YEAR 2021

VND
I - Total Current Assets 1804960157931
1. Cash & Cash Equivalents 857,898,770,269
2. Short Term Investments 70,000,000,000
3. Total Accounts Receivable 246,310,974,510
4. Total Inventory 624,783,242,010
5. Other Current Assets, Total 5,967,171,142
II - Total Long Term Assets 482,726,665,150
1. Note Receivable - Long Term 1,197,675,000
2. Fixed Assets 421,295,571,554
3. Long Term Unfinished Assets 16,722,923,969
4. Long Term Investment -
5. Other Long Term Assets, Total 43,510,494,627
Total Assets 2,287,686,823,081

I - Total Liabilities 1,072,642,864,849

1. Total Current Liabilities 1,025,338,731,363
2. Long Term Liabilities 47,304,133,486
II - Total Equity 1,215,043,958,232
1. Equity 1,215,043,958,232
2. Funding sources and other funds -
Total Liabilities and Shareholders's Equity 2,287,686,823,081

Curren ratio
2021
Current assets 1,804,960,157,931
Current liabilities 1,025,338,731,363
Current ratio
1.7604
= Current assets/ Current liabilities

Quick ratios
2021
Current assets 1,804,960,157,931
Inventory 624,783,242,010
Current liabilities 1,025,338,731,363
Quick ratio
1.1510
= (Current assets - Inventory)/ Current liabilities

Debt To Equity ratio

2021
Total Liabilities 1,072,642,864,849
Total Equity 1,215,043,958,232
Debt To Equity ratio = Total Liabilities/ Total Equity 0.8828

Interest Coverage Ratio

2021
Earnings before interest and taxes 197,274,909,682
Interest expenses
Interest coverage ratio 11,332,381,440
= Earnings before interest and taxes/ Interest 17.4081
expenses

YEAR 2021
VND
I - Total Current Assets 1804960157931
1. Cash & Cash Equivalents 857,898,770,269
2. Short Term Investments 70,000,000,000
3. Total Accounts Receivable 246,310,974,510
4. Total Inventory 624,783,242,010
5. Other Current Assets, Total 5,967,171,142
II - Total Long Term Assets 482,726,665,150
1. Note Receivable - Long Term 1,197,675,000
2. Fixed Assets 421,295,571,554
3. Long Term Unfinished Assets 16,722,923,969
4. Long Term Investment -
5. Other Long Term Assets, Total 43,510,494,627
Total Assets 2,287,686,823,081

I - Total Liabilities 1,072,642,864,849

1. Total Current Liabilities 1,025,338,731,363
2. Long Term Liabilities 47,304,133,486
II - Total Equity 1,215,043,958,232
1. Equity 1,215,043,958,232
2. Funding sources and other funds -
Total Liabilities and Shareholders's Equity 2,287,686,823,081
 VISSAN COMPANY
BALANCE SHEET

2021 2022 2023

% VND % VND
0.79 1637383912312 0.79 1761887221939
0.38 520,774,128,027 0.25 759,659,077,465
0.03 300,000,000,000 0.14 264,300,000,000
0.11 264,981,007,759 0.13 233,141,374,187
0.27 545,208,308,775 0.26 498,701,879,682
0.00 6,420,467,751 0.00 6,084,890,605
0.21 444,290,538,041 0.21 415,876,155,680
0.00 912,675,000 0.00 871,675,000
0.18 387,351,057,351 0.19 366,159,123,539
0.01 16,922,752,231 0.01 15,461,069,991
- - - -
0.02 39,104,053,459 0.02 33,384,287,150
100% 2,081,674,450,353 1.00 2,177,763,377,619

0.47 794,842,028,160 0.38 889,177,951,095

0.45 759,329,639,647 0.36 862,859,150,027
0.02 35,512,388,513 0.02 26,318,801,068
0.53 1,286,832,422,193 0.62 1,288,585,426,524
0.53 1,286,832,422,193 0.62 1,288,585,426,524
- - - -
100.00% 2,081,674,450,353 100.00% 2,177,763,377,619

VISSAN
Gross Profit Margin
2022 2023
1637383912312 1,761,887,221,939 Net sales
759,329,639,647 862,859,150,027 Cost
GrossofProfit
goodsMargin
sold
2.1564 2.0419 = (Net Sales - Cost of
goods sold)/ Net sales

