EVE - Quarterly Analysis - Q4.2011

Although, these results were bellowing the revenue and NPAT plan for the period, revenue of financial year 2011 was VND 800 bil., an increase of 41.1% in comparison with the same period

AT A GLANCE

KEY FIGURES – 4th QUARTER 2011

Item

Unit: VND bil.

Q4/2011 Q4/2010 incr./decr. 2011 2010 incr./decr.

Gross Profit 96.6 106.7 -9.5% 320.6 234.9 36.5%

Cost of Goods Sold 156.8 130.6 20.1% 479.4 332.1 44.4%

SG&A1 47.4 56.4 -16.0% 129.5 115.1 12.5%

Net Profit Before Tax 50.6 60.3 -16.1% 197.5 129.7 52.3%

Net Profit After Tax 40.5 46.8 -13.5% 156. 8 102. 4 53.1%

No of Shares 23,401,98 6 15,327,99 6

1SG&A: Selling expenses, General and administration expenses

Everpia Vietnam JSC (EVE - HSX): reports its fourth quarter 2011 financial performance with quarterly net revenue was VND 253.4 bil., up 6.8% from 2010, net profit after tax (NPAT) was 40.5 bil., decreased 13.5% compared with the same period of last year Although, these results were bellowing the revenue and NPAT plan for the period, revenue of financial year 2011 was VND 800 bil., an increase of 41.1% in comparison with the same period of last year.

Item Q4, 2008 Q4, 2009 Q4, 2010 Q4,2011 Incr./decr.

EVE revenues in Q4/2011 achieved VND 253.4 bil., increased 6.8% compared with the same period of 2010; accumulated revenues of the year reached VND 800 bil, increasing 41.1% yoy

Entering high season, Bedding Sales represented 94.7% of total sales, an increase of 18.4% from Q4/

2010 and

Padding sales in Q3 2011 increased by 16.6% yoy to reach VND 63.1 bil As the Padding season

started earlier in 2011, 9 months revenue of Padding business at the end of September was VND 210.4 bil., achieving 95.3% of the whole year target and increasing 57.8% yoy

While trading in the second half of the year was better than expected it is still very difficult to accurately forecast how the Company will perform in the financial yearn given the current economic climate.

However, we are currently experiencing significant cost pressure from supplier following sharp increase in the cost of raw materials and this will offset some of the benefit from the Dollar The Company’s pre-tax profit for the 4 th quarter 2011 increased by % to VND (2010 – VND), on sales increased _% at _VND (2010 – VND)

Product Division

Until at the end of 2011, bedding products portfolio of 3 Brands: Everon, Artemis, and Edelin Sales in the Bedding Division, which represent % of Company sales, increased by % to _VND (2010 – VND).

Sales in the North, which represent _% of the Bedding Division sales, increased/decreased Sales in the South (HCM + Southern) _

Fabric margin are starting to come under pressure from supplier seeking price increases in response to sharp increase in raw material prices.

The Company are trying to mitigate these increase as far as possible but inevitably this inflation will have some adverse impact on selling prices and volumes

Total assets grew _% compared with the same period of last year, fueled by large increases in inventories To finance the growth in assets (mainly inventories), total liabilities

grew 31 percent while owner equities increased 5 percent

Doanh thu thuần quý IV CTCP Everpia Việt Nam (MCK: EVE) đạt 253,4 tỷ đồng, tăng 6,8%; lũy kế cả năm đạt 800 tỷ đồng, tăng 41% so với cùng kỳ năm trước;

Lợi nhuận gộp quý IV đạt 96,6 tỷ đồng, giảm 9,5%; lũy kế cả năm đạt 320,6 tỷ đồng đồng, tăng 36%

so với cùng kỳ năm trước

Năm 2011 chi phí bán hàng tăng 43%; quán lý doanh nghiệp giảm 10% so với năm 2010 đã giúp cho lợi nhuận thuần tăng 55% đạt mức 197,3 tỷ đồng, trong đó quý IV có 50,8 tỷ đồng

Lợi nhuận trước thuế quý IV đạt 50,6 tỷ đồng; lũy kế cả năm đạt 197,5 tỷ đồng, tăng 52%; lợi nhuận sau thuế cả năm đạt 156,8 tỷ đồng, tăng 53% so với năm 2010

