AAA 2019 2020 2021 2022 2023

01/01- 01/01- 01/01- 01/01- 01/01-

Period 31/12 31/12 31/12 31/12 31/12
Consolidat Consolidat Consolidat Consolidat Consolidat
Consolidated ed ed ed ed ed
Audited Audited Audited Audited Audited Audited
Audit firm EY EY EY EY EY

Unqualified Unqualified Unqualified Unqualified Unqualified

Audit opinion opinion opinion opinion opinion opinion

ASSETS
A. SHORT-TERM ASSETS 4.971 4.496 5.355 5.659 5.682
I. Cash and cash equivalents 292 964 1.988 1.643 2.435
1. Cash 233 237 1.157 1.229 1.299
2. Cash equivalents 58 726 831 414 1.136
II. Short-term financial investments 1.252 759 436 449 1.08
1. Available for sale securities 60
2. Provision for diminution in value of available for sale securities (*)
3. Held to maturity investments 1.192 759 436 449 1.08
III. Short-term receivables 2.079 1.669 1.795 1.573 1.205
1. Short-term trade accounts receivable 727 593 1.137 1.02 687
2. Short-term prepayments to suppliers 636 791 370 249 342
3. Short-term inter-company receivables
4. Construction contract progress receipts due from customers
5. Short-term loan receivables 537 43 85 177 63
6. Other short-term receivables 180 254 215 139 138
7. Provision for short-term doubtful debts (*) -12 -11 -13 -25
8. Assets awaiting resolution
IV. Inventories 1.222 947 997 1.79 782
1. Inventories 1.222 947 997 1.861 783
2. Provision for decline in value of inventories0 0 -71 -2
V. Other short-term assets 127 158 137 204 180
1. Short-term prepayments 28 32 26 10 13
2. Value added tax to be reclaimed 97 125 112 184 164
3. Taxes and other receivables from state authorities
1 1 10 3
4. Government bonds
5. Other short-term assets
B. LONG-TERM ASSETS 3.016 4.073 4.655 5.137 5.902
I. Long-term receivables 96 174 279 67 82
1. Long-term trade receivables 43 218 50
2. Long-term prepayments to suppliers
3. Capital at inter-company
4. Long-term inter-company receivables
5. Long-term loan receivables 76 114 45 1 77
6. Other long-term receivables 21 17 16 16 5
7. Provision for long-term doubtful debts
II. Fixed assets 2.081 2.325 2.101 2.077 2.013
 1. Tangible fixed assets 1.999 2.245 2.022 2 1.864
- Cost 2.983 3.478 3.483 3.707 3.826
- Accumulated depreciation -983 -1.233 -1.46 -1.707 -1.962
2. Financial leased fixed assets
- Cost
- Accumulated depreciation
3. Intangible fixed assets 82 80 78 77 149
- Cost 95 96 98 100 176
- Accumulated depreciation -13 -16 -19 -22 -27
III. Investment properties 223 448 526 497 1.318
- Cost 229 477 590 600 1.468
- Accumulated depreciation -6 -30 -63 -103 -150
IV. Long-term assets in progress 294 361 853 693 297
1. Long-term production in progress
2. Construction in progress 294 361 853 693 297
V. Long-term financial investments 124 488 570 1.494 1.328
1. Investments in subsidiaries
2. Investments in associates, joint-ventures 15 401 522 1.464 1.328
3. Investments in other entities 17 18
4. Provision for diminution in value of long-term investments
0
5. Held to maturity investments 108 70 30 30
6. Other long-term investments
VI. Other long-term assets 198 262 289 276 816
1. Long-term prepayments 198 262 287 270 802
2. Deferred income tax assets 0 0 2 5 14
3. Long-term equipment, supplies, spare parts
4. Other long-term assets
VII. Goodwill 15 37 32 48
TOTAL ASSETS 7.987 8.569 10.01 10.796 11.583
OWNER'S EQUITY
A. LIABILITIES 4.732 4.545 4.555 4.625 5.62
I. Short -term liabilities 3.237 3.773 3.282 3.206 3.737
1. Short-term trade accounts payable 604 542 610 755 517
2. Short-term advances from customers 99 107 148 146 119
3. Taxes and other payables to state authorities
27 20 39 5 18
4. Payable to employees 23 30 44 50 35
5. Short-term acrrued expenses 36 23 22 17 134
6. Short-term inter-company payables
7. Construction contract progress payments due to suppliers
8. Short-term unearned revenue 42 88 66 98 116
9. Other short-term payables 5 17 163 225 169
10. Short-term borrowings and financial leases2.4 2.943 2.183 1.888 2.625
11. Provision for short-term liabilities
12.. Bonus and welfare fund 1 1 7 23 3
13. Price stabilization fund
14. Government bonds
II. Long-term liabilities 1.496 773 1.273 1.418 1.883
1. Long-term trade payables 25 1 0
 2. Long-term advances from customers
3. Long-term acrrued expenses 7
4. Inter-company payables on business capital
5. Long-term inter-company payables
6. Long-term unearned revenue 77 102 89 157 1.498
7. Other long-term liabilities 24 6 6 11 9
8. Long-term borrowings and financial leases1.372 617 1.176 1.242 359
9. Convertible bonds
10. Preferred stock (Debts)
11. Deferred income tax liabilities 22 22 12
12. Provision for long-term liabilities 4
13. Fund for technology development
14. Provision for severance allowances
B. OWNER'S EQUITY 3.255 4.024 5.454 6.171 5.964
I. Owner's equity 3.255 4.024 5.454 6.171 5.964
1. Owner's capital 1.712 2.218 3.264 3.823 3.823
2. Share premium 532 692 713 824 824
3. Convertible bond option
4. Other capital of owners 27 27 45 19
5. Treasury shares
6. Assets revaluation differences
7. Foreign exchange differences 0 -1 -9 13 22
8. Investment and development fund 67 80 80 80 80
9. Fund to support corporate restructuring
10. Other funds from owner's equity 13 13 13 13 13
11. Undistributed earnings after tax 603 569 706 722 563
- Accumulated retained earning at the end142 of the previous
314 period 374 628 273
- Undistributed earnings in this period 460 255 332 93 289
12. Reserves for investment in construction
13. Minority's interest 328 426 660 651 620
14. Financial reserves
II. Other resources and funds
1. Subsidized not-for-profit funds
2. Funds invested in fixed assets
C. MINORITY'S INTEREST
TOTAL OWNER'S EQUITY AND LIABILITIES 7.987 8.569 10.01 10.796 11.583
AAA 2019 2020 2021 2022 2023
01/01- 01/01- 01/01- 01/01- 01/01-
Period 31/12 31/12 31/12 31/12 31/12
Consolidat Consolidat Consolidat Consolidat Consolidat
Consolidated ed ed ed ed ed
Audited Audited Audited Audited Audited Audited
Audit firm EY EY EY EY EY

Unqualified Unqualified Unqualified Unqualified Unqualified

Audit opinion opinion opinion opinion opinion opinion

1. Revenue 9.278 7.438 13.154 15.315 12.628

2. Deduction from revenue 20 10 11 24 7
3. Net revenue 9.258 7.429 13.143 15.29 12.622
4. Cost of goods sold 8.216 6.652 11.842 14.204 11.513
5. Gross profit 1.042 777 1.301 1.086 1.109
6. Financial income 180 169 214 214 243
7. Financial expenses 268 229 200 257 239
Of which: Interest expenses 225 201 152 174 190
8. Share of associates and joint ventu 0 17 23 58 53
9. Selling expenses 215 256 739 666 511
10. General and administrative expe 149 167 195 248 285
11. Operating profit 590 311 405 187 369
12. Other income 9 16 9 9 16
13.Other expenses 2 8 16 10 7
14. Other profit 7 8 -7 -1 9
Share of associates and joint ventures' result
15. Profit before tax 597 319 398 186 378
16. Current corporate income tax ex 83 36 98 72 78
17. Deferred income tax expenses (* 23 0 -24 -3 -9
18. Net profit after tax 491 283 324 117 309
Minority's interest 31 21 34 -35 20
Profit after tax for shareholders of 460 262 290 153 289
19. Earnings per share 2.69 1.31 994 433 757
20. Diluted earnings per share 2.69 1.31 994 433 757

CASHFLO
W
INDIRECT 2019 2020 2021 2022 2023
01/01- 01/01- 01/01- 01/01- 01/01-
Period 31/12 31/12 31/12 31/12 31/12
Consolidat Consolidat Consolidat Consolidat Consolidat
Consolidated ed ed ed ed ed
Audited Audited Audited Audited Audited Audited
Audit firm EY EY EY EY EY

Unqualified Unqualified Unqualified Unqualified Unqualified

Audit opinion opinion opinion opinion opinion opinion

I. CASH FLOWS FROM OPERATING ACTIVITIES

1. Profit before tax 597 319 398 186 378
2. Adjustments for:
Depreciation of fixed assets and prop 259 287 316 311 331
(Reversal of provisions)/provisions -2 12 -2 74 -57
Foreign exchange (gain)/loss from re 7 1 5 -5 -13
Loss/(profit) from investment activitie -142 -147 -136 -157 -232
Interest expense 230 206 161 182 211
Loss/(profits) from disposal of fixed asset
Interest income and dividends
Allocation of goodwill
Adjustments for
3. Operating profit before changes 950 678 742 592 619
(Increase)/decrease in receivables -421 12 12 304 493
(Increase)/decrease in inventories 171 257 55 -847 934
Increase/(decrease) in payables (othe 211 -92 -55 327 897
(Increase)/decrease in prepaid expe -22 -11 -23 51 -50
Changes in available for sale securiti -60 60
Interest paid -228 -199 -151 -170 -189
Corporate income tax paid -70 -50 -92 -116 -60
Other receipts from operating activities
Other payments for operating activiti -41 -43 -45 -44 -29
Net cash flows from operating activiti 489 613 444 97 2.615
II. CASH FLOWS FROM INVESTING ACTIVITIES
1. Payment for fixed assets, construc -504 -271 -669 -168 -643
2. Receipts from disposal of fixed as 8 4 6 6 8
3. Loans, purchases of other entities -1.994 -1.763 -1.621 -627 -2.261
4. Receipts from loan repayments, sal 1.544 2.684 2.039 566 1.871
5. Payments for investment in other e -83 -847 -400 -954 -747
6. Collections on investment in other 89 93 348 2
7. Dividends, interest and profit rece 80 136 146 83 171
8. Increase/(Decrease) in term deposit
9. Purchases of minority shares of subsidiaries
10. Other receipts from investing activities
11. Other payments for investing activities
Net cash flows from investing activiti -860 35 -150 -1.094 -1.599
III. CASH FLOWS FROM FINANCING ACTIVITIES
1. Receipts from equity issue and owner's capital 570 1.146 854
2. Payment for share repurchases
3. Proceeds from borrowings 8.004 6.93 8.908 7.891 6.422
4. Principal repayments -7.889 -7.365 -9.166 -8.114 -6.658
5. Repayment of financial leases
6. Dividends paid, profits distributed -97 -109 -149
7. Other receipts from financing activities
8. Other payments for financing activities
Net cash flows from financing activiti 17 26 739 631 -236
Net cash flows during the period -353 673 1.032 -366 780
Cash and cash equivalents at begi 645 292 964 1.988 1.643
Exchange difference due to re-valuat -1 -1 -8 21 12
Cash and cash equivalents at end o 292 964 1.988 1.643 2.435
Ratios -
AAA 2019 2020 2021 2022
Valuation ratios
Trailing EPS VND 2,689.64 1,367.38 1,041.58 432.42

Book value per share (B VND 19,014.24 18,145.58 16,708.96 16,143.34

P/E Times 4.72 10.53 19.39 15.79
P/B Times 0.67 0.79 1.21 0.42
P/S Times 0.23 0.43 0.5 0.17
Dividend yield % 4 3 2 0
Beta Times 0.61 0.97 1.04 1.56
EV/EBIT Times 7.27 11.95 15.69 13.2
EV/EBITDA Times 5.53 7.7 9.97 7.08
Profitability ratios
Gross profit margin % 11.26 10.46 9.9 7.1
EBIT margin % 8.89 7 4.18 2.35
EBITDA/Net revenue % 11.68 10.87 6.58 4.39
Net profit margin % 5.3 3.81 2.47 0.77
ROE % 14.77 7.21 6.12 2.63
Return on capital emplo % 18.14 10.89 9.54 5.03
ROA % 5.94 3.17 3.12 1.47
ROE Trailling %
ROA Trailling %
Growth rates
Net revenue % 15.56 -19.76 76.93 16.34
Gross profit % 54.86 -25.45 67.5 -16.53
Profit before tax % 135.21 -46.64 24.82 -53.23
Profit after tax for shar % 155.44 -43.05 10.68 -47.42
Total assets % 6.09 7.29 16.81 7.86
Long-term liabilities % 11.38 -48.34 64.74 11.42
Liabilities % 4.03 -3.95 0.21 1.53
Owner's equity % 9.23 23.61 35.55 13.14
Charter capital % 29.53 47.2 17.11
Liquidity ratios
Cash ratio Times 0.09 0.26 0.61 0.51
Quick ratio Times 1.16 0.94 1.33 1.21
Quick ratio (except: InveTimes 0.48 0.46 0.74 0.65
Short-term ratio Times 1.54 1.19 1.63 1.76
Interest coverage Times 3.65 2.58 3.62 2.07
Efficiency ratios
Receivables turnover Times 25.48 11.26 15.2 14.18
Days of sales outstandinDays 14.33 32.42 24.02 25.74
Inventory turnover Times 13.45 6.14 12.18 10.19
Days of inventory on ha Days 27.13 59.49 29.96 35.81
Payables turnover Times 27.19 11.6 20.55 20.82
Number of days of payabDays 13.43 31.47 17.76 17.53
Fixed asset turnover Times 8.9 3.37 5.94 7.32
Total asset turnover Times 2.32 0.9 1.41 1.47
Equity turnover Times 5.69 2.04 2.77 2.63
Leverage ratios
Short-term liabilities to tot% 68.4 83 72.06 69.33
Debt to assets % 47.22 41.55 33.56 28.99
Liabilities to assets % 59.25 53.04 45.51 42.84
Equity to assets % 40.75 46.96 54.49 57.16
Short-term liabilities to e % 99.43 93.76 60.18 51.96
Debt to equity % 115.86 88.48 61.59 50.72
Liabilities to equity % 145.37 112.96 83.51 74.94
Cashflow ratios
Accrual ratio CF % 5.29 8.25 3.38 0.64
Cash to income % 15.12 16.24 13.52 3.03
Net cash flows/Short -term
% -10.91 17.83 31.46 -11.41
Accrual ratio (Balance s % 0.63 6.68
Accrual ratio (Cash flow % 15.2 -6.79
Cash return to assets % 6.13 7.15 4.43 0.9
Cash return on equity % 15.03 15.22 8.13 1.57
Cash to income % 82.88 197.01 109.51 51.84
Debt coverage % 10.34 13.48 9.74 2.1
Cash flow per share (CPVND 2,858.3 2,762.17 1,358.99 253.99
Cost structure
Cost of goods sold/Net % 88.74 89.54 90.1 92.9
Selling expenses/Net re % 2.32 3.44 5.62 4.36
General and Administrat% 1.61 2.25 1.48 1.62
Interest expenses/Net r % 2.43 2.71 1.15 1.14
Short-term asset structure
Short-term assets/Total % 62.24 52.47 53.5 52.42
Cash/Short-term assets % 5.87 21.43 37.13 29.03
Short-term investments/S% 25.18 16.87 8.15 7.93
Short-term receivables/S% 41.83 37.13 33.53 27.8
Inventory/Short-term ass% 24.57 21.06 18.63 31.63
Other Short-term assets/% 2.56 3.51 2.57 3.61
Long-term asset structure
Long-term assets/Total a% 37.76 47.53 46.5 47.58
Fixed assets/Total asset% 26.05 27.13 20.99 19.24
Tangible fixed assets/Fi % 96.06 96.57 96.27 96.27
Finance lease/Fixed ass% 0 0
Intangible fixed assets/F% 3.94 3.43 3.73 3.73
Construction in progress% 14.12 15.54 40.61 33.38
 2023

757.08

15,601.02
12.48
0.61
0.29
 0
1.57
8.41
5.32

8.78
4.5
7.13
2.45
4.77
7.36
2.59

-17.45
2.07
103.1
89.65
7.3
32.74
21.51
-3.36

0.65
1.31
0.94
1.52
2.98

14.79
24.69
8.95
40.77
18.1
20.16
6.17
1.13
2.08

66.5
25.76
48.51
51.49
62.66
50.04
94.23
20.72
69.98
20.87

22.58
43.85
709.34
46.54
6,841.2

91.22
4.05
2.26
1.51

49.05
42.86
19
21.21
13.76
3.17

50.95
17.38
92.59

7.41
14.73
APH 2019 2020 2021
01/01- 01/01- 01/01-
Period 31/12 31/12 31/12
Consolidat Consolidat Consolidat
Consolidated ed ed ed
Audited Audited Audited Audited
Audit firm EY EY EY

Unqualified
opinion -
Additional Unqualified Unqualified
Audit opinion comment opinion opinion

ASSETS
A. SHORT-TERM ASSETS 5.564 5.12 6.651
I. Cash and cash equivalents 321 1.133 2.177
1. Cash 256 276 1.266
2. Cash equivalents 66 858 912
II. Short-term financial investments 1.298 779 436
1. Available for sale securities 60
2. Provision for diminution in value of available for sale securities (*)
3. Held to maturity investments 1.239 779 436
III. Short-term receivables 2.438 1.838 2.508
1. Short-term trade accounts receivable 894 745 1.566
2. Short-term prepayments to suppliers 650 785 482
3. Short-term inter-company receivables
4. Construction contract progress receipts due from customers
5. Short-term loan receivables 607 48 212
6. Other short-term receivables 287 272 259
7. Provision for short-term doubtful debts (*) -12 -11
8. Assets awaiting resolution
IV. Inventories 1.333 1.157 1.337
1. Inventories 1.334 1.159 1.34
2. Provision for decline in value of inventories -1 -2 -3
V. Other short-term assets 173 213 193
1. Short-term prepayments 34 46 44
2. Value added tax to be reclaimed 138 165 148
3. Taxes and other receivables from state authorities 1 2 1
4. Government bonds
5. Other short-term assets
B. LONG-TERM ASSETS 4.424 5.314 5.677
I. Long-term receivables 85 36 106
1. Long-term trade receivables 68
2. Long-term prepayments to suppliers
3. Capital at inter-company
4. Long-term inter-company receivables
 5. Long-term loan receivables 46 15
6. Other long-term receivables 39 36 23
7. Provision for long-term doubtful debts
II. Fixed assets 2.481 3.182 2.988
1. Tangible fixed assets 2.347 3.001 2.772
2. Financial leased fixed assets 42 92 130
3. Intangible fixed assets 91 89 86
III. Investment properties 223 447 525
- Cost 229 476 589
- Accumulated depreciation -6 -30 -63
IV. Long-term assets in progress 364 387 940
1. Long-term production in progress
2. Construction in progress 364 387 940
V. Long-term financial investments 314 263 181
1. Investments in subsidiaries
2. Investments in associates, joint-ventures 197 192 133
3. Investments in other entities 8 2 18
4. Provision for diminution in value of long-term investments
5. Held to maturity investments 108 70 30
6. Other long-term investments
VI. Other long-term assets 311 417 444
1. Long-term prepayments 285 416 438
2. Deferred income tax assets 0 0 6
3. Long-term equipment, supplies, spare parts
4. Other long-term assets 26
VII. Goodwill 646 583 493
TOTAL ASSETS 9.988 10.434 12.328
OWNER'S EQUITY
A. LIABILITIES 5.925 6.041 6.385
I. Short -term liabilities 3.781 4.396 4.165
1. Short-term trade accounts payable 745 640 719
2. Short-term advances from customers 99 129 180
3. Taxes and other payables to state authorities 32 27 53
4. Payable to employees 52 48 67
5. Short-term acrrued expenses 40 50 49
6. Short-term inter-company payables
7. Construction contract progress payments due to suppliers
8. Short-term unearned revenue 42 88 66
9. Other short-term payables 15 28 165
10. Short-term borrowings and financial leases 2.745 3.377 2.842
11. Provision for short-term liabilities
12.. Bonus and welfare fund 11 9 24
13. Price stabilization fund
14. Government bonds
II. Long-term liabilities 2.144 1.645 2.22
1. Long-term trade payables 42 10
2. Long-term advances from customers
3. Long-term acrrued expenses
 4. Inter-company payables on business capital
5. Long-term inter-company payables
6. Long-term unearned revenue 77 102 89
7. Other long-term liabilities 24 90 13
8. Long-term borrowings and financial leases 2.02 1.389 2.107
9. Convertible bonds
10. Preferred stock (Debts)
11. Deferred income tax liabilities 22 22
12. Provision for long-term liabilities
13. Fund for technology development
14. Provision for severance allowances
B. OWNER'S EQUITY 4.063 4.393 5.943
I. Owner's equity 4.063 4.393 5.943
1. Owner's capital 1.424 1.467 2.024
2. Share premium 486 657 657
3. Convertible bond option
4. Other capital of owners 71 71
5. Treasury shares
6. Assets revaluation differences
7. Foreign exchange differences 0 -1 -5
8. Investment and development fund 9 15 15
9. Fund to support corporate restructuring
10. Other funds from owner's equity
11. Undistributed earnings after tax 188 26 94
12. Reserves for investment in construction
13. Minority's interest 1.957 2.157 3.086
14. Financial reserves
II. Other resources and funds
1. Subsidized not-for-profit funds
2. Funds invested in fixed assets
C. MINORITY'S INTEREST
TOTAL OWNER'S EQUITY AND LIABILITIES 9.988 10.434 12.328
APH 2019 2020 2021
01/01- 01/01- 01/01-
Period 31/12 31/12 31/12
Consolidat Consolidat Consolidat
Consolidated ed ed ed
Audited Audited Audited Audited
Audit firm EY EY EY

Unqualified
opinion -
Additional Unqualified Unqualified
Audit opinion comment opinion opinion

1. Revenue 9.534 8.496 14.812

2. Deduction from revenue 20 11 18
3. Net revenue 9.513 8.485 14.794
4. Cost of goods sold 8.432 7.529 13.096
5. Gross profit 1.082 955 1.698
6. Financial income 483 186 262
7. Financial expenses 317 297 317
Of which: Interest expenses 265 267 255
8. Share of associates and joint ventures' result 25 -10 -3
9. Selling expenses 220 286 937
10. General and administrative expenses 238 323 362
11. Operating profit 816 225 341
12. Other income 11 74 11
13.Other expenses 4 9 25
14. Other profit 7 66 -14
Share of associates and joint ventures' result
15. Profit before tax 822 291 327
16. Current corporate income tax expenses 88 49 117
17. Deferred income tax expenses (*) 23 0 -28
18. Net profit after tax 712 242 238
Minority's interest 274 165 180
Profit after tax for shareholders of parent company 438 77 59
19. Earnings per share 3.433 509 222
20. Diluted earnings per share 3.433 509 222
CASHFLOW INDIRECT 2019 2020 2021
01/01- 01/01- 01/01-
Period 31/12 31/12 31/12
Consolidat Consolidat Consolidat
Consolidated ed ed ed
Audited Audited Audited Audited
Audit firm EY EY EY

Unqualified
opinion -
Additional Unqualified Unqualified
Audit opinion comment opinion opinion

