9 FINANCIAL SITUATION OF NO 10 ROAD BRIDGE JOINT STOCK COMPANY

MINISTRY OF FINANCE ACADEMY OF FINANCE FACULTY OF CORPORATE FINANCE - - GRADUATION THESIS TOPIC: FINANCIAL SITUATION OF NO 10 ROAD BRIDGE JOINT STOCK COMPANY Student: Do Thi Phuong Anh Class: CQ54/11CL.02 Supervisor: Ngo Thi Kim Hoa, Ph.D Hanoi – 2020 Graduation Thesis Academy of Finance STATUTORY DECLARATION I herewith formally declare that I myself have written the submitted Barchelor’s Thesis independently I did not use any outside support except for the quoted literature and other sources mentioned at the end of this paper Author Đỗ Thị Phương Anh Student: Do Thi Phuong Anh Class: CQ54/11CL.02 Graduation Thesis Academy of Finance TABLE OF CONTENTS STATUTORY DECLARATION i LIST OF ABBREVIATIONS AND SYMBOLS v LIST OF CHARTS AND DIAGRAMS vi LIST OF TABLES .vi PREFACE 1 Introduction Research purposes .2 Objectives and research questions .3 Scope of study .3 Methodology and Data Thesis structure CHAPTER ONE: OVERVIEW OF FINANCIAL SITUATION OF A COMPANY 1.1 Corporate finance and financial management 1.1.1.Corporate finance and financial decisions 1.1.2 Financial management 1.2 Financial situation of a company 14 1.2.1 Definition of financial situation 14 1.2.2 Indicators for assessing financial situation of a company 15 1.3 Determinants of financial situation of a company 28 1.3.1 Objective factors .28 1.3.2 Subjective factors 31 CHAPTER 2: 35 FINANCIAL SITUATION OF NO 10 ROAD BRIDGE JOINT STOCK COMPANY .35 2.1 Overview of No 10 Road Bridge Joint Stock Company 35 Student: Do Thi Phuong Anh Class: CQ54/11CL.02 Graduation Thesis Academy of Finance 2.1.1 The establishment and development of the Company: 35 2.1.2 The business characteristics of the company 43 2.1.3 Overview of financial performance of No 10 Road Bridge Joint Stock Company 46 2.2 The financial situation of No 10 Road Bridge Joint Stock Company 46 2.2.1 Assets and Asset Structure 46 2.2.2 Sources of Capital and Capital Structure 49 2.2.3 Revenues, Expenses, and Income 56 2.2.4 Cash flows: .61 2.2.5 Liquidity 65 2.2.6 Asset utilization efficiency and Profitability 67 2.2.7 DUPONT analysis 81 2.2.8 Profit distribution 84 2.4 GENERAL ASSESSMENT OF BUSINESS PERFORMANCE OF THE COMPANY 84 2.4.1 Achievements: 84 2.4.2 Shortcomings and reasons: 85 CHAPTER 3: SOLUTIONS TO IMPROVE THE FINANCIAL SITUATION OF NO 10 ROAD BRIDGE JOINT STOCK COMPANY .87 3.1 The strategies of the company in the future: 87 3.2 Solutions to improve the financial situation of the company: 87 3.2.1 Measures to improve the efficiency of using working capital: .88 3.2.2 Develop reasonable commercial credit policy 91 3.2.3 Improve the efficiency of using fixed assets 92 3.2.4 Implement measures of financial restructuring 93 3.2.5 Adjusting the working capital financing policy, establishing net working capital for the company 95 Student: Do Thi Phuong Anh Class: CQ54/11CL.02 Graduation Thesis Academy of Finance 3.2.6 Measures to strengthen cost management 96 3.2.7 Identify investment plans through strategic directions to achieve high efficiency in investment operations 97 3.2.8 Promote human resource training: 99 3.2.9 Closely examine and supervise the stages of the investment process: 100 3.2.10 Market solutions: 101 3.2.11 Improve the quality of financial analysis in the company: 102 3.3 Conditions needed for implementing the solutions 103 3.3.1 For the State: 103 3.3.2 For the Company: 103 CONCLUSION .105 REFERENCES .106 APPENDIX .107 Student: Do Thi Phuong Anh Class: CQ54/11CL.02 Graduation Thesis Academy of Finance LIST OF ABBREVIATIONS AND SYMBOLS BEP Basic Earning Power Ratio EPS JSC ROA ROE ROI ROS The Company Earnings Per Share Joint Stock Company Return On Assets Return on Equity Return On Investment Return On Sale No 10 Road Bridge Joint Stock VND Company Vietnam dong Student: Do Thi Phuong Anh Class: CQ54/11CL.02 Graduation Thesis Academy of Finance LIST OF CHARTS AND DIAGRAMS Diagram 2.1: Organizational structure model of No.10 Road Bridge Joint Stock Company - Cienco1 .38 Chart 2.1: Asset structure of No 10 Road Bridge Joint Stock Company 49 Chart 2.2: Capital structure of No 10 Road Bridge Joint Stock Company 50 Diagram 2.2: Determining net working capital .55 Chart 2.3: Revenue indicators in the period of 2018-2019 57 Chart 2.4: The cost indicators in the period of 2018-2019 59 Chart 2.5: The liquidity indicators in the period of 2016-2019 .66 Chart 2.6: The capital indicators in the period of 2016-2019 .68 Chart 2.7: The fixed capital efficiency indicators 70 Chart 2.8: The working capital efficiency indicators 73 in the period of 2018-2019 73 Chart 2.9: The profit indicators in the period of 2018-2019 79 Diagram 2.3: DUPONT analysis 83 LIST OF TABLES Table 2.1: Asset structure at No 10 Road Bridge Joint Stock