2018 2019

NET SALES 18,602,219,191 20,026,722,374

COST OF SALES 13,752,803,163 14,023,685,107
GROSS PROFIT 4,849,416,028 6,003,037,267

OTHER OPERATING EXPENSES (INCOME)

Selling and distribution expenses 2,557,945,782 3,085,600,673
General and administrative expenses 1,396,973,286 1,380,968,021
Other operating income -49,409,851 -67,167,687
3,905,509,217 4,399,401,007

OPERATING PROFIT 943,906,811 1,603,636,260

OTHER INCOME (CHARGES)

Finance cost and other charges -110,606,850 -179,138,826
Finance and other income 3,441,212 2,329,005
-107,165,638 -176,809,821

PROFIT BEFORE TAX 836,741,173 1,426,826,439

TAX EXPENSE 260,027,606 445,639,673
NET PROFIT 576,713,567 981,186,766

OTHER COMPREHENSIVE INCOME (LOSS)

Items that will not be reclassified subsequently to profit or loss
Remeasurements of post emplyment benefit obligation 21,600,427 -100,939,310
Revaluation of land 126,589,258 -10,220,700
Tax income (exepense) -44,456,905 33,348,000
103,732,780 -77,812,010

TOTAL COMPREHENSIVE INCOME 680,446,347 903,374,765

EARNINGS PER SHARE - Basic and diluted 21.89 37.24

 2020 2021
22,635,295,593 26,288,592,031
15,543,157,503 18,367,493,403
7,092,138,090 7,921,098,628

3,290,761,208 3,745,441,844
1,834,602,895 1,962,737,664
-50,423,491 -40,548,911
5,074,940,612 5,667,630,597

2,017,197,478 2,253,468,031

116,930,605 118,764,892
-6,739,881 -38,145,584
110,190,724 80,619,308

1,907,006,754 2,172,848,723
574,951,497 520,394,499
1,332,055,257 1,652,454,224

-46,303,345 54,621,782
42,358,580 24,845,100
1,183,430 -19,292,496
-2,761,335 60,174,386

1,329,293,922 1,712,628,610

50.56 62.72
ASSETS 2018 2019
CURRENT ASSETS
Cash and cash equivalents 956,887,492 1,149,283,772
Trade and other recievables - net 2,150,229,929 2,244,323,324
Inventories - net 3,578,875,805 3,853,825,246
Other current assets - net 340,934,691 580,524,897
Total Current Assets 7,026,927,917 7,827,957,239

NON-CURRENT ASSETS
Property, plant and equipment, and intangible asset - net 4,338,130,533 4,126,552,590
Right-of-use assets - net 129,066,132
Investment property - net 73,927,640 70,880,011
Deferred tax assets - net 15,515,398 67,925,736
Other non-current assets 63,179,737 93,666,823
Total Non-current Assets 4,490,753,308 4,488,091,292
TOTAL ASSETS 11,517,681,225 12,316,048,531

LIABILITIES AND EQUITY

CURRENT LIABILITIES
Interest-bearing loans, and borrowings 2,744,853,565 2,540,197,131
Trade and other payables 3,793,869,733 4,384,079,082
Lease liabilities 113,057,641
Income tax payable
Post-emplyment benefit obligation 166,451,406 91,026,940
Other current liabilities 319,180,634 418,104,462
Total Current Liabilities 7,024,355,338 7,546,465,256

NON-CURRENT LIABILITIES
Interest-bearing loans and borrowings 390,000,000
Lease liabilities 30,585,342
Post-emplyment benefit obligation 283,950,143 428,115,265
Other non-current liabilities 38,456,499 9,008,658
Total Non-current Liabilities 712,406,642 467,709,265
TOTAL LIABILITIES 7,736,761,980 8,014,174,521

EQUITY
Capital stock 2,634,500,200 2,634,500,200
Additional paid-in capital 21,126,948 21,126,948
Revaluation reserves 177,289,373 99,477,372
Retained Earnings 948,002,724 1,546,769,490
Total Equity 3,780,919,245 4,301,874,010
TOTAL LIABILITIES AND EQUITY 11,517,681,225 12,316,048,531
 2020 2021

1,403,045,758 1,716,884,016
2,437,810,660 2,482,553,537
4,859,137,680 6,601,917,483
465,011,144 823,243,189
9,165,005,242 11,624,598,225

4,088,040,285 4,061,303,007
34,338,832 325,741,534
67,832,382 64,784,754
97,756,384 63,011,198
150,105,262 159,181,222
4,438,073,145 4,674,021,715
13,603,078,387 16,298,619,940

