VINAMILK JOINT STOCK COMPANY

Financial management is a part that plays an extremely important role in the management system of a company. T
of using financial reports to analyze the financial situation and business performance of an enterprise and evaluate
that data and analysis, draw conclusions about whether the company has enough resources in operations, investm
the company's profits and profitability and whether those profits are achieved as predicted by economic analysts a
compared to that expectation.. .. And one of the prerequisites is to be able to analyze the financial statements of t
Recognizing the importance of financial analysis, the team decides to decided to choose Vinamilk as the object to a
problem of Vinamilk - a company with production and business activities that have practical economic and social e
currently Vinamilk is the leading nutrition company in Vietnam and among the Top 40 largest dairy companies in th
fierce competition from well-known foreign brands like Abbott, Dutch Lady, Lothamilk, and others, VNM holds the
thanks to a clear understanding of market needs combined with the use of modern production models, technology
orientation. The results achieved in the recent years of operation are shown in financial statements, and the team
Vinamilk's operating situation. What can we see through the following 3 financial reports: Income statement, bala
STOCK COMPANY
management system of a company. Through financial analysis is the activity
mance of an enterprise and evaluate future financial results. And through
ugh resources in operations, investment and development?; The source of
as predicted by economic analysts and the reasons for the shortage (excess)
analyze the financial statements of the enterprise, including: IS, CFS, BL...
o choose Vinamilk as the object to analyze and further clarify the economic
have practical economic and social effects. Vinamilk was founded in 1976,
Top 40 largest dairy companies in the world in terms of revenue. Despite
thamilk, and others, VNM holds the majority of the dairy market share
dern production models, technology, and the right business strategy
financial statements, and the team relied on them to get data to analyze
ial reports: Income statement, balance sheet and cash flow statement.
 VINAMILK JOINT STOCK COMPANY
INCOME STATEMENT
ITEMS 2018 2019 2020 2021
Sales 52,629,230,427,284.00 56,400,229,726,717.00 59,722,908,393,236.00 61,012,074,147,764.00
Sales deductions -67,280,456,692.00 -82,106,963,973.00 -86,622,167,689.00 -92,909,301,618.00
Net sales 52,561,949,970,592.00 56,318,122,762,744.00 59,636,286,225,547.00 60,919,164,846,146.00
Cost of sales -27,950,543,501,501.00 ### ### ###
Gross Profit 24,611,406,469,091.00 26,572,216,650,627.00 27,668,623,387,708.00 26,278,301,492,307.00
Financial income 759,917,391,001.00 807,316,707,483.00 1,581,092,655,317.00 1,214,683,819,394.00
Financial income -118,007,001,674.00 -186,969,681,828.00 -308,569,328,835.00 -202,338,232,232.00
of which: interest expen -51,367,418,852.00 -108,824,893,987.00 -143,818,465,177.00 -88,799,090,663.00
Gain/(loss) from joint v 22,433,720,557.00 -5,716,591,103.00 3,882,188,676.00 -45,044,429,889.00
Selling expenses -12,265,936,906,433.00 ### ### ###
General and admin expe -1,133,300,231,790.00 -1,396,302,416,955.00 -1,958,155,456,285.00 -1,567,312,426,985.00
Operating profit/(loss) 11,876,513,440,752.00 12,797,090,115,372.00 13,539,380,824,416.00 12,727,619,820,191.00
Other incomes 450,247,329,980.00 249,446,259,179.00 212,386,195,135.00 422,823,192,290.00
Other expenses -275,064,504,609.00 -250,826,735,994.00 -233,230,932,527.00 -228,207,525,562.00
Net other income/(expen 175,182,825,371.00 -1,380,476,815.00 -20,844,737,392.00 194,615,666,728.00
Net accounting profit/(l 12,051,696,266,123.00 12,795,709,638,557.00 13,518,536,087,024.00 12,922,235,486,919.00
Corporate income tax - -1,874,905,225,483.00 -2,238,365,796,113.00 -2,310,674,009,890.00 -2,320,981,674,175.00
Corporate income tax - 28,838,670,599.00 -3,011,961,553.00 27,870,156,991.00 31,282,159,734.00
Corporate income tax ex -1,846,066,554,884.00 -2,241,377,757,666.00 -2,282,803,852,899.00 -2,289,699,514,441.00
Net profit/(loss) after ta 10,205,629,711,239.00 10,554,331,880,891.00 11,235,732,234,125.00 10,632,535,972,478.00
Minority interest -21,651,440,225.00 -26,843,791,098.00 136,795,377,756.00 100,058,872,579.00
Attributable to parent 10,227,281,151,464.00 10,581,175,671,989.00 11,098,936,856,369.00 10,532,477,099,899.00
EPS 5,295.00 5,478.00 4,770.00 4,517.00

