BALANCE S

2018
A. CURRENT ASSETS 20.325.570 24.67%
Cash 3.603.022 #VALUE!
Short-term financial investment 2.875.358 #VALUE!
Account Receivable 9.644.198 #VALUE!
Including: Short term receivables from customer 4,579,150 #VALUE!
Inventory 3.685.639 #VALUE!
Others current assets 517.353 #VALUE!
B. LONG TERM ASSETS 62.064.687 #VALUE!
Long term receivables 2.017.197 #VALUE!
Fixed assets 51.026.089 #VALUE!
Long-term unfinished assets 243.234 #VALUE!
Long-term financial investments 2.135.344 #VALUE!
Other long-term assets 6.642.822 #VALUE!
Total Assets 82.390.257 #VALUE!
A. TOTAL LIABILITIES 63.717.833 77.34%
Current liabilities 32.170.307 #VALUE!
Long term dept 31.547.526 #VALUE!
B. TOTAL EQUITY 18.672.423 #VALUE!
Owner Capital 18.672.423 #VALUE!
Total funding 82.390.257 #VALUE!

INCOME STA
2018
Total Revenue 97,589,706 100.00%
Revenue redudition 779,065 0.80%
Net Revenue 96,810,642 99.20%
Cost of Good Sold 84,546,649 86.63%
Gross Profit 12,263,993 12.57%
Revenue from financial actives 1,159,738 1.19%
Financial expenses 3,674,968 3.77%
Including: Interset Expense 1,561,364 1.60%
Share of profits or losses in joint venture associa -16,075 -0.02%
Sales expense 4,771,158 4.89%
General & administration expenses 2,606,023 2.67%
Net profit from business actives 2,355,507 2.41%
Other revenue 995,350 1.02%
Other expenses 38,952 0.04%
Other Income 956,398 0.98%
EBT 3,311,905 3.39%
Current corporate income tax expense 695,812 0.71%
Deferned coporate income tax expense 17,583 0.02%
Net income 2,598,509 2.66%
 CASH FLOW STATEMENT
2018 2019
I. CASH FLOW FROM BUSINESS ACTIVES
Profit before tax 3,311,905 3,388,896
Adjustments for: 6,707,205 5,857,264
Depreciation 5,020,072 5,142,695
Allowance for doubtful accounts -30,869 -108,016
Disposal of fixed assets (net) 639.413 30,033
Gain/loss from investment activities -482.774 -662,227
Interest expense 1,561,364 1,454,779
Profit from operating activities before changes in
10,019,110 9,246,160
working capital
Increase/decrease in accounts receivable 2.116.112 1,189,542
Increase/decrease in inventories -432.996 -99,493
Increase/decrease in accounts payable (excluding
interest-bearing debt and corporate income tax 815.825 565,025
payable)
Increase/decrease in prepaid expenses -857,713 1,123,749
Increase/decrease in other short-term assets -1,569,221 -1,473,336
Interest paid -532,962 -999,206
Other cash paid from operating activities -633,520 -733,640
Net cash flow from operating activities 8,924,636 8,818,800
II. CASH FLOW FROM INVESTING ACTIVES
Cash paid to acquire, construct fixed assets and other
-1,018,934 -1,267,348
long-term assets
Cash received from the disposal or sale of fixed assets
3,176 130,528
and other long-term assets
Cash paid for loans to and purchase of debt
-3,825,492 -4,959,721
instruments of other entities
Cash received from the repayment of loans and the
1,349,533 4,263,613
sale of debt instruments of other entities
Cash paid for investments in other entities
Cash received from the return of investments in other
entities
Cash received from dividends, interest, and profit
416,626 549,135
distribution
Net cash flow from investing activities -3,075,090 -1,283,792
III. CASH FLOW FROM FINANCING ACTIVES
Cash received from the issuance of common stock and
838,942 44,337
contributions from owners
Cash received from short-term and long-term
18,025,269 25,023,025
borrowings
Cash paid to repay principal borrowings -22,583,355 -27,125,683
Cash paid to repay finance lease obligations -4,759,692 -4,402,853
Dividends and profits paid to owners -1,304,481 -1,720,878
Net cash flow from financing activities -9,783,317 -8,182,051
NET CASH FLOW -3,933,771 -647,043
 BALANCE SHEET
2019 2020 2021
19.288.261 #VALUE! 8.249.495 13.19% 11.356.265
2.957.234 #VALUE! 1.653.719 #VALUE! 1.713.827
3.579.235 #VALUE! 487.032 #VALUE! 2.229.538
7.904.079 #VALUE! 3.430.156 #VALUE! 3.999.681
4,367,025 #VALUE! 2,049,596 #VALUE! 2,136,228
3.569.654 #VALUE! 1.849.268 #VALUE! 2.250.462
1.278.059 #VALUE! 829.32 #VALUE! 1.162.757
57.166.605 #VALUE! 54.312.643 #VALUE! 51.701.472
2.172.896 #VALUE! 1.356.394 #VALUE! 1.103.045
46.955.994 #VALUE! 44.531.155 #VALUE! 43.252.177
410.078 #VALUE! 403.868 #VALUE! 146.061
2.094.597 #VALUE! 1.974.087 #VALUE! 1.636.329
5.533.039 #VALUE! 6.047.139 #VALUE! 5.563.861
76.454.866 #VALUE! 62.562.138 #VALUE! 63.057.737
57.847.310 75.66% 56.489.804 90.29% 62.533.527
31.420.636 #VALUE! 32.705.410 #VALUE! 41.194.056
26.426.674 #VALUE! 23.784.394 #VALUE! 21.339.471
18.607.556 #VALUE! 6.072.334 #VALUE! 524.21
18.607.556 #VALUE! 6.072.334 #VALUE! 524.21
76.454.866 #VALUE! 62.562.138 #VALUE! 63.057.737