Company 47 Table 2.2: The situation of capital fluctuations of No 10 Road Bridge Joint Stock Company .51 Table 2.3: Indicators on revenue in the period 2018-2019 56 Table 2.4: Indicators on expense in the period 2018-2019 58 Table 2.5: Comparing Revenue and Expense in period 2018-2019 60 Student: Do Thi Phuong Anh Class: CQ54/11CL.02 Graduation Thesis Academy of Finance Table 2.6: Analysis of sources and uses of cash 62 Table 2.7: Analyzing the company's cash flows during 2018-2019 63 Table 2.8: The liquidity indicators of the Company from 2018-2019 65 Table 2.9: Indicators on business capital in the period 2018-2019 .67 Table 2.10: Fixed asset use efficiency in the period of 2018-2019 .69 Table 2.11: Indicators of working capital efficiency in the period of 20182019 .72 Table 2.12: The activity ratios of the Company in the period of 2016-2019 .75 Table 2.13: The profitability indicators of the Company in the period of 20182019 .78 Table 2.14: Comparison between ROE of the Company and the lending interest rate of commercial banks during 2018-2019 81 Student: Do Thi Phuong Anh Class: CQ54/11CL.02 Graduation Thesis Academy of Finance PREFACE Introduction Competition is inherent nature of market economy, the more market economy develops, the more intense the competition is Vietnam's economy is increasingly integrated into the world economy, Vietnamese enterprises are facing many opportunities but also many challenges To improve the competitiveness of enterprises, help enterprises survive and develop sustainably in the market economy, enterprises need to make continuous efforts, promote internal resources, know how to take advantage of opportunities and available potential, contemporarily must have the right solution and direction In the market economy, where the economic relationship comes to, the field of impact and control of finance will also reach out there In fact, the more economic relations have, the more financial activities have In the business operations, each enterprise must handle series of financial issues such as: where to invest, how much, how to raise capital, management and use of capital, capital conservation and development, debt and repayment, revenue and profit distribution, Operating in the market economy with dizzying pace of change and many risk factors, enterprise managers must always be careful when making decisions Because only a small mistake can make enterprises pay dearly So what managers depend on to make the most appropriate decision? That requires managers to collect and process existing information to analyze and assess situation, thereby relying on past information and current assessments to help enterprises make decisions exactly for their companies Student: Do Thi Phuong Anh Class: CQ54/11CL.02 Graduation Thesis Academy of Finance During my internship at No 10 Road Bridge Joint Stock Company and being aware of importance of this issue, I chose the topic: “Financial situation of No 10 Road Bridge Joint Stock Company'' Research purposes In order to increase financial performance, managers need to pay top priority to corporate financial management Therefore, financial work should be focused, regularly analyze, synthesize and evaluate financial indicators, as well as forecasting financial situation of enterprises in certain time periods, thereby giving economic solutions in general and financial solutions in particular suitably Financial assessment is a complex, new, unapplied issue commonly and regularly for Vietnamese enterprises, but its role increasingly important in enterprise management Therefore, enterprises need to perform well the organization and financial analysis, because this is one of the important factors determining success or failure of enterprises The topic deep learns the issues related to the financial situation of the enterprise such as general theory of corporate finance, the indicators to assess the financial situation of No 10 Road Bridge Joint Stock Company The topic ‘’Financial situation of No 10 Road Bridge Joint Stock Company’’ aims for the following purposes: + Systematizing theoretical issues on corporate finance and corporate finance management + Learning about the company's financial situation, reviewing and assessing the company's financial situation in 2019 on comparison basis with 2018 through the results achieved in two years + Proposing some solutions to improve the financial situation at the Company in the near future Student: Do Thi Phuong Anh Class: CQ54/11CL.02 Graduation Thesis Academy of Finance investment capital, speed up the renovation of fixed assets without causing big changes to production and business activities of the company The issue that the company needs to pay attention to is the evaluation and valuation of fixed assets must include