 150 33,027,987,026 18,626,653,924
1. Short-term prepayments 151 10 8,923,816,028 6,241,962,269
2. Value added tax deductibles 152 24,104,170,998 12,384,691,655
B. NON-CURRENT ASSETS 200 912,521,283,611 660,408,814,288
I. Long-term receivables 210 473,684,063 626,872,372

1. Other long-term receivables 216 473,684,063 626,872,372
II. Fixed assets 220 734,559,370,183 567,746,269,468
1. Tangible fixed assets 221 11 686,768,949,561 508,632,621,883
- Cost 222 1,004,967,548,881 764,526,961,547
- Accumulated depreciation 223 (318,198,599,320) (255,894,339,664)
2. Finance lease assets 224 12 8,351,748,379 18,865,376,668
- Cost 225 12,894,064,307 27,515,446,125
- Accumulated depreciation 226 (4,542,315,928) (8,650,069,457)
3. Intangible assets 227 13 39,438,672,243 40,248,270,917
- Cost 228 46,439,198,459 45,633,948,459
- Accumulated amortisation 229 (7,000,526,216) (5,385,677,542)
III. Long-term assets in progress 240 157,323,660,200 74,311,276,591
1. Long-term construction in progress 242 14 157,323,660,200 74,311,276,591
IV. Long-term financial investments 250 15 - 4,800,000,000
1. Investments in joint-ventures, associates 252 4,271,150,000 4,271,150,000
2. Equity investments in other entities 253 - 1,300,000,000
3. Provision for impairment of long-term
254 (4,271,150,000) (771,150,000)
financial investments
V. Other long-term assets 260 20,164,569,165 12,924,395,857
1. Long-term prepayments 261 10 20,164,569,165 12,924,395,857
TOTAL ASSET (270=100 + 200) 270 1,613,646,205,042 1,197,909,562,744
The notes set out on pages 09 to 39 are an integral part of these financial statements
5
BALANCE SHEET (Continued)

As at 31 December 2015
FORM B 01-DN
Unit: VND
RESOURCES Codes Notes 31/12/2015 31/12/2014
C. LIABILITIES 300 1,185,566,716,281 935,788,194,967

I. Current liabilities 310 912,019,139,264 748,115,512,400
1. Short-term trade payables 311 197,072,099,822 76,375,158,354
2. Short-term advances from customers 312 258,907,704 9,983,695,618
3. Taxes and amounts payable to the State
313 16 5,941,072,484 3,148,786,513
budget
4. Payables to employees 314 29,091,239,018 30,071,874,690
5. Short-term accrued expenses 315 11,166,841,076 9,261,857,381
6. Other current payables 319 1,246,096,481 979,038,394
7. Short-term loans and obligations under
320 17 666,729,421,508 618,197,718,920
finance leases
8. Bonus and welfare funds 322 513,461,171 97,382,530
II. Long-term liabilities 330 273,547,577,017 187,672,682,567
1. Long-term loans and obligations under
338 18 273,547,577,017 187,672,682,567
finance leases
D. EQUITY 400 428,079,488,761 262,121,367,777
I. Owner’s equity 410 19 428,079,488,761 262,121,367,777
1. Owner’s contributed capital 411 294,818,480,000 162,879,460,000
2. Share premium 412 29,615,225,005 29,860,679,546
3. Other owner’s capital 414 55,419,591 57,119,591
4. Investment and development fund 418 44,927,956,783 28,042,547,057
5. Other reserves 420 10,613,188,342 5,430,252,426
6. Retained earnings 421 48,049,219,040 35,851,309,157
- Retained earnings accumulated to the
421a - 425,000
prior year end
- Retained earnings of the current year 421b 48,049,219,040 35,850,884,157
TOTAL RESOURCES (440=300+400) 440 1,613,646,205,042 1,197,909,562,744
Tran Thi Thu Ha Luong Thi Thuy Ha Ly Thi Lien

Preparer Chief Accountant Deputy General Director
25 March 2016
INCOME STATEMENT
6
For the year ended 31 December 2015
FORM B 02-DN
Unit: VND
ITEMS Codes Notes 2015 2014
1.Gross revenue from goods sold and services 01 22 1,923,940,013,849 1,377,233,901,599

rendered
2. Deductions 02 22 - 127,476,000
3. Net revenue from goods sold and services 10 1,923,940,013,849 1,377,106,425,599

rendered (10=01-02)
4. Cost of sales 11 23 1,574,938,521,234 1,115,110,906,339
5. Gross profit from goods sold and services 20 349,001,492,615 261,995,519,260
rendered (20=10-11)
6. Financial income 21 25 18,332,478,234 3,202,721,754

7. Financial expenses 22 26 97,899,700,796 67,615,653,726
- In which: Interest expense 23 56,842,066,988 62,545,522,299
8. Selling expenses 25 36,668,267,417 27,498,711,958
9. General and administration expenses 26 146,518,877,448 107,227,538,753
10. Operating profit 30 86,247,125,188 62,856,336,577

(30=20+(21-22)-(25+26))
11. Other income 31 27 1,791,514,454 1,719,791,974

12. Other expenses 32 27 7,886,828 247,231,934
13. Profit from other activities (40=31-32) 40 1,783,627,626 1,472,560,040
14. Accounting profit before tax 50 88,030,752,814 64,328,896,617

(50=30+40)
15. Current corporate income tax expense 51 28 16,730,373,774 11,170,577,460
- -
16. Net profit after corporate income tax 60 71,300,379,040 53,158,319,157
(60=50-51)
17. Basic earnings per share 70 29 2,986 2,945

25 March 2016
CASH FLOW STATEMENT
7
For the year ended 31 December 2015

FORM B 03-DN
Unit: VND
ITEMS Codes 2015 2014
I. CASH FLOWS FROM OPERATING ACTIVITIES
1.Profit before tax 01 88,030,752,814 64,328,896,617
2. Adjustments for:
Depreciation and amortisation of fixed assets 02 63,323,057,442 51,280,051,780
Provisions 03 4,008,108,630 960,971,236
Foreign exchange (gain)/ loss arising from translating
04 2,426,763 (934,227,212)
foreign currency items
(Gain)/loss from investing activities 05 (42,329,320) 2,771,311,016
Interest expense 06 56,842,066,988 62,545,522,299
3. Operating profit before movements in working capital 08 212,164,083,317 180,952,525,736
Changes in receivables 09 (84,384,625,713) (45,904,267,124)
Changes in inventories 10 (24,194,427,880) (60,604,051,493)
Changes in payables (excluding accrued loan interest
11 34,763,705,035 14,362,799,019
and corporate income tax payable)
Changes in prepaid expenses 12 (21,641,506,410) (10,378,036,538)
Interest paid 14 (55,930,493,088) (62,933,073,297)
Corporate income tax paid 15 (13,388,380,577) (9,458,981,758)
Other cash inflows 16 7,629,089,599 995,903,208
Other cash outflows 17 (5,443,801,671) (7,514,573,113)
Net cash generated by/(used in) operating activities 20 49,573,642,612 (481,755,360)
II. CASH FLOWS FROM INVESTING ACTIVITIES
1. Acquisition and construction of fixed assets and other
21 (243,346,629,155) (147,117,436,903)
long-term assets
2. Proceeds from sale, disposal of fixed assets and other
22 620,327,273 692,727,274
long-term assets
3. Cash recovered from investments in other entities 26 917,321,030 -
4. Interest earned, dividends and profits received 27 81,807,352 45,965,603
Net cash (used in) investing activities 30 (241,727,173,500) (146,378,744,026)
III. CASH FLOWS FROM FINANCING ACTIVITIES
1. Proceeds from share issue and owners’ contributed
31 109,756,105,459 -
capital
2. Proceeds from borrowings 33 1,890,021,951,842 1,364,292,624,140
3. Repayment of borrowings 34 (1,755,615,354,804) (1,215,404,507,105)
4. Dividends and profits paid 36 (9,772,767,600) -
Net cash generated by financing activities 40 234,389,934,897 148,888,117,035
Net increase in cash (50=20+30+40) 50 42,236,404,009 2,027,617,649
- -
Cash and cash equivalents at the beginning of the year 60 14,227,312,430 12,199,694,781
Cash and cash equivalents at the end of the year
70 56,463,716,439 14,227,312,430
(70=50+60)

25 March 2016
8
1. GENERAL INFORMATION
Structure of ownership
TNG Investment and Trading Joint Stock Company (the “Company") was a State-owned enterprise
established under Decision No. 448/QD-UB of the People's Committee of Bac Thai Province (currently
known as Thai Nguyen Province) dated 12 November 1979. The Company was equitized and
transformed into a joint stock company under Decision No. 3744/QD-UB dated 16 December 2002 of
the People's Committee of Thai Nguyen Province. From 01 January 2003, the Company has officially
been transformed into a joint stock company under Business License No. 1703000036 issued by the
Department of Planning and Investment of Thai Nguyen Province on 02 January 2003 and amended
Business Registration Certificates. Shares of the Company are listed on Hanoi Stock Exchange (HNX)
with the stock code of TNG.
The total number of employees of the Company as at 31 December 2015 was 9,313 (as at 31 December
2014: 8,963).
Operating industry and principal activities
The Company’s operating industry and principal activities are to manufacture and sale of garments;
produce paper packaging, plastic for plastic bags production, plastic raincoats and garment materials and
accessories; conduct sewing training; purchase and sale of industrial machinery, and fire protection
equipment; construct residential and industrial facilities, invest in infrastructure construction for
industrial zones, urban and residential areas; transport goods by road and taxi, provide housing rental for
business purposes; provide services of import and export, entrusted import and export, freight forwarding
services; printing; textile products completion.
The Company’s structure
The Company’s structure includes 01 headquarter and 17 branches. The Company’s headquarter is
located in No.160, Minh Cau street, Thai Nguyen city.
Disclosures of information comparability in the financial statements
As stated in Note 3, since 01 January 2015, the Company has adopted Circular No. 200/2014/TT-BTC
issued by the Ministry of Finance on 22 December 2014 (“Circular 200”) guiding the accounting regime
for enterprises. This Circular is effective for the financial year beginning on or after 01 January 2015.
Circular 200 supersedes the regulations for accounting regime promulgated under Decision No.
15/2006/QD-BTC dated 20 March 2006 issued by the Ministry of Finance and Circular No.
244/2009/TT-BTC dated 31 December 2009 issued by the Ministry of Finance. However, the adoption of
Circular 200 does not have significant impact on the comparability of the figures in the Company’s
financial statements.
2. ACCOUNTING CONVENTION AND FINANCIAL YEAR
Accounting convention
The accompanying financial statements, expressed in Vietnam Dong (VND), are prepared under the
historical cost convention and in accordance with Vietnamese Accounting Standards, accounting regime
for enterprises and legal regulations relating to financial reporting.
NOTES TO THE FINANCIAL STATEMENTS (Continued) FORM B 09-DN

