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110720 Nual-Report-2020.Pdf Point of Life Annual Report 2020 3 Table of Contents Chairman’s Letter 18 Our Story 24 Sustainability Report 40 Management Report 60 Financial Report 91 General Corporate Information 178 This Annual Report is made for the purpose of Annual General Meeting 2021 and available to shareholders of Masan Group, Masan Consumer, and Masan MEATLife. The annual reports of Masan Consumer and Masan MEATLife are available on their respective websites. 4 Masan Group Annual Report 2020 5 “Our mission is to uplift the material and spiritual lives of 100 million Vietnamese consumers.” 6 Masan Group Annual Report 2020 7 Vietnam’s consumer and retail sectors are not only expected to grow significantly, but also to evolve and transform. 8 Masan Group Annual Report 2020 9 We believe that over the next few years, current products and brands will be no longer enough to satisfy the growing demands of our consumers. 10 Masan Group Annual Report 2020 11 Now, more than ever, consumers seek unique, novel and tailored experiences coupled with greater convenience. 12 Masan Group Annual Report 2020 13 We aim to build a Point of Life platform that satisfies consumers’ essential needs. 14 Masan Group Annual Report 2020 15 Our Point of Life platform aims to unlock value for shareholders, partners, and most importantly, Vietnamese consumers. 16 Masan Group Annual Report 2020 17 CHAIRMAN’S LETTER Chairman’s Letter Our “Alpha-Bet” Dear Masaners, Throughout our journey, every decade Masan has made big, strategic bets to set the course for building Masan’s future. On the brink of 2020, we made a chess move to protect our market position and to position Masan for the next decade – the merger with VinCommerce to establish The CrownX, an integrated retail consumer platform. Had we not made our Queen’s Gambit, this would have marked the “beginning of the end” for Masan. 36% 47% 47% 35% 10% 35% 34% 7% 25% difference difference difference 21% 28% 26% 25% 24% 16% 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 89% MT penetration 46% MT penetration 8% MT penetration Gross margin profile between retailer and FMCG manufacturer as MT penetration evolves Source: MSN internal research 18 Masan Group Annual Report 2020 19 CHAIRMAN’S LETTER The previous chart tells it all. Modern retailers and generate outsized profits. Masan operates ■ a supply chain model to eliminate Viet- stop shop that satisfies consumers’ essential, Value creation grooming the next generation of spearheads. will eventually dictate the consumer market. under a simple principle: when the foundation is nam’s inefficient, multi-layered distribu- tion financial, educational, social, entertainment, and This is not only about continuity and growth, High modern trade penetration narrows the not solid, the house will eventually crumble. We network by leveraging technology and our healthcare needs. With an integrated array of All of this means absolutely nothing if it but also building a world class business. gross margin gap between FMCG players and outlined a simple objective – to demonstrate the nationwide network; services on one platform, consumers will enjoy does not create value for our shareholders. modern retailers significantly. The gross margin path to breakeven EBITDA in one year. ■ a private label portfolio in partnership with “ecosystem” benefits that bring more daily value Stitching our businesses into a “Point of Life” I strongly believe Masan will be capable of gaps in U.S. and Thailand are now below 10% strategic suppliers to provide consumers to their everyday lives. and de-prioritizing our more commoditized building a “Point of Life” platform that can versus 20%+ previously. The shift of profits We rolled up our sleeves and ruthlessly quality innovative products at reasonable businesses will remove our tag as a better serve Vietnamese consumers, but it and consumer power to modern retailers will executed, shutting down over 700 minimarkets price points, particularly in the rural; and The strategy and vision may sound familiar; the conglomerate, a collection of different things comes down to how much we really want it. accelerate over the next decade as Vietnam (“VinMart+”), redesigning supply chain ■ an on-to-offline grocery model to serve whole world is selling the “ecosystem” vision. or parts grouped together to form a whole modernizes. operations to improve logistics and flow of consumers’ diverse shopping habits. But I believe we already have the key elements in but remain distinct entities. Removing the “It is not even the beginning of the end. But goods, and simplifying our assortment to place to make it a reality in the near future. The conglomerate tag and demonstrating the “One it is, perhaps, the end of the beginning.” – When we announced “the decision” to acquire match the needs and demands of consumers, Delivering on this 5-year roadmap, will unlock first proof point of our “Point of Life” platform Masan – One Business Model” in itself will Winston Churchill. VinCommerce, we were anticipating that our akin with our consumer-centric approach as significant