notes to the consolidated financial statements - Sacombank

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2011 37 BUSINESS INCOME TAX (“BIT”) 135 ANNUAL REPORT 2011 2011 2010 Million VND Million VND Current income tax 774,817 655,512 Deferred income tax (Note 37.1) - (5,410) 774,817 650,102 Business income tax charge is based on the estimated taxable income of the Bank and its subsidiaries and is subject to the review and possible adjustment by the tax authorities. 2011 2010 Million VND Million VND Net profit before tax 2,770,674 2,560,442 Tax Effect of: 719,257 665,072 Tax on income not subject to tax (54,351) (52,967) Tax on expenses not deductible 104,465 68,008 Difference in tax rate of foreign operations 5,361 - Additional BIT paid for previous years (*) 85 2,363 Tax overprovided by a subsidiary in 2009 - (26,964) Deferred tax - (5,410) 774,817 650,102 (*) The amounts represent the additional business income tax based on the examinations of the Tax Authority. The Bank’s tax returns are subject to periodic examination and possible adjustment by the Tax Authority. The tax assessments for the year 2011 have not yet been made by the Tax Authority 37.1 Deferred income tax Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same taxation authority. Year end balances are as follows. The gross movement in the deferred income tax assets is as follows: Form B 05/TCTD - HN 2011 2010 Million VND Million VND Beginning of the year 9,376 3,966 Credit to the income statement - 5,410 Decrease due to disposal of a subsidiary (Note 11(i)) (9,376) End of the year - 9,376
The deferred income tax assets arises from the provision for diminution in value of unlisted investments and severance allowance of a subsidiary. 38 EMPLOYEES REMUNERATION 2011 2010 Million VND Million VND Number of employees Employees remuneration 9,596 8,354 Total salary fund 1,106,137 731,409 Bonus 513,961 210,922 Total remuneration 1,620,098 942,331 Average annual salary/employee 115.3 87.6 Average annual remuneration/employee 168.8 112.8 39 OBLIGATIONS TO THE STATE BUDGET 1 January 2011 Million VND Movements during the year 31 December Payable Payments 2011 Million VND Million VND Million VND VAT 11,983 193,826 (225,872) (20,063) BIT 200,951 774,817 (803,762) 172,006 Other taxes 23,890 228,521 (212,711) 39,700 Other fees 1,883 212,302 (211,154) 3,031 238,707 1,409,466 (1,453,499) 194,674 ANNUAL REPORT 2011 136
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Explanation about the meaning of fi
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MAJOR FINANCIAL INDICATORS (in VND
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ANNUAL REPORT 2011 4
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9 REGION BRANCH 8 7 3 2 5 1 4 6 TRA
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shortcomings of intensive concentra
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From the left, Mr Dang Van Thanh -
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InCoRPoRAtIon AnD DEVELoPMEnt SACOM
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HIStoRICAL MILEStonES 21 December 1
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2011 EVEnt HIGHLIGHtS 1. 22 Februar
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5. 7 April 2011 - Ho Chi Minh City
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oRGAnIzAtIon CHARt Management and S
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IntRoDUCtIon to tHE BoARD oF DIRECt
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ACtIVItIES oF tHE BoARD oF DIRECtoR
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IntRoDUCtIon to tHE BoARD oF SUPERV
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IntRoDUCtIon to tHE BoARD oF MAnAGE
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For 20 years, Sacombank has been de
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In addition, to ensure the highest
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Liquidity risk (i) High inflation o
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and foreign exchange rates were con
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Day and Sacombank Plus in associati
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Frequent training was provided thro
