the power of reputation 2013 annual report bien hoa sugar joint stock company

2013 ANNUAL REPORT
BIEN HOA SUGAR JOINT STOCK COMPANY
46 Board of Management (BOM)
52 Board of Supervisors (BOS)
54 Transactions, remuneration and
interests of the BOM,
BOD and BOS
61 Corporate Information
62 Statement of the Board of
Management and Board of Directors
63 Independent auditor’s report
65 Consolidated balance sheet
68 Consolidated statement of income
69 Consolidated statement of cash ows
71 Notes to the consolidated nancial
statements
36 - 43 44 - 57 58 - 111
38 Report and evaluation from the
Board of Directors (BOD)
42 Evaluation of the Board of
Management on business
performance
Pioneering in the sugarcane industry given 45
years of history, Bien Hoa Sugar Joint Stock Company
has built its strong reputation in Vietnam market. From
that background, the Company has relentlessly put
eorts into new development steps to the future.
CORPORATE GOVERNANCE
REPORT FROM THE BOM
FINANCIAL STATEMENTS
10 General Introduction

12 History of development
14 Scope of Business and Business Area
16 Organizational chart
17 Organizational structure
18 Development orientation
18 Risky factors impacting
Company business performance
04 Vision - Mission
06 Message from Chairman
22 Business results
24 Organizational structure and
human resources
30 Investment situation,
key project implementation
32 Financial situation
34 Shareholder structure,
changes of owner’s equity
08 - 19
04 - 07
CONTENTS
20 - 35
COMPANY OVERVIEW
BUSINESS PERFORMANCE
MISSION
Providing customers with the best products and services.
Maximizing shareholders’ value.
Ensuring good working environment and opportunities for
all sta to fully promote their competence, increasing their
income and oer promotion opportunities.
VISION

Maintain the leading sugar brand name in Vietnam market by providing
healthy and nutritious products for consumers. Expanding to South East Asia.
Being a reliable partner, accompanying the farmers to develop sugarcanes
to build new rural area and ensure social security.
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www.bhs.vn
General introduction
Dear valued shareholders,
As foreseen by economic organizations and experts, 2013 went by with lots of diculties and challenges to the global
economy in general and Vietnam economy in particular.
The world’s sugar industry remained in the circle of price decrease with the maximum surplus of 10.2 million tons of sugar.
The domestic sugar industry also faced to many diculties due to oversupply. In 2013, Vietnam’s sugar industry underwent
the record-high inventory of more than 500,000 tonnes from May to early season 2013 - 2014. In addition, The uncontrolled
smuggled sugar has attributed to continuous drop of sugar prices. The shrunk consumption and high inventory boosted
costs and reduced prots for sugar companies, some even suered from losses. The diculties of the sugar industry and
companies made sugar stock lose its attraction to investors and caused share price plummet
Foreseeing the macro-economy uctuations from early 2013, Board of Directors had presumed that 2013 would be tough
year for sugar industry. Hence, leaders and sta of Bien Hoa Sugar Company (BHS) always kept close to the direction and
key objectives set forth by the BOM since the beginning of the year to prepare timely action plans and appropriate behavior
strategies to respond to market swings.
At the beginning of the year, the Company made a very favorable start with big order contracts. However, the general
diculties of the economy and the industry left signicant eects on the Company business operation results. In detail,
at the close of Quarter 1, bad changes arose in the market, the sugar price dropped continuously. Customers with xed
orders kept on delaying the delivery time, causing big disturbance to the Company’s consumption plan. Finally, after the
rst 6 months, the Company’s business targets were adjusted to a slumping level, specically the prot before tax of 2013
dropped from VND 162 billion to VND 50 billion.

In 2013, 178 thousand tonnes of assorted nished were produced by the Company, 176 thousand tonnes were sold,
achieving the net revenue of VND 2,936 billion, with prot before tax of VND 50.3 billion, only accounting for 30% of the
initial prot plan. Consolidated prot before tax reached VND 48.8 billion, equivalent to 29% of that in 2012.
Thereby, it was explicitly acknowledged by the BOM that the key success of the Company in 2013 was that internal force
was centralized and determination was made. Only centralized internal force could bring forth the competitive advantage
to BHS, helping the Company survive and develop in current dicult market situation, which would denitely be more
rigorous in the future.
BHS determines to maintain leading sugar brand name in Vietnam; expand market share and add value to the investors.
In 2014, the general orientation of the Company is STRENGTHENING THE SYSTEM ASSURING EFFICIENCY - PROMOTING
INTERNAL FORCE. Alongside with the mentioned orientation, all stas of the Company are requested to work under the
spirit of RESPONSIBILITY - DISCIPLINE - COOPERATION - EFFICIENCY.
On behalf of the Board of Management of Bien Hoa Sugar Joint Stock Company, I would like to thank you all for believing
and accompanying us over the past few years.
We wish you health, success and happiness.
IN 2013, 178 THOUSAND TONNES
OF ASSORTED FINISHED SUGAR
WERE PRODUCED AND 176
THOUSAND TONNES WERE
SOLD, ACHIEVING THE REVENUE
OF VND 2,936 BILLION,
FULFILLING THE AMENDED
PROFIT PLAN, EQUIVALENT TO
PROFIT BEFORE TAX OF VND
50.3 BILLION.
MESSAGE
FROM CHAIRMAN
On behalf of Board of Management
Chairman
THAI VAN CHUYEN
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www.bhs.vn
General introduction
COMPANY OVERVIEW
CONSTANTLY PROMOTE
internal force
In 2013, the Company successfully issued shares to its existing shareholders
at the ratio of 1:1, increasing the charter capital from VND 314,974,590,000
to VND 629,949,180,000. This is the 5
th
capital increase since 2007.
CHARTER CAPITAL IN 2013 (Unit: VND)
General introduction
History of development
Scope of business and business areas
Organizational chart
Organizational structure
Development orientation
Risky factors impacting Company
business performance
10
12
14
16
17
18
18