These notes are an integral part of and should be read in conjunction with the accompanying financial statements
The accompanying financial statements are not intended to present the financial position, results of
operations and cash flows in accordance with accounting principles and practices generally accepted in
countries and jurisdictions other than Vietnam.
The accompanying financial statements have been prepared assuming that the Company will continue as
a going concern. As at 31 December 2015, the Company's current liabilities exceeded its current assets
by VND 210,894,217,833 (as at 31 December 2014: VND 210,614,763,944) because the Company has
used working capital to invest in fixed assets. The Company’s ability to continue as a going concern
depends on continuous loans from banks, additional share issuance plan and future profitable operation.
Based on the business plan in 2016, financial plan, convertible bond issuance and charter capital increase
plans as presented in Note 19, the Board of Directors of the Company has prudently assessed and
believed that the Company has the ability to repay short-term debts within 12 months from the end of the
financial year. Accordingly, the Company prepared these financial statements on the going concern basis.
Financial year
The Company’s financial year begins on 01 January and ends on 31 December. These Company’s
financial statements are prepared for the financial year from 01 January 2015 to 31 December 2015.
3. ADOPTION OF NEW ACCOUNTING GUIDANCE
New guidance on accounting regime for enterprises
On 22 December 2014, the Ministry of Finance issued Circular No. 200/2014/TT-BTC (“Circular 200”)
guiding the accounting regime for enterprises. This Circular is effective for financial years beginning on
or after 01 January 2015. Circular 200 supersedes the regulations for accounting regime promulgated
under Decision No. 15/2006/QD-BTC dated 20 March 2006 issued by the Ministry of Finance and
Circular No. 244/2009/TT-BTC dated 31 December 2009 issued by the Ministry of Finance. The Board
of Directors has adopted Circular 200 in the preparation and presentation of the financial statements for
the year ended 31 December 2015.
10
4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies, which have been adopted by the Company in the preparation of these
financial statements, are as follows:
Estimates
The preparation of financial statements in conformity with Vietnamese Accounting Standards, accounting
regime for enterprises and legal regulations relating to financial reporting requires management to make
estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of
contingent assets and liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the financial year. Although these accounting estimates are based on the
management’s best knowledge, actual results may differ from those estimates.
Financial instruments
Initial recognition
Financial assets: At the date of initial recognition, financial assets are recognised at cost plus transaction
costs that are directly attributable to the acquisition of the financial assets. Financial assets of the
Company comprise cash, cash equivalents, trade and other receivables, long-term financial investments
and other financial assets.
Financial liabilities: At the date of initial recognition financial liabilities are recognised at cost plus
transaction costs that are directly attributable to the issue of the financial liabilities. Financial liabilities of
the Company comprise trade and other payables, accrued expenses, loans and obligations under finance
leases.
Subsequent measurement after initial recognition
Currently, there are no requirements for the subsequent measurement of the financial instruments after
initial recognition.
Cash
Cash comprise cash on hand and demand deposits.
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4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Financial investments
Trading securities
Trading securities are those the Company holds for trading purpose. Trading securities are recognised
from the date the Company obtains the ownership of those securities and initially measured at the fair
value of payments made at the transaction date plus directly attributable transaction costs.
In subsequent periods, investments in trading securities are measured at cost less provision for impairment
of such investments.
Provision for impairment of investments in trading securities is made in accordance with prevailing
accounting regulations.
Loan receivables
Loan receivables are measured at cost less provision for doubtful debts. Provision for doubtful debts
relating to loan receivables is made in accordance with prevailing accounting regulations.
Investments in associates
An associate is an entity over which the Company has significant influence and that is neither a subsidiary
nor an interest in joint venture. Significant influence is the power to participate in the financial and
operating policy decisions of the investee but not control or joint control over those policies.
Interests in associates are initially recognised at cost. The Company’s share of the net profit of the
investee after acquisition is recognised in the income statement. Other distributions received other than
such profit share are deducted from the cost of the investments as recoverable amounts.
Provisions for impairment of investments in associates are made in accordance with Circular No.
228/2009/TT-BTC dated 07 December 2009 issued by the Ministry of Finance on “Guiding the
appropriation and use of provisions for devaluation of inventories, loss of financial investments, bad debts
and warranty for products, goods and construction works at enterprises”, Circular No. 89/2013/TT-BTC
dated 28 June 2013 by the Ministry of Finance amending and supplementing Circular No. 228/2009/TT-
BTC and prevailing accounting regulations.
Equity investments in other entities
Equity investments in other entities represent the Company’s investments in ordinary shares of the entities
over which the Company has no control, joint control, or significant influence.
Equity investments in other entities are carried at cost less provision for impairment.
12
Receivables
Receivables represent the amounts recoverable from customers or other debtors and are stated at book
value less provision for doubtful debts.
Provision for doubtful debts is made for receivables that are overdue for six months, or when the debtor is
in dissolution, in bankruptcy, or is experiencing similar difficulties and so may be unable to repay the
debt.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and
where applicable, direct labour costs and those overheads that have been incurred in bringing the
inventories to their present location and condition. Cost is calculated using the weighted average method.
Net realisable value represents the estimated selling price less all estimated costs to completion and costs
to be incurred in marketing, selling and distribution.
The evaluation of necessary provision for inventory obsolescence follows current prevailing accounting
regulations which allow provisions to be made for obsolete, damaged, or sub-standard inventories and for
those which have costs higher than net realisable values as at the balance sheet date.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less accumulated depreciation.
The costs of purchased tangible fixed assets comprise their purchase prices and any directly attributable
costs of bringing the assets to their working condition and location for their intended use. The costs of
self-constructed or manufactured assets are the actual construction or manufacturing cost plus installation
and test running costs.
Tangible fixed assets are depreciated using the straight-line method over their estimated useful lives as
follows:
2015
(Years)
Buildings and structures 4 - 40
Machinery and equipment 3 - 20
Office equipment 6 - 10
Motor vehicles 3-9
Others 5-7
Loss or gain resulting from sales and disposals of tangible fixed assets is the difference between profit
from sales or disposals of assets and their residual values and is recognised in the income statement.
13
Leasing
Assets held under finance leases are recognised as assets of the Company at their fair value at the
inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding
liability to the lessor is included in the balance sheet as a finance lease obligation. Lease payments are
apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate
of interest on the remaining balance of the liability. Finance charges are charged to profit or loss, unless
they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the
Company’s general policy on borrowing costs.
Assets held under finance leases are depreciated over their expected useful lives on the same basis as
owned assets, as follows:
2015
(Years)
Machinery and equipment 7 - 10
Intangible assets and amortisation
Land use rights
Intangible assets represent indefinite land use rights and computer software that are stated at cost less
accumulated amortisation. Indefinite land use rights are not amortised.
Inventory, payroll, product administration and accounting management software are amortised using the
straight-line method over the duration of 6 years.
Construction in progress
Properties in the course of construction for production, rental or administrative purposes, or for other
purposes, are carried at cost. Cost includes professional fees, and for qualifying assets, borrowing costs
dealt with in accordance with the Company’s accounting policy. Depreciation of these assets, on the
same basis as other assets, commences when the assets are ready for their intended use.
Prepayments
Prepayments are expenses which have already been paid but relate to results of operations of multiple
accounting periods.
The Company’s prepayments comprise costs of small tools, supplies and spare parts issued for
consumption, advertising expenditures and insurance expenditures incurred during the operating stage of
the Company which are expected to provide future economic benefits to the Company. These
expenditures have been capitalised as prepayments, and are allocated to the income statement using the
straight-line method in accordance with the current prevailing accounting regulations.
14
Payable provisions
Payable provisions are recognised when the Company has a present obligation as a result of a past event,
and it is probable that the Company will be required to settle that obligation. Provisions are measured at
the management’s best estimate of the expenditure required to settle the obligation as at the balance sheet
date.
Revenue recognition
Revenue from the sale of goods is recognised when all five (5) following conditions are satisfied:
(a) the Company has transferred to the buyer the significant risks and rewards of ownership of
the goods;
(b) the Company retains neither continuing managerial involvement to the degree usually
associated with
ownership nor effective control over the goods sold;
(c) the amount of revenue can be measured reliably;
(d) it is probable that the economic benefits associated with the transaction will flow to the
Company; and
(e) the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue of a transaction involving the rendering of services is recognised when the outcome of such
transactions can be measured reliably. Where a transaction involving the rendering of services is
attributable to several periods, revenue is recognised in each period by reference to the percentage of
completion of the transaction at the balance sheet date of that period. The outcome of a transaction can be
measured reliably when all four (4) following conditions are satisfied:
(a) the amount of revenue can be measured reliably;
(b) it is probable that the economic benefits associated with the transaction will flow to the Company;
(c) the percentage of completion of the transaction at the balance sheet date can be measured reliably; and
(d) the costs incurred for the transaction and the costs to complete the transaction can be measured
reliably.
Interest income is accrued on a time basis, by reference to the principal outstanding and at the applicable
interest rate.
Foreign currencies
The Company applies the method of recording foreign exchange differences in accordance with
Vietnamese Accounting Standard No. 10 (VAS 10) “Effects of changes in foreign exchange rates”.
Accordingly, transactions arising in foreign currencies are translated at exchange rates ruling at the
transaction date. The balances of monetary items denominated in foreign currencies as at the balance sheet
date are retranslated at the exchange rates on the same date. Exchange differences arising from the
translation of these accounts are recognised in the income statement. Unrealised exchange gains as at the
balance sheet date are not treated as part of distributable profit to shareholders.
15
Borrowing costs
Borrowing costs are recognised in the income statement in the year when incurred unless they are
capitalised in accordance with Vietnamese Accounting Standard No.16 “Borrowing costs”. Accordingly,
borrowing costs directly attributable to the acquisition, construction or production of qualifying assets,
which are assets that necessarily take a substantial period of time to get ready for their intended use or
sale, are added to the cost of those assets, until such time as the assets are substantially ready for their
intended use or sale. Investment income earned on the temporary investment of specific borrowings
pending their expenditure on qualifying assets is deducted from the cost of those assets.
For specific borrowings for the purpose of construction of fixed assets and investment properties,
borrowing costs are capitalised even when the construction period is under 12 months. Other borrowing
costs are recognized in the income statement when incurred.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as
reported in the income statement because it excludes items of income or expense that are taxable or
deductible in other years and it further excludes items that are never taxable or deductible.
Deferred tax is recognised on significant differences between carrying amounts of assets and liabilities in
the financial statements and the corresponding tax bases used in the computation of taxable profit and is
accounted for using balance sheet liability method. Deferred tax liabilities are generally recognised for all
temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable
profit will be available against which deductible temporary differences can be utilised.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is
settled or the asset realised. Deferred tax is charged or credited to profit or loss, except when it relates to
items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax
assets against current tax liabilities and when they relate to income taxes levied by the same tax authority
and the Company intends to settle its current tax assets and liabilities on a net basis.
The determination of the tax currently payable is based on the current interpretation of tax regulations.
However, these regulations are subject to periodic variation and their ultimate determination depends on
the results of the tax authorities’ examinations.
Other taxes are paid in accordance with the prevailing tax laws in Vietnam.
16
5. CASH
31/12/2015 31/12/2014
VND VND
Cash on hand 1,556,185,710 2,769,552,080

