Deloitte.

JOINT VENTURE VIETSOVPETRO

(lncorporated in the socialist Republic of Vietnom)

AUDITED FINANCIAL
STATEMENTS
For the year ended 31 December 2020
JOINT VENTURE VIETSOVPETRO
105 Le Loi Street, Vung Tau City, S.R. Vietnam

TABTE OF CONTENTS

CONTENTS PAGE(SI

STATEMENT OF THE BOARD OF GENERAL DIRECTORS t-2

INDEPENDENT AUDITORS' REPORT 3-4

BALANCE SHEET 5 -7

INCOME STATEMENT 8-11

CISH FLOW STATEMENT 12-L3

14-35
NOTES TO THE FINANCIAL STATEMENTS
4

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\
JOINT VENTURE VIETSOVPETRO
l-05 Le Loi Street, Vung Tau City, S.R. Vietnam

STATEMENT OF THE BOARD OF GENERAT DIRECTORS

The Board of General Directors of Joint Venture Vietsovpetro ("VSP") presents this report together with VSP'S
financial statements for the year ended 31 December 2020.

BOARD OF GENERAT DIRECTORS

The members of the Board of General Directors of VSP who held office during the year and to the date of this
report are as follows:

Mr. Nguyen Quynh Lam General Oirector

Mr. Bondarenko V.A First Deputy General Director

Mr. Yakovenko E.V Deputy General Director

Mr. Tran Xuan Hoang Deputy General Director

Mr. Nguyen Thanh Truong Deputy General Director

Mr. Cao Tung Son Deputy General Director

Mr. Vu Mai Khanh Deputy General Director

Mr. Nguyen Huy Tuan Deputy General Director (resigned on 01 November 2020)

Mr. Pham Xuan Son Deputy General Director

/
,i
Mr. Tran Van Vinh Chief Engineer 7

Mr. Tran Cong Tin Chief Economist

Mr. Luong Quoc Dan Chief Accountant

BOARD OF GENERAT DIRECTORY STATEMENT OF RESPONSIBITITY

\

The Board of General Directors of VSP is responsible for preparing the financial statements, which give a true and
fair view of the financial position of VSP as at 31 December 2020, and its financial performance and its cash flows
for the year then ended, in accordance with Vietnamese Accounting Standards, accounting regime for enterprises,
official Letter No. 12053/BTC-COKT dated 11 September 2017 and orficial Letter No. 9757lBTC-CDfi dated 14
July 2016 issued by the Ministry of Finance approving changes and additions to accounting regime regulated in
Circular No.200/2014/fT-BTC dated 22 December 2014 in accordance with the operation characteristics of VSP
("accounting regime") and legal regulations relating to financial reporting. ln preparing these financial statements,
the Board of General Directors is requited to:

. Comply with the accounting system applicable at VSP which was approved by the Ministry of Finance;

. Apply accounting policies consistently;

. Makejudgments 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;

o Prepare the financial statements on the going concern basis; 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

 JOINT VENTURE VIETSOVPETRO
105 Le Loi Street, Vung Tau City, S-R. Vietnam

STATEMENT OF THE BOARD OF GENERAT DIRECTORS (Continued)

BOARD OF GEI{ERAL DIRECTORS' STATEMENT OF RESPONSIBILITY (Continued)

The Board of General Directors is responsible for ensuring that proper accounting records are kept, which disclose,
with reasonable accuracy at any time, the financial position of that the financial statements comply with
VSP and
Vietnamese Accounting Standards, accounting regime and legal regulations relating to financial reporting.

The Board of General Directors is also responsible for safeguarding the assets of VSP and hence for taking
reasonable steps for the prevention and detection of frauds and other irregularities.

The Board of General Directors confirms that VSP has complied with the above requirements in preparing these
financial statements.

For and on behalf of the Board of General Directors,

l"t ii:, tirir 4

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(l

lam Luong Quoc Dan )i

\N€M!- /l
General Chief Accountant
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Vung Tou, 03 Morch 2027
i

-2-
 Deloifte Vietnam Co., Ltd.

Deloitte. 15th Floor, Vinaconex Tower,

34 Lang Ha Street, Lang Ha Ward,
Dong Da District, Hanoi, Vietnam
Tel : +84 24 7105 0000
Faxt +84 24 6288 5674
www.deloitte.com/vn

NO 0@b NNM-uu-ec

INDEPENDENT AUDITORS' REPORT

To: The Joint Venture's Parties

The Board of General Directors

Joint Venture Vietsovpetro

We have audited the accompanying financial statements of Joint Venture Vietsovpetro ("VSP"), prepared on 03
March 2021, as set out from page 5 to page 35, which comprise the balance sheet as at 31 December 2020, the
income statement, the cash flow statement for the year then ended, and a summary of significant accounting
policies and other explanatory information.

Monogemenfs Responsibility lot the Finoncidl Stotements

The management is responsible for the preparation and fair presentation of these financial statements in j=
accordance with Vietnamese Accounting Standards, accounting regime for enterprises, Official Letter No. D
12053/BTc-cDKT dated L1 september 2017 and official Letter No. 9757lBTC-CDKT dated 14 July 2016 issued by
the Ministry of Finance approving changes and additions to accounting regime regulated in Circular I I'
No.2OOl2O74fif-BfC dated 22 December 2014 in accordance with the operation characteristics of VSP ,l
("accounting regime") and legal regulations relating to financial reporting and for such internal control as the ;. 1

management determines is necessary to enable the preparation of the financial statements that are free from
material misstatement, whether due to fraud or error.

Au d ito rs' Re s pons i b i I ity

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 of VSP 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 a ud itors' judgment, including the assessment ofthe
risks of material misstatement of the financial statements, whether due to fraud or error. ln making those risk
assessments, the auditors consider internal control relevant to VSP'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 VSP's internal control. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the
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.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited ("DTTL), its global network of member firms, and their relaled enoties. DTTL
(also reFerred to as,,Deloitte Global'J and each of its member firms and their alfiliated entities are le8ally seParate and independent entilies. DTTL
does not provide Servaces to clients. Please see www deloifte com/about to learn more
-3-
Deloitte.
INDEPENDENT AUDITORS' REPoRT (continued)

opinion

ln our opinion, the financial statements present fairly, in all material respects, the financial position of VSP as at
31 December 2020 and its financial performance and its cash flows for the year then ended in accordance with
Vietnamese Accounting Standards, accounting regime and legal regulations relating to financial reporting.

2 00
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CONG TY
TNHH
:L
DELO I
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Pham Hoai Nam Do Trung Klen

Deputy General Director Auditor
Audit Practising Registration Certifi cate Audit Practising Registration Certificate
No. 0042-2018-00L-1 No. 1924-2018-001-1
l(
DETOITTE VIETNAM COMPANY TIMITED

03 Morch 2027
Honoi,5.R. Vietndm

4
 FORM B 01-
lssued under Circular No. 200/2014/TT-BT
JOINT VENTURE VIETSOVPETRO dated 22 December 2014 of the Ministry of Finan
10S Le Loi Street, Vung Tau City and Official Letters of the Ministry of Finance approvin
S.R. Vietnam cenain characteristics of VSP's accounti im

BAI.ANCE SHEET

As ot 37 December 2020
Unit: USD'

ASSEIS Codes Notes Closing balance Opening bala

A CURRENT ASSETS 100 916,0E L,O711,59

l. Cash and cash equivalents 110 4 490,831 63S

1. Cash 111 461,440 542
2. Cash equivalents 772 23,397 93

ll. Short-temfinancialinyestments 1:20 5 44,695

1. Held-to-maturity investments 723 44,695 79

lll. Short-termreceivables 130 204,4t9 266,5

1. Short-term trade receivables 131 772,697 220,
- Receivobles from soles of crude oil 7i10 6 107,235 152,5
- Trode receivobles lrom othet operotions 13lb 7 65,455 68,
2. Short-term advances to suppliers !32 8 3,1M 8,

to domestic suppliers 732o 2,769 4

,\
- Advonces
{-r
- Advonces to foreign suppliers 132b 975 3,3 IV
3. Receivables from construction contracts under 134 9 11,989 17,4
percentage of completion method rE
,.M
4. Other short-term receivables 136 10 L8,756 2

5. Provision for short-term doubtful debts 737 i,2,5911

lV. lnventories 1/O 1:2 146,u5

>
1. lnventories 747 145,345 74

V. Other short-term assets 150 29,739 26,87

1. Short-term prepayments 151 13 29,730 26,87
2. Taxes and other receivables from the State budget 153 9

The occomponying notes ore on integrul port ofthese frnanciol stotements

5
 FORM B 01
lssued under circul at No. 2OO/21L4 /fi -B
JOI T VENTURE VIETSOVPETRO dated 22 December 2014 of the Ministry of Finan
105 Le Loi Street, Vung Tau CitY and Official Letters ofthe Ministry of Finance approvi
S.R. Vietnam certain characteristics of VSP's accounting