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2022
60,074,730,223,299.00
-118,483,025,881.00
59,956,247,197,418.00
###
23,897,231,506,707.00
1,379,904,407,740.00
-617,537,182,995.00
-166,039,091,744.00
-24,475,976,403.00
###
-1,595,845,681,078.00
10,491,064,827,100.00
289,021,799,127.00
-284,551,949,482.00
4,469,849,645.00
10,495,534,676,745.00
-1,956,248,296,285.00
38,288,939,248.00
-1,917,959,357,037.00
8,577,575,319,708.00
61,551,625,366.00
8,516,023,694,342.00
3,632.00
 VINAMILK JOINT STOCK COMPANY
BALANCE SHEET
ITEMS 2018 2019 2020 2021 2022
TOTAL ASSETS 37,366,108,654,179.00 44,699,873,386,034.00 48,432,480,673,629.00 53,332,403,438,219.00 48,482,664,236,220.00
CURRENT ASSETS 20,559,756,794,837.00 24,721,565,376,552.00 29,665,725,805,058.00 36,109,910,649,785.00 31,560,382,174,201.00
Cash and cash equivalents 1,522,610,167,671.00 2,665,194,638,452.00 2,111,242,815,581.00 2,348,551,874,348.00 2,299,943,527,624.00
Short-term investments 8,673,926,951,890.00 12,435,744,328,964.00 17,313,679,774,893.00 21,025,735,779,475.00 17,414,055,328,683.00
Accounts receivable 4,639,447,900,101.00 4,503,154,728,959.00 5,187,253,172,150.00 5,822,028,742,791.00 6,100,402,870,854.00
Inventories 5,525,845,959,354.00 4,983,044,403,917.00 4,905,068,613,616.00 6,773,071,634,017.00 5,537,563,396,117.00
LONG-TERM ASSETS 16,806,351,859,342.00 19,978,308,009,482.00 18,766,754,868,571.00 17,222,492,788,434.00 16,922,282,062,019.00
Long-term trade receivables 88,443,241,642.00 21,169,968,995.00 19,974,111,715.00 16,695,104,495.00 38,422,722,715.00
Fixed assets 13,365,353,599,098.00 14,893,540,216,703.00 13,853,807,867,036.00 12,706,598,557,849.00 11,903,207,642,940.00
Tangible fixed assets 13,047,771,431,436.00 13,743,909,618,601.00 12,717,306,878,414.00 11,620,094,589,519.00 10,860,366,507,422.00
Cost 22,952,360,450,312.00 26,227,436,154,249.00 27,037,635,338,368.00 27,645,343,065,556.00 28,502,157,270,867.00
Accumulated depreciation -9,904,589,018,876.00 -12,483,526,535,648.00 -14,320,328,459,954.00 -16,025,248,476,037.00 -17,641,790,763,445.00
Intangible fixed assets 317,582,167,662.00 1,149,630,598,102.00 1,136,500,988,622.00 1,086,503,968,330.00 1,042,841,135,518.00
Cost 475,569,436,392.00 1,297,664,982,735.00 1,338,628,984,267.00 1,341,664,803,067.00 1,353,423,614,905.00
Accumulated depreciation -157,987,268,730.00 -148,034,384,633.00 -202,127,995,645.00 -255,160,834,737.00 -310,582,479,387.00
Investment properties 90,248,200,759.00 62,018,116,736.00 59,996,974,041.00 60,049,893,676.00 57,593,807,783.00
Cost 147,320,450,623.00 81,481,271,444.00 81,481,271,444.00 98,822,678,885.00 98,822,678,885.00
Accumulated depreciation -57,072,249,864.00 -19,463,154,708.00 -21,484,297,403.00 -38,772,785,209.00 -41,228,871,102.00
Long-term incomplete assets 868,245,878,253.00 943,845,551,903.00 1,062,633,519,957.00 1,130,023,695,910.00 1,805,129,940,386.00
Long-term cost of work in progress 214,398,200,249.00 249,633,893,396.00 268,812,038,616.00 295,204,758,395.00 334,547,387,349.00
Construction in progress 653,847,678,004.00 694,211,658,507.00 793,821,481,341.00 834,818,937,515.00 1,470,582,553,037.00
Long-term investments 1,068,660,695,119.00 986,676,290,429.00 973,440,912,476.00 743,862,023,831.00 742,670,306,431.00
Other long-term assets 1,325,400,244,471.00 3,071,057,864,716.00 2,796,901,483,346.00 2,565,263,512,673.00 2,375,257,641,764.00
LIABILITIES 11,094,739,362,252.00 14,968,618,181,670.00 14,785,358,443,807.00 17,482,289,188,835.00 15,666,145,881,135.00
Current liabilities 10,639,592,009,462.00 14,442,851,833,360.00 14,212,646,285,475.00 17,068,416,995,519.00 15,308,423,081,524.00
Trade accounts payable 3,991,064,706,111.00 3,648,445,576,699.00 3,199,186,016,787.00 4,213,887,652,294.00 4,284,158,390,163.00
Advances from customers 535,552,943,437.00 245,247,666,160.00 111,159,982,412.00 66,036,392,886.00 161,708,567,120.00
