NATIONAL ECONOMICS UNIVERSITY

Advance Educational Program

INDIVIDUAL ASSIGNMENT

Course: Financial Statement Analysis

TOPIC: FINANCIAL ANALYSIS OF MAY 10

GARMENT GROUP CORPORATION

Author: La Ngoc Linh

Student ID: 11223453
Class: Advanced Auditing 64B
Instructor: Dr. Pham Xuan Kien

HA NOI - 4/2025
TABLE OF CONTENT
III. Financial Performance Analysis
1.1 CONSOLIDATED BALANCE SHEET

Co Not 31/12/2 31/12/2 Amou 31/12/2 31/12/20

%
de ASSETS es 022 023 nt 022 23
CURRENT 1.734 1.781 47
2,72%
A ASSETS 100 .181 .339 .158 75,51% 77,80%
Cash and - -
cash 285 152 132.96 46,65
I equivalent 110 .030 .063 7 % 12,41% 6,64%
Short-term 102 302 200 196,24
II investments 120 .000 .163 .163 % 4,44% 13,20%
Held-for
200 196,24
trading 102 302
.163 %
3 securities 123 .000 .163 4,44% 13,20%
Current
80 17,86
account 450 530
.368 %
III receivables 130 .096 .464 19,60% 23,17%
Short-term
98 24,06
trade 407 505
.026 %
1 receivables 131 .353 .379 17,74% 22,07%
Short-term
1 21,65
advances to 4 5
.001 %
2 suppliers 132 .624 .625 0,20% 0,25%
Short-term
#DIV/
loan
- 0!
5 receivables 135 - - 0,00% 0,00%
Other short- -
-
term 38 19 48,95
18.659
6 receivables 136 .119 .460 % 1,66% 0,85%
Provision for
doubtful
#DIV/
short-term
- 0!
receivables
7 (*) 137 - 0,00% 0,00%
822 746 - -
IV Inventories 140 .906 .548 76.358 9,28% 35,83% 32,60%
829 753 -
-9,13%
1 Inventories 141 .482 .751 75.731 36,12% 32,92%
Provision for
obsolete -
9,53%
inventories - - 627
2 (*) 149 6.576 7.203 -0,29% -0,31%
Other -
-
current 74 50 32,43
24.048
V assets 150 .149 .101 % 3,23% 2,19%
Short-term
prepaid 6,12%
334
1 expense 151 5.454 5.788 0,24% 0,25%
Value-added -
-
tax 38,92
26.644
 1.3 FINANCIAL RATIO

Cod
ITEMS Units 31/12/2022 31/12/2023
e
I Revenue Growth Indicators
1 Net Revenue Growth % 31,17% -8,99%
2 Operating Profit Growth % 72,33% -19,30%
3 Net Profit Growth % 63,05% -16,66%
4 Total Asset Growth % 19,05% -0,31%
5 Equity Growth % 17,95% 9,03%
II Liquidity Ratios
1 Current Ratio
times 1,08 1,11
2 Quick Ratio
times 0,57 0,65
3 Cash Ratio
times 0,18 0,10

4 Net Working Capital trđ 124.189 181.968

5 Net Working Capital/Current Assets % 7,16% 0
II Operational Efficiency Ratios
4 Working Capital Turnover
2,81 2,35
5 Inventory Turnover
4,85 4,72
6 Accounts Receivable Turnover
9,34 8,44
7 Fixed Asset Utilization
times 11,33 8,69
III Debt Ratios
8 Total Liabilities/Total Assets % 78,66% 76,66%
9 Long-term Debt/Equity % 40,10% 29,16%
10 Total Liabilities/Equity
times 3,69 3,28
IV Profitability Ratios
10 Gross Profit/Net Revenue % 10,89% 10,55%
11 Operating Profit/Net Revenue % 3,03% 2,41%
12 Net Profit/Average Equity (ROE) % 27,34% 20,15%
13 Net Profit/Average Total Assets
(ROA) % 5,86% 4,50%
14 EBIT/Interest Expense times 4,81
 8,87

IV. Financial ratios analysis.

1.The ratios related to the liquidity of short-term assets and the short-term debt-paying
ability.
1.1 Days’ Sale in Receivables
Formula Calculation Amount Change
2022 2023 2022 2023 Amou %
nt
Gross Receivables
Net Sales/365 450,096 530,464 36,12 46,78 10,66 29,51
4,548,704 4,139,118 %
365 365

1.2 Accounts Receivable Turnover

Formula Calculation Amount Change
2022 2023 2022 2023 Amou %
nt
Net Sales
Average Gross 4,548,704 4,139,118
Receivables ( 523,696+450,096 ) /2 ( 450,096+530,464)/2 9.34 8.44 1.07 1070
0%

1.3 Accounts Receivable Turnover in Days

Formula Calculation Amount Change
2022 2023 2022 2023 Amou %
nt

Average Gross ( 523,696+450,096 ) /2 ( 450,096+530,464)/2

Recevibales 4,548,704 4,139,118 39 days 43 days 298 763%
Net Sales /365 365 365 days