I. CASH FLOWS FROM OPERATING ACTIVITIES

1. Profit before tax 822 291 327
2. Adjustments for:
Depreciation of fixed assets and properties investment 297 375 484
(Reversal of provisions)/provisions -2 12 -2
Foreign exchange (gain)/loss from revaluation of monetary 7 1 6
Loss/(profit) from investment activities -460 -150 -164
Interest expense 268 273 272
Loss/(profits) from disposal of fixed asset
Interest income and dividends
Allocation of goodwill
Adjustments for
3. Operating profit before changes in working capital 934 802 924
(Increase)/decrease in receivables -514 11 100
(Increase)/decrease in inventories 171 254 -76
Increase/(decrease) in payables (other than interest, corpo 228 -77 -94
(Increase)/decrease in prepaid expenses -28 16 -28
Changes in available for sale securities -60 60
Interest paid -258 -242 -245
Corporate income tax paid -71 -66 -100
Other receipts from operating activities
Other payments for operating activities -44 -68 -56
Net cash flows from operating activities 359 689 425
II. CASH FLOWS FROM INVESTING ACTIVITIES
1. Payment for fixed assets, constructions and other long- -534 -421 -851
2. Receipts from disposal of fixed assets and other long-te 8 20 7
3. Loans, purchases of other entities' debt instruments -1.722 -1.581 -939
4. Receipts from loan repayments, sale of other entities' d 1.303 2.688 1.183
5. Payments for investment in other entities -626 -753 -527
6. Collections on investment in other entities 125 224 378
7. Dividends, interest and profit received 83 158 137
8. Increase/(Decrease) in term deposit
9. Purchases of minority shares of subsidiaries
10. Other receipts from investing activities
11. Other payments for investing activities
Net cash flows from investing activities -1.363 335 -613
III. CASH FLOWS FROM FINANCING ACTIVITIES
1. Receipts from equity issue and owner's capital contribut 140 370 1.25
2. Payment for share repurchases
3. Proceeds from borrowings 8.999 7.757 10.438
4. Principal repayments -8.402 -8.253 -10.342
5. Repayment of financial leases -1 -9 -17
6. Dividends paid, profits distributed to owners -62 -76 -89
7. Other receipts from financing activities
8. Other payments for financing activities
Net cash flows from financing activities 674 -211 1.24
Net cash flows during the period -330 813 1.052
Cash and cash equivalents at beginning of the period 652 321 1.133
Exchange difference due to re-valuation of ending balance -1 -1 -8
Cash and cash equivalents at end of the period 321 1.133 2.177
Ratios - APH 2019 2020 2021
Valuation ratios
Trailing EPS VND 3,076.07 527.22 290.73

Book value per share (BVPS) VND 27,546.17 30,994.01 30,084.9

P/E Times 0 128.75 113.31
P/B Times 0 2.37 1.22
P/S Times 0 1.23 0.49
Dividend yield % 0 0 0
Beta Times 0 0.84
EV/EBIT Times 5.89 29.08 22.54
EV/EBITDA Times 4.62 17.39 12.3
Profitability ratios
Gross profit margin % 11.37 11.26 11.48
EBIT margin % 11.43 6.57 3.93
EBITDA/Net revenue % 14.56 10.99 7.2
Net profit margin % 7.48 2.85 1.61
ROE % 12.52 1.83 1.14
Return on capital employed (ROCE) % 20.74 9.11 8.19
ROA % 4.82 0.76 0.52
ROE Trailling %
ROA Trailling %
Growth rates
Net revenue % 18.51 -10.81 74.36
Gross profit % 60.45 -11.67 77.73
Profit before tax % 277.27 -64.66 12.37
Profit after tax for shareholders of the parent % 1,343.37 -82.34 -23.9
Total assets % 21.93 4.46 18.16
Long-term liabilities % 59.4 -23.26 34.92
Liabilities % 12.69 1.96 5.7
Owner's equity % 38.51 8.11 35.3
Charter capital % 10.98 3.02 38.01
Liquidity ratios
Cash ratio Times 0.09 0.26 0.52
Quick ratio Times 1.12 0.9 1.28
Quick ratio (except: Inventories, Short-term re Times 0.43 0.43 0.63
Short-term ratio Times 1.47 1.16 1.6
Interest coverage Times 4.1 2.09 2.28
Efficiency ratios
Receivables turnover Times 21.28 10.35 12.8
Days of sales outstanding Days 17.15 35.26 28.51
Inventory turnover Times 12.65 6.05 10.5
Days of inventory on hand Days 28.86 60.35 34.75
Payables turnover Times 22.63 10.87 19.28
Number of days of payables Days 16.13 33.57 18.94
Fixed asset turnover Times 7.67 3 4.8
Total asset turnover Times 1.9 0.83 1.3
Equity turnover Times 4.68 2.01 2.86
Leverage ratios
Short-term liabilities to total liabilities % 63.81 72.77 65.23
Debt to assets % 47.71 45.68 40.14
Liabilities to assets % 59.32 57.9 51.79
Equity to assets % 40.68 42.1 48.21
Short-term liabilities to equity % 93.05 100.07 70.09
Debt to equity % 117.27 108.51 83.27
Liabilities to equity % 145.82 137.53 107.44
Cashflow ratios
Accrual ratio CF % 3.77 8.12 2.87
Cash to income % 9.49 15.68 10.2
Net cash flows/Short -term liabilities % -8.74 18.49 25.26
Accrual ratio (Balance sheet method) % 23.91 0.53
Accrual ratio (Cash flow method) % 22.4 -13.1
Cash return to assets % 3.59 6.61 3.44
Cash return on equity % 8.83 15.69 7.15
Cash to income % 43.98 306.55 124.67
Debt coverage % 6.05 11.41 6.65
Cash flow per share (CPS) VND 0 4,946.22 2,176.65
Cost structure
Cost of goods sold/Net revenue % 88.63 88.74 88.52
Selling expenses/Net revenue % 2.32 3.37 6.33
General and Administrative expenses/Net rev % 2.5 3.81 2.45
Interest expenses/Net revenue % 2.79 3.15 1.72
Short-term asset structure
Short-term assets/Total assets % 55.71 49.07 53.95
Cash/Short-term assets % 5.78 22.14 32.74
Short-term investments/Short-term assets % 23.33 15.21 6.56
Short-term receivables/Short-term assets % 43.82 35.91 37.7
Inventory/Short-term assets % 23.96 22.59 20.1
Other Short-term assets/Short-term assets % 3.11 4.15 2.91
Long-term asset structure
Long-term assets/Total assets % 44.29 50.93 46.05
Fixed assets/Total assets % 24.84 30.5 24.24
Tangible fixed assets/Fixed assets % 94.61 94.32 92.77
Finance lease/Fixed assets % 1.7 2.89 4.35
Intangible fixed assets/Fixed assets % 3.69 2.79 2.88
Construction in progress/Fixed assets % 14.69 12.15 31.44
 2022 2023
01/01- 01/01-
31/12 31/12
Consolidat Consolidat
ed ed
Audited Audited
EY EY

Unqualified Unqualified
opinion opinion

7.137 6.461
2.004 2.505
1.3 1.351
704 1.154
804 1.28

804 1.28
1.898 1.443
1.267 920
298 368

141 22
212 163
-19 -30

2.155 1.013
2.231 1.017
-76 -4
276 221
36 30
230 188
10 3

5.417 5.911
74 21
50
 1 4
23 23
-6
2.923 2.814
2.712 2.588
123 69
87 157
496 1.307
599 1.456
-103 -150
822 298

822 298
253 232

223 232

30

493 958
481 940
12 18

356 281
12.554 12.372

6.298 6.645
4.235 4.662
918 619
199 139
31 29
80 61
36 164

98 116
238 161
2.6 3.356

36 16

2.063 1.983
0

7
 157 1.498
14 9
1.883 460

12
4

6.256 5.727
6.256 5.727
2.512 2.439
169 29

80 80

7 12
15 15

73 -171

3.4 3.324

12.554 12.372
2022 2023
01/01- 01/01-
31/12 31/12
Consolidat Consolidat
ed ed
Audited Audited
EY EY

Unqualified Unqualified
opinion opinion

17.355 14.53
 28 8
17.327 14.522
15.809 13.096
1.518 1.426
292 272
379 333
279 288
6 16
850 600
427 476
159 305
12 21
14 12
-2 10

157 315
105 102
-5 -6
57 219
77 185
-19 35
-104 140
-104 140
2022 2023
01/01- 01/01-
31/12 31/12
Consolidat Consolidat
ed ed
Audited Audited
EY EY

Unqualified Unqualified
opinion opinion

157 315

478 490
82 -55
-6 -14
-154 -211
290 300
 847 825
314 590
-878 1.034
419 786
47 -32

-286 -289
-152 -98

-58 -39
253 2.777

-281 -686
7 11
-1.659 -2.555
1.376 2.226
-450 -754
149 243
126 169

-733 -1.345

764
-214
8.942 7.465
-9.391 -8.148
-24 -36
-6 -11

286 -943
-195 488
2.177 2.004
21 13
2.004 2.505
2022 2023

-77.53 142.09

25,352.73 23,484.2
-86.37 54.05
0.27 0.33
0.1 0.13
 0 0
1.49 1.69
17.43 10.79
8.32 5.96

8.76 9.82
2.52 4.15
5.27 7.52
0.33 1.51
-0.32 0.58
5.29 7.52
-0.16 0.28

17.12 -16.19
-10.61 -6.04
-51.87 100.44
-133.1 77.93
1.83 -1.45
-7.08 -3.85
-1.37 5.51
5.27 -8.45
24.1 -2.91

0.47 0.54
1.18 1.17
0.66 0.81
1.69 1.39
1.56 2.09

12.23 13.28
29.84 27.48
9.06 8.27
40.31 44.14
19.32 17.04
18.89 21.42
5.86 5.06
1.39 1.17
2.84 2.42

67.25 70.15
35.71 30.84
50.17 53.71
49.83 46.29
67.69 81.39
71.67 66.63
100.66 116.02
1.46 19.12
5.97 59.56
-4.59 10.47

2.01 22.44
4.04 48.48
158.66 909.54
4.01 41.78
1,036.38 11,384.7

91.24 90.18
4.9 4.13
2.47 3.28
1.61 1.98

56.85 52.22
28.08 38.76
11.27 19.81
26.6 22.33
30.19 15.68
3.86 3.42

43.15 47.78
23.28 22.75
92.81 91.97
4.22 2.44
2.98 5.59
28.13 10.6
BFC

Period

Consolidated
Audited

Audit firm

Audit opinion

ASSETS
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
1. Cash
2. Cash equivalents
II. Short-term financial investments
1. Available for sale securities
2. Provision for diminution in value of available for sale securities (*)
3. Held to maturity investments
III. Short-term receivables
1. Short-term trade accounts receivable
2. Short-term prepayments to suppliers
3. Short-term inter-company receivables
4. Construction contract progress receipts due from customers
5. Short-term loan receivables
6. Other short-term receivables
7. Provision for short-term doubtful debts (*)
8. Assets awaiting resolution
IV. Inventories
1. Inventories
2. Provision for decline in value of inventories
V. Other short-term assets
1. Short-term prepayments
2. Value added tax to be reclaimed
3. Taxes and other receivables from state authorities
4. Government bonds
5. Other short-term assets
B. LONG-TERM ASSETS
I. Long-term receivables
1. Long-term trade receivables
2. Long-term prepayments to suppliers
3. Capital at inter-company
4. Long-term inter-company receivables
5. Long-term loan receivables
6. Other long-term receivables
7. Provision for long-term doubtful debts
 II. Fixed assets
1. Tangible fixed assets
- Cost
- Accumulated depreciation
2. Financial leased fixed assets
- Cost
- Accumulated depreciation
3. Intangible fixed assets
- Cost
- Accumulated depreciation
III. Investment properties
- Cost
- Accumulated depreciation
IV. Long-term assets in progress
1. Long-term production in progress
2. Construction in progress
V. Long-term financial investments
1. Investments in subsidiaries
2. Investments in associates, joint-ventures
3. Investments in other entities
4. Provision for diminution in value of long-term investments
5. Held to maturity investments
6. Other long-term investments
VI. Other long-term assets
1. Long-term prepayments
2. Deferred income tax assets
3. Long-term equipment, supplies, spare parts
4. Other long-term assets
VII. Goodwill
TOTAL ASSETS
OWNER'S EQUITY
A. LIABILITIES
I. Short -term liabilities
1. Short-term trade accounts payable
2. Short-term advances from customers
3. Taxes and other payables to state authorities
4. Payable to employees
5. Short-term acrrued expenses
6. Short-term inter-company payables
7. Construction contract progress payments due to suppliers
8. Short-term unearned revenue
9. Other short-term payables
10. Short-term borrowings and financial leases
11. Provision for short-term liabilities
12.. Bonus and welfare fund
13. Price stabilization fund
14. Government bonds
II. Long-term liabilities
 1. Long-term trade payables
2. Long-term advances from customers
3. Long-term acrrued expenses
4. Inter-company payables on business capital
5. Long-term inter-company payables
6. Long-term unearned revenue
7. Other long-term liabilities
8. Long-term borrowings and financial leases
9. Convertible bonds
10. Preferred stock (Debts)
11. Deferred income tax liabilities
12. Provision for long-term liabilities
13. Fund for technology development
14. Provision for severance allowances
B. OWNER'S EQUITY
I. Owner's equity
1. Owner's capital
- Common stock with voting right
- Preferred stock
2. Share premium
3. Convertible bond option
4. Other capital of owners
5. Treasury shares
6. Assets revaluation differences
7. Foreign exchange differences
8. Investment and development fund
9. Fund to support corporate restructuring
10. Other funds from owner's equity
11. Undistributed earnings after tax
- Accumulated retained earning at the end of the previous period
- Undistributed earnings in this period
12. Reserves for investment in construction
13. Minority's interest
14. Financial reserves
II. Other resources and funds
1. Subsidized not-for-profit funds
2. Funds invested in fixed assets
C. MINORITY'S INTEREST
TOTAL OWNER'S EQUITY AND LIABILITIES
BFC

Period

Consolidated
Audited

Audit firm
Audit opinion

1. Revenue
2. Deduction from revenue
3. Net revenue
4. Cost of goods sold
5. Gross profit
6. Financial income
7. Financial expenses
Of which: Interest expenses
8. Share of associates and joint ventures' result
9. Selling expenses
10. General and administrative expenses
11. Operating profit
12. Other income
13.Other expenses
14. Other profit
Share of associates and joint ventures' result
15. Profit before tax
16. Current corporate income tax expenses
17. Deferred income tax expenses (*)
18. Net profit after tax
Minority's interest
Profit after tax for shareholders of parent company
19. Earnings per share
20. Diluted earnings per share
CASHFLOW INDIRECT

Period

Consolidated
Audited

Audit firm

Audit opinion

I. CASH FLOWS FROM OPERATING ACTIVITIES

1. Profit before tax
2. Adjustments for:
Depreciation of fixed assets and properties investment
(Reversal of provisions)/provisions
Foreign exchange (gain)/loss from revaluation of monetary items denominated in foreign currencies
Loss/(profit) from investment activities
Interest expense
Loss/(profits) from disposal of fixed asset
Interest income and dividends
Allocation of goodwill
Adjustments for
3. Operating profit before changes in working capital
(Increase)/decrease in receivables
(Increase)/decrease in inventories
Increase/(decrease) in payables (other than interest, corporate income tax)
(Increase)/decrease in prepaid expenses
Changes in available for sale securities
Interest paid
Corporate income tax paid
Other receipts from operating activities
Other payments for operating activities
Net cash flows from operating activities
II. CASH FLOWS FROM INVESTING ACTIVITIES
1. Payment for fixed assets, constructions and other long-term assets
2. Receipts from disposal of fixed assets and other long-term assets
3. Loans, purchases of other entities' debt instruments
4. Receipts from loan repayments, sale of other entities' debt instruments
5. Payments for investment in other entities
6. Collections on investment in other entities
7. Dividends, interest and profit received
8. Increase/(Decrease) in term deposit
9. Purchases of minority shares of subsidiaries
10. Other receipts from investing activities
11. Other payments for investing activities
Net cash flows from investing activities
III. CASH FLOWS FROM FINANCING ACTIVITIES
1. Receipts from equity issue and owner's capital contribution
2. Payment for share repurchases
3. Proceeds from borrowings
4. Principal repayments
5. Repayment of financial leases
6. Dividends paid, profits distributed to owners
7. Other receipts from financing activities
8. Other payments for financing activities
Net cash flows from financing activities
Net cash flows during the period
Cash and cash equivalents at beginning of the period
Exchange difference due to re-valuation of ending balances
Cash and cash equivalents at end of the period
Ratios - BFC
Valuation ratios
Trailing EPS

Book value per share (BVPS)

P/E
P/B
P/S
Dividend yield
Beta
EV/EBIT
EV/EBITDA
Profitability ratios
Gross profit margin
EBIT margin
EBITDA/Net revenue
Net profit margin
ROE
Return on capital employed (ROCE)
ROA
ROE Trailling
ROA Trailling
Growth rates
Net revenue
Gross profit
Profit before tax
Profit after tax for shareholders of the parent company
Total assets
Long-term liabilities
Liabilities
Owner's equity
Charter capital
Liquidity ratios
Cash ratio
Quick ratio
Quick ratio (except: Inventories, Short-term receivables - reference)
Short-term ratio
Interest coverage
Efficiency ratios
Receivables turnover
Days of sales outstanding
Inventory turnover
Days of inventory on hand
Payables turnover
Number of days of payables
Fixed asset turnover
Total asset turnover
Equity turnover
Leverage ratios
Short-term liabilities to total liabilities
Debt to assets
Liabilities to assets
Equity to assets
Short-term liabilities to equity
Debt to equity
Liabilities to equity
Cashflow ratios
Accrual ratio CF
Cash to income
Net cash flows/Short -term liabilities
Accrual ratio (Balance sheet method)
Accrual ratio (Cash flow method)
Cash return to assets
Cash return on equity
Cash to income
Debt coverage

Cash flow per share (CPS)

Cost structure
Cost of goods sold/Net revenue
Selling expenses/Net revenue
General and Administrative expenses/Net revenue
Interest expenses/Net revenue
Short-term asset structure
Short-term assets/Total assets
Cash/Short-term assets
Short-term investments/Short-term assets
Short-term receivables/Short-term assets
Inventory/Short-term assets
Other Short-term assets/Short-term assets
Long-term asset structure
Long-term assets/Total assets
Fixed assets/Total assets
Tangible fixed assets/Fixed assets
Finance lease/Fixed assets
Intangible fixed assets/Fixed assets
Construction in progress/Fixed assets
 2019 2020 2021 2022 2023
01/01- 01/01- 01/01- 01/01- 01/01-
31/12 31/12 31/12 31/12 31/12
Consolidat Consolidat Consolidat Consolidat Consolidat
ed ed ed ed ed
Audited Audited Audited Audited Audited

Vietvalues RSM RSM KTNN Vietvalues

Unqualified Unqualified Unqualified Unqualified

opinion opinion opinion opinion

2.485 2.21 3.045 3.487 2.743

397 420 244 541 607
317 320 244 539 334
80 100 2 274
24 3 3 20

24 3 3 20
696 568 231 566 561
673 515 209 569 576
15 52 37 9 15

18 13 10 19 16
-10 -11 -25 -31 -46

1.347 1.185 2.535 2.334 1.52

1.347 1.185 2.535 2.339 1.522
-5 -3
21 37 32 43 35
3 2 6 8 6
14 19 22 23 28
4 16 3 12 1

852 847 809 813 711

4 4 4 4 4

4 4 4 4 4
 761 760 751 753 646
527 528 517 515 434
979 1.059 1.131 1.214 1.221
-451 -531 -614 -699 -787
3 5 6
4 6 8
-1 -1 -2
233 232 231 233 207
241 241 241 244 245
-8 -9 -10 -11 -38

64 59 32 36 39
59
64 32 36 39
8 7 7 6 6

12 12 12 12 12
-3 -4 -5 -6
-6

16 17 16 14 16
11 9 4 3 3
5 8 12 11 13

0
3.338 3.057 3.854 4.3 3.455

2.184 1.849 2.492 2.939 2.169

2.043 1.735 2.441 2.918 2.159
363 342 630 509 232
62 39 85 14 23
129 124 135 132 134
36 60 79 64 82
79 77 91 78 115

26 16 15 11 40
1.334 1.062 1.375 2.058 1.484
4 3 6
14 15 27 50 44

141 115 51 22 10
 20

141 95 51 22 10

1.153 1.207 1.362 1.36 1.286

1.153 1.207 1.362 1.36 1.286
572 572 572 572 572
572 572 572 572 572

24 24 24 24 24

182 195 199 204 206

13
13 13 13 269 13
131 172 281 278 258
89 67 62 129 138
43 105 219 149 120

231 232 273 213

3.338 3.057 3.854 4.3 3.455

2019 2020 2021 2022 2023
01/01- 01/01- 01/01- 01/01- 01/01-
31/12 31/12 31/12 31/12 31/12
Consolidat Consolidat Consolidat Consolidat Consolidat
ed ed ed ed ed
Audited Audited Audited Audited Audited

Vietvalues RSM RSM KTNN Vietvalues

Unqualified Unqualified Unqualified Unqualified
opinion opinion opinion opinion

6.228 5.522 7.882 8.707 8.706

96 103 139 125 118
6.132 5.418 7.743 8.581 8.588
5.397 4.663 6.838 7.693 7.68
736 755 905 888 908
7 7 7 14 21
146 106 87 145 140
115 82 58 98 117

350 310 292 346 424

129 148 165 164 166
118 198 369 246 199
20 4 3 1 2
1 1 1 2 5
19 2 3 -1 -3

137 200 371 246 196

43 37 78 52 63
-5 -3 -4 0 -2
99 166 297 193 135
25 33 77 44 -13
74 133 220 150 148
1.165 2.097 3.457 2.358 2.334
1.165 2.097 3.457 2.334
2019 2020 2021 2022 2023
01/01- 01/01- 01/01- 01/01- 01/01-
31/12 31/12 31/12 31/12 31/12
Consolidat Consolidat Consolidat Consolidat Consolidat
ed ed ed ed ed
Audited Audited Audited Audited Audited

Vietvalues RSM RSM KTNN Vietvalues

Unqualified Unqualified Unqualified Unqualified

opinion opinion opinion opinion

137 200 371 234 196

83 83 93 94 117
1 4 17 16 12
1 -1
-20 -2 1 -1 -3
115 82 58 98 69
 316 369 541 441 391
-97 171 404 -281 -4
551 162 -1.35 196 816
29 -98 275 -294 -219
-4 3 1 2

-110 -88 -58 -97 -69

-32 -54 -55 -64 -51
1 1
-37 -15 -17 -26 -39
616 450 -260 -123 828

-143 -88 -69 -84 -13

65 46
-3 -2 -17
22 24

5 3 21 1 2

-51 -15 -51 -85 -27

3.418 3.032 4.119 5.54 4.163

-3.796 -3.35 -3.849 -4.887 -4.742
-1 -2 -7
-107 -94 -134 -146 -148

-487 -412 135 505 -734

79 22 -176 297 66
318 397 420 244 541

397 420 244 541 607

2019 2020 2021 2022 2023

VND 1,294.48 2,329.57 3,840.59 2,620.32 2,593.1

VND 20,176.31 21,117.59 23,824.01 23,792.87 22,490.87

Times 8.69 7.49 8.51 6.39 9.53
Times 0.56 0.83 1.37 0.7 1.1
Times 0.1 0.18 0.24 0.11 0.16
% 9 7 5 12 10
Times 0.51 0.62 0.82 1.38 1.44
Times 7.75 6.96 7.74 7.27 8.01
Times 5.83 5.37 6.36 5.7 5.83

% 12 13.94 11.69 10.35 10.57

% 4.11 5.21 5.55 4 3.65
% 5.46 6.75 6.75 5.1 5.02
% 1.62 3.06 3.83 2.25 1.57
% 6.32 11.28 17.09 11.01 11.21
% 18.94 21.59 31.42 24.58 23.44
% 2.1 4.17 6.35 3.67 3.82
%
%

% -3.91 -11.64 42.9 10.83 0.08

% -12.38 2.62 19.84 -1.86 2.24
% -56.25 46.46 85.45 -33.84 -20.09
% -61.72 79.96 64.86 -31.77 -1.04
% -10.22 -8.41 26.09 11.56 -19.65
% -20.15 -18.61 -55.59 -57.42 -55.76
% -13.63 -15.32 34.75 17.95 -26.21
% -2.98 4.67 12.82 -0.13 -5.47
%

Times 0.19 0.24 0.1 0.19 0.28

Times 0.56 0.59 0.21 0.4 0.57
Times 0.21 0.24 0.1 0.19 0.29
Times 1.22 1.27 1.25 1.2 1.27
Times 2.19 3.43 7.35 3.51 2.67

Times 18.24 9.13 21.39 22.05 15

Days 20.01 39.99 17.06 16.55 24.33
Times 8.01 3.68 3.68 3.16 3.99
Days 45.56 99.08 99.28 115.5 91.57
Times 29.74 13.23 14.08 13.52 20.75
Days 12.27 27.58 25.93 27 17.59
Times 16.13 7.13 10.25 11.42 12.28
Times 3.67 1.69 2.24 2.1 2.22
Times 10.63 4.59 6.03 6.3 6.49

% 93.54 93.79 97.95 99.26 99.56

% 44.19 37.85 37.01 48.38 43.23
% 65.44 60.5 64.66 68.37 62.78
% 34.56 39.5 35.34 31.63 37.22
% 177.13 143.69 179.24 214.51 167.94
% 127.87 95.83 104.73 152.92 116.16
% 189.35 153.19 182.98 216.11 168.69

