INTERNATIONAL SCHOOL OF BUSINESS UNIVERSITY OF ECONOMICS HOCHIMINH CITY
VINACAFE BIEN HOA JOINT IN STOCK COMPANY FINANCIAL REPORT FOR DECISION MAKING
LECTURER:
Mr Lim Chor Ghee.
GROUP MEMBERS:
Nguyen Dang Quang Quang Tran Thanh Thao Ngoc Huynh Vu Vu Thanh Thanh Truc Truc Nguyen Thi Ngoc Tran Nguyen Nhi Phuong Nguyen
Ho Chi Minh city, Vietnam 20! OUTLINE
I.
INTR INTROD ODUC UCTI TION ON TO VIN VINAC ACAF AFE E BIE BIEN N HOA HOA JOIN JOINT T STO STOCK CK COMP COMPA ANY VCF!
II. II.
TREN TREND D ANAL NALYSIS SIS OF OF "O "ORK RKIN ING G CAP CAPIT ITA AL
III.
RATIO ANALYSIS
" #ROFIT #ROFITA ABILITY BILITY ANAL ANALY YSIS
2" MAR$ MAR$ET ET #ERF #ERFOR ORMA MANC NCE E
%" EFFI EFFICI CIEN ENCY CY RAT RATIO
&" LI'U LI'UI( I(IT ITY Y RAT RATIO
!" CAIT CAITA AL STRU STRUCT CTUR URE E
IV. IV.
STRE ST RENG NGTH TH AND "E "EEK EKNE NESS SS AND AND REC RECOM OMMEN MENDA DAT TIONS IONS
V.
RECOMMENDATIONS
VI.
APENDI#
I.
INTR INTROD ODUC UCTI TION ON TO VIN VINAC ACAF AFE E BIE BIEN N HOA HOA JOIN JOINT T STO STOCK CK COMP COMPA ANY VCF!
Vinaca Vinaca)* )* Bien Bien Hoa, Hoa, )o+me+ )o+me+y y Co+one Co+one Facto+y Facto+y ocateocate- in Bien Bien Hoa In-./t In-./t+ia +ia #a+, #a+, 1a/ e/tai/he- in 343" In 35!, Co+one Co))ee Facto+y 1a/ +ename- to Bien Hoa Co))ee Facto+y an- han-e- o6e+ to the 7ene+a (e8a+tment o) Foo- Technoo9y" Un-e+ the Ba+te+ #+otoco et1een Vietnam Vietnam an- othe+ Sociai/t Co.nt+ie/, )+om 35:, /o.e co))ee )+om Bien Hoa Ho a Co))ee Facto+y 1a/ e;8o+te- to )o+me+ So6iet Union an- Ea/te+n E.+o8ean co.nt+ie/" In 3:%, the +anname Vinaca)e a88ea+e- in E.+o8ean co.nt+ie/" In 3::, Bien Hoa Co))ee Facto+y 1a/ .n-e+ the Union o) Vietnam Co))ee Facto+y" The in6e/tment in the /econ- 8ant in 33: ma+e- a mie/tone o) VCF 9+o1th oom" The /econ 8ant ha/ a ca8acity ca8 acity o) :00 ton/ o) /o.e co))ee 8e+ yea+, 1hich ha/ the 0 time /ine1 8a9e? o) the Com8any hi/to+y"
The 2 +an- name/ o) o ) VCF a+e Vinaca)e Vinaca)e an- N.t+itiona ce+ea@
VCF i/ the i99e/t +an- o) Vietnam 6ote- to e the Nationa +an- name an- i/ the )i+/t com8any in In-ochina can 8+o-.ce in/tant co))ee" Acco+-in9 to the ma+et +e8o+t o) Nie/en Com8any, in 20&, VCF occ.8ie- & o) -ome/tic ma+et /ha+e an- contin.e/ ea-in9 the ma+et"
Instant cofee market shares in Vietnam in 2014
15%
Vinacafe Bien Hoa
1%
Nestle 41%
16%
Trung Trung Nguyen Nguyen Tran Tran Quang Others
26%
Chart 1.1: Instant coffee market shares in Vietnam Vietnam in 201 20 1 !"# !"# a $ource: Nie%sen o) Vietnam Vietnam re&ort VCF no1 o1n/ the -i/t+i.tion channe/ co6e+in9 4% 8+o6ince/ Vietnam" The201 +an- name
>Vinaca)e BH? i/ o))iciay co8y+i9ht +e9i/te+e- in 50 co.nt+ie/ an- the 8+o-.ct/ i/ e;8o+te- to mo+e than &0 co.nt+ie/ inc.-in9 Ame+ica, Cana-a, E.+o8ean co.nt+ie/, a8an, $o+ea, etc" S$o%& i'(orm)$io':
an.a+y 2:, 20, the com8any/ /ha+e/ a+e 8.ic i/te- on HOSE 1ith the cha+te+ ca8ita o) 24!,53,%!0,000 VN( eD.i6aent/ to 24,!53,%! /ha+e/"
No.
