2024 2023

CURRENT ASSETS (Bn. VND) 37,553,650,065,098 35,935,879,621,477

Cash and cash equivalents (Bn. VND) 2,225,943,732,075 2,912,027,359,925
Short-term investments (Bn. VND) 23,260,088,671,767 20,137,243,800,460
Accounts receivable (Bn. VND) 6,233,758,612,009 6,529,705,184,034
Net Inventories 5,686,840,161,996 6,128,081,805,088
Other current assets 147,018,887,251 228,821,471,970
LONG-TERM ASSETS (Bn. VND) 17,495,411,471,963 16,737,491,482,983
Long-term loans receivables (Bn. VND) 0 0
Fixed assets (Bn. VND) 12,550,564,799,221 12,689,652,377,511
Investment in properties 53,617,793,172 55,594,154,394
Long-term investments (Bn. VND) 1,373,189,677,193 831,227,597,345
Goodwill 0 0
Other non-current assets 1,960,671,058,977 2,207,961,712,860
TOTAL ASSETS (Bn. VND) 55,049,061,537,061 52,673,371,104,460
LIABILITIES (Bn. VND) 18,874,658,707,398 17,647,627,338,990
Current liabilities (Bn. VND) 18,459,546,837,640 17,138,689,974,862
Long-term liabilities (Bn. VND) 415,111,869,758 508,937,364,128
OWNER'S EQUITY([Link]) 36,174,402,829,663 35,025,743,765,470
Capital and reserves (Bn. VND) 36,174,402,829,663 35,025,743,765,470
Other Reserves 499,080,803,215 499,080,803,215
Undistributed earnings (Bn. VND) 3,471,224,745,772 3,926,232,003,987
MINORITY INTERESTS 3,895,583,288,658 3,328,929,059,319
TOTAL RESOURCES (Bn. VND) 55,049,061,537,061 52,673,371,104,460
Prepayments to suppliers (Bn. VND) 566,479,222,775 655,619,313,409
Short-term loans receivables (Bn. VND) 0 0
Inventories, Net (Bn. VND) 5,723,932,310,689 6,165,935,294,543
Other current assets (Bn. VND) 0 0
Investment and development funds (Bn. VND) 7,079,114,621,362 6,163,736,586,996
Common shares (Bn. VND) 20,899,554,450,000 20,899,554,450,000
Paid-in capital (Bn. VND) 20,899,554,450,000 20,899,554,450,000
Long-term borrowings (Bn. VND) 157,903,902,450 238,476,074,100
Advances from customers (Bn. VND) 191,336,029,327 164,712,782,108
Short-term borrowings (Bn. VND) 9,115,435,107,250 8,217,757,172,267
Good will (Bn. VND) 1,076,022,097,381 1,321,927,659,937
Long-term prepayments (Bn. VND) 792,476,015,491 871,585,543,337
Other long-term assets (Bn. VND) 94,548,675,081 101,975,059,081
Other long-term receivables (Bn. VND) 17,193,985,694 16,131,990,975
Long-term trade receivables (Bn. VND) 17,592,137,763 16,131,990,975
 2022 2021 2020
31,560,382,174,201 36,109,910,649,785 29,665,725,805,058
2,299,943,527,624 2,348,551,874,348 2,111,242,815,581
17,414,055,328,683 21,025,735,779,475 17,313,679,774,893
6,100,402,870,854 5,822,028,742,791 5,187,253,172,150
5,537,563,396,117 6,773,071,634,017 4,905,068,613,616
208,417,050,923 140,522,619,154 148,481,428,818
16,922,282,062,019 17,222,492,788,434 18,766,754,868,571
0 0 0
11,903,207,642,940 12,706,598,557,849 13,853,807,867,036
57,593,807,783 60,049,893,676 59,996,974,041
742,670,306,431 743,862,023,831 973,440,912,476
0 0 0
2,375,257,641,764 2,565,263,512,673 2,796,901,483,346
48,482,664,236,220 53,332,403,438,219 48,432,480,673,629
15,666,145,881,135 17,482,289,188,835 14,785,358,443,807
15,308,423,081,524 17,068,416,995,519 14,212,646,285,475
357,722,799,611 413,872,193,316 572,712,158,332
32,816,518,355,085 35,850,114,249,384 33,647,122,229,822
32,816,518,355,085 35,850,114,249,384 33,647,122,229,822
202,658,418,215 202,658,418,215 202,658,418,215
3,353,468,092,666 7,594,260,378,375 6,909,725,668,453
2,967,467,051,304 2,766,835,388,433 2,349,939,498,572
48,482,664,236,220 53,332,403,438,219 48,432,480,673,629
589,439,884,812 655,822,646,219 546,236,562,342
0 0 150,000,000
5,560,169,453,504 6,820,486,391,670 4,952,848,688,011
0 0 0
5,266,761,584,973 4,352,441,335,060 3,286,241,911,090
20,899,554,450,000 20,899,554,450,000 20,899,554,450,000
20,899,554,450,000 20,899,554,450,000 20,899,554,450,000