% 10.05 8.3 -3.36 -1.43 9.64

% 30.16 25.92 -10.65 -4.22 38.32
% 3.87 1.29 -7.2 10.19 3.06
% -19.31 -12.63
% -20.13 -14.53
% 18.46 14.71 -6.74 -2.86 23.95
% 53.43 37.25 -19.08 -9.05 64.36
% 523.25 227.27 -70.49 -50 415.27
% 28.22 24.31 -10.43 -4.19 38.15

VND 10,779.47 7,865.93 -4,546.23 -2,152.74 14,474.93

% 88 86.06 88.31 89.65 89.43

% 5.7 5.72 3.77 4.03 4.93
% 2.11 2.74 2.13 1.91 1.93
% 1.88 1.52 0.75 1.14 1.37

% 74.47 72.29 79 81.1 79.41

% 15.98 18.99 8.01 15.52 22.13
% 0.98 0 0.1 0.09 0.73
% 28 25.73 7.58 16.24 20.45
% 54.2 53.61 83.25 66.93 55.4
% 0.83 1.67 1.06 1.23 1.29

% 25.53 27.71 21 18.9 20.59

% 22.79 24.87 19.48 17.5 18.71
% 69.34 69.48 68.82 68.44 67.08
% 0 0 0.43 0.63 0.93
% 30.66 30.52 30.75 30.93 31.99
% 8.38 0 4.26 4.8 6.06
BMP 2019 2020 2021 2022 2023
01/01- 01/01- 01/01- 01/01- 01/01-
Period 31/12 31/12 31/12 31/12 31/12
Consolidat Consolidat Consolidat Consolidat Consolidat
Consolidated ed ed ed ed ed
Audited Audited Audited Audited Audited Audited
Audit firm KPMG KPMG KPMG KPMG KPMG

Unqualified Unqualified Unqualified Unqualified Unqualified

Audit opinion opinion opinion opinion opinion opinion

ASSETS
A. SHORT-TERM ASSETS 1.502 2.129 2.008 2.215 2.594
I. Cash and cash equivalents 314 196 173 359 821
1. Cash 98 76 40 47 36
2. Cash equivalents 216 120 133 312 786
II. Short-term financial investments 376 1.21 815 965 1.19
1. Available for sale securities
2. Provision for diminution in value of available for sale securities (*)
3. Held to maturity investments 376 1.21 815 965 1.19
III. Short-term receivables 357 323 370 279 174
1. Short-term trade accounts receivable 342 256 237 275 133
2. Short-term prepayments to suppliers 36 70 166 43 21
3. Short-term inter-company receivables
4. Construction contract progress receipts due from customers
5. Short-term loan receivables 30 10 5
6. Other short-term receivables 40 53 21 20 29
7. Provision for short-term doubtful debts (*)-92 -67 -59 -59 -8
8. Assets awaiting resolution 0 0 0 0
IV. Inventories 454 396 619 577 364
1. Inventories 456 398 622 577 365
2. Provision for decline in value of inventories
-2 -1 -3 -1 0
V. Other short-term assets 1 4 32 36 44
1. Short-term prepayments 1 4 2 1 1
2. Value added tax to be reclaimed 30 35 44
3. Taxes and other receivables from state authorities
4. Government bonds
5. Other short-term assets
B. LONG-TERM ASSETS 1.348 894 830 830 661
I. Long-term receivables 20 20
1. Long-term trade receivables
2. Long-term prepayments to suppliers
3. Capital at inter-company
4. Long-term inter-company receivables
5. Long-term loan receivables 20 20
6. Other long-term receivables
7. Provision for long-term doubtful debts
II. Fixed assets 640 498 382 368 286
 1. Tangible fixed assets 621 487 373 361 280
- Cost 1.745 1.81 1.882 2.036 2.105
- Accumulated depreciation -1.124 -1.323 -1.509 -1.675 -1.825
2. Financial leased fixed assets
- Cost
- Accumulated depreciation
3. Intangible fixed assets 19 11 9 7 6
- Cost 35 36 39 39 39
- Accumulated depreciation -16 -25 -30 -31 -33
III. Investment properties
- Cost
- Accumulated depreciation
IV. Long-term assets in progress 28 15 20 25 12
1. Long-term production in progress 28
2. Construction in progress 15 20 25 12
V. Long-term financial investments 369 70 112 66 64
1. Investments in subsidiaries
2. Investments in associates, joint-ventures 67 68 70 64 62
3. Investments in other entities 4 4 4 4 4
4. Provision for diminution in value of long-term
-2 investments
-2 -2 -2 -2
5. Held to maturity investments 300 40
6. Other long-term investments
VI. Other long-term assets 311 311 316 350 279
1. Long-term prepayments 264 281 281 307 246
2. Deferred income tax assets 18 12 6 6 11
3. Long-term equipment, supplies, spare parts 30 19 29 38 21
4. Other long-term assets
VII. Goodwill
TOTAL ASSETS 2.85 3.023 2.838 3.045 3.255
OWNER'S EQUITY
A. LIABILITIES 381 551 545 423 565
I. Short -term liabilities 358 528 523 403 546
1. Short-term trade accounts payable 110 150 200 91 154
2. Short-term advances from customers 21 27 13 3 52
3. Taxes and other payables to state authorities
30 38 21 65 82
4. Payable to employees 56 46 74 84 112
5. Short-term acrrued expenses 59 193 39 101 82
6. Short-term inter-company payables
7. Construction contract progress payments due to suppliers
8. Short-term unearned revenue
9. Other short-term payables 4 8 108 3 8
10. Short-term borrowings and financial leases 56 55 57 55 55
11. Provision for short-term liabilities
12.. Bonus and welfare fund 22 11 11
13. Price stabilization fund
14. Government bonds
II. Long-term liabilities 23 23 22 20 19
1. Long-term trade payables
 2. Long-term advances from customers
3. Long-term acrrued expenses
4. Inter-company payables on business capital
5. Long-term inter-company payables
6. Long-term unearned revenue
7. Other long-term liabilities
8. Long-term borrowings and financial leases
9. Convertible bonds
10. Preferred stock (Debts)
11. Deferred income tax liabilities
12. Provision for long-term liabilities 23 23 22 20 19
13. Fund for technology development
14. Provision for severance allowances
B. OWNER'S EQUITY 2.469 2.472 2.293 2.621 2.69
I. Owner's equity 2.469 2.472 2.293 2.621 2.69
1. Owner's capital 819 819 819 819 819
- Common stock with voting right 819 819 819 819 819
- Preferred stock
2. Share premium 2 2 2 2 2
3. Convertible bond option
4. Other capital of owners
5. Treasury shares
6. Assets revaluation differences
7. Foreign exchange differences
8. Investment and development fund 1.341 1.157 1.157 1.157 1.157
9. Fund to support corporate restructuring
10. Other funds from owner's equity 45 45 45 45 45
11. Undistributed earnings after tax 263 449 271 599 667
- Accumulated retained earning at the end of4the previous4 period 159 158 158
- Undistributed earnings in this period 259 445 112 440 509
12. Reserves for investment in construction
13. Minority's interest
14. Financial reserves
II. Other resources and funds
1. Subsidized not-for-profit funds
2. Funds invested in fixed assets
C. MINORITY'S INTEREST
TOTAL OWNER'S EQUITY AND LIABILITIES 2.85 3.023 2.838 3.045 3.255
BMP 2019 2020 2021 2022 2023
01/01- 01/01- 01/01- 01/01- 01/01-
Period 31/12 31/12 31/12 31/12 31/12
Consolidat Consolidat Consolidat Consolidat Consolidat
Consolidated ed ed ed ed ed
Audited Audited Audited Audited Audited Audited
Audit firm KPMG KPMG KPMG KPMG KPMG

Unqualified Unqualified Unqualified Unqualified Unqualified

Audit opinion opinion opinion opinion opinion opinion
1. Revenue 4.343 4.7 4.565 5.825 5.2
2. Deduction from revenue 6 15 12 16 43
3. Net revenue 4.337 4.686 4.553 5.808 5.157
4. Cost of goods sold 3.349 3.439 3.849 4.201 3.041
5. Gross profit 988 1.247 704 1.608 2.116
6. Financial income 37 78 60 55 119
7. Financial expenses 111 124 125 158 146
Of which: Interest expenses 0 0 0 0 0
8. Share of associates and joint ventu 1 2 2 -5 -2
9. Selling expenses 270 485 281 503 676
10. General and administrative expe 117 64 88 129 107
11. Operating profit 529 654 272 868 1.304
12. Other income 1 2 2 4 6
13.Other expenses 0 0 6 1 3
14. Other profit 1 2 -4 3 3
Share of associates and joint ventures' result
15. Profit before tax 529 657 268 871 1.307
16. Current corporate income tax ex 110 128 48 177 272
17. Deferred income tax expenses (* -3 6 6 0 -6
18. Net profit after tax 423 523 214 694 1.041
Minority's interest
Profit after tax for shareholders of 423 523 214 694 1.041
19. Earnings per share 5.164 6.384 2.619 8.481 12.717
20. Diluted earnings per share
CASHFLOW INDIRECT 2019 2020 2021 2022 2023
Period 01/01-31/101/01-31/101/01-31/101/01-31/101/01-31/12
Consolidated Consolidat Consolidat Consolidat Consolidat Consolidated
Audited Audited Audited Audited Audited Audited
Audit firm KPMG KPMG KPMG KPMG KPMG
Audit opinion UnqualifiedUnqualifiedUnqualifiedUnqualifiedUnqualified opinion

I. CASH FLOWS FROM OPERATING ACTIVITIES

1. Profit before tax 529 657 268 871 1.307
2. Adjustments for:
Depreciation of fixed assets and 188 208 191 170 172
(Reversal of provisions)/provisio 36 -24 -5 -3 -17
Foreign exchange (gain)/loss from revaluation of monetary items denominated in foreign currencies
Loss/(profit) from investment acti -38 -80 -61 -49 -118
Interest expense
Loss/(profits) from disposal of fixed asset
Interest income and dividends
Allocation of goodwill
Adjustments for
3. Operating profit before ch 715 761 393 990 1.344
(Increase)/decrease in receivabl 285 108 -26 -9 107
(Increase)/decrease in inventorie 127 69 -234 36 229
Increase/(decrease) in payables 8 175 -102 -50 138
(Increase)/decrease in prepaid -17 -20 3 -23 60
Changes in available for sale securities
Interest paid
Corporate income tax paid -106 -121 -55 -131 -267
Other receipts from operating activities
Other payments for operating act -49 -53 -9 -14 -7
Net cash flows from operating act 964 919 -31 799 1.603
II. CASH FLOWS FROM INVESTING ACTIVITIES
1. Payment for fixed assets, con -209 -96 -159 -70 -58
2. Receipts from disposal of fixed assets a 1 3
3. Loans, purchases of other enti -506 -1.81 -1.39 -942 -1.66
4. Receipts from loan repayments, sale of other entiti 1.75 817 1.435
5. Payments for investment in other entitie -10
6. Collections on investment in other entiti 1.306
7. Dividends, interest and profit 23 51 90 50 106
8. Increase/(Decrease) in term deposit
9. Purchases of minority shares of subsidiaries
10. Other receipts from investing activities
11. Other payments for investing activities
Net cash flows from investing act -691 -558 291 -145 -174
III. CASH FLOWS FROM FINANCING ACTIVITIES
1. Receipts from equity issue and owner's capital contribution
2. Payment for share repurchases
3. Proceeds from borrowings 1 2 1
4. Principal repayments -4 -1 -3
5. Repayment of financial leases
6. Dividends paid, profits distri -368 -478 -285 -467 -966
7. Other receipts from financing activities
8. Other payments for financing activities
Net cash flows from financing act -371 -479 -283 -469 -966
Net cash flows during the pe -99 -118 -23 186 463
Cash and cash equivalents at 412 314 196 173 359
Exchange difference due to re-valuation of ending balances
Cash and cash equivalents at 314 196 173 359 821
CASHFLOW DIRECT 2019 2020 2021 2022 2023
Period 01/01-31/101/01-31/101/01-31/101/01-31/101/01-31/12
Consolidated Consolidat Consolidat Consolidat Consolidat Consolidated
Audited Audited Audited Audited Audited Audited
Audit firm KPMG KPMG KPMG KPMG KPMG
Audit opinion UnqualifiedUnqualifiedUnqualifiedUnqualifiedUnqualified opinion

I. CASH FLOWS FROM OPERATING ACTIVITIES

1. Cash receipts from sale of goods, provision of services and other revenue
2. Cash paid to suppliers for goods and services
3. Cash paid to employees
4. Interest paid
5. Corporate income tax paid
6. Other receipts from operating activities
7. Other payments for operating activities
Net cash flows from operating activities
II. CASH FLOWS FROM INVESTING ACTIVITIES
1. Payment for fixed assets, constructions and other long-term assets
2. Receipts from disposal of fixed assets and other long-term assets
3. Loans, purchases of other entities' debt instruments
4. Receipts from loan repayments, sale of other entities' debt instruments
5. Payments for investment in other entities
6. Collections on investment in other entities
7. Dividends, interest and profit received
8. Other receipts from investing activities
9. Other payments for investing activities
Net cash flows from investing activities
III. CASH FLOWS FROM FINANCING ACTIVITIES
1. Receipts from equity issue and owner's capital contribution
2. Payment for share repurchases
3. Proceeds from borrowings
4. Principal repayments
5. Repayment of financial leases
6. Dividends paid, profits distributed to owners
7. Other receipts from financing activities
8. Other payments for financing activities
Net cash flows from financing activities
Net cash flows during the period
Cash and cash equivalents at beginning of the period
Exchange difference due to re-valuation of ending balances
Cash and cash equivalents at end of the period
Ratios -
BMP 2019 2020 2021 2022 2023
Valuation ratios

Trailing EPS VND 5,164.44 6,383.82 2,618.79 8,481.08 12,716.77

Book value per share (B VND 30,164.37 30,191.75 28,016.72 32,021.6 32,857.29
P/E Times 8.75 9.81 22.87 7.07 8.2
P/B Times 1.5 2.07 2.14 1.87 3.17
P/S Times 0.85 1.09 1.08 0.85 1.66
Dividend yield % 10 9 6 10 11
Beta Times 0.9 0.92 0.77 0.66 0.82
EV/EBIT Times 6.5 7.59 17.85 5.29 5.95
EV/EBITDA Times
Profitability ratios
Gross profit margin % 22.78 26.61 15.46 27.68 41.04
EBIT margin % 12.21 14.01 5.89 15 25.35
EBITDA/Net revenue % 16.53 18.46 10.09 17.93 28.69
Net profit margin % 9.75 11.15 4.71 11.95 20.19
ROE % 17.18 21.15 9 28.25 39.2
Return on capital emplo % 21.41 26.33 11.15 35.16 48.87
ROA % 14.93 17.8 7.32 23.6 33.05
ROE Trailling %
ROA Trailling %
Growth rates
Net revenue % 10.66 8.03 -2.84 27.58 -11.21
Gross profit % 13.3 26.21 -43.55 128.39 31.65
Profit before tax % -0.12 24.04 -59.15 224.88 50.02
Profit after tax for shar % -1.13 23.61 -58.98 223.85 49.94
Total assets % 1.34 6.06 -6.11 7.29 6.9
Long-term liabilities % 1.77 -6.99 -8.47 -4.39
Liabilities % 6.16 44.82 -1.21 -22.23 33.48
Owner's equity % 0.64 0.09 -7.2 14.29 2.61
Charter capital %
Liquidity ratios
Cash ratio Times 0.88 0.37 0.33 0.89 1.5
Quick ratio Times 2.93 3.28 2.66 4.06 4.08
Quick ratio (except: InveTimes 1.93 2.66 1.89 3.28 3.68
Short-term ratio Times 4.2 4.03 3.84 5.49 4.75

Interest coverage Times 4,229.32 12,913.72 6,777.89 31,596.22 33,798.72

Efficiency ratios
Receivables turnover Times 25.33 15.66 18.46 22.69 25.32
Days of sales outstandinDays 14.41 23.31 19.77 16.09 14.41
Inventory turnover Times 14.76 8.09 7.58 7.03 6.46
Days of inventory on ha Days 24.73 45.13 48.15 51.95 56.48
Payables turnover Times 60.87 26.42 22 28.87 24.74
Number of days of payabDays 6 13.82 16.59 12.64 14.75
Fixed asset turnover Times 13.55 8.24 10.35 15.49 15.78
Total asset turnover Times 3.04 1.6 1.55 1.97 1.64
Equity turnover Times 3.51 1.9 1.91 2.36 1.94
Leverage ratios
Short-term liabilities to tot% 93.93 95.74 95.99 95.28 96.62
Debt to assets % 1.96 1.83 2.02 1.81 1.69
Liabilities to assets % 13.36 18.24 19.19 13.91 17.37
Equity to assets % 86.64 81.76 80.81 86.09 82.63
Short-term liabilities to e % 14.48 21.35 22.79 15.39 20.31
Debt to equity % 2.26 2.24 2.5 2.1 2.05
Liabilities to equity % 15.41 22.3 23.74 16.15 21.02
Cashflow ratios
Accrual ratio CF % 22.22 19.6 -0.67 13.76 31.08
Cash to income % 269.56 174.06 -5.87 198.07 293.48
Net cash flows/Short -term % -27.63 -22.34 -4.36 46.01 84.74
Accrual ratio (Balance s % -3.45 -48.33
Accrual ratio (Cash flow % 8.05 10.95
Cash return to assets % 33.82 30.39 -1.08 26.25 49.24
Cash return on equity % 39.03 37.17 -1.34 30.49 59.59
Cash to income % 182.33 140.4 -11.29 92.06 122.91
Debt coverage % 253.21 166.64 -5.64 188.71 283.55
Cash flow per share (CPVND 11,773.19 11,221.2 -374.89 9,762.17 19,580.02
Cost structure
Cost of goods sold/Net % 77.22 73.39 84.54 72.32 58.96
Selling expenses/Net re % 6.23 10.35 6.18 8.67 13.11
General and Administrat% 2.69 1.36 1.92 2.22 2.07
Interest expenses/Net r % 0 0
Short-term asset structure
Short-term assets/Total % 52.7 70.43 70.75 72.75 79.69
Cash/Short-term assets % 20.88 9.19 8.61 16.19 31.67
Short-term investments/S% 25.04 56.84 40.59 43.56 45.88
Short-term receivables/S% 23.78 15.15 18.41 12.58 6.71
Inventory/Short-term ass% 30.22 18.62 30.82 26.04 14.04
Other Short-term assets/% 0.08 0.19 1.57 1.63 1.71
Long-term asset structure
Long-term assets/Total a% 47.3 29.57 29.25 27.25 20.31
Fixed assets/Total asset% 22.46 16.47 13.46 12.08 8.78
Tangible fixed assets/Fi % 97.02 97.74 97.56 98.04 97.93
Finance lease/Fixed ass% 0 0
Intangible fixed assets/F% 2.98 2.26 2.44 1.96 2.07
Construction in progress% 0 2.92 5.35 6.82 4.35
1/01-31/12
onsolidated

nqualified opinion

ed in foreign currencies
1/01-31/12
onsolidated

nqualified opinion
CPC 2019 2020 2021 2022 2023
01/01- 01/01- 01/01- 01/01- 01/01-
Period 31/12 31/12 31/12 31/12 31/12
Stand- Stand- Stand- Stand- Stand-
Consolidated alone alone alone alone alone
Audited Audited Audited Audited Audited Audited
Audit firm A&C A&C A&C A&C A&C

Unqualified Unqualified Unqualified Unqualified Unqualified

Audit opinion opinion opinion opinion opinion opinion

ASSETS
A. SHORT-TERM ASSETS 109 113 106 106 116
I. Cash and cash equivalents 26 31 21 34 48
1. Cash 9 9 3 12 12
2. Cash equivalents 17 22 18 22 36
II. Short-term financial investments 5 24 46 13 24
1. Available for sale securities
2. Provision for diminution in value of available for sale securities (*)
3. Held to maturity investments 5 24 46 13 24
III. Short-term receivables 45 26 16 26 27
1. Short-term trade accounts receivable 45 22 12 26 29
2. Short-term prepayments to suppliers 1 3 5 1 1
3. Short-term inter-company receivables
4. Construction contract progress receipts due from customers
5. Short-term loan receivables
6. Other short-term receivables 0 7 6 6 6
7. Provision for short-term doubtful debts (*) -1 -6 -7 -7 -9
8. Assets awaiting resolution
IV. Inventories 32 30 22 33 17
1. Inventories 35 33 23 34 18
2. Provision for decline in value of inventories
-3 -2 -1 -1 -2
V. Other short-term assets 1 1 1 0 0
1. Short-term prepayments 0 0 0 0 0
2. Value added tax to be reclaimed 0 0 0
3. Taxes and other receivables from state authorities
0 1 1
4. Government bonds
5. Other short-term assets
B. LONG-TERM ASSETS 18 15 16 18 18
I. Long-term receivables
1. Long-term trade receivables
2. Long-term prepayments to suppliers
3. Capital at inter-company
4. Long-term inter-company receivables
5. Long-term loan receivables
6. Other long-term receivables
7. Provision for long-term doubtful debts
II. Fixed assets 13 11 11 15 15
 1. Tangible fixed assets 13 11 11 15 15
- Cost 50 49 52 57 58
- Accumulated depreciation -37 -37 -40 -43 -43
2. Financial leased fixed assets
- Cost
- Accumulated depreciation
3. Intangible fixed assets 0 0 0 0 0
- Cost 1 1 1 1 1
- Accumulated depreciation -1 -1 -1 -1 -1
III. Investment properties
- Cost
- Accumulated depreciation
IV. Long-term assets in progress 0 1 1 1
1. Long-term production in progress
2. Construction in progress 0 1 1 1
V. Long-term financial investments
1. Investments in subsidiaries
2. Investments in associates, joint-ventures
3. Investments in other entities
4. Provision for diminution in value of long-term investments
5. Held to maturity investments
6. Other long-term investments
VI. Other long-term assets 4 3 3 2 2
1. Long-term prepayments 4 3 3 2 2
2. Deferred income tax assets
3. Long-term equipment, supplies, spare parts
4. Other long-term assets
VII. Goodwill
TOTAL ASSETS 127 128 122 124 134
OWNER'S EQUITY
A. LIABILITIES 46 46 38 40 48
I. Short -term liabilities 46 46 38 40 48
1. Short-term trade accounts payable 8 5 3 27 11
2. Short-term advances from customers 1 2 0
3. Taxes and other payables to state authorities0 1 1 2 2
4. Payable to employees 1 9 11 3 22
5. Short-term acrrued expenses 1 1 1 0 3
6. Short-term inter-company payables
7. Construction contract progress payments due to suppliers
8. Short-term unearned revenue
9. Other short-term payables 4 2 0 0 1
10. Short-term borrowings and financial leases 32 28 18 7 8
11. Provision for short-term liabilities
12.. Bonus and welfare fund 0 1 1 1 2
13. Price stabilization fund
14. Government bonds
II. Long-term liabilities 1
1. Long-term trade payables
 2. Long-term advances from customers
3. Long-term acrrued expenses
4. Inter-company payables on business capital
5. Long-term inter-company payables
6. Long-term unearned revenue
7. Other long-term liabilities 0
8. Long-term borrowings and financial leases
9. Convertible bonds
10. Preferred stock (Debts)
11. Deferred income tax liabilities 0
12. Provision for long-term liabilities
13. Fund for technology development
14. Provision for severance allowances
B. OWNER'S EQUITY 81 82 83 83 86
I. Owner's equity 81 82 83 83 86
1. Owner's capital 43 43 43 43 43
- Common stock with voting right 43 43 43 43 43
- Preferred stock
2. Share premium 8 8 8 8 8
3. Convertible bond option
4. Other capital of owners 12 12 12 12 12
5. Treasury shares -4 -4 -4 -4 -4
6. Assets revaluation differences
7. Foreign exchange differences
8. Investment and development fund 10 11 12 12 13
9. Fund to support corporate restructuring
10. Other funds from owner's equity
11. Undistributed earnings after tax 11 11 12 12 13
- Accumulated retained earning at the end of0the previous1 period 2 2 3
- Undistributed earnings in this period 11 10 10 10 10
12. Reserves for investment in construction
13. Minority's interest
14. Financial reserves
II. Other resources and funds
1. Subsidized not-for-profit funds
2. Funds invested in fixed assets
C. MINORITY'S INTEREST
TOTAL OWNER'S EQUITY AND LIABILITIES 127 128 122 124 134
CPC 2019 2020 2021 2022 2023
01/01- 01/01- 01/01- 01/01- 01/01-
Period 31/12 31/12 31/12 31/12 31/12
Stand- Stand- Stand- Stand- Stand-
Consolidated alone alone alone alone alone
Audited Audited Audited Audited Audited Audited
Audit firm A&C A&C A&C A&C A&C