Sh)reho*+er
7+o.8
Co+8o+ationG
No. o( ,h)re,
Ma/an
Ma/an &,&0,3
2 % & ! 4 5 :
Con/.me+ 7aoin9 F.n- L"# Vietnam Nationa Co))ee Co+8o+ation M+" on Jnh ThiKm FTIF G Tem8eton F+ontie+ Ma+et/ F.nBa+ca 7oa Ma/te+ F.n-, L"#" M+" N9.yn Cn9 T+.n9 Othe+/
Per%e'$)-e
!%"20
!"#$ource: ,,,.co&hieu-./shareho%)er ,,,.co&hieu-./shareho%)er
4,200,000 %,&&,%5! 4&&,%&& &2&,30 %3!,&30 %&,&%: ,05,455
2%"%% 2":! 2"&2 "40 "&3 "2: %":%
Ta'%e Ta'%e 1.1: (ain shareho%)ers of VC* u&)ate) unti% +une 201 !"#
Acco+-in9 to the tae, Ma/an ho- the a+9e/t 8e+centa9e o) VCF /ha+e/ !%"2 an- ecome/ the main eD.ity ho-e+" Foo1in9 a+e 7aoin9 F.n- an- Vietnam Nationa Co))ee Co+8o+ation 1ith 2%"%% an- 2":! +e/8ecti6ey"
Chart 1.2: VC* stock &rice from 'eginning of 201 unti%1 3&ri% 201 !"# !"# $ource: finance./ietstock./n
The cha+t /ho1/ the chan9in9 o) /toc 8+ice o) VCF -.+in9 the /t 0& month/ o) 20! )+om 0 an.a a n.a+y +y to 5 A8+ 8+i i"" O6 O6e+ e+a a, , VC VCF F /h /ha+ a+ee 8+ 8+ic icee ha- an .8 .81a 1a++- t+ t+en en-, -, 1h 1hic ichh /t /ta+ a+te te-- )+ )+om om a88+o;imatey 30,000 VN( an- hit the 8ea o) 23,000 VN( on F+i-ay 5 an.a+y 20!" II. II.
TREN TREND D ANAL NALYSIS SIS OF OF "O "ORK RKIN ING G CAP CAPIT ITA AL
Trend in i n Vinacafe Sale revenue, Cost of good sold and Net ro!t from 2012 to 2014 2014 3500000
304444!
3000000 23413!"
2500000 2141!!6 2000000 1530526 +illion VN, 1500000
1#0#555
16136!!
1000000 2#"242 500000 0 2012
2603"#
404!"3
2013
2014
*ea * earr $e%enue
&os t of goo's so sol'
Net (ro)t
Chart 2.1: Tren) in VC*4s sa%e re/enue5 cost of goo)s so%)5 gross &rofit an) net &rofit from from 2012 to 201 !"# !"#$ource: 3nnua% $hareho%)ers4 (eeting 6e&ort 20125 20175 201.
The cha+t 2" ao6e in-icate/ chan9e/ o) +e6en.e, co/t o) 9oo-/ /o- an- the net 8+o)it o) VCF -.+in9 % yea+/ e9innin9 )+om 202" Atho.9h the co/t o) /ae/ +o/e /tea-iy 1hich inc+ea/e- y 2& com8a+in9 to 202, 9+o// 8+o)it e8t 9+o1in9 .8 eca./e the inc+ea/e in +e6en.e 1a/ mo+e /i9ni)icant mo+e than &2 )+om 202 to 20& In 20%, the net +e6en.e +o/e 9+a-.ay y 200 mi VN( )+om 2,& iion -on9 to 2,%& iion VN(" The 9+o// 8+o)it /i9hty inc+ea/e- y a+o.n- 00 iion VN( in the /ame yea+" Ho1e6e+, the net 8+o)it a)te+ ta; /i9hty -+o88e- -.e to the inc+ea/e in o8e+atin9 e;8en/e/, e/8eciay /ein9 e;8en/e/ 1hich 9+e1 )+om 2!! iion to 400 iion VN(" The +ea/on i/ that in 20%, VCF thi+- 8ant 1ent into o8e+ation an- the com8any a/o i//.e- a ne1 8+o-.ct@ in/tant co))ee #hinn, 1hich +eD.i+e- mo+e in6e/tment an- hi9he+ o8e+atin9 e;8en/e In 20&, the +e6en.e e8t inc+ea/in9 /i9ni)icanty y a+o.n- %0 com8a+in9 to 20% .t CO7S =./t 9+a-.ay +o/e y : 1hich ca./e- the +i/in9 in 9+o// 8+o)it" The net 8+o)it ha- ette+ /i9na than a/t yea+/ 1hich 8+o6e that the mana9ement oa+- +eco9ni
Trend in Vinacafe"s Cash, Trade a#a$les, Trade receiva$les and Inventor# from 2012 to 2014 1600000 1400000
&ash an1200000 ' cash e-ui%alents
Tra'e recei%a.les
Tra'e (aya.les
1000000
+illion VN,
"00000 600000 400000
/n%entories
200000 0
2 0 12
2 01 3
20 1 4
*ear * ear
Chart 2.2 Tren) in VC*4s cash5 tra)e &aya'%es5 tra)e recei/a'%es an) in/entory from 2012 to 201 !"# !"#$ource: 3nnua% $hareho%)ers4 (eeting 6e&ort 20125 20175 201.
Net *orking caital #00000 "00000 !00000 600000 +illion VN, 500000 400000 300000 200000 100000 0
(&1,)&& '22,02( 424,%&0
2012
2013
2014
*ear
Chart 2.7 Tren) in ,orking ca&ita% from 2012 to 201 !"# !"#$ource: 3nnua% $hareho%)ers4 (eeting 6e&ort 20125 20175 201.