both economic and technical aspects The company should build, train or hire a team of skilled experts in appraising the value of fixed assets, especially in complex investment projects, avoiding inefficient inefficient investment, especially for capital construction investment, limiting the capital loss or the cost of the project is too high compared to the estimate 3.2.4 Implement measures of financial restructuring Based on the analysis of the company's capital mobilization situation, we can find that the company's capital source is mainly liabilities, although compared to the beginning of 2019, the debt ratio of the company tends to decrease towards the end of the year, but this reduction is insignificant, liabilities are still times of equity (the debt ratio at the end of 2019 is 86,04%) Therefore, the debt ratio of the company is currently very high, signaling the company's ability to be worse independent and financial autonomous This problem creates many disadvantages for the company in the process of business activities When there are demands for capital for the company's business operations, it must rely mainly on the mobilized capital, if it cannot be mobilized from outside, the company's business activities may be interrupted The phenomenon of lack of investment capital to expand production and business is now a common difficulty of all businesses in the construction sector as well as businesses in the economy Every year, the equity of the company does not have the supplement but mainly depends on the retained profit, so the equity of the company decreased even lower In order to increase equity, reduce loans, the company may apply the following measures: Student: Do Thi Phuong Anh 93 Class: CQ54/11CL.02 Graduation Thesis Academy of Finance Raising idle capital of employees in the company according to certain projects, programs or forms of wanting to work at the company must contribute a certain amount of capital, thereby contributing to increase capital Strengthening measures to recover debts so that the capital is not occupied by customers for too long because on the one hand, the company has to borrow money to finance the needs of production and business capital, on the other hand, the company allows customers to misuse that big capital is not reasonable Although in 2019, the company tried hard to recover debts, the proportion of receivables in total assets was still very high (62,93%) So reducing receivables will release a large amount of money for the company to fund its capital needs and have money to pay off its due debts It is necessary to strictly control capital in cash, especially for idle temporary funds, which must be used effectively Consider the methods of issuing common shares and preferred stocks to the market, in order to increase equity in the company, ensure financial autonomy The issuance of additional shares means that the control and interests of the existing owners at the company will be shared And one of the necessary jobs in the current context is that the company must quickly increase sales volume, as basis for increasing revenue and profit scale of the company, creating abundant sources of debt repayment for company On the other hand, it is necessary to build reasonable debt structure, have policies to invest in appropriate assets, create beneficial leverage effects, focusing on the balance between profits and risks, sharing risks by participating in insurance contracts on a regular basis, to ensure the safety of production and business activities of the company 3.2.5 Adjusting the working capital financing policy, establishing net working capital for the company Student: Do Thi Phuong Anh 94 Class: CQ54/11CL.02 Graduation Thesis Academy of Finance Net working capital (NWC) is the long-term source of funding for the enterprise's working assets to ensure its business Long-term capital is invested first to form long-term assets, the rest and short-term capital is invested to form short-term assets Then, the difference between long-term capital and long-term assets is called net working capital The level of safety or financial risk of an enterprise depends on the size of the net working capital Through the analysis of the Company's financing activities, we can see that net working capital (NWC) of the company is at negative level, proving that the company is using capital wrongly, not only that working assets is not funded by long-term funding, a part of short-term capital is also used to finance the long-term assets This shows that the company has violated the principle of financial balance, especially the company is a construction business Thereby it makes a lot of influence on the company's business operations, the company's operations can be interrupted at any time To