Taxes and other payable to State Budget 341,669,047,623.00 619,393,665,850.00 659,550,222,596.00 648,146,741,635.00 598,135,128,295.00
Payable to employees 215,270,553,609.00 239,520,745,753.00 279,673,306,451.00 304,671,997,074.00 287,914,221,269.00
Accrued expenses 1,437,232,532,734.00 1,738,321,908,844.00 1,910,213,748,076.00 1,817,263,017,920.00 1,620,874,538,443.00
Short-term unrealized revenue 6,910,881,322.00 2,111,168,658.00 15,927,234,779.00 3,983,400,698.00 4,161,405,120.00
Other payables 2,540,327,951,932.00 1,956,364,398,828.00 145,835,054,429.00 114,417,067,658.00 3,055,541,590,234.00
Short-term borrowings 1,060,047,652,329.00 5,351,461,260,191.00 7,316,497,078,307.00 9,382,354,118,118.00 4,867,129,839,103.00
Provision for ST liabilities 4,502,303,315.00 8,048,885,766.00 15,278,019,908.00 10,290,982,323.00 26,635,759,312.00
Bonus and welfare funds 507,013,437,050.00 633,936,556,611.00 559,325,621,730.00 507,365,624,913.00 402,163,642,465.00
Long-term liabilities 455,147,352,790.00 525,766,348,310.00 572,712,158,332.00 413,872,193,316.00 357,722,799,611.00
OWNER'S EQUITY 26,271,369,291,927.00 29,731,255,204,364.00 33,647,122,229,822.00 35,850,114,249,384.00 32,816,518,355,085.00
TOTAL LIABILITIES AND EQUITY 37,366,108,654,179.00 44,699,873,386,034.00 48,432,480,673,629.00 53,332,403,438,219.00 48,482,664,236,220.00
 VINAMILK JOINT STOCK CO
CASH FLOW STATE
ITEMS
I. CASH FLOWS FROM OPERATING ACTIVITIES
Net profit/(loss) before tax
Adjustment
Depreciation and amortisation
Provisions
Unrealised foreign exchange gain/(loss)
Profit/loss from investing activities
Interest expense
Interest income and dividend
Other adjustments
Increase in non-cash expense
Loss on valuation of fair value through profit/loss financial assets
Loss on the decrease in value of loans given
Loss regconized when reclassification of AFS is made and fair value is used for revaluation
Other loss
Decrease in non-cash revenue
Gain from revaluation of fair value through profit and loss financial assets
Gain recognized when reclassification of AFS is made and fair value is used for revaluation
Other gain
Change in assets and operating liabilities
Increase (decrease) in fair value through profit and loss financial assets
Increase (decrease) in held to marturity investments
Increase (decrease) in loans given
Increase (decrease) in available-for-sale financial assets
Increase (decrease) in other assets
Increase (decrease) in receivable from selling financial assets
(-) Increase, (+) decrease in receivable from services rendered
(-) Increase, (+) decrease in other receivables
(-) Increase, (+) decrease in expense payable (not including interest expense)
(+) Increase, (-) decrease in trade payables
(+) Increase, (-) decrease in contribution to employees' welfare
(+) Increase, (-) decrease in tax and payables to authority
(+) Increase, (-) decrease in payables to employees
(+) Increase, (-) decrease in other payable
(+) Increase, (-) decrease in business income tax paid
Increase (decrease) in prepaid expenses
Interest paid
Other receipts from operating activities
Other payments on operating activities
Net cash inflows/(outflows) from operating activies
II. CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of fixed assets and other long-term assets
Proceeds from disposal of fixed assets
Investments in other entities
Proceeds from investment in other entities
Dividends and interest received
Net cash inflows/(outflows) from investing activies
III. CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares
Payments for share returns and repurchases
Proceeds from loans
Other loans received
Repayment of loans
Dividends paid
Net cash inflows/(outflows) from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of period
Cash and bank deposit at the beginning of the period
Cash Equivalents
Effect of foreign exchange differences
Cash and cash equivalents at the end of period

