LDG Investment Joint Stock Company (LDG)- Standardized

Audit by CPA Vietnam Branch at Ha Noi

In Millions of Dong except Per Share FY 2019 FY 2018 FY 2017
12 Months Ending 12/31/2019 12/31/2018 12/31/2017
Assets
+ Cash & Near Cash Items 40,049.6 586,332.9 75,343.8
+ Short-Term Investments 0.0 0.0 0.0
+ Accounts & Notes Receivable 1,833,964.3 1,150,233.4 742,069.5
+ Inventories 1,735,304.6 1,748,124.6 1,052,180.4
+ Other Current Assets 333,990.5 265,030.1 20,354.0
Total Current Assets 3,943,309.0 3,749,721.0 1,889,947.7
+ LT Investments & LT Receivables 1,724,939.3 595,025.3 1,152,061.6
+ Net Fixed Assets 6,156.1 145,021.3 190,179.1
+ Gross Fixed Assets 6,588.4 167,550.8 251,072.4
- Accumulated Depreciation 4,179.1 22,529.6 60,893.2
+ Other Long-Term Assets 174,086.4 379,341.4 413,334.7
Total Long-Term Assets 1,905,181.8 1,119,388.0 1,755,575.4
Total Assets 5,848,490.8 4,869,109.0 3,645,523.1

Liabilities & Shareholders' Equity

+ Accounts Payable 298,102.9 140,692.4 73,132.8
+ Short-Term Borrowings 250,150.3 103,161.5 69,322.0
+ Other Short-Term Liabilities 2,008,619.6 1,380,521.3 641,279.6
Total Current Liabilities 2,556,872.8 1,624,375.2 783,734.4
+ Long-Term Borrowings 1,300.3 5,321.6 17,370.3
+ Other Long-Term Liabilities 167,292.1 669,176.9 840,410.5
Total Long-Term Liabilities 168,592.4 674,498.5 857,780.8
Total Liabilities 2,725,465.2 2,298,873.7 1,641,515.2
+ Total Preferred Equity 0.0 0.0 0.0
+ Minority Interest 475.8 9,028.7 58,313.3
+ Share Capital & APIC 2,402,124.5 1,906,144.5 1,599,578.0
+ Retained Earnings & Other Equity 720,425.9 655,060.2 346,116.6
Total Equity 3,123,026.2 2,570,233.4 2,004,007.9
Total Liabilities & Equity 5,848,491.4 4,869,107.1 3,645,523.1

Reference Items
Accounting Standard VN GAAP VN GAAP VN GAAP
Shares Outstanding 240.2 190.6 160.0
Number of Treasury Shares 0.4 0.0 0.0
Amount of Treasury Shares 0.0 0.0 0.0
Operating Leases 0.0 0.0 0.0
Capital Leases - Short Term 0.0 0.0 0.0
Capital Leases - Long Term 0.0 0.0 0.0
Capital Leases - Total 0.0 0.0 0.0
Net Debt 2,685,415.6 1,712,540.8 1,566,171.4
Net Debt to Equity 0.86 0.67 0.78
Tangible Common Equity Ratio 0.53 0.50 0.50
Current Ratio 1.54 2.31 2.41
Cash Conversion Cycle 957.52 2,723.43 2,420.54
Inventory - Raw Materials 0.0 328.0 462.9
Inventory - Work in Progress 1,431,311.3 1,428,719.8 945,945.9
Inventory - Finished Goods 485.0 661.5 862.9
Other Inventory 303,508.3 318,415.3 104,908.7
Pure Retained Earnings 702,572.5 645,214.0 340,326.3
Goodwill 57,665.9 257,189.6 331,667.8
Investments in Associated Companies -- -- 537,882.0
Number of Employees -- -- --
ed
FY 2016 FY 2015
12/31/2016 12/31/2015

113,235.3 22,026.6
0.0 0.0
672,209.0 211,080.5
1,080,300.3 1,277,761.0
9,709.4 16,372.2
1,875,454.0 1,527,240.3
689,443.7 579,671.1
141,309.7 118,690.9
145,384.7 158,897.4
48,920.7 40,206.5
99,328.9 89,034.2
930,082.3 787,396.2
2,805,536.3 2,314,636.5

