VIETJET AVIATION JOINT

BALANCE SHE
2017-2018-20
2017
VND
ASSET
A. SHORT - TERM ASSET
I. Cash and cash equivalents 6,861,601,955,584
II. Short term financial investment 1,400,000,000
III. Short term Receivables 10,223,453,944,832
IV. Inventories 267,181,519,500
V. Other short term asset 315,006,563,734
Total 17,668,643,983,650
B. LONG - TERM ASSET
I. Long term receivables 7,152,674,330,646
II. Fixed asset 1,528,720,840,609
III. Long-term asset in progress 222,031,597,270
IV. Long-term financial investment 68,424,629,818
V. Other Long term asset 5,017,769,859,431
Total 13,989,621,257,774
TOTAL ASSET 31,658,265,241,424
CAPITAL
A. LIABILITY
I. Short-term liabilities 13,911,511,198,702
II. Long-term liabilities 7,152,619,524,611
TOTAL LIABILITY 21,064,130,723,313

B. Owner's Equity
1. Owner's Equity 10,594,134,518,111
TOTAL OWNER'S EQUITY 10,594,134,518,111
TOTAL CAPITAL 31,658,265,241,424

VIETJET A
Summary of S

2017

VND
A. SHORT - TERM ASSET
I. Cash and cash equivalents 6,861,601,955,584
II. Short term financial investment 1,400,000,000
III. Short term Receivables 10,223,453,944,832
IV. Inventories 267,181,519,500
V. Other short term asset 315,006,563,734
Total 17,668,643,983,650
B. LONG - TERM ASSET
I. Long term receivables 7,152,674,330,646
II. Fixed asset 1,528,720,840,609
III. Long-term asset in progress 222,031,597,270
IV. Long-term financial investment 68,424,629,818
V. Other Long term asset 5,017,769,859,431
Total 13,989,621,257,774
TOTAL ASSET 31,658,265,241,424

A. LIABILITY
I. Short-term liabilities 13,911,511,198,702
II. Long-term liabilities 7,152,619,524,611
TOTAL LIABILITY 21,064,130,723,313
B. Owner's Equity
1. Owner's Equity 10,594,134,518,111
TOTAL OWNER'S EQUITY 10,594,134,518,111
TOTAL CAPITAL 31,658,265,241,424
ETJET AVIATION JOINT STOCK COMPANY
BALANCE SHEET
2017-2018-2019
2018 2019 Change 2017-2018 Change 2018-2019
VND VND VND VND
ASSET

7,164,923,007,451 5,364,049,804,580 303,321,051,867 (1,800,873,202,871)

816,900,000,000 1,144,756,800,000 815,500,000,000 327,856,800,000
10,272,635,073,584 16,755,814,490,657 49,181,128,752 6,483,179,417,073
468,729,305,585 747,898,679,837 201,547,786,085 279,169,374,252
356,105,529,935 446,029,517,428 41,098,966,201 89,923,987,493
19,079,292,916,555 24,458,549,292,502 1,410,648,932,905 5,379,256,375,947

10,577,336,637,830 14,969,725,059,773 3,424,662,307,184 4,392,388,421,943

1,646,373,479,969 1,304,424,116,769 117,652,639,360 (341,949,363,200)
1,233,005,676,006 1,318,401,443,379 1,010,974,078,736 85,395,767,373
68,424,629,818 215,973,206,218 0 147,548,576,400
6,481,745,760,491 6,591,680,689,870 1,463,975,901,060 109,934,929,379
20,006,886,184,114 24,400,204,516,009 6,017,264,926,340 4,393,318,331,895
39,086,179,100,669 48,858,753,808,511 7,427,913,859,245 9,772,574,707,842
CAPITAL

14,940,720,495,496 19,169,599,306,127 1,029,209,296,794 4,228,878,810,631

10,106,955,368,591 14,786,322,672,323 2,954,335,843,980 4,679,367,303,732
25,047,675,864,087 33,955,921,978,450 3,983,545,140,774 8,908,246,114,363

14,038,503,236,582 14,902,831,830,061 3,444,368,718,471 864,328,593,479

14,038,503,236,582 14,902,831,830,061 3,444,368,718,471 864,328,593,479
39,086,179,100,669 48,858,753,808,511 7,427,913,859,245 9,772,574,707,842

