Company Overview

Tien Phong Plastic Joint Stock Company (NTP) is a leading enterprise in the plastic industry in
Vietnam. The company was established in 1960 and is headquartered in Hai Phong.
Main business lines:
Production and trading of plastic pipes and plastic accessories:
-PVC, HDPE, PPR plastic pipes.
-Plastic accessories for construction, water supply and drainage, and industry.
Market and position:
-Tien Phong Plastic holds a large market share in the domestic market and has affirmed its brand in
Vietnam in the field of plastic pipes.
-The company expands its exports to Southeast Asian countries.
Business environment:
Opportunities: The construction and infrastructure market in Vietnam is growing rapidly, boosting
the demand for plastic pipes and accessories.
Challenges:Fierce competition from domestic and international companies.
The cost of raw materials fluctuates greatly (especially virgin plastic).

Group Member: Nguyễn Cẩm Phương

lastic industry in
Phong.

y.

as affirmed its brand in

owing rapidly, boosting

1. Analysis of Asset
Structure (% of
Total Assets)

2. Analysis of
Liabilities and
Equity (% of Total
Assets)

Key Takeaways:

1. Revenue

2. Cost of Goods
Sold (COGS)

3. Gross Profit

4. Operating Profit:

5. Net Profit

Key takeaways :
Operating Cash
Flow:

Investing Cash
Flow:

Financing Cash
Flow:

Key takeaways
Total assets increased steadily from 2018 (4,552 billion) to 2022 (5,453 billion). This indicat
operations.
The proportion of Short-term Assets has significantly increased from 51.9% in 2018 to 64
liquid assets such as cash, short-term financial investments, and inventories.
The proportion of Long-term Assets has decreased from 48.1% in 2018 to 35.8% in 2023
and Long-term work in progress
The Liability Ratio has fluctuated over the past 5 years, falling sharply in 2020 and then incre
short-term debt.
In contrast, the equity ratio increased sharply in the first year and then gradually decreased
maintained a stable gap larger than debt, showing that the company is heavily dependent on
Total liabilities have only increased slightly, from 1.854 billion in 2018 to 2.338 billion in 2023
leaving only short-term debt.
The company is shifting its focus to short-term assets, which may improve liquidity
term growth investments.
The equity ratio accounts for a larger proportion than liabilities but is only at a fair
a business's ability to be more financially independent, helping to maintain stabilit

In
2019–2022: Revenue grew consistently from 4,760 billion VND in 2019 to 5,685 billion VND in
2023: Revenue decreased to 5,176 billion VND, indicating a dip after three years of growth.
Observation: While the company showed strong revenue growth for most of the period, the d
reduced sales or external challenges.
Trend: COGS increased from 3,325 billion VND in 2019 to 4,295 billion VND in 2022, consiste
dropped to 3,620 billion VND alongside the revenue decline.

Observation: The reduction in COGS in 2023 aligns with lower revenue, indicating the compan

2019–2023: Gross Profit fluctuated over the years, peaking at 1,556 billion VND in 2023 despi
VND in 2022.
Trend: Operating Profit increased steadily from 468 billion VND in 2019 to 656 billion VND in 2
Observation: The consistent rise in Operating Profit reflects improved operational efficiency, s
its operating expenses.

2019–2023: Net Profit followed a similar trend as Operating Profit, increasing from 409 billion

Strong operating performance: Gross profit, operating profit, and net profit all grew
and operations.
Improved profit margins: Despite a decline in revenue in 2023, gross profit still rea
effective cost optimization strategy.
Revenue challenges: The decline in revenue in 2023 is a noteworthy sign, requiring
maintain sustainable growth.
 Cash
Stable at a high level (over VND900 billion) in 2019, 2020, and 2023.

Strong decline in 2021 and 2022, especially negative VND116 billion in 2022, possibly due to
costs.

Strong recovery in 2023, reaching VND1,133 billion, showing a clear improvement in operatin
Continuously negative in most years, reflecting that the business invests heavily in new asset
In 2022, there is positive cash flow (+VND370 billion), possibly due to asset liquidation or red
In 2023, negative VND557 billion, indicating that the business is returning to expansion inves
Mainly negative, indicating that the business is paying more debt or dividends than receiving
In 2021, there is a positive cash flow (+370 billion VND), possibly from capital increase or new
The company has strong operating cash flow, which will improve significantly in 20
flow persists and financing activities are mainly debt reduction, indicating that the
prioritizing financial stability.
ment
Year 2019 2020

Short-term
51.9% 43.1%
Assets (%)
Long-term
48.1% 56.9%
Assets (%)

Year 2019 2020

Equity (%) 56.40% 66.47%

Liabilities (%)
43.60% 33.53%

tement
Gross Profit (Billion Operating Profit
Year
VND) (Billion VND)

2019 1,434.00 468.00

2020 1,388.00 521.00

2021 1,141.00 558.00

2022 1,391.00 563.00

2023 1,556.00 655.00
Revenue (Billion
Year COGS (Billion VND)
VND)

2019 4,760.00 3,325.00

2020 4,486.00 3,098.00

2021 4,824.00 3,683.00

2022 5,685.00 4,295.00

 2023 5,176.00 3,620.00

Operating Cash Flow Investing Cash Flow

Year
(Billion VND) (Billion VND)

2019 1,126.00 (196.00)

2020 924.00 (88.00)
2021 315.00 (755.00)
2022 (116.00) 370.00
2023 1,133.00 (557.00)
2021 2022 2023
ASS
55.6% 60.7% 64.2% 2023
2022
2021
44.4% 39.3% 35.8%
2020
2019
2021 2022 2023
0.0% 20.0% 40.0% 6
Short-term Assets (%)
55.29% 55.90% 57.13%

80.00% LIABILITIES
44.71% 44.10% 42.87% 60.00%
40.00%
20.00%
0.00%
2019 2020
Equity (%)

Net Profit (Billion Profit (2019-2023)

VND) 2,000.00

409.00 1,500.00
1,000.00

447.00 500.00
0.00
2019 2020 2021 2022
468.00
Gross Profit (Billion VND) Operating Profit (Billion VND
Net Profit (Billion VND)
480.00
559.00
Revenue & COGS (2019-2023)
6,000.00

5,000.00

4,000.00

3,000.00

2,000.00

1,000.00

0.00
2019 2020 2021 2022

Revenue (Billion VND) COGS (Billion VND)

 1,000.00

0.00
2019 2020 2021 2022

Revenue (Billion VND) COGS (Billion VND)

Financing Cash Flow

(Billion VND) Cash Flow
1,500.00
(716.00)
1,000.00
(921.00)
370.00
500.00
(229.00)
(258.00)
0.00
2019 2020 2021 2022

(500.00)

(1,000.00)

(1,500.00)

Operating Cash Flow (Billion VND) Investing Cash Flow (Billion VND) Financing
 ASSETS

20.0% 40.0% 60.0% 80.0% 100.0% 120.0%

Short-term Assets (%) Long-term Assets (%)

LIABILITIES & EQUITY

019 2020 2021 2022 2023

Equity (%) Liabilities (%)

019-2023)

2021 2022 2023

Operating Profit (Billion VND)

GS (2019-2023)

2021 2022 2023

) COGS (Billion VND)

