INSTRUCTION FOR THE TEAMWORK PROJECT: ANALYSIS OF A LISTED COMPANY

In excel
step 1 Download financial statements of a listed company and its competitor (compa
step 2 Get to understand the statements
step 3 Modify statement to make them simple
Step 4 Prepare statement of cash flow in indirect format using information from BL a
Calculate items 2017 2018 2019
EBIT
Depreciation
OCF
NOWC
FA
change in NOWC, FA x x
Capex x x
FCF x x
Step 5 Prepare index BS and IS take year 2017 as the base year
Step 6 Prepare common size BS & IS
Step 7 Calculate all ratios
2017 2018 2019
Liquidity ratio
QR
CR
Assets management ratio
…
In word
Write a report in word within 10 pages with the outline as below
Introduction
Modified financial statements
Analysis of CF
Index and common size analysis
Ratio analysis
Conclusion & recommendation

Note:
All calculations must be done in excel, present your works in the next respective sheets that I'
write all the member's name in your excel file and report
STED COMPANY

mpany and its competitor (comparable firm)

mat using information from BL and IS

he base year

industry average

the next respective sheets that I've named already

 VINHOME 2017 2018 2019
A. CURRENT ASSETS 44,421,060,167,080 91,202,543,545,647 139,555,054,000,000
I. Cash and equivalents 1,561,577,770,818 3,515,372,453,072 13,332,299,000,000
cash 818,341,400,251 2,695,195,180,365 2,788,220,000,000
equivalents 743,236,370,567 820,177,272,707 10,544,079,000,000
II. Short-term investments 0 1,009,404,569,232 360,611,000,000
III. Current account receivables 24,774,715,203,806 43,356,143,612,198 47,467,976,000,000
short term trade receivables 11,945,377,777,386 7,144,805,092,954 8,811,344,000,000
short term advances to suppliers 1,695,194,896,147 2,552,553,752,942 8,802,736,000,000
short term loan receivables 9,477,028,513,431 4,527,857,439,663 16,507,454,000,000
other short term loan receivables 1,755,862,686,147 29,241,296,067,036 13,465,638,000,000
provision for doubtful short term receivables -98,748,669,305 -110,368,740,397 -119,196,000,000
IV. Inventories 17,006,259,676,992 36,858,428,958,296 60,296,848,000,000
inventories 17,265,369,555,979 37,062,228,524,079 60,306,616,000,000
provisions for obsolete inventories -259,109,878,987 -206,799,565,783 -9,768,000,000
V. Other currents assets 1,078,497,515,464 6,463,193,952,849 18,097,320,000,000
short term prepaid expenses 786,169,470,464 1,005,320,832,545 2,089,245,000,000
value added tax deductible 83,535,446,363 119,251,028,829 673,229,000,000
tax and other receivables from the state 2,214,131,652 94,493,903,683 41,933,000,000
other current assets 206,578,466,985 5,244,128,187,792 15,292,913,000,000

B. NON-CURRENT ASSETS 6,882,768,858,975 28,486,212,922,051 57,685,974,000,000

I. Long term receivables 87,738,322,397 213,789,123,875 8,114,996,000,000
long term loan receivables 3,257,497,661 0 7,863,900,000,000
others 84,480,824,736 213,789,123,875 251,096,000,000
II. Fixed assets 1,355,894,476,327 128,187,004,268 690,347,000,000
tangible fixed assets 1,296,934,619,609 100,435,383,996 624,738,000,000
-cost 1,451,230,179,505 119,582,952,985 678,311,000,000
-accumulated depreciation -154,295,559,896 -19,147,568,989 -53,573,000,000
intangible fixed assets 58,959,856,718 27,751,620,272 65,609,000,000
-cost 75,484,179,936 50,628,208,058 108,952,000,000
-accumulated amortisation -16,524,323,218 -22,876,587,786 -43,343,000,000
III. Investment properties 163,038,247,202 5,828,905,860,211 6,626,630,000,000
-cost 196,220,103,796 5,994,452,370,082 6,959,536,000,000
-accumulated depreciation -33,181,856,594 -165,546,509,871 -332,906,000,000
IV. Long term assets in progress 2,462,055,543,041 18,363,034,037,803 28,212,527,000,000
V. Long term investments 1,754,972,107,124 478,312,164,507 773,312,000,000
investment in associates 9,443,697,124 0 0
investment in other entities 1,695,528,410,000 378,632,164,507 558,632,000,000
held to maturity investments 50,000,000,000 99,680,000,000 214,680,000,000
VI. Other long term assets 1,059,070,162,884 3,473,984,731,387 13,268,162,000,000
long term prepaid expenses 392,514,863,581 508,583,153,143 2,511,706,000,000
deferred tax assets 39,743,980,836 340,864,044,729 330,794,000,000
other long term assets 1,543,754,158,486 9,471,481,000,000
goodwill 626,811,318,467 1,080,783,375,029 954,181,000,000
TOTAL ASSETS 51,303,819,026,055 119,688,756,467,698 197,214,028,000,000

C. LIABILITIES 41,180,033,529,612 71,543,881,480,730 132,525,985,000,000

I. Current liabilities 34,223,057,193,372 42,872,273,594,509 121,556,854,000,000
short term trade payables 925,390,582,708 2,504,134,374,954 6,078,324,000,000
short term advances from customers 16,845,744,264,404 14,206,623,474,438 40,245,699,000,000
statutory obligations 230,506,823,635 2,543,862,616,184 2,095,296,000,000
payables to employees 3,626,966,610 0 0
short term accrued expenses 1,738,436,383,603 6,083,734,652,114 7,839,911,000,000
short term unearned revenues 16,617,259,917 458,115,463,386 465,696,000,000
other short term payables 5,763,144,422,167 10,672,889,629,674 46,669,574,000,000
short term loans NOTE PAYABLES 8,699,590,490,328 6,402,913,383,759 18,162,354,000,000
II. Non current liabilities 6,956,976,336,240 28,671,607,886,221 10,969,131,000,000
long term accrued expenses 0 520,943,001,214 588,885,000,000
long term unearned revenues 268,018,281,667 1,718,385,689,622 1,534,550,000,000
other long term liabilities 4,453,549,069 114,028,026,191 90,376,000,000
long term loans 6,627,686,696,069 25,505,722,594,751 8,343,025,000,000
deferred tax liabilities 0 623,140,392,739 270,303,000,000
long term provisions 56,817,809,435 189,388,181,704 141,992,000,000

D. OWNERS' EQUITY 10,123,785,496,443 48,144,874,986,968 64,715,043,000,000

capital 10,123,785,496,443 48,144,874,986,968 64,715,043,000,000
share capital 2,000,000,000,000 33,495,139,180,000 33,495,139,000,000
share premium/surplus 0 295,000,000,000 295,000,000,000
treasury shares 0 0 -5,549,929,000,000
other funds belonging to owners' equity -99,117,851,011 1,816,269,367,634 1,816,269,000,000
undistributed earnings 5,003,298,133,184 7,626,959,265,966 26,039,678,000,000
non controlling interests 3,219,605,214,270 4,911,507,173,368 8,618,886,000,000
TOTAL LIABILITIES AND OWNERS' EQ 51,303,819,026,055 119,688,756,467,698 197,241,028,000,000
 NOVALAND 2017 2018 2019
A. CURRENT ASSETS 41,165,965,853,502 50,860,944,465,153 71,194,821,173,128
I. Cash and cash equivalents 6,650,160,994,741 12,326,942,295,680 6,466,219,516,377
Cash 1,198,110,884,846 7,595,717,278,814 1,951,125,604,251
Cash equivalents 5,452,050,109,895 4,731,225,016,866 4,515,093,912,126
II. Short-term investments 512,509,850,676 95,691,805,879 466,222,941,609
III. Short-term receivables 5,998,164,901,016 4,665,352,597,458 5,894,052,885,444
Short-term trade accounts receivable 390,715,866,371 759,035,366,510 1,076,689,087,366
Short-term prepayments to suppliers 1,771,344,474,280 1,501,273,791,900 833,905,092,647
Short-term lending 625,605,206,171 430,653,214,476 768,720,953,764
Other short-term receivables 3,210,499,354,194 1,984,653,214,476 3,225,001,397,445
Provision for doubtful debts - short term - -10,263,645,778 -10,263,645,778
IV. Inventories 27,128,796,867,411 32,826,041,845,846 57,205,793,200,220
Inventories 27,136,318,547,663 32,833,620,893,772 57,209,437,130,190
Provision for decline in value of inventories -7,521,680,252 -7,579,047,926 -3,643,929,970
V. Other current assets 876,333,239,658 946,915,920,290 1,162,532,629,478
Short-term prepaid expenses 104,024,633,186 133,941,405,843 75,480,339,169
Value Added Tax to be reclaimed 649,739,747,874 726,686,085,221 978,926,176,534
Taxes and other receivables from the State 122,568,858,598 86,288,429,226 108,126,113,775

