MASAN COMPANY

INCOME STATEMENT FOR THE YEARS ENDED DECEMBER, 31

Miliion VND Miliion VND Miliion VND Miliion VND

2018 2019 2020 2021
Total operating revenue 39,378,747 38,818,747 78,868,319 89,791,619
Deductions 1,191,130 1,464,660 1,650,511 1,162,852
Net revenue 38,187,617 37,354,087 77,217,808 88,628,767
Cost of Goods Sold (COGS) 26,306,208 26,412,939 59,329,111 66,493,966
Gross profits 11,881,409 10,941,148 17,888,697 22,134,801
Financial income 1,901,793 1,188,183 1,430,663 6,799,578
Finacial expenses 3,090,914 2,200,562 4,556,671 5,706,531
In which: Interest expenses 2,667,531 1,866,015 3,770,283 4,669,426
Share in profits of associates 1,914,340 2,182,410 2,640,068 3,896,641
Selling expenses 4,314,253 3,994,895 13,166,087 11,786,338
General and administrative expenses 2,015,388 2,103,408 3,040,896 4,064,969
Operating profits 6,276,987 6,012,876 1,195,774 11,273,182
Other income 14,708 1,325,350 1,613,262 501,150
Other expenses 47,871 233,136 484,197 285,548
Other profits -33,163 1,092,214 1,129,065 215,602
Profit before tax 6,243,824 7,105,090 2,324,839 11,488,784
Current corporate income tax expense 726,692 790,583 1,086,193 1,499,249
Deferred income tax benefit -104,373 -50,108 -156,367 -111,846
Net profit after tax 5,621,505 6,364,615 1,395,013 10,101,381
Attributeable to:
The company's shareholders 4,916,497 5,557,571 1,233,982 8,562,882
Shareholders do not control 705,008 807,044 161,031 1,538,499
Earnings per share
Basic earnings per share VND 4,561 4,766 1,054 7,269
DECEMBER, 31
Miliion VND
Miliion VND 1st quarter of
2022 2023
76,380,750 18,714,952
191,525 8,725
76,189,225 18,706,227
55,154,201 13,620,060
21,035,024 5,086,167
2,575,563 650,012
6,361,642 1,989,427
4,847,702 1,746,572
4,339,650 977,535
12,511,539 3,316,244
3,854,314 860,239
5,222,742 547,804
279,707 44,323
355,299 10,782
-75,592 33,541 0
5,147,150 581,345
626,750 218,546
-233,948 -76,652
4,754,348 439,451

33,566,996 214,915
1,187,338 224,536

2,511 151
 MASAN COMPANY
BALANCE SHEET FOR THE YEARS ENDED DECEMBER, 31

Miliion VND Miliion VND Miliion VND

2018 2019 2020
ASSETS
Current Assets 12,499,618 24,261,892 29,760,685
Cash and Equivalents 4,585,889 6,800,528 7,721,442
Cash 513,597 1,928,070 1,930,142
Equivalents 4,072,292 4,872,458 5,791,300
Short-term financial investment 375,848 784,454 447,250
Trading securities 472,134
Held to Maturity 375,848 312,320 447,250
Short-term receivables 2,412,555 5,417,776 7,051,442
Accounts receivables from customers 1,523,385 1,240,531 2,061,915
Advanced payments to supplies 707,242 1,528,648 606,656
Short-term loan receivables 1,140,000
Other short-term receivables 288,063 2,754,341 3,350,727
Provision for bad receivable debts (106,135) (105,744) (107,856)
Pending assets
Inventory 4,333,191 9,621,821 12,497,917
Inventory 4,389,589 9,690,631 12,730,397
Provision for devaluation of inventories (56,398) (68,810) (232,480)
Other current assets 792,135 1,637,313 2,042,634
Short-term prepaid expenses 94,291 261,425 303,201
Deductible value added tax 674,894 1,352,367 1,663,346
Tax and other receivables from government budget 22,950 23,521 76,087
Long-term Assets 52,078,995 73,035,359 85,975,877
Long-term trade receivable 1,377,124 1,599,646 1,592,008
Long-term loan receivable
Other long-term receivables 1,377,124 1,599,646 1,592,008
Fixed assets 29,203,764 40,791,699 49,582,187
Tangible non- current assets 23,798,207 29,170,881 34,321,764
Fixed asset cost 31,906,656 39,248,028 50,777,648
Accumulated depreciation (8,108,449) (10,077,147) (16,455,884)
Leased fixed assets 22,278
Leased fixed asset costs 67,300 67,300 90,061
Depreciation of leased fixed assets (67,300) (67,300) (67,783)
Intangible Fixed Assets 5,405,557 11,620,818 15,238,145
Intangible fixed Asset costs 8,015,798 14,777,843 19,594,216
Depreciation of ingtangible fixed assets (2,610,241) (3,157,025) (4,356,071)
Invested real estate 14,518
The original price 18,628
 Accmulated depreciation (4,110)
Long-term assets in progress 2,171,342 3,278,972 2,274,759
Cost of construction in progress 2,171,342 3,278,972 2,274,759
Long-term investment 15,347,915 17,505,857 20,353,099
Invest in affiliates 15,328,811 17,492,653 20,320,738
Investments in equity of other entities 21,646 21,646 30,589
Provision for long-term investment devaluation (8,442) (8,442) (5,628)
Held to maturity investment 5,900 7,400
Other long-term assets 3,978,850 9,859,185 12,159,306
Long-term prepaid expenses 3,164,050 5,633,114 6,533,670
Deferred Income tax 295,261 240,643 1,794,136
Goodwill 519,539 3,985,428 3,831,500
Total Assets 64,578,613 97,297,251 115,736,562
SOURCE OF CAPITAL
Liabilities 30,498,935 45,408,844 90,706,283
Current liabilities 15,795,515 30,492,191 38,874,663
Accounts payable to supplies 2,668,610 5,635,395 6,832,649
Deferred Revenue 334,553 1,178,905 1,074,932
Tax liability 429,861 770,004 941,302
Payables to employees 300 291,683 239,074
Expenses payable 2,791,050 4,110,502 4,705,417
Short-term Unrealized Revenue 12,050 20,706
Other short-term payable 296,413 122,557 2,472,126
Short-term borrowings and financial leases 9,243,779 18,340,185 22,545,046
Provision of short-term Payables 6,517
Reward and Welfare fund 30,949 30,910 36,894
Long-term liabilities 14,703,420 14,916,653 51,831,620
Long-term payables to suppliers 36,330 31,013 27,668
Long-term payables expenses 23,804 180,939 180,397
Long-term borrowings and finance lease 12,751,649 11,675,842 39,466,043
Payable Deferred Income tax 1,351,446 2,455,415 4,651,174
Provision of long-term payables 540,191 573,444 7,506,338
Owner's Equity 34,079,678 51,888,407 25,030,279
Owner's Equity 34,079,678 51,888,407 25,030,279
Owner's equity invested captial 11,631,495 11,689,464 11,746,832
Equity surplus 11,084,417 11,084,357 11,084,297
Other Capitals (9,426,958) (8,563,690) (8,563,690)
Exchange rate difference 4,402 11,033 (226,972)
Other Funds (284,952)
Undistributed Profit 16,193,388 28,558,952 2,182,124
Accumulated Undistributed Profit
by the end of the previous period 12,350,048 15,330,120 27,383,610
Undistributed profit of the current period 3,843,340 13,228,832 (25,201,486)
 Sharehoders do not control 4,592,934 9,108,291 9,032,640
Total liabilities and owner's equity 64,578,613 97,297,251 115,736,562
ED DECEMBER, 31
Miliion VND
Miliion VND Miliion VND 1st quarter of
2021 2022 2023