Unqualified Unqualified Unqualified Unqualified Unqualified

Audit opinion opinion opinion opinion opinion opinion
1. Revenue 268 192 190 189 189
2. Deduction from revenue
3. Net revenue 268 192 190 189 189
4. Cost of goods sold 225 151 151 156 147
5. Gross profit 43 41 39 33 42
6. Financial income 4 3 4 7 6
7. Financial expenses 6 3 3 6 5
Of which: Interest expenses 3 2 1 1 1
8. Share of associates and joint ventures' result
9. Selling expenses 17 15 16 13 18
10. General and administrative expe 9 14 11 8 12
11. Operating profit 14 12 12 12 13
12. Other income 0 1 0 0 0
13.Other expenses 1 0 0 0 0
14. Other profit -1 1 0 0 0
Share of associates and joint ventures' result
15. Profit before tax 14 12 12 12 13
16. Current corporate income tax ex 3 2 2 3 3
17. Deferred income tax expenses (* 0 0
18. Net profit after tax 11 10 10 10 10
Minority's interest
Profit after tax for shareholders of 11 10 10 10 10
19. Earnings per share 2.676 2.34 2.315 2.101
20. Diluted earnings per share 2.676 2.34 2.315 2.101
CASHFLOW INDIRECT 2019 2020 2021 2022 2023
Period 01/01-31/101/01-31/101/01-31/101/01-31/101/01-31/12
Consolidated Stand-alonStand-alonStand-alonStand-alonStand-alone
Audited Audited Audited Audited Audited Audited
Audit firm A&C A&C A&C A&C A&C
Audit opinion UnqualifiedUnqualifiedUnqualifiedUnqualifiedUnqualified opinion

I. CASH FLOWS FROM OPERATING ACTIVITIES

1. Profit before tax
2. Adjustments for:
Depreciation of fixed assets and properties investment
(Reversal of provisions)/provisions
Foreign exchange (gain)/loss from revaluation of monetary items denominated in foreign currencies
Loss/(profit) from investment activities
Interest expense
Loss/(profits) from disposal of fixed asset
Interest income and dividends
Allocation of goodwill
Adjustments for
3. Operating profit before changes in working capital
(Increase)/decrease in receivables
(Increase)/decrease in inventories
Increase/(decrease) in payables (other than interest, corporate income tax)
(Increase)/decrease in prepaid expenses
Changes in available for sale securities
Interest paid
Corporate income tax paid
Other receipts from operating activities
Other payments for operating activities
Net cash flows from operating activities
II. CASH FLOWS FROM INVESTING ACTIVITIES
1. Payment for fixed assets, constructions and other long-term assets
2. Receipts from disposal of fixed assets and other long-term assets
3. Loans, purchases of other entities' debt instruments
4. Receipts from loan repayments, sale of other entities' debt instruments
5. Payments for investment in other entities
6. Collections on investment in other entities
7. Dividends, interest and profit received
8. Increase/(Decrease) in term deposit
9. Purchases of minority shares of subsidiaries
10. Other receipts from investing activities
11. Other payments for investing activities
Net cash flows from investing activities
III. CASH FLOWS FROM FINANCING ACTIVITIES
1. Receipts from equity issue and owner's capital contribution
2. Payment for share repurchases
3. Proceeds from borrowings
4. Principal repayments
5. Repayment of financial leases
6. Dividends paid, profits distributed to owners
7. Other receipts from financing activities
8. Other payments for financing activities
Net cash flows from financing activities
Net cash flows during the period
Cash and cash equivalents at beginning of the period
Exchange difference due to re-valuation of ending balances
Cash and cash equivalents at end of the period
CASHFLOW DIRECT 2019 2020 2021 2022 2023
Period 01/01-31/101/01-31/101/01-31/101/01-31/101/01-31/12
Consolidated Stand-alonStand-alonStand-alonStand-alonStand-alone
Audited Audited Audited Audited Audited Audited
Audit firm A&C A&C A&C A&C A&C
Audit opinion UnqualifiedUnqualifiedUnqualifiedUnqualifiedUnqualified opinion

I. CASH FLOWS FROM OPERATING ACTIVITIES

1. Cash receipts from sale of goo 263 207 211 181 196
2. Cash paid to suppliers for goo -159 -145 -126 -127 -123
3. Cash paid to employees -19 -19 -23 -29 -22
4. Interest paid -3 -1 -1 -1 -1
5. Corporate income tax paid -2 -2 -2 -1 -3
6. Other receipts from operating 10 13 5 2 5
7. Other payments for operating a -54 -19 -8 -25 -19
Net cash flows from operating 36 34 56 33
II. CASH FLOWS FROM INVESTING ACTIVITIES
1. Payment for fixed assets, constructions -1 -4 -6 -4
2. Receipts from disposal of fixed assets a 1 1
3. Loans, purchases of other enti -5 -41 -64 -35 -122
4. Receipts from loan repayments, 5 22 17 70 109
5. Payments for investment in other entities
6. Collections on investment in other entities
7. Dividends, interest and profit 1 2 2 3 2
8. Other receipts from investing activities
9. Other payments for investing activities
Net cash flows from investing 1 -18 -49 31 -14
III. CASH FLOWS FROM FINANCING ACTIVITIES
1. Receipts from equity issue and owner's capital contribution
2. Payment for share repurchases
3. Proceeds from borrowings 128 96 75 81 86
4. Principal repayments -155 -100 -85 -92 -86
5. Repayment of financial leases
6. Dividends paid, profits distri -9 -7 -7 -7 -6
7. Other receipts from financing activities
8. Other payments for financing activities
Net cash flows from financing -36 -11 -17 -18 -6
Net cash flows during the pe 2 5 -10 13 14
Cash and cash equivalents at 24 26 31 21 34
Exchange difference due to re-valuation of ending balances
Cash and cash equivalents at 26 31 21 34 48
Ratios -
CPC 2019 2020 2021 2022 2023
Valuation ratios
Trailing EPS VND 2,675.96 2,530.95 2,548.47 2,342.32 2,500.94

Book value per share (B VND 19,751.11 19,973.62 20,399.46 20,423.02 20,949.16
P/E Times 8.3 6.32 9.57 6.4 6.76
P/B Times 1.12 0.8 1.2 0.73 0.81
P/S Times 0.34 0.34 0.52 0.32 0.36
Dividend yield % 5 11 7 12 9
Beta Times -0.09 -0.24 -0.02 0.25 0.28
EV/EBIT Times 5.79 4.55 7.39 2.58 2.07
EV/EBITDA Times
Profitability ratios
Gross profit margin % 15.96 21.22 20.58 17.51 22.37
EBIT margin % 6.23 7.09 6.88 7.09 7.37
EBITDA/Net revenue % 20.26 7.41 8.42 8.47 7.62
Net profit margin % 4.08 5.38 5.47 5.07 5.39
ROE % 13.07 12.74 12.62 11.48 12.09
Return on capital emplo % 19.82 16.72 15.88 16.06 16.53
ROA % 7.61 8.11 8.34 7.79 7.93
ROE Trailling %
ROA Trailling %
Growth rates
Net revenue % -16.91 -28.35 -0.85 -0.84 0.4
Gross profit % -9.71 -4.72 -3.87 -15.61 28.23
Profit before tax % -16.58 -13.08 0.36 -0.29 5.99
Profit after tax for shar % -17.84 -5.42 0.69 -8.09 6.77
Total assets % -20.68 0.57 -4.84 1.77 8.03
Long-term liabilities % -15.83 -100
Liabilities % -37 -0.39 -17.12 5.37 19.29
Owner's equity % -6.77 1.13 2.13 0.12 2.58
Charter capital %
Liquidity ratios
Cash ratio Times 0.56 0.68 0.55 0.84 0.99
Quick ratio Times 1.67 1.78 2.18 1.81 2.06
Quick ratio (except: InveTimes 0.67 1.2 1.75 1.16 1.49
Short-term ratio Times 2.38 2.44 2.77 2.62 2.41
Interest coverage Times 6.01 8.97 13.6 10.34 12.18
Efficiency ratios
Receivables turnover Times 11.85 5.74 11.32 9.84 6.86
Days of sales outstandinDays 30.81 63.6 32.25 37.11 53.24
Inventory turnover Times 13.86 4.8 5.72 5.64 5.94
Days of inventory on ha Days 26.34 76.04 63.86 64.73 61.47
Payables turnover Times 55.3 23.73 38.75 10.32 7.83
Number of days of payabDays 6.6 15.38 9.42 35.37 46.61
Fixed asset turnover Times 39.69 15.38 16.57 14.45 12.93
Total asset turnover Times 4.21 1.51 1.53 1.54 1.47
Equity turnover Times 6.64 2.37 2.31 2.26 2.24
Leverage ratios
Short-term liabilities to tot% 98.87 100 100 100 100
Debt to assets % 24.96 21.82 15.09 5.82 5.62
Liabilities to assets % 36.55 36.2 31.53 32.64 36.04
Equity to assets % 63.45 63.8 68.47 67.36 63.96
Short-term liabilities to e % 56.95 56.74 46.04 48.46 56.36
Debt to equity % 39.34 34.2 22.04 8.64 8.79
Liabilities to equity % 57.6 56.74 46.04 48.46 56.36
Cashflow ratios
Accrual ratio CF % 13.55 17.84 29.42 -0.16 17.48
Cash to income % 79.02 73.99 145.99 -0.73 68.69
Net cash flows/Short -term % 3.76 11.47 -25.6 31.43 28.09
Accrual ratio (Balance s % -35.33 -40.57
Accrual ratio (Cash flow % -26.75 -9.08
Cash return to assets % 28.55 26.78 46.03 -0.24 24.76
Cash return on equity % 45 41.98 67.22 -0.36 38.71
Cash to income % 251.29 297.21 459.47 -2.41 262.05
Debt coverage % 78.13 73.99 145.99 -0.73 68.69

Cash flow per share (CPVND 8,888.4 8,385.01 13,712.49 -72.69 8,109.18
Cost structure
Cost of goods sold/Net % 84.04 78.78 79.42 82.49 77.63
Selling expenses/Net re % 6.39 8.03 8.49 6.99 9.49
General and Administrat% 3.41 7.14 6.03 4.36 6.58
Interest expenses/Net r % 1.04 0.79 0.51 0.69 0.6
Short-term asset structure
Short-term assets/Total % 86.01 88.25 87.25 85.58 86.75
Cash/Short-term assets % 23.62 27.83 20.05 32 41.05
Short-term investments/S% 4.58 21.29 43.36 12.27 20.69
Short-term receivables/S% 41.46 23.26 14.83 24.42 23.67
Inventory/Short-term ass% 29.72 27.04 21.09 30.97 14.42
Other Short-term assets/% 0.63 0.59 0.67 0.33 0.17
Long-term asset structure
Long-term assets/Total a% 13.99 11.75 12.75 14.42 13.25
Fixed assets/Total asset% 10.62 8.97 9.45 11.8 10.98
Tangible fixed assets/Fi % 98.91 99.54 99.94 99.86 99.91
Finance lease/Fixed ass% 0 0
Intangible fixed assets/F% 1.09 0.46 0.06 0.14 0.09
Construction in progress% 0 1.38 10.31 7.02 6.98
1/01-31/12
tand-alone

nqualified opinion

ed in foreign currencies
1/01-31/12
tand-alone

nqualified opinion
CSV

Period

Consolidated
Audited
Audit firm

Audit opinion

ASSETS
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
1. Cash
2. Cash equivalents
II. Short-term financial investments
1. Available for sale securities
2. Provision for diminution in value of available for sale securities (*)
3. Held to maturity investments
III. Short-term receivables
1. Short-term trade accounts receivable
2. Short-term prepayments to suppliers
3. Short-term inter-company receivables
4. Construction contract progress receipts due from customers
5. Short-term loan receivables
6. Other short-term receivables
7. Provision for short-term doubtful debts (*)
8. Assets awaiting resolution
IV. Inventories
1. Inventories
2. Provision for decline in value of inventories
V. Other short-term assets
1. Short-term prepayments
2. Value added tax to be reclaimed
3. Taxes and other receivables from state authorities
4. Government bonds
5. Other short-term assets
B. LONG-TERM ASSETS
I. Long-term receivables
1. Long-term trade receivables
2. Long-term prepayments to suppliers
3. Capital at inter-company
4. Long-term inter-company receivables
5. Long-term loan receivables
6. Other long-term receivables
7. Provision for long-term doubtful debts
II. Fixed assets
 1. Tangible fixed assets
2. Financial leased fixed assets
3. Intangible fixed assets
III. Investment properties
- Cost
- Accumulated depreciation
IV. Long-term assets in progress
1. Long-term production in progress
2. Construction in progress
V. Long-term financial investments
1. Investments in subsidiaries
2. Investments in associates, joint-ventures
3. Investments in other entities
4. Provision for diminution in value of long-term investments
5. Held to maturity investments
6. Other long-term investments
VI. Other long-term assets
1. Long-term prepayments
2. Deferred income tax assets
3. Long-term equipment, supplies, spare parts
4. Other long-term assets
VII. Goodwill
TOTAL ASSETS
OWNER'S EQUITY
A. LIABILITIES
I. Short -term liabilities
1. Short-term trade accounts payable
2. Short-term advances from customers
3. Taxes and other payables to state authorities
4. Payable to employees
5. Short-term acrrued expenses
6. Short-term inter-company payables
7. Construction contract progress payments due to suppliers
8. Short-term unearned revenue
9. Other short-term payables
10. Short-term borrowings and financial leases
11. Provision for short-term liabilities
12.. Bonus and welfare fund
13. Price stabilization fund
14. Government bonds
II. Long-term liabilities
1. Long-term trade payables
2. Long-term advances from customers
3. Long-term acrrued expenses
4. Inter-company payables on business capital
5. Long-term inter-company payables
6. Long-term unearned revenue
7. Other long-term liabilities
 8. Long-term borrowings and financial leases
9. Convertible bonds
10. Preferred stock (Debts)
11. Deferred income tax liabilities
12. Provision for long-term liabilities
13. Fund for technology development
14. Provision for severance allowances
B. OWNER'S EQUITY
I. Owner's equity
1. Owner's capital
2. Share premium
3. Convertible bond option
4. Other capital of owners
5. Treasury shares
6. Assets revaluation differences
7. Foreign exchange differences
8. Investment and development fund
9. Fund to support corporate restructuring
10. Other funds from owner's equity
11. Undistributed earnings after tax
12. Reserves for investment in construction
13. Minority's interest
14. Financial reserves
II. Other resources and funds
1. Subsidized not-for-profit funds
2. Funds invested in fixed assets
C. MINORITY'S INTEREST
TOTAL OWNER'S EQUITY AND LIABILITIES

CSV

Period

Consolidated
Audited
Audit firm

Audit opinion

1. Revenue
2. Deduction from revenue
3. Net revenue
4. Cost of goods sold
5. Gross profit
6. Financial income
7. Financial expenses
Of which: Interest expenses
8. Share of associates and joint ventures' result
9. Selling expenses
10. General and administrative expenses
11. Operating profit
12. Other income
13.Other expenses
14. Other profit
Share of associates and joint ventures' result
15. Profit before tax
16. Current corporate income tax expenses
17. Deferred income tax expenses (*)
18. Net profit after tax
Minority's interest
Profit after tax for shareholders of parent company
19. Earnings per share
20. Diluted earnings per share
CASHFLOW INDIRECT

Period

Consolidated
Audited
Audit firm

Audit opinion

I. CASH FLOWS FROM OPERATING ACTIVITIES

1. Profit before tax
2. Adjustments for:
Depreciation of fixed assets and properties investment
(Reversal of provisions)/provisions
Foreign exchange (gain)/loss from revaluation of monetary items denominated in foreign currencies
Loss/(profit) from investment activities
Interest expense
Loss/(profits) from disposal of fixed asset
Interest income and dividends
Allocation of goodwill
Adjustments for
3. Operating profit before changes in working capital
(Increase)/decrease in receivables
(Increase)/decrease in inventories
Increase/(decrease) in payables (other than interest, corporate income tax)
(Increase)/decrease in prepaid expenses
Changes in available for sale securities
Interest paid
Corporate income tax paid
Other receipts from operating activities
Other payments for operating activities
Net cash flows from operating activities
II. CASH FLOWS FROM INVESTING ACTIVITIES
1. Payment for fixed assets, constructions and other long-term assets
2. Receipts from disposal of fixed assets and other long-term assets
3. Loans, purchases of other entities' debt instruments
4. Receipts from loan repayments, sale of other entities' debt instruments
5. Payments for investment in other entities
6. Collections on investment in other entities
7. Dividends, interest and profit received
8. Increase/(Decrease) in term deposit
9. Purchases of minority shares of subsidiaries
10. Other receipts from investing activities
11. Other payments for investing activities
Net cash flows from investing activities
III. CASH FLOWS FROM FINANCING ACTIVITIES
1. Receipts from equity issue and owner's capital contribution
2. Payment for share repurchases
3. Proceeds from borrowings
4. Principal repayments
5. Repayment of financial leases
6. Dividends paid, profits distributed to owners
7. Other receipts from financing activities
8. Other payments for financing activities
Net cash flows from financing activities
Net cash flows during the period
Cash and cash equivalents at beginning of the period
Exchange difference due to re-valuation of ending balances
Cash and cash equivalents at end of the period

Ratios - CSV
Valuation ratios
Trailing EPS

Book value per share (BVPS)

P/E
P/B
P/S
Dividend yield
Beta
EV/EBIT
EV/EBITDA
Profitability ratios
Gross profit margin
EBIT margin
EBITDA/Net revenue
Net profit margin
ROE
Return on capital employed (ROCE)
ROA
ROE Trailling
ROA Trailling
Growth rates
Net revenue
Gross profit
Profit before tax
Profit after tax for shareholders of the parent company
Total assets
Long-term liabilities
Liabilities
Owner's equity
Charter capital
Liquidity ratios
Cash ratio
Quick ratio
Quick ratio (except: Inventories, Short-term receivables - reference)
Short-term ratio
Interest coverage
Efficiency ratios
Receivables turnover
Days of sales outstanding
Inventory turnover
Days of inventory on hand
Payables turnover
Number of days of payables
Fixed asset turnover
Total asset turnover
Equity turnover
Leverage ratios
Short-term liabilities to total liabilities
Debt to assets
Liabilities to assets
Equity to assets
Short-term liabilities to equity
Debt to equity
Liabilities to equity
Cashflow ratios
Accrual ratio CF
Cash to income
Net cash flows/Short -term liabilities
Accrual ratio (Balance sheet method)
Accrual ratio (Cash flow method)
Cash return to assets
Cash return on equity
Cash to income
Debt coverage
Cash flow per share (CPS)
Cost structure
Cost of goods sold/Net revenue
Selling expenses/Net revenue
General and Administrative expenses/Net revenue
Interest expenses/Net revenue
Short-term asset structure
Short-term assets/Total assets
Cash/Short-term assets
Short-term investments/Short-term assets
Short-term receivables/Short-term assets
Inventory/Short-term assets
Other Short-term assets/Short-term assets
Long-term asset structure
Long-term assets/Total assets
Fixed assets/Total assets
Tangible fixed assets/Fixed assets
Finance lease/Fixed assets
Intangible fixed assets/Fixed assets
Construction in progress/Fixed assets
 2019 2020 2021 2022 2023
01/01- 01/01- 01/01- 01/01- 01/01-
31/12 31/12 31/12 31/12 31/12
Consolidat Consolidat Consolidat Consolidat Consolidat
ed ed ed ed ed
Audited Audited Audited Audited Audited
VAE VAE VAE A&C VAE

Unqualified Unqualified Unqualified Unqualified Unqualified

opinion opinion opinion opinion opinion

742 780 936 1.248 1.304

154 115 182 190 107
79 55 82 56 67
75 61 100 134 40
80 200 125 335 540

80 200 125 335 540

184 176 225 288 236
180 172 212 276 222
9 12 10 5 4
5

7 12 11 13
-12 -12 -9 -4 -3

283 235 343 382 366

283 235 343 392 369
-10 -3
40 53 61 53 55
2 4 2 3 2
38 48 58 48 50
0 1 1 2 3

523 519 520 470 418

2 1 1 1 1

2 1 1 1 1

149 126 131 123 78

 146 122 128 121 77

3 4 3 2 2

7 34 34 0 1
34
7 34 0 1

366 359 354 346 338

366 357 349 337 325
0 2 5 9 13

1.265 1.299 1.456 1.718 1.722

329 295 296 290 286

217 243 296 290 286
18 79 97 23 32
1 2 3 2 0
24 18 43 18 56
29 30 43 46 37
6 1 10 12 13

5 2 2 48 8
92 73 70 126 101
10 10 4 4
32 28 24 10 39

112 52
 112 52

936 1.004 1.16 1.429 1.436

936 1.004 1.16 1.429 1.436
442 442 442 442 442
0 0 0 0 0

23 23 23 23 23

-25 -25 -25 -25 -25

269 387 468 565 646

12 12 12 12 12
187 140 205 334 292

28 26 35 79 46

1.265 1.299 1.456 1.718 1.722

2019 2020 2021 2022 2023

01/01- 01/01- 01/01- 01/01- 01/01-
31/12 31/12 31/12 31/12 31/12
Consolidat Consolidat Consolidat Consolidat Consolidat
ed ed ed ed ed
Audited Audited Audited Audited Audited
VAE VAE VAE A&C VAE

Unqualified Unqualified Unqualified Unqualified Unqualified

opinion opinion opinion opinion opinion

1.566 1.339 1.577 2.104 1.588

0 0
1.566 1.339 1.577 2.104 1.588
1.125 975 1.165 1.444 1.179
441 364 412 660 409
18 13 12 21 40
13 13 6 8 5
11 13 5 3 4
 70 71 79 85 83
62 67 66 79 77
315 226 273 510 285
2 1 0 1 4
2 1 0 0 0
0 0 0 1 4

315 226 273 511 289

63 47 58 107 62
0 -2 -3 -4 -4
251 180 218 408 231
5 2 9 53 21
246 179 209 354 209
5.028 3.636 4.299 7.395 4.166
7.395
2019 2020 2021 2022 2023
01/01- 01/01- 01/01- 01/01- 01/01-
31/12 31/12 31/12 31/12 31/12
Consolidat Consolidat Consolidat Consolidat Consolidat
ed ed ed ed ed
Audited Audited Audited Audited Audited
VAE VAE VAE A&C VAE

Unqualified Unqualified Unqualified Unqualified Unqualified

opinion opinion opinion opinion opinion

315 226 273 511 289

32 46 52 64 61
-5 -9 5 -12
currencies 1
-16 -12 -9 -19 -36
11 13 5 3 4

338 273 312 564 307

-33 1 -52 -47 52
14 48 -108 -49 23
-70 52 66 -86 9
-273 6 10 11 13

-11 -13 -5 -3 -4
-55 -53 -58 -109 -39
 -28 -24 -23 -33 -33
-119 290 142 248 328

-35 -50 -57 -27 -18

1
-190 -255 -105 -330 -735
340 135 180 120 530

18 11 6 14 34

134 -159 24 -222 -189

492 204 292 195 310

-385 -283 -347 -138 -335

-137 -92 -44 -74 -197

-30 -171 -99 -18 -222

-16 -39 67 8 -83
170 154 115 182 190

154 115 182 190 107

2019 2020 2021 2022 2023

VND 5,557.62 4,043.45 4,734.42 8,018.97 4,731.64

VND 21,170.76 22,724.2 26,237.8 32,328.44 32,493.83

Times 3.87 7.2 8.99 3.78 8.67
Times 1.02 1.28 1.62 0.94 1.26
Times 0.61 0.96 1.19 0.64 1.14
% 14 7 2 5 9
Times 0.65 0.64 0.67 1.27 1.61
Times 3.15 5.55 6.36 2.48 6.16
Times 2.87 4.65

% 28.18 27.16 26.13 31.37 25.76

% 20.82 17.78 17.63 24.41 18.45
% 22.89 21.23 20.9 27.43 22.32
% 16.03 13.46 13.83 19.39 14.52
% 27.63 18.42 19.34 27.38 14.6
% 33.66 22.63 25.08 39.69 20.46
% 20.53 13.94 15.19 22.33 12.16
%
%

% -1.37 -14.52 17.77 33.45 -24.51

% 4.22 -17.62 13.31 60.23 -38.02
% -1.24 -28.3 20.96 87.18 -43.44
% -2.67 -27.24 17.09 69.38 -40.99
% 12.17 2.69 12.07 18.04 0.21
% 137.61 -53.43 -100
% 15.37 -10.51 0.5 -2.24 -1.3
% 11.08 7.34 15.46 23.21 0.51
% 0

