MWG C

Income Statement for of the Years Ended

ACCOUNTS
Sale
Less deductions
Net sales
Cost of sales
Gross profit
Financial income
Financial expenses
- In which: Interest expense
Selling expenses
General and administration expenses
Operating profit
Other income
Other costs
Net other income
Net accounting profit before tax
Business income tax - current
Business income tax - deferred
Net profit after tax
Minority shareholders' benefits
Net profit attributable to the parent company's shareholders
Basic Earnings Per Share (EPS)
Diluted Earnings Per Share (Diluted EPS)
COMPANY
d December 31, 2023, 2022, 2021, 2020, 2019
Million VND Million VND Million VND Million VND
2019 2020 2021 2022
103,485 109,801 124,142 134,722
1,311 1,255 1,183 1,317
102,174 108,546 122,958 133,405
82,686 84,592 95,326 102,543
19,488 23,954 27,632 30,862
631 794 1,288 1,313
570 594 715 1,383
568 594 674 1,362
12,437 15,334 17,914 22,337
2,074 3,404 3,823 1,881
5,035 5,413 6,466 6,575
42 44 55 62
23 46 49 580
19 -3 6 -518
5,053 5,410 6,472 6,056
1,248 1,598 1,633 1,793
-31 -109 -63 162
3,836 3,920 4,901 4,102
2 2 3 2
3,834 3,918 4,899 4,100
8,665 8,654 6,897 2,810
8,665 8,654 6,897 2,810
Million VND
2023
119,234
954
118,280
95,759
22,521
2,167
1,556
1,448
20,917
1,168
1,047
37
394
-357
690
433
89
168
0
168
115
115
 MWG COMPANY
Balance Sheet
as of December 31, 2023; December 31, 2022; December 31,2021; December 31,2020; December 31,2019

Million VND Million VND Million VND Million VND

ACCOUNTS 2019 2020 2021 2022
CURRENT ASSETS 35,012 37,317 51,955 44,578
Cash and cash equivalents 3,115 7,348 4,142 5,061
Short-term investment 3,137 8,057 14,237 10,069
Accounts receivable 1,815 1,595 3,162 3,001
Inventories 25,745 19,422 29,167 25,696
Other current assets 1,199 895 1,247 750
LONG-TERM ASSETS 6,696 8,714 11,016 11,256
Long-term receivables 375 439 482 503
Fixed assets 5,404 7,295 9,647 9,728
Construction in progress 87 133 80 124
Long-term investments 56 53 231
Other long-term assets 283 364 439 364
Goodwill 491 430 368 307
TOTAL ASSETS 41,708 46,031 62,971 55,834
LIABILITIES 29,565 30,549 42,593 31,902
Current liabilities 28,442 29,423 42,593 26,000
Long-term liabilities 1,122 1,127 5,901
OWNERS’ EQUITY 12,144 15,482 20,378 23,933
OWNERS’ EQUITY 12,144 15,482 20,378 23,933
TOTAL RESOURCES 41,708 46,031 62,971 55,834
020; December 31,2019

Million VND
2023
51,950
5,366
18,937
5,159
21,824
665
8,161
458
6,500
4
747
207
246
60,111
36,752
30,765
5,986
23,360
23,360
60,111
 MWG COMPANY
NO RATIO 2023 2022 2021
LIQUIDITY RATIO
1 Current Assets 51950 44578 51955
2 Inventory 21,824 25,696 29,167
3 Current Liabilities 30765 26000 42593
4 Current Ratio (1/3) 1.689 1.715 1.220
5 Quick Ratio (1-2/3) 0.979 0.726 0.535

2023 2022 2021

Current Ratio 1.689 1.715 1.220
Quick Ratio 0.979 0.726 0.535
OMPANY
2020 2019 2023/2022 2022/2021
TY RATIO
37317 35012 16.54% -14.20%
19,422 25,745 -15.07% -11.90%
29423 28442 18.33% -38.96%
1.268 1.231 BAD GOOD
0.608 0.326 GOOD GOOD

