Vietnam Dairy Products Joint Stock Company Separate financial statements for the fourth quarter and the year ended 31 December 2022Vietnam Dairy Products Joint Stock Company TABLE OF CONTENTS CORPORATE INFORMATION STATEMENT OF THE BOARD OF MANAGEMENT SEPARATE STATEMENT OF FINANCIAL POSITION SEPARATE STATEMENT OF INCOME, SEPARATE STATEMENT OF CASH FLOWS NOTES TO THE SEPARATE FINANCIAL STATEMENTS PAGE 11-53Vietnam Dairy Products Joint Stock Company Corporate Information Business Registration Certificate No. 4103001932 0300588569 20 November 2003 6 December 2022 The Company's business registration certificate has been amended several times, the most recent of which is by the Business Registration Certificate No. 0300588569 dated 6 December 2022. ‘The business registration certification and its updates were issued by Ho Chi Minh City Planning and Investment Department. Board of Directors Mr. Nguyen Hanh Phuc Mam. Le Thi Bang Tam Mdm. Mai Kieu Lien Mr. Lee Meng Tat Ms. Dang Thi Thu Ha Mr. Le Thanh Liem Mr. Michael Chye Hin Fah ‘Mr. Do Le Hung Mr. Alain Xavier Cany Ms. Tieu Yen Trinh Mr. Hoang Ngoc Thach Mdm. Mai Kieu Lien Ms. Bui Thi Huong Board of Management Mr. Mai Hoai Anh Mr. Le Thanh Liem Mr. Nguyen Quang Tri Mr. Le Hoang Minh Mr, Nguyen Quoe Khanh Mr. Trinh Quoe Dung 10 Tan Trao, Tan Phu Ward District 7, Ho Chi Minh Cit Vietnam Registered Office KPMG Limited ‘Vietnam Auditor Chairman (from 26 April 2022) Chairwoman (until 26 April 2022) Member Member Member Member Member Member Member Member Member Chief Executive Officer Executive Director ~ Human Resource ~ ‘Administration and Public Relation Executive Director ~ Sales (until 31 October 2022) Executive Director ~ Finance Executive Director ~ Marketing Executive Director — Production Executive Director ~ Research and Development Executive Director ~ Raw Materials Development MbaVietnam Dairy Products Joint Stock Company Statement of the Board of Management STATEMENT OF THE RESPONSIBILITY OF THE BOARD OF MANAGEMENT IN RESPECT OF THE SEPARATE FINANCIAL STATEMENTS ‘The Board of Management is responsible for the separate financial statements of Vietnam Dairy Products Joint Stock Company ("the Company”) which give a true and fair view of the unconsolidated financial position of the Company as at 31 December 2022 and of the unconsolidated results of operations and unconsolidated cash flows for the fourth quarter and the year then ended. In preparing ‘these separate financial statements, the Board of Management is required to: select suitable accounting policies and then apply them consistently; make judgments and estimates that are reasonable and prudent; end = prepare the separate financial statements on a going concern basis unless it is inappropriate to presume that the Company will continue in business, ‘The Board of Management is responsible for ensuring that proper accounting records are maintained, ‘which disclose, with reasonable accuracy at any time, the unconsolidated financial position of the ‘Company and which enable these separate financial statements to be prepared which comply with Vietnamese Accounting Standard, the Vietnamese Accounting System for enterprises and the relevant statutory requirements applicable to financial reporting. The Board of Management is also responsible for safeguarding the assets of the Company and hience for taking reasonable steps for the prevention and detection of fraud and other irregularities. APPROVAL OF THE SEPARATE FINANCIAL STATEMENTS We hereby approve the accompanying separate financial statements set cut on pages 4 to 53, which ‘give a true and fair view of the unconsolidated financial position of the Company as at 31 December 2022, and of the unconsolidated results of operations and unconsolidated cash flows for the fourth ‘quarter and the year then ended in accordance with Vietnamese Accounting Standards, the Vietnamese ‘Accounting System for enterprises and the relevant statutory requirements applicable to financial an Chief Executive Officer Ho Chi Minh City, 30 January 2023Vietnam Dairy Products Joint Stock Company Separate statement of financial pc ‘31 December 2022 Form BO1-DN (issued under Circular No. 2002014 TI-BTC dated 22 December 2014 of the Ministry of Finance) 31/12/2022 11/2022 Code Note SRD AAD ASSETS: Current assets (100 = 110+ 120 + 130 + 140 + 150) 100 24,438,490,756,432 29,091,665,553,974 Cash and cash equivalents 0 Va 963,223,080,215 1,485,528,101,088 Cash ul 963,223,080,215 785,328,101,088 Cash equivalents n2 = 700,000,000,000 Short-term financial investments 120 14,300,000,000,000 _ 17,150,000,000,000 Held-to-maturity investments 123 V.4(@)_14,300,000,000,000 17,150,000,000,000 Accounts receivable — short-term 130 4,960,003,506,864 _4,881,050,852,605 Accounts receivable from customers 131_-V.2(a) 4,034, 906,182,552 3.910,791.447.986 Prepayments to suppliers 132 343'530,707231 ”'503.091.322,153/7- Other short-term reccivables 136 V.3(a) —581,784,316,513 466,467,801,899/-- of : Allowance for doubtful debts 137 V(b) (217,719,432) (199,719,431 | c su! Vx Inventories 140 VS 4,155,307,904,370 5,504,479,715,927\2\VIhTT Inventories Il V5 4,155,936,559.721 5,505,903,495,015 > Allowance for inventories 49 VS (628,655,351) (1,423,779,088) Other current assets 150 59,956,264,983 —_70,806,884,354 \ Short-term prepaid expenses 151 V.10(a)——24,057,546,361 25,896.767,875 \ Deductible value added tax 152 35,591.474.462 43,892.609,311 2) Taxes and others receivable from State * Treasury 153 307,244,160 1,017,507,168 The accompanying notes are an integral part of these separate financial statementsVietnam Dairy Products Joint Stock Company Separate statement of financial position as at 31 December 2022 (continued) Form B01- DN (issued under Circular No. 200-2014 TT-BTC dated 22 December 2014 of the Ministry of Finance) 31/12/2022 1/1/2022 Code Note ‘VND onD Long-term assets (200 = 210 +220+230 + 240+250+260) 200 18,471,249,400,014 18,721,759,532,606 Accounts receivable — long-term 210 6,276,333,595 7,296,641,595 Other long-term receivables 216 V30b) 6,276,333,595 7,296,641,595 Fixed assets 220 5,957,695,044,740 6,616,862,182,899 Tangible fixed assets 221 V6 —_5,898,789,886,746 _6,551,393,638,635 Cost 222 17,710,726,304,139 17,199,882,761,241 Accumulated depreciation 223 (11,811,936,417,393) (10,648, 489,122,606) Intangible fixed assets TENA 58,905,157,994 _65,468,544.264 Cost 228 188.566.907.328 186,837,358, 729 Accumulated amortisation 229 (129,661,749,334) —(121,368,814.465) Investment property 230 V8 57,009,873,998 59,310,244,215 Cost 31 94,843.066,430 94, 843,066,430 Accumulated depreciation 232 (37,833,192,432)_(35,532,822,215) 4 Long-term work in progress 240 431,377,363,957 _185,208,805,297 Construction in progress 22 V9 431,377,363,957 _185,208,805,297 Long-term financial investments 250 11,508,381,745,252 _ 11,334,370,695,528 Investments in subsidiaries 251 V(b) 11,081,375,027,824 10,892,473,154,284 Investments in associates, joint venture 252 V.4(b) —-466,772,541.244 423,397,541.244 Equity investments in other entities 253 V(b) 18,300,000,000 18,300,000,000 Allowance for diminution in the value of long-term financial investments 254 V(b) (58, 065,823,816) - Other non-current assets 260 510,509,038,472 _518,710,963,072 Long-term prepaid expenses 261 V.10(6) —475,523,835,011_491,563,442,161 Deferred tax assets 262 VIL 34,985,203,461 27,147,520.911 TOTAL ASSETS (270= 100 + 200) 270 42,909,740,156,446 47,813,425,086,580 The accompanying notes are an integral part of these separate financial statementsVietnam Dairy Products Joint Stock Company Separate statement of financial p. Code RESOURCES LIABILITIES (300 = 310) 300 Current liabilities 310 ‘Accounts payable to suppliers 31 Advances from customers 312 Taxes payable to State Treasury 313 Payables to employees 314 Accrued expenses. 315 Short-term uneamed revenue 318 Other short-term payables 319 Short-term borrowings 320 Provision ~ short-term 321 Bonus and welfare fund 322 EQUITY (400 = 410) 400 Owners’ equity 410 Share capital ail Share premium 42 Investment and development fund 418, Retained profits 42 + Retained profits brought forward 42a = Profit for the current year 216 TOTAL RESOURCES (440-300 +400) 440 Prepared by: 7 Le Thanh Liem Executive Director ~ Finance ‘cum Chief Accountant jon as at 31 December 2022 (continued) Form B 01-DN (issued under Circular No. 200 2014 TT-BIC dated 22 December 2014 of the Ministry of Finance) 31/12/2022 11/2022 Note ‘VND ‘VND 13,895,815,212,897 _15,812,637,654,901 13,895,815,212,897 15,812,637,654,901 V.123.901,119,801.262 3,915,640,848,439 105,814,052,380-32.471,606.369 V.13 566,227,916,640 623,876,128, 147 213,986,252,980 _223,816,609,679 V.141,485,763.640,577_1,694,150.849.920 4,161,405.120 3,983,400,698 V.152,967,973,261,360 __47,210.767,891 V.16 4,337,500,000,000 _8,838,700,000,000 VT 4,680,059,791 4,468,894,713 V.18 -308,588,822,787 428,318,548,845, 29,013,924,943,549 32,000,787,431,679 V.19 29,013,924,943,549 _32,000,787,431,679 V.20 20,899,554,450,000 20,899,554,450,000 23,225,734,296 23,225.734,296 5,200,576,149,6744,313,309,083,216 2,890,568,609,579 6,764,698. 