1.

Balance sheet
Slide 1: Analysis of asset structure and developments (horizontal)

Assets 2017 2018 2019

Current assets      
7.028.966.16 21.786.999
Cash and Cash Equivalents 0 20.479.771.672 .656
49.000.000.00
Short-term Investment 0 2.500.000.000 -
378.095.180.19 773.409.754
Accounts Receivable 8 454.894.243.706 .841
104.130.179.05 98.262.839
Inventory 2 110.732.453.338 .192
15.301.377.37 11.276.445
Others current assets 8 20.366.354.831 .954
553.555.702.78 904.736.039
Total current assets 8 608.972.823.547 .643

 Cash and cash equivalents increase sharply

 Very little or no short-term investments
 Accounts receivable increased -> The company is appropriated capital
 Inventory is relatively stable

Slide 2: Analysis of asset structure and developments (horizontal)

Assets 2017 2018 2019

Non-current assets      
10.002. 11.933 12.291.1
Others Receivable 000.000 .301.000 13.455
136.843. 156.825 157.471.0
Fixed assets 539.599 .775.390 80.773
41.761. 67.242 123.847.2
Long-term asset in progress 578.786 .173.035 79.406
143.223. 226.243 228.701.3
Others non-current assets 402.763 .499.581 04.714
331.830. 462.244 522.310.7
Total non-current assets 521.148 .749.006 78.348

 Increased investment in real estate and fixed assets (machines)

 Slide 3: Analysis of capital structure and developments (horizontal)
Change in 2019 compared to
Liabilites and Owners' Equity Change in 2018 compared to 2017 2018
Amount Percentage Amount Percentage
87.890.78
Current Liabilities (47.925.711.720) -8,72% 9.042 17,53%
163.299.52
Long-term debt 282.745.575.910 813,36% 9.177 51,43%
104.638.92
Owners' equity (48.988.515.573) -16,26% 7.219 41,49%
355.829.24
Total liabilities and owners' equity 185.831.348.617 20,99% 5.438 33,22%

 Increase in short-term debt and long-term debt

 Equity fluctuates -> but does not affect the business much

Slide 4: Analysis of capital structure and developments (vertical)

The proportion
Liabilities and Owners' Equity
2017 2018 2019
Current Liabilities 62,06% 46,82% 41,30%
Long-term debt 3,93% 29,64% 33,69%
Owners' equity 34,02% 23,54% 25,01%
Total liabilities and owners' equity 100,00% 100,00% 100,00%

 Debt accounts for a very large proportion. However, net working capital is
positive. (The proportion of current assets is 62.5%, 56.8%, and 63.4% in 2017,
2018, 2019, respectively)

2. Cash flow
Slide 5: Operating activities
 Operating activity
50,000,000,000 ₫

-₫
2017 2018 2019

-50,000,000,000 ₫

-100,000,000,000 ₫

-150,000,000,000 ₫

-200,000,000,000 ₫

 Negative cash flow in 2017 and 2018

 The upward cash flow proves that the business is getting better

Slide 6: Investing activities

Investment activity
-₫
2017 2018 2019

-50,000,000,000 ₫

-100,000,000,000 ₫

-150,000,000,000 ₫

-200,000,000,000 ₫

-250,000,000,000 ₫

-300,000,000,000 ₫

 Negative cash flow due to investment expansion: real estate and fixed assets
Slide 7: Investing activities

Financing activity
300,000,000,000 ₫

250,000,000,000 ₫

200,000,000,000 ₫

150,000,000,000 ₫

100,000,000,000 ₫

50,000,000,000 ₫

-₫
2017 2018 2019

 Cashflow line is positive upwards

 Capital from owners and debt increase