HOA SEN GROUP

BALANCE SHEET

Target 30/08/2017 30/9/2018

A. SHORT-TERM ASSETS 12,089,458,871,636 10,985,778,871,834
I. Cash and cash equivalents 239,918,988,521 171,659,888,989
1. Cash 239,775,466,646 171,516,367,114
2. Cash equivalents 143,521,875 143,521,875
II. Short-term financial investments 0 270,387,032
1. Trading securities
2. Investments held to maturity 270,387,032
III. Short-term receivables 5,038,295,013,388 7,860,565,817,787
1. Short-term receivables from customers 3,975,438,722,818 7,163,248,999,755
2. Prepayments to sellers in short-term 204,686,775,767 184,158,011,340
3. Short-term intercompany receivables 25,400,000,000 3,660,295,900
4. Receivables according to the progress of construc 837,573,117,368 515,431,702,357
5. Short-term loan receivables (4,803,602,565) (5,933,191,565)
6. Other short-term receivables
IV. Inventories 5,428,029,021,406 1,787,890,736,389
1. Inventories 5,450,815,683,238 1,806,472,903,289
2. Provision against devaluation of goods in stock (22,786,661,832) (18,582,166,900)
V. Other short-term assets 1,383,215,848,321 1,165,392,041,637
1. Short-term prepaid expenses 74,422,775,292 75,749,637,153
2. Deductible VAT 1,308,779,396,886 1,063,819,898,124
3. Taxes and other revenues to the state 13,676,143 25,822,506,360
B. LONG-TERM ASSETS 5,043,205,602,817 5,257,822,222,504
I. Long-term receivables 74,974,967,200 268,984,943,607
1. Receivables on long-term loans 74,974,967,200 66,686,721,457
2. Other long-term receivables 202,298,222,150
3. Other long-term assets
II. Fixed assets 2,746,644,774,699 1,961,681,186,598
1. Tangible fixed assets 2,463,196,998,804 1,591,695,704,971
- Costs 4,566,370,722,477 3,260,932,231,963
- Value of accumulated depreciation (2,103,173,723,673) (1,669,236,526,992)
2. Finance lease fixed asset 24,855,221,380 81,263,218,333
- Costs 39,019,437,785 98,947,748,096
- Value of accumulated depreciation (14,164,216,405) (17,684,529,763)
3. Intangible fixed assets 258,592,554,515 288,722,263,294
- Costs 281,826,289,976 320,066,755,310
- Value of accumulated amortization (23,233,735,461) (31,344,492,016)
III. Long term unfinished assets 247,666,346,726 28,307,339,690
1. Cost of long-term work in progress
2. Cost of construction in progress 247,666,346,726 28,307,339,690
IV. Long-term financial investments 1,724,245,102,467 2,769,445,646,684
1. Investments in subsidiaries 1,633,276,000,000 2,677,776,000,000
2. Investments in associated companies and joint-ve 80,302,178,134 43,515,000,000
3. Provisions for long-term financial investments (35,933,075,667) (13,445,353,316)
4. Investments held to maturity 46,600,000,000 61,600,000,000
V. Other long-term assets 249,674,411,725 229,403,105,925
1. Long-term prepaid expenses 216,697,679,464 207,352,425,398
2. Deferred income tax assets 32,976,732,261 22,050,680,527
TOTAL ASSETS 17,132,664,474,453 16,243,601,094,338
C. LIABILITIES 11,827,724,468,499 10,859,529,755,393
I. Short-term debt 11,587,819,028,669 10,785,335,064,915
1. Short-term supplier payables 3,415,707,867,150 1,111,659,624,255
2. Short-term deferred revenues 357,924,180,945 199,065,234,433
3. Taxes and other payables to State 146,954,619,391 49,437,391,726
4. Payables to employees 80,555,222,032 63,430,563,768
5. Short-term expenses payable 62,825,939,966 117,856,182,101
6. Short-term intercompany payables 60,239,346,258 191,432,011,486
7. Short-term unearned revenue
8. Short-term loans and finance lease liabilities 7,402,317,620,460 9,010,977,033,379
9. Bonus and welfare funds 61,294,232,467 41,477,023,767
II. Long-term liabilities 239,905,439,830 74,194,690,478
1. Other long-term payables
2. Long-term loans and finance lease liabilities 237,114,284,830 71,352,839,728
3. Provision for long-term payables 2,791,155,000 2,841,850,750
D. OWNER’S EQUITY 5,304,940,005,954 5,384,071,338,945
I. Owner's equity 5,304,940,005,954 5,384,071,338,945
1. Contributions from owners 3,499,966,830,000 3,849,903,280,000
- Ordinary shares with voting rights 3,499,966,830,000 3,849,903,280,000
2. Share premium 151,583,183,521 151,583,183,521
3. Treasury shares (1,343,000,000)
4. Other equity fund 34,535,741,195 60,509,750,556
5. Undistributed post-tax profits 1,618,854,251,238 1,323,418,124,868
Undistributed post-tax profits accumulated by the e 265,082,554,604 818,143,985,703
Undistributed post-tax profits of current period 1,353,771,696,634 505,274,139,165
TOTAL CAPITAL 17,132,664,474,453 16,243,601,094,338
Number of shares outstanding 349,996,683 384,856,028

NAM KIM STEEL GROUP

BALANCE SHEET

Target 31/12/2017 31/12/2018

A. SHORT-TERM ASSETS 6,071,907,696,007 4,053,709,229,244
I. Cash and cash equivalents 90,861,349,808 453,394,419,252
1. Cash 30,435,473,618 211,657,044,565
2. Cash equivalents 60,425,876,190 241,737,374,687
II. Short-term financial investments 414,942,697,525 197,635,323,046
1. Trading securities 9,353,176 9,353,176
2. Investments held to maturity
3. Investments held to maturity 414,933,344,349 197,625,969,870
III. Short-term receivables 1,362,571,591,365 904,317,607,447
1. Short-term receivables from customers 1,263,707,883,852 776,466,065,752
2. Prepayments to sellers in short-term 72,911,829,744 126,918,926,769
3. Other short-term receivables 28,112,892,396 3,290,966,352
4. Provision for uncollectible short-term receivables (2,161,014,627) (2,358,351,426)
IV. Inventories 3,822,361,049,919 2,253,767,654,082
1. Inventories 3,822,361,049,919 2,253,767,654,082
2. Provision against devaluation of goods in stock
V. Other short-term assets 381,171,007,390 244,594,225,417
1. Short-term prepaid expenses 36,201,052,007 26,390,156,442
2. Deductible VAT 344,969,955,383 216,316,497,837
3. Taxes and other revenues to the state 1,887,571,138
B. LONG-TERM ASSETS 3,913,997,152,881 3,907,838,531,735
I. Long-term receivables 3,693,023,579 3,435,857,850
1. Receivables on long-term loans
2. Other long-term receivables 3,693,023,579 3,435,857,850
3. Other long-term assets
II. Fixed assets 3,649,835,317,556 3,333,800,241,198
1. Tangible fixed assets 3,426,866,957,920 3,128,025,133,461
- Costs 4,320,772,953,444 4,424,723,404,177
- Value of accumulated depreciation (893,905,995,524) (1,296,698,270,716)
2. Finance lease fixed asset 11,651,565,567 0
- Costs 13,751,434,000
- Value of accumulated depreciation (2,099,868,433)
3. Intangible fixed assets 211,316,794,069 205,775,107,737
 - Costs 222,756,487,677 222,756,487,677
- Value of accumulated amortization (11,439,693,608) (16,981,379,940)
III. Long term unfinished assets 132,468,728,199 379,143,372,402
1. Cost of long-term work in progress
2. Cost of construction in progress 132,468,728,199 379,143,372,402
IV. Long-term financial investments 103,000,000,000 160,190,000,000
1. Investments in subsidiaries 79,000,000,000 151,000,000,000
2. Investments in associated companies and joint-ve 24,000,000,000
3. Provisions for long-term financial investments 9,190,000,000
4. Investments held to maturity 25,000,083,547 31,269,060,285
5. Long-term prepaid expenses 25,000,083,547 31,269,060,285
TOTAL ASSETS 9,985,904,848,888 7,961,547,760,979
C. LIABILITIES 8,640,322,400,955 6,172,413,045,862
I. Short-term debt 7,077,214,274,826 5,030,909,697,567
1. Short-term supplier payables 5,514,106,148,697 3,889,406,349,272
2. Short-term deferred revenues 773,127,647,829 546,047,315,924
3. Taxes and other payables to State 149,888,533,275 71,296,280,612
4. Payables to employees 44,577,001,180 272,125,570
5. Short-term expenses payable 28,104,958,055 23,037,449,132
6. Short-term intercompany payables 2,190,063,680 18,494,595,277
7. Short-term unearned revenue 15,062,724,213 10,683,320,899
8. Short-term loans and finance lease liabilities 4,473,250,929,855 3,171,148,881,666
9. Bonus and welfare funds 27,904,290,610 48,426,380,192
II. Long-term liabilities 1,563,108,126,129 1,141,503,348,295
1. Other long-term payables 1,299,090,000 900,000,000
2. Long-term loans and finance lease liabilities 1,561,809,036,129 1,140,603,348,295
3. Provision for long-term payables 2,908,690,574,062 2,930,638,063,412
D. OWNER’S EQUITY 2,908,690,574,062 2,930,638,063,412
I. Owner's equity 1,300,000,000,000 1,819,998,680,000
1. Contributions from owners 1,300,000,000,000 1,819,998,680,000
- Ordinary shares with voting rights 766,255,590,000 766,255,590,000
2. Share premium
3. Treasury shares 23,207,319,954 37,357,566,342
4. Other equity fund 20,437,676,048 34,587,922,436
5. Undistributed post-tax profits 798,789,988,060 272,438,304,634
Undistributed post-tax profits accumulated by the e 253,049,125,691 223,889,748,010
Undistributed post-tax profits of current period 545,740,862,369 48,548,556,624
TOTAL CAPITAL 9,985,904,848,888 7,961,547,760,979
Number of shares outstanding 130,000,000 181,999,868
 Currency: VND
01/10/2019 30/09/2020
8,353,422,179,749 10,370,267,877,634
222,264,128,540 480,196,944,895
222,120,606,665 479,446,944,895
143,521,875 750,000,000
75,750,000,000 0
75,750,000,000

