Students’ name Students’ IDs Contribution

1 Phạm Duy Anh 2004040011 100%

2 Trịnh Hoàng Anh 2004040016 100%
3 Nguyễn Thu Huyền 2004010053 100%
4 Phạm Công Thành 2004040096 100%
5 Nguyễn Thị Việt Trinh 2004010112 100%
6 Hoàng Phương Linh 1804040061 100%
 FINANCIAL STATEMENT ANALYS
Dong Phu Rubber Joint Stock Compan

BALANCE SHEET

ASSETS
Cash and cash equivalents
Cash
Cash equivalent
Short-term financial investments
Held to maturity investments
Short-term receivables
Short-term trade accounts receivables
Short-term prepayment to suppliers
Other short-term receivables
Assets awaiting resolution
Provision for short-term bad debts
Inventories
Inventories
Provision for deadline in value of inventories
Other short-term assets
Short-term prepayment
VAT to be reclaimed
Taxes and other receivables to state authorities
CURRENT ASSETS

LONG-TERM ASSETS
Long-term receivables
Receivables for long-term loans
Other long-term receivable
Fixed assets
Tangible fixed assets
Cost
Accumulated Depreciation
Intangible fixed assets
Cost
Accumulated Depreciation
Investment real estate
Cost
Accumulated Depreciation
Long-term assets in progress
Production costs, business in progress
Construction in progress cost
Long-term financial investment
Invest capital in other entities
Provision for long-term financial investment
Hold-to-maturity investment
Other long-term assets
Long-term prepayments
Defferred income tax assets
TOTAL ASSETS

LIABILITY
Short-term liabilities
Short-term trade accounts payable
Short-term advances from customers
Taxes and other payables to state authorities
Payable to employees
Short-term accrued expenses
Short-term unrealized revenue
Other short-term payables
Short-term loans and finance leases
Bonus and welfare fund
Long-term liabilities
Long-term prepaid buyers
Long-term expenses
Unrealized revenue
Other long-term payables
Loans and long-term finance lease debt
Deferred income tax payable
TOTAL LIABILITIES
EQUITY
Owner's capital
Owner's contributed capital
Common stock with voting right
Preferred stock
Surplus equity
Treasury shares
The exchange rate differences
Development Fund
Undistributed after-tax profit
Accumulated to the end of the previous period
Accumulated to the end of the present period
Non-controlling shareholder interests
Funding and other funds
Funding
TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY

INCOME STATEMENT DATA

ACCOUNTS
Sales of goods & services ( Revenue)
Deduction in revenue
Net revenue
Cost of good sold ( COGS)
Profit on sales & service provions (Gross profit)
Financial income
Financing expenses
Interest expenses
Gain/loss from acquisition of joint venture company
Expenses
Selling expenses
Operating expenses
Operating profit
Other expenses
Others income
Other profits
Total accounting profit before tax
Current corporate income tax expense
Deffered tax expense
Net profit after tax
Profit after tax for shareholders of parent company
Profit after tax for non controlling shareholders
Basic earning per share
Diluted earning per share

STATEMENT OF CASH FLOW DATA

CASH FLOW FROM OPERATING ACTIVITIES

Profit before tax
Adjustments for: Depreciation of fixed assets
Allowances
Exchange and provisions
(gain)/losses arising from revaluation of monetary
items denominated in foreign currencies
Profits/Losses from investing activities
Interest expenses
Other adjustments
Operating profit before changes in working capital
(Increase) Decrease in receivables
(increase) Decrease in inventories
Increase (Decrease) in payables
(Increase) Decrease in prepaid expenses
Interest paid
Corporate income tax paid
Other proceeds from operating activities
Other payments for operating activities
Net Cash Flows From Operating Activities
CASH FLOW FROM INVESTING ACTIVITIES
Payments for additions to fixed assets
Proceeds from disposals of fixed assets
Placements of term deposit at banks
Collections of term deposit at banks
Expenditures on equity investment in other entities
Proceeds from withdrawal of equity investments in other entities
Receipts of interest, dividends and distributed profits
Net Cash Flows From Investing Activities
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from equity issued
Payments to settle loan principals
Payment of finance lease principals
Payments of dividends
Net Cash Flows From Financing Activities
Net cash flow during the year
Cash and cash equivalents at the beginning of the year
Effect of exchange rate fluctuations on cash and cash equivalents
Cash and cash equivalents at the end of the year
ATEMENT ANALYSIS (FSA)
r Joint Stock Company (DPR)

2018 2019 2020 2021

277,153,634,984 312,071,328,429 366,150,953,174 593,108,178,577
94,071,969,068 94,832,804,511 92,014,296,191 135,712,372,982
183,081,665,916 217,238,523,918 274,136,656,983 457,395,805,595
563,466,794,287 789,302,840,701 496,323,353,493 697,840,070,015
563,467,000,000 789,302,840,701 496,323,353,493 697,840,070,015
53,796,616,868 85,095,110,372 146,357,822,941 54,339,292,629
12,555,019,545 30,464,187,142 38,814,398,271 17,863,861,062
12,948,632,576 13,940,117,935 16,360,897,608 8,121,680,826
38,133,773,025 50,381,127,243 100,952,358,553 36,867,752,999
-10,017,795,551 176,987,273 176,987,273 -9,740,825,763
176,987,273 -9,867,309,221 -9,946,818,764 1,226,823,505
146,429,460,598 128,359,114,346 162,335,412,690 213,840,783,921
147,996,151,452 130,325,741,740 163,214,256,381 219,516,934,228
-1,566,690,854 -1,966,627,394 -878,843,691 -5,676,150,307
40,418,740,178 96,588,674,283 57,019,682,657 59,357,455,051
1,349,375,798 1,388,453,599 540,486,440 2,445,021,949
25,423,124,766 25,979,889,648 26,563,349,492 27,852,064,828
13,646,239,614 69,220,331,036 29,915,846,725 29,060,368,274
1,027,468,630,047 1,326,321,957,759 1,081,829,402,014 1,564,146,487,564
\
2,044,010,720,056 2,325,839,495,524 2,547,185,948,268 2,414,004,114,621
75,595,701,827 42,998,741,510 45,821,316,565 44,606,175,260
638,942,068 1,450,550,137 4,221,673,680 3,127,391,838
74,956,759,759 41,548,191,373 41,599,642,885 41,478,783,422
1,376,720,656,392 1,563,808,636,414 1,547,437,250,846 1,474,581,947,543
1,375,581,316,164 1,562,413,173,872 1,546,041,957,209 1,473,351,629,828
1,953,257,017,886 2,207,678,940,415 2,276,769,040,298 2,293,510,961,412
-577,675,701,722 -645,265,766,543 -730,727,083,089 -820,159,331,584
1,139,340,228 1,395,462,542 1,395,293,637 1,230,317,715
2,300,462,373 2,709,469,806 2,861,845,679 2,852,492,082
1,161,122,145 -1,314,007,264 -1,466,552,042 -1,622,174,367
122,433,482,341 133,016,030,751 174,840,438,526 161,760,370,807
150,614,336,060 169,335,128,015 222,787,268,386 222,396,959,792
-28,180,853,719 -36,319,097,264 -47,946,829,860 -60,636,588,985
59,367,441,268 254,787,371,572 166,849,459,681 128,508,553,528
41,748,409,140 22,896,569,934 2,407,140,916 2,544,283,516
551,929,032,128 231,890,801,638 164,442,318,765 125,964,270,012
281,994,671,080 173,442,631,058 139,508,998,583 141,138,164,916
140,412,180,445 129,469,360,000 125,933,870,000 127,733,870,000
-19,774,509,365 -19,884,728,942 -18,641,871,417 -18,985,705,084
161,357,000,000 63,858,000,000 32,217,000,000 32,300,000,000
 127,898,767,148 157,786,084,219 472,728,484,067 463,408,902,567
127,898,767,148 157,786,084,219 472,728,484,067 455,519,301,662
0 0 - 7,889,600,905
3,659,585,966,971 3,737,256,563,655 3,629,015,350,282 3,978,150,602,185
9

