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建立人际资源圈Trend_Analysis
2013-11-13 来源: 类别: 更多范文
TREND ANALYSIS
1. COMMON - SIZE BALANCE SHEET ANALYSIS:
| Items | 2006 | 2007 | 2008 | 2009 |
Assets | | | | |
A- | Current assets | 68.25% | 71.51% | 72.43% | 79.66% |
I- | Cash and cash equivalents | 7.25% | 13.79% | 19.57% | 38.38% |
| Cash | 7.25% | 13.79% | 19.15% | 10.66% |
| Cash equivalents | | | 0.42% | 27.72% |
II- | Short term investments | | 5.51% | 0.21% | 1.05% |
| Short term investments | | 5.51% | 0.35% | 1.05% |
| Provision for devaluation of short term investments | | | -0.14% | |
III- | Accounts receivable | 34.47% | 27.32% | 23.58% | 19.51% |
| Receivable from customers | 31.95% | 24.99% | 20.04% | 16.46% |
| Prepayments to suppliers | 2.33% | 0.27% | 2.66% | 1.74% |
| Short term inter-company receivable | | | | |
| Receivable according to the progress of construction contracts | | | | |
| Other receivable | 0.29% | 2.06% | 2.61% | 1.55% |
| Provisions for bad debts | -0.10% | | -1.73% | -0.23% |
IV- | Inventories | 25.13% | 24.44% | 28.49% | 20.15% |
| Inventories | 25.24% | 24.44% | 28.49% | 20.47% |
| Provisions for devaluation of inventories | -0.10% | | | -0.32% |
V- | Other current assets | 1.40% | 0.45% | 0.57% | 0.56% |
| Short term prepaid expenses | 0.61% | 0.10% | 0.07% | 0.04% |
| VAT to be deducted | | | 0.01% | |
| Taxes and other accounts receivable from the State | 0.10% | | 0.01% | 0.01% |
| Other current assets | 0.69% | 0.34% | 0.48% | 0.52% |
B- | Long term assets | 31.75% | 28.49% | 27.57% | 20.34% |
I- | Long term accounts receivable | 0.04% | 0.01% | 0.01% | |
| Long term accounts receivable from customers | | | | |
| Working capital in affiliates | | | | |
| Long term inter-company receivable | | | | |
| Other long term receivable | 0.04% | 0.01% | 0.01% | |
| Provision for bad debts | | | | |
II- | Fixed assets | 30.68% | 24.28% | 19.36% | 15.57% |
1 | Tangible assets | 16.80% | 11.81% | 9.87% | 7.81% |
| Historical costs | 24.00% | 17.92% | 17.69% | 15.24% |
| Accumulated depreciation | -7.20% | -6.11% | -7.82% | -7.43% |
2 | Financial leasehold assets | | | | |
| Historical costs | | | | |
| Accumulated depreciation | | | | |
3 | Intangible assets | 12.85% | 11.17% | 9.31% | 7.42% |
| Initial costs | 12.85% | 11.20% | 9.34% | 7.47% |
| Accumulated amortization | | -0.03% | -0.04% | -0.05% |
4 | Construction in progress | 1.03% | 1.30% | 0.19% | 0.35% |
III- | Investments property | | | | |
| Historical costs | | | | |
| Accumulated depreciation | | | | |
IV- | Long term investments | 0.33% | 4.06% | 6.18% | 2.05% |
| Investments in affiliates | | 0.27% | | |
| investments in business concerns and joint ventures | | | 0.35% | 1.57% |
| Other long term investments | 0.33% | 3.79% | 6.48% | 0.78% |
| Provision for devaluation of long term investments | | | -0.65% | -0.30% |
V- | Other long term assets | 0.69% | 0.14% | 2.02% | 2.71% |
| Long term prepaid expenses | 0.69% | | 1.55% | 2.38% |
| Deferred income tax assets | | | 0.34% | 0.22% |
| Other long term assets | | 0.14% | 0.13% | 0.11% |
VI- | Goodwill | 0.00% | 0.00% | | |
| Total assets | 100.00% | 100.00% | 100.00% | 100.00% |
Liabilities and Owner's equity | | | | |
A- | Liabilities | 64.70% | 30.85% | 35.37% | 32.60% |
I- | Current liabilities | 60.29% | 30.76% | 33.97% | 31.66% |
| Short term debts and loans | 34.77% | 4.61% | 0.78% | 4.86% |
| Payable to suppliers | 3.83% | 5.91% | 6.26% | 4.69% |
| Advances from customers | 0.04% | 0.03% | 0.05% | 0.07% |
| Taxes and other obligations to the State Budget | 0.07% | 0.25% | 1.74% | 2.34% |
| Payable to employees | 6.74% | 4.29% | 5.39% | 5.53% |
| Accrued expenses | 8.47% | 11.52% | 17.58% | 13.13% |
| Inter-company payable | | | | |
| Payable according to the progess of construction contracts | | | | |
| Other payable | 6.38% | 4.15% | 2.16% | 1.04% |
| Provisions for short-term accounts payable | | | | |