44,730.8 48,683.2
14,700.0 14,400.0
604,728.8 185,053.6
664,159.6 248,136.8
86,022.0 41,407.7
875,154.2 1,022,975.3
961,176.2 1,064,383.0
1,625,335.8 1,963,566.3
0.0 0.0
45,116.7 40,783.8
884,997.6 750,000.0
250,086.1 211,382.8
1,180,200.4 1,002,166.6
2,805,536.2 5,006,752.0

VN GAAP VN GAAP
88.5 75.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
1,512,100.5 1,941,539.7
1.28 1.94
0.41 0.42
 2.82 6.15
2,089.52 --
406.7 403.9
1,051,887.3 1,221,242.2
730.8 630.0
27,275.5 55,484.9
245,948.9 207,194.7
51,967.2 59,439.8
-- --
-- --
LDG Investment Joint Stock Company (LDG)- Standardized
Audit by CPA Vietnam Branch at Ha Noi
In Millions of Dong except Per Share FY 2019 FY 2018 FY 2017
12 Months Ending 12/31/2019 12/31/2018 12/31/2017
Revenue 784,579.6 1,718,949.3 663,317.5
- Cost of Revenue 357,951.5 855,903.9 229,636.1
Gross Profit 426,628.0 863,045.3 433,681.4
- Operating Expenses 152,165.4 156,983.6 121,780.9
Operating Income 770,762.7 765,672.7 358,696.1
- Interest Expense 5,645.0 328.5 238.2
- Foreign Exchange Losses (Gains) 0.0 0.0 0.0
- Net Non-Operating Losses (Gains) 17,560.0 -2,291.2 -1,445.3
Pretax Income 753,202.7 767,963.9 360,141.4
- Income Tax Expense 140,762.0 201,529.3 77,462.1
Income Before XO Items 603,283.5 604,160.1 283,396.6
- Extraordinary Loss Net of Tax 0.0 0.0 0.0
- Minority Interests 54.2 1,006.3 502.2
Net Income 603,229.2 603,153.8 282,894.4
- Total Cash Preferred Dividends 0.0 0.0 0.0
Net Inc Avail to Common Shareholders 603,229.2 603,153.8 282,894.4

Abnormal Losses (Gains) 0.0 0.0 0.0

Tax Effect on Abnormal Items 0.0 0.0 0.0
Normalized Income 603,229.2 603,153.8 282,894.4

Basic EPS Before Abnormal Items 2,800.38 3,441.02 2,277.22

Basic EPS Before XO Items 2,800.63 3,446.76 2,281.26
Basic EPS 2,800.38 3,441.02 2,277.22
Basic Weighted Avg Shares 215.4 175.3 124.2
Diluted EPS Before Abnormal Items 2,800.38 3,441.02 2,277.22
Diluted EPS Before XO Items 2,800.63 3,446.76 2,281.26
Diluted EPS 2,800.38 3,441.02 2,277.22
Diluted Weighted Avg Shares 215.4 175.3 124.2

Reference Items
Accounting Standard VN GAAP VN GAAP VN GAAP
EBITDA 806,153.1 811,416.7 391,294.5
EBITDA Margin (T12M) 102.75 47.20 58.99
Gross Margin 54.38 50.21 65.38
Operating Margin 98.24 44.54 54.08
Profit Margin 76.89 35.09 42.65
Revenue Per Employee -- -- --
Dividends per Share 0.00 0.00 0.00
Total Cash Common Dividends 0.0 0.0 0.0
Interest Income 3,380.8 10,463.2 965.6
Research & Development Expense -- -- --
Personnel Expense -- -- --
Depreciation Expense 35,390.4 45,744.0 32,598.4
zed
FY 2016 FY 2015
12/31/2016 12/31/2015
496,560.4 519,862.5
201,314.6 237,266.6
295,245.9 282,595.9
76,597.3 72,929.1
217,324.3 210,255.6
1,564.9 163.9
0.0 0.0
5,701.5 -874.0
211,622.8 211,129.7
45,604.5 48,854.9
166,273.7 162,492.9
0.0 0.0
7,533.8 8,173.8
166,739.9 154,319.1
0.0 0.0
166,739.9 154,319.1

0.0 0.0
0.0 0.0
166,739.9 154,319.1

2,039.64 2,057.59
2,033.94 2,166.57
2,039.64 2,057.59
81.7 75.0
2,039.64 2,057.59
2,033.94 2,166.57
2,039.64 2,057.59
81.7 75.0

