2014 2015

net sale 3,763,246,697,233 3,102,704,319,115

financial revenue and other revenue
fiancial revenue 1,731,516,419 569,932,877
other revenue 4,954,836,709 951,458,369
total sales and revenue 3,104,225,710,361
interest expense 103,216,277,625 3,104,225,710,361
current asset 1,395,237,010,656 982,213,215,489
AVERAGE CURRENT ASSETS 1,188,725,113,073
tangible fixd asset 1,384,366,350,888 1,384,591,227,161
intangible fixed assets 28,019,135,751 28,019,135,751
historical asset 1,412,385,486,639 1,412,610,362,912
AVERGE FIXED ASSETS 1,412,497,924,776
total assets 2,269,799,210,129 1,748,384,437,427
AVERAGE TOTALE ASSETSS 2,009,091,823,778
equity 655,161,472,941 2,009,091,823,778
AVERAGE EQUITY 1,332,126,648,360
profit before tax 23,703,350,651 -51,897,877,590
PROFIT AFTER TAX -51,897,877,590

COMMON STOCK OUTST 49,220,262 49,220,262

PREFFERED STOCK 0

AVERAGE COMON STOCK OUTSTANDING 49,220,262

CFO 58,811,517,594
margin
CFO from operatung to nét 1.89%
income -113.32%
CFO per share 1,195
CFO
Cash
net return
provided
income oncash
to assets
by 2.93%
operating activities
provided by operating 542,040,085,299
income -9.57%
market price 6,393

DISAGGREGATING CURRENT ASSETS TURNOVER

 0.2851729179
DO SALES 1.56
DO CURRENT ASSETS -1.27
0.28517292
impact factors to ROE
ROS, A Turnover, asset/ equity
ROA, equity/ asset
ROA, Debt/ equity
interest coverage ratio
impact factors to ROE
2014
ROS
ASSETS TURNOVER
ASSET/ QUITY
TAX
ROE
 2016 2017
3,739,537,345,200 6,105,119,145,291

1,444,667,117 10,021,535,641
16,860,282,506 233,819,702
3,757,842,294,823 6,115,374,500,634
3,757,242,294,823 6,115,374,500,634
2,057,144,267,489 2,389,547,833,365
1,519,678,741,489 2,223,346,050,427
1,381,334,133,638 1,381,751,966,737
10,169,135,751 10,169,135,751
1,391,503,269,389 1,391,921,102,488
1,402,056,816,151 1,391,712,185,939
2,703,368,150,119 2,990,310,833,013
2,225,876,293,773 2,846,839,491,566
2,225,876,293,773 2,846,839,491,566
2,117,484,058,776 2,536,357,892,670
75,113,847,507 55,266,723,019
72,850,112,074 43,494,792,624

49,220,262 73,830,393

0 0

49,220,262 57,865,788
-177,089,894,652 28,279,221,065
-4.71% 0.46%
-243.09% 65.02%
-3,598 489
-7.96% 0.99%
-606,786,738,572 266,839,158,028
-12.01% 16.30%
15,939 32,803

ETS TURNOVER
 2015 2016 2017
-0.0167184614 0.0199885577 0.00903734
1.5450890167 1.6882529839 2.14812761
1.5081837949 1.0511891622 1.12241238
0.8 0.8 0.8
-0.0311669331 0.0283785268 0.01743184
 2015 2016 2017
asset use efficiency 1.55 1.69 2.15
fixed asset turnover 2.20 2.67 4.39
current asset turnover 2.61 2.46 2.75
average days of current asset t 137.92518 146.2973348 131.1038424
ROS -0.017 0.020 0.009
ROA -0.026 0.034 0.019
RE 1.519 1.722 2.168