INCOME STATEMENT
2019 2020 2021
99,099,611 100.00% 40,756,791 100.00% 28,093,456
871,527 0.88% 218,453 0.54% 182,116
98,228,084 99.12% 40,538,339 99.46% 27,911,340
87,259,508 88.05% 47,975,250 117.71% 37,929,516
10,968,576 11.07% -7,436,911 -18.25% -10,018,176
1,139,599 1.15% 882,309 2.16% 1,557,026
2,344,876 2.37% 1,668,943 4.09% 1,549,124
1,454,779 1.47% 925,578 2.27% 806,953
-34,236 -0.03% -157,122 -0.39% -203,283
4,616,584 4.66% 2,049,239 5.03% 1,238,060
2,662,244 2.69% 1,468,001 3.60% 1,680,445
2,450,236 2.47% -11,897,907 -29.19% -13,132,064
982,553 0.99% 1,012,674 2.48% 283,582
43,893 0.04% 75,079 0.18% 116,741
938,660 0.95% 937,594 2.30% 166,841
3,388,896 3.42% -10,960,312 -26.89% -12,965,223
933,964 0.94% 212,597 0.52% 256,600
-82,529 -0.08% 5,196 0.01% 57,170
2,537,461 2.56% -11,178,106 -27.43% -13,278,993
ENT
2020 2021 2022
S ACTIVES
-10,960,312 -12,965,223 -10,091,298
3,314,944 2,484,809 5,147,949
2,961,203 2,049,423 3,535,200
127,926 244,839 -38,036
-76,558 -371,570 820,546
-623,205 -244,836 -333,131
925,578 806,953 1,163,370
-7,645,368 -10,480,414 -4,943,349
5,537,750 -541,774 -2,059,645
1,789,182 -469,829 -595,590

-3,795,574 5,467,830 14,826,213

-398,928 658,208 1,301,844

-1,001,033 -812,881 -1,072,584
-355,745 -262,755 -273,643
-585,851 -317,701 -300,438
-6,455,567 -6,759,315 6,882,808
NG ACTIVES
-515,544 -489,493 -956,987

