受付番号

9999999999

号〒107-8680
東京都港区南青山２－５－２０
Tel 03 (5775) 3000 (大代）＜社 外 極 秘＞海外企業信用調査報告書
ご依頼の海外企業信用調査報告書ができあがりましたのでご査収ください。

ベトナムサンプルレポート
Sample

調査先商号◎

海外信用区分

A

B

厚い

Ｃ
信用程度

D

E

NR

薄い

評価不可

※ 「海外信用区分」は、各国の調査機関が採用している調査対象企業の信用状態に関する固有の評価について、各調査機関と協議のうえ、弊社独自の基準により５段階のＴＤＢ信用程度に推計した参考情報です。基礎となる
企業情報はあくまで各調査機関の調査結果であり、弊社における検証作業を経たものではありません。
与信判断の際には、各種情報と照らし合わせ、総合的に判断していただきますようお願いいたします。
※ 「海外信用区分」は、異なる国の企業間の単純な比較に用いることを想定したものではありません。
※ 対象地域/国：詳しくはこちらをご参照ください。
http://www.tdb.co.jp/contact/faq15.html#Q9

ＴＤＢ報告書取扱い規定
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1． 海外報告書は、貴社の内部資料としてのみご利用いただき、外部への資料持出しその他の手段により、海外報告書の内容を第三者に漏らすことは禁止します。（訴訟、調停、仲裁、その他司法手続き等の資料として用いることも同様です。）
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３． 海外報告書は、弊社が選択した各国の調査機関が、自ら定めた仕様に従って調査を実施、報告したものです。したがって海外報告書の見解
は、当該調査機関のもので、弊社の見解ではありません。また内容の正確性・完全性・または特定の目的についての適合性を保証するものではありませんので、海外報告書の記事内容および海外報告書の使用により発生した損害についても弊社は責任を負いません。
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COMPREHENSIVE CREDIT REPORT – SAMPLE REPORT
Report to:

ClientType of inquiry:

NORMAL

Client’s Ref:

123456789

Date of order:

VietnamCredit’s Ref:

CR123456789

Date of delivery:

dd/mm/yyyy
dd/mm/yyyy

Items

Given Information

Investigation

Name:

SAMPLE JOINT STOCK COMPANY

Correct

Address:… Dong Da District, Hanoi City,

CorrectReport Summary

English Name

SAMPLE JOINT STOCK COMPANY

Business ID No.

123456789

Date of Registration.

dd/mm/yyyy

Charter Capital

VND 300,000,000,000

StatusActiveTotal Employees

450 (2021)

Key Performance Data-/+

Major shareholder

Parent company 59%

Net Sales↓

6,080,448

Business LineThe subject’s function is trading fuel for aviation field

Profit after tax↓

31,811

Industry
Classification

VSIC: 4661 Wholesale of solid, liquid and gaseous fuels and related products
NACE: 46.71 Wholesale of solid, liquid and gaseous fuels and related products

Tangible Net Worth↓

1,009,969

Working Capital↓

574,838

Trade Debts↓

1,298,499

Trade Credits↓

565,533

Interest Bearing Debts↓

981,294

DSO (days)↑

86

DPO (days)↑

78

DOH (days)↑

41

CCC (days)↑

50

Defensive Interval (days)↑

103

Inventory/Monthly Sales
(%)

↑

1.2

Loans/Total Assets (%)

↑

36.0

Net Profit Margin (%)↓

0.5

Sales Trend

Company: Downtrend

Industry: Uptrend

Rank

Tangible Net Worth: 10/10

Sales: 10/10

Scale

Extremely Large

Default Risk

C - Average: Transaction could be proceeded under periodic monitoring

Established in 2008, the subject has become extremely large company in field of trading fuel for aviation
field. Vietnam aviation industry has only two main fuel suppliers, including the subject and Sample
company (a subsidiary of Sample Group) The company had developed very well before 2020. However,its business has been affected significantly by COVID 19 disease. Sale and profit after tax of the company
decreased by 65.77% and 95.31% respectively in 2020. The epidemic situation is complicated; theVietnam aviation industry continues to face difficulties in 2021. Therefore, this year will continue to be adifficult year for the subject. In the 2021 Annual General Meeting, the subject aimed to growth 19% ofsales comparison with the value in 2020.

2020 (Mil VND)

2Company Profile
English Name

SAMPLE JOINT STOCK COMPANY

Vietnamese NameCONG TY CO PHAN SAMPLE

Abbreviation Name

SAMPLE., JSC

Type of Business

Joint stock company

Establishment

2008

Business Registration No.

123456789

Date of Registration.

dd/mm/yyyy

Place of Registration.

Ha Noi Department of Planning and Investment

Charter capital

VND 300,000,000,000

Paid-up capital

VND 300,000,000,000

Ownership Status

Privately held

Tax code123456789

Total Employees

450 (2021)

StatusActiveHistorical Information
Date of changes

Changed Items

04 Jun 2018

Former Board of Director:
General Director: Mr. PHAM VAN THANH
Changed to:
Mr. NGUYEN VAN HOC

11 Jan 2018

Former Address:
No. A, Dong Da District, Ha Noi City, Vietnam
3

Changed to:No.B, Dong Da District, Ha Noi City, Vietnam
23 Dec 2016

Charter capital increase: 23 Dec 2016
From: VND 150,000,000,000 to: VND 300,000,000,000

04 Feb 2015

Former Abbreviated Name:
SAMPLE A., JSC
Changed to:
SAMPLE B., JSC

14 Dec 2010

Former Registered English Name:
SAMPLE A JOINT STOCK COMPANY
Changed to:
SAMPLE A JOINT STOCK COMPANY

14 Dec 2010

Former Business Registration No:
123456789 (issued on 28 Apr 2008)
Changed to:123456789

N/A

Former Board of Director:
Chairman: Mr. PHAM DUC THANG
Changed to:
Mr. PHAM VAN THANH

Locations
Head Office
Address

Tay Son Street, Nga Tu So Ward, Dong Da District, Ha Noi City, Vietnam

Telephone(84-24) 123456789

Fax(84-24) 123456789

4

Emailorder@sample.com.vn

Websitehttps://sample.com.vn

Branch in Da Nang
Address

Hai Chau District, Da Nang City, Vietnam

Telephone(84-236) 123456789

Fax(84-236) 123456789

Email

dad@sample.com.vn❈ Remark: Tax code: 0123456789-001

Subsidiary and Affiliated Company
Including affiliate company, associate company, subsidiary company, and other relation if the information is available