5,167,377,333,616 6,205,820,116,418
4,634,961,613,860 5,212,742,658,223
60,553,917,594 53,025,112,185

480,496,148,586 962,629,374,510
(8,634,346,424) (22,577,028,500)

2,072,119,656,817 2,997,049,481,888
2,102,406,071,644 3,021,587,347,164
(30,286,414,827) (24,537,865,276)
815,911,060,776 687,201,334,433
78,075,432,104 103,293,368,807
732,929,606,602 583,904,965,626
4,906,022,070 3,000,000
5,338,121,471,738 4,925,206,543,486
 292,077,985,517 394,880,535,357
68,956,017,357 212,856,006,357
223,121,968,160 182,024,529,000

1,725,295,312,625 1,364,003,049,395
1,441,875,639,868 1,147,463,568,504
3,390,288,246,734 3,392,265,713,774
(1,948,412,606,866) (2,244,802,145,270)
65,309,125,812 18,551,179,042
76,397,768,336 22,949,448,333
(11,088,642,524) (4,398,269,291)
218,110,546,945 197,988,301,849
259,599,505,310 248,569,749,599
(41,488,958,365) (50,581,447,750)
16,487,785,421 5,338,412,183

16,487,785,421 5,338,412,183
3,154,345,000,000 3,072,965,000,000
3,138,345,000,000 3,051,965,000,000

16,000,000,000 21,000,000,000
149,915,388,175 88,019,546,551
128,815,049,868 48,265,344,770
21,100,338,307 39,754,201,781
13,691,543,651,487 15,295,474,421,120
7,712,594,884,188 8,270,877,246,022
7,662,216,467,599 8,243,532,836,931
1,370,637,850,790 2,023,915,668,822
84,802,615,349 188,998,683,777
61,573,960,649 206,566,674,152
46,039,923,293 53,486,276,555
 92,362,758,133 317,943,257,598
255,621,047,448 326,075,538,521

5,706,275,512,506 5,083,484,041,845
44,902,799,431 43,062,695,661
50,378,416,589 27,344,409,091
709,500,000 709,500,000
47,195,880,089 17,017,564,425
2,473,036,500 9,617,344,666
5,978,948,767,299 7,024,597,175,098
5,978,948,767,299 7,024,597,175,098
4,234,694,890,000 4,446,252,130,000
4,234,694,890,000 4,446,252,130,000
151,583,183,521 151,583,183,521
(2,459,000,000) (3,271,000,000)
55,626,670,135 35,535,781,824
1,539,503,023,643 2,394,497,079,753
928,395,663,920 1,318,911,980,318
611,107,359,723 1,075,585,099,435
13,691,543,651,487 15,295,474,421,120
423,223,589 444,298,113

Currency: VND
31/12/2019 31/12/2020
4,454,489,242,046 4,484,297,592,270
 71,843,326,589 207,650,148,575
59,468,123,932 33,960,148,575
12,375,202,657 173,690,000,000
702,161,632,011 369,526,402,595
9,353,176 9,353,176

702,152,278,835 369,517,049,419
1,118,658,604,675 1,609,269,098,271
934,849,276,742 1,398,922,463,288
170,954,142,018 195,698,555,218
15,213,537,341 17,406,431,191
(2,358,351,426) (2,758,351,426)
2,400,315,053,756 2,221,606,636,368
2,400,315,053,756 2,221,606,636,368

161,510,625,015 76,245,306,461
26,024,553,310 8,932,607,300
123,679,764,840 67,312,699,161
11,806,306,865
3,522,139,504,503 3,165,828,631,578
3,453,843,850 3,470,966,092

3,453,843,850 3,470,966,092

3,271,960,989,617 2,933,178,122,181
2,916,307,760,718 2,585,198,332,882
4,437,069,211,154 4,449,803,304,837
(1,520,761,450,436) (1,864,604,971,955)
161,933,804,303 150,636,097,026
169,433,832,365 169,433,832,365
(7,500,028,062) (18,797,735,339)
193,719,424,596 197,343,692,273
213,345,869,508 223,116,045,808
(19,626,444,912) (25,772,353,535)
49,070,606,991 47,526,310,210

49,070,606,991 47,526,310,210
127,370,000,000 123,030,000,000
79,000,000,000 99,850,000,000
48,370,000,000 23,180,000,000

70,284,064,045 58,623,233,095
70,284,064,045 58,623,233,095
7,976,628,746,549 7,650,126,223,848
5,605,747,829,569 4,971,968,945,531
4,956,186,377,506 4,513,517,489,464
4,306,624,925,443 4,055,066,033,397
1,815,680,178,481 1,064,438,826,487
46,003,223,702 344,206,243,641
758,814,883 50,680,793,010
15,484,184,104 35,714,830,793
10,509,320,038 27,789,129,071
9,666,813,505 1,017,428,026
2,359,037,474,819 2,490,223,845,024
49,484,915,911 40,994,937,345
649,561,452,063 458,451,456,067
900,000,000 900,000,000
648,661,452,063 457,551,456,067
3,020,442,369,043 3,136,608,734,384
3,020,442,369,043 3,136,608,734,384
1,819,998,680,000 1,819,998,680,000
1,819,998,680,000 1,819,998,680,000
766,255,590,000 766,255,590,000
(78,043,577,721)
 38,504,256,821 59,804,428,330
35,734,612,915 36,681,287,204
359,949,229,307 531,912,326,571
268,424,887,957 336,282,372,075
91,524,341,350 195,629,954,496
7,976,628,746,549 7,650,126,223,848
181,999,868 174,195,510
 CAPITAL

WORKING CAPITAL
Currency in VND except per share
TARGET 30/9/2018
Short-term assets 10,985,778,871,834
Short-term payables 1,774,358,031,536
Working capital 9,211,420,840,298
Long-term capital 5,458,266,029,423
Long-term assets 5,257,822,222,504
Net working capital 200,443,806,919
Working capital / short-term assets 83.85%
Net working capital / working capital 2.18%
Short-term capital / long-term assets 3.81%

ANALYSIS OF STRUCTURE OF PROPERTY, CAPITAL SOURCE

Currency in VND except per share
Items 30/9/2018
ASSET
Cash and cash equivalents 171,659,888,989
Short-term financial investments 270,387,032
Short-term receivables 7,860,565,817,787
Inventory 1,787,890,736,389
Other current assets 1,165,392,041,637
Long-term receivables 268,984,943,607
Fixed assets 1,961,681,186,598
Unfinished long-term assets 28,307,339,690
Long-term financial investments 2,769,445,646,684
Other long-term assets 229,403,105,925
TOTAL ASSETS 16,243,601,094,338

CAPITAL
Short-term loans 9,010,977,033,379
Pay the seller 1,111,659,624,255
Buyer pays first 199,065,234,433
Taxes must be paid to the State 49,437,391,726
Payable to employees 63,430,563,768
Cost to pay 117,856,182,101
Other short-term payables 191,432,011,486
Unearned revenue
Preventive short term payaples
Long-term inter-company payable 41,477,023,767
Long-term debts and loans 71,352,839,728
Other long-term payables 0
Other long-term liabilities
Deferred income tax liabilities
Long-term backup 2,841,850,750
Equity 5,384,071,338,945
TOTAL CAPITAL 16,243,601,094,338
CAPITAL STRUCTURE ANALYSIS

COMPARISON
1/10/2019 30/9/2020
2019/2018 2020/2019
8,353,422,179,749 10,370,267,877,634 (2,632,356,692,085) 2,016,845,697,885
1,955,940,955,093 3,160,048,795,086 181,582,923,557 1,204,107,839,993
6,397,481,224,656 7,210,219,082,548 (2,813,939,615,642) 812,737,857,892
6,029,327,183,888 7,051,941,584,189 571,061,154,465 1,022,614,400,301
5,338,121,471,738 4,925,206,543,486 80,299,249,234 (412,914,928,252)
691,205,712,150 2,126,735,040,703 490,761,905,231 1,435,529,328,553
76.59% 69.53% -7.26% -7.06%
10.80% 29.50% 8.63% 18.69%
12.95% 43.18% 9.14% 30.23%

PROPORTION
1/10/2019 30/9/2020
30/9/2018 1/10/2019

222,264,128,540 480,196,944,895 1.06% 1.62%

75,750,000,000 0 0.002% 0.55%
5,167,377,333,616 6,205,820,116,418 48.39% 37.74%
2,072,119,656,817 2,997,049,481,888 11.01% 15.13%
815,911,060,776 687,201,334,433 7.17% 5.96%
292,077,985,517 394,880,535,357 1.66% 2.13%
1,725,295,312,625 1,364,003,049,395 12.08% 12.60%
16,487,785,421 5,338,412,183 0.17% 0.12%
3,154,345,000,000 3,072,965,000,000 17.05% 23.04%
149,915,388,175 88,019,546,551 1.41% 1.09%
13,691,543,651,487 15,295,474,421,120 100.00% 100.00%

