Dong Dien Cty Dong Hai-DVKD Tinh Toan

EAST OCEAN REAL ESTATE & TOURIST J-S CO.
SHERATON NHA TRANG HOTEL & SPA

Year
ASSUMPTIONS
Days count
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
365
Room Available
Room Count
Occupancy Rate
Average Room Rate / (RevPAR)
ARR % change
280
280
280
280
280
280
280
280
280
280
280
280
61%
54%
54%
60%
61%
62%
63%
64%
65%
66%
66%
66%
116
119
112
117
123
129
133
136
138
140
141
143
12%
2%
-6%
5%
5%
5%
3%
2%
2%
1%
1%
1%
66.1%
63.5%
61.9%
63.8%
64.4%
65.5%
65.9%
66.3%
66.6%
66.6%
66.5%
66.3%
13%
12.8%
14.2%
14.2%
14.0%
14.0%
14.0%
14.0%
13%
13%
13%
12%
28.1%
29.0%
31.5%
28.4%
27.4%
26.6%
26.1%
25.8%
25.6%
25.5%
25.6%
25.8%
4.9%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
53.9%
53.9%
53.7%
53.5%
53.5%
53.5%
53.5%
53.5%
53.5%
53.5%
1.9%
ROOMS DEPARTMENT
% Total sales
Expenses
% deparment sales
FOOD & BEVERAGE DEPARTMENT

% Total sales
% growth
Expenses
% deparment sales
56.4%
57.0%
MINOR OPERATED DEPARTMENT

% Total sales
3.4%
% growth
Expenses
% deparment sales
30.9%
3.4%
2.1%
2.0%
1.9%
1.9%
1.8%
1.8%
1.8%
1.9%
1.9%
-4.8%
-40.0%
3%
3%
3%
3%
3%
3%
3%
3%
3%
33.0%
37.0%
33.0%
31.0%
31.0%
31.0%
31.0%
31.0%
31.0%
31.0%
31.0%
0.1%
TELEPHONE DEPARTMENT
% Total sales
0.3%
% growth
Expenses
% growth
0.2%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
-55%
-51%
2%
2%
2%
2%
2%
2%
2%
2%
2%
605%
750%
750%
750%
750%
750%
750%
750%
750%
750%
750%
72.0%
9.7%
48.7%
13.6%
1.3%
6.4%
0.4%
1.7%
4.1%
0.4%
0.4%
RENTS AND OTHER INCOME

% growth
1.6%
Sales
Shop Rental
% growth
22%
Basement 1 - Eva
284
Basement 2
490
Lounge
520
30.75
2%
5%
5%
3%
3%
1%
1%
1%
1%
1%
30.75
30.75
30.75
32.00
32.00
32.00
35.00
35.00
35.00
35.00
14.00
14.00
28.00
28.00
30.00
30.00
30.00
33.00
33.00
33.00
20.00
20.00
20.00
25.00
25.00
25.00
27.00
27.00
27.00
Interest Income
% total
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
Others (Tour operation)
% total
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Expenses
EXPENDITURE
% sales
75%
0%
Administrative & General
% total sales
8.2%
8.1%
7.3%
7.3%
7.3%
7.3%
7.3%
7.3%
7.3%
7.3%
7.3%
Sales & Marketing
% total sales
4.6%
4.6%
4.2%
4.4%
4.6%
4.8%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
19.4
20.7
20.1
20.3
20.5
20.7
20.9
21.1
21.3
21.5
21.7
22.0
Heat, Light & Power

Per room occupied
% growth
Repairs & Maintenance
% total sales
7.3%
7%
-3%
1%
1%
1%
1%
1%
1%
1%
1%
1%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
FIXED CHARGES
Management fee
- Base Fee
(% Total Sales)
2%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
- License Fee
(% Total room sales
0%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
- Incentive Fee
(% GOP)
6%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
- Reservations
(% Total room sales
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
- Reservations
(USD per room key)
0%
13%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
HOTEL PROJECTION
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
TOTAL SALES
###
###
###
###
###
###
###
###
###
###
###
###
- Witholding tax rate

FF & E Reserve
(% Total Sales)
ROOMS DEPARTMENT
Sales
7,183,182 7,668,047
8,183,440
8,564,894
8,874,861 9,193,802
9,428,597
9,522,883
9,618,112
872,449
1,017,857 1,073,527
1,145,682
1,199,085
1,242,481 1,195,194
1,206,860
1,199,883
1,192,646
6,374,076
5,709,478 5,284,564
6,165,325 6,594,520
7,037,758
7,365,809
7,632,381 7,998,607
8,221,737
8,323,000
8,425,466
Food & Beverage Sales
3,103,822
2,990,492 3,135,531
3,198,241 3,262,206
3,327,450
3,393,999
3,461,879 3,531,117
3,601,739
3,673,774
3,747,250
Food & Beverage Cost
1,749,317
1,704,580 1,688,483
1,722,253 1,750,174
1,778,522
1,814,093
1,850,375 1,887,382
1,925,130
1,963,632
2,002,905
Departmental Profit
1,354,506
1,285,912 1,447,047
1,475,988 1,512,033
1,548,928
1,579,907
1,611,505 1,643,735
1,676,610
1,710,142
1,744,345
278,446
Expenses
Departmental Profit
7,311,148
937,072
6,547,566 6,157,013
838,088
FOOD & BEVERAGE DEPARTMENT
MINOR OPERATED DEPARTMENT

Sales
373,609
355,676
213,405
219,807
226,402
233,194
240,190
247,395
254,817
262,462
270,335
Expenses
115,335
117,373
78,960
72,536
70,185
72,290
74,459
76,693
78,993
81,363
83,804
86,318
Departmental Profit
258,274
238,303
134,445
147,271
156,217
160,904
165,731
170,703
175,824
181,099
186,531
192,127
TELEPHONE DEPARTMENT
Sales
37,635
16,936
8,299
8,464
8,634
8,806
8,983
9,162
9,345
9,532
9,723
9,917
Expenses
114,504
102,461
62,239
63,484
64,753
66,048
67,369
68,717
70,091
71,493
72,923
74,381
Departmental Profit
(76,869)
(85,526)
(53,940)
(55,019)
(56,120)
(57,242)
(58,387)
(59,555)
(60,746)
(61,961)
(63,200)
(64,464)
RENTS AND OTHER INCOME
Sales
Shop Rental
232,229
399,340
438,268
651,586
740,310
749,612
797,710
801,272
815,094
848,848
852,519
57,500
70,191
71,595
75,175
78,933
81,301
83,740
84,578
85,424
86,278
87,141
88,012
69,862
104,793
104,793
104,793
109,056
109,056
109,056
119,280
119,280
119,280
119,280
Basement 1 - Eva
856,226
Basement 2
82,320
164,640
164,640
176,400
176,400
176,400
194,040
194,040
194,040
Lounge
124,800
124,800
124,800
156,000
156,000
156,000
168,480
168,480
168,480
Interest Income
Expenses
Departmental Profit
GROSS OP. INCOME
31,068
65,812
66,470
67,135
67,806
68,484
69,169
69,861
70,559
71,265
71,978
72,697
143,661
193,475
195,410
197,364
199,337
201,331
203,344
205,378
207,431
209,506
211,601
213,717
112,064
112,064
120,165
399,340
438,268
651,586
740,310
749,612
797,710
801,272
815,094
848,848
852,519
856,226
### 8,385,151 8,946,960 9,439,961 9,850,769
###
###
###
###
###
1,063,579
8,030,151 7,547,506
LESS EXPENDITURE
Administrative & General
908,739
830,987
729,519
825,452
872,680
916,433
953,323
981,822 1,011,846
Sales & Marketing
505,792
474,776
418,006
495,496
547,658
600,120
650,289
669,729
1,243,235 1,276,595
1,310,498
1,344,951
312,563
325,144
Heat, Light & Power
1,219,818
Repairs & Maintenance
309,038
1,140,614 1,107,833
257,750
248,813
281,532
297,640
1,037,281
1,050,333
690,209
707,559
716,462
725,498
1,379,963 1,415,540
1,451,690
1,466,207
1,480,869
353,779
358,231
362,749
334,864
345,104
TOTAL UNDISTRIBUTED EXPENSES
2,943,386 2,704,127
### 2,845,715 2,994,573 3,139,614 3,273,708 3,366,377 3,462,699 3,550,310 3,591,233 3,632,695
GROSS OPERATING PROFIT
5,086,765 4,843,379
### 5,539,437 5,952,388 6,300,347 6,577,061 6,789,929 7,109,816 7,316,023 7,417,760 7,521,006
LESS FIXED CHARGES