No RecordManagement and Directors
1. NAME

Mr. PHAM VAN THANH

Position

Chairman

Current ResidenceLong Bien District, Ha Noi City, Vietnam

Nationality

Vietnamese

2. NAME

Mr. NGUYEN VAN HOC

Position

General Director

5Current ResidenceLong Bien District, Ha Noi City, Vietnam

Nationality

Vietnamese

3. NAME

Mr. NGUYEN THANH SON

Position

Deputy General Director

Nationality

Vietnamese

4. NAME

Mr. NGO QUOC TUAN

Position

Deputy General Director

Nationality

Vietnamese

5. NAME

Mr. PHAM HUY THONG

Position

Deputy General Director

Nationality

Vietnamese

6. NAME

Mr. TRAN THANH LONG

Position

Deputy General Director

Nationality

Vietnamese

7. NAME

Mr. PHAM VAN QUANG

Position

Chief Accountant

Nationality

Vietnamese

Shareholders

61. NAME

SAMPLE GROUP

Business ID

0123456789

Date of Registration

dd/mm/yyyy

Place of Registration

Ha Noi Department of Planning and Investment

Charter Capital

VND 12,938,780,810,000

Tax code123456789

Address

Dong Da District, Ha Noi City, Vietnam

Tel(84-24) 123456789

Fax(84-24) 123456789

Websitehttps://www.sample.com.vn

Value of shares

VND 177,000,000,000

Percentage

59%

2. NAMESAMPLE JOINT STOCK COMPANY

Business ID

123456789

Date of Registration

dd/mm/yyyy

Place of Registration

Ha Noi Department of Planning and Investment

Charter Capital

VND 1,000,000,000,000

Tax code123456789

7

Address

Hoan Kiem District, Ha Noi City, Vietnam

Tel(84-24) 37342501

Websitehttp://sample.com.vn

Value of shares

VND 105,000,000,000

Percentage

41%

Business Operation

Line of Business
Main business activities
The subject’s function is trading fuel for aviation field
Registered business activities:- Wholesale of solid, liquid and gaseous fuels and related products- Wholesale of solid, liquid and gaseous fuels and related products- Manufacture of refined petroleum products- Warehousing and storage- Other transportation support activities- Retail sale of automotive fuel in specialized stores- Wholesale of other machinery and equipment n.e.c- Freight transport by road
- Other business support service activities n.e.c8

- Real estate activities with own or leased property- Renting and leasing of motor vehicles
Import/Purchasing•

Products:

Fuel•

Markets:

Singapore

Export/Sales
The subject exports petroleum to Cambodia by sea. Formerly, the subject also had a system of agencies in 45 airports in Asia such as: China, South
Korea, Thailand, Taiwan, Singapore, Myanmar, Japan, Hong Kong, India, etc through its partners. However, due to Covid-19 pandemic, number ofagencies has been narrowed (approximately 50-60%) in comparison with amount before Covid-19 happened.

Credit Limit
Credit limit recommendation (*)

USD 8,363,204※ Remark (*):Credit limit recommendation is calculated using the latest financial figure (Cost of goods sold basis) and considering other material factors. It is for reference purpose only.

Industry Information
Economic Indicator:
2020

2019

2018

2017

Population (Millions)

97.58

96.48

94.67

93.70

Gross Domestic Products (USD billions)271.17260.10240.50223.80GDP Per Capita (USD/person/year)

2,779

2,695

2,587

2,385

GDP Growth (%)

2.91

7.02

7.08

6.81

- Agriculture, Forestry and Fishing Growth (%)

2.68

2.01

3.67

2.90

- Industry and Construction Growth (%)

3.98

8.90

8.85

8.00
9

- Trade and Services Growth (%)

2.34

7.30

7.03

7.44

Industry Profile:
Name of Industry

Wholesale of solid, liquid and gaseous fuels and related products

VSIC Code

4661

Number of Company

6,627

Number of Employee
90,452
Industry Financial Data (VND):
Items

CAGR

2019

2018

2017

2016

2015

Total Assets in Average

54.05%

68,846,077,798

63,730,858,086

49,564,728,545

15,717,849,820

12,223,634,708

Owner's Equity in Average

50.28%

18,436,417,391

16,898,648,682

14,221,349,617

4,652,622,006

3,614,383,699

Sales in Average

56.99%

165,438,322,733 155,331,728,354 106,564,908,961

31,895,128,943

27,239,315,316-6,354,469-39,634,433

Profit after Tax in Average-

642,074,411

629,935,290

696,490,719

Top 10 companies in the same industry:
Company Name
VIETNAM NATIONAL PETROLEUM GROUP

Employee

Net Sales (VND)

EBITDA (VND)

24,300 189,603,525,406,879 8,469,464,533,462

PETROVIETNAM OIL CORPORATION

686

79,860,987,326,803

992,938,698,651

DONG THAP PETROLEUM TRADING IMPORT EXPORT JOINT STOCK COMPANY

236

17,918,195,658,072

440,452,377,426

VIETNAM AIR PETROL COMPANY LIMITED (SKYPEC)

1,300

29,259,473,904,878

748,737,680,875(Translated) AREA 2 PETROLEUM ONE MEMBER LIMITED LIABILITY COMPANY

2,000

17,351,136,167,627

402,911,460,509(Translated) AREA 1 PETROLEUM COMPANY - ONE MEMBER LIMITED LIABILITYCOMPANY

1,800

16,689,826,078,961

225,926,732,572

PETROLIMEX QUANGNINH CO.,LTD

1,611

13,169,592,448,019

444,356,028,396

HAI LINH COMPANY LIMITED

400

18,879,693,914,525

538,546,543,758

PETROLIMEX AVIATION FUEL JOINT STOCK COMPANY

450

17,761,518,460,192

951,585,064,533

HAI HA WATERWAY TRANSPORT COMPANY LIMITED

200

15,806,916,482,821

6,620,147,466

10

Remark Top 10: (*) Ranking by Net sales in 2019 of the industry

Competitor Analysis:
Employee

Net Sales(Mil VND)

EBITDA(Mil VND)

EBITDA
Margin (%)

ROA (%)ROE (%)

L/TA (%)

Debt toEquity (%)

EBITInterest
Coverage

Free OCF
to Debt

24,300189,603,525

8,469,465

4.47

8.18

19.08

58.03

59.40

8.14

0.12

PETROVIETNAM OIL CORPORATION

686

79,860,987

992,939

1.24

1.07

3.22

58.94

45.11

3.11

-0.42

DONG THAP PETROLEUM TRADING IMPORT EXPORTJOINT STOCK COMPANY

236

17,918,196

440,452

2.46

1.68

9.82

83.00

362.08

1.60

-0.15

VIETNAM AIR PETROL COMPANY LIMITED (SKYPEC)