164,167 1,853,302,868,417 1,558, 197,887,298 1,037,265,741,162 _5,206,500,276,869 42,909,740,156,446 _ 47,813,425,086,580 Mai Kiew Lien Chief Executive Officer The accompanying notes are an integral part of these separate financial statements WI eesVietnam Dairy Products Joint Stock Company Separate statement of income for the fourth quarter and the year ended 31 December 2022 Form B 02— DN Ussued under Circular No. 2002014 TT-BIC dated 22 December 2014 of the Ministry of Finance) ‘Three-month period ended Year ended Code Note 31/12/2022 31/12/2021 31/12/2022 31/12/2021 VND VND VND VND Revenue from sales of goods and provision of services oO ViI 12,470,583,745,002 —13,479,618,760,989 49,869,252,389,200 — 52,026,591,562,422 Revenue deductions oz VLA 2,077,269,534 5,194,167,160 73,839,902,301 —_59,773,850,633 ‘Net revenue (10 = 01 - 02) 10 VLA 12,468,506,475,468 — 13,474,424,593,829 49,795,412,486,899 — 51,966,817,711,789 Cost of sales iu V2 7,146,497,856,918 —7,303,943,381,375 27,909,144,765,418 — 27,773,728,042,223 Gross profit (20= 10-11) 20 5,322,008,618,550 6,170,481,212,454 _21,886,267,721,481 24,193,089,669,566 Financial income 21 VI3 404,112,367,111 271,496,669,444 1,443,129,938,701 1,276,735,010,639 Financial expenses 22 Vi4 244,041,549,940 92,434,964,065 636,558,977,965 201,673,288,964 In which: Interest expense 23 46,890,569,197 20,677, 267,201 149,625,184,839 90,588,614,063 Selling expenses 25 VLS 2,991,402,636,416 — 3,587,103,763,170 11,229,692,142,113 — 11,907,082,953,113 General and administration expenses 26 VL6 253,135,664.976 236,954,565,626 859,560,797,485 861,205,715,910 ‘Net operating profit ss a i 20? Oh 22). +26) 30 2297SALI34329 — 2,525,484,589,037 _10,603,585,742,619 _12,499,882,722,218 Other income 31 VL7 116,484,679,224 81,328,129,314 231,016,368,808 197,136, 118,633 ‘Other expenses: 32 VIB 4,673,062,652 2,564.962.210 100,977,091,808 7,560,007,211 eo oa pee 40 1U1,811,616,572 78, 763,167,104 130,039,277,000189,576,111,422 The accompanying notes are an integral part of these separate financial statements aii seesProducts Joint Stock Company Separate statement of income for the fourth quarter and the year ended 31 December 2022 (continued) Form B 02- DN (Assued under Circular No. 200°2014TT-BTC dated 22 December 2014 of the Ministry of Finance) Three-month period ended Year ended Code Note 31/12/2022 31/12/2021 31/12/2022 31/12/2021 VND VND VND VND Profit before tax (50 = 30 + 40) 50 2,349,352,750,901 2,604,247,756,141 10,733,625,019,619 — 12,689,458,833,640 Income tax expense — current 51 VIO 449,174,238,124 487,682,191,804 1,868,792,037,591 2,264,960,378,374 Income tax benefit - deferred 52 «ViL10 (39,223,890,384) (27,384,469,261) (7,837,682,550) (2,293,350,191) Net profit after tax (60 = 50 - 51 - 52) 60 1,939,402,403,161 2,143,950,033,398 8,872,670,664,578 — 10,426,791,805,457 30 January 2023 Prepared by: 4 LiL, @\ VIET NAM Ly Le Thanh Liem Mai Kieu Lien Executive Director ~ Finance Chief Executive Officer ‘cum Chief Accountant ‘The accompanying notes are an integral part af these separate financial statementsVietnam Dairy Produets Joint Stock Company Separate statement of cash flows for the year ended 31 December 2022 (Indirect method) Form B 03- DN (issued under Circular No. 2002014 TF-BTC dated 22 December 201+ of the Ministry of Finance) 2022 2021 Code Note be _ CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax o 10,733,625,019,619 12,689,458,833,640 Adjustments for Depreciation and amortisation 02 1,249,736,045,959 1,317,532,474,171 Allowances and provisions: 03 67,462,168,094 (3,038,947,636) Exchange losses/(gains) arising from revaluation of monetary items denominated in foreign currencies 04 3,002,317,661 (119,065,420) (Gainy/losses from dissolution of a subsidiary 05 (12,754,819) 23,499,507,697 ; Gains on disposal/write-off of fixed assets and construction in progress 05 (5,595,126,295) (2,005, 107,062) Dividends and interest income 05 (1,297307.739410) (1,191,547,940,391) Interest expense 06 149,625,184,839 90,588,614,063 . Other adjustments 07 = 422,000,000) oar Profit before changes in working gg 10,900,535,095,648 12,924,246,368,862 Change in receivables 09 (56,566,870,405) — (387,486,891,309) Change in inventories. 10 1,349,275,220,350 (1,649,105,258,060) Change in payables and other liabilities i (449,318,621,250) 1,174,824,717,033 ‘Change in prepaid expenses 12 19,396,259.792, (32,480, 153,371) Interest paid 4 (125,496 ,846.981) (77,432,499,477) Income tax paid 15 V.13 (1,903,065,886.321) (2,309,255,974,985) - Other payments for operating activities 7 (1,016,267,380,509) (1,102,999.990,763) Net cash flows from operating activities 20 8,718,490,970,324 — 8,540,310,317,928, CASH FLOWS FROM INVESTING ACTIVITIES Payments for additions to fixed assets and other long-term assets a (683,778,793,315) _(372,548,541,227) Receipts from disposals of fixed assets 2 92,192,250,151 5,707,380,523 Payments for term deposits 2B = (1,850,000,000,000) Receipts from term deposits 2B 2,850,000,000,000 - Payments for investments in other entities 25, (232,076,873,540) (866,407,506,233) Collections on dissolution of a subsidiary 26 782,809,226 _42,193,587.896 Receipts of interest and dividends 2” 1,281,524,745,697 1,134,159.447.441 Net cash flows from investing activities 30 3,308,644,138,219 (1,906,895,631,600) The accompanying notes are an integral part of these separate financial statementsVietnam Dairy Products Joint Stock Company Separate statement of cash flows for the year ended 31 December 2022 (Indirect method — continued) Form B 03—DN (Issued under Circular No. 200-2014 TT-BIC dated 22 December 2014 of the Ministry of Finance) 2022 2021 Code Note ona nn (CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from sale of treasury shares 31 = 34,870,690,416 Proceeds from borrowings 33 5,502,500,000,000 — 8,838,700,000,000 Payments to settle loan principals 34 (10,003,700,000.000) (6,960,536,000,000) Payments of dividends 36 (8,046,328,463.250) (7,523,560,503,000) Net cash flows from financing activities 40 (12,547,528,463,250) (5,610,525,812,584) Net cash flows during the year a (e0-20430+-40) 50 (520,393,354,707) 1,022,888,873,744 Castland caatleanivalens 60 1,485;328,101,088_464,708,252,766 at the beginning of the year Effect of exchange rate fluctuations on cash and cash equivalents ‘Cash and cash equivalents at the end of the yearonsorebrely 70 V.1 963,223,080,215 1,485,328,101,088 1 (1,711,666,166) —_(2,266,025,422) 30 January 2023 Prepared by: Ue Le Thanh Liem Executive Director - Finance Chief Executive Officer cum Chief Accountant The accompanying notes are an integral part of these separate financial statements 10 4 g 22. Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 Form B 09- DN (issued under Circular No. 200 2014 TE-BIC dated 22 December 2014 of the Ministry of Finance) ‘These notes form an integral part of and should be read in conjunction with the accompanying separate financial statements, CORPORATE INFORMATION Ownership structure ietnam Dairy Products Joint Stock Company (“the Company”) is incorporated as a joint stock company in Vietnam, Major milestones related to the establishment and development of Vietnam Dairy Produets Joint Stock ‘Company (‘the Company”) are achieved as follows: * 20 August 1976; The Company was established on the basis of three dairy factories: Thong Nhat Dairy Factory, Truong Tho Dairy Factory, Dielac Powdered Milk Factory. 29 April 1993: Vietnam Dairy Products Company was established according to Decision No, 420/CNN/TCLD issued by the Ministry of Light Industry in form of a State- ‘owned Enterprise. * 1 October 2003: The Company was equitised from a State-owned Enterprise of the Ministry of Industry according to Decision No. 155/2003/QD-BCN. + 20 November 2003: The Company was registered as a joint stock company and began operating under Enterprise Laws of Vietnam and its Business Registration Certificate No. 4103001932 was issued by Ho Chi Minh City Planning and Investment Department. * 28 December 2005: The State Securities Commission of Vietnam issued Listed Licence No. 42/UBCK-GPNY. + 19 January 2006: The Company's shares were listed on Ho Chi Minh City Stock Exchange. Principal activities ‘The principal activities of the Company are to: = Process, manufacture and distribute milk cake, soya milk, fresh milk, refreshment drinks, bottled milk, powdered milk, nutritious powder and other products from milk = Trade in food technology, spare parts, equipment, chemicals and materials; = Trade in real estate, own or lease land use rights (according to Article no. 11.3 of 2014 Real Estate Law); "Trade in warehouse, yards: * Provide intemal transportation by cars for manufacturing and consuming own products, * Manufacture, sell and distribute beverages, grocery and processing foods, roasted-ground-filtered and instant coffe (not manufacturing and processing at the head office); * Manufacture and sell plastic, packaging (not at the head office): * Provide healthcare clinic services (not at the head office): I4, (a) Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B09—DN (Issued under Circular No. 200 2014 TT-BTC dated 22 December 2014 of the Ministry of Finance) "Raise cattle, cultivation: and * Retail sugar, milk and products from milk, bread, jam, candy and products processed from cereal, flour, starch and other food. Normal operating cycle ‘The normal operating cycle of the Company is generally within 12 months. Group structure As at 31 December 2022, the