Management fee
665,300
604,297
588,793
679,240
725,495
765,683
798,283
823,399
857,222
880,886
892,716
222,069
210,324
203,031
229,730
242,874
255,051
265,318
273,249
281,605
288,684
292,316
296,003
339,037
332,235
387,761
416,667
441,024
460,394
475,295
497,687
512,122
519,243
526,470
75,230
54,936
53,527
61,749
65,954
69,608
72,571
74,854
77,929
80,081
81,156
82,247
331,753
378,377
398,101
450,451
476,224
500,100
520,231
535,783
552,167
566,047
573,169
580,398
997,053
982,674
986,894 1,129,691 1,201,719 1,265,783 1,318,514 1,359,181 1,409,389 1,446,933 1,465,885 1,485,119
4,089,712 3,860,705
### 4,409,745 4,750,668 5,034,564 5,258,547 5,430,747 5,700,427 5,869,089 5,951,875 6,035,887
- Base Fee
(% Total Sales)
- License Fee
(% Total room sales
- Incentive Fee
(% GOP)
- Reservations
(% Total room sales
41,902
- Reservations
(USD per room key)
- Witholding tax rate

FF & E Reserve
TOTAL FIXED CHARGES
NET OPERATING PROFIT
(% Total Sales)
326,099
904,721
WALL ST. TRAINING

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1
2
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25
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29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45

SHERATON NHA TRANG HOTEL & SPA
(All figures in millions, exce
Fiscal
Revenue
Net Sales
Other Revenue, net
Total Revenue
Cost of Sales
Gross Profit
Selling expenses
G&A expenses
Operating Income
Interest Expense
Capital Lease Interest
Interest income
Other non-opex income /
Pre-Tax Income
Income Taxes
Minority Interest
Net Income
1
Actual
2013
2
Estimated
2014
10,908,860 10,310,009
###
###
(6,411,249) (5,979,805)
4,497,611 4,330,204
(499,960)
(462,204)
(2,720,329) (2,519,444)
1,277,322 1,348,556
(4,598,235) (3,982,571)
37,095
99,057
(1,554,357)
(218,596)
###
###
###
###
2015
2016
9,952,515
9,952,515
(5,672,934)
4,279,582
(436,225)
(2,382,321)
1,461,036
(2,509,637)
190,231
(245,868)
###
###
11,261,282
###
(6,306,318)
4,954,964
(482,328)
(2,639,292)
1,833,344
(2,393,611)
249,029
(235,868)
(547,107)
(547,107)
5
2017
6
2018
7
2019
8
2020
11,905,598 12,502,503 13,005,775

###
###
###
(6,607,607) (6,813,864) (7,049,130)
5,297,991 5,688,639 5,956,645
(498,019)
(510,485)
(518,028)
(2,730,772) (2,805,171) (2,853,061)
2,069,201 2,372,983 2,585,556
(2,258,336) (2,101,060) (1,916,284)
296,397
354,058
412,235
(222,368)
(204,868)
(182,368)
(115,106)
421,113
899,139
(90,588)
(115,106)
421,113
808,551
9
2021
13,394,570
###
(7,219,673)
6,174,897
(506,725)
(2,911,561)
2,756,611
(1,717,758)
468,875
(157,368)
1,350,360
(270,072)
1,080,288
13,804,176
###
(7,371,430)
6,432,746
(494,612)
(2,959,184)
2,978,950
(1,516,482)
516,684
(131,868)
1,847,284
(369,457)
1,477,827
Income Statement Assumptions

Net Sales Growth
Other Revenue, net Growth
NA
NA
(5.5)%
0.0%
(3.5)%
0.0%
13.2%
0.0%
5.7%
0.0%
5.0%
0.0%
4.0%
###
3.0%
0.0%
3.1%
0.0%
COGS, % of Net Sales

59%
Selling expenses, % of Net S
4.6%
G&A expenses, % of Rev
24.9%
Other non-opex income / (expense)
58%
4.5%
24.4%
(218,596)
57%
4.4%
23.9%
(245,868)
56%
4.3%
23.4%
(235,868)
56%
4.2%
22.9%
(222,368)
55%
4.1%
22.4%
(204,868)
54%
4.0%
21.9%
(182,368)
54%
3.8%
21.7%
(157,368)
53%
3.6%
21.4%
(131,868)
NA
0.0%
0.0%
0.0%
0.0%
0.0%
###
0.0%
0.0%
0.0%
22.0%
22.0%
20.0%
20.0%
20.0%
###
20.0%
20.0%
2,110,444
19.3%
2,161,099
20.0%
2,149,188
20.0%
2,045,845
20.0%
2,002,796
20.0%
1,996,146
20.0%
2,091,943
20.0%
1,648,192
20.0%
1,493,580
20.0%
Minority Interest Growth

Effective Tax Rate
Depreciation & Amortization
D&A, % of Net Revenue
269934321.xlsx<IS_EO>
Hamilton Lin, CFA, www.wallst-training.com
WALL ST. TRAINING

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D
E
46
47 GW Amortization
GW_beg balance
48
GW Amrtn, % of GW_beg
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
269934321.xlsx<IS_EO>
G
N/A
10.0%
H
10.0%
I
10.0%
J
10.0%
K
10.0%
10.0%
10.0%
N
10.0%
WALL ST. TRAINING

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88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
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105
106
107
108
109
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269934321.xlsx<IS_EO>
WALL ST. TRAINING