BAI-ANCE SHEET (Continued)

As ot 37 December 2020
Unit: USD'

ASSm codes Notes closint balance Opening balan

B. NON{URREI{T ASSEIS 200 1,74/J,255 3,984

l. long-termreceivables 210 1,281,309 1 ,2t6,

1. Other long-term receivables 276 74 7,28L,309 1,2L6,79

ll. Fixed assets 2:20 2,2t5,t72 2,5O7

1. Tangible fixed assets 227 15 L,862,942 2,190,53

- Cost 222 9,415,869 9,348,
- Accu m u I ote d de pre cioti on 223 (7,ss2,927) (7,158,3

2. lntangible assets 227 76 352,930 3L6,

- Cost 228 s54,997 6U,54
- Accumulote d om orti soti on 229 (202,067) (367,8

lll. Long-term assets in progess 24 75,181

1. Construction in progress 242 L7 75,181 70

lV, Long-termfinancialinvestments zfi 5 13E 9gr

1. lnvestments in subsidiaries 25t 4,409 4 s

2. Equity investments in other entities 253 135,905 154,8
3. Provision for impairment of long-term financial
254 .7,3271 11,23
investments

v. (Xher long-term assets 2@ 2&rE 32,3lF

1. Long-term prepayments 267 13 28,899 32,37L

TOTAL ASSEIS 270 4556,3s4 5,056,105

-_.-.-----------

-+

The occomponying notes ore on integrcl port ol these finoncial stotements

-6-
 FORM B Ol.D
lssued under Circulat No. 2OOl20L4/1f-
JOINT VENTURE VIETSOVPETRO dated 22 December 2014 ofthe Ministry of Finan
105 Le Loi Street, Vung Tau City and Official Letters of the Ministry of Finance approvi
S.R. Vietnam certain characteristics of VSP's accounting regim

BAIANCE SHEET (continued)

As ot i7 December 2020
Unit: USD'OO+

RESOURCES Codes Notes Closing balance Opening balan

C, UABITMES 300 1,4t9164 1,622,23

l. Current liabilities 310 172,492 367,0

1. Short-term trade payables 311 18 16,350 20,67
- Trode Wobles to domestic suppliers 371o 8,427 14,0
- Trode Wobles to foreign supplies 31lb 7,923 6,60
2. Short-term advances from customers 372 2,424 3

3. Taxes and amounts payable to the State budget 313 19 62,528 206,22
4. Payables to employees 314 10,845 7,

5. Shon-term accrued expenses 315 20 23,598 29,88

6. other current payables 319 5,010 6,

8. Bonus and welfare funds 322 32,@4 40,51

ll.
9. Payables to Petrovietnam and Zarubezhneft

Long-termliabilities
123

330
27 19,093

1,317,372
52,641

,\2552
4v
1. Long-term provisions 342 3,23t 7,82

2. Payable for decommissioning 343 22 7,314,741 7,253,38 Ir

D. EQUIW /t00 1,t6f,49 3,433 ,':
l. Owners'equity 410 23 3,166,490 3,433 \
1. owners' contributed capital 47L 1,500,000 1,500,
2. Other owners' capital 4t4 253,951 280,0
3. lnvestment and development fund 418 527,347 442,7

4. Other owners'funds 420 77,498 19,4

5. Retained earnings 421 (13e) 74

5. Unresolved difference between actualselling price and
422 375 37
planned price of crude oil and condensate
7. Unresolved difference between cost remvery oil,
condensate and gas and actual operating cost of crude 423 813,464 1,191,05
oil, condensate and gas
TOTAT RESOURCES 440 4,555,354 5,056,

-;-' . L.L

lf 1)

lr \11\
Ntuyen Lam Luong Quoc Dan
Chief Accountant

vung Tou, 03 Morch 2021

The occomponying notes ore on integral port of these finoncial stotements

-7 -
 FORM B Oz-D
lssued under Circular No. 2OO/2lL4fif -SfC
JOINT VENTURE VIETSOVPETRO dated 22 December 2014 of the Ministry of Fina
105 Le Loi Street, Vung Tau City and Official Letters of the Ministry of Finance approvi
S.R. Vietnam certain characteristics of VSP's accountin

INCOME STATEMENT

For the ye ended 37 December 2020

Unit: USD'000
PART l: CRUDE OIL OPERATION

]TEMS Codes Current year Prior year

1. Gross sales 01 1,066,600 1,802,?49

2. less deductions (02=03+O4+6+07+OE) 02 585,529 Lo74AoD

- Royalty tax 03 191,988 324,429

- Export duty 04 87,461, 1,47,798

- Corporate income tax on crude oil sales 06 153,590 277,092

- Profit oil payable to Vietnamese party (07= 07a+ 07b) o7 78,331 :I38,25,

Poyoble to the Stote budget 07o 78,337 138,2s1

Poyobles to Vietnom Oil ond Gos Group 07b

-/
- Profit oil payable to Zarubezhneft 08 75,259 132,835

3. Net sales (1Go1-02) C

10 479,971 787,949
(Attributable to vSP's cost recovery oil)
It
4. cost of sales 11 689,734 776,1$
5. S€lling expenses 2,752 2,39A
'(.:

6. General and administration expenses 18 24,275 30,636

7. Total expenses (19=11+17+181 19 716,161 w9,174

8. Differences between actual selling pri@ and 20 11,038 43,526
planned price of cosi reconery oil

9. Differences between net sales {cost recovery 30 (.247228l. (64,7s11

oil) and operating costs (3G1G1$201

.. \l t) \\l\
ir

i ltl.sgl,e n Luong Quoc Dan

.lDi Chief Accountant

vung Tou, 0i Motch 2021

The sccomponying notes are on integrol poft ol these fiinonciol stotements

-8-
 FORM B O2.DN
lssued under Circular No. 200/2014/TT-BTC
,OII{T VENTURE VIETSOVPETRO dated 22 December 2014 ofthe Ministry of Finance
105 Le Loi Street, Vung Tau CitY and official Letters of the Ministry of Finance approving
S.R. Vietnam certain characteristics of VSP's accounting regime

INCOME STAIEMENT (Continued)

For the yeor ended 37 December 2O2O

Unit: USD'oOo
PART ll: CONDENSATE OPERATION

ITEMS Codes Current year Prior year

01 9,638 t1,,oz5
1. Gross sales
02 6,265 7,L51
2. tess deductions (02{3{O4r{r6+Oh{)8)
03 t,735 1,985
- Royalty tax

- Export duty 04 790 904

06 7,870 2,739
- Corporate income tax on condensate

- Profit condensate payable to Vietnamese party 07

954 1,09t
(07= 07a+ 07b)
07o 954 7,097
Poyoble to the Stote budget
07b
Poyobles to vietnom Oil ond Gos Group

- Profit condensate payable to Zarubezhneft 08 916 1,048

:,i
3. Net sales (10=01-02) it
10 3,373 3859
(Attributable to vsP's cost recovery condensate) i.{
77 2,380 1,665
4. Cost of sales
77 22 14
5. Selling expenses
18 249 272
6. General and administration expenses
19 2,651 1,89t
7. Total expenses (19=11+17+18)
8. Differences between actual sellint Price and 20 434
planned price of cost recovery condensate

9. Differences between net sal6 (cost reco\rery 30 722 1,534

mndensate) and operatint costs (30=1G1920)

I,.LL

,ir \)
I
\

Luong Quoc Dan

Chief Accountant

Vung Tou, 0j Morch 2027

The occomponying notes ore dn integrol port oI these finonciol stotements

-9-
 FORM B O2.DII
lssued under Circular No. 200/2014/TT-BTC
JOINT VENTURE VI ETSOVPETRO dated 22 December 2014 of the Ministry of Finance
105 Le Loi Street, Vung Tau City and Official Letters ofthe Ministry of Finance approving
S.R. Vietnam certain characteristics of VSP's accounting regime

INCOME STATEMENT (Continued)

For the yedr ended j7 December 2020

Unit: USD'000

PART lll: NATURAT GAS OPERATIONS

ITEMS codes Current year Prior yeal

1. Gross sales 0l 6,818 1r"435

2. Less deductions (02=03+04+05+07+08) 02 4432 7,4?4

- Royalty tax 03 136 229

- Export d uty 04 668 L,tzl

- Corporate lncome tax on gas 06 1,814 3,O42
- Profit gas payable to vietnamese party
07 925 1,551
(07= 07a+ 07b)