Times 0.71 0.47 0.62 0.66 0.37

Times 2.11 2.25 2 2.99 3.28
Times 1.08 1.3 1.04 1.81 2.26
Times 3.41 3.22 3.16 4.31 4.56
Times 28.41 18.99 54.41 175.48 68.99

Times 17.37 7.61 8.21 8.62 6.38

Days 21.01 47.99 44.44 42.34 57.21
Times 7.96 3.77 4.03 3.99 3.16
Days 45.87 96.9 90.53 91.55 115.63
Times 126.34 20.17 13.26 24.08 42.58
Days 2.89 18.1 27.54 15.16 8.57
Times 21.06 9.74 12.27 16.58 15.78
Times 2.48 1.04 1.14 1.33 0.92
Times 3.35 1.38 1.46 1.63 1.11

% 66 82.31 100 100 100

% 16.14 9.62 4.83 7.35 5.86
% 26.03 22.68 20.34 16.85 16.59
% 73.97 77.32 79.66 83.15 83.41
% 23.22 24.14 25.53 20.26 19.89
% 21.83 12.44 6.06 8.84 7.03
% 35.19 29.34 25.53 20.26 19.89

% -7.62 21.69 9 11.79 20.65

% -54.94 119.75 47.91 85.67 114.8
% -7.14 -16.18 22.64 2.8 -29.15
% 50.63 -10.63
% 31.96 5.48
% -9.44 22.35 9.75 14.43 19.05
% -12.76 28.91 12.24 17.36 22.84
% -37.93 128.49 52.03 48.62 115.2
% -36.26 98.56 47.91 85.67 114.8
VND -2,700.98 6,570.08 3,210.2 5,611.44 7,421.06

% 71.82 72.84 73.87 68.63 74.24

% 4.48 5.29 5.02 4.03 5.2
% 3.94 4.99 4.2 3.74 4.87
% 0.73 0.94 0.32 0.14 0.27

% 58.63 60.02 64.27 72.62 75.71

% 20.82 14.77 19.47 15.25 8.21
% 10.79 25.65 13.36 26.84 41.42
% 24.82 22.58 24.03 23.06 18.11
% 38.12 30.15 36.62 30.58 28.04
% 5.45 6.84 6.52 4.26 4.21

% 41.37 39.98 35.73 27.38 24.29

% 11.76 9.7 8.99 7.15 4.56
% 98.09 97.17 97.86 98.29 97.76
% 0 0
% 1.91 2.83 2.14 1.71 2.24
% 4.62 0 25.99 0.33 1.75
DAG 2019 2020 2021 2022 2023
01/01- 01/01- 01/01- 01/01- 01/01-
Period 31/12 31/12 31/12 31/12 31/12
Consolidat Consolidat Consolidat Consolidat Consolidat
Consolidated ed ed ed ed ed
Audited Audited Audited Audited Audited Audited
Audit firm AFC AFC AFC UHY UHY

Unqualified Unqualified Unqualified Unqualified Qualified

Audit opinion opinion opinion opinion opinion opinion

ASSETS
A. SHORT-TERM ASSETS 1.023 993 1.36 1.448 799
I. Cash and cash equivalents 48 40 60 3 3
1. Cash 48 40 60 3 3
2. Cash equivalents
II. Short-term financial investments 71 97
1. Available for sale securities
2. Provision for diminution in value of available for sale securities (*)
3. Held to maturity investments 71 97
III. Short-term receivables 326 344 444 360 231
1. Short-term trade accounts receivable 182 126 226 306 299
2. Short-term prepayments to suppliers 138 187 197 30 34
3. Short-term inter-company receivables
4. Construction contract progress receipts due from customers
5. Short-term loan receivables 12
6. Other short-term receivables 9 33 9 25 17
7. Provision for short-term doubtful debts (*) -3 0 -119
8. Assets awaiting resolution
IV. Inventories 639 601 778 969 558
1. Inventories 639 601 778 969 962
2. Provision for decline in value of inventories0 -404
V. Other short-term assets 10 7 7 18 8
1. Short-term prepayments 8 6 0 1 0
2. Value added tax to be reclaimed 1 1 7 17 8
3. Taxes and other receivables from state authorities
0 0 0 0 0
4. Government bonds
5. Other short-term assets
B. LONG-TERM ASSETS 591 747 669 731 643
I. Long-term receivables 23 29 21 17 11
1. Long-term trade receivables
2. Long-term prepayments to suppliers
3. Capital at inter-company
4. Long-term inter-company receivables
5. Long-term loan receivables
6. Other long-term receivables 23 29 21 17 11
7. Provision for long-term doubtful debts
II. Fixed assets 459 601 588 622 583
 1. Tangible fixed assets 253 318 330 404 393
2. Financial leased fixed assets 205 282 257 217 189
3. Intangible fixed assets 1 1 0 0 0
III. Investment properties
- Cost
- Accumulated depreciation
IV. Long-term assets in progress 97 107 19 59 37
1. Long-term production in progress
2. Construction in progress 97 107 19 59 37
V. Long-term financial investments 10 6
1. Investments in subsidiaries
2. Investments in associates, joint-ventures
3. Investments in other entities
4. Provision for diminution in value of long-term investments
5. Held to maturity investments 10 6
6. Other long-term investments
VI. Other long-term assets 12 10 31 28 13
1. Long-term prepayments 12 10 31 28 13
2. Deferred income tax assets 0
3. Long-term equipment, supplies, spare parts
4. Other long-term assets
VII. Goodwill
TOTAL ASSETS 1.614 1.74 2.029 2.179 1.442
OWNER'S EQUITY
A. LIABILITIES 942 1.063 1.349 1.492 1.362
I. Short -term liabilities 763 851 1.123 1.245 871
1. Short-term trade accounts payable 120 74 115 192 33
2. Short-term advances from customers 30 106 217 42 40
3. Taxes and other payables to state authorities
19 18 13 9 9
4. Payable to employees 6 3 2 4 5
5. Short-term acrrued expenses 1 1 2 2 38
6. Short-term inter-company payables
7. Construction contract progress payments due to suppliers
8. Short-term unearned revenue 1 0 1 0
9. Other short-term payables 33 17 9 16 10
10. Short-term borrowings and financial leases
543 621 749 964 721
11. Provision for short-term liabilities
12.. Bonus and welfare fund 9 11 15 15 15
13. Price stabilization fund
14. Government bonds
II. Long-term liabilities 179 212 226 247 491
1. Long-term trade payables 39 41 3 1 1
2. Long-term advances from customers
3. Long-term acrrued expenses
4. Inter-company payables on business capital
5. Long-term inter-company payables
6. Long-term unearned revenue
7. Other long-term liabilities 0 0 1 0 0
 8. Long-term borrowings and financial leases 140 170 221 245 490
9. Convertible bonds
10. Preferred stock (Debts)
11. Deferred income tax liabilities
12. Provision for long-term liabilities
13. Fund for technology development
14. Provision for severance allowances
B. OWNER'S EQUITY 672 677 680 687 80
I. Owner's equity 672 677 680 687 80
1. Owner's capital 518 518 596 596 603
2. Share premium 8 8 8 8 0
3. Convertible bond option
4. Other capital of owners
5. Treasury shares 0 0 0 0 0
6. Assets revaluation differences
7. Foreign exchange differences
8. Investment and development fund 31 36 41 42 42
9. Fund to support corporate restructuring
10. Other funds from owner's equity 12 18 22 23 23
11. Undistributed earnings after tax 103 97 13 19 -588
12. Reserves for investment in construction
13. Minority's interest
14. Financial reserves
II. Other resources and funds
1. Subsidized not-for-profit funds
2. Funds invested in fixed assets
C. MINORITY'S INTEREST
TOTAL OWNER'S EQUITY AND LIABILITIES 1.614 1.74 2.029 2.179 1.442
DAG 2019 2020 2021 2022 2023
01/01- 01/01- 01/01- 01/01- 01/01-
Period 31/12 31/12 31/12 31/12 31/12
Consolidat Consolidat Consolidat Consolidat Consolidat
Consolidated ed ed ed ed ed
Audited Audited Audited Audited Audited Audited
Audit firm AFC AFC AFC UHY UHY

Unqualified Unqualified Unqualified Unqualified Qualified

Audit opinion opinion opinion opinion opinion opinion

1. Revenue 1.635 1.757 1.954 2.273 1.215

2. Deduction from revenue 30
3. Net revenue 1.635 1.757 1.954 2.243 1.215
4. Cost of goods sold 1.478 1.643 1.848 2.133 1.587
5. Gross profit 158 114 106 110 -372
6. Financial income 0 1 4 10 12
7. Financial expenses 49 56 64 69 91
Of which: Interest expenses 47 56 63 67 90
8. Share of associates and joint ventures' result
9. Selling expenses 14 16 10 9 10
10. General and administrative expe 22 22 23 29 148
11. Operating profit 72 21 13 13 -609
12. Other income 1 1 6 4 6
13.Other expenses 3 5 7 2 4
14. Other profit -1 -4 -1 2 2
Share of associates and joint ventures' result
15. Profit before tax 71 16 12 15 -607
16. Current corporate income tax ex 18 6 6 7
17. Deferred income tax expenses (* 0 0
18. Net profit after tax 53 10 6 7 -607
Minority's interest
Profit after tax for shareholders of 53 10 6 7 -607
19. Earnings per share 1.026 189 100 124 -10.187
20. Diluted earnings per share 1.026 164 100
CASHFLOW INDIRECT 2019 2020 2021 2022 2023
Period 01/01-31/101/01-31/101/01-31/101/01-31/101/01-31/12
Consolidated Consolidat Consolidat Consolidat Consolidat Consolidated
Audited Audited Audited Audited Audited Audited
Audit firm AFC AFC AFC UHY UHY
Audit opinion UnqualifiedUnqualifiedUnqualifiedUnqualifiedQualified opinion

I. CASH FLOWS FROM OPERATING ACTIVITIES

1. Profit before tax 71 16 12 15 -607
2. Adjustments for:
Depreciation of fixed assets and 40 49 63 69 68
(Reversal of provisions)/provisio -1 -3 523
Foreign exchange (gain)/loss fro 1 1 1 -8
Loss/(profit) from investment activities 3 -7 -6
Interest expense 47 56 63 67 90
Loss/(profits) from disposal of fixed asset
Interest income and dividends
Allocation of goodwill
Adjustments for
3. Operating profit before ch 159 121 139 144 60
(Increase)/decrease in receivabl 18 -21 -87 65 240
(Increase)/decrease in inventorie -133 18 -138 -191 14
Increase/(decrease) in payables 65 12 137 -102 -324
(Increase)/decrease in prepaid -1 4 6 3 15
Changes in available for sale securities
Interest paid -47 -55 -63 -66 -54
Corporate income tax paid -13 -8 -10 -11 -1
Other receipts from operating activities 34
Other payments for operating activities
Net cash flows from operating act 49 72 -16 -157 -15
II. CASH FLOWS FROM INVESTING ACTIVITIES
1. Payment for fixed assets, con -176 -233 -24 -51 -55
2. Receipts from disposal of fixe 158 148 33
3. Loans, purchases of other entities' debt instrument -118 -50 257
4. Receipts from loan repayments, sale of other entiti 30 41 -58
5. Payments for investment in other entities
6. Collections on investment in other entities
7. Dividends, interest and profit received 1 4 5
8. Increase/(Decrease) in term deposit
9. Purchases of minority shares of subsidiaries
10. Other receipts from investing activities
11. Other payments for investing activities
Net cash flows from investing act -17 -84 -111 -56 183
III. CASH FLOWS FROM FINANCING ACTIVITIES
1. Receipts from equity issue and owner's capital contribution
2. Payment for share repurchases
3. Proceeds from borrowings 1.26 1.618 1.842 2.176 1.205
4. Principal repayments -1.182 -1.528 -1.618 -1.975 -1.325
5. Repayment of financial leases -75 -86 -77 -45 -47
6. Dividends paid, profits distributed to owners
7. Other receipts from financing activities
8. Other payments for financing activities
Net cash flows from financing act 4 4 147 157 -167
Net cash flows during the pe 35 -8 20 -57
Cash and cash equivalents at 13 48 40 60 3
Exchange difference due to re-valuation of ending balances -1
Cash and cash equivalents at 48 40 60 3 3
CASHFLOW DIRECT 2019 2020 2021 2022 2023
Period 01/01-31/101/01-31/101/01-31/101/01-31/101/01-31/12
Consolidated Consolidat Consolidat Consolidat Consolidat Consolidated
Audited Audited Audited Audited Audited Audited
Audit firm AFC AFC AFC UHY UHY
Audit opinion UnqualifiedUnqualifiedUnqualifiedUnqualifiedQualified opinion

I. CASH FLOWS FROM OPERATING ACTIVITIES

1. Cash receipts from sale of goods, provision of services and other revenue
2. Cash paid to suppliers for goods and services
3. Cash paid to employees
4. Interest paid
5. Corporate income tax paid
6. Other receipts from operating activities
7. Other payments for operating activities
Net cash flows from operating activities
II. CASH FLOWS FROM INVESTING ACTIVITIES
1. Payment for fixed assets, constructions and other long-term assets
2. Receipts from disposal of fixed assets and other long-term assets
3. Loans, purchases of other entities' debt instruments
4. Receipts from loan repayments, sale of other entities' debt instruments
5. Payments for investment in other entities
6. Collections on investment in other entities
7. Dividends, interest and profit received
8. Other receipts from investing activities
9. Other payments for investing activities
Net cash flows from investing activities
III. CASH FLOWS FROM FINANCING ACTIVITIES
1. Receipts from equity issue and owner's capital contribution
2. Payment for share repurchases
3. Proceeds from borrowings
4. Principal repayments
5. Repayment of financial leases
6. Dividends paid, profits distributed to owners
7. Other receipts from financing activities
8. Other payments for financing activities
Net cash flows from financing activities
Net cash flows during the period
Cash and cash equivalents at beginning of the period
Exchange difference due to re-valuation of ending balances
Cash and cash equivalents at end of the period
Ratios -
DAG 2019 2020 2021 2022 2023
Valuation ratios

Trailing EPS VND 1,026.34 188.63 103.82 124.06 -10,125.4

Book value per share (B VND 12,979.23 13,068.45 11,412.93 11,533.42 1,329.47
P/E Times 6.65 37.37 147.29 30.55 -0.32
P/B Times 0.53 0.54 1.34 0.33 2.4
P/S Times 0.22 0.21 0.47 0.1 0.16
Dividend yield % 0 0 0 0 0
Beta Times 0.42 0.42 0.6 1.43 1.5
EV/EBIT Times 8.34 15.45 24.21 17.53 -2.7
EV/EBITDA Times
Profitability ratios
Gross profit margin % 9.65 6.48 5.42 4.91 -30.6
EBIT margin % 7.25 4.11 3.85 3.64 -42.52
EBITDA/Net revenue % 9.67 6.92 7.08 6.73 -36.96
Net profit margin % 3.25 0.56 0.3 0.33 -49.92
ROE % 8.24 1.45 0.87 1.08 -158.19
Return on capital emplo % 14.85 8.31 8.39 8.88 -68.69
ROA % 3.55 0.58 0.31 0.35 -33.51
ROE Trailling %
ROA Trailling %
Growth rates
Net revenue % 5.15 7.43 11.21 14.79 -45.81
Gross profit % 10.12 -27.84 -6.89 3.89 -437.78

Profit before tax % 7.14 -76.9 -25.94 19.29 -4,275.25

Profit after tax for shar % -1.49 -81.62 -39.31 24.63 -8,311.21
Total assets % 16.97 7.78 16.62 7.38 -33.8
Long-term liabilities % 39.98 18.31 6.53 9.33 99.03
Liabilities % 23.74 12.84 26.92 10.57 -8.68
Owner's equity % 8.65 0.69 0.43 1.06 -88.33
Charter capital % 15 1.26
Liquidity ratios
Cash ratio Times 0.06 0.05 0.05
Quick ratio Times 0.5 0.46 0.52 0.38 0.28
Quick ratio (except: InveTimes 0.06 0.05 0.12 0.08
Short-term ratio Times 1.34 1.17 1.21 1.16 0.92
Interest coverage Times 2.5 1.29 1.19 1.22 -5.75
Efficiency ratios
Receivables turnover Times 17.99 11.43 11.13 8.44 4.02
Days of sales outstandinDays 20.29 31.93 32.8 43.23 90.78
Inventory turnover Times 4.62 2.65 2.68 2.44 2.08
Days of inventory on ha Days 78.93 137.77 136.25 149.54 175.54
Payables turnover Times 24.56 16.88 19.54 13.9 14.08
Number of days of payabDays 14.86 21.63 18.68 26.26 25.92
Fixed asset turnover Times 7.12 3.32 3.29 3.71 2.02
Total asset turnover Times 2.03 1.05 1.04 1.07 0.67
Equity turnover Times 4.87 2.6 2.88 3.28 3.17
Leverage ratios
Short-term liabilities to tot% 80.99 80.07 83.27 83.46 63.95
Debt to assets % 42.32 45.49 47.85 55.5 83.94
Liabilities to assets % 58.35 61.09 66.49 68.47 94.44
Equity to assets % 41.65 38.91 33.51 31.53 5.56
Short-term liabilities to e % 113.48 125.74 165.26 181.22 1,086.41
Debt to equity % 101.62 116.92 142.8 176.01 1,509.92
Liabilities to equity % 140.11 157.03 198.45 217.13 1,698.74
Cashflow ratios
Accrual ratio CF % 2.97 4.09 -0.81 -7.01 -1.24
Cash to income % 6.37 8.44 -1.4 -12.63 -1.73
Net cash flows/Short -term % 4.58 -0.97 1.79 -4.55 0.01
Accrual ratio (Balance s % 10.22 8.85
Accrual ratio (Cash flow % 1.76 1.62
Cash return to assets % 3.01 4.13 -0.78 -7.22 -1.05
Cash return on equity % 7.22 10.61 -2.31 -22.9 -18.82

Cash to income % 67.09 347.81 -121.05 -1,225.93 2.48

Debt coverage % 5.16 6.75 -1.17 -10.54 -1.11

Cash flow per share (CPVND 937.56 1,386.04 -264.09 -2,640.61 -250.26
Cost structure
Cost of goods sold/Net % 90.35 93.52 94.58 95.09 130.6
Selling expenses/Net re % 0.88 0.88 0.5 0.41 0.81
General and Administrat% 1.37 1.25 1.19 1.29 12.19
Interest expenses/Net r % 2.9 3.18 3.23 2.99 7.39
Short-term asset structure
Short-term assets/Total % 63.39 57.05 67.03 66.45 55.4
Cash/Short-term assets % 4.68 3.99 4.39 0.18 0.33
Short-term investments/S% 0 0 5.21 6.73
Short-term receivables/S% 31.88 34.7 32.64 24.88 28.88
Inventory/Short-term ass% 62.46 60.57 57.24 66.95 69.79
Other Short-term assets/% 0.97 0.74 0.52 1.26 1
Long-term asset structure
Long-term assets/Total a% 36.61 42.95 32.97 33.55 44.6
Fixed assets/Total asset% 28.44 34.53 28.96 28.53 40.41
Tangible fixed assets/Fi % 55.2 52.91 56.23 65.02 67.43
Finance lease/Fixed ass% 44.62 46.98 43.69 34.95 32.49
Intangible fixed assets/F% 0.19 0.11 0.07 0.03 0.08
Construction in progress% 21.11 17.89 3.18 9.53 6.33
 1/01-31/12
onsolidated

Qualified opinion
 1/01-31/12
onsolidated

Qualified opinion
DCM 2019
01/01-
Period 31/12
Consolidat
Consolidated ed
Audited Audited
Audit firm Deloitte

Unqualified
Audit opinion opinion

ASSETS
A. SHORT-TERM ASSETS 4.25
I. Cash and cash equivalents 471
1. Cash 371
2. Cash equivalents 100
II. Short-term financial investments 2.002
1. Available for sale securities
2. Provision for diminution in value of available for sale securities (*)
3. Held to maturity investments 2.002
III. Short-term receivables 402
1. Short-term trade accounts receivable 3
2. Short-term prepayments to suppliers 55
3. Short-term inter-company receivables
4. Construction contract progress receipts due from customers
5. Short-term loan receivables
6. Other short-term receivables 344
7. Provision for short-term doubtful debts (*) 0
8. Assets awaiting resolution
IV. Inventories 1.301
1. Inventories 1.31
2. Provision for decline in value of inventories -9
V. Other short-term assets 74
1. Short-term prepayments 49
2. Value added tax to be reclaimed 25
3. Taxes and other receivables from state authorities 1
4. Government bonds
5. Other short-term assets
B. LONG-TERM ASSETS 5.923
I. Long-term receivables 0
1. Long-term trade receivables
2. Long-term prepayments to suppliers
3. Capital at inter-company
4. Long-term inter-company receivables
 5. Long-term loan receivables
6. Other long-term receivables 0
7. Provision for long-term doubtful debts
II. Fixed assets 5.188
1. Tangible fixed assets 5.134
2. Financial leased fixed assets
3. Intangible fixed assets 53
III. Investment properties
- Cost
- Accumulated depreciation
IV. Long-term assets in progress 699
1. Long-term production in progress
2. Construction in progress 699
V. Long-term financial investments
1. Investments in subsidiaries
2. Investments in associates, joint-ventures
3. Investments in other entities
4. Provision for diminution in value of long-term investments
5. Held to maturity investments
6. Other long-term investments
VI. Other long-term assets 36
1. Long-term prepayments 29
2. Deferred income tax assets 7
3. Long-term equipment, supplies, spare parts
4. Other long-term assets
VII. Goodwill
TOTAL ASSETS 10.173
OWNER'S EQUITY
A. LIABILITIES 4.066
I. Short -term liabilities 3.3
1. Short-term trade accounts payable 879
2. Short-term advances from customers 45
3. Taxes and other payables to state authorities 22
4. Payable to employees 95
5. Short-term acrrued expenses 794
6. Short-term inter-company payables
7. Construction contract progress payments due to suppliers
8. Short-term unearned revenue
9. Other short-term payables 203
10. Short-term borrowings and financial leases 1.156
11. Provision for short-term liabilities 0
12.. Bonus and welfare fund 104
13. Price stabilization fund
14. Government bonds
II. Long-term liabilities 766
1. Long-term trade payables
2. Long-term advances from customers
3. Long-term acrrued expenses
 4. Inter-company payables on business capital
5. Long-term inter-company payables
6. Long-term unearned revenue
7. Other long-term liabilities
8. Long-term borrowings and financial leases 628
9. Convertible bonds
10. Preferred stock (Debts)
11. Deferred income tax liabilities
12. Provision for long-term liabilities
13. Fund for technology development 138
14. Provision for severance allowances
B. OWNER'S EQUITY 6.106
I. Owner's equity 6.106
1. Owner's capital 5.294
2. Share premium
3. Convertible bond option
4. Other capital of owners 4
5. Treasury shares
6. Assets revaluation differences
7. Foreign exchange differences
8. Investment and development fund 353
9. Fund to support corporate restructuring
10. Other funds from owner's equity
11. Undistributed earnings after tax 429
12. Reserves for investment in construction
13. Minority's interest 27
14. Financial reserves
II. Other resources and funds
1. Subsidized not-for-profit funds
2. Funds invested in fixed assets
C. MINORITY'S INTEREST
TOTAL OWNER'S EQUITY AND LIABILITIES 10.173
 2020 2021 2022 2023
01/01- 01/01- 01/01- 01/01-
31/12 31/12 31/12 31/12
Consolidat Consolidat Consolidat Consolidat
ed ed ed ed
Audited Audited Audited Audited
Deloitte PWC Deloitte Deloitte

Unqualified Unqualified
opinion - opinion -
Unqualified Additional Additional Unqualified
opinion comment comment opinion

3.978 7.276 11.624 13.504

510 428 2.126 2.284
290 428 2.126 2.274
220 10
2.302 4.362 6.812 8.242

2.302 4.362 6.812 8.242

217 187 188 366
45 45 1 199
16 86 86 55

157 94 142 155

0 -37 -42 -43

834 2.204 2.283 2.161

834 2.204 2.422 2.192
0 -139 -32
115 95 216 452
40 42 64 325
74 53 152 126
1 1 1 1

4.739 3.796 2.543 1.733

0 0
 0 0

3.955 3.406 2.207 1.6

3.9 3.367 2.16 1.25

56 39 47 350

761 66 33 88

761 66 33 88

23 324 303 45
17 311 294 35
6 14 8 10

8.717 11.072 14.167 15.238

2.391 3.594 3.561 5.275

2.05 3.187 2.874 4.517
709 795 1.028 1.989
118 286 106 23
31 95 71 74
98 188 137 150
126 553 239 444

