INCOME STATEMENT

2014 2015 2016 2017

Net Sales 34,976.93 40,080.38 46,794.34 51,041.08
Cost of Sales -22,668.45 -23,817.97 -24,458.63 -26,806.93
Gross Profit 12,308.48 16,262.41 22,335.71 24,234.14
Financial Income 573.57 648.98 722.56 816.32
Financial Expenses -81.70 -162.84 -102.45 -87.04
Of which: Interest Expenses -39.58 -31.28 -46.5 -29.44
Share of profit in associates and jointly
59.89 - - -
controlled entities
Selling Expenses -4,696.14 -6,257.51 -10,758.75 -11,536.53
General & Admin Expenses -795.365 -1,232.72 -1,053.25 -1,267.61
Depreciation & Amortization -1,032.73 -1,097.08 -1,190.84 -1,299.87
Net Operating Profit 7,308.84 9,271.23 11,160.29 12,226.42
Other income 367.46 166.27 182.32 213.08
Other expenses -122.82 -70.36 104.99 210.55
Results of other activities 244.64 95.91 77.34 2.53
Net Profit before tax 7,613.37 9,367.14 11,237.63 12,228.95
Current Income Tax -1,580.66 -1,471.98 -1,883.27 -1,967.07
Deferred Income Tax 35.49 -125.61 9.47 16.3
Net Profit after tax 6,068.20 7,769.55 9,363.83 10,278.17
Minority Interests -0.60 -3.86 13.5 -17.49
Equity holders of the Company 6,068.81 7,773.41 9,350.33 10,295.67
Earnings per share 4556 4864 5831 5296
 Percentage change in Income Statement Common-size Vert
2018 2019 2014 2015 2016 2017 2018 2019 2014
52,561.95 56,318.10 15% 17% 9% 3% 7% 100%
-27,950.54 -29,745.91 5% 3% 10% 4% 6% 65%
24,611.41 26,572.22 32% 37% 8% 2% 8% 35%
759.92 807.32 13% 11% 13% -7% 6% 2%
-118.01 -186.97 99% -37% -15% 36% 58% 0%
-51.37 -108.83 -21% 49% -37% 74% 112% 0%
22.43 -5.72 -126% 0%

-12,265.94 -12,993.46 33% 72% 7% 6% 6% 13%

-1,133.30 -1,396.30 55% -15% 20% -11% 23% 2%
-1,626.63 -1,948.07 6% 9% 9% 25% 20% 3%
11,876.51 12,797.09 27% 20% 10% -3% 8% 21%
450.25 249.45 -55% 10% 17% 111% -45% 1%
275.06 250.83 -43% -249% 101% 31% -9% 0%
175.19 -1.38 -61% -19% -97% 6825% -101% 1%
12,051.70 12,795.71 23% 20% 9% -1% 6% 22%
-1,874.91 -2,238.37 -7% 28% 4% -5% 19% 5%
28.84 -3.01 -454% -108% 72% 77% -110% 0%
10,205.63 10,554.33 28% 21% 10% -1% 3% 17%
-21.65 -26.84 539% -450% -230% 24% 24% 0%
10,227.28 10,581.18 28% 20% 10% -1% 3% 17%
5295 5478
Common-size Vertical in Income Statement
2015 2016 2017 2018 2019
100% 100% 100% 100% 100%
59% 52% 53% 53% -53%
41% 48% 47% 47% 47%
2% 2% 2% 1% 1%
0% 0% 0% 0% 0%
0% 0% 0% 0% 0%
0%

16% 23% 23% 23% -23%

3% 2% 2% 2% -2%
3% 3% 3% 3% -3%
23% 24% 24% 23% 23%
0% 0% 0% 1% 0%
0% 0% 0% 1% 0%
0% 0% 0% 0% 0%
23% 24% 24% 23% 23%
4% 4% 4% 4% -4%
0% 0% 0% 0% 0%
19% 20% 20% 19% 19%
0% 0% 0% 0% 0%
19% 20% 20% 19% 19%
BALANCE SHEET
2013 2014 2015 2016 2017
ASSET
CURRENT ASSETS 15,457.99 16,731.88 18,673.83 20,307.43
Cash and cash equivalents 1,527.88 1,358.68 655.42 963.34
Short-term financial investments 7,469.00 8,668.38 10,453.75 10,561.71
Accounts Receivable - Short-term 2,728.42 2,777.10 2,685.47 2,866.68 4,591.70
Inventory 3,217.48 3,554.82 3,810.10 4,521.77 4,021.06
Other current assets 129.18 209.25 176.20 169.62
NON-CURRENT ASSETS 10,312.15 10,746.30 10,704.83 14,359.88
Long-term receivables 21.97 20.9 21.86 53.77
Fixed assets 8,086.40 8,214.13 8,321.05 10,609.31
Tangible fixed assets 7,849.06 7,548.18 7,795.35 7,916.32 10,290.52
Intangible fixed assets 538.20 418.79 404.73 318.79
Investment in properties 147.72 142.37 136.97 95.27
Long-term woking in progress 889.72 843.68 993.11 1,928.57
Long-term financial investment 671.34 940.36 613.81 555.50
Other non-current assets 495 584.86 618.03 1,117.46
TOTAL ASSETS 25,770.14 27,478.18 29,378.66 34,667.32