43,630,176 47,674,624 51,583,262

22,304,822 13,853,100 16,203,728
6,885,412 1,718,476 102,812,232
15,419,410 12,134,624 5,922,496
332,753 3,659,175 4,790,093
3,302,172 3,316,274
332,753 357,003 1,473,819
6,634,409 13,929,560 15,001,820
2,480,224 2,735,816 2,674,011
851,052 1,227,666 1,304,149
2,452,812
883,690 10,007,179 11,067,810
(33,369) (47,369) (46,169)
6,268 2,019
12,813,391 14,445,345 13,657,155
12,947,923 14,634,281 13,794,899
(134,532) (188,936) (137,744)
1,544,801 1,787,444 1,930,466
256,766 374,120 477,323
1,233,915 1,253,949 1,293,509
54,120 159,375 159,634
82,463,295 93,668,191 94,200,357
1,878,478 2,113,762 2,116,293
81,150 81,150 81,150
1,797,328 2,032,612 2,035,143
42,653,939 43,535,355 43,084,202
31,151,629 30,611,529 30,323,558
48,474,105 50,465,195 50,865,367
(17,322,476) (19,853,666) (20,541,809)
209,550 349,310 336,218
308,899 472,986 452,093
(99,349) (123,676) (115,875)
11,292,760 12,574,516 12,424,426
14,362,471 16,357,200 16,420,017
(3,069,711) (3,800,684) (3,995,591)
810,057 729,763 717,980
1,174,802 1,148,248 1,155,075
 (364,745) (418,485) (437,095)
2,021,827 3,324,848 3,401,206
2,021,827 3,324,848 3,401,206
24,538,803 31,333,885 32,317,714
24,538,803 28,480,242 29,446,871
2,853,643 2,870,843

10,560,191 12,630,578 12,562,962

6,593,682 7,259,881 7,348,329
609,690 302,220 326,655
3,356,819 5,068,477 4,887,978
126,093,471 141,342,815 145,783,619

83,756,819 104,706,076 108,677,511

34,547,836 65,320,877 61,125,017
7,970,287 7,489,371 6,358,047
168,183 566,330 796,413
801,899 536,310 604,933
222,205 248,365 235,272
4,996,691 4,184,351 4,299,718
14,532 15,691 22,399
1,513,366 11,671,935 11,789,045
18,850,727 40,567,379 36,982,336
19,101 9,997 7,697
35,845 31,148 31,148
49,208,983 39,385,199 47,552,494
25,014 24,324 22,464
227,575 752,378 697,271
39,371,918 30,425,625 38,691,471
3,215,395 3,541,671 3,499,120
6,369,081 4,641,201 4,642,168
42,336,652 36,636,739 37,106,108
42,336,652 36,636,739 37,106,108
11,805,347 14,237,248 14,237,248
11,084,247 8,723,128 8,723,128
(8,388,147) (8,388,147) (8,388,147)
(339,255) (385,158) (351,493)
(147,087) 583,625 576,378
18,795,877 11,381,940 11,596,855