1.4 Days’ Sales in Inventory

 Formula Calculation Amount Change
2022 2023 2022 2023 Amou %
nt
Ending Inventory
COGS/365 829,482 752,751
4,052,774 /365 3,702,491/365 74 days 74 days 0 0

1.5 Inventory Turnover

Formula Calculation Amount Change
2022 2023 2022 2023 Amou %
nt
COGS
Average Inventory
4,052,774 3,702,491 4.79 4.73 -0.06 -1.2%
(863,483+ 829,482)/2 (829,482+753,751)/2

1.6 Inventory Turnover in Days

Formula Calculation Amount Change
2022 2023 2022 2023 Amou %
nt
Average Inventory
COGS /365
(863,483+ 829,482)/2 (829,482+753,751)/2 76 days 78 days 2 days 2.63
4.052.774 3,702,491 %
365 365

1.7 Operating Cycle

Formula Calculation Amount Change
2022 2023 2022 2023 Amou %
Accounts nt
Receivable
Turnover in 39+76 337+78 115 415 300 260%
Days +
Inventory
Turnover in
Days

1.8 Working Capital

Formula Calculation Amount Change
2022 2023 2022 2023 Amou %
nt
Current
Assets – 0,124,189 0,181,96 0,0577 46.5
Current 1,734,181- 1,781,339- 8 79 %
Liabilities 1,609,992 1,599,371

1.9 Current Ratio

Formula Calculation Amount Change
2022 2023 2022 2023 Amou %
nt
Current Assets
Current Liabilities 1,734,181 1,781,339
1,609,992 1,599,371 1.08 1.11 0.03 2.78
%

1.10 Acid-Test Ratio

Formula Calculation Amount Change
2022 2023 2022 2023 Amou %
nt

285,030+102,000+822,906
152,063+302,163+746,548
0.75 0,75 0 0
1,609,992 1,599,371
 Cash equivalent
+ Marketable
Securities
+ Net Receivables
Current liabilities

1.11 Cash Ratio

Formula Calculation Amount Change
2022 2023 2022 2023 Amou %
nt
Cash equivalents
+ Markertable 285,030+102,000 152,063+302,163
securities 1,609,992 1,599,371 0.24 0.28 0.04 16.7
Current liabilities %

1.12 Sales to Working Capital

Formula Calculation Amount Change
2022 2023 2022 2023 Amou %
nt
Sales
Average Working 4,548,704 4,139,738
40.18 27.04 13.14 32.69
Capital ( ( 1,505,593−1,403,358() +¿(1,734,181−1,609,992))/2
( 1,734,181−1,609,992 )+ ¿(1,781,339−1,599,371))/2 %

1.13 Debt Ratio

Formula Calculation Amount Change

2022 2023 2022 2023 Amou %
nt
Total liabilities
Total assets 1,806,562 1,755,212
2,298,758 2,289,686 78,66% 76,66% -2% -
 2.54
%

1.14 Debt/Equity Ratio

Formula Calculation Amount Change

2022 2023 2022 2023 Amou %
nt
Total liabilities
Shareholde r s
'
1,806,562 1,755,212
equity 490,196 534,474 3,69 3,28 -0.41 -
11.1
%

1.15 Debt to Tangible Net Worth Ratio

Formula Calculation Amount Change

2022 2023 2022 2023 Amou %
nt
Total liabilities
Shareholder s 1,806,562 1,755,212
'

490,196−4,217
Equity−¿ Intagible Assets 534,474−2,217 0.37% 0.33% -0.04% -
11.3
%

2 The ratios related to profitability

2.2 Net Profit Margin

Formula Calculation Amount Change

2022 2023 2022 2023 Amou %
nt

20,436,426 18,190,866
40,902,080 40,061,092 49.96% 45.43% -4.53% -
 Net Income 9.06
Before Noncontrolling %
Interest ,
Equity Income
¿ Nonrecurring
Items
Net Sales

2.3 Total Asset Turnover

Formula Calculation Amount Change

2022 2023 2022 2023 Amou %
nt
Net Sales
Average 4,548,225 4,139,738
Total Assets (1,929,318+2,296,758)/2
(2,296,758+2,289,686) /2 2.15 1.81 -0.34 -
20.3
%

2.4 Return on assets

Formula Calculation Amount Change

2022 2023 2022 2023 Amou %
nt
Net income before
NCI of earnings 123,840 103,214 5,86% 4,50% -1.36% -
¿ (1,929,318+2,296,758)/2
(2,296,758+2,289,686) /2 23.2
Nonrecurring
ietms %
Average
Total Assets

2.5 Operating Income Margin

Formula Calculation Amount Change

2022 2023 2022 2023 Amou %
nt
Operating Income
Net sales 120,427−109,566 114,051−93,624
+148,727 +120,017 3,03% 2,41% -0.62% -
4,548,704 4,139,118 20,4
 %

2.6 Return on Operating Assets

Formula Calculation Amount Change

2022 2023 2022 2023 Amou %
nt
Net Income
Average 123,840 103,214
Operating Assets (1,929,318+2,296,758)/2
(2,296,758+2,289,686) /25,86% 4,50% -1.36% -
23.2
%