1,300

29,259,474

748,738

2.56

10.83

48.47

76.32

83.57

16.04

0.57

849

13,111,155

412,500

3.15

2.58

3.42

68.88

166.00

1.77

-0.66

(Translated) AREA 2 PETROLEUM ONE MEMBER LIMITEDLIABILITY COMPANY

2,000

17,351,136

402,911

2.32

10.24

25.10

59.47

0.00

28.96

75.67

(Translated) AREA 1 PETROLEUM COMPANY - ONE MEMBER
LIMITED LIABILITY COMPANY

1,800

16,689,826

225,927

1.35

16.87

45.54

65.21

0.00

0.00

31.52

PETROLIMEX QUANGNINH CO.,LTD

1,611

13,169,592

444,356

3.37

9.03

25.39

52.17

0.00

0.00

24.04

HAI LINH COMPANY LIMITED

400

18,879,694

338,921

1.80

0.00

3.56

88.10

427.37

1.75

-0.27

PETROLIMEX AVIATION FUEL JOINT STOCK COMPANY

450

17,761,518

951,585

5.36

16.41

57.86

70.86

79.93

32.74

0.64

HAI HA WATERWAY TRANSPORT COMPANY LIMITED

200

15,806,916-60,003

-0.38

-2.36

0.00

108.39-253.63

-1.34

1.14

Company Name
VIETNAM NATIONAL PETROLEUM GROUPTHANH LE CORPORATION

Remark Competitor Analysis: (*) Comparing by Net sales in 2019 of the industry

Negative Payment Records and Banking Information
Negative Payment Records:
Total outstanding tax liabilities as at 31 Mar 2021: (VND) 0
Outstanding accumulated tax liabilities records (VND)
31 Mar 2020

30 Apr 2020

30 Jun 2020

31 Jul 2020

31 Aug 2020

0043,817,342

43,817,342

0

30 Sep 2020

30 Nov 2020

0 144,311,641,583

31 Dec 2020

31 Mar 2021

1,409,675,315

011Bankers
1. MILITARY COMMERCIAL JOINT STOCK BANK HAI BA TRUNG BRANCH
Address

No. 29, Le Dai Hanh Street, Le Dai Hanh Ward, Hai Ba Trung District, Ha Noi City, Vietnam

Telephone(84-24) 3974 7100

Fax

(84-24) 3974 7104

2. PETROLIMEX GROUP COMMERCIAL JOINT STOCK BANK HA NOI BRANCH
Address

Floors 1+2, No. 179, Hang Bong Street, Hang Bong Ward, Hoan Kiem District, Ha Noi City, Vietnam

Telephone(84-24) 3936 9490

Litigation Records and Negative News
Court Cases & Administrative sanctions
Date of Acceptance
No Record

Case type
No Record

Defendant

Plaintiff
No Record

No Record

StatusNo RecordNews
30% reduction of fuel tax by the end of 2021 to save the aviation industry.
https://vietnamnet.vn/vn/thoi-su/quoc-hoi/giam-30-thue-nhien-lieu-bay-het-nam-2021-cuu-lo-nganh-hang-khong-696393.html
Record date: 10 Dec 2020
Briefing: On August 28, 2020, Vice Chairman of People's Committee of Kien Giang Province - Mr. Nguyen Duc Chin signed to issue Decision No. 2025
/ QD-UBND, approving the receipt of funding (02 ambulances) sponsored by Petrolimex Aviation Fuel Joint Stock Company for the Medical Centers ofKien Luong District and Giang Thanh District.
Source: https://vpubnd.kiengiang.gov.vn/Trang/TinTuc/ChiTiet.aspx?nid=5561&chuyenmuc=122. Record date: 31 Aug 2020
Briefing: Sample., JSC has made a positive contribution to the overall achievement of Petrolimex
Source: http://tapchicongthuong.vn/bai-viet/petrolimex-aviation-da-co-su-dong-gop-tich-cuc-vao-thanh-tich-chung-cua-petrolimex-59249.htm. Record
date: 10 Jan 201912

Briefing: Sample., JSC will provide fuel at all Vietnamese airports
Source:http://nangluongsachvietnam.vn/d6/vi-VN/news/Petrolimex-Aviation-se-cung-cap-nhien-lieu-tai-tat-ca-cac-san-bay-Viet-Nam-6-13-3374.

Record date: 22 Nov 2018
Briefing: Sample., JSC received Third Class Labor Medal
On the morning of April 26, in Hanoi, Sample., JSC solemnly held a ceremony to receive the Third-class Labor Medal and celebrate the 10th anniversaryof establishment (28 April 2008 - 28 April 2018).
Source:https://nhandan.com.vn/tin-tuc-kinh-te/petrolimex-aviation-don-nhan-huan-chuong-lao-dong-hang-ba-322549/
https://www.petrolimex.com.vn/nd/bao-chi-viet-ve-petrolimex-va-xang-dau/cong-ty-co-phan-nhien-lieu-bay-petrolimex-ky-niem-10-nam-thanh-lap-vadon-nhan-huan-chuong-lao-dong-hang-ba.html. Record date: 26 Apr 2018
Negative NewsThe number of flights of Vietnamese airlines fell sharply.
https://danviet.vn/so-chuyen-bay-cua-cac-hang-hang-khong-viet-nam-giam-manh-502021194112824465.htm
Record date: 19 Apr 2021

Financial Data
Financially, there was a significant rise in sales over the 2016-2019 period to reach VND 17,762 billion in 2019. However, it plummeted by 65.77% in
2020, compared to the previous year. This came from the fact that the aviation industry has been affected seriously by Covid-19 pandemic since early2020. According to a statistic, in 2020, five Vietnamese airlines exploited just 216,597 flights in total, decreased by 33.7% against 2019. There were only
3,758,400 international passengers to Vietnam within the seven first months of 2020, decreased by 61.6% compared to the same period last year. Thus,
it made a sudden airlines' fuel consumption reduction in 2020. With this reduction in sales, the subject could not optimize costs, which led to a strong fallin net income (by 95.31% against 2019).
From cash flow perspective, a large decline in earnings and trade credits made operating cash flow become huge negative, which shrank ending cash
and cash equivalent considerably. Therefore, ability to meet short-term obligations was limited, which was illustrated clearly by a strong decrease in theratio of EBIT interest coverage. We suppose that the subject will need much time to recover in the complex Covid disease context like now.

❖ Financial Data: Summary of Financial Statements

13

Unit: VND

FYE
Items

Current Assets
Cash and equivalents
Short-term marketable investments
Trade debts
Inventories
Other Current Assets
Non- Current Assets
Property, plant, and equipment
Investment property
Long-term investments
Other Non- Current Assets
Total Assets
Current liabilities
Trade credits
Short-term loans
Other current liabilities
Non-Current liabilities
Long-term loans
Other non-current liabilities

FYE 31 Dec 2020
Amount2,284,605,400,264
83.71%
396,880,750,180
14.54%
00.00%
1,298,498,823,576
47.58%
569,385,744,796
20.86%
19,840,081,712
0.73%
444,571,651,244
16.29%
387,379,632,435
14.19%
00.00%
10,000,000,000
0.37%
47,192,018,809
1.73%
2,729,177,051,508
100.00%1,709,767,399,684
62.65%
565,533,387,086
20.72%
981,293,745,328
35.96%
162,940,267,270
5.97%
7,893,100,000
0.29%
0
0.00%
7,893,100,000

FYE 31 Dec 2019

yoy +/--44.11%-78.08%-17.95%-14.19%-35.95%
2.20%
5.71%
0.00%
-19.43%-39.65%-46.65%-67.31%-6.84%-61.37%-