 2021 2022 2023

) COGS (Billion VND)

h Flow

2021 2022 2023

sh Flow (Billion VND) Financing Cash Flow (Billion VND)

 A. Debt Issuance and M
Debt 2019
Short term debt 1,362,611,134,057
Long term debt 130,790,829,033

1,300,000,000,000
700,000,000,000
100,000,000,000
2019 2020 2021 2022 2023
Short 1,362,611,1 909,719,19 1,593,961,3 1,699,309,8 1,702,740,3
term 34,057 9,789 29,934 71,727 02,881
debt
Long 130,790,82 35,457,201, 16,720,597, (NaN) (NaN)
term 9,033 151 523
debt
Short term debt Long term debt

Financial leverage 2019

Debt-to-Equity (D/E) Ratio 58.17%
Current Liablities/ Total Liablities 93.41%
Curent liabilities to equity 72.22%
Equity Multiplier 1.77

Financial leverage
120.00% 2.00
1.80
100.00% 1.60
80.00% 1.40
1.20
60.00% 1.00
0.80
40.00% 0.60
20.00% 0.40
0.20
0.00% 0.00
2019 2020 2021 2022 2023

Debt-to-Equity (D/E) Ratio Current Liablities/ Total Liablities

Curent liabilities to equity Equity Multiplier

Cost of debt 2019

Pre-tax cost of debt 7.70%
After-tax cost of debt 6.16%

Cost of debt
16.00%
14.00%
12.00%
10.00%
8.00%
6.00%
 Cost of debt
16.00%
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
2019 2020 2021 2022 2023

Pre-tax cost of debt After-tax cost of debt

bt Issuance and Management
2020 2021 2022
909,719,199,789 1,593,961,329,934 1,699,309,871,727
35,457,201,151 16,720,597,523

Key Insights:
- no LT liabilties
2022 2023 - increase in ST liabilities
,699,309,8 1,702,740,3 - increase of Oner's Equity
71,727 02,881

(NaN) (NaN)

2020 2021 2022

36.50% 59.48% 60.03%
97.29% 99.24% 100.00%
49.07% 80.26% 78.88%
1.50 1.81 1.79

Key Insight:
2.00
1.80
1.60 From 2019 to 2023, businesses tend to reduce the level of debt use,
1.40 especially in 2020. However, short-term debt accounts for a large
1.20 proportion of the debt structure, causing liquidity pressure.
1.00
0.80
0.60 The equity multiplier gradually decreases, showing more stability in the
0.40 use of equity to finance assets.
0.20
0.00
2 2023

es/ Total Liablities

er

2020 2021 2022

7.09% 2.55% 4.65%
5.67% 2.04% 3.72%

Key Insight:
In general, the company's cost of debt ratios are always low.
 The significant drop from 2019 to 2021 reflects a favorable financing
environment, which may have been influenced by macroeconomic
factors such as lower benchmark interest rates or economic stimulus
measures.

The rise in 2022 and 2023 aligns with global trends of rising interest
22 2023 rates and inflation, increasing cost of debt for companies

of debt
 B. Equi
2023 Dividend Payments: Evaluate the firm’s dividend polic
1,702,740,302,881 (NTP) maintains a stable dividend policy
The 2024 Annual General Meeting of Sh
Firm’s dividend policy In the first installment of 2024, NTP will
date is January 6, 2025 and the expecte
It is expected that NTP will pay the rema
Maintain attractive dividends: The r
the interests of shareholders, especially
Short-term objective
Increase revenue: Quickly respond to
(investor preference –
growth such as infrastructure constructi
market signal)
Signal of stability: Demonstrate good
reasonable level, creating confidence fo

Dividend Sustainability:
2023 Ratio 2019
54.65% Dividend payout ratio 21.76%
100.00% Net profit 409.00
75.05% EPS 4,167.00
1.75

Dividend payout ratio

90.00% 83.45%
ght:
80.00%
70.00% 62.82% 65.00%
reduce the level of debt use, 60.00%
m debt accounts for a large 46.33%
50.00%
ng liquidity pressure.
40.00%
30.00% 21.76%
20.00%
ses, showing more stability in the
10.00%
0.00%
2019 2020 2021 2022 2023

Cost of Equity: CAPM

Beta 0.58
2023 R market 12.95%
5.29% Rf 4.50%
4.23% Ri 9.40%
Equity risk premium 8.45%
ght:
ratios are always low. Key Insight
 reflects a favorable financing Advantages: The stock is suitable for conservative investors seek
fluenced by macroeconomic
est rates or economic stimulus Disadvantages: The expected return is lower than the market, m
returns.

Nhựa Tiền Phong stock is a good choice for long-term investme

global trends of rising interest
ebt for companies
 B. Equity Financing
e firm’s dividend policy.
ns a stable dividend policy, combining cash and stock payments.
ual General Meeting of Shareholders approved a 20% cash dividend.
tallment of 2024, NTP will pay a cash dividend at a rate of 15% (VND 1,500/share), the ex-dividend
y 6, 2025 and the expected payment is January 22, 2025.
that NTP will pay the remaining dividend at a rate of 5% to complete the 2024 plan.
ractive dividends: The regular dividend policy (20% cash in 2024) shows that the company prioritizes
of shareholders, especially long-term investors.
enue: Quickly respond to domestic and international market needs, focusing on areas with strong
s infrastructure construction and industrial works.
bility: Demonstrate good financial capacity through dividend payments and maintaining debt at a
vel, creating confidence for investors and stakeholders.

2020 2021 2022

83.45% 62.82% 65.00%
447.00 468.00 480.00
3,387.00 3,596.00 3,349.00

Key Takeaways
atio
The high dividend payout ratio in 2020 may be an exceptional
phenomenon, not reflecting a long-term trend. From 2021 to 2023,
this ratio will remain stable (below 70%), which is a positive sign for
65.00%
sustainability.
46.33% -From VND 409 billion (2019) to VND 559 billion (2023), the average
profit growth rate is about 8%/year.
-Stable profit growth helps ensure a source of funds for dividend
payments, supporting long-term sustainability.

EPS growth is a positive signal, showing that the company is still able
2022 2023
to generate profits to maintain and increase dividends in the future.

Key Insight:
onservative investors seeking stable returns with lower risk.

s lower than the market, making it less attractive to investors aiming for high

for long-term investments with low risk.

 C. Net Cash Flow & D. C
Column1
Net cash flows from financing activities
d.
D 1,500/share), the ex-dividend K
NTP's main cash flow comes mainly from operating activities
ete the 2024 plan. The period 2019-2020 shows that the company uses cash flow
hows that the company prioritizes mobilization.

The period 2022-2023, negative cash flow decreases and stab

ocusing on areas with strong and may have better control over capital sources.

nts and maintaining debt at a

Cost of Equity: CAPM
WACC=%D*Rd*(1-CIT)+%E*Re
%D
2023 %E
46.33% Rd
559.00 Billlion VND CIT
3,891.00 VND Re=RFR+beta*Risk premium

aways E. Efficiency and Risk a

20 may be an exceptional
term trend. From 2021 to 2023, Efficiency financial ratios
0%), which is a positive sign for ROC
ROE
559 billion (2023), the average ROI

source of funds for dividend

ainability.

ng that the company is still able

ncrease dividends in the future.
Liquidity ratios
Current ratio
Quick ratio
Acid ratio

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solvency ratios
Interest coverage ratio
Payables turnover

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permanently break the chart.