Demand deposit (i) 54,907,530,729 11,457,760,350
56,463,716,439 14,227,312,430
(i) Include the balance of cash in bank which has been used as collateral for short-term loan obtained
from Joint Stock Commercial Bank for Investment and Development of Vietnam - Thai Nguyen Branch
as stated in Note 17.
6. TRADE RECEIVABLES
31/12/2015 31/12/2014
VND VND
Desipro Pte. Ltd. (Promiles SNC ) 68,915,900,409 32,251,529,944
Asmara International Limited 68,126,980,578 10,432,634,211
Wishbone Co., Ltd. 25,058,788,331 1,539,157,122
Other customers 73,088,232,868 104,876,223,894
Receivables from related parties are presented 18,787,283,307 15,541,998,061
in Note 31 - Related party transactions and
balances
253,977,185,493 164,641,543,232
7. OTHER SHORT-TERM RECEIVABLES
31/12/2015 31/12/2014
VND VND
- Import - export tax paid temporarily 2,917,404,660 4,517,883,965

- Receivables from insurance agencies (i) 2,718,499,816 3,333,294,801
- Clearance compensation - Phu Binh (ii) 1,833,990,486 1,833,990,486
- VAT paid temporarily - 517,775,298
- Short-term mortages, deposits and collateral 2,519,457,602 3,629,642,857
- Advances 1,609,702,660 1,286,824,171
- Others 2,039,089,789 1,507,577,910
13,638,145,013 16,626,989,488
(i) Represent advanced amount for insurance agencies to compensate for employees’ sickness and
maternity by the Company.
(ii) Represents the amount advanced to People’s Committee of Phu Binh District for compensation and
site clearance at Phu Binh Industrial Zone in 2012 by the Company. At present, compensation and
17
site clearance have not been completed yet as well as have not been approved by People’s Committee
of Phu Binh District.
8. BAD DEBTS
31/12/2015 31/12/2014
Recoverable Recoverable
Cost amount Overdue days Cost amount Overdue days
VND VND VND VND VND VND
Debt receivable and loans impared 5,378,809,571 48,685,435 6,126,137,151 591,093,344

The Childrens Place - Disney Store 1,476,984,012 - More than 3 years 1,476,984,012 - More than 3 years
Gama OB 1,103,895,250 - More than 3 years 1,103,895,250 - More than 3 years
Steve & Berrys 653,562,659 - More than 3 years 653,562,659 - More than 3 years
Buda Bean 599,415,428 - More than 3 years 599,415,428 - More than 3 years
Resources Viet Nam Corporation 593,781,199 - More than 3 years 593,781,199 - More than 3 years
Other payees 951,171,023 48,685,435 More than 2 years 1,698,498,603 591,093,344 More than 1 year
9. INVENTORIES
31/12/2015 31/12/2014
Giá gốc Dự phòng Giá gốc Dự phòng
VND VND VND VND
Goods in transit 33,218,985,917 - 24,217,805,238 -
Raw materials 138,437,637,516 - 137,292,536,983 -
Tools and supplies 1,124,475,795 - 1,921,872,033 -
Work in progress 43,547,030,284 - 42,322,490,065 -
Finished goods 135,702,576,683 (3,751,468,122) 122,081,573,996 (3,038,439,821)
Total 352,030,706,195 (3,751,468,122) 327,836,278,315 (3,038,439,821)
As at 31 December 2015, as presented in Note 17, the Company has used circulated goods with the
minimum value of VND 55 billion as collaterals for loans obtained from commercial banks (as at 31
December 2014: VND 50 billion).
10. PREPAID EXPENSE
31/12/2015 31/12/2014
VND VND
a) Short-term
Tools and supplies 4,791,163,522 4,267,975,798
Property insurance expenses 1,643,353,436 1,104,592,289
Other expenses 2,489,299,070 869,394,182
8,923,816,028 6,241,962,269
a) Long-term
Tools and supplies 15,386,504,186 9,645,421,666
Fixed assets repair 2,963,692,903 2,525,177,282
Other long-term prepaid expenses 1,814,372,076 753,796,909
20,164,569,165 12,924,395,857
18
11. INCREASES, DECREASES IN TANGIBLE FIXED ASSETS

Buildings and Machinery and Office
structures equipment Motor vehicles equipment Others Total
COST
As at 01/01/2015 416,536,420,013 332,041,450,147 11,681,874,428 4,008,298,096 258,918,863 764,526,961,547
Transfer from construction in progress 71,181,032,566 50,138,634,698 - - - 121,319,667,264
Purchases 17,907,999,283 98,775,810,567 7,099,885,341 62,039,419 1,691,741,307 125,537,475,917
Reclassification (468,981,818) 905,333,818 - - (436,352,000) -
Additions due to repurchases of finance
- 14,670,232,378 - - - 14,670,232,378
lease assets
Disposals - (2,515,444,968) (1,196,363,644) - - (3,711,808,612)
Reclassification to construction in progress (i) (16,891,538,572) - - - - (16,891,538,572)
Other decrease (483,441,041) - - - - (483,441,041)
As at 31/12/2015 487,781,490,431 494,016,016,640 17,585,396,125 4,070,337,515 1,514,308,170 1,004,967,548,881
ACCUMULATED DEPRECIATION
As at 01/01/2015 72,909,885,989 172,605,867,851 7,549,264,102 2,647,173,739 182,147,983 255,894,339,664
Charge for the year 16,814,514,821 40,705,968,289 1,698,219,003 417,555,774 123,501,976 59,759,759,863
Additions due to repurchases of finance
- 6,056,202,434 - - - 6,056,202,434
lease assets
Disposals - (2,453,443,801) (659,837,446) - - (3,113,281,247)
Reclassification to construction in progress (i) (335,054,080) - - - - (335,054,080)
Other decrease (63,367,314) - - - - (63,367,314)
As at 31/12/2015 89,325,979,416 216,914,594,773 8,587,645,659 3,064,729,513 305,649,959 318,198,599,320
NET BOOK VALUE
As at 31/12/2015 398,455,511,015 277,101,421,867 8,997,750,466 1,005,608,002 1,208,658,211 686,768,949,561
As at 31/12/2014 343,626,534,024 159,435,582,296 4,132,610,326 1,361,124,357 76,770,880 508,632,621,883
(i) The Company makes the reclassification for the purpose of implementing the new construction for the Fashion Design and Trade Centre Project using the Company’s current fixed
assets (buildings and structures attached to land use rights) at Hoang Van Thu Ward, Thai Nguyen City as presented in Note 14 under investment plan approved by the Board of
Management of the Company.
19
11. INCREASES, DECREASES IN TANGIBLE FIXED ASSETS (Continued)
As presented in Notes 17 and 18, the Company has mortgaged its machinery, equipment, motor vehicles,
buildings and structures to secure the loans obtained from Commercial banks and financial institutions.
The cost of the Company’s tangible fixed assets includes VND 104,216,977,691 (as at 31 December
2014: VND 87,564,923,570) of assets which have been fully depreciated but are still in use.
12. INCREASES, DECREASES IN FINANCE LEASE ASSETS
Machinery and
equipment Total
VND VND
COST
As at 01/01/2015 27,515,446,125 27,515,446,125
Transfer to tangible fixed assets due to repurchases
(14,621,381,818) (14,621,381,818)
during the year
As at 31/12/2015 12,894,064,307 12,894,064,307
ACCUMULATED DEPRECIATION
As at 01/01/2015 8,650,069,457 8,650,069,457
Charge for the year 1,948,448,905 1,948,448,905
Transfer to tangible fixed assets due to repurchases
(6,056,202,434) (6,056,202,434)
during the year
As at 31/12/2015 4,542,315,928 4,542,315,928
NET BOOK VALUE
As at 31/12/2015 8,351,748,379 8,351,748,379
As at 31/12/2014 18,865,376,668 18,865,376,668
13. INCREASES, DECREASES IN INTANGIBLE ASSETS

