VINAMILK COMPANY

Income Statement for of the Years Ended December 31, 2016, 2015 and 2014
ACCOUNTS Million VND Million VND
2016 2015
Sale 27,101,684 22,070,557
Less deductions 540,110 443,129
Net sales 26,561,574 21,627,429
Cost of sales 17,484,830 15,039,305
Gross profit 9,076,744 6,588,124
Financial income 475,239 680,232
Financial expenses 51,171 246,430
- In which: Interest expense 3,115 13,933
Selling expenses 2,345,789 1,811,914
General and administration expenses 525,197 459,432
Operating profit 6,629,825 4,750,580
Other income 350,323 323,106
Other costs 63,006 85,880
Net other income 287,317 237,226
Share of associate’s result 12,526 (8,814)
Net accounting profit before tax 6,929,668 4,978,992
Business income tax - current 1,137,572 778,589
Business income tax - deferred 27,359 17,778
Loss/(profit) attributable to minority intere
Net profit after tax 5,819,455 4,218,182
Common Stock Outstanding 833,525,676 555,867,614
Basic earnings per share (VND) 6,982 7,588
Dividends paid during the year (VND/shar 4,000 3,000
Dividends Paid to Holders of Common St 3,334,103 1,667,603
Retained Earning 2,485,352 2,550,579
016, 2015 and 2014
Million VND
2014
16,081,466
328,600
15,752,866
10,579,208
5,173,658
448,530
153,199
6,172
1,438,186
388,147
3,642,656
713,610
104,825
608,786
(235)
4,251,207
645,059
9,344
693
3,616,186
353,006,100
10,244
5,000
1,765,031
1,851,155
 VINAMILK COMPANY
Balance Sheet
as of December 31, 2016; December 31, 2015 and December 31,2014
As at 31 December
ACCOUNTS Million VND Million VND
2016 2015
CURRENT ASSETS 11,110,610 9,467,683
Cash and cash equivalents 1,252,120 3,156,515
Short-term investment 3,909,276 736,033
Accounts receivable 2,246,363 2,169,205
Inventories 3,472,845 3,272,496
Other current assets 230,006 133,434
LONG-TERM ASSETS 8,587,258 6,114,989
Long-term receivables
Fixed assets 8,042,301 5,044,762
Investment properties 96,714 100,671
Long-term investments 284,429 846,714
Goodwill 13,662 15,503
Other long-term assets 150,152 107,338
TOTAL ASSETS 19,697,868 15,582,672
LIABILITIES 4,204,772 3,105,466
Current liabilities 4,144,990 2,946,537
Short-term borrowings
Trade accounts payable 2,247,659 1,830,959
Advances from customers 21,589 116,845
Taxes and other payables to the S 333,953 287,463
Payable to employees 106,151 44,740
Accrued expenses 365,104 260,678
Other payables 664,137 59,479
Bonus and welfare fund 406,398 346,373
Long-term liabilities 59,782 158,929
Other long-term liabilities 92,000
 Provision for severance allowance 59,636 66,924
Unearned revenue 146 5
OWNERS’ EQUITY 15,493,097 12,477,205
Capital and reserves 15,493,097 12,477,205
Share capital 8,339,558 5,561,148
Share premium 1,276,994 1,276,994
Treasury shares (4,504) (2,522)
Investment and development fund 93,889 908,024
Financial reserve fund 588,402 556,115
Undistributed earnings 5,198,758 4,177,446
TOTAL RESOURCES 19,697,868 15,582,672
December 31,2014
December
Million VND
2014
5,919,803
613,472
1,742,260
1,124,862
2,351,354
87,854
4,853,230
24
3,428,572
100,818
1,141,798
19,557
162,461
10,773,032
2,808,596
2,645,012
567,960
1,089,417
30,515
281,789
33,549
264,151
118,236
259,395
163,583
92,000
 51,374
20,210
7,964,437
7,964,437
3,530,721