5,706,275,512,506 5,083,484,041,845 55.47% 41.68%

1,370,637,850,790 2,023,915,668,822 6.84% 10.01%
84,802,615,349 188,998,683,777 1.23% 0.62%
61,573,960,649 206,566,674,152 0.30% 0.45%
46,039,923,293 53,486,276,555 0.39% 0.34%
92,362,758,133 317,943,257,598 0.73% 0.67%
255,621,047,448 326,075,538,521 1.18% 1.87%
 44,902,799,431 43,062,695,661 0.26% 0.33%
47,195,880,089 17,017,564,425 0.44% 0.34%
709,500,000 709,500,000 0.00% 0.01%

2,473,036,500 9,617,344,666 0.02% 0.02%

5,978,948,767,299 7,024,597,175,098 33.15% 43.67%
13,691,543,651,487 15,295,474,421,120 100.00% 100%
ION COMPARISON
30/9/2020 2019/2018 2020/2019 2016/2015

3.14% 0.57% 1.52%

0.00% 0.55% -0.55%
40.57% -10.65% 2.83%
19.59% 4.13% 4.46%
4.49% -1.22% -1.47%
2.58% 0.48% 0.45%
8.92% 0.52% -3.68%
0.03% -0.05% -0.09%
20.09% 5.99% -2.95%
0.58% -0.32% -0.52%
100.00% 0.00% 0.00%

33.24% -13.80% -8.44%

13.23% 3.17% 3.22%
1.24% -0.61% 0.62%
1.35% 0.15% 0.90%
0.35% -0.05% 0.01%
2.08% -0.05% 1.40%
2.13% 0.69% 0.26%
0.28% 0.07% -0.05%
0.11% -0.09% -0.23%
0.00% 0.01% 0.00%

0.06% 0.00% 0.04%

45.93% 10.52% 2.26%
100% 0% 0%
WORKING CAPITAL

As of September 30 and October 1 (2019) of the years 2018, 2019, 2020, the value of working capital ha
years. Specifically, from 2018 to 2019, it decreased by 2,819,939,615,642VND, and increased again by 2
812,737,857,892VND.

NET WORKING CAPITAL

Particularly, the target of net working capital was recorded to decrease only in the period of September 3
increase sharply in the following years. From 2019 compared to 2018, an increase of 490,761,905,231 V
2019, a sharp increase of 1,435,529,328,553 VND, an increase of nearly 2.93 times. Thereby, it shows th
large amount of long-term capital, which is not only enough to finance long-term assets but also short-ter
financing strategy has been prioritized by HSG throughout this stage. However, the risk that HSG faces w
strategy is the high cost of capital and the reduced flexibility in using other sources of capital.

RATE OF SHORT-TERM CAPITAL SPONSORING LONG-TERM ASSETS

Finally, the ratio of short-term capital to finance long-term assets tends to grow strongly over the years fr
ratio from 2018 to 2019 increases by 9.14%, through 2020 then strong increase of 30.23%. Although this
years, it still accounts for a relatively low proportion, specifically in the strongest growth period of 2019
the largest rate of 43.18% (2020). This proportion is still lower than the proportion of long-term capital to
This shows that enterprises are using most of their long-term capital to finance long-term assets, so it is c
the prudent financing strategy that businesses are prioritizing to use at this time.

ASSET

At the end of the period for the years 2018,2019,2020:

- The proportions of Cash and cash equivalents are 1.06% (2018), 1.62% (2019) and 3.14% (2020).
2019) and 1.52% (2019 - 2020) over the years.
- The proportion of short-term receivables accounts for 48.39% (2018), 37.74% (2019), 40.57% (2020). A
(2018 - 2019) and an increase of 2.83% (2019 - 2020). Despite a sharp decrease in the period of 2018 - 2
are still the indicator that accounts for the largest proportion of the indicators of the asset, this is the re
with increased revenue.
- Proportion of inventories is 11.01% (2018), 15.13% (2019) and 19.59% (2020). Increase by 4.13%
(2019 - 2020 )
- The proportion of short-term receivables accounts for 1.66% (2018), 2.13% (2019) and 2.58% (2020).
0.45% (2019 - 2020)

CAPITAL

At the end of the period for the years 2018,2019,2020:

- The proportion of short-term loans and finance leases tends to decrease over the years but still accoun
- The proportion of short-term receivables accounts for 1.66% (2018), 2.13% (2019) and 2.58% (2020).
0.45% (2019 - 2020)

CAPITAL

At the end of the period for the years 2018,2019,2020:

- The proportion of short-term loans and finance leases tends to decrease over the years but still accoun
in the total capital structure of HSG. Specifically, 55.47% (2018), 41.68% (2019) and 32.32% (2020
significantly reduced by 13.80% ( 2018-2019) and by 8.44% (2019-2020). That is the result of the s
entire production and business activities and improving the financial position of the company. HSG has
reduce debt costs and financial leverage of the business and help improve many financial indicators in p
financial stability in general.
- The proportion of payables to sellers is 6.84% (2018), 10.01% (2019) and 13.23% (2020), up 3.17
(2019-2020).
- The proportion of payable expenses accounts for a very small value in the total capital structure of th
0.73% (2018), 0.67% (2019) and 2.08% (2020), respectively. This indicator has decreased 0.05% (201
1.40% (2019-2020).
- Finally, there is the equity ratio. The share in equity accounts for 33.15% (2018), 43.67% (2019) and 4
10.52% (2018-2019) and 2.26% (2019-2020). The reason is that the short-term and long-term debt, whi
of the total capital structure, has been significantly reduced and the enterprise has increased and suppl
improve its financial ratio and serving production and business.
e value of working capital has grown unstable over the
ND, and increased again by 2020 to

in the period of September 30, 2018 and then began to

crease of 490,761,905,231 VND, in 2020 compared to
3 times. Thereby, it shows that the enterprise is using a
term assets but also short-term assets and a prudent
ver, the risk that HSG faces when changing to use this
ources of capital.

SSETS

ow strongly over the years from 2018 to 2020. This

ase of 30.23%. Although this rate has increased over the
ngest growth period of 2019 - 2020 and the year with
portion of long-term capital to finance long-term assets.
ce long-term assets, so it is completely consistent with
me.

(2019) and 3.14% (2020). Increase by 0.57% (2018 -

4% (2019), 40.57% (2020). A sharp decrease of 10.65%

ease in the period of 2018 - 2019, short-term receivables
ors of the asset, this is the result of going hand in hand

% (2020). Increase by 4.13% (2018 - 2019) and 4.46%

% (2019) and 2.58% (2020). Up 0.48% (2018-2019) and

ver the years but still accounts for the largest proportion
% (2019) and 2.58% (2020). Up 0.48% (2018-2019) and

ver the years but still accounts for the largest proportion
% (2019) and 32.32% (2020). This indicator has been
). That is the result of the strategy of restructuring the
n of the company. HSG has prioritized reducing debt to
any financial indicators in particular as well as improve

and 13.23% (2020), up 3.17% (2018-2019) and 3.22%

e total capital structure of the enterprise, accounting for

or has decreased 0.05% (2018-2019) and an increase of

(2018), 43.67% (2019) and 45.93% (2020). Increase by

erm and long-term debt, which accounts for a large part
rise has increased and supplemented its own capital to
 CTCP TẬP ĐOÀN HOA SEN (HOA SEN GROUP) - HNX: HSG
INCOME STATEMENT

Items 2017 2018

1. Revenues from sales and service provisions 47,077,679,965,050 59,977,961,162,366
2. Revenue deductions 179,072,251,662 113,760,574,901
3. Net revenues from sales and service provisions 46,898,607,713,388 59,864,200,587,465
4. Cost of goods sold 43,680,064,063,459 57,061,310,696,192
5. Gross Profits 3,218,543,649,929 2,802,889,891,273
6. Financial income 601,781,666,924 539,309,325,068
7. Financial expenses 420,377,177,127 614,816,857,761
8. In which: Interest expenses 317,503,841,647 458,729,805,247
9. Selling expenses 1,235,820,173,529 1,493,660,136,661
10. Administrative expenses 639,173,453,876 711,802,548,326
11. Net profits from operations 1,524,954,512,321 521,919,673,593
12. Other income 73,096,842,741 52,932,603,565
13. Other expenses 3,244,149,612 1,114,182,751
14. Other profits 69,852,693,129 51,818,420,814
15. Total pre-tax profit 1,594,807,205,450 573,738,094,407
16. Current corporate income tax expenses 209,600,199,457 57,537,903,508
17. Deffered corporate income tax expenses 31,435,309,359 10,926,051,734
18. Earnings after corporate income taxes 1,353,771,696,634 505,274,139,165