Computer
Land use rights
software Total
VND VND VND
COST
As at 01/01/2015 35,218,083,167 10,415,865,292 45,633,948,459
Addition - 805,250,000 805,250,000
As at 31/12/2015 35,218,083,167 11,221,115,292 46,439,198,459
ACCUMULATED AMORTISATION
As at 01/01/2015 - 5,385,677,542 5,385,677,542
Charge for the year - 1,614,848,674 1,614,848,674
As at 31/12/2015 - 7,000,526,216 7,000,526,216
NET BOOK VALUE
As at 31/12/2015 35,218,083,167 4,220,589,076 39,438,672,243
As at 31/12/2014 35,218,083,167 5,030,187,750 40,248,270,917
As presented in Note 17, the Company has mortgaged its land use rights to secure the loans obtained from
commercial banks and financial institutions.
14. CONSTRUCTION IN PROGRESS
20
31/12/2015 31/12/2014
VND VND
Long-term construction in progress 157,323,660,200 74,311,276,591
- Acquisition 5,032,874,051 -
- Construction 152,290,786,149 74,311,276,591
In which
- TNG Fashion Center Project 57,074,069,372 3,481,818
- TNG Dai Tu Factory 51,408,289,340 43,040,449,923
- TNG Phu Luong Factory 30,437,399,362 24,428,658,283
- Phu Binh Project 11,044,878,494 843,000,000
- Others 7,359,023,632 5,995,686,567
Total 157,323,660,200 74,311,276,591
15. LONG-TERM FINANCIAL INVESTMENTS
31/12/2015 31/12/2014
Cost Provision Cost Provision
VND VND VND VND
a) Investment in associates 4,271,150,000 (4,271,150,000) 4,271,150,000 (771,150,000)
Bac Thai Electric Construction
771,150,000 (771,150,000) 771,150,000 (771,150,000)
Company (i)
TNG Fashion Joint Stock Company (i) 3,500,000,000 (3,500,000,000) 3,500,000,000 -
b) Investment in other entities - - 1,300,000,000 -
Vietnam Textile Garment logistics
- - 1,300,000,000 -
Joint Stock Company (ii)
(i) The Board of Directors assesses that the loss on the Company’s investments in associate equivalent to
the ratio of capital contribution is exactly equal to the value of these investments. Therefore, the Board of
Directors decided to make full provision for these investments.
(ii) In 2015, Vietnam Textile Garment logistics Joint Stock Company has been dissolved and the
Company has received the capital contribution with an amount of VND 917,321,030. The remaining
difference has been recorded in the Company’s 2015 business result.
According to Circular No. 200/2014/TT-BTC dated 22 December 2014, fair value of investments in
associates and investment in other entities as at 31 December 2015 is required to be disclosed. However,
such investments were not listed and there was no comprehensive guidance on determination of fair value
of unlisted investments. Therefore, no information about the fair value of these investment is disclosed.
Details of the Company's associates as at 31 December 2015 are as follows:
Place of Proportion Proportion of

incorporation of ownership voting power
Name of associate and operation interest (% ) held (% ) Principal activities
Bac Thai Electric

Construction Joint Stock Thai Nguyen 49 49 Electric construction
Company
TNG Fashion Joint Stock Fashion products
Thai Nguyen 35 35
Company trading
16. TAXES AND OTHER PAYABLES TO THE STATE BUDGET
21
31/12/2014 Movement in the year 31/12/2015

Items
Amount payable Amount paid
VND VND VND VND
Corporate income tax 2,121,484,491 16,730,373,774 13,388,380,577 5,463,477,688

Other taxes 1,027,302,022 5,228,544,482 5,778,251,708 477,594,796
Personal income tax 544,628,577 2,819,932,225 2,958,286,080 406,274,722
Other taxes 482,673,445 2,408,612,257 2,819,965,628 71,320,074
Total 3,148,786,513 21,958,918,256 19,166,632,285 5,941,072,484
17. SHORT-TERM LOANS AND OBLIGATIONS UNDER FINANCE LEASES

31/12/2014 In the year 31/12/2015
Items Amount able to be Amount able to be
Amount Increases Decreases Amount
paid off paid off
Short-term loans 546,199,489,103 546,199,489,103 1,616,396,758,565 1,594,435,114,260 568,161,133,408 568,161,133,408
Current portion of long-term loans 67,961,614,517 67,961,614,517 99,979,848,800 72,280,401,237 95,661,062,080 95,661,062,080
Current portion of long-term
4,036,615,300 4,036,615,300 2,907,226,020 4,036,615,300 2,907,226,020 2,907,226,020
obligations under finance leases
Total 618,197,718,920 618,197,718,920 1,719,283,833,385 1,670,752,130,797 666,729,421,508 666,729,421,508
Details of short-term loans and obligations under finance lease are as follows:
31/12/2015 31/12/2014
VND VND
Short-term loans 568,161,133,408 546,199,489,103
Vietnam Joint Stock Commercial Bank for Industry
230,240,162,971 280,745,957,641
and Trade - Thai Nguyen Branch (i)
Joint Stock Commercial Bank for Investment and
331,541,889,028 256,461,931,462
Development of Vietnam - Thai Nguyen Branch (ii)
Joint Stock Commercial Bank for Foreign Trade of
- 8,162,550,000
Vietnam - Thai Nguyen Branch
Military Commercial Joint Stock Bank - Thai
5,778,031,409 -
Nguyen Branch (iii)
Others (iv) 601,050,000 829,050,000
Current portion of long-term loans 95,661,062,080 67,961,614,517
46,198,938,795 38,538,274,085
Development of Vietnam - Thai Nguyen Branch
29,557,567,429 12,000,000,000
and Trade - Thai Nguyen Branch
Vietnam Textile and Garment Finance Joint Stock
- 1,860,000,000
Company
13,554,400,000 12,944,518,992
Vietnam - Thai Nguyen Branch
Military Commercial Joint Stock Bank - Thai
6,350,155,856 2,618,821,440
Nguyen Branch
Current portion of long-term obligations under
2,907,226,020 4,036,615,300
finance leases
666,729,421,508 618,197,718,920
17. SHORT-TERM LOANS AND OBLIGATIONS UNDER FINANCE LEASES (Continued)
22
(i) Short-term loans from Vietnam Joint Stock Commercial Bank for Industry and Trade - Thai Nguyen
Branch under Credit Contract dated 21 July 2015 with the credit limit of VND 400 billion (including
loans in VND and USD). The loan bears interest of 6.5% per annum for VND amount and 3% per annum
for USD amount. The loan is secured by assets including industrial sewing machines and office
equipment; buildings and structures attached to the land and land use rights of the office of the Company;
4 automatic embroidery machines; buildings and structures attached to the land in Zone B - Song Cong
Industrial Zone, circulated goods and receivables arising from the economic contract of the Company
financed by Vietnam Joint Stock Commercial Bank for Industry and Trade. The total value of the
collateral is VND 262.4 billion.
(ii) Short-term loan from Joint Stock Commercial Bank for Investment and Development of Vietnam -
Thai Nguyen Branch under Credit Contract dated 07 August 2015 with a maximum credit limit for short-
term loans of VND 600 billion (including loans in VND and foreign currencies equivalent, the balance of
L/C except for mortgage and guarantee balances), interest rates are determined in each disbursement. The
loan is secured by collateral and pledged assets of borrower; the total deposit account balance in VND and
foreign currency at the bank and at other credit institutions. The total value of the collateral is VND 235.6
billion.
(iii) Short-term loan from Military Commercial Joint Stock Bank (“MB”) - Thai Nguyen Branch under
Credit Contract dated 31 August 2015 with the credit limit of VND 100 billion. Applicable interest rate
is specified for each disbursement. Collateral for the Company’s obligations under this loan contract
includes:
- The maximum balance of unsecured loan amounting to VND 30 billion. The maximum balance of loan
secured by Export Letter of Credit (LC) is VND 20 billion. The remaining balance of credit loan is
secured by export bills under L/C payment method.
- Financing ratio and regulations on collateral as Export Letter of Credit (LC) and/or export documents
stipulated by MB.
(iv) Other short-term loans from officers and employees with interest rates applicable as follows: 0.8%
per annum for demand loans and 6% per annum for 3-month and 6-month loans.
18. LONG-TERM LOANS AND OBLIGATIONS UNDER FINANCE LEASES
31/12/2014 In the year 31/12/2015