II- | Long-term liabilities | 4.41% | 0.09% | 1.40% | 0.94% |
| Long-term accounts payable to suppliers | | | | |
| Long-term inter-company payable | | | | |
| Other long-term payable | 4.35% | 0.00% | 0.00% | |
| Long-term debts and loans | 0.00% | | | |
| Deferred income tax payable | 0.00% | | 0.00% | 0.00% |
| Provisions for unemployment allowances | 0.05% | 0.08% | 1.40% | 0.93% |
| Provisions for long-term accounts payable | 0.00% | | | |
B- | Owner's equity | 35.30% | 69.15% | 64.33% | 66.89% |
I- | Owner's equity | 33.41% | 67.47% | 64.81% | 66.39% |
| Capital | 16.57% | 21.23% | 18.49% | 17.52% |
| Share premiums | | 40.20% | 35.01% | 24.89% |
| Other sources of capital | | | | |
| Treasury stocks | | | -0.03% | -0.03% |
| Differences on asset revaluation | | | | |
| Foreign exchange differences | | | | |
| Business promotion fund | 10.89% | 3.59% | 3.56% | 0.31% |
| Financial reserved fund | 2.44% | 2.33% | 2.03% | 1.95% |
| Other funds | 0.00% | | | |
| Retained earnings | 3.50% | 0.13% | 5.75% | 21.75% |
| Construction investment fund | 0.00% | | | |
II- | Other sources and funds | 1.89% | 1.68% | -0.48% | 0.50% |
| Bonus and welfare funds | 1.89% | 1.68% | -0.48% | 0.50% |
| Sources of expenditure | | | | |
| Fund to form fixed assets | | | | |
C- | Interest of minority shareholders | 0.00% | 0.00% | 0.29% | 0.51% |
| Total liabilites and owner's equity | 100.00% | 100.00% | 100.00% | 100.00% |
Trend Analysis of Assets:
Throughout the period from 2006 to 2009, total assets is obviously upwards (from 482.8 billions in 2006 to 1,521.9 billions in 2009). Both current assets and long term assets increased from 2006 to 2009. Obviously, in the period of 4 years, current assets rose by arround 882.9 billions while long term assets rose by 156.3 billions.
Chart 1: Assets structure (Billion VND)
The current ssets making high ratio in the Total assets is mainly due to a strong increase of the three following items: Cash and cash equivalents, Accounts receivable and Inventories.
Chart 2: Assets structure (percentage/total assets)
Trend of Financial Investment
Chart 3: Investments (Billion VND)
Trend of capital:
Chart 4: Liabilities and Owner’s equity Structure (Billion VND)
Chart 5: Capital structure (percentage/total capital)
2. COMMON – SIZE INCOME STATEMENT ANALYSIS:
COMMON – SIZE INCOME STATEMENT:
No | Items | 2006 | 2007 | 2008 | 2009 |
1 | Sales | 100.00% | 100.00% | 100.00% | 100.00% |
2 | Deductions | 0.56% | 1.24% | 2.17% | 1.37% |
3 | Net sales | 99.44% | 98.76% | 97.83% | 98.63% |
4 | Cost of goods sold | 46.13% | 46.75% | 45.73% | 46.46% |
5 | Gross profit | 53.31% | 52.02% | 52.09% | 52.17% |
6 | Financial income | 0.06% | 0.45% | 1.47% | 1.77% |
7 | Financial expenses | 1.28% | 1.35% | 2.54% | 1.33% |
| In which: Loan interest expenses | 1.23% | 1.20% | 0.34% | 0.19% |
8 | Selling expenses | 35.73% | 36.52% | 34.34% | 23.13% |
9 | Administrative overheads | 6.40% | 4.65% | 6.84% | 6.42% |
10 | Net operating profit | 9.95% | 9.95% | 9.84% | 23.05% |
11 | Other income | 0.16% | 0.11% | 0.10% | 0.80% |
12 | Other expenses | 0.14% | 0.07% | 0.40% | 0.71% |
13 | Other profit | 0.02% | 0.04% | -0.30% | 0.09% |
14 | Profit/(losts) in business concerns and joint ventures | | | 0.01% | -0.01% |
15 | Total accounting profit before tax | 9.97% | 9.98% | 9.55% | 23.14% |
16 | Current corporate income tax | | | 1.23% | 2.65% |
17 | Deffered corporate income tax | | | -0.24% | 0.02% |
18 | Profit after tax | 9.97% | 9.98% | 8.56% | 20.47% |
| Profit after tax of minority shareholders | | | 0.07% | 0.30% |
| Profit after tax of parent company's shareholders | | | 8.49% | 20.17% |
19 | Earning per share | 0.00% | 0.00% | 0.00% | 0.00% |
Chart 6 – Expenses structure
Chart 7: Profit after tax trend
C. CASH FLOW
No | Items | 2006 | 2007 | 2008 | 2009 |
I- | Cash flow from operating activities | | | | |