Poyoble to the Stote budget 07o 925 1,551

,),Ji
Poyobles to Vietnom Oil ond Gos Gtoup 07b

- Profit gas payable to zarubezhneft 08 889 7,49t lil

3. Net sales (10=01-02) tl
(Attributable to VSP'S cost recorrery gas)
10 2,386 400! N

4. cost of sales 11 3,066 5,378

5. General and administration expenses 18 790 946

6. Total expenses (19=11+18) 19 3,855 6,321

7. Differences between net sales (cost recovely

30 (L,47ol lz,3z2l
gas) and operating costs (30=1G19)

tL
l'
\\
$()\\

m Luont quoc Dan

na chief Accountant

Vung Tou, 03 Motch 2021

The dccomponying notes ore on integrol port of these Jinonciol stotements

-10-
 FORM B O2.DII
lssued under circulat No. 2ool2oL4/rr-BTC
,OII{T VENTURE VIETSOVPETRO dated 22 December 2014 of the Ministry of Finance
105 Le Loi Street, Vung Tau City and Official Letters of the Ministry of Finance approving
S.R. Vietnam certain characteristics of VSP's accounting regime

INCOME STATEMENT (Continued)

For the yeor ended 37 December 2020

Unit: USD'000

PART tV: OTHER OPERATIOI{S THAN CRUDE Oll. CONDENSATE AND NATURAT GAS

ITEMS Codes Notes Current year Prioryeat

1. Gross sales 01 24 zto,ou L%,54t

2. Less deductions 02

3. Net sales 10 zto,o34 196,541

(10=01{12}

4. Cost of sales 11 25 L40,564 138,610

5. Gross profit from sales 20 59,470 57,91L

(2{}:lG11)
6. Financial income 27 L8,40t LO,266
;\
7. Financial expense 22 10,357 7,M! \,
IV \
8. Selling expenses 25 64 7A

9. General and administration expenses 26 a,499 6,471 r0

10. Operatint profit 30 68,951 60,2L1
(30=20+(21-22)-(2s+26))

l-1. Other income 31 2,780 7,937

4
12. Other expenses 32 2L8 L,727

13, Profit from other activities (/rc=31-32) 4 2,562 210

14. Accounting profit before tax 50 7,.,513 @,428

(s{l=3o+tl{t}

15. Current corporate income tax expense 51 26 15,585 72,266

16. Net profit after corporate income tax 60 55,928 4,157

(6Gs(}s1)

1\
t(! I
',\ I
m Luont quoc Dan
Chief Accountant

Vung Tou, 03 Morch 2027

The occomponying notes ore an integrol port of these finonciol stotements

-11-
 FORM B O3.DN
lssued under Circulat No. 2O0/2O1,4/Tf -BTC
JOINT VENTURE VIETSOVPETRO dated 22 December 20L4 of the Ministry of Finance
105 Le Lol Street, Vung Tau City and Official Letters of the Ministry of Finance approving
S.R. Vietnam certain characteristics of VSP's accounti ng regime

CASH FLOW STATEMENT

For the yeor ended 37 December 2020

Unit: USD'000

ITEltrls l{otes Currcnt year Prior yelt

I, CASH FrcWs FROM OPERATII{G ACIIVITIES

7. Profit behre tox l,) 01 149,12:t sgLlfi
2. AdjunnenB loc
- Depreciation and amortisatlon 02 457,579 510,292
- Provisions 03 4,L73 50
- Gain from investing activities 05 ,6,757) 0,Ev)
- lnterest expense 06 185

Operoting profit belore notrcn,pr,rnB in wo*ing d,pitol ot 5r+218 1,094,064

- Changes in receivables 09 27,8281 (17,331)
- Changes in inventories i0 (4,541) 12,24
- Changes in payables (ucluding accrued loan interest and corporate income tax payable) 11 136,068 15r,992
- Changes in prepaid expenses 72 550 {{l,oss)
- lnterest paid

- Corporate income tax paid

T4
)R,t
15 l28s,sl2l (3i4iil6)

-f
- fther osh outflows 17 .51,714) di,lbt (
tkt co$ generuted by opemthg octivi es 20 375,191

[. cAsH ttows FRoM [{vEsTtt{G AotvtTtEs .\

1. Acquisition and construction offixed assets and other long-term assets 2t (21&9Es) (306,088)
2. Proceeds from disposaloffixed assets 22 7,458 1906
3. Cash outflow for lendin& buying debt instruments ofother entities 23 (12s,801) (80,736)
4. Cash recDvered from lendin& selling debt instruments ofother entities 24 8189E 80,195
5. Equity investments in Blocks 25 {38,720) (82r3)
5. Proceeds from cost recovery oilfrom Blocks 26 34,604 42,567
7. lnterest earned 21 5,178 7,N7
Net @sll (u*d in) inwsting octivities 1251t,36,.) (337,7221
I . CISH FTOWS FnoM HtiAI{C[iG ACflV]ItES
1. Repayment of borrowings 34 (8,e32)
2. Dividends paid to joint venture's parties 35 (25s,599) (381,837)

Net .,sh (used in)finonchg odiytties 4t) (26s,5e9) (390,76g)

tlet (decrease)/increase in osh (9ts20+30+tl0) 50 1144,876) 129,191

CASH AilD CASH EQUIVAIII{IS AT THE BEGII{]{II{G OF THE YEAR 50 5r5,707 s06Ju
cAsH Ar{D CASH EqUMAIIT{IS AT rHE END 0t THE YEAR (7G50+60} 70 490,831 535,701

The occomponying notes are on integrol port oI these finonciol stotements

12
 FORM 8 O3-DN
lssued under circular No. 200/2014ITT-BTC
JOII{T VENTURE VIETSOVPEIRO dated 22 December 2014 of the Ministry of Finance
105 Le Loi Street, Vung Tau CitY and Official Letters of the Ministry of Finance approving
S.R. Vietnam certain characteristics of VSP's accounting regime

CASH FLOW STATEMENT (Continued)

Forthe yeor ended 37 December 2020

(*) profit before tax included profit oil, condensate and gas of Vietnamese parties and oil, condensate and gas
interests payable to Zarubezhneft, the difference between the actual selling price and the planned selling price of
crude oil and condensate related to cost recovery oil and condensate, the difference in net sales and operating
costs of crude oil, condensate and natural gas, corporate income tax on sales of crude oil, condensate and natural
gas and profit before tax from other operations than crude oil, condensate and natural gas.

/'-' \.j."
,' i.rt \ l)() t \ .l
I \ il

h lam LuonB quoc Dan

Gen Chief Accountant

vung Tou, 03 Morch 2027

I
+

The occomponying notes ore on integrul port oI these finonciol stotements

-13-
 FORM B O9.DN
lssued under Circular No. 200/2014/rT-BTc
JOINT VENTURE VIETSOVPETRO dated 22 December 2014 of the Ministry of Finance
105 Le Loi Street, Vung Tau CitY and Official Letters of the Ministry of Finance approving certain
S.R. Vietnam characteristics of VSP's accounting reglme

NOTES TO THE FINANCIAT STATEM EI{TS

These notes orc on integrot port oI ond should be reod in coniunction with the occomponying Iinonciol stotements

1 GENERAT I FORMATION

Structure of ownershiP

vietsovpetro Joint venture, presently known as Joint venture vietsovpetro was incorporated under the
amended
Agreement dated 19 June 1981 between the Government of s.R. vietnam and soviet union and
27 May 1993, the
Aireement dated 15 July 1991 for the duration of 20 years from 01 January L99t. On
Federation of Russia officially succeeded the soviet Union to join the venture'

on 27 December 2010, the Government of s.R. vietnam and the Government of Russian Federation
signed an Agreement on further cooperation in geological exploration and
petroleum production in the
with
continental shelf of the sociallst Republic of vietnam within the frame of Joint venture vietsovpetro
a duration of operation of the joint venture up to 31 December 2O3O in relation to Block 09-1. under
DecisionNo.654/QD-TTgdated04May20llissuedbythePrimeMinister,VietsovpetroJointVenture
was renamed Joint Venture Vletsovpetro.