Company had 10 subsidiaries and 8 associates, 1 joint venture and dependent units (1/1/2022: the Company had 12 subsidiaries and 8 associates, 1 joint venture and dependent units) as follows: Subsi Name Location Principal a 31/12/2022 1/1/2022 Directly owned subsidiaries «Vietnam Dairy Cow 10 Tan Trao, Tan Phu Ward, Dairy cow raising 100.00% — 100.00% 058. ‘One Member District 7, Ho Chi Minh City Lo Limited Company f-; CONG * Thong Nhat Thanh Ward 1, Thong Nhat Town, Milk production and 100.0% 100.0008 ©°. Sy Hoa Dairy Cow One Yen Dinh District, Thanh Hoa cattle raising ic\ SU Member Limited Province ON Company OTR = Driftwood Dairy, No. 10724, Street Lower Azusa Milk production 100.00% — 100,00% Holding and El Monte Boulevards Corporation Intersection, Califomia 91731- 1390, United States «Angkor Dairy Lot P2-096 and P2-097, Phnom Milk production 100.00% — 100.00% Products Co., Lid. Perth Special Economic Zone (PPSEZ), National Highway 4, Khan Posenchey, Phnom Penh. Kingdom of Cambodia + Vinamilk Europe Ul, Gwiazdzista 7a/401-651 Dairy raw materials - 100.00% Spostka Z Warszawa, Poland and animal trading Ograniczona Odpowiedzialnoscia “Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B09- DN (issued under Circular No. 200 2014 TT-BIC dated 22 December 201+ of the Ministry of Finance) Name Location Principal activities _ Economic interest 31/12/2022 1/1/2022 * Vietnam Sugar Thuy Xuong Village, Suoi_ Sugar producing and 65.00% 65.00% Joint Stock Hiep Commune, Dien Khanh refining ‘Company District, Khanh Hoa Province = Lao-agro Boungvene Village, Pack Dairy cow raising 87.32% 85.54% Development District, Xiengkhouang and agricultural Xiengkhouang Co., Province, Lao PDR products trading Led. "Vietnam Livestock 519 Minh Khai, Vinh Tuy Manufacturing, 68.00% 55.87% Corporation — Joint Ward, Hai Ba Trung District, breeding, processing Stock Company Ha Noi City and trading of cattle ) and poultry products + Vibev Food and 10 Tan Trao, Tan Phu Ward, Producing ice cream 51.00% 51.00% Beverage Joint District 7, Ho Chi Minh City and beverages ‘Venture Company Limited s) © GTNFoods Joint 18" floor, A Tower, Handi ‘Manufacturing and - 75.00% Stock Company Resco Building, 521 Kim Ma, _ trading products from oy Ngoc Khanh Ward, Ba Dinh milk, tea and wine District, Ha Noi City Indirectly owned subsidiaries through Vietnam Livestock Corporation — Joint Stock Company Moc Chau Dairy Km194 Moc Chau Farm Town, Processing of milk 49.17% 47.12% Cattle Breeding _-Phieng Luong, Moc Chau, Son’ and dairy products Joint Stock La Company (**) = Japan Vietnam 519 Minh Khai, Vinh Tuy ‘Importing, 34.68% 28.49% Livestock Ward, Hai Ba Trung District, processing and Company Limited Ha Noi trading beef products o (*) On 19 November 2020, the Company’s Board of Directors approved the resolution to dissolve this subsidiary. The dissolution was completed in 2022. () On 14 March 2022. the entire shares of GINFoods Joint Stock Company owned by the Company were swapped with 117,187,500 shares of Vietnam Livestock Corporation ~ Joint Stock Company. Thereafter, GTNFoods Joint Stock Company was merged into Vietnam Livestock Corporation ~ Joint Stock Company After these transactions, the Company directly owned 68% equity interest in Vietnam Livestock Corporation ~ Joint Stock Company and the effective economic interest of the Company in Moc Chau Dairy Cattle Breeding Joint Stock Company and Japan Vietnam Livestock Company Limited has been changed (***) On 30 November 2022, the Company's Board of Directors approved the resolution to dissolve this subsidiary. At as 31 December 2022, the dissolution was not completed. 1B(b) “ Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B09- DN (issued under Circular No. 200 2014 TT-BTC dated 22 December 2014 of the Ministry of Finance) Associates and joint venture Name Location Principal activities _ Economic interest 31/12/2022 1/1/2022 Directly owned associates, joint venture " Miraka Holdings 108 Tuwharetoa, Taupo, Milk production 16.96% 22.81% Limited (*) New Zealand * APIS Corporation No. 18A, VSIP I-A, 27 Street, Food raw materials 20.00% 20.00% Viet Nam - Singapore I-A trading Industrial Zone, Vinh Tan Ward, Tan Uyen District, Binh Duong Province Asia Coconut Giao Long Industrial Zone, Coconut-based 24.96% — 25.00% Processing Joint Phase II, An Phuoc Commune, products Stock Company Chau Thanh District, Ben Tre manufacturing and cry Province, Vietnam trading + Del Monte ~ IV Campos Centre, 9" Avenue Importing and trading 50.00% 50.00% Vinamilk Dairy comer, 30" Street, Bonifacio milk and dairy Inc. Philippines Global City, Taguig City, products Philippines In 2022, Miraka Holdings Limited has increased its capital. Other investors have contributed additional ‘capital to this entity: however, the Company has not contributed additional capital accordingly. As a result, the Company's ownership in this entity has decreased from 22.81% to 16.96%. Miraka Holdings Limited is still considered as an associate of the Company because the Company has significant influence over the financial and operation activities of this entity through the right to appoint a member in the Board of Directors of the entity (**) On 19 January 2022, the Company purchased 3,090,000 additional shares in total of 12,380,000 shares © issued by Asia Coconut Processing Joint Stock Company for a consideration of VND30.900 million. As the result, the Company's equity interest in Asia Coconut Processing Joint Stock Company decreased from 25.00% to 24.96%. estock Corporation — Joint Stock Company Indirectly owned associates through Vietnam Asat 31 December 2022, there were 5 associates indirectly owned through Vietnam Livestock Corporation Joint Stock Company (1/1/2022: 5 associates indirectly owned through GTNFoods Joint Stock Company), Dependent units: Sales branches: 1/ Vietnam Dairy Products Joint Stock Company's Branch in Ha Noi ~ 11th Floor, Tower B, Handi Resco Building, 521 Kim Ma, Ngoc Khanh Ward, Ba Dinh District, Ha Noi City. “4Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B 09 - DN (ssued under Circular No. 200 2014 TT-BTC dated 22 December 2014 of the Ministry of Finance) 2/ Vietnam Dairy Products Joint Stock Company’s Branch in Da Nang ~ 7th Floor, Danang Post Office Tower, 271 Nguyen Van Linh, Vinh Trung Ward, Thanh Khe District, Da Nang City 3/ Vietnam Dairy Products Joint Stock Company's Branch in Can Tho - 77-77B Vo Van Tan, Tan An Ward, Ninh Kieu District, Can Tho City. Manufacturing factories: \/. Thong Nhat Dairy Factory ~ 12 Dang Van Bi, Thu Duc District, Ho Chi Minh City. 21. Truong Tho Dairy Factory — 32 Dang Van Bi, Thu Duc District, Ho Chi Minh City. 3/, Dielae Dairy Factory — Bien Hoa I Industrial Park, Dong Nai Province. 4/ Can Tho Dairy Factory - Tra Noe Industrial Park, Can Tho City. 3/, Sai Gon Dairy Factory - Tan Thoi Hiep Industrial Park, District 12, Ho Chi Minh City 6/ Nghe An Dairy Factory ~ Sao Nam Street, Nghi Thu Commune, Cua Lo Town, Nghe An Province. 7) Binh Dinh Dairy Factory ~ 87 Hoang Van Thu, Quang Tring Ward, Quy Nhon City. Binh Dinh, Province. 8/ Vietnam Beverage Factory ~ My Phuoc Il Industrial Park, Binh Duong Province 9), Tien Son Dairy Factory ~ Tien Son Industrial Park, Bac Ninh Province. 10/ Da Nang Dairy Factory - Hoa Khanh Industrial Park, Da Nang City. 11/ Vietnam Powdered Milk Factory — 9 Tu Do Boulevard — Vietnam-Singapore Industrial Park, Thuan ‘An District, Bin Duong Province. 12/ Vietnam Dairy Factory ~ My Phuoe [l Industrial Park, Binh Duong Province. 13/ Lam Son Dairy Factory — Le Mon Industrial Zone, Thanh Hoa City. Thanh Hoa Province. Warehouses: 1/ Ho Chi Minh Logistic Enterprise ~ 32 Dang Van Bi, Thu Duc District, Ho Chi Minh City Duong Xa Commune, Gia Lam District, Ha Noi City. 2/ Hanoi Logistic Enterprise ~ Km 10 Highway 5, Clinics 1/ An Khang Clinic - Pharmacy - 184-186-188 Nguyen Dinh Chieu, Ward 6, District 3, Ho Chi Minh City. Raw milk center: 1/ Branch of Vietnam Dairy Products Joint Stock Company's - Cu Chi Raw Milk Center - Lot B14-1, B14-2 D4, Dong Nam Industrial Zone, Hoa Phu Commune, Cu Chi District, Ho Chi Minh City. Asat 31 December 2022, the Company had 5,633 employees (1/1/2022: 5.734 employees). neVietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B 09- DN (ssued under Circular No. 200.2014 TT-BIC dated 22 December 2014 of the Ministry of Finance) II. ACCOUNTING YEAR AND ACCOUNTING CURRENCY 1, Annual accounting period ‘The annual accounting period of the Company is from I January to 31 December. 2, Accounting and presentation currency ‘The Company's accounting currency is Vietnam Dong ("VND"), which is also the currency used for separate financial statement presentation purpose. All amounts have been presented in VND, unless otherwise indicated in note VIT.1 Il, ACCOUNTING STANDARDS AND SYSTEM. 1, Statement of compliance ‘The separate financial statements have been prepared in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System for enterprises and the relevant statutory requirement applicable to financial reporting. The Company prepares and issues its consolidated financial statements separately. For a comprehensive understanding of the Company's consolidated financial position, consolidated results of operations and its consolidated cash flows, these separate financial stalemep9/“ should be read in conjunction with the consolidated financial statements. {s/f \exvier N 2. Basis of measurement ~_ accrual basis using the historical cost concept. The separate statement of cash flows is prepared using the indirect method. \ Accounting form ‘The Company applies computerised accounting form. IV. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ‘The following significant accounting policies have been adopted by the Company in the preparation of these separate financial statements. ‘The accounting policics that have been adopted by the Company in the preparation of these separate financial statements are consistent with those adopted in the preparation of the latest separate annual financial statements, 1. Foreign currency transactions ‘Transactions in currencies other than VND during the year have been translated into VND at actual rates of exchange ruling at the transaction dates.2. fa) b) Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B 09- DN (issued under Circular No. 200 2014 TT-BTC dated 22 December 2014 of the Ministry of Finance) Monetary assets and liabilities denominated in currencies other than VND are translated into VND at the account transfer buying rate and account transfor selling rate, respectively, at the end of the accounting, ‘year quoted by the commercial bank where the Company most frequently conducts transactions and has the largest outstanding balance of foreign currencies at the end of the annual accounting period. Alll foreign exchange differences are recorded in the separate statement of income, Cash and cash equivalents Cash comprises cash balances and call deposits. Cash equivalents are short-term highly liquid investments that are readily convertible to known amount of cash, are subject to an insignificant risk of changes in value, and are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. Investments Held-to-maturity investments Held-to-maturity investments are those that the Company’s Board of Management has intention and ability to hold until maturity. Held-to-maturity investments include term deposits at bank and comporate bonds. ‘These investments are stated at costs less allowance for diminution in the value. Held-io-maturity investments classified as monetary items denominated in foreign currencies are revaluated at actual exchange rate at the reporting date. Investments in subsidiaries and associates, joint venture Subsidiaries are those entities in which the Company has control over the financial and operating policies, generally evidenced by holding more than half of voting rights. In assessing control, exercisable potential voting rights are taken into account. Associates are those entities in which the Company has significant influence, but not control, over the financial and operating policies. Joint ventures are those entities over whose activities the Company has joint control, established by contractual agreement and requiring unanimous consent for strategic financial ‘and operating decisions. Associates and joint ventures are entities in which the Company normally holds 20% to 50% of voting rights in these entities. For the purpose of these separate financial statements, investments in subsidiaries and associates, joint venture are initially recognised at cost which includes purchase price plus any directly attributable transaction costs, Subsequent to initial recognition, these investments are stated at cost less allowance for diminution in value. An allowance is made for diminution in investment value if the investee has suffered a loss which may cause the Company to lose its invested capital, unfess there is evidence that the value of the investment has not been diminished. The allowance is reversed if the investee subsequently made a profit that offsets the previous loss for which the allowance had been made. An allowance is reversed only to the extent that the investment’s carrying amount does not exceed the carrying amount that would have been determined if no allowance had been recognised. Nov© Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B 09- DN (Issued under Circular No. 200 2014 T1-BIC dated 22 December 2014 of the Ministry of Finance) In case the Company dissolves the subsidiary and merges all assets and liabilities of the subsidiary into the Company (the Company inherits all the rights and obligations of the subsidiary), the Company reduces the carrying amount of the investment in the subsidiary and records all assets and liabilities of the dissolved subsidiary in the separate financial statement of the Company at fair value at the date of the merger. The difference between the cost of an investment in a subsidiary and the fair value of the asset and liability is recognised in financial income or expense Investment in equity instruments of other entities Investment in equity instruments of other entities are initially recognised at cost which include purchase price plus any directly attributable transaction costs. Subsequent to initial recognition, these investments are stated at cost less allowance for diminution in value. An allowance is made for diminution in investment values if the investee has suffered a loss which may cause the Company to lose its invested capital, unless there is evidence that the value of the investment has not been diminished. The allowance is reversed if the investee subsequently made a profit that offsets the previous loss for which the allowance had been made An allowance is reversed only to the extent that the investment’s carrying amount does not exceed the carrying amount that would have been determined if no allowance had been recognised. Accounts receivable Accounts receivable are monitored in detail of receivable terms, receivable partic, original currency and other factors depending on the Company”s managerial requirements. Accounts receivable from customers include trade receivables arising from buying-selling transactions. Other receivables include non-trade receivables, not related to buying-selling transactions. Accounts receivable are classified as short-term and long-term in the separate statement of financial position based on the remaining period of these receivables at the reporting date. ‘Trade and other receivables are stated at cost less allowance for doubtful debts. Allowance for doubtful debts is made for each doubtful debt based on overdue days in payment of principals according to initial debt commitment (exclusive of the debts rescheduling between contracting parties). or based on expected Joss that may arise. ‘Trade and other receivables classified as monetary items denominated in foreign currencies are revaluated at actual exchange rate at the reporting date. Inventories Inventories ae stated atthe lower of cost and nct realisable valuc. Costs determined on a weighted average basis and includes all costs incurred in bringing the inventories to their present location and condition. Cost in the case of finished goods and work in progress includes raw materials, direct labour and attributable manufacturing overheads. Net realisable value is the estimated selling price of inventory items, less the estimated costs of completion and estimated costs to sell. The Company applies the perpetual method of accounting for inventories. 18 wan6 @) () 1, @ (b) Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B 09- DN (issued under Circular No. 200 2014 TT-BTC dated 22 December 2014 of the Ministry of Finance) Tangible fixed assets Cost Tangible fixed assets are stated at cost less accumulated depreciation, The initial cost of a tangible fixed asset comprises its purchase price, including import duties, non-refundable purchase taxes and any directly attributable costs of bringing the asset to its working condition for its intended use, and the costs of dismantling and removing the asset and restoring the site on which it is located. Expenditure incurred after tangible fixed assets have been put into operation, such as repair and maintenance and overhaul cost, is charged to the separate statement of income in the year in which the costs are incurred. In situations where it can be clearly demonstrated that the expenditure has resulted in an inerease in the future economic benefits expected to be obtained from the use of tangible fixed assets beyond their originally assessed standard of performance, the expenditure is capitalised as an additional cost of tangible fixed assets. Depreciation Depreciation is computed on a straight-line basis over the estimated useful lives of tangible fixed assets ‘The estimated useful lives are as follows: * buildings and structures 3 ~50 years + machinery and equipment 2-15 years motor vehicles 4-10 years * office equipment 2-10 years Intangible fixed assets Land use rights Definite life land use rights are stated at cost less accumulated amortisation. The initial cost of land use rights comprises its purchase price and any directly attributable costs incurred in conjunction with securing, the land use rights. Amortisation is computed on a straight-line basis over the valid term of land use rights certificate Indefinite life land use rights are stated at cost and not amortised. Software Cost of acquiring of new software, which is not an integral part of the related hardware, is capitalised and treated as an intangible asset. Software is amortised on a straight-line basis over 2~ 8 years. 