762,441 17,656,897 11,381,940

18,033,436 (6,274,957) 214,915
 9,525,670 10,484,103 10,712,139
126,093,471 141,342,815 145,783,619
 MASAN COMPANY
INCOME STATEMENT FOR THE YEARS ENDED DECEMBER, 31
Pct. Of Pct. Of Pct. Of Pct. Of Pct. Of
Total Total Total Total Total
Assets, Assets, Assets, Assets, Assets,
2018 2019 2020 2021 2022
Total operating revenue 100.00% 100.00% 100.00% 100.00% 100.00%
Deductions 3.02% 3.77% 2.09% 1.30% 0.25%
Net revenue 96.98% 96.23% 97.91% 98.70% 99.75%
Cost of Goods Sold (COGS) 66.80% 68.04% 75.23% 74.05% 72.21%
Gross profits 30.17% 28.19% 22.68% 24.65% 27.54%
Financial income 4.83% 3.06% 1.81% 7.57% 3.37%
Finacial expenses 7.85% 5.67% 5.78% 6.36% 8.33%
In which: Interest expenses 6.77% 4.81% 4.78% 5.20% 6.35%
Share in profits of associates 4.86% 5.62% 3.35% 4.34% 5.68%
Selling expenses 10.96% 10.29% 16.69% 13.13% 16.38%
General and administrative expenses 5.12% 5.42% 3.86% 4.53% 5.05%
Operating profits 15.94% 15.49% 1.52% 12.55% 6.84%
Other income 0.04% 3.41% 2.05% 0.56% 0.37%
Other expenses 0.12% 0.60% 0.61% 0.32% 0.47%
Other profits -0.08% 2.81% 1.43% 0.24% -0.10%
Profit before tax 15.86% 18.30% 2.95% 12.79% 6.74%
Current corporate income tax expense 1.85% 2.04% 1.38% 1.67% 0.82%
Deferred income tax benefit -0.27% -0.13% -0.20% -0.12% -0.31%
Net profit after tax 14.28% 16.40% 1.77% 11.25% 6.22%
Attributeable to:
The company's shareholders 12.49% 14.32% 1.56% 9.54% 43.95%
Shareholders do not control 1.79% 2.08% 0.20% 1.71% 1.55%
Earnings per share
Basic earnings per share VND 0.01% 0.01% 0.00% 0.01% 0.00%
BER, 31
Total
Assets, 1st
quarter of
2023
100.00%
0.05%
99.95%
72.78%
27.18%
3.47%
10.63%
9.33%
5.22%
17.72%
4.60%
2.93%
0.24%
0.06%
0.18%
3.11%
1.17%
-0.41%
2.35%
0.00%
1.15%
1.20%

0.00%
 MASAN COMPANY
BALANCE SHEET FOR THE YEARS ENDED DECEMBER, 31

Pct. Of Total Pct. Of Total Pct. Of Total

Assets, 2018 Assets, 2019 Assets, 2020
ASSETS
Current Assets 19.36% 24.94% 25.71%
Cash and Equivalents 7.10% 6.99% 6.67%
Cash 0.80% 1.98% 1.67%
Equivalents 6.31% 5.01% 5.00%
Short-term financial investment 0.58% 0.81% 0.39%
Trading securities 0.49%
Held to Maturity 0.58% 0.32% 0.39%
Short-term receivables 3.74% 5.57% 6.09%
Accounts receivables from customers 2.36% 1.27% 1.78%
Advanced payments to supplies 1.10% 1.57% 0.52%
Short-term loan receivables 0.98%
Other short-term receivables 0.45% 2.83% 2.90%
Provision for bad receivable debts -0.16% -0.11% -0.09%
Pending assets 0.00%
Inventory 6.71% 9.89% 10.80%
Inventory 6.80% 9.96% 11.00%
Provision for devaluation of inventories -0.09% -0.07% -0.20%
Other current assets 1.23% 1.68% 1.76%
Short-term prepaid expenses 0.15% 0.27% 0.26%
Deductible value added tax 1.05% 1.39% 1.44%
Tax and other receivables from government budget 0.04% 0.02% 0.07%
Long-term Assets 80.64% 75.06% 74.29%
Long-term trade receivable 2.13% 1.64% 1.38%
Long-term loan receivable
Other long-term receivables 2.13% 1.64% 1.38%
Fixed assets 45.22% 41.92% 42.84%
Tangible non- current assets 36.85% 29.98% 29.66%
Fixed asset cost 49.41% 40.34% 43.87%
Accumulated depreciation -12.56% -10.36% -14.22%
Leased fixed assets 0.02%
Leased fixed asset costs 0.10% 0.07% 0.08%
Depreciation of leased fixed assets -0.10% -0.07% -0.06%
Intangible Fixed Assets 8.37% 11.94% 13.17%
Intangible fixed Asset costs 12.41% 15.19% 16.93%
Depreciation of ingtangible fixed assets -4.04% -3.24% -3.76%
Invested real estate 0.01%
The original price 0.02%
 Accmulated depreciation 0.00%
Long-term assets in progress 3.36% 3.37% 1.97%
Cost of construction in progress 3.36% 3.37% 1.97%
Long-term investment 23.77% 17.99% 17.59%
Invest in affiliates 23.74% 17.98% 17.56%
Investments in equity of other entities 0.03% 0.02% 0.03%
Provision for long-term investment devaluation -0.01% -0.01% 0.00%
Held to maturity investment 0.01% 0.00% 0.01%
Other long-term assets 6.16% 10.13% 10.51%
Long-term prepaid expenses 4.90% 5.79% 5.65%
Deferred Income tax 0.46% 0.25% 1.55%
Goodwill 0.80% 4.10% 3.31%
Total Assets 100.00% 100.00% 100.00%
SOURCE OF CAPITAL
Liabilities 47.23% 46.67% 78.37%
Current liabilities 24.46% 31.34% 33.59%
Accounts payable to supplies 4.13% 5.79% 5.90%
Deferred Revenue 0.52% 1.21% 0.93%
Tax liability 0.67% 0.79% 0.81%
Payables to employees 0.00% 0.30% 0.21%
Expenses payable 4.32% 4.22% 4.07%
Short-term Unrealized Revenue 0.01% 0.02%
Other short-term payable 0.46% 0.13% 2.14%
Short-term borrowings and financial leases 14.31% 18.85% 19.48%
Provision of short-term Payables 0.01%
Reward and Welfare fund 0.05% 0.03% 0.03%
Long-term liabilities 22.77% 15.33% 44.78%
Long-term payables to suppliers 0.06% 0.03% 0.02%
Long-term payables expenses 0.04% 0.19% 0.16%
Long-term borrowings and finance lease 19.75% 12.00% 34.10%
Payable Deferred Income tax 2.09% 2.52% 4.02%
Provision of long-term payables 0.84% 0.59% 6.49%
Owner's Equity 52.77% 53.33% 21.63%
Owner's Equity 52.77% 53.33% 21.63%
Owner's equity invested captial 18.01% 12.01% 10.15%
Equity surplus 17.16% 11.39% 9.58%
Other Capitals -14.60% -8.80% -7.40%
Treasury stock
Exchange rate difference 0.01% 0.01% -0.20%
Other Funds -0.25%
Undistributed Profit 25.08% 29.35% 1.89%
Accumulated Undistributed Profit
by the end of the previous period 19.12% 15.76% 23.66%
 Undistributed profit of the current period 5.95% 13.60% -21.77%
Sharehoders do not control 7.11% 9.36% 7.80%
Total liabilities and owner's equity 100.00% 100.00% 100.00%
D DECEMBER, 31 Pct. Of Total
Pct. Of Assets, 1st
Pct. Of Total Total Assets, quarter of
Assets, 2021 2022 2023