Altman Model
X1=(current assets- current liabilities)/
total assets
X2=retained earning for analysed year/
total assets
X3=net operating profit/total assets
X4=Market price* no of outstanding
share/total liabilities
X5=net revenue/ total assets
Z-score of NTP
h Flow & D. Capital Structure and Leverage
2019 2020 2021 2022
(716.00) (921.00) 370.00 (229.00)

Key takeaways
from operating activities
e company uses cash flow to pay debt or pay dividends, while 2021 is a period of significant capital

h flow decreases and stabilizes, showing that the company is not too dependent on financial activities
pital sources.

6.80% Key takeaways

42.87% WACC = 6.8% shows that Tien Phong Plastic Company has a reasonable
57.13% cost of capital and is able to maintain a low cost of capital, while the
3.94% company's financial structure is balanced between debt and equity. This
15.17% helps the company maintain good profitability, optimizing profits for
9.40% shareholders.

ncy and Risk analysis of financing activities

2019 2020 2021 2022
10.35% 13.43% 11.25% 11.14%
15.93% 17.26% 17.28% 16.96%
8.13% 25.42% 45.95% 139.26%

Key takeaways
The surge in 2022 reflects a very successful year in generating returns from investments.
However, the decline in 2023 may reflect some difficulties or less profitable investments than
before, although ROI is still quite high.

2019 2020 2021 2022

1.27 1.32 1.25 1.38
0.7 0.81 0.75 0.69
0.68 0.81 0.43 0.47

Key takeaways
different file format will
Current Ratio shows that the company has good short-term debt
payment ability and tends to improve over the years.

Quick Ratio and Acid Test Ratio are mostly lower than 1, indicating that
NTP does not have enough liquid assets to pay short-term debt and has
to rely heavily on inventory.
different file format will

Quick Ratio and Acid Test Ratio are mostly lower than 1, indicating that
NTP does not have enough liquid assets to pay short-term debt and has
to rely heavily on inventory.

2019 2020 2021 2022

5.11 8.84 14.31 8.18
25.58 16.05 20.52 16.52

Key takeaways
different file format will Interest Coverage Ratio: the company has maintained very strong
interest coverage throughout this period. While there is a slight decline
in 2022 and 2023, the ratio remains high, indicating that the company
can service its interest without facing serious financial problems.
Payables Turnover: has dropped sharply from 25.58 to 12.06,
reflecting a trend of extending payment terms with suppliers. While this
may help the company optimize cash flow, care must be taken not to
impact supplier relationships or future credit.

2019 2020 2021 2022

0.1118285124427 0.1047724508445 0.111926529432 0.166430512511

0.13690569148708 0.1205209363031 0.101147184422 0.101089536191

0.10280473114708 0.1337468494521 0.113919444037 0.111180511929

0.49455303690159 0.901871588165 0.537827998089 0.580269539825

1.04562076978656 1.1516091490255 0.984851967806 1.122666448163
2.01 2.43 1.96 2.18
verage
2023
(258.00)

od of significant capital

dent on financial activities

Company has a reasonable

ost of capital, while the
ween debt and equity. This
, optimizing profits for

vities
2023
12.08%
17.94%
62.76%

urns from investments.

profitable investments than

2023
1.5
1
0.59

od short-term debt
e years.

wer than 1, indicating that

ay short-term debt and has
wer than 1, indicating that
ay short-term debt and has

2023
8.32
12.06

maintained very strong

e there is a slight decline
cating that the company
financial problems.
m 25.58 to 12.06,
s with suppliers. While this
re must be taken not to

2023 Meaning

0.213248044889 With a Z-score of 2.13, Tien Phong Plastics Company (NTP) is in

the warning zone. Although not at a dangerous level (below
0.118359034082 1.81), the company still needs to pay attention to its debt
0.120101968099 payment ability and ability to maintain a stable financial
situation in the future.

0.554167061083
0.949080590661
2.10 2.13
 ompany (NTP) is in
ous level (below
on to its debt
ble financial
 Capital Expenditures (CapEx)
Column1 2019 2020 2021
CapEx 169.68 117.00 87.00

Key takeaways
In 2019, due to NTP building and expanding the factory in
Binh Duong, CapEx reached a high of 169.68 billion VND.

Net Cash Flow from Investing

Column1 2019 2020 2021
NCF Investing (196.00) (88.00) (755.00)

Key takeaways
NTP does not depend on investment cash flow, only in 2022
will it recover money from investment activities, the rest
must be spent.

Efficiency of Investment Activitie

Efficiency ratios 2019 2020 2021
ROA 8.98% 11.48% 9.55%
Asset Turnover 1.05 1.15 0.98
Inventory Turnover 6.19 3.61 4.27
Fixed Asset Turnover 3.10 2.92 3.30

7.00 14.00

6.00 12.00
11.48%

5.00 10.25% 10.00

9.55% 9.48%
8.98%
4.00 8.00%

3.00 6.00%

2.00 4.00%

1.00 2.00%

0.00 0.00%
2019 2020 2021 2022 2023

Asset Turnover Inventory Turnover Fixed Asset Turnover ROA

CapEx)
2022 2023
106.00 86.46

ys
anding the factory in
169.68 billion VND.

esting
2022 2023
370.00 (557.00)

ys
cash flow, only in 2022
t activities, the rest

Activitie
2022 2023
9.48% 10.25%
1.12 0.95
3.28 2.69
4.03 3.90

14.00%

12.00%

10.25% 10.00%
9.48%

8.00%

6.00%

4.00%

2.00%

0.00%
22 2023

Asset Turnover ROA

Billion VND

Billion VND

Key takeaways
ROA remains around 9%-10%, indicating that the company's
ability to use assets to generate profits is relatively stable, but
not yet optimal.
Asset Turnover decreased in 2023, indicating a decrease in the
efficiency of using assets to generate revenue.
Inventory Turnover index decreased continuously from 2019 to
2023, signaling a problem in inventory management, possibly
due to slow consumption of goods or large inventory
accumulation.
Fixed Asset Turnover increased in 2021-2022 and remained good
in 2023, indicating that the company used fixed assets effectively
to generate revenue.
 A. Re

Net Revenue

B. Cost of Goods

Cost Efficiency

Net revenue
Cost of goods sold
Gross profit
COGS-to-Revenue

6,000.00

5,000.00

4,000.00

3,000.00

2,000.00

1,000.00

0.00
2019 2020 2021 2022 2023

Net revenue Cost of goods sold Gross profit COGS-to-Revenue

C. Opera
Operating Expenses
Interest expenses
Selling expenses
General and administrative expenses
Other expenses
Selling expenses/Net revenue
General and Administrative expenses/Net revenue
Interest expenses/Net revenue

Operating Expenses
2023
2022
2021
2020
2019
0.00 200.00 400.00 600.00 800.00 1,000.00 1,200.00
 2023
2022
2021
2020
2019
0.00 200.00 400.00 600.00 800.00 1,000.00 1,200.00