Transaction name: BIEN HOA SUGAR JOINT STOCK COMPANY
Business registration certicate No.: 3600495818 granted for the rst time by Dong Nai
Department of Planning & Investment on 16 May
2001, and the latest amendment on 16 May 2013.
Charter capital: VND 629,949,180,000
Address: Bien Hoa 1 Industrial Park, An Binh Ward, Bien Hoa
City, Dong Nai.
Telephone: 061.3836.199
Fax: 061.3836.213
Website: www.bhs.vn
Stock code: BHS
COMPANY OVERVIEW
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General introduction
2013
2006 2007 2013
In 1998, Tay Ninh
Sugar Plant (now
known as Bien Hoa -
Tay Ninh Sugar Plant)
ocially stepped into
operation with the
processing capacity of
2,500 tonnes of sugar
per day.

In 2007, Tri An
Sugarcane Company
was acquired by the
Company to establish
Bien Hoa - Tri An
Sugar Plant. After
multi-upgrading
and equipment
investment, Bien Hoa
- Tri An Sugar Plant’s
capacity currently
reaches 2,500 tonnes
of sugarcane per day.
On 9 September 2013,
Certicate on stock
public oering No. 42/
GCN-UBCK was issued
by the State Securities
Commission to the
Company. Thereby,
the Company’s stocks
were issued to its
existing shareholders
to increase the charter
capital from
VND 314,974,590,000 to
VND 629,949,180,000.
From 2007 - 2013, the charter capital was increased 5 times as follows:
Dividend by share was distributed at end 2006 with rate of 4% of the charter capital.
Dividend by share was distributed at end of 2007 with rate of 10% of charter capital

In 2011, bonus shares were distributed to the existing shareholders at the rate of 61.88%.
In 2012, share issuance was made under ESOP (Employee Stock Ownership Plan) at
the total value of VND 14,998,790,000.
 After 4 times of charter capital increase as mentioned above, the Company’s
charter capital was VND 314,974,590,000.
In 2013, shares were issued to the existing shareholders at the ratio of 1:1. The
Company’s present charter capital is VND 629,949,180,000.
HISTORY OF DEVELOPMENT
In 1969, Bien Hoa
Sugar Plant was
founded with
the capacity of
400 tonnes. The
key product then
included yellow
sugar, liquer and
jute bags.
1969
1969 1971 1994 1995 1997
In 1971, the Plant
was invested and
upgraded to Rened
Sugar Plant.
In 1994, Bien Hoa
Sugar Plant was
renamed to Bien Hoa
Sugar Company.
In 1995, the capacity
of Bien Hoa Rened
Sugar Plant increased

from 200 tonnes
per day up to 300
tonnes per day.
Simultaneously, Tay
Ninh Sugar Plant
construction was
commenced.
In 1997, Thanh Long
Sugarcane Farm was
established with the
area of 960 hectares.
1998 2001
In 2001, Tay Ninh
Sugar Plant capacity
increased to 3,500
tonnes of sugarcane
per day. Till present,
the capacity has
reached to 4,000
tonnes of sugarcane
per day.
In 2001, the company
was transformed
from state-owned
company to joint
stock company. On
16 May 2001, Bien
Hoa Sugar Joint
Stock Company was
founded with the

initial charter capital
of VND 81 billion.
In 2006, additional
shares were issued
by the Company for
capital mobilization.
The charter capital of
VND 81 billion was
increased to VND
162 billion. On 20
December 2006, the
initial public oering
of the Company’s
shares was made
at HCMC Stock
Exchange under the
code of BHS.
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www.bhs.vn
General introduction
The Company’s major business & production activities include:
Produce sugar;
Planting sugarcanes;
Produce and wholesale other products from sugar,
sub-products, by-products from sugar;
Produce and sell fertilizer;

Provide agricultural materials.
SCOPE OF BUSINESS
AND BUSINESS AREA
Hoang Sa Island
Truong Sa Island
Phu Quoc Island
Head oce:
Bien Hoa 1 Industrial Park, An Binh Ward, Bien Hoa City, Dong Nai Province.
The Company’s plants and branches:
Bien Hoa - Tay Ninh Sugar Plant
Bien Hoa - Tri An Sugar Plant
Da Nang Branch
The Company’s subsidiaries:
Bien Hoa - Thanh Long One-member Co., Ltd.
Hai Vi One-member Co., Ltd.
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www.bhs.vn
General introduction
BOARD OF SHAREHOLDERS
BOARD OF MANAGEMENT
BOARD OF DIRECTORS
HUMAN
RE
SOURC
ES
DEPT.