34.60% 33.73% 35.38%

17.69% 9.80% 11.11%
5.46% 1.22% 70.52%
12.23% 8.59% 4.06%
0.26% 2.59% 3.29%
2.34% 2.27%
0.26% 0.25% 1.01%
5.26% 9.86% 10.29%
1.97% 1.94% 1.83%
0.67% 0.87% 0.89%
1.95% 0.00% 0.00%
0.70% 7.08% 7.59%
-0.03% -0.03% -0.03%
0.00% 0.00%
10.16% 10.22% 9.37%
10.27% 10.35% 9.46%
-0.11% -0.13% -0.09%
1.23% 1.26% 1.32%
0.20% 0.26% 0.33%
0.98% 0.89% 0.89%
0.04% 0.11% 0.11%
65.40% 66.27% 64.62%
1.49% 1.50% 1.45%
0.06% 0.06% 0.06%
1.43% 1.44% 1.40%
33.83% 30.80% 29.55%
24.71% 21.66% 20.80%
38.44% 35.70% 34.89%
-13.74% -14.05% -14.09%
0.17% 0.25% 0.23%
0.24% 0.33% 0.31%
-0.08% -0.09% -0.08%
8.96% 8.90% 8.52%
11.39% 11.57% 11.26%
-2.43% -2.69% -2.74%
0.64% 0.52% 0.49%
0.93% 0.81% 0.79%
 -0.29% -0.30% -0.30%
1.60% 2.35% 2.33%
1.60% 2.35% 2.33%
19.46% 22.17% 22.17%
19.46% 20.15% 20.20%
0.00% 2.02% 1.97%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
8.37% 8.94% 8.62%
5.23% 5.14% 5.04%
0.48% 0.21% 0.22%
2.66% 3.59% 3.35%
100.00% 100.00% 100.00%

66.42% 74.08% 74.55%

27.40% 46.21% 41.93%
6.32% 5.30% 4.36%
0.13% 0.40% 0.55%
0.64% 0.38% 0.41%
0.18% 0.18% 0.16%
3.96% 2.96% 2.95%
0.01% 0.01% 0.02%
1.20% 8.26% 8.09%
14.95% 28.70% 25.37%
0.02% 0.01% 0.01%
0.03% 0.02% 0.02%
39.03% 27.87% 32.62%
0.02% 0.02% 0.02%
0.18% 0.53% 0.48%
31.22% 21.53% 26.54%
2.55% 2.51% 2.40%
5.05% 3.28% 3.18%
33.58% 25.92% 25.45%
33.58% 25.92% 25.45%
9.36% 10.07% 9.77%
8.79% 6.17% 5.98%
-6.65% -5.93% -5.75%
0.00%
-0.27% -0.27% -0.24%
-0.12% 0.41% 0.40%
14.91% 8.05% 7.95%