2.7 Sales to Fixed Assets

Formula Calculation Amount Change

2022 2023 2022 2023 Amou %
Net sales nt
Average Net
¿ Assets 4,548,704 4,139,738 1.13% 0.87% 0.29% 25.66
( Exclude¿Construction ∈¿ Progress)
(301,363+501,817)/2 (501,817+ 450,385)/2 %

2.8 Return on total equity

Formula Calculation Amount Change

123,840 103,214
( 415,599+490,196)/2 ( 490,196+534,474)/2 27,34% 20,15% -7.19 -
26.29
 %

2.9 Return on Common Equity

Formula Calculation Amount Change

2022 2023 2022 2023 Amou %
Net income nt
before
Nonrecurring 123,840 103,214 40.95% 33.29 -7.05 -
items−Preferred (302,400+302,400)/2 (302,400+317,510)/2 % 17.22
dividends
%
Average common
equity

2.10 Gross Profit Margin

Formula Calculation Amount Change

2022 2023 2022 2023 Amou %
nt
Gross Profit
Net sales 4,548,225 4,139,118
485,451 436,627 10,89% 10,55% -0.34% -
3.12
%

V. SUMMARY AND COMMENTARY

1. Analysis of the Business Performance Report

a) Revenue and Production Volume Fluctuations

The company's net revenue in 2023 reached VND 4,139 billion, a decrease of VND
408.966 billion (-8.99%) compared to 2022.

The total production volume in 2023 was 15.76 million products (including FOB
products, export processing, and domestic processing), down by 1.18 million products (-
8.14%) compared to 2022. Among these, shirts, trousers, jackets, and suits for export
and domestic processing continued to dominate the company's revenue structure. While
unit prices for products slightly increased in 2023 compared to 2022, the change was
insignificant. However, the unit price for jackets experienced a slight decline, aligning
with the overall textile and garment industry trends in 2023.

Financial Revenue:

Financial revenue in 2023 was VND 4,139 billion, a decrease of VND 408.966 billion (-
8.99%) compared to 2022, primarily due to an exchange rate loss of VND 99.31 billion,
accounting for 82.2% of total financial revenue.

b) Product, Revenue, and Profit Structure

The company's revenue structure has remained stable over the past three years, with the
majority still coming from apparel (FOB product revenue + export processing revenue +
domestic garment sales/tailoring revenue + domestic processing revenue ~ 95% of total
revenue).

Domestic revenue in 2023 reached VND 416.72 billion, a decrease of VND 10.99
billion (-2.57%) compared to 2022, including:

Domestic product sales and tailoring revenue: VND 237.77 billion, down VND 11.1
billion (-4.46%).

Domestic processing revenue: VND 58.94 billion, down VND 20.14 billion (-25.47%).

Other domestic revenue (hotels, supermarkets, etc.) grew in 2023, reaching VND 120.0
billion, an increase of VND 20.24 billion (+20.3%) compared to 2022 (VND 99.75
billion).

Financial revenue in 2023 reached VND 114.051 billion, a decrease of VND 6.376
billion (-5.29%) compared to 2022, mainly due to exchange rate losses (VND 99.31
billion) and interest from deposits and loans (VND 20.67 billion).

Profitability:

Gross profit in 2023 was VND 436.627 billion, a decrease of VND 58.824 billion (-
11.87%) compared to 2022. The decline in cost of goods sold (-8.64%) and net revenue
(-8.99%) contributed to a lower gross profit margin.

Net operating profit in 2023 reached VND 120.017 billion, a decrease of VND 28.710
billion (-19.30%) compared to 2022. Although the cost of goods sold and financial
expenses decreased, an increase in selling expenses and a reduction in administrative
expenses affected the overall profit margin.
c) Fluctuations in Cost of Goods Sold and Other Expenses Relative to Net Revenue

Cost of Goods Sold (COGS): The company's COGS/net revenue ratio in 2023 was
3,702.491, down 350.283 to 88.07% of net revenue, a decrease of 1.38% compared to
2022 (89.45%). This reduction contributed to increased gross profit from sales and
service provision. The analysis of production cost components as a percentage of
revenue indicates that the decrease in COGS resulted from:

(i) A reduction in raw material costs in production (2023: 51.09% of revenue, 2024:
50.06% of revenue), demonstrating improved cost management.

(ii) Lower labor costs (2023: 23.23% of revenue, 2024: 21.69% of revenue), despite an
increase in average employee salaries, reflecting improved labor productivity.

Selling Expenses: In 2023, the company’s selling expenses amounted to VND 193.35
billion, an increase of VND 34.21 billion (+21.5%) compared to 2022, accounting for
4.16% of net revenue (higher than 3.84% in 2022). Advertising costs surged as the
company diversified its advertising channels, integrating traditional methods with online
platforms such as websites, Facebook, TikTok, and Zalo. Additionally, rising export
transportation and logistics costs aligned with the broader industry trend of increasing
freight and warehousing expenses in 2024. Although the company primarily sells
products under the FOB model (where buyers bear shipping costs), it has adopted
policies to share transportation cost burdens with import partners.