overcome this imbalance, the company can take measures such as: - Performing debt restructuring by proposing to commercial banks for approval of new long-term loans to replace short-term debts This will help convert the company's current short-term debts into long-term liabilities, helping to increase the company's long-term funding to ensure it is appropriate for using long-term funding to fund long-term assets - Negotiate to extend or continue to borrow debts which are due, but still ensure the timely payment of loan interests This will help the company ensure the continuity of production and business activities without interruption in the short term 3.2.6 Measures to strengthen cost management Production and business costs have adverse effect on the company's profitability, so the reduction of cost items means an increase in profits under Student: Do Thi Phuong Anh 95 Class: CQ54/11CL.02 Graduation Thesis Academy of Finance the condition of other factors constant Through the analysis above, we see that in 2019 the company has completed many key projects, thereby bringing a lot of revenue to the company but also means that the company's cost of goods sold also increased sharply in the year Besides, with the use of financial leverage to a large extent and mostly short-term loans, the company's financial costs are very large and tend to increase during the year This raises the issue of needing to manage these expenses more closely Here are some measures that the company can refer to to better perform its cost management tasks: - The company needs to be proactive in purchasing input materials, need a specialized research team to study the situation of domestic and foreign markets so that it can choose the best supply source with fit quantity and price In the condition that the output price is unchanged, if the input price is lower, it will be factor contributing to the decrease in cost of goods sold We know that in the cost of goods sold including the purchase price, purchasing costs, with objective factors, it is difficult to change but the company can actively reduce the purchase price by finding supply of raw materials with low purchase prices through joint ventures as well as creating close relationships with suppliers Buying raw materials at low prices is an important issue, but another issue that the company must pay close attention to is the cost of buying including transportation, handling, storage, etc The suppliers must to ensure that shipping costs are low is to avoid buying goods at cheaper prices but shipping costs are more expensive Therefore, it is necessary to select the location of the supplier and means of transportation so as to limit cost of the freight, storage of goods, - In addition to the key area of construction, the company also engages in the business of managing real estate invested by the company, so the selling Student: Do Thi Phuong Anh 96 Class: CQ54/11CL.02 Graduation Thesis Academy of Finance and administrative expenses account for a large proportion in the total cost of the company These items tend to increase when the company has completed and sold a series of apartment projects in the past year Therefore, the company should review, check closely the implementation of cost estimates of these expense items, conduct classification and verify the expenditures for improper purposes, and take timely measures such as: request the responsible person for compensation, salary deduction, cut bonuses - For financial expenses, due to the use of large financial leverage, financial expenses always account for a large proportion of the total cost of the company The company needs to have a detailed debt repayment plan for each creditor, ensuring timely repayment to avoid damaging the company's reputation and avoiding unnecessary financial penalties At the same time, the company needs to have a plan to restructure capital resources in the long term to reduce the unwanted impact of financial leverage as currently 3.2.7 Identify investment plans through strategic directions to achieve high efficiency in investment operations Investment planning is the next step and concretizes the content of the strategy and planning of construction investment, is an investment management tool, a process of identifying goals and proposing the best solutions in order to achieve the goals with high efficiency, investment planning reflects the ability of capital mobilization, the situation of capital allocation of enterprises, and reasonable investment plans, which will reduce wastefulness To improve efficiency of investment operations, it is necessary to renovate and improve the quality of the planning and management of construction investment operations Company's investment plans must be in line with the country's