CONTENT OF WORK

✓ Date

0 09/01 - 13/01

0 14/01

0 15/01-23/01

0 24/01

0 25/01 - 29/01

0 30/01 - 05/02

0 07/02 or 08/02

0 13/02
0

0
0

0
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0
 0/8 hoàn thành

Item
Writing business overview (online)
Content : Companies’ strategies and what are the expected effects on financial performance
SZC - Hunt (Supporter: Mathys)
LHG - Linh (Suppoter: Huyen)

Group meeting on Saturday from 12:30 - 14:00 (F2F)

Content :
1. Cross-checking SZC & LHG business overview & answer Question No.1
2. Decide how to analyze, input in financial sheet

Working on financial sheet (online) - Question 2 to 8

SZC - Hunt & Mathys
LHG - Huyen & Linh
Cross-checking the financial analysis of each company and give feedback to PIC (online)
SZC - Huyen (Supporter: Linh)
LHG - Mathys (Supporter: Hung)
Adjust based on feedback (if any) & Complete analysis (online)
SZC - Hunt (Supporter: Mathys)
LHG - Linh (Suppoter: Huyen)
Writing on companies' strategies and actual financial performance (online)
SZC - Mathys (Supporter: Hunt)
LHG - Huyen (Suppoter: Linh)
Group meeting (F2F)
Content: Cross-checking all analysis & answer question No.9

Submission
By taking example of “Exercise Inditex and H&M” + Chapter 5 in Business analysis and valuation
(about H&M and Inditex comparison), “ROE decomposition methodology (answers)” and “Vinamilk –
Nestle case 2014-2021”,
answer to the following questions in an Excel file:

1. What are the main differences in the two companies’ strategies and what are the expected
effects on financial performance?

2. Calculate the EBIT and NOPAT (i.e. net operating profit after tax).

3. Create the common-size income statement (including the EBIT margin). Explain your choice

for the line item considered as related to “EBIT” (or your own calculation of EBIT).

4. Create the average managerial balance sheet over 3 years for the two companies.

5. Calculate the ratios and periods: average WCR / Revenue, days sales outstanding (DSO), days

inventories outstanding (DIO), days payables outstanding (DPO) and cash-conversion-cycle

(CCC).
6. Decompose the RNOA before tax with the EBIT margin and net operating assets turnover
7. Decompose the ROE before tax with the RNOA before tax, return on non-operating assets
before tax, cost of debt before tax and debt-to-equity ratio
8. Calculate the ROE from ROE before tax (see question 6) and check the good calculation with
the direct calculation of ROE (i.e. net profit divided by average equity).
If there is a distinction between “net profit from continuing operations” and “net profit from
discontinued operations” take the first one in the ROE calculation and subtract the assets held
for sale minus liabilities related to assets held for sale from equity used in the ROE
denominator. The purpose of these calculations is to the calculate a ROE useful for a ROE
forecast.
9. Compare the two companies' strategies and financial performance
The original (or translated into English) balance sheets at the end of 4 years and P&L over 3 years
must be included in the Excel file.
I need to be able to see all the links between cells in the Excel file. Only original balance sheets and
P&l are not created from links to other cells.
Deadline: February 13 (midnight)
Upload your Excel file done on Canvas
2017-2021
Questions about the 2 companies:
What are the main differences in the two companies strategies and
1
what are the expected effects on financial performance?
2 Calculate the EBIT and NOPAT (i.e. net operating profit after tax).
Create the common-size income statement (including the EBIT
3
margin).
Create the average managerial balance sheet (including working
4 capital requirement, net non-current operating assets, non-operating
assets, equity and debt).
Calculate the ratios and periods: average WCR / Revenue, days
5 sales outstanding (DSO), days inventories outstanding (DIO), days
payables outstanding (DPO) and cash-conversion-cycle (CCC).
Decompose the RNOA before tax with the EBIT margin and net
6
operating assets turnover
Decompose the ROE with the RNOA before tax, return on non-
7 operating assets after tax, cost of debt after tax and debt-to-equity
ratio
Comparison about the two companies strategies and financial
8
performance
LHG

Established on May 23, 2006, Long Hau Corporation (stock symbol: LHG) is the investor of Long Hau Industrial Park projetcs
with a total area of nearly 500 hectares. Their product are industrial land, ready built factory for lease, build-to-suit factory,
long hau high-rise factory, long hau high-tech factory in da nang, long hau trading center. The project is divided into phases:
Long Hau Industrial Park with area of 137,02 hectares (in 2006), Long Hau Industrial Park Extended with area of 108.48
hectares (in 2009), Long Hau Commune's Residential - Resettlement Area has total area of 55 hectares (in 2009) and now is
Long Hau Industrial Park 3 – Phase 1 with area of 123.98 hectares. From 2017 to 2021, Long Hau Corporation planned to
achieve on earning after tax is respectively 101 billions, 127,5 billions, 127,7 billions, 122 billions & 161 billions.