Administrative Expenses: In 2023, administrative expenses totaled VND 252.64 billion,

an increase of VND 74.75 billion (+42.02%) compared to 2022, accounting for 5.44%
of net revenue (higher than 4.3% in 2022). The primary reason for this increase was the
provision for doubtful short-term receivables related to Li & Fung (Express Inc). Within
the administrative expense structure, aside from this provision, the main components
were staff costs, depreciation, outsourced service expenses, and other administrative
costs.

Despite the rise in administrative expenses due to provisions, the company has generally
maintained good cost control, ensuring that expense ratios remain aligned with revenue
scale.

d) Profit Fluctuations

The company's net profit after tax (NPAT) in 2023 was VND 103.21 billion, a decrease
of VND 5.42 billion (-5.25%) compared to 2022, primarily due to the provision for
doubtful short-term receivables related to Li & Fung (Express Inc).
These results indicate that the company’s business operations remain stable and
efficient, ensuring sufficient cash flow for debt repayment. Revenue and profits have
shown positive growth, while employee income has improved, reflecting an effective
business strategy. The company has successfully leveraged shifts in export orders in
2024 and demonstrated resilience despite ongoing challenges in the textile and garment
industry, including intense labor competition, small and low-value orders, and supply
chain risks.

2. Analysis of the Balance Sheet

a) Fluctuations in Total Assets, Liabilities, and Equity

Total Assets:

As of December 31, 2022, the total assets of the Company reached VND 2,296.76
billion, an increase of VND 367.44 billion compared to the end of 2021. The asset
structure slightly shifted from current assets to non-current assets, with the proportion of
current assets/total assets at 75.51%, slightly decreasing from 78.04% at the end of
2021, while the proportion of non-current assets/total assets increased from 21.96% to
24.49%.

As of December 31, 2022, current assets amounted to VND 1,734.18 billion, an increase
of VND 228.59 billion, equivalent to a 15.2% rise compared to December 31, 2021. The
increase in current assets was primarily due to growth in cash and cash equivalents,
short-term financial investments, and deductible VAT.

Non-current assets as of December 31, 2022, totaled VND 562.58 billion, an increase of
VND 138.85 billion, equivalent to a 32.8% rise compared to the same period in 2021.
The increase in non-current assets was mainly due to fixed assets (resulting from new
machinery and equipment purchases) and ongoing construction projects (related to the
investment and upgrade of three factories in Hung Ha, Ha Quang, and Bim Son).

Liabilities:

As of December 31, 2022, the Company's total liabilities amounted to VND 1,806.56
billion, an increase of VND 292.84 billion, equivalent to a 19.3% rise compared to
December 31, 2021.

Short-term liabilities as of December 31, 2022, totaled VND 1,609.99 billion, increasing
by VND 206.63 billion, equivalent to a 14.7% rise compared to December 31, 2021.
The strongest increases were in employee payables and short-term financial lease
borrowings.
Long-term liabilities as of December 31, 2022, reached VND 196.57 billion, an increase
of VND 86.21 billion, equivalent to a 78.1% rise compared to the end of 2021.

Equity:

As of December 31, 2022, the Company's equity stood at VND 490.2 billion, an
increase of VND 74.6 billion, equivalent to a 17.9% rise compared to December 31,
2021. Specifically:

Owner’s contributed capital remained at VND 302.4 billion, accounting for 13.17% of
total capital, unchanged over the past three years. A strong equity base helps maintain a
balanced and healthy financial structure.

Retained earnings for 2022 amounted to VND 131.06 billion, increasing by VND 51.62
billion compared to December 31, 2021. The Company consistently generates high
annual profits and retains a portion for reinvestment, facilitating future growth, while
the remaining portion is used for dividend payments to shareholders.

b) Financial Structure

The Company's financial structure remains stable, with a consistently positive and high
net working capital, ensuring financial balance. Specifically:

Net working capital (December 31, 2021) = VND 102.24 billion > 0.

Net working capital (December 31, 2022) = VND 124.19 billion > 0.

Net working capital (December 31, 2023) = VND 181.96 billion > 0.

c) Quality of Current Assets

Cash, Cash Equivalents, and Short-term Financial Investments:

As of December 31, 2023, the Company’s cash and cash equivalents amounted to VND
152.063 billion, accounting for 8.86% of total assets, decrease of VND 132.267 billion.
(-45.65%) compared to the end of 2023.

In 2023, the Company’s USD-denominated revenue deposited at VCBCD (export LC +

incoming transfers) totaled USD 135.95 million (equivalent to VND 3,466 billion),
accounting for 74.4% of 2024 revenue (exchange rate: VND 25,500/USD) and 81.9% of
total export revenue (VND 4,231 billion).

Short-term Financial Investments:

As of December 31, 2023, short-term financial investments totaled VND 302.163
billion, accounting for 15.61% of total assets, an increase of VND 200.163 billion
(+196.24%) compared to the end of 2022. These were term deposits with a six-month
maturity at financial institutions, with VND deposits bearing interest rates ranging from
3.9% to 9% per annum, generating additional income instead of holding idle cash at
low-interest rates.

Short-term Receivables:

As of December 31, 2023, accounts receivable from customers amounted to VND

530.379 billion, accounting for 23.08% of total assets, an increase of VND 80.368
billion (+17.86%) compared to December 31, 2022.