498,555,767,391 591,966,545,923 556,403,978,477 465,458,662,939

18,813,782,634 11,605,025,937 6,319,973,651 7,618,918,414
22,004,884,164 4,806,171,953 30,620,135,180 6,396,980,165
24,318,724,211 11,977,785,651 19,511,124,710 35,760,825,984
115,165,701,937 115,894,386,470 131,870,572,291 137,886,373,804
637,663,498 800,703,328 2,322,436,306 1,664,110,405
9,169,494,905 16,249,346,687 31,556,948,177 27,221,283,067
207,032,144,000 279,973,649,154 171,811,134,631 149,994,575,211
47,437,208,047 105,937,204,335 104,149,171,885 28,984,522,200
53,976,163,995 44,722,272,408 58,242,481,646 69,931,073,689
715,565,448,716 867,431,599,655 893,919,610,524 824,478,638,698
108,311,584,950 71,745,397,204 1,377,352,472 0
11,535,766,098 11,369,170,582 20,281,507,435 26,705,818,457
403,359,557,848 608,156,553,188 765,062,929,105 766,920,817,073
3,049,587,475 304,958,475 193,370,654 183,714,854
190,675,759,425 175,094,897,664 105,264,284,186 24,889,515,600
1,377,821,920 760,622,542 1,740,166,672 5,778,772,714
1,214,121,216,107 1,459,398,145,578 1,450,323,589,001 1,289,937,301,637

2,445,464,750,864 2,287,588,618,768 2,332,493,649,808 2,744,404,297,867

2,454,726,182,674 430,000,000,000 430,000,000,000 430,000,000,000
430,000,000,000 430,000,000,000 430,000,000,000 430,000,000,000
0 0 0 0
147,271,822,000 147,271,822,000 147,271,822,000 191,990,522,453
-126,980,054,347 -126,980,054,347 -126,980,054,347 0
82,123,024,077 72,650,777,310 75,940,874,142 62,221,396,305
1,071,405,341,683 1,097,288,756,611 1,119,613,273,204 1,136,820,519,557
306,653,302,107 161,173,392,629 153,686,842,862 372,654,110,149
231,933,493,594 142,961,633,396 73,331,512,699 -1,319,523,414
74,719,808,513 18,211,759,233 80,355,330,163 373,973,633,563
544,252,747,154 506,183,924,565 532,960,891,947 550,717,749,403
-9,261,431,810 -9,730,200,691 -7,444,065,586 -1,851,704,690
-9,261,431,810 -9,730,200,691 -7,444,065,586 -1,851,704,690
2,436,203,319,054 2,277,858,418,077 2,325,049,584,222 2,742,552,593,177
3,659,585,966,971 3,737,256,563,655 3,775,373,173,223 4,032,489,894,814

2018 2019 2020 2021

1,030,080,220,175 1,033,254,234,073 1,138,040,948,029 1,217,826,616,841
29,408,251 175,395,455 442,888,715 985,491,573
1,030,050,811,924 1,033,078,838,618 1,137,598,059,314 1,216,841,125,268
 685,179,592,014 762,643,927,813 817,653,058,668 786,532,015,939
344,871,219,910 270,434,910,805 319,945,000,646 430,309,109,329
65,197,162,556 68,669,022,883 64,066,605,701 47,456,547,396
15,964,124,623 22,917,326,767 14,747,266,684 6,898,180,826
9,660,481,458 18,173,462,191 14,314,552,756 4,985,930,163
0 - - -

16,193,621,013 19,411,163,034 19,322,999,825 32,850,338,103

87,237,744,199 81,561,485,357 91,544,569,309 85,666,204,569
- 215,213,958,530 258,396,770,529 352,350,933,327
23,692,615,664 37,481,743,158 24,025,827,094 261,818,524,550
3,439,378,812 8,827,904,183 13,077,379,748 36,824,535,873
10,700,663,148 28,653,838,975 10,948,447,346 224,993,988,677
301,643,555,779 243,867,797,505 269,345,217,875 577,344,922,004
67,438,007,538 53,320,592,026 56,677,573,515 108,618,382,158
-83,868,842 -616,199,378 979,544,130 -3,850,994,863
235,038,417,034 191,164,404,857 211,688,100,230 472,577,534,709
235,348,240,513 182,899,132,704 177,938,839,445 431,075,194,193
-309,823,479 8,265,272,153 33,749,260,785 41,502,340,516
5,865 4,558 4,435 10,335
(No DEPS in this year) 4,558 4,435 5,089

2018 2019 2020 2021

301,643,555,779 243,867,797,505 269,345,217,875 577,344,922,004
84,589,348,037 102,171,040,758 116,398,597,061 124,075,926,133
11,416,343,819 -359,669,787 1,008,274,160 -45,913,313,615
-2,256,354,997 -701,834,469 1,233,414,152 -253,702,666
-57,849,128,793 -79,930,971,894 -60,261,085,721 -43,197,119,166
9,660,481,458 18,173,462,191 14,314,552,756 4,985,930,163
30,909,530,841 1,856,051,691 -
347,204,245,303 314,129,355,145 343,895,021,974 658,364,642,853
5,486,827,509 1,448,953,143 -24,860,312,856 95,387,099,831
-5,004,779,330 17,670,409,712 -32,888,514,641 -56,302,677,847
163,378,715,145 220,603,849,076 207,370,621,832 83,669,745,908
-91,571,120,368 -29,926,394,872 -314,094,432,689 15,304,646,896
-9,672,703,307 -17,844,199,062 -14,434,607,579 -5,175,241,990
-47,245,015,284 -64,479,648,853 -66,483,875,141 -84,930,798,818
53,699,716,299 - - 791,000,000
-55,375,480,990 -70,186,780,825 -12,013,227,592 -
360,900,404,977 371,415,543,464 86,490,673,308 707,108,416,833

-171,026,919,089 -120,304,191,408 -94,325,212,097 -53,577,143,628

1,868,980,200 108,181,818 51,700,000 103,636,364
(820,217,704,387) -655,935,858,165 -530,375,000,000 -715,824,344,167
531,668,665,086 524,618,586,961 816,621,827,093 406,418,701,936
(2,726,000,000) -2,700,000,000 -1,000,000,000 -1,800,000,000
 - 30,142,820,445 4,535,490,000 -
54,486,959,249 51,536,697,047 53,731,352,349 51,609,409,434
(405,946,018,941) 172,533,763,302 249,240,157,345 -313,069,740,061