365,250 92,669 88,948

-838,617 -2,318,204 -1,702,606

3,884,291 618,898 3,030,458

-3,759
774,520

457,559 151,474 236,964

3,352,940 -1,944,656 1,467,537
NG ACTIVES
7,960,679
29,220,149 22,581,318 33,687,648
-23,806,390 -18,938,448 -37,733,473
-3,217,172 -2,559,801 -3,153,677
-398,458 -277,575 -409,733
1,798,129 8,766,172 -7,609,236
-1,304,498 62,201 741,109
2021 2022
18.01% 12.315.714 20.33%
#VALUE! 2.485.014 #VALUE!
#VALUE! 905.286 0.0015%
#VALUE! 4.888.006 #VALUE!
#VALUE! 4,172,234 6.89% .
#VALUE! 2.874.448 #VALUE!
#VALUE! 1.162.960 #VALUE!
#VALUE! 48.262.872 #VALUE!
#VALUE! 1.637.193 #VALUE!
#VALUE! 40.661.625 #VALUE!
#VALUE! 72.574 0.00012%
#VALUE! 1.714.178 #VALUE!
#VALUE! 4.177.302 #VALUE!
#VALUE! 60,578,586 100.00%
99.17% 70.777.868 #VALUE!
#VALUE! 53.138.968 #VALUE!
#VALUE! 17.638.900 #VALUE!
#VALUE! -10.199.281 #VALUE!
#VALUE! -10.199.281 #VALUE!
#VALUE! 60.578.586 #VALUE!

2021 2022
100.00% 70,959,896 100.00%
0.65% 381,331 0.54%
99.35% 70,578,565 99.46%
135.01% 73,204,397 103.16%
-35.66% -2,625,833 -3.70%
5.54% 1,373,889 1.94%
5.51% 4,163,498 5.87%
2.87% 1,163,370 1.64%
-0.72% 35,678 0.05%
4.41% 2,932,481 4.13%
5.98% 1,875,379 2.64%
-46.74% -10,187,622 -14.36%
1.01% 309,416 0.44%
0.42% 213,092 0.30%
0.59% 96,324 0.14%
-46.15% -10,091,298 -14.22%
0.91% 301,484 0.42%
0.20% -23,400 -0.03%
-47.27% -10,369,381 -14.61%
 2018 2019 2020 2021 2022
LIQUIDITY RATIOS
Current Ratio 0.63 0.61 0.25 0.28 0.23
Quick Ratio 0.52 0.50 0.20 0.22 0.18
EFFICIENCY RATIOS
Inventory turnover 22.94 24.44 25.94 16.85 25.47
Account Receivable Turnover 21.14 22.49 19.78 13.07 16.92
Days’ Sale Inventory 15.91 14.93 14.07 21.66 14.33
Days’ Sale Outstanding 17.26 16.23 18.45 27.94 21.58
Total Asset Turnover 4.76 5.09 4.91 2.46 5.73
Fixed Asset Turnover 1.90 2.09 0.91 0.65 1.74
LEVERAGE (DEPT) RATIOS
Total Dept Ratio 0.77 0.76 0.90 0.99 1.17
Dept - to - Equity 3.41 3.11 9.30 119290.98 -6.94
Equity Multiplier 4.41 4.11 10.30 120290.98 -5.94
Time Interest Earned 3.12 3.33 -10.84 -15.07 -7.67
Cash Coverage 6.34 6.86 -7.64 -12.53 -4.64
PROFITABILITY RATIOS
Gross Profit Margin 12.67% 11.17% -18.35% -35.89% -3.72%
Operating profit margin 5.03% 4.93% -24.75% -43.56% -12.65%
Net Profit Margin 2.68% 2.58% -27.57% -47.58% -14.69%
ROA 3.15% 3.32% -17.87% -21.06% -17.12%
ROE 13.92% 13.64% -184.08% -2533143.78% 101.67%
MARKET VALUE RATIOS
Earning Per Share 1.75 1.65 -7.7 -7.91 -
P/E Ratio 18.86 20.45 -3.68 -2.93 -