In 2023, the average collection period for receivables was approximately 41.9 days,
improving from 43.2 days in 2022. Cash inflows from receivables were primarily
processed through the Company's account at VCB Chuong Duong.

Overall, the Company's receivables quality is strong, with consistent turnover. With a
professional accounting team and rigorous monitoring, the Company ensures strict
control of receivables and properly provisions for doubtful debts per accounting
standards.

Advances to Suppliers:

As of December 31, 2023, advances to suppliers amounted to VND 5.62 billion,

increasing by VND 1 billion (+21.65%) compared to 2022.

Other Short-term Receivables:

As of December 31, 2023, other short-term receivables totaled VND 19.46 billion, a
decrease of VND 18.65 billion (-48.95%) compared to December 31, 2022, and
accounted for 0.49% of total assets. This included accrued interest receivables of VND
8.56 billion, employee advances of VND 0.36 billion, and compensation funds for land
clearance offset against future land lease payments for the Bim Son Factory expansion
project of VND 0.35 billion, with the remaining VND 3.48 billion consisting of other
receivables.

Inventory:

As of December 31, 2023, the Company's inventory amounted to VND 746.54 billion,
accounting for 30.65% of total assets, a decrease of VND 75.73 billion (-9.28%)
compared to December 31, 2023. The increase was mainly in raw materials (+VND
20.57 billion), work-in-progress (+VND 19.89 billion), finished goods (+VND 24.7
billion), and merchandise (+VND 2.19 billion).

3 Financial Ratio Analysis

Liquidity: As of December 31, 2023, the company's current ratio stood at 1.11 (>1),
indicating a healthy liquidity position. The company is capable of covering all short-
term liabilities with its short-term assets.

Operational Ratios: In 2023, operational efficiency improved compared to the

previous year:

The accounts receivable turnover decreased from 9.34 to 8.44, increasing the collection
period from 39 days to 43.2 days, indicating lower receivables turnover.

The inventory turnover decrease from 4.79 to 4.73 times, longing the inventory holding
period from 76 days to 78 days, reflecting improved inventory turnover inefficiency.

The increase in both the collection period and inventory holding time led to impact cash
flow from business operations in 2023 compared to 2022.

Consequently, the working capital turnover decreased from 2.81 times in 2022 to 2.35
times in 2023, suggesting lower capital circulation in 2023. This aligns with the
anticipated recovery of the textile and garment industry in 2023 compared to 2022.

Debt Ratio:

The debt-to-equity ratio at the end of 2023 is 3.28 times, which is relatively high.
However, the majority of this debt is derived from trade payables.

If isolating bank loans, the bank debt-to-equity ratio stands at approximately 1.22 times,
indicating that the company effectively leverages its credibility to utilize supplier credit
(interest-free capital) while maintaining a moderate level of financial leverage from
banks.

Profitability Ratios:

In 2023, the gross profit margin decreased compared to 2022. Moreover, the operating
profit margin, return on assets (ROA), and return on equity (ROE) declined, primarily
due to provisions for doubtful receivables from the Li & Fung partnership.

Debt Servicing Capacity:

The EBIT/interest expense ratio is 4.81times. Given the current growth rate,
depreciation levels, and net profit after tax, the company has insufficient resources to
meet its principal and interest payment obligations for the year.

4. Summary of Financial Risks and Mitigation Measures

Foreign Exchange Risk: Currency fluctuations significantly impact financial costs and
business profitability. The company must closely monitor exchange rate trends and
adopt risk management strategies such as forward contracts, financial derivatives, and
market diversification to reduce dependence on a single currency (USD).

Payment Risk: Late payments, customer insolvencies, or contract defaults could lead to
capital losses and cash flow disruptions. To mitigate this, the company should assess
partners' financial health, utilize letters of credit (L/C), and diversify its customer base
to avoid over-reliance on a few major clients.

Input Cost Risk: The cost of raw materials and transportation is expected to rise due to
geopolitical uncertainties, global conflicts, and fluctuating U.S. tax policies.

As a large, experienced enterprise, the company has outlined several strategic measures
to achieve its 2023 business goals:

Implementing a flexible management system to enhance market and customer

diversification.

Strengthening production capabilities by researching new products and materials,

accelerating sample production, and improving design quality to handle complex, high-
value orders with shorter lead times.

Advancing digital transformation in management, investing in modern automation

equipment, and adopting environmentally friendly production practices to enhance
value-added processes such as design and raw material production.

Conducting rigorous cost control, eliminating unnecessary expenses, and optimizing

cost structures.

Prioritizing ongoing investment projects, evaluating their efficiency, and only executing
projects that deliver tangible benefits to business operations.

VI. CONCLUSION

The financial analysis of May 10 Garment Group Corporation (Garco 10) reveals a
decline in both revenue and operating profit, reflecting challenges in the textile and
garment industry. The company's net revenue has decreased, indicating weaker demand,
pricing pressures, or shifts in market dynamics. Additionally, operating profit has
declined, largely due to rising production costs, increased labor expenses, and
fluctuations in material prices, which have squeezed profit margins.