66,028,725,000 75,636,000,000 167,421,748,884
161,708,567,120 66,036,392,886 111,159,982,412
4,867,129,839,103 9,382,354,118,118 7,316,497,078,307
1,567,467,775,162 1,813,007,890,387 2,058,548,005,612
772,804,663,141 725,108,101,375 713,499,307,014
101,950,219,081 101,921,059,081 101,924,299,081
38,422,722,715 16,695,104,495 19,974,111,715
38,422,722,715 16,695,104,495 19,974,111,715
 2024 2023
Revenue YoY (%) 2.2239% 0.6728%
Revenue (Bn. VND) 61,823,889,921,880 60,478,912,566,740
Attribute to parent company (Bn. VND) 9,392,310,356,250 8,873,812,416,864
Attribute to parent company YoY (%) 5.8430% 4.2014%
Financial Income 1,585,660,836,067 1,716,367,576,333
Interest Expenses -279,424,561,295 -354,094,837,255
Sales 61,823,889,921,880 60,478,912,566,740
Sales deductions -41,280,393,435 -109,997,055,235
Net Sales 61,782,609,528,445 60,368,915,511,505
Cost of Sales -36,192,433,205,321 -35,824,183,896,095
Gross Profit 25,590,176,323,124 24,544,731,615,410
Financial Expenses -428,238,548,859 -503,122,771,214
Gain/(loss) from joint ventures 32,002,663,848 -80,631,298,646
Selling Expenses -13,357,706,796,806 -13,018,093,111,879
General & Admin Expenses -1,827,916,838,987 -1,755,619,128,197
Operating Profit/Loss 11,593,977,638,387 10,903,632,881,807
Other income 230,631,678,594 353,408,891,551
Net income from associated companies 0 0
Other Income/Expenses -224,955,575,646 -289,142,381,872
Net other income/expenses 5,676,102,948 64,266,509,679
Profit before tax 11,599,653,741,335 10,967,899,391,486
Business income tax - current -2,240,859,169,951 -1,948,363,404,628
Business income tax - deferred 94,098,418,564 -181,821,807
Net Profit For the Year 9,452,892,989,948 9,019,354,165,051
Minority Interest 60,582,633,698 145,541,748,187
Attributable to parent company 9,392,310,356,250 8,873,812,416,864
 2022 2021 2020
-1.5363% 2.1586% 5.8913%
60,074,730,223,299 61,012,074,147,764 59,722,908,393,236
8,516,023,694,342 10,532,477,099,899 11,098,936,856,369
-19.1451% -5.1037% 4.8932%
1,379,904,407,740 1,214,683,819,394 1,581,092,655,317
-166,039,091,744 -88,799,090,663 -143,818,465,177
60,074,730,223,299 61,012,074,147,764 59,722,908,393,236
-118,483,025,881 -92,909,301,618 -86,622,167,689
59,956,247,197,418 60,919,164,846,146 59,636,286,225,547
-36,059,015,690,711 -34,640,863,353,839 -31,967,662,837,839
23,897,231,506,707 26,278,301,492,307 27,668,623,387,708
-617,537,182,995 -202,338,232,232 -308,569,328,835
-24,475,976,403 -45,044,429,889 3,882,188,676
-12,548,212,246,871 -12,950,670,402,404 -13,447,492,622,165
-1,595,845,681,078 -1,567,312,426,985 -1,958,155,456,285
10,491,064,827,100 12,727,619,820,191 13,539,380,824,416
289,021,799,127 422,823,192,290 212,386,195,135
0 0 0
-284,551,949,482 -228,207,525,562 -233,230,932,527
4,469,849,645 194,615,666,728 -20,844,737,392
10,495,534,676,745 12,922,235,486,919 13,518,536,087,024
-1,956,248,296,285 -2,320,981,674,175 -2,310,674,009,890
38,288,939,248 31,282,159,734 27,870,156,991
8,577,575,319,708 10,632,535,972,478 11,235,732,234,125
61,551,625,366 100,058,872,579 136,795,377,756
8,516,023,694,342 10,532,477,099,899 11,098,936,856,369
 2024
Net Profit/Loss before tax 11,599,653,741,335
Depreciation and Amortisation 2,095,159,644,941
Provision for credit losses 27,455,919,490
Unrealized foreign exchange gain/loss -13,348,631,457
Profit/Loss from disposal of fixed assets 0
Profit/Loss from investing activities -1,446,896,246,927
Interest Expense 279,424,561,295
Interest income and dividends 0
Operating profit before changes in working capital 12,866,765,388,841
Increase/Decrease in receivables 332,752,274,996
Increase/Decrease in inventories -53,951,137,836
Increase/Decrease in payables -188,120,377,548