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32
33
34
35
36
37
38
39
40
41
42
43
44
45
10
2022
11
2023
12
2024
14,151,179
###
(7,485,974)
6,665,205
(492,894)
(3,033,571)
3,138,740
(1,312,456)
569,387
(105,868)
2,289,804
(457,961)
1,831,843
14,329,235
###
(7,508,519)
6,820,716
(499,096)
(3,071,740)
3,249,880
(1,105,680)
634,653
(79,368)
2,699,485
(539,897)
2,159,588
14,509,951
###
(7,530,664)
6,979,286
(505,391)
(3,110,480)
3,363,416
(894,450)
711,244
(52,058)
3,128,151
(625,630)
2,502,521
2.5%
0.0%
1.3%
0.0%
1.3%
0.0%
53%
3.5%
21.4%
(105,868)
52%
3.5%
21.4%
(79,368)
52%
3.5%
21.4%
(52,058)
0.0%
0.0%
0.0%
20.0%
20.0%
20.0%
1,364,842
20.0%
1,328,631
20.0%
1,310,677
20.0%
269934321.xlsx<IS_EO>
WALL ST. TRAINING

O
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
10.0%
269934321.xlsx<IS_EO>
P
10.0%
10.0%
WALL ST. TRAINING

O
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
269934321.xlsx<IS_EO>
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25
26
27
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30
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34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
WALL ST. TRAINING

M
Actual
2013
Estimated
2014
2015
Projected
2016
2017
2018
2019

Balance Sheet
(VND in millions, except per share data)
Fiscal
ASSETS
Current Assets
Cash & Equivalents
Receivables
Inventories
Prepaid Expenses and Other
Total Current Assets
Net PPE
Net Capital Leases
Goodwill
Other Assets and Deferred Charges
TOTAL ASSETS
LIABILITIES
Current Liabilities
Commercial Paper
Revolver
Accounts Payable
Accrued Liabilities
Accrued Income Taxes
Current Portion of Long-Term Debt
1,650,943
266,087
128,751
114,308
2,160,089
3,170,513
245,831
118,448
108,033
3,642,826
4,150,481
231,853
110,816
104,287
4,597,437
4,939,955
256,172
121,460
118,001
5,435,588
5,900,961
261,043
127,263
124,753
6,414,020
6,870,581
274,131
131,236
131,007
7,406,955
7,814,579
285,166
135,767
136,281
8,371,792
50,865,019
1,415,973
54,441,082
49,153,744
1,237,201
54,033,771
47,004,556
1,194,302
52,796,295
44,958,711
1,351,354
51,745,652
42,955,914
1,428,672
50,798,606
40,959,768
1,500,300
49,867,023
38,867,825
1,560,693
48,800,311
271,883
777,303
105,257
4,521,538
###
252,967
1,789,217
105,257
1,478,066
239,701
2,113,462
105,257
1,878,066
266,135
2,437,707
105,257
2,178,066
277,665
2,761,952
105,257
2,678,066
285,940
3,086,196
105,257
3,178,066
294,146
3,410,441
105,257
3,178,066
898,382
6,574,362
898,382
4,523,890
898,382
5,234,868
898,382
5,885,547
898,382
6,721,322
898,382
7,553,841
898,382
7,886,292
Long-Term Debt
Capital Leases
Deferred Income Taxes & Other
TOTAL LIABILITIES
46,875,515
7,272,093
60,721,970
38,207,982
7,272,093
50,003,965
36,329,916
7,272,093
48,836,877
34,151,850
7,272,093
47,309,490
31,473,784
7,272,093
45,467,199
28,295,718
7,272,093
43,121,652
25,117,652
7,272,093
40,276,037
SHAREHOLDERS' EQUITY
Common Stock
APIC
Retained Earnings
Funds and other
Minority Interest
TOTAL SHAREHOLDERS' EQUITY
26,861,274
(31,062,883)
(2,079,279)
(6,280,888)
26,861,274
11,370,000
(32,122,189)
(2,079,279)
4,029,806
26,861,274
11,370,000
(32,192,577)
(2,079,279)
3,959,418
26,861,274
11,370,000
(31,715,833)
(2,079,279)
4,436,162
26,861,274
11,370,000
(30,820,588)
(2,079,279)
5,331,407
26,861,274
11,370,000
(29,406,624)
(2,079,279)
6,745,371
26,861,274
11,370,000
(27,627,721)
(2,079,279)
8,524,274
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
54,441,082
54,033,771
52,796,295
51,745,652
50,798,606
49,867,023
48,800,311
Other current liabilities

Total Current Liabilities
Check
Total Revenue
269934321.xlsx<BS_EO>
(0)
10,908,860
(0)
10,310,009
(0)
9,952,515
(0)
11,261,282
(0)
11,905,598
(0)
12,502,503
(0)
13,005,775
Hamilton Lin, www.wallst-training.com
A B
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Cost of Sales
Selling expenses
G&A expenses
Total Expenses
Days Receivable Outstanding
Days Inventories Outstanding
Prepaid, % of Revenue
Other Assets, % of Revenue
Days Payable Outstanding
269934321.xlsx<BS_EO>
6,411,249
499,960
2,720,329
9,631,537
8.9
7.3
1%
13%
10
5,979,805
462,204
2,519,444
8,961,454
8.7
7.2
1%
12%
10
5,672,934
436,225
2,382,321
8,491,480
8.5
7.1
1%
12%
10
6,306,318
482,328
2,639,292
9,427,938
8.3
7.0
1%
12%
10
WALL ST. TRAINING

M
6,607,607
498,019
2,730,772
9,836,398
8.0
7.0
1%
12%
10
6,813,864
510,485
2,805,171
10,129,520
8.0
7.0
1%
12%
10
7,049,130
518,028
2,853,061
10,420,219
8.0
7.0
1%
12%
10
A B
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269934321.xlsx<BS_EO>
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29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
2020
2021
2022
2023
2024
8,611,395
293,690
139,052
107,157
9,151,294
9,489,785
302,671
141,975
110,433
10,044,864
10,577,553
310,280
144,181
113,209
11,145,223
11,854,061
314,184
144,615
114,634
12,427,494
13,365,892
318,146
145,041
116,080
13,945,159
37,219,633
1,607,348
47,978,275
35,726,053
1,656,501
47,427,418
34,361,211
1,698,141
47,204,575
33,032,580
1,719,508
47,179,582
31,721,903
1,741,194
47,408,256
300,292
3,734,686
105,257
3,278,066
305,578
4,058,931
105,257
3,278,066
310,863
4,383,175
105,257
3,378,066
312,752
4,707,420
105,257
3,440,029
314,648
5,031,665
105,257
7,134,434
898,382
8,316,683
898,382
8,646,214
898,382
9,075,744
898,382
9,463,841
898,382
13,484,386
21,839,586
7,272,093
37,428,362
18,561,520
7,272,093
34,479,827
15,183,454
7,272,093
31,531,291
11,743,425
7,272,093
28,479,358
4,608,991
7,272,093
25,365,470
26,861,274
11,370,000
(25,602,082)
(2,079,279)
10,549,913
26,861,274
11,370,000
(23,204,404)
(2,079,279)
12,947,591
26,861,274
11,370,000
(20,478,710)
(2,079,279)
15,673,285
26,861,274
11,370,000
(17,451,771)
(2,079,279)
18,700,223
26,861,274
11,370,000
(14,109,209)
(2,079,279)
22,042,786
47,978,275
47,427,418
47,204,575
47,179,582
47,408,256
(0)
13,394,570
269934321.xlsx<BS_EO>
(0)
13,804,176
(0)
14,151,179
(0)
14,329,235
WALL ST. TRAINING
(0)
14,509,951
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90
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7,219,673
506,725
2,911,561
10,637,959
8.0
7.0
1%
12%
10
269934321.xlsx<BS_EO>
7,371,430
494,612
2,959,184
10,825,226
8.0
7.0
1%
12%
10
7,485,974
492,894
3,033,571
11,012,439
8.0
7.0
1%
12%
10
7,508,519
499,096
3,071,740
11,079,355
8.0
7.0
1%
12%
10
WALL ST. TRAINING
7,530,664
505,391
3,110,480
11,146,535
8.0
7.0
1%
12%
10
WALL ST. TRAINING
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269934321.xlsx<BS_EO>
WALL ST. TRAINING