economic development strategy as well as the Company's production and business strategy Student: Do Thi Phuong Anh 97 Class: CQ54/11CL.02 Graduation Thesis Academy of Finance The investment plans must come from the supply and demand situation of the market Market signals indicate what to invest in, how much capital and when to invest Based on market research to make decisions on investment direction, improve investment efficiency But at the same time also must see the market's negative side when planning investment If the investment plans are implemented well, it will contribute an important part to the construction works and projects completed to ensure time schedule, cost, improve invested capital efficiency, saving human resources, besides significantly reducing the waste of investment waste In order to develop reasonable investment planning guidelines, it is necessary to: - Suggest and organize important projects with priority for investment, put them into the list of investment plans and provide sufficient capital for investment - Removing from the list of annual capital plans for projects that not yet have sufficient capital construction procedures and whose economic efficiency is unclear - Prioritizing the arrangement of projects completed in the planning year or executing on schedule according to investment decisions, with high construction quality, decreasing prices, using on-site materials and applying new technologies in order to accelerate the construction speed to finish on schedule - Having a clear plan for controlling capital levels for projects which construction time aren't allowed to arrange for over one year According to actual capacity of the construction units in our country, projects with total cost estimate of billion dong or less are capable of construction within a year Therefore, projects with investment capital of billion or less should only be arranged in the one-year plan to be completed Student: Do Thi Phuong Anh 98 Class: CQ54/11CL.02 Graduation Thesis Academy of Finance Regulation on maximum number of reserves allowed to be allocated to the annual plans corresponding to the allocated capital limit amount 3.2.8 Promote human resource training: The number of investment projects increases more and more in both scale and type, so the Company must build a team of qualified and capable managers, technicians and executives to perform well investment works at the moment Bring into play achievements as well as rectify shortcomings in human resource development policies in recent years Therefore, the Company should carry out practical solutions: - Pay close attention to recruitment works Accurately assessing the capacity and qualification of workers to attract skilled workers as well as improving general qualification, saving training costs and retraining in the future Concretize the recruitment plan by contacting universities and vocational schools, creating jobs for newly graduated students - Concretize the recruitment plans right at the grassroots units such as funding support and allow participant construction units to recruiting and training their own human resources - Have attractive and practical policies to attract more good people to meet requirements and new tasks of the Company - Enhancing the training and retraining of professional knowledge and competency for employees in the Company (opening training courses on corporate governance, project management, foreign languages teaching classes for employees, opening courses to foster more knowledge for technical employees specialized in the work quality management and supervision) Pay special attention to improving professional skills for investment advisors - Having an appropriate and reasonable salary policy with the capacity and effort of employees, creating motivation to encourage employees to be Student: Do Thi Phuong Anh 99 Class: CQ54/11CL.02 Graduation Thesis Academy of Finance enthusiastic and creative to work In addition, the Company needs to promulgate reasonable remuneration policies for employees so that they can be assured of long-term service and dedication Fair regimes of reward and punishment For units operating inefficiently, lacking the sense of responsibility for the common work, there should be forms of reprimand criticism, even material punishment, to raise the sense of collective building, ensure the common investment is carried out successfully - Organize and arrange working conditions in a scientific manner, well implement labor safety protection and minimize labor accidents In addition, it is necessary to organize healthy cultural movements to serve the spiritual life of the construction workers 3.2.9 Closely examine and supervise the stages of the investment process: Monitoring the investment process is a