ROE -0.038959 0.03440409 0.017148523

ROA -0.025832 0.033745742 0.019413361

EPS -1,054 1,480 752
P/E -6.06316 10.76898489 43.64134944
BV 40,818.39 45,222.76 38,559.18 COI LẠI

24,610,131

thuyết minh mục 30

DISAGGREGATING ROA -0.014332

DO THAY ĐỔI ROS -0.018488
DO THAY ĐỔI ASSET TURNOV 0.004156
-0.014332

EPS
PE
BV
INDICATOR CASH FLOW
IMPACT FACTORS TO ROE
COI LẠI
STT CHỈ TIÊU 2015
1 NVCSH bình quân 629,212,534,146
2 Vốn sử dụng bình quân 629,212,534,146
3 Tài sản bình quân 2,009,091,823,778
4 Lợi nhuận trước thuế -51,897,877,590
5 Chi phí lãi vay 78,334,830,355
6 Lợi nhuận sau thuế -51,897,877,590
7 ROA -2.58%
8 Tỷ suất sinh lời của VCSH (6 -8.25%
9 Khả năng thanh toán lãi vay 0.3374865643
10 Khả năng sinh lời của vốn -20.70%
11 Thu nhập của mỗi cổ phiếu -1,054
12 Hệ số giá trên thu nhập -6.06316
 2016 2017
639,688,651,388 881,578,766,412
639,688,651,388 881,578,766,412
2,225,876,293,773 2,846,839,491,566
75,113,847,507 55,266,723,019
54,731,481,774 81,781,025,836
72,850,112,074 43,494,792,624
3.37% 1.94%
11.39% 4.93%
2.3724066127 1.6757890654
3.19% -3.01%
1,480 752
10.769 43.6413494
 CHỈ TIÊU NĂM 2015 NĂM 2016 NĂM 2017
DT thuần hđ bán hàng 3,102,704,319,115 3,739,537,345,200 6,105,119,145,291
DT thuần, DT hd TC, TN 3,104,225,710,361 3,757,842,294,823 6,115,374,500,634 0
tổng TS bình quân 2,009,091,823,778 2,225,876,293,773 2,846,839,491,566
Nguyên giá TSCĐ bình q 1,412,497,924,776 1,402,056,816,151 1,391,712,185,939
vốn lưu động bình quân 629,212,534,146 639,688,651,388 881,578,766,412
hiệu quả sử dụng TS 1.5450890167 1.6882529839 2.1481276056
hiệu quả sử dụng TSCĐ 2.1966080549 2.6671796051 4.3867684763
hiệu quả sử dụng VLĐ 4.9310910873 5.8458710141 6.9252111982
số ngày 1 vòng quay VL 73.0061549523 61.5819266507 51.9839741626

DT thuần hđ bán hàng 3,102,704,319,115 3,739,537,345,200 6,105,119,145,291

dt hđ tài chính 569,932,877 1,444,667,117 10,021,535,641
thu nhập khác 951,458,369 16,860,282,506 233,819,702

CHỈ TIÊU NĂM 2015 NĂM 2016 NĂM 2017

net sale 3,102,704,319,115 3,739,537,345,200 6,105,119,145,291
total sales and revenu 3,104,225,710,361 3,757,842,294,823 6,115,374,500,634
AVERAGE TOTALE 2,009,091,823,778 2,225,876,293,773 2,846,839,491,566
AVERGE FIXED ASS 1,412,497,924,776 1,402,056,816,151 1,391,712,185,939
AVERAGE EQUITY 629,212,534,146 639,688,651,388 881,578,766,412
assets turnover 1.5450890167 1.6882529839 2.1481276056
fixed assets turnover 2.1966080549 2.6671796051 4.3867684763
equity turnover 4.9310910873 5.8458710141 6.9252111982
average days of current 73.0061549523 61.5819266507 51.9839741626
0
STT 2015
1 Average total assets 2,009,091,823,778
2 Average shareholder equity 629,212,534,146
3 Shareholder equity/ equity 603,263,595,351
4 Total common outstanding sha 49,220,262
5 Weight average number outst 49,220,262
6 Total sale and revenues 3,104,225,710,361
7 Interest expense 78,334,830,355
8 Profit before tax -51,897,877,590
9 Profit after tax -51,897,877,590
10 Market price per share 6,393

(8)/ (6) ROS -1.67%

(8)/ (1) ROA -2.58%

((8)+(7))/ (1) RE 1.32%

(9)/ (2) ROE -8.25%

(9)/ (5) EPS -1,054
(10)/ EPS P/E -6.06
(3) /(4) BV 12,256

1 average total assets
2 Average fixed asset
3 Average current asset
4 Net sales
5 Totale net sales and revenue
(5)/ (1) Asset use efficiency
2015
2,009,091,823,778
1,412,497,924,776
1,188,725,113,073
3,102,704,319,115
3,104,225,710,361
1.55
(4)/ (2) Fixed asset use efficiency 2.20
(4)/ (3) Current asset turnover 2.61

