Table 1: Expected profit (P&L)

YTD Total
No
ITEMS Rate YTD YTD YTD
.
Year 1 Year 2 Year 3
1 Net revenue in sales and service providing
15,111,880,941 15,111,880,941 15,111,880,941 45,335,642,823
2 Cost of good sold
12,810,345,861 13,722,648,243 13,722,648,243 40,255,642,348
% Net revenue 85% 91% 91% 89%
2.1 Fixed asset depreciation 36
5,068,346,568 5,068,346,568 5,068,346,568 15,205,039,703
Opex of renting tank/reservoir and electricitiy
2.2
pole 2,088,885,465 2,088,885,465 2,088,885,465 6,266,656,394
2.3 Expense for maintenance and case of emergency
2,630,737,640 2,630,737,640 2,630,737,640 7,892,212,921
Expense for moving cable route, putting cable to
2.4
underground and cut off - 912,302,382 912,302,382 1,824,604,764
2.3 Salary and insurance 5%
755,594,047 755,594,047 755,594,047 2,266,782,141
2.4 Outsourcing opex 15%
2,266,782,141 2,266,782,141 2,266,782,141 6,800,346,423
3 Gross margin
2,301,535,080 1,389,232,698 1,389,232,698 5,080,000,475
% Net revenue 15% 9% 9% 11%
4 Operation expense
755,594,047 755,594,047 755,594,047 2,266,782,141
% Net revenue 5% 5% 5% 5%
4.1 Bad debt expense 1%
151,118,809 151,118,809 151,118,809 453,356,428
4.2 Expense for sales, marketing 2%
302,237,619 302,237,619 302,237,619 906,712,856
4.3 Other expense 2%
 302,237,619 302,237,619 302,237,619 906,712,856
5 Finance expense
746,314,032 457,418,278 168,522,523 1,372,254,833
Interest expense (9.5%/year) 9.5%
746,314,032 457,418,278 168,522,523 1,372,254,833
6 Earning before tax (EBT)
799,627,001 176,220,373 465,116,127 1,440,963,500
% net revenue 5% 1% 3% 3%
7 Profit tax 20%
159,925,400 35,244,075 93,023,225 288,192,700
% net revenue 1% 0% 1% 1%
8 After tax profit
639,701,600 140,976,298 372,092,902 1,152,770,800
% net revenue 4% 1% 2% 3%

Table 2: Expectation of cash flow

YTD Total
No
ITEMS Rate YTD YTD YTD
.
1 2 3
1 EBITDA
6,614,287,601 5,701,985,218 5,701,985,218 18,018,258,037
% EBITDA/Revenue 44% 38% 38% 40%
2 CAPEX
15,205,039,703 - - 15,205,039,703
3 Debt
9,123,023,822 - - 9,123,023,822
4 Original debt
3,041,007,941 3,041,007,941 3,041,007,941 9,123,023,822
6 Interest expense
746,314,032 457,418,278 168,522,523 1,372,254,833
7 Profit tax
159,925,400 35,244,075 93,023,225 288,192,700
 8 Remaining Capex value
- - - -
-
9 Annual cash flow
3,414,975,654 2,168,314,925 2,399,431,529 1,152,770,800
- -
10 Accumulated cash flow
3,414,975,654 1,246,660,728 1,152,770,800 1,152,770,800
-
Cash flow (1st year)
3,414,975,654 1,924,653,759 1,890,465,985 400,144,090
st - -
Accumulated cash flow (1 year)
3,414,975,654 1,490,321,894 400,144,090 400,144,090
Discount rate/ WACC 12.66%
1 1 0
Payback period/ NPP 2 year 2 month
400,144,0
NPV (VND)
90
IRR 21%

Table 3: Expectation of cost and finance CF

YTD
No. ITEMS Rate YTD YTD YTD Total
Year 1 Year 2 Year 3
1 Total investment (VND)
15,205,039,703 - - 15,205,039,703
2 Total accumulated investment
15,205,039,703 15,205,039,703 15,205,039,703 15,205,039,703
3 Loans (VND) 60%
9,123,023,822 - - 9,123,023,822
4 Accumulated loan (VND)
6,082,015,881 3,041,007,941 0 0
5 Monthly pay 9.5%
3,787,321,973 3,498,426,218 3,209,530,464 10,495,278,655
Original loan 36
 3,041,007,941 3,041,007,941 3,041,007,941 9,123,023,822
Interest expense 0.8%
746,314,032 457,418,278 168,522,523 1,372,254,833