19 a a oe8. (a) (b) 10. @ () Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B 09- DN (Assued under Circular No. 200 2014 TT-BTC dated 22 December 2014 of the Ministry of Finance) Investment property Cost Investment property held to eam rental is stated at cost less accumulated depreciation. The initial cost of an investment property held to eam rental comprises its purchase price, cost of land use rights and any directly attributable expenditure of bringing the property to the condition necessary for it to be capable of ‘operating in the manner intended by the Board of Management, Expenditure incurred after the investment property held to ear rental has been put into operation, such as repair and maintenance, is charged to the ‘separate statement of income in the year in which the expenditure is incurred. In situations where it can be clearly demonstrated that the expenditure has resulted in future economic benefits in excess of the originally assessed standard of performance of the existing investment property held to cam rental, the expenditure is capitalised as an additional cost of the investment property. Depreciation Depreciation is computed on a straight-line basis over the estimated useful lives of investment prope held to eam rental. The estimated useful lives are as follows, definite life land use rights 49 years infrastructure 8— 10 years = buildings 6-50 years Construction in progress ‘Construction in progress represents the costs of tangible and intangible fixed assets which have not been fully completed or installed. No depreciation is provided for construction in progress during the year of construction and installation. Prepaid expenses Prepaid land costs Prepaid land costs comprise prepaid land lease rentals, including those for which the Company obtained land use rights certificate but are not qualified as intangible fixed assets under prevailing laws and regulations, and other costs incurred in conjunction with securing the use of leased land. These costs are recognised in the separate statement of income on a straight-line basis over the term of the lease. Tools and instruments Tools and instruments include assets held for use by the Company in the normal course of bus costs of individual items are less than VND30 million and therefore not qualified for recogni asscts under prevailing regulation. Cost of tools and instruments are amortised on a straight-line basis over 1~5 years. 20(e) u. 12, 13. Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B09-DN (Issued under Circular No, 200 2014 TT-BTC dated 22 December 2014 of the Ministry of Finance) Others Others are recorded at cost and amortised on a straight-line basis over their economic useful lives of | - 3 years, Trade and other payables Accounts payable are monitored in details by payable terms, payable parties, original currency and other factors depending on the Company's managerial requirements. Accounts payable to suppliers include trade payables arising from transaction of buying-selling transactions and payables for import through entrustees import entrustment transactions). Other payables include non-trade payables, not related to buying- selling transactions. Accounts payable are classified as short-term and long-term in the separate statement of financial position based on the remaining period of these payables at the reporting date. ‘Trade and other payables are stated at their cost. Trade and other payables classified as monetary items denominated in foreign currencies are revaluated at actual exchange rate at the reporting date. Accrued expenses ‘Accrued expenses include those made for goods, services received from suppliers in the accounting year ‘but not yet paid due to the lack of receipts or supporting documents, are recognised as manufacturing and ‘operating expense in the reporting year based on the term stated in the respective contracts, Provisions A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and itis probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific Severance allowance Under the Vietnamese Labour Code, when an employee who has worked for 12 months or more (‘the ligible employees”) voluntarily terminates his/her labour contract. the employer is required to pay the eligible employee severance allowance calculated based on years of service and employee's compensation at temnination. Provision for severance allowance has been provided based on employees’ years of service and their average salary for the six-month period prior to the end of the annual accounting period. For the purpose of determining the number of years of service by an employee, the period for which the employee participated in and contributed to unemployment insurance in accordance with prevailing laws and regulations and the period for which severance allowance has been paid by the Company are excluded 21 t14, fa) (b) 15, Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B 09— DN (Issued under Circular No. 200 2014 1T-BTC dated 22 December 201-4 of the Ministry of Finance) Share capital Ordinary shares Ordinary shares are stated at par value, Excess of cash received from share issues over par value is recorded as share premium. Incremental costs directly attributable to the issue of shares, net of tax effects. are recognised as a deduction from share premium. Repurchase and reissue of ordinary shares (treasury shares) ‘Treasury shares are recognised only in respect of repurchased shares which are aggregated fractions of the share arising when the company issues shares to pay dividends or issues shares from equity reserves in accordance with an approved issuance plan, or repurchased odd-lots of shares as requested by the shareholders. In all other cases, when shares recognised as equity are repurchased, their par value amount is recognised as a reduction to share capital. The difference between the par value and the amount of the ‘consideration paid, which includes directly attributable costs, net of tax effects, is included in share premium. Taxation Income tax on the unconsolidated profit or loss for the year comprises current and deferred tax. Income tax is recognised in the separate statement of income except to the extent that it relates to items recognised directly to equity, in which case itis recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the end of the annual accounting period, and any adjustment to tax payable in respect of previous years. Deferred tax is provided using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities using the tax rates enacted or substantively enacted at the end of the annual accounting period, A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax assets are reduced to the ‘extent that itis no longer probable that the related tax benefit will be realised. 2 ane.16. @) (b) © @) © © Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B09- DN (ssued under Circular No. 2002014 TT-BIC dated 22 December 2014 of the Ministry of Finance) Revenue and other income Goods sold Revenue fiom the sale of goods is recognised in the separate statement of income when significant risks and rewards of ownership have been transferred to the buyer. No revenue is recognised if there are significant uncertainties regarding recovery of the consideration duc or possible retum of goods. Revenue ‘on sales of goods is recognised at the net amount after deducting sales discounts stated on the invoice. Services rendered Revenue from services rendered is recognised in the separate statement of income in proportion to the stage ‘of completion of the transaction at the end of the annual accounting period. The stage of completion is assessed by reference to surveys of work performed. No revenue is recognised if there are significant uncertainties regarding recovery of the consideration due. Rental income Rental income from leased property is recognised in the separate statement of income on a straight-line basis over the term of the lease, Lease incentives granted are recognised as an integral part of the total rental income. Interest income Interest income is recognised on a time proportion basis with reference to the principal outstanding and the applicable interest rate. Dividend income Dividend income is recognised when the right to receive dividend is established. Income from disposal of short-term and long-term financial investments Income from disposal of short-term and long-term financial investments is recognised in the separate statement of income when significant risks and rewards of ownership have been transferred to the buyer. Significant risks and rewards of ownership have been transferred upon the completion of trading, transaction (for listed securities) or the completion of the agreement on transfer of assets (for non-listed securities). 23 «17. 18. 19, 20. 2. Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B 09— DN (issued under Circular No. 200 2014 TT-BTC dated 22 December 2014 of the Ministry of Finance) Revenue deductions ‘Revenue deductions included sales discounts, sales allowances and sales returns. In case goods were sold or services were provided during the reporting period but the related sales discounts, sales allowances or sales retums occur in the following period, revenue deductions are recognised in the reporting period only if'such payments incur prior to the issuance of the separate financial statements, Cost of sales Cost of sales comprise the cost of products, goods and services provided during the year and is recognised corresponding to revenue. For cost of direct raw materials consumed which is over the normal level, labout sales (after deducting compensations, if any) even if products and goods are not yet determined t consumed. Operating lease payments Payments made under operating leases are recognised in the separate statement of income on a straight line basis over the term of the lease. Lease incentives received are recognised in the separate statement of income as an integral part of the total lease expense. over the term of the leases, Borrowing costs Borrowing costs are recognised as an expense in the year in which they are incurred, except where borrowing costs relate to borrowings in respect of the construction of qualifying assets, in which case the borrowing costs incurred during the period of construction are capitalised as part of the cost of the assets, ‘concemed, Dividend distribution “The Company's net profit after tax is available for appropriation to shareholders as dividends after approval by shareholders at the Company"s Annual General Meeting and after making appropriation to reserve funds in accordance with the Company's Charter. Dividends are declared and paid based on the estimated camings of the year. Final dividends are declared and paid in the following year from undistributed eamings based on the approval of shareholders at the Company's Annual General Meeting. 242. 2. 24, 28, Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B 09— DN (issued under Circular No. 200 2014 TT-BTC dated 22 December 2014 of the Ministry of Finance) Funds Appropriation to funds is made in accordance with the Company's Charter as follows: = Bonus and welfare fund 10% of profit after tax * Investment and development fund 10% of profit after tax Utilisation of the above funds requires approval of the shareholders, the Board of Directors or the Chief Executive Officer, depending on the nature and magnitude of the transactions involved as stated in the Company's Charter. Segment reporting ‘A segment is a distinguishable component of the Company that is engaged either in providing related products or services (business segment), or in providing products or services within a particular economic ‘environment (geographical segment), which is subject to risks and rewards that are different from those of other segments. The Company's primary format for segment reporting is based on geographical segments. Related parties Enterprises and individuals that directly, or indirectly through one or more intermediaries, control or are controlled by. or under common control with, the Company. including holding companies, subsidiaries and fellow subsidiaries are related parties of the Company. Associates and individuals owning, directly or indirectly, an interest in the voting power of the Company that gives them significant influence over the enterprises, key management personnel, including directors and officers of the Company and close members of the family of these individuals and companies associated with these individuals also constitute related parties. Comparative information in these separate financial statements are presented as corresponding figures. Under this method, comparative information for the prior year are included as an integral part of the current ‘year separate financial statements and are intended to be read only in relation to the amounts and other disclosures relating to the current year. Accordingly, the comparative information included in these separate financial statements is not intended to present the Company’s separate financial position, results of operation or cash flows for the prior yearL uw fa) Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B09- DN (issued under Circular No. 200 2014 TT-BTC dated 22 December 2014 of the Ministry of Finance) SUPPLEMENTARY INFORMATION TO ITEMS DISCLOSED IN THE SEPARATE STATEMENT OF FINANCIAL POSITION Cash and cash equivalents 31/12/2022 1/1/2022 YND ND Cash on hand 386,468,577 455,909,074 ‘Cash in banks 962,836,611,638 784,872, 192,014 Cash equivalents + 700,000,000,000 963,223,080,215 1,485,328,101,088 Accounts receivable from customers Accounts receivable from related parties 31/12/2022 1/1/2022 ND VND Subsidiaries Angkor Dairy Products Co., Lid 84,465,018,006 _79,812.842,492 Driftwood Dairy Holding Corporation 4,265,987,913 5,601,862,744 ‘Vibev Food and Beverage Joint Venture Company Limited 1.907.785 1,814.591,023 Moc Chau Dairy Cattle Breeding Joint Stock Company 768,394,576 195,108,914 Vietnam Dairy Cow One Member Limited Company 24,133,600 70,292,800 ‘Thong Nhat Thanh Hoa Dairy Cow One Member Limited Company 60,259,183 52,950,360 Japan Vietnam Livestock Company Limited 135,616,800 : Joint venture, associate Del Monte ~ Vinamilk Dairy Inc., Philippines 17,188,093,712 - APIS Corporation 138,433,666 - ‘The trade related amounts due from the related parties were unsecured, interest free and receivable within 30 days from invoice date. 26Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B 09- DN (issued under Circular No, 200.2014 TT-BIC dated 22 December 2014 of the Ministry of Finance) (b) Allowance for doubtful debts Movements of allowance for doubtfal debts during the year were as follows: 2022 2021 VND VND Opening balance (199,719,432) (199,719,432) Increase in allowance during the year (18,000,000) pe Closing balance (217,719,432) (199,719,432) 3. Other receivables (a) Other short-term receivables : 31/12/2022 1/1/2022 VND VND Interest income from deposits 345,252,739,731 326.869.726.018 3 Dividends fa 2,600,000,000 Receivables from employees 375,197,763 655,426,020 Advances to employees 2,105,573,728 1,604.576,509 Short-term deposits 172,000,000, 262.000,000 Import tax refundable: 2,555,575,760 4,664,338,506 Rebate income receivable from suppliers 214,341,684,142—127,674,110,589 Others 16,981,545,389 —-2,137,624.256 581,784,316,513 466,467,801,898 (b) Other long-term receivables 31/12/2022 1/1/2022 ‘ND ND Long-term deposits 3,276,333,595 3,296,641,595 Others 3,000,000,000 4,000,000,000 6,276,333,595 7,296 641,595, 7(a) Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B 09-DN (Assued under Circular No. 200-2014 TT-BTC dated 22 December 2014 of the Ministry of Finance) Investments Held-to-maturity investments 31/12/2022 1/1/2022 VND VND Held-to-maturity investments — short-term * term deposits 14,300,000,000,000 17,150,000,000.000 28b) ‘Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Long-term financial investments % of direct equity owned and voting rights Investments in subsidiaries * Vietnam Dairy Cow One Member 100.00% Limited Company = Driftwood Dairy Holding Corporation —_100,00% * Angkor Dairy Products Co,, Lid 100.00% * Thong Nhat Thanh Hoa Dairy Cow 100.00% ‘One Member Limited Company * Vietnam Sugar Joint Stock Company 65.00% * Lao-Jagro Development 87.32% Xiengkhouang Co., Ltd. () * GTNFoods Joint Stock Company (ii) 2 * Viemam Livestock Corporation. 68.00% Joint Stock Company (ii) * Moc Chau Dairy Cattle Breeding Joint 8.85% Stock Company * Vibev Food and Beverage Joint 51.00% ‘Venture Company Limited 31/12/2022 Cost ND 2,250,780,000,000 458,395,918,429 464,289,241,751 1,181,682,699,703 1,253,306,061,273 1,543,008,591,832 3,447,33 1,944,836 271,647,015,000 204,933,555,000 11,081,375,027,824 Form B09~ DN (issued under Cireular No. 200:2014.TT-BTC dated 22 December 201-4 of the Ministry of Finance) 2022, Allowance for % of direct Allowance for Fair diminution in equity owned Fair diminution in value value and voting Cost value value VND VND rights ND VND VND “ = 100.00% — 2,250,780,000,000 (+) : “ = 100.00% 458,395,918,429 (+) - ° = 100.0% — 464,289,241,751 ¢*) ; “ = 100.0% 1,181,682,699,703 (*) : “ = 65.00% — 1,253,306,061,273 (*) 5 “ = 85.54% —1,354,106,718,292 (+) : “ = 75.00% — 3,447,331,944,836 (*) : “ : : és = o = 8.85% —— 277,647,015,000 (*) 7 (*) (98,065,823,816) 51.00% — 204,933,555,000 (+) : (58,065,823,816) 10,892,473,154,284 - 29Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B09- DN (ssued under Circular No. 200 2014.TT-BTC dated 22 December 2014 of the Ministry of Finance) 31/12/2022 11/2022 % of direct Allowance for % of direct Allowance for equity owned Fair diminution in equity owned Fair diminution in and voting Cost value value and voting Cost value value rights VND VND VND rights VND VND VND Investment in associates, joint venture * Miraka Holdings Limited (iii) 16.96% 293,189,808,669 (*) - 22.81% 293, 189,808,669 (*) * * APIS Corporation 20.00% 20,350,000,000 (*) - 20.00% 20,350,000,000 (*) - * Asia Coconut Processing Joint Stock 24.96% 117,730,000,000 (*) 25.00% 86,830,000,000 (*) - Company (iv) * Del Monte ~ Vinamilk Dairy Inc., 50.00% 35,502,732,575 (*) - 50.00% (23,227,732,575 (*) r Philippines (v) 466,772,541,244 - 423,597,541,244 7 Equity investment in other entities 7 Z = a * Asia Saigon Food Ingredients Joint 14.71% 18,000,000,000 7 14.71% 18,000,000.000 (*) ha Stock Company * An Khang Clinic ~ Pharmacy 300,000,000 - 300,000,000 (*) - 18,300,000,000 