0.60% 12.49% 7.81%

 14.30% -4.44% 0.15%
7.55% 7.42% 7.35%
100.00% 100.00% 100.00%
 MASAN COMPANY
INCOME STATEMENT FOR THE YEARS ENDED DECEMBER, 3
2019 2020
Change,
Change, Change, million Change,
million VND Percent VND Percent
Total operating revenue -560,000 -1.42% 40,049,572 103.17%
Deductions 273,530 22.96% 185,851 12.69%
Net revenue -833,530 -2.18% 39,863,721 106.72%
Cost of Goods Sold (COGS) 106,731 0.41% 32,916,172 124.62%
Gross profits -940,261 -7.91% 6,947,549 63.50%
Financial income -713,610 -37.52% 242,480 20.41%
Finacial expenses -890,352 -28.81% 2,356,109 107.07%
In which: Interest expenses -801,516 -30.05% 1,904,268 102.05%
Share in profits of associates 268,070 14.00% 457,658 20.97%
Selling expenses -319,358 -7.40% 9,171,192 229.57%
General and administrative expenses 88,020 4.37% 937,488 44.57%
Operating profits -264,111 -4.21% -4,817,102 -80.11%
Other income 1,310,642 8911.08% 287,912 21.72%
Other expenses 185,265 387.01% 251,061 107.69%
Other profits 1,125,377 -3393.47% 36,851 3.37%
Profit before tax 861,266 13.79% -4,780,251 -67.28%
Current corporate income tax expense 63,891 8.79% 295,610 37.39%
Deferred income tax benefit 54,265 -51.99% -106,259 212.06%
Net profit after tax 743,110 13.22% -4,969,602 -78.08%
Attributeable to:
The company's shareholders 641,074 13.04% -4,323,589 -77.80%
Shareholders do not control 102,036 14.47% -646,013 -80.05%
Earnings per share
Basic earnings per share VND 205 4.49% -3,712 -77.89%
Y
ENDED DECEMBER, 31
2021 2022
Change,
million Change, Change, Change,
VND Percent million VND Percent
10,923,300 13.85% -13,410,869 -14.94%
-487,659 -29.55% -971,327 -83.53%
11,410,959 14.78% -12,439,542 -14.04%
7,164,855 12.08% -11,339,765 -17.05%
4,246,104 23.74% -1,099,777 -4.97%
5,368,915 375.27% -4,224,015 -62.12%
1,149,860 25.23% 655,111 11.48%
899,143 23.85% 178,276 3.82%
1,256,573 47.60% 443,009 11.37%
-1,379,749 -10.48% 725,201 6.15%
1,024,073 33.68% -210,655 -5.18%
10,077,408 842.75% -6,050,440 -53.67%
-1,112,112 -68.94% -221,443 -44.19%
-198,649 -41.03% 69,751 24.43%
-913,463 -80.90% -291,194 -135.06%
9,163,945 394.18% -6,341,634 -55.20%
413,056 38.03% -872,499 -58.20%
44,521 -28.47% -122,102 109.17%
8,706,368 624.11% -5,347,033 -52.93%

7,328,900 593.92% 25,004,114 292.01%

1,377,468 855.41% -351,161 -22.82%

6,215 589.66% -4,758 -65.46%

 MASAN COMPANY
BALANCE SHEET FOR THE YEARS ENDED DECE
2019/2018 2020/2019

Change, Change, Change,

million VND Percent million VND
ASSETS
Current Assets 11,762,274 94.10% 5,498,793
Cash and Equivalents 2,214,639 48.29% 920,914
Cash 1,414,473 275.41% 2,072
Equivalents 800,166 19.65% 918,842
Short-term financial investment 408,606 108.72% (337,204)
Trading securities 472,134 (472,134)
Held to Maturity (63,528) -16.90% 134,930
Short-term receivables 3,005,221 124.57% 1,633,666
Accounts receivables from customers (282,854) -18.57% 821,384
Advanced payments to supplies 821,406 116.14% (921,992)
Short-term loan receivables - 1,140,000
Other short-term receivables 2,466,278 856.16% 596,386
Provision for bad receivable debts 391 -0.37% (2,112)
Pending assets - -
Inventory 5,288,630 122.05% 2,876,096
Inventory 5,301,042 120.76% 3,039,766
Provision for devaluation of inventories (12,412) 22.01% (163,670)
Other current assets 845,178 106.70% 405,321
Short-term prepaid expenses 167,134 177.25% 41,776
Deductible value added tax 677,473 100.38% 310,979
Tax and other receivables from government budget 571 2.49% 52,566
Long-term Assets 20,956,364 40.24% 12,940,518
Long-term trade receivable 222,522 16.16% (7,638)
Long-term loan receivable - -
Other long-term receivables 222,522 16.16% (7,638)
Fixed assets 11,587,935 39.68% 8,790,488
Tangible non- current assets 5,372,674 22.58% 5,150,883
Fixed asset cost 7,341,372 23.01% 11,529,620
Accumulated depreciation (1,968,698) 24.28% (6,378,737)
Leased fixed assets - 22,278
Leased fixed asset costs - 0.00% 22,761
Depreciation of leased fixed assets - 0.00% (483)
Intangible Fixed Assets 6,215,261 114.98% 3,617,327
Intangible fixed Asset costs 6,762,045 84.36% 4,816,373
Depreciation of ingtangible fixed assets (546,784) 20.95% (1,199,046)
Invested real estate - 14,518
 The original price - 18,628
Accmulated depreciation - (4,110)
Long-term assets in progress 1,107,630 51.01% (1,004,213)
Cost of construction in progress 1,107,630 51.01% (1,004,213)
Long-term investment 2,157,942 14.06% 2,847,242
Invest in affiliates 2,163,842 14.12% 2,828,085
Investments in equity of other entities - 0.00% 8,943
Provision for long-term investment devaluation - 0.00% 2,814
Held to maturity investment (5,900) -100.00% 7,400
Other long-term assets 5,880,335 147.79% 2,300,121
Long-term prepaid expenses 2,469,064 78.03% 900,556
Deferred Income tax (54,618) -18.50% 1,553,493
Goodwill 3,465,889 667.11% (153,928)
Total Assets 32,718,638 50.66% 18,439,311
SOURCE OF CAPITAL
Liabilities 14,909,909 48.89% 45,297,439
Current liabilities 14,696,676 93.04% 8,382,472
Accounts payable to supplies 2,966,785 111.17% 1,197,254
Deferred Revenue 844,352 252.38% (103,973)
Tax liability 340,143 79.13% 171,298
Payables to employees 291,383 97127.67% (52,609)
Expenses payable 1,319,452 47.27% 594,915
Short-term Unrealized Revenue 12,050 8,656
Other short-term payable (173,856) -58.65% 2,349,569
Short-term borrowings and financial leases 9,096,406 98.41% 4,204,861
Provision of short-term Payables - 6,517
Reward and Welfare fund (39) -0.13% 5,984
Long-term liabilities 213,233 1.45% 36,914,967
Long-term payables to suppliers (5,317) -14.64% (3,345)
Long-term payables expenses 157,135 660.12% (542)
Long-term borrowings and finance lease (1,075,807) -8.44% 27,790,201
Payable Deferred Income tax 1,103,969 81.69% 2,195,759
Provision of long-term payables 33,253 6.16% 6,932,894
Owner's Equity 17,808,729 52.26% (26,858,128)
Owner's Equity 17,808,729 52.26% (26,858,128)
Owner's equity invested captial 57,969 0.50% 57,368
Equity surplus (60) 0.00% (60)
Other Capitals 863,268 -9.16% -
Treasury stock - -
Exchange rate difference 6,631 150.64% (238,005)
Other Funds - (284,952)
Undistributed Profit 12,365,564 76.36% (26,376,828)
 Accumulated Undistributed Profit
by the end of the previous period 2,980,072 24.13% 12,053,490
Undistributed profit of the current period 9,385,492 244.20% (38,430,318)
Sharehoders do not control 4,515,357 98.31% (75,651)
Total liabilities and owner's equity 32,718,638 50.66% 18,439,311
OMPANY
EARS ENDED DECEMBER, 31
2020/2019 2021/2020 2022/2021