value for our consumer value chain: will be crystallized in 2021. We will evolve at unlock shareholder value. employees, investors and the general public opposed to a purchasing-centric one. ■ consumers pay 5-10% less for essential least 50% of our stores into financial service This is the mindset we always need to live by to would be on the same wavelength. How naïve. goods; points that combines brick and mortar banking The Crown X is where our retail network reach the heights that we envision. These actions seem like “retail 101”, but ■ manufacturers and agricultural producers services and a digital payments gateway. (“VCM”), FMCG (“MCH”), branded meat Our strategic thought process was entirely superior execution is not easy. The results generate 5-10% more profit ; and (“MML”), and financial life (“TCB”) platforms Our journey is the consumers’ journey, disconnected from the outside world. speak for themselves: VCM reached breakeven ■ our retail franchisees make 5-10% more We currently process over 1 million transactions intersect and synergize into one free flowing The biggest believers in Masan became at the EBITDA level in 4Q2020 and will deliver profit versus their current operations. a day and expect this to grow by 5x-10x by business. This is the first chapter of our Point of nonbelievers, and our share price halved positive EBITDA in 1Q2021. 2025. The sheer volume of transactions will give Life journey. in a matter of a month. In hindsight, the By transforming the modern grocery us powerful data to “know our consumer” and chain reaction was justified. Masan was The foundation is now set. infrastructure, we envision a business that will personally serve them better. From a business The most important: Business transformation absorbing a US$100+ million loss-making generate US$7-10 billion in revenue and double standpoint, combining grocery and financial life, means people transformation business where we had no operating or sector “Step 2”: a nationwide MT platform to serve digit increase in profit margins by 2025 for the 50% of the consumer wallet, gives us a sticky, experience. In short, the conglomerate became 30-50 million consumers grocery market only. This is exciting, but just scalable and daily use-case to create a loyal The establishment of The CrownX is a a bigger one and furthered fueled the fire that the point of takeoff for The CrownX, our “crown consumer base without burning money. We significant milestone and kicked off the Dr. Nguyen Dang Quang Masan’s deal appetite outweighs its strategic The entry into modern retail has increased our jewel”. do not believe in a consumer acquisition “Alpha-Bet” we are taking to deliver on our Chairman of the Board and financial benefits. addressable market from 1% of the consumer model that is purely based on discounts and purpose and vision. However, the business wallet to ~25%. Our 5- year plan is to develop “Step 3”: Transform The CrownX into what we promotions. We instead believe in a disruptive transformation of The CrownX into a “Point The 3-step blueprint for our “Alpha-Bet” a winning model to serve 30-50 million call a “Point of Life” platform business model where we offer innovative of Life” platform will not be possible if we consumers: solutions backed by power brands where cannot deliver on people transformation. “Step 1”: sometimes it is necessary to take Modern grocery is where we stitch the entire consumers receive more value for their money. No matter how technology evolves, at the one step back to make a quantum leap. ■ a network of 10,000 self-owned stores consumer puzzle together into a holistic on-to- end of the day, people determine where and 20,000 franchisee partnership with offline platform that offers the best products The natural question is who will be our financial our spaceship will land. Masan’s founding We sacrificed market share and growth existing mom and pop shops, a win-win and consumer services to serve the entire services partner. Personally, I think the answer is leaders and senior executives must continue to build a business that can achieve huge scale proposition; consumer wallet. We aim to build a one- as clear as day – Techcombank. to evolve themselves while also attracting and 20 Masan Group Annual Report 2020 21 CHAIRMAN’S LETTER Financial Scorecard Consolidated Net Revenue Gross Profit (VND Billion) EBITDA1 (VND Billion) (VND Billion) & Gross Margin (%) EBITDA Margin (%) CAGR 2015-2020 = 20.3% 27.4% 27.0% 32.0% 25.0% 29.9% 30.9% 31.1% 29.3% 22.3% 77,218 21.3% 23.2% 13.4% 43,297 17,889 37,621 38,188 37,354 30,628 12,930 9,669 10,482 10,077 10,346 11,632 11,881 10,941 9,396 9,809 6,524 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 NPAT Post-MI (VND Billion) Cash Balance2 (VND Billion) Total Debt & Total Assets (VND Billion) & NPAT Post-MI Margin (%) Total Debt 115,737 Total Assets 97,297 14.9% 14,920 12.9% 71,850 73,039 8.2% 63,529 64,579 62,011 6.4% 4.8% 5,558 8,618 8,057 8,69 4,916 7,585 41,091 35,620 34,796 1.6% 30,016 2,791 3,103 4,962 21,995 1,478 1,234 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 1.
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