VN GAAP VN GAAP
232,908.1 217,810.6
46.90 41.90
59.46 54.36
43.77 40.44
33.58 29.68
-- --
0.00 0.00
0.0 0.0
240.5 798.4
-- --
-- --
15,583.8 7,555.0
Saigon Thuong Tin Real Estate JSC (SCR)- Standardized
Audit by KPMC Limted Branch at Ho Chi Minh
In Millions of Dong except Per Share FY 2019 FY 2018 FY 2017 FY 2016
12 Months Ending 12/31/2019 12/31/2018 12/31/2017 12/31/2016
Cash From Operating Activities
+ Net Income 603,229 603,154 282,894 166,740
+ Depreciation & Amortization 35,390.4 45,744.0 32,598.4 15,583.8
+ Other Non-Cash Adjustments -2,408,177.4 -337,106.9 -231,950.3 -10,159.3
Cash From Operations -1,769,558 311,791 83,543 172,164

Cash From Investing Activities

+ Disposal of Fixed Assets 11.5 2,972.7 790.9 0.0
+ Capital Expenditures 11,993.6 34,451.9 180,686.7 126,113.5
+ Increase in Investments 0.0 0.00 537,882.0 0.0
+ Other Investing Activities 1,140,239.2 157,479.7 -990,640.0 240.6
Cash From Investing Activities 1,128,257.1 126,000.5 -632,653.8 -125,872.9

Cash from Financing Activities

+ Dividends Paid 0.0 0.0 0.00 0.00
+ Increase in Long-Term Borrowings 259,447.3 179,628.5 37,960.0 130,000.0
+ Decrease In Long-Term Borrowings 164,429.9 106,397.7 61,710.2 85,082.7
+ Increase in Capital Stocks 0.0 33.0 534,969.9 0.0
+ Decrease in Capital Stocks 0.0 0.0 0.0 0.0
+ Other Financing Activities 0.1 -66.0 0.0 0.0
Cash from Financing Activities 95,017.5 73,197.8 511,219.7 44,917.3
Net Changes in Cash -546,283.2 510,989.2 -37,891.6 91,208.8

Reference Items
EBITDA 806,153.1 811,416.7 391,294.5 232,908.1
Trailing 12M EBITDA Margin 102.75 47.20 58.99 46.90
Cash Paid for Taxes 172,230.3 94,337.9 49,400.2 50,058.8
Cash Paid for Interest 4,069.2 328.5 238.2 776.0
Interest Received 3,380.8 10,463.2 965.6 240.5
Free Cash Flow -1,777,035.4 277,601.8 -96,953.64 47,302.82
Free Cash Flow to Firm -1,889,645.0 116,378.3 -158,923.32 10,819.22
Free Cash Flow to Equity -1,794,627.6 189,609.1 -182,673.52 55,736.52
Free Cash Flow per Basic Share -8,249.55 1,583.73 -780.45 578.63
Cash Flow to Net Income -0.91 0.85 -0.13 0.55

Direct Method Cashflow

 FY 2015
12/31/2015

154,319
7,555.0
282,405.4
444,280

0.0
430,779.5
0.0
798.4
-429,981.1

0.00
6,176.3
28,187.7
0.0
0.0
0.0
-22,011.4
-7,713.0

217,810.6
41.90
29,850.5
193,667.1
798.4
13,631.12
-25,452.80
-47,464.20
181.75
-0.05
LDG Investment Joint Stock Company (LDG)- Standardized
In Millions of Dong except Per S FY 2019 FY 2018 FY 2017 FY 2016
12 Months Ending 12/31/2019 12/31/2018 12/31/2017 12/31/2016
Returns
Return on Common Equity 19.32% 23.47% 14.12% 14.13%
Return on Assets 10.31% 12.39% 7.76% 5.94%
Return on Capital 10.31% 12.39% 7.76% 5.94%
Return on Invested Capital 18.33% 18.59% 9.89% 7.79%

Margins
Gross Margin 54.38% 50.21% 65.38% 59.46%
EBITDA Margin 102.75% 47.20% 58.99% 46.90%
Operating Margin 98.24% 44.54% 54.08% 43.77%
Incremental Operating Margin -0.54% 38.55% 84.78% -30.34%
Pretax Margin 96.00% 44.68% 54.29% 42.62%
Income before XO Margin 76.89% 35.15% 42.72% 33.49%
Net Income Margin 76.89% 35.09% 42.65% 33.58%
Net Income to Common Margin 76.89% 35.09% 42.65% 33.58%

