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Djk0689

07/27/21 11:02 AM

#77433 RE: skichic #77432

Vinafilms and other sub companies are not listed yet due to the GAAP Audit that is under way. This is a well discussed topic.

"Though this transaction was technically closed on September 28, 2018, the Company did not recognize the operations of Vinafilms JSC in its consolidated financial statements as of March 31, 2021. However, it intends to combine Vinafilms’ operating results when GAAP audits of Vinafilms JSC financial statements are conducted and completed by a PCAOB-registered auditing firm."

"In accordance with Vinafilms’ domestically audited annual report containing financial statements for the year ended December 31, 2017, it generated $25 million in revenues and $765,000 in EBITDA in 2017. It has recently installed a German state-of-the-art plastic film processing system and will add two more of these to meet the growing domestic and international demand for its products. Vinafilms also plans to enter a joint venture with a leading Vietnamese plastic bag manufacturing company with an aim to bring combined revenues to over $150 million per year by the end of 2019. "