continuous, regular task to check and track the project on the progress, cost as well as the implementation process Thereby evaluating the level of completion and timely proposing practical solutions to continue the successful implementation of projects In order to improve the efficiency of the investment process, the Company needs to strengthen supervision and inspection closely to accelerate the investment progress, promptly put the works into use, meeting the market demand This will contribute to increase the productivity of projects, improve the efficiency of production and business capital Role of supervision in investment is very important It ensures that projects are carried out on schedule, quality of works is guaranteed and cost does not exceed the approved budget Therefore, the Company needs to pay attention to role and responsibility of the construction process monitoring department Most of the Company's investment projects have large capital, construction works are always based on strict technical standards Therefore, the supervision of investment as well as construction is extremely necessary Student: Do Thi Phuong Anh 100 Class: CQ54/11CL.02 Graduation Thesis Academy of Finance and important, ensuring that the completed works come into use safely and satisfy even the most fastidious people Strengthening the inspection and supervision of the workload performed, value of works, technical supervision, construction schedule, work quality, are important solutions to ensure the construction progress, quality of construction The company should organize supervisory departments with high qualification, good moral qualities, enthusiasm and responsibility for job The company can also hire outside monitoring organizations but must have clear responsibility for each supervising individual and organization, to ensure quality of project as well as to ensure the efficiency of investment job 3.2.10 Market solutions: The purpose of investment operations is building public facilities as well as facilities for production and business Therefore, market research is necessary step to find investment opportunities Through research, the Company will see customer tastes, market demand toward products in the construction sector No 10 Road Bridge Joint Stock Company should implement some of the following solutions: - Building information system to ensure market research and grasp market information for investment, construction and business - Practical interest in researching, identifying current and potential markets - Research and find out options to dominate the market, surpassing competitors - Search and sign with large suppliers who can supply abundant and long-term raw materials 3.2.11 Improve the quality of financial analysis in the company: Student: Do Thi Phuong Anh 101 Class: CQ54/11CL.02 Graduation Thesis Academy of Finance From the theoretical analysis in chapter and in practice in chapter 2, we see that the quality of corporate financial analysis in No 10 Road Bridge Joint Stock Company is very important Therefore, the company leaders need to pay more attention to financial analysis The leadership: Recognizing properly the role of corporate financial analysis in their enterprise Thereby, it is necessary to set out unified scientific criteria and guidelines to make way for financial analysts to perform Corporate financial analysis should ensure the linkage of human resources, information, analysis methods and facilities To achieve this, the company's leadership is the decisive factor On the side of management: Recognize properly the role of corporate financial analysis in your business From there, it is necessary to set out unified scientific criteria and guidelines to make the way for financial analysts to perform Business financial analysis should ensure the linkage of human resources, information, analytical methods and infrastructure To achieve it, the company's leadership is the deciding factor The quality of information: the accounting department of the company needs to provide data scientifically, honestly and accurately to ensure the output quality of the analysis Because accounting information is the input of corporate financial analysis process, if the input information is not accurate, the output of the analysis reports cannot truly reflect the financial situation of the company In addition to financial statements, people who conduct financial analysis also need to rely on governance reports of their company to have close and timely assessments The quality of human resources analyzing finance: People who perform financial management must have vision, sharp mindset, at the same time must master the knowledge of both accounting and finance These people must have ethical qualities that are objective and