2019

REVENUE FROM CONTRACTS WITH CUSTOMERS 40,560,362,956

COST OF GOOD SOLD 30,836,294,070
GROSS PROFIT 9,724,068,886
OPERATING EXPENSES -5,332,626,089
FINANCE COSTS -369,427,817
OTHER INCOME 536,291,593
OTHER EXPENSES -519,677,568
INCOME BEFOR INCOME TAX 4,038,629,005
PROVISION FOR INCOME TAX 890,031,995
NET INCOME 3,148,597,010

OTHER COMPREHENSIVE INCOME

(LOSS NOT TO BE RECLASSIFIED TO PROFIT OR LOSS IN SUBSEQUENT PERIODS
Remeasurement gain (loss) on pension - net of tax -64,171,850
Translation adjustments -17,072,597

OTHER COMPREHENSIVE INCOME (LOSS) -81,244,447

TOTAL COMPREHENSIVE INCOME 3,067,352,563

Basic and Diluted Earnings Per Share 0.8889

 2020 2021
48,301,741,084 54,710,155,254
36,374,034,421 41,958,358,259
11,927,706,663 12,751,796,995
-6,350,811,842 -7,064,201,886
-261,151,374 -296,882,673
615,688,399 557,776,763
-803,600,697 -380,575,165
5,127,831,149 5,567,914,034
1,248,387,296 894,897,620
3,879,443,853 4,673,016,414

-320,715,746 53,835,505
-1,662,167 68,496

-322,337,913 53,904,001

3,557,105,940 4,726,920,415

1.0952 1.3192
 ASSETS 2019
CURRENT ASSETS
Cash and cash equivalents 1,029,937,605
Trade and other recievables - net 4,996,437,604
Due from related parties 2,607,042,724
Inventories - net 5,577,807,102
Biological Assets 33,380,356
Prepayments and other current assets 198,332,234
Other current assets - net
Total Current Assets 14,442,937,625

NON-CURRENT ASSETS
Investments in subsidiaries - net 7,289,848,360
Property, plant, and equipment 1,352,132,036
Right-of-use assets - net 530,727,919
Intangible assets and royalties 487,692,373
Deferred tax assets - net 312,200,815
Other non-current assets 70,178,082
Total Non-current Assets 10,042,779,585
TOTAL ASSETS 24,485,717,210

LIABILITIES AND EQUITY

CURRENT LIABILITIES
Trade and other payables 4,182,798,572
Short-term loans payable
Current portion of borrowings 1,366,500,000
Income tax payable
Due to related parties 724,239,582
Current portion of lease liabilities 155,434,672
Total Current Liabilities 6,428,972,826

NON-CURRENT LIABILITIES
Borrowings - net of current portion 3,086,500,000
Retirement benefit obligation 117,682,555
Current portion of lease liabilities 408,027,763
Deferred tax liability
Total Non-current Liabilities 3,612,210,318
TOTAL LIABILITIES 10,041,183,144

EQUITY
Share capital 3,542,258,595
Share premium 4,936,859,146
Share-based compensation reserve 8,211,398
Other reserves
Currency translation adjustment
Retained earnings 5,957,204,927
Total Equity 14,444,534,066
TOTAL LIABILITIES AND EQUITY 24,485,717,210
 2020 2021

1,229,381,273 1,728,308,358
6,913,305,061 7,905,701,602
280,788,885 119,485,746
12,972,572,720 14,112,400,431
65,726,630

2,511,700,094 2,619,774,907
23,973,474,663 26,485,671,044

7,290,756,893 8,574,285,847
3,448,276,612 3,850,025,258
678,300,084 1,298,679,221
752,107,229 540,950,655
133,450,145 130,020,844
12,302,890,963 14,393,961,825
36,276,365,626 40,879,632,869

9,670,565,636 9,104,641,236
1,949,466,680 2,800,000,000
1,584,000,000 9,764,285
194,877,487 89,626,028
75,894,675 84,941,137
271,207,134 247,628,625
13,746,011,612 12,336,601,311

1,982,127,068
618,902,329 508,776,526
465,842,247 1,164,210,050
9,398,845
1,094,143,421 3,655,113,644
14,840,155,033 15,991,714,955