B. LONG-TERM ASSETS 8,300,996,138,739 19,051,268,698,390 18,784,421,425,391

VI. Long-term receivables 654,401,516,832 255,403,896,052 370,739,066,748
Long-term advances to suppliers 953,750,090 0 0
Long-term loan receivables 449,644,400,000 0 0
Other long-term receivables 203,803,366,742 255,403,896,052 370,739,066,478
VII. Fixed assets 326,609,439,362 787,142,924,879 840,044,553,105
Tangible fixed assets 281,845,599,120 705,600,012,062 698,416,074,605
Historical cost 411,168,923,089 875,356,758,139 907,176,013,686
Accumulated depreciation -129,323,323,969 -169,756,746,077 -208,759,939,081
Intangible fixed assets 44,763,840,242 81,542,912,817 141,628,478,500
Historical cost 50,544,832,543 91,934,799,597 168,706,830,022
Accumulated depreciation -5,780,992,301 -10,391,886,780 -27,078,351,522
VIII. Investment properties 2,944,616,534,199 3,056,785,356,717 3,798,441,570,836
Historical cost 3,055,632,258,276 3,199,456,319,499 4,011,909,056,671
Accumulated depreciation -111,015,724,077 -142,670,962,782 -213,467,485,835
IX. Long -term assets in progress 361,032,817,716 430,179,529,043 850,087,814,441
Long-term work in progress 224,136,375,352 181,962,136,884 181,995,269,013
Construction in progress 136,896,442,364 248,217,392,159 668,092,545,428
X. Long-term investments 1,042,972,935,246 7,556,238,420,121 5,744,314,191,185
Investments in associates, joint ventures 1,042,972,935,246 7,548,298,670,121 5,694,610,841,185
Investments in other entities - 7,939,750,000 7,939,750,000
Investments held to maturity - - 41,763,600,000
XI. Other long-term assets 2,971,362,895,384 6,965,518,571,578 7,180,794,229,076
Long-term prepaid expenses 449,352,171,677 414,115,027,558 262,799,866,843
Deferred income tax assets 115,783,534,333 70,055,011,414 76,536,421,869
Goodwill 2,406,227,189,374 6,481,348,532,606 6,841,457,940,364
TOTAL ASSETS 49,466,961,992,241 69,912,213,163,543 89,979,242,598,519

C. LIABILITIES 36,210,571,488,821 49,452,086,677,765 65,518,168,766,672

I. Short-term liabilities 22,658,196,187,952 27,969,394,567,002 18,809,633,988,008
Short term trade accounts payable 2,648,333,517,795 2,523,012,259,596 2,544,601,659,105
Short term advances from customers 8,848,256,383,261 7,779,944,907,345 1,254,023,590,387
Tax and other payables to the State Budget 588,662,021,432 558,242,968,117 205,713,049,755
Payables to employees 114,949,661,694 33,168,157,749 31,296,329,923
Short-term accrued expenses 1,382,586,375,115 2,711,170,532,425 2,697,796,706,234
Short-term unearned revenues 1,974,280,808 1,457,601,871 1,677,668,051
Other short term payables 1,318,999,855,808 2,711,456,498,429 3,264,338,062,834
Short-term borrowings and finance lease liabilities 7,748,878,980,646 11,645,389,730,077 8,444,638,010,326
Bonus and welfare funds 5,555,111,393 5,551,911,393 5,548,911,393
II. Long-term liabilities 13,552,375,300,869 21,482,692,110,763 46,708,534,778,664
Long term unearned revenues 27,481,411,249 27,058,815,648 18,307,529,783
Other long term payables 1,664,029,225,075 2,495,831,870,100 14,133,031,990,444
Long-term borrowings and finance lease liabilities 10,200,873,745,673 16,262,686,196,964 26,145,644,448,493
Deferred tax liabilities 1,659,990,918,872 2,697,115,228,051 6,255,537,958,898
Provision for long-term liabilities 0 0 156,012,851,046
D. OWNERS' EQUITY 13,256,390,503,420 20,460,126,485,778 24,461,073,831,847
Capital and reserves 13,256,390,503,420 20,460,126,485,778 24,461,073,831,847
Owners' capital 6,496,587,880,000 9,372,766,740,000 9,695,407,970,000
- Ordinary shares with voting rights 6,428,287,880,000 9,304,466,740,000 9,695,407,970,000
- Preference shares 68,300,000,000 68,300,000,000 0
Share premium/surplus 3,206,830,905,400 3,996,839,781,026 3,860,189,781,026
Undistributed earnings 2,907,218,106,652 6,107,694,627,582 8,722,828,720,589
- Undistributed post-tax profit of previous years 927,684,830,514 2,886,728,106,652 5,618,698,169,829
- Post-tax profit of current year 1,979,533,276,138 3,220,966,520,930 3,104,130,550,760
Non-controlling interests 645,753,611,368 982,825,337,170 2,182,647,360,232
TOTAL LIABILITIES AND OWNERS' EQUITY 49,466,961,992,241 69,912,213,163,543 89,979,242,598,519
 VINHOME 2017 2018 2019
revenue from sale of goods and rendering of services 15,297,312,397,141 38,664,328,193,703 51,626,931,000,000
deductions 0 0 0
net revenue / SALES 15,297,312,397,141 38,664,328,193,703 51,626,931,000,000
cost of goods sold and service rendered 10,130,622,531,207 28,603,257,862,200 24,171,323,000,000
gross profit 5,166,689,865,934 10,061,070,331,503 27,455,608,000,000
finance income 964,268,046,313 14,565,046,792,984 9,045,787,000,000
finance expenses 1,652,417,155,368 2,456,954,093,023 2,548,827,000,000
-in which: interest expenses 901,949,220,589 2,382,621,895,215 23,776,980,000,000
shares of loss/profit of associates, joint-ventures -88,152,941,732 191,238,076 0
selling expenses 1,585,809,553,121 1,381,104,519,276 2,080,673,000,000
general and administrative expenses 452,513,058,995 1,062,825,660,762 2,156,421,000,000
operating profit = EBIT 2,352,065,203,031 19,725,424,089,502 29,715,474,000,000
other income 91,806,843,120 100,932,140,457 185,728,000,000
other expenses 335,089,997,551 107,622,081,650 155,508,000,000
other loss/profit -243,283,154,431 -6,689,941,193 30,220,000,000
accounting profit before tax 2,108,782,048,600 19,718,734,148,309 29,745,694,000,000
current corporate income tax expense 574,855,234,140 4,630,060,569,450 5,766,161,000,000
deferred tax income/expense 31,562,245,294 -312,354,333,423 339,567,000,000
net profit after tax 1,565,489,059,754 14,776,319,245,436 24,319,100,000,000

Attributable to:
Owners of the Company 1,409,642,043,514 14,284,453,166,652 21,747,376,000,000
Non-controlling interests 155,847,016,240 491,866,078,784 2,571,724,000,000