LIABILITIES

Current liabilities 5,453.28 6,004.32 6,457.50 10,195.56

Accounts payable to suppliers 1,968.26 1,898.53 2,194.00 2,561.91 3,965.69
Advances from customers 17.83 20.00 35.95 360.18
Taxes payable to State Treasury 502.64 216.00 255.51 383.31
Payables to employees 1,633.48 452.00 192.35 205.72
Short-term accrued expenses 632.99 593.00 1,025.97 1,528.29
Short-term unearned revenue 0.02 - 3.36 7.34
Other short-term payables 598.43 - 592.10 2,783.82
Short-term borrowings 1,279.53 1,475.36 1,332.67 268.10
Provision – short-term 4.12 2.42 0.89 0.60
Bonus and welfare fundi 355.72 405.46 456.79 692.19
Long-term liabilities 516.62 549.94 515.21 598.70
Long-term accrued expenses - - - -
Long-term unearned revenue - 2.60 1.66 1.04
Other long-term payables 8.19 2.82 0.59 16.57
Long-term borrowings 346.38 368.17 326.97 274.95
Deferred tax liabilities 84.71 89.03 90.03 203.62
Provision – long-term 77.33 87.33 95.96 102.52
TOTAL LIABILITIES 5,969.90 6,554.26 6,972.71 10,794.26
OWNER'S EQUITY 19,800.24 20,923.92 22,405.95 23,873.06
Share capital 10,006.41 12,006.62 14,514.53 14,514.53
Share premium - - 260.70 260.70
Treasury shares -5.388 -5.388 -1.18 -7.16
Foreign exchange differences -0.161 8.33 5.65 18.37
Investment and development fund 2,521.72 3,291.21 1,797.02 2,815.91
Retained profits 7,157.70 5,391.80 5,591.83 5,736.92
- Retained profits brought forward 6,149.81 3,154.34 2,928.78 2,646.64
- Profit for the current year 1,007.89 2,237.46 2,663.06 3,090.28
Non-controlling interest 119.96 231.35 237.39 497.79
TOTAL EQUITY 19,800.24 20,923.92 22,405.95 23,873.06

TOTAL OWNER'S EQUITY AND

25,770.14 27,478.18 29,378.66 34,667.32
LIABILITIES
 Percentage change in Balance Sheet Common-size Vertical Balance
2018 2019 2014 2015 2016 2017 2018 2019 2014 2015 2016

20,559.76 24,721.57 8% 12% 9% 1% 20% 60% 61% 64%

1,522.61 2,665.19 -11% -52% 47% 58% 75% 6% 5% 2%
8,673.93 12,435.74 16% 21% 1% -18% 43% 29% 32% 36%
4,639.45 4,503.16 -3% 7% 60% 1% -3% 11% 10% 10%
5,525.85 4,983.04 7% 19% -11% 37% -10% 14% 14% 15%
197.93 134.43 62% -16% -4% 17% -32% 1% 1% 1%
16,806.35 19,978.31 4% 0% 34% 17% 19% 40% 39% 36%
88.44 21.17 -5% 5% 146% 64% -76% 0% 0% 0%
13,365.35 14,893.54 2% 1% 27% 26% 11% 31% 30% 28%
13,047.77 13,743.91 3% 2% 30% 27% 5% 29% 28% 27%
317.58 1,149.63 -22% -3% -21% 0% 262% 2% 2% 1%
90.25 62.02 -4% -4% -30% -5% -31% 1% 1% 0%
868.25 943.85 -5% 18% 94% -55% 9% 3% 3% 3%
1,068.66 986.68 40% -35% -9% 92% -8% 3% 3% 2%
1,325.40 3,071.06 18% 6% 81% 19% 132% 2% 2% 2%
37,366.11 44,699.88 7% 7% 18% 8% 20% 100% 100% 100%

10,639.59 14,442.85 10% 8% 58% 4% 36% 21% 22% 22%

3,991.00 3,648.45 16% 17% 55% 1% -9% 7% 8% 9%
535.55 245.25 12% 80% 902% 49% -54% 0% 0% 0%
341.67 619.39 -57% 18% 50% -11% 81% 2% 1% 1%
215.27 239.52 -72% -57% 7% 5% 11% 6% 2% 1%
1,437.23 1,738.32 -6% 73% 49% -6% 21% 2% 2% 3%
6.91 2.11 - - 119% -6% -69% 0% - 0%
2,540.33 1,956.36 - - 370% -9% -23% 2% - 2%
1,060.05 5,351.46 15% -10% -80% 295% 405% 5% 5% 5%
4.50 8.05 -41% -63% -32% 647% 79% 0% 0% 0%
507.00 633.94 14% 13% 52% -27% 25% 1% 1% 2%
455.15 525.77 6% -6% 16% -24% 16% 2% 2% 2%
2.06 - - - - - - - - -
0.42 - - -36% -37% -60% - - 0% 0%
29.61 27.42 -66% -79% 2713% 79% -7% 0% 0% 0%
215.80 122.99 6% -11% -16% -22% -43% 1% 1% 1%
204.76 374.93 5% 1% 126% 1% 83% 0% 0% 0%
2.51 - 13% 10% 7% -98% - 0% 0% 0%
11,094.74 14,968.62 10% 6% 55% 3% 35% 23% 24% 24%
26,271.37 29,731.26 6% 7% 7% 10% 13% 77% 76% 76%
17,416.88 17,416.88 20% 21% 0% 20% 0% 39% 44% 49%
- - - 0% - - - - 1%
-10.49 -11.64 0% -78% 507% 46% 11% 0% 0% 0%
 27.63 23.17 -5274% -32% 225% 50% -16% 0% 0% 0%
1,191.67 2,200.19 31% -45% 57% -58% 85% 10% 12% 6%
7,155.43 7,875.46 -25% 4% 3% 25% 10% 28% 20% 19%
3,560.05 4,543.35 -49% -7% -10% 35% 28% 24% 11% 10%
3,595.38 3,332.12 122% 19% 16% 16% -7% 4% 8% 9%
490.23 2,227.20 93% 3% 110% -2% 354% 0% 1% 1%
26,271.37 29,731.26 6% 7% 7% 10% 13% 77% 76% 76%

37,366.11 44,699.87 7% 7% 18% 8% 20% 100% 100% 100%

on-size Vertical Balance Sheet
2017 2018 2019

59% 55% 55%

3% 4% 6%
30% 23% 28%
13% 12% 10%
12% 15% 11%
0% 1% 0%
41% 45% 45%
0% 0% 0%
31% 36% 33%
30% 35% 31%
1% 1% 3%
0% 0% 0%
6% 2% 2%
2% 3% 2%
3% 4% 7%
100% 100% 100%

29% 32% 32%

11% 11% 8%
1% 1% 1%
1% 1% 1%
1% 1% 1%
4% 4% 4%
0% 0% 0%
8% 7% 4%
1% 3% 12%
0% 0% 0%
2% 1% 1%
2% 1% 1%
- 0% -
0% 0% -
0% 0% 0%
1% 1% 0%
1% 1% 1%
0% 0% -
31% 30% 33%
69% 70% 67%
42% 47% 39%
1% - 0%
0% 0% 0%
 0% 0% 0%
8% 3% 5%
17% 19% 18%
8% 10% 10%
9% 10% 7%
1% 1% 5%
69% 70% 67%

