Masan : MSN FY2021 Earnings Release (Full version)

FOR IMMEDIATE RELEASE

Masan Group's Profit Up 7x in 2021;

TCX to Power 2022 Growth

Ho Chi Minh City, 9 February 2022 - Masan Group Corporation (HOSE: MSN, "Masan" or the "Company"), today provided additional detailed commentary on its unaudited management accounts for the fourth quarter ("4Q2021") and financial year 2021 ("FY2021"), which were publicly released on 27 January 2022.

"We have solidified our offline mini-mall concept and are ready to expand nationwide, but the next wave is to transform The CrownX into a consumer-tech platform. 2022 will be the year we digitalize our platform into an integrated system from manufacturing, logistics, distribution all the way up to 100 million consumers. This will drive 10% operational cost efficiencies and, most importantly, combine our traditional consumer insights with AI and machine learning insights to better serve consumers products and services they truly desire. By doing so, we envision a consumer-tech platform that accelerates our growth potential and delivers strong profits." said Chairman Dr. Nguyen Dang Quang.

FY2021 Takeaways:

• The CrownX ("TCX"), Masan's integrated consumer-retail platform that consolidates
  WinCommerce ("WCM") and Masan Consumer Holdings ("MCH"), grew net revenue year-over- year ("YoY") by 6.9% to VND58 trillion in FY2021, despite COVID-19 adversely impacting store expansion, innovation launches and supply chain/production operations. Net revenue was up 12.6% in 4Q2021 YoY, signaling growth momentum heading into FY2022.
• • WCM delivered VND30,900 billion in net revenue for FY2021, down 0.3% compared to last year despite reduced number of store locations after 2020's network rationalization, starting 2021 with 668 less locations than at the start of 2020.
  • Like-for-Like("LFL") stores (opened before 2020) revenue/m2 was up 15.0% for minimarkets in FY2021, and down 10.6% for supermarkets in the same period.
  • While COVID-19 limited store expansions, WCM was able to open 387 net new stores in 2021, giving confidence in store expansions plans and revenue growth for 2022.
  • MCH's net revenue grew YoY by 20.0% and 32.3% in FY2021 and 4Q2021, respectively, to reach VND28,764 billion and VND10,070 billion, respectively.
• TCX's EBITDA in FY2021 was VND7.8 trillion, up 73% YoY.
• • WCM's EBITDA improved by VND2,334 billion to VND1,100 billion in FY2021, versus an EBITDA loss of VND1,234 billion in FY2020. EBITDA margin in 2H2021 was 5.5% compared to 1.3% in 1H2021. Continuous EBITDA improvement throughout FY2021 led to positive net profit after tax post minority interest ("NPAT Post-MI") in 2H2021 and gives greater confidence in FY2022's earnings outlook.
  • MCH delivered VND6,845 billion in EBITDA in FY2021, a YoY growth of 19.1%.
• Building on the initial success of Phuc Long Kiosks in WCM locations, Masan has since advanced its Point of Life ("POL") strategy further by developing and piloting the "CVLife" store model, a mini-mall concept which aims to provide a greater array of daily essential products
  and services (e.g., groceries, pharmaceuticals, financial products, and entertainment/telecommunications offerings, altogether representing 60-80% of consumers' wallet share) under an integrated offline to online ecosystem. With pilot stores showing positive results, Masan is confident that the CVLife concept can grow sales with increased foot traffic and lower breakeven sales targets to improve profitability.
• • Phuc Long Investment Update: In January 2022, MSN acquired an additional 31% stake in Phuc Long, increasing its ownership to 51%. At a purchase price of USD110 million, the implied equity valuation of Phuc Long was USD355 million, representing a mid-teensprice-to-earnings ratio based on preliminary FY2022

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profit estimates. Since MSN's initial investment, Phuc Long has demonstrated strong synergies with MSN's POL strategy, which can now be accelerated with Phuc Long as a consolidated subsidiary of MSN.

