Vietnam Forestry Corporation (Vinafor)

Income Statement
(in VND)

VIF 2021A 2022A 2023A 2024F 2025F 2026F

1, Revenue from sales and service provision 1,981,966,502,661 1,949,733,580,783 1,690,371,543,857 1,555,141,820,348 1,430,730,474,721 1,316,272,036,743
2, Revenue deductions (842,018,039) (2,417,538,053) (5,175,820,384) (4,761,754,753) (4,380,814,373) (4,030,349,223)
3, Net revenue from sales and service provision 1,981,124,484,622 1,947,316,042,730 1,685,195,723,473 1,550,380,065,595 1,426,349,660,348 1,312,241,687,520
4, Cost of goods sold (1,656,880,506,037) (1,645,858,510,618) (1,395,337,250,717) (1,296,905,240,609) (1,193,235,824,939) (1,094,003,309,227)
5, Gross profit on sales and service provision 324,243,978,585 301,457,532,112 289,858,472,756 253,474,824,986 233,113,835,408 218,238,378,292
6, Revenue from financial activities 137,252,020,930 153,261,552,658 155,902,504,183 124,287,172,807 119,519,831,825 112,184,772,507
7, Financial costs (6,822,212,706) (800,423,087) (10,277,230,212) (5,143,739,062) (4,672,391,036) (5,551,672,112)
In which: interest expenses (4,032,500,494) (5,327,736,290) (9,144,668,719) (5,270,192,165) (5,497,009,625) (5,546,261,100)
8, Share of profit/loss in joint ventures and affiliated companies 182,127,810,571 389,870,490,010 174,967,893,437 204,633,184,400 207,307,869,328 166,723,388,687
9, Selling expenses (84,108,523,671) (64,795,102,994) (36,155,851,853) (50,224,037,144) (41,422,955,203) (36,257,623,931)
10, Business management costs (244,169,926,739) (260,005,612,403) (265,782,482,057) (214,202,694,540) (204,156,986,557) (192,029,072,560)
11, Net profit from business activities 308,523,146,970 511,388,436,296 308,513,306,254 310,807,766,373 307,215,084,474 261,980,393,531
12, Other income 10,617,232,782 6,221,728,806 9,646,177,418 7,378,926,645 6,503,454,612 6,580,021,452
13, Other expenses (5,067,195,091) (6,339,230,296) (5,734,663,144) (4,762,803,979) (4,626,297,187) (4,250,981,358)
14, Other profits 5,550,037,691 (117,501,490) 3,911,514,274 2,616,122,666 1,877,157,425 2,329,040,094
Share of profits/losses from joint venture associates
15, Total accounting profit before tax 314,073,184,661 511,270,934,806 312,424,820,528 313,423,889,039 309,092,241,898 264,309,433,626
16, Current corporate income tax expenses (25,329,734,771) (27,245,948,898) (34,205,714,423) (24,327,966,047) (23,763,424,249) (23,029,706,708)
17, Deferred corporate income tax expenses (615,187,316) 357,709,235 (2,394,937,037) (799,992,696) (833,685,625) (1,103,004,441)
18, Profit after corporate income tax 288,128,262,574 484,382,695,143 275,824,169,068 288,295,930,297 284,495,132,025 240,176,722,476
Benefits of minority shareholders 11,421,418,728 8,898,531,744 (16,049,184,690) 419,184,483 (2,226,825,621) (4,730,396,451)
Profit after tax of shareholders of the Parent Company 276,706,843,846 475,484,163,399 291,873,353,758 287,876,745,814 286,721,957,645 244,907,118,927
19, Basic earnings per share (*) 684 1,228 755 736 738 630
20, Diluted earnings per share (*) 684 1,228 755 736 738 630
 Vietnam Forestry Corporation (Vinafor)
Income Statement (% revenue)
(%)

VIF 2021A 2022A 2023A 2024F 2025F 2026F

1, Revenue from sales and service provision 100.04% 100.12% 100.31% 100.31% 100.31% 100.31%
2, Revenue deductions -0.04% -0.12% -0.31% -0.31% -0.31% -0.31%
3, Net revenue from sales and service provision 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
4, Cost of goods sold -83.63% -84.52% -82.80% -83.65% -83.66% -83.37%
5, Gross profit on sales and service provision 16.37% 15.48% 17.20% 16.35% 16.34% 16.63%
6,Revenue from financial activities 6.93% 7.87% 9.25% 8.02% 8.38% 8.55%
7, Financial costs -0.34% -0.04% -0.61% -0.33% -0.33% -0.42%
In which: interest expenses -0.20% -0.27% -0.54% -0.34% -0.39% -0.42%
8, Share of profit/loss in joint ventures and affiliated companies 9.19% 20.02% 10.38% 13.20% 14.53% 12.71%
9, Selling expenses -4.25% -3.33% -2.15% -3.24% -2.90% -2.76%
10, Business management costs -12.32% -13.35% -15.77% -13.82% -14.31% -14.63%
11, Net profit from business activities 15.57% 26.26% 18.31% 20.05% 21.54% 19.96%
12, Other income 0.54% 0.32% 0.57% 0.48% 0.46% 0.50%
13, Other expenses -0.26% -0.33% -0.34% -0.31% -0.32% -0.32%
14, Other profits 0.28% -0.01% 0.23% 0.17% 0.13% 0.18%
Share of profits/losses from joint venture associates
15, Total accounting profit before tax 15.85% 26.26% 18.54% 20.22% 21.67% 20.14%
16, Current corporate income tax expenses -1.28% -1.40% -2.03% -1.57% -1.67% -1.75%
17, Deferred corporate income tax expenses -0.03% 0.02% -0.14% -0.05% -0.06% -0.08%
18, Profit after corporate income tax 14.54% 24.87% 16.37% 18.60% 19.95% 18.30%
Benefits of minority shareholders 0.58% 0.46% -0.95% 0.03% -0.16% -0.36%
Profit after tax of shareholders of the Parent Company 13.97% 24.42% 17.32% 18.57% 20.10% 18.66%
19, Basic earnings per share (*) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
20, Diluted earnings per share (*) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%