Change, Change, Change, Change, Change,

Percent million VND Percent million VND Percent
TS
22.66% 13,869,491 46.60% 4,044,448 9.27%
13.54% 14,583,380 188.87% (8,451,722) -37.89%
0.11% 4,955,270 256.73% (5,166,936) -75.04%
18.86% 9,628,110 166.25% (3,284,786) -21.30%
-42.99% (114,497) -25.60% 3,326,422 999.67%
-100.00% - 3,302,172
43.20% (114,497) -25.60% 24,250 7.29%
30.15% (417,033) -5.91% 7,295,151 109.96%
66.21% 418,309 20.29% 255,592 10.31%
-60.31% 244,396 40.29% 376,614 44.25%
1,312,812 115.16% (2,452,812) -100.00%
21.65% (2,467,037) -73.63% 9,123,489 1032.43%
2.00% 74,487 -69.06% (14,000) 41.96%
- 6,268
29.89% 315,474 2.52% 1,631,954 12.74%
31.37% 217,526 1.71% 1,686,358 13.02%
237.86% 97,948 -42.13% (54,404) 40.44%
24.76% (497,833) -24.37% 242,643 15.71%
15.98% (46,435) -15.31% 117,354 45.70%
23.00% (429,431) -25.82% 20,034 1.62%
223.49% (21,967) -28.87% 105,255 194.48%
17.72% (3,512,582) -4.09% 11,204,896 13.59%
-0.48% 286,470 17.99% 235,284 12.53%
81,150 - 0.00%
-0.48% 205,320 12.90% 235,284 13.09%
21.55% (6,928,248) -13.97% 881,416 2.07%
17.66% (3,170,135) -9.24% (540,100) -1.73%
29.38% (2,303,543) -4.54% 1,991,090 4.11%
63.30% (866,592) 5.27% (2,531,190) 14.61%
187,272 840.61% 139,760 66.70%
33.82% 218,838 242.99% 164,087 53.12%
0.72% (31,566) 46.57% (24,327) 24.49%
31.13% (3,945,385) -25.89% 1,281,756 11.35%
32.59% (5,231,745) -26.70% 1,994,729 13.89%
37.98% 1,286,360 -29.53% (730,973) 23.81%
795,539 5479.67% (80,294) -9.91%
 1,156,174 6206.65% (26,554) -2.26%
(360,635) 8774.57% (53,740) 14.73%
-30.63% (252,932) -11.12% 1,303,021 64.45%
-30.63% (252,932) -11.12% 1,303,021 64.45%
16.26% 4,185,704 20.57% 6,795,082 27.69%
16.17% 4,218,065 20.76% 3,941,439 16.06%
41.31% (30,589) -100.00% 2,853,643
-33.33% 5,628 -100.00% -
(7,400) -100.00% -
23.33% (1,599,115) -13.15% 2,070,387 19.61%
15.99% 60,012 0.92% 666,199 10.10%
645.56% (1,184,446) -66.02% (307,470) -50.43%
-3.86% (474,681) -12.39% 1,711,658 50.99%
18.95% 10,356,909 8.95% 15,249,344 12.09%
CAPITAL
99.75% (6,949,464) -7.66% 20,949,257 25.01%
27.49% (4,326,827) -11.13% 30,773,041 89.07%
21.25% 1,137,638 16.65% (480,916) -6.03%
-8.82% (906,749) -84.35% 398,147 236.73%
22.25% (139,403) -14.81% (265,589) -33.12%
-18.04% (16,869) -7.06% 26,160 11.77%
14.47% 291,274 6.19% (812,340) -16.26%
71.83% (6,174) -29.82% 1,159 7.98%
1917.12% (958,760) -38.78% 10,158,569 671.26%
22.93% (3,694,319) -16.39% 21,716,652 115.20%
12,584 193.09% (9,104) -47.66%
19.36% (1,049) -2.84% (4,697) -13.10%
247.47% (2,622,637) -5.06% (9,823,784) -19.96%
-10.79% (2,654) -9.59% (690) -2.76%
-0.30% 47,178 26.15% 524,803 230.61%
238.01% (94,125) -0.24% (8,946,293) -22.72%
89.43% (1,435,779) -30.87% 326,276 10.15%
1208.99% (1,137,257) -15.15% (1,727,880) -27.13%
-51.76% 17,306,373 69.14% (5,699,913) -13.46%
-51.76% 17,306,373 69.14% (5,699,913) -13.46%
0.49% 58,515 0.50% 2,431,901 20.60%
0.00% (50) 0.00% (2,361,119) -21.30%
0.00% 175,543 -2.05% - 0.00%
- -
-2157.21% (112,283) 49.47% (45,903) 13.53%
137,865 -48.38% 730,712 -496.79%
-92.36% 16,613,753 761.36% (7,413,937) -39.44%
 78.63% (26,621,169) -97.22% 16,894,456 2215.84%
-290.50% 43,234,922 -171.56% (24,308,393) -134.80%
-0.83% 493,030 5.46% 958,433 10.06%
18.95% 10,356,909 8.95% 15,249,344 12.09%
 LIQUIDITY RATIO
2018 2019 2020 2021
Industry Industry Industry
MSN MSN MSN MSN
Average Average Average
Current Ratio 79% 100% 80% 100% 77% 200% 126%
Quick Ratio 52% 72% 48% 98% 44% 122% 89%
2021 2022 1st quarter of 2023
Industry Industry Industry
MSN MSN
Average Average Average
200% 73% 200% 84% 200%
145% 51% 123% 62% 137%
 ASSET MANAGEMENT
2018 2019 2020
Industry Industry
MSN Average MSN Average MSN
Inventory Turnover (Turnover per year) 6.07 8.80 2.75 8.84 4.75
DSO 14.12 33.52 11.66 26.52 9.54
Fixed Asset Turnover Ratio 1.35 7.18 0.95 8.14 1.59
Total Asset Turnover Ratio 0.61 2.66 0.40 2.52 0.68