• • Since acquiring control of Mobicast Joint Stock Company ("Mobicast"), a startup mobile virtual network operator ("MVNO"), Masan has piloted the launch of telecommunication data plans under the brand "Reddi" at selected WCM locations with the aim to go nationwide in 2022. Mobicast is the core connecting piece of Masan's loyalty program, with co-branded customer acquisition schemes providing members with essentially no cost data plans as they shop across Masan's ecosystem through cash back plans.
• Masan MEATLife's ("MML") meat segment achieved VND4.5 trillion in net revenue in FY2021, up 88.6% compared to VND2.4 trillion in FY2020. Branded pork EBITDA margins in 2H2021 was 12%, compared to (17)% in 1H2021. Current capacity utilization of pork processing plants is 20%. At 26% utilization, the segment becomes profitable, which is expected to occur in FY2022. Positive results delivered by MML's meat segment in FY2021 validate spin-off of feed business to become a truly branded consumer business.
• Masan High-TechMaterials ("MHT"): In FY2021, driven by strong demand and pricing for its products, MHT delivered record net revenue of VND13,564 billion, EBITDA of VND3,070 billion, and NPAT Post-MI of VND196 billion. MHT's results validate its decision to acquire H.C. Starck's global tungsten business ("HCS") and efforts to become a mid-streamhi-tech chemicals player. 4Q2021 NPAT Post-MI was VND466 billion, reflecting positive momentum going into FY2022.
• Techcombank ("TCB"), Masan's associated company, delivered profit before tax growth of 47% YoY to reach VND23.2 trillion in FY2021. For detailed results, please refer to the bank's website.

Consolidated Financial Results

• Net Revenue: Masan's consolidated net revenue reached VND88,629 billion in FY2021, a growth of 14.8% versus VND77,218 billion in FY2020. 4Q2021 net revenue was VND23,828 billion, up 10.3% YoY. Excluding December 2020 feed revenue for a like-for-like1 comparison, net revenue grew YoY by 16.6% and 17.0% in FY2021 and 4Q2021, respectively.
• EBITDA: FY2021 consolidated EBITDA grew by 58.1% YoY to VND16,361 billion as EBITDA margin reached 18.5% versus 13.4% in FY2020, primarily driven by TCX increasing EBITDA by 72.9% YoY:
• • Profitability momentum for Masan demonstrated with EBITDA margin in 4Q2021 reaching 21.1%, 330 bps higher versus 4Q2020.
• Reported NPAT Post-MI grew by 593.9% in FY2021 to VND8,563 billion compared to VND1,234 billion in FY2020.
• Balance Sheet Highlights: Net Debt2 to LTM (Last 12 Months) EBITDA Reached 2.2x at end of FY2021 compared to 5.2x at the end of FY2020, driven by 58.1% YoY EBITDA growth and an ending cash and cash equivalent balance of VND22.6 trillion.
• • At the end of FY2021, MSN's consolidated gross debt reached VND58,178 billion, decline of VND3,833 billion compared to end of FY2020.
  • Free Cash Flow ("FCF") reached VND3,407 billion, up 75% versus VND1,943 billion last year. Cash and cash equivalent balance reached VND22,638 billion, growth of VND14,469 billion compared to end of FY2020.
  • Capital Expenditure ("Capex") in FY2021 was VND2,805 billion, 24% lower than VND3,678 billion in FY2020.
• Higher Return on Assets and Equity: Due to improved profitability across Masan's businesses, particularly The CrownX, the Company's return on assets and equity improved by 704 bps and 3,096 bps to 8.4% and 35.1%, respectively.

1. MML spun off its feed business at the end of November 2021.
2. Net debt and cash and cash equivalents include short-term investments (such as term deposits) and interest-bearing receivables related to treasury activities.

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FY2022 Preliminary Forecast:

On a preliminary basis, subject to change and customary corporate approvals, Masan's FY2022 financial forecast expects consolidated net revenue to be between VND90 trillion and VND100 trillion, representing a growth of 22% and 36%, compared to VND74.2 trillion (excluding feed segment revenue) in FY2021. In FY2021, revenue contribution from only consumer businesses (excluding feed and MHT) was 68%, which is expected to improve to 85% in FY2022. Core NPAT Pre-MI (excluding one-time gains/losses and feed segment) is expected to be within the range of VND5 trillion and VND7 trillion, a growth of 32% to 84% compared to VND3.8 trillion in FY2021.