127 386 304 66

685 689 3 846
679 589
155 195 307 336

341 407 687 757

 137 3 1 3

204 405 686 754

6.326 7.478 10.605 9.963

6.326 7.478 10.605 9.963
5.294 5.294 5.294 5.294

4 4 4 4

419 966 2.26 2.593

583 1.188 3.018 2.045

26 27 29 28

8.717 11.072 14.167 15.238

DGC 2019 2020 2021 2022 2023
01/01- 01/01- 01/01- 01/01- 01/01-
Period 31/12 31/12 31/12 31/12 31/12
Consolidat Consolidat Consolidat Consolidat Consolidat
Consolidated ed ed ed ed ed
Audited Audited Audited Audited Audited Audited
Audit firm A&C A&C PWC PWC PWC

Unqualified Unqualified Unqualified Unqualified Unqualified

Audit opinion opinion opinion opinion opinion opinion

ASSETS
A. SHORT-TERM ASSETS 2.263 3.433 5.997 10.985 12.467
I. Cash and cash equivalents 128 282 124 1.535 1.061
1. Cash 68 39 115 277 48
2. Cash equivalents 60 243 9 1.259 1.013
II. Short-term financial investments 643 1.558 3.632 7.471 9.342
1. Available for sale securities
2. Provision for diminution in value of available for sale securities (*)
3. Held to maturity investments 643 1.558 3.632 7.471 9.342
III. Short-term receivables 634 849 781 919 1.13
1. Short-term trade accounts receivable 567 750 630 514 718
2. Short-term prepayments to suppliers 45 48 73 201 133
3. Short-term inter-company receivables
4. Construction contract progress receipts due from customers
5. Short-term loan receivables
6. Other short-term receivables 22 51 77 204 284
7. Provision for short-term doubtful debts (*) -5
8. Assets awaiting resolution
IV. Inventories 808 697 1.386 1 855
1. Inventories 808 697 1.386 1 855
2. Provision for decline in value of inventories 0
V. Other short-term assets 51 48 75 60 80
1. Short-term prepayments 6 10 7 13 9
2. Value added tax to be reclaimed 44 38 65 47 70
3. Taxes and other receivables from state authorities 1 3 1
4. Government bonds
5. Other short-term assets
B. LONG-TERM ASSETS 2.459 2.443 2.523 2.42 3.069
I. Long-term receivables 9 29 31
1. Long-term trade receivables
2. Long-term prepayments to suppliers
3. Capital at inter-company
4. Long-term inter-company receivables
5. Long-term loan receivables
6. Other long-term receivables 9 29 31
7. Provision for long-term doubtful debts
II. Fixed assets 2.303 2.136 1.974 1.781 2.144
 1. Tangible fixed assets 2.193 2.029 1.974 1.781 2.133
- Cost 3.458 3.55 3.776 3.852 4.668
- Accumulated depreciation -1.265 -1.521 -1.803 -2.071 -2.535
2. Financial leased fixed assets
- Cost
- Accumulated depreciation
3. Intangible fixed assets 110 107 0 0 11
- Cost 129 129 1 1 12
- Accumulated depreciation -19 -21 -1 -1 -1
III. Investment properties
- Cost
- Accumulated depreciation
IV. Long-term assets in progress 52 180 172 234 225
1. Long-term production in progress
2. Construction in progress 52 180 172 234 225
V. Long-term financial investments
1. Investments in subsidiaries
2. Investments in associates, joint-ventures
3. Investments in other entities
4. Provision for diminution in value of long-term investments
5. Held to maturity investments
6. Other long-term investments
VI. Other long-term assets 99 122 365 373 356
1. Long-term prepayments 99 122 361 372 340
2. Deferred income tax assets 0 0 0
3. Long-term equipment, supplies, spare parts 3 0 16
4. Other long-term assets
VII. Goodwill 5 4 4 3 313
TOTAL ASSETS 4.722 5.876 8.52 13.405 15.536
OWNER'S EQUITY
A. LIABILITIES 1.27 1.809 2.188 2.572 3.509
I. Short -term liabilities 1.27 1.809 2.188 2.571 3.493
1. Short-term trade accounts payable 130 137 683 326 190
2. Short-term advances from customers 48 34 166 30 62
3. Taxes and other payables to state authorities 39 59 55 94 80
4. Payable to employees 71 90 156 235 191
5. Short-term acrrued expenses 18 18 13 0 6
6. Short-term inter-company payables
7. Construction contract progress payments due to suppliers
8. Short-term unearned revenue
9. Other short-term payables 135 243 204 1.272 1.261
10. Short-term borrowings and financial leases 735 1.149 842 468 1.328
11. Provision for short-term liabilities
12.. Bonus and welfare fund 94 78 69 146 375
13. Price stabilization fund
14. Government bonds
II. Long-term liabilities 0 0 0 0 16
1. Long-term trade payables
 2. Long-term advances from customers
3. Long-term acrrued expenses
4. Inter-company payables on business capital
5. Long-term inter-company payables
6. Long-term unearned revenue
7. Other long-term liabilities 0
8. Long-term borrowings and financial leases
9. Convertible bonds
10. Preferred stock (Debts)
11. Deferred income tax liabilities 16
12. Provision for long-term liabilities
13. Fund for technology development 0 0 0 0 0
14. Provision for severance allowances
B. OWNER'S EQUITY 3.452 4.067 6.332 10.834 12.027
I. Owner's equity 3.452 4.067 6.332 10.834 12.027
1. Owner's capital 1.294 1.488 1.711 3.798 3.798
- Common stock with voting right 1.294 1.488 1.711 3.798 3.798
- Preferred stock
2. Share premium 1.787 1.787 1.787 1.787 1.787
3. Convertible bond option
4. Other capital of owners -1.114 -1.114 -849 -849 -849
5. Treasury shares 0 0 0 0 0
6. Assets revaluation differences
7. Foreign exchange differences
8. Investment and development fund 522 611 482 632 973
9. Fund to support corporate restructuring
10. Other funds from owner's equity
11. Undistributed earnings after tax 836 1.14 2.947 5.084 5.989
- Accumulated retained earning at the end of the398
previous period
456 709 505 4.178
- Undistributed earnings in this period 437 684 2.238 4.579 1.81
12. Reserves for investment in construction
13. Minority's interest 128 156 255 382 330
14. Financial reserves
II. Other resources and funds
1. Subsidized not-for-profit funds
2. Funds invested in fixed assets
C. MINORITY'S INTEREST
TOTAL OWNER'S EQUITY AND LIABILITIES 4.722 5.876 8.52 13.405 15.536

DGC 2019 2020 2021 2022 2023

01/01- 01/01- 01/01- 01/01- 01/01-
Period 31/12 31/12 31/12 31/12 31/12
Consolidat Consolidat Consolidat Consolidat Consolidat
Consolidated ed ed ed ed ed
Audited Audited Audited Audited Audited Audited
Audit firm A&C A&C PWC PWC PWC
 Unqualified Unqualified Unqualified Unqualified Unqualified
Audit opinion opinion opinion opinion opinion opinion

1. Revenue 5.092 6.236 9.551 14.445 9.761

2. Deduction from revenue 1 0 0 1 13
3. Net revenue 5.091 6.236 9.55 14.444 9.748
4. Cost of goods sold 4.084 4.757 6.368 7.694 6.308
5. Gross profit 1.006 1.479 3.182 6.75 3.44
6. Financial income 62 122 171 533 739
7. Financial expenses 57 85 68 150 98
Of which: Interest expenses 28 20 14 18 32
8. Share of associates and joint ventures' result
9. Selling expenses 314 388 504 600 436
10. General and administrative expenses 101 105 137 152 159
11. Operating profit 596 1.024 2.644 6.382 3.487
12. Other income 14 4 7 7 3
13.Other expenses 11 26 15 13 4
14. Other profit 3 -22 -7 -6 -1
Share of associates and joint ventures' result
15. Profit before tax 599 1.001 2.637 6.376 3.485
16. Current corporate income tax expenses 28 53 124 338 247
17. Deferred income tax expenses (*) 0 0 -3
18. Net profit after tax 572 948 2.514 6.037 3.242
Minority's interest 5 41 126 472 142
Profit after tax for shareholders of parent 567 907 2.388 5.565 3.1
19. Earnings per share 4.241 5.733 13.122 13.774 7.673
20. Diluted earnings per share 4.241 5.733 13.122 13.774 7.673
DNP 2019 2020 2021 2022 2023
01/01- 01/01- 01/01- 01/01- 01/01-
Period 31/12 31/12 31/12 31/12 31/12
Consolidat Consolidat Consolidat Consolidat Consolidat
Consolidated ed ed ed ed ed
Audited Audited Audited Audited Audited Audited

Grant
Audit firm AFC Thornton EY EY EY

Unqualified Unqualified Unqualified Unqualified Unqualified

Audit opinion opinion opinion opinion opinion opinion

ASSETS
A. SHORT-TERM ASSETS 2.389 3.129 4.76 7.604 8.307
I. Cash and cash equivalents 235 195 451 921 980
1. Cash 219 88 322 262 253
2. Cash equivalents 16 107 129 659 727
II. Short-term financial investments 708 1.248 282 880 326
1. Available for sale securities 48 38 542
2. Provision for diminution in value of available for sale securities (*)245
3. Held to maturity investments 708 1.2 338 326
III. Short-term receivables 806 1.004 2.675 4.157 5.415
1. Short-term trade accounts receivable 665 813 1.135 1.349 1.57
2. Short-term prepayments to suppliers 118 199 187 824 755
3. Short-term inter-company receivables
4. Construction contract progress receipts due from customers
5. Short-term loan receivables 4 4 21 189 352
6. Other short-term receivables 80 57 1.421 1.901 2.872
7. Provision for short-term doubtful debts (*)-60 -69 -89 -106 -133
8. Assets awaiting resolution
IV. Inventories 525 593 1.252 1.488 1.503
1. Inventories 530 598 1.269 1.501 1.518
2. Provision for decline in value of inventories
-5 -5 -17 -13 -14
V. Other short-term assets 114 89 100 158 83
1. Short-term prepayments 11 13 17 17 25
2. Value added tax to be reclaimed 102 73 81 127 54
3. Taxes and other receivables from state authorities
2 2 2 15 4
4. Government bonds
5. Other short-term assets
B. LONG-TERM ASSETS 5.201 6.602 9.28 8.925 7.769
I. Long-term receivables 25 41 377 342 191
1. Long-term trade receivables
2. Long-term prepayments to suppliers
3. Capital at inter-company
4. Long-term inter-company receivables
5. Long-term loan receivables
6. Other long-term receivables 25 41 377 342 191
 7. Provision for long-term doubtful debts
II. Fixed assets 2.616 5.361 7.436 6.974 5.858
1. Tangible fixed assets 2.05 4.686 5.36 5.129 4.114
- Cost 3.503 7.018 9.106 9.081 8.495
- Accumulated depreciation -1.453 -2.332 -3.746 -3.952 -4.381
2. Financial leased fixed assets 339 303 244 191 137
- Cost 435 400 339 243 168
- Accumulated depreciation -96 -97 -95 -52 -31
3. Intangible fixed assets 226 371 1.831 1.655 1.608
- Cost 235 387 1.889 1.761 1.767
- Accumulated depreciation -9 -16 -58 -107 -159
III. Investment properties 31 31
- Cost 32 32
- Accumulated depreciation -1 -1
IV. Long-term assets in progress 1.451 173 428 758 469
1. Long-term production in progress
2. Construction in progress 1.451 173 428 758 469
V. Long-term financial investments 726 625 609 410 864
1. Investments in subsidiaries
2. Investments in associates, joint-ventures486 509 575 356 837
3. Investments in other entities 105 4 4 24 4
4. Provision for diminution in value of long-term investments
5. Held to maturity investments 135 113 30 30 23
6. Other long-term investments
VI. Other long-term assets 72 113 100 147 145
1. Long-term prepayments 72 113 100 141 129
2. Deferred income tax assets 5 16
3. Long-term equipment, supplies, spare parts
4. Other long-term assets
VII. Goodwill 312 289 330 263 211
TOTAL ASSETS 7.59 9.732 14.04 16.529 16.077
OWNER'S EQUITY
A. LIABILITIES 5.521 6.977 10.124 11.968 11.418
I. Short -term liabilities 2.22 2.574 3.662 6.178 6.099
1. Short-term trade accounts payable 212 291 715 1.303 969
2. Short-term advances from customers 72 135 49 68 24
3. Taxes and other payables to state authorities
22 25 48 96 119
4. Payable to employees 43 58 90 97 86
5. Short-term acrrued expenses 68 96 152 180 152
6. Short-term inter-company payables
7. Construction contract progress payments due to suppliers
8. Short-term unearned revenue
9. Other short-term payables 90 257 229 438 602
10. Short-term borrowings and financial leases
1.697 1.695 2.359 3.983 4.138
11. Provision for short-term liabilities 8 8 8 7 2
12.. Bonus and welfare fund 8 8 12 6 7
13. Price stabilization fund
14. Government bonds
 II. Long-term liabilities 3.3 4.403 6.462 5.79 5.319
1. Long-term trade payables 3 27 61 36 1
2. Long-term advances from customers 23 48 54
3. Long-term acrrued expenses 1 1
4. Inter-company payables on business capital
5. Long-term inter-company payables
6. Long-term unearned revenue 1 1 0 0 0
7. Other long-term liabilities 324 372 977 1.526 1.625
8. Long-term borrowings and financial leases2.858 3.802 4.917 3.77 3.255
9. Convertible bonds
10. Preferred stock (Debts)
11. Deferred income tax liabilities 114 201 483 409 381
12. Provision for long-term liabilities 2
13. Fund for technology development
14. Provision for severance allowances
B. OWNER'S EQUITY 2.07 2.755 3.916 4.561 4.658
I. Owner's equity 2.07 2.755 3.916 4.561 4.658
1. Owner's capital 1 1.092 1.189 1.189 1.189
- Common stock with voting right 1 1.092 1.189 1.189 1.189
- Preferred stock
2. Share premium 69 167 271 271 271
3. Convertible bond option
4. Other capital of owners 20 44 46 46 46
5. Treasury shares 0 0 0 0 0
6. Assets revaluation differences
7. Foreign exchange differences
8. Investment and development fund 17 17 26 20 4
9. Fund to support corporate restructuring
10. Other funds from owner's equity
11. Undistributed earnings after tax 54 21 4 2 61
- Accumulated retained earning at the end of 33the previous9 period 3 -42 20
- Undistributed earnings in this period 21 12 0 44 40
12. Reserves for investment in construction
13. Minority's interest 910 1.415 2.381 3.034 3.089
14. Financial reserves
II. Other resources and funds
1. Subsidized not-for-profit funds
2. Funds invested in fixed assets
C. MINORITY'S INTEREST
TOTAL OWNER'S EQUITY AND LIABILITIES 7.59 9.732 14.04 16.529 16.077
DNP 2019 2020 2021 2022 2023
01/01- 01/01- 01/01- 01/01- 01/01-
Period 31/12 31/12 31/12 31/12 31/12
Consolidat Consolidat Consolidat Consolidat Consolidat
Consolidated ed ed ed ed ed
Audited Audited Audited Audited Audited Audited
 Grant
Audit firm AFC Thornton EY EY EY

Unqualified Unqualified Unqualified Unqualified Unqualified

Audit opinion opinion opinion opinion opinion opinion

1. Revenue 2.825 3.295 6.315 7.752 7.77

2. Deduction from revenue 26 7 78 59 190
3. Net revenue 2.799 3.289 6.237 7.693 7.579
4. Cost of goods sold 2.291 2.714 5.25 6.408 6.257
5. Gross profit 508 574 987 1.285 1.322
6. Financial income 169 229 275 511 592
7. Financial expenses 267 323 547 772 808
Of which: Interest expenses 244 313 522 619 658
8. Share of associates and joint ventu 9 22 12 12 5
9. Selling expenses 162 205 336 445 476
10. General and administrative expe 216 263 391 434 443
11. Operating profit 42 33 0 157 193
12. Other income 15 6 55 22 12
13.Other expenses 17 6 11 8 16
14. Other profit -2 0 44 14 -4
Share of associates and joint ventures' result
15. Profit before tax 40 33 43 171 189
16. Current corporate income tax ex 20 15 41 102 98
17. Deferred income tax expenses (* -7 -9 -20 -25 -38
18. Net profit after tax 27 27 23 95 128
Minority's interest 6 14 8 90 87
Profit after tax for shareholders of 21 13 14 4 40
19. Earnings per share 211 132 76 37 340
20. Diluted earnings per share 211 132 76 37 340
CASHFLOW INDIRECT 2019 2020 2021 2022 2023
Period 01/01-31/101/01-31/101/01-31/101/01-31/101/01-31/12
Consolidated Consolidat Consolidat Consolidat Consolidat Consolidated
Audited Audited Audited Audited Audited Audited
Audit firm AFC Grant ThorEY EY EY
Audit opinion UnqualifiedUnqualifiedUnqualifiedUnqualifiedUnqualified opinion

I. CASH FLOWS FROM OPERATING ACTIVITIES

1. Profit before tax 40 33 43 171 189
2. Adjustments for:
Depreciation of fixed assets and 253 338 609 654 656
(Reversal of provisions)/provisio 20 8 32 13 29
Foreign exchange (gain)/loss from revaluation of monetary items 3 -2
Loss/(profit) from investment acti -112 -219 -278 -434 -491
Interest expense 244 313 522 619 658
Loss/(profits) from disposal of fixed asset
Interest income and dividends
Allocation of goodwill
Adjustments for
3. Operating profit before ch 445 473 928 1.027 1.039
(Increase)/decrease in receivabl -111 -187 -306 -946 -322
(Increase)/decrease in inventorie -126 -40 -223 -242 -37
Increase/(decrease) in payables 136 226 227 1.025 47
(Increase)/decrease in prepaid -7 -4 15 -40 6
Changes in available for sale sec 1 53 11 -504 542
Interest paid -186 -265 -458 -582 -664
Corporate income tax paid -9 -18 -35 -50 -96
Other receipts from operating activities 10 2
Other payments for operating act -3 -11 -12 -3 -1
Net cash flows from operating act 139 228 158 -314 514
II. CASH FLOWS FROM INVESTING ACTIVITIES
1. Payment for fixed assets, con -514 -433 -685 -1.099 -313
2. Receipts from disposal of fixe 82 34 8 102 8
3. Loans, purchases of other enti -1.477 -956 -404 -361
4. Receipts from loan repayments, 999 -350
5. Payments for investment in ot -168 -437 -568 -352 -1.038
6. Collections on investment in o 193 608 1.316 657
7. Dividends, interest and profit 12 72 139 129 304
8. Increase/(Decrease) in term deposit
9. Purchases of minority shares of subsidiaries
10. Other receipts from investing activities
11. Other payments for investing activities
Net cash flows from investing act -873 -1.114 -1.454 -307 -743
III. CASH FLOWS FROM FINANCING ACTIVITIES
1. Receipts from equity issue and 55 343 263 91 31
2. Payment for share repurchases -11
3. Proceeds from borrowings 4.192 3.863 6.075 6.397 7.83
4. Principal repayments -4.003 -3.274 -4.695 -5.27 -7.492
5. Repayment of financial leases -123 -79 -72 -104 -50
6. Dividends paid, profits distri -7 -5 -20 -22 -21
7. Other receipts from financing activities
8. Other payments for financing activities
Net cash flows from financing act 114 847 1.551 1.092 287
Net cash flows during the pe -619 -39 256 472 59
Cash and cash equivalents at 853 235 195 451 921
Exchange difference due to re-valuation of ending balances -2 1
Cash and cash equivalents at 235 195 451 921 980
CASHFLOW DIRECT 2019 2020 2021 2022 2023
Period 01/01-31/101/01-31/101/01-31/101/01-31/101/01-31/12
Consolidated Consolidat Consolidat Consolidat Consolidat Consolidated
Audited Audited Audited Audited Audited Audited
Audit firm AFC Grant ThorEY EY EY
Audit opinion UnqualifiedUnqualifiedUnqualifiedUnqualifiedUnqualified opinion

I. CASH FLOWS FROM OPERATING ACTIVITIES

1. Cash receipts from sale of goods, provision of services and other revenue
2. Cash paid to suppliers for goods and services
3. Cash paid to employees
4. Interest paid
5. Corporate income tax paid
6. Other receipts from operating activities
7. Other payments for operating activities
Net cash flows from operating activities
II. CASH FLOWS FROM INVESTING ACTIVITIES
1. Payment for fixed assets, constructions and other long-term assets
2. Receipts from disposal of fixed assets and other long-term assets
3. Loans, purchases of other entities' debt instruments
4. Receipts from loan repayments, sale of other entities' debt instruments
5. Payments for investment in other entities
6. Collections on investment in other entities
7. Dividends, interest and profit received
8. Other receipts from investing activities
9. Other payments for investing activities
Net cash flows from investing activities
III. CASH FLOWS FROM FINANCING ACTIVITIES
1. Receipts from equity issue and owner's capital contribution
2. Payment for share repurchases
3. Proceeds from borrowings
4. Principal repayments
5. Repayment of financial leases
6. Dividends paid, profits distributed to owners
7. Other receipts from financing activities
8. Other payments for financing activities
Net cash flows from financing activities
Net cash flows during the period
Cash and cash equivalents at beginning of the period
Exchange difference due to re-valuation of ending balances
Cash and cash equivalents at end of the period
Ratios -
DNP 2019 2020 2021 2022
Valuation ratios
Trailing EPS VND 211.52 132.22 131.96 36.94

Book value per share (B VND 20,697.02 25,240.17 35,880.23 38,358.66

P/E Times 83.68 136.13 147.77 649.65
P/B Times 0.86 0.71 0.54 0.63
P/S Times 0.63 0.6 0.34 0.37
Dividend yield % 0 0 0 0
Beta Times 0.01 0.08 0.22 0.19
EV/EBIT Times 24.68 25.1 20.03 16.09
EV/EBITDA Times 13.05 12.69 9.65 8.8
Profitability ratios
Gross profit margin % 18.15 17.46 15.83 16.7
EBIT margin % 10.13 10.52 9.07 10.28
EBITDA/Net revenue % 19.17 20.81 18.83 18.78
Net profit margin % 0.97 0.82 0.36 1.23
ROE % 1.11 0.55 0.43 0.1
Return on capital emplo % 5.55 5.52 6.45 7.63
ROA % 0.3 0.15 0.12 0.03
ROE Trailling %
ROA Trailling %
Growth rates
Net revenue % 28.35 17.49 89.66 23.33
Gross profit % 42.54 13.06 71.95 30.13
Profit before tax % 161.38 -16.92 31.88 293.75
Profit after tax for shar % 39.43 -36.88 8.03 -69.54
Total assets % 13.78 28.21 44.27 17.73
Long-term liabilities % 6.51 33.4 46.78 -10.4
Liabilities % 12.13 26.38 45.11 18.22
Owner's equity % 18.64 33.1 42.16 16.46
Charter capital % 9.15 8.94
Liquidity ratios
Cash ratio Times 0.11 0.08 0.12 0.15
Quick ratio Times 0.84 0.99 0.96 0.99
Quick ratio (except: InveTimes 0.42 0.56 0.2 0.29
Short-term ratio Times 1.08 1.22 1.3 1.23
Interest coverage Times 1.16 1.11 1.08 1.28
Efficiency ratios
Receivables turnover Times 8.42 4.45 6.4 6.19
Days of sales outstandinDays 43.36 82.01 56.99 58.93
Inventory turnover Times 8.72 4.85 5.69 4.68
Days of inventory on ha Days 41.85 75.21 64.14 78.02
Payables turnover Times 21.57 10.77 10.43 6.35
Number of days of payabDays 16.92 33.88 35 57.48
Fixed asset turnover Times 2.14 0.82 0.97 1.07
Total asset turnover Times 0.74 0.38 0.52 0.5
Equity turnover Times 2.7 1.36 1.87 1.81
Leverage ratios
Short-term liabilities to tot% 40.22 36.9 36.17 51.62
Debt to assets % 60.01 56.49 51.83 46.9
Liabilities to assets % 72.73 71.69 72.11 72.41
Equity to assets % 27.27 28.31 27.89 27.59
Short-term liabilities to e % 107.28 93.45 93.5 135.45
Debt to equity % 220.09 199.55 185.81 169.97
Liabilities to equity % 266.74 253.26 258.51 262.4
Cashflow ratios
Accrual ratio CF % 4.98 6.92 2.54 -4.08
Cash to income % 6.28 8.84 4.32 -5.08
Net cash flows/Short -term % -27.87 -1.53 6.98 7.64
Accrual ratio (Balance s % 20.62 18.04
Accrual ratio (Cash flow % 14.64 14.4
Cash return to assets % 1.84 2.34 1.13 -1.9
Cash return on equity % 6.73 8.26 4.04 -6.87