Items Amount able to be Amount able to be
Amount Increase Decrease Amount
paid off paid off
Long-term loans 250,458,373,554 250,458,373,554 197,308,176,740 80,826,608,707 366,939,941,587 366,939,941,587
Long-term obligations under
9,212,538,830 9,212,538,830 - 4,036,615,300 5,175,923,530 5,175,923,530
finance leases
Total 259,670,912,384 259,670,912,384 197,308,176,740 84,863,224,007 372,115,865,117 372,115,865,117

In which:
Amount due for settlement 71,998,229,817 98,568,288,100
within 12 months
Amount due for settlement
187,672,682,567 273,547,577,017
after 12 months
18. LONG-TERM LOANS AND OBLIGATIONS UNDER FINANCE LEASE (Continued)
23
Details of long-term loans and obligations under finance lease are as follows:
31/12/2015 31/12/2014
VND VND
Long-term loans
79,564,940,060 96,953,081,345
Development of Vietnam - Thai Nguyen Branch (i)
Vietnam Textile and Garment Finance Joint Stock
- 6,025,000,000
Company
232,833,708,190 90,105,906,681
and Trade - Thai Nguyen Branch (ii)
32,886,000,000 44,786,518,992
Vietnam - Thai Nguyen Branch (iii)
Military Commercial Joint Stock Bank - Thai Nguyen
20,722,929,701 10,475,266,536
Branch (iv)
Other long-term loans (v) 932,363,636 2,112,600,000
Long-term finance leases (vi) 5,175,923,530 9,212,538,830
372,115,865,117 259,670,912,384
(i) Loan from Joint Stock Commercial Bank for Investment and Development of Vietnam - Thai Nguyen
Branch is under:
- Credit Contract dated 23 February 2011 and amendment for Credit Contracts dated 30 August 2013
with credit limit of VND 211 billion within 6 years for the construction of the Company’s TNG Phu Binh
Factory. The loan bears interest rates of 10.5% per annum for amount in VND (adjusted on a semi-annual
basis) and of 6.5% per annum for amount in USD. The Company has pledged its machinery, equipment,
vehicles, buildings and structures (see Note 11) which are collaterals for short-term loan under Credit
Contract No. 01/2015/469075/HDTD dated 11 May 2015 and mortgaged listed and unlisted shares of the
Company’s management. The total value of collateral is VND 361.03 billion.
- The Credit contract dated 04 December 2015 with credit limit of VND 112 billion, but not exceeding
80% of the Project’s total investment and 85% of actual investment (VAT exclusive) for investment and
construction of TNG Fashion Center Project of TNG Investment and Trading Joint Stock Company. The
current interest rate applicable to the loan is 10.5% per annum and adjusted every 6 months. The
Company used assets formed from the loan, buildings, machinery and equipment of the Project with total
value of VND 140.94 billion to secure the loan.
(ii) Loans from Commercial Joint Stock Vietnam Bank for Industry and Trade - Thai Nguyen Branch
under:
- Credit Contract dated 20 November 2014 with credit limit of VND 29 billion. The loan purpose is to
make payment for machine and equipment imported for cotton production lines of garment factories
located in Zone B, Song Cong Industrial Zone. The interest rate is 11% per annum for loans in VND and
4.5% per annum for loans in USD and adjusted monthly as specified in each loan covenant. The loan is
secured by collaterals under Mortgage Contract dated 06 February 2015; accordingly, the collateral is the
whole cotton production line equipped in Cotton Branch located in Zone B, Song Cong Industrial Zone
with the total value of VND 41.8 billion.
18. LONG-TERM LOANS AND OBLIGATIONS UNDER FINANCE LEASES (Continued)
24
(ii) Loans from Commercial Joint Stock Vietnam Bank for Industry and Trade - Thai Nguyen Branch
under (Continued):
- Credit Contract dated 28 August 2014 with the amount of VND 120 billion. The loan purpose is to settle
eligible expenses under the Project for production and investment capacity improvement of TNG Dai Tu
Garment Factory. The interest rate is 11% per annum for loans in VND and 7% per annum for loans in
USD and shall be adjusted monthly. The loan is secured by collaterals under Mortgage Contract dated 10
July 2014.
- Credit Contract dated 26 December 2014 with the amount of VND 10 billion. The loan purpose is to
settle the eligible investment costs of the Company’s project on equipment system improvement and
construction investment upgrade. The loan interest is 10.5% and shall be adjusted monthly. The loan is
secured by collaterals under Mortgage Contract dated 18 November 2014 with the total value of VND 15
billion.
- Credit Contract dated 06 October 2012 with the amount of VND 40 billion. The loan purpose is to invest
in refurbishing and upgrading primary construction works of the Company. The loan interest is 15% per
annum and shall be adjusted every month. The loan is secured by all assets formed from the loan as
collateral with the total value of VND 85 billion.
- Credit contract dated 07 February 2013 with the amount of VND 40 billion. The loan purpose is to settle
the cost of Phase II of the Company’s project on equipment system improvement and construction
investment upgrade. The loan interest is 14% per annum and shall be adjusted every month. The loan is
secured by all assets formed from the loan as collateral with the total value of VND 85 billion.
- Credit Contract dated 31 December 2015 with the credit limit of VND 44 billion. The loan purpose is to
settle the reasonable, eligible and legal investment costs of the Company’s project on equipment system
improvement and construction investment upgrade. The loan interest is 10.5% and shall be adjusted
monthly. The loan is secured by all construction works, machineries and equipment, tools and supplies
(excluding construction works for TNG Phu Binh factories) belonging to the investment project. Total
value of collateral under Mortgage Contract and Mortgage valuation minutes dated 31 December 2015 is
VND 57.9 billion.
(iii) Loans from Joint Stock Commercial Bank for Foreign Trade of Vietnam - Thai Nguyen Branch under
two credit contracts as follows:
- Credit Contract dated 22 November 2013 with the loan amount in VND equivalent to USD 255,430 and
VND 1,381,455,410. The loan purpose is to reimburse the reasonable, eligible and legal expenses of the
Project on investment in machinery and equipment for TNG Song Cong and TNG Phu Binh Factories of
which the Company acts as the investor. The interest rate is 10% per annum for loans in VND and 4.5%
per annum for loans in USD and shall be adjusted 3 months. The loan is secured by assets formed from
equity capital and the loans, including machinery and equipment belonging to the Project on investment in
machinery and equipment for TNG Song Cong and TNG Phu Binh factories.
- Credit Contract dated 29 April 2014 with the loan amount in VND equivalent to USD 1,969,218 but not
exceeding 70% of the value (excluding VAT, if applicable) of machinery and equipment. The loan
purpose is to settle (including the return of equity capital spent in excess of the rate as commitment) the
reasonable, legal and eligible expenses of the Project on investment in machinery and equipment in 2014
of which the Company acts as the investor. The current interest rate is 10% per annum for loans in VND
and 4.5% per annum for loans in USD and shall be adjusted 3 months. The loan is secured by all
machinery and equipment belonging to the Project on investment in machinery and equipment in 2014 of
which the Company acts as the investor under Mortgage Contract dated 29 April 2014.
18. LONG-TERM LOANS AND OBLIGATIONS UNDER FINANCE LEASES (Continued)
25
(iv) Loan from Military Commercial Joint Stock Bank (“MB”) - Thai Nguyen Branch
- Loan from Military Commercial Joint Stock Bank (“MB”) - Thai Nguyen Branch under Credit Contract
dated 14 September 2014 with the credit limit of USD 667,679.6 and VND 3,195,787,826. The loan
purpose is to pay L/C under the plan to open L/C based on the contract of import of garment machinery,
equipment and payment for purchases of local goods in the period. Interest rate is determined in each
credit contract under the regulation on interest rates of the Bank from time to time. The loan is secured by
garment machinery and equipment formed from loans. The total estimated value of collaterals is VND
24.79 billion.
- Loan from Military Commercial Joint Stock Bank (“MB”) - Thai Nguyen Branch under Credit Contract
dated 27 July 2015 with the credit limit of VND 7,161,994,400. The loan purpose is to finance a medium-
term investment for generators. The loan bears a preferential fixed interest rate of 9.0% per annum for the
first 12 months from the date of disbursement. After a period of applying preferential interest rate, the
interest rate will be adjusted on a monthly basis. The loan is secured by collaterals including all machinery
and equipment formed in the future owned by TNG according to Mortgage Contract dated 27 July 2015.
Total value of collaterals is VND 8.9 billion.
(v) Other long-term loans from officers and employees for working capital addition of the Company at the
interest rate of 0% per annum.
(vi) Long-term obligations under finance leases represent liabilities under Finance Lease Contracts dated
05 June 2013 with Asia Commercial Bank Leasing Company Limited and Finance Lease Contract dated
13 December 2012 with Chailease International Leasing Company Limited. These loans have a term from
4 to 5 years from the signing date of relevant contract, the interest rate is specified from time to time.
Long-term loans are repayable as follows:

31/12/2015 31/12/2014
VND VND
On demand or within one year 98,568,288,100 71,998,229,817
In the second year 92,451,123,266 82,446,552,905
In the third to the fifth years inclusive 181,096,453,751 89,120,222,981
After five years - 16,105,906,681
372,115,865,117 259,670,912,384
Less: Amount due for settlement within 12 months 98,568,288,100 71,998,229,817
(shown under current liabilities)
Amount due for settlement after 12 months 273,547,577,017 187,672,682,567
26
19. OWNER’S EQUITY
Movement in owner’s equity
Owner's Other shareholders' Investment and Financial Retained