Looin9 at the 2 cha+t ao6e, 9ene+ay, -.+in9 th+ee yea+/, the 1o+in9 ca8ita o) VCF 1a/ 8o/iti6e an- 9+e1 con/tanty )+om &2& iion to 54 iion VN(, in-icatin9 that VCF 1a/ ae to 8ay o)) it/ /ho+tGte+m iaiitie/ F+om 202 to 20&, VCF ./ine// ha- a /ha+8 inc+ea/e in tota a//et, +i/in9 )+om ,%% iion VN( to 2,&32 iion VN( VCF aance /heet 202, 20%, 20&, 1hich 1a/ inc+ea/e- -.e mainy to -+amatic 9+o1th in ca/h an- ca/h eD.i6aent/" 7ene+ay, it i/ not 9oo- to ee8 a+9e amo.nt o) ca/h on han- eca./e the com8any cannot +ecei6e +et.+n on ca/h" Bet1een 202 an20%, the+e 1e+e -ecine/ in /ho+t te+m +ecei6ae/ an- in6ento+ie/ .t not /i9ni)icant" F+om 20% to 20&, the cha+t /ho1/ that VCF o++o1e- mo+e, 1hich ca./in9 /ho+tGte+m iaiitie/ /hot .8 y com8a+e/ to 20%" In a--ition, atho.9h the in6ento+y /ho1e- a /i9hty .81a+- t+en-, /ho+t te+m +ecei6ae/ /ti -ecine- in 20&" The +ea/on that VCF e8t /ma amo.nt o) 9oo-/ in in6ento+y i/ .n-e+/tan-ae, 1hich i/ eca./e the 8+o-.ct/ o) thi/ com8any ha6e /ho+t i)e/8an" i)e/8an" The+e)o+e, The+e)o+e, ee8in ee8in99 o1 in6ento+y i/ the 1ay to +e-.ce the +i/ o) e;8i+e- 8+o-.ct/"
Trend in Vinacafe"s Cash+o* from 2012 to 2014 "00000 600000 400000 200000 0 20 12
2013
2014
200000 400000 600000 Net cash cash o os s fro fro o(er o(erati ating ng acti acti iti ties es
Nett cash o Ne os s fro fro in nesti esting ng acti acti iti ties es
Nett cash Ne cash o os s fr fro )nan nanci cing ng act actiiiti ties es
Net cash cash o os s 'uri 'uring ng th the e (er (erio'
Chart 2. Tren) in VC*8s Cash f%o, from 2012 to 201 !"# !"#$ource: 3nnua% $hareho%)ers4 (eeting 6e&ort 20125 20175 201.
F+om 202 to 20&, ca/h )o1 )+om o8e+atin9 acti6itie/ o) VCF 1ent -o1n 1a/ mainy -.e to the inc+ea/e in o8e+ation e;8en/e/ )o+ ne1 8ant into o8e+ation an- ne1 8+o-.ct a.nch antho/e ne1 8ant/ a+e ca//i)ie- a/ in6e/tin9 acti6itie/ not o8e+atin9" In6e/tin9 in ne1 8at/ anne1 8+o-.ct/ i/ a 9oo- thin9 i) thi/ in6e/tment t.+n/ o.t to e 8+o)itae i"e a-- 6a.e to the )i+m" The 8+oem he+e i/ that VFC ha/ t+o.e 9ene+atin9 CF/ )+om o8e+ation/ eithe+ /ae/ a+e too o1 o+ e;8en/e/ a+e too hi9h" In the on9 te+m, thi/ i/ not a 6e+y 9oo- /i9na eca./e the
an/ an- in6e/to+/ 1i -o.t ao.t the ca8acity o) main9 money )+om thei+ o8e+atin9 acti6itie/" Be/i-e/ that, ca/h )o1 )+om in6e/tin9 acti6itie/ 1ent -o1n -.+in9 the % yea+/" The )a o) ca/h )o1 )+om in6e/tin9 acti6itie/ can e e;8aine- that in 202, the com8any in6e/te- a ot in the con/t+.ction o) the ne1 8ant, it 1a/ )ini/he- an- +.n in 20%, hence in 20% an- 20&, a /mae+ amo.nt o) money 1a/ nee-e- )o+ on9Gte+m a//et in6e/tment" In 20&, VCF 1a/ inc+ea/in9 the /ho+tGte+m iaiity in the ca8ita /t+.ct.+e i e mentionein Ca8ita /t+.ct.+e, 1hich ca./e- the ma=o+ity +i/e o) CFF in the 2 yea+/" Ho1e6e+, the net ca/h )o1 )+om )inancin9 acti6itie/ e8t +i/in9 )+om -.+in9 the 8e+io-" F+om 20% to 20&, the hi9h net ca/h )o1 1a/ the +e/.t o) hi9h ca/h )o1 )+om o8e+atin9 an)inancin9 acti6itie/ an- o1 ca/h )o1 o.t o) the com8any )o+ in6e/tment" In conc./ion, )+om 202 to 20&, VCF i/ a 9+o1in9 com8any 1hich ty8icay /ho1/ 8o/iti6e )inancin9 ca/h )o1 )+om in6e/to+/ o+ en-e+/ 1ith inc+ea/in9 in the net ca/h )o1 )+om G22 iion to 43 iion VN( in 20& III.
RATIO ANALYSIS
" #ROFIT #ROFITA ABILITY BILITY ANAL ANALY YSIS Gro,, ro(i$ m)r-i'
Oer)$i'- Pro(i$ m)r-i'
ROE
ROA
/01/
25"42
%"!2
%!"!:
%0"!5
/012
23":
"!
