Figs in Million $ May, 11 Nov, 11 May, 12 Nov, 12 May, 13 Nov, 13 May, 14 Nov, 14 May, 15 Nov, 15 May, 16

Principal 90
0 1 2 3 4 5 6 7 8 9 10

Discounted Principal
96.181% of 90 mill 86.56 -18.00 -18.00 -54.00
Interest -4.44 -4.44 -4.44 -4.44 -4.44 -4.44 -3.56 -3.56 -2.67 -2.67
Redemption
Premium

Marketing expense -5.86

Sum 80.70 -4.44 -4.44 -4.44 -4.44 -4.44 -22.44 -3.56 -21.56 -2.67 -56.67
IRR 6.53%
EAR 13.49%
Nominal Rate 9.88%
Half Y rate 4.94%
Interest pmt 4.44375

PV of interest for
period 6 to 10 -14.8335
-0.16482
Figs in Million $ May, 11Nov, 11May, 12Nov, 12May, 13Nov, 13May, 14Nov, 14May, 15Nov, 15May, 16
Principal 90
0 1 2 3 4 5 6 7 8 9 10

Discounted Principal 86.56 -18.00 -18.00 -22.50

Interest -4.44 -4.44 -4.44 -4.44 -4.44 -2.89 -2.00 -2.00 -1.11 -1.11

Redemption
Premium at 35%
equal to redemption
price 109.875% -34.61
Marketing expense -5.86

Sum 80.70 -4.44 -4.44 -4.44 -4.44 -39.05 -20.89 -2.00 -20.00 -1.11 -23.61
IRR 7.36%
EAR 15.26%
Nominal Rate 9.88%
Half Y rate 4.94%
Interest pmt 4.4438
Figs in Million $ May, 11 Nov, 11 May, 12 Nov, 12 May, 13 Nov, 13 May, 14 Nov, 14May, 15Nov, 15May, 16
Principal 90
0 1 2 3 4 5 6 7 8 9 10

Discounted Principal 86.56 0.00 0.00 0.00

Interest -4.44 -4.44 -4.44 -4.44 -4.44 0.00 0.00 0.00 0.00
Redemption
Premium at 4.9375%
hence, total
redemption equal to
104.9375% -94.44 0.00

Marketing expense -5.86

Sum 80.70 -4.44 -4.44 -4.44 -4.44 -4.44 -94.44 0.00 0.00 0.00 0.00
IRR 7.113%
EAR 14.732%
Nominal Rate 9.875%
Half Y rate 4.938%
Interest pmt 4.44375
Figs in Million $ May, 11 Nov, 11 May, 12 Nov, 12 May, 13 Nov, 13 May, 14 Nov, 14May, 15Nov, 15May, 16
Principal 90
0 1 2 3 4 5 6 7 8 9 10

Discounted Principal 86.56 0.00 0.00 0.00 0.00 0.00

Interest -4.44 -4.44 -4.44 -4.44 0.00 0.00 0.00 0.00 0.00 0.00

Redemption Premium at
101% -90.90

Marketing expense -5.86

Sum 80.70 -4.44 -4.44 -4.44 -95.34 0.00 0.00 0.00 0.00 0.00 0.00
IRR 8.30%
EAR 17.29%
Nominal Rate 9.88%
Half Y rate 4.94%
Interest pmt 4.4438
Balance Sheet
UNIT:MILLION VND 2007 2008 2009 2010
Cash and cash equivalents 1290908 531085 1944229 3788758