SZC

Sonadezi Chau Duc Joint Stock Company (Stock code: SZC - HOSE). After more than 15 years of establishment, until now
Chau Duc Urban & Golf Park, invested by Sonadezi Chau Duc Joint Stock Company, has been completing synchronous
technical infrastructure. With a scale of 2,287 ha, the industrial park has been completed. Chau Duc Urban & Golf Course is
one of the leading large industrial complex investment projects in the country, including an industrial park (1,556 ha) and a
commercial urban area - a 36-hole international standard golf course. The enterprise is expected to submit to shareholders
the 2021 plan with total revenue of 584.3 billion dong, profit after tax of 176.3 billion dong, respectively increasing by 26.5%
and decreasing by 5.2% compared to the previous year. From 2017-2021, their expected ROA is respectively 3.3,3.8,4.3,4.2
& 5.76 and ROE is 6.5, 8.4, 11.2, 14.7 & 22.1. In 2021, the business is expected to complete the procedures to expedite the
signing of land lease contracts with customers who have signed the agreement in 2020.

For LHG & SZC, both companies stategy is focusing on completing the project and attracting more investor for the upcoming
years. While LHG expects their EAT around 120 to 160 billions, SZC is planning to achieve over 170 millions. Besides, SZC
also expectS their return on asset & equity, which is more specific than LHG.
BALANCE SHEET
VND Billion CY2021 CY2020 CY2019 CY2018
-Current Assets 2.014 1.716 1.397 1.437
-Cash and Cash Equivalents 92 261 151 352
-Cash 63 54 38 35
-Cash equivalents 29 206 113 317
-Short term financial investment 986 433 335 279
-Short-term investments 0 0 0 0
-Provision for short term investment loss 0 0 0 0
-Held to maturity Investment 986 433 335 279
-Short term Account Receivables 303 314 341 339
-Account Receivable 21 41 34 22
-Prepaid for suppliers 11 9 12 11
-Short term Internal Receivable 0 0 0 0
-Construction contract in progress receivables 0 0 0 0
-Short-term loan Receivables 0 0 0 0
-Other Receivables 271 264 296 307
-Provision for doublful debt 0 0 0 0
-Deficiency Assets waiting for solution 0 0 0 0
-Inventories 627 700 562 464
-Inventory 627 700 562 464
-Provision for decline in inventories 0 0 0 0
-Other Current Assets 7 9 7 3
-Short-term prepaid expenses 1 1 1 1
-Discounted VAT 6.00 7.00 6 3
-Tax and States Account Receivables 0.00 1.00 1.00 0.00
-Government bonds purchased for resale 0 0 0 0
-Other current assets 0 0 0 0
-Long-term Assets 832 884 838 680
-Long term Account Receivable 5 5 5 0
-Long-term trade receivables from customers 0 0 0 0
-Long term prepaid for suppliers 0 0 0 0
-Business capital in subsidiary uints 0 0 0 0
-Internal Longterm Receivables 0 0 0 0
-Long-term loans receivables 5 5 5 5
-Other Long term Receivables 5 5 5 0
-Provision for doubtful Long-term receivable -5 -5 -5 -5
-Fixed assets 70 75 57 50
-Tangible Fixed Assets 68 74 56 49
-Financial leases fixed assets 0 0 0 0
-Intangible Fixed Asset 2 2 2 2
-Construction in progress (before 2015) 0 0 0 0
-Real Estate Investment 466 509 451 280
-Original Price 739 739 639 437
-Acumulated Depreation and Amortization -273 -230 -188 -157
-Long-term incomplete assets 39 41 93 127
-Long-term cost of work in progress 0 0 0 0
-Capital Construction in Process 39 41 93 127
-Long term Finacial Investments 202 206 204 202
-Investments in subsidiaries 0 0 0 0
-Investments in associates 102 106 104 102
-Other long term Investments 100 100 100 100
-Provision for long-term investments 0 0 0 0
-Long term held-to-maturity Investment 0 0 0 0
-Other long term assets 50 47 28 21
-Prepaid expenses 50 47 28 21
-Deferred Income Tax 0 0 0 0
-Long-term equipment, material and spare parts 0 0 0 0
-Other long term assets 0 0 0 0
-Goodwill 0 0 0 0
-Goodwill (before 2015) 0 0 0 0
TOTAL ASSETS 2.845 2.6 2.235 2.117
-Liabilities 1.381 1.316 1.044 970
-Short term Liabilities 816 753 591 582
-Short term Loan and Liabilities 46 43 21 21
-Payment for suppliers 42 73 61 25
-Prepaid from Customers 41 37 0 12
-Tax and other payable to State Budget 11 11 4 2
-Employees Payable 10 14 8 6
-Expenses Payable 547 458 424 319
-Internal Payable 0 0 0 0
-Construction contract in progress payables 0 0 0 0
-Other Account Payables 72 82 38 170
-Bonus and welfare funds 47 35 35 26
-Short-term unrealized revenue 0 0 0 0
-Provision for short term Payables 0 0 0 0
-Price stabilisation Fund 0 0 0 0
-Government bonds purchased for resale 0 0 0 0
-Long term Liabilities 565 563 453 388
-Long-term Payable for suppliers 0 0 0 0
-Long term prepaid from Customers 0 0 0 0
-Long term Expenses Payables 0 0 0 0
-Internal Payables of Business Capital 0 0 0 0
-Internal Payable 0 0 0 0
-Other long-term payables 54 76 76 69
-Loans and Long term Liabilities 140 167 88 48
-convertible bond 0 0 0 0
-Preferred shares 0 0 0 0
-Deferred Income Tax Payable 369 318 288 271
-Provision for unemloyment pension allowance 0 0 0 0
-Unrealized Revenue (Long term) 2 2 1 2
-Technology-science development fund 0 0 0 0
-Provision for long-term liabilities 0 0 0 0
-Owners equity 1.464 1.284 1.191 1.147
-Capital and researves 1.464 1.284 1.191 1.147
-Paid-in capital 500 500 500 500
-Share premium 72 72 72 72
-Convertible Bonds Option 0 0 0 0
-Other capitals of Owners Equity 0 0 0 0
-Treasury shares 0 0 0 0
-Property revaluation differences 0 0 0 0
-Exchange differences 0 0 0 0
-Development and Investment Fund 97 97 97 80
-Financial Provision Fund 0 0 0 0
-Other Funds of Owners Equity 0 0 0 0
-Undistributed Profit after Tax 794 614 521 495
-Non Controlling Shareholders 1 1 1 1
-Business Arrangement Assistance Fund 0 0 0 0
-Capital Construction Investment 0 0 0 0
-Expenditures and Other Funds 0 0 0 0
-Minority shareholderss Equity 0 0 0 0
TOTAL EQUITY 2.845 2.6 2.235 2.117