QUALITY
CON
TROL
DEPT.
ADMIN
ISTRA
TIVE
DEPT.
Board of Shareholders
Board of Supervisors
Board of Management
Board of Directors
Divisions of Sales, Finance, Techniques - Production -
Investment
Production units: Bien Hoa - Tay Ninh Sugar Plant,
Bien Hoa - Tri An Sugar Plant, Rened Sugar Shop,
Alcohol & New Product Shop
Functional departments: 12
Subsidiaries: 2
Branch: 01
ORGANIZATION STRUCTURE
ORGANIZATIONAL CHART
BOARD OF SUPERVISORS
COMPANY’S OFFICE
INTERNAL INSPECTION DEPARTMENT
TECHNIQUES  INVESTMENT
DEPARTMENT
ALCOHOL & NEW PRODUCT
SHOP
PROJECT MANAGEMENT

BOARD
BIEN HOA  THANH LONG
ONEMEMBER CO., LTD.
TECHN
TECHNIQUES  PRODUCTION 
INVESTMENT DIVISION
BIEN HOA  TRI AN SUGAR PLANT
HOL&N
REFINED SUGAR SHOP
FINANCE 
PLANNING DEPARTMENT
FINANCIAL DIVISION
BIEN HOA  TAY NINH SUGAR
PLANT
ACCOUNTING DEPARTMENT
SALES 
MARKETING DEPARTMENT
LOGISTICS DEPARTMENT
SALES DIVISION
IMPORT 
EXPORT DEPARTMENT
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www.bhs.vn
General introduction
DEVELOPMENT ORIENTATION TILL 2018  2020 VISION
Resources will be focused in key operation elds including sugar production and

trading.
Invest to diversify sugar product portfolio such as sugar-based products, by-
products and new products like micro-sugar, pure yellow sugar
Invest and develop material zones to ensure sustainable and long-term
development.
Continuously reinforce and improve distribution network, explore and maximize
of the strength of Bien Hoa Sugar brandname.
Constantly expand export market.
RISKY FACTORS LIKELY IMPACTING COMPANY
Sugar price volatiles constantly and depends greatly on the global sugar prices, in
addition, the Company’s products face with the competition of imported sugar,
particularly the smuggled. The changes of importers trade policies also aect
considerably to the Company’s business and production plans.
As for production, the sugar industry always faces with material shortage due to
the competitiveness of other crop plants. Low and unstable sugar output greatly
attributed to such elements as weather, land policies, which aect costs and
prices of sugar industry.
DEVELOPMENT ORIENTATION
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www.bhs.vn
General introduction
CONNECT
broad & profound network
Compared to other peers, Bien Hoa Sugar enjoys a strong advantage thanks to
its wide distribution network covering various provinces and cities, particularly
its outstanding advantages in supermarkets nationwide. Besides, Bien Hoa Sugar

focuses on potential markets to promote further its advantages.
BUSINESS PERFORMANCE
22
24
30
32
34
2013 SUGAR PRODUCTION (Unit: ton)
2013 SUGAR CONSUMPTION (Unit: ton)
Business results
Organizational structure and human resources
Investment situation, key project implementation
Financial situation
Shareholder structure, changes of
owner’s equity
Note: Data from page 22 - page 57 is provided by the parent Company.
Alcohol consumption
2013 production & consumption
159,532 (litre)
178,328 (ton)
177,687 (litre)
175,502 (ton)
Alcohol production
Sugar production
Sugar consumption
126%
101%
112%
105%
Sugar

production output
101%
compared to
the plan
VND 2,936 bl
NET REVENUE
Net revenue chart
(VND billion)
2,837.64
Plan 2013 Plan 2013Actual 2013 Actual 2013
2,936
VND 50.3 bl
Prot before tax chart
(VND billion)
50.92 50.3
PROFIT BEFORE TAX
No. Content Unit
2013
actual
2013 plan
(initital)
2013 plan
(amended)
Compared
Achievement
of initial plan
Achievement
of amended
plan
1 Produced sugar output tonne 178,328 196,000 175,894 91%

101%
2 Produced alcohol output litre 159,532 130,000 126,447 123%
126%
3 Consumed sugar output tonne 175,502 180,000 167,270 98%
105%
4 Consumed alcohol output litre 177,687 130,000 158,776 137%
112%
5 Net revenue VND bl. 2,935.73 3,227.38 2,837.64 91%
103%
6 Prot before tax VND bl. 50.27 166.88 50.92 30%
99%
7 Prot after tax VND bl. 38.90 125.16 38.19 31%
102%
PRODUCTION &
BUSINESS PERFORMANCE
Note: Data from page 22 - page 57 is provided by the parent Company.
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www.bhs.vn
Business performance
in 2013
ORGANIZATIONAL STRUCTURE
& HUMAN RESOURCES
The Board of Directors includes 6 members:
Mr. BUI VAN LANG : Acting General Director
Ms.
TRAN QUE TRANG : Deputy General Director in charge of Finance

Mr.
LE AN KHANG : Deputy General Director in charge of Sales
Mr.
LE QUANG HAI : Deputy General Director in charge of Techniques,
Production & Investment
Mr.
PHAM CONG HAI : Deputy General Director in charge of Bien Hoa - Tay Ninh Plant
Mr.
NGUYEN TIEN CUONG : Deputy General Director in charge of Bien Hoa - Tri An Plant
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Business performance
in 2013
Mr. LE AN KHANG
Deputy General Director in charge of Sales
Mr. LE QUANG HAI
Deputy General Director in charge of Techniques - Production -
Investment
Full name : LE AN KHANG
Gender : Male
Date of birth : 12 December 1981
Place of birth : Tien Giang
I.D. card No. : 311635876
Date of issuance : 01 September 2008
Place of issuance : Tien Giang Police of Security
Nationality : Vietnamese