50,681,227,063.00 - 300,000,000 171,431,092,330

(41,146,587,771.00) 238,446,005,338 80,103,329,922 12,000,000,000
(206,694,775,200.00) -195,117,570,201 -156,079,587,934 -166,827,655,984
- -207,630,922,500 -205,646,049,000 -182,055,563,450
(197,160,135,908.00) -164,302,487,363 -281,322,307,012 -165,452,127,104
(242,205,749,872.00) 34,579,292,799 54,408,523,641 228,586,549,668
519,398,970,643.00 277,153,634,984 312,071,328,429 366,150,953,174
(39,585,787.00) 338,400,646 -328,898,896 -1,629,324,265
277,153,634,984.00 312,071,328,429 366,150,953,174 593,108,178,577
Company name Dong Phu Rubber Joint Stock Company (DPR)
Year 2019 2020

LIQUIDITY ANALYSIS
Current Ratio 0.91 0.75
Quick Ratio 0.81 0.70
Operating Cash Flow to Current Liabilities 27.78% 5.94%
Accounts Receivable Turnover 14.9 9.8
Days of Sales Outstanding (DSO) 24.5 37.1
Inventory Turnover 5.6 5.6
Days Inventory on hand 65.8 64.9
Purchases 744,573,581,561 851,629,357,012
Accounts Payable Turnover 64.2 134.8
Days Payable Outstanding 5.7 2.7
Net Working Capital Days 84.6 99.3

SOLVENCY ANALYSIS
Debt ratios
Liabilities to Assets Ratio 0.39 0.40
Liabilities to Shareholder's Equity Ratio 0.64 0.62
Long-term debt to Long-term capital ratio 0.28 0.28
Long-term debt to Shareholder's Equity Ratio 0.38 0.38
Interest coverage ratio 13.419 18.816
Operating CF to Total Liabilities Ratio 0.254 0.060

PROFITABILITY RISK ANALYSIS

Return Ratios
ROA 5.88% 7.05%
Profit margin for ROA 21.06% 22.83%
Assets Turnover 0.28 0.31
ROCE 7.76% 7.73%
Profit margin for ROCE 17.70% 15.64%
Capital structure leverage 1.57 1.60
Cost of goods sold/ Sales 73.82% 71.88%
Selling expense/ Sales 1.88% 1.70%
Administrative expense/ Sales 7.89% 8.05%
Interest expense/ Sales 1.76% 1.26%
Fixed assets turnover 0.70 0.73
Earnings Per Share $ 4,764 $ 5,276
Outstanding shares 40,124,790 40,124,790
Gross profit margin 26.18% 28.12%
Operating profit margin 23.61% 23.68%
Net profit margin 18.50% 18.61%
Cashflow margin 35.95% 7.60%
Sales Growth Rate 0.29% 10.12%
Average Annual Sales Growth Rate 5.79%

CASHFLOW ANALYSIS
CFO 371,415,543,464 86,490,673,308
CFI 172,533,763,302 249,240,157,345
CFF -164,302,487,363 -281,322,307,012
Stock Company (DPR)
2021

Formula:
1.21 Current Ratio = Current Assets/Current Liabilities
1.04 Quick Ratio = (Cash and cash equivalent + ST Investment + Account Receiva
51.61% OCF to Current Liabilities = CFO/Average Current Liabilities
12.1 Account Receivables Turnover = Sales/Average AR
30.1 Days Receivable Outstanding = 365/AR Turnover
4.2 Inventory Turnover = COGS/Average Inventory
87.3 Days Inventory on hand = 365/Inventory Turnover
838,037,387,170 Purchases = COGS + Ending Inventory - Beginning Inventory
110.0 Account Payables Turnover = Purchases/Average AP
3.3 Days Payable Outstanding = 365/AP Turnover
114.0 NWC Days = Days AR Outstanding + Days Inventory on hand - Days AP Out

0.32 Liabilities to Asset Ratio = Total Liabilities/Total Assets

0.47 Liabilities to Shareholder's Equity Ratio = Total Liabilities/Total Shareholder
0.23 Long-term debt to Long-term capital ratio = Long-term debt/(Long-term debt
0.30 Long-term debt to Shareholder's Equity Ratio = Long-term debt/Total Shareho
115.795 Interest coverage ratio = (NI+Interest Expense+Income tax expense+NI attrib
0.548 Operating CF to Total Liabilities Ratio = CFO/Total Liabilities

Asset turnover
13.65% ROA= Profit margin for ROA * Assets Turnover
42.66% Profit margin for ROA = (Net income + Interest expense ( net of taxes) + Non
0.32 Assets Turnover = Sales/ Average total assets
17.01% ROCE= Profit margin for ROCE * Assets turnover * Capital structure leverag
35.43% Profit margin for ROCE = Net income available to common sharesholders/ Sa
1.50 Capital structure leverage= Average total assets / Average common sharehold
64.64%
2.70%
7.04%
0.41%
0.81 Fixed assets turnover = Sales/ Average fixed assets
$ 23,555 Earnings Per Share = (Net income - Preferred Dividends)/ Average outstandi
40,124,790
35.36% Gross profit margin = Gross profit/Sales
47.45% Operating profit margin= EBIT/ Sales
38.84% Net profit margin= Net income/Sales
 58.11% Cashflow margin= Cashflow from operating activities/ Sales
6.97% Sales Growth Rate = (Current Period Sales - Prior Period Sales)/ Prior Perio
9% Average Annual Sales Growth Rate= Total Sales growth rate/ Total Number o

707,108,416,833
-313,069,740,061
-165,452,127,104
ent + Account Receivables)/Current Liabilities

n hand - Days AP Outstanding

ties/Total Shareholder's Equity

debt/(Long-term debt + Total Shareholder's Equity)
erm debt/Total Shareholder's Equity
e tax expense+NI attribute to noncontrolling interest)/Interest Expense

e ( net of taxes) + Noncontrolling Interest in Earnings) / Sales

apital structure leverage

mon sharesholders/ Sales
age common shareholders' Equity

ds)/ Average outstanding shares

iod Sales)/ Prior Period Sales
h rate/ Total Number of periods
 FINANCIAL STATEMENT
Dong Phu Rubber Joint Stoc

BALANCE SHEET

ASSETS
Cash and cash equivalents
Cash
Cash equivalent
Short-term financial investments
Held to maturity investments
Short-term receivables
Short-term trade accounts receivables
Short-term prepayment to suppliers
Other short-term receivables
Assets awaiting resolution
Provision for short-term bad debts
Inventories
Inventories
Provision for deadline in value of inventories
Other short-term assets
Short-term prepayment
VAT to be reclaimed
Taxes and other receivables to state authorities
Current Asset

LONG-TERM ASSETS
Long-term receivables
Receivables for long-term loans
Other long-term receivable
Fixed assets
Tangible fixed assets
Cost
Accumulated Depreciation
Intangible fixed assets
Cost
Accumulated Depreciation
Investment real estate
Cost
Accumulated Depreciation
Long-term assets in progress
Production costs, business in progress
Construction in progress cost
Long-term financial investment
Invest capital in other entities
Provision for long-term financial investment
Hold-to-maturity investment
Other long-term assets
Long-term prepayments
Defferred income tax assets
Total Assets