TURNOVER RATIO
60

50

40

30

20

10

0
2018 2019 2020 2021 2022 1st quarter
ANAGEMENT
2020 2021 2022 1st quarter of 2023
Industry Industry Industry Industry
Average MSN Average MSN Average MSN Average
8.99 5.19 12.06 3.82 7.55 1.00 1.73
21.29 10.08 22.58 13.07 22.00 52.15 51.57
2.24 2.11 10.35 1.75 13.78 0.43 3.15
8.77 0.71 2.16 0.54 2.25 0.13 0.52

RNOVER RATIO

Inventory Turnover

DSO

Fixed Asset Turnover Ratio

Total Asset Turnover Ratio

2021 2022 1st quarter of 2023

 LEVERAGE OR DEBT RATIOS
2018 2019
Industry Industry
MSN Average MSN Average
Total Debt Ratio 0.472 0.543 0.467 0.479
Long-Term Debt Ratio 0.228 0.054 0.153 0.020
Ratio of Long-Term Debt to Total Capitalization 0.301 0.105 0.223 0.037
Total Debt to Equity Ratio 0.895 1.186 0.875 0.921
Long-Term Debt to Equity Ratio 0.431 0.117 0.287 0.038
tt asser 735,747 864,707 1,011,345 1,161,804
liabilyty 399,191 414,499 467,477 492,459
currenliablity 359,787 397,225 461,332 486,314
eq 336,556 450,209 543,868 669,344
long term 39,404 17,274 6,145 6,145
EBT RATIOS
2020 2021 2022
Industry Industry Industry
MSN Average MSN Average MSN Average
0.784 0.462 0.664 0.424 0.741 0.420
0.448 0.006 0.390 0.005 0.279 0.004
0.674 0.011 0.538 0.009 0.518 0.007
3.624 0.860 1.978 0.736 2.858 0.724
2.071 0.011 1.162 0.009 1.075 0.007
1,429,592
600,329
594,184
829,263
6,145
 PROFITABILITY MEASURES
2018 2019 2020
Industry Industry Industry
MSN Average MSN Average MSN Average
Gross Profit Margin 30.17% 26.93% 28.19% 28.93% 22.68% 28.64%
Operating Profit Margin 15.86% 6.69% 18.30% 9.58% 2.95% 9.86%
ROS 14.72% 5.12% 17.04% 7.66% 1.81% 7.86%
ROA 8.70% 13.59% 6.54% 19.27% 1.21% 17.61%
ROE 16.50% 29.71% 12.27% 37.01% 5.57% 32.84%
MEASURES
2021 2022 1st quarter of 2023
Industry Industry Industry
MSN Average MSN Average MSN Average
24.65% 26.86% 27.54% 27.53% 27.18% 26.37%
12.79% 9.25% 6.74% 8.60% 3.11% 8.41%
11.40% 7.41% 6.24% 6.89% 2.35% 6.73%
8.01% 16.01% 3.36% 15.50% 0.30% 3.51%
23.86% 27.78% 12.98% 26.73% 1.18% 5.49%
 INTEREST COVERAGE RATIOS

2018 2019 2020 2021 2022

Times Interest Earned
Ratio 2.341 3.808 0.617 2.460 1.062
Cash Coverage Ratio
-1,313,035.314 -2,174,354.612 -1,244,028.154 -1,160,623.008 -1,226,628.107
 MARKET VALUE RATIOS
2018 2019
Number of outstanding
shares of common stock 1,163,149,548 8,100,000 1,168,946,447 8,100,000
Stock price, per share 62.71 107.93 45.72 138.81
Industry Industry
MSN Average MSN Average
EPS 0.005 12.346 0.005 20.567
DPS 0.001 -2.000 0.000 -3.000
BVPS 0.0293 41.5502 0.0444 55.5813
P/E 12975.370 8.742 8397.088 6.749
Payout ratio 0.232 -0.162 0.061 -0.146
Retention Ratio 0.684 0.990 2.078 0.994
M/B 2140.311 2.598 1029.984 2.497

Industry Industry
MSN Average MSN Average
cash dividend paid to stoc 1,304,374 -16,200,728 390,445 -24,300,000
MARKET VALUE RATIOS
2020 2021 2022