Ethnic group : Kinh
Permanent residence : Trung An Commune,
My Tho City, Tien Giang
Professional level : Master of Developmental
Economics
Number of shares held : 0
Full name : LE QUANG HAI
Gender : Male
Date of birth : 12 April 1964
Place of birth : Thua Thien Hue
I.D. card No. : 271751263
Date of issuance : 12 April 2002
Place of issuance : Dong Nai Police of Security
Nationality : Vietnamese
Ethnic group : Kinh
Permanent residence : 14A14 Road 16, An Binh
Residential Area, Bien Hoa City,
Dong Nai
Professional level : Engineer on Food Chemistry
Number of shares held : 35,644
Mr. BUI VAN LANG
Acting General Director
Ms. TRAN QUE TRANG
Deputy General Director in charge of Finance
Full name : BUI VAN LANG
Gender : Male
Date of birth : 20 February 1962
Place of birth : Quang Ngai
I.D. card No. : 272248688
Date of issuance : 20 June 2008

Place of issuance : Dong Nai Police of Security
Nationality : Vietnamese
Ethnic group : Kinh
Permanent residence : 9A2 An Binh Residential Area,
An Binh Ward, Bien Hoa City,
Dong Nai
Professional level : Bachelor of Economics
Number of shares held : 224,390
Full name : TRAN QUE TRANG
Gender : Female
Date of birth : 8 August 1980
Place of birth : Bac Lieu
I.D. card No. : 025658777
Date of issuance : 31 October 2012
Place of issuance : HCMC Police of Security
Nationality : Vietnamese
Ethnic group : Kinh
Permanent residence : 173 Thai Phien, Ward 9,
Dist. 11, HCMC
Professional level : Bachelor of Economics
Number of shares held : 0
Resumes of the Board of Directors members:
ORGANIZATIONAL STRUCTURE
& HUMAN RESOURCES
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www.bhs.vn

Business performance
in 2013
Changes in the Management Team in 2013
Mr. TRAN TUU resigned on 20 May 2013.
Mr.
NGUYEN HOANG TUAN resigned on 01 July 2013
Mr.
LE AN KHANG was appointed on 01 July 2013.
Mr.
NGUYEN VAN LOC resigned on 01 October 2013.
Mr.
BUI VAN LANG was appointed on 01 October 2013
Mr.
NGUYEN TIEN CUONG was appointed on 16 September 2013.
Ms.
TRAN QUE TRANG was appointed on 01 November 2013.
Resume of the Chief Accountant:
The Chief Accountant was changed in 2013:
As per Decision No. 140/2013/QĐ-HĐQT dated 12 June 2013, whereby
the BOM appointed Ms. Ngo Thi Thanh Hang as Chief Accountant of the
Company, replacing Mr. Vo Cong Minh since 17 June 2013.
Total staff by 31 December
2013: 1,198
2013 average monthly salary/
staff: VND 7,500,000/ person
Employee policy: complying
with the collective labor
agreement and the Labor Law.
HUMAN RESOURCES SITUATION
Full name : PHAM CONG HAI

Gender : Male
Date of birth : 5 February 1962
Place of birth : Tien Giang
I.D. card No. : 270069063
Date of issuance : 11 May 2005
Place of issuance : Dong Nai Police of Security
Nationality : Vietnamese
Ethnic group : Kinh
Permanent residence : 103/23 Residential Group 6,
Quarter 3, Trung Dung Ward,
Bien Hoa City, Dong Nai
Professional level : Mechanical Engineer, Bachelor
of Business Administration
Number of shares held : 34,693
Full name : NGUYEN TIEN CUONG
Gender : Male
Date of birth : 13 October 1966
Place of birth : Quang Binh
I.D. card No. : 280360268
Date of issuance : 7 August 2013
Place of issuance : Binh Duong Police of Security
Nationality : Vietnamese
Ethnic group : Kinh
Permanent residence : Trung Quarter, Vinh Phu Ward,
Thuan An, Binh Duong
Professional level : Engineer
Number of shares held : 0
ORGANIZATIONAL STRUCTURE & HUMAN RESOURCES (cont.)
Resumes of the Board of Directors members (cont.):
Mr. PHAM CONG HAI

Deputy General Director in charge of Bien Hoa – Tay Ninh Plant
Ms. NGO THI THANH HANG
Chief Accountant
Mr. NGUYEN TIEN CUONG
Deputy General Director in charge of Bien Hoa – Tri An Plant
Full name : NGO THI THANH HANG
Gender : Female
Date of birth : 2 February 1983
Place of birth : Quang Tri
I.D. card No. : 271545289
Date of issuance : 23 February 2008
Place of issuance : Dong Nai Police of Security
Nationality : Vietnamese
Ethnic group : Kinh
Permanent residence : 214Q1, Quarter 1,
Long Binh Tan Ward, Bien Hoa,
Dong Nai
Professional level : Bachelor of Economics:
Accounting - Auditing
Number of shares held : 31,460
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www.bhs.vn
Business performance
in 2013
In addition to the important projects mentioned above, annually, a considerable
fund was reserved by the Company for the new product development projects,

infrastructure construction, machinery and equipment supplementation for
production. Total value of all these investment items in 2013 is VND 104 billion,
of which:
In Bien Hoa: VND 38 billion
In Tri An: VND 34 billion
In Tay Ninh: VND 32 billion
PROJECTS TO BE IMPLEMENTED IN 2014
In 2014, the Company plans to invest into the projects regarding infrastructure
rehabilitation, warehouse expansion and construction, new investment in coal
boiler for material saving, additional investment in machinery & equipment
for capacity enhancement, production, expansion of Thanh Long Farm. Total
estimated investment value is VND 139 billion, of which:
In Bien Hoa: VND 96 billion
In Tri An: VND 25 billion
In Tay Ninh: VND 18 billion
SUBSIDIARIES
Bien Hoa – Thanh Long One-member Co., Ltd:
Not yet operated.
Hai Vi One-member Co., Ltd.:
Established as per Business Registration Certicate No. 3900244283 - 1 on 29 July 2010.
Head oce address: Thanh Tan Hamlet, Thanh Long Commune, Chau Thanh District,
Tay Ninh Province
Key production & business scope:
Sugarcane planting, fertilizer and agricultural materials production and trading.
Registered capital: VND 1,500,000,000
Basic nancial information:
Unit: VND
No. Target 2013 2012
1
Total revenue 10,812,936,349 15,677,952,668