INDICATOR CASH FLOW

2015
total net sale
revenue 3,104,225,710,361
net income -51,897,877,590
average
number of common share of
outstanding 49,220,262
CFO 542,040,085,299
CFO margin 17.46%
CFO from operatung to nét
income -1044.44%
CFO per share 11,012.54
CFO return on assets 0.27
Cash provided by operating
activities 542,040,085,299

net income to cash provided

by operating income -0.10
 2016 2017 Disaggregating R
2,225,876,293,773 2,846,839,491,566
639,688,651,388 881,578,766,412 ROA
676,113,707,425 1,087,043,825,399 H ROA
49,220,262 73,830,393 ROS
49,220,262 57,865,788 AT
3,757,842,294,823 6,115,374,500,634 H ROS
54,731,481,774 81,781,025,836 H AT
75,113,847,507 55,266,723,019
72,850,112,074 43,494,792,624
15,939 32,803 impact factor to ROE

2.00% 0.90% (ROS, Asset turnover

3.37% 1.94% BẢNG 1

5.83% 4.81%

11.39% 4.93%
1,480 752 ROA, Self-fund ratio
10.77 43.64 BẢNG 2
13,736 14,724

2016 2017
2,225,876,293,773 2,846,839,491,566 Disaggregating current asset
1,402,056,816,151 1,391,712,185,939
1,519,678,741,489 2,223,346,050,427 Current asset turnover
3,739,537,345,200 6,105,119,145,291 Average days of current
3,757,842,294,823 6,115,374,500,634 Current Asset saving
1.69 2.15 HCA
 2.67 4.39 Net Sales
2.46 2.75 Current Asset

TOR CASH FLOW

2016 2017

3,757,842,294,823 6,115,374,500,634
72,850,112,074 43,494,792,624

49,220,262 61525327.5
-606,786,738,572 266,839,158,028
-16.15% 4.36%

-832.92% 613.50%
-12,327.99 4,337.06
-0.27 0.09

-606,786,738,572 266,839,158,028

-0.12 0.16
 Disaggregating ROA
2017 2016
1.94% 3.37%
-1.43%
0.90% 2.00%
2.15 1.69
-1.85%
0.42%
-1.43%

2015 2016 2017

ROA,
Debt to
ROS -1.67% 2.00% 0.90% equity BẢNG 3
Asset turnover 1.55 1.69 2.15 2015 2016
Average asset/
average equity 3.19 3.48 3.23 ROA -2.58% 3.37%

Average
debt to
average
ROE -8.25% 11.39% 4.93% equity 2.19 2.48
2015 2016 2017 ROE -8.25% 9.24%
ROA -2.58% 3.37% 1.94%
Self fund ratio 0.31 0.29 0.31
ROE -8.25% 11.39% 4.93%

gating current asset turnover 2017

2017 2016
2.75 2.46
131 146
-261,712,424,558
0.29
 1.56
-1.27
0.29
 2017

1.94%

2.23
4.93%
 2,263,735,433 11,771,930,395
75,113,847,507 55,266,723,019
3.01% 21.30%
thuê thu nhập 2016 thuế thu nhập 2017
 2015 2016
sale
sale deducted
net sales 3,102,704,319,115 3,739,537,345,200
2,946,376,838,639 3,505,639,709,791
cost of goods sold 53,893,187,909 16,867,776,101
selling expense 74,177,065,721 80,654,374,826
administrate expense

variables cost

contribution margin
fixed cost
net operating income
 2017 2015
net sales 3,102,704,319,115
variable cost 1,249,655,646,566
6,105,119,145,291 CONTRIBUTION MARGIN 1,853,048,672,549
5,895,922,223,761 fixed cost 1,824,791,445,703
19,437,352,275 net operating income 28,257,226,846
60,497,035,157

tỉ lệ chi phí cố định và biến

phí ở
cost of goods sold 60/40

tỉ lệ chi phí cố định và biến

phí ởi
selling expensse 30/70

tỉ lệ chi phí cố định và biến

phí ở
administrate expense 55/45
 2016 2019
3,739,537,345,200 6,105,119,145,291
1,450,357,795,859 2,399,198,701,918
2,289,179,549,341 3,705,920,443,373
2,152,804,064,859 3,576,657,909,275
136,375,484,482 129,262,534,098

2015 2016 2017

đinh phí 1,767,826,103,183 2,103,383,825,875 3,537,553,334,257

biến phí 1,178,550,735,456 1,402,255,883,916 2,358,368,889,504

điịnh phí 16,167,956,373 5,060,332,830 5,831,205,683

biến phí 37,725,231,536 11,807,443,271 13,606,146,593

điịnh phí 40,797,386,147 44,359,906,154 33,273,369,336

biến phí 33,379,679,574 36,294,468,672 27,223,665,821