Basic earnings per share 2,349 4,503 6,502

Diluted earnings per share 2,349 - -
 NOVALAND 2017 2018 2019
Revenue from sales of goods and rendering of services 11,759,393,956,148 15,635,421,288,785 11,026,232,997,553
Less deductions 127,057,926,975 345,027,380,300 95,249,885,633
Net revenue / SALES 11,632,336,029,173 15,290,393,908,485 10,930,983,111,920
Cost of goods sold and services rendered 8,375,505,074,901 10,132,440,436,138 7,779,325,178,076
Gross profit 3,256,830,954,272 5,157,953,472,347 3,151,657,933,844
Financial income 1,696,524,125,589 1,296,684,713,154 1,027,208,421,374
Financial expenses 1,463,309,502,095 1,930,195,994,193 2,084,814,480,224
- Including: Interest of expense 1,205,387,997,120 1,381,414,621,001 1,145,609,766,192
Share of (loss)/profit from associates 12,079,426,593 1,322,274,553,324 -9,578,783,868
Selling expenses 258,292,397,030 424,217,309,126 294,869,082,499
General and administration expenses 676,193,753,758 743,726,773,586 1,197,219,171,605
Net operating profit 2,567,638,853,571 4,678,772,661,920 592,384,837,022
Other income 62,422,616,018 71,083,646,568 3,847,134,745,198
Other expenses 41,562,445,470 74,481,539,950 167,283,905,748
Net other income/ (expense) 20,860,170,548 -3,397,893,382 3,679,850,839,450
Net accounting profit profit before tax 2,588,499,024,119 4,675,374,768,538 4,272,235,676,472
Business income tax ("BIT") - current 810,647,531,519 986,171,527,219 692,528,132,718
BIT - deferred 283,791,739,656 -422,133,052,602 -192,385,441,843
Net profit after tax 2,061,643,232,256 3,267,070,188,717 3,387,322,101,911

Attributable to:
Owners of the Company 2,033,481,810,322 3,227,004,714,155 3,431,331,162,442
Non-controlling interests 28,161,421,934 40,065,474,562 -44,009,060,531

Basic earnings per share 3,210 3,533 3,579

Diluted earnings per share 3,210 3,389 3,533
 VINHOME 2017 2018 2019
A. CURRENT ASSETS 44,421,050,167,080 91,202,543,545,647 139,555,054,000,000
I. Cash and equivalents 1,561,577,770,818 3,515,372,453,072 13,332,299,000,000
II. Short-term investments 0 1,009,404,569,232 360,611,000,000
III. Current account receivables 24,774,715,203,806 43,356,143,612,198 47,467,976,000,000
IV. Inventories 17,006,259,676,992 36,858,428,958,296 60,296,848,000,000
V. Other currents assets 1,078,497,515,464 6,463,193,952,849 18,097,320,000,000

B. NON-CURRENT ASSETS 6,882,768,858,975 28,486,212,922,051 57,685,974,000,000

II. Fixed assets 1,355,894,476,327 128,187,004,268 690,347,000,000
- cost 1,526,714,359,441 170,211,161,043 787,263,000,000
- accumulated depreciation & amortisation -170,819,883,114 -42,024,156,775 -96,916,000,000
V. Long term investments 1,754,972,107,124 478,312,164,507 773,312,000,000
VI. Other long term assets 3,771,902,275,524 27,879,713,753,276 56,222,315,000,000
TOTAL ASSETS 51,303,819,026,055 119,688,756,467,698 197,241,028,000,000

C. LIABILITIES 41,180,033,529,612 71,543,881,480,730 132,525,985,000,000

I. Current liabilities 34,223,057,193,372 42,872,273,594,509 121,556,854,000,000
account payables 23,534,279,269,279 27,383,647,479,066 92,993,597,000,000
accruals 1,989,187,433,765 9,085,712,731,684 10,400,903,000,000
short term loans NOTE PAYABLES 8,699,590,490,328 6,402,913,383,759 18,162,354,000,000
II. Non current liabilities 6,956,976,336,240 28,671,607,886,221 10,969,131,000,000
long term loans 6,627,686,696,069 25,505,722,594,751 8,343,025,000,000
other long term liabilities 329,289,640,171 3,165,885,291,470 2,626,106,000,000

D. OWNERS' EQUITY 10,123,785,496,443 48,144,874,986,968 64,715,043,000,000

capital 10,123,785,496,443 48,144,874,986,968 64,715,043,000,000
share capital 2,000,000,000,000 33,495,139,180,000 33,495,139,000,000
share premium/surplus 0 295,000,000,000 295,000,000,000
undistributed earnings 5,003,298,133,184 7,626,959,265,966 26,039,678,000,000
others 3,120,487,363,259 6,727,776,541,002 4,885,226,000,000
TOTAL LIABILITIES AND OWNERS' E 51,303,819,026,055 119,688,756,467,698 197,241,028,000,000
 NOVALAND 2017 2018 2019
A. CURRENT ASSETS 41,165,965,853,502 50,860,944,465,153 71,194,821,173,128
I. Cash and equivalents 6,650,160,994,741 12,326,942,295,680 6,466,219,516,377
II. Short-term investments 512,509,850,676 95,691,805,879 466,222,941,609
III. Current account receivables 5,998,164,901,016 4,665,352,597,458 5,894,052,885,444
IV. Inventories 27,128,796,867,411 32,826,041,845,846 57,205,793,200,220
V. Other currents assets 876,333,239,658 946,915,920,290 1,162,532,629,478

B. NON-CURRENT ASSETS 8,300,996,138,739 19,051,268,698,390 18,784,421,425,391

II. Fixed assets 326,609,439,362 787,142,924,879 840,044,553,105
- cost 461,713,755,632 967,291,557,736 1,075,882,843,708
- accumulated depreciation & amortisation -135,104,316,270 -180,148,632,857 -235,838,290,603
V. Long term investments 1,042,972,935,246 7,556,238,420,121 5,744,314,191,185
VI. Other long term assets 6,931,413,764,131 10,707,887,353,390 12,200,062,681,101
TOTAL ASSETS 49,466,961,992,241 69,912,213,163,543 89,979,242,598,519

C. LIABILITIES 36,210,571,488,821 49,452,086,677,765 65,518,168,766,672

I. Current liabilities 22,658,196,187,952 27,969,394,567,002 18,809,633,988,008
account payables 12,815,589,756,864 13,014,413,665,370 7,062,963,312,326
accruals 2,088,172,339,049 3,304,039,260,162 2,936,483,753,963
short term loans NOTE PAYABLES 7,754,434,092,039 11,650,941,641,470 8,450,186,921,719
II. Non current liabilities 13,552,375,300,869 21,482,692,110,763 46,708,534,778,664
long term loans 10,200,873,745,673 16,262,686,196,964 26,145,644,448,493
other long term liabilities 3,351,501,555,196 5,220,005,913,799 20,562,890,330,171

D. OWNERS' EQUITY 13,256,390,503,420 20,460,126,485,778 24,461,073,831,847

capital 13,256,390,503,420 20,460,126,485,778 24,461,073,831,847
share capital 6,496,587,880,000 9,372,766,740,000 9,695,407,970,000
Share premium/surplus 3,206,830,905,400 3,996,839,781,026 3,860,189,781,026
undistributed earnings 2,907,218,106,652 6,107,694,627,582 8,722,828,720,589
others 3,852,584,516,768 4,979,665,118,196 6,042,837,141,258
TOTAL LIABILITIES AND OWNERS' 49,466,961,992,241 69,912,213,163,543 89,979,242,598,519
 VINHOME 2017 2018 2019
revenue from sale of goods and rendering of services 15,297,312,397,141 38,664,328,193,703 51,626,931,000,000
deductions 0 0 0
net revenue / SALES 15,297,312,397,141 38,664,328,193,703 51,626,931,000,000
cost of goods sold and service rendered 10,130,622,531,207 28,603,257,862,200 24,171,323,000,000
gross profit 5,166,689,865,934 10,061,070,331,503 27,455,608,000,000
selling expenses 1,585,809,553,121 1,381,104,519,276 2,080,673,000,000
general and administrative expenses 452,513,058,995 1,062,825,660,762 2,156,421,000,000
profit from operating activities 3,128,367,253,818 7,617,140,151,465 23,218,514,000,000
profit from investing activities 213,800,111,534 14,490,714,595,176 30,273,940,000,000
shares of loss/profit of associates, joint-ventures -88,152,941,732 191,238,076 0
other profit/loss -243,283,154,431 -6,689,941,193 30,220,000,000
EBIT (operating profit) 3,010,731,269,189 22,101,356,043,524 53,522,674,000,000
interest expenses 901,949,220,589 2,382,621,895,215 23,776,980,000,000
earning before tax EBT 2,108,782,048,600 19,718,734,148,309 29,745,694,000,000
income tax 543,292,988,846 4,942,414,902,873 5,426,594,000,000
net income NI (earning after tax) 1,565,489,059,754 14,776,319,245,436 24,319,100,000,000