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BÁO CÁO KẾT QUẢ KINH DOANH AN
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Criteria Rating Meanings Issue cred
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Development orientation of the bank
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lending portfolio in accordance wit
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on job position/title, and proper a
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CORPORATE GOVERNANCE With the aim o
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the proper implementation of these
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Data Center Launch the virtualisati
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OBJECTIVES AND MANAGERIAL RESOLUTIO
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asset portfolio with risks with the
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n Third: building the business netw
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Results for some operational safety
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NUMBER OF STB SHARES BY YEAR 208,94
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SHAREHOLDING STRUCTURE AT 31 DECEMB
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As a large and responsible listed o
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Of these, Sacombank focuses special
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FOR A BETTER LIFE n Continuing to p
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FINANCIAL STATEMENTS Bringing added
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CORPORATE INFORMATION Banking Licen
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AuDITOR’S REPORT INDEPENDENT AUDI
Page 87 and 88: BALANCE SHEET (continued) B LIABILI
Page 89 and 90: CASH FLOW STATEMENT (Direct method)
Page 91 and 92: CONSOLIDATED FINANCIAL STATEMENTS F
Page 93 and 94: STATEMENT BY MANAGEMENT STATEMENT O
Page 95 and 96: Opinion In our opinion, the consoli
Page 97 and 98: CONSOLIDATED INCOME STATEMENT (Cont
Page 99 and 100: CONSOLIDATED INCOME STATEMENT (Dire
Page 101 and 102: NOTES TO THE CONSOLIDATED FINANCIAL
Page 103 and 104: Inter-company balances, transaction
Page 105 and 106: n Second-time rescheduled debts whi
Page 107 and 108: Gains or losses from disposal of tr
Page 109 and 110: 2.13 Cash and cash equivalents For
Page 111 and 112: 4 BALANCES WITH THE STATE BANK 31.1
Page 113 and 114: 6 TRADING SECURITIES 31.12.2011 31.
Page 115 and 116: 8 LOANS, ADVANCES AND FINANCE LEASE
Page 117 and 118: 8.7 Analysis by type of business en
Page 119 and 120: (ii) Included in debt securities is
Page 121 and 122: Accumulated depreciation At 1 Janua
Page 123 and 124: 15 OTHER ASSETS 31.12.2011 Million
Page 125 and 126: Denominated in VND 31 December 2010
Page 127 and 128: The facility financed for a subsidi
Page 129 and 130: 21.1 Payables to customers Included
Page 131 and 132: Number of shares Ordinary shares Sh
Page 133 and 134: In accordance with Decree No. 146/2
Page 135 and 136: 28 FEES AND COMMISSION INCOME 2011
Page 137: 34 GENERAL AND ADMINISTRATIVE EXPEN
Page 141 and 142: 41 COMMITMENTS UNDER OPERATING LEAS
Page 143 and 144: 44.1.1 Credit risk measurement and
Page 145 and 146: 44.1.4 Collaterals As a common prac
Page 147 and 148: 44.1.5 Credit quality (continued) T
Page 149 and 150: 44.1.6 Concentration of risks of fi
Page 151 and 152: 44.1.6 Concentration of risks of fi
Page 153 and 154: 44.2 Market risk The Group takes on
Page 155 and 156: 44.2.1 Foreign exchange risk (conti
Page 157 and 158: 44.2.2 Interest rate risk (continue
Page 159 and 160: 44.2.3 Price risk The Group is expo
Page 161 and 162: 44.3.1 On-balance sheet items CURRE
Page 163 and 164: 45 FAIR VALUE MEASUREMENT The conso
Page 165 and 166: 4. Dong Anh Transaction Office 55 G
Page 167 and 168: 4. Thua Thien Hue Branch 126 Nguyen
Page 169 and 170: 2. Phan Ri Cua Transaction Office 2
Page 171 and 172: 3. Ong Ta Transaction Office 785-78
Page 173 and 174: 5. Le Trong Tan Transaction Office
Page 175 and 176: 1. My Xuyen Transaction Office 1 Av
Page 177 and 178: ANNUAL REPORT 2011 174
Page 179: SAIGON THUONG TIN COMMERCIAL JOINT
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