Báo Cáo Thường Niên 2013 Annual Report 2013 Contents
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TÔN VINH GIAÙ TRÒ ÑÍCH THÖÏC SEEING THE QUALITY IN YOU BÁO CÁO THƯỜNG NIÊN 2013 ANNUAL REPORT 2013 CONTENTS 5 VISION- MISSION - CORE VALUES 44 ORGANIZATION AND MANAGMENT STRUCTURE 46 PNJ’s organization chart 48 Board of directors CHAIRWOMAN'S MESSAGE 6 50 Board of management 52 Board of supervision 10 COMPANY INFORMATION 54 Corporate governance situation 12 MILESTONES OF ESTABLISHMENT & DEVELOPMENT 58 BRANDS PNJGOLD 16 CORPORATE REPORT 60 61 CAO FINE JEWELLERY 18 BOARD OF DIRECTOR'S REPORT 62 PNJSILVER 19 2013 Operation overview 63 JEMMA JEWELRY 20 Strategic orientation of the board of directors for the company operation in 2014 22 BOARD OF SUPERVISION'S REPORT 64 CORPORATE CULTURE 22 2013 Supervising report 66 Common home: PNJ culture 24 2014 Operational plan of board of supervision's report 68 2013 - PNJ’s marks on community 26 BOARD OF MANAGEMENT'S REPORT 72 Merits & Award 27 2013 Business performance 33 Subsidiaries performance 74 FINANCIAL STATEMENTS 2013 34 5 Key missions operating performance in 2013 36 Risk management 38 2013 Investor relations activities 122 PNJ DISTRIBUTION NETWORK 39 Conclusion 40 KEY ACTIVITIES OF HUMAN RESOURCES 2013 Cover pages: Golden lotus picture, designed & created by PNJ and sponsored as national gift for Note: 1 Board of Director : BOD 2 Board of Management : BOM 3 Board of Supervision : BOS Vietnamese candidate in Miss Universe 2013 VISION A leading jewelry manufacturer and retailer in Asia, maintaining leading position in every single market segment that PNJ has targeted in Vietnam. MISSION PNJ brings customer pride with elegant, outstanding quality jewelry products. CORE VALUES 1 HONESTY Honesty is the leading ethical standard in business and in life that every individual or organization aims to Legal profit and business ethics are the base for every activities Building credibility and transparency to earn trust Consistently fighting against all dishonest actions 2 QUALITY Quality is a solid basis to ensure survival and a measure of every individual or organization ‘s value Always guaranteeing the materials’ quality to make high quality products Every member commits to accomplish assigned tasks with the best quality and not to deliver substandard products to anyone else. 3 RESPONSIBILITY Taking responsibility as a motivation, a driving force for every activities. Put customers’ and social benefits into company’s. Every individual commits to live responsibly with himself, his family, the company and the community Carrying out excellently every task with voluntary, active, creative and dedicated spirit. Always pioneering in pursuing and realizing difficult tasks with the spirit to win 4 INNOVATION Innovation is the foundation of everlasting development in a company Do not be complacent with achievements. Be open, willing to learn and apply new knowledge, experience and skills. Constantly improving to optimize benefit for the company. 5 CREATIVITY Create to make significant differences and competitive advantages Meeting customers’ expectation is a base to orient creativity With responsible spirit and passion, every member of the company and the company itself commit to create continuously, offer breakthrough solutions, produce outstanding products and services VISION MISSION CORE VALUES ANNUAL REPORT 2013 CHAIRWOMAN’S MESSAGE Dear Valued Shareholders, The world’s economy in 2013 had been in an core business, building modern management unstable and complicated vulnerability. Even standards, attempting to lower production costs, though there were some positive signs showing improving employees’ performance, building and that economic activities had been recovering after implementing efficiently risk control mechanism. the recession but the global economic outlook Last year, the company had developed and carried was generally not stable, especially for developed out effectively solutions to maintain and develop a economies. Those disadvantaged factors from the stable and sustainable business operation, striving world market had continued to affect our country to fulfill business targets in 2013 which approved socio – economy. 2013’s gross domestic product by Shareholder Committee. (GDP) was estimated increasing by 5.42% comparing with 2012’s. Although this year’s 1. Finalizing and operating the suitable and growth rate was lower than the target of 5.5%, it effective human resource management system was higher than 2012’s growth rate of 5.25% and showing some signs of recovery. 