The parties to the Joint Venture comprise:

. Vietnam Oiland Gas Corporation (Petrovietnam) - (Vietnam)

.
(presently known as Vietnam oiland Gas Group)
(Russia)
4r)7
The state Enterprise Russian Foreign Economic Association zarubezhneft -

(presently known as zarubezhneft JsC) T

I)EI,
The number of employees as at 31 December 2O2o was s,737 (37 December 2019: 5'955)'
which VIE
comprises 418 Russian nationals and 5,319 Vietnamese nationals' x_
vG"
Principal activities
N
ln accordance with the Agreement, VSP's activities include:

. DoinB scientific research;

Performing investigation and design, geological investigations and planning for

. production of

potential oil fields;

. Producing oil and 8as, collecting and processing oil, gas and condensate; and

. Providing services to Vietnamese and international oganizations'

production output of crude oil at Bach Ho and Rong oil fields in 2o2o was 2.9 million tons (2019: 3'2
Fin Tuna Fish, Dragon,
million tonsland production output ofassociated gas at whiteTiger, Dawn, Yellow
NamRong-DoiMoi,whiteRhinocerosoilfieldswas346.Omillionm3(2019:247.3millionm3).

2 ACCOUNNNG CONVEI{TION AND FII{ANCIAL YEAR

Accounting convention

(USO'000)' are
The accompanying financial statements, expressed in thousand United States Dollars
standards,
prepared under the historical cost convention and in accordance with vietnamese Accounting
11 September 2017 and
accounting regime for enterprises, Official Letter No. 12053/BTC-CDKT dated
approving changes
official Letter No. 9757/BTCtDfi dated 1.4 July 2016 issued by the Ministry of Finance

-14-
,OINT VENTURE VIETSOVPETRO FORM B Og-DN
NOTES TO THE FINANCIAI STATEMENTS (Continued]

and additions to accounting regime regulated in circular No.200/2014/TT-BTC dated 22 December 2014
in accordance with the operation characteristics of VSP ("accounting regime") and legal regulations
relating to financial reportinS.

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 Eenerally accepted in
countries and jurisdictions other than Vietnam.

Financialyear

VsP's financialyear begins on 01January and ends on 31 December

3 SUMMARY OF SIGNIFICANT ACCOUT{TING POlrcIES

The significant accounting policies, which have been adopted by VSP in the preparation ofthese financial
statements, are as follows:

Accounting estimates

The preparation of the financial statements in conformity with Vietnamese Accounting Standards,
accounting regime and legal regulations relating to financial reporting requires the 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
25t-
revenues and expenses during the financial year. Although these accountinB estimates are based on the
management's best knowledge, actual results may differ from those estimates. rG
JHH

cash and crslr equ irralents I I'l

fN,
cash and cash equivalents comprise cash on hand, demand deposits and short-term, highly liquid
investments that are readily convertible to known amounts of cash and which are subject to an
insignificant risk of changes in value.

Prepayments

prepayments are expenses which have already been paid but relate to results of operations of multiple
accounting periods. Prepayments comprise major repair expenses, costs oftools, supplies and spare parts
issued for consumption and other prepaid expenses. These expenditures have been capitalized as
prepayments, and are allocated to the income statement using the straight-line method in accordance
with VSP's accounting regime.

Accounts receivable

Accounts receivable comprise trade accounts receivable, receivables from construction contracts under
percentage of completion method and other receivables that are stated at cost less provision for bad
debts (if any).

Trade accounts receivable represent receivables from Petrovietnam Oil Corporation - Joint Stock
company ("PV Oil"), which is authorised to export crude oil, condensate regarding the value of oil,
condensate sale during the year but not yet collected, receivables from Vietnam oil and Gas Group for
natural gas and trade receivables relating to other operations than crude oil, condensate and natural 8as.

15
JOII{T VENTURE VIETSOVPETRO FORM B Og.DII
NOTES TO THE FINANCIAL STATEME TS (CONtiNUEd}

Receivables from construction contracts under percentage of completion method represent the
receivable amount corresponding to the recorded revenue in accordance with completed work of
construction contract regarding Nam Con Son 2 project, Dai Hung gas gathering project and other small
projects.

Other long-term receivable represents the cash from decommissioning fund which is transferred to
Vietnam Oil and Gas Group for centralization purpose under current prevailing regulations.

lnventories

lnventories are accounted for using perpetual method and stated at the lower of cost and net realizable
value. The principle of determining cost is specified for raw materials, finished goods and merchandise
according to their origin and date of determination. Net realizable value represents the estimated selling
price in a normal business period less all estimated costs to completion and costs to be incurred in selling
and distribution.

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 conditions and locations for their intended use. The costs of
tangible fixed assets formed from construction investment by contractual mode or self-construction or
self-generating process are the settled costs ofthe invested construction pro.iects in accordance with the
prevailing state's regulations on investment and construction management, other directly related
\,-
expenses and registration fee (if any). ln the event the construction project has been completed and put
into use but the settled costs thereof have not been approved, the cost of tangible fixed assets is iY
recognised at the estimated cost based on the actual cost incurred. The estimated cost will be adjusted
according to the settled costs approved by competent authorities. T
\i
Tangible fixed assets are depreciated using the straight-line method over their estimated useful lives -.,,
Annual depreciation rates are as follows: ,
Depreciation rate
Current Year

Oil and gas constructions 4% - 20%

Buildings and structures 3vo - t5%

Machinery and equipment 4% - 20%

Motor vehicles 7% - t6.6%

Others 70% - 20%

Loss or gainresulting from sales and disposals oftangible fixed assets is the difference between proceeds
from sales or disposals of assets and their residual values and is recognised in the income statement.

lntantible assets and amortisation

lntangible assets represent exploration expenses, geological and geophysical study expenses, technical
materials and scientifiC research expenses and Software that are stated at cost less accumulated
amortisation. Exploration, geological and Seophysical study expenses are annually amortized based on
the actual production and the estimated reserves of each oil field as followings:

-16-
JOINT VENTURE VIETSOVPETRO FORM B O}DN
NOTES TO THE FINANCIAI STATEMENTS (Continued)

Amortisation rate
Current year

Bach Ho oil field USD 5/ton

Rong oilfield USD s/ton

Other intangibles assets are amortized using the straight-line method over their estimated useful lives
Construction in protress

Construction in progress represents the value of assets in construction, installation and trial run period,
expenses relating to exploration and production wells which have not been completed or whose
commercial discoveries have not been declared.

Constructions in progress include cost of machinery, equipment, constructions, installation, and other
directly attributable expenses. Upon completion of the construction and installation, the constructions
and related machinery equipment are classified to respective fixed assets and depreciated over their
estimated useful lives.

The value of all wells without commercial discoveries declared (dry wells) will be recorded in the income
statement in respect of crude oil operation in accordance with regulations on well disposal issued by the
Joint Venture's Council.

Financial investments

He Id -to- mot u r ity i n v e st me nts

Held-to-maturity investments comprise deposits at commercial banks with the original term of over 03
months.

lnterest income from held-to-maturity investments is recognised in the income statement of other
operations than crude oil, condensate and naturalgas on accrual basis.

Othet long-term investments

Other long-term investments comprise investments in exploration of new areas and long-term
investments in other economic entities over which VSP does not have any significant influence.

lnvestments in exploration of new areas represent the investments in blocks that are measured at cost
on the date of capital transfer under the petroleum production sharing contracts.

Long-term investments in other economic entities are recognised on a trade date basis and are initially
measured at cost less provision for impalrment of long-term investment (if any). Provisions for
impairment of other long-term investments are made when there is reliable evidence for decline in value
of these investments at the balance sheet date following current prevailing regulations.

Recognition o, ptoducts received trcm Petroteum Production Shofing Contrcct (PSC).

vsP records cost recovery oil, profit oil at the sharing rate specified in Psc and on the basis that oil
revenue and tax obligations payable to Vietnamese party are recognised in the Elocks, in which:

-L7 -
JOINT VENTURE VIETSOVPETRO FORM B O+DN
NOTES TO THE FINANCIAL STATEMENTS (Continued)

Cost recovery oil under accrual basis is temporarily deducted from the investments, other
owners' capital and increased investment and development fund.
Oil profit (profit after tax distributed to partners) under accrual basis after deducting the welfare
fund at the rate of USO 0.5/ton is recorded to increase the amount of oil profit payable to the
Vietnamese party and Zarubezhneft.

on 02 March 2020, VSP sent Official Letter No. 738A'IKT to the Ministry of Finance asking for the approval
on the abovementioned accounting policy. As at the issuance date of these financial statements, the
Ministry of Finance has not delivered the official guidance to VSP.

Accrued expenses

Accrued expenses is recognised when expenses have been incurred and recognised as expenses in the
year but not actually paid.

Accrued expenses ofVSP mainly include expenses payable to contractors for services completed but not yet
settled at the date of the financial statements and accruals for commission expenses in accordance with
VsP's financial management regulation in respect of othet operations than crude oil, condensate and gas.