(669)
2,172,291
353,072
1,909,022
10,773,032
 VINAMILK COMPANY
Balance Sheet
as of December 31, 2016; December 31, 2015 and December 31,20
2016 2015
Percentage Percentage
Million
Million VND of Total of Total
VND
Assets , Assets ,

CURRENT ASSETS 11,110,610 56.41 9,467,683 60.76

Cash and cash equivalents 1,252,120 6.36 3,156,515 20.26
Short-term investment 3,909,276 19.85 736,033 4.72
Accounts receivable 2,246,363 11.40 2,169,205 13.92
Inventories 3,472,845 17.63 3,272,496 21.00
Other current assets 230,006 1.17 133,434 0.86
LONG-TERM ASSETS 8,587,258 43.59 6,114,989 39.24
Long-term receivables 0.00 0.00
Fixed assets 8,042,301 40.83 5,044,762 32.37
Long-term investments 284,429 1.44 846,714 5.43
Other long-term assets 150,152 0.76 107,338 0.69
TOTAL ASSETS 19,697,868 100.00 15,582,672 100.00
LIABILITIES 4,204,772 21.35 3,105,466 19.93
Current liabilities 4,144,990 21.04 2,946,537 18.91
Short-term borrowings 0.00 0.00
Trade accounts payable 2,247,659 11.41 1,830,959 11.75
Advances from customers 21,589 0.11 116,845 0.75
Taxes and other payables t 333,953 1.70 287,463 1.84
Payable to employees 106,151 0.54 44,740 0.29
Accrued expenses 365,104 1.85 260,678 1.67
Other payables 664,137 3.37 59,479 0.38
Bonus and welfare fund 406,398 2.06 346,373 2.22
Long-term liabilities 59,782 0.30 158,929 1.02
Other long-term liabilities 0.00 92,000 0.59
Provision for severance al 59,636 0.30 66,924 0.43
 Unearned revenue 146 0.00 5 0.00
OWNERS’ EQUITY 15,493,097 78.65 12,477,205 80.07
Capital and reserves 15,493,097 78.65 12,477,205 80.07
Share capital 8,339,558 42.34 5,561,148 35.69
Share premium 1,276,994 6.48 1,276,994 8.19
Treasury shares (4,504) -0.02 (2,522) -0.02
Investment and developmen 93,889 0.48 908,024 5.83
Financial reserve fund 588,402 2.99 556,115 3.57
Undistributed earnings 5,198,758 26.39 4,177,446 26.81
TOTAL RESOURCES 19,697,868 100.00 15,582,672 100.00
December 31,2014
2014 2016/2015 2015/2014
Percentage Change,
Million Change, Change, Change,
of Total Million
VND Million VND Percent Percent
Assets , VND

5,919,803 54.95 1,642,927 17.35 3,547,880 59.93

613,472 5.69 (1,904,395) -60.33 2,543,043 414.53
1,742,260 16.17 3,173,243 431.13 ### -57.75
1,124,862 10.44 77,158 3.56 1,044,343 92.84
2,351,354 21.83 200,350 6.12 921,141 39.17
87,854 0.82 96,572 72.37 45,579 51.88
4,853,230 45.05 2,472,270 40.43 1,261,759 26.00
24 0.00 (24) -100.00
3,428,572 31.83 2,997,539 59.42 1,616,190 47.14
1,141,798 10.60 (562,285) -66.41 (295,085) -25.84
162,461 1.51 42,814 39.89 (55,123) -33.93
### 100.00 4,115,197 26.41 4,809,639 44.65
2,808,596 26.07 1,099,305 35.40 296,871 10.57
2,645,012 24.55 1,198,453 40.67 301,525 11.40
567,960 5.27 (567,960) -100.00
1,089,417 10.11 416,700 22.76 741,542 68.07
30,515 0.28 (95,256) -81.52 86,330 282.91
281,789 2.62 46,490 16.17 5,674 2.01
33,549 0.31 61,410 137.26 11,191 33.36
264,151 2.45 104,426 40.06 (3,473) -1.31
118,236 1.10 604,658 1,016.59 (58,758) -49.69
259,395 2.41 60,025 17.33 86,978 33.53
163,583 1.52 (99,148) -62.38 (4,654) -2.85
92,000 0.85 (92,000) -100.00 0.00
51,374 0.48 (7,288) -10.89 15,550 30.27
 20,210 0.19 140 2,578.38 (20,204) -99.97
7,964,437 73.93 3,015,891 24.17 4,512,769 56.66
7,964,437 73.93 3,015,891 24.17 4,512,769 56.66
3,530,721 32.77 2,778,410 49.96 2,030,426 57.51
0.00 0.00 1,276,994 #DIV/0!
(669) -0.01 (1,982) 78.61 (1,853) 276.92
2,172,291 20.16 (814,135) -89.66 ### -58.20
353,072 3.28 32,287 5.81 203,043 57.51
1,909,022 17.72 1,021,311 24.45 2,268,425 118.83
### 100.00 4,115,197 26.41 4,809,639 44.65
 VINAMILK C
Income Statement for of the Years Ended
ACCOUNTS 2016 2015
Percentage
Million VND Million VND
of Sales