Attributable to:
Owners of the Company 1,409,642,043,514 14,284,453,166,652 21,747,376,000,000
Non-controlling interests 155,847,016,240 491,866,078,784 2,571,724,000,000

Basic earnings per share 2,349 4,503 6,502

Diluted earnings per share 2,349 - -
 NOVALAND 2017 2018 2019
revenue from sale of goods and rendering of services 11,759,393,956,148 15,635,421,288,785 11,026,232,997,553
deductions 127,057,926,975 345,027,380,300 95,249,885,633
net revenue / SALES 11,632,336,029,173 15,290,393,908,485 10,930,983,111,920
cost of goods sold and service rendered 8,375,505,074,901 10,132,440,436,138 7,779,325,178,076
gross profit 3,256,830,954,272 5,157,953,472,347 3,151,657,933,844
selling expenses 258,292,397,030 424,217,309,126 294,869,082,499
general and administrative expenses 676,193,753,758 743,726,773,586 1,197,219,171,605
profit from operating activities 2,322,344,803,484 3,990,009,389,635 1,659,569,679,740
profit from investing activities 1,438,602,620,614 747,903,339,962 88,003,707,342
shares of loss/profit of associates, joint-ventures 12,079,426,593 1,322,274,553,324 -9,578,783,868
other profit/loss 20,860,170,548 -3,397,893,382 3,679,850,839,450
EBIT (operating profit) 3,793,887,021,239 6,056,789,389,539 5,417,845,442,664
interest expenses 1,205,387,997,120 1,381,414,621,001 1,145,609,766,192
earning before tax EBT 2,588,499,024,119 4,675,374,768,538 4,272,235,676,472
income tax 526,855,791,863 1,408,304,579,821 884,913,574,561
net income NI (earning after tax) 2,061,643,232,256 3,267,070,188,717 3,387,322,101,911

Attributable to:
Owners of the Company 2,033,481,810,322 3,227,004,714,155 3,431,331,162,442
Non-controlling interests 28,161,421,934 40,065,474,562 -44,009,060,531

Basic earnings per share 3,210 3,533 3,579

Diluted earnings per share 3,210 3,389 3,533
VINHOME 2017 2018 2019
I. OPERATING ACTIVITIES
Net income (EAT) 1,565,489,059,754 14,776,319,245,436 24,319,100,000,000
Depreciation and amortization 410,151,852,498 261,531,599,917 351,846,000,000
Increase in inventories -19,852,169,281,304 -23,438,419,041,704
Increase in account receivables -18,581,428,408,392 -4,111,832,387,802
Increase in other current assets -5,384,696,437,385 -11,634,126,047,151
Increase in account payables 3,849,368,209,787 65,609,949,520,934
Increase in accruals 7,096,525,297,919 1,315,190,268,316
Net cash flow in operating activities -17,834,549,774,022 52,411,708,312,593

II. LONG TERM INVESTING ACTIVITIES

CAPEX 966,175,872,142 -914,005,995,732
additional other long term assets -24,107,811,477,752 -28,342,601,246,724
Additional long term investment 1,276,659,942,617 -294,999,835,493
Net cash flow in investing activities -21,864,975,662,993 -29,551,607,077,949

III. FINANCING ACTIVITIES

Decrease/ increase in bank loans and note payables -2,296,677,106,569 11,759,440,616,241
Increase/ decrease in long term debts 18,878,035,898,682 -17,162,697,594,751
Payment of dividends to stockholders -945,277,040,000 -3,686,552,000
Common stocks 12,240,978,700,000 -5,549,929,000
Net cash flow in financing activities 27,877,060,452,113 -5,412,493,459,510

IV. SUMMARY
Net increase in cash (Net cash flow) -11,822,464,984,902 17,447,607,775,134
Cash and equivalents at the beginning of the year 1,561,577,770,818 3,515,372,453,072
Cash and equivalents at the end of the year -10,260,887,214,084 20,962,980,228,206

CALCULATE
OCF = EBIT*(1-t)+De = NOPAT + De
CAPEX = change in net FA + De
NOWC = operating current assets – operating current liabilities
FCF (formula1) = OCF – CAPEX – change in NOWC
Change in operating capital (OC) = change in net FA + Change in NOWC
FCF (formula2) = EBIT*(1-t) - Change in OC

VINHOME 2017 2018 2019

EBIT 3,010,731,269,189 22,101,356,043,524 53,522,674,000,000
Depreciation 410,151,852,498 261,531,599,917 351,846,000,000
tax expense 543,292,988,846 4,942,414,902,873 5,426,594,000,000
EBT 2,108,782,048,600 19,718,734,148,309 29,745,694,000,000
effective tax rate 25.76% 25.06% 18.24%
OCF 2,645,217,760,283 16,823,278,931,156 44,110,221,961,018
NOWC 17,819,085,948,572 47,260,584,812,816 17,702,623,000,000
net FA 1,355,894,476,327 128,187,004,268 690,347,000,000
change in NOWC 29,441,498,864,244 -29,557,961,812,816
change in net FA -1,227,707,472,059 562,159,995,732
Capex -966,175,872,142 914,005,995,732
FCF (formula1) -11,652,044,060,947 72,754,177,778,102
change in OC 28,213,791,392,185 -28,995,801,817,084
FCF (formula2) -11,652,044,060,947 72,754,177,778,102
 NOVALAND 2017 2018 2019
I. OPERATING ACTIVITIES
Net income (EAT) 2,061,643,232,256 3,267,070,188,717 3,387,322,101,911
Depreciation and amortization 484,833,728,737 517,049,317,948 -2,750,422,518,755
Increase in inventories -5,697,244,978,435 -24,379,751,354,374
Increase in account receivables 1,332,812,303,558 -1,228,700,287,986
Increase in other current assets -70,582,680,632 -215,616,709,188
Increase in account payables 198,823,908,506 -5,951,450,353,044
Increase in accruals 1,215,866,921,113 -367,555,506,199
Net cash flow in operating activities 763,794,980,775 -31,506,174,627,635

II. LONG TERM INVESTING ACTIVITIES

CAPEX -977,582,803,465 2,697,520,890,529
additional other long term assets -3,776,473,589,259 -1,492,175,327,711
Additional long term investment -6,513,265,484,875 1,811,924,228,936
Net cash flow in investing activities -11,267,321,877,599 3,017,269,791,754

III. FINANCING ACTIVITIES

Decrease/ increase in bank loans and note payables 3,896,507,549,431 -3,200,754,719,751
Increase/ decrease in long term debts 6,061,812,451,291 9,882,958,251,529
Payment of dividends to stockholders -12,908,761,912 -19,719,873,178
Common stocks 3,644,346,535,626 205,939,730,000
Net cash flow in financing activities 13,589,757,774,436 6,868,423,388,600

IV. SUMMARY
Net increase in cash (Net cash flow) 3,086,230,877,612 -21,620,481,447,281
Cash and equivalents at the beginning of the year 6,650,160,994,741 12,326,942,295,680
Cash and equivalents at the end of the year 9,736,391,872,353 -9,293,539,151,601