Market - to - Book
 BALANCE SHEET
2018 2019
A. CURRENT ASSETS 19,079,293 48.81% 24,458,549
Cash 7,164,923 18.33% 5,364,050
Short-term financial investment 816,900 2.09% 1,144,757
Account Receivable 10,272,635 26.28% 16,755,814
Including: Short term receivables from customer 2,910,377 7.45% 7,614,991
Inventory 468,729 1.20% 747,899
Other current Assets 356,106 0.91% 446,030
B. LONG TERM ASSETS 20,006,886 51.19% 24,400,205
Long term receivables 10,577,337 27.06% 14,969,725
Fixed assets 1,646,373 4.21% 1,304,424
Long-term unfinished assets 1,233,006 3.15% 1,318,401
Long-term financial investments 68,425 0.18% 215,973
Other long-term assets 6,481,746 16.58% 6,591,681
Total Assets 39,086,179 100.00% 48,858,754
A. TOTAL LIABILITIES 25,047,676 64.08% 33,955,922
Current liabilities 14,940,720 38.23% 19,169,599
Long term dept 10,106,955 25.86% 14,786,323
B. TOTAL EQUITY 14,038,503 35.92% 14,902,832
Owner Capital 14,038,503 35.92% 14,902,832
Total funding 39,086,179 100.00% 48,858,754

Income Statement
2018 2019
Total Revenue 53,577,241 100.00% 50,602,936
Revenue redudition 0.00%
Net Revenue 53,577,241 100.00% 50,602,936
Cost of Good Sold 46,085,422 86.02% 44,980,141
Gross Profit 7,491,819 13.98% 5,622,795
Revenue from financial actives 331,577 0.62% 780,496
Financial expenses 918,059 1.71% 1,024,667
Including: Interset Expense 257,505 0.48% 351,418
Share of profits or losses in joint venture associate -88,731 -0.17% -91,807
Sales expense 712,930 1.33% 1,003,522
General & administration expenses 294,777 0.55% 435,654
Net profit from business actives 5,808,899 10.84% 3,847,640
Other revenue 7,856 0.01% 721,382
Other expenses 826 0.00% 372
Other Income 7,030 0.01% 721,011
EBT 5,815,929 10.86% 4,568,651
Current corporate income tax expense 253,597 0.47% 741,649
Deferned coporate income tax expense 227,242 0.42% 19,657
Net income 5,335,090 9.96% 3,807,345