Cash to income % 334.97 682.03 -75,840.81 -199.57

Debt coverage % 2.52 3.26 1.56 -2.62

Cash flow per share (CPVND 1,393.89 2,085.5 1,450.03 -2,636.88

Cost structure
Cost of goods sold/Net % 81.85 82.54 84.17 83.3
Selling expenses/Net re % 5.79 6.24 5.39 5.78
General and Administrat% 7.71 7.99 6.27 5.64
Interest expenses/Net r % 8.72 9.52 8.38 8.05
Short-term asset structure
Short-term assets/Total % 31.47 32.16 33.9 46
Cash/Short-term assets % 9.82 6.24 9.47 12.12
Short-term investments/S% 29.65 39.89 5.93 11.57
Short-term receivables/S% 33.76 32.07 56.2 54.67
Inventory/Short-term ass% 21.99 18.96 26.3 19.56
Other Short-term assets/% 4.77 2.84 2.1 2.08
Long-term asset structure
Long-term assets/Total a% 68.53 67.84 66.1 54
Fixed assets/Total asset% 34.46 55.08 52.96 42.2
Tangible fixed assets/Fi % 78.38 87.42 72.09 73.55
Finance lease/Fixed ass% 12.97 5.66 3.29 2.73
Intangible fixed assets/F% 8.65 6.92 24.62 23.72
Construction in progress% 55.45 3.23 5.76 10.87

Financial
Plan - DNP 2020 2021 2022 2023
Total revenue VND 3.526 5.919 7.524 8.432
Net revenue VND 0
Total profit before tax VND 5 25 100 124
Profit after tax VND 0 0
Cash dividend rate (%) % 0 0
Stock dividend rate (%) % 0 0
Divident rate (%) % 0 0
1/01-31/12
onsolidated

nqualified opinion
1/01-31/12
onsolidated

nqualified opinion
 2023

340.24

39,179.61
64.66
0.56
0.35
0
0.15
14.31
8.06

17.44
11.18
19.83
1.69
0.88
8.33
0.25

-1.47
2.87
10.23
822.21
-2.74
-8.13
-4.59
2.14

0.16
1.12
0.21
1.36
1.29

5.19
70.29
4.18
87.23
5.51
66.25
1.18
0.46
1.64

53.41
45.99
71.02
28.98
130.92
158.7
245.11

6.79
8.43
0.96
3.2
11.04

266.92
4.5

4,325.93

82.56
6.28
5.84
8.69

51.67
11.8
3.92
65.19
18.1
0.99

48.33
36.44
70.22
2.34
27.44
8.01

2024
7.986

73
DPC 2019 2020 2021 2022 2023
01/01- 01/01- 01/01- 01/01- 01/01-
Period 31/12 31/12 31/12 31/12 31/12
Stand- Stand- Stand- Stand- Stand-
Consolidated alone alone alone alone alone
Audited Audited Audited Audited Audited Audited
Audit firm AISC AISC AISC AISC AISC

Unqualified Unqualified Unqualified Unqualified Unqualified

Audit opinion opinion opinion opinion opinion opinion

ASSETS
A. SHORT-TERM ASSETS 47 30 18 12 9
I. Cash and cash equivalents 12 8 2 2 1
1. Cash 3 2 2 2 1
2. Cash equivalents 9 7 1 1
II. Short-term financial investments 10
1. Available for sale securities
2. Provision for diminution in value of available for sale securities (*)
3. Held to maturity investments 10
III. Short-term receivables 8 9 8 2 1
1. Short-term trade accounts receivable 8 5 3 3 2
2. Short-term prepayments to suppliers 1 1 5 1 0
3. Short-term inter-company receivables
4. Construction contract progress receipts due from customers
5. Short-term loan receivables
6. Other short-term receivables 0 5 1 0 0
7. Provision for short-term doubtful debts (*) -1 -1 -1 -1 -1
8. Assets awaiting resolution
IV. Inventories 15 12 6 6 5
1. Inventories 15 12 6 6 5
2. Provision for decline in value of inventories
V. Other short-term assets 2 1 2 1
1. Short-term prepayments
2. Value added tax to be reclaimed 2 1 2 1
3. Taxes and other receivables from state authorities 0 0
4. Government bonds
5. Other short-term assets
B. LONG-TERM ASSETS 31 34 56 71 66
I. Long-term receivables
1. Long-term trade receivables
2. Long-term prepayments to suppliers
3. Capital at inter-company
4. Long-term inter-company receivables
5. Long-term loan receivables
6. Other long-term receivables
7. Provision for long-term doubtful debts
II. Fixed assets 2 2 2 39 39
 1. Tangible fixed assets 2 2 2 39 39
- Cost 57 57 57 85 73
- Accumulated depreciation -54 -55 -55 -46 -34
2. Financial leased fixed assets
- Cost
- Accumulated depreciation
3. Intangible fixed assets
- Cost
- Accumulated depreciation
III. Investment properties
- Cost
- Accumulated depreciation
IV. Long-term assets in progress 0 22
1. Long-term production in progress
2. Construction in progress 0 22
V. Long-term financial investments
1. Investments in subsidiaries
2. Investments in associates, joint-ventures
3. Investments in other entities
4. Provision for diminution in value of long-term investments
5. Held to maturity investments
6. Other long-term investments
VI. Other long-term assets 28 31 32 31 27
1. Long-term prepayments 28 31 32 31 27
2. Deferred income tax assets
3. Long-term equipment, supplies, spare parts
4. Other long-term assets
VII. Goodwill
TOTAL ASSETS 78 63 74 83 75
OWNER'S EQUITY
A. LIABILITIES 35 14 22 49 48
I. Short -term liabilities 35 14 11 14 15
1. Short-term trade accounts payable 2 0 1 2 2
2. Short-term advances from customers 1 1 3 1 1
3. Taxes and other payables to state authorities0 2 0 0 0
4. Payable to employees 0 0
5. Short-term acrrued expenses 1 0 0 0 0
6. Short-term inter-company payables
7. Construction contract progress payments due to suppliers
8. Short-term unearned revenue
9. Other short-term payables 1 1 1 1 1
10. Short-term borrowings and financial leases 30 10 6 10 10
11. Provision for short-term liabilities
12.. Bonus and welfare fund
13. Price stabilization fund
14. Government bonds
II. Long-term liabilities 11 35 33
1. Long-term trade payables
 2. Long-term advances from customers
3. Long-term acrrued expenses
4. Inter-company payables on business capital
5. Long-term inter-company payables
6. Long-term unearned revenue
7. Other long-term liabilities
8. Long-term borrowings and financial leases 11 35 33
9. Convertible bonds
10. Preferred stock (Debts)
11. Deferred income tax liabilities
12. Provision for long-term liabilities
13. Fund for technology development
14. Provision for severance allowances
B. OWNER'S EQUITY 42 49 52 34 26
I. Owner's equity 42 49 52 34 26
1. Owner's capital 22 22 22 22 22
- Common stock with voting right 22 22 22 22 22
- Preferred stock
2. Share premium 2 2 2 2 2
3. Convertible bond option
4. Other capital of owners
5. Treasury shares
6. Assets revaluation differences
7. Foreign exchange differences
8. Investment and development fund 13 17 23 26 26
9. Fund to support corporate restructuring
10. Other funds from owner's equity
11. Undistributed earnings after tax 6 8 5 -17 -24
- Accumulated retained earning at the end of the previous period -1 -17
- Undistributed earnings in this period 6 8 5 -16 -7
12. Reserves for investment in construction
13. Minority's interest
14. Financial reserves
II. Other resources and funds
1. Subsidized not-for-profit funds
2. Funds invested in fixed assets
C. MINORITY'S INTEREST
TOTAL OWNER'S EQUITY AND LIABILITIES 78 63 74 83 75
DPC 2019 2020 2021 2022 2023
01/01- 01/01- 01/01- 01/01- 01/01-
Period 31/12 31/12 31/12 31/12 31/12
Stand- Stand- Stand- Stand- Stand-
Consolidated alone alone alone alone alone
Audited Audited Audited Audited Audited Audited
Audit firm AISC AISC AISC AISC AISC

Unqualified Unqualified Unqualified Unqualified Unqualified

Audit opinion opinion opinion opinion opinion opinion
1. Revenue 81 67 49 22 30
2. Deduction from revenue 0 1 0 0
3. Net revenue 81 66 48 22 30
4. Cost of goods sold 58 42 30 11 22
5. Gross profit 23 24 18 11 8
6. Financial income 1 1 0 0 0
7. Financial expenses 1 0 1 2 3
Of which: Interest expenses 1 0 2 3
8. Share of associates and joint ventures' result
9. Selling expenses 8 7 5 4 8
10. General and administrative expe 7 7 7 21 4
11. Operating profit 7 10 6 -16 -8
12. Other income 0 0 1 1
13.Other expenses 0 0 0 1 0
14. Other profit 0 0 0 0 1
Share of associates and joint ventures' result
15. Profit before tax 7 10 6 -16 -7
16. Current corporate income tax ex 1 2 1
17. Deferred income tax expenses (*)
18. Net profit after tax 6 8 5 -16 -7
Minority's interest
Profit after tax for shareholders of 6 8 5 -16 -7
19. Earnings per share 2.6 3.717 2.335 -6.99 -3.278
20. Diluted earnings per share 2.6 3.717 2.335 -6.99 -3.278
CASHFLOW INDIRECT 2019 2020 2021 2022 2023
Period 01/01-31/101/01-31/101/01-31/101/01-31/101/01-31/12
Consolidated Stand-alonStand-alonStand-alonStand-alonStand-alone
Audited Audited Audited Audited Audited Audited
Audit firm AISC AISC AISC AISC AISC
Audit opinion UnqualifiedUnqualifiedUnqualifiedUnqualifiedUnqualified opinion

I. CASH FLOWS FROM OPERATING ACTIVITIES

1. Profit before tax
2. Adjustments for:
Depreciation of fixed assets and properties investment
(Reversal of provisions)/provisions
Foreign exchange (gain)/loss from revaluation of monetary items denominated in foreign currencies
Loss/(profit) from investment activities
Interest expense
Loss/(profits) from disposal of fixed asset
Interest income and dividends
Allocation of goodwill
Adjustments for
3. Operating profit before changes in working capital
(Increase)/decrease in receivables
(Increase)/decrease in inventories
Increase/(decrease) in payables (other than interest, corporate income tax)
(Increase)/decrease in prepaid expenses
Changes in available for sale securities
Interest paid
Corporate income tax paid
Other receipts from operating activities
Other payments for operating activities
Net cash flows from operating activities
II. CASH FLOWS FROM INVESTING ACTIVITIES
1. Payment for fixed assets, constructions and other long-term assets
2. Receipts from disposal of fixed assets and other long-term assets
3. Loans, purchases of other entities' debt instruments
4. Receipts from loan repayments, sale of other entities' debt instruments
5. Payments for investment in other entities
6. Collections on investment in other entities
7. Dividends, interest and profit received
8. Increase/(Decrease) in term deposit
9. Purchases of minority shares of subsidiaries
10. Other receipts from investing activities
11. Other payments for investing activities
Net cash flows from investing activities
III. CASH FLOWS FROM FINANCING ACTIVITIES
1. Receipts from equity issue and owner's capital contribution
2. Payment for share repurchases
3. Proceeds from borrowings
4. Principal repayments
5. Repayment of financial leases
6. Dividends paid, profits distributed to owners
7. Other receipts from financing activities
8. Other payments for financing activities
Net cash flows from financing activities
Net cash flows during the period
Cash and cash equivalents at beginning of the period
Exchange difference due to re-valuation of ending balances
Cash and cash equivalents at end of the period
CASHFLOW DIRECT 2019 2020 2021 2022 2023
Period 01/01-31/101/01-31/101/01-31/101/01-31/101/01-31/12
Consolidated Stand-alonStand-alonStand-alonStand-alonStand-alone
Audited Audited Audited Audited Audited Audited
Audit firm AISC AISC AISC AISC AISC
Audit opinion UnqualifiedUnqualifiedUnqualifiedUnqualifiedUnqualified opinion

I. CASH FLOWS FROM OPERATING ACTIVITIES

1. Cash receipts from sale of goo 91 76 55 22 32
2. Cash paid to suppliers for goo -56 -44 -25 -11 -18
3. Cash paid to employees -11 -9 -8 -6 -7
4. Interest paid -1 -2 -3
5. Corporate income tax paid -1 -1 -2 -1
6. Other receipts from operating 1 1 1
7. Other payments for operating a -8 -11 -8 -19 -3
Net cash flows from operating 14 11 12 -14 1
II. CASH FLOWS FROM INVESTING ACTIVITIES
1. Payment for fixed assets, con -32 -5 -24 -13 -2
2. Receipts from disposal of fixed assets and other long-term ass 1 1
3. Loans, purchases of other enti -10
4. Receipts from loan repayments, sale of o 10
5. Payments for investment in other entities
6. Collections on investment in other entities
7. Dividends, interest and profit 1 1
8. Other receipts from investing activities
9. Other payments for investing activities
Net cash flows from investing -42 6 -23 -12 -1
III. CASH FLOWS FROM FINANCING ACTIVITIES
1. Receipts from equity issue and owner's capital contribution
2. Payment for share repurchases
3. Proceeds from borrowings 30 10 12 34 9
4. Principal repayments -30 -5 -7 -10
5. Repayment of financial leases
6. Dividends paid, profits distri -2 -1 -2 -1
7. Other receipts from financing activities
8. Other payments for financing activities
Net cash flows from financing 28 -21 5 26 -1
Net cash flows during the period -4 -6 -1
Cash and cash equivalents at 13 12 8 2 2
Exchange difference due to re-valuation of ending balances
Cash and cash equivalents at 12 8 2 2 1
Ratios -
DPC 2019 2020 2021 2022
Valuation ratios

Trailing EPS VND 2,600.49 3,663.61 2,334.95 -6,989.75

Book value per share (B VND 18,933.3 21,932.09 23,202.23 15,100.93

P/E Times 5.15 5.19 12.08 -2
P/B Times 0.71 0.87 1.22 0.93
P/S Times 0.37 0.64 1.3 1.45
Dividend yield % 7 3 4 4
Beta Times -0.55 0.97 0.83 0.54
EV/EBIT Times 5.84 4.38 12.65 -5.37
EV/EBITDA Times
Profitability ratios
Gross profit margin % 27.98 36.38 37.99 51.29
EBIT margin % 10.08 15.21 12.76 -63.41
EBITDA/Net revenue % 77.39 15.84 13.57 -19.89
Net profit margin % 7.2 12.36 10.79 -72.51
ROE % 14.36 17.93 10.35 -36.5
Return on capital emplo % 20.09 22.07 11.01 -20.78
ROA % 9.8 11.62 7.63 -20.02
ROE Trailling %
ROA Trailling %
Growth rates
Net revenue % 23.08 -17.93 -27.02 -55.44
Gross profit % 56.05 6.73 -23.8 -39.84
Profit before tax % 169.61 38.33 -39.63 -356.78
Profit after tax for shar % 170.33 40.88 -36.27 -399.35
Total assets % 89.71 -18.51 16.2 12.18
Long-term liabilities % 213.26
Liabilities % 1,442.49 -59.63 51.96 124.8
Owner's equity % 9.49 15.84 5.79 -34.92
Charter capital %
Liquidity ratios
Cash ratio Times 0.35 0.58 0.23 0.15
Quick ratio Times 0.91 1.2 1.08 0.41
Quick ratio (except: InveTimes 0.63 0.58 0.23 0.15
Short-term ratio Times 1.33 2.07 1.69 0.84
Interest coverage Times 9.58 0 74.18 -6.97
Efficiency ratios
Receivables turnover Times 20.09 10.56 12.25 7.34
Days of sales outstandinDays 18.16 34.58 29.79 49.74
Inventory turnover Times 7.84 3.09 3.19 1.69
Days of inventory on ha Days 46.54 118 114.36 216.15
Payables turnover Times 49.27 31.48 68.61 7.61
Number of days of payabDays 7.41 11.59 5.32 47.99
Fixed asset turnover Times 70.21 30.04 24.82 1.05
Total asset turnover Times 2.08 0.94 0.71 0.28
Equity turnover Times 3.81 1.45 0.96 0.5
Leverage ratios
Short-term liabilities to tot% 100 100 48.81 28.66
Debt to assets % 38.59 15.78 23.71 53.66
Liabilities to assets % 45.51 22.55 29.49 59.09
Equity to assets % 54.49 77.45 70.51 40.91
Short-term liabilities to e % 83.53 29.11 20.41 41.4
Debt to equity % 70.82 20.38 33.63 131.17
Liabilities to equity % 83.53 29.11 41.82 144.43
Cashflow ratios
Accrual ratio CF % 16.98 17.32 25.31 -66.57
Cash to income % 38.78 80.38 115.61 -102.64
Net cash flows/Short -term % -0.42 -29.02 -55.35 -2.09
Accrual ratio (Balance s % 62.72 1.7
Accrual ratio (Cash flow % 89.4 -17.89
Cash return to assets % 17.65 18.12 16.64 -17.38
Cash return on equity % 32.4 23.4 23.6 -42.49
Cash to income % 187.29 112.33 201.18 90.12
Debt coverage % 38.78 80.38 56.43 -29.42
Cash flow per share (CPVND 6,133.73 5,132.33 5,474.92 -6,416.87
Cost structure
Cost of goods sold/Net % 72.02 63.62 62.01 48.71
Selling expenses/Net re % 10.24 11.16 10.36 19.6
General and Administrat% 8.57 10.22 14.14 95.93
Interest expenses/Net r % 1.05 0 0.17 9.1
Short-term asset structure
Short-term assets/Total % 60.53 46.63 24.25 14.21
Cash/Short-term assets % 26.49 28.17 13.77 18.45
Short-term investments/S% 21.25 0
Short-term receivables/S% 16.36 29.74 44.56 16.18
Inventory/Short-term ass% 31.53 42.09 35.68 51.73
Other Short-term assets/% 4.37 0 5.98 13.64
Long-term asset structure
Long-term assets/Total a% 39.47 53.37 75.75 85.79
Fixed assets/Total asset% 2.96 3.34 2.43 47.7
Tangible fixed assets/Fi % 100 100 100 100
Finance lease/Fixed ass% 0 0
Intangible fixed assets/F% 0 0
Construction in progress% 0 9.62 1,231.69 2,162.03
1/01-31/12
tand-alone

nqualified opinion

ed in foreign currencies
1/01-31/12
tand-alone

nqualified opinion
 2023

-3,278.08

11,822.85
-3.87
1.07
0.95
0
0.25
-16.18

25.36
-14.62
23.99
-24.59
-24.35
-6.8
-9.32

38.28
-31.62
-146.9
-146.9
-9.47
-4.88
-0.99
-21.71

0.09
0.22
0.09
0.57
-1.46

12.01
30.38
3.88
94.15
9.66
37.77
0.76
0.38
0.99

31.47
58.14
64.62
35.38
57.47
164.33
182.65

4.84
9.49
-5.42

1.93
5.45
-17.87
2.99
644.62

74.64
27.37
13.73
9.98

11.63
15.42

13
62.2
9.37

88.37
52.28
100
DPM 2019 2020 2021 2022 2023
01/01- 01/01- 01/01- 01/01- 01/01-
Period 31/12 31/12 31/12 31/12 31/12
Consolidat Consolidat Consolidat Consolidat Consolidat
Consolidated ed ed ed ed ed
Audited Audited Audited Audited Audited Audited
Audit firm Deloitte Deloitte Deloitte Deloitte Deloitte

Unqualified Unqualified Unqualified Unqualified Unqualified

Audit opinion opinion opinion opinion opinion opinion

ASSETS
A. SHORT-TERM ASSETS 5.944 6.314 9.52 13.579 9.565
I. Cash and cash equivalents 2.977 2.029 2.524 2.084 1.242
1. Cash 349 265 567 308 575
2. Cash equivalents 2.628 1.764 1.957 1.776 667
II. Short-term financial investments 1.035 2.185 3.455 6.88 5.385
1. Available for sale securities
2. Provision for diminution in value of available for sale securities (*)
3. Held to maturity investments 1.035 2.185 3.455 6.88 5.385
III. Short-term receivables 289 341 489 458 642
1. Short-term trade accounts receivable 239 223 263 235 432
2. Short-term prepayments to suppliers 37 58 138 90 56
3. Short-term inter-company receivables
4. Construction contract progress receipts due from customers
5. Short-term loan receivables
6. Other short-term receivables 251 293 322 367 378
7. Provision for short-term doubtful debts (*) -238 -234 -233 -233 -224
8. Assets awaiting resolution 0 0 0 0
IV. Inventories 1.351 1.468 2.776 3.871 1.911
1. Inventories 1.37 1.495 2.779 4.011 1.942
2. Provision for decline in value of inventories -20 -26 -3 -140 -31
V. Other short-term assets 292 291 276 285 385
1. Short-term prepayments 30 27 15 20 34
2. Value added tax to be reclaimed 257 257 257 256 310
3. Taxes and other receivables from state authorities 5 7 3 9 41
4. Government bonds
5. Other short-term assets
B. LONG-TERM ASSETS 5.496 4.986 4.398 4.12 3.744
I. Long-term receivables 1 1 1 1 1
1. Long-term trade receivables
2. Long-term prepayments to suppliers
3. Capital at inter-company
4. Long-term inter-company receivables
5. Long-term loan receivables
6. Other long-term receivables 1 1 1 1 1
7. Provision for long-term doubtful debts
II. Fixed assets 4.791 4.283 3.717 3.255 2.988
 1. Tangible fixed assets 3.932 3.439 2.883 2.434 2.154
- Cost 11.629 11.646 11.547 11.488 11.575
- Accumulated depreciation -7.697 -8.208 -8.663 -9.054 -9.421
2. Financial leased fixed assets
- Cost
- Accumulated depreciation
3. Intangible fixed assets 858 844 833 821 834
- Cost 1.152 1.153 1.156 1.157 1.182
- Accumulated depreciation -294 -309 -322 -336 -348
III. Investment properties 240 220 210 200 190
- Cost 335 318 318 318 318
- Accumulated depreciation -95 -98 -108 -118 -127
IV. Long-term assets in progress 146 153 174 219 261
1. Long-term production in progress
2. Construction in progress 146 153 174 219 261
V. Long-term financial investments 45 44 45 42 33
1. Investments in subsidiaries
2. Investments in associates, joint-ventures 27 28 29 29 30
3. Investments in other entities 21 21 21 21 21
4. Provision for diminution in value of long-term investments
-2 -4 -4 -8 -17
5. Held to maturity investments
6. Other long-term investments
VI. Other long-term assets 274 285 252 403 270
1. Long-term prepayments 31 30 26 42 58
2. Deferred income tax assets 81 102 79 188 60
3. Long-term equipment, supplies, spare parts 149 140 124 150 129
4. Other long-term assets 13 13 23 23 23
VII. Goodwill
TOTAL ASSETS 11.44 11.3 13.918 17.699 13.309
OWNER'S EQUITY
A. LIABILITIES 3.279 3.052 3.205 3.681 1.764
I. Short -term liabilities 2.061 2.026 2.152 2.996 1.484
1. Short-term trade accounts payable 479 453 771 869 768
2. Short-term advances from customers 81 123 124 72 124
3. Taxes and other payables to state authorities 66 59 390 297 6
4. Payable to employees 137 134 174 219 164
5. Short-term acrrued expenses 678 457 338 803 240
6. Short-term inter-company payables
7. Construction contract progress payments due to suppliers
8. Short-term unearned revenue 0 0 0 0 0
9. Other short-term payables 80 65 74 70 72
10. Short-term borrowings and financial leases 177 191 200 202
11. Provision for short-term liabilities 313 468 20 375 8
12.. Bonus and welfare fund 50 78 60 88 102
13. Price stabilization fund
14. Government bonds
II. Long-term liabilities 1.218 1.026 1.053 686 280
1. Long-term trade payables
 2. Long-term advances from customers
3. Long-term acrrued expenses
4. Inter-company payables on business capital
5. Long-term inter-company payables
6. Long-term unearned revenue
7. Other long-term liabilities 1 2 9 3 2
8. Long-term borrowings and financial leases 1.064 859 700 505
9. Convertible bonds
10. Preferred stock (Debts)
11. Deferred income tax liabilities 133 133 133 133 133
12. Provision for long-term liabilities 165 102
13. Fund for technology development 21 33 46 45 43
14. Provision for severance allowances
B. OWNER'S EQUITY 8.161 8.247 10.713 14.017 11.545
I. Owner's equity 8.161 8.247 10.713 14.017 11.545
1. Owner's capital 3.914 3.914 3.914 3.914 3.914
- Common stock with voting right 3.914 3.914 3.914 3.914 3.914
- Preferred stock
2. Share premium 21 21 21 21 21
3. Convertible bond option
4. Other capital of owners
5. Treasury shares -2 -2 -2 -2 -2
6. Assets revaluation differences
7. Foreign exchange differences
8. Investment and development fund 3.497 3.497 3.497 3.497 4.599
9. Fund to support corporate restructuring
10. Other funds from owner's equity
11. Undistributed earnings after tax 566 655 3.086 6.401 2.838
- Accumulated retained earning at the end of the228
previous period
54 53 963 2.435
- Undistributed earnings in this period 338 601 3.032 5.438 403
12. Reserves for investment in construction
13. Minority's interest 165 163 198 186 175
14. Financial reserves
II. Other resources and funds
1. Subsidized not-for-profit funds
2. Funds invested in fixed assets
C. MINORITY'S INTEREST
TOTAL OWNER'S EQUITY AND LIABILITIES 11.44 11.3 13.918 17.699 13.309
DPR 2019