2&"3:
:"34
%!"5! 2"5 %0"35 /013 Ta'%e Ta'%e 7.1.1: Profita'i%ity ratios of VC* from 2012 to 201 !9nit: #
3"52
The tae ao6e /ho1/ that 9+o// 8+o)it +atio o) VCF inc+ea/e- /i9ni)icanty )+om 25"42 in 202 to %!"5! in 20&" Thi/ in-icate/ that the inc+ea/e in mate+ia 8+ice i/ /ti o1e+ than the inc+ea/e in /ae/ +e6en.e" The hi9h 9+o// 8+o)it ma+9in i/ /.itae )o+ man.)act.+in9 com8any ie VCF" O8e+atin9 8+o)it ma+9in /i9hty -ec+ea/e )+om %"!2 in 202 to "! in 20% .t then it /ta+te- to inc+ea/e ac to 2"5 in 20&" The +ea/on )o+ thi/ -ec+ea/in9 i/ )+om an inc+ea/in9 amo.nt o) o8e+atin9 e;8en/e/ in 20% 1hich inc.-e- co/t )o+ +e/ea+chin9 an- -e6eo8in9 ne1 8+o-.ct, a-6e+ti/in9 co/t/ )o+ .i-in9 +an- ima9e an- o8e+ation co/t )o+ o8e+atin9 o 8e+atin9 ne1 )acto+y in Lon9 Thanh"
Com8a+e- 1ith FMC7 enchma+, the t+en- o) ROA, ROE i/ 6e+y hi9h an- con/i/tent 1ith net 8+o)it" The ROA +atio/ an- ROE +atio/ )+om the 8e+io- o) 202 to 20% ha- a -o1n1a+- t+en-.e to the -ec+ea/e in net 8+o)it in 20% com8a+e- to 202" Ho1e6e+, a ette+ /i9na a88ea+e- to ROE, ROA in 20% than/ to the inc+ea/e in net 8+o)it" Thi/ i/ a +eay 9oo- t+en- 8+o6in9 that the o8e+ation o) the ne1 8ant an- the ne1 8+o-.ct a.nche- to the ma+et in 20% he8 to inc+ea/e the 8+o)it/ o) the com8any" 40 35 30 25 -.C-NT/-
20 15 10 5 0 2012
2013
2014
Chart 7.1.1: ;ross &rofit margin an) o&erating &rofit margin of VC* 'enchmark ,ith VN(5
VCF 8e+)o+mance in te+m/ o) 8+o)itaiity i/ hi9h com8a+in9 to the enchma+ +atio/ o) com8etito+/ 1hich a+e Vietnam (ai+y #+o-.ct/ oint Stoc Com8any, $inh(o Co+8o+ation anVinh Hoan Co+8o+ation" A the +atio/ a+e hi9he+ o+ at ea/t eD.a to the enchma+/ ho1e6e+, the o8e+atin9 8+o)it ma+9in in 20% i/ eo1 the enchma+" A /i9ni)icant 8+oem o) VCF in 20% i/ the o8e+atin9 e;8en/e/ 1hich ha6e een mentione- ao6e" The inc+ea/e o) the tota co/t ha/ o))/et e6e+y e))o+t to inc+ea/e net +e6en.e" The+e)o+e, 8+o)it 1a/ not 6e+y hi9h in 20% com8a+in9 to othe+ com8etito+/"
40 35 30 25 -.C-NT/-
20 15 10 5 0 2012
2013
2014
Chart 7.1.2: ;ross &rofit margin an) o&erating &rofit margin of VC* 'enchmark ,ith VN(5
ROE an- ROA o) VCF a+e hi9he+ than the enchma+ in the 8e+io- o) 202 to 20&" The )i9.+e /ho1/ that the -i))e+ence et1een ROE an- ROA inc+ea/e- +a8i-y )+om 20% to 20&" Thi/ in-icate/ that the com8any/ )inancia e6e+a9e -.+in9 that 8e+io-" 2" MAR$ MAR$ET ET #ERF #ERFOR ORMA MANC NCE E NTAB er
EPS
,h)re
Oer)$i'- %) %),h
Di5i+e'
Di5i+e'
(*o4 er ,h)re
+ er
+ )6o7$
,h)re
r)$io
PER
Ye)r8e'+ ,h)re ri%e
/01/
%!,4
,22
:,445
2,000
0":
&"24
40,000
/012
&2,00!