oa 18,300,000,000 a 11,366,447,569,068 (58,065,823,816) 11,334,370,698,528 -) i) (ii) (iv) @) Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B 09- DN (issued under Circular No. 200 2014 TT-BIC dated 22 December 2014 of the Ministry of Finance) At the reporting date, the Company has not determined fair values of these financial instruments for disclosure in the separate financial statements because information about their market prices is not available and there is currently no guidance on determination of fair value using valuation techniques under the Viemamese Accounting Standards or the Vietnamese Accounting System for enterprises. The fair values of these financial instruments may differ from their carrying amounts. On 9 March 2022, the Company contributed additional capital amounting to USD8,220,273 (equivalent to VND188.902 million) to Lao-Jagro Development Xiengkhouang Co., Lid. As the result, the Company's ownership in Lao-Jagro Development Xiengkhouang Co., Ltd increased from 85.54% to 87.32% as other investors did not continue to contribute capital to this subsidiary. On 14 March 2022, the entire shares of GTNFoods Joint Stock Company owned by the Company were swapped with 117,187,500 shares of Vietnam Livestock Corporation ~ Joint Stock Company. Thereafter, GTNFoods Joint Stock Company was menged into Vietnam Livestock Corporation — Joint Stock Company. After these transactions, the Company directly owned 68% equity interest in Vietnam Livestock Corporation ~ Joint Stock Company In 2022, Miraka Holdings Limited has increased its capital. Other investors have contributed additional capital to this entity: however, the Company has not contributed additional capital accordingly. Asa result, the Company's ownership in this entity has decreased from 22.81% to 16.96%. Miraka Holdings Limited is still considered as an associate of the Company because the Company has significant influence over the financial and operation activities of this entity through the right to appoint a member in the Board of Directors of this entity, On 19 January 2022, the Company purchased 3,090,000 additional shares in total of 12,380,000 shares issued by Asia Coconut Processing Joint Stock Company for a consideration of VND30,900 million. As the result, the Company's equity interest in Asia Coconut Processing Joint Stock Company decreased from 25.00% to 24.96%, On 20 October 2022, the Company contributed additional capital amounting to VND12,275 million (equivalent to USD500,000) to Del Monte ~ Vinamilk Dairy Inc., Phillipines. Movements in the allowance for diminution in value of long-term investments during the year were as follows: 2022 2021 ND ND Opening balance = (7,620,478,814) Increase in allowance during the year (58,065,23.816) Allowance written back during the year Closing balance - — 7,620,478,814 (58,065,823,816) : 35. Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B 09 - DN (Issued under Circular No. 2002014 TT-BTC dated 22 December 2014 of the Ministry of Finance) Inventories 31/12/2022 11/2022 Cost Allowance Cost Allowance VND VND ND ‘VND Goods in transit 802,654,760,487 = 1,061,772,742,975 - Raw materials 2,405.772,106,006 (110,397,474) 3,370,558.241,064 (582,681,070) ‘Tools and supplies 117,788,235 - 11,122,642 - Work in progress 22,274, 734,682 = 18,874.940,196 Finished goods Merchandise inventories Goods on consignment 889,578,743,536 11,739,742,039 23,798,684,736 4,155,936,559,721 (518,257,877) 1,002,147,368,459 - 46,425,521,151 = 6,113,558,528 (628,655,351) 5,505,903,495,015 Movements in the allowance for inventories during the year were as follows: Opening balance Increase in allowance during the year Allowance written back during the year Allowance utilised during the year Closing balance 2022 ND (1,423,779,088) (1,216,771,754) 1,384,732,554 627,162,937 (628,655,351) (841,098,018) (1,423,779,088) (20,287.814,042].9 (11,613,732,847) > (1,423,779,088) 32 er ‘cot co6. nam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Tangible fixed assets Cost Opening balance Additions ‘Transfer from construction in progress Disposals/write-off Other increases Closing balance Accumulated depreciation Opening balance Charge for the year Disposals/write-off Closing balance Net book value Opening balance Closing balance Form B 09— DN (ssued under Circular No. 2002014 TT-BTC dated 22 December 2014 of the Ministry of Finance) Buildings and = Machinery and Motor Office Pa structures ‘equipment vehicles, equipment oe VND ‘VND VND VND VND 2,389,046,641.861 —13,205,520,620,557 996,735,367,879 608,580,130,944 17,199,882,761,241 52,687,488,036 213,837,716,819 64,788,811,563 23,613,481,617 354,927,498,035 57,209,289,558 247,146.455,765 7,412,040,000 6,354,329,482 318,122,114,805 (693,491,903) (145,760,085.040) _(12,381,607.937)__(3,454,935,062) _(162,290,069,942) - - 84,000,000 - 84,000,000 635,093,006,981 _17,710,726,304,139 2,498,249,927,552 13,520,744,758,101 _1,056,638,611,505 1,031,585,110,089, 98,129.464,236 (693,491,903) 1,129,021,082,422 8,490,923,609,312 _649,497,158,337 1,018,579,332,081 83,002,477,385 (59,652,002,098) _(11,927,517,028) 9,449,850,939,295 _720,872,118,694 476,483,244 868 39,431,467,171 (3.422,435,057) 10,648,489, 122,606 1,239,142,740,873 (75,695,446,086) 512,492,276,982 11,811,936,417,393 1,357,461,531,772 1,369,228,845,130 4,714,597,011,245 4,070,893,818,806 347,238,209,542 336,066,492.811 132,096,886,076 122,600,729,999 6,551,393 638,635 5,898, 789,886,746 Included in the cost of tangible fixed assets were assets costing VND4,656,338 million which were fully depreciated as at 31 December 2022 (1/1/2022: VND3,777,871 million), but which are still in active use. Isl oBee we 33Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Intangible fixed assets Cost Opening balance Additions ‘Transfer from construction in progress Closing balance Accumulated amortisation Opening balance Charge for the year Closing balance Net book value Opening balance Closing balance Form B 09- DN (Issued under Circular No. 2002014 TT-BTC dated 22 December 2014 of the Ministry of Finance) Land use rights ND 57,582,565,109 57,582,565,109 11,608,069, 186 11,608,069,186 45.974,495.923 45,974,495,923 Software VND 129,254,793,620 319,906,682 1,209,641,917 130,984,342,219 109,760,745,279 8,292,934, 869 118,053,680,148 19,494,048,341 12,930,662,071 Total ND 186,837,358,729 519,906,682 1,209,641,917 188,566,907,328 121,368,814,465, 8,292,934, 869 129,661,749,334 65, 468,544,264 58,905, 157,994 Included in the cost of intangible fixed assets were assets costing VND91.119 million which were fully amortised as at 31 December 2022 (1/1/2022: VND91,119 million), but which ae stil in use. 2 | Or ‘VND wD) \x\ ‘Viet Nam Dairy Factory 108,619,401,158 —_1,968,200,000 > Sai Gon Dairy Factory 89,678,668,461 41,680,652,584 Lam Son Dairy Factory 69,501, 120,068 ‘Can Tho Dairy Branch 52,079,729,352 $2,079,729,352 Tien Son Dairy Factory 45,621,814.971 3.701.675.7538 Other constructions in progress 65,876,629,947 _85,778,547,603 431,377,363,957 _185,208,805,297 10. Prepaid expenses (a) Short-term prepaid expenses 31/12/2022 1/2022 VND VND Software deployment and networks maintenance 7,109,039,608 —12,234,164,117 Advertising 124,500,018 232,500,018 Maintenance - 39,454,705 Operating lease 3,364,600,036 —_-2,915,439,960 ‘Tools and supplies 3,406,389,5974.447.065,137 Renovation and repair 1,997,822,909 _1,209.272.308 ‘Other short-term prepaid expenses, 8,055,194,193 4,818,871,630 24,057,546,361 —_25,896,767,875 36(b) 12. Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B09 - DN (Issued under Circular No. 200-2014 1T-BTC dated 22 December 2014 of the Ministry of Finance) Long-term prepaid expenses Prepaid Tools and land costs instruments Others Total VND VND ND VND Opening balance 210,245,974,856 247,938,390,645 33,379,076,660 491,563,442,161 Additions ~ 118,313,696,428 37.688,709,874 156,002.406.302 Amortisation for the year _(7,384,668,494) (129,538 397.495) (35,118,947,463) (172,042,013,452) Closing balance 202,861,306,362 236,713,689,578 35,948,839,071 | 475,523,835,011 Deferred tax assets 31/12/2022 1/1/2022 ND ‘VND Deferred tax assets Foreign exchange differences 1,170,509,495 $82,265,598 ‘Accrued expenses and provisions and fixed assets 33,814,693,966 26,565.255,313 34,985,203,461 27,147,520,911 Accounts payable to suppliers Accounts payable to related parties 31/12/2022 1/1/2022 VND YND Subsidiaries Vietnam Dairy Cow One Member Limited Company 182,485,166,343 _187,495,102,524 ‘Thong Nhat Thanh Hoa Dairy Cow One Member Limited Company 38,679,314,200 64,979,693,400 Moe Chau Dairy Cattle Breeding Joint Stock Company 54,133,995,274 61,837,024,412 Angkor Dairy Products Co., Ltd. = 14,674,792,205 ‘Vietnam Sugar Joint Stock Company 2,336,040,000—_8,315,034,000 Vinamilk Europe Spéstka Z Ograniczona Odpowiedzialnoscia 1,580,580,251 - Japan Vietnam Livestock Company Limited 16,030,000 - Associates APIS Corporation 84,876,556,696 57,204,285,214 ‘Asia Coconut Processing Joint Stock Company 2,503,728.482 _2.577.889.096 Miraka Holdings Limited 133,471,803,087 - Asia Saigon Food Ingredients JSC 388,800,000 - 3713. 14. Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B 09- DN (Issued under Circular No. 200-2014 TT-BTC dated 22 December 201-4 of the Ministry of Finance) ‘The trade related amounts due to the related parties were unsecured, interest free and payable within 60 days from invoice date. Taxes payable to State Treasury 11/2022 Incurred Paid 31/12/2022 VND VND ND VND Value added tax 175,956,568,640 1,574,435,520,470 (1,586,879,705,725) 163,512,383,385 Import tax 5,276,986,467 64,421,168,340 (64,585,358,484) —5.112.796.323 Corporate income tax 424,598,099.814 1,868.792,037,591 (1.903,065,886.321) 390,324,251,084 Personal income tax 17,328,431,300 207,518,182,073 (219,216,613,594) 29,999,779 Other taxes 716,041,926 35,336,881,142 4,404,436,999) _1,648,486,069 623,876,128,147 3,750,503,789,616 (3,808,152,001,123) 566,227,916,640 Accrued expenses (31/12/2022 1/1/2022 ND ND Sale incentives, promotion 829,371,429,124 — 955,410,574,888 Advertising expenses 334,565,622,326 333.437.863.480 ‘Transportation expenses 80,876,367,744 — 109,362,832,916 Expenses for outsourced employees 46,939,692,451 106,580,119,757 Repair and maintenance expenses 5,759,560.562 _22,040,962,186 Interest expense 55,578,773,927 31,450,436,069 Rental fees 18,623,204,640 41,097,998,583 Fuel expenses 7,522,363,638 9,173,345,167 Others 106,526,626, 165 85 596,716,874 1,485,763,640,577 1,694,150,849,920 38. wasVietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B 09~ DN (issued under Circular No. 2002014 TT-BTC dated 22 December 2014 of the Ministry of Finance) Other short-term payables 31/12/2022 1/2022 VND ND ‘Trade union fees 282,839,713 _1,610,066,000 Short-term deposits received 29,662,541.770 31,088.509.770 Others 12,090,256,877 — 14,512,192,121 Dividends 2,925,937,623,000 - 2,967,973,261,360 _47,210,767,891 \ J 39.16, Vietnam Dairy Products Joint Stock Company statements for the year ended 31 December 2022 (continued) Notes to the separate financi Short-term borrowings ‘The Bank of Tokyo ~ Mitsubishi UFJ Ltd... Ho Chi Minh City Branch DBS Bank, Singapore Sumitomo Mitsui Banking Corporation, Ho Chi Minh City Branch BNP Paribas, Ho Chi Minh City Branch Mizuho Bank, Ltd., Ho Chi Minh City Branch Joint Stock Commercial Bank for Foreign Trade of Vietnam Form B09- DN (issued under Circular No. 200 2014 TT-BIC dated 22 December 2014 of the Ministry of Finance) Foreign exchange Currency 1/1/2022 Incurred Paid difference 31/12/2022 VND VND ‘VND VND ND USD 3,558,850,000,000 720,463,000,000 (4.321,743,000,000) 42,430,000,000 - USD ~ 2,277,900,000,000 — (1,239,876,000,000) 99,476,000,000 1,137,500,000.000 USD 2,991,350,000,000 2,610,260,000,000 (4,547,509,000,000) 95.899,000,000 1,150,000,000,000 USD 1,138,000,000,000 — 1,155,160,000,000 (2,324,560,000,000) 31,400,000,000 oe USD —_1,150,500,000,000 = (1,1665,000,000,000)_15,500,000,000 S VND = 2,050,000,000,000 : ~ 2,050,000,000,000 8,838,700,000,000 8,313,783,000,000 (13,599,688,000,000) — 284,705,000,000 4,337,500,000,000 ‘These borrowings were unsecured and had terms of 1 ~ 12 months. 407. 18, Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B 09- DN (issued under Circular No. 200.20)-4TT-BTC dated 22 December 2014 of the Ministry of Finance) Provisions — short-term 31/12/2022 1/2022 VND ‘VND Provision for severance allowance 4,468,894,713 4,468,894,713 Movement of provision for severance allowance during the year were as follows: 2022 2021 VND VND Opening balance 4.468,894,713 4,378,163,013 Additions during the year 9,561,421,727 3,497,693,190 Provision used during the year (9,335,140,000)_—_(3,329,677,500) Provision written back during the year (15,116,649) (77,283,990) Closing balance 4,680,059,791 4,468,894,713 Bonus and welfare fund This Fund is established by appropriating from retained profits as approved by shareholders at shareholders” meeting. This fund is used to pay bonus and welfare to the Company"s and subsidiaries” employees in accordance with the Company's bonus and welfare policies ‘Movements of bonus and welfare fund during the year were as follows: 2022 2021 ND YND Opening balance 428,318,548,845 485.417.149.413, Appropriation (Note V.19) 887.267.066.458 1,042,679. 180,544 Utilisation (1,006,996,792,516) (1,099,777,781, 112) Closing balance 308,588,822,787 428,318,548,845 4l19. Vietnam Dairy Products Ji Changes in owners’ equity Balance at 1 January 2021 Sale of treasury shares Net profit-for the year Appropriation to equity funds Appropriation to bonus and welfare fund (Note V.18) Dividends (Note V.21) Balance at 1 January 2022 Net profit for the year Appropriation to equity funds Appropriation to bonus and welfare fund (Note V.18) Dividends (Note V.21) Balance at 31 December 2022 t Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (cont Share capital VND 20,899,554,450,000 20,899,554,450,000 Share Treasury premium shares VND VND = (11,644,956,120) 23,225,734,296 —11,644,956,120 23,225,734,296 23,225,734,296 Form B 09 - DN (issued under Circular No. 200 2014 TT-BIC daied 22 December 2014 of the Ministry of Finance) Investment and development fund VND 3,270,629,902,672 1,042,679,180,544 4,313,309,083,216 887.267.066.458 5,200,576,149,674 profits Total VND ND 5,946,825,222,798 30,105,364,619,350 = 34,870,690,416 10,426,791,805,457 10,426,791,805,457 (1,042,679, 180,544) - (1,042,679,180,544) (1,042,679,180,544) (7,523,560,503,000) (7,523,560,503,000) 6,764,698,164,167 32,000,787,431,679 8,872,670,664,578 _ 8,872,670,664,578 (887.267,066,458) - (887,267,066,458) _(887,267,066,458) (10,972,266,086,250) (10,972,266,086,250) 2,890,568,609,579 29,013,924,943,549 4220, 21. Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (co Form B09— DN (Assued under Circular No. 200 2014 TT-BIC dated 22 December 2014 of the Ministry of Finance) inued) Share capital ‘The Company's authorised and issued share capital are: 31/12/2022 and 1/1/2022 Number of shares VND Authorised share capital 2,089,955,445 20,899,554,450,000 Issued shares Ordinary shares: 2,089,955,445 20.899,554,450,000 Shares currently in circulation Ordinary shares. 2,089,955,445 20,899,554,450,000 {All ordinary shares have a par value of VND10,000. Each share is entitled to one vote at meetings of the Company. Shareholders are entitled to receive dividend as declared from time to time. All ordinary shares are ranked equally with regard to the Company’s residual assets. In respect of shares bought back by the Company, all rights are suspended until those shares are reissued. Details of share capital: 31/12/2022 and 1/1/2022 ND % ‘The State Capital Investment Corporation 7,524,766,020,000 36.00% Other shareholders’ capital 13,374,788,430,000 64.00% 20,899,554,450,000 10.00% Dividends On 1 December 2021, 24 June 2022 and 1 December 2022 the Board of Directors of the Company resolved to distribute dividends in relation to 2021 and 2022 profits, in total amounting to VND 10,972,266 million (VNDI1.400 per share for the second advance distribution for the fiscal year 2021, and VND2,450 per share for the remaining distribution for the fiscal year 2021 and for the first advance distribution for the fiscal ‘year 2022 and VNDI,400 per share for the second advance distribution for the fiscal year 2022. respectively). For the year ended 31 December 2021: dividend distributions were VND7,523,561 million (VND2,100 per share for the remaining distribution for the fiscal year 2020 and VND1.500 per share for the first advance distribution for the fiscal year 2021). 43 eedVietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B 09- DN (issued under Circular No. 200 20]4TT-BIC dated 22 December 2014 of the Minisiry of Finance) 22. Off balance sheet items (a) Leases ‘The future minimum Ieases payments under non-cancellable operating leases are: 31/12/2022 1/1/2022 ND ND Within 1 year 19,802,696,762 _23,992,425,272 From 2 to 5 years 65,684,029,692 _62,183,211,463, Over 5 years 331,828,286,952 330,672,898,968 417,315,013,406 — 416,848,535,703 (b) Foreign currencies SU/12/2022 1/1/2022, Original VND Original VND currency equivalent currency equivalent Foreign currencies «USD 1,937,562,97 45,358,349, 128 8,548,527.00 — 193,538,651,2! * EUR 9,193,386, 227,258,061 1,177.95 29,909.64 45,585,607,189 193,568,560,944 © At the reporting date, the Company had following outstanding capital commitments approved but not provided for in the balance sheet: 31/12/2022 1/4/2022 VND VND Approved and contracted 706,890,620,016 598,872,813,590Vi. Vietnam Dairy Products Joint Stock Company Notes to the separate financial statements for the year ended 31 December 2022 (continued) Form B 09- DN (issued under Circular No. 200 2014 TT-BIC dated 22 December 2014 of the Ministry of Finance) SUPPLEMENTARY INFORMATION TO ITEMS DISCLOSED IN THE SEPARATE STATEMENT OF INCOME Revenue from sales of goods and provision of services Total revenue represented the gross value of goods sold and services rendered exclusive of value added tax. Net revenue comprised: Total revenue * Sales of finished goods * Sales of merchandise goods * Other services * Rental income from investment property * Others, Less revenue deductions * Sale discounts * Sale retums Net revenue 2022 2021 ND ND 49,022,491,211,051 51,388,071,208,033 727,135,152,572 509,703,654,961 31,685,823,251 27,065,369,178 1,472,976,033 4,701,165,148 80,467,226,293 97.050,165,102 49,869,252,389,200 52,026,591,562,422 34,732,323,443 5,041,527,190 65,568,727,221 8,271,175,080 73,839,902,301 59,773,850,633 49,795,412,486,899 51,966,817,711,789 45 in VoL