VIETJET AVIATION JOINT STOCK COMPANY

Summary of Standardized BALANCE SHEET (Asset side only)
2017 -2018

2018 Proportion to total assets

Change
VND 2017 2018
ASSET
 7,164,923,007,451 21.67% 18.33% -3.34%
816,900,000,000 0.00% 2.09% 2.09%
10,272,635,073,584 32.29% 26.28% -6.01%
468,729,305,585 0.84% 1.20% 0.36%
356,105,529,935 1.00% 0.91% -0.08%
19,079,292,916,555 55.81% 48.81% -7.00%

10,577,336,637,830 22.59% 27.06% 4.47%

1,646,373,479,969 4.83% 4.21% -0.62%
1,233,005,676,006 0.70% 3.15% 2.45%
68,424,629,818 0.22% 0.18% -0.04%
6,481,745,760,491 15.85% 16.58% 0.73%
20,006,886,184,114 44.19% 51.19% 7.00%
39,086,179,100,669 100.00% 100.00% 0.00%
CAPITAL

14,940,720,495,496 43.94% 38.23% -5.72%

10,106,955,368,591 22.59% 25.86% 3.26%
25,047,675,864,087 66.54% 64.08% -2.45%

14,038,503,236,582 33.46% 35.92% 2.45%

14,038,503,236,582 33.46% 35.92% 2.45%
39,086,179,100,669 100.00% 100.00% 0.00%
Common-Based Year Combined Common-Size
assets and Base Year Assets

2018 2018
 1.04 0.85
583.50 472.61
1.00 0.81
1.75 1.42
1.13 0.92
1.08 0.87

1.48 1.20
1.08 0.87
5.55 4.50
1.00 0.81
1.29 1.05
1.43 1.16
1.23 1.00

1.07 0.87
1.41 1.14
1.19 0.96

1.33 1.07
1.33 1.07
1.23 1.00
 VIETJET AVIATION JOINT S
Summary of Standardized BALANCE
2018 -2019

2018

VND
ASSET
A. SHORT - TERM ASSET
I. Cash and cash equivalents 7,164,923,007,451
II. Short term financial investment 816,900,000,000
III. Short term Receivables 10,272,635,073,584
IV. Inventories 468,729,305,585
V. Other short term asset 356,105,529,935
Total 19,079,292,916,555
B. LONG - TERM ASSET
I. Long term receivables 10,577,336,637,830
II. Fixed asset 1,646,373,479,969
III. Long-term asset in progress 1,233,005,676,006
IV. Long-term financial investment 68,424,629,818
V. Other Long term asset 6,481,745,760,491
Total 20,006,886,184,114
TOTAL ASSET 39,086,179,100,669
CAPITAL
A. LIABILITY
I. Short-term liabilities 14,940,720,495,496
II. Long-term liabilities 10,106,955,368,591
TOTAL LIABILITY 25,047,675,864,087
B. Owner's Equity
1. Owner's Equity 14,038,503,236,582
TOTAL OWNER'S EQUITY 14,038,503,236,582
TOTAL CAPITAL 39,086,179,100,669
 VIETJET AVIATION JOINT STOCK COMPANY
Summary of Standardized BALANCE SHEET (Asset side only)
2018 -2019

2019 Proportion to total assets Change

VND 2018 2019

ASSET
 5,364,049,804,580 18.33% 10.98% -7.35%
1,144,756,800,000 2.09% 2.34% 0.25%
16,755,814,490,657 26.28% 34.29% 8.01%
747,898,679,837 1.20% 1.53% 0.33%
446,029,517,428 0.91% 0.91% 0.00%
24,458,549,292,502 48.81% 50.06% 1.25%

14,969,725,059,773 27.06% 30.64% 3.58%

1,304,424,116,769 4.21% 2.67% -1.54%
1,318,401,443,379 3.15% 2.70% -0.46%
215,973,206,218 0.18% 0.44% 0.27%
6,591,680,689,870 16.58% 13.49% -3.09%
24,400,204,516,009 51.19% 49.94% -1.25%
48,858,753,808,511 100.00% 100.00% 0.00%
CAPITAL