CASH FLOW STATEMENT

2018 2019 2020
I. CASH FLOW FROM BUSINESS ACTIVES
Profit before tax 5,815,929 4,568,651 -244,493
Adjustments for: 923,320 607,734 -236,628
Depreciation of Fixed Assets 146,514 175,156 141,435
Provisions 609,233 1,289,144 -119,581
Net Profit from Investments in Associate Companies 88,731 91,807
Amortization of Fixed Assets 10,507
Unrealized Gain/Loss on Foreign Exchange 51.320 -43,926 30,764
Gain/Loss on Disposal of Fixed Assets -694.598
Gain/Loss from Investment Activities -19.104 -741,819
Interest Income -221,386 -550,933
Interest Revenue -10,333
Interest Expense 257,505 351,418 452,573
Net Profit from Operating Activities before Changes in
6,739,249 5,176,385 -481,121
Working Capital
Increase/Decrease in Accounts Receivable -5.284.490 -7,459,150 -1,032,209
Increase/Decrease in Inventory -201.548 -279,169 35,805
Increase/Decrease in Accounts Payable (Excluding
1.460.880 2,298,995 -824,444
Interest Payable and Corporate Income Tax Payable)
Increase/Decrease in Prepaid Expenses 2,077,117 -970,059 -218,645
Increase/Decrease in Other Current Assets
Interest Paid -254,236 -322,343 -432,836
Corporate Income Tax Paid -108,000 -471,622 -254,508
Other Cash Payments from Operating Activities
Net Cash Flow from Operating Activities 4,428,973 -2,026,963 -3,207,957
II. CASH FLOW FROM INVESTING ACTIVES
Cash Paid for Purchase of Property, Plant, and Equipment
-799,750 -2,594,038 -293,760
and Other Long-Term Assets
Cash Receipt from Disposal and Sale of Property, Plant,
397,277
and Equipment and Other Long-Term Assets
Cash Paid for Loans and Acquisitions of Investments in
-715,757
Other Entities
Cash Receipt from Repayment of Loans and Sales of
1,400 709,757
Investments in Other Entities
Short-Term Investments 1,545,989
Cash Paid for Investments in Other Entities -1,132,840
Interest Received 206,166
Interest, Dividends, and Profits Received 2,833 207,816 329,816
Net Cash Flow from Investing Activities -177,603 -3,100,578 1,143,090
 III. CASH FLOW FROM FINANCING ACTIVES
Cash Receipt from Issuance of Shares and Receipt of
Capital from Shareholders
Cash Payment of Capital to Shareholders and
-2,347,121
Repurchase of Issued Shares
Cash Received from Short-Term and Long-Term
33,529,973 37,607,640 17,804,331
Borrowings
Cash Payment of Principal on Borrowings -35,527,608 -31,317,611 -18,173,618
Dividends and Profits Paid to Shareholders -2,016,956 -543,112
Net Cash Flow from Financing Activities -4,014,591 3,399,796 -369,287
Net Cash Flow 2,234,414 -5,670,653 -2,064,867
NCE SHEET
2019 2020 2021 2022
50.06% 25,382,769 56.16% 26,866,733 52.01% 33,587,473 49.37%
10.98% 2,926,426 6.47% 1,868,253 3.62% 1,858,262 2.73%
2.34% 604,000 1.34% 859,475 1.66% 687,775 1.01%
34.29% 20,896,414 46.23% 23,261,094 45.03% 29,729,804 43.70%
15.59% 8,595,121 19.02% 11,452,445 22.17% 12,402,310 18.23%
1.53% 712,093 1.58% 811,247 1.57% 982,716 1.44%
0.91% 243,836 0.54% 66,663 0.13% 328,915 0.48%
49.94% 19,814,061 43.84% 24,786,971 47.99% 34,449,492 50.63%
30.64% 12,969,528 28.70% 16,889,287 32.70% 21,238,146 31.22%
2.67% 850,496 1.88% 1,158,452 2.24% 5,709,719 8.39%
2.70% 804,241 1.78% 500,761 0.97% 308,750 0.45%
0.44% 198,244 0.44% 149,417 0.29% 149,417 0.22%
13.49% 4,991,551 11.04% 6,089,055 11.79% 7,043,460 10.35%
100.00% 45,196,830 100.00% 51,653,704 100.00% 68,036,964 100.00%
69.50% 30,218,431 66.86% 34,799,494 67.37% 53,138,670 78.10%
39.23% 19,833,799 43.88% 15,522,181 30.05% 30,417,319 44.71%
30.26% 10,384,633 22.98% 19,277,313 37.32% 22,721,351 33.40%
30.50% 14,978,399 33.14% 16,854,210 32.63% 14,898,295 21.90%
30.50% 14,978,399 33.14% 16,854,210 32.63% 14,898,295 21.90%
100.00% 45,196,830 100.00% 51,653,704 100.00% 68,036,964 100.00%