3,535
&,:35
2,000
0"20
%"::
%4,000
/013
!!,0!:
!,223
%,:!0
,200
0"0:
"%4
5%,000
Ta'%e Ta'%e 7.2.1: (arket &erformance ratios of VC* from 2012 to 201 !9nit: VND#
In the tae ao6e, NTAB 8e+ /ha+e 1a/ inc+ea/in9 )+om %!,4VN( in 202 to !!,0:!VN( in 20&" Ho1e6e+, the ma9nit.-e o) the e;ce//e/ o) NTAB NTAB 8e+ /ha+e an- /ha+e 8+ice in each yea+ yea + o)
th+eeGyea+G8e+io- a+e not m.ch -i))e+ent" Thi/ in-icate/ that the ).t.+e 9+o1th o) VCF i/ /t+on9 an- /tae, an- a taeo6e+ i/ not 8+o)itae" Mo+eo6e+, inc+ea/in9 in in6ento+ie/, 8ayae anco+8o+ate income ta; 8ai- ha- ma-e o8e+atin9 ca/h )o1 8e+ /ha+e -ec+ea/e- )+om :,445VN( to %,:!0VN( )+om the 8e+io- o) 202 to 20& /o that it -ec+ea/e- the net ca/h )o1 )+om o8e+ o8 e+at atin in99 ac acti ti6i 6iti tie/ e/ th that at a+ a+ee a6a a6ai ia ae e to 8ay -i -i6i 6i-en -en-/ -/ to /h /ha+ a+eh eho o-e -e+/ +/ an an-- ). ).nn- ). ).t. t.+e +e in6e/tment" The com8any 8ai- 2000VN( -i6i-en- 8e+ /ha+e to /ha+eho-e+ the /ame in 202 an- 20% an- /i9hty -+o88e- to ,200VN ,200VN( ( in 20&" F.+the F.+the+mo+e +mo+e,, VCF -i6i-en- 8ayo.t +atio inc+ea/e- a itte )+om 0": in 202 to 0"2 in 20% .t .t then it -+o88e- to 0"0: in 20&" Thi/ /ho1/ that the -i6i-en- 8ayo.t +atio i/ incon/i/tent t+en- 1hich in-icate/ a not 9oo- o8e+atin9 8e+)o+mance" VCF /ha+e /ha+e 8+ice 8+ice inc+ea/e- )+om 40,000VN( in 202 to 5%,000VN( in 20&" Thi/ +e8+e/ent/ ca8ita 9+o1th o6e+ thi/ 8e+io- o) %,000VN(" 16000 14000 12000 10000 VN
"000 6000 4000 2000 0 2012
2013
2014
Chart 7.2.1: =enchmark >P$ ratios of VC* an) com&etitors from 2012 to 201
VCF ha/ the o1e/t n.me+ o) o.t/tan-in9 /ha+e com8a+e- 1ith othe+ com8etito+/ ho1e6e+ it ha/ the hi9he/t E#S o6e+ the th+eeGyea+G8e+io-" Hi9he+ E#S i/ a1ay/ ette+ than a o1e+ +atio" Thi/ i/ eca./e the com8any i/ mo+e 8+o)itae an- ha/ mo+e 8+o)it/ to -i/t+i.te to it/ /ha+eho-e+/"
20 1" 16 14 12 ears ears
10 " 6 4 2 0 2012
2013
2014
Chart 7.2.2: =enchmark P>6 of VC* an) com&etitors from 2012 to 201
The #ER o) VCF /.99e/t/ that in6e/to+/ 1e+e 8+e8a+e- to 8ay e// yea+/ o) ea+nin9 )+om &"24 yea+/ in 202 to ony "%4 yea+/ in 20& to acD.i+e a /ha+e" Thi/ /ho1/ that in6e/to+/ o) VCF a+e antici8atin9 hi9he+ 9+o1th in the ).t.+e" %" EFFI EFFICI CIEN ENCY CY RAT RATIO Net Sae/ miion VN( A6e+a9e tota A//et/ miion VN( A//et t.+no6e+ +atio time/ BM 7+o1th o) Sae/ 7+o1th o) A//et
2,&,4!3 ,%%,:: 2"& "%&
2,23:,443 ,4%,%!2 "45 "&2 3 &2
2,352,20 2,&32,54 "&! "&3 23 !!
Ta'%e Ta '%e 7.7.1: 3sset turno/er ratio of VC* from 2012 to 201
The a//et t.+no6e+ +atio i/ a mea/.+e o) ho1 e))iciency a com8any/ a//et/ a+e in 9ene+atin9 +e6en.e" It mea/.+e/ the amo.nt o) VN( o) +e6en.e 9ene+ate- y VN( o) the com8any/ a//et/" In 202, the a//et/ t.+no6e+ +atio i/ 2"& it mean/ e6e+y VN( in6e/te- the )i+m in a//et 1i 9ene+ate 2"& VN( in +e6en.e/" In 20%, thi/ +atio contin.e- +e-.cin9 to "45 an- "&! in 20& eca./e the money came )+om in6e/to+/ in the 2 yea+/ 20%, 20& /ha+8y inc+ea/e-,
ea-in9 to the /i9ni)icant +i/e o) tota a//et .t /ae inc+ea/e- ony 3 in 20% an- 23 in 20& com8a+e to 202" Amo/t the a//et t.+no6e+ +atio i/ 9+eate+ than BM /o 1e can /ay that the in6e/tment in a//et ha/ hi9h h i9h e))iciency" The The com8any i/ e))icient in mana9in9 it/ a//et/" A6e+a9e In6ento+y miion VN( Co/t o) Sae miion VN( (ay/ o) in6ento+y on hanBM
202 2&%,525 ,!%0,!24 !:"2 !5,%5
20% 200,%2! ,4%,455 &!,% !:":&!
20& 2!0,25 ,303,!!! &5":% 4:"05
Ta'%e Ta '%e 7.7.2: Days of VC* in/entory in/ entory on han) from 2012 to 201
In6ento+y t.+no6e+ i/ a mea/.+e o) the n.me+ o) time in6ento+y i/ /o- o+ ./e- in 0 yea+" In 20& the -ay/ o) in6ento+y on han- i/ &5":& -ay, it mean/, a)te+ &5":& -ay/ in6ento+ie/ can e con6e+te- to /ae/" The in6ento+y t.+no6e+ i/ hi9h in Fa/t Mo6in9 Con/.me+ 7oo-/ com8any" Thi/ +atio o) VCF i/ 9oo- com8a+e- 1ith the BM" e can conc.-e that the com8any mana9ein6ento+y mo+e e))icienty than it/ com8etito+/ an- it can /a6e an amo.nt )+om in6ento+y co/t" &" LI'U LI'UI( I(IT ITY Y RAT RATIO C.++ent A//et/ miion VN( C.++ent Liaiitie/ miion VN( C.++ent Ratio BM
202 40!,!32 :,5%2 %"%& 2"4
20% ,00,2&0 &53,2% 2"03 2"5!