19,169,599,306,127 38.23% 39.23% 1.01%

14,786,322,672,323 25.86% 30.26% 4.41%
33,955,921,978,450 64.08% 69.50% 5.41%

14,902,831,830,061 35.92% 30.50% -5.41%

14,902,831,830,061 35.92% 30.50% -5.41%
48,858,753,808,511 100.00% 100.00% 0.00%
 Combined Common-
Common-Based Year
Size and Base Year
assets
Assets
2019 2018
0.75 0.60
1.40 1.12
1.63 1.30
1.60 1.28
1.25 1.00
1.28 1.03

1.42 1.13
0.79 0.63
1.07 0.86
3.16 2.53
1.02 0.81
1.22 0.98
1.25 1.00

1.28 1.03
1.46 1.17
1.36 1.08

1.06 0.85
1.06 0.85
1.25 1.00
f

2017-2018

Sources of Cash
Increase in short term liability 1,029,209,296,794

Increase in long term liability 2,954,335,843,980

Increase in owner's equity 3,444,368,718,471
Total sources 7,427,913,859,245
 Uses of cash
Increase in short term financial investment 815,500,000,000
Increase in short term receivables 49,181,128,752
Increase in inventories 201,547,786,085
Increase in other short term asset 41,098,966,201
Increase in fixed asset 117,652,639,360
Increase in long term receivables 3,424,662,307,184
Increase in asset in progress 1,010,974,078,736
Increase in other long term asset 1,463,975,901,060
Total uses 7,124,592,807,378
Net addition cash 303,321,051,867
 2018-2019
Sources of Cash
Decrease in fixed asset 341,949,363,200

Increase in Short term liability 4,228,878,810,631

Increase in long term liability 4,679,367,303,732
Increase in owner's equity 864,328,593,479
 Total sources 10,114,524,071,042
Uses of cash
Increase in short term financial investment 327,856,800,000
Increase in short term receivables 6,483,179,417,073
Increase in inventories 279,169,374,252
Increase in other short term asset 89,923,987,493
Increase in long term receivables 4,392,388,421,943
Increase in asset in progress 85,395,767,373
Increase in long term financial investment 147,548,576,400
Increase in other long term asset 109,934,929,379
Total uses 11,915,397,273,913
Net addition cash -1,800,873,202,871
.
 VIETJE

INCOME S

Revenues
Revenue deductions
Net revenues
Costs of goods sold
Gross profit
Expenses
Financial expenses
In which: interest expenses
Selling expenses
General administration expenses
Loss in associates
Other expenses
Total expenses
Operating profit
Operating income
Financial income
Other income

Net income before tax

Current corporate income tax expenses
Deferred corporate income tax expenses
Net income after tax
 VIETJET AVIATION JOINT STOCK COMPANY

INCOME STATEMENT & Income Statement common-size

2017-2018-2019
2017 2018 2019 Proporti
VND VND VND 2017
42,302,758,277,806 53,577,241,462,140 50,602,936,007,389 100.00%
185,595,188 - - 0.00%
42,302,572,682,618 53,577,241,462,140 50,602,936,007,389 100.00%
35,753,175,886,701 46,085,422,009,499 44,980,140,698,282 84.52%
6,549,396,795,917 7,491,819,452,641 5,622,795,309,107 15.48%

520,764,518,091 918,059,279,654 1,024,667,417,427 1.23%

237,597,428,875 257,505,446,656 351,417,652,590 0.56%
578,782,913,704 712,929,844,155 1,003,521,966,058 1.37%
225,808,906,918 294,777,399,221 435,654,189,800 0.53%
44,276,615,962 88,730,587,954 91,807,064,610 0.10%
1,554,224,633 826,270,723 371,826,584 0.00%
1,371,187,179,308 2,015,323,381,707 2,556,022,464,479 3.24%
5,178,209,616,609 5,476,496,070,934 3,066,772,844,628 12.24%
124,429,260,490 339,433,038,821 1,501,878,170,346 0.29%
118,683,815,564 331,576,806,364 780,495,784,919 0.28%
5,745,444,926 7,856,232,457 721,382,385,427 0.01%