2020 2019
1.268 1.231
0.608 0.326
 FRT COMPANY
NO RATIO 2023 2022 2021
MWG FRT MWG FRT MWG
1 Current Ratio 1.689 1.003 1.715 1.100 1.220
2 Quick Ratio 0.979 0.262 0.726 0.335 0.535
2021 2020 2019
FRT MWG FRT MWG FRT
1.122 1.268 1.191 1.231 1.163
0.58 0.608 0.752 0.326 0.525
NO RATIO 2023

1 Sales 119,234
2 Accounts Receivable 5,159
3 Inventory 21,824
4 Fixed Assets 6,500
5 Total Assets 60,111
6 Inventory Turnover 5.463 (per year)
(Turnovers
Accounts per year)Turnover
Receivable
7 23.112 (per year)
Turnover
Days Ratio
sales outstanding (DSO)
8 15.8 (days)
(Days)
Fixed Asset Turnover Ratio
9 18.344
10 Total Assets Turnover Ratio 1.984

2023
Inventory Turnover 5.463
Accounts Receivable Turnover 23.112
Fixed Asset Turnover 18.344
Total Assets Turnover 1.984
 MWG COMPANY
2022 2021 2020
ASSET MANAGEMENT
134,722 124,142 109,801

3,001 3,162 1,595

25,696 29,167 19,422
9,728 9,647 7,295
55,834 62,971 46,031
5.243 (per year) 4.256 (per year) 5.653 (per year)
44.892 (per year) 39.261 (per year) 68.841 (per year)
8.1 (days) 9.3 (days) 5.3 (days)
13.849 12.868 15.052
2.413 1.971 2.385

2022 2021 2020

5.243 4.256 5.653
44.892 39.261 68.841
13.849 12.868 15.052
2.413 1.971 2.385
 2019 2023/2022 2022/2021 2021/2020 2020/2019

103,485 -11.50% 8.52% 13.06% 6.10%

1,815 71.91% -5.09% 98.24% -12.12%

25,745 -15.07% -11.90% 50.18% -24.56%
5,404 -33.18% 0.84% 32.24% 34.99%
41,708 7.66% -11.33% 36.80% 10.36%
4.020 (per year) GOOD GOOD BAD GOOD
57.017 (per year) BAD GOOD BAD GOOD
6.4 (days) GOOD GOOD BAD BAD
19.150 GOOD BAD BAD BAD
2.481 BAD GOOD BAD BAD

2019
4.02
57.017
19.150
2.481
 MWG COMPANY
NO RATIO 2023 2022 2021
MWG FRT MWG FRT MWG
1 Inventory Turnover 5.463 3.79 5.243 4.67 4.256

2 23.112 0.18 44.892 0.18 39.261

Accounts Receivable Turnover
3 Fixed Asset Turnover 18.344 2043 13.849 2049 12.868
4 Total Assets Turnover 1.984 2.441 2.413 2.877 1.971
2021 2020 2019
FRT MWG FRT MWG FRT
4.59 5.653 8.101 4.02 5.020

0.17 68.841 0.128 57.017 0.1618

2211 15.052 2861 19.15 2256
2.097 2.385 2.747 2.481 2.576
 MWG COMPAN
NO RATIO 2023 2022
Debt Managemen
1 EBT 0.69 6.056
2 Interest charges 1.448 1.362
3 EBIT(1+2) 2.138 7.418
4 Short-Term Debt 30.765 26.000
5 Long-Term Debt 5.986 5.901
6 Total Equity 23.36 23.933
7 Total Debt​(4+5) 36.751 31.901
8 Total Capital(6+7) 60.111 55.834
9 Total debt to total capital(7/8) 0.611 0.571
10 Times-interest-earned(3/2) 1.477 5.446

2023 2022
Total debt to total capital(7/8) 0.611 0.571
Times-interest-earned(3/2) 1.477 5.446
 RATIO 2023 2022
EBT 0.486
-0.294
Interest charges 1 0.232
EBIT(1+2) -0.294 0.718
Short-Term Debt 11.379 8.474
Long-Term Debt 0 0
Total Equity 1.719 2.049
Total Debt​(4+5) 11.379 8.474
Total Capital(6+7) 13.098 10.523