3,542,258,595 3,542,258,595
4,936,859,146 4,936,859,146
8,211,398 8,211,398
30,628,942 30,628,942
23,818,317 23,886,813
12,894,434,195 16,346,073,020
21,436,210,593 24,887,917,914
36,276,365,626 40,879,632,869
CASH FLOWS FROM OPERATING ACTIVITIES 2019
Income before income tax 4,038,629,005
Adjustments for:
Depreciation and amortization 932,365,731
Loss on decline in value of inventories 185,817,650
Finance costs 369,427,817
Retirement benefit expense 38,685,892
Reversal of allowance for inventory -192,375,933
Gain from sale of scrap - net -15,150,463
Reversal of accruals -125,718,029
Unrealized foreign exchange loss (gain) - net -31,083,986
Gain on bargain purchase
Loss on impairment of input VAT 5,538,547
Reversal of allowance for expected credit losses -48,887,970
Interest income -8,082,061
Loss (gain) on disposal of property, plant and equipment - net 31,630,206
Provisions for expected credit losses 5,794,328
Provisions on inventory obsolescene 72,394,430
Impairment loss on trademark
Operating cash flows before working capital changes 5,258,985,164
Decrease (Increase) in:
Trade and other recievables 119,292,471
Due from related parties -138,741,763
Inventories -176,845,510
Biological assets 9,473,395
Other current assets -347,649,729
Other non-current assets 2,683,773
Increase (Decrease) in:
Trade and other payables -23,410,693
Due to related parties 9,125,107
Exhange differences on translating operating assets and liabilities 17,072,597
Cash Generated from operations 4,695,839,618
Contribution to the retirement fund -48,612,624
Income tax paid -974,189,582
Interest received 7,731,582
Net cash from operating activities 3,680,768,994

CASH FLOWS FROM INVESTING ACTIVITIES

Acquisitions of:
Property, plant and equipment -1,774,163,199
Subsidiary (net of cash acquired)
Proceeds from sale of property,plant and equipment 4,250,055
Net cas used in investing activities -1,769,913,144

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from borrowing and short-term loans payable 4,986,000,000
Repayments of borrowings and short-term loans payable -5,778,491,413
Dividends paid -637,606,547
Finance costs paid -363,634,829
Payment of lease liabilities -185,753,933
Net cash used in financing activities -1,979,486,722

NET INCREASE (DECREASE) IN CASH ANS CASH EQUIVALENTS -68,630,872

CASH AND CASH EQUIVALENTS AT BEGINNING 1,676,474,926

OF YEAR

CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 1,607,844,054

 2020 2021
5,127,831,149 5,567,914,034

1,106,149,015 1,271,558,587
391,036,678 220,130,994
261,151,374 296,882,673
70,397,959 142,139,375
-373,327,170 -126,276,220
-107,664,525 -79,394,940
-107,184,824 -107,629,495
41,100,997 -43,227,178
-41,071,822
9,316,412 31,047,893
-3,446,268 -21,522,800
-35,206,519 -6,347,815
-2,503,626 -4,166,459
9,270,257
83,254,371
34,700,000
6,504,875,280 7,100,036,827

-605,209,508 -761,871,850
-19,199,975 181,188,954
-2,524,528,199 -845,465,502
-32,346,274 65,726,630
335,800,702 -100,364,196
-43,657,035 3,687,727

2,955,682,590 -608,579,869
88,515,508 -1,151,548,802

6,659,933,089 3,882,809,919
-48,612,624 -177,559,032
-1,468,959,658 -834,178,324
35,136,003 6,347,815
5,177,496,810 2,877,420,378

-1,736,384,126 -2,139,292,490
247,032,463
2,503,626 4,166,460
-1,733,880,500 -1,888,093,567

5,551,000,000 7,791,891,353
-7,537,541,907 -6,533,466,680
-1,275,213,094 -1,275,213,094
-264,635,783 -149,285,666
-295,688,307 -324,325,639
-3,822,079,091 -490,399,726

-378,462,781 498,927,085

1,607,844,054 1,229,381,273

1,229,381,273 1,728,308,358