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44
45
46
Estimated
2014
2015
Projected
2016
2017
2018
2019
2020
240,876
2,045,845
235,868
672,877
2,002,796
222,368
1,209,096
1,996,146
204,868
1,596,534
2,091,943
182,368
1,868,271
1,648,192
157,368

Cash Flow Statement
Fiscal
Cash From Operating Activities:
Net Income
Plus: Depreciation & Amortization
Plus: GW Amortization
Plus: Unrealized FX gain / (loss)
(1,277,902)
2,161,099
218,596
(316,256)
2,149,188
245,868
Changes in Working Capital:

(Increase)/Decrease in Receivables
(Increase)/Decrease in Inventories
(Increase)/Decrease in Prepaid Expenses and Other
(Increase)/Decrease in Other Assets and Deferred Charges
Increase/(Decrease) in Accounts Payable
Increase/(Decrease) in Accrued Liabilities
Total Change in Working Capital
Total Cash From Operating Activities
20,256
10,303
6,275
178,772
(18,915)
1,011,915
1,208,605
2,310,398
13,977
7,633
3,746
42,899
(13,267)
324,245
379,234
2,458,034
(24,318)
(10,645)
(13,714)
(157,052)
26,435
324,245
144,950
2,667,540
(4,871)
(5,803)
(6,751)
(77,318)
11,530
324,245
241,031
3,139,073
(13,088)
(3,973)
(6,255)
(71,629)
8,274
324,245
237,576
3,647,686
(11,035)
(4,531)
(5,274)
(60,393)
8,206
324,245
251,219
4,122,064
(8,525)
(3,285)
29,124
(46,655)
6,146
324,245
301,051
3,974,882
10,310,009
1%
(449,824)
(449,824)
9,952,515
1%
-
11,261,282
1%
-
11,905,598
0%
-
12,502,503
0%
-
13,005,775
0%
-
13,394,570
0%
-
Cash From Investing Activities:

CAPEX:
Net sales
% Net sales
(Increase)/Decrease in Capital Expenditures
Total Cash From Investing Activities
Net D in PPE
Cash From Financing Activities:
Issuance of Common Stock
Common Stock Dividends
Net (Purchase) / Reissuance of Treasury Stock
Cash Available / (Required) Before Debt
870,000
2,730,575
2,458,034
2,667,540
3,139,073
3,647,686
4,122,064
3,974,882
Debt Borrowing / (Repayment)

Total Cash From Financing Activities
(1,211,004)
(341,004)
(1,478,066)
(1,478,066)
(1,878,066)
(1,878,066)
(2,178,066)
(2,178,066)
(2,678,066)
(2,678,066)
(3,178,066)
(3,178,066)
(3,178,066)
(3,178,066)
Beginning Cash Balance
1,650,943
3,170,513
4,150,481
4,939,955
5,900,961
6,870,581
7,814,579
Change in Cash
Ending Cash Balance
Average Cash Balance
1,519,570
3,170,513
2,410,728
979,968
4,150,481
3,660,497
789,474
4,939,955
4,545,218
961,007
5,900,961
5,420,458
969,620
6,870,581
6,385,771
943,998
7,814,579
7,342,580
796,816
8,611,395
8,212,987
269934321.xlsx<CF_EO>
WALL ST. TRAINING

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WALL ST. TRAINING

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269934321.xlsx<CF_EO>
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26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
2021
2022
2023
2024
2,265,810
1,493,580
131,868
2,619,826
1,364,842
105,868
2,947,571
1,328,631
79,368
3,290,504
1,310,677
52,058
(8,981)
(2,923)
(3,277)
(49,153)
5,286
324,245
265,198
4,156,456
(7,608)
(2,206)
(2,776)
(41,640)
5,285
324,245
275,298
4,365,834
(3,904)
(434)
(1,424)
(21,367)
1,889
324,245
299,004
4,654,574
(3,962)
(427)
(1,446)
(21,686)
1,896
324,245
298,621
4,951,860
13,804,176
0%
-
14,151,179
-1%
-
14,329,235
-1%
-
14,509,951
-1%
-
4,156,456
4,365,834
4,654,574
4,951,860
(3,278,066)
(3,278,066)
(3,278,066)
(3,278,066)
(3,378,066)
(3,378,066)
(3,440,029)
(3,440,029)
8,611,395
9,489,785
10,577,553
11,854,061
878,390
9,489,785
9,050,590
1,087,768
10,577,553
10,033,669
1,276,508
11,854,061
11,215,807
1,511,831
13,365,892
12,609,976
269934321.xlsx<CF_EO>
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269934321.xlsx<CF_EO>
WALL ST. TRAINING

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Debt Schedule
2018
2019
2020
-1

Estimated
2014
Fiscal
Projected
2016
2017
2015
Cash Available/(Required) Before Debt

Plus: Beginning Cash on Balance Sheet
Less: Minimum Cash Balance
2,730,575
1,650,943
-
2,458,034
3,170,513
-
2,667,540
4,150,481
-
3,139,073
4,939,955
-
3,647,686
5,900,961
-
4,122,064
6,870,581
-
3,974,882
7,814,579
-
Mandatory Debt Repayment

Cash Before Discretionary Debt Repayment / (Borrowin
(1,211,004)
3,170,513
(1,478,066)
4,150,481
(1,878,066)
4,939,955
(2,178,066)
5,900,961
(2,678,066)
6,870,581
(3,178,066)
7,814,579
(3,178,066)
8,611,395
21,068,467
6,501,121
Tranche 1
Beginning Balance
Exim - USD

Ending Balance
Average Balance
Tranche 2
Beginning Balance
7,760,868
14,660,842
7,760,868
6,899,974
14,660,842
11,210,855
3,480,189
480,189
480,189
480,189
480,189
480,189
480,189
3,480,189
(3,000,000)
480,189
1,980,189
480,189
480,189
480,189
480,189
480,189
480,189
480,189
480,189
480,189
480,189
480,189
480,189
2,784,151
784,151
784,151
784,151
784,151
784,151
784,151
2,784,151
(2,000,000)
784,151
1,784,151
784,151
784,151
784,151
784,151
784,151
784,151
784,151
784,151
784,151
784,151
784,151
784,151
5,966,038
2,466,038
2,466,038
2,466,038
2,466,038
2,466,038
2,466,038
5,966,038
(3,500,000)
2,466,038
4,216,038
2,466,038
2,466,038
2,466,038
2,466,038
2,466,038
2,466,038
2,466,038
2,466,038
2,466,038
2,466,038
2,466,038
2,466,038
7,458,726
6,780,660
6,102,594
5,424,528
4,746,462
4,068,396
3,390,330
###
(14,567,346)
6,501,121
13,784,794
Exim - VND