Short-term investments 115203 0 157571 81783

Accounts receivable 1117126 1984810 2956114 3599721
Inventories 1370091 1852155 2213151 3798429
Other current assets 118353 156743 132490 236133
CURRENT ASSETS 4011681 4524793 7403555 11504824
Long-term trade receivables 1800 0 0 0
Fixed assets 705583 1870421 2517310 4409785
Long-term investments 1306448 2090737 2061446 2855493
Other long-term assets 309310 385609 213901 233782
LONG-TERM ASSETS 2323141 4346767 4792657 7499060
TOTAL ASSETS 6334822 8871560 12196212 19003884
Short-term borrowings 649474 1203109 2991798 3092741
Trade accounts payable 98829 373886 197538 667297
Advances from customers 512816 98426 44397 1501129
Taxes and other payable to State 142704 152270 265774 491201
Budget
Payable to employees 9238 31555 17811 22397
Accrued expenses 286060 367849 644984 409723
Other payables 77121 308083 132540 304798
Provision for ST liabilities 0 0 0 21481
CURRENT LIABILITIES 1776242 2535178 4294842 6510767
Other long-term payables 10179 4319 23992 23719
Long-term borrowings 813385 1893644 2248707 2782060
Deferred income tax liabilities 98702 234725 499210 505737
Provision for severance 1597 4488 1805 1433
LONG TERM LIABILITIES 923863 2137176 2773714 3312949
TOTAL LIABILITIES 2700105 4672354 7068556 9823716
Capital and reserves 3389056 3728928 4694917 8481377
Budget sources and other funds 13347 18569 16585 0
OWNER'S EQUITY 3402403 3747497 4711502 8481377
         
MINORITY INTERESTS 232314 451709 416154 698791
         
TOTAL RESOURCES 6334822 8871560 12196212 19003884
0 0 0 0
Income Statement
NIT:MILLION VND 2007 2008 2009 2010
Sales 1589430 1885146 4370252 4526469
Sales deductions -1400 -4401 -4943 -1591

Net sales 1588030 1880744 4365309 4524878

Cost of sales -991086 -990632 -2358547 -2232775
Gross Profit 596944 890112 2006762 2292103
Selling expenses -39150 -75252 -108523 -133031

General and admin expenses -50018 -125209 -162416 -190206

Operating profit/(loss) 507776 689651 1735823 1968866

Financial income 438619 438619 199382 1262054

Other incomes 29463 12718 48462 24923
Financial and Interest expense -102359 -184299 -213430 -216598

Other expenses -24314 -39032 -26731 -21283

Net accounting profit/(loss) 849185 917657 1743506 3017962

before tax

Business income tax expenses 247370 240816 456606 795333

Net profit/(loss) after tax 601815 676841 1286900 2222629

Cash Flow Statement
UNIT:MILLION VND 2007 2008 2009 2010
Operating profit/(loss) before changes in WC 535941 783962 1914581 2034056

(Increase)/decrease in receivables -857271 -520253 -339054 -1372345

(increase)/decrease in inventories -1538647 -482063 -168205 23112

Increase/(decrease) in payables 714705 150487 37845 211651

(Increase)/decrease in prepaid expenses -281087 -96993 66934 -41440

Interest paid -41363 -195474 -189042 -192430

Business Income Tax paid -49793 -149058 -212870 -286345

Other receipts from operating activities 0 0 0 0

Other payments on operating activities -8903 -29882 -26879 -81818

Net cash inflows(outflows) from -1526418 -539274 1083310 294441

operating activities
Purchases of fixed assets and other long -146783 -1056650 -1357529 -2302665
term assets

Proceeds from disposal of fixed assets 0 127905 32965 10164

Loans granted, purchases of debt 0 0 -568354 0

instruments
Collection of loans, proceeds from sales of 0 0 134000 0
debts instruments

Investments in other entities -397475 -778090 0 -1350429

Proceeds from divestment in other entities 0 23363 85997 1691967

Dividends and interest received 144853 0 0 165233

Net cash inflows/(outflows) from investing -399405 -1683472 -1672921 -1785730

activities

Proceeds from issue of shares 2594121 0 248393 757185

Payments for share returns and repurchases -221650 -327980 -30092 0

Proceeds from borrowings -663125 -1061691 -2577048 -3054596

Repayment of borrowings 1411390 2695584 4720801 5142575
Finance lease principal payments -572 0 -356649 0

Dividends paid -36232 -1 0 -292008

Tiền lãi đã nhận 0 154358 0 0
Net cash inflows/(outflows) from financing 3083932 1460270 2005405 2553156
activities
Net increase in cash and cash equivalents 1158109 -762476 1415794 1061867