Increase/Decrease in prepaid expenses 91,247,100,626
Interest paid -336,687,661,456
Business Income Tax paid -2,127,692,482,916
Other receipts from operating activities 0
Other payments on operating activities -898,375,565,361
Net cash inflows/outflows from operating activities 9,685,937,539,346
Purchase of fixed assets -1,741,501,711,051
Proceeds from disposal of fixed assets 113,648,911,174
Loans granted, purchases of debt instruments (Bn. VND) -3,620,022,795,913
Collection of loans, proceeds from sales of debts instruments (Bn. VND) 0
Investment in other entities 0
Proceeds from divestment in other entities 35,704,764,000
Gain on Dividend 1,473,078,193,247
Net Cash Flows from Investing Activities -3,739,092,638,543
Increase in charter captial 722,407,000,000
Payments for share repurchases 0
Proceeds from borrowings 17,420,429,433,188
Repayment of borrowings -16,624,469,998,466
Dividends paid -8,159,626,672,950
Cash flows from financial activities -6,641,260,238,228
Net increase/decrease in cash and cash equivalents -694,415,337,425
Cash and cash equivalents 2,912,027,359,925
Foreign exchange differences Adjustment 8,331,709,575
Cash and Cash Equivalents at the end of period 2,225,943,732,075
 2023 2022 2021 2020
10,967,899,391,486 10,495,534,676,745 12,922,235,486,919 13,518,536,087,024
2,054,586,864,472 2,095,449,858,677 2,121,337,734,780 2,208,866,621,752
26,862,358,183 -4,572,925,078 33,465,629,186 49,503,861,013
7,448,121,735 3,222,766,873 -1,658,368,628 637,221,447
0 0 0 0
-1,462,766,141,314 -1,186,213,742,158 -1,060,996,977,860 -1,482,311,223,047
354,094,837,255 166,039,091,744 18,051,638,193 143,818,465,177
0 0 0 0
12,259,457,530,859 11,903,472,280,607 14,351,819,307,323 15,090,338,709,748
-244,987,138,316 -288,077,307,677 -516,850,818,361 -714,954,818,416
-1,021,313,389,573 851,263,069,739 -2,260,680,842,222 -270,075,299,427
-443,378,131,758 -386,032,574,554 1,484,048,321,527 -212,797,659,741
7,868,182,212 -73,120,062,114 115,756,136 23,640,914,247
-302,707,839,570 -141,304,083,849 -98,339,684,932 -212,768,515,107
-1,564,073,949,237 -1,975,289,763,439 -2,356,597,912,369 -2,286,330,907,427
0 0 0 0
-803,441,702,254 -1,063,638,382,197 -1,171,540,563,209 -1,236,906,523,665
7,887,423,562,363 8,827,273,176,516 9,431,973,563,893 10,180,169,388,228
-1,579,637,140,762 -1,456,914,052,616 -1,531,025,359,270 -1,264,816,995,703
104,880,785,286 137,125,557,857 133,904,995,529 150,342,752,442
-2,856,303,791,352 0 -3,514,465,835,454 -4,881,270,877,530
0 3,634,715,046,607 150,000,000 31,565,648,327
-35,769,832,735 -43,175,000,000 -23,227,732,575 -8,134,000
10,570,000,000 0 1,336,500,000 21,631,584,086
1,367,711,469,062 1,201,019,963,250 1,000,079,344,561 1,140,545,861,067
-2,988,548,510,501 3,472,771,515,098 -3,933,248,087,209 -4,802,010,161,311
489,787,009,008 338,100,000,000 317,860,664,553 0
-142,548,827,636 0 0 -14,364,328,733
11,788,416,965,803 6,257,530,054,586 9,596,960,360,003 7,769,144,505,494
-8,276,832,556,495 -10,789,019,801,789 -7,551,460,199,195 -5,753,602,224,085
-8,151,596,251,950 -8,166,899,618,720 -7,620,758,463,150 -7,927,711,544,061
-4,292,773,661,270 -12,360,289,365,923 -5,257,397,637,789 -5,926,533,591,385
606,101,390,592 -60,244,674,309 241,327,838,895 -548,374,364,468
2,299,943,527,624 2,348,551,874,348 2,111,242,815,581 2,665,194,638,452
5,982,441,709 11,636,327,585 -4,018,780,128 -5,577,458,403
2,912,027,359,925 2,299,943,527,624 2,348,551,874,348 2,111,242,815,581
 PRO F
Average
Sale growth
Current asset/Sales
Current liabilities/Sale
Net fixed assets/Sale
Cost of good sold/Sales
Selling Expenses/Sales
General & Admin Expenses/Sales
Depreciation rate
Interest rate on debt
Interest earned on cash and marketable securities
Tax rate
Dividend payout ratio 40.000%

