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Transcript
Monthly Report June 2010 Accounting、Finance、Investment contents Activities Market Watch Financial Results Plans 2 Activities Accounting The Budget Performance Alerting Marketing to the budget deficiency of Financing bonus Innovation & Incentive Launching the program to all staff Profit Center Project Discussing on the investment income’s allocating 3 Activities Finance Monthly Tax Reports VAT, CIT, Withholding tax, etc. Legal Compliance Update and revise legal compliance for the first half year 2010 4 Activities Investment Enhance Cash Yield 1. Control amount/period of time deposits 2. Seek possibility to earn higher interest rate Bonds Management 1. Update market value/accrued interest periodically 2. Seek opportunity to invest in other bonds Market Watch/Research 1. Follow up the evolution of financial market 2. Seek opportunity to create other asset class 5 Market Watch Financial Market in May/June Euro Area Q1 GDP: 0.6% CPI May/Apl: 1.6/1.5% German Dax: 5.51% China Q1 GDP: 11.9% CPI May/Apl: 3.1/2.8% Shanghai: -0.23% US Q1 GDP: 3.0% CPI May/Apl: 0.9/0.9% Dow Jones: 3.02% 50 40 Taiwan Vietnam VIX Q1 GDP: 5.8% CPI May/Apl: 9.1/9.2% Ho Chi Minh: 1.44% 30 Q1 GDP: 13.3% CPI May/Apl: 0.7/1.3% TWSE: 3.55% 20 10 2009 2010 7 8 9 101112 1 2 3 4 5 6 Note 1: Stock market return calculated from 31/5 to 21/6. Note 2: VIX is a proxy for market volatility (risk). Risk hiked up in May, mainly due to the Greece crisis and Korean conflict, but calm down a little bit in June. 6 Market Watch Interest Rate Policy Rate 16 % Market Rate (on June 22th) VN Base Rate 12 % 16 De. 3M 6 M 12 M VND 2.7 11.3 11.5 11.5 USD 0.3 1.0 1.0 1.0 VND 3.3 11.4 11.5 11.5 USD 0.4 1.0 1.0 1.0 12 8 8 1200bps 4 775bps 0 Fed Fund Target Rate 04 05 06 07 Note: Up to June 2010. 08 4 0 09 SOCBs JSCBs 10 Note: Rate for enterprises. Majority of banks have set the cap on deposit rate at 11.5%, except for some small JSCBs. 7 Market Watch Exchange Rate USDVND & USDTWD 20500 TWDVND(R) Market Rate (on June 22th) 630 19500 580 18500 530 17500 480 USDVND(L) 430 16500 Offical Rate 18544 Bank Rate 18990 Black Market 18990 01/09 05/09 09/09 01/10 05/10 Note: Up to June 22th. Note: Rate for enterprises. VND is still under pressure of depreciating, while the gap between banks and the black market is almost 0. 8 Financial Results Profit and Loss YTD May 2010 Results (million VND) Feb Mar Apr May YTD Revenues 16,325 15,986 16,803 16,223 80,851 Expenses 13,961 18,223 18,307 19,125 86,124 2,364 (2,236) (1,504) (2,902) (5,273) (1,941) (1,957) (1,916) (1,375) (8,019) Profit Budget 2010 Actual / Budget 2010 up to 66% this year to date Note: For profits. 9 Financial Results Profit and Loss Revenues & Expenses 20 Year to Date Result 88 billion VND billion VND Expenses 86 18 84 82 16 Revenues 14 80 78 76 12 Feb Mar Apr May Revenues Expenses From monthly or from YTD aspect, expenses is kind of high, but the profit is better than expected . 10 Financial Results Gross Premium Gross Premium (million VND) Feb Mar Apr May YTD Actual 2010 3,596 4,988 6,200 5,489 24,737 Budget 2010 5,881 7,215 7,419 8,063 35,284 Actual 2009 7,088 2,296 3,056 2,394 17,579 Actual / Budget 2010 up to 70% this year to date Actual 2010 / 2009 up to 141% this year to date 11 Financial Results Sales Expenses Sales Expenses (million VND) Feb Mar Apr May YTD Actual 2010 2,904 4,698 5,125 5,709 22,534 Budget 2010 3,957 4,765 4,395 4,165 21,096 Actual 2009 3,265 1,326 4,127 3,105 14,283 Actual / Budget 2010 up to 107% this year to date Actual 2010 / 2009 up to 158% this year to date 12 Financial Results Premium and Sales Expenses Gross Premium 9 billion VND Premium and Sales Expenses Budget 7 5 Actual 3 Feb Mar Apr May Sale Expenses Actual 7 billion VND 5 3 Budget 1 Feb Mar Apr May 7 billion VND Premium 6 5 4 3 Sale Expenses 2 1 0 Feb Mar Apr May Sales expenses hit the budget, whereas premium is less than expected. 13 Plans Accounting Audit Conducted Working with auditors (Earns & Young) on related matters Innovation & Incentive Following up and update to BOD the staff contributions Universal Life Product Set up the accounting process 14 Plans Finance Internal Audit follow-up Revise internal procedures about cash management Enhance Finance System 1. Cooperate with IT 2. Generating cash reports, detail in monitoring cash term deposits Bank Survey Survey bank services due to demand of business development 15 Plans Investment Enhance Cash Yield To finding new counterparties for time deposits: 1. Risk assessment report 2. Approval to headquarter Portfolio Management 1. Seek opportunity to invest in all kind of asset class 2. Keep in contact with market players Market Watch/Research 1. Keep Following up financial market 2. Monthly topic presentation about investment issue 16 THANK YOU 17