ULATE
NOVALAND 2017 2018 2019
EBIT 3,793,887,021,239 6,056,789,389,539 5,417,845,442,664
Depreciation 484,833,728,737 517,049,317,948 -2,750,422,518,755
tax expense 526,855,791,863 1,408,304,579,821 884,913,574,561
EBT 2,588,499,024,119 4,675,374,768,538 4,272,235,676,472
effective tax rate 20.35% 30.12% 20.71%
OCF 3,506,523,684,345 4,749,427,904,379 1,545,217,750,751
NOWC 24,873,360,667,255 33,499,883,813,452 59,566,618,535,752
net FA 326,609,439,362 787,142,924,879 840,044,553,105
change in NOWC 8,626,523,146,197 26,066,734,722,300
change in net FA 460,533,485,517 52,901,628,226
Capex 977,582,803,465 -2,697,520,890,529
FCF (formula1) -4,854,678,045,283 -21,823,996,081,020
change in OC 9,087,056,631,714 26,119,636,350,526
FCF (formula2) -4,854,678,045,283 -21,823,996,081,020
VINHOME 2017 2018 2019 NOVALAND 2017
A. CURRENT ASSETS 0.00% 105.31% 214.16% A. CURRENT ASSETS 0.00%
I. Cash and equivalents 0.00% 125.12% 753.77% I. Cash and equivalents 0.00%
II. Short-term investments 0.00% - - II. Short-term investments 0.00%
III. Current account receivables 0.00% 75.00% 91.60% III. Current account receivables 0.00%
IV. Inventories 0.00% 116.73% 254.56% IV. Inventories 0.00%
V. Other currents assets 0.00% 499.28% 1578.01% V. Other currents assets 0.00%

B. NON-CURRENT ASSETS 0.00% 313.88% 738.12% B. NON-CURRENT ASSETS 0.00%

II. Fixed assets 0.00% -90.55% -49.09% II. Fixed assets 0.00%
V. Long term investments 0.00% -72.75% -55.94% V. Long term investments 0.00%
VI. Other long term assets 0.00% 639.14% 1390.56% VI. Other long term assets 0.00%
TOTAL ASSETS 0.00% 133.29% 284.40% TOTAL ASSETS 0.00%

C. LIABILITIES 0.00% 73.73% 221.82% C. LIABILITIES 0.00%

I. Current liabilities 0.00% 25.27% 255.19% I. Current liabilities 0.00%
account payables 0.00% 16.36% 295.14% account payables 0.00%
accruals 0.00% 356.75% 422.87% accruals 0.00%
short term loans NOTE PAYABLES 0.00% -26.40% 108.77% short term loans NOTE PAYABLES 0.00%
II. Non current liabilities 0.00% 312.13% 57.67% II. Non current liabilities 0.00%
long term loans 0.00% 284.84% 25.88% long term loans 0.00%
other long term liabilities 0.00% 861.43% 697.51% other long term liabilities 0.00%

D. OWNERS' EQUITY 0.00% 375.56% 539.24% D. OWNERS' EQUITY 0.00%

capital 0.00% 375.56% 539.24% capital 0.00%
share capital 0.00% 1574.76% 1574.76% share capital 0.00%
undistributed earnings 0.00% 52.44% 420.45% undistributed earnings 0.00%
others 0.00% 125.05% 66.01% others 0.00%
TOTAL LIABILITIES AND OWNERS' E 0.00% 133.29% 284.46% TOTAL LIABILITIES AND OWNERS' 0.00%

VINHOME 2017 2018 2019 NOVALAND 2017

A. CURRENT ASSETS 4.4421E+13 9.1203E+131.3956E+14 A. CURRENT ASSETS 4.1165966E+13
I. Cash and equivalents 1.5616E+12 3.5154E+121.3332E+13 I. Cash and equivalents 6650160994741
II. Short-term investments 0 1.0094E+123.6061E+11 II. Short-term investments 512509850676
III. Current account receivables 2.4775E+13 4.3356E+134.7468E+13 III. Current account receivables 5998164901016
IV. Inventories 1.7006E+13 3.6858E+136.0297E+13 IV. Inventories 2.7128797E+13
V. Other currents assets 1.0785E+12 6.4632E+121.8097E+13 V. Other currents assets 876333239658

B. NON-CURRENT ASSETS 6.8828E+12 2.8486E+135.7686E+13 B. NON-CURRENT ASSETS 8300996138739

II. Fixed assets 1.3559E+12 1.2819E+116.9035E+11 II. Fixed assets 326609439362
V. Long term investments 1.755E+12 4.7831E+117.7331E+11 V. Long term investments 1042972935246
VI. Other long term assets 3.7719E+12 2.788E+135.6222E+13 VI. Other long term assets 6931413764131
TOTAL ASSETS 5.1304E+13 1.1969E+141.9721E+14 TOTAL ASSETS 4.9466962E+13

C. LIABILITIES 4.118E+13 7.1544E+131.3253E+14 C. LIABILITIES 3.6210571E+13

I. Current liabilities 3.4223E+13 4.2872E+131.2156E+14 I. Current liabilities 2.2658196E+13
account payables 2.3534E+13 2.7384E+139.2994E+13 account payables 1.281559E+13
accruals 1.9892E+12 9.0857E+121.0401E+13 accruals 2088172339049
short term loans NOTE PAYABLES 8.6996E+12 6.4029E+121.8162E+13 short term loans NOTE PAYABLES 7754434092039
II. Non current liabilities 6.957E+12 2.8672E+131.0969E+13 II. Non current liabilities 1.3552375E+13
long term loans 6.6277E+12 2.5506E+13 8.343E+12 long term loans 1.0200874E+13
other long term liabilities 3.2929E+11 3.1659E+122.6261E+12 other long term liabilities 3351501555196

D. OWNERS' EQUITY 1.0124E+13 4.8145E+136.4715E+13 D. OWNERS' EQUITY 1.3256391E+13

capital 1.0124E+13 4.8145E+136.4715E+13 capital 1.3256391E+13
share capital 2E+12 3.3495E+133.3495E+13 share capital 6496587880000
undistributed earnings 5.0033E+12 7.627E+12 2.604E+13 undistributed earnings 2907218106652
others 3.1205E+12 7.0228E+125.1802E+12 others 3852584516768
TOTAL LIABILITIES AND OWNERS' EQUIT5.1304E+13 1.1969E+141.9724E+14 TOTAL LIABILITIES AND OWNERS' EQU 4.9466962E+13
 2018 2019
23.55% 72.95%
85.36% -2.77%
-81.33% -9.03%
-22.22% -1.74%
21.00% 110.87%
8.05% 32.66%

129.51% 126.29%
141.00% 157.20%
624.49% 450.76%
54.48% 76.01%
41.33% 81.90%

36.57% 80.94%
23.44% -16.99%
1.55% -44.89%
58.23% 40.62%
50.25% 8.97%
58.52% 244.65%
59.42% 156.31%
55.75% 513.54%

54.34% 84.52%
54.34% 84.52%
44.27% 49.24%
110.09% 200.04%
29.26% 56.85%
41.33% 81.90%

2018 2019
5.0860944E+13 7.1194821E+13
1.2326942E+13 6466219516377
 95691805879 466222941609
4665352597458 5894052885444
3.2826042E+13 5.7205793E+13
946915920290 1162532629478

1.9051269E+13 1.8784421E+13
787142924879 840044553105
7556238420121 5744314191185
1.0707887E+13 1.2200063E+13
6.9912213E+13 8.9979243E+13

4.9452087E+13 6.5518169E+13
2.7969395E+13 1.8809634E+13
1.3014414E+13 7062963312326
3304039260162 2936483753963
1.1650942E+13 8450186921719
2.1482692E+13 4.6708535E+13
1.6262686E+13 2.6145644E+13
5220005913799 2.056289E+13

2.0460126E+13 2.4461074E+13
2.0460126E+13 2.4461074E+13
9372766740000 9695407970000
6107694627582 8722828720589
4979665118196 6042837141258
6.9912213E+13 8.9979243E+13
VINHOME 2017 2018 2019
revenue from sale of goods and rendering of services 0.00% 152.75% 237.49%
deductions 0.00% 0.00% 0.00%
net revenue / SALES 0.00% 152.75% 237.49%
cost of goods sold and service rendered 0.00% 182.34% 138.60%
gross profit 0.00% 94.73% 431.40%
selling expenses 0.00% -12.91% 31.21%
general and administrative expenses 0.00% 134.87% 376.54%
profit from operating activities 0.00% 143.49% 642.19%
profit from investing activities 0.00% 6677.69% 14059.93%
shares of loss/profit of associates, joint-ventures 0.00% -100.22% -100.00%
other profit/loss 0.00% -97.25% -112.42%
EBIT 0.00% 634.09% 1677.73%
interest expenses 0.00% 164.16% 2536.18%
earning before tax EBT 0.00% 835.08% 1310.56%
income tax 0.00% 809.71% 898.83%
net income NI (earning after tax) 0.00% 843.88% 1453.45%