Cash and cash equivalents at the beginning 132797 1290908 528432 1944229
o period
Effect of foreign exchange differences 0 0 0 0

Cash and cash equivalents at the end of 1290906 528432 1944226 3006096
period
 2007 2008 2009 2010
Cash Flow from Operations/Total Debt
-1.04 -0.17 0.21 0.05
Cash flow from operations/Interest
-14.91 -2.93 5.08 1.36
Days Receivable 256.54 384.30 246.89 290.27
Days Inventory 504.58 682.43 342.50 620.94
Debt/Equity 0.43 0.83 1.11 0.6927
Mar 3, 2011 459.2 43.6
Mar 4, 2011 468.2 1.96% 43.3 -0.69% -2.65%
Mar 7, 2011 475.4 1.54% 44 1.62% 0.08%
Mar 8, 2011 470.5 -1.03% 46.2 5.00% 6.03%
Mar 9, 2011 482.5 2.55% 48.1 4.11% 1.56%
### 495.1 2.61% 50 3.95% 1.34%
### 479.9 -3.07% 52 4.00% 7.07%
### 468.7 -2.33% 49.4 -5.00% -2.67%
### 463.6 -1.09% 47 -4.86% -3.77%
### 460.5 -0.67% 44.7 -4.89% -4.22%
### 461.1 0.13% 45.5 1.79% 1.66%
### 468.2 1.54% 44.5 -2.20% -3.74%
### 464.8 -0.73% 46.7 4.94% 5.67%
### 467.6 0.60% 45.3 -3.00% -3.60%
### 461.3 -1.35% 46.7 3.09% 4.44%
### 457.7 -0.78% 46.5 -0.43% 0.35%
### 459.5 0.39% 45.4 -2.37% -2.76%
### 457.9 -0.35% 45.8 0.88% 1.23%
### 460 0.46% 45.7 -0.22% -0.68%
### 461.1 0.24% 45.3 -0.88% -1.11%
### 459.2 -0.41% 45.1 -0.44% -0.03%
Apr 1, 2011 457.2 -0.44% 44.7 -0.89% -0.45%
Apr 4, 2011 457.2 0.00% 44.2 -1.12% -1.12%
Apr 5, 2011 464.9 1.68% 44 -0.45% -2.14%
Apr 6, 2011 463.5 -0.30% 45.4 3.18% 3.48%
Apr 7, 2011 464.3 0.17% 45.5 0.22% 0.05%
Apr 8, 2011 461 -0.71% 45.3 -0.44% 0.27%
### 460.6 -0.09% 44.7 -1.32% -1.24%
### 461 0.09% 44.2 -1.12% -1.21%
### 455.5 -1.19% 43.8 -0.90% 0.29%
### 453.7 -0.40% 45.8 4.57% 4.96%
### 458.5 1.06% 44 -3.93% -4.99%
### 460.3 0.39% 44 0.00% -0.39%
### 456.4 -0.85% 43.6 -0.91% -0.06%
### 465.6 2.02% 43 -1.38% -3.39%
### 461.9 -0.79% 43.7 1.63% 2.42%
### 469.3 1.60% 43.3 -0.92% -2.52%
### 472.9 0.77% 42.6 -1.62% -2.38%
### 480.1 1.52% 41.5 -2.58% -4.10%
### 486.6 1.35% 42.1 1.45% 0.09%
May 4, 2011 479.3 -1.50% 42.8 1.66% 3.16%
May 5, 2011 472.7 -1.38% 42.3 -1.17% 0.21%
May 6, 2011 477.5 1.02% 42.2 -0.24% -1.25%
May 9, 2011 481.3 0.80% 42.2 0.00% -0.80%