Theo EVE, trong quý IV/2011 do tình hình kinh tế chung cũng như thời tiết không được thuận lợi, công ty đã có các chính sách khuyến mãi để kích thích người mua hàng cuối năm Do đó, mặc dù doanh thu của công ty tăng nhưng lợi nhuận giảm nhẹ so với quý IV/2010

In 2011, total revenues and NPAT reached VND 800 bil and VND 156.8 bil., representing 41.1% and 53.1% yoy growth respectively and achieving 100% of yearly sales target and 98% of yearly profit target

 OPERATING RESULTS

Despite the, the gross profit margin was improved from 37.5% to 42.2% in Q3/2011 thanks to better

management of raw material inventory as well as improving labour productivity

The cost of goods sold surged 20.1%, gross profit therefore plunged 9.5% and NPAT was down 13.5%

Lợi nhuận gộp quý IV đạt 96,6 tỷ đồng, giảm 9,5%; lũy kế cả năm đạt 320,6 tỷ đồng đồng, tăng 36% so

Năm 2011 chi phí bán hàng tăng 43%; quán lý doanh nghiệp giảm 10% so với năm 2010 đã giúp cho lợi nhuận thuần tăng 55% đạt mức 197,3 tỷ đồng, trong đó quý IV có 50,8 tỷ đồng

Lợi nhuận trước thuế quý IV đạt 50,6 tỷ đồng; lũy kế cả năm đạt 197,5 tỷ đồng, tăng 52%; lợi nhuận sau thuế cả năm đạt 156,8 tỷ đồng, tăng 53% so với năm 2010

SG&A expenses were increased 33.4% yoy mainly as the Company started Television Commercial

on television from Aug 2011 Moreover, some marketing expenses were paid during this quarter even though the advertisement campaign on billboard, LCD, and magazines were started from year beginning Financial Expenses significantly increased due to negative exchange rate fluctuation but remained at low level

Eventually thanks to strong sales and improved gross margin, the third quarter NPAT rose 60.1% to

VND 44.2 bil

Current ratio and quick ratio still remained at high level at 4.51 times and 1.98 times respectively as

of the end of Q3/2011

 FINANCIAL STATUS

During 9 months 2011, EVE used short term financing from bank to make payments for imported goods As on 30/09/2011 short-term loans and liabilities were at VND 71 bil and should be reimbursed before end of the year The Charter Capital was increased by 52.7% from VND 153.3 bil

in December 2010 to VND 234 bil as at the end of September 2011 due to the issuance of bonus shares at a rate of 50% Long-term financial debt is nil, the financial structure of EVE remains very sound with leverage at 0.24 times

EVE has a strong cash position at the end of Q3/2011 (VND 109.1 bil.) even though in reduction compared with January 2011 (VND 194.6 bil.) due to high seasonal working capital needs

Due to the cycle of its businesses, the 4th quarter usually represents about 40% of the yearly performance of EVE for revenues and NPAT

October is another successful month for EVE, with total sales of VND 85.7 bil., an increase of 38% in comparison with October, 2010 and estimated NPAT at VND 21.6 bil

With current business performances, till October 2011 EVE has attained 77.9% its sale plan (VND 800 bil.) and 87.3% of its profit plan (VND 160 bil.), EVE is confident it can achieve its 2011 targets for sales and profit

U n i t : V N D b i l

Y e a r l y T a r g e t 2 0 1 1

S a l e s

8 0 0 0 N

P A T

1 6 0 0

- EVE filed documents for the issuance of bonus shares to the State Securities Commission (SSC)

on July 26th 2011

- EVE has completed the procedures for issuing, listing, and depository Employee Stock Ownership Plan (ESOP) shares 2011 410,000 stock rights have been offered to employees shortlisted in

2010 at the par value of VND 10,000 per share

• Listing date takes effect on: November 9th 2011

• Official transaction date: November 14th 2011

For more information, please contact:

Ms Phan Mai Linh Planning Team Manager Tel: 04.3 827 6490 (ext: 347) Email: info@everpia.vn / mailinh@everpia.vn