Amount

4,087,597,823,472
90.38%
1,810,539,187,609
40.03%
00.00%
1,582,538,947,623
34.99%
663,545,752,301
14.67%
30,973,935,939
0.68%
435,018,279,443
9.62%
366,446,948,087
8.10%
0
0.00%
10,000,000,000
0.22%
58,571,331,356
1.30%
4,522,616,102,915
100.00%3,204,815,870,789
70.86%
1,729,749,218,261
38.25%
1,053,297,865,157
23.29%
421,768,787,371
9.33%
0
0.00%
0
0.00%
0

FYE 31 Dec 2018

yoy +/--0.54%
10.93%
6.49%-24.92%-71.18%
5.07%
5.26%
0.00%
4.78%
-0.02%-8.29%-3.11%-32.86%199.92%-

Amount4,109,638,237,809
90.85%
1,632,178,607,367
36.08%
00.00%
1,486,156,026,872
32.85%
883,840,292,660
19.54%
107,463,310,910
2.38%
414,024,876,499
9.15%
348,123,998,592
7.70%
0
0.00%
10,000,000,000
0.22%
55,900,877,907
1.24%
4,523,663,114,308
100.00%3,494,650,737,437
77.25%
1,785,308,785,510
39.47%
1,568,714,106,154
34.68%
140,627,845,773
3.11%
0
0.00%
0
0.00%
0

yoy +/-

42.06%
4.55%
95.98%
88.82%
1.89%
6.03%-2.08%
0.00%
123.87%37.77%
40.02%
42.96%
48.50%-26.22%-

14

Total Liabilities
Owner's investment capital
Retained earnings
Other owner’s equity
Owner’s Equity
Total Liabilities & Owner’s Equity

FYE
Net Sales
Costs of goods sold
Gross profit
Selling, G&A Expenses
Operating expenses
Operating income
Financial income
Financial expense
Other income (expense)
EBT
Income tax
Deferred income tax

0.29%
1,717,660,499,684
62.94%
300,000,000,000
10.99%
31,810,512,448
1.17%
679,706,039,376
24.91%
1,011,516,551,824
37.06%
2,729,177,051,508
100.00%-46.40%0.00%-93.18%23.29%-23.24%-39.65%FYE 31 Dec 2020
6,080,447,716,731
100.00%5,473,564,651,689
90.02%
606,883,065,042
9.98%
568,840,247,170
9.36%
568,840,247,170
9.36%
38,042,817,872
0.63%
82,935,416,904
1.36%
83,752,123,100
1.38%
2,867,774,251
0.05%
40,093,885,927
0.66%
8,283,373,479
0.14%
0

0.00%
3,204,815,870,789
70.86%
300,000,000,000
6.63%
466,499,289,440
10.31%
551,300,942,686
12.19%
1,317,800,232,126
29.14%
4,522,616,102,915
100.00%-8.29%
0.00%-5.40%
133.70%28.06%-0.02%FYE 31 Dec 2019-65.77%-66.12%-62.23%-34.20%-34.20%-94.87%-31.49%116.44%-86.68%-95.26%-95.04%-

17,761,518,460,192
100.00%16,154,936,378,172
90.95%
1,606,582,082,020
9.05%
864,506,775,495
4.87%
864,506,775,495
4.87%
742,075,306,525
4.18%
121,054,318,441
0.68%
38,695,748,780
0.22%
21,533,827,487
0.12%
845,967,703,673
4.76%
167,039,958,418
0.94%
0

0.00%
3,494,650,737,437
77.25%
300,000,000,000
6.63%
493,108,578,990
10.90%
235,903,797,881
5.21%
1,029,012,376,871
22.75%
4,523,663,114,308
100.00%40.02%
0.00%
61.60%
29.26%
30.65%
37.77%FYE 31 Dec 201813.61%
11.94%
33.65%
8.63%
8.63%
82.68%
11.63%-51.90%3707.65%
94.57%
82.34%-

15,634,112,397,191
100.00%14,432,036,513,447
92.31%
1,202,075,883,744
7.69%
795,849,262,148
5.09%
795,849,262,148
5.09%
406,226,621,596
2.60%
108,440,730,699
0.69%
80,451,407,632
0.51%
565,540,625
0.00%
434,781,485,288
2.78%
91,611,529,935
0.59%
077.15%
82.23%
32.72%
40.45%
40.45%
19.79%
43.88%
183.25%12.76%
17.28%-

15

Net Income
Loan interest expenses
EBIT
Depreciation and Amortization
EBITDA

Operating Assets

0.00%
31,810,512,448
0.52%
25,625,157,600
0.42%
65,719,043,527
1.08%
86,478,617,436
1.42%
152,197,660,963
2.50%-95.31%-3.85%-92.47%9.51%-84.01%

0.00%
678,927,745,255
3.82%
26,652,000,005
0.15%
872,619,703,678
4.91%
78,965,360,855
0.44%
951,585,064,533
5.36%

97.84%-5.82%
88.44%
15.08%
78.97%

0.00%
343,169,955,353
2.20%
28,299,021,771
0.18%
463,080,507,059
2.96%
68,616,408,076
0.44%
531,696,915,135
3.40%

11.61%
34.92%
13.90%
20.57%
14.72%

2,291,575,188,879-13.98%2,664,006,731,416-6.11%

2,837,456,675,821

68.28%

Non-Operating Assets

437,601,862,629-76.46%

1,858,609,371,499

10.22%

1,686,206,438,487

5.57%

Working Capital

574,838,000,580-34.88%882,781,952,683

43.54%

614,987,500,372

54.85%

Interest Bearing Debts

981,293,745,328-6.84%

1,053,297,865,157-32.86%

1,568,714,106,154

48.50%

Tangible Net Worth

1,009,969,160,105-23.11%

1,313,554,252,093

28.54%

1,021,935,492,786

30.48%

Operating Liabilities

699,497,805,821-64.94%

1,994,951,796,050

5.14%

1,897,434,416,721

32.72%

1,018,162,693,863-15.84%

1,209,864,074,739-24.25%

1,597,216,320,716

49.81%CAPEX (Capital expenditures)

104,030,182,911

10.13%

94,457,406,298

23.16%

76,693,525,694

79.97%

CFO (Net cash flows from operating
activities)-835,489,322,745-189.08%

937,889,403,224

384.01%-330,233,440,498-165.58%

CFI (Net cash flows from investing
activities)-69,841,902,459-703.71%-8,689,886,763-132.47%-3,738,135,903-135.02%

CFF (Net cash flows from financing
activities)-508,770,991,397

32.44%-753,073,620,780-286.03%404,821,573,317

250.63%

Net Cash Flow

1,414,102,216,601-902.89%

176,125,895,681

148.59%70,849,996,916-71.13%

Non-Operating Liabilities

16

Daily Cash Operating Expenses

16,317,606,250-64.84%

46,412,267,926

11.75%

41,532,244,843

79.84%

Financial Data: Financial Ratios
Description

Industry
Average

2020

2019

2018

2017

2016

Current Ratio

Liquidity Ratios(Current Assets/Current Liabilities)