### 483.1 0.37% 42.2 0.00% -0.37%
### 482.1 -0.21% 42.5 0.71% 0.92%
### 479.7 -0.50% 42 -1.18% -0.68%
### 471.5 -1.71% 42.1 0.24% 1.95%
### 464.4 -1.51% 40.7 -3.33% -1.82%
### 454.9 -2.05% 38.7 -4.91% -2.87%
### 444.9 -2.20% 36.8 -4.91% -2.71%
### 432.9 -2.70% 35 -4.89% -2.19%
### 417.8 -3.49% 34.5 -1.43% 2.06%
### 402.6 -3.64% 32.8 -4.93% -1.29%
### 386.4 -4.02% 31.2 -4.88% -0.85%
### 398 3.00% 29.7 -4.81% -7.81%
### 410.8 3.22% 31.1 4.71% 1.50%
### 412.1 0.32% 32.6 4.82% 4.51%
### 421.4 2.26% 34.1 4.60% 2.34%
### 435.7 3.39% 35 2.64% -0.75%
Jun 1, 2011 450.6 3.42% 36.7 4.86% 1.44%
Jun 2, 2011 443.4 -1.60% 38.5 4.90% 6.50%
Jun 3, 2011 433.8 -2.17% 38.5 0.00% 2.17%
Jun 6, 2011 443.7 2.28% 38.5 0.00% -2.28%
Jun 7, 2011 439.6 -0.92% 40.4 4.94% 5.86%
Jun 8, 2011 443.9 0.98% 40.3 -0.25% -1.23%
Jun 9, 2011 445 0.25% 40 -0.74% -0.99%
Jun 10, 2011 442.7 -0.52% 39.7 -0.75% -0.23%
Jun 13, 2011 441.5 -0.27% 39.6 -0.25% 0.02%
Jun 14, 2011 441.4 -0.02% 40 1.01% 1.03%
Jun 15, 2011 445.2 0.86% 39.7 -0.75% -1.61%
Jun 16, 2011 438.9 -1.42% 40.2 1.26% 2.67%
Jun 17, 2011 431.6 -1.66% 42 4.48% 6.14%
Jun 20, 2011 442.7 2.57% 41 -2.38% -4.95%
Jun 21, 2011 439.6 -0.70% 42.8 4.39% 5.09%
Jun 22, 2011 434.8 -1.09% 42.9 0.23% 1.33%
Jun 23, 2011 433.4 -0.32% 42 -2.10% -1.78%
Jun 24, 2011 434.2 0.18% 41.3 -1.67% -1.85%
Jun 27, 2011 432.3 -0.44% 40 -3.15% -2.71%
Jun 28, 2011 434.6 0.53% 39.6 -1.00% -1.53%
Jun 29, 2011 432.5 -0.48% 39.6 0.00% 0.48%
Jun 30, 2011 425.3 -1.66% 39 -1.52% 0.15%
Jul 1, 2011 425.4 0.02% 38.1 -2.31% -2.33%
Jul 4, 2011 431 1.32% 37.7 -1.05% -2.37%
Jul 5, 2011 428.3 -0.63% 39 3.45% 4.07%
Jul 6, 2011 430 0.40% 38.7 -0.77% -1.17%
Jul 7, 2011 430.3 0.07% 38.2 -1.29% -1.36%
Jul 8, 2011 425.1 -1.21% 37.4 -2.09% -0.89%
Jul 11, 2011 417.2 -1.86% 35.6 -4.81% -2.95%
Jul 12, 2011 418.2 0.24% 34.4 -3.37% -3.61%
Jul 13, 2011 418.9 0.17% 36 4.65% 4.48%
Jul 14, 2011 414.7 -1.00% 36.5 1.39% 2.39%
Jul 15, 2011 415.8 0.27% 36.7 0.55% 0.28%
Jul 18, 2011 410.1 -1.37% 36.3 -1.09% 0.28%
Jul 19, 2011 416.8 1.63% 35 -3.58% -5.22%
Jul 20, 2011 413.1 -0.89% 36.7 4.86% 5.74%
Jul 21, 2011 409.2 -0.94% 36 -1.91% -0.96%
Jul 22, 2011 409.4 0.05% 36.2 0.56% 0.51%