Attributable to:
Owners of the Company 0.00% 913.34% 1442.76%
Non-controlling interests 0.00% 215.61% 1550.16%

VINHOME 2017 2018 2019

revenue from sale of goods and rendering of services
deductions
net revenue
cost of goods sold and service rendered
gross profit
selling expenses
general and administrative expenses
profit from operating activities
profit from investing activities
shares of loss/profit of associates, joint-ventures -8.815E+10 191238076
1.53E+13 3.8664E+135.16269E+13
0 0 0
1.53E+13 3.8664E+135.16269E+13
1.013E+13 2.8603E+132.41713E+13
5.167E+12 1.0061E+132.74556E+13
1.586E+12 1.3811E+122.08067E+12
4.525E+11 1.0628E+122.15642E+12
3.128E+12 7.6171E+122.32185E+13
2.138E+11 1.4491E+133.02739E+13
0
other profit/loss -2.433E+11 -6.69E+0930220000000
EBIT 3.011E+12 2.2101E+135.35227E+13
interest expenses 9.019E+11 2.3826E+12 2.3777E+13
earning before tax EBT 2.109E+12 1.9719E+132.97457E+13
income tax 5.433E+11 4.9424E+125.42659E+12
net income NI (earning after tax) 1.565E+12 1.4776E+132.43191E+13

Attributable to:
Owners of the Company 1.41E+12 1.4284E+132.17474E+13
Non-controlling interests 1.558E+11 4.9187E+112.57172E+12
NOVALAND 2017 2018 2019
revenue from sale of goods and rendering of services 0.00% 32.96% -6.23%
deductions 0.00% 171.55% -25.03%
net revenue / SALES 0.00% 31.45% -6.03%
cost of goods sold and service rendered 0.00% 20.98% -7.12%
gross profit 0.00% 58.37% -3.23%
selling expenses 0.00% 64.24% 14.16%
general and administrative expenses 0.00% 9.99% 77.05%
profit from operating activities 0.00% 71.81% -28.54%
profit from investing activities 0.00% -48.01% -93.88%
shares of loss/profit of associates, joint-ventures 0.00% 10846.50% -179.30%
other profit/loss 0.00% -116.29% 17540.56%
EBIT (operating profit) 0.00% 59.65% 42.80%
interest expenses 0.00% 14.60% -4.96%
earning before tax EBT 0.00% 80.62% 65.05%
income tax 0.00% 167.30% 67.96%
net income NI (earning after tax) 0.00% 58.47% 64.30%

Attributable to:
Owners of the Company 0.00% 58.69% 68.74%
Non-controlling interests 0.00% 42.27% -256.27%

NOVALAND 2017 2018 2019

revenue from sale of goods and rendering of services 1.17594E+131.5635421E+13 1.10262E+13
deductions 1.27058E+11 345027380300 95249885633
net revenue 1.16323E+131.5290394E+13 1.0931E+13
cost of goods sold and service rendered 8.37551E+12 1.013244E+13 7.77933E+12
gross profit 3.25683E+125157953472347 3.15166E+12
selling expenses 2.58292E+11 424217309126 2.94869E+11
general and administrative expenses 6.76194E+11 743726773586 1.19722E+12
profit from operating activities 2.32234E+123990009389635 1.65957E+12
profit from investing activities 1.4386E+12 747903339962 88003707342
shares of loss/profit of associates, joint-ventures 120794265931322274553324 -9578783868
other profit/loss 20860170548 -3397893382 3.67985E+12
EBIT (operating profit) 3.79389E+126056789389539 5.41785E+12
interest expenses 1.20539E+121381414621001 1.14561E+12
earning before tax EBT 2.5885E+124675374768538 4.27224E+12
income tax 5.26856E+111408304579821 8.84914E+11
net income NI (earning after tax) 2.06164E+123267070188717 3.38732E+12

Attributable to:
Owners of the Company 2.03348E+123227004714155 3.43133E+12
Non-controlling interests 28161421934 40065474562-44009060531
VINHOME 2017 2018 2019 NOVALAND
A. CURRENT ASSETS 86.58% 76.20% 70.76% A. CURRENT ASSETS
I. Cash and equivalents 3.04% 2.94% 6.76% I. Cash and equivalents
II. Short-term investments 0.00% 0.84% 0.18% II. Short-term investments
III. Current account receivables 48.29% 36.22% 24.07% III. Current account receivables
IV. Inventories 33.15% 30.80% 30.57% IV. Inventories
V. Other currents assets 2.10% 5.40% 9.18% V. Other currents assets

B. NON-CURRENT ASSETS 13.42% 23.80% 29.25% B. NON-CURRENT ASSETS

II. Fixed assets 2.64% 0.11% 0.35% II. Fixed assets
V. Long term investments 3.42% 0.40% 0.39% V. Long term investments
VI. Other long term assets 7.35% 23.29% 28.51% VI. Other long term assets
TOTAL ASSETS 100.00% 100.00% 100.00% TOTAL ASSETS

C. LIABILITIES 80.27% 59.77% 67.19% C. LIABILITIES

I. Current liabilities 66.71% 35.82% 61.63% I. Current liabilities
account payables 45.87% 22.88% 47.15% account payables
accruals 3.88% 7.59% 5.27% accruals
short term loans NOTE PAYABLES 16.96% 5.35% 9.21% short term loans NOTE PAYABLES
II. Non current liabilities 13.56% 23.96% 5.56% II. Non current liabilities
long term loans 12.92% 21.31% 4.23% long term loans
other long term liabilities 0.64% 2.65% 1.33% other long term liabilities

D. OWNERS' EQUITY 19.73% 40.23% 32.81% D. OWNERS' EQUITY

capital 19.73% 40.23% 32.81% capital
share capital 3.90% 27.99% 16.98% share capital
undistributed earnings 9.75% 6.37% 13.20% undistributed earnings
others 6.08% 5.87% 2.63% others
TOTAL LIABILITIES AND OWNERS' 100.00% 100.00% 100.00% TOTAL LIABILITIES AND OWNERS'

VINHOME 2017 2018 2019 NOVALAND

A. CURRENT ASSETS 4.442106E+13 9.12025E+13 1.395551E+14 A. CURRENT ASSETS
I. Cash and equivalents 1.561578E+12 3.51537E+12 1.33323E+13 I. Cash and equivalents
II. Short-term investments 0 1.0094E+12 360611000000 II. Short-term investments
III. Current account receivables 2.477472E+13 4.33561E+13 4.746798E+13 III. Current account receivables
IV. Inventories 1.700626E+13 3.68584E+13 6.029685E+13 IV. Inventories
V. Other currents assets 1.078498E+12 6.46319E+12 1.809732E+13 V. Other currents assets

B. NON-CURRENT ASSETS 6.882769E+12 2.84862E+13 5.768597E+13 B. NON-CURRENT ASSETS

II. Fixed assets 1.355894E+12 1.28187E+11 690347000000 II. Fixed assets
V. Long term investments 1.754972E+12 4.78312E+11 773312000000 V. Long term investments
VI. Other long term assets 3.771902E+12 2.78797E+13 5.622232E+13 VI. Other long term assets
TOTAL ASSETS 5.130382E+13 1.19689E+14 1.97214E+14 TOTAL ASSETS

C. LIABILITIES 4.118003E+13 7.15439E+13 1.32526E+14 C. LIABILITIES

I. Current liabilities 3.422306E+13 4.28723E+13 1.215569E+14 I. Current liabilities
account payables 2.353428E+13 2.73836E+13 9.29936E+13 account payables
accruals 1.989187E+12 9.08571E+12 1.04009E+13 accruals
short term loans NOTE PAYABLES 8.69959E+12 6.40291E+12 1.816235E+13 short term loans NOTE PAYABLES
II. Non current liabilities 6.956976E+12 2.86716E+13 1.096913E+13 II. Non current liabilities
long term loans 6.627687E+12 2.55057E+13 8.343025E+12 long term loans
other long term liabilities 329289640171 3.16589E+12 2.626106E+12 other long term liabilities