2
Prot before tax 420,190,372 4,740,457,593
3
Prot after tax 336,152,298 4,524,905,301
4
Total assets 13,301,448,488 11,628,028,579
2013 revenue of Hai Vi One-member Co., Ltd. decreased VND 4.9 billion from a
year earlier as the output of the harvested sugarcanes decreased 3,698 tons and
average selling price of the sugarcanes went down to VND 77,000/ ton. This was
the main reason why the Company’s prot before tax dropped to VND 4.3 billion.
2014 investment allocationplan
(VND billion)
2013 investment allocation chart
(VND billion)
MAJOR INVESTMENTS:
Financial Investments:
In 2013, the Company’s investment activities were carried
out in accordance with the set strategic orientation, cautiously and in the same
industry. Thereby, the Company made long-term strategic investment in the
following companies:
Investing in 2,942,688 shares of Gia Lai Thermal Sugarcane Joint Stock
Company with the book value of VND 47,227,472,034.
Investing in 400,920 shares of Ninh Hoa Sugar Joint Stock Company with the
book value of VND 4,792,591,350.
Investing in 720,000 shares of TTC Sugarcane Research & Application Joint
Stock Company with the book value of VND 7,200,000,000.
Investing in projects: In 2013, For the purpose of enhancing the image of
BIEN HOA brand, the company has been investing and upgrading in
technologies. Within the year, despite market diculties, the Company
fearlessly invested and expanded 2 production factories with details as follows:

The Project on “Equipment rening and production quality upgrading” at
Bien Hoa – Tri An Sugar Factory was completed, inspected and accepted, and
put into operation by early of 2013 production year. Total investment capital
of the project is VND 108 billion.
The Project on “Equipment rening and product quality upgrading” at Bien
Hoa – Tay Ninh Sugar Factory was completed, inspected and accepted, and
put into operation by early of 2013 production year. Total investment capital
is VND 117 billion.
For the purpose of enhancing the image of
BIEN HOA brand, the company has been investing
and upgrading in technologies.
SITUATION ON INVESTMENT,
KEY PROJECT IMPLEMENTATION
Investing into 2,942,688
shares of Gia Lai Thermal
Power Sugarcane Joint Stock
Company, with the book
value of VND 47,227,492,034.
Total investment
value
VND
104
billion
Estimated
total investment
value
VND
139
billion
Bien Hoa Tri An Tay Ninh

Bien Hoa Tri An Tay Ninh
36%
69%
18%
13%
33%
31%
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Business performance
in 2013
KEY FINANCIAL INDICATORS
No. Indicator 2012 2013
I Growth rate

1 Net revenue growth rate 19.05% - 3.97%
2 Prot before tax growth rate 0.54% - 69.08%
3 Prot after tax growth rate - 22.17%
- 66.44%
II Solvency

1 Current solvency ratio 1.02 1.11
2 Quick solvency ratio 0.45 0.84
3 Cash solvency ratio 0.07 0.19
III Protability
1 Gross prot / Net revenue 9.03% 8.09%

2 EBIT / Net revenue 6.98% 5.30%
3 Prot before tax / Net revenue 5.32%
1.71%
4 Prot after tax / Net revenue 3.79%
1.33%
5 Return on total assets (ROA) 6.82% 1.81%
6 Return on Equity (ROE) 20.56% 5.47%
7 Operating Prot/ Net revenue 5.31% 1.69%
IV Operation eciency

1 Commercial receivable turnover 49.56
20.13
2 Inventory turnover 4.87 4.71
3 Commercial payables turnover 26.77 30.14
4 Total asset turnover 1.80
1.36
V Capital structure

1 Debt/ Total owner’s equity 267.28%
159.18%
2 Debt/ Total assets 72.77%
61.42%
3 Current liabilities/Owner’s equity 248.57%
147.72%
FINANCIAL SITUATION
FINANCIAL SITUATION
Indicator 2012 (VND) 2013 (VND)
%
increase/
decrease

Total asset value 2,108,607,355,457 2,197,268,114,755
4%
Net revenue 3,057,156,502,099 2,935,733,752,537
- 4%
Prot from business activities 162,458,943,641 49,490,536,142
- 70%
Other prots 122,641,910 779,605,855
536%
Prot before tax (EBT) 162,581,585,551 50,270,141,997
- 69%
Prot after tax(EAT) 115,909,270,807 38,904,918,312
- 66%
Within the year, the Company successfully issued its shares to increase its registered capital from VND 314,974,590,000 to
VND 629,949,180,000 for operation capital supplementation and nancial re-structure.
Solvency chart
1.02
2012 2013
1.11 0.45
2012 2013
0.84
Current solvency ratio Quick solvency ratio
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2013 ANNUAL REPORT
BIEN HOA SUGAR JOINT STOCK COMPANY
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2013 ANNUAL REPORT
www.bhs.vn
Business performance
in 2013
Strategic shareholders:

No. Subject
No. of
share
Ownership
percentage
(%)
No. of
shareholders
Shareholder structure
Organization Individual
1
Strategic shareholder owns from 5%
of the share capital or more, but not a
professional stock investors (PSI)
26,563,029 42.17% 3 3 0
- Local 26,563,029 42.17% 3 3 0
- International 0 0.00% 0 0 0
2
PSI who is strategic shareholder owning
from 5% of the share capital or more
9,194,986 14.60% 1 1 0
- Local 9,194,986 14.60% 1 1 0
- International 0 0.00% 0 0 0
3
PSI who is the shareholder owning <
5% of the share capital
2,836,728 4.50% 59 59 0
- Local 13,675 0.02% 43 43 0
- International 2,823,053 4.48% 16 16 0
TOTAL 38,594,743 61.27% 63 63 0

Change in the owners’ equity
No. Content Before change Additionally issued After change
1 Charter capital (VND) 314,974,590,000 314,974,590,000 629,949,180,000
2 Total shares 31,497,459 31,497,459 62,994,918
3 No. of voting shares 31,497,459 31,497,459 62,994,918
SHAREHOLDER STRUCTURE,
CHANGES OF OWNERS’ EQUITY
SHAREHOLDER STRUCTURE BASED ON THE LIST OF SHAREHOLDERS CLOSED ON 31 DECEMBER 2013
Capital ownership percentage:
No. Subject
No. of
share
Ownership
percentage (%)
No. of
shareholders
Shareholder structure
Organization Individual
1 State-owned shareholder 7,654,133 12.15% 1 1 0
2
Founding shareholder 7,795,443 12.37% 4 1 3
- Local 7,795,443 12.37% 4 1 3
- International - 0.00% 0 0 0
3
Strategic shareholders (owning
from 5% of the share capital or
more)
35,758,015 56.76% 4 4 0
- Local 35,758,015 56.76% 4 4 0
- International - 0.00% 0 0 0

4
Company’s Trade Union 2,051,265 3.26% 2 2 0
- Local 2,051,265 3.26% 2 2 0
- International - 0.00% 0 0 0
5 Treasury stock - 0.00% 0 0 0
6 Preferential shareholder (if any) - 0.00% 0 0 0
7
Other shareholders 25,044,328 39.76% 3,401 69 3,332
- Local 21,435,703 34.03% 3,215 53 3,162
- International 3,608,625 5.73% 186 16 170
TOTAL 62,994,918 100.00% 3,410 75 3,335
- Local 59,386,293 94.27% 3,224 59 3,165
- International 3,608,625 5.73% 186 16 170
Total shares: 62,994,918 shares
Type of currently outstanding shares: Common shares
No. of freely transferred shares: 61,495,039 shares
No. of limitedly transferred shares: 1,499,879 shares
Reason of limited transfer: Common shares distributed under ESOP.
SHARES
SHARE PERCENTAGE
2%
98%
Limitedly transferred shares
Freely transferred shares
62,994,918
Total shares
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2013 ANNUAL REPORT
BIEN HOA SUGAR JOINT STOCK COMPANY
35

2013 ANNUAL REPORT
www.bhs.vn
Business performance
in 2013
AFFIRM
leading technology
Quality is the leading element determining the reliability of the customers and
prestige of a brand name. Therefore, Bien Hoa Sugar Joint Stock Company always
focuses on investment in production technology and production lines, constantly
enhancing the product quality so as to provide customers with the best products.
THE LEADERS’ REPORT
38
42
SUGAR PRODUCTION OUTPUT UNIT: TONNE
TOTAL PROFIT BEFORE TAX UNIT: VND BILLION
Report and evaluation from the Board of Directors
Evaluation of the Board of Management
on business performance
Note: The data from page 22 – page 57 is provided by the parent Company.
FINANCIAL SITUATION
The Company’s total assets by 31 December 2013 reached VND 2,197.3 billion,
increasing 4.2% compared to the end of 2012, equivalent to an increase of VND
88.7 billion; it mainly came from the new investment into the xed assets. The
equity by the end of 2013 varied strongly, increasing 47.7% compared to the end
of 2012 mainly owning to the successful share issuance carried out in the year at
the ratio of 1:1 to increase the charter capital.
In regard to the growth targets, operation eciency and protability: In 2013,
all the targets of these items decreased, indicating the decreased growth rate
of 2013 in comparison with the previous years. Targets of business eciency
and protability did not meet the aspiration due to the eect of capital increase

by the end of the year, such capital was not fully made use by the Company,
therefore, the corresponding eciency was not obtained.
In 2013, solvency ratios show great improvement in comparison with those in 2012.
However, some ratios on capital structure were still higher than the permissible
levels and needed to be gradually adjusted to reduce liquidity risks in 2014.
Briey, the nancial indicators were greatly improved from a year earlier, which
demonstrated the gradual eciency of the Company’s investment and internal
force improvement.
In 2013, the solvency ratios were considerably
improved compared from a year earlier. However,
some ratios of capital structure were still higher
than the permissible levels and needed to be
gradually adjusted to reduce liquidity risks in 2014.
Total asset chart (VND billion)
2,109
2012 2013
2,197
VND 2,197billion
TOTAL ASSETS
REPORT AND EVALUATION
FROM THE BOARD OF DIRECTORS
EVALUATION ON PRODUCTION & BUSINESS OPERATION RESULTS
Throughout 2013, the Company produced 178 thousand tons of assorted nished
sugar; 176 thousand tons of sugar were sold, reaching the net revenue of VND 2,936
billion, prot before tax of VND 50.3 billion, accounting for 30% of the initial prot plan.
Revenue in 2013 was mainly generated from sugar sales, the key product,
contributing 99% of the total revenue of the Company. Additionally, the Company
obtained income from many other business activities such as alcohol production,
storage facilities rental, seed sugar sales, food & beverage business however, the
revenue from such businesses was inconsiderable.