5,302,638,877,099 5,815,929,109,755 4,568,651,014,974 12.53%

163,912,482,079 253,597,027,514 741,648,874,040 0.39%
65,074,981,322 227,241,605,086 19,657,013,840 0.15%
5,073,651,413,698 5,335,090,477,155 3,807,345,127,094 11.99%
Proportion
2018 2019
100.00% 100.00%
- -
100.00% 100.00%
86.02% 88.89%
13.98% 11.11%

1.71% 2.02%
0.48% 0.69%
1.33% 1.98%
0.55% 0.86%
0.17% 0.18%
0.00% 0.00%
3.76% 5.05%
10.22% 6.06%
0.63% 2.97%
0.62% 1.54%
0.01% 1.43%

10.86% 9.03%
0.47% 1.47%
0.42% 0.04%
9.96% 7.52%
v
 VIETJET AVIATION JOINT STOCK COMPANY
CASH FLOW STATEMENT
2017-2018-2019
2017
I. Cash flows from operating activities
1. Profit/ (loss) before tax 5,302,638,877,099
2. Adjustments
Depreciation 94,989,734,425
Provisions -
The time value of the cash flow has been discounted 277,580,251,779
Gains/ (losses) on exchange rate differences 5,586,837,437
Gains/ (losses) from investing activities (29,395,687,396)
Loan interest expenses 237,597,428,875
3. Operating profit before changes of working capital 5,888,997,442,219
Increase/ (decrease) of accounts receivable (2,794,306,394,758)
Increase/ (decrease) of inventories (129,251,222,745)
Increase/ (decrease) of accounts payable 1,824,012,605,198
Increase/ (decrease) of prepaid expenses 1,344,397,355,809
Loan interests already paid (236,852,306,374)
Corporate income tax already paid (318,798,833,058)
Net cash flows from operating activities 5,578,198,646,291

II. Cash flows from investing activities

1. Purchases and construction of fixed assets and other
long-term assets (325,491,665,092)
2. Deposit to buy aircraft (2,296,535,249,533)
3. Term deposits and buying corporate bonds -
4. Loan to another entity (487,333,764,000)
5. Invest in another entity -
6. Recovery of debt instruments from other entities -
7. Bank term deposit interest -
8. Interest of deposit, loans, and dividends 67,349,020,441
Net cash flows from investing activities (3,042,011,658,184)

III.Cash flows from financing activities

1. Proceeds from stock issues 1,759,382,332,805
2. Proceeds from bond issues -
3. Proceeds from borrowing 25,899,054,643,065
4. Loan principal repayment (25,184,711,574,405)
5. Expenditure on investment cooperation contracts -
6. Expenditure on dividends (876,827,065,550)
7. Expenditure on buy treasury shares -
Net cash flows from financing activities 1,596,898,335,915

Net cash flows during the year 4,133,085,324,022

Cash and cash equivalent at the beginning of the period 2,741,341,465,691

Effects of fluctuations in foreign exchange rates (7,067,608,098)
Foreign currency exchange differences in foreign countries (5,757,226,031)
Cash and cash equivalent at the end of the period 6,861,601,955,584
TOCK COMPANY
EMENT

2018 2019

5,815,929,109,755 4,568,651,014,974

146,514,029,742 175,155,660,359
174,500,000,000 1,059,651,891,643
434,733,395,693 229,491,749,908
51,320,437,305 (43,926,035,073)
(141,253,393,409) (1,164,057,170,670)
257,505,446,656 351,417,652,590
6,739,249,025,742 5,176,384,763,731
(5,284,489,946,127) (7,459,149,825,284)
(201,547,786,085) (279,169,374,252)
1,460,880,367,204 2,298,995,278,929
2,077,117,427,703 (970,059,270,460)
(254,235,595,773) (322,342,594,337)
(108,000,000,000) (471,622,340,241)
4,428,973,492,664 (2,026,963,361,914)

(799,749,729,193) (184,002,065,357)
1,545,988,562,283 (2,410,035,573,876)
- (715,756,800,000)
- -
(1,132,840,350,000) -
- -
- 1,400,000,000
208,998,836,537 207,816,031,475
(177,602,680,373) (3,100,578,407,758)

- -
- 600,000,000,000
33,529,973,247,843 37,007,640,045,521
(35,527,608,459,899) (31,317,610,606,550)