D. OWNERS' EQUITY 1.012379E+13 4.81449E+13 6.471504E+13 D. OWNERS' EQUITY

capital 1.012379E+13 4.81449E+13 6.471504E+13 capital
share capital 2E+12 3.34951E+13 3.349514E+13 share capital
undistributed earnings 5.003298E+12 7.62696E+12 2.603968E+13 undistributed earnings
others 3.120487E+12 7.02278E+12 5.180226E+12 others
TOTAL LIABILITIES AND OWNERS' EQU5.130382E+13 1.19689E+14 1.97241E+14 TOTAL LIABILITIES AND OWNERS' EQU
 2017 2018 2019
83.22% 72.75% 79.12%
13.44% 17.63% 7.19%
1.04% 0.14% 0.52%
12.13% 6.67% 6.55%
54.84% 46.95% 63.58%
1.77% 1.35% 1.29%

16.78% 27.25% 20.88%

0.66% 1.13% 0.93%
2.11% 10.81% 6.38%
14.01% 15.32% 13.56%
100.00% 100.00% 100.00%

73.20% 70.73% 72.81%

45.80% 40.01% 20.90%
25.91% 18.62% 7.85%
4.22% 4.73% 3.26%
15.68% 16.67% 9.39%
27.40% 30.73% 51.91%
20.62% 23.26% 29.06%
6.78% 7.47% 22.85%

26.80% 29.27% 27.19%

26.80% 29.27% 27.19%
13.13% 13.41% 10.78%
5.88% 8.74% 9.69%
7.79% 7.12% 6.72%
100.00% 100.00% 100.00%

2017 2018 2019

4.1165966E+13 5.0860944E+13 7.1194821E+13
6650160994741 1.2326942E+13 6466219516377
 512509850676 95691805879 466222941609
5998164901016 4665352597458 5894052885444
2.7128797E+13 3.2826042E+13 5.7205793E+13
876333239658 946915920290 1162532629478

8300996138739 1.9051269E+13 1.8784421E+13

326609439362 787142924879 840044553105
1042972935246 7556238420121 5744314191185
6931413764131 1.0707887E+13 1.2200063E+13
4.9466962E+13 6.9912213E+13 8.9979243E+13

3.6210571E+13 4.9452087E+13 6.5518169E+13

2.2658196E+13 2.7969395E+13 1.8809634E+13
1.281559E+13 1.3014414E+13 7062963312326
2088172339049 3304039260162 2936483753963
7754434092039 1.1650942E+13 8450186921719
1.3552375E+13 2.1482692E+13 4.6708535E+13
1.0200874E+13 1.6262686E+13 2.6145644E+13
3351501555196 5220005913799 2.056289E+13

1.3256391E+13 2.0460126E+13 2.4461074E+13

1.3256391E+13 2.0460126E+13 2.4461074E+13
6496587880000 9372766740000 9695407970000
2907218106652 6107694627582 8722828720589
3852584516768 4979665118196 6042837141258
4.9466962E+13 6.9912213E+13 8.9979243E+13
VINHOME 2017 2018 2019
net revenue / SALES 100.00% 100.00% 100.00%
cost of goods sold and service rendered 66.22% 73.98% 46.82%
gross profit 33.78% 26.02% 53.18%
selling expenses 10.37% 3.57% 4.03%
general and administrative expenses 2.96% 2.75% 4.18%
profit from operating activities 20.45% 19.70% 44.97%
profit from investing activities 1.40% 37.48% 58.64%
shares of loss/profit of associates, joint-ventures -0.58% 0.00% 0.00%
other profit/loss -1.59% -0.02% 0.06%
EBIT 19.68% 57.16% 103.67%
interest expenses 5.90% 6.16% 46.06%
earning before tax EBT 13.79% 51.00% 57.62%
income tax 3.55% 12.78% 10.51%
net income NI (earning after tax) 10.23% 38.22% 47.11%

VINHOME 2017 2018 2019

net revenue 1.5297E+13 3.8664E+13 5.1627E+13
cost of goods sold and service rendered 1.0131E+13 2.8603E+13 2.4171E+13
gross profit 5.1667E+12 1.0061E+13 2.7456E+13
selling expenses 1.5858E+12 1.3811E+12 2.0807E+12
general and administrative expenses 4.5251E+11 1.0628E+12 2.1564E+12
profit from operating activities 3.1284E+12 7.6171E+12 2.3219E+13
profit from investing activities 2.138E+11 1.4491E+13 3.0274E+13
shares of loss/profit of associates, joint-ventures -8.815E+10 191238076 0
other profit/loss -2.433E+11 -6.69E+09 3.022E+10
EBIT 3.0107E+12 2.2101E+13 5.3523E+13
interest expenses 9.0195E+11 2.3826E+12 2.3777E+13
earning before tax EBT 2.1088E+12 1.9719E+13 2.9746E+13
income tax 5.4329E+11 4.9424E+12 5.4266E+12
net income NI (earning after tax) 1.5655E+12 1.4776E+13 2.4319E+13
NOVALAND 2017 2018 2019
net revenue / SALES 100.00% 100.00% 100.00%
cost of goods sold and service rendered 72.00% 66.27% 71.17%
gross profit 28.00% 33.73% 28.83%
selling expenses 2.22% 2.77% 2.70%
general and administrative expenses 5.81% 4.86% 10.95%
profit from operating activities 19.96% 26.09% 15.18%
profit from investing activities 12.37% 4.89% 0.81%
shares of loss/profit of associates, joint-ventures 0.10% 8.65% -0.09%
other profit/loss 0.18% -0.02% 33.66%
EBIT (operating profit) 32.62% 39.61% 49.56%
interest expenses 10.36% 9.03% 10.48%
earning before tax EBT 22.25% 30.58% 39.08%
income tax 4.53% 9.21% 8.10%
net income NI (earning after tax) 17.72% 21.37% 30.99%

NOVALAND 2017 2018 2019

net revenue 1.1632E+13 1.529039E+13 1.0931E+13
cost of goods sold and service rendered 8.3755E+12 1.013244E+13 7.77933E+12
gross profit 3.2568E+12 5.157953E+12 3.15166E+12
selling expenses 2.5829E+11 424217309126 2.94869E+11
general and administrative expenses 6.7619E+11 743726773586 1.19722E+12
profit from operating activities 2.3223E+12 3.990009E+12 1.65957E+12
profit from investing activities 1.4386E+12 747903339962 88003707342
shares of loss/profit of associates, joint-ventures 1.2079E+10 1.322275E+12 -9578783868
other profit/loss 2.086E+10 -3397893382 3.67985E+12
EBIT (operating profit) 3.7939E+12 6.056789E+12 5.41785E+12
interest expenses 1.2054E+12 1.381415E+12 1.14561E+12
earning before tax EBT 2.5885E+12 4.675375E+12 4.27224E+12
income tax 5.2686E+11 1.408305E+12 8.84914E+11
net income NI (earning after tax) 2.0616E+12 3.26707E+12 3.38732E+12
GROUP 1: LIQUIDITY RATIO
current ratio = current assets / current liabilities
quick ratio = (CA - inventories) / CL

VINHOME 2017 2018 2019

current ratio (times) 1.30 2.13 1.15
quick ratio (times) 0.80 1.27 0.65

current asset 44,421,050,167,080 91,202,543,545,647 139,555,054,000,000

current liabilities 34,223,057,193,372 42,872,273,594,509 121,556,854,000,000
inventories 17,006,259,676,992 36,858,428,958,296 60,296,848,000,000

NOVALAND 2017 2018 2019

current ratio (times) 1.82 1.82 3.79
quick ratio (times) 0.62 0.64 0.74

current asset 41,165,965,853,502 50,860,944,465,153 71,194,821,173,128

current liabilities 22,658,196,187,952 27,969,394,567,002 18,809,633,988,008
inventories 27,128,796,867,411 32,826,041,845,846 57,205,793,200,220

