From today (March 23), more than 1 billion shares of Vietnam Oil Corporation (PV Oil) on UPCoM have been put on warning status because the 2022 financial report has been given an exception opinion by the auditing organization for 3 consecutive years or more.
In particular, the auditors gave 3 exceptions related to the investment in PetroVietnam Petrochemical and Biofuel Joint Stock Company (an associate of PVOIL); other receivables from Vietnam Oil and Gas Group with the amount of 169.79 billion VND - a loss at the Technical Trading and Investment Corporation (a subsidiary of PVOIL) during the period of determining the enterprise value until the official conversion to a joint stock company (May 18, 2011); related to the value of land lots of Saigon Petroleum Joint Stock Company (a subsidiary of PVOIL)...
PVOIL shares were put on warning list from March 23.
Responding to the above information, PVOIL said that in fact, the above audit exceptions were issues that occurred before the company was equitized. Therefore, these issues have existed in the financial statements since the transition to a joint stock company model. Although PVOIL has made many efforts to resolve them, due to many objective reasons related to the state's mechanisms and policies, these issues have not been completely resolved.
According to PVOIL, the above exceptions do not significantly affect the company's orientation, development plan and production and business activities, nor do they affect the existence and trading of shares on the UPCoM floor. Currently, PVOIL shares are trading around VND8,700.
Similarly, shares of Pha Lai Thermal Power Joint Stock Company (PPC) were put on warning since March 29. The reason is that the auditing organization, KPMG Company Limited, has an exception opinion on the 2022 financial report. KPMG said that PPC has not recorded the revenue from electricity refund after the issuance of the previous year's financial report due to errors in measuring equipment from December 2018 to March 2022 with a total amount of VND 161.93 billion. This is not in accordance with the regulations on the current accounting regime.
According to PPC's explanation, in April 2022, the voltage transformer inspection unit (TU) discovered errors in the voltage transformers. When determining past data, errors were found from 2018. Because the voltage transformer part is only inspected once every 5 years, in 2022, the buyer and seller temporarily determined the inspection and discovered errors from December 2018 to March 2022. The relevant parties met many times to develop a method for calculating the above errors. PPC tentatively estimated and recorded a decrease of VND 161.93 billion in refunded revenue in the accounting period of the fourth quarter of 2022.
However, up to now, the parties have not agreed on the content related to the refunded revenue due to incomplete documents, methods for determining output and unit price. Therefore, PPC does not have enough basis to record in the 2022 financial report. PPC's current stock price is 14,350 VND.
Source: https://thanhnien.vn/co-phieu-ong-lon-nhiet-dien-dau-khi-bi-canh-bao-185230323160635258.htm
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