Period 01/01-31/12
Consolidate
Consolidated d
Audited Audited
Audit firm AFC

Unqualified
Audit opinion opinion

ASSETS
A. SHORT-TERM ASSETS 1.411
I. Cash and cash equivalents 312
1. Cash 95
2. Cash equivalents 217
II. Short-term financial investments 789
1. Available for sale securities
2. Provision for diminution in value of available for sale securities (*)
3. Held to maturity investments 789
III. Short-term receivables 85
1. Short-term trade accounts receivable 30
2. Short-term prepayments to suppliers 14
3. Short-term inter-company receivables
4. Construction contract progress receipts due from customers
5. Short-term loan receivables
6. Other short-term receivables 50
7. Provision for short-term doubtful debts (*) -10
8. Assets awaiting resolution 0
IV. Inventories 128
1. Inventories 130
2. Provision for decline in value of inventories -2
V. Other short-term assets 97
1. Short-term prepayments 1
2. Value added tax to be reclaimed 26
3. Taxes and other receivables from state authorities 69
4. Government bonds
5. Other short-term assets
B. LONG-TERM ASSETS 2.326
I. Long-term receivables 43
1. Long-term trade receivables
2. Long-term prepayments to suppliers
3. Capital at inter-company
4. Long-term inter-company receivables
5. Long-term loan receivables 1
6. Other long-term receivables 42
7. Provision for long-term doubtful debts
II. Fixed assets 1.564
 1. Tangible fixed assets 1.562
- Cost 2.208
- Accumulated depreciation -645
2. Financial leased fixed assets
- Cost
- Accumulated depreciation
3. Intangible fixed assets 1
- Cost 3
- Accumulated depreciation -1
III. Investment properties 133
- Cost 169
- Accumulated depreciation -36
IV. Long-term assets in progress 255
1. Long-term production in progress 23
2. Construction in progress 232
V. Long-term financial investments 173
1. Investments in subsidiaries
2. Investments in associates, joint-ventures
3. Investments in other entities 129
4. Provision for diminution in value of long-term investments -20
5. Held to maturity investments 64
6. Other long-term investments
VI. Other long-term assets 158
1. Long-term prepayments 158
2. Deferred income tax assets
3. Long-term equipment, supplies, spare parts
4. Other long-term assets
VII. Goodwill
TOTAL ASSETS 3.737
OWNER'S EQUITY
A. LIABILITIES 1.459
I. Short -term liabilities 592
1. Short-term trade accounts payable 12
2. Short-term advances from customers 5
3. Taxes and other payables to state authorities 12
4. Payable to employees 116
5. Short-term acrrued expenses 1
6. Short-term inter-company payables
7. Construction contract progress payments due to suppliers
8. Short-term unearned revenue 16
9. Other short-term payables 280
10. Short-term borrowings and financial leases 106
11. Provision for short-term liabilities
12.. Bonus and welfare fund 45
13. Price stabilization fund
14. Government bonds
II. Long-term liabilities 867
1. Long-term trade payables
 2. Long-term advances from customers 72
3. Long-term acrrued expenses 11
4. Inter-company payables on business capital
5. Long-term inter-company payables
6. Long-term unearned revenue 608
7. Other long-term liabilities 0
8. Long-term borrowings and financial leases 175
9. Convertible bonds
10. Preferred stock (Debts)
11. Deferred income tax liabilities 1
12. Provision for long-term liabilities
13. Fund for technology development
14. Provision for severance allowances
B. OWNER'S EQUITY 2.278
I. Owner's equity 2.288
1. Owner's capital 430
- Common stock with voting right 430
- Preferred stock
2. Share premium 147
3. Convertible bond option
4. Other capital of owners
5. Treasury shares -127
6. Assets revaluation differences
7. Foreign exchange differences 73
8. Investment and development fund 1.097
9. Fund to support corporate restructuring
10. Other funds from owner's equity
11. Undistributed earnings after tax 161
- Accumulated retained earning at the end of the previous period 143
- Undistributed earnings in this period 18
12. Reserves for investment in construction
13. Minority's interest 506
14. Financial reserves
II. Other resources and funds -10
1. Subsidized not-for-profit funds -10
2. Funds invested in fixed assets
C. MINORITY'S INTEREST
TOTAL OWNER'S EQUITY AND LIABILITIES 3.737
DPR 2019

Period 01/01-31/12
Consolidate
Consolidated d
Audited Audited
Audit firm AFC

Unqualified
Audit opinion opinion
1. Revenue 1.033
2. Deduction from revenue 0
3. Net revenue 1.033
4. Cost of goods sold 763
5. Gross profit 270
6. Financial income 69
7. Financial expenses 23
Of which: Interest expenses 18
8. Share of associates and joint ventures' result
9. Selling expenses 19
10. General and administrative expenses 82
11. Operating profit 215
12. Other income 37
13.Other expenses 9
14. Other profit 29
Share of associates and joint ventures' result
15. Profit before tax 244
16. Current corporate income tax expenses 53
17. Deferred income tax expenses (*) -1
18. Net profit after tax 191
Minority's interest 8
Profit after tax for shareholders of parent company 183
19. Earnings per share 4.558
20. Diluted earnings per share 4.558
CASHFLOW INDIRECT 2019
Period 01/01-31/12
Consolidated Consolidate
Audited Audited
Audit firm AFC
Audit opinion Unqualified
I. CASH FLOWS FROM OPERATING ACTIVITIES
1. Profit before tax 244
2. Adjustments for:
Depreciation of fixed assets and properties investment 102
(Reversal of provisions)/provisions
Foreign exchange (gain)/loss from revaluation of monetary items denominat -1
Loss/(profit) from investment activities -80
Interest expense 18
Loss/(profits) from disposal of fixed asset
Interest income and dividends
Allocation of goodwill
Adjustments for 31
3. Operating profit before changes in working capital 314
(Increase)/decrease in receivables 1
(Increase)/decrease in inventories 18
Increase/(decrease) in payables (other than interest, corporate income tax) 221
(Increase)/decrease in prepaid expenses -30
Changes in available for sale securities
Interest paid -18
Corporate income tax paid -64
Other receipts from operating activities
Other payments for operating activities -70
Net cash flows from operating activities 371
II. CASH FLOWS FROM INVESTING ACTIVITIES
1. Payment for fixed assets, constructions and other long-term assets -120
2. Receipts from disposal of fixed assets and other long-term assets
3. Loans, purchases of other entities' debt instruments -656
4. Receipts from loan repayments, sale of other entities' debt instruments 525
5. Payments for investment in other entities -3
6. Collections on investment in other entities 30
7. Dividends, interest and profit received 52
8. Increase/(Decrease) in term deposit
9. Purchases of minority shares of subsidiaries
10. Other receipts from investing activities
11. Other payments for investing activities
Net cash flows from investing activities -173
III. CASH FLOWS FROM FINANCING ACTIVITIES
1. Receipts from equity issue and owner's capital contribution
2. Payment for share repurchases
3. Proceeds from borrowings 238
4. Principal repayments -195
5. Repayment of financial leases
6. Dividends paid, profits distributed to owners -208
7. Other receipts from financing activities
8. Other payments for financing activities
Net cash flows from financing activities -164
Net cash flows during the period 35
Cash and cash equivalents at beginning of the period 277
Exchange difference due to re-valuation of ending balances
Cash and cash equivalents at end of the period 312
CASHFLOW DIRECT 2019
Period 01/01-31/12
Consolidated Consolidate
Audited Audited
Audit firm AFC
Audit opinion Unqualified

I. CASH FLOWS FROM OPERATING ACTIVITIES

1. Cash receipts from sale of goods, provision of services and other revenue
2. Cash paid to suppliers for goods and services
3. Cash paid to employees
4. Interest paid
5. Corporate income tax paid
6. Other receipts from operating activities
7. Other payments for operating activities
Net cash flows from operating activities
II. CASH FLOWS FROM INVESTING ACTIVITIES
1. Payment for fixed assets, constructions and other long-term assets
2. Receipts from disposal of fixed assets and other long-term assets
3. Loans, purchases of other entities' debt instruments
4. Receipts from loan repayments, sale of other entities' debt instruments
5. Payments for investment in other entities
6. Collections on investment in other entities
7. Dividends, interest and profit received
8. Other receipts from investing activities
9. Other payments for investing activities
Net cash flows from investing activities
III. CASH FLOWS FROM FINANCING ACTIVITIES
1. Receipts from equity issue and owner's capital contribution
2. Payment for share repurchases
3. Proceeds from borrowings
4. Principal repayments
5. Repayment of financial leases
6. Dividends paid, profits distributed to owners
7. Other receipts from financing activities
8. Other payments for financing activities
Net cash flows from financing activities
Net cash flows during the period
Cash and cash equivalents at beginning of the period
Exchange difference due to re-valuation of ending balances
Cash and cash equivalents at end of the period
Ratios -
DPR
Valuation ratios
Trailing EPS VND

Book value per share (B VND

P/E Times
P/B Times
P/S Times
Dividend yield %
Beta Times
EV/EBIT Times
EV/EBITDA Times
Profitability ratios
Gross profit margin %
EBIT margin %
EBITDA/Net revenue %
Net profit margin %
ROE %
Return on capital emplo %
ROA %
ROE Trailling %
ROA Trailling %
Growth rates
Net revenue %
Gross profit %
Profit before tax %
Profit after tax for shar %
Total assets %
Long-term liabilities %
Liabilities %
Owner's equity %
Charter capital %
Liquidity ratios
Cash ratio Times
Quick ratio Times
Quick ratio (except: InveTimes
Short-term ratio Times
Interest coverage Times
Efficiency ratios
Receivables turnover Times
Days of sales outstandinDays
Inventory turnover Times
Days of inventory on ha Days
Payables turnover Times
Number of days of payabDays
Fixed asset turnover Times
Total asset turnover Times
Equity turnover Times
Leverage ratios
Short-term liabilities to tot%
Debt to assets %
Liabilities to assets %
Equity to assets %
Short-term liabilities to e %
Debt to equity %
Liabilities to equity %
Cashflow ratios
Accrual ratio CF %
Cash to income %
Net cash flows/Short -term %
Accrual ratio (Balance s %
Accrual ratio (Cash flow %
Cash return to assets %
Cash return on equity %
Cash to income %
Debt coverage %

Cash flow per share (CPVND

Cost structure
Cost of goods sold/Net %
Selling expenses/Net re %
General and Administrat%
Interest expenses/Net r %
Short-term asset structure
Short-term assets/Total %
Cash/Short-term assets %
Short-term investments/S%
Short-term receivables/S%
Inventory/Short-term ass%
Other Short-term assets/%
Long-term asset structure
Long-term assets/Total a%
Fixed assets/Total asset%
Tangible fixed assets/Fi %
Finance lease/Fixed ass%
Intangible fixed assets/F%
Construction in progress%
 2020 2021 2022 2023
01/01- 01/01- 01/01- 01/01-
31/12 31/12 31/12 31/12
Consolidat Consolidat Consolidat Consolidat
ed ed ed ed
Audited Audited Audited Audited
AFC AFC AFC AFC

Unqualified Unqualified Unqualified Unqualified

opinion opinion opinion opinion

1.228 1.618 1.885 2.006

366 593 311 320
92 136 94 62
274 457 217 258
496 698 1.209 1.303

496 698 1.209 1.303

146 54 81 108
39 18 34 55
16 8 12 9

101 37 46 53
-10 -10 -11 -9
0 1 0
162 214 194 164
163 220 205 173
-1 -6 -11 -9
57 59 90 111
1 2 0 1
27 28 31 32
30 29 59 78

2.547 2.414 2.28 2.252

46 45 5 4

4 3 2
42 41 4 4

1.547 1.475 1.426 1.38

1.546 1.473 1.425 1.379
2.277 2.294 2.353 2.418
-731 -820 -928 -1.039

1 1 1 1
3 3 3 3
-1 -2 -2 -2
175 162 150 140
223 222 224 226
-48 -61 -74 -86
167 129 154 218
2 3 3 3
164 126 152 215
140 141 124 119

126 128 128 128

-19 -19 -19 -19
32 32 15 11

473 463 419 392

473 456 413 392
8 6

3.775 4.032 4.165 4.258

1.45 1.29 1.174 1.204

556 465 299 239
6 8 5 5
31 6 6 6
20 36 5 4
132 138 95 108
2 2 2 1

32 27 57 59
172 150 61 18
104 29 5

58 70 64 38

894 824 874 965

 1
20 27 28 29

765 767 839 928

0 0 0 0
105 25

2 6 7 7

2.325 2.743 2.991 3.054

2.332 2.744 2.995 3.059
430 430 430 869
430 430 430 869

147 192 192 201

-127

76 62 79 101
1.12 1.137 1.177 810

154 373 433 373

73 -1 185 165
80 374 248 209

533 551 683 704

-7 -2 -3 -5
-7 -2 -3 -5

3.775 4.032 4.165 4.258

2020 2021 2022 2023
01/01- 01/01- 01/01- 01/01-
31/12 31/12 31/12 31/12
Consolidat Consolidat Consolidat Consolidat
ed ed ed ed
Audited Audited Audited Audited
AFC AFC AFC AFC

Unqualified Unqualified Unqualified Unqualified

opinion opinion opinion opinion
 1.138 1.218 1.212 1.042
0 1 1 1
1.138 1.217 1.211 1.041
818 787 843 767
320 430 368 274
64 47 68 120
15 7 2 6
14 5 1

19 33 27 22
92 86 95 94
258 352 311 272
24 262 55 55
13 37 16 23
11 225 39 31

269 577 350 304

57 109 56 43
1 -4 2 7
212 473 291 254
34 42 43 45
178 431 248 209
4.435 10.335 5.767 4.166
4.435 5.089 2.869 4.166
2020 2021 2022 2023
01/01-31/101/01-31/101/01-31/101/01-31/12
Consolidat Consolidat Consolidat Consolidated
Audited Audited Audited Audited
AFC AFC AFC AFC
UnqualifiedUnqualifiedUnqualifiedUnqualified opinion

269 577 350 304

116 124 129 130

1 -5 7 -5
1 3
-60 -43 -195 -77
14 5 1

344 658 291 356

-25 95 13 -47
-33 -56 15 32
207 84 21 -37
-314 15 44 21
 -14 -5 -1
-66 -85 -100 -40
1
-12 -55
86 707 283 230

-94 -54 -79 -90

-530 -716 -1.051 -1.057

817 406 729 968
-1 -2
5
54 52 55 93

249 -313 -346 -86

171

80 12 9
-156 -167 -58 -5

-206 -182 -171 -131

-281 -165 -220 -136

54 229 -284 8
312 366 593 311
-2 2 1
366 593 311 320
2020 2021 2022 2023
01/01-31/101/01-31/101/01-31/101/01-31/12
Consolidat Consolidat Consolidat Consolidated
Audited Audited Audited Audited
AFC AFC AFC AFC
UnqualifiedUnqualifiedUnqualifiedUnqualified opinion
 2019 2020 2021 2022 2023

4,558.26 4,434.64 10,377.5 5,766.62 3,854.33

57,011.85 58,130.99 63,823.36 69,641.32 35,209.63

8.61 10.02 6.99 9.16 8.22
0.69 0.76 1.14 0.76 0.9
1.52 1.56 2.56 1.88 2.64
15 6 4 4 9
0.23 0.26 0.3 1.17 1.49
7.82 7.6 5.37 5.6 7.98
5.63 5.39 4.43

26.18 28.12 35.36 30.36 26.36

25.37 24.93 47.86 29 29.2
35.26 35.17 58.05 39.62 41.72
18.5 18.61 38.84 24.05 24.41
7.74 7.73 17.01 8.65 6.91
8.31 8.91 17.16 9.45 7.71
4.95 4.74 11.04 6.05 4.96
0.29 10.12 6.97 -0.5 -14.01
-21.58 18.31 34.49 -14.57 -25.35
-19.15 10.45 114.35 -39.36 -13.18
-22.29 -2.71 142.26 -42.48 -15.78
2.12 1.02 6.81 3.28 2.24
21.22 3.05 -7.77 6.06 10.32
20.2 -0.62 -11.06 -9.02 2.59
-6.81 1.96 17.66 9.12 2.16
102.06

0.53 0.66 1.27 1.04 1.34

2.17 1.92 3.02 5.65 7.7
1.86 1.55 2.77 5.08 6.78
2.38 2.21 3.48 6.3 8.39
14.42 19.82 116.79 366.94 0

67.82 32.84 42.94 46.9 23.47

5.38 11.11 8.5 7.78 15.55
11.88 5.63 4.18 4.13 4.28
30.72 64.88 87.28 88.28 85.21
131.43 91.23 112.85 130.68 144.27
2.78 4 3.23 2.79 2.53
1.32 0.73 0.81 0.83 0.74
0.55 0.3 0.31 0.3 0.25
0.9 0.49 0.48 0.42 0.34

40.56 38.36 36.08 25.49 19.87

7.52 5.55 1.34 0.12
39.05 38.42 31.99 28.18 28.27
61.21 61.78 68.06 71.9 71.84
25.88 23.85 16.96 9.99 7.82
12.29 8.98 1.96 0.17
63.8 62.18 47 39.19 39.35

35.95 7.6 58.11 23.36 22.11

62.74 15.54 151.92 94.56 96.21
5.84 9.78 49.11 -94.84 3.17
-23.36 13.71
-0.97 -10.08
9.94 2.29 17.54 6.79 5.4
16.24 3.71 25.77 9.45 7.52
172.58 33.47 200.68 90.91 84.47
25.45 5.96 54.82 24.1 19.12

9,256.51 2,155.54 16,444.38 6,578.17 2,648.96

73.82 71.88 64.64 69.64 73.64
1.88 1.7 2.7 2.22 2.12
7.89 8.05 7.04 7.87 9.05
1.76 1.26 0.41 0.08

37.77 32.53 40.14 45.26 47.11

22.11 29.81 36.65 16.5 15.94
55.92 40.41 43.12 64.14 64.95
6.03 11.92 3.36 4.27 5.4
9.09 13.22 13.21 10.29 8.17
6.84 4.64 3.67 4.8 5.53

62.23 67.47 59.86 54.74 52.89

41.84 40.99 36.57 34.25 32.41
99.91 99.91 99.92 99.91 99.92
0 0
0.09 0.09 0.08 0.09 0.08
14.83 10.63 8.54 10.64 15.6
DTT
Period
Consolidated
Audited
Audit firm
Audit opinion

ASSETS
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
1. Cash
2. Cash equivalents
II. Short-term financial investments
1. Available for sale securities
2. Provision for diminution in value of available for sale securities (*)
3. Held to maturity investments
III. Short-term receivables
1. Short-term trade accounts receivable
2. Short-term prepayments to suppliers
3. Short-term inter-company receivables
4. Construction contract progress receipts due from customers
5. Short-term loan receivables
6. Other short-term receivables
7. Provision for short-term doubtful debts (*)
8. Assets awaiting resolution
IV. Inventories
1. Inventories
2. Provision for decline in value of inventories
V. Other short-term assets
1. Short-term prepayments
2. Value added tax to be reclaimed
3. Taxes and other receivables from state authorities
4. Government bonds
5. Other short-term assets
B. LONG-TERM ASSETS
I. Long-term receivables
1. Long-term trade receivables
2. Long-term prepayments to suppliers
3. Capital at inter-company
4. Long-term inter-company receivables
5. Long-term loan receivables
6. Other long-term receivables
7. Provision for long-term doubtful debts
II. Fixed assets
1. Tangible fixed assets
- Cost
- Accumulated depreciation
2. Financial leased fixed assets
 - Cost
- Accumulated depreciation
3. Intangible fixed assets
- Cost
- Accumulated depreciation
III. Investment properties
- Cost
- Accumulated depreciation
IV. Long-term assets in progress
1. Long-term production in progress
2. Construction in progress
V. Long-term financial investments
1. Investments in subsidiaries
2. Investments in associates, joint-ventures
3. Investments in other entities
4. Provision for diminution in value of long-term investments
5. Held to maturity investments
6. Other long-term investments
VI. Other long-term assets
1. Long-term prepayments
2. Deferred income tax assets
3. Long-term equipment, supplies, spare parts
4. Other long-term assets
VII. Goodwill
TOTAL ASSETS
OWNER'S EQUITY
A. LIABILITIES
I. Short -term liabilities
1. Short-term trade accounts payable
2. Short-term advances from customers
3. Taxes and other payables to state authorities
4. Payable to employees
5. Short-term acrrued expenses
6. Short-term inter-company payables
7. Construction contract progress payments due to suppliers
8. Short-term unearned revenue
9. Other short-term payables
10. Short-term borrowings and financial leases
11. Provision for short-term liabilities
12.. Bonus and welfare fund
13. Price stabilization fund
14. Government bonds
II. Long-term liabilities
1. Long-term trade payables
2. Long-term advances from customers
3. Long-term acrrued expenses
4. Inter-company payables on business capital
5. Long-term inter-company payables
 6. Long-term unearned revenue
7. Other long-term liabilities
8. Long-term borrowings and financial leases
9. Convertible bonds
10. Preferred stock (Debts)
11. Deferred income tax liabilities
12. Provision for long-term liabilities
13. Fund for technology development
14. Provision for severance allowances
B. OWNER'S EQUITY
I. Owner's equity
1. Owner's capital
- Common stock with voting right
- Preferred stock
2. Share premium
3. Convertible bond option
4. Other capital of owners
5. Treasury shares
6. Assets revaluation differences
7. Foreign exchange differences
8. Investment and development fund
9. Fund to support corporate restructuring
10. Other funds from owner's equity
11. Undistributed earnings after tax
- Accumulated retained earning at the end of the previous period
- Undistributed earnings in this period
12. Reserves for investment in construction
13. Minority's interest
14. Financial reserves
II. Other resources and funds
1. Subsidized not-for-profit funds
2. Funds invested in fixed assets
C. MINORITY'S INTEREST
TOTAL OWNER'S EQUITY AND LIABILITIES
Q3/2023 Q4/2023 Q1/2024 Q2/2024
01/07-30/09 01/10-31/12 01/01-31/03 01/04-30/06
Stand-alone Stand-alone Stand-alone Stand-alone
Unaudited Unaudited Unaudited Unaudited

91 89 95 104
28 28 30 30
28 28 30 30

0 0 0 0
0 0 0 0

28 26 34 33
28 24 25 30
2 3 10 4

0 0 0 0
-2 -1 -1 -1

34 34 29 38
34 34 29 39
0 0 0 0
2 2 2 3
1 1 1 1
1 1 1 1
0 0 0 0

78 82 81 82

75 77 77 79
59 62 62 64
153 158 160 164
-94 -96 -98 -100
 16 16 16 16
26 26 26 26
-10 -10 -10 -10

2 2 2

2 2 2

2 3 2 3
2 3 2 3

169 171 176 186

42 41 43 58
41 40 42 57
8 8 8 7
1 2 2 1
2 1 1 2
4 5 4 5
0 0

0 0 1 7
25 23 25 33

1 1 1 2

1 1 1 1
 1 1 1 1

128 130 133 128

128 130 133 128
82 82 82 82
82 82 82 82

29 29 29 29

6 6 6 6

10 13 16 11
5 5 13 5
6 9 3 6

169 171 176 186

Q3/2024
01/07-30/09
Stand-alone
Unaudited

104
30
30

0
0

23
23
1

0
-1

46
46
0
5
2
3
0

82

81
66
168
-103
 15
26
-11

1
1

186

56
55
6
4
2
6

0
36

1
 1

130
130
82
82

29

13
6
8

186