INCOME STATEMENT (P&L)

VND Billion CY2021 CY2020 CY2019 CY2018
-Gross Operating Revenue 782 675 599 577
-Deduction revenues - 32 - 147
-Net Sales 782 644 599 430
-Cost of goods sold 370 350 385 186
-Gross profit 412 293 213 244
-Financial income 33 34 29 38
-Financial Expenses 16 16 5 5
-Of which: Interest Expenses 16 16 5 5
-Profit or loss from join venture companies 4 9 8 6
-Selling Expenses 10 11 10 14
-General and admin expenses 50 65 58 57
-Net Profit from Operating activities 373 245 176 212
-Other incomes 2 2 4 4
-Other Expenses 0 0 1 2
-Other profits 2 1 3 2
-Profit or lost from join venture companies (before 2015) - - - -
-Pretax Profit 375 246 179 215
-Corporate Income Tax Expenses 79 48 37 39
-Current Corporate Income Tax Expenses 28 18 19 11
-Deferred Income Taxes Expenses 51 29 18 28
-Net Profit After Tax 296 199 143 176
-Benefits of Minitory shareholders 0 0 0 0
-Net Profit After Tax of Parent Company 296 199 143 176
CY2017
1.34 2. (VND Billion) CY2021 CY2020 CY2019 CY2018 CY2017
456 EBIT 352.00 217.00 145.00 173.00 191.00
38 Tax rate 21.1% 19.5% 20.7% 18.1% 20.2%
418 NOPAT 277.85 174.66 115.03 141.62 152.43
362
0 3. Common-size income statement
0 LHG Income Statement (in VND Billion)
362 CY2021 CY2020 CY2019 CY2018 CY2017
216 Net Sales 782 644 599 430 488
54 COGS 370 350 385 186 217
11 Gross Profit 412 294 214 244 271
0 S,G,A expense 60 76 68 71 80
0 Operating profit (EBIT) 352 218 146 173 191
0 EBIT margin 45.01% 33.85% 24.37% 40.23% 39.14%
150 Tax rate 21.1% 19.5% 20.7% 18.1% 20.2%
0 Tax expense 74.15 42.54 30.18 31.38 38.57
0 Net income 277.85 175.46 115.82 141.62 152.43
307
307
0
0
0
-
0.00
0
0
648
0
0
0
0
0
5
0
-5
53
53
0
0
0
305
 437
-132
48
0
48
225
0
146
106
-27
0
16
16
0
0
0
0
0
1.988
897
557
24
12
103
13
6
337
0
0
51
12
0
0
0
0
339
0
0
0
0
0
57
 39
0
0
243
0
2
0
0
1.091
1.091
500
72
0
0
0
0
0
79
0
0
440
-
0
0
0
0
1.988 Double check lại số này