e Statement
2019 2020 2021 2022
100.00% 18,220,293 100.00% 12,874,920 100.00% 40,141,863 100.00%
0.00% 0.00% 0.00% 0.00%
100.00% 18,220,293 100.00% 12,874,920 100.00% 40,141,863 100.00%
88.89% 19,632,221 107.75% 14,913,724 115.84% 42,135,151 104.97%
11.11% -1,411,928 -7.75% -2,038,804 -15.84% -1,993,288 -4.97%
1.54% 970,430 5.33% 4,032,772 31.32% 2,246,221 5.60%
2.02% 419,416 2.30% 806,255 6.26% 2,483,054 6.19%
0.69% 452,573 2.48% 804,783 6.25% 1,383,641 3.45%
-0.18% -17,729 -0.10% -42,271 -0.33% 0.00%
1.98% 764,076 4.19% 607,756 4.72% 936,344 2.33%
0.86% 374,847 2.06% 365,729 2.84% 534,452 1.33%
7.60% -2,017,567 -11.07% 171,957 1.34% -3,700,917 -9.22%
1.43% 1,779,506 9.77% 16,202 0.13% 1,316,105 3.28%
0.00% 6,432 0.04% 7,779 0.06% 263,847 0.66%
1.42% 1,773,074 9.73% 8,423 0.07% 1,052,258 2.62%
9.03% -244,493 -1.34% 180,380 1.40% -2,648,659 -6.60%
1.47% 13,462 0.07% 14,028 0.11% 172,104 0.43%
0.04% (326,620) -1.79% 86,692 0.67% -558,788 -1.39%
 7.52% 68,665 0.38% 79,659 0.62% -2,261,975 -5.63%

2021 2022

180,380 -2,648,659
2,127,427 2,787,382
98,078 79,734
1,248,753 1,915,036

220,651 -159,922

-244,838 -431,108

804,783 1,383,641
2,307,806 138,723
-5,591,418 -10,296,343
-99,154 -171,469
-1,689,497 10,128,854
-866,941 -473,124

-546,701 -1,399,077
-11,391 -140,133
-53,526 -180,858
-6,550,822 -2,393,429

-174,909 -1,217,475

802 1,019

-954,307 -238,446

6,556

-21,806

260,368 336,907
-883,295 -1,117,995
 2,348,655

17,361,032 29,657,737
-13,316,544 -26,177,922

6,393,143 3,479,815
-7,434,117 -3,511,424
 2018 2019 2020 2021 2022
LIQUIDITY RATIOS
Current Ratio 1.28 1.28 1.28 1.73 1.10
Quick Ratio 1.25 1.24 1.24 1.68 1.07
EFFICIENCY RATIOS
Inventory turnover 98.32 60.14 27.57 18.38 42.88
Account Receivable Turnover 18.41 6.65 2.12 1.12 3.24
Days’ Sale Inventory 3.71 6.07 13.24 19.85 8.51
Days’ Sale Outstanding 19.83 54.93 172.18 324.67 112.77
Total Asset Turnover 2.81 2.07 0.72 0.48 1.20
Fixed Asset Turnover 32.54 38.79 21.42 11.11 7.03
LEVERAGE (DEPT) RATIOS
Total Dept Ratio 0.64 0.69 0.67 0.67 0.78
Dept - to - Equity 1.78 2.28 2.02 2.06 3.57
Equity Multiplier 2.78 3.28 3.02 3.06 4.57
Time Interest Earned 23.59 14.00 0.46 1.22 -0.91
Cash Coverage 24.20 15.73 0.77 1.35 -0.86
PROFITABILITY RATIOS
Gross Profit Margin 13.98% 11.11% -7.75% -15.84% -4.97%
Operating profit margin 11.34% 9.72% 1.14% 7.65% -3.15%
Net Profit Margin 9.96% 7.52% 0.38% 0.62% -5.63%
ROA 13.65% 7.79% 0.15% 0.15% -3.32%
ROE 38.00% 25.55% 0.46% 0.47% -15.18%
MARKET VALUE RATIOS
Earning Per Share
P/E Ratio
Market - to - Book