100% 100% 100%

 2014 2015 2016 2017
CASH FLOWS FROM OPERATING
ACTIVITIES
Net Profit before tax 7,613.37 9,367.14 11,237.63 12,228.95
Depreciation & Amortization 1,032.73 1,097.08 1,190.84 1,299.87
Allocation of goodwill - 18.36 18.36 24.62
Allowances and provisions 3.79 9.75 24.85 9.21
Unrealised foreign exchange (gains)/losses -8.40 3.97 -1.32 3.72
Losses on disposals of tangible fixed assets and
12.30 12.20 23.31 11.63
construction in progress
Dividends and interest income -498.73 -558.44 -660.18 -770.13
Losses from other investing activities 18.36 18.04 - -
Share of profit in associates and jointly controlled
-59.89 -12.90 -16.48 -67.13
entities
Interest expense 39.58 31.28 -46.50 29.44
Operating Profit/Loss before changes in WC 8,153.11 9,968.11 11,863.52 12,770.17
Change in receivables -130.43 165.56 -183.07 -1,599.15
Change in inventories -545.32 -498.54 -1,036.89 318.47
Change in payables and other liabilities -40.78 484.34 330.39 958.73
Change in prepayments 5.51 -35.87 84.05 -10
Change in trading securities - 121.141 11.421 -
Interest paid -34.74 -27.33 -34.2 -65.13
Income Tax paid -1,521.91 -1,805.61 -1,771.24 -1,933.51
Other receipts from operating activities 46.12 - - -
Other payments on operating activities -603.23 -715.65 -874.2 -837.99
Net cash inflows/outflows from operating
5,328.32 7,659.15 8,389.78 9,601.59
activities
CASH FLOWS FROM INVESTING
ACTIVITIES
Payments for additions to fixed assets -858.95 -1,067.84 -1,141.61 -2,672.99
Collections on disposals of fixed assets 53.89 44 50.33 120.71
Increase in time deposits -3,349.60 -1,309.44 -1,379.90 -218.25
Payments for purchases of debt instruments of
-300.92 -190.00 - 300
other entities
Collection of loans granted to associates - 13.902 - 1.87
Payments for investments in other entities -2.76 -80.16 -8.1 -86.83
Proceeds from matured bonds - - - -
Collections on investment in other entities 19.75 13.9 1.8 29.54
Receipts of interest and dividends 560.479 460.88 602.14 754.96
Increase in cash from a subsidiary 86.867 - - 6.21
Net cash inflows/outflows from investing
-3,872.72 -2,126.68 -1,945.79 -1,770.99
activities
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from capital contribution by minority
70.42 107.48 354.97 -
interest
Payments for share repurchases -0.32 - -1.176 -5.98
Proceeds from short-term and long-term
1,490.97 3,973.22 4,071.89 2,777.05
borrowings
Payments to settle loan principals -233.88 -3,782.74 -4,260.05 -4,224.19
Payments of dividends -4,000.51 -6,002.26 -7,238.48 -5,805.81
Net cash inflows/outflows from financing
-2,673.32 -5,704.30 -7,141.00 -7,535.35
activities
Net cash flows during the year -1,217.71 -171.83 -697 295.26
Cash and cash equivalents at the beginning of
2,745.65 1,527.88 1,358.68 655.42
period
Effect of exchange rate fluctuations on cash and
-0.186 -2.278 -0.0356 -0.71
cash equivalents
Currency translation differences 0.13 4.918 -6.221 13.36
Cash and Cash Equivalents at the end of
1,527.88 1,358.68 655.42 963.34
period
 Percentage change in Cash Flow
2018 2019 2014 2015 2016 2017 2018 2019

12,051.70 12,795.71 23% 20% 9% -1% 6%

1,626.63 1,948.07 6% 9% 9% 25% 20%
56.92 67.95 - 0% 34% 131% 19%
-91.87 7.33 157% 155% -63% -1097% -108%
-1.36 6.46 -147% -133% -382% -137% -576%
70.05 43.96 -1% 91% -50% 503% -37%
-678.58 -726.65 12% 18% 17% -12% 7%
-2.58 -1.51 -2% - - - -41%
-22.43 5.72 -78% 28% 307% -67% -125%
51.37 108.82 -21% -249% -163% 74% 112%
13,059.85 14,255.87 22% 19% 8% 2% 9%
-108.54 373.59 -227% -211% 774% -93% -444%
-1,685.44 402.00 -9% 108% -131% -629% -124%
-14.51 -399.8 -1288% -32% 190% -102% 2655%
68.66 16.41 -751% -334% -112% -787% -76%
- -4.48 - -91% - - -
-110.74 -227.92 -21% 25% 90% 70% 106%
-1,879.58 -2,033.60 19% -2% 9% -3% 8%
- - - - - - -
-1,189.47 -972.15 19% 22% -4% 42% -18%

8,140.24 11,409.93 44% 10% 14% -15% 40%

-3,185.80 -2,158.25 24% 7% 134% 19% -32%

94.48 114.09 -18% 14% 140% -22% 21%
1,199.16 -3,215.38 -61% 5% -84% -649% -368%
190.79 - -37% - - -36% -
2.23 2.60 - - - 19% 17%
-12.25 - 2804% -90% 972% -86% -
- - - - - - -
18.47 1.51 -30% -87% 1541% -37% -92%
782.64 665.8 -18% 31% 25% 4% -15%
-134.86 -2,158.24 - - - -2272% 1500%
-1,045.14 -6,747.87 -45% -9% -9% -41% 546%
 - 127.77 53% 230% - - -
-3.33 -1.16 - - 409% -44% -65%
4,827.98 10,426.77 166% 2% -32% 74% 116%
-4,103.59 -6,233.11 1517% 13% -1% -3% 52%
-7,256.17 -7,836.25 50% 21% -20% 25% 8%