CY2017
820
332
488
217
271
13
6
6
-
20
60
199
 13
4
9
-
208
42
9
33
166
-
166
 Common-size income statement
CY2021 CY2020 CY2019 CY2018 CY2017
100% 100% 100% 100% 100%
47.3% 54.3% 64.3% 43.3% 44.5%
52.7% 45.7% 35.7% 56.7% 55.5%
7.7% 11.8% 11.4% 16.5% 16.4%
45.0% 33.9% 24.4% 40.2% 39.1%

9.5% 6.6% 5.0% 7.3% 7.9%

35.5% 27.2% 19.3% 32.9% 31.2%
Managerial balance sheet (end of the year)
CY2021 CY2020 CY2019 CY2018
LHG
Working capital requirement
Inventories 627 700 562 464
Accounts receivable 324 355 375 361
Other current operating assets 290 283 316 322
Accounts payable -557 -472 -432 -325
Other current operating liabilities -982 -956 -694 -791
Total working capital requirement -298 -90 127 31
Net non-current operating assets
P,P&E, net 68 74 56 49
Intangible assets, net 2 2 2 2
Goodwill 0 0 0 0
Other non-current operating assets 55 52 33 16
Non-current operating liabilities -425 -396 -365 -342
Total net non-current operating asse -300 -268 -274 -275
Total net operating assets -598 -358 -147 -244

Non-operating assets
Long-term non-operating assets 925 973 892 710
Short-term non-operating assets 986 433 335 279
Cash and cash equivalents 92 261 151 352
Marketable securities
Total non-operating assets 2003 1667 1378 1341

Total capital employed 1405 1309 1231 1097

Total Equity 2.845 2.6 2.235 2.117

Debt
Non-current debt (including provision 140 167 88 48
Current debt 46 43 21 21
Total Debt 186 210 109 69

Total invested capital 189 213 111 71

Average Managerial balance sheet

LHG CY2021 CY2020 CY2019 CY2018

Working capital requirement
Inventories 663.5 631 513 385.5
Accounts receivable 340 365 368 316
Other current operating assets 287 300 319 242
Accounts payable -514.5 -452 -378.5 -334
Other current operating liabilities -969 -825 -742.5 -763.5
Total working capital requirement -194 18.5 79 -155
Net non-current operating assets
P,P&E, net 71 65 52.5 51
Intangible assets, net 2 2 2 1
Goodwill 0 0 0 0
Other non-current operating assets 54 43 25 14
Non-current operating liabilities -411 -381 -354 -322
Total net non-current operating asse -284 -271 -274.5 -256.5
Total net operating assets -478 -252.5 -195.5 -411.5

Non-operating assets
Long-term non-operating assets 949 932.5 801 743
Short-term non-operating assets 710 384 307 321
Cash and cash equivalents 177 206 252 404
Marketable securities
Total non-operating assets 1835 1522.5 1359.5 1467.5

Total capital employed 1357 1270 1164 1056

Total Equity 2.7225 2.4175 2.176 2.0525

Debt
Non-current debt (including provision 154 128 68 44
Current debt 44.5 32 21 22.5
Total Debt 186 210 109 69

Total invested capital 189 213 111 71

VND Billion
CY2017

307
270
161
-343
-736
-341

53
0
0
11
-302
-238
-579

776
362
456

1594

1015

1.988

39
24
63

65
 LHG
Q5 CY2021 CY2020 CY2019
Average WCR / Revenue -24.81% 2.87% 13.19%
DSO 156.3 204.0 221.2
DIO 645.6 649.0 479.7
DPO 500.6 464.9 353.9
CCC 301.3 388.2 346.9