NAM KIM STEEL GROUP

INCOME STATEMENT
 Items 2017 2018
1. Revenues from sales and service provisions 12,829,068,759,641 14,678,567,821,162
2. Revenue deductions 17,165,750,810 41,313,411,890
3. Net revenues from sales and service provisions 12,811,903,008,831 14,637,254,409,272
4. Cost of goods sold 11,486,202,711,788 13,869,804,566,430
5. Gross Profits 1,325,700,297,043 767,449,842,842
6. Financial income 115,199,924,390 97,643,121,696
7. Financial expenses 369,860,511,988 419,415,183,811
8. In which: Interest expenses 259,812,763,916 327,689,392,059
9. Selling expenses 274,405,725,004 324,560,599,942
10. Administrative expenses 66,193,052,667 73,394,742,953
11. Net profits from operations 730,440,931,774 47,722,437,832
12. Other income 21,395,139,452 7,331,300,606
13. Other expenses 1,838,511,460 2,364,822,934
14. Other profits 19,556,627,992 4,966,477,672
15. Total pre-tax profit 749,997,559,766 52,688,915,504
16. Current corporate income tax expenses 74,256,697,397 4,140,358,880
17. Deffered corporate income tax expenses 0 0
18. Earnings after corporate income taxes 675,740,862,369 48,548,556,624
GROUP) - HNX: HSG

Currency: VND
2019 2020
44,795,852,916,502 45,103,812,699,734
25,815,045,304 150,953,669,705
44,770,037,871,198 44,952,859,030,029
42,509,205,331,768 42,130,019,773,392
2,260,832,539,430 2,822,839,256,637
400,189,675,049 882,731,990,749
439,093,531,704 372,603,906,385
299,146,337,196 277,498,364,219
1,452,918,463,175 1,838,841,569,984
311,821,718,805 268,160,558,053
457,188,500,795 1,225,965,212,964
245,868,531,680 19,875,796,975
4,540,253,461 16,683,262,011
241,328,278,219 3,192,534,964
698,516,779,014 1,229,157,747,928
86,459,077,071 172,226,511,967
950,342,220 -18,653,863,474
611,107,359,723 1,075,585,099,435

UP
 Currency: VND
2019 2020
12,221,693,610,446 11,431,817,603,411
44,285,595,670 44,126,054,093
12,177,408,014,776 11,387,691,549,318
11,806,161,013,737 10,580,124,355,813
371,247,001,039 807,567,193,505
106,983,072,434 89,031,582,961
266,219,022,848 274,544,804,736
228,239,228,698 215,669,541,825
210,156,849,457 267,661,442,035
64,097,930,695 85,601,286,175
-62,243,729,527 268,791,243,520
197,605,002,037 3,795,089,584
1,443,511,296 162,196,012
196,161,490,741 3,632,893,572
133,917,761,214 272,424,137,092
42,393,419,864 25,194,222,196
0 0
91,524,341,350 247,229,914,896
ANALYZE THE PROFIT STRUCTURE

Items 2018
Currency in VND except per share Value
Net operating profit (loss) 597,427,206,286
Profit from financial activities ( not excluding loan inte 383,222,272,554
Other Profit 51,818,420,814
EBIT 1,032,467,899,654

COMPARE THE STRUCTURE OF HOA SEN GROUP PROFIT

Items 2019/2018
Currency in VND except per share Value
Net operating profit (loss) (101,334,848,836)
Profit from financial activities ( not excluding loan inte (122,979,792,013)
Other Profit 189,509,857,405
EBIT (34,804,783,444)

HORIZONTAL ANALYSIS

Items 2018
Currency in VND except per share
Total Revenues 59,864,200,587,465
Costs of good sold 57,061,310,696,192
Gross profit/(loss) 2,802,889,891,273
Costs of sales 1,493,660,136,661
Enterprise cost management 711,802,548,326
Net operating profit /(loss) 597,427,206,286
Financial Income 539,309,325,068
Financial expenses ( not excluding loan interest) 156,087,052,514
Profit from financial activities ( not excluding loan int 383,222,272,554
Other income 51,818,420,814
EBIT 1,032,467,899,654
Loan interest expenses 458,729,805,247
EBT 573,738,094,407
Corporate income tax 68,463,955,242
EAT 505,274,139,165

VERTICAL ANALYSIS
 Items 2018
Currency in VND except per share
Total Revenues 59,864,200,587,465
Costs of good sold 57,061,310,696,192
Gross profit/(loss) 2,802,889,891,273
Costs of sales 1,493,660,136,661
Enterprise cost management 711,802,548,326
Net operating profit /(loss) 597,427,206,286
Financial Income 539,309,325,068
Financial expenses ( not excluding loan interest) 156,087,052,514
Profit from financial activities ( not excluding loan int 383,222,272,554
Other income 51,818,420,814
EBIT 1,032,467,899,654
Loan interest expenses 458,729,805,247
EBT 573,738,094,407
Corporate income tax 68,463,955,242
EAT 505,274,139,165

EBIT to net sales ratio

The ratio of EBIT to net sales (EB
EBIT/Net revenue in 2020 increased
In 2018, EBIT/Net Revenue reached
Aspects: Main operating profit, finan
In 2019, EBIT/Net revenue reached
Profit from main business activities
decreased by 0.18% due to:
Cost of goods sold in 2019 was 88.5
net revenue. This reduces the cost-ef
HSG boosted sales, making the com
General and administrative expense
savings for HSG.
In 2020, EBIT/Net revenue reached
Core operating profit increased with
Cost of goods sold in 2020 is 83.19
revenue. This contributes to increasi
Selling expenses of HSG continued
business and the promotion of sales.
Business administration expenses co
businesses.

Profit before tax to net sales (EBT

Profit before tax on net sales in 2
influenced by: 0.42% increase in EB
Profit before tax on net sales in 20
EBIT/Net revenue and 0.63% decrea
businesses.

Profit before tax to net sales (EBT

Profit before tax on net sales in 2
influenced by: 0.42% increase in EB
Profit before tax on net sales in 20
EBIT/Net revenue and 0.63% decrea

Profit after tax on sales (ROS)

ROS in 2018 was 1.19%; ROS in 2
respectively.
In 2019, ROS reached 1.29%, an inc
a slight increase of 0.1% of Corpora
In 2020, ROS reached 4.19%, an inc
the increase of 0.45% of Corporate I
 INCOME STATEMENT ANALYSIS

2018 2019
Proportion Value Proportion
57.86% 496,092,357,450 49.73%
37.12% 260,242,480,541 26.09%
5.02% 241,328,278,219 24.19%
100% 997,663,116,210 100%

2019/2018 2020/2019
Proportion Value Proportion
-8.14% 219,744,771,150 -2.21%
-11.03% 527,383,968,042 26.19%
19.17% (238,135,743,255) -23.98%
508,992,995,937

VND change
2019 2020
2019/2018

44,770,037,871,198 44,952,859,030,029 (15,094,162,716,267)

42,509,205,331,768 42,130,019,773,392 (14,552,105,364,424)
2,260,832,539,430 2,822,839,256,637 (542,057,351,843)
1,452,918,463,175 1,838,841,569,984 (40,741,673,486)
311,821,718,805 268,160,558,053 (399,980,829,521)
496,092,357,450 715,837,128,600 (101,334,848,836)
400,189,675,049 882,731,990,749 (139,119,650,019)
139,947,194,508 95,105,542,166 (16,139,858,006)
260,242,480,541 787,626,448,583 (122,979,792,013)
241,328,278,219 3,192,534,964 189,509,857,405
997,663,116,210 1,506,656,112,147 (34,804,783,444)
299,146,337,196 277,498,364,219 (159,583,468,051)
698,516,779,014 1,229,157,747,928 124,778,684,607
87,409,419,291 153,572,648,493 18,945,464,049
611,107,359,723 1,075,585,099,435 105,833,220,558
 On Sales
2019 2020
2018

44,770,037,871,198 44,952,859,030,029
42,509,205,331,768 42,130,019,773,392 95.32%
2,260,832,539,430 2,822,839,256,637 4.68%
1,452,918,463,175 1,838,841,569,984 2.50%
311,821,718,805 268,160,558,053 1.19%
496,092,357,450 715,837,128,600 1.00%
400,189,675,049 882,731,990,749 0.90%
139,947,194,508 95,105,542,166 0.26%
260,242,480,541 787,626,448,583 0.64%
241,328,278,219 3,192,534,964 0.09%
997,663,116,210 1,506,656,112,147 1.72%
299,146,337,196 277,498,364,219 0.77%
698,516,779,014 1,229,157,747,928 0.96%
87,409,419,291 153,572,648,493 0.11%
611,107,359,723 1,075,585,099,435 0.84%

VERTICAL ANYLYSIS
es ratio
BIT to net sales (EBIT/Net revenue) in 2018 was 3.89%, in 2019 it was 4.31%, equivalent to an increase of 0.4
nue in 2020 increased to 7.03%, equivalent to an increase of 2.72% compared to 2019.
Net Revenue reached 3.89% due to:
operating profit, financial profit and other profit are 3.67% respectively; 0.06% and 0.16%.
Net revenue reached 4.31%, an increase of 0.42% compared to 2018 due to:
in business activities decreased by 0.18% compared to 2018 showing that the cost saving efficiency of the enterprise
18% due to:
sold in 2019 was 88.59%, so compared to 2018 it is estimated to be 0.14 VND higher than COGS compared to 100 V
is reduces the cost-effectiveness of the business.
ales, making the company's selling expenses increase by 0.97% compared to 2018.
dministrative expenses are said to decrease by 0.92% compared to the previous year, improving the efficiency of
G.
Net revenue reached 7.03%, up 2.72% compared to 2019 due to:
profit increased with an increase of 3.58%, showing a clear improvement in the business's cost savings compared to 20
sold in 2020 is 83.19%, so compared to 2019 is estimated to be 5.4 VND lower than COGS compared to 100 VND
ontributes to increasing the cost-effectiveness of the business.
es of HSG continued to increase by 1.83% compared to 2019 showing the consistency in the business strategy o
e promotion of sales. Therefore, it is not possible to reduce selling costs to improve cost-saving efficiency.
nistration expenses continued to decrease slightly by 0.01% compared to 2019, contributing a small part to cost saving

ax to net sales (EBT/Net sales)

ax on net sales in 2019 was 1.65%, in 2018 it was 1.53%, an increase of 0.11% compared to 2018. This increa
0.42% increase in EBIT/Net revenue and 0.3% increase in the ratio of interest expense to net revenue compared to 201
ax on net sales in 2020 is 5%, up 3.35% compared to 2019. This increase is mainly influenced by: 2.72% increa
nue and 0.63% decrease of billion interest expense on net revenue compared to 2019.
ax to net sales (EBT/Net sales)
ax on net sales in 2019 was 1.65%, in 2018 it was 1.53%, an increase of 0.11% compared to 2018. This increa
0.42% increase in EBIT/Net revenue and 0.3% increase in the ratio of interest expense to net revenue compared to 201
ax on net sales in 2020 is 5%, up 3.35% compared to 2019. This increase is mainly influenced by: 2.72% increa
nue and 0.63% decrease of billion interest expense on net revenue compared to 2019.