1.13

1.34

1.28

1.18

1.16

1.10

0.86

0.99

1.06

0.91

0.97

0.95

0.14

0.23

0.56

0.47

0.63

0.66

67.46

156.07

70.96

67.41

92.91

106.66

15.28

49.71

8.75

6.00

0.27

2.87

Quick Ratio{(Cash + ST marketable inv.+ ST receivables)/Current liabilities)}

Cash Ratio{(Cash + ST marketable inv.)/Current liabilities}

Defensive Interval Ratio{(Cash + ST marketable inv.+ Receivables)/Daily cash expenditures}

Cash Conversion Cycle (days)(DOH + DSO – DPO)

17

Description

Industry
Average

2020

2019

2018

2017

2016

Inventory turnover(Cost of goods sold/Average inventory)

38.98

8.88

20.88

21.35

21.37

22.05

12.68

4.22

11.58

13.93

14.01

11.95

15.96

4.69

9.07

9.79

8.52

8.25

14.45

8.34

23.72

30.89

29.70

54.87

34.48

16.01

48.94

43.72

24.10

17.60

9.36

41.11

17.48

17.10

17.08

16.55

28.78

86.47

31.53

26.20

26.06

30.55

22.87

77.87

40.26

37.29

42.86

44.23

0.48

1.22

0.52

0.52

0.50

0.47

4.74

1.68

3.93

4.01

3.01

2.67

Receivables from customer turnover(Net Sales/Average receivables from customers)

Payables to supplier turnover(Purchases/Average payables to suppliers)

Working capital turnover

Activity Ratios(Net Sales/Average working capital)

Fixed asset turnover(Net Sales/Average fixed assets)

Days of inventory on hand (DOH)(Number of days in period/Inventory turnover)Days of sales outstanding (DSO)(Number of days in period/Receivables turnover)Number of days of payables (DPO)(Number of days in period/Payables turnover)Average Monthly Inventory by monthly net Sales(Monthly Inventory/Monthly Net Sales)

Total asset turnover(Net Sales/Average total assets)

18

Description

Industry
Average

2020

2019

2018

2017

2016

EBIT Interest Coverage(EBIT/Interest Expense)

2.06

2.56

32.74

16.36

19.38

18.10

2.61

5.94

35.70

18.79

22.10

20.23

0.38

-92.3564.33-31.00

40.23

-3.25

0.35

-0.92

0.64

-0.25

0.48

-0.03

6.61

6.68

1.38

2.47

2.47

2.23

0.50

0.49

0.44

0.60

0.57

0.68

EBITDA Interest Coverage

Credit Ratios(EBITDA / Interest Expense)

Free Operating Cash flow to Debt
(CFO-Capital Expenditures/Total Debt)

Discretionary Cash flow to Debt
(CFO-Capital Expenditures-Dividends paid/Total Debt)

Debt to EBITDA(Total Debt/EBITDA)

Total Debt to Total Debt+Equity(Total Debt/Total Debt + Equity)19

Description

Industry
Average

2020

2019

2018

2017

2016

Debt Coverage(CFO/Total Debt)

0.47

0.13

0.10

0.10

0.11

0.13

9.24

-30.32

41.98

-7.74

28.27

10.63

1.47

-8.26

11.88

-4.31

11.82

0.80

0.19

-0.15

0.10

-0.04

0.11

0.04

2.01

-1.87

4.01

-3.90

5.59

-

-

-0.14

0.10

-0.04

0.11

0.04

Interest Coverage

Coverage Ratios(CFO+Interest Paid+Tax Paid)/Interest Paid)

Reinvestment(CFO/Cash paid for Long-term Assets)

Debt Payment(CFO/Cash Paid for Debt Repayment)

Dividend Payment(CFO/Dividends Paid)

Investing and Financing(CFO/Cash outflow for Investing and Financing activities)

20Description

Industry
Average

2020

2019

2018

2017

2016

Debt to Assets Ratio (%)

Solvency Ratios(Total Debt/Total Assets) * 100

32.28

35.96

23.29

34.68

32.17

47.93

211.50

97.01

79.93

152.45134.12209.08576.22311.33385.47429.75425.15480.97

74.57

62.94

70.86

77.25

76.01

77.07

293.23169.81

243.19339.61316.87336.19Debt to Equity Ratio (%)(Total Debt/Total Owners’ Equity) * 100

Financial Leverage Ratio (%)(Average total Assets/Average total Owner's Equity) * 100

Liabilities by Total Assets (%)(Liabilities/Total Assets) * 100

Liabilities by Owner's Equity (%)(Liabilities /Owner's Equity) * 100

21

Description

Industry
Average

2020

2019

2018

2017

2016

Gross Profit Margin (%)(Gross Profit/Net Sales) * 100

3.53

9.98

9.05

7.69

10.26

13.17

0.82

0.63

4.18

2.60

3.84

6.15

1.34

2.50

5.36

3.40

5.25

7.55

0.93

1.08

4.91

2.96

4.61

6.75

0.35

0.66

4.76

2.78

4.37

6.38

0.26

0.52

3.82

2.20

3.48

5.10

Return on Net Sales

Operating Income Margin (%){(Gross Profit - Operating Expenses)/Net Sales} * 100

EBITDA Margin (%)(EBITDA/Net Sales) * 100

EBIT Margin (%)(EBIT/Net Sales) * 100

EBT Margin (%)(EBT/Net Sales) * 100

Net Income Margin (%)(Net Income/Net Sales) * 100

22

Description

Industry
Average

2020

2019

2018

2017

2016

Return on Investment

Operating ROA (%)(Operating Income/Average total Assets) * 100

2.85

1.05

16.41

10.41

11.57

16.44

1.26

0.88

15.01

8.79

10.49

13.63

4.73

1.36

23.15

14.17

14.22

19.76

4.46

2.73

57.86

37.78

44.61

65.55

ROA (%)(Net Income/Average total Assets) * 100

ROIC (Return on invested capital) (%)(Operating Income - Income tax)/Invested Capital) * 100

ROE (%)(Net Income/Average total Equity) * 100

Description

Industry
Average

2020

2019

2018

2017

2016

Cash flow to Sales

Performance(CFO/Net Sales)

0.05

-0.14

0.05

-0.02

0.06

0.02

0.14

-23.04

20.74

-8.46

17.18

5.95

0.69

-0.72

0.29

0.29

0.29

0.29

0.49

-21.96

1.26

-0.81

1.48

0.36

Cash return on Assets(CFO/Average total Assets)

Cash return on Equity(CFO/Avg Owners' Equity)

Cash to Income(CFO/Operating Income)23

Growth Rate Ratios

Description

2020

2019

2018

2017

2016

Total Assets Growth Rate (%)--39.65

-0.02

37.77

27.42

50.66

Owner's Equity Growth Rate (%)--23.24

28.06

30.65

33.33

96.52

Net Sale Growth Rate (%)--65.77

13.61

77.15

53.95

3.22

Gross Profit Growth Rate (%)--62.23

33.65

32.72

19.95

45.99

Operating Income Growth Rate (%)--94.87

82.68

19.79

-3.79

55.69

EBITDA Growth Rate (%)--84.01

78.97

14.72

7.15

80.22

EBIT Growth Rate (%)--92.47

88.44

13.90

5.06

86.24

EBT Growth Rate (%)--95.26

94.57

12.76

5.46

86.49

Net Income Growth Rate (%)--95.31

97.84

11.61

5.25

91.83

24

Appendices❖ ScaleCompany Scale *Super Small
Small
Medium(*) Company Scale is ranked by industry’s range of Tangible Net Worth and Sales.