Share premium Other reserves Total
contributed capital capital development funds reserve fund earnings
VND VND VND VND VND VND VND VND
As at 01/01/2014 134,613,250,000 29,908,861,362 54,994,591 18,155,757,704 6,389,745,613 5,430,252,426 16,998,260,214 211,551,121,910

Capital increases 28,266,210,000 - 2,125,000 - - - (28,268,335,000) -
Profit for the year - - - - - - 53,158,319,157 53,158,319,157
Fund distributed from 2013
- - - 1,094,082,954 2,402,960,786 - (3,536,935,214) (39,891,474)
profit
Fund temporarily distributed
- - - - - - (2,500,000,000) (2,500,000,000)
in 2014 (i)
Other decrease - (48,181,816) - - - - - (48,181,816)
As at 31/12/2014 presented
162,879,460,000 29,860,679,546 57,119,591 19,249,840,658 8,792,706,399 5,430,252,426 35,851,309,157 262,121,367,777
in prior year
Restated in accordance with
- - - 8,792,706,399 (8,792,706,399) - - -
Circular 200/2014/TT-BTC
Restated balance as at
162,879,460,000 29,860,679,546 57,119,591 28,042,547,057 - 5,430,252,426 35,851,309,157 262,121,367,777
01/01/2015
Capital increases (iv) 131,939,020,000 (245,454,541) - - - - (21,937,460,000) 109,756,105,459
Profit for the year - - - - - - 71,300,379,040 71,300,379,040
Dividend payment (ii) - - - - - - (9,772,767,600) (9,772,767,600)
Fund distributed from 2014
- - - 16,885,409,726 - 5,182,935,916 (24,751,281,557) (2,682,935,915)
profit (i)
Fund temporarily distributed
- - - - - - (1,000,000,000) (1,000,000,000)
in 2015 (iii)
Remuneration of Boards of
- - - - - - (1,640,960,000) (1,640,960,000)
Management and Supervisors
Other decrease - - (1,700,000) - - - - (1,700,000)
As at 31/12/2015 294,818,480,000 29,615,225,005 55,419,591 44,927,956,783 - 10,613,188,342 48,049,219,040 428,079,488,761
27
19. OWNER’S EQUITY (Continued)
(i) According to Resolution No. 510/2015/NQ-DHDCD of 2015 Annual General Meeting of Shareholders
dated 12 April 2015, the Company distributed profits to Investment and Development Fund, Charter
Capital Reserve Fund, and Bonus and Welfare Fund with the amounts of VND 16,885,409,726, VND
5,182,935,916 and VND 5,182,935,916, respectively (in which, the amount temporarily distributed to
funds in 2014 was VND 2,500,000,000; the additional amount distributed to funds in the year was VND
24,751,281,557).
(ii) According to Resolution No. 510/2015/NQ-DHDCD of 2015 Annual General Meeting of

Shareholders dated 12 April 2015, during the year, the Company has paid the dividend of the year 2014 in
cash with the amount of VND 9,772,767,600.
(iii) The Company made temporary appropriation to bonus and welfare fund from profit in 2015 with the
amount of VND 1,000,000,000 under Resolution No. 1532/NQ-HDQT dated 31 October 2015 by the
Board of Management. The final decision on the appropriation amount shall be made in 2015 General
Shareholders’ Meeting.
(iv) During the year, the Company has successfully increased charter capital in accordance with
Resolution No. 247/2014/NQ-ĐHĐCĐ dated 13 April 2014 by share issuance to existing shareholders at
the ratio of 3:1 and the share issuance under Employee Stock Ownership Program (ESOP); increased
charter capital in accordance with Resolution No. 510/2015/NQ-DHDCD dated 12 April 2015 by share
issuance for the first dividend payment in 2015 at the ratio of 10:1 and the share issuance to existing
shareholders on the second time at the ratio of 4:1. Up to 31 December 2015, the results of increase in
charter capital are as follows:
Planned Implemented as at 31 December 2015

Amount Value Amount Value Differences Note
Shares VND Shares VND VND
Issuing Plan
According to Resolution No. 247/2014/NQ-ĐHĐCĐ dated 13 April 2014
Issuing shares to 4,935,819 49,358,190,000 4,935,804 49,358,040,000 (150,000) (a)
existing
shareholders at a
ratio of 3: 1
Employee stock 740,372 7,403,720,000 718,819 7,188,190,000 (215,530,000) (b)
ownership program
(ESOP)
Total 5,676,191 56,761,910,000 5,654,623 56,546,230,000 (215,680,000)
According to Resolution No. 510/2015/NQ-ĐHĐCĐ dated 12 April 2015
First 2015 dividend 2,194,256 21,942,560,000 2,193,916 21,939,160,000 (3,400,000) (c)
payment in shares
at a ratio of 10:1
Issuing shares to 5,485,642 54,856,420,000 5,345,363 53,453,630,000 (1,402,790,000) (d)
existing
shareholders at a
ratio of 4: 1
Total 7,679,898 76,798,980,000 7,539,279 75,392,790,000 (1,406,190,000)
Total 13,356,089 133,560,890,000 13,193,902 131,939,020,000 (1,621,870,000)
28
19. OWNER’S EQUITY (Continued)
(a) The number of shares actually issued less than that in plan was mainly due to the number of redundant
shares when rounding.
(b) The number of shares actually issued was less than that in plan because a number of employees did
not buy the shares as stated in the plan of share issuance.
(c) The number of shares actually issued less than that in plan was mainly due to the number of redundant
shares when rounding.
(d) The value of share recorded as an increase in the Company’s charter capital is reflected in the amount
of money transferred to the Company’s frozen bank account from issuance date until 31 December
2015.
According to Resolution No. 01A/NQ-HĐQT dated 06 January 2016, the Board of Management has
distributed 140,279 shares, which were not registered by existing shareholders, and succeeded in selling
them by the end of January 2016 (see more details at Note 33 – Subsequent events after the reporting
date) and consequently recorded an increase in the Company’s charter capital in 2016 by the
corresponding amount. These ordinary shares are only transferable after one year since issuance.
The use of mobilized capital from the offering
The proceeds from the shares offering under Resolution No. 247/2014/NQ-ĐHĐCĐ of the 2014 Annual
General Meeting of Shareholders dated 13 April 2014 and the certificate of shares offering registration to
the public No.109/GCN-UBCK granted by The State Securities Commission of Vietnam on 28 November
2014 is VND 56,546,230,000. In 2015, this amount was used to supplement working capital for
production and business activities of the Company in accordance with the original purpose of offering.
Increase in Charter capital
According to Resolution 510/2015/NQ-ĐHĐCĐ of 2015 Annual General Meeting of Shareholders dated

12 April 2015 ("Resolution 510"), the Annual General Meeting approved the shares and bonds issuance
plan to increase the Company’s charter capital, including: the issuance of shares to existing shareholders
at the ratio of 4:1 (the total planned amount based on par value is at the maximum of VND
54,856,420,000), the issuance of convertible bonds to strategic investors (the total planned amount based
on par value is at the maximum of VND 200,000,000,000) and the issuance of shares under Employee
Stock Ownership Program (ESOP) (the maximum planned amount based on par value is VND
13,714,100,000).
Simultaneously, the Resolution 510 agreed to pay dividends for 2015 at the minimum of 16% - 20% of
charter capital and authorize the Board of Directors to choose the form of payment in cash or in shares.
Then, the Company’s Board of Management has issued Resolution No. 10/NQ-HĐQT on 09 September
2015 to approve the detailed plan of share issuances for the first dividend payment for 2015 at the rate of
10:1, with the expected number of additional issuance of 2,194,256 shares (see more details in section (iv)
above).
Shares
31/12/2015 31/12/2014
Number of common shares issued to the public 29,481,848 16,287,946
+ Common shares 29,481,848 16,287,946
Number of common shares in circulation 29,481,848 16,287,946
+ Common shares 29,481,848 16,287,946
A common share has par value of VND 10,000.
29
20. OFF BALANCE SHEET ITEMS
Foreign currencies:
31/12/2015 31/12/2014
United States Dollar (USD) 42,498 204,914

21. BUSINESS AND GEOGRAPHICAL SEGMENTS
Geographical segments
The Company does not have any operations outside the territory of Vietnam; manufacturing and business
activities of the Company are mainly carried out at No. 160, Minh Cau Street, Thai Nguyen City, Thai
Nguyen Province.
Business segments
During the year, the principal activities of the Company are manufacturing and trading of garment product
(for export and domestic sales). Therefore, the Company does not present business segments. Revenue
and cost of sales have been detailed by revenue and cost of goods sold and service rendered provided in
Note 22 and Note 23.
22. REVENUE FROM GOODS SOLD AND SERVICES RENDERED

2015 2014
VND VND
Sales of goods 1,411,346,469,253 911,691,147,056
Sales of processing services 512,593,544,596 465,542,754,543
1,923,940,013,849 1,377,233,901,599
Deductions
Sales rebates - 127,476,000
Net revenue from goods sold and services rendered 1,923,940,013,849 1,377,106,425,599
23. COST OF SALES
2015 2014
VND VND
Cost of goods sold 1,174,703,540,804 810,744,382,468
Cost of processing services 400,234,980,430 304,366,523,871
1,574,938,521,234 1,115,110,906,339
24. PRODUCTION COST BY NATURE
2015 2014
VND VND
Raw materials and consumables 900,011,709,000 638,626,345,316