Total debt to total capital(7/8)

0.869 0.805
Times-interest-earned(3/2) -0.294 3.095
MWG COMPANY
2021 2020 2019 2023/2022 2022/2021 2021/2020
Debt Management
6.472 5.410 5.053 -88.61% -6.43% 19.63%
0.674 0.594 0.568 6.31% 102.08% 13.47%
7.146 6.004 5.621 -71.18% 3.81% 19.02%
42.593 29.423 28.442 18.33% -38.96% 44.76%
1 1.127 1.122 1.44% 490.10% -11.27%
20.378 15.482 12.144 -2.39% 17.45% 31.62%
43.593 30.55 29.564 15.20% -26.82% 42.69%
63.971 46.032 41.708 7.66% -12.72% 38.97%
0.681 0.664 0.709 7.01% -16.16% 2.68%
10.602 10.108 9.896 -11.273 0.037 1.412

2021 2020 2019

0.681 0.664 0.709
10.602 10.108 9.896
2021 2020 2019 2023/2022 2022/2021 2021/2020
0.028
0.554 0.278
0.132
0.114 0.135
0.686 0.142 0.413
9.107 4.162 5.314
0 0
1.679 1.225 1.279
9.107 4.162 5.314
10.786 5.387 6.593

0.844 0.773 0.806

5.197 1.246 3.059
2020/2019 NO RATIO 2023
MWG
7.07% 1 Total debt to total capital 0.611
4.58% 2 Times-interest-earned 1.477
6.81%
3.45%
0.45%
27.49%
3.34%
10.37%
-6.37%
1.489

12.000

10.000

8.000

6.000 Total debt to tota

Times-interest-ea

4.000

2.000

0.000
2023 2022 2021 2020 2019
2020/2019
 MWG COMPANY
2023 2022 2021 2020
FRT MWG FRT MWG FRT MWG
0.869 0.571 0.805 0.681 0.844 0.664
-0.294 5.446 3.095 10.602 5.20 10.108

Total debt to total capital

Times-interest-earned

9
2020 2019
FRT MWG FRT
0.773 0.709 0.806
1.246 9.896 3.059
 MWG COMPANY
NO RATIO 2023 2022 2021 2020 2019 2023/2022

1 Sales 119,234 134,722 124,142 109,801 103,485 88.50%

2 EBIT 1,047 6,575 6,466 5,413 5,053 15.92%
3 Taxe (%) 75.65 32.28 24.26 27.52 24.08 234.35%
4 Net income 168 4,102 4,901 3,920 3,836 4.10%
5 Total Asset 60,111 55,834 62,971 46,031 41,708 107.66%
6 Total invested capital 19,684 10,300 14,237 8,110 3,193 191.11%
7 Common equity 23,360 23,933 20,378 15,482 12,144 97.61%
8 Operating margin(%) 0.878 4.880 5.209 4.930 4.883 GOOD
9 Profit margin(%) 0.141 3.045 3.948 3.570 3.707 BAD
10 ROA(%) 0.279 7.347 7.783 8.516 9.197 BAD
11 ROE(%) 0.719 17.140 24.050 25.320 31.588 BAD
12 ROIC(%) 1.295 43.228 34.399 48.375 120.138 BAD
13 BEP(%) 1.742 11.776 10.268 11.759 12.115 GOOD