Ending Balance
Average Balance
Tranche 3
Beginning Balance
Cypress

Ending Balance
Average Balance
`
Tranche 4
Beginning Balance
Cypress

Ending Balance
Average Balance
`
Tranche 5
Beginning Balance
Cypress

Ending Balance
Average Balance
`
Tranche 6
Beginning Balance
269934321.xlsx<Debt_EO>
KDL - 165bn
WALL ST. TRAINING

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84
85
86

Ending Balance
Average Balance
7,458,726
(678,066)
6,780,660
7,119,693
(678,066)
6,102,594
6,441,627
(678,066)
5,424,528
5,763,561
(678,066)
4,746,462
5,085,495
(678,066)
4,068,396
4,407,429
(678,066)
3,390,330
3,729,363
(678,066)
2,712,264
3,051,297
`
Tranche 7
Beginning Balance
KDL - 151bn

Ending Balance
Average Balance
7,134,434
7,134,434
7,134,434
7,134,434
7,134,434
7,134,434
7,134,434
7,134,434
7,134,434
7,134,434
7,134,434
7,134,434
7,134,434
7,134,434
7,134,434
7,134,434
7,134,434
7,134,434
7,134,434
7,134,434
7,134,434
2,878,613
878,613
878,613
878,613
878,613
878,613
878,613
(2,000,000)
878,613
1,878,613
878,613
878,613
878,613
878,613
878,613
878,613
878,613
878,613
878,613
878,613
878,613
878,613
21,161,963
20,361,963
19,161,963
17,661,963
15,661,963
13,161,963
(800,000)
20,361,963
20,761,963
(1,200,000)
19,161,963
19,761,963
(1,500,000)
17,661,963
18,411,963
(2,000,000)
15,661,963
16,661,963
(2,500,000)
13,161,963
14,411,963
(2,500,000)
10,661,963
11,911,963
`
Tranche 8
Beginning Balance
Cypress

Ending Balance
Average Balance
2,878,613
`
Tranche 9
Beginning Balance
VIB
0
-

Ending Balance
Average Balance
21,161,963
21,161,963
21,161,963
`
Revolver
Beginning Balance
Discretionary Sweep
Ending Balance
Average Balance
Total Debt, Beginning Balance

Less: Mandatory Debt Repayment
40,897,053
(1,211,004)
39,686,048
(1,478,066)
38,207,982
(1,878,066)
36,329,916
(2,178,066)
34,151,850
(2,678,066)
31,473,784
(3,178,066)
28,295,718
(3,178,066)
Revolver Debt Borrowing / (Repayment)

Total Debt, Ending Balance
Less: Current Portion
39,686,048
(1,478,066)
38,207,982
(1,878,066)
36,329,916
(2,178,066)
34,151,850
(2,678,066)
31,473,784
(3,178,066)
28,295,718
(3,178,066)
25,117,652
(3,278,066)
Less: Revolver
Total Debt, less Current Portion
38,207,982
36,329,916
34,151,850
31,473,784
28,295,718
25,117,652
21,839,586
1,650,943
3,170,513
2,410,728
3,170,513
4,150,481
3,660,497
4,150,481
4,939,955
4,545,218
4,939,955
5,900,961
5,420,458
5,900,961
6,870,581
6,385,771
6,870,581
7,814,579
7,342,580
7,814,579
8,611,395
8,212,987
Beginning Cash Balance

Ending Cash Balance
Average Cash Balance
Note: Fiscal year ends January 31 of the next year.
WALL ST. TRAINING

A B
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
Estimated
2014
2015
2016
2017
2018

Interest Schedule
($ in millions)
Fiscal Year Ending October 31,
Interest Rates
Cash & Cash Equivalents
Tranche 1
Tranche 2
Tranche 3
Tranche 4
Tranche 5
Tranche 6
Tranche 7
Tranche 8
Tranche 9
Revolver
Exim - USD
Exim - VND
Cypress
Cypress
Cypress
KDL - 165bn
KDL - 151bn
Cypress
VIB
Interest Income
Cash & Cash Equivalents
Interest Expense
Tranche 1
Tranche 2
Tranche 3
Tranche 4
Tranche 5
Tranche 6
Tranche 7
Tranche 8
Tranche 9
Revolver
Total Interest Expense
6.0%
6.5%
6.4%
6.5%
6.5%
7.0%
9.0%
6.5%
6.5%
0.0%
5.0%
1 (1 = Beginning balance
2 2 = Average Bal
99,057
Exim - USD
Exim - VND
Cypress
Cypress
Cypress
KDL - 165bn
KDL - 151bn
Cypress
VIB
6.0%
6.5%
6.5%
7.5%
9.0%
6.5%
6.5%
5.5%
5.0%
6.0%
6.5%
6.5%
7.5%
9.0%
6.5%
6.5%
5.5%
5.0%
6.0%
6.5%
6.5%
7.5%
9.0%
6.5%
6.5%
5.5%
5.0%
6.0%
6.5%
6.5%
7.5%
9.0%
6.5%
6.5%
5.5%
5.0%
Projected
2019
2020
6.0%
6.5%
6.5%
7.5%
9.0%
6.5%
6.5%
5.5%
5.0%
6.0%
6.5%
6.5%
7.5%
9.0%
6.5%
6.5%
5.5%
5.0%
190,231
249,029
296,397
354,058
412,235
468,875
1,369,450
496,696
226,212
180,970
417,623
640,772
463,738
187,110
3,982,571
1,475,653
31,212
50,970
184,953
579,746
463,738
57,110
1,141,908
2,509,637
787,983
31,212
50,970
184,953
518,721
463,738
57,110
1,086,908
2,393,611
787,983
31,212
50,970
184,953
457,695
463,738
57,110
1,012,658
2,258,336
787,983
31,212
50,970
184,953
396,669
463,738
57,110
916,408
2,101,060
787,983
31,212
50,970
184,953
335,643
463,738
57,110
792,658
1,916,284
787,983
31,212
50,970
184,953
274,617
463,738
57,110
655,158
1,717,758
787,983
21,859,634
1%
(218,596)
24,586,803
1%
(245,868)
23,586,803
1%
(235,868)
22,236,803
1%
(222,368)
20,486,803
1%
(204,868)
18,236,803
1%
(182,368)
15,736,803
1%
(157,368)
Other non-opex income / (expenses)

Average balance in USD
Expected VND depreciation
Unrealized FX gain / (loss)
WALL ST. TRAINING

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
2021
2022
2023
2024
4,156,456
8,611,395
-
4,365,834
9,489,785
-
4,654,574
10,577,553
-
4,951,860
11,854,061
-
(3,278,066)
9,489,785
(3,278,066)
10,577,553
(3,378,066)
11,854,061
(3,440,029)
13,365,892
480,189
480,189
480,189
480,189
480,189
480,189
480,189
480,189
480,189
480,189
480,189
480,189
784,151
784,151
784,151
784,151
784,151
784,151
784,151
784,151
784,151
784,151
784,151
784,151
2,466,038
2,466,038
2,466,038
2,466,038
2,466,038
2,466,038
2,466,038
2,466,038
2,466,038
2,466,038
2,466,038
2,466,038
2,712,264
2,034,198
1,356,132
678,066
WALL ST. TRAINING