x on sales (ROS)
was 1.19%; ROS in 2019 is 1.29% and ROS in 2020 is 4.19%, equivalent to an increase over the years of 0.1% and 2

eached 1.29%, an increase of 0.1% compared to 2018 mainly influenced by the increase of 0.11% of EBT/Net revenue
e of 0.1% of Corporate Income Tax/Net revenue.
eached 4.19%, an increase of 2.9% compared to 2019 mainly influenced by the increase of 3.35% of EBT/Net revenue
0.45% of Corporate Income Tax/Net revenue.
 In the structure of three profit sources contributing to EBIT, net profit a
two indicators. Specifically, net profit in 2018 reached 597,427,206,2
number decreased to 496,092,357,450 VND, accounting for only
715,837,128,600 VND, but net profit no longer accounts for the large
2020 accounting for 47.51% of the EBIT structure. Coming to the profit fro
Value Proportion unstable over the years and accounts for the second proportion in the E
715,837,128,600 47.51% the capital structure of EBIT. Profit from financial activities in 2018
decreased to 241,328,278,219 VND, accounting for 26.09%, in 2020 sa
787,626,448,583 52.28% took the lead in the structure of 3,192,534,964 VND, accounting for 52
3,192,534,964 0.21% other profit. Other profit reached 51,818,420,814 VND, accounting fo
1,506,656,112,147 100% accounting for 24.19%, by 2020 is 3,192,534,964 VND, accounting for

Based on this table, we can see that from 2018 to 2019, the value of
proportion decreased by 8.14%, profit from financial activities (dedu
decreased by 11.03%, but other profit increased by 189,509,857,405 VN

Compared to 2020 and 2019, the profit from main business activities
profit from financial activities increased by 527,383,968,042 VND, inc
23.98%

VND change % change

2020/2019 2019/2018 2020/2019 Net Revenue
HSG's net revenue in 2018
182,821,158,831 -25.21% 0.41% down 6,406,654,229,586V
(379,185,558,376) -25.50% -0.89% 504,025,604,841VND com
562,006,717,207 -19.34% 24.86% In general, net revenue g
385,923,106,809 -2.73% 26.56% influence of the Covid-1
(43,661,160,752) -56.19% -14.00% disruption of the global su
Although net revenue in 2
219,744,771,150 -16.96% 44.30%
decrease to only 1.8% c
482,542,315,700 -25.80% 120.58% difficulties, HSG tried to l
(44,841,652,342) -10.34% -32.04% With the hope that the e
527,383,968,042 -32.09% 202.65% business activities will con
(238,135,743,255) 365.72% -98.68% EBIT
508,992,995,937 -3.37% 51.02% EBIT in 2018 reached 1,3
(21,647,972,977) -34.79% -7.24% 2019 of 132,310,226,218V
530,640,968,914 21.75% 75.97% 1,935,729,299,450VND.
66,163,229,202 27.67% 75.69% EBIT in 2019 decreased
464,477,739,712 20.95% 76.01% making the EBIT of ente
increase in EBIT in 2020
volatility during this perio
In 2019, EBIT decreased b
Operating profit decreas
286,480,430,307VND.
Besides, the profit from
 making the EBIT of ente
increase in EBIT in 2020
volatility during this perio
In 2019, EBIT decreased b
Operating profit decreas
On Sales % Change 286,480,430,307VND.
2019 2020 2019/2018 2020/2019 Besides, the profit from
20,435,414,028VND in
13,945,760,351VND.
94.95% 93.72% -0.37% -1.23% Although the company's
5.05% 6.28% 0.37% 1.23% contributing to the increas
3.25% 4.09% 0.75% 0.85% not enough to help EBIT i
0.70% 0.60% -0.49% -0.10% In 2020, EBIT increased b
1.11% 1.59% 0.11% 0.48% Operating profit increased
in EBIT of 967,168,940
0.89% 1.96% -0.01% 1.07%
2020.
0.31% 0.21% 0.05% -0.10% Although, profit from fina
0.58% 1.75% -0.06% 1.17% by 210.81%, making EBIT
0.54% 0.01% 0.45% -0.53% Together with other profit
2.23% 3.35% 0.50% 1.12% longer benefited from the
0.67% 0.62% -0.10% -0.05% by 225,788,505,289VND.
1.56% 2.73% 0.60% 1.17% EBT
0.20% 0.34% 0.08% 0.15% EBT in 2019 decreased by
1.36% 2.39% 0.52% 1.03% 2019 and increased to 197
EBT in the period 2018 -
much potential for future
of 197.71% in 2020.
Volatility during this perio
valent to an increase of 0.42%. In 2019, EBT decreased b
Factors that reduce EBIT b
Although interest expense
. enough to offset the decre
In 2020, EBT increased by
g efficiency of the enterprise has Factors that help EBIT in
HSG's EBT increase to 72
n COGS compared to 100 VND Besides, interest expense
compared to 2019 helping
EAT
mproving the efficiency of cost EAT in 2019 decreased b
in 2019. And increased
791,642,513,563 VND, re
cost savings compared to 2019. In the period 2018 - 2020
OGS compared to 100 VND net a decrease of 11.57% in 20
Volatility in this period ma
in the business strategy of the In 2019, EAT decreased b
ving efficiency. Factors affecting EBT in 2
g a small part to cost savings for being affected and decreas
Although corporate inco
increase by 6,324,674,964
decreased by VND 19,320
pared to 2018. This increase is help EAT improve.
et revenue compared to 2018. In 2020, EAT increased by
fluenced by: 2.72% increase of Factors that made EBT in
driving force for EAT to in
Although corporate incom
 Although corporate inco
increase by 6,324,674,964
decreased by VND 19,320
pared to 2018. This increase is help EAT improve.
et revenue compared to 2018. In 2020, EAT increased by
fluenced by: 2.72% increase of Factors that made EBT in
driving force for EAT to in
Although corporate incom
income tax of 157,79
ver the years of 0.1% and 2.9%, 35,858,672,932VND mad
EBT is completely enoug
f 0.11% of EBT/Net revenue and EAT in 2020 compared to

f 3.35% of EBT/Net revenue and

 ontributing to EBIT, net profit accounts for the majority and has the highest proportion compared to the other
in 2018 reached 597,427,206,286 VND, accounting for 57.86% of the EBIT structure, but in 2019, this
0 VND, accounting for only 49.73%, after 2020, although net profit has been increased sharply to
no longer accounts for the largest proportion compared to two years ago, the target is only ranked second,
ucture. Coming to the profit from financial activities (deducting interest expenses), the value growth rate is
or the second proportion in the EBIT structure in 2018, and 2019 to 2020 strongly increased, still leading in
rom financial activities in 2018 was recorded at 382,222,272,554 VND, accounting for 37.12%, in 2019
counting for 26.09%, in 2020 saw the profit from this activity grow 2.2 times stronger. compared to 2018 and
534,964 VND, accounting for 52.28%. Finally, the target with the lowest percentage in the EBIT structure is
18,420,814 VND, accounting for 5.02% in 2018, through 2019 increased sharply to 241,328,278,219 VND,
2,534,964 VND, accounting for 0.21% of the EBIT structure.

om 2018 to 2019, the value of net profit from main business activities decreased by 101,334,848VND, the
from financial activities (deducted interest expense) decreased by 122,979,792,013 VND, the proportion
ncreased by 189,509,857,405 VND, up 19.17%. Cause EBIT to decrease by 132,310,226,218 VND.

t from main business activities increased by 219,744,771,150 VND but the proportion decreased 2.21%, the
d by 527,383,968,042 VND, increased by 26.19% and other profits decreased by 238,135,743,255 VND down