LIABILITY
Short-term liabilities
Short-term trade accounts payable
Short-term advances from customers
Taxes and other payables to state authorities
Payable to employees
Short-term accrued expenses
Short-term unrealized revenue
Other short-term payables
Short-term loans and finance leases
Bonus and welfare fund
Long-term liabilities
Long-term prepaid buyers
Long-term expenses
Unrealized revenue
Other long-term payables
Loans and long-term finance lease debt
Deferred income tax payable
Total Liabilities
EQUITY
Owner's capital
Owner's contributed capital
Common stock with voting right
Preferred stock
Surplus equity
Treasury shares
The exchange rate differences
Development Fund
Undistributed after-tax profit
Accumulated to the end of the previous period
Accumulated to the end of the present period
Non-controlling shareholder interests
Funding and other funds
Funding
Total Equity
Total Liabilities and Equity

INCOME STATEMENT DATA

Accounts
Sales of goods & services ( Revenue)
Deduction in revenue
Net revenue
Cost of good sold ( COGS)
Profit on sales & service provions (Gross profit)
Financial income
Financing expenses
Interest expenses
Gain/loss from acquisition of joint venture company
Expenses
Selling expenses
Operating expenses
Operating profit
Other expenses
Others income
Other profits
Total accounting profit before tax
Current corporate income tax expense
Deffered tax expense
Net income / Net profit after tax
Profit after tax for shareholders of parent company
Profit after tax for non controlling shareholders
Basic earning per share
Diluted earning per share

Note
Total payout for dividend
CIAL STATEMENT ANALYSIS (FSA)
hu Rubber Joint Stock Company (DPR)

2018 2019 2020 2021

277,153,634,984 312,071,328,429 366,150,953,174 593,108,178,577
94,071,969,068 94,832,804,511 92,014,296,191 135,712,372,982
183,081,665,916 217,238,523,918 274,136,656,983 457,395,805,595
563,466,794,287 789,302,840,701 496,323,353,493 697,840,070,015
563,467,000,000 789,302,840,701 496,323,353,493 697,840,070,015
53,796,616,868 85,095,110,372 146,357,822,941 54,339,292,629
12,555,019,545 30,464,187,142 38,814,398,271 17,863,861,062
12,948,632,576 13,940,117,935 16,360,897,608 8,121,680,826
38,133,773,025 50,381,127,243 100,952,358,553 36,867,752,999
-10,017,795,551 176,987,273 176,987,273 -9,740,825,763
176,987,273 -9,867,309,221 -9,946,818,764 1,226,823,505
146,429,460,598 128,359,114,346 162,335,412,690 213,840,783,921
147,996,151,452 130,325,741,740 163,214,256,381 219,516,934,228
-1,566,690,854 -1,966,627,394 -878,843,691 -5,676,150,307
40,418,740,178 96,588,674,283 57,019,682,657 59,357,455,051
1,349,375,798 1,388,453,599 540,486,440 2,445,021,949
25,423,124,766 25,979,889,648 26,563,349,492 27,852,064,828
13,646,239,614 69,220,331,036 29,915,846,725 29,060,368,274
1,027,468,630,047 1,411,417,068,131 1,228,187,224,955 1,618,485,780,193

2,578,320,720,056 2,325,839,495,524 2,547,185,948,268 2,414,004,114,621

75,595,701,827 42,998,741,510 45,821,316,565 44,606,175,260
638,942,068 1,450,550,137 4,221,673,680 3,127,391,838
74,956,759,759 41,548,191,373 41,599,642,885 41,478,783,422
1,376,720,656,392 1,563,808,636,414 1,547,437,250,846 1,474,581,947,543
1,375,581,316,164 1,562,413,173,872 1,546,041,957,209 1,473,351,629,828
1,953,257,017,886 2,207,678,940,415 2,276,769,040,298 2,293,510,961,412
-577,675,701,722 -645,265,766,543 -730,727,083,089 -820,159,331,584
1,139,340,228 1,395,462,542 1,395,293,637 1,230,317,715
2,300,462,373 2,709,469,806 2,861,845,679 2,852,492,082
1,161,122,145 -1,314,007,264 -1,466,552,042 -1,622,174,367
122,433,482,341 133,016,030,751 174,840,438,526 161,760,370,807
150,614,336,060 169,335,128,015 222,787,268,386 222,396,959,792
-28,180,853,719 -36,319,097,264 -47,946,829,860 -60,636,588,985
593,677,441,268 254,787,371,572 166,849,459,681 128,508,553,528
41,748,409,140 22,896,569,934 2,407,140,916 2,544,283,516
551,929,032,128 231,890,801,638 164,442,318,765 125,964,270,012
281,994,671,080 173,442,631,058 139,508,998,583 141,138,164,916
140,412,180,445 129,469,360,000 125,933,870,000 127,733,870,000
-19,774,509,365 -19,884,728,942 -18,641,871,417 -18,985,705,084
161,357,000,000 63,858,000,000 32,217,000,000 32,300,000,000
 127,898,767,148 157,786,084,219 472,728,484,067 463,408,902,567
127,898,767,148 157,786,084,219 472,728,484,067 455,519,301,662
0 0 7,889,600,905
3,659,585,966,971 3,737,256,563,655 3,775,373,173,223 4,032,489,894,814

498,555,767,391 591,966,545,923 556,403,978,477 465,458,662,939

18,813,782,634 11,605,025,937 6,319,973,651 7,618,918,414
22,004,884,164 4,806,171,953 30,620,135,180 6,396,980,165
24,318,724,211 11,977,785,651 19,511,124,710 35,760,825,984
115,165,701,937 115,894,386,470 131,870,572,291 137,886,373,804
637,663,498 800,703,328 2,322,436,306 1,664,110,405
9,169,494,905 16,249,346,687 31,556,948,177 27,221,283,067
207,032,144,000 279,973,649,154 171,811,134,631 149,994,575,211
47,437,208,047 105,937,204,335 104,149,171,885 28,984,522,200
53,976,163,995 44,722,272,408 58,242,481,646 69,931,073,689
715,565,448,716 867,431,599,655 893,919,610,524 824,478,638,698
108,311,584,950 71,745,397,204 1,377,352,472 0
11,535,766,098 11,369,170,582 20,281,507,435 26,705,818,457
403,359,557,848 608,156,553,188 765,062,929,105 766,920,817,073
3,049,587,475 304,958,475 193,370,654 183,714,854
190,675,759,425 175,094,897,664 105,264,284,186 24,889,515,600
1,377,821,920 760,622,542 1,740,166,672 5,778,772,714
1,214,121,216,107 1,459,398,145,578 1,450,323,589,001 1,289,937,301,637

2,445,464,750,864 2,287,588,618,768 2,332,493,649,808 2,744,404,297,867

2,454,726,182,674 430,000,000,000 430,000,000,000 430,000,000,000
430,000,000,000 430,000,000,000 430,000,000,000 430,000,000,000
0 0 0 0
147,271,822,000 147,271,822,000 147,271,822,000 191,990,522,453
-126,980,054,347 -126,980,054,347 -126,980,054,347 0
82,123,024,077 72,650,777,310 75,940,874,142 62,221,396,305
1,071,405,341,683 1,097,288,756,611 1,119,613,273,204 1,136,820,519,557
306,653,302,107 161,173,392,629 153,686,842,862 372,654,110,149
231,933,493,594 142,961,633,396 73,331,512,699 -1,319,523,414
74,719,808,513 18,211,759,233 80,355,330,163 373,973,633,563
544,252,747,154 506,183,924,565 532,960,891,947 550,717,749,403
-9,261,431,810 -9,730,200,691 -7,444,065,586 -1,851,704,690
-9,261,431,810 -9,730,200,691 -7,444,065,586 -1,851,704,690
2,436,203,319,054 2,277,858,418,077 2,325,049,584,222 2,742,552,593,177
3,659,585,966,971 3,737,256,563,655 3,775,373,173,223 4,032,489,894,814