• The Crown X expects to deliver net revenue within the range of VND68 trillion and VND76 trillion in FY2022, up 17% to 31% compared to FY2021.
• • WCM is expected to deliver net revenue within range of VND38 and 40 trillion in FY2022, up 23% to 29% YoY driven by revenue growth in existing stores and expansion of store count. Expansion of new formats, focus on fresh products, private label, and expansion of CVLife model will provide further growth drivers. Target to increase profitability through better supplier terms, lower logistics costs and improved distribution capabilities.
  • MCH's net revenue is expected reach between VND34 and 40 trillion in FY2022, up 18 to 39% versus FY2021, driven by premiumization, growth of core categories, innovations, and expanded availability at WCM's location and other modern trade retailers.
• MML expects to deliver net revenue between VND5 and 6.5 trillion, up 11 to 45% YoY (excluding feed segment), driven by expanded branded pork and chicken product portfolio and increased distribution through WCM's locations. Profitability is expected to improve with higher utilization rates and growth in processed meat sales.
• MHT expects to deliver net revenue between VND14.5 and 15 trillion, up 7 to 11% on the back of continued improvement to tungsten market fundamentals in 2022 and strength in commodity markets in general.
• TCB: Masan believes the bank will be able to deliver consistent earnings growth and has reflected this view into its preliminary forecast for FY2022.
• New Businesses:
• • Phuc Long: Revenue expected to reach between VND2.5 and 3 trillion in FY2022, driven by expansion of network through own stores and WCM kiosks, and product portfolio expansion in tea and coffee categories.
  • Mobicast/Reddi: Target to reach 500K - 1 million subscribers in FY2022.

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Commentary by Business Segments

The CrownX: Transforming WCM into CVLife Locations

Transforming WinMart+ ("WMP", formerly known as VinMart+) and WinMart ("WMT", formerly known as VinMart) stores into Point-of-Life ("POL") locations is expected to increase revenue and profitability as demonstrated by initial success with CVLife concept.

• CVLife: Based on the initial success of the Phuc Long Kiosk model, which led to higher profitability and foot traffic for WCM locations, TCX has gone a step further to build the CVLife concept, combining WinMart+ (grocery), Phuc Long Kiosk (coffee and tea), pharmacy, Techcombank and Reddi (telecom) transaction point into an integrated offering.
• • CVLife pilot stores running in 5 locations during FY2021 led to 30% increase in foot traffic compared to pre-CVLife model. CVLife model also helped to reduce breakeven revenue required per day per location by 44%.
  • In FY2022, aim to open 2,000 CVLife locations through 5 different formats based on catchment analysis in cities, sub-urban and rural areas, in new and existing WCM stores.
• Mobicast: MSN's entry into the telecommunications sector through the September 2021 acquisition of a 70% stake in Mobicast is also expected to improve foot traffic and profitability of WCM locations, the primary distributor of Mobicast's products and services.
• • Reddi is the entry point and serves as the core of the loyalty platform, which allows consumers to spend on multiple use cases to earn savings and other non-points benefits. This also helps to increase engagement time with consumers and allows MSN to understand consumers better through new data analytic capabilities.
  • In 2022, MSN aims to roll out Mobicast's products nationwide across WCM's network, supported with brand marketing and an improved Reddi app with better experience and content, while maintaining a low cost of customer acquisition.
• Franchise Model: To supplement growth in number of modern trade locations, revenue and profitability for WCM, franchise model was launched in 2 locations on 31 December 2021.
• • Franchise model is expected to help expand WCM's retail network faster under the CVLife model at the best locations. Franchise initiative is currently in a pilot phase, allowing WCM to identify the optimal business model and better understand how to best partner with the franchisees. WCM plans to roll out 200 franchise locations in FY2022.