2. Upgrading the information technology system to effectively serve the business operation and management The gold market had significant fluctuation, 2013’s 3. Improving and operating internal processing domestic gold price decreased by 21.7%, although system consistent with new management there remained gap, the domestic price had been process and controlling effectiveness aligned with international price. According to the latest announced report of the World Gold 4. Supplying fully requests of business Council, Vietnam was ranked 7th in the world partners with reasonable competitive cost. for gold demand in 2013. The government's new 5. Strongly innovating distribution system regulations on market management, measuring management in gold business, and gold jewelery quality had shown positive signs. A transparent From the very core and oriented operations as market would create more advantage for above, although annual target has been revised prestigious long-standing brands which PNJ is the due to reduction in financial income and gold leader now. bar revenue, thanks to great effort from Board of Management and entire employees, jewelry business – core business – had significant growth In the situation of both advantages and even in bad market situation. Besides, cutting cost challenges, the company’s core operations had solution and reducing selling price have improved been focusing on the organizational restructuring, business performance and future prospect. Mrs. CAO THI NGOC DUNG Chairwoman - Director 6 SEEING THE QUALITY IN YOU CHAIRWOMAN’S MESSAGE Final result was: consolidated revenue was VND In progress of building a Vietnamese gold jewelry 8,974 billion, parent company's revenue was brand, PNJ has made a strong foothold in the VND 7,604 billion, reached planned target; consumer's mind and been ready to reach out consolidated NPAT was VND 169 billion, reached to the international market in the near future. It planned target. NPAT per equity was 12.8%, is the result of relentless work and creativity of ensuring dividend payment as approved. generations of PNJ’s employees and the support of valuable customers, shareholders and partners for PNJ. We are confident and committed to Entering 2014, the condition of macroeconomic attempt and successfully implement planned and industry growth are forecasted to continue business objectives to deserve the trust that to be difficult, the market’s purchasing power valued shareholders and customers have been – especially of luxury goods industry, has not and will continue to give PNJ. been able to thrive. In such conditions, PNJ continues to increase intrinsic value by increasing profitability in each business operation field. Each On behalf of PNJ’s Board of Directors, I am unit cautiously develops its own action programs grateful to the authorities, shareholders, partners, and business plan, reviews the prebuilt strategic customers and all staffs and workers of the objectives of the 2012 – 2022 period to keep company for supporting and companioning with, abreast of the practical situation. We believe attempting to create success for PNJ and we look that with the strategy to focus on core activities, forward to continue to receive the support and improving operational efficiency to sustainably cooperation in the coming time. Best wishes for develop in the business, controlling cost strictly, valued shareholders, customers and partners a always preparing to meet diverse needs of the 2014 year of health, wellbeing, prosperity and market and adding value to customers will be happiness. a solid foundation to help us achieve the goals set out in increasing revenue, expanding market share, increasing employees’ earning, increasing CHAIRWOMAN profit, increasing corporate value and dividend to Signed shareholders. CAO THI NGOC DUNG 9 COMPANY INFORMATION Name of company : NHUAN JEWELRY JOINT STOCK COMPANY Abbreviation : PNJ Address : 170E Phan Dang Luu Street, Ward 3, Phu Nhuan District, HCMC Telephone : 08.3.9951703 - Fax: 08.3.9951702 Email : [email protected] Website : www.pnj.com.vn Business : 0300521758 Registration License Type of business : Joint stock company LEGAL : Ms. Cao Thi Ngoc Dung – Position: Chairman, Chief Executive Officer REPRESENTATIVE CHARTER CAPITAL : VND 755,970,355,000 (seven fifty five billion, nine seventy million, three hundred fifty five thousand) Manufacturing and trading gold, silver, precious stones, accessories and souvenirs BUSINESS LINES Trading watches and gold bar Testing diamond, gemstone and precious metals House leasing base on Real Estate Business Law ANNUAL REPORT 2013 SEEING THE QUALITY IN YOU 1988 - 1992 1993 - 2000 2001 - 2004 ESTABLISHMENT AND IDENTIFYING QUICKLY EXPANDING THE BOOSTING BRAND-BUILDING AND DEVELOPMENT STRATEGY NETWORK AND BUSINESS FIELD IMPLEMENTING EQUITIZATION MILESTONES OF ESTABLISHMENT & DEVELOPMENT On 28/04/1988, Phu Nhuan Jewelry Sales In 1994, PNJ Hanoi branch was established, In 2001, PNJSilver brand name was officially Store was found, under the People's Committee opening the expanding system strategy in the