VISSAN
Operating Margin
2022 2023
1637383912312 1,761,887,221,939 Operating income
545,208,308,775 498,701,879,682 Net sales Margin
Operating
759,329,639,647 862,859,150,027 = Operating income/
Net Sales
 1.4383 1.4640

VISSAN
2022 2023
794,842,028,160 889,177,951,095
1,286,832,422,193 1,288,585,426,524
0.6177 0.6900

VISSAN
2022 2023
180,187,830,866 141,172,635,847
6,662,582,458 2,601,661,207
27.0447 54.2625

VISSAN COMPANY
BALANCE SHEET

2021 2022 2023

% VND % VND
0.79 1637383912312 0.79 1761887221939
0.38 520,774,128,027 0.25 759,659,077,465
0.03 300,000,000,000 0.14 264,300,000,000
0.11 264,981,007,759 0.13 233,141,374,187
0.27 545,208,308,775 0.26 498,701,879,682
0.00 6,420,467,751 0.00 6,084,890,605
0.21 444,290,538,041 0.21 415,876,155,680
0.00 912,675,000 0.00 871,675,000
0.18 387,351,057,351 0.19 366,159,123,539
0.01 16,922,752,231 0.01 15,461,069,991
- - - -
0.02 39,104,053,459 0.02 33,384,287,150
100% 2,081,674,450,353 1.00 2,177,763,377,619

0.47 794,842,028,160 0.38 889,177,951,095

0.45 759,329,639,647 0.36 862,859,150,027
 0.02 35,512,388,513 0.02 26,318,801,068
0.53 1,286,832,422,193 0.62 1,288,585,426,524
0.53 1,286,832,422,193 0.62 1,288,585,426,524
- - - -
100.00% 2,081,674,450,353 100.00% 2,177,763,377,619
2023 DIFFERENCE
% 2021-2022 2022-2023 2021-2023
0.81 -0.09 0.08 -0.02
0.35 -0.39 0.46 -0.11
0.12 3.29 -0.12 2.78
0.11 0.08 -0.12 -0.05
0.23 -0.13 -0.09 -0.20
0.00 0.08 -0.05 0.02
0.19 -0.08 -0.06 -0.14
0.00 -0.24 -0.04 -0.27
0.17 -0.08 -0.05 -0.13
0.01 0.01 -0.09 -0.08
- - - -
0.02 -0.10 -0.15 -0.23
100.00% -9.01% 4.62% -4.81%

0.41 -0.26 0.12 -0.17

0.40 -0.26 0.14 -0.16
0.01 -0.25 -0.26 -0.44
0.59 0.06 0.00 0.06
0.59 0.06 0.00 0.06
- - - -
100.00% -9.01% 4.62% -4.81%

VISSAN
2021 2022 2023
4,292,765,574,719 3,833,500,736,084 3,334,181,238,819
3,297,004,282,384 2,919,546,963,694 2,545,292,736,917
0.2320 0.2384 0.2366

VISSAN
2021 2022 2023
180,984,610,819 166,824,570,483 131,993,466,105
4,292,765,574,719 3,833,500,736,084 3,334,181,238,819
0.0422 0.0435 0.0396
2023 DIFFERENCE
% 2021-2022 2022-2023 2021-2023
0.81 -0.09 0.08 -0.02
0.35 -0.39 0.46 -0.11
0.12 3.29 -0.12 2.78
0.11 0.08 -0.12 -0.05
0.23 -0.13 -0.09 -0.20
0.00 0.08 -0.05 0.02
0.19 -0.08 -0.06 -0.14
0.00 -0.24 -0.04 -0.27
0.17 -0.08 -0.05 -0.13
0.01 0.01 -0.09 -0.08
- - - -
0.02 -0.10 -0.15 -0.23
100.00% -9.01% 4.62% -4.81%

0.41 -0.26 0.12 -0.17

0.40 -0.26 0.14 -0.16
 0.01 -0.25 -0.26 -0.44
0.59 0.06 0.00 0.06
0.59 0.06 0.00 0.06
- - - -
100.00% -9.01% 4.62% -4.81%

\
 VISSAN COMPANY
INCOME STATEMENT

2021 2022
VND VND
Total Revenue 4,349,452,588,650 3,899,176,908,833
Selling Goods and Providing Services Revenu 4,315,550,757,547 3,856,545,591,528
Financing Revenue 28,768,681,771 35,737,050,222
Others Income 5,133,149,332 6,894,267,083

