Press Release 4
As General Manager of VNPF, I am extremely happy to provide audited summary of 2018 Financial Accounts.
The 2018 audited accounts reveals that the Net Return on Investment was VT838,727 after the addition of Impairment gains on Investment Valuations, Property Expenses and IFRS 9 adjustment on Income accounts. The Net Income for that year was VT504,902 million which represents an increase of VT333,825 million. However, the Net Income including Dividend and Surcharges sums up to VT923,364 million. The change in Fair value of Investment has a gain for the reporting period by VT275,226 million.
Our repairs and maintenance effort caused an Increase in direct expenses on Property maintenances of VT85,130 million in comparison with 2017 figures of VT57,218 million. The Total Operating Expenses for the Fund was VT441,178 million. The IFRS 9 allowance of Impairment Loss that affects the Net Income was VT19,585 million; the Dividend Received from UNELCO shares was VT31,253 million and a surcharge of VT66,063 million. The Gain and Property valuations sums up to VT18,135 million, and almost every Property Investments and Land owned by the Fund were revalued in 2018.
The VNPF Net Profit after Operating Expenses and Impairment Gains sums up to VT441,179 million. This figure is still excluding any Annual Interest that the board was going to declare. There was a big improvement in comparison to the loss of VT613,121 million in 2017.
The accumulated Total Assets for the Fund was VT20.205 billion. The term deposits held 25% of the total investments followed by Joint Investment and Property Investment. It represents an increase of VT1.5 billion from 2017 figures.
The Consolidated General Reserve is made positive again at VT281,338 million and Members Funds increases by VT500 million and currently worth VT20 billion.
The Net Balance is now VT20 billion and it is more than Members fund Savings by VT17.6 million. It means that if the Fund is liquidated during 2018 it will be able to refund all the members’ savings.
With this I would like to confirm that the financial status of VNPF is safe and secure. I am enclosing the details for your review and comments.