Interest expenses Selling expenses General and administrative expenses

Other expenses

Selling expenses
800.00 18.00%
700.00 16.00%
600.00 14.00%
500.00 12.00%
10.00%
400.00
8.00%
300.00 6.00%
200.00 4.00%
100.00 2.00%
0.00 0.00%
2019 2020 2021 2022 2023

Selling expenses Selling expenses/Net revenue

 A. Revenue Generation
2019 2020 2021
4,760.00 4,486.00 4,824.00

B. Cost of Goods Sold (COGS) and Gross Profit

2019 2020 2021

4,760.00 4,486.00 4,824.00
3,325.00 3,098.00 3,683.00
1,434.00 1,388.00 1,141.00
69.85% 69.06% 76.35%

78.00% Key Takeawa

76.00% Revenue tends to increase but is not sustainabl
by nearly 9%. The company needs to focus on e
74.00% products to maintain growth.
72.00%
The company has improved production cost con
70.00%
increased significantly in the period 2021-2022,
68.00% Restoring gross profit margin to 30% (2023) sho
66.00% control over cost of goods sold, but needs to ma
optimization strategy.
64.00%
21 2022 2023

ross profit COGS-to-Revenue

C. Operating Expenses (OpEx)

2019 2020 2021
115.00 67.00 41.00
746.00 582.00 437.00
136.00 216.00 137.00
6.00 2.00 19.00
15.67% 12.97% 9.06%
2.86% 4.81% 2.84%
2.42% 1.49% 0.85%

Interest expenses
140.00 3.00%
120.00 2.50%
100.00
2.00%
80.00
1.50%
60.00
1.00%
40.00
0 1,200.00
20.00 0.50%
 140.00 3.00%
120.00 2.50%
100.00
2.00%
80.00
1.50%
60.00
1.00%
40.00
0 1,200.00
20.00 0.50%

ve expenses 0.00 0.00%

2019 2020 2021 2022 2023

Interest expenses Interest expenses/Net revenue

General and administrative expenses

18.00% 250.00 6.00%
16.00% 5.00%
200.00
14.00%
12.00% 4.00%
150.00
10.00% 3.00%
8.00% 100.00
2.00%
6.00% 50.00 1.00%
4.00%
2.00% 0.00 0.00%
2019 2020 2021 2022 2023
0.00%
General and administrative expenses
e General and Administrative expenses/Net revenue
 2022 2023 Billion
5,685.00 5,176.00

2022 2023
5,685.00 5,176.00 Billion
4,295.00 3,620.00
1,391.00 1,556.00
75.55% 69.94%

Key Takeaways
increase but is not sustainable, especially in 2023, it decreased
e company needs to focus on expanding the market or innovating
tain growth.

improved production cost control in 2023, but costs still

antly in the period 2021-2022, reducing gross profit margin. 1,400.00

rofit margin to 30% (2023) shows that the company has better 1,200.00
of goods sold, but needs to maintain and strengthen cost
egy. 1,000.00

800.00

600.00

400.00

200.00

2022 2023 0.00

2019 2
78.63 90.00 Billion
(200.00)
620.00 632.00
154.00 190.00 (Increase)/decrease in recei
(400.00)
2.00 1.45
Increase/(decrease) in paya
(600.00)
10.91% 12.21%
2.71% 3.67%
1.38% 1.74%

Key takeaways

Selling expense accounts for the largest proportion of

OpEx, decreasing sharply in 2021 and then gradually
increasing in recent years. In contrast, Other expense
increased sharply in 2021 but was generally
insignificant in the remaining years.
Selling expense accounts for the largest proportion of
OpEx, decreasing sharply in 2021 and then gradually
increasing in recent years. In contrast, Other expense
increased sharply in 2021 but was generally
insignificant in the remaining years.

Interest expense decreased to the lowest level of 41

billion (2021), possibly due to the company reducing
debt or benefiting from low interest rates. From 2022-
2023, interest expense increased again, showing that
the company can increase borrowing to finance
operations or investment projects.

Selling Exp./Net Revenue decreased from 15.67%

(2019) to 9.06% (2021), then increased to 12.21%
(2023). Although selling expenses increased, this ratio
is still within a reasonable range, reflecting good control
in sales activities.

G&A Exp increased from 136 billion (2019) to 216

billion (2020), then decreased and fluctuated around
137-190 billion (2021-2023). G&A Exp./Net Revenue
fluctuated between 2.71% - 4.81%, with the highest
level in 2020, possibly due to the impact of operating
costs during the difficult period due to COVID-19.
 D. Cash Flow from Operations (CFO)
I. CASH FLOWS FROM OPERATING ACTIVITIES 2019
1. Profit before tax 471.00
2. Adjustments for:
Depreciation of fixed assets and properties investment 150.00
(Reversal of provisions)/provisions (8.00)
Foreign exchange (gain)/loss from revaluation of
monetary items denominated in foreign currencies
Loss/(profit) from investment activities (30.00)
Interest expense 115.00
3. Operating profit before changes in working capita 698.00
(Increase)/decrease in receivables 603.00
(Increase)/decrease in inventories (70.00)
Increase/(decrease) in payables 51.00
(Increase)/decrease in prepaid expenses 8.00
Interest paid (115.00)
Corporate income tax paid (28.00)
Other payments for operating activities (20.00)
Net cash flows from operating activities 1,126.00

1,400.00

1,200.00

1,000.00

800.00

600.00

400.00

200.00

0.00
2019 2020 2021 2022 2023
(200.00)

(Increase)/decrease in receivables
(400.00) (Increase)/decrease in inventories

Increase/(decrease) in payables
(600.00) Net cash flows from operating activities

E. Net Income and Retained Earnings

Column1 2019
Net profit after tax 409.00
Retained Earnings 623.24

700.00

600.00

500.00
700.00

600.00

500.00

400.00

300.00

200.00

100.00

0.00
2019 2020 2021 2022 2023

Net profit after tax Retained Earnings

ash Flow from Operations (CFO)
2020 2021 2022 2023
523.00 551.00 564.00 659.00

148.00 153.00 159.00 159.00

78.00 (1.34) (10.83)

1.00 6.00 0.16

(37.00) (68.00) (78.59) (78.30)
67.00 41.00 78.63 90.00
778.00 678.00 728.00 819.00
72.00 30.00 (155.00) 75.00
431.00 (437.00) (454.00) 380.00
(151.00) 206.00 (8.00) 31.00
1.00 4.00 (18.00) 2.00
(69.00) (41.00) (75.00) (91.00)
(81.00) (70.00) (94.00) (82.00)
(56.00) (54.00) (40.00) (2.00)
924.00 315.00 (116.00) 1,133.00

Key Takeaways
Cash flow
2019 and 2023 recorded the highest net cash flow from operating activities, at
VND1,126 billion and VND1,133 billion, respectively, thanks to effective working
capital management.
Key supporting factors:
Reduction in inventories in 2023 (VND380 billion) has released a large amount of
cash. Increase in revenue from core business activities.
Cash flow decreased sharply in 2021 (VND315 billion) and negative cash flow in
2022 (-VND116 billion).
This comes from:
Increase in inventories in 2021-2022, with increases of VND437 billion and
VND454 billion, respectively.
Increase in receivables in 2022 (VND 155 billion), reducing available cash flow.
The main factors affecting cash flow are receivables, inventories and payables.
The increase in receivables in 2022 (-155 billion VND) is a major cause of negative
cash flow.
The increase in inventories in 2021-2022 puts great pressure on cash flow.