Labour 621,927,152,765 490,721,659,588
Depreciation and amortisation 63,323,057,442 51,280,051,780
Out-sourced services 87,358,926,981 34,397,181,503
Other monetary expenses 100,350,362,817 73,914,680,789
1,772,971,209,005 1,288,939,918,976
25. FINANCIAL INCOME
30
2015 2014
VND VND
Bank and loan interest 403,208,382 45,965,603
Foreign exchange gain 17,929,269,852 3,156,756,151
18,332,478,234 3,202,721,754
26. FINANCIAL EXPENSES

2015 2014
VND VND
Interest expense 56,842,066,988 62,545,522,299
Loss from disposal of investments 382,678,970 -
Foreign exchange loss 37,174,954,838 5,070,131,427
Provision for impairment of long-term financial
3,500,000,000 -
investments
97,899,700,796 67,615,653,726
27. OTHER INCOME

2015 2014
VND VND
Proceeds from disposals of fixed assets 21,799,908 30,325,869
- Proceeds from disposals of fixed assets 620,327,273 692,727,274
- Residual value of fixed assets disposed and other (598,527,365) (662,401,405)
expenses from disposals of fixed assets
Other incomes 1,769,714,546 1,689,466,105
1,791,514,454 1,719,791,974
Other expenses 7,886,828 247,231,934
7,886,828 247,231,934
Profit from other activities 1,783,627,626 1,472,560,040
28. CURRENT CORPORATE INCOME TAX EXPENSES

2015 2014
VND VND
Profit before tax 88,030,752,814 64,328,896,617
Adjustments for taxable income 385,748,030 242,307,524
Less: Non-taxable income - -
Add back: Non-deductible expenses 385,748,030 242,307,524
Assessable income 88,416,500,844 64,571,204,141
Tax rate 15%, 20% and 22% 7,5%, 20% and 22%
Corporate income tax 17,027,073,774 10,898,678,558
Increase due to tax settlement - 550,898,902
Less: Cost for female labour (296,700,000) (279,000,000)
Current corporate income tax 16,730,373,774 11,170,577,460
29. BASIC EARNINGS PER SHARE
31
The calculation of the basic earnings per share as at 31 December 2015 is based on profit attributable to
ordinary equity holders and weighted average number of ordinary shares in circulation in the year. Details
are as below:
2015 2014
Restated (*)
Net profit after corporate income tax (VND) 71,300,379,040 53,158,319,157
Distributed bonus and welfare funds under Resolution (1,000,000,000) (5,182,935,915)

of General Shareholders' Meeting and the Board of
Management (VND)
Profit attributable to ordinary equity holders (VND) 70,300,379,040 47,975,383,242
Weighted average number of ordinary shares in 23,546,937 16,287,946

circulation outstanding in the year (shares)
Basic earnings per share (VND/ Share) 2,986 2,945
(*) The figure of Basic earnings per share in 2014 were restated mainly due to the impact of reward and
welfare fund distribution under the Guidance of Circular No. 200/2014/TT-BTC issued by the Ministry of
Finance on 22 December 2014.
30. FINANCIAL INSTRUMENTS
Capital risk management
The Company manages its capital to ensure that the Company will be able to continue as a going concern
while maximising the return to shareholders through the optimisation of the debt and equity balance.
The capital structure of the Company consists of net debt (borrowings as disclosed in Notes 17 and 18,
offset by cash) and shareholders’ equity (comprising capital, reserves and retained earnings).
Gearing ratio
The gearing ratio of the Company as at the balance sheet date was as follows:
31/12/2015 31/12/2014
VND VND
Loans and obligations under finance leases 940,276,998,525 805,870,401,487
Less: Cash 56,463,716,439 14,227,312,430
Net debt 883,813,282,086 791,643,089,057
Equity 428,079,488,761 262,121,367,777
Net debt to equity ratio 2.06 3.02
30. FINANCIAL INSTRUMENTS (Continued)
Significant accounting policies
32
Details of the significant accounting policies and methods adopted (including the criteria for recognition,
the bases of measurement, and the bases for recognition of income and expenses) for each class of
financial asset, financial liability and equity instrument are disclosed in Note 4.
Categories of financial instruments:

Carrying amounts
31/12/2015 31/12/2014
VND VND
Financial assets
Cash 56,463,716,439 14,227,312,430
Trade and other receivables 239,643,663,735 168,983,031,399
Long-term investments - 1,300,000,000
Other financial assets 473,684,063 4,256,515,229
Total 296,581,064,237 188,766,859,058
Financial liabilities
Borrowings 935,101,074,995 796,657,862,657
Trade and other payables 198,133,696,303 77,023,783,034
Accruals 3,364,182,905 9,261,857,381
Financial lease obligations 5,175,923,530 9,212,538,830
Total 1,141,774,877,733 892,156,041,902
The Company has not assessed fair value of its financial assets and liabilities as at the balance sheet date
since there is no comprehensive guidance under Circular No. 210/2009/TT-BTC issued by the Ministry of
Finance on 06 November 2009 (“Circular 210”) and other relevant prevailing regulations to determine fair
value of these financial assets and liabilities. While Circular 210 refers to the application of International
Financial Reporting Standards (“IFRS”) on presentation and disclosures of financial instruments, it did
not adopt the equivalent guidance for the recognition and measurement of financial instruments, including
application of fair value, in accordance with IFRS.
Financial risk management objectives
The Company has set up risk management system to identify and assess the risks exposed by the
Company and designed control policies and procedures to manage those risks at an acceptable level. Risk
management system is reviewed on a regular basis to reflect changes in market conditions and the
Company’s operations.
Financial risks include market risk (including foreign currency risk, interest rate risk and price risk), credit
risk and liquidity risk.
Market risk
33
The Company’s activities expose it primarily to the financial risks of changes in foreign currency
exchange rates, interest rates and prices.
The Company does not hedge these risk exposures upon its assessment that the cost of hedging foreign
exchange risk, interest rate risk or price risk might be higher than that incurred from market risk of
fluctuation in foreign exchange rates, interest rates and prices in the future.
Foreign currency risk management
The Company undertakes certain transactions denominated in foreign currencies; consequently, exposures
to exchange rate fluctuations arise.
The carrying amounts of the Company’s foreign currency denominated monetary assets and monetary
liabilities at the end of the year are as follows:
Liabilities Assets
31/12/2015 31/12/2014 31/12/2015 31/12/2014
VND VND VND VND
United States Dollar 526,658,584,917 431,346,633,277 232,425,911,404 149,149,943,384
(USD)
Foreign currency sensitivity analysis
The Company is mainly exposed to United States Dollar.

The following table details the Company's sensitivity to a 10% increase and decrease in Vietnam Dong
against United States Dollar. 10% is the sensitivity rate used when reporting foreign currency risk
internally to key management personnel and represents management's assessment of the reasonably
possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign
currency denominated monetary items and adjusts their translation at the year-end for a 10% change in
foreign currency rates. For a 10% increase/decrease in United States Dollar against Vietnam Dong, the
profit before tax in the year would increase/decrease by the following amounts:
31/12/2015 31/12/2014
VND VND
United States Dollar (USD) (29,423,267,351) (28,219,668,989)
Interest rate risk management
The Company has significant interest rate risks arising from interest bearing loans which are arranged.
The risk is managed by the Company by maintaining an appropriate level of borrowings and analysing
market competition to enjoy favourable interest rates from appropriate lenders.
Market risk (Continued)
34
Interest rate sensitivity
The loan’s sensitivity to interest rate changes which may arise at an appropriate level is presented in the
following table. Assuming the loan balance at the balance sheet date were the outstanding amount for the
whole year, if interest rates applicable to floating interest bearing loans had been 200 basis points
higher/lower, the Company’s profit before tax for the year ended 31 December 2015 would have
decreased/ increased by VND 18,786,892,698 (for the year ended 31 December 2014: VND
16,075,156,030).
Increase/(Decrease) Impact on Profit before

basis point tax
VND VND
For the financial year ended 31/12/2015
VND +200 (18,786,892,698)
VND -200 18,786,892,698
For the year ended 31/12/2014