Despite these challenges, the company's total assets remain stable, reflecting a strong
asset base. However, the decline in revenue has impacted working capital and liquidity,
requiring more efficient cash flow management. The balance sheet indicates a higher
reliance on short-term liabilities, which could pose financial risks if not carefully
managed.

While the company continues to maintain its market presence and operational
efficiency, the decline in financial performance underscores the need for strategic
adjustments to navigate market uncertainties, cost pressures, and competitive challenges
in the garment industry.

V. APPENDIX

Notes 31/12/2022 31/1/2021

VND VND

ASSETS
CURRENT ASSETS 100 1,734,181 1,505,593
(100 = 110 + 120 + 130 + 140 +
150)

Cash and cash equivalents 110 Erro 285,030 38,117

r:
Refe
renc
e
sour
ce
not
foun
d
Cash 111 101.187.490.510
Cash equivalents 112 78.805.056.462 50.874.920.906

Short-term investments 120 102,000 65,000

Held-for-trading securities 123 Error 102,000 65,000
:
Refe
rence
sourc
e not
foun
d

Current account receivable 130 450,096 523,696

Short-term trade receivables 131 Error 407,353 480,513
:
Refe
rence
sourc
e not
foun
d
Short-term advance to suppliers 132 4,624 23,898
 Other short-term receivables 136 Error 38,119 20,293
:
Refe
rence
sourc
e not
foun
d
Provision for doubtful short-term 137 Error - 1,008
receivables :
Refe
rence
sourc
e not
foun
d

Inventories 140 Erro 822,906 848,703

r:
Refe
renc
e
sour
ce
not
foun
d
Inventories 141 829,482 863,483
Provision for obsolete inventories 149 (6,576) 14,780

Other current assets 150 74,149 30,077

Short-term prepaid expense 151 5,454 5,808
Value-added tax deductible 152 68,462 24,210
Tax and other receivables from 233 59
the State
 153 Error
Other current assets :
Refe
rence
sourc
e not
foun
d
 Note 31/12/2022 31/12/2021
VND VND
NON-CURRENT ASSETS 200 562,577 423,725
(200 = 210 + 220 + 240 + 260)

Long-term receivables 210 8,269 26,447

Other long-term receivables 216 Error
:
Refe
rence
sourc
e not
foun
d
8,269 26,447
Fixed assets 220 501,817 301,363
Tangible fixed assets 221 Error 497,600 295,760
:
Refe
rence
sourc
e not
foun
d
Cost 222 1,681,626, 1,401,393
Accumulated depreciation 223 (1,184,026) (1,105,633)
Intangible fixed assets 227 Error 4,217 5,603
:
Refe
rence
sourc
e not
foun
d
Cost 228 14,645 14,645
Accumulated amortisation 229 (10,428) (9,042)

Long-term assets in progress 240 581 71,258

 Construction in progress 242 Error 581 71,258
:
Refe
rence
sourc
e not
foun
d

Other long-term assets 260 51,910 24,657

Long-term prepaid expenses 261 Error 51,910 24,657
:
Refe
rence
sourc
e not
foun
d

TOTAL ASSETS (270 = 100 + 270 2,296,318 1,929,318

200)
LIABILITIES

LIABILITIES (300 = 310 + 330) 300 1,609.992 1,493,358

CURRENT LIABILITIES 310 1,609,992 1,493,358

Short-term trade payables 311 Error 601,822 691,528
:
Refe
rence
sourc
e not
foun
d
Short-term advances from 312 Error 31,416 31,383
customers :
Refe
rence
sourc
e not
foun
d
Statutory obligation 313 Error 14,611 13,503
:
Refe
rence
sourc
e not
foun
d
Payables to employees 314 367,022 281,948
Short-term accrued expense 315 - 264
Short-term un-earned revenues 318 - 167
Short-term other payables 319 Error 5,876 6,563
:
Refe
rence
sourc
e not
foun
d
Short-term loans 320 Error 538,603 340,003
:
Refe
rence
sourc
e not
foun
d
Welfare fund 322 Error 50,642 37,999
:
Refe
rence
sourc
e not
foun
d

Non-current liabilities 330 196,570 110,361

Long-term accrued expenses 332 Error - -
:
Refe
rence
sourc
e not
foun
d
Long-term unearned revenue 337 Error 18,326 20,047
:
Refe
rence
sourc
e not
foun
d
Long-term loans 338 Error 159,612 69,061
:
Refe
rence
sourc
e not
foun
d
Other Long term loans 12,121 12,220
Science and Technology 343 Error 6,511 9,033
Development Fund :
Refe
rence
sourc
e not
foun
OWNERS’ EQUITY(400 = 410) 400 490,196 425,599

OWNERS’ EQUITY 410 Error 490,196 425,599

:
Refe
rence
sourc
e not
foun
d
Capital 411 Error 302,400 302,400
:
Refe
rence
sourc
e not
foun
d
- Issued share capital 411 302,400 302,400
a
Share premium 412
Treasury shares 415 (2) (2)
Development investment fund 418 Error 56,037 33,056
:
Refe
rence
sourc
e not
foun
d
Undistributed earnings 421 130,855 78,711
- Undistributed earnings by the end 421 7,210 3,692
of prior year a
- Undistributed (losses)/earnings of 421 123,645 75,019
current year b
Non-controlling interests 429 702 702