Sale 27,101,684 102.03 22,070,557

Less deductions 540,110 2.03 443,129
Net sales 26,561,574 100.00 21,627,429
Cost of sales 17,484,830 65.83 15,039,305
Gross profit 9,076,744 34.17 6,588,124
Financial income 475,239 1.79 680,232
Financial expenses 51,171 0.19 246,430
- In which: Interest expense 3,115 0.01 13,933
Selling expenses 2,345,789 8.83 1,811,914
General and administration expen 525,197 1.98 459,432
Operating profit 6,629,825 24.96 4,750,580
Other income 350,323 1.32 323,106
Other costs 63,006 0.24 85,880
Net other income 287,317 1.08 237,226
Share of associate’s result 12,526 0.05 (8,814)
Net accounting profit before tax 6,929,668 26.09 4,978,992
Business income tax - current 1,137,572 4.28 778,589
Business income tax - deferred 27,359 0.10 17,778
Loss/(profit) attributable to minorit 0.00
Net profit after tax 5,819,455 21.91 4,218,182
Common Stock Outstanding 833,525,676 555,867,614
Basic earnings per share (VND) 6,982 7,588
Dividends paid during the year (V 4,000 3,000
Dividends Paid to Holders of Com 3,334,103 1,667,603
Retained Earning 2,485,352 2,550,579
 VINAMILK COMPANY
of the Years Ended December 31, 2016, 2015 and 2014
2015 2014 2016/2015
Percentage Percentage
Million VND
of Sales of Sales Million
VND Percent
102.05 16,081,466 102.09 5,031,126 22.80
2.05 328,600 2.09 96,981 21.89
100.00 15,752,866 100.00 4,934,145 22.81
69.54 10,579,208 67.16 2,445,525 16.26
30.46 5,173,658 32.84 2,488,620 37.77
3.15 448,530 2.85 (204,994) -30.14
1.14 153,199 0.97 (195,259) -79.24
0.06 6,172 0.04 (10,818)
8.38 1,438,186 9.13 533,875 29.46
2.12 388,147 2.46 65,765 14.31
21.97 3,642,656 23.12 1,879,245 39.56
1.49 713,610 4.53 27,217 8.42
0.40 104,825 0.67 (22,874) -26.63
1.10 608,786 3.86 50,091 21.12
-0.04 (235) 0.00 21,340 -242.12
23.02 4,251,207 26.99 1,950,676 39.18
3.60 645,059 4.09 358,983 46.11
0.08 9,344 0.06 9,580 53.89
0.00 693 0.00
19.50 3,616,186 22.96 1,601,273 37.96
353,006,100 278 49.95
10,244 () -8.00
5,000 33.33
1,765,031 1,666,500 99.93
1,851,155 (65,227) -2.56
 2015/2014