After the rst 6 months, based on the actual situation and forecasts of the sugar
industry for the last 6 months, the business plan was timely adjusted by the BOM to
keep pace with the actual situation.
Compared to the adjusted business plan, achieved targets on production,
consumption and revenue were as follows:
Sugar production output was 101% compared to the plan.
Alcohol production output reached 126% compared to the plan.
Sugar consumption output was 105% compared to the plan.
Alcohol consumption output reached 112% compared to the plan.
Net revenue was 103% compared to the plan.
In short, in 2013, though the general economic situation was not yet thriven and
the sugar industry was still in its price slump cycle, the Company tried to achieve
certain business eciency. Though the indicators of business growth and operation
eciency of the Company in 2013 did not meet the plan and dropped in comparison
with those of 2012 due to the eects of the general situation of the sugar industry,
the solvency ratios and capital structure ratios have moved positively. This proved
that the orientation of internal force centralization to enhance the Company’s
competitiveness and ability of confronting with the increasingly complicated market
situation was an extremely proper step made by the Company’s Leadership.
VND 2,936 billion
VND
50.3 billion
REVENUE
PROFIT BEFORE TAX
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BIEN HOA SUGAR JOINT STOCK COMPANY
39
2013 ANNUAL REPORT
www.bhs.vn

Report
from the leaders
No. Content Unit Plan 2014 Actual 2013 % Growth
1 Sugar production output tonne 175,651 178,328 -1.50%
2 Sugar consumption output tonne 175,714 175,502 0.12%
3 Net revenue VND bl. 2,642.72 2,935.73 -9.98%
4 Prot before tax VND bl. 82.20 50.27 63.52%
5 Prot after tax VND bl. 63.64 38.90 63.60%
REPORT AND EVALUATION
FROM THE BOARD OF DIRECTORS (cont.)
IMPROVEMENTS IN ORGANIZATIONAL STRUCTURE, POLICIES AND
MANAGEMENT
Included in the strategy of internal force improvement and competitiveness
enhancement, in 2013, the Company’s operation mechanism was
re-structured to further enhance the operation efficiency, review and
renovate the whole process and regulations in the compact and scientific
way and close to the actual activities.
In the past year, the Company’s organizational structure was modified;
new Regulation on the Company’s organization and operation was issued,
gradually making the Company’s operation more professional. Product-
based lump sum salary method was applied and agricultural activities were
organized in the professional farming model by BHS.
2014
PRODUCTION & BUSINESS PLAN
+63.60%
+63.52%
-9.98%
+0.12%
-1.50%
PROFIT AFTER TAX REACHED VND 63.64 BILLION

PROFIT BEFORE TAX REACHED VND
82.20 BILLION
NET REVENUE REACHED VND
2,643 BILLION
SUGAR CONSUMPTION OUTPUT REACHED
175,714 TONNES
SUGAR PRODUCTION OUTPUT REACHED
175,651 TONNES
40
2013 ANNUAL REPORT
BIEN HOA SUGAR JOINT STOCK COMPANY
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2013 ANNUAL REPORT
www.bhs.vn
Report
from the leaders
The Company’s overall objectives will be:
Fulll the prot and revenue targets.
Maintain the marketshare, take care and utilize eciently all customer segments
and existing markets; invest, research and expand the market.
Optimize the cost-eciency; reduce the product prices.
Continue rening the organizational structures in a more ecient, compact
and scientic manner. Thereby, regulation preparation system will be improved
to keep close to the actual performance.
Complete the Company’s Strategy from now till 2018; make plan, deploy,
control the process, and evaluate the eciency of each specic stage.
Train, foster and re-arrange the personnel team at all levels; particularly
management training to ensure a qualied management team, ready for any
variations and adaptible to the changes of the economy.
After restructuring

rst phase, BHS was
organized more
rationally, with
assured eciency,
clear allocation and
determination of
responsibilities and
rights, well-balanced
cooperation and better
risk management.
ORIENTATION OF THE BOM IN 2014
EVALUATION OF THE BOM ON THE COMPANY’S PERFORMANCE
The Company adequately fulled the adjusted targets. It is likely to say that in
such a challenging year as 2013, it was really a great eort of the Company.
Given the forecast of on-going diculty of the sugarcane industry, the Company
has promoted the strategy and action plan to reinforce its internal resourses.
Reinforcing internal force would bring more competitive advantages to make
it survive and develop in such dicult market situation at present, which will
be more rigorous in future. In 2013, the Company was just at its initial stage
of internal force reinforcement, yet the achievements were quite encouraging
when 4 projects on rened equipment lines and product quality upgrading were
completed at 2 plants; the charter capital was doubled, i.e. VND 629,949,180,000
till present; materials of crops 13 – 14 were better harvested; with renewed
regulation documentation system, the working processes were adjusted to be
more compact, unnecessary stages were eliminated yet close control of the
entire system was still ensured.
EVALUATION OF THE BOM ON THE ACTIVITIES OF BOARD OF DIRECTORS
Members of the Board of Directors and managers fullled their rights and
assigned duties, used and made good use of the resources on capital, assets,
labor and brandname of the Company.