-6,535.11 -3,515.98 113% 25% 6% -13% -46%

559.99 1,146.08 -86% 306% -142% 90% 105%
963.34 1,522.61 -44% -11% -52% 47% 58%

-1.23 -1.9 1125% -98% 1894% 73% 54%

0.516 -1.59 3683% -226% -315% -96% -408%

1,522.61 2,665.19 -11% -52% 47% 58% 75%
 Ratio 2014 2015
Liquidity
Current (Current Assets / Current Liabilities) 2.83 2.79
Quick (Current Assets - Inventory / Current Liabiliti 2.18 2.15
Profitability
ROE (%) 30.65% 37.13%
ROA (%) 23.55% 28.28%
Gross profit margin 35.19% 40.57%
SG&A to sales 15.70% 18.69%
Financial Leverage 0.017 0.018
Efficiency
WC Turnover 3.50 3.74
Inventories Turnover 6.69 6.47
Days Inv outstanding 54.5 56.4
Receivables Turnover 12.71 14.67
Days AR outstanding 28.73 24.87
Fixed Asset Turnover 4.29 4.85
Payables Turnover 11.90 11.76
Days AP outstanding 30.67 31.03
Solvency
Debt ratio 14% 13%
Debt to equity 16% 15%
Liabilities / Total assets 23% 24%
Interest Coverage 193.349 300.461
Dupont Analysis
ROE (%) 30.65% 37.13%
ROA (%) 23.55% 28.28%
Gross profit margin 35.19% 40.57%
Asset Turnover 4.54 5.22
Financial Leverage 0.017 0.018
Market tests
EPS 6,067 6,474
DPS 4000 5001
PE 15.75 19.77
Div yield 4.19% 3.91%
PEG 2.95
EPS Growth 6.70%

DIV on common share 4,000,514,074,130 6,002,261,574,354

# outstanding common share 1,000,118,604 1,200,139,398
Market capitalization 95,561,000,000,000 153,617,843,000,000
PPS 95549.67 128000.00
 2016 2017 2018 2019

2.89 1.99 1.93 1.71

2.19 1.60 1.41 1.37

41.79% 43.05% 38.85% 35.50%

31.87% 29.65% 27.31% 23.61%
47.73% 47.48% 46.82% 47.18%
25.24% 25.09% 25.49% 25.55%
0.015 0.012 0.008 0.004

3.83 5.05 5.30 5.48

5.87 6.28 5.86 5.66
62.2 58.2 62.3 64.48
16.86 13.69 11.39 12.32
21.65 26.67 32.05 29.63
4.94 4.26 3.72 7.56
10.58 8.06 7.40 7.65
34.48 45.29 49.30 47.74

10% 4% 7% 24%
11% 4% 7% 31%
24% 31% 30% 33%
242.669 416.385 235.606 118.575

41.79% 43.05% 38.85% 35.50%

31.87% 29.65% 27.31% 23.61%
47.73% 47.48% 46.82% 47.18%
5.96 5.61 4.50 4.20
0.015 0.012 0.008 0.004

6,451 7,082 5,861 6,061

4920 4000 4167 4500
19.47 29.46 20.48 19.22
3.92% 1.92% 3.47% 3.86%
-56.25 3.01 -1.19 5.62
-0.35% 9.78% -17.25% 3.42%

7,140,996,324,635 5,805,807,717,105 7,256,172,407,500 7836250770500

1,451,426,329 1,451,278,520 1,741,411,583 1,741,377,694
182,303,000,000,000 302,773,000,000,000 208,969,000,000,000 202,870,000,000,000
125602.65 208625.01 119999.78 116499.71
 2014 2015 2016 2017
Net sales 34,976.93 40,080.38 46,794.34 51,041.08
COS (22,668.45) (23,817.97) (24,458.63) (26,806.93)
Gross profit 12,308.48 16,262.41 22,335.71 24,234.14
Financial income 573.57 648.98 722.56 816.32
Financial expenses (interest expenses) (81.70) (162.84) (102.45) (87.04)
Net financial income 491.87 486.14 620.11 729.28
Selling expenses (4,696.14) (6,257.51) (10,758.75) (11,536.53)
General and administration expenses (795.37) (1,232.72) (1,053.25) (1,267.61)
Share of net profit from associates 59.89 12.90 16.49 67.13
Other income 244.64 95.92 287.31 423.63
EBIT 6,816.97 8,772.18 10,523.71 11,430.00
Depreciation and Amortization 1,032.73 1,097.08 1,190.84 1,299.87
EBITDA 7,849.70 9,869.26 11,714.55 12,729.87
Accounting profit before tax 7,613.37 9,367.14 11,447.62 12,650.04
Corporate income tax (1,545.17) (1,597.59) (1,873.80) (1,950.77)
Net profit after tax 6,068.20 7,769.55 9,363.83 10,278.17
Minority Interests (0.60) (3.86) 13.50 (17.49)
Equity holders of the Company 6,068.81 7,773.41 9,350.33 10,295.67

Tax rate
 2018 2019 2020 2021 2022 2023 2024
52,561.95 56,318.10 62,062.55 66,344.86 72,448.59 79,331.21 87,105.66
(27,950.54) (29,745.91) (32,891.30) (35,160.80) (38,395.60) (42,043.18) (46,163.41)
24,611.41 26,572.22 29,171.24 31,184.06 34,052.99 37,288.03 40,942.25
759.92 807.32 807.32 807.32 807.32 807.32 807.32
(118.01) (186.97) 78.11 122.07 122.07 122.07 #VALUE!
641.91 620.35 885.43 929.39 929.39 929.39 #VALUE!
(12,265.94) (12,993.46) (14,400.90) (15,394.57) (16,810.87) (18,407.90) (20,211.87)
(1,133.30) (1,396.30) (1,438.43) (1,537.69) (1,679.15) (1,838.67) (2,018.86)
22.43 (5.72) (5.72) (5.72) (5.72) (5.72) (5.72)
725.31 500.28 500.28 500.28 500.28 500.28 500.28
11,212.17 12,182.46 13,331.91 14,251.81 15,562.97 17,041.46 18,711.52
1,626.63 1,948.07 2,125.86 2,895.58 3,531.44 3,531.44 3,531.44
12,838.80 14,130.53 15,457.76 17,147.39 19,094.42 20,572.90 22,242.96
12,601.82 13,297.37 14,711.89 15,675.75 16,986.92 18,465.40 #VALUE!
(1,846.07) (2,241.38) (2,317.49) (2,469.33) (2,675.87) (2,908.77) #VALUE!
10,205.63 10,554.33 12,394.40 13,206.43 14,311.05 15,556.64 #VALUE!
(21.65) (26.84) (26.84) (26.84) (26.84) (26.84) (26.84)
10,227.28 10,581.18 12,367.56 13,179.59 14,284.21 15,529.80 #VALUE!