2018 2019 2020 2021

1,030,080,220,175 1,033,254,234,073 1,138,040,948,029 1,217,826,616,841
29,408,251 175,395,455 442,888,715 985,491,573
1,030,050,811,924 1,033,078,838,618 1,137,598,059,314 1,216,841,125,268
 685,179,592,014 762,643,927,813 817,653,058,668 786,532,015,939
344,871,219,910 270,434,910,805 319,945,000,646 430,309,109,329
65,197,162,556 68,669,022,883 64,066,605,701 47,456,547,396
15,964,124,623 22,917,326,767 14,747,266,684 6,898,180,826
9,660,481,458 18,173,462,191 14,314,552,756 4,985,930,163
0 - - -

16,193,621,013 19,411,163,034 19,322,999,825 32,850,338,103

87,237,744,199 81,561,485,357 91,544,569,309 85,666,204,569
- 215,213,958,530 258,396,770,529 352,350,933,327
23,692,615,664 37,481,743,158 24,025,827,094 261,818,524,550
3,439,378,812 8,827,904,183 13,077,379,748 36,824,535,873
10,700,663,148 28,653,838,975 10,948,447,346 224,993,988,677
301,643,555,779 243,867,797,505 269,345,217,875 577,344,922,004
67,438,007,538 53,320,592,026 56,677,573,515 108,618,382,158
-83,868,842 -616,199,378 979,544,130 -3,850,994,863
3,534,840,513 191,164,404,857 211,688,100,230 427,577,534,709
235,348,240,513 182,899,132,704 177,938,839,445 431,075,194,193
-309,823,479 8,265,272,153 33,749,260,785 41,502,340,516
5,865 4,558 4,435 10,335
(Năm này chưa có DEPS) 4,558 4,435 5,089

235,038,417,034 191,164,404,857 211,688,100,230 472,577,534,709

 2018 2019 2020 2021 2019 2020 2021
7.57% 8.35% 9.70% 14.71% 12.60% 17.33% 61.98%
2.57% 2.54% 2.44% 3.37% 0.81% -2.97% 47.49%
5.00% 5.81% 7.26% 11.34% 18.66% 26.19% 66.85%
15.40% 21.12% 13.15% 17.31% 40.08% -37.12% 40.60%
15.40% 21.12% 13.15% 17.31% 40.08% -37.12% 40.60%
1.47% 2.28% 3.88% 1.35% 58.18% 71.99% -62.87%
0.34% 0.82% 1.03% 0.44% 142.65% 27.41% -53.98%
0.35% 0.37% 0.43% 0.20% 7.66% 17.37% -50.36%
1.04% 1.35% 2.67% 0.91% 32.12% 100.38% -63.48%
-0.27% 0.00% 0.00% -0.24% -101.77% 0.00% -5603.69%
0.00% -0.26% -0.26% 0.03% -5675.15% 0.81% -112.33%
4.00% 3.43% 4.30% 5.30% -12.34% 26.47% 31.73%
4.04% 3.49% 4.32% 5.44% -11.94% 25.24% 34.50%
-0.04% -0.05% -0.02% -0.14% 25.53% -55.31% 545.87%
1.10% 2.58% 1.51% 1.47% 138.97% -40.97% 4.10%
0.04% 0.04% 0.01% 0.06% 2.90% -61.07% 352.37%
0.69% 0.70% 0.70% 0.69% 2.19% 2.25% 4.85%
0.37% 1.85% 0.79% 0.72% 407.25% -56.78% -2.86%
28.08% 37.77% 32.53% 40.14% 37.37% -12.98% 31.78%

70.45% 62.23% 67.47% 59.86% -9.79% 9.52% -5.23%

2.07% 1.15% 1.21% 1.11% -43.12% 6.56% -2.65%
0.02% 0.04% 0.11% 0.08% 127.02% 191.04% -25.92%
2.05% 1.11% 1.10% 1.03% -44.57% 0.12% -0.29%
37.62% 41.84% 40.99% 36.57% 13.59% -1.05% -4.71%
37.59% 41.81% 40.95% 36.54% 13.58% -1.05% -4.70%
53.37% 59.07% 60.31% 56.88% 13.03% 3.13% 0.74%
-15.79% -17.27% -19.36% -20.34% 11.70% 13.24% 12.24%
0.03% 0.04% 0.04% 0.03% 22.48% -0.01% -11.82%
0.06% 0.07% 0.08% 0.07% 17.78% 5.62% -0.33%
0.03% -0.04% -0.04% -0.04% -213.17% 11.61% 10.61%
3.35% 3.56% 4.63% 4.01% 8.64% 31.44% -7.48%
4.12% 4.53% 5.90% 5.52% 12.43% 31.57% -0.18%
-0.77% -0.97% -1.27% -1.50% 28.88% 32.02% 26.47%
16.22% 6.82% 4.42% 3.19% -57.08% -34.51% -22.98%
1.14% 0.61% 0.06% 0.06% -45.16% -89.49% 5.70%
15.08% 6.20% 4.36% 3.12% -57.99% -29.09% -23.40%
7.71% 4.64% 3.70% 3.50% -38.49% -19.56% 1.17%
3.84% 3.46% 3.34% 3.17% -7.79% -2.73% 1.43%
-0.54% -0.53% -0.49% -0.47% 0.56% -6.25% 1.84%
4.41% 1.71% 0.85% 0.80% -60.42% -49.55% 0.26%
 3.49% 4.22% 12.52% 11.49% 23.37% 199.60% -1.97%
3.49% 4.22% 12.52% 11.30% 23.37% 199.60% -3.64%
0.00% 0.00% 0.00% 0.20%
100% 100% 100% 100%

13.62% 15.84% 14.74% 11.54% 18.74% -6.01% -16.35%

0.51% 0.31% 0.17% 0.19% -38.32% -45.54% 20.55%
0.60% 0.13% 0.81% 0.16% -78.16% 537.10% -79.11%
0.66% 0.32% 0.52% 0.89% -50.75% 62.89% 83.28%
3.15% 3.10% 3.49% 3.42% 0.63% 13.79% 4.56%
0.02% 0.02% 0.06% 0.04% 25.57% 190.05% -28.35%
0.25% 0.43% 0.84% 0.68% 77.21% 94.20% -13.74%
5.66% 7.49% 4.55% 3.72% 35.23% -38.63% -12.70%
1.30% 2.83% 2.76% 0.72% 123.32% -1.69% -72.17%
1.47% 1.20% 1.54% 1.73% -17.14% 30.23% 20.07%
19.55% 23.21% 23.68% 20.45% 21.22% 3.05% -7.77%
2.96% 1.92% 0.04% 0.00% -33.76% -98.08% -100.00%
0.32% 0.30% 0.54% 0.66% -1.44% 78.39% 31.68%
11.02% 16.27% 20.26% 19.02% 50.77% 25.80% 0.24%
0.08% 0.01% 0.01% 0.00% -90.00% -36.59% -4.99%
5.21% 4.69% 2.79% 0.62% -8.17% -39.88% -76.36%
0.04% 0.02% 0.05% 0.14% -44.80% 128.78% 232.08%
33.18% 39.05% 38.42% 31.99% 20.20% -0.62% -11.06%