Payable provisions

Payable provisions are recognised when vsP has a present obligation as a result of a past event, and it is
probable that VSP will be required to settle that obligation. Provisions are measured at the management's
best estimate ofthe expenditure required to settle the obligation as at the balance sheet date.

Decommissioning fund !

Decommissioning fund is established under the requirements of Decision No. 49/2017/QD-TTg issu
the Prime Minister on 21 December 2017 and is recognised to the income statement for the year. e

amount appropriated to the fund in the year is recorded according to the Resolution ofthe Joint Venture's
Council and adjusted at the end of the year based on actual production quantity. Cash balance from
decommissioning fund is transferred to vietnam oil and Gas Group for centralization purpose and
deposited for definite term at credit institutions in Vietnam. lnterest income from such deposits (if any),
net off corporate income tax, is recognised as an increase in the fund.

Capital, funds

vSP's capital, funds include

Owners' contributed capital represents actual capital contributed by the two joint venture
parties. Owners' contributed capital as at 31 December 2020 was USD 1,500,000,000, in which
Vietnamese party contributed 51% and Russian party contributed 49%.
Other owners' capital represents money paid out of investment and development fund to invest
in petroleum proiects.
lnvestment and development fund is made from profit after tax of gas collection, financial
activities, other operations than crude oil, condensate and natural gas; cost recovery oil from
Petroleum Sharing Contract under accrual basis is recorded as an increase in investment and
development fund following Resolution Ll of the Joint Venture's council.
other owners' fund presents funds for construction of infrastructure and Petro village funds
which are made from operating cost on crude oil in accordance with the Resolution of the Joint
Venture's Council.

18
JOINT VEI{TURE VIETSOVPETRO FORM B O9.DN
NOTES TO THE FINANCIAL STATEMENTS (Continuedl

Unresolved difference between actual selling price and planned price of crude oil and
condensate is made from the difference between actual selling price and planned price of crude
oil and condensate as per the Resolution of the Joint Venture's Council.

Unresolved difference between net sales (cost recovery oil, condensate and nature gas) and
actual operating costs on crude oil, condensate and nature gas is made from the unresolved
difference between crude oil, condensate and nature gas attributed to VsP according to
percentage of sales of crude oil, condensate and nature gas as approved in the Resolution of the
Joint Venture's Council and expenses on crude oil, condensate and nature gas actually incurred
for the year.

Profit distribution

Prolit distribution from crude oil, condensote ond noturol gos operations

Profit distributed to the joint venture's parties is determined based on sales of crude oil, condensate and
naturalgas less export duty, royalty tax, additional charge on profit oil, condensate and gas (ifany), crude
oil, condensate and natural gas attributed to VSP and corporate income tax on taxable income which is
determined using the same method. The profit-sharing ratio between Vietnam/Russia is 51:49.

Profit distribution from other operotions thon crude oil, condensote ond noturol gos

Profit from other operations than crude oil, condensate and gas after the payment of corporate income
tax will be distributed to investment and development fund, bonus and welfare funds in accordance with
the financial policy approved by the Joint Venture's Council.

other funds are appropriated from profit after tax of 2020

oil and Gas Gas

as follows:

Auxiliary Financial Other

I
a
production collection production (i) income activities fl
o\
lnvestment and 60% 60v" LOo% too%
development fund \
Bonus fund (ii) 20% 20%
Welfare fund 20% 20%

(i) Represents auxiliary production rather than oil, gas, condensate production of Block 09-1 and gas
collection activities.

(ii) As approved annually by Joint Venture's council.

Revenue recognition

Revenue from the sale of crude oil, condensate and natural gas and other goods is recognised when all
five (5) following conditions are satisfied:

(a) VSP has transferred to the buyer the significant risks and rewards of ownership of the goods;

(b) VSP 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 VsP; and

-19-
JOINT VE?{TURE VIETSOVPETRO FORM B Og-DN
OTES TO THE FINANCIAL STATEMEITTS (Continuedl

(e) the costs incurred or to be incurred in respect of the transaction can be measured reliably.

The deductions of sales ofcrude oil, condensate and natural gas include: Roya lty tax, export duty, corporate
income tax on the sales of crude oil, condensate and natural gas, and profit oil, condensate and gas payable
to vietnamese party, additional charge on profit oil, condensate and gas (ifany)payable to AO zarubezhneft
(previously known as "oAo zarubezhneft")-

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 years, revenue is recognised in each year 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 allfour (4) following conditions are satisfied:

(a) the amount ofrevenue can be measured reliably;

(b) it is probable that the economic benefits associated with the transaction will flow to VSP;

(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.

Revenue from construction contracts is recognised in accordance with VSP'5 accounting policy on
construction contracts (see below).
t
,o
Construction contracts /

j
T
When the outcome of a construction contract can be estimated reliably, revenue and costs are recognised
by reference to the stage of completion of the contract activities as determined by the contractor at the
reporting date. The stage of completion is measured by the proportion that contract costs incurred forwork
performed to date relative to the total estimated contract costs, except where this would not be
\
representative of the stage of completion. Variations in contract worl! claims and incentive payments are
included to the extent that they have been agreed with the customer.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is

recognised to the extent of contract costs incurred that it is probable of recovery.

Operating leases

Leases where substantially all the rewards and risks of ownership of assets remain with the leasing
company are accounted for as operating leases. Rentals payable under operating leases are included in
relevant items in the financial statements on a straight-line basis over the lease term.

Foreitn currencies

Transactions arising in foreign currencies are translated at exchange rates ruling at the transaction date.
The balance of monetary items denominated in foreign currencies as at the balance sheet date is
retranslated at the exchange rates on the same date, Exchange differences arising from the translation
of these accounts are recognised in the income statement.

-20-
JOINT VENTURE VIETSOVPETRO FORM B Og.DN
NOTES TO THE FINANCIAI STATEMEI\ITS (Continued)

Taxation

VSP is subject to the following main taxes

Natural
Crude oil Condensate gas Other
value added tax (VAT) Not subiect to tax 5%-to%
Royalty tax 78% 78% 2%-10%
Export duty/special consumption tax 70% 70% 70v"
Corporate income tax 50% 50% 50v" 20%

Additional charge on profit oil and condensate represents additional charge on vSP's profit oil and
condensate when crude oil price increases by 20% compared with the price of USD 7s/barrel.

Taxable income from crude oil, condensate and nature gas production is determined by respective sales
less export duty, royalty tax, additional charge on profit oil, condensate and nature gas (if any) and
operating expenses of VSP. Crude oil, condensate and nature gas attributed to VSP are determined by a
fixed percentage of revenue as annually approved by the Joint Venture's Council based on VSP'S actual
operation.

Taxable income from other operations than crude oil, condensate and gas is calculated based on sales
of goods and services less deductible expenses under current prevailing tax regulations of such
operations.

As at 31 December 2020, VSP did not recognise the deferred tax for other operations than crude oil,
4
condensate and nature gas because the Board of General Directors evaluated that the temporary
difference between accounting profit and taxable profit was insignificant.
9
co
T
Related party information EL
rt
VSP has not presented the related party information in the financial statements
:'-
'D
-
4 CASH AND CASH EqUNALENTS

Closing balance Opening balance

USD,fl'O usD'0(x,

Cash on hand 32 ib

Bank demand deposits 467,408 542,488

cash equivalents (r) n39r 93,203

490,831 635,707

(*) Cash equivalents represent deposits in VND with the original term of 01 month at commercial banks
in Vietnam and interest rate ranging from 3.3% per annum to 3.8% per annum.

The bank demand deposits and cash equivalents are deposited at the commercial banks in Vietnam. VSP
regularly evaluates and believes that all the deposits bear no risk on liquidity or recoverability.

-27-
JOINT VENTURE VIETSOVPETRO FORM B O}D
NOTES TO THE FII{ANCIAI STATEMENTS (Continued}

5 FINANCIAL INVESTMENTS

Held-to-maturity
closing balance Opening balance
usD'm0 usD'000

Term deposits (+) M,695 792

4,695 792

(*) Represent deposits in VND with the original term of 06 months at commercial banks in Vietnam and
interest rate ranginEfrcm 4.7yo pe( annum to 6.6% per annum.