VND +200 (16,075,156,030)
VND -200 16,075,156,030
Commodity price risk management
The Company purchases materials, commodities from local and foreign suppliers for business purpose.
Therefore, the Company is exposed to the risk of changes in selling prices of materials, commodities.
Credit risk
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in
financial loss to the Company. The Company has a credit policy in place and the exposure to credit risk is
monitored on an on-going basis. As at the balance sheet date, the Company had some amounts due from
receivables; consequently, the Company has made provision for doubtful debts with the amount of VND
5,330,124,136.
35
Liquidity risk management
The purpose of liquidity risk management is to ensure the availability of funds to meet present and future
financial obligations. Liquidity is also managed by ensuring that the excess of maturing liabilities over
maturing assets in any period is kept to manageable levels relative to the amount of funds that the
Company believes can generate within that period. The Company policy is to regularly monitor current
and expected liquidity requirements to ensure that the Company maintains sufficient reserves of cash,
borrowings and adequate committed funding from its shareholders to meet its liquidity requirements in
the short and longer term.
The following table details the Company’s remaining contractual maturity for its non-derivative financial
assets and financial liabilities with agreed repayment periods. The tables have been drawn up based on the
undiscounted cash flows of financial assets and undiscounted cash flows of financial liabilities based on
the earliest date on which the Company can be required to pay. The inclusion of information on non-
derivative financial assets is necessary in order to understand the Company’s liquidity risk
management as the liquidity is managed on a net asset and liability basis.
31/12/2015 Less than 1 year From 1-5 years More than 5 years Total
VND VND VND VND
Cash 56,463,716,439 - - 56,463,716,439
Trade and other receivables 239,643,663,735 - - 239,643,663,735
Long-term investments - - - -
Other financial assets - 473,684,063 - 473,684,063
Total 296,107,380,174 473,684,063 - 296,581,064,237
VND VND VND VND
Borrowings 663,822,195,488 271,278,879,507 - 935,101,074,995
Trade and other payables 198,133,696,303 - - 198,133,696,303
Accruals 3,364,182,905 - - 3,364,182,905
Financial lease obligations 2,907,226,020 2,268,697,510 - 5,175,923,530
Total 868,227,300,716 273,547,577,017 - 1,141,774,877,733
Net liquidity gap (572,119,920,542) (273,073,892,954) - (845,193,813,496)
36
Liquidity risk management (Continued)
VND VND VND VND
Cash 14,227,312,430 - - 14,227,312,430
Trade and other receivables 168,983,031,399 - - 168,983,031,399
Other long-term investments - 1,300,000,000 - 1,300,000,000
Other financial assets 3,629,642,857 626,872,372 - 4,256,515,229
Total 186,839,986,686 1,926,872,372 - 188,766,859,058
VND VND VND VND
Borrowings 614,161,103,620 166,390,852,356 16,105,906,681 796,657,862,657
Trade and other payables 77,023,783,034 - - 77,023,783,034
Accruals 9,261,857,381 - - 9,261,857,381
Financial lease obligations 4,036,615,300 5,175,923,530 - 9,212,538,830
Total 704,483,359,335 171,566,775,886 16,105,906,681 892,156,041,902
Net liquidity gap (517,643,372,649) (169,639,903,514) (16,105,906,681) (703,389,182,844)
The Board of Directors assessed the liquidity risk at high level. However, based on the business plan in
the year 2016, financial plan, the results of convertible bond issuance and capital increase plans as stated
in Note 19, the Board of Directors has prudently assessed and believed that the Company will be able to
generate sufficient funds to meet its financial obligations as and when they fall due.
31. RELATED PARTY TRANSACTIONS AND BALANCES
List of related parties:
Related party Relationship
TNG Fashion Joint Stock Company Associate
During the year, the Company entered into the following significant transactions with its related parties:
2015 2014
VND VND
TNG Fashion Joint Stock Company
Purchases 18,812,571,700 20,841,939,886
BOD's remuneration
Salary, bonus and other benefits in kind 4,712,420,293 2,268,306,814
Significant related party balances as at the balance sheet date were as follows:
31/12/2015 31/12/2014
VND VND
TNG Fashion Joint Stock Company
Receivables 18,787,283,307 15,541,998,061
37
32. SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Supplemental non-cash disclosures
Cash outflows for purchases of fixed assets and construction in progress during the year exclude an
amount of VND 87,696,231,584 (2014: VND 19,246,284,773), representing an addition in fixed assets
and construction in progress during the period that has not yet been paid. Consequently, changes in
accounts payable have been adjusted by the same amount.
33. SUBSEQUENT EVENTS
According to the report on the results of offering shares to the public on 07 January 2016, the Company
has completed the increase of Charter capital under the 2015 Annual General Meeting of Shareholders
No.510/2015/NQ-ĐHĐCĐ dated 12 April 2015 on the issuance of new shares to existing shareholders at
the ratio of 4:1, the results of capital increase as follows:
Planned Implemented
Amount Value Amount Charter capital Share premium
Shares VND Shares VND VND
Issuing Plan
Issuing shares to existing
5,485,642 54,856,420,000 5,485,642 54,856,420,000 256,228,000
shareholders at a ratio of 4:1
Total 5,485,642 54,856,420,000 5,485,642 54,856,420,000 256,228,000
The use of mobilized capital from the offering
The net proceeds from the shares offering under Resolution of the 2015 Annual General Meeting of
Shareholders No.510/2015/NQ-ĐHĐCĐ dated 12 April 2015 and the Certificate of shares offering
registration to the public No.86/GCN-UBCK granted by The State Securities Commission of Vietnam on
23 October 2015 is VND 55,112,648,000. Up to the reporting date, this amount has used to supplement
working capital for production and business activities of the Company in accordance with the original
purpose of offering.
On 22 March 2016, the Company was granted the 22nd amended Enterprise Registration Certificate for
joint stock company, accordingly, the Company’s charter capital is VND 296,221,270,000.
34. COMPARATIVE FIGURES
As stated in Note 3, since 01 January 2015, the Company has adopted Circular No. 200/2014/TT-BTC
issued by the Ministry of Finance on 22 December 2014 (“Circular 200”) guiding the accounting regime
for enterprises. Accordingly, some figures in the balance sheet as at 31 December 2014 and the income
statement for the year then ended have been restated/reclassified under the guidance of Circular 200 to
enhance their comparability with the current year’s presentation.
38
34. COMPARATIVE FIGURES (Continued)

Unit: VND
According to Decision 15/2006/QĐ-BTC According to Circular 200/2014/TT-BTC Changes

Item Code 31/12/2014 Item Code 31/12/2014
BALANCE SHEET
I. Assets I. Assets
Trade receivables 131 164,641,543,232 Short-term trade receivables 131 164,641,543,232 Renamed
Other receivables 135 11,710,522,460 Other short-term receivables 136 16,626,989,488 Reclassified and renamed
Other short-term assets 158 4,916,467,028 Other short-term assets 155 - Reclassified
Other long-term assets 268 626,872,372 Other long-term receivables 216 626,872,372 Reclassified and renamed
II. Resources II. Resources

Trade payables 312 76,375,158,354 Short-term trade payables 311 76,375,158,354 Renamed
Advances from customers 313 9,983,695,618 Short-term advances from customers 312 9,983,695,618 Renamed
Short-term loans and liabilities 311 618,197,718,920 Short-term loans and obligations under finance leases 320 618,197,718,920 Renamed
Long-term loans and liabilities 334 187,672,682,567 Long-term loans and obligations under finance leases 338 187,672,682,567 Renamed
Charter capital 411 162,879,460,000 Owner's contributed capital 411 162,879,460,000 Renamed
Investment and development fund 417 19,249,840,658 Investment and development fund 418 28,042,547,057 Reclassified
Financial reserve fund 418 8,792,706,399 No corresponding items
INCOME STATEMENT 2014 2014

Other income 31 2,382,193,379 Other income 31 1,719,791,974 Reclassified
Other expenses 32 909,633,339 Other expenses 32 247,231,934 Reclassified
Basic earnings per share 70 3,264 Basic earnings per share 70 2,945 Restated

25 March 2016
39
40

2233 - EN TNG Financial Statements 31-12-2015

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2233 - EN TNG Financial Statements 31-12-2015

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TNG INVESTMENT AND TRADING JOINT STOCK COMPANY

(Incorporated in the Socialist Republic of Vietnam)

AUDITED FINANCIAL STATEMENTS

STATEMENT OF THE BOARD OF DIRECTORS 1-2

INDEPENDENT AUDITORS’ REPORT 3-4

BALANCE SHEET 5-6

CASH FLOW STATEMENT 8

NOTES TO THE FINANCIAL STATEMENTS 9 - 39

STATEMENT OF THE BOARD OF DIRECTORS

THE BOARDS OF MANAGEMENT AND DIRECTORS

BOARD OF DIRECTORS’ STATEMENT OF RESPONSIBILITY

 select suitable accounting policies and then apply them consistently;

STATEMENT OF THE BOARD OF DIRECTORS (Continued)

Ly Thi Lien Nguyen Van Thoi

Thai Nguyen, 25 March 2016

INDEPENDENT AUDITORS’ REPORT

To: The shareholders

Management’s Responsibility for the Financial Statements

Vu Duc Nguyen Tran Huy Cong

A. CURRENT ASSETS 100 701,124,921,431 537,500,748,456

I. Cash 110 56,463,716,439 14,227,312,430

B. NON-CURRENT ASSETS 200 912,521,283,611 660,408,814,288

I. Long-term receivables 210 473,684,063 626,872,372

TOTAL ASSET (270=100 + 200) 270 1,613,646,205,042 1,197,909,562,744

BALANCE SHEET (Continued)

C. LIABILITIES 300 1,185,566,716,281 935,788,194,967

TOTAL RESOURCES (440=300+400) 440 1,613,646,205,042 1,197,909,562,744

Tran Thi Thu Ha Luong Thi Thuy Ha Ly Thi Lien

For the year ended 31 December 2015

1.Gross revenue from goods sold and services 01 22 1,923,940,013,849 1,377,233,901,599

3. Net revenue from goods sold and services 10 1,923,940,013,849 1,377,106,425,599

6. Financial income 21 25 18,332,478,234 3,202,721,754

10. Operating profit 30 86,247,125,188 62,856,336,577

11. Other income 31 27 1,791,514,454 1,719,791,974

13. Profit from other activities (40=31-32) 40 1,783,627,626 1,472,560,040

14. Accounting profit before tax 50 88,030,752,814 64,328,896,617

17. Basic earnings per share 70 29 2,986 2,945

Tran Thi Thu Ha Luong Thi Thuy Ha Ly Thi Lien

CASH FLOW STATEMENT

For the year ended 31 December 2015

Tran Thi Thu Ha Luong Thi Thuy Ha Ly Thi Lien

Operating industry and principal activities

The Company’s structure

Disclosures of information comparability in the financial statements

2. ACCOUNTING CONVENTION AND FINANCIAL YEAR

NOTES TO THE FINANCIAL STATEMENTS (Continued) FORM B 09-DN

3. ADOPTION OF NEW ACCOUNTING GUIDANCE

New guidance on accounting regime for enterprises

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Subsequent measurement after initial recognition

Cash comprise cash on hand and demand deposits.

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Equity investments in other entities

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less accumulated depreciation.

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Machinery and equipment 7 - 10