WCM: Positive NPAT in 2H2021, 387 net new stores locations opened in FY2021

• FY2021 Profitability Highlights: WCM delivered positive NPAT Post-MI in 2H2021, its first ever half-yearly profit, on the back of positive EBITDA margins in all 4 quarters of FY2021. WCM delivered positive EBITDA margin of 3.6% in FY2021, improvement of 760 bps compared to FY2020. EBITDA margin in 4Q2021 was 4.9%, compared to 0.2% in 4Q2020.
• • EBITDA margin improvement in FY2021, was driven by:
  • • Total Commercial Margin ("TCM") improvement of 310 bps in FY2021 YoY. TCM margin reached the highest level ever at 30.4% in 4Q2021.
    • 150 bps improvement in back margin as negotiations completed with more than 1,000 suppliers.
    • 150 bps improvement due to optimization of promotion activities.
    • 50 bps improvement in logistics costs as higher percentage of goods flowed through WCM's distribution centers in FY2021.
    • Optimized SKU assortment, WMP <2,000 SKU's and WMT <10,000 SKU's.
• FY2021 Revenue Highlights: WCM delivered VND30.9 trillion in net revenue for FY2021 and opened 387 net new stores. Net revenue was down only 0.3% YoY compared to FY2020. Out of the 387 new stores opened in FY2021, 285 stores were opened in 4Q2021, which gives management confidence in its ability to further expand store count in FY2022 and beyond.

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• Minimarket (WinMart+ or WMP) Highlights:
• • WMP delivered net revenue of VND20,948 billion in FY2021, up 7.7% compared to FY2020. Growth in WinMart+ segment was due to new fresh- focus assortment, improved store concept and consumers switching from general trade to modern trade due to health and safety concerns.
  • 2,072 LFL stores were operational in 4Q2021, compared to 1,176 in 4Q2020. Revenue from LFL stores was up 14.3% in FY2021 YoY, and revenue/m2/month from these stores was up 15% for the full year.
  • Average bill size was up 24.4% compared to last year, though average bills per day was down 8.2% in the same period due to COVID-19.
• Supermarket (WinMart or WMT) Highlights:
• • WMT delivered net revenue of VND9,924 billion in FY2021, down 6.6% YoY. Net revenue in 4Q2021 was down 17.7% YoY, mainly due to COVID- 19 related increased stockpiling by consumers in 3Q2021. Revenue growth for supermarkets was weaker than for minimarkets as COVID-19 deterred consumers from crowded places such as malls (representing 2/3rd of WMT's locations and revenue contribution) and encouraged them towards more convenient formats such as minimarts instead.
  • LFL revenue/m2/month was down YoY 10.6% in FY2021 and 19.2% in 4Q2021. However, for supermarket located outside of Vincom Retail shopping mall locations ("VRE"), LFL revenue/m2/month was up YoY 4.1% in FY2021, compared to decline of 18% for supermarkets located inside.
  • As a result, EBITDA margin for WMT supermarkets located outside of VRE shopping malls was 6.6%, 110 bps higher compared to stores located inside.
  • Average bill size was up 15.8% compared to last year, though average bills per day was down 24.4% in the same period.

MCH: 2nd Consecutive Year of 20% Revenue Growth and 24% EBITDA Margins, Driven by Innovations and Strong Growth in Modern Trade

• FY2021 Highlights:
• • After growing net revenue by 27.2% in FY2020 YoY, net revenue grew by 20% to VND28.8 trillion in FY2021 YoY, driven by 19% growth in seasonings, 27% in convenience foods, 52% in meat and 54% in beer category. 4Q2021 net revenue witnessed YoY growth accelerating by 32.3% compared to 14.3% YoY growth in 9M2021.
  • Modern trade ("MT") and urbanization strategy accelerated with 34% growth in MT sales in FY2021 YoY. MT sales contribution was 11.3% of total sales in FY2021 versus 10% in FY2020. Increased synergies with WCM were evident with sales of MCH products through WCM network growing 80% in FY2021 YoY.
  • Innovations contributed VND2,686 billion in revenue for FY2021 (9.3% revenue contribution), compared to VND1,767 billion in FY2020 (7.4% revenue contribution).
• FY2021 Category Highlights:
• • Seasonings: Category delivered VND9.7 trillion in revenue for FY2021, up 19% YoY and up 32% in 4Q2021 YoY.
  • • Premiumization continues to be a key growth driver; 11.7% sales contribution by premium fish sauce versus total fish sauce sales FY2021.
    • In FY2021, revenue for fish sauce, soya sauce, chili sauce, and granules grew by 18%, 7%, 34%, and 15%, respectively.
  • Convenience Foods: Category grew 27% YoY in FY2021 and delivered revenue of VND8.8 trillion, while 4Q2021 revenue was up 43%.
  • • Premium segment contributed 50% of revenue while home meal replacements (HMR") contributed 11% of overall category revenue in FY2021.

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