P
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
(678,066)
2,034,198
2,373,231
(678,066)
1,356,132
1,695,165
(678,066)
678,066
1,017,099
(678,066)
0
339,033
7,134,434
7,134,434
7,134,434
7,134,434
7,134,434
7,134,434
7,134,434
7,134,434
7,134,434
7,134,434
7,134,434
7,134,434
878,613
878,613
878,613
878,613
878,613
878,613
878,613
878,613
878,613
878,613
878,613
878,613
10,661,963
8,061,963
5,461,963
2,761,963
(2,600,000)
8,061,963
9,361,963
(2,600,000)
5,461,963
6,761,963
(2,700,000)
2,761,963
4,111,963
(2,761,963)
1,380,982
25,117,652
(3,278,066)
21,839,586
(3,278,066)
18,561,520
(3,378,066)
15,183,454
(3,440,029)
21,839,586
(3,278,066)
18,561,520
(3,378,066)
15,183,454
(3,440,029)
11,743,425
(7,134,434)
18,561,520
15,183,454
11,743,425
4,608,991
8,611,395
9,489,785
9,050,590
9,489,785
10,577,553
10,033,669
10,577,553
11,854,061
11,215,807
11,854,061
13,365,892
12,609,976
WALL ST. TRAINING

87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
2021
2022
2023
2024
6.0%
6.5%
6.5%
7.5%
9.0%
6.5%
6.5%
5.5%
5.0%
6.0%
6.5%
6.5%
7.5%
9.0%
6.5%
6.5%
5.5%
5.0%
6.0%
6.5%
6.5%
7.5%
9.0%
6.5%
6.5%
5.5%
5.0%
6.0%
6.5%
6.5%
7.5%
9.0%
6.5%
6.5%
5.5%
5.0%
516,684
569,387
634,653
711,244
31,212
50,970
184,953
213,591
463,738
57,110
514,908
1,516,482
787,983
31,212
50,970
184,953
152,565
463,738
57,110
371,908
1,312,456
787,983
31,212
50,970
184,953
91,539
463,738
57,110
226,158
1,105,680
787,983
31,212
50,970
184,953
30,513
463,738
57,110
75,954
894,450
787,983
13,186,803
1%
(131,868)
10,586,803
1%
(105,868)
7,936,803
1%
(79,368)
5,205,821
1%
(52,058)
WALL ST. TRAINING

H62:
PhuongNQ:
1 = no VIB
0 = Yes VIB
I22:
PhuongNQ:
Convert $6,899,974 to VND
269934321.xlsx<Comments>
Nm k hoch
N vay VIB
Gc u k
Gc phi tr trong k
N cui k
N trung bnh
Li sut VIB
N vay KL (165 t)
Gc u k
Gc phi tr trong k
N cui k
N trung bnh
Li sut Kinhdoland
Li phi tr
Gc v li phi tr
Doanh thu thun
Doanh thu t hot ng SXKD
Khu hao
Ebitda
DSCR
nhy
Li sut VIB
Tng/Gim t l t phng so vi d ki
Tng/Gim gi t phng so vi d kin
2015
21,161,963
(800,000)
20,361,963
PHN TCH NHY

2018
2019
2016
2017
20,361,963
19,161,963
(1,200,000)
19,161,963
(1,500,000)
17,661,963
20,761,963 19,761,963 18,411,963

5.5%
5.5%
5.5%
17,661,963
(2,000,000)
15,661,963
15,661,963
(2,500,000)
13,161,963
16,661,963 14,411,963
5.5%
5.5%
2020
13,161,963
2021
2023
2024
8,061,963
5,461,963
2,761,963
(2,600,000)
(2,600,000)
(2,700,000)
(2,761,963)
10,661,963
8,061,963
5,461,963
2,761,963
11,911,963
5.5%
9,361,963
5.5%
6,761,963
5.5%
4,111,963
5.5%
(2,500,000)
10,661,963
2022
1,380,982
5.5%
6,780,660
6,102,594
5,424,528
4,746,462
4,068,396
3,390,330
2,712,264
2,034,198
1,356,132
678,066
(678,066)
6,102,594
6,441,627
9.0%
(678,066)
5,424,528
5,763,561
9.0%
(678,066)
4,746,462
5,085,495
9.0%
(678,066)
4,068,396
4,407,429
9.0%
(678,066)
3,390,330
3,729,363
9.0%
(678,066)
2,712,264
3,051,297
9.0%
(678,066)
2,034,198
2,373,231
9.0%
(678,066)
1,356,132
1,695,165
9.0%
(678,066)
678,066
1,017,099
9.0%
(678,066)
339,033
9.0%
1,721,654
3,199,720
1,605,628
3,483,695
1,470,353
3,648,419
1,313,077
3,991,143
1,128,301
4,306,367
929,775
4,107,841
728,499
4,006,565
524,473
3,802,539
317,697
3,695,763
106,467
3,546,496
9,952,515
11,261,282
11,905,598
12,502,503
13,005,775
13,394,570
13,804,176
14,151,179
14,329,235
14,509,951
1,461,036
1,833,344
2,069,201
2,372,983
2,585,556
2,756,611
2,978,950
3,138,740
3,249,880
3,363,416
(2,149,188)
(2,045,845)
(2,002,796)
(1,996,146)
(2,091,943)
(1,648,192)
(1,493,580)
(1,364,842)
(1,328,631)
(1,310,677)
3,610,224
1.13
3,879,189
1.11
4,071,997
1.12
4,369,129
1.09
4,677,500
1.09
4,404,803
1.07
4,472,530
1.12
4,503,582
1.18
4,578,510
1.24
4,674,093
1.32
5.5%
0.0%
0.0%
Quy
PH LC 07 - CCS 450 TY
2,400,000
Giao dch CCS
Dng tin
K
(qu) triu VND
(-) VIB tr
gc
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
Dng tin
USD
(+) VIB
nhn gc
200,000
200,000
200,000
200,000
300,000
300,000
300,000
300,000
375,000
375,000
375,000
375,000
500,000
500,000
500,000
500,000
625,000
625,000
625,000
625,000
625,000
625,000
625,000
625,000
650,000
650,000
650,000
650,000
650,000
650,000
650,000
650,000
675,000
675,000
Li sut
S tin gc
VND
triu VND (VIB tr
cn li
hng
qu)
448,634
437,418
426,202
414,986
403,770
392,554
381,339
370,123
358,907
347,691
336,475
325,259
314,044
302,828
291,612
280,396
269,180
257,964
246,748
235,533
224,317
213,101
201,885
190,669
179,453
168,238
157,022
145,806
134,590
123,374
112,158
100,943
89,727
78,511
67,295
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
7.60%
S tin gc
USD cn li
21,161,963
20,961,963
20,761,963
20,561,963
20,361,963
20,061,963
19,761,963
19,461,963
19,161,963
18,786,963
18,411,963
18,036,963
17,661,963
17,161,963
16,661,963
16,161,963
15,661,963
15,036,963
14,411,963
13,786,963
13,161,963
12,536,963
11,911,963
11,286,963
10,661,963
10,011,963
9,361,963
8,711,963
8,061,963
7,411,963
6,761,963
6,111,963
5,461,963
4,786,963
4,111,963
Li sut
USD
(VIB
nhn
hng
qu)
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
Gc+ li
Li phi tr hng qu
USD
290,977
288,227
285,477
282,727
279,977
275,852
271,727
267,602
263,477
258,321
253,164
248,008
242,852
235,977
229,102
222,227
215,352
206,758
198,164
189,571
180,977
172,383
163,789
155,196
146,602
137,664
128,727
119,789
110,852
101,914
92,977
84,039
75,102
65,821
56,539
290,977
488,227
485,477
482,727
479,977
575,852
571,727
567,602
563,477
633,321
628,164
623,008
617,852
735,977
729,102
722,227
715,352
831,758
823,164
814,571
805,977
797,383
788,789
780,196
771,602
787,664
778,727
769,789
760,852
751,914
742,977
734,039
725,102
740,821
731,539
Cn i
Li CCS
Gc v li thiu so vi quy i
mi nm
ngun ca
triu
KH
VND
290,977
2,109,023
1,936,408
463,592
2,278,658
121,342
2,502,345
(102,345)
2,902,658
(502,658)
3,275,470
(875,470)
3,137,970
(737,970)
3,097,033
(697,033)
2,954,033
(554,033)
6,169
6,110
6,052
5,994
5,936
5,848
5,761
5,673
5,586
5,476
5,367
5,258
5,148
5,003
4,857
4,711
4,565
4,383
4,201
4,019
3,837
3,655
3,472
3,290
3,108
2,918
2,729
2,540
2,350
2,161
1,971
1,782
1,592
1,395
1,199
35
36
37
38
39
40
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
(11,216)
675,000
675,000
690,491
690,491
690,491
690,491
56,079
7.60%
44,863
7.60%
33,648 H + 3.5%
22,432 H + 3.5%
11,216 H + 3.5%
0
3,436,963
2,761,963
2,071,472
1,380,982
690,491
-
5.50%
5.50%
5.50%
5.50%
5.50%
0
47,258
37,977
28,483
18,988
9,494
-
722,258
712,977
718,974
709,479
699,985
690,491
2,907,595
(507,595)
2,818,929
(418,929)
1,002
805
604
403
201
###
Ngun tr n
Li nhun
Khu hao
2015
2016
2017
2018
2019
2020
###
###
###
###
###
###
### (547,107) (115,106)
421,113
808,551 1,080,288
2,149,188 2,045,845 2,002,796 1,996,146 2,091,943 1,648,192
Tr n gc
Tr n gc ti VIB
Tr n gc KL (165 t)
1,478,066
800,000
678,066
Chnh lch ngun tr n (Ngun