Long-term financial investments

Closing balance Openint balance

usD'0q, usD'o(xt

a. lnv€stments in subsidiaries
Vietsovpetro Tourism Oil Service Joint Stock Company (i) 4,449 4,4@
4,N9 4,M
b. Equity investments in other entities
Petrovietnam Marine Shipyard Joint Stock Company r341 7,34L

lnvestment in exploration of new area (ii) 134,565 153,533

13t906 15,,874 ,2

Provision for impairment of long-term investments (7,3211 (1,236)

]G
IH
Net realisable value of lon&term investments 138,994 L58,U7
)I
(i) Vietsovpetro Tourism Oil service Joint Stock Company (formerly known as Hong Phuc Hotel and
Restaurant Joint Stock Company) was established under the Enterprise Registration certificate
with enterprise code No. 3500827756 issued by Ba Ria - Vung Tau Authority for Planning and
lnvestment, with the first registration on 16 November 2OO7 and the 8th amendment on 12
August 2019. The Company's charter capital is VND 20 billion and its headquarter is located at
105 Le Loi, Thang Nhi ward, vung Tau city, Ba Ria - Vung Tau province. The shareholders of the
Company include VSP, VSP Trade Union and Vietnam Oil and Gas Trade Union Company Limited,
of which the ownership and voting right arc of 95%,4.5y" and 0.5%, respectively. The Company's
assets mainly comprise the land use rights of 119,612.6 m2 in Phuoc Thuan commune, xuyen
Moc district, Ba Ria - Vung Tau province with a term of 50 years, which is used by VSP for the
construction and business of Vietsovpetro Resort - a dependent accounting unit of VSP-

-22-
JOINT VENTURE VIETSOVPETRO FORM B O9-DN
NOTES TO THE FINANCIAL STATEMENTS (Continued)

lii) Detoils ol investment in exPtomtion of new oreo are os follows:

Closi balance openingbalance

usD'000 usD'000

Block 09-3/12 777,456 118,411

ln which:
- t nv e st m e nt contribute d 205,729 172,080
- Cost recovery oil (iii) (88,27j) (s3,56e)

Block 42 23,O84

Block 16-1115 76,462 12,038

Block 09-2109 647

1:!4,565 153,533

(iii) DurinS the year 2020, vsP received cost recovery oil from Block 09-3/12 with the total amount of usD
34,604 thousand (2019: USD 53,669 thousand) and temporarily recorded a decrease in long-term
investment in Block 09-3/12 by the corresponding amount.

6 RECEIVABLES FROM SATES OF CRUDE OIT

Receivables from sales of crude oil represent receivable from Petrovietnam Oil Corporation - Joint Stock
Company which is authorised to sell crude oil and condensate and receivables from Vietnam Oil and Gas
Group for natural gas.

0o
7 TRADE RECEIVABTES FROM OTHER OPERATIONS
c
IY
1

cl balance Opening balance I'T Ti

usD'0(x, usD'000 ,\ N{
DX I Projed Management Unit 10,253 tl,17L
Vietnam - Russia Vietsovpetro Joint Venture - Petroleum 4,963 9,119
Production Sharing Contract Block 09-3/12
Petrovietnam Gas Joint Stock Corporation - PVGas South East 8,862
6,403
Transmission Company
Vietnam Oil and Gas Group 7p45 7,824

Hoang Long Joint Operating Company 6,757 6,469

Petrovietnam Gas Joint Stock Corporation - PVGas South East s,324

8,887
Project Management Unit

Hoan Vu Joint Operating ComPanY 2,662 3,207

VRJ Petroleum Company 3,180 2,017

Others 15,005 L4,475

55,455 68,4O2

-23-
 FORM B O}DN
JOINT VENTURE VI ETSOVPETRO
NOTES To THE FINANCIAI STATEMENTS (continued)

8 SHORT.TERM ADVANCES TO SUPPLIERS

Closing balance OPen ing balanc€

usD'0(x, usD'000

a. Advances to domestic suPPliers

Dung Quat Shipbuilding lndustry company Umited 7,047

Petechim Joint Stock ComPanY 3,145

L,728 1,593
Others
2,769 4,7*
b. Advancls to forei$ supPliers

Elster-lnstromet Sdn Bhd 460

USA Petrolemum Equipment SuPPIY M7

Zarnestservice Ltd 2,545

Others 68 810

975 3,355

3,7U 8,093

9. RECEIVABTES FROM CONSTRUCTION COI{TRACTS UNDER PERCENTAGE OF COMPLETION METHOD

Closi balance O nrn balance

usD'm0 usD'o(xl
\
Nam Con Son 2 Project - Phase 1 8,829 8,8\
Dai Hung Gas Gathering Projed 2,647 2,6811
,ll
Others 519
11,94'
------nfr
----_-----------

10. OTHER SHORT-TERM RECEIVABLES

c balance Open ing balance

usD'000 usD'000

Vietnam - Russia Vietsovpero Joint Venture - Petroleum 3,430 74,749

Production Sharing contracr Block 09-3/12 (*)
Management fee receivables from General Contrador of Block B 2,6U 2,6U
O Mon Project

Advance of crude oil export fee 2,1U 2,774

1,501 1,904
Accrued revenue
8,3s7 s,209
Others
L8,7fi 25,060

(*) closing balance of other short-term receivable from Joint venture vietsovpetro - Petroleum
production sharing contract Block o9-3/12 represents the receivable of cost recovery oil, profit oil and
welfare fund from profit oil distributed from Block 09-3/12 durinS the year not yet collected.

24
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JOII{T VETTITURE VIETSOVPETRO FORM B O$'D
NOTES TO THE FINANCIAI STATEMENTS (Continuedl

12. INVENTORIES

closing balance Opening balance

usD'(xro usD'(xn
Cost Provision Cost Provision

Goods in transit s,82r 6,O76

Raw materials toL,767 111,3s8

Tools and supplies 2,330 3,494

Work in progress 15,180 4,92E

Finished goods 2L,247 15,935

Merchandise 0 13

L46,145 t4t,8u

Raw materials mainly include materials for production of crude oil, condensate, natural gas and oil and
gas constructions. The Board of General Directors evaluated that these materials would be possibly used
for VSP's future business.

13. PREPAYMENTS

closing balance opening balance

USD,MO usD'(x,0

a. Short - term ,r'

,.,.'
20,395 20,643 (]
Deferred tools and dies );
Other expenses 9,334 6,232
29,730 26,475
ir
b. Long- term
:\
Repair expense of vessel 15,362 16,963 ih
\
Repair expense of Cuu Long rig 4,687 1,72L

Repair expense ofTam Dao 01 rig t,864 2,784

Repair expense ofTam Dao 03 rig 678 1,118

Repair expense of Tam Dao 02 rig 0 1,013

Others 5,314 3,315

2A,A9 32,314

L4. OTHER LONG.TERM RECEIVABLES

other long-term receivables represent the cash from decommissioning fund which is transferred to
Vietnam Oil and Gas Group for centralization purpose in accordance with current prevailinB regulations.

-26-
 FORM B O9-DN
.IOINT VENTURE VIETSOVPETRO
NOTES TO THE FINANCIAI STATEMENTS (Continued)

15. INCREASES, DECREASES II{ TAI{GIBT'E FIXED ASSETS

oil and gas Buildings & Madrinery & i,lotor &

Odren Total
conslnrctiom struc$res equipmllt vehides

USD'06 usD'000 usD'oo usD'000 usD'000 usD'mo

c0sT
0pening balanc€ 7,955,308 246,787 345,555 529,4N Ll2,M8 9,348,899

109,929 531 4,072 188 7,508 112,378

Additions
(49,53s) (11e) (4,868) (4,6s0) (t1s1) (60,323)
Disposals
4,57r 19 5,958 (2s0) (s,333) 496s
Other adjustments

closing balance 8p20?73 246,778 350,718 62468t t73At2 9,415,859

ACCUMUIATED DEPNCNNO

openinB balance 6,164,970 195,583 2s9,99s 405,092 ]31,72r 7,158,36L

4,297 r7,925 30,s00 9,976 450,490

char& for the year 387,792

(4s,835) (117) 4,477) (4,6s0) (1,134 (s6,20s)

Disposals
642 (1412) 211 333 s07 281
0ther adjustments
Closing balance 6"507,s69 l!'9,3s1 m,@ 4311,275 141,072 7,552,921

NET BOO(VATUE

Closint balance tlt2,lu 47357 n,o* 193,413 32/400 7fi2;942

0prning balance 1,790,338 49,604 85,551 224,308 &;127 4t90,5*

-'\
(31
As at 31 December 2020, the cost of vsP's tangible fixed assets included about usD 5,029 billion
December 2019: about usD 3,853 million) of assets which have been fullY depreciated but
are still in use. (l