honest Regarding the current financial situation of No 10 Road Bridge Joint Stock Company, I would like Student: Do Thi Phuong Anh 102 Class: CQ54/11CL.02 Graduation Thesis Academy of Finance to propose the option to hire independent financial analysts from independent accounting and auditing companies to help the company lay the first foundations for its financial analysis apparatus 3.3 Conditions needed for implementing the solutions 3.3.1 For the State: The State needs to improve management capacity, demonstrate its role in a market economy; Performing justice in competition; Implementing transparency management Facilitate and support enterprises in obtaining loans for investment and development, maximizing the effectiveness of policies to support enterprises to construct with loans at interest rate of 4% as nowadays Besides, effectively implementing the policy of supporting interest rate for home loan to people and people with low income 3.3.2 For the Company: No 10 Road Bridge Joint Stock Company is one of the leading companies in construction field of the province Formerly a state-owned enterprise, the Company has the function to set up investment projects to build civil, industrial, transport and irrigation works, designing plans for residential areas and urban areas Therefore, apart from efficiency investment in finance, the Company needs to pay more attention to social investment efficiency The optimal harmony between efficiency of financial investment and efficiency of social investment contributes to the construction and development of the country The company needs to take full advantage of the 4% loan interest rate supporting production and business policy of the Government in mobilizing capital to develop investment Besides, it is necessary to improve the management capacity in construction as well as in the use of capital to avoid lossing in the operation process Student: Do Thi Phuong Anh 103 Class: CQ54/11CL.02 Graduation Thesis Student: Do Thi Phuong Anh Academy of Finance 104 Class: CQ54/11CL.02 Graduation Thesis Academy of Finance CONCLUSION Financial performance is always the goal of every enterprise in its operation process However, financial performance of each enterprise depends on the agility and ability to capture the market of each enterprise As well as rationally utilizing strengths, minimizing weaknesses to achieve the optimal goal in business is profit and can help enterprises develop steadily and longterm in the volatile business environment, with extremely fierce competition today Trying to overcome difficulties and efforting to maintain and ensure business operations of the enterprise in extremely difficult conditions in the period of 2018-2019 is the biggest result that No 10 Road Bridge Joint Stock Company has achieved The Company's efforts have contributed to stabilizing lives of the Company's employees in particular and the whole society in general by fulfilling all obligations to the state budget In order to achieve the above results, it is necessary to recognize the efforts and tireless efforts of No 10 Road Bridge Joint Stock Company's leaders and employees Student: Do Thi Phuong Anh 105 Class: CQ54/11CL.02 Graduation Thesis Academy of Finance REFERENCES Mai Tuan Anh (2017), Improving financial performance of construction industry, University of Economic and Technical Industries Nguyen Trong Co, Nghiem Thi Tha (2015), Corporate financial analysis, Finance Publishing House, Ha Noi Bui Van Van, Vu Van Ninh (2013), Corporate finance, Finance Publishing House, Ha Noi Financial statements, No 10 Road Bridge Joint Stock Company (2016, 2017, 2018, 2019) Annual financial statements, No 10 Road Bridge Joint Stock Company (2018, 2019) https://vietnambiz.vn/lai-suat-cho-vay-ngan-hang-pho-bien-o-6-11nam94312.htm https://oncredit.vn/lai-suat-vay-ngan-hang Student: Do Thi Phuong Anh 106 Class: CQ54/11CL.02 Graduation Thesis Academy of Finance APPENDIX Balance sheet, income statement and cash flow statement of No 10 Road Bridge Joint Stock Company in 2018, 2019 Confirm of supervisor Reviews of internship unit Reviews of instructors Reviews of reviewers Student: Do Thi Phuong Anh 107 Class: CQ54/11CL.02 ... model of No. 10 Road Bridge Joint Stock Company - Cienco1 .38 Chart 2.1: Asset structure of No 10 Road Bridge Joint Stock Company 49 Chart 2.2: Capital structure of No 10 Road Bridge Joint. .. Overview of financial situation of a company Chapter 2: Financial situation of No 10 Road Bridge Joint Stock Company Chapter 3: Solutions to improve the financial situation of No 10 Road Bridge Joint. .. theory of corporate finance, the indicators to assess the financial situation of No 10 Road Bridge Joint Stock Company The topic ‘? ?Financial situation of No 10 Road Bridge Joint Stock Company? ??’