Trng hp vay li sut 5.5%/nm
Trng hp vay li sut 7%/nm
tr n - Tr n gc)
(433,117) (379,328)
(640,737) (576,948)
(744,547) (675,757)
###
###
1,878,066
1,200,000
678,066
2,178,066
1,500,000
678,066
(290,375)
(474,495)
(566,555)
(934,794)
2,678,066
2,000,000
678,066
(260,807)
(427,427)
(510,736)
(843,976)
3,178,066
2,500,000
678,066
(277,571)
(421,691)
(493,751)
(781,990)
3,178,066
2,500,000
678,066
(449,586)
(568,705)
(628,265)
(866,504)
Trng hp cng ty khng tr li cho c ng (khng bao gm khon vay KDL 165 t)
Li tr c ng hng nm
787,983
787,983
787,983
787,983
787,983
787,983
Chnh lch ngun tr n khng bao gm tr li cho c ng

354,866
408,655
497,608
147,246
211,035
313,488
43,436
112,226
221,428
(371,803) (283,014) (146,811)
338,397
219,278
159,718
(78,521)
527,176
360,556
277,247
(55,993)
510,412
366,292
294,232
5,993
Trng hp Vay VIB li sut

Li tr VIB vay 6.5%/nm
Chnh lch li sut vay
6.5% nm
1,929,274 1,803,248
1,721,654 1,605,628
207,620
197,620
1,654,472
1,470,353
184,120
1,479,696
1,313,077
166,620
1,272,420
1,128,301
144,120
1,048,894
929,775
119,120

Li tr VIB vay 7%/nm
Chnh lch li sut vay
7.0% nm
2,033,084 1,902,058
1,721,654 1,605,628
311,429
296,429
1,746,532
1,470,353
276,179
1,563,006
1,313,077
249,929
1,344,480
1,128,301
216,179
1,108,454
929,775
178,679

Li tr VIB vay 9%/nm
Chnh lch li sut vay
9% nm
2,448,323 2,297,297
1,721,654 1,605,628
726,669
691,669
2,114,771
1,470,353
644,419
1,896,245
1,313,077
583,169
1,632,719
1,128,301
504,419
1,346,693
929,775
416,919
2021
2022
2023
2024
###
###
###
###
1,477,827 1,831,843 2,159,588 2,502,521
1,493,580 1,364,842 1,328,631 1,310,677
3,278,066
2,600,000
678,066
3,278,066
2,600,000
678,066
3,378,066
2,700,000
678,066
3,440,029
2,761,963
678,066
(306,659)
(400,279)
(447,088)
(634,328)
(81,381)
(149,001)
(182,811)
(318,050)
110,153
69,033
48,473
(33,766)
373,169
359,359
352,454
324,834
787,983
787,983
787,983
787,983
481,324
387,704
340,894
153,655
706,602
638,982
605,172
469,933
898,136
857,016
836,456
754,217
1,161,152
1,147,342
1,140,437
1,112,817
822,118
728,499
93,620
592,092
524,473
67,620
358,817
317,697
41,120
120,277
106,467
13,810
868,928
728,499
140,429
625,902
524,473
101,429
379,376
317,697
61,679
127,182
106,467
20,715
1,056,167
728,499
327,669
761,142
524,473
236,669
461,616
317,697
143,919
154,801
106,467
48,334
D n u
TT
k
D n
cui k
D n
trung
bnh
1 21,161,963 20,361,963 20,761,963
S tin gc phi tr
USD
Quy i
(triu
VND)
S tin li phi tr
T l
Li
sut
USD
Quy i
(triu
VND)
Gc v li phi tr
USD
800,000
16,960
3.78%
5.50% 1,141,908
24,208 1,941,908
2 20,361,963 19,161,963 19,761,963 1,200,000
25,440
5.67%
5.50% 1,086,908
23,042 2,286,908
3 19,161,963 17,661,963 18,411,963 1,500,000
31,800
7.09%
5.50% 1,012,658
21,468 2,512,658
4 17,661,963 15,661,963 16,661,963 2,000,000
42,400
9.45%
5.50%
916,408
19,428 2,916,408
5 15,661,963 13,161,963 14,411,963 2,500,000
53,000
11.81%
5.50%
792,658
16,804 3,292,658
6 13,161,963 10,661,963 11,911,963 2,500,000
53,000
11.81%
5.50%
655,158
13,889 3,155,158
7 10,661,963 8,061,963 9,361,963 2,600,000
55,120
12.29%
5.50%
514,908
10,916 3,114,908
8,061,963 5,461,963 6,761,963 2,600,000
55,120
12.29%
5.50%
371,908
7,884 2,971,908
5,461,963 2,761,963 4,111,963 2,700,000
57,240
12.76%
5.50%
226,158
4,795 2,926,158
2,761,963
0 1,380,982 2,761,963
58,554
13.05%
5.50%
75,954
###
448,634
100%
10
Tng cng
6,794,626
1,610 2,837,917
144,046
Tng gi tr vay (lm trn d phng trng hp tng t gi so vi d kin): 450,000 triu ng
###
Gc v li phi tr
ng
Quy i
(triu
VND)
41,168
48,482
53,268
61,828
69,804
66,889
66,036
63,004
62,035
60,164
592,680
21200 1000000
DEBT SERVICE SUMMARY