(2,016,955,829,400) (543,112,133,500)
 - (2,347,121,362,620)
(4,014,591,041,456) 3,399,795,942,851

236,779,770,835 (1,727,745,826,821)

6,861,601,955,584 7,164,923,007,451
(16,175,268,283) (18,843,539,055)
82,716,549,315 (54,283,836,995)
7,164,923,007,451 5,364,049,804,580
o
 RATIO

I. Short term solvency, or liquidity, ratios

Current ratio= (Current assets)/(Current liability) times
Quick ratio= (Current assets-Inventory)/(Current liability) times
Cash ratio= Cash/(Current liability) times
Net working capital = Current assets - current liability = (long term debt+equity) -
vnd
fixed asset
Net working capital to total assets= (Net working capital)/(Total assets) %
Average daily operating cost = operating cost/365 vnd
Interval measure= (Current assets)/(Average daily operating costs) day
II. Long term solveny, or financial leverage, ratios
Total debt ratio= (Total assets-Total equity)/(Total assets) times
Debt-equity ratio= (Total debt)/(Total equity) times
Equity multiplier= (Total asets)/(Total equity)= (Total equity-Total debt)/(Total
times
equity)
Long-term debt ratio= (Long term debt)/(Long term debt+Total equity) times
Times interest earned ratio= EBIT/Interest times
EBIT=IBT+Interest expense
Cash coverage ratio= (EBIT+Depreciation)/Interest times
III. Asset management, or turnover, ratios
Inventory turnover= (Cost of goods sold)/Inventory times
Days' sale in inventory= (365 days)/(Inventory turnover) day
Receivables turnover= Sales/(Accounts receivable)
times
Days' sales in receivable= (365 days)/(Receivable turnover) day
NWC turnover= Sales/NWC times
Fixed asset turnover= Sales/(Net fixed assets) times
Total asset turnover= Sales/(Total assets) times
DSO day
IV. Profitability ratios
Profit margin = (Net income)/Sales %
Operating margin=EBIT/Sales %
Basic earning power=EBIT/Total assets %
Return on assets= (Net income)/(Total assets)
%
Return on equity= (Net income)/(Total equity) %
V. Market value ratios
Shares outstanding
Earnings per share (EPS)= (Net income)/(Shares outstanding)
vnd
Price earnings (P/E)ratio= (Price per share)/(Earnings per share) times
Price sales ratio= (Price per share)/(Sales per share) times
Market to book ratio(M/B)= (Book value per share)/(Market value per share) times
Enterprise value=Total market value of the stock+Book value of all liability-Cash vnd
EBITDA=EBIT+Depreiation
EBITDA Ratio

Tobin' s Q ratio = (Market value of firm' s assets) / (Replacement cost of firm' s

assets) = (Market value of firm' s debt and rquity) / (Replacement cost of firm' s
assets)
 2017 2018 2019 Ind.

1.27 1.28 1.28 4.41

1.25 1.25 1.24 4.24
0.49 0.48 0.28
3,757,132,784,948 4,138,572,421,059 5,288,949,986,375
11.87% 10.59% 10.82%
2204361152 2,760,841,763 3,942,948,372
8015.31 6910.68 6203.11

0.67 0.64 0.69 1.31

1.99 1.78 2.28
2.99 2.78 3.28
0.40 0.42 0.50
23.32 23.59 14.00
5,540,236,305,974 6,073,434,556,411 4,920,068,667,564
27.96 29.66 16.50

133.82 98.32 60.14

2.73 3.71 6.07

2.43 2.57 1.60

149.93 142.04 228.84
11.26 12.95 9.57
27.67 32.54 38.79
1.34 1.37 1.04
149.93 142.04 228.84

11.99% 9.96% 7.52% 6.48%

13.10% 11.34% 9.72%
17.50% 15.54% 10.07%
16.03% 13.65% 7.79% 3.52%
47.89% 38.00% 25.55% 6.26%

451,343,284 541,611,334 523,838,594

11,241 9,850 7,268
10.58 12.08 20.12
0.11 0.10 0.10 3.84
0.20 0.22 0.19
18,715,961,607,729 23,298,866,196,636 33,830,258,113,870
5,635,226,040,399 6,219,948,586,153 5,095,224,327,923
3.32 3.75 6.64