TOTAL LIABILITIES AND 440 2,296,758 1,929,318

OWNERS’ EQUITY
(440 = 300 + 400)
CONSOLIDATED INCOME STATEMENT
For the year end 2022

2022 2021
Notes VND VND

Erro
r:
Refer
ence
sourc
e not
Revenue from sale of goods and foun
rendering of service 01 d 4,548,704 3,467,720

Erro
r:
Refer
ence
sourc
e not
foun
Deductions 02 d 479 371
 2022 2021
Notes VND VND

Erro
r:
Refer
Net revenue form sale of goods
ence
and rendering of services (10 = 10 4,548,225 3,467,349
sourc
01 - 02)
e not
foun
d
Error:
Refer
Cost of goods sold and service ence
11 4,052,774 3,467,349
rendered sourc
e not
found
Gross profit from sales and
20 495,451 407,972
rendering of services (20 = 10 - 11)
Finance income Error:
Refer
ence
sourc
e not
21 found 120,427 44,215
Finance expense Error:
Refer
ence
sourc
e not
22 found 109,566 29,146
In which: Interest expense 23 19,100 13,164
Selling expenses Error:
Refer
ence
sourc
e not
25 found 158,093 152,526
 2022 2021
Notes VND VND

General and administrative Error:

expenses Refer
ence
sourc
e not
26 found 199,492 184,211
 2022 2021
Notes VND VND

Operating (loss)/profit {30 = 20 + (21

30 148,727 86,304
- 22) - (25 + 26)}

Error:
Refer
ence
sourc
e not
Other income 31 found 3,554 5,891
Other expenses 32 2,036 628

Other profit
40 1,518 5,263
(40 = 31 - 32)
Accounting profit before tax
50 150,245 91,567
(50 = 30 + 40)
Error:
Refer
ence
Deferred tax (expense)/income 51 43.224.349.871 20.219.235.501
sourc
e not
found
Net profit after tax
60 123,840 75,954
(60 = 50 - 51)
Net profit after tax attributable to
Shareholders of the parents 61 97.791.437.986 103.214.087.276
Non-controlling interests 62 - -

Earning per shares

Error:
Refer
ence
Basic earnings per share 70 2.612 2.861
sourc
e not
found
 Notes 31/12/2023 31/12/2022
VND VND

ASSETS
CURRENT ASSETS 100 1,781,339 1,734,181
(100 = 110 + 120 + 130 + 140 +
150)

Cash and cash equivalents 110 Erro 152,063 285,030

r:
Refe
renc
e
sour
ce
not
foun
d
Cash 111 101,188 278,930
Cash equivalents 112 50,875

Short-term investments 120 302,163 102,000

Held-for-trading securities 123 Error 302,163 102,000
:
Refe
rence
sourc
e not
foun
d

Current account receivable 130 530,464 450,096

Short-term trade receivables 131 Error 503,379 407,353
:
Refe
rence
sourc
e not
foun
d
Short-term advance to suppliers 132 5,625 4,624
 Other short-term receivables 136 Error 19,460 38,119
:
Refe
rence
sourc
e not
foun
d
Provision for doubtful short-term 137 Error -
receivables :
Refe
rence
sourc
e not
foun
d

Inventories 140 Erro 746,548 822,906

r:
Refe
renc
e
sour
ce
not
foun
d
Inventories 141 753,751 829,482
Provision for obsolete inventories 149 (7,203) (6,576)

Other current assets 150 50,101 74,149

Short-term prepaid expense 151 5,788 5,454
Value-added tax deductible 152 41,818 68,462
2,495 233
Tax and other receivables from the
State
LIABILITIES

LIABILITIES(300 = 310 + 330) 300 1,755.212 1,806,562

CURRENT LIABILITIES 310 1,599,271 1,609,992

Short-term trade payables 311 Error 569,466 601,822
:
Refe
rence
sourc
e not
foun
d
Short-term advances from 312 Error 13,684 31,416
customers :
Refe
rence
sourc
e not
foun
d
Statutory obligation 313 Error 9,646 14,611
:
Refe
rence
sourc
e not
foun
d
Payables to employees 314 349,833 367,022
Short-term accrued expense 315 102 -
Short-term un-earned revenues 318 15 -
Short-term other payables 319 Error 19,926 5,876
:
Refe
rence
sourc
e not
foun
d
Short-term loans 320 Error 566,938 538,603
:
Refe
 rence
sourc
e not
foun
d
Welfare fund 322 Error 69,761 50,642
:
Refe
rence
sourc
e not
foun
d

Non-current liabilities 330 155,841 196,570

Long-term accrued expenses 332 Error -
:
Refe
rence
sourc
e not
foun
d
Long-term unearned revenue 337 Error 9,285 18,326
:
Refe
rence
sourc
e not
foun
d
Other long term notes 338 Error 12,315 12,121
:
Refe
rence
sourc
e not
foun
d
OWNERS’ EQUITY(400 = 410) 400 490,196 425,599