Key Assumptions
Occupacy rate
Operating expenses/Total revenue
Interest rate to be applied on VIB's loan
Interest rate to be applied on Kinhdo land's loan
TT
1
Total Revenue
COGS
Operating expense (Selling+General Admin)
EBIT
FX income/loss
Depreciation
Income taxes
Total repayment sources
Total debt obligation (Principal + Interest)
2017 FC
54%
60%
61%
28.3%
27.7%
27.1%
5.50%
5.50%
5.50%
9.00%
9.00%
9.00%
-0.6%
-0.6%
-0.6%
2015 FC 2016 FC 2017 FC
1
2
3
9,952,515
###
###
5,672,934 6,306,318 6,607,607
2,818,546 3,121,620 3,228,791
1,461,036 1,833,344 2,069,201
-55,637
13,161
74,029
2,149,188 2,045,845 2,002,796
3,554,586 3,892,350 4,146,026
3,199,720 3,483,695 3,648,419
678,066
678,066
678,066
KinhDo Land's loan @Eximbank: Interest

payment
579,746
518,721
457,695
VIB's loan: Interest payment

Net Cash flow balance(3) - (4)
EBITDA
6
2016 FC
KinhDo Land's loan @ Eximbank: Principal

repayment
VIB's loan: Principal repayment
2015 FC
DSCR
800,000 1,200,000 1,500,000

1,141,908 1,086,908 1,012,658
354,866
408,655
497,608
3,610,224 3,879,189 4,071,997
1.13
1.11
1.12
ERVICE SUMMARY
2018 FC
62%
26.5%
5.50%
9.00%
2019 FC
63%
25.9%
5.50%
9.00%
2020 FC
64%
25.5%
5.50%
9.00%
2021 FC
65%
25.0%
5.50%
9.00%
2022 FC
66%
24.9%
5.50%
9.00%
2023 FC
66%
24.9%
5.50%
9.00%
2024 FC
66%
24.9%
5.50%
9.00%
2018 FC 2019 FC 2020 FC 2021 FC 2022 FC 2023 FC 2024 FC

4
5
6
7
8
9
10
###
###
###
###
###
###
###
6,813,864 7,049,130 7,219,673 7,371,430 7,485,974 7,508,519 7,530,664
3,315,656 3,371,089 3,418,286 3,453,796 3,526,465 3,570,836 3,615,871
2,372,983 2,585,556 2,756,611 2,978,950 3,138,740 3,249,880 3,363,416
149,190
229,867
311,507
384,816
463,519
555,285
659,185 Chenh lech do lai suat tien gu
1,996,146 2,091,943 1,648,192 1,493,580 1,364,842 1,328,631 1,310,677
(90,588) (270,072) (369,457) (457,961) (539,897) (625,630)
4,518,319 4,816,778 4,446,238 4,487,889 4,509,141 4,593,899 4,707,648
3,991,143 4,306,367 4,107,841 4,006,565 3,802,539 3,695,763 3,546,496
678,066
678,066
678,066
678,066
678,066
678,066
678,066
396,669
335,643
274,617
213,591
152,565
91,539
30,513
Lech do cach tinh du no binh
2,000,000 2,500,000 2,500,000 2,600,000 2,600,000 2,700,000 2,761,963
916,408
792,658
655,158
514,908
371,908
226,158
75,954
527,176
510,412
338,397
481,324
706,602
898,136 1,161,152
4,369,129 4,677,500 4,404,803 4,472,530 4,503,582 4,578,510 4,674,093
1.09
1.09
1.07
1.12
1.18
1.24
1.32
Lech do cach tinh du no binh
Chenh lech do lai suat tien gui 6%/nam
Lech do cach tinh du no binh quan cuoi ky
Lech do cach tinh du no binh quan cuoi ky

Dong Dien Cty Dong Hai-DVKD Tinh Toan

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EAST OCEAN REAL ESTATE & TOURIST J-S CO.

SHERATON NHA TRANG HOTEL & SPA

FOOD & BEVERAGE DEPARTMENT

MINOR OPERATED DEPARTMENT

RENTS AND OTHER INCOME

Others (Tour operation)

Administrative & General

Sales & Marketing

Heat, Light & Power

Repairs & Maintenance

(% Total room sales

(% Total room sales

(USD per room key)

- Witholding tax rate

Food & Beverage Sales

Food & Beverage Cost

FOOD & BEVERAGE DEPARTMENT

MINOR OPERATED DEPARTMENT

RENTS AND OTHER INCOME

### 8,385,151 8,946,960 9,439,961 9,850,769

Sales & Marketing

Heat, Light & Power

Repairs & Maintenance

TOTAL UNDISTRIBUTED EXPENSES

GROSS OPERATING PROFIT

LESS FIXED CHARGES

(% Total room sales

(% Total room sales

(USD per room key)

- Witholding tax rate

WALL ST. TRAINING

EAST OCEAN REAL ESTATE & TOURIST J-S CO.

11,905,598 12,502,503 13,005,775

Income Statement Assumptions

COGS, % of Net Sales

Minority Interest Growth

Hamilton Lin, CFA, www.wallst-training.com

WALL ST. TRAINING

Hamilton Lin, CFA, www.wallst-training.com

WALL ST. TRAINING

Hamilton Lin, CFA, www.wallst-training.com

WALL ST. TRAINING

Hamilton Lin, CFA, www.wallst-training.com

WALL ST. TRAINING

Hamilton Lin, CFA, www.wallst-training.com

WALL ST. TRAINING

Hamilton Lin, CFA, www.wallst-training.com

WALL ST. TRAINING

EAST OCEAN REAL ESTATE & TOURIST J-S CO.

TOTAL LIABILITIES & SHAREHOLDERS' EQUITY

Other current liabilities

Hamilton Lin, www.wallst-training.com

WALL ST. TRAINING

Hamilton Lin, www.wallst-training.com

WALL ST. TRAINING

Hamilton Lin, www.wallst-training.com

WALL ST. TRAINING

Hamilton Lin, www.wallst-training.com

WALL ST. TRAINING

Hamilton Lin, www.wallst-training.com

WALL ST. TRAINING

Hamilton Lin, www.wallst-training.com

WALL ST. TRAINING

EAST OCEAN REAL ESTATE & TOURIST J-S CO.