Jul 25, 2011 409.4 0.00% 36.1 -0.28% -0.28%
Jul 26, 2011 409.4 0.00% 35.9 -0.55% -0.55%
Jul 27, 2011 408.4 -0.24% 35.9 0.00% 0.24%
Jul 28, 2011 405.7 -0.66% 35.9 0.00% 0.66%
Jul 29, 2011 401.9 -0.94% 34.5 -3.90% -2.96%
Aug 1, 2011 396.6 -1.32% 34.7 0.58% 1.90%
Aug 2, 2011 391.5 -1.29% 34 -2.02% -0.73%
Aug 3, 2011 396.1 1.17% 33.9 -0.29% -1.47%
Aug 4, 2011 400.9 1.21% 34 0.29% -0.92%
Aug 5, 2011 396.4 -1.12% 34.2 0.59% 1.71%
Aug 8, 2011 387.7 -2.19% 33.3 -2.63% -0.44%
Aug 9, 2011 386 -0.44% 32 -3.90% -3.47%
### 384.4 -0.41% 32.3 0.94% 1.35%
### 383.9 -0.13% 32.1 -0.62% -0.49%
### 384.3 0.10% 31.9 -0.62% -0.73%
### 386.5 0.57% 32.1 0.63% 0.05%
### 393.5 1.81% 32.4 0.93% -0.88%
### 402.9 2.39% 34 4.94% 2.55%
### 400.8 -0.52% 35.1 3.24% 3.76%
### 406 1.30% 34.8 -0.85% -2.15%
### 401.3 -1.16% 35.2 1.15% 2.31%
### 396.7 -1.15% 34.9 -0.85% 0.29%
### 401.6 1.24% 33.4 -4.30% -5.53%
### 404.4 0.70% 33.5 0.30% -0.40%
### 413.4 2.23% 34 1.49% -0.73%
### 419.3 1.43% 35.7 5.00% 3.57%
### 424.7 1.29% 35.9 0.56% -0.73%
### 435.3 2.50% 35.8 -0.28% -2.77%
Sep 1, 2011 435.7 0.09% 35.6 -0.56% -0.65%
Sep 5, 2011 436.2 0.11% 34.8 -2.25% -2.36%
Sep 6, 2011 444 1.79% 34.1 -2.01% -3.80%
Sep 7, 2011 453.3 2.09% 34.9 2.35% 0.25%
Sep 8, 2011 459.9 1.46% 35.9 2.87% 1.41%
Sep 9, 2011 462.9 0.65% 36.4 1.39% 0.74%
### 469.4 1.40% 37.1 1.92% 0.52%
### 467 -0.51% 36.9 -0.54% -0.03%
### 470.7 0.79% 35.9 -2.71% -3.50%
### 457.1 -2.89% 34.8 -3.06% -0.17%
### 461.7 1.01% 33.1 -4.89% -5.89%
### 454.4 -1.58% 34.7 4.83% 6.41%
### 447.6 -1.50% 34.7 0.00% 1.50%
### 449.3 0.38% 34.1 -1.73% -2.11%
### 440.3 -2.00% 34.5 1.17% 3.18%
### 434.4 -1.34% 34 -1.45% -0.11%
### 437.5 0.71% 33.6 -1.18% -1.89%
### 434 -0.80% 33.4 -0.60% 0.20%
### 428.1 -1.36% 32.9 -1.50% -0.14%
### 427.6 -0.12% 32.2 -2.13% -2.01%
### 422.1 -1.29% 32.3 0.31% 1.60%
Oct 3, 2011 418.2 -0.92% 31.8 -1.55% -0.62%
Oct 4, 2011 417.2 -0.24% 31.5 -0.94% -0.70%
Oct 5, 2011 421.3 0.98% 31.4 -0.32% -1.30%
Oct 6, 2011 418 -0.78% 31.6 0.64% 1.42%
Oct 7, 2011 419.7 0.41% 31.2 -1.27% -1.67%
