Masan

AnnuAl RepoRt

MASAN GROUP
We are one of Vietnam’s largest private sector companies with a focus on the consumption and resources sectors. We have a track record of actively building, acquiring and managing large-scale operating platforms that capitalize on Vietnam’s structural consumption and resources stories. We believe that substantial value can be created for our shareholders through professional management, global partners and a commitment to serving Vietnam’s emerging middle class.

sharE PriCE sinCE listing

200% 100% 0% Nov 09 MSN Feb 10 VN Index May 10 Aug 10 Nov 10 Feb 11 May 11 Aug 11 Nov 11 Feb 12 May 12 Aug 12 Nov 12 Feb 13

Source: Bloomberg

Pro forma Earnings and roE
24.1%

Cash and Cash EquiValEnts from 2009
10,796

19.5% 17.5% 3,090

20.0%

2,783 1,860 3,885 1,900

7,559

1,149

2009

2010

2011

2012 ROE

2009

2010

2011

2012

Net income – Proforma (VND billion)*

Cash and cash equivalent (VND billion)

*Calculation excludes goodwill and is normalized by applying our current economic interest percentages on Techcombank since 2009.

Note: Cash and cash equivalents include short-term investments, which are primarily term deposits with lower than 3 month maturities. 2012 does not include cash raised from KKR, who invested in early 2013.

CONteNtS
Chairman’s letter masan group our Businesses masan Consumer masan resources our associates management report financial report general Corporate information 4 18 25 26 36 55 61 75 163

unloCking ValuE By sErVing ViEtnam’s ConsumErs

Annual Report 2012

3

ChAiRMAN’S letteR
dEar sharEholdErs,
over the past few years, our company has transformed from being primarily a food manufacturer into one of Vietnam’s largest private sector business groups. Masan Group’s success derives from having a strong commitment to improving the Vietnamese people’s spiritual and material lives each and every day, applying best practices to build scale and...