14.65% 16.86%
 Note Rate

2-year average % of Sales 53.00%

Const
Growth assumed at Cost of debt 5.03%

2-year average % of Sales 23.20%

2-year average % of Sales 2.32%
Const
Const

2-year average Depreciation/(Average PPE,net) 14.24%

2-year average Tax rate 15.75%

Const
 2019 2020 2021 2022 2023
Rev whole vietnam dairy industry 4,457 5,029 5,230 5,525 5,916
Rev growth whole industry 12.83% 4.00% 5.64% 7.08%
mkt share VNM 54.40% 55.40% 56.40% 57.40% 58.40%
sales growth VNM 7.15% 10.20% 6.90% 9.20% 9.50%
 2024
6,403 in million US$ (according to Statista)
8.23%
59.40% According to Mai Kieu Lien (General director of VNM) VNM will increase 1% mkt share in the next five years.
9.80%
he next five years.
 2014 2015 2016 2017 2018
ASSET
CURRENT ASSETS 15,457.99 16,731.88 18,673.83 20,307.43 20,559.76
Cash and cash equivalents 1,527.88 1,358.68 655.42 963.34 1,522.61
Short-term financial investments 7,469.00 8,668.38 10,453.75 10,561.71 8,673.93
Accounts Receivable - Short-term 2,777.10 2,685.47 2,866.68 4,591.70 4,639.45
Net Inventories 3,554.82 3,810.10 4,521.77 4,021.06 5,525.85
Other current assets 129.18 209.25 176.20 169.62 197.93
NON-CURRENT ASSETS 10,312.15 10,746.30 10,704.83 14,359.88 16,806.35
Long-term receivables 21.97 20.90 21.86 53.77 88.44
Fixed assets 8,086.40 8,214.13 8,321.05 10,609.31 13,365.35
Tangible fixed assets (PPE, net) 7,548.18 7,795.35 7,916.32 10,290.52 13,047.77
Intangible fixed assets 538.20 418.79 404.73 318.79 317.58
Investment in properties 147.72 142.37 136.97 95.27 90.25
Long-term woking in progress 889.72 843.68 993.11 1,928.57 868.25
Long-term financial investment 671.34 940.36 613.81 555.50 1,068.66
Other non-current assets 495.00 584.86 618.03 1,117.46 1,325.40
TOTAL ASSETS 25,770.14 27,478.18 29,378.66 34,667.32 37,366.11
LIABILITIES
CURRENT LIABILITIES 5,453.28 6,004.32 6,457.50 10,195.56 10,639.59
Accounts payable to suppliers 1,898.53 2,194.00 2,561.91 3,965.69 3,991.00
Advances from customers 17.83 20.00 35.95 360.18 535.55
Taxes payable to State Treasury 502.64 216.00 255.51 383.31 341.67
Payables to employees 1,633.48 452.00 192.35 205.72 215.27
Short-term accrued expenses 632.99 593.00 1,025.97 1,528.29 1,437.23
Short-term unearned revenue 0.02 - 3.36 7.34 6.91
Other short-term payables 598.43 - 592.10 2,783.82 2,540.33
Short-term borrowings 1,279.53 1,475.36 1,332.67 268.10 1,060.05
Provision – short-term 4.12 2.42 0.89 0.60 4.50
Bonus and welfare funds 355.72 405.46 456.79 692.19 507.00
LONG-TERM LIABILITIES 516.62 549.94 515.21 598.70 455.15
Long-term accrued expenses - - - - 2.06
Long-term unearned revenue - 2.60 1.66 1.04 0.42
Other long-term payables 8.19 2.82 0.59 16.57 29.61
Long-term borrowings 346.38 368.17 326.97 274.95 215.80
Deferred tax liabilities 84.71 89.03 90.03 203.62 204.76
Provision – long-term 77.33 87.33 95.96 102.52 2.51
TOTAL LIABILITIES 5,969.90 6,554.26 6,972.71 10,794.26 11,094.74
OWNER'S EQUITY 19,800.24 20,923.92 22,405.95 23,873.06 26,271.37
Share capital 10,006.41 12,006.62 14,514.53 14,514.53 17,416.88
Treasury shares (5.39) (5.39) (1.18) (7.16) (10.49)
Foreign exchange differences (0.16) 8.33 5.65 18.37 27.63
Investment and development fund 2,521.72 3,291.21 1,797.02 2,815.91 1,191.67
Retained profits 7,157.70 5,391.80 5,591.83 5,736.92 7,155.43
Non-controlling interest 119.96 231.35 237.39 497.79 490.23
TOTAL EQUITY 19,800.24 20,923.92 22,405.95 23,873.06 26,271.37
TOTAL OWNER'S EQUITY AND
25,770.14 27,478.18 29,378.66 34,667.32 37,366.11
LIABILITIES

Growth rate
Tangible fixed assets (PPE, net)
 2019F 2020F 2021F 2022F 2023F

27,014.47 31,011.33 28,998.45 36,230.03 44,621.08

6,325.17 9,096.46 6,169.95 12,099.32 19,021.97
8,673.93 8,673.93 8,673.93 8,673.93 8,673.93 Const
934.78 1,030.13 1,101.21 1,202.52 1,316.76 2-year average
10,886.79 11,997.25 12,825.06 14,004.96 15,335.43 2-year average
193.80 213.57 228.30 249.31 272.99 2-year average
17,746.35 19,626.35 28,556.35 28,556.35 28,556.35
88.44 88.44 88.44 88.44 88.44 Const
14,305.35 16,185.35 25,115.35 25,115.35 25,115.35
2019: part of stage 1 of Xiengkhuang Factory (US
13,987.77 15,867.77 24,797.77 24,797.77 24,797.77
2020: the rest part of stage 1 of Xiengkhuang Fac
317.58 317.58 317.58 317.58 317.58 2-year average
90.25 90.25 90.25 90.25 90.25 Const
868.25 868.25 868.25 868.25 868.25 Const
1,068.66 1,068.66 1,068.66 1,068.66 1,068.66 Const
1,325.40 1,325.40 1,325.40 1,325.40 1,325.40 Const
44,760.82 50,637.68 57,554.80 64,786.38 73,177.43