66.82% 61.21% 61.78% 68.06% -6.46% 1.96% 17.66%

67.08% 11.51% 11.39% 10.66% -82.48% 0.00% 0.00%
11.75% 11.51% 11.39% 10.66% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
4.02% 3.94% 3.90% 4.76% 0.00% 0.00% 30.36%
-3.47% -3.40% -3.36% 0.00% 0.00% 0.00% -100.00%
2.24% 1.94% 2.01% 1.54% -11.53% 4.53% -18.07%
29.28% 29.36% 29.66% 28.19% 2.42% 2.03% 1.54%
8.38% 4.31% 4.07% 9.24% -47.44% -4.65% 142.48%
6.34% 3.83% 1.94% -0.03% -38.36% -48.71% -101.80%
2.04% 0.49% 2.13% 9.27% -75.63% 341.23% 365.40%
14.87% 13.54% 14.12% 13.66% -6.99% 5.29% 3.33%
-0.25% -0.26% -0.20% -0.05% 5.06% -23.50% -75.13%
-0.25% -0.26% -0.20% -0.05% 5.06% -23.50% -75.13%
66.57% 60.95% 61.58% 68.01% -6.50% 2.07% 17.96%
100.00% 100.00% 100.00% 100.00% 2.12% 1.02% 6.81%

2019 2020 2021 2019 2020 2021

100.00% 100.00% 100.00% 0.31% 10.14% 7.01%
0.02% 0.04% 0.10% 496.42% 152.51% 122.51%
99.98% 99.96% 99.92% 0.29% 10.12% 6.97%
73.81% 71.85% 64.58% 11.31% 7.21% -3.81%
26.17% 28.11% 35.33% -21.58% 18.31% 34.49%
6.65% 5.63% 3.90% 5.33% -6.70% -25.93%
2.22% 1.30% 0.57% 43.56% -35.65% -53.22%
1.76% 1.26% 0.41% 88.12% -21.23% -65.17%
0.00% 0.00% 0.00%

1.88% 1.70% 2.70% 19.87% -0.45% 70.01%

7.89% 8.04% 7.03% -6.51% 12.24% -6.42%
20.83% 22.71% 28.93% 0.00% 20.07% 36.36%
3.63% 2.11% 21.50% 58.20% -35.90% 989.74%
0.85% 1.15% 3.02% 156.67% 48.14% 181.59%
2.77% 0.96% 18.48% 167.78% -61.79% 1955.03%
23.60% 23.67% 47.41% -19.15% 10.45% 114.35%
5.16% 4.98% 8.92% -20.93% 6.30% 91.64%
-0.06% 0.09% -0.32% 634.72% -258.97% -493.14%
18.50% 18.60% 35.11% 5308.01% 10.74% 101.98%
17.70% 15.64% 35.40% -22.29% -2.71% 142.26%
0.80% 2.97% 3.41% -2767.74% 308.33% 22.97%
0.00% 0.00% 0.00% -22.28% -2.70% 133.03%
0.00% 0.00% 0.00% 0 -2.70% 14.75%
 Dong Phu Rubber Joint Stock Company (DPR)
Forecasting assumptions
Accounts
Sales growth Sales growth rate
Deductions % of sales
Cost of goods sold % of sales
Financial Income growth rate
Financial Expenses growth rate
Selling Expenses % of sales
Administrative overheads % of sales
Other income growth rate
Other expenses growth rate

Short-term trade accounts payable formula

Short-term advances from customers % of total assets
Taxes and other payables to state authorities % of total assets
Payable to employees % of total assets
Short-term unrealized revenue % of total assets
Other short-term payables growth rate
Short-term loans and finance leases growth rate
Bonus and welfare fund % of total assets
Long-term expenses growth rate
Long-term unrealized revenue growth rate
Loans and long-term finance lease debt growth rate
Owner's capital growth rate

INCOME STATEMENT DATA

Accounts
Sales of goods & services ( Revenue)
Deduction in revenue
Net revenue
Cost of good sold ( COGS)
Profit on sales & service provions (Gross profit)
Financial income
Financing expenses
Interest expenses
Gain/loss from acquisition of joint venture company
Expenses
Selling expenses
Operating expenses
Operating profit
 Other expenses
Others income
Other profits
Total accounting profit before tax
Current corporate income tax expense
Deffered tax expense
Net income / Net profit after tax
Profit after tax for shareholders of parent company
Profit after tax for non controlling shareholders
Basic earning per share
Diluted earning per share

BALANCE SHEET

ASSETS
Cash and cash equivalents
Cash
Cash equivalent
Short-term financial investments
Held to maturity investments
Short-term receivables
Short-term trade accounts receivables
Short-term prepayment to suppliers
Other short-term receivables
Assets awaiting resolution
Provision for short-term bad debts
Inventories
Inventories
Provision for deadline in value of inventories
Other short-term assets
Short-term prepayment
VAT to be reclaimed
Taxes and other receivables to state authorities
Current Asset

Long-term Assets
Long-term receivables
Receivables for long-term loans
Other long-term receivable
Fixed assets
Tangible fixed assets

Intangible fixed assets

Investment real estate
Cost
Accumulated Depreciation
Long-term assets in progress
Production costs, business in progress
Construction in progress cost
Long-term financial investment
Invest capital in other entities
Provision for long-term financial investment
Hold-to-maturity investment
Other long-term assets
Long-term prepayments
Defferred income tax assets
TOTAL ASSETS

LIABILITY
Short-term liabilities
Short-term trade accounts payable
Short-term advances from customers
Taxes and other payables to state authorities
Payable to employees
Short-term accrued expenses
Short-term unrealized revenue
Other short-term payables
Short-term loans and finance leases
Bonus and welfare fund
Long-term liabilities
Long-term prepaid buyers
Long-term expenses
Unrealized revenue
Other long-term payables
Loans and long-term finance lease debt
Deferred income tax payable
TOTAL LIABILITIES
EQUITY
Owner's capital
Owner's contributed capital

Surplus equity
Treasury shares
The exchange rate differences
Development Fund
 Undistributed after-tax profit

Non-controlling shareholder interests

Funding and other funds
Funding
TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY
Year + 1 Year + 2 Year + 3
9% 9% 9%
0.1% 0.1% 0.1%
67% 63% 63%
7% 7% 7%
2.50% 2.50% 2.50%
2.40% 2.40% 2.40%
8% 8% 8%
3.2% 3.2% 3.2%
31% 31% 31%

0.37% 0.37% 0.37%

0.57% 0.57% 0.57%
3.34% 3.34% 3.34%
0.65% 0.65% 0.65%
-25% -25% -25%
-39% -39% -39%
1.50% 1.50% 1.50%
36% 35% 35%
3% 3% 3%
-59% -59% -59%
4.00% 4.00% 4.00%

2018 2019
1,030,080,220,175 1,033,254,234,073
29,408,251 175,395,455
1,030,050,811,924 1,033,078,838,618
685,179,592,014 762,643,927,813
344,871,219,910 270,434,910,805
65,197,162,556 68,669,022,883
15,964,124,623 22,917,326,767
9,660,481,458 18,173,462,191
0 -