Large

Tangible Net Worth

Extremely Large

Sales

Company Rank

Industry Range (VND)

Company Rank

Industry Range (VND)

TNW10

305,627,694,838 ~ Larger

S10862,506,060,045 ~ Larger

TNW9

126,984,412,349 ~ 305,627,694,837

S9400,452,433,973 ~ 862,506,060,044

TNW8

66,569,000,000 ~ 126,984,412,348

S8

226,095,000,000 ~ 400,452,433,972

TNW7

38,104,603,131 ~ 66,568,999,999

S7

136,964,000,000 ~ 226,094,999,999

TNW6

22,852,058,518 ~ 38,104,603,130

S686,821,000,000 ~ 136,963,999,999

TNW5

14,048,294,475 ~ 22,852,058,517

S5

52,425,826,200 ~ 86,820,999,999

TNW4

8,312,043,191 ~ 14,048,294,474

S431,402,205,706 ~ 52,425,826,199

TNW3

4,615,518,749 ~ 8,312,043,190

S3

16,498,787,395 ~ 31,402,205,705

TNW2

1,915,221,732 ~ 4,615,518,748

S2

6,446,319,083 ~ 16,498,787,394

TNW1

1,000,000 ~ 1,915,221,731

S11,000,000 ~ 6,446,319,082

N-TNW

Negative Tangible Net WorthNSR

No Sales Recorded❖ Rating
Grade

C

25

Default Risk

Average

Note: Regression Model of Vietnam Credit.
Index
Grade

Default Risk

DescriptionA

LowestTransaction could be proceeded under favorable terms

B

Low

Transaction could be proceededC

AverageTransaction could be proceeded under periodic monitoring

D

Above Average

Transaction could be proceeded under strict monitoring

E

High

NR

Not DefineTransaction should not be proceeded
Unfeasible to facilitate rating due to insufficient or inappropriate information❖ Financial Statements
Balance Sheet
Unit: One VND
Balance sheet date

FYE 31 Dec 2020

FYE 31 Dec 2019

FYE 31 Dec 2018

FYE 31 Dec 2017

FYE 31 Dec 2016

ASSETSA – CURRENT ASSETS

2,284,605,400,264

4,087,597,823,472

4,109,638,237,809

2,892,960,114,098

2,183,180,085,790

I. Cash and cash equivalents

396,880,750,180

1,810,539,187,609

1,632,178,607,367

1,561,085,946,488

1,315,599,948,576

1. Cash246,880,750,180

530,539,187,609

232,076,689,559

288,308,859,533

271,825,880,185

2. Cash equivalents

150,000,000,000

1,280,000,000,000

1,400,101,917,808

1,272,777,086,955

1,043,774,068,391

II. Short-term investments

0

0

0

0

0

1. Short-term investments

0

0

0

0

0

2. Provisions for devaluation of short-term
investments

0

0

0

0

0

3. Held-to-maturity investment

0

0

0

0

0

26

III. Accounts receivable

1,298,597,940,608

1,587,205,324,748

1,556,901,113,775

849,535,892,241

565,116,264,731

1. Receivable from customers

1,298,498,823,576

1,582,538,947,623

1,486,156,026,872

758,305,392,897

501,748,198,449

19,264,039,549

20,424,937,086

85,481,844,777

76,556,068,959

29,198,578,300

3. Inter-company receivable

0

0

0

0

0

4. Receivable according to the progress ofconstruction contract

0

0

0

0

0

5. Short-term loans receivables

0

0

0

0

0

5,811,996,473

9,218,359,029

10,240,161,116

14,674,430,385

34,169,487,982-24,976,918,990-24,976,918,990-24,976,918,990

0

0

0

0

0

0

0

IV. Inventories

569,385,744,796

663,545,752,301

883,840,292,660

468,098,274,124

273,053,266,076

1. Inventories

569,385,744,796

663,545,752,301

901,043,833,443

468,098,274,124

273,053,266,076

0

0-17,203,540,783

00V. Other Current Assets

19,740,964,680

26,307,558,814

36,718,224,007

14,240,001,245

29,410,606,407

1. Short-term prepaid expenses

16,080,633,539

22,647,227,673

15,589,907,148

12,152,017,989

10,290,020,941

2. VAT to be deducted

3,660,331,141

3,660,331,141

3,042,497,859

2,087,983,256

1,223,682,466

3. Taxes and other receivables from theState Budget

00

18,085,819,000

017,896,903,000

4. Government bonds under purchaseand resale agreements

0

0

0

0

0

5. Other current assets

0

0

0

0

0

444,571,651,244

435,018,279,443

414,024,876,499

390,487,763,295

393,589,823,935

20,650,000

33,150,000

33,150,000

001. Long term account receivable from
customers

0

0

0

0

0

2. Long-term advances to suppliers

0

0

0

0

0

3. Working capital in affiliates

0

0

0

0

0

4. Long-term inter-company receivable

0

0

0

0

0

5. Long-term loan receivables

0

0

0

0

0

6. Other long-term receivable

20,650,000

33,150,000

33,150,000

002. Short-term advances to suppliers

6. Other receivable
7. Provisions for bad debts
8. Shortage of assets awaiting forresolution

2. Provisions for devaluation of
inventories

B. LONG-TERM ASSETS
I. Long term accounts receivable27

7. Provisions for bad debts from
customers

0

0

0

0

0

II. Fixed assets

388,927,024,154

370,692,928,120

355,200,882,677

359,952,281,136

372,533,174,405

1. Tangible assets

387,379,632,435

366,446,948,087

348,123,998,592

355,517,504,405

366,352,285,371- Historical costs

799,469,867,645

695,439,684,734

600,982,278,436

543,590,181,073

501,776,240,653- Accumulated depreciation-412,090,235,210-328,992,736,647-252,858,279,844-188,072,676,668-135,423,955,282

2. Financial leasehold assets

0

0

0

0

0

- Historical costs

0

0

0

0

0

- Accumulated depreciation

0

0

0

0

0

3. Intangible assets

1,547,391,719

4,245,980,033

7,076,884,085

4,434,776,731

6,180,889,034- Initial costs

16,336,360,167

16,336,360,167

16,336,360,167

11,266,485,167

11,266,485,167- Accumulated amortization-14,788,968,448-12,090,380,134-9,259,476,082-6,831,708,436-5,085,596,133