14,108.53 15,197.46 16,596.16 17,555.69 18,637.67

7,457.03 8,245.55 8,814.50 9,625.43 10,539.85 2-year average
535.55 535.55 535.55 535.55 535.55 Const
341.67 341.67 341.67 341.67 341.67 Const
215.27 215.27 215.27 215.27 215.27 Const
1,363.86 1,511.52 1,615.78 1,764.37 1,931.93 2-year average
6.91 6.91 6.91 6.91 6.91 Const
2,540.33 2,540.33 2,540.33 2,540.33 2,540.33 Const
1,136.42 1,289.15 2,014.66 2,014.66 2,014.66 Grow at same rate w PPE
4.50 4.50 4.50 4.50 4.50 Const
507.00 507.00 507.00 507.00 507.00 Const
470.69 501.79 649.48 649.48 649.48
2.06 2.06 2.06 2.06 2.06 Const
0.42 0.42 0.42 0.42 0.42 Const
29.61 29.61 29.61 29.61 29.61 Const
231.35 262.44 410.13 410.13 410.13 Grow at same rate w PPE
204.76 204.76 204.76 204.76 204.76 Const
2.51 2.51 2.51 2.51 2.51 Const
14,579.23 15,699.25 17,245.65 18,205.18 19,287.15

17,416.88 17,416.88 17,416.88 17,416.88 17,416.88 Const

(10.49) (10.49) (10.49) (10.49) (10.49) Const
27.63 27.63 27.63 27.63 27.63 Const
1,992.00 1,992.00 1,992.00 1,992.00 1,992.00 Investment and development fund at 9/2019: VND1,9
10,265.34 15,022.18 20,392.90 26,664.95 33,974.03
 490.23 490.23 490.23 490.23 490.23 Const
30,181.59 34,938.43 40,309.15 46,581.21 53,890.28

44,760.82 50,637.68 57,554.80 64,786.38 73,177.43

7.20% 13.44% 56.28% 0.00% 0.00%

 Turnover Formula Rate

Sales/Average AR-short-term 60.25

COGS/Average Inventories 5.17
Sales/Average other current assets 290.60

stage 1 of Xiengkhuang Factory (USD40m)

-197% Exchange rate 23,500.00
t part of stage 1 of Xiengkhuang Factory (USD80m)
Sales/Average Intangible fixed assets 153.14

COGS/Average Accounts Payable 3.99

SG&A/Average accrued expense 9.53

rate w PPE

rate w PPE

d development fund at 9/2019: VND1,992b and constant for the next 5 years
 2014 2015 2016 2017
CASH FLOWS FROM OPERATING
ACTIVITIES
Net Profit before tax 7,613.37 9,367.14 11,237.63 12,228.95
Change in non-cash items 539.74 619.34 532.89 541.22
Depreciation & Amortization 1,032.73 1,097.08 1,190.84 1,299.87
Unrealised foreign exchange (gains)/losses (8.40) 3.97 (1.32) 3.72
Losses on disposals of tangible fixed assets and
construction in progress 12.30 12.20 23.31 11.63
Dividends and interest income (498.73) (558.44) (660.18) (770.13)
Losses from other investing activities 18.36 18.04 - -
Share of profit in associates and jointly controlled
entities (59.89) (12.90) (16.48) (67.13)
Interest expense 39.58 31.28 (46.50) 29.44

Operating Profit/Loss before changes in WC 8,153.11 9,968.11 11,863.52 12,770.17

Change in receivables (130.43) 165.56 (183.07) (1,599.15)
Change in inventories (545.32) (498.54) (1,036.89) 318.47
Change in payables and other liabilities (40.78) 484.34 330.39 958.73
Change in prepayments 5.51 (35.87) 84.05 (10.00)
Change in trading securities - 121.14 11.42 -
Interest paid (34.74) (27.33) (34.20) (65.13)
Income Tax paid (1,521.91) (1,805.61) (1,771.24) (1,933.51)
Other receipts from operating activities 46.12 - - -
Other payments on operating activities (603.23) (715.65) (874.20) (837.99)
Net cash inflows/outflows from operating
5,328.32 7,659.15 8,389.78 9,601.59
activities
CASH FLOWS FROM INVESTING
ACTIVITIES
Payments for additions to fixed assets (858.95) (1,067.84) (1,141.61) (2,672.99)
Collections on disposals of fixed assets 53.89 44.00 50.33 120.71
Increase in time deposits (3,349.60) (1,309.44) (1,379.90) (218.25)
Payments for purchases of debt instruments of
(300.92) (190.00) - 300.00
other entities
Collection of loans granted to associates - 13.90 - 1.87
Payments for investments in other entities (2.76) (80.16) (8.10) (86.83)
Collections on investment in other entities 19.75 13.90 1.80 29.54
Receipts of interest and dividends 560.48 460.88 602.14 754.96
Net cash inflows/outflows from investing
(3,872.72) (2,126.68) (1,945.79) (1,770.99)
activities
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from short-term and long-term
1,490.97 3,973.22 4,071.89 2,777.05
borrowings
Payments to settle loan principals (233.88) (3,782.74) (4,260.05) (4,224.19)
Payments of dividends (4,000.51) (6,002.26) (7,238.48) (5,805.81)
Net cash inflows/outflows from financing
(2,673.32) (5,704.30) (7,141.00) (7,535.35)
activities
Net cash flows during the year (1,217.71) (171.83) (697.00) 295.26
Cash and cash equivalents at the beginning of
2,745.65 1,527.88 1,358.68 655.42
period
Effect of exchange rate fluctuations on cash and
cash (0.19) (2.28) (0.04) (0.71)
equivalents
Currency translation differences 0.13 4.92 (6.22) 13.36
Cash and Cash Equivalents at the end of
1,527.88 1,358.68 655.42 963.34
period

Rate
% of corporate income tax (tax paid/ total tax amount) 99.12%
 2018 2019 2020 2021 2022 2023

12,051.70 13,297.37 14,711.89 15,675.75 16,986.92 18,465.40

1,008.16 1,350.45 1,533.25 2,326.77 2,962.63 2,962.63
1,626.63 1,948.07 2,125.86 2,895.58 3,531.44 3,531.44
(1.36) (1.36) (1.36) (1.36) (1.36) (1.36)