HORIZONTAL ANYLYSIS
Net Revenue
HSG's net revenue in 2018 was 34,441,429,348,261VND; in 2019 is 28,034,775,118,675VND,
down 6,406,654,229,586VND compared to 2018 and in 2020 is 27,530,749,513,834VND, down
504,025,604,841VND compared to 2019.
In general, net revenue gradually decreased in the period of 2018 - 2020 mainly due to the great
influence of the Covid-19 pandemic, which made the world steel market difficult due to the
disruption of the global supply chain from the social distancing.
Although net revenue in 2019 decreased by 18.6% compared to 2018, but by 2020 this figure will
decrease to only 1.8% compared to 2019 showing that although the epidemic caused many
difficulties, HSG tried to limit it as much as possible affect the business of the enterprise.
With the hope that the epidemic will be quickly controlled, global trade will be restored, and
business activities will continue to improve and develop.
EBIT
EBIT in 2018 reached 1,340,339,687,259VND, higher than the EBIT of 1,208,029,461,041VND in
2019 of 132,310,226,218VND, equivalent to 9.87% and lower than EBIT in 2020 at
1,935,729,299,450VND.
EBIT in 2019 decreased by 9.87% compared to 2018 but increased sharply to 60.24% in 2020
making the EBIT of enterprises in this period unstable, however with the recovery and strong
increase in EBIT in 2020 shows a positive signal. positive effect from the business side. And the
volatility during this period is mainly due to the following factors:
In 2019, EBIT decreased by 132,310,226,218VND due to:
Operating profit decreased by 286,480,430,307VND resulting in a decrease in EBIT of
286,480,430,307VND.
Besides, the profit from financial activities (excluding interest expense) also decreased from
making the EBIT of enterprises in this period unstable, however with the recovery and strong
increase in EBIT in 2020 shows a positive signal. positive effect from the business side. And the
volatility during this period is mainly due to the following factors:
In 2019, EBIT decreased by 132,310,226,218VND due to:
Operating profit decreased by 286,480,430,307VND resulting in a decrease in EBIT of
286,480,430,307VND.
Besides, the profit from financial activities (excluding interest expense) also decreased from
20,435,414,028VND in 2018 to 6,489,653,677VND in 2019, making EBIT decrease by
13,945,760,351VND.
Although the company's other profit in 2019 increased impressively by 168,115,964,440 VND,
contributing to the increase in EBIT thanks to the profit from liquidation of fixed assets, it was still
not enough to help EBIT in 2019 increase compared to 2018.
In 2020, EBIT increased by 727,699,838,409 VND due to:
Operating profit increased to 98.79% from the previous year's decrease, contributing to the increase
in EBIT of 967,168,940,517VND. This is a great motivation to help businesses grow EBIT in
2020.
Although, profit from financial activities (excluding interest expense) continued to decline sharply
by 210.81%, making EBIT decrease by 13,680,596,819VND.
Together with other profits of HSG, which dropped sharply by 101.48% due to the fact that they no
longer benefited from the liquidation of fixed assets and other expenses increased, EBIT decreased
by 225,788,505,289VND.
EBT
EBT in 2019 decreased by 12.6% from 528,670,460,810 VND in 2018 to 462,069,296,121 VND in
2019 and increased to 197.71% equivalent at 1,375,643,163,524 VND in 2020.
EBT in the period 2018 - 2020 is considered a recovery and growth after the slump in 2019 with
much potential for future growth. With EBT down 12.60% in 2019 but increasing sharply at a rate
of 197.71% in 2020.
Volatility during this period comes from the following factors:
In 2019, EBT decreased by 66,601,164,689VND due to:
Factors that reduce EBIT by 132,310,226,218VND contributed to the decrease of EBT.
Although interest expense decreased by 8.1%, equivalent to 65,709,061,529VND, it was still not
enough to offset the decrease from EBIT causing EBT to decrease by VND 66,601,164,689.
In 2020, EBT increased by 913,573,867,40 VND due to:
Factors that help EBIT in 2020 increase by 727,699,838,409 VND compared to 2019, while helping
HSG's EBT increase to 727,699,838,409 VND.
Besides, interest expense decreased by 185,874,028,994 VND, equivalent to a decrease of 24.92%
compared to 2019 helping the EBT of the enterprise to increase to 185,874,028,994 VND.
EAT
EAT in 2019 decreased by 11.57% from 408.651,700,847 VND in 2018 to 361,371,503,746 VND
in 2019. And increased at an outstanding rate of 219.07%, equivalent to an increase of
791,642,513,563 VND, reaching 1,153,014,017,309 VND in 2020.
In the period 2018 - 2020, HSG's EAT decreased slightly and rebounded strongly, specifically with
a decrease of 11.57% in 2019 and a sharp increase of 219.07 % in 2020.
Volatility in this period mainly comes from the following factors:
In 2019, EAT decreased by 47,280,197,101 VND due to:
Factors affecting EBT in 2019 decreased by 66,601,164,689VND compared to 2018 leading to EAT
being affected and decreased by 66,601,164,689VND.
Although corporate income tax decreased by 19,320,967,588VND due to current income tax
increase by 6,324,674,964 VND and deferred income tax decrease by 25,645,642,552VND, EAT
decreased by VND 19,320,967,588. But the reduction in corporate income tax is still not enough to
help EAT improve.
In 2020, EAT increased by 791,642,513,563 VND due to:
Factors that made EBT in 2020 increase by 913,573,867,403VND compared to 2019, are the main
driving force for EAT to increase by 913,573,867,403 VND over the previous year.
Although corporate income tax increased by 121,931,353,840VND due to an increase in current
Although corporate income tax decreased by 19,320,967,588VND due to current income tax
increase by 6,324,674,964 VND and deferred income tax decrease by 25,645,642,552VND, EAT
decreased by VND 19,320,967,588. But the reduction in corporate income tax is still not enough to
help EAT improve.
In 2020, EAT increased by 791,642,513,563 VND due to:
Factors that made EBT in 2020 increase by 913,573,867,403VND compared to 2019, are the main
driving force for EAT to increase by 913,573,867,403 VND over the previous year.
Although corporate income tax increased by 121,931,353,840VND due to an increase in current
income tax of 157,790,026,772 VND and a decrease in deferred income tax by
35,858,672,932VND made EAT decrease by 121,931,353,840VND. However, the increase from
EBT is completely enough to offset the increase from corporate income tax, helping to increase
EAT in 2020 compared to 2019.
 TREND LINE
EBIT EBT EAT
1.40%

1.20%

1.00%

0.80%

0.60%

0.40%

0.20%

0.00%
2019/2018 2020/2019
 CTCP TẬP ĐOÀN HOA SEN (HOA SEN GROUP) - HNX: HS
CASH FLOW STATEMENT

Items 2017
I. CASH FLOWS FROM OPERATING ACTIVITIES
Pretax profit/loss 1,642,639,473,740
Adjustment for terms
Depreciation of fixed assets 705,280,876,622
Provisions 21,765,234,299
Profit/loss from investment in associates
Profit/loss on foreign exchange difference (unrealized) 7,247,689,692
Interest/loss from other investments/liquidation of fixed assets -23,207,483,003
Interest expenses 482,275,637,847
Other deductions
Interest on deposits
Allocation of commercial advantage
Interest/loss from liquidation of fixed assets
Operating profit/loss before changes in working capital 2,836,001,429,197
Increase/ decrease of accounts receivable -1,940,119,982,438
Increase/ decrease in proprietary securities
Increase/ decrease of inventory -4,062,359,549,579
Increase/ decrease in payables 1,990,194,619,701
Increase/ decrease of prepaid expenses -104,000,439,171
Interest paid -470,782,599,301
Enterprise income tax paid -340,323,719,741
Other receipts from business activities
Other expenses for business activities -82,041,727,870
Increase of other short-term assets
Foreign exchange difference in the investment period
Net cash flows from trading -2,173,431,969,202
II. CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for purchase, construction of fixed assets -4,016,935,385,411
Proceeds from liquidation, sale of fixed assets and other long-term assets 49,677,813,863
Spending on loans, buying debt instruments of other entities
Receipts from collecting debt instruments of other entities
Spending on capital contribution of other entities -27,450,000,000
Proceeds from selling investment to contribute capital to other entities
Receipts from loan interest, dividends and distributed profits 700,711,525
Investment money to build factories
Increase the interests of minority shareholders when consolidating subsidiaries
Exclusion of minority interests when liquidating a subsidiaries
8. Cash at subsidiary purchased during the year
12. Proceeds from sale of investments in subsidiaries
13. Short-term deposit payment
14. Interest income from short-term deposit
15. Spending on buying other assets
17. Reduced term bank deposits
16. Money spent to buy more shares in subsidiaries
18. Proceeds from deposits, term deposits
19. Short-term deposits
20. Short-term deposit withdrwal
21. Proceeds from transferring the right to contribute capital to the project
Net cash flows from investing activities -3,994,006,860,023
III. CASH FLOWS FROM FINANCING ACTIVITIES
Cash receipts from issuance of shares and receipt from contributions of the owners 34,601,710,000
Repayment of contributions to owners, repurchase of stock issued
Proceeds from reveeiving business capital contribution
Short-term and long-term loans received 27,410,327,886,870
Repayment of loan principal -21,212,709,164,619
Payment of finance lease principal -147,033,010,824
Spending on short-term investments
Dividends and interest paid to owners -196,362,984,225
Dividends and interest paid to minority shareholders
Receive capital contribution from minority shareholders
Other payment from undistributed profits
Income from deposit interest
Net cash flows from/used to financial activities 5,888,824,437,202
Net cash flows for the year -278,614,392,023
Cash and cash equivalents at the beginning of year 576,620,705,083
Influence of exchange rate changes in foreign currency conversion -5,634,993,709
Financial statement conversion rate difference
Cash and cash equivalents at the end of period 292,371,319,351