Million
VND Percent
5,989,091 37.24
114,528 34.85
5,874,563 37.29
4,460,097 42.16
1,414,466 27.34
231,702 51.66
93,231 60.86
7,762
373,728 25.99
71,285 18.37
1,107,923 30.42
(390,504) -54.72
(18,945) -18.07
(371,559) -61.03
(8,579) 3658.14
727,784 17.12
133,530 20.70
8,434 90.26
(693) -100.00
601,996 16.65
203 57.47
() -25.92
() -40.00
(97,428) -5.52
699,423 37.78
 VINAMILK COMPANY
NO RATIO 2016 2015 2014
LIQUIDITY RATIO
1 Current Assets 11,110,610 9,467,683 5,919,803
2 Inventory 3,472,845 3,272,496 2,351,354
3 Current Liabilities 4,144,990 2,946,537 2,645,012
4 Current Ratio (1/3) 2.680 3.213 2.238
6 Quick Ratio (1-2/3) 1.843 2.103 1.349

2016 2015 2014

Current Ratio 2.680 3.213 2.238
Quick Ratio 1.843 2.103 1.349

3.500
3.213

3.000
2.680

2.500
2.238
2.103
2.000 1.843
Current Ratio
Quick Ratio
1.500 1.349

1.000

0.500

0.000
2016 2015 2014
 VINAMILK
2016/2015 2015/2014 NO RATIO 2016
VNM
17.35% 59.93% 1 Current Ratio 2.68
6.12% 39.17% 2 Quick Ratio 1.84
40.67% 11.40%
VINAMILK COMPANY
2016 2015 2014
HNM INDUSTRY VNM HNM VNM HNM
1.59 3.21 1.49 2.24 1.36
0.82 2.10 1.30 1.35 0.73
 VINAMILK COMPANY
NO RATIO 2016
ASSET MANAGEMENT
1 Sales 26,561,574
2 Accounts Receivable 2,246,363
3 Inventory 3,472,845
4 Fixed Assets 8,587,258
5 Total Assets 19,697,868
6 Inventory Turnover 7.648 (per year)
(Turnovers
Accounts per year)
Receivable
7 11.824 (per year)
Turnover
Days sales outstanding
8 30.9 (days)
Turnover Ratio
(DSO)
9 Fixed Asset Turnover Ratio 3.093
(Days)
10 Total Assets Turnover Ratio 1.348

2016
Inventory Turnover 7.65
Accounts Receivable Turnover 11.82
Fixed Asset Turnover 3.09
Total Assets Turnover 1.35

16.00

14.00

12.00
Inventory Turnover

10.00

Accounts Receivable
8.00 Turnover

6.00
Fixed Asset Turnover

4.00
 Accounts Receivable
8.00 Turnover

6.00
Fixed Asset Turnover

4.00

Total Assets Turnover

2.00

0.00
2016 2015 2014
VINAMILK COMPANY
2015 2014 2016/2015 2015/2014
MANAGEMENT
21,627,429 15,752,866 22.81% 37.29%
2,169,205 1,124,862 3.56% 92.84%
3,272,496 2,351,354 6.12% 39.17%
6,114,989 4,853,230 40.43% 26.00%
15,582,672 10,773,032 26.41% 44.65%
6.609 (per year) 6.699 (per year)
9.970 (per year) 14.004 (per year)
36.6 (days) 26.1 (days)
3.537 3.246
1.388 1.462

2015 2014
6.61 6.70
9.97 14.00
3.54 3.25
1.39 1.46

Inventory Turnover

Accounts Receivable
Turnover

Fixed Asset Turnover

 Accounts Receivable
Turnover

Fixed Asset Turnover

Total Assets Turnover

2014
 VINAMILK COMPANY
NO RATIO 2016
VNM HNMINDUSTRY
1 Inventory Turnover
Accounts Receivable
2 Turnover
3 Fixed Asset Turnover
4 Total Assets Turnover
NY
2015 2014
VNM HNM VNM HNM