Owners’ equity 410 Error: 490,196 425,599

Refer
ence
sourc
e not
found
Capital 411 Error: 302,400 302,400
Refer
ence
sourc
e not
found
Issued share capital 41 302,400 302,400
1a
Share premium 412
Treasury shares 415 (2) (2)
Development investment fund 418 Error: 56,037 33,056
Refer
ence
sourc
e not
found
Undistributed earnings 421 130,855 78,711
Undistributed earnings by the end of 42 7,210 3,692
prior year 1a
Undistributed (losses)/earnings of 42 123,645 75,019
current year 1b
Non-controlling interests 429 702 702

TOTAL LIABILITIES AND 440 2,296,758 1,929,318

OWNERS’ EQUITY (440 = 300 +
400)
CONSOLIDATED INCOME STATEMENT
For the year end 2023

2023 2022
Notes VND VND

Erro
r:
Refer
ence
sourc
e not
Revenue from sale of goods and foun
redering of service 01 d 4,139.738 4,548,704

Erro
r:
Refer
ence
sourc
e not
foun
Deductions 02 d 630 479

42
Error: Reference source not found
Báo cáo kết quả hoạt động kinh doanh hợp nhất cho Error: Reference source not
found kết thúc Error: Reference source not found (tiếp theo)
Mẫu B 02 – DN[/HN]
(Ban hành theo Thông tư số [200/202]/TT-BTC
ngày 22/12/2014 của Bộ Tài chính)

2023 2022
Notes VND VND

Erro
r:
Refer
Net revenue form sale of goods
ence
and rendering of services (10 = 10 4,139,118 4,548,225
sourc
01 - 02)
e not
foun
d
Error:
Refer
Cost of goods sold and service ence
11 3,702,491 4,052,774
rendered sourc
e not
found
Gross profit from sales and
20 436,627 495,451
rendering of services (20 = 10 - 11)
Finance income Error:
Refer
ence
sourc
e not
21 found 114,051 120,427
Finance expense Error:
Refer
ence
sourc
e not
22 found 93,624 109,566
In which: Interest expense 23 32,388 19,100
Selling expenses Error:
Refer
ence
sourc
e not
25 found 159,144 158,093
Error: Reference source not found
Báo cáo kết quả hoạt động kinh doanh hợp nhất cho Error: Reference source not
found kết thúc Error: Reference source not found (tiếp theo)
Mẫu B 02 – DN[/HN]
(Ban hành theo Thông tư số [200/202]/TT-BTC
ngày 22/12/2014 của Bộ Tài chính)

2023 2022
Notes VND VND

General and administrative Error:

expenses Refer
ence
sourc
e not
26 found 177,893 199,492
Error: Reference source not found
Báo cáo kết quả hoạt động kinh doanh hợp nhất cho Error: Reference source not
found kết thúc Error: Reference source not found (tiếp theo)
Mẫu B 02 – DN[/HN]
(Ban hành theo Thông tư số [200/202]/TT-BTC
ngày 22/12/2014 của Bộ Tài chính)

2023 2022
Notes VND VND

Operating (loss)/profit {30 = 20 + (21

30 120,017 148,727
- 22) - (25 + 26)}

Error:
Refer
ence
sourc
e not
Other income 31 found 4,153 3,554
Other expenses 32 737 2,036

Other profit
40 3,416 1,518
(40 = 31 - 32)
Accounting profit before tax
50 123,433 150,245
(50 = 30 + 40)
Error:
Refer
ence
Deferred tax (expense)/income 51 43.224.349.871 20.219.235.501
sourc
e not
found
Net profit after tax
60 103,214 123,840
(60 = 50 - 51)
Net profit after tax attributable to
Shareholders of the parents 61
Non-controlling interests 62

Earning per shares

Error:
Refer
ence
Basic earnings per share 70 2.612 2.861
sourc
e not
found
 REFERENCE
“Báo Cáo Thực Tập Quản Lý Nguyên Vật Liệu Tại Công Ty Cổ Phần May
10.” SlideShare, Slideshare, 2020, fr.slideshare.net/slideshow/de-tai-quan-li-
nguyen-vat
lieu-tai-cong-ty-may-10/238438090. Accessed 1 Apr. 2025.
garco10.com.vn. “Cơ Cấu Tổ Chức.” Tổng Công Ty May 10, 4 Apr. 2016.
garco10.com.vn/lich-su/co-cau-to-chuc-20160812155411484.htm. Accessed
1 Apr.
2025.
“SẢN PHẨM MAY 10 qua CÁC THỜI KỲ LỊCH SỬ.” Tổng Công Ty May
10, 24
Nov. 2020, garco10.com.vn/van-hoa/san-pham-may-10-qua-cac-thoi-ky-lich-su
20201125171513817.htm. Accessed 1 Apr. 2025.
Kiên, Khắc. “Động Lực để May 10 Vững Bước Sản Xuất Kinh Doanh.” Báo Kinh
Tế đô Thị - Đọc Tin Tức Thời Sự Kinh Tế 24h Mới Nhất, 2 Jan. 2024,
kinhtedothi.vn/dong-luc-de-may-10-vung-buoc-san-xuat-kinh-doanh.html.
Audited Consolidated financial statement of 2023.
Audited Consolidated financial statement of 2022.