E. Net Income and Retained Earnings

2020 2021 2022 2023
447.00 468.00 480.00 559.00
469.48 495.44 511.90 645.49
 Key Takeaways

Net Income: Steady growth from 409 billion (2019) to 559

billion (2023), reflecting improved business efficiency and good
cost management.

Retained Earnings: Strong increase in 2023 (645.49 billion),

showing that the company prioritizes reinvestment in business
operations over paying dividends.

2023
Billion
DuPont Analysis (ROE)
2019 2020
Net Profit Margin 8.59% 9.96%
Asset Turnover 1.05 1.15
Equity Multiplier 1.77 1.50
ROE 15.93% 17.26%

Summary of Impacts Nhựa Tiền Phong's financial activities have demonstrated t

Profitability: Improved profit margins and consistent ROE.
Operational Challenges: Declining efficiency in asset and inventory management.
Financial Stability: Reduced reliance on debt, ensuring long-term solvency.
Cash Flow Improvements: Significant recovery in operating cash flows in 2023.
To enhance overall business performance, the company should prioritize asset utilization, s
management, and balance growth with financial stability.
 2021 2022 2023
9.70% 8.44% 10.80%
0.98 1.12 0.95
1.81 1.79 1.75
17.28% 16.96% 17.94%

ctivities have demonstrated the following key outcomes:

E.
nd inventory management.
ong-term solvency.
ting cash flows in 2023.
hould prioritize asset utilization, strengthen cash flow
 Balance Sheet
2019 2020 2021
ASSETS
A. SHORT-TERM ASSETS 2,363.19 1,678.81 2,721.74
I. Cash and cash equivalents 297.02 212.17 142.54
1. Cash 196.87 212.02 142.54
2. Cash equivalents 100.15 0.15 0.00
II. Short-term financial investments 10.00 0.00 700.00
1. Held to maturity investments 10.00 0.00 700.00
III. Short-term receivables 958.49 813.39 785.38
1. Accounts receivable 893.04 838.34 70.94
2. Prepayments to suppliers 38.46 32.77 40.94
5. Short-term loan receivables 15.46 15.46 15.46
6. Other receivables 12.83 7.01 18.81
7. Allowance for doubtful debts (1.31) (80.19) (80.19)
IV. Inventories 1,073.75 644.12 1,081.53
1. Inventories 1,078.55 647.60 1,084.98
2. Provision for decline in value of inventories (4.81) (3.47) (3.45)
V. Other short-term assets 23.93 9.12 12.29
1. Short-term prepaid expenses 9.29 8.32 5.14
2. Value added tax deductibles 14.19 0.36 6.73
3. Taxes and other receivables from State Treasury 0.45 0.45 0.42
B. LONG-TERM ASSETS 2,189.13 2,216.61 2,176.46
I. Fixed assets 1,536.49 1,536.75 1,463.91
1. Fixed assets 1,457.17 1,460.16 1,456.31
- Cost 2,695.68 2,836.34 2,966.98
- Accumulated depreciation (1,238.51) (1,376.18) (1,510.67)

2. Intangible xed assets 79.32 76.59 7.60

- Cost 95.09 95.09 16.97
- Accumulated amortisation (15.77) (18.50) (9.36)
II. Long-term work in progress 130.71 89.11 36.51
1. Construction in progress 130.71 89.11 36.51
III. Long-term financial investments 509.85 527.21 549.78

1. Investments in associates 265.22 282.58 305.15

2. Equity investments in other entities 95.96 95.96 95.96
3. Allowance for diminution in the value of long-term
nancial investments (1.34) (1.34) (1.34)
4. Held-to-maturity investments 150.00 150.00 150.00
IV. Other long-term assets 12.08 63.55 126.26
1. Long-term prepayments 12.08 62.06 124.71

2. Deferred tax assets 0.00 1.55

TOTAL ASSETS 4,552.32 3,895.42 4,898.20
 C. LIABILITIES 1,984.90 1,306.13 2,190.22
I. Current liabilities 1,854.11 1,270.67 2,173.50
1. Short-term trade accounts payable 260.01 126.00 232.93
2. Short-term advances from customers 1.78 3.08 97.61
3. Taxes and other payables to State
budget 17.28 34.16 62.08

4. Payable to employees 72.78 57.60 66.26

5. Short-term acrrued expenses 122.60 128.62 110.33

6. Other current payables 12.88 10.80 9.01

7. Short-term loans and obligations under
finance leases 1,362.61 909.72 1,593.96
8. Bonus and welfare funds 4.17 0.69 1.31
II. Long-term liabilities 130.79 35.46 16.72
1. Long-term loans and obligations under
finance leases 130.79 35.46 16.72
D. EQUITY 2,567.42 2,589.29 2,707.98
I. Owner's equity 2,567.42 2,589.29 2,707.98
1. Owners' contributed capital 981.64 1,177.96 1,177.96
2. Investment and development fund 962.54 941.85 1,034.58
3. Retained earnings 623.24 469.48 495.44
- Retained earnings accumulated to the prior
year end 217.98 222.98 234.37
- Retained earnings of the current year 405.26 246.49 261.07
TOTAL OWNER'S EQUITY AND LIABILITIES 4,552.32 3,895.42 4,898.20
 2022 2023 billion

3,075.80 3,501.19 1E+09

167.93 485.32
127.87 474.78
40.05 10.54
432.86 950.00
432.86 950.00
890.89 889.52
866.43 869.32
73.35 48.02
0.00 0.00
13.20 27.16
(62.09) (54.97)
1,535.15 1,158.63
1,538.86 1,158.63
(3.71) 0.00
48.97 17.71
12.68 16.90
35.88 0.36
0.41 0.44
1,988.04 1,952.51
1,410.75 1,328.55
1,403.43 1,321.44
3,062.32 3,116.05
(1,658.89) (1,794.61)

7.32 7.11
16.97 16.97
(9.65) (9.86)
8.68 47.36
8.68 47.36
424.16 442.34

329.54 337.71
95.96 95.96

(1.34) (1.34)
0.00 10.00
144.45 134.26
143.19 133.24

1.26 1.02
5,063.84 5,453.70
2,233.02 2,338.20
2,233.02 2,338.20
287.08 313.26
44.23 10.50

30.55 60.00

60.72 60.93
65.77 147.45

39.60 23.85

1,699.31 1,702.74
5.76 19.48
0.00 0.00

0.00 0.00
2,830.82 3,115.50
2,830.82 3,115.50
1,295.75 1,295.75
1,023.16 1,174.25
511.90 645.49