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 VINAMILK JOINT STOCK COMPANY
CASH FLOW STATEMENT
2018 2019 2020 2021

1,623,213,463,955 1,105,523,561,457 1,557,553,285,063 3,365,038,841,169

(988,899,808,584) (678,421,272,086) (851,455,330,268) (1,785,587,212,054)
30,828,467,858 42,893,121,783 52,843,245,737 64,114,904,375
32,917,256,564 11,018,850,000 621,466,516 (43,244,042,982)
(421,456,231) 17,056,026,742 (44,551,479,388) 32,352,977,726
(763,332,907,195) (774,694,168,490) (764,452,541,360) (838,164,923,344)
536,868,896,600 804,176,964,572 829,431,323,088 1,029,858,485,847
(829,220,813,597) (778,607,342,006) (924,978,788,358) (2,029,028,569,735)
3,460,747,417 (264,724,687) (368,556,503) (1,476,043,941)
517,731,974,584 247,834,697,715 475,518,411,116 350,339,091,546
510,162,874,917 247,253,242,424 462,224,245,177 341,283,282,711
6,594,554,707 487,522,858 (57,055,385) (22,249,965)
974,544,960 93,932,433 13,351,221,324 929,243,500
- - - 8,148,815,300
(428,680,923,541) (338,723,940,585) (932,193,919,274) (537,774,283,168)
(249,068,059,560) (273,788,286,532) (703,830,395,292) (506,503,737,757)
(179,612,863,981) (64,935,654,053) (227,713,523,982) -
- - (650,000,000) (31,270,545,411)
(4,996,717,572,326) 4,183,126,992,044 (12,588,873,745,345) (15,317,951,205,822)
(346,083,790,863) (729,085,956,938) (8,102,003,145,355) 1,373,388,533,003
(4,083,037,234,365) 4,229,718,616,954 (557,961,407,547) (2,023,099,662,895)
(202,578,855,841) 607,308,957,855 (3,866,815,977,543) (14,471,729,035,827)
(445,708,310,733) 78,382,883,185 21,534,578,342 (84,973,674,452)
80,690,619,476 (3,197,509,012) (109,301,266,026) 105,421,082,267
- - 25,673,472,784 (216,958,447,918)
24,323,340,163 (13,207,552,407) 14,695,260,532 (7,608,266,514)
20,336,239,684 7,289,774,317 (189,797,939,746) (1,040,201,148,837)
- 4,016,053,385 (20,841,702,356) 14,476,184,330
1,701,043,929 13,783,587,876 (21,855,684,883) 15,284,198,117
52,320,600 337,843,700 (391,941,600) 296,101,375
(18,161,381,502) (381,456,456) 28,021,945,639 73,548,687,238
3,690,731,953 (15,641,179,696) (28,038,880) 111,387,160,436
1,373,712,132,778 (1,174,336,966,748) 440,444,778,883 3,849,869,244,556
(363,396,519,872) (188,842,598,770) (241,876,959,980) (484,434,955,032)
(15,524,532,352) 4,098,023,681 5,532,176,405 (26,030,441,483)
(469,660,001,949) (785,493,060,119) (786,712,994,161) (1,023,521,441,874)
829,878,907,015 759,147,775,250 875,074,126,310 2,107,078,521,424
(67,198,668,697) (48,988,451,366) (36,406,850,916) (83,525,364,956)
(2,938,169,551,862) 3,048,662,591,592 (12,273,595,123,461) (10,419,316,289,549)