16,193,621,013 19,411,163,034
87,237,744,199 81,561,485,357
- 215,213,958,530
 23,692,615,664 37,481,743,158
3,439,378,812 8,827,904,183
10,700,663,148 28,653,838,975
301,643,555,779 243,867,797,505
67,438,007,538 53,320,592,026
-83,868,842 -616,199,378
235,038,417,034 191,164,404,857
235,348,240,513 182,899,132,704
-309,823,479 8,265,272,153
5,865 4,558
(Năm này chưa có DEPS) 4,558

2018 2019
277,153,634,984 312,071,328,429
94,071,969,068 94,832,804,511
183,081,665,916 217,238,523,918
563,466,794,287 789,302,840,701
563,467,000,000 789,302,840,701
53,796,616,868 85,095,110,372
12,555,019,545 30,464,187,142
12,948,632,576 13,940,117,935
38,133,773,025 50,381,127,243
-10,017,795,551 176,987,273
176,987,273 -9,867,309,221
146,429,460,598 128,359,114,346
147,996,151,452 130,325,741,740
ories -1,566,690,854 -1,966,627,394
40,418,740,178 96,588,674,283
1,349,375,798 1,388,453,599
25,423,124,766 25,979,889,648
orities 13,646,239,614 69,220,331,036
1,027,468,630,047 1,411,417,068,131

2,577,010,720,056 2,325,839,495,524
75,595,701,827 42,998,741,510
638,942,068 1,450,550,137
74,956,759,759 41,548,191,373
1,376,720,656,392 1,563,808,636,414
1,375,581,316,164 1,562,413,173,872
Cost 1,953,257,017,886 2,207,678,940,415
Accumulated Depreciation -577,675,701,722 -645,265,766,543
1,139,340,228 1,395,462,542
 Cost 2,300,462,373 2,709,469,806
Accumulated Depreciation 1,161,122,145 -1,314,007,264
122,433,482,341 133,016,030,751
150,614,336,060 169,335,128,015
-28,180,853,719 -36,319,097,264
592,367,441,268 254,787,371,572
41,748,409,140 22,896,569,934
551,929,032,128 231,890,801,638
281,994,671,080 173,442,631,058
140,412,180,445 129,469,360,000
ment -19,774,509,365 -19,884,728,942
161,357,000,000 63,858,000,000
127,898,767,148 157,786,084,219
127,898,767,148 157,786,084,219
0 0
3,659,585,966,971 3,737,256,563,655

498,555,767,391 591,966,545,923
18,813,782,634 11,605,025,937
22,004,884,164 4,806,171,953
ities 24,318,724,211 11,977,785,651
115,165,701,937 115,894,386,470
637,663,498 800,703,328
9,169,494,905 16,249,346,687
207,032,144,000 279,973,649,154
47,437,208,047 105,937,204,335
53,976,163,995 44,722,272,408
715,565,448,716 867,431,599,655
108,311,584,950 71,745,397,204
11,535,766,098 11,369,170,582
403,359,557,848 608,156,553,188
3,049,587,475 304,958,475
190,675,759,425 175,094,897,664
1,377,821,920 760,622,542
1,214,121,216,107 1,459,398,145,578

2,445,464,750,864 2,287,588,618,768
2,454,726,182,674 430,000,000,000
Common stock with voting right 430,000,000,000 430,000,000,000
Preferred stock 0 0
147,271,822,000 147,271,822,000
-126,980,054,347 -126,980,054,347
82,123,024,077 72,650,777,310
1,071,405,341,683 1,097,288,756,611
 306,653,302,107 161,173,392,629
Accumulated to the end of the previous period 231,933,493,594 142,961,633,396
Accumulated to the end of the present period 74,719,808,513 18,211,759,233
544,252,747,154 506,183,924,565
-9,261,431,810 -9,730,200,691
-9,261,431,810 -9,730,200,691
2,436,203,319,054 2,277,858,418,077
3,659,585,966,971 3,737,256,563,655

Note:
Total payout for dividend 235,038,417,034 191,164,404,857
 2020 2021 Year + 1 Year + 2
1,138,040,948,029 1,217,826,616,841 1,327,431,012,357 1,446,899,803,469
442,888,715 985,491,573 1,327,431,012 1,446,899,803
1,137,598,059,314 1,216,841,125,268 1,326,103,581,344 1,445,452,903,665
817,653,058,668 786,532,015,939 889,378,778,279 911,546,876,185
319,945,000,646 430,309,109,329 436,724,803,065 533,906,027,480
64,066,605,701 47,456,547,396 50,778,505,714 54,333,001,114
14,747,266,684 6,898,180,826 7,070,635,347 7,247,401,230
14,314,552,756 4,985,930,163
- -

19,322,999,825 32,850,338,103 31,858,344,297 34,725,595,283

91,544,569,309 85,666,204,569 106,194,480,989 115,751,984,278
258,396,770,529 352,350,933,327 411,503,613,831 448,538,939,075
 24,025,827,094 261,818,524,550 106,194,480,989 115,751,984,278
13,077,379,748 36,824,535,873 38,002,921,021 39,219,014,494
10,948,447,346 224,993,988,677
269,345,217,875 577,344,922,004 822,075,021,945 955,585,956,662
56,677,573,515 108,618,382,158 172,635,754,609 200,673,050,899
979,544,130 -3,850,994,863
211,688,100,230 427,577,534,709 649,439,267,337 754,912,905,763
177,938,839,445 431,075,194,193
33,749,260,785 41,502,340,516
4,435 10,335
4,435 5,089

2020 2021 Year + 1 Year + 2

366,150,953,174 593,108,178,577 385,520,316,075 424,072,347,683
92,014,296,191 135,712,372,982
274,136,656,983 457,395,805,595
496,323,353,493 697,840,070,015 1,109,565,711,324 765,600,340,813
496,323,353,493 697,840,070,015
146,357,822,941 54,339,292,629 86,942,868,206 139,108,589,130
38,814,398,271 17,863,861,062
16,360,897,608 8,121,680,826
100,952,358,553 36,867,752,999
176,987,273 -9,740,825,763
-9,946,818,764 1,226,823,505
162,335,412,690 213,840,783,921 265,162,572,062 328,801,589,357
163,214,256,381 219,516,934,228
-878,843,691 -5,676,150,307
57,019,682,657 59,357,455,051 71,228,946,061 85,474,735,273
540,486,440 2,445,021,949
26,563,349,492 27,852,064,828
29,915,846,725 29,060,368,274
1,228,187,224,955 1,618,485,780,193 1,831,477,545,522 1,603,949,013,126

2,547,185,948,268 2,414,004,114,621 2,417,475,690,804 2,459,948,891,897

45,821,316,565 44,606,175,260 6,244,864,536 9,367,296,805
4,221,673,680 3,127,391,838
41,599,642,885 41,478,783,422
1,547,437,250,846 1,474,581,947,543 1,492,276,930,914 1,507,199,700,223
1,546,041,957,209 1,473,351,629,828
2,276,769,040,298 2,293,510,961,412
-730,727,083,089 -820,159,331,584
1,395,293,637 1,230,317,715
 2,861,845,679 2,852,492,082
-1,466,552,042 -1,622,174,367
174,840,438,526 161,760,370,807 156,907,559,683 160,045,710,876.45
222,787,268,386 222,396,959,792
-47,946,829,860 -60,636,588,985
166,849,459,681 128,508,553,528 147,784,836,557 169,952,562,041
2,407,140,916 2,544,283,516
164,442,318,765 125,964,270,012
139,508,998,583 141,138,164,916 201,827,575,829.88 242,193,090,995.86
125,933,870,000 127,733,870,000
-18,641,871,417 -18,985,705,084
32,217,000,000 32,300,000,000
472,728,484,067 463,408,902,567 412,433,923,284.63 371,190,530,956.17
472,728,484,067 455,519,301,662
7,889,600,905
3,775,373,173,223 4,032,489,894,814 4,248,953,236,326.56 4,063,897,905,022.88