256.72 280.44
255.18 365.05
5,063.84 5,453.70
 INCOME STATEMENT
2019 2020
REVENUE
1. Doanh thu bán hàng và cung cấp dịch vụ 4,789.00 4,646.00
2. Các khoản giảm trừ doanh thu 29.00 160.00
3. Doanh thu thuần về bán hàng và cung cấp dịch vụ 4,760.00 4,486.00
4. Giá vốn hàng bán 3,325.00 3,098.00
5. Lợi nhuận gộp về bán hàng và cung cấp dịch vụ 1,434.00 1,388.00
6.Doanh thu hoạt động tài chính 17.00 21.00
7. Chi phí tài chính 115.00 109.00
Trong đó :Chi phí lãi vay 115.00 67.00
8. Phần lãi/lỗ trong công ty liên doanh, liên kết 13.00 18.00
9. Chi phí bán hàng 746.00 582.00
10. Chi phí quản lý doanh nghiệp 136.00 216.00
11. Lợi nhuận thuần từ hoạt động kinh doanh 468.00 521.00
12. Thu nhập khác 9.00 4.00
13. Chi phí khác 6.00 2.00
14. Lợi nhuận khác 4.00 2.00
Phần lợi nhuận/lỗ từ công ty liên kết liên doanh
15. Tổng lợi nhuận kế toán trước thuế 471.00 523.00
16. Chi phí thuế TNDN hiện hành 62.00 78.00
17. Chi phí thuế TNDN hoãn lại (1.00)
18. Lợi nhuận sau thuế thu nhập doanh nghiệp 409.00 447.00
Lợi ích của cổ đông thiểu số
Lợi nhuận sau thuế của cổ đông của Công ty mẹ 409.00 447.00
19. Lãi cơ bản trên cổ phiếu (*) 4,167.00 3,387.00

CASH FLOWS 2019 2020

I. CASH FLOWS FROM OPERATING ACTIVITIES
1. Profit before tax 471.00 523.00
2. Adjustments for:
Depreciation of fixed assets and properties investment 150.00 148.00
(Reversal of provisions)/provisions (8.00) 78.00
Foreign exchange (gain)/loss from revaluation of monetary
items denominated in foreign currencies
Loss/(profit) from investment activities (30.00) (37.00)

Interest expense 115.00 67.00

3. Operating profit before changes in working capital 698.00 778.00
(Increase)/decrease in receivables 603.00 72.00
(Increase)/decrease in inventories (70.00) 431.00
Increase/(decrease) in payables (other than interest, corporate
income tax) 51.00 (151.00)
(Increase)/decrease in prepaid expenses 8.00 1.00
Interest paid (115.00) (69.00)
Corporate income tax paid (28.00) (81.00)
Other payments for operating activities (20.00) (56.00)
Net cash flows from operating activities 1,126.00 924.00
II. CASH FLOWS FROM INVESTING ACTIVITIES
1. Payment for fixed assets, constructions and other long-term
assets (170.00) (118.00)
2. Receipts from disposal of fixed assets and other long-term
assets 0.32 1.00
3. Loans, purchases of other entities' debt instruments (10.00)
4. Receipts from loan repayments, sale of other entities' debt
instruments 10.00

5. Payments for investment in other entities (33.00)

7. Dividends, interest and profit received 17.00 19.00
Net cash flows from investing activities (196.00) (88.00)

III. CASH FLOWS FROM FINANCING ACTIVITIES

3. Proceeds from borrowings 3,789.00 3,176.00
4. Principal repayments (4,416.00) (3,724.00)
6. Dividends paid, profits distributed to owners (89.00) (373.00)
Net cash flows from financing activities (716.00) (921.00)
Net cash flows during the period 214.00 (85.00)

Cash and cash equivalents at beginning of the period 83.00 297.00

Exchange difference due to re-valuation of ending balance (0.06) 0.14
Cash and cash equivalents at end of the period 297.02 212.17
ENT
2021 2022 2023 billion

4,995.00 5,834.00 5,305.00

172.00 148.00 129.00
4,824.00 5,685.00 5,176.00
3,683.00 4,295.00 3,620.00
1,141.00 1,391.00 1,556.00 ###
45.00 64.00 65.71 0.877836
76.00 142.00 159.00
41.00 79.00 90.00
23.00 24.00 14.88
437.00 620.00 632.00
137.00 154.00 190.00
558.00 563.00 655.00
12.00 4.00 5.56
19.00 2.00 1.45
(7.00) 1.80 4.11

551.00 564.00 659.00

83.00 85.00 100.00
0.00 0.28 0.23
468.00 480.00 559.00

468.00 480.00 559.00

3,596.00 3,349.00 3,891.00

2021 2022 2023

551.00 564.00 659.00

153.00 159.00 159.00

(1.34) (10.83)

1.00 6.00 0.16

(68.00) (78.59) (78.30)

41.00 78.63 90.00

678.00 728.00 819.00
30.00 (155.00) 75.00
(437.00) (454.00) 380.00

206.00 (8.00) 31.00

4.00 (18.00) 2.00
 (41.00) (75.00) (91.00)
(70.00) (94.00) (82.00)
(54.00) (40.00) (2.00)
315.00 (116.00) 1,133.00

(92.00) (107.00) (87.00)

5.00 1.00 0.54

(1,303.00) (838.00) (1,410.00)

603.00 1,255.00 883.00

33.00 60.00 56.00

(755.00) 370.00 (557.00)

3,564.00 4,618.00 3,495.00

(2,899.00) (4,535.00) (3,494.00)
(294.00) (312.00) (259.00)
370.00 (229.00) (258.00)
(70.00) 26.00 317.00

212.00 143.00 168.00

(0.00) (0.13) (0.04)
142.54 167.92 485.32
 Chỉ số tài chính - NTP
Nhóm chỉ số Định giá
Thu nhập trên mỗi cổ phần của 4 quý gần nhất (EPS) VNĐ
Giá trị sổ sách của cổ phiếu (BVPS) VNĐ
Chỉ số giá thị trường trên thu nhập (P/E) Lần
Chỉ số giá thị trường trên giá trị sổ sách (P/B) Lần
Chỉ số giá thị trường trên doanh thu thuần (P/S) Lần
Tỷ suất cổ tức %
Beta Lần
Giá trị doanh nghiệp trên lợi nhuận trước thuế và lãi vay (EV/EBIT) Lần
Giá trị doanh nghiệp trên lợi nhuận trước thuế, khấu hao và lãi vay (EV/EBITDA) Lần
Nhóm chỉ số Sinh lợi
Tỷ suất lợi nhuận gộp biên %
Tỷ lệ lãi EBIT %
Tỷ lệ lãi EBITDA %
Tỷ suất sinh lợi trên doanh thu thuần %
Tỷ suất lợi nhuận trên vốn chủ sở hữu bình quân (ROEA) %
Tỷ suất sinh lợi trên vốn dài hạn bình quân (ROCE) %
Tỷ suất sinh lợi trên tổng tài sản bình quân (ROAA) %
ROE bình quân 4 quý gần nhất %
ROA bình quân 4 quý gần nhất %
Nhóm chỉ số Tăng trưởng
Tăng trưởng doanh thu thuần %
Tăng trưởng lợi nhuận gộp %
Tăng trưởng lợi nhuận trước thuế %
Tăng trưởng lợi nhuận sau thuế của CĐ công ty mẹ %

Tăng trưởng tổng tài sản %

Tăng trưởng nợ dài hạn %
Tăng trưởng nợ phải trả %
Tăng trưởng vốn chủ sở hữu %
Tăng trưởng vốn điều lệ %
Nhóm chỉ số Thanh khoản

Tỷ số thanh toán bằng tiền mặt Lần

Tỷ số thanh toán nhanh Lần

Tỷ số thanh toán nhanh (Đã loại trừ HTK, Phải thu ngắn hạn - Tham khảo) Lần
Tỷ số thanh toán hiện hành (ngắn hạn) Lần
Khả năng thanh toán lãi vay Lần
Nhóm chỉ số Hiệu quả hoạt động