### 417.7 -0.48% 31.2 0.00% 0.48%
### 410.9 -1.63% 31.2 0.00% 1.63%
### 412.6 0.41% 30.5 -2.24% -2.66%
### 414.5 0.46% 30.5 0.00% -0.46%
### 410.8 -0.89% 30.7 0.66% 1.55%
### 404.3 -1.58% 30.6 -0.33% 1.26%
### 401.1 -0.79% 30 -1.96% -1.17%
### 403.7 0.65% 29.9 -0.33% -0.98%
### 411 1.81% 29.7 -0.67% -2.48%
### 414.5 0.85% 29.8 0.34% -0.51%
### 409.4 -1.23% 29.7 -0.34% 0.89%
### 412.1 0.66% 29.4 -1.01% -1.67%
### 414.8 0.66% 28.5 -3.06% -3.72%
### 422.1 1.76% 29 1.75% -0.01%
### 420.8 -0.31% 30.4 4.83% 5.14%
### 413.8 -1.66% 29.5 -2.96% -1.30%
Nov 1, 2011 407.8 -1.45% 29.2 -1.02% 0.43%
Nov 2, 2011 408.4 0.15% 28.3 -3.08% -3.23%
Nov 4, 2011 410.6 0.54% 27.8 -1.77% -2.31%
Nov 7, 2011 410.5 -0.02% 26.5 -4.68% -4.65%
Nov 8, 2011 408.6 -0.46% 25.8 -2.64% -2.18%
Nov 9, 2011 405.2 -0.83% 25.4 -1.55% -0.72%
### 401 -1.04% 24.6 -3.15% -2.11%
### 396.3 -1.17% 23.4 -4.88% -3.71%
### 391.7 -1.16% 22.6 -3.42% -2.26%
### 387.9 -0.97% 22 -2.65% -1.68%
### 390.9 0.77% 23.1 5.00% 4.23%
### 385.9 -1.28% 23.5 1.73% 3.01%
### 379.6 -1.63% 22.9 -2.55% -0.92%
### 379.1 -0.13% 22.5 -1.75% -1.62%
### 381.8 0.71% 22.5 0.00% -0.71%
### 388.6 1.78% 22.8 1.33% -0.45%
### 381.8 -1.75% 22.3 -2.19% -0.44%
### 383.4 0.42% 22.3 0.00% -0.42%
### 383.3 -0.03% 22.4 0.45% 0.47%
### 382.9 -0.10% 22.4 0.00% 0.10%
### 380.7 -0.57% 22.3 -0.45% 0.13%
Dec 1, 2011 380.1 -0.16% 22.2 -0.45% -0.29%
Dec 2, 2011 383.9 1.00% 23 3.60% 2.60%
Dec 5, 2011 391.2 1.90% 24.1 4.78% 2.88%
Dec 6, 2011 390.2 -0.26% 24 -0.41% -0.16%
Dec 7, 2011 387.2 -0.77% 23.8 -0.83% -0.06%
Dec 8, 2011 381.6 -1.45% 22.8 -4.20% -2.76%
Dec 9, 2011 377.2 -1.15% 22 -3.51% -2.36%
### 375.3 -0.50% 22 0.00% 0.50%
### 371.8 -0.93% 22 0.00% 0.93%
### 367.6 -1.13% 21.6 -1.82% -0.69%
### 364.5 -0.84% 21.2 -1.85% -1.01%
### 366 0.41% 22.2 4.72% 4.31%
### 367.4 0.38% 22.3 0.45% 0.07%
### 365.7 -0.46% 21.6 -3.14% -2.68%
### 367.7 0.55% 21 -2.78% -3.32%
### 360.4 -1.99% 20 -4.76% -2.78%
### 356.2 -1.17% 19.1 -4.50% -3.33%
### 352.7 -0.98% 18.2 -4.71% -3.73%
### 347.8 -1.39% 17.3 -4.95% -3.56%
### 350.7 0.83% 18.1 4.62% 3.79%
### 350.5 -0.06% 19 4.97% 5.03%
### 351.6 0.31% 19.5 2.63% 2.32%
VN Index HAG Adjusted Return

### ###