2,388,978,031 3,394,689,108
4,723,120,147 4,728,931,800
1,781,329 137,394,434
113,534,610 43,606,566

304,404,895 226,454,497
7,531,819,012 8,531,076,405

5,955,210 202,454,798
535,267,068 548,141,080
3,709,165
544,931,443 750,595,878
8,076,750,455 9,281,672,283

2,634,500,200 2,634,500,200
21,126,948 21,126,948
96,716,037 156,890,423
2,773,984,747 4,204,430,086
5,526,327,932 7,016,947,657
13,603,078,387 16,298,619,940
CASH FLOW FROM OPERATING ACTIVITIES 2028 2019
Profit before tax 836,741,173 1,426,826,439
Adjustments for:
Depreciation and amortization 414,136,187 640,091,366
Interest expense 107,365,036 177,805,719
Impairment loss on property,plant and equipment
Impairment losses on inventories -2,534,118 5,067,318
Unrealized Foreign currency exchange loss (gain) - net -688,419 3,539,916
Interest income 3,241,814 -2,329,005
Impairment loss on trade recievables
Loss on disposal of property, plant and equipment 496,182
Gain on pre-termination of lease
Operating profit before working capital changes 1,358,261,673 2,251,497,935
Increase in trade and other recievables -314,830,263 -94,041,311
Decrease (increase) in inventories 642,853,241 -280,016,759
Decrease (increase) in other current assets 35,204,958 -309,861,079
Decrease (increase) in other non-current assets 30,700,619 -30,487,086
Increase (decrease) in trade and other payables -346,192,888 590,209,349
Increase (decrease) in other current liabilities 96,214,524 -2,418,172
Increase (decrease) in post-employment benefit obligation 15,262,512 -29,447,841
Increase (decrease) in other non-current liabilities 20,315,423 21,882,025
Cash generated from operations 1,537,789,799 2,117,317,061
Cash paid for income taxes -131,709,148 -493,596,040
Net Cash from Operating Activities 1,406,080,651 1,623,721,021

CASH FLOW FROM INVESTING ACTIVITIES

Acquisitions of property,plant and equipment and intangible asset -582,245,532 -323,908,238
Interest Received 688,419 2,329,005
Proceeds from disposal of investment in a subsidiary 63,377,090
Net Cash used in Operating Activities -518,180,023 -321,579,233

CASH FLOWS FROM FINANCING ACTIVITIES

Repayments of interest-bearing loans and borrowings -3,394,868,432 -3,161,589,679
Proceeds from availment of interest-bearing loans and borrowings 2,504,853,565 2,566,933,245
Payments from cash dividends -10,962,000 -281,078,000
Interest paid on interest-bearing loans and borrowings -123,369,390 -153,989,506
Payment of lease liabilities -66,468,206
Interest paid on lease liabilities -9,961,362
Net Cash Used in Financing Activities -1,024,346,257 -1,106,153,508

EFFECTS OF EXCHANGE RATE CHANGES ON 2,534,118 -3,592,000

CASH AND CASH EQUIVALENTS

NET INCREASE (DECREASE) IN CASH AND -133,911,511 192,396,280

CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS AT BEGINNING 1,090,799,003 956,887,492

 OF YEAR

CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 956,887,492 1,149,283,772
 2020 2021
1,907,006,754 2,172,848,723

594,558,398 702,914,006
107,987,817 118,764,892
32,945,955
28,764,626 31,694,590
4,700,169 -19,278,352
-6,701,781 -2,414,920
44,974,833
2,205,579
-38,100
2,683,458,295 3,037,474,894
-238,594,575 -44,635,843
-1,034,077,060 -1,771,755,387
-17,532,228 -445,262,097
-287,977 -9,075,960
339,041,065 5,811,653
12,708,433 -4,034,038
38,500,840 46,352,745
-5,299,493 -3,709,165
1,777,917,300 811,166,802
-508,617,810 -491,496,740
1,269,299,490 319,670,062

-404,238,373 -548,169,052
6,701,781 2,414,920

-397,536,592 -545,754,132

-3,182,353,919 -5,478,833,745
3,031,134,819 6,484,544,822
-231,248,000 -295,925,245
-80,050,151 -82,244,443
-145,742,926 -92,225,628
-5,172,972 -11,845,745
-613,433,149 523,470,016

-4,567,763 16,452,312

253,761,986 313,838,258

1,149,283,772 1,403,045,758
1,403,045,758 1,716,884,016