NAM KIM STEEL GROUP

CASH FLOW STATEMENT

Items 2017
I. CASH FLOWS FROM OPERATING ACTIVITIES
Pretax profit/loss 749,997,559,766
Adjustment for terms
Depreciation of fixed assets 311,286,098,411
Provisions
Profit/loss from investment in associates
Profit/loss on foreign exchange difference (unrealized) 45,053,346,006
Interest/loss from other investments/liquidation of fixed assets -3,120,477,480
Interest expenses 259,812,763,916
Other deductions
Interest on deposits
Allocation of commercial advantage
Interest/loss from liquidation of fixed assets
Operating profit/loss before changes in working capital 1,363,029,290,619
Increase/ decrease of accounts receivable -909,561,321,984
Increase/ decrease in proprietary securities
Increase/ decrease of inventory -1,789,858,507,124
Increase/ decrease in payables 390,762,974,512
Increase/ decrease of prepaid expenses -13,518,720,195
Interest paid -262,431,604,955
Enterprise income tax paid -87,685,256,211
Other receipts from business activities
Other expenses for business activities -1,785,900,000
Increase of other short-term assets
Foreign exchange difference in the investment period
Net cash flows from trading -1,311,049,045,338
II. CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for purchase, construction of fixed assets -878,602,884,548
Proceeds from liquidation, sale of fixed assets and other long-term assets 365,454,546
Spending on loans, buying debt instruments of other entities -388,933,344,349
Receipts from collecting debt instruments of other entities
Spending on capital contribution of other entities -62,101,260,000
Proceeds from selling investment to contribute capital to other entities
Receipts from loan interest, dividends and distributed profits 3,298,139,873
Investment money to build factories
Increase the interests of minority shareholders when consolidating subsidiaries
Exclusion of minority interests when liquidating a subsidiaries
8. Cash at subsidiary purchased during the year
12. Proceeds from sale of investments in subsidiaries
13. Short-term deposit payment
14. Interest income from short-term deposit
15. Spending on buying other assets
17. Reduced term bank deposits
16. Money spent to buy more shares in subsidiaries
18. Proceeds from deposits, term deposits
19. Short-term deposits
20. Short-term deposit withdrwal
21. Proceeds from transferring the right to contribute capital to the project
Net cash flows from investing activities -1,325,973,894,478
III. CASH FLOWS FROM FINANCING ACTIVITIES
Cash receipts from issuance of shares and receipt from contributions of the owners 811,385,450,000
Repayment of contributions to owners, repurchase of stock issued
Proceeds from reveeiving business capital contribution
Short-term and long-term loans received 10,689,083,479,204
Repayment of loan principal -8,812,162,299,010
Payment of finance lease principal -5,189,473,523
Spending on short-term investments
Dividends and interest paid to owners -129,000,000,000
Dividends and interest paid to minority shareholders
Receive capital contribution from minority shareholders
Other payment from undistributed profits
Income from deposit interest
Net cash flows from/used to financial activities 2,554,117,156,671
Net cash flows for the year -82,905,783,145
Cash and cash equivalents at the beginning of year 173,795,987,771
Influence of exchange rate changes in foreign currency conversion -28,854,818
Financial statement conversion rate difference
Cash and cash equivalents at the end of period 90,861,349,808
ROUP) - HNX: HSG

Currency: VND
2018 2019 2020

529,184,460,902 462,069,296,121 1,375,643,163,524

1,019,509,865,101 1,187,362,709,449 1,229,764,453,316

-22,226,292,468 12,674,715,631 16,247,641,558

51,970,945,978 1,760,428,859 8,093,493,896

-120,258,368,345 -138,884,054,266 11,969,098,415
811,669,226,449 745,960,164,920 560,086,135,926

2,269,849,837,617 2,270,943,260,714 3,201,803,986,635

-182,952,388,012 1,207,687,182,269 -398,108,982,805
6,026,091,198,504
2,250,342,628,951 2,048,306,428,396 -969,498,666,166
-2,703,521,975,220 389,709,901,418 983,533,510,048
-52,185,353,089 109,444,425,707 50,298,250,628
-808,818,426,065 -753,141,518,007 -563,994,610,863
-178,069,805,583 -78,482,788,446 -163,547,497,267

-94,659,631,874 -13,390,811,230 -30,964,795,406

 499,984,886,725 5,181,076,080,821 2,109,521,194,804

-2,723,711,086,859 -1,057,985,115,931 -398,137,474,514

171,567,456,975 292,129,010,756 7,619,573,128
-28,430,682,932 -104,750,000,000 -9,988,203,836
29,000,000,000 74,370,387,032 76,250,000,000
-3,672,266,449 -11,581,401,220
155,996,581,583 14,928,557,806 8,882,151,730
5,714,196,627 6,514,604,449 4,594,414,990

-2,393,535,801,055 -786,373,957,108 -310,779,538,502

-1,343,000,000
-1,116,000,000 -812,000,000

33,803,434,049,477 110,741,661,833 22,583,653,369,329

-31,308,401,099,488 -25,197,752,754,083 -24,031,275,249,680
-47,505,770,325 -79,783,030,658 -64,120,907,969
 -350,060,974,500 -225,251,900 -22,299,100

2,096,123,205,164 -4,595,615,101,329 -1,512,577,087,420 HSG 2017 2018

202,572,290,834 -200,912,977,616 286,164,568,882 LNST/LNTT 0.85 0.88
292,371,319,351 492,079,830,667 288,707,713,172 NOCF 44,644,146,987,182 57,245,304,716,890
-2,863,779,518 -2,459,139,879 -105,215,350

492,079,830,667 288,707,713,172 574,767,066,704

UP

Currency: VND
2018 2019 2020

52,688,915,504 90,108,783,396 320,812,116,164

407,669,125,144 441,808,719,478 376,255,520,548

197,336,799 400,000,000

18,631,509,175 6,255,238,305 1,368,014,070

-26,795,598,945 -258,586,300,923 -27,090,757,323
327,689,392,059 237,062,837,775 222,154,457,661
12,357,783,377
780,080,679,736 516,649,278,031 906,257,134,497
587,763,642,976 -63,335,753,547 -497,986,322,468

1,568,593,395,837 -168,857,094,809 218,291,327,280

-333,138,592,654 1,221,047,880,369 -394,729,139,948
3,541,918,827 -38,710,484,428 28,517,406,648
-317,489,760,507 -242,759,139,169 -228,102,720,920
-50,263,783,803 -42,393,419,864 -6,760,599,978

-4,853,473,007 -661,500,000 -9,909,990,000

2,234,234,027,405 1,180,979,766,583 15,577,095,111

-339,498,549,598 -95,918,214,298 -54,273,792,939

790,909,091 252,399,306,332
-84,790,000,000 -1,021,203,715,735 -157,965,479,452
300,000,000,000 509,503,385,049 529,363,404,931
-22,521,400,000
105,136,740,000
17,833,493,960 20,376,451,055 28,614,073,831
-128,185,546,547 -229,706,047,597 345,738,206,371

-78,043,577,721

10,822,524,430,778 8,961,750,010,468 11,098,457,061,598

-12,540,788,285,633 -10,276,432,956,720 -11,165,449,521,984
-23,518,944,732 -21,551,624,950 -21,559,995,996

-1,000,000,000 -51,599,960,400

-1,742,782,799,587 -1,336,234,571,202 -218,195,994,503 NKG 2017 2018

363,265,681,271 -384,960,852,216 143,119,306,979 LNST/LNTT 0.90 0.92
90,861,349,808 460,998,285,030 76,042,177,746 NOCF 12,154,400,520,657 13,948,782,727,328
-732,611,827 4,744,932 232,120

453,394,419,252 76,042,177,746 219,161,716,845

 2019 2020
0.87 0.88
42,644,556,978,035 42,565,739,558,985
 2019 2020
0.68 0.91
11,676,806,181,732 10,837,691,111,180
 FINANCIAL RATIO ANALYSIS

2018
Capital Structure Ratios
HSG NKG
Debt Ratio 66.85% 63.19%
Equity Ratio 33.15% 36.81%
D/E Ratio 2.02 1.72
Financial Leverage Ratio 3.02 2.72
Short -term Debt to Total Assets Ratio 66.40% 48.85%

2018
Short-Term Solvency Ratios
HSG NKG
Current Ratio 1.02 1.04
Quick Ratio 0.85 0.46
Average storage time (days) 23 79
Accounts Receivable Days 33 25

2018
Debt Service Coverage Ratios
HSG NKG
Interest Coverage Ratio 2.25 1.16

2018
Profitability
HSG NKG
ROI 6.19% 4.24%
ROA 5.23% 3.46%
ROE 9.45% 1.66%
EPS 1,375 311

Market Value 2018

HSG NKG
Closing Price in the final day of years 6,510 7,910
Shares Outstanding 367,426,356 155,999,934
BVPS 13,868 17,467
P/E 4.73 25.42
P/B 0.47 0.45
PERSONALITY

Capital Structure Ratio

From the end of 2018 to the end of 2020, Capital Structure Ratio of Hoa Sen Group did not change
gradually decreased from 2018 to 66.85%, 56.33% in 2019 and 54.07% in 2020 This result was du
capital management.

Debt-to-equity Ratio
The debt-to-equity ratio decreased insignificantly with a weight of 2.02 in 2018 to 1.29 in 2019 an
decreasing day by day. This showed that liabilities account for an increasingly small proportion of

Equity Ratio
The number of self-financed households of HSG has increased significantly over the years, specifi
in 2019 accounting for 43.67% and in 2020 accounting for 45.93%. The increase showed the incre
independence of HSG.

Financial Leverage Ratio

The financial leverage ratio starting from 2018 was 3.02 gradually decreasing to 2.29 in 2019 and
decreasing showing that the company had reduced its structure part of the loan was instead using c
business to minimize financial risks.