Number of days during the year 360 360 360

Q6
EBIT margin 45% 34% 24%
Net operating assets turnover -1.6 -2.6 -3.1
RNOA before tax -73.64% -86.34% -74.68%

Net operating assets in % of net sales -61.13% -39.21% -32.64%

WCR / Revenue -24.81% 2.87% 13.19%
Net non-current operating assets / Revenue -36.32% -42.08% -45.83%

Q7
ROE 2612.25% 2785.05% 1293.43%
= ROCE after tax 22.63% 16.16% 12.47%
+ Spread: ROCE after tax - Cost of debt after tax 37.90% 31.88% 25.57%
x Financial leverage (i.e. Debt / Equity) 68.3 86.9 50.1

ROCE after tax 0.2 0.2 0.1

= ROCE before tax 0.3 0.2 0.2
x (1 - Effective income tax rate) 0.8 0.8 0.8

ROCE before tax 28.67% 20.08% 15.72%

= RNOA before tax -73.64% -86.34% -74.68%
x Net operating assets / Capital employed -35% -20% -17%
+ Return on non-operating assets before tax 2.02% 2.43% 2.72%
x Non-operating assets / Capital employed 135% 120% 117%

RNOA before tax -73.64% -86.34% -74.68%

= EBIT margin 45.01% 33.85% 24.37%
x Net operating assets turnover -1.6 -2.6 -3.1

Return on non-operating assets before tax: 2.02% 2.43% 2.72%

Interest and other financial income + Share of profi 37 37 37
Average non-operating assets 1,835 1,523 1,360
 Cost of debt before tax: 19.35% 19.52% 16.51%
Interest and financial expense 36 41 18
Average debt 186 210 109

ROE: Net profit of the period / Average equity 10872.36% 8231.64% 6571.69%
Q8 Checking: ROE (direct calculation) minus ROE (f 8260.11% 5446.59% 5278.26%
CY2018
-36.05%
264.1
746.1 không có Cost of merchandise chỉ có COGS
646.5 không có Cost of merchandise chỉ có COGS
363.8

360

40%
-1.0
-42.04%

-95.70%
-36.05%
-59.65%

1225.83%
16.98%
35.96%
33.6

0.2
0.2
0.8 Effective income tax rate, tuy nhiên ở Q2 chỉ có tax rate

20.74%
-42.04%
-39%
3.13%
139%

-42.04%
40.23%
-1.0

3.13%
46
1,468
 23.19%
16
69

8574.91% check lại Average Equity

7349.08% Check lại yêu cầu câu 8
Income Statement in millions (IFRS) 2021 2019 2018

Net sales 187,031.00 232,755.00 210,400.00

Cost of goods sold 93,487.00 110,302.00 99,513.00
Gross profit 93,544.00 122,453.00 110,887.00

Selling expenses 81,425.00 96,279.00 87,512.00

Administrative expenses 9,013.00 8,812.00 7,868.00
Interest on the provision for pensions 7 16 14
Operating profit 3,099.00 17,346.00 15,493.00
Interest income (incl finance lease) 252 376 292
Interest expense and similar items (incl finance lease) 1,299.00 331 146
Profit after financial items 2,052.00 17,391.00 15,639.00
Tax 809 3,948.00 2,987.00
Profit for the year 1,243.00 13,443.00 12,652.00

Pro Forma IS Items in millions (IFRS) 2020 2019 2018

Salaries, other remuneration and payroll overheads -36,952.00 -42,385.00 -38,543.00

Depreciation - within cost of goods sold -1,949.00 -570 -558
Depreciation - within selling expenses -22,755.00 -9,887.00 -8,566.00
Depreciation - within administrative expenses -1,249.00 -594 -547
Cost of goods sold excluding depreciation -91,538.00 -109,732.00 -98,955.00

Balance Sheet in millions (IFRS) 2020 2019 2018

Brands 0 0 0
Customer relations 0 0 0
Leasehold and similar rights 191 411 508
Goodwill 64 64 64
Capitalised development expenditure 10,177.00 10,973.00 9,046.00
Buildings and land 745 813 831
Equipment, tools, fixtures and fittings 30,894.00 40,079.00 41,608.00
Right-of-use assets 59,535.00
Participations in associated companies 247 210 126
Other shares and participating rights 539 429 352
Long-term receivables 907 912 885
Deferred tax receivables 5,714.00 4,322.00 3,794.00
Total fixed assets 109,013.00 58,213.00 57,214.00
Stock-in-trade 38,209.00 37,823.00 37,721.00
Accounts receivable 3,086.00 5,879.00 6,329.00
Tax receivables 1,686.00 1,555.00 1,448.00
Other receivables 1,667.00 1,075.00 1,235.00
Forward contracts 730 661 372
Prepaid expenses 3,440.00 2,967.00 2,881.00
Short-term investments 960 2,242.00 1,162.00
Cash and cash equivalents 15,580.00 10,070.00 10,428.00
Total current assets 65,358.00 62,272.00 61,576.00