As at 31 December 2020, a number of wells, which are preserved wells, water iniection
wells and shut-in E
wells) with their estimated cost of usD 592 million and estimated carrying value of UsD 80
million, are
presented in tangible fixed assets under oil and 8as constructions. vsP evaluated those wells would be
expected to be continuously preserved, used and to bring future economic benefits
to VSP'
.\

-27 -
.,OII{T VENTURE VIETSOVPETRO FORM B Og-DN

NOTES TO THE FINANCIAL STATEMENTS (Continued)

15. INCREASES, DECREASES IN INTANGIBLE ASSETS

Exploration Geophysical
drillin study Othen Total

usD'000 usD'@o usD'o(xl usD'000

cosr
456,982 191,004 36,561 684,547
Opening balance
59,504 62 7,222 60,788
Additlons
(97,730) (9,s28) {185,178)
Disposals 117,s20],
4,990 (170) (5,160)
Other decreases
Closing balance 431,576 93,335 28,085 554,997

ACCUMUI.ATED AMORTIZATION
234,238 99,94s 33,689 367,872
opening balance
72,354 3,518 1,377 L7,t89
Charge for the year
(97,730) (9,s26) (182,382)
Disposals .7s,126)
(s63) (4s) 612)
Other decreases
Closing balance 170,903 5,731 25,431 202,067

NET BOOX VATUE

Closing balance 262,673 a7,o03 2,69 3s2,930

222,74 91,059 2,E72 315,675

Opening balance

L7. CONSTRUCflON IN PROGRESS

Cunent year Prior year

usD'000 usD'000

opening balance 70,u2 139,271

215p20 301,161
Additions
(211,381) (169,7s2].
Transfer to tangible fixed assets and other decreases

Closing balance
75,181 70,ilz

As at 31 December 2020, construclion in progress mainly represents value of unfinished wells and

uncompleted offshore constructions.

-28-
JOINT VENTURE VIETSOVPETRO FORM B O}DI{
l{oTES TO THE FlNANclAt STATEMENTS (Continued)

18. SHORT-TERM TRADE PAYABLES

Closing balanc€ Openint balance
usD'000 u$'0m usD'0m usD'000
Amount able Amount able
Amount to be paid ofl Amount to be paid off

a. TGde payabl€5 to dome5tic suppliets

Petroleum lndustrial and civil 7,242 t,242

t,246 1,246
Construction Joint Stock CompanY
Tan Cang Offshore Services Joint Stod 1,777 7,777
3t7 377
Company
Southern Vietnam Helicopter Company 1,635 1,63s

Petechim loint Stock Company 1,584 1,584

Others 6,864 6,864 1,896 7,896

8,427 8,427 74,071 14,074

b. Trade payable to breitn suppliers

Sapurakenc! naTL Off shore 1,9m 1,9m

1,900 1,900
Sdn Bhd

ttd. t,577 7,577 1,580 1,580

Koastal lndustries Pte.,

Solar Turbine lnternational 7,424 7,424

Others 3,022 3,022 3,727 3,12t

7,921 7 B2l 6,601 6,601

Total 15,3v) 15,350 20,675 20,68

0-
C
19. TAXES AND AMOUNTS PAYABLE TO THE STATE BUDGET
Movement dudrg d|e lEal
] TV

Openingbahn(E Amount palable Amount paid Closiry bahnce

.TT E
usD'm0 usD'000 usD'0m usD'0m :lAlrt
l. Taxes

Value added tax 7,2N 21,905 21,0s8 3,G8

lmport-Expon and Special 92,675 8,833

12,588 88,920
comrumption tax

103,734 r98,821 185,572 16,989

CorpoGte income tax

27,$7 193,859 202,016 19,310

Royalty tax

lrnd housingtax 5,594 5,694

4,838 24108 24,189 4,151

others
lsolo 51131{ 531,204 52'Cn

ll. O$er palablB to th€ Sbte budget

Profit oil payable to the State budget 135,766 8,316

52,662 92,420
(')
Profit condensate paFble to the State 1,596
713 983
budget

tothe State budget 716 9s6 1,617 55

Profit gas payable

1,263 14,387 14,470 t,180

tees, charges

Othen
st3!l 1l[,716 15{,549 9I51

206.22t 542,060 785,7s3 57F?J

Tobl

29
JOII{T VENTURE VIETSOVPETRO FORM B O}D
l{oTES TO THE FINANCIAL STATEMENTS (continued)

(*) As stated in Note 29, in 2020, profit oil from Block 09-3112 with the amount of USD
VSP received
11,346 thousand (2019: USD 15,144 thousand), including USD 5,786 thousand l2oLgi vSD 7'723
thousand) of profit oil payable to the state budget and 5,559 thousand (2019: UsD 7,421 thousand) of
profit oil payable to Zarubezhneft.

20. SHORT-TERM ACCRUED EXPET{SES

Closing balance opening balance
USD,(xlo usD'0(n

Accrued expenses for Nam Con Son 2 project 70,477 4,625

AcErual of helicopter expenses and meal for staff on vessels 4,118 3,568

Accrual of purchase of Vung Tau 5 and Vung Tau 06 vessels 2,244 7,229

Accrual for Support Vessel projects 7,273 854

Accrued expenses for Dai Hung projed r,104

Accrual of purchasing materials. 283 3,548

Accrued expenses for Vietsovpetro 06 barge 29 1,011

AcErued expenses for submntractors of extra services (vessel 1,,!u

rental costs)
Others 4,!20 7,162

23,598 29rE1

2,-. PAYABLES TO VIETNAM OITAND GAS GROUP AND ZARUBEZHNEFT

Payables to vietnam oil and Gas Group and zarubezhneft represent outstanding profit oil, condens
and gas payable as at 31 December 2020. L
a-
I
(
22. PAYABI.f FOR DECOMMISSIONING [:.\
Closing balance opening bala
usD'000 usD'0(x,

Decommissioning cost for Block 09-1 7,302,N2 7,245,r@

Provision for decommissioning cost for gas compressing team t7,739 8,285
number 06
t,3t4,,4L 1,2s3,385

Movement of decommissionint cost for Bloc* O$'1

Curent year Prior year
usD'000 usD'0q,

Opening balance L,245,1@ 1,781,740

lncrease for the year 59,518 66,468

(3,108)
Paid during the year {2,2161

Closing balance t,*2,&2 1,245,100

-30-
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JOINT VENTURE VIETSOVPETRO FORM B O9-DN
NoTES TO THE FlNANclAt STATEMENTS (Continued)

(i) During the year 2020, vsP distributed to Bonus and welfare funds from profit after tax of other
operations than crude oil, condensate and nature gas with an amount of usD 19,466 thousand.

(ii) Following the official Letter No. 954/rCT-DNL dated 22 March 2018 of the General Department
of Taxation on income from utilizing capacity of Block 09.1 to provide extra services at vsP, vsP has
calculated and paid corporate income tax as well as distributed to lnvestment and Development fund
from the utilization of the capacity of Block 09.L to provide extra services at VSP on accrual basis.

(iii) Following Resolution Lt ofJoint Venture's Council, VSP recorded an increase in lnvestment and
Development funds along with a decrease in other owners' capital corresponding to the cost recovery oil
from Block 09-3/12 (Note 05).

(iv) tn 2020, vsP used lnvestment and development fund to finance Block 09-3/12, Block 16-1/15
and Block 09-2/09 with the respective amounts of usD 33,649 thousand, UsD 4,424 thousand and usD
647 thousand following the Resolution of the Joint Venture's Council. VSP recorded a decrease in
lnvestment and Development fund and an increase in other owners' capital by the corresponding
amount.

tn addition, VSp paid USD 1,252 thousand from Other owners' capital to build the social constructions.