4. Construction-in-progress (Apply for F/S
before 2015)

0

0

0

0

0

III. Investment property

0

0

0

0

0

Historical costs

0

0

0

0

0

Accumulated depreciation

0

0

0

0

0

24,888,465,976

28,818,674,861

33,754,520,004

11,486,161,177

1,323,873,639

0

0

0

0

2. Costs of construction in progress

24,888,465,976

28,818,674,861

33,754,520,004

11,486,161,177

1,323,873,639

V. Long-term investments

10,000,000,000

10,000,000,000

10,000,000,000

10,000,000,000

10,000,000,000

1. Investments in subsidiaries

0

0

0

0

0

2. Investments in business concerns andjoint ventures

0

0

0

0

0

3. Investments in equity of other entities

10,000,000,000

10,000,000,000

10,000,000,000

10,000,000,000

10,000,000,000

4. Provisions for diminution in value of
long-term investments

0

0

0

0

0

5. Held-to-maturity investment

0

0

0

0

0

VI. Other long-term assets

20,735,511,114

25,473,526,462

15,036,323,818

9,049,320,982

9,732,775,891

1. Long-term prepaid expenses

20,735,511,114

25,473,526,462

15,036,323,818

9,049,320,982

9,732,775,891

IV. Long term assets in progress
1. Costs of long-term production, businessin progress28

2. Deferred income tax assets

0

0

0

0

0

3. Long-term equipment, supplies, spareparts for replacement

0

0

0

0

0

4. Other long-term assets

0

0

0

0

0

5. Goodwill

0

0

0

0

0

VII. Goodwill (Apply for F/S before
2015)

0

0

0

0

0

1. Goodwill (Apply for F/S before 2015)

0

0

0

0

0

2,729,177,051,508

4,522,616,102,915

4,523,663,114,308

3,283,447,877,393

2,576,769,909,725

TOTAL ASSETSRESOURCES
A- LIABILITIES

1,717,660,499,684

3,204,815,870,789

3,494,650,737,437

2,495,813,679,512

1,986,021,737,912

I. Current liabilities

1,709,767,399,684

3,204,815,870,789

3,494,650,737,437

2,495,813,679,512

1,986,021,737,912

1. Payable to suppliers

565,533,387,086

1,729,749,218,261

1,785,308,785,510

1,248,848,896,679

657,048,194,337

2. Short-term advances from customers

1,743,204,267

870,059,625

163,529,108

23,381,358,771

28,091,109,714

3. Taxes and other obligations to theState Budget

88,700,829,285

198,157,809,052

55,314,902,384

96,264,155,632

28,620,551,551

4. Payable to employees

42,658,606,706

63,887,533,296

48,249,613,481

47,869,135,027

23,470,522,291

861,778,477

2,287,175,816

8,397,586,238

13,056,495,950

1,043,397,555

6. Inter-company payable

0

0

0

0

0

7. Payable according to the progress ofconstruction contracts

0

0

0

0

0

8. Short-term unearned revenue

0

0

0

0

0

3,498,490,767

149,031,253,392

23,385,122,572

1,521,816,471

810,539,618

981,293,745,328

1,053,297,865,157

1,568,714,106,154

1,056,359,565,670

1,235,111,800,468

0

0

0

265,854,222

0

25,477,357,768

7,534,956,190

5,117,091,990

8,246,401,090

11,825,622,378

13. Price stabilization fund

0

0

0

0

0

14. Government bonds under purchaseand resale agreements

0

0

0

0

0

7,893,100,000

0

0

0

0

5. Short-term accrued expenses

9. Other payable
10. Short-term loans and financial leases
11. Provisions for short-term accounts
payable12. Bonus and welfare funds