Interest Coverage Ratio

Compared to 2018, the company's debt solvency ratio increased from 2.25 to 3.34 in 2019, and inc
the ability to repay loans had increased over the years, interest payment of HSG was increasingly g

Current Ratio
In general, the current ratio tended to increase during this period, specifically in 2018, HSG's curre
1.26 in 2020. Compared to NKG, Initially, HSG was only 0.02 larger than the current ratio of NKG
this difference to 0.15. This was a good sign that HSG had taken many effective measures to help
solvency compared to NKG.

Quick Ratio
Both HSG and NKG had a quick ratio of less than 1, specifically HSG's quick ratio was at 0.85 in
while NKG in 2018 was only at 0.46 By 2020, it increased to 0.56. In principle, this means that bo
off their short-term liabilities immediately. However, the increase in quick ratio showed that both H
capital to increase liquidity, in which HSG had a better ratio than NKG, showing that HSG's solve

Days of inventory on hand (DOH)

HSG's inventory turnover time was quite stable and shortened year by year. On average, HSG only
inventory, NKG needed 79 days (in 2018), even though it was not until the end of the year 2019 N
2020, it l increased again to the level of 2018 of 79 days. In general, HSG was better than NKG in
also showed that HSG's inventory was moving normally, the business was better year by year.

Days of sales outstanding (DSO)

From the spreadsheet, it could be seen that HSG's collection time tended to increase in the period 2
HSG needed 33 days to collect money, by 2020 it would take 39 days, which was a bad sign becau
solvency of enterprises and slowed down the working capital. Especially, when compared to NKG
collect money from customers, this showed that HSG had not done well in urging customers to pay
Days of sales outstanding (DSO)
From the spreadsheet, it could be seen that HSG's collection time tended to increase in the period 2
HSG needed 33 days to collect money, by 2020 it would take 39 days, which was a bad sign becau
solvency of enterprises and slowed down the working capital. Especially, when compared to NKG
collect money from customers, this showed that HSG had not done well in urging customers to pay

ROI
ROI was generally an increasing trend in the past period, specifically in 2018 and 2019 ROI was 6
increased to 10.40% in 2020, reaching an average of 1.66 times compared to the same industry com
efficiency in the use of investment capital of the enterprise.

ROA
In 2018, ROA reached 5.23%; in 2019 reached 5.68% and increased to 8.95% in 2020. Higher than
times in 2018 and increased to 2.25 times in 2020 showing efficiency, business activities in using a
was maintaining this growth momentum compared to its competitors.

ROE
ROE period 2018-2020 was 9.45% respectively; 10.76% ; 16.54%, 4.92 times higher than the aver
this period had grown well, compared to competitors, the growth rate had decreased somewhat in 2
growth momentum of these two years is still lower. In 2018, the company needed to improve the e
to maintain its performance.

EPS
In 2018, HSG's EPS reached VND 1,375/share, increased to VND 1,512/share in 2019 and continu
2020. This was a good sign in increasing shareholder benefits of HSG.

P/E
P/E respectively increased from 4.73 in 2018 to 5.16 in 2019 and increased to 8.93 in 2020. Comp
downward trend, HSG's P/E in this period had a trend, upward direction.

P/B
HSG's P/B increased steadily over the years from 0.47 in 2018; 0.55 in 2019 and 1.41 in 2020. Co
increase in P/B, it showed that the business was succeeding in increasing assets for owners.
 Capi
RATIO ANALYSIS 0.8
0.7
0.6
2019 2020
0.5
HSG NKG HSG NKG
0.4
56.33% 62.13% 54.07% 59.00% 0.3
43.67% 37.87% 45.93% 41.00% 0.2
1.29 1.64 1.18 1.44 0.1
2.29 2.64 2.18 2.44 0
2018
55.96% 53.99% 53.90% 53.01%
HSG- Debt Ra
HSG- Equity R
NKG-Equity R
2019 2020
HSG NKG HSG NKG
1.09 1.03 1.26 1.11
0.82 0.48 0.89 0.56
1.4
16 71 22 79
1.2
47 25 39 37
1
0.8
0.6
2019 2020
HSG NKG HSG NKG 0.4

3.34 1.59 5.43 2.26 0.2

0
20

2019 2020
HSG NKG HSG NKG
6.67% 4.77% 10.40% 4.87%
5.68% 3.90% 8.95% 3.98%
10.76% 3.08% 16.54% 2.97%
0.18
1,512 503 2,480 1,388
0.16
0.14

2019 2020 0.12

HSG NKG HSG NKG 0.1
7,810 6,900 22,150 15,000 0.08
404,039,809 181,999,868 433,760,851 178,097,689 0.06
14,258 15,531 15,738 16,504
0.04
5.16 13.72 8.93 10.81
0.02
0.55 0.44 1.41 0.91
0
2018

HSG-ROI
 0.04
0.02
0
2018

HSG-ROI

o of Hoa Sen Group did not change much. The company's debt ratio
54.07% in 2020 This result was due to actively improved working
3000

2500
of 2.02 in 2018 to 1.29 in 2019 and down to 1.18 in 2020, this ratio is
n increasingly small proportion of total assets or total capital. 2000

1500
significantly over the years, specifically in 2018 accounting for 33.15%,
3%. The increase showed the increasing financial security and financial 1000

500

0
lly decreasing to 2.29 in 2019 and 2.18 in 2020, this ratio was gradually
part of the loan was instead using capital from the owners of the
HSG- EPS

from 2.25 to 3.34 in 2019, and increased to 5.43 in 2020, showing that
ayment of HSG was increasingly guaranteed.

d, specifically in 2018, HSG's current ratio was 1.02 and increased to

arger than the current ratio of NKG, but by 2020, HSG had increased
n many effective measures to help businesses be better short-term

y HSG's quick ratio was at 0.85 in 2018 and increased to 0.89 in 2020,
56. In principle, this means that both Firms might find it difficult to pay
se in quick ratio showed that both HSG and NKG were effectively using
n NKG, showing that HSG's solvency was better than NKG.

ear by year. On average, HSG only needed 22-23 days to rotate

ot until the end of the year 2019 NKG shortened by just 71 days, but by
eral, HSG was better than NKG in the inventory management plan and
siness was better year by year.

me tended to increase in the period 2018-2020. Specifically, in 2018, if

9 days, which was a bad sign because the extended time reduced the
specially, when compared to NKG, it only took an average of 25 days to
one well in urging customers to pay.
me tended to increase in the period 2018-2020. Specifically, in 2018, if
9 days, which was a bad sign because the extended time reduced the
specially, when compared to NKG, it only took an average of 25 days to
one well in urging customers to pay.

cally in 2018 and 2019 ROI was 6.19% respectively; 6.67% and
compared to the same industry competitor, NKG, showing good

ased to 8.95% in 2020. Higher than average NKG 1.74 times from 1.51
iency, business activities in using assets to generate profits and HSG
titors.

%, 4.92 times higher than the average NKG. Although overall ROE in
h rate had decreased somewhat in 2019 and recovered in 2020, but the
company needed to improve the efficiency of its investment activities

D 1,512/share in 2019 and continued to increase to VND 2,480/share in

HSG.

nd increased to 8.93 in 2020. Compared with NKG which was on a

direction.

0.55 in 2019 and 1.41 in 2020. Compared to NKG with a lower

ncreasing assets for owners.
 Capital Structure Ratios D/E - FINAN
0.8 0.8
INTEREST
6
0.7 0.7
5
0.6 0.6
0.5 0.5 4

0.4 0.4 3
0.3 0.3 2
0.2 0.2 1
0.1 0.1 0
0 0 2018
2018 2019 2020
HSG- Debt Ratio HSG- Short term Debt to Total Assets Ratio
HSG- Equity Ratio NKG-Debt Ratio HSG- D/E Ratio
NKG-Equity Ratio NKG-Short term Debt to Total Assets Ratio HSG - Interest Coverage Rati
NKG-Financial Leverage Rati

Shor t-Ter m Solvency R ati os

2018 2019

HSG- Current Ratio HSG- Quick Ratio NKG- Current Ratio NKG-Quick Ratio
HSG- Average Storage time HSG- Accounts Receivable Days NKG-Average Storage time NKG-Account Rec

ROI - ROA - ROE

0.16
0.14
0.12
0.1
0.08
0.06
0.04
0.02
3.81639164714898E-17
-0.02
2018 2019 2020

HSG-ROI HSG-ROA HSG-ROE NKG-ROI NKG-ROA NKG-ROE

 0.02
3.81639164714898E-17
-0.02
2018 2019 2020

HSG-ROI HSG-ROA HSG-ROE NKG-ROI NKG-ROA NKG-ROE

P/E - P/B - EPS

00 30

00 25

00 20

00 15

00 10

00 5

0 0

HSG- EPS NKG- EPS HSG - P/E HSG- P/B NKG-P/E NKG-P/B

1.46
 D/E - FINANCIAL LEVERAGE AND
INTEREST COVERAGE RATIOS
6 6
5 5
4 4
3 3
2 2
1 1
0 0
2018 2019 2020

HSG- D/E Ratio HSG- Financial Leverage Ratio

HSG - Interest Coverage Ratio NKG-D/E Ratio
NKG-Financial Leverage Ratio NKG-Interest Coverage Ratio

R ati os
90
80
70
60
50
40
30
20
10
0
2020

nt Ratio NKG-Quick Ratio

ge Storage time NKG-Account Receivable Days

39164714898E-17
39164714898E-17

30

25

20

15

10