(v) on 14 December 2020, the Ministry of lndustry and Trade issued Decision No. 3300/QD-8CT on
the termination of the Petroleum Production Sharing Contract - Block 42, accordingly, VSP has written
off lnvestment in Block 42 and Other owners' capital by USD 23,084 thousand'

Owners' contributed capital

been
Owners, contributed capital ofVSP is USD 1,5OO,OOO thousand. The owners' contributed capital had
fully contributed by the joint venture's parties as at 3l- December 2020 as follows:
-.4
closing balance opening balance .-o(
% usD'fi)o % usD'000
C(
Petrovietnam 51 765,000 51 765,000

49 735,000 49 735,000 tiE

AO Zarubezhneft
r'ti
100 1,5U),000 100 1,50O,000
),..-
'/C

parties' fixed
\
vsP's owners' contributed capital is determined based on the negotiation of the related
assets value contributed to the joint venture up to o1 January 1991 including the translation of the
value

of fixed assets denominated in other foreign currencies into USD. The contributed capital has been

approved by the Joint Venture's Council and competent agencies ofthe two Governments'

According to the Agreement signed between the Government of the Socialist Republic of Vietnam and
the Government of the Russian Federation on 27 December 2010, from O1 January 2011, the ownership
interest proportion of Vietnamese party will be 51% and that of Russian party will be 49%'

24. REVENUE FROM OTHER OPERANONS THAN CRUDE OII. CONDENSATE AND GAS

Current year Prior year

usD'000 usD'(rco
Sales from associated gas collection 66,87t 70,761,

Sales from operation and maintenance services 8,795 47,471

from construction services 77,934 26,749
Sales
76,434 51,560
Sales from other activities
2LO,O4 195,541

32
JOINT VENTURE VIETSOVPETRO FORM B Og-Dt{

NOTES TO THE Fll{A ClAt STATEMENTS (Continued}

25. COST OF SALES FROM OTHER OPERATIONS THAN CRUDE OIL, COI{DE'{SATE ANDGAS

cost of sales represents cost of rendered services, constructions and selling goods, etc. to external
customers related to other operations than crude oil, condensate and natural gas production of Block
09.1 (,,other operations). cost of sales includes direct cost of other operations, depreciation and
amortisation of fixed assets of Block 09.1 utilized for other operations and general and administrative
expenses incurred at vsP's divisions, which are attributable to other operations to the approved
percentage,

26. CURREI{T CORPORATE INCOME TAX - OTHER OPERATIONS

Current year Prior year

usD'(x)0 usD'(x)0

Corporate income tax for the Year

Profit before tax 7t,sL3 60,423

Adiustments for taxable profit 6,412 906

Add: Other non-deductible expenses 6,4L2 906

Taxable profit after adiustments 77,925 61,329

Taxable profit at the tax rate of 20% 77,925 6t,329

corporate income tax calculated based on the current year's 15,58s 14266
taxable profit

\125(
27. COMM]TMEI{TS

iNHI
Capital commitments
"ot1
.TN
As at 31 December 2020, vsP had commitments to acquire and invest in fixed assets for 2021 with an
amount of approximately USD 7,148 thousand as approved in the Resolution Llll of the Joint Venture's
council (as at 31 December 2019: the purchase commitment for 2o2o was usD 6,156 thousand).

As at 31 December 2020, vsP had commitments to acquire materials and equipment for Nam Rong - Doi
Moi Proiect of Block 09.1 owned by vsP and Block 09.3 owned by vietnam-Russia-Japan Joint venture
(VRJ) amounting to approximately USD 11,423 thousand (as at 31 December 2019: the purchase
commitment was USD 13,868 thousand) as approved in the Resolution Llll oftheJoint Venture's Council.

Planned investments in exploration of new areas beside Block 09.1 and other proiects in 2021 as
(2019:
approved in the Resolution Llll of the Joint venture's council amounted to usD 47,714 thousand
planned investments for 2O2O was USD 80,099 thousand).

-33-
JOINT VEI{TURE VIETSOVPETRO FORM B O9-DN
NOTES TO THE FINANCIAL STATEMENTS (Continued)

Operating lease commitments

Operating lease commitments on land and sea surface, and floating facilities as at 31 December 2020 are
as follows:

Closing balance openint balance

usD'(x)o usD'm0

Within one year 5,964 11 803

5,9U 11,803

2A. CONTINGENTUAEIUTIES

ln accordance with Decision No. 49/2017/QD-TTg dated 21 December 2017 issued by Prime Minister on
removal of fixed constructions, machinery, equipment and facilities in service of oil and gas astivities, VSP
is required to make provision for decommissioning cost on an annual basis. Accumulated to 31 December
2020, VsP temporarily recorded a provision for decommissioning cost relating to the oil fields under
production and gas compressing team number 06 in the case of termination of the operation of the joint
venture with an amount of USD 1,314,141 thousand (inclusive of bank interest income accrued to the
fund for decommissioning cost). Total minimum decommissioning cost might not be determined at
present but might exceed the recorded amount.

29. TNVESTMENTS tN BTOCK 09-3/12, BT.OCK 42, BTOCK 1G1l15 AND BLOCK O9-2l09

Elock 09-3/12
Nr
According to lnvestment Certificate No.OOOO24 dated 20 September 2012 issued bY the Minlstry of
lndustry and Trade, VSP, Petrovietnam Exploration Production Corporation (PVEP) and Bitexco Group
\r,\
TY
Company Limited (Bitexco) are parties investing in Block 09-3/12, in which VSP holds 55%, PVEP holds
T l,l
30% and Bitexco holds 15% and VSP is the operator of the project from the investment certificate date.
As 31 December 2020, total capital to finance Block 09-3/12 contributed by the parties was USD 359,828
,nt
./<
/i
thousand (in which VSP contributed USD 205,729 thousand). Block 09-3/12 has ofricially produced oil -v
since April 2019. The accompanying financial statements represents the capital contributed by VSP, cost
recovery oil and profit oil (Note 5 and 19) and did not recognise assets and liabitities relating to the
operation of Block 09-3/12. Total crude oil production and selling quantity of Block 09-3/12 in 2020 is
about 373 thousand tons (2019: about 211 thousand tons), in which, cost recovery oil and profit oil are
as followings:

Current year Prior year

usD'mo USD'(x'O
Cost recovery oil 34,6U 53,669
Profit oil 1,7,346 t5,L44
- Poyoble to the stote budget 5,786 7,723
-Pdya e to Zorubezhneft 5,559 7,421
Welfare fund 103 105

Block 42
Accordin8 to lnvestment Certificate No. OOOO28 dated 16 April 2012 issued by the Ministry of lndustry
and Trade, VSP and Petrovietnam Exploration Production Corporation (PVEP) are parties investing in
Block 42, in which VsP holds 497., PVEP holds 51% and PVEP is the operator of the project from the
investment certificate date. On 14 December 2020, the Ministry of lndustry and Trade issued Decision
No. 33Oo/qD-BG on the termination of the Petroleum Production sharlng Contract - Block 42,
-34-
 JOINT VENTURE VIETSOVPETRO FORM B O9-DN
NOTES TO THE FINANCIAT STATEMENTS (CONtiNUEd}

accordingly, VSP has written Equity investment in other entities and Other owners'caPital corresPonding
to the accumulated investment in Block 42 of USD 23,084 thousand (See Note 5 and 23). The
accompanyinB financial statements did not recognise assets and liabilities relating to Block 42.

Block 1G1l15
According to lnvestment Certificate No. dated 10 June 2016 issued by the Ministry of lndustry
OOOO38

and Trade, VSP, Petrovietnam Exploration Production Corporation (PVEP), Bitexco Group Company
Limited (Bitexco)and sovico Joint stock company (sovico) are parties investing in Block 16-1/15, in which
VSP holds 51%, PVEP holds 29%, Bitexco holds 10% and Sovico holds 10%. As at 31 December 2020, total
capital to finance Block 16-u15 contributed by the parties was usD 31,721 thousand (in which vsP
contributed USD 16,462 thousand). The accompanying financial statements did not recognised assets and
liabilities relating to the operation of Block 16-1/15. As at the date of these financial statements, Block
16-1/15 is in exploration phase.

Block 0$2/09
According to lnvestment certificate No. ooooT dated 09 July 2o2o issued by the Ministry of lndustry and
Trade, petrovietnam Exploration Production Corporation (PVEP) transferred 40% of its participating and
operating interest under the Petroleum Production sharing contract Block 09-2/09 to vsP and
transferred 30% of its participating interest to zarubezhneft Joint stock companY (zarubezhneft).
Accordingly, PVEP, Zarubehneft and vsP become parties lnvesting in Block 09-2/09 with the interest of
3O%, 3O%, and 41yo, respectively. As at 31 December 2020, total capital to finance Block 09-2109
contributed by the parties was usD 384,004 thousand (in which vsP contrlbuted usD 647 thousand). The
accompanying financial statements did not include assets and liabilities relating to the operation of Block
O9-2l09. As at the date ofthese financial statements, Block 09-2109 is in exploration phase.

30. OTHER EVENT

The developments of covlD-lg pandemic in 2021 have been exerting impacts on all local and global
economic sectors. This matter might have direct impacts on the operation, interest and economic
obligations of VSP. Currently, VSP's Board of General Directors continues to monitor and to assess the
possible effects ofthis matter on VSP's operations in 2021.

_-_.-..:-c

irr ltli ! \

ll l)
Nguyen lam Luong Quoc Dan
Chief Accountant

Vung Tdu, 0j Morch 2027

35