Decisions from the Board of Directors were released legitimately, in proper
timely competence. Based on the BOM’s Resolutions and Decisions, the Board of
Directors’ duties were deployed expeditiously, with exible and timely reactions
which brought forth achievements in business operation and proved the
leading position of the Company in Vietnam’s sugarcane industry. High eorts
of the Board of Directors were recognized by Board of Management in terms
of (i) implement and deploy production and product consumption plans; (ii)
develop and implement investment projects; (iii) develop product systems and
distribution channels; (iv) modify organizational structure and (v) re-organize
operation processes and regulations
After restructuring rst phase, BHS was organized more rationally, with assured
eciency, clear allocation and determination of responsibilities and rights, well-
balanced cooperation and better risk management.
EVALUATION OF THE BOM ON THE
COMPANY’S OPERATION
Given the forecast of
on-going diculty of the
sugarcane industry, the
Company has promoted the
strategy and action plan to
reinforce its internal resourses.
42
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www.bhs.vn
Report
from the leaders
STRONG CONFIDENCE OF

Vietnamese brandname
Under the grounds of strong development and surpassing
advantages in the local market, particularly in the
nation-wide supermarket systems, Bien Hoa Sugar Joint Stock
Company is always proud to be recognized as “High quality
Vietnamese goods”, and ready to centralize all resources to
develop further to the export markets.
COMPANY GOVERNANCE
46
52
54
Board of Management (BOM)
Board of Supervisors
Transactions, remunerations and other
interests of the BOM, BOD and BOS
Note: The data from page 22 – page 57 is provided by the parent Company.
Mr. PHAM HONG DUONG
BOM member
Currently holding 0 share.
Other positions at other companies:
BOM member of Thanh
Thanh Cong Tay Ninh
Sugarcane Joint Stock
Company.
Deputy General Director
of Thanh Thanh Cong
Investment Joint Stock
Company.
Ms. DANG HUYNH UC MY
BOM member

Currently holding 3,048,644
shares, accounting for 4.84%
of total shares.
Other positions at other companies:
BOM Chairlady of Thanh
Thanh Cong Tay Ninh
Sugarcane Joint Stock
Company.
BOM Chairlady of Thanh
Thanh Cong Investment
Joint Stock Company.
Mr. TONG THONG
BOM member
Currently holding16,218
shares, accounting for 0.03%
and concurrently being a
representative of 7,654,133
shares for shareholder
Sugarcane II Corporation
– Joint Stock Company,
accounting for 12.15%.
Other positions at other companies:
BOM Vice Chairman of
Sugarcane II Corporation –
Joint Stock Company.
BOARD OF MANAGEMENT
Mr. THAI VAN CHUYEN
BOM Chairman
Currently holding 398,064
shares, equivalent to 0.63%

of total shares.
Other positions at other companies:
BOM Chairman of Gia Lai
Power Joint Stock Company
BOM member of Thanh Thanh
Cong Tay Ninh Sugarcane
Joint Stock Company.
General Director of Thanh
Thanh Cong Investment
Joint Stock Company.
.
Mr. NGUYEN VAN LOC
BOM Vice Chairman
Currently holding 223,240
shares, accounting for 0.35%
of total shares.
No other positions at other
companies.
CURRENT BOM OF THE COMPANY:
Mr. Pham Dinh Manh Thu resigned
from BOM Vice Chairman on 01
October 2013 and has stopped
involving in the BOM activities since
01 October 2013.
Mr.
Nguyen Van Loc was elected as
BOM member on 01 October 2013
and appointed as BOM Vice Chairman
since 01 October 2013.
Changes in BOM members in 2013:

46
2013 ANNUAL REPORT
BIEN HOA SUGAR JOINT STOCK COMPANY
47
2013 ANNUAL REPORT
www.bhs.vn
Company governance
With regard to important issues, which require
more personnel for centralized leading, action and
supervision, the BOD will decide to establish the
corresponding Councils/ Boards.
Re-structure Boards for Bien Hoa – Tay Ninh Sugarcane Plant and Bien Hoa
– Tri An Plant: The permanent members of the BOM’s of the 2 plants, in
cooperation with the Company’s Board of Directors, the Plants’ leaders and
related department managers, carried out re-structure of the operation of the
2 Plants in accordance with the policy adopted by the Board of Shareholders.
Council for Salary Review (for managerial levels and up): The Chairman and
Board of Directors members considered, reviewed and raised the salaries
of managerial ocers whose salary terms were due to review as per the
Company’s Salary Regulation.
Re-structure Board: The BOM members, Board of Supervisors, Board of
Directors and Department managers were responsible for making overall
evaluation of the Company’s activities, preparing the action plans to enhance
the Company’s operation eciency and competitiveness ability.
The BOM has not established
its committees but assigned
duties and responsibilities to
each member in accordance
with the BOD’s organizational
and operational Regulations.

COMMITTEES UNDER BOM:
BOM term 4
th
have not established its committees but assigned duties and
responsibilities to each of the BOD members in accordance with the organizational
and operational Regulations.
With regard to important issues, which require more personnel for centralized leading,
action and supervision, the BOD will decide to establish the corresponding Councils/
Boards. Last year, the following Councils/ Boards were established and operated:
Investment Council: Consider and make decisions on behalf of the BOM on
the Company’s investment issues valued below 30% of the total assets as
stated in the latest audited nancial statement and the Council operates in
compliance with the Company’s investment regulation.
Bidding Appraisal Council: Consider and select contractors, on behalf of the
BOM, to execute the work items approved in the investment plans.
Competition, Awarding & Disciplinary Council: The Chairman and
independent BOM members and the Board of Directors considered
competition, reward and disciplinary issues of the Company’s units and
departments and managers who are assigned by the BOM.
BOARD OF MANAGEMENT (cont.)
48
2013 ANNUAL REPORT
BIEN HOA SUGAR JOINT STOCK COMPANY
49
2013 ANNUAL REPORT
www.bhs.vn
Company governance