Income statement
Year 0
Sales
Cost of goods sold 0.00
Gross profit 0.00
Interest payment on debt 0.00
Interest earned on cash and marketable securities 0.00
Selling Expenses 0.00
General & Admin Expenses 0.00
Depreciation
Profit before tax 0.00
Taxes 0.00
Profit after tax 0.00
Dividends 0.00
Retained earnings 0.00

Balance sheet
Year 0
Cash and marketable securities
Current assets 0.00
Fixed assets
At cost 0.00
Accumulated Depreciation
Net fixed assets 0.00
Total assets 0.00

Current liabilities 0.00

Debt 0.00
Stock
Accumulated retained earnings
Total liabilities and equity 0.00

Free cash flow calculation

Year 0
Profit after tax
Add back depreciation
Substract increase in current assets
Add back increase in current liabilities
Substract increase in fixed assets at cost
Add back after-tax interest on debt
Substract after-tax interest on cash and marketable securities
Free cash flow

Valuing the firm

Weighted average cost of capital
Long-term free cash flow growth rate

Year 0
FCF
Terminal value
Total

Enterprise value, present value of row 62

Add in initial (year 0) cash and marketable securities
Asset value in year 0
Substract out value of firm's debt today
Equity value
Number of share outstanding 2,089,955,455.00
Share value
Current market Share Value (as June 20, 25) 56,200.00
 PRO FORMA FINANCIAL MODEL
2024 2023 2022

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0.00 0.00 0.00
0.00 0.00 0.00

(assumption)
(assumption)

1 2 3
0.00 0.00 0.00
 2021 2020

Depreciation / Fixed Asset

Interest expense / (long + short term borrowing)
Financial income/ (cash and cash equivalent + short term investme

4 5
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
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4 5
0.00 0.00 (Press Enter to refresh circular formulas)
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0.00 0.00
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 0.00 0.00 (Press Enter to refresh circular formulas)

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4 5
0.00 0.00
nt + short term investment)