556,403,978,477 465,458,662,939 467,815,728,696.05 423,259,278,909.78

6,319,973,651 7,618,918,414 64,431,545,650 66,793,554,350
30,620,135,180 6,396,980,165 15,721,126,974 15,036,422,249
19,511,124,710 35,760,825,984 24,219,033,447 23,164,218,059
131,870,572,291 137,886,373,804 141,915,038,093 135,734,190,028
2,322,436,306 1,664,110,405 0.00 0.00
31,556,948,177 27,221,283,067 27,618,196,036 26,415,336,383
171,811,134,631 149,994,575,211 112,495,931,408 84,371,948,556
104,149,171,885 28,984,522,200 17,680,558,542 10,785,140,711
58,242,481,646 69,931,073,689 63,734,298,545 60,958,468,575
893,919,610,524 824,478,638,698 836,453,056,083 866,842,105,092
1,377,352,472 0 0 0
20,281,507,435 26,705,818,457 36,319,913,102 49,031,882,687
765,062,929,105 766,920,817,073 789,928,441,585 813,626,294,833
193,370,654 183,714,854 0 0
105,264,284,186 24,889,515,600 10,204,701,396 4,183,927,572
1,740,166,672 5,778,772,714 0.00 0.00
1,450,323,589,001 1,289,937,301,637 1,304,268,784,779 1,290,101,384,002

2,332,493,649,808 2,744,404,297,867 2,854,180,469,782 2,968,347,688,573

430,000,000,000 430,000,000,000
430,000,000,000 430,000,000,000
0 0 0 0
147,271,822,000 191,990,522,453
-126,980,054,347 0 0 0
75,940,874,142 62,221,396,305
1,119,613,273,204 1,136,820,519,557
 153,686,842,862 372,654,110,149
73,331,512,699 -1,319,523,414
80,355,330,163 373,973,633,563
532,960,891,947 550,717,749,403
-7,444,065,586 -1,851,704,690 0 0
-7,444,065,586 -1,851,704,690
2,325,049,584,222 2,742,552,593,177 2,854,180,469,782 2,968,347,688,573
3,775,373,173,223 4,032,489,894,814 4,158,449,254,560.44 4,258,449,072,574.88

211,688,100,230 472,577,534,709
 Year + 3
1,577,120,785,781
1,577,120,786
1,575,543,664,995
993,586,095,042
581,957,569,953
58,136,311,192
7,428,586,261

37,850,898,859
126,169,662,862
488,907,443,592
 126,169,662,862
40,474,022,957

1,043,247,816,660
219,082,041,499

824,165,775,161

Year + 3 Forecasting assumption

466,479,582,451 Cash and cash equivalent
Short-term financial investment
Short-term recievables
1,025,904,456,690 Inventories
Other short-term assets
215,618,313,152 Long-term recievables
Fixed assets
Investment real estate
Long-term assets in progress
Long-term financial investment
Other long-term assets
407,713,970,803

102,569,682,328

2,002,667,692,272

2,429,149,235,556
14,050,945,207

1,523,778,896,925
 168,047,996,420

195,445,446,347

193,754,472,797

334,071,477,861

4,431,816,927,828

428,282,525,460
73,458,799,750 (Formulas in Report)
16,397,722,633
25,261,356,489
148,022,685,389
0
28,806,810,031
63,278,961,417
6,578,935,833
66,477,253,917
905,943,535,610
0
66,193,041,628
838,035,083,678 718,834,881,842.52
0
1,715,410,305
0.00
1,334,226,061,070

3,087,081,596,116

0
 0

3,087,081,596,116
4,421,307,657,185.74
Year +1 Year +2 Year +3
-35% 10% 10%
59% -31% 34%
60% 60% 55%
24% 24% 24%
20% 20% 20%
-86% 50% 50%
1.20% 1% 1.10%
-3% 2% 5%
15% 15% 15%
43% 20% -20%
-11% -10% -10%
EARNINGS BASED APPROACH
Equity valuation using the Residual Income Model

Assumptions

Calculate Required Net Income

Present value

DIVIDEND BASED APPROACH

Re 12.85%
g ( growth rate) of Net income after year Y+3 5%
Total Common shareholder at Jan 1 year Y+1 2,742,552,593,177 ( 2021 Equity's balance)

Year Year + 1 Year + 2

Beginning balance 649,439,267,337 754,912,905,763
Beginning balance 2,742,552,593,177 3,132,216,153,579
Ending balance 3,132,216,153,579 3,585,163,897,037
Required Net Income 402,489,775,735 460,693,560,769
Residual Income 246,949,491,602 294,219,344,994

1 2
Year Year + 1 Year + 2
Present value 218,829,855,208 231,029,850,709
Total Present value 4,111,816,252,728

Year 2018 2019

Total payout for dividend 206,694,775,200 207,630,922,500
Net income 235,038,417,034 191,164,404,857
Dividend payout ratio 88% 108.61%

Year Y+1 Y+2

Net income 649,439,267,337 754,912,905,763
Expected dividend rate 40% 40%
Expected Dividend 259,775,706,935 301,965,162,305
ty's balance)

Year + 3 After year Y+3

824,165,775,161 865,374,063,919
3,585,163,897,037 4,079,663,362,134
4,079,663,362,134 4,624,849,022,403
524,236,742,034 594,293,099,379
299,929,033,127 271,080,964,540

3 4
Year + 3 After year Y+3
208,695,852,028 3,453,260,694,783

2020 2021
205,646,049,000 182,055,563,450
211,688,100,230 472,577,534,709
97.15% 38.52%

Year + 3 After year Y+3

824,165,775,161 865,374,063,919
40% 37%
329,666,310,064 320,188,403,650
Formula
Required Net Income = Re * Ending balance
Residual Net Income = Comprehensive Income - Required Net Income
Ending balance of Equity = Beginning balance of Equity + Comprehensive Income - Dividend payout

Present value ( year Y+1 - year Y+3):

Present value ( after year Y+3):

- Dividend payout

0.37
2021 http://doruco.com.vn/data/upload_file/File/2020-2021/20220324-DPR%20-%20BCTC%20HOP%20
2020 https://static2.vietstock.vn/data/HOSE/2020/BCTC/VN/NAM/DPR_Baocaotaichinh_2020_Kiemtoa
2019 http://doruco.com.vn/data/upload_file/File/Nam%202020/BCTC%20HN%20DA%20KIEM%20TOA
2018 https://static2.vietstock.vn/data/HOSE/2018/BCTC/VN/NAM/DPR_Baocaotaichinh_2018_Kiemtoa
 20-%20BCTC%20HOP%20NHAT%20KIEM%20TOAN%202021.pdf
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