70.05 70.05 70.05 70.05 70.05 70.05

(678.58) (678.58) (678.58) (678.58) (678.58) (678.58)
(2.58) (2.58) (2.58) (2.58) (2.58) (2.58)

(22.43) (22.43) (22.43) (22.43) (22.43) (22.43)

51.37 37.28 42.29 66.09 66.09 66.09

13,059.85 (1,971.16) (4,559.31) (4,982.88) (5,731.02) (6,503.97)

(108.54) (3,704.67) 95.35 71.08 101.31 114.24
(1,685.44) 5,360.94 1,110.45 827.81 1,179.91 1,330.47
(14.51) 3,466.03 788.52 568.94 810.93 914.42
68.66 68.66 68.66 68.66 68.66 68.66
- - - - - -
(110.74) (37.28) (42.29) (66.09) (66.09) (66.09)
(1,879.58) (2,251.81) (2,328.28) (2,480.81) (2,688.32) (2,922.30)
- - - - - -
(1,189.47) (1,423.18) (1,702.80) (2,037.37) (2,437.68) (2,916.63)

8,140.24 12,676.66 11,685.84 13,019.65 14,218.53 14,924.07

(3,185.80) (2,888.07) (4,005.86) (11,825.58) (3,531.44) (3,531.44)

94.48 94.48 94.48 94.48 94.48 94.48
1,199.16 1,199.16 1,199.16 1,199.16 1,199.16 1,199.16
190.79 190.79 190.79 190.79 190.79 190.79

2.23 2.23 2.23 2.23 2.23 2.23

(12.25) (12.25) (12.25) (12.25) (12.25) (12.25)
18.47 18.47 18.47 18.47 18.47 18.47
782.64 864.67 955.30 1,055.43 1,166.05 1,288.27

(1,045.14) (530.52) (1,557.68) (9,277.28) (872.51) (750.29)

4,827.98 91.92 183.83 873.20 0.00 0.00

(4,103.59) (4,103.59) (4,103.59) (4,103.59) (4,103.59) (4,103.59)

(7,256.17) (7,444.42) (7,637.56) (7,835.71) (8,039.00) (8,247.56)
(6,535.11) (11,456.10) (11,557.32) (11,066.10) (12,142.59) (12,351.15)

559.99 4,803.27 2,772.01 (2,925.80) 5,930.08 6,923.37

963.34 1,522.61 6,325.17 9,096.46 6,169.95 12,099.32

(1.23) (1.23) (1.23) (1.23) (1.23) (1.23)

0.52 0.52 0.52 0.52 0.52 0.52

1,522.61 6,325.17 9,096.46 6,169.95 12,099.32 19,021.97

101.82% 100.47%
 Rate

Const

Const
Const
Const

Const

Change
Change
Change
Const

2-year average 100.47%

Average growth rate 19.65%

Average growth rate 10.48%

Const
Average growth rate 2.59%
Long-term debt
Annual Year of Portion in
Creditors Currency 12/31/2019
Interest Rate Maturity Total Debt

HSBC America bank USD 4.11% 2020 138,720,000,000 96.47%

Individuals VND 5.40% 2039 5,080,982,893 3.53%

Sumitomo Mitsui Banking

Corporation, Ho Chi
Minh City Branch USD 4.33% 2020 - 0.0%
and Development of
Vietnam

Total long-term borrowings 143,800,982,893 100.00%

2019 Interest Year of Portion in

Short-term debt  
Rate Maturity
12/31/2019
Total Debt

Sumitomo Mitsui Banking

Corporation, Ho Chi
Minh City Branch USD 2.70%   2,320,900,000,000 44%
and Development of
Vietnam

The Bank of Tokyo

-Mitsubishi UFJ Ltd., Ho
USD 2.24% 2,554,200,000,000 48%
Chi
Minh City Branch

HSBC America bank USD 3.52% 140,403,085,136 3%

Joint Stock Commercial

Bank for Investment and
VND 6.50% 155,169,168,643 3%
Development of Vietnam,
Khanh Hoa Branch

HSBC Bank, Ho Chi

VND 4.9% - 5.5% 159,981,006,412 3%
Minh City Branch
The Bank of Tokyo
-Mitsubishi UFJ Ltd., Ho
VND 5.15%-5.30%   - 0%
Chi
Minh City Branch
Vietnam Bank for
Agriculture and Rural
VND 5.5%-6.5% - 0%
Development, Khanh
Hoa Branch
Wells Fargo USD 4.57% - 0%
Total short-term borrowings 5,330,653,260,191 100%

Cost of
 
Debt
Total Debt (Short-term borowings + Long-term borrowings) 5,474,454,243,084  
Portion of short-term borrowings 97.37% 2.69%
Portion of Long-term borrowings 2.63% 4.16%
Cost Of Debt 31/12/2019 VND