Total Expense 4,163,510,060,408 3,725,651,660,425

Costs Of Goods Sold 3,297,004,282,384 2,919,546,963,694
Operating Expense 843,137,205,139 784,486,085,903
- Revenue Deduction 22,785,182,828 23,044,855,444
- Sales Expense 619,471,079,092 605,379,192,206
- Business management Expense 200,880,943,219 156,062,038,253
Financial Expense 23,193,340,976 21,425,021,670
- Loan Interest Expense 11,332,381,440 6,662,582,458
Others Expense 175,231,909 193,589,158

Net Income Before Tax 185,942,528,242 173,525,248,408

Net Income After Tax 148,046,589,199 137,451,782,409
 SSAN COMPANY
COME STATEMENT

2023 2021-2022 2022-2023 2021-2023

VND % % %
3,399,096,169,116 -10.35% -12.83% -21.85%
3,348,672,456,582 -10.64% -13.17% -22.40%
43,592,946,280 24.22% 21.98% 51.53%
6,830,766,254 34.31% -0.92% 33.07%

3,260,525,194,476 -10.52% -12.48% -21.69%

2,545,292,736,917 -11.45% -12.82% -22.80%
700,520,490,921 -6.96% -10.70% -16.92%
14,491,217,763 1.14% -37.12% -36.40%
517,602,820,382 -2.27% -14.50% -16.44%
168,426,452,776 -22.31% 7.92% -16.16%
14,458,708,919 -7.62% -32.51% -37.66%
2,601,661,207 -41.21% -60.95% -77.04%
253,257,719 10.48% 30.82% 44.53%

138,570,974,640 -6.68% -20.14% -25.48%

106,794,229,453 -7.16% -22.30% -27.86%
 Analyze Balance Sheet

1. Revenue Growth Analysis

Total Revenue decreased from 2021 to 2023. Specifically:
From 2021 to 2022, revenue declined by 10.35%, and from 2022 to 2023, it fell by 12.83%. Over the entire perio
Revenue from Selling Goods and Providing Services, the primary contributor, also saw a similar trend, decreasin
from 2022 to 2023, totaling a 22.40% decline over two years.
Financing Revenue showed positive growth, increasing by 24.22% from 2021 to 2022 and 21.98% from 2022 to
Other Income had fluctuations, with a 34.31% increase from 2021 to 2022, but a slight decline of 0.92% from 20
2. Gross Profit Margin Analysis
Cost of Goods Sold (COGS):
COGS declined 11.45% from 2021 to 2022 and 12.82% from 2022 to 2023, totaling a 22.80% decrease over the
The decrease in COGS aligns with the revenue decline, suggesting the company controlled costs proportionally
Gross Profit Margin Calculation:
The gross profit margin can be calculated as:
Gross Profit Margin=(Total Revenue−COGS)/Total Revenue
2021 Gross Profit Margin: 24.17%
2022 Gross Profit Margin: 25.10%
2023 Gross Profit Margin: 25.12%
Trend: The gross profit margin improved slightly from 24.17% in 2021 to 25.12% in 2023, indicating a positive tre
3. Operating Income Analysis
Operating Expenses decreased each year:
From 2021 to 2022, they dropped by 6.96%.
From 2022 to 2023, they fell by 10.70%, totaling a 16.92% decline over two years.
Sales Expenses declined by 2.27% from 2021 to 2022 and by 14.50% from 2022 to 2023, amounting to a 16.44
Business Management Expenses fluctuated, decreasing 22.31% from 2021 to 2022 but increasing by 7.92% fro
4. Net Income Analysis
Net Income Before Tax decreased each year:
From 2021 to 2022, it fell by 6.68%.
From 2022 to 2023, it declined by 20.14%, totaling a 25.48% drop over the period.
Net Income After Tax similarly declined:
From 2021 to 2022, it dropped by 7.16%.
From 2022 to 2023, it fell by 22.30%, resulting in a total decline of 27.86% from 2021 to 2023.
5. Comparison of Ratios: Gross Profit Margin and Operating Margin
Gross Profit Margin improved slightly over the period, rising from 24.17% in 2021 to 25.12% in 2023.
Operating Margin Calculation:
Operating income = Total Revenue - (COGS + Operating Expense)
2021 Operating Margin: 4.89%
2022 Operating Margin: 4.91%
2023 Operating Margin: 4.85%
The operating margin remained relatively stable, averaging around 4.88% over the period, showing consistent co
6. Overall
volumes andProfitability Assessment
shrinking revenue base. Maintaining these profit margins while reversing the revenue decline will b
overall profitability.