GROUP 4 : PROFITABILITY RATIO

PM = profit margin = net income / sales
gross profit margin = gross profit / sales = (sales - COGS) / sales
net operating profit margin = net operating profit / sales
BEP = basic earning power = EBIT / total assets
ROA = net income / total assets
ROE = net income / total common equity

VINHOME 2017 2018 2019

PM (%) 10.23% 38.22% 47.11%
gross PM (%) 33.78% 26.02% 53.18%
net operating PM (%) 19.68% 57.16% 103.67%
BEP (%) 5.87% 18.47% 27.14%
ROA (%) 3.05% 12.35% 12.33%
ROE (%) 15.46% 30.69% 37.58%

net income 1,565,489,059,754 14,776,319,245,436 24,319,100,000,000

sales 15,297,312,397,141 38,664,328,193,703 51,626,931,000,000
gross profit 5,166,689,865,934 10,061,070,331,503 27,455,608,000,000
net operating profit 3,010,731,269,189 22,101,356,043,524 53,522,674,000,000
total assets 51,303,819,026,055 119,688,756,467,698 197,214,028,000,000
EBIT 3,010,731,269,189 22,101,356,043,524 53,522,674,000,000
common equity 10,123,785,496,443 48,144,874,986,968 64,715,043,000,000

NOVALAND 2017 2018 2019

PM (%) 17.72% 21.37% 30.99%
gross PM (%) 28.00% 33.73% 28.83%
net operating PM (%) 32.62% 39.61% 49.56%
BEP (%) 7.67% 8.66% 6.02%
ROA (%) 4.17% 4.67% 3.76%
ROE (%) 15.55% 15.97% 13.85%

net income 2,061,643,232,256 3,267,070,188,717 3,387,322,101,911

sales 11,632,336,029,173 15,290,393,908,485 10,930,983,111,920
gross profit 3,256,830,954,272 5,157,953,472,347 3,151,657,933,844
net operating profit 3,793,887,021,239 6,056,789,389,539 5,417,845,442,664
total assets 49,466,961,992,241 69,912,213,163,543 89,979,242,598,519
EBIT 3,793,887,021,239 6,056,789,389,539 5,417,845,442,664
common equity 13,256,390,503,420 20,460,126,485,778 24,461,073,831,847
GROUP 2 : ASSET MANAGEMENT RATIO GROUP 3 : DEBT MANAGEM
inventory turnover = sales / inventory D/A = debt ratio = total debt / total assets
DSO = receivables / average sale per day = receivables / (annual sales/365) TIE = times-interest-earned = EBIT / intere
FA turnover = sales / net FA D/E = debt to equity ratio = total debt / com
TA turnover = sales / TA A/E = equity multiplier = EM = total assets

VINHOME 2017 2018 2019 VINHOME

inventory turnover (times) 0.90 1.05 0.86 D/A (%)
DSO (days) 591 409 336 TIE (times)
FA turnover (times) 11.28 301.62 74.78 D/E (%)
TA turnover (times) 0.30 0.32 0.26 A/E = EM (times)

inventories 17,006,259,676,992 36,858,428,958,296 60,296,848,000,000 total debts

receivables 24,774,715,203,806 43,356,143,612,198 47,467,976,000,000 total assets
anual sales 15,297,312,397,141 38,664,328,193,703 51,626,931,000,000 EBIT
net FA 1,355,894,476,327 128,187,004,268 690,347,000,000 interest expenses
total assets 51,303,819,026,055 119,688,756,467,698 197,214,028,000,000 common equity

NOVALAND 2017 2018 2019 NOVALAND

inventory turnover (times) 0.43 0.47 0.19 D/A (%)
DSO (days) 188 111 197 TIE (times)
FA turnover (times) 35.62 19.43 13.01 D/E (%)
TA turnover (times) 0.24 0.22 0.12 A/E = EM (times)

inventories 27,128,796,867,411 32,826,041,845,846 57,205,793,200,220 total debts

receivables 5,998,164,901,016 4,665,352,597,458 5,894,052,885,444 total assets
anual sales 11,632,336,029,173 15,290,393,908,485 10,930,983,111,920 EBIT
net FA 326,609,439,362 787,142,924,879 840,044,553,105 interest expenses
total assets 49,466,961,992,241 69,912,213,163,543 89,979,242,598,519 common equity

GROUP 5 : MARKET VALUE RAT DU PONT SYSTEM

P/E = price / earning per share EPS and EPS = net income / share outstanding ROE = profit margin * TA turnover * equit
P/CF = price / cash flow per share CFPS and CFPS = NCF / share outstanding, NCF = NI + De ROE = NI/sale * sale/TA * TA/equity
M/B = market price / book value per share BVPS and BVPS = common equity / shares outstanding ROE = ROA * equity multiplier

VINHOME 2017 2018 2019 VINHOME

P/E (times) - 16.10 13.04 PM
P/CF (times) - 10.13 11.50 TA turnover
M/B (times) - 3.17 4.38 EM
ROE (%)
market price - 72,500 84,800
net income 1,565,489,059,754 14,776,319,245,436 24,319,100,000,000 NOVALAND
shares outstanding 200,000,000 2,102,017,587 3,344,926,936 PM
EPS 2,349 4,503 6,502 TA turnover
depreciation 410,151,852,498 261,531,599,917 351,846,000,000 EM
NCF 1,975,640,912,252 15,037,850,845,353 24,670,946,000,000 ROE (%)
CFPS 9,878 7,154 7,376
common equity 10,123,785,496,443 48,144,874,986,968 64,715,043,000,000
BVPS 50,619 22,904 19,347
THE FIRST DAY TO BE TRADED ON THE MARKET: 17/05/2018

NOVALAND 2017 2018 2019

P/E (times) 15.48 18.17 16.62
P/CF (times) 12.55 15.79 90.58
M/B (times) 2.41 2.92 2.36

market price 49,700 64,200 59,500

net income 2,061,643,232,256 3,267,070,188,717 3,387,322,101,911
shares outstanding 642,828,788 930,446,674 969,540,797
EPS 3,210 3,533 3,579
depreciation 484,833,728,737 517,049,317,948 -2,750,422,518,755
NCF 2,546,476,960,993 3,784,119,506,665 636,899,583,156
CFPS 3,961 4,067 657
common equity 13,256,390,503,420 20,460,126,485,778 24,461,073,831,847
BVPS 20,622 21,990 25,230
P 3 : DEBT MANAGEMENT RATIO
t ratio = total debt / total assets
es-interest-earned = EBIT / interest expenses
t to equity ratio = total debt / common equity
ity multiplier = EM = total assets / equity

2017 2018 2019

80.27% 59.77% 67.20%
3.34 9.28 2.25
406.77% 148.60% 204.78%
5.07 2.49 3.05

41,180,033,529,612 71,543,881,480,730 132,525,985,000,000

51,303,819,026,055 119,688,756,467,698 197,214,028,000,000
3,010,731,269,189 22,101,356,043,524 53,522,674,000,000
901,949,220,589 2,382,621,895,215 23,776,980,000,000
10,123,785,496,443 48,144,874,986,968 64,715,043,000,000

2017 2018 2019

73.20% 70.73% 72.81%
3.15 4.38 4.73
273.16% 241.70% 267.85%
3.73 3.42 3.68

36,210,571,488,821 49,452,086,677,765 65,518,168,766,672

49,466,961,992,241 69,912,213,163,543 89,979,242,598,519
3,793,887,021,239 6,056,789,389,539 5,417,845,442,664
1,205,387,997,120 1,381,414,621,001 1,145,609,766,192
13,256,390,503,420 20,460,126,485,778 24,461,073,831,847

NT SYSTEM
ofit margin * TA turnover * equity multiplier
/sale * sale/TA * TA/equity
OA * equity multiplier

2017 2018 2019

10.23% 38.22% 47.11%
0.30 0.32 0.26
5.07 2.49 3.05
15.46% 30.69% 37.58%

2017 2018 2019

17.72% 21.37% 30.99%
0.24 0.22 0.12
3.73 3.42 3.68
15.55% 15.97% 13.85%