4.11% Long-term borrowings 143,800,982,893

Current portion of long-
5.40% -20,808,000,000
term borrowings

Actual Long-term
4.33% 164,608,982,893
borrowings

4.16%

Cost Of Debt 31/12/2018 VND

2.70% Short-term borrowings 5,330,653,260,191

Current portion of short-

2.24% 20,808,000,000
term borrowings

Actual short-term
3.52% 5,309,845,260,191
borrowings

6.50%

5.20%

5.23%

6.00%
 4.57%
2.69%

Cost of Total
Debt

2.73%
Time period Date Index Level Price (Stock i) Market return (Monthly)
1 1/5/2015 544.5 96,000
2 2/2/2015 570.4 103,000 4.76%
3 3/2/2015 590.7 107,000 3.57%
4 4/1/2015 538.9 105,000 -8.77%
5 5/4/2015 545.1 106,000 1.14%
6 6/1/2015 575.0 106,000 5.49%
7 7/1/2015 591.5 114,000 2.87%
8 8/3/2015 609.5 119,000 3.04%
9 9/1/2015 562.3 99,500 -7.74%
10 10/1/2015 563.5 101,000 0.22%
11 11/2/2015 602.8 117,000 6.96%
12 12/1/2015 570.4 122,000 -5.37%
13 1/4/2016 574.4 126,000 0.70%
14 2/1/2016 540.6 119,000 -5.89%
15 3/1/2016 561.6 130,000 3.88%
16 4/1/2016 558.4 134,000 -0.56%
17 5/4/2016 599.1 142,000 7.28%
18 6/1/2016 619.9 141,000 3.47%
19 7/1/2016 640.3 143,000 3.30%
20 8/1/2016 648.4 155,000 1.26%
21 9/1/2016 669.2 154,000 3.21%
22 10/3/2016 683.1 140,500 2.07%
23 11/1/2016 676.6 141,900 -0.94%
24 12/1/2016 666.5 135,200 -1.49%
25 1/3/2017 672.0 126,700 0.82%
26 2/2/2017 703.2 133,000 4.64%
27 3/1/2017 709.5 130,800 0.90%
28 4/3/2017 722.4 144,300 1.81%
29 5/3/2017 719.5 148,300 -0.39%
30 6/1/2017 741.8 151,900 3.09%
31 7/3/2017 778.9 157,000 5.00%
32 8/1/2017 786.8 151,100 1.02%
33 9/1/2017 788.7 151,500 0.24%
34 10/2/2017 802.2 148,500 1.71%
35 11/1/2017 842.7 155,000 5.05%
36 12/1/2017 960.3 196,000 13.96%
37 1/2/2018 995.8 211,500 3.69%
38 2/1/2018 1,099.7 203,000 10.43%
39 3/1/2018 1,115.8 196,000 1.47%
40 4/2/2018 1,196.6 199,700 7.24%
41 5/2/2018 1,029.1 184,500 -14.00%
42 6/1/2018 992.9 168,200 -3.52%
43 7/2/2018 947.2 171,000 -4.60%
44 8/1/2018 952.8 166,900 0.59%
45 9/4/2018 975.9 156,700 2.43%
46 10/1/2018 1,012.9 136,300 3.79%
47 11/1/2018 908.0 114,300 -10.36%
48 12/3/2018 951.6 133,600 4.81%
49 2/1/2019 891.75 124,000 -6.29%
50 1/2/2019 908.67 135,000 1.90%
51 1/3/2019 979.63 141,400 7.81%
52 1/4/2019 988.53 138,600 0.91%
53 2/5/2019 978.5 130,000 -1.01%
54 3/6/2019 946.47 128,000 -3.27%
55 1/7/2019 965.61 125,000 2.02%
56 1/8/2019 997.39 124,200 3.29%
57 3/9/2019 979.36 124,000 -1.81%
58 1/10/2019 999.59 128,000 2.07%
59 1/11/2019 1015.59 132,400 1.60%
60 2/12/2019 959.31 118,300 -5.54%
Stock (i) return (monthly)

7.29%
3.88%
-1.87%
0.95%
0.00%
7.55%
4.39%
-16.39%
1.51%
15.84%
4.27%
3.28%
-5.56%
9.24%
3.08% SUMMARY OUTPUT
5.97%
-0.70% Regression Statistics
1.42% Multiple R 0.6142308925
8.39% R Square 0.3772795893
-0.65% Adjusted R Square 0.3663546698
-8.77% Standard Error 0.0389726637
1.00% Observations 59
-4.72%
-6.29% ANOVA
4.97% df SS
-1.65% Regression 1 0.052452385507
10.32% Residual 57 0.086575505208
2.77% Total 58 0.139027890716
2.43%
3.36% Coefficients Standard Error
-3.76% Intercept 0.0083293967 0.005091751281
0.26% X Variable 1 0.4000845188 0.068081515401
-1.98%
4.38% Beta 0.4000845188
26.45%
7.91%
-4.02%
-3.45%
1.89%
-7.61%
-8.83%
1.66%
-2.40%
-6.11%
-13.02%
-16.14%
 16.89%
-7.19%
8.87%
4.74%
-1.98%
-6.20%
-1.54%
-2.34%
-0.64%
-0.16%
3.23%
3.44%
-10.65%
 MS F Significance F
0.052452 34.53386 2.2892704E-07
0.001519

t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
1.635861 0.107379 -0.0018666594 0.0185254528 -0.0018666594 0.0185254528
5.876551 2.289E-07 0.26375363582 0.5364154018 0.2637536358 0.5364154018
 2020F 2021F 2022F
Cost of debt (before tax) 2.73%
Cost of equity (CAPM) 5.74%
Beta 0.40
VN 10y bond 3.10%
Market risk premium 6.59%
Market stock price (in VND) 173,788
Market value of Equity 302,631 302,631 302,631
Market value of debt 1,368 1,552 2,425
Total Value of Debt+ equity 303,998 304,182 305,055
WACC 5.721% 5.719% 5.709%

All number are in billion except market stock price

 2023F 2024F
73%
74%
.40 Cost of Equity Calculation
10% Beta
59% Rm
3,788 Risk-free rate
302,631 302,631 Cost of Equity
2,425 2,425 chưa
305,055 305,055 chưa Shares outstanding
5.709% 5.709% chưa Tax rate
Equity Calculation
0.4000845188235
6.59% http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ctryprem.html
3.10% Source: https://tradingeconomics.com/vietnam/government-bond-yield
5.74%

1,741,377,694
15.75%
FCFF 2018 2019F
EBIT*(1-Tax rate) #VALUE!
EBIT 12,182.46
Tax rate Tax rate
Changes in NCC 1,350.45
Changes in WC (1,971.16)
CAPEX Investment (2,888.07)
FCFF #VALUE!

Substainable growth (g) 4.10%

Discount Rate (WACC) 5.71%

Discounted Factor 0.95

PV FCFF #VALUE!
Terminal Value * FCFF2023*(1+g))/(WACC-g)
Firm Value #VALUE!
Plus: Cash and cash equivalents 1,522.61
Less: Market Value of Debt 1,275.85
Equity Value #VALUE!
Number of outstanding shares 1,741,411,583.00
Share price #VALUE!

Share price in 2018 173,788

Upside #VALUE!
Recommendation * BUY
 2020F 2021F 2022F 2023F
#VALUE! #VALUE! #VALUE! #VALUE!
13,331.91 14,251.81 15,562.97 17,041.46
Tax rate Tax rate Tax rate Tax rate
1,533.25 2,326.77 2,962.63 2,962.63
(4,559.31) (4,982.88) (5,731.02) (6,503.97)
(4,005.86) (11,825.58) (3,531.44) (3,531.44)
#VALUE! #VALUE! #VALUE! #VALUE!

0.89 0.85 0.80 0.76

#VALUE! #VALUE! #VALUE! #VALUE!
#VALUE!