Vòng quay phải thu khách hàng Vòng

Thời gian thu tiền khách hàng bình quân Ngày
Vòng quay hàng tồn kho Vòng
Thời gian tồn kho bình quân Ngày
Vòng quay phải trả nhà cung cấp Vòng
Thời gian trả tiền khách hàng bình quân Ngày
Vòng quay tài sản cố định (Hiệu suất sử dụng tài sản cố định) Vòng

Vòng quay tổng tài sản (Hiệu suất sử dụng toàn bộ tài sản) Vòng

Vòng quay vốn chủ sở hữu Vòng

Nhóm chỉ số Đòn bẩy tài chính

Tỷ số Nợ ngắn hạn trên Tổng nợ phải trả %

Tỷ số Nợ vay trên Tổng tài sản %

Tỷ số Nợ trên Tổng tài sản %
Tỷ số Vốn chủ sở hữu trên Tổng tài sản %

Tỷ số Nợ ngắn hạn trên Vốn chủ sở hữu %

Tỷ số Nợ vay trên Vốn chủ sở hữu %
Tỷ số Nợ trên Vốn chủ sở hữu %
Nhóm chỉ số Dòng tiền
Tỷ số dòng tiền HĐKD trên doanh thu thuần %
Khả năng chi trả nợ ngắn hạn từ dòng tiền HĐKD %

Khả năng chi trả nợ ngắn hạn từ lưu chuyển tiền thuần trong kỳ %
Tỷ lệ dồn tích (Phương pháp Cân đối kế toán) %
Tỷ lệ dồn tích (Phương pháp Dòng tiền) %
Dòng tiền từ HĐKD trên Tổng tài sản %
Dòng tiền từ HĐKD trên Vốn chủ sở hữu %
Dòng tiền từ HĐKD trên Lợi nhuận thuần từ HĐKD %
Khả năng thanh toán nợ từ dòng tiền HĐKD %
Dòng tiền từ HĐKD trên mỗi cổ phần (CPS) VNĐ
Cơ cấu Chi phí
Giá vốn hàng bán/Doanh thu thuần %
Chi phí bán hàng/Doanh thu thuần %
Chi phí quản lý doanh nghiệp/Doanh thu thuần %
Chi phí lãi vay/Doanh thu thuần %
Cơ cấu Tài sản ngắn hạn
Tài sản ngắn hạn/Tổng tài sản %
Tiền/Tài sản ngắn hạn %
Đầu tư tài chính ngắn hạn/Tài sản ngắn hạn %
Phải thu ngắn hạn/Tài sản ngắn hạn %
Hàng tồn kho/Tài sản ngắn hạn %
Tài sản ngắn hạn khác/Tài sản ngắn hạn %
Cơ cấu Tài sản dài hạn
Tài sản dài hạn/Tổng tài sản %
Tài sản cố định/Tổng tài sản %
Tài sản cố định hữu hình/Tài sản cố định %
Tài sản thuê tài chính/Tài sản cố định %
Tài sản vô hình/Tài sản cố định %
XDCBDD/Tài sản cố định %
chính - NTP
2019 2020 2021 2022 2023

4,518.36 4,144.40 3,970.92 3,895.71 4,317.29

26,154.43 21,981.09 22,988.67 21,846.88 24,043.92
7.15 8.69 15.11 8.21 9.15
1.23 1.64 2.61 1.46 1.64
0.67 0.95 1.47 0.73 0.99
3 10 4 8 5
0.52 0.42 0.27 0.41 0.58
7.45 8.43 14.41 8.83 8.45

30.14 30.94 23.65 24.46 30.07

12.31 13.16 12.28 11.31 14.48
15.46 16.45 15.46 14.1 17.55
8.59 9.97 9.7 8.44 10.81
16.97 17.34 17.66 17.32 18.82
22.59 22.17 22.15 23.15 25.21
8.68 10.59 10.64 9.63 10.64

5.31 -5.75 7.52 17.86 -8.96

7.78 -3.23 -17.81 21.88 11.91
24.05 11.09 5.28 2.44 16.79
23.38 9.33 4.6 2.52 16.66

-6.64 -14.43 25.74 3.38 7.7

-44.68 -72.89 -52.84 -100
-24.35 -34.2 67.69 1.95 4.71
13.98 0.85 4.58 4.54 10.06
10 20 10

0.16 0.17 0.07 0.08 0.21

0.7 0.81 0.75 0.69 1

0.17 0.17 0.39 0.27 0.61

1.27 1.32 1.25 1.38 1.5
5.11 8.84 14.31 8.18 8.32

10.66 5.18 5.92 6.86 5.96

34.24 70.43 61.62 53.19 61.2
 6.19 3.61 4.27 3.28 2.69
58.93 101.2 85.52 111.2 135.82
25.58 16.05 20.52 16.52 12.06
14.27 22.74 17.79 22.1 30.27
6.2 2.92 3.21 3.96 3.78

2.09 1.06 1.1 1.14 0.98

3.71 1.74 1.82 2.05 1.74

93.41 97.29 99.24 100 100

32.81 24.26 32.88 33.56 31.22

43.6 33.53 44.71 44.1 42.87
56.4 66.47 55.29 55.9 57.13

72.22 49.07 80.26 78.88 75.05

58.17 36.5 59.48 60.03 54.65
77.31 50.44 80.88 78.88 75.05

23.66 20.61 6.53 -2.04 21.89

60.75 72.75 14.5 -5.19 48.45

11.54 -6.69 -3.2 1.14 13.58

-13.33 -12.2
-12.96 -11
24.74 23.73 6.43 -2.29 20.77
43.87 35.7 11.63 -4.1 36.36
240.84 177.46 56.48 -20.61 172.9
56.74 70.78 14.39 -5.19 48.45
11,473.66 7,847.63 2,674.71 -894.82 8,742.53

69.86 69.06 76.35 75.54 69.93

15.67 12.97 9.07 10.91 12.22
2.86 4.81 2.84 2.72 3.67
2.41 1.49 0.86 1.38 1.74

51.91 43.1 55.57 60.74 64.2

12.57 12.64 5.24 5.46 13.86
0.42 0 25.72 14.07 27.13
40.56 48.45 28.86 28.96 25.41
45.44 38.37 39.74 49.91 33.09
1.01 0.54 0.45 1.59 0.51

48.09 56.9 44.43 39.26 35.8

33.75 39.45 29.89 27.86 24.36
94.84 95.02 99.48 99.48 99.47
0 0
5.16 4.98 0.52 0.52 0.53
8.51 5.8 2.49 0.62 3.56
 Balance Sheet
2019
ASSETS
A. SHORT-TERM ASSETS 2,363,188,726,746
I. Cash and cash equivalents 297,022,694,727
1. Cash 196,872,694,727
2. Cash equivalents 100,150,000,000
II. Short-term financial investments 10,000,000,000
1. Held to maturity investments 10,000,000,000
III. Short-term receivables 958,486,969,352
1. Accounts receivable 893,042,996,267
2. Prepayments to suppliers 38,459,304,803
5. Short-term loan receivables 15,461,572,866
6. Other receivables 12,834,015,445
7. Allowance for doubtful debts (1,310,920,029)
IV. Inventories 1,073,746,248,873
1. Inventories 1,078,551,305,019
2. Provision for decline in value of inventories (4,805,056,146)
V. Other short-term assets 23,932,813,794
1. Short-term prepaid expenses 9,288,457,034
2. Value added tax deductibles 14,191,206,027
3. Taxes and other receivables from State Treasury 453,150,733
B. LONG-TERM ASSETS 2,189,130,945,492
I. Fixed assets 1,536,486,469,202
1. Fixed assets 1,457,165,617,339
- Cost 2,695,676,486,086
- Accumulated depreciation (1,238,510,868,747)