2023 2022 2021 2020 2019

Operating margin(%) 0.878 4.880 5.209 4.930 4.883
Profit margin(%) 0.141 3.045 3.948 3.570 3.707
ROA(%) 0.279 7.347 7.783 8.516 9.197
ROE(%) 0.719 17.14 24.050 25.32 31.588
ROIC(%) 1.295 43.228 34.339 48.375 120.138
BEP(%) 1.742 11.776 10.268 11.759 12.115
 MWG CO
2022/2021 2021/2020 2020/2019 NO 2023
MWG FRT
108.52% 113.06% 106.10% 1 Operating margin(%) 0.878 -0.929
101.69% 119.45% 107.12% 2 Profit margin(%) 0.141 -1.029
133.08% 88.14% 114.28% 3 ROA(%) 0.279 -2.512
83.70% 125.03% 102.19% 4 ROE(%) 0.719 -19.139
88.67% 136.80% 110.36% 5 ROIC(%) 1.295 -27.863
72.35% 175.55% 253.99% 6 BEP(%) 1.742 -2,268
117.45% 131.62% 127.49%
GOOD GOOD GOOD
GOOD GOOD GOOD
GOOD GOOD GOOD
GOOD GOOD GOOD
GOOD GOOD GOOD
GOOD GOOD GOOD
140.000

120.000

100.000

80.000
2023
2022
2021
60.000 2020
2019

40.000

20.000
 2021
60.000 2020
2019

40.000

20.000

0.000
Operating Profit margin(%) ROA(%) ROE(%) ROIC(%) BEP(%)
margin(%)
MWG COMPANY
2022 2021 2020 2019
MWG FRT MWG FRT MWG FRT MWG FRT
4.880 1.566 5.209 2.414 4.930 0.095 4.883 1.607
3.045 1.351 3.948 1.963 3.570 0.068 3.707 1.201
7.347 3.782 7.783 4.116 8.516 0.186 9.197 3.894
17.14 19.424 24.050 26.444 25.32 0.816 31.588 15.95
43.228 34.689 34.339 24.030 48.375 0.635 120.138 40.471
11.776 4.504 10.268 5.062 11.759 0.260 12.115 4.140
NO RATIO 2023 2022 2021 2020 2019
Market Value
1 Book value per share 15.973 16.354 28.587 34.205 27.431
2 Market price per share 44200 6000 3500 3500 2500
3 Earning per share 114.61 3.65 8.87 8.65 8.66
4 Enterprise value 6.7 4.9 2.26 1.51 2.37
5 EBITDA 4.640 8.210 8.190 7.550 6.910
6 Net income 168 4 5 4 4
7 Common share outstanding 1,000 637 1,087 716.29 360.78
8 Dividends 5500 500 11000 500 1500
9 Total common equity 23 23,933 20,378 15,482 12,144
10 Market/Book(M/B) 22 -613 19291 -700.81 -348.61
11 Price/Earning(P/E) 373.43 11.77 15.33 13.74 13.16
12 EV/EBITDA 15 6.780 11.66 7.71 8.71

2023 2022 2021 2020 2019

EV/EBITDA 15 6.780 11.66 7.71 8.71
Price/Earning(P/E) 373.43 11.77 15.33 13.74 13.16
Market/Book(M/B) 22 -613 19291 -700.81 -348.61
2023/2022 2022/2021 2021/2020 2020/2019

14.97 15.35 27.59 33.21

44,199.00 5,999.00 3,499.00 3,499.00
113.61 2.65 7.87 7.65
5.70 3.90 1.26 0.51
3.64 7.21 7.19 6.55
167.00 3.10 4.32 3.20
999.00 636.00 1,086.00 715.29
5,499.00 499.00 10,999.00 499.00
22.36 23,932.00 20,377.00 15,481.00 NO
GOOD BAD BAD BAD
GOOD GOOD GOOD GOOD 1
BAD GOOD BAD GOOD 2
25000

3
20000

15000
Column C
Column D
10000 Column E
Column F
Column G
5000

0
EV/EBITDA Price/Earning(P/E) Market/Book(M/B)
 Column F
Column G
5000

0
EV/EBITDA Price/Earning(P/E) Market/Book(M/B)

-5000
 MWG COMPANY
2023 2022 2021 2020
MWG FRT MWG FRT MWG FRT MWG FRT
EV/EBITDA 15 17.20 6.78 9.72 11.66 15.54 7.71 9.24
Price/Earning(P/E) 373.430 120 11.77 8.360 15.33 7.250 13.74 15.630
Market/Book(M/
B) 22 335 -613 352 19291 10364 -700.81 254.6
 2019
MWG FRT
8.710 3.94
13.16 15.76

-348.61 105.60