(57,359,665,687) (66,733,065,297) (59,039,058,233) (165,135,023,133)

207,083,032,942 195,590,907 1,551,381,817 512,636,363
(7,310,033,500,304) (14,361,716,475,830) (6,500,000,000,000) (5,136,242,200,000)
7,059,305,313,000 7,535,549,999,996 10,129,251,671,300 7,574,642,230,999
433,034,276,448 689,687,634,935 706,398,742,493 566,748,774,618
332,029,456,399 (6,203,016,315,289) 4,278,162,737,377 2,840,526,418,847
 213,767,095,785 - 100,000,000,000 1,202,336,556,685
(53,493,124,050) (10,392,739,400) (15,535,484,501) (1,149,759,050)
85,775,993,676,758 99,271,540,327,215 128,576,092,718,449 254,647,760,778,016
85,775,993,676,758 99,271,540,327,215 128,576,092,718,449 254,647,760,778,016
(82,565,001,682,361) (95,172,222,925,624) (120,743,657,624,735) (246,872,018,111,581)
(498,231,445,000) (506,668,467,000) (598,997,932,000) (647,156,463,350)
2,873,034,521,132 3,582,256,195,191 7,317,901,677,213 8,329,773,000,720
266,894,425,669 427,902,471,494 (677,530,708,871) 750,983,130,018
345,985,713,191 612,880,138,860 1,040,782,610,354 363,251,901,483
231,375,853,648 309,402,953,426 260,896,554,224 232,339,764,230
114,481,402,776 300,016,438,018 780,150,780,818 131,280,693,756
128,456,767 3,460,747,416 (264,724,688) (368,556,503)
612,880,138,860 1,040,782,610,354 363,251,901,483 1,114,235,031,501
2022

2,109,703,391,777
(1,704,479,483,934)
88,676,230,141
(1,167,906,276)
62,570,946,510
(245,547,898,154)
1,030,649,945,603
(2,642,816,759,174)
3,155,957,416
458,123,335,265
428,689,216,229
(621,440,964)
-
30,055,560,000
(224,396,325,963)
(192,340,425,963)
-
(32,055,900,000)
(4,558,049,836,457)
(18,138,358,519,047)
822,421,067,828
12,640,724,151,277
(113,245,398,753)
(21,410,220,612)
251,819,082,850
(19,252,746,884)
(346,989,269,424)
(9,070,551,600)
293,604,863,381
497,878,376
(48,577,891,650)
(24,817,961,673)
(3,711,583,036,900)
(647,985,350,710)
(49,237,136,032)
(1,061,026,665,523)
2,510,300,849,506
(115,357,167,012)
(7,148,593,105,457)

(180,336,153,966)
38,972,728
(2,900,000,000,000)
6,909,263,969,827
259,926,465,721
4,088,893,254,310
 7,627,988,625,000
(1,367,229,400)
339,286,560,127,152
339,286,560,127,152
(342,558,769,368,875)
(991,140,071,500)
3,363,272,082,377
303,572,231,230
1,114,235,031,501
475,673,815,170
640,037,260,272
(1,476,043,941)
1,417,807,262,731