Additional
Effective Tax Rate 18.69% 26.24% 21.51% 21.55%
Dvd Payout Ratio 0.00% 0.00% 0.00% 0.00%
Sustainable Growth Rate 19.32% 23.47% 14.12% 14.13%
dardized
FY 2015
12/31/2015

15.40%
6.67%
3.08%
7.47%

54.36%
41.90%
40.44%
--
40.61%
31.26%
29.68%
29.68%

23.14%
0.00%
15.40%
LDG Investment Joint Stock Company (LDG)- Standardized
In Millions of Dong except Per FY 2019 FY 2018 FY 2017 FY 2016
12 Months Ending 12/31/2019 12/31/2018 12/31/2017 12/31/2016
Accounts Receivable Turnover 1.15 0.70 0.70 1.18
Days Sales Outstanding 316.83 520.63 519.79 310.08
Inventory Turnover 0.49 0.16 0.19 0.20
Days Inventory Outstanding 742.75 2,225.50 1,933.18 1,813.77
Accounts Payable Turnover 3.58 16.08 11.26 10.63
Days Payables Outstanding 102.07 22.70 32.43 34.33

Cash Conversion Cycle 957.52 2,723.43 2,420.54 2,089.52

Inventory to Cash Days 1,059.58 2,746.14 2,452.97 2,123.85

Total Inventory 1,735,304.6 1,748,124.6 1,052,180.4 1,080,300.3

Inventory Raw Materials 0.0 328.0 462.9 406.7
Inventory In Progress 1,431,311.3 1,428,719.8 945,945.9 1,051,887.3
Inventory Finished Goods 485.0 661.5 862.9 730.8
Other Inventory 303,508.3 318,415.3 104,908.7 27,275.5

Working cap 1,386,436.2 2,125,345.8 1,106,213.3 1,211,294.4

Modifiled Working cap 1,398,429.8 2,159,797.7 1,286,900.0 1,337,407.9
ed
FY 2015
12/31/2015
--
--
--
--
--
--

--
--

1,277,761.0
403.9
1,221,242.2
630.0
55,484.9

1,279,103.5
1,709,883.0
LDG Investment Joint Stock Company (LDG)- Standardized
In Millions of Dong except Per Share FY 2019 FY 2018 FY 2017
12 Months Ending 12/31/2019 12/31/2018 12/31/2017
Cash Ratio 0.02 0.36 0.10
Current Ratio 1.54 2.31 2.41
Quick Ratio 0.86 1.23 1.07
CFO/Avg Current Liab -0.85 0.26 0.12
Common Equity/Total Assets 0.53 0.53 0.55

Long-Term Debt/Equity 0.05 0.26 0.43

Long-Term Debt/Capital 0.05 0.21 0.30
Long-Term Debt/Total Assets 0.03 0.14 0.24

Total Debt/Equity 0.87 0.89 0.82

Total Debt/Capital 0.83 0.71 0.57
Total Debt/Total Assets 0.47 0.47 0.45

CFO/Total Liabilities -0.65 0.14 0.05

CFO/CapEx -147.54 9.05 0.46
Altman's Z-Score 1.03 1.58 1.00

Capital Expenditures (CaPex) 11993.60 34451.90 180686.70

dardized
FY 2016 FY 2015
12/31/2016 12/31/2015
0.17 0.09
2.82 6.15
1.20 1.01
0.38 --
0.42 0.43

0.81 1.06
0.45 0.52
0.34 0.46

1.38 1.96
0.76 0.95
0.58 0.85

0.11 0.23
1.37 1.03
1.08 1.32

126113.50 430779.50
LDG Investment Joint Stock Company (LDG)- Standardized
In Millions of Dong except Per FY 2019 FY 2018 FY 2017 FY 2016
12 Months Ending 12/31/2019 12/31/2018 12/31/2017 12/31/2016
Sequential Growth
Revenue -54.36% 159.14% 33.58% -4.48%
EBITDA -0.65% 107.37% 68.00% 6.93%
Operating Income 0.66% 113.46% 65.05% 3.36%
Net Income to Common 0.01% 113.21% 69.66% 8.05%
EPS Diluted -18.62% 51.11% 11.65% -0.87%
EPS Diluted before XO -18.75% 51.09% 12.16% -6.12%
EPS Diluted before Abnormal -18.62% 51.11% 11.65% -0.87%