20& ,55%,5&& ,0,55: "5! 2"25
Ta'%e Ta '%e 7..1: The current ratio of VC* from 2012 to 201
C.++ C.++en entt +ati +atioo i/ the the iD. iD.ii-it ityy +ati +atioo that that mea/ mea/.+ .+e/ e/ a com8 com8any any/ ai aiity ity to 8ay /ho+ /ho+tG tGte te+m +m oi9ation/" A/ 1e can /ee )+om the tae, the c.++ent +atio/ o) the th+ee yea+/ a+e a o6e+ "0" It mean/ the com8any 1a/ in 9oo- )inancia heath" They ha- ca8ae to 8ay it/ /ho+tGte+m iaiitie/ y it/ /ho+tGte+m a//et/" The +atio o) VCF ./e- to e hi9h %"%& in 202 .t no1 it 1a/ -ec+ea/e- to "5! in 20&" The +ea/on i/ atho.9h a//et inc+ea/e 40!,!32 miion VN( )+om 202 to ,00,2&0 miion V( in 20% an- ,55%,5&& miion VN( in 20& .t /ho+tGte+m iaiitie/ inc+ea/e mo+e than !00 in 2 yea+/ )+om 202 to 20& )+om :,5%2 miion VN( to ,0,5:: miion VN( +e/8ecti6ey" C.++ent A//et/ miion VN( In6ento+ie/ miion VN( C.++ent Liaiitie/ miion VN( '.ic Ratio
202 40!,!32 2%!,2! :,5%2 2"0&
20% ,00,2&0 4!,!2! &53,2% "5&
20& ,55%,5&& %%&,303 ,0,55: "&2
BM
"5
,44
"!%
Ta'%e 7..2: The ?uick ratio of VC* from 2012 to 201
'.ic +atio mea/.+e/ a com8any/ aiity to meet it/ /ho+tGte+m oi9ation y it/ mo/t iD.ia//et/" Fo+ thi/ +ea/on, the +atio e;c.-e- in6ento+ie/ )+om c.++ent a//et/" The D.ic +atio mea/.+e/ the VN( amo.nt o) iD.i- a//et/ a6aiae )o+ each VN( o) c.++ent iaiitie/" The D.ic +atio i/ "&2 in 20& mean/ that the com8any ha- "&2 VN( o) iD.i- a//et/ a6aiae to co6e+ VN( o) c.++ent iaiitie/" A o) D.ic +atio/ a+e /ti 9oo- ao6e " The +ea/on 1hy the D.ic +atio -ec+ea/e- )+om 2"0& in 20% to "&2 in 20& i/ that a the c.++ent a//et/ anin6ento+y inc+ea/e in the /ame 8ath" B.t c.++ent iaiitie/ +i/e /i9ni)icanty, the+e)o+e the D.ic +atio -+o88e- -o1n" Tota ta A// //et et// M Mi ii ion on VN( Ca/h Miion VN(
202 ,%%,::
20% ,4%,%!2
20& 2,&32,54
404,!32
5!,0%&
,%43,322
!%"!
&4"!
!&"3
Ca/hPTota A//et/
Ta'%e Ta '%e 7..7: VC* &ercentage of cash among tota% asset from 2012 to 201
e can /ee )+om the tae ao6e, the ca/h occ.8ie- .8 to a88+o;imatey !0 o) tota a//et o6e+ the 2 yea+/" Atho.9h hi9h ca/h en/.+e the iD.i-ity, thi/ i/ not 9oo- )o+ com8any eca./e ca/h +in9 o1 +et.+n com8a+e- to othe+ a//et" !" CA#I CA#IT TAL STRU STRUCT CTUR URE E A//et Liaiitie/ ED.ity (et +atio ED.ity +atio
20 202 ,%%,:: :,5%2 3!,&!! 4 : &
20% ,4%,%!2 &53,4& ,%%,5 %0 50
Ta'%e Ta'%e 7..1: Ca&ita% structure of VC* from 2012 to 2017!in mi%%ion VND#
20& 2,&32,54 ,02,5:4 ,&53,3%0 & !3
100% #0% "0% !0% 60% 50%
-uity ratio
40%
,e.t ratio
30% 20% 10% 0% 2012
2013
2014
Chart 7..1: De't 6atio an) >?uity >?u ity 6atio from 2012 to 201
A/ can e /een on the cha+t an- tae, VCF ha- a t+en- o) ./in9 mo+e -et than the 8+e6io./ yea+/" Atho.9h VCF 8anne- to inc+ea/e )inancin9 y oan yea+/ y yea+/, the -et +atio 1a/ /ti /mae+ than eD.ity +atio an- o1e+ than !0" F+om 202 to 20% an- 20% to 20&, the+e 1a/ mo+e than t1ice inc+ea/e in ./in9 oan to in6e/t in c.++ent a//et/ /.ch a/ machine aneD.i8ment .t the main )inancia /o.+ce /ti came )+om eD.ity" The -et +atio inc+ea/e- ao.t 0 8e+ yea+ an- +eache- the hi9he/t 8e+centa9e at & in 20& 1hie eD.ity +atio -ec+ea/e/i9hty )+om :& in 202 to !3 in 20&" The ./ine// o) VCF /ti +an 1e an- they -i- not +ey too m.ch on ./in9 -et" In the ).t.+e, i) )o+eca/tin9 the economic to -e6eo8 in a 8o/iti6e 1ay, VCF can inc+ea/e thei+ -et an- mae mo+e 8+o)it a/ 1e a/ inc+ea/e the ROE 1hich meet/ the /ha+eho-e+/ nee-/ an- att+act mo+e in6e/to+ a/ 1e a/ /t+en9then the com8any/ ima9e" In cont+a/t, i) 8+e-ictin9 the economic to 9o -o1n, they /ho.- ee8 thei+ -et +atio at a o1 +ate" 202 NonGc.++ent iaiitie/ Net ca/h )o1 )+om o8e+atin9 acti6itie/ (et co6e+a9e +atio