11,631,495 8,100,000 1,180,534,692 8,100,000 1,423,724,783 8,100,000

72.8 145.75 141.46 199.38 93.00 189.59
Industry Industry Industry
MSN Average MSN Average MSN Average
0.120 22.053 0.009 22.961 0.003 27.364
0.121 -4.971 0.003 -4.994 0.001 -4.983
2.1519 67.1441 0.0359 82.6351 0.0257 102.3782
607.000 6.609 16532.238 8.683 27849.540 6.928
1.005 -0.225 0.341 -0.218 0.264 -0.182
-18.065 0.994 1.785 0.995 -1.320 0.996
33.830 2.171 3944.536 2.413 3614.034 1.054

Industry Industry Industry

MSN Average MSN Average MSN Average
1,402,069 -40,267,628 3,442,095 -40,453,163 1,253,082 -40,361,805
 MASAN COMPANY
CUBIC REGRESSION EQUATION FITTED TO DATA FOR ANNUAL SALES
Annual Sales
Fiscal VND million
Year X X^2 Data Forecast
2010 0 0 5,689 4,361
2011 1 1 7,239 7,380
2012 2 4 10,575 11,093
2013 3 9 12,106 15,499
2014 4 16 16,347 20,600
2015 5 25 31,325 26,394
2016 6 36 45,100 32,882
2017 7 49 38,980 40,063
2018 8 64 39,379 47,939
2019 9 81 38,819 56,509
2020 10 100 78,868 65,772
2021 11 121 89,792 75,729
2022 12 144 76,381 86,380
2023 13 169 97,724
2024 14 196 109,763
2025 15 225 122,495
2026 16 256 135,922
2027 17 289 150,042
Average error =

Y = 346.91x^2 + 2671.9x + 4361.3

LINEST Output for Quadratic Model
Slope (b) 346.9115884116 2671.934565435 4361.27472527
Standard error for slope 230.3062959275 2867.290261081 7405.69939992
Cofficient of determination (R2) 89.2% 10304.75918532 #N/A
F statistic 41.16826498567 10 #N/A
Regresstion sum of squares 8743156538.555 1061880618.675 #N/A
OR ANNUAL SALES
Forecast
Error,
VND million
1,328
-141 SCATTER PLOT WITH QUADRATIC
-518 TREND LINE
-3,393 100000
90000
-4,253 80000 f(x) = 346.911588411588 x² + 2671.93456543457 x + 4361.2747252747
4,931 70000 R² = 0.891700500299253
12,218 60000
50000
-1,083 40000
-8,560 30000
20000
-17,690 10000
13,096 0
0 2 4 6 8 10 12
14,063
-9,999 Axis Title

PATTERN ERROR
20,000
0
15,000

10,000

5,000

-5,000

-10,000
Intercept (a)
Standard error for intercept -15,000
Standard error for estimate -20,000
Degrees of freedom 1 2 3 4 5 6 7 8 9 10 11 12
Residual sum of squares
UADRATIC

+ 4361.2747252747

10 12 14

OR

9 10 11 12 13
 MASAN COMPANY
QUADRATIC REGRESSION EQUATION FITTED TO DATA FOR ANNUAL
Annual Sales Forecast
Fiscal VND million Error, X - XM,
Year X X^2 Data Forecast VND million years
2010 0 0 5,689 4,361 1,328 -6.0
2011 1 1 7,239 7,380 -141 -5.0
2012 2 4 10,575 11,093 -518 -4.0
2013 3 9 12,106 15,499 -3,393 -3.0
2014 4 16 16,347 20,600 -4,253 -2.0
2015 5 25 31,325 26,394 4,931 -1.0
2016 6 36 45,100 32,882 12,218 0.0
2017 7 49 38,980 40,063 -1,083 1.0
2018 8 64 39,379 47,939 -8,560 2.0
2019 9 81 38,819 56,509 -17,690 3.0
2020 10 100 78,868 65,772 13,096 4.0
2021 11 121 89,792 75,729 14,063 5.0
2022 12 144 76,381 86,380 -9,999 6.0
2023 13 169 97,724 7.0
2024 14 196 109,763 8.0
2025 15 225 122,495 9.0
2026 16 256 135,922 10.0
2027 17 289 150,042 11.0
Average error = 0

Y = 346.91x2 + 2671.9x + 4361.3

LINEST Output for Quadratic Model
Slope (b) 346.91159 2671.934565 4361.27473 Intercept (a)
Standard error for slope 230.3063 2867.290261 7405.6994 Standard error for intercept
Cofficient of determination (R2) 89.2% 10304.75919 #N/A Standard error for estimate
F statistic 41.168265 10 #N/A Degrees of freedom
Regresstion sum of squares 8.743E+09 1061880619 #N/A Residual sum of squares
ANY
ED TO DATA FOR ANNUAL SALES
Std. Fcst. 80% cofidence Limits is the data
Error, SFE Minium Maxium outside the
VND million VND million VND million conf. Limits?
11,634 -31,446 40,168 NO
11,355 -27,568 42,328 NO
11,122 -23,136 45,322 NO DATA VALUES, QUADRATIC
10,937 -18,160 49,158 NO GRESSION LINE
10,802 -12,647 53,846 NO
200,000
10,721 -6,602 59,390 NO
10,694 -30 65,794 NO
10,721 7,068 73,059 NO
10,802 14,693 81,185 NO 150,000
10,937 22,849 90,168 NO
11,122 31,543 100,001 NO
11,355 40,781 110,677 NO 100,000
11,634 50,573 122,187 NO
11,956 60,928 134,521
12,317 71,857 147,669
50,000
12,713 83,369 161,621
13,142 95,476 176,367
13,600 108,186 191,897
Student't 3.08 0

-50,000
2010 2012 2014 2016 2018 2020 202

rror for intercept

error for estimate

um of squares
LUES, QUADRATIC RE-
RESSION LINE

2016 2018 2020 2022 2024 2026