Accounts Receivable 59.44% 55.00% 10.39% 218.46%

Inventory -0.73% 66.14% -2.60% -15.45%
Fixed Assets -95.76% -23.74% 34.58% 19.06%
Total Assets 20.11% 33.56% 29.94% 21.21%
Modified Working Capital -35.25% 67.83% -3.78% -21.78%
Working Capital -34.77% 92.13% -8.68% -5.30%
Employees -- -- -- --
Accounts Payable 111.88% 92.38% 63.50% -8.12%
Short-Term Debt 52.24% 108.79% 14.72% 210.56%
Total Debt 18.56% 40.05% 1.00% -17.23%
Total Equity 21.51% 28.25% 69.80% 17.76%
Capital 1.44% 13.38% 33.64% 3.62%
Book Value per Share -3.58% 7.63% -6.05% -0.20%

Cash From Operations -667.55% 273.21% -51.48% -61.25%

Capital Expenditures -65.19% -80.93% 43.27% -70.72%
Net Change In Cash -206.91% -1448.56% -141.54% -1282.53%
Free Cash Flow -740.14% -386.32% -304.96% 247.02%
Cash Flow to Firm -1723.71% -173.23% -1568.90% -142.51%
Free Cash Flow to Firm -1723.71% -173.23% -1568.90% -142.51%

1 Year Growth
Revenue 10.84% 48.98% 12.96% -4.48%
Operating Income 38.37% 53.85% 30.61% 3.36%
Net Income to Common 40.61% 57.52% 35.39% 8.05%

Accounts Receivable 71.69% 75.97% 87.50% 218.46%

Inventory 7.95% 11.01% -9.26% -15.45%
Fixed Assets -52.28% 6.91% 26.58% 4.46%
Total Assets 26.08% 28.13% 25.50% 21.21%
Modified Working Capital -4.90% 8.10% -13.25% -21.78%
Working Capital 2.03% 18.44% -7.00% -5.30%
Accounts Payable 57.31% 42.44% 22.57% -8.12%
Short-Term Debt 83.45% 65.15% 37.39% 32.75%
Total Debt 8.54% 5.40% -8.57% -17.23%
Total Equity 32.86% 36.88% 41.41% 17.76%
Total Capital 5 Year Growth 59.28% -- -- --
Book Value per Share -0.68% 0.30% -3.17% -0.20%

5 Year Growth
Revenue 50.92% 230.65% 27.59% -4.48%
EBITDA 270.12% 272.53% 79.65% 6.93%
Operating Income 266.58% 264.16% 70.60% 3.36%
Net Income to Common 290.90% 290.85% 83.32% 8.05%
EPS Diluted 36.10% 67.24% 10.67% -0.87%
EPS Diluted before XO 29.27% 59.09% 5.29% -6.12%
EPS Diluted before Abnormal 36.10% 67.24% 10.67% -0.87%

Accounts Receivable 768.85% 444.93% 251.56% 218.46%

Inventory 35.81% 36.81% -17.65% -15.45%
Fixed Assets -94.81% 22.18% 60.23% 19.06%
Total Assets 152.67% 110.36% 57.50% 21.21%
Modified Working Capital -18.21% 26.31% -24.74% -21.78%
Working Capital 8.39% 66.16% -13.52% -5.30%
Employees -- -- -- --
Accounts Payable 512.33% 189.00% 50.22% -8.12%
Short-Term Debt 1032.48% 643.87% 256.27% 210.56%
Total Debt 152.67% 110.36% 57.50% 21.21%
Total Equity 211.63% 156.47% 99.97% 17.76%
Capital -30.83% -31.81% -39.86% -55.00%
Book Value per Share -2.70% 0.91% -6.24% -0.20%

Cash From Operations -498.30% -29.82% -81.20% -61.25%

Capital Expenditures -97.22% -92.00% -58.06% -70.72%
Net Change In Cash 6982.63% -6725.04% 391.27% -1282.53%
ed
FY 2015
12/31/2015

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