&34,44
20% &23 %3!,3&%
0
0"00 yea+
20& 00: %4:,% 0"0025 yea+
Ta'%e Ta'%e 7..2: VC* )e't co/erage ratio !in mi%%ion VND#
In 202, VCF ha- a+ea-y 8ai- a o) thei+ on9Gte+m -et, =./t +emaine- /ho+tGte+m iaiitie/" That i/ the +ea/on 1hy thei+ -et co6e+a9e +atio in thi/ yea+ i/ 0" The -et co6e+a9e +atio )o+
20& in-icate/ that, i) VCF maintain/ it/ net o8e+atin9 ca/h )o1, it 1o.- tae the com8any ony 0"0025 yea+ to +e8ay it/ nonGc.++ent iaiitie/" Thi/ i/ hi9he+ than the 0"00 yea+ in-icate- y the 20% +atio atho.9h tho/e n.me+/ 1a/ too /ma" In the on9 +.n, VCF can +ai/e thei+ on9G te+m o++o1in9/ to in6e/t an- e;8an- mo+e a/ they can 8ay it ac in the /ho+t time" EBIT Net )inance co/t Inte+e/t co6e+a9e +atio
202 2:!,:23 !03 !42;
20% 2!4,%!5 %,2 :0;
20& %4,5% 3,2!0 %3;
Ta'%e Ta'%e 7..7: VC* interest co/erage ratio !in mi%%ion VND#
A/ i/ 8ointe- on the ao6e tae, VCF ha- an i-ea inte+e/t co6e+a9e +atio, e/8eciay in 202" Inte+e/t co6e+a9e +atio in 202 1a/ 6e+y hi9h Q !42 time/ Q -.e to the )act that they =./t 8ai- )o+ the inte+e/t )+om c.++ent iaiitie/" Atho.9h the inte+e/t co6e+a9e +atio -ecine- /./tantiay )+om 202 to 20& Q )+om !3! time/ in 202 to %3 time/ in 20& eca./e o) inc+ea/in9 +a8i-y o) inte+e/t e;8en/e/, it /ho1/ that VCF /ti ha- a /./tainae an- /a)e )inancia ma+9in" The EBIT co.- co6e+ it/ net )inance co/t/ inte+e/t e;8en/e/, that mean/ the com8any -oe/ not ha6e inte+e/tGea+in9 -et" In the ).t.+e, i) VCF 1ant/ to to maintain tho/e inte+e/t co6e+a9e +atio/, they /ho.- thin ho1 to ./e thei+ o++o1in9/ e))ecti6ey to inc+ea/e thei+ EBIT o+ o8e+atin9 8+o)it" IV. IV.
STRE ST RENG NGTH TH AND "E "EEK EKNE NESS SS AND AND REC RECOM OMMEN MENDA DAT TIONS IONS S$re'-$h,
VCF ha/ 9oo- /ae team, 1hich en/.+e-
the hi9h 9+o1th in +e6en.e" Net 8+o)it a/o /ho1 a 9oo- t+en-, 1hich
may 8ea/.+e- VCF /ha+eho-e+/ 7oo- 1o+in9 ca8ita mana9ement" VCF cont+o cont+oee- the c./tom c./tome+ e+ c+e-it c+e-it 6e+y 1e 1e o1 acco.nt +ecei6ae an- 9aine- mo+e t+./ t+./tt )+om )+om it/ it/ /.88 /.88i ie+ e+/, /, the+ the+e) e)o+ o+e e the acco.nt 8ayae inc+ea/e-, 8a+tiay ea- to
the +i/e o) ca/h into the com8any" A)te+ the thi+- 8ant 1ent into o8e+ation, ROE an- ROA ha- a 9oo- /i9na an- a//et
"e)&'e,,e,
Net ca/h )o1 )+om o8e+atin9 acti6itie/ 1ent -o1n -.e to the inc+ea/e o) o8e+atin9 e;8en/e an- co/t o) 9oo-/ /oCa/h on han- too m.ch, 1hich +in9 o1 +et.+n"
t.+no6e+ +atio /ho1/ that the com8any ha/ a .c+ati .c+ati6e 6e in6e/t in6e/tmen mentt in on9Gt on9Gte+m e+m
a//et" 7oo- ma+et 8e+)o+mance o) VCF +o.9ht mo+e ene)it to /ha+eho-e+/, 1hich att+act/
ne1 in6e/to+/" VCF -i- not ha6e to 1o++y ao.t the -et eca./e it/ aiity to co6e+ -et i/ 6e+y hi9h hi9h"" VCF VCF co. co.-- a/o a/o o++o o++o1/ 1/ mo+e mo+e to inc+ea/e ROE eca./e the 8e+centa9e o) iaiity in tota a//et /ti o1e+ than !0"
V.