Total assets 174,371.00 120,485.00 118,790.00

Share capital 207 207 207

Reserves 990 4,592.00 3,322.00
Retained earnings 53,426.00 52,270.00 55,017.00
Equity 54,623.00 57,069.00 58,546.00

Provisions for pensions 612 510 445

Other provisions 0 0 0
Other interest-bearing liabilities 50,458.00 234 322
Liabilities to credit institutions 8,433.00 10,413.00 10,170.00
Deferred tax liabilities 3,988.00 4,423.00 5,088.00
Total non-current liabilities 63,491.00 15,580.00 16,025.00

Accounts payable 9,511.00 7,838.00 6,800.00

Tax liabilities 1,708.00 2,752.00 1,163.00
Liabilities to credit institutions 7,899.00 6,904.00 9,153.00
Interest-bearing liabilities 13,275.00 147 136
Forward contracts 560 479 238
Other liabilities 3,423.00 3,997.00 3,562.00
Accrued expenses and prepaid income 19,881.00 25,719.00 23,167.00
Total current liabilities 56,257.00 47,836.00 44,219.00

Total liabilities and shareholders' equity 174,371.00 120,485.00 118,790.00

 2017

200,004.00
91,914.00
108,090.00

80,427.00
7,081.00
13
20,569.00
281
41
20,809.00
4,625.00
16,184.00

2017

-35,634.00
-736
-7,175.00
-577
-91,178.00

2017

18
8
592
64
6,361.00
824
38,994.00

1,039.00
2,916.00
50,816.00
 33,712.00
5,297.00
2,375.00
1,377.00
497
2,770.00
601
9,117.00
55,746.00

106,562.00

207
1,015.00
58,491.00
59,713.00

445
0
350

5,331.00
6,126.00

7,215.00
918
9,745.00
125
903
2,769.00
19,048.00
40,723.00

106,562.00
BALANCE SHEET
VND Billion CY2021 CY2020 CY2019 CY2018
-Current Assets 352 237 560 398
+Cash and Cash Equivalents 199 89 292 236
+Short term financial investment 60 80 120 90
+Short term Account Receivables 52 46 144 70
+Inventories 7 3 1 1
+Other Current Assets 34 18 3 1
-Long-term Assets 5.264 4.181 2.53 2.183
+Long term Account Receivable 0 0 0 0
+Fixed assets 307 308 316 320
+Real Estate Investment 41 43 45 72
+Long-term incomplete assets 4.856 3.768 2.106 1.733
+Long term Finacial Investments 53 53 50 48
+Other long term assets 7 9 14 10
-Goodwill (before 2015) - - - -
TOTAL ASSETS 5.616 4.418 3.09 2.581
-Liabilities 4.151 3.154 1.894 1.425
+Short term Liabilities 1.259 1.043 446 219
+Long term Liabilities 2.892 2.11 1.448 1.206
-Owners equity 1.466 1.264 1.196 1.156
+Capital and researves 1.466 1.264 1.196 1.156
-Expenditures and Other Funds - - - -
-Minority shareholderss Equity - - - -
TOTAL EQUITY 5.616 4.418 3.09 2.581

INCOME STATEMENT
VND Billion CY2021 CY2020 CY2019 CY2018
-Gross Operating Revenue 713 433 329 290
-Deduction revenues - - - -
-Net Sales 713 433 329 290
-Cost of goods sold 262 199 152 149
-Gross profit 451 234 177 142
-Financial income 13 22 27 13
-Financial Expenses 7 8 10 11
-Of which: Interest Expenses 7 8 10 11
-Profit or loss from join venture companies - - - -
-Selling Expenses 11 4 7 6
-General and admin expenses 54 31 31 25
-Net Profit from Operating activities 392 213 156 113
-Other incomes 5 7 0 0
-Other Expenses - - - 1
-Other profits 5 7 0 0
-Profit or lost from join venture companies (bef - - - -
-Pretax Profit 397 220 156 113
-Corporate Income Tax Expenses 73 34 22 15
-Current Corporate Income Tax Expenses 73 34 22 15
-Deferred Income Taxes Expenses - - - -
-Net Profit After Tax 324 186 134 97
-Benefits of Minitory shareholders - - - -
-Net Profit After Tax of Parent Company 324 186 134 97