II. Long-Term Liabilities291. Long-term accounts payable tosuppliers

0

0

0

0

0

2. Long-term advances from customers

0

0

0

0

0

3. Long-term accrued expenses

0

0

0

0

0

4. Inter-company payables for operating
capital received

0

0

0

0

0

5. Long-term inter-company payable

0

0

0

0

0

6. Long-term unearned revenue

0

0

0

0

0

7,893,100,000

0

0

0

0

8. Long-term loans and financial leases

0

0

0

0

0

9. Convertible bonds

0

0

0

0

0

10. Preferred stock

0

0

0

0

0

11. Deferred income tax payable

0

0

0

0

0

12. Provisions for long-term accounts
payable

0

0

0

0

0

13. Science and technology development
fund

0

0

0

0

0

14. Provisions for unemployment
allowances (Apply for F/S before 2015)

0

0

0

0

0

B- OWNER’S EQUITY

1,011,516,551,824

1,317,800,232,126

1,029,012,376,871

787,634,197,881

590,748,171,813

I. OWNER’S EQUITY

1,011,516,551,824

1,317,800,232,126

1,029,012,376,871

787,634,197,881

590,748,171,813

1. Owner's investment capital

300,000,000,000

300,000,000,000

300,000,000,000

300,000,000,000

300,000,000,000- Common stock

300,000,000,000

300,000,000,000

300,000,000,000

300,000,000,000

300,000,000,000- Preferred stock

0

0

0

0

0

2. Share premiums

0

0

0

0

0

3. Options to convert bonds into share

0

0

0

0

0

4. Other owner's capital

0

0

0

0

0

5. Treasury stocks

0

0

0

0

0

6. Differences on asset revaluation

0

0

0

0

0

7. Foreign exchange differences

0

0

0

0

0

679,706,039,376

551,300,942,686

235,903,797,881

182,502,107,813

0

7. Other long-term payable

8. Investment and development funds30

9. Business arrangement supporting fund

0

0

0

0

0

10. Other funds

0

0

0

0

0

31,810,512,448

466,499,289,440

493,108,578,990

305,132,090,068

290,748,171,813

0

12,571,544,185

149,938,623,637

0

31,810,512,448

453,927,745,255

343,169,955,353

305,132,090,068

290,748,171,813

12. Construction investment fund

0

0

0

0

0

13. Interests of non-controllingshareholders

0

0

0

0

0

14. Financial reserved fund (Apply for F/S
before 2015)

0

0

0

0

0

II. Other sources and funds

0

0

0

0

0

1. Bonus and welfare funds (Elder form)

0

0

0

0

0

2. Sources of expenditure

0

0

0

0

0

3. Fund to form fixed assets

0

0

0

0

0

C. MINORITY’S INTEREST (Apply for
F/S before 2015)

0

0

0

0

0

TOTAL LIABILITIES AND OWNER’SEQUITY

2,729,177,051,508

4,522,616,102,915

4,523,663,114,308

3,283,447,877,393

2,576,769,909,725

11. Retained earnings- Retained earnings brought forward- Retained earnings of current year (orcurrent period)

PROFIT & LOSS STATEMENT
Description

1. Total SalesFYE 31 Dec 2020

FYE 31 Dec 2019

FYE 31 Dec 2018

FYE 31 Dec 2017

FYE 31 Dec 2016

6,080,447,716,731

17,761,518,460,192

15,634,112,397,191

8,825,276,083,456

5,732,635,181,240

0

0

0

0

0

3. Net revenue

6,080,447,716,731

17,761,518,460,192

15,634,112,397,191

8,825,276,083,456

5,732,635,181,240

4. Costs of goods sold5,473,564,651,689

16,154,936,378,172

14,432,036,513,447

7,919,528,785,518

4,977,551,734,851

5. Gross profit

606,883,065,042

1,606,582,082,020

1,202,075,883,744

905,747,297,938

755,083,446,389

6. Financial income

82,935,416,904

121,054,318,441

108,440,730,699

75,367,613,679

53,997,232,213

7. Financial expenses

83,752,123,100

38,695,748,780

80,451,407,632

28,403,343,822

42,362,006,057- In which: Loan interest expenses

25,625,157,600

26,652,000,005

28,299,021,771

20,974,379,727

21,377,345,278

2. Deduction item31

8. Interest from subsidiaries/relatedcompanies

0

0

0

0

0

9. Selling expenses

0864,506,775,495

795,849,262,148

566,628,911,333

402,621,132,898

10. Administrative overheads

568,840,247,170

0

0

0

0

11. Net operating profit

37,226,111,676

824,433,876,186

434,215,944,663

386,082,656,462

364,097,539,647

12. Other income

3,609,362,974

23,921,792,731

6,716,833,942

1,783,747,427

2,363,076,444

13. Other expenses

741,588,723

2,387,965,244

6,151,293,317

2,280,568,187

841,898,301

14. Other profit /(loss)

2,867,774,251

21,533,827,487

565,540,625-496,820,760

1,521,178,143

15. Total accounting profit before tax

40,093,885,927

845,967,703,673

434,781,485,288

385,585,835,702

365,618,717,790

16. Current corporate income tax

8,283,373,479

167,039,958,418

91,611,529,935

78,113,502,733

73,470,534,671

17. Deferred corporate income tax

0

0

0

0

0

31,810,512,448

678,927,745,255

343,169,955,353

307,472,332,969

292,148,183,119

18. Profit after tax

CASH FLOW STATEMENT(Indirect method)Items

FYE 31 Dec 2020

FYE 31 Dec 2019

FYE 31 Dec 2018

FYE 31 Dec 2017

FYE 31 Dec 2016

I. Cash flows from operating activities
1. Profit before tax

40,093,885,927

845,967,703,673

434,781,485,288

385,585,835,702

365,618,717,790

86,478,617,436

78,965,360,855

68,616,408,076

56,911,143,730

45,541,927,694

0-17,203,540,783

42,180,459,773

00684,143,040-614,403,790-9,015,907,892

1,204,043,808

11,351,654,790- Gain/loss from investing activities-27,175,715,298-70,763,370,357-69,079,428,602-54,268,985,473-34,956,805,487- Interest expense

25,625,157,600

26,652,000,005

28,299,021,771

20,974,379,727

21,377,345,278

0

0

0

0

0

3. Operating profit before movements
in working capital

125,706,088,705

863,003,749,603

495,782,038,414

410,406,417,494

408,932,840,065- (Increase)/Decrease in receivables

291,499,979,217-21,117,829,297-755,822,601,902-267,387,025,300-113,668,735,956- (Increase)/Decrease in inventories

94,160,007,505

234,905,716,542-434,779,019,319-195,045,008,048-84,660,724,207-1,273,763,084,453

81,283,831,445

501,856,850,632

655,879,157,250

27,994,573,320

2. Adjustments- Depreciation and amortization- Provisions- Unrealized foreign exchange difference- Other- Increase/(Decrease) in accounts
payable32

- (Increase)/Decrease in prepaid
expenses

11,304,609,482-17,494,523,169-9,424,891,995-1,178,542,139-12,407,575,388

0

0

0

0

0

- Interest paid

-25,437,543,474-26,867,110,625-27,978,430,626-20,974,379,727-21,377,345,278- Corporate income tax paid

-38,807,588,555-163,102,405,475-85,696,951,602-68,548,517,307-78,382,708,986

0

0

0

0

1,920,914,071- Other cash outflows-20,151,791,172-12,722,025,800-14,170,434,100-9,627,687,294-841,783,671

Net cash from (used in) operating
activities-835,489,322,745

937,889,403,224-330,233,440,498

503,524,414,929

127,509,453,970-101,126,247,893-78,931,585,889-76,693,525,694-42,614,323,462-158,903,062,398

2. Proceeds from fixed assets and long term assets disposal

204,545,455

0

4,988,387,070

148,490,000

5,331,285,320

3. Cash outflow for lending, buying debt
instruments of other companies

0

0

0

0

0

4. Cash recovered from lending, sellingdebt instruments of other companies

0

0

0

0

0

5. Investment in other entities

0

0

0

0

0

6. Cash recovered from investments inother entities

0

0

0

0

0

7. Interest income, dividend and profit
paid

31,079,799,979

70,241,699,126

67,967,002,721

53,139,045,331

34,514,643,114

Net cash from (used in) investing activities-69,841,902,459-8,689,886,763-3,738,135,903

10,673,211,869-119,057,133,964

1. Proceeds from issuing stocks, receiving
capital from owners

0

0

0

0

0

2. Capital withdrawal, buying back issued
stocks

0

0

0

0

0

3. Proceeds from borrowings

5,507,464,674,321

8,433,682,309,180

8,129,015,721,300

4,275,456,346,742

3,769,229,590,786

4. Repayment of borrowings-5,569,985,665,718-8,952,605,929,960-7,639,594,147,983-4,454,208,581,540-3,231,269,090,318

0

0

0

0

0

- (Increase)/Decrease trading security- Other cash inflows

II. Cash flows from investing activities
1. Acquisition of fixed assets and otherlong - term assets

III. Cash flows from financing activities

5. Repayment of obligations under financeleased33

6. Dividends paid

-446,250,000,000-234,150,000,000-84,600,000,000-90,000,000,000

0Net cash from (used in) financing
activities-508,770,991,397-753,073,620,780

404,821,573,317-268,752,234,798

537,960,500,468

Net increase/(decrease) in cash and cash
equivalents-1,414,102,216,601

176,125,895,681

70,849,996,916

245,445,392,000

546,412,820,474

Cash and cash equivalents at beginningof year1,810,539,187,609

1,632,178,607,367

1,561,085,946,488

1,315,599,948,576

769,157,958,270

443,779,172

2,234,684,561

242,663,963

40,605,912

29,169,832

396,880,750,180

1,810,539,187,609

1,632,178,607,367

1,561,085,946,488

1,315,599,948,576

Effect from changing foreign exchange
rate
Cash and cash equivalents at end of year***********---------------END OF REPORT--------------**********
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must be treated in the strictest confidence and subject to the business terms of VietnamCredit Group. Although the data has been obtained in good faith from sources deemed reliable as of this date, thecorrectness of provided information cannot be guaranteed. VietnamCredit Group shall not be liable for any loss or damage arising out of the use of any of the information contained in this report.

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