RECOMMENDATIONS
O8e+atin9 ca/h )o1 o) VCF 1ent -o1n in 20&, 1hich the mana9ement team m./t tae action" Fo+ei9n /ae/ o) VCF occ.8ie- a88+o;imatey ony 0 o) the tota +e6en.e in 20& Ann.a Sha+eho-e+/ meetin9 +e8o+t 20&" VCF /ho.- )in- mo+e )o+ei9n ma+et to inc+ea/e it/ /ae, 1hich 1i inc+ea/e the ca/h )o1 )+om o8e+atin9 acti6itie/" Ca/h on han- o) VCF i/ too m.ch" VCF /ho.- t.+n ca/h into othe+ in6e/tment/ to 9ain hi9he+ +et.+n" VCF /ti ha- o1 8e+centa9e o) iaiity in it/ ca8ita /t+.ct.+e" The com8any can inc+ea/e it/ o++o1in9/ to inc+ea/e ROE" In a--ition, 9oo- iD.i-ity 1i mae c+e-ito+/ eie6e in the aiity o) 8ayin9 it/ -et"
VI.
REFERENCES:
3nnua% $hareho%)ers4 (eeting 6e&ort 20125 20175 201.
Financia +e8o+t/ o) VCF 202, 20%, 20& Nie/en Vietnam Vietnam Re8o+t 20& htt8@PP111"+an-/6ietnam"comPey1o+-P&5GcaG8heGhoaGtan htt8@PP111"co8hie.4:"6nP htt8@PP)inance"6iet/toc"6nPVCFG6inaca)eGienhoaG=ointG/tocGcom8any"htm
VII.
APENDI#
Ta'%e 1: VC* gross &rofit margin 2012@2017
/01/
/012
/013
O8e+atin9 8+o)it
%02,435,335
250,&0,!%
&2,335,:34
Inte+e/t e;8en/e/
!0:,:00
%,20,420
3,2&3,:2
Financia income
5,%55,35!
4,33&,&0:
40,!%&,!2
EBIT
2:!,:2:,:22
2!4,%!4,52!
%4,5%,20!
2,&,4!:,:50
2,23:,443,3
2,352,20,2:
%"!2
"!
2"5
/01/
/012
/013
23:,2&2,0&:
240,%:3,24:
&0&,5:%,0%4
:%:,%:,:&3
,0&2,!:%,02
,%04,:20,2%
35!,424,44
,%5%,243,:0%
2,0!%,0%%,:
Sae/ +e6en.e O8e+ O8e+at atin in99
8+o) 8+o)it it
ma+9in
Ta'%e Ta'%e 2: VC* 6A> an) 6A3 ratios 2012@2017 20 12@2017
Net
8+o)it
Tho./an- VN( A6e+a9e
tota
eD.ity Tho./anTho./anVN( A6e+a9e a//e a//ett
tota
Tho Tho./ ./an an--
VN( ROE
%!"!:
2&"3:
%0"35
ROA
%0"!5
:"34
3"52
Ta'%e Ta'%e 7: VC* share an) )i/i)en) 2012@2017
/01/
/012
/013
!%,!:,250
!%,!:,250
%,:3&,342
24,!53,%!
24,!53,%!
24,!53,%!
(#S VN(
2,000
2,000
,200
E#S VN(
,22
3,535
!,223
0":
0"20
0"0:
(i6i-en- 8aiTho./an- VN( N.me+ o) /ha+e/
(i6i-en- 8ayo.t +atio
Ta'%e Ta'%e : Current B ?uick ratios of VC* an) in)ustria% &eers 2012 2017
VNM VHC $(C VCF Benchma+
C.++ent Ratio 20 20& 20% 2":! 2"4% "2% ":& 2":2 2"!& "5! 2"03 2"42! 2"25!
202 2"4: "%5 "43 %"%& 2"25
20& 2": 0"44 2"4 "&2 "5!
'.ic Ratio 20% "3: 0"42 2"% "5& "44
202 ":& 0"5: "&4 2"0& "!%
Ta'%e Ta'%e : Tota% asset turno/er an) )ays of in/entory in han)s of VC* an) in)ustria% &eers 2012@ 2017
VNM VHC $(C VCF Benchma+
Tota A//et t.+no6e+ 20& 20% 202 "&& "&! "! "53 ": "!& 0"43 0"55 0"54 "&! "45 2"5 "%&2! "&2! "&3!
Ta'%e Ta'%e -: VC* o&erating &rofit margin margin 2012@2017
(ay/ o) in6ento+y on han-/ 20& 20% 202 !!"0! 4"55 50"& :!"4 :&"! :3"!% &"&! &%": !%"35 &5":% &!"% !:"2 !5"%52! !:":&! 4:"005!
7+o//
8+o)it
tho./an- VN( Sae/
+e6en.e
tho./an- VN( 7+o// ma+9in
8+o)it
/01/
/012
/013
!:&,%%,2:2
4:&,33,5:2
,042,4&4,%22
2,&,4!:,:50
2,23:,443,3
2,352,20,2:
25"42
23":
%!"5!