CASHFLOW
VND Billion CY2021 CY2020 CY2019 CY2018
Cash flows from Operating Activities - Indirect method
-Pretax Profit 397 220 156 113
Adjustments
-Depreciation of Fixed Assets Expenses 231 149 110 112
-Amortisation of goodwill - - - -
-Provision for short term investment loss 0 -2 1 1
-Unrealised foreign exchange gain/(loss) 0 0 0 0
-Profit/(loss) from liquidating fixed assets - - - -
-Profit/(loss) from investing activities -13 -22 -27 -13
-Interest Expenses 7 8 10 11
-Interest income and dividend - - - -
-Other adjustments - - - -
Operating profit/(loss) before changes in Worki 622 353 251 224
- Increase/(decrease) in receivables -26 88 -77 57
-Increase/(decrease) in inventories -4 -2 0 0
-(Increase)/decrease in payables 183 219 443 199
-Increase/(decrease) in prepaid expenses 8 -1 -4 3
-Increase/(decrease) in trading securities - - - -
-Interest paid -7 -8 -10 -11
-Income Tax paid -63 -34 -18 -16
-Other Incomes from Operating Activities - - - -
-Other Incomes from Operating Activities -10 -3 -13 -8
Cash flows from Operating Activities - Direct method
-Cash provided by Sales, services, and other r 825 786 731 -
-Cash payments to goods and service Supplier -42 -40 -36 -
-Cash payments to employees -39 -39 -32 -
-Cash payments to Interest -7 -8 -10 -
-Cash payments to Corporate Income Tax -63 -34 -18 -
-Proceeds from operating activities 115 47 46 -
-Other Cash payments to Operating activities -85 -100 -110 -
Net cashflow from operating activities 704 611 572 448
Cash flows from Investing activities
-Purchases of fixed assets and other long term -1.099 -1.477 -468 -449
-Proceeds from depleting, acquisiting fixed ass - - - 0
-Loans granted, purchases of debt instruments -40 - -70 -110
-Collection of loans, proceeds from sales of de 60 40 40 120
-Investments in other entities - -3 -1 -
-Proceeds from divestment in other entities - - - -
-Proceeds from Interest, Dividends and shared p 11 24 26 12
Net Cashflow from Investing activities -1.068 -1.416 -474 -427
Cash flows from Financing activities
-Proceeds from issue of shares, capital contribu- - - -
-Cash payments to capital contribution and Buy- - - -
-Short , long term loan received 1.104 901 124 340
-Payment of Princial Loans -558 -211 -81 -160
-Payment of financial lease - - - -
-Dividends and Profit paid -72 -88 -84 -49
-Interests, dividends, profits received - - - -
Net Cashflow from Financing activities 474 602 -42 132
Net Cash and Cash equivalents during the peri 110 -203 56 153
Cash and cash equivalents at beginning of year 89 292 236 83
Effect of foreign exchange differences 0 0 0 0
Cash and Cash equivalents at end of year 199 89 292 236
CY2017 Q2. EBIT and RNOA CY2020 CY2019 CY2018
312 Gross Profit 93,544.00 122,453.00 110,887.00
83 S,G & A 90,445.00 105,107.00 95,394.00
100 EBIT 3,099.00 17,346.00 15,493.00
122 Income Tax 39.42% 22.70% 19.10%
1 NOPAT 1877.2207602 13408.215629 12533.885543
6
1.889 Q.3 Common size Income
0 Statement Normal Income Statement
327 CY2021 CY2020 CY2019
73 Revenues 187,031.00 232,755.00 210,400.00
1.428 COGS 93,487.00 110,302.00 99,513.00
48 Gross Profit 93,544.00 122,453.00 110,887.00
13 S,G & A 90,445.00 105,107.00 95,394.00
- EBIT 3,099.00 17,346.00 15,493.00
2.201 Interest expenses 1,299.00 331.00 146.00
1.083 Interest incomes 252 376.00 292.00
367 Profit Before Tax 2,052.00 17,391.00 15,639.00
716 Income Tax 39.42% 22.70% 19.10%
1.118 Net profit 1243 13443 12652
1.118
-
-
2.201