1 | Profit before tax | 87,059,660,543 | 128,311,970,349 | 145,025,395,264 | 409,589,662,332 |
2 | Adjustments: | | | | |
| Depreciation of fixed assets | 13,170,131,240 | 24,054,099,284 | 28,365,910,768 | 29,778,717,342 |
| Provisions | 1,000,000,000 | (1,000,000,000) | 27,180,289,930 | (14,384,007,705) |
| Gain/(loss) from foreign exchange differences | - | - | - | (16,361,965) |
| Gain/(loss) from investing activities | 130,464,643 | (1,631,854,735) | (2,484,341,832) | (14,804,882,568) |
| Loan interest expenses | 10,704,866,834 | 15,393,878,923 | 5,216,001,248 | 3,389,443,987 |
3 | Operating profit before changes of working capital | 112,065,123,260 | 165,128,093,821 | 203,303,255,378 | 413,552,571,423 |
| Increase/(decrease) of accounts receivable | (92,562,869,759) | (90,459,115,058) | (18,626,421,841) | (44,624,486,304) |
| Increase/(decrease) of inventories | (8,531,310,712) | (108,425,593,484) | (77,957,402,832) | (3,340,301,188) |
| Increase/(decrease) of accounts payable | 34,159,862,293 | 107,292,255,117 | 138,189,481,332 | 48,088,931,657 |
| Increase/(decrease) of prepaid expenses | 1,035,009,093 | 5,299,961,168 | (9,970,197,686) | (19,218,178,770) |
| Loan interest already paid | (10,296,692,418) | (15,977,165,302) | (4,653,771,048) | (3,628,334,868) |
| Corporate income tax already paid | - | - | (24,404,149,782) | (30,681,344,976) |
| Other gains | 967,344,145 | 1,406,343,924 | 3,464,074,611 | 2,987,628,237 |
| Other disbursements | (11,831,152,706) | (12,947,479,483) | (24,308,010,013) | (9,241,078,958) |
| Net cash flow from operating activities | 25,005,313,196 | 51,317,300,703 | 185,036,858,119 | 353,895,406,253 |
| | | | | |
II- | Cash flow from investing activities | | | | |
1 | Purchases and construction of fixed assets and
other long-term assets | (105,150,625,938) | (105,302,355,943) | (16,046,861,567) | (57,436,448,175) |
2 | Gains from disposals and liquidation of fixed assets
and other long-term assets | 700,841,124 | 792,417,144 | 306,671,431 | 122,895,970 |
3 | Loans given and purchases of debt instruments of
other entities | - | (50,000,000,000) | (42,812,720,503) | (26,377,492,867) |
4 | Recovery of loans given and disposals of debt
instruments of other entities | - | - | 56,677,029,410 | 41,100,115,293 |
5 | Investments into other entities | (1,486,800,000) | (48,103,898,757) | (3,600,000,000) | (230,000,000) |
6 | Withdrawals of investments in other entities | - | 9,532,696,137 | - | - |
7 | Receipts of loan interests, dividends and profit shared | - | 1,448,040,137 | 2,459,449,143 | 26,070,547,994 |
| Net cash flow from investing activities | (105,936,584,814) | (191,633,101,282) | (3,016,432,086) | (16,750,381,785) |
| | | | | |
III- | Cash flow from financing activities | | | | |
1 | Gains from stock issuance and capital contributions
from shareholders | - | 398,761,392,824 | - | - |
2 | Repayment for capital contributions and re-purchases
of stocks already issued | - | - | (292,500,000) | (117,900,000) |
3 | Short-term and long-term loans received | 434,042,737,805 | 674,327,196,404 | 177,133,581,082 | 203,434,614,489 |
4 | Loan principal amounts repaid | (339,535,042,500) | (798,767,466,068) | (212,108,144,800) | (137,910,250,055) |
5 | Payments for financial leasehold assets | (14,040,000,000) | - | - | - |
6 | Devidends and profit already paid to the owners | 80,467,695,305 | (39,056,000,000) | (69,962,450,372) | (30,018,344,628) |
| Net cash flows from financing activities | (463,576,313) | 235,265,123,160 | (105,229,514,090) | 35,388,119,806 |
| Net cash flows during the year | 35,465,702,452 | 94,949,322,581 | 76,790,911,943 | 372,533,144,274 |
| Beginning cash and cash equivalents | - | 35,002,126,139 | 134,951,448,720 | 211,742,360,663 |
| Effects of fluctuations in foreign exchange rates | | - | - | (146,969,981) |
| Ending cash and cash equivalents | 35,002,126,139 | 129,951,448,720 | 211,742,360,663 | 584,128,534,956 |