2. Intangible xed assets 79,320,851,863

- Cost 95,091,239,834
- Accumulated amortisation -15,770,387,971
II. Long-term work in progress 130,714,751,756
1. Construction in progress 130,714,751,756
III. Long-term financial investments 509,847,398,998

1. Investments in associates 265,222,210,398

2. Equity investments in other entities 95,960,188,600

(1,335,000,000)
3. Allowance for diminution in the value of long-term nancial investments
4. Held-to-maturity investments 150,000,000,000
IV. Other long-term assets 12,082,325,536
1. Long-term prepayments 12,082,325,536

2. Deferred tax assets

TOTAL ASSETS 4552319672238
 C. LIABILITIES 1,984,900,418,669
I. Current liabilities 1,854,109,589,636
1. Short-term trade accounts payable 260,013,816,111
2. Short-term advances from customers 1,782,268,775
3. Taxes and other payables to State
budget 17,276,017,652

4. Payable to employees 72,779,367,525

5. Short-term acrrued expenses 122,598,158,473

6. Other current payables 12,882,910,719

7. Short-term loans and obligations under
finance leases 1,362,611,134,057
8. Bonus and welfare funds 4,165,916,324
II. Long-term liabilities 130,790,829,033
1. Long-term loans and obligations under
finance leases 130,790,829,033
D. EQUITY 2,567,419,253,569
I. Owner's equity 2,567,419,253,569
1. Owners' contributed capital 981,638,530,000
2. Investment and development fund 962,542,250,971
3. Retained earnings 623,238,472,598
- Retained earnings accumulated to the prior
year end 217,977,480,256
- Retained earnings of the current year 405,260,992,342
TOTAL OWNER'S EQUITY AND LIABILITIES 4,552,319,672,238
Balance Sheet
2020 2021 2022

1,678,805,704,398 2,721,738,069,056 3,075,796,747,433

212,170,457,483 142,541,519,801 167,926,602,716
212,020,457,483 142,541,519,801 127,873,999,976
150,000,000 40,052,602,740
700,000,000,000 432,857,808,219
700,000,000,000 432,857,808,219
813,391,481,075 785,380,028,271 890,889,388,815
838,341,865,042 70,936,564,540 866,425,088,081
32,774,992,392 40,938,576,777 73,350,864,092
15,461,572,866 15,461,572,866
7,007,272,206 18,812,535,519 13,201,215,478
(80,194,221,431) (80,194,221,431) (62,087,778,836)
644,121,936,470 1,081,529,963,899 1,535,149,437,534
647,595,962,021 1,084,976,323,019 1,538,861,573,575
(3,474,025,551) (3,446,359,120) (3,712,136,041)
9,121,829,370 12,286,557,085 48,973,510,149
8,317,680,249 5,135,108,112 12,681,337,593
359,098,702 6,730,399,749 35,878,430,549
445,050,419 421,049,224 413,742,007
2,216,613,156,937 2,176,459,992,881 1,988,040,342,651
1,536,749,668,018 1,463,914,085,124 1,410,746,940,838
1,460,159,356,251 1,456,309,209,920 1,403,427,508,608
2,836,340,599,018 2,966,977,974,550 3,062,315,499,643
(1,376,181,242,767) (1,510,668,764,630) (1,658,887,991,035)

76,590,311,767 7,604,875,204 7,319,432,230

95,091,239,834 16,966,399,107 16,966,399,107
-18,500,928,067 (9,361,523,903) (9,646,966,877)
89,105,990,601 36,506,524,504 8,679,749,912
89,105,990,601 36,506,524,504 8,679,749,912
527,206,230,903 549,780,086,115 424,164,579,920

282,581,042,303 305,154,897,515 329,539,391,320

95,960,188,600 95,960,188,600 95,960,188,600

(1,335,000,000) (1,335,000,000) (1,335,000,000)

150,000,000,000 150,000,000,000
63,551,267,415 126,259,297,138 144,449,071,981
62,057,197,585 124,710,234,388 143,187,441,487

1,494,069,830 1,549,062,750 1,261,630,494

3895418861335 4,898,198,061,937 5,063,837,090,084
1,306,130,324,381 2,190,220,357,037 2,233,019,745,258
1,270,673,123,230 2,173,499,759,514 2,233,019,745,258
125,998,611,125 232,932,824,035 287,076,377,670
3,081,619,337 97,609,735,132 44,233,927,436

34,157,963,428 62,082,103,645 30,549,531,968

57,596,856,241 66,258,780,784 60,722,160,180

128,622,751,438 110,327,253,299 65,771,331,043

10,801,412,809 9,013,077,859 39,597,874,952

909,719,199,789 1,593,961,329,934 1,699,309,871,727

694,709,063 1,314,654,826 5,758,670,282
35,457,201,151 16,720,597,523

35,457,201,151 16,720,597,523
2,589,288,536,954 2,707,977,704,900 2,830,817,344,826
2,589,288,536,954 2,707,977,704,900 2,830,817,344,826
1,177,961,830,000 1,177,961,830,000 1,295,753,340,000
941,847,178,493 1,034,576,932,192 1,023,163,062,043
469,479,528,461 495,438,942,708 511,900,942,783

222,984,780,639 234,373,568,296 256,724,220,151

246,494,747,822 261,065,374,412 255,176,722,632
3,895,418,861,335 4,898,198,061,937 5,063,837,090,084
 2023
vnd
3,501,190,530,399
485,324,285,487
474,782,229,711
10,542,055,776
950,000,000,000
950,000,000,000
889,524,952,669
869,315,928,192
48,015,836,819

27,162,774,191
(54,969,586,533)
1,158,634,823,678
1,158,634,823,678

17,706,468,565
16,898,722,913
363,978,613
443,767,039
1,952,508,608,465
1,328,548,642,812
1,321,443,292,812
3,116,054,800,291
(1,794,611,507,479)

7,105,350,000
16,966,399,107
(9,861,049,107)
47,357,468,650
47,357,468,650
442,338,913,287

337,713,724,687
95,960,188,600

(1,335,000,000)
10,000,000,000
134,263,583,716
133,239,678,683

1,023,905,033
5,453,699,138,864
2,338,199,851,626
2,338,199,851,626
313,255,093,379
10,500,805,769

59,998,511,380

60,930,665,983
147,447,718,074

23,850,827,773

1,702,740,302,881
19,475,926,387

3,115,499,287,238
3,115,499,287,238
1,295,753,340,000
1,174,251,384,986
645,494,562,252

280,442,842,735
365,051,719,517
5,453,699,138,864