CY2017
220
-
220
115
104
17
12
12
-
6
21
83
0
-
0
-
83
10
10
-
73
-
73

CY2017

83

10
-
-
0
-
-17
12
-
-
88
-63
0
113
-8
-
-12
-12
-
-3

-
-
-
-
-
-
-
105

-301
0
-100
250
-3
-
 17
-137

-
-
170
-31
-
-42
-
97
64
19
0
83
 CY2017
108,090.00
87,521.00
20,569.00
22.23%
15997.342304

tatement Common size Income Statement

CY2018 CY2021 CY2020 CY2019 CY2018
200,004.00 100.00% 100.00% 100.00% 100.00%
91,914.00 49.98% 47.39% 47.30% 45.96%
108,090.00 50.02% 52.61% 52.70% 54.04%
87,521.00 48.36% 45.16% 45.34% 43.76%
20,569.00 1.66% 7.45% 7.36% 10.28%
41.00 0.69% 0.14% 0.07% 0.02%
281.00 0.13% 0.16% 0.14% 0.14%
20,809.00 1.10% 7.47% 7.43% 10.40%
22.23% 0.00% 0.00% 0.00% 0.00%
16184 0.66% 5.78% 6.01% 8.09%
 CY2020 CY2019 CY2018 CY2017
Working capital requirement
Inventories 38,209.00 37,823.00 37,721.00 33,712.00
Accounts receivable 3,086.00 5,879.00 6,329.00 5,297.00
Other current operating assets 5,126.00 4,522.00 4,329.00 5,145.00
Accounts payable -9,511.00 -7,838.00 -6,800.00 -7,215.00
Other current operating liabilities -21,589.00 -28,471.00 -24,330.00 -19,966.00
Total working capital requirement 15,321.00 11,915.00 17,249.00 16,973.00
Net non-current operating assets
P,P&E, net 41,816.00 51,865.00 51,485.00 46,179.00
Intangible assets, net 59,726.00 411 508 592
Goodwill 64 64 64 64
Other non-current operating assets 6,621.00 5,234.00 4,679.00 3,955.00
Non-current operating liabilities -3,988.00 -4,423.00 -5,088.00 -5,331.00
Total net non-current operating asset 104,239.00 53,151.00 51,648.00 45,459.00
Total net operating assets 119,560.00 65,066.00 68,897.00 62,432.00

Non-operating assets
Long-term non-operating assets 786 639 478 0
Short-term non-operating assets 3,357.00 3,978.00 2,769.00 2,475.00
Cash and cash equivalents 15,580.00 10,070.00 10,428.00 9,117.00
Marketable securities
Total non-operating assets 19,723 14,687 13,675 11,592

Total capital employed 139,283 79,753 82,572 74,024

Total Equity 54,623.00 57,069.00 58,546.00 59,713.00

Debt
Non-current debt (including provision 59,503.00 11,157.00 10,937.00 795
Current debt 25,157.00 11,527.00 13,089.00 13,542.00
Total Debt 84,660.00 22,684.00 24,026.00 14337

Total invested capital 139,283.00 79,753.00 82,572.00 74,050.00

CY2020 CY2019 CY2018

Working capital requirement
Inventories 38,016.00 37,772.00 35,716.50
Accounts receivable 4,482.50 6,104.00 5,813.00
Other current operating assets 4,824.00 4,425.50 4,737.00
Accounts payable -8,674.50 -7,319.00 -7,007.50
Other current operating liabilities -25,030.00 -26,400.50 -22,148.00
Total working capital requirement 13,618.00 14,582.00 17,111.00
Net non-current operating assets
P,P&E, net 46,840.50 51,675.00 48,832.00
Intangible assets, net 30,068.50 459.5 550
Goodwill 64 64 64
Other non-current operating assets 5,927.50 4,956.50 4,317.00
Non-current operating liabilities -4,205.50 -4,755.50 -5,209.50
Total net non-current operating asset 78,695.00 52,399.50 48,553.50
Total net operating assets 92,313.00 66,981.50 65,664.50

Non-operating assets
Long-term non-operating assets 713 559 239
Short-term non-operating assets 3,667.50 3,373.50 2,622.00
Cash and cash equivalents 12,825.00 10,249.00 9,772.50
Marketable securities
Total non-operating assets 17,205 14,181 12,634

Total capital employed 109,518 81,163 78,298

Total Equity 55,846.00 57,807.50 59,129.50

Debt
Non-current debt (including provision 35,330.00 11,047.00 5,866.00
Current debt 18,342.00 12,308.00 13,315.50
Total Debt 53,672.00 23,355.00 19,181.50

Total invested capital 109,518.00 81,162.50 78,311.00

Q5 CY2021 CY2